WEBVTT - Financial Plan: Rich is Good, Wealthy is Better, practical financial frameworks for individuals, families, and small business owners. 0:00:00.160 --> 0:00:02.800 My Guess is a Hall of Fame speaker who has 0:00:02.840 --> 0:00:06.280 been named one of the Outstanding five speakers in the world. 0:00:06.680 --> 0:00:09.520 He is the author of several best selling books, including 0:00:09.560 --> 0:00:13.520 A Setback Is A Setup for a Comeback, An Attitude 0:00:13.520 --> 0:00:17.600 of Excellence, and his new book Rich Is Good, Wealthy 0:00:17.720 --> 0:00:19.720 is Better. I got it right here, ladies and gentlemen, 0:00:20.000 --> 0:00:23.119 just finish reading it. He specializes in helping people to 0:00:23.200 --> 0:00:27.720 turn their setbacks into amazing comebacks and helping you grow 0:00:27.800 --> 0:00:31.080 your wealth by growing yourself. Please welcome the Money Making 0:00:31.120 --> 0:00:34.440 Conversations Masterclass the one and only Doctor Willie Jolly. 0:00:35.280 --> 0:00:37.560 Thank you, my brother, Thank you so much. 0:00:37.600 --> 0:00:40.240 You know I have only just a minute, only sixty 0:00:40.240 --> 0:00:42.919 seconds in it for us. Upon me can't refuse it. 0:00:43.080 --> 0:00:45.400 I didn't seek it, I didn't choose it. But it's 0:00:45.479 --> 0:00:47.599 up to me to use it. I must suffer if 0:00:47.640 --> 0:00:50.000 I lose it, get a counter five abuse it just 0:00:50.000 --> 0:00:52.879 a tiny little minute, but our eternity is wrapped up, 0:00:52.920 --> 0:00:55.440 and I'm grateful for this minute, this moment, this opportunity 0:00:55.640 --> 0:00:59.000 to be with my guy Brushawn McDonald. 0:00:59.080 --> 0:01:01.760 Thank you my brother. First of all, you know I 0:01:01.800 --> 0:01:02.320 love him. 0:01:02.960 --> 0:01:05.800 I listened to his show religiously on a serious example. 0:01:05.800 --> 0:01:08.600 I always always text him, I call him man. 0:01:08.760 --> 0:01:11.000 Just sometimes you have to let brother know or friend 0:01:11.040 --> 0:01:14.360 know you listen by dropping a little krumb about an episode. 0:01:13.920 --> 0:01:17.280 You just heard, and you go, oh, whoa oh, he 0:01:17.319 --> 0:01:18.440 does listen to my show. 0:01:19.280 --> 0:01:22.440 It encourages me so much when I get those comments 0:01:22.480 --> 0:01:24.800 from you, Thank you man. You just don't know how 0:01:24.840 --> 0:01:27.959 much I appreciate it. And I'm grateful. I'm grateful, grateful. 0:01:28.160 --> 0:01:29.720 Well, you know, I always like to get my audience 0:01:30.360 --> 0:01:32.320 locked in, you know, don't want to lose them because 0:01:32.319 --> 0:01:34.240 they want to listen real quick and see it's something 0:01:34.280 --> 0:01:34.840 they want to hear. 0:01:35.600 --> 0:01:39.720 Rich is good, Rich is good, Wealthy is better. Rich 0:01:39.840 --> 0:01:40.280 is good. 0:01:40.319 --> 0:01:42.680 I would say that one more time wealthy is better 0:01:42.720 --> 0:01:44.360 because the word rich and wealthy. 0:01:45.000 --> 0:01:48.880 What is the difference there? Right, Doctor Colin, you know what? 0:01:49.120 --> 0:01:51.440 Let me tell you how this book came to be. I, 0:01:51.480 --> 0:01:54.840 as you know, have been on Serious Exam Channel one 0:01:54.880 --> 0:01:55.600 forty one now. 0:01:55.600 --> 0:01:56.960 But I've been on Serious Exam. 0:01:57.080 --> 0:01:59.200 I was first on the Power on one twenty six 0:01:59.520 --> 0:02:01.560 and then I'm moved over to one twenty one thirteen 0:02:01.640 --> 0:02:02.000 years ago. 0:02:02.200 --> 0:02:04.520 I've been on Exem for twenty years. 