Uncommon Knowledge | Jonathan Hayes | TEDxNCSSM

when you think about something it takes

when you think about something it takes work thinking is an active process in

work thinking is an active process in

work thinking is an active process in which you are constantly trying to

which you are constantly trying to

which you are constantly trying to convince yourself of the truth or lack

convince yourself of the truth or lack

convince yourself of the truth or lack of truth of the idea knowing is

of truth of the idea knowing is

of truth of the idea knowing is different knowing is a passive state of

different knowing is a passive state of

different knowing is a passive state of being it just is and so when you know

being it just is and so when you know

being it just is and so when you know something you’re not forced to

something you’re not forced to

something you’re not forced to continually work on it it’s true it is

continually work on it it’s true it is

continually work on it it’s true it is as undeniable as the fact that the sky

as undeniable as the fact that the sky

as undeniable as the fact that the sky is blue we all know the sky is blue

is blue we all know the sky is blue

is blue we all know the sky is blue because we see it every day and our

because we see it every day and our

because we see it every day and our experience informs our knowledge so you

experience informs our knowledge so you

experience informs our knowledge so you might say that knowledge is the

might say that knowledge is the

might say that knowledge is the combination of thought and experience a

combination of thought and experience a

combination of thought and experience a popular thing that people say is to

popular thing that people say is to

popular thing that people say is to think outside the box and for me that’s

think outside the box and for me that’s

think outside the box and for me that’s not the end of the journey because when

not the end of the journey because when

not the end of the journey because when you think about something you are best

you think about something you are best

you think about something you are best positioned to continue thinking about

positioned to continue thinking about

positioned to continue thinking about that thing but when you know something

that thing but when you know something

that thing but when you know something you are well positioned to act on it

you are well positioned to act on it

you are well positioned to act on it because thinking about it doesn’t serve

because thinking about it doesn’t serve

because thinking about it doesn’t serve you any purpose you already know that

you any purpose you already know that

you any purpose you already know that it’s true knowledge in and of itself is

it’s true knowledge in and of itself is

it’s true knowledge in and of itself is great it’s valuable but you’re not going

great it’s valuable but you’re not going

great it’s valuable but you’re not going to change the world by knowing things

to change the world by knowing things

to change the world by knowing things that other people already know for that

that other people already know for that

that other people already know for that you need uncommon knowledge a few years

you need uncommon knowledge a few years

you need uncommon knowledge a few years ago I was introduced to an uncommon idea

ago I was introduced to an uncommon idea

ago I was introduced to an uncommon idea started as a curiosity and developed

started as a curiosity and developed

started as a curiosity and developed into an interest and has become a very

into an interest and has become a very

into an interest and has become a very important philosophy that I live my life

important philosophy that I live my life

important philosophy that I live my life by it’s this one idea is that

by it’s this one idea is that

by it’s this one idea is that core of why I launched a start-up and it

core of why I launched a start-up and it

core of why I launched a start-up and it has significantly enriched my life and

has significantly enriched my life and

has significantly enriched my life and the lives of my friends and family would

the lives of my friends and family would

the lives of my friends and family would you like to know what that idea is I’ll

you like to know what that idea is I’ll

you like to know what that idea is I’ll tell you travel is free and specifically

tell you travel is free and specifically

tell you travel is free and specifically for Americans if you want it to be

for Americans if you want it to be

for Americans if you want it to be travel is essentially free raise your

travel is essentially free raise your

travel is essentially free raise your hand if you know that travel is free one

hand if you know that travel is free one

hand if you know that travel is free one hand in the room so I think it’s safe to

