After finding self-made success with his clothing and lifestyle brand, he then built influence as an entrepreneur and mentor with Shark Tank investor and FUBU founder Daymond John, he decided to leave behind a learn-to- earn legacy for America's future leaders.
John said on The Claman Countdown Tuesday that he had embarked on his most exciting investment yet, writing a children's guide to financial literacy and explaining monetary concepts at their most basic levels.
John told Liz Claman I'm about to teach children magic. I'm going to teach them how to get out of their parent's house at 18 years old. I'm going to teach them how to make $1 into $3. I'm going to teach them how to make their money work for them. There's no book like this in schools at all. Growing up, not many picture books told stories of how to start a successful business or to become a successful entrepreneur and innovator, but John said he wants to change that.
At 18 years old, the kids can get $750,000 worth of debt for a career they're not even sure they want, and they won't pay it off until they're late into their fifties or even sixties, or maybe never, John explained.
John claimed that his kids' book strays from the industrial old system of work and promotes creating careers for ourselves while overseeing more than $6 billion in various product sales worldwide and previously writing five best-selling books, according to his agency The Shark Group.
The Shark Tank star encouraged parents to give a boost to their children's future success by gifting stocks from their favorite companies or brands, rather than physical or material products.
Here s what I would do for my grandson: he loves Tonka trucks, John pointed out. I buy him a little Caterpillar truck, and I buy him a share in Caterpillar at the same time. I take a picture next to him with the Caterpillar truck and the share, and later on, six or seven years later, I do that with Disney and everything else. He realized that all his toys are worth crap. John suggests that you read the book with your kids while their minds are sponges, an investment option that will help you in your kids' future. He went a step further to discuss how America got into huge debt because we are not teaching our kids. This is going to be my legacy because I want all of the financial institutions to say that I want my kids to say that my daddy started a conversation where it became popular and the trend to create books for children who aren't like us or tainted with what I want to do in life.
He said that I want everyone watching this to compete with me, top me, and make sure we have all these kids of ours, so they start to understand how to process money.
The parents can't give their kids everything, John noted, while quoting Claman's late father, but they can help them overcome some of life's most common challenges.
Look at the Fords, the Carnegies and the Mellons, none of their kids own any of the Teslas and Instagrams of the world, why? The investor said the first generation makes it, second enjoys it, third destroys it. If you don't have any kind of financial intelligence, I don't care who you are, if you're getting trust fund money, you're done.