WEBVTT - EYL #51 The Essence

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<v Speaker 2>All right, guys, Welcome back eyl Nostalgia Audition Audition.

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<v Speaker 3>Yeah for sure.

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<v Speaker 2>So if you were rocking with earning your lisia, you

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<v Speaker 2>know that if you're a Day one supporter, Day one listener,

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<v Speaker 2>you know that the first ten out of twelve episodes

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<v Speaker 2>that we did something lone Elf Lines didn't. We didn't

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<v Speaker 2>have any guests. We had a whole format of how

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<v Speaker 2>we how we created your legion. It wasn't built on guests.

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<v Speaker 2>It was built on case studies and breaking down trending

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<v Speaker 2>topics like in like pop culture was related to business,

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<v Speaker 2>telling stories. It was a whole thing that we had

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<v Speaker 2>and it really became really popular. People liked it and

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<v Speaker 2>we kind of just fell into having guests. By default,

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<v Speaker 2>it was inevitable it was to have guests, so we

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<v Speaker 2>just had it. Then we just fell in love with

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<v Speaker 2>having guests and we just been doing that ever since,

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<v Speaker 2>for months and months and months. But everywhere we go

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<v Speaker 2>all of our Day one listeners and supporters have always

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<v Speaker 2>acts like, can we get at least one episode how

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<v Speaker 2>it used to be without any guests?

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

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<v Speaker 2>Next week will be back with our regularly scheduled guests.

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<v Speaker 2>We got a lot of dope interviews with different guests

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<v Speaker 2>in the Oven, but we wanted to bring it back

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<v Speaker 2>to where it originally started. We actually kind of missed

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<v Speaker 2>the format and it was actually really dope.

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<v Speaker 4>So it took me back to the times where it

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

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<v Speaker 4>gonna talk about Thursday, let's finalize it and come up

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

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<v Speaker 4>that routine kind of changed now, but it's good to

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<v Speaker 4>come back to it, man, because we always we always

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<v Speaker 4>gonna have ourselves.

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

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<v Speaker 2>Now, this is something I'm excited about because we got

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<v Speaker 2>a lot to talk about and we wanted to just

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<v Speaker 2>kind of just break it up a little bit and

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<v Speaker 2>just just just give you guys us. Yeah.

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

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<v Speaker 2>But before we start, by the time you guys here,

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<v Speaker 2>this will be like a few days until our big

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<v Speaker 2>DC takeover, and that's gonna be crazy. It's gonna be crazy.

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<v Speaker 2>I ain't gonna talk about it too much.

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<v Speaker 3>So much.

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<v Speaker 2>But there's a few tickets left for the workshop. VIP

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<v Speaker 2>is sold out by the time you hear this. We

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<v Speaker 2>might be able to get a couple more tickets. I

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<v Speaker 2>don't know, but workshop, we still have some tickets, a

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<v Speaker 2>couple of tickets available for that, and it's gonna be

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<v Speaker 2>a vibe man, we're looking forward to Wenna.

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<v Speaker 4>Put the list of people who's gonna.

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

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<v Speaker 2>Wall Street Trapper, Rashana Scott, Mobile homes Elite, ut MG,

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<v Speaker 2>the Mortgage Guy, Andy from Y two K Credit Solution,

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<v Speaker 2>Derek Falcon from Homemade Sabine, The Purpose Attorney, Miss Business.

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<v Speaker 3>It's gonna be it's gonna be crazy.

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<v Speaker 4>So that's like twelve episodes in the.

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<v Speaker 2>So yeah, so, like I said, we we gotta plug it.

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<v Speaker 2>Hopefully we see you there. If not, we catch you

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<v Speaker 2>in the next one. We're gonna release information on the

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

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<v Speaker 2>jump right into this episode with a trending topic something

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<v Speaker 2>that actually we put it on Instagram like a month

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<v Speaker 2>and a half ago and we asked like should we

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<v Speaker 2>cover this, and overwhelming everybody wanted us to cover it,

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<v Speaker 2>but we just didn't have enough time because.

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<v Speaker 4>You call, I remember you put it up on like

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<v Speaker 4>a Thursday, and like Friday was like, yeah, we got

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<v Speaker 4>to cover this on Saturday, and I'm like, yo, we

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<v Speaker 4>got a few people lined up that we got an interview.

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

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

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<v Speaker 4>needs more than Live, this needs this needs a segment.

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<v Speaker 2>Yeah, So we didn't really have time, but we just

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

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

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<v Speaker 2>in regards fashion, licensing, ownership, TRADEMARKT trademark and all that stuff.

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<v Speaker 2>And then in the second segment, we're gonna talk about

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<v Speaker 2>multiple streams of income important E y L is multiple

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<v Speaker 2>streams of income. So we're gonna give you the blueprint

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<v Speaker 2>and you know, full transparency is our whole theme. And

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<v Speaker 2>then the third segment, we're going to talk about some

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

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

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<v Speaker 4>this questions I had. I'm like, we've never even had

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<v Speaker 4>these conversations. So it's gonna be dope. I get to

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<v Speaker 4>do some questions at you.

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<v Speaker 2>All right, So we're gonna start this off with a

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<v Speaker 2>throwback from the past, everybody's favorite segment that.

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<v Speaker 3>It's the only right we do it forty episodes.

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<v Speaker 4>You gotta give him the intro, like you always do.

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<v Speaker 2>Ladies and gentlemen, boys and girls without further ado story time.

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<v Speaker 3>Here's a little story that must be to listen up,

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<v Speaker 3>gangsters and honeys with your head done.

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<v Speaker 4>Best storyteller stuff man Rader.

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<v Speaker 2>So first and foremost. You know Kanye West. That's uh

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<v Speaker 2>our brother.

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<v Speaker 4>We can't throw him away.

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<v Speaker 3>He Kanye West. You went to his concert?

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<v Speaker 4>I go to a lot of I've been to a

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<v Speaker 4>number of his concerts. I remember the first time I

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<v Speaker 4>saw him. He was opening up for Usher on a

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<v Speaker 4>Confessions tour. That's how far back.

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<v Speaker 2>But he went to his most recent concert. Yeah, I

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<v Speaker 2>was at the La Jesus Is King.

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<v Speaker 4>We told that story alive. Yeah, I went. I went

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<v Speaker 4>to Sunday Service.

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<v Speaker 2>Man, he went to Sunday Services because we was at

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<v Speaker 2>Complex cam Me, Mike Jamore you. We was at Complex

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<v Speaker 2>con in l A and Long Beach and he had

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<v Speaker 2>his show and you bought tickets to the show.

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<v Speaker 3>All of us.

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<v Speaker 2>Yeah, man, And he was about to go is in

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<v Speaker 2>Inglewood and you got in the uber and nobody else

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<v Speaker 2>got it.

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

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<v Speaker 4>I'm like, yo, the show starts at at four, Like

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

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

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<v Speaker 4>everybody's like. I was like, I'm calling the uber. We

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<v Speaker 4>all walked outside. I got into uber. I looked back.

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<v Speaker 4>I saw y'all standing on the curve. I said this,

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

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<v Speaker 4>And I looked and y'all took two steps backwards and

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<v Speaker 4>I closed the door and I said, I'm going.

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<v Speaker 2>Yeah, was in fact shout out to ye no disrespect,

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<v Speaker 2>no disrespect.

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<v Speaker 3>Yeah, it left me.

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<v Speaker 2>Ya just wasn't in vis. You gotta be mentally prepared

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<v Speaker 2>for that.

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<v Speaker 4>And I'm not mad at it. I told you when

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<v Speaker 4>and I doubled back. I came back. I was like,

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<v Speaker 4>you know what, some things you need to experience by yourself.

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<v Speaker 4>I kind of I needed that, man. It was an

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<v Speaker 4>emotional moment.

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<v Speaker 2>Shout Sunday shot, Yeah, you went by yourself, but shout

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<v Speaker 2>out to complex content.

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<v Speaker 3>I was.

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<v Speaker 2>But I say that to say, we're gonna talk about

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<v Speaker 2>Virgil Ablow. Yeah, right, and Virgil if you don't if

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<v Speaker 2>you don't know, is he just recently took the.

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<v Speaker 4>Head job at the hell designer of Louis.

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<v Speaker 2>Louis Vaitton, I think the men's Louis Vuitton, right, And yeah,

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<v Speaker 2>so he's he's big in fashion obviously, but before that,

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<v Speaker 2>he has a brand called off White. Off White, if

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

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<v Speaker 2>these things where all of the rappers, where all the

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<v Speaker 2>athletes wear it, and it costs a thousand dollars for

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<v Speaker 2>a T shirt.

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<v Speaker 3>It's crazy.

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<v Speaker 5>It's like, you know, off White, It's like a thing.

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<v Speaker 2>But so I mentioned Kanye West because Virgil comes from

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<v Speaker 2>Kanye's tree. So when we talk about Kanye's tree, we

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<v Speaker 2>talk about his musical tree, right, people that have come

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<v Speaker 2>from him. So the big Seawans of the world, the

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<v Speaker 2>John Legends of the world, kid Cuddies of the world,

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

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<v Speaker 2>we can't put drinking there. No no, no, we can't

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<v Speaker 2>play with Drake like that. But so so shout out

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<v Speaker 2>to the six Guard. So so that's so d so.

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<v Speaker 2>But but music is crazy, his his his his branches

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<v Speaker 2>is crazy in music. But even more impressive is his fashion.

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<v Speaker 2>So people, I would say more impressive. The people come

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<v Speaker 2>from under Kanye in fashion is Jerry Lorenzo Fair of God,

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<v Speaker 2>Virgil Ablow who we just talked about don Ce who

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<v Speaker 2>worked the Jordan brand and what else did he do?

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<v Speaker 4>He still has it and he has the rs VP shop. Yeah,

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<v Speaker 4>he has a couple of deals he did. Uh, he

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<v Speaker 4>did a deal with the NBA where he likes in

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<v Speaker 4>some of this stuffy.

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<v Speaker 2>And Virgil and Kanye actually moved to the all of

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<v Speaker 2>them literally for like six months, and they interned Louis

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<v Speaker 2>So it's crazy.

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<v Speaker 4>So a right, Louis Vautan don Actually no, Louis Vuitton don.

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<v Speaker 2>Yeah, he got his whole name from that whole vibe.

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<v Speaker 2>So what happens? Okay, So Virgil starts a company called

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<v Speaker 2>off White, and off White blows up. Off White becomes

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<v Speaker 2>a really big thing, and it's one of those things,

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<v Speaker 2>like I said, where everybody's just it's like you got

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<v Speaker 2>to get off White.

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<v Speaker 4>Sure it started before like he built the buzz because

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<v Speaker 4>he had that pirate there was like this pirate's vision

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<v Speaker 4>that fashion line that he had done, but it was

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<v Speaker 4>he was pointing it on other pieces of cold and

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<v Speaker 4>so you might see a Champion sweatshirt, but it had

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<v Speaker 4>like the Pirates stuff on it, so push your tea

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<v Speaker 4>obviously that makes sense, right, He's part of that that

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<v Speaker 4>crew that conglomerate at Kanye Conglomerate. So they was wearing

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<v Speaker 4>it and then that Pirates became a big thing, like Jay,

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<v Speaker 4>whar is it? That was big? And then somebody saw

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<v Speaker 4>the light in him.

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<v Speaker 3>Yeah, that's a fact.

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<v Speaker 2>So Marcelo Brown, Berlin Burlin, Marcelo Marcello, Yeah, Marcelo Burlin

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<v Speaker 2>recruits him to come to Italy, right, and so Mark

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<v Speaker 2>he owns the New Guard group. Yeah, him, he has

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<v Speaker 2>two parts, which is a fashion conglomerate, right, So he

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<v Speaker 2>takes him to Italy and he shows him their manufacturing factories.

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

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<v Speaker 2>Remember when Kanye was on Sway and he was like

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<v Speaker 2>he was talking and nobody really understood what he was

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

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<v Speaker 2>I can't produce and they like why would you? Like

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

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<v Speaker 2>dance to sweat.

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<v Speaker 4>They only gonna give us tea shirts a hat.

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<v Speaker 2>And so he's like and even Charlman was like what

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<v Speaker 2>do you Nobody really knew what he was talking about.

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<v Speaker 2>He didn't really do a good job of explaining what

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<v Speaker 2>he was talking about, but he was just saying like

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<v Speaker 2>he didn't have the factories to produce, and it just

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<v Speaker 2>didn't go over well.

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<v Speaker 3>Right.

0:10:21.920 --> 0:10:24.640
<v Speaker 2>But it's crazy because it's like when Virgil, they said,

0:10:24.679 --> 0:10:27.000
<v Speaker 2>when he when he went there and he saw the factories.

0:10:27.679 --> 0:10:29.760
<v Speaker 2>I don't know what they with these factors like magical fits,

0:10:29.880 --> 0:10:33.320
<v Speaker 2>like Willie Walker in the Chalcoling factory. So he saw

0:10:33.360 --> 0:10:37.800
<v Speaker 2>these factories and he realized that he couldn't compete Get

0:10:37.800 --> 0:10:42.480
<v Speaker 2>down later type vibe. So he saws his company and

0:10:42.600 --> 0:10:45.439
<v Speaker 2>you know what's crazy is that shout out to Dapper Dam.

0:10:45.520 --> 0:10:48.800
<v Speaker 2>But when Dapper Dam was on the Breakfast Club when

0:10:48.840 --> 0:10:51.520
<v Speaker 2>that's what really started this whole vibe. Dapper Dam was

0:10:51.559 --> 0:10:55.040
<v Speaker 2>on the Breakfast Club and Charlemagne kept pushing him like, yo,

0:10:55.080 --> 0:10:57.920
<v Speaker 2>why don't you just own your own joint?

0:10:57.920 --> 0:10:59.680
<v Speaker 4>Like why are you working for Gucci? You've done so

0:10:59.800 --> 0:11:02.559
<v Speaker 4>much for this company. You brought the street with and

0:11:02.720 --> 0:11:04.560
<v Speaker 4>Contour together, like create your.

0:11:04.440 --> 0:11:05.640
<v Speaker 3>Own, create your own things.

0:11:05.640 --> 0:11:07.560
<v Speaker 2>So then he kept pushing them on that, and then

0:11:07.800 --> 0:11:10.559
<v Speaker 2>that was like, well, who what black designer owns.

0:11:10.320 --> 0:11:11.640
<v Speaker 3>Their own outright?

0:11:11.720 --> 0:11:13.480
<v Speaker 2>Like on a high level, on a very high level,

0:11:13.920 --> 0:11:16.679
<v Speaker 2>and he was like off white Virgil, and then he

0:11:16.760 --> 0:11:22.920
<v Speaker 2>was like does he does he? So then Charlamagne was like, well,

0:11:22.920 --> 0:11:23.480
<v Speaker 2>what does that mean?

0:11:23.520 --> 0:11:24.040
<v Speaker 3>What are you saying.

0:11:24.080 --> 0:11:26.240
<v Speaker 2>He's like, I'm not saying anything. He's like, through your research,

0:11:26.320 --> 0:11:28.160
<v Speaker 2>I promise you. Like as soon as I saw that,

0:11:28.240 --> 0:11:30.679
<v Speaker 2>and then one week later this whole story. I was like, yo,

0:11:30.720 --> 0:11:32.920
<v Speaker 2>I'm doing the research and then we found this, I'm

0:11:32.920 --> 0:11:36.640
<v Speaker 2>like so surprised. It turns out that he doesn't own

0:11:36.679 --> 0:11:42.080
<v Speaker 2>off white. New Guard Group owned off white right majority state.

0:11:42.640 --> 0:11:44.679
<v Speaker 2>So what happens is that he sold it to the

0:11:44.720 --> 0:11:46.080
<v Speaker 2>New Guard Group. All right, it happens all the time

0:11:46.120 --> 0:11:48.760
<v Speaker 2>people sell that company. But what makes this interesting is

0:11:48.840 --> 0:11:51.480
<v Speaker 2>that he still has control over it in a certain

0:11:51.480 --> 0:11:55.280
<v Speaker 2>way because he kept the licensing right. So this is

0:11:55.360 --> 0:11:56.960
<v Speaker 2>very important. This, this is this is where the story

0:11:57.000 --> 0:11:59.040
<v Speaker 2>gets interesting. So he sold the company to the New

0:11:59.040 --> 0:12:02.160
<v Speaker 2>Guard Group, but he kept licensing rights. So what happens

0:12:02.240 --> 0:12:05.800
<v Speaker 2>is that New Guard was in control of development, distribution,

0:12:05.920 --> 0:12:09.640
<v Speaker 2>and manufacturing, so they they wach everything everything right, but

0:12:09.640 --> 0:12:12.240
<v Speaker 2>but he was in control of licensing. So in order

0:12:12.280 --> 0:12:14.200
<v Speaker 2>for them, in order for them to put it in

0:12:14.200 --> 0:12:17.520
<v Speaker 2>any store, or to sell it. Effectively, they have to

0:12:18.040 --> 0:12:21.280
<v Speaker 2>rent the licensing rights from him and then they split.

0:12:21.320 --> 0:12:23.160
<v Speaker 2>They don't they didn't say what their agreement was as

0:12:23.160 --> 0:12:25.200
<v Speaker 2>far as the split, but they split. Let's just say

0:12:25.280 --> 0:12:28.280
<v Speaker 2>hypothetically the fifty to fifty split. And so he still

0:12:28.320 --> 0:12:30.760
<v Speaker 2>makes money, but he's not actually doing anything which actually

0:12:30.760 --> 0:12:33.160
<v Speaker 2>works out for him now just he could focus and

0:12:33.200 --> 0:12:36.600
<v Speaker 2>to see his energy on running Louis Vatan.

0:12:36.679 --> 0:12:39.400
<v Speaker 4>Yeah, and that's the beautiful thing about licensing and trademarking

0:12:39.480 --> 0:12:41.480
<v Speaker 4>is that he can do it with this one and

0:12:41.559 --> 0:12:43.200
<v Speaker 4>right now, this group that this deal that he has

0:12:43.240 --> 0:12:46.280
<v Speaker 4>with New Guard and we'll talk about who they sold

0:12:46.320 --> 0:12:48.680
<v Speaker 4>it to, is that this one's exclusive. But the next time,

0:12:48.720 --> 0:12:50.320
<v Speaker 4>and like we said, we don't know the terms of

0:12:50.320 --> 0:12:52.200
<v Speaker 4>the money in the contract. We don't know the terms

0:12:52.200 --> 0:12:53.800
<v Speaker 4>of the years either. But as soon as this deal

0:12:53.840 --> 0:12:57.040
<v Speaker 4>is done, he can license to New Guard, he can

0:12:57.160 --> 0:12:59.400
<v Speaker 4>license to this person. He could I mean, he can

0:12:59.480 --> 0:13:01.640
<v Speaker 4>do it as many times or with whoever you want.

0:13:01.760 --> 0:13:05.240
<v Speaker 2>So the licensing thing is extremely It's an interesting conversation,

0:13:05.520 --> 0:13:08.320
<v Speaker 2>especially when it comes to fashion, because people don't fully understand, like,

0:13:09.840 --> 0:13:13.040
<v Speaker 2>you know, who's huge in fashion, so Disney, You never

0:13:13.080 --> 0:13:14.520
<v Speaker 2>really think about it like this and shout out the

0:13:14.520 --> 0:13:16.960
<v Speaker 2>Prince Darnell, another ey L alumni, he was. He was

0:13:17.000 --> 0:13:19.240
<v Speaker 2>in a store I think like a month ago. He

0:13:19.280 --> 0:13:23.640
<v Speaker 2>did a whole Instagram clip about this. But Disney licensed

0:13:24.160 --> 0:13:28.400
<v Speaker 2>their characters out all the time, all the time, especially fashion.

0:13:28.440 --> 0:13:30.240
<v Speaker 2>They're real big in fashion. So we talked about like

0:13:30.320 --> 0:13:35.160
<v Speaker 2>back in the day with Iceberg with Goofy, and Goofy

0:13:35.320 --> 0:13:38.680
<v Speaker 2>was on all the sweaters. They're not using Goofy just

0:13:38.720 --> 0:13:41.280
<v Speaker 2>saying I want to use Goofy. No, you can't do that.

0:13:41.280 --> 0:13:43.040
<v Speaker 2>It's a selling you got a license it.