hand in the room so I think it’s safe to

hand in the room so I think it’s safe to say this is an uncommon notion and it’s

say this is an uncommon notion and it’s

say this is an uncommon notion and it’s uncommon in part because it sounds crazy

uncommon in part because it sounds crazy

uncommon in part because it sounds crazy most people will run into a mental

most people will run into a mental

most people will run into a mental roadblock when they try to ponder this

roadblock when they try to ponder this

roadblock when they try to ponder this notion that travel is free it runs

notion that travel is free it runs

notion that travel is free it runs contrary to the common wisdom and as a

contrary to the common wisdom and as a

contrary to the common wisdom and as a result it requires a little bit of

result it requires a little bit of

result it requires a little bit of unpacking so why don’t we unpack it to

unpacking so why don’t we unpack it to

unpacking so why don’t we unpack it to start will define some terms when I say

start will define some terms when I say

start will define some terms when I say travel I am referring to hotels and

travel I am referring to hotels and

travel I am referring to hotels and commercial air fare okay and when I say

commercial air fare okay and when I say

commercial air fare okay and when I say free I mean that for the individual

free I mean that for the individual

free I mean that for the individual doing the travel a hotel will typically

doing the travel a hotel will typically

doing the travel a hotel will typically cost zero dollars and a flight may cost

cost zero dollars and a flight may cost

cost zero dollars and a flight may cost a few dollars in taxes and fees but the

a few dollars in taxes and fees but the

a few dollars in taxes and fees but the base airfare will be cash free I’ll also

base airfare will be cash free I’ll also

base airfare will be cash free I’ll also caveat that travel is not always free

caveat that travel is not always free

caveat that travel is not always free for all people at all times but in this

for all people at all times but in this

for all people at all times but in this example you benefit for example by being

example you benefit for example by being

example you benefit for example by being an American being a US citizen

so if we if knowledge is this

so if we if knowledge is this combination of a thought and experience

combination of a thought and experience

combination of a thought and experience let’s look at the theory and experience

let’s look at the theory and experience

let’s look at the theory and experience of free travel and we’ll start with the

of free travel and we’ll start with the

of free travel and we’ll start with the experience side of things because that’s

experience side of things because that’s

experience side of things because that’s just more fun so over the last five

just more fun so over the last five

just more fun so over the last five years i have been to Lima Peru Machu

years i have been to Lima Peru Machu

years i have been to Lima Peru Machu Picchu buenos aires argentina Santiago

Picchu buenos aires argentina Santiago

Picchu buenos aires argentina Santiago Chile Easter Island London Barcelona

Chile Easter Island London Barcelona

Chile Easter Island London Barcelona Lisbon Portugal Istanbul Paris San Diego

Lisbon Portugal Istanbul Paris San Diego

Lisbon Portugal Istanbul Paris San Diego California New York about a dozen times

California New York about a dozen times

California New York about a dozen times and the Maldives and I may have left a

and the Maldives and I may have left a

and the Maldives and I may have left a few out but you get the idea and all of

few out but you get the idea and all of

few out but you get the idea and all of those were essentially free trips and

those were essentially free trips and

those were essentially free trips and that Maldives trip in particular is

that Maldives trip in particular is

that Maldives trip in particular is remarkable because my wife and I went to

remarkable because my wife and I went to

remarkable because my wife and I went to the Maldives for our honeymoon and we

the Maldives for our honeymoon and we

the Maldives for our honeymoon and we had a forty thousand dollar travel

had a forty thousand dollar travel

had a forty thousand dollar travel experience we flew first class and

experience we flew first class and

experience we flew first class and stayed eight nights in a thousand-dollar

stayed eight nights in a thousand-dollar

stayed eight nights in a thousand-dollar a night hotel for under two hundred

a night hotel for under two hundred

a night hotel for under two hundred dollars so not forty thousand dollars

dollars so not forty thousand dollars

dollars so not forty thousand dollars under two hundred dollars so clearly my

under two hundred dollars so clearly my

under two hundred dollars so clearly my experience supports the idea that travel

experience supports the idea that travel

experience supports the idea that travel is free but how how does this work

is free but how how does this work

is free but how how does this work what’s the idea what’s the theory behind

what’s the idea what’s the theory behind

what’s the idea what’s the theory behind this well it exists because of a

