Shark Tank’s Daymond John: Life, Best Sales and Business Strategies 🦈 E85

0:00Hey Tarzan, um, you know, have you ever did this and said to yourself, there's gotta be a better way. So now you've indicated a problem. Well, I'm Damon John, and I've been doing this for 20 years. And you know what? After all of that, I finally found the better way. Now you I've qualified myself and now I'm waiting for the hook to share it with you. And because I know you've already stuck like this or you into your thing, whatever it is, and you don't believe in a better way. I'm going to give you two better ways for free. And now you've given them the barrier entry. Now you've got to put a time on it.

0:34And if you call by tonight at noon, I'm going to give you four better ways. Okay, now there's a sense of urgency. And if you don't like the better ways, I'm going to whatever, give you your money back. So that is the best way to pitch somebody an idea or a concept.

0:52Ladies and gentlemen, welcome to a special edition of the Money Mondays. Tarzan and I just pulled up the RV motorhome here to the resort in Carlsbad, California, because Damon John was speaking at an event here. He was throwing a mastermind conference and had all these interesting characters. And so the whole reason we started with RV Motorhome is for situations like this. Because how in the heck are we going to try to coordinate with Damon John normally when he's busy flying around the planet, speaking 100 times a year, filming TV shows, doing his business and all everything in between to try to lock him down and meet up with us at a podcast studio would be very difficult.

1:25So the RV Motorhome made those things very easy for us. We're going to pull up here with the Motorhome. to Mr. Jamin John. Well, I just actually got an RB yesterday. Shout out to Winnebago. So us RB people got to stick together. Bam. You didn't tell me, RB. Once you set RB, I said, oh, I'm available. Bam, he's in. Thank you, man. Thanks for having me. Thank you. So as you guys know, the way we cover the podcast is under 40 minutes per episode because the average workout is 45 minutes. The average commute to work is 45 minutes. So this episode will be between 36 and 40 minutes for your listening pleasure also we cover three core topics how to make money how to invest money how to give it away to charity so as you guys know our co-host here the real tarzan just got back from africa he spent a month out there so i've been sad but here by myself making episodes our first one back of course you can't miss his boy damon john we had to get him in here and so as you guys know tarzan's getting over 200 million views a month on social media but during his trip to africa he was getting 200 million views per week because he was out there with gorillas lions and tigers and bears oh my all right so we're gonna dive right in typically we do a bio we have our guests to do a quick two minute bio i don't really necessarily think that we need that for this one with damon but i want to dive right into questions they can come right in so at rv motorhome it's okay all right i didn't know you were actually in africa i saw that i didn't know if it was back in the days or something and you had like you were looking at like a a skull skull of something.

2:54Wow, that's cool. And you were just roaming around out there, just looking at skulls of something they'd just eaten that could be around, and they may want some dessert. All right. Well, let's get into it. I'm glad you're back, man. I'm glad you're back. Congratulations. Let's dive right in. Let's do it. Damon John, on the making money side, for the people out there in the country, we're going through, some people are going through trying times, some people are having amazing times based on where they are in their economy and how they're dealing with the different things that are going on in our world.

3:19Inflation is going crazy how are some simple things for people to be able to make money well that's a very general question uh the simple things on how people can make money is first of all um invested but first of all again it's not about you know what you make it's what you save what you retain so what are you bringing in um and let's look at the leakage you know can you cut back on and i'm going to think about an average person that makes an average of 40 50 60 thousand dollars What can you cut back on in your life, number one, to retain as much? And then where can you put it, maybe in a public savings account or a public account, where can you put it, whether in, as Warren Buffett would say, there's one thing you're always going to have with you is your brain, and nobody ever take that away, and how can you invest in a reasonable way into your education and or things that you can do today.

