"People Are LAZY!" Billionaire Exposes The BEST Ways To Make Money In 2026 (& Why 99% Will Fail)

0:00There's nothing that stops some music

0:01like the word billionaire.

0:03>> Do you have a billion in the bank?

0:04>> I'm a billionaire.

0:07A real one. What was your business? I

0:09own one of the largest law firms in

0:11North America. I hunt money. I fish for

0:14money. Income and wealth disparity in

0:17the US are at all-time high levels.

0:20>> Nobody wants to say, "Look, here's the

0:21real reason I'm a lazy slug."

0:25>> What do most people get wrong about your

0:27business? I am the most authentic person

0:30you're ever going to meet, but I'm very,

0:33very street smart and my social IQ is

0:35off the charts.

0:36>> So, how did you become a liquid net

0:39worth billionaire?

0:40>> If work is work, you're

0:42love to work cuz I don't lose.

0:46They lose.

0:47>> Sir, come here. I'm sorry.

0:49>> And when somebody with me, I back.

0:55John Morgan, thank you so much for

0:56coming on the Iced Coffee Hour.

0:58>> Well, it's good to be here. Uh, and

1:00welcome to the Big O.

1:02>> Thank you.

1:02>> Thanks so much. You say you don't hunt

1:05deer, you hunt money. And now you're a

1:08confirmed billionaire. I'm curious, are

1:10you still hunting money?

1:11>> People who hunt deer are still hunting

1:13deer, and people who fish are still

1:15fishing. So, I'm still hunting and

1:17fishing. Yes. So, what's remarkable is

1:20that your firm did over $2 billion in

1:23revenue last year. What do most people

1:26get wrong about your business?

1:27>> What people get wrong about my business

1:29is that,

1:31you know, we're we're chasing frivolous

1:35cases.

1:37We probably take about 7 to 6% of the

1:41calls that come to us. We don't have the

1:44money to chase frivolous and cases

1:48because the people we're going up

1:49against have unlimited money. So when

1:53people say, you know, jackpot justice

1:57and frivolous lawsuits and ambulance

2:00chasers, they say it because they're

2:03trying to have what's called tort reform

2:05and to scare the public. I don't have

2:07the money or the time to chase frivolous

2:10lawsuits. So I think that's the number

2:12one thing. What I do for a living is

2:16righteous. What I do for a living is

2:20somebody has something taken from them

2:23due to no fault of their own.

2:26Their health, their income,

2:30their enjoyment of life, consortium, you

2:33name it. It's been taken from them due

2:36to no fault of their own. And my job is

2:40a great job because what I get to do is

2:43go back and get back as much as I can

2:47that has been taken from them. I think

2:49the people who get something wrong about

2:50my job and go, if something is taken

2:53from you, you want it back. Now, if you

2:56get your leg cut off, I can't put your

2:58leg back on. But we can get justice and

3:01compensation for that. So, not only is

3:04what I do good, it's righteous and

3:07right. How common are frivolous

3:10lawsuits?

3:11>> Well, I don't think they're they're

3:12common because the insurance industry,

3:16these are smart people. And when they

3:18get a frivolous lawsuit and it goes to

3:20an insurance defense lawyer, they love

3:23frivolous lawsuits. You know why?

3:26Because they get to bill bill. And they

3:29bill like crazy on frivolous lawsuits.

3:31Why? Because they know they're going to

3:32win.

3:34If if somebody

3:36sues somebody with a frivolous lawsuit

3:38and the defense lawyer gets it, they're

3:40like, "No, we're paying nothing. We're

3:42paying nothing." Because who gets to pay

3:45the money? The insurance company. So

3:48why? The question is why? I'm starting

3:51to think about a new ad. You may give me

3:52a good new ad idea.

3:54>> I'll take my 10%.

3:56>> Three. Three. But uh when we say

3:59frivolous lawsuits, for there to be

4:01frivolous, not lawsuits, frivolous

4:03cases, the insurance industry has to go,

4:06we're going to give you money for this

4:08frivolous lawsuit

4:12for nothing.

4:13>> You think they're going to do that? No.

4:14And if they don't do that, then they go

4:17to a jury of our peers,

4:20the same juries who get to put people

4:25in the electric share. We have the we

4:28have the best civil and criminal justice

4:29system in the world. So that's what

4:31people get wrong.

4:33>> You've spent over a billion dollars on

4:35advertising. What do you understand

4:37about human attention that most people

4:39don't?

4:40>> It's been more way more than a billion.

4:42I'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

4:50because we've we've moved into some new

4:51cities and I got a new domain called

4:54injury.com. How much did you pay for

4:56that domain?

4:57>> Injury.com. I think I paid4 million.

4:59>> $4 million to ind. Yeah, that's actually

5:02not that.

5:03>> Believe it or not, here's what I said.

5:04When I bought injury.com, here's what I

5:06said. I want to buy what whenever I do

5:09an ad or do something in my space. I

5:11want to do something that my competitors

5:14literally

5:16up their back when they hear or see. So,

5:20if if I was a competitor and I saw a

5:22billboard that said injury.com,

5:27I would shut up my back because that's

5:29that's that I mean, if you could have a

5:32name, what would you want for my

5:34business? I would run injury.com

5:37personalinjury.com

5:39car accident

5:40>> not personal because let me tell you

5:42when I did my domains I I got down this

5:45I was doing this before anybody was

5:47think I mean nobody even had

5:48blackberries when I was doing my URL

5:52I got down to two names that I was going

5:53to make. I wanted to be my branding

5:55statement and my URL my mission

5:57statement. The two choices I had was

6:02for the people and the other one was

6:05justice for all.

6:08Now, let me tell you why I didn't do

6:09justice for all. The average reading age

6:13in America is about sixth or seventh

6:15grade. A lot of these don't know how to

6:17spell justice. So, what I don't like

6:20about personal,

6:22how do you spell it?

6:24>> How do you spell it, Graham?

6:26>> Go ahead.

6:28Jay, wait. No, no, I got I got this

6:31>> pneumonia. Uh, it's it's like so I would

6:35I don't like per I mean there is a

6:37personal injury.com, but you got to

6:39think how they think

6:42and how they spell and how they read and

6:46they don't read or spell well. For

6:49that's like kindergarten. The like

6:52that's like the second word you learn.

6:54And people that's the hard one. How much

6:56have you spent in total on advertising,

6:58do you think?

6:59>> Oh, I'd say billions and billions.

7:02Multiple billions. Multiple billions.

7:03>> So, what do you understand about

7:04attention that most people don't?

7:06>> I understand that the the tension that

7:08people have is like a gnat

7:10and not it's not a long attention. And

7:15here's what I want to do with my ads. If

7:18I took you out in the field and there

7:19was a thousand brown cows and I pointed

7:22to one and I told you, "Look at that

7:24cow.

7:27because we're going to come back here in

7:29six months and I want I want you to pick

7:31this cow out of the herd. You'd look at

7:35the cow, okay? He's got a little little

7:37scratch on the eye. You made a little

7:39sock on one leg and you'd be looking at

7:41the cow. I go, "All right, get in the

7:43car. We're going to come back." And then

7:45we come back in six months and I tell

7:47you, go find the cow. You might, you

7:49might not. Now, we went out to that same

7:52field and there was a thousand cows, but

7:55only one was purple. And I pointed to

7:58the purple cow. We can come back in 60

8:02years and you're going to pick the

8:04purple cow. I want to be the purple cow.

8:07And so, how do you become a purple cow?

8:09Look at all these insurance companies

8:10ads. Look at Progressive. Look at Geico.

8:13Look at State Farm. It there's humor. A

8:15lot of humor. My director of marketing

8:18was with Geico before he came with me.

8:20But then there's other ways. You got to

8:22be educational.

8:24You can't just be this big head going,

8:27"If you've been injured, call me." You

8:29know, boom, boom, boom. No, you have to

8:34have people watching. My goal with my

8:37commercials is it that they're so good

8:39that the public rewinds them to go,

8:42"Wait a minute, wait, wait a minute.

8:44What did that say?" or the billboards.

8:46Like I did a billboard once was highly

8:48controversial. Size matters. America's

8:51largest injury firm. Well, a lot of

8:53people gave me a lot of for that. That's

8:56offensive.

8:58Why? Well, you we know what you're

9:01doing. Really? What am I doing? The you

9:06think I'm doing you get your head out of

9:09the filth. You're a filthy person to be

9:12thinking like that. I'm saying size

9:14matters. The size of my firm matters. So

9:17when you say size, one thing I did

9:19before years ago, I took all my

9:21billboards and I defaced them myself.

9:24But I made it look like it somebody

9:26crawled up, you know, put for the money

9:29and blocked my teeth out,

9:32>> glasses, all this. In college towns, I

9:34had

9:35>> this thing went viral because guess

9:37what's happening? And everybody's like

9:38taking pictures of the billboards and

9:41sending them out to their friends and

9:44post them on media. The news people were

9:46calling. Your boards have been defaced

9:49on Alfa. What?

9:52Can we come by and do a story on it? I

9:55need to figure this out. They're doing

9:57stories on my defaced ads. cars are

10:01stopped and they're outside the thing

10:02taking pictures of my defaced ads which

10:05was really you know negative about me

10:09made up by me for me that's a purple cow

10:13>> so you came up with this idea yourself

10:15do you run these ideas by anybody else

10:17or you just decide on your own that's

10:20great

10:20>> have you ever seen Bill Cosby Art Link

10:23kids say the darnest things

10:25>> they're up in high chairs so we're going

10:26to film this Sunday here in Orlando a

10:28bunch of kids and we're just going be

10:30asking kids about Morgan and Morgan

10:32sitting on the chair. Kids say the

10:34darnest things.

10:37They were going to film them all. Then

10:39we're going to chop it up and then we're

10:41going to run this ad called Kids Say the

10:43Darnest Things. Yeah, I came up with

10:45that.

10:45>> Who do you look to as inspiration for

10:49advertising marketing? What do you think

10:50is the most effective advertisement of

10:53all time?

10:53>> Coke. It's the real thing. I'd like to

10:56hurt the world to him in perfect

10:59harmony.

11:02And I love the ending of Mad Man. Did

11:04you see Mad Man?

11:04>> No. Madman was a show and Don Draper was

11:07this big executive who was the king of

11:11king of Madison Avenue and then he kind

11:14of you know after he everybody in town

11:17and had a great time he decides to drop

11:19out of life and he's sitting there at

11:22the end the last the last episode he's

11:24gone to find himself and he's in Hawaii

11:27and he's sitting up there

11:31he's meditating and all of a sudden I'd

11:34like to teach the world to sing in

11:38perfect harmon. And he's sitting there

11:40and it was the coke and the the the

11:43inference was he's coming up with the

11:45coke 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

11:52fantastic.

11:53>> Why don't you sponsor the Super Bowl?

11:55>> Well, I might. Um,

11:59it's so expensive.

12:00>> How much does it cost to sponsor the

12:02Super Bowl? Well, different things. I

12:04mean, you it can be millions and

12:06millions.

12:06>> Did you get a price ever?

12:09>> I've run Super Bowl ads, not national

12:12ads, but in regional

12:14>> in DMAs. Yeah. Yeah. I've gotten Listen,

12:17they they're pitching me all the time

12:18stuff. But the Super Bowls one day,

12:21here's what I don't like about the Super

12:23Bowl. If it's a blowout, are they going

12:26to watch the second half?

12:29where they gonna place you in the, you

12:31know, I mean, if you're in the beginning

12:32or if you're the end, it's all about

12:34placement.

12:35>> So, I I wrestle with it. There's there's

12:37certain people that advertise just for

12:40their own ego

12:42and then you look at the ads and we're

12:43so disappointed in some Super Bowl ads,

12:46but then there's then there then there's

12:48the 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

12:54Clydesales.

12:56>> What's the most you've ever spent on an

12:58ad? I had some ads with Kyle Bush and we

13:03we haven't been able to really run them

13:04because he passed away, you know, he

13:06died. We have an ad with John Daly and

13:08his son and uh because then you got

13:11talent. You're paying I've sponsored the

13:13car. So part of my Kyle Bush deal was I

13:16sponsored the the car.

