Jess Mah, a high school dropout turned biotech entrepreneur with companies valued over $950 million, shares her extraordinary journey. She candidly discusses unconventional strategies like saving on taxes through private jet ownership. The conversation dives into the importance of overcoming fears and embracing entrepreneurship boldly. Mah emphasizes the necessity of seizing opportunities and forming direct connections rather than relying on virtual interactions. She also reveals insights about wealth accumulation through strategic asset purchases, offering a refreshing perspective on financial growth.
Taking bold and game-changing approaches is crucial for entrepreneurial success.
Understanding tax strategies and seeking professional advice can significantly impact long-term wealth growth.
Investing in personal development and well-being can enhance productivity and overall quality of life.
Purchasing luxury assets can have significant tax benefits and long-term financial advantages.
Deep dives
Entrepreneurship Success: A Force of Nature
The podcast episode features an interview with a highly successful entrepreneur who has built multiple companies worth millions of dollars. Despite facing challenges in school, she started a business at a young age, making hundreds of thousands of dollars. She discusses her journey from being a teenager running a server business to now building biotech companies that aim to revolutionize the field. The episode also delves into her mindset, addressing issues of confidence, fear of failure, and the importance of taking bold, game-changing approaches.
Financial and Lifestyle Insights
In addition to discussing her entrepreneurial journey, the podcast episode explores the lifestyle and financial aspects of being successful. The guest entrepreneur openly talks about her experiences with wealth, including purchasing a private jet and utilizing tax benefits. She emphasizes the importance of being open and honest about money and how it can be used to improve one's life and business. The episode also touches on the mindset required to achieve success and overcome insecurities and fears.
Breakthroughs in Biotech
One of the key points highlighted in the episode is the concept of 'bold science.' The guest entrepreneur shares insights into the biotech industry and the significance of taking a different approach to solving major problems. She mentions the potential for technological advancements in the near future, such as test tube babies and extending human lifespan by 30%. The discussion includes innovative ideas about reversing cancer and exploring root causes rather than traditional treatment approaches. The episode highlights the importance of pushing boundaries and making significant breakthroughs in the field of biotechnology.
The Value of Face-to-Face Meetings
Throughout the episode, the guest entrepreneur emphasizes the value of face-to-face meetings and building relationships. She shares personal experiences of going to great lengths, including flying to different cities, to meet and connect with influential individuals in her field. By prioritizing in-person interactions, she believes it makes a stronger impression and fosters deeper connections. The episode also emphasizes the importance of being resourceful, seeking out opportunities, and not being afraid to take bold actions to achieve success.
Taxes and Wealth Creation
One key insight from the podcast is the importance of understanding taxes in wealth creation. The speaker explains that high taxes can significantly impact compounding and long-term wealth growth. Wealthy individuals often employ the best tax strategists to maximize their savings and reduce their tax burdens. This insight highlights the need to seek advice from multiple tax professionals who specialize in different areas, especially when engaging in complex financial activities like real estate deals or mergers and acquisitions. By dedicating time and resources to optimizing tax strategies, individuals can potentially see significant returns on investment and increase their overall wealth.
Personal Development and Mindset
Another key point discussed in the podcast is the importance of personal development and mindset. The speaker emphasizes the need to invest in coaching, therapy, and other practices that support mental and emotional well-being. They mention having personal coaches and being part of CEO groups as ways to continually improve their mindset and decision-making abilities. Additionally, the speaker highlights the potential benefits of optimizing nutrition, taking supplements, and exploring longevity practices like exosome IVs. The underlying message is that by prioritizing personal growth and well-being, individuals can enhance their productivity, creativity, and overall quality of life.
Building a Diversified Portfolio
The podcast also explores the mindset of wealthy individuals when it comes to purchasing expensive assets like yachts, planes, and luxury cars. Contrary to popular belief, the speaker explains that such purchases can have significant tax benefits. By properly structuring these acquisitions, individuals can leverage tax strategies to offset their costs and even turn them into cash flow positive investments. The speaker mentions examples of buying yachts or planes and financing them while taking advantage of tax deductions. They also touch on the idea of owning rare assets like luxury cars that can appreciate in value, essentially allowing individuals to enjoy these possessions without incurring significant financial losses. This insight encourages thinking beyond the immediate costs and considering the long-term financial advantages of such investments.
Episode 526: Shaan Puri (https://twitter.com/ShaanVP) talks to Jess Mah about building a +$100M biotech company as a C- Biology student. She also opens up about money stuff no one else wants to talk about–like how to save tens of thousands on taxes by buying a private jet.
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Show Notes:
(0:00) Intro
(7:00) Jess's non-small boy holdco
(11:00) Building without fear of failure
(16:00) Overcoming negative the self talk
(20:00) What would Shaan do if he was a billionaire?
(26:00) The danger of waiting
(32:00) Realistic breakthroughs in the future
(36:30) Meeting belly-to-belly in business
(41:00) Pulling it off with no reputation
(47:00) Billionaire tax secrets
(52:00) 80/20-ing the Bryan Johnson Blueprint
(58:30) Buying yachts, private jets, and other luxury assets
(1:07:00) Takeaways from a 1-on-1 with Paul Graham
Past guests on My First Million include Rob Dyrdek, Hasan Minhaj, Balaji Srinivasan, Jake Paul, Dr. Andrew Huberman, Gary Vee, Lance Armstrong, Sophia Amoruso, Ariel Helwani, Ramit Sethi, Stanley Druckenmiller, Peter Diamandis, Dharmesh Shah, Brian Halligan, Marc Lore, Jason Calacanis, Andrew Wilkinson, Julian Shapiro, Kat Cole, Codie Sanchez, Nader Al-Naji, Steph Smith, Trung Phan, Nick Huber, Anthony Pompliano, Ben Askren, Ramon Van Meer, Brianne Kimmel, Andrew Gazdecki, Scott Belsky, Moiz Ali, Dan Held, Elaine Zelby, Michael Saylor, Ryan Begelman, Jack Butcher, Reed Duchscher, Tai Lopez, Harley Finkelstein, Alexa von Tobel, Noah Kagan, Nick Bare, Greg Isenberg, James Altucher, Randy Hetrick and more.
