Daymond John: Money Mastery Playbook for Entrepreneurs

Daymond John reveals the secrets of mastering money & achieving entrepreneurial success at any age!

6:17 – What made Daymond want to write a book that encourages children to pursue entrepreneurship

For starters, Daymond realized he’d been reading his own daughter too many books about princesses and ponies. 

But he’d also noticed a trend amongst entrepreneurs, which is that they didn’t know how money really works. 

You can have a great idea, a fantastic work ethic, and all the funding in the world – but if you don’t have a grasp on how money works, your business is not going to last. 

7:37 – Raising financially-aware kids

Daymond says that while the practice of “you work for half, I’ll pay for half” is a great way to teach work ethic, it’s still not creating a financial discipline in your kids. 

He also notes that while having shop class made sense when we were in an industrial era, in the modern era simply learning a trade will not cut it. Kids should be learning how compounding interest works, how credit works, how to pay bills. 

9:13 – Daymond John’s method for investing vs. spending

When your paycheck comes in, here’s how Daymond divvies it up: 

One third - What you have to pay

One third - Investment

One third - What you would like to have (but don’t have to have)

10:50 – What kind of business would Daymond open up if he were 10 years old in 2023?

Something he’s passionate about. He says that if you can consume something, you can also sell it. This could apply to sneakers or fashion, to traveling, to photography – whatever the kid’s already interested in. 

12:24 – Teaching kids the entrepreneurial mindset

Starting a business requires forethought, but it is a team sport. By the end of your entrepreneurship journey, it shouldn't be just you that benefits. 

20:00 – How can you raise entrepreneurial children? 

Daymond says it’s less about starting a business than about a mindset. How can they solve problems for people? 

• Help your kids practice the rule of thirds – putting income into bills, investment, and what you want. 
• When they’ve started their business, help them understand not to give away their time or services – but to earn, so they can eventually give. 

25:46 – What Daymond John wishes he’d known earlier about entrepreneurship 

Personally, he wishes he’d learned how money works, even in small percentages. 

As an entrepreneur, he wishes he’d been more vulnerable and open to learn. Daymond says that education is going to be your best investment – when you have feedback on others and some education in your pocket, iit can help you spot and fix your flaws.