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How Much Money Should You Keep In The Bank? · Earn Your Leisure

• 0:00
  Speaker 1: An illegal alien from Guatemala charged with raping a child
• 0:03
  Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador
• 0:07
  Speaker 1: accused of murdering a Texas man of Venezuelan charged with
• 0:11
  Speaker 1: filming and selling child pornography in Michigan. These are just
• 0:15
  Speaker 1: some of the heinous migrant criminals caught because of President
• 0:19
  Speaker 1: Donald J. Trump's leadership. I'm Christy nom the United States
• 0:23
  Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border
• 0:28
  Speaker 1: crossings are at the lowest levels ever recorded, and over
• 0:31
  Speaker 1: one hundred thousand illegal aliens have been arrested. If you
• 0:35
  Speaker 1: are here illegally, your next you will be fined nearly
• 0:39
  Speaker 1: one thousand dollars a day, imprisoned, and deported. You will
• 0:43
  Speaker 1: never return. But if you register using our CBP home
• 0:46
  Speaker 1: app and leave now, you could be allowed to return legally.
• 0:50
  Speaker 1: Do what's right. Leave now. Under President Trump, America's laws,
• 0:55
  Speaker 1: border and families will be protected.
• 0:57
  Speaker 2: Sponsored by the United States Department of Homeland Security.
• 1:00
  Speaker 3: You said something I was interested. You said that he
• 1:03
  Speaker 3: told you you had more cash than somebody that was
• 1:05
  Speaker 3: worth ten million dollars. Yeah, I want to talk about that,
• 1:08
  Speaker 3: But first, what did you invest in like the s
• 1:11
  Speaker 3: and P five hundred said to invest in Stave.
• 1:12
  Speaker 4: Safety invested in like a lot of things alongside him,
• 1:16
  Speaker 4: like I don't know who say yeah, like whoop, phase clan.
• 1:21
  Speaker 3: So you just thought it. You just went straight to
• 1:23
  Speaker 3: yeah investing in company like products, bigcoin. I invested in
• 1:27
  Speaker 3: big cooin to get the stock market. You just went
• 1:28
  Speaker 3: straight to the big.
• 1:29
  Speaker 4: Straight to invest in At the time, I think I
• 1:31
  Speaker 4: invested in bigcoin like six grand like uh, a bio company,
• 1:36
  Speaker 4: like just a bunch of stuff spread out.
• 1:38
  Speaker 3: Like So this is like this is like one of
• 1:40
  Speaker 3: these weird movies. You meet a random white guy and
• 1:43
  Speaker 3: meets he takes your watch. Three days later, he invites
• 1:46
  Speaker 3: you to his penthouse in manhat. You open the door,
• 1:49
  Speaker 3: it's like the Batman chamber. And then he looked at
• 1:53
  Speaker 3: your portfolio and he's like, this isn't what you should
• 1:56
  Speaker 3: be doing. You should be investing. And then he tells
• 1:59
  Speaker 3: you to invent and phase clan Bitcoin. All of these
• 2:03
  Speaker 3: just all kinds of just random things that just skyhout
• 2:05
  Speaker 3: out to whoop.
• 2:07
  Speaker 5: You're like, this is like what Eddie Murphy could have
• 2:10
  Speaker 5: been in trading places.
• 2:15
  Speaker 6: That the Blessing of Day because Mike is like Mike
• 2:22
  Speaker 6: is you know, you know, but Dave kind of like
• 2:25
  Speaker 6: they both keep me kind of like Mike is like
• 2:28
  Speaker 6: and David's like, no, come back down here real quick.
• 2:30
  Speaker 6: But Dave is also like a super risk taker, so
• 2:33
  Speaker 6: he I feel like Dave balances out me and Mike,
• 2:37
  Speaker 6: you know what I'm saying, and like he's greater investing.
• 2:39
  Speaker 3: He'll tell his story.
• 2:40
  Speaker 2: Yeah.
• 2:41
  Speaker 7: So like.
• 2:43
  Speaker 2: My mind set on the investing.
• 2:45
  Speaker 3: Just kept growing, growing and growing and growing.
• 2:47
  Speaker 4: But the one thing I learned from both of them
• 2:49
  Speaker 4: is just take a fucking risk and don't be scared
• 2:52
  Speaker 4: and don't.
• 2:52
  Speaker 2: Think about the risks.
