Smart Things You Can Do With Your Money
Money is something we're not very well educated about. I will always be an advocate for saving money for a rainy day, but there are smart things you can do with your money too! It's time to start getting educated on that. I had the pleasure to join Dan Fleyshman of Money Mondays, who is trying to change the perspective and education about money. We also get into why we focus on money, why we buy certain things, and some tips on what to do with your money. Hope you enjoy this one!
Money is something we're not very well educated about. I will always be an advocate for saving money for a rainy day, but there are smart things you can do with your money too! It's time to start getting educated on that. I had the pleasure to join Dan Fleyshman of Money Mondays, who is trying to change the perspective and education about money. We also get into why we focus on money, why we buy certain things, and some tips on what to do with your money. Hope you enjoy this one!
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00:00 Certain stocks that kick dividends are interesting.
00:01 Real estate's great.
00:03 I lived in my own cocoon for 15 years in the wine business.
00:06 I didn't know shit.
00:07 I didn't grow up with all this information.
00:09 There was no fucking Monday money fucking podcast.
00:13 Like the dorks on CNBC were not catching my attention.
00:17 So I didn't know this stuff.
00:18 And it's why I love putting out information
00:21 because like I said on stage,
00:23 my public life is really made for the 15 year old.
00:28 I've come to realize, you know?
00:30 And so like, it's really cool that all these kids coming up
00:33 or not even the kids, it's cool right now
00:35 that a 53 year old who's going through a transition
00:38 in her, his life is listening to this podcast for free
00:40 while she's working out or driving to work.
00:43 And people are spitting real knowledge.
00:45 You guys, me, like, and the other 150,000 people.
00:50 There's a lot of shit.
00:51 There's a lot of people like looking to do short term stuff.
00:54 But anyway, I'm an entrepreneur who,
00:56 you know, believes that nice guys finish first.
00:59 - I talked about flipping and eBay and garage selling.
01:01 - Yeah, I do like that.
01:02 - Walk us through the concept of that for our listeners.
01:04 - That's a good one because it's weird.
01:06 I've been a little bit on a roll on this.
01:08 And when I say on a roll,
01:09 I've probably had 10 to 15 people in the street
01:13 or the airport or at Comic-Con New York
01:15 where I was for an hour before I flew out here,
01:17 reference the garage sale thing.
01:19 And it comes up a lot, but just it's hot right now.
01:22 The last three, four days.
01:23 Anyway, for everyone who's listening,
01:24 in 2017, I just kind of like had this moment
01:28 where I was like, you know what?
01:29 Like, I've talked all about like,
01:31 oh, invest in the next Twitter, next Facebook.
01:34 One thing I do well and one thing I recommend
01:36 everybody who's listening that does content,
01:38 you need to read your DMs.
01:39 That's where you get the insights.
01:41 That's where you know where people's real feelings are.
01:43 And I was getting a lot of like,
01:44 and I was starting to get bigger at the time.
01:46 And I was getting a lot of like, yo, bro,
01:48 I fuck with you, but like, fuck you.
01:49 Like, who's got 25 bands to fucking put into a store?
01:52 I got 25 bands to fucking put into a startup.
01:55 I got $93 in my Wells Fargo.
01:58 And I got enough of that, that I was like,
02:01 okay, bet, like, I get it.
02:02 Let me, I kind of like, you know,
02:05 I was like, what did I do?
02:06 You know, my dad paid me five bucks an hour
02:09 and I wanted money.
02:10 I was like, fuck, I was doing garage sales.
02:12 So, I just started talking about it.
02:15 And then I did the 2017 Flip Challenge.
02:17 You can go Google it right now,
02:18 2017 Flip Challenge, Gary Vee.
02:21 And you'll find the premise, which is,
02:23 if you have debt, or if you have less than,
02:27 less than $10,000 in your bank account,
02:29 which a lot of people do, I think people
02:33 that are fortunate kind of lose touch,
02:35 then buying and selling stuff that you buy
02:39 at flea markets, garage sales, thrift stores,
02:42 storage lockers, Facebook Marketplace, Craigslist,
02:45 is real money.
02:47 Like, it's real.
02:49 And what I like about it is people,
02:52 a lot of people who don't know how to make money
02:54 any other way, really love it.
