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Speaker 1: all you need.

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Speaker 2: All right, guys, Welcome back eyl Nostalgia Audition Audition.

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Speaker 3: Yeah for sure.

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Speaker 2: So if you were rocking with earning your lisia, you

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Speaker 2: know that if you're a Day one supporter, Day one listener,

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Speaker 2: you know that the first ten out of twelve episodes

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Speaker 2: that we did something lone Elf Lines didn't. We didn't

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Speaker 2: have any guests. We had a whole format of how

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Speaker 2: we how we created your legion. It wasn't built on guests.

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Speaker 2: It was built on case studies and breaking down trending

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Speaker 2: topics like in like pop culture was related to business,

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Speaker 2: telling stories. It was a whole thing that we had

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Speaker 2: and it really became really popular. People liked it and

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Speaker 2: we kind of just fell into having guests. By default,

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Speaker 2: it was inevitable it was to have guests, so we

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Speaker 2: just had it. Then we just fell in love with

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Speaker 2: having guests and we just been doing that ever since,

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Speaker 2: for months and months and months. But everywhere we go

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Speaker 2: all of our Day one listeners and supporters have always

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Speaker 2: acts like, can we get at least one episode how

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Speaker 2: it used to be without any guests?

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Speaker 4: Man? Is it they originated? Yeah, back to where we started.

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Speaker 2: Next week will be back with our regularly scheduled guests.

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Speaker 2: We got a lot of dope interviews with different guests

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Speaker 2: in the Oven, but we wanted to bring it back

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Speaker 2: to where it originally started. We actually kind of missed

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Speaker 2: the format and it was actually really dope.

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Speaker 4: So it took me back to the times where it

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Speaker 4: was like, Yo, Tuesday, let's have a meeting, but we're

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Speaker 4: gonna talk about Thursday, let's finalize it and come up

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Speaker 4: with the ideas, and Saturday let's just shoot. It's like

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Speaker 4: that routine kind of changed now, but it's good to

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Speaker 4: come back to it, man, because we always we always

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Speaker 4: gonna have ourselves.

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Speaker 3: Yeah, it's like riding a bike, like we always have myself.

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Speaker 2: Now, this is something I'm excited about because we got

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Speaker 2: a lot to talk about and we wanted to just

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Speaker 2: kind of just break it up a little bit and

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Speaker 2: just just just give you guys us. Yeah.

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Speaker 3: Man, So so that's who we're gonna do this episode.

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Speaker 2: But before we start, by the time you guys here,

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Speaker 2: this will be like a few days until our big

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Speaker 2: DC takeover, and that's gonna be crazy. It's gonna be crazy.

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Speaker 2: I ain't gonna talk about it too much.

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Speaker 3: So much.

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Speaker 2: But there's a few tickets left for the workshop. VIP

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Speaker 2: is sold out by the time you hear this. We

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Speaker 2: might be able to get a couple more tickets. I

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Speaker 2: don't know, but workshop, we still have some tickets, a

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Speaker 2: couple of tickets available for that, and it's gonna be

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Speaker 2: a vibe man, we're looking forward to Wenna.

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Speaker 4: Put the list of people who's gonna.

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Speaker 2: Be Yeah, everybody's gonna be there, Man Max Maxwell, ash Cash,

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Speaker 2: Wall Street Trapper, Rashana Scott, Mobile homes Elite, ut MG,

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Speaker 2: the Mortgage Guy, Andy from Y two K Credit Solution,

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Speaker 2: Derek Falcon from Homemade Sabine, The Purpose Attorney, Miss Business.

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Speaker 3: It's gonna be it's gonna be crazy.

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Speaker 4: So that's like twelve episodes in the.

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Speaker 2: So yeah, so, like I said, we we gotta plug it.

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Speaker 2: Hopefully we see you there. If not, we catch you

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Speaker 2: in the next one. We're gonna release information on the

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Speaker 2: next one pretty soon. But all right, so we're gonna

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Speaker 2: jump right into this episode with a trending topic something

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Speaker 2: that actually we put it on Instagram like a month

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Speaker 2: and a half ago and we asked like should we

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Speaker 2: cover this, and overwhelming everybody wanted us to cover it,

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Speaker 2: but we just didn't have enough time because.

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Speaker 4: You call, I remember you put it up on like

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Speaker 4: a Thursday, and like Friday was like, yeah, we got

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Speaker 4: to cover this on Saturday, and I'm like, yo, we

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Speaker 4: got a few people lined up that we got an interview.

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Speaker 4: I don't know if we can do it. We're like, yo,

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Speaker 4: let's do it on Instagram Live. I'm like, nah, this

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Speaker 4: needs more than Live, this needs this needs a segment.

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Speaker 2: Yeah, So we didn't really have time, but we just

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Speaker 2: kept it in the back burner. So we're gonna cover that.

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Speaker 2: In the first segment. We're gonna cover that, and it's

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Speaker 2: in regards fashion, licensing, ownership, TRADEMARKT trademark and all that stuff.

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Speaker 2: And then in the second segment, we're gonna talk about

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Speaker 2: multiple streams of income important E y L is multiple

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Speaker 2: streams of income. So we're gonna give you the blueprint

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Speaker 2: and you know, full transparency is our whole theme. And

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Speaker 2: then the third segment, we're going to talk about some

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Speaker 2: different financial topics that people a lot of times aren't fully.

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Speaker 4: Aware of, and we're gonna test your expertise. Man, like

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Speaker 4: this questions I had. I'm like, we've never even had

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Speaker 4: these conversations. So it's gonna be dope. I get to

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Speaker 4: do some questions at you.

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Speaker 2: All right, So we're gonna start this off with a

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Speaker 2: throwback from the past, everybody's favorite segment that.

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Speaker 3: It's the only right we do it forty episodes.

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Speaker 4: You gotta give him the intro, like you always do.

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Speaker 2: Ladies and gentlemen, boys and girls without further ado story time.

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Speaker 3: Here's a little story that must be to listen up,

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Speaker 3: gangsters and honeys with your head done.

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Speaker 4: Best storyteller stuff man Rader.

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Speaker 2: So first and foremost. You know Kanye West. That's uh

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Speaker 2: our brother.

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Speaker 4: We can't throw him away.

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Speaker 3: He Kanye West. You went to his concert?

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Speaker 4: I go to a lot of I've been to a

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Speaker 4: number of his concerts. I remember the first time I

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Speaker 4: saw him. He was opening up for Usher on a

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Speaker 4: Confessions tour. That's how far back.

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Speaker 2: But he went to his most recent concert. Yeah, I

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Speaker 2: was at the La Jesus Is King.

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Speaker 4: We told that story alive. Yeah, I went. I went

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Speaker 4: to Sunday Service.

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Speaker 2: Man, he went to Sunday Services because we was at

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Speaker 2: Complex cam Me, Mike Jamore you. We was at Complex

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Speaker 2: con in l A and Long Beach and he had

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Speaker 2: his show and you bought tickets to the show.

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Speaker 3: All of us.

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Speaker 2: Yeah, man, And he was about to go is in

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Speaker 2: Inglewood and you got in the uber and nobody else

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Speaker 2: got it.

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Speaker 4: Listen, let's paint this picture. It was like three o'clock.

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Speaker 4: I'm like, yo, the show starts at at four, Like

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Speaker 4: I'm calling this uber right now. Guys, it's a forty

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Speaker 4: five minute ride to Inglewood. Y'all coming with me, and

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Speaker 4: everybody's like. I was like, I'm calling the uber. We

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Speaker 4: all walked outside. I got into uber. I looked back.

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Speaker 4: I saw y'all standing on the curve. I said this,

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Speaker 4: I'm closing this door. It's gonna be a one man journey.

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Speaker 4: And I looked and y'all took two steps backwards and

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Speaker 4: I closed the door and I said, I'm going.

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Speaker 2: Yeah, was in fact shout out to ye no disrespect,

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Speaker 2: no disrespect.

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Speaker 3: Yeah, it left me.

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Speaker 2: Ya just wasn't in vis. You gotta be mentally prepared

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Speaker 2: for that.

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Speaker 4: And I'm not mad at it. I told you when

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Speaker 4: and I doubled back. I came back. I was like,

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Speaker 4: you know what, some things you need to experience by yourself.

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Speaker 4: I kind of I needed that, man. It was an

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Speaker 4: emotional moment.

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Speaker 2: Shout Sunday shot, Yeah, you went by yourself, but shout

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Speaker 2: out to complex content.

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Speaker 3: I was.

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Speaker 2: But I say that to say, we're gonna talk about

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Speaker 2: Virgil Ablow. Yeah, right, and Virgil if you don't if

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Speaker 2: you don't know, is he just recently took the.

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Speaker 4: Head job at the hell designer of Louis.

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Speaker 2: Louis Vaitton, I think the men's Louis Vuitton, right, And yeah,

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Speaker 2: so he's he's big in fashion obviously, but before that,

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Speaker 2: he has a brand called off White. Off White, if

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Speaker 2: you're not familiar, is huge. Just it's it's one of

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Speaker 2: these things where all of the rappers, where all the

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Speaker 2: athletes wear it, and it costs a thousand dollars for

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Speaker 2: a T shirt.

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Speaker 3: It's crazy.

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Speaker 5: It's like, you know, off White, It's like a thing.

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Speaker 2: But so I mentioned Kanye West because Virgil comes from

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Speaker 2: Kanye's tree. So when we talk about Kanye's tree, we

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Speaker 2: talk about his musical tree, right, people that have come

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Speaker 2: from him. So the big Seawans of the world, the

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Speaker 2: John Legends of the world, kid Cuddies of the world,

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Speaker 2: these are all people that come from Kanye's tree. No no, no,

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Speaker 2: we can't put drinking there. No no, no, we can't

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Speaker 2: play with Drake like that. But so so shout out

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Speaker 2: to the six Guard. So so that's so d so.

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Speaker 2: But but music is crazy, his his his his branches

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Speaker 2: is crazy in music. But even more impressive is his fashion.

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Speaker 2: So people, I would say more impressive. The people come

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Speaker 2: from under Kanye in fashion is Jerry Lorenzo Fair of God,

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Speaker 2: Virgil Ablow who we just talked about don Ce who

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Speaker 2: worked the Jordan brand and what else did he do?

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Speaker 4: He still has it and he has the rs VP shop. Yeah,

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Speaker 4: he has a couple of deals he did. Uh, he

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Speaker 4: did a deal with the NBA where he likes in

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Speaker 4: some of this stuffy.

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Speaker 2: And Virgil and Kanye actually moved to the all of

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Speaker 2: them literally for like six months, and they interned Louis

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Speaker 2: So it's crazy.

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Speaker 4: So a right, Louis Vautan don Actually no, Louis Vuitton don.

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Speaker 2: Yeah, he got his whole name from that whole vibe.

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Speaker 2: So what happens? Okay, So Virgil starts a company called

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Speaker 2: off White, and off White blows up. Off White becomes

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Speaker 2: a really big thing, and it's one of those things,

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Speaker 2: like I said, where everybody's just it's like you got

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Speaker 2: to get off White.

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Speaker 4: Sure it started before like he built the buzz because

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Speaker 4: he had that pirate there was like this pirate's vision

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Speaker 4: that fashion line that he had done, but it was

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Speaker 4: he was pointing it on other pieces of cold and

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Speaker 4: so you might see a Champion sweatshirt, but it had

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Speaker 4: like the Pirates stuff on it, so push your tea

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Speaker 4: obviously that makes sense, right, He's part of that that

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Speaker 4: crew that conglomerate at Kanye Conglomerate. So they was wearing

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Speaker 4: it and then that Pirates became a big thing, like Jay,

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Speaker 4: whar is it? That was big? And then somebody saw

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Speaker 4: the light in him.

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Speaker 3: Yeah, that's a fact.

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Speaker 2: So Marcelo Brown, Berlin Burlin, Marcelo Marcello, Yeah, Marcelo Burlin

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Speaker 2: recruits him to come to Italy, right, and so Mark

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Speaker 2: he owns the New Guard group. Yeah, him, he has

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Speaker 2: two parts, which is a fashion conglomerate, right, So he

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Speaker 2: takes him to Italy and he shows him their manufacturing factories.

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Speaker 2: So yeah, we started laughing because it's like when Kanye.

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Speaker 2: Remember when Kanye was on Sway and he was like

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Speaker 2: he was talking and nobody really understood what he was

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Speaker 2: talking about, and he was like, I can't produce this level.

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Speaker 2: I can't produce and they like why would you? Like

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Speaker 2: what are you talking about? And he's like, yo, got

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Speaker 2: dance to sweat.

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Speaker 4: They only gonna give us tea shirts a hat.

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Speaker 2: And so he's like and even Charlman was like what

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Speaker 2: do you Nobody really knew what he was talking about.

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Speaker 2: He didn't really do a good job of explaining what

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Speaker 2: he was talking about, but he was just saying like

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Speaker 2: he didn't have the factories to produce, and it just

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Speaker 2: didn't go over well.

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Speaker 3: Right.

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Speaker 2: But it's crazy because it's like when Virgil, they said,

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Speaker 2: when he when he went there and he saw the factories.

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Speaker 2: I don't know what they with these factors like magical fits,

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Speaker 2: like Willie Walker in the Chalcoling factory. So he saw

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Speaker 2: these factories and he realized that he couldn't compete Get

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Speaker 2: down later type vibe. So he saws his company and

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Speaker 2: you know what's crazy is that shout out to Dapper Dam.

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Speaker 2: But when Dapper Dam was on the Breakfast Club when

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Speaker 2: that's what really started this whole vibe. Dapper Dam was

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Speaker 2: on the Breakfast Club and Charlemagne kept pushing him like, yo,

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Speaker 2: why don't you just own your own joint?

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Speaker 4: Like why are you working for Gucci? You've done so

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Speaker 4: much for this company. You brought the street with and

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Speaker 4: Contour together, like create your.

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Speaker 3: Own, create your own things.

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Speaker 2: So then he kept pushing them on that, and then

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Speaker 2: that was like, well, who what black designer owns.

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Speaker 3: Their own outright?

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Speaker 2: Like on a high level, on a very high level,

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Speaker 2: and he was like off white Virgil, and then he

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Speaker 2: was like does he does he? So then Charlamagne was like, well,

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Speaker 2: what does that mean?

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Speaker 3: What are you saying.

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Speaker 2: He's like, I'm not saying anything. He's like, through your research,

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Speaker 2: I promise you. Like as soon as I saw that,

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Speaker 2: and then one week later this whole story. I was like, yo,

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Speaker 2: I'm doing the research and then we found this, I'm

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Speaker 2: like so surprised. It turns out that he doesn't own

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Speaker 2: off white. New Guard Group owned off white right majority state.

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Speaker 2: So what happens is that he sold it to the

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Speaker 2: New Guard Group. All right, it happens all the time

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Speaker 2: people sell that company. But what makes this interesting is

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Speaker 2: that he still has control over it in a certain

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Speaker 2: way because he kept the licensing right. So this is

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Speaker 2: very important. This, this is this is where the story

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Speaker 2: gets interesting. So he sold the company to the New

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Speaker 2: Guard Group, but he kept licensing rights. So what happens

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Speaker 2: is that New Guard was in control of development, distribution,

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Speaker 2: and manufacturing, so they they wach everything everything right, but

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Speaker 2: but he was in control of licensing. So in order

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Speaker 2: for them, in order for them to put it in

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Speaker 2: any store, or to sell it. Effectively, they have to

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Speaker 2: rent the licensing rights from him and then they split.

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Speaker 2: They don't they didn't say what their agreement was as

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Speaker 2: far as the split, but they split. Let's just say

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Speaker 2: hypothetically the fifty to fifty split. And so he still

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Speaker 2: makes money, but he's not actually doing anything which actually

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Speaker 2: works out for him now just he could focus and

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Speaker 2: to see his energy on running Louis Vatan.

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Speaker 4: Yeah, and that's the beautiful thing about licensing and trademarking

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Speaker 4: is that he can do it with this one and

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Speaker 4: right now, this group that this deal that he has

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Speaker 4: with New Guard and we'll talk about who they sold

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Speaker 4: it to, is that this one's exclusive. But the next time,

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Speaker 4: and like we said, we don't know the terms of

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Speaker 4: the money in the contract. We don't know the terms

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Speaker 4: of the years either. But as soon as this deal

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Speaker 4: is done, he can license to New Guard, he can

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Speaker 4: license to this person. He could I mean, he can

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Speaker 4: do it as many times or with whoever you want.

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Speaker 2: So the licensing thing is extremely It's an interesting conversation,

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Speaker 2: especially when it comes to fashion, because people don't fully understand, like,

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Speaker 2: you know, who's huge in fashion, so Disney, You never

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Speaker 2: really think about it like this and shout out the

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Speaker 2: Prince Darnell, another ey L alumni, he was. He was

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Speaker 2: in a store I think like a month ago. He

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Speaker 2: did a whole Instagram clip about this. But Disney licensed

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Speaker 2: their characters out all the time, all the time, especially fashion.

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Speaker 2: They're real big in fashion. So we talked about like

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Speaker 2: back in the day with Iceberg with Goofy, and Goofy

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Speaker 2: was on all the sweaters. They're not using Goofy just

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Speaker 2: saying I want to use Goofy. No, you can't do that.

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Speaker 2: It's a selling you got a license it.

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Speaker 4: So they did. They had Mickey too. I remember they

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Speaker 4: I remember the sweater. Vicky had the one. So they

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Speaker 4: had Mickey, they had Goofy, Peanuts. They also licensed that.

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Speaker 4: But it's like they have to pay to use those characters.

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Speaker 3: Yeah.

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Speaker 2: And the crazy thing is like, so when you go

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Speaker 2: in the mall, because you see especially now it's Holliday time,

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Speaker 2: you see a bunch of shirts with Snoopy, Mickey, especially

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Speaker 2: Mickey Mouse, Mickey Mouse Mini Mouse.

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Speaker 3: They're huge.

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Speaker 2: You never really tried, you never really paid attention, right,

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Speaker 2: But if you go and you look at the tag,

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Speaker 2: they're not gonna say Disney right.

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Speaker 4: You could go in Old Navy right now and find

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Speaker 4: the Mickey Mouse t shirt or Urban Outfitters.

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Speaker 2: And all of these, all of these different companies that

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Speaker 2: put those characters on it, they have to pay Disney, right,

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Speaker 2: so they license their characters out on Fashion. They license

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Speaker 2: all this stuff out too.

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Speaker 4: Music.

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Speaker 2: Yeah, they like the Netflix. Right before they started their

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Speaker 2: own streaming service, all of the Marble catalog was on Netflix, right.

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Speaker 2: Netflix is paying Disney big money, big money to use this.

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Speaker 4: It's the reason why now like with Disney Plus that

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Speaker 4: all like Black Panther's not on Disney Plus yet, or

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Speaker 4: like Star Wars, the New Hope is not on Disney

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Speaker 4: Plus yet because the licensing agreement hasn't run out. As

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Speaker 4: soon as it does, that'll be on Disney Plus. Netflix

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Speaker 4: will never see another Disney product.

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Speaker 3: Yeah.

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Speaker 2: So it's the same thing with fashion and some of

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Speaker 2: your top favorite designers they don't own right. You think

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Speaker 2: they do because it's the name, because it's the name,

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Speaker 2: But larger corporations like the New Guard Group, they own it, right.

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Speaker 2: So this happens all the time. Also, we talked about

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Speaker 2: as far as even in real estate. So Trump is

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Speaker 2: a guy, Yeah, Donald.

