John Morgan Pours $600M into Law Ads, Warns Wealth Gap Invites Revolt

John Morgan年砸6亿美元律所广告，警告贫富差距恐引发布乱 Morgan指出，除非政策制定者堵塞企业税收漏洞并保护充当缓冲带的中产阶级，否则美国超级富豪将面临民粹主义暴力暴动的风险。 John Morgan详细剖析了建立全美最大人身伤害律师事务所的运作机制——该律所年营收超过20亿美元，并解释了为何他每年投入6亿美元用于营销，却仅接纳6%至7%的接洽案源。他区分了账面净资产与拥有实打实的10亿美元流动资产，详述了自己如何通过极致的耐心、商业地产、WonderWorks等娱乐景点以及退出广告牌业务来实现财富增值，而非依靠加密货币等高风险投机。在谈话中，Morgan批评了企业针对侵权改革的宣传神话（例如麦当劳热咖啡案），并警告称不断扩大的收入不平等和税收漏洞正威胁并削弱保护富人的中产阶级“护城河”。最后，他分享了自己实现财务独立的公式——3000万美元免税市政债券加上一套已还清贷款的住房，同时谈到了自己对远程员工监控和子女教育的严格举措。 Morgan & Morgan上一年度营收突破20亿美元，依托于全美1200多名律师以及约6亿美元的年度营销预算支持。 (0:00) John Morgan将真正的亿万富翁定义为拥有10亿美元流动现金或经纪账户资产，不认同基于高EBITDA乘数估算出的传统名人净资产。 (38:34) Morgan主张财务独立的基准为3000万美元流动资产加上一套已还清房贷的主宅，通过市政债券每月可产生10万美元免税收入。 (88:30) 在就极端贫富差距提出警告时，Morgan指出保护富裕精英的中产阶级“护城河”正在变薄，从而带来了暴力社会动荡与革命的风险。 (74:48)

Billionaire trial attorney John Morgan argues that sustainable wealth requires relentless operational execution, conservative liquidity management, and direct accountability, rejecting speculative paper valuations and corporate narratives surrounding civil litigation. Litigation Economics and the Tort Reform Narrative (1:27) Morgan disputes the corporate portrayal of personal injury attorneys as predatory litigators driving up consumer insurance rates. Operating on contingency fees, his firm accepts only 6% to 7% of incoming inquiries, as financing cases against corporate defense teams with deep pockets makes frivolous claims financially ruinous. Furthermore, defense firms bill hourly, meaning insurance lawyers profit from meritless disputes while carriers refuse nuisance settlements to force jury trials. In practice, headline verdicts rarely translate into straightforward 40% contingency cuts: multi-billion-dollar mass torts can drag on for a decade, incurring heavy overhead, expert witness fees, and statutory or appellate reductions, such as a $90 million aggregate fee on the $1.2 billion Black Farmers settlement. Morgan also rejects the argument that litigation costs inflate consumer premiums, pointing out that after Florida passed major tort reform, State Farm issued a $5 billion dividend to stakeholders rather than cutting policyholder rates. He contends that insurance carriers routinely raise premiums to offset their own investment losses in commercial real estate and hedge funds while blaming trial lawyers. To protect clients and secure fees, Morgan relies heavily on statutory fee-shifting tools, such as Florida's Proposal for Settlement, which penalizes defendants with legal fees if they reject reasonable offers and lose by more than 25% at trial. Aggressive Marketing Scale and Ruthless Delegation (4:33) Morgan & Morgan supports its nationwide caseload through an annual marketing budget of approximately $600 million, targeting simple, high-retention consumer branding. Morgan highlights acquiring the domain injury.com for $4 million and deliberately focusing on low-reading-level messaging like 'For The People' to prevent consumer drop-off. He avoids national Super Bowl commercials due to poor risk-adjusted returns and blowout risks, opting instead for regional airtime, sports sponsorships, and billboard visibility. To operate across dozens of markets, commercial properties, and entertainment ventures like WonderWorks and the Alcatraz East crime museum, Morgan relies on strict managerial filters. He utilizes a 'Send Delete' staffing model, delegating critical operations solely to autonomous executives whose execution requires no follow-up. Across firm operations, Morgan optimizes efficiency by employing roughly 1,100 call intake staff abroad—such as bilingual law graduates in El Salvador—while implementing rigorous activity-monitoring software for remote staff, which prompted 23 non-compliant employees to resign within a week of rollout. Liquid Capital Preservation Versus Paper Wealth (38:34) Morgan dismisses published billionaire net worth rankings, arguing that an individual is only a billionaire if they hold $1 billion in liquid cash or near-cash. He criticizes paper multiples applied to celebrity enterprises, noting that speculative valuations collapse whenever distribution partnerships dissolve. On his personal balance sheet, Morgan records real estate and physical assets strictly at their cost basis, refusing to mark up unrealized property appreciation until assets are sold and the proceeds clear into brokerage accounts. His capital allocation framework divides wealth into active growth ventures and an untouched preservation vault. Profits from active enterprises—alongside private placement capital raised from outside investors—are funneled into secure, liquid holdings like Treasury bills and tax-exempt municipal bonds yielding 3% to 4%. Morgan maintains a deep skepticism toward speculative assets such as cryptocurrency, which he likens to 17th-century Dutch tulip bulb mania driven by herd mentality, and cautions that promises of unbroken double-digit returns invariably mirror fraudulent structures like the Bernie Madoff scheme. Accountability, Wage Floors, and Malicious Envy (78:33) While describing himself as an ardent capitalist, Morgan cautions that unchecked income disparity and political loopholes—such as carried interest exemptions—fuel destructive social resentment. He distinguishes between benign envy that motivates achievement and 'malicious envy,' which leads individuals in debt to blame a rigged system rather than examining personal habits. To build durable wealth, Morgan advocates a phased approach: clearing high-interest debt, paying off residential mortgages, dollar-cost averaging into index funds, and maintaining a capital preservation buffer. Simultaneously, Morgan rejects libertarian arguments for eliminating minimum wage laws, having personally funded Florida’s constitutional amendment raising the baseline wage to $15 an hour. He contends that unviable small businesses naturally fail under normal market mortality rates, and that a baseline wage floor is essential to prevent extreme destitution and civil unrest, particularly as artificial intelligence begins displacing routine service and intake labor. Morgan grounds his financial philosophy in disciplined execution, liquidity, and personal drive, yet acknowledges that circumstance and timing fundamentally dictate commercial outcomes. The broader challenge remains whether free-market systems can maintain stability as artificial intelligence disrupts routine employment and wealth gaps widen.

[13:42] John Morgan: Everybody's your friend when you're going to sue them. [19:16] John Morgan: The first person who runs for 'loser pays' is me, because I don't lose. They lose... because I get to pick the case. [21:56] John Morgan: Sue me because if I fucked up, I want to pay. If I'm negligent, I want to pay. That's why I have insurance. [38:34] John Morgan: I don't consider anybody a billionaire that don't have a real billion in the bank. [45:35] John Morgan: Greed is not good. Greed is dangerous. [48:52] John Morgan: To me, crypto's dog shit. [56:52] John Morgan: A liar is a liar. A cheat is a cheat. They cheat and lie in different forms and fashion. [67:38] John Morgan: When I get beat, I get back up. Most people don't, because when people get beat, they become defeated forever. [72:23] John Morgan: I hunt money. I fish for money. [81:12] John Morgan: At the end of the day, if you let the moat go to dirt, there will be an uprising. [106:46] John Morgan: If work is work, you're fucked. [113:11] John Morgan: Your child is one friend away from total disaster. [113:52] John Morgan: after five, the cake is baked.

[0:00] There's nothing that stops [music] some [0:01] music like the word billionaire. [0:03] >> Do you have a billion in the bank? [0:04] >> I'm a billionaire. [0:07] A real one. What was your business? I [0:09] own one of the largest law firms in [0:11] North America. I hunt money. I fish for [0:14] money. Income and wealth disparity in [0:17] the US are at all-time high levels. [0:20] >> Nobody wants to say, "Look, here's the [0:21] real reason I'm a lazy slug." [0:25] >> What do most people get wrong about [0:27] [music] your business? I am the most [0:29] authentic person you're ever going to [0:30] meet, but I'm very, very street smart [0:34] and my social IQ is [music] off the [0:35] charts. [0:36] >> So, how did you become a liquid net [0:39] worth billionaire? [music] [0:40] >> If work is work, you're [0:42] love to work cuz I don't lose. [0:46] They lose. [0:47] >> Sir, come here. I'm sorry. [0:49] >> And when somebody with me, I back. [0:55] John Morgan, thank you so much for [0:56] coming on the Iced Coffee Hour. [0:58] >> Well, it's good to be here. Uh, and [1:00] welcome to the Big O. [1:02] >> Thank you. [1:02] >> Thanks so much. You say you don't hunt [1:05] deer, you hunt money. And now you're a [1:08] confirmed billionaire. I'm curious, are [1:10] you still hunting money? [1:11] >> People who hunt deer are still hunting [1:13] deer, and people who fish are still [1:15] fishing. So, I'm still hunting and [1:17] fishing. Yes. So, what's remarkable is [1:20] that your [clears throat] firm did over [1:21] $2 billion in revenue last year. What do [1:25] most people get wrong about your [1:27] business? [1:27] >> What people get wrong about my business [1:29] is that, [1:31] you know, we're we're chasing frivolous [1:35] cases. [1:37] We probably take about 7 to 6% of the [1:41] calls that come to us. We don't have the [1:44] money to chase frivolous and cases [1:48] because [clears throat] the people we're [1:49] going up against have unlimited money. [1:53] So when people say, you know, jackpot [1:56] justice and frivolous lawsuits and [1:59] ambulance chasers, they say it because [2:03] they're trying to have what's called [2:04] tort reform and to scare the public. I [2:07] don't have the money or the time to [2:09] chase frivolous lawsuits. So I think [2:11] that's the number one thing. What I do [2:14] for a living is righteous. What I do for [2:18] a living is somebody has something taken [2:22] from them due to no fault of their own. [2:26] Their health, their income, [2:30] their enjoyment of life, consortium, you [2:33] name it. It's been taken from them due [2:36] to no fault of their own. And my job is [2:40] a great job because what I get to do is [2:43] go back and get back as much as I can [2:47] that has been taken from them. I think [2:49] the people who get something wrong about [2:50] my job and go, if something is taken [2:53] from you, you want it back. Now, if you [2:56] get your leg cut off, I can't put your [2:58] leg back on. But we can get justice and [3:01] compensation for that. So, not only is [3:04] what I do good, it's righteous and [3:07] right. How common are frivolous [3:10] lawsuits? [3:11] >> Well, I don't think they're they're [3:12] common because the insurance industry, [3:16] these are smart people. And when they [3:18] get a frivolous lawsuit and it goes to [3:20] an insurance defense lawyer, they love [3:23] frivolous lawsuits. You know why? [3:26] Because they get to bill bill. And they [3:29] bill like crazy on frivolous lawsuits. [3:31] Why? Because they know they're going to [3:32] win. [3:34] If if somebody [3:36] sues somebody with a frivolous lawsuit [3:38] and the defense lawyer gets it, they're [3:40] like, "No, we're paying nothing. We're [3:42] paying nothing." Because who gets to pay [3:45] the money? The insurance company. So [3:48] why? The question is why? I'm starting [3:51] to think about a new ad. You may give me [3:52] a good new ad idea. [3:54] >> I'll take my 10%. [laughter] [3:56] >> Three. Three. But uh when we say [3:59] frivolous lawsuits, for there to be [4:01] frivolous, not lawsuits, frivolous [4:03] cases, the insurance industry has to go, [4:06] we're going to give you money for this [4:08] frivolous lawsuit [4:12] for nothing. [4:13] >> You think they're going to do that? No. [4:14] And if they don't do that, then they go [4:17] to a jury of our peers, [4:20] the same juries who get to put people [4:25] in the electric share. We have the we [4:28] have the best civil and criminal justice [4:29] system in the world. So that's what [4:31] people get wrong. [4:33] >> You've spent over a billion dollars on [4:35] advertising. What do you understand [4:37] about human attention that most people [4:39] don't? [4:40] >> It's been more way more than a billion. [4:42] I'll spend 600 million this year. [4:45] >> 600 I I heard 500 million this year. [4:48] >> We've we've adjusted as we've gone [4:50] because we've we've moved into some new [4:51] cities and I got a new domain called [4:54] injury.com. How much did you pay for [4:56] that domain? [4:57] >> Injury.com. I think I paid4 million. [4:59] >> $4 million to ind. Yeah, that's actually [5:02] not that. [5:03] >> Believe it or not, here's what I said. [5:04] When I bought injury.com, here's what I [5:06] said. I want to buy what whenever I do [5:09] an ad or do something in my space. I [5:11] want to do something that my competitors [5:14] literally [5:16] up their back when they hear or see. So, [5:20] if if I was a competitor and I saw a [5:22] billboard that said injury.com, [5:27] I would shut up my back because that's [5:29] that's that I mean, if you could have a [5:32] name, what would you want for my [5:34] business? I would run injury.com [5:37] personalinjury.com [5:39] car accident [5:40] >> not personal because let me tell you [5:42] when I did my domains I I got down this [5:45] I was doing this before anybody was [5:47] think I mean nobody even had [5:48] blackberries when I was doing my URL [5:52] I got down to two names that I was going [5:53] to make. I wanted to be my branding [5:55] statement and my URL my mission [5:57] statement. The two choices I had was [6:02] for the people and the other one was [6:05] justice for all. [6:08] Now, let me tell you why I didn't do [6:09] justice for all. The average reading age [6:13] in America is about sixth or seventh [6:15] grade. A lot of these don't know how to [6:17] spell justice. So, what I don't like [6:20] about personal, [6:22] how do you spell it? [6:24] >> How do you spell it, Graham? [6:26] >> Go ahead. [6:28] Jay, wait. No, no, I got I got this [6:31] >> pneumonia. [laughter] Uh, it's it's like [6:34] so I would I don't like per I mean there [6:36] is a personal injury.com, but you got to [6:39] think how they think [6:42] and how they spell and how they read and [6:46] they don't read or spell well. For [6:49] that's like kindergarten. The like [6:52] that's like the second word you learn. [6:54] And people that's the hard one. How much [6:56] have you spent in total on advertising, [6:58] do you think? [6:59] >> Oh, I'd say billions and billions. [7:02] Multiple billions. Multiple billions. [7:03] >> So, what do you understand about [7:04] attention that most people don't? [7:06] >> I understand that the the tension that [7:08] people have is like a gnat [7:10] and not it's not a long attention. And [7:15] here's what I want to do with my ads. If [7:18] I took you out in the field and there [7:19] was a thousand brown cows and I pointed [7:22] to one and I told you, "Look at that [7:24] cow. [7:27] because we're going to come back here in [7:29] six months and I want I want you to pick [7:31] this cow out of the herd. You'd look at [7:35] the cow, okay? He's got a little little [7:37] scratch on the eye. You made a little [7:39] sock on one leg and you'd be looking at [7:41] the cow. I go, "All right, get in the [7:43] car. We're going to come back." And then [7:45] we come back in six months and I tell [7:47] you, go find the cow. You might, you [7:49] might not. Now, we went out to that same [7:52] field and there was a thousand cows, but [7:55] only one was purple. And I pointed to [7:58] the purple cow. We can come back in 60 [8:02] years and you're going to pick the [8:04] purple cow. I want to be the purple cow. [8:07] And so, how do you become a purple cow? [8:09] Look at all these insurance companies [8:10] ads. Look at Progressive. Look at Geico. [8:13] Look at State Farm. It there's humor. A [8:15] lot of humor. My director of marketing [8:18] was with Geico before he came with me. [8:20] But then there's other ways. You got to [8:22] be educational. [8:24] You can't just be this big head going, [8:27] "If you've been injured, call me." You [8:29] know, boom, boom, boom. No, you have to [8:34] have people watching. My goal with my [8:37] commercials is it that they're so good [8:39] that the public rewinds them to go, [8:42] "Wait a minute, wait, wait a minute. [8:44] What did that say?" or the billboards. [8:46] Like I did a billboard once was highly [8:48] controversial. Size matters. America's [8:51] largest injury firm. Well, a lot of [8:53] people gave me a lot of for that. That's [8:56] offensive. [8:58] Why? Well, you we know what you're [9:01] doing. Really? What am I doing? The you [9:06] think I'm doing you get your head out of [9:09] the filth. You're a filthy person to be [9:12] thinking like that. I'm saying size [9:14] matters. The size of my firm matters. So [9:17] when you say size, one thing I did [9:19] before years ago, I