Speaker 1: Welcome the Money and Wealth with John O'Briant, a production
Speaker 1: of The Black Effect Podcast Network and iHeartRadio. Yo Yo Yo,
Speaker 1: John O'Brien Here, this is Money and Wealth with jj B.
Speaker 1: So reader ass, listener ass support her ass? How can
Speaker 1: I make ten thousand dollars and two weeks if my
Speaker 1: life depended on it? I don't want to see who
Speaker 1: the listener was. I'm about to blow up the question.
Speaker 1: The answer is, you can't unless you rob somebody and
Speaker 1: then you put your own life at risk. I mean
Speaker 1: you cant is a big words. Right, My middle name
Speaker 1: is Hope. I'm not saying you can't. The likelihood of
Speaker 1: you being able to do this legally to make ten
Speaker 1: thousand dollars in two weeks, and I assume and this
Speaker 1: question you're working class, middle class or you're not. I mean,
Speaker 1: I can make ten thousan dollars in two weeks, but
Speaker 1: I don't need it. If you need it, right, the
Speaker 1: very nature of you needing it is you know is
Speaker 1: relevant to you. Then the likelihood of you being able
Speaker 1: to legitimately honestly make ten thousands in two weeks is
Speaker 1: very low, which means you're gonna have to do something
Speaker 1: sketchy in which means you're gonna put your life at risk.
Speaker 1: Maser Chris Rock said, dude's next door neighbor robbed him
Speaker 1: and he knew he robbed him. He's like, hey man,
Speaker 1: what's going on. I heard you got robbed? He said,
Speaker 1: you didn't hear stuff because you were doing stuff. You
Speaker 1: robbed me. So yeah, don't don't rob anybody. It's uh.
Speaker 1: And don't do anything illegal. And you know, karma is
Speaker 1: real and whatever goes around comes around, and it looks
Speaker 1: too good to be true, it normally is. So yeah,
Speaker 1: that's the short answer. The question is you really can't
Speaker 1: legitimately make ten thousands in two weeks. Now, that's the
Speaker 1: bad news. Everything else I would tell you is the
Speaker 1: good news. By the way, love is work, Love is laziness,
Speaker 1: anti love is evil. Evil exists, but it's very rare.
Speaker 1: Most people are just lazy, intellectually lazy, financially lazy, physically lazy,
Speaker 1: spiritually lazy. They don't want to do the work. They
Speaker 1: want somebody else to do it for them. Only in
Speaker 1: the dictionary does the word success come before the word work,
Speaker 1: because it's alphabetical. Right. So here's the good news. You know,
Speaker 1: you got to do the work. Everybody has to do
Speaker 1: the work. And now you know if you do the
Speaker 1: work from the neck up, from the shoulders down, you
Speaker 1: work smart, not hard. You can get to a point
Speaker 1: I e. My story, my story where you can make
Speaker 1: ten thousand dollars in two weeks. But at that point
Speaker 1: you're compounding mostly like in other words, you make money
Speaker 1: during the day, you build wealth in your sleep. So
Speaker 1: I will get a check for something and I'm like,
Speaker 1: what's this for? That's what you want to get, but
Speaker 1: it took It's taken me twenty thirty years to get there.
Speaker 1: What's this for? Means? It's interest on you know, a dividend,
Speaker 1: it's dividend, a dividend payment, you know, or interest on
Speaker 1: stocks and bonds, or interest on some real estate investment
Speaker 1: or rent or something like that. It's some payment all
Speaker 1: of an asset and assets not on your ass right.
Speaker 1: This is a real asset, right, and you're benefiting from it.
Speaker 1: By the way, it's an old saying, but it's true.
Speaker 1: And this is that further up the ladder you get
Speaker 1: sort of story. What's harder to make a thousand on
Speaker 1: ten thousand than it is to make ten thousand on
Speaker 1: one hundred thousand. But it's harder to make ten thousand
Speaker 1: one hundred thousand than it is to make one hundred
Speaker 1: thousand on ten million. If you have ten million, it's
Speaker 1: actually pretty easy to make one hundred thousand dollars a year.
Speaker 1: It's actually if you have excuse me, four million, three
Speaker 1: million dollars a year, sorry, an assets, you can make
Speaker 1: six figures without lifting a finger. It just passive income.
Speaker 1: You never touch the principle. If you just make sound
Speaker 1: conservative investments in the stock market, or there's a range
Speaker 1: of other things you can do. It stands the reason
Speaker 1: if you have a billion dollars in assets, then it's
Speaker 1: actually easier. You know, well, there's a line of sight
Speaker 1: to you know, one hundred million dollars a year. If
Speaker 1: you have a billion dollars in assets, that's ten percent
Speaker 1: by the way of return on the billion dollars, where
Speaker 1: your principle doesn't go away, and you've made ten percent
Speaker 1: of that, which is one hundred million dollars. So compounding,
Speaker 1: the more you make, the easier it is to make
Speaker 1: more on what you made. Now, unless you're just hustling,
Speaker 1: unless you're just trying to make a dollar out of
Speaker 1: fifteen cents. You're just trying to You're always trying to
Speaker 1: make some moodless money, some cash. You know, again, you
Speaker 1: get into that whole scamming messing around world where you
Speaker 1: know somebody's literally trying to get rich quick, so multi
Speaker 1: level marketing. You know, there's a lot of people running around.
Speaker 1: I do you know I'm gonna do a whole separate
Speaker 1: situation on scam So I'm not getting into that now.
Speaker 1: But the short answer to this question is yes, it
Speaker 1: is possible. You know, anything's possible, right, So I don't
Speaker 1: want to diminish your I don't want to just goourage
Speaker 1: you or diminish your overall enthusiasm for whatever dream you have. Right,
Speaker 1: anybody can get lucky, but the rational reasonable you know,
Speaker 1: I'm not gonna get shot or killed or arrested. Answer
Speaker 1: to can somebody who makes fifty thousand dollars a year
Speaker 1: make ten two weeks if their life depended on it?
Speaker 1: The answer that is probably not, unless your life does
Speaker 1: depend on it. Boy, here's a truth that is as
Speaker 1: old as Jesus and the world itself, the modern world itself.
Speaker 1: Somebody is always trying to separate you from your money.
Speaker 1: You from your wallet. John O'Brien, this is money and wealth. So, yeah,
Speaker 1: how to identify scams is you know, it's three triggers. Really,
Speaker 1: it's more than three triggers, but here's some easy ones.
Speaker 1: There's an emotional trigger. These are the triggers that people
Speaker 1: were trying to pull on you to get you to
Speaker 1: separate you from your wallet. There's an emotional trigger. There's
Speaker 1: a formal trigger, in other words, trying to look like
Speaker 1: they're part of the system. Emotion was like inspiring you,
Speaker 1: convincing you, and you know, trying to make you feel
Speaker 1: like you're part of a movement or doing good or whatever.
