This week we're throwing back to a past episode in which we were lucky enough to have David Metzler as our special guest. David shares his experience of losing over $100M, the crushing blows of such high-profile defeat, and how he came out as a champion on the other side. In this particular clip David tells us the chilling story of how his rich dad went from hero to zero in a single moment… and how David fell into the trap of becoming JUST like him and nearly lost everything. This one hits the heartstrings! So jump in, hit subscribe to join the community, and boost your business knowledge today.
This week we're throwing back to a past episode in which we were lucky enough to have David Metzler as our special guest. David shares his experience of losing over $100M, the crushing blows of such high-profile defeat, and how he came out as a champion on the other side.
In this particular clip David tells us the chilling story of how his rich dad went from hero to zero in a single moment… and how David fell into the trap of becoming JUST like him and nearly lost everything. This one hits the heartstrings!
So jump in, hit subscribe to join the community, and boost your business knowledge today.
Matt: [00:00:01] Hi guys. This is Matt, the producer of the Investor Mindset Podcast, and we're back with another episode from the best of series. This week we're taking a look back at the amazing interview that we had with the super successful and charismatic David Meltzer. We dive into emotional stories from David's past and learn how you can achieve a stronger investing mindset while reaching the goal of true internal happiness.
INTRO: [00:00:34] This is the investor mindset podcasts and I'm Steven Pesavento. For as long as I can remember, I've been obsessed with understanding how we can think better, how we can be better, and how we can do better. And each episode we explore lessons on motivation and mindset from the most successful real estate investors and entrepreneurs in the nation.
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David: [00:03:15] Three things happened in my life, three great lessons. The first one happened when I was 30 years old. I was a multimillionaire at 30, extremely blessed in my dream home, with my dream girl. I actually married the girl that I fell in love with at sixth-grade camp. I asked my best friend at sixth-grade camp to ask her to go study. She said "no, tell him to ask me himself" and so I threw an egg at her. So it was a long journey to get her to marry me. In fact, she hates when I say it because it's not true as you'll find out. But I felt as if part of the reason my wife loved me now, is because I had a lot of money. Once again everything was about -- I needed to define myself by how much money I made. And when I was 30 years old, my father, who was my hero when I was five, the biggest guilt that I still hold with me today is my dad did not give child support. It was the 70s, so there wasn't that big dead-beat dad problem but he was my hero. He was rich, he had a beautiful wife that was closer to my age than his, he drove a convertible Cadillac and I used to tell my mom while we're driving, in between those two jobs in the Country Squire station wagon that would break down and I kept her crying over the financial stresses that my dad was causing us. I’d tell her, "why can't you be more like Dad Mom". And so at 30 years old though, my dad gave me a birthday present. It was a first birthday present I got in 20 years. At 10 years old, he forgot my birthday and I got mad at him and what made it worse was he lied to me and said he didn't forget my birthday he doesn't believe in birthdays. At that moment at 10 years old, my dad went from hero to zero because I knew he was a liar. That he was a cheater, that he was a manipulator, over seller, a back end seller and I hated him. And so for 20 years, I had a very difficult relationship with my father. One once again that was based off of money, and I learned the truth about what he had done to my mom and what he’d done to the family and I just couldn't get over it. But at 30 years old, my dad gave me my first birthday present in 20 years, a beautiful sport coat fit perfectly and I tried it on I remember crying when I tried it on. My wife's like," What's the matter?" I'm like, gosh, it beats me like, he actually cared enough to find out what size I wore, I opened up the jacket and he had torn out all the lining, all the pockets. I immediately got in rage, I called him up I said, What? What is this[00:05:46 unintelligible] Why, Why are you punishing me? He said, What are you talking about punishing you? I said, why would you send me a coat that I can't wear? He goes, because it's not for wearing. Like what do you mean it's not for wearing? He goes Dave that coat is to be hung in your closet until you die? It's there to remind you that you can't take anything with you when you're gone. It's there to remind you, you're just like me. I said I'm nothing like you, you're a liar, a cheater, a manipulator over so I bark and say I am nothing like you! F you and I hung up on him. Six years later, when I was 36 years old, this is two years before I lost everything. I went golfing, I was running Leigh Steinberg sports and entertainment that is, the most notable sports agency of the world. I had access to the Super Bowl, Pro Bowl, masters and Kentucky Derby. I surrounded myself with the greatest athletes, celebrities and entertainers in the world. I had a dream job and I went golfing with my best friend Rob, the guy who asked my wife to go study for me in sixth-grade camp. And I asked Rob, I said, How come you don't hang out with me anymore? I said, we can hang out at the greatest events with the greatest people on earth. He said, I don't like who you hang out with and I don't like what they do. I say, Well, I'm not doing the things that those guys are doing, come on Rob, just come with me. He said, Dave, you could lie to me, but don't lie to yourself. I was heartbroken when I left. That's my best friend since the fourth grade and he was the first--the reason I was heartbroken isn't what he said, the reason I was heartbroken is that was truly the second glimpse, but I was old enough now,36. That was the second glimpse of the truth and he was the only one next to my father to tell me the truth. Everybody else in my life was a bunch of Yes, people. Everybody else sucked up to me, my relatives, my friends, my family, they all wanted something to trade with me and they knew that if they gave me