took all my [9:21] billboards and I defaced them myself. [9:24] But I made it look like it somebody [9:26] crawled up, you know, put for the money [9:29] and blocked my teeth out, [9:32] >> glasses, all this. In college towns, I [9:34] had [9:35] >> this thing went viral because guess [9:37] what's happening? And everybody's like [9:38] taking pictures of the billboards and [9:41] sending them out to their friends and [9:44] post them on media. The news people were [9:46] calling. Your boards have been defaced [9:49] on Alfa. What? [9:52] Can we come by and do a story on it? I [9:55] need to figure this out. They're doing [9:57] stories on my defaced ads. cars are [10:01] stopped and they're outside the thing [10:02] taking pictures of my defaced ads which [10:05] was really you know negative about me [10:09] made up by me for me that's a purple cow [10:13] >> so you came up with this idea yourself [10:15] do you run these ideas by anybody else [10:17] or you just decide on your own that's [10:20] great [10:20] >> have you ever seen Bill Cosby Art Link [10:23] kids say the darnest things [10:25] >> they're up in high chairs so we're going [10:26] to film this Sunday here in Orlando a [10:28] bunch of kids and we're just going be [10:30] asking kids about Morgan and Morgan [10:32] sitting on the chair. Kids say the [10:34] darnest things. [10:37] They were going to film them all. Then [10:39] we're going to chop it up and then we're [10:41] going to run this ad called Kids Say the [10:43] Darnest Things. Yeah, I came up with [10:45] that. [10:45] >> Who do you look to as inspiration for [10:49] advertising marketing? What do you think [10:50] is the most effective advertisement of [10:53] all time? [10:53] >> Coke. It's the real thing. I'd like to [10:56] hurt the world to him in perfect [10:59] harmony. [11:02] And I love the ending of Mad Man. Did [11:04] you see Mad Man? [11:04] >> No. Madman was a show and Don Draper was [11:07] this big executive who was the king of [11:11] king of Madison Avenue and then he kind [11:14] of you know after he everybody in town [11:17] and had a great time he decides to drop [11:19] out of life and he's sitting there at [11:22] the end the last the last episode he's [11:24] gone to find himself and he's in Hawaii [11:27] and he's sitting up there [11:31] he's meditating and all of a sudden I'd [11:34] like to teach the world to sing in [11:38] perfect harmon. And he's sitting there [11:40] and it was the coke and the the the [11:43] inference was he's coming up with the [11:45] coke ad. You got to watch it. [11:48] >> It's fantastic. It gave me cold chills. [11:50] >> So, your marketing, I have to say, is [11:52] fantastic. [11:53] >> Why don't you sponsor the Super Bowl? [11:55] >> Well, I might. Um, [11:59] it's so expensive. [12:00] >> How much does it cost to sponsor the [12:02] Super Bowl? Well, different things. I [12:04] mean, you it can be millions and [12:06] millions. [12:06] >> Did you get a price ever? [12:09] >> I've run Super Bowl ads, not national [12:12] ads, but in regional [12:14] >> in DMAs. Yeah. Yeah. I've gotten Listen, [12:17] they they're pitching me all the time [12:18] stuff. But the Super Bowls one day, [12:21] here's what I don't like about the Super [12:23] Bowl. If it's a blowout, are they going [12:26] to watch the second half? [12:29] where they gonna place you in the, you [12:31] know, I mean, if you're in the beginning [12:32] or if you're the end, it's all about [12:34] placement. [12:35] >> So, I I wrestle with it. There's there's [12:37] certain people that advertise just for [12:40] their own ego [12:42] and then you look at the ads and we're [12:43] so disappointed in some Super Bowl ads, [12:46] but then there's then there then there's [12:48] the Budweiser ads and you're like, [12:50] >> I want to I want to rewind that. Yeah. [12:52] >> And that gives you cold chills. Those [12:54] Clydesales. [12:56] >> What's the most you've ever spent on an [12:58] ad? I had some ads with Kyle Bush and we [13:03] we haven't been able to really run them [13:04] because he passed away, you know, he [13:06] died. We have an ad with John Daly and [13:08] his son and uh because then you got [13:11] talent. You're paying I've sponsored the [13:13] car. So part of my Kyle Bush deal was I [13:16] sponsored the the car. [13:18] >> Mhm. So, I got the car, I got the rights [13:20] to all that, and I was I was in the [13:23] races, and then I So, I spent millions [13:26] on on, you know, with NASCAR. [13:29] >> Now, one thing I found really incredible [13:31] is that I've heard you received about 3 [13:35] million leads, which is equivalent last [13:38] year to 1% of the entire United States. [13:42] Have you ever had to sue a friend? [13:44] >> Yes. [13:45] >> How do you deal with that? Here's here's [13:48] what I do. If it's if it's a Well, first [13:52] of all, there's friends and [13:53] acquaintances. Everybody's your friend [13:55] when you're going to sue them, right? [13:58] But a lot of times what I'll do is I'll [14:00] call them. I'll say, "Listen, [14:02] I got this case. [14:05] I can do it or you can I can have [14:07] somebody else do it. You tell me what [14:09] you want me to do." [14:11] And a lot of times they say, "I'd rather [14:13] have you do it." Because sometimes [14:14] people just want to be vicious to be [14:15] vicious and you know almost turns into [14:18] extortion not a lawsuit. [14:21] >> But if it's somebody that's a good [14:22] friend that I've given you know I give [14:25] them diplomatic immunity. I don't I [14:27] don't need the money that bad to sue [14:28] friends. You know, I had a case one time [14:31] where [14:33] malpractice case and I called him up, a [14:36] doctor, and and you know, me and him [14:38] used to play basketball together in high [14:40] school and I said, "Listen, this is [14:43] going to happen, but do you want me to [14:44] do it?" He goes, "I don't want you to do [14:46] it." [14:47] And they settled the case against him [14:49] for $4 million. [14:51] >> So, I [clears throat] lost, you know, [14:52] $1.6 million for my friendship. Funny [14:56] thing about that, [14:58] I never saw them again for the rest of [15:00] my life. So, I've been thinking about [15:03] that 1.4. [laughter] [15:06] >> What's the most you've ever won in a [15:07] lawsuit? [15:08] >> Well, we hit Google for 500 million last [15:11] year in San Francisco. [15:13] I settled black farmers was 1.2 billion. [15:17] A lot of 100 million. These are [15:18] verdicts. [15:19] >> And I've been in big mass tors, the BP [15:21] oil spill. I rep I live in Hawaii in the [15:24] wintertime. Uh I was one of the lawyers [15:26] that represented the the fire victims. [15:28] We settled that one last year for 4.7 [15:32] billion. I'm on the opioid [15:36] MDL. [15:36] >> Yeah. [15:38] >> So, but it's, you know, it it it's from, [15:42] you know, a little to a lot. [15:44] >> So, what's the most you've ever [15:45] personally made from a lawsuit? As many [15:47] of you know, we moved into this [15:49] warehouse and it has been absolutely [15:51] game-changing. Having the team work [15:52] together in person has been an absolute [15:54] blast. That said, we are constantly on [15:56] the road for the podcast and there are [15:57] plenty of times that there is a file I [15:59] need on a computer back in Vegas, which [16:01] is exactly why we're excited to be [16:03] partnering with Anyesk. Anyes gives you [16:05] remote access to your desktop computer [16:07] from anywhere in the world. Your office [16:09] computer shows up right on the laptop in [16:10] front of you and you use it. You click [16:12] around just like you would if you were [16:14] sitting at your desk back home. All you [16:15] have to do is install any desk on both [16:17] computers, connect them one time, and [16:19] you're ready to go. And moving a file [16:20] over is an easy copy paste at any size. [16:23] It works from a laptop, a tablet, or [16:25] your phone, so you're not stuck waiting [16:27] until you find a real computer. Plus, [16:29] Anyes encrypts connections and has two [16:31] factor authentication so your company's [16:33] information stays secure. Your work [16:34] shouldn't have to wait until you're back [16:35] at your desk. Get remote access set up [16:37] today at any.com/ic. [16:40] Once again, that is neidesk.com [16:43] or just click the link down below in the [16:45] description. So, what's the most you've [16:46] ever personally made from a lawsuit? [16:49] >> The where you make the biggest money in [16:50] these big mass tors, but it's misleading [16:54] because it could take 10 years and then [16:57] you divide 10 [16:59] >> into that number to annualize it and you [17:03] go, was that worth it? I mean, yeah. [17:06] Yeah. You know, it's kind of but the [17:09] fees are nowhere near what the public [17:12] thinks. I mean, if I look, you know, [17:15] $100 million case, you know, I had a a [17:18] case in Miami, 100 million bucks, fees [17:20] 40 million. [17:22] Black farmers was 90 million on the 1.2 [17:26] billion. So, when you see when you hear [17:28] 1.2 billion, it doesn't mean I got a [17:30] third. It because there's all sorts of [17:33] >> because fees go to many different [17:35] things. fees are they go to the [17:37] partners. [17:38] >> Well, fees go and fees are different. [17:40] Fees are not just a third. I mean, [17:42] that's on a single you single event [17:43] cases are a third. And what you got to [17:46] remember when you hear these verdicts in [17:48] some of these states, they knock the [17:49] verdicts down. They set the verdicts [17:50] aside. They don't have insurance. [17:53] There's not many people have 100 million [17:56] to pay 100 million. What's the most [17:59] surprisingly large settlement you've [18:01] ever gotten? We or verdict. We have a [18:03] friend that settled something. He's a [18:05] personal injury attorney in the Valley [18:06] of Los Angeles. He settled $50 million [18:09] for someone who spilled hot tea on their [18:11] groin going through the drive-thru. [18:13] >> I just had a big hot coffee case. We got [18:16] a verdict for like five billion. [18:18] >> Five billion. [18:19] >> Million. [18:19] >> Oh, I heard [laughter] billion. I was [18:21] like, wow. [18:23] >> It was probably that lettuce on my tooth [18:25] sliding down. [laughter] [18:27] uh the fees and that I've had over the [18:30] years is right at at the beginning of [18:33] this year was 35 billion for everything. [18:36] But remember, I got 1,200 [18:38] [clears throat] [18:39] lawyers, you know, so it's it's a big [18:42] number, but I got a lot of people, you [18:44] know, cranking out those ca those cases. [18:48] >> What is your annual overhead on the [18:51] business? Like what do you spend to keep [18:53] this whole business alive? It all [18:55] depends because the lawyers got bonuses [18:57] tied to their production. So, and by the [19:00] way, what I want to do is pay them a [19:03] load of money. I want my lawyer's [19:06] bonuses to be astronomical, [19:10] but it it's a it's a it's a you know, [19:12] it's a it's it's a huge number. [19:14] >> Now, when it comes to lawsuits, I'm [19:16] curious, [19:17] why don't the loser in the case why [19:20] don't they pay for the other person's [19:22] legal fees? Like if I sue Jack and [19:28] he wins, [19:30] why? [19:30] >> It's called loser pays. [19:32] >> Loser pays. Why not? [19:33] >> I want it. [19:34] >> You want it? Why isn't Why isn't it like [19:36] that? [19:37] >> Because I win. [19:39] They don't want They don't want it [19:41] against me. If they have Listen, the [19:43] first person will run for once loser [19:45] pays is me because I don't lose. [19:50] They lose [19:50] >> here. Here's [19:51] >> because I get to pick the case. I get to [19:53] take I get to pick what I want. [19:56] >> Here's where I'm coming from is that in [19:58] California, which is where we used to [20:00] live really until 2020, I've seen so [20:02] many frivolous lawsuits. And how they [20:05] always start is they say, "I'm going to [20:08] claim this and it's going to cost you [20:10] $50,000 to fight this and you're [20:12] correct, but you're going to spend [20:13] $50,000 to fight me or you give me [20:15] $20,000, [20:17] I'll go away." And that seems like a [20:20] very common tactic. Well, but see, [20:21] you're misinformed. There's all sorts of [20:23] things like there's a thing called a a [20:25] demand for judgment. If they put a [20:27] demand in, if they say, "Okay, we're [20:29] going to pay you $10,000." [20:33] And the verdict comes in 25% less than [20:35] that, 7574999, [20:39] it's loser pays in Florida. [20:42] And vice versa, if I put in and I get [20:46] 25% more, they got to pay my fees, too. [20:50] So there are devices and motions and [20:53] pleadings [20:55] that you can have loser pays and I get [20:57] it all the time. I do it I do propose [21:00] it's called a proposal for settlement. [21:02] Now they're different in different [21:03] states. PFS I do I do a PFS [21:07] on 95 96% of my cases and they have to [21:12] pay my fees when they lose. [21:15] >> But some of this also assumes that [21:17] they're easy to track down. We have a [21:18] personal friend [21:19] >> who got sued. [21:21] >> Okay. [21:21] >> Uh spent $400,000 fighting it, [21:25] >> won the lawsuit. He was in the clear [21:27] completely and now he has to sue back [21:31] which to get his legal fees that cost [21:34] >> but that's going to cost more money and [21:36] the guy who he's suing cleverly hid and [21:39] moved assets around. So that actually [21:41] collecting from this guy is going to be [21:43] >> well there's something there's also [21:45] something called fraudulent conveyance. [21:48] And you know, you tell your friend to [21:49] hire me and I'll go get his money. [21:51] >> But that's assuming the fraudulent [21:52] conveyance was done during the lawsuit [21:55] and not years before. [21:56] >> No. As soon as they have knowledge of [21:58] the lawsuit, so they know it's coming [22:01] and they start moving money around. [22:03] That's fraudulent conveyance. [22:04] >> But let's say it was already moved. [22:06] >> Well, that's then it's not. [22:08] [sighs and gasps] [22:09] But every story [22:11] has a story that's not necessarily true. [22:16] like you thought there's no loser pays, [22:19] but there is. In many states, [22:22] >> I have just personally seen so many [22:25] people I know go through this and just [22:27] settle, settle, settle, and they pay out [22:29] of pocket because they don't want to [22:30] file a claim with their insurance. [22:33] I see I see this happen probably a few [22:36] times a year and I'm in the real estate [22:38] industry. I see landlords dealing with [22:40] this. [22:41] >> Listen, I'm in slip and falls. I'm in [22:43] the I own attractions. I own hotels. I [22:46] own shopping centers. I own billboard [22:48] companies. I started banks and I'm sued [22:51] too. [22:53] And when somebody with me, I back. But [22:56] part of this I feel like is your name is [22:59] they see you as the owner. Like no [23:01] offense, I would never want to sue you. [23:05] >> I would just knowing that it's like this [23:07] is you. You are your deterrent. You are [23:09] your best insurance. Listen, a lot of [23:11] people call me say, "Hey, we have a case [23:13] against you at at uh one of your [23:15] museums." You know, I I don't I say, [23:17] "Sue me [23:20] because if I up, I want to pay. If I'm [23:23] negligent, I want to pay. That's why I [23:26] have insurance." [23:28] So I They'll say, "Well, are you going [23:30] to be mad at me?" Oh, no. Go for it. [23:34] [snorts] [23:36] And we pay sometimes and sometimes it [23:38] goes to court and we win. Like speaking [23:40] of insurance, here's a good example is [23:41] that in my rental properties, insurance [23:45] has more than tripled and they have [23:47] gotten rid of habitability lawsuits in [23:50] their coverage, which means if a tenant [23:52] purely claims, "My unit's not habitable. [23:55] My insurance is not going to cover that. [23:57] Defending that is going to be $60,000." [23:59] Or a lot of people that I know just say, [24:02] "Here's $20,000. Go away." And they get [24:05] out of the business entirely. [24:07] Well, [24:08] >> is that a California? [24:09] >> Yeah, I'm in California. I'm in [24:11] California. [24:13] >> No, it's not. I mean, I think you're [24:14] getting false information because I own [24:18] all that. All those buildings across the [24:20] street, those are mine. Those are all [24:21] mine. You know what they are? Bars. [24:23] They're all mine. Bars. [24:25] >> And I don't have that problem. If you [24:27] were to sue yourself, [24:29] how would you defend yourself? Would you [24:32] how would you be able to move around [24:33] your assets and money to best protect [24:35] yourself? If people are watching this [24:37] right now and they want to protect [24:38] themselves, what do you recommend they [24:39] do? [24:41] >> Hire a lawyer like I