WEBVTT - Cliff Notes: THE BLACK NET-WORTH REPORT - PROBLEMS & SOLUTIONS 0:00:00.400 --> 0:00:03.120 Coach, the energy out there felt different. What changed for 0:00:03.160 --> 0:00:03.800 the team today? 0:00:03.880 --> 0:00:06.000 It was a new game day, scratches from the California 0:00:06.080 --> 0:00:07.520 Lottery players everything. 0:00:07.840 --> 0:00:09.799 Those games sent the team's energy through the roof. 0:00:09.880 --> 0:00:11.880 Are you saying it was the off field play that 0:00:11.920 --> 0:00:13.000 made the difference on the field. 0:00:13.119 --> 0:00:15.840 Hey, little play makes your day, and today it made 0:00:15.880 --> 0:00:16.279 the game. 0:00:16.760 --> 0:00:19.360 That's all for now, Coach, one more question play than 0:00:19.360 --> 0:00:22.119 New Los Angeles Chargers, San Francisco forty nine ers and 0:00:22.160 --> 0:00:25.440 Los Angeles Rams scratchers from the California Lottery. A little 0:00:25.440 --> 0:00:28.480 play can make your day. Peace made responsibily. Must be 0:00:28.480 --> 0:00:30.080 eighteen years or older to purchase late or claim. 0:00:30.160 --> 0:00:31.280 If anybody's not familiar. 0:00:31.440 --> 0:00:35.320 Frank is a correspondent at CNBC, and you know you 0:00:35.360 --> 0:00:37.360 do a great job all the time, but you had 0:00:37.400 --> 0:00:40.880 a no, no problem. You did have report a couple 0:00:40.880 --> 0:00:46.239 of weeks ago about black black net worth in this 0:00:46.360 --> 0:00:50.880 country and we posted it and uh yeah, it just 0:00:50.920 --> 0:00:54.280 took off fire all over Instagram, TikTok. A lot of 0:00:54.280 --> 0:00:57.520 people have different opinions, different views on it, but I 0:00:57.520 --> 0:00:59.440 think it's important, like I said, to just have a 0:00:59.480 --> 0:01:02.560 more you know, involved conversation and just like you know, 0:01:02.600 --> 0:01:06.040 it's a sixty second or thirty second just SoundBite on Instagram. 0:01:06.520 --> 0:01:09.720 So so yeah, so I wanted to just bring you 0:01:09.800 --> 0:01:11.640 on and then hopefully we can talk about that and 0:01:11.640 --> 0:01:15.240 then a few other topics. So I will just bring 0:01:15.319 --> 0:01:17.960 I will just briefly just go over the stat if 0:01:18.000 --> 0:01:21.679 anybody is not familiar with what I'm talking about. So 0:01:22.000 --> 0:01:27.679 the stat was that black spending power reached a record 0:01:27.720 --> 0:01:33.400 in twenty twenty one one point six trillion dollars. And 0:01:33.440 --> 0:01:37.760 that's according to the Slag Center at the University of Georgia. 0:01:37.880 --> 0:01:38.759 Am I pronouncing that right? 0:01:39.640 --> 0:01:42.200 The Selig Center, Yeah, I mean it's University of Georgia. 0:01:42.640 --> 0:01:47.720 The University of Georgia, Okay, And that's up since since 0:01:48.040 --> 0:01:51.040 two thousand, it's up one hundred and seventy one percent. 0:01:51.680 --> 0:01:54.240 But during that time, Latino spending power is also up 0:01:54.280 --> 0:01:56.880 two hundred and eighty eight percent, Asians is up three 0:01:57.000 --> 0:02:01.040 hundred and eighty three percent, and the overall is up 0:02:01.160 --> 0:02:05.040 one hundred and forty four percent. So that would seem 0:02:05.120 --> 0:02:10.280 like some level of encouraging news. But what's not encouraging 0:02:10.400 --> 0:02:16.160 is that, according to the Saint Louis FED, they put 0:02:16.200 --> 0:02:21.280 out a report on the net worth and black networth 0:02:21.400 --> 0:02:26.639 is actually down. So that's interesting because it would it 0:02:26.680 --> 0:02:30.600 would assume that if spending is up, net worth would 0:02:30.639 --> 0:02:34.079 be up to because there's there's more money. So what 0:02:34.120 --> 0:02:38.119 they're saying is that the black networth has actually decreased 0:02:38.120 --> 0:02:41.480 by fourteen percent and is twenty four thousand dollars per family, 0:02:41.919 --> 0:02:44.960 while the Latino networth