Speaker 1: Coach, the energy out there felt different. What changed for
Speaker 1: the team today?
Speaker 2: It was a new game day, scratches from the California
Speaker 2: Lottery players everything.
Speaker 3: Those games sent the team's energy through the roof.
Speaker 1: Are you saying it was the off field play that
Speaker 1: made the difference on the field.
Speaker 4: Hey, little play makes your day, and today it made
Speaker 4: the game.
Speaker 1: That's all for now, Coach, one more question play than
Speaker 1: New Los Angeles Chargers, San Francisco forty nine ers and
Speaker 1: Los Angeles Rams scratchers from the California Lottery. A little
Speaker 1: play can make your day. Peace made responsibily. Must be
Speaker 1: eighteen years or older to purchase late or claim.
Speaker 4: If anybody's not familiar.
Speaker 5: Frank is a correspondent at CNBC, and you know you
Speaker 5: do a great job all the time, but you had
Speaker 5: a no, no problem. You did have report a couple
Speaker 5: of weeks ago about black black net worth in this
Speaker 5: country and we posted it and uh yeah, it just
Speaker 5: took off fire all over Instagram, TikTok. A lot of
Speaker 5: people have different opinions, different views on it, but I
Speaker 5: think it's important, like I said, to just have a
Speaker 5: more you know, involved conversation and just like you know,
Speaker 5: it's a sixty second or thirty second just SoundBite on Instagram.
Speaker 5: So so yeah, so I wanted to just bring you
Speaker 5: on and then hopefully we can talk about that and
Speaker 5: then a few other topics. So I will just bring
Speaker 5: I will just briefly just go over the stat if
Speaker 5: anybody is not familiar with what I'm talking about. So
Speaker 5: the stat was that black spending power reached a record
Speaker 5: in twenty twenty one one point six trillion dollars. And
Speaker 5: that's according to the Slag Center at the University of Georgia.
Speaker 4: Am I pronouncing that right?
Speaker 6: The Selig Center, Yeah, I mean it's University of Georgia.
Speaker 5: The University of Georgia, Okay, And that's up since since
Speaker 5: two thousand, it's up one hundred and seventy one percent.
Speaker 5: But during that time, Latino spending power is also up
Speaker 5: two hundred and eighty eight percent, Asians is up three
Speaker 5: hundred and eighty three percent, and the overall is up
Speaker 5: one hundred and forty four percent. So that would seem
Speaker 5: like some level of encouraging news. But what's not encouraging
Speaker 5: is that, according to the Saint Louis FED, they put
Speaker 5: out a report on the net worth and black networth
Speaker 5: is actually down. So that's interesting because it would it
Speaker 5: would assume that if spending is up, net worth would
Speaker 5: be up to because there's there's more money. So what
Speaker 5: they're saying is that the black networth has actually decreased
Speaker 5: by fourteen percent and is twenty four thousand dollars per family,
Speaker 5: while the Latino networth has increased one hundred and twelve percent,
Speaker 5: which is thirty six thousand per family. The white networth
Speaker 5: has increased six percent and is one hundred and eighty
Speaker 5: nine thousand dollars per family. So all right, so yes,
Speaker 5: let's let's unpack this a little bit, frank. So, Okay,
Speaker 5: this information comes from the FED. Uh and if you're
Speaker 5: not familiar that the Saint Louis FED is one of
Speaker 5: the twelve branches of the FED. They have fed twelve
Speaker 5: branches of FED banks. And to my understanding, how they
Speaker 5: actually collect this data is like through surveys. I'm it's
Speaker 5: like it's like political polling, what kind of similar situation
Speaker 5: like that? Right, So, but how do we come about
Speaker 5: this number to say, Okay, spending is up, but networth
Speaker 5: is down. That's a little disturbed. That's very disturbing. I
Speaker 5: would just assume that it's not enough assets being acquired.
Speaker 5: Would you say the same thing.
Speaker 7: I mean, I think it really comes down to your slogan, man,
Speaker 7: assets of reliabilities. If you're spending that money on things
Speaker 7: that don't appreciate and value, that lose their value and
Speaker 7: you drive it off the lot or in some cases
Speaker 7: as soon as you put on your wrists. You guys
Speaker 7: are talking about you know, high end from the dealer watches.
Speaker 7: But if you're spending on other things that don't gain
Speaker 7: value over time, then your money's going out. But you're
Speaker 7: not building wealth. It's just it's not even any more
Speaker 7: complicated than that. And you see the numbers for other people,
Speaker 7: other groups, I should say, they're spending their money on
Speaker 7: things that appreciate, whether it's houses, investing in businesses, stocks, crypto,
Speaker 7: a lot of things you talk about on this podcast.
Speaker 6: All the time.
Speaker 8: Working for you.
Speaker 9: If we have an honest conversation, do you think that
Speaker 9: we truly want to be free?
Speaker 8: And can the Rachel wealve got be close?
Speaker 6: Absolutely? Absolutely?
Speaker 7: Man, Like, I don't know about all you guys your backgrounds,
Speaker 7: but I know I didn't grow up in a house
Speaker 7: where anybody at a college degree. We were probably unbanked
Speaker 7: before that term even existed. You know, I used to
Speaker 7: have to be embarrassed and spend stamps at the store.
Speaker 7: Sometimes I didn't know anything about stocks or credit or
Speaker 7: you know, much more than a checking and a savings account.
Speaker 8: And then you need to.
Speaker 7: Try and go to college and be a doctor over
Speaker 7: That's all the nuance I had about financings.
Speaker 6: So the more you know and more educated you've become,
Speaker 6: the more enlightened you are.
Speaker 7: Not only do you learn about these you know, these
Speaker 7: these tempole things like stocks and housing, you learn about
Speaker 7: other ways to make money, all finance, real estate. Like
Speaker 7: you're just talking to about watches, maybe even comic books.
Speaker 7: You're mentioned a handbags a short time ago. If you
Speaker 7: look at companies like stock X and Goat and Stadium Club,
Speaker 7: they're getting in the handbag handbag business, they're not doing
Speaker 7: it because they're losing money. So you have to just
Speaker 7: broaden your sense of what an investment is. But you
Speaker 7: have to start off with the tempole things stocks, homes,
Speaker 7: four oh one K bonds. I know, bonds are the
Speaker 7: most boring thing in the world, and trust me, I
Speaker 7: don't like to even read them about them or talk
Speaker 7: about them that often. But they're a safe investment. There's
Speaker 7: some things that my colleague John Ford, he actually highlighted
Speaker 7: this to me. I bonds, they're inflation bonds. They're bonds
Speaker 7: that keep up with inflation. It's almost impossible to lose money.
Speaker 7: And until you become a more sophisticated investor, you don't
Speaker 7: really know about these things. So, and back to your question,
Speaker 7: long answer. Absolutely, we all want to be free. Everybody
Speaker 7: wants to have power over their own life and the
Speaker 7: ability to secure the future of their family.
Speaker 6: Every person in this.
Speaker 10: World, Frank so we I mean we're at the forefront.
Speaker 10: I feel like of a financial revolution. Obviously, you know,
Speaker 10: we've been teaching financial literacy and amongst other people in
Speaker 10: the space. When I heard the report, slightly surprised. But
Speaker 10: you've been in this business a lot longer on the
Speaker 10: on the broadcast the side of it. What was your
Speaker 10: initial reaction to it and what are your thoughts right
Speaker 10: because I feel like when we're going meeting people, I
Speaker 10: hear a lot of more people that look like us
Speaker 10: are actually investing. They have real estate, they're in stocks.
Speaker 10: Is it a fair assessment a forecast with the future?
Speaker 11: What are your thoughts.
Speaker 6: I mean, tey, I'm gonna stop you. First off, good
Speaker 6: to mean you.
Speaker 8: Man.
Speaker 6: We're not in the same business man. You guys are
Speaker 6: doing some phenomenal work.
Speaker 8: Man.
Speaker 7: First, you have people learning about things, and you have
Speaker 7: people talking about things, and then you have people talking
Speaker 7: to other people about things that are actually meaningful. These
Speaker 7: two different business I report on things that happen. I
Speaker 7: have the fortune of work in the CNBC. We do
Speaker 7: a lot of forward looking in reporting to put out information.
Speaker 7: It's actionable and investable. But what you guys are doing, man,
Speaker 7: is really just phenomenal. In this movement you started is amazing.
Speaker 7: I agree with you with disturbing. I think the most
Speaker 7: disturbing thing is that Black people sometimes we feel like
Speaker 7: we're doing better, but when you look at the numbers,
Speaker 7: and yeah, numbers can lie. Sometimes it doesn't really look
Speaker 7: like that. You know, fifty years ago, more black people
Speaker 7: own houses. I assured you the stats, right, they're twenty
Speaker 7: people twenty years ago, more black people own houses. Black
Speaker 7: home ownership has declined by three percent since two thousand
Speaker 7: and Some of that is tied to while we have
Speaker 7: less networks, but there are actually some other reasons. Some
Speaker 7: of its spending. I mean, I think a lot of us.
Speaker 7: Know somebody who just posted a picture from Tuloom or something.
Speaker 4: Yeah, right, so you've noticed.
Speaker 7: Yeah, you know we are in the same business, right,
Speaker 7: Like you get into loom. You know what I'm saying,
Speaker 7: Like you don't have your money in the bank. And
Speaker 7: another stat that was in that report on the back
Speaker 7: end of day. Every year, black families accumulate three hundred
Speaker 7: billion dollars less in wealth than white families every single year.
Speaker 7: So that racial wealth gap is growing. A lot of
Speaker 7: it is inherent. And I want to speak from personal experience.
Speaker 7: My mom went to heaven a few years ago. She
Speaker 7: was an amazing woman. She dropped out of high school
Speaker 7: to have me. I do have a great dad too.
Speaker 7: I don't ever want to leave him out. You got
Speaker 7: to always mention fathers. But dropped out of high school
Speaker 7: to have me. She was a secretary, eventually worked her
Speaker 7: way to having a great job in construction, then opened
Speaker 7: up her own construction company. Definitely a success story. She
Speaker 7: learned about stocks, she learns about mortgages, but we never
Speaker 7: did our wills. And I had the good fortune of
Speaker 7: being an only child, so there was no dispute, there
Speaker 7: was no problems. But for a lot of people, they
Speaker 7: actually lose wealth when the person they love passes away.
Speaker 7: And I'm sure that person wants to take care of
Speaker 7: their family and make that transition and that time of
Speaker 7: grief easier, but a lot of us just don't have wills.
Speaker 7: There's a lot of people that can't afford to bury
Speaker 7: their relatives and they pass away.
Speaker 6: Imagine that.
Speaker 5: You know, this is a very this is a very
Speaker 5: important conversation, and you're touching on a lot of topics,
Speaker 5: and the transfer of wealth process is something that we
Speaker 5: definitely and that's something that we've been trying to hammer home,
Speaker 5: hammer home about bills and trust and life insurance and
Speaker 5: power of attorneys and healthcare proxies. And yes, there's a
Speaker 5: lot of different it's it's not a lot of times
Speaker 5: people look at numbers and they say that's not true.
Speaker 5: And I can understand the disbelief because obviously, you know,
Speaker 5: our history in this country is it causes for you know,
Speaker 5: certain concern for not you know, fully believing things. That's
Speaker 5: completely understandable. But I would say this as a financial
Speaker 5: I used to be a financial advisor for twelve years
Speaker 5: before I did this, and the most alarming thing for
Speaker 5: me was actually seeing the difference between black people and
Speaker 5: white people when it comes to wealth. What I mean
Speaker 5: by that is, you know, coming in and I'm working
Speaker 5: in a financial planning firm and pretty much everybody is white,
Speaker 5: and you know, the guys are telling me like, you know,
Speaker 5: I got fifty million dollars adds under management one hundred
Speaker 5: and two hundred million, And I'm trying to educate, like
Speaker 5: be educated, like well, how did you do that? And
Speaker 5: they're like, well, all you need is a couple of people,
Speaker 5: Like one person gives you four hundred thousand dollars to manage,
Speaker 5: another person gives you five hundred thousand dollars to manage.