13:18>> Mhm. So, I got the car, I got the rights

13:20to all that, and I was I was in the

13:23races, and then I So, I spent millions

13:26on on, you know, with NASCAR.

13:29>> Now, one thing I found really incredible

13:31is that I've heard you received about 3

13:35million leads, which is equivalent last

13:38year to 1% of the entire United States.

13:42Have you ever had to sue a friend?

13:44>> Yes.

13:45>> How do you deal with that? Here's here's

13:48what I do. If it's if it's a Well, first

13:52of all, there's friends and

13:53acquaintances. Everybody's your friend

13:55when you're going to sue them, right?

13:58But a lot of times what I'll do is I'll

14:00call them. I'll say, "Listen,

14:02I got this case.

14:05I can do it or you can I can have

14:07somebody else do it. You tell me what

14:09you want me to do."

14:11And a lot of times they say, "I'd rather

14:13have you do it." Because sometimes

14:14people just want to be vicious to be

14:15vicious and you know almost turns into

14:18extortion not a lawsuit.

14:21>> But if it's somebody that's a good

14:22friend that I've given you know I give

14:25them diplomatic immunity. I don't I

14:27don't need the money that bad to sue

14:28friends. You know, I had a case one time

14:31where

14:33malpractice case and I called him up, a

14:36doctor, and and you know, me and him

14:38used to play basketball together in high

14:40school and I said, "Listen, this is

14:43going to happen, but do you want me to

14:44do it?" He goes, "I don't want you to do

14:46it."

14:47And they settled the case against him

14:49for $4 million.

14:51>> So, I lost, you know, $1.6 million for

14:54my friendship. Funny thing about that,

14:58I never saw them again for the rest of

15:00my life. So, I've been thinking about

15:03that 1.4.

15:06>> What's the most you've ever won in a

15:07lawsuit?

15:08>> Well, we hit Google for 500 million last

15:11year in San Francisco.

15:13I settled black farmers was 1.2 billion.

15:17A lot of 100 million. These are

15:18verdicts.

15:19>> And I've been in big mass tors, the BP

15:21oil spill. I rep I live in Hawaii in the

15:24wintertime. Uh I was one of the lawyers

15:26that represented the the fire victims.

15:28We settled that one last year for 4.7

15:32billion. I'm on the opioid

15:36MDL.

15:36>> Yeah.

15:38>> So, but it's, you know, it it it's from,

15:42you know, a little to a lot.

15:44>> So, what's the most you've ever

15:45personally made from a lawsuit? As many

15:47of you know, we moved into this

15:49warehouse and it has been absolutely

15:51game-changing. Having the team work

15:52together in person has been an absolute

15:54blast. That said, we are constantly on

15:56the road for the podcast and there are

15:57plenty of times that there is a file I

15:59need on a computer back in Vegas, which

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16:43or just click the link down below in the

16:45description. So, what's the most you've

16:46ever personally made from a lawsuit?

16:49>> The where you make the biggest money in

16:50these big mass tors, but it's misleading

16:54because it could take 10 years and then

16:57you divide 10

16:59>> into that number to annualize it and you

17:03go, was that worth it? I mean, yeah.

17:06Yeah. You know, it's kind of but the

17:09fees are nowhere near what the public

17:12thinks. I mean, if I look, you know,

17:15$100 million case, you know, I had a a

17:18case in Miami, 100 million bucks, fees

17:2040 million.

17:22Black farmers was 90 million on the 1.2

17:26billion. So, when you see when you hear

17:281.2 billion, it doesn't mean I got a

17:30third. It because there's all sorts of

17:33>> because fees go to many different

17:35things. fees are they go to the

17:37partners.

17:38>> Well, fees go and fees are different.

17:40Fees are not just a third. I mean,

17:42that's on a single you single event

17:43cases are a third. And what you got to

17:46remember when you hear these verdicts in

17:48some of these states, they knock the

17:49verdicts down. They set the verdicts

17:50aside. They don't have insurance.

17:53There's not many people have 100 million

17:56to pay 100 million. What's the most

17:59surprisingly large settlement you've

18:01ever gotten? We or verdict. We have a

18:03friend that settled something. He's a

18:05personal injury attorney in the Valley

18:06of Los Angeles. He settled $50 million

18:09for someone who spilled hot tea on their

18:11groin going through the drive-thru.

18:13>> I just had a big hot coffee case. We got

18:16a verdict for like five billion.

18:18>> Five billion.

18:19>> Million.

18:19>> Oh, I heard billion. I was like, wow.

18:23>> It was probably that lettuce on my tooth

18:25sliding down. uh the fees and that I've

18:29had over the years is right at at the

18:32beginning of this year was 35 billion

18:35for everything. But remember, I got

18:381,200 lawyers, you know, so it's it's a

18:42big number, but I got a lot of people,

18:44you know, cranking out those ca those

18:46cases.

18:48>> What is your annual overhead on the

18:51business? Like what do you spend to keep

18:53this whole business alive? It all

18:55depends because the lawyers got bonuses

18:57tied to their production. So, and by the

19:00way, what I want to do is pay them a

19:03load of money. I want my lawyer's

19:06bonuses to be astronomical,

19:10but it it's a it's a it's a you know,

19:12it's a it's it's a huge number.

19:14>> Now, when it comes to lawsuits, I'm

19:16curious,

19:17why don't the loser in the case why

19:20don't they pay for the other person's

19:22legal fees? Like if I sue Jack and

19:28he wins,

19:30why?

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

19:36that?

19:37>> Because I win.

19:39They don't want They don't want it

19:41against me. If they have Listen, the

19:43first person will run for once loser

19:45pays is me because I don't lose.

19:50They lose

19:50>> here. Here's

19:51>> because I get to pick the case. I get to

19:53take I get to pick what I want.

19:56>> Here's where I'm coming from is that in

19:58California, which is where we used to

20:00live really until 2020, I've seen so

20:02many frivolous lawsuits. And how they

20:05always start is they say, "I'm going to

20:08claim this and it's going to cost you

20:10$50,000 to fight this and you're

20:12correct, but you're going to spend

20:13$50,000 to fight me or you give me

20:15$20,000,

20:17I'll go away." And that seems like a

20:20very common tactic. Well, but see,

20:21you're misinformed. There's all sorts of

20:23things like there's a thing called a a

20:25demand for judgment. If they put a

20:27demand in, if they say, "Okay, we're

20:29going to pay you $10,000."

20:33And the verdict comes in 25% less than

20:35that, 7574999,

20:39it's loser pays in Florida.

20:42And vice versa, if I put in and I get

20:4625% more, they got to pay my fees, too.

20:50So there are devices and motions and

20:53pleadings

20:55that you can have loser pays and I get

20:57it all the time. I do it I do propose

21:00it's called a proposal for settlement.

21:02Now they're different in different

21:03states. PFS I do I do a PFS

21:07on 95 96% of my cases and they have to

21:12pay my fees when they lose.

21:15>> But some of this also assumes that

21:17they're easy to track down. We have a

21:18personal 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

21:27completely and now he has to sue back

21:31which to get his legal fees that cost

21:34>> but that's going to cost more money and

21:36the guy who he's suing cleverly hid and

21:39moved assets around. So that actually

21:41collecting from this guy is going to be

21:43>> well there's something there's also

21:45something called fraudulent conveyance.

21:48And you know, you tell your friend to

21:49hire me and I'll go get his money.

21:51>> But that's assuming the fraudulent

21:52conveyance was done during the lawsuit

21:55and not years before.

21:56>> No. As soon as they have knowledge of

21:58the lawsuit, so they know it's coming

22:01and they start moving money around.

22:03That's fraudulent conveyance.

22:04>> But let's say it was already moved.

22:06>> Well, that's then it's not.

22:09But every story

22:11has a story that's not necessarily true.

22:16like you thought there's no loser pays,

22:19but there is. In many states,

22:22>> I have just personally seen so many

22:25people I know go through this and just

22:27settle, settle, settle, and they pay out

22:29of pocket because they don't want to

22:30file a claim with their insurance.

22:33I see I see this happen probably a few

22:36times a year and I'm in the real estate

22:38industry. I see landlords dealing with

22:40this.

22:41>> Listen, I'm in slip and falls. I'm in

22:43the I own attractions. I own hotels. I

22:46own shopping centers. I own billboard

22:48companies. I started banks and I'm sued

22:51too.

22:53And when somebody with me, I back. But

22:56part of this I feel like is your name is

22:59they see you as the owner. Like no

23:01offense, I would never want to sue you.

23:05>> I would just knowing that it's like this

23:07is you. You are your deterrent. You are

23:09your best insurance. Listen, a lot of

23:11people call me say, "Hey, we have a case

23:13against you at at uh one of your

23:15museums." You know, I I don't I say,

23:17"Sue me

23:20because if I up, I want to pay. If I'm

23:23negligent, I want to pay. That's why I

23:26have insurance."

23:28So I They'll say, "Well, are you going

23:30to be mad at me?" Oh, no. Go for it.

23:36And we pay sometimes and sometimes it

23:38goes to court and we win. Like speaking

23:40of insurance, here's a good example is

23:41that in my rental properties, insurance

23:45has more than tripled and they have

23:47gotten rid of habitability lawsuits in

23:50their coverage, which means if a tenant

23:52purely claims, "My unit's not habitable.

23:55My insurance is not going to cover that.

23:57Defending that is going to be $60,000."

23:59Or a lot of people that I know just say,

24:02"Here's $20,000. Go away." And they get

24:05out of the business entirely.

24:07Well,

24:08>> is that a California?

24:09>> Yeah, I'm in California. I'm in

24:11California.

24:13>> No, it's not. I mean, I think you're

24:14getting false information because I own

24:18all that. All those buildings across the

24:20street, those are mine. Those are all

24:21mine. You know what they are? Bars.

24:23They're all mine. Bars.

24:25>> And I don't have that problem. If you

24:27were to sue yourself,

24:29how would you defend yourself? Would you

24:32how would you be able to move around

24:33your assets and money to best protect

24:35yourself? If people are watching this

24:37right now and they want to protect

24:38themselves, what do you recommend they

24:39do?

24:41>> Hire a lawyer like I did.

24:43>> But how could you prevent it? We're

24:45talking about what we see LLC's,

24:48irrevocable trusts, insurance policies,

24:51umbrella policies.

24:52>> I'm not really sure. I My lawyer is down

24:55in Palm Beach named Andy Comet. What I

24:58would tell them to do is call Andy Comet

25:00and protect your assets now so that you

25:02don't have fraudulent conveyance later.

25:04The second way in most jurisdictions

25:07is

25:09put everything in husband and wife's

25:11name, joint tenants by the entirety

25:13because you can't like if I do

25:15something, they can't get my joint

25:18assets. But I did another layer cuz my

25:21wife and I own the firm together. So I

25:23had to go get Andy Comet to get my

25:25documents put together that are way more

25:27sophisticated than me. I'm a I'm a trial

25:29lawyer, not a

25:30>> estates lawyer, estates and trust. I'd

25:33go get an estates and trust lawyer. I'd

25:35ask about the joint tenants by the

25:36entirety. And then I'd say, "What's the

25:38other layers I can do to to protect to

25:40protect my assets?" And you better

25:42protect them before you're trying to

25:44hide them. Because when you're starting

25:45to try to hide them, like we talked

25:47about earlier, it's called fraudulent

25:48conveyance. They can set it aside.

25:50>> What's the best insurance someone should

25:52get?

25:53>> The best insurance somebody should get,

25:55and it's the cheapest, is umbrella. Just

25:58buy a load of umbrella because the

26:02umbrella very rarely. You want to hear a

26:05statistic that I just Googled this the

26:06other night laying in bed. This show you

26:07how bored I am.

26:10What percent of life insurance policies

26:12do 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

26:24insurance the term insurance starts to

26:26burn out. also term insurance.