0:13:43.800 --> 0:13:45.440
<v Speaker 4>So they did. They had Mickey too. I remember they

0:13:45.520 --> 0:13:47.920
<v Speaker 4>I remember the sweater. Vicky had the one. So they

0:13:47.920 --> 0:13:50.320
<v Speaker 4>had Mickey, they had Goofy, Peanuts. They also licensed that.

0:13:50.400 --> 0:13:53.079
<v Speaker 4>But it's like they have to pay to use those characters.

0:13:53.160 --> 0:13:53.400
<v Speaker 3>Yeah.

0:13:53.600 --> 0:13:55.480
<v Speaker 2>And the crazy thing is like, so when you go

0:13:55.520 --> 0:13:57.839
<v Speaker 2>in the mall, because you see especially now it's Holliday time,

0:13:58.280 --> 0:14:02.000
<v Speaker 2>you see a bunch of shirts with Snoopy, Mickey, especially

0:14:02.040 --> 0:14:04.040
<v Speaker 2>Mickey Mouse, Mickey Mouse Mini Mouse.

0:14:04.320 --> 0:14:04.920
<v Speaker 3>They're huge.

0:14:05.280 --> 0:14:07.640
<v Speaker 2>You never really tried, you never really paid attention, right,

0:14:07.920 --> 0:14:09.560
<v Speaker 2>But if you go and you look at the tag,

0:14:09.640 --> 0:14:11.400
<v Speaker 2>they're not gonna say Disney right.

0:14:11.440 --> 0:14:12.959
<v Speaker 4>You could go in Old Navy right now and find

0:14:13.000 --> 0:14:15.600
<v Speaker 4>the Mickey Mouse t shirt or Urban Outfitters.

0:14:15.160 --> 0:14:17.640
<v Speaker 2>And all of these, all of these different companies that

0:14:17.880 --> 0:14:21.240
<v Speaker 2>put those characters on it, they have to pay Disney, right,

0:14:21.280 --> 0:14:24.200
<v Speaker 2>so they license their characters out on Fashion. They license

0:14:24.280 --> 0:14:25.080
<v Speaker 2>all this stuff out too.

0:14:25.680 --> 0:14:25.960
<v Speaker 4>Music.

0:14:26.240 --> 0:14:31.200
<v Speaker 2>Yeah, they like the Netflix. Right before they started their

0:14:31.200 --> 0:14:34.600
<v Speaker 2>own streaming service, all of the Marble catalog was on Netflix, right.

0:14:35.320 --> 0:14:39.840
<v Speaker 2>Netflix is paying Disney big money, big money to use this.

0:14:39.840 --> 0:14:41.920
<v Speaker 4>It's the reason why now like with Disney Plus that

0:14:42.440 --> 0:14:45.480
<v Speaker 4>all like Black Panther's not on Disney Plus yet, or

0:14:45.600 --> 0:14:47.360
<v Speaker 4>like Star Wars, the New Hope is not on Disney

0:14:47.400 --> 0:14:49.800
<v Speaker 4>Plus yet because the licensing agreement hasn't run out. As

0:14:49.840 --> 0:14:51.960
<v Speaker 4>soon as it does, that'll be on Disney Plus. Netflix

0:14:52.000 --> 0:14:53.320
<v Speaker 4>will never see another Disney product.

0:14:53.440 --> 0:14:53.680
<v Speaker 3>Yeah.

0:14:53.760 --> 0:14:56.040
<v Speaker 2>So it's the same thing with fashion and some of

0:14:56.120 --> 0:15:03.000
<v Speaker 2>your top favorite designers they don't own right. You think

0:15:03.040 --> 0:15:05.120
<v Speaker 2>they do because it's the name, because it's the name,

0:15:05.440 --> 0:15:11.040
<v Speaker 2>But larger corporations like the New Guard Group, they own it, right.

0:15:11.240 --> 0:15:13.360
<v Speaker 2>So this happens all the time. Also, we talked about

0:15:13.400 --> 0:15:16.760
<v Speaker 2>as far as even in real estate. So Trump is

0:15:16.800 --> 0:15:18.160
<v Speaker 2>a guy, Yeah, Donald.

0:15:17.840 --> 0:15:20.320
<v Speaker 4>Trump in New York City. You know, like especially maybe

0:15:20.360 --> 0:15:22.840
<v Speaker 4>ten years prior to today, when you drove down the

0:15:22.840 --> 0:15:24.840
<v Speaker 4>West Side Hiway, it was nothing but buildings that said

0:15:24.880 --> 0:15:27.720
<v Speaker 4>Trunk Tower, Trump Tower, Trump Tower, Trump Tower. He doesn't

0:15:27.880 --> 0:15:31.040
<v Speaker 4>own the building, the land itself. He just licensed his

0:15:31.120 --> 0:15:33.480
<v Speaker 4>name to put it on the building, which in turn

0:15:33.720 --> 0:15:37.080
<v Speaker 4>people associate with the lifestyle. It's like, this is high luxury.

0:15:37.240 --> 0:15:39.440
<v Speaker 4>I'm living in the Trump Tower. I have money, I

0:15:39.440 --> 0:15:41.760
<v Speaker 4>have high luxury. There's a certain lifestyle that comes with it.

0:15:41.920 --> 0:15:46.360
<v Speaker 2>Yeah, he did that probably the best, honestly, I mean,

0:15:46.440 --> 0:15:48.480
<v Speaker 2>hate it and love it. But you gotta always look

0:15:48.520 --> 0:15:51.440
<v Speaker 2>at a business case study, right, You got to take

0:15:51.480 --> 0:15:54.040
<v Speaker 2>emotions out when you're looking at business. So whether you know,

0:15:54.120 --> 0:15:56.360
<v Speaker 2>politics is very divisive. So whether you love them, whether

0:15:56.400 --> 0:15:59.200
<v Speaker 2>you hate them, whatever, you gotta look at the business

0:15:59.200 --> 0:16:02.560
<v Speaker 2>model behind it. Like all of this stuff from his ties,

0:16:03.080 --> 0:16:06.680
<v Speaker 2>a lot of his golf courses, all of those buildings,

0:16:06.680 --> 0:16:09.680
<v Speaker 2>those Trump Tower, very few of those. Does he actually

0:16:09.680 --> 0:16:13.880
<v Speaker 2>own the casino too. He licensed his name. People pay

0:16:13.960 --> 0:16:17.880
<v Speaker 2>him because he built the brand around Trump, the name Trump,

0:16:18.480 --> 0:16:21.440
<v Speaker 2>and now it's like, okay, just the name on itself,

0:16:21.520 --> 0:16:25.440
<v Speaker 2>I can make money via value. So this is what

0:16:25.520 --> 0:16:28.200
<v Speaker 2>makes the Virgual deal interesting because it's like, okay, like

0:16:28.240 --> 0:16:30.200
<v Speaker 2>we said, people sell their companies all the time. We

0:16:30.240 --> 0:16:33.680
<v Speaker 2>talked about Kylie Jenner recently selling fifty percent of our company.

0:16:34.080 --> 0:16:37.960
<v Speaker 2>So he sold the company, but he also is making

0:16:37.960 --> 0:16:40.280
<v Speaker 2>money on the back end because he licensed.

0:16:39.840 --> 0:16:41.920
<v Speaker 4>It, right, And that's one of the things they said,

0:16:41.960 --> 0:16:44.960
<v Speaker 4>especially in fashion, if anyone's trying to start something, owning

0:16:45.040 --> 0:16:47.320
<v Speaker 4>the trademark is probably the most valuable thing you can

0:16:47.400 --> 0:16:49.720
<v Speaker 4>have in fashion because you that lives on forever. Like

0:16:49.760 --> 0:16:52.480
<v Speaker 4>this least agreement that you might have eventually they're renting,

0:16:52.920 --> 0:16:54.800
<v Speaker 4>but that lives on forever. As soon as that agreement

0:16:54.880 --> 0:16:57.640
<v Speaker 4>is done, you can find seven different partners to now

0:16:57.680 --> 0:17:00.240
<v Speaker 4>license with, and then that lives on in perpetuity. Like

0:17:00.640 --> 0:17:02.560
<v Speaker 4>keep that. He you know what he does. He owns

0:17:02.600 --> 0:17:05.320
<v Speaker 4>his masses. We always talk about music. Yeah, Virgil owns

0:17:05.359 --> 0:17:05.879
<v Speaker 4>his masses.

0:17:05.960 --> 0:17:09.400
<v Speaker 2>But so, but now what happens is that so New

0:17:09.400 --> 0:17:12.000
<v Speaker 2>Guard Group gets brought. So it happens, okay, So Virgil

0:17:12.040 --> 0:17:14.240
<v Speaker 2>has to deal with New Guard Group, right, and he

0:17:14.359 --> 0:17:17.760
<v Speaker 2>sells him a percentage of a large percentage of the company,

0:17:17.800 --> 0:17:19.960
<v Speaker 2>but he keeps the licensing agreement.

0:17:20.080 --> 0:17:20.199
<v Speaker 1>Right.

0:17:20.600 --> 0:17:23.480
<v Speaker 2>They do all of the work, they manufactured, they distributed,

0:17:23.520 --> 0:17:25.920
<v Speaker 2>they do everything, he gets paid and they have a

0:17:25.920 --> 0:17:30.160
<v Speaker 2>good relationship, I'm assuming, right, But now New Guard Group

0:17:30.240 --> 0:17:33.600
<v Speaker 2>gets brought by G three three, which is another fashion

0:17:33.640 --> 0:17:36.600
<v Speaker 2>conglomerate company. So now this way it becomes a little

0:17:36.600 --> 0:17:39.440
<v Speaker 2>complicated because it's like, Okay, it's like a record label.

0:17:39.440 --> 0:17:41.119
<v Speaker 2>We HAVET Mickey facts only saying he got dropped by

0:17:41.160 --> 0:17:43.280
<v Speaker 2>one record label or his record label got acquired by

0:17:43.280 --> 0:17:44.960
<v Speaker 2>another record label. Right, So it's like you might have

0:17:45.000 --> 0:17:50.120
<v Speaker 2>a good understanding with an executive at RCA, but now yeah,

0:17:50.200 --> 0:17:52.840
<v Speaker 2>so now it's a whole different, you know, relationship. So

0:17:52.880 --> 0:17:55.280
<v Speaker 2>it's the same thing with this, right, So it's like, Okay,

0:17:55.880 --> 0:17:57.760
<v Speaker 2>you might not be on the same page, right because

0:17:57.800 --> 0:18:00.880
<v Speaker 2>now you got the company that you sold, the two

0:18:00.920 --> 0:18:05.280
<v Speaker 2>guys acquired. Right, So I'm assuming that you know, obviously

0:18:05.400 --> 0:18:08.520
<v Speaker 2>Virgils seasoned, and I'm assuming he has a good counsel

0:18:08.760 --> 0:18:11.160
<v Speaker 2>and he's around good people that's given him good advice

0:18:11.160 --> 0:18:13.359
<v Speaker 2>and he's noledge with himself. So now what you do

0:18:13.400 --> 0:18:14.600
<v Speaker 2>is you put a termination.

0:18:14.320 --> 0:18:17.320
<v Speaker 4>Clauset, a termination provision really, so it's like what that

0:18:17.400 --> 0:18:21.240
<v Speaker 4>means is like if a brand, if the company decides

0:18:21.280 --> 0:18:23.400
<v Speaker 4>to put out stuff that does not represent the brand

0:18:23.440 --> 0:18:25.440
<v Speaker 4>any further. Then he has the right to say, you

0:18:25.440 --> 0:18:27.360
<v Speaker 4>know what, we don't want to do business anymore since

0:18:27.400 --> 0:18:30.160
<v Speaker 4>you've sold it the company and we lost our agreement.

0:18:30.840 --> 0:18:34.240
<v Speaker 4>If you can't match what we are expectations going forward,

0:18:34.280 --> 0:18:36.880
<v Speaker 4>if we're not a high luxury brand and going forward

0:18:36.920 --> 0:18:38.600
<v Speaker 4>we end up in like a TJ Max or something,

0:18:39.359 --> 0:18:40.240
<v Speaker 4>are deals terminated.

0:18:40.560 --> 0:18:42.000
<v Speaker 3>Yeah, it's very important.

0:18:42.240 --> 0:18:45.440
<v Speaker 2>So that's very important because you always gotta I always

0:18:45.480 --> 0:18:48.040
<v Speaker 2>give the analogy of like when you go to the movies,

0:18:48.080 --> 0:18:49.720
<v Speaker 2>like before a movie starts, they they always say, like,

0:18:49.720 --> 0:18:51.640
<v Speaker 2>disit an exit right when you get on a plant,

0:18:51.640 --> 0:18:54.720
<v Speaker 2>when you get on a plane, before the plane takes off,

0:18:54.800 --> 0:18:57.720
<v Speaker 2>they tell you where the exit rolls are, and they

0:18:57.760 --> 0:19:01.000
<v Speaker 2>tell you like the procedure like if if an emergency happens, right,

0:19:01.480 --> 0:19:04.399
<v Speaker 2>So if you really on point, before you go to

0:19:04.440 --> 0:19:06.920
<v Speaker 2>any building, you always got to recognize the exit before

0:19:06.960 --> 0:19:09.119
<v Speaker 2>you because it's like getting out is more important than

0:19:09.119 --> 0:19:11.879
<v Speaker 2>getting in. You have to you have to identify an

0:19:11.920 --> 0:19:14.920
<v Speaker 2>exit preferably before you even get in, right, because you

0:19:14.920 --> 0:19:16.679
<v Speaker 2>don't want to get somewhere and you don't know, then

0:19:16.680 --> 0:19:18.160
<v Speaker 2>you got to kind of like knock around and run

0:19:18.160 --> 0:19:21.320
<v Speaker 2>where's the exit. So, if you like presidents, right, they

0:19:21.359 --> 0:19:25.040
<v Speaker 2>already mapped out the exit strategy before they actually getting

0:19:25.040 --> 0:19:28.159
<v Speaker 2>out the secret services job. So in business is no different.

0:19:28.640 --> 0:19:30.360
<v Speaker 2>Before you do a deal, you got to figure out

0:19:30.359 --> 0:19:33.080
<v Speaker 2>the exit strategy. Hopefully it doesn't go bad, but you

0:19:33.160 --> 0:19:35.000
<v Speaker 2>always got to think what if it does. Right, It's

0:19:35.000 --> 0:19:36.920
<v Speaker 2>like getting It's like in a prenumptial agreement when you

0:19:36.960 --> 0:19:41.600
<v Speaker 2>getting married. What's that Well, hopefully, hopefully, hopefully you never

0:19:41.640 --> 0:19:43.960
<v Speaker 2>have to use it, but just in case fifty percent

0:19:44.040 --> 0:19:47.359
<v Speaker 2>chance that it, you know, it doesn't work out, you know,

0:19:47.400 --> 0:19:51.000
<v Speaker 2>you got to your walking papers already established. So that's

0:19:51.040 --> 0:19:53.400
<v Speaker 2>extremely important for entrepreneurs. And this is a very high

0:19:53.440 --> 0:19:57.440
<v Speaker 2>level case, but any level of business ship partnership, whenever

0:19:57.480 --> 0:19:59.720
<v Speaker 2>you are doing business with somebody, you always got to

0:19:59.720 --> 0:20:03.480
<v Speaker 2>have a exit built in because if not, now you.

0:20:03.359 --> 0:20:07.440
<v Speaker 3>Get screwed, you get stuff or dropped. Yeah, n G. Three.

0:20:07.800 --> 0:20:12.399
<v Speaker 2>So they also own Donna Karen right, So that Donna

0:20:12.440 --> 0:20:15.600
<v Speaker 2>Karen stories is interesting as well because.

0:20:15.280 --> 0:20:17.720
<v Speaker 4>It's like the flip side of the Virgil situation.

0:20:17.560 --> 0:20:19.960
<v Speaker 3>Right, Right, she didn't she didn't license her.

0:20:19.960 --> 0:20:22.640
<v Speaker 4>Name, right, she didn't license her name and she got acquired.

0:20:22.800 --> 0:20:24.280
<v Speaker 4>She actually got acquired by lvm A.

0:20:24.480 --> 0:20:26.240
<v Speaker 2>Lvm A shot the Wall Street Trapper. We talked about

0:20:26.240 --> 0:20:29.199
<v Speaker 2>that in episode and they just did with Tiffany's. They

0:20:29.240 --> 0:20:30.680
<v Speaker 2>just bought Tiffany's for sixteen billion.

0:20:30.880 --> 0:20:33.360
<v Speaker 3>LVMH one of the largest companies in the world.

0:20:33.280 --> 0:20:36.320
<v Speaker 4>The largest high fashion.

0:20:36.640 --> 0:20:39.199
<v Speaker 2>One of the largest, well Apple is the largest, right

0:20:39.280 --> 0:20:43.080
<v Speaker 2>right right, my fashion fashion, Yeah sure, so LVMH, like

0:20:43.119 --> 0:20:45.400
<v Speaker 2>I said, we talked about that in episode forty four,

0:20:45.440 --> 0:20:49.879
<v Speaker 2>Wall Street Trapper. But they own Louis Vuitton, Hennessy, Moat,

0:20:50.960 --> 0:20:55.159
<v Speaker 2>a bunch of different stuff Tiffany's. Now they own a

0:20:55.280 --> 0:20:59.960
<v Speaker 2>long list of high fashion and just high lifestyle item.

0:21:00.359 --> 0:21:02.520
<v Speaker 2>So she sold, she sold her company to them in

0:21:02.520 --> 0:21:04.200
<v Speaker 2>two thousand, four hundred and fifty million.

0:21:04.240 --> 0:21:05.120
<v Speaker 4>That's a lot of money.

0:21:06.080 --> 0:21:08.640
<v Speaker 3>But that took out the game, right, but they still

0:21:08.720 --> 0:21:09.119
<v Speaker 3>use her name.

0:21:09.840 --> 0:21:13.240
<v Speaker 4>She sold her brand and her entity, so Donna Carrott International,

0:21:13.280 --> 0:21:16.840
<v Speaker 4>which encompasses DKY and everything else that comes with Donna Karen.

0:21:17.480 --> 0:21:21.800
<v Speaker 2>But now so they sold did to G three another

0:21:21.880 --> 0:21:25.880
<v Speaker 2>G three acquire in twenty and fifteen for six hundred

0:21:25.880 --> 0:21:27.959
<v Speaker 2>and fifty millions. They made two hundred so they made

0:21:28.000 --> 0:21:29.080
<v Speaker 2>two hundred midle.

0:21:28.920 --> 0:21:31.800
<v Speaker 4>But during that like when they sell it, she steps down, right,

0:21:31.880 --> 0:21:34.040
<v Speaker 4>So she steps down from her position. I think when

0:21:34.040 --> 0:21:35.720
<v Speaker 4>she sold it to LVMA, she stayed on its head

0:21:35.720 --> 0:21:38.920
<v Speaker 4>designer twenty fifteen. She steps down. So now she has

0:21:39.000 --> 0:21:40.200
<v Speaker 4>nothing to do with the brand.

0:21:40.280 --> 0:21:42.600
<v Speaker 3>No, she's done, But the brand still makes money.

0:21:42.800 --> 0:21:46.160
<v Speaker 4>The brand is super profitable, like last year, I think

0:21:46.200 --> 0:21:49.240
<v Speaker 4>five hundred and seventy million in profit. She gets none

0:21:49.240 --> 0:21:52.040
<v Speaker 4>of it, and she has no say in a brand

0:21:52.119 --> 0:21:55.720
<v Speaker 4>that has her name, Like she could walk into any

0:21:55.760 --> 0:21:59.200
<v Speaker 4>store to say Donna Karen is like wait, they made that,

0:21:59.280 --> 0:22:00.960
<v Speaker 4>and she could do nothing. Even though it has her

0:22:01.040 --> 0:22:02.000
<v Speaker 4>name on it, she can't use it.

0:22:02.040 --> 0:22:05.040
<v Speaker 2>So yeah, so that's interesting because, like I said, a

0:22:05.080 --> 0:22:06.840
<v Speaker 2>lot of times people don't fully understand, like when they

0:22:06.960 --> 0:22:09.720
<v Speaker 2>just see headlines in the news. But these are things

0:22:09.760 --> 0:22:12.439
<v Speaker 2>that I think any entrepreneur can learn from because it's like, Okay,

0:22:12.840 --> 0:22:14.520
<v Speaker 2>he's so it's a very savvy move that he did

0:22:14.640 --> 0:22:16.840
<v Speaker 2>where he sold the company, but he kept the licensing

0:22:16.960 --> 0:22:19.399
<v Speaker 2>right right, So now he's still gonna make money in

0:22:19.480 --> 0:22:21.960
<v Speaker 2>perpetuity as long as he keeps that agreement.

