>>> WELCOME BACK TO "GMA3." IT IS "MONEY MONDAY," AND TODAY, WE ARE GETTING A LESSON FROM A TRUE MOGUL FROM SEWING SWEATSHIRTS IN HIS LIVING ROOM TO FOUNDING MULTIMILLION DOLLAR ICONIC SPORTSWEAR LINE FUBU, HE'S AN AMERICAN ENTREPRENEUR. >> HE'S HERE TO SHARE TIPS FOR BUILDING OUR FINANCIAL FUTURE. PLEASE WELCOME "NEW YORK TIMES" BEST-SELLING AUTHOR AND ONE OF THE INVESTORS ON "SHARK TANK," DAYMOND JOHN. GOOD TO SEE YOU. GOOD TO HAVE YOU. >> APPRECIATE IT. >> YOU TOLD US YOU USED TO BREAK DANCE OUTSIDE THE STUDIO. >> I USED TO, YEAH. LET'S TALK ABOUT BLACK HISTORY MONTH. IT STARTS, YOU KNOW, RIGHT NOW. >> 28 DAYS. >> I WANT TO TALK MORE ABOUT BLACK FUTURE, AND LET'S TALK ABOUT -- A LITTLE BIT ABOUT FINANCE. MANY AFRICAN AMERICANS HAVE -- MOST OF US HAVE NOT COME FROM LEGACY WEALTH, AND THE STAT IS THAT EVERY $16 COMES INTO A COMMUNITY, $15 GO OUT AND THAT'S BECAUSE WE DIDN'T HAVE ANYBODY TO TEACH US ABOUT FINANCE, AND AMERICANS AS WELL. WE DON'T GET TAUGHT ABOUT FINANCE IN SCHOOLS. >> WHY IS IT SO HARD TO TALK ABOUT MONEY? IT'S SUCH A TABOO TOPIC, BUT IT AFFECTS ALL OF US. >> BECAUSE A LOT OF US THINK THAT YOU NEED TO BE A MILLIONAIRE TO BUY THE THINGS AND GET THE THINGS YOU WANT, BUT 65% OF THE PEOPLE THAT WIN THE LOTTO AND ATHLETES ARE USUALLY BANKRUPT THREE YEARS OUTSIDE OF THE LEAGUE. THAT MEANS THAT MONEY DID NOT SERVE THEM WELL. AND WE DON'T KNOW ABOUT IT. AND AS WORKERS AND GROWING UP, OUR SCHOOL SYSTEM NEVER TEACHES US THAT, SO IF THEY DON'T TEACH US HOW TO UNDERSTAND MONEY, AND THEN AT 17 YEARS OLD, YOU CAN ACQUIRE 500 OR $700,000 WORTH OF DEBT THAT YOU WON'T PAY OFF UNTIL YOU'RE 50, WELL, WE'RE NOT TAUGHT THOSE FOR VARIOUS REASONS, NOT BECAUSE ANYBODY HAS A BAD INTENT, BUT IT BECOMES STRESSFUL WHEN WE TALK ABOUT IT FOR THE REST OF OUR LIVES. >> YOU SAID WE CAN LEARN A LOT THROUGH HISTORY, ESPECIALLY BLACK HISTORY. >> WE CAN LEARN THAT A LOT OF THINGS, AND WHAT WE'RE SEEING GOING ON TODAY, YOU KNOW, THE REASON WHY I STARTED FUBU IS BECAUSE THE SAME THINGS WERE HAPPENING DURING RODNEY KING IN 1992, AND I SAID, INSTEAD OF BURNING BUSINESSES, I NEED TO BUILD A BUSINESS, AND THIS IS HOW I'LL EMPOWER MYSELF AND MY COMMUNITY. LET'S GO TO NUMBER TWO. CREDIT CARDS. WE'VE TALKED ABOUT IT PLENTY OF TIMES. CREDIT CARDS ARE SOMETHING WE ALL LIVE OFF OF, WE KNOW THAT. HERE'S A COUPLE STEMS. IF YOU'RE PAYING 18%, CALL YOUR CREDIT CARD COMPANIES AND TELL THEM YOU'RE GOING TO CANCEL THE CARD. BEFORE SPENDING -- PUTTING MONEY AWAY AND TRYING TO MAKE 3 AND 4 AND 10%, PAY THAT DOWN. BUT LET'S TALK ABOUT SIMPLE THINGS. IF YOU ARE GETTING A CASHBACK CARD, 3% CASH BACK, TAKE THAT 3% AND PUT IT IN SOMETHING LIKE A FORD OR A GENERAL MILLS OR A DISNEY OR SOMETHING OF THAT NATURE THAT WILL JUST NATURALLY GO IN THERE AND BUILD. YOU'RE TAKING THE MONEY YOU'RE ALREADY SPENDING AND YOU'RE MAKING IT WORK FOR YOU. THESE ARE SIMPLE TIPS THAT YOU CAN DO. >> SO, YOU'RE SAYING, DON'T BUY THESE HOT STOCKS THAT EVERYONE IS LOOKING AT. YOU'RE SAYING, GO WITH -- YOU CALL THEM BORING INVESTMENTS. >> YEAH. WE'RE GOING TO GET INTO BORING INVESTMENTS. WHEN YOU'RE A HOT DOG VENDOR ON THE STREET STARTS TO TELL YOU ABOUT AMC AND HOW TO BUY BITCOIN, DO NOT BUY THOSE THINGS. DO NOT LISTEN TO THEM. INVESTING IS EXTREMELY, EXTREMELY BORING. IT'S SOMETHING YOU SHOULD NEVER HAVE TO THINK ABOUT. SO, LET ME GIVE YOU SOME EXAMPLES. MY BUDDY, DAVE RAMSEY, SAYS IF YOU INVEST ABOUT $100 A MONTH, AUTOMATIC DEDUCTION, FROM THE AGE OF 25 TO 65, AT 65, THE MARKET DOES AVERAGE, THAT WILL BE $1.2 MILLION. THAT IS $100 TAKEN OUT OF YOUR CHECK EVERY MONTH THAT YOU WILL NEVER SEE. $1.2 MILLION. >> JUST A HUNDRED BUCKS. >> YOU WILL NEVER HAVE TO LOOK AT IT. JUST THINK ABOUT IT LIKE THAT. BUT WHY DON'T YOU LOOK IN THE MARKET AND BUY SOME THINGS YOU ALREADY LIKE? IF YOU'RE BUYING CEREAL FOR YOUR CHILDREN EVERY DAY, I THINK GENERAL MILLS IS GOOD. I DON'T THINK AMAZON'S EVER GOING AWAY. KNOWS ARE ALL 40 AND 50% OFF RIGHT NOW. IF YOU BUY THOSE, WHEN IT GOES BACK, YOU TELL ME IF YOU SAW A MERCEDES-BENZ AND IT WAS 40% OFF, WELL, I'M BUYING TWO. THINK ABOUT IT LIKE THAT. IT IS BORING. YOU DON'T HAVE TO LOOK AT IT EVERY SINGLE DAY, AND IT WILL EARN FOR YOU. DO NOT GET HYPNOTIZED BY SPORTS CAR TRADING, NFTs, ALL THIS OTHER CRAP, UNLESS YOU LOVE IT. >> I'M TAKING YOUR ADVICE. >> INVEST IN WHAT YOU LOVE. I LIKE THAT. DAYMOND JOHN, THANK YOU SO MUCH FOR JOINING US. WE APPRECIATE IT SO MUCH. YOU CAN WATCH HIM, OF COURSE, ON THE HIT ABC REALITY SHOW, "SHARK TANK," A