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I'm not sure what you're doing.

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I'm not sure what you're doing.

Start here.

Just exactly like I did.

Cash flow, cash flow, cash flow.

More money in the short term or long term?

A lot of people when they first get started with their career,

they think so far into the clouds.

It's not about the money,

it's how you make the money.

It's a big component of luck and God's grace as well.

I don't know.

I guess it's just, it's all related.

All right, bro.

So we know you fly private a lot.

Are you flying first or business today?

Private?

What's the plan?

No, we're not flying private to America, bro.

We did do that once on the BBJ.

Yeah.

That was very unnecessary.

But I guess that was also a bit of a celebratory flight.

We were squaring off on a big investment out there.

But no, we're slumming it in first class.

And for the viewers watching,

I mean, you live on a very nice villa on the Palm.

Got all these nice cars.

I mean, flying first and private a lot.

Spending a lot of money, no?

Everything is relative, you know?

My rule is, or I guess my rule was 70-30 split, I think.

You should, well, it's actually funny.

It works in this weird curve.

Like, when you first start out,

you're going to probably, it's going to be 70-30s,

and you spend 70% of your income,

and you save 30% of your income.

And then it gets to a point where we're actually saving and,

more importantly, investing 70% of your income and spending only 30% of it.

And then you get to a point where hopefully you get to a point where you're you have

so much cash flow coming in where you're once again,

then go back to like I'm at a point right now

where I actually just can't spend 30% of my income because it just it would generally just be.

Yeah, as I just that's wasteful, I guess.

So yeah, I spend about this year,

maybe 10% of my earned income.

Obviously, there's your portfolio income and then there's your earned income this year, probably maybe 15%.

So it's all relative.

But I also like I just think everything is meeting in the middle.

Like I hate these people.

They're just so frugal and they're like,

I need to penny pinch and save.

And they also think like they're bad people for spending money.

I'm like, what's the point?

You don't want to be rich.

You want to experience a rich life and whatever that means to you.

So for me personally, I feel very fiscally responsible spending 15% of my earned income.

Obviously this year our investments have done very, very well.

We're about to go visit two of them in New York then yeah.

I don't know, I guess it's like,

like I'm not tone deaf to the fact that of course I live a very privileged life at this point,

but as I said, I guess it's just all like relative.

You know, in another person's world like you're flying private to New York,

like why would you fly a commercial?

In another person's world like it's crazy,

you know, I don't know.

I guess it's just, it's all relative, isn't it?

Well, I think as you get further along in your career,

ownership means more and more to you,

And I came from being in this industry to,

I guess it's kind of the same thing,

like being a Formula One race driver compared to being the

owner of a Formula One race team compared to owning a stake in Formula One itself or the rights,

the television rights to Formula One itself.

Like I kind of went from being a player to then owning a team to now,

in a sense, owning a part of the division.

So, you know, WAP is the fastest growing fintech platform for digital products for our industry.

And that's not, I guess I'll kind of call it how it is when people make $1 on our platform.

Obviously, I get a very,

very small percentage of that.

So I guess a good thing that people make over 150 million a month on our platform right now as it is.

And yeah, I guess it was a very, very large check.

It was a big bet,

but it was also a calculated bet.

I mean, what better industry to invest in than the one that you've been participating in in one way,

shape, form or fashion in the last 10 years.

So I think a lot of people when they first get started with their career,

they think so far into the clouds.

Like they're thinking about ownership and thinking about big enterprise plays

and like they have like all of these massive grand visions

and i just don't think that's the way to go like

first you start off as you start here just exactly like i did you start here

and then eventually you work your way up

and then you know one day you're 10 years into an industry

and you're looking at here i don't even know how many

square keep this office is you know you're looking at your office and and you're a co-owner in a multi-billion dollar company.

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I'll be honest, I still think we're very much in our infancy as much as we've grown.

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Obviously not going to disclose the exact numbers,

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but since I invested, we've grown 6x in the last year and four months,

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or at least at the valuation I invested at.

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So yeah, it's been a wild ride.

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As you get further and further on in your career,

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like to be honest, you don't care about all the flashy this, that stuff.

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You just want ownership.

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And yeah, I think that's why you work hard to be able to own stakes in the businesses that you do.

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Obviously with ownership comes definitely a level of control

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and level of influence and I think in a sense that's almost more powerful than money

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so it's almost the same as like buying a house to

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then going to developing buildings to then owning the steel

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that people use to develop their buildings it's like the closer

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you can get to the root of what people use from an infrastructure perspective

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and the more stake and ownership you can have in

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that that's always I mean that's always the dream so I'm I'm always just looking for infrastructure plays like for our industry,

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for digital products.