Speaker 5: You know, before you got it, you got before you
Speaker 5: know you have a million. Then you know, somebody else
Speaker 5: gives you seven hundred thousand. And I'm thinking, like, I
Speaker 5: don't know anybody that has ten thousand dollars, Like I
Speaker 5: don't know anybody that has two hundred thousand dollars to
Speaker 5: just give me to invest.
Speaker 4: But I realized that in America it's.
Speaker 5: Still very segregated as far as like where we are,
Speaker 5: so the people that we we are around people similar
Speaker 5: to us. So you don't even fully realize what's going
Speaker 5: on on the other side of the playing field. So
Speaker 5: you don't even have a full perspective of how why
Speaker 5: the wealth gap is because you're not really exposed to
Speaker 5: that on a daily basis, Right, You're not really exposed
Speaker 5: to people that have millions of dollars that they can
Speaker 5: just invest at any point in time and they can
Speaker 5: just buy a home or they can just buy anything
Speaker 5: that they want. Most of the time, you're not really
Speaker 5: exposed to that, and most of the time you're exposed
Speaker 5: to you know, your environment. So if you're in a
Speaker 5: blue class working environment, then that's who you're around, and
Speaker 5: that's who you're exposed to, and that's kind of become normal.
Speaker 5: But for other people, that's not really normal. So there
Speaker 5: is a huge disparity in this country when it comes
Speaker 5: to wealth. Because I mean, I don't need I don't
Speaker 5: even need to see a survey. I actually saw it.
Speaker 5: I worked in financial services for twelve years, and I
Speaker 5: saw from the white financial advisors their clients, and the
Speaker 5: black financial advisors and their clients. And of course most
Speaker 5: of the black financial advisors ninety nine percent of their
Speaker 5: clients were black. Most of the white financial advisors ninety
Speaker 5: nine percent of their clients were white. Most of the
Speaker 5: black financial advisors they were dealing with five to twenty
Speaker 5: nine plans and IRA rollovers. You know, they wasn't really
Speaker 5: dealing with millions of dollars of investable assets. They just
Speaker 5: wasn't because their clients didn't have that type of money.
Speaker 5: Where the white investors, the white financial advisors, it was
Speaker 5: a completely different story. So, you know, I think a
Speaker 5: lot of times we do have to question things, but
Speaker 5: we also have to understand that some of the stuff
Speaker 5: actually comes with a certain level of truth to it.
Speaker 4: So it's like, how can we fix the problem as.
Speaker 5: Opposed to just saying it's not true, because it's like
Speaker 5: you're not really qualified to say it's not true unless
Speaker 5: you actually know it's.
Speaker 7: Not true, right, I mean, some of it is systemic.
Speaker 7: Let's not ever overlook that some of the systemics some
Speaker 7: of the wealth of our communities and intentionally pulled out
Speaker 7: or we've been blocked from the means to actually attain
Speaker 7: it and hold on to it.
Speaker 4: Period.
Speaker 7: But that does an excuse everything. Some of it is
Speaker 7: spending And Troy was laughing. I was laughing about the
Speaker 7: to Loon pictures. I mean, my timeline is flooded, like
Speaker 7: right now. Sometimes you got to decide how you want
Speaker 7: to spend your money, where you want to spend your money.
Speaker 7: And as you mentioned, it's also some of it's the
Speaker 7: company you keep. If you're around nine broke people, you're about.
Speaker 6: To be the tem Well.
Speaker 5: It's also it's also a matter of education and being
Speaker 5: locked out of certain opportunities in certain doors as well,
Speaker 5: because even working in the financial services industry and seeing
Speaker 5: different things a I realized that that's one of the
Speaker 5: reasons why we started this platform. A lot of people
Speaker 5: just weren't for educated and they did they were not
Speaker 5: aware of different things. So that that is a major
Speaker 5: hurdle right there. We still haven't gotten through to everybody yet.
Speaker 5: And then also what I want to talk about too
Speaker 5: is that we talked about like the Black Network they
Speaker 5: talking with The Guardian released the report that it will
Speaker 5: be zero in like thirty years, and Andrew Yang it
Speaker 5: said something that was extremely powerful where he talked about
Speaker 5: economic tsunami hitting and it's going to hurt the black
Speaker 5: community more than anything.
Speaker 4: We talk about tech. So you know, when we talk
Speaker 4: about these different things.
Speaker 5: Where it's like, all right, we know that a lot
Speaker 5: of jobs are going to be lost through tech. Inflation
Speaker 5: is at you know, record levels right now, right, So
Speaker 5: these are all things that even if you have education
Speaker 5: on financial literacy and you're not wasting your money, if
Speaker 5: you're not skilled, if you're not a skilled worker or
Speaker 5: a high level entrepreneur, you're still you're still not going
Speaker 5: to really make a difference in this situation because it's
Speaker 5: like most of our entrepreneurs are more lower level entrepreneurs
Speaker 5: where it's really like you're just kind of working for
Speaker 5: yourself and you're not really making any money. And then
Speaker 5: most of the workers are not skilled workers, so you know,
Speaker 5: they can easily be replaced and they're not making a
Speaker 5: substantial amount of money, like they're not like brain surgeons
Speaker 5: and not you know, people that's working in Silicon Valley.
Speaker 5: You look at Silicon Valley and almost less than one
Speaker 5: percent of the people that's actually working there are black.
Speaker 4: Did we lose Frank?
Speaker 11: I think we've lost Frank. Yeah, I think so he didn't.
Speaker 5: Go to lom Hope not but yin that's like gain
Speaker 5: but while he comes back because that's a conversation that
Speaker 5: that's not really talked about enough either skilled workers, skilled
Speaker 5: workers and high level entrepreneurs. That's what we should be
Speaker 5: focused on.
Speaker 11: Let me just give you a statistic really quick.
Speaker 10: So it's a great point you said, because approximately out
Speaker 10: of six point seven million black workers, forty two percent
Speaker 10: of the workers currently hold jobs that could be subject
Speaker 10: to disruption by twenty thirty.
Speaker 11: That's eight years from now. So you're talking about millions.
Speaker 10: Of people that could literally if they don't have a skill,
Speaker 10: they could be their skill could be automated. Now they
Speaker 10: don't have a job, and if they don't learn anything
Speaker 10: in the entrepreneurial.
Speaker 11: World, then what do they do.
Speaker 4: You're in trouble.
Speaker 11: You're in big trouble. And that's why I say, yeah,
Speaker 11: I mean I'm a.
Speaker 5: Door skive a report. Frank's computer crashed, so he's restarting it.
Speaker 10: Okay, Yeah, And this is why we had this conversation
Speaker 10: a few weeks ago, and we were like, look, if
Speaker 10: we don't learn a skill, if we don't properly educate
Speaker 10: ourselves over the next two to three years in investment, right,
Speaker 10: we always talk about it's gonna be tough to work
Speaker 10: your way to wealth if we don't want a skill
Speaker 10: right over the next two to three years. Or invest
Speaker 10: in asset class like a new one like crypto cursory,
Speaker 10: or invest in the stock market. And our jobs are
Speaker 10: being replaced. Where is the money gonna come from?
Speaker 5: And somebody said, what's skilled coding. That's a high level
Speaker 5: skill that will get you a high paying job right now,
Speaker 5: even if you don't have no how to invest.
Speaker 9: Yeah, that the one No one ever talks about being
Speaker 9: the most reliable in your industry.
Speaker 8: That's what I always say. Those emails don't matter.
Speaker 9: Go look at the Forwards list top five hundred people.
Speaker 9: They have a unique gift that most people don't have.
Speaker 9: And I know some of you be like, damn, you
Speaker 9: always be granting. I don't think you guys really like
Speaker 9: the people that I'm around. So when I was with
Speaker 9: Gary V. Grant's set a shot of Mike Boyd, all
Speaker 9: of those conversations are about you need a baseline of
Speaker 9: one hundred million minimum, please secure. Ross told them ten
Speaker 9: on SS of a liability on revote. I'll feel tight
Speaker 9: with ten million.
Speaker 8: People don't want to tell you the truth.
Speaker 9: So when I get on here and rant, you guys
Speaker 9: are like, yo, man, we're shot in I mean shot Troit.
Speaker 9: Please tell youan to calm down. It's not that serious.
Speaker 9: If you have less than one point five million, you
Speaker 9: have two kids, you're broke. It is that damn serious.
Speaker 9: Then we have to have a collective conversation as a community.
Speaker 9: What are we going to do collectively to be okay?
Speaker 9: Because it's not okay If two out of ten of
Speaker 9: us invest and save money not enough.
Speaker 8: And I'm gonna be real.
Speaker 9: The Jim Jones, I love Jim. That bothered me though
Speaker 9: I couldn't get water in Gucci. The answer is to
Speaker 9: quit buying Gucci product. All those are slave names, Tiffany
Speaker 9: and Cole. You brought your girl of Tiffany braces and
Speaker 9: you're black. They were the ones who made the slave
Speaker 9: jewelry for the slaves when they came over in a boat.
Speaker 9: But y'all want to tell me about my attitude. I'm free.
Speaker 9: We have to collectively decide and this is the issue.
Speaker 9: I'm gonna be real. A lot of all in corporate
Speaker 9: to the black that are from the suburbs. Man, the
Speaker 9: ones in the trap and the trenches want this a
Speaker 9: lot better than y'all. You're comfortable. We have to collectively build, don't.
Speaker 11: Mess with Mikey. No, it's a fact. And they were saying,
Speaker 11: I'm glad that I'm looking at the earners in the chat.
Speaker 11: They're like, what skills? What skills? We talk about a
Speaker 11: lot of companies here that you should be.
Speaker 8: Building the business. Those are the only three.
Speaker 10: When we talk about Amazon and were talking about Microsoft,
Speaker 10: we always talk about their cloud business. Right, that's not
Speaker 10: going anywhere. Right, That's something that you should be looking into.
Speaker 10: Engineering is something you should be looking into. Cybersecurity. It's
Speaker 10: like these are career like. It's around everything that we
Speaker 10: talk about. That what makes those companies run? What makes
Speaker 10: those companies? What makes Microsoft run? What makes Apple run?
Speaker 10: What makes a m D run? Computer chips?
Speaker 5: What makes all of these companies that you invested in
Speaker 5: that to the top, these top companies, Tesla, What makes
Speaker 5: those companies run? You can just reverse engineering, right, and
Speaker 5: those are the skills that are critical and will be
Speaker 5: even more critical in the next twenty years.
Speaker 11: Y'all know it's dope.
Speaker 10: I can't see the YouTube comments, but y'all know, right,
Speaker 10: somebody just typed healthcare.
Speaker 11: Of course, we just can't.
Speaker 10: We're still in the end of a pandemic, right, like
Speaker 10: healthcare think about that, and we talk about companies in
Speaker 10: these fields, in these sectors. So on top of saying
Speaker 10: like okay, yeah, we can own a piece of the company,
Speaker 10: Yeah you might if you're still working, let's try to
Speaker 10: find a skill that we can actually become part of
Speaker 10: the company and be an investor inside of it as well.
Speaker 11: Let's let's let's take all all the pieces on the table.