Speaker 1: And then there's greed. Okay, and the biggest of these three,
Speaker 1: without question is greed. So let me get into this
Speaker 1: in no particular order. There's a couple lot of well, again,
Speaker 1: in no particular order. They pick on, made off, made off,
Speaker 1: made off with I think it was fifty billion dollars
Speaker 1: with a B billion and he says, you know, Bernie
Speaker 1: Madoff says, how are you to get away with this?
Speaker 1: He was, you know, embraced by the establishment, part of
Speaker 1: the formal economy, dealt with sophisticated investors. I'm gonna deal
Speaker 1: with crimes really for forking class folks, middle class folks
Speaker 1: and poor folks here and really primarily but he was
Speaker 1: dealing with high net worth investors. How do he get
Speaker 1: away with it, he says himself, because people were greedy.
Speaker 1: They wanted to believe that he could give them some
Speaker 1: crazy returns on their money. So they turn their their
Speaker 1: their heads to common sense. Common sense is not so common.
Speaker 1: If you look for the truth, you'll find it, right.
Speaker 1: But to rationalize is to tell rational lies, right, and
Speaker 1: you know, you tend to believe what you want to believe.
Speaker 1: So whether it's Bernie made Off who made off with
Speaker 1: fifty billion, or whether it's this dude who out of
Speaker 1: Malaysia the one I don't want to give this wrong
Speaker 1: because I've got a one MBB initiative and I never
Speaker 1: like confusing anybody confusing it two one mbb and this
Speaker 1: is one bb or something like that. Anyway, it was
Speaker 1: a dude out of Malaysia who scammed the country out
Speaker 1: of billions billions, I mean just out of the sovereign
Speaker 1: fund of Malaysia. By the way. See when I pull
Speaker 1: the guy's name, we're talking and you know again the
Speaker 1: prime minister was involved and all these people. How could
Speaker 1: you get the prime minister involved with a scam in Malaysia?
Speaker 1: Easy greed because it appears the prime minister was also
Speaker 1: in on the scam, right, And this guy went and
Speaker 1: hid in China and he's still in China. I read
Speaker 1: this book that I don't often read seven hundred page books,
Speaker 1: but this book I did read and it's it's fascinating.
Speaker 1: And I'll come back to that because I'm trying to
Speaker 1: look up I want to make sure that I pull
Speaker 1: up this guy's name and you can do some research
Speaker 1: on him yourself. This is like, you know, and he's
Speaker 1: a young guy. He was in his twenties, but once
Speaker 1: again and he and he did you know, he financed
Speaker 1: Hollywood movies and he you know, he had all kind
Speaker 1: of legitimate One m dB is the name of the scam,
Speaker 1: by the way, and Joe Lowe is a guy's name, right,
Speaker 1: four billion dollars stolen from that one m dB. Fun
Speaker 1: Joe lows this guy's name. The Department of Justice tried
Speaker 1: to prosecute him. That prosecute abstincia because he's on the run.
Speaker 1: They were able to trace down one hundred million dollars.
Speaker 1: But I mean he just got scammed, just everybody. It's
Speaker 1: fascinating documentaries out on it. Check it out. The Prime
Speaker 1: Minister again, big names Wall Street investment firms and you
Speaker 1: know got taken for a ride in this thing. A
Speaker 1: lot of people got hurt. Right then you step down
Speaker 1: a few levels and this is a couple in Texas,
Speaker 1: black couple. I want I want to mention their name.
Speaker 1: They're still being you know, going through through the criminal
Speaker 1: justice system, and while there has been a verdict raised,
Speaker 1: it's not over. And I want to ruin their reputation
Speaker 1: by mentioning. Then they making a bad situation worse. But
Speaker 1: you know, you're probably know what I'm talking about. They
Speaker 1: use spirituality in the church to try to get folks
Speaker 1: to time into there. I'll say, blessed, That's all I'm
Speaker 1: gonna say. And again, and they promised to you something
Speaker 1: that you shouldn't have believed. They were talking about doubling
Speaker 1: or tripling your money or some crazy thing. I forget
Speaker 1: the numbers, but it was like crazy or it was
Speaker 1: even worse than that, I mean bigger than that. There's
Speaker 1: no way you can give these kinds of returns. Again,
Speaker 1: Greed right. They use emotionalism, and they use I guess,
Speaker 1: the formality of the church, and they use greed, they
Speaker 1: use all the tricks of the trade. Do I think
Speaker 1: there were bad people? Do I think they woke up
Speaker 1: in the morning and said, ooh, let me scam out
Speaker 1: my own people. No, I don't think that's the case.
Speaker 1: I don't know them, but I don't think that's the case.
Speaker 1: I just think that again, the rational lies is tell
Speaker 1: rational lies. You convince yourself that what you're doing is
Speaker 1: the right thing when it is the wrong thing. And
Speaker 1: as a dude, I know guy, I know uh pastor
Speaker 1: out of Houston, really nice guy marn a mega church
Speaker 1: in Houston, Reverend Curby John Calwell. He's serving time right now.
Speaker 1: Do I think he did something malicious? No, I don't.
Speaker 1: But he convinced himself. And I wish you would have
Speaker 1: called me out or told him to stay away from
Speaker 1: it with a foot pole. But he convinced himself that
Speaker 1: when somebody came to him with with Chinese bearer bonds
Speaker 1: or some kind of crazy thing, that he convinced himself
Speaker 1: that it was legit. And he had all stack of
Speaker 1: documents against formality, a stack of documents that supposedly proved
Speaker 1: that this was legit. I would have told him it wasn't.
Speaker 1: And he, you know, used his influence or the other
Speaker 1: people used his influence as a prominent pastor to raise
Speaker 1: money from unsuspecting investors, and it all blew up and
Speaker 1: he's in jail right now. And it's you know, I mean,
Speaker 1: this guy's counseled presidents again, A nice guy. I like
Speaker 1: him to this day. I like him, And do I again,
Speaker 1: do I think he was malicious? No? I do not.
Speaker 1: He's even paid restitution. He actually paid back. I believe
Speaker 1: the principal sum of the money that was invested through
Speaker 1: these bonds out of his own funds. But you know,
Speaker 1: I don't know what else. I don't know the details,
Speaker 1: and whether it's other people lost additional money. But if
Speaker 1: you just looked at this, anybody who unders stands finance
Speaker 1: and understand how the world works looked at this and said,
Speaker 1: how did this get down? Again, no disrespect to the pastor.
