Speaker 1: Welcome the Money in Wealth with John Hobryant, a production
Speaker 1: of The Black Effect Podcast Network and iHeartRadio. Yeah, I'm
Speaker 1: quickly becoming a Mike Apps fan. Here my brother comes
Speaker 1: again with some straight talk like real wisdom. This is
Speaker 1: John Hobriant talking about money and wealth as also mindset.
Speaker 1: This is about getting your mind right because whether you
Speaker 1: believe you can or you believe you can't, you're absolutely right.
Speaker 1: Success is going from failure to failure without loss of enthusiasm.
Speaker 1: As I said repeatedly, and I'm gonna pound it into
Speaker 1: your brain. If you hang around nine broke people, I
Speaker 1: guarantee you you'll be the tenth. Your environment matters. And
Speaker 1: Mike Epps talks some truth. Look a lot of black people,
Speaker 1: African Americans in particular. I'm gonna do a whole podcast
Speaker 1: on Blacks and Africans, Blacks and Caribbeans, African American blacks
Speaker 1: and Caribbean blacks, and African American and African African blacks
Speaker 1: because we are all from the same root of the
Speaker 1: same tree. In fact, all human beings are from Africa,
Speaker 1: but the cultural differences matter because of our experiences are different.
Speaker 1: All that matters and changes the endorphins in our brain,
Speaker 1: and some of us are in a suburhriving mindset, some
Speaker 1: of us are in a thriving and some of us
Speaker 1: are in a winning and building mindset. So for those
Speaker 1: who are in a surviving mindset who grew up in
Speaker 1: the hood, Mike EPs is talking about that experience, and
Speaker 1: I can relate to a growing up in Comptin, California,
Speaker 1: in south central Los Angeles, Mike is talking about. You know,
Speaker 1: folks are not necessarily rooting for your success because a
Speaker 1: lot of us are depressed. Real talk now here that
Speaker 1: maybe seventy eighty percent this that I cannot confirm this
Speaker 1: to be a fact. I'm just telling you seventy eight
Speaker 1: percent of black people before the pandemic African Americans. I
Speaker 1: think we're clinically undiagnosed depressed. And you can be the
Speaker 1: most loving person in the world. But if I'm depressed,
Speaker 1: I don't like me. So if I don't like me,
Speaker 1: I'm not gonna like you. If I don't feel good
Speaker 1: about me, I'm not gonna feel goo you. If I
Speaker 1: don't respect me, don't expect me to respect you. If
Speaker 1: I don't love me, I don't have a clue how
Speaker 1: to love you, and if I don't have a purpose
Speaker 1: in my life, I'm gonna make your life a living hell.
Speaker 1: Whatever goes around comes around. And Mike is talking about
Speaker 1: growing up in the community community he's now helped to
Speaker 1: revide lies reinvested in, and he's talking about experiences he's
Speaker 1: had where folks are not necessarily happy about his success.
Speaker 1: They love it when he fails. They love it when
Speaker 1: he's on drugs. They love when coming back off of drugs.
Speaker 1: They love it when he's down. They love it when
Speaker 1: he's had some kind of something that's befalling in his life.
Speaker 1: He's tripped and fail and he's not feeling good. They're like, oh, man,
Speaker 1: come on, man, I'm with you brother. It mis gets
Speaker 1: you back on track because they can relate to his pain,
Speaker 1: but they cannot relate to his gain. They're not rooting
Speaker 1: for him when he's doing well. They're like, Man, you
Speaker 1: sold out. What the heck does that mean? Man? You're
Speaker 1: talking like you white? What the heck does that mean?
Speaker 1: It's English, you're talking Japanese. You're speaking Japanese or you're not.
Speaker 1: When you're speaking Spanish, you're either speaking Spanish or you're
Speaker 1: not speaking Russian, either speaking Russian or you're not speaking French.
Speaker 1: You're either speaking French or you're not. When you're speaking English,
Speaker 1: you're either speaking English or you're not. When you're speaking capitalism,
Speaker 1: same thing applies. So what I don't understand this craziness right,
Speaker 1: Like you can be bilingual, I can be down with
Speaker 1: my community in the streets and able to cut a
Speaker 1: business deal in the suites. You better be able to
Speaker 1: do that or you're going to be broke. Real talk,
Speaker 1: And I'm not trying to hang around a bunch of
Speaker 1: broke people and other than to visit maybe my neighborhood
Speaker 1: and try to inspire them to be better, to try
Speaker 1: to inspire them to come up from nothing. My last
Speaker 1: book up from Nothing of a new book coming out
Speaker 1: soon called Financial Literacy for All, which is a civil
Speaker 1: rights issue with this generation. But I want to inspire
Speaker 1: you to come up. But I'm not trying to sit
Speaker 1: around and let that toxicity jump on me, that depression
Speaker 1: jump on me. Just real talk, like I'm not trying
Speaker 1: to hang around people who are bringing me down. I
Speaker 1: can't guarantee you it being positive is gonna make you
Speaker 1: a success, but I absolutely guarantee you that being negative
Speaker 1: will make you fail. And nobody wants to be around
Speaker 1: somebody who's depressed and talking down all the time. We
Speaker 1: want encouragement. Listen to my podcast on relationship, listen to
Speaker 1: that episode and on marriage. If you're not better together,
Speaker 1: two plus two does not equal more than four? What
Speaker 1: are you doing? You can do that all by yourself.
Speaker 1: So Mike is talking, real talking, He's pouring his heart out.
Speaker 1: And we've got to admit that four hundred years of
Speaker 1: well mostly forty years of being repressed in this country.
Speaker 1: Certainly two hundred to three hundred years is being repressed
Speaker 1: in this country as African Americans, and ill treatment until
Speaker 1: the late twentieth century, structurally and legally has messed with
Speaker 1: our head, mess with our heart, mess with our spirit.
Speaker 1: And maybe we don't feel good about ourselves. And maybe
Speaker 1: as a result of that we have crab in the barrel.
Speaker 1: Maybe we're trying to bring other people's down. You can't
Speaker 1: solve something unless you deal with it first. We are
Speaker 1: a beautiful people. We've been doing so much with so
Speaker 1: little for so long. We can almost do anything with nothing.
Speaker 1: Over the rounded through it, We're going to get to
Speaker 1: it like we are experts at surviving. But I don't
Speaker 1: want you surviving. I want you thriving, all right. I
Speaker 1: want you winning. I want you to be a winner builder.
Speaker 1: I want you to have a mindset that says I
Speaker 1: am somebody, and I want you to be somebody too.
