It is possible to know the 58-year-old native of New York from his time as head of Deutsch Inc., one of the largest in the country which was acquired by the Interpublic Group advertising firms. Or from his previous show CNBC talk “Idea with Donny Deutsch,” or scripted comedy series “Donny!” in USA Network .. Or their motivational books, or Sirius XM radio show.
Deutsch pressed a chat with Reuters in his busy schedule as the last topic in our series “Life Lessons” to share what he has learned along the way.
Q: What did your parents teach you about money?
A: The money was never really a big discussion in my house. It was never about money or things. It is to find what you love. And by the way, if you find what makes you happy, the money will come. But they never do it for the money.
Q: Your father originally started the advertising business, but took it to the next level. What did you learn about managing wealth?
A: I have never planned to have wealth. The real benefit of having any kind of wealth means you can take the concern of the table, which ultimately means less worrying. I have learned that it is important to be conservative. You can lose money as fast as you can. I never take advantage of me at all. I do not owe a penny to anyone, so I’m a little old-school conservative.
Q: After Deutsch Inc. was sold to Interpublic about $ 300 million in 2000, how to put their share of that money to work?
A: I had a big capital event, and I was not sure if he would never have another major event. So kind of approach that always money, ‘This is the money I’m going to live the rest of my life on, “so to speak. I have been conservative about investing that money, compared to the creation of new businesses .
Q: How is the right team is selected to handle your financial affairs?
A: start with smart people, people you trust. But if you are using large accountants or lawyers or large great architects, you still have to be in the middle of it. You have to set your own goals and their own goals and then finding great people who can do their thing.
Q: What was your biggest money mistake?
A: The biggest thing I did was when we were moving our office space, and they were like the first people to move in the Meatpacking District. I do not know why not think about buying a building. I was naive. I did not understand real estate, and I have made a great slaughter that way. But you know, you learn.
Q: What does the launch of its television programs that teach about entrepreneurship and marketing it?
A:. In my show “The Big Idea, ‘I interviewed thousands of entrepreneurs, Bill Gates for Ron Perelman P. Diddy Howard Schultz all say, follow your dreams and surround yourself with people smarter than you Every time. no, back up. on the free market, I learned that you have to put yourself out there. I became a loud voice in the advertising business, and really helped our business.
Q: How do philanthropic causes support decided?
A: Sometimes it’s the things that touch my heart – as I met Michael J. Fox, and became very taken with him. So I’m on the board of directors and participating in charity. I like to help out whenever the cause is children, as with Robin Hood Foundation (which fights poverty in New York City). I also do a lot of things off the cuff that are one-to-one, which has to do with the kids I’ve ever met. Unfortunately, it is not an inexhaustible source where you can help. I just try to do the best I can.
Q: What lessons money is going down to their own children?
A: The main lesson is that money is not about money. Money will not make you happy. You can solve certain problems, and make things more comfortable, but always plan for a rainy day. Always make sure you are living as trees are always going to not go to heaven.