저자: BarbaraCorcoran · 외국인
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Barbara Corcoran은 부동산 장기 보유가 부의 가장 확실한 길이며, 분산투자보다 본업과 부동산에 집중하는 것이 낫다고 주장. 경기침체 전망은 대부분 빗나가므로 무시하라고 말함. 창업은 교육보다 경험과 실행이 중요하며 자녀에게는 결핍과 실패를 겪게 해야 한다고 강조. 특정 자산에 대한 가격 방향 예측은 없음.
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starting a business and being blind and ignorant and dumb is an advantage very first day I met them I said they're cocky and I knew they had a vulnerable heel I said I'm going to come and I'm going to get the artificial intelligence has changed so many businesses you have a limited window to influence your kids to cause them pain make sure you have a post-op with your wife why are you so jaded I'm jaded I mean I've been hearing recession talk all year round okay now it's going to happen in the next quarter what he pitched was he pitched the Trump factor I watched these grown men analytical Financial types fall for it so how do you feel then DeSantis versus Trump versus bide well I think bike needs some vitamins whatever Kevin O'Leary said that you're not going to quote Kim yeah are honored to have Barbara Corcoran in person in New York City Manhattan Barbara this is welcoming thank you thank you this is the place that started everything tell us about it for you oh you mean my career oh yeah I love New York City I think sometimes I look around the city and I think I could have never built a great business if I wasn't in New York City it was a town that the moment I walked in as a poor kid from New Jersey that the whole city welcomed me it was a town that thrived on change even though they make a big deal about where you're educated lip service the fact of the matter is New York doesn't give you oh I forgot you know don't go say whatever you want Barbara New York doesn't give a darn about where you were from they just wouldn't know what you could do for them lately you know that was my value and that's what I brought to the city and it would have never happened anywhere but New York now Kevin O'Leary says he wouldn't be caught dead living in New York City he can't afford it Kevin just doesn't have the bucks he's been looking at apartments and asking me for good deals for probably 12 years and then when I give him a good deal he says well not right yet he just doesn't have the cash he's a big fan of diversifying no more than five percent into one security or more than say 10 15 in one sector is he making a mistake should he be like you and all in on real estate Hey listen I have my own opinion on that I believe people that put that theory forward are probably doing what they say but do I believe it no I have noticed that the wealthiest people in the world do what they do well and I do real estate well I do investing well I get good returns I know how to pick properties so why would I want to be better at the stock market that I know nothing about or any other industry for that matter even though I've invested in 150 businesses on Shark Tank all different kinds of businesses and I put my money there that's the limit of my money my cash investment and that all of the other money I make I put into real estate and that's why I have gotten rich I would have never gotten Rich if I had tried to diversify as Kevin says no again Kevin is wrong wow wow now my father-in-law who helped me get started as a real estate broker myself you married the right girl hey there it is so my father-in-law he always said I sell real estate I don't sell real estate because he was a big fan of serving his clients but keeping all the real estate he could get his hands on and Building Wealth through investing in real estate he believed that you made your money investing in real estate uh versus solely your income what's your take for something of course you know investing in real estate is a wonderful magic trick what happens is you become rich very rich very slowly and you can't spend the equity well you can you can mortgage out I've taken mortgages out of my buildings for spending money but the fact of the matter is it's a guarantee you're going to get rich you just hold the course didn't you find your father-in-law got very wealthy doing that before you proposed to his daughter good point no the question then is that's not as maybe sexy as putting it all on a call option expiring this Friday and getting rich overnight you find that sexy I don't I'm just saying a lot of viewers you know they want to get rich quickly you just have to get rich slow that that's not as exciting though oh it's much more exciting do you know how good it feels to look at your portfolio and look at it six months later and realize your rent roll has increased 12 and your mortgage is the same and you don't need any roof on the building and you've put that cash in the bank no it's great if you own real estate you measure it by the day almost by your rent roll and to realize that the economy always makes friends go up I never met a landlord abort rents down it just doesn't happen so I just look at my properties and realize they're my future they're just going to become bigger money makers as they go you know that's thrilling not winning on an option you lose it the next day no I don't believe that starting with your own home would you rent where you live or buy where you live well I would always buy where I lived and I always have bought where I live but I have a son who's 28 who has an investment company in real estate and he will not buy he says he makes more money if they invest in another kind of real estate drives me crazy you know I love owning and you know people intrinsically love owning it's not an intellectual decision they like to know that they're the king of the universe they decide what's going to go on here they're going to decide what they're going to spend not somebody else wow you know when it comes to people getting started people are always worried about the recession or