Speaker 1: If I'm talking positively about something about my successes and
Speaker 1: I don't talk, I don't do it around a lot
Speaker 1: of people because they don't want to hear it. I
Speaker 1: know they don't want to hear it. They say they
Speaker 1: what's going on? They don't really want to hear it
Speaker 1: because see he just bragging. Now, who says that? Think about?
Speaker 1: That's like crazy? Why wouldn't you just be saying, my god,
Speaker 1: that's fantastic. Maybe that sence some encouragement for me. Maybe
Speaker 1: I can learn from what's going on with what John's doing.
Speaker 1: But I know that a lot of people. I hang
Speaker 1: around a lot of people. I am around educated. This
Speaker 1: is not poor people now, sorry, not financially poor people.
Speaker 1: I'm talking about people who have done well, but psychologically
Speaker 1: they're messed up. I can read people in a minute.
Speaker 1: I can meet you in two minutes. I have read
Speaker 1: your spirit, and I can tell whether whether you're a
Speaker 1: hurt person or not, and whether you got attitude in
Speaker 1: your bones or at least attitude in your head and your spirit,
Speaker 1: and whether you mean me no good? You looking at me,
Speaker 1: you're smiling, but really you're sneering underneath your breath because
Speaker 1: oh John did Why Why is he success? Why is
Speaker 1: he didn't go to the fraternity, He didn't go to
Speaker 1: this college, He didn't do this, he didn't do that.
Speaker 1: I paid these dues. He's not part of the club.
Speaker 1: I don't want to be part of your club man.
Speaker 1: I never sought membership in your club. I'm focused on
Speaker 1: trying to get to my objective and I want to
Speaker 1: bring you with me. Why don't you want to bring
Speaker 1: me with you? Why don't you root for my success?
Speaker 1: Irrespective of how I got it? Maybe you could learn
Speaker 1: something from that. God gave us two ears and one mouth,
Speaker 1: so we listened twice as much as we talk. But
Speaker 1: hurt people, hurt people, just real talk. We have got
Speaker 1: to move the toxicity out of our lives. God bless you.
Speaker 1: Mike Epps. Keep going, brother, and I'm glad you are
Speaker 1: sober now and you are speaking your truth. Hopefully all
Speaker 1: this causes all of us in the black community to
Speaker 1: begin to deal with our stuff. What is the church
Speaker 1: in the black community in a low until black community,
Speaker 1: an unofficial psychologists or shrink? It's our therapist. Oh you know,
Speaker 1: I don't want to go to a therapist. Somebody might
Speaker 1: think I'm crazy. If you're black in America and you
Speaker 1: don't think you're crazy, you are actually a little crazy. Hey, hey,
Speaker 1: this is John O'Brien. This is money and wealth. Don't
Speaker 1: you just hate it when folks talk over your head
Speaker 1: and you think it's silly to ask intelligent questions because
Speaker 1: you think somebody's going to try to embarrass you or
Speaker 1: think bad of you. There's no stupid questions. Look, God
Speaker 1: gave you two ears in one mouth, so you listen
Speaker 1: twice as much as you talk. So I want you
Speaker 1: to ask Quincy Jones, a brother in a mentor of mine,
Speaker 1: one of the impresarios of the world in music and entertainment,
Speaker 1: the guy who essentially helped to create the global brand
Speaker 1: of Michael Jackson and so many others. I asked his brother,
Speaker 1: how'd you get so smart? He said, I'm just nosy
Speaker 1: as hell. I want to know everything about everything. So
Speaker 1: I want you nosy, right, Saint as the siner that
Speaker 1: got up, just keep getting up, keep get asking questions.
Speaker 1: So I knocks you down, get back up, take no
Speaker 1: for vitamins, and never be embarrassed ever. So we're going
Speaker 1: to unpack the economy. We're going to explain things that
Speaker 1: people say to you and around you that you may
Speaker 1: not have a clue about and you've just been too
Speaker 1: uncomfortable to ask the question. But we live in a
Speaker 1: free enterprise democracy. When you get up in the morning,
Speaker 1: if your day's not about God or love, your days
Speaker 1: about money. So it's all around you, but you're not
Speaker 1: talking about it, you're not asking questions about it, because
Speaker 1: maybe you're uncomfortable about it. So let's demystify it. Let's
Speaker 1: explain how all this stuff works. Unpacking the economy. Here
Speaker 1: we go. Take notes. Listen to this several times if
Speaker 1: you must. It's the my ministry of finance. This is
Speaker 1: my weekly pulpit breaking down how the economy in finance
Speaker 1: and money and capitalism actually works. Just for you. We're
Speaker 1: gonna be PhDs and pH ds to take notes. Take
Speaker 1: this to your weekly fraternity and sorority meeting. Take this
Speaker 1: podcast to your weekly discussion groups. Start a weekly Discussion
Speaker 1: Group on Silver Rights SI l v E er not
Speaker 1: protesting in the streets, but creating opportunity in the suites,
Speaker 1: the business suites. As Malcolm X said, we've been bamboozled,
Speaker 1: we've been tricked, We've been fooled. Let's stop that right now,
Speaker 1: and here we go. There are over two hundred countries
Speaker 1: in the world legitimate democracies, the lard Is economy in
Speaker 1: the world. Amongst those democracies, about eight billion people, give
Speaker 1: or take. The lard Is economy is the United States
Speaker 1: of America. Somebody told you it's China. That is wrong.
Speaker 1: Somebody lie and told you is Russia. Not even close.
Speaker 1: It's just not even close. Russia is a a rounding
Speaker 1: era from a GDP gross domestic products. You've heard that
Speaker 1: phrase banted around, banted about GDP. GDP means gross domestic product. Basically,
Speaker 1: think about the revenue. If you own a store, it's
Speaker 1: the gross receipts, the gross economic output, gross economic activity
Speaker 1: for your store or for your barbershop. It is your
Speaker 1: income that comes into your household. You get it gross
Speaker 1: domestic product. So if you have these two hundred plus
Speaker 1: nations in the world creating about one hundred one hundred
Speaker 1: and five trillion dollars of GDP gross domestic product estimated
Speaker 1: for twenty twenty four. What are the largest economies? About
Speaker 1: one hundred trillion dollars in twenty twenty three is projected
Speaker 1: to be one hundred and five trillion thereabouts in twenty
Speaker 1: twenty four. So I want you to guess. See if
Speaker 1: you can figure this out. The first thing I think
Speaker 1: people are you will definitely get wrong is that people
Speaker 1: tell me all the time China is bigger than the
Speaker 1: United States. Not true. They have the biggest population one
Speaker 1: point five plus billion people. I think it's more than that,
Speaker 1: but they have the second largest economy in the world
Speaker 1: United States number one at twenty three trillion twenty four trillion.
