In episode 73 of the NewRetirement Podcast, Steve Chen is joined by visitor Gary Danoff. Gary is a International Alliances Chief at Google and an government coach, advisor, and podcaster who discusses work, function, and monetary planning & literacy throughout generations. 

Steve and Gary dive into his background, the significance of economic literacy, and the way AI might influence society, particularly the effectively being of youthful folks. 

Name Outs

Transcript of Podcast with Gary Danoff

Steve Chen: Welcome to New Retirement Podcast. Right this moment, we’re going to be speaking with Gary Danoff, a International Alliances Chief at Google and an Govt Coach, Advisor, and Podcaster about work, function, and monetary planning and literacy throughout generations. Gary runs his personal podcast, What’s Subsequent Now, which is about enhancing human connection throughout work, group, and function.

We’re going to debate Gary’s story and the private connection that introduced him to new retirement. Due to his son, Jake, and we’re going to dive into the significance of economic literacy, AI, and the way it might influence society, particularly the effectively being of youthful folks. I simply wish to give a fast backstory on how this got here collectively after which dive into a bit bit about Gary’s story, however principally what occurred right here is Gary pinged me on LinkedIn.

He was a person of our platform which I believed was nice. I all the time love listening to international customers, and he advised me that he came upon about it by way of his son, Jake, who’s a physician at Kaiser. And it simply seems that we had been additionally and are speaking to Kaiser a bit about whether or not our platform might be beneficial to their viewers and their group of docs.

So fast shout out to Jake for facilitating this connection and bringing us collectively. 

Gary Danoff: Yay Jake. 

Steve Chen: Yeah. Yay Jake. Gary, we’d love to simply form of get your abstract of like your journey to right now, which clearly might be a, might be so much and your view on what you want about what we’re doing right here and likewise what you want in regards to the work that you just’re doing right now.

Gary Danoff: Okay. My journey that bought me to the place we’re right now. Effectively, what number of hours is the present? No, no, we’re not, we’re not going to torture folks with that. Yeah. It’s an ideal query. Initially, Hey, thanks for having me, Steve. It’s nice to be with you right now. And I do love your product, by the best way, I’m an unsolicited non paid fan.

So I can say that. I wish to inform a bit story about an earlier chapter of my life. Really, once I was a teen, for these listening, we are able to all bear in mind what these days had been like, proper? And I had the good thing about having a really influential uncle in my life, whose title was Uncle Hy, H Y, quick for Hyman.

And Uncle Hy actually bought into the yoga, the, the Jap manner of spirituality coming to America that it did round when the Beatles got here in and all of the rock bands again then. And Uncle Hy launched me to an Indian guru whose title was Sankashivadas. I can nonetheless keep in mind that, and belief me, it was many years in the past at the least.

Sankashivadas came to visit from India to assist Uncle Hy on his religious journey. And Uncle Hy launched me to Sankashiva Das, who, in a gathering, checked out me, and appeared in my eyes deeply. And we sat collectively, and we breathed, and we meditated, and once we got here out of it, Sankashiva Das says, Gary, your Sanskrit Indian title is Devadas.

And I stated, effectively, what does that imply? And he means, he says it means servant of the shining one. So I’ve form of, I’m going to attach that to the place I’m now and who I’m and what I’m doing in that, the place I see my form of mission and function in life, Steve is I’m right here to carry out the sunshine in different folks.

You already know, I’m, I’m serving the sunshine inside you and inside me and inside others and I try this within the enterprise world and I’ll, I’ll discuss that extra later, however that’s my on the spot reply to your query, which I can go extra into with totally different branches off that tree. However. However that’s the enjoyable a part of how I bought to the place I’m.

Steve Chen: That’s superior. It’s superior to listen to that form of story. How previous had been you when that occurred? Once you first 

Gary Danoff: That was once I was like 15 or 16 years previous, it was spectacular in that it impressed upon me spirituality, yoga, a bit bit about Buddhism at a really, at a fairly early age.

Steve Chen: And also you’ve carried that with you, that second and imaginative and prescient for your self.

In your entire life then. 

Gary Danoff: Yeah, I actually have. I actually have. I attempt to stay my life that manner. I see the sunshine in different folks. I, I, I see gentle in myself. I might a lot want to see gentle than darkness as a result of one can prepare their imaginative and prescient on both. They’re each there. They’re each there. However I select the sunshine as usually as I can.

And I make my dwelling on that. I’m an undercover gentle employee. 

Steve Chen: That’s superior. I, I actually like that imaginative and prescient for your self. I, I used to be really explaining to certainly one of my youngsters. My oldest is a latest graduate and beginning his profession and he began an organization and you realize, it’s by no means simple. And so I’ve performed this for an extended, my entire profession and sharing some insights about not simply the mechanics of like beginning corporations, however just like the emotional and inside a part of this factor.

However a part of it was this imaginative and prescient. Why I do what I do. And like, I bear in mind telling him, effectively, once I was younger, I had this imaginative and prescient of creating some huge cash and giving it away, like changing into a philanthropist, which has form of been at the back of my thoughts. I I’ve performed very poorly on the giving it away and to be decided on how we do on the build up lots of wealth, however I simply assume it’s fascinating.

For folks to have this type of inside imaginative and prescient as a information for his or her lives and what they’re doing in order that it’s cool to listen to yours. Are you able to give me give a pair examples of like how that has surfaced over the course of your profession since you’ve had a fairly extensive ranging profession and plenty of Western, you realize, getting cash and I used to be wanting you will have a gross sales background and form of partnership background.