0:22:22.080 --> 0:22:23.359
<v Speaker 4>The next deal is gonna be silly.

0:22:23.480 --> 0:22:26.959
<v Speaker 2>And yeah, as long as the company keeps growing, he

0:22:27.000 --> 0:22:30.680
<v Speaker 2>can renegotiate next time and even more.

0:22:30.760 --> 0:22:33.320
<v Speaker 4>Yeah, because that's the thing. It's like when you see

0:22:33.400 --> 0:22:36.080
<v Speaker 4>this is an exclusive deal, so like you'll see off

0:22:36.119 --> 0:22:38.200
<v Speaker 4>White like they just did the Ikea drop. Did you

0:22:38.200 --> 0:22:40.440
<v Speaker 4>see that they put the off White Ikea furniture?

0:22:40.560 --> 0:22:40.679
<v Speaker 2>Nah?

0:22:41.200 --> 0:22:42.879
<v Speaker 4>It was crazy. So like that sells out like that,

0:22:42.920 --> 0:22:45.560
<v Speaker 4>Like the branch just grows once this deal is over.

0:22:45.640 --> 0:22:47.920
<v Speaker 4>Whenever it is, like, can you imagine the lineup of

0:22:47.960 --> 0:22:49.600
<v Speaker 4>people who are coming to knock on that door to

0:22:49.680 --> 0:22:51.840
<v Speaker 4>use the license. It's gonna be ridiculous. He could do

0:22:51.880 --> 0:22:53.840
<v Speaker 4>it like right now. It's exclusive, so he can only

0:22:53.920 --> 0:22:56.920
<v Speaker 4>use through New Guard. But I can't imagine, like what's

0:22:56.920 --> 0:22:58.880
<v Speaker 4>gonna happen when he's a free agent and it's like, yo,

0:22:58.960 --> 0:23:01.000
<v Speaker 4>who wants to use the license? He's gonna be out

0:23:01.040 --> 0:23:01.360
<v Speaker 4>as world.

0:23:02.040 --> 0:23:02.280
<v Speaker 2>You know.

0:23:02.320 --> 0:23:04.280
<v Speaker 3>Sometimes you get paid on front in the back end.

0:23:04.359 --> 0:23:07.359
<v Speaker 4>Yeah, man, And and the little Eton stuff is moving crazy.

0:23:07.880 --> 0:23:10.399
<v Speaker 2>Yeah, that's a fact. That's a fact. So yeah, we

0:23:10.400 --> 0:23:11.480
<v Speaker 2>gotta get more on your leisure.

0:23:11.640 --> 0:23:14.119
<v Speaker 4>That's a fact. Make it happens, get on it. We

0:23:14.160 --> 0:23:15.320
<v Speaker 4>got to make that happen.

0:23:15.160 --> 0:23:18.720
<v Speaker 3>All right. So that's the case study breakdown on Virgil.

0:23:19.200 --> 0:23:21.359
<v Speaker 2>So the next second we're gonna talk about multiple streams

0:23:21.359 --> 0:23:26.200
<v Speaker 2>of income, how to how to get money from different avenues.

0:23:26.280 --> 0:23:28.400
<v Speaker 4>It's important, man, you can't you can't just have one

0:23:28.920 --> 0:23:30.760
<v Speaker 4>in this day and age. So we got one. You're done.

0:23:30.920 --> 0:23:33.440
<v Speaker 2>Let's do it all right. So now we're going to

0:23:33.520 --> 0:23:35.399
<v Speaker 2>talk about multiple streams of income.

0:23:36.080 --> 0:23:38.280
<v Speaker 4>That is I mean, I get that question. I'm sure

0:23:38.320 --> 0:23:39.960
<v Speaker 4>you get a bunch of I get that. Especially in

0:23:40.000 --> 0:23:43.679
<v Speaker 4>the education field. Teachers every day it's like, yo, I

0:23:43.720 --> 0:23:46.399
<v Speaker 4>need to make more money. How am I going to

0:23:46.440 --> 0:23:48.520
<v Speaker 4>do this? What do I do? How are you doing it?

0:23:49.080 --> 0:23:50.080
<v Speaker 4>I'm like, we got something for you.

0:23:50.160 --> 0:23:55.520
<v Speaker 3>Real life got multiple streams of income. It's no longer option,

0:23:56.200 --> 0:23:56.520
<v Speaker 3>It's a.

0:23:56.480 --> 0:24:00.720
<v Speaker 2>Necessity in this world that we live in. So we're

0:24:00.720 --> 0:24:03.280
<v Speaker 2>going if you're a member of e y L University,

0:24:03.320 --> 0:24:06.800
<v Speaker 2>shout outs to all of our EYO earn out the

0:24:06.920 --> 0:24:10.840
<v Speaker 2>students that's enrolled. Ey L University is the dopest platform

0:24:10.920 --> 0:24:13.320
<v Speaker 2>right now online. It's crazy. We did a whole course.

0:24:13.359 --> 0:24:15.400
<v Speaker 2>We did an our course on multiple streams of income.

0:24:15.440 --> 0:24:16.879
<v Speaker 2>That's actually out right now. So we're going to do

0:24:16.880 --> 0:24:19.280
<v Speaker 2>is try to condense this like fifteen minutes, but if

0:24:19.320 --> 0:24:21.879
<v Speaker 2>you want the like full hour version, you can just

0:24:21.960 --> 0:24:23.480
<v Speaker 2>check out earn your leision dot com. We also have

0:24:23.520 --> 0:24:25.680
<v Speaker 2>a course on it about how to create a podcast.

0:24:25.320 --> 0:24:27.480
<v Speaker 4>With details, product placement, all that.

0:24:27.880 --> 0:24:30.400
<v Speaker 2>It's dope, it's dope, so yeah, we yeah, this would

0:24:30.400 --> 0:24:33.159
<v Speaker 2>be like the abbreviated version, and if you want the

0:24:33.160 --> 0:24:35.760
<v Speaker 2>full version, you can just check out Eyo University for sure.

0:24:35.840 --> 0:24:38.920
<v Speaker 2>But so, right, when it comes down to like having

0:24:39.000 --> 0:24:41.680
<v Speaker 2>multiple streams of income, right, I think it's important to

0:24:42.400 --> 0:24:44.959
<v Speaker 2>first understand and shout out to Derek Falcon another one

0:24:44.960 --> 0:24:47.399
<v Speaker 2>of our legendary episodes that you don't. A lot of

0:24:47.440 --> 0:24:49.560
<v Speaker 2>times people are under the misconception that you need like

0:24:50.440 --> 0:24:52.800
<v Speaker 2>five seven different things because they say the average millionaire

0:24:52.800 --> 0:24:56.239
<v Speaker 2>has anywhere between five to seven streams. So a lot

0:24:56.240 --> 0:24:57.720
<v Speaker 2>of times people look at that and it becomes like

0:24:57.800 --> 0:25:00.960
<v Speaker 2>overwhelming because it's like we're so try. The average person

0:25:01.040 --> 0:25:02.720
<v Speaker 2>is just trained to work a job to get money.

0:25:02.920 --> 0:25:05.080
<v Speaker 2>So now it's like, Okay, I gotta work seven jobs

0:25:05.400 --> 0:25:08.840
<v Speaker 2>or I gotta like create seven totally different businesses. So

0:25:08.840 --> 0:25:12.760
<v Speaker 2>I gotta do like construction, plumbing, real estate, I gotta

0:25:12.800 --> 0:25:14.399
<v Speaker 2>be a stock market invest I gotta do all these

0:25:14.400 --> 0:25:14.880
<v Speaker 2>different things.

0:25:14.920 --> 0:25:16.960
<v Speaker 3>And it's like who has enough time?

0:25:17.040 --> 0:25:20.320
<v Speaker 2>Right, But one thing I really liked about with Derek

0:25:20.359 --> 0:25:23.000
<v Speaker 2>Saitning and really resonated with us, is that you don't

0:25:23.119 --> 0:25:29.000
<v Speaker 2>need multiple avenues to create multiple streams of income. You

0:25:29.200 --> 0:25:31.760
<v Speaker 2>just need one lane that you do really well and

0:25:31.800 --> 0:25:33.720
<v Speaker 2>you can create multiple streams of income off of that

0:25:33.760 --> 0:25:34.200
<v Speaker 2>one lane.

0:25:34.320 --> 0:25:35.640
<v Speaker 4>It's like what we said, like we got to build

0:25:35.640 --> 0:25:37.880
<v Speaker 4>a foundation. If you think in the sense of a tree,

0:25:38.560 --> 0:25:41.040
<v Speaker 4>the tree is gonna be the foundation of what you're

0:25:41.040 --> 0:25:43.200
<v Speaker 4>gonna do, right, So like from that you're just gonna

0:25:43.200 --> 0:25:44.480
<v Speaker 4>start building branches from it.

0:25:45.160 --> 0:25:48.359
<v Speaker 2>Yeah, so all right, So yeah, so we're not gonna

0:25:48.359 --> 0:25:50.200
<v Speaker 2>give you a case study or theory. We're gonna give

0:25:50.200 --> 0:25:54.040
<v Speaker 2>you the real deal. This is this is just all

0:25:54.080 --> 0:25:57.960
<v Speaker 2>I mean, this is ours platform in blueprint. But I mean,

0:25:58.040 --> 0:25:59.840
<v Speaker 2>you know everybody's blueprint is gonna be different. But we

0:25:59.840 --> 0:26:02.240
<v Speaker 2>can just we could speak best about what we personally know.

0:26:02.280 --> 0:26:04.320
<v Speaker 4>Right, So, and they've been here to see it, so

0:26:04.400 --> 0:26:06.480
<v Speaker 4>like y'all been here watching it, y'all seen it from

0:26:06.560 --> 0:26:09.680
<v Speaker 4>January to now, We're just gonna give you really in detail,

0:26:09.720 --> 0:26:10.440
<v Speaker 4>like how this works.

0:26:10.520 --> 0:26:11.160
<v Speaker 3>Yeah for sure.

0:26:11.200 --> 0:26:13.120
<v Speaker 2>So the thing with Earn your Lisia is that all right,

0:26:13.240 --> 0:26:17.760
<v Speaker 2>So Earn your Lisia started in January of twenty nineteen

0:26:18.359 --> 0:26:20.960
<v Speaker 2>and it was a podcast, right, and it was you know,

0:26:21.040 --> 0:26:24.280
<v Speaker 2>we started the Instagram page was the first thing we did.

0:26:25.240 --> 0:26:27.800
<v Speaker 2>And we launched Instagram and we turned into like a

0:26:27.880 --> 0:26:32.560
<v Speaker 2>daily discussion board pretty much of like different financial topics.

0:26:32.600 --> 0:26:35.520
<v Speaker 2>We post different things on Instagram and people give their

0:26:35.520 --> 0:26:38.119
<v Speaker 2>feedback on it and we do different write ups and

0:26:38.160 --> 0:26:41.800
<v Speaker 2>it's like a whole you know, financial board discussion on

0:26:41.960 --> 0:26:44.200
<v Speaker 2>different all different areas of finance.

0:26:44.280 --> 0:26:44.440
<v Speaker 3>Right.

0:26:44.880 --> 0:26:49.399
<v Speaker 2>So but that was all done in relationship to build

0:26:49.440 --> 0:26:51.720
<v Speaker 2>the podcast. Right, So we created a podcast, right, we

0:26:51.880 --> 0:26:53.960
<v Speaker 2>didn't know anything about That's the thing about this too,

0:26:54.040 --> 0:26:55.280
<v Speaker 2>is that we didn't know.

0:26:55.359 --> 0:26:58.760
<v Speaker 3>We're not even our year yet, Like we're we just.

0:26:58.680 --> 0:27:01.200
<v Speaker 2>Had a phone call and we're like we're learning still, Yeah,

0:27:01.240 --> 0:27:04.600
<v Speaker 2>eleven eleven months and we're still learning. So we think

0:27:04.600 --> 0:27:07.280
<v Speaker 2>where earner Leasia is that? Okay, So it started. It's

0:27:07.320 --> 0:27:10.040
<v Speaker 2>just a podcast and we had to figure out how

0:27:10.040 --> 0:27:12.919
<v Speaker 2>can you monetize a podcast because there's no blueprint on

0:27:12.960 --> 0:27:14.720
<v Speaker 2>how to do it. You just kind of figure out

0:27:14.760 --> 0:27:18.560
<v Speaker 2>how you go, right. So, but now we have a

0:27:18.560 --> 0:27:20.399
<v Speaker 2>few different streams from early lesion, Like I think we

0:27:20.440 --> 0:27:23.080
<v Speaker 2>gonn talk about like five six different streams that we

0:27:23.119 --> 0:27:25.520
<v Speaker 2>have from earn leisure income streams from early leasure right

0:27:25.560 --> 0:27:28.280
<v Speaker 2>now right, So all right, So as the podcast grew,

0:27:28.359 --> 0:27:31.000
<v Speaker 2>the first the first thing that we started to monetize

0:27:31.119 --> 0:27:31.560
<v Speaker 2>was audio.

0:27:32.119 --> 0:27:32.280
<v Speaker 3>Right.

0:27:32.320 --> 0:27:34.280
<v Speaker 2>So if you listen to this, you know that you

0:27:34.280 --> 0:27:38.760
<v Speaker 2>know we give Spotify, Anchor from time to time other brands.

0:27:39.280 --> 0:27:42.480
<v Speaker 2>You know, it's part of the episode. Right, So those

0:27:42.680 --> 0:27:45.520
<v Speaker 2>are ads that we do and we're not doing it

0:27:45.560 --> 0:27:48.640
<v Speaker 2>for charity. Obviously, we get we get conversated for that, right.

0:27:48.960 --> 0:27:51.920
<v Speaker 2>So how you get compensated in the podcast world is

0:27:51.960 --> 0:27:53.280
<v Speaker 2>what's called CPM.

0:27:53.480 --> 0:27:53.640
<v Speaker 3>Right.

0:27:53.680 --> 0:27:56.600
<v Speaker 2>So CPM is like per thousand plays what you get.

0:27:57.080 --> 0:28:00.440
<v Speaker 2>So if you get standard, the good thing with post

0:28:00.640 --> 0:28:03.600
<v Speaker 2>is that it's usually like standard. It's like twenty five

0:28:03.680 --> 0:28:07.439
<v Speaker 2>dollars twenty on, like twenty to twenty five. It's like

0:28:07.560 --> 0:28:09.520
<v Speaker 2>usually standard, right, industry standard.

0:28:09.760 --> 0:28:12.760
<v Speaker 4>And when the platform we use was Anchor. Obviously if

0:28:12.760 --> 0:28:15.800
<v Speaker 4>you listen to this, we did it on Anchor and

0:28:15.840 --> 0:28:18.520
<v Speaker 4>we didn't have to go find them. They provided us

0:28:18.520 --> 0:28:21.200
<v Speaker 4>with the ads based on the audience listening. So they

0:28:21.280 --> 0:28:23.919
<v Speaker 4>saw that there was a thousand people listening to the first episodes,

0:28:23.960 --> 0:28:26.440
<v Speaker 4>they sent us one ad. They see this four thousand people.

0:28:26.480 --> 0:28:29.080
<v Speaker 4>Then they sent us two ads. So the more people

0:28:29.160 --> 0:28:31.720
<v Speaker 4>we had engaged in listening, the more ads they sent

0:28:31.800 --> 0:28:33.439
<v Speaker 4>to us. And you know it, so like you hear,

0:28:34.119 --> 0:28:35.800
<v Speaker 4>you got to go back and listen to the original ads.

0:28:35.800 --> 0:28:37.359
<v Speaker 4>So the original was a funny bit.

0:28:37.840 --> 0:28:39.480
<v Speaker 2>They're not a crazy thing is At first I didn't

0:28:39.480 --> 0:28:41.160
<v Speaker 2>even want to take the ad because I'm like, when

0:28:41.200 --> 0:28:44.840
<v Speaker 2>I saw it was twenty dollars CPM per.

0:28:45.000 --> 0:28:47.440
<v Speaker 4>Thousand thousand, that's how it works every thousand.

0:28:47.640 --> 0:28:50.640
<v Speaker 2>So when we first started, we was averaging like two

0:28:50.680 --> 0:28:53.240
<v Speaker 2>thousand a week or something like that, So I'm like,

0:28:53.280 --> 0:28:55.440
<v Speaker 2>why are we even doing this for forty dollars? And

0:28:55.480 --> 0:28:57.560
<v Speaker 2>then I read something like just do it because it

0:28:57.560 --> 0:29:02.080
<v Speaker 2>builds up over the cost of time perpetuity. Does I

0:29:02.120 --> 0:29:04.240
<v Speaker 2>can tell you it does. And the crazy thing about

0:29:04.280 --> 0:29:08.800
<v Speaker 2>it is that now with like anchor like it's the

0:29:08.960 --> 0:29:11.320
<v Speaker 2>dynamic ads, right, So what happens is that not every

0:29:11.400 --> 0:29:14.840
<v Speaker 2>time somebody listens to a podcast, we get paid. So

0:29:15.400 --> 0:29:17.760
<v Speaker 2>you can go back and listen to episode one and

0:29:17.840 --> 0:29:19.760
<v Speaker 2>as long as there's an AD and placed in it,

0:29:19.880 --> 0:29:22.800
<v Speaker 2>we're gonna get paid for that. So that's pretty cool

0:29:22.840 --> 0:29:26.920
<v Speaker 2>because it's like, now as as our audience grows, right,

0:29:27.360 --> 0:29:30.200
<v Speaker 2>we are revenue grows as well, so we get paid.

0:29:30.200 --> 0:29:32.600
<v Speaker 2>So that's one way how we get paid, right, And

0:29:32.640 --> 0:29:34.400
<v Speaker 2>then so that was the first way how we started

0:29:34.400 --> 0:29:37.480
<v Speaker 2>to monetize the podcast. And then you know, from that,

0:29:37.960 --> 0:29:41.960
<v Speaker 2>we figured, okay, now we have an audience, but we

0:29:42.040 --> 0:29:44.959
<v Speaker 2>always love fashion and we always you know, it was like, okay,

0:29:45.560 --> 0:29:47.360
<v Speaker 2>what's the next thing that we should do and actually

0:29:47.400 --> 0:29:49.800
<v Speaker 2>to promote the podcast as well, and we came up

0:29:49.840 --> 0:29:52.120
<v Speaker 2>with a couple of different slogans with the slogan the

0:29:52.160 --> 0:29:54.880
<v Speaker 2>slogan that really stuck and became our signature with Assets

0:29:54.920 --> 0:29:56.320
<v Speaker 2>of Aliability.

0:29:55.960 --> 0:29:58.719
<v Speaker 4>Had I remember sitting down and we wrote down, like

0:29:58.920 --> 0:30:00.600
<v Speaker 4>you said, let's come up with ten, come up with ten,

0:30:00.880 --> 0:30:02.760
<v Speaker 4>and we put them out and it was like, all right,

0:30:03.320 --> 0:30:05.600
<v Speaker 4>well let's use these three. And we had three. So

0:30:05.600 --> 0:30:07.600
<v Speaker 4>if you had the day one people, you know, when

0:30:07.600 --> 0:30:08.840
<v Speaker 4>you went to the site, there was a bunch of

0:30:08.840 --> 0:30:11.320
<v Speaker 4>different shirts. And as we moved on and we realized

0:30:11.360 --> 0:30:13.720
<v Speaker 4>like that's not really gonna move, we stuck with three.

0:30:13.880 --> 0:30:18.920
<v Speaker 2>Yeah, the most popular, Access overliability. So and that just

0:30:18.920 --> 0:30:21.640
<v Speaker 2>became our trademark. We tried a couple different things, but

0:30:21.680 --> 0:30:25.240
<v Speaker 2>that became our trademark. And so the thing about merch.

0:30:25.560 --> 0:30:28.240
<v Speaker 2>Everybody sells merch. It's popular, it's like the first thing

0:30:28.280 --> 0:30:32.320
<v Speaker 2>you want to do, right, But merch can be a

0:30:32.400 --> 0:30:34.200
<v Speaker 2>kind of a tricky thing. So how we use What

0:30:34.320 --> 0:30:36.640
<v Speaker 2>we use is print Fall, right, So print Fall is

0:30:36.680 --> 0:30:39.680
<v Speaker 2>a company that allows you to not hold any inventory.

