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Speaker 1: Welcome a trulliance. I'm Joel Webber and I'm Eric Eric.

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Speaker 1: Happy New Year, Happy New Year, decade, New decade. That's right,

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Speaker 1: that was an epic a decade for investing. It was

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Speaker 1: it was almost it was utopia esque. I think the

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Speaker 1: market was up, you know, every everything was up. It

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Speaker 1: reminds me of the Lego song, you know, every everything

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Speaker 1: is awesome. That's sort of what happened, and who knows

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Speaker 1: what will happen this tecade, New Year, a new decade. Yeah,

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Speaker 1: how was your holiday break? It was great, except for

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Speaker 1: my kid tripped got stitches, only two, but we had

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Speaker 1: to get them out this morning, and man, that was

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Speaker 1: like the most painful thing I've ever endured. It's a

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Speaker 1: four year old getting stitches removed. Yeah, and plus my

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Speaker 1: blood pressure is still high. Yeah. When little kids get

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Speaker 1: hurt when they're your own, it's uh, it's it's rough. Yeah,

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Speaker 1: But enough about probably rougher on the parents. I don't

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Speaker 1: want to talk about it anymore. It's honestly that traumatic. Yeah,

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Speaker 1: let's not look at that as a foreshadow for the year.

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Speaker 1: So what we're you gonna talk about in this episode?

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Speaker 1: So you know, again we we've gotten in the Weeds.

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Speaker 1: Last couple episodes UM Talking Shop and this is an

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Speaker 1: episode I've wanted to do for a couple of months,

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Speaker 1: and it's really you know, one of the things you

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Speaker 1: hear about e t f s that people like me

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Speaker 1: and other analysts will say, is that they've democratized investing. Right,

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Speaker 1: they give you access to everything under the sun with

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Speaker 1: one click of a button. But have they really And

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Speaker 1: you know, there was a podcast that Tyrone Ross was

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Speaker 1: on with the Great Nate Days that was in Union

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Speaker 1: Square Park. You just quipped that his phone, and on

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Speaker 1: it Tyrone said, no, not really, because half of the

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Speaker 1: country is unbanked. They don't own e t f s.

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Speaker 1: E t f s are really Wall Street. It was

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Speaker 1: a conversation around crypto and it just reminded me. It

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Speaker 1: was like a light bulb moment that half of America

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Speaker 1: doesn't even invest and to me, E t f s

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Speaker 1: and and you know, mutual funds to an extent are

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Speaker 1: so easy for certain people but harder for others. And

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Speaker 1: I wanted to explore the other half. And this is

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Speaker 1: also part of the wealth gap. The wealth gap is

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Speaker 1: partially so big because the half that has stocks is

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Speaker 1: getting richer and richer and the half that doesn't isn't

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Speaker 1: and that's a real, really big issue in the country.

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Speaker 1: So we'll e t F I is it a little bit,

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Speaker 1: but this is probably gonna be one of our more

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Speaker 1: broader outside of the et F scope conversations, and we

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Speaker 1: um brought in the man himself. You dropped my name

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Speaker 1: in there, Tyrone Ross. Who's that guy? Um? I met

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Speaker 1: him right there? Yeah, I met him digitally first on

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Speaker 1: on Twitter, but then met him at a conference inside

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Speaker 1: E t F he's been to. Then I met him

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Speaker 1: more a well stack which and then we had a

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Speaker 1: clip of him on the show where you talked about

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Speaker 1: some of the stuff. So we're gonna take that that

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Speaker 1: little seed and really explore it on this episode. Financial

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Speaker 1: Consultant works with a lot of people. I'm really curious

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Speaker 1: that herebody has to say so on this episode of

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Speaker 1: Investing Advice with Tyrone Ross. So Tyrone, I have to

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Speaker 1: ask your official name according to your Twitter and is

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Speaker 1: Tyrone v Ross Jr. Uh Tyrone Ross? Okay, my dad

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Speaker 1: would listened, what's the V for Vance Vans? So that's

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Speaker 1: a name. My whole name is Tyrone Vance. Gordon Sebastian

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Speaker 1: Wilcher Ross Jr. Oh, my god, that's the most amazing name.

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Speaker 1: So I use I use V as a middle initial,

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Speaker 1: and my dad uses gum because when I actually like

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Speaker 1: started to establish credit and all of that stuff, it

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Speaker 1: was a lot of Yeah, we had to separate ourselves. Okay,

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Speaker 1: one more time on our own vance Gordon Sebastian Wilcher

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Speaker 1: Ross Jr. My kids got fore name. That's like the

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Speaker 1: best law firm I've ever heard. Yeah, you gel law

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Speaker 1: firm to two lines of a birth certificate. That's awesome.

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Speaker 1: So Tyrone, uh, you have kind of amazing story financial consultant. Now,

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Speaker 1: before that, I have to ask you were an Olympic

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Speaker 1: Uh yeah, three time Olympic failures are interesting. Okay, I

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Speaker 1: was about like near Olympia. Yeah yeah, no, thank you

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Speaker 1: for clearing it up. That happens a lot, and if

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Speaker 1: people knew how hurtful it was, they wouldn't make that mistake.

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Speaker 1: But okay, so what did you What was your race?

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Speaker 1: Four meters? Yeah? Yeah, first time That is a full

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Speaker 1: ten seconds faster in high school. That's amazing. I would

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Speaker 1: get a corner and you'd be at the finish line.

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Speaker 1: And so what was the spark that got you interested

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Speaker 1: in doing, you know, entering the world of finance. Man.

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Speaker 1: So it's it's been a it's been a really securitious route.

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Speaker 1: But um, I'll go right to the point of it.

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Speaker 1: It I I was, I was in graduate school and

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Speaker 1: six years old, and I had a graduate professor and

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Speaker 1: he goes, man, you'd be great on Wall Street. And

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Speaker 1: I had no idea what he was talking about. And

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Speaker 1: I think about that now, and I realized, like that

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Speaker 1: that literally was deceeed did bursts. Why I'm so passionate

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Speaker 1: about this because me being twenty six years old and

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Speaker 1: not knowing what the stock market was that set me

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Speaker 1: and my family back forever, right, and and we can

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Speaker 1: only try and get some of that back. And I've

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Speaker 1: spent the last fourteen years trying to accumulate as much

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Speaker 1: information as I can. But I realized that that moment

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Speaker 1: when he said that. And then I get this job

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Speaker 1: investor relations firm that I actually had to come here

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Speaker 1: for and get up up to speed on Bloomberg, which

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Speaker 1: was cool, but I miss using the Bloomberg terminal. And yeah,

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Speaker 1: we'll split it three ways. Um, And I I tell

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Speaker 1: the story a lot, but I get the job and

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Speaker 1: it was right on water at the end of Wall Street,

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Speaker 1: and I walked right by the exchange, and again I

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Speaker 1: have no idea where I am. So that's kind of

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Speaker 1: how it started started doing investor relations. Had a mentor

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Speaker 1: there was that Lehman and he was like, you know,

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Speaker 1: you're using Big Dough and Bloomberg. He's like, you seem

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Speaker 1: like a cage lion. Like He's like, you should go

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Speaker 1: on the retail side. And I'm like, well, what's that right?