Gary Danoff: Yeah, blissful to speak about that. Comfortable to speak about how I got here to mix the 2 collectively. So classically, I got here out of faculty and at the moment, my mom was a recruiter within the excessive expertise business. I used to be so excited that I had interviewed  for and been given a proposal to go to work for. Corning Glassworks out of Corning, New York, which makes Corningware, which I’m not even certain is round anymore, however one used to purchase Corningware at one thing known as a division retailer, which offered many issues used in your house.

Additionally they had fiber optics so additionally they make Corning fiber optics as a result of it was in any case a glass firm and all of the makes use of of glass, however then Virtually on the the twelfth hour I had the chance to interview at an upstart upcoming expertise firm known as digital gear company or DEC out of main, Massachusetts Lengthy story quick, I interviewed and was lucky sufficient to have earned the position.

And so from that point on, I’ve been within the expertise business in gross sales, management, and enterprise improvement companion roles. That’s how I’ve made my dwelling. I’ve been very blessed by it and I actually take pleasure in what I do.  About 15 years in the past is when the advising and training comes into play as a result of I used to be both at NetApp or Microsoft.

I’m unsure which, however I form of realized lots of people are coming to me with questions and in search of recommendation. It’s form of above and past a few pals asking your opinion on one thing. It’s form of above and past informal recommendation. Folks had been coming to me with form of beefy, hearty life points.

I’m having to do with both their profession or relationships or transitions that they had been making at totally different phases and that coincided with the beginning of the teaching as a occupation and as an business. So I used to be like, effectively. I feel that is the place the sunshine in me is, is desirous to shine. And so I turned licensed by way of the Worldwide Teaching Federation as a, I’m now an expert licensed coach at PCC.

And so I started to mix the 2 collectively utilizing teaching extra in my full time work. Then I took it a step additional and began, which is my advising and consulting enterprise, which I additionally do. 

Steve Chen: Why do you assume folks first began coming to you? Like, how did they know to strategy you with these sorts of questions?

Gary Danoff: I feel it’s as a result of I used to be born naturally passionate to be curious, to discover new choices, and importantly, to show and to information. The one factor I can say, Stephen, is that folks picked that up out of me, like they felt that. I create belief, I create an envelope, an setting of belief very simply and really authentically.

It’s one of many issues that I’m blessed with, and so I feel that’s why folks began doing that.

Steve Chen: And I see that you just clearly do the teaching by way of, you run your podcast. You’ve additionally performed this at Google. Any massive takeaways while you’re working at a spot like Google? Is it totally different? Is the follow totally different there or is it the identical factor?

Gary Danoff: I used to hate it when folks would reply a query like this, you ask them a query such as you simply requested me and so they say, effectively, sure and no, I can say to myself, what are you speaking about? It might’t be black and white. It’s sure or no. Effectively, wait a minute. Possibly it’s grey. So the reply is sure and no. And right here’s what I imply by that.

And on this occasion, it’s related in that the constructs of teaching, that are. Deep questioning, deep listening, energetic listening, and guiding occur in each garydanoff. com purchasers, the place I serve founders and CEOs who’re beginning an enterprise, in addition to younger professionals or folks making a transition.

After which in Google, I do the identical factor for people who find themselves software program managers, people who find themselves divisional leaders, VPs. It’s in a special . It’s of  course, in a multinational, extremely profitable, extremely pushed expertise enterprise. And so there’s some peculiarities to that, like there are, if I had been doing that very same sort of labor with, you realize, Aetna Healthcare or Disney or GM.

So sure and no. 

Steve Chen: Are you seeing on the teaching entrance, have you ever seen a. Any massive modifications over the past 15 years. The rationale I ask that is that our enterprise has been increasing. We’re hiring a extra numerous inhabitants of individuals. And it appears like a few of the of us we’re hiring which can be millennials are frankly fairly unimaginable, like when it comes to they’ve by no means been paying and so they’re like, you realize, not digital natives, however like they’ve been paying consideration and, Studying an incredible quantity shortly, and a few of them present up with very subtle questions and ideas about their work, their profession, their motivations, and I’m simply curious should you see that, like, it does really feel very totally different than it was even 5 years in the past, however positively like 10 or 15 years in the past.

Gary Danoff: Completely. I imply, you nailed it. The millennials, the digital natives, the Gen Z, they’re so astute, they’re so tuned in, they’ve so many channels for info and studying consumption, and so they’re very hungry to study and develop. And so a few of the stereotypes about them being demotivated and never and don’t wish to work onerous.

I don’t see lots of that, I do see that they don’t have the identical comparative, climb the ladder slowly that boomers have, like I’ve had, to understand and perceive that. They’re extra prepared to say, you realize what, in two or three years I’m not going to get what I would like right here, so I’m out, and I’m going to modify over to a different, one other place the place I get it.

However to reply your query particularly, change in teaching has been across the flexibility that, like, for instance, I provide folks, you don’t have to enroll in six months, you may have as a lot or as little as you need, as a result of that matches the best way folks wish to eat it, after which I allow them to self direct, you realize, I actually need extra time with you, or I don’t want extra time with you.

In order that’s one factor, after which we are able to discuss, you realize, Synthetic intelligence on the planet of teaching as effectively. You already know, we may get into that. So I don’t know if that solutions your query, Steve. 

