meta_pixel
Tapesearch Logo
Log in
Good Money with Derrick Kinney

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

Good Money with Derrick Kinney

Derrick Kinney

Investing, Entrepreneurship, Business

51.5K Ratings

🗓️ 11 November 2024

⏱️ 35 minutes

🧾️ Download transcript

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

Click on a timestamp to play from that location

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.

0:14.4

Good money in the hands of good people gets good work done. I'm your host, Derek Kinney. If you've watched the hit TV show Shark Tank,

0:22.8

it may seem like one big deal with the shark is all it takes to make someone an overnight success.

0:28.8

But as you'll hear from my guest, successful entrepreneur and one of those sharks making those big

0:34.3

deals, Damon John says overnight success takes about 15 years. In our conversation

0:40.7

together, Damon shares lessons he's learned through his own successes and failures. Why he says

0:47.0

whether you're making $30,000 a year or $30 million, your financial intelligence is what matters.

0:54.1

And if you're thinking about starting your own business or you want to grow the business you have 30 million, your financial intelligence is what matters.

0:58.2

And if you're thinking about starting your own business or you want to grow the business you have now, he says to be selfish in a good way.

1:02.2

I think you'll enjoy my conversation with Damon John.

1:05.6

Damon, welcome to the show.

1:07.2

Thank you for having me.

1:08.3

Well, Damon, let's get right into it.

1:10.1

Talk about lessons you

1:11.5

learned growing up and what was your perception of money? You know, my perception of money was

1:18.1

is hard to obtain. You know, growing up as somebody of color, it was, you just couldn't imagine how massive wealth was built.

1:31.3

It was generational wealth that, you know, being African American, we didn't have the luxury of having.

1:39.4

And you were either, you know, somebody who was wealthy and you weren't black, or if you were,

1:44.6

you were somebody who had something to do with sports or music, and, uh, that's pretty much it.

1:51.0

And I never thought that I would be able to make anything, meaning of significance. I mean,

1:56.3

hopefully I would be able to, you know, have the American dream one day be able to own a home

2:01.2

but worked hard enough, but it was, that was the top of the ladder of where I would make it.

...

Please login to see the full transcript.

Disclaimer: The podcast and artwork embedded on this page are from Derrick Kinney, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Derrick Kinney and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.

Copyright © Tapesearch 2025.