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Speaker 1: Welcome to the show.

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Speaker 2: I'm Rashwan McDonald, the host of Money Making Conversations Masterclass,

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Speaker 2: where we encourage people to stop reading other people's success

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Speaker 2: stories and.

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Speaker 1: Start planning their own.

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Speaker 2: Listen up as I interview entrepreneurs from around the country,

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Speaker 2: talk to celebrities and ask them how they are running

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Speaker 2: their companies, and speak with dog profits who are making

9
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Speaker 2: a difference in their local communities. Now, sit back and

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Speaker 2: listen as we unlock the secrets to their success on

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Speaker 2: Money Making Conversations Masterclass.

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Speaker 3: The interviews and information that this show provides are for everyone.

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Speaker 1: It really is.

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Speaker 3: It's time to stop reading other people's success stories and

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Speaker 3: start living your own. If you want to be on

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Speaker 3: a guest want to be a guest on my show?

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Speaker 3: Now invite anyone who's changing people's lives, who has information,

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Speaker 3: who's motivating the change and telling people they can be successful.

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Speaker 3: Please go to Moneymaking Conversation dot com and click to

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Speaker 3: be a guest button and you can make a difference.

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Speaker 3: Because guess what, that's what I wanted my show. My

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Speaker 3: guests created the melan melon, the money melon, the money.

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Speaker 3: Their mission is to empower the black community through financial

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Speaker 3: literacy and wealth building. They have been recognized for their

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Speaker 3: innovative approach to bridging the wealth gap, which I talk

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Speaker 3: about allowing the show. So we're going to really find

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Speaker 3: out what is that wealth gap, you know, and fostering

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Speaker 3: a culture financial empowerment. Please welcome to the Money to

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Speaker 3: Money Making Conversation Masterclass. George and Carter, owners of Melon

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Speaker 3: the Money and they want to share the inspiring stories.

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Speaker 1: Welcome to the show, my friends, Thank you for having us.

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Speaker 3: Well, you know, I always like having people in the

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Speaker 3: studio because I can look, there's always a cat and

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Speaker 3: mouse game on the radio. You can't really know how

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Speaker 3: people are feeling about it. So let's get this started here.

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Speaker 3: Tell me about you a little bit, my quick brother.

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Speaker 4: Yeah, so I have been a financial advisor and wealth

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Speaker 4: manager for the past twelve years. And when I started

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Speaker 4: in the industry, there wasn't a lot of advisors that

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Speaker 4: looked like me.

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Speaker 1: And which why is that?

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Speaker 5: Why is that?

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Speaker 1: Why is that? I think because well, for several reasons.

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Speaker 4: Right, I think if you don't see a representation in

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Speaker 4: a space, then you assume that it's not for you. Right,

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Speaker 4: So because of that, it's not a pure career path

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Speaker 4: that people pursue they pursue being rappers, they pursue being athletes,

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Speaker 4: they pursue being entertainers because they believe that's what's for them,

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Speaker 4: because that's what they see. There wasn't a lot of representation,

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Speaker 4: and so a lot of our movement is to create

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Speaker 4: that representation so that people know that they're worthy of wealth,

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Speaker 4: right And so what I realized there wasn't a lot

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Speaker 4: of people in the space. I wanted to figure out

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Speaker 4: how I could serve and reach more people. And that's

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Speaker 4: when we started, you know, creating content online, creating podcasts

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Speaker 4: and things of that nature, so that we could really

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Speaker 4: impact and just show the world that, you know, building

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Speaker 4: wealth as a personal color is something that's possible for

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Speaker 4: you too.

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Speaker 1: That's a person of color. You know.

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Speaker 3: We talk about money, you know, the first level of

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Speaker 3: money if you can buy a house, and then when

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Speaker 3: you start talking about stocks, it it becomes like Spanish really,

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Speaker 3: you know, And I wish I was being comical because

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Speaker 3: even I'm a person, I still don't know what crypto is.

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Speaker 5: So, you know, a on you really got a brother

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Speaker 5: over here here.

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Speaker 1: I got a show called money Cake.

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Speaker 3: Money making comes they master, but I don't master that conversation. Right,

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Speaker 3: So that's me and I supposed to know. So with

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Speaker 3: that being said, you guys became partners. How did that

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Speaker 3: world happen for you?

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Speaker 6: Well, Carter Coofield, Okay, yeah, So I'm in CPA and

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Speaker 6: I've been in CPA for about ten years and we

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Speaker 6: met at the conference and he had clients he was

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Speaker 6: helping make a lot of money and they needed to

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Speaker 6: help saving on taxes. I had a bunch of clients

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Speaker 6: I was helping saving on taxes and they need to

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Speaker 6: know what to do with the extra money. Right, So

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Speaker 6: we eventually came together. Because if you want to build wealth,

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Speaker 6: I think it's two major things you have to do.

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Speaker 6: Keep Uncle saying you saving tax Oh yeah, I was

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Speaker 6: helping them save in taxes, and he was helping them

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Speaker 6: take that money and invested.

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Speaker 1: Oh I love that relationship.

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Speaker 6: Yeah, keeping them money in circle wise man was told me,

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Speaker 6: if you want to make a lot of money, teach

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Speaker 6: people how to keep Uncle saying out they pocket, and

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Speaker 6: teach them how to make money and they sleep.

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Speaker 1: If you do those two things, you that mailbox money.

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Speaker 1: Mailbox money.

