Daymond John - Why financial intelligence is the secret to making millions

Good Money with Derrick Kinney

Derrick Kinney

Investing, Entrepreneurship, Business

5 • 1.5K Ratings

🗓️ 21 September 2020

⏱️ 35 minutes

🔗️ Recording | iTunes | RSS

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Summary

In today’s episode, Derrick Kinney interviews successful entrepreneur, investor and one of the sharks from the hit TV show Shark Tank, Daymond John, on how his successes and failures have taught him that financial intelligence is the key to business and personal success.

What You Will Learn:

● How Daymond shares about his false perception of money as a kid and how he didn’t start to really make money until it was a byproduct of doing something he was passionate about

● Money is a tool that can be used for good or for bad

● Daymond shares how early on he was almost homeless due to his lack of financial intelligence

● What the power of broke is and why it’s crucial to business success

● The 3 main things you need to be aware of if you are considering starting a business

● What it looks like to empower those around you for mutual success

● The 3 parts to the negotiation process

● Why it’s important to be selfish in a good way

● How giving is such an important factor in financial success

Inspirational Quotes:

● “Overnight success takes 15 years.” - Daymond John

● “Money is a tool..and if you know and have financial intelligence, and you know how it works then you are able to build things with that tool.” - Daymond John

● “Whether you’re making $30,000 a year or $30,000,000 a year, financial intelligence is crucial.” - Daymond John

● “Sometimes we halt negotiations halfway through because we internalize way more and we’re not thinking about the best interest of that person or we’re not asking the right questions.” - Daymond John

● “What can I do that’s in my control to make a positive difference?” - Derrick Kinney

Recommended Resources:

● Power Shift by Daymond John

● 5 Ways Your Resentment of Money is Ruining the World (free download)

Transcript

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0:00.0	Welcome to the good money, good hands, good work, podcast, where we believe money is not bad and good people should have more of it.
0:14.0	Good money in the hands of good people gets good work done.
0:17.0	I'm your host Derek Kenny.
0:19.0	If you've watched the hit TV show Shark Tank,
0:22.0	it may seem like one big deal with the shark is all it takes
0:26.4	to make someone an overnight success. But as you'll hear from my guest, successful
0:31.3	entrepreneur and one of those sharks making those big deals
0:34.6	Damon John says overnight success takes about 15 years. In our conversation
0:40.8	together Damon shares lessons he's learned through his own successes
0:44.9	and failures. Why he says whether you're making $30,000 a year or $30 million, your financial
0:51.9	intelligence is what matters.
0:54.2	And if you're thinking about starting your own business, or you want to grow the business you have
0:58.4	now, he says to be selfish in a good way.
1:02.2	I think you'll enjoy my conversation with Damon John. Damon,
1:05.9	welcome to the show. Thank you for having me. Well, Damon, let's get right into it. Talk about
1:10.7	lessons you learned growing up and what was your perception of money.
1:16.1	You know my perception of money was is hard to obtain.
1:20.6	You know growing up as somebody of color, it was, you just couldn't imagine how massive
1:29.8	wealth was built.
1:31.7	It was generational wealth that you know
1:34.0	being African American we didn't have the luxury of having
1:38.0	and you either you know
	...

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