Speaker 9: Why not, And if you are longer than twenty five
Speaker 9: years old, please write this down or fusion. It's one
Speaker 9: of the most important spaces you need to learn and
Speaker 9: read about, because then if we can take hiders and
Speaker 9: Adams and spend them with other things and make cleaner
Speaker 9: energy out of them, that's going to be incredibly important.
Speaker 9: This is why I always stress you guys read and
Speaker 9: tell me like, hey, I can't read five hundred pages.
Speaker 9: I guarantee you took your ass to the mall to
Speaker 9: get your girl a gift tonight, so you can get
Speaker 9: what you need to get at the end of the night.
Speaker 8: King God want hit on excuses.
Speaker 9: Now you can do what happen if she comes to
Speaker 9: the ey meet up and lebron never you know with
Speaker 9: Tristan shout out.
Speaker 8: Tristan he glowing.
Speaker 9: Some of these people in person look like gods and goddesses.
Speaker 9: I don't know that you and your mama and your
Speaker 9: whole mama side of her family don't have to work.
Speaker 8: That's a good pitch to open up with.
Speaker 4: It's a good pitch.
Speaker 5: Get on your craft, king, if you, if you, if
Speaker 5: you're significant other's phone is on silent over with, it's
Speaker 5: a bad red flag. Tonight, if it's if it's play,
Speaker 5: if it's if it's just night, because it's only even
Speaker 5: if you're on the silent notification.
Speaker 11: Not tomorrow. As another flag there, yo, yo, we can
Speaker 11: give up tomorrow.
Speaker 4: If you're on silent notification and you have to.
Speaker 9: Really got an eyebrows threaded at twelve, she may not
Speaker 9: have anyway if she had the lash point by one.
Speaker 9: Let me see you on the spot, baby, because tim
Speaker 9: Ton with no car man gave her eighty eight minutes
Speaker 9: a quality time.
Speaker 8: You know what I'm saying.
Speaker 6: You gotta be careful.
Speaker 8: Check all investments. I'll check my investments three times a day.
Speaker 8: All trading has considerable risk. Please consult your advisor. Maybe
Speaker 8: last you said dating has consivable risk.
Speaker 10: Trading trading dating to both both extreme happy Valentine's Frank
Speaker 10: welcome back, welcome.
Speaker 6: Back, Thank you man. You know compuity frank Man.
Speaker 8: Little comedy segment.
Speaker 4: We do this every now and then there, you know,
Speaker 4: we're just trying to just light in the move a
Speaker 4: little bit. Frank. But are you're from Philly originally? Yeah,
Speaker 4: from Philly, Philly shoutut to Philly.
Speaker 5: So working, always shut out, working in seeing the Philly
Speaker 5: you know, obviously blue collar town, very very blue college
Speaker 5: working in CNBC and being around you know, a different
Speaker 5: level of wealth than I'm assuming you grew up around.
Speaker 5: What's the different level of conversation that you that you hear?
Speaker 5: That's that's the kind of stuff that I'm always interested in. Like,
Speaker 5: you know, you you're around people that millionaires, billionaires, extremely
Speaker 5: high level, you know, people in Wall Street. Like, what's
Speaker 5: the level of conversation that you're hearing that you know
Speaker 5: most people are not aware of that's taking place.
Speaker 6: Well, let me back it up for a minute minute.
Speaker 7: You know, I did grow up my parents for teenagers
Speaker 7: when they had me, but talking about alternative investments, they
Speaker 7: really invested in education. Like I went to a Monassory kindergarten,
Speaker 7: I went to a new school, I eventually got a
Speaker 7: scholarship to a Friends school, which is a Quaker school
Speaker 7: in Philadelphia.
Speaker 6: It's a really good private school.
Speaker 7: So I've had the fortune of being around people from
Speaker 7: all different classes, like Chelsea's husband I went to school with,
Speaker 7: you know what I mean, Like people like that, you
Speaker 7: know what I mean, the kids of congress people and
Speaker 7: stuff like that. So I've had that good fortune. CNBC's
Speaker 7: obviously at next level. I need to talk to CEOs,
Speaker 7: CFOs billionaires sometimes, and you know what, man, you'd be surprised.
Speaker 7: The small talk is very similar to the small talk
Speaker 7: we all have about sports and things like that. But
Speaker 7: when they're talking about higher level things, they're just they've
Speaker 7: read then more, you know what I mean, Like they
Speaker 7: have a deeper conversation. You know, sometimes you talk to
Speaker 7: somebody and you bum themto somebody like, man, I'm a
Speaker 7: buy some doves.
Speaker 6: You like, yeah, I'm about them too.
Speaker 7: They're not talking like that, man, They're talking about, you know,
Speaker 7: the long term utility of the cryptocurrency and which one
Speaker 7: is going to make the transfer in the web three
Speaker 7: and things like that.
Speaker 6: But that's really the difference. We all talk about the
Speaker 6: same things.
Speaker 7: And I said it before we all want a better
Speaker 7: quality of life and secure the future of our families.
Speaker 6: At the end of the day, that's what everybody wants.
Speaker 11: Yes, let's switch.
Speaker 9: Go ahead of Yeah, I want to get to some
Speaker 9: solutions for those who want them to courage to wealth
Speaker 9: gap is a level point two trillion.
Speaker 8: I think it's forty four points.
Speaker 6: Yes, it's at least eleven point two.
Speaker 7: If you talked to William Darty from University University of
Speaker 7: Duke University, their business school, he says it could be
Speaker 7: even greater. It really depends on the math that you
Speaker 7: use and the formula that you use. And he's a
Speaker 7: big believer that the biggest cause of it is the
Speaker 7: systemic racism. I want to make sure because I often
Speaker 7: cite his research, I want to make sure I give
Speaker 7: him credit. William Derrety, doctor Williamarety at Duke University.
Speaker 9: So, what are two things we can do tonight collectively
Speaker 9: as a community to get the ball rolling to overturn.
Speaker 8: That gap.
Speaker 7: You know, I'm not an expert. I'm gonna refer to research.
Speaker 7: I'm not an expert myself. One of the big things
Speaker 7: we can do that all of us can do today
Speaker 7: is just spend more money with black businesses.
Speaker 6: I mean, it's not even more complicated than that.
Speaker 7: It's keeping more money within the black community circulating. And
Speaker 7: it's also just not being afraid to do business and
Speaker 7: talk about business with each other. I think that's one
Speaker 7: of the two big things. Like a lot of times,
Speaker 7: and I've been guilt to this myself. I'm never talking
Speaker 7: from a high horse. I've done this myself. I'm scared
Speaker 7: of telling of the black person how much money I
Speaker 7: make when they're applying to my job. I'm scared to
Speaker 7: tell them, you know what I mean, Like, yeah, I
Speaker 7: ask for these perks and stuff.
Speaker 6: You know what I mean? Why can't Why won't I
Speaker 6: tell you? You know what I mean?
Speaker 7: It's really, nine times out of ten a favorite nation thing.
Speaker 7: Once two or three of us get it. At everybody
Speaker 7: get it, but we feel like we want to hold
Speaker 7: on to the information and hold on to the benefits.
Speaker 7: But I had a friend of mine, you know, he
Speaker 7: just fled out, told me, you're applying this job, here's
Speaker 7: how much I make, Here's how much you should ask for.
Speaker 7: And I mean, just that information can push us to
Speaker 7: the next level.
Speaker 5: Frank, let's switch gears a little bit and on a
Speaker 5: more positive note, let's talk about black Mecca, the great
Speaker 5: city of Atlanta, Georgia. Shout out to Atlanta. We will
Speaker 5: be there this week. That's like our second home. So
Speaker 5: it actually just ties in perfectly because we were just
Speaker 5: talking about high end jobs tech, not enough skilled tech workers.
Speaker 5: But Atlanta actually is leading the charge for a black
Speaker 5: tech hub. Twenty seven percent of tech workers in Atlanta
Speaker 5: to are black. That is the highest in the nation.
Speaker 5: Like I said, I think in Silicon Valley it's like less.
Speaker 11: Than one percent.
Speaker 4: So in Atlanta is twenty seven percent of the tech
Speaker 4: workers are black.
Speaker 5: So let's talk about this because you did it. That
Speaker 5: was another report that you did. It didn't get as
Speaker 5: much tension as the last report that we cited. But
Speaker 5: let's talk about the.
Speaker 4: Report that you did on Atlanta becoming a tech hub.
Speaker 6: Yes, listen, I'm not stopping you from your post.
Speaker 5: I got you, We got you serious.
Speaker 7: No, Yeah, twenty seven percent of tech workers in Atlanta
Speaker 7: are black and it is an emerging tech cub. We
Speaker 7: look at the growth of tech jobs in Atlanta over
Speaker 7: the last five years, it's about fifteen percent. It's very
Speaker 7: comparable to the Bay Area that everybody thinks is the
Speaker 7: mecca of tech. The bear is sixteen percent CB, a
Speaker 7: company that does industrial warehousing office space. They rank Atlanta
Speaker 7: as the eighth best tech city in North America, competing
Speaker 7: with towns like the Bay Area, like Austin, like Charlotte,
Speaker 7: which is another emerging tech hub. A couple of factors
Speaker 7: that really help out Atlanta is number one. It has
Speaker 7: the number one tech degree tech degree producing university in
Speaker 7: the country, Georgia Tech, and a lot of tech companies
Speaker 7: have also turned to HBCUs and the other colleges there
Speaker 7: in Atlanta for a college pipeline, and companies outside of
Speaker 7: tech too, to be honest, like UPS and FedEx, I
Speaker 7: cover them for seeing BC and they've really kind of
Speaker 7: built up their pipeline to HBCUs. And then you have
Speaker 7: a lot of companies moving their tech hubs and innovation
Speaker 7: centers down in Atlanta. Visa is a great example. They're
Speaker 7: actually moving their chief diversity officer down in Atlanta. Got
Speaker 7: to interview her and she was very honest, like, you know,
Speaker 7: we're Visa, we know who our customers are, a large
Speaker 7: person of more black people who want to bring black
Speaker 7: people into our workforce. So if you're looking to dip
Speaker 7: that toe in of tech. Atlanta is a great place
Speaker 7: to go because you know the companies that are hiring there.
Speaker 7: They're very open to looking for people of color in
Speaker 7: their workforce, and I think every tech company will admit
Speaker 7: that diversity is somewhat of an issue, especially when it
Speaker 7: comes to management.
Speaker 11: You brought us in some cities.
Speaker 10: I want to talk about one that you did mention,
Speaker 10: but I'm sure you can speak on, and that's Austin, Texas.
Speaker 11: Obviously, we're seeing a lot of tech.
Speaker 10: Ey shout to friend of the show, John Henry, who
Speaker 10: has this business out there, talk about the expansion of
Speaker 10: tech inside of Austin. I mean, obviously, we know Texas
Speaker 10: is a state that has no state tax. We've heard
Speaker 10: Elon talking about moving tell Us headquarters there, I'm sure
Speaker 10: for that reason, amongst others. But let's talk about Austin,
Speaker 10: Texas as one of those other cities that most people
Speaker 10: probably traditionally are thinking about.
Speaker 11: It in a tech hub, but over.
Speaker 10: The next five to ten years potentially could pass all everyone.
Speaker 6: Yeah, I mean, just big culture there for tech man.
Speaker 7: A lot of tech companies are moving to Texas because
Speaker 7: the tech benefit tax benefits and then like you know,
Speaker 7: you hear slogans like keep Austin weird.
Speaker 6: People just like the culture.