inflation or what's the FED going to do should they just start in real estate and not worry about all that noise or is there something to time I think this great virtue in starting anything it doesn't have to be real estate starting a business and being blind and ignorant and dumb is an advantage I mean I think if I was well educated and understood the economy and listened to the reports on recession when I was starting out or later building the business into something large I don't think I'm I would have done as well there is greatness in just having a hyper focus on who you want to become and what you want to build and just going for it listen to all the noise out there 90 of it never comes true I mean I've been hearing recession talk all year round okay now it's going to happen in the next quarter I don't pay attention to it I mean it just gets psychologically in your way and it doesn't change anything right it really doesn't it's always the next quarter recession's either always coming or here too much information so much of it is a headline uh getting in every way and it's effective but it really does hurt people psychologically about the attitude you're investing absolutely would you say that a lot of at least it seems this way a lot of people want to start businesses but they get caught up not just in the fear of the market but also sphere of reliability this fear of employees this fear of making mistakes and that may be puts them in quicksand where they never actually get started what would you say to people who feel like that it's the hardest part of building a business is getting a start wow you're better off getting any old start doing it all wrong getting out in the street and actually having a business because then you find out what's wrong with it but people have been educated to make business plans to analyze things deductive reasoning and I guess there's a place for that and the more educated someone is the less likely I believe they are probably going to be successful as an entrepreneur that's the opposite of what you would expect well it's exactly what I expect on Shark Tank I never invest in kids that have money I mean I know it's a precious attitude toward it but if they have money what are they reaching for they've had the fancy vacations the nice cars mom Paws there always has a backdrop they never make money for me you give me a poor kid who has something to prove something to struggle about something they don't even know anything about and they find a way I'm just a believer that too much education can really hurt people not that I'm not for education but when it comes to building a business I think what you have to do is rely on experience to just get it going sounds like that leap of faith faith versus an analysis paralysis maybe yes like when you got married or did you analyze the financial statement no exactly okay so you follow your gut and you just went for it right how's it doing by the way well yeah it's great no it's actually it's fascinating I was going to actually ask you about uh about raising children it was one of my later questions that's better than asking me about my marriage oh why no okay now you have to tell me both yeah I was just teasing you up I've been married 38 years and it's a I think it's a constant struggle in endurance I think you just have to I I think you just have to stay with it I mean most of my friends have dropped like flies their husbands are gone not me I stay with my bill I know what I got and I look around at all the other husbands and I think do I want any of them more than I want billed no so I settled back back down to Bill I think marriage is a great thing to say with isn't that always an issue that people have though they sort of see The Grass Is Always Greener somewhere else only if they're a fool oh wow I mean you have to concentrate on the important things in life what's really your core of value in a relationship and if you could stay focused on that and not get distracted by all the noise around you in people's opinion around you you can stay focused on having a rock solid marriage I think I think that actually relates also to entrepreneurship because a lot of people get caught up in they want to start a business and then other people have their opinions oh no you shouldn't do that oh it's a bad time I remember when I became a real estate agent in 2010 people checking me out at Trader Joe's Oh Real Estate oh that's that sucks what a terrible business to get into people coming up to me in-laws oh other very unless you know you should get a real job why would you get into real estate yes well it gave you a sense of shame but it depended upon how stubborn you were and how ambitious you were and how competitive you were with yourself as to whether you're going to do it or not so the question is did it really bother you no because you stayed the course right it's almost motivated me in a weird way I felt like uh I'll show you yeah exactly can I tell you that attitude of I'll show you is Paramount to building a business because in the worst times when everybody allows you to throw in your hat and give up uh generally a good entrepreneur has that thing kicking like oh yeah I'll show you so if you have that you're meant to be a business or yourself that's that's uh funny to say that I just had a service provider uh that I thought was providing this this incredible Service uh I mean we don't have to go in the details of it but something happened that I thought was very disappointing almost disrespectful but I never like to blame uh the other person I thought to myself okay let me make some phone calls and see what they actually do and then I realized I could get a special license and basically we could bring in-house what they do we could save money we can grow the business more so that that crisis turned into this interesting opportunity and I personally I think that's