0:02:04.600 --> 0:02:07.400 And over those twenty years, I've had the honor of 0:02:07.800 --> 0:02:11.640 interviewing some of the greatest wealth creators of our time, 0:02:11.720 --> 0:02:16.280 people like Bill Marriott and David Rubinstein and David Stewart, 0:02:16.320 --> 0:02:21.240 America's wealthy as black Man, Bob Johnson, Sheila Johnson, Ted 0:02:21.400 --> 0:02:26.360 le ELS's the found co founder of Netflix, one after another, 0:02:26.440 --> 0:02:30.480 Damon John John ho'brien, and over those years, I was 0:02:30.680 --> 0:02:34.600 inspired by them, but I didn't know the difference between 0:02:34.639 --> 0:02:35.480 being rich and wealthy. 0:02:35.520 --> 0:02:36.960 Oh I thought I knew. 0:02:37.320 --> 0:02:40.880 But about four years ago that the proverbial light bulb 0:02:41.280 --> 0:02:43.919 went off above my head and I said, oh my god, 0:02:45.480 --> 0:02:48.400 I got it. Bob Johnson had tried to tell me, 0:02:48.440 --> 0:02:51.000 but I didn't get it. I didn't capture it. But 0:02:51.240 --> 0:02:55.880 finally it came to my brain, here's the difference. And 0:02:55.919 --> 0:02:58.919 I said, well, maybe I'm the only one who doesn't 0:02:59.000 --> 0:03:01.800 know the difference. Maybe I'm the outlier here. So I 0:03:01.840 --> 0:03:04.680 went around the country and doing my speaking engagement to 0:03:04.720 --> 0:03:08.920 corporations on my tours and ask people, Hey, what do 0:03:09.000 --> 0:03:10.519 you say when I say the word rich? 0:03:10.560 --> 0:03:12.920 What do you think? They's a immediate number one answer, 0:03:13.040 --> 0:03:16.200 million dollars. You got a million dollars, you're rich? Okay, great? Now, 0:03:16.720 --> 0:03:19.200 if rich is a million, what's wealthy? And they'll look 0:03:19.280 --> 0:03:19.799 up in the air. 0:03:19.840 --> 0:03:23.079 They'll ponder for a minute, and they say, I guess 0:03:23.160 --> 0:03:26.440 it's five million, ten million, a billion. 0:03:26.639 --> 0:03:31.000 And I realized other people didn't know either, okay. 0:03:30.639 --> 0:03:33.519 And said, I said, if they don't know, how will 0:03:33.520 --> 0:03:36.120 they ever hit it. It's like this, sir, rouseean if 0:03:36.160 --> 0:03:39.720 I gave you a rock and say hit the closest 0:03:39.760 --> 0:03:42.120 wall to where you're sitting, You hit the rock with 0:03:42.200 --> 0:03:43.040 the wall close to you. 0:03:43.120 --> 0:03:43.840 Okay, got it. 0:03:44.040 --> 0:03:46.880 Now let's say I say here's the rock again, but 0:03:47.000 --> 0:03:49.400 this time, before you throw it, I want to put 0:03:49.440 --> 0:03:53.000 you a blindfold over your eyes, turn you around until 0:03:53.040 --> 0:03:55.200 you can't know which direction you're facing. 0:03:55.640 --> 0:03:58.400 Now do it again? Well, can you do it? 0:03:58.440 --> 0:03:58.480 No? 0:03:58.640 --> 0:04:01.080 It's hard to hit what you can't see, and it's 0:04:01.320 --> 0:04:03.640 even harder to hit what you don't know. And I 0:04:03.720 --> 0:04:07.480 realized most people did not know the difference between being 0:04:07.560 --> 0:04:08.480 rich and wealthy. 0:04:08.160 --> 0:04:09.240 And I was one of them. 0:04:09.360 --> 0:04:12.400 Now, let's talk about the book a little bit more detailed. 0:04:12.600 --> 0:04:15.120 You know, my mindset money mindset, because that's what you're 0:04:15.160 --> 0:04:17.640 talking about. People can drive a car, people can live 0:04:17.640 --> 0:04:20.159 in a house, and I call that working wealthy anyway, 0:04:20.680 --> 0:04:22.719 So if you start working, then your wealth goes away. 0:04:23.160 --> 0:04:26.880 That's understanding is there's mailbox money and they're working money, 0:04:27.080 --> 0:04:29.240 and we're trying to do is transition people from the 0:04:29.279 --> 0:04:31.000 working money to the mailbox money. 