Speaker 7: So right now, one of the big things that's driving
Speaker 7: a lot of tech interest there is a conference south
Speaker 7: by Southwest. I'm sure everybody's heard of that's bringing a
Speaker 7: lot of tech minds there. And then they're also having
Speaker 7: that social aspect, which is why there's a lot of
Speaker 7: black business in Atlanta because you go down there, you
Speaker 7: can have a good time and then you can also
Speaker 7: do your business, you know what I mean. And so
Speaker 7: that's what's definitely kind of fostering that relationship. The question
Speaker 7: is can black people really find their place there and
Speaker 7: can we carve out our own niche? And I think
Speaker 7: that's something that's that's yet to be determined, and people
Speaker 7: like you can write that chapter in the story.
Speaker 8: Going up.
Speaker 9: Yeah, going off the last point, what are like the
Speaker 9: top three jobs in tech in Atlanta specifically? You think
Speaker 9: people should start aim metors if they're looking to make
Speaker 9: a transition or start their career.
Speaker 7: I mean, it really depends on interest. But I think
Speaker 7: what you were saying earlier is actually absolutely true. You
Speaker 7: got to look at a merging tech like how do
Speaker 7: you get into metaverse like the metaverse. There's another story
Speaker 7: I'm actually doing tomorrow on building the black metaverse. A
Speaker 7: lot of these companies, including Meta or Facebook however you
Speaker 7: want to call it, and also Roadblocks, they're really making
Speaker 7: efforts to create more black interest in the metaverse, whether
Speaker 7: it be games. Meta aka Facebook gave about one hundred
Speaker 7: of their Mediquest Oculus headsets. Again they change the name
Speaker 7: that's Mediquest now used to be Oculous to ron Clock Academy,
Speaker 7: a predominantly black private school now in Atlanta, and they're
Speaker 7: doing a lot of these different initiatives around the country.
Speaker 7: They actually have some pretty robust Black history h programming
Speaker 7: on the Oculus headset because they want to bring us in.
Speaker 7: They want us to develop games, develop you know, music worlds,
Speaker 7: whatever else. When you look at hip hop, how that's
Speaker 7: become a mainstream thing, imagine if someone create the hip
Speaker 7: hop or the metaverse. So companies like Redblocks and Meta
Speaker 7: really trying to bring people in. Also, they say, you know,
Speaker 7: of course, to close the tech gap. But their businesses,
Speaker 7: the publicly traded companies, one of their key roles here
Speaker 7: is obviously generate profits for their shareholders and the more
Speaker 7: people you can bring, especially black people, Latino people, people
Speaker 7: who generally wouldn't be involved in emergent tech.
Speaker 6: The faster you can bring them in, the more revenues
Speaker 6: you can bring.
Speaker 5: And it's also a thing of being able to move culture.
Speaker 5: It's just like Clubhouse, like, you know, they got a
Speaker 5: billion dollar evaluation after Meek Mill and every other rappist
Speaker 5: to talk about how great Clubhouse is. So at some point,
Speaker 5: you know, even with the metaverseus like, you know, it's
Speaker 5: great that all of these companies want to, you know,
Speaker 5: encourage diversity, but it would be better if we had
Speaker 5: a own company like that was actually black owned.
Speaker 11: Yeah. Yeah, I think with the who has the fan base.
Speaker 4: We are doing something with fan base. Shout out to him.
Speaker 5: I spoke to him, I spoke to I spoke to
Speaker 5: him a couple of days ago. But yeah, I mean,
Speaker 5: I just feel like at a certain point in time,
Speaker 5: it's like, you know, you're still relying on somebody else
Speaker 5: to do something. And it's one of these things that
Speaker 5: just goes back to like sports and entertainment, where you know,
Speaker 5: you can't always be talent.
Speaker 4: You have to be an owner at some point.
Speaker 7: Right equity, I mean, it's a word that people throw
Speaker 7: around all the time, and Beyonce said, I need equity.
Speaker 7: But equity is a powerful thing.
Speaker 6: Man.
Speaker 7: When you have equity in your home, you give you
Speaker 7: all types of things. You can take a little bit out,
Speaker 7: you know what I mean. You can leverage it to
Speaker 7: buy another property and equity and other things, whether it
Speaker 7: be your career, you know, your church, whatever it is,
Speaker 7: can be a powerful tool.
Speaker 11: Yeah.
Speaker 5: And in Atlanta, they you know, Paul Judge is leading
Speaker 5: the charge and that Paul Judge, think Greenwood think he's
Speaker 5: he's really really big in the tech space. We gotta
Speaker 5: we gotta talk to him. He doesn't really talk a
Speaker 5: lot publicly, but Paul Judge is a very very smart guy,
Speaker 5: and he is one of the probably the leader in
Speaker 5: that whole tech revolution in Atlanta. And then of course
Speaker 5: the mayor shout out to Andre Dickens. He is the
Speaker 5: new mayor of Atlanta. Obviously he's black.
Speaker 4: It's Atlanta. They always have a black mayor, so you know,
Speaker 4: it's all.
Speaker 5: The Atlanta scene is something that you know, I think
Speaker 5: can be the same way they took over hip hop,
Speaker 5: they can have that same effect in the tech world.
Speaker 5: So hopefully, you know, we'll see a lot of uh
Speaker 5: tech superstars, the next Elon Musk, the next Jeff Besos.
Speaker 5: I feel like Atlanta's a perfect place, not just Atlanta,
Speaker 5: but you know, Atlanta's a perfect place for you know
Speaker 5: that they have the HBC used there, they have the
Speaker 5: politic they have the political support there, they have the
Speaker 5: entrepreneurs there, they have you know, and they have an
Speaker 5: infrastructure in place better than anybody else has it. So
Speaker 5: you know, that's that's something that I think could be
Speaker 5: something to be encouraged about.
Speaker 10: Yeah, I also think the international space is as far
Speaker 10: as techs as well. I know, you know, we talked
Speaker 10: about Afrotech all the time, and we visited the continent
Speaker 10: and plan to go back. I want to know your thoughts, like,
Speaker 10: what did you think about investing internationally, especially the continent
Speaker 10: of Africa, which we spoke about maybe two weeks ago
Speaker 10: about how much of the population is very young, very eager,
Speaker 10: and just lacked resources right now. But with the you know,
Speaker 10: obviously the expansion of technology and infrastructure, they can have
Speaker 10: access to Ernialisia and other people who are providing education.
Speaker 10: What are your thoughts about on an international front?
Speaker 6: We number one man, I've been dying to go to Africa.
Speaker 7: Actually had a trip plan right before the pandemic, and
Speaker 7: the pandemic just canceled it.
Speaker 6: If I was going to go to Tanzania. I've been
Speaker 6: wanting to go to Tanzania, so I.
Speaker 7: Did a report in fourth grade and one of the
Speaker 7: reason I wanted to go is because it's just so diverse.
Speaker 7: They have an island off Tanzania is a sidebar an
Speaker 7: island off Tanzania called Zanzabar with like beautiful beaches, and
Speaker 7: they have a big city called Dara Salaam, and then
Speaker 7: they have all those amazing nature preserves. I want to
Speaker 7: go pedo real elephant, you know what I mean, not
Speaker 7: a circus elephant. But just to your point, man, you know,
Speaker 7: in developing countries, and that's what you're talking about. We
Speaker 7: talked about Africa. That's the term of developing countries. They
Speaker 7: have more access to mobile phones. They're already using fintech
Speaker 7: more than we are, so they're already kind of at
Speaker 7: the tip of the spear of some of these things.
Speaker 7: Because if you can imagine, if you're a merchant, I'm
Speaker 7: just going to throw it out our salon. It's probably
Speaker 7: easier to use fintech and tap and go and whatever
Speaker 7: else than it is to have a real credit card swiper.
Speaker 7: So they're already jumping on that and mobile payments, and
Speaker 7: in other countries not developed like China, they're already on
Speaker 7: mobile payments and digital currencies and things like that. So absolutely, man,
Speaker 7: if you have the opportunity to create infrastructure internationally for
Speaker 7: any of this kind of thing, whether it be Internet
Speaker 7: five G payments, of course it's a great investment. What
Speaker 7: companies at the forefront, I got to be honest, I
Speaker 7: don't know personally, but a great line of thinking. And
Speaker 7: that's why you've seen people like Jack Dorsey go over
Speaker 7: to Africa and look for investments, the founder of Twitter.
Speaker 7: And also you see a lot of people or a
Speaker 7: lot of companies in China investing in Africa. A lot
Speaker 7: of industrial things like mining and steel, precious metals and
Speaker 7: things like that, but also tech.
Speaker 6: There's a lot of opportunity in Africa.
Speaker 9: Going back to when you were eighteen, if you can
Speaker 9: do it all over again, I'm thirty nine. You look
Speaker 9: incredibly young, but I know we grew up in the
Speaker 9: same era. What are like the three things you wish
Speaker 9: you would have learned back then that would have helped
Speaker 9: you propel to be even better than you are now.
Speaker 8: Man.
Speaker 7: The number one thing is some of my mom always
Speaker 7: told me, don't tell yourself now, just go for it.
Speaker 7: Let other people tell you now, you know what I mean.
Speaker 7: She kind of gave me three things Chris growing up,
Speaker 7: and as I got older, it got shorter and she
Speaker 7: just kind of paraphrased it. But the things I would
Speaker 7: do different are things I do now. But I mean,
Speaker 7: I would.
Speaker 6: Always dream big, but even bigger.
Speaker 7: You know what I'm saying, like, don't contain your dreams
Speaker 7: to your situation to which you know, dream about things
Speaker 7: that you can't even imagine. That's how you got to start.
Speaker 7: And I would even work harder man, like everybody else. Man,
Speaker 7: you know I got sidetracked by this and that I
Speaker 7: took my own trip to him. You know what I'm
Speaker 7: saying again, I never speak from a high horst. I
Speaker 7: took my trip to Dominican Republic or wherever else and
Speaker 7: got sidetracked.
Speaker 4: Man.
Speaker 7: And just pray every day, man, Seriously, I get on
Speaker 7: my knees and I talk to the man every day.
Speaker 4: You a reggo. You look like you got stomach pain. Atlanta,
Speaker 4: you are not full. Stop. Stop the rhetoric. I hate
Speaker 4: that saying we're full.
Speaker 5: Because what it does is it's a negative connotation and
Speaker 5: it's discouraging people that can actually add value to the
Speaker 5: ecosystem from coming there and like we come there and
Speaker 5: this is it's like I know, it's like a joke
Speaker 5: and it's a playful thing, but it's like we're talking
Speaker 5: about how the Black network is twenty eight thousand dollars
Speaker 5: and we're talking about how you collaborated and work. Yeah,
Speaker 5: that is hot, and it's like you're saying things like
Speaker 5: Atlanta's full. We don't want any more people like as
Speaker 5: you don't understand, like this is this is a race
Speaker 5: that we're losing, and you're not helping by saying stuff
Speaker 5: like that, Like it's not it's not it's not something
Speaker 5: that is helpful and it's not something that's beneficial. And ultimately,
Speaker 5: the more divided that we are, we're still going to
Speaker 5: be in last place. The only way that we're ever
Speaker 5: going to achieve anything is through unity and working together
Speaker 5: in collaboration.
Speaker 11: And we see that in Atlanta too.
Speaker 5: No, we seen it in Atlanta all the time. Like
Speaker 5: I said, it's like we literally, like are in Atlanta
Speaker 5: all the time. It's just I just don't understand where
Speaker 5: that's coming from, because when we're in Atlanta, we never
Speaker 5: get that sentiment.
Speaker 4: It's always love and we add value.
Speaker 5: Of course, nobody wants somebody to go there and take
Speaker 5: away from it. But if you're going somewhere and you're
Speaker 5: adding value, why would you not want somebody to come
Speaker 5: and add value to a place that doesn't make any sense?
Speaker 6: Oh, Atlanta, Atlanta is not love.