this well it exists because of a

this well it exists because of a complicated set of financial incentives

complicated set of financial incentives

complicated set of financial incentives and social constructs that have kind of

and social constructs that have kind of

and social constructs that have kind of conspired together to create this

conspired together to create this

conspired together to create this atmosphere where you can travel for free

atmosphere where you can travel for free

atmosphere where you can travel for free and at the heart of it our credit cards

and at the heart of it our credit cards

and at the heart of it our credit cards now the conventional wisdom before we

now the conventional wisdom before we

now the conventional wisdom before we get there raise your hand if you

get there raise your hand if you

get there raise your hand if you routinely overpay for the things that

routinely overpay for the things that

routinely overpay for the things that you buy okay I should see a lot more

you buy okay I should see a lot more

you buy okay I should see a lot more hands because it turns out everyone over

hands because it turns out everyone over

hands because it turns out everyone over pays for the things that we

pays for the things that we

pays for the things that we bye we pay to the tune of two to three

bye we pay to the tune of two to three

bye we pay to the tune of two to three percent more for all of the goods and

percent more for all of the goods and

percent more for all of the goods and services that we buy in stores and

services that we buy in stores and

services that we buy in stores and online to cover the convenience fee for

online to cover the convenience fee for

online to cover the convenience fee for using credit cards and incidentally you

using credit cards and incidentally you

using credit cards and incidentally you pay that markup regardless of whether

pay that markup regardless of whether

pay that markup regardless of whether you use cash or credit that amount of of

you use cash or credit that amount of of

you use cash or credit that amount of of marked up spending aggregates to about

marked up spending aggregates to about

marked up spending aggregates to about 40 billion dollars a year and eventually

40 billion dollars a year and eventually

40 billion dollars a year and eventually some of those billions of dollars go to

some of those billions of dollars go to

some of those billions of dollars go to airlines and hotels to purchase frequent

airlines and hotels to purchase frequent

airlines and hotels to purchase frequent flyer miles and hotel points that the

flyer miles and hotel points that the

flyer miles and hotel points that the credit card companies then package with

credit card companies then package with

credit card companies then package with their credit cards to entice people like

their credit cards to entice people like

their credit cards to entice people like you and me in a competitive industry to

you and me in a competitive industry to

you and me in a competitive industry to choose their credit card instead of

choose their credit card instead of

choose their credit card instead of their competitors because every time you

their competitors because every time you

their competitors because every time you swipe that card they earn a profit okay

swipe that card they earn a profit okay

swipe that card they earn a profit okay now the conventional wisdom on credit

now the conventional wisdom on credit

now the conventional wisdom on credit cards and credit scores is that the more

cards and credit scores is that the more

cards and credit scores is that the more credit cards you have the worse your

credit cards you have the worse your

credit cards you have the worse your credit score will be and that simply

credit score will be and that simply

credit score will be and that simply isn’t true it’s just wrong the factors

isn’t true it’s just wrong the factors

isn’t true it’s just wrong the factors that account for your credit score are

that account for your credit score are

that account for your credit score are your payment history your utilization

your payment history your utilization

your payment history your utilization the length of credit history the types

the length of credit history the types

the length of credit history the types of credit you have and your recent

of credit you have and your recent

of credit you have and your recent credit inquiries none of those things is

credit inquiries none of those things is

credit inquiries none of those things is a number of credit cards and I guess it

a number of credit cards and I guess it

a number of credit cards and I guess it shouldn’t come as a huge surprise that

shouldn’t come as a huge surprise that

shouldn’t come as a huge surprise that Americans are misguided about credit

Americans are misguided about credit

Americans are misguided about credit because I recently read that over ninety

because I recently read that over ninety

because I recently read that over ninety percent of us don’t even know that we

percent of us don’t even know that we

percent of us don’t even know that we have multiple credit scores at any given

have multiple credit scores at any given

have multiple credit scores at any given time so much for conventional wisdom and