0:30:39.800 --> 0:30:42.720
<v Speaker 4>It's only demand. So like you order it, it's they

0:30:42.760 --> 0:30:44.720
<v Speaker 4>make it. Pretty much like what we said in the

0:30:45.000 --> 0:30:48.240
<v Speaker 4>last segment. They make it, they distribute it, and all

0:30:48.240 --> 0:30:50.880
<v Speaker 4>we do is create the file which is the assets

0:30:50.880 --> 0:30:53.600
<v Speaker 4>over alliabilities, which is ours. They printed up and they

0:30:53.600 --> 0:30:54.520
<v Speaker 4>send it out to you.

0:30:54.600 --> 0:30:57.400
<v Speaker 2>Yeah, so it's an interesting business model. It's pros and

0:30:57.440 --> 0:31:00.000
<v Speaker 2>cons with everything because they take a percentage of pretty

0:31:00.000 --> 0:31:04.440
<v Speaker 2>hefty percent. We're working on that so, I mean, we

0:31:04.480 --> 0:31:06.400
<v Speaker 2>probably could make a lot more money if we just

0:31:06.440 --> 0:31:08.800
<v Speaker 2>did it ourselves. But the thing about it is a

0:31:08.840 --> 0:31:10.960
<v Speaker 2>lot more work and it's a lot more capital. It

0:31:11.000 --> 0:31:13.320
<v Speaker 2>doesn't cost us anything. That's the good thing about print Falls.

0:31:13.360 --> 0:31:14.360
<v Speaker 2>That doesn't cost anything.

0:31:14.520 --> 0:31:15.880
<v Speaker 4>We don't have to buy sweatshirts, we don't have to

0:31:15.880 --> 0:31:16.480
<v Speaker 4>buy shirts.

0:31:16.480 --> 0:31:18.200
<v Speaker 2>One hundred dollars a month I think just to actually

0:31:18.280 --> 0:31:21.520
<v Speaker 2>run the site. But other than that, there's no there's

0:31:21.560 --> 0:31:24.360
<v Speaker 2>no money, there's no overhead so as somebody buys the shirt,

0:31:24.800 --> 0:31:26.600
<v Speaker 2>they print it, they ship it.

0:31:26.840 --> 0:31:27.840
<v Speaker 3>It's a whole. It's a whole.

0:31:28.440 --> 0:31:30.920
<v Speaker 4>Literally, Like we created our own store on Shopify. It

0:31:30.920 --> 0:31:33.440
<v Speaker 4>goes on print full and we put our designs up

0:31:33.440 --> 0:31:36.080
<v Speaker 4>there and people just when they order. I remember we

0:31:36.120 --> 0:31:37.719
<v Speaker 4>got our first order. I was like, oh wow, this

0:31:37.760 --> 0:31:41.440
<v Speaker 4>is great, and then ships you. We don't have to

0:31:41.480 --> 0:31:42.280
<v Speaker 4>store anything.

0:31:42.800 --> 0:31:44.880
<v Speaker 2>That's another thing to it. Especially when it comes to business.

0:31:44.880 --> 0:31:47.120
<v Speaker 2>A lot of times it's like and this is this

0:31:47.160 --> 0:31:49.000
<v Speaker 2>is this. There's no really no right or wrong answer

0:31:49.000 --> 0:31:51.480
<v Speaker 2>on this, but especially if you're doing a lot of

0:31:51.480 --> 0:31:54.520
<v Speaker 2>different things, sometimes it's better to take less money to

0:31:54.600 --> 0:31:57.240
<v Speaker 2>free your time up right, because it's like, like I said,

0:31:57.280 --> 0:31:59.240
<v Speaker 2>we could do it ourselves, but that's a lot more time,

0:31:59.320 --> 0:32:01.280
<v Speaker 2>Like we actually have to find somebody to actually make it.

0:32:01.280 --> 0:32:04.040
<v Speaker 2>For printing press, you have to hold a bundle of

0:32:04.080 --> 0:32:07.240
<v Speaker 2>different merch we have to ship it, we have to

0:32:07.320 --> 0:32:10.120
<v Speaker 2>track it, we have to you know, do all of

0:32:10.160 --> 0:32:12.800
<v Speaker 2>those things. It's not and especially as more people start

0:32:12.800 --> 0:32:15.480
<v Speaker 2>to order shirts, it becomes it's been too much. It's difficult.

0:32:16.200 --> 0:32:18.760
<v Speaker 2>So with print Fall they kind of do all of

0:32:18.760 --> 0:32:21.160
<v Speaker 2>that for us. Like I said, they take their percentage

0:32:21.280 --> 0:32:23.840
<v Speaker 2>for doing all of that stuff, but we're still get compensated.

0:32:24.880 --> 0:32:27.760
<v Speaker 2>So that was that was another revenue that was like

0:32:27.760 --> 0:32:29.760
<v Speaker 2>the second revenue stream that we did I didn't.

0:32:29.520 --> 0:32:31.680
<v Speaker 4>And then the next one was a proud of the

0:32:31.680 --> 0:32:34.640
<v Speaker 4>pay program And that was kind of just happened in

0:32:34.640 --> 0:32:36.840
<v Speaker 4>a comment. Somebody was like, hey, you guys on Patreon,

0:32:37.160 --> 0:32:39.160
<v Speaker 4>and at the time I remember I text you, I'm like, yo,

0:32:39.160 --> 0:32:41.640
<v Speaker 4>what is Patreon? And then we did the resource sholder.

0:32:41.680 --> 0:32:43.960
<v Speaker 4>It was like, oh, this could be a way that

0:32:44.000 --> 0:32:46.600
<v Speaker 4>we could give bonus content. We can put out a

0:32:46.960 --> 0:32:50.400
<v Speaker 4>different variety of things and features for our audience, and

0:32:50.440 --> 0:32:52.920
<v Speaker 4>so like that became another source of income. So we

0:32:53.080 --> 0:32:54.200
<v Speaker 4>created five different ta.

0:32:54.160 --> 0:32:56.760
<v Speaker 2>Yeah, Patreon, Patreon is a whole bob you actually you

0:32:56.800 --> 0:32:58.560
<v Speaker 2>talking about Patreon. I don't even know what patreon was.

0:32:58.960 --> 0:33:01.120
<v Speaker 2>Comed is likeyea, we should do a Patreon. Like what

0:33:01.160 --> 0:33:03.960
<v Speaker 2>is patreon? And Patreon is a is a is a

0:33:04.000 --> 0:33:08.800
<v Speaker 2>platform for creatives for people to support on a financial level.

0:33:09.440 --> 0:33:11.280
<v Speaker 2>And the cool thing with Patreon is that it's a

0:33:11.280 --> 0:33:14.360
<v Speaker 2>real community, where like Patreon, you get you can add

0:33:14.400 --> 0:33:16.680
<v Speaker 2>different tiers to it. So like we have different tiers

0:33:16.720 --> 0:33:19.680
<v Speaker 2>to our Patreon and like depending on what tear you're in, Like,

0:33:19.760 --> 0:33:24.240
<v Speaker 2>you get add free episodes, you get episodes before the

0:33:24.240 --> 0:33:29.080
<v Speaker 2>podcast drops. You get FaceTime conversations with us. Yeah, the

0:33:29.200 --> 0:33:32.680
<v Speaker 2>FaceTime conversations is lit. So get you get direct conversations

0:33:32.720 --> 0:33:35.560
<v Speaker 2>with us, you get you get discounts on the merch.

0:33:36.160 --> 0:33:38.440
<v Speaker 2>You get access to Eyo University.

0:33:38.480 --> 0:33:39.800
<v Speaker 4>Yeah, that's new. So like that was one of the

0:33:39.800 --> 0:33:41.920
<v Speaker 4>things and we sent the message out. It was like, yo,

0:33:42.440 --> 0:33:44.040
<v Speaker 4>we got something to coming, we got something to coming,

0:33:44.120 --> 0:33:45.800
<v Speaker 4>and we were building it. So like now it's like

0:33:46.480 --> 0:33:48.560
<v Speaker 4>now they get to see what we have building. Everybody

0:33:48.600 --> 0:33:50.480
<v Speaker 4>that's in a Tier four or five, they get to

0:33:50.520 --> 0:33:52.080
<v Speaker 4>have access to Eyo University.

0:33:52.280 --> 0:33:54.560
<v Speaker 3>So that makes it even dope. Yeah, and this this, this,

0:33:54.560 --> 0:33:55.040
<v Speaker 3>this is the whole.

0:33:55.240 --> 0:33:56.720
<v Speaker 2>The whole thing with the Business show is that you

0:33:56.800 --> 0:33:58.520
<v Speaker 2>want to just create different ideas because you might not

0:33:58.520 --> 0:34:00.920
<v Speaker 2>be able to copy every single thing, but you want

0:34:00.920 --> 0:34:03.200
<v Speaker 2>to just spark your brain. So for me, I'm always

0:34:03.200 --> 0:34:05.840
<v Speaker 2>big on cross promoting, right, So I'm like, okay, look

0:34:05.880 --> 0:34:09.120
<v Speaker 2>if we got Patreon, right, and you also have to

0:34:09.120 --> 0:34:11.000
<v Speaker 2>add value like all these different report I want to

0:34:11.000 --> 0:34:15.360
<v Speaker 2>stress that too. Never do anything just to make money, right,

0:34:15.480 --> 0:34:18.040
<v Speaker 2>you gotta have like real value, like the merch is

0:34:18.080 --> 0:34:19.960
<v Speaker 2>something that we truly believe in, Like we really believe

0:34:20.000 --> 0:34:21.520
<v Speaker 2>in the merch and I think the reason why as

0:34:22.000 --> 0:34:25.640
<v Speaker 2>Overliabilities has taken off because it's a dope slogan and

0:34:25.680 --> 0:34:29.319
<v Speaker 2>it's really powerful and like three words, it really means

0:34:29.360 --> 0:34:31.680
<v Speaker 2>a lot, Like it's assets overliabilities, Like you know what

0:34:31.680 --> 0:34:34.399
<v Speaker 2>I'm saying. So it's like, if you're going to spend

0:34:34.480 --> 0:34:36.359
<v Speaker 2>money to wear a merch, like, you might as well

0:34:36.400 --> 0:34:38.640
<v Speaker 2>wear something that you like and it's stylished.

0:34:39.040 --> 0:34:40.000
<v Speaker 3>That's like it's dope.

0:34:40.040 --> 0:34:41.520
<v Speaker 4>Like that was our thing. It was like, Yo, if

0:34:41.560 --> 0:34:43.239
<v Speaker 4>we're going to create something that people are gonna wear,

0:34:43.280 --> 0:34:44.879
<v Speaker 4>it might have it should have a message on it,

0:34:44.960 --> 0:34:46.640
<v Speaker 4>and it should be a message that resonates with our

0:34:46.680 --> 0:34:49.279
<v Speaker 4>community and all communities. Really yeah, like that's what the

0:34:49.320 --> 0:34:51.520
<v Speaker 4>intent was when we did the Merchant and like let's

0:34:51.520 --> 0:34:53.719
<v Speaker 4>make money. We're not a clothing brand, but we want

0:34:53.760 --> 0:34:55.719
<v Speaker 4>to have a message every time we go outside we

0:34:55.760 --> 0:34:57.120
<v Speaker 4>know people are watching exactly.

0:34:57.480 --> 0:35:00.000
<v Speaker 2>And also with the Patreon too, it's like we don't

0:35:00.000 --> 0:35:01.960
<v Speaker 2>I wanted to set up Patreon as a way for

0:35:02.080 --> 0:35:04.520
<v Speaker 2>people just to support the podcast. That's like charity and

0:35:04.600 --> 0:35:06.919
<v Speaker 2>event we want to actually give them value as well, right,

0:35:07.120 --> 0:35:09.359
<v Speaker 2>so that's why we had the phone conversations. That's why

0:35:09.360 --> 0:35:12.160
<v Speaker 2>we added free access to Eyo University. That's why we

0:35:12.200 --> 0:35:15.200
<v Speaker 2>actually discounts on the merch. But now with the Patreon,

0:35:15.280 --> 0:35:17.799
<v Speaker 2>you get discount on the merch, but it leads back

0:35:17.800 --> 0:35:20.440
<v Speaker 2>to the merch, right, which is like cross promoting right

0:35:20.480 --> 0:35:23.840
<v Speaker 2>exactly so, and everything always leads back to the podcast.

0:35:24.960 --> 0:35:27.200
<v Speaker 4>This episode is brought to you by P and C Bank.

0:35:27.600 --> 0:35:30.360
<v Speaker 4>A lot of people think podcasts about work are boring,

0:35:30.600 --> 0:35:34.440
<v Speaker 4>and sure, they definitely can be, but understanding a professionals

0:35:34.520 --> 0:35:37.760
<v Speaker 4>routine shows us how they achieve their success little by little,

0:35:38.160 --> 0:35:41.799
<v Speaker 4>day after day. It's like banking with P and C Bank.

0:35:42.280 --> 0:35:45.080
<v Speaker 4>It might seem boring to safe plan and make calculated

0:35:45.080 --> 0:35:48.200
<v Speaker 4>decisions with your bank, but keeping your money boring is

0:35:48.239 --> 0:35:51.560
<v Speaker 4>what helps you live or more happily fulfilled life. P

0:35:51.640 --> 0:35:56.480
<v Speaker 4>and C Bank Brilliantly Boring since eighteen sixty five. Brilliantly

0:35:56.560 --> 0:35:59.200
<v Speaker 4>Boring since eighteen sixty five is a service mark of

0:35:59.200 --> 0:36:02.439
<v Speaker 4>the PNC Financial Service Group, Inc. P and C Bank

0:36:02.880 --> 0:36:09.520
<v Speaker 4>National Association Member FDIC Earners. What's up? You ever walk

0:36:09.520 --> 0:36:12.600
<v Speaker 4>into a small business and everything just works like the

0:36:12.680 --> 0:36:16.759
<v Speaker 4>checkout is fast, The receipts are digital, tipping is a breeze,

0:36:17.080 --> 0:36:19.240
<v Speaker 4>and you're out the door before the line even builds.

0:36:19.560 --> 0:36:23.840
<v Speaker 4>Odds are they're using Square. We love supporting businesses that

0:36:23.920 --> 0:36:26.560
<v Speaker 4>run on Square because it just feels seamless. Whether it's

0:36:26.600 --> 0:36:29.600
<v Speaker 4>a local coffee shop, a vendor at a pop up market,

0:36:29.760 --> 0:36:32.640
<v Speaker 4>or even one of our merch partners, Square makes it

0:36:32.800 --> 0:36:36.160
<v Speaker 4>easy for them to take payments, manage inventory, and run

0:36:36.200 --> 0:36:40.200
<v Speaker 4>their business with confidence, all from one simple system. If

0:36:40.239 --> 0:36:43.080
<v Speaker 4>you're a business owner or even just thinking about launching

0:36:43.120 --> 0:36:46.120
<v Speaker 4>something soon, Square is hands down one of the best

0:36:46.120 --> 0:36:49.280
<v Speaker 4>tools out there to help you start, run and grow.

0:36:49.560 --> 0:36:52.560
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0:36:52.640 --> 0:36:55.600
<v Speaker 4>back so you can focus on what matters most ready.

0:36:55.640 --> 0:36:59.000
<v Speaker 4>To see how Square can transform your business, visit Square

0:36:59.080 --> 0:37:03.280
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0:37:03.520 --> 0:37:08.200
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0:37:08.520 --> 0:37:11.319
<v Speaker 4>don't hesitate. Let's Square handle the back end so you

0:37:11.360 --> 0:37:14.200
<v Speaker 4>can keep pushing your vision forward.

0:37:15.640 --> 0:37:18.360
<v Speaker 6>Coach, the energy out there felt different. What changed for

0:37:18.440 --> 0:37:19.040
<v Speaker 6>the team today?

0:37:19.120 --> 0:37:21.279
<v Speaker 7>It was the new game day scratches from the California

0:37:21.320 --> 0:37:24.719
<v Speaker 7>Lottery players. Everything those games sent the team's energy through

0:37:24.719 --> 0:37:25.080
<v Speaker 7>the roof.

0:37:25.120 --> 0:37:27.120
<v Speaker 6>Are you saying it was the off field play that

0:37:27.160 --> 0:37:28.560
<v Speaker 6>made the difference on the field.

0:37:28.360 --> 0:37:31.120
<v Speaker 7>Hey, little play makes your day, and today it made

0:37:31.160 --> 0:37:33.799
<v Speaker 7>the game. That's all of now, Coach one more.

0:37:33.760 --> 0:37:36.839
<v Speaker 6>Question play than you. Los Angeles Chargers, San Francisco forty

0:37:36.920 --> 0:37:40.200
<v Speaker 6>nine Ers and Los Angeles Rams Scratchers from the California Lottery.

0:37:40.280 --> 0:37:43.480
<v Speaker 6>A little play can make your day. Peace made Responsibility.

0:37:43.520 --> 0:37:45.279
<v Speaker 6>Must be eighteen years or older to purchase plate or claim.

0:37:45.360 --> 0:37:49.480
<v Speaker 2>Podcast is the mothership, which is free. But that's the

0:37:49.520 --> 0:37:51.720
<v Speaker 2>cool thing about it too. Where the podcast is free,

0:37:51.840 --> 0:37:54.520
<v Speaker 2>but from something that is free, we're able to create

0:37:54.920 --> 0:37:57.360
<v Speaker 2>multiple different income streams where we can actually profit.

0:37:57.440 --> 0:37:57.960
<v Speaker 3>So that's another thing.

0:37:58.040 --> 0:37:59.640
<v Speaker 2>To a lot of time people think like just because

0:37:59.640 --> 0:38:01.920
<v Speaker 2>you're not actually getting paid for something right away, or

0:38:02.400 --> 0:38:05.160
<v Speaker 2>something doesn't look like you can actually make money from it,

0:38:05.480 --> 0:38:08.360
<v Speaker 2>you gotta look deeper. It's not just like fact, you

0:38:08.400 --> 0:38:10.520
<v Speaker 2>gotta go ABC D E F like you know what

0:38:10.520 --> 0:38:12.719
<v Speaker 2>I mean, like to say, okay, the podcast, we could

0:38:13.080 --> 0:38:16.040
<v Speaker 2>The podcast is really just to get us out there.

0:38:16.160 --> 0:38:17.880
<v Speaker 2>As far as on our revenue, of course, the podcast

0:38:17.920 --> 0:38:20.000
<v Speaker 2>is to educate, that's most important. But as far as

0:38:20.000 --> 0:38:24.000
<v Speaker 2>our revenue, stream. Now we can monetize the podcast even

0:38:24.040 --> 0:38:26.520
<v Speaker 2>though people don't pay for the podcast because of ads.

0:38:26.840 --> 0:38:28.680
<v Speaker 2>But even if we had no ads at all, we

0:38:28.680 --> 0:38:30.759
<v Speaker 2>can still monetize off of the podcast.

0:38:30.480 --> 0:38:33.319
<v Speaker 3>Because of the visibility and allows us to do other things.

0:38:33.680 --> 0:38:36.720
<v Speaker 4>And it's not like we had to create seven different things.

0:38:36.760 --> 0:38:39.960
<v Speaker 4>We still have the mothership, the tree, which is the podcast,

0:38:39.960 --> 0:38:41.440
<v Speaker 4>and all these branches coming off of it. And that's

0:38:41.440 --> 0:38:44.279
<v Speaker 4>true what you said. We we didn't do it for money, right,

0:38:44.320 --> 0:38:46.480
<v Speaker 4>So like when we had Patreon, we had like two

0:38:46.520 --> 0:38:49.880
<v Speaker 4>members the first month, right next month we had seven.

0:38:49.960 --> 0:38:52.600
<v Speaker 4>Like we just kept grinding, like kept putting out the contact,

0:38:52.600 --> 0:38:54.960
<v Speaker 4>putting out value, making those phone calls. Now we're up

0:38:55.000 --> 0:38:57.440
<v Speaker 4>to like over one hundred and fifteen or something like that.

0:38:57.520 --> 0:38:59.920
<v Speaker 4>And it was like just being consistent and spreading the

0:38:59.880 --> 0:39:02.520
<v Speaker 4>word and given the value. Like I think that was massed, right.

0:39:02.520 --> 0:39:03.719
<v Speaker 4>He was like, Yo, just give it away.