Speaker 1: Some people say it's twenty six trillion, but I'm gonna
Speaker 1: give you conservative numbers. China about seventeen eighteen trillion, Germany
Speaker 1: for trillion and chain, Japan four trade and change, India
Speaker 1: three point seven trillion, United Kingdom that's Britain three point
Speaker 1: three trillion, France three trillion, Italy two point two trillion,
Speaker 1: Brazil to trade and change, Canada to trade and change,
Speaker 1: and then it sort of goes on from there. I'm
Speaker 1: sitting in the city of Atlanta, by the way, with
Speaker 1: four hundred plus billion dollars in annual in GDP, it's
Speaker 1: one of the largest economies in the world if it
Speaker 1: was a country, the tenth largest economy in the United States.
Speaker 1: Are you following me? So I'm giving you the basics
Speaker 1: the global economy. It gave you that. I gave you
Speaker 1: where the United States is. I told you even there's
Speaker 1: about eight billion people, give our take, in the world.
Speaker 1: I've now told you that the largest economies were. I
Speaker 1: gave you the top ten of the large economies in
Speaker 1: the world. Right, So, now let's break down the US
Speaker 1: economy where most of my listeners live. So you have
Speaker 1: as part of this economy three hundred and fifty million people,
Speaker 1: give or take about thirty million plus businesses. Of those businesses,
Speaker 1: how many of them have ten thousand employees or more? Well,
Speaker 1: you have the fortune five hundred companies. You have about
Speaker 1: one thousand companies with about ten thousand employees or more.
Speaker 1: That's a sideline. We all come to that another time.
Speaker 1: But most employment, my point is, comes from small business.
Speaker 1: Most employment comes from small business in this country. So
Speaker 1: if the economy is twenty plus trillion dollars a year.
Speaker 1: Is it come from rich people? No, Seventy percent of
Speaker 1: the US economy is consumer spending. That's right, seventy percent
Speaker 1: of the US economy is consumer spending, and seventy percent
Speaker 1: of all Americans are living from paycheck to paycheck. Everybody,
Speaker 1: whether you're white, black, red, brown, or yellow, you want
Speaker 1: to have some more green? Can I get an amen? Now?
Speaker 1: For those listening to this thinking that I'm talking about
Speaker 1: so called poor people, it's time for you to wake up.
Speaker 1: Half of those who make one hundred thousand dollars a
Speaker 1: year are living from paycheck to paycheck. Am I hitting home? Yet?
Speaker 1: You should be nodding your head. If your household has
Speaker 1: a combined income of one hundred thousand dollars and you
Speaker 1: feel that you're failing, you're not. So What about the
Speaker 1: very wealthy? What about those who've got great incomes? And
Speaker 1: by the way, there's difference between getting rich and building wealth.
Speaker 1: You make money during the day, you build wealth in
Speaker 1: your sleep. It's called compounding. Stocks, bonds, home ownership, businesses, investments,
Speaker 1: education I think qualifies. But things that compound while you're
Speaker 1: sleeping your income. You can have a contract. This is
Speaker 1: why you can have a contract for one hundred million
Speaker 1: dollars in the NBA or whatever and go broke because
Speaker 1: you're rich, but you may not be wealthy. So when
Speaker 1: your outflow exceed your inflow, then your overhead will be
Speaker 1: your downfall. Am I going too fast? Third of those
Speaker 1: who make two hundred and fifty thousand dollars a year
Speaker 1: are living from paycheck to paycheck. That's right. Even the
Speaker 1: wealthy are getting hit over the head. A third of
Speaker 1: those who make two hundred and fifty thousand dollars a
Speaker 1: year are living from paycheck to paycheck. Now, somebody's sitting
Speaker 1: here saying I don't care about them. I don't like
Speaker 1: the rich. Yeah, everybody hates rich people until they become rich.
Speaker 1: People say I hate rich people. No, you don't. You
Speaker 1: hate rich people until you become rich. You hate a game?
Speaker 1: System is what you hate. You hate a system that
Speaker 1: you believe is rigged against you so that you cannot succeed.
Speaker 1: You cannot compete, you cannot make any money or build
Speaker 1: any wealth because somebody's locked you out. As soon as
Speaker 1: you know that you and others you care about can succeed,
Speaker 1: you want all in on that because you want prosperity
Speaker 1: in the way that you define it. Maybe you want
Speaker 1: to make the money and give it away, but you
Speaker 1: still want to be able to make the money. Can
Speaker 1: I get a name? Man? Even if you want to
Speaker 1: distribute money like a so you got to first collect
Speaker 1: it like a capitalist. Drop the mic. If you're living
Speaker 1: in New York City and you're making one hundred thousand
Speaker 1: dollars a year, it feels like thirty nine thousand dollars
Speaker 1: a year because the cost of living in New York
Speaker 1: City is higher. That's why a lot of folks move
Speaker 1: to the Southern States, because the cost of living is
Speaker 1: much lower. Even though you may be making less than
Speaker 1: you make in New York City or in Los Angeles,
Speaker 1: if you move into a southern state, your cost of
Speaker 1: living is lower, your housing, transportation, all that stuff is lower,
Speaker 1: and your income may not be the same as it
Speaker 1: was where you moved from, but it's high enough so
Speaker 1: that your standard of living is better. Did you follow
Speaker 1: me on that? If you're spending two dollars in New
Speaker 1: York and spending two point one dollars more than you make,
Speaker 1: but you moved to Atlanta and or you moved to
Speaker 1: wherever Nashville, and you're spending one dollar, but you made
Speaker 1: one point three dollars. Hello, you're better off even though
Speaker 1: you made less. Let me break some eggs around here. Now.
Speaker 1: I just talked about the larger economy. I'm going to
Speaker 1: talk now about why, why this is everybody's issue, whether
Speaker 1: you're black, white, bread, brown, you want some more green.
Speaker 1: About sixty four percent, this number vacillates between fifty seven
Speaker 1: and sixty four percent of all Americans don't have four
Speaker 1: hundred dollars for an unplanned event. Not poor people, everybody. Hello.
Speaker 1: So when we work with Delta Airlines at operation, hope
Speaker 1: to design a program to give financial coaching and counseling
Speaker 1: to every one of their employees and anybody that will
Speaker 1: raise a credit score fifty four points in six months,
Speaker 1: lower their debt thirty eight hundred dollars in the first year,
Speaker 1: increase their savings for twenty two hundred dollars on average.
Speaker 1: For somebody making sixty thousand dollars a year, fifty dollars
Speaker 1: a year, sixty thousand dollars a year that radically changes
Speaker 1: their life and they get a reward of a thousand
Speaker 1: dollars emergency savings account for doing that, it goes in
Speaker 1: their account at Delta and everybody wins. Well, that's program
Speaker 1: has become radically successful, amazingly successful. In the first year.