Speaker 7: Man. I'm from up North, Man, I get none beloved
Speaker 7: and I get down Atlanta. People always trying to help
Speaker 7: me out and trust me, somebody. I want to send
Speaker 7: a shout out to my man somebody. If you haven't
Speaker 7: had him on the show, you should. John Hope, Brian
Speaker 7: from Operation Hope.
Speaker 11: Yeah, we had a zoom call with him.
Speaker 10: It was probably one of the most inspirational twenty five
Speaker 10: to thirty minutes we've had in a long time.
Speaker 6: All man, all like bolbamot. I'm like a kiddingwich. That's good.
Speaker 6: That's my brother.
Speaker 8: Man.
Speaker 7: Like seriously, I call him man like everybody else. Man,
Speaker 7: I get frustrated with this or frustrated with that, get
Speaker 7: him a call. Man, it's like, let me bounce this
Speaker 7: off you, then me run a couple of ideas by you.
Speaker 6: Just a great brother.
Speaker 8: Last point, I didn't want to make real quick of hearn.
Speaker 9: I just want you guys, wh we are moving to
Speaker 9: these different cities and you're learning these different skills, making
Speaker 9: sure that you get equity or royalties and perpetuity because
Speaker 9: if not, it would be the similar things like you
Speaker 9: being a construction worker and building the house but not
Speaker 9: getting equity in the block.
Speaker 8: And also a lot of you did the friends and families.
Speaker 9: You need to start making small venture capital firms together
Speaker 9: or small family offices together, and to buy property because
Speaker 9: even in Atlanta, as black as it is, go look
Speaker 9: at the data of ownership that is in Atlanta. It
Speaker 9: is dramatically different from two thousand and seven, two thousand
Speaker 9: and eight.
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Speaker 9: A lot of areas that were traditionally hood or doing
Speaker 9: is the ghetto.
Speaker 8: Some Whole Foods and Starbucks popping up over there and
Speaker 8: people are getting pushed out.
Speaker 9: What's yeah, So please, as you're going in to build,
Speaker 9: I want you all to have fun in a and
Speaker 9: have a blast, but make sure.
Speaker 11: You're actually building. Yeah, I mean, we saw it happened.
Speaker 10: We went there one year and we came back the
Speaker 10: next year we saw a Microsoft building at at Land Station.
Speaker 11: I'm like, where did this just come from?
Speaker 4: Didn't tell Microsoft? They was full right, They're not.
Speaker 7: Tell Microsoft salesforce ses exactly.
Speaker 11: Just going up like that, you know, real quick.
Speaker 6: That's your question man.
Speaker 7: The other the other thing, I would say, buy yourself
Speaker 7: some property, Like buy yourself a house, you know what
Speaker 7: I mean?
Speaker 6: Like, No, houses don't always appreciate. It's not always the safe.
Speaker 6: This's investment.
Speaker 7: We saw the financial crisis where people lost money in
Speaker 7: our house. But it's one of those investments where it
Speaker 7: might lose value, but you can live in, you know
Speaker 7: what I mean, You and your family can live there.
Speaker 7: So I'm not somebody who advocates housing over everything else,
Speaker 7: but it is an asset that as many purposes you
Speaker 7: can go to Queen and you can take the equity out.
Speaker 7: You don't want to live there anymore. You decide you
Speaker 7: want to move up, or you want to move some
Speaker 7: rush and rent it out. I just think it's a
Speaker 7: really versatile asset, you know.
Speaker 4: What I mean.
Speaker 5: So, Frank, this is the part of the show where
Speaker 5: we go to question and answers. I know you've been
Speaker 5: on for a while, so you want to stay.
Speaker 8: On with us.
Speaker 7: I want TV every day. And I'm not even kidding.
Speaker 7: Y'all think I'm kid. I'm not blowing smoke.
Speaker 6: I'm fan like love what I apprepreciate it.
Speaker 4: I appreciate it.
Speaker 11: Thank you.
Speaker 8: Brother.
Speaker 4: Likewise, yeah, we're gon.
Speaker 11: We'll get to the hip hop debate at the end
Speaker 11: of the show.
Speaker 6: I'm from Philly, man, so like start there.
Speaker 11: I got you, Yes, Jay, it's got to plan.
Speaker 4: What's up? What's going on?
Speaker 9: Hey, guys, look at this Hell.
Speaker 4: Valentine's Day got the hearts in the.
Speaker 9: Background all loved doing.
Speaker 8: Hello.
Speaker 6: Hello, how are you good?
Speaker 5: Hi?
Speaker 12: Ian?
Speaker 8: Hey? How are you?
Speaker 6: I'm good?
Speaker 13: Thank you?
Speaker 6: So let's get into questions.
Speaker 13: Are you guys want me to give an update?
Speaker 6: I don't know. High earners, Yes.
Speaker 11: Give you what's going on.
Speaker 13: Well, I don't really don't have that much, but I
Speaker 13: will say today we had midday market updates with Lawrence
Speaker 13: and we talked about option strategies. One was pre market
Speaker 13: highs and lows and if you get a breakthrough one
Speaker 13: of those, maybe a call or put you know, going
Speaker 13: that way. So I really like that little tip droped
Speaker 13: some fire in the chat for the earners, if you
Speaker 13: thought that was really helpful this morning. And then we
Speaker 13: were preparing the earners for a paper trading challenge that
Speaker 13: starts in a couple of weeks. And although today's markin
Speaker 13: Valentine's also say Martin Luther King, Valentine's Day's also Black
Speaker 13: History Month. And we started a new book called Paranomics
Speaker 13: by Claude Anderson's.
Speaker 4: Oh, we're really excited.
Speaker 6: About that too.
Speaker 5: Shout out to the book those that's actually perfect. We
Speaker 5: got to talk offline about that. That's actually I didn't know.
Speaker 5: I didn't know he was reading that book, but that's
Speaker 5: that's actually.
Speaker 13: Yes, that's our new book for the month.
Speaker 6: So shout out to the earners.
Speaker 11: That's perfect.
Speaker 6: Now I'm going to go to Arthur Andrews.
Speaker 13: He's the president of our political science had to ask
Speaker 13: a question today.
Speaker 6: So we're gonna go there first.
Speaker 10: Oh yeah, yeah, he gets he gets peace.
Speaker 3: Peace was good, fellas, My brother, man, how you doing?
Speaker 8: How you're doing?
Speaker 2: Hey, fellas, I'm gonna seey'all in London, man, he and
Speaker 2: I promise not to attack you.
Speaker 3: Man, Just give me a dapt I'll leave you alone.
Speaker 11: Brother, I love you.
Speaker 8: We can talk forever.
Speaker 3: Frank Man.
Speaker 2: I appreciate having you on here, you know, appreciate the
Speaker 2: report and you uh exposing everybody to what's going on
Speaker 2: in our community. One of the questions that I wanted
Speaker 2: to ask, and you know, the earners are very familiar
Speaker 2: about this because this is something that I harp on
Speaker 2: a lot, is that that spending, that spending stat isn't
Speaker 2: something that's new, you know, it's something that we've seen.
Speaker 2: If you go back to two thousand, we had our
Speaker 2: spending was very high, and we were still very low
Speaker 2: in terms of our assets, so on and so forth.
Speaker 3: I think what's part of the issue is the.
Speaker 2: Way that it's framed UH to our people is often misleading,
Speaker 2: and so in a sense it's framed as though we're
Speaker 2: irresponsible with our spending right and mass right, and so however,
Speaker 2: when you look at how we actually spend our money,
Speaker 2: we actually spend our money very similar to everyone else.
Speaker 2: I always say the top five things that we spend
Speaker 2: our money on are housing, which is at thirty seven percent,
Speaker 2: transportation sixteen percent, food sixteen percent, savings and investments at
Speaker 2: ten percent, and then healthcare at five percent. So literally
Speaker 2: eighty five percent of our spending goes to what I
Speaker 2: call essential living needs. That we get a check, we
Speaker 2: have to pay for where we leave, we live, We
Speaker 2: got to pay to get the work. We have to
Speaker 2: feed ourselves. We save our money, and then we you know,
Speaker 2: take care of ourselves. We go to the doctor if
Speaker 2: and when we can. The difference that I find isn't
Speaker 2: necessarily that we're spending irresponsibly. It's not, it's that the
Speaker 2: our asset class, our upper black asset class, we don't
Speaker 2: own any of those things that provide our essential needs.
Speaker 2: So our black upper class doesn't own the masses of
Speaker 2: affordable housing. We don't own any car companies, we don't
Speaker 2: own any grocery stores, you know, we don't own any
Speaker 2: major healthcare companies, and we don't own any major financial
Speaker 2: investment institutions. So as a result, when we spend our money,
Speaker 2: we're forced to spend our money with other people. Because
Speaker 2: you see what I'm saying and now at the same time,
Speaker 2: at the same time, and I'm not here to knock anybody,
Speaker 2: kudos to the success of those of those of us
Speaker 2: who are able to make it to the upper class. However,
Speaker 2: rather than trying to buy football teams, I would rather
Speaker 2: see a starter car company rather than us try to
Speaker 2: buy an NBA team.
Speaker 3: I would rather see.
Speaker 2: Us buy a started grocery train because those are the
Speaker 2: things that then we could go in and support, because
Speaker 2: those are where we're spending the majority of our money.
Speaker 2: So when we spend our money and it leaves our community,
Speaker 2: and so as they say in six hours, it's not
Speaker 2: because we don't want to spend it with black people.
Speaker 2: It's literally there's no one there black for us to
Speaker 2: spend it with. And that's not the fault of a
Speaker 2: lower class citizen, that's not the fault of the middle
Speaker 2: class citizen. That's the fault of the upper class that
Speaker 2: have to channel their money and buy those assets that
Speaker 2: really matter, as opposed to buying a football team and
Speaker 2: then say support black because I got a football team
Speaker 2: and then we're going to do that because our next
Speaker 2: thing that we spend our money on is entertainment. However,
Speaker 2: when we spend money on entertainment, we spend it on
Speaker 2: black people. We support black people when the opportunity is there.
Speaker 2: And so I think that part of the issue that
Speaker 2: we're having is the way it's framed, is that it's
Speaker 2: put out there and you're a low income or your
Speaker 2: middle class person. You could feel like, wow, what am
Speaker 2: I doing wrong? But you're looking around, You're like, man,
Speaker 2: I just paid my rent. You know, I want to alone,
Speaker 2: But there's the black The white bank won't give me
Speaker 2: a loan, but there's no black guys who are willing
Speaker 2: to give me a loan. And in addition to that,
Speaker 2: the black people are reluctant to even rent me a house.
Speaker 2: The black guys who get houses, they're reluctant to accept
Speaker 2: my section eight. They're reluctant to accept the single family
Speaker 2: mom because they think, you know, they look down upon
Speaker 2: them like the welfare clean, just like everyone else does.
Speaker 2: And so I would say to you, or my question
Speaker 2: is to you, how can we convince or how can
Speaker 2: we change that narrative? Because in your segment, you know,
Speaker 2: we have Rob Johnson, and kudos to him because Rob
Speaker 2: Johnson is a major affordable housing owner, as well as
Speaker 2: Brian Hope, so on and so forth. But there are
Speaker 2: others out there that you know, it's they're in the
Speaker 2: position to do those things. And it's always say, hey, man,
Speaker 2: I wish you guys would go buy more stocks, I
Speaker 2: wish you guys would go buy a house, and it's
Speaker 2: like you're in the position to provide that infrastructure, much
Speaker 2: like other communities, whether they were whether they did it
Speaker 2: by force through redlining, so on and so forth, but
Speaker 2: that was their upper class forcing the situation for the
Speaker 2: middle class to be able to participate.
Speaker 3: The upper white class.