time so much for conventional wisdom and

time so much for conventional wisdom and so

it feels appropriate at this moment to

it feels appropriate at this moment to issue a brief public service

issue a brief public service

issue a brief public service announcement if you are pulling out your

announcement if you are pulling out your

announcement if you are pulling out your cell phone right now to apply for a

cell phone right now to apply for a

cell phone right now to apply for a credit card stop don’t because if you’re

credit card stop don’t because if you’re

credit card stop don’t because if you’re just learning about this from my talk

just learning about this from my talk

just learning about this from my talk you have neither the requisite theory or

you have neither the requisite theory or

you have neither the requisite theory or experience to know what you are doing

experience to know what you are doing

experience to know what you are doing and on top of that you may not hurt

and on top of that you may not hurt

and on top of that you may not hurt yourself by applying for a credit card

yourself by applying for a credit card

yourself by applying for a credit card but you’re not going to be successful in

but you’re not going to be successful in

but you’re not going to be successful in achieving your goal without some

achieving your goal without some

achieving your goal without some additional education and maybe a little

additional education and maybe a little

additional education and maybe a little bit of guidance and for that education

bit of guidance and for that education

bit of guidance and for that education and guidance you should go to rewards

and guidance you should go to rewards

and guidance you should go to rewards com and then you should apply for credit

com and then you should apply for credit

com and then you should apply for credit cards so uncommon knowledge what do you

cards so uncommon knowledge what do you

cards so uncommon knowledge what do you do with uncommon knowledge well I

do with uncommon knowledge well I

do with uncommon knowledge well I launched a startup it’s called rewards

launched a startup it’s called rewards

launched a startup it’s called rewards com perhaps you’ve heard of it and i’ve

com perhaps you’ve heard of it and i’ve

com perhaps you’ve heard of it and i’ve used this knowledge to earn a million

used this knowledge to earn a million

used this knowledge to earn a million miles and to fly and travel all around

miles and to fly and travel all around

miles and to fly and travel all around the world and experience amazing things

the world and experience amazing things

the world and experience amazing things you know Shakespeare says that knowledge

you know Shakespeare says that knowledge

you know Shakespeare says that knowledge is the wing with which we fly to heaven

is the wing with which we fly to heaven

is the wing with which we fly to heaven and i guess i would say that knowledge

and i guess i would say that knowledge

and i guess i would say that knowledge is the wing with which i fly to the

is the wing with which i fly to the

is the wing with which i fly to the Maldives in first class for free my

Maldives in first class for free my

Maldives in first class for free my entire perspective on travel has changed

entire perspective on travel has changed

entire perspective on travel has changed as a result of this when I want to go

as a result of this when I want to go

as a result of this when I want to go somewhere I simply go and I’m at least

somewhere I simply go and I’m at least

somewhere I simply go and I’m at least unencumbered by budget I look for the

unencumbered by budget I look for the

unencumbered by budget I look for the most luxurious flight I can find and I

most luxurious flight I can find and I

most luxurious flight I can find and I literally search for the most expensive

literally search for the most expensive

literally search for the most expensive hotels that may sound counterintuitive

hotels that may sound counterintuitive

hotels that may sound counterintuitive for someone who like myself is budget

for someone who like myself is budget

for someone who like myself is budget conscious

conscious

conscious but I I think it actually makes a little

but I I think it actually makes a little

but I I think it actually makes a little bit more sense than the alternative and

bit more sense than the alternative and

bit more sense than the alternative and if you think about it how does the

if you think about it how does the

if you think about it how does the average person plan their vacation so

average person plan their vacation so

average person plan their vacation so they want to take this relaxing trip

they want to take this relaxing trip

they want to take this relaxing trip somewhere and they start by saying okay

somewhere and they start by saying okay

somewhere and they start by saying okay what are all the places in the world

what are all the places in the world

what are all the places in the world that I might want to go now let me just

that I might want to go now let me just

that I might want to go now let me just immediately dismiss the top few options

immediately dismiss the top few options

immediately dismiss the top few options because they’re too exotic and therefore

because they’re too exotic and therefore

because they’re too exotic and therefore too expensive third tier vacation here