02:56 Now that it's been out there for like six years,
02:58 the amount of people who are like,
02:59 yo, I've never known how to make money my whole life,
03:02 I always worked at this or that.
03:04 Like, everybody kind of knows something.
03:07 So, you go to a garage sale, like,
03:08 I know what toys are worth, and video games,
03:11 just 'cause I've studied it for so long.
03:12 But vintage clothes, like, records, like,
03:16 here's the reality.
03:17 90% of the stuff at a garage sale
03:20 that is being sold for a dollar or two
03:22 is 10 bucks on eBay.
03:24 And then you get crazy hits.
03:26 So, you know, I would go to Instagram right now
03:28 or TikTok and put #garagesaleflip or #yardsaleflip.
03:31 You'd be stunned.
03:32 Get educated, we're not gonna get to it here.
03:34 But on the make money side, especially for all
03:37 the people listening who've got 87 bucks,
03:39 that 87 bucks can really be 10K.
03:42 And the problem is, with the way the world,
03:44 all the free information's good,
03:46 but on the flip side, all the kids that are listening
03:48 right now that have 87 bucks,
03:50 they think they need to make a million.
03:52 And I'm like, listen, make 10,000 before you make a million.
03:55 And when you get to 10,000, figure out how to get 100,000.
03:58 And then you can get to a million, you know.
04:00 And getting from 87 at, you're 30,
04:03 and you've never had any money, to a million,
04:05 it's not gonna happen.
04:06 You're gonna chase fads, you're gonna chase bullshit, scams.
04:09 And so, you know, I'm really about that flip.
04:12 I mean, I did it the other day.
04:14 I literally, 'cause I still film something
04:15 called Trash Talk on, you know,
04:17 I've done 10 or 11 episodes, where I just go do it,
04:19 and it's just there.
04:21 It's there, and I'm really excited about it.
04:23 I think most people should be able to make $500 in profit.
04:27 And like, look, if you're listening right now,
04:29 and here's the other thing, it's fun for certain people.
04:32 - Yeah, the game is fun.
04:33 - Especially if you have a partner.
04:34 Like, it's a great father-daughter, father-son.
04:38 Brought, me and AJ are real tight.
04:40 We're 11 years apart.
04:41 I think both of us would say, besides Jets football,
04:44 that garage selling, and maybe even garage selling more,
04:47 'cause during Jets football,
04:48 we're just being maniacs and focusing.
04:50 But when you wake up at 6.30,
04:51 and you go to Burger King to get a coffee,
04:53 and then you drive 25 minutes to the town wide,
04:56 say, by the way, if you wanna find,
04:58 if you wanna really crush garage sales,
04:59 Google town wide garage sale.
05:02 Because you don't wanna spend all morning going to four.
05:06 A lot of towns around the country
05:08 will do a town wide garage sale,
05:09 and you can hit 100 in four hours.
05:11 So that's a little hack.
05:12 Anyway, but you have to drive 40 minutes
05:15 to get to the town that's doing it.
05:16 So, for me and AJ, when he was 13, 14, 15, 16,
05:20 and I was 24, 25, 26,
05:22 those were real moments when we were driving
05:24 from seven to eight a.m.,
05:25 where he's talking about liking girls,
05:27 and school, and life,
05:29 and I'm talking about building dad's business.
05:32 It really bonded us, and so for a lot of people,
05:35 I've gotten emails of them and their best friend
05:37 became closer, because you're grinding.
05:39 And what's funny is, for a lot of people
05:41 that don't have money, you know this,
05:42 they also are commonly, very cliche,
05:45 the person that wakes up at 11 a.m. on a Saturday.
05:48 Now they're waking up at 6.30,
05:50 they're getting that discipline,
05:52 they're getting home by 11, 12,
05:53 it's kind of the same, they realize they didn't even,
05:55 you know sometimes they're like,
05:56 oh I don't wanna fuck up my bowling,
05:57 or my golf, or my, or hanging with my boys,
05:59 or the college football, I'm like, be home by it.
06:01 And it gets them going, and it changes it,
06:03 and so yeah, I like flip life, I like it a lot.
06:06 Because I also, once you get the first hook,
06:08 one guy, 'cause I'm so into it still,
06:11 if someone's like, yo Gary V,
06:12 you really put me on, like flip life,
06:14 like changed my life, I'm always like,
06:15 yo what was your first big one?
