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00:00I first met Kevin Durant through the artist Wale,
00:03who I was managing from DC,
00:05the same place that Kevin Durant is from.
00:07And our relationship at first was all about basketball.
00:10And when I moved into sports in 2012 from music,
00:14he was one of the first people I called
00:15and things like that in life have to do with timing.
00:18And he was at a inflection point in his career
00:20and it just worked out perfectly for us.
00:22What's up everyone?
00:23I'm Rich Clyman, co-founder of Boardroom.
00:25And I'm about to tell you some of the worst decisions
00:27I've ever made with my money
00:28and some of the best decisions I've ever made.
00:35First, let's talk about bad money decisions.
00:38Some of the mistakes I made when I first started investing
00:41was investing with my emotion and investing
00:45with my excitement and not taking all the time necessary
00:48to fully understand if it was the right opportunity for me.
00:51I don't wanna ever run away from that excitement,
00:53but at the same time,
00:55in order to make sound investing decisions,
00:56you have to kind of balance both the emotion
00:59and the knowledge and the education of the opportunity.
01:03I think my favorite thing to spend money on
01:05is probably vacations and traveling
01:08and being able to explore new cities, explore new resorts.
01:12I love being in the Caribbean.
01:14I love being in warm weather.
01:15I love taking people with me on vacation.
01:18And I don't necessarily love watches,
01:21but I love the brand Rolex.
01:23And it's totally different
01:24because some people collect watches.
01:27I don't look at other brands.
01:28I've just always thought the brand itself was cool.
01:30And a lot of it comes from loving tennis as a kid
01:32and seeing how like champions in tennis
01:35had the Rolex logo on their tennis shirt
01:37or on their wristbands.
01:39And then they would do the commercial spot after
01:41and Roger Federer, every time he won Wimbledon
01:43would have like a Rolex spot that would hit right away.
01:46And I just love premium brands
01:47that kind of maintain that quality.
01:49So for me, it's been not about buying
01:51the most expensive ones.
01:52I've always tried to just add one every six months
01:55and figure out like a new one to have in a collection.
01:57I think it's something cool to look at,
01:59but for the most part,
02:00traveling and being out on the beach
02:02is where I like to spend money.
02:05For me, it was a lot of hustling and building
02:09until I was around 40.
02:10And at 40, I started to see some of the fruits of my labor.
02:14And when Kevin and I partnered up
02:15and we wanted to build a business for ourselves,
02:18he didn't want to be in commercials anymore.
02:20And when you're starting to build a business
02:22and the main focal point of that economy that you have
02:26is someone that doesn't want to get paid for sponsorship
02:29or get paid to show up on behalf of a brand,
02:31we had to think creatively
02:33about how we were going to build some of our opportunities,
02:35how we were going to continue to build our network
02:37and our access.
02:39And being in Silicon Valley at that time,
02:41sometimes when you want to be in a certain world,
02:43you have to be able to invest in yourself
02:45and pay to play a bit.
02:46And even though every investment we made, we believed in,
02:49there were times where we took leap of faith
02:51and some of the founders we met
02:53or some of the people that recommended deals to us
02:55because we had to show people that we were about it.
02:58And people want to continue to send deals to people
03:01that they believe are truly looking at investments
03:04for that reason.
03:04And I think that was important for us.
03:07Well, I think the worst decision to make
03:09when you're investing is to invest in something
03:11that you just don't have institutional knowledge of.
03:13It's more important than ever to really understand
03:17what it is that you're investing in
03:19and think about what it is you want to own.
03:22I think people forget that when you invest in something,
03:23you're technically owning it.
03:24It's not necessarily only to make money,
03:27but to make sure that it's something you want
03:29to have a part of your portfolio.
03:32I think the first thing I started doing
03:33was staring at it in the bank account
03:35and just being excited about the fact
03:38that I had worked so hard to get to that point.
03:40And for me, it was that same mentality
03:42of wanting to be around that excitement of startups
03:45and the excitement of young entrepreneurs.
03:47So even though obviously a lot of people
03:50will tell you to start thinking
03:51about some of these longer-term holds,
03:53and I did look at real estate as some of the first things
03:55that I did for myself and my family,
03:57but as I started thinking from an enterprise perspective,
04:00I really gravitated towards young founders
04:02and startups in the beginning.
04:04Wow, I don't think it's one thing.
04:07I think it's constantly spending
04:09on things that I don't need.
04:10I love to just have little things.
04:12I don't have this massive watch collection
04:14or a massive car collection,
04:16but when I want something or I want to go somewhere
04:19or if I'm out for dinner with 20 people
04:20and I want to pick up the meal,
04:22that can be a rush and that can be exciting.
04:24When you're young,
04:25the idea of trying to keep up and spend money,
04:27and especially in my world in sports and entertainment,
04:31keeping up is important
04:32and being in the right rooms are important.