0:04:31.320 --> 0:04:34.359 Absolutely well, well, there are two groups that this book 0:04:34.400 --> 0:04:37.559 is focused on, Rushan. The first group are the people 0:04:37.560 --> 0:04:40.440 who want to be wealthy but don't know how to 0:04:40.440 --> 0:04:43.400 get there, and they can take these lessons I've learned 0:04:43.640 --> 0:04:46.800 from these wealth creators, and look, I'm just teaching what 0:04:46.880 --> 0:04:49.560 I've been taught. So the first is helping people get 0:04:49.640 --> 0:04:52.640 to wealth. But the second group, Rushan, is where we're 0:04:52.640 --> 0:04:56.520 seeing the greatest response is amazing. People are buying it. 0:04:56.560 --> 0:04:59.960 In volume eight nine ten, one lady bought a box 0:05:00.160 --> 0:05:02.599 thirty copies. She said, I want one for every child, 0:05:02.640 --> 0:05:05.720 every grandchild, every niece, every nephew. Here are the people 0:05:05.960 --> 0:05:12.120 who have worked hard all their lives, scrimped, saved, sacrificed, 0:05:12.600 --> 0:05:16.480 done without so they could create a nest egg, and 0:05:16.520 --> 0:05:19.520 they're concerned that their children will not take care of 0:05:19.560 --> 0:05:22.640 it and will squander it. Or as one man said 0:05:22.640 --> 0:05:26.599 to me, he said, doctor Jolly, my greatest fear is 0:05:26.640 --> 0:05:30.080 that my children will not treat my money like I 0:05:30.160 --> 0:05:33.960 treated it, and they will go through in months what 0:05:34.080 --> 0:05:37.520 it took decades and decades and decades for me to grow. 0:05:37.960 --> 0:05:40.560 I want help. This book is the answer. 0:05:40.800 --> 0:05:45.599 I recommend every parent, everybody who has a nest egg 0:05:45.720 --> 0:05:49.640 get copies of this for people who are in their family. 0:05:49.920 --> 0:05:53.080 You asked about the mindset, as you said, and you've 0:05:53.120 --> 0:05:57.160 read the book. I talk about the five money mindsets. 0:05:57.480 --> 0:06:01.880 The lowest level is the one day mindset. That's the 0:06:01.960 --> 0:06:05.719 person who stands on a corner with a cardboard box 0:06:06.080 --> 0:06:08.520 every day saying, give me enough money for the day, 0:06:08.800 --> 0:06:11.160 and they repeat that process every day. 0:06:11.200 --> 0:06:12.040 We've all seen them. 0:06:12.320 --> 0:06:15.279 Then you got the thirty day mindset, which are the 0:06:15.320 --> 0:06:19.320 people who are on fixed income, whether they're retirement, social Security, 0:06:19.440 --> 0:06:21.920 or in welfare, whatever it is that it comes in 0:06:22.040 --> 0:06:26.359 thirty day payments and every month they are looking forward 0:06:26.360 --> 0:06:27.159 to that next month. 0:06:27.200 --> 0:06:28.560 They think month, the month. 0:06:28.800 --> 0:06:32.280 Then you get the one year mindset, people who think 0:06:32.320 --> 0:06:35.279 a year to year. Did I make more money this 0:06:35.360 --> 0:06:37.040 year than last year? Did I get a cost of 0:06:37.120 --> 0:06:40.560 living raise this year? Then you get the decade mindset, 0:06:40.760 --> 0:06:46.200 which is the mindset we typically see with athletes and entertainers. 0:06:46.480 --> 0:06:51.200 A baseball player might get a ten year contract to 0:06:51.240 --> 0:06:55.680 play baseball and for ten years, one hundred million dollars. 0:06:55.320 --> 0:06:59.400 And he's bawling. He got five Bentleys, four rolls, Royces 0:06:59.640 --> 0:07:01.159 to homes. 0:07:01.520 --> 0:07:04.600 Jet, he's rolling, he balling, he got table savers when 0:07:04.640 --> 0:07:05.520 he go to the club. 0:07:05.880 --> 0:07:07.080 I mean, he got it all. 0:07:07.240 --> 0:07:11.480 But if he does not renew that contract, or if 0:07:11.800 --> 0:07:18.640 he gets hurt and does not modify his lifestyle, he's 0:07:18.640 --> 0:07:21.000 going to be broke. And that is why over seventy 0:07:21.000 --> 0:07:24.760 percent of professional athletes are broke five years after retirement. 0:07:24.920 --> 0:07:28.280 But then we got the wealth mindset. And the wealth. 