26:28>> That's all you want is term. You don't

26:29ever want to if you if you if you start

26:31buying whole life or annuities or

26:36any kind you're getting

26:39where the insurance agents make the most

26:41money whole life annuities. It's a it's

26:45a racket. All you need is term

26:47insurance. The younger you are, you

26:49don't have a pre-existing condition.

26:52When you go in, hey, I had a lesion

26:54here. Oh, you got to get it done early

26:57early. And it's cheap. And then when you

26:58do it for your liability insurance, you

27:01buy load of umbrella cuz the more you

27:04buy of umbrella, the cheaper it is. It's

27:06the cheapest insurance. Those first

27:08layers are the most expensive. There's

27:11not many claims paid above the umbrella

27:14policy,

27:15>> above the prem above the main policy.

27:18You very rarely get into the umbrella.

27:20>> What's the best way not to be a target?

27:22Like we've heard from people that if

27:25you're not searchable and if they can't

27:27find your assets, it makes it less

27:29likely that a lawyer's going to see this

27:31and 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

27:39some doctors one time. They thought they

27:41hid their assets. I took 6 million out

27:43of their bank account. The funny thing

27:45is he comes to me. And he's like, you

27:47know, and I said, look, your insurance

27:50company you goes, how? I told him how.

27:54He goes, what should I do? I said,

27:55there's a lawyer over in Tampa named

27:57Dale Swope. He's a bad faith lawyer. You

27:59need to go hire Dale Swopee and sue your

28:00insurance company for bad faith, and

28:02I'll testify for you. He went hired Dale

28:05Swopee. Dale Swopee made the bad faith

28:07case. He got six million. He got his six

28:10million back, and guess what happened?

28:12This guy now invests with me in my

28:14deals. the doctor that I took the 6

28:16million from cuz I got his 6 million

28:17back,

28:18>> but he got by his insurance company.

28:20>> How could he have remained invisible to

28:23you?

28:23>> Well, some kind some people could, you

28:26know, I took I mean, I basically was

28:27like hunting and pecking.

28:28>> Like, where did he go wrong? How could

28:30you find it when he thought you

28:32couldn't? I just kept hit hitting banks

28:34and all of a sudden I hit one bank and

28:35there 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

28:43the bank and then I left it.

28:45>> This is another level.

28:48>> Well, it was 6 million bucks.

28:51The wife was the office manager. I saw

28:53her make a deposit. I go, there's a

28:55bank.

28:57Then I had the judgment

29:00and I served on the bank. I already got

29:02the verdict. I already got the judgment.

29:03I got the judgment.

29:06>> He thinks I don't have the judgment.

29:08>> Wasn't that his fault though for not

29:10disclosing? Because you're supposed to

29:11do a disclosure of assets. So, wouldn't

29:13he 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

29:19inate of execution. Then that's a

29:21different hold. You get the verdict and

29:22then you start deposing in execution.

29:25Then they start moving around. Then

29:27>> got it. I had a guy one time that we hit

29:30for $22 million

29:33in a commercial case and uh

29:38I drug his ass to bankruptcy court and

29:41he wouldn't turn over his laptop to the

29:43judge and the judge put him in jail

29:46and as he was being taken off to jail

29:48he's like I will give you the Indian guy

29:51I will give you the laptop I will give

29:53you the laptop

29:56and the judge like, "Well, then you you

29:58better get them the laptop and then you

29:59get out of jail." And I got the laptop

30:01and I got the 22 million.

30:03>> Wow. What do you think about irrevocable

30:06trusts in terms of asset protection?

30:09>> Well, the word is irrevocable cuz now is

30:12you're locked and loaded and the person

30:14you've given it to turns out to be an or

30:17addict. Irrevocable trusts are usually

30:19for your children.

30:20>> And what do you think about them for

30:21asset protection?

30:23>> It's just your money's gone. You just

30:24know it's gone. It's Yeah, it's very

30:26good, but it's not yours anymore. If

30:28it'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,

30:33though.

30:33>> No, it all depends. But again, this is

30:37getting above my pay level because

30:40when I did mine, I hired a lawyer in

30:42Palm Beach, Andy Comet,

30:45who represents the richest people in

30:47Palm Beach.

30:48>> And how does he set up your estate? Is

30:51it through land trust? It's hard to

30:53explain except it's really it's there

30:56but I I can get to my money but it's

30:58harder for me to get to my money. It's

31:00not like I can just sell something do

31:01it. I I I control it but I don't control

31:04it but I control it. It's just another

31:08layer. Look, I'm also got I'm also

31:10married with joint tennis by the

31:11entirety.

31:12>> Is that true throughout the entire

31:14United States?

31:14>> It all depends state by state.

31:16>> Okay.

31:17>> Everything's different. I mean I I mean

31:20California is different, Florida's

31:22different. Everything's different. It's

31:23like divorce,

31:25>> you know, in California. Florida is, you

31:27know, bad. You're getting divorced in

31:29California and Florida is bad news.

31:31You're getting getting divorced in

31:33Montana. That's good news.

31:37Is there any tort reform that you would

31:40support or policy change that you would

31:42support that would make being a personal

31:45injury attorney less profitable but

31:47would make the overall

31:49>> Let me tell you something. Tort reforms

31:53State Farm doled out $5 billion to their

31:56stakeholders.

31:58There's never been tort reform ever in

32:01the history of America that they say

32:04we're gonna have tort reform and we're

32:05going to have mandatory roll back of

32:07rates. Never once. When you vote for to

32:11reform, you're just making them richer.

32:12They're you.

32:15Find one time where there's been tort

32:17reform tied to a mandatory roll back of

32:20rates. When that happens, I'm in. How

32:23common is it that someone with money can

32:26bully someone else into either settling

32:30or quieting them down or just scaring

32:33them? Now, we all know someone who's had

32:35an account hacked, information stolen,

32:36or been harassed online. My roommate

32:39Kevin is one of those people. His

32:41identity was stolen.

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35:21coffee. How common is it that someone

35:23with money can bully someone else into

35:27either settling or quieting them down or

35:31just scaring them?

35:32>> I don't see it. I mean, I just don't see

35:36it. You know, the thing about money is

35:39there's something more powerful than

35:41money. The truth and our jury system.

35:45Jurors can figure it out. But it costs

35:48money to get to that point. Like we see

35:49what's common on YouTube is that you

35:51have some creators who want to silence

35:53other people and they do it through

35:56lawsuits. And some of them I would say

35:59valid. And I think they're in the

36:01they're right. And some of them are also

36:03not. And it's someone with a lot of

36:04money who I don't like what they say.

36:06I'm going to sue them for this. It's I'm

36:08just going to keep milking it.

36:10>> What you got to remember is these

36:11stories you hear take on a life of their

36:14own and a lie of their own. You hear

36:16stories that just aren't true. You heard

36:18the story about the McDonald's hot

36:20coffee and they got $5 million and they

36:24just brought it in and it's just

36:26terrible. We need to reform. Well, guess

36:28what the true story is? The true story

36:31is before they got that verdict of $5

36:34million, it had happened hundreds of

36:36times. And how did it happen? They

36:40heated the coffee up at 140 degrees. Why

36:43do they heat it up at 140 degrees? So it

36:46stay warm by the time you get back to

36:47the office. And it kept happening and

36:49happening and happening and happening.

36:52And by the time the case was finally

36:54resolved through everything, the person

36:57got like less than a million dollars.

36:59>> Mhm. But the whole story was a lie. But

37:02hot coffee was like the poster child for

37:08Torah reform cuz people heard a snippet

37:11of a lie and then spread the lie.

37:14Remember how you'd whisper in

37:15kindergarten and then whisper whisper

37:17whisper whisper whisper and go around

37:18and when you get back to this final guy,

37:20what he says is not even close to what

37:22he started with. That's what happens.

37:27And guess what? We live in a conspiracy

37:30theory world. You know, Hillary

37:33Clinton'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.

37:45That's that's the world we live in. And

37:48that that's bad for my business because

37:51that those distortions.

37:54>> In fairness, I just want to defend

37:55myself on this one. I know a lot of

37:57these people personally. And so it's

37:58like me talking to Jack and sometimes I

38:01know the other person involved as well.

38:03I know them both personally and I could

38:05see

38:05>> Well, in fairness, I would like to sit

38:07at the table and ask the questions and

38:10get the real facts cuz people that are

38:12that feel like they've been over tend to

38:14tell their story a lot differently.

38:17Like if your wife is a

38:22she doesn't think she's a she thinks

38:24you're a

38:28That's what I tell him all the time.

38:31>> But but you're her.

38:33>> True.

38:34>> Now, going back to the topic of your

38:36business and success, Forbes estimates

38:38your net worth to be $1.5 billion. How

38:41do they estimate something like that?

38:44How do they know?

38:45>> I don't know.

38:46>> You don't know how they try to source

38:48that?

38:49>> I think they try to source. They go what

38:50how much of the firm does he how much of

38:52the firm does he own?

38:54What what would he be taking out of what

38:56would how much of the firm does he own?

38:58And by the way, net worth all I don't

39:01consider anybody a billionaire that

39:03don't have a real billion in the bank.

39:04Guess how many people have a real

39:06billion liquid.

39:07>> I how many?

39:08>> Well, we had Yeah, I don't know how

39:10many.

39:10>> Maybe 20.

39:12>> Papa John was one of them.

39:13>> He don't have No,

39:15he said he put a billion. He sold for

39:181.2 and he said he put a billion in

39:20dividends.

39:21>> Dividend stocks earning 5%.

39:24That's what he told us. I think it's on

39:26it's on the record. It's on video.

39:27>> Then tell him to show you his financial

39:30statement where he signed it. My

39:32financial statement's got every dollar,

39:35every brokerage account. Look, Kanye

39:38West was a billionaire. That wasn't a

39:41billionaire.

39:43They're like, "Hey, we're going to

39:44extrapulate. He's making 40 million a

39:46year and that means it's a 25x and 25

39:50time 40 is 1 billion. You're a

39:52billionaire.

39:55It's this. They're just each other off.

40:00A billion for me is when a billion's in

40:02the 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.

40:14Cuz most people have their their net

40:16worth in their businesses.

40:22They had the, you know, and they say,

40:23"Okay, we're making 30, you know, uh,

40:27what's the girl? Rihanna is a

40:28billionaire. She ain't no billionaire."

40:31>> You know, she's got this some kind of

40:33makeup company that's making 30 or 40

40:35million. They're giving her like a 40x

40:40and it may the company may not be

40:42around. Kanye had all this money cuz he

40:45had the the Reebok deal or the whatever

40:48deal until he the bed and then he was

40:50worth nothing, you know, then now he's

40:51done. So billionaires,

40:55look, there's nothing that stops the

40:57music like the word billionaire.

41:01It's It gets clicks.

41:03It's why you're here.

41:06>> It gets clicks.

41:08>> This is I mean, I really appreciate the

41:10transparency. This is fascinating. This

41:12This is like we're pulling the curtain

41:14back at the Wizard of Oz. And not to

41:16pull back. Listen, I am the most

41:18authentic person you're ever going to

41:20meet. Cuz when you start bull, you're

41:23just bull yourself.

41:26And guess what?

41:28If my banks hear that, they're going to

41:30know if I'm bull or not. So when you say

41:33a billionaire, you mean you pop open

41:35your brokerage account or you pop open

41:37your your business savings account and

41:40it just however many I don't even know

41:42how many.

41:42>> I'm sure through foundations and trusts

41:45and

41:45>> I'm just saying, you know, but I'm

41:47saying most people don't have it. They

41:49have it in real estate.

41:50>> So, how did you become a liquid net

41:53worth billionaire? Where did the money

41:54come from?

41:55>> I have an attraction business that does

41:5833 million a year in IBDA. I've made a

42:01fortune in real estate. I had a

42:04billboard company that I sold. I had uh

42:07an advertising agency that I sold.

42:09>> What are you selling all these companies

42:11for? Like, I'm curious how much these

42:13>> I sold my billboard company to Lamar for

42:1513x.