Speaker 1: It was a pastor of a very prominent, big church,
Speaker 1: But how did this sophisticated financial instrument with so called
Speaker 1: governments in the big finance world get down to the
Speaker 1: local level of a pastor of a local church, and
Speaker 1: how did he end up with this in his hands
Speaker 1: to be able to take advantage of It's just the
Speaker 1: world doesn't work that way, right. Greed in and of
Speaker 1: itself would have caught that opportunity way before it got
Speaker 1: to him. In other words, if people on Wall Street
Speaker 1: knew that there were a legitimate way to double your
Speaker 1: money using government bonds, that deal wouldn't have made it
Speaker 1: out of the first office it showed up to on
Speaker 1: Wall Street. You wouldn't never have got down to the
Speaker 1: big office, to the local office, to the to the
Speaker 1: to the smaller office, to the to the regional office,
Speaker 1: to the to the church in Houston. Right, So I
Speaker 1: see this stuff coming. People come in me all the time. Man,
Speaker 1: I'll get had a photographer come at me adding a
Speaker 1: formal event a couple of weeks ago. Hey man, I
Speaker 1: got these boss from some country and I want to talk. Nope,
Speaker 1: I'm just telling you right now, if it is an
Speaker 1: end of the story, can we please start there. I'm
Speaker 1: telling you it's no good that I'll tell you that
Speaker 1: dog don't hunt. And the guy wanted to believe just say, look,
Speaker 1: just have a meeting. I don't need that, but we're
Speaker 1: having a meeting right now. It always fascinates me when
Speaker 1: somebody says, Hey, John, I just want to meet with you. Well,
Speaker 1: you're talking to me right now. We're having a meeting, right.
Speaker 1: What are we gonna talk to behind closed doors? Un
Speaker 1: four walls? Right? Buy a desk and a chair that
Speaker 1: you can't tell me right now? Right? Anyway? Uh, that's
Speaker 1: just a funny aside. This stuff is just too If
Speaker 1: it looks too good to be true, it normally is.
Speaker 1: So there's your first tell. If it looks too good
Speaker 1: to be true, it normally is. I've told you a
Speaker 1: couple about a couple scams. Let me tell you what
Speaker 1: Experience says about some of the latest scams that you
Speaker 1: should you know, they're AI artificial intelligence powered scams. You
Speaker 1: can go to the website for you know, details in
Speaker 1: each one of these. There's loan forgiveness scams where folks
Speaker 1: are masquerading like they're the federal government like uh, you know, yeah,
Speaker 1: like they're gonna give you loan forgiveness, and what they
Speaker 1: really want is your information and they're gonna they're just
Speaker 1: trying to reel you in and they get you to
Speaker 1: pay some application fee. A lot of these folks do this, Oh,
Speaker 1: we're and give you a million dollars. Just pay this
Speaker 1: ten thousand dollars application fee. Anybody who comes to you
Speaker 1: at that with any of any of that stuff wrong
Speaker 1: and scam. Right of application fee scam one of the
Speaker 1: easiest scams on the planet. They feed on your greed
Speaker 1: and your emotionalism and your lack of financial literacy. They
Speaker 1: offer you some big number and just tell you all
Speaker 1: it takes is for you to give us this small
Speaker 1: number in relation to the big number, and we're gonna
Speaker 1: pay you for the rest of your life. Does that
Speaker 1: really sound like it's rational? Okay, it doesn't sound like
Speaker 1: a pipe dream. Hello, it is right. And they will
Speaker 1: often say, like student loangovernment dot com? Did you see that?
Speaker 1: I'm just making this up, like student loan governmentforgiveness. I'm
Speaker 1: making this up dot com. There is no dot com
Speaker 1: this government. It's gonna be dot gov, g o V
Speaker 1: or dot at or worse than me, dot org. But
Speaker 1: I wouldn't even believe that. Right if somebody's masqueraded as
Speaker 1: the government is going to be dot gov or have
Speaker 1: somebody to do with the government, I can't tell you
Speaker 1: how many times I've received letters in the mail and
Speaker 1: I have to look at it five times because it
Speaker 1: really looks like it's from the government. I've had people
Speaker 1: tell me, like I've in default on my property taxes
Speaker 1: and I had to like look at it five times
Speaker 1: because it looked like it was from a taxing authority
Speaker 1: when you look at it really closely. No, it's just
Speaker 1: some business, some some something. I can't call them entrepreneur
Speaker 1: because it's not legit, some some business charlatan masquerading as
Speaker 1: if they're the government right. And phone scams, people calling you, impersonating,
Speaker 1: trying to you know, get you all wrapped up in
Speaker 1: some story and they call you a whole bunch of
Speaker 1: times over a period of time and get you and
Speaker 1: get comfortable with you and ask you about your family.
Speaker 1: They don't care about your family to care about separating
Speaker 1: you from your wallet. Text scams. I've had those people
Speaker 1: send me a text. Here's a funny one. They sent
Speaker 1: me a text as if it was me sending a
Speaker 1: text to me. They had messed up. John Brian, you
Speaker 1: know this is John Brian. I want you to wire me.
Speaker 1: You know I need I'm in, I'm in, I'm stuck
Speaker 1: in an airport in Russia and they've taken my credit cards.
Speaker 1: And you know who I am. I'm legit. Just send me,
Speaker 1: you know, real quickly, one thousand dollars or twelve hundred
Speaker 1: bucks or something. I'll get it right back to you. Scam, right,
Speaker 1: And I've had people in my company who got text
Speaker 1: messages saying they were from me. It clearly wasn't my
Speaker 1: phone number, wasn't my email address. It somebody they send
Speaker 1: emails to. If you just look closely, it wasn't me.
Speaker 1: It wasn't our email address, it wasn't our domain name,
Speaker 1: it wasn't my phone number, it wasn't anything. But they just, oh,
Speaker 1: John O'Brien, this is texting me and he needs me
Speaker 1: to wire ten thousand dollars. One of my former employees
Speaker 1: actually did this. It wasn't ten thousand dollars, but it
Speaker 1: was you know, over a thousand. We reimbursed her for that,
Speaker 1: and I actually tried to get her to do a
Speaker 1: video to like to share her story. She was so
Speaker 1: embarrassed she didn't want to share a story, which upset me
Speaker 1: because I'm like, well, we paid you back for a scam.
Speaker 1: We didn't have to get nothing to do with us.
Speaker 1: At least you could do it to educate other people. Anyway,
Speaker 1: She's not with us anymore. But you know, this stuff
Speaker 1: happens like all the time, zeal scams, cryptocurrency scams, romance scams,
Speaker 1: this is a big one. Online purchase scams, employment scams,
Speaker 1: check fraud scams. I got one of those how to
Speaker 1: avoid Okay, So here's a check fraud scam. Right, this
Speaker 1: is mine. So I'm in Nigeria and this is emotionalism.
