David Meltzer | Building a $120 Million Portfolio, Losing it All and Earning It Back Again
On today's show we have a guest on the show on the program. He's so good. Content is so hot hot. We needed to have us it. It kind of created that that hotness to think you found it music a sex. It's sexy hot like our guest David Meltzer now David Milch. Let me tell you about this guy. David Meltzer soups drew a net worth of over a million dollars with a nine months after getting out of law school then he built a net worth of over eighty built a portfolio over one hundred and twenty million dollars now he's partnered with Warren News the former. NFL great players yeah. He has a great sports marketing agency. He's doing big things and again but this is. This is remarkable thing. He grew it portfolio to be worth over one hundred twenty million. He lost it all when he got back. I'm on all earned. It's possible he built it back on. This show is hot when the Oakland the economy fell apart. The banks collapsed he was too heavily leveraged could get access to his equity. He built it all back. This is the Comeback Story of the Year La David Meltzer. This show is hot. Some shows don't don't need celebrity narrator to introduce this show this show too may eight kids co created by two different women thirteen multi million dollar businesses ladies and gentlemen welcome to the time. Shaw what uh-huh Yes yes. Oh yes and yes threatened nation on today's show. We have an incredible guest the name of Mr David Meltzer David welcome onto the show. How are you amazing. I'm so excited to be part of this and look forward to helping whoever I can't hey you you've been on so many different podcasts and features in publications. You are worth a million dollars of net worth with a nine months months after law school. You built a portfolio of one hundred twenty million. There's so many places we could start but Kim can we can. We start with the post law school. Well one million dollar net worth within nine months. How did you do that. I beat people math so I took a job specifically for money. I sold legal research. It's online when I graduated Law School Act Plan Two hundred and fifty thousand dollar sales job and what I decided to do. I was going to work twice as many productive hours a day than all the other people so sixteen hour productive days. I was GonNa do it twice as efficiently thirty two hours of productivity and then I was going to be twice sadistically successful for sixty four hours of productivity now. I knew I wasn't as good as a salesperson is the rest of the people 'cause. I was right out of law school so I instead of trying tried to close wars statistical deals. I decided that I would go on more appointments and even if my statistical success was less. I would close more deals statistically today than they you would so what I did was work seven days a week. So if I'm working you know sixty four hours of productivity. That's eight days a week. I'm working one day. I get eight eight days productivity seven days a week each week that I worked with fifty six fifty six days of productivity so I always joke around. I'd be people with math in fact I never was even at plan because in order to make a million dollars in nine months you know with that formula fifty six days a week being produced -duced. I actually made about one hundred grand just to be ten years. I worked ten years the nine months. That's how I did it. Wow Wow now can you so what do you make. The commission was a hell at work to the job was like a commission per hour salary commission and Bonus and expense account as well. I can save almost all the money that I made and then you you were. Were you built a portfolio worth one hundred twenty million dollars. Is that correct yeah what was in that. Portfolio Selena was assigned Warren Moon football cards what was in that thing. Oh No. That's my portfolio now gets more and more valuable today. No I I own thirty three different properties Golf Course Ski Mountain a lot of technology stocks that had built through through by early thirties and blessed to have had a mighty touch in my investing although I learned some valuable lessons Asan's because as much as it might impress you that I had over one hundred million dollars in portfolio. I ended up losing it all as well but I did make it back. How did you lose. Is it all what happened and it did. Was it just a kind of an avalanche of of things caused by one one. Maybe wrong gas or one what happened. No I lost from ego. I I say that because I didn't ask anyone for help and so one of the things that I teach. Is You know how to not think with ego not surround yourself with the wrong the people in the wrong ideas. I thought I knew everything I made one about assumption. I thought that at all times I could borrow the equity that I had and no idea idea. Did I ever see the banking system failing or the credit the credit criteria changing so after going my tire life with always being able to borrow against against the assets they have the equity possessed all of a sudden in two thousand eight. I was incapable of being liquid and when you own and have your own economy with so many different properties so many different business ventures so many different investments that it is a sliding scale once you start missing or applying for for too many loans and missing payments. It's just a matter of time before nobody will give you any money and those expenses really really the aggregate and really pushed me over the edge into losing everything now. I I have done commercial real estate in the past and I think some of the listeners out there. Maybe are not aware of what you're talking about. That's what make sure. We have a half million listeners. I bet you half of them. Maybe are struggling with grasping. Maybe part of what you just said because I I have met that people a David that have a building almost paid for who are headed into bankruptcy. Can you explain how it's possible to have a high net worth but not have a lot of liquid assets for the listeners out there that maybe aren't as far down their entrepreneurial journey as you are yeah. That's a great question. Actually so what happens is you can own a property and you Actually you know Oh to the bank very little so if I have you know sixty million dollars property. I've made only oh six billion dollars that means fifty four million dollars of equity most times. You can borrow against that fifty four million very quickly. You can get a line of credit for five million or whatever would be what happened in two thousand and seventy nine with the crass is that the