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Speaker 1: And he's like, you gotta get licensed or whatever. So

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Speaker 1: I get my seven and sixty three from a little

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Speaker 1: chop shop here in one Penn station cod call six

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Speaker 1: hundred dollars a day. Heard about a wire house. I

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Speaker 1: was like, what's the wire house? So it's kind of

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Speaker 1: just been this this step along the way. Um, and

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Speaker 1: I've been blessed to have mentors and people kind of

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Speaker 1: helped me learn. But UM, it's it's been a really

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Speaker 1: uphill journey trying to learn. But now use all those

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Speaker 1: experiences now to speak um to the group that we're

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Speaker 1: trying to reach and speak for today. Break it down.

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Speaker 1: How do you how do you talk to that group

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Speaker 1: when I talk about this topic and I bring it up.

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Speaker 1: I understand that it's not the norm of conversation. It's

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Speaker 1: a very hard conversations, really hard. Yeah, because again and

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Speaker 1: being a financial advisor and coming to financial service, we

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Speaker 1: sell our knowledge and advice to wealthy people. You are

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Speaker 1: not taught to care about me like my family. So

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Speaker 1: when you come in this business, the juxtaposition of coming

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Speaker 1: from nothing and then sitting across from people who have

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Speaker 1: probably more money on right than your parents will ever have. Right,

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Speaker 1: I'm my parents retirement. My parents don't have a retirement.

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Speaker 1: I'm their retirement right there, their their son who's the

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Speaker 1: first to graduate high school, is their retirement. So that

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Speaker 1: juxtaposition is very hard to figure out. And when I

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Speaker 1: was at Maryland, They're like, well, there's a two dollar minimum.

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Speaker 1: In my head, I'm like what right? And I'm talking

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Speaker 1: to people and I started to realize that what I

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Speaker 1: started to do was go to them, get proximate to them.

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Speaker 1: That is the only way it works. So we have

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Speaker 1: to break the mold of sitting in a cushy office

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Speaker 1: or having seminars or conferences and literally go to where

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Speaker 1: there's people. Those people are and the truth is, right now,

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Speaker 1: we don't know and you know, it's interesting. One of

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Speaker 1: the ideas I had for you know, sort of a

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Speaker 1: giving back life after Bloomberg is a nonprofit because I

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Speaker 1: was like, e t F. You don't have that minimum,

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Speaker 1: you can just buy them, right and you know, just

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Speaker 1: getting that bridge between how easy and e TF is

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Speaker 1: how cheap it is, so you get to keep all

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Speaker 1: the money, um two people who might not be able

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Speaker 1: to find them or have the education to use them.

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Speaker 1: But that isn't enough, Like there's a missing link to this,

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Speaker 1: which is a bigger issue, which I think is what

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Speaker 1: we wanted to explore. It's not that easy, I think

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Speaker 1: just coming off at holidays, this one like resonates for

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Speaker 1: me because and maybe a lot of people because when

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Speaker 1: you talk to even like family members who maybe you're

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Speaker 1: a little bit younger, right and in experience and don't

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Speaker 1: really understand the difference between even like a stock or

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Speaker 1: a bond maybe a little bit like our producer Magnus,

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Speaker 1: you get you get this glee. It's almost like you

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Speaker 1: get this glaze expression in their eyes just like you

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Speaker 1: know what, I don't know how, I don't know how

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Speaker 1: to do it, and I'm not really willing to learn. Yeah,

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Speaker 1: it reminds me of like Thanksgiving dinner. If I took

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Speaker 1: the eight people around the table, maybe six don't know

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Speaker 1: what et have even stands for um, and I can

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Speaker 1: go with probably seven. Your wife is just like playing.

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Speaker 1: But like so when you encounter that look in people's face,

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Speaker 1: on people's faces like how do you how do you

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Speaker 1: start talking to them to change the conversation. I don't

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Speaker 1: want to say it's it is an easy conversation with

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Speaker 1: me again, because when you come from it, I was

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Speaker 1: raised in an unbanked home. I'm always surrounded by people

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Speaker 1: who don't own stock, who don't know those things. So

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Speaker 1: you have to find a way to bridge, right, You

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Speaker 1: have to bridge the gap between where their knowledge base

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Speaker 1: is and where they're actually trying to go. So you

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Speaker 1: can distill all this knowledge that you have and then

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Speaker 1: understand where they are and then say, okay, well you

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Speaker 1: have a job, you have a four one K. Right.

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Speaker 1: You try and find little outlets right, um and things

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Speaker 1: that make sense of the more just simply saying okay, well,

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Speaker 1: I know this person is using money orders, they're using

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Speaker 1: payday loans, they're using check right, bank checking savings, right,

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Speaker 1: money markets and c d s right like this goes

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Speaker 1: all across and then you have a generational divide right

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Speaker 1: where you know those that I remember. I was at

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Speaker 1: a cryptoconference and I'm telling you know, uh, I was

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Speaker 1: talking to a really young he had to be early twenties,

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Speaker 1: and I'm like, if you want to talk about make

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Speaker 1: or die and get people to understand die, try and

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Speaker 1: speak to him about it in terms of c d s.

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Speaker 1: Not only did it, he did not know what a

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Speaker 1: certificate of deposit was, he didn't know what the CD

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Speaker 1: was like the music thing. So it's like, so what

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Speaker 1: I try and do is again make it relatable and

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Speaker 1: then weave a little bit of my story into it,

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Speaker 1: but just simply try and find a navitue where it

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Speaker 1: will kind of make sense for them. And that's where

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Speaker 1: the power of proximity comes because until I can't tell

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Speaker 1: you anything until I'm familiar with your circumstance, Right, Once

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Speaker 1: I see your circumstance, once I see what you're dealing with,

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Speaker 1: then I can go right, and I'm holding up an

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Speaker 1: iPhone this right, I can to you to say this,

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Speaker 1: and I will say it. This is the most important

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Speaker 1: thing I will ever say. Is this device changed our

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Speaker 1: business forever because it was no longer important for people

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Speaker 1: everyday people to have an advisory JP Morrigan to bring

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Speaker 1: them these ideas. They can get it all from here,

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Speaker 1: they can do it all from here. But we'll get

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Speaker 1: into that. So changed a lot of businesses. Yeah yeah,

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Speaker 1: oh yeah, it still is um So let's break this

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Speaker 1: down into three parts. You called the three so we

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Speaker 1: have just simply three ways to get more people investing.