has increased one hundred and twelve percent, 0:02:45.040 --> 0:02:48.240 which is thirty six thousand per family. The white networth 0:02:48.280 --> 0:02:51.040 has increased six percent and is one hundred and eighty 0:02:51.440 --> 0:02:56.040 nine thousand dollars per family. So all right, so yes, 0:02:56.160 --> 0:03:01.559 let's let's unpack this a little bit, frank. So, Okay, 0:03:03.040 --> 0:03:05.639 this information comes from the FED. Uh and if you're 0:03:05.639 --> 0:03:07.960 not familiar that the Saint Louis FED is one of 0:03:08.000 --> 0:03:11.720 the twelve branches of the FED. They have fed twelve 0:03:11.960 --> 0:03:15.280 branches of FED banks. And to my understanding, how they 0:03:15.280 --> 0:03:18.440 actually collect this data is like through surveys. I'm it's 0:03:18.520 --> 0:03:21.400 like it's like political polling, what kind of similar situation 0:03:21.520 --> 0:03:25.920 like that? Right, So, but how do we come about 0:03:25.960 --> 0:03:29.120 this number to say, Okay, spending is up, but networth 0:03:29.240 --> 0:03:34.200 is down. That's a little disturbed. That's very disturbing. I 0:03:34.520 --> 0:03:37.680 would just assume that it's not enough assets being acquired. 0:03:38.000 --> 0:03:39.120 Would you say the same thing. 0:03:40.400 --> 0:03:42.040 I mean, I think it really comes down to your slogan, man, 0:03:42.080 --> 0:03:44.680 assets of reliabilities. If you're spending that money on things 0:03:44.760 --> 0:03:47.440 that don't appreciate and value, that lose their value and 0:03:47.520 --> 0:03:50.000 you drive it off the lot or in some cases 0:03:50.040 --> 0:03:51.560 as soon as you put on your wrists. You guys 0:03:51.560 --> 0:03:54.840 are talking about you know, high end from the dealer watches. 0:03:54.880 --> 0:03:57.160 But if you're spending on other things that don't gain 0:03:57.360 --> 0:04:00.560 value over time, then your money's going out. But you're 0:04:00.560 --> 0:04:02.720 not building wealth. It's just it's not even any more 0:04:02.760 --> 0:04:05.000 complicated than that. And you see the numbers for other people, 0:04:05.760 --> 0:04:07.680 other groups, I should say, they're spending their money on 0:04:07.720 --> 0:04:12.360 things that appreciate, whether it's houses, investing in businesses, stocks, crypto, 0:04:12.400 --> 0:04:14.560 a lot of things you talk about on this podcast. 0:04:14.160 --> 0:04:14.840 All the time. 0:04:16.400 --> 0:04:17.080 Working for you. 0:04:17.360 --> 0:04:19.359 If we have an honest conversation, do you think that 0:04:19.400 --> 0:04:20.520 we truly want to be free? 0:04:20.600 --> 0:04:22.359 And can the Rachel wealve got be close? 0:04:23.279 --> 0:04:24.480 Absolutely? Absolutely? 0:04:24.480 --> 0:04:26.560 Man, Like, I don't know about all you guys your backgrounds, 0:04:26.560 --> 0:04:27.800 but I know I didn't grow up in a house 0:04:27.800 --> 0:04:31.640 where anybody at a college degree. We were probably unbanked 0:04:31.680 --> 0:04:34.440 before that term even existed. You know, I used to 0:04:34.440 --> 0:04:36.560 have to be embarrassed and spend stamps at the store. 0:04:36.680 --> 0:04:40.760 Sometimes I didn't know anything about stocks or credit or 0:04:40.960 --> 0:04:43.360 you know, much more than a checking and a savings account. 0:04:43.400 --> 0:04:44.240 And then you need to. 0:04:44.160 --> 0:04:45.520 Try and go to college and be a doctor over 0:04:45.800 --> 0:04:47.880 That's all the nuance I had about financings. 0:04:48.120 --> 0:04:50.080 So the more you know and more educated you've become, 0:04:50.120 --> 0:04:50.960 the more enlightened you are. 0:04:51.240 --> 0:04:53.400 Not only do you learn about these you know, these 0:04:53.440 --> 0:04:56.440 these tempole things like stocks and housing, you learn about 0:04:56.480 --> 0:04:59.320 other ways to make money, all finance, real estate. Like 0:04:59.360 --> 0:05:02.000 you're just talking to about watches, maybe even comic books. 