4:16So let's look at public stocks and companies. I got into Shopify at$28. I know that they're not going to make any more malls. We're not just all going to say, let's go to the mall. We're not all going to go, let's open a retail store. It went to$1 ,900. If we look at Amazon, what did Amazon do over there last year? I don't know. They doubled, maybe. If you were to put that same$1 ,000 in the bank, that thousand dollars would have been i don't know a thousand sixty if you would have put that in you to put that in amazon it probably would have been two thousand right um so we can look at money like that um other things of course invest in your education uh and i'm not talking about big formal education um but if you were going to open a business or run a website or something like that um invest in understanding editing invest and understand some things that you would end up having to pay somebody else to do so those are the first things i do is try to try to try to invest in what i currently own can people make money selling clothing nowadays well you can make money selling anything um number one brand in shark tank history is bomba socks it sucks the number two product in shark tank history is a sponge right so most people say what are you talking about?

5:37Well, everybody needs sponges. Everybody needs socks. It was just a new form of delivery. You can make money doing anything. However, you got to make money doing something you love. You know, Kevin O 'Leary always says, I love money. You know what Kevin O 'Leary really loves? He loves complicated financial structures that will manage his downside. It's not that he loves money. He just loves being able to put it together with something else and making sure that If it goes bad, he doesn't lose that much. But the upside is great. He really technically doesn't love money. He loves the process. It's a chess game to him.

6:13You know, Tarzan here obviously loves animals. And he loves animals in certain ways that, you know, protection, highlighting them, giving them, you know, giving people the education on these beautiful things that we coexist with. he makes money doing it and if he did not make a dime doing it he would be so fulfilled for the rest of his life and what are you trying to make money for you're usually trying to make money for of course education medicine for your family to protect yourself but generally you're trying to make money to buy yourself or give yourself the option to not have to go to work or to give yourself this joy if that's the payday for yourself then understand what the value is of money there's money and then there's value you know so let's pretend we have the back to the future car yeah and remember the back to future car can go back to like 1988 think of the difference of when you first launched fubu back then just having to take a mortgage on the house and having a couple thousand dollars and getting your you know four friends together versus you launching fubu today with the same four friends what would you do different now if you were gonna start the company today fubu always stood for and it still does for us by us and it was for us by us a lot of people thought it was a color but no it was a culture that was primarily uh created by african american males in the streets of the bronx that love this music but this music was for everybody so we we dressed beastie boys as much as we did uh you know all the artists and that's what fubu stood for those days and at that time there was nobody who was and it was a unique selling proposition if you want to buy any kind of or support any kind of african-american themed clothing you would either buy had to buy kente cloth colored stuff kente cloth stuff or the pioneers of the industry I'm in cross colors they made denim that was blue but then also the kente cloth colors yellow green I think red right I don't want to wear no yellow denim suit I ain't trying to show up looking like a banana that's that's not my thing so I did goods that were more American cowboy nothing against cross cause I wouldn't be here without them or call can I make it very clear um uh and and so that's what it was then well today what would fubu be well what is the plight of the people today the plight of most people is I can't trust the government interest rates and everything are out of this world so even if I work a regular job rent is going up like this and my pay is going like this so the middle section is being compressed well today I'd probably launch FUBU if it was the way of what I would say you can't I don't need to worry about stores I would have one young man one young woman in each college and in each high school that are official FUBU representation, and they're the only ones who can sell you goods.

9:14They would do like our buddy 5-4 Denim. I would give them, if they give me$100, I would give them$200 worth of FUBU or$250 that they could sell. I would also get a bank to say, we're going to underwrite or credit you the first. they can then be independent salespeople and the more that they sell the more they would be able to also bring up other people very multi-marketing but you would only have uh maybe two or four other people and the more they sell they would also get a digital curriculums on you know because right now uh you know to go to college 50 of the kids today graduating college will retire with a job title that doesn't exist today and there's no need to go away to a college and pay 700 000 i remember called my daughter when she was in school to live on some dorm that half the time you're actually taking remote classes there's it's just a huge huge waste of money so these kids would probably every time they hit a criteria number they would get here's another digital marketing course here's a social media course here's a finance course here's various other things and i think that's what i would probably do and have 20 000 kids around the world doing that and that's what the fubu would be it would be a it would be a alum or an organization of kids empowering themselves and changing the world so Tarzan during your month out there getting hundreds of millions of views a week how do you make money as an influencer when I travel for you know a month perfect time to drink my protein shakes you know because I start the first one exactly you know I took first from out to Africa, you know, they pay you 15, 20 ,000 bucks, two posts a month, you know, 12 months in a year.