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Speaker 7: Loved it.

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Speaker 1: You gotta love it.

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Speaker 6: So it was a perfect partnership because those are the

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Speaker 6: two things you need to do to build wealth. And

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Speaker 6: we came together so we can have a one stop

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Speaker 6: shot where people can save one taxes, make money from

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Speaker 6: investments so they can build a legacy for their family.

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Speaker 3: Now, when you say, I hear that a lot little

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Speaker 3: legacy for the family, you know, because you know, in

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Speaker 3: the black community, the community of color, you know, you

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Speaker 3: they tell you about a little savings account, you know,

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Speaker 3: and the savers account. Nowadays, the percentage is like you

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Speaker 3: really just got money just sitting there.

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Speaker 1: You cannot save yourself to wealth, brother, right, you.

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Speaker 3: Can only Mber put it in a mattress, you know,

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Speaker 3: you know, right right right, you know I can feed

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Speaker 3: my money, baby, I can feel my money, you know,

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Speaker 3: like my mom used to do.

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Speaker 5: Now.

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Speaker 3: But when you talk about that wealth gap, you know,

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Speaker 3: how does that work for you, George.

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Speaker 4: Thinking about the wealth gap as a whole, Yes, sir,

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Speaker 4: So our mission is to decrease the wealth gap by

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Speaker 4: one hundred billion dollars, right, and that's a big number.

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Speaker 1: It's a big number right back. And we're going to

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Speaker 1: back into so we start big in the we back

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Speaker 1: you know, because.

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Speaker 3: John Hods Brian talking about doing a million jobs by

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Speaker 3: a year twenty thirty, I got two powerful black men

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Speaker 3: out there talking about millions.

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Speaker 4: Okay, yeah, yeah, So so our goal, our goal is

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Speaker 4: the Christal wealth gap by one hundred billion dollars by

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Speaker 4: helping one hundred thousand people of color achieve their first

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Speaker 4: one million in networth.

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Speaker 1: Right, But here's the thing, right to your point, absolutely

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Speaker 1: absolutely right.

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Speaker 4: Here's the thing that we realize, right, Like, we realized

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Speaker 4: that marketing and society typically use marketing tactics to exploit

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Speaker 4: this tactic, but we used it for a good right,

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Speaker 4: and that tactic is people would do more for recognition

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Speaker 4: than they will for money. The reason why people buy

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Speaker 4: the Louis Vauton, they buy the fancy cars because of

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Speaker 4: the perceived status that that gives them to the world.

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Speaker 4: So we said, well, hey, we don't want people to

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Speaker 4: spend money, but how can we how can we hack

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Speaker 4: that psychology?

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Speaker 1: Right?

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Speaker 4: And so we every year we have an annual award

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Speaker 4: show where we're literally celebrating our clients.

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Speaker 3: Okay, okay, award show. I had nothing about an awards

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Speaker 3: What award show?

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Speaker 5: You got?

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Speaker 3: It's happening you The good news is no, no, no, no, no, no, no,

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Speaker 3: I ain't know nothing about this award show.

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Speaker 5: Okay, I got my show.

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Speaker 3: Yeah with the wards, you gotta award your awarding people.

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Speaker 4: We got an award show celebrating people for their wealth, billding milestones.

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Speaker 1: Right.

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Speaker 4: So, like so if you have one hundred thousand, a networth,

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Speaker 4: a half a million, a million, five million, whatever, Right,

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Speaker 4: So now what happens is this?

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Speaker 1: Right?

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Speaker 4: He's the crazy part. When we launched this, my Financial

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Speaker 4: Advisor first thought, I was crazy. No one's gonna feel

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Speaker 4: comfortable talking about their numbers or their money. Yes, they

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Speaker 4: will if you celebrate them for it. Because here's the reality. Well,

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Speaker 4: most people leave high school. Everybody doesn't go to college.

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Speaker 4: When's the last time they walk across the straight stage

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Speaker 4: to get celebrated. When's the last time somebody is honoring

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Speaker 4: them for something that they're doing. Now, imagine you get

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Speaker 4: you get celebrated for fully funding your rought iray, you

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Speaker 4: get celebrated for having one hundred thousand plus network. Now

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Speaker 4: people are literally racing to like get those investment accounts

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Speaker 4: funded so they can be up on stage. So now

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Speaker 4: here's the good news. We're not giving you awards for

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Speaker 4: how much money you made. We're not giving you awards

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Speaker 4: for how much money you spent to flex on a

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Speaker 4: society where you can only get an award from us

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Speaker 4: if you actually have it, if you kept it right,

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Speaker 4: and so we have hacked psychology when it comes to

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Speaker 4: helping people build.

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Speaker 3: Well, I'm not just over get back to you.

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Speaker 5: That little program, little thing called the Hoodie Awards.

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Speaker 1: Okay, Hoodie Awards.

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Speaker 3: That was me and it's Steve Harbor and we celebrated

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Speaker 3: small businesses, barbershops, churches, and school This feels like the

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Speaker 3: hoodie of wards on steroids, something like something.

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Speaker 4: Like, hey, listen, you hearing it from us. I'm not

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Speaker 4: sure what you got going on uh this weekend, but

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Speaker 4: we love to have you check it out. We'll make

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Speaker 4: you get out the information for a complimentary ticket. We

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Speaker 4: love to have you in the building. Okay, now, complimentary ticket.

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Speaker 4: Now you know I'm a backstage guy.