0:05:02.520 --> 0:05:04.520 You're mentioned a handbags a short time ago. If you 0:05:04.560 --> 0:05:07.920 look at companies like stock X and Goat and Stadium Club, 0:05:08.000 --> 0:05:11.280 they're getting in the handbag handbag business, they're not doing 0:05:11.320 --> 0:05:14.000 it because they're losing money. So you have to just 0:05:14.040 --> 0:05:16.760 broaden your sense of what an investment is. But you 0:05:16.839 --> 0:05:19.839 have to start off with the tempole things stocks, homes, 0:05:20.160 --> 0:05:22.839 four oh one K bonds. I know, bonds are the 0:05:22.839 --> 0:05:24.520 most boring thing in the world, and trust me, I 0:05:24.560 --> 0:05:26.080 don't like to even read them about them or talk 0:05:26.080 --> 0:05:28.560 about them that often. But they're a safe investment. There's 0:05:28.560 --> 0:05:31.320 some things that my colleague John Ford, he actually highlighted 0:05:31.320 --> 0:05:34.159 this to me. I bonds, they're inflation bonds. They're bonds 0:05:34.200 --> 0:05:37.760 that keep up with inflation. It's almost impossible to lose money. 0:05:38.160 --> 0:05:40.920 And until you become a more sophisticated investor, you don't 0:05:41.000 --> 0:05:43.760 really know about these things. So, and back to your question, 0:05:43.880 --> 0:05:47.360 long answer. Absolutely, we all want to be free. Everybody 0:05:47.440 --> 0:05:49.120 wants to have power over their own life and the 0:05:49.160 --> 0:05:50.840 ability to secure the future of their family. 0:05:51.000 --> 0:05:51.839 Every person in this. 0:05:51.880 --> 0:05:56.160 World, Frank so we I mean we're at the forefront. 0:05:56.160 --> 0:05:59.400 I feel like of a financial revolution. Obviously, you know, 0:05:59.400 --> 0:06:01.640 we've been teaching financial literacy and amongst other people in 0:06:01.680 --> 0:06:06.640 the space. When I heard the report, slightly surprised. But 0:06:06.680 --> 0:06:09.800 you've been in this business a lot longer on the 0:06:09.920 --> 0:06:11.920 on the broadcast the side of it. What was your 0:06:11.920 --> 0:06:14.920 initial reaction to it and what are your thoughts right 0:06:14.920 --> 0:06:17.760 because I feel like when we're going meeting people, I 0:06:17.800 --> 0:06:19.560 hear a lot of more people that look like us 0:06:20.000 --> 0:06:23.280 are actually investing. They have real estate, they're in stocks. 0:06:24.120 --> 0:06:26.960 Is it a fair assessment a forecast with the future? 0:06:27.279 --> 0:06:28.040 What are your thoughts. 0:06:28.920 --> 0:06:30.480 I mean, tey, I'm gonna stop you. First off, good 0:06:30.480 --> 0:06:30.800 to mean you. 0:06:30.839 --> 0:06:31.039 Man. 0:06:31.240 --> 0:06:32.960 We're not in the same business man. You guys are 0:06:32.960 --> 0:06:34.159 doing some phenomenal work. 0:06:34.200 --> 0:06:34.360 Man. 0:06:34.440 --> 0:06:37.039 First, you have people learning about things, and you have 0:06:37.080 --> 0:06:40.200 people talking about things, and then you have people talking 0:06:40.200 --> 0:06:43.479 to other people about things that are actually meaningful. These 0:06:43.560 --> 0:06:46.320 two different business I report on things that happen. I 0:06:46.360 --> 0:06:48.080 have the fortune of work in the CNBC. We do 0:06:48.120 --> 0:06:51.560 a lot of forward looking in reporting to put out information. 0:06:51.640 --> 0:06:54.000 It's actionable and investable. But what you guys are doing, man, 0:06:54.120 --> 0:06:56.960 is really just phenomenal. In this movement you started is amazing. 