Q&A: Big ideas about life lessons with Donny Deutsch

[July 29, 2016]  By Chris Taylor

NEW YORK (Reuters) - Donny Deutsch pops up pretty much everywhere in the American mediascape.

You might know the 58-year-old New York City native from his time as head of Deutsch Inc, one of the biggest ad firms in the country that was acquired by Interpublic Group. Or from his former CNBC talk show "The Big Idea with Donny Deutsch," or his scripted comedy series "Donny!" on the USA Network. Or his motivational books, or his Sirius XM radio show.

Deutsch squeezed a chat with Reuters into his busy schedule as the latest subject in our "Life Lessons" series, to share what he has learned along the way.

Q: What did your parents teach you about money?

A: Money was actually never a big discussion in my house. It was never about money or things. It was about finding what you love. And by the way, if you find what makes you happy, the money will come. But never make it about the money.

Q: Your father originally started the advertising business, but you took it to the next level. What did you learn about handling wealth?

A: I never planned on having wealth. The real benefit of having any kind of wealth means you can take that concern off the table, which ultimately means less worrying. I have learned that being conservative is important. You can lose money as fast as you can make it. I never leverage myself at all. I don't owe anybody a penny so I'm kind of old-school conservative.

Q: After Deutsch Inc was sold to Interpublic for around $300 million in 2000, how did you put your share of that money to work?

A: I had a big capital event, and I wasn't sure whether I was going to ever have another capital event. So I kind of always approach that money like, 'This is the money I'm going to live the rest of my life on,' so to speak. I have been conservative as far as investing that money, versus setting up new ventures.

Q: How did you select the right team to handle your financial affairs?

A: I start with smart people, people I trust. But whether it is hiring great accountants or great lawyers or great architects, you still have to be at the center of it. You have to set your own goals and your own objectives and then find great people who can do their thing.

Q: What was your biggest money mistake?

A: The biggest one I made was when we were moving our office space, and we were like the first people to move into the Meatpacking District. I don't know why I didn't think about buying a building. I was naïve. I didn't understand real estate, and I would have made a big killing that way. But you know, you learn.

Cast member Donny Deutsch speaks at a panel for the NBCUniversal (USA) television series "Donny!" during the Television Critics Association Cable Summer Press Tour in Beverly Hills, California August 12, 2015. REUTERS/Mario Anzuoni

Q: What did launching your TV shows teach you about entrepreneurship and self-marketing?

A: On my show 'The Big Idea,' I interviewed thousands of entrepreneurs, from Bill Gates to Ron Perelman to P. Diddy to Howard Schultz. They all say, follow your dreams and surround yourself with people smarter than you. Every time you fail, get back up. About self-marketing, I learned that you have to put yourself out there. I became a big voice in the advertising business, and it really helped our business.

Q: How do you decide which philanthropic causes to support?

A: Sometimes it is things that touch my heart - like I met Michael J. Fox, and became very taken with him. So I am on his board of directors and involved in his charity. I like to help out whenever the cause is about children, such as with the Robin Hood Foundation (which fights poverty in New York City). I also do a lot of things off the cuff that are one-on-one, having to do with kids I have met. Unfortunately, there is an endless supply of where you can help. I just try to do the best I can.

Q: What money lessons do you pass down to your own children?

A: The main money lesson is that it isn't about money. Money is not going to make you happy. It can solve certain problems, and make things more comfortable, but always plan for a rainy day. Always make sure you are living like the trees aren't going to always go to the sky.

(Editing by Beth Pinsker and G Crosse)

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