06:17 I'm like, what was your first big one?
06:18 They're like, you'll never believe it,
06:19 I bought fucking 40 bucks for a thousand fucking CDs,
06:22 and sold them all for, some were rare,
06:24 and this Pink Floyd one was like 80 bucks,
06:26 and I was like, what the fuck, and that was hooked.
06:28 And that's like, I'm still about that life.
06:29 - That's so fun.
06:30 So, let's say someone starts making some money, right?
06:32 - Yes.
06:33 - And they hit 10, and then 20, and then 30, and 40.
06:36 - I got a big one on this.
06:36 I wonder if any of your guests have said this.
06:38 I really thought a lot about this,
06:41 because I do a lot of investing wrong, a lot.
06:45 What I mean by that,
06:46 I'm not diversified in real estate enough,
06:48 if you're going by the book.
06:50 I'm not in the stock market enough, if you go by the book.
06:53 Most of my stock is,
06:54 'cause I invest in companies that went public,
06:56 and I still have the stock.
06:58 I do a lot of things wrong.
07:00 I invest in very high risk, early stage companies.
07:03 I love collectibles, which are very volatile,
07:06 cards, NFTs, art, things like that.
07:09 I'm self-aware of what I'm trying to accomplish,
07:12 which is I'm trying to maximize joy,
07:15 not maximize money making.
07:16 So, you have to know who you are.
07:18 So, for me, I know that, yes,
07:20 I have these lofty goals of buying the Jets,
07:22 but I feel like I'm gonna do that through operating.
07:25 Vee Friends and VaynerX give me that chance.
07:29 And I get joy.
07:31 I wouldn't say it's gambling,
07:33 but it's definitely in between gambling
07:35 and investing the right way that I like,
07:37 because it makes me happy.
07:39 And I get Facebook and Twitter, these investments.
07:44 It's gonna take me a while to lose enough money
07:46 to offset how big those wins were.
07:48 But then you have to know yourself.
07:51 For example, here's a weird one.
07:53 T-Bills.
07:54 Do you know that most of the fucking people
07:56 who are listening should just get
07:57 five and a half, 6% of their money?
07:59 - Yeah, that's great.
08:00 - That didn't exist three, four years ago.
08:02 Shit's changed.
08:03 Money's expensive now, so interest rates are up.
08:05 So, a lot of people who are,
08:06 I mean, all day long,
08:08 people are like, "Gary Vee, I just got into money.
08:10 "My first time, I got 200K.
08:11 "What do I do?"
08:12 I'm like, "Well, if you don't know what to do,
08:14 "invest in T-Bills and get your five points
08:16 "on your money instead of letting it sit in the bank
08:17 "with no risk."
08:19 If you do know what you're doing,
08:21 I think certain stocks that kick dividends are interesting.
08:23 Like a Pepsi.
08:24 It's not going away tomorrow.
08:25 And that's kicking dividends.
08:27 And then real estate's great.
08:29 Like, I think if you like it, my dad loved it.
08:31 That's where almost all his investing went into.
08:33 Almost none of mine has.
08:35 I'm bored by it.
08:36 Like, I understand I bought a building
08:38 and people are paying rent,
08:39 but I'm like, "I don't know.
08:40 "I don't like it."
08:41 Even though it's great.
08:42 And by the way, most of the last generation's billionaires
08:45 came from real estate
08:46 'cause all the tax laws written so positive.
08:48 Real estate's great if you get off on that.
08:51 And then there's alternative shit.
08:52 Like, you know what I will say, for sure,
08:55 and this is what my number one belief is,
08:58 is that it's the cross-section of something you like
09:00 and something you understand.
09:02 I hate when people invest in shit they don't understand
09:05 'cause someone smart told them.
09:07 Please, my friends, do not invest in shit
09:09 you do not understand.
09:10 Which is why I like people buy, though I don't do it,
09:13 I love people buying stocks of their favorite companies.
09:16 If you're about Starbucks and you do a little reading
09:20 and you're like, "They seem normal.
09:21 "Like, do you see how everything's chill?"
09:22 Like, that's a good investment.
09:24 Buy some Starbucks shares.