Speaker 1: They got me on emotionalism. I'm in Nigeria with Ambassador
Speaker 1: Andrew Young. Twenty years ago. I remember Dick greg Ray,
Speaker 1: the famous comedian, said I loved going to Africa. This
Speaker 1: is twenty years ago. I loved going to Africa because
Speaker 1: they're even my old cancel credit cards still work. Not
Speaker 1: the case anymore now everybody is digital and you know,
Speaker 1: connected to the internet whatever. But so went I was
Speaker 1: in Nigeria. We were guests of the President of the
Speaker 1: Unit of President of Nigeria that then president. There were
Speaker 1: then Bassaror Andrew Young and the African African American Summit,
Speaker 1: Reverend Leon Sullivan. All that was legit. We're at a
Speaker 1: African art Bizaar outside the hotel again, government officials around,
Speaker 1: security around, and I'm trying. I'm all caught up in
Speaker 1: the emotion of the moment. You know, we're all African,
Speaker 1: We're all from Africa. Everybody's from Africa. I'm trying to
Speaker 1: show my support right for my brothers and my sisters
Speaker 1: in Africa. And I'm not mad. I'm about to give
Speaker 1: you tell you this story, but I'm not mad at
Speaker 1: this person. They actually this was so smooth and so smart.
Speaker 1: I wanted them to have the money, right, this was
Speaker 1: my I get to tell the story with the rest
Speaker 1: of my life. So it was worth the money I lost.
Speaker 1: So I go to buy a piece of art and
Speaker 1: I wrote a check. He let me write a check,
Speaker 1: and I don't remember the exact amount, but let's just
Speaker 1: say I wrote the check for one thousand dollars, right,
Speaker 1: So I wrote him a check for one thousand dollars
Speaker 1: for the art. He allowed me. Now this is smooth.
Speaker 1: Now he allowed me to take the art with me.
Speaker 1: So I give him a thousand dollars check. I take
Speaker 1: the art with me, I get on the plane, I
Speaker 1: go home. The art's in my office. Two weeks have passed,
Speaker 1: this is so smooth. These are Nigerians if these scamsters,
Speaker 1: not everybody in Nigeria, but Nigerian scamsters. I mean, Nigerians
Speaker 1: are probably the smartest Africans on the planet. Sorry, I'm
Speaker 1: not offending anybody else, but as far as entrepreneurship in business,
Speaker 1: some of the smartest on the planet. They ever get legal,
Speaker 1: they'll run the planet, they run the world. My god,
Speaker 1: this guy is so smooth. This guy was so smooth.
Speaker 1: Waited two weeks a confidence scam, waited two weeks build
Speaker 1: up my confidence in him. Emailed me, Now, what would
Speaker 1: happen if if he got in the wrong email address
Speaker 1: or something for me? Right? Emails me? What if I
Speaker 1: didn't respond to the email but he knew how I
Speaker 1: respond emotionalism. Hey, mister Bryant told me, I'm a mister Bryan.
Speaker 1: I'm so sorry to bother you. You gave me a check.
Speaker 1: I went to the bank. The bank wouldn't cast the
Speaker 1: check because I don't have the proper idea, the proper credentials.
Speaker 1: And hope you enjoyed the art. Was so honored to
Speaker 1: meet you. Blah blah blah. Speaking to my ego. I'm
Speaker 1: so you know, so proud of the work you're doing. Yeah, right,
Speaker 1: about to work me over. And well, I'm like, well,
Speaker 1: what can I do to help you? Of course I
Speaker 1: got the Superman complex, right, what can I do to
Speaker 1: help you? And this is this is unfair. What do
Speaker 1: you mean the bank's not giving you the money? And
Speaker 1: I can it's my check. Tell them to cash my
Speaker 1: check in your name. I'm sorry, mister Brian. They won't
Speaker 1: cash the check. What do I do? I need the
Speaker 1: money for my rent and my payments. Oh, Superman to
Speaker 1: the rescue. Not to worry. I'll tell you what. I'm
Speaker 1: going to wire the money to you. It was Western Union.
Speaker 1: I'm sending you the thousand dollars by Western Union. I
Speaker 1: checked the bank. By the way, check had not cleared.
Speaker 1: I know somebody sitting there saying, John, don't do it.
Speaker 1: Check the bank. I checked the bank. The check had
Speaker 1: not cleared. Okay, we're on the same page. I am
Speaker 1: the financial literacy guy, right, So I'm like, Okay, I
Speaker 1: checked bank. I thought I was smart. I wire him
Speaker 1: one thousand dollars to Western Union. Hold on, now, he
Speaker 1: texts back, not text sorry, emailed back back in those
Speaker 1: days twenty years ago, I'm sorry, mister Briant. The Western
Speaker 1: Union won't allow me to pick up the money. They
Speaker 1: say I have an ID problem. The other one, the
Speaker 1: first one was a credentialist problem. This one was an
Speaker 1: ID problem. What do you mean they won't give you
Speaker 1: the money. Yes, mister Brian, I'm so sorry. They won't
Speaker 1: accept my ID. They're going to send your money back.
Speaker 1: I don't know whether I told him not to do that.
Speaker 1: I think I did, and I think the money did
Speaker 1: come back to me, and then they told me it
Speaker 1: will send it to his sister. I believe, so I
Speaker 1: resent the money this time. Now he's got me off
Speaker 1: my game. Right now, I'm completely committed. I'm completely distracted.
Speaker 1: I wire another thousand dollars now to his sister, so
Speaker 1: called sister, right and I'm waiting for confirmation. I don't
Speaker 1: hear anything. Finally, I get my people to check Western Union. Yes,
Speaker 1: the money's been received. Fantastic secretary comes to my office. John,
Speaker 1: you might want to check the bank. Call the bank,
Speaker 1: check's beIN cash. Boom, drop the mic. You caught me
Speaker 1: coming and going. All I could do is raise my
Speaker 1: hand to the dude, like, Okay, that was really really smooth.
Speaker 1: Now you won't. First it happens to me. You know,
Speaker 1: it happens to me once. Shame on you happened to
Speaker 1: me twice, shame on me, right, But it's not happened
Speaker 1: to me twice. But but that one time when that
Speaker 1: happened to me, I had to tip my hat and say, job,
Speaker 1: well done, criminal. But you'll never get that money from
Speaker 1: me again. Nah, of mys if I go to someplace
Speaker 1: I put on my marriage press card, you don't take
Speaker 1: the marriage bress, You're not getting any money from me,
Speaker 1: or I'll pay cash no checks, know nothing where I
Speaker 1: can't you know, you know it has to be debated later.