Steve Chen: No, no, it does. Yeah, it’s actually fascinating. Simply get your perspective on what you’re seeing. And likewise I hear you on the I don’t say transactional, however.

There’s much more I feel self consciousness and contemplating the worth alternate while you’re, you realize, Hey, I’m going to work with you and I’m gonna work onerous, but additionally hopefully study so much. After which if it’s not, if I’m not seeing the alternatives for development right here, then I’m extra more likely to transfer. I’d be inquisitive about , I don’t know should you’ve checked out this, however the knowledge round job switching throughout generations, you realize, I might think about, proper.

Older generations are extra loyal and so they, they transfer much less. Most likely than a few of the different.

Gary Danoff: for instance, the primary job that I took, the one I referenced earlier at digital gear, I stayed there for eight years and I did that as a result of I needed to climb the proverbial ladder after which I left to go begin a video manufacturing firm.

So I jumped manner out of that boat right into a a lot smaller boat on a a lot unstable ocean, et cetera, et cetera. That’s one other story. Folks right now coming into the workforce or within the workforce for his or her second or third or fourth job are going to remain. About two years, until they’re, as you referenced, embraced with alternatives for studying development and development, and I wouldn’t essentially all the time put them in that order.

Wish to some folks, the straight up development is probably not as vital as what they study and typically transferring to the facet to then transfer up. But it surely’s organizations that provide that, which can be going to draw one of the best expertise. 

Steve Chen: I feel additionally tradition is. Enormous in these corporations. Now, I do know we’ve began actually occupied with this so much and likewise  listening carefully to.

The members of the group about what they wish to see and the way it ought to evolve. I feel it actually used to throw out the phrase tradition or no matter. It’s like, Hey, foosball tables and like free massages and stuff like that. Now it’s actually about just like the values, communication, norms, expectations, and all these items.

And, and it positively must be formed and constructed collectively. 

Gary Danoff: Yeah. Tradition, what I’ve skilled tradition to be is that factor that you just really feel. It’s not on a whiteboard and it’s not in a coverage doc, however while you stroll right into a room with a gaggle of individuals in a sub group or division or a big assembly, tradition is what you are feeling within the room.

Tradition is what you are feeling and the way folks deal with one another, what the norms are round what they count on from the Aristotle mission, which is a few analysis Google did about how you can make folks extra productive. There was this phrase that’s been coined known as psychological security which has 5 parts to them and to it and one of many key ones is what’s known as conversational flip taking the place all people is aware of that they’re going to have an opportunity to be heard and folks don’t get stepped on or disrespected due to their non secular or ethnic or sexual orientation background, so tradition, I’m thrilled to listen to that you just’re paying nice consideration to that as your organization goes to develop and scale as a result of I’m discovering at Google and with my purchasers exterior of Google that it actually issues so much.

Steve Chen: Yeah, I feel I really feel prefer it’s a dwelling factor that it’s a must to take note of and nurture and. And each methods, not simply nurture, however prune again and handle. I imply, there’s positively evolutions to this factor that we’re studying simply actual fast, as we exit the teaching a part of it, like I do wish to discuss extra, a bit bit extra about AI, however do you see AI impacting the work you do as a coach, but additionally your purchasers that you just work with and the way it altering their lives.

Is that surfacing? 

Gary Danoff: Positive. Yeah. Yeah. So the reply is sure to each of these. Look right now, if you’re 22, 42, 52 or 62, and also you wish to get. some sense of recognition and acknowledgment, and also you’re not explicit about receiving that from a human being who has blood coursing by way of their veins and breath coming out and in of their physique, you may really get that, and more and more you’ll be capable to get that by way of what actually are from AI primarily based fashions that signify Feelings or responses to inputs that you just present to them.

So I see that taking place. I’ve a selected standpoint the place I, I feel it will likely be some time, if ever, the place that’s the identical give and take offers and will get and responsiveness. And nuance response is when, should you and I are having a training session, you realize, and due to the gathered data that I’ve from our prior classes, I’m in a position to pay attention and information in a manner that’s explicit and distinctive to what you present up with right now.

And, you realize, I don’t have a crystal ball, Stephen, that it could come to that, you realize, I imply, I’m attempting to consider a digital Gary Danoff, and I’d prefer to make some huge cash off of that if it does occur, however I don’t know if I see it. And you may simply Google, you realize, AI within the teaching business and all types of articles will come up.

Numerous folks. I feel there are dietary supplements to the human facet of teaching which you could have with AI. There are what we name nudge mechanisms, which may remind you. Hey, Gary, you promised once we had our session final week that you just had been going to do. 5 attain outs and two callbacks. And also you had been going to  write a half pager about your new service by Wednesday.

How’s that going? In order that might be an AI articulated agent that’s working with me because the coach to verify in with you about one thing that, that you just had agreed to. Yeah. 

Steve Chen: The accountability half. Yeah. It’s fascinating. I’ll say that having labored in expertise my entire life and seeing varied Factors of disruption, proper?

So the net or the web, the net, cell cloud, this positively appears like a seismic change. And for the primary time, I’m like, okay, this doesn’t really feel fairly so predictable. I imply, in all probability we’re in the midst of a hype cycle and it’s going to not be as nice as we predict. However like, typically I’m like, okay, I’m recording.

Like we had been speaking about within the preamble, like lots of of hours of movies with simply. You already know, simply due to utilizing instruments like grain and that stuff is saved. May this emulate folks and likewise may or not it’s educated to learn feelings? I imply, that is what it doesn’t do effectively proper now, but when it prefer it may really detect how somebody’s getting a bit bit elevated or no matter.