uh that resonates with what you're saying yeah but you're taking a couple of things for granted number one you're taking for granted that you weren't happy with the service and you're empowered to do something about it secondly you put the time and the energy into checking it out thirdly you had the self-confidence thing I could do it better that's a lot of three steps that a lot of people don't have so if you make a bundle on that it's worth it you deserve it and if you do very very well on it you deserve it even more that's what I think that's great advice for somebody getting started oh sure you gotta just get going you know most people who are successful in entrepreneurship and I deal with so many different people starting businesses that's my trade frankly as much as real estate is my trade and I have to tell you uh that is the best advice you just handed out so say it again what did you say well I forgot no no just do this this idea of yeah well if maybe you feel slighted or something how could you improve on it and take control yourself oh yes improve on something maybe provide a better service let me tell you something that happens with me with my Shark Tank businesses when Eddie was on Shark Tank they discovered so even if it's a half-baked business they have great sales and they think they're incredible every entrepreneur thinks I'm a brilliant person now look at all these sales but what happens is I wait about three to four months until the first catastrophe happens there's always going to be one and they're looking to me for a solution and I help as best I can but that's not really why I'm there I'm there to listen to their attitude about what went wrong and there's only two kinds of entrepreneurs and I just demolish the ones that are in the wrong category but the good ones take the responsibility on themselves the bad ones blame it on the controller blame it on the the patent didn't come through say somebody stole my idea they blame everything you know the shipment didn't come through it was faulted they have all these reasons but the great entrepreneurs say okay it's done what do we do now that's what what they do they move forward so blaming and casting doubt as to whether you're responsible is a sure sign that you won't succeed in business I could just get rid of those people in my mind right away I have my office every entrepreneur I've invested in are all my walls beautiful frames the minute I see them playing victims I just walk over my wall and flip it upside down why because when they call me I sometimes get them mixed up because I have so many and I look at the walls and I go oh that one the victim and I spend about a minute on the phone versus giving them an hour of my time wow that it really relates to something I've heard before this idea of if you point the finger three fingers point back at yourself oh I haven't heard that one yeah I heard this other finger story when I was a kid oh no is that for this podcast so that's fascinating so really one thing that I found of early entrepreneurs or people maybe who are students who want to get started is sometimes they have this sense of the world owes me rather than they should provide the world something first oh they should they should keep their parents money in their pocket and not do a thing this I I wonder how do people overcome that I I don't like to use the word but it's the best definition for that entitlement that the world oh if you want me to work harder pay me more that attitude how do you you know the right way to look at any position you have is who's paying me money to learn and if you take a job take a position just to learn you're in the right course when someone has an attitude of entitlement you cannot change it I used to think you could I used to lecture people and say well another way of looking at is blah blah but that's ingrained when kids feel entitled uh they really don't see them as the center of the universe they see the universe as a center and they're dancing around and saying what can I get for it it just doesn't working it cannot change them I've tried and a pretty pretty formidable when I'm working on somebody but I have never been able to move some somebody one inch on that not at all so if somebody's if somebody has that mentality probably not somebody you want to hire but if somebody maybe doesn't even realize that they have that mentality and that's what's holding them back how could they change how could they maybe see okay this is how I've got to change and maybe I suppose another way to phrase it is how could you convince them to provide value to the world first I think what you could do is strip removal their money and their privilege put them in a poor apartment somewhere give them five roommates and say good luck buddy but parents aren't willing to do that parents uh with with wealth or just some affluence make it their charge to help their children out but I think I think they don't realize that kids have to struggle to build confidence and so if you're always helping them out they never become confident individuals they just are unable to do it so in a parent's attempt to protect your child to give them special tutoring to help them get into the right school to do all this helpful stuff each of those actions I I think diminishes that child and if they get lucky and finally are successful they're not going to give credit to themselves I'm meant more miserable Rich Kids working for their father's firm or some friends firm and they're not proud of what they do and the reason is because they don't feel they did it themselves the best you can do for a kid is to let them drop a little you know that's how they learn what their bottom is and where their vulnerability is really that's that's really incredible and it almost hits deep I have a seven-year-old I have a five-year-old we're expecting two more yeah and that's a lot wow this