0:07:28.040 --> 0:07:32.800 Mindset is a mindset that says thinks generation, the generation, 0:07:33.120 --> 0:07:35.480 the generation. You know, the Bible says that a good 0:07:35.560 --> 0:07:40.040 man leaves an inheritance for his children's children's great grandchildren. 0:07:40.320 --> 0:07:42.600 And so my goal in the book is to get 0:07:42.800 --> 0:07:45.800 each level to go up one level, just one level. 0:07:46.120 --> 0:07:49.160 The one day guy, it's too big. 0:07:49.000 --> 0:07:51.920 A jump for him to think generationally at this point. 0:07:52.000 --> 0:07:53.480 But if I can get him just to go up 0:07:53.520 --> 0:07:55.040 to the thirty day, and if I can get to 0:07:55.080 --> 0:07:57.000 thirty day, people to get up to one year, and 0:07:57.040 --> 0:07:58.560 I get to one year, folks to get up to 0:07:58.560 --> 0:08:00.560 the ten year and I get to ten folks to 0:08:00.560 --> 0:08:03.880 get up to the generation, then I've done my job. 0:08:04.160 --> 0:08:06.440 And so that's why I'm encouraging people to go to 0:08:06.560 --> 0:08:09.360 Riches's Good, Wealthy is Better, get copies of the book, 0:08:09.480 --> 0:08:11.000 read the excerpts we have there. 0:08:11.160 --> 0:08:14.080 But we want to change people's mindset. And you hit 0:08:14.080 --> 0:08:14.840 it right on the head. 0:08:15.080 --> 0:08:18.600 It's about a mindset. Wealth starts in your mind. It 0:08:18.720 --> 0:08:20.000 starts in your mind. 0:08:20.240 --> 0:08:22.080 You don't want to miss an episode of Money Making 0:08:22.120 --> 0:08:26.400 Conversations Masterclass. So right now, follow a subscribe to Money 0:08:26.400 --> 0:08:27.720 Making Conversations. 0:08:27.880 --> 0:08:29.480 It's free and you can find. 0:08:29.320 --> 0:08:33.679 It on the iHeartRadio app, Spotify, Apple Podcasts, or wherever 0:08:33.760 --> 0:08:34.800 you get your podcasts. 0:08:35.960 --> 0:08:37.040 Please don't go anywhere. 0:08:37.240 --> 0:08:40.319 We'll be right back with more Money Making Conversations Masterclass. 0:08:43.040 --> 0:08:46.040 Welcome back to Money Making Conversations master Class with me 0:08:46.200 --> 0:08:51.160 for Sean McDonald. Now from a minority community, you've heard 0:08:51.160 --> 0:08:52.800 it all the time. You know, we're the last to 0:08:52.800 --> 0:08:54.640 get different mats, were the last to get hired, the 0:08:54.720 --> 0:08:56.600 first to get fired, and the first get laid off. 0:08:56.960 --> 0:08:59.680 That's a cycle, especially that one day cycle or that 0:08:59.760 --> 0:09:02.120 third you know, there's number two mindset, which is the 0:09:02.200 --> 0:09:03.400 thirty day cycle. 0:09:03.280 --> 0:09:05.559 Right live to check to check. Right. 0:09:06.320 --> 0:09:08.360 With that being said, people will listening to the show, 0:09:08.440 --> 0:09:12.240 Let's switch that over to the small business owner entrepreneurs. Yeah, 0:09:12.320 --> 0:09:15.720 they trying to survive beyond the thirty day cycle. They're 0:09:15.720 --> 0:09:17.440 trying to get to the year plan because they got 0:09:17.520 --> 0:09:20.120 to project. How do you look at them when they 0:09:20.120 --> 0:09:22.559 come to you for advice, doctor Willie Jobbles. 0:09:22.600 --> 0:09:26.080 You know, and as an entrepreneur and as a guy 0:09:26.120 --> 0:09:27.360 who has had. 0:09:27.240 --> 0:09:29.600 A small business with a small team. 0:09:29.600 --> 0:09:33.320 And they classify small business less than five hundred people. 0:09:33.679 --> 0:09:36.720 And so I've had a small business all my life. 0:09:37.240 --> 0:09:39.920 I got a small team. But here's what I say 0:09:39.920 --> 0:09:42.120 to entrepreneurs and for those who listen to me on 0:09:42.160 --> 0:09:44.240 my ex sum show, you know that one of the 0:09:44.840 --> 0:09:49.560 focus areas is for the entrepreneurs, entrepreneurs and small business people. 