Speaker 1: Half of the employees are taken to the program and
Speaker 1: are actively in it, and it's changed their their their mindset,
Speaker 1: their mentality, their motivation, has made them less stressed. I've
Speaker 1: had brothers walking to me at the in the plane
Speaker 1: and just you know, almost with tears in their eyes,
Speaker 1: saying that they're not arguing with their wives, wife anymore,
Speaker 1: not wives, hello, their wife anymore? You know. Number one
Speaker 1: calls a divorce in America. Money. Number one calls for
Speaker 1: heart attack. Stress. Number one costs for stress. Money, nemverer
Speaker 1: what it calls for domestic abuse? Money? Right? What's a
Speaker 1: long protracted divorce about money? I did a whole podcast
Speaker 1: just on that. Go and watch that and listen to
Speaker 1: that episode. Why is a woman dealing with an abusive man? Money?
Speaker 1: I can go on and on and on. We don't
Speaker 1: want to talk about it, we want to deal with it.
Speaker 1: But it's all around us. So money has a relationship
Speaker 1: with you, which you don't have a very good relationship
Speaker 1: with money. And so it's taking advantage of you, and
Speaker 1: you should be managing it. It should not be managing you.
Speaker 1: But you have to understand how this system actually works
Speaker 1: so that you can work it. So half of black
Speaker 1: people in America, African Americans have a credit score below
Speaker 1: six point twenty. Let that sink in for a moment.
Speaker 1: We have the Hope Financial Wellness Index that operation Hope Hope.
Speaker 1: You can go to the index on the internet, type
Speaker 1: in your zip code and we'll tell you what your
Speaker 1: credit score is. You tell me your zip code, I'll
Speaker 1: tell you how you're living. You lived at sixty one
Speaker 1: years old in a five eighty credit score neighborhood. You
Speaker 1: lived at eighty one years old in a seven hundred
Speaker 1: credit score neighborhood. Twenty year delta, twenty year difference fifteen
Speaker 1: minutes apart. All across America. It doesn't matter whether you're
Speaker 1: black and brown, urban or white rural. It's the same
Speaker 1: rules that apply if you live in a five eighty
Speaker 1: credit score neighborhood. You have a check casher next to
Speaker 1: a payday loan lender, next to a rent to own store,
Speaker 1: next to a title lender, next to a liquor store,
Speaker 1: next to a pawn shop and a church down the
Speaker 1: street trying to make you feel a little bit better
Speaker 1: once a week. That's your neighborhood therapist. And meanwhile, and
Speaker 1: in single parent of households and a lot of obesity
Speaker 1: and high crime rates and low hol ownership rates, easiest
Speaker 1: way to build wealth's home ownership. By the way, biggest
Speaker 1: business in the world is real estate. In the world,
Speaker 1: high school graduation rates in a five eighty score, neighborhood
Speaker 1: crimes off the chart, off the chain, violent crimes, off
Speaker 1: the chain, obasis everywhere because too many fast food restaurants
Speaker 1: where I don't have anything problem with fast food. I
Speaker 1: love my share of mcdonald' or whatever, but you should
Speaker 1: need it every day three times a day. Need fruits
Speaker 1: and vegetables and healthy food. And you got to go
Speaker 1: to a fast food restaurant order a salad every now
Speaker 1: and then. So because we're eating bad cheaply, we inflate,
Speaker 1: we inflame. Your body is inflamed. You know, most people
Speaker 1: aren't fat, they're inflamed. A lot of these things proliferate
Speaker 1: in communities. We have low levels of relative education and
Speaker 1: financial literacy and high levels of depression. So literally, when
Speaker 1: I say if you want to change America race credit
Speaker 1: score is one hundred points neighborhood by neighborhood. I know
Speaker 1: it sounds crazy, but it's not about the credit scores,
Speaker 1: about the trending indicators of wealth of hope, well being, faith, confidence, belief, trust,
Speaker 1: all the things that parallel a rising credit score. Then
Speaker 1: you get higher access to capital, lower cost of capital
Speaker 1: in higher credit score neighborhoods. Seven hundred credit scorred neighborhoods
Speaker 1: don't riot. You never seen a riot in a seven
Speaker 1: hundre credit card neighborhood in America's history. They don't riot.
Speaker 1: They go shopping. So now let me break some real
Speaker 1: eggs here. And it sounds like I'm picking on my
Speaker 1: black and brown brothers and sisters, but I really want
Speaker 1: us to get out of this these bad habits. So
Speaker 1: I just talked to you about the largest economy in
Speaker 1: the world, the US economy. There's three hundred and fifty
Speaker 1: million people in America. Is amazing that the US is
Speaker 1: this bohemoth, This amazing economy on the planet is US,
Speaker 1: and we are just killing it with a very small population.
Speaker 1: It's just a great story of what freedom can do
Speaker 1: with all our problems and we have plenty of them.
Speaker 1: We still are beacon and a light on the hill.
Speaker 1: I talked about thirty million businesses. About within that, you
Speaker 1: know about three million black businesses. Three point one million
Speaker 1: black busines is within that group, but ninety cent of
Speaker 1: them don't have an employee. Hello, I'll do a separate
Speaker 1: podcast just on that. Operation Hope, through our partnership with Shopifies,
Speaker 1: Creating and others are creating one million black business initiatives
Speaker 1: creating black businesses. We've helped, nurtured support it created over
Speaker 1: four hundred thousand, as twelve percent of all black businesses
Speaker 1: in America. So I'm proud of that. But most of
Speaker 1: the companies don't have employees or self employment projects. And
Speaker 1: I've already mentioned that the credit score AVERAG credit score
Speaker 1: for African Americans is six to twenty, which means half
Speaker 1: of us wake up in the morning locked out of
Speaker 1: the free enterprise system. You can't get a decent car
Speaker 1: loan at six twenty. If you get a Mercedes, it's
Speaker 1: not a Mercedes's mercy these payments. You can't get a
Speaker 1: decent mortgage at six twenty. It needs to be about
Speaker 1: seven hundred. You definitely can't get a small business loan
Speaker 1: below seven hundred credit score because it's considered risky credit.
Speaker 1: You can't get unsecured credit lines of credit in the
Speaker 1: low six hundreds. You need a proper credit score if
Speaker 1: you have a seven hundred to an eight hundred credit score.
