1 00:00:05,120 --> 00:00:08,080 Speaker 1: Welcome to the show. I'm Rashwan MacDonald, the host of 2 00:00:08,119 --> 00:00:12,000 Speaker 1: Money Making Conversations Masterclass, where we encourage people to stop 3 00:00:12,000 --> 00:00:15,440 Speaker 1: reading other people's success stories and start planning their own. 4 00:00:16,040 --> 00:00:19,480 Speaker 1: Listen up as I interview entrepreneurs from around the country, 5 00:00:19,720 --> 00:00:22,600 Speaker 1: talk to celebrities and ask them how they are running 6 00:00:22,640 --> 00:00:25,480 Speaker 1: their companies, and speak with dog profits who are making 7 00:00:25,520 --> 00:00:28,560 Speaker 1: a difference in their local communities. Now, sit back and 8 00:00:28,600 --> 00:00:31,680 Speaker 1: listen as we unlock the secrets to their success on 9 00:00:31,800 --> 00:00:37,840 Speaker 1: Money Making Conversations Masterclass. My guests created the Mellan Melon 10 00:00:37,840 --> 00:00:40,519 Speaker 1: of Money, Melon the Money. Their mission is to empower 11 00:00:40,560 --> 00:00:44,400 Speaker 1: the Black community through financial literacy and wealth building. They 12 00:00:44,400 --> 00:00:47,280 Speaker 1: have been recognized for their innovative approach to bridging the 13 00:00:47,360 --> 00:00:49,879 Speaker 1: wealth gap, which I talk about allowing this show. So 14 00:00:49,880 --> 00:00:52,320 Speaker 1: we're going to really find out what is that wealth gap, 15 00:00:52,400 --> 00:00:56,320 Speaker 1: you know, and fostering a culture financial empowerment. Please welcome 16 00:00:56,320 --> 00:00:59,200 Speaker 1: to the Money to Money Making Conversation Master Class. George 17 00:00:59,200 --> 00:01:02,000 Speaker 1: and Carter, owner of Melon the Money, and they want 18 00:01:02,040 --> 00:01:04,440 Speaker 1: to share the inspiring stories. Welcome to the show, my friends. 19 00:01:04,600 --> 00:01:06,959 Speaker 1: Thank you for having us. Well, you know, I always 20 00:01:07,040 --> 00:01:08,920 Speaker 1: like having people in the studio because I can look 21 00:01:09,360 --> 00:01:11,479 Speaker 1: it's always a cat and mouse game on the radio, 22 00:01:11,680 --> 00:01:14,520 Speaker 1: you can't really know how people are feeling about it. 23 00:01:15,040 --> 00:01:17,600 Speaker 1: So let's get just started here. Tell me about you 24 00:01:17,680 --> 00:01:18,759 Speaker 1: a little bit, my quick brother. 25 00:01:19,120 --> 00:01:22,160 Speaker 2: Yeah, So, I have been a financial advisor and wealth 26 00:01:22,160 --> 00:01:25,600 Speaker 2: manager for the past twelve years and when I started 27 00:01:25,680 --> 00:01:27,720 Speaker 2: in the industry, there wasn't a lot of advisors that 28 00:01:27,760 --> 00:01:28,240 Speaker 2: looked like me. 29 00:01:28,800 --> 00:01:29,840 Speaker 3: And which why is that? 30 00:01:29,880 --> 00:01:30,319 Speaker 1: Why is that? 31 00:01:30,959 --> 00:01:34,520 Speaker 3: Why is that? I think because well, for several reasons, right. 32 00:01:34,600 --> 00:01:38,360 Speaker 2: I think if you don't see representation in a space, 33 00:01:38,440 --> 00:01:40,600 Speaker 2: then you assume that it's not for you, right, So 34 00:01:40,959 --> 00:01:43,039 Speaker 2: because of that, it's not a career path that people pursue. 35 00:01:43,040 --> 00:01:46,199 Speaker 2: They pursue being rappers, they pursue being athletes, they pursue 36 00:01:46,200 --> 00:01:49,080 Speaker 2: being entertainers because they believe that's what's for them, because 37 00:01:49,080 --> 00:01:50,919 Speaker 2: that's what they see. There wasn't a lot of representation, 38 00:01:51,440 --> 00:01:53,320 Speaker 2: and so a lot of our movement is to create 39 00:01:53,360 --> 00:01:54,760 Speaker 2: that representation. 40 00:01:54,280 --> 00:01:56,040 Speaker 3: So that people know that they're worthy of wealth. 41 00:01:56,120 --> 00:01:56,280 Speaker 1: Right. 