"Part: 9 Listen to Michael Davis's In Search Of Heroes Interview" by Ralph Zuranski
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Ralph Zuranski: How important is it to believe your financial dreams will eventually become true or a reality?
Michael Davis: For me, money has never been a big deal. When my mother and my sister and I were living in one room, our big deal was getting into the projects. We were renting one room so we all slept in the same bed.
I guess I must have been around six and my sister was ten. That’s still pretty big for three people to be in the bed. We all slept in one bed and I remember when we got into the projects how that was like moving into Shangri La.
Even though we were dirt poor I never knew I was poor because I didn’t have any frame of reference. I didn’t know that people had big houses. I didn’t know any of that stuff.
It wasn’t until I got further along in school when people started buying Converses and Pro Keds and I went home and told my mom that I wanted sneakers for gym. She said, “Let Jim get his own sneakers.” I’ll never forget that. (Laughter) Thirty years later that still holds up.
Ralph Zuranski: Yeah.
Michael Davis: I really didn’t know that I was poor until I started making some money but money is easy to make if all you want to do is make money. That’s a quote from Citizen Kane. My main goal has never been about making money. Money is important but it’s never been my main goal.
If I have to think about making money on a personal level, now when I’m in business it’s really important to create a revenue stream so that the business can be sustained. I understand that. My philosophy in business is low overhead, high revenue. But as far as personal finances, I never really worried about that.
Ralph Zuranski: Do you think it’s valuable to know how much money you want to have in your banking account, and by when, by setting goals?
Michael Davis: Absolutely. It’s very valuable because again, in business and with your family if there is something that you want to do. Knowing that you’ve got $1,000 in your account and you want something that’s going to cost you a $100, that’s nice. That’s peace of mind.
You have to keep track of your finances and I would suggest that for people who are starting out. I have a money manager but I manage my money manager if you get my drift.
Ralph Zuranski: Yeah.
Michael Davis: I’m not going to be one of those guys who finds out his money manager has invested in seaweed off the coast of Jerusalem and now I’m penniless because I let somebody do that. I’m not that guy. I have a money manager specifically for my taxes to make sure that I don’t go to jail.
I’m not really interested in somebody else controlling my resources. But yes, knowing exactly how much money I have is important. I want to make sure that I get this across to any young people who are listening to it. It’s not how much money you have. It’s how much money you can control.
If you’ve got $15 dollars in the bank but you can call up somebody in business who has access to a lot more than that and they will let you utilize their funds for your project or whatever, that’s very powerful.