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Speaker 4: Trump in New York City. You know, like especially maybe

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Speaker 4: ten years prior to today, when you drove down the

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Speaker 4: West Side Hiway, it was nothing but buildings that said

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Speaker 4: Trunk Tower, Trump Tower, Trump Tower, Trump Tower. He doesn't

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Speaker 4: own the building, the land itself. He just licensed his

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Speaker 4: name to put it on the building, which in turn

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Speaker 4: people associate with the lifestyle. It's like, this is high luxury.

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Speaker 4: I'm living in the Trump Tower. I have money, I

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Speaker 4: have high luxury. There's a certain lifestyle that comes with it.

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Speaker 2: Yeah, he did that probably the best, honestly, I mean,

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Speaker 2: hate it and love it. But you gotta always look

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Speaker 2: at a business case study, right, You got to take

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Speaker 2: emotions out when you're looking at business. So whether you know,

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Speaker 2: politics is very divisive. So whether you love them, whether

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Speaker 2: you hate them, whatever, you gotta look at the business

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Speaker 2: model behind it. Like all of this stuff from his ties,

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Speaker 2: a lot of his golf courses, all of those buildings,

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Speaker 2: those Trump Tower, very few of those. Does he actually

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00:16:09,680 --> 00:16:13,880
Speaker 2: own the casino too. He licensed his name. People pay

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Speaker 2: him because he built the brand around Trump, the name Trump,

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00:16:18,480 --> 00:16:21,440
Speaker 2: and now it's like, okay, just the name on itself,

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Speaker 2: I can make money via value. So this is what

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Speaker 2: makes the Virgual deal interesting because it's like, okay, like

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Speaker 2: we said, people sell their companies all the time. We

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Speaker 2: talked about Kylie Jenner recently selling fifty percent of our company.

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Speaker 2: So he sold the company, but he also is making

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Speaker 2: money on the back end because he licensed.

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Speaker 4: It, right, And that's one of the things they said,

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Speaker 4: especially in fashion, if anyone's trying to start something, owning

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Speaker 4: the trademark is probably the most valuable thing you can

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Speaker 4: have in fashion because you that lives on forever. Like

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Speaker 4: this least agreement that you might have eventually they're renting,

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Speaker 4: but that lives on forever. As soon as that agreement

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Speaker 4: is done, you can find seven different partners to now

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Speaker 4: license with, and then that lives on in perpetuity. Like

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Speaker 4: keep that. He you know what he does. He owns

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Speaker 4: his masses. We always talk about music. Yeah, Virgil owns

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Speaker 4: his masses.

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Speaker 2: But so, but now what happens is that so New

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Speaker 2: Guard Group gets brought. So it happens, okay, So Virgil

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Speaker 2: has to deal with New Guard Group, right, and he

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Speaker 2: sells him a percentage of a large percentage of the company,

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Speaker 2: but he keeps the licensing agreement.

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Speaker 1: Right.

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Speaker 2: They do all of the work, they manufactured, they distributed,

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Speaker 2: they do everything, he gets paid and they have a

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Speaker 2: good relationship, I'm assuming, right, But now New Guard Group

386
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Speaker 2: gets brought by G three three, which is another fashion

387
00:17:33,640 --> 00:17:36,600
Speaker 2: conglomerate company. So now this way it becomes a little

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Speaker 2: complicated because it's like, Okay, it's like a record label.

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Speaker 2: We HAVET Mickey facts only saying he got dropped by

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Speaker 2: one record label or his record label got acquired by

391
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Speaker 2: another record label. Right, So it's like you might have

392
00:17:45,000 --> 00:17:50,120
Speaker 2: a good understanding with an executive at RCA, but now yeah,

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00:17:50,200 --> 00:17:52,840
Speaker 2: so now it's a whole different, you know, relationship. So

394
00:17:52,880 --> 00:17:55,280
Speaker 2: it's the same thing with this, right, So it's like, Okay,

395
00:17:55,880 --> 00:17:57,760
Speaker 2: you might not be on the same page, right because

396
00:17:57,800 --> 00:18:00,880
Speaker 2: now you got the company that you sold, the two

397
00:18:00,920 --> 00:18:05,280
Speaker 2: guys acquired. Right, So I'm assuming that you know, obviously

398
00:18:05,400 --> 00:18:08,520
Speaker 2: Virgils seasoned, and I'm assuming he has a good counsel

399
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Speaker 2: and he's around good people that's given him good advice

400
00:18:11,160 --> 00:18:13,359
Speaker 2: and he's noledge with himself. So now what you do

401
00:18:13,400 --> 00:18:14,600
Speaker 2: is you put a termination.

402
00:18:14,320 --> 00:18:17,320
Speaker 4: Clauset, a termination provision really, so it's like what that

403
00:18:17,400 --> 00:18:21,240
Speaker 4: means is like if a brand, if the company decides

404
00:18:21,280 --> 00:18:23,400
Speaker 4: to put out stuff that does not represent the brand

405
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Speaker 4: any further. Then he has the right to say, you

406
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Speaker 4: know what, we don't want to do business anymore since

407
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Speaker 4: you've sold it the company and we lost our agreement.

408
00:18:30,840 --> 00:18:34,240
Speaker 4: If you can't match what we are expectations going forward,

409
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Speaker 4: if we're not a high luxury brand and going forward

410
00:18:36,920 --> 00:18:38,600
Speaker 4: we end up in like a TJ Max or something,

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Speaker 4: are deals terminated.

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Speaker 3: Yeah, it's very important.

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Speaker 2: So that's very important because you always gotta I always

414
00:18:45,480 --> 00:18:48,040
Speaker 2: give the analogy of like when you go to the movies,

415
00:18:48,080 --> 00:18:49,720
Speaker 2: like before a movie starts, they they always say, like,

416
00:18:49,720 --> 00:18:51,640
Speaker 2: disit an exit right when you get on a plant,

417
00:18:51,640 --> 00:18:54,720
Speaker 2: when you get on a plane, before the plane takes off,

418
00:18:54,800 --> 00:18:57,720
Speaker 2: they tell you where the exit rolls are, and they

419
00:18:57,760 --> 00:19:01,000
Speaker 2: tell you like the procedure like if if an emergency happens, right,

420
00:19:01,480 --> 00:19:04,399
Speaker 2: So if you really on point, before you go to

421
00:19:04,440 --> 00:19:06,920
Speaker 2: any building, you always got to recognize the exit before

422
00:19:06,960 --> 00:19:09,119
Speaker 2: you because it's like getting out is more important than

423
00:19:09,119 --> 00:19:11,879
Speaker 2: getting in. You have to you have to identify an

424
00:19:11,920 --> 00:19:14,920
Speaker 2: exit preferably before you even get in, right, because you

425
00:19:14,920 --> 00:19:16,679
Speaker 2: don't want to get somewhere and you don't know, then

426
00:19:16,680 --> 00:19:18,160
Speaker 2: you got to kind of like knock around and run

427
00:19:18,160 --> 00:19:21,320
Speaker 2: where's the exit. So, if you like presidents, right, they

428
00:19:21,359 --> 00:19:25,040
Speaker 2: already mapped out the exit strategy before they actually getting

429
00:19:25,040 --> 00:19:28,159
Speaker 2: out the secret services job. So in business is no different.

430
00:19:28,640 --> 00:19:30,360
Speaker 2: Before you do a deal, you got to figure out

431
00:19:30,359 --> 00:19:33,080
Speaker 2: the exit strategy. Hopefully it doesn't go bad, but you

432
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Speaker 2: always got to think what if it does. Right, It's

433
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Speaker 2: like getting It's like in a prenumptial agreement when you

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00:19:36,960 --> 00:19:41,600
Speaker 2: getting married. What's that Well, hopefully, hopefully, hopefully you never

435
00:19:41,640 --> 00:19:43,960
Speaker 2: have to use it, but just in case fifty percent

436
00:19:44,040 --> 00:19:47,359
Speaker 2: chance that it, you know, it doesn't work out, you know,

437
00:19:47,400 --> 00:19:51,000
Speaker 2: you got to your walking papers already established. So that's

438
00:19:51,040 --> 00:19:53,400
Speaker 2: extremely important for entrepreneurs. And this is a very high

439
00:19:53,440 --> 00:19:57,440
Speaker 2: level case, but any level of business ship partnership, whenever

440
00:19:57,480 --> 00:19:59,720
Speaker 2: you are doing business with somebody, you always got to

441
00:19:59,720 --> 00:20:03,480
Speaker 2: have a exit built in because if not, now you.

442
00:20:03,359 --> 00:20:07,440
Speaker 3: Get screwed, you get stuff or dropped. Yeah, n G. Three.

443
00:20:07,800 --> 00:20:12,399
Speaker 2: So they also own Donna Karen right, So that Donna

444
00:20:12,440 --> 00:20:15,600
Speaker 2: Karen stories is interesting as well because.

445
00:20:15,280 --> 00:20:17,720
Speaker 4: It's like the flip side of the Virgil situation.

446
00:20:17,560 --> 00:20:19,960
Speaker 3: Right, Right, she didn't she didn't license her.

447
00:20:19,960 --> 00:20:22,640
Speaker 4: Name, right, she didn't license her name and she got acquired.

448
00:20:22,800 --> 00:20:24,280
Speaker 4: She actually got acquired by lvm A.

449
00:20:24,480 --> 00:20:26,240
Speaker 2: Lvm A shot the Wall Street Trapper. We talked about

450
00:20:26,240 --> 00:20:29,199
Speaker 2: that in episode and they just did with Tiffany's. They

451
00:20:29,240 --> 00:20:30,680
Speaker 2: just bought Tiffany's for sixteen billion.

452
00:20:30,880 --> 00:20:33,360
Speaker 3: LVMH one of the largest companies in the world.

453
00:20:33,280 --> 00:20:36,320
Speaker 4: The largest high fashion.

454
00:20:36,640 --> 00:20:39,199
Speaker 2: One of the largest, well Apple is the largest, right

455
00:20:39,280 --> 00:20:43,080
Speaker 2: right right, my fashion fashion, Yeah sure, so LVMH, like

456
00:20:43,119 --> 00:20:45,400
Speaker 2: I said, we talked about that in episode forty four,

457
00:20:45,440 --> 00:20:49,879
Speaker 2: Wall Street Trapper. But they own Louis Vuitton, Hennessy, Moat,

458
00:20:50,960 --> 00:20:55,159
Speaker 2: a bunch of different stuff Tiffany's. Now they own a

459
00:20:55,280 --> 00:20:59,960
Speaker 2: long list of high fashion and just high lifestyle item.

460
00:21:00,359 --> 00:21:02,520
Speaker 2: So she sold, she sold her company to them in

461
00:21:02,520 --> 00:21:04,200
Speaker 2: two thousand, four hundred and fifty million.

462
00:21:04,240 --> 00:21:05,120
Speaker 4: That's a lot of money.

463
00:21:06,080 --> 00:21:08,640
Speaker 3: But that took out the game, right, but they still

464
00:21:08,720 --> 00:21:09,119
Speaker 3: use her name.

465
00:21:09,840 --> 00:21:13,240
Speaker 4: She sold her brand and her entity, so Donna Carrott International,

466
00:21:13,280 --> 00:21:16,840
Speaker 4: which encompasses DKY and everything else that comes with Donna Karen.

467
00:21:17,480 --> 00:21:21,800
Speaker 2: But now so they sold did to G three another

468
00:21:21,880 --> 00:21:25,880
Speaker 2: G three acquire in twenty and fifteen for six hundred

469
00:21:25,880 --> 00:21:27,959
Speaker 2: and fifty millions. They made two hundred so they made

470
00:21:28,000 --> 00:21:29,080
Speaker 2: two hundred midle.

471
00:21:28,920 --> 00:21:31,800
Speaker 4: But during that like when they sell it, she steps down, right,

472
00:21:31,880 --> 00:21:34,040
Speaker 4: So she steps down from her position. I think when

473
00:21:34,040 --> 00:21:35,720
Speaker 4: she sold it to LVMA, she stayed on its head

474
00:21:35,720 --> 00:21:38,920
Speaker 4: designer twenty fifteen. She steps down. So now she has

475
00:21:39,000 --> 00:21:40,200
Speaker 4: nothing to do with the brand.

476
00:21:40,280 --> 00:21:42,600
Speaker 3: No, she's done, But the brand still makes money.

477
00:21:42,800 --> 00:21:46,160
Speaker 4: The brand is super profitable, like last year, I think

478
00:21:46,200 --> 00:21:49,240
Speaker 4: five hundred and seventy million in profit. She gets none

479
00:21:49,240 --> 00:21:52,040
Speaker 4: of it, and she has no say in a brand

480
00:21:52,119 --> 00:21:55,720
Speaker 4: that has her name, Like she could walk into any

481
00:21:55,760 --> 00:21:59,200
Speaker 4: store to say Donna Karen is like wait, they made that,

482
00:21:59,280 --> 00:22:00,960
Speaker 4: and she could do nothing. Even though it has her

483
00:22:01,040 --> 00:22:02,000
Speaker 4: name on it, she can't use it.

484
00:22:02,040 --> 00:22:05,040
Speaker 2: So yeah, so that's interesting because, like I said, a

485
00:22:05,080 --> 00:22:06,840
Speaker 2: lot of times people don't fully understand, like when they

486
00:22:06,960 --> 00:22:09,720
Speaker 2: just see headlines in the news. But these are things

487
00:22:09,760 --> 00:22:12,439
Speaker 2: that I think any entrepreneur can learn from because it's like, Okay,

488
00:22:12,840 --> 00:22:14,520
Speaker 2: he's so it's a very savvy move that he did

489
00:22:14,640 --> 00:22:16,840
Speaker 2: where he sold the company, but he kept the licensing

490
00:22:16,960 --> 00:22:19,399
Speaker 2: right right, So now he's still gonna make money in

491
00:22:19,480 --> 00:22:21,960
Speaker 2: perpetuity as long as he keeps that agreement.

492
00:22:22,080 --> 00:22:23,359
Speaker 4: The next deal is gonna be silly.

493
00:22:23,480 --> 00:22:26,959
Speaker 2: And yeah, as long as the company keeps growing, he

494
00:22:27,000 --> 00:22:30,680
Speaker 2: can renegotiate next time and even more.

495
00:22:30,760 --> 00:22:33,320
Speaker 4: Yeah, because that's the thing. It's like when you see

496
00:22:33,400 --> 00:22:36,080
Speaker 4: this is an exclusive deal, so like you'll see off

497
00:22:36,119 --> 00:22:38,200
Speaker 4: White like they just did the Ikea drop. Did you

498
00:22:38,200 --> 00:22:40,440
Speaker 4: see that they put the off White Ikea furniture?

499
00:22:40,560 --> 00:22:40,679
Speaker 2: Nah?

500
00:22:41,200 --> 00:22:42,879
Speaker 4: It was crazy. So like that sells out like that,

501
00:22:42,920 --> 00:22:45,560
Speaker 4: Like the branch just grows once this deal is over.

502
00:22:45,640 --> 00:22:47,920
Speaker 4: Whenever it is, like, can you imagine the lineup of

503
00:22:47,960 --> 00:22:49,600
Speaker 4: people who are coming to knock on that door to

504
00:22:49,680 --> 00:22:51,840
Speaker 4: use the license. It's gonna be ridiculous. He could do

505
00:22:51,880 --> 00:22:53,840
Speaker 4: it like right now. It's exclusive, so he can only

506
00:22:53,920 --> 00:22:56,920
Speaker 4: use through New Guard. But I can't imagine, like what's

507
00:22:56,920 --> 00:22:58,880
Speaker 4: gonna happen when he's a free agent and it's like, yo,

508
00:22:58,960 --> 00:23:01,000
Speaker 4: who wants to use the license? He's gonna be out

509
00:23:01,040 --> 00:23:01,360
Speaker 4: as world.

510
00:23:02,040 --> 00:23:02,280
Speaker 2: You know.

511
00:23:02,320 --> 00:23:04,280
Speaker 3: Sometimes you get paid on front in the back end.

512
00:23:04,359 --> 00:23:07,359
Speaker 4: Yeah, man, And and the little Eton stuff is moving crazy.

513
00:23:07,880 --> 00:23:10,399
Speaker 2: Yeah, that's a fact. That's a fact. So yeah, we

514
00:23:10,400 --> 00:23:11,480
Speaker 2: gotta get more on your leisure.

515
00:23:11,640 --> 00:23:14,119
Speaker 4: That's a fact. Make it happens, get on it. We

516
00:23:14,160 --> 00:23:15,320
Speaker 4: got to make that happen.

517
00:23:15,160 --> 00:23:18,720
Speaker 3: All right. So that's the case study breakdown on Virgil.

518
00:23:19,200 --> 00:23:21,359
Speaker 2: So the next second we're gonna talk about multiple streams

519
00:23:21,359 --> 00:23:26,200
Speaker 2: of income, how to how to get money from different avenues.

520
00:23:26,280 --> 00:23:28,400
Speaker 4: It's important, man, you can't you can't just have one

521
00:23:28,920 --> 00:23:30,760
Speaker 4: in this day and age. So we got one. You're done.

522
00:23:30,920 --> 00:23:33,440
Speaker 2: Let's do it all right. So now we're going to

523
00:23:33,520 --> 00:23:35,399
Speaker 2: talk about multiple streams of income.

524
00:23:36,080 --> 00:23:38,280
Speaker 4: That is I mean, I get that question. I'm sure

525
00:23:38,320 --> 00:23:39,960
Speaker 4: you get a bunch of I get that. Especially in

526
00:23:40,000 --> 00:23:43,679
Speaker 4: the education field. Teachers every day it's like, yo, I

527
00:23:43,720 --> 00:23:46,399
Speaker 4: need to make more money. How am I going to

528
00:23:46,440 --> 00:23:48,520
Speaker 4: do this? What do I do? How are you doing it?

529
00:23:49,080 --> 00:23:50,080
Speaker 4: I'm like, we got something for you.

530
00:23:50,160 --> 00:23:55,520
Speaker 3: Real life got multiple streams of income. It's no longer option,

531
00:23:56,200 --> 00:23:56,520
Speaker 3: It's a.

532
00:23:56,480 --> 00:24:00,720
Speaker 2: Necessity in this world that we live in. So we're

533
00:24:00,720 --> 00:24:03,280
Speaker 2: going if you're a member of e y L University,

534
00:24:03,320 --> 00:24:06,800
Speaker 2: shout outs to all of our EYO earn out the

535
00:24:06,920 --> 00:24:10,840
Speaker 2: students that's enrolled. Ey L University is the dopest platform

536
00:24:10,920 --> 00:24:13,320
Speaker 2: right now online. It's crazy. We did a whole course.

537
00:24:13,359 --> 00:24:15,400
Speaker 2: We did an our course on multiple streams of income.

538
00:24:15,440 --> 00:24:16,879
Speaker 2: That's actually out right now. So we're going to do

539
00:24:16,880 --> 00:24:19,280
Speaker 2: is try to condense this like fifteen minutes, but if

540
00:24:19,320 --> 00:24:21,879
Speaker 2: you want the like full hour version, you can just

541
00:24:21,960 --> 00:24:23,480
Speaker 2: check out earn your leision dot com. We also have

542
00:24:23,520 --> 00:24:25,680
Speaker 2: a course on it about how to create a podcast.

543
00:24:25,320 --> 00:24:27,480
Speaker 4: With details, product placement, all that.

544
00:24:27,880 --> 00:24:30,400
Speaker 2: It's dope, it's dope, so yeah, we yeah, this would

545
00:24:30,400 --> 00:24:33,159
Speaker 2: be like the abbreviated version, and if you want the

546
00:24:33,160 --> 00:24:35,760
Speaker 2: full version, you can just check out Eyo University for sure.