can be interesting the next year I bet yeah do you want to be able to make a quick few hundred bucks by just referring a link to somebody else well the sponsor for today's video is actually me and we have a new feature for you if you click the link down below you could actually sign up to get an affiliate link that'at's how I became a millionaire up any of those courses if you refer those to your friends or family or anyone that you know you could earn a 30 Commission all you have to do is click the link down below and you will get your very own affiliate dashboard remember that one of the reasons this is my favorite sponsor of the channel is not only because it's me and it's easier to work with but we have really great customer service when you email us if you need help just send us an email at staffmecaven.com and we'll take great care of you we add value all of the time to the programs so they grow in value over time and that's why the prices tend to go up over time as we increase content to the programs that continue to add value and support a q a every single day in the programs and of course we have priority trade Theses that we first talk about and think about and argue about and debate about in our course member live streams and everybody gets access to those when you join those so even if you just want the course member live streams or you want the courses and the lectures or whatever or your ready member and you're like hey you you're suggesting I can actually earn money back you can get 30 Now by signing up via the link down below and you get a 30 commission when you sell one of the program I've always had this this Vision that oh I I want to build a business and then maybe get to work with my children in the future in the business how nice but they might want to go off on their own so I'll just have to have more children so I have a higher odd of some of them sticking around why would that be important that they take over your business I I don't know I guess I just want to spend time with them and be with them you might change your mind by the time by the top team we'll see you know and so tell me about that is that the wrong way to look at it I don't agree with it myself okay when I was building my corporate Group business my son was five when I sold it half the reason I sold that business is I looked at him looked at all the guys I knew that were working for their parents companies very successful anyone would judge they're successful and they did a lot of good things for the parents company but they never felt satisfied or proud and so I decided to sell my business half to make sure my kid didn't go into my business now ask me what business he's in real estate investor you mentioned it earlier investing so go figure but he built it himself that's his own thing he's very proud and that's a world apart from if he had been the son of the big broker that ran the big firm right totally different attitude uh you've just changed my outlook you should you should try to think I think with kids really what you could create as obstacles I mean don't break their legs and see if they could heal themselves but I think not to jump in let them find their own bottom when they're having their bottoms and it's a very hard thing to do as a parent because you love your children more than anything yeah that's really incredible uh insight and your poor kids you're not going to give them the time of day now now I'm just saying that's it I've got to just get out of the house oh my gosh okay um so that's really incredible and enlightening thank you for that um so in that case I mean that I guess that also associate I think about what motivates me because people ask me they say well what motivates you you could you know retire why keep making videos try traveling for YouTube with startups this that or whatever why and it's not a number for me it's it's I want to build uh that feeling maybe of I think you mentioned it's success feeling like you built something even if there's failure along the way yes I guess robbing that from a child is probably the worst thing the worst thing you build it little by little if you really look back at your own life and think where you grew it's always over hardship even disappointing heartbreak I mean it's a terrible way to learn I'm not all for it but it is the way you learn but I'm not at all surprised to hear that you're not motivated by counting the money of how successful you are because I have found that people that are after the success never really get it but people who are after doing an exceptional job or being better than the next guy or competing always get there that competition oh for sure it's key but I mean I'm sure when you build your business competition was was core especially in Manhattan here I mean this is the epitome of competition how did you no I see when I started in the real estate business I always felt that I called it the toxicity of Relativity what's that mean comparing myself to other people oh somebody else is better than me and so to some extent it was motivating but on the other hand it also felt toxic oh they got the listing over me yeah and as much as I wanted to think okay well what could I do better it always somewhat there was this little thing in the back your mind like you you almost you don't want to say but you feel resentful you're like oh why them and not me right how do you overcome that I mean I think the resentment uh has to be dropped right away I mean a part of it is because you're competitive by Nature so somebody beats you at a particular challenge like getting the listing of something a chunk of your business you're going to look at them and resent them I went further than resentment I hated the guts so you have that problem too okay of course anybody who worthwhile does you hate their guts simply because your nature is to be competitive it's not fair to be that