0:06:57.600 --> 0:07:00.200 I agree with you with disturbing. I think the most 0:07:00.240 --> 0:07:04.000 disturbing thing is that Black people sometimes we feel like 0:07:04.000 --> 0:07:06.760 we're doing better, but when you look at the numbers, 0:07:06.800 --> 0:07:09.159 and yeah, numbers can lie. Sometimes it doesn't really look 0:07:09.240 --> 0:07:11.320 like that. You know, fifty years ago, more black people 0:07:11.360 --> 0:07:14.200 own houses. I assured you the stats, right, they're twenty 0:07:14.200 --> 0:07:17.640 people twenty years ago, more black people own houses. Black 0:07:17.680 --> 0:07:20.560 home ownership has declined by three percent since two thousand 0:07:21.360 --> 0:07:23.240 and Some of that is tied to while we have 0:07:23.320 --> 0:07:25.960 less networks, but there are actually some other reasons. Some 0:07:26.040 --> 0:07:27.680 of its spending. I mean, I think a lot of us. 0:07:27.720 --> 0:07:30.320 Know somebody who just posted a picture from Tuloom or something. 0:07:32.760 --> 0:07:34.880 Yeah, right, so you've noticed. 0:07:35.560 --> 0:07:39.160 Yeah, you know we are in the same business, right, 0:07:39.440 --> 0:07:41.960 Like you get into loom. You know what I'm saying, 0:07:41.960 --> 0:07:43.400 Like you don't have your money in the bank. And 0:07:43.440 --> 0:07:45.120 another stat that was in that report on the back 0:07:45.200 --> 0:07:49.960 end of day. Every year, black families accumulate three hundred 0:07:49.960 --> 0:07:54.880 billion dollars less in wealth than white families every single year. 0:07:55.280 --> 0:07:57.960 So that racial wealth gap is growing. A lot of 0:07:58.000 --> 0:08:00.480 it is inherent. And I want to speak from personal experience. 0:08:01.200 --> 0:08:03.320 My mom went to heaven a few years ago. She 0:08:03.400 --> 0:08:05.920 was an amazing woman. She dropped out of high school 0:08:05.920 --> 0:08:08.080 to have me. I do have a great dad too. 0:08:08.120 --> 0:08:09.520 I don't ever want to leave him out. You got 0:08:09.520 --> 0:08:12.360 to always mention fathers. But dropped out of high school 0:08:12.360 --> 0:08:14.760 to have me. She was a secretary, eventually worked her 0:08:14.800 --> 0:08:17.400 way to having a great job in construction, then opened 0:08:17.480 --> 0:08:21.480 up her own construction company. Definitely a success story. She 0:08:21.560 --> 0:08:24.480 learned about stocks, she learns about mortgages, but we never 0:08:24.520 --> 0:08:27.120 did our wills. And I had the good fortune of 0:08:27.120 --> 0:08:29.640 being an only child, so there was no dispute, there 0:08:29.680 --> 0:08:31.640 was no problems. But for a lot of people, they 0:08:31.680 --> 0:08:34.600 actually lose wealth when the person they love passes away. 0:08:35.120 --> 0:08:36.920 And I'm sure that person wants to take care of 0:08:36.920 --> 0:08:39.920 their family and make that transition and that time of 0:08:39.960 --> 0:08:42.319 grief easier, but a lot of us just don't have wills. 0:08:42.400 --> 0:08:44.680 There's a lot of people that can't afford to bury 0:08:44.720 --> 0:08:46.079 their relatives and they pass away. 0:08:46.240 --> 0:08:46.760 Imagine that. 0:08:47.880 --> 0:08:49.600 You know, this is a very this is a very 0:08:49.640 --> 0:08:52.280 important conversation, and you're touching on a lot of topics, 0:08:52.400 --> 0:08:55.800 and the transfer of wealth process is something that we 0:08:55.880 --> 0:08:58.120 definitely and that's something that we've been trying to hammer home, 0:08:58.440 --> 0:09:02.439 hammer home about bills and trust and life insurance and 0:09:02.480 --> 0:09:06.080 power of attorneys and healthcare proxies. And yes, there's a 0:09:06.080 --> 0:09:08.839 lot of different it's it's not a lot of times 0:09:08.880 --> 0:09:10.600 people look at numbers and they say that's not true. 0:09:10.640 --> 0:09:13.600 And I can understand the disbelief because obviously, you know, 0:09:13.920 --> 0:09:17.120 our history in this country is it causes for you know, 0:09:17.280 --> 0:09:21.040 certain concern for not you know, fully believing things. That's 0:09:21.080 --> 0:09:25.720 completely understandable. But I would say this as a financial 0:09:25.920 --> 0:09:28.240 I used to be a financial advisor for twelve years 0:09:28.280 --> 0:09:32.240 before I did this, and the most alarming thing for 0:09:32.440 --> 0:09:37.560 me was