0:09:49.720 --> 0:09:52.360 And I encourage you to tune in after you listen 0:09:52.440 --> 0:09:55.760 to ra Sean on his show, tune in on Saturday's 0:09:55.960 --> 0:09:59.120 four o'clock Channel one forty one re airs Tuesdays and 0:09:59.160 --> 0:10:01.760 Thursdays at six and then it goes to podcasts, The 0:10:01.800 --> 0:10:04.480 Willie Jolly Wealthy Ways Show podcast. 0:10:04.559 --> 0:10:07.160 Now here's what I say to small business people. 0:10:07.640 --> 0:10:13.160 The key to success in growing wealth is discipline. 0:10:13.840 --> 0:10:18.040 You got to have discipline, and discipline. 0:10:17.520 --> 0:10:20.200 Is across all the types of wealth, cause there are 0:10:20.240 --> 0:10:23.439 five types of wealth that I discussed in the book. 0:10:23.480 --> 0:10:26.040 First kind of wealth, of course, is financial wealth. But 0:10:26.120 --> 0:10:29.000 the second kind of wealth is health wealth. If you 0:10:29.320 --> 0:10:34.960 are sick, you cannot enjoy the great revenues you're generating. 0:10:35.200 --> 0:10:39.920 It is said that Steve Jobs on his deathbed said 0:10:40.520 --> 0:10:43.400 I'd give all the money away for more time. And 0:10:43.480 --> 0:10:46.160 my friend Les Brown says it like this, and I 0:10:46.200 --> 0:10:49.360 wrote it in the book. He said, the sick person 0:10:50.280 --> 0:10:56.280 has one dream, while the healthy person has a thousand dreams. 0:10:56.520 --> 0:10:58.400 You want to be healthy, so your health wealth is 0:10:58.480 --> 0:11:03.120 number two. Number three is relationship wealth. It's not just 0:11:04.200 --> 0:11:07.160 where you're going, but who's going with you. 0:11:07.720 --> 0:11:09.240 And that's big. 0:11:09.480 --> 0:11:11.959 Then you got the fourth type of wealth, which you 0:11:12.720 --> 0:11:16.319 are so powerful in uh sean you in three and four, 0:11:16.400 --> 0:11:20.720 particularly relationship because your relationships are incredible. But also your 0:11:20.840 --> 0:11:24.920 reputational wealth what people say about you in the marketplace. 0:11:25.280 --> 0:11:28.200 And finally we call it now a brand, you know, 0:11:28.280 --> 0:11:30.800 a personal brand, but it's really your reputation. And the 0:11:31.200 --> 0:11:35.000 type of wealth is your intellectual capital wealth. What do 0:11:35.040 --> 0:11:37.360 you know, and what are people willing to pay you 0:11:37.440 --> 0:11:41.360 because of that? So it's about mindset. Wealth starts in 0:11:41.400 --> 0:11:44.160 the mind, and it starts with discipline. You must have 0:11:44.240 --> 0:11:46.959 discipline to succeed in any of those wealth. If you 0:11:47.200 --> 0:11:50.280 not help discipline about your health, if you just eat 0:11:50.320 --> 0:11:54.079 everything you want and never work out, and drink all 0:11:54.120 --> 0:11:56.400 the time and smoke all the time, then you're not 0:11:56.559 --> 0:11:59.199 going to be healthy. So you got to have discipline. 0:11:59.440 --> 0:12:01.440 And so these are the things that I think is 0:12:01.600 --> 0:12:06.160 critical for small business people entrepreneurs is that you must 0:12:06.200 --> 0:12:10.080 make a decision have discipline. One more thing about the 0:12:10.120 --> 0:12:13.360 amount of money you make, because many people say, well 0:12:14.080 --> 0:12:16.040 it's about the amount of money. No, no, no, it's 0:12:16.080 --> 0:12:19.120 about your discipline and what you do with the money. See, 0:12:19.120 --> 0:12:22.120 regular folks work for their money. Wealthy people make their 0:12:22.160 --> 0:12:25.240 money work for them. I eat in the book. You 0:12:25.280 --> 0:12:29.160 read the book. I talk about Mary Ellen Pleasant, who 0:12:29.240 --> 0:12:34.240 was a domestic worker in the nineteen hundreds who never 0:12:34.280 --> 0:12:37.400 made more than six thousand dollars a year cleaning people's homes. 