did. [24:43] >> But how could you prevent it? We're [24:45] talking about what we see LLC's, [24:48] irrevocable trusts, insurance policies, [24:51] umbrella policies. [24:52] >> I'm not really sure. I My lawyer is down [24:55] in Palm Beach named Andy Comet. What I [24:58] would tell them to do is call Andy Comet [25:00] and protect your assets now so that you [25:02] don't have fraudulent conveyance later. [25:04] The second way in most jurisdictions [25:07] is [25:09] put everything in husband and wife's [25:11] name, joint tenants by the entirety [25:13] because you can't like if I do [25:15] something, they can't get my joint [25:18] assets. But I did another layer cuz my [25:21] wife and I own the firm together. So I [25:23] had to go get Andy Comet to get my [25:25] documents put together that are way more [25:27] sophisticated than me. I'm a I'm a trial [25:29] lawyer, not a [25:30] >> estates lawyer, estates and trust. I'd [25:33] go get an estates and trust lawyer. I'd [25:35] ask about the joint tenants by the [25:36] entirety. And then I'd say, "What's the [25:38] other layers I can do to to protect to [25:40] protect my assets?" And you better [25:42] protect them before you're trying to [25:44] hide them. Because when you're starting [25:45] to try to hide them, like we talked [25:47] about earlier, it's called fraudulent [25:48] conveyance. They can set it aside. [25:50] >> What's the best insurance someone should [25:52] get? [25:53] >> The best insurance somebody should get, [25:55] and it's the cheapest, is umbrella. Just [25:58] buy a load of umbrella because the [26:02] umbrella very rarely. You want to hear a [26:05] statistic that I just Googled this the [26:06] other night laying in bed. This show you [26:07] how bored I am. [laughter] [26:10] What percent of life insurance policies [26:12] do you think are paid? [26:14] >> Probably more than 50%. [26:15] >> 1% ever pay. [26:17] >> How do they do that? [26:19] >> People live. [26:21] >> Oh, I'm saying at a certain point my [26:24] insurance the term insurance starts to [26:26] burn out. also term insurance. [26:28] >> That's all you want is term. You don't [26:29] ever want to if you if you if you start [26:31] buying whole life or annuities or [26:36] any kind you're getting [26:39] where the insurance agents make the most [26:41] money whole life annuities. It's a it's [26:45] a racket. All you need is term [26:47] insurance. The younger you are, you [26:49] don't have a pre-existing condition. [26:52] When you go in, hey, I had a lesion [26:54] here. Oh, you got to get it done early [26:57] early. And it's cheap. And then when you [26:58] do it for your liability insurance, you [27:01] buy load of umbrella cuz the more you [27:04] buy of umbrella, the cheaper it is. It's [27:06] the cheapest insurance. Those first [27:08] layers are the most expensive. There's [27:11] not many claims paid above the umbrella [27:14] policy, [27:15] >> above the prem above the main policy. [27:18] You very rarely get into the umbrella. [27:20] >> What's the best way not to be a target? [27:22] Like we've heard from people that if [27:25] you're not searchable and if they can't [27:27] find your assets, it makes it less [27:29] likely that a lawyer's going to see this [27:31] and want to take your case. [27:32] >> Well, I'll find your assets. [27:34] >> How do you find assets? [27:36] >> That's what I do for a living. I sued [27:39] some doctors one time. They thought they [27:41] hid their assets. I took 6 million out [27:43] of their bank account. The funny thing [27:45] is he comes to me. And he's like, you [27:47] know, and I said, look, your insurance [27:50] company you goes, how? I told him how. [27:54] He goes, what should I do? I said, [27:55] there's a lawyer over in Tampa named [27:57] Dale Swope. He's a bad faith lawyer. You [27:59] need to go hire Dale Swopee and sue your [28:00] insurance company for bad faith, and [28:02] I'll testify for you. He went hired Dale [28:05] Swopee. Dale Swopee made the bad faith [28:07] case. He got six million. He got his six [28:10] million back, and guess what happened? [28:12] This guy now invests with me in my [28:14] deals. the doctor that I took the 6 [28:16] million from cuz I got his 6 million [28:17] back, [28:18] >> but he got by his insurance company. [28:20] >> How could he have remained invisible to [28:23] you? [28:23] >> Well, some kind some people could, you [28:26] know, I took I mean, I basically was [28:27] like hunting and pecking. [28:28] >> Like, where did he go wrong? How could [28:30] you find it when he thought you [28:32] couldn't? I just kept hit hitting banks [28:34] and all of a sudden I hit one bank and [28:35] there it was [28:36] >> in his name or was it in an LLC that he [28:39] >> I watched his wife drop off a deposit in [28:43] the bank and then I left it. [28:45] >> This is another level. [28:48] >> Well, it was 6 million bucks. [laughter] [28:51] The wife was the office manager. I saw [28:53] her make a deposit. I go, there's a [28:55] bank. [28:57] Then I had the judgment [29:00] and I served on the bank. I already got [29:02] the verdict. I already got the judgment. [29:03] I got the judgment. [29:06] >> He thinks I don't have the judgment. [29:08] >> Wasn't that his fault though for not [29:10] disclosing? Because you're supposed to [29:11] do a disclosure of assets. So, wouldn't [29:13] he disclose? [29:14] >> There's no He doesn't have to do that. [29:16] >> Okay. [29:17] >> I mean, we hadn't got to the point of [29:19] inate of execution. Then that's a [29:21] different hold. You get the verdict and [29:22] then you start deposing in execution. [29:25] Then they start moving around. Then [29:27] >> got it. I had a guy one time that we hit [29:30] for $22 million [29:33] in a commercial case and uh [29:38] I drug his ass to bankruptcy court and [29:41] he wouldn't turn over his laptop to the [29:43] judge and the judge put him in jail [29:46] and as he was being taken off to jail [29:48] he's like I will give you the Indian guy [29:51] I will give you the laptop I will give [29:53] you the laptop [29:56] and the judge like, "Well, then you you [29:58] better get them the laptop and then you [29:59] get out of jail." And I got the laptop [30:01] and I got the 22 million. [30:03] >> Wow. What do you think about irrevocable [30:06] trusts in terms of asset protection? [30:09] >> Well, the word is irrevocable cuz now is [30:12] you're locked and loaded and the person [30:14] you've given it to turns out to be an or [30:17] addict. Irrevocable trusts are usually [30:19] for your children. [30:20] >> And what do you think about them for [30:21] asset protection? [30:23] >> It's just your money's gone. You just [30:24] know it's gone. It's Yeah, it's very [30:26] good, but it's not yours anymore. If [30:28] it's irrevocable, [30:29] >> correct? [30:30] >> Yeah. Then it's just not yours. [30:32] >> Doesn't mean you can't draw on it, [30:33] though. [30:33] >> No, it all depends. But again, this is [30:37] getting above my pay level because [30:40] when I did mine, I hired a lawyer in [30:42] Palm Beach, Andy Comet, [30:45] who represents the richest people in [30:47] Palm Beach. [30:48] >> And how does he set up your estate? Is [30:51] it through land trust? It's hard to [30:53] explain except it's really it's there [30:56] but I I can get to my money but it's [30:58] harder for me to get to my money. It's [31:00] not like I can just sell something do [31:01] it. I I I control it but I don't control [31:04] it but I control it. It's just another [31:08] layer. Look, I'm also got I'm also [31:10] married with joint tennis by the [31:11] entirety. [31:12] >> Is that true throughout the entire [31:14] United States? [31:14] >> It all depends state by state. [31:16] >> Okay. [31:17] >> Everything's different. I mean I I mean [31:20] California is different, Florida's [31:22] different. Everything's different. It's [31:23] like divorce, [31:25] >> you know, in California. Florida is, you [31:27] know, bad. You're getting divorced in [31:29] California and Florida is bad news. [31:31] You're getting getting divorced in [31:33] Montana. That's good news. [31:37] Is there any tort reform that you would [31:40] support or policy change that you would [31:42] support that would make being a personal [31:45] injury attorney less profitable but [31:47] would make the overall [31:49] >> Let me tell you something. Tort reforms [31:53] State Farm doled out $5 billion to their [31:56] stakeholders. [31:58] There's never been tort reform ever in [32:01] the history of America that they say [32:04] we're gonna have tort reform and we're [32:05] going to have mandatory roll back of [32:07] rates. Never once. When you vote for to [32:11] reform, you're just making them richer. [32:12] They're you. [32:15] Find one time where there's been tort [32:17] reform tied to a mandatory roll back of [32:20] rates. When that happens, I'm in. How [32:23] common is it that someone with money can [32:26] bully someone else into either settling [32:30] or quieting them down or just scaring [32:33] them? Now, we all know someone who's had [32:35] an account hacked, information stolen, [32:36] or been harassed online. My roommate [32:39] Kevin is one of those people. His [32:41] identity was stolen. [32:42] >> Hi, I'm Kevin and I got my identity [32:44] stolen. [32:44] >> And you may think that this will not [32:45] happen to me. Well, that is exactly what [32:48] Kevin thought. The truth is your [32:49] personal information is out there way [32:51] more than you think. And that's why we [32:53] use and partner with Delete Me. [32:55] >> Delete Me removes your information from [32:56] hundreds of data broker websites so [32:58] you're not tracking it all down [32:59] yourself. [33:00] >> They send you regular personalized [33:01] privacy reports showing what they found, [33:04] where they found it, and what they [33:05] removed. [33:06] >> It's not a onetime service either. 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Again, [35:12] that's even realities.io/iccop. [35:15] You can scan the QR code on the screen [35:17] or just click the link down below in the [35:19] description and use the code iced [35:21] coffee. How common is it that someone [35:23] with money can bully someone else into [35:27] either settling or quieting them down or [35:31] just scaring them? [35:32] >> I don't see it. I mean, I just don't see [35:36] it. You know, the thing about money is [35:39] there's something more powerful than [35:41] money. The truth and our jury system. [35:45] Jurors can figure it out. But it costs [35:48] money to get to that point. Like we see [35:49] what's common on YouTube is that you [35:51] have some creators who want to silence [35:53] other people and they do it through [35:56] lawsuits. And some of them I would say [35:59] valid. And I think they're in the [36:01] they're right. And some of them are also [36:03] not. And it's someone with a lot of [36:04] money who I don't like what they say. [36:06] I'm going to sue them for this. It's I'm [36:08] just going to keep milking it. [36:10] >> What you got to remember is these [36:11] stories you hear take on a life of their [36:14] own and a lie of their own. You hear [36:16] stories that just aren't true. You heard [36:18] the story about the McDonald's hot [36:20] coffee and they got $5 million and they [36:24] just brought it in and it's just [36:26] terrible. We need to reform. Well, guess [36:28] what the true story is? The true story [36:31] is before they got that verdict of $5 [36:34] million, it had happened hundreds of [36:36] times. And how did it happen? They [36:40] heated the coffee up at 140 degrees. Why [36:43] do they heat it up at 140 degrees? So it [36:46] stay warm by the time you get back to [36:47] the office. And it kept happening and [36:49] happening and happening and happening. [36:52] And by the time the case was finally [36:54] resolved through everything, the person [36:57] got like less than a million dollars. [36:59] >> Mhm. But the whole story was a lie. But [37:02] hot coffee was like the poster child for [37:08] Torah reform cuz people heard a snippet [37:11] of a lie and then spread the lie. [37:14] Remember how you'd whisper in [37:15] kindergarten and then whisper whisper [37:17] whisper whisper whisper and go around [37:18] and when you get back to this final guy, [37:20] what he says is not even close to what [37:22] he started with. That's what happens. [37:27] And guess what? We live in a conspiracy [37:30] theory world. You know, Hillary [37:33] Clinton's got, you know, underground. [37:36] >> Not only she eats babies. [37:37] >> She eats babies. [37:38] >> Obama's a lizard person [37:40] >> or a lesbian. [37:41] >> Michelle's a man. [37:42] >> Michelle's a man. I mean, all of it. [37:45] That's that's the world we live in. And [37:48] that that's bad for my business because [37:51] that those distortions. [37:54] >> In fairness, I just want to defend [37:55] myself on this one. I know a lot of [37:57] these people personally. And so it's [37:58] like me talking to Jack and sometimes I [38:01] know the other person involved as well. [38:03] I know them both personally and I could [38:05] see [38:05] >> Well, in fairness, I would like to sit [38:07] at the table and ask the questions and [38:10] get the real facts cuz people that are [38:12] that feel like they've been over tend to [38:14] tell their story a lot differently. [38:17] Like if your wife is a [38:22] she doesn't think she's a she thinks [38:24] you're a [38:28] That's what I tell him all the time. [38:29] [laughter] [38:31] >> But but you're her. [38:33] >> True. [38:34] >> Now, going back to the topic of your [38:36] business and success, Forbes estimates [38:38] your net worth to be $1.5 billion. How [38:41] do they estimate something like that? [38:44] How do they know? [38:45] >> I don't know. [38:46] >> You don't know how they try to source [38:48] that? [38:49] >> I think they try to source. They go what [38:50] how much of the firm does he how much of [38:52] the firm does he own? [38:54] What what would he be taking out of what [38:56] would how much of the firm does he own? [38:58] And by the way, net worth all I don't [39:01] consider anybody a billionaire that [39:03] don't have a real billion in the bank. [39:04] Guess how many people have a real [39:06] billion liquid. [39:07] >> I how many? [39:08] >> Well, we had Yeah, I don't know how [39:10] many. [39:10] >> Maybe 20. [39:12] >> Papa John was one of them. [39:13] >> He don't have No, [39:15] he said he put a billion. He sold for [39:18] 1.2 and he said he put a billion in [39:20] dividends. [39:21] >> Dividend stocks earning 5%. [39:24] That's what he told us. I think it's on [39:26] it's on the record. It's on video. [39:27] >> Then tell him to show you his financial [39:30] statement where he signed it. My [39:32] financial statement's got every dollar, [39:35] every brokerage account. Look, Kanye [39:38] West was a billionaire. That wasn't a [39:41] billionaire. [39:43] They're like, "Hey, we're going to [39:44] extrapulate. He's making 40 million a [39:46] year and that means it's a 25x and 25 [39:50] time 40 is 1 billion. You're a [39:52] billionaire. [39:55] It's this. [laughter] [39:57] They're just each other off. [40:00] A billion for me is when a billion's in [40:02] the bank. [40:03] >> Do you have a billion in the bank? [40:05] >> I'm a billionaire. [40:06] >> It's a powerful statement. [40:08] >> A real one. [40:09] >> One of 10. [40:10] >> 20. [40:11] >> 20 give or take. [40:14] Cuz most people have their their net [40:16] worth in their businesses. [40:22] They had the, you know, and they say, [40:23] "Okay, we're making 30, you know, uh, [40:27] what's the girl? Rihanna is a [40:28] billionaire. She ain't no billionaire." [40:31] >> You know, she's got this some kind of [40:33] makeup company that's making 30 or 40 [40:35] million. They're giving her like a 40x [40:40] and it may the company may not be [40:42] around. Kanye had all this money cuz he [40:45] had the the Reebok deal or the whatever [40:48] deal until he the bed and then he was [40:50] worth nothing, you know, then now he's [40:51] done. So billionaires, [40:55] look, there's nothing that stops the [40:57] music like the word billionaire. [41:01] It's It gets clicks. [41:03] It's why you're here. [41:06] >> It gets clicks. [41:08] >> This is I mean, I really appreciate the [41:10] transparency. This is fascinating. This [41:12] This is like we're pulling the curtain [41:14] back at the Wizard of Oz. And not to [41:16] pull back. Listen, I am the most [41:18] authentic person you're ever going to [41:20] meet. Cuz when you start bull, you're [41:23] just bull yourself. [41:26] And guess what? [41:28] If my banks hear that, they're going to [41:30] know if I'm bull or not. So when you say [41:33] a billionaire, you mean you pop open [41:35] your brokerage account or you pop open [41:37] your your business savings account and [41:40] it just however many I don't even know [41:42] how many. [41:42] >> I'm