way but it is that way you know I had a great Advantage when I was young in the business I was probably only a business maybe a year I was 24 I went to a board meeting of all the real estate Kings of the industry all rich men who inherited their Empires from their fathers the rich fathers who inherit from their grandfathers and then I come clunking in but this is what I noticed the very first day I met them I said they're cocky and I knew they had a vulnerable heel I said I'm gonna come and I'm going to get them because they're cocky the minute I see a Cockiness in any institution they're going to lose money the minute I see it cocky in any any competition position they're going to lose money so I saw that they were vulnerable because they were so damn sure of themselves whereas I was insecure so I had to run twice as hard to prove everything and that's what got me to where I was how did you deal with the criticism then and even today I mean social media it's so easy for people to criticize oh I don't ever read my social media you don't accept the compliments I have them washed out because I don't want to be depressed I answer all my social media but only the positive things I ignore everything else because you know why I don't really need it but can I tell you ignoring criticism or as you put it just a short while ago ignoring uh your your tendency to watch what the other guy is doing and feel envious you cannot watch what the other guy is doing you just cannot it's poison you're spending your time your money and your energy on somebody else like giving them your wallet no you said I'm happy they do you're happy you do and I hope you hope you do poorly and let's focus on what I'm doing that's funny that you see that Kathy Wood uh ETF manager yes I had dinner with her in Tampa and I asked her how do you deal with the criticism because she's the definition of what people like to either applaud or criticize I'd love to hear this answer sure her response was why would I allow any negativity to take away my energy she's so right she said it's succinctly which I was trying to say five minutes ago in 40 words or more but it's so true she's right that's quite empowering so what what do you say to somebody now in in the economies obviously you know wherever it is right now it's yeah who you ask everybody's doomsday yeah ever exactly and I think that's a lot you mentioned it earlier it sells the news right oh of course it is yeah anything it was funny as soon as the debt ceiling uh started looking like a deal was set together the Bloomberg headlines are well now what if the further on the right or the further on the left start protesting and then procedural artist is always a negative what if the dollar collapses oh like everything you throw more up on the screen yeah so how has somebody getting started coming out of let's say college or that they've got maybe a thousand bucks two thousand bucks just start a business go work for somebody learn what's the best thing to do or both um you know it depends on the individual for me I had 22 jobs before I started okay so I was well versed in what a job meant have a scrap how to make a a tip better than the next girl uh how to just prove yourself as a hard worker so I had all that time and all that people studying that I got I had terrible bosses I had a few nice bosses so I came in at 23 into my own business I looked young but I wasn't young inside I had been around the block a few times you know so I think getting a job of manual labor where you have to really move your legs and your feet I think is essential to learn about business and the best way but what most kids do today I know the peers of all my kids when they were growing up was where could I get a good summer internship I think it's a total waste of time you're protected you're not really working you're sort of working no get out there and get a job make a buck and that creates your confidence just like that so I forget where I was going with this answer what was it is getting started as you've got your first thousand oh yeah so learning it sounds like so I think before you take your first thousand bucks and run out and start a business I think by far you should get a job just to see what it works like and how hard it is to make a buck when you work your ass or for a dollar you see that thousand dollars as precious I got a thousand dollar loan from my boyfriend to start my business I'm telling you I looked at every penny of that thousand like it was gold and I made it stretch three months if I hadn't I couldn't have stayed in business but just you have to cherish every penny if someone can't lecture you on it you have to learn it by working for a penny and see how hard it is you know wow yeah now you mentioned doing that manual work yes and and working with people now everybody seems to care about artificial intelligence and not dealing with people is that a mistake oh I don't think everybody cares about Earth I wouldn't go that far Fair it can be a lonely path artificial intelligence has changed so many businesses I know even in my shop we've spent so much time writing content now we are editors we don't brag anymore we just give it give the job away and then we edit what we read you know it's so much easier it's changed everything but what you can do is put a human being in a room with a artificial intelligence new person or a machine and create a team there's never teammanship and where do you get the greatness out of people where do you climb mountains and accomplish things you never thought you could accomplish where do you dream and actually see the dreams come true it's not there it's with individuals human interaction and joining hands and getting excited and criticizing each other and the whole shooting match that's what makes a team and you can't do that so short of that is wonderful I'm a little concerned about it hurting a little