0:12:38.160 --> 0:12:42.560 But she lived below her means and she invested the difference, 0:12:43.240 --> 0:12:46.400 and as a result of that, her net worth rose 0:12:46.480 --> 0:12:50.880 to two point seven million dollars. She never made more 0:12:50.920 --> 0:12:53.480 than six thousand dollars a year. Or how about the 0:12:53.520 --> 0:12:58.839 secretary back in the sixties early seventies, before the internet, 0:12:59.080 --> 0:13:04.000 who lawyers at her firm would come and say, here's 0:13:04.200 --> 0:13:08.880 my stock by today, place this with my broker. She 0:13:08.920 --> 0:13:11.760 would make the call, and after a while she said, 0:13:11.800 --> 0:13:14.319 I wonder why they're doing that. So over lunch she 0:13:14.360 --> 0:13:17.280 would ask them, why are you investing in stocks? Why 0:13:17.320 --> 0:13:19.640 are you doing that? How do you do it? They 0:13:19.720 --> 0:13:24.319 taught her over lunch she started making the same stock 0:13:24.400 --> 0:13:26.840 pick sheet that they made. She never made more than 0:13:26.880 --> 0:13:29.720 forty five thousand dollars a year, but she started buying 0:13:30.000 --> 0:13:32.640 little bits of stock like they did. They might buy 0:13:32.679 --> 0:13:36.559 a hundred share, She buy one share. When she retired 0:13:36.760 --> 0:13:40.160 she had a portfolio of eight million dollars. And so 0:13:40.360 --> 0:13:44.840 I'm saying to this folks, rich is good. 0:13:44.400 --> 0:13:45.480 Wealthy is better. Now. 0:13:45.559 --> 0:13:48.000 I got to tell you, folks, here's some bad news. 0:13:48.200 --> 0:13:51.160 Everybody's not going to be rich. The Bible says that 0:13:51.160 --> 0:13:54.120 the poor will be with you always. Everybody is not 0:13:54.240 --> 0:13:57.319 going to be rich. But anybody, oh let me say 0:13:57.320 --> 0:14:01.000 it again, anybody can become well if you use these 0:14:01.040 --> 0:14:04.960 principles in the book because anybody can do what it says, 0:14:05.080 --> 0:14:08.800 as long as you've got three thanks, listen care the book, 0:14:08.800 --> 0:14:13.280 I tell you the three legs to wealth. One income, 0:14:13.800 --> 0:14:18.080 you gotta have money coming in, some money. Two you 0:14:18.080 --> 0:14:22.280 gotta live below your means, and then you invest the difference, 0:14:22.480 --> 0:14:25.520 so you gotta have income. And then you gotta have investments. 0:14:26.040 --> 0:14:31.480 And the third leg is insurance. You gotta protect the 0:14:31.520 --> 0:14:35.200 asset with insurance. So you gotta have life insurance. If 0:14:35.240 --> 0:14:37.360 you love your family, you gotta have life insurance. If 0:14:37.360 --> 0:14:39.760 you want generation or wealth, you gotta have life insurance. 0:14:39.880 --> 0:14:42.200 Number two, you gotta have health insurance. You gotta have 0:14:42.440 --> 0:14:48.360 car inchurane, disability insurance and long term care insurance. That 0:14:48.440 --> 0:14:54.640 will maintain the molt, the pit, the force field around 0:14:54.960 --> 0:14:58.280 your wealth. You do that, you wanna be on your way. 0:14:58.320 --> 0:15:00.920 And everybody needs to have that. Last, everybody needs to 0:15:00.920 --> 0:15:03.880 have at least two streams of income. And in the 0:15:03.920 --> 0:15:06.400 book I put the eight streams of income. You got 0:15:06.440 --> 0:15:08.920 to have two streams of income. It could be thoughts, 0:15:09.040 --> 0:15:11.280 could be bonds, it could be real estate, it could 0:15:11.280 --> 0:15:16.680 be crypto. It could be collectibles, it could be a jewelry, 0:15:16.840 --> 0:15:21.080 it could be paintings, the eight streams that you could 0:15:21.120 --> 0:15:25.640 choose from, or like you you creating content Rashan, you're 0:15:25.640 --> 0:15:29.360 content creator. Everybody can do something with their brain, So 0:15:30.080 --> 0:15:33.800 I think that's important. This book is packed with stuff, 0:15:34.040 --> 0:15:38.640 and I grew because of what I learned in writing this. 0:15:38.440 --> 0:15:40.920 Absolutely, and that's why I got you on the show. 0:15:41.000 --> 0:15:43.880 Because I'm speaking if you don't know one of the 0:15:43.920 --> 0:15:46.600 five outstanding speakers in the world, as you can tell 0:15:47.160 --> 0:15:49.880 you know. The thing about it was the one word 0:15:49.920 --> 0:15:52.880 that you didn't bring up in this conversation is pride. 