After which lots of that is additionally like storytelling, like people are nice at speaking by way of storytelling. May this factor is this stuff begin to inform tales? However are they faux tales? I do know. Are they significant tales? I don’t know. However like, I may see it may do some unimaginable stuff. However will or not it’s the uncanny valley?

Not fairly there? Or will or not it’s like, No, really, this factor is beginning to be like folks. 

Gary Danoff: I agree with you that we’re early. And I do assume, you realize, should you take a look at the bell curve, we’re on the early, you realize, disbelievers of enterprise triers, these these cavalier frontier folks at the start who embrace it, I feel we’re on the early a part of it.

And I do agree with you that it’s a. Probably a sea change expertise, however bringing it all the way down to the present day the place I see it having an influence and never simply communicate for myself, like utilizing do it. AI in Google  workspace. I can say, please write me a draft electronic mail to Stephen summarizing. The issues from new retirement which can be finest for folks in my age class, like that might be an actual immediate that I may put right into a Google doc utilizing do it AI or barred the patron model barred.

google. com. And it might go and try this and it might, it might then give that again to me. And what I discover so superb about that’s within the artistic course of, it’s usually simply getting began. That’s the toughest factor to do. And so it simply helped me get began and it’s there 24 seven. Yep. And so I respect that fairly a bit.

And there’s tons. You are able to do that with pictures. You are able to do that in spreadsheets. You are able to do that with, with sound. There’s lots of plugins out there now. So I feel what is going to take it from the hype stage to, and I forgot the 4 phases of crossing the chasm, however you realize, to the adopted stage, to the laggard stage, to the doubters when it will get mass acceptance is when folks, or at the least companies discover.

Oh, wait a minute. That is really shopping for minutes again in productiveness of my group or my staff. There’s worth right here. There’s measurable monetary worth. And I feel that’s the half that we’re getting to have the ability to make form of enterprise circumstances on fairly shortly. 

Steve Chen: Yeah, it’s fairly fascinating. I simply signed as much as I put our request in for us to make use of duet for our enterprise.

So we’re on Google Workspace person, you realize, I’ve bought, I don’t know. 35, 000 emails in Gmail proper now, one thing like, I don’t know what it’s. It’s so much and all these Google docs. After which you will have video and also you’re form of like, okay, I imply, you realize, a calendar, I imply, on the one hand, you’re like do we wish Google understanding all the pieces about me by their hand?

It’s like, effectively, Google may see that. Oh, somebody’s emailed me. They appear like a prospect. That is the form of factor Steve normally sends to them, together with like. Right here’s what we do.  And right here’s my Calendly hyperlink and automates lots of these items. I may see it like pre populating, like, okay, I, we drafted this for therefore and so.

You’d be like an excellent ship or no, I wish to edit this or whatnot. And it might study more and more shortly what I might do. And that might save an incredible period of time. So I may see how these instruments might be, in the event that they’re effectively executed, completely sport altering. 

Gary Danoff: That was only a stunning paragraph you spoke there, Steve, and even the instance you gave about all of your emails, desirous to draft one thing, having it decided whether or not or not what it drafted is what you wish to ship to that particular person.

That entire loop instances in all probability 15 to 30 that you might want to do every week. Think about the time financial savings of that. And folks say, Will it sooner or later take my job? I’m like, no, it’s not going to take your job, however it’s going to free you as much as do extra artistic pondering, extra planning, extra producing so that you just don’t should be concerned within the tactical manufacturing of getting stuff to and from folks.

Steve Chen: One in every of our traders, he went to love the singularity college or no matter it was, you realize, there was one thing at Stanford and so they talked in regards to the ample future. And I bear in mind him sharing this deck like. 5 years in the past and and discuss, Hey, you realize, if we get limitless power by way of renewables like photo voltaic or fusion, however say photo voltaic, proper, which we’re approaching, at the least changing lots of fossil fuels, it’s accelerating proper now.

It’s fairly fascinating. Then you can begin to do issues like, Oh, effectively, we are able to, flip salt water into freshwater, you realize, it begins fixing different huge issues in society. Like now there’s contemporary water for folks after which we get AI cooking and we get actually power environment friendly. I simply noticed the Google, like for example, they’ve an algorithm replace that reduces visitors by 30%.

I used to be like. What an ideal utility of expertise, simply form of plug it in and it like reduces visitors by 30%. I’m like, nice. You already know? 

Gary Danoff: Yeah. 

Steve Chen: So it’s superb.  Sort of a few of the stuff that’s surfacing on the market. 

Gary Danoff: I like your imaginative and prescient. You already know, there’s lots of gentle in you for what’s the good facet of expertise.

And I respect that you just’re targeted on 

Steve Chen: attempt to be, you gotta be optimistic, proper? Yeah. That’s not people. Our nature isn’t all the time to be optimistic. I’m not all the time. There’s a robust facet of me additionally that may be. An excessive amount of of a essential thinker and like, or what’s not proper. So I attempt to, however yeah, I respect that.

All proper. We’d love to speak a bit bit about your podcast and what you’ve realized from that. Like I used to be checking it out and I noticed that you just’ve performed some fascinating stuff. So who’re a few of your favourite company? Like I noticed you at Carlos Santana. So it seems like you will have a fairly extensive ranging set of company which have come on.