11:05Boom. You know, I got dog food. I got cat food right there. I got a flight somewhere there and back, a hotel. If I could pay for my shooter for the month, you know, so when you have a protein deal and then you have, okay, a clothing deal, there's something my mentor, Dan, said, oh, you can have a watch or have a cap or have some shoes. I've been getting sent Nikes, you know. I did a deal with Nike back in the day for free. you know they sent me some shoes I wasn't like oh what's your rates well I got a shoe for free don't worry when you go put your stuff in your portfolio on your intern at Nike and everybody has 500 ,000 views 800 ,000 views and they spent some of the budget and you spent exactly there you go and you spent none of the budget and you got the highest 4 million view video from me and then you get the job then you call me back like hey ten months later a year later do this do that you know i got some budget for you you know yeah well you know what that your social media is your inventory and even if somebody's not paying you it's called what we call remnant time it's like a hotel if a hotel has 400 rooms in a hotel and at noon they only sell 100 they have 300 rooms that they will never be able to sell and get in or money so you go and get those rooms at 20 cents on a dollar give them a 20 cents on a dollar well now you got somebody who's at least experienced the hotel maybe they've eaten or drank downstairs they had some guests over so when you look at your social media it's remnant time the same as a flight that takes off or a radio station that doesn't book the time so people are so busy like pay me for this but i'm still gonna wear a hat anyway i'm still gonna wear this anyway so if it's not your own personal brand put something else on right i'm still gonna be sitting in front of something i've been doing that lately with art i've been saying with fine art i've been saying that you know Listen, athletes, some, and some athletes and singers, they get to a point where they have managers and they get to do really well.

12:57But I've learned that the art community has a large amount of addiction. And the art community of people who make and create these beautiful things that most of them will never be known and get somebody else. And off of their pain, we get to see these things. So I said to myself, I said to a couple of rappers the other day, I was like, why don't you put fine art inside your or people that are emerging artists? Why don't you highlight their piece as backdrops? You need a backdrop anyway. Who cares about some of these luxury brands that you're busy bragging about in there? Why wouldn't you put them in?

13:28You know what? They become a Keith Haring 20 years later because that's what Mick Jagger and him did together. And so I think the same thing. You put the Nike on. That person, believe it or not, I'm old enough now that the people that I knew that were carrying records now are huge. um like you know and they remember me from 20 years ago they were like man i was standing outside trying to get into a party you were like come on in yep i just told you the story my very first time going to nightclub was at rum jungle yeah during the magic convention it's still burning my head my first party was a fubu party yeah wow 21 21 years ago okay let's do a fun little live action situation tarzan the influencer wants to get a hold of damon john the clothing brand owner How does Damon John react when he gets a DM or an email from an influencer?

14:17How do you engage with an influencer? Well, we check them out first. First of all, an influencer, to me, could be somebody with 100 people. It all depends on what they're doing. So we check them out first. And if I didn't think that he was necessarily the person that fits what I'm doing, I would ask him, I'd say, thank you for reaching out. Because my mommy always said I had to say thank you and respond to people. and I don't care if somebody offers you just a dollar for your house. It's a dollar more than most of the people offered you. So first of all, say thank you. And then I would want to know, you know, what's up?

14:51You know, how can I help you? You know, and that's it. And then once he tells me what it is, I'd be very honest with him with, you know, with some of the things we're doing. So if he says, hey, you know what, man, I'm really into sports, man, and I've been wanting to really get to Mark Cuban. Well, I could say, I've gotten that request ten times today. Screw you. I could say I don't have time. How is he going to take that? Well, there's another way to say it. Well, I throw it on him. He want to pitch Mark Cuban. You know why I'm on Shark Tank? Because I want to pitch Mark Cuban. I got my own goddamn ideas.