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  Speaker 3: After how much ward comes back? How much of that
• 2:56
  Speaker 3: money did you invest?
• 2:57
  Speaker 2: I think maybe all of one point too off the tape.
• 3:00
  Speaker 3: Do you have one point two million dollars to your
• 3:01
  Speaker 3: name right now?
• 3:02
  Speaker 7: No?
• 3:03
  Speaker 3: At that moment, Yeah, you had that to your name.
• 3:06
  Speaker 3: He comes and says, and a watch and to watch.
• 3:09
  Speaker 3: He comes to and he says, invest you should, and
• 3:12
  Speaker 3: you invest every single thing.
• 3:14
  Speaker 2: You have everything.
• 3:15
  Speaker 3: That's how I always.
• 3:16
  Speaker 7: Listen because he mel was lucky enough or smart enough
• 3:20
  Speaker 7: to have a good income, so he was making money
• 3:22
  Speaker 7: for you.
• 3:23
  Speaker 3: It was making making money. I knew if I knew
• 3:26
  Speaker 3: all that money, would you make.
• 3:28
  Speaker 7: It back in a year?
• 3:29
  Speaker 3: All right?
• 3:29
  Speaker 7: He wasn't burning furniture like he was.
• 3:32
  Speaker 3: Gonna have to sell. Yeah, So Mike, you said, ten
• 3:36
  Speaker 3: guys with ten million don't have that much money in cash.
• 3:40
  Speaker 3: How much money should How much money should a person
• 3:42
  Speaker 3: have in cash?
• 3:43
  Speaker 7: Again, so much depends on how old you are, what
• 3:45
  Speaker 7: your lifestyle is, and what your income is. Right, So
• 3:48
  Speaker 7: if you have no income, like you retire, you better
• 3:50
  Speaker 7: have a bunch of cash because you gotta pay your rent,
• 3:53
  Speaker 7: you gotta pay a car bill, you gotta have it
• 3:55
  Speaker 7: incidental expenses. But if you know you're making one hundred
• 3:59
  Speaker 7: thousand a month, right, you pretty much can cover anything
• 4:02
  Speaker 7: you need to deal with. So you can you can
• 4:04
  Speaker 7: really run your investment portfolio with low cash and high
• 4:07
  Speaker 7: risk and so so much against your a your personal
• 4:09
  Speaker 7: risk tolerance and your opportunity set. What I realized and
• 4:13
  Speaker 7: one of the things that I wanted to kind of
• 4:16
  Speaker 7: experiment with in some ways. I mean, it wasn't a
• 4:18
  Speaker 7: mental experiment. But there's not a ton of black wealth, period, right,
• 4:23
  Speaker 7: thirteen percent of the population, one and a half percent
• 4:25
  Speaker 7: of the wealth in this country. Until that changes, our
• 4:28
  Speaker 7: country's kind of broken. And one of the ways you
• 4:32
  Speaker 7: create wealth is network, right, Melissa stunningly good networker. You
• 4:37
  Speaker 7: put him in any room and everyone likes him. I know.
• 4:39
  Speaker 7: It's this big smile or dopey face. I don't know.
• 4:43
  Speaker 7: And so you know, he went to the milking conference.
• 4:46
  Speaker 7: Next thing you know, he's going to Saudi your Abia.
• 4:48
  Speaker 7: He's in the Mid East, and you know he's friends
• 4:50
  Speaker 7: with everybody he met you guys, right, So that ability network, Well,
• 4:54
  Speaker 7: if you grow up in a bad zip code, you're
• 4:57
  Speaker 7: networking with you know, people that are aren't crazy and
• 5:00
  Speaker 7: a lot of wealth. You put them in a room
• 5:02
  Speaker 7: with wealth creators. He's going to network and get opportunities.
• 5:05
  Speaker 7: And so now he's bringing more opportunities to Dave and
• 5:07
  Speaker 7: either we're bringing to him. And so a little bit
• 5:11
  Speaker 7: as guidance, a little bit is just introducing people to
• 5:13
  Speaker 7: the networks of money. Right, how do you raise cap earners?
• 5:18
  Speaker 2: What's up?