Gary Danoff: Yeah. The humorous factor about that’s. So I did have a person named Carlos Santana. He’s my most up-to-date visitor. I feel it’s episode quantity 39 and it’s known as Managing Your Uncertainty, however it’s not Carlos Santana, the musician. Oh, okay. I do know. I do know. I’ve had musicians on the present earlier than, which I really like doing.

And I’ll discuss a few them. However Carlos Santana is an information analytics particular person on the Disney firm. And he’s additionally a former. Veteran, a military captain who got here out of West Level and through Veterans Week, I’ve a behavior of interviewing a veteran and studying about their journey and having them share form of life classes with the viewers in regards to the pivots they’ve needed to make of their profession.

And Carlos talks about staying versatile and studying so much, making the most of studying alternatives, talks about how he overcame concern. So lots of nice stuff got here from, from that dialog. So he’s, he’s a memorable visitor. I’ve additionally had folks like Dahlia Feldheim, who wrote a guide known as Dare to Lead Like a Woman.

Steve Chen: Mm hmm. 

Gary Danoff: Wonderful story. Homosexual Hendricks psychologist out of Stanford and creator of over 40 books. A few my favorites are The Massive Leap and Aware Luck. I realized a lot from Homosexual. After which Jodi Ramsamee, who’s was my boss at Google earlier than he left in January and began Vivid Presents in Seattle, which is an leisure expertise firm designed to offer folks a musical expertise on website or remotely and likewise construct group, come collectively within the human type once more.

Additionally, once I get to do a solo podcast, I really like that, Stephen, once I can discuss a subject, which I’m deeply Captivated with and I can, I can title a few these for you, however yeah, that’s a bit bit off the highest there. 

Steve Chen: Fascinating. Yeah. I’ll positively should, I’ll try a few of your solo podcasts.

I’ve by no means performed that. I’ve all the time had a form of a visitor format. Actually fascinating. I noticed you coated the thought of layoffs and we’ve form of gone from like, Hey, there’s this nice doubtlessly ample future, but additionally AI, there’s additionally this like, Oh, is it going to take work actually shortly? Both manner, layoffs are like a.

One thing that’s occurring right now, proper? As we’ve in all probability principally pushed by the truth that we’ve gone from Zerp, proper? Zero rates of interest, a number of cash flowing round to five p.c long run rate of interest and setting and that mortgages are dearer. Automobile loans are dearer. Individuals are simply going to be spending much less cash.

Returns of all the pieces should be higher. Now, are you seeing that floor in your teaching group? And what was your massive take while you had been doing the podcast on it? 

Gary Danoff: Okay, let me unpack that as a result of there’s a pair totally different questions there. So, sure, I’m seeing it floor in my teaching group in that there’s extra individuals who want teaching particularly round changing into extra ingenious about their profession, stating their worth extra clearly and succinctly.

Being extra expansive and artistic about whom they store that and, and publicize that to and, and the way they try this. Simply, these are a number of of the subjects that folks come to me with when that’s the piece of labor we’re going to do  collectively. On the podcast in January, when Google had its layoff I feel it was 6%.

Or 17, 000 folks, a number of individuals who I work with, together with the person who was my supervisor, I referenced him earlier, Judy Ransomy, had been laid off. And I’ve had the great fortune and likewise the scars to be working within the expertise business for actually the lion’s share of my skilled life. And the rationale I say the scars is this can be a harsh business.

This could be a harsh business. The boards and the shareholders and the executives don’t flinch or hesitate to chop prices shortly, and I’m not essentially condoning this as a result of there’s different methods or approaches that might be taken, however that is what is finished. And they also lay folks off to get a right away return and to indicate Wall Avenue.

Sign that they’re, they’re critical about reducing prices. And so with that, for the rank and file, you may by no means ensure when it might be your quantity, it might be your flip. And it’s occurred greater than as soon as to me. So I communicate from expertise with this and I do know so much about recovering from this and constructing resilience for this to probably occur once more, and having a callous.

about it’s only a truth on this explicit business and actually many others. Now I’ll say earlier than I let you know a bit bit about that specific present, Steven, that the latest slate of layoffs, even compared to the final 20 years by numbers and ratios isn’t as drastic as we’ve had at different deadlines.

It all the time hurts and it all the time. Stinks, however it really has been worse 

Steve Chen: for certain. Yeah. One factor I’ve seen is we discuss, Oh, Google laid off 17, 000 folks. Yeah. However then they don’t point out it. However within the yr earlier than they employed 30, 000 folks or one thing like that, like they’ve been like, we’ve been hiring like loopy, however I positively hear you.

I’ve labored in expertise and monetary providers and each are being impacted strongly proper now, or at the least by these layoffs, you’re proper. I imply, it positively is a bit truth of life. And I, and I do assume. As we stay longer and have longer careers, folks do should take extra company about their Managing their human capital, which is a large a part of their lives and, and having backup plans, you realize, to, if one thing occurs over right here, I can go over right here or no matter.

Gary Danoff: Effectively, if I may simply riff with you on that for a second. So, you realize, I really like that you just say handle their company that’s so spot on what the nub of the matter is. And lots of people get this get up name after they get laid off as a result of they’ve by no means needed to handle their company, handle their human capital, handle their model.

So, the podcast episode I did known as Pack Your Parachute, it goes one thing like this. Think about you’re on an airplane. You’re getting back from a enterprise assembly in Hawaii. Individuals are watching motion pictures, listening to podcasts, they’re taking off, all the pieces is nice. They’re serving the primary flight of drinks, meals, after which swiftly, with none discover, the emergency exit opens, any person’s bought sucked out of the airplane.