42:17And then your real estate portfolio. How

42:20did you make the money there? How how

42:21much money do you have in real estate?

42:23>> Only thing I ever put on my financial

42:25statement is my basis. A lot of people

42:28themselves, they go, "Hey, I bought this

42:30house for a million dollars, but it's

42:32really worth three million." Why?

42:34>> Because you could sell it. I would say

42:35the same as a

42:37maybe something is worth what somebody

42:39will pay.

42:40>> Correct. So for on my financial

42:42statements, the only thing I put on my

42:45financial statements is my basis.

42:47>> And you don't account for appreciation.

42:48>> No, cuz I'm not going to myself off

42:51either.

42:52>> At what age?

42:53>> When I sell it, when I sell it

42:57and it goes liquid,

43:00then it goes into my brokerage account

43:01and that's real money then. And until

43:03that goes in my brokerage account, it's

43:05not real money to me. The guy that you

43:08know a hero of mine is a guy that

43:09started Patagonia.

43:11>> Oh yes, Ivon Shannard.

43:14>> That's the guy you ought to go

43:15interview. I would love to love him. I

43:18saw him speak one time.

43:19>> He's the one He's the one I heard. I'm

43:20not a billionaire.

43:22>> They made him a billionaire. He said,

43:23"I'm not a billionaire. I don't have a

43:25billion in the bank."

43:26>> It's so funny. Even Jake Paul said the

43:28same thing that he wouldn't consider

43:29himself a billionaire until he has a

43:31billion liquid.

43:31>> Yeah. When did you become a liquid net

43:34worth 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

43:42children. I'm I'm I'm making my money,

43:44but 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

43:52worth crossing that billion dollar mark

43:55came from? Was it appreciation of stock?

43:57Was it the active income from your law

43:59firm? Was it the real estate

44:01>> law firm? You also have a lot of

44:03profitable businesses besides the law

44:05firm. What do you attribute these ideas

44:07to and why do so many of them seem to

44:10hit?

44:11>> Well, some don't. I mean, I've had some

44:13I've had a few losers. Look, Warren

44:16Buffett is only his his whole net worth

44:19and success is basically 11 or 12

44:21stocks. It's not what you would think.

44:24It's not this bunch. It's like this. Uh

44:27I feel like I have a pulse on what

44:29people want and what people like.

44:32I'm also

44:36risk adverse and debt adverse. Like when

44:38I when I do my businesses, if I don't

44:40have the money, I'll go get partners or

44:42I'll do a private placement memorandum.

44:44And when I started building the

44:45attractions, I I raise the money. OPM

44:49people in real estate are much more

44:51risky than me because it can just take

44:54you down.

44:56And what I do is I call it I got the A

44:58side and the B side. The A side is my

45:01cash that I that I use to invest. the

45:03Bside. Once money goes over to the

45:06Bside, it's never ever touched for the

45:08rest of my life. All it does is throw

45:11off, you know, 4% tax-freeish.

45:17So, if I got a 100 million, I make four.

45:19If I got 200 million, I make eight. If I

45:21got a billion, I make 40.

45:23>> And what are you making that with? Does

45:25that

45:25>> taxree bonds, T bills, and and uh C and

45:29interest rates?

45:31>> Wow.

45:31>> Between 3 and 4%. Some of it's taxfree,

45:34some of it's not.

45:35>> What are the differences that you've

45:36seen between the type of people that

45:38make millions, tens of millions, and

45:40hundreds of millions? Is there a

45:41personality trait? Is there a mindset

45:44that they have differently?

45:46>> Look, everything is different, but I

45:47would say that the people who really get

45:49filthy rich are patient.

45:52I didn't make a million dollars till I

45:54was 41

45:56because I was pouring everything back

45:59>> into my businesses.

46:02Some people pour it into boats and

46:04Ferraris and horse and I'm like

46:09that's a non-performing asset as far as

46:12I'm concerned. So the mistake they make

46:15is they want to get rich quick.

46:19The biggest mistake they make is greed.

46:23Greed is not good.

46:25Greed is dangerous. And by the way, and

46:28I have been greedy and made mistakes,

46:31and it goes like this. How do you know

46:34if you're being greedy?

46:37If it's too good to be true, it's too

46:39good to be true. If you see somebody

46:42offering, hey, we're going to pay you

46:4411% interest, run.

46:46It's a lie. Eight. If I if I could take

46:50everything I have

46:52and have only invested in an instrument

46:54that gave me 8% compounded, that's all I

46:57would want. It's all I would need. But

47:00don't you think that you go from a place

47:04when you have less money of like trying

47:06to gain appreciation, rapid growth to

47:09the point of asset protection and

47:11capital preservation like there is a

47:13kind of tipping point.

47:14>> Well, the book the books I the book I

47:16like is the tortoise in the hair. I'm

47:18the tortoise. And so what's the most

47:21amount of money you've lost due to

47:22greed?

47:24>> It really wasn't lost money. It was I

47:26lost I wasted my time.

47:28>> I went with some people who kind of me I

47:31mean to put down what I lost. I lost so

47:34much time around with them.

47:37>> Were there red flags or something that

47:39you 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

47:44you in Kentucky terms. You ever been

47:46walking in the woods and felt your foot

47:49slip like that? Loose around. Yeah.

47:52>> No. You're like, "Was that dog

47:55and then you keep walking

47:57and then you keep walking to your car

47:59and you're like, as you're walking to

48:00the car, you're like, no, that's

48:03probably pine needles. That's probably

48:04grass. That's probably wet leaves." Cuz

48:06we don't want it to be dog.

48:08We don't want there to be dog on

48:10our on our shoes.

48:12And then you walk to the car. Now,

48:14you've been you've been thinking about

48:16dogs the whole time, but by the time you

48:17get to the car, you're convinced

48:19yourself it was leaves or pine needles.

48:21And then you get in the car,

48:23and then you shut the door.

48:27Y'all know that smell I'm thinking about

48:28right now. All three of y'all know that

48:31smell I'm thinking about right now. And

48:33here's the lesson for everybody out

48:35there in Podcastville.

48:38If it smells like dogs, there's dog in

48:42life and in love

48:46and we can sense it. But the reason we

48:48don't is greed.

48:52We're so crypto. And I don't know if

48:54y'all are crypto people.

48:55>> No.

48:56>> A little. I like Bitcoin. I mean 8% of

48:59his net worth in Bitcoin. I have maybe

49:011%.

49:01>> And listen, when Lamar Odum is selling

49:03Bitcoin, I'm out.

49:06Everybody that sells Bitcoin, you know,

49:08got gold chains on, medallions, and a

49:10Russian hooker. I'm not And maybe

49:13they're gonna make money. I don't know.

49:16But I But to me, crypto's dog for me.

49:20>> Now, some people Donald Trump is make

49:22making billions. He makes it even when

49:24people lose because he gets he gets he's

49:26the he gets it coming and going. He I

49:28mean, he's smart.

49:31So I look at Bitcoin and why do we do

49:34Bitcoin? The same reason they bought the

49:37tulip bulbs. You know the tulip bulb

49:38story.

49:39>> Okay. So it's everybody out there

49:41listening, Google tulip bulbs in the

49:431600s. Everybody's buying tulip bulbs.

49:46Tulip bulbs. Tulip bulbs. Tulip bulbs.

49:48Tulip bulbs. The tulip bulbs were crazy

49:50high. What I look at the lessons from

49:53tulip bulbs is this. To me, tulip bulbs

49:55are crypto today. to me. Why were people

49:58buying tulip bulbs? I still can't figure

50:01it out.

50:03You ask somebody

50:05who's investing in crypto, how do you

50:07make money with it? What's the deal? How

50:09do you make if I can't figure it out,

50:14then I just don't do it to me. If I

50:17can't if it can't be explained to me,

50:19and listen, I've invested I' I've

50:20investigated crypto because I'm greedy.

50:23But what happens is it's called herd

50:25mentality. When I grew up on Kentucky, I

50:28go down to my uncle's farm and I'd look

50:30up on this field

50:33and all of a sudden I'd see a bull start

50:37running up the hill

50:40and then I'd see some other cows start

50:42to run up the hill. And then before I

50:44know they're st they're all stampeding

50:46up the hill,

50:48hundreds of them. And they get to the

50:49top of the hill and they're all looking

50:52at each other and I was a little boy and

50:54I was like, you know, you know what

50:55they're saying? What the are we running

50:57to?

50:59To me that's crypto. To me that's tulip

51:01bulbs. We're just following the bull.

51:04>> But in terms of red flags of people,

51:07what do you look out for specifically?

51:09when you first meet

51:10>> tortoise share tortoise shell glasses

51:12that invest in crypto

51:14>> the 8% 8% in a Bitcoin ETF

51:19>> well look it's gambling

51:22it's gambling you live in Vegas it's

51:24gambling not but the book I wrote called

51:27life is luck lessons from the paper boy

51:29here's what life is life is a Since

51:32you're from Vegas I want to speak your

51:34language please

51:35>> life is a casino Ino

51:39and you walk in and there's all sorts of

51:40games to play and there's some lottery

51:42games over there as well. Now there are

51:45games to play and there's games you

51:47shouldn't play. You should not play

51:49Kino.

51:50>> It's fun though.

51:51>> It's fun,

51:52>> but never with a measurable amount of

51:54money.

51:54>> Yeah, it's an entertainment.

51:55>> To me, Kino's crypto.

51:58If you're going to play a game, you

51:59probably should play blackjack. And then

52:01when you play those games,

52:04there's rules for those games. There's

52:06the book.

52:08>> I'll give you a test to see if you're

52:10really from Vegas. You get two aces.

52:13What do you do?

52:14>> Split.

52:16>> You got 15 and they got 10. What do you

52:19do?

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

52:26rules in life and business. location,

52:31location, location. Under capitalized,

52:36all the rules are there. But sometimes

52:39when you start drinking and when you get

52:40blinded by greed,

52:43you say, you know what,

52:46I'm going over to the keynote table. So,

52:48you're saying that you need to look at

52:51this person's life pretty holistically

52:53and see how they're spending their time.

52:55if they if there's anything, you kind of

52:57like investigate the entire car, like a

52:59pre-purchase inspection. You look at the

53:01car and if like one little thing is

53:02wrong, you're like, "Okay, well, maybe

53:03this person that maintained their car

53:05perfectly actually you, you know, they

53:07didn't." You look under the hood, you

53:08see one little thing wrong, you can

53:10assume that there's more.

53:11>> When I look at the people in the crypto

53:13industry, when I just look at who they

53:15are, what they're wearing, what they're

53:16not you, not you, not you.

53:18>> He's not He's not in He just owns a

53:21Bitcoin ETF.

53:21>> No, I'm not looking at you. No, I'm

53:23talking I'm talking about the sellers.

53:24I'm talking about the guys who are out

53:26there,

53:26>> you know, preaching it, selling it.

53:29Lamar ODM,

53:30>> I saw a conference Lamar ODM walking out

53:32of a crypto convention. I'm like, I'm

53:34out.

53:35>> But why do we do it? Bec the same reason

53:38they bought the tulip bulbs.

53:41The same reason Bernie made off. I had a

53:43guy I had a friend of mine one time. He

53:45kept saying, "Hey, you need my aunt got

53:47in this deal with this guy in New York

53:49and he's returning 12% interest." I go,

53:53he goes, "Year in and year out." I go,

53:54"That's what?" Yeah, it's hard to get

53:57in, but my wife, my my aunt got in, so I

54:00got in with my aunt and blah blah blah

54:02blah blah. And he kept always waving

54:03this thing is, "You ought to put some

54:05money in with us." I said, "It's too

54:07good to be true." 12%. And I'm just

54:10telling you, 2008 comes, everything

54:13crashes. I said, "Seth, how did you do

54:16this year?" Well, 11%.

54:21How the is that possible? He goes he

54:24pulled out of the market and did some

54:27puts and some calls and we got 11%.