04:34And sometimes that means spending money you don't have.
04:36And that happens to young people.
04:38That happened to me.
04:39You have young entrepreneurs out there
04:41that are like, I have to be in LA this weekend.
04:43I have to be in Miami this weekend.
04:45And sometimes you do.
04:46I think it's just about overall
04:48having to sometimes remind myself
04:49that you do have to be cautious of it at any level.
04:54I have a tumultuous relationship with Bitcoin
04:56as most people do.
04:57I mean, I was in early,
04:59made silly mistakes and sold out at times.
05:02I tried to be too creative and overthink it
05:04all while knowing that the same idea
05:07and the same thesis I had around it
05:09from the beginning applied,
05:10but I still got caught up in my head
05:13and let a lot of the outside noise
05:15affect how I was making decisions.
05:17I think for me, that was another learning experience.
05:20So what I may have lost on not holding early on,
05:23I had learned a new discipline and a new approach to it.
05:26And for me now,
05:27I believe it will always be a part of the landscape.
05:31The most common investing mistake I think
05:34is to just trust other people all the time.
05:36And a lot of times when people meet somebody
05:38with a title or who worked for a company
05:41that they have been taught to trust,
05:44they're quick to allow them to invest their money,
05:46but you still have to make the same type of decisions
05:49as if you were the one pulling the trigger
05:51and you have to understand everything
05:53that the people that you're bringing into your life
05:55are doing.
05:56Many people look at someone else
05:59to kind of hand off the responsibility to,
06:01and then when it's not working out the way they want,
06:03they look at that person and want to know what happened.
06:05And obviously the professionals you bring
06:07into your equation and that work with you
06:09and your portfolio should understand what they're doing.
06:12They should have goals and you should hold them accountable,
06:15but you can't put all the responsibility
06:16on someone else ever when it comes to your money.
06:19Now let's talk about some good money decisions.
06:24I guess the best financial advice I've ever received
06:28has been to slow down.
06:29Trying to make decisions about your money
06:32or about someone else's money,
06:33especially when you're responsible for a family
06:36is not something that you should ever do
06:38without real thought and without real time and understanding.
06:41And that can be tough and everybody's pace is different.
06:44So some people learn quick, but if you just slow down,
06:46think about what you're doing,
06:48pause on certain things, it's tough.
06:50But at the same time, I think if you can slow down,
06:52you can make all of those decisions more wisely.
06:55And sometimes it still means rolling the dice,
06:58but you have to think about it.
07:01My favorite investment from a company perspective
07:04is still early on in Postmates
07:06and not because of the success Postmates had,
07:09but just because it will always remind me
07:11of the beginning a bit.
07:12I remember all this new on-demand access was available
07:16and it just kind of, for me,
07:19will always represent the beginning of that era for us.
07:24What I realized and what Kevin realized
07:26was our relationship and sports
07:28had taken both of us into rooms
07:30that we never thought we'd be in.
07:31And as a young person,
07:32if I knew that there was a platform or a brand
07:35that embodied that, that told stories
07:37about what was happening on the inside,
07:38that introduced you to the people behind the people
07:41and understood the way the world worked
07:44in sports and entertainment
07:45and how it all converged into this one space,
07:48that I would have eaten it up.
07:49And I wanted to create a brand that represented that.
07:51And I think we've done that.
07:53And it's a place where you can learn
07:55a little bit about business,
07:56a little bit about sports and music and fashion,
07:58but where it all makes sense
08:00and where it all relates to the other.
08:04I love all that business accessory stuff.
08:06I'm obsessed with moleskins.
08:07The best small purchases are when
08:09I just go into these stores
08:12and buy things for no reason
08:13and have very little use for them,
08:16but I just think it's cool.
08:17And I like engrave my name in it
08:19in all different ways for no reason.
08:20And before I even started to really work,
08:23I wanted to have those things with me
08:24because it made me feel like I was a professional.
08:27So I think it's those types of products.
08:30My money mantra is please don't let money stress you out.
08:35It's at the root of so many people's stresses.
08:37I see it every day at every level, at every age,
08:40maybe not billionaires, but they have their own stresses.
08:43I don't know many people that don't stress money
08:45or talk about money.
08:46And I try myself not to.
08:47As much as I can, I try not to.
08:49I try not to think about it.
08:51I try not to make decisions based around it.
08:53It will never drive me professionally
08:55and it'll never keep me from doing the things
08:58that I wanna do in this world.
08:59I've never blamed something in my life over money.
09:02So I think it's just not to let it be a focus of stress
09:06in my life or anyone around me.
09:07Now you know my secrets to financial wellness.
09:10You may not agree, but they're mine.
09:12Thanks for watching.
09:13Appreciate it.