Rey Flemings: Rethinking Capitalism | The Really Rich Podcast - Ep. 45
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- Опубліковано 11 лип 2024
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In this engaging interview, Rey Flemings, Founder of Myria and Y Combinator alum, delves into an unconventional perspective on the impact of the ultra-wealthy on the evolution of capitalism. With insights drawn from his experience serving numerous ultra high net worth individuals through his boutique concierge, Rey highlights how the pursuit of profits in luxury industries, from air travel to dining, may be compromising the quality of high-end experiences. Tune in as Rey sheds light on the influences of the wealthiest individuals in reshaping the landscape of capitalism and shares anecdotes on navigating the world of exclusive services for the affluent.
Full episode on Spotify: open.spotify.com/show/3aoAPG9...
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Chapters:
00:00:00 - American Capitalism and the American Dream
00:10:11 - The Value of Experiences
00:20:35 - The Black Card Effect
00:32:17 - The Choice of Job Offers
00:43:41 - The Artificially Created Pain Points
00:55:01 - The Scarcity Mindset and the Disconnection in Monolithic Corporations
01:06:28 - The Downfall of the Service Industry
01:17:48 - The Scary World Ahead
01:28:26 - Strategies for Building Wealth
I think Rey should become a regular on the show.
I was so sad when this ended- this was really insightful. For a while there it felt like I was listening to an audible book you two are such great radio voices. And the topics covered here are so interesting
Thanks my friend
Noo thank you and Mr Rey!!! I listened to it again immediately after finishing!! So good
I appreciate the kind words and support.
There’s another interview he did with him from around a year ago if you haven’t listened to that yet.
So many of these videos talk about capitalism, or maybe pretend to believe we have capitalism. We have #Corporatism here in America. Capitalisms corrupt 2nd cousin thrice removed!
Nick Crown x Rey Flemings is always must watch
I’m so glad he brought Mr. Flemings back.
Not only is Rey super interesting and eloquent, hes got a great voice
Rey Flemings is definitely my favorite of all your guests.
Another great interview 💯
Thank you!
Each episode gets better dropping gems & insightful perspectives
@NicholasCrown we need a 3rd episode w/ Rey ASAP
As it relates to planes and hotels, there seems to be both a quality issue and an expectations issue. Doesn't matter what class ticket you have, all domestic airline food has always been mediocre at best. No need to worry about the serving order when you've either had a solid meal beforehand or brought food onto the plane. Hotel expectations are even more wild. It needs to be clean/functioning, have a comfortable bed and desk chair, and solid wifi; everything else is purely cosmetic. If I'm on business, put me in the Courtyard over the Ritz if it's closer to where I need to be
Huge thanks to Rey for sharing such interesting "war stories" and insights from his business!!! He speaks so well and has so much value to add!!!🔥🔥
"Is the customer the enemy?" As someone who stacks shelves, I can tell you that the customer is just a number in a long list of percentages, they are not a human being.
I think all of the things touched on here are great points. This should not be an us vs them issue which it seems to have become.
One point I have always tried to make is that GDP is based upon Dollars, well what are dollars based on? What is it that companies are actually making! What is the value being created?
As you mentioned, boil it down to value creation and all of a sudden it is made clear, that as a society, we are producing less. Why is housing out of control on prices? Because everyone wants more on their cut, so build less housing for more cost = higher profits.
Profits don't equate to actual product being created. I believe that with the slightest of tweaks, our airlines, housing, food, and other things will all of a sudden become affordable.
My kid said wanted to go to Burger King because of their marketing commercial that is very catchy so I told him we cannot bc they don’t care about their customers…I apparently told him this enough that when I said we are going near shake shack he didn’t ask to go he asked if they care about their customers…was great
I’m trying to start selling farm to table American Wagyu, and the last five minutes or so we’re the most helpful. Glad I stuck around and listened to the whole episode!
I need a full Nicholas Crown Style guide!
Your channel deserves more subscribers, keep going!
Amazing video. Loved every second of it!!!
I don't need to buy everything; but I'd love to have enough money to see the financial freedom I've seen other's enjoy. And slowly my hard work is actually paying off. Next month I'll have paid off all but my last student loan and paid off 2/3rds of the total in under 3 years when prior years it felt like i was just wadding and would never be paid off. Channels like this and other's who've helped me clear my mind to be a better person have helped, so thanks Nicholas for your informative content.
@25:30 AMEN, the first and business classes of today, from a service perspective is really.. "What service?".
Why does this not have more views?