547
00:24:35,840 --> 00:24:38,920
Speaker 2: But so, right, when it comes down to like having

548
00:24:39,000 --> 00:24:41,680
Speaker 2: multiple streams of income, right, I think it's important to

549
00:24:42,400 --> 00:24:44,959
Speaker 2: first understand and shout out to Derek Falcon another one

550
00:24:44,960 --> 00:24:47,399
Speaker 2: of our legendary episodes that you don't. A lot of

551
00:24:47,440 --> 00:24:49,560
Speaker 2: times people are under the misconception that you need like

552
00:24:50,440 --> 00:24:52,800
Speaker 2: five seven different things because they say the average millionaire

553
00:24:52,800 --> 00:24:56,239
Speaker 2: has anywhere between five to seven streams. So a lot

554
00:24:56,240 --> 00:24:57,720
Speaker 2: of times people look at that and it becomes like

555
00:24:57,800 --> 00:25:00,960
Speaker 2: overwhelming because it's like we're so try. The average person

556
00:25:01,040 --> 00:25:02,720
Speaker 2: is just trained to work a job to get money.

557
00:25:02,920 --> 00:25:05,080
Speaker 2: So now it's like, Okay, I gotta work seven jobs

558
00:25:05,400 --> 00:25:08,840
Speaker 2: or I gotta like create seven totally different businesses. So

559
00:25:08,840 --> 00:25:12,760
Speaker 2: I gotta do like construction, plumbing, real estate, I gotta

560
00:25:12,800 --> 00:25:14,399
Speaker 2: be a stock market invest I gotta do all these

561
00:25:14,400 --> 00:25:14,880
Speaker 2: different things.

562
00:25:14,920 --> 00:25:16,960
Speaker 3: And it's like who has enough time?

563
00:25:17,040 --> 00:25:20,320
Speaker 2: Right, But one thing I really liked about with Derek

564
00:25:20,359 --> 00:25:23,000
Speaker 2: Saitning and really resonated with us, is that you don't

565
00:25:23,119 --> 00:25:29,000
Speaker 2: need multiple avenues to create multiple streams of income. You

566
00:25:29,200 --> 00:25:31,760
Speaker 2: just need one lane that you do really well and

567
00:25:31,800 --> 00:25:33,720
Speaker 2: you can create multiple streams of income off of that

568
00:25:33,760 --> 00:25:34,200
Speaker 2: one lane.

569
00:25:34,320 --> 00:25:35,640
Speaker 4: It's like what we said, like we got to build

570
00:25:35,640 --> 00:25:37,880
Speaker 4: a foundation. If you think in the sense of a tree,

571
00:25:38,560 --> 00:25:41,040
Speaker 4: the tree is gonna be the foundation of what you're

572
00:25:41,040 --> 00:25:43,200
Speaker 4: gonna do, right, So like from that you're just gonna

573
00:25:43,200 --> 00:25:44,480
Speaker 4: start building branches from it.

574
00:25:45,160 --> 00:25:48,359
Speaker 2: Yeah, so all right, So yeah, so we're not gonna

575
00:25:48,359 --> 00:25:50,200
Speaker 2: give you a case study or theory. We're gonna give

576
00:25:50,200 --> 00:25:54,040
Speaker 2: you the real deal. This is this is just all

577
00:25:54,080 --> 00:25:57,960
Speaker 2: I mean, this is ours platform in blueprint. But I mean,

578
00:25:58,040 --> 00:25:59,840
Speaker 2: you know everybody's blueprint is gonna be different. But we

579
00:25:59,840 --> 00:26:02,240
Speaker 2: can just we could speak best about what we personally know.

580
00:26:02,280 --> 00:26:04,320
Speaker 4: Right, So, and they've been here to see it, so

581
00:26:04,400 --> 00:26:06,480
Speaker 4: like y'all been here watching it, y'all seen it from

582
00:26:06,560 --> 00:26:09,680
Speaker 4: January to now, We're just gonna give you really in detail,

583
00:26:09,720 --> 00:26:10,440
Speaker 4: like how this works.

584
00:26:10,520 --> 00:26:11,160
Speaker 3: Yeah for sure.

585
00:26:11,200 --> 00:26:13,120
Speaker 2: So the thing with Earn your Lisia is that all right,

586
00:26:13,240 --> 00:26:17,760
Speaker 2: So Earn your Lisia started in January of twenty nineteen

587
00:26:18,359 --> 00:26:20,960
Speaker 2: and it was a podcast, right, and it was you know,

588
00:26:21,040 --> 00:26:24,280
Speaker 2: we started the Instagram page was the first thing we did.

589
00:26:25,240 --> 00:26:27,800
Speaker 2: And we launched Instagram and we turned into like a

590
00:26:27,880 --> 00:26:32,560
Speaker 2: daily discussion board pretty much of like different financial topics.

591
00:26:32,600 --> 00:26:35,520
Speaker 2: We post different things on Instagram and people give their

592
00:26:35,520 --> 00:26:38,119
Speaker 2: feedback on it and we do different write ups and

593
00:26:38,160 --> 00:26:41,800
Speaker 2: it's like a whole you know, financial board discussion on

594
00:26:41,960 --> 00:26:44,200
Speaker 2: different all different areas of finance.

595
00:26:44,280 --> 00:26:44,440
Speaker 3: Right.

596
00:26:44,880 --> 00:26:49,399
Speaker 2: So but that was all done in relationship to build

597
00:26:49,440 --> 00:26:51,720
Speaker 2: the podcast. Right, So we created a podcast, right, we

598
00:26:51,880 --> 00:26:53,960
Speaker 2: didn't know anything about That's the thing about this too,

599
00:26:54,040 --> 00:26:55,280
Speaker 2: is that we didn't know.

600
00:26:55,359 --> 00:26:58,760
Speaker 3: We're not even our year yet, Like we're we just.

601
00:26:58,680 --> 00:27:01,200
Speaker 2: Had a phone call and we're like we're learning still, Yeah,

602
00:27:01,240 --> 00:27:04,600
Speaker 2: eleven eleven months and we're still learning. So we think

603
00:27:04,600 --> 00:27:07,280
Speaker 2: where earner Leasia is that? Okay, So it started. It's

604
00:27:07,320 --> 00:27:10,040
Speaker 2: just a podcast and we had to figure out how

605
00:27:10,040 --> 00:27:12,919
Speaker 2: can you monetize a podcast because there's no blueprint on

606
00:27:12,960 --> 00:27:14,720
Speaker 2: how to do it. You just kind of figure out

607
00:27:14,760 --> 00:27:18,560
Speaker 2: how you go, right. So, but now we have a

608
00:27:18,560 --> 00:27:20,399
Speaker 2: few different streams from early lesion, Like I think we

609
00:27:20,440 --> 00:27:23,080
Speaker 2: gonn talk about like five six different streams that we

610
00:27:23,119 --> 00:27:25,520
Speaker 2: have from earn leisure income streams from early leasure right

611
00:27:25,560 --> 00:27:28,280
Speaker 2: now right, So all right, So as the podcast grew,

612
00:27:28,359 --> 00:27:31,000
Speaker 2: the first the first thing that we started to monetize

613
00:27:31,119 --> 00:27:31,560
Speaker 2: was audio.

614
00:27:32,119 --> 00:27:32,280
Speaker 3: Right.

615
00:27:32,320 --> 00:27:34,280
Speaker 2: So if you listen to this, you know that you

616
00:27:34,280 --> 00:27:38,760
Speaker 2: know we give Spotify, Anchor from time to time other brands.

617
00:27:39,280 --> 00:27:42,480
Speaker 2: You know, it's part of the episode. Right, So those

618
00:27:42,680 --> 00:27:45,520
Speaker 2: are ads that we do and we're not doing it

619
00:27:45,560 --> 00:27:48,640
Speaker 2: for charity. Obviously, we get we get conversated for that, right.

620
00:27:48,960 --> 00:27:51,920
Speaker 2: So how you get compensated in the podcast world is

621
00:27:51,960 --> 00:27:53,280
Speaker 2: what's called CPM.

622
00:27:53,480 --> 00:27:53,640
Speaker 3: Right.

623
00:27:53,680 --> 00:27:56,600
Speaker 2: So CPM is like per thousand plays what you get.

624
00:27:57,080 --> 00:28:00,440
Speaker 2: So if you get standard, the good thing with post

625
00:28:00,640 --> 00:28:03,600
Speaker 2: is that it's usually like standard. It's like twenty five

626
00:28:03,680 --> 00:28:07,439
Speaker 2: dollars twenty on, like twenty to twenty five. It's like

627
00:28:07,560 --> 00:28:09,520
Speaker 2: usually standard, right, industry standard.

628
00:28:09,760 --> 00:28:12,760
Speaker 4: And when the platform we use was Anchor. Obviously if

629
00:28:12,760 --> 00:28:15,800
Speaker 4: you listen to this, we did it on Anchor and

630
00:28:15,840 --> 00:28:18,520
Speaker 4: we didn't have to go find them. They provided us

631
00:28:18,520 --> 00:28:21,200
Speaker 4: with the ads based on the audience listening. So they

632
00:28:21,280 --> 00:28:23,919
Speaker 4: saw that there was a thousand people listening to the first episodes,

633
00:28:23,960 --> 00:28:26,440
Speaker 4: they sent us one ad. They see this four thousand people.

634
00:28:26,480 --> 00:28:29,080
Speaker 4: Then they sent us two ads. So the more people

635
00:28:29,160 --> 00:28:31,720
Speaker 4: we had engaged in listening, the more ads they sent

636
00:28:31,800 --> 00:28:33,439
Speaker 4: to us. And you know it, so like you hear,

637
00:28:34,119 --> 00:28:35,800
Speaker 4: you got to go back and listen to the original ads.

638
00:28:35,800 --> 00:28:37,359
Speaker 4: So the original was a funny bit.

639
00:28:37,840 --> 00:28:39,480
Speaker 2: They're not a crazy thing is At first I didn't

640
00:28:39,480 --> 00:28:41,160
Speaker 2: even want to take the ad because I'm like, when

641
00:28:41,200 --> 00:28:44,840
Speaker 2: I saw it was twenty dollars CPM per.

642
00:28:45,000 --> 00:28:47,440
Speaker 4: Thousand thousand, that's how it works every thousand.

643
00:28:47,640 --> 00:28:50,640
Speaker 2: So when we first started, we was averaging like two

644
00:28:50,680 --> 00:28:53,240
Speaker 2: thousand a week or something like that, So I'm like,

645
00:28:53,280 --> 00:28:55,440
Speaker 2: why are we even doing this for forty dollars? And

646
00:28:55,480 --> 00:28:57,560
Speaker 2: then I read something like just do it because it

647
00:28:57,560 --> 00:29:02,080
Speaker 2: builds up over the cost of time perpetuity. Does I

648
00:29:02,120 --> 00:29:04,240
Speaker 2: can tell you it does. And the crazy thing about

649
00:29:04,280 --> 00:29:08,800
Speaker 2: it is that now with like anchor like it's the

650
00:29:08,960 --> 00:29:11,320
Speaker 2: dynamic ads, right, So what happens is that not every

651
00:29:11,400 --> 00:29:14,840
Speaker 2: time somebody listens to a podcast, we get paid. So

652
00:29:15,400 --> 00:29:17,760
Speaker 2: you can go back and listen to episode one and

653
00:29:17,840 --> 00:29:19,760
Speaker 2: as long as there's an AD and placed in it,

654
00:29:19,880 --> 00:29:22,800
Speaker 2: we're gonna get paid for that. So that's pretty cool

655
00:29:22,840 --> 00:29:26,920
Speaker 2: because it's like, now as as our audience grows, right,

656
00:29:27,360 --> 00:29:30,200
Speaker 2: we are revenue grows as well, so we get paid.

657
00:29:30,200 --> 00:29:32,600
Speaker 2: So that's one way how we get paid, right, And

658
00:29:32,640 --> 00:29:34,400
Speaker 2: then so that was the first way how we started

659
00:29:34,400 --> 00:29:37,480
Speaker 2: to monetize the podcast. And then you know, from that,

660
00:29:37,960 --> 00:29:41,960
Speaker 2: we figured, okay, now we have an audience, but we

661
00:29:42,040 --> 00:29:44,959
Speaker 2: always love fashion and we always you know, it was like, okay,

662
00:29:45,560 --> 00:29:47,360
Speaker 2: what's the next thing that we should do and actually

663
00:29:47,400 --> 00:29:49,800
Speaker 2: to promote the podcast as well, and we came up

664
00:29:49,840 --> 00:29:52,120
Speaker 2: with a couple of different slogans with the slogan the

665
00:29:52,160 --> 00:29:54,880
Speaker 2: slogan that really stuck and became our signature with Assets

666
00:29:54,920 --> 00:29:56,320
Speaker 2: of Aliability.

667
00:29:55,960 --> 00:29:58,719
Speaker 4: Had I remember sitting down and we wrote down, like

668
00:29:58,920 --> 00:30:00,600
Speaker 4: you said, let's come up with ten, come up with ten,

669
00:30:00,880 --> 00:30:02,760
Speaker 4: and we put them out and it was like, all right,

670
00:30:03,320 --> 00:30:05,600
Speaker 4: well let's use these three. And we had three. So

671
00:30:05,600 --> 00:30:07,600
Speaker 4: if you had the day one people, you know, when

672
00:30:07,600 --> 00:30:08,840
Speaker 4: you went to the site, there was a bunch of

673
00:30:08,840 --> 00:30:11,320
Speaker 4: different shirts. And as we moved on and we realized

674
00:30:11,360 --> 00:30:13,720
Speaker 4: like that's not really gonna move, we stuck with three.

675
00:30:13,880 --> 00:30:18,920
Speaker 2: Yeah, the most popular, Access overliability. So and that just

676
00:30:18,920 --> 00:30:21,640
Speaker 2: became our trademark. We tried a couple different things, but

677
00:30:21,680 --> 00:30:25,240
Speaker 2: that became our trademark. And so the thing about merch.

678
00:30:25,560 --> 00:30:28,240
Speaker 2: Everybody sells merch. It's popular, it's like the first thing

679
00:30:28,280 --> 00:30:32,320
Speaker 2: you want to do, right, But merch can be a

680
00:30:32,400 --> 00:30:34,200
Speaker 2: kind of a tricky thing. So how we use What

681
00:30:34,320 --> 00:30:36,640
Speaker 2: we use is print Fall, right, So print Fall is

682
00:30:36,680 --> 00:30:39,680
Speaker 2: a company that allows you to not hold any inventory.

683
00:30:39,800 --> 00:30:42,720
Speaker 4: It's only demand. So like you order it, it's they

684
00:30:42,760 --> 00:30:44,720
Speaker 4: make it. Pretty much like what we said in the

685
00:30:45,000 --> 00:30:48,240
Speaker 4: last segment. They make it, they distribute it, and all

686
00:30:48,240 --> 00:30:50,880
Speaker 4: we do is create the file which is the assets

687
00:30:50,880 --> 00:30:53,600
Speaker 4: over alliabilities, which is ours. They printed up and they

688
00:30:53,600 --> 00:30:54,520
Speaker 4: send it out to you.

689
00:30:54,600 --> 00:30:57,400
Speaker 2: Yeah, so it's an interesting business model. It's pros and

690
00:30:57,440 --> 00:31:00,000
Speaker 2: cons with everything because they take a percentage of pretty

691
00:31:00,000 --> 00:31:04,440
Speaker 2: hefty percent. We're working on that so, I mean, we

692
00:31:04,480 --> 00:31:06,400
Speaker 2: probably could make a lot more money if we just

693
00:31:06,440 --> 00:31:08,800
Speaker 2: did it ourselves. But the thing about it is a

694
00:31:08,840 --> 00:31:10,960
Speaker 2: lot more work and it's a lot more capital. It

695
00:31:11,000 --> 00:31:13,320
Speaker 2: doesn't cost us anything. That's the good thing about print Falls.

696
00:31:13,360 --> 00:31:14,360
Speaker 2: That doesn't cost anything.

697
00:31:14,520 --> 00:31:15,880
Speaker 4: We don't have to buy sweatshirts, we don't have to

698
00:31:15,880 --> 00:31:16,480
Speaker 4: buy shirts.

699
00:31:16,480 --> 00:31:18,200
Speaker 2: One hundred dollars a month I think just to actually

700
00:31:18,280 --> 00:31:21,520
Speaker 2: run the site. But other than that, there's no there's

701
00:31:21,560 --> 00:31:24,360
Speaker 2: no money, there's no overhead so as somebody buys the shirt,

702
00:31:24,800 --> 00:31:26,600
Speaker 2: they print it, they ship it.

703
00:31:26,840 --> 00:31:27,840
Speaker 3: It's a whole. It's a whole.

704
00:31:28,440 --> 00:31:30,920
Speaker 4: Literally, Like we created our own store on Shopify. It

705
00:31:30,920 --> 00:31:33,440
Speaker 4: goes on print full and we put our designs up

706
00:31:33,440 --> 00:31:36,080
Speaker 4: there and people just when they order. I remember we

707
00:31:36,120 --> 00:31:37,719
Speaker 4: got our first order. I was like, oh wow, this

708
00:31:37,760 --> 00:31:41,440
Speaker 4: is great, and then ships you. We don't have to

709
00:31:41,480 --> 00:31:42,280
Speaker 4: store anything.

710
00:31:42,800 --> 00:31:44,880
Speaker 2: That's another thing to it. Especially when it comes to business.

711
00:31:44,880 --> 00:31:47,120
Speaker 2: A lot of times it's like and this is this

712
00:31:47,160 --> 00:31:49,000
Speaker 2: is this. There's no really no right or wrong answer

713
00:31:49,000 --> 00:31:51,480
Speaker 2: on this, but especially if you're doing a lot of

714
00:31:51,480 --> 00:31:54,520
Speaker 2: different things, sometimes it's better to take less money to

715
00:31:54,600 --> 00:31:57,240
Speaker 2: free your time up right, because it's like, like I said,

716
00:31:57,280 --> 00:31:59,240
Speaker 2: we could do it ourselves, but that's a lot more time,

717
00:31:59,320 --> 00:32:01,280
Speaker 2: Like we actually have to find somebody to actually make it.

718
00:32:01,280 --> 00:32:04,040
Speaker 2: For printing press, you have to hold a bundle of

719
00:32:04,080 --> 00:32:07,240
Speaker 2: different merch we have to ship it, we have to

720
00:32:07,320 --> 00:32:10,120
Speaker 2: track it, we have to you know, do all of

721
00:32:10,160 --> 00:32:12,800
Speaker 2: those things. It's not and especially as more people start

722
00:32:12,800 --> 00:32:15,480
Speaker 2: to order shirts, it becomes it's been too much. It's difficult.

723
00:32:16,200 --> 00:32:18,760
Speaker 2: So with print Fall they kind of do all of

724
00:32:18,760 --> 00:32:21,160
Speaker 2: that for us. Like I said, they take their percentage

725
00:32:21,280 --> 00:32:23,840
Speaker 2: for doing all of that stuff, but we're still get compensated.

726
00:32:24,880 --> 00:32:27,760
Speaker 2: So that was that was another revenue that was like

727
00:32:27,760 --> 00:32:29,760
Speaker 2: the second revenue stream that we did I didn't.

728
00:32:29,520 --> 00:32:31,680
Speaker 4: And then the next one was a proud of the

729
00:32:31,680 --> 00:32:34,640
Speaker 4: pay program And that was kind of just happened in

730
00:32:34,640 --> 00:32:36,840
Speaker 4: a comment. Somebody was like, hey, you guys on Patreon,

731
00:32:37,160 --> 00:32:39,160
Speaker 4: and at the time I remember I text you, I'm like, yo,

732
00:32:39,160 --> 00:32:41,640
Speaker 4: what is Patreon? And then we did the resource sholder.