• 5:18
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• 5:21
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• 7:08
  Speaker 1: An illegal alien from Guatemala charged with raping a child
• 7:11
  Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador
• 7:15
  Speaker 1: accused of murdering a Texas. Man of Venezuelan charged with
• 7:20
  Speaker 1: filming and selling child pornography in Michigan. These are just
• 7:24
  Speaker 1: some of the heinous migrant criminals caught because of President
• 7:27
  Speaker 1: Donald J. Trump's leadership. I'm Christy nom the United States
• 7:31
  Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border
• 7:36
  Speaker 1: crossings are at the lowest levels ever recorded, and over
• 7:39
  Speaker 1: one hundred thousand illegal aliens have been arrested. If you
• 7:43
  Speaker 1: are here illegally, your next you will be fine nearly
• 7:47
  Speaker 1: one thousand dollars a day. Imprisoned and deported, you will
• 7:51
  Speaker 1: never return. But if you register using our CBP home
• 7:54
  Speaker 1: app and leave now, you could be allowed to return legally,
• 7:58
  Speaker 1: do what's right. Leave now. Under President Trump, America's laws,
• 8:03
  Speaker 1: border and families.
• 8:05
  Speaker 2: Will be protected. Sponsored by the United States Department of
• 8:07
  Speaker 2: Homeland Security.
• 8:08
  Speaker 7: Role how do you find ideas? How do you use
• 8:11
  Speaker 7: your political connections to get stuff done? All of that
• 8:14
  Speaker 7: process that lots of people that don't grow up with
• 8:19
  Speaker 7: that never have access to. And that's a little bit
• 8:21
  Speaker 7: the idea of the podcast.
• 8:22
  Speaker 5: Yeah, so we got your story. Yeah, we got my story, Dave,
• 8:29
  Speaker 5: we got we got to get your story. So I
• 8:31
  Speaker 5: know you said Columbia.
• 8:33
  Speaker 2: Yeah, but your background is in developing.
• 8:35
  Speaker 5: Real estate, right primarily. Yeah, So so explain to the
• 8:38
  Speaker 5: people how how you've come to prowess at this level.
• 8:41
  Speaker 3: Yeah, you've done it. So I was.
• 8:44
  Speaker 9: I went to Columbia. I was a wrestler there. That
• 8:46
  Speaker 9: was a big part of my life. I went to
• 8:48
  Speaker 9: law school afterwards, to Georgetown and actually passed the bar
• 8:52
  Speaker 9: in New York, New Jersey, and practiced law for about
• 8:55
  Speaker 9: three years in New York, and you know, learned I
• 9:00
  Speaker 9: had to from that. It was I think it was
• 9:01
  Speaker 9: a really good base for understanding contracts, how to communicate
• 9:06
  Speaker 9: clearly and things like that. And from that went with
• 9:09
  Speaker 9: my brother into real estate in the let's say like
• 9:13
  Speaker 9: early mid nineties. My father had done development of affordable
• 9:20
  Speaker 9: housing kind of real estate, so I was I was schooled.
• 9:22
  Speaker 7: I had a little bit of.
• 9:23
  Speaker 9: Background in it, and you know, understood some things and
• 9:27
  Speaker 9: and that was a really good time to start investing
• 9:30
  Speaker 9: in real estate back that was one of those times
• 9:32
  Speaker 9: like we're almost in now. So we started with apartments
• 9:37
  Speaker 9: in North Jersey, moved from there to the city. We
• 9:40
  Speaker 9: got into hotels in say early two thousands. W Standard
• 9:48
  Speaker 9: children Firehouse came after that. And really at that point
• 9:51
  Speaker 9: in time, as I started broadening my investments, started looking
• 9:55
  Speaker 9: into technology, other food and beverage and hospitality platforms, biotech
• 10:02
  Speaker 9: at this point in time, you know, mushrooms, crypto and
• 10:07
  Speaker 9: so like. In a sense, I've been entrepreneurial the whole time.
• 10:10
  Speaker 9: And if really, I know you guys. You guys had
• 10:13
  Speaker 9: had Steve Harvey on once and I watched the thing
• 10:16
  Speaker 9: and he had like these five rules, and I thought
• 10:18
  Speaker 9: they were pretty interesting, right, I think you had said
• 10:21
  Speaker 9: something about it and it was dream big, have imagination, gratitude, right,
• 10:28
  Speaker 9: don't fear, you know, control your fear, and then have
• 10:30
  Speaker 9: faith that's going to work. Out, and I think that's
• 10:32
  Speaker 9: really what like entrepreneurism is about. And that's really how
• 10:37
  Speaker 9: I've been living my life in a sense, in a
• 10:39
  Speaker 9: business sense of like pushing into things even when I
• 10:43
  Speaker 9: was uncomfortable using you know, I didn't use exactly those
• 10:46
  Speaker 9: five mantras, but but essentially effectively doing that. And so
• 10:50
  Speaker 9: that's what really allowed me to push in and just
• 10:53
  Speaker 9: bring so many opportunities.