54:31Are you in Are you in maid off?

54:33>> No. No. I I like selling options. I like

54:35sell.

54:35>> He tells me all the time buy puts and

54:38sell these.

54:38>> I never say buy puts. I say sell

54:40options.

54:40>> Okay. But listen, you young people are

54:43reckless.

54:45You have to learn. You got to get burned

54:48enough to, you know, get old and fat

54:50like me and you won't be doing that. But

54:53so Seth called. So that's so that's the

54:55deal. Seth had everything in it. $12

54:57million.

54:59>> 12. That's all he had. I get an email

55:01from him on the subject. I said, "So

55:05call me." I call him up. What's wrong?

55:09He goes, "You're not gonna believe it."

55:10I go, "What?"

55:12He goes, "You remember my aunts fund

55:14that I was telling you about?" I said,

55:15"Yeah, the 12% I knew the number." He

55:19goes, "Yeah." He goes, "It was Bernie

55:21Maidoff." I repeat, if it's too good to

55:24be true, it's too good to be true.

55:27>> How does that apply to people, not on

55:30crypto, but just in general in terms of

55:33who you do business with and who you

55:35want to partner with and who you want to

55:36keep in your life? As I'm sure you've

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56:40to lock back in before things get too

56:42busy. How does that apply to people, not

56:45on crypto, but just in general in terms

56:48of who you do business with and who you

56:50want to partner with and who you want to

56:51keep in your life?

56:52>> You can tell the most about a person by

56:54the people they surround themselves

56:56with. That's Mchavelli, the prince, the

56:58book. I look at people and I look at who

57:01they surround themselves with. Character

57:04matters. morals matter. Decency matters.

57:09You know, a liar is a liar. A cheat is a

57:11cheat. They cheat and lie in different

57:14forms and fashion. So, you can size them

57:16all up from from all of that. Just their

57:19lifestyle. And we know and nontors,

57:24but

57:27what overtakes us is our greed. And we

57:31just want that money. And we don't want

57:33to miss out.

57:35We just don't want to miss out. Look, in

57:37my book, Life is Luck. The average

57:40person that plays a lottery plays it

57:41like 400 play spends like $400 something

57:45dollars a year.

57:47>> 40% of Americans don't have $400 in the

57:51bank today,

57:53>> but they're all out there trying to take

57:57this job and shove it.

58:00and they're all chasing something that's

58:02just not going to happen.

58:05It's just statistically not going to

58:08happen. Now, I'm in a business that that

58:11I know is going to lose money and I own

58:14raceh horses and I know that I am

58:17probably not going to make money in my

58:19lifetime with raceh horses, but I enjoy

58:22it. But I also know that when I write

58:24that check, that money's gone.

58:28Now, I've had some luck because I had a

58:29great horse named Ultima D was her

58:32father was Scat Daddy and she lives with

58:35American Pharaoh and once a year me and

58:37Pharaoh match up and then we get a cult

58:40or a Philly and that horse is worth a

58:42million bucks and I split the money with

58:44the, you know, my friends from Ireland

58:46that own a Pharaoh and justify. But by

58:49and large, you know, horse racing is

58:54gambling.

58:55So, what's the best investment you've

58:58ever made outside of investing in your

59:00own business? Well,

59:01>> the the attractions have been gigantic.

59:03>> So, that was the best investment you've

59:05made.

59:05>> That was But that was me. I built them.

59:07I I invented it. The whole the upside

59:09down houses and all that. Yeah. I

59:11invented that. I've had some good

59:13things. I had, you know, I had some land

59:15that got condemned for a school.

59:18Condemnation is great because you don't

59:20pay taxes

59:21>> when your land's taken from you. and I

59:24had some land over here and uh they

59:27wanted to build it build a school on my

59:30land. They took my land. So I was so

59:32happy that they did take my land.

59:35>> So what did you pay for? What did they

59:36buy it for?

59:37>> I forget exactly but I didn't I mean I

59:40mean it was like a you know 15 20x cuz I

59:43bought it a long time ago and you know

59:45>> had a trailer little trailer parks on it

59:47and uh but look I made my money in on

59:51me. Now, how much of this can you teach

59:53somebody in terms of entrepreneurship,

59:56drive, motivation versus is just genetic

59:59that you were born with this desire to

1:00:02build something, to be good in business,

1:00:05to forge your own path?

1:00:06>> Well, the reason I call my book Life is

1:00:08Luck lessons from a paper boy is

1:00:12because, you know, you all are too young

1:00:14to have been paper boys, but I guarantee

1:00:16you you and you when you were 11 or 12,

1:00:19you were hustling something. I don't

1:00:21know what it is. I can just tell by

1:00:23looking at you and talking to you. For

1:00:25my generation, it was the paper route.

1:00:28You're 11 years old. You're 12 years

1:00:30old. You're 10 years old. I had to buy

1:00:32my route. I had to go down to the Second

1:00:34National Bank election and get a loan

1:00:36with my grandmother's son. And then I

1:00:37had to buy my route and I had to get up

1:00:40in the snow and the sle and the rain and

1:00:42the heat every day. And when somebody

1:00:45did get a paper or missed the paper, I

1:00:47had to go back and give it to them. Then

1:00:48I had to collect the money. I think a

1:00:51lot that's why I call the book life is

1:00:53luck. I think some of us are born with

1:00:56an entrepreneurial seed

1:00:59that's as powerful as Shaquille O'Neal

1:01:01being 7 foot one and and built like a

1:01:04Mac truck.

1:01:06There's no way I could be Shaquille

1:01:08O'Neal because I'm just, you know,

1:01:10physically. But

1:01:11>> hey, me too, man.

1:01:12>> Well, that me and you be we we're the

1:01:14point guards. But

1:01:17that just happens in life. And by the

1:01:19way, the reason I call the book Life is

1:01:21Luck, there's so many things that are

1:01:23out of our control.

1:01:25Just being born is trillions and

1:01:27trillions and trillions to one. The

1:01:31country you're born in, we have no we

1:01:33have no control over that. What What's

1:01:36the country you want to be born in? The

1:01:39United States of America. We were born

1:01:41here. For a lot of us, being born white

1:01:45was and we had no control over that. And

1:01:48as you keep going, good-looking people,

1:01:50this is going to do very good because

1:01:52goodlook good-looking this do good too.

1:01:55Goodlooking people are usually the CEOs

1:01:57of companies. If you're tall, you have a

1:02:00better chance of being president. You're

1:02:01short. Me and you are not going to be

1:02:03president. He could be president.

1:02:05Height. It's out of our control. There's

1:02:07so many things out of our control that

1:02:10come back to us. And then you go, well,

1:02:12you got to work hard. If you work hard,

1:02:13that's true. But some people are not

1:02:16built to work. You wait, of course they

1:02:18are. No. In the jungle today, a lion

1:02:21will be born and a sloth will be born.

1:02:24The sloth is incapable physically of

1:02:27working. He he wakes up like this. I

1:02:29mean, he only thing he can do is eat and

1:02:31go down once a day and go back up, go to

1:02:34sleep. The light is born and he's a king

1:02:37that day. If that door opened over right

1:02:39now and a six-month lion walked in his

1:02:41room, me and you be jumping up on the

1:02:43table scaredless. If a sloth walked in,

1:02:46we just kick get the out of here. And

1:02:48everybody thinks it's all hard work.

1:02:49This, oh, I'm I'm successful. It's hard

1:02:51work. Let me tell you this about hard

1:02:53work. The hardest working people in

1:02:55America are the ones who make the least.

1:02:58The least. You ever dug a hole with a

1:03:01shovel? You ever tried that as a kid?

1:03:03Yeah.

1:03:04>> Could you do it?

1:03:06>> Not more than a foot or two. Yeah. And

1:03:08lay some frost on that ground.

1:03:10>> Sometimes I see these people on with

1:03:12squeegee on this up there

1:03:15>> suctions.

1:03:15>> Yeah.

1:03:17>> And I'm, you know, you're looking at

1:03:18them, you're like, well, he's from

1:03:19Guatemala illegally cuz nobody's getting

1:03:23up there and he ain't getting paid worth

1:03:25of to do it. He has to do it.

1:03:29So the people who want to pat themselves

1:03:31on the back for being successful,

1:03:33there's a lot of left turns, a lot of

1:03:35right turns, a lot of U-turns, and it

1:03:37can go good and go bad. I know this, if

1:03:39I got started again, had to do all over

1:03:41again, I don't get to be who I am.

1:03:43Something would happen. If Bill Gates

1:03:44was born today, he's not Bill Gates.

1:03:46Somebody else would have been Bill

1:03:48Gates.

1:03:48>> What do you recommend to the people who

1:03:49feel like they've got dealt a bad hand?

1:03:52They're here in America. They want to be

1:03:54successful. They want to make a lot of

1:03:55money. They just say, "I don't have the

1:03:57resources."

1:03:58>> What I would say to them is this. You

1:04:00always have the resources.

1:04:03You always have there. If if there's a

1:04:05will, there's a way. And in the book I

1:04:08wrote, Life is Luck. I lay out a road

1:04:12map to finding luck.

1:04:16finding luck, improving luck, return on

1:04:19luck, turning bad luck into good luck,

1:04:23making failure your friend. There's all

1:04:26sorts of ways to do it, and that's what

1:04:28the book's about. But the main way you

1:04:31do it is you are constantly, constantly

1:04:34looking for opportunities.

1:04:37It's never going to happen sitting at

1:04:38your house eating peanut butter and

1:04:39jelly. I got a chapter called Never Eat

1:04:42Alone. There's a book called Never Eat

1:04:44Alone, which was very good for me. If

1:04:46you're sitting in your office not going

1:04:48out and hustling, it's not gonna happen.

1:04:50If you're not out giving a speech, it's

1:04:52not gonna happen. If you're not out

1:04:53networking, it's not going to happen.

1:04:55And so, in the book, I lay out all sorts

1:04:57of things. Now, when people say, "I

1:04:58don't have the money."

1:05:01When I built Wonderworks, the first time

1:05:03I built Wonderworks, I did not have the

1:05:05money. My first real estate development

1:05:07was called Heritage Square down at CMI.

1:05:09I did not have the money. But there's

1:05:12something called OPM,

1:05:16other people's money. And what you do is

1:05:19you find a deal, you lock the deal up,

1:05:23you get a private placement memorandum,

1:05:26and you go out and you pitch your idea

1:05:29to your friends who have money. That

1:05:31first deal I did, I was raising $10,000

1:05:34increments. And guess what? Heritage

1:05:37Square was a success. And now I got

1:05:38these investors who will follow me. than

1:05:41I did when I built Wonderworks.

1:05:42Wonderworks was millions and millions

1:05:44and millions of dollars. I didn't have

1:05:45millions and millions of dollars,

1:05:48but I would tell the people listening,

1:05:50OPM, I wrote another book one time

1:05:53called You Can't Teach Vision. There are

1:05:56visionaries that we all know about.

1:05:58Steve Jobs is a visionary. Bill Gates is

1:06:01a visionary. You know, there's

1:06:03visionaries everywhere. That's a wrong

1:06:05that's a wrong term

1:06:07because visionaries just have an idea.

1:06:11There's a big difference between a

1:06:12visionary and a vision maker.

1:06:17Big difference. Once upon a time after

1:06:20church, we'd go to Denny's and get

1:06:22crayons for the kids and the crayons

1:06:24would roll onto the floor. I'd be down

1:06:27there picking up crayons. And

1:06:30I told my wife one time, I said, "You

1:06:32know what I need to do? I need to

1:06:36invent a crayon that doesn't roll. About

1:06:39six months later, we come in, there's a

1:06:40crayon made out of a triangle.

1:06:43>> I held up my wife. I go, "Look, this is

1:06:45my idea. This is mying idea."

1:06:48>> From what she say?

1:06:50>> You should have done it.

1:06:54>> But I was a visionary, but I wasn't a

1:06:56vision maker. And by the way, there's a

1:06:58big delta between visionaries and vision

1:07:01makers, and they're called vision

1:07:02blockers.