09:25 Like, you know, the stock market's a good bet.
09:28 Like, the stock market will work
09:30 as long as America's around.
09:31 So that's a very good bet.
09:33 So I think it's a game of enjoying it
09:38 and a game of understanding it.
09:40 I think that's what people should focus on.
09:42 - Part of my speech, I say,
09:43 raise your hand if you think Apple
09:44 will be here in five years.
09:46 What about Netflix?
09:47 How about Facebook, Walmart?
09:49 Okay, raise your hands again if you shop at Walmart.
09:51 Do you buy Netflix?
09:52 Do you buy Apple?
09:53 - Do you have Facebook? - Okay.
09:54 If you believe in them that much,
09:55 you'll spend $1,500 on the new iPhone.
09:56 Why don't you buy 1,500 bucks of stock?
09:58 - That's right.
09:59 - Right, buy 500 bucks of Walmart.
10:00 You like Walmart?
10:01 Buy 500 bucks.
10:02 Don't put it in your life savings.
10:03 Go buy a little bit of these things
10:04 over the course of your life.
10:05 - What people don't understand
10:06 is how advantageous it is to invest too
10:08 because they don't know rules.
10:09 I didn't know them.
10:10 I didn't know that if you lost an investment,
10:13 you can write that off against an investment
10:14 you made money on and play the arbitrage there.
10:17 So, like, you know, we're not educated on money well,
10:22 which is why I'm glad-- - Literally what we're doing.
10:22 - Yeah, I get it.
10:24 And so look, - I'm loving this podcast.
10:25 - Chat GBT and Google and YouTube, like, learn.
10:28 The demo that I feel is listening to this right now
10:32 just moves too fast when they first hit money,
10:35 either in buying something.
10:38 It's okay to reward yourself.
10:41 Listen, I grew up with only kids that had nothing.
10:43 I grew up in very lower middle class environments.
10:46 So I get when you finally do something,
10:48 you go and buy a crazy car or, you know, a watch.
10:51 And listen, let's call a spade a spade.
10:53 90% of the time, dudes do that to get girls.
10:56 Like, I get the human psychology of it all.
11:00 I would just say, slow down a second,
11:02 because if you've got 200,000, if you slow down a second,
11:07 just slow down, you're more likely to have two million.
11:10 'Cause if you go fast, you're back to zero.
11:13 And we all know that.
11:14 Every one of us in this motor home
11:16 know people that got into some money
11:19 and went to zero, straight zero.
11:21 Or 'cause they were insecure and fucked up,
11:23 it went up their nose, right?
11:25 Or it went to Vegas or, like, you know,
11:28 slow it down, everybody.
11:30 Life is long.
11:31 Like, of course have fun.
11:33 When I talk about, you know this,
11:35 I've for a long time talked about,
11:36 don't buy all this stuff.
11:38 Most of the people in these circles are mad at me.
11:40 I'm not saying don't buy a Lambo.
11:42 I'm saying-- - Don't buy four.
11:44 - And even that's fine.
11:47 Do you know why you're buying it?
11:49 Like, if you have loved cars your whole life,
11:51 read car magazines.
11:53 I go into a car, there's no enjoyment.
11:57 There's no, like, I don't, like all my friends
11:59 who I know genuinely like it,
12:01 I don't understand the speed, I don't like that.
12:04 And so for me, that's not right.
12:05 If that's right for you, then that's amazing.
12:08 But most people buy logos to flex,
12:11 to close gaps of insecurity.
12:13 And so that's what worries me.
12:14 Because if you're just into a little money
12:16 and you decide to buy a Rolex,
12:18 because actually you're insecure
12:19 and you're not confident, you need that flex
12:22 to rub elbows with me or to hit on that girl,
12:26 then you've got other work that you need to do.
12:28 And that money's not gonna be well spent.
12:30 It's gonna be a short-term high.
12:32 And then you're gonna be in like a weird place.
12:35 And so money's a, it's an exposure of your truth.
12:37 So anyway, back to investing to stay on track.
12:41 Shit you understand.
12:42 - I like it.
12:44 Tarzan, Gary taught you a trick a few weeks ago.
12:48 And immediately you got like 600,000,
12:50 I don't even know the number, 600,000 likes or something.
12:51 - This makes me so happy.