733
00:32:41,680 --> 00:32:43,960
Speaker 4: It was like, oh, this could be a way that

734
00:32:44,000 --> 00:32:46,600
Speaker 4: we could give bonus content. We can put out a

735
00:32:46,960 --> 00:32:50,400
Speaker 4: different variety of things and features for our audience, and

736
00:32:50,440 --> 00:32:52,920
Speaker 4: so like that became another source of income. So we

737
00:32:53,080 --> 00:32:54,200
Speaker 4: created five different ta.

738
00:32:54,160 --> 00:32:56,760
Speaker 2: Yeah, Patreon, Patreon is a whole bob you actually you

739
00:32:56,800 --> 00:32:58,560
Speaker 2: talking about Patreon. I don't even know what patreon was.

740
00:32:58,960 --> 00:33:01,120
Speaker 2: Comed is likeyea, we should do a Patreon. Like what

741
00:33:01,160 --> 00:33:03,960
Speaker 2: is patreon? And Patreon is a is a is a

742
00:33:04,000 --> 00:33:08,800
Speaker 2: platform for creatives for people to support on a financial level.

743
00:33:09,440 --> 00:33:11,280
Speaker 2: And the cool thing with Patreon is that it's a

744
00:33:11,280 --> 00:33:14,360
Speaker 2: real community, where like Patreon, you get you can add

745
00:33:14,400 --> 00:33:16,680
Speaker 2: different tiers to it. So like we have different tiers

746
00:33:16,720 --> 00:33:19,680
Speaker 2: to our Patreon and like depending on what tear you're in, Like,

747
00:33:19,760 --> 00:33:24,240
Speaker 2: you get add free episodes, you get episodes before the

748
00:33:24,240 --> 00:33:29,080
Speaker 2: podcast drops. You get FaceTime conversations with us. Yeah, the

749
00:33:29,200 --> 00:33:32,680
Speaker 2: FaceTime conversations is lit. So get you get direct conversations

750
00:33:32,720 --> 00:33:35,560
Speaker 2: with us, you get you get discounts on the merch.

751
00:33:36,160 --> 00:33:38,440
Speaker 2: You get access to Eyo University.

752
00:33:38,480 --> 00:33:39,800
Speaker 4: Yeah, that's new. So like that was one of the

753
00:33:39,800 --> 00:33:41,920
Speaker 4: things and we sent the message out. It was like, yo,

754
00:33:42,440 --> 00:33:44,040
Speaker 4: we got something to coming, we got something to coming,

755
00:33:44,120 --> 00:33:45,800
Speaker 4: and we were building it. So like now it's like

756
00:33:46,480 --> 00:33:48,560
Speaker 4: now they get to see what we have building. Everybody

757
00:33:48,600 --> 00:33:50,480
Speaker 4: that's in a Tier four or five, they get to

758
00:33:50,520 --> 00:33:52,080
Speaker 4: have access to Eyo University.

759
00:33:52,280 --> 00:33:54,560
Speaker 3: So that makes it even dope. Yeah, and this this, this,

760
00:33:54,560 --> 00:33:55,040
Speaker 3: this is the whole.

761
00:33:55,240 --> 00:33:56,720
Speaker 2: The whole thing with the Business show is that you

762
00:33:56,800 --> 00:33:58,520
Speaker 2: want to just create different ideas because you might not

763
00:33:58,520 --> 00:34:00,920
Speaker 2: be able to copy every single thing, but you want

764
00:34:00,920 --> 00:34:03,200
Speaker 2: to just spark your brain. So for me, I'm always

765
00:34:03,200 --> 00:34:05,840
Speaker 2: big on cross promoting, right, So I'm like, okay, look

766
00:34:05,880 --> 00:34:09,120
Speaker 2: if we got Patreon, right, and you also have to

767
00:34:09,120 --> 00:34:11,000
Speaker 2: add value like all these different report I want to

768
00:34:11,000 --> 00:34:15,360
Speaker 2: stress that too. Never do anything just to make money, right,

769
00:34:15,480 --> 00:34:18,040
Speaker 2: you gotta have like real value, like the merch is

770
00:34:18,080 --> 00:34:19,960
Speaker 2: something that we truly believe in, Like we really believe

771
00:34:20,000 --> 00:34:21,520
Speaker 2: in the merch and I think the reason why as

772
00:34:22,000 --> 00:34:25,640
Speaker 2: Overliabilities has taken off because it's a dope slogan and

773
00:34:25,680 --> 00:34:29,319
Speaker 2: it's really powerful and like three words, it really means

774
00:34:29,360 --> 00:34:31,680
Speaker 2: a lot, Like it's assets overliabilities, Like you know what

775
00:34:31,680 --> 00:34:34,399
Speaker 2: I'm saying. So it's like, if you're going to spend

776
00:34:34,480 --> 00:34:36,359
Speaker 2: money to wear a merch, like, you might as well

777
00:34:36,400 --> 00:34:38,640
Speaker 2: wear something that you like and it's stylished.

778
00:34:39,040 --> 00:34:40,000
Speaker 3: That's like it's dope.

779
00:34:40,040 --> 00:34:41,520
Speaker 4: Like that was our thing. It was like, Yo, if

780
00:34:41,560 --> 00:34:43,239
Speaker 4: we're going to create something that people are gonna wear,

781
00:34:43,280 --> 00:34:44,879
Speaker 4: it might have it should have a message on it,

782
00:34:44,960 --> 00:34:46,640
Speaker 4: and it should be a message that resonates with our

783
00:34:46,680 --> 00:34:49,279
Speaker 4: community and all communities. Really yeah, like that's what the

784
00:34:49,320 --> 00:34:51,520
Speaker 4: intent was when we did the Merchant and like let's

785
00:34:51,520 --> 00:34:53,719
Speaker 4: make money. We're not a clothing brand, but we want

786
00:34:53,760 --> 00:34:55,719
Speaker 4: to have a message every time we go outside we

787
00:34:55,760 --> 00:34:57,120
Speaker 4: know people are watching exactly.

788
00:34:57,480 --> 00:35:00,000
Speaker 2: And also with the Patreon too, it's like we don't

789
00:35:00,000 --> 00:35:01,960
Speaker 2: I wanted to set up Patreon as a way for

790
00:35:02,080 --> 00:35:04,520
Speaker 2: people just to support the podcast. That's like charity and

791
00:35:04,600 --> 00:35:06,919
Speaker 2: event we want to actually give them value as well, right,

792
00:35:07,120 --> 00:35:09,359
Speaker 2: so that's why we had the phone conversations. That's why

793
00:35:09,360 --> 00:35:12,160
Speaker 2: we added free access to Eyo University. That's why we

794
00:35:12,200 --> 00:35:15,200
Speaker 2: actually discounts on the merch. But now with the Patreon,

795
00:35:15,280 --> 00:35:17,799
Speaker 2: you get discount on the merch, but it leads back

796
00:35:17,800 --> 00:35:20,440
Speaker 2: to the merch, right, which is like cross promoting right

797
00:35:20,480 --> 00:35:23,840
Speaker 2: exactly so, and everything always leads back to the podcast.

798
00:35:24,960 --> 00:35:27,200
Speaker 4: This episode is brought to you by P and C Bank.

799
00:35:27,600 --> 00:35:30,360
Speaker 4: A lot of people think podcasts about work are boring,

800
00:35:30,600 --> 00:35:34,440
Speaker 4: and sure, they definitely can be, but understanding a professionals

801
00:35:34,520 --> 00:35:37,760
Speaker 4: routine shows us how they achieve their success little by little,

802
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803
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Speaker 4: It might seem boring to safe plan and make calculated

804
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Speaker 4: decisions with your bank, but keeping your money boring is

805
00:35:48,239 --> 00:35:51,560
Speaker 4: what helps you live or more happily fulfilled life. P

806
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Speaker 4: and C Bank Brilliantly Boring since eighteen sixty five. Brilliantly

807
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Speaker 4: Boring since eighteen sixty five is a service mark of

808
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Speaker 4: the PNC Financial Service Group, Inc. P and C Bank

809
00:36:02,880 --> 00:36:09,520
Speaker 4: National Association Member FDIC Earners. What's up? You ever walk

810
00:36:09,520 --> 00:36:12,600
Speaker 4: into a small business and everything just works like the

811
00:36:12,680 --> 00:36:16,759
Speaker 4: checkout is fast, The receipts are digital, tipping is a breeze,

812
00:36:17,080 --> 00:36:19,240
Speaker 4: and you're out the door before the line even builds.

813
00:36:19,560 --> 00:36:23,840
Speaker 4: Odds are they're using Square. We love supporting businesses that

814
00:36:23,920 --> 00:36:26,560
Speaker 4: run on Square because it just feels seamless. Whether it's

815
00:36:26,600 --> 00:36:29,600
Speaker 4: a local coffee shop, a vendor at a pop up market,

816
00:36:29,760 --> 00:36:32,640
Speaker 4: or even one of our merch partners, Square makes it

817
00:36:32,800 --> 00:36:36,160
Speaker 4: easy for them to take payments, manage inventory, and run

818
00:36:36,200 --> 00:36:40,200
Speaker 4: their business with confidence, all from one simple system. If

819
00:36:40,239 --> 00:36:43,080
Speaker 4: you're a business owner or even just thinking about launching

820
00:36:43,120 --> 00:36:46,120
Speaker 4: something soon, Square is hands down one of the best

821
00:36:46,120 --> 00:36:49,280
Speaker 4: tools out there to help you start, run and grow.

822
00:36:49,560 --> 00:36:52,560
Speaker 4: It's not just about payments, it's about giving you time

823
00:36:52,640 --> 00:36:55,600
Speaker 4: back so you can focus on what matters most ready.

824
00:36:55,640 --> 00:36:59,000
Speaker 4: To see how Square can transform your business, visit Square

825
00:36:59,080 --> 00:37:03,280
Speaker 4: dot com back slash go backslash eyl to learn more

826
00:37:03,520 --> 00:37:08,200
Speaker 4: that Square dot com backslash, go backslash eyl. Don't wait,

827
00:37:08,520 --> 00:37:11,319
Speaker 4: don't hesitate. Let's Square handle the back end so you

828
00:37:11,360 --> 00:37:14,200
Speaker 4: can keep pushing your vision forward.

829
00:37:15,640 --> 00:37:18,360
Speaker 6: Coach, the energy out there felt different. What changed for

830
00:37:18,440 --> 00:37:19,040
Speaker 6: the team today?

831
00:37:19,120 --> 00:37:21,279
Speaker 7: It was the new game day scratches from the California

832
00:37:21,320 --> 00:37:24,719
Speaker 7: Lottery players. Everything those games sent the team's energy through

833
00:37:24,719 --> 00:37:25,080
Speaker 7: the roof.

834
00:37:25,120 --> 00:37:27,120
Speaker 6: Are you saying it was the off field play that

835
00:37:27,160 --> 00:37:28,560
Speaker 6: made the difference on the field.

836
00:37:28,360 --> 00:37:31,120
Speaker 7: Hey, little play makes your day, and today it made

837
00:37:31,160 --> 00:37:33,799
Speaker 7: the game. That's all of now, Coach one more.

838
00:37:33,760 --> 00:37:36,839
Speaker 6: Question play than you. Los Angeles Chargers, San Francisco forty

839
00:37:36,920 --> 00:37:40,200
Speaker 6: nine Ers and Los Angeles Rams Scratchers from the California Lottery.

840
00:37:40,280 --> 00:37:43,480
Speaker 6: A little play can make your day. Peace made Responsibility.

841
00:37:43,520 --> 00:37:45,279
Speaker 6: Must be eighteen years or older to purchase plate or claim.

842
00:37:45,360 --> 00:37:49,480
Speaker 2: Podcast is the mothership, which is free. But that's the

843
00:37:49,520 --> 00:37:51,720
Speaker 2: cool thing about it too. Where the podcast is free,

844
00:37:51,840 --> 00:37:54,520
Speaker 2: but from something that is free, we're able to create

845
00:37:54,920 --> 00:37:57,360
Speaker 2: multiple different income streams where we can actually profit.

846
00:37:57,440 --> 00:37:57,960
Speaker 3: So that's another thing.

847
00:37:58,040 --> 00:37:59,640
Speaker 2: To a lot of time people think like just because

848
00:37:59,640 --> 00:38:01,920
Speaker 2: you're not actually getting paid for something right away, or

849
00:38:02,400 --> 00:38:05,160
Speaker 2: something doesn't look like you can actually make money from it,

850
00:38:05,480 --> 00:38:08,360
Speaker 2: you gotta look deeper. It's not just like fact, you

851
00:38:08,400 --> 00:38:10,520
Speaker 2: gotta go ABC D E F like you know what

852
00:38:10,520 --> 00:38:12,719
Speaker 2: I mean, like to say, okay, the podcast, we could

853
00:38:13,080 --> 00:38:16,040
Speaker 2: The podcast is really just to get us out there.

854
00:38:16,160 --> 00:38:17,880
Speaker 2: As far as on our revenue, of course, the podcast

855
00:38:17,920 --> 00:38:20,000
Speaker 2: is to educate, that's most important. But as far as

856
00:38:20,000 --> 00:38:24,000
Speaker 2: our revenue, stream. Now we can monetize the podcast even

857
00:38:24,040 --> 00:38:26,520
Speaker 2: though people don't pay for the podcast because of ads.

858
00:38:26,840 --> 00:38:28,680
Speaker 2: But even if we had no ads at all, we

859
00:38:28,680 --> 00:38:30,759
Speaker 2: can still monetize off of the podcast.

860
00:38:30,480 --> 00:38:33,319
Speaker 3: Because of the visibility and allows us to do other things.

861
00:38:33,680 --> 00:38:36,720
Speaker 4: And it's not like we had to create seven different things.

862
00:38:36,760 --> 00:38:39,960
Speaker 4: We still have the mothership, the tree, which is the podcast,

863
00:38:39,960 --> 00:38:41,440
Speaker 4: and all these branches coming off of it. And that's

864
00:38:41,440 --> 00:38:44,279
Speaker 4: true what you said. We we didn't do it for money, right,

865
00:38:44,320 --> 00:38:46,480
Speaker 4: So like when we had Patreon, we had like two

866
00:38:46,520 --> 00:38:49,880
Speaker 4: members the first month, right next month we had seven.

867
00:38:49,960 --> 00:38:52,600
Speaker 4: Like we just kept grinding, like kept putting out the contact,

868
00:38:52,600 --> 00:38:54,960
Speaker 4: putting out value, making those phone calls. Now we're up

869
00:38:55,000 --> 00:38:57,440
Speaker 4: to like over one hundred and fifteen or something like that.

870
00:38:57,520 --> 00:38:59,920
Speaker 4: And it was like just being consistent and spreading the

871
00:38:59,880 --> 00:39:02,520
Speaker 4: word and given the value. Like I think that was massed, right.

872
00:39:02,520 --> 00:39:03,719
Speaker 4: He was like, Yo, just give it away.

873
00:39:03,480 --> 00:39:05,839
Speaker 2: Give it give it away, give it away, give it away.

874
00:39:05,840 --> 00:39:07,600
Speaker 2: And then people are, well, they want to pay for

875
00:39:07,640 --> 00:39:09,560
Speaker 2: they feel guilty not to. And that's why, like I said,

876
00:39:09,600 --> 00:39:12,120
Speaker 2: proud to pay with Nipsey when he had his one

877
00:39:12,200 --> 00:39:15,879
Speaker 2: hundred dollars, it wasn't so much. It's just him selling

878
00:39:15,880 --> 00:39:17,800
Speaker 2: a mixtape one hundred dollars. That was a whole experience.

879
00:39:18,239 --> 00:39:21,920
Speaker 2: You got tickets to a concert, you got merch. It was.

880
00:39:22,080 --> 00:39:24,080
Speaker 2: It was bundled together and it was very well done

881
00:39:24,200 --> 00:39:27,080
Speaker 2: and people were proud to because people want to support,

882
00:39:27,400 --> 00:39:29,080
Speaker 2: but they just got to have something good that they

883
00:39:29,080 --> 00:39:31,960
Speaker 2: can support, Like nobody wants to support something that's just trash.

884
00:39:32,960 --> 00:39:35,399
Speaker 2: And then so so then the next revenue stream comes

885
00:39:35,480 --> 00:39:38,719
Speaker 2: via of YouTube. So YouTube is something that we're still

886
00:39:38,719 --> 00:39:43,000
Speaker 2: figuring it out. But I encourage any creative, any creative

887
00:39:43,000 --> 00:39:46,000
Speaker 2: of anybody that's thinking about starting anything, you got to

888
00:39:46,040 --> 00:39:48,279
Speaker 2: get on YouTube. People don't fully understand the power of YouTube.

889
00:39:48,360 --> 00:39:50,600
Speaker 3: Spoke. We spoke about this before. But that's the thing.

890
00:39:51,000 --> 00:39:53,399
Speaker 4: It would just be fully transparent. We didn't start on.

891
00:39:53,360 --> 00:39:58,000
Speaker 2: YouTube first, Like seven episodes wasn't wasn't on you. People

892
00:39:58,120 --> 00:40:00,000
Speaker 2: had to really convince us to get on YouTube.

893
00:40:00,000 --> 00:40:00,600
Speaker 4: Why you're not there?

894
00:40:01,280 --> 00:40:03,360
Speaker 2: The first seven episodes was just audio because it's like

895
00:40:03,360 --> 00:40:05,799
Speaker 2: it's a lot more work. You gotta film it, and

896
00:40:05,840 --> 00:40:07,680
Speaker 2: you gotta upload it, you gotta edit this. It's a

897
00:40:07,680 --> 00:40:11,920
Speaker 2: whole process. But YouTube, YouTube is interesting because it's like

898
00:40:12,280 --> 00:40:15,920
Speaker 2: YouTube also. All right, So the monetization for YouTube is

899
00:40:15,960 --> 00:40:19,200
Speaker 2: you have to have a thousand watch hours.

900
00:40:19,480 --> 00:40:22,000
Speaker 4: Yeah, so one thousand watch hours and four thousand.

901
00:40:23,400 --> 00:40:25,200
Speaker 2: Before you come out to so watch hours is like

902
00:40:25,239 --> 00:40:28,239
Speaker 2: how many how many hours somebody has watched your video?

903
00:40:28,520 --> 00:40:31,680
Speaker 2: So you need a thousand watch hours and you need

904
00:40:31,800 --> 00:40:34,160
Speaker 2: four thousand subscribers and then you can start to monetorze

905
00:40:34,160 --> 00:40:37,759
Speaker 2: through YouTube studio. And YouTube is another thing where it's like,

906
00:40:38,160 --> 00:40:41,239
Speaker 2: you know, the first YouTube check that you'll see is

907
00:40:41,280 --> 00:40:42,719
Speaker 2: like let's say, like for us, it's.

908
00:40:42,640 --> 00:40:44,360
Speaker 5: Like one hundred watch it. I mean we watched that

909
00:40:44,480 --> 00:40:49,279
Speaker 5: for like one hundred dollars. Yeah, and then it's like

910
00:40:49,360 --> 00:40:54,960
Speaker 5: six months later to like four thousand YouTube So god well,

911
00:40:54,960 --> 00:40:57,160
Speaker 5: and this time next year it will be four times that,

912
00:40:57,560 --> 00:40:58,600
Speaker 5: you know what I'm saying. But the good thing with

913
00:40:58,719 --> 00:41:01,760
Speaker 5: YouTube is like once again the audio. Once a video

914
00:41:01,920 --> 00:41:04,480
Speaker 5: is in YouTube, especially if it's like gets a lot

915
00:41:04,520 --> 00:41:07,080
Speaker 5: of traction, it's there forever. So I was just telling

916
00:41:07,080 --> 00:41:10,520
Speaker 5: like Alex goot Energy from Trucking episode thirty nine, I'm like, yo,

917
00:41:10,560 --> 00:41:12,600
Speaker 5: your video is gonna live forever because it has like

918
00:41:12,600 --> 00:41:15,600
Speaker 5: fifty nine thousand views right now or whatever. But a

919
00:41:15,680 --> 00:41:19,960
Speaker 5: year from now, somebody types in Trucking, they'll find that video, right,

920
00:41:20,000 --> 00:41:21,719
Speaker 5: and then they watch it and then we get paid.