Oh my God! Individuals are panicking, they’re freaking out, they need to be. No person noticed this coming. Who’s going to stay? Who’s going to die? Quick ahead, half-hour later, the emergency was averted. The captain stated, girls and gents, we’ve bought it underneath management. You land, you get off the airplane and also you’re in shock.

And so the rationale you will have your parachute packed is since you may be the one who will get sucked out of that emergency row exit with no discover. Yeah. And should you’re not the one, you continue to should have your, your parachute on as a result of now it’s a must to survive in an entirely totally different setting. And so in that episode, I discuss constructing your model, all the time be networking, ABN, and you realize, simply be prepared as a result of it may occur.

Steve Chen: Yeah, 100%. It’s the world isn’t all the time a secure place. And in the end we now have to, you realize, have our personal. I bear in mind certainly one of my favourite phrases is a number of cash, proper? So I realized that basically early on in my profession cash and it’s like a number of cash. I really like this concept. So yeah, I simply gave up like six months or a yr of cash after which it’s like, okay, no matter I can cope with it.

Like I can give up or I might be fired, however I’ve lots of management. And sadly for a lot of Individuals, they’ve like 4 weeks of like runway, you realize, it’s actually unlucky, however for those who have like a yr, it’s like, okay, they’ll sleep all at night time. I’ll be high-quality. 

Gary Danoff: You already know, that’s one of many issues I’ve to say that I really like about new retirement.

And you realize, that is simply me coming off spontaneous right here. I’m not such as you scripted me to say this, however I’m form of a. I don’t wish to say a geek, however I’m actually inquisitive about issues like new retirement as a result of it lets me as a DIYer actually get down nitty gritty about what I’ve, what buckets they’re in, what’s going to be the influence if A, B, or C occasions occur.

And never that I can management all of these occasions, however I at the least can get a visible of the end result prospects. You already know, what would I do? So to your level about folks having 4 weeks or 4 months of financial savings after they should pack their parachute I discovered that I can like quantify that after which plan for it a bit bit higher with with a brand new retirement product

Steve Chen: I imply, this can be a lot about how we run our enterprise Like so we’re a enterprise backed enterprise and we discuss burn price and runway 

Gary Danoff: Proper.

Steve Chen: I feel folks ought to take into consideration that in their very own lives. It’s like I take into consideration runway and visibility and you realize again to psychological security like Should you really feel assured and safe that you’ve got no matter X period of time in entrance of you and also you perceive the lovers, proper? For a lot of of it’s prefer it’s work, however it’s additionally bills and the place you reside.

And as you go to retire, this stuff have turn into the spectrum of alternatives will increase. It’s like how we stay. Effectively, at the least I stay in California. It’s actually costly, however like I grew up in Rochester, New York. If I used to be like, you realize what? I do know I  can go to Rochester and I might be. Financially impartial proper now, stuff like that.

However for folks to know what these mechanisms are, I feel is, is, is massively vital. 

Gary Danoff: Yeah, I completely agree with that. And you realize, that’s how Jake. When Jake turned me on to New Retirement, he did so as a result of he is aware of that I like these items, and luckily, I’ve been vocal in my family, and maybe a few of the different listeners right now are additionally like this, letting your kids perceive and never be afraid or intimidated about funds, managing their funds, and the way credit score works, how banks work, how loans work, what rates of interest are, what are bonds, do you want them, why don’t you want them.

What’s insurance coverage? There’s simply matter after matter. Due to that, you realize, Jake has developed a curiosity for this stuff. And so the coed turned the trainer, introduced it again to me. 

Steve Chen: Largely our viewers is form of 50 plus, so I believed it was nice that your youthful son was like recommending the app, the platform for you, which is superior.

Gary Danoff: So cool. So cool. 

Steve Chen: That’s nice. I’d like to get your take to monetary literacy planning and the way it. Within the age of, like, longevity and likewise AI and these form of generational modifications we talked about, I imply, are you seeing that folk in your group are extra conscious of needing to take management right here? 

Gary Danoff: To the extent that I, you realize, I can do a tough ballot in my head of conversations of individuals, it’s going to comply with what you’d assume it might that youthful folks, youthful, you realize, let’s say any person beginning off of their profession, ideally of their early 20s of their first or second job.

Up even up into their early thirties, they don’t have sometimes a degree of consciousness that for my customary scholar, I feel is. Wanted I’m not seeing that however it’s a really small pattern relative to the USA, you realize  I’m all the time bringing that up I’m subtly mentioning Matters round funds and cash as a result of one of many causes they arrive to me is as a result of they need to make more cash or they want Cash.

Steve Chen: Yeah,

Gary Danoff: I’m working with a 54 yr previous who’s transitioning in his personal profession now And has a twin goal to each make more cash, retain or regain his company, and likewise form of shift issues within the energy on this couple along with his spouse. Now they’ve lots of understanding there about cash as you’d count on.

However that’s not shocking to me. 

Steve Chen: Yep. So I feel it’s fascinating how the psychology, I bear in mind when, you realize, once I was youthful, I used to be like, Oh, I’m indestructible. And like, principally, like, I feel while you’re a younger man, you’re, you’re filled with confidence, partly due to hormones and danger to urge for food is very large.