Speaker 1: And don't think so. This dude getting it was so
Speaker 1: smooth because he actually gave me the product, didn't cash
Speaker 1: the check banked on the fact that I was, you know,
Speaker 1: the kind of person that will respond to his email
Speaker 1: had to believe he had the right email address and
Speaker 1: waited to the exact right time to cash that check.
Speaker 1: Just shows that we really are smart, right, we really
Speaker 1: We've been doing so much with so little for so long.
Speaker 1: We almost do anything but nothing. What happens when we
Speaker 1: become legal, my lord? Right? And by the way, I'm
Speaker 1: not picking on black people. I picked on every race
Speaker 1: during this podcast. But to remember that NASCAR came from
Speaker 1: moonshine running in the Appalachian Mountains, you know, moonshine runners.
Speaker 1: They realized they'd been running from the police, that it
Speaker 1: was illegal and you couldn't do that for the rest
Speaker 1: of your life. You're gonna get you know, prison, probation, parole,
Speaker 1: or dead. It was no retired moonshine runners. So they said, well,
Speaker 1: what can we do, Ah, we can drive, and they
Speaker 1: start driving on in the mountains and driving on the
Speaker 1: beach and driving in fields and driving around in circles,
Speaker 1: and hello, here comes NASCAR and five generations later of
Speaker 1: wealthy a billion dollar families that they can track their
Speaker 1: history to moonshine running. So rainbows only follow storms. She
Speaker 1: cannot have a rainbow without a storm. First. Everybody has
Speaker 1: gone through something to get somewhere. And so here's our
Speaker 1: story as well. Love and light. John Hope Yo yo yo,
Speaker 1: John O'Brien here on money and wealth. So there's a
Speaker 1: fan question from underscore mister Charisma at Instagram. Underscore mister Charisma,
Speaker 1: so thank you for your question. I love questions. There
Speaker 1: are no dumb questions like Quincy Jones. I asked, how'd
Speaker 1: you get so smart? He said, I'm just nosy as hell.
Speaker 1: I want to know everything about everything. That's why God
Speaker 1: gave you two ears and one mouth, so you listen
Speaker 1: twice as much as you talk. So I love questions,
Speaker 1: even questions that make me shake my head. Right, this
Speaker 1: whole podcast episode should be like what you don't do?
Speaker 1: Don't do it, don't do it, don't done, don't done.
Speaker 1: So his question is it's paying your bills more important
Speaker 1: first or investing and actually in a stabilized world. The
Speaker 1: answer to me is simple, you pay your bills because
Speaker 1: otherwise you destroy in your credit card. If you don't
Speaker 1: pay your bills, you're just destroying your credit score. And
Speaker 1: you know your credit score will determine the quality of
Speaker 1: your life. Like real talk, if your outflow sees your inflow,
Speaker 1: your overhead will be your downfall. You know you got
Speaker 1: now you got too much month than your money. Now
Speaker 1: the now, the white notices turn into blue notices, turning
Speaker 1: to yellow notices, turning the pink notices, turning the in
Speaker 1: the in the eight hundred calls and cut off notices.
Speaker 1: And then then then you have. Then your stuff is
Speaker 1: just like off and I've come up. I remember off.
Speaker 1: I remember like Friday night, I'm trying to have a
Speaker 1: date and the lights are off, right because I didn't
Speaker 1: pay the light bill coming up right, I remember off off,
Speaker 1: phone bill off, I remember all my stuff getting turned
Speaker 1: off and I and I remember having toe up credit
Speaker 1: toe up from the flow up, and it was not
Speaker 1: fun at all. So half of black folks have a
Speaker 1: credit score below six twenty. This is not a podcast
Speaker 1: for black people exclusively, but I'm talking to my people
Speaker 1: first and foremost. You know, you can be the nicest
Speaker 1: person on the planet, go to church every Sunday, be
Speaker 1: sweet and caring and loving. And still if your credit
Speaker 1: score is below six twenty, which is half of Black America,
Speaker 1: not poor people as all of us, then you wake
Speaker 1: up in the morning and half of us are locked
Speaker 1: out of the free enterprise system. Right, you just cannot
Speaker 1: operate in the free enterprise world. This is a free
Speaker 1: enterprise democracy, real talk. So you've got to get your
Speaker 1: credit straighters. My dad used to credit you usuld say,
Speaker 1: growing up in South Centralia. Credit you want his credit
Speaker 1: right right, That's why his credit was all tore up
Speaker 1: heuldn't even say the word credit. It was a good business,
Speaker 1: but not good at financial literacy. Now I just said
Speaker 1: all that, but my story would suggest that I'm talking
Speaker 1: out of the both sides in my mouth because I
Speaker 1: made a bet on investing in me, and I cannot
Speaker 1: say this is for everybody, because I could have been wrong.
Speaker 1: I could have completely Now I guess I could have
Speaker 1: made it right by just creating credit agreements. But if
Speaker 1: you go and listen to my story and you track it,
Speaker 1: when I was homeless, I hadn't pay the car note
Speaker 1: the Montero black Montero jeep leashed to me by Mitsubishi
Speaker 1: of West Covina or whatever it is. I don't know
Speaker 1: if they're still there. They are. Thank you, guys for
Speaker 1: financing my life by accident, financing my dreams by accident,
Speaker 1: my businesses, and not coming after me with a tow
Speaker 1: truck because I needed a car to get around. But
Speaker 1: I didn't. I couldn't invest in my business and pay
Speaker 1: the card at the same time. And I didn't have
Speaker 1: an apartment because I lived in my g and I.
Speaker 1: But I took the five hundred dollars a month that
Speaker 1: was coming in from residual payments from the acting that
Speaker 1: I had done before that it wasn't a very good actor.
Speaker 1: But anyway, I had five dollars a month, a month
Speaker 1: coming into residual payments. I could have buy it. I
Speaker 1: could rent an apartment or rent an office, rented the office,
Speaker 1: and started a consulting firm. And I just I just
Speaker 1: had too much. I had too much month that in
Speaker 1: my money, I had too many bills and not enough revenue.
Speaker 1: But I thought if I just kept hustling, kept hustling,
Speaker 1: kept hustling, then on the back end I would it
Speaker 1: would pay off, and I would then pay off my debts.