921
00:41:21,760 --> 00:41:23,439
Speaker 5: And the cool thing, and this is I spoke about

922
00:41:23,440 --> 00:41:25,160
Speaker 5: this on a social media episode that we did, is

923
00:41:25,160 --> 00:41:28,160
Speaker 5: that a lot of times people with especially with like

924
00:41:28,239 --> 00:41:31,640
Speaker 5: YouTube and things of that nature, numbers are not the

925
00:41:31,680 --> 00:41:34,480
Speaker 5: most important thing. Numbers are not the most important thing.

926
00:41:34,560 --> 00:41:38,160
Speaker 5: What I mean by that is that, like our forty

927
00:41:38,239 --> 00:41:41,799
Speaker 5: thousand subscribers that we have right now is probably more

928
00:41:41,960 --> 00:41:44,720
Speaker 5: valuable than a lot of people that have a million

929
00:41:44,880 --> 00:41:48,680
Speaker 5: two million subscribers because our content we get paid at

930
00:41:48,719 --> 00:41:51,319
Speaker 5: a higher CPM. What that means is that, like our

931
00:41:51,360 --> 00:41:53,360
Speaker 5: content is clean, content is business.

932
00:41:53,400 --> 00:41:54,040
Speaker 4: That's important.

933
00:41:54,080 --> 00:41:58,239
Speaker 2: So companies they love that to advertise, right, It's like

934
00:41:58,280 --> 00:42:01,239
Speaker 2: the business is like the number one space advertisers. So

935
00:42:01,280 --> 00:42:06,040
Speaker 2: I was speaking to somebody who has a YouTube channel,

936
00:42:06,400 --> 00:42:09,160
Speaker 2: but it's a wrap show and they bring rappers on

937
00:42:09,200 --> 00:42:11,759
Speaker 2: stuff like that, you know. So he was telling me

938
00:42:11,840 --> 00:42:15,680
Speaker 2: his CPMs for his show is like three dollars, four dollars,

939
00:42:15,719 --> 00:42:19,600
Speaker 2: but he has like a million subscribers. His videos get

940
00:42:19,640 --> 00:42:21,799
Speaker 2: like two hundred thousand views, right, But he's not really

941
00:42:21,840 --> 00:42:24,879
Speaker 2: making money because it's like three dollars where we might

942
00:42:24,920 --> 00:42:28,279
Speaker 2: get ten thousand, twenty thousand views per episode. We have

943
00:42:28,400 --> 00:42:30,880
Speaker 2: forty thousand subscribers, which is way less than what he

944
00:42:30,920 --> 00:42:33,480
Speaker 2: has right, right, but we're making more money because our

945
00:42:33,520 --> 00:42:36,520
Speaker 2: CPMs could be thirty dollars twenty five dollars.

946
00:42:36,520 --> 00:42:39,359
Speaker 4: And that's another thing that's beautiful about YouTube is that

947
00:42:39,560 --> 00:42:42,719
Speaker 4: the CPM fluctuates, so like depending on the content, like

948
00:42:42,719 --> 00:42:45,800
Speaker 4: a video like mobile homes, you could get maybe forty

949
00:42:45,840 --> 00:42:49,759
Speaker 4: five dollars per CPM, which is per thousand, or like

950
00:42:49,840 --> 00:42:53,200
Speaker 4: Alex right, it could be forty seven dollars or as

951
00:42:53,280 --> 00:42:55,560
Speaker 4: in the audio space, it's just pretty stays the same

952
00:42:55,680 --> 00:42:58,719
Speaker 4: standard at twenty five dollars. So like, that's another beautiful

953
00:42:58,719 --> 00:43:02,040
Speaker 4: thing about YouTuber is it changes and depending on the content,

954
00:43:02,080 --> 00:43:03,640
Speaker 4: And that's that's key what you said too, is having

955
00:43:03,640 --> 00:43:09,000
Speaker 4: clean content, because if we had profanity laced conversations, right,

956
00:43:09,160 --> 00:43:12,720
Speaker 4: people wouldn't be putting money out to put on ads.

957
00:43:12,800 --> 00:43:14,920
Speaker 4: And I think we ran into that one time when

958
00:43:14,960 --> 00:43:18,719
Speaker 4: we had an episode with We're Talking about Marijuana, which

959
00:43:18,760 --> 00:43:21,600
Speaker 4: was a business podcast and it was a business lesson,

960
00:43:21,920 --> 00:43:24,560
Speaker 4: but just the fact that we had marijuana in our title,

961
00:43:25,000 --> 00:43:25,800
Speaker 4: it kind of changed.

962
00:43:26,080 --> 00:43:28,239
Speaker 2: We didn't get paid for that, but that's something too

963
00:43:28,320 --> 00:43:29,560
Speaker 2: for a lot of cret Like I said, all of

964
00:43:29,600 --> 00:43:32,279
Speaker 2: this stuff is just free information, free knowledge because these

965
00:43:32,280 --> 00:43:34,160
Speaker 2: are things that we learned. We literally learned all this

966
00:43:34,200 --> 00:43:36,880
Speaker 2: stuff on the fly. So you know, if you're starting

967
00:43:36,880 --> 00:43:39,359
Speaker 2: a YouTube channel, if you're thinking about monetizing online, the's

968
00:43:39,360 --> 00:43:41,320
Speaker 2: are good, good things to know. Because we didn't notice,

969
00:43:41,360 --> 00:43:45,320
Speaker 2: Like we didn't know that we put cannabis on marijuana

970
00:43:45,360 --> 00:43:47,799
Speaker 2: in the title. That's a red flag for YouTube. The

971
00:43:47,880 --> 00:43:50,080
Speaker 2: video went out, people saw it, but we didn't get.

972
00:43:49,920 --> 00:43:50,239
Speaker 3: Paid on it.

973
00:43:50,400 --> 00:43:51,960
Speaker 4: We got that little yellow sticker.

974
00:43:52,040 --> 00:43:54,400
Speaker 2: They're very big on that. They're very big on that industry.

975
00:43:55,000 --> 00:43:58,240
Speaker 2: They've shut down pages. They shut down some big cannabis pages.

976
00:43:58,239 --> 00:44:01,920
Speaker 2: We ran six hundred thousand subscribers, a million subscribers, they

977
00:44:01,960 --> 00:44:04,680
Speaker 2: shut their pages down. So it's just it's important to

978
00:44:04,760 --> 00:44:07,719
Speaker 2: understand what you're doing because like you could just be

979
00:44:07,760 --> 00:44:10,520
Speaker 2: doing something and I fully understand what you're doing, and

980
00:44:10,560 --> 00:44:13,480
Speaker 2: it's like you got you built up a million and

981
00:44:13,640 --> 00:44:17,120
Speaker 2: two million followers subscribers, but now it's hard for you

982
00:44:17,200 --> 00:44:20,520
Speaker 2: to monetize it. Where you see somebody with one hundred thousand,

983
00:44:20,520 --> 00:44:22,759
Speaker 2: I said, it's on social media. I know a girl

984
00:44:22,800 --> 00:44:25,640
Speaker 2: who had one hundred thousand, one hundred and fifty thousand

985
00:44:25,680 --> 00:44:29,960
Speaker 2: subscribers on Instagram that was getting paid fifteen thousand dollars

986
00:44:30,360 --> 00:44:33,120
Speaker 2: for an Instagram post. Where we know a lot of

987
00:44:33,239 --> 00:44:39,760
Speaker 2: Instagram models, bartenders that have millions of followers that can't

988
00:44:39,800 --> 00:44:41,920
Speaker 2: they can't figure out how to make money because the

989
00:44:41,960 --> 00:44:44,640
Speaker 2: only people that's going to advertise on their page is

990
00:44:44,680 --> 00:44:49,840
Speaker 2: lingerie and just promoting parties. They're limited, right, even like

991
00:44:49,840 --> 00:44:52,000
Speaker 2: a John Henry. John Henry doesn't have that many followers,

992
00:44:52,000 --> 00:44:54,160
Speaker 2: haves like one hundred and twenty thousand followers. Kill he's

993
00:44:54,160 --> 00:44:57,040
Speaker 2: making a killing killing. He's making a killing because it's clean.

994
00:44:57,080 --> 00:44:59,399
Speaker 2: He got a clean look. It's you know what I mean,

995
00:44:59,600 --> 00:45:01,680
Speaker 2: it's just the whole it's the whole package. He's very

996
00:45:01,719 --> 00:45:04,600
Speaker 2: he's very friendly to advertise it. So not to say

997
00:45:04,600 --> 00:45:06,080
Speaker 2: that you have to be that. I mean you could,

998
00:45:06,080 --> 00:45:08,560
Speaker 2: you could still make money, but not be but just

999
00:45:08,640 --> 00:45:10,360
Speaker 2: know that just just just be aware of it. Like

1000
00:45:10,560 --> 00:45:13,640
Speaker 2: I'm not telling you to change your your whole platform

1001
00:45:13,680 --> 00:45:16,120
Speaker 2: and to become something that you're not, but just be

1002
00:45:16,160 --> 00:45:16,640
Speaker 2: aware of it.

1003
00:45:16,760 --> 00:45:18,760
Speaker 4: You should be aware because that will be the reason

1004
00:45:18,880 --> 00:45:20,919
Speaker 4: why the monetization is a lot less.

1005
00:45:21,000 --> 00:45:22,640
Speaker 2: Yeah, So just know it's good to know that not

1006
00:45:22,800 --> 00:45:25,680
Speaker 2: the fact. So and then we also do live events. Now,

1007
00:45:26,600 --> 00:45:30,160
Speaker 2: the live events is another way how we're monetizing. But

1008
00:45:30,160 --> 00:45:31,520
Speaker 2: the thing, like I said, the thing about is that

1009
00:45:31,600 --> 00:45:35,240
Speaker 2: we're always adding value. Right, So this is a business podcast.

1010
00:45:35,280 --> 00:45:38,040
Speaker 2: We're never gonna apologize for making money. That's the whole point.

1011
00:45:38,280 --> 00:45:40,839
Speaker 2: Like we should never be ashamed to be entrepreneurs. But

1012
00:45:41,360 --> 00:45:43,520
Speaker 2: as long as you're as long as you're creating value,

1013
00:45:43,520 --> 00:45:44,520
Speaker 2: that's the most important thing.

1014
00:45:44,600 --> 00:45:44,799
Speaker 3: Right.

1015
00:45:44,880 --> 00:45:49,160
Speaker 2: So just from that, that's five different revenue streams that

1016
00:45:49,200 --> 00:45:51,600
Speaker 2: we named off of the podcast. Right, So now we

1017
00:45:51,640 --> 00:45:54,800
Speaker 2: don't have to we don't have to get five different jobs.

1018
00:45:54,800 --> 00:45:58,359
Speaker 2: We don't have to create five different businesses, even though

1019
00:45:58,360 --> 00:46:00,000
Speaker 2: they are kind of separate of each other, but they're

1020
00:46:00,080 --> 00:46:02,799
Speaker 2: all under the mothership of earn your leading, and they

1021
00:46:02,840 --> 00:46:07,600
Speaker 2: all hover under the podcast. The podcast is what leads everything, right,

1022
00:46:07,640 --> 00:46:10,680
Speaker 2: we know that, and that's important too. Never go away from.

1023
00:46:10,719 --> 00:46:11,480
Speaker 3: What feeds you.

1024
00:46:11,960 --> 00:46:14,719
Speaker 2: A lot of times people get successful and one thing

1025
00:46:14,840 --> 00:46:17,480
Speaker 2: and then they stop paying attention to that. Like, the

1026
00:46:17,520 --> 00:46:20,160
Speaker 2: podcast is always going to be high quality. We're always

1027
00:46:20,200 --> 00:46:22,680
Speaker 2: going to do our best with the podcast because we understand,

1028
00:46:22,680 --> 00:46:24,520
Speaker 2: like the podcast is what got us to this point.

1029
00:46:25,040 --> 00:46:27,719
Speaker 2: But we can't stay limited to the podcast. Like if

1030
00:46:27,719 --> 00:46:30,560
Speaker 2: we did that, we'd be doing ourselves and our supporters

1031
00:46:30,560 --> 00:46:32,640
Speaker 2: are disservice because that's not what we preach, Like we

1032
00:46:33,040 --> 00:46:36,640
Speaker 2: preach to have no limit to expand your horizons. So

1033
00:46:36,640 --> 00:46:40,000
Speaker 2: if we just stayed just doing a podcast, we wouldn't

1034
00:46:40,040 --> 00:46:41,920
Speaker 2: be a good example. Like what I'm saying, like we

1035
00:46:41,960 --> 00:46:43,640
Speaker 2: got to set an example. It's like it's more than

1036
00:46:43,719 --> 00:46:45,640
Speaker 2: just like we're just not getting up here just talking

1037
00:46:45,680 --> 00:46:47,760
Speaker 2: about it. We actually are implementing a real business.

1038
00:46:47,800 --> 00:46:49,640
Speaker 4: Yeah, and we had a few more, Like we have

1039
00:46:49,680 --> 00:46:52,160
Speaker 4: a few more even even like in the summer when

1040
00:46:52,160 --> 00:46:54,920
Speaker 4: we do our summer programming. That's another stream of income

1041
00:46:54,960 --> 00:46:57,520
Speaker 4: for us. We have a couple of things that we're

1042
00:46:57,520 --> 00:46:59,759
Speaker 4: going announce to the top of twenty twenty that we

1043
00:47:00,000 --> 00:47:03,160
Speaker 4: we're just continuing to build off of the mothership all

1044
00:47:03,200 --> 00:47:06,440
Speaker 4: e your leisure, but all things that help people. So yeah, man,

1045
00:47:06,440 --> 00:47:08,799
Speaker 4: we gotta keep creating. And it don't be surprised if

1046
00:47:08,800 --> 00:47:11,959
Speaker 4: you see like us doing trucking, Like we get a truck,

1047
00:47:12,000 --> 00:47:15,560
Speaker 4: we're gon we're getting all this information. So every time

1048
00:47:15,760 --> 00:47:18,080
Speaker 4: we hear something and we learn it's like yo, we

1049
00:47:18,120 --> 00:47:19,960
Speaker 4: should do No, it's a fact we even talking about

1050
00:47:20,000 --> 00:47:20,440
Speaker 4: our book.

1051
00:47:20,640 --> 00:47:22,360
Speaker 2: We gotta get we got we gotta get back to

1052
00:47:22,360 --> 00:47:25,799
Speaker 2: writing that book. But the book, that's another thing that

1053
00:47:25,800 --> 00:47:28,719
Speaker 2: we're like that we're looking to launch. And we got

1054
00:47:28,719 --> 00:47:32,160
Speaker 2: the blueprint of the book from Ash Cash episode episode

1055
00:47:32,160 --> 00:47:34,239
Speaker 2: twenty six. So it's like a lot of times, like

1056
00:47:34,280 --> 00:47:37,080
Speaker 2: when you listen to earn your leisure, don't just listen

1057
00:47:37,320 --> 00:47:40,799
Speaker 2: and just be entertained. Man, it's application. Like I said,

1058
00:47:40,840 --> 00:47:44,040
Speaker 2: like we're living proof, like we're we're literally applying things

1059
00:47:44,080 --> 00:47:45,040
Speaker 2: that we are learning.

1060
00:47:45,080 --> 00:47:46,680
Speaker 4: You know what the best part is, Like not once

1061
00:47:46,719 --> 00:47:49,640
Speaker 4: did you say like I'm a financial advisor too, Like

1062
00:47:49,840 --> 00:47:52,239
Speaker 4: people forget that part, Like yeah, so like yeah, that

1063
00:47:52,280 --> 00:47:55,680
Speaker 4: your financial advisor. I'm a teacher. But these things that

1064
00:47:55,719 --> 00:47:58,680
Speaker 4: we're doing, like outside of that, that's like non different streams.

1065
00:47:59,000 --> 00:48:01,239
Speaker 2: You need to have like ten ten different joints going

1066
00:48:01,280 --> 00:48:03,680
Speaker 2: because you never know, you never know when something can

1067
00:48:03,760 --> 00:48:04,960
Speaker 2: dry up. Like you know what I'm saying, You never

1068
00:48:05,000 --> 00:48:06,640
Speaker 2: know when something can dry up. So it's like I've

1069
00:48:06,640 --> 00:48:09,200
Speaker 2: seen it and I learned that early on just from

1070
00:48:09,200 --> 00:48:11,719
Speaker 2: watching people that I grew up with older people, And

1071
00:48:11,760 --> 00:48:13,880
Speaker 2: it's like you get laid off from your job and

1072
00:48:13,920 --> 00:48:16,560
Speaker 2: your screw you had a bad month from your job,

1073
00:48:16,600 --> 00:48:19,759
Speaker 2: and it's like you damn there on a homeless line,

1074
00:48:19,920 --> 00:48:21,279
Speaker 2: like you know what I'm saying. So now it's like

1075
00:48:21,520 --> 00:48:23,640
Speaker 2: we're having multiple streams. It gives you a cushion, it

1076
00:48:23,640 --> 00:48:25,160
Speaker 2: gives you a buffer, and it's like, all right.

1077
00:48:25,040 --> 00:48:25,960
Speaker 4: Well you can feel it.

1078
00:48:25,960 --> 00:48:27,920
Speaker 3: You can feel the freedom, you feel less pressure to you, you.

1079
00:48:27,880 --> 00:48:29,480
Speaker 4: Can feel the freedom of it. It's like, you know what,

1080
00:48:29,520 --> 00:48:32,480
Speaker 4: I'm not relying on anything. I have so many things

1081
00:48:32,760 --> 00:48:34,719
Speaker 4: that if this doesn't work, I got this. I got it.

1082
00:48:34,719 --> 00:48:36,680
Speaker 4: You can feel the freedom like I can feel it personally.

1083
00:48:36,719 --> 00:48:38,880
Speaker 4: It's like, Yo, this is crazy. This is different. Like

1084
00:48:38,920 --> 00:48:42,440
Speaker 4: this feels like twenty nineteen doesn't feel like twenty eighteen.

1085
00:48:42,640 --> 00:48:43,400
Speaker 4: It feels different.

1086
00:48:43,400 --> 00:48:43,800
Speaker 3: It does.

1087
00:48:44,239 --> 00:48:46,880
Speaker 2: And so yeah, so that's our but that's our journey.

1088
00:48:47,360 --> 00:48:49,280
Speaker 2: And not to say that you have to start a podcast,

1089
00:48:49,280 --> 00:48:52,239
Speaker 2: but it's like that's something that fit in what we

1090
00:48:52,239 --> 00:48:55,120
Speaker 2: were doing. So it's like what fits in what you're doing?

1091
00:48:55,200 --> 00:48:59,200
Speaker 4: Yeah, And on Early Legion University, I broke down how

1092
00:48:59,239 --> 00:49:01,520
Speaker 4: you can earn it in education because a lot of

1093
00:49:01,560 --> 00:49:03,719
Speaker 4: times I have conversations with people in my profession and

1094
00:49:03,719 --> 00:49:05,239
Speaker 4: they're like, Yo, how do you have time? How do

1095
00:49:05,239 --> 00:49:07,840
Speaker 4: you have time, and I went through like five or

1096
00:49:07,880 --> 00:49:11,280
Speaker 4: six different things streams of income just from being an educator.