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Speaker 1: I can't that, brother. I just mean you don't have

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Speaker 1: to pay anything. That's what I mean. You with us, brother.

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Speaker 1: You know, I'm.

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Speaker 3: Excited because of the fact that you're doing something that

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Speaker 3: people say cannot be done these type of award shows,

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Speaker 3: because of the fact that you're recognizing people of color,

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Speaker 3: because that's not done normally.

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Speaker 1: Because we're not supposed to be doing that. We're not.

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Speaker 3: You know, like I said, you live with the with

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Speaker 3: the entertainment, the athletics is those are the areas that

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Speaker 3: you know. That's why Lebron James said, don't call my

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Speaker 3: business partners a crew, you know, when people tell him

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Speaker 3: stay just dribble a basketball. No, I do more than that.

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Speaker 3: Don't stereotype me. And so I consider this event a

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Speaker 3: non stereotypical event, which means it's worthy of promotion. It's

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Speaker 3: worthy of television stations showing up, it's worthy of sitting

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Speaker 3: on NBC Today, it's worthy sitting on Good Morning in America.

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Speaker 3: Because we get stereotypes so much about what we cannot do.

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Speaker 3: It's annoying to me. So I get mad. I create

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Speaker 3: this show. I created this show, and I don't know

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Speaker 3: why I did it. Initially, when I started in twenty seventeen, Carter,

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Speaker 3: it was about celebrities. Okay, you know, I say, I

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Speaker 3: bring the celebrities on and they talk about this success.

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Speaker 3: Then I realized they're kind of boring, you know, yeah,

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Speaker 3: because they are not talking about out to everyday person's success.

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Speaker 1: And if people can't relate, yeah, you.

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Speaker 3: Know, because In other words, they have using their brand

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Speaker 3: to access something that the everyday person can't access. They

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Speaker 3: might get a loan because they're famous. They might they

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Speaker 3: might get a T shirt deal because they're famous. So

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Speaker 3: they've skipped a lot of steps that the basic everyday

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Speaker 3: person doesn't know anything about. So that's why it's important

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Speaker 3: when I bring individuals like you on the show, talk

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Speaker 3: about your role in all this.

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Speaker 6: Yeah, so he had this idea before I came on,

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Speaker 6: and I just wanted to help magnify the CPA. It's

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Speaker 6: a CPA, right, because we know client's making all this money.

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Speaker 6: It was like, how can we make this money tax free?

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Speaker 6: How can we find creative strategies to help our clients

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Speaker 6: build wealth without having to give fifty percent of their

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Speaker 6: money to Uncle Sam?

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Speaker 1: Right?

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Speaker 6: Because most people, but they don't realize that when you

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Speaker 6: pay federal tax, state tax, city tax, self deployment tax,

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Speaker 6: property tax, you're giving fifty percent of money to the

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Speaker 6: government over your lifetime. Right, And so if I can

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Speaker 6: help them keep that money, because some people actually say, like,

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Speaker 6: if I make more money, they have to pay more

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Speaker 6: taxes potentially, but don't stop making the money first, you

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Speaker 6: know what I'm saying, so I think that our goal

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Speaker 6: was just really to come together and teach people that

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Speaker 6: you can make more money and save on taxes at

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Speaker 6: the same time.

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Speaker 3: One of the questions that was put submitted to me

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Speaker 3: was like milestones and journeys because we all you know,

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Speaker 3: I always tell people I basically am the same guy

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Speaker 3: at eighteen. I just had to learn that when I

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Speaker 3: became forty. Yeah, you know, you know, because I because

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Speaker 3: now I'm making all the tools and all the vision

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Speaker 3: I had when I was eighteen, then I'm actually making

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Speaker 3: money with it. I was an inspirational guy. I was

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Speaker 3: telling people people listen to me when I talk. I

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Speaker 3: would do events, they would show up, they will give

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Speaker 3: me money. So let me know, at a very early age,

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Speaker 3: I had some skill set that people went, Okay, here's

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Speaker 3: five dollars. So now I'm looking at two young men,

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Speaker 3: which excite me because you're my future, you know. And

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Speaker 3: I always tell people, you hit fifty, you know, there's

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Speaker 3: a fifty, there's no guarantee the next fifty. First fifty,

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Speaker 3: there was no guarantee there, but I made it a fit.

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Speaker 5: There you go.

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Speaker 1: Yeah, so that's the.

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Speaker 3: Journey that I can tell you about. So what's your

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Speaker 3: journey because you have not hit fifty yet.

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Speaker 1: Yeah.

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Speaker 6: Yeah, so my journey is pretty missed. CPA talking, I'm

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Speaker 6: called CPA.

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Speaker 5: That's money man over there.

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Speaker 1: Yeah yeah, CPA. Yeah, yeah, for sure.

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Speaker 6: Unfortunately, so fortunately, unfortunately, I had a traumatic childhood. My

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Speaker 6: mom and dad at fourteen, my dad dad at sixteen,

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Speaker 6: so I was sixteen with no parents. But it also

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Speaker 6: told me to take my own life and my own

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Speaker 6: financial literacy into my own hands. Right, So, very early on,

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Speaker 6: I realized that we didn't have money, and I went,

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Speaker 6: so why because the people around me that have money,

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Speaker 6: but that we don't have it. So my curiosity for

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Speaker 6: money stemmed from a lack and instead of saying I

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Speaker 6: scarcely the mindset we're you know, we don't have it,

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Speaker 6: I had an abundance mindset, So how can we achieve it?