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Speaker 1: Let's start with number one, which you say is exposure.

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Speaker 1: What do you mean? Let's keep it very basic, right.

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Speaker 1: The main one is and I was just thinking about

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Speaker 1: this the other day having a conversation, there are so

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Speaker 1: many people who aren't even invested in the stock market,

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Speaker 1: but also don't know how to use the app on

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Speaker 1: the phone. So you need to be you taught how

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Speaker 1: to use a financial app, because you can I can

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Speaker 1: go right now into Harlem, or I can go to

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Speaker 1: the South Bronx with people on bank and I say,

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Speaker 1: you have all these apps on your phone. We then

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Speaker 1: have to take the next steps to show people how

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Speaker 1: to use it. How do you use cash ap right?

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Speaker 1: How do I how do I buy stock on cash app? Now?

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Speaker 1: How do I buy a bitcoin? Whatever the case may

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Speaker 1: be so there's an education there, but the exposure starts young.

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Speaker 1: And I always use this example. I do work with

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Speaker 1: a program in North New Jersey, and I spoke to

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Speaker 1: the kids about the basics, stocks, bonds, checking account, savings,

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Speaker 1: this that or whatever, and they went home and they

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Speaker 1: were all fired up. And the parents it's like, who

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Speaker 1: is this guy you brought in to talk to our kids?

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Speaker 1: We want to talk to them too, So then I

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Speaker 1: got an auditorium full of parents. So that exposure is

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Speaker 1: just getting people getting out of our bubble, which we

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Speaker 1: all live in this privileged bubble and get close to

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Speaker 1: people where I just saw a tweet again. I love

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Speaker 1: Michael bat Nick, and I love everybody who laughed and

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Speaker 1: made a joke about it, But there was a varro

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Speaker 1: ad and the ad said no fees for a negative balance.

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Speaker 1: I didn't find that funny and I never will because

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Speaker 1: guess what, when you grew up unbanked and the majority

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Speaker 1: of people in this country are hurt by I was

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Speaker 1: just having a conversation with someone. A friend of theirs

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Speaker 1: has six thousand dollars in overdraft fees. Six thousand dollars.

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Speaker 1: It makes no sense. So I think those things that

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Speaker 1: the The exposure goes two ways. One, when you are

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Speaker 1: exposed to people who are not living the way you

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Speaker 1: live and you see their condition, you are able to

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Speaker 1: expose them to better. It also changes you because now

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Speaker 1: when you see that ad, you think, twice, I walked

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Speaker 1: here and show people laying on the sidewalk on cold

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Speaker 1: concrete right on a way to record a financial podcast. Right.

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Speaker 1: The juxtaposition of that, it changes you. So now you realize, okay,

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Speaker 1: there's other people who aren't thinking like me, so it

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Speaker 1: changes you and them. But the exposure goes both ways. Um,

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Speaker 1: and it's just simply giving the basics of the of

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Speaker 1: the you know, the wealth of information that we all have.

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Speaker 1: You mentioned something that I don't know about, which is

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Speaker 1: cash app. What's that? Cash app is an app? Square

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Speaker 1: owns it um in cash app. The beautiful thing about

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Speaker 1: cash app is this, if you don't have an account,

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Speaker 1: they'll actually give you one a routing number checking. You

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Speaker 1: can do debit there. Like it's literally and it's very

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Speaker 1: big in the South because again a lot of the

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Speaker 1: South are on bank. The other piece of it on

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Speaker 1: cash at what they're allowing you you do. You can

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Speaker 1: send money. It's like a Venmo to me, it's a

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Speaker 1: better venmo. Right, you can send money? Can I send

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Speaker 1: you money? Yeah? No, you can't. You can't. There's that

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Speaker 1: part of it. They took that goofy part out, which

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Speaker 1: I like, shout to Jack. So you can send money,

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Speaker 1: you can request money, they give you again a debit card,

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Speaker 1: all those things. You can also swipe right. You can

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Speaker 1: buy bitcoin in an instant. I tell people all the

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Speaker 1: time the reason why we don't need a bitcoin et F,

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Speaker 1: and I'm saying it on a Bitcoin et F podcast,

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Speaker 1: Nate and whoever else we don't need it, it's because

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Speaker 1: of cash app, and none of you have given me

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Speaker 1: a good reason why. Since if cash app exists, we

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Speaker 1: don't need an e t F. Let's move on. So

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Speaker 1: by big corner, Cash app goes right into cold storage.

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Speaker 1: You can withdraw, you can do whatever you want with it.

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Speaker 1: They've also now allowed you to um fractionally invest into

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Speaker 1: stock right there in the app. So that's essentially what

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Speaker 1: it is. It's a better venmo, better PayPal, all those things.

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Speaker 1: So that's essentially what it is. So so cash app

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Speaker 1: is key, or it could be something else in ten years.

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Speaker 1: But this kind of an app, because most people have

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Speaker 1: phones at this point, right. Um. In fact, if we

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Speaker 1: look at the half that isn't invested, what percentage of

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Speaker 1: them do you think have a phone that could get

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Speaker 1: that app? The majority? And that's what people don't understand

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Speaker 1: about fintech. Another thing that bothers me. We have all

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Speaker 1: these conversations about fintech, fintech, this fintech that you know,

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Speaker 1: who the greatest users of FinTechs are? Is that demographic?

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Speaker 1: And and if you if you scroll down even more,

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Speaker 1: it's people of color, right, And I'll scroll down even

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Speaker 1: more because I still don't know what people of color means,

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Speaker 1: but black people, right. So the majority of folks have

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Speaker 1: a phone, they have these apps on their phone, but again,

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Speaker 1: either they don't know how to use them or they

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Speaker 1: don't have they don't know how to use them properly.