1097
00:49:11,719 --> 00:49:15,040
Speaker 4: It is things that you probably are overthinking that you

1098
00:49:15,080 --> 00:49:17,279
Speaker 4: can do that don't require much time.

1099
00:49:17,680 --> 00:49:18,239
Speaker 3: Yeah.

1100
00:49:18,360 --> 00:49:22,040
Speaker 2: So all right, so yeah, that was that, And like

1101
00:49:22,080 --> 00:49:23,880
Speaker 2: I said, that was kind of the abbreviated version. The

1102
00:49:23,920 --> 00:49:26,600
Speaker 2: full version is on Earn Your Legion University, where we

1103
00:49:26,680 --> 00:49:28,520
Speaker 2: kind of just dorove into a lot of different things.

1104
00:49:28,520 --> 00:49:30,759
Speaker 2: But I just wanted to just let people know that

1105
00:49:31,360 --> 00:49:35,399
Speaker 2: it's always something more, no matter what you're doing, it's

1106
00:49:35,400 --> 00:49:37,760
Speaker 2: always something more. And when you're looking to start a business,

1107
00:49:37,760 --> 00:49:40,240
Speaker 2: see if that business is scalable, like the podcast is scalable,

1108
00:49:40,239 --> 00:49:43,040
Speaker 2: because we don't. It's very low inventory. That's another thing too,

1109
00:49:43,040 --> 00:49:46,120
Speaker 2: it's very low inventory. It can reach people from New

1110
00:49:46,239 --> 00:49:50,400
Speaker 2: York to Australia. We're not limited geographically, and it provides

1111
00:49:50,480 --> 00:49:53,520
Speaker 2: us opportunities to create multiple different launching paths.

1112
00:49:53,960 --> 00:49:55,640
Speaker 4: That was the first question Deryk fal Can ask me

1113
00:49:55,680 --> 00:49:57,719
Speaker 4: walk when we did his interview. The first thing. He

1114
00:49:57,800 --> 00:50:00,200
Speaker 4: sat down on my coudun and was like, yo, y'all

1115
00:50:00,200 --> 00:50:03,560
Speaker 4: gonna scale this first thing. He asked. I'm like, good question,

1116
00:50:03,800 --> 00:50:05,200
Speaker 4: and we went and we still.

1117
00:50:05,120 --> 00:50:08,200
Speaker 2: We come up with new ideas how we can scale. So,

1118
00:50:08,400 --> 00:50:11,399
Speaker 2: like I said, that's our blueprint, but what's your blueprint? Right,

1119
00:50:11,520 --> 00:50:16,239
Speaker 2: Like if you are restaurant owner, how do you scale that?

1120
00:50:16,600 --> 00:50:18,840
Speaker 2: How do you create multiple different streams? Derek gave the

1121
00:50:18,840 --> 00:50:21,279
Speaker 2: blueprint for that, but it's like if you if you

1122
00:50:21,320 --> 00:50:23,880
Speaker 2: have a gym, how do you create multiple different streams

1123
00:50:23,880 --> 00:50:26,320
Speaker 2: off that gym? Like even Alex right, he has a trucking,

1124
00:50:26,719 --> 00:50:30,160
Speaker 2: but he makes more money off of his portal and

1125
00:50:30,200 --> 00:50:35,600
Speaker 2: now he has merch So so yeah, so that's that's

1126
00:50:35,600 --> 00:50:38,120
Speaker 2: the rundown multiple streams of the income people. It's it's

1127
00:50:38,239 --> 00:50:40,560
Speaker 2: not something that is optional at this point in time,

1128
00:50:40,680 --> 00:50:44,640
Speaker 2: is mandatory and it's all about being creative and understanding

1129
00:50:44,719 --> 00:50:47,800
Speaker 2: how you can build different branches off of one tree.

1130
00:50:48,760 --> 00:50:52,560
Speaker 2: So we're gonna close it out with some education as

1131
00:50:52,560 --> 00:50:54,680
Speaker 2: far as investing in different things.

1132
00:50:55,840 --> 00:50:58,759
Speaker 3: All right, it's fun.

1133
00:50:59,000 --> 00:51:01,280
Speaker 2: Yeah, so we're gonna it out. We're going to close

1134
00:51:01,320 --> 00:51:06,320
Speaker 2: it out with something that is easy for me. Like

1135
00:51:06,400 --> 00:51:08,160
Speaker 2: I said, a lot of times people don't fully understand,

1136
00:51:08,200 --> 00:51:13,440
Speaker 2: Like everybody thinks do the podcast full time, but I

1137
00:51:13,440 --> 00:51:16,600
Speaker 2: actually have a financial planning firm, independent firm.

1138
00:51:16,800 --> 00:51:17,760
Speaker 4: Who was your first client?

1139
00:51:18,160 --> 00:51:18,480
Speaker 3: You were?

1140
00:51:18,840 --> 00:51:23,879
Speaker 2: Thank you for sure, wealth wealth management firm. So that's

1141
00:51:23,920 --> 00:51:31,200
Speaker 2: what I do like outside of this So yeah, retirement planning, investing,

1142
00:51:31,280 --> 00:51:35,359
Speaker 2: things of that nature. So one thing that always gets

1143
00:51:35,400 --> 00:51:38,640
Speaker 2: people's attention when we talk about is the self directed IRA.

1144
00:51:39,320 --> 00:51:40,840
Speaker 2: So I wanted to talk about that because you know,

1145
00:51:40,840 --> 00:51:43,200
Speaker 2: we talk about real estate a lot on this show,

1146
00:51:43,800 --> 00:51:45,839
Speaker 2: and we bring on different real estate investors and things

1147
00:51:45,880 --> 00:51:47,600
Speaker 2: of that nature, and we always you know, have to

1148
00:51:47,600 --> 00:51:50,960
Speaker 2: give people different options. So funding, when it comes to funding,

1149
00:51:51,000 --> 00:51:53,080
Speaker 2: that stops a lot of people from investing in real estate.

1150
00:51:53,200 --> 00:51:55,799
Speaker 2: So we you know, talk about two or three K

1151
00:51:55,920 --> 00:51:59,080
Speaker 2: loans and hard money loans and conventional loans and things

1152
00:51:59,080 --> 00:52:02,680
Speaker 2: of that nature. But another way that people can can

1153
00:52:02,800 --> 00:52:04,759
Speaker 2: invest in real estate that not a lot of people

1154
00:52:04,800 --> 00:52:08,439
Speaker 2: are fully familiar with is via their retirement account. Because

1155
00:52:08,440 --> 00:52:10,400
Speaker 2: if you think about it, I've spoke about this before.

1156
00:52:10,560 --> 00:52:14,920
Speaker 2: Most for the average American middle class, American lower middle class, whatever,

1157
00:52:16,080 --> 00:52:18,560
Speaker 2: they don't have a tremendous amount of money saved in

1158
00:52:18,600 --> 00:52:21,400
Speaker 2: a savings account. They don't have money. They might probably

1159
00:52:21,400 --> 00:52:24,879
Speaker 2: have no investment outside of retirement like they don't have I.

1160
00:52:24,800 --> 00:52:27,160
Speaker 4: Mean, I know people straight up that don't know what

1161
00:52:27,200 --> 00:52:27,960
Speaker 4: an IRI is.

1162
00:52:28,719 --> 00:52:30,680
Speaker 2: Well, yeah, that but I'm just saying as far as

1163
00:52:30,880 --> 00:52:35,560
Speaker 2: the money that they have saved is in retirement. So

1164
00:52:35,680 --> 00:52:38,920
Speaker 2: it's not uncommon for a teacher to have half a

1165
00:52:38,960 --> 00:52:42,080
Speaker 2: million dollars in their pension plan or their four or

1166
00:52:42,080 --> 00:52:44,799
Speaker 2: three B plan by the time they retire, or it's

1167
00:52:44,840 --> 00:52:48,480
Speaker 2: not uncommon for somebody to work in corporate America for

1168
00:52:49,440 --> 00:52:52,840
Speaker 2: twenty years and to have four hundred thousand dollars or

1169
00:52:52,880 --> 00:52:54,919
Speaker 2: even like one hundred thousand in a couple of years,

1170
00:52:54,960 --> 00:52:57,239
Speaker 2: Like it adds up. The good thing with four in

1171
00:52:57,320 --> 00:52:59,120
Speaker 2: one case is that the money is taken right out

1172
00:52:59,160 --> 00:53:03,239
Speaker 2: of your paycheck, so it's easy. Everybody knows about it.

1173
00:53:03,280 --> 00:53:04,920
Speaker 2: Like when you sign up for a job, they do you,

1174
00:53:04,960 --> 00:53:06,759
Speaker 2: they sign you up for and then you've worked, like

1175
00:53:06,760 --> 00:53:09,000
Speaker 2: I said, a union job, you have a pension. People

1176
00:53:09,040 --> 00:53:12,280
Speaker 2: have money in retirement accounts. Long story short, Yeah, and

1177
00:53:12,320 --> 00:53:15,879
Speaker 2: that's the one place where a lot of people that's

1178
00:53:15,920 --> 00:53:19,000
Speaker 2: like their only source of like real save somebody.

1179
00:53:19,000 --> 00:53:20,520
Speaker 4: If they're saving, they're like, yeah, I have a four one.

1180
00:53:20,719 --> 00:53:21,000
Speaker 3: Yeah.

1181
00:53:21,080 --> 00:53:22,640
Speaker 2: So what happens is that is that a lot of

1182
00:53:22,640 --> 00:53:24,759
Speaker 2: times what happens I see all the time is that

1183
00:53:25,280 --> 00:53:27,560
Speaker 2: people like they might leave their job or whatever they

1184
00:53:27,560 --> 00:53:29,759
Speaker 2: want to buy a home, and they have an old

1185
00:53:29,800 --> 00:53:32,359
Speaker 2: retirement account, like a old four one K, and what they

1186
00:53:32,360 --> 00:53:33,840
Speaker 2: do is that they cash it out because that's the

1187
00:53:33,920 --> 00:53:37,040
Speaker 2: only real money. They cash out their four one K

1188
00:53:37,160 --> 00:53:38,799
Speaker 2: and they use that for a down payment or they

1189
00:53:38,920 --> 00:53:40,719
Speaker 2: use that to buy a home. The problem with that

1190
00:53:40,880 --> 00:53:43,160
Speaker 2: is that now not only do you deplete your retirement account,

1191
00:53:43,520 --> 00:53:45,520
Speaker 2: but you get taxed crazy. Like if you take money

1192
00:53:45,520 --> 00:53:47,160
Speaker 2: out of a retirement account, but for fifty nine and

1193
00:53:47,160 --> 00:53:50,399
Speaker 2: a half from most retirement accounts, you pay a ten

1194
00:53:50,400 --> 00:53:53,160
Speaker 2: percent penalty, you pay state tax, and you pay federal tax.

1195
00:53:53,200 --> 00:53:54,720
Speaker 2: So you could be paying up to fifty to fifty

1196
00:53:54,760 --> 00:53:57,480
Speaker 2: five percent of the money in taxes.

1197
00:53:57,680 --> 00:53:59,960
Speaker 3: Right. So that's that's a lot of money. That's you're liable.

1198
00:54:00,040 --> 00:54:02,600
Speaker 4: We had a tax issue in this house, man.

1199
00:54:02,280 --> 00:54:04,200
Speaker 3: Yeah, so's it's important to understand that.

1200
00:54:04,760 --> 00:54:08,520
Speaker 2: So a lot of times people don't fully understand that

1201
00:54:08,640 --> 00:54:12,880
Speaker 2: you can actually use retirement money to actually purchase property.

1202
00:54:13,239 --> 00:54:15,080
Speaker 3: Right. So how you do that is via what's called

1203
00:54:15,120 --> 00:54:16,560
Speaker 3: a self directed eye.

1204
00:54:16,600 --> 00:54:18,560
Speaker 4: So before we go there, right, because this is important,

1205
00:54:18,600 --> 00:54:21,640
Speaker 4: what's the difference between an IRA and a self directed IRA?

1206
00:54:22,440 --> 00:54:25,000
Speaker 2: So all right, an IRA is what it stands for

1207
00:54:25,040 --> 00:54:26,280
Speaker 2: is the individual retirement account.

1208
00:54:26,320 --> 00:54:26,400
Speaker 4: Right.

1209
00:54:26,440 --> 00:54:28,359
Speaker 2: I think we spoke about this in another episode one time.

1210
00:54:28,400 --> 00:54:31,080
Speaker 2: But so IRA can be set up two different ways.

1211
00:54:31,120 --> 00:54:33,279
Speaker 2: You can set an IRA up just with money out

1212
00:54:33,280 --> 00:54:36,640
Speaker 2: of your pocket, and like you can fund it every year,

1213
00:54:36,680 --> 00:54:38,920
Speaker 2: like if you are self employed, or if your job

1214
00:54:38,920 --> 00:54:41,120
Speaker 2: doesn't have a four one K, or if you make

1215
00:54:41,360 --> 00:54:42,799
Speaker 2: under a certain amount of money, you can just put

1216
00:54:42,800 --> 00:54:45,080
Speaker 2: money to an IRA every year. Right now, you put

1217
00:54:45,080 --> 00:54:46,239
Speaker 2: like six thousand dollars on IRA.

1218
00:54:46,360 --> 00:54:47,120
Speaker 4: There's a max on it.

1219
00:54:47,719 --> 00:54:51,800
Speaker 2: Yeah, for the year. Okay, but now what's very populus.

1220
00:54:51,840 --> 00:54:54,880
Speaker 2: What's called the IRA rollover. So when you what happens

1221
00:54:54,920 --> 00:54:56,960
Speaker 2: is that now you leave your job, right and now

1222
00:54:57,000 --> 00:55:00,479
Speaker 2: you have an old four one K and old pinch plan,

1223
00:55:00,560 --> 00:55:04,440
Speaker 2: an old four three B whatever, TDA whatever, and you

1224
00:55:04,480 --> 00:55:05,880
Speaker 2: can roll that into an IRA.

1225
00:55:06,600 --> 00:55:06,839
Speaker 3: Right.

1226
00:55:07,160 --> 00:55:09,080
Speaker 2: So the reason why it's called the rollover is that

1227
00:55:09,120 --> 00:55:12,319
Speaker 2: it's going from one what's called tax qualified vehicle to

1228
00:55:12,360 --> 00:55:14,719
Speaker 2: another tax qualified vehicle. You're not paying taxes on it

1229
00:55:14,840 --> 00:55:16,759
Speaker 2: for your retirement. The only difference is that the four

1230
00:55:16,800 --> 00:55:17,800
Speaker 2: one K is set.

1231
00:55:17,680 --> 00:55:19,640
Speaker 3: Up by your job. The IRA is set up individually.

1232
00:55:19,960 --> 00:55:21,719
Speaker 2: You can set up you know with a bank or

1233
00:55:21,760 --> 00:55:25,760
Speaker 2: through a financial advisor or you know online there's different

1234
00:55:25,760 --> 00:55:26,400
Speaker 2: ways to set it up.

1235
00:55:26,480 --> 00:55:26,680
Speaker 3: Right.

1236
00:55:27,239 --> 00:55:30,200
Speaker 2: So most of the time when I when people do

1237
00:55:30,280 --> 00:55:33,520
Speaker 2: IRA rollovers, they're rolling into what's called the traditional IRA.

1238
00:55:34,560 --> 00:55:39,240
Speaker 2: Traditional IRA is investing in more traditional investments stocks, stocks,

1239
00:55:39,320 --> 00:55:44,280
Speaker 2: mutual funds, things of that nature. Right, So it's invested

1240
00:55:44,320 --> 00:55:47,279
Speaker 2: in the stock market, in bonds, things of that nature,

1241
00:55:47,280 --> 00:55:49,359
Speaker 2: and it grows over the cost of time. So let's

1242
00:55:49,360 --> 00:55:51,319
Speaker 2: say you had a job you work at and T

1243
00:55:52,080 --> 00:55:53,880
Speaker 2: for fifteen years. You have one hundred thousand dollars in

1244
00:55:53,880 --> 00:55:56,439
Speaker 2: a four month kN you left. You left, So now

1245
00:55:56,520 --> 00:55:58,600
Speaker 2: when you leave your job, the four one k is

1246
00:55:58,600 --> 00:56:00,560
Speaker 2: pretty much frozen in the sense not the way. It's

1247
00:56:00,560 --> 00:56:02,960
Speaker 2: not growing. It's still growing relative to how any investments do.

1248
00:56:03,600 --> 00:56:06,880
Speaker 2: But you can't borrow from it, right, you can't add

1249
00:56:06,920 --> 00:56:09,160
Speaker 2: money to it, you don't have any advice on it.

1250
00:56:09,200 --> 00:56:10,920
Speaker 2: You're not you're not working there anymore. And a lot

1251
00:56:10,920 --> 00:56:13,760
Speaker 2: of times people move and they don't update the address,

1252
00:56:13,800 --> 00:56:15,759
Speaker 2: so it becomes difficult to manage if you're not working

1253
00:56:15,760 --> 00:56:17,799
Speaker 2: there anymore. So this is why the rollover is so

1254
00:56:17,800 --> 00:56:20,640
Speaker 2: appealing because now you get to pick and choose your investments.

1255
00:56:20,800 --> 00:56:22,520
Speaker 2: You can add money to the IRA if you want,

1256
00:56:23,719 --> 00:56:25,440
Speaker 2: you can work with somebody that can help you out,

1257
00:56:25,480 --> 00:56:27,759
Speaker 2: like in advisor things of that nature. So that's that's

1258
00:56:27,800 --> 00:56:29,759
Speaker 2: what that's what the IRA is, just taking control over

1259
00:56:29,800 --> 00:56:32,360
Speaker 2: the money. So now you have that, you have it

1260
00:56:32,440 --> 00:56:35,560
Speaker 2: in the i RA, right. So now as it's in

1261
00:56:35,680 --> 00:56:39,160
Speaker 2: the i RA, it can be invested in like let's

1262
00:56:39,160 --> 00:56:41,759
Speaker 2: say it's invested in mutual funds, right or an.

1263
00:56:41,640 --> 00:56:42,560
Speaker 3: Annuity or whatever.

1264
00:56:42,640 --> 00:56:45,640
Speaker 2: It was just the regular IR traditional So the money's invested,

1265
00:56:45,760 --> 00:56:47,680
Speaker 2: you're not paying any taxes on it as long as

1266
00:56:47,719 --> 00:56:50,759
Speaker 2: it stays in and it's just like how it would

1267
00:56:50,800 --> 00:56:52,520
Speaker 2: be with your four to one K, except you're kind

1268
00:56:52,520 --> 00:56:54,000
Speaker 2: of picking and choosing investments for yourself.

1269
00:56:54,040 --> 00:56:55,800
Speaker 3: Okay, So it's that's.

1270
00:56:55,600 --> 00:56:57,600
Speaker 4: The easy So if I'm not picking it, then it

1271
00:56:57,600 --> 00:57:00,719
Speaker 4: would be a financial advisor or like I saw, like

1272
00:57:00,760 --> 00:57:01,400
Speaker 4: a custodian.