0:39:03.480 --> 0:39:05.839
<v Speaker 2>Give it give it away, give it away, give it away.

0:39:05.840 --> 0:39:07.600
<v Speaker 2>And then people are, well, they want to pay for

0:39:07.640 --> 0:39:09.560
<v Speaker 2>they feel guilty not to. And that's why, like I said,

0:39:09.600 --> 0:39:12.120
<v Speaker 2>proud to pay with Nipsey when he had his one

0:39:12.200 --> 0:39:15.879
<v Speaker 2>hundred dollars, it wasn't so much. It's just him selling

0:39:15.880 --> 0:39:17.800
<v Speaker 2>a mixtape one hundred dollars. That was a whole experience.

0:39:18.239 --> 0:39:21.920
<v Speaker 2>You got tickets to a concert, you got merch. It was.

0:39:22.080 --> 0:39:24.080
<v Speaker 2>It was bundled together and it was very well done

0:39:24.200 --> 0:39:27.080
<v Speaker 2>and people were proud to because people want to support,

0:39:27.400 --> 0:39:29.080
<v Speaker 2>but they just got to have something good that they

0:39:29.080 --> 0:39:31.960
<v Speaker 2>can support, Like nobody wants to support something that's just trash.

0:39:32.960 --> 0:39:35.399
<v Speaker 2>And then so so then the next revenue stream comes

0:39:35.480 --> 0:39:38.719
<v Speaker 2>via of YouTube. So YouTube is something that we're still

0:39:38.719 --> 0:39:43.000
<v Speaker 2>figuring it out. But I encourage any creative, any creative

0:39:43.000 --> 0:39:46.000
<v Speaker 2>of anybody that's thinking about starting anything, you got to

0:39:46.040 --> 0:39:48.279
<v Speaker 2>get on YouTube. People don't fully understand the power of YouTube.

0:39:48.360 --> 0:39:50.600
<v Speaker 3>Spoke. We spoke about this before. But that's the thing.

0:39:51.000 --> 0:39:53.399
<v Speaker 4>It would just be fully transparent. We didn't start on.

0:39:53.360 --> 0:39:58.000
<v Speaker 2>YouTube first, Like seven episodes wasn't wasn't on you. People

0:39:58.120 --> 0:40:00.000
<v Speaker 2>had to really convince us to get on YouTube.

0:40:00.000 --> 0:40:00.600
<v Speaker 4>Why you're not there?

0:40:01.280 --> 0:40:03.360
<v Speaker 2>The first seven episodes was just audio because it's like

0:40:03.360 --> 0:40:05.799
<v Speaker 2>it's a lot more work. You gotta film it, and

0:40:05.840 --> 0:40:07.680
<v Speaker 2>you gotta upload it, you gotta edit this. It's a

0:40:07.680 --> 0:40:11.920
<v Speaker 2>whole process. But YouTube, YouTube is interesting because it's like

0:40:12.280 --> 0:40:15.920
<v Speaker 2>YouTube also. All right, So the monetization for YouTube is

0:40:15.960 --> 0:40:19.200
<v Speaker 2>you have to have a thousand watch hours.

0:40:19.480 --> 0:40:22.000
<v Speaker 4>Yeah, so one thousand watch hours and four thousand.

0:40:23.400 --> 0:40:25.200
<v Speaker 2>Before you come out to so watch hours is like

0:40:25.239 --> 0:40:28.239
<v Speaker 2>how many how many hours somebody has watched your video?

0:40:28.520 --> 0:40:31.680
<v Speaker 2>So you need a thousand watch hours and you need

0:40:31.800 --> 0:40:34.160
<v Speaker 2>four thousand subscribers and then you can start to monetorze

0:40:34.160 --> 0:40:37.759
<v Speaker 2>through YouTube studio. And YouTube is another thing where it's like,

0:40:38.160 --> 0:40:41.239
<v Speaker 2>you know, the first YouTube check that you'll see is

0:40:41.280 --> 0:40:42.719
<v Speaker 2>like let's say, like for us, it's.

0:40:42.640 --> 0:40:44.360
<v Speaker 5>Like one hundred watch it. I mean we watched that

0:40:44.480 --> 0:40:49.279
<v Speaker 5>for like one hundred dollars. Yeah, and then it's like

0:40:49.360 --> 0:40:54.960
<v Speaker 5>six months later to like four thousand YouTube So god well,

0:40:54.960 --> 0:40:57.160
<v Speaker 5>and this time next year it will be four times that,

0:40:57.560 --> 0:40:58.600
<v Speaker 5>you know what I'm saying. But the good thing with

0:40:58.719 --> 0:41:01.760
<v Speaker 5>YouTube is like once again the audio. Once a video

0:41:01.920 --> 0:41:04.480
<v Speaker 5>is in YouTube, especially if it's like gets a lot

0:41:04.520 --> 0:41:07.080
<v Speaker 5>of traction, it's there forever. So I was just telling

0:41:07.080 --> 0:41:10.520
<v Speaker 5>like Alex goot Energy from Trucking episode thirty nine, I'm like, yo,

0:41:10.560 --> 0:41:12.600
<v Speaker 5>your video is gonna live forever because it has like

0:41:12.600 --> 0:41:15.600
<v Speaker 5>fifty nine thousand views right now or whatever. But a

0:41:15.680 --> 0:41:19.960
<v Speaker 5>year from now, somebody types in Trucking, they'll find that video, right,

0:41:20.000 --> 0:41:21.719
<v Speaker 5>and then they watch it and then we get paid.

0:41:21.760 --> 0:41:23.439
<v Speaker 5>And the cool thing, and this is I spoke about

0:41:23.440 --> 0:41:25.160
<v Speaker 5>this on a social media episode that we did, is

0:41:25.160 --> 0:41:28.160
<v Speaker 5>that a lot of times people with especially with like

0:41:28.239 --> 0:41:31.640
<v Speaker 5>YouTube and things of that nature, numbers are not the

0:41:31.680 --> 0:41:34.480
<v Speaker 5>most important thing. Numbers are not the most important thing.

0:41:34.560 --> 0:41:38.160
<v Speaker 5>What I mean by that is that, like our forty

0:41:38.239 --> 0:41:41.799
<v Speaker 5>thousand subscribers that we have right now is probably more

0:41:41.960 --> 0:41:44.720
<v Speaker 5>valuable than a lot of people that have a million

0:41:44.880 --> 0:41:48.680
<v Speaker 5>two million subscribers because our content we get paid at

0:41:48.719 --> 0:41:51.319
<v Speaker 5>a higher CPM. What that means is that, like our

0:41:51.360 --> 0:41:53.360
<v Speaker 5>content is clean, content is business.

0:41:53.400 --> 0:41:54.040
<v Speaker 4>That's important.

0:41:54.080 --> 0:41:58.239
<v Speaker 2>So companies they love that to advertise, right, It's like

0:41:58.280 --> 0:42:01.239
<v Speaker 2>the business is like the number one space advertisers. So

0:42:01.280 --> 0:42:06.040
<v Speaker 2>I was speaking to somebody who has a YouTube channel,

0:42:06.400 --> 0:42:09.160
<v Speaker 2>but it's a wrap show and they bring rappers on

0:42:09.200 --> 0:42:11.759
<v Speaker 2>stuff like that, you know. So he was telling me

0:42:11.840 --> 0:42:15.680
<v Speaker 2>his CPMs for his show is like three dollars, four dollars,

0:42:15.719 --> 0:42:19.600
<v Speaker 2>but he has like a million subscribers. His videos get

0:42:19.640 --> 0:42:21.799
<v Speaker 2>like two hundred thousand views, right, But he's not really

0:42:21.840 --> 0:42:24.879
<v Speaker 2>making money because it's like three dollars where we might

0:42:24.920 --> 0:42:28.279
<v Speaker 2>get ten thousand, twenty thousand views per episode. We have

0:42:28.400 --> 0:42:30.880
<v Speaker 2>forty thousand subscribers, which is way less than what he

0:42:30.920 --> 0:42:33.480
<v Speaker 2>has right, right, but we're making more money because our

0:42:33.520 --> 0:42:36.520
<v Speaker 2>CPMs could be thirty dollars twenty five dollars.

0:42:36.520 --> 0:42:39.359
<v Speaker 4>And that's another thing that's beautiful about YouTube is that

0:42:39.560 --> 0:42:42.719
<v Speaker 4>the CPM fluctuates, so like depending on the content, like

0:42:42.719 --> 0:42:45.800
<v Speaker 4>a video like mobile homes, you could get maybe forty

0:42:45.840 --> 0:42:49.759
<v Speaker 4>five dollars per CPM, which is per thousand, or like

0:42:49.840 --> 0:42:53.200
<v Speaker 4>Alex right, it could be forty seven dollars or as

0:42:53.280 --> 0:42:55.560
<v Speaker 4>in the audio space, it's just pretty stays the same

0:42:55.680 --> 0:42:58.719
<v Speaker 4>standard at twenty five dollars. So like, that's another beautiful

0:42:58.719 --> 0:43:02.040
<v Speaker 4>thing about YouTuber is it changes and depending on the content,

0:43:02.080 --> 0:43:03.640
<v Speaker 4>And that's that's key what you said too, is having

0:43:03.640 --> 0:43:09.000
<v Speaker 4>clean content, because if we had profanity laced conversations, right,

0:43:09.160 --> 0:43:12.720
<v Speaker 4>people wouldn't be putting money out to put on ads.

0:43:12.800 --> 0:43:14.920
<v Speaker 4>And I think we ran into that one time when

0:43:14.960 --> 0:43:18.719
<v Speaker 4>we had an episode with We're Talking about Marijuana, which

0:43:18.760 --> 0:43:21.600
<v Speaker 4>was a business podcast and it was a business lesson,

0:43:21.920 --> 0:43:24.560
<v Speaker 4>but just the fact that we had marijuana in our title,

0:43:25.000 --> 0:43:25.800
<v Speaker 4>it kind of changed.

0:43:26.080 --> 0:43:28.239
<v Speaker 2>We didn't get paid for that, but that's something too

0:43:28.320 --> 0:43:29.560
<v Speaker 2>for a lot of cret Like I said, all of

0:43:29.600 --> 0:43:32.279
<v Speaker 2>this stuff is just free information, free knowledge because these

0:43:32.280 --> 0:43:34.160
<v Speaker 2>are things that we learned. We literally learned all this

0:43:34.200 --> 0:43:36.880
<v Speaker 2>stuff on the fly. So you know, if you're starting

0:43:36.880 --> 0:43:39.359
<v Speaker 2>a YouTube channel, if you're thinking about monetizing online, the's

0:43:39.360 --> 0:43:41.320
<v Speaker 2>are good, good things to know. Because we didn't notice,

0:43:41.360 --> 0:43:45.320
<v Speaker 2>Like we didn't know that we put cannabis on marijuana

0:43:45.360 --> 0:43:47.799
<v Speaker 2>in the title. That's a red flag for YouTube. The

0:43:47.880 --> 0:43:50.080
<v Speaker 2>video went out, people saw it, but we didn't get.

0:43:49.920 --> 0:43:50.239
<v Speaker 3>Paid on it.

0:43:50.400 --> 0:43:51.960
<v Speaker 4>We got that little yellow sticker.

0:43:52.040 --> 0:43:54.400
<v Speaker 2>They're very big on that. They're very big on that industry.

0:43:55.000 --> 0:43:58.240
<v Speaker 2>They've shut down pages. They shut down some big cannabis pages.

0:43:58.239 --> 0:44:01.920
<v Speaker 2>We ran six hundred thousand subscribers, a million subscribers, they

0:44:01.960 --> 0:44:04.680
<v Speaker 2>shut their pages down. So it's just it's important to

0:44:04.760 --> 0:44:07.719
<v Speaker 2>understand what you're doing because like you could just be

0:44:07.760 --> 0:44:10.520
<v Speaker 2>doing something and I fully understand what you're doing, and

0:44:10.560 --> 0:44:13.480
<v Speaker 2>it's like you got you built up a million and

0:44:13.640 --> 0:44:17.120
<v Speaker 2>two million followers subscribers, but now it's hard for you

0:44:17.200 --> 0:44:20.520
<v Speaker 2>to monetize it. Where you see somebody with one hundred thousand,

0:44:20.520 --> 0:44:22.759
<v Speaker 2>I said, it's on social media. I know a girl

0:44:22.800 --> 0:44:25.640
<v Speaker 2>who had one hundred thousand, one hundred and fifty thousand

0:44:25.680 --> 0:44:29.960
<v Speaker 2>subscribers on Instagram that was getting paid fifteen thousand dollars

0:44:30.360 --> 0:44:33.120
<v Speaker 2>for an Instagram post. Where we know a lot of

0:44:33.239 --> 0:44:39.760
<v Speaker 2>Instagram models, bartenders that have millions of followers that can't

0:44:39.800 --> 0:44:41.920
<v Speaker 2>they can't figure out how to make money because the

0:44:41.960 --> 0:44:44.640
<v Speaker 2>only people that's going to advertise on their page is

0:44:44.680 --> 0:44:49.840
<v Speaker 2>lingerie and just promoting parties. They're limited, right, even like

0:44:49.840 --> 0:44:52.000
<v Speaker 2>a John Henry. John Henry doesn't have that many followers,

0:44:52.000 --> 0:44:54.160
<v Speaker 2>haves like one hundred and twenty thousand followers. Kill he's

0:44:54.160 --> 0:44:57.040
<v Speaker 2>making a killing killing. He's making a killing because it's clean.

0:44:57.080 --> 0:44:59.399
<v Speaker 2>He got a clean look. It's you know what I mean,

0:44:59.600 --> 0:45:01.680
<v Speaker 2>it's just the whole it's the whole package. He's very

0:45:01.719 --> 0:45:04.600
<v Speaker 2>he's very friendly to advertise it. So not to say

0:45:04.600 --> 0:45:06.080
<v Speaker 2>that you have to be that. I mean you could,

0:45:06.080 --> 0:45:08.560
<v Speaker 2>you could still make money, but not be but just

0:45:08.640 --> 0:45:10.360
<v Speaker 2>know that just just just be aware of it. Like

0:45:10.560 --> 0:45:13.640
<v Speaker 2>I'm not telling you to change your your whole platform

0:45:13.680 --> 0:45:16.120
<v Speaker 2>and to become something that you're not, but just be

0:45:16.160 --> 0:45:16.640
<v Speaker 2>aware of it.

0:45:16.760 --> 0:45:18.760
<v Speaker 4>You should be aware because that will be the reason

0:45:18.880 --> 0:45:20.919
<v Speaker 4>why the monetization is a lot less.

0:45:21.000 --> 0:45:22.640
<v Speaker 2>Yeah, So just know it's good to know that not

0:45:22.800 --> 0:45:25.680
<v Speaker 2>the fact. So and then we also do live events. Now,

0:45:26.600 --> 0:45:30.160
<v Speaker 2>the live events is another way how we're monetizing. But

0:45:30.160 --> 0:45:31.520
<v Speaker 2>the thing, like I said, the thing about is that

0:45:31.600 --> 0:45:35.240
<v Speaker 2>we're always adding value. Right, So this is a business podcast.

0:45:35.280 --> 0:45:38.040
<v Speaker 2>We're never gonna apologize for making money. That's the whole point.

0:45:38.280 --> 0:45:40.839
<v Speaker 2>Like we should never be ashamed to be entrepreneurs. But

0:45:41.360 --> 0:45:43.520
<v Speaker 2>as long as you're as long as you're creating value,

0:45:43.520 --> 0:45:44.520
<v Speaker 2>that's the most important thing.

0:45:44.600 --> 0:45:44.799
<v Speaker 3>Right.

0:45:44.880 --> 0:45:49.160
<v Speaker 2>So just from that, that's five different revenue streams that

0:45:49.200 --> 0:45:51.600
<v Speaker 2>we named off of the podcast. Right, So now we

0:45:51.640 --> 0:45:54.800
<v Speaker 2>don't have to we don't have to get five different jobs.

0:45:54.800 --> 0:45:58.359
<v Speaker 2>We don't have to create five different businesses, even though

0:45:58.360 --> 0:46:00.000
<v Speaker 2>they are kind of separate of each other, but they're

0:46:00.080 --> 0:46:02.799
<v Speaker 2>all under the mothership of earn your leading, and they

0:46:02.840 --> 0:46:07.600
<v Speaker 2>all hover under the podcast. The podcast is what leads everything, right,

0:46:07.640 --> 0:46:10.680
<v Speaker 2>we know that, and that's important too. Never go away from.

0:46:10.719 --> 0:46:11.480
<v Speaker 3>What feeds you.

0:46:11.960 --> 0:46:14.719
<v Speaker 2>A lot of times people get successful and one thing

0:46:14.840 --> 0:46:17.480
<v Speaker 2>and then they stop paying attention to that. Like, the

0:46:17.520 --> 0:46:20.160
<v Speaker 2>podcast is always going to be high quality. We're always

0:46:20.200 --> 0:46:22.680
<v Speaker 2>going to do our best with the podcast because we understand,

0:46:22.680 --> 0:46:24.520
<v Speaker 2>like the podcast is what got us to this point.

0:46:25.040 --> 0:46:27.719
<v Speaker 2>But we can't stay limited to the podcast. Like if

0:46:27.719 --> 0:46:30.560
<v Speaker 2>we did that, we'd be doing ourselves and our supporters

0:46:30.560 --> 0:46:32.640
<v Speaker 2>are disservice because that's not what we preach, Like we

0:46:33.040 --> 0:46:36.640
<v Speaker 2>preach to have no limit to expand your horizons. So

0:46:36.640 --> 0:46:40.000
<v Speaker 2>if we just stayed just doing a podcast, we wouldn't

0:46:40.040 --> 0:46:41.920
<v Speaker 2>be a good example. Like what I'm saying, like we

0:46:41.960 --> 0:46:43.640
<v Speaker 2>got to set an example. It's like it's more than

0:46:43.719 --> 0:46:45.640
<v Speaker 2>just like we're just not getting up here just talking

0:46:45.680 --> 0:46:47.760
<v Speaker 2>about it. We actually are implementing a real business.

0:46:47.800 --> 0:46:49.640
<v Speaker 4>Yeah, and we had a few more, Like we have

0:46:49.680 --> 0:46:52.160
<v Speaker 4>a few more even even like in the summer when

0:46:52.160 --> 0:46:54.920
<v Speaker 4>we do our summer programming. That's another stream of income

0:46:54.960 --> 0:46:57.520
<v Speaker 4>for us. We have a couple of things that we're

0:46:57.520 --> 0:46:59.759
<v Speaker 4>going announce to the top of twenty twenty that we

0:47:00.000 --> 0:47:03.160
<v Speaker 4>we're just continuing to build off of the mothership all

0:47:03.200 --> 0:47:06.440
<v Speaker 4>e your leisure, but all things that help people. So yeah, man,

0:47:06.440 --> 0:47:08.799
<v Speaker 4>we gotta keep creating. And it don't be surprised if

0:47:08.800 --> 0:47:11.959
<v Speaker 4>you see like us doing trucking, Like we get a truck,

0:47:12.000 --> 0:47:15.560
<v Speaker 4>we're gon we're getting all this information. So every time

0:47:15.760 --> 0:47:18.080
<v Speaker 4>we hear something and we learn it's like yo, we

0:47:18.120 --> 0:47:19.960
<v Speaker 4>should do No, it's a fact we even talking about

0:47:20.000 --> 0:47:20.440
<v Speaker 4>our book.

0:47:20.640 --> 0:47:22.360
<v Speaker 2>We gotta get we got we gotta get back to

0:47:22.360 --> 0:47:25.799
<v Speaker 2>writing that book. But the book, that's another thing that

0:47:25.800 --> 0:47:28.719
<v Speaker 2>we're like that we're looking to launch. And we got

0:47:28.719 --> 0:47:32.160
<v Speaker 2>the blueprint of the book from Ash Cash episode episode

0:47:32.160 --> 0:47:34.239
<v Speaker 2>twenty six. So it's like a lot of times, like

0:47:34.280 --> 0:47:37.080
<v Speaker 2>when you listen to earn your leisure, don't just listen

0:47:37.320 --> 0:47:40.799
<v Speaker 2>and just be entertained. Man, it's application. Like I said,

0:47:40.840 --> 0:47:44.040
<v Speaker 2>like we're living proof, like we're we're literally applying things

0:47:44.080 --> 0:47:45.040
<v Speaker 2>that we are learning.