And I feel additionally there’s fairly often folks will really feel like they’ll determine it out. I bear in mind in our first firm, the CEO was like, Oh, we’re working out of cash. I’m simply going to liquidate my total 401k. And use it to love subsidize our state of affairs or calm down. And I used to be like, ah, dude, that doesn’t sound like, despite the fact that I used to be like, I feel it’s not like a good suggestion.

Now we all know how horrible an concept that’s. Sadly, lots of people try this form of stuff. They usually’re like, I’ll determine it out later. Do you assume that you just stated in your youthful years, they’re just a bit bit much less conscious of a few of the future dangers they could face? 

Gary Danoff: Effectively, yeah, for, and actually for the explanations that you just stated, I feel that they’ve bought lots of wind of their sails, figuratively, emotionally, and from an power perspective.

And, you realize, should you assume again in your youthful self and I feel again on my youthful self, once I left digital gear company to start out communication arts video, after which Danoff productions, I offered lots of my inventory to fund myself, you realize, and Had I stored that cash, oh my gosh, what it might be value now, however I don’t remorse a minute of it as a result of the teachings that I bought from doing that and the enterprise that I ran, I may by no means change that.

So I do assume that folks in a youthful age cohort, you realize, by and enormous, however don’t have a monetary. Understanding of the influence of their selections and with none worth judgment on the alternatives like, okay, I’m going to decide on to save lots of 15 to 25 p.c of my pre tax or my after tax revenue. That’s high-quality.

Any person else says, I’m going to decide on to save lots of 5%. That’s high-quality. Assist me perceive. How did you attain that call? And have you ever thought-about form of the pluses and the minuses of that? So. That form of dialog and simply that, that form of pondering is one thing that I might hope occurs extra. 

Steve Chen: Yeah, for certain.

I imply, we’re positively massive proponents of, we must be instructing monetary literacy in each highschool. There’s a motion that’s serving to to have this begin to occur, however it, it nonetheless is ridiculous that so many issues like the coed mortgage debt disaster, bank cards, possibly a few of the crypto losses may have been averted if we had a extra financially literate.

Inhabitants and it appears insane that we don’t the truth that we’ll educate like auto restore or motor  restore or no matter, you realize, in a highschool to lots of youngsters and educate much less youngsters about monetary literacy. It doesn’t make any sense, however I feel it’s getting mounted regularly. What do you assume in your facet?

Do you see any massive methods from like your perspective within one of many largest tech corporations on the market? Like are there massive issues that you just assume we may do as a society like enhance literacy, enhance folks’s capacity to plan and take into consideration their future or their very own lives? 

Gary Danoff: I would like you to listen to and sense my pause.

I would like you to know that I’m pondering and I’m respiration. And I’m going to go along with the very first thing that involves me, and the factor that I feel is required proper now, and I don’t assume this can be a Google or a not Google factor, I feel it’s a humanity factor. Definitely Google and different social media can play an element in it, however I feel we have to study the talents of compassion, empathy, and organizing.

You already know, the CEO on the planet right now, on the time this podcast is being recorded, I feel that there’s only a grotesque lack of these forms of abilities. And as an alternative there’s a lunging, a lusting and a lurking towards anger and separation. So these are the issues that I feel we have to, I feel Google espouses these issues.

It’s one of many the reason why I really like working at Google as a result of it’s a firm who, you realize, we’re a for revenue firm. We make merchandise that we promote as a result of we’re, we intend to make a return for our shareholders. On the identical time, we now have a really sturdy ethos towards producing issues which can be beneficial to folks and actually to arrange the world’s info in methods which can be helpful, accessible, and repeatable.

That’s what I see and I’ve. I, I got here up with my very own program known as the CEO cycle. That’s a part of what I take advantage of with people and firms that helps to show a few of these issues form of in a enterprise setting. 

Steve Chen: I really like that acronym, compassion, empathy, and organizing. 

Gary Danoff: Yeah. 

Steve Chen: And so we should always educate monetary literacy and we should always educate emotional intelligence.

Gary Danoff: Oh my gosh, pay attention, let’s put one thing collectively that does that, you realize, you may do it as a. It might be a part of your present enterprise. It might be a nonprofit that you may affect coverage on the state and the federal degree. You could possibly apply for grants. There may be listeners on the market proper now who’re passionate as you and I are who, who wish to try this.

It’s actually wanted. It’s very a lot wanted. And I feel the long run productiveness of our nation relies upon partially on folks understanding funds.

Steve Chen: I imply, this is among the areas the place I do have a. You already know, as somebody who works in expertise and thinks so much about how will we have interaction folks? How will we preserve them coming again?

Proper. Although there’s an entire, this entire business is about capturing folks’s consideration and monetizing that. Even earlier than this podcast, I used to be like grabbing a fast chunk to eat. I’m within the kitchen and I’m like sitting there on my cellphone, studying the information. And I used to be like, God, I simply put my cellphone down and I appeared out the window on the Bushes and the sky.

Gary Danoff: I really like that you just did that. I really like that you just did that. Yeah. That’s so vital to simply drop our expertise each on occasion in the course of the day, many instances in the course of the day, really, 

Steve Chen: you realize, I used to be simply noticing. I used to be like, Oh, I didn’t really feel that I put it down. Trigger I used to be like, this doesn’t really feel good. However like.

I feel within the second, it’s so onerous typically to love acknowledge that this isn’t good for us and that to acknowledge the steadiness you want, like we have to be exterior, we have to be within the solar, we have to be transferring our our bodies. However on the flip facet, you realize, you’ve bought a trillion greenback industries like actually designing unimaginable experiences which can be so accessible on these cell gadgets.