banks were going under and they realized mathematically not only were those properties have greater. Peter Risk because that's sixty million property could be worth ten million in two years but moreover they were going bankrupt they they were going under so they wanted you to hold as many assets so they were really keen on letting you borrow. Bundy against assets that the bank owned if you you know defaulted on that loan so what happened to me they were gonNA. Let me have equity against those properties. I then could make payments which being by credit went down down that I could borrow anywhere but in the end the banks might bankruptcy was clean because most of my properties were with more than I owned but they they owned them so they weren't going to sell them for more money that I owed right. They were GONNA get their money out of it and they did very well. So how did you how do you how do you go from losing it all a portfolio worth one hundred and twenty million how do you go from there to now teaming up with with Warren Moon and in growing the sports marketing agency. How did you go from the bottom where you are now. Well you know it was a evolution not revolution. I actually when I owned all those properties. I was already. CEO of Leigh Steinberg Sports and entertainment the most notable sports agency in the world and that's where I met Warren Moon the harder part wasn't losing the money was telling Lee Steinberg who hired me to be the MIDAS touch who use me as an example of growing coming up with nothing and becoming a multimillionaire someone that would help secure you young athletes finances to give them a legacy of at that time seventy five percent of all athletes. We're going bankrupt so the harder part. was you know thinking that. I would not be able to continue my job because I thought I might lose my credibility a by going bankrupt but in essence it actually built my own personal brand and when Lee about ten years ago had some personal difficulties Warren Moon and I we were partners at the sports agency we spun off what is now one of the most notable global sports marketing companies in the world working worldwide at different events like the Super Bowl proble Nassar's Kentucky Derby Breeders Cup all the awards shows like the SPCA Emmys Oscars grammys season tons of different charitable events. Everything we do is to make a lot of money help a lot of people and have a lot of fun so tell me when you're working with a Lee Steinberg sports and entertainment for the listeners out there that don't know what kind of athletes where you're working within or maybe a few of the athletes names and then tell us kind of on a daily basis with the sports one marketing doing the kinds of organizations you work with on a daily basis. I know some of the events you just mentioned but I'd love to hear about some of the people you worked with at least Steinberg sports entertainment and and who you're working with now so so Lee you know some of the great things that we got to do guys like Ricky Williams and coach June Jones but we had that firm eight picks in a row eight I fix in a row you know everyone you can think of from Bruce Smith to Ben Rothlisberger Troy Aikman. Steve Young Warren Moon to e all types of Olympic heroes rose from car Carl Lewis and boxers like Vander Holyfield even after go home early on Lewis baseball players like the bathroom mirror near as all of those players were lease people and then you know moving to sports marketing what we did is instead of representing those athletes is we used our relationship super those athletes in order to attract business. My core competency is doing business and making real money not three percent if somebody's contract but you know seven eight figures and so warranted. I've worked on buying and building stadiums. We've consulted on big movies and TV. Maybe shows I've built my personal brand over the last three years. I have a top digital business show called Elevator Pitch which is on Chatter Amazon and enterpreneur network which I'm the executive producer and host of and then I also have a top entrepreneurial podcast. My own called the playbook. speak around the world world. I just had my fourth bestseller gametime. Decision Making was launched last week with McGraw Hill. I Have an executive coaching program and one one of Marshall Goldsmith top executive coaches in the world and really have built my own brand beneath what I learned it lease both in a traditional traditional sense as well as in a digital marketing space as well. What where do you live now so I have a home in Orange County and I have a beach h. Ouston San Diego and then we also have an office in New York City so do you have kids for kids yet. So how do you organize your schedule schedule with all the things that you're doing. What what. What is it normal day look like for you. What time are you waking up every day. What are the first three or four hours. Look like two teams beans one at home. then have an adaptable routine that's either if I'm traveling or I have people visiting or something odd going on but every day Ahah by life I wake up at four. Am Pacific Time no matter where I am I meditate for twenty minutes I put on my gym clothes and I work out for a minimum of one hour that come back in the assume my calendar in essence studying time for productivity and accessibility and then it's been one hour with my family from seven until eight. Am and then I take three coaching calls why drive to work and then I have more ver- reactive calendar determined upon the day I leave the office at Four Forty Five Take Three coaching calls on the way home and then I spend another minimum. Take an hour with my family. then once again be a student in my calendar and more reactive social in business calendar for the night and I try to say a up to eleven. I don't always make it but my goal every day is the live my life to make sure I wake up at four. Am Tomorrow now. D- What did you say you take coaching calls what kind of calls and how longer how how long is each call so as executive coach. I have a certain program I take ten to fifteen minute calls. these calls are from my clients every other week. I give them focus homework to work on the continuum from conscious of conscious and unconscious mind so I just don't tell people the things they can do and give introductions and learn from my situation knowledge in dummy tax but actually shift the paradigm of sub-conscious. The forty thousand of the same thoughts you every day to create new neural pathways which then impact your actual genetics you're activating and deactivating