actually seeing the difference between black people and 0:09:37.559 --> 0:09:39.880 white people when it comes to wealth. What I mean 0:09:39.920 --> 0:09:42.600 by that is, you know, coming in and I'm working 0:09:42.640 --> 0:09:45.959 in a financial planning firm and pretty much everybody is white, 0:09:46.400 --> 0:09:48.360 and you know, the guys are telling me like, you know, 0:09:48.760 --> 0:09:51.200 I got fifty million dollars adds under management one hundred 0:09:51.200 --> 0:09:53.200 and two hundred million, And I'm trying to educate, like 0:09:53.280 --> 0:09:54.760 be educated, like well, how did you do that? And 0:09:54.760 --> 0:09:56.439 they're like, well, all you need is a couple of people, 0:09:56.480 --> 0:09:59.120 Like one person gives you four hundred thousand dollars to manage, 0:09:59.120 --> 0:10:01.440 another person gives you five hundred thousand dollars to manage. 0:10:01.679 --> 0:10:03.160 You know, before you got it, you got before you 0:10:03.160 --> 0:10:04.679 know you have a million. Then you know, somebody else 0:10:04.679 --> 0:10:07.600 gives you seven hundred thousand. And I'm thinking, like, I 0:10:07.600 --> 0:10:10.559 don't know anybody that has ten thousand dollars, Like I 0:10:10.559 --> 0:10:12.640 don't know anybody that has two hundred thousand dollars to 0:10:12.760 --> 0:10:13.800 just give me to invest. 0:10:14.360 --> 0:10:17.800 But I realized that in America it's. 0:10:17.679 --> 0:10:21.320 Still very segregated as far as like where we are, 0:10:21.800 --> 0:10:25.360 so the people that we we are around people similar 0:10:25.360 --> 0:10:28.920 to us. So you don't even fully realize what's going 0:10:28.960 --> 0:10:31.400 on on the other side of the playing field. So 0:10:31.840 --> 0:10:34.640 you don't even have a full perspective of how why 0:10:35.200 --> 0:10:39.320 the wealth gap is because you're not really exposed to 0:10:39.360 --> 0:10:41.880 that on a daily basis, Right, You're not really exposed 0:10:41.880 --> 0:10:44.559 to people that have millions of dollars that they can 0:10:44.640 --> 0:10:46.320 just invest at any point in time and they can 0:10:46.440 --> 0:10:48.640 just buy a home or they can just buy anything 0:10:48.679 --> 0:10:50.600 that they want. Most of the time, you're not really 0:10:50.600 --> 0:10:54.200 exposed to that, and most of the time you're exposed 0:10:54.240 --> 0:10:56.160 to you know, your environment. So if you're in a 0:10:56.200 --> 0:10:59.800 blue class working environment, then that's who you're around, and 0:10:59.840 --> 0:11:02.000 that's who you're exposed to, and that's kind of become normal. 0:11:03.440 --> 0:11:06.439 But for other people, that's not really normal. So there 0:11:06.520 --> 0:11:09.440 is a huge disparity in this country when it comes 0:11:09.480 --> 0:11:11.840 to wealth. Because I mean, I don't need I don't 0:11:11.840 --> 0:11:13.840 even need to see a survey. I actually saw it. 0:11:13.880 --> 0:11:17.440 I worked in financial services for twelve years, and I 0:11:17.480 --> 0:11:22.440 saw from the white financial advisors their clients, and the 0:11:22.480 --> 0:11:25.360 black financial advisors and their clients. And of course most 0:11:25.360 --> 0:11:28.200 of the black financial advisors ninety nine percent of their 0:11:28.200 --> 0:11:31.480 clients were black. Most of the white financial advisors ninety 0:11:31.559 --> 0:11:34.320 nine percent of their clients were white. Most of the 0:11:34.360 --> 0:11:36.840 black financial advisors they were dealing with five to twenty 0:11:36.920 --> 0:11:40.680 nine plans and IRA rollovers. You know, they wasn't really 0:11:40.880 --> 0:11:43.880 dealing with millions of dollars of investable assets. They just 0:11:43.960 --> 0:11:46.200 wasn't because their clients didn't have that type of money. 