42 00:01:56,320 --> 00:01:57,720 Speaker 2: And so what I realized there wasn't a lot of 43 00:01:57,720 --> 00:01:59,840 Speaker 2: people in the space. I wanted to figure out how 44 00:01:59,840 --> 00:02:02,120 Speaker 2: I can serve and reach more people, and that's when 45 00:02:02,120 --> 00:02:05,280 Speaker 2: we started, you know, creating content online creating podcasts and 46 00:02:05,320 --> 00:02:07,440 Speaker 2: things of that nature so that we could really impact 47 00:02:07,520 --> 00:02:09,959 Speaker 2: and just show the world that, you know, building wealth 48 00:02:09,960 --> 00:02:12,440 Speaker 2: does a personal color is something that's possible for you too. 49 00:02:12,680 --> 00:02:17,160 Speaker 1: That's a person of color. You know. We talk about money, 50 00:02:17,600 --> 00:02:19,960 Speaker 1: you know, the first level of money if you can 51 00:02:20,040 --> 00:02:23,040 Speaker 1: buy a house, and then when you start talking about stocks, 52 00:02:23,080 --> 00:02:26,120 Speaker 1: it it becomes like Spanish really, you know, And I 53 00:02:26,160 --> 00:02:29,080 Speaker 1: wish I was being comical because even I'm a person, 54 00:02:29,480 --> 00:02:32,360 Speaker 1: I still don't know what crypto is, so you know, 55 00:02:33,240 --> 00:02:37,600 Speaker 1: a big, bigcoin. You really got a brother over here here. 56 00:02:38,240 --> 00:02:40,160 Speaker 1: I got a show called money, Money Making comes. They 57 00:02:40,200 --> 00:02:43,280 Speaker 1: master colors, but I don't master that conversation, right, So 58 00:02:43,440 --> 00:02:46,200 Speaker 1: that's me and I supposed to know. So with that 59 00:02:46,240 --> 00:02:49,800 Speaker 1: being said, you guys became partners. How did that world happen? 60 00:02:49,880 --> 00:02:51,320 Speaker 1: For your full night? 61 00:02:51,639 --> 00:02:54,000 Speaker 4: Carter Coolefield Okay, yeah, So I'm a CPA and I've 62 00:02:54,000 --> 00:02:56,800 Speaker 4: been a CPA for about ten years and we met 63 00:02:56,800 --> 00:02:59,400 Speaker 4: at the conference and he had clients he was helping 64 00:02:59,440 --> 00:03:01,480 Speaker 4: make a lot of money and they needed to help 65 00:03:01,520 --> 00:03:03,840 Speaker 4: saving on taxes. I had a bunch of clients I 66 00:03:03,880 --> 00:03:06,040 Speaker 4: was helping saving on taxes and they need to know 67 00:03:06,080 --> 00:03:07,280 Speaker 4: what to do with the extra money. 68 00:03:07,480 --> 00:03:07,639 Speaker 1: Right. 69 00:03:07,720 --> 00:03:09,720 Speaker 4: So we eventually came together because if you want to 70 00:03:09,760 --> 00:03:11,680 Speaker 4: build wealth, I think there's two major things you have 71 00:03:11,720 --> 00:03:14,200 Speaker 4: to do. Keep Uncle saying you saving tax Now, yeah, 72 00:03:14,200 --> 00:03:16,000 Speaker 4: I was helping them save in taxes, and he was 73 00:03:16,040 --> 00:03:17,400 Speaker 4: helping them take that money and invest it. 74 00:03:17,440 --> 00:03:17,600 Speaker 5: Oh. 75 00:03:17,720 --> 00:03:18,800 Speaker 1: I love that relationship. 76 00:03:18,919 --> 00:03:20,600 Speaker 3: Yeah, keeping them money in the circle. 77 00:03:21,160 --> 00:03:22,440 Speaker 4: Wise man was told me, if you want to make 78 00:03:22,440 --> 00:03:23,760 Speaker 4: a lot of money, teach people how to keep Uncle 79 00:03:23,760 --> 00:03:25,160 Speaker 4: saying out they pocket, and teach them how to make 80 00:03:25,160 --> 00:03:27,280 Speaker 4: money and they sleep. If you do those two things, 81 00:03:27,280 --> 00:03:30,680 Speaker 4: you mailbox money, mailbox money. Loved it, gotta love it. 82 00:03:30,720 --> 00:03:33,520 Speaker 4: So it was a perfect partnership because those are the 83 00:03:33,520 --> 00:03:34,960 Speaker 4: two things you need to do to build wealth. And 84 00:03:35,000 --> 00:03:36,760 Speaker 4: we came together so we can have a one stop 85 00:03:36,760 --> 00:03:39,720 Speaker 4: shot where people can save on taxes, make money from 86 00:03:39,720 --> 00:03:42,960 Speaker 4: investments so they can build a legacy for their family. 87 00:03:43,480 --> 00:03:45,480 Speaker 1: Now, when you say, I hear that a lot little 88 00:03:45,560 --> 00:03:48,440 Speaker 1: legacy for the family, you know, because you know, in 89 00:03:48,520 --> 00:03:51,720 Speaker 1: the black community, the community of color, you know, they 90 00:03:51,720 --> 00:03:53,600 Speaker 1: tell you about a little savings account, you know, and 91 00:03:53,640 --> 00:03:56,760 Speaker 1: the saves account nowadays, the percentage is like you really 92 00:03:56,800 --> 00:03:59,600 Speaker 1: just got money just sitting there. You cannot save yourself 93 00:03:59,640 --> 00:04:05,200 Speaker 1: to wealth, right, put it in a mattress, you know, right, right, right? 