12:52 This was like two weeks ago.
12:53 And it's like, this feels like very gratifying to me.
12:56 It's like instant validation to giving good strategy.
12:59 It's not even a trick.
13:00 - No, he was like tag me in the, sorry.
13:02 Tag me in the screenshot and he was like,
13:03 "Look, 2.6 million views, 18 million views,
13:05 "12 million views."
13:06 And it was the same week that you told him.
13:09 - You have a lot of valid points.
13:12 And the way my brain's set up,
13:14 you break stuff down really well and understand it.
13:17 We're algorithm junkies.
13:21 So we try to figure out where, what, what hits,
13:23 what unlocks it, what kicks it.
13:25 - Underpriced attention, the arbitrage, the opportunity.
13:29 - Yes.
13:30 So you kicked off that front space,
13:34 still photo with the text and then the video that follows.
13:37 Genius.
13:38 - Yeah, it's funny for everybody to give a clarity.
13:39 Instagram's tougher now, supply and demand.
13:42 It's not like it was when we were kicking into 2014.
13:45 And a lot of the demand went to TikTok and YouTube shorts,
13:49 but the supply is super up.
13:50 Yesterday, more people posted on Instagram than ever before.
13:53 So it gets harder.
13:55 So you're looking for what I call strategic organic content.
13:58 Like what's the organic content move?
14:01 Meaning, of course there's ads,
14:02 but what's the respectful proper,
14:06 back to like getting buff, right?
14:07 Like there's steroids,
14:09 and there's putting in the work
14:10 and eating protein and those ratios.
14:11 And listen, I'm not interested in,
14:14 I know the snake's just all over the fucking place.
14:16 You know, like, and yeah, I was pumped
14:19 that you caught me at a good time,
14:20 'cause it was a revelation for me only 30 days earlier.
14:22 Like we're constantly testing.
14:24 We have, what I think I do well,
14:26 that I want more people to do well,
14:27 is I have the humility for it to bomb.
14:30 I don't fear somebody coming to GaryVee's page
14:32 and seeing 80,000 views.
14:35 You got 14, like you suck.
14:37 Like I'm like, well, you suck too.
14:39 Like what are we talking about?
14:40 I don't know.
14:41 - See you tomorrow.
14:41 - Right, so we take a lot of creative risks.
14:43 Most people can't get out of posting
14:47 the same shit over and over,
14:48 'cause they need the same results,
14:50 even though it's declining.
14:52 So we find shit.
14:53 And the one we found on this one was,
14:55 instead of just posting the video,
14:56 which everybody's been doing for a while now,
14:58 first post an image that kind of previews
15:02 what the video's gonna be as a video.
15:04 And so it's a two post carousel,
15:06 image first, video second.
15:08 And I'm so happy you're seeing results.
15:10 And the reason I'm saying it out loud here is,
15:12 and you know this about me, Dan,
15:13 like I'm weird when it comes to someone who hacks.
15:16 I go from finding it to immediately telling everyone.
15:19 Like all my best buds are like,
15:21 "Yo, can't you just sit on this for like a month?"
15:24 Like don't you, and I'm like, nobody's taking from me.
15:26 Like I'm gonna get mine regardless.
15:28 And I like that people, it feels nice.
15:32 Like it feels nice to be admired when you're helping.
15:35 Going to your last part, charity, feels nice.
15:38 Like, you know, when you don't have anything,
15:41 and then you get money, you really like,
15:43 especially in the beginning, you're like,
15:45 "Yo, I'm not sure I can give this away."
15:47 Like, you know, I remember being young
15:48 and hearing like Bill Gates and all those guys
15:50 were giving away 99%.
15:52 I was like, "Yo, that shit's crazy.
15:53 "Now I understand."
15:54 Especially with kids.
15:55 You know, you don't wanna leave,
15:57 you know, leaving kids, those characters,
15:59 leaving kids billions of dollars,
16:00 it's actually gonna make them unhappy.
16:02 So, but-- - That's actually my
16:03 next question. - But, yeah, you know,
16:05 before we go into charity,
16:06 the biggest charity is intellectual generosity.
16:10 And I know I'm very good at my craft,
16:12 and I know I'm at the top of the game,
16:13 and I'm proud.
