The Power of Broke: How Empty Pockets, a Tight Budget, and a Hunger for Success Can Become Your Greatest Competitive Advantage by Daymond John




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Favorite Quote

By far my favorite quotes on the book is Daymond’s own definition of the Power Of Broke:

“The ability to harness unparalleled activity and passion stemming from having nothing to lose and everything to gain.”

Main Idea

The main idea in the book by Shark Tank star Daymond John, is that being broke is fuel. It can be the fuel you use to power the excuses you make for not being where you want to be or it can be the fuel that gets you there really fast. In other words, you do not need money to make money, just passion and creativity.


The Power Of Broke can be a little difficult to digest for some, our self limiting beliefs are rooted firmly in our hearts and it can only be detached with effort and a lot of pain. We believe that the time is not right, or that we yet do not have enough money for a particular situation, but then how can we explain all the success stories described by Raymond in which all of the protagonists including himself made themselves a fortune out of nothing.

One of the most important lessons in the entire book is that Money is just a solution when there is no Creativity or Passion, and ironically it costs more and provides worst results. When startups and individuals are in the “broke mindset” they need to scramble and find ways to make things happen when limited resources is an understatement. It is true what is said, that necessity is the father of innovation.

This is an extremely empowering book, because we realize as we swim through the pages with our shark Daymond, that even though there are companies with far more resources than we could possibly have, with tight choke holds in the specific market, we will always be able to compete as long as we are broke. (Awesome).

How It Made Me Better

This book is a big blow on Procrastination, which I hate with passion. Basically we can turn around all the excuses we have made not to dream big and take massive action right now into reasons for doing so. Just learning the power of transforming excuses into reasons was worth the read.

Next Wednesday

The book next Wednesday will be Smarter Faster Better: The Secrets of Being Productive in Life and Business

If you want to read it, feel free to Purchase here. As you know I recommend that instead you get an Audible subscription to The Magic CEO Challenge


Written by The Magic Sloth