Asking Calabasas Millionaires How They Got RICH!

excuse me sir quick question for you is this your Mercedes yes and what do you do for a living well originally I was in the oil and gas business currently I'm in software I'm a doctor I am in the property management business how many assets do you currently manage right now at your company we just did this exercise it's about $2.5 billion what has been the most amount of money that you've ever made in a single year $35 million 4 mil north of seven figures $30 million and what happened that year that you were able to make 30 million in one year well that was because of Los Angeles is the number six City in the entire world with the most millionaires and today we're going to be going all over Los Angeles and the wealthiest areas in the entire city from Calabasas to Malibu to ask these multi-millionaires how they created their wealth the crazy thing about these areas is some of the most famous people in the entire world from Kim Kardashian to Kanye West to Travis Scott they all have properties in the cities that we're going to be going around so we're going to figure out what the locals here did to MK millions of dollars and create an insane life for themselves let's go get these interviews originally from Iran Iran wow but in Italy incredible yeah my first question sir what industry did you decide to pursue a career in well originally I was in the oil and gas business currently I'm in the fashion industry I do manufacturing what has been the most amount of money that you've ever made in a single year $30 million 30 million and what happened that year that you were able to make 30 million in one year well that was because of the co when the co happened I switched my entire Factory to make a gowns and mask and I was the only Factory in La that was making the gowns and mask so everybody and their grandmother wanted our product that's what had created a huge opportunity for us and that is the advantage of the small entrepreneur because they are dynamic they can change quickly bigger corporations it take them two or three years before they catch up to them so be the first when did you start your first business my first business I started when I was 14 years old and how old are you now right now 64 just about 50 years you've been an entrepreneur over that period of time what's the greatest lesson that you've learned about entrepreneurship that you would pass on to someone who's starting a business in 2023 the one that I would have not sold my company at that starting stage and being so happy to get some money because the company that I sold in 1990 right now is on NASDAQ don't get people involved venture capital or the investors at the initial stage put your skin in it hold on the equity as much it is possible to yourself give shares out and don't be afraid of it but don't lose the control control of the company thank you so much for your time so I really app you have you have amazing advice sir thank you so much all right you guys that was a crazy interview he made $30 million over 2020 because his business turned into a manufacturing for all the co essential items like masks and gloves gave some crazy good advice to all the entrepreneurs out there and he came from Iran is now a super successful entrepreneur in the United States but man Malibu's been absolutely insane to start out the day let's go get this next one and keep it rolling what's the best peaceful advice that you would tell your younger self go to law school go to law school did you eventually become a lawyer no why would that be the my degree my degree is in Fine Arts painting and print making and I am in the property management business now and how long have you been in the business for next year will be my 50th year 50 years so you've had a career in real estate for nearly 50 years what's the greatest lesson that you've learned about real estate that you would pass on to someone starting in the business in 2023 go to law school yeah I'm serious you learn a style of thinking you learn to be analytical and frankly the law plays such an important role in everything we do how many assets do you currently manage right now at your company uh we just did this exercise it's about $2.5 billion so you're managing nearly $2.5 billion worth the real estate right now that is incredible so let me ask you this it seems like you double down you found real estate to be your industry and you you focus on that for 50 years what are your thoughts on diversification for entrepreneurs or do you think people should really just get really good at one thing I've Loved long enough to see depressions recessions but I think you can be really good at one thing but you can diversify within that thing for example commercial versus residential large residential versus small there's a whole range of diversification that you can make location different states different cities so you can diversify within one area of expertise but if you stick at it and don't give up you'll probably come out all right thank you so much for your time sir I really appreciate you sir job my man has been in real estate for over 50 years and is currently managing over $2.5 billion dollar worth of Assets in real estate I love what he said about go to law school you have to know the law cuz every industry whether you like it or not is within the law so gave some great advice to all the entrepreneurs and those trying to get money in real estate shout out to him but we'll keep this video rolling come on now what industry did you decide to pursue a career I'm a doctor and how long have you been in medicine for uh I've been doing my craft I'm a plastic surgeon so I've been doing my craft for about 2 years now in my own practice that I opened up as a plastic surgeon right what has been the most amount of money that you ever made in a single year large amount could you say a range like eight seven eight figures north of seven figures how were you able to scale your incr from six to seven figures I I hit that even in my first year so it it just scaled up from there I think the most important thing is obviously my industry part of it is it's a high ticket industry part of it's my background there's a you know we're in Los Angeles there's a lot of PL surgeons here Beverly Hills other areas I have two practices one in here one in