0:47:45.080 --> 0:47:46.680
<v Speaker 4>You know what the best part is, Like not once

0:47:46.719 --> 0:47:49.640
<v Speaker 4>did you say like I'm a financial advisor too, Like

0:47:49.840 --> 0:47:52.239
<v Speaker 4>people forget that part, Like yeah, so like yeah, that

0:47:52.280 --> 0:47:55.680
<v Speaker 4>your financial advisor. I'm a teacher. But these things that

0:47:55.719 --> 0:47:58.680
<v Speaker 4>we're doing, like outside of that, that's like non different streams.

0:47:59.000 --> 0:48:01.239
<v Speaker 2>You need to have like ten ten different joints going

0:48:01.280 --> 0:48:03.680
<v Speaker 2>because you never know, you never know when something can

0:48:03.760 --> 0:48:04.960
<v Speaker 2>dry up. Like you know what I'm saying, You never

0:48:05.000 --> 0:48:06.640
<v Speaker 2>know when something can dry up. So it's like I've

0:48:06.640 --> 0:48:09.200
<v Speaker 2>seen it and I learned that early on just from

0:48:09.200 --> 0:48:11.719
<v Speaker 2>watching people that I grew up with older people, And

0:48:11.760 --> 0:48:13.880
<v Speaker 2>it's like you get laid off from your job and

0:48:13.920 --> 0:48:16.560
<v Speaker 2>your screw you had a bad month from your job,

0:48:16.600 --> 0:48:19.759
<v Speaker 2>and it's like you damn there on a homeless line,

0:48:19.920 --> 0:48:21.279
<v Speaker 2>like you know what I'm saying. So now it's like

0:48:21.520 --> 0:48:23.640
<v Speaker 2>we're having multiple streams. It gives you a cushion, it

0:48:23.640 --> 0:48:25.160
<v Speaker 2>gives you a buffer, and it's like, all right.

0:48:25.040 --> 0:48:25.960
<v Speaker 4>Well you can feel it.

0:48:25.960 --> 0:48:27.920
<v Speaker 3>You can feel the freedom, you feel less pressure to you, you.

0:48:27.880 --> 0:48:29.480
<v Speaker 4>Can feel the freedom of it. It's like, you know what,

0:48:29.520 --> 0:48:32.480
<v Speaker 4>I'm not relying on anything. I have so many things

0:48:32.760 --> 0:48:34.719
<v Speaker 4>that if this doesn't work, I got this. I got it.

0:48:34.719 --> 0:48:36.680
<v Speaker 4>You can feel the freedom like I can feel it personally.

0:48:36.719 --> 0:48:38.880
<v Speaker 4>It's like, Yo, this is crazy. This is different. Like

0:48:38.920 --> 0:48:42.440
<v Speaker 4>this feels like twenty nineteen doesn't feel like twenty eighteen.

0:48:42.640 --> 0:48:43.400
<v Speaker 4>It feels different.

0:48:43.400 --> 0:48:43.800
<v Speaker 3>It does.

0:48:44.239 --> 0:48:46.880
<v Speaker 2>And so yeah, so that's our but that's our journey.

0:48:47.360 --> 0:48:49.280
<v Speaker 2>And not to say that you have to start a podcast,

0:48:49.280 --> 0:48:52.239
<v Speaker 2>but it's like that's something that fit in what we

0:48:52.239 --> 0:48:55.120
<v Speaker 2>were doing. So it's like what fits in what you're doing?

0:48:55.200 --> 0:48:59.200
<v Speaker 4>Yeah, And on Early Legion University, I broke down how

0:48:59.239 --> 0:49:01.520
<v Speaker 4>you can earn it in education because a lot of

0:49:01.560 --> 0:49:03.719
<v Speaker 4>times I have conversations with people in my profession and

0:49:03.719 --> 0:49:05.239
<v Speaker 4>they're like, Yo, how do you have time? How do

0:49:05.239 --> 0:49:07.840
<v Speaker 4>you have time, and I went through like five or

0:49:07.880 --> 0:49:11.280
<v Speaker 4>six different things streams of income just from being an educator.

0:49:11.719 --> 0:49:15.040
<v Speaker 4>It is things that you probably are overthinking that you

0:49:15.080 --> 0:49:17.279
<v Speaker 4>can do that don't require much time.

0:49:17.680 --> 0:49:18.239
<v Speaker 3>Yeah.

0:49:18.360 --> 0:49:22.040
<v Speaker 2>So all right, so yeah, that was that, And like

0:49:22.080 --> 0:49:23.880
<v Speaker 2>I said, that was kind of the abbreviated version. The

0:49:23.920 --> 0:49:26.600
<v Speaker 2>full version is on Earn Your Legion University, where we

0:49:26.680 --> 0:49:28.520
<v Speaker 2>kind of just dorove into a lot of different things.

0:49:28.520 --> 0:49:30.759
<v Speaker 2>But I just wanted to just let people know that

0:49:31.360 --> 0:49:35.399
<v Speaker 2>it's always something more, no matter what you're doing, it's

0:49:35.400 --> 0:49:37.760
<v Speaker 2>always something more. And when you're looking to start a business,

0:49:37.760 --> 0:49:40.240
<v Speaker 2>see if that business is scalable, like the podcast is scalable,

0:49:40.239 --> 0:49:43.040
<v Speaker 2>because we don't. It's very low inventory. That's another thing too,

0:49:43.040 --> 0:49:46.120
<v Speaker 2>it's very low inventory. It can reach people from New

0:49:46.239 --> 0:49:50.400
<v Speaker 2>York to Australia. We're not limited geographically, and it provides

0:49:50.480 --> 0:49:53.520
<v Speaker 2>us opportunities to create multiple different launching paths.

0:49:53.960 --> 0:49:55.640
<v Speaker 4>That was the first question Deryk fal Can ask me

0:49:55.680 --> 0:49:57.719
<v Speaker 4>walk when we did his interview. The first thing. He

0:49:57.800 --> 0:50:00.200
<v Speaker 4>sat down on my coudun and was like, yo, y'all

0:50:00.200 --> 0:50:03.560
<v Speaker 4>gonna scale this first thing. He asked. I'm like, good question,

0:50:03.800 --> 0:50:05.200
<v Speaker 4>and we went and we still.

0:50:05.120 --> 0:50:08.200
<v Speaker 2>We come up with new ideas how we can scale. So,

0:50:08.400 --> 0:50:11.399
<v Speaker 2>like I said, that's our blueprint, but what's your blueprint? Right,

0:50:11.520 --> 0:50:16.239
<v Speaker 2>Like if you are restaurant owner, how do you scale that?

0:50:16.600 --> 0:50:18.840
<v Speaker 2>How do you create multiple different streams? Derek gave the

0:50:18.840 --> 0:50:21.279
<v Speaker 2>blueprint for that, but it's like if you if you

0:50:21.320 --> 0:50:23.880
<v Speaker 2>have a gym, how do you create multiple different streams

0:50:23.880 --> 0:50:26.320
<v Speaker 2>off that gym? Like even Alex right, he has a trucking,

0:50:26.719 --> 0:50:30.160
<v Speaker 2>but he makes more money off of his portal and

0:50:30.200 --> 0:50:35.600
<v Speaker 2>now he has merch So so yeah, so that's that's

0:50:35.600 --> 0:50:38.120
<v Speaker 2>the rundown multiple streams of the income people. It's it's

0:50:38.239 --> 0:50:40.560
<v Speaker 2>not something that is optional at this point in time,

0:50:40.680 --> 0:50:44.640
<v Speaker 2>is mandatory and it's all about being creative and understanding

0:50:44.719 --> 0:50:47.800
<v Speaker 2>how you can build different branches off of one tree.

0:50:48.760 --> 0:50:52.560
<v Speaker 2>So we're gonna close it out with some education as

0:50:52.560 --> 0:50:54.680
<v Speaker 2>far as investing in different things.

0:50:55.840 --> 0:50:58.759
<v Speaker 3>All right, it's fun.

0:50:59.000 --> 0:51:01.280
<v Speaker 2>Yeah, so we're gonna it out. We're going to close

0:51:01.320 --> 0:51:06.320
<v Speaker 2>it out with something that is easy for me. Like

0:51:06.400 --> 0:51:08.160
<v Speaker 2>I said, a lot of times people don't fully understand,

0:51:08.200 --> 0:51:13.440
<v Speaker 2>Like everybody thinks do the podcast full time, but I

0:51:13.440 --> 0:51:16.600
<v Speaker 2>actually have a financial planning firm, independent firm.

0:51:16.800 --> 0:51:17.760
<v Speaker 4>Who was your first client?

0:51:18.160 --> 0:51:18.480
<v Speaker 3>You were?

0:51:18.840 --> 0:51:23.879
<v Speaker 2>Thank you for sure, wealth wealth management firm. So that's

0:51:23.920 --> 0:51:31.200
<v Speaker 2>what I do like outside of this So yeah, retirement planning, investing,

0:51:31.280 --> 0:51:35.359
<v Speaker 2>things of that nature. So one thing that always gets

0:51:35.400 --> 0:51:38.640
<v Speaker 2>people's attention when we talk about is the self directed IRA.

0:51:39.320 --> 0:51:40.840
<v Speaker 2>So I wanted to talk about that because you know,

0:51:40.840 --> 0:51:43.200
<v Speaker 2>we talk about real estate a lot on this show,

0:51:43.800 --> 0:51:45.839
<v Speaker 2>and we bring on different real estate investors and things

0:51:45.880 --> 0:51:47.600
<v Speaker 2>of that nature, and we always you know, have to

0:51:47.600 --> 0:51:50.960
<v Speaker 2>give people different options. So funding, when it comes to funding,

0:51:51.000 --> 0:51:53.080
<v Speaker 2>that stops a lot of people from investing in real estate.

0:51:53.200 --> 0:51:55.799
<v Speaker 2>So we you know, talk about two or three K

0:51:55.920 --> 0:51:59.080
<v Speaker 2>loans and hard money loans and conventional loans and things

0:51:59.080 --> 0:52:02.680
<v Speaker 2>of that nature. But another way that people can can

0:52:02.800 --> 0:52:04.759
<v Speaker 2>invest in real estate that not a lot of people

0:52:04.800 --> 0:52:08.439
<v Speaker 2>are fully familiar with is via their retirement account. Because

0:52:08.440 --> 0:52:10.400
<v Speaker 2>if you think about it, I've spoke about this before.

0:52:10.560 --> 0:52:14.920
<v Speaker 2>Most for the average American middle class, American lower middle class, whatever,

0:52:16.080 --> 0:52:18.560
<v Speaker 2>they don't have a tremendous amount of money saved in

0:52:18.600 --> 0:52:21.400
<v Speaker 2>a savings account. They don't have money. They might probably

0:52:21.400 --> 0:52:24.879
<v Speaker 2>have no investment outside of retirement like they don't have I.

0:52:24.800 --> 0:52:27.160
<v Speaker 4>Mean, I know people straight up that don't know what

0:52:27.200 --> 0:52:27.960
<v Speaker 4>an IRI is.

0:52:28.719 --> 0:52:30.680
<v Speaker 2>Well, yeah, that but I'm just saying as far as

0:52:30.880 --> 0:52:35.560
<v Speaker 2>the money that they have saved is in retirement. So

0:52:35.680 --> 0:52:38.920
<v Speaker 2>it's not uncommon for a teacher to have half a

0:52:38.960 --> 0:52:42.080
<v Speaker 2>million dollars in their pension plan or their four or

0:52:42.080 --> 0:52:44.799
<v Speaker 2>three B plan by the time they retire, or it's

0:52:44.840 --> 0:52:48.480
<v Speaker 2>not uncommon for somebody to work in corporate America for

0:52:49.440 --> 0:52:52.840
<v Speaker 2>twenty years and to have four hundred thousand dollars or

0:52:52.880 --> 0:52:54.919
<v Speaker 2>even like one hundred thousand in a couple of years,

0:52:54.960 --> 0:52:57.239
<v Speaker 2>Like it adds up. The good thing with four in

0:52:57.320 --> 0:52:59.120
<v Speaker 2>one case is that the money is taken right out

0:52:59.160 --> 0:53:03.239
<v Speaker 2>of your paycheck, so it's easy. Everybody knows about it.

0:53:03.280 --> 0:53:04.920
<v Speaker 2>Like when you sign up for a job, they do you,

0:53:04.960 --> 0:53:06.759
<v Speaker 2>they sign you up for and then you've worked, like

0:53:06.760 --> 0:53:09.000
<v Speaker 2>I said, a union job, you have a pension. People

0:53:09.040 --> 0:53:12.280
<v Speaker 2>have money in retirement accounts. Long story short, Yeah, and

0:53:12.320 --> 0:53:15.879
<v Speaker 2>that's the one place where a lot of people that's

0:53:15.920 --> 0:53:19.000
<v Speaker 2>like their only source of like real save somebody.

0:53:19.000 --> 0:53:20.520
<v Speaker 4>If they're saving, they're like, yeah, I have a four one.

0:53:20.719 --> 0:53:21.000
<v Speaker 3>Yeah.

0:53:21.080 --> 0:53:22.640
<v Speaker 2>So what happens is that is that a lot of

0:53:22.640 --> 0:53:24.759
<v Speaker 2>times what happens I see all the time is that

0:53:25.280 --> 0:53:27.560
<v Speaker 2>people like they might leave their job or whatever they

0:53:27.560 --> 0:53:29.759
<v Speaker 2>want to buy a home, and they have an old

0:53:29.800 --> 0:53:32.359
<v Speaker 2>retirement account, like a old four one K, and what they

0:53:32.360 --> 0:53:33.840
<v Speaker 2>do is that they cash it out because that's the

0:53:33.920 --> 0:53:37.040
<v Speaker 2>only real money. They cash out their four one K

0:53:37.160 --> 0:53:38.799
<v Speaker 2>and they use that for a down payment or they

0:53:38.920 --> 0:53:40.719
<v Speaker 2>use that to buy a home. The problem with that

0:53:40.880 --> 0:53:43.160
<v Speaker 2>is that now not only do you deplete your retirement account,

0:53:43.520 --> 0:53:45.520
<v Speaker 2>but you get taxed crazy. Like if you take money

0:53:45.520 --> 0:53:47.160
<v Speaker 2>out of a retirement account, but for fifty nine and

0:53:47.160 --> 0:53:50.399
<v Speaker 2>a half from most retirement accounts, you pay a ten

0:53:50.400 --> 0:53:53.160
<v Speaker 2>percent penalty, you pay state tax, and you pay federal tax.

0:53:53.200 --> 0:53:54.720
<v Speaker 2>So you could be paying up to fifty to fifty

0:53:54.760 --> 0:53:57.480
<v Speaker 2>five percent of the money in taxes.

0:53:57.680 --> 0:53:59.960
<v Speaker 3>Right. So that's that's a lot of money. That's you're liable.

0:54:00.040 --> 0:54:02.600
<v Speaker 4>We had a tax issue in this house, man.

0:54:02.280 --> 0:54:04.200
<v Speaker 3>Yeah, so's it's important to understand that.

0:54:04.760 --> 0:54:08.520
<v Speaker 2>So a lot of times people don't fully understand that

0:54:08.640 --> 0:54:12.880
<v Speaker 2>you can actually use retirement money to actually purchase property.

0:54:13.239 --> 0:54:15.080
<v Speaker 3>Right. So how you do that is via what's called

0:54:15.120 --> 0:54:16.560
<v Speaker 3>a self directed eye.

0:54:16.600 --> 0:54:18.560
<v Speaker 4>So before we go there, right, because this is important,

0:54:18.600 --> 0:54:21.640
<v Speaker 4>what's the difference between an IRA and a self directed IRA?

0:54:22.440 --> 0:54:25.000
<v Speaker 2>So all right, an IRA is what it stands for

0:54:25.040 --> 0:54:26.280
<v Speaker 2>is the individual retirement account.

0:54:26.320 --> 0:54:26.400
<v Speaker 4>Right.

0:54:26.440 --> 0:54:28.359
<v Speaker 2>I think we spoke about this in another episode one time.

0:54:28.400 --> 0:54:31.080
<v Speaker 2>But so IRA can be set up two different ways.

0:54:31.120 --> 0:54:33.279
<v Speaker 2>You can set an IRA up just with money out

0:54:33.280 --> 0:54:36.640
<v Speaker 2>of your pocket, and like you can fund it every year,

0:54:36.680 --> 0:54:38.920
<v Speaker 2>like if you are self employed, or if your job

0:54:38.920 --> 0:54:41.120
<v Speaker 2>doesn't have a four one K, or if you make

0:54:41.360 --> 0:54:42.799
<v Speaker 2>under a certain amount of money, you can just put

0:54:42.800 --> 0:54:45.080
<v Speaker 2>money to an IRA every year. Right now, you put

0:54:45.080 --> 0:54:46.239
<v Speaker 2>like six thousand dollars on IRA.

0:54:46.360 --> 0:54:47.120
<v Speaker 4>There's a max on it.

0:54:47.719 --> 0:54:51.800
<v Speaker 2>Yeah, for the year. Okay, but now what's very populus.

0:54:51.840 --> 0:54:54.880
<v Speaker 2>What's called the IRA rollover. So when you what happens

0:54:54.920 --> 0:54:56.960
<v Speaker 2>is that now you leave your job, right and now

0:54:57.000 --> 0:55:00.479
<v Speaker 2>you have an old four one K and old pinch plan,

0:55:00.560 --> 0:55:04.440
<v Speaker 2>an old four three B whatever, TDA whatever, and you

0:55:04.480 --> 0:55:05.880
<v Speaker 2>can roll that into an IRA.

0:55:06.600 --> 0:55:06.839
<v Speaker 3>Right.

0:55:07.160 --> 0:55:09.080
<v Speaker 2>So the reason why it's called the rollover is that

0:55:09.120 --> 0:55:12.319
<v Speaker 2>it's going from one what's called tax qualified vehicle to

0:55:12.360 --> 0:55:14.719
<v Speaker 2>another tax qualified vehicle. You're not paying taxes on it

0:55:14.840 --> 0:55:16.759
<v Speaker 2>for your retirement. The only difference is that the four

0:55:16.800 --> 0:55:17.800
<v Speaker 2>one K is set.

0:55:17.680 --> 0:55:19.640
<v Speaker 3>Up by your job. The IRA is set up individually.

0:55:19.960 --> 0:55:21.719
<v Speaker 2>You can set up you know with a bank or

0:55:21.760 --> 0:55:25.760
<v Speaker 2>through a financial advisor or you know online there's different

0:55:25.760 --> 0:55:26.400
<v Speaker 2>ways to set it up.

0:55:26.480 --> 0:55:26.680
<v Speaker 3>Right.

0:55:27.239 --> 0:55:30.200
<v Speaker 2>So most of the time when I when people do

0:55:30.280 --> 0:55:33.520
<v Speaker 2>IRA rollovers, they're rolling into what's called the traditional IRA.

0:55:34.560 --> 0:55:39.240
<v Speaker 2>Traditional IRA is investing in more traditional investments stocks, stocks,

0:55:39.320 --> 0:55:44.280
<v Speaker 2>mutual funds, things of that nature. Right, So it's invested

0:55:44.320 --> 0:55:47.279
<v Speaker 2>in the stock market, in bonds, things of that nature,

0:55:47.280 --> 0:55:49.359
<v Speaker 2>and it grows over the cost of time. So let's

0:55:49.360 --> 0:55:51.319
<v Speaker 2>say you had a job you work at and T

0:55:52.080 --> 0:55:53.880
<v Speaker 2>for fifteen years. You have one hundred thousand dollars in

0:55:53.880 --> 0:55:56.439
<v Speaker 2>a four month kN you left. You left, So now

0:55:56.520 --> 0:55:58.600
<v Speaker 2>when you leave your job, the four one k is

0:55:58.600 --> 0:56:00.560
<v Speaker 2>pretty much frozen in the sense not the way. It's

0:56:00.560 --> 0:56:02.960
<v Speaker 2>not growing. It's still growing relative to how any investments do.

0:56:03.600 --> 0:56:06.880
<v Speaker 2>But you can't borrow from it, right, you can't add

0:56:06.920 --> 0:56:09.160
<v Speaker 2>money to it, you don't have any advice on it.