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Speaker 1: So it's the same thing. I could have any t F,

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Speaker 1: I could have a brokerage account, I can have an

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Speaker 1: r A doesn't mean I know the ins and outs

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Speaker 1: of how it works, right, So that's where the second

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Speaker 1: ee comes in. But oh well, my next question, really,

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Speaker 1: I guess it's a good segue. Is so I've seen

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Speaker 1: you post clips of you teaching people. You're you're in

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Speaker 1: Detroit with Fill doing some education there, let's go over

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Speaker 1: the education. Now that we know the tools, great question, right,

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Speaker 1: So so the second part of the of that is

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Speaker 1: again the education piece, which is simply saying, okay, well,

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Speaker 1: what is it you have access to? I always ask that, right,

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Speaker 1: what do you use to bank yourself right now? Or

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Speaker 1: whatever the case may be. And if they say, well,

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Speaker 1: they you know, they use they still use money orders,

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Speaker 1: or they still use payday loans or whatever, I try

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Speaker 1: and say, well, like the whole there's an app for that, right,

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Speaker 1: like you kind of do that, or you ask them

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Speaker 1: if they do have apps like what you're you using,

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Speaker 1: and then try and get them to full understand the

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Speaker 1: full robust capabilities of that. But the main piece of

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Speaker 1: education is as we as we were talking about before

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Speaker 1: we were recording as an industry, that's what we like

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Speaker 1: to lead with. We're smart, right, some of us I'm not,

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Speaker 1: but some of us are ivy league educated and have

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Speaker 1: this all these big degrees or whatever and so on

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Speaker 1: and so forth. So we like to just cram education

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Speaker 1: down people's throat. But again, going back to the exposure piece,

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Speaker 1: if I've exposed myself to what it is you have

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Speaker 1: access to. Now I know what to talk to you about. Right, Okay,

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Speaker 1: well you were you want to invest, But here's a

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Speaker 1: here's an updated version of that. So you may be

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Speaker 1: someone again. I talked about this all the time. You

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Speaker 1: may be a part of a su su. All of

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Speaker 1: my Caribbeans out there and know what the SUSU is.

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Speaker 1: The four of us sitting at this table, we all

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Speaker 1: put in the hand a hundred dollars. We all get

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Speaker 1: four hundred dollars at some point. We're trusting everybody's gonna

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Speaker 1: put in the hand crypto folks. That's the first blockchain

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Speaker 1: by the way, anyway, so we all put in our

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Speaker 1: full hands. Is trust us, no bank, no lending, no

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Speaker 1: credit checks. So if I know that you are part

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Speaker 1: of a susu, which my parents are, now here's the

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Speaker 1: beauty of this. My parents are in the SUSU. They

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Speaker 1: can't contribute to it unless my mother texts me and says,

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Speaker 1: can you send it electronically? See what I'm saying Like,

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Speaker 1: this is how this works. So even now we've come

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Speaker 1: to the point where even the people who are outside

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Speaker 1: of the banking system still can't interact until we get

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Speaker 1: them exposed to the basics of my parents can't use

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Speaker 1: an app. You cannot tell me they're the only ones.

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Speaker 1: There's millions of people who can't use an app or

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Speaker 1: won't use it. So that's where the education piece comes in,

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Speaker 1: because now in order for us to even get the

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Speaker 1: full robustness of all the technology that we have, we

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Speaker 1: still got to bring these people into the banking system

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Speaker 1: to show them the next step. Are there nonprofit organizations

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Speaker 1: that say are a little bigger than you know, you

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Speaker 1: would fill like larger one that are doing this trying

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Speaker 1: to get people because this the phone really is a

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Speaker 1: monster resource for this. Is that happening or they still

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Speaker 1: go into schools and teaching like what is this stock

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Speaker 1: and body, not going into the practicals things that's the

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Speaker 1: true democratize But yeah, they are going into schools. I

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Speaker 1: don't know if any that are actually doing that bare

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Speaker 1: bones basic work, which is why I do it um

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Speaker 1: and which is why I partner with folks, and I

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Speaker 1: think that's why a lot of people want to partner

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Speaker 1: with me, because there's a layer to this, right we

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Speaker 1: and and again God bless all our troops, but just

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Speaker 1: to use this as an example is we need navy seals.

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Speaker 1: We need people who are gonna be boots on the ground,

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Speaker 1: literally get into the trenches, see field, touch people's condition.

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Speaker 1: Then there's a layer of people that say, Okay, well

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Speaker 1: I'm gonna do this, I'm gonna I'm gonna speak your conferences,

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Speaker 1: I'm gonna do podcasts, whatever. And then there's people at

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Speaker 1: the top that just got to drop down the blessings, right,

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Speaker 1: they write checks and they fund yeah, the god level. Yeah,

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Speaker 1: everyone has a role here. But I think we need

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Speaker 1: more organizations and more people. Are you folks that want

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Speaker 1: me to speak at your conference? We need to get again,

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Speaker 1: there's no reason why we can't get tenant bodgers at

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Speaker 1: a conference to go into or bring kids or people

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Speaker 1: whatever into a room and literally talk about the bare

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Speaker 1: basics of this stuff and make that a concurrent thing.

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Speaker 1: Does cash app or Square do this kind of cash

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Speaker 1: app They do fantastic education. The two pieces that they

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Speaker 1: put out one on what the stock is? Not a

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Speaker 1: financial firm in the country did anything better on how

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Speaker 1: to explain what the stock was? And here's how I

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Speaker 1: know they they haven't yet. They have that's coming bonds

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Speaker 1: where there um but they but they did so so

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Speaker 1: so good of a job with that. Is, right after

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Speaker 1: they announced it and my sister went on and actually

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Speaker 1: watched it, she she text me and said, oh, what

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Speaker 1: do you think about buying stock on cash app? Right

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Speaker 1: because she instantly understood what the hell of stock was.

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Speaker 1: So they do a really good job with that. Um,

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Speaker 1: but we need more of that. And that's where I

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Speaker 1: think your Varrows, when your fin techs, your your your

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Speaker 1: cash app, your Chimes, your Acorns, like all of these companies,

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Speaker 1: they're doing a really good job of educating people and

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Speaker 1: giving them. Okay, well, yeah, we have these options for you,

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Speaker 1: but we have to educate you first, and then here's

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Speaker 1: how we're gonna make it so simple for you. On going,

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Speaker 1: one question with cash app, does it matter that is

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Speaker 1: it one of those I forget the name for network

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Speaker 1: effect where everybody has to use it for it to

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Speaker 1: work well, or could like cash app be used ten

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Speaker 1: years even though like like could you know how my

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Speaker 1: Space became irrelevant? Can cash ap still be used without

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Speaker 1: a lot of people using it? Yeah? Okay, so any

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Speaker 1: of those could be used. You don't have to use

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Speaker 1: the one at the time, And and then people go, well,

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Speaker 1: you need you need a banking account to set it up.