sure through foundations and trusts [41:45] and [41:45] >> I'm just [clears throat] saying, you [41:46] know, but I'm saying most people don't [41:48] have it. They have it in real estate. [41:50] >> So, how did you become a liquid net [41:53] worth billionaire? Where did the money [41:54] come from? [41:55] >> I have an attraction business that does [41:58] 33 million a year in IBDA. [sighs] I've [42:01] made a fortune in real estate. I had a [42:04] billboard company that I sold. I had uh [42:07] an advertising agency that I sold. [42:09] >> What are you selling all these companies [42:11] for? Like, I'm curious how much these [42:13] >> I sold my billboard company to Lamar for [42:15] 13x. [42:17] And then your real estate portfolio. How [42:20] did you make the money there? How how [42:21] much money do you have in real estate? [42:23] >> Only thing I ever put on my financial [42:25] statement is my basis. A lot of people [42:28] themselves, they go, "Hey, I bought this [42:30] house for a million dollars, but it's [42:32] really worth three million." Why? [42:34] >> Because you could sell it. I would say [42:35] the same as a [42:37] maybe something is worth what somebody [42:39] will pay. [42:40] >> Correct. So for on my financial [42:42] statements, the only thing I put on my [42:45] financial statements is my basis. [42:47] >> And you don't account for appreciation. [42:48] >> No, cuz I'm not going to myself off [42:51] either. [42:52] >> At what age? [42:53] >> When I sell it, when I sell it [42:57] and it goes liquid, [43:00] then it goes into my brokerage account [43:01] and that's real money then. And until [43:03] that goes in my brokerage account, it's [43:05] not real money to me. The guy that you [43:08] know a hero of mine is a guy that [43:09] started Patagonia. [43:11] >> Oh yes, Ivon Shannard. [43:14] >> That's the guy you ought to go [43:15] interview. I would love to love him. I [43:18] saw him speak one time. [43:19] >> He's the one He's the one I heard. I'm [43:20] not a billionaire. [43:22] >> They made him a billionaire. He said, [43:23] "I'm not a billionaire. I don't have a [43:25] billion in the bank." [43:26] >> It's so funny. Even Jake Paul said the [43:28] same thing that he wouldn't consider [43:29] himself a billionaire until he has a [43:31] billion liquid. [43:31] >> Yeah. When did you become a liquid net [43:34] worth billionaire? [43:35] >> Recently. [43:36] >> It was recently. Yeah. [43:37] >> Andid [43:38] >> and the main things that contribute. [43:40] >> Well, don't forget I'm also I've got [43:42] children. I'm I'm I'm making my money, [43:44] but I got four children that I'm [43:46] >> fanning out serious money to. [43:50] >> And where do you think most of your net [43:52] worth crossing that billion dollar mark [43:55] came from? Was it appreciation of stock? [43:57] Was it the active income from your law [43:59] firm? Was it the real estate [44:01] >> law firm? You also have a lot of [44:03] profitable businesses besides the law [44:05] firm. What do you attribute these ideas [44:07] to and why do so many of them seem to [44:10] hit? [44:11] >> Well, some don't. I mean, I've had some [44:13] I've had a few losers. Look, Warren [44:16] Buffett is only his his whole net worth [44:19] and success is basically 11 or 12 [44:21] stocks. It's not what you would think. [44:24] It's not this bunch. It's like this. Uh [44:27] I feel like I have a pulse on what [44:29] people want and what people like. [44:32] I'm also [44:36] risk adverse and debt adverse. Like when [44:38] I when I do my businesses, if I don't [44:40] have the money, I'll go get partners or [44:42] I'll do a private placement memorandum. [44:44] And when I started building the [44:45] attractions, I I raise the money. OPM [44:49] people in real estate are much more [44:51] risky than me because it can just take [44:54] you down. [44:56] And what I do is I call it I got the A [44:58] side and the B side. The A side is my [45:01] cash that I that I use to invest. the [45:03] Bside. Once money goes over to the [45:06] Bside, it's never ever touched for the [45:08] rest of my life. All it does is throw [45:11] off, you know, 4% tax-freeish. [45:17] So, if I got a 100 million, I make four. [45:19] If I got 200 million, I make eight. If I [45:21] got a billion, I make 40. [45:23] >> And what are you making that with? Does [45:25] that [45:25] >> taxree bonds, T bills, and and uh C and [45:29] interest rates? [45:31] >> Wow. [45:31] >> Between 3 and 4%. Some of it's taxfree, [45:34] some of it's not. [45:35] >> What are the differences that you've [45:36] seen between the type of people that [45:38] make millions, tens of millions, and [45:40] hundreds of millions? Is there a [45:41] personality trait? Is there a mindset [45:44] that they have differently? [45:46] >> Look, everything is different, but I [45:47] would say that the people who really get [45:49] filthy rich are patient. [45:52] I didn't make a million dollars till I [45:54] was 41 [45:56] because I was pouring everything back [45:59] >> into my businesses. [46:02] Some people pour it into boats and [46:04] Ferraris and horse and I'm like [46:09] that's [clears throat] a non-performing [46:10] asset as far as I'm concerned. So the [46:14] mistake they make is they want to get [46:16] rich quick. [46:19] The biggest mistake they make is greed. [46:23] Greed is not good. [46:25] Greed is dangerous. And by the way, and [46:28] I have been greedy and made mistakes, [46:31] and it goes like this. How do you know [46:34] if you're being greedy? [46:37] If it's too good to be true, it's too [46:39] good to be true. If you see somebody [46:42] offering, hey, we're going to pay you [46:44] 11% interest, run. [46:46] It's a lie. Eight. If I if I could take [46:50] everything I have [46:52] and have only invested in an instrument [46:54] that gave me 8% compounded, that's all I [46:57] would want. It's all I would need. But [47:00] don't you think that you go from a place [47:04] when you have less money of like trying [47:06] to gain appreciation, rapid growth to [47:09] the point of asset protection and [47:11] capital preservation like there is a [47:13] kind of tipping point. [47:14] >> Well, the book the books I the book I [47:16] like is the tortoise in the hair. I'm [47:18] the tortoise. And so what's the most [47:21] amount of money you've lost due to [47:22] greed? [47:24] >> It really wasn't lost money. It was I [47:26] lost I wasted my time. [47:28] >> I went with some people who kind of me I [47:31] mean to put down what I lost. I lost so [47:34] much time around with them. [47:37] >> Were there red flags or something that [47:39] you should have identified? [47:40] >> Always. [47:41] >> What are the red flags? [47:42] >> Here's a red flag. Let me explain it to [47:44] you in Kentucky terms. You ever been [47:46] walking in the woods and felt your foot [47:49] slip like that? Loose around. Yeah. [47:52] >> No. You're like, "Was that dog [47:55] and then you keep walking [47:57] and then you keep walking to your car [47:59] and you're like, as you're walking to [48:00] the car, you're like, no, that's [48:03] probably pine needles. That's probably [48:04] grass. That's probably wet leaves." Cuz [48:06] we don't want it to be dog. [48:08] We don't want there to be dog on [48:10] our on our shoes. [48:12] And then you walk to the car. Now, [48:14] you've been you've been thinking about [48:16] dogs the whole time, but by the time you [48:17] get to the car, you're convinced [48:19] yourself it was leaves or pine needles. [48:21] And then you get in the car, [48:23] and then you shut the door. [48:27] Y'all know that smell I'm thinking about [48:28] right now. All three of y'all know that [48:31] smell I'm thinking about right now. And [48:33] here's the lesson for everybody out [48:35] there in Podcastville. [48:38] If it smells like dogs, there's dog in [48:42] life and in love [48:46] and we can sense it. But the reason we [48:48] don't is greed. [48:52] We're so crypto. And I don't know if [48:54] y'all are crypto people. [48:55] >> No. [48:56] >> A little. I like Bitcoin. I mean 8% of [48:59] his net worth in Bitcoin. I have maybe [49:01] 1%. [49:01] >> And listen, when Lamar Odum is selling [49:03] Bitcoin, I'm out. [49:06] Everybody that sells Bitcoin, you know, [49:08] got gold chains on, medallions, and a [49:10] Russian hooker. I'm not And maybe [49:13] they're gonna make money. I don't know. [49:16] But I But to me, crypto's dog for me. [49:20] >> Now, some people Donald Trump is make [49:22] making billions. He makes it even when [49:24] people lose because he gets he gets he's [49:26] the he gets it coming and going. He I [49:28] mean, he's smart. [49:31] So I look at Bitcoin and why do we do [49:34] Bitcoin? The same reason they bought the [49:37] tulip bulbs. You know the tulip bulb [49:38] story. [49:39] >> Okay. So it's everybody out there [49:41] listening, Google tulip bulbs in the [49:43] 1600s. Everybody's buying tulip bulbs. [49:46] Tulip bulbs. Tulip bulbs. Tulip bulbs. [49:48] Tulip bulbs. The tulip bulbs were crazy [49:50] high. What I look at the lessons from [49:53] tulip bulbs is this. To me, tulip bulbs [49:55] are crypto today. to me. Why were people [49:58] buying tulip bulbs? I still can't figure [50:01] it out. [50:03] You ask somebody [50:05] who's investing in crypto, how do you [50:07] make money with it? What's the deal? How [50:09] do you make if I can't figure it out, [50:14] then I just don't do it to me. If I [50:17] can't if it can't be explained to me, [50:19] and listen, I've invested I' I've [50:20] investigated crypto because I'm greedy. [50:23] But what happens is it's called herd [50:25] mentality. When I grew up on Kentucky, I [50:28] go down to my uncle's farm and I'd look [50:30] up on this field [50:33] and all of a sudden I'd see a bull start [50:37] running up the hill [50:40] and then I'd see some other cows start [50:42] to run up the hill. And then before I [50:44] know they're st they're all stampeding [50:46] up the hill, [50:48] hundreds of them. And they get to the [50:49] top of the hill and they're all looking [50:52] at each other and I was a little boy and [50:54] I was like, you know, you know what [50:55] they're saying? What the are we running [50:57] to? [50:59] To me that's crypto. To me that's tulip [51:01] bulbs. We're just following the bull. [51:04] >> But in terms of red flags of people, [51:07] what do you look out for specifically? [51:09] when you first meet [51:10] >> tortoise share tortoise shell glasses [51:12] that invest in crypto [laughter] [51:14] >> the 8% 8% in a Bitcoin ETF [51:19] >> well look it's gambling [51:22] it's gambling you live in Vegas it's [51:24] gambling not but the book I wrote called [51:27] life is luck lessons from the paper boy [51:29] here's what life is life is a Since [51:32] you're from Vegas I want to speak your [51:34] language please [51:35] >> life is a casino Ino [51:39] and you walk in and there's all sorts of [51:40] games to play and there's some lottery [51:42] games over there as well. Now there are [51:45] games to play and there's games you [51:47] shouldn't play. You should not play [51:49] Kino. [51:50] >> It's fun though. [51:51] >> It's fun, [51:52] >> but never with a measurable amount of [51:54] money. [51:54] >> Yeah, it's an entertainment. [51:55] >> To me, Kino's crypto. [51:58] If you're going to play a game, you [51:59] probably should play blackjack. And then [52:01] when you play those games, [52:04] there's rules for those games. There's [52:06] the book. [52:08] >> I'll give you a test to see if you're [52:10] really from Vegas. You get two aces. [52:13] What do you do? [52:14] >> Split. [52:16] >> You got 15 and they got 10. What do you [52:19] do? [52:19] >> Hit. [52:20] >> You got 15 and they got five. [52:23] >> Stay. [52:24] >> Those same rules in the casino are the [52:26] rules in life and business. location, [52:31] location, location. Under capitalized, [52:36] all the rules are there. But sometimes [52:39] when you start drinking and when you get [52:40] blinded by greed, [52:43] you say, you know what, [52:46] I'm going over to the keynote table. So, [52:48] you're saying that you need to look at [52:51] this person's life pretty holistically [52:53] and see how they're spending their time. [52:55] if they if there's anything, you kind of [52:57] like investigate the entire car, like a [52:59] pre-purchase inspection. You look at the [53:01] car and if like one little thing is [53:02] wrong, you're like, "Okay, well, maybe [53:03] this person that maintained their car [53:05] perfectly actually you, you know, they [53:07] didn't." You look under the hood, you [53:08] see one little thing wrong, you can [53:10] assume that there's more. [53:11] >> When I look at the people in the crypto [53:13] industry, when I just look at who they [53:15] are, what they're wearing, what they're [53:16] not you, not you, not you. [53:18] >> He's not He's not in He just owns a [53:21] Bitcoin ETF. [53:21] >> No, I'm not looking at you. No, I'm [53:23] talking I'm talking about the sellers. [53:24] I'm talking about the guys who are out [53:26] there, [53:26] >> you know, preaching it, selling it. [53:29] Lamar ODM, [53:30] >> I saw a conference Lamar ODM walking out [53:32] of a crypto convention. I'm like, I'm [53:34] out. [53:35] >> But why do we do it? Bec the same reason [53:38] they bought the tulip bulbs. [53:41] The same reason Bernie made off. I had a [53:43] guy I had a friend of mine one time. He [53:45] kept saying, "Hey, you need my aunt got [53:47] in this deal with this guy in New York [53:49] and he's returning 12% interest." I go, [53:53] he goes, "Year in and year out." I go, [53:54] "That's what?" Yeah, it's hard to get [53:57] in, but my wife, my my aunt got in, so I [54:00] got in with my aunt and blah blah blah [54:02] blah blah. And he kept always waving [54:03] this thing is, "You ought to put some [54:05] money in with us." I said, "It's too [54:07] good to be true." 12%. And I'm just [54:10] telling you, 2008 comes, everything [54:13] crashes. I said, "Seth, how did you do [54:16] this year?" Well, 11%. [54:21] How the is that possible? He goes he [54:24] pulled out of the market and did some [54:27] puts and some calls and we got 11%. [54:31] [sighs and gasps] [54:31] Are you in Are you in maid off? [54:33] >> No. No. I I like selling options. I like [54:35] sell. [54:35] >> He tells me all the time buy puts and [54:38] sell these. [54:38] >> I never say buy puts. I say sell [54:40] options. [54:40] >> Okay. But listen, you young people are [54:43] reckless. [54:45] You have to learn. You got to get burned [54:48] enough to, you know, get old and fat [54:50] like me and you won't be doing that. But [54:53] so Seth called. So that's so that's the [54:55] deal. Seth had everything in it. $12 [54:57] million. [54:59] >> 12. That's all he had. I get an email [55:01] from him on the subject. I said, "So [55:05] call me." I call him up. What's wrong? [55:09] He goes, "You're not gonna believe it." [55:10] I go, "What?" [55:12] He goes, "You remember my aunts fund [55:14] that I was telling you about?" I said, [55:15] "Yeah, the 12% I knew the number." He [55:19] goes, "Yeah." He goes, "It was Bernie [55:21] Maidoff." I repeat, if it's too good to [55:24] be true, it's too good to be true. [55:27] >> How does that apply to people, not on [55:30] crypto, but just in general in terms of [55:33] who you do business with and who you [55:35] want to partner with and who you want to [55:36] keep in your life? As I'm sure you've [55:38] seen, we're down to the last few weeks [55:40] of summer, which means your schedule is [55:41] about to get a lot busier whether you're [55:43] ready or not. And naturally, your health [55:45] could start to slip, which is why we [55:47] partnered with AG1. AG1 is a daily [55:49] health drink with a multivitamin, pre [55:51] and probiotic, superfoods with [55:52] antioxidants. Just one scoop, 8 ounces [55:55] of water. It helps maintain energy and [55:57] support immune health. [55:58] >> The NextGen formula delivers 75 plus [56:00] ingredients. 