different genetic traits of your personality characteristics successive addictions that create different energy that keeps the continual successful a lot of coaches unfortunately coach what the things saying do do but in the long run you just. GonNa Reset to your original thermostat. I actually up the temperature of your thermostat so that you get expansion acceleration in my coaching and I'm also on call from four. Am to eleven pm seven days a week to give that Chiropractic real-time measure before during or after advice needed needed real time in order to affects quantitative results. I'm the only business coach in the world that I know that number one coaches for free for one month to do an assessment of how he can help who can help and to only work month the month with a quantitative guarantee you only coach. I know that guarantees that not only we have subjective value of high change danger life but quantitatively guarantee. I'll be a profit center which is one of the top coaches in the world so anyone that coaches me is guaranteed to make money besides meeting being significant changes in their life. What is Your coaching program cost. The listeners out there that are curious added assessment. I have ten courses beneath me so it starts at zero so I if somebody can't afford a coaching oversee one of my coaches that will coach for Free all the way up to my billionaire clients. Pay Me Fifty eight thousand a month for me to coach. Wow Wow and so you must be doing something right if a billionaires willing to pay you fifty thousand dollars a month to coach coach them i. I'm really curious. What's your working relationship like with with Warren Moon and and what's he like up close because he was such a talented athlete so brilliant on the field off the field. I grew up in Minnesota and when he came and joined the Vikings many turn that ship around it was awesome. What's it like working with. Warren exactly probably what you would think it'd be like I have I call him. QB One KANOBI years old so he's a wise man he's my best friend. He's rock-solid the all the strength that I don't have and I have strengths that he does it but you know he is so calm and wise I just it's a steady person that lives in integral in character be beyond belief and you know what I love about warring. Is You know we've been working together for so long now. we used to work day to day together now. It was over sixty three years old but he's always there for me. You know one phone call text or our email away fly down here. He does the seahawks games up there in Seattle still so we're travelling buddies he is my visor might true mentor taught me two things the spirit of excellence and the majesty of calmness man. How does I so you you you. You felt inspired recently to write this book Game Time Time Decision Making Could you tell us about the book what inspired you to write the book Yeah So. I I think that we have a happiness problem in the world and people we'll have really disguising their true problems and there's a decision to make and the decision is how to be happy how to create. There's two mindsets. We we have to do with our decision. Making one is what action are we taking the day most importantly. What reactions are we taking and so what I did is. I created each chapter here for different game time decision making processes to help people make the decisions to be happy to help more people make more money and what I did break it down like a game. you know a game plan so. I have a Pre game analysis which tells you you know the lessons you're going to learn then. I go oh through Intel sports stories to illustrate what lessons about gametime decision making there are and then I give a post game analysis to Kinda reiterate what lessons since we learn from the stories that we created and Tillman for Tita the CEO Landry the owner of the Golden Nugget and the NBA rocket his rockets wrote the forward to it. and I have unbelievable greats that are giving you know not only their stories but advice everyone from Jack Canfield number one author in the world from Chicken Super Bowl to Apollo Ono sugar ray Leonard and my lead. Tom Brady just extraordinary names strawberry stories that really bring the life the best decisions with confidence and clarity from the world's best sports people you know we have tillman for Tissa. We're going to have him on the show here and I think a week maybe next Wednesday so excited to have him on the show there and and we have kind of a list we wanted to we wanted to get tillman on the show. We wanted to get Wolfgang in Polk John Maxwell. We've had a lot of really great guests. Warren Moon is on my people to yet people who have yet to say. Yes you know what I'm saying so I'm just GONNA keep. Wearing out your Buddy Warren Moon. Maybe you can lean on me. I will lead. He's greatly let me show that's great well. Hey for the listeners out there. I I know you have to run. I want to respect your time but I also want to give you the opportunity. We have about a half billion listeners. Many of who know who you are or who are learning who are they and they want to know what is an an action step that they should take or what's one parting piece of advice that you could give to all of our listeners. The best piece of ice that I can give listeners is ask doc the number one thing that's missing the world is people know how to give but you're not asking so if you have a pencil right now just make sure you ask people every day in person on the phone via email or even media radio print TV or social media. Do you know anyone that can help me. I'm telling you WANNA change your life exponentially most people on north of thousand followers just doing that once a day off thirty thousand people in your network every month. If you do it four times it'll be one hundred twenty one point four million by the end of the year but it's a very simple question. Do you know anyone that can help me keep people in the flow. Give as much as you can be kind to your future self do good deeds but most importantly ask others others were helped. You can always find me at David Meltzer or anywhere. David meltzer unlinked in youtube etc.. Just remember the EMI L. T. Z. E. R. Loved to help Nope and be of service anyone that may need it. You are an inspiration. Thank you so much for being on the show. Say Hello to Warren and a best. Look on your new book and all your ventures. I thank you so much I will. I will jump on Warren right away to get you a call back. Okay all right. Thank you so much. I appreciate it. You gotTa Take Care. Thank you are right now without further ado three what.