Speaker 1: Or the computer on balance that you're applying for just
Speaker 1: says yes, it is killer. What color you are, where
Speaker 1: you live. It's like, yes, I want you to be
Speaker 1: my client. It just the computer just says yes, no,
Speaker 1: the color's green. Hello. So go to operation and get
Speaker 1: a whole financial coach. It's free sixteen trillion dollars. The
Speaker 1: whole economy is only twenty three trillion. Racism against blacks
Speaker 1: alone corridor, a City Group report, costs the US economy
Speaker 1: sixteen trillion dollars. And if we just knocking off, we
Speaker 1: stop it, the US economy would surge a trillion dollars
Speaker 1: a year. That's a big bump. So here's an egg
Speaker 1: I'm going to break now going the other direction of
Speaker 1: how we shoot ourselves in the foot. In the black community,
Speaker 1: you have this twenty three trillion dollar economy, this rocket ship.
Speaker 1: African Americans call it. Forty million black people, give or
Speaker 1: take trying to be three thousand rappers and three thousand
Speaker 1: football and basketball players. And I mean, it's just the
Speaker 1: numbers don't work. Yes, we're brilliant, we're talented, but I
Speaker 1: can't scale an entertainment icon. I can't scale a sports icon.
Speaker 1: I can't scale Lebron, I can't scale Magic Johnson. I
Speaker 1: can't scale Ti and Killer Mike and all these people,
Speaker 1: Chris Tucker. I can't scale these are iconic Oprah, these
Speaker 1: are individuals, and maybe they employee twenty thirty forty people.
Speaker 1: Maybe how do you get forty million people into the economy.
Speaker 1: Here's what we've done. We've micro focused on things like
Speaker 1: entertainment and sports. All good, I'm not telling you not
Speaker 1: to do it, but here are the numbers. I like
Speaker 1: to quote melody hops and I like math because it
Speaker 1: doesn't have an opinion. Here's the math of the matter.
Speaker 1: And here's why I keep telling you. I want you
Speaker 1: to have a backup plan to your dreams, and I
Speaker 1: need your backup plan to be your primary plan. Okay,
Speaker 1: twenty three trillion, I've said this enough to drive it
Speaker 1: into your brain. Twenty three trillion dollars US economy. What
Speaker 1: part of that you think is music not black music, country, blues,
Speaker 1: rock and roll, R and B. You know, all genres
Speaker 1: of music, all of them, everything, everything rolled up together
Speaker 1: of a twenty three trillion dollar economy. I want you
Speaker 1: to tell me he would talk about this all day,
Speaker 1: all night. Everybody I know, not everybody. All the young
Speaker 1: people I know, lots of them wants to be rappers, singers,
Speaker 1: whatever they want to be in. They want to be
Speaker 1: rocking the mic. They want to they want to you know,
Speaker 1: they want to be a star. Okay, you're a smart person.
Speaker 1: What part of that which you guess is the US
Speaker 1: part of the US economy twenty three trillion dollars. I'll wait,
Speaker 1: think about it now. There's no there's no shame, there's
Speaker 1: no embarrassment here, right you ready about sixteen billion dollars.
Speaker 1: Sixteen billion dollars is zero point zero seven percent, So
Speaker 1: one percent would be one point zero zero, just to
Speaker 1: give you a hits, right, ten percent would be one
Speaker 1: zero dot zero zero. The music business, all genres, all music, white, black,
Speaker 1: let they know, Asian, everything, zero point zero seven percent.
Speaker 1: And then they say, well, the impact of the music
Speaker 1: business has this knock on effect of ten x ten
Speaker 1: times because of all the industries that feed off the
Speaker 1: music business. So it's one hundred and sixty billion. Okay,
Speaker 1: that number is not large. So that's the music business.
Speaker 1: The entertainment business is also about one hundred and sixty
Speaker 1: billion dollars. Right. Another business that is is at that
Speaker 1: same range is professional sports. Now this is not just football, basketball, baseball, soccer.
Speaker 1: The ones you watch all levels of professional sports together
Speaker 1: combined is you know, one hundred and sixty billion dollars
Speaker 1: a year. That's zero point seven zero percent. Again one
Speaker 1: percent would be one point zero zero. This is less
Speaker 1: than the So you have everybody, I know, all young
Speaker 1: people try to push all their dreams into something that's
Speaker 1: a micro bicro micro fraction of the annual US economy.
Speaker 1: So where is all the money? And by the way,
Speaker 1: and even in those areas, who's getting the money? It's lawyers,
Speaker 1: you know, accountants, business managers. Oh okay, I'm glad. Uh
Speaker 1: we said that rental companies. I'm gonna get the if
Speaker 1: if you're gonna be in the entertainment business, rent lenses, yes,
Speaker 1: I said, lenses like the when you go to a
Speaker 1: video shoot. They don't buy all that equipment they rented
Speaker 1: there are cameras that are worth two hundred thousand dollars,
Speaker 1: seventy thousand dollars, fifty thousand dollars, there are lenses worth
Speaker 1: seventy thousand dollars. Anyway, these are very precise, uh you know,
Speaker 1: all the way down to five ten thousand dollars. Just
Speaker 1: rent those things because those companies buy rent those on
Speaker 1: a regular basis. All these companies doing shoots of videos
Speaker 1: and movies and whatever and TV shows. They most of
Speaker 1: those companies, and they shore a big studio. They rent
Speaker 1: that equipment, they rent that gear. I want to be
Speaker 1: in the rental business. I want to rent the mic,
Speaker 1: rent the video cameras that I own to these companies.
Speaker 1: That's a business of being right, rent the think about
Speaker 1: everything on a movie set. Yeah, be in that business.
Speaker 1: Being a support the catering businesses, the trailer ownership in
Speaker 1: rental businesses, the trailer truck pulling business. I mean, think
Speaker 1: about it now, the engineers, all the business that support
Speaker 1: the entertainment and sports sectors. I don't want to rock
Speaker 1: a mic on the stage. I want to own the
Speaker 1: dang on stage. Can I get a named man? So
Speaker 1: let's look at a group that actually has done this
Speaker 1: in reverse. So you have forty million people trying to
Speaker 1: get in. These three thousand jobs are going to turn
Speaker 1: over it three to five years. By by the way,
Speaker 1: seventy percent of all those in NFL bankrupt five years
Speaker 1: after retirement. Seventy percent give or take, of those in
Speaker 1: the NBA, the numbers are about the same. Bankrupt are
Speaker 1: running the financial difficulties five years after retirement. Don't trust me,
Speaker 1: look up the numbers yourself. And I'm not hating on
Speaker 1: these roads. I love that we are we have these jobs.
Speaker 1: But once you are a professional athlete, are a rapper,
Speaker 1: and that that runs out, and you don't have a
Speaker 1: degree in the things that drive to you as economy,
Speaker 1: what do you do for the rest of your life.