Speaker 1: I could have found bankruptcy. I didn't. And as soon
Speaker 1: as I start doing well, I called West could be
Speaker 1: the Mitchibishi and whoever the financi your agent was. I
Speaker 1: called all my creditors and I cut a deal, negotiated
Speaker 1: my payment. So I invested in me, and that investment
Speaker 1: paid off. But it could have imploded. And if it
Speaker 1: had imploded, what would I have done. I would not
Speaker 1: have found bankruptcy. I still would have would have wouldn't
Speaker 1: have got a job somewhere, and I would have cut
Speaker 1: a deal with my creditors to pay them back little
Speaker 1: by little and rebuilt. It just would have taken more
Speaker 1: time to rebuild. So you can again you read my
Speaker 1: story in my book Up from Nothing, or the memo
Speaker 1: or all the different places where you can find the
Speaker 1: story when I was homeless and the decisions I made
Speaker 1: and how I made them. So I made a bet
Speaker 1: on me. I would tell most people, though, who have
Speaker 1: a regular job, because I had the chance to cash it,
Speaker 1: to write a check, and I just cash it and
Speaker 1: determine the size of my payoff with the return on
Speaker 1: the big bets I was making of investments in me. Well,
Speaker 1: thank god, some of which paid off. But if you
Speaker 1: just have a you're on a salary and a regular job,
Speaker 1: you don't have that kind of upside. And you need
Speaker 1: like my mother did, like my father did, like my
Speaker 1: family did. You need to steady and sure right. So
Speaker 1: you need a good credit score, pay your bills, put
Speaker 1: a lewiside. You can do fractional investing, which means less
Speaker 1: than that. If you have ten dollars and the share
Speaker 1: price on something you want to buy is one hundred dollars,
Speaker 1: you can buy ten dollars of a share fractional investing.
Speaker 1: I talked about time shares, which is not the same
Speaker 1: as fractional investing it because fractional investing is investing in
Speaker 1: an instrument that actually could be worth much more than
Speaker 1: what you're putting in it, Whereas the time share investment
Speaker 1: I made clearly was worth less than what I put
Speaker 1: in it because it was not tended to be an
Speaker 1: investment on the front end to begin with. So I
Speaker 1: would say invest in yourself. If you're an entrepreneur small
Speaker 1: business owner, that says something different than if you are
Speaker 1: like Nierson to most people and employed individual Most people
Speaker 1: listening to this podcasts are employed individuals, working class, middle class, whatever.
Speaker 1: So get your credit score right, keep it tight, pay
Speaker 1: your bills, Communicate with your creditors on a regular basis.
Speaker 1: When you can't pay a bill, call them before they
Speaker 1: call you. Take whatever you have left. Don't go to
Speaker 1: Starbucks or I'm not hating no star Books. Don't go
Speaker 1: to some fancy barista place. Go get you a cure machine,
Speaker 1: a coffee maker at home, and save that, you know,
Speaker 1: three hundred bucks a month or at least one hundred
Speaker 1: bucks a months from that, and then take one hundred
Speaker 1: dollars of that and invest it in stocks, bonds, invest
Speaker 1: you know, whatever it is you'd like to invest in
Speaker 1: mutual funds for one k whatever, Start small and then
Speaker 1: at compound. I started an account at Aerial Capital Management,
Speaker 1: black owned mutual fund company when I was in my teens. Then,
Speaker 1: in fact, I had a chance to invest in the
Speaker 1: company in my dumber and didn't do it when he
Speaker 1: first founded it, John Rodgers. But I did it. Open
Speaker 1: an account and I put a little bit in every month.
Speaker 1: I looked up one day it was eighty seven thousand
Speaker 1: dollars back, back and back at a time where that
Speaker 1: was a whole lot of money for me, that was everything.
Speaker 1: It's probably everything for most people listening to this podcast.
Speaker 1: Actually half this country makes sixty five thou sixty thousand
Speaker 1: dollars a year, right, so it was like eighty some
Speaker 1: thousand dollars. I don't remember what it was, but I
Speaker 1: use that for something meaningful. Way back when i'd have
Speaker 1: been to put a down payment on my first piece
Speaker 1: of real estate, but I had forgotten about it. I
Speaker 1: just kept putting a few hundred dollars a month into
Speaker 1: his account, and it compounded. Capital Management Aerial Investment got
Speaker 1: I think it's aerial investment actually, John Rodgers, just look
Speaker 1: it up, John Rogers and Melody Hops and Aerial investment,
Speaker 1: Black Home by the way, biggest black on mutual fund
Speaker 1: in the country. And they were doing they did great.
Speaker 1: Then they're doing great now. And so I put in
Speaker 1: X and got out X plus Y and then use
Speaker 1: that to make another investment in the rest of the history.
Speaker 1: As they say. So, I hope that answered the question,
Speaker 1: the fan question. Thank you underscore, mister charisma and let
Speaker 1: it keep them coming, love and light. This is a
Speaker 1: civil rights movement. You have questions, go to Operation Hope.
Speaker 1: Talk to one of my financial coaches. I talk to
Speaker 1: them every quarter. They always find something messed up on
Speaker 1: my credit score. By the way, my credit report. Yo yo.
Speaker 1: This is John Hobrian and this is Money and Wealth
Speaker 1: on the Black Effect podcast network with my brand Charlemagne
Speaker 1: Good Investment. I have personal experience with this. I'm gonna
Speaker 1: be very specific. Here are time shares good real estate investments?
Speaker 1: The answer is no. Now, I'm not hating on time shares,
Speaker 1: and there's different kinds of time shares and not really
Speaker 1: time shares are more like real estate shares. The reason
Speaker 1: they call it a time share is it's actually not
Speaker 1: really as a value proposition about the real estate, is
Speaker 1: about the time. So if you're a working class person, right,
Speaker 1: and I want you all to know, watch this documentary
Speaker 1: The Queen of Versailles, which talks about this billionaire dude,
Speaker 1: David Siegels's name, who wasn't is in the time share
Speaker 1: business and he explains it in the documentary how his
Speaker 1: son explains how they separate working class people from their wallets.
Speaker 1: Don't take my word for it, just watch it yourself.
Speaker 1: But let me just get get into this. You know
Speaker 1: straight away, that's just entertaining. This is factual time shares.
Speaker 1: If you're a working class person, you're opposed to work
Speaker 1: or your teacher, you're some kind of a structured job,
Speaker 1: and you don't think you can avoid vacations which you
Speaker 1: need to get away, you know, and you want to
Speaker 1: know you can get away, and you know exactly what
Speaker 1: time of the year you're going to get away, because
Speaker 1: your vacation is the same time every year. You could
Speaker 1: schedule that in advance, and you want to go to
Speaker 1: some fancy place that may you don't think you can afford.
Speaker 1: They really again, they catch you on the emotionalism here
Speaker 1: and the dreaming aspects, and they don't think, and you
Speaker 1: don't think you can, you know, afford to go and
Speaker 1: own one of these some fancy place and some fancy location.