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How does that apply to people, not [56:45] on crypto, but just in general in terms [56:48] of who you do business with and who you [56:50] want to partner with and who you want to [56:51] keep in your life? [56:52] >> You can tell the most about a person by [56:54] the people they surround themselves [56:56] with. That's Mchavelli, the prince, the [56:58] book. I look at people and I look at who [57:01] they surround themselves with. Character [57:04] matters. morals matter. Decency matters. [57:09] You know, a liar is a liar. A cheat is a [57:11] cheat. They cheat and lie in different [57:14] forms and fashion. So, you can size them [57:16] all up from from all of that. Just their [57:19] lifestyle. And we know and nontors, [57:24] but [57:27] what overtakes us is our greed. And we [57:31] just want that money. And we don't want [57:33] to miss out. [57:35] We just don't want to miss out. Look, in [57:37] my book, Life is Luck. The average [57:40] person that plays a lottery plays it [57:41] like 400 play spends like $400 something [57:45] dollars a year. [57:47] >> 40% of Americans don't have $400 in the [57:51] bank today, [57:53] >> but they're all out there trying to take [57:57] this job and shove it. [58:00] and they're all chasing something that's [58:02] just not going to happen. [58:05] It's just statistically not going to [58:08] happen. Now, I'm in a business that that [58:11] I know is going to lose money and I own [58:14] raceh horses and I know that I am [58:17] probably not going to make money in my [58:19] lifetime with raceh horses, but I enjoy [58:22] it. But I also know that when I write [58:24] that check, that money's gone. [58:28] Now, I've had some luck because I had a [58:29] great horse named Ultima D was her [58:32] father was Scat Daddy and she lives with [58:35] American Pharaoh and once a year me and [58:37] Pharaoh match up and then we get a cult [58:40] or a Philly and that horse is worth a [58:42] million bucks and I split the money with [58:44] the, you know, my friends from Ireland [58:46] that own a Pharaoh and justify. But by [58:49] and large, you know, horse racing is [58:54] gambling. [58:55] So, what's the best investment you've [58:58] ever made outside of investing in your [59:00] own business? Well, [59:01] >> the the attractions have been gigantic. [59:03] >> So, that was the best investment you've [59:05] made. [59:05] >> That was But that was me. I built them. [59:07] I I invented it. The whole the upside [59:09] down houses and all that. Yeah. I [59:11] invented that. I've had some good [59:13] things. I had, you know, I had some land [59:15] that got condemned for a school. [59:18] Condemnation is great because you don't [59:20] pay taxes [59:21] >> when your land's taken from you. and I [59:24] had some land over here and uh they [59:27] wanted to build it build a school on my [59:30] land. They took my land. So I was so [59:32] happy that they did take my land. [59:35] >> So what did you pay for? What did they [59:36] buy it for? [59:37] >> I forget exactly but I didn't I mean I [59:40] mean it was like a you know 15 20x cuz I [59:43] bought it a long time ago and you know [59:45] >> had a trailer little trailer parks on it [59:47] and uh but look I made my money in on [59:51] me. Now, how much of this can you teach [59:53] somebody in terms of entrepreneurship, [59:56] drive, motivation versus is just genetic [59:59] that you were born with this desire to [60:02] build something, to be good in business, [60:05] to forge your own path? [60:06] >> Well, the reason I call my book Life is [60:08] Luck lessons from a paper boy is [60:12] because, you know, you all are too young [60:14] to have been paper boys, but I guarantee [60:16] you you and you when you were 11 or 12, [60:19] you were hustling something. I don't [60:21] know what it is. I can just tell by [60:23] looking at you and talking to you. For [60:25] my generation, it was the paper route. [60:28] You're 11 years old. You're 12 years [60:30] old. You're 10 years old. I had to buy [60:32] my route. I had to go down to the Second [60:34] National Bank election and get a loan [60:36] with my grandmother's son. And then I [60:37] had to buy my route and I had to get up [60:40] in the snow and the sle and the rain and [60:42] the heat every day. And when somebody [60:45] did get a paper or missed the paper, I [60:47] had to go back and give it to them. Then [60:48] I had to collect the money. I think a [60:51] lot that's why I call the book life is [60:53] luck. I think some of us are born with [60:56] an entrepreneurial seed [60:59] that's as powerful as Shaquille O'Neal [61:01] being 7 foot one and and built like a [61:04] Mac truck. [61:06] There's no way I could be Shaquille [61:08] O'Neal because I'm just, you know, [61:10] [laughter] physically. But [61:11] >> hey, me too, man. [61:12] >> Well, that me and you be we we're the [61:14] point guards. But [61:17] that just happens in life. And by the [61:19] way, the reason I call the book Life is [61:21] Luck, there's so many things that are [61:23] out of our control. [61:25] Just being born is trillions and [61:27] trillions and trillions to one. The [61:31] country you're born in, we have no we [61:33] have no control over that. What What's [61:36] the country you want to be born in? The [61:39] United States of America. We were born [61:41] here. For a lot of us, being born white [61:45] was and we had no control over that. And [61:48] as you keep going, good-looking people, [61:50] this is going to do very good because [61:52] goodlook good-looking this do good too. [61:55] Goodlooking people are usually the CEOs [61:57] of companies. If you're tall, you have a [62:00] better chance of being president. You're [62:01] short. Me and you are not going to be [62:03] president. He could be president. [62:05] Height. It's out of our control. There's [62:07] so many things out of our control that [62:10] come back to us. And then you go, well, [62:12] you got to work hard. If you work hard, [62:13] that's true. But some people are not [62:16] built to work. You wait, of course they [62:18] are. No. In the jungle today, a lion [62:21] will be born and a sloth will be born. [62:24] The sloth is incapable physically of [62:27] working. He he wakes up like this. I [62:29] mean, he only thing he can do is eat and [62:31] go down once a day and go back up, go to [62:34] sleep. The light is born and he's a king [62:37] that day. If that door opened over right [62:39] now and a six-month lion walked in his [62:41] room, me and you be jumping up on the [62:43] table scaredless. If a sloth walked in, [62:46] we just kick get the out of here. And [62:48] everybody thinks it's all hard work. [62:49] This, oh, I'm I'm successful. It's hard [62:51] work. Let me tell you this about hard [62:53] work. The hardest working people in [62:55] America are the ones who make the least. [62:58] The least. You ever dug a hole with a [63:01] shovel? You ever tried that as a kid? [63:03] Yeah. [63:04] >> Could you do it? [63:06] >> Not more than a foot or two. Yeah. And [63:08] lay some frost on that ground. [63:10] >> Sometimes I see these people on with [63:12] squeegee on this up there [63:15] >> suctions. [63:15] >> Yeah. [63:17] >> And I'm, you know, you're looking at [63:18] them, you're like, well, he's from [63:19] Guatemala illegally cuz nobody's getting [63:23] up there and he ain't getting paid worth [63:25] of to do it. He has to do it. [63:29] So the people who want to pat themselves [63:31] on the back for being successful, [63:33] there's a lot of left turns, a lot of [63:35] right turns, a lot of U-turns, and it [63:37] can go good and go bad. I know this, if [63:39] I got started again, had to do all over [63:41] again, I don't get to be who I am. [63:43] Something would happen. If Bill Gates [63:44] was born today, he's not Bill Gates. [63:46] Somebody else would have been Bill [63:48] Gates. [63:48] >> What do you recommend to the people who [63:49] feel like they've got dealt a bad hand? [63:52] They're here in America. They want to be [63:54] successful. They want to make a lot of [63:55] money. They just say, "I don't have the [63:57] resources." [63:58] >> What I would say to them is this. You [64:00] always have the resources. [64:03] You always have there. If if there's a [64:05] will, there's a way. And in the book I [64:08] wrote, Life is Luck. I lay out a road [64:12] map to finding luck. [64:16] finding luck, improving luck, return on [64:19] luck, turning bad luck into good luck, [64:23] making failure your friend. There's all [64:26] sorts of ways to do it, and that's what [64:28] the book's about. But the main way you [64:31] do it is you are constantly, constantly [64:34] looking for opportunities. [64:37] It's never going to happen sitting at [64:38] your house eating peanut butter and [64:39] jelly. I got a chapter called Never Eat [64:42] Alone. There's a book called Never Eat [64:44] Alone, which was very good for me. If [64:46] you're sitting in your office not going [64:48] out and hustling, it's not gonna happen. [64:50] If you're not out giving a speech, it's [64:52] not gonna happen. If you're not out [64:53] networking, it's not going to happen. [64:55] And so, in the book, I lay out all sorts [64:57] of things. Now, when people say, "I [64:58] don't have the money." [65:01] When I built Wonderworks, the first time [65:03] I built Wonderworks, I did not have the [65:05] money. My first real estate development [65:07] was called Heritage Square down at CMI. [65:09] I did not have the money. But there's [65:12] something called OPM, [65:16] other people's money. And what you do is [65:19] you find a deal, you lock the deal up, [65:23] you get a private placement memorandum, [65:26] and you go out and you pitch your idea [65:29] to your friends who have money. That [65:31] first deal I did, I was raising $10,000 [65:34] increments. And guess what? Heritage [65:37] Square was a success. And now I got [65:38] these investors who will follow me. than [65:41] I did when I built Wonderworks. [65:42] Wonderworks was millions and millions [65:44] and millions of dollars. I didn't have [65:45] millions and millions of dollars, [65:48] but I would tell the people listening, [65:50] OPM, I wrote another book one time [65:53] called You Can't Teach Vision. There are [65:56] visionaries that we all know about. [65:58] Steve Jobs is a visionary. Bill Gates is [66:01] a visionary. You know, there's [66:03] visionaries everywhere. That's a wrong [66:05] that's a wrong term [66:07] because visionaries just have an idea. [66:11] There's a big difference between a [66:12] visionary and a vision maker. [66:17] Big difference. Once upon a time after [66:20] church, we'd go to Denny's and get [66:22] crayons for the kids and the crayons [66:24] would roll onto the floor. I'd be down [66:27] there picking up crayons. And [66:30] I told my wife one time, I said, "You [66:32] know what I need to do? I need to [66:36] invent a crayon that doesn't roll. About [66:39] six months later, we come in, there's a [66:40] crayon made out of a triangle. [66:43] >> I held up my wife. I go, "Look, this is [66:45] my idea. This is mying idea." [66:48] >> From what she say? [66:50] >> You should have done it. [laughter] [66:54] >> But I was a visionary, but I wasn't a [66:56] vision maker. And by the way, there's a [66:58] big delta between visionaries and vision [67:01] makers, and they're called vision [67:02] blockers. [67:05] You know, I'm going to go patent these [67:06] crayons with our money. No, you're not. [67:10] Or your friends. Guess who doesn't want [67:11] you to be successful? Most of your [67:14] friends. [67:15] Most of your family would rather have a [67:17] total stranger win the lottery than you [67:21] because people are eating up with [67:22] jealousy and envy. So you got these what [67:25] I tell these people [67:26] >> first of all if there's a will there's a [67:28] way and there's the vision is not the [67:30] the the deal the vision is just the [67:33] beginning and you got to jump over these [67:34] vision blockers to get to be the vision [67:37] maker [67:38] and you know who the number one vision [67:41] blocker is [67:43] you fear [67:46] fear of failure I would tell them listen [67:50] failure is not a problem because when [67:53] you fail fail. You learn so much. [67:57] You now know the next time what you're [67:59] not going to do and you know what you're [68:02] going to do. And I've had failures. I [68:04] opened up an attraction in DC once [68:06] called the National Museum of Crime and [68:08] Punishment. It was just unbelievable. It [68:10] was fantastic. But it was a bad [68:11] location. It turned out I shouldn't ever [68:13] gone to DC because was free. And I [68:16] built this magnificent, magnificent [68:19] attraction called the National Museum of [68:21] Crime and Punishment. I didn't lose [68:22] money, but I didn't make money. I'm just [68:24] paying the rent. Get a little bit, you [68:25] know, I'm dribbles. [68:28] So, I closed it. Like, you know, it's [68:29] not worth it. But, you know what I did? [68:31] I took that failure. I said, "This was [68:34] good." I took all the stuff, all the [68:36] content from my attraction in DC, and I [68:38] went over to Pigeon Forge, Smoky [68:40] Mountains, 13 million visuals a year. I [68:43] found a location. Instead of having no [68:45] building or an office building, I built [68:47] the thing that looks like a prison, [68:49] 1,800 prison. Instead of calling it the [68:52] National Museum of Crime and Punishment, [68:53] I called it Alcatraz East. [68:56] >> When you finish up at Alcatraz East, the [68:58] last three, four things, you see John [69:00] Benet's bicycle, you see the Murdoch [69:02] golf cart, you see Ted Bundy's VW, you [69:06] see John Dillinger's sedan, Bonnie and [69:09] Clyde's death car from the movie, and [69:11] OJ's Bronco. And this attraction is [69:13] unbelievable. I'm printing money at [69:17] Alcatraz East. Everything's the same. [69:20] the Broncos there, everything. I just [69:22] moved it. [69:23] >> Location, location, location. If I had [69:26] let failure beat me, [69:31] but that thing makes about six, seven [69:33] million bucks a year [69:36] and all I did is just move the stuff to [69:38] a different location. [69:41] >> Most people don't because because when [69:43] people get beat, they become defeated [69:46] forever. [69:48] When I get beat, I get back up. [69:51] That's what I tell people. What [69:53] impresses me is the volume of successful [69:57] entrepreneurial [70:00] things that you're doing from the upside [70:02] down houses, the different hotels, [70:05] >> the banks, [70:07] >> you know, Alcatraz East. I'm curious, [70:09] you don't have enough time yourself to [70:12] be doing all of this. like how much of [70:13] this is your vision and your plan and [70:16] your decision-m versus you just hiring [70:18] out phenomenal operators and like what [70:21] what does that mean to be an executive [70:23] and to find and manage talent like [70:25] >> well first of all it's all me that all [70:27] the ideas are mine [70:29] every wonders is me Alcatraz is me the [70:33] bank [70:34] >> do you have a counsel that you run these [70:35] ideas by [70:36] >> me [70:38] who do you look to for advice do you [70:40] ever go to someone else I I read books [70:43] like crazy. I'm I devour books and and I [70:46] had a seminar in Vegas and I brought Dan [70:48] Martell Martell. [70:49] >> Dan Martell. [70:49] >> Yeah, we've had him on the podcast. [70:51] >> He's a genius. [70:51] >> Yeah. [70:52] >> And and I write about that. I write [70:54] about him a book. Look, you only have so [70:56] much time in a day. What I try to do is [70:58] I try to find people around me that I [71:01] call sin delete. It's a person I know if [71:04] I send something to it's done. I can [71:07] delete it. I call them send delete. Then [71:10] when I find a send delete person, then I [71:13] give them a task because remember this, [71:17] everybody's got to have a specific task [71:19] and responsibility. If everybody is [71:21] accountable, no one's accountable. [71:24] So when there's a up, [71:27] we know who up. [71:29] You find the send elite person, [71:33] they emerge out of nowhere. You don't [71:35] you can't tell when you first who's [71:37] going to be send elite and who's not. [71:39] And then once you get that send elite [71:41] person, [71:43] then you [71:45] delegate ruthlessly [71:49] to execute your vision. [71:52] You buy back your time. You pay these [71:54] people. I just hired a guy from Amazon [71:56] for my AI because I got to figure this [71:58] AI. I don't know what the AI is, you you [72:00] know, I mean, I failed, you know, basic [72:03] math, but I'll pay this guy load of [72:06] money from Amazon [72:10] to figure out AI for me. And you you [72:12] just have to do that. [72:15] So, I get the vision and then I got the [72:17] team around me and then I have them [72:19] execute and I delegate ruthlessly. Now [72:23] all these ideas, remember this. I don't [72:25] fish. [72:27] I don't hunt. And I don't golf. [72:31] To me, that's all off. I hunt money. [72:37] I fish for money. That's how the time [72:39] you take golf and hunting and and and [72:43] and first of all, I don't want to shoot [72:44] a deer cuz I could taste the fur. I [72:47] don't want to fish and, you know, catch [72:50] and release. They'll rip the fish's face [72:52] off or eye out and throw him back. Oh, [72:54] look how good I am. You're, you know, [72:55] you're swimming around with no eye for [72:56] the rest of your life. I don't want to [72:57] do that. In golf, when Tiger Woods is [73:00] hitting the ball in the water, I'm just [73:01] not interested in trying to perfect [73:03] that. [73:04] >> There's nothing you're interested in [73:05] outside of [73:07] hunting money. [73:08] >> Oh, a lot. I love to read. I love the [73:11] beach. I like tennis when I was young. [73:12] When I was your guys age, there we go. [73:14] So, you play tennis? [73:15] >> Yeah, I played tennis when I was your [73:16] guys age. I played a load of basketball. [73:18] Played basketball three days a week. I [73:20] played in threeman leagues. [73:21] >> You get to be in my age, you can't play, [73:24] you know, you can't be. When I see guys [73:26] my age playing basketball, I'm like, [73:27] "Stop, stop, stop, stop. It's [73:29] embarrassing." [73:31] >> I went across the street to one of my [73:32] grandsons the other night and he was [73:34] shooting free throws and I went I [73:36] because I could used to really hit some [73:38] free throws. I go to shoot a free throw. [73:40] I didn't hit the net. [73:41] >> Well, maybe with a little practice. [73:43] >> Well, but you ever heard of muscle [73:44] memory? I I started researching muscle [73:47] memory and then I tried to do it again. [73:49] I really heaved it and I didn't even hit [73:51] the rim. [73:52] >> But in in you know when I was your guys' [73:55] age, I played a lot of basketball and I [73:57] played a lot of tennis [74:00] and uh so yeah I I have those those [74:03] interest and uh I probably exercise four [74:06] or five days a week an hour mostly [74:09] walking or recumbent bike or the [74:13] elliptical. But to me, hunting and [74:16] fishing, I just don't get it. So, I [74:19] don't feel like I'm losing anything [74:21] there. [74:23] Nothing. Putting me in a treeand [74:28] waiting for I got I got so many deer in [74:30] my at my house. I could lay in my pool [74:32] with a like 20 beer deer this morning. [74:36] When I left my house this morning, there [74:38] was these deers laying in my front yard. [74:40] I rolled the window. I said, "Have a [74:42] good day, guys. says you're at the right [74:43] place, [74:45] Hank. No. Yeah, I don't want to eat [74:47] them. [74:48] >> Speaking of money, uh you previously [74:50] mentioned that you believed that income [74:51] inequality was one of the biggest [74:53] problems of America. And I'm curious [74:55] from your perspective, why is that? [74:58] >> Because the rich are getting richer and [75:01] the poor are getting poor and the [75:02] system's rigged [75:05] now. And listen, I'm taking advantage of [75:08] the rigged system. When Trump got [75:09] elected president, I bought a new G a G [75:11] G500. [75:13] Why? It's almost free. [75:17] I mean I mean when you do the math, I'm [75:20] like it's crazy. These hedge fund guys [75:24] have carried interest. All the it's all [75:25] stacked that way. But here's what [75:27] happens. [75:28] >> When the poor get poor or and the rich [75:31] get richer, there becomes an uprising. [75:36] And you're seeing it now. It's called [75:37] the democratic socialist progressives. [75:41] There's two types of envy. [75:43] There's benign envy, [75:47] which is you take that envy and you [75:49] channel it to motivate you. You know, I [75:53] want to I want to be I want I want you [75:55] take that as a motivation. And then [75:57] there's what's called malicious envy [76:00] where you're just so mad [76:02] it's just not fair. It's just not fair. [76:07] They got all the money, I got none. And [76:09] then they [76:11] political leaders, they take that [76:14] malicious envy and they turn it into [76:17] socialism. [76:19] They harness that malicious envy. We're [76:22] be, you know, the word, the new word [76:24] now, oppressed. We're oppressed. We're [76:26] oppressed. They almost turn into a a [76:29] political movement. We're oppressed. [76:33] And that malicious envy turns in [76:37] to socialism which turns into communism, [76:40] authoritarianism, [76:43] Castro, [76:45] Hugo Chavez, it all started as malicious [76:48] envy. And all throughout time, if the [76:51] rich people in this country don't [76:52] understand, at the end of the day, [76:55] that malicious envy turns into a [76:57] movement and they just take it. Marie [77:00] Antuinette said, "Let them eat cake. [77:02] They cut her throat. I'm tempted to [77:06] write one more book called The Castle [77:07] and the Moat. It goes like this. There's [77:09] this castle where the 0.1% live and they [77:13] got everything. Then there's this moat [77:17] deep and wide. And in that moat there's [77:19] electrical eels and piranhas and sharks. [77:23] It's deep and it's wide. And that's the [77:25] middle class. [77:26] >> And then outside the moat there's the [77:28] barbarians at the gate. They want in. [77:30] They want, you know, they want to come [77:31] get it. But the people in the castle [77:35] keep drawing the water in for [77:37] themselves. They got pools inside. [77:39] They're drinking. They're taking a lot [77:42] of baths and the and the middle and the [77:44] water starts to go down [77:50] and the eels die and the sharks die and [77:53] the piranhas die and then there's not [77:56] even water and the barbarians just walk [77:58] across. And by the way, that's what MAGA [78:03] is. They're mad. On January 6, they went [78:06] to the They went to the castle. They [78:09] went to the castle because they're [78:11] pissed. [78:13] Mag is pissed. And guess who let them in [78:16] the castle? The a lot of the cops [78:19] because they're pissed off at who [78:20] they're guard garden for. If we're not [78:23] careful, if we let this moat sink [78:27] and the middle class go away. [78:31] We've only been around for 250 years. [78:33] >> So what's the solution? Because a lot of [78:35] people would say the solution is we have [78:37] to tax more. I don't mind taxing more [78:43] as long as it's tied to like I talked [78:45] about Tor reform as long as it's tied to [78:48] what Bill Clinton did. He's my boy. [78:51] You know that we got to have a balanced [78:52] budget. [78:54] This this is not sustainable. The de the [78:57] national debt is not sustainable. At [78:59] some point we're going to be Greece. [79:02] I would say tax more but [79:06] tied like I said about Tor reform tied [79:08] to rate decrease. I would also say tie [79:12] it to a balanced budget. [79:15] I'm I'm happy to pay more taxes [79:18] if we can balance the budget, you know. [79:21] And look, I put my money where my mouth [79:22] is. In Florida, I ran a constitutional [79:24] amendment to raise the minimum wage from [79:26] $8 to $15 an hour. And guess what? It [79:29] passed. [79:30] >> Mhm. People can't live on $8 an hour. [79:34] >> What do you think? If you could control [79:35] the minimum wage, what would you make [79:37] the minimum wage? If you could just snap [79:39] your fingers and that's what it is. [79:40] >> Well, if I could snap my fingers, it's [79:42] different different strokes for [79:43] different folks. If you're living in New [79:45] York City, there's one. If you're living [79:46] in Columbus, Georgia, there's another. [79:48] You can live in a you can live like a [79:50] chic in Columbus, Georgia. You can have [79:54] a mansion in Columbus, Georgia. The same [79:56] money that wouldn't buy you New York [79:58] City. So that's the kind of the problems [80:01] that is that you know living in LA and [80:03] living in Mississippi. [80:05] >> Now if a business can't afford to stay [80:06] in business [80:08] by paying an increased wage, should they [80:11] deserve to exist? [80:12] >> No. Listen, here's a stat from the [80:16] soontobe I'm number one in Amazon today. [80:19] >> Congratulations [80:19] >> for um self-help books. Uh life is luck. [80:24] 25% of all businesses fail in the first [80:28] year. [80:30] 43% [80:31] fail [80:33] within five years and 65% fail within [80:37] 10. And that doesn't even account for [80:40] they'd have been much better off just [80:42] working for somebody [80:46] than going on this, you know, [80:49] having this juice bar. When I see juice [80:51] bars, like what the I mean, how many [80:54] juices you got to sell? So the first [80:56] thing is and but we all want the we all [80:58] have we all dream the dream. We want to [81:00] own the business. And if you're going to [81:01] open up a restaurant, you're most likely [81:03] going to fail. [81:05] >> And what if the minimum wage increases [81:07] and then some businesses just say, "All [81:08] right, fine. We're going to hire [81:10] overseas. We're going to pay less over [81:11] that." [81:12] >> I do. I got Listen, I got 11 my Carl [81:14] centers I got, 1100 people in my call [81:17] centers. El Salvador, [81:21] where abagadas.com [81:23] goes to the Philippines, [81:28] Bise, I'm doing it. And by the way, in [81:33] El Salvador, I got lawyers working in [81:35] the call center. They're making more [81:37] money as with a law degree working in my [81:40] call center in El Salvador. [81:42] >> So, why not then pay people here the $15 [81:45] an hour? Hey, by the way, really quick. [81:47] If you want extra content just like [81:49] this, as well as early access and a [81:51] bonus post show posted every single [81:53] week, feel free to join as a channel [81:55] member to get immediate access to all of [81:57] that, as well as early access to [81:59] everything else that we post along with [82:01] priority responses to all of your [82:02] comments. So, if that sounds cool, feel [82:05] free to join. Would love to have you on [82:06] board. Thanks so much. We'll get back to [82:08] the podcast now. So, why not then pay [82:11] people here the $15 an hour? [82:14] >> Oh, I do. [82:15] The reason I do use El Salvador mainly [82:19] primarily is because it's it's just an [82:21] incredible pool of Spanish-sp speakaking [82:25] people [82:27] with college degrees. [82:28] >> It's also less expensive. [82:30] >> Yes, [82:32] it's it's it's win-win. It's not only [82:34] less expensive, it's more effective. If [82:37] I can pay less for more, I want it. [82:39] >> So, it's interesting. We asked uh Kevin [82:41] Olirri about a year ago what the minimum [82:43] wage should be and he said zero. And he [82:46] said zero because the market should [82:47] determine what they're willing to pay [82:49] for a task and if someone doesn't want [82:51] to take the task that's fine. If no one [82:53] wants to take it the person has to pay [82:55] more to entice people. What do you say [82:57] to that sort of philosophy? I believe [83:00] that we have a moral responsibility [83:04] to do the most for the most with the [83:06] least. There's a lot of sloths out there [83:09] and there's a lot of sloths with [83:11] children and at the end of the day there [83:16] will be an uprising because there there [83:18] has never not been one. [83:21] At the end of the day if you let the [83:23] moat go to to dirt there will be an [83:28] uprising. It is in our best interest. [83:34] And look, in the world that I look at in [83:37] the future, I'm not probably gonna be a [83:38] part of. There's going to be a with AI, [83:42] there's gonna be people get paid to do [83:44] nothing because there not going to be [83:46] jobs. I think [83:48] >> I tend to believe that AI is going to [83:49] balance the curve quite a bit. That [83:51] >> I think it'll be it won't be as bad as [83:53] we it won't be as bad as we think, [83:55] >> but it's it's going to eliminate jobs. [83:57] Look, I just hired a guy for a lot of [83:59] money from Amazon because I got to [84:01] figure out AI. And guess where I'm using [84:02] the AI first? the call centers. What do [84:06] billionaires financially owe to the [84:09] people that are struggling financially? [84:11] Look, I'm not a guy that wears my [84:13] religion on my sleeve, but I don't [84:15] believe I believe that my money belongs [84:17] to God. [84:20] I believe that what's happened to me has [84:22] been so I have been so lucky and so [84:25] fortunate that I believe that my money [84:28] belongs to God. I believe if I did it [84:29] again, I would never be where I am. I [84:32] believe that one different turn would [84:33] have changed everything. And I truly [84:36] believe that. And I know this. [84:39] I don't live a big lifestyle [84:42] other than the jet, you know, and I have [84:44] houses, but they're not, you know, like [84:46] that one you showed me. And the food I [84:48] eat, I like, you know, I like like, you [84:50] know, cube steaks with smothered onions [84:52] and fried potatoes and cabbage, [84:56] you know, just country food. [84:59] You don't need a lot. [85:02] You know what's the difference between a [85:03] hundred million and a billion as far as [85:05] lifestyle if you get rid of boats and [85:09] you know Rolexes? See I I got nothing. [85:14] >> The wealthiest person in the room. This [85:16] is going to get clipped. [85:17] >> Oh gosh. [85:18] >> Yeah. [85:18] >> I got a You know why I don't need it? [85:20] You know why I don't need it? [85:22] >> I got an iPhone. [laughter] [85:25] >> This way. [85:26] >> Now, can you actually put your watch on [85:28] it? What kind of watch is it? What is [85:30] it? What is it? [85:30] >> Mine was a it was a gift of a Rolex [85:33] Datejust. [85:34] >> Listen, my brother Tim when he was alive [85:36] one time, you know, he's always wanted a [85:38] Rolex and and I don't want one for [85:41] myself, but he always he was the one [85:43] that was paralyzed and he he ran my call [85:45] centers for me before he passed. And one [85:47] day I down on Park Avenue over here in [85:49] Winter Park and I start drinking and I [85:52] get drunk and uh I go down the jewelry [85:55] store and I bought Tim a Rolex [85:58] and I forget what it was, what I paid [86:00] for it years ago. And I call him up. I [86:03] say, "Hey, come down here to Park [86:04] Avenue. Let's have a drink." He comes in [86:06] and I handed him the Rolex and he [86:08] started crying, [86:10] which made me start crying because he [86:12] was so happy. And he's sitting there [86:14] with a Rolex on his wrist. I go I go, [86:17] "Look, just between me and you, [86:20] what what is it about what is it about [86:22] the Rolex? What is it for you?" He goes, [86:24] "I'll never forget these words." He [86:26] goes, "It's like having a [86:29] It's like having a Rolls-Royce on your [86:32] wrist." [86:38] I'm like, "But I I got an iPhone." [86:41] [laughter] [86:42] >> I actually I don't disagree. as the [86:44] person wearing a nice watch. But the [86:47] only reason I bought this watch was [86:48] actually to spite Graham. So that was [86:50] >> and mine was a gift. Mine on the back [86:52] says 2 million subscribers. It was a [86:54] gift from a subscriber. A lot of people [86:57] a lot of people a lot of people wear [86:59] them to pull ass and you know get women [87:04] get men. But here's the problem with all [87:06] of it. [87:09] Comparison is the thief of joy. [87:12] We look and we want. There used to be a [87:15] guy in this building. His name, he's [87:18] dead now, his name was Mick O'Brien. And [87:20] this guy lived a high life and he had [87:22] this unbelievable car and he had this [87:25] unbelievable girl and it was just I mean [87:27] it was and it was just and I was over [87:29] there going, "What am I doing wrong? [87:31] What am I doing wrong?" I'd see Mick. [87:34] I'm like, "What am I doing wrong?" I'm [87:35] pulling up in a previa van with four [87:38] children. And then all of a sudden one [87:40] day Mick just collapsed. The building he [87:43] had there was IRS tape around it. [87:46] >> The Ferrari was rented. The was [87:49] rented. [87:51] And at the end of Mick's life, I [87:52] represented him in a social security [87:54] case. But that guy took so much of my [87:59] mind, so much of my space [88:03] with envy [88:05] going, what am I doing wrong? Why is he [88:08] making so much money? He wasn't, but he [88:12] was in my head. That's why they put [88:14] blinkers on horses, blinders on horses, [88:17] >> so they can't see. If you can put if if [88:20] your listeners can do anything, put [88:23] blinders on because all that glitters is [88:26] not gold. It's usually not gold at all. [88:30] Now, one thing I was really curious [88:31] about that we were talking on the way [88:32] here in terms of income inequality, if [88:36] we balanced the money, everyone had the [88:39] exact same amount over enough time, [88:42] would we see the same distribution of [88:45] wealth in that the people who are good [88:47] with business will grow their money? The [88:50] average person is going to end up [88:51] spending it, not investing it. And is [88:53] that a problem of the person or the [88:56] system? [88:57] >> The person. Because listen, at the end [88:59] of the day, adults are really children. [89:02] Like I told you in the beginning, the [89:04] reading level in America is seventh [89:06] grade. You see a guy walking down the [89:08] street, you think he's smart, he's a [89:10] seventh grader or six or worse. Just [89:13] because they're older doesn't mean [89:14] they're smarter. So, we're dealing with [89:17] grown-ups that are really children. I I [89:19] asked my wife one time, I said, "Let me [89:21] ask you a question. If we could give up [89:23] all our money and everybody