Never Be Broke Again

Ever felt ashamed of being broke? Shark Tank’s Daymond John has a powerful message for you.

  • By Rachel Bellow and Suzanne Muchin, The Big Payoff
  • September 13, 2016

You’ve finally gotten out of the red and into the black. The relief you feel is powerful, and you vow to never be broke again. But the truth is, in order to be successful, and make more money, you actually can’t leave behind the lessons you learned when you had no money to burn: the scrappy approach to getting things done and the way you prioritized as if your last dime depended on it. In other words, there is power in being broke, and our guest Daymond John reveals those lessons and more in this podcast.

Daymond John, the fashion mogul and investor known as “the people’s shark” on Shark Tank, joined us in the studio to tell us his story, and importantly, to share some incredible insights and lessons about how to harness the “power of broke”— and keep that mindset even once you start to make some (or even a lot of) money. We loved his story about losing a $6 million dollar investment (obviously, he was no longer broke by that time) because he didn’t follow his own “power of broke” instincts. For example, he started having “his people call their people.” He stopped getting to trade shows early and staying late. He started to display what Rachel calls “the note on the refrigerator” syndrome, where you simply tell people what needs to be done without understanding what it actually takes to do it.

There are so many moments in the podcast with Daymond that really kicked us back on our heels, and also made us burst out laughing. In particular, we loved the story of his latest passion and hobby — one that involves living creatures and a farm upstate.  

And for those of you who are Shark Tank fans, don’t worry: we get some juicy behind-the-scenes info from Daymond, including the real story behind “the biggest fight ever to take place on Shark Tank,” and the reason why the show is actually even “more real” than you think.   

We know that you’ll want to listen to this episode again and again, and share it with anyone in your life who is struggling to figure out how to get from here to there financially.

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Tagged in: Investing, Inspiration