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Speaker 6: So that's where my curiosity for money came from. And

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Speaker 6: I studied it all through college and I became one

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Speaker 6: of the top CPAs in the country. And my goal

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Speaker 6: is simple, like, if I made it this far, I

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Speaker 6: was able to make money in my business and save

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Speaker 6: a lot of money on taxes. I have an obligation

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Speaker 6: to teach my own people how they can do it

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Speaker 6: as well. Well, you know, when you see your own

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Speaker 6: people who you're talking about, I'll talk with people of color,

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Speaker 6: specifically black people, because we're underserved. Right again, if somebody's

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Speaker 6: not black, listens to me, fine, I'm targeting my community

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Speaker 6: to whose has been underserved with information intentionally for a

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Speaker 6: very long time. So I feel like a personal obligation

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Speaker 6: to give us the skills and the assets and the

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Speaker 6: information and resources for us to just not take our

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Speaker 6: family to the next level, but us take our friends

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Speaker 6: and people around us as well.

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Speaker 3: Before we go to break I'll be remiss not to

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Speaker 3: complete the conversation about the award show. Tell us about

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Speaker 3: the war show when it's happening, but also how can

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Speaker 3: one participate it in next year?

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Speaker 4: Absolutely, So, the award Show is a part of a

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Speaker 4: broader experience called Wealth Weekend. And on Friday this Friday,

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Speaker 4: upcoming Friday, we have a educational conference, right because we

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Speaker 4: don't we want to make sure people get the actual

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Speaker 4: information to learn how to hit those milestones. Because this

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Speaker 4: is an event for our clients as well as it's

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Speaker 4: open to the public. So to your point, if you're

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Speaker 4: not our client, you might not yet know the strategies

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Speaker 4: and insights on how to improve your network. So if

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Speaker 4: we first start with the education, right, we have some

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Speaker 4: powerhouse speakers, myself and Carter will be some of them,

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Speaker 4: but also some other speakers on Friday, and then after

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Speaker 4: people get a chance to get out that information, right,

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Speaker 4: we want to give them a chance to digest it,

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Speaker 4: get a chance to connect with other people who were

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Speaker 4: in the room. Because the reason why this started and

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Speaker 4: evolved to the next level is we invested in ourselves

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Speaker 4: and we went to a conference, right, and we met

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Speaker 4: at that conference, and then that compounded into a friendship,

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Speaker 4: a business partnership, and our brotherhood. Right, So we want

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Speaker 4: to get people an opportunities to connect in a meaningful ways.

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Speaker 1: We have a mixer after the conference.

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Speaker 4: Then that Saturday is when we have the award show,

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Speaker 4: So early evening we have the award show, and it's

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Speaker 4: a two part award show, So we're celebrating our clients

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Speaker 4: who have achieved the milestones, but then also other pillars

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Speaker 4: of the community. Had we known about you probably would

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Speaker 4: have been celebrated as well. But pillars of the community

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Speaker 4: who are helping us in this mission. Because we know

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Speaker 4: that we're not the only two guys in the financial

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Speaker 4: literacy space pushing this narrative forward.

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Speaker 1: So we want to let them know that we see

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Speaker 1: them too.

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Speaker 4: Right, So, who are educated about stocks, people who educate

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Speaker 4: about real estate and all the other different categories.

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Speaker 1: They also get celebrated.

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Speaker 4: And amplified as a part of this experience because it's

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Speaker 4: not for us hitting that one hundred thousand Peape Parson target.

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Speaker 4: And we don't care if it all comes through Melon

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Speaker 4: and Money. We just want to be the conduit to

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Speaker 4: make it happen. Right, And then at the end of that,

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Speaker 4: we have another celebration, a sneaker ball, right, so everybody

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Speaker 4: comes suited and booted, they're all dressed up. They can

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Speaker 4: take off the shoes that were hurting their feet, they

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Speaker 4: can pop on the sneakers and have a good time

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Speaker 4: for the rest of the evening. And if if you're

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Speaker 4: in Atlanta area or you're in the surrounding area, we

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Speaker 4: have tickets available on melonimoney dot com.

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Speaker 1: All you have to do is go to the website.

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Speaker 4: I think we have some tickets left, tw tickets left

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Speaker 4: to attend tickets, a few tickets left to attend the event.

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Speaker 1: And if you do miss it, for whatever reason.

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Speaker 4: If you can't make it or we're sold out by

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Speaker 4: the time you get to the site, visit melonomoney dot com.

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Speaker 4: Stay tuned in what we have going on. Visit our

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Speaker 4: YouTube channel. We post a couple of episodes every single week.

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Speaker 4: Haven't missed the week since twenty twenty one. Because we

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Speaker 4: always want to educate regardless. If people can tap in

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Speaker 4: with our community and deepened meaning ways, we want to

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Speaker 4: make sure that we provide a platform that people can

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Speaker 4: learn from.

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Speaker 3: I'm going to tell you something. Both these brothers in shape,

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Speaker 3: you know, one of them got look like he walked

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Speaker 3: in with a weight kit helping wave health and wealth.

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Speaker 3: You well, there's arms, there's gun. That's gun, so he

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Speaker 3: can't let me touch this.

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Speaker 1: But oh boy, stop.

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Speaker 3: When we come back, we will learn more about them.