1:07:05You know, I'm going to go patent these

1:07:06crayons with our money. No, you're not.

1:07:10Or your friends. Guess who doesn't want

1:07:11you to be successful? Most of your

1:07:14friends.

1:07:15Most of your family would rather have a

1:07:17total stranger win the lottery than you

1:07:21because people are eating up with

1:07:22jealousy and envy. So you got these what

1:07:25I tell these people

1:07:26>> first of all if there's a will there's a

1:07:28way and there's the vision is not the

1:07:30the the deal the vision is just the

1:07:33beginning and you got to jump over these

1:07:34vision blockers to get to be the vision

1:07:37maker

1:07:38and you know who the number one vision

1:07:41blocker is

1:07:43you fear

1:07:46fear of failure I would tell them listen

1:07:50failure is not a problem because when

1:07:53you fail fail. You learn so much.

1:07:57You now know the next time what you're

1:07:59not going to do and you know what you're

1:08:02going to do. And I've had failures. I

1:08:04opened up an attraction in DC once

1:08:06called the National Museum of Crime and

1:08:08Punishment. It was just unbelievable. It

1:08:10was fantastic. But it was a bad

1:08:11location. It turned out I shouldn't ever

1:08:13gone to DC because was free. And I

1:08:16built this magnificent, magnificent

1:08:19attraction called the National Museum of

1:08:21Crime and Punishment. I didn't lose

1:08:22money, but I didn't make money. I'm just

1:08:24paying the rent. Get a little bit, you

1:08:25know, I'm dribbles.

1:08:28So, I closed it. Like, you know, it's

1:08:29not worth it. But, you know what I did?

1:08:31I took that failure. I said, "This was

1:08:34good." I took all the stuff, all the

1:08:36content from my attraction in DC, and I

1:08:38went over to Pigeon Forge, Smoky

1:08:40Mountains, 13 million visuals a year. I

1:08:43found a location. Instead of having no

1:08:45building or an office building, I built

1:08:47the thing that looks like a prison,

1:08:491,800 prison. Instead of calling it the

1:08:52National Museum of Crime and Punishment,

1:08:53I called it Alcatraz East.

1:08:56>> When you finish up at Alcatraz East, the

1:08:58last three, four things, you see John

1:09:00Benet's bicycle, you see the Murdoch

1:09:02golf cart, you see Ted Bundy's VW, you

1:09:06see John Dillinger's sedan, Bonnie and

1:09:09Clyde's death car from the movie, and

1:09:11OJ's Bronco. And this attraction is

1:09:13unbelievable. I'm printing money at

1:09:17Alcatraz East. Everything's the same.

1:09:20the Broncos there, everything. I just

1:09:22moved it.

1:09:23>> Location, location, location. If I had

1:09:26let failure beat me,

1:09:31but that thing makes about six, seven

1:09:33million bucks a year

1:09:36and all I did is just move the stuff to

1:09:38a different location.

1:09:41>> Most people don't because because when

1:09:43people get beat, they become defeated

1:09:46forever.

1:09:48When I get beat, I get back up.

1:09:51That's what I tell people. What

1:09:53impresses me is the volume of successful

1:09:57entrepreneurial

1:10:00things that you're doing from the upside

1:10:02down houses, the different hotels,

1:10:05>> the banks,

1:10:07>> you know, Alcatraz East. I'm curious,

1:10:09you don't have enough time yourself to

1:10:12be doing all of this. like how much of

1:10:13this is your vision and your plan and

1:10:16your decision-m versus you just hiring

1:10:18out phenomenal operators and like what

1:10:21what does that mean to be an executive

1:10:23and to find and manage talent like

1:10:25>> well first of all it's all me that all

1:10:27the ideas are mine

1:10:29every wonders is me Alcatraz is me the

1:10:33bank

1:10:34>> do you have a counsel that you run these

1:10:35ideas by

1:10:36>> me

1:10:38who do you look to for advice do you

1:10:40ever go to someone else I I read books

1:10:43like crazy. I'm I devour books and and I

1:10:46had a seminar in Vegas and I brought Dan

1:10:48Martell Martell.

1:10:49>> Dan Martell.

1:10:49>> Yeah, we've had him on the podcast.

1:10:51>> He's a genius.

1:10:51>> Yeah.

1:10:52>> And and I write about that. I write

1:10:54about him a book. Look, you only have so

1:10:56much time in a day. What I try to do is

1:10:58I try to find people around me that I

1:11:01call sin delete. It's a person I know if

1:11:04I send something to it's done. I can

1:11:07delete it. I call them send delete. Then

1:11:10when I find a send delete person, then I

1:11:13give them a task because remember this,

1:11:17everybody's got to have a specific task

1:11:19and responsibility. If everybody is

1:11:21accountable, no one's accountable.

1:11:24So when there's a up,

1:11:27we know who up.

1:11:29You find the send elite person,

1:11:33they emerge out of nowhere. You don't

1:11:35you can't tell when you first who's

1:11:37going to be send elite and who's not.

1:11:39And then once you get that send elite

1:11:41person,

1:11:43then you

1:11:45delegate ruthlessly

1:11:49to execute your vision.

1:11:52You buy back your time. You pay these

1:11:54people. I just hired a guy from Amazon

1:11:56for my AI because I got to figure this

1:11:58AI. I don't know what the AI is, you you

1:12:00know, I mean, I failed, you know, basic

1:12:03math, but I'll pay this guy load of

1:12:06money from Amazon

1:12:10to figure out AI for me. And you you

1:12:12just have to do that.

1:12:15So, I get the vision and then I got the

1:12:17team around me and then I have them

1:12:19execute and I delegate ruthlessly. Now

1:12:23all these ideas, remember this. I don't

1:12:25fish.

1:12:27I don't hunt. And I don't golf.

1:12:31To me, that's all off. I hunt money.

1:12:37I fish for money. That's how the time

1:12:39you take golf and hunting and and and

1:12:43and first of all, I don't want to shoot

1:12:44a deer cuz I could taste the fur. I

1:12:47don't want to fish and, you know, catch

1:12:50and release. They'll rip the fish's face

1:12:52off or eye out and throw him back. Oh,

1:12:54look how good I am. You're, you know,

1:12:55you're swimming around with no eye for

1:12:56the rest of your life. I don't want to

1:12:57do that. In golf, when Tiger Woods is

1:13:00hitting the ball in the water, I'm just

1:13:01not interested in trying to perfect

1:13:03that.

1:13:04>> There's nothing you're interested in

1:13:05outside of

1:13:07hunting money.

1:13:08>> Oh, a lot. I love to read. I love the

1:13:11beach. I like tennis when I was young.

1:13:12When I was your guys age, there we go.

1:13:14So, you play tennis?

1:13:15>> Yeah, I played tennis when I was your

1:13:16guys age. I played a load of basketball.

1:13:18Played basketball three days a week. I

1:13:20played in threeman leagues.

1:13:21>> You get to be in my age, you can't play,

1:13:24you know, you can't be. When I see guys

1:13:26my age playing basketball, I'm like,

1:13:27"Stop, stop, stop, stop. It's

1:13:29embarrassing."

1:13:31>> I went across the street to one of my

1:13:32grandsons the other night and he was

1:13:34shooting free throws and I went I

1:13:36because I could used to really hit some

1:13:38free throws. I go to shoot a free throw.

1:13:40I didn't hit the net.

1:13:41>> Well, maybe with a little practice.

1:13:43>> Well, but you ever heard of muscle

1:13:44memory? I I started researching muscle

1:13:47memory and then I tried to do it again.

1:13:49I really heaved it and I didn't even hit

1:13:51the rim.

1:13:52>> But in in you know when I was your guys'

1:13:55age, I played a lot of basketball and I

1:13:57played a lot of tennis

1:14:00and uh so yeah I I have those those

1:14:03interest and uh I probably exercise four

1:14:06or five days a week an hour mostly

1:14:09walking or recumbent bike or the

1:14:13elliptical. But to me, hunting and

1:14:16fishing, I just don't get it. So, I

1:14:19don't feel like I'm losing anything

1:14:21there.

1:14:23Nothing. Putting me in a treeand

1:14:28waiting for I got I got so many deer in

1:14:30my at my house. I could lay in my pool

1:14:32with a like 20 beer deer this morning.

1:14:36When I left my house this morning, there

1:14:38was these deers laying in my front yard.

1:14:40I rolled the window. I said, "Have a

1:14:42good day, guys. says you're at the right

1:14:43place,

1:14:45Hank. No. Yeah, I don't want to eat

1:14:47them.

1:14:48>> Speaking of money, uh you previously

1:14:50mentioned that you believed that income

1:14:51inequality was one of the biggest

1:14:53problems of America. And I'm curious

1:14:55from your perspective, why is that?

1:14:58>> Because the rich are getting richer and

1:15:01the poor are getting poor and the

1:15:02system's rigged

1:15:05now. And listen, I'm taking advantage of

1:15:08the rigged system. When Trump got

1:15:09elected president, I bought a new G a G

1:15:11G500.

1:15:13Why? It's almost free.

1:15:17I mean I mean when you do the math, I'm

1:15:20like it's crazy. These hedge fund guys

1:15:24have carried interest. All the it's all

1:15:25stacked that way. But here's what

1:15:27happens.

1:15:28>> When the poor get poor or and the rich

1:15:31get richer, there becomes an uprising.

1:15:36And you're seeing it now. It's called

1:15:37the democratic socialist progressives.

1:15:41There's two types of envy.

1:15:43There's benign envy,

1:15:47which is you take that envy and you

1:15:49channel it to motivate you. You know, I

1:15:53want to I want to be I want I want you

1:15:55take that as a motivation. And then

1:15:57there's what's called malicious envy

1:16:00where you're just so mad

1:16:02it's just not fair. It's just not fair.

1:16:07They got all the money, I got none. And

1:16:09then they

1:16:11political leaders, they take that

1:16:14malicious envy and they turn it into

1:16:17socialism.

1:16:19They harness that malicious envy. We're

1:16:22be, you know, the word, the new word

1:16:24now, oppressed. We're oppressed. We're

1:16:26oppressed. They almost turn into a a

1:16:29political movement. We're oppressed.

1:16:33And that malicious envy turns in

1:16:37to socialism which turns into communism,

1:16:40authoritarianism,

1:16:43Castro,

1:16:45Hugo Chavez, it all started as malicious

1:16:48envy. And all throughout time, if the

1:16:51rich people in this country don't

1:16:52understand, at the end of the day,

1:16:55that malicious envy turns into a

1:16:57movement and they just take it. Marie

1:17:00Antuinette said, "Let them eat cake.

1:17:02They cut her throat. I'm tempted to

1:17:06write one more book called The Castle

1:17:07and the Moat. It goes like this. There's

1:17:09this castle where the 0.1% live and they

1:17:13got everything. Then there's this moat

1:17:17deep and wide. And in that moat there's

1:17:19electrical eels and piranhas and sharks.

1:17:23It's deep and it's wide. And that's the

1:17:25middle class.

1:17:26>> And then outside the moat there's the

1:17:28barbarians at the gate. They want in.

1:17:30They want, you know, they want to come

1:17:31get it. But the people in the castle

1:17:35keep drawing the water in for

1:17:37themselves. They got pools inside.

1:17:39They're drinking. They're taking a lot

1:17:42of baths and the and the middle and the

1:17:44water starts to go down

1:17:50and the eels die and the sharks die and

1:17:53the piranhas die and then there's not

1:17:56even water and the barbarians just walk

1:17:58across. And by the way, that's what MAGA

1:18:03is. They're mad. On January 6, they went

1:18:06to the They went to the castle. They

1:18:09went to the castle because they're

1:18:11pissed.

1:18:13Mag is pissed. And guess who let them in

1:18:16the castle? The a lot of the cops

1:18:19because they're pissed off at who

1:18:20they're guard garden for. If we're not

1:18:23careful, if we let this moat sink

1:18:27and the middle class go away.