in the [89:25] world, all eight and a half billion [89:26] people [89:28] could have a house, three-bedroom house, [89:31] wide picket fence, [89:34] grill on the back, [89:36] full refrigerator, and and we have it [89:38] forever. [89:40] I said, "Would you do that?" [89:44] And she said, "Let me ask you a [89:46] question." So what [sighs] [89:48] would the would the houses be airond [89:50] conditioned? [89:52] I go, "Okay, yes." Then she goes, "Yes." [89:55] I said, 'What if the houses are not [89:57] airond conditioned? She said, "No." [89:59] [laughter] [89:59] She needed AC. And I would, too. [90:04] That's called utopia, but utopia doesn't [90:07] exist. [90:09] You mentioned that a 100red million is [90:10] the same as a billion. I'm curious [90:12] before 100 million are there any actual [90:16] lines you could draw from zero million [90:19] to 100 million and where like life takes [90:22] >> I think the number that makes you [90:26] golden is 30 [90:29] >> why 30 million [90:30] >> 30 time 4 is 1.2 taxree if you can't [90:33] live on 1.2 taxree I can live like a [90:36] chic on 1.2 two. I don't have can't have [90:38] all the houses, but if you give me a [90:40] house [90:42] and 1.2 house paid off and $1.2 million [90:47] a year, I can live like a chic. [90:49] >> So, it's 30 million. [90:51] >> I won't have Rolex, huh? [90:52] >> 30 million plus a paid off house. [90:54] >> 30 million and a paid off house. The [90:56] first thing I tell everybody listening, [90:58] consumer debt you pay off before you put [91:01] anything in the bank, before you any [91:03] consumer debt, car debt, anything with [91:05] crazy interest rates, credit cards, you [91:07] pay that off. [91:08] >> You and Dave Ramsey. [91:09] >> Oh, I'm Dave Ramsey on all the way. And [91:11] and then and then and then this this is [91:14] people will argue with this. Then I pay [91:15] off the house. I haven't had a mortgage [91:17] since 1988. I had a case that I settled, [91:21] Dave David Vega versus Key Capital [91:23] Leasing. It was my first big case. I [91:26] took the money and I bought a house. And [91:27] that's the last time I've ever had a [91:28] mortgage. The number one payment every [91:32] month in every household in America is a [91:35] mortgage payment. You pay off the house, [91:38] you get 30 million, you put it in [91:40] taxfree bonds. And why taxfree bonds? [91:42] Even in the Great Depression, less than [91:44] 1% of the taxfree bonds defaulted. [91:48] People will pay to flush the toilet. [91:52] water, sewer, you know, electricity, [91:55] taxfree bonds, and nothing's nothing's [91:58] foolproof, [91:58] >> right? [91:59] >> But I believe that the magic number is [92:02] house paid off, no consumer debt, 30 [92:05] million tax-free bonds, 1.2 million. [92:09] You're making $100,000 [92:12] a month tax-free. [92:14] >> Now, what do you say to the people [92:15] though that say that investing in the [92:16] stock market long term is going to yield [92:18] more than the 4%? [92:20] >> They're right. They're right. They're [92:23] right historically. But look, [92:27] I would say two things to them. I'd say [92:30] there's two books that are Bibles to me. [92:32] One is A Random Walk Down Wall Street [92:35] and the other is Black Swan. And what [92:37] I'd say about A Random Walk Down Wall [92:39] Street. As long as you're disciplined, [92:41] and I'm very disciplined. Every month I [92:44] put 500 in this deal, 500 in this deal, [92:48] 500 in this deal. dollar cost averaging [92:51] is very important [92:52] >> and as you get older you you reduce your [92:55] stock. So like if if you're 70, you [92:58] know, you maybe have 70% in tax freeze [93:01] and treasuries and 30 in stock and then [93:04] but as you're younger [93:07] >> and you start taking the weight off. So [93:09] when you're how old are you? [93:10] >> 36. [93:11] >> 36. So you would have, you know, 70% in [93:15] the stock market cuz you got time. And [93:17] if you're dollar cost averaging, [93:20] >> and I've been in this when it's [93:22] crashing, I'm happy. [93:25] >> Sometimes when it starts to crash, I [93:27] start putting more in. [93:30] And when it starts crashing even [93:32] further, I put even more in cuz I got [93:36] time. [93:37] >> Warren Buffett will tell you that time [93:38] takes care of everything. And even if it [93:41] crashes, you know, loses half, that's [93:43] okay. That's good if you're young. It's [93:46] not good if you're 70 because you only [93:48] had the win to pick it up. And as long [93:50] as you're dollar cost averaging, you're [93:51] going to be okay. [93:54] >> And so that's that's what I would say. [93:56] You know, my children are, you know, [93:58] your age and they're in the stock [94:00] market. They're slowing it down a little [94:01] bit because it's too frothy right now, [94:03] you know, but but but what we're praying [94:05] for is the stock market to crash. [94:07] >> That's what I'm hoping for, too. [94:09] >> Yeah. [94:10] Now, my introduction to you, by the way, [94:12] was in the Jubilee video. Okay. Where [94:14] you debated 20 people, okay? [94:15] >> What did you learn from that experience? [94:18] >> That malicious envy is on the rise. [94:21] >> What was most surprising to you about [94:23] talking with those people? [94:24] >> There's there's jealousy and envy and [94:26] they don't want to, you know, go out and [94:28] get it done themselves. They're just [94:29] kind of pissed off. Were you surprised [94:32] by the video once you had completed it, [94:34] you went home, then you saw it posted, [94:36] all of the people's [94:37] >> recounting of their thoughts on the [94:40] conversation. To those that don't [94:42] understand, there was a 20v1. [94:45] >> So, it's you as a billionaire, and then [94:47] 20 people asking you questions. And it [94:49] got a little bit combative at times. [94:51] >> And then the video ended with one guy [94:53] saying, "Well, what's stopping you from [94:55] directly helping every single one of us [94:57] here? We took time off of our job to [94:58] come here to film this." You say you [95:00] help people. Well, here's a direct [95:02] opportunity to help us and you gave them [95:03] $100. And that seemed like it was the [95:06] end of the video and it was a happy [95:08] ending. That part ends and then it goes [95:10] to everyone recounting their experience [95:12] on set talking with you. And most of [95:14] them said, "Yeah, you know, he seems [95:16] like an okay one, but generally [95:17] speaking, billionaires are parasites or [95:19] it's like parasitic in nature." Or the [95:21] other person said, "Yeah, he gave me [95:22] $100, but not all these other people. He [95:24] didn't give them $100." I'm curious like [95:26] your your experience onset and then [95:28] watching that afterwards. [95:30] >> Look, I've given money away. I give a [95:32] lot of money away every year. Like right [95:33] right this minute, we're building at the [95:36] Coalition for the Homeless, we're [95:37] building a wing for uh women and [95:40] children. I'm building a Boys and Girls [95:41] Club in Tallahassee. I just built a food [95:44] bank in Appalachia. The food bank here [95:47] in Orlando is called the Morgan Morgan [95:48] Hunger Relief Center at at Second [95:51] Harvest. rich people have a moral [95:54] obligation [95:56] because I believe that most of what's [95:58] happened has been lucky and and maybe [96:01] just like being the paper boy was lucky [96:03] and I do believe what Bill Dmitri told [96:05] me that the money does not belong to me [96:08] it belongs to God and so you know [96:11] they're always going to be well it's not [96:13] you know when I had his money I wouldn't [96:15] give you know you give money away and [96:16] they're like you know Oprah ca in Hawaii [96:18] Oprah gave a load of money away like I [96:20] have you [96:22] Oprah, you know, Jeff Bezos gave the [96:24] food back like 25 million. They're like, [96:27] "That wasn't enough for a guy." I mean, [96:29] no matter what you do, you're But you [96:32] can't you can't you can't you got to put [96:34] the blinders on. You got to do what you [96:36] can do. [96:37] >> Yeah. Did any of those people ask for a [96:39] job afterwards or come up and talk to [96:41] you and try to get advice from you? [96:43] >> No, but one one kind of called me later. [96:45] I thought she was wanting to, but [96:48] I kind of got this phone call. My [96:51] >> What'd she say? [96:52] >> You know, you know, I really enjoyed [96:54] meeting you. [96:57] You Why'd you give her your phone [96:58] number? [96:59] >> She left me a voice message on my phone. [97:02] I didn't give her my phone number. [97:03] >> Oh, she just called the office. [97:04] >> Yeah, she went to my voicemail. I didn't [97:06] talk to her. So, I met you at Jubilee [97:08] and D. [97:11] I'm like, then you're thinking, this is [97:12] cra This is a crazy person, too. What's [97:15] really interesting, I really like the [97:16] Jubilee with Patrick Bet David and with [97:19] PBD, he made a really great argument and [97:22] someone said, "Well, why didn't you hire [97:23] me?" And so he offered this person a job [97:26] and they disqualified themselves. Oh, I [97:29] want these benefits and I want [97:30] >> Well, he said, "Would you would you [97:31] consider moving out? Would you consider [97:33] showing up at this time and leaving at [97:34] this time? Would you do this? Would you [97:35] do that?" Because they were lamenting [97:37] about not having a job and marketplace [97:39] is very difficult. And then he said, [97:40] "This is what you would need to do if [97:41] you wanted to work for me." They said, [97:43] "No." He's like, "Okay, [97:44] >> I'll tell you two stories that kind of [97:47] go handinand glove with that." You ever [97:48] heard of that shoe company, Zapos or [97:51] >> Zapos? Zapus. I forget the I think the [97:53] guy he's dead now, right? [97:54] >> Tony Shay. [97:55] >> But Tony Shay used to do this. He'd give [97:57] people a job. He'd offer him $2,000 to [97:59] quit the first day. [98:01] >> Dan Martell did the exact same thing. [98:03] >> He stole it from that guy then. [98:04] >> Yeah. [98:05] >> I had Dan at my convention. And and and [98:08] so I looked at that. I'm like, that's [98:10] smart. Cuz you know, [98:14] why train those people if they don't [98:17] want the job? Look, we're living in a [98:19] world where there's a lot of people that [98:21] just don't want to work. Here's a real [98:24] interesting story. [98:27] Getting people to come back to the [98:28] office was just like, I mean, nobody [98:31] wanted to come back to the office. So, I [98:33] said, you know what? So, these people [98:34] that didn't want to come back to the [98:35] office, here's what we're going to do. [98:39] You can work from home. [98:42] But guess what? [98:44] We're going to put a camera on your [98:46] computer. [98:48] We're going to put a camera up your ass. [98:53] We won't look at you. It'll be a pixel. [98:56] The first week, [98:59] 23 people quit. Oh my gosh. It's not [99:02] that they don't want to work from home. [99:03] They don't want to work. [99:06] And the people who want to work from [99:07] home now are like, "Well, here's how it [99:09] works. [99:11] If you qualify, we're going to have a [99:13] camera on you. We're going to be [99:14] monitoring you closer than we would." [99:16] And we've got we we measure key strokes. [99:18] We we have this productivity score [99:20] that's incredible. [99:22] >> And look, what's going on is a lot of [99:26] people just don't want to work. And [99:30] they're pissed off, [99:32] but they really need to be pissed off at [99:34] themselves. How do you justify that? [99:38] When you also say something like most [99:40] people that are not successful or [99:42] financially comfortable just lack the [99:43] capacity. If you say someone lacks the [99:45] capacity, it sort of implies that they [99:48] don't have the ability to become [99:51] financially comfortable. But then if you [99:52] say, oh, they have the ability, but they [99:55] just choose not to because they're lazy [99:56] or they just don't want to work. Then [99:58] like what is the actual you can't come [100:01] up with a solution if you have two [100:02] different symptoms. Look, there's I [100:05] mean, there's no there's no perfect [100:08] solution for all this, but I do believe [100:10] you have to say, look, you're going to [100:13] you're going to punch in, you're going [100:14] to swipe a time clock, and we are going [100:17] to make sure and measure your [100:19] productivity. [100:21] And if you don't want to do that, go [100:23] somewhere else. I mean at the end of the [100:25] day [100:27] I am a very strong with a capital C [100:30] capitalist very strong [100:34] capital C. [100:35] >> What does capitalism mean to you? [100:38] >> And what capitalism means to me is [100:40] because the way we've set up our country [100:43] we became the greatest country in [100:44] civiliz in the history of civilization. [100:47] That's what capitalism means to me. [100:49] There's no civilization [100:51] that's ever measured up like we have. [100:56] And so to me, the proof is in the [100:58] pudding. I'm seeing this civilization [101:00] crumble with malicious envy and the rich [101:04] getting richer and the poor getting [101:06] poorer. So it's like it's we've seen [101:08] this movie. We've seen Marie Antuinette. [101:11] >> Who's to blame though? Because if the [101:12] rich are draining the middle class, [101:14] >> well the politicians are you cannot be [101:16] given the rich should not have these tax [101:19] breaks that like carried interest. [101:22] >> I don't think I I [101:24] >> carried interest is such a small amount [101:26] of [101:26] >> it's just one thing look jets deduction [101:29] for jets all of it not having a balanced [101:34] budget. [101:34] >> I don't think that's what the the poor [101:35] people care about though. I think for me [101:37] it's the display of wealth when they [101:39] look at Jeff Bezos with a yacht. Like [101:41] whether or not he got the deduction with [101:42] the yacht, I think he with the amount of [101:44] money he has, he would buy the yacht. I [101:46] mean, [101:46] >> oh yeah. Listen listen. During the [101:48] during co people were pissed off at [101:50] David Geff and he's out there on his [101:51] yacht and they're all drinking [101:52] champagne. It's it's there's two types [101:55] of envy. Remember I told you there's [101:56] benign envy, but the big one is [101:58] malicious envy. And when they see you [102:00] two boys walking in with their Rolexes, [102:02] they're pissed because they don't have [102:04] it. It just it's comparison is the thief [102:07] of joy. It's just why I don't know [102:15] why it rains. I kind of know but [102:19] not really [102:20] cloud. But it's envy. It's jealousy. It [102:25] it's there's an emotion. What about me? [102:28] And look, I remember when I was yall's [102:31] age, you know who who I really got [102:34] pissed off about? Monarchies. God, I [102:37] hated kings and queens. Still do. Why [102:40] the [102:42] is Prince Harry getting money just [102:44] because he was born? He's a piece of the [102:46] wife's worse. [102:50] Monarchies. [102:52] Why does a monarchy Why does a democracy [102:54] need a monarchy? I mean, what if if they [102:57] got rid of King Charles and what what [103:00] would happen? What happens to the [103:02] country? Nothing. They get more money. [103:04] To me, it just seems like the internet [103:06] has really just led to a concentration [103:07] of wealth because you could leverage in [103:10] such ways globally that you never could [103:12] before. So, you get extremes, but then [103:14] it also seems like politically it's easy [103:17] to weaponize the outliers to get votes. [103:21] And now they've weaponized that. But [103:23] it's even worse than that because what [103:25] social media has done is there's people [103:26] pretending to be rich that aren't rich. [103:28] One time I had a guy call me looking for [103:30] a bankruptcy lawyer. [103:34] >> The next week I see him on social media [103:36] in Las Vegas in a limo with with [103:38] champagne. [103:41] He'd called me the week before to to BK [103:44] his business. [103:46] It's it's the pretending [103:49] of wealth. There's a book that I tell a [103:52] lot of people about, not many people [103:54] have read read. It's called richest [103:55] stand. You got these neighborhoods in [103:58] America and the author calls it richest [104:01] stand. You got upper richest stand which [104:03] is the people with the real money. You [104:05] got middle richest [104:07] and then you got lower richest, but [104:09] they're all living in the same zip code [104:11] and they're all going to the same school [104:13] and they're all trying to keep the the [104:15] lower richest stand is trying to pretend [104:16] that they're upper richest stand [104:19] >> and there's this competition and what [104:21] happens