“A penny saved is a penny earned.”  “Work smart, not hard.” “It takes money to make money.”

Young professionals are often faced with a barrage of financial advice. The challenge is separating the bankable wisdom from the myths, particularly at a time when so many of the well-established rules have been upended.

It may be tempting to believe that the old ways of thinking about money still apply. But the truth is while money may change everything – in today’s world, everything is changing money.  Out financier Dorian Black, a COO of a major investment house, explains it all.

Does it take money to make money?

Lately I have seen more examples of poor people getting rich than rich getting richer. In today’s world, it takes balls to make money.  You need a vision and the confidence to sell that vision.

Does mo’ money really mean mo’ problems?

Problems manifest when people put making money above everything else.  Family and friends should always remain a priority. Money is no good if those around you feel neglected. I think it’s important to balance work and life. My friends and family are always the first to put me back on track when I start to focus too heavily on work issues.

Is “show me the money” passé?

I wouldn’t say that.  I believe in always asking for the sale. Business is a bargaining game.  You first need to build the foundation of trust and respect, but once you have it, you must go in for the close.

Is it better to work hard or work smart? 

We often become obsessive and controlling over our work.  If you are lucky enough to have a team you can rely on, delegating work to others is a way to work smart, not hard.

Can money buy you love?

Money can buy love, but probably not the love you really want. I was lucky to fall in love with my partner, Marc, when we both had nothing. Our humble beginnings help us to remember what is important in life: friends and family.

What are your thoughts on the “Get rich or die trying” mantra?

At least subconsciously, I believe it has been my attitude, within reason. I don’t think there is harm in trying to make yourself better.  Still, I have learned that the true definition of rich is being surrounded by empowering relationships.

Benjamin Franklyn said, “A penny saved is a penny earned.” 

Gay men aren’t the best savers. Our community tends to promote over indulgence.  I, too, enjoy the act of purchasing. As a matter of fact, if I could change one thing about myself, I would cut up my American Express card. Saving is essential for future success.  

What large purchases are you most proud of? 

I have made lucrative Real Estate investments. Property remains the best investment. If you keep it for the long haul, true wealth will prevail.

Is there anything more valuable that money?

Time.  As I get older, I see how quickly life passes.  In the end, all that truly matters is time well spent with those we hold close to our hearts.

Is it true that the art is not in making money, but in keeping it?   

I think we have seen the truth in this as many have lost their shirts with the real estate crisis.

Do you agree that if you pay peanuts, you get monkeys?  Is it a good idea to pay top dollar for the best employees and service providers?

I am big believer in finding raw talent.  A smart person took a chance on me.

Is money the source of all-evil?

Success and money can make people very arrogant. It’s important to surround yourself with people who will bring you back down to reality. 

Ralph Waldo Emerson said, “Money often costs too much”.  What has money cost you?

It has cost me friendships.  It’s also cost me some hair.  Making money can be stressful.