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Speaker 1: First of all, they'll give you one, right, and then

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Speaker 1: the other pieces. If I have If I want to

428
00:20:36,960 --> 00:20:38,560
Speaker 1: set up a cash app and I go into the

429
00:20:38,600 --> 00:20:41,560
Speaker 1: app and I set it up or whatever, and I

430
00:20:41,680 --> 00:20:44,040
Speaker 1: don't have an account, there is a wave someone that

431
00:20:44,119 --> 00:20:47,199
Speaker 1: does have one, right, they can help you get up

432
00:20:47,240 --> 00:20:49,479
Speaker 1: to speed once, right, so one hand wash the other.

433
00:20:49,520 --> 00:20:51,200
Speaker 1: They both watched the faces. My mother would say. But

434
00:20:51,359 --> 00:20:55,480
Speaker 1: there's literally no reason why, literally no reason why outside

435
00:20:55,520 --> 00:20:58,160
Speaker 1: of again, the first the exposure that no one should

436
00:20:58,200 --> 00:21:00,920
Speaker 1: have access to banking in his countries a joke. And

437
00:21:01,080 --> 00:21:03,720
Speaker 1: you've talked a lot about how if you do get

438
00:21:03,760 --> 00:21:05,760
Speaker 1: the cash app and you have the phone, and you're

439
00:21:05,800 --> 00:21:09,040
Speaker 1: at that step, you think crypto is has been a

440
00:21:09,119 --> 00:21:12,680
Speaker 1: good first step before you get to stocks, bonds and ets.

441
00:21:14,320 --> 00:21:17,119
Speaker 1: Why is that? Well, what crypto did take all of

442
00:21:17,200 --> 00:21:20,719
Speaker 1: the buzzwords out of it. It was the first asset

443
00:21:20,800 --> 00:21:24,120
Speaker 1: class in history where it was literally I could buy

444
00:21:24,200 --> 00:21:27,159
Speaker 1: a piece. All I needed was an Internet connection in

445
00:21:27,280 --> 00:21:31,280
Speaker 1: the phone, right, and it was done. Also, what it

446
00:21:31,480 --> 00:21:36,560
Speaker 1: meant was now I don't have to worry about all

447
00:21:36,640 --> 00:21:39,159
Speaker 1: of these crazy sign ups. K y C. This that

448
00:21:39,280 --> 00:21:41,399
Speaker 1: and the third is me to you. So if you

449
00:21:41,560 --> 00:21:45,400
Speaker 1: needed something right now, I'm about to get evicted, send

450
00:21:45,440 --> 00:21:47,720
Speaker 1: me some money. You get it now, right, it's me

451
00:21:47,800 --> 00:21:50,320
Speaker 1: to you as opposed who gotta wait two days or

452
00:21:50,359 --> 00:21:54,280
Speaker 1: just that like. So that's what crypto really means for

453
00:21:54,520 --> 00:21:57,920
Speaker 1: the unbanked. That's the product market fit that they don't

454
00:21:57,960 --> 00:22:00,360
Speaker 1: really want to go into and talk about. But that's

455
00:22:00,400 --> 00:22:03,080
Speaker 1: why I'm so passionate about crypto. It's not it's somebody

456
00:22:03,160 --> 00:22:05,399
Speaker 1: other stuff, but it's that, and that's why it's so

457
00:22:05,480 --> 00:22:09,720
Speaker 1: important for me, for the millions of people right let's

458
00:22:09,760 --> 00:22:12,720
Speaker 1: just call it roughly of the country. If we're going

459
00:22:12,800 --> 00:22:14,680
Speaker 1: to pull them into the banking system, I think the

460
00:22:14,720 --> 00:22:16,760
Speaker 1: best way to do it is to explain to them

461
00:22:16,840 --> 00:22:21,520
Speaker 1: the power of crypto, especially bitcoin. Again, not not the

462
00:22:21,760 --> 00:22:23,879
Speaker 1: not the uh, the little be, the big b the

463
00:22:23,960 --> 00:22:27,800
Speaker 1: actual blockchain, right, the bitcoin blockchain, not blockchain, the buzzword

464
00:22:28,200 --> 00:22:31,600
Speaker 1: of what that actually meant for how financial services has

465
00:22:31,680 --> 00:22:34,280
Speaker 1: changed forever. The ability to send money me to you

466
00:22:34,640 --> 00:22:36,560
Speaker 1: simply as someone walk on the street, or I can

467
00:22:36,600 --> 00:22:40,760
Speaker 1: hand you twenty dollars right now, you're welcome to I'll

468
00:22:40,760 --> 00:22:44,680
Speaker 1: take that, okay, So thirty what's that UM, I have

469
00:22:44,840 --> 00:22:49,520
Speaker 1: empowerment and endowment. Yeah, it's it's too easy. It's UM

470
00:22:49,920 --> 00:22:53,800
Speaker 1: and the the endowment pieces shout out to Phil and

471
00:22:54,160 --> 00:22:56,800
Speaker 1: in Detroit investing you, but just in general, because what

472
00:22:56,880 --> 00:22:58,639
Speaker 1: I would I realized, which let me just pause real

473
00:22:58,720 --> 00:23:01,760
Speaker 1: quick and explain Phil phil Ohbach has a company called

474
00:23:01,760 --> 00:23:04,439
Speaker 1: Exponential et F, famous for the r VRS, the reverse

475
00:23:04,520 --> 00:23:07,320
Speaker 1: cap weighted and you teamed up with him to do

476
00:23:07,440 --> 00:23:11,000
Speaker 1: financial literacy education into where he's based. Right exactly, So

477
00:23:11,280 --> 00:23:13,960
Speaker 1: we're we're working on a project now to bring UM

478
00:23:14,359 --> 00:23:16,960
Speaker 1: financial education to the whole city of Detroit. Right, whether

479
00:23:17,000 --> 00:23:18,920
Speaker 1: you're sitting in a prison or you're sitting in a

480
00:23:18,960 --> 00:23:21,800
Speaker 1: fortune company, it's for everyone in the city to be

481
00:23:21,880 --> 00:23:25,440
Speaker 1: led by financial advisors to provide financial literacy as early

482
00:23:25,520 --> 00:23:27,879
Speaker 1: as possible to children, all the way up to providing

483
00:23:27,960 --> 00:23:33,000
Speaker 1: financial education for teachers, employees, businesses, entrepreneurs, startups, you name it. UM.