15:29Leave me alone. And then he'll go, oh, you know what? You're right. There's certain ways to deal with it. Now, what if he is somebody who is doing great? I would still say, how can I help? And no matter what, we part in that conversation, it's almost like leaving a gift bag. It would be like, well, listen, here's what I can tell you to do. Whether we do business or not, here you go. Just so the kind of interaction was a pleasant one. So Tarzan, let's say you're going on another trip. You're going back to Africa in November. And you want to get$50 ,000 from one of Damon's clothing brands, for example.

16:01What would you say to make it compelling for him to want to sponsor this$50 ,000 trip? Well, I would definitely start off by saying, you know, you're going to get the most exposure for that time in November. You're thinking about Black Friday. You're thinking about Thanksgiving. You know, everybody's out of school on their phones. So I'm here to maximize exposure. So I'll say, hey, whatever you're paying somebody else, I'll give you a discount, you know, and you're also going to increase your followers. You're also going to increase your engagement and also your viewership. Boom. Black Friday, Christmas.

16:30If you're there, you're there, you know, because we're going to be in Africa posting live content with your clothes on. so a lot of views a lot of views all right so we talked about the making money side let's go on to the investing side so you get pitched like you said 10 times a day the number's probably higher people wanting you invest are there certain things that when someone approaches you right off the gate you're like i'm in or i'm out like are there ever times you're like i want to take this further right away or for sure i'm out i'm never in right away um it always takes a while to hear what they're doing and get a feel for them personally.

17:06So one of the things that I'm out is somebody who says something like, you know, if I only get 1 % of 1 % of the market. The total market is$1 ,800 billion. Once they do that, they don't have enough information, right? Come on, you know these already, right? Another person who says, yeah, well, and because you're the clothing guy, this, this, and that. Didn't do any homework on me. because if you know me from Shark Tank, the reason I got on Shark Tank, even those socks I did, the reason I got on Shark Tank is because it was 08. Nobody was buying clothes when they couldn't pay their mortgage. I had 10 clothing companies.

17:41Eight of them were dead. The last thing I wanted was clothing. So you didn't do any homework on you. And of course, if you didn't read any of my books or even know that they exist. Now we can talk about it separately that it's a big world. You didn't know you were going to run into an elevator. I mean, that's something different. But all of those things where you have a lack of information is where I would not invest. I can tell you when generally somebody invests in people, when you give them the FOMO feel, and I say it all the time, like the train is going to leave the station with or without you.

18:12I want you on the train, but if you're not on the train, this train is leaving the station. You do it like an infomercial. Infomercials work. Not all of them work, as you know, but they have a very specific formula. You have highlighted there was a problem that exists or a joy that is going to be brought to people that they didn't know or they didn't know. You qualify why you're the person to solve that problem, and then you give somebody a low barrier or entry into solving that problem or being part of it. Hence, infomercial, right? Hey, Tarzan, you know, have you ever did this and said to yourself, there's got to be a better way?

18:50So now you've indicated a problem. Well, I'm Damon John, and I've been doing this for 20 years, and you know what? But after all of that, I finally found the better way. Now I've qualified myself, and now I'm waiting for the hook to share it with you. And because I know you've already stuck like this or you're into your thing, whatever it is, and you don't believe in a better way, I'm going to give you two better ways for free. And now you've given them the barrier of entry. But now you've got to put a time on it. And if you call by tonight at noon, I'm going to give you four better ways. Okay, now there's a sense of urgency.

19:24And if you don't like the better ways, I'm going to, whatever, give you your money back. So that is the best way to pitch somebody an idea or a concept. And, you know, you want to make them feel like, oh, let me be down. You know what I mean? Okay. You want to ask something? No, I said I love that. So valuation. This is a very fascinating thing to me over the years. And people just kind of pick a number from. Do they? Yeah. Especially for startups. and when someone approaches you and says, I have a$20 million valuation and they haven't sold anything, how do you interact with them? You know what I say.