16:15 I watch people far less capable than me
16:17 hold everything to themselves, scarcity mindset,
16:20 wanting to pass you or you or me or you in followers,
16:23 and that's their fucking, I don't see it that way.
16:25 I get, I looked at someone's account today,
16:28 who I was like, "Whoa."
16:29 And I was like pumped that they're explo--
16:30 Like, I don't know, like I don't know how to boo.
16:33 I know how to boo in football.
16:34 I hate everybody that, but you know what's so funny?
16:37 Actually, I'll make this point before we get
16:38 to the last part.
16:40 Do you know that being a Jets fan,
16:41 this is real talk, actually makes me understand people?
16:45 Meaning, in real life, I have this almost
16:47 borderline delusion, although I know it's fully grounded
16:49 in practicality, optimism.
16:52 I have no envy.
16:53 I have no jealousy.
16:54 I have no anger.
16:55 I have no darkness.
16:57 I really don't.
16:58 It's kind of scary.
16:59 It's a fucking blessing.
17:01 But in football, I have all that.
17:03 I'm jealous of Patriot fans.
17:05 I'm sad that we didn't get Patrick Mahomes
17:08 when we could have drafted him,
17:09 and it's all this resentment.
17:10 It's 40 years of pain, right?
17:12 And it lashes out.
17:14 Like, I'm not, I'm like really scared somebody's
17:18 gonna film me at a Jets game one day.
17:20 It's gonna ruin the whole, the whole fucking--
17:22 - The whole nice image.
17:23 - The whole nice image is finished.
17:24 I'm not nice.
17:25 And the people who are listening, I'm really not.
17:28 There's like some inside jokes with my friends,
17:30 like I once yelled at this 80 year old man,
17:32 it was really inappropriate.
17:34 Like I yell at kids.
17:35 Like I'm on tilt.
17:37 I feel that pain.
17:38 I feel that anger.
17:39 Like, I want it, like Taylor Swift was sitting
17:42 right above me at the Jets-Chiefs game.
17:44 Like, I was mad at that box.
17:45 I like adore Ryan Reynolds, but he was there,
17:48 I was like fuck you, Ryan.
17:50 But like for real though, and he's the fucking best.
17:53 But for those three hours, I wanted to rip his face off,
17:56 and it's a pretty face.
17:57 So like I'm like man, that's how people feel in real life.
18:02 I treat Jets football, but that's a silly thing.
18:05 That's football.
18:06 That's entertainment, that's escapism.
18:08 People treat shit like that in real life.
18:10 The world is trying to make us more tribal,
18:13 which makes us hate each other more.
18:15 I'm kind of very team human.
18:18 Like color, skin, race, gender, religion.
18:20 Like I struggle with that shit.
18:22 I don't wanna hate anybody, why?
18:24 Especially when I don't know you.
18:26 Like and if I know you and you're a bad person,
18:28 I don't hate you, I feel bad for you.
18:31 I have compassion, I have empathy.
18:32 So anyway, I think about that shit.
18:36 - So two parts on the charity side of it.
18:38 One, you mentioned GaryVee is gonna keep building companies.
18:43 You've already got like 2,500 employees
18:45 from VaynerMedia and all that stuff
18:46 and all these investments.
18:48 You end up becoming a multi, multi, multi billionaire
18:50 and who knows, maybe even crazier more.
18:52 What happens for the kids?
18:55 - I don't know.
18:56 The truth is I don't know.
18:58 Meaning I definitely, as I've done,
19:01 started doing estate planning in the last decade,
19:03 am not where I thought I was gonna be 10 years ago.
19:05 Meaning I do feel uncomfortable leaving tons of money
19:09 to children.
19:10 I think it's a little scary.
19:12 I really do.
19:13 But then you're, especially from an immigrant,
19:15 like where I'm from, it's real familyed out.
19:19 So then you get into like, is that,
19:21 it's a very complex thing.
19:23 Here's what I would say, a couple things.
19:25 Real talk everyone, you earned it, you decide.
19:28 Don't let me, this whole judging each other shit,
19:32 like just tune out everyone.
19:34 You earned it.
19:35 You wanna burn it, you burn it.
19:37 You wanna give it to dolphins, give it to dolphins.
19:40 Not the Miami dolphins, the animals, right?