484
00:23:33,240 --> 00:23:35,600
Speaker 1: So we're still doing a grunt workork that. Now, if

485
00:23:35,640 --> 00:23:37,560
Speaker 1: you want to help a partner, please reach out the

486
00:23:37,800 --> 00:23:43,239
Speaker 1: empowerment pieces. This so I've exposed you. Now you have questions, right,

487
00:23:43,359 --> 00:23:46,120
Speaker 1: how do how do how do I work at Bloomberg? Okay, well,

488
00:23:46,400 --> 00:23:48,159
Speaker 1: this is right, and then you educate me on the

489
00:23:48,240 --> 00:23:51,760
Speaker 1: process of how to get hired. The empowerment pieces, now

490
00:23:51,880 --> 00:23:55,639
Speaker 1: you continue to undergird me and support me with articles, links,

491
00:23:56,240 --> 00:24:00,160
Speaker 1: whatever the case may be, Continued meetings progress, right, all

492
00:24:00,200 --> 00:24:03,439
Speaker 1: of these things. So the last part of those three's,

493
00:24:03,480 --> 00:24:05,440
Speaker 1: which our business is probably the worst. That is that

494
00:24:06,000 --> 00:24:08,240
Speaker 1: is that we'll do. We'll go to the inner city

495
00:24:08,280 --> 00:24:10,680
Speaker 1: school and we'll take a picture with the kid and say,

496
00:24:10,800 --> 00:24:12,800
Speaker 1: you know, we were with the check and we go

497
00:24:12,920 --> 00:24:15,920
Speaker 1: away and the populer circumstances over And that's what And

498
00:24:16,080 --> 00:24:17,600
Speaker 1: that's one of the things. To be honest. When I

499
00:24:17,640 --> 00:24:19,320
Speaker 1: had a conversation with Phil, I'm like, if you think

500
00:24:19,400 --> 00:24:21,480
Speaker 1: that I'm getting involved with this for that, it's wrong.

501
00:24:21,960 --> 00:24:24,119
Speaker 1: We got because that's the thing I've I've gone on

502
00:24:24,200 --> 00:24:26,480
Speaker 1: record saying I believe in twenty years the financial services

503
00:24:26,520 --> 00:24:29,000
Speaker 1: industry will will be the most beloved industry in the

504
00:24:29,080 --> 00:24:33,160
Speaker 1: world because it's changing their thoughtful givers who realize it's

505
00:24:33,240 --> 00:24:36,560
Speaker 1: time for us to lead. No one else financial advisors

506
00:24:36,600 --> 00:24:39,520
Speaker 1: to lead this movement. So the empowerment pieces saying Okay,

507
00:24:39,520 --> 00:24:42,320
Speaker 1: well we'll come to your school. I'll speak at your school.

508
00:24:42,359 --> 00:24:44,359
Speaker 1: While I'm there, I'm gonna ask about student lunch that

509
00:24:44,440 --> 00:24:46,400
Speaker 1: and I'm gonna ask about the students who can't graduate

510
00:24:46,600 --> 00:24:49,040
Speaker 1: because they owe money to the library. I'm also gonna

511
00:24:49,080 --> 00:24:50,879
Speaker 1: ask to speak to the parents. We're also going to

512
00:24:51,000 --> 00:24:53,240
Speaker 1: create an endowment so that the kids get books, so

513
00:24:53,400 --> 00:24:56,879
Speaker 1: that the of young black men and are not a

514
00:24:56,920 --> 00:24:58,560
Speaker 1: boys who are nine years old in this country they

515
00:24:58,600 --> 00:25:00,879
Speaker 1: cannot read. That's a christ is for everybody by the

516
00:25:00,920 --> 00:25:03,200
Speaker 1: way that they start to get the resources that they need.

517
00:25:03,320 --> 00:25:05,399
Speaker 1: So now I can leave a book at your school.

518
00:25:05,440 --> 00:25:07,320
Speaker 1: But if I come and read you and I look

519
00:25:07,359 --> 00:25:09,240
Speaker 1: into this little boy's face and he can see me

520
00:25:09,320 --> 00:25:11,520
Speaker 1: that I'm invested in him. And that's what this is about.

521
00:25:11,600 --> 00:25:14,040
Speaker 1: We need to invest in people. Wall Street doesn't invest

522
00:25:14,119 --> 00:25:17,080
Speaker 1: in people like literally putting something in them. Yeah, and

523
00:25:17,200 --> 00:25:18,400
Speaker 1: let me you know, I want to throw this out

524
00:25:18,440 --> 00:25:20,440
Speaker 1: at you. And something I've been thinking about, especially last

525
00:25:20,480 --> 00:25:23,400
Speaker 1: year because the market was up thirty If you look

526
00:25:23,440 --> 00:25:27,680
Speaker 1: at the extra revenue that Wall Street firms, asset managers

527
00:25:27,760 --> 00:25:31,160
Speaker 1: got really for doing nothing extra. Because they get paid

528
00:25:31,240 --> 00:25:34,439
Speaker 1: as a percentage of the assets, and the assets balloon

529
00:25:34,560 --> 00:25:38,520
Speaker 1: because the markets up, it's almost like a subsidy they get.

530
00:25:38,600 --> 00:25:42,439
Speaker 1: It's almost like socialism for this industry, and it seems

531
00:25:42,480 --> 00:25:46,200
Speaker 1: like that might be a good thing. That extra gravy

532
00:25:46,400 --> 00:25:48,840
Speaker 1: might be a good thing to take and package back

533
00:25:48,960 --> 00:25:52,440
Speaker 1: into what you're talking. Absolutely, no, we should, but but

534
00:25:52,520 --> 00:25:54,359
Speaker 1: I think again, somebody has to lead and jump over

535
00:25:54,440 --> 00:25:55,840
Speaker 1: the wall first, and that's what I'm trying to do.