20:03Boop, boop. Yeah. We're going to get that one out. Yeah. That's true. You're only as valuable to the person in regards to what the person needs. you know a cell phone may only be a smartphone may only be worth brand new how much? $1 ,000? but a used one when you know that the camera doesn't work and nothing else works but actually to be able to call that's worth$100 ,000 if you're in a certain situation where you need it, you need to make that call but vice versa if you are have a company and you're valuing now let's say a company is not they're doing business well you can somehow qualify it by saying I'm doing this amount if you're pulling money out of the company that's some basis but it's very hard to to someone's doing zero listen I would do I did 300 I had$300 ,000 in orders and when I did my deal I did a 50-50 distribution deal for no money it was zero why I knew they had distribution so I could have taken in five million dollars or ten million dollars but as you know business is a huge cash suck yeah I don't know how sophisticated the audience is but some of you people can understand my deal was that I can have a billion dollars in orders and if they were triple credit rated companies Macy JCPenney I had no personal guarantees and i can open an lc right away a letter of credit right away so what was the value of that right you know what i mean so again it all depends on you know what people have i'm gonna walk you through exactly what damon just said from a real life perspective when i was doing the energy drink business i was getting orders for a million dollars 500 000 two million dollars well every time you got an order you needed around 50 to manufacture it but But the company, let's just call it Costco, isn't going to pay you for net 30, net 60 or net 90 terms.

22:14Let me walk you through that. Exactly what Damon was just talking about. The fact that he had lines of credit or he was able to get money for manufacturing was massive because I had to go beg, borrow and steal to figure out how to finance an order for Costco. So let's say January 1st, they say we're going to buy$2 million worth of your energy drinks. Wow, sounds cool, right? But I have to now come up with a million dollars to make that product. They don't want me to ship it until March 1st. This was January 1st order. March 1st, ship it to them. And then the clock starts ticking for net 30 to net 60, meaning April 1st or May 1st is when they're going to pay me the$2 million.

22:48So that's four or five months later from when I had to come up with the money to make the drinks. But wait, there's more. What if I actually do well? What if my drinks actually sell through? And now you go to$10 million. And now they want$10 million and they haven't freaking paid me for the first order. And I got to come up with$5 million to manufacture these drinks for Costco, which sounds like a good problem but there's not that many answers unless you can figure out how to do what's called factoring, letter of credit, or getting some really rich people together and make them feel comfortable with Costco that they're going to pay you net 30, net 60, or net 90 later.

23:19Me, I had none of those problems. Zero. Samsung, I like this. How much? Here you go. That's it. Okay. Hence, then you at the foo-foo parties. Yes.

23:35I showed Damon recently my picture. I had like a 20-foot booth. I thought I was bawling because there's normally 10 foot by 10 foot. We went crazy and got 10 foot by 20 foot. Yeah. Right? $3 ,600 on my mommy's credit card, which basically bankrupted her because she didn't have – her limit was$3 ,000. So I basically went over her. And I had to give her cash. I gave her$1 ,200. I said, I was going to give you the$2 ,400. We went crazy. 10 foot by 20 foot booth. We show up. On the left is the launch of a brand new company called Sean John, 1999. And on the right is this massive empire. It looked like a mile-long booth called FUBU.

24:07And I see Damon walking by with like 40 people, and I got to meet him for like seven seconds. Back then in 1999 when it first started. And so I just posted the picture a few weeks ago. Yeah, it was a great picture, really grainy. Back then because we didn't have – There were no such thing as smartphones. Yeah, yeah. No such thing as smartphones. Okay. So on the investing side, you get pitched left and right. Do you go product category specific? Like once you've invested in socks and someone else has something sock related, would you still invest in that category? Or you're like, you know what?

24:37I'm already, I got that checked off. Or someone comes up to you and says, hey, I want you to invest into this food business, but you already have food. I don't really want to do that anymore. Or sometimes they can play well together and kind of leverage each other. Only if they can play well together. I look for, you know, I look for strategic relationships in anything I do. I try to maximize, and sometimes I do it too much, but I try to maximize every bit of the resources that I have. Um, so yeah, if I'm doing food, well, if I have something, I don't know, is biscuits or something else like that.

25:09Well, if I'm selling to bakery type of shop, um, and I know that there's something else I have that can sell into that category. Well then yes, I'm trying to, I'll do the, if I, if the investment is right, I'll do the investment because I can, I can have the, I like to do three things in a category. You know, Best Buy has this theory that they will not carry one product in one category from you because if they're selling scooters, whatever, the electric scooters right there, if you come in and they only have one from one brand or just one period, you look at it and you go, let me see what else is out there.