0:11:46.480 --> 0:11:50.280 Where the white investors, the white financial advisors, it was 0:11:50.320 --> 0:11:53.080 a completely different story. So, you know, I think a 0:11:53.080 --> 0:11:56.080 lot of times we do have to question things, but 0:11:56.120 --> 0:12:00.000 we also have to understand that some of the stuff 0:12:00.200 --> 0:12:02.079 actually comes with a certain level of truth to it. 0:12:02.200 --> 0:12:04.960 So it's like, how can we fix the problem as. 0:12:04.800 --> 0:12:07.360 Opposed to just saying it's not true, because it's like 0:12:07.920 --> 0:12:10.040 you're not really qualified to say it's not true unless 0:12:10.080 --> 0:12:11.040 you actually know it's. 0:12:10.880 --> 0:12:13.880 Not true, right, I mean, some of it is systemic. 0:12:13.960 --> 0:12:16.400 Let's not ever overlook that some of the systemics some 0:12:16.440 --> 0:12:19.480 of the wealth of our communities and intentionally pulled out 0:12:19.800 --> 0:12:22.240 or we've been blocked from the means to actually attain 0:12:22.280 --> 0:12:23.240 it and hold on to it. 0:12:23.440 --> 0:12:23.840 Period. 0:12:24.840 --> 0:12:26.840 But that does an excuse everything. Some of it is 0:12:26.880 --> 0:12:29.079 spending And Troy was laughing. I was laughing about the 0:12:29.120 --> 0:12:31.480 to Loon pictures. I mean, my timeline is flooded, like 0:12:31.600 --> 0:12:34.960 right now. Sometimes you got to decide how you want 0:12:35.000 --> 0:12:36.680 to spend your money, where you want to spend your money. 0:12:36.960 --> 0:12:39.839 And as you mentioned, it's also some of it's the 0:12:39.880 --> 0:12:43.200 company you keep. If you're around nine broke people, you're about. 0:12:42.960 --> 0:12:44.280 To be the tem Well. 0:12:44.360 --> 0:12:47.480 It's also it's also a matter of education and being 0:12:47.520 --> 0:12:50.559 locked out of certain opportunities in certain doors as well, 0:12:50.760 --> 0:12:54.439 because even working in the financial services industry and seeing 0:12:54.480 --> 0:12:56.679 different things a I realized that that's one of the 0:12:56.720 --> 0:12:59.240 reasons why we started this platform. A lot of people 0:12:59.320 --> 0:13:02.160 just weren't for educated and they did they were not 0:13:02.400 --> 0:13:06.080 aware of different things. So that that is a major 0:13:06.160 --> 0:13:09.080 hurdle right there. We still haven't gotten through to everybody yet. 0:13:09.720 --> 0:13:11.719 And then also what I want to talk about too 0:13:11.800 --> 0:13:14.120 is that we talked about like the Black Network they 0:13:14.200 --> 0:13:16.679 talking with The Guardian released the report that it will 0:13:16.720 --> 0:13:20.480 be zero in like thirty years, and Andrew Yang it 0:13:20.600 --> 0:13:23.200 said something that was extremely powerful where he talked about 0:13:23.880 --> 0:13:28.640 economic tsunami hitting and it's going to hurt the black 0:13:28.679 --> 0:13:29.720 community more than anything. 0:13:29.720 --> 0:13:32.400 We talk about tech. So you know, when we talk 0:13:32.440 --> 0:13:33.680 about these different things. 0:13:33.440 --> 0:13:35.120 Where it's like, all right, we know that a lot 0:13:35.120 --> 0:13:39.360 of jobs are going to be lost through tech. Inflation 0:13:39.520 --> 0:13:44.439 is at you know, record levels right now, right, So 0:13:44.559 --> 0:13:49.680 these are all things that even if you have education 0:13:49.840 --> 0:13:52.920 on financial literacy and you're not wasting your money, if 0:13:52.960 --> 0:13:57.439 you're not skilled, if you're not a skilled worker or 0:13:57.640 --> 0:14:02.160 a high level entrepreneur, you're still you're still not going 0:14:02.240 --> 0:14:06.079 to really make a difference in this situation because it's 0:14:06.120 --> 0:14:09.679 like most of our entrepreneurs are more lower level entrepreneurs 0:14:09.720 --> 0:14:11.679 where it's really like you're just kind of working for 0:14:11.720 --> 0:14:15.360 yourself and you're not really making any money. And then 0:14:15.440 --> 0:14:18.480 most of the workers are not skilled workers, so you know, 0:14:18.520 --> 0:14:20.880 they can easily be replaced and they're not making a 0:14:20.880 --> 0:14:23.640 substantial amount of money, like they're not like brain surgeons 0:14:23.880 --> 0:14:26.200 and not you know, people that's working in Silicon Valley. 