bit of the new higher reason every industry because people are thinking they could farm that work out right but I believe you have to make a team of people to begin with and the easiest time to do is when they young you know so we'll see where it lands itself it's very interesting isn't it though it's fast nobody has the answer no nobody does yeah what would you say that's the best way to hire is is do you hire somebody who has maybe no experience you can bold them I love it I love hiring an experienced people when I was building my career no one wanted to work for me in my industry because I want to work for the big companies in town I don't blame them they had a lot to offer you know they had a lot of money they weren't going to go out of business in two months if they didn't make it so I kind of got that Viewpoint so I had to forget about it to do effective hiring because otherwise it stood in my way but I have to say through those years I built my business on inexperienced people I had Housewives coming in who had never worked a day in their life and they had raised the kids and I had to figure out are they sales people are they Killers can I close a deal how do you do that with a housewife you know I had my methods for discovering that all right and then once I started my media business I hire all kids right out of college it's the easiest way to go you have a chunk of beautiful ambition and beautiful potential and you get to decide how you might mold it how thrilling is that it's it's pretty close to Playing God so it's it's a thrill you know what if you have somebody experience their attitudes come with them uh they can sell a little better on coming in because they use they lean on their experience to sell you you know I like I like pure potential it sounds like you're probably not a big fan of remote work my people are in the office two to three days a week and that's about right if they chose that they only wanted to be in the office never I oppose that I'd have them in one day a week yeah but they work so much as a team but they could still work remote what do I care as long as the work gets done you know that's a good point yeah that's a good point so now how could that potentially affect this real estate transition that we've seen we've seen so many people during covid move to Austin and South Florida you know away from it they were free no kidding could some of that reverse now could we see it maybe we can go back to California or New York no I mean when people leave New York City for different crisis reasons I've seen over the years in this business they always come back but this is different it was pulling up the shade and letting people know they had options okay and then accommodated to by your boss who lets you work at home so your option didn't disappear no people now feel more free to live anywhere they want and it has hit at the core of many of our major cities of course but we have so much coming into the cities I'm not worried about it you know I'm not thinking oh New York's not going to fill up those spaces in the apartment Market there's still not enough Apartments to go around you know no it all worked out but it's been a new freedom for people and they've taken advantage of and I think it's been wonderful if People's spirit and it's been so good that people had a pause button to actually sit and think what about this Rat Race I mean is this really where I want to go you ever hear the expression that Lily Tomlin she said even if you to win the rat race it's still around you're still around I couldn't remember the punchline okay yeah you heard that one I only heard the other day I thought well that's a great one yeah I better memorize it better oh that's all right so would you invest outside of New York or do you generally prefer just New York or would you would you go to South Florida and invest in say residential real estate you're talking about as an investment you yourself or somebody listening would you diversify away from maybe where you live I took all my money except my existing Holdings of buildings that I've bought over time I haven't sold those because once I buy a building I fall in love with it especially in New York when it's made so much money and I can refinance it and take cash out tax-free oh yeah let's not forget about that yeah um but I have to say in the last four years I've invested uh predominantly in Pittsburgh and Washington wow uh not New York at all because they've changed the laws in New York you cannot improve your property and hope to get added rent it used to be you put a roof on a property got renovated property make it a stunning place to live and you could raise the rent not anymore New York changes all Albany is out of their mind they chased away investors like me out of New York City you can't make money in New York City right now but they will change again I see the pedals swim both ways and I'll return with a lot of money to New York but in these other cities it's incredible they love real estate people the laws are friendly to real estate people they have educated people the population is growing the cities are beautiful I I just do better financially Pittsburgh and DC yeah no Pittsburgh and Washington I've missed wow okay Washington State then yeah oh wow okay so you're traveling over there is this predominantly multi-family or single or both what I like I like the sweet spot I like three units to 15 units somehow I know I should if you put a lot of them together you can have a high rise but I like having my little buildings all around you I like to see them you know what I found is that when you get into too large of real estate that opportunity to add value goes away you got the big funds coming in they pay competition is fierce yeah everybody's ignoring my pieces more yeah my son turned me on the smaller parts yeah he makes this is Whole Living buying those properties