- Hollis Johnson/Business Insider
- Larry Morrow is a well-connected entrepreneur in New Orleans. He owns a restaurant and throws parties for high-profile clients like Drake, Floyd Mayweather, and Mary J. Blige.
- At first, Morrow spent the money he earned on material items, like a $40,000 diamond-studded watch.
- But once he realized he didn’t feel personally fulfilled by fancy items, he started investing in himself and his family.
When he first started making money in his early 20s, he was quick to spend it on flashy things, he said on an episode of Business Insider’s podcast “This Is Success.”
“I think society, especially in the urban communities, society teaches us so many things. Like, we should have the nice watches, the nice cars, spend money. All the material things,” Morrow said.
Traveling with flashy accessories was exciting for Morrow at first, but he soon realized he could make smarter investments in real estate or by helping out his family.
“So, I had this watch, and I paid $40,000 for it. And, I would go out of town. It was cool. It had all the diamonds in it. It was beautiful. But, I didn’t want that watch to make me who I was,” he said.
“It caused a lot of tension. But, I realized at one point, ‘You know what? I don’t need this. I’ve got a house on my wrist. I can go invest in a piece of property. I can make money versus wear this watch.'”
Morrow said he’s glad that “phase” is over.
“And, I had to realize, ‘You know what? It’s not about the materialistic things. It’s more about providing something for my family and creating some stability, creating some generational wealth to where my kid don’t have to worry about college tuition,'” he said.
Today he owns a restaurant called Morrow’s New Orleans and is the author of a book called “All Bets on Me.”
“So, I had to dumb it down a little bit and just get my mind right, not be so focused on material things,” Morrow said. “Because, I think you are what you are surrounded by. Once I switched things up and started to think a little different, that’s when things really took off.”
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