Speaker 1: Then they get you on a free trip, you know,
Speaker 1: a free stay, but by they know that you'll never
Speaker 1: make it to the free state before they warm you
Speaker 1: over with the presentation that nine times out of ten
Speaker 1: will have you writing a check or signing a very
Speaker 1: expensive loan agreement, or making some other commitment that allows
Speaker 1: them to take separate you from your wallet. I know
Speaker 1: because it happened to me, and the only real estate
Speaker 1: investment that I've lost money on that I can remember.
Speaker 1: By the way, maybe it might have happened. No, only
Speaker 1: what I can remember was a timeship, and it's actually
Speaker 1: happening right now. I'm selling a time share I bought
Speaker 1: thirty years ago. Thirty yeah, thirty years ago. I bought
Speaker 1: it emotionalism because of civil rights leader in south central
Speaker 1: LA who I was trying to befriend. I was trying
Speaker 1: to impress. I was trying to make him my friend,
Speaker 1: and he was trying, I'm sure, trying to get a
Speaker 1: free week's vacation and was told that if he selled
Speaker 1: his time share to somebody else, some other dupe, dud
Speaker 1: or bonehead like me, that he could get a free week.
Speaker 1: And he, you know, nice guy. I don't mention his
Speaker 1: name because everybody will know who it is in la
Speaker 1: But I bought it thirty years later. I am just
Speaker 1: now rinsing this shirt that I got washed in from
Speaker 1: this so called investment, and I'm getting out of it
Speaker 1: when it closes a third less than a third of
Speaker 1: what I paid for it. But when you factor in
Speaker 1: all the management fees and the maintenance fees, it's like
Speaker 1: thirty five hundred dollars. I bought this thing with thirty
Speaker 1: five thousand dollars two weeks of time share on the
Speaker 1: beach across from the beach in Newport Beach. Sounds great,
Speaker 1: doesn't it? And I own partial real estate of this
Speaker 1: development in Newport Beach on the beach unbelievably beautiful, you
Speaker 1: know storyline. And I lived in South Georlaisa. Driving a
Speaker 1: Newport Beach was like, oh my god, I can own
Speaker 1: a piece of this. Right When I sold that thirty
Speaker 1: years later and paid thirty five hundred dollars a year,
Speaker 1: I think it was thirty hundred dollars a year, fifteen
Speaker 1: hundred dollars eighty no dollar per unit per year, and
Speaker 1: maintenance feed. If you don't pay the maintenance fee, they
Speaker 1: default you in the agreement. And luckily and I even
Speaker 1: I had, I financed it with their ridiculous interest rate financing.
Speaker 1: That the in house financing they did. It was some
Speaker 1: crazy interest rate eighteen percent of some crazy thing. Only
Speaker 1: think about it. It was so high, give me a nosebleed.
Speaker 1: I ended up paying that off, thank god, a decade ago,
Speaker 1: on the debt side, the loan side. So I owned
Speaker 1: the crappy investment free and clear, but I still had
Speaker 1: to pay the maintenance fee every year. If I didn't
Speaker 1: pay the maintenance fee fee, they could default me on
Speaker 1: my ownership agreement and put a lean against my ownership
Speaker 1: and take my ownership because if I don't pay the
Speaker 1: maintenance fee over two or three or four years, they
Speaker 1: own the dang on thing because it's worth more than
Speaker 1: I can sell it for according to them, because they control,
Speaker 1: by the way, the outcome of the real estate, which
Speaker 1: is one of the really important pieces about why I
Speaker 1: don't like time shares. With fee simple real estate, I
Speaker 1: control when I buy, when I sell, how to negotiate
Speaker 1: what I do with it on time shares, they control it.
Speaker 1: I've already gotten I already got it wrapped up in
Speaker 1: my own stories. Let me just finish it now. I'll
Speaker 1: tell you why I think it might be good for you.
Speaker 1: This is why it's bad. Right, So I'm selling that
Speaker 1: thing for I think I'm getting ten thousand, ninety eight
Speaker 1: hundred dollars or something for one of the two units.
Speaker 1: And I don't know i'm getting. You know, by the
Speaker 1: time I get out of this, I will have lost
Speaker 1: on the principal investment. So I paid thirty five thirty
Speaker 1: eight thousand dollars thirty years ago. I will sell it
Speaker 1: for less, probably ten thousand dollars less, as my guess,
Speaker 1: than the purchase price. This is real estate on the
Speaker 1: beach in Newport Beach. And when you factor in the
Speaker 1: thirty five hundred dollars or thirty eight hundred dollars a
Speaker 1: year and maintenance fee, I mean, it's simple math. Over
Speaker 1: thirty years, I got washed, I got soaked, right, and
Speaker 1: I ain't want to go. After a few years, I
Speaker 1: didn't want to go to this place anymore. But I
Speaker 1: was stuck with it. Then I had to fly there,
Speaker 1: pay plane tickets and oh blah blah blah blah blah.
Speaker 1: So from an investment perspective, it sucked. It was horrible, right,
Speaker 1: But you know, I should have knew what I signed
Speaker 1: up for. They didn't force me, they didn't twist my arm.
Speaker 1: I'm not hating on them. There was good marketing, good manipulation,
Speaker 1: and you know, a good you know, emotionalization because this
Speaker 1: guy got me to do it because I was trying
Speaker 1: to impress him. It's like a bad marriage. Easy to
Speaker 1: get married, hard to get divorced. Right, I've been trying
Speaker 1: to get this dang on things for a decade and
Speaker 1: a half, right, And you could transfer this time share
Speaker 1: to another part of the country, another part of the country,
Speaker 1: but every place they wanted to transfer me to I
Speaker 1: didn't like it. Like I'm like, if I got to
Speaker 1: it goes in place and my house is better where
Speaker 1: I'm going, and I definitely not going, Or if I'm
Speaker 1: used to something that's better than what you're going to
Speaker 1: put me in, I'm definitely not going anyway. So you
Speaker 1: can tell I'm sort of bitter about the whole thing.
Speaker 1: But it was my fault right now, here's where it's
Speaker 1: a good idea. If you want to know, hassle, plug
Speaker 1: and play, vacation once a year, and your income is
Speaker 1: going to stay pretty stable over the course of your life.
Speaker 1: So I had huge jumps in income and well, thank god,
Speaker 1: so I was able to look at the world through
Speaker 1: different prisms over at different times. And so I didn't
Speaker 1: want to go to the same place that I used
Speaker 1: to go to twenty thirty years ago. Wasn't interesting to
Speaker 1: me anymore. I wanted to own the resort, not stay
Speaker 1: in it. But if you're my mother or my father
Speaker 1: or my cousin and your income is the same year
Speaker 1: of year, decade after decade, and you just want to
Speaker 1: a vacation, then at time share right where they And
Speaker 1: the problem was as an entrepreneur, I never knew what
Speaker 1: I was going to have a week or two to myself,
Speaker 1: and it would change every year because I'm hustling and
Speaker 1: running and gunning. But they need but those I couldn't change.