0:56:09.200 --> 0:56:10.920
<v Speaker 2>You're not you're not working there anymore. And a lot

0:56:10.920 --> 0:56:13.760
<v Speaker 2>of times people move and they don't update the address,

0:56:13.800 --> 0:56:15.759
<v Speaker 2>so it becomes difficult to manage if you're not working

0:56:15.760 --> 0:56:17.799
<v Speaker 2>there anymore. So this is why the rollover is so

0:56:17.800 --> 0:56:20.640
<v Speaker 2>appealing because now you get to pick and choose your investments.

0:56:20.800 --> 0:56:22.520
<v Speaker 2>You can add money to the IRA if you want,

0:56:23.719 --> 0:56:25.440
<v Speaker 2>you can work with somebody that can help you out,

0:56:25.480 --> 0:56:27.759
<v Speaker 2>like in advisor things of that nature. So that's that's

0:56:27.800 --> 0:56:29.759
<v Speaker 2>what that's what the IRA is, just taking control over

0:56:29.800 --> 0:56:32.360
<v Speaker 2>the money. So now you have that, you have it

0:56:32.440 --> 0:56:35.560
<v Speaker 2>in the i RA, right. So now as it's in

0:56:35.680 --> 0:56:39.160
<v Speaker 2>the i RA, it can be invested in like let's

0:56:39.160 --> 0:56:41.759
<v Speaker 2>say it's invested in mutual funds, right or an.

0:56:41.640 --> 0:56:42.560
<v Speaker 3>Annuity or whatever.

0:56:42.640 --> 0:56:45.640
<v Speaker 2>It was just the regular IR traditional So the money's invested,

0:56:45.760 --> 0:56:47.680
<v Speaker 2>you're not paying any taxes on it as long as

0:56:47.719 --> 0:56:50.759
<v Speaker 2>it stays in and it's just like how it would

0:56:50.800 --> 0:56:52.520
<v Speaker 2>be with your four to one K, except you're kind

0:56:52.520 --> 0:56:54.000
<v Speaker 2>of picking and choosing investments for yourself.

0:56:54.040 --> 0:56:55.800
<v Speaker 3>Okay, So it's that's.

0:56:55.600 --> 0:56:57.600
<v Speaker 4>The easy So if I'm not picking it, then it

0:56:57.600 --> 0:57:00.719
<v Speaker 4>would be a financial advisor or like I saw, like

0:57:00.760 --> 0:57:01.400
<v Speaker 4>a custodian.

0:57:01.800 --> 0:57:04.759
<v Speaker 2>Most of the time, it's a through like somebody will

0:57:04.760 --> 0:57:06.400
<v Speaker 2>help you out with it. So whether that be a

0:57:06.400 --> 0:57:10.880
<v Speaker 2>financial advisor, whether that be somebody at a bank, credit union,

0:57:11.080 --> 0:57:13.640
<v Speaker 2>or you know. Usually you can do it yourself too

0:57:13.840 --> 0:57:16.920
<v Speaker 2>if you go online like you can Fidelity, but a

0:57:17.000 --> 0:57:19.280
<v Speaker 2>lot of times people just don't feel comfortable doing things themselves.

0:57:19.320 --> 0:57:22.560
<v Speaker 2>They might want help, so somebody will help you out

0:57:22.560 --> 0:57:24.280
<v Speaker 2>with it that they, you know, kind of guide you

0:57:24.320 --> 0:57:26.800
<v Speaker 2>on like what makes sense, This is a good investment

0:57:26.840 --> 0:57:28.880
<v Speaker 2>and this is the reason why things of that nature.

0:57:29.280 --> 0:57:31.760
<v Speaker 2>So that's what most people do, Like probably like ninety

0:57:31.760 --> 0:57:33.800
<v Speaker 2>five percent of people, they'll roll in money into a

0:57:33.840 --> 0:57:36.640
<v Speaker 2>traditional IRA. But another option that you have is that

0:57:36.680 --> 0:57:40.360
<v Speaker 2>you can roll into what's called the self directed IRA. So,

0:57:40.120 --> 0:57:42.880
<v Speaker 2>so traditional IRIS allows you to invest in traditional investments.

0:57:42.920 --> 0:57:44.840
<v Speaker 2>Like like I just said, the self directed IRA allows

0:57:44.880 --> 0:57:47.600
<v Speaker 2>you to invest in a broad range of different things.

0:57:48.000 --> 0:57:52.080
<v Speaker 2>Everything from bitcoin to commodities.

0:57:52.240 --> 0:57:54.520
<v Speaker 3>Is a bunch of possibilities, all kinds of different stuff.

0:57:54.560 --> 0:57:56.560
<v Speaker 4>And one of the things, so somebody said, like you

0:57:56.560 --> 0:57:59.000
<v Speaker 4>can invest in a horse holding firm.

0:57:59.120 --> 0:58:00.600
<v Speaker 2>Yeah, you can invest in all kind of different things.

0:58:00.600 --> 0:58:02.440
<v Speaker 2>But it self directed IRA. And one of one of

0:58:02.480 --> 0:58:05.480
<v Speaker 2>the most popular things that people use self directed IRA is.

0:58:05.480 --> 0:58:06.280
<v Speaker 3>For is real estate.

0:58:07.040 --> 0:58:09.320
<v Speaker 2>So a self directed IRA allows you to invest money

0:58:09.360 --> 0:58:11.080
<v Speaker 2>in real estate. Right, So what happens is that you

0:58:11.120 --> 0:58:13.680
<v Speaker 2>have one hundred thousand dollars and instead of like if

0:58:13.720 --> 0:58:15.520
<v Speaker 2>you don't roll into a traditional IRA, you can roll

0:58:15.520 --> 0:58:18.880
<v Speaker 2>it into a self directed IRA. Now that's self directed IRA.

0:58:19.120 --> 0:58:21.080
<v Speaker 2>You can buy a home, or you can buy an

0:58:21.080 --> 0:58:23.080
<v Speaker 2>apartment or whatever, or use that money to you know,

0:58:23.080 --> 0:58:26.120
<v Speaker 2>buy different forms of real estate, and the money's not

0:58:26.200 --> 0:58:28.040
<v Speaker 2>tax because the whole point of keeping it within the

0:58:28.040 --> 0:58:30.520
<v Speaker 2>IRA is that you avoid you're avoiding paying.

0:58:30.320 --> 0:58:32.720
<v Speaker 3>Tax tax when you take it out, or tax.

0:58:32.520 --> 0:58:34.000
<v Speaker 2>When you take it out when you when you take

0:58:34.080 --> 0:58:36.640
<v Speaker 2>receipt of it, we call taking receipt of the money, right,

0:58:36.720 --> 0:58:38.280
<v Speaker 2>so like when you take receipt of it, that's when

0:58:38.320 --> 0:58:40.560
<v Speaker 2>the money goes to a bank account, like when you

0:58:40.600 --> 0:58:43.240
<v Speaker 2>physically receive it. As long as it's under the umbrella

0:58:43.240 --> 0:58:46.160
<v Speaker 2>of the IRA, you never actually have you don't have

0:58:46.240 --> 0:58:49.280
<v Speaker 2>receipt of it, so you're not you're not paying any

0:58:49.280 --> 0:58:51.360
<v Speaker 2>taxes on it. That's the benefit of rolling a fall

0:58:51.400 --> 0:58:54.120
<v Speaker 2>one came to an IRA and keeping it in the IRA. Right,

0:58:54.120 --> 0:58:56.160
<v Speaker 2>you're not paying any taxes. Whenever you take money out,

0:58:56.200 --> 0:58:58.520
<v Speaker 2>you're going to get taxed. If you take it out prematurely,

0:58:58.680 --> 0:59:00.960
<v Speaker 2>you get a ten percent penalty tax. But at any

0:59:01.000 --> 0:59:03.000
<v Speaker 2>point in time you take money out of an IRA

0:59:03.200 --> 0:59:05.400
<v Speaker 2>or four one care, you pay a state and federal tax,

0:59:05.520 --> 0:59:07.960
<v Speaker 2>the federal taxes with federal tax bracket you're in at

0:59:08.000 --> 0:59:10.400
<v Speaker 2>that time, and the state tax depending on what state

0:59:10.400 --> 0:59:13.120
<v Speaker 2>tax with state you're in and it's treated like ordinary income,

0:59:13.200 --> 0:59:13.920
<v Speaker 2>and you can borrow.

0:59:13.800 --> 0:59:15.560
<v Speaker 4>That at any time, but just know that there's gonna

0:59:15.560 --> 0:59:18.040
<v Speaker 4>be a penalty borrow what you can borrow money from

0:59:18.080 --> 0:59:18.360
<v Speaker 4>the IRA.

0:59:18.520 --> 0:59:20.640
<v Speaker 2>You can't borrow money from the IRA. You can take

0:59:20.680 --> 0:59:22.400
<v Speaker 2>money once a year from the IRA, but it's a

0:59:22.440 --> 0:59:24.040
<v Speaker 2>sixty day rule where you got to put the money

0:59:24.040 --> 0:59:24.320
<v Speaker 2>back in.

0:59:24.720 --> 0:59:25.600
<v Speaker 4>Okay, good enough.

0:59:25.640 --> 0:59:29.840
<v Speaker 2>So what happens is that with the self directed IRA,

0:59:30.200 --> 0:59:34.040
<v Speaker 2>right now, you can use that money stays in the IRA,

0:59:34.200 --> 0:59:36.240
<v Speaker 2>but you can buy a real estate. So like let's

0:59:36.240 --> 0:59:38.240
<v Speaker 2>say you used one hundred thousand and you bought a home,

0:59:38.800 --> 0:59:40.320
<v Speaker 2>used all of it to buy a home for one

0:59:40.400 --> 0:59:43.360
<v Speaker 2>hundred thousand in cash. Right, So now that one hundred

0:59:43.360 --> 0:59:45.760
<v Speaker 2>thousand is pretty much like your retirement. So the one

0:59:45.840 --> 0:59:48.919
<v Speaker 2>hundred thousand rolls to two hundred thousand over the course

0:59:48.920 --> 0:59:51.560
<v Speaker 2>of time. You're not paying any taxes as it's growing. Right,

0:59:52.080 --> 0:59:54.840
<v Speaker 2>So you sell that home. Now you made a hundred

0:59:54.840 --> 0:59:58.040
<v Speaker 2>thousand dollar profit. Right now, you put that back into

0:59:58.080 --> 1:00:00.400
<v Speaker 2>the self directed IRA. Now it's not tax Now you

1:00:00.440 --> 1:00:02.160
<v Speaker 2>have two hundred thousand dollars. Now you can buy more

1:00:02.200 --> 1:00:06.080
<v Speaker 2>real estate or you can invest something else. Right, So

1:00:06.120 --> 1:00:08.880
<v Speaker 2>it's another way to invest in real estate with your

1:00:08.920 --> 1:00:13.080
<v Speaker 2>retirement account as opposed to investing with like a lot

1:00:13.080 --> 1:00:14.800
<v Speaker 2>of times people think that they have to cash out

1:00:14.840 --> 1:00:18.200
<v Speaker 2>their retirement to invest in real estate because most iras

1:00:18.240 --> 1:00:20.640
<v Speaker 2>will not allow you to invest in real estate.

1:00:20.680 --> 1:00:23.280
<v Speaker 4>It's self directed IRA, all right, So what's the process

1:00:23.280 --> 1:00:25.360
<v Speaker 4>of setting up an IRA, because it's you're doing it yourself.

1:00:25.400 --> 1:00:27.000
<v Speaker 4>I'm assuming right, self directed.

1:00:26.840 --> 1:00:29.320
<v Speaker 2>Self directed IRA. Yeah, so the process is set up,

1:00:29.400 --> 1:00:30.880
<v Speaker 2>all right, The process is set up a IRA.

1:00:31.040 --> 1:00:32.600
<v Speaker 3>Period. This is the process is set up an IRA.

1:00:33.960 --> 1:00:37.760
<v Speaker 2>You do an application for the IRA company, right, So,

1:00:37.840 --> 1:00:41.040
<v Speaker 2>now that that sets up your IRA account. Like let's

1:00:41.040 --> 1:00:43.560
<v Speaker 2>say you set up an IRA with Franklin Simpleton. Right,

1:00:43.840 --> 1:00:47.640
<v Speaker 2>you're doing an application with Franklin Templeton and you're setting

1:00:47.680 --> 1:00:50.919
<v Speaker 2>up an IRA. Right now, you have an IRA number,

1:00:51.040 --> 1:00:53.760
<v Speaker 2>let's say it's one three, five seven zero. That's your

1:00:53.760 --> 1:00:56.120
<v Speaker 2>IRA number. You have an account. All of that stuff

1:00:56.160 --> 1:00:58.720
<v Speaker 2>is set up, but it's not funded yet. So what

1:00:58.800 --> 1:01:00.600
<v Speaker 2>happens is that now you have to do a conference

1:01:00.640 --> 1:01:03.440
<v Speaker 2>call with the fall one K company that shures you

1:01:03.480 --> 1:01:06.280
<v Speaker 2>the easiest way you do a conference call, and usually

1:01:06.440 --> 1:01:07.880
<v Speaker 2>like you do with your advisor, if you're working with

1:01:07.880 --> 1:01:12.000
<v Speaker 2>an advisor and like most companies nowadays, like it's fidelity,

1:01:12.520 --> 1:01:15.280
<v Speaker 2>they'll do it over the phone where they can initiate

1:01:15.280 --> 1:01:17.320
<v Speaker 2>the transfer over the phone. So you say, okay, I

1:01:17.360 --> 1:01:19.680
<v Speaker 2>have an IRA. I want to roll my old four

1:01:19.760 --> 1:01:22.040
<v Speaker 2>one K into an IRA. And they ask you, like,

1:01:22.080 --> 1:01:24.320
<v Speaker 2>who's the check made out to. You'll say like Franklin

1:01:24.360 --> 1:01:28.640
<v Speaker 2>for John Doe, Franklin Templeton for a benefit of John Doe, right,

1:01:29.040 --> 1:01:31.080
<v Speaker 2>and they say like what's the address. Most a lot

1:01:31.080 --> 1:01:32.640
<v Speaker 2>of times they'll send it directly to your house, or

1:01:32.680 --> 1:01:35.160
<v Speaker 2>sometimes they'll turn it to the company, but they'll cut

1:01:35.160 --> 1:01:36.800
<v Speaker 2>the check. They'll do it over the phone. They'll cut

1:01:36.800 --> 1:01:39.560
<v Speaker 2>the check and then you deposit that until your IRA account.

1:01:39.560 --> 1:01:40.560
<v Speaker 2>Now your IRA is funded.

1:01:40.800 --> 1:01:41.040
<v Speaker 3>Right.

1:01:41.240 --> 1:01:44.160
<v Speaker 2>Sometimes some companies have paperwork where they have like their

1:01:44.160 --> 1:01:46.760
<v Speaker 2>own paperwork and you fill out the paperwork, you send

1:01:46.800 --> 1:01:48.560
<v Speaker 2>it back to the company and then they send the check.

1:01:49.000 --> 1:01:50.680
<v Speaker 2>So it depends either they do it with the phone

1:01:50.760 --> 1:01:52.520
<v Speaker 2>or the paperwork. But that's how you set the IRA up.

1:01:52.520 --> 1:01:54.240
<v Speaker 2>It's very simple. It's at the IRA up. It's it's

1:01:54.240 --> 1:01:56.600
<v Speaker 2>two part process. You have an application and then you

1:01:56.640 --> 1:01:58.920
<v Speaker 2>contact the company and you tell a company where they's

1:01:58.920 --> 1:02:00.840
<v Speaker 2>send the money to pretty much. That's how you set

1:02:00.840 --> 1:02:04.600
<v Speaker 2>the IRA up. So when it's self directed IRA, it's

1:02:04.640 --> 1:02:08.560
<v Speaker 2>the same process. It's just that there's less companies. There's

1:02:08.560 --> 1:02:12.840
<v Speaker 2>like mostly trust companies that do this. So like with IRA,

1:02:13.160 --> 1:02:17.760
<v Speaker 2>there's a bunch of hundreds, probably a thousand companies that

1:02:17.800 --> 1:02:20.360
<v Speaker 2>you can do IRA where it's very very common traditional IRA.

1:02:21.080 --> 1:02:25.880
<v Speaker 2>Everything from insurance companies to investment companies to banks, credit unions.

1:02:25.880 --> 1:02:27.440
<v Speaker 2>You can set up IRA up with pretty much any

1:02:27.440 --> 1:02:30.120
<v Speaker 2>financial institution. You can set up a traditional IRA up right,

1:02:30.280 --> 1:02:33.280
<v Speaker 2>But there's a limited amount of companies that do self

1:02:33.280 --> 1:02:34.240
<v Speaker 2>directed iras.

1:02:34.360 --> 1:02:34.480
<v Speaker 3>Right.

1:02:35.400 --> 1:02:37.600
<v Speaker 2>Well, it's just it's just less, you know, I guess

1:02:37.600 --> 1:02:39.760
<v Speaker 2>it's just it's it might be I'm not really sure,

1:02:39.880 --> 1:02:42.840
<v Speaker 2>but probably I'm sure is more involved.

1:02:43.280 --> 1:02:45.240
<v Speaker 4>I Mean, when I'm listening to it, it sounds like this

1:02:45.360 --> 1:02:46.880
<v Speaker 4>is like one of them things like this is strictly

1:02:46.880 --> 1:02:48.800
<v Speaker 4>for love, man, Like this is not something that the

1:02:48.880 --> 1:02:49.520
<v Speaker 4>average person.

1:02:50.000 --> 1:02:52.040
<v Speaker 2>Well, well we're gonna get to that. We're gonna get

1:02:52.040 --> 1:02:53.760
<v Speaker 2>to that the pros and cons, because there's constant, like

1:02:53.800 --> 1:02:55.720
<v Speaker 2>everything in life. Well, like just a few companies that

1:02:55.760 --> 1:02:58.840
<v Speaker 2>I'm not endorsing any companies because I don't work with

1:02:58.960 --> 1:03:01.160
<v Speaker 2>I don't set up self directed iras for people, but

1:03:01.360 --> 1:03:02.840
<v Speaker 2>just to kind of give you Like if you google

1:03:02.840 --> 1:03:04.720
<v Speaker 2>cel directed iras, there's a lot of companies that will

1:03:04.720 --> 1:03:08.360
<v Speaker 2>come up, so like Equity Trust, Goal Star Trust, and

1:03:08.480 --> 1:03:10.880
<v Speaker 2>Trust Group. Those are different companies. But like I said,

1:03:10.920 --> 1:03:13.640
<v Speaker 2>you could just google and do your own research, not

1:03:13.720 --> 1:03:17.320
<v Speaker 2>to give those companies like any endorsement, but that's just

1:03:17.600 --> 1:03:19.560
<v Speaker 2>that's just yeah, that's just that's just a couple of

1:03:19.680 --> 1:03:20.160
<v Speaker 2>companies name.

1:03:20.200 --> 1:03:21.960
<v Speaker 4>But when would be a good time to consider doing

1:03:22.000 --> 1:03:22.960
<v Speaker 4>the self director.

1:03:22.840 --> 1:03:24.240
<v Speaker 2>So before we even get to that, So how you

1:03:24.280 --> 1:03:27.240
<v Speaker 2>set up the self directed IRA is that you you

1:03:27.280 --> 1:03:30.760
<v Speaker 2>go online, you contact them, and you set it up

1:03:30.800 --> 1:03:34.200
<v Speaker 2>with them, and they'll walk you through the process of

1:03:34.240 --> 1:03:36.520
<v Speaker 2>like who the chech needs to be made out to you,

1:03:37.000 --> 1:03:38.400
<v Speaker 2>an account number and all of that. So it's the

1:03:38.400 --> 1:03:41.040
<v Speaker 2>same thing I just explained, but you have to do

1:03:41.080 --> 1:03:43.200
<v Speaker 2>it this to yourself as opposed to like a lot

1:03:43.240 --> 1:03:45.680
<v Speaker 2>of times with the i RA you have help because

1:03:45.680 --> 1:03:47.600
<v Speaker 2>it a avisor that will help you out with you

1:03:47.760 --> 1:03:50.200
<v Speaker 2>yeah most of the time. But in this process you're

1:03:50.240 --> 1:03:52.040
<v Speaker 2>gonna have to like kind of navigate this yourself. So

1:03:52.040 --> 1:03:54.080
<v Speaker 2>of course you want to be properly educated, you want

1:03:54.120 --> 1:03:57.439
<v Speaker 2>to do your research. But the thing with the show

1:03:57.520 --> 1:04:00.080
<v Speaker 2>is just to provide information. It's not to say to

1:04:00.160 --> 1:04:02.960
<v Speaker 2>do one thing or another, but it's just to provide information.