536
00:25:56,040 --> 00:25:58,679
Speaker 1: But there are some financial advisors who have reached out

537
00:25:58,720 --> 00:26:01,800
Speaker 1: to me, so um, there's a one group of advisors

538
00:26:01,920 --> 00:26:04,640
Speaker 1: who are taking some of the only reason they sell

539
00:26:04,720 --> 00:26:07,359
Speaker 1: insurance is to take the fees and donate it to

540
00:26:07,440 --> 00:26:09,800
Speaker 1: a financial literacy movement. We may be getting to involved

541
00:26:09,800 --> 00:26:13,280
Speaker 1: with Detroit investing you. I think that's a great idea, right. Also,

542
00:26:13,520 --> 00:26:15,480
Speaker 1: I had a meeting this past Sunday with a gentleman

543
00:26:15,480 --> 00:26:17,520
Speaker 1: who's a very big time exause he reached out to

544
00:26:17,560 --> 00:26:20,120
Speaker 1: me on LinkedIn, big time executive at Mass Mutual. He said,

545
00:26:20,160 --> 00:26:24,560
Speaker 1: there is a billion dollar fund billion with a B

546
00:26:25,240 --> 00:26:28,520
Speaker 1: for financial advisors and folks at Mass Mutual to use

547
00:26:28,680 --> 00:26:32,560
Speaker 1: for philanthropic things. Said, no one touches it because they

548
00:26:32,600 --> 00:26:34,920
Speaker 1: don't get paid for it, and there they don't see

549
00:26:34,960 --> 00:26:37,640
Speaker 1: any any r O I from it, so they don't

550
00:26:37,720 --> 00:26:40,959
Speaker 1: actually actually be proactive to use it. That is a problem.

551
00:26:41,040 --> 00:26:43,000
Speaker 1: So again I think, and here's the other thing I

552
00:26:43,080 --> 00:26:45,280
Speaker 1: want to I want to make this very clear. The

553
00:26:45,400 --> 00:26:49,199
Speaker 1: bigger issue that I've learned being in this industry fourteen

554
00:26:49,280 --> 00:26:51,879
Speaker 1: years and seeing how I've been treated, how people who

555
00:26:52,080 --> 00:26:54,159
Speaker 1: where I come from get treated, people who look like

556
00:26:54,280 --> 00:26:59,320
Speaker 1: me get treated, is there's a lack of education. You

557
00:26:59,359 --> 00:27:00,879
Speaker 1: don't you can get a E FPS, C F A

558
00:27:01,160 --> 00:27:03,680
Speaker 1: and N B A or whatever, they not. They don't

559
00:27:03,760 --> 00:27:06,720
Speaker 1: teach you how to give. We don't know how to give.

560
00:27:07,040 --> 00:27:08,439
Speaker 1: So if we don't know how to give, I can

561
00:27:08,480 --> 00:27:10,760
Speaker 1: give you a billion dollars, but you're gonna find everything

562
00:27:10,840 --> 00:27:12,920
Speaker 1: to do with it for yourself. But if you don't

563
00:27:12,960 --> 00:27:15,920
Speaker 1: know how to give, literally say, let me be proactive

564
00:27:15,960 --> 00:27:18,280
Speaker 1: in my thought process of how I structure my giving.

565
00:27:18,880 --> 00:27:21,600
Speaker 1: That's where the empowerment piece comes in, because now it says, okay,

566
00:27:21,640 --> 00:27:24,240
Speaker 1: well we have these certain we we we look at

567
00:27:24,280 --> 00:27:26,640
Speaker 1: our book of business as a financial advisor and say, okay, well,

568
00:27:27,119 --> 00:27:29,760
Speaker 1: you know there might be left here that we can

569
00:27:29,800 --> 00:27:33,200
Speaker 1: do something with. Okay, let me go to the school

570
00:27:33,240 --> 00:27:36,760
Speaker 1: system where I don't want my kids to go and

571
00:27:36,880 --> 00:27:40,720
Speaker 1: see if I can utilize the money they're not. So

572
00:27:41,119 --> 00:27:44,280
Speaker 1: the rowing team and the soccer travel, soccer team and

573
00:27:44,320 --> 00:27:46,560
Speaker 1: all that stuff, have more of what they already have.

574
00:27:47,000 --> 00:27:49,840
Speaker 1: But to make sure those kids over there the equal opportunity.

575
00:27:50,000 --> 00:27:52,840
Speaker 1: And by the way, I always say this, I'm that

576
00:27:53,080 --> 00:27:55,000
Speaker 1: other kid. So if no one did it for me,

577
00:27:55,680 --> 00:27:58,560
Speaker 1: I wouldn't be sitting here. We're at, um the beginning

578
00:27:58,560 --> 00:28:01,240
Speaker 1: of the year, and I think, you know that's everybody

579
00:28:01,280 --> 00:28:04,680
Speaker 1: makes resolutions, right how do you help people right now?

580
00:28:05,040 --> 00:28:06,919
Speaker 1: Clean slate, beginning of the year. How do you how

581
00:28:06,920 --> 00:28:08,320
Speaker 1: do you help them take charge of their life in

582
00:28:08,359 --> 00:28:10,760
Speaker 1: a way that um, you know, maybe wouldn't have worked

583
00:28:10,760 --> 00:28:12,680
Speaker 1: in the past. I think one of the things that

584
00:28:12,880 --> 00:28:15,439
Speaker 1: I think is really important, and if you if you're

585
00:28:15,560 --> 00:28:18,080
Speaker 1: if you're speaking from a financial standpoint, when you're talking

586
00:28:18,119 --> 00:28:21,159
Speaker 1: about that demographic and just people in general, what again

587
00:28:21,400 --> 00:28:23,960
Speaker 1: the privileged conversation that we have is we talk about

588
00:28:24,000 --> 00:28:25,800
Speaker 1: e T s and how you could invest in immunity

589
00:28:25,840 --> 00:28:28,200
Speaker 1: bonds and this that whatever and crypto ite or some

590
00:28:28,400 --> 00:28:33,000
Speaker 1: people just simply need to understand how to make more money.

591
00:28:33,480 --> 00:28:36,399
Speaker 1: People just don't make enough. Right. So one of the

592
00:28:36,480 --> 00:28:37,920
Speaker 1: things that I try and tell people to do and

593
00:28:38,040 --> 00:28:41,560
Speaker 1: is really simple, I understand, is again digit all these

594
00:28:41,880 --> 00:28:44,720
Speaker 1: budgeting apps, this that, or whatever. I believe in the

595
00:28:44,840 --> 00:28:47,200
Speaker 1: power of exposure. If I see it, I can be it.