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Speaker 3: How did this organization start the name that? What does

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Speaker 3: that name mean? It's important that we understand their birth,

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Speaker 3: understand their journey and all those during their future. That's

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Speaker 3: all gonna happen when you come back to Money Making

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Speaker 3: Conversation master Class. Whoa boor Glad you're own the studio

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Speaker 3: because you learned something today.

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Speaker 7: Please don't go anywhere. We'll be right back with more

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Speaker 7: money Making Conversations Masterclass. Welcome back to the Money Making

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Speaker 7: Conversations Masterclass, hosted by Rashaan McDonald. Money Making Conversations Masterclass

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Speaker 7: continues online at Moneymakingconversations dot com and follow money Making

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Speaker 7: Conversations Masterclass on Facebook, Twitter, and Instagram.

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Speaker 3: Oh thank you all for just listening. Thank y'all for

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Speaker 3: encouraging me to continue with this show.

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Speaker 5: Not like I won't stop. You know what I'm saying.

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Speaker 5: I won't keep doing it anyway. I won't do it

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Speaker 5: in my house, in my batesment.

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Speaker 3: You know, I have two laps, two video gaests right now,

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Speaker 3: George and Carter, and they are gonna be talking about

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Speaker 3: their business. But you know, when I was reading your resume,

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Speaker 3: it was talking about innovative. When I hear that word innovative,

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Speaker 3: I don't know what that means, you know, invative ways

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Speaker 3: that you can build your wealth. Because let's be honest.

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Speaker 3: I got a credit card, I know about CDs, I

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Speaker 3: know about stock, I know about insurance.

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Speaker 1: What's innovative? When am I missing? George? Yeah, that's a

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Speaker 1: great question, right.

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Speaker 4: So you know I have this tagline that I like

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Speaker 4: to help people achieve financial freedom. Three times faster than

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Speaker 4: traditional financial advice, right, And it sounds like a good tagline.

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Speaker 4: But to your point, if I don't unpack that, you

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Speaker 4: might not know what that means. So the first thing

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Speaker 4: that comes with that is number one, understanding you know,

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Speaker 4: how anybody can invest in the stock market?

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Speaker 1: Right, Like, how what does that look like?

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Speaker 4: And so for me, I've always helped people understand what

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Speaker 4: I like to call the Burger King investment strategy and

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Speaker 4: what I mean by that. What I mean is McDonald

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Speaker 4: spends millions of dollars a year figuring out where they

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Speaker 4: want to put their next location. Right there in the

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Speaker 4: real estate business as well, so they put a lot

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Speaker 4: of thought into where the next location is going to go. Right,

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Speaker 4: So the question becomes, well, how does Burger King decide

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Speaker 4: where they want to put.

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Speaker 1: Their next location?

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Speaker 4: Well, they probably put it across the street or in

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Speaker 4: proximity to McDonald's, right, because if someone wants McDonald's, they

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Speaker 4: probably are also okay with Burger King.

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Speaker 1: So what does that mean with investing? What that means

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Speaker 1: is there's companies.

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Speaker 4: Like Vanguard, black Rock, right, these really big companies that

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Speaker 4: spend multimillion dollars on deciding the right companies and investments

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Speaker 4: that need to go in these things called index funds

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Speaker 4: and ETFs, right, And I'll explain what that means in

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Speaker 4: a second. And so instead of me, even though I'm

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Speaker 4: well researched and I understand how the stock market works,

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Speaker 4: an average investor might not. So what they can do

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Speaker 4: is they can piggyback right the research that these big

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Speaker 4: companies have already done and simply select the fund like

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Speaker 4: a VOO which is an index fund, or QQQ, and

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Speaker 4: all the research has already been done on if this

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Speaker 4: fund makes sense. Right. And so when people know that,

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Speaker 4: now they don't have to be experts in the stock market.

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Speaker 4: They don't necessarily have to know everything about the inner

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Speaker 4: workings of the stock market. They know that Vanguard has

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Speaker 4: spent millions of dollars on research, they manage tradings dollars

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Speaker 4: in assets, and they're gonna do their due diligence on

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Speaker 4: picking the right companies.

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Speaker 1: Right.

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Speaker 4: So now anybody can become an investor. Now take it

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Speaker 4: a step further, because you have the ability to look

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Speaker 4: inside of those funds. You can see, well, what are

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Speaker 4: the top five to ten companies in these funds? These

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Speaker 4: funds have five hundred different investments in them, but what

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Speaker 4: are the top five to ten. Well, I had this

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Speaker 4: aha moment to say, well, what happens if I piggyback

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Speaker 4: the research and invest in the index fund, but I

440
00:18:52,240 --> 00:18:54,640
Speaker 4: also select some of those top companies outside of that.

441
00:18:55,080 --> 00:18:57,679
Speaker 4: So now I get the performance of the top companies

442
00:18:57,720 --> 00:19:00,439
Speaker 4: while still having the security of the fund. Doing that

443
00:19:00,520 --> 00:19:03,720
Speaker 4: strategy has allowed me to outperform the market for the

444
00:19:03,720 --> 00:19:07,440
Speaker 4: past seven years, right, So that's kind of the foundational

445
00:19:07,600 --> 00:19:11,120
Speaker 4: level of what makes the strategy innovative. Now beyond that,

446
00:19:12,400 --> 00:19:14,280
Speaker 4: to Carter's point, a lot of people pay money in taxes,

447
00:19:14,280 --> 00:19:17,280
Speaker 4: So I said, well, shoot, everybody talks about buying low

448
00:19:17,359 --> 00:19:19,600
Speaker 4: and selling high. What they don't tell you is when

449
00:19:19,640 --> 00:19:21,960
Speaker 4: you sell high, even though capital gains tax are lower

450
00:19:22,000 --> 00:19:25,040
Speaker 4: than other ordinary income taxes you might pay, it's still taxes.