1:04:03.080 --> 1:04:06.880
<v Speaker 2>So there's some drawbacks with the with self thrected IRA

1:04:07.000 --> 1:04:08.560
<v Speaker 2>because the thing with the self directing IR like, if

1:04:08.600 --> 1:04:11.880
<v Speaker 2>you have a regular IRA right now, the money is

1:04:11.920 --> 1:04:13.680
<v Speaker 2>invested in the stock market, you don't really have to

1:04:13.680 --> 1:04:16.280
<v Speaker 2>do anything like I mean, you can just monitor it

1:04:16.560 --> 1:04:18.240
<v Speaker 2>and make sure you're in a good fund or a

1:04:18.280 --> 1:04:22.400
<v Speaker 2>good investment, but it's not gonna cost you like money,

1:04:22.640 --> 1:04:26.360
<v Speaker 2>right Like if you buy a real estate property, if

1:04:26.400 --> 1:04:28.600
<v Speaker 2>you buy a home right now, you buy that home

1:04:28.640 --> 1:04:30.880
<v Speaker 2>for one hundred thousand dollars, but you just it's not

1:04:30.880 --> 1:04:34.360
<v Speaker 2>a huge Just let that go. Because now the boiler

1:04:34.440 --> 1:04:37.160
<v Speaker 2>might break, right so now you gotta pay money to

1:04:37.160 --> 1:04:40.560
<v Speaker 2>fix the boiler. Or the house might need to be painted.

1:04:40.600 --> 1:04:42.800
<v Speaker 2>Now you gotta pay money to fix this upkeeping the house.

1:04:42.840 --> 1:04:44.840
<v Speaker 2>No matter what, there's still upkeep, you gotta cut the grass.

1:04:44.840 --> 1:04:48.000
<v Speaker 2>There's always gonna be something. So it's gonna cost you money, exactly.

1:04:48.160 --> 1:04:50.760
<v Speaker 2>It's important for people to understand that it's buying a

1:04:50.760 --> 1:04:54.880
<v Speaker 2>house is gonna cost you money without like there's no

1:04:54.920 --> 1:04:57.760
<v Speaker 2>way around it. So when you have your retirement account

1:04:57.960 --> 1:04:59.760
<v Speaker 2>tied into that, A lot of times people you know,

1:05:00.520 --> 1:05:02.959
<v Speaker 2>you're not investing your four one K into an IRA,

1:05:03.000 --> 1:05:06.320
<v Speaker 2>a regular IRA with the expectation that you're gonna have

1:05:06.320 --> 1:05:08.200
<v Speaker 2>to pay five thousand dollars a year just to keep

1:05:08.280 --> 1:05:11.480
<v Speaker 2>up that IRA. There's fees involved with an IRA, but

1:05:12.040 --> 1:05:14.720
<v Speaker 2>that's taken out of the amount. It's not like you're

1:05:14.880 --> 1:05:18.680
<v Speaker 2>coming out of your pocket with a house is different, right. Also,

1:05:19.000 --> 1:05:23.360
<v Speaker 2>a lot of times people buy homes and the especially

1:05:23.400 --> 1:05:26.360
<v Speaker 2>with investment properties, they're doing that to actually have income.

1:05:26.760 --> 1:05:28.440
<v Speaker 2>So they buy a home and they want to have

1:05:28.480 --> 1:05:30.400
<v Speaker 2>income come from that right to like support their lifestyle.

1:05:31.320 --> 1:05:34.840
<v Speaker 2>But any money that you generate from the self directed

1:05:34.880 --> 1:05:37.400
<v Speaker 2>IRA property has to go back into the self directed IRA.

1:05:37.880 --> 1:05:40.240
<v Speaker 2>If it doesn't, then you get taxed on it. So

1:05:40.280 --> 1:05:42.680
<v Speaker 2>that's also important for people to understand. It's more of

1:05:42.680 --> 1:05:45.600
<v Speaker 2>a long term play. So, like I said, so.

1:05:45.520 --> 1:05:49.840
<v Speaker 4>That's not like obviously your primary residents, I'm assuming primary residence.

1:05:49.840 --> 1:05:51.480
<v Speaker 4>What when you're investing in the real estate or could

1:05:51.480 --> 1:05:51.840
<v Speaker 4>it be no.

1:05:51.760 --> 1:05:52.880
<v Speaker 2>It could be anything. It doesn't have to be a

1:05:52.920 --> 1:05:54.640
<v Speaker 2>primary residence. It could be a rental, it could be

1:05:54.720 --> 1:05:57.520
<v Speaker 2>a primary it could be a different different things, but

1:05:57.560 --> 1:05:59.280
<v Speaker 2>it's just like all things in life. You want to

1:05:59.280 --> 1:06:01.760
<v Speaker 2>put together game plan, you want to put together game plan,

1:06:01.800 --> 1:06:04.840
<v Speaker 2>you want to be fully knowledgeable. But like I said,

1:06:04.840 --> 1:06:06.400
<v Speaker 2>at the whole point of the podcast is just to

1:06:06.440 --> 1:06:10.520
<v Speaker 2>give information and then from the information that you can

1:06:10.520 --> 1:06:12.560
<v Speaker 2>decipher and say, okay, this makes sense. But a lot

1:06:12.560 --> 1:06:15.280
<v Speaker 2>of times we're forcing too doing things because we just

1:06:15.600 --> 1:06:19.440
<v Speaker 2>we don't know. So for most people, the self directed

1:06:19.480 --> 1:06:22.480
<v Speaker 2>IRA probably wouldn't be the best fit because it's more

1:06:22.480 --> 1:06:25.560
<v Speaker 2>work involved everything that I just named, But in some

1:06:25.640 --> 1:06:29.200
<v Speaker 2>cases it could potentially make sense. So just wanted to

1:06:29.280 --> 1:06:31.360
<v Speaker 2>let people. I spoke about that in a few different

1:06:32.280 --> 1:06:35.760
<v Speaker 2>settings like live settings, and it's always it always gets

1:06:35.800 --> 1:06:38.400
<v Speaker 2>a good reaction. So I wanted to cover that in

1:06:38.440 --> 1:06:40.720
<v Speaker 2>a podcast, and I knew that you know today obviously

1:06:40.760 --> 1:06:42.000
<v Speaker 2>that we didn't have a guest, I thought it would

1:06:42.000 --> 1:06:44.280
<v Speaker 2>be a good a good time to actually cover that topic.

1:06:44.440 --> 1:06:46.520
<v Speaker 3>You talk about real estate so much shout out.

1:06:46.560 --> 1:06:48.360
<v Speaker 4>I want to thank you for coming man, this is

1:06:49.720 --> 1:06:51.880
<v Speaker 4>this is This has been a learning experience. Like just

1:06:51.880 --> 1:06:54.920
<v Speaker 4>when you think you know somebody fact follow me on

1:06:54.960 --> 1:06:59.600
<v Speaker 4>the ground, but can you give everybody if not? That

1:06:59.640 --> 1:07:02.480
<v Speaker 4>was great man. And like I said, obviously we talk

1:07:02.560 --> 1:07:05.160
<v Speaker 4>every day, but we don't have in depth conversations like this,

1:07:05.200 --> 1:07:07.080
<v Speaker 4>so like when we even have to. When I was

1:07:07.080 --> 1:07:09.520
<v Speaker 4>preparing for this, I'm like, I have questions because it's

1:07:09.520 --> 1:07:11.560
<v Speaker 4>like I don't know these things, Like this is your expertise,

1:07:11.560 --> 1:07:13.000
<v Speaker 4>so this is dope that we have to do this

1:07:13.120 --> 1:07:15.720
<v Speaker 4>like that, there's about ten questions segment.

1:07:15.400 --> 1:07:17.880
<v Speaker 3>That we Like I said, it's just a little little tippets.

1:07:17.920 --> 1:07:19.280
<v Speaker 2>I think that's something that we want to try to

1:07:19.400 --> 1:07:23.280
<v Speaker 2>just throw a little gyms in there on the podcast

1:07:23.400 --> 1:07:27.280
<v Speaker 2>every once in a while, like from your area of expertise,

1:07:27.280 --> 1:07:29.040
<v Speaker 2>from my area of expertise, Like we can do like

1:07:29.080 --> 1:07:31.200
<v Speaker 2>one per episode, like you know, once a month something

1:07:31.240 --> 1:07:32.720
<v Speaker 2>like that, where you can just kind of like little tippets,

1:07:32.760 --> 1:07:35.560
<v Speaker 2>little financial tippits to kind of help people out in

1:07:35.600 --> 1:07:38.360
<v Speaker 2>the day to day life. And I think that that's

1:07:38.360 --> 1:07:39.680
<v Speaker 2>something that could be beneficial.

1:07:39.840 --> 1:07:42.040
<v Speaker 4>Yeah, man, I'm sure that people are going to take

1:07:42.040 --> 1:07:42.520
<v Speaker 4>a lot from.

1:07:42.440 --> 1:07:45.080
<v Speaker 3>This, hopefully hopefully hopefully for sure.

1:07:45.160 --> 1:07:48.439
<v Speaker 2>So so yeah, I mean I think that that's that's

1:07:48.480 --> 1:07:51.440
<v Speaker 2>that's that's a good nostalgia, a trip down memory.

1:07:51.800 --> 1:07:54.640
<v Speaker 4>If you're like, can y'all bring it and what happened

1:07:54.640 --> 1:07:56.840
<v Speaker 4>to the NASA intro. Listen if you all listening to

1:07:56.920 --> 1:08:01.480
<v Speaker 4>us right now, we've covered like trademarket so that that

1:08:01.760 --> 1:08:04.600
<v Speaker 4>you can be between the lines. We love NOAs shot

1:08:04.640 --> 1:08:06.880
<v Speaker 4>the basketball. That is who I wanted to be when

1:08:06.920 --> 1:08:08.960
<v Speaker 4>I was eleven years old. So we love nos. We

1:08:09.040 --> 1:08:11.280
<v Speaker 4>just gotta we couldn't figure out how to get the music.

1:08:11.440 --> 1:08:14.280
<v Speaker 2>You gotta get Knaves on the podcast is doing all

1:08:14.360 --> 1:08:16.240
<v Speaker 2>kinds of different things in the venture capital space right now.

1:08:16.439 --> 1:08:17.479
<v Speaker 3>I get him on the podcast.

1:08:17.520 --> 1:08:20.800
<v Speaker 2>But before we go once again once again, but mind

1:08:20.880 --> 1:08:23.360
<v Speaker 2>the d C hop out on us.

1:08:23.439 --> 1:08:23.639
<v Speaker 3>Man.

1:08:23.680 --> 1:08:26.639
<v Speaker 2>We got crazy Saturday is gonna be Rashaanna Scott, Mobile

1:08:26.680 --> 1:08:30.160
<v Speaker 2>Home Investors and Wall Street Trapper. Sunday our very first

1:08:30.200 --> 1:08:33.840
<v Speaker 2>live podcast, the Capital one Arena with Max Maxwell, Ash Cash,

1:08:33.920 --> 1:08:36.679
<v Speaker 2>Derrek Falcon from Homemade. Then we got a networking event

1:08:36.720 --> 1:08:39.880
<v Speaker 2>after that. Then we got the game, the Wizards Clippers game.

1:08:39.920 --> 1:08:42.240
<v Speaker 2>Everybody that comes to the podcast has tickets to the game.

1:08:42.720 --> 1:08:44.599
<v Speaker 4>Sunday night, d C. It's on, y'all, y'all, gott tell

1:08:44.640 --> 1:08:45.040
<v Speaker 4>us what to go.

1:08:45.560 --> 1:08:48.040
<v Speaker 3>Park. I think Park is, That's what I think Park,

1:08:48.680 --> 1:08:49.760
<v Speaker 3>So d C.

1:08:50.160 --> 1:08:52.360
<v Speaker 2>I can't wait. I can't wait to touch the town man,

1:08:52.360 --> 1:08:56.599
<v Speaker 2>I'm gonna come a little early. Actually, run run around, yeah,

1:08:56.840 --> 1:08:58.640
<v Speaker 2>runing around the d m V for a little bit.

1:08:59.240 --> 1:09:03.400
<v Speaker 2>And eyl University yet the university. Shout to everybody on

1:09:03.439 --> 1:09:07.479
<v Speaker 2>eyl University. Everybody's tuning in of our guest webinar hosts.

1:09:08.000 --> 1:09:10.720
<v Speaker 4>We got the credit due. We had Sabine, obviously we

1:09:10.760 --> 1:09:13.840
<v Speaker 4>have Matt. They're doing a tremendous job. We actually did

1:09:13.880 --> 1:09:17.840
<v Speaker 4>to webinars ourselves. Andre Hatchett, shout out to him, he

1:09:17.880 --> 1:09:21.519
<v Speaker 4>did the mobile notary. It's amazing, man. Like every week

1:09:21.560 --> 1:09:23.679
<v Speaker 4>we learned so much more. So, shout out to everybody

1:09:23.680 --> 1:09:25.920
<v Speaker 4>that is a member of e y L you and

1:09:25.920 --> 1:09:28.280
<v Speaker 4>shout out to everybody that's on Patreon. As we mentioned earlier,

1:09:28.280 --> 1:09:30.080
<v Speaker 4>that's our proud to pay program. And I just want

1:09:30.120 --> 1:09:31.320
<v Speaker 4>to give a quick shout out to some of our

1:09:31.360 --> 1:09:34.200
<v Speaker 4>new members. Kay Dean, who's a Tier four member, so

1:09:34.439 --> 1:09:36.439
<v Speaker 4>you're going to have access to e y L University.

1:09:37.000 --> 1:09:39.840
<v Speaker 4>Dawayne who's a new member, a Tier four guy, so

1:09:39.920 --> 1:09:43.880
<v Speaker 4>he'll he'll be getting ey L University. And Sama. We

1:09:43.920 --> 1:09:45.719
<v Speaker 4>spoke to her. Remember a few months back, we supposed

1:09:45.720 --> 1:09:48.639
<v Speaker 4>to Samiya. She actually upgraded her tears so she went

1:09:48.960 --> 1:09:51.519
<v Speaker 4>from a one test nationally that tier four now so

1:09:51.720 --> 1:09:55.000
<v Speaker 4>she's gonna have access to e y L University. And

1:09:55.120 --> 1:09:57.240
<v Speaker 4>John he's a new member. He actually just joined as

1:09:57.280 --> 1:09:58.840
<v Speaker 4>we came on to do this episode. So shout out

1:09:58.880 --> 1:10:01.839
<v Speaker 4>to everybody on Patreon dot com. That's how probably pay program.

1:10:01.920 --> 1:10:04.760
<v Speaker 4>We already explain how it works, five different tiers. Each

1:10:04.800 --> 1:10:07.519
<v Speaker 4>tier has a different thing, and now four and five

1:10:07.560 --> 1:10:09.360
<v Speaker 4>you have access to e y L University, So take

1:10:09.360 --> 1:10:11.640
<v Speaker 4>advantage of that. And like we said, most importantly, man,

1:10:11.680 --> 1:10:14.519
<v Speaker 4>you're gonna get the information, but the application is definitely

1:10:14.920 --> 1:10:16.640
<v Speaker 4>up to you, so make sure you take advantage of that.

1:10:16.920 --> 1:10:18.599
<v Speaker 4>And our merch man shout out to everybody that's.

1:10:18.479 --> 1:10:19.920
<v Speaker 3>Supporting to merge the merch hoodies.

1:10:19.920 --> 1:10:22.320
<v Speaker 2>We both got the hoodies out right now and we're

1:10:22.360 --> 1:10:24.600
<v Speaker 2>gonna we're gonna be dropping some some new merchant y

1:10:24.800 --> 1:10:27.519
<v Speaker 2>lu whole new collection. Yo University is something that we're

1:10:27.520 --> 1:10:30.120
<v Speaker 2>really excited about because it's online learning platform. But it's

1:10:30.120 --> 1:10:34.080
<v Speaker 2>different because it's not just like courses. It's it's zoom classes.

1:10:34.560 --> 1:10:37.360
<v Speaker 2>So these are like real like you can we have

1:10:37.439 --> 1:10:40.840
<v Speaker 2>a different speakers from everything from two or three like

1:10:40.920 --> 1:10:43.920
<v Speaker 2>the same podcast people that we have like they're like give.

1:10:44.120 --> 1:10:47.439
<v Speaker 3>And even more. Yeah, they do classes for it because

1:10:47.439 --> 1:10:48.080
<v Speaker 3>we do a class.

1:10:48.080 --> 1:10:51.120
<v Speaker 4>Also, when you watch the podcast, it's not live, right,

1:10:51.200 --> 1:10:52.840
<v Speaker 4>so it's tough to if when you have a question.

1:10:52.880 --> 1:10:54.200
<v Speaker 4>I know a lot of people pause the video or

1:10:54.240 --> 1:10:56.400
<v Speaker 4>pause the audio and like write down like they had

1:10:56.400 --> 1:10:59.439
<v Speaker 4>a question like uyol University. You could just literally raise

1:10:59.479 --> 1:11:02.640
<v Speaker 4>your hand and have that question answered. So it's interactive.

1:11:02.640 --> 1:11:04.479
<v Speaker 4>So make sure that if you're on e y l

1:11:05.040 --> 1:11:07.800
<v Speaker 4>u dot com, go to e y l University and

1:11:07.800 --> 1:11:08.719
<v Speaker 4>see what it's all about.

1:11:08.960 --> 1:11:09.679
<v Speaker 3>No, it's a vibe.

1:11:09.720 --> 1:11:12.240
<v Speaker 2>It's a whole viby University is a new wave, the

1:11:12.800 --> 1:11:15.080
<v Speaker 2>coolest way to learn on the internet right now.

1:11:16.200 --> 1:11:16.679
<v Speaker 3>It's dope.

1:11:16.720 --> 1:11:18.400
<v Speaker 2>It's just dope all the way around. So I'm really

1:11:18.439 --> 1:11:21.120
<v Speaker 2>excited about that. And that's what we're pushing right now.

1:11:21.200 --> 1:11:23.920
<v Speaker 2>And also jay Z that's our guy.

1:11:24.040 --> 1:11:26.599
<v Speaker 4>You know that. Yeah, since we've been doing this, y'all

1:11:26.680 --> 1:11:26.920
<v Speaker 4>know that.

1:11:27.040 --> 1:11:28.680
<v Speaker 2>And so the book tip of this week is jay

1:11:28.760 --> 1:11:31.599
<v Speaker 2>Z Made in America by Michael Eric Dyson.

1:11:31.680 --> 1:11:33.760
<v Speaker 3>He does Mikero. Eric Dyson's interesting he does. He did

1:11:33.800 --> 1:11:34.639
<v Speaker 3>his book on nas.

1:11:35.160 --> 1:11:38.280
<v Speaker 2>He like breaks down like these lyrics and it's like, yeah,

1:11:38.280 --> 1:11:40.240
<v Speaker 2>he's kind of like what we do we need to

1:11:40.240 --> 1:11:41.160
<v Speaker 2>get him on the podcast.

1:11:41.280 --> 1:11:42.040
<v Speaker 4>He's in DC too.

1:11:42.320 --> 1:11:45.120
<v Speaker 2>Yeah, he breaks down like hip hop and then like

1:11:45.680 --> 1:11:47.720
<v Speaker 2>pop culture. It's like a whole vibe that he does.

1:11:48.040 --> 1:11:49.920
<v Speaker 2>So he just did the jay Z book that's his latest.

1:11:50.040 --> 1:11:53.120
<v Speaker 4>It was dope because Jay actually allowed him to use

1:11:53.120 --> 1:11:55.160
<v Speaker 4>some of the lyrics in the book. So it's dope

1:11:55.200 --> 1:11:57.320
<v Speaker 4>that he used them and did a whole bunch of

1:11:57.400 --> 1:11:59.240
<v Speaker 4>chapters on him. So check that out for sure.

1:11:59.800 --> 1:12:02.240
<v Speaker 2>Yeah he Oh, here you have it man, another one

1:12:02.320 --> 1:12:05.599
<v Speaker 2>in the books. Ernest, we love you, five of them,

1:12:05.600 --> 1:12:07.840
<v Speaker 2>mant thank you for rocking with us. We'll see you

1:12:07.880 --> 1:12:09.120
<v Speaker 2>next week. Peace please.

1:12:10.760 --> 1:12:14.640
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