1273
00:57:01,800 --> 00:57:04,759
Speaker 2: Most of the time, it's a through like somebody will

1274
00:57:04,760 --> 00:57:06,400
Speaker 2: help you out with it. So whether that be a

1275
00:57:06,400 --> 00:57:10,880
Speaker 2: financial advisor, whether that be somebody at a bank, credit union,

1276
00:57:11,080 --> 00:57:13,640
Speaker 2: or you know. Usually you can do it yourself too

1277
00:57:13,840 --> 00:57:16,920
Speaker 2: if you go online like you can Fidelity, but a

1278
00:57:17,000 --> 00:57:19,280
Speaker 2: lot of times people just don't feel comfortable doing things themselves.

1279
00:57:19,320 --> 00:57:22,560
Speaker 2: They might want help, so somebody will help you out

1280
00:57:22,560 --> 00:57:24,280
Speaker 2: with it that they, you know, kind of guide you

1281
00:57:24,320 --> 00:57:26,800
Speaker 2: on like what makes sense, This is a good investment

1282
00:57:26,840 --> 00:57:28,880
Speaker 2: and this is the reason why things of that nature.

1283
00:57:29,280 --> 00:57:31,760
Speaker 2: So that's what most people do, Like probably like ninety

1284
00:57:31,760 --> 00:57:33,800
Speaker 2: five percent of people, they'll roll in money into a

1285
00:57:33,840 --> 00:57:36,640
Speaker 2: traditional IRA. But another option that you have is that

1286
00:57:36,680 --> 00:57:40,360
Speaker 2: you can roll into what's called the self directed IRA. So,

1287
00:57:40,120 --> 00:57:42,880
Speaker 2: so traditional IRIS allows you to invest in traditional investments.

1288
00:57:42,920 --> 00:57:44,840
Speaker 2: Like like I just said, the self directed IRA allows

1289
00:57:44,880 --> 00:57:47,600
Speaker 2: you to invest in a broad range of different things.

1290
00:57:48,000 --> 00:57:52,080
Speaker 2: Everything from bitcoin to commodities.

1291
00:57:52,240 --> 00:57:54,520
Speaker 3: Is a bunch of possibilities, all kinds of different stuff.

1292
00:57:54,560 --> 00:57:56,560
Speaker 4: And one of the things, so somebody said, like you

1293
00:57:56,560 --> 00:57:59,000
Speaker 4: can invest in a horse holding firm.

1294
00:57:59,120 --> 00:58:00,600
Speaker 2: Yeah, you can invest in all kind of different things.

1295
00:58:00,600 --> 00:58:02,440
Speaker 2: But it self directed IRA. And one of one of

1296
00:58:02,480 --> 00:58:05,480
Speaker 2: the most popular things that people use self directed IRA is.

1297
00:58:05,480 --> 00:58:06,280
Speaker 3: For is real estate.

1298
00:58:07,040 --> 00:58:09,320
Speaker 2: So a self directed IRA allows you to invest money

1299
00:58:09,360 --> 00:58:11,080
Speaker 2: in real estate. Right, So what happens is that you

1300
00:58:11,120 --> 00:58:13,680
Speaker 2: have one hundred thousand dollars and instead of like if

1301
00:58:13,720 --> 00:58:15,520
Speaker 2: you don't roll into a traditional IRA, you can roll

1302
00:58:15,520 --> 00:58:18,880
Speaker 2: it into a self directed IRA. Now that's self directed IRA.

1303
00:58:19,120 --> 00:58:21,080
Speaker 2: You can buy a home, or you can buy an

1304
00:58:21,080 --> 00:58:23,080
Speaker 2: apartment or whatever, or use that money to you know,

1305
00:58:23,080 --> 00:58:26,120
Speaker 2: buy different forms of real estate, and the money's not

1306
00:58:26,200 --> 00:58:28,040
Speaker 2: tax because the whole point of keeping it within the

1307
00:58:28,040 --> 00:58:30,520
Speaker 2: IRA is that you avoid you're avoiding paying.

1308
00:58:30,320 --> 00:58:32,720
Speaker 3: Tax tax when you take it out, or tax.

1309
00:58:32,520 --> 00:58:34,000
Speaker 2: When you take it out when you when you take

1310
00:58:34,080 --> 00:58:36,640
Speaker 2: receipt of it, we call taking receipt of the money, right,

1311
00:58:36,720 --> 00:58:38,280
Speaker 2: so like when you take receipt of it, that's when

1312
00:58:38,320 --> 00:58:40,560
Speaker 2: the money goes to a bank account, like when you

1313
00:58:40,600 --> 00:58:43,240
Speaker 2: physically receive it. As long as it's under the umbrella

1314
00:58:43,240 --> 00:58:46,160
Speaker 2: of the IRA, you never actually have you don't have

1315
00:58:46,240 --> 00:58:49,280
Speaker 2: receipt of it, so you're not you're not paying any

1316
00:58:49,280 --> 00:58:51,360
Speaker 2: taxes on it. That's the benefit of rolling a fall

1317
00:58:51,400 --> 00:58:54,120
Speaker 2: one came to an IRA and keeping it in the IRA. Right,

1318
00:58:54,120 --> 00:58:56,160
Speaker 2: you're not paying any taxes. Whenever you take money out,

1319
00:58:56,200 --> 00:58:58,520
Speaker 2: you're going to get taxed. If you take it out prematurely,

1320
00:58:58,680 --> 00:59:00,960
Speaker 2: you get a ten percent penalty tax. But at any

1321
00:59:01,000 --> 00:59:03,000
Speaker 2: point in time you take money out of an IRA

1322
00:59:03,200 --> 00:59:05,400
Speaker 2: or four one care, you pay a state and federal tax,

1323
00:59:05,520 --> 00:59:07,960
Speaker 2: the federal taxes with federal tax bracket you're in at

1324
00:59:08,000 --> 00:59:10,400
Speaker 2: that time, and the state tax depending on what state

1325
00:59:10,400 --> 00:59:13,120
Speaker 2: tax with state you're in and it's treated like ordinary income,

1326
00:59:13,200 --> 00:59:13,920
Speaker 2: and you can borrow.

1327
00:59:13,800 --> 00:59:15,560
Speaker 4: That at any time, but just know that there's gonna

1328
00:59:15,560 --> 00:59:18,040
Speaker 4: be a penalty borrow what you can borrow money from

1329
00:59:18,080 --> 00:59:18,360
Speaker 4: the IRA.

1330
00:59:18,520 --> 00:59:20,640
Speaker 2: You can't borrow money from the IRA. You can take

1331
00:59:20,680 --> 00:59:22,400
Speaker 2: money once a year from the IRA, but it's a

1332
00:59:22,440 --> 00:59:24,040
Speaker 2: sixty day rule where you got to put the money

1333
00:59:24,040 --> 00:59:24,320
Speaker 2: back in.

1334
00:59:24,720 --> 00:59:25,600
Speaker 4: Okay, good enough.

1335
00:59:25,640 --> 00:59:29,840
Speaker 2: So what happens is that with the self directed IRA,

1336
00:59:30,200 --> 00:59:34,040
Speaker 2: right now, you can use that money stays in the IRA,

1337
00:59:34,200 --> 00:59:36,240
Speaker 2: but you can buy a real estate. So like let's

1338
00:59:36,240 --> 00:59:38,240
Speaker 2: say you used one hundred thousand and you bought a home,

1339
00:59:38,800 --> 00:59:40,320
Speaker 2: used all of it to buy a home for one

1340
00:59:40,400 --> 00:59:43,360
Speaker 2: hundred thousand in cash. Right, So now that one hundred

1341
00:59:43,360 --> 00:59:45,760
Speaker 2: thousand is pretty much like your retirement. So the one

1342
00:59:45,840 --> 00:59:48,919
Speaker 2: hundred thousand rolls to two hundred thousand over the course

1343
00:59:48,920 --> 00:59:51,560
Speaker 2: of time. You're not paying any taxes as it's growing. Right,

1344
00:59:52,080 --> 00:59:54,840
Speaker 2: So you sell that home. Now you made a hundred

1345
00:59:54,840 --> 00:59:58,040
Speaker 2: thousand dollar profit. Right now, you put that back into

1346
00:59:58,080 --> 01:00:00,400
Speaker 2: the self directed IRA. Now it's not tax Now you

1347
01:00:00,440 --> 01:00:02,160
Speaker 2: have two hundred thousand dollars. Now you can buy more

1348
01:00:02,200 --> 01:00:06,080
Speaker 2: real estate or you can invest something else. Right, So

1349
01:00:06,120 --> 01:00:08,880
Speaker 2: it's another way to invest in real estate with your

1350
01:00:08,920 --> 01:00:13,080
Speaker 2: retirement account as opposed to investing with like a lot

1351
01:00:13,080 --> 01:00:14,800
Speaker 2: of times people think that they have to cash out

1352
01:00:14,840 --> 01:00:18,200
Speaker 2: their retirement to invest in real estate because most iras

1353
01:00:18,240 --> 01:00:20,640
Speaker 2: will not allow you to invest in real estate.

1354
01:00:20,680 --> 01:00:23,280
Speaker 4: It's self directed IRA, all right, So what's the process

1355
01:00:23,280 --> 01:00:25,360
Speaker 4: of setting up an IRA, because it's you're doing it yourself.

1356
01:00:25,400 --> 01:00:27,000
Speaker 4: I'm assuming right, self directed.

1357
01:00:26,840 --> 01:00:29,320
Speaker 2: Self directed IRA. Yeah, so the process is set up,

1358
01:00:29,400 --> 01:00:30,880
Speaker 2: all right, The process is set up a IRA.

1359
01:00:31,040 --> 01:00:32,600
Speaker 3: Period. This is the process is set up an IRA.

1360
01:00:33,960 --> 01:00:37,760
Speaker 2: You do an application for the IRA company, right, So,

1361
01:00:37,840 --> 01:00:41,040
Speaker 2: now that that sets up your IRA account. Like let's

1362
01:00:41,040 --> 01:00:43,560
Speaker 2: say you set up an IRA with Franklin Simpleton. Right,

1363
01:00:43,840 --> 01:00:47,640
Speaker 2: you're doing an application with Franklin Templeton and you're setting

1364
01:00:47,680 --> 01:00:50,919
Speaker 2: up an IRA. Right now, you have an IRA number,

1365
01:00:51,040 --> 01:00:53,760
Speaker 2: let's say it's one three, five seven zero. That's your

1366
01:00:53,760 --> 01:00:56,120
Speaker 2: IRA number. You have an account. All of that stuff

1367
01:00:56,160 --> 01:00:58,720
Speaker 2: is set up, but it's not funded yet. So what

1368
01:00:58,800 --> 01:01:00,600
Speaker 2: happens is that now you have to do a conference

1369
01:01:00,640 --> 01:01:03,440
Speaker 2: call with the fall one K company that shures you

1370
01:01:03,480 --> 01:01:06,280
Speaker 2: the easiest way you do a conference call, and usually

1371
01:01:06,440 --> 01:01:07,880
Speaker 2: like you do with your advisor, if you're working with

1372
01:01:07,880 --> 01:01:12,000
Speaker 2: an advisor and like most companies nowadays, like it's fidelity,

1373
01:01:12,520 --> 01:01:15,280
Speaker 2: they'll do it over the phone where they can initiate

1374
01:01:15,280 --> 01:01:17,320
Speaker 2: the transfer over the phone. So you say, okay, I

1375
01:01:17,360 --> 01:01:19,680
Speaker 2: have an IRA. I want to roll my old four

1376
01:01:19,760 --> 01:01:22,040
Speaker 2: one K into an IRA. And they ask you, like,

1377
01:01:22,080 --> 01:01:24,320
Speaker 2: who's the check made out to. You'll say like Franklin

1378
01:01:24,360 --> 01:01:28,640
Speaker 2: for John Doe, Franklin Templeton for a benefit of John Doe, right,

1379
01:01:29,040 --> 01:01:31,080
Speaker 2: and they say like what's the address. Most a lot

1380
01:01:31,080 --> 01:01:32,640
Speaker 2: of times they'll send it directly to your house, or

1381
01:01:32,680 --> 01:01:35,160
Speaker 2: sometimes they'll turn it to the company, but they'll cut

1382
01:01:35,160 --> 01:01:36,800
Speaker 2: the check. They'll do it over the phone. They'll cut

1383
01:01:36,800 --> 01:01:39,560
Speaker 2: the check and then you deposit that until your IRA account.

1384
01:01:39,560 --> 01:01:40,560
Speaker 2: Now your IRA is funded.

1385
01:01:40,800 --> 01:01:41,040
Speaker 3: Right.

1386
01:01:41,240 --> 01:01:44,160
Speaker 2: Sometimes some companies have paperwork where they have like their

1387
01:01:44,160 --> 01:01:46,760
Speaker 2: own paperwork and you fill out the paperwork, you send

1388
01:01:46,800 --> 01:01:48,560
Speaker 2: it back to the company and then they send the check.

1389
01:01:49,000 --> 01:01:50,680
Speaker 2: So it depends either they do it with the phone

1390
01:01:50,760 --> 01:01:52,520
Speaker 2: or the paperwork. But that's how you set the IRA up.

1391
01:01:52,520 --> 01:01:54,240
Speaker 2: It's very simple. It's at the IRA up. It's it's

1392
01:01:54,240 --> 01:01:56,600
Speaker 2: two part process. You have an application and then you

1393
01:01:56,640 --> 01:01:58,920
Speaker 2: contact the company and you tell a company where they's

1394
01:01:58,920 --> 01:02:00,840
Speaker 2: send the money to pretty much. That's how you set

1395
01:02:00,840 --> 01:02:04,600
Speaker 2: the IRA up. So when it's self directed IRA, it's

1396
01:02:04,640 --> 01:02:08,560
Speaker 2: the same process. It's just that there's less companies. There's

1397
01:02:08,560 --> 01:02:12,840
Speaker 2: like mostly trust companies that do this. So like with IRA,

1398
01:02:13,160 --> 01:02:17,760
Speaker 2: there's a bunch of hundreds, probably a thousand companies that

1399
01:02:17,800 --> 01:02:20,360
Speaker 2: you can do IRA where it's very very common traditional IRA.

1400
01:02:21,080 --> 01:02:25,880
Speaker 2: Everything from insurance companies to investment companies to banks, credit unions.

1401
01:02:25,880 --> 01:02:27,440
Speaker 2: You can set up IRA up with pretty much any

1402
01:02:27,440 --> 01:02:30,120
Speaker 2: financial institution. You can set up a traditional IRA up right,

1403
01:02:30,280 --> 01:02:33,280
Speaker 2: But there's a limited amount of companies that do self

1404
01:02:33,280 --> 01:02:34,240
Speaker 2: directed iras.

1405
01:02:34,360 --> 01:02:34,480
Speaker 3: Right.

1406
01:02:35,400 --> 01:02:37,600
Speaker 2: Well, it's just it's just less, you know, I guess

1407
01:02:37,600 --> 01:02:39,760
Speaker 2: it's just it's it might be I'm not really sure,

1408
01:02:39,880 --> 01:02:42,840
Speaker 2: but probably I'm sure is more involved.

1409
01:02:43,280 --> 01:02:45,240
Speaker 4: I Mean, when I'm listening to it, it sounds like this

1410
01:02:45,360 --> 01:02:46,880
Speaker 4: is like one of them things like this is strictly

1411
01:02:46,880 --> 01:02:48,800
Speaker 4: for love, man, Like this is not something that the

1412
01:02:48,880 --> 01:02:49,520
Speaker 4: average person.

1413
01:02:50,000 --> 01:02:52,040
Speaker 2: Well, well we're gonna get to that. We're gonna get

1414
01:02:52,040 --> 01:02:53,760
Speaker 2: to that the pros and cons, because there's constant, like

1415
01:02:53,800 --> 01:02:55,720
Speaker 2: everything in life. Well, like just a few companies that

1416
01:02:55,760 --> 01:02:58,840
Speaker 2: I'm not endorsing any companies because I don't work with

1417
01:02:58,960 --> 01:03:01,160
Speaker 2: I don't set up self directed iras for people, but

1418
01:03:01,360 --> 01:03:02,840
Speaker 2: just to kind of give you Like if you google

1419
01:03:02,840 --> 01:03:04,720
Speaker 2: cel directed iras, there's a lot of companies that will

1420
01:03:04,720 --> 01:03:08,360
Speaker 2: come up, so like Equity Trust, Goal Star Trust, and

1421
01:03:08,480 --> 01:03:10,880
Speaker 2: Trust Group. Those are different companies. But like I said,

1422
01:03:10,920 --> 01:03:13,640
Speaker 2: you could just google and do your own research, not

1423
01:03:13,720 --> 01:03:17,320
Speaker 2: to give those companies like any endorsement, but that's just

1424
01:03:17,600 --> 01:03:19,560
Speaker 2: that's just yeah, that's just that's just a couple of

1425
01:03:19,680 --> 01:03:20,160
Speaker 2: companies name.

1426
01:03:20,200 --> 01:03:21,960
Speaker 4: But when would be a good time to consider doing

1427
01:03:22,000 --> 01:03:22,960
Speaker 4: the self director.

1428
01:03:22,840 --> 01:03:24,240
Speaker 2: So before we even get to that, So how you

1429
01:03:24,280 --> 01:03:27,240
Speaker 2: set up the self directed IRA is that you you

1430
01:03:27,280 --> 01:03:30,760
Speaker 2: go online, you contact them, and you set it up

1431
01:03:30,800 --> 01:03:34,200
Speaker 2: with them, and they'll walk you through the process of

1432
01:03:34,240 --> 01:03:36,520
Speaker 2: like who the chech needs to be made out to you,

1433
01:03:37,000 --> 01:03:38,400
Speaker 2: an account number and all of that. So it's the

1434
01:03:38,400 --> 01:03:41,040
Speaker 2: same thing I just explained, but you have to do

1435
01:03:41,080 --> 01:03:43,200
Speaker 2: it this to yourself as opposed to like a lot

1436
01:03:43,240 --> 01:03:45,680
Speaker 2: of times with the i RA you have help because

1437
01:03:45,680 --> 01:03:47,600
Speaker 2: it a avisor that will help you out with you

1438
01:03:47,760 --> 01:03:50,200
Speaker 2: yeah most of the time. But in this process you're

1439
01:03:50,240 --> 01:03:52,040
Speaker 2: gonna have to like kind of navigate this yourself. So

1440
01:03:52,040 --> 01:03:54,080
Speaker 2: of course you want to be properly educated, you want

1441
01:03:54,120 --> 01:03:57,439
Speaker 2: to do your research. But the thing with the show

1442
01:03:57,520 --> 01:04:00,080
Speaker 2: is just to provide information. It's not to say to

1443
01:04:00,160 --> 01:04:02,960
Speaker 2: do one thing or another, but it's just to provide information.

1444
01:04:03,080 --> 01:04:06,880
Speaker 2: So there's some drawbacks with the with self thrected IRA

1445
01:04:07,000 --> 01:04:08,560
Speaker 2: because the thing with the self directing IR like, if

1446
01:04:08,600 --> 01:04:11,880
Speaker 2: you have a regular IRA right now, the money is

1447
01:04:11,920 --> 01:04:13,680
Speaker 2: invested in the stock market, you don't really have to

1448
01:04:13,680 --> 01:04:16,280
Speaker 2: do anything like I mean, you can just monitor it

1449
01:04:16,560 --> 01:04:18,240
Speaker 2: and make sure you're in a good fund or a

1450
01:04:18,280 --> 01:04:22,400
Speaker 2: good investment, but it's not gonna cost you like money,

1451
01:04:22,640 --> 01:04:26,360
Speaker 2: right Like if you buy a real estate property, if

1452
01:04:26,400 --> 01:04:28,600
Speaker 2: you buy a home right now, you buy that home

1453
01:04:28,640 --> 01:04:30,880
Speaker 2: for one hundred thousand dollars, but you just it's not

1454
01:04:30,880 --> 01:04:34,360
Speaker 2: a huge Just let that go. Because now the boiler

1455
01:04:34,440 --> 01:04:37,160
Speaker 2: might break, right so now you gotta pay money to

1456
01:04:37,160 --> 01:04:40,560
Speaker 2: fix the boiler. Or the house might need to be painted.