then you know credit cards they [104:23] go to Neman's they go to you know and [104:25] it's it's you it's the envy it's looking [104:28] you know I want I want the watch I want [104:31] the dress I want the designer press. [104:35] It's envy and the envy turns malicious [104:39] because nobody wants to say it's my [104:43] fault. They want to find a reason for it [104:46] not to be their fault. [104:49] Because nobody wants to say, "Look, [104:50] here's the real reason. I'm a lazy [104:53] slug." Have you ever heard anybody say [104:55] that? [104:58] >> Not that I could think of. [104:59] >> Well, I claim that I'm lazy sometimes. I [105:01] think. [105:01] >> Well, you didn't shave today. But that's [105:03] that's kind of that's a look. [105:05] >> I actually did. I shaved my neck. [105:07] >> That's a look. That's a look. That's a [105:09] look. I tell my kids, [105:10] >> I trimmed it. [105:11] >> Yeah, he look he's sh Did you trim [105:13] yours? No. He's a But yeah, it's Nobody [105:16] is ever going to They're going to [105:18] Everybody's going to have an excuse. [105:21] They're never going to say, "Look, [105:22] here's the real truth. I just didn't [105:24] work. [105:27] I'm lazy." Now they're going to say the [105:30] the system is rigged. [105:33] The system is rigged [105:36] and the rich are getting richer and the [105:37] rich are taking care of each other and [105:39] the poor are getting poor and poor old [105:41] me. I'm I'm I'm in the I'm in the poor [105:43] section. [105:45] Nobody wants to take personal [105:46] responsibility. [105:48] The best way out is of course work. Work [105:52] work. [105:54] When I worked at Disney, [105:57] you know, it work Christmas day, you got [105:59] triple time. [106:02] And I could I' I'd work as long as they [106:04] wanted to me on Christmas day cuz I can [106:07] open up presents later, but I can't get [106:10] triple time ever. [106:11] >> That's what I always thought. I would [106:14] think that I would just celebrate [106:15] Christmas the day after, the day before. [106:16] >> For triple time. [106:17] >> Absolutely. Even for double time. [106:20] >> Well, Thanksgiving Day to celebrate it [106:22] the day before. Yeah, of course. But but [106:24] but but [106:26] there's some there. Listen, there's also [106:28] there's that that thing you're the paper [106:31] boy. What did you do to make money when [106:32] you were 11? Anything? [106:34] >> Yeah. I worked at a it was a fish marine [106:37] aquarium wholesaler and I love I was [106:39] really big into aquariums and so I [106:41] worked there after school for free fish [106:43] and coral and I loved it. I wanted to [106:45] skip school just to work. [106:46] >> Here's what I tell my kids. If work is [106:49] work, you're [106:51] I love to work. [106:54] I love to work and I love money. [106:58] And the two go hand in hand. If work is [107:00] work, you're the people who are the most [107:02] successful. You know why you're [107:04] successful? I love it. Even this to me, [107:06] it never feels like work. Somehow we we [107:09] make money by doing this. [107:10] >> You must be making a lot that you're you [107:12] got a lot of viewers. But [107:15] work, if work is work, you're [107:18] That's why you're skipping in here. [107:22] And that's what people need to do. They [107:24] got to find out what they love. [107:27] Not you don't go to make money. You go [107:28] to do what you love. If you do what you [107:31] love, then work is not work. That's [107:34] that's another secret thing. [107:35] >> For me, you know, when my brother got [107:38] hurt, there's a lot of things that [107:39] happen in our life. And then I wanted to [107:41] go get revenge for my brother. So, I [107:44] have I've had purpose from the very [107:46] beginning. [107:47] And it's never I've never you know I I [107:50] hate it when Fridays would come [107:53] because back then we didn't have [107:54] internet we didn't have nothing you know [107:56] I just like you know with a you know [107:57] tape recorder at home when Fridays would [108:00] come I would be depressed everybody else [108:03] is skipping to the parking lot I'm like [108:05] I wish it was Monday [108:07] because I have so much to do. Yeah. [108:09] >> Who is the most famous person in your [108:11] phone that if you were to call them they [108:13] would pick up? [108:15] >> Bill Clinton. [108:16] And how how is that like to have such a [108:20] powerful network? One thing I I noticed [108:22] in doing my research of you is that you [108:24] remain very warm to people in every and [108:28] probably because they want to remain [108:29] warm to you as well, which it does. I I [108:32] don't know if that turns out to their [108:33] benefit, but it seems like you remain [108:36] very warm to everybody. And I'm curious [108:38] like how have you strategized this? Was [108:41] this by plan? No, I think what happened [108:44] for me is I'm Irish and I love people. [108:46] So being warm is like it's who I am. I [108:50] love people. I I I I'm a connector. [108:53] >> I wonder how the average viewer can use [108:55] this what you've done to their own [108:58] benefit. Like how you built a good they [109:01] learn from what you [109:02] >> Bill Clinton told me something one time [109:04] that I think they can learn because I [109:05] learned from him. I said, "What's your [109:08] secret, President Clinton?" [109:11] He said, 'Here's what I do. Everybody [109:13] that I meet, I treat them like this. [109:16] There's an election tomorrow [109:20] and they're voting [109:23] and I'm on the ballot [109:26] and I treat everybody just like that, [109:29] even when I'm not running. And he said, [109:31] I call it one at a time. And that's what [109:33] I do. Everybody I meet, [109:37] I'm running off for office. They're [109:39] voting and the election's tomorrow. One [109:42] at a time. It's not mine. It's Bill [109:44] Clinton's. [109:45] >> And has this served you very well? A lot [109:47] of people say your network. [109:50] >> That's my talent. I'm not I'm not smart. [109:53] I'm not smart academically smart. [109:56] >> I don't believe that. [109:57] >> It's true. But I'm very very smart [109:59] smart. I'm very street smart. I have [110:03] X-ray vision. I can smell bull [110:06] and so look I'm not good at standardized [110:10] test. [110:13] Thank god my wife is so that kind of she [110:16] balanced us out with the kids smart but [110:18] I'm very very street smart and I'm very [110:21] my social IQ is off the charts. [110:23] >> So I believe those when you said you're [110:25] not very smart I thought for a [110:26] >> second there's different smart here's [110:28] here's how smart I am. I'm smart enough [110:32] to know what I'm not smart at and smart [110:35] enough to go find people who are smart [110:38] at what I'm not smart at. The most [110:41] dangerous person is the person who [110:43] thinks they're smart but aren't smart. I [110:46] know what I'm not smart at. I know that. [110:50] But I know what I'm very smart at. So, [110:53] if you have X-ray vision for people, I [110:56] would love to know what you think Graham [110:57] and I can improve on. what you read from [111:00] us. [111:00] >> Well, you're you you you're tort [111:02] reformers [111:04] and you're misinformed about your [111:06] information. You're getting third party [111:07] stuff. You're you're business people. [111:09] So, plaintist lawyers are not your [111:11] favorite people. Uh you think that the [111:15] system could be rigged against you [111:17] because of, you know, greedy. Uh but the [111:21] thing you're good at is you're [111:24] relentless. You're tenacious. [111:28] No means yes. [111:31] No's got to mean yes. If no means no, [111:33] you're [111:35] and I don't think you two take no for an [111:37] answer. And you're both smart [111:41] and but you tend to be conservative. I [111:44] think [111:44] >> I agree with that. I don't know if I [111:46] would agree that I'm a tort reformer per [111:48] se. [111:49] >> Well, I'm not I'm not I don't know. I'm [111:50] just It's like trying to guess your [111:52] weight, [111:52] >> right? This is this is just what I've [111:54] heard and we know people closely that [111:56] are in the industry on both ends and we [111:58] may have dealt with some stuff. [112:00] >> But you but you're hearing lies or not [112:03] lies but just it's not true. [112:07] >> Look, they say there's an insurance [112:08] crisis. We need to reform. They got it [112:10] in Florida and then the next [112:13] the next day State Farm issued $5 [112:15] billion to their pol to their [112:18] stakeholders. It's all a lie. Insurance [112:20] companies are liars. I do agree with you [112:22] that even if we were to change this, I [112:24] don't think the insurance companies [112:26] would ever say, "Oh, wow. We just saved [112:28] all this money. Let's lower policies." I [112:30] don't think that's ever going to happen. [112:32] >> That's why I told you the beginning of [112:33] this broadcast, what what tort reform [112:36] tie it to is I've been in this business [112:38] for a long time. I've never had one tort [112:40] reform where the rates got rolled back. [112:42] They were promised to be rolled back. [112:43] >> I would agree with you. [112:44] >> Just the opposite happened. It went up. [112:46] It's never stayed flat. It's always gone [112:48] up. And the insurance companies have a [112:50] great business model. If they lose [112:53] money, they raise rates. [112:54] >> I have one more question. [112:56] >> And by the way, they don't just lose [112:57] money paying claims. They lose money [112:58] buying real estate and buildings and and [113:01] you know, hedge funds and all sorts of [113:03] they but when they lose money, they just [113:05] raise rates and they say it's John [113:07] Morgan that's causing this. [113:08] >> Yeah. [113:08] >> And the malicious envy. [113:11] >> It seems like you have a great [113:12] relationship with your kids and your [113:14] wife. [113:14] >> Yes. [113:15] >> What do you attribute that to? And [113:16] what's the best relationship advice that [113:18] you could give for someone who's [113:19] married? [113:20] >> Uh, the best thing I say is about [113:23] children is your child is one friend [113:25] away from total disaster. [113:27] Remember I told you if you smell dogs, [113:29] there's dogs. I've had to remove two [113:31] children from my children's life along [113:33] the way. It was the best thing I ever [113:34] did cuz both those kids turned out to be [113:36] exactly who I thought they were. [113:39] >> The second thing is [113:41] you have to have rules and real [113:42] consequences. You can't just pick, you [113:45] got to, you know, really do it. [113:48] And then the best thing is you just got [113:50] to spend a lot of time with them. I [113:52] mean, I lived in I lived on sports [113:54] fields. I lived at the beach. I lived, [113:55] you know, in batting cages. I I you [113:58] know, they were in the car with me [113:59] constantly. [114:01] And there's only this one window that [114:03] you get. And when you get to my age and [114:06] you look back at the tunches in your [114:08] life, the tunch that was the best was [114:11] when you your children, the time with [114:13] your children till they get to be about [114:16] 15 in car, [114:18] but from the time they're born till [114:19] they're 13, 14, 15, that is the best [114:22] trunch you're ever going to see. And the [114:24] kids are the kids are baked by the time [114:26] they're five. After five, the cake is [114:29] baked. [114:31] >> You got to spend a lot of time from the [114:33] beginning to five. [114:35] And then you just have to love them. [114:39] But you have to have consequences and [114:41] you have to be steady. I mean one time [114:43] Dan I told this I was on a podcast [114:45] yesterday the breakfast club and the guy [114:47] said what you I said well look because [114:48] Dan was with me after I did Morning Joe [114:51] and he said well what give me an [114:53] example. I said well look you know one [114:55] Christmas Dan came home. Dan's 37. He's [114:58] y'all's age. Dan came home and had [115:00] Christmas break. And I said, "Dan, I [115:02] think you've been smoking marijuana over [115:03] Christmas." He goes, "No, I haven't." I [115:06] said, "I think you have." "Well, I [115:07] haven't." I said, "Well, well, I think [115:08] you have." He goes, "Well, I haven't." I [115:09] said, "Well, we're going to find out." [115:10] Cuz I got a Pete kit back in the [115:12] bathroom by the pool room. Go pee in the [115:14] cup. Okay. I said, "And let me let me [115:17] tell you this. If you fail, you lose [115:19] your car for the semester. If you want [115:21] to admit it, you lose your car for a [115:23] month." There was this moment where he's [115:25] just standing there looking at me. [115:28] He probably reaches in his pocket. and [115:29] he throws me the keys and that was that. [115:32] I drug tested the out of them cuz [115:36] you know I use marijuana every day. I [115:39] mean if I don't have I mean I float to [115:41] bed. I mean I I'm I'm flying on a pink [115:44] pink dragon when I go to bed. [laughter] [115:46] But but when they're young that that can [115:50] fry their minds. You know what stoners [115:52] are like? They're just real slow. And I [115:55] wasn't going to let that happen to them. [115:56] And you know, I had one boy, Matt, [115:58] who's, you know, a star now, but he was [116:00] a surfer and surfers smoke dope. And I [116:02] just drug tested the out of him. Mike [116:05] and Kate, I didn't have to. Dan and [116:07] Matt, I did. All children are not the [116:10] same. [116:10] >> But you have to have consequences. One [116:13] time Matt was playing the All-Star game [116:14] and I was coming upstairs and he was [116:16] talking to his mother because his mother [116:18] was late and I heard him scream, "Shut [116:19] up. [116:21] Shut up." He didn't know I was there. I [116:23] walked in. I just slapped him down on [116:24] the floor. I said, "The gate day is [116:26] over. Go take your all-star uniform. [116:29] It's over. [116:31] It's over. [116:34] You're not going to tell your mother to [116:35] shut up." And I called Joe Strada, the [116:38] coach. I said, "Joe, Matt's not going to [116:39] be there for the All-Star." John, you [116:41] can't do this to the team. He's a short [116:42] stop. I said, "I don't give a about the [116:44] All-Star game. I give a about this kid. [116:47] If you win today, we'll be there [116:48] tomorrow. They won today, we went the [116:50] next day." [116:51] >> And what about you and your wife? How do [116:52] you keep a solid relationship with your [116:54] wife? Well, look, marriages are tough. [116:56] One time we were interviewed and the [116:58] interviewer said to my wife, "Have you [116:59] two ever thought about divorce?" And she [117:01] said, "Yes, just never at the same [117:03] time." Look, marriage is an unnatural [117:06] situation because you got two people [117:09] that have, and my wife's very smart and [117:11] very strong willed, but uh [117:15] here's what you need to understand. I've [117:18] seen, listen, I've seen so many people [117:20] get married and get divorced and all [117:22] this. I just decided, you know what? [117:25] I'll have rough patches, but I'll get [117:27] past those rough patches because [117:31] I'm just going to stay married to the [117:33] crazy I know, then marry the crazy I [117:36] don't know, cuz all these are [117:38] crazy [laughter] [117:40] and I'm crazy. [117:43] It's guys, we're all crazy. I stay with [117:46] the crazy I know and love. [117:49] >> Thank you. This is so much pleasure. [117:52] Really appreciate it. We'll link to your [117:53] book, all your information down below in [117:55] the description. Really appreciate your [117:57] time and giving us extra time on top of [117:58] it. [117:59] >> Thank you everyone for watching. We're [118:00] in a rush. We got to go. Until next [118:01] time. [118:02] >> 2.7 million is what I paid for the car. [118:04] >> And what did you sell it for? [118:06] >> I sold it for [118:09] >> No. And I WILL DRIVE THIS CAR MORE THAN [118:11] ANYONE'S EVER DRIVEN A CODE. [118:15] >> What's the craziest thing you've seen in [118:16] the car market? Where to begin? [118:21] THERE'S MORE MONEY IN the market than [118:23] ever before. [118:24] >> You believe that maybe some of it's [118:26] fake. [118:26] >> I [music] know it is. Anyone who's in [118:28] the business know that there's some [118:29] fishy stuff that happens at those [118:30] auctions? I had a plan. I had an idea. I [118:33] turned a $600 video camera into [118:34] >> [music] [118:34] >> $10 million. What triggered the audit? I [118:37] owed like a billion dollars. Holy crap. [118:40] I was in a dark place. It was tough. [118:42] Then I just have to turn it on for [118:43] [music] the camera. [118:44] >> Is marriage on the horizon soon? When [118:48] are Strad kids [music] gonna happen? [118:56] [music]