0:14:26.200 --> 0:14:29.440 You look at Silicon Valley and almost less than one 0:14:29.480 --> 0:14:31.520 percent of the people that's actually working there are black. 0:14:31.640 --> 0:14:32.400 Did we lose Frank? 0:14:33.200 --> 0:14:37.760 I think we've lost Frank. Yeah, I think so he didn't. 0:14:37.520 --> 0:14:41.600 Go to lom Hope not but yin that's like gain 0:14:42.080 --> 0:14:45.480 but while he comes back because that's a conversation that 0:14:45.480 --> 0:14:49.400 that's not really talked about enough either skilled workers, skilled 0:14:49.400 --> 0:14:51.920 workers and high level entrepreneurs. That's what we should be 0:14:51.960 --> 0:14:52.400 focused on. 0:14:52.760 --> 0:14:54.400 Let me just give you a statistic really quick. 0:14:54.400 --> 0:14:57.000 So it's a great point you said, because approximately out 0:14:57.000 --> 0:14:59.520 of six point seven million black workers, forty two percent 0:14:59.560 --> 0:15:01.680 of the workers currently hold jobs that could be subject 0:15:01.720 --> 0:15:04.080 to disruption by twenty thirty. 0:15:04.600 --> 0:15:08.680 That's eight years from now. So you're talking about millions. 0:15:08.240 --> 0:15:10.920 Of people that could literally if they don't have a skill, 0:15:12.040 --> 0:15:14.520 they could be their skill could be automated. Now they 0:15:14.520 --> 0:15:16.880 don't have a job, and if they don't learn anything 0:15:16.920 --> 0:15:18.160 in the entrepreneurial. 0:15:17.720 --> 0:15:18.880 World, then what do they do. 0:15:19.560 --> 0:15:20.200 You're in trouble. 0:15:20.200 --> 0:15:23.120 You're in big trouble. And that's why I say, yeah, 0:15:23.360 --> 0:15:24.120 I mean I'm a. 0:15:24.120 --> 0:15:27.840 Door skive a report. Frank's computer crashed, so he's restarting it. 0:15:28.120 --> 0:15:30.360 Okay, Yeah, And this is why we had this conversation 0:15:30.360 --> 0:15:32.280 a few weeks ago, and we were like, look, if 0:15:32.280 --> 0:15:34.320 we don't learn a skill, if we don't properly educate 0:15:34.320 --> 0:15:36.840 ourselves over the next two to three years in investment, right, 0:15:36.880 --> 0:15:38.880 we always talk about it's gonna be tough to work 0:15:38.920 --> 0:15:40.480 your way to wealth if we don't want a skill 0:15:41.000 --> 0:15:43.600 right over the next two to three years. Or invest 0:15:43.640 --> 0:15:45.720 in asset class like a new one like crypto cursory, 0:15:45.800 --> 0:15:48.400 or invest in the stock market. And our jobs are 0:15:48.400 --> 0:15:50.320 being replaced. Where is the money gonna come from? 0:15:50.320 --> 0:15:53.840 And somebody said, what's skilled coding. That's a high level 0:15:53.880 --> 0:15:57.800 skill that will get you a high paying job right now, 0:15:57.840 --> 0:15:59.360 even if you don't have no how to invest. 0:15:59.760 --> 0:16:03.360 Yeah, that the one No one ever talks about being 0:16:03.400 --> 0:16:04.840 the most reliable in your industry. 0:16:05.840 --> 0:16:07.840 That's what I always say. Those emails don't matter. 0:16:08.240 --> 0:16:11.360 Go look at the Forwards list top five hundred people. 0:16:11.640 --> 0:16:13.720 They have a unique gift that most people don't have. 0:16:13.760 --> 0:16:15.080 And I know some of you be like, damn, you 0:16:15.120 --> 0:16:17.640 always be granting. I don't think you guys really like 0:16:17.680 --> 0:16:19.520 the people that I'm around. So when I was with 0:16:19.720 --> 0:16:23.360 Gary V. Grant's set a shot of Mike Boyd, all 0:16:23.360 --> 0:16:25.600 of those conversations are about you need a baseline of 0:16:25.600 --> 0:16:29.200 one hundred million minimum, please secure. Ross told them ten 0:16:29.200 --> 0:16:31.920 on SS of a liability on revote. I'll feel tight 0:16:32.000 --> 0:16:32.840 with ten million. 