and he's right because he doesn't have competition and people are scared right now so you can get good deals oh yeah you can low bid enough low bidding and you get a few that except this is how I started my career my vision was I am driving around with a Prius meet Kevin the no pressure agent he's a great fellow of you thank you providing more value yeah right on your car too yeah and then what I did what's the location there this was California yeah Santa Barbara that little market out there yeah and then what I did is because I wanted to provide more value for my clients because I know how important it is to be quick to be unique and to be in person yes I had a little trailer where I keep my for sale signs so when I signed a list whatever so when I signed the list I have to hand you I'm sorry I hadn't vote on that one that's a good one I could have had them in the back of a taxi yeah see because now when you sign a listing the sign is in the yard the minute you leave and the client looks and he goes nobody's done that pretty Snappy you'll tiger you so I also became a licensed contractor and a licensed lender so when I set a listening presentation I could tell the client we can list it at say 4.99 yeah or we could put twenty thousand dollars in and we can sell it for six hundred thousand dollars it's a hard 20 to get from a client though they don't like to spend money on the list they don't yeah so I lent it to them because I was a licensed lender you dirty w i put the deed or I put a deed a second on the property which I underwrote the value of the property anyway yeah right oh you're doing and I was a licensed lender so I could legally record a deed uh you know what you're you were like you were like those late night hosts who say and not only that you get this and two you get an extra two months you're calling me ShamWow now the broader economy I have to ask you uh Federal Reserve inflation interest rates how much does that really concern you it doesn't doesn't concern you you know what I haven't learned about business I mean myself and also my entrepreneurs I lecture this to them and I think they believe me they seem to practice as I tell them not to read anything go out for lunch on everything that's happening and do what they do best which is to do more of what they're doing well and you want to know I have learned no matter what went on the economy now I've lived through so much in this town this town has its highs and slows the stock market crashes 9 11 everything I Barrel through everything simply because I was not that informed and I was determined to get there there's no substitute at all when you're building a business and you know you've done it successfully of your own pure intuition and determination and ambition to get to the finish line and if you have that all the rest of the stuff is noise I'm not saying it's not credible one way or the other but what does it have to really do with what you're going to do today yeah that's a very good point I suppose then to to an entrepreneur watching we have to ask ourselves when you wake up in the morning does it really matter what the Federal Reserve is going to do in two weeks or do our clients matter and the value we're trying to provide to that well you can certainly answer that the only thing that matters even more than your clients is how much you value yourself when you wake up in the morning how much you value your time and how hard you're going to drive if you got that in order everything else your clients respect you the money comes in everything works out because you're in control of yourself how important do you think it is to people comment this on my channel they say I I change my mind often and that has been defined as a flip-flapper oh flip-flop especially with someone else's money well no yeah yeah so how important is that in uh entrepreneurship to be able to Pivot it's very important and I really I don't think of it as pivoting because that sounds like you do a 150 degree turn of one adjustment yeah yeah what I think is its ability to listen I change your mind all the time because I listen hard I might have a great idea I know it's going to succeed but then I listened to cool people who kind of know a little bit more about that space I have a different perspective and then I change my mind based on what they said it doesn't mean I said oh boy was I wrong but I incorporate by listening hard so I think pivoting if that's the factual word is a result of listening hard in its best case scenario and changing your business a little at a time in its worst case it's like I lost that money I went through my burn rate I have nothing left let me borrow more and let me go in a different direction there's two different headsets on that isn't there yeah it's a really good point Kevin O'Leary said that you're not going to quote Kevin I I spare me I know but he agrees with you okay then let's hear it he says flip-flopping is a requirement in entrepreneurship no I would not say Flipline no adjusting is key adjusting is too expensive so what's the difference between the two it's like a 10 adjustment versus a 180 is what you're saying it's asking the question how could I do this a little better the refinements yeah but flip-flopping is interesting let's give up this Market let's go to that market that costs a lot of money okay I like that that's a really good point there was a rumor that at one point uh when it came to real estate here you were asked by Donald Trump to put together a report that you potentially disagreed with some valuations on on this building actually tell us about it yeah that was interesting he asked me to every developer in town wanted this building to retrofit make it a beautiful condominium every developer from Larry Silverstein to the mack Lowe's to Donald Trump who was the lessest the least developer in the space and he was smart enough to come to me and