Speaker 2: Instituted the redlining so that the lower white class would
Speaker 2: be able to participate and become middle class. And I
Speaker 2: think that if we want to have these changes, if
Speaker 2: we continue to simply harp to our middle and lower
Speaker 2: class that you need to change your behavior, what we're
Speaker 2: gonna ultimately do is you're going to drive very risky
Speaker 2: behavior from our middle and lower class citizens because now
Speaker 2: they're gonna say, well, I'm doing the responsible thing. However,
Speaker 2: you're telling me the responsible thing isn't working, and so
Speaker 2: now I'm gonna go and I'm just gonna throw all
Speaker 2: of my money in a meme stop because that's what
Speaker 2: the rich guys do, they invest.
Speaker 9: Can I asked a follow up question for you and
Speaker 9: you my brother Saw. I love that we get to
Speaker 9: have this dialogue when people don't think we're debating the
Speaker 9: same with me and Matt.
Speaker 8: Yes, you know, I love you.
Speaker 10: Before you respond in because people like this is King
Speaker 10: Authen when we talk about day one eu y L
Speaker 10: That's who he is, right, so you can put a
Speaker 10: crown in the chat.
Speaker 11: This is King out.
Speaker 10: There ain't no guidelines when it comes to this. This
Speaker 10: is our brother when you talk about anywhere we go,
Speaker 10: these all our conversations too. He's the first person to
Speaker 10: show up. He's the first person to give god extremely intelligence,
Speaker 10: extremely intelligent. If you don't know do the research on
Speaker 10: Wall Street. He used to be a risk analysis what
Speaker 10: did you do on Wall Street?
Speaker 8: Author?
Speaker 4: Now we're at mark from market makers market maker. He
Speaker 4: was a market maker.
Speaker 2: The largest market maker when when ets first started was
Speaker 2: le Branch structured products. We're on the American Stock Exchange.
Speaker 2: We are the largest market maker for ETFs.
Speaker 4: Yeah, but I I we're gonna say.
Speaker 9: I and I understand that point. And but when I'm
Speaker 9: just be honest, yep, let's do a poll, put yes
Speaker 9: in chat. If you guys that are watching tonight, blank
Speaker 9: bank black. I've had bank owners cry to me why
Speaker 9: the hell do they support those coin and even black
Speaker 9: people have been convinced to buy apes from board Ape
Speaker 9: Yarch Club, which is a racist artistic structure.
Speaker 8: But then won't bank black.
Speaker 9: Most of the entertainers that we support, they're not black owned.
Speaker 9: Even the ones that say they're black owned, we get
Speaker 9: a chance to sit in some of these meetings, they're.
Speaker 8: Not black owned. So what is a solution?
Speaker 9: Because even with that, I don't want to pit the
Speaker 9: upper class versus lower But if we are connectively, and
Speaker 9: this is my thing where I'm like, hey, let's just
Speaker 9: start with indexes because if we can do that, then
Speaker 9: we can go And I'm gonna be real.
Speaker 8: Most people don't buy y'all buy Gucci more than y'all
Speaker 8: do you? Why own merch? Why? I don't get that.
Speaker 8: That's weird because people actually vote.
Speaker 9: So I get to the point and a perspective, and
Speaker 9: this data comes out and people are upset and we're
Speaker 9: mad for that moment, right, kind of like when your
Speaker 9: girl go off on You're like, you didn't buy many
Speaker 9: flowers that See, we'll see what Troy did. He got
Speaker 9: off the plane and took his wife right to then there.
Speaker 9: You should do that, right, you get mad for a
Speaker 9: day and make a change. I'm a classic man, Come on, right,
Speaker 9: but what do you do with your dollars?
Speaker 8: I'm gonna be real.
Speaker 9: Most people are not investing half of their money in
Speaker 9: the market or into the asset. And I think we
Speaker 9: have the power to do so. You know what, I think, Yeah,
Speaker 9: I think we had a power to do so. But
Speaker 9: we want the feeling of being okay or free versus
Speaker 9: the work.
Speaker 8: That actually takes to then be free.
Speaker 9: And I'm one of the person who came from the
Speaker 9: bottom bottom like, and it took me years to.
Speaker 8: Get to where I am now.
Speaker 9: It took me fourteen fifteen years to get to be
Speaker 9: able to sit at this peak and give this shit
Speaker 9: easily away. Most people don't want to say they're seeing
Speaker 9: us out in LA and I think we're partying. I
Speaker 9: am exhausted. It's all meetings. So what is the actual
Speaker 9: solutions outside of even having this bourgeoise class versus lower
Speaker 9: because I don't even like that, that's not the way
Speaker 9: I answer, but we're not investing enough.
Speaker 7: Left.
Speaker 5: Let me let me chime in real quick, because I
Speaker 5: think what the question to Frank was like, how can
Speaker 5: it be framed in the in the mainstream media a
Speaker 5: little differently? And it is a valid he actually made.
Speaker 5: He actually made a lot of valid points. You made
Speaker 5: a lot of goalid points because even for me being
Speaker 5: being a financial advisor and once again going back to
Speaker 5: my my career as a financial advisor, and all of
Speaker 5: the clients that I worked with, the clients that you
Speaker 5: know were just you know, they didn't really have millions
Speaker 5: of dollars or even hundreds of thousands of dollars. They
Speaker 5: might not even have had a couple of hundred dollars
Speaker 5: a month, but they wanted to do something, and the
Speaker 5: common denominator was that, yeah, they just wasn't making enough money.
Speaker 5: That's the conversation that we need to have as well.
Speaker 5: It's because you're you're right. You know a lot of
Speaker 5: people rent, and the rents a lot of times are
Speaker 5: more expensive than a mortgage. And then you know, we
Speaker 5: have inflation, right, and it's like, I don't think the
Speaker 5: vast majority of black people are foolishly wasting the vast
Speaker 5: majority of their money because they don't really even have
Speaker 5: an option. They're literally living, Like if you're living paycheck
Speaker 5: to paycheck, you might be making some foolish decisions, but
Speaker 5: you're right, most of the money is going to your
Speaker 5: beare necessities, and you just don't have enough money left
Speaker 5: over at the end of the month, and then your
Speaker 5: income is not increasing enough to really keep up and
Speaker 5: you're just making less money as well. Hold on ian.
Speaker 5: So that's that's and that goes back to skilled being
Speaker 5: a highly skilled worker, being an entrepreneur, different things. So
Speaker 5: it's a it's a multi faceted conversation, but it is
Speaker 5: something that is you do bring up a good point.
Speaker 5: The data might be true, but it can possibly be
Speaker 5: reported a little differently to to really highlight. Okay, how
Speaker 5: do we get people to make more money?
Speaker 6: Absolutely? I mean Kingarth, disrespect man, get correct, you know
Speaker 6: what I mean.
Speaker 7: Two things to it. Number One, it's a TV story.
Speaker 7: You know, it can't get all the way down to
Speaker 7: the fine print on TV.
Speaker 3: No, no, no, yeah.
Speaker 7: But no, But it's a fair question. One thing I
Speaker 7: think you want to consider is then why have the
Speaker 7: why has Latino community been able to to build more
Speaker 7: wealth than us because they face a lot of the
Speaker 7: same hurdles. So some of it does come down to decisions.
Speaker 7: And you know, and again don't know you that well, man,
Speaker 7: I grew up poor, you know what I'm saying. But
Speaker 7: it costs money to be poor, and people always forget that.
Speaker 7: And just like compounding, you put a little bit of
Speaker 7: money and it grows one financial one bad financial decision snowballs.
Speaker 7: You make one decision with a credit card, your credit's bad.
Speaker 7: Now you got to pay more for everything, you know
Speaker 7: what I mean. So some of it is decision making,
Speaker 7: but is the is the probably the biggest single factor
Speaker 7: systemic you know, racism, systemic issues. Absolutely, there's gonna be
Speaker 7: a story you're gonna hear next month about the gender
Speaker 7: pay gap. You're gonna hear that it takes into twenty
Speaker 7: twenty two, into March of twenty twenty two for the
Speaker 7: average woman to make what a man makes in twenty
Speaker 7: twenty one. One number that a couple numbers that don't
Speaker 7: really get talked about, is that's the average for a
Speaker 7: black women.
Speaker 6: It takes them to August. That's a systemic issue.
Speaker 2: Now true, indeed, Chu, Indeed, one of the things to
Speaker 2: your point about the Latino community, one of the differences
Speaker 2: between the Latino community and the Black community is that
Speaker 2: many of many, much of the growth in the Latino
Speaker 2: community comes from the fact that they have a base
Speaker 2: from back home, so they can come here. Much like
Speaker 2: with the Asians. They when they come to the community,
Speaker 2: they don't have to go to a bank to get
Speaker 2: a loan. They can go to their Asian community and
Speaker 2: literally get a loan from their Asian community. That's how
Speaker 2: Chinatown in New York grew and took over Little Italy.
Speaker 2: It wasn't that the Chinese were coming in and they
Speaker 2: were getting loans from Bank of America. They were coming
Speaker 2: in and because they have a base back home in China,
Speaker 2: that base provides a lot of the loans and things.
Speaker 3: Black Americans don't have that with the.
Speaker 2: Exception of if you look at the difference, if you
Speaker 2: look at the difference between Black Americans here versus Africans.
Speaker 2: Africans that come here they tend to generate a little
Speaker 2: bit more wealth as well because they tend to have
Speaker 2: a base Caribbean Caribbean families when they move here, they
Speaker 2: also tend to have a base. It's not as significant
Speaker 2: as white families and Asian families, but they have a
Speaker 2: base that's stronger than the typical black family to be
Speaker 2: able to get loans from so on and so forth.
Speaker 2: So that I believe is part of the reason why
Speaker 2: you see the difference between us and why those other
Speaker 2: communities are able to advance. And just to make the
Speaker 2: point Ian, I don't think it's about picking on the
Speaker 2: upper black class, because it's not just their responsibility. It's
Speaker 2: just something about like we always say, it's a collaboration
Speaker 2: over competition, right, and so, but I think that I
Speaker 2: think that our upper class is just as miseducated as
Speaker 2: the lower class as well. And so if the upper
Speaker 2: class see that the lower class is making bad decisions
Speaker 2: because they just keep hearing that they're gonna treat them
Speaker 2: that way, and then they won't make the decision that
Speaker 2: they can make to be able to go on and
Speaker 2: be able to and and and and and be able
Speaker 2: to help them because they think in their mind, they
Speaker 2: think that the lower class is just making bad decisions.
Speaker 2: Because sometimes there is a disconnect even within our own community.
Speaker 3: Just one thing I.
Speaker 5: Wanted to let me, let me, let me just let
Speaker 5: me just you're making up. We gotta we gotta give
Speaker 5: him a podcast. That's why.
Speaker 4: Yeahs King authors Court.
Speaker 11: You already got the name.
Speaker 4: Yeah, it's not deal. We gotta get this deal done.
Speaker 4: You make up.
Speaker 5: But that's a that's you make a lot of valid points.
Speaker 5: Go ahead, go ahead, you try to raise your hands.
Speaker 8: Yeah, two points basics.
Speaker 9: I want you guys to google who came up with
Speaker 9: the advertising, the marketing campaign for there to be a
Speaker 9: central spending and sales in the nineteen thirties. Go talk
Speaker 9: to great grandma there as essential or basics. Same way
Speaker 9: for those you to love bacon ks. For those who
Speaker 9: don't know, I was an advertising the marketing pride of
Speaker 9: this at We're Brene's, which is relatively of Sigma Freid
Speaker 9: created their structure.
Speaker 8: Go look and see who made it.