0:16:34.680 --> 0:16:36.040 People don't want to tell you the truth. 0:16:36.200 --> 0:16:38.000 So when I get on here and rant, you guys 0:16:38.000 --> 0:16:41.080 are like, yo, man, we're shot in I mean shot Troit. 0:16:41.120 --> 0:16:43.120 Please tell youan to calm down. It's not that serious. 0:16:43.480 --> 0:16:45.560 If you have less than one point five million, you 0:16:45.560 --> 0:16:48.520 have two kids, you're broke. It is that damn serious. 0:16:49.520 --> 0:16:52.240 Then we have to have a collective conversation as a community. 0:16:52.360 --> 0:16:54.480 What are we going to do collectively to be okay? 0:16:54.680 --> 0:16:56.680 Because it's not okay If two out of ten of 0:16:56.760 --> 0:16:59.920 us invest and save money not enough. 0:17:00.080 --> 0:17:00.800 And I'm gonna be real. 0:17:02.360 --> 0:17:05.240 The Jim Jones, I love Jim. That bothered me though 0:17:06.280 --> 0:17:08.879 I couldn't get water in Gucci. The answer is to 0:17:08.960 --> 0:17:12.200 quit buying Gucci product. All those are slave names, Tiffany 0:17:12.200 --> 0:17:14.320 and Cole. You brought your girl of Tiffany braces and 0:17:14.359 --> 0:17:16.480 you're black. They were the ones who made the slave 0:17:16.560 --> 0:17:18.720 jewelry for the slaves when they came over in a boat. 0:17:18.760 --> 0:17:23.400 But y'all want to tell me about my attitude. I'm free. 0:17:24.040 --> 0:17:26.720 We have to collectively decide and this is the issue. 0:17:26.800 --> 0:17:28.399 I'm gonna be real. A lot of all in corporate 0:17:28.600 --> 0:17:31.720 to the black that are from the suburbs. Man, the 0:17:31.760 --> 0:17:33.560 ones in the trap and the trenches want this a 0:17:33.560 --> 0:17:40.520 lot better than y'all. You're comfortable. We have to collectively build, don't. 0:17:40.320 --> 0:17:43.840 Mess with Mikey. No, it's a fact. And they were saying, 0:17:44.080 --> 0:17:45.840 I'm glad that I'm looking at the earners in the chat. 0:17:45.880 --> 0:17:48.119 They're like, what skills? What skills? We talk about a 0:17:48.160 --> 0:17:49.440 lot of companies here that you should be. 0:17:50.720 --> 0:17:52.480 Building the business. Those are the only three. 0:17:52.520 --> 0:17:55.080 When we talk about Amazon and were talking about Microsoft, 0:17:55.160 --> 0:17:57.560 we always talk about their cloud business. Right, that's not 0:17:57.600 --> 0:17:59.920 going anywhere. Right, That's something that you should be looking into. 0:18:00.160 --> 0:18:03.800 Engineering is something you should be looking into. Cybersecurity. It's 0:18:03.840 --> 0:18:06.240 like these are career like. It's around everything that we 0:18:06.280 --> 0:18:10.240 talk about. That what makes those companies run? What makes 0:18:10.240 --> 0:18:13.920 those companies? What makes Microsoft run? What makes Apple run? 0:18:14.000 --> 0:18:15.920 What makes a m D run? Computer chips? 0:18:15.920 --> 0:18:18.359 What makes all of these companies that you invested in 0:18:18.400 --> 0:18:21.440 that to the top, these top companies, Tesla, What makes 0:18:21.480 --> 0:18:24.400 those companies run? You can just reverse engineering, right, and 0:18:24.480 --> 0:18:27.879 those are the skills that are critical and will be 0:18:27.920 --> 0:18:30.600 even more critical in the next twenty years. 0:18:30.760 --> 0:18:31.680 Y'all know it's dope. 0:18:32.440 --> 0:18:34.720 I can't see the YouTube comments, but y'all know, right, 0:18:34.760 --> 0:18:35.840 somebody just typed healthcare. 0:18:35.880 --> 0:18:37.359 Of course, we just can't. 0:18:37.400 --> 0:18:39.960 We're still in the end of a pandemic, right, like 0:18:40.040 --> 0:18:42.399 healthcare think about that, and we talk about companies in 0:18:42.440 --> 0:18:45.400 these fields, in these sectors. So on top of saying 0:18:45.440 --> 0:18:48.040 like okay, yeah, we can own a piece of the company, 0:18:48.359 --> 0:18:50.840