19:43 You wanna give all of it just to your kid
19:45 and not a dollar to charity, mazel tov.
19:47 To me, I really think that people are,
19:51 I think we're really bad at judging
19:53 and I think we need to be accountable.
19:55 So to answer you directly, I'm not sure.
19:57 I definitely have come to realize,
19:59 especially if I keep on this trajectory,
20:02 look, my point of view is this.
20:05 Do you know what it's like to get a million dollars?
20:07 That's insane.
20:10 Like if I had that at 18, I would have been like,
20:13 it would have been over.
20:14 I might have the Jets and the Knicks by now.
20:16 So if your kids are capable,
20:18 they're not gonna need a whole lot.
20:19 Plus for a lot of kids, it fucks them up.
20:22 I've met a lot of rich kids now
20:23 'cause of my life the last 15 years.
20:25 Man, I'm not sure who's worse.
20:27 Like I actually genuinely believe
20:29 if you can be born with little but have a happy house
20:33 or born with a lot and have an unhappy house,
20:35 that's not even a fight.
20:37 But I think it's even scarier.
20:38 I think if you've got a lot and you're in a happy house
20:42 and you got a little and you're in a happy house,
20:44 the little and happy house person won
20:45 'cause they've been taught from the get
20:48 that money doesn't buy happiness.
20:50 Whereas the rich kid might not know.
20:52 They might just think, well, we're happy
20:53 because we got a driver and a private plane.
20:56 And so the answer is I don't know.
20:58 The answer is I'm sure it will ebb and flow.
21:00 The other thing I don't know is when am I going?
21:03 What's happening in my life?
21:05 Let me talk about things
21:06 that people don't talk enough about.
21:08 Let me give you a scenario
21:09 while people are listening and judging.
21:11 What if one of my grandchildren has special needs?
21:14 You know, like I don't think we do enough of this.
21:18 Like, do you know real talk why I don't judge anyone?
21:21 Like really, like actually,
21:22 I just don't know what the fuck's going on in their life.
21:25 I'm watching everybody walk around the internet
21:26 and society just throwing nothing but judgment.
21:30 I wish we threw, like, you know, people are like,
21:32 fuck this guy, he throws shade.
21:33 Shade's easy, judgment's crazy.
21:36 Telling people what they should be doing.
21:38 You know nothing.
21:39 You know nothing.
21:42 You should post about this.
21:43 Do you know that if a person posts about that,
21:44 they have death threats?
21:46 You should do this with your money.
21:49 Okay, well, you should do this with,
21:51 like, I don't understand.
21:52 So, you know, I think for me, I don't feel,
21:56 I mean, I have a will,
21:58 and it's split up at this point to kids and charity,
22:01 but I may change it.
22:02 And like, 'cause things will change and we'll see.
22:06 But I do, let me say one thing.
22:08 Charity.
22:09 Most of my life, so I would say 97 cents on the dollar
22:14 of everything I've done in my life
22:15 has been incredibly private.
22:17 Because I think that's how I was taught.
22:20 Like, you know, it's funny, like,
22:21 probably one of the reasons I don't flex a lot
22:24 is the same reason I don't really make
22:26 a lot of my charity work public.
22:27 I think there's something in the way
22:28 that my parents saw the world
22:29 that became my framework, right?
22:31 It's like, you keep quiet in some ways.
22:33 I think, but I don't judge.
22:36 You know, let me rephrase.
22:37 I think there was a time a decade ago
22:39 that I was a little cynical to people
22:40 that were overly loud about donating.
22:42 You know, my Jersey Street bullshit radar would go off.
22:47 But I've come to realize, like,
22:49 I don't wanna be a judger either.
22:50 Now, if you know, you know.
22:52 Like, okay, they're using that as a disguise
22:54 for the bad shit, that happens.
22:55 But there are just other people
22:56 that like, get real pride in that,
22:58 and more importantly, they're motivating others to do it.
23:00 And so, yeah, I mean, I think--
23:02 - I don't say very public, but I don't say amounts.
23:04 I say, I show them how they can do charity.
23:05 - Yeah, and honestly, even like amounts,
23:07 like, you know, I think it goes,
23:09 I've started to change my point of view on that.
23:11 This is what's fun about,
23:12 let me say something real quick to the kids.