1:18:31We've only been around for 250 years.

1:18:33>> So what's the solution? Because a lot of

1:18:35people would say the solution is we have

1:18:37to tax more. I don't mind taxing more

1:18:43as long as it's tied to like I talked

1:18:45about Tor reform as long as it's tied to

1:18:48what Bill Clinton did. He's my boy.

1:18:51You know that we got to have a balanced

1:18:52budget.

1:18:54This this is not sustainable. The de the

1:18:57national debt is not sustainable. At

1:18:59some point we're going to be Greece.

1:19:02I would say tax more but

1:19:06tied like I said about Tor reform tied

1:19:08to rate decrease. I would also say tie

1:19:12it to a balanced budget.

1:19:15I'm I'm happy to pay more taxes

1:19:18if we can balance the budget, you know.

1:19:21And look, I put my money where my mouth

1:19:22is. In Florida, I ran a constitutional

1:19:24amendment to raise the minimum wage from

1:19:26$8 to $15 an hour. And guess what? It

1:19:29passed.

1:19:30>> Mhm. People can't live on $8 an hour.

1:19:34>> What do you think? If you could control

1:19:35the minimum wage, what would you make

1:19:37the minimum wage? If you could just snap

1:19:39your fingers and that's what it is.

1:19:40>> Well, if I could snap my fingers, it's

1:19:42different different strokes for

1:19:43different folks. If you're living in New

1:19:45York City, there's one. If you're living

1:19:46in Columbus, Georgia, there's another.

1:19:48You can live in a you can live like a

1:19:50chic in Columbus, Georgia. You can have

1:19:54a mansion in Columbus, Georgia. The same

1:19:56money that wouldn't buy you New York

1:19:58City. So that's the kind of the problems

1:20:01that is that you know living in LA and

1:20:03living in Mississippi.

1:20:05>> Now if a business can't afford to stay

1:20:06in business

1:20:08by paying an increased wage, should they

1:20:11deserve to exist?

1:20:12>> No. Listen, here's a stat from the

1:20:16soontobe I'm number one in Amazon today.

1:20:19>> Congratulations

1:20:19>> for um self-help books. Uh life is luck.

1:20:2425% of all businesses fail in the first

1:20:28year.

1:20:3043%

1:20:31fail

1:20:33within five years and 65% fail within

1:20:3710. And that doesn't even account for

1:20:40they'd have been much better off just

1:20:42working for somebody

1:20:46than going on this, you know,

1:20:49having this juice bar. When I see juice

1:20:51bars, like what the I mean, how many

1:20:54juices you got to sell? So the first

1:20:56thing is and but we all want the we all

1:20:58have we all dream the dream. We want to

1:21:00own the business. And if you're going to

1:21:01open up a restaurant, you're most likely

1:21:03going to fail.

1:21:05>> And what if the minimum wage increases

1:21:07and then some businesses just say, "All

1:21:08right, fine. We're going to hire

1:21:10overseas. We're going to pay less over

1:21:11that."

1:21:12>> I do. I got Listen, I got 11 my Carl

1:21:14centers I got, 1100 people in my call

1:21:17centers. El Salvador,

1:21:21where abagadas.com

1:21:23goes to the Philippines,

1:21:28Bise, I'm doing it. And by the way, in

1:21:33El Salvador, I got lawyers working in

1:21:35the call center. They're making more

1:21:37money as with a law degree working in my

1:21:40call center in El Salvador.

1:21:42>> So, why not then pay people here the $15

1:21:45an hour? Hey, by the way, really quick.

1:21:47If you want extra content just like

1:21:49this, as well as early access and a

1:21:51bonus post show posted every single

1:21:53week, feel free to join as a channel

1:21:55member to get immediate access to all of

1:21:57that, as well as early access to

1:21:59everything else that we post along with

1:22:01priority responses to all of your

1:22:02comments. So, if that sounds cool, feel

1:22:05free to join. Would love to have you on

1:22:06board. Thanks so much. We'll get back to

1:22:08the podcast now. So, why not then pay

1:22:11people here the $15 an hour?

1:22:14>> Oh, I do.

1:22:15The reason I do use El Salvador mainly

1:22:19primarily is because it's it's just an

1:22:21incredible pool of Spanish-sp speakaking

1:22:25people

1:22:27with college degrees.

1:22:28>> It's also less expensive.

1:22:30>> Yes,

1:22:32it's it's it's win-win. It's not only

1:22:34less expensive, it's more effective. If

1:22:37I can pay less for more, I want it.

1:22:39>> So, it's interesting. We asked uh Kevin

1:22:41Olirri about a year ago what the minimum

1:22:43wage should be and he said zero. And he

1:22:46said zero because the market should

1:22:47determine what they're willing to pay

1:22:49for a task and if someone doesn't want

1:22:51to take the task that's fine. If no one

1:22:53wants to take it the person has to pay

1:22:55more to entice people. What do you say

1:22:57to that sort of philosophy? I believe

1:23:00that we have a moral responsibility

1:23:04to do the most for the most with the

1:23:06least. There's a lot of sloths out there

1:23:09and there's a lot of sloths with

1:23:11children and at the end of the day there

1:23:16will be an uprising because there there

1:23:18has never not been one.

1:23:21At the end of the day if you let the

1:23:23moat go to to dirt there will be an

1:23:28uprising. It is in our best interest.

1:23:34And look, in the world that I look at in

1:23:37the future, I'm not probably gonna be a

1:23:38part of. There's going to be a with AI,

1:23:42there's gonna be people get paid to do

1:23:44nothing because there not going to be

1:23:46jobs. I think

1:23:48>> I tend to believe that AI is going to

1:23:49balance the curve quite a bit. That

1:23:51>> I think it'll be it won't be as bad as

1:23:53we it won't be as bad as we think,

1:23:55>> but it's it's going to eliminate jobs.

1:23:57Look, I just hired a guy for a lot of

1:23:59money from Amazon because I got to

1:24:01figure out AI. And guess where I'm using

1:24:02the AI first? the call centers. What do

1:24:06billionaires financially owe to the

1:24:09people that are struggling financially?

1:24:11Look, I'm not a guy that wears my

1:24:13religion on my sleeve, but I don't

1:24:15believe I believe that my money belongs

1:24:17to God.

1:24:20I believe that what's happened to me has

1:24:22been so I have been so lucky and so

1:24:25fortunate that I believe that my money

1:24:28belongs to God. I believe if I did it

1:24:29again, I would never be where I am. I

1:24:32believe that one different turn would

1:24:33have changed everything. And I truly

1:24:36believe that. And I know this.

1:24:39I don't live a big lifestyle

1:24:42other than the jet, you know, and I have

1:24:44houses, but they're not, you know, like

1:24:46that one you showed me. And the food I

1:24:48eat, I like, you know, I like like, you

1:24:50know, cube steaks with smothered onions

1:24:52and fried potatoes and cabbage,

1:24:56you know, just country food.

1:24:59You don't need a lot.

1:25:02You know what's the difference between a

1:25:03hundred million and a billion as far as

1:25:05lifestyle if you get rid of boats and

1:25:09you know Rolexes? See I I got nothing.

1:25:14>> The wealthiest person in the room. This

1:25:16is going to get clipped.

1:25:17>> Oh gosh.

1:25:18>> Yeah.

1:25:18>> I got a You know why I don't need it?

1:25:20You know why I don't need it?

1:25:22>> I got an iPhone.

1:25:25>> This way.

1:25:26>> Now, can you actually put your watch on

1:25:28it? What kind of watch is it? What is

1:25:30it? What is it?

1:25:30>> Mine was a it was a gift of a Rolex

1:25:33Datejust.

1:25:34>> Listen, my brother Tim when he was alive

1:25:36one time, you know, he's always wanted a

1:25:38Rolex and and I don't want one for

1:25:41myself, but he always he was the one

1:25:43that was paralyzed and he he ran my call

1:25:45centers for me before he passed. And one

1:25:47day I down on Park Avenue over here in

1:25:49Winter Park and I start drinking and I

1:25:52get drunk and uh I go down the jewelry

1:25:55store and I bought Tim a Rolex

1:25:58and I forget what it was, what I paid

1:26:00for it years ago. And I call him up. I

1:26:03say, "Hey, come down here to Park

1:26:04Avenue. Let's have a drink." He comes in

1:26:06and I handed him the Rolex and he

1:26:08started crying,

1:26:10which made me start crying because he

1:26:12was so happy. And he's sitting there

1:26:14with a Rolex on his wrist. I go I go,

1:26:17"Look, just between me and you,

1:26:20what what is it about what is it about

1:26:22the Rolex? What is it for you?" He goes,

1:26:24"I'll never forget these words." He

1:26:26goes, "It's like having a

1:26:29It's like having a Rolls-Royce on your

1:26:32wrist."

1:26:38I'm like, "But I I got an iPhone."

1:26:42>> I actually I don't disagree. as the

1:26:44person wearing a nice watch. But the

1:26:47only reason I bought this watch was

1:26:48actually to spite Graham. So that was

1:26:50>> and mine was a gift. Mine on the back

1:26:52says 2 million subscribers. It was a

1:26:54gift from a subscriber. A lot of people

1:26:57a lot of people a lot of people wear

1:26:59them to pull ass and you know get women

1:27:04get men. But here's the problem with all

1:27:06of it.

1:27:09Comparison is the thief of joy.

1:27:12We look and we want. There used to be a

1:27:15guy in this building. His name, he's

1:27:18dead now, his name was Mick O'Brien. And

1:27:20this guy lived a high life and he had

1:27:22this unbelievable car and he had this

1:27:25unbelievable girl and it was just I mean

1:27:27it was and it was just and I was over

1:27:29there going, "What am I doing wrong?

1:27:31What am I doing wrong?" I'd see Mick.

1:27:34I'm like, "What am I doing wrong?" I'm

1:27:35pulling up in a previa van with four

1:27:38children. And then all of a sudden one

1:27:40day Mick just collapsed. The building he

1:27:43had there was IRS tape around it.

1:27:46>> The Ferrari was rented. The was

1:27:49rented.

1:27:51And at the end of Mick's life, I

1:27:52represented him in a social security

1:27:54case. But that guy took so much of my

1:27:59mind, so much of my space

1:28:03with envy

1:28:05going, what am I doing wrong? Why is he

1:28:08making so much money? He wasn't, but he

1:28:12was in my head. That's why they put

1:28:14blinkers on horses, blinders on horses,

1:28:17>> so they can't see. If you can put if if

1:28:20your listeners can do anything, put

1:28:23blinders on because all that glitters is

1:28:26not gold. It's usually not gold at all.

1:28:30Now, one thing I was really curious

1:28:31about that we were talking on the way

1:28:32here in terms of income inequality, if

1:28:36we balanced the money, everyone had the

1:28:39exact same amount over enough time,

1:28:42would we see the same distribution of

1:28:45wealth in that the people who are good

1:28:47with business will grow their money? The

1:28:50average person is going to end up

1:28:51spending it, not investing it. And is

1:28:53that a problem of the person or the

1:28:56system?

1:28:57>> The person. Because listen, at the end

1:28:59of the day, adults are really children.

1:29:02Like I told you in the beginning, the

1:29:04reading level in America is seventh

1:29:06grade. You see a guy walking down the

1:29:08street, you think he's smart, he's a

1:29:10seventh grader or six or worse. Just

1:29:13because they're older doesn't mean

1:29:14they're smarter. So, we're dealing with

1:29:17grown-ups that are really children. I I

1:29:19asked my wife one time, I said, "Let me

1:29:21ask you a question. If we could give up

1:29:23all our money and everybody in the

1:29:25world, all eight and a half billion

1:29:26people

1:29:28could have a house, three-bedroom house,

1:29:31wide picket fence,

1:29:34grill on the back,

1:29:36full refrigerator, and and we have it

1:29:38forever.

1:29:40I said, "Would you do that?"

1:29:44And she said, "Let me ask you a

1:29:46question." So what would the would the

1:29:49houses be airond conditioned?