Speaker 9: Like that for you to not work together, not collaborate,
Speaker 9: and then go spend your money because they even though
Speaker 9: centials and the basics that you buy, there is a
Speaker 9: for profit, publicly traded corporation that benefits off of their brainwashing. Secondly,
Speaker 9: we are the only community that elects our entertainers and
Speaker 9: athletes to be the top tier to make decisions from us,
Speaker 9: and they're brainwashed by their ownership.
Speaker 8: So we have a trickle down effect.
Speaker 9: So as you guys begin to champion other people and
Speaker 9: more intellectuals, you can see a shift to would then
Speaker 9: educate our community in in ten to fifty fifteen years.
Speaker 9: We can't as a person that was broke as hell,
Speaker 9: like I would go to small and lows medebic car
Speaker 9: and boy if they boss up on their they practicing
Speaker 9: nothing's on there, go ahead.
Speaker 8: I'm not even gonna call it in. Right.
Speaker 9: We have to have one collective thing, just like how
Speaker 9: we support little Baby and QC shout out them right,
Speaker 9: how we support We have to get behind one movement
Speaker 9: of investing in one asset class and then move That's
Speaker 9: why I say it's not real estate or stocks, it's
Speaker 9: both both.
Speaker 8: But if we keep.
Speaker 9: Fighting about why and systemic racism is the issue, we
Speaker 9: get that that's the umbrella that covers everything. Right, but
Speaker 9: what is the one action that we are going to
Speaker 9: take tonight to then say I'm going to work my
Speaker 9: ass off and then now I'm gonna have my friends
Speaker 9: and family and you got to see this do it
Speaker 9: every week. This why I give away this information free
Speaker 9: when every hedge on the earth that I talked to
Speaker 9: is like, why do you.
Speaker 8: Still do the show because I'm black?
Speaker 10: But that's what I don't I don't even want to
Speaker 10: discount the one action that people haven't taken. I think
Speaker 10: they have taken action by being here tonight. I think
Speaker 10: you got seventy six eight thousand people, thirteen thousand people
Speaker 10: tooing on a Monday when they geld be doing anything else.
Speaker 11: You got on Valentine's Day.
Speaker 10: Right while you sip in that dawn p sorry, ace
Speaker 10: of Spade, while you sipp in that ace of Spade,
Speaker 10: you're watching this. So the first part is that we're
Speaker 10: educating ourselves and we are coming together, right like we're
Speaker 10: together right now. Yeah, we're having a conversation. The king
Speaker 10: off this part of this conversation. But every monthday that
Speaker 10: people are here.
Speaker 4: Well this is this is the first sis.
Speaker 5: And I like this conversation because it's it's more intellectual
Speaker 5: than just saying, oh, that's not true that they're lion.
Speaker 4: He's actually bringing up valid points.
Speaker 5: I mean, he's actually backing up information and it actually
Speaker 5: makes sense. And another thing that he said that makes
Speaker 5: sense is there is a disconnect between the upper echelan,
Speaker 5: a lot of the upper echelon wealthy black, and the
Speaker 5: vast majority of the And this is why E y
Speaker 5: L has really excelled to the level that it has excelled,
Speaker 5: because we created a ladder for having high level conversations
Speaker 5: for the vast majority on equal and that is something
Speaker 5: that there is even to this day.
Speaker 4: We won't name any names.
Speaker 5: Well, we'll talk to you know, people that are worth
Speaker 5: undreds of millions of dollars and they're black, and they
Speaker 5: don't they have a different level of the way that they,
Speaker 5: you know, are understanding, a different understanding, a different understanding.
Speaker 4: So that's a real problem, it is.
Speaker 5: But the problem I think that the reason why I
Speaker 5: think that that is is because they're so disconnected.
Speaker 4: It's like Lil Wayne saying that there's no racism.
Speaker 5: I don't think that the reason why he said that
Speaker 5: there's no racism is because he's been a star since
Speaker 5: he was eleven years old. He's not really black. He's
Speaker 5: little wing. It's like ojay, it's an ojay. He wasn't black.
Speaker 5: Oh he's ojay. He got the guy got he got
Speaker 5: like thirty tattoos on his face, like anywhere he goes
Speaker 5: in the world, everything stops for Little Wayne. So he's like,
Speaker 5: the way I'm getting treated is royalty. I can't if
Speaker 5: I'm getting treated like this and I'm black, how can
Speaker 5: there be racism?
Speaker 10: And I mean those comments he's based off of the
Speaker 10: people who he sees it from the people who come
Speaker 10: support as he's that's his world. It's a disconnects the world.
Speaker 5: I mean, that's also when you're when you're half a million,
Speaker 5: half a billion up and you know you're around every
Speaker 5: single person doesn't look anything like you, then you can
Speaker 5: start to have a certain disconnect and distain. You can
Speaker 5: you got the real conversation you have, you can have
Speaker 5: a certain level of disdain for your own people because
Speaker 5: you're like, oh, you didn't work hard enough, pull yourself
Speaker 5: up by the same rhetoric that's been run. Because now
Speaker 5: you start to actually believe it yourself, because you don't
Speaker 5: really look at yourself like that.
Speaker 4: You look at yourself like you're above the rest of
Speaker 4: these people.
Speaker 11: But that's why I said this is a financial revolution.
Speaker 4: But I'm just saying it's still a beginning stage.
Speaker 11: But that's what I'm saying.
Speaker 3: It's been.
Speaker 10: But we live by that right, there's more people that
Speaker 10: are like us than are sitting up here and no
Speaker 10: respect that inviody with the shot.
Speaker 5: People used the race card when it's convenient, Like you
Speaker 5: see you'll see Clarence Thomas talking about being black when
Speaker 5: he was going through that case.
Speaker 4: He doesn't say anything about being black, sinse.
Speaker 9: But back to the Wayne point, the other side of
Speaker 9: it too, Wayne is an asset to a music entity
Speaker 9: that still believes in the slave model. That so it's
Speaker 9: the only industry where your intellectual property is called your
Speaker 9: masters and we openingly are gonna take it from you
Speaker 9: because now you're our slave. At the time, we ain't
Speaker 9: put out his own music. That had nothing to do
Speaker 9: with Birdman, who releases music on behalf of Birdman. Let's
Speaker 9: go there. Your favorite quote from Dick Gregory who runs Universal,
Speaker 9: that was Godfather, right. My favorite quote from Dick Gregory
Speaker 9: is it's not the crabs in the barrel that causes
Speaker 9: the fighting us the hot water that is poured on
Speaker 9: top of them. The reason I have an issue with
Speaker 9: some of these conversations go look these were playing in
Speaker 9: nineteen eighty three. I gotta give a credit and Charlemagne
Speaker 9: had a two on this podcast see The Lord's Tucker
Speaker 9: and all and back in the day.
Speaker 8: They were really right about how to use rap to
Speaker 8: misinform us. Once again, we're the only community where the
Speaker 8: music is our primary educational platform.
Speaker 9: That's a mistake. But who designs that? And now we
Speaker 9: get a chance to sit into the meetings and see
Speaker 9: some of the planning.
Speaker 8: It's gonna get worse. It's a worse I agree for three.
Speaker 9: It's not going with you in a beef conversation. Same
Speaker 9: way like the other day. It was twenty six years
Speaker 9: since All Eyes on Me was released. Damn, we're getting
Speaker 9: all right. But these conversations were created in the same
Speaker 9: way that East Coast West Coast narrative got pushed by
Speaker 9: Vibe and all them these talking points that got brought
Speaker 9: up because look, they were not there probably of the
Speaker 9: nineteen fifty eight.
Speaker 8: Go Look, there's a.
Speaker 9: Person that studied advertising since the fourteen hundreds. This shit
Speaker 9: was planning in our community.
Speaker 8: Even I really.
Speaker 10: Argue about but there's a few dudes every generation that
Speaker 10: wasn't supposed to pick it out. And the code, the
Speaker 10: matrix and when they get to speak, and it's like
Speaker 10: a spoken language, right, and so that's our role.
Speaker 11: Like we said, everybody got a roll, We're gonna do this.
Speaker 10: But the people that are listening right now, the people
Speaker 10: that are watching people tune in, they got to roll
Speaker 10: into two, right, They gotta spread the message.
Speaker 11: They gott to feed what they've learned to the next person.
Speaker 10: That's why I said it's more of a revolution, right,
Speaker 10: because it's more people that's gonna be like us, that
Speaker 10: can relate to us. And so when they see us
Speaker 10: as sin, they not only are they watching us a send,
Speaker 10: they're ascending with us. Rather than saying, look how far
Speaker 10: he can go or look how far she can go.
Speaker 10: I wish I could do that. Now we all rising together.
Speaker 10: You see what I'm saying. So I agree with you
Speaker 10: in that's a great point.
Speaker 5: Yeah, all right, let's get one more question in often
Speaker 5: that was excellent.
Speaker 4: Thank you?
Speaker 6: Wait really quick for are you got king, Arthur.
Speaker 8: King?
Speaker 6: Arth?
Speaker 7: You's so there one quick point. Great great points about
Speaker 7: grocery stores and auto companies. But a grocery store is
Speaker 7: really fin margin business, Like a four or five percent
Speaker 7: margin is amazing for a grocery store.
Speaker 6: That means it's easy to fail. It's a really hard business. Succeed.
Speaker 6: You got to keep putting toilet paper on the shelf.
Speaker 7: It costs money to get to truck it in, it
Speaker 7: costs money for the person to put it on there.
Speaker 7: I mean, it's just it's a very intense, hard to
Speaker 7: make money business. And then the auto business is on
Speaker 7: the other side, you know what I mean, Like it's
Speaker 7: a big cap ex capital expenditure business. You got to
Speaker 7: create a factory to create a car, you got to
Speaker 7: do research and development for a few years. So those
Speaker 7: two things are just on the opposite end, but two
Speaker 7: very difficult businesses.
Speaker 6: Like and I'm just throwing out an idea. I'm you know,
Speaker 6: I don't own any businesses. I'm full disclosure. I don't
Speaker 6: own a bus.
Speaker 7: This, I don't own like a plan to do this.
Speaker 7: But a lotion company will be in just a natural fit.
Speaker 7: It's a very low end entry to get into the business.
Speaker 7: Who doesn't use lotion? And if we all made or
Speaker 7: you all came up with a lotion and toil all
Speaker 7: your follows use it, what will be the difference between
Speaker 7: this lotion and the other?
Speaker 6: All lotion does the same stuff.
Speaker 5: Shah, that's like Shae moisturized. It not Carol's daughter, Carol's
Speaker 5: doing it, but they sold. They sold the company.
Speaker 2: Yeah, and the and and and I and I definitely,
Speaker 2: I definitely agree with you. The contention I would make
Speaker 2: with that is that when it comes to personal care,
Speaker 2: we while they talk about the when they so when
Speaker 2: they talk about how much we spend on those things
Speaker 2: personal care, clothing, and those times, they'll just they'll state
Speaker 2: the raw number, like the dollar number. However, we spend
Speaker 2: less than three percent of our spending on those things.
Speaker 2: So even if we spent every single dollar that we
Speaker 2: did on personal care and on clothing, that would be
Speaker 2: three percent of our total spending that we would be
Speaker 2: able to capture. I think, to my to our point,
Speaker 2: I think to your point, obviously, transportation is very difficult
Speaker 2: because the capex is very high.
Speaker 3: Food is very difficult because it's a thin margin.
Speaker 2: However, what we're talking about is a very difficult situation,
Speaker 2: and we're gonna have to take a major risk if we.
Speaker 3: Want that major change.
Speaker 2: And the only people who are in the position to
Speaker 2: take that major risk, even though I don't want to,
Speaker 2: like I said, it's not about picking, they're the ones
Speaker 2: who are most in the position to be able to
Speaker 2: take that major risk are those with the most money,
Speaker 2: you know what I mean.