Speaker 1: It's also offended me. I couldn't change the date. What
Speaker 1: do you mean I own the place? What do you
Speaker 1: mean I can't change the date when I stay there?
Speaker 1: Because you own it? With other owners, right, and those
Speaker 1: other owners have a say, they've put in weeks that
Speaker 1: they want to reserve, and the managing partner that which
Speaker 1: is in this case was a hotel situation. They control
Speaker 1: the narrative, so I could say whatever I want. You know,
Speaker 1: I'm a limited partner to the general partner. I learned
Speaker 1: so much from owning that property, so it was actually
Speaker 1: gave me a PhD. And what not to do. And
Speaker 1: you're hearing the backstory and that I'm saving you a
Speaker 1: whole bunch of money now. But if you you know
Speaker 1: there so there are benefits to it. But one of
Speaker 1: them is not real estate investment or investment. It is
Speaker 1: what it sounds like, time share. You're sharing the time
Speaker 1: in a piece of real estate that is in a
Speaker 1: location hopefully you're in love for the rest of your
Speaker 1: lif life or part of a network that you're gonna love,
Speaker 1: and it can switch out for the rest of your life,
Speaker 1: and you don't mind the monthly payments or the mounth
Speaker 1: that you paid for it in advance, and you don't
Speaker 1: mind the maintenance fees because that's you know that you're
Speaker 1: part of us experience that would cost you in your opinion,
Speaker 1: ten times more, okay. I mean, and by the way,
Speaker 1: the place I stayed in once or twice a year,
Speaker 1: if I wanted to buy that place and think about
Speaker 1: it now today cross street from the beach condo sort
Speaker 1: of a I mean, it would be a it would
Speaker 1: be a couple million and a half dollar condo. You say,
Speaker 1: a million a half dollar condo, maybe two million. Now,
Speaker 1: when I bought it three hundred thousand. So when I
Speaker 1: bought it three hundred thousand and three fifty thousand, three
Speaker 1: hundrety thousand, I bought it for thirty five thirty eight
Speaker 1: thousand dollars. So yeah, I'm like, oh, this is a
Speaker 1: great deal. I'm getting a rich man's experience for poor
Speaker 1: man's money. But that's not where I am today, right,
Speaker 1: So it just depends on the person. Now, by the way,
Speaker 1: there are wealthy examples of this where it's not time share,
Speaker 1: it's real estate share, where you're buying part of a mansion,
Speaker 1: part of a ten thousand square foot home in Mexico
Speaker 1: or by the way, these timeshare things are Las Vegas, Miami, Jamaica, Bahamas.
Speaker 1: They're all over the place. You can find them everywhere, right,
Speaker 1: So just be careful and never make an emotional decision,
Speaker 1: because whenever you make an emotional decision, it's going to
Speaker 1: be wrong, just like the one I made. But once
Speaker 1: you become more affluent, there are networks of There are
Speaker 1: these companies that you can basically buy a percentage of
Speaker 1: a yacht, percentage of a RV, percentage of a race car,
Speaker 1: percentage of a vacation home in different parts of the
Speaker 1: world or whatever, and you really own, you know, fourth
Speaker 1: of it or whatever it is, and you meet the
Speaker 1: people and then you like the people cool, and you're
Speaker 1: dealing with sophisticated investors and sophisticated management companies, and when
Speaker 1: you want out, you know it's a tip, you know,
Speaker 1: a decent deal when you exit, and they facilitated it
Speaker 1: for you, and you sort of you could anyway. The
Speaker 1: wealthier you get, the more knowledgeable you are, the more
Speaker 1: sophisticated you are, the more financially literate you are, the
Speaker 1: better your chances that a shared equity situation will turn
Speaker 1: out given you value. But if your low income, low wealth,
Speaker 1: low financial literacy, desperate with the surviving mindset, you got
Speaker 1: too much month at end of your money, you're stressed out.
Speaker 1: You don't know the numbers. You're not paying attention. You
Speaker 1: finance the thing with the sponsoring companies finance wrong, and
Speaker 1: you didn't pay attention, you're going to get nailed a
Speaker 1: likelihood you're gonna get nailed with something that's going and
Speaker 1: by the way, in this thing, and if you don't pay,
Speaker 1: they'll ruin your credit like they'll and they'll threaten you
Speaker 1: like they'll call you every month like where's the money?
Speaker 1: Because and then the debt collection piece becomes another business
Speaker 1: that they have. They have some of these companies that
Speaker 1: lower end, not as ethical, have debt collec action departments
Speaker 1: because they financed it for you. And then they are
Speaker 1: charge you debt collection fees, late fees. You know they're
Speaker 1: paying you. They're charging you money on their own money.
Speaker 1: They're charging you fees on the money, the expensive money
Speaker 1: that in many cases the predatory financing that they put
Speaker 1: in front of you and put you in. Well, they've
Speaker 1: made their money three times on that thing if you
Speaker 1: paid it over time. So if you default it on
Speaker 1: a halfway through, they've already made their profit. Then they
Speaker 1: hit you with load with all kind of fees and
Speaker 1: late fees and default fees and they chase you, and
Speaker 1: then you you know, you just want to be done
Speaker 1: with it. So you've sent them a going away president
Speaker 1: a check and you sign off on it, and they
Speaker 1: take that andy remarket it. They remark the same property
Speaker 1: to some other person who's going to be their next victim.
Speaker 1: So just don't do it. Don't do it, don't do it,
Speaker 1: don't do it. It looks too good to be true.
Speaker 1: That should be the whole title of this whole week.
Speaker 1: If it looks good to be true, it normally all right,
Speaker 1: love you much. And then you have any questions, go
Speaker 1: to operation and I hope talk to one of my
Speaker 1: Hope financial coach. Just tell them John Brown, attention you,
Speaker 1: and I gave you a whole lecture about how I
Speaker 1: lost money on time share. I don't want you to
Speaker 1: lose any money. There are good time share companies out there,
Speaker 1: there are good experiences, so don't I'm not dumping on
Speaker 1: time share companies. I'm just saying is not designed at
Speaker 1: the lower end for low income people, is not designed
Speaker 1: to benefit you financially. That's why they call it a
Speaker 1: time share and not a revenue share or a real
Speaker 1: estate equity investment share. And they don't emphasize we need
Speaker 1: turn on an investment. It's return on fun right, peace,
Speaker 1: Money and Wealth with John O'Brien is a production of
Speaker 1: the Black Effect Podcast Network. For more podcasts from The
Speaker 1: Effect Podcast Network, visit the iHeartRadio app, Apple Podcasts, or
Speaker 1: wherever you listen to your favorite shows.