say I want you to pitch General Electric with me and get me this building I want you to appraise what I'm going to get for it considering my trump Factor now I knew the Trump Factor was his old ego factor and it wouldn't have an effect on anything but I did I did a careful assessment used my best agents and I came up with the price of 568 a square foot I remember it because when it was finally sold it came in I'm not making this up at 568 a foot all the units sold and now of course I think it's probably trading I haven't kept up with three thousand a foot but not day that was incredible and what was fabulous about him as a Salesman I watched the other developers pitch and they pitch their resumes their successes what he pitch was he pitched the Trump Factor like the Trump Factor whatever those guys say I'll give you that plus what would you say if I were 30 more enough I say no maybe ten he goes okay 10 maybe 20.
but they they fell for it I watched these grown men analytical Financial types fall for it and I learned a very important sales lesson which was uh flies wow it's much more important than fact and boy can he sell because he's not afraid to make stuff up so how do you feel then DeSantis versus Trump versus Biden well I think bike needs a little I don't know some vitamins whatever maybe maybe a new lease on life I mean when he makes his fist on era I'm like please just make it harder please make it harder he's like I tell you oh no I tell you no um but the Santos is like another younger version of trump I think you know yeah that's my own impression I'm not very politically weird and Donald Trump has the power to sell and so I take him more seriously than anybody out there who's a contender we're down to just the last four minutes here the um I I really want to Circle back to Children uh this idea of uh entitlement how would you handle raising children in the situation that that I've presented to you my my world my life how do you let them fail and how do you make sure that they don't grow up as entitled and spoiled children mostly because when I started my uh when I started hiring for my media business the somebody betrayed me who ended up being um the biggest motivating force to for me to to create what I've created now which was so wonderful thank you note I do I owe them but thank you generally I've always found that every time I feel slighted I feel like I should send them a thank you like a Mrs Fields cookie card well only if you succeed if it puts you under you don't want to send them well I suppose that's true um but I I don't want to my children to be like them that person that like you don't have to fear that I worry about that no you don't have to fear them being a creep because you aren't and I'm sure your wife isn't either children in the end become what they see but they see two different groups of people they see their family and that's going to have a great influence on them but what influences a child most I think is a peer group they can't care more once they hit the young teenage years about what their peers think they want to wear the same clothes they want to spend the same money on their loafers they want to go to the same cool places they see their fancy houses so the peers influence children most so you have a limited window to influence your kids to cause them pain or to allow them to feel pain so um for example when my kids want a fancy clothes I said no now would it seemed mean maybe but I could have certainly brought in the same fancy labels that everybody else had but I said no maybe on your birthday when they wanted a phone maybe when you hit double digits I always made them wait wait so they created desire and I think that helps because you're not matching the Joneses you don't mean to but in the end you wind up doing it if you live in an athlone area everybody's got nice stuff and you you give nice stuff to your kids you know so that's a good thing but more importantly than any of that is look for where they struggle no kids are perfect they always have a struggle with bullying they have a struggle with acne they have a struggle with whatever let them struggle it doesn't mean that you don't jump in and say them in the end but give them a little line to struggle and see what they do with it kids surprise you can could surprise you what they are able to be resilient about if you give them the space to be resilient but wealthier parents you know catch kids all the time right away oh but I could do this oh but I could do that why don't I do this hey how about if Uncle Harry does and you you do it out of love so it comes from such an intuitive spot where you want to help them but I think just hold it back and what are they going to die in six months if you don't jump in no they're going to be alive you know I think just give them a little leeway to see what they can discover in themselves yeah Barbara this has been wonderful is there anything that you'd like to add or shout out or pitch where can people follow you what what do you what I would say is make sure you have a post it up with your wife I think you're going to get very wealthy one day you want to make sure in case anything goes wrong with the marriage that you have a post up and that's what I have to say now if you want to find me I'm an old social media platforms it's very easy why are you so jaded I'm jaded yeah no I've been married twice I'm older than you by my age 90 of the people I knew who were happily married or not so I'm saying just make sure that part of your life is in order financially wow I bet you know I just work twice as hard I don't well you should I don't have a freedom I don't have a post nap and I just work twice well then work twice as hard because you might one day have to give half of it away which leaves you whole okay pleasure thank you my pleasure absolutely okay
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