1457
01:04:40,600 --> 01:04:42,800
Speaker 2: Now you gotta pay money to fix this upkeeping the house.

1458
01:04:42,840 --> 01:04:44,840
Speaker 2: No matter what, there's still upkeep, you gotta cut the grass.

1459
01:04:44,840 --> 01:04:48,000
Speaker 2: There's always gonna be something. So it's gonna cost you money, exactly.

1460
01:04:48,160 --> 01:04:50,760
Speaker 2: It's important for people to understand that it's buying a

1461
01:04:50,760 --> 01:04:54,880
Speaker 2: house is gonna cost you money without like there's no

1462
01:04:54,920 --> 01:04:57,760
Speaker 2: way around it. So when you have your retirement account

1463
01:04:57,960 --> 01:04:59,760
Speaker 2: tied into that, A lot of times people you know,

1464
01:05:00,520 --> 01:05:02,959
Speaker 2: you're not investing your four one K into an IRA,

1465
01:05:03,000 --> 01:05:06,320
Speaker 2: a regular IRA with the expectation that you're gonna have

1466
01:05:06,320 --> 01:05:08,200
Speaker 2: to pay five thousand dollars a year just to keep

1467
01:05:08,280 --> 01:05:11,480
Speaker 2: up that IRA. There's fees involved with an IRA, but

1468
01:05:12,040 --> 01:05:14,720
Speaker 2: that's taken out of the amount. It's not like you're

1469
01:05:14,880 --> 01:05:18,680
Speaker 2: coming out of your pocket with a house is different, right. Also,

1470
01:05:19,000 --> 01:05:23,360
Speaker 2: a lot of times people buy homes and the especially

1471
01:05:23,400 --> 01:05:26,360
Speaker 2: with investment properties, they're doing that to actually have income.

1472
01:05:26,760 --> 01:05:28,440
Speaker 2: So they buy a home and they want to have

1473
01:05:28,480 --> 01:05:30,400
Speaker 2: income come from that right to like support their lifestyle.

1474
01:05:31,320 --> 01:05:34,840
Speaker 2: But any money that you generate from the self directed

1475
01:05:34,880 --> 01:05:37,400
Speaker 2: IRA property has to go back into the self directed IRA.

1476
01:05:37,880 --> 01:05:40,240
Speaker 2: If it doesn't, then you get taxed on it. So

1477
01:05:40,280 --> 01:05:42,680
Speaker 2: that's also important for people to understand. It's more of

1478
01:05:42,680 --> 01:05:45,600
Speaker 2: a long term play. So, like I said, so.

1479
01:05:45,520 --> 01:05:49,840
Speaker 4: That's not like obviously your primary residents, I'm assuming primary residence.

1480
01:05:49,840 --> 01:05:51,480
Speaker 4: What when you're investing in the real estate or could

1481
01:05:51,480 --> 01:05:51,840
Speaker 4: it be no.

1482
01:05:51,760 --> 01:05:52,880
Speaker 2: It could be anything. It doesn't have to be a

1483
01:05:52,920 --> 01:05:54,640
Speaker 2: primary residence. It could be a rental, it could be

1484
01:05:54,720 --> 01:05:57,520
Speaker 2: a primary it could be a different different things, but

1485
01:05:57,560 --> 01:05:59,280
Speaker 2: it's just like all things in life. You want to

1486
01:05:59,280 --> 01:06:01,760
Speaker 2: put together game plan, you want to put together game plan,

1487
01:06:01,800 --> 01:06:04,840
Speaker 2: you want to be fully knowledgeable. But like I said,

1488
01:06:04,840 --> 01:06:06,400
Speaker 2: at the whole point of the podcast is just to

1489
01:06:06,440 --> 01:06:10,520
Speaker 2: give information and then from the information that you can

1490
01:06:10,520 --> 01:06:12,560
Speaker 2: decipher and say, okay, this makes sense. But a lot

1491
01:06:12,560 --> 01:06:15,280
Speaker 2: of times we're forcing too doing things because we just

1492
01:06:15,600 --> 01:06:19,440
Speaker 2: we don't know. So for most people, the self directed

1493
01:06:19,480 --> 01:06:22,480
Speaker 2: IRA probably wouldn't be the best fit because it's more

1494
01:06:22,480 --> 01:06:25,560
Speaker 2: work involved everything that I just named, But in some

1495
01:06:25,640 --> 01:06:29,200
Speaker 2: cases it could potentially make sense. So just wanted to

1496
01:06:29,280 --> 01:06:31,360
Speaker 2: let people. I spoke about that in a few different

1497
01:06:32,280 --> 01:06:35,760
Speaker 2: settings like live settings, and it's always it always gets

1498
01:06:35,800 --> 01:06:38,400
Speaker 2: a good reaction. So I wanted to cover that in

1499
01:06:38,440 --> 01:06:40,720
Speaker 2: a podcast, and I knew that you know today obviously

1500
01:06:40,760 --> 01:06:42,000
Speaker 2: that we didn't have a guest, I thought it would

1501
01:06:42,000 --> 01:06:44,280
Speaker 2: be a good a good time to actually cover that topic.

1502
01:06:44,440 --> 01:06:46,520
Speaker 3: You talk about real estate so much shout out.

1503
01:06:46,560 --> 01:06:48,360
Speaker 4: I want to thank you for coming man, this is

1504
01:06:49,720 --> 01:06:51,880
Speaker 4: this is This has been a learning experience. Like just

1505
01:06:51,880 --> 01:06:54,920
Speaker 4: when you think you know somebody fact follow me on

1506
01:06:54,960 --> 01:06:59,600
Speaker 4: the ground, but can you give everybody if not? That

1507
01:06:59,640 --> 01:07:02,480
Speaker 4: was great man. And like I said, obviously we talk

1508
01:07:02,560 --> 01:07:05,160
Speaker 4: every day, but we don't have in depth conversations like this,

1509
01:07:05,200 --> 01:07:07,080
Speaker 4: so like when we even have to. When I was

1510
01:07:07,080 --> 01:07:09,520
Speaker 4: preparing for this, I'm like, I have questions because it's

1511
01:07:09,520 --> 01:07:11,560
Speaker 4: like I don't know these things, Like this is your expertise,

1512
01:07:11,560 --> 01:07:13,000
Speaker 4: so this is dope that we have to do this

1513
01:07:13,120 --> 01:07:15,720
Speaker 4: like that, there's about ten questions segment.

1514
01:07:15,400 --> 01:07:17,880
Speaker 3: That we Like I said, it's just a little little tippets.

1515
01:07:17,920 --> 01:07:19,280
Speaker 2: I think that's something that we want to try to

1516
01:07:19,400 --> 01:07:23,280
Speaker 2: just throw a little gyms in there on the podcast

1517
01:07:23,400 --> 01:07:27,280
Speaker 2: every once in a while, like from your area of expertise,

1518
01:07:27,280 --> 01:07:29,040
Speaker 2: from my area of expertise, Like we can do like

1519
01:07:29,080 --> 01:07:31,200
Speaker 2: one per episode, like you know, once a month something

1520
01:07:31,240 --> 01:07:32,720
Speaker 2: like that, where you can just kind of like little tippets,

1521
01:07:32,760 --> 01:07:35,560
Speaker 2: little financial tippits to kind of help people out in

1522
01:07:35,600 --> 01:07:38,360
Speaker 2: the day to day life. And I think that that's

1523
01:07:38,360 --> 01:07:39,680
Speaker 2: something that could be beneficial.

1524
01:07:39,840 --> 01:07:42,040
Speaker 4: Yeah, man, I'm sure that people are going to take

1525
01:07:42,040 --> 01:07:42,520
Speaker 4: a lot from.

1526
01:07:42,440 --> 01:07:45,080
Speaker 3: This, hopefully hopefully hopefully for sure.

1527
01:07:45,160 --> 01:07:48,439
Speaker 2: So so yeah, I mean I think that that's that's

1528
01:07:48,480 --> 01:07:51,440
Speaker 2: that's that's a good nostalgia, a trip down memory.

1529
01:07:51,800 --> 01:07:54,640
Speaker 4: If you're like, can y'all bring it and what happened

1530
01:07:54,640 --> 01:07:56,840
Speaker 4: to the NASA intro. Listen if you all listening to

1531
01:07:56,920 --> 01:08:01,480
Speaker 4: us right now, we've covered like trademarket so that that

1532
01:08:01,760 --> 01:08:04,600
Speaker 4: you can be between the lines. We love NOAs shot

1533
01:08:04,640 --> 01:08:06,880
Speaker 4: the basketball. That is who I wanted to be when

1534
01:08:06,920 --> 01:08:08,960
Speaker 4: I was eleven years old. So we love nos. We

1535
01:08:09,040 --> 01:08:11,280
Speaker 4: just gotta we couldn't figure out how to get the music.

1536
01:08:11,440 --> 01:08:14,280
Speaker 2: You gotta get Knaves on the podcast is doing all

1537
01:08:14,360 --> 01:08:16,240
Speaker 2: kinds of different things in the venture capital space right now.

1538
01:08:16,439 --> 01:08:17,479
Speaker 3: I get him on the podcast.

1539
01:08:17,520 --> 01:08:20,800
Speaker 2: But before we go once again once again, but mind

1540
01:08:20,880 --> 01:08:23,360
Speaker 2: the d C hop out on us.

1541
01:08:23,439 --> 01:08:23,639
Speaker 3: Man.

1542
01:08:23,680 --> 01:08:26,639
Speaker 2: We got crazy Saturday is gonna be Rashaanna Scott, Mobile

1543
01:08:26,680 --> 01:08:30,160
Speaker 2: Home Investors and Wall Street Trapper. Sunday our very first

1544
01:08:30,200 --> 01:08:33,840
Speaker 2: live podcast, the Capital one Arena with Max Maxwell, Ash Cash,

1545
01:08:33,920 --> 01:08:36,679
Speaker 2: Derrek Falcon from Homemade. Then we got a networking event

1546
01:08:36,720 --> 01:08:39,880
Speaker 2: after that. Then we got the game, the Wizards Clippers game.

1547
01:08:39,920 --> 01:08:42,240
Speaker 2: Everybody that comes to the podcast has tickets to the game.

1548
01:08:42,720 --> 01:08:44,599
Speaker 4: Sunday night, d C. It's on, y'all, y'all, gott tell

1549
01:08:44,640 --> 01:08:45,040
Speaker 4: us what to go.

1550
01:08:45,560 --> 01:08:48,040
Speaker 3: Park. I think Park is, That's what I think Park,

1551
01:08:48,680 --> 01:08:49,760
Speaker 3: So d C.

1552
01:08:50,160 --> 01:08:52,360
Speaker 2: I can't wait. I can't wait to touch the town man,

1553
01:08:52,360 --> 01:08:56,599
Speaker 2: I'm gonna come a little early. Actually, run run around, yeah,

1554
01:08:56,840 --> 01:08:58,640
Speaker 2: runing around the d m V for a little bit.

1555
01:08:59,240 --> 01:09:03,400
Speaker 2: And eyl University yet the university. Shout to everybody on

1556
01:09:03,439 --> 01:09:07,479
Speaker 2: eyl University. Everybody's tuning in of our guest webinar hosts.

1557
01:09:08,000 --> 01:09:10,720
Speaker 4: We got the credit due. We had Sabine, obviously we

1558
01:09:10,760 --> 01:09:13,840
Speaker 4: have Matt. They're doing a tremendous job. We actually did

1559
01:09:13,880 --> 01:09:17,840
Speaker 4: to webinars ourselves. Andre Hatchett, shout out to him, he

1560
01:09:17,880 --> 01:09:21,519
Speaker 4: did the mobile notary. It's amazing, man. Like every week

1561
01:09:21,560 --> 01:09:23,679
Speaker 4: we learned so much more. So, shout out to everybody

1562
01:09:23,680 --> 01:09:25,920
Speaker 4: that is a member of e y L you and

1563
01:09:25,920 --> 01:09:28,280
Speaker 4: shout out to everybody that's on Patreon. As we mentioned earlier,

1564
01:09:28,280 --> 01:09:30,080
Speaker 4: that's our proud to pay program. And I just want

1565
01:09:30,120 --> 01:09:31,320
Speaker 4: to give a quick shout out to some of our

1566
01:09:31,360 --> 01:09:34,200
Speaker 4: new members. Kay Dean, who's a Tier four member, so

1567
01:09:34,439 --> 01:09:36,439
Speaker 4: you're going to have access to e y L University.

1568
01:09:37,000 --> 01:09:39,840
Speaker 4: Dawayne who's a new member, a Tier four guy, so

1569
01:09:39,920 --> 01:09:43,880
Speaker 4: he'll he'll be getting ey L University. And Sama. We

1570
01:09:43,920 --> 01:09:45,719
Speaker 4: spoke to her. Remember a few months back, we supposed

1571
01:09:45,720 --> 01:09:48,639
Speaker 4: to Samiya. She actually upgraded her tears so she went

1572
01:09:48,960 --> 01:09:51,519
Speaker 4: from a one test nationally that tier four now so

1573
01:09:51,720 --> 01:09:55,000
Speaker 4: she's gonna have access to e y L University. And

1574
01:09:55,120 --> 01:09:57,240
Speaker 4: John he's a new member. He actually just joined as

1575
01:09:57,280 --> 01:09:58,840
Speaker 4: we came on to do this episode. So shout out

1576
01:09:58,880 --> 01:10:01,839
Speaker 4: to everybody on Patreon dot com. That's how probably pay program.

1577
01:10:01,920 --> 01:10:04,760
Speaker 4: We already explain how it works, five different tiers. Each

1578
01:10:04,800 --> 01:10:07,519
Speaker 4: tier has a different thing, and now four and five

1579
01:10:07,560 --> 01:10:09,360
Speaker 4: you have access to e y L University, So take

1580
01:10:09,360 --> 01:10:11,640
Speaker 4: advantage of that. And like we said, most importantly, man,

1581
01:10:11,680 --> 01:10:14,519
Speaker 4: you're gonna get the information, but the application is definitely

1582
01:10:14,920 --> 01:10:16,640
Speaker 4: up to you, so make sure you take advantage of that.

1583
01:10:16,920 --> 01:10:18,599
Speaker 4: And our merch man shout out to everybody that's.

1584
01:10:18,479 --> 01:10:19,920
Speaker 3: Supporting to merge the merch hoodies.

1585
01:10:19,920 --> 01:10:22,320
Speaker 2: We both got the hoodies out right now and we're

1586
01:10:22,360 --> 01:10:24,600
Speaker 2: gonna we're gonna be dropping some some new merchant y

1587
01:10:24,800 --> 01:10:27,519
Speaker 2: lu whole new collection. Yo University is something that we're

1588
01:10:27,520 --> 01:10:30,120
Speaker 2: really excited about because it's online learning platform. But it's

1589
01:10:30,120 --> 01:10:34,080
Speaker 2: different because it's not just like courses. It's it's zoom classes.

1590
01:10:34,560 --> 01:10:37,360
Speaker 2: So these are like real like you can we have

1591
01:10:37,439 --> 01:10:40,840
Speaker 2: a different speakers from everything from two or three like

1592
01:10:40,920 --> 01:10:43,920
Speaker 2: the same podcast people that we have like they're like give.

1593
01:10:44,120 --> 01:10:47,439
Speaker 3: And even more. Yeah, they do classes for it because

1594
01:10:47,439 --> 01:10:48,080
Speaker 3: we do a class.

1595
01:10:48,080 --> 01:10:51,120
Speaker 4: Also, when you watch the podcast, it's not live, right,

1596
01:10:51,200 --> 01:10:52,840
Speaker 4: so it's tough to if when you have a question.

1597
01:10:52,880 --> 01:10:54,200
Speaker 4: I know a lot of people pause the video or

1598
01:10:54,240 --> 01:10:56,400
Speaker 4: pause the audio and like write down like they had

1599
01:10:56,400 --> 01:10:59,439
Speaker 4: a question like uyol University. You could just literally raise

1600
01:10:59,479 --> 01:11:02,640
Speaker 4: your hand and have that question answered. So it's interactive.

1601
01:11:02,640 --> 01:11:04,479
Speaker 4: So make sure that if you're on e y l

1602
01:11:05,040 --> 01:11:07,800
Speaker 4: u dot com, go to e y l University and

1603
01:11:07,800 --> 01:11:08,719
Speaker 4: see what it's all about.

1604
01:11:08,960 --> 01:11:09,679
Speaker 3: No, it's a vibe.

1605
01:11:09,720 --> 01:11:12,240
Speaker 2: It's a whole viby University is a new wave, the

1606
01:11:12,800 --> 01:11:15,080
Speaker 2: coolest way to learn on the internet right now.

1607
01:11:16,200 --> 01:11:16,679
Speaker 3: It's dope.

1608
01:11:16,720 --> 01:11:18,400
Speaker 2: It's just dope all the way around. So I'm really

1609
01:11:18,439 --> 01:11:21,120
Speaker 2: excited about that. And that's what we're pushing right now.

1610
01:11:21,200 --> 01:11:23,920
Speaker 2: And also jay Z that's our guy.

1611
01:11:24,040 --> 01:11:26,599
Speaker 4: You know that. Yeah, since we've been doing this, y'all

1612
01:11:26,680 --> 01:11:26,920
Speaker 4: know that.

1613
01:11:27,040 --> 01:11:28,680
Speaker 2: And so the book tip of this week is jay

1614
01:11:28,760 --> 01:11:31,599
Speaker 2: Z Made in America by Michael Eric Dyson.

1615
01:11:31,680 --> 01:11:33,760
Speaker 3: He does Mikero. Eric Dyson's interesting he does. He did

1616
01:11:33,800 --> 01:11:34,639
Speaker 3: his book on nas.

1617
01:11:35,160 --> 01:11:38,280
Speaker 2: He like breaks down like these lyrics and it's like, yeah,

1618
01:11:38,280 --> 01:11:40,240
Speaker 2: he's kind of like what we do we need to

1619
01:11:40,240 --> 01:11:41,160
Speaker 2: get him on the podcast.

1620
01:11:41,280 --> 01:11:42,040
Speaker 4: He's in DC too.

1621
01:11:42,320 --> 01:11:45,120
Speaker 2: Yeah, he breaks down like hip hop and then like

1622
01:11:45,680 --> 01:11:47,720
Speaker 2: pop culture. It's like a whole vibe that he does.

1623
01:11:48,040 --> 01:11:49,920
Speaker 2: So he just did the jay Z book that's his latest.

1624
01:11:50,040 --> 01:11:53,120
Speaker 4: It was dope because Jay actually allowed him to use

1625
01:11:53,120 --> 01:11:55,160
Speaker 4: some of the lyrics in the book. So it's dope

1626
01:11:55,200 --> 01:11:57,320
Speaker 4: that he used them and did a whole bunch of

1627
01:11:57,400 --> 01:11:59,240
Speaker 4: chapters on him. So check that out for sure.

1628
01:11:59,800 --> 01:12:02,240
Speaker 2: Yeah he Oh, here you have it man, another one

1629
01:12:02,320 --> 01:12:05,599
Speaker 2: in the books. Ernest, we love you, five of them,

1630
01:12:05,600 --> 01:12:07,840
Speaker 2: mant thank you for rocking with us. We'll see you

1631
01:12:07,880 --> 01:12:09,120
Speaker 2: next week. Peace please.

1632
01:12:10,760 --> 01:12:14,640
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