Speaker 1: You're an athlete from twenty twenty to age twenty three,
Speaker 1: we hope you live to one hundred at least to
Speaker 1: seventy or eighty. What do you do for the other
Speaker 1: the other forty to fifty years? Be a postman if
Speaker 1: you want to work at Starbucks. If you want to,
Speaker 1: I mean, what do you qualify for? You need a
Speaker 1: degree in something that has you know, technical skills tied
Speaker 1: to it. That's not easy to replace that gives you
Speaker 1: a middle class or a middle class lifestyle when the
Speaker 1: party is over, of the exciting thing that you want
Speaker 1: to grab a hold of in the here and now.
Speaker 1: Because anyway, enough on that, I've been obsessing about that.
Speaker 1: Let me back up for a minute and give a
Speaker 1: wider lens. So if you have forty million people black
Speaker 1: people trying to do these micro jobs that don't last
Speaker 1: very long, then what's a group that has the opposite
Speaker 1: of that. Well, you have my Jewish brothers and sisters,
Speaker 1: seven and a half million of them in America who
Speaker 1: are in these broad based professions and industries. Entertainment, yes,
Speaker 1: but they're typically the back room of the entertainment, finance, banking,
Speaker 1: real estate, medical, creative spaces. So let me tell you
Speaker 1: what's driving the economy, right, And my Asian brothers and sisters,
Speaker 1: Indians trying to be a lot of them are engineers
Speaker 1: in the technical spaces. Okay, So in the vast portion
Speaker 1: of mainstream whites who are middle class or more in
Speaker 1: the category I'm about to tell you about. So the
Speaker 1: big buckets of American economy healthcare ten percent of the
Speaker 1: US economy or more. If you want to talk about
Speaker 1: health care, wellness, medical broadly based. Then that's probably a
Speaker 1: third of the US economy. Finance and banking, real estate
Speaker 1: I just gave you. And if you say the professionals
Speaker 1: services area like accountants and lawyers and bankers and financiers
Speaker 1: and engineers and business managers, hello, all those professional expertise groups,
Speaker 1: computer technicians, etc. That's the vast majority of the economy.
Speaker 1: Real estate, banking, finance, and healthcare and professional services represent
Speaker 1: seventy percent seven d percent of the entire economy. And
Speaker 1: people say, oh, man, that's boring. Is broke boring, because
Speaker 1: that's what you'll be if you don't understand what you see.
Speaker 1: And then you have other groups that are larger than
Speaker 1: entertainment in sports, but are smaller than professional services banking,
Speaker 1: real estate, finance, and healthcare. And they include goods producing
Speaker 1: industries like agriculture, manufacturing, mining, and construction, amongst others. So
Speaker 1: we're demystifying the economy here, we're unpacking this. I'm telling
Speaker 1: you how the economy works and who and what is
Speaker 1: driving the economy. I'm telling you how you can participate
Speaker 1: in it and where you should look. By the way,
Speaker 1: the biggest industry in the world real estate. So if
Speaker 1: you want to build generational wealth, there are two industries
Speaker 1: sectors that have never gone down in the history of America.
Speaker 1: Real estate in the stock market. Now, somebody's gonna say, John,
Speaker 1: I got you Now. Stock market crashed in nineteen twenty nine,
Speaker 1: and market crashed again this time and that time, and
Speaker 1: the market was down even after the pandemic. John, real
Speaker 1: estate crashed in two thousand and eight. What rock were
Speaker 1: you under? And what do you know? This is now?
Speaker 1: We got you, John, This is wrong. Hey, real estate
Speaker 1: goes up, there's a market correction, recession, even dips, stabilizes,
Speaker 1: corrects above the line. Get that market. Real estate goes up,
Speaker 1: and the stock market goes up. Market correction, recession maybe
Speaker 1: to recede. That's what a recession means for an economy
Speaker 1: to received to go backwards. Market goes up, recedes, recession,
Speaker 1: balances out, catches itself, catches its breath, and then corrects
Speaker 1: above the line on its rebound. And when it corrects
Speaker 1: above that line, that's when people go from doing well
Speaker 1: to doing incredibly well. That's where wealth comes from. You
Speaker 1: build wealth in your sleep. You have to own equities.
Speaker 1: You've got to own stocks, bonds, business ownership, real estate.
Speaker 1: You got to own something that is tangible, and real
Speaker 1: income is during the day. You build wealth in your sleep.
Speaker 1: You make your money during the day. You make your
Speaker 1: money work for you at night. Okay, I think I've
Speaker 1: done a good job of summarizing the overall economy. You'll
Speaker 1: tell me if I didn't. Here are the largest economies
Speaker 1: in the world. I'm gonna run through them. So America
Speaker 1: is the sole superpower in the world. There's never been
Speaker 1: a superpower in the world that wasn't at the same
Speaker 1: time the leading economic power in the world. So, Spain
Speaker 1: was a superpower. France was a superpower. Germany was a superpower. Hello,
Speaker 1: Argentina was a superpower. Latin America giving it its props.
Speaker 1: I'm doing this by memory. And at the same time
Speaker 1: they were the political superpower, the UK Britain was a superpower.
Speaker 1: People were started trying to correct me. Now you missed
Speaker 1: this one, John, I'm doing this for memory. How about you.
Speaker 1: How's your memory? All this whole podcast is basically my memory.
Speaker 1: I'm just telling you what tell you what I know.
Speaker 1: But when their economy tripped up, they tripped up. Okay,
Speaker 1: and America is now the sole superpower in the world.
Speaker 1: We're also the leading economy in the world, and so
Speaker 1: we got to keep this party going. And the only
Speaker 1: way you do that is with all of us. Are
Speaker 1: put another way, my poor friends do better if only
Speaker 1: to stay rich. Even a racist needs a black man
Speaker 1: to succeed so that he prospers or she prospers. Because
Speaker 1: when the economy grows, all boats rise. When GDP gross
Speaker 1: domestic product increases. Here are the largs economies in the
Speaker 1: world ready, and I already mentioned this was number one. Hello,
Speaker 1: the United States, two, China three, Germany for Japan, they
Speaker 1: keep changing places. By the way, Germany and Japan they're
Speaker 1: in the four trillion dollar club above that is big
Speaker 1: jumps China at seventeen trillion, America at twenty three to
Speaker 1: twenty six trillion, depending on which numbers you look at,
Speaker 1: India three point seven trillion, United Kingdom Britain three point
Speaker 1: three trillion, France three trillion, Italy two point one trillion,
Speaker 1: Brazil two point one trillion. America's in Latin America. I
Speaker 1: think I've hit every continent here in the top ten.
Speaker 1: Canada two point one tree, in Russia one point eight tree.
Speaker 1: Remember I told you Russia was a rounding era America's
Speaker 1: twenty plus trade in Russia's one point eight trade and hello,
Speaker 1: they just make a lot of noise through threats and
Speaker 1: terrorism and barbarism. There are four troublemakers in the world.