too expensive third tier vacation here

too expensive third tier vacation here we come you’re already getting off on

we come you’re already getting off on

we come you’re already getting off on the wrong foot and then you say well I

the wrong foot and then you say well I

the wrong foot and then you say well I need a flight so expedia what is the

need a flight so expedia what is the

need a flight so expedia what is the best rate you can give me on a seat in

best rate you can give me on a seat in

best rate you can give me on a seat in the baggage compartment because you can

the baggage compartment because you can

the baggage compartment because you can just fold me up and stuff me in there I

just fold me up and stuff me in there I

just fold me up and stuff me in there I just want to save ten percent obviously

just want to save ten percent obviously

just want to save ten percent obviously you need a hotel those get no better say

you need a hotel those get no better say

you need a hotel those get no better say expedia what have you got that doesn’t

expedia what have you got that doesn’t

expedia what have you got that doesn’t have bedbugs Wi-Fi option so what we do

have bedbugs Wi-Fi option so what we do

have bedbugs Wi-Fi option so what we do with reward stock is we are helping

with reward stock is we are helping

with reward stock is we are helping people to have better life experiences

people to have better life experiences

people to have better life experiences by empowering them to make smarter

by empowering them to make smarter

by empowering them to make smarter personal finance decisions that make

personal finance decisions that make

personal finance decisions that make them more able to travel freely and so

them more able to travel freely and so

them more able to travel freely and so when we talk about what you’ve learned

when we talk about what you’ve learned

when we talk about what you’ve learned what I’ve learned in startup world and

what I’ve learned in startup world and

what I’ve learned in startup world and and and this whole idea of uncommon

and and this whole idea of uncommon

and and this whole idea of uncommon knowledge why do I say that it’s

knowledge why do I say that it’s

knowledge why do I say that it’s important to have uncommon knowledge and

important to have uncommon knowledge and

important to have uncommon knowledge and not just uncommon ideas the reason for

not just uncommon ideas the reason for

not just uncommon ideas the reason for that is because along your journey you

that is because along your journey you

that is because along your journey you will need to rely on the conviction of

will need to rely on the conviction of

will need to rely on the conviction of knowledge because you will encounter

knowledge because you will encounter

knowledge because you will encounter doubt you will encounter smart people

doubt you will encounter smart people

doubt you will encounter smart people who through no fault of their own

who through no fault of their own

who through no fault of their own believe the common wisdom and they will

believe the common wisdom and they will

believe the common wisdom and they will tell you that the sky is blue and you

tell you that the sky is blue and you

tell you that the sky is blue and you must be able to look them in the eye

must be able to look them in the eye

must be able to look them in the eye and say no it isn’t and further that the

and say no it isn’t and further that the

and say no it isn’t and further that the only reason they believe this guy is

only reason they believe this guy is

only reason they believe this guy is blue is due to a principle called

blue is due to a principle called

blue is due to a principle called Rayleigh scattering in which the

Rayleigh scattering in which the

Rayleigh scattering in which the molecules of the atmosphere scatter

molecules of the atmosphere scatter

molecules of the atmosphere scatter photons of blue light is a shorter

photons of blue light is a shorter

photons of blue light is a shorter wavelength into our eyes more than other

wavelength into our eyes more than other

wavelength into our eyes more than other colors but that sometimes of the day

colors but that sometimes of the day

colors but that sometimes of the day when the angle of the earth to the Sun

when the angle of the earth to the Sun

when the angle of the earth to the Sun is just so all of the blue light is

is just so all of the blue light is

is just so all of the blue light is scattered away and what remains in the

scattered away and what remains in the

scattered away and what remains in the sky for our eyes to see is orange and

sky for our eyes to see is orange and

sky for our eyes to see is orange and green and red and so I encourage you yes

green and red and so I encourage you yes

green and red and so I encourage you yes to think outside the box but don’t stop

to think outside the box but don’t stop

to think outside the box but don’t stop there pursue those ideas and combine

there pursue those ideas and combine

there pursue those ideas and combine them with experiments and experience

them with experiments and experience

them with experiments and experience until you gain uncommon knowledge and

until you gain uncommon knowledge and

until you gain uncommon knowledge and with that uncommon knowledge change

with that uncommon knowledge change

with that uncommon knowledge change lives thank

lives thank

lives thank [Applause]