1:29:52I go, "Okay, yes." Then she goes, "Yes."

1:29:55I said, 'What if the houses are not

1:29:57airond conditioned? She said, "No."

1:29:59She needed AC. And I would, too.

1:30:04That's called utopia, but utopia doesn't

1:30:07exist.

1:30:09You mentioned that a 100red million is

1:30:10the same as a billion. I'm curious

1:30:12before 100 million are there any actual

1:30:16lines you could draw from zero million

1:30:19to 100 million and where like life takes

1:30:22>> I think the number that makes you

1:30:26golden is 30

1:30:29>> why 30 million

1:30:30>> 30 time 4 is 1.2 taxree if you can't

1:30:33live on 1.2 taxree I can live like a

1:30:36chic on 1.2 two. I don't have can't have

1:30:38all the houses, but if you give me a

1:30:40house

1:30:42and 1.2 house paid off and $1.2 million

1:30:47a year, I can live like a chic.

1:30:49>> So, it's 30 million.

1:30:51>> I won't have Rolex, huh?

1:30:52>> 30 million plus a paid off house.

1:30:54>> 30 million and a paid off house. The

1:30:56first thing I tell everybody listening,

1:30:58consumer debt you pay off before you put

1:31:01anything in the bank, before you any

1:31:03consumer debt, car debt, anything with

1:31:05crazy interest rates, credit cards, you

1:31:07pay that off.

1:31:08>> You and Dave Ramsey.

1:31:09>> Oh, I'm Dave Ramsey on all the way. And

1:31:11and then and then and then this this is

1:31:14people will argue with this. Then I pay

1:31:15off the house. I haven't had a mortgage

1:31:17since 1988. I had a case that I settled,

1:31:21Dave David Vega versus Key Capital

1:31:23Leasing. It was my first big case. I

1:31:26took the money and I bought a house. And

1:31:27that's the last time I've ever had a

1:31:28mortgage. The number one payment every

1:31:32month in every household in America is a

1:31:35mortgage payment. You pay off the house,

1:31:38you get 30 million, you put it in

1:31:40taxfree bonds. And why taxfree bonds?

1:31:42Even in the Great Depression, less than

1:31:441% of the taxfree bonds defaulted.

1:31:48People will pay to flush the toilet.

1:31:52water, sewer, you know, electricity,

1:31:55taxfree bonds, and nothing's nothing's

1:31:58foolproof,

1:31:58>> right?

1:31:59>> But I believe that the magic number is

1:32:02house paid off, no consumer debt, 30

1:32:05million tax-free bonds, 1.2 million.

1:32:09You're making $100,000

1:32:12a month tax-free.

1:32:14>> Now, what do you say to the people

1:32:15though that say that investing in the

1:32:16stock market long term is going to yield

1:32:18more than the 4%?

1:32:20>> They're right. They're right. They're

1:32:23right historically. But look,

1:32:27I would say two things to them. I'd say

1:32:30there's two books that are Bibles to me.

1:32:32One is A Random Walk Down Wall Street

1:32:35and the other is Black Swan. And what

1:32:37I'd say about A Random Walk Down Wall

1:32:39Street. As long as you're disciplined,

1:32:41and I'm very disciplined. Every month I

1:32:44put 500 in this deal, 500 in this deal,

1:32:48500 in this deal. dollar cost averaging

1:32:51is very important

1:32:52>> and as you get older you you reduce your

1:32:55stock. So like if if you're 70, you

1:32:58know, you maybe have 70% in tax freeze

1:33:01and treasuries and 30 in stock and then

1:33:04but as you're younger

1:33:07>> and you start taking the weight off. So

1:33:09when you're how old are you?

1:33:10>> 36.

1:33:11>> 36. So you would have, you know, 70% in

1:33:15the stock market cuz you got time. And

1:33:17if you're dollar cost averaging,

1:33:20>> and I've been in this when it's

1:33:22crashing, I'm happy.

1:33:25>> Sometimes when it starts to crash, I

1:33:27start putting more in.

1:33:30And when it starts crashing even

1:33:32further, I put even more in cuz I got

1:33:36time.

1:33:37>> Warren Buffett will tell you that time

1:33:38takes care of everything. And even if it

1:33:41crashes, you know, loses half, that's

1:33:43okay. That's good if you're young. It's

1:33:46not good if you're 70 because you only

1:33:48had the win to pick it up. And as long

1:33:50as you're dollar cost averaging, you're

1:33:51going to be okay.

1:33:54>> And so that's that's what I would say.

1:33:56You know, my children are, you know,

1:33:58your age and they're in the stock

1:34:00market. They're slowing it down a little

1:34:01bit because it's too frothy right now,

1:34:03you know, but but but what we're praying

1:34:05for is the stock market to crash.

1:34:07>> That's what I'm hoping for, too.

1:34:09>> Yeah.

1:34:10Now, my introduction to you, by the way,

1:34:12was in the Jubilee video. Okay. Where

1:34:14you debated 20 people, okay?

1:34:15>> What did you learn from that experience?

1:34:18>> That malicious envy is on the rise.

1:34:21>> What was most surprising to you about

1:34:23talking with those people?

1:34:24>> There's there's jealousy and envy and

1:34:26they don't want to, you know, go out and

1:34:28get it done themselves. They're just

1:34:29kind of pissed off. Were you surprised

1:34:32by the video once you had completed it,

1:34:34you went home, then you saw it posted,

1:34:36all of the people's

1:34:37>> recounting of their thoughts on the

1:34:40conversation. To those that don't

1:34:42understand, there was a 20v1.

1:34:45>> So, it's you as a billionaire, and then

1:34:4720 people asking you questions. And it

1:34:49got a little bit combative at times.

1:34:51>> And then the video ended with one guy

1:34:53saying, "Well, what's stopping you from

1:34:55directly helping every single one of us

1:34:57here? We took time off of our job to

1:34:58come here to film this." You say you

1:35:00help people. Well, here's a direct

1:35:02opportunity to help us and you gave them

1:35:03$100. And that seemed like it was the

1:35:06end of the video and it was a happy

1:35:08ending. That part ends and then it goes

1:35:10to everyone recounting their experience

1:35:12on set talking with you. And most of

1:35:14them said, "Yeah, you know, he seems

1:35:16like an okay one, but generally

1:35:17speaking, billionaires are parasites or

1:35:19it's like parasitic in nature." Or the

1:35:21other person said, "Yeah, he gave me

1:35:22$100, but not all these other people. He

1:35:24didn't give them $100." I'm curious like

1:35:26your your experience onset and then

1:35:28watching that afterwards.

1:35:30>> Look, I've given money away. I give a

1:35:32lot of money away every year. Like right

1:35:33right this minute, we're building at the

1:35:36Coalition for the Homeless, we're

1:35:37building a wing for uh women and

1:35:40children. I'm building a Boys and Girls

1:35:41Club in Tallahassee. I just built a food

1:35:44bank in Appalachia. The food bank here

1:35:47in Orlando is called the Morgan Morgan

1:35:48Hunger Relief Center at at Second

1:35:51Harvest. rich people have a moral

1:35:54obligation

1:35:56because I believe that most of what's

1:35:58happened has been lucky and and maybe

1:36:01just like being the paper boy was lucky

1:36:03and I do believe what Bill Dmitri told

1:36:05me that the money does not belong to me

1:36:08it belongs to God and so you know

1:36:11they're always going to be well it's not

1:36:13you know when I had his money I wouldn't

1:36:15give you know you give money away and

1:36:16they're like you know Oprah ca in Hawaii

1:36:18Oprah gave a load of money away like I

1:36:20have you

1:36:22Oprah, you know, Jeff Bezos gave the

1:36:24food back like 25 million. They're like,

1:36:27"That wasn't enough for a guy." I mean,

1:36:29no matter what you do, you're But you

1:36:32can't you can't you can't you got to put

1:36:34the blinders on. You got to do what you

1:36:36can do.

1:36:37>> Yeah. Did any of those people ask for a

1:36:39job afterwards or come up and talk to

1:36:41you and try to get advice from you?

1:36:43>> No, but one one kind of called me later.

1:36:45I thought she was wanting to, but

1:36:48I kind of got this phone call. My

1:36:51>> What'd she say?

1:36:52>> You know, you know, I really enjoyed

1:36:54meeting you.

1:36:57You Why'd you give her your phone

1:36:58number?

1:36:59>> She left me a voice message on my phone.

1:37:02I didn't give her my phone number.

1:37:03>> Oh, she just called the office.

1:37:04>> Yeah, she went to my voicemail. I didn't

1:37:06talk to her. So, I met you at Jubilee

1:37:08and D.

1:37:11I'm like, then you're thinking, this is

1:37:12cra This is a crazy person, too. What's

1:37:15really interesting, I really like the

1:37:16Jubilee with Patrick Bet David and with

1:37:19PBD, he made a really great argument and

1:37:22someone said, "Well, why didn't you hire

1:37:23me?" And so he offered this person a job

1:37:26and they disqualified themselves. Oh, I

1:37:29want these benefits and I want

1:37:30>> Well, he said, "Would you would you

1:37:31consider moving out? Would you consider

1:37:33showing up at this time and leaving at

1:37:34this time? Would you do this? Would you

1:37:35do that?" Because they were lamenting

1:37:37about not having a job and marketplace

1:37:39is very difficult. And then he said,

1:37:40"This is what you would need to do if

1:37:41you wanted to work for me." They said,

1:37:43"No." He's like, "Okay,

1:37:44>> I'll tell you two stories that kind of

1:37:47go handinand glove with that." You ever

1:37:48heard of that shoe company, Zapos or

1:37:51>> Zapos? Zapus. I forget the I think the

1:37:53guy he's dead now, right?

1:37:54>> Tony Shay.

1:37:55>> But Tony Shay used to do this. He'd give

1:37:57people a job. He'd offer him $2,000 to

1:37:59quit the first day.

1:38:01>> Dan Martell did the exact same thing.

1:38:03>> He stole it from that guy then.

1:38:04>> Yeah.

1:38:05>> I had Dan at my convention. And and and

1:38:08so I looked at that. I'm like, that's

1:38:10smart. Cuz you know,

1:38:14why train those people if they don't

1:38:17want the job? Look, we're living in a

1:38:19world where there's a lot of people that

1:38:21just don't want to work. Here's a real

1:38:24interesting story.

1:38:27Getting people to come back to the

1:38:28office was just like, I mean, nobody

1:38:31wanted to come back to the office. So, I

1:38:33said, you know what? So, these people

1:38:34that didn't want to come back to the

1:38:35office, here's what we're going to do.

1:38:39You can work from home.

1:38:42But guess what?

1:38:44We're going to put a camera on your

1:38:46computer.

1:38:48We're going to put a camera up your ass.

1:38:53We won't look at you. It'll be a pixel.

1:38:56The first week,

1:38:5923 people quit. Oh my gosh. It's not

1:39:02that they don't want to work from home.

1:39:03They don't want to work.

1:39:06And the people who want to work from

1:39:07home now are like, "Well, here's how it

1:39:09works.

1:39:11If you qualify, we're going to have a

1:39:13camera on you. We're going to be

1:39:14monitoring you closer than we would."

1:39:16And we've got we we measure key strokes.

1:39:18We we have this productivity score

1:39:20that's incredible.

1:39:22>> And look, what's going on is a lot of

1:39:26people just don't want to work. And

1:39:30they're pissed off,

1:39:32but they really need to be pissed off at

1:39:34themselves. How do you justify that?

1:39:38When you also say something like most

1:39:40people that are not successful or

1:39:42financially comfortable just lack the

1:39:43capacity. If you say someone lacks the

1:39:45capacity, it sort of implies that they

1:39:48don't have the ability to become

1:39:51financially comfortable. But then if you

1:39:52say, oh, they have the ability, but they

1:39:55just choose not to because they're lazy

1:39:56or they just don't want to work. Then

1:39:58like what is the actual you can't come

1:40:01up with a solution if you have two

1:40:02different symptoms. Look, there's I