The Prof G Pod with Scott Galloway – Conversation with Chip Conley — Reframing Aging, Mid-Life Chrysalis, and Maintaining a Growth Mindset

Intro

In this episode of “The Prof G Pod with Scott Galloway,” Scott Galloway interviews Chip Conley, the founder of Modern Elder Academy. They discuss the concept of reframing aging, embracing mid-life as a chrysalis, and the importance of maintaining a growth mindset. They also touch on various topics including the bankruptcy of Right Aid, the rise of TikTok as a news platform, and the value of mentoring and wisdom in the workplace.

Main Takeaways

Reframing Aging and Mid-Life

• Chip Conley, founder of Modern Elder Academy, reframes the concept of aging.
• Midlife should be thought of as a chrysalis, not a crisis.
• Midlife is a period of transition that can involve various aspects of life such as professional, biological, and personal changes.
• The societal narrative on aging is wrong, and social science research shows that people get happier with age.
• The combination of curiosity and wisdom can be powerful and beneficial at any age.

Bankruptcy and Retail

• Right Aid, one of the largest pharmacy chains in the US, files for Chapter 11 bankruptcy due to debt load, declining sales, and lawsuits related to the opioid epidemic.
• Bankruptcy enables companies to reduce their debt, close stores, and renegotiate leases.
• Retail is tailor-made for bankruptcy because it allows companies to pick the leases they want to hold on to or renegotiate them.
• Lawsuits can potentially be discharged in bankruptcy, as seen with the Sackler organization or Purdue.
• Buying claims from people who have claims against a bankrupt company can potentially be profitable, as a court-appointed administrator will sell off the company’s assets and distribute the proceeds proportionally based on the claims.

TikTok as a News Platform

• TikTok has become a news platform and entertainment disruptor, with young people getting their news from the app.
• Misinformation surrounding the Hamas attack has been rampant on TikTok, leading to the removal of over half a million videos and 8,000 livestreams.
• Videos with hashtag Palestine have been viewed over 34 billion times in the last seven days globally, while hashtag Israel has been viewed 31 billion times.
• About a quarter of US adults under 30 regularly get their news on TikTok.
• TikTok may be bigger than Meta on a top-line revenue basis by next year and could be bigger than Alphabet in three to five years.

Mentoring and Wisdom in the Workplace

• Modern Elder Academy was founded by Chip Conley to address the lack of guidance and roadmap for midlife.
• Chip Connolly was asked by the three young founders of Airbnb to be their modern elder, someone who’s as curious as they are wise.
• Understanding the importance of personal differentiators and what they have to offer based on life experiences and mastery is key to reframing life in one’s 40s and 50s.
• There are two types of mentors: the librarian and the Coffinot, who not only holds secrets but also gives confidence and helps younger people see the road map.
• Mentoring can be rewarding and emotionally fulfilling, even if one is not sure they can do it.

Summary

Reframing Aging and Mid-Life

Chip Conley challenges the traditional narrative on aging by reframing midlife as a chrysalis rather than a crisis. He emphasizes the importance of embracing transition and using curiosity and wisdom to navigate this period of life. Social science research shows that people actually get happier with age, and midlife can be an opportunity for personal growth and reinvention.

Bankruptcy and Retail

The bankruptcy of Right Aid highlights the role of bankruptcy in the American business landscape. Bankruptcy allows companies to reduce debt, close stores, and renegotiate leases. Retail is particularly suited for bankruptcy as it offers companies the flexibility to choose which leases to hold on to or renegotiate. Lawsuits can also be discharged in bankruptcy, presenting potential opportunities for buyers of claims against bankrupt companies.

TikTok as a News Platform

TikTok has emerged as a major news platform and entertainment disruptor, particularly among young people. However, it has also faced challenges with misinformation, as seen during the Hamas attack. Despite this, TikTok’s influence continues to grow, with a significant portion of US adults under 30 regularly getting their news from the app. Its revenue potential also positions it as a formidable competitor to tech giants like Meta and Alphabet.

Mentoring and Wisdom in the Workplace

Chip Conley’s Modern Elder Academy aims to provide guidance and support for individuals navigating midlife. Mentoring plays a crucial role in this, with two types of mentors: the librarian, who holds knowledge and secrets, and the Coffinot, who provides confidence and helps younger individuals see the roadmap ahead. Embracing personal differentiators and leveraging life experiences and mastery can lead to meaningful reframing of life in one’s 40s and 50s.

Conclusion

Chip Conley’s conversation with Scott Galloway offers valuable insights into reframing aging, embracing mid-life as a period of growth, and the importance of mentoring and wisdom in the workplace. The podcast also touches on bankruptcy in retail and the rise of TikTok as a news platform. Overall, it encourages listeners to adopt a growth mindset and approach life’s transitions with curiosity and wisdom.