596
00:28:47,560 --> 00:28:49,240
Speaker 1: So this is what I tell everybody. I don't care

597
00:28:49,280 --> 00:28:52,440
Speaker 1: who you are, fifty million, hundred million, whatever, you're poor,

598
00:28:52,960 --> 00:28:55,520
Speaker 1: this that, whatever. Take a white piece of paper, draw

599
00:28:55,560 --> 00:28:59,000
Speaker 1: a line down the middle. Every cent that comes in

600
00:28:59,480 --> 00:29:01,560
Speaker 1: on the other side, every cent that goes out, And

601
00:29:01,640 --> 00:29:03,920
Speaker 1: it's basic. If you got a number on the bottom left,

602
00:29:04,520 --> 00:29:06,680
Speaker 1: you're blessed. If you don't have a number. If you

603
00:29:06,720 --> 00:29:08,760
Speaker 1: have a number on the bottom right, there's something you

604
00:29:08,840 --> 00:29:10,200
Speaker 1: need to look at. What is it that I need

605
00:29:10,280 --> 00:29:12,720
Speaker 1: to fix. Then you take the next step of saying,

606
00:29:13,240 --> 00:29:15,320
Speaker 1: take the last three months of your checking or whatever

607
00:29:15,320 --> 00:29:16,680
Speaker 1: it is you're doing, to look at where you spend

608
00:29:16,720 --> 00:29:18,720
Speaker 1: your money. I tell all my clients that's people I

609
00:29:18,840 --> 00:29:20,640
Speaker 1: talk to, Give me the last three months of your

610
00:29:20,720 --> 00:29:22,520
Speaker 1: checking account, and I don't need to know nothing about you.

611
00:29:22,960 --> 00:29:25,160
Speaker 1: I know how much you make, where you spend it,

612
00:29:25,400 --> 00:29:27,840
Speaker 1: how often you spend it, what time you spend it, Like,

613
00:29:27,920 --> 00:29:29,560
Speaker 1: I can learn a lot about you from that. So

614
00:29:29,680 --> 00:29:31,080
Speaker 1: I think what we need to do and what I

615
00:29:31,200 --> 00:29:33,520
Speaker 1: try to do with my platform, and just get people

616
00:29:33,560 --> 00:29:36,480
Speaker 1: to be transparent and open with themselves, because once you

617
00:29:36,520 --> 00:29:38,600
Speaker 1: start to understand self, then you could be a more

618
00:29:38,640 --> 00:29:42,160
Speaker 1: thoughtful giver, more thoughtful husband, more thoughtful father, right, more

619
00:29:42,200 --> 00:29:46,680
Speaker 1: thoughtful advisor, and to be honest and and and I

620
00:29:46,760 --> 00:29:49,960
Speaker 1: don't want this to go off without saying this, because

621
00:29:50,320 --> 00:29:53,920
Speaker 1: these moments are important. What you, gentlemen, has just have

622
00:29:54,120 --> 00:29:56,680
Speaker 1: just done for me is exactly it. If you don't

623
00:29:56,680 --> 00:29:58,520
Speaker 1: do anything else this year, you have to understand what

624
00:29:58,640 --> 00:30:01,480
Speaker 1: this means to me and the people that I speak

625
00:30:01,520 --> 00:30:04,240
Speaker 1: for and I fight for. And it's hard, and it's exhausting,

626
00:30:04,560 --> 00:30:06,160
Speaker 1: and people laugh at you and they tell you those

627
00:30:06,200 --> 00:30:08,080
Speaker 1: people don't matter. But when I go and sit with

628
00:30:08,200 --> 00:30:12,160
Speaker 1: my parents, I realize it matters. Right when my mother says,

629
00:30:12,240 --> 00:30:14,840
Speaker 1: you know what, man, we would love to know what

630
00:30:15,000 --> 00:30:18,480
Speaker 1: it's like to have a hundred dollars whenever we need it, right, Like,

631
00:30:18,880 --> 00:30:22,560
Speaker 1: just imagine that, right, um, having to raise children with

632
00:30:22,680 --> 00:30:25,120
Speaker 1: no formal education. So if the fact that you've guys

633
00:30:25,400 --> 00:30:29,800
Speaker 1: have done this and exposed the people that I fight

634
00:30:29,880 --> 00:30:31,960
Speaker 1: for and speak for, it, this is really important. And

635
00:30:32,400 --> 00:30:35,040
Speaker 1: it speaks to the larger purpose again of just giving right,

636
00:30:35,120 --> 00:30:38,080
Speaker 1: giving someone in a platform, giving someone in the opportunity

637
00:30:38,200 --> 00:30:40,880
Speaker 1: to speak for those who don't have a voice. Um,

638
00:30:41,520 --> 00:30:43,640
Speaker 1: but that it can only come right as as I

639
00:30:43,760 --> 00:30:45,800
Speaker 1: I said, with personal reflection, where it's like, Okay, I

640
00:30:45,840 --> 00:30:47,280
Speaker 1: feel like I can do a little more here. Well,

641
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Speaker 1: let me go tap him on the shoulder, because he

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Speaker 1: seems like he has a little bit more about that

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Speaker 1: than me. UM. So I don't want to leave this

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Speaker 1: moment without saying I'm extremely appreciative and grateful. This means

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Speaker 1: the world to me. You have no idea, um, and

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Speaker 1: it's gonna take a little moments like this to start

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Speaker 1: to change an industry for that, for hundreds of hundreds

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00:31:02,480 --> 00:31:05,480
Speaker 1: of years, has ignored the majority of the country. So

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Speaker 1: I appreciate You're welcome. One last thing, uh the podcast

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Speaker 1: about E t F s U favorite E t F

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00:31:12,480 --> 00:31:19,480
Speaker 1: ticker favorite E t F ticker nerds one of the

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Speaker 1: new video game ets. That's UNDI. That is a good one.

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Speaker 1: That's top ten. Tyrone Ross, thanks for joining us, and trillion,

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00:31:31,120 --> 00:31:33,920
Speaker 1: thanks for listening to trillions until next time. You can

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00:31:33,920 --> 00:31:38,640
Speaker 1: find us on the Bloomberg Terminal, Bloomberg dot com, Apple Podcast, Spotify,

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00:31:39,080 --> 00:31:41,200
Speaker 1: and wherever else you like to listen. We'd love to

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00:31:41,280 --> 00:31:43,840
Speaker 1: hear from you. We're on Twitter, I'm at Joel Webber Show,

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00:31:44,200 --> 00:31:47,240
Speaker 1: He's at Eric call Tunis, and you can find Tyrone

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00:31:47,760 --> 00:31:51,680
Speaker 1: at t R four oh one. This episode of Trillions

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00:31:51,800 --> 00:31:55,320
Speaker 1: was produced by Magnus Hendrickson and edited by Jarrell Dillard.

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Speaker 1: Francesca Levi is the head of Bloomberg podcast by two