25:45Right, outside the story. But if you have three, you go, ah, I don't like that one. Hmm. Same as they say when you pitch TV shows in a room. You come in with three. Because they go, I don't like that one. That category doesn't. Oh, you didn't tell me you have these other. But you don't tell them you have three. You go, I got one winner. I got these other two we've been working on. You know what I mean? So people like to be able to have the choice. So it's interesting. Costco actually has what's called the rule of three. And they have a low price, medium price, and holy shit price. And that's the way that they do it.

26:20so it's like monster rockstar and red bull red bull is the most expensive and they would line them up next to each other in numerical order of price points to make you walk by red bull it's too expensive you see monster you're thinking about red bull and then you see rockstar like oh shoot that's way cheaper that's half the price okay tarzan i've asked you this question before but it's leading into a question for damon john out of all the animals on the planet what is the one that you're most fearful of humans me too most dangerous ones they never to pay you back I wish they would so these means of this question David you've been famous for decades and the TV show running for 14 15 16 years now and then number one show on the planet how do you trust in people as they come into your life to know who you can feel comfortable with takes a long time most people I start building trust after about six years seven years you know old saying it takes half a lifetime to find a friend the other half a lifetime for them to prove it um so it takes a really long time um and i watched them about what they say about others how they respond to others um well we the other day i was talking on a stage with a very well known speaker and it was funny he said that southwest had a big issue at one time or one of those companies I think it's Southwest they were losing flight flight attendants and their report on them were these were the worst people ever and an expert came in and said stop interviewing a one-on-one and interview I'm in a crowd of a hundred said okay cool so you okay man yeah it's hot I got no problem yeah so they interviewed him in a crowd of 100 and they said oh we We got some DC candidates that said, you're watching the wrong people.

28:14So who are you watching? Watch the other hundred. Watch the people in the room because when that person's up there, I'm going to do this and that. Watch the ones who are like. Rolling their eyes. And watch the other ones who are like rooting. They're going for the same job, but they're rooting for them. And they said, watch them. When they turned that around, their approval rate went up 77%. Wow. watch the people you're around on how they talk and deal with other people and that's what they're doing with you that's fascinating yeah interesting you have any questions before we go into the last chapter yes you had mentioned earlier that you had I think 23 to 27 where you don't remember anything you were focused you were locked in I've been there before all three of us have um you guys are much more further ahead than me have you had you guys have had you said you had those moments just business experience age yes for sure i'm 30 so i'm pretty sure

29:23so basically around the same time um do you guys have those moments again down the road when you're 40 you know 10 years from now do you say hey i've got the money i've got the business is rolling you know the fun's not fun anymore what's fun now is hitting my emails 10 times harder hitting my daily small disciplines getting my coffee at 8 0 1 in the morning on the dot you know hitting the gym you know 55 minutes on the dot hitting yoga you know every tuesday does that become the fun part down the road do you take that time again from you know 38 to 42 to to say hey i'm locked and i don't remember i want my company went from 100 million to a billion my fun is the game the good the bad the ugly i know there's gonna be bad stuff we know there's gonna be lawsuits and headaches and people lying cheating and stealing i know that stuff's gonna happen and i'm fascinated by that and the human dynamic and the psychology of it i'm trying to guess who's gonna try to do those type of things but the game is what's fun to me like the raising the capital funding the deal watching the manufacturing watching the shipping seeing the good the bad i like all of it and and i'm okay with it i'm calm in the chaos when the bad stuff happens i'm expecting it because we've been through so many things over over the years he's full of you know he's a new dad let me explain how old are you 43.

30:42oh i knew what i was 43.