451
00:19:25,119 --> 00:19:25,920
Speaker 1: Yes, it is right.

452
00:19:26,119 --> 00:19:29,479
Speaker 4: So what happens when you can have investments benefit from

453
00:19:29,520 --> 00:19:33,560
Speaker 4: the growth and not have to sell right by leveraging

454
00:19:33,600 --> 00:19:37,440
Speaker 4: that investment account and basically becoming your own bank borring

455
00:19:37,480 --> 00:19:39,240
Speaker 4: against the value of the account. So, for example, if

456
00:19:39,280 --> 00:19:41,280
Speaker 4: you had one hundred thousand dollars invested. A lot of

457
00:19:41,280 --> 00:19:43,560
Speaker 4: people don't realize you can go to Charles Swab. You

458
00:19:43,600 --> 00:19:45,520
Speaker 4: can go to Fidelity and say, hey, look you see

459
00:19:45,560 --> 00:19:47,480
Speaker 4: I have the money invested. Could you give me a

460
00:19:47,480 --> 00:19:49,800
Speaker 4: lot of credit based upon the value of my account? Sure,

461
00:19:49,800 --> 00:19:52,040
Speaker 4: why wouldn't we? See you have the money invested. So

462
00:19:52,080 --> 00:19:54,520
Speaker 4: now your money gets to remain invested. You now get

463
00:19:54,520 --> 00:19:56,879
Speaker 4: to avoid the taxes, and then we're we're going to

464
00:19:56,920 --> 00:19:58,600
Speaker 4: teach you to get that money not to go buy stuff.

465
00:19:58,600 --> 00:20:02,600
Speaker 1: The interest you interest your fan back interest to so

466
00:20:02,840 --> 00:20:04,440
Speaker 1: to you who yourself?

467
00:20:04,960 --> 00:20:10,880
Speaker 3: Okay, right, I had your taxman came in exacting right

468
00:20:11,080 --> 00:20:13,359
Speaker 3: now the hoop, right, So then you take that money.

469
00:20:13,359 --> 00:20:14,320
Speaker 1: But here's the here's the kicker.

470
00:20:14,320 --> 00:20:16,080
Speaker 4: Even if you weren't paying the interest back to yourself,

471
00:20:16,320 --> 00:20:18,840
Speaker 4: you're only going to borrow the money once you've identified

472
00:20:18,840 --> 00:20:22,560
Speaker 4: an investment opportunity that's going to exceed the interest that

473
00:20:22,600 --> 00:20:23,120
Speaker 4: you would owe.

474
00:20:23,359 --> 00:20:24,600
Speaker 1: That's the infinite money glitch.

475
00:20:24,680 --> 00:20:27,000
Speaker 4: Right. If I can borrow money at six percent, right,

476
00:20:27,359 --> 00:20:30,360
Speaker 4: go and buy an investment property that's going to produce

477
00:20:30,680 --> 00:20:33,680
Speaker 4: higher than the cost of that capital, and then take

478
00:20:33,720 --> 00:20:35,359
Speaker 4: that cash flow and put it back in my investment

479
00:20:35,359 --> 00:20:38,000
Speaker 4: accouncil can compound even further. That's that's what we like

480
00:20:38,000 --> 00:20:40,639
Speaker 4: to call it infinite money glitch. Right, most people are

481
00:20:40,680 --> 00:20:43,359
Speaker 4: just so used to hearing the term borrowing and associating

482
00:20:43,400 --> 00:20:48,600
Speaker 4: it with debt, buying clothes, buying cars, buying liabilities. Right,

483
00:20:48,680 --> 00:20:51,159
Speaker 4: when you take that same equation but use it to

484
00:20:51,200 --> 00:20:53,520
Speaker 4: buy investments, it's a totally different ball game.

485
00:20:53,640 --> 00:20:54,960
Speaker 1: People just have to get on the right side of

486
00:20:54,960 --> 00:20:55,399
Speaker 1: the equation.

487
00:20:55,880 --> 00:21:00,520
Speaker 3: Wow, this relationship being a money man and being a CPA.

488
00:21:00,880 --> 00:21:02,240
Speaker 1: So that's that's what I see here.

489
00:21:02,320 --> 00:21:05,600
Speaker 3: You know, good combo is good combo because in the end,

490
00:21:05,840 --> 00:21:09,919
Speaker 3: you know, taxes kill us. All taxes can you know,

491
00:21:11,760 --> 00:21:14,640
Speaker 3: can put you in jail if you don't follow Them'll

492
00:21:14,640 --> 00:21:17,960
Speaker 3: discover that famous actor. Plenty of them out there told

493
00:21:18,000 --> 00:21:21,879
Speaker 3: us that. So when you do, you have an innovative plan.

494
00:21:22,080 --> 00:21:24,800
Speaker 3: He's told us an innovative plan when it comes to

495
00:21:25,280 --> 00:21:32,560
Speaker 3: making money. Seven year plans, worked, strategized, your CPA highly rated,

496
00:21:33,000 --> 00:21:34,040
Speaker 3: topping the class.

