Going Big! with Kevin Gentry

Episode: Tom Smith on Spend Your Days Like Dollars, Going Big with Integrity, Optimism, and a Life Well Lived
Release Date: July 7, 2025

Introduction

In this compelling episode of Going Big! with Kevin Gentry, host Kevin Gentry engages in an enlightening conversation with Tom Smith, a distinguished investor, philanthropist, and visionary. Recognized for his unwavering optimism and integrity, Tom embodies the essence of "going big" in both his professional and personal life. This episode delves into Tom’s journey, his profound beliefs about America, investment philosophies, and his insights on living a purposeful life.

Early Life and Education

Tom Smith opens up about his humble beginnings, growing up during the Great Depression in a small, blue-collar town. Contrary to assumptions that success stems from privileged backgrounds, Tom shares, “I grew up in the Depression and in a small town. I think my high school graduating class was 42. And three of us went to college. It was blue collar” ([07:22]).

His transformative moment came in junior high when a civics teacher recognized his potential. Reflecting on this pivotal experience, Tom recounts, “He took me to a concert... at the intermission, he said, you should go to college. And that's when I decided to go to college” ([09:15]). This encounter not only changed his educational trajectory but also instilled in him the importance of mentorship and personal growth.

Navy Experience and a Life-Altering Decision

Tom’s path led him to an ROTC scholarship and subsequently to the Navy as a naval officer. Initially content with his naval career, a moment of introspection during his service on the flagship of the Sixth Fleet catalyzed a significant life decision. Observing the vibrant lights of the Riviera, he muses, “If I stay in the Navy, I'll never know anything about those lights... a life that's mysterious” ([11:48]).

This contemplation resurfaced years later when faced with a pivotal career choice in the North Atlantic. Tom realized the importance of pursuing a life filled with curiosity and the unknown, ultimately deciding to transition from the Navy to the investment world ([12:34]).

Transition to Investment and Entrepreneurship

Upon leaving the Navy, Tom ventured into the investment sector, eventually founding his own firm. Addressing the inherent risks of entrepreneurship, he confidently states, “I didn’t think it was taking any risk at all” ([17:08]). His conviction stemmed from over a decade of experience and a clear vision of his investment philosophy.

Tom emphasizes the significance of company culture and integrity in his investment decisions. “The main ingredient in most businesses are people. You want to help them find who they really are... I have a class of students... ask yourself, grade yourself, get in that habit and you're going to live a different life” ([18:13] - [21:05]). He believes that fostering a positive and honest work environment is crucial for long-term success and sustainability.

Philosophy on Investment and Culture

Tom elaborates on his investment criteria, focusing not just on business models but also on the character and integrity of the people behind them. “I wouldn’t invest in a firm that seemed to have a good plan for making a profit but had questionable integrity” ([21:18]).

He underscores the importance of real cash flow over mere accounting profits and insists that integrity is non-negotiable. “They’re going to have results” ([21:53]). This philosophy extends to his mentoring approach, where he encourages continuous personal and professional growth.

Views on America and Its Future

A significant portion of the conversation centers on Tom’s deep-seated belief in America's unique founding principles and its role in fostering innovation and progress. He asserts, “Our founding was so unique... protect the electorate against big government” ([03:23]).

Tom also addresses contemporary challenges facing the United States, particularly the burgeoning national debt. He expresses concern over the country’s financial trajectory, stating, “The greatest threat will always come from within... exploding bureaucracy and exploding debt” ([26:21]). Highlighting the escalation from a $5 trillion debt during the Clinton administration to $37 trillion, Tom emphasizes the urgent need for fiscal responsibility and sustainable economic policies ([27:07]).

Optimism and Public Policy

Reflecting on historical economic challenges, Tom draws parallels between past crises and current issues, advocating for optimism as a catalyst for growth. “Economists tend not to focus on optimism... but optimism is crucial” ([31:33]).

He reminisces about the transformative impact of President Ronald Reagan’s optimistic outlook, which he credits for reigniting economic growth after decades of stagnation ([31:35]). Tom believes that maintaining a positive and forward-thinking mindset is essential for overcoming national and global challenges.

Advice to Listeners: Living a Life of Purpose and Integrity

In the concluding segments, Tom offers invaluable advice on living a purposeful and meaningful life. He introduces the concept of treating each day as one would spend a dollar: “You have to think about spending a day like you spend a dollar. You have to get something in return” ([33:32]).

This philosophy encourages continuous self-improvement and intentional living, advocating for daily growth and reflection. Tom emphasizes that by adopting this mindset, individuals can lead more productive and enjoyable lives, ultimately contributing to their personal and professional success.

Conclusion

Tom Smith’s journey from a small-town upbringing to a successful investor and philanthropist is a testament to the power of integrity, optimism, and purposeful living. His insights on America’s unique role in fostering innovation, the critical importance of fiscal responsibility, and the profound impact of daily personal growth provide listeners with a roadmap to "go big" in their own lives.

As Kevin Gentry aptly summarizes, Tom’s story is one of inspiration and actionable wisdom: “No matter what you do, you have to do the best you can do it the best you can do at every job... your life's going to be a lot more productive, a lot more enjoyable” ([33:32]).

Notable Quotes:

• Tom Smith ([00:00]): “The real unit of exchange in life is not a dollar. Most important unit of exchange in life... is a day.”
• Tom Smith ([09:15]): “He took me to a concert... at the intermission, he said, you should go to college."
• Tom Smith ([21:18]): “Would you invest in a firm that seemed to have a good plan for making a profit but you thought had questionable integrity? Oh, no, I wouldn’t do that.”
• Tom Smith ([33:32]): “You have to think about spending a day like you spend a dollar. You have to get something in return.”

Resources Mentioned:

• Friedrich Hayek’s Works: The Road to Serfdom and The Fatal Conceit.
• Hayek Book Prize at the Manhattan Institute

For more insightful conversations and strategies on transforming your leadership and organizational success, tune in to Going Big! with Kevin Gentry available on Spotify, iTunes, Amazon, iHeart Radio, Pandora, and YouTube. Visit TenXStrategies.com for additional content and resources.