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WAP is the biggest business.

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It's a multi-billion dollar company,

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which is tiny in all honesty,

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compared to where it could be and should be very soon.

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And I will also say,

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because I think it's important,

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it's a big component of luck and God's grace as well.

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Like I was right place,

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right time to be in the right industry,

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to have the knowledge and expertise I have in this industry,

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to have the influence I have in this industry.

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Obviously, having done very well for myself in life to be able to have the cash

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and the stockpile to deploy when opportunities like this arise,

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because an opportunity like this could have arose to have a very strategic and favorable,

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without getting into specifics, investment and have an opportunity to reopen a previously closed round because that's not common.

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To be able to have that opportunity,

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you also need to be prepared for when the opportunity presents itself.

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So, you know, I do want to say there's definitely a big component of luck and timing that plays into it.

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So, you know, I can't remotely take anywhere near 100% credit.

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Sometimes you're fortunate.

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I guess I thought fortunate with this one.

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Right place, right time.

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So is doing something that makes you more money always the right decision?

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Well, I think first things first you need to clarify is like more money in short term or long term?

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Because like, for example, like we have people that work for us at WAP that have already made multi-millions.

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I mean, some people even like eight figures and they took a,

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I don't want to say a pay cut,

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but they probably could have made a lot more money in the short term

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if they had just kept doing what they were doing.

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But they know that what we're doing here is a rocket ship that's just only going up.

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And the other big thing is I feel like once you've met like most of your like basic needs.

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And I will say like I'm no person to judge.

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Basic needs for some people mean different things.

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You know, it's funny.

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I was speaking to an associate of mine and she was saying like we were kind of having this conversation.

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I was talking about like how much people think they need more money than they do to survive off of.

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And just as I was about to say a number,

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she was like, yeah, like you only need like 18 million a year.

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And I was like, what do you spend 18 million a year on?

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And she's like, oh, my jet fuel is five million a year.

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And like, that's like, that's her truth is like a multi-billionaire.

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My truth is another number that,

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you know, some people might find big.

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For some people, they're like,

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oh, I need 30 or 50K or 100K a year to live off of.

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So my point is like,

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once you hit that number,

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you start looking, you start looking at different things.

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And I think like one of the big things is not what are you doing?

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It's who are you doing it with?

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Because I feel like if you do it with the right people and you show up to work every single day,

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like right now it's nine o'clock, 847 on a Tuesday there's still

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so many people here you know most people can check out

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I was in the office on a Sunday there was like

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15-20 people here no one needs to show up here on a Sunday

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but people love the people that they work with so much

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so yeah I guess all

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that to say I think once you get to a certain

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position like it's not about the money it's how you make the money

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and it's also not about like how you make the money

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it's also about like who you make the money with if

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that makes sense

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and sometimes I'm a very pragmatic person I think also you

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need to be like wise you need to be smart

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and you need to like honestly like go get your bag

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but once you've done that I feel like you kind of have earned the privilege to go,

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okay, what do I really want to do?

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And maybe short term, it doesn't make you as much money,

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but long term, it actually can make you far more money.

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Number one, number two, just considering like genuinely,

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like, do you love the people that you work with?

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Because I'll be honest, there's been multiple times and like,

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it's funny, because you hear it and you're like,

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oh, no, like, I'm different.

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You know, I'm different.

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Because you hear these things of people saying,

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I've heard from multiple people as I was like,

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coming up in my career.

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Oh, the benchmark, you always keep pushing the benchmark for.

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And I was like, nah,

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nah, this is, you know, big number.

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Once I hit this number, like I'll retire.

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Like in my mind, I was going to like retire for a few years and kind of take a few years off.

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And I hit that very,

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very big number in 2021.

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And then I hit another very,

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very, very big number multiple times since then.

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And each time I was like,

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oh, you know, maybe this,

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like I'll kind of take time off and take a few years off.

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And I think, Jenny, if I didn't enjoy the people that I worked with,

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whether it's, you know, my own companies were on the sole shareholder,

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whether it's businesses like WAP or you saw another one of our companies,

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Lira, where I'm a co-winner with a large stake in the business.

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So I don't rub shoulders every single day with my team at these companies,

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but still very involved.

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And it's just genuinely without these people,

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like, I don't know, man,

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I just think I retire at this point.

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So I think that kind of goes to show that it's not always about making the most amount of money.

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I think sometimes for your soul,

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it's important to love what you do.