497
00:21:33,840 --> 00:21:35,200
Speaker 1: That's what makes you special.

498
00:21:35,520 --> 00:21:39,600
Speaker 6: Well, I teach entrepreneurs how to basically have the irs

499
00:21:39,640 --> 00:21:42,680
Speaker 6: help pay their bills. Right, So if you start a business,

500
00:21:42,800 --> 00:21:46,280
Speaker 6: right podcast whatever, you buy that lab. If you don't

501
00:21:46,280 --> 00:21:49,199
Speaker 6: have a business, you buy that laptop. That's a personal expense. Absolutely,

502
00:21:49,440 --> 00:21:51,840
Speaker 6: if you start a business and you buy that laptop,

503
00:21:51,880 --> 00:21:54,240
Speaker 6: that's a business expense, absolutely, So the IRS will now

504
00:21:54,320 --> 00:21:56,199
Speaker 6: give you a tax deduction for you buying something you're

505
00:21:56,240 --> 00:21:58,720
Speaker 6: already going to buy anyway, right, So now you can,

506
00:21:58,880 --> 00:22:00,280
Speaker 6: now that you know that, you look around your house

507
00:22:00,320 --> 00:22:03,400
Speaker 6: and say, what other personal expense can I turn into

508
00:22:03,440 --> 00:22:06,439
Speaker 6: a legitimate tax deduction? If you have a business that

509
00:22:06,480 --> 00:22:08,560
Speaker 6: you operate from home, the IRS is lets you take

510
00:22:08,560 --> 00:22:11,199
Speaker 6: advantage of the home office deduction, which will allow you

511
00:22:11,240 --> 00:22:13,320
Speaker 6: to write off a portion of your rent or your

512
00:22:13,359 --> 00:22:17,679
Speaker 6: mortgage every single month. Again, any utilities and utilities and internet,

513
00:22:17,720 --> 00:22:20,320
Speaker 6: and these are things you're already paying for, So why

514
00:22:20,400 --> 00:22:22,280
Speaker 6: not get the IRS to step in and help give

515
00:22:22,280 --> 00:22:24,639
Speaker 6: you a tax deduction so you can lower the amount

516
00:22:24,640 --> 00:22:26,159
Speaker 6: that you're trying to pay. So step number one is

517
00:22:26,160 --> 00:22:28,920
Speaker 6: how can we turn our personal expenses into tax deductible

518
00:22:28,960 --> 00:22:32,400
Speaker 6: business expenses? Step number two is how can we leverage

519
00:22:32,600 --> 00:22:35,639
Speaker 6: assets to help us save on taxes? So now that

520
00:22:35,680 --> 00:22:37,880
Speaker 6: we're saving on taxes, we might get a refund check

521
00:22:37,920 --> 00:22:40,200
Speaker 6: because we turn we now increased our write offs, So

522
00:22:40,200 --> 00:22:41,960
Speaker 6: you might get some money back from the IRS if

523
00:22:41,960 --> 00:22:43,600
Speaker 6: you use some of that refund to, let's say, buy

524
00:22:43,600 --> 00:22:46,440
Speaker 6: a real estate property. Real estate allows you to earn

525
00:22:46,480 --> 00:22:48,800
Speaker 6: money in your bank account while losing money on your

526
00:22:48,840 --> 00:22:51,600
Speaker 6: tax return, So you can actually cast for from that

527
00:22:51,640 --> 00:22:53,720
Speaker 6: real estate and not pay any taxes. Not to mention,

528
00:22:54,160 --> 00:22:57,120
Speaker 6: the losses on your tax return from your real estate

529
00:22:57,160 --> 00:22:59,879
Speaker 6: property gets to get subtracted from other income you make

530
00:23:00,080 --> 00:23:02,920
Speaker 6: at work or your other businesses. So you're making tax

531
00:23:02,960 --> 00:23:05,560
Speaker 6: free money in real estate and you're lessening your tax

532
00:23:05,600 --> 00:23:08,720
Speaker 6: bill and your W two job. And then the last

533
00:23:08,760 --> 00:23:10,800
Speaker 6: step is like, all right, how are there other ways

534
00:23:10,800 --> 00:23:13,399
Speaker 6: that we can invest in not pay the irs we use?

535
00:23:13,640 --> 00:23:16,840
Speaker 6: So we take advantage of tax advantage accounts like iras

536
00:23:16,960 --> 00:23:19,920
Speaker 6: roth iras, or we can lever strategies like George mentioned

537
00:23:19,920 --> 00:23:22,640
Speaker 6: by investing in our investment account and then borrowing from

538
00:23:22,680 --> 00:23:25,439
Speaker 6: my assets to buy other assets. The wealthiest people in

539
00:23:25,440 --> 00:23:30,879
Speaker 6: the country, they buy assets, they use that to buy assets,

540
00:23:31,200 --> 00:23:33,480
Speaker 6: and they use the money from the assets to pay

541
00:23:33,480 --> 00:23:37,560
Speaker 6: off the debts, and then they borrow from the debts tax.

542
00:23:37,320 --> 00:23:39,959
Speaker 1: Free to go buy other assets.