30:48you know um how old are you i'm 55. so i think that thank you i think that the the thing that have made every one of us the hungriest motherfucker on the planet is that we go narrow and deep on something he's a hundred percent right we enjoy whatever the game is but we will get to a point where first of all anything we don't like we're doing we get out of the way but we'll get to the point where we get fat and lazy off of the success of it you know and then we'll find ourselves and refocus on something else so i don't remember 23 to 27 or whatever about anything more other than fubu right uh 30 to 35 fubu on a major level but i remember fubu from that point of guiding hundreds of people losing my family because i was so busy overseas and every place else but creating a global brand i don't remember anything else but this the the transitioning of myself who had to deal deal with products and t-shirts as being my commodity then my face and knowledge of educating as many people as i could from 37 to around 40 something years old i don't remember anything else then i don't remember anything else besides um shark tank those first years where I was trying to figure it out all these new companies coming in how am I being a public person so I'll we only can retain but so much in my mind after that I don't remember anything else about then I'm gonna live long because I just realized I have cancer and I'm over the cancer now and I'm gonna live longer now business is great but I don't remember anything now besides this little eight-year-old girl and my wife well I'm not gonna fuck this up again he has a little girl I'm telling you right now he ain't gonna fucking know nothing about business you're gonna ask him about this podcast he's gonna say what podcast because for the next five to ten years he's going to and I would I hope he will be will be the best father and the best husband invest ever that he ever can be so it just becomes what becomes your driving force in the focus of that time you know what I mean I understand so thank you for that yeah on our last subject we talked about charity and charity does not always involve money talk to us about why do you think people should be involved in charity within their companies or their family households why should they have charity element not necessarily cutting checks yeah listen for those who are fortunate enough to be able to cut checks and and they do plan through that and there's a lot of people who do it that we would never know of and and you don't get any you don't get any acknowledge what uh bezos's wife how much does she give away hundreds of millions maybe billions now billions right primarily to uh minority And she said, I want to pay back whatever I can because I know that I have success because of the backs of others that we took advantage of.

33:53One press release. Nobody talks about it. But let it be somebody who pilfered or was said to have done something wrong in an organization like that when maybe they didn't. Maybe somebody questioned it. so just to be very very clear I'm in a lot of rooms where people that you would never know are doing a lot even I'll be very honest Mark Cuban I see him do stuff for people and they come up to a mark do this do that um you're gonna get the press he says I'm only gonna give you the money if you don't tell anybody because it's not about me this is about the son you lost at the hand of violence this is not about me and he'll give them the money and he says the only condition is that you make this about the memory of your child or this disease or whatever the case is.

34:40So, first of all, it's the right thing to do. I think that, though, even if you can't do it, a lot of people, well, I don't have any money. You go into two, you go and buy two or three things a day. You know, if 200 people walked into a convenience store a day, and if you go there every day for your bacon, egg, and cheese, I don't give a shit what it is, imagine if 50 of those people put out on their social media posts got another bacon egg and cheese the consistency is the same from so-and-so deli on 34th and whatever i love the small business the small family imagine if 50 people did that a day of how that business would grow so charity doesn't have to be charity charity is love right it's giving and we all have been recipients of those who give and the most powerful people to ever the most powerful feeling is those who give that don't expect anything especially when you don't even know they they've given um so again um but this has to be genuine it has to come from because you want to do it don't be that person going hey take this sandwich and now look at me i'm going to take a picture of me look how good i am taking a picture of that and forcing this person now to take a picture because they're hungry that's not charity you know that's something a little different so the last question we ask on this podcast is more emotional and deep and we've never gotten the same answer before and i don't think we're gonna get the same answer now one day 100 200 years from now with modern society and technology and medicine you're gonna have bionic arms and finally it's your time to go let's say you're a multi-billionaire what percentage do you leave to your children Oh, you never heard my answer?

36:27I'm not leaving them shit Zero, zilch, nada No, that's it That's an easy question How much are you leaving your kids? They're going to have shit but land How much are you leaving the baby? I don't know yet I've asked this question over and over and over and over How many people said nothing? A lot of people, right? It's different They framed it much different. Okay, let me clarify. So I have two older girls. My girls are 30 and 25. They know they're not getting nothing, but I've said it from the beginning. And I've done it for various ways. I don't want another man coming into their life or woman, whatever the case may be, because they have alternative motives.