I strongly caution you that there is very strong language used throughout this interview. Also, you need a little over an hour of free time to watch this interview.
Dame Dash got me going. Check out Part I, Part II , & Part III to cover the entire interview on The Breakfast Club including my personal commentary. This blog (Part IV) is where I add my two cents just as Charlamayne did.
Damon has the heart of an entrepreneur. I can most definitely respect his "all in" attitude. But there are some things that I learned about him that are not to be followed by anyone. Mr. Dash currently has an alleged (I was not able to confirm this amount personally) net worth of NEGATIVE $2 million. That means he owes lots of people money. I believe his poor usage of money is the cause of this. Just how many homes and apartments does one person need in the same state? (No shade Mr. Dash).
Don’t burn bridges with people. You never know who you may need to work with in the future. Treat all people well. One thing about tables is that they always turn. Those people that despise you may need your help in the future and vice versa. Treat the janitor with the same respect you do a CEO.
STOP WORRYING ABOUT WHAT OTHER PEOPLE ARE DOING
It never feels like work when you do what you love, and you do it to make your children’s lives better. You are the only competition you have. When you focus on being better than you were yesterday it leave so much room to grow AND you make better money decisions because the only person you are trying to keep up with is YOU! In the words of Dame Dash, "I CARE ABOUT I THINK I WON!"
“SAVING MONEY IS FOR SUCKAS”
I understood why he said this, but I strongly disagree with this statement. Save money! We've learned sometimes Dame has money and other times he doesn't because he is an all in type of entrepreneur. HOWEVER, be a sucker and put 10% of your earnings in savings. You have to learn to pay yourself first. You can't invest all of your money without properly investing in yourself, your future, and the security of your family. Saving SOME money is good. Had Mr. Dash saved some money, he may have been able to avoid repossessions and foreclosures because this money would have kept him living the lifestyle he preferred while his projects were preparing for a return on the initial investment. The savings can keep you from losing your property and help you afford your normal lifestyle when you are in a dry business season. By all means...be a sucka and save some money, at least 10%.
Make wise decisions. I looked into Mr. Dash founding the phrase "popping tags" from the interview. This "popping tags" epidemic is the epitome of making poor decisions. Dame would buy and outfit, wear it once, and throw it away. That is not something I would recommend he do even at his $50 million net worth. Most rich people look deceptively poor. It is all a matter of taste for sure. But I can't see anyone making fun of Bill Gates because he does not prefer to spend his money on Cartier frames. On the other hand, poor people (especially the African American community) are deceptively poor. They dress nicely. Own the latest pair of Christian "Red Bottom" Louboutin shoes, have Louis Vuitton, and Hermes labels, but no furniture. Unfortunately, they live with their parents or in subsidized housing. There is no money saved for retirement. I would not recommend anyone make decisions like this without having had sound financial advice. Wearing outfits once and trashing them is unacceptable at any financial state. We are not afforded the opportunity to make money and then waste it! Make wise investments. If your children will only inherit your amazing closet filled with fashion, you've missed the mark. Please consider a financial advisor. It is worth the money. This would be your first wise investment. Be a good steward over your finances and to do that you have to have the right mindset about money. Money is a tool! Use it to enhance your life not control your life.
“NO ONE’S GONNA HAVE A BOSS. EVERYONE IS GONNA BE A BOSS”
*Que the buzzer* WRONG! I applaud his effort for trying to get these people out of the matrix, but what Dame fails to realize is everyone is not meant to be a boss. They can have great talents, skills, and possess lots of knowledge, however, they do not possess any leadership traits. I used to think what a waste of talent. But it's not! What I've come to learn and what Dame needs to learn is those people make for great employees. If everyone is selling a product or service, who's doing the buying?! What I recommend is "do something with them" and make some money off of them. Not everyone is willing to forgo their comfortable lifestyle, consistent pay, and other amenities while working for "The Man" in exchange for an unsure dream they hope to come true. Dreamers never sleep. Dreaming takes work! What Dame fails to realize is that everyone wants to eat, but many don't want to hunt!
Like any other person, article, or interview I retain what was good and throw away the nonsense. Overall, this interview was a great discussion to see where many people are at concerning finances, goals, and entrepreneurship. Join the discussion, what was your overall take on the interview.