Speaker 1: Leading troublemakers Russia with all due respect, China, Iran and
Speaker 1: North Korea. And I'll give China's props if it's just.
Speaker 1: If China would just simply give us people freedom and
Speaker 1: stop cheating a capitalism, I might like and start saying
Speaker 1: nice things about them to stop trying to undermine America.
Speaker 1: But through disinformation and cheating at the game of success.
Speaker 1: We don't mind a fair fight, but you can't win.
Speaker 1: I'm convinced that what can beat America in a fair
Speaker 1: fight you got to cheat. So they're trying to undermine
Speaker 1: America because we are only better together. Another podcast for
Speaker 1: another time. But God blessed the success of the Chinese people,
Speaker 1: who I want to be successful. The twelfth largest economy
Speaker 1: in the world. You'll be surprised to hear this. Mexico
Speaker 1: right behind Russia one point eight trillion, South Korea one
Speaker 1: point seven trillion, Australia one point six trillion, Spain one
Speaker 1: point five trillion, Indonesia one point four trillion, Turkey one
Speaker 1: point one trillion, Saudi Arabia one point one trillion. Thought
Speaker 1: that were larger, didn't You thought Saudi Arabia was larger
Speaker 1: than that. I was in Saudi Arabia when it was
Speaker 1: eight hundred billion. They've jumped a few steps to the
Speaker 1: Netherlands one trillion. Now we're jumping into the billions now.
Speaker 1: Switzerland nine hundred billion, Poland this position twenty one eight
Speaker 1: hundred and forty billion, Taiwan seven hundred and fifty billion,
Speaker 1: Belgium six hundred and twenty seven billion, Argentina this was
Speaker 1: the largest economy in the world at one point six
Speaker 1: hundred and twenty billion. They've got all kind of problems
Speaker 1: now they're working through them. Sweden five hundred and ninety billion,
Speaker 1: Ireland five eighty nine billion, Norway love that place. My
Speaker 1: friend Crown Prince Hocken helps to run that place. The
Speaker 1: future King five hundred and fifty billion, Austria five hundred
Speaker 1: and twenty six billion, Israel five hundred and twenty one billion,
Speaker 1: Thailand five hundred and twelve billion. And by the way,
Speaker 1: that Israel, there's only like fifteen million Jews in the world.
Speaker 1: It's amazing what they've done. Seven and a half million
Speaker 1: Jews outside the US and and a half millions Jews here.
Speaker 1: Don't hate on their success. Follow their business plan for
Speaker 1: creating business and economic growth. I have go so far
Speaker 1: as to say, I think black folks need a Black
Speaker 1: Jewish business plan with regard to getting you know, how
Speaker 1: do you come up when you're an oppressed people? I
Speaker 1: think it's a good template. By the way, half of
Speaker 1: the whites who supported Doctor King and the civil rights
Speaker 1: movement were Jewish. Hello, in the ego it goes from there.
Speaker 1: You know, number thirty Thailand five hundred billion. Now when
Speaker 1: you get down into the mid four hundred billions, Vietnam
Speaker 1: forty and thirty three billion, Philippines forty to thirty five billion.
Speaker 1: Guess what country is at that same level? John, did
Speaker 1: you just mention these are countries? Yes? I did, good catch.
Speaker 1: It's a city. It's Atlanta, the metro area of Atlanta.
Speaker 1: The seven counties represent four hundred plus billion dollars in
Speaker 1: annual revenue. The moral capital of America and a place
Speaker 1: where we've proven the diversity works for everybody. Inclusive capitalism
Speaker 1: for everybody. The tenth largest economy in the US, if
Speaker 1: it was a nation, will be the largest economy in
Speaker 1: the world. And out in with what is the GDP
Speaker 1: for black people? What is African American GDP? You know
Speaker 1: what is our economic spending power for last year? The
Speaker 1: one point six trillion dollars was the GDP. If we
Speaker 1: were a nation of one point six trillion dollars, so
Speaker 1: we'd be almost larger than Russia. Unfortunately, the black dollar
Speaker 1: doesn't circulate in the black community. Unfortunately, ninety percent plus
Speaker 1: of what we make we spend on consumption. Unfortunately, we
Speaker 1: only owned only forty five percent of us own a home,
Speaker 1: and the easiest way to build wealth is home ownership. Unfortunately,
Speaker 1: ninety six percent of us our black businesses don't have
Speaker 1: an employees I mentioned earlier. So you see, we're not
Speaker 1: dumb and we're not stupid. We're brilliant. When the rules
Speaker 1: of published and the playing fielders level, we kill it.
Speaker 1: Professional sports, athletes, entertainment, public office. With the rules of
Speaker 1: published and the playing fielders level, we absolutely succeed. But
Speaker 1: because the Freedman's Bank was created after the Civil War
Speaker 1: by Abraham Lincoln and ran by Frederick Douglass, a free
Speaker 1: slave who became a brilliant businessman who owned six million
Speaker 1: dollars with the real estate in Baltimore, Maryland during the
Speaker 1: Civil War period and rented it out to working class blacks.
Speaker 1: By the way, the same business that I'm in with
Speaker 1: one of my companies, the Promised Homes Company, affordable single
Speaker 1: family rental homes. I sold the company by still am
Speaker 1: a shareholder in it. That's the business of Frederick Dulles
Speaker 1: was in. And that bank, the Freeman's Bank chartered marched
Speaker 1: the eighteen sixty five to quote teach free slaves about money.
Speaker 1: That bank failed after Lincoln was assassinated a month after
Speaker 1: he signed it in the law. And blacks would never
Speaker 1: talk about the free enterprise system. We're not dumb and
Speaker 1: we're not stupid. Is what we don't know. That we
Speaker 1: don't know, but we think we know because no one
Speaker 1: ever gave us the memo. That's my fourth book I
Speaker 1: think on how the free enterprise system and capitalism works.
Speaker 1: That's why I say that financial literacy is a civil
Speaker 1: rights issue of this generation. And we've got to move
Speaker 1: from protesting in the streets to cutting business deals in
Speaker 1: the business suites. The new color is not a white, black, red, brown,
Speaker 1: or yellow. It's green. Hello, all right, I've talked enough
Speaker 1: for one day. This is the Ministry of Hope, the
Speaker 1: Ministry of Finance. This is the Silver or Rights Movement.
Speaker 1: This is the third Reconstruction. This is how we all
Speaker 1: come up. This is my weekly pulpit for all of us.
Speaker 1: This is me trying to unpack how things work. This
Speaker 1: is me and hacking the overall economy. If I miss something,
Speaker 1: you want me to focus on and just tell me
Speaker 1: what it is and I will break it down for you.