543
00:23:39,960 --> 00:23:42,000
Speaker 6: This is a wealth game, and if you're gonna play

544
00:23:42,040 --> 00:23:43,600
Speaker 6: the game, you need to learn the real I love it,

545
00:23:43,880 --> 00:23:47,159
Speaker 6: you know, I smile because you know a lot of

546
00:23:47,200 --> 00:23:50,000
Speaker 6: the stuff I know naturally It's always good to hear

547
00:23:50,040 --> 00:23:53,080
Speaker 6: it come back at you and realize, hey, the model works.

548
00:23:53,080 --> 00:23:55,480
Speaker 3: Stick to a rashan, you know, because there is a

549
00:23:55,480 --> 00:23:57,240
Speaker 3: long term model because a lot of times we want

550
00:23:57,280 --> 00:24:00,240
Speaker 3: to win the lotto, Witchdoc. This is a plan in

551
00:24:00,320 --> 00:24:02,480
Speaker 3: the stock game, which is a plan and a goal

552
00:24:02,640 --> 00:24:05,600
Speaker 3: or in in its system. As we wrap up the call,

553
00:24:06,040 --> 00:24:08,240
Speaker 3: and I will be at your war show.

554
00:24:08,400 --> 00:24:11,199
Speaker 6: Okay, okay, y'all know, okay, and I will yeah, pe

555
00:24:11,359 --> 00:24:13,000
Speaker 6: access He got a step us one right.

556
00:24:12,880 --> 00:24:20,080
Speaker 3: Now, this ain't even nothing worried worry sneakers, right, I gotta.

557
00:24:19,920 --> 00:24:22,720
Speaker 4: Have a join So you how much your regular shoes

558
00:24:22,760 --> 00:24:24,119
Speaker 4: and then and then when the when the when the

559
00:24:24,280 --> 00:24:26,160
Speaker 4: war show is over, then you can transition to your sneaker,

560
00:24:26,200 --> 00:24:26,679
Speaker 4: same outfit.

561
00:24:27,119 --> 00:24:29,040
Speaker 1: This is all good, It's all good, I got it,

562
00:24:29,040 --> 00:24:29,320
Speaker 1: he said.

563
00:24:29,600 --> 00:24:31,760
Speaker 3: Let's I know the war shows happening, but tell us

564
00:24:31,760 --> 00:24:34,200
Speaker 3: again about the website and so people can reach out

565
00:24:34,200 --> 00:24:35,720
Speaker 3: to you in the future one hundred percent.

566
00:24:35,760 --> 00:24:37,560
Speaker 4: So the website is meling in money dot com. That's

567
00:24:37,560 --> 00:24:40,640
Speaker 4: spelled et m E l A N I N money.

568
00:24:40,680 --> 00:24:43,879
Speaker 4: I hope you're not spelled money. Meling in money dot com.

569
00:24:44,119 --> 00:24:45,440
Speaker 4: That's where you can find all of our resources, and

570
00:24:45,480 --> 00:24:47,679
Speaker 4: I also would encourage you to use that same name

571
00:24:47,760 --> 00:24:50,520
Speaker 4: that searches on YouTube. Find our YouTube channel, subscribe, dropping

572
00:24:50,520 --> 00:24:53,040
Speaker 4: an amazing content every single week, and we can't wait

573
00:24:53,080 --> 00:24:54,320
Speaker 4: for you to be a part of the community.

574
00:24:54,359 --> 00:24:56,639
Speaker 3: Guys, you're fantastic. Thank y'all for coming in our studio

575
00:24:56,720 --> 00:24:58,560
Speaker 3: and we will talk soon. I appreciate y'all.

576
00:24:58,600 --> 00:24:59,040
Speaker 1: Thank you.

577
00:24:59,160 --> 00:25:02,280
Speaker 3: This has been another d money Making Conversation Masterclass hosted

578
00:25:02,320 --> 00:25:04,959
Speaker 3: by me Rashan McDonald. Thank you to my guests who

579
00:25:05,040 --> 00:25:08,160
Speaker 3: are talking today, and thank you to my listening audience.

580
00:25:08,359 --> 00:25:08,479
Speaker 7: Now.

581
00:25:08,480 --> 00:25:10,200
Speaker 3: If you want to listen to any episodes I want

582
00:25:10,200 --> 00:25:13,400
Speaker 3: to be guests on my show, visit Moneymaking Conversation dot com.

583
00:25:13,440 --> 00:25:16,320
Speaker 3: Our social media handler is money Making Conversations. Join us

584
00:25:16,320 --> 00:25:18,720
Speaker 3: next week and remember to always leave with your gifts.

585
00:25:19,040 --> 00:25:19,560
Speaker 1: Keep winning.

586
00:25:20,160 --> 00:25:23,400
Speaker 2: This has been another edition of Money Making Conversation Masterclass

587
00:25:23,480 --> 00:25:26,600
Speaker 2: hosted by me Rashaan McDonald. Thank you to our guests

588
00:25:26,640 --> 00:25:29,159
Speaker 2: on the show today and thank you our listening to

589
00:25:29,160 --> 00:25:31,160
Speaker 2: the audience now. If you want to listen to any

590
00:25:31,200 --> 00:25:33,200
Speaker 2: episode I want to be a guest on the show,

591
00:25:33,480 --> 00:25:38,000
Speaker 2: visit Moneymakingconversations dot com. Our social media handle is money

592
00:25:38,000 --> 00:25:41,280
Speaker 2: Making Conversation join us next week and remember to always

593
00:25:41,320 --> 00:25:42,280
Speaker 2: leave with your gifts.

594
00:25:42,600 --> 00:25:43,199
Speaker 1: Keep winning,