• 10:55
  Speaker 7: You know.
• 10:55
  Speaker 9: So when I got involved with, for instance, Catch, with
• 10:59
  Speaker 9: Mark and you and you know, one of their kind
• 11:02
  Speaker 9: of like founding investors in that, it was really because
• 11:05
  Speaker 9: I had put them in an opportunity earlier in the
• 11:07
  Speaker 9: w hotel before they had started. And so it's that
• 11:10
  Speaker 9: kind of thing that's always served me well in life.
• 11:12
  Speaker 9: You know, same thing with Mel and uh, you know
• 11:15
  Speaker 9: many people Mike and I and we just kind of
• 11:17
  Speaker 9: create this network and and so it's I guess it's
• 11:20
  Speaker 9: it's real estate would be a big portion of what
• 11:24
  Speaker 9: for sure, what I do and what I focus on,
• 11:26
  Speaker 9: but I do have a bunch of other venture investments.
• 11:29
  Speaker 7: That I also pursue.
• 11:30
  Speaker 2: Yeah, I want to personally thank you for Catch.
• 11:34
  Speaker 5: It's my it's my favorite restaurant.
• 11:35
  Speaker 2: It's my kid's favorite. I heard you say that.
• 11:37
  Speaker 3: I like.
• 11:38
  Speaker 5: When I left there today, I said, we want to
• 11:40
  Speaker 5: do today? She said, can we go to Catch? I
• 11:42
  Speaker 5: was like interested enough, I might know a guy.
• 11:46
  Speaker 3: Get your table.
• 11:46
  Speaker 9: Well that's that's all. That's all. Kudos and gratitude to
• 11:49
  Speaker 9: Eugene Ram and Mark Burnbaum because it was really their
• 11:52
  Speaker 9: entire branchild in execution.
• 11:54
  Speaker 7: But I was happy to be a part of it.
• 11:55
  Speaker 3: So this is how Larry gets hooked up with Catch.
• 11:58
  Speaker 7: Yeah, yeah, I hooked him up with Catch.
• 12:01
  Speaker 9: Okay, yeah, because when the first time I met Larry,
• 12:03
  Speaker 9: excuse me, we started talking, he started talking about restaurants,
• 12:06
  Speaker 9: and I just happened to drop that name, and he.
• 12:08
  Speaker 7: Was like, oh, that's my favorite restaurant, you know. And
• 12:11
  Speaker 7: then I was like, oh, I can happened.
• 12:14
  Speaker 9: And then about a month and a half, two months later,
• 12:16
  Speaker 9: we had dinner at Mike's house and that's where that started.
• 12:24
  Speaker 1: An illegal alien from Guatemala charged with raping a child
• 12:28
  Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador
• 12:32
  Speaker 1: accused of murdering a Texas man of Venezuelan charged with
• 12:36
  Speaker 1: filming and selling child pornography in Michigan. These are just
• 12:40
  Speaker 1: some of the heinous migrant criminals caught because of President
• 12:44
  Speaker 1: Donald J. Trump's leadership. I'm Christy Noman, the United States
• 12:47
  Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border
• 12:52
  Speaker 1: crossings are at the lowest levels ever recorded, and over
• 12:56
  Speaker 1: one hundred thousand illegal aliens have been arrested. If you
• 12:59
  Speaker 1: were year illegally your next you will be fine nearly
• 13:03
  Speaker 1: one thousand dollars a day, imprisoned and deported, you will
• 13:07
  Speaker 1: never return. But if you register using our CBP home
• 13:11
  Speaker 1: app and leave now, you could be allowed to return legally.
• 13:15
  Speaker 1: Do what's right. Leave now. Under President Trump, America's laws,
• 13:20
  Speaker 1: border and families will be protected.
• 13:22
  Speaker 2: Sponsored by the United States Department of Homeland Security.