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And by the way, love what you do to me also doesn't mean like every single day is like roses

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and sunshine and blah, blah, all this stuff.

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Today, there was a very difficult C-suite conversation we had to have in this room,

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like a three-hour conversation about some things directionally where we might be missing the mark,

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or we could show up better,

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some key hires, some, yeah,

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it was just like today was like one of those heavy conversations.

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So when I say that,

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you know, do what you love,

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I don't mean that like an airy fairy,

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oh, if it feels difficult,

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or if it feels hard,

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or if it feels like is a part of the work you don't like,

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well, then, oh, you're not meant to do it.

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It's like, no, like, honestly,

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80% of whatever you do will always kind of suck.

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And that 20% will make the 80% worth it 10 times over.

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So yeah, I would say it's not always about making the most amount of money.

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But that is a privilege that you get to a certain point.

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And I don't mean like he's need to become a multi

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multi-millionaire to get there just like I feel like once you

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you you kind of get to like a hundred K a

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year pretty steady you kind of get to a point where

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it's like okay like what do I really actually want to do in life

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and who more importantly do I want to be on this journey with

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the number one thing that you need to focus on in my opinion is cash flow

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and that's really what I'm immensely grateful that I optimized for at the beginning of my career is cash flow,

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no crazy top line numbers,

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no crazy empire plays, like just get to a certain position in terms of your cash flow,

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then get to a certain position in terms of your investment portfolio.

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And then later down the line,

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you can focus on these big empire plays and whatnot because we're on the way to Miami now,

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but we literally just visited two of my offices.

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I guess I won't go into specifics,

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but like WAPA right now is a $4 billion company and I'm a co-owner in the business.

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There is another example.

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We raised in a $40 million valuation in May

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and then Q1 of next we should do our series a at about 150 million valuation

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and even in that business minus the two co-founders i'm the largest shareholder

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so from that you can kind of decipher how much money i have in these businesses

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and how much just two of those businesses alone add to my net worth

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but you need to understand

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that does not pay for this transportation like having the privilege

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of anywhere i am in the world always being able to fly in comfort my equity

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and my stake in these businesses doesn't do anything for me

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my free cash flow does okay i can't pee for this flight with my stake in these businesses.

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Now, as time goes on,

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you start to build relationships with banks.

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You can pull some equity out of businesses.

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You can pull equity out of even the stakes that you have in businesses.

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Like there's different financial games that you can play.

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But I really think that people have this idea that even a lot of the owners of these multi-billion dollar companies,

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like they're killing it.

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They're living large.

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Like a lot of times it's genuinely not like that.

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If you want this kind of lifestyle,

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you need a cash flow

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or you need to have successfully exited some of your positions in these businesses or sold your business,

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exited your business.

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And once again, even when it comes to selling and exiting a business,

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like there's so many stipulations that people don't understand.

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They see, oh, XYZ person sold their company for $300 million.

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It's like, yeah, okay, but show me the term sheet and then you'll actually know what they walked away with.

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So I've said it before.

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I'll say it again.

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Like cash flow is not only what makes you live a rich life.

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It's what makes you feel rich.

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Like I speak to so many of my friends and it's a big pattern with people that exit their business,

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even though they have a lot of money,

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they have a lot of money,

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but now they don't have the tap of cash flow coming in. and

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because they don't have the tap of cash flow coming in they actually feel poor again even though they've got

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so much money in the bank because it's just psychologically

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when money isn't coming in even though you have this bed

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and of course you can deploy that capital and invest

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that capital just because you're deploying and investing that capital you're not seeing

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that return straight away

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so it's just i really do implore anyone at the beginning

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stages of their journey just cash flow cash flow cash flow

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disregard the revenue numbers disregard the big top line like as

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an example with lira like we're not profitable like of course

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we're not profitable that's the name of the game Like we are burning money to get more market shares.

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So even though a paper just my stake in that business loan,

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I'm very, very rich just because of that business.

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That doesn't mean that I then get to experience a rich life because of it.

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Until the day that business sells or effort business sells,

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because this stuff is always there's no guarantees of life.

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And that's why, as I said,

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I don't like to focus on net worth per se.

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I like liquid net worth.

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That's a different story.

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And I really just do wish that all of you guys focus on smaller numbers,

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but consistent numbers, growing numbers

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and just keep growing your cash most parking money putting it to the side

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so that way later you can have your big empire place

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Pratique du Shadowing: If you're trying to get RICH and in your 20s or 30s, please watch this. - Apprendre l'anglais à l'oral avec YouTube

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