0:15:54.000 --> 0:15:57.480 Come on, somebody, because when you say living but know 0:15:57.640 --> 0:16:00.680 your means that means that means that with the plan 0:16:00.840 --> 0:16:02.720 in the words I always go back and tell my staff. 0:16:02.920 --> 0:16:04.960 When I was in my twenties, this guy would always 0:16:05.000 --> 0:16:05.800 tell me white guy. 0:16:06.320 --> 0:16:08.160 Yep. He would tell me, hey, just save one hundred 0:16:08.200 --> 0:16:09.160 and fifty dollars a month. 0:16:09.600 --> 0:16:13.080 In my mind, I could not understand what he was 0:16:13.120 --> 0:16:16.320 talking about because my pride went, man, I could do 0:16:16.360 --> 0:16:18.360 something with that one hundred and fifty dollars. I got 0:16:18.440 --> 0:16:22.600 some clothes, right, I can go on the trip. My 0:16:22.800 --> 0:16:27.040 pride would not allow me to invest that money. Now, 0:16:27.240 --> 0:16:30.160 twenty years later, I understood what he was talking about, right, right, 0:16:30.280 --> 0:16:32.800 Pride is not part of my vocabulary or my lifestyle. 0:16:33.240 --> 0:16:35.920 That's right. So that's truck about pride, because that's what 0:16:35.960 --> 0:16:37.320 your whole book is about. 0:16:37.480 --> 0:16:42.240 Yep, Lauren applied the pride and then uplifting the intellect 0:16:42.360 --> 0:16:42.960 and the plane. 0:16:43.200 --> 0:16:44.440 Correct, that's right, that's right. 0:16:44.880 --> 0:16:47.480 In the book, I talk about Bust the stories who 0:16:47.680 --> 0:16:49.840 you might have had on the store. He's on another 0:16:49.920 --> 0:16:53.440 channel on XM. Buster dead friend, former pastor. He now 0:16:53.480 --> 0:16:55.640 teaches people how to get out of debt and how 0:16:55.680 --> 0:16:57.960 to grow their wealth. And Buster said, when he was 0:16:58.240 --> 0:17:01.400 a young pastor, he pride. He wanted to have a 0:17:01.440 --> 0:17:04.080 Catillac like the rest of the passes. He wanted to 0:17:04.119 --> 0:17:07.520 have fancy clothes. So he lived up to his paycheck 0:17:07.680 --> 0:17:08.040 all the. 0:17:07.960 --> 0:17:11.560 Way, never saving any money. And he said one day 0:17:11.800 --> 0:17:12.400 and he had to. 0:17:12.359 --> 0:17:15.080 Have clothes with the designer label on it. He had 0:17:15.440 --> 0:17:17.600 had to have a certain kind of look and a 0:17:17.640 --> 0:17:20.680 certain kind of clothes. And he said, once I realized 0:17:20.960 --> 0:17:23.760 that my pride was killing my wealth, I had to 0:17:23.800 --> 0:17:25.800 let the pride go so I could grab hold of 0:17:25.840 --> 0:17:27.760 the wealth. And I think that's what we have to do. 0:17:28.000 --> 0:17:31.600 The other thing that this book talks about is this 0:17:31.680 --> 0:17:33.200 thing called arrogance. 0:17:33.720 --> 0:17:35.640 Arrogance that I got the answers. 0:17:35.960 --> 0:17:37.840 One of the things I've learned is I don't have 0:17:37.920 --> 0:17:42.359 all the answers, and I cannot be arrogant, nor do 0:17:42.680 --> 0:17:45.920 you want to be ignorant. So if you can get 0:17:45.960 --> 0:17:49.680 the book, input, determins, output, what you put in, tarringes 0:17:49.720 --> 0:17:54.879 what you put out. But if you've got arrogance and ignorance, 0:17:55.440 --> 0:17:58.360 you on your way down because you no one can 0:17:58.400 --> 0:18:01.119 help you. But as Less Brown says, he said he 0:18:01.359 --> 0:18:03.080 arrogant and ignorant, no one can help you. 0:18:03.119 --> 0:18:05.879 But if you're willing to learn, no one can stop you. 0:18:06.280 --> 0:18:07.719 And that's what we want people to know. 0:18:08.040 --> 0:18:11.200 You don't want to miss an episode of Money Making Conversations. 