Speaker 1: By the way, I got one number wrong. The entertainment
Speaker 1: industry is about one trillion dollars a year in annual GDP.
Speaker 1: About four point four percent of all GDP professional sports
Speaker 1: was I got this right, point zero or zero point
Speaker 1: seven zero percent. That was one hundred and sixty billion.
Speaker 1: And music, all genres of music was zero point zero
Speaker 1: seven percent. That's about sixteen billion with a knock on effect.
Speaker 1: If you will, of all the if you want to
Speaker 1: say of how it's healthy for all the other businesses
Speaker 1: that support music, really liberal about it. You can say
Speaker 1: it's one hundred billion plus, but it's still a small number,
Speaker 1: but entertainment which is really tourism, and there's a lot
Speaker 1: of hospitalities, a lot of things in that number, not
Speaker 1: just rocking the mic. Entertainment in quotation marks is the
Speaker 1: largest of the industries we actually obsess on for but
Speaker 1: it's still four percent of GDP for the nation. So
Speaker 1: be an engineer. You'll never go broke. Get in real
Speaker 1: estate unless your brain dead or not paid attention. You
Speaker 1: can't help, but do well. It'll go up by itself
Speaker 1: over time. Buy it, rehabit, rent it, or live in it,
Speaker 1: don't sell it, and things should work out for you.
Speaker 1: So on a little bit of bonds and stocks, and
Speaker 1: have an insurance policy for you and your family. You know,
Speaker 1: I mean there's some basic stuff if you have an
Speaker 1: insurance policy. By the way, as get insurance policy twenty
Speaker 1: thirty forty years of age. When you get you know,
Speaker 1: when you get married or stay out in life, you
Speaker 1: know when you pass. Get it for a million dollars.
Speaker 1: You can get one pretty easily at a young age.
Speaker 1: Won't cost you much. And when you kick and we
Speaker 1: don't know how long we're going to live, we all
Speaker 1: know we're going to die. When you kick and have
Speaker 1: a will that becomes something you can pass the proceeds,
Speaker 1: pass on to your heirs, your children, your spouse and
Speaker 1: give them some generational wealth on the way out the door.
Speaker 1: I hope this is helpful. This is just O'Bryant money
Speaker 1: and wealth. Let's go change the world. Hey aa, this
Speaker 1: is money and Wealth with John O'Briant on the Black
Speaker 1: Effect Podcast Network. At iHeart this is a fan question.
Speaker 1: This is from A H. S A N M I
Speaker 1: T C H E L L underscore at Instagram A
Speaker 1: son Michael. I believe I'm saying that properly from Instagram.
Speaker 1: What is an intellectual properties financial relevancy in creating wealth?
Speaker 1: A great question. I would go one step further and
Speaker 1: say it was an intellectual property rights financial relevancy in
Speaker 1: creating wealth? Or just what's his an intellectual property rights value? Well,
Speaker 1: if you want to find the value of a Stevie Wonder,
Speaker 1: then look at his intellectual property rights, his music, his brand,
Speaker 1: his image, his likeness. What is the value of doctor
Speaker 1: King today his intellectual property rights, his his speeches, his recordings,
Speaker 1: his image. What's an intellectual property rights of my brother Charlemagne,
Speaker 1: the founder of the Black Effect Network? Same his radio program,
Speaker 1: the Breakfast Club, and all the other stuff that he does.
Speaker 1: What's an intellectual property right of Michael Jackson or whoever
Speaker 1: your favorite artist is. But also, intellectual property rights are
Speaker 1: not just creative. You have an intellectual property that's well,
Speaker 1: a brand, it's intangibly tangible. Coca Cola is an intellectual property,
Speaker 1: the brand of Coca Cola. They've created value in the name.
Speaker 1: I think I've created an intellectual property value in the
Speaker 1: things that I've been associated with. I'm gonna make this
Speaker 1: really simple. Uh, if you want to find a growing economy,
Speaker 1: economy is really really doing well, you'll find a lot
Speaker 1: of patents. All a patent is is a monetized idea.
Speaker 1: A monetized idea is an intellectual property. It's it's a thought,
Speaker 1: it's an idea, it's a creative that's been structured and
Speaker 1: been then codified in protections. In this particular case, a patent.
Speaker 1: You also have copyrights. You can have all kinds of
Speaker 1: ways of protecting n f T s or you can
Speaker 1: you can you know, you can have digital kind of
Speaker 1: digital and other ways of protecting intellectual properties. Uh. But
Speaker 1: the easiest way to describe understand this is the biggest
Speaker 1: economies in the world have the most patents, and the smallest,
Speaker 1: most destitute places in the world have almost no patents
Speaker 1: because they're they're war torn and people are not don't
Speaker 1: have the in order to be creative and to have
Speaker 1: the kind of environment where you create things and you
Speaker 1: then monetize things, well, you need a legal structure, you
Speaker 1: need a government, you need fair play, you need laws,
Speaker 1: you need the rule of law, and you need peace
Speaker 1: of mind. Well that doesn't work very well in places
Speaker 1: of a warrant tory, and that does it. So I
Speaker 1: hope I explained in a thumbnail what an intellectual property
Speaker 1: is and how it creates and can create financial relevancy
Speaker 1: and is a form of wealth creation. At some point,
Speaker 1: A mutual fund, before it was a mutual fund, was
Speaker 1: an intellectual property. A car before it was a car
Speaker 1: was an intellectual property. A collection of those which are
Speaker 1: patents in other rights that came together to manufacture that car.
Speaker 1: The axle, the wheel, the tire, all those were inventors
Speaker 1: that created those things and put them together ultimately through
Speaker 1: a manufacturer and a car designer who has intellectual property rights,
Speaker 1: who then created this car which ultimately becomes a physical
Speaker 1: asset or liability, but a physical thing right, a real
Speaker 1: piece of property, real property. They call it something you
Speaker 1: can touch, which you know, but it started with an
Speaker 1: intellectual property. Most great things started with intellectual property. Music
Speaker 1: is as old as the world itself, is amazing, maybe
Speaker 1: the original language. Those are intellectual in my opinion, intellectual properties. Okay,
Speaker 1: I can go on and on about this, but tired
Speaker 1: to hear myself talk, and so are you. So there
Speaker 1: we go. Hope this has been helpful and thank you
Speaker 1: for the fan question from Asan Michelle at Instagram. John
Speaker 1: O'Brien this is money and Wealth. I'm out. Money and
Speaker 1: Wealth with John O'Brien is a production of the Black
Speaker 1: Effect podcast Network. For more podcasts from the Black Effect
Speaker 1: Podcast Network, visit the iHeartRadio app, Apple Podcasts, or wherever
Speaker 1: you listen to your favorite shows. The