Beverly Hills that I have but when I went for it I didn't just go to become another person in the crowd I wanted to be the best of the best and I think that's another really important thing for anybody out there who's trying to grow any industry there are you should strive to be the best not just be another person kind of in the space and I'll just kind of end on man you have a a Lamborghini Aventador this is a this a half million dollar car right it's a lot of people's dream car any last words on someone aspiring to own an Aventador Lamborghini of their own someday the car is nothing the Lamborghini is nothing you're the Lamborghini it's you so you know the car is just reflection of your hard work I pick something that I love to do I love doing plas surgery I do it all day every day I think about it I go home I talk about it at the dinner it's you live and breathe it so you need to just find whatever you're passionate about and pursue that that being said some people are better at things that they're not passionate about so sometimes what you start at is not where you end at in your career so you could start in one thing and then you can end with another and there's nothing wrong with that you see tons of successful people transition into other things right thank you so much for your time appreciate you have a Dr plastic we'll tag you we'll tag you man you got great advice I appreciate you bro thank you man have a good one so much all right you guys we just stopped my guy in the Lamborghini Aventador out here in calabasis is a seven figure plastic surgeon and he has his own practice here and also Beverly Hills gave some incredible life and financial advice to all the young entrepreneurs out there Calabasas has been absolutely insane so be sure to like And subscribe and let's go get this next interview right now come on how old were you when you became a millionaire I was probably 35 what industry did you decide to pursue a career in I was in manufacturing manufacturing manufacturing I manufactured jewelry so you were a business owner yes how long were you a business owner for uh 35 years and over those 35 years what was the most amount of money that your business generated in a single year $35 million what was the biggest thing that you implemented in your company to take you from seven to eight figures we were extremely current on manufacturing techniques we effectively we automated and mechanized a lot of the manufacturing process because we sold labor we didn't sell anything else we sold only labor diamonds our customers knew the price of diamonds and they would give you 10% and they knew the cost of gold cuz it's every day it's on the market so where where we made our money and where we could make our money was in labor and for us to make money at the labor that our customers would pay we had to make it cost less to us so that was it over those 35 years what's the number one lesson about entrepreneurship that you learned that you would pass on to someone who's starting a business in 2023 pay yourself first could you break that down if you're having a lean month you take your money first before you pay anybody and then you make that money work for you and how can someone make their money work for them I reinvested in my business cuz that's the business I knew I didn't buy property I didn't get out of my field I stayed in my field I bet on myself in my field and I won above all your integrity is all you got thank you so much for your time appreciate it you have great advice sir thank you appreciate you this video has been absolutely insane but I want you to comment down below who's been your favorite interview and why we love connec with you guys we want to know all what you guys think about this video what industry did you decide to pursue a career in I'm in software so I run a company called micro one where we help other companies hire and manage preved software Engineers we're a team of about 30 people so we've grown pretty fast in two years what's been the most amount of money that you you've ever made in a single year uh it's going to be this year I'm I'm going to make over 4 mil over 4 mil yeah in Revenue Top Line so how long have you been a business owner for uh a little bit over two years for micro one but I've been running companies since middle school started my first one in eighth grade and then now I'm 22s and I end with this man but you've got a a beautiful car a multi 00,000 car and any advice to the younger generation aspiring to own a Porsche of their own somay I mean I'm also young to 22 that's crazy man seriously but for an 18-year-old who they're lost in life you know like what what what is the message that you leave with to really you know create like the blueprint to a successful life I think when you're young you should put your eggs in one basket and just double down on whether it's your company or you know whatever it is and try to grow that versus trying to diversify you know versus trying to think about like retirement plans and stuff like that I think it it's sort of counterintuitive but I would put my eggs in one basket when I'm young put in the long hours like I'm working about 12 13 hours a day even on the weekends been working since the morning it's Sunday obviously just leaving home now I think that that's what I look for not only in Partners but also uh potential employees put in long hours and and you're going to be successful my man I appreciate you bro you got great advice Los Angeles was an absolute movie everyone it was crazy to make this video but I want you to like And subscribe for amazing content coming soon and click here to watch us going all over Miami asking multi-millionaire Supercar owners how they became wealthy

Channel: School of Hard Knocks

Views: 133,766

Keywords: School of hard knocks, Asking Millionaires for advice, asking business owners how they got rich, asking millionaires how they got rich, interview with millionaire business owners, How Can Someone Make $1 Million?, Asking Millionaires How To Make $1 million, asking millionaires what they do for a living, asking people in Calabassas California for advice, Interview with Calabasas millionaires, interview with Californian millionaires, Asking Calabasas Millionaires How They Got Rich

Id: kJ7HiO27n1g

Length: 9min 14sec (554 seconds)

Published: Mon Oct 30 2023