Another level to be able and oversee was just unlocked
The Prince story was about Carlos Boozer’s house
✅
"pay more to get back to baseline" - this is what has happened to Internet speed. The pipeline size is fixed, and they sell you 5g, faster speed so your data is prioritized- but at the expense of evertone else. They are slowed down so they all elect to upgrade, now paying more for the same data speed they started with
It sounds like Nick went to Salt Bae’s restaurant in Miami. 😂
I love this guys voice so much he needs to start a side business where he reads to people
Make enough money,join his company and maybe he will read to you.😀
Such an interesting podcast! Nice job Nic!! keep it up
I walk through first class thinking "Good for them, one day it's gonna be me".
Hating on other's success is fucking weak.
Why do the first class passengers rage %1200 more?
Damn this was good
It was a fun one indeed - and somewhat haunting depending on your outlook for the future
its an hour 40 long and only been out 1 hour. how would you know if its good?
@@bradbarnett4111 lmao cause I listened to it as it came out dumb fuk lmao.
How do you think with out a brain
@@bradbarnett4111I hope they watched the whole of it, but honestly as someone who has a fast spoken mother tongue. I can fully process a conversation like this at 1.5x
love ur videos
When a business starts to prioritise profits at the expense of customers they lose their competitive advantage making it easier for competitors to take market share. This is what makes capitalism successful, creative destruction (Marx).
I understand your point on capitalism getting to the point where it only benefits the business itself. However a business is only valuable if it provides value to its customers.
Yes, there are some industries where companies have created monopolies/duopolies/oligopolies making it easier for business to make profits at the expense of consumers, but OVER TIME the businesses who provide the most value to its customers will win.
Perfect examples of this is Boeing who cut its costs to benefit the company has now permanently lost its competitive advantage. On the other hand Costco who put the customer first is only gaining its competitive advantages. And boy, do people like shopping there!
The story about the homeless woman working for Amazon is a more complex problem. It’s not about the relationship between business and customer, but between business and employee. Capitalism doesn’t work as well for this relationship but this is the importance of governance. As businesses and technology improve, so too should the rate at which workers get compensated, hence an increase in minimum wage. In theory, if a society is becoming more productive, minimum wage can be afforded to outpace inflation and increase the minimum standard of living, this is what should be pushed by governments. If you look back 100 years, we can see capitalism has achieved this in spades and should keep doing so in the long run.
Really rich people really like exclusivity. They eat up because its not about the money. So brands use "flase" scarcity to create exclusivity.
The women on the bench story is Seattle poverty line is $75k you live in the outskirts with your family but you work and sleep in your car around the city and home on the weekend it’s getting wild
This whole podcast is just an echo why you should shop local Over corporate
Real shit
lets make bigger pies!
I've seen the last podcast and it was very insightful
I was wondering if he ever dealt with a lottery winner? These people usually gained financial freedom but they lack the network or the keys to the castle per say
What is the suit you are wearing nick?
We finally solved the question of "why do you want to work here?".
"Money"
@31:40 thats crazy
Where do you get your suits man?!
I’ll bet this guy don’t believe in conspiracy’s because he knows what the conspiracies are
This dude talk to people we don’t know exist that make decisions that we don’t even realize got made
That’s why he don’t believe in conspiracy
He knows it’s all about money at the end of the day everything
I can make a better burger than a Big Mac for far less than the cost of a Big Mac. There are many things people only bought because they where cheap and convenient.
Why fly anywhere in the USA if a hotel room costs 200 dollars a night with a 300 dollar deposit
This podcast makes me a doomer
This is an excellent conversation. Wish I could be there to add some value.
Talk about shadow band.
True story that was Carlos Boozer who told that Prince story
Lesson.... don't be a Richard.😉
Wouldnt it be nice if the ruling class got their jollies from the number of people fed, clothed, housed, and healed by their teams' efforts and restraint instead of how much more they each have over people who never even had a chance.
I make almost nothing with a fancy degree working in hospitality and I'm probably happier than at least half of wall street because I have enough to live and a chance to give. If folks were more helpful to each other, I cant see how humanity can fail.
My nonprofit wants to change the game.
Whenever I read „rethinking capitalism“ or anything along those lines I always get this very weird, very bad feeling. Because most likely whoever is saying it thinks that the USA right now is capitalism when it just isn’t. Free markets with very little, only the necessary regulation, paired with little to no taxation, paired with a small government that doesn’t tell people what decisions they should make, paired with rule of Law focused on individual liberty and all of that within the bounds of a constitution is the single best recipe for raising the living standards and life quality of everyone. Any deviation from that ends up making it worse than before. We JUST found a recipe that works. Let’s please not bastardize it. Government is too large atm, that’s where most problems come from.
Lower taxes, make sure corporations are not (too) involved in policymaking, make government smaller, ramp up police funding and close the border and you’re done. The issue is government officials always want to make an impact. They come up with some ridiculous or stupid idea that ends up making it worse, only because they hope everyone celebrates them. Once the situation I mentioned is established, all government has to do is uphold it.