0:18:10.560 --> 0:18:15.440 Masterclass, So right now follow a subscribe to Money Making Conversations. 0:18:15.680 --> 0:18:17.280 It's free and you can find. 0:18:17.080 --> 0:18:21.480 It on the iHeartRadio app, Spotify, Apple Podcasts, or wherever 0:18:21.520 --> 0:18:22.879 you get your podcasts. 0:18:24.119 --> 0:18:26.520 Please don't go anywhere. We'll be right back with more 0:18:26.560 --> 0:18:32.480 Money Making Conversations master Class. Welcome back to Money Making 0:18:32.520 --> 0:18:36.880 Conversations master Class with me with Shan McDonald. The riches good, 0:18:36.920 --> 0:18:41.520 Wealthy is Better, Actor Willing, Jolly he's communicating the values 0:18:41.640 --> 0:18:46.359 of information or consistency and a plan. 0:18:47.000 --> 0:18:48.520 Yes. Without any of that. 0:18:48.960 --> 0:18:53.520 Then you will get confusion, frustration, and debt because average 0:18:53.520 --> 0:18:57.880 person lift that wins. When you conngress, that wins. When 0:18:57.880 --> 0:19:02.000 you're ignorant, that's winds. When you pride before planning. 0:19:01.840 --> 0:19:04.960 That's right. Right. 0:19:04.960 --> 0:19:06.400 We try to get you out of debt and get 0:19:06.400 --> 0:19:09.280 you into planning. But then the planning part is like 0:19:11.040 --> 0:19:15.440 looking in the other yard, driving the car, yeah, wearing 0:19:15.480 --> 0:19:19.520 the clothes ye, going on social media, trying to post 0:19:20.200 --> 0:19:23.240 because social media has become the biggest I think the 0:19:23.400 --> 0:19:27.000 advocate of false pride no questions as you to compete 0:19:27.320 --> 0:19:29.560 for images that you don't know if are real or not. 0:19:30.080 --> 0:19:32.879 That's from your book. Rich is good, Wealthy is better. 0:19:33.520 --> 0:19:37.240 You talk about overcoming the odds a lot. Yeah, book, 0:19:38.080 --> 0:19:39.680 let a set back hold you back? 0:19:40.000 --> 0:19:42.120 That's right. Why don't you talk about that so much? 0:19:43.200 --> 0:19:49.480 Because I'm a walking, talking testament of failing. Okay, failing. 0:19:49.880 --> 0:19:51.720 I was a nightclub singer. 0:19:51.760 --> 0:19:54.040 For those who have never never read my book, Setback, 0:19:54.080 --> 0:19:57.359 set Up for Comeback, I recommend you go to my website. 0:19:57.400 --> 0:20:01.000 When with Willie dot com, When will Willie dot com 0:20:01.240 --> 0:20:05.560 look for my products to help you win icon click 0:20:05.600 --> 0:20:06.800 it and get the book or. 0:20:06.840 --> 0:20:08.399 Set back as a setup for comeback. 0:20:08.520 --> 0:20:10.760 First couple pages in the book, I tell my story 0:20:10.760 --> 0:20:14.960 where I was a nightclub singer, singing in nightclubs, making 0:20:14.960 --> 0:20:18.320 a living, winning the awards Best Jazz Singer, Best Entertainer, 0:20:18.359 --> 0:20:21.800 Best Performer in Washington, DC. Why not at winning the 0:20:21.880 --> 0:20:24.720 nightclub the club onwner said, we love your band, but 0:20:24.760 --> 0:20:28.919 we've made a change. There's something new going around called Carryoki. 0:20:29.040 --> 0:20:32.200 I said, what a walker? They said, karaoke and it's 0:20:32.240 --> 0:20:35.280 a lot cheaper than a band. We're going to give 0:20:35.320 --> 0:20:37.119 that a shot for a while. And I said, but 0:20:37.200 --> 0:20:40.560 what about my bills? I learned that nobody care about 0:20:40.600 --> 0:20:42.920 your bills but you and the people you owe. 0:20:43.000 --> 0:20:44.840 Am I right about it? I want to ask it? 0:20:45.119 --> 0:20:46.560 And so I said, what am I going to do? 0:20:47.760 --> 0:20:50.760