recognition and an ego boost that I would get them whatever they want; cars and houses, I mean, houses, cars, loans, money, whatever it was. Two weeks later, my life changed and it was the third and final straw that broke the camel's back. I came home at 5:30 in the morning, intoxicated and I was partying with a guy named little John. We went to the Grammy Awards together, he was awarded It was cool, but I lied to my wife, I had told her I was go to business meaning and I changed clothes in the car. So I knew she wouldn't let me go because I did not spend enough time at home, I've been partying way too much and I came home 5:30 in the morning. And there was the third truth as I call it, my wife stopped me coming in, told me that she wasn't happy and that I better take stock in who I was, take inventory of who I was or I was going to end up dead and for sure without her she was leaving. I wish I would have told you I immediately said oh my gosh, you're right, I did, I got mad and I told her how dare you? How dare you tell me that, look around you who do you think provides all this stuff? And I just threw the ego book at her as hard as I could and I went to my room and I woke up in the morning even more upset thinking about how I could take all my money, and all my houses and all my golf course and my scheme out and my kids away from her. I was so pissed, so lost and then I looked over and in the closet, shining like my head is shining right now. I hadn't seen that jacket, Man and It was staring at me telling me, man, you're just like your dad. Everything you hate about your father, that's you, buddy. You are a liar, cheater, a manipulator back end seller, over-seller and you better take stock in who you are and that's what changed my life. And so I started taking inventory of my values and it's something that I suggest that people do today.
David: [00:09:33] take inventory of your values, and know who you are. And when you know who you are and you have the right mindset, it doesn't matter what's happening there's always opportunity. I was called the mindset of millionaires, the margins of millionaires, more millionaires were made during the Depression. There'll be more millionaires especially in real estate made right now than any other time and it's the people that are going to take inventory of their values like I did and that prepared me for 2008. 2008 I lost over $100 million, made it right back with the mindset, I was not bothered at all and I've never been more prepared, more ready, and more situated to be successful not only for myself but I do free training for the last 20 years on Fridays, to empower over a billion people to be happy, getting their things in control, their mindset, what they think they do and believe. Understanding their conscious, subconscious, and unconscious continuum, to give them that inventory, to give them and empower them this great virus of happiness that can be spread by witnessing it and strengthens your immune system.
Matt: [00:10:33] I mean, it's like so touching, as I hear you talk about this, and I can feel the emotion, you're making me want to tear up thinking about that moment of realizing that everything that you had been going for, everything that you thought was what life was about, in that moment, you realize it was actually everything that you hated. And it's not that money was bad. And it wasn't the pursuit of money that was bad. But it sounds like it was actually the approach and the way that you were looking at life and I think that's such a good reminder because we all are running into challenges at different times, right? And lots of people might experience similar challenges to what you did, where there's big losses, but being able to check into those values, and really understand like, Who am I? What do I value? What matters most to me? Is one of the quickest ways to make sure that you don't go down that wrong path because if you wouldn't have done that right there, David, I mean, there's a chance that who knows what kind of stuff could have happened, because when you get into that kind of negative place, and you lose $100 million, it's everything that was making up who you are, I imagined.
David: [00:11:36] yeah, what I realized money--and I was buying more things, different things, things I didn't need to impress people I didn't like. And money doesn't buy happiness or love but my motto and my trademark in life is, make a lot of money to help a lot of people and have a lot of fun. Money is super important to me, there's a blend of two currencies, money being one of them, and objective energy you put into a flow to get to what you want but also the blend of faith, the aggregate of what I think, say, do believe my values, and you blend those. And so for me, money is terrific, because it allows me to shop and If I shop for the right things, I'm going to be super happy and if I shop for the wrong things to impress people, for things that I don't need, I'm going to be very empty, shallow and unhappy. And that was the key difference in my energy. What I did was, I went from that world of just for me, a filled world where I was buying all kinds of things that I didn't need to impress people I didn't like into a world of more than enough. When I started realizing my values were my personal values, health, family, love, integrity, all the things that I live by experiential values, changing to experiences that were fulfilling ones that empowered other people not just filled myself, and then understanding the nuance between giving and receiving values that instead of receiving for me and feeling guilty and empty and shallow, I received through me for others. I appreciate everything I receive and I also appreciate it in the respect that not only do I give it gratitude, but I add value to it and give it away. So what inspires me every day is that I know my what, everybody knows their why, why is to help somebody or something but I know my What is and I allow that to come through me. So when I see a lot of money, I already have it spent on community centers and scholarships and relief aid for New York or food or whatever it would be and it means and gives meaning to everything I see.
OUTRO: [00:13:36] Thank you for listening to The Investor Mindset Podcast. If you like what you heard, make sure to rate, reviews, subscribe and share with a friend. Head over to TheInvestorMindset.com to join the insider club, where we share tools and strategies from the top investors and entrepreneurs and how to take it to the next level.