23:14 Which, by the way, is everyone.
23:16 If a 99-year-old grandma's watching, you're a kid.
23:19 You get to change your mind.
23:20 Right?
23:22 You like that one, right?
23:23 - I love it.
23:24 - Right, 'cause you've changed your mind on shit.
23:25 I've changed my mind, like,
23:26 you get to change your mind, and so--
23:27 - It's a new information, you learn.
23:28 - I'm glad, I'm so happy kids have,
23:30 like, by the way, maybe if I was 14
23:32 and listening to this podcast,
23:34 maybe I wouldn't have had that point of view
23:36 as a 20 and 30-year-old about charity.
23:38 Right?
23:39 And maybe I did leave an opportunity
23:41 to bring awareness to Charity Water
23:43 and Pencils of Promise
23:44 and the Crohn's and Colitis Foundation and Reform.
23:47 Maybe I've left too much attention on the table
23:51 by maybe having too much pride in the humility
23:53 in the class that comes along with not flexing it.
23:56 You know, like, so, it's,
23:58 I mean this to everybody, like,
24:00 give yourself the grace to change your mind.
24:02 - I want people, the reason I post about toy drives
24:04 and tipping dinners and homeless backpacks
24:06 is so people can replicate it,
24:07 and thousands and thousands and thousands of people
24:08 replicate it, and so when you talk about,
24:10 I even heard about Pencils of Promise
24:11 'cause you weren't posting about it,
24:13 but I just heard about it,
24:14 and then all of a sudden I became obsessed with it
24:15 because of that.
24:16 - And that was a fun one for me,
24:17 'cause I was a bad student,
24:18 and I'm a famously bad student,
24:20 but I think about friction.
24:22 In Ghana, it's not like America with the education system,
24:25 where we all go, and it doesn't work for half of us
24:28 'cause we are creative or entrepreneurial.
24:30 When you look at the math,
24:31 that if you build a school in one of those places,
24:33 like, what the trajectory of that,
24:35 people here talk about generational wealth.
24:37 There, you put a school, it's generational wealth.
24:40 They go from living a life of a dollar a day
24:43 to like, fuck, in Haiti, it's a dollar a day.
24:45 People are living on.
24:47 Yeah, bro, we're lost out here,
24:49 worrying about all sorts of dumb shit.
24:51 - We grew up thinking it's rude to talk about money.
24:53 Obviously here in the podcast,
24:54 we think it's rude to not talk about money
24:55 because we need your friends, family, and followers
24:57 to know about taxes, salary, loans, rent,
25:01 how to make money, invest money, save money,
25:03 401ks and everything in between.
25:05 We just need to have these discussions.
25:06 So talk to your friends, family, and followers
25:08 about money, ask questions, research it.
25:10 - By the way, real quick on that,
25:11 chat GPT, everyone.
25:13 Google changed the world.
25:16 Chat GPT, you can ask that bot very, very specific questions.
25:21 Hey, I'm a plumber.
25:24 I make 39,000 a year.
25:26 I get to save $1,000 a year.
25:29 What should I do?
25:30 Enter.
25:31 You would be blown away what AI can do.
25:32 You can be very specific.
25:33 You can't do that on Google.
25:34 Hey, I have $18,000 in debt.
25:37 From this credit card company, I'm paying 7.3.
25:39 Start using AI for your advantage,
25:44 not something you heard about or demonize
25:46 or don't understand.
25:47 Don't understand is unacceptable.
25:50 I don't get it.
25:50 Okay, Google it.
25:51 YouTube it if you're like me and can't read for shit.
25:54 And listen, so for a lot of people
25:57 wanting to learn about money,
25:59 could you imagine having real,
26:01 could you imagine sitting down with somebody
26:02 that knew most things?
26:04 (laughing)
26:04 - That's awesome.
26:05 - Isn't that a cool way to think about it?
26:06 Hey, imagine sitting down with fucking Yoda
26:09 and getting all the answers.
26:10 Like just--
26:11 - Or not, there is no try.
26:12 - Just literally type in shit, be super specific.
26:14 You'll learn how to start using AI,
26:16 which may change your trajectory,
26:17 and you can start answering shit for yourself.
26:20 (upbeat music)
26:22 (upbeat music)
26:25 (upbeat music)