Speaker 3: And so the easiest spot, I think is real estate.
Speaker 2: That's the easiest and obvious place to be able to
Speaker 2: do it, to be able to capture our money. And
Speaker 2: also that's where we still spend the most of our money, you.
Speaker 3: Know what I mean.
Speaker 2: And in addition to that, the US government gives the
Speaker 2: black community ten billion dollars every year in housing vouchers,
Speaker 2: ten billion, and the overwhelming majority of that goes to
Speaker 2: black women, you know what I mean. And however, I
Speaker 2: think made less than two billion of that gets captured
Speaker 2: back into our community, in large part because those of
Speaker 2: us who do own the housing that can rent are
Speaker 2: reluctant to relate to rent to their aunts and cousins.
Speaker 9: I give a very obvious answer to most people don't
Speaker 9: think about I'm gonna talk about tech all the time.
Speaker 9: Building the tech company does not cost as much as
Speaker 9: you think. To get an MVP. I'll say that I
Speaker 9: want to go into must deeper detail, but I want
Speaker 9: to get another question in. But I will say for
Speaker 9: those of you that are promoting brands and go look
Speaker 9: to see what a scalable MVP cost if you get
Speaker 9: a built let's just say in Australia, it doesn't not
Speaker 9: cost as much as you think.
Speaker 8: I'll say that, Well, you.
Speaker 9: Have to have a courage to stop going for long
Speaker 9: hanging businesses and long hunging fruit and go for the
Speaker 9: businesses that can really matter.
Speaker 4: I can't want to be free.
Speaker 5: And when you don't know what, when you don't know
Speaker 5: what to do, you do what you know. And that's
Speaker 5: one of the things with businesses, like you know, we
Speaker 5: we know how to do a barbershop, we know how
Speaker 5: to do a restaurant, we know how to do that,
Speaker 5: and that's something that we've seen we don't really we
Speaker 5: haven't really seen too many high level tech companies that
Speaker 5: have taken off.
Speaker 4: So that's why exposure. That's why we're e y L
Speaker 4: this year.
Speaker 5: We're highlighting tech companies so we can actually give that
Speaker 5: you know, aid to information, but also the exposure because
Speaker 5: you're right, but you know, part of that is the exposure.
Speaker 5: The other part of it is information. The other part
Speaker 5: of it is relationships. The other part of it is capital.
Speaker 8: So you know, it's part of the execution because people
Speaker 8: execute the capital.
Speaker 9: So I'm gonna come back on a ramp side real quick,
Speaker 9: build faster. You guys know sound called Apple Music, Netflix, Hulu.
Speaker 9: OnlyFans build build. Those who don't have dates enjoy. Kesha's
Speaker 9: not going to see you tonight at twelve thirty.
Speaker 8: She's not. She's busy.
Speaker 9: Go build some tech and quit talking if you really
Speaker 9: want to be free. And for those of you in Atlanta,
Speaker 9: part of I love Atlanta, especially those of you from
Speaker 9: from their shat of dom.
Speaker 8: Is a warrior spirit La Bay Area warriors spirit. Quit
Speaker 8: talking about it.
Speaker 9: We're the only group of people on earth to talk
Speaker 9: about our community problems on open platforms.
Speaker 8: The answers to go and build.
Speaker 9: I didn't like the commentary that I saw on the market,
Speaker 9: so I approached it. These are the ones to invest in.
Speaker 9: These are trash fill Its very clear, these are the prices.
Speaker 9: If it don't work, I'll give you my money. If
Speaker 9: I made you money, please put yes and chet. Nobody
Speaker 9: did that. Pride of me, excluding nobody, go build.
Speaker 5: Yeah, you got you have to build, and I think
Speaker 5: that that's I mean, if you look at eyl right,
Speaker 5: we built the media company. So but we also have
Speaker 5: to have a certain level of understanding, compassion, and we
Speaker 5: have to you know, we have to have a certain
Speaker 5: level of empathy too, because people a have been beating
Speaker 5: down for a long period of time mentally, and people
Speaker 5: don't have confidence. So part of having the part of
Speaker 5: one of the major parts of education is that it
Speaker 5: gives you confidence. You're not really confident if you're not
Speaker 5: fully educated. So this is why we create a platform
Speaker 5: to actually educate people so they could become more confident,
Speaker 5: and then with that confidence, then they can execute.
Speaker 11: In the words.
Speaker 10: Frank you learn in the words of the great Beanie Seagull.
Speaker 4: What's your what's your what's your reply?
Speaker 8: So you have.
Speaker 11: I thought you was like catching the words I thought.
Speaker 8: Question for you? Right last one.
Speaker 9: If we're playing against Rock Nation, we got a red
Speaker 9: pand your wife a hooped team, and you passed me
Speaker 9: the ball and there's three seconds left and I let
Speaker 9: the clock run out. Are you're gonna have compassion that
Speaker 9: I lost the championship? You're gonna make the face right.
Speaker 9: So if we're in dire straits and we're down for
Speaker 9: our last three seconds, there's no room for compassion.
Speaker 8: That was room for compassion with Jesse there Martin. Now
Speaker 8: there's no room for compassion now we're damning on death.
Speaker 8: Door step quit plan.
Speaker 9: They can be the nice guys, but when you walk
Speaker 9: into these rooms, shut up.
Speaker 8: Promise, oh go go.
Speaker 9: Look who promises that he building with yay, that he's
Speaker 9: going to launch is going to destroy the financial industry?
Speaker 9: Brother like us, I say, hey, what you do to
Speaker 9: build it? I paid for it and built it myself
Speaker 9: to work on them for six years. What advice you
Speaker 9: got for people who really want to build? He said,
Speaker 9: people that really want to build on the advice that
Speaker 9: sounds cute, that sounds cut in them comments, Oh man,
Speaker 9: we need to be soft on each other. There is
Speaker 9: no room if you have kids, fellas you have a woman.
Speaker 9: Look at your woman, asks her right now? Do I
Speaker 9: got enough money for you to never leave me? It
Speaker 9: ain't about the money, but ask heart. That's why they
Speaker 9: like them rants.
Speaker 8: Because they know I'm doing what I'm talking about. There's
Speaker 8: no room for compassion. No room.
Speaker 6: Yeah, man, I gotta I got a firmly.
Speaker 9: Cut this out, bring off the back too, Raise your hand, bro.
Speaker 6: Got raise my hand, My bad, This is good man.
Speaker 6: A man makes money. Money can never make a man.
Speaker 9: I agree, But we need capital in order to help
Speaker 9: build each other My main thing is if you know
Speaker 9: ten people that need help, we shouldn't go to a bank.
Speaker 8: They should come here.
Speaker 9: That's why every week I'm like, hey, even people like hey,
Speaker 9: I need help them with my pitchtick. If the product
Speaker 9: is good and we have enough money, we should be
Speaker 9: able to fund our own things.
Speaker 6: Yeah, but I mean that that could. It should.
Speaker 7: There's a lot of reasons why. Some of that's not happening.
Speaker 7: Some of it is our fault. Some of its systemic.
Speaker 7: Some of it's just America, man, Like, everybody can't be rich.
Speaker 7: Capitalism creates inequality. Period, we enjoy the fruits of capitalism.
Speaker 7: I got a great phone right here, man. This is capitalism.
Speaker 7: I can watch movies on it. I can text y'all
Speaker 7: my computer craft that I hit y'all with a text
Speaker 7: in two seconds. Y'all saw the message two nanoseconds later.
Speaker 7: That's capitalism. But some of that is also an equality.
Speaker 7: We got to understand. That's part of it. Every time
Speaker 7: you buy a stock and it goes up twenty percent,
Speaker 7: somebody else sold it and they lost the opportunity to
Speaker 7: learn that twenty percent of another stock went down twenty percent.
Speaker 7: It's to EBB and the flow of things. I think
Speaker 7: what you're saying is we're not playing on a level
Speaker 7: playing field. And why are we not playing a level
Speaker 7: playing field? There's multiple reasons. Are the things that we
Speaker 7: can do to try to level it out a little bit? Absolutely?
Speaker 7: My man King Arthur, he was like, well, it's only
Speaker 7: three percent if we spend our money on personal care products,
Speaker 7: but it's three percent of one point six trillion dollars.
Speaker 7: And if we own it. It's also a high margin business.
Speaker 7: Lotion has incredible market up. I would imagine I don't
Speaker 7: notice for a fact, but I'm just gonna imagine it's
Speaker 7: some juices, some water, and some aloe in there, you
Speaker 7: know what I mean. So I can't imagine. There's a
Speaker 7: lot of high input costs, but that would be a start.
Speaker 7: We got to start places like I got my lady's
Speaker 7: flowers behind me. I'm gonna be honest. I did not
Speaker 7: buy them from a black wall. I wish, I wish
Speaker 7: I would add, I shouldn't. You know what I'm saying.
Speaker 7: I'm gonna keep it realer with you though. When my
Speaker 7: mom passed away, I did buy flowers from a black forest.
Speaker 7: I went to a black mortician because That's how that
Speaker 7: girl was. You know what I'm saying. She told me,
Speaker 7: we don't spend our money, but we're not welcome. We
Speaker 7: don't spend our money with people don't appreciate it, you
Speaker 7: know what I mean? Period, And I really try to
Speaker 7: live my life that way. It can be hard to
Speaker 7: always go to black businesses just because that's just the
Speaker 7: how life is. And we all have fast paced lives.
Speaker 7: And there is no black cell phone company, and there
Speaker 7: is no black ring.
Speaker 6: Like met I got a ring here. But if you try,
Speaker 6: it makes a difference. It's small steps.
Speaker 9: I'll say this in closing, and with you being from Philly,
Speaker 9: I think as a powerful as we are as consumers,
Speaker 9: I want us to stop being fiends for other corporations
Speaker 9: and be investors.
Speaker 8: I think it's crazy.
Speaker 9: That we helped build the career Beanie, Sigull, Meek mil Ludacris, Tupac, Biggie,
Speaker 9: all of the Chopped, Everybody of Death Jam. Don't change
Speaker 9: my meetings because of red Man, ll cooj Love Baby,
Speaker 9: the Baby Gunna and then the fans who help make
Speaker 9: these people get none of the money. But I just
Speaker 9: want us to switch from being fiends for consumerism to investors.
Speaker 9: I mean I delivered in the most polite way.
Speaker 6: Wait, did you did you buy that nis n FT?
Speaker 6: Those people? Mm hmm, I mean other I don't know
Speaker 6: if you're NFT believer.
Speaker 8: I am, and I am I'll see that. I called it.
Speaker 7: Thank you and being from Philly, man, and being from
Speaker 7: Philly speaking of man like on a real man, dude.
Speaker 6: I used to pray for times like this, the rhymes like.
Speaker 7: This, like that, like you know what I mean? Like
Speaker 7: this took a minute, right with you. This didn't just
Speaker 7: happen overnight. I started out, he makes the last trust me.
Speaker 7: This did not start happen overnight.
Speaker 4: That's a legend. That's actually Frank.
Speaker 5: This is actually a very very h fun conversable man.
Speaker 5: It was dope to have so many different perspectives. Arthur
Speaker 5: came in with an m v P performance. That was he.
Speaker 6: That will right there. Man came off the bench fire.
Speaker 4: Like Bernion Maxwell.
Speaker 11: He thought he's back at GW go watch all this
Speaker 11: highlights the.
Speaker 5: Left twenty off the bench. That was an amazing off
Speaker 5: the bench performance.
Speaker 9: My graduates from my school being forced bad drop bag
Speaker 9: drop my drop bad drop drops.
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