And I positively see it. We’re not going to have time to cowl this. Possibly we’ll have one other podcast about, however the influence on psychological well being, particularly for younger folks. I imply, I see it in my youngsters and I see it in different folks’s kids. Prefer it’s only a generational factor, like from rising up the place.

I had loads of time to be bored, you realize, I attempted to elucidate to my kids, I used to be like, I had nothing to do. And like, I needed to go wander to my good friend’s home and be like, are you able to go play soccer? And these guys can seize a tool or soar on a online game and be immediately entertained on a regular basis. They’ve this idea of being bored is like torture to them.

Although it’s vital for the artistic course of and simply your, how your mind is, I feel, 

Gary Danoff: effectively, I imply, Steven, I’m simply so on, in your facet on this one. You already know, we should always do one other podcast on, it’d be fascinating to see what your listeners say in the event that they write in or remark that they’d like to listen to extra of that.

However I’m frightened for the technology of digital natives and even Gen Z. And right here’s why I’m frightened. So I used to be at a restaurant foyer or someplace the opposite day and I noticed a person sitting there with what I assume to be his three or 4 yr previous, you realize, not, not in a stroller, however form of a older than a toddler.

The man was on his cellphone like. Buried in his cellphone and his child was buried in in its cellphone Yeah, after which the child had some form of query a couple of sport It was taking part in or no matter and was tugging on the dad and the dad was ignoring the child. I simply it simply broke my coronary heart It’s like that is simply you’re simply draining away Your humanity that as a lot as AI or greater than AI scares me about, you realize expertise that folks It simply wants some self-discipline round this.

Steve Chen: Effectively, it’s powerful. I imply, that is the problem that I do really feel like, you realize, I’m competing. I imply, we’re all competing, not simply as a mum or dad, however like as people with the pull of expertise once we work together with each other and this expertise, even with AI, it’s getting rather more custom-made for you, the pace of your, of what you see.

Leisure or information or no matter. It’s bespoke to you and that you just discover compelling. And the extra you try this, it’s like tick tocks. Like, I really feel like the final word incarnation of this the place it’s like, I don’t know. I I’ve performed that really. And I don’t use tech discuss, however I used to be like on Instagram watching reels or quick movies and I used to be like, proper.

Or as soon as spending half an hour, I used to be like, Holy smokes. That these items is so compelling, however I additionally really feel like how unhealthy it’s. And I’m like, I’m not going again there since you may. I talked to some of us which can be friends and so they’re like, Oh yeah, I spend two hours on tick tock. I’m like, Holy, I imply, that’s like loopy to me.

Gary Danoff: One of many issues that I work with myself on and with my purchasers on as a result of a few the important thing operative phrases I’ve in, in my life are accountability and self-discipline. I set limits, you realize, this isn’t new. I’m not the one one who does it, however you realize, I set targets round how a lot I learn out of a guide.

Per day, not on my cellphone or, you realize, really decide up a, now I like that. I just like the tactile contact of a guide. I like studying it. I like highlighting issues. On the opposite facet of that, I restrict how a lot time I’m going to be in all of the YouTube subjects that I’m so inquisitive about. Yeah. You already know, whether or not  it’s vehicles or bowl turning or what sports activities, it’s simply, I feel it’s a must to do it.

I feel it’s a must to defend your self that manner. 

Steve Chen: 100%. Gary, I actually respect you being on the podcast. Clearly, we may go on. Because of this we’re speaking about how lengthy we may go. We may roll for 3 hours and we may go proper into the subsequent matter. I feel we should always do one other one, particularly round AI and generational stuff.

And I really, we should always in all probability invite a Gen Z and millennial on and possibly do a 3 manner podcast or one thing. 

Gary Danoff: Let’s do it. 

Steve Chen: However any closing ideas in your facet earlier than we wrap it up?

Gary Danoff: First, thanks a lot for inviting me to what has been, in my feeling, a extremely partaking dialog with you, Steve, and it’s good to get to know you extra, like, by way of this dialog.

So thanks for that. I might say that I’m, I’m out right here wanting on the gentle for the sunshine and cultivating the sunshine. And I try this within the enterprise world, you realize, serving to folks obtain targets that they determine and set for themselves, whether or not it’s beginning and rising a enterprise or. rising their profession.

I’m privileged to try this and I’m grateful for it. And likewise it is rather cool working at Google. It’s a fixed studying setting and I adore it. So I really feel blessed and I’m so glad to have found the enterprise that you just began and I’m rattling glad you probably did it. 

Steve Chen: Thanks for being a part of our group.

Yeah, no, it’s fairly cool. I imply, it does really feel like. Some methods we’re getting smarter, the place there’s a lot good info, good methods to develop on the market that we’re evolving fairly shortly and hopefully in good methods. Gary, I really like listening to your story about looking for and serving to folks domesticate the sunshine within them.

I feel that’s nice. So thanks for being on our present. Yeah. For folks listening, thanks for collaborating on this and or listening to this. And, you realize, our aim at New Retirement is to assist anybody plan and handle their cash, their funds, to allow them to benefit from their cash and their time.

And should you made it this far, positively verify us out at our website, or our Fb group. After which lastly, any critiques for this podcast, the NewRetirement podcast or Gary’s podcast are positively welcome. And we’ll put the hyperlinks within the present notes. So with that, thanks very a lot and have an excellent day.


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