94 00:04:05,200 --> 00:04:06,920 Speaker 1: You know, I can feed my money, baby, I can 95 00:04:06,960 --> 00:04:10,080 Speaker 1: feel my money, you know, like my mom used to do. Now. 96 00:04:10,120 --> 00:04:13,440 Speaker 1: But when you talk about that wealth gap, you know, 97 00:04:13,840 --> 00:04:15,320 Speaker 1: how does that work for you, George? 98 00:04:15,800 --> 00:04:18,599 Speaker 2: Thinking about the wealth gap as a whole, Yes, sir, So, 99 00:04:18,760 --> 00:04:21,680 Speaker 2: our mission is to decrease the wealth gap by one 100 00:04:21,760 --> 00:04:22,600 Speaker 2: hundred billion. 101 00:04:22,360 --> 00:04:24,520 Speaker 1: Dollars, right, and that's a big number. 102 00:04:24,560 --> 00:04:25,200 Speaker 3: That's a big number. 103 00:04:25,279 --> 00:04:25,479 Speaker 1: Yeah. 104 00:04:25,520 --> 00:04:28,000 Speaker 2: So so our goal, our goal is to decrease the 105 00:04:28,040 --> 00:04:30,720 Speaker 2: wealth gap by one hundred billion dollars by helping one 106 00:04:30,839 --> 00:04:33,560 Speaker 2: hundred thousand people of color achieve their first one million 107 00:04:33,600 --> 00:04:34,120 Speaker 2: in networth. 108 00:04:34,200 --> 00:04:34,360 Speaker 1: Right. 109 00:04:34,400 --> 00:04:38,440 Speaker 2: But here's the thing, right to your point, absolutely absolutely right. Here, 110 00:04:38,640 --> 00:04:40,800 Speaker 2: here's the thing that we realize, right, Like, we realized 111 00:04:40,839 --> 00:04:45,160 Speaker 2: that marketing and society typically use marketing tactics to exploit 112 00:04:46,080 --> 00:04:47,880 Speaker 2: this tactic, but we used it for a good, right, 113 00:04:47,920 --> 00:04:49,160 Speaker 2: and that tactic is people would do. 114 00:04:49,080 --> 00:04:50,679 Speaker 3: More for recognition than they will for money. 115 00:04:50,800 --> 00:04:53,560 Speaker 2: The reason why people buy the Louis Vauton, they buy 116 00:04:53,560 --> 00:04:56,960 Speaker 2: the fancy cars because of the perceived status that that 117 00:04:57,000 --> 00:04:58,479 Speaker 2: gives them to the world. So we said, well, hey, 118 00:04:58,480 --> 00:05:00,119 Speaker 2: we don't want people to spend money, but how can 119 00:05:00,560 --> 00:05:02,479 Speaker 2: how can we hack that psychology? 120 00:05:02,560 --> 00:05:02,640 Speaker 1: Right? 121 00:05:02,720 --> 00:05:05,599 Speaker 2: And so we every year we have an annual award 122 00:05:05,600 --> 00:05:08,280 Speaker 2: show where we're literally celebrating our clients. 123 00:05:08,320 --> 00:05:11,640 Speaker 1: Okay, okay, award show. I had nothing about an awards. 124 00:05:11,680 --> 00:05:13,680 Speaker 1: What award show you got? You should lad with the 125 00:05:13,760 --> 00:05:15,599 Speaker 1: ward show. You gotta ward show awarding people. 126 00:05:16,480 --> 00:05:20,760 Speaker 2: We got an award show celebrating people for their wealth fillding milestones. Right, So, like, 127 00:05:21,200 --> 00:05:23,320 Speaker 2: so if you have one hundred thousand, a networth, a 128 00:05:23,320 --> 00:05:25,359 Speaker 2: half a million, a million, five million, whatever, right, So 129 00:05:25,400 --> 00:05:27,840 Speaker 2: now what happens is this? Right, here's a crazy part. 130 00:05:27,839 --> 00:05:30,160 Speaker 2: When we launched this, my financial advisor friends though I 131 00:05:30,200 --> 00:05:32,400 Speaker 2: was crazy. No one's gonna feel comfortable talking about their 132 00:05:32,520 --> 00:05:35,840 Speaker 2: numbers or their money. Yes they will if you celebrate 133 00:05:35,839 --> 00:05:37,719 Speaker 2: them for it. Because here's the reality. Well, most people 134 00:05:37,760 --> 00:05:39,920 Speaker 2: leave high school. Everybody doesn't go to college. When's the 135 00:05:39,960 --> 00:05:42,520 Speaker 2: last time they walk across the straight stage to get celebrated. 136 00:05:42,520 --> 00:05:45,119 Speaker 2: When's the last time somebody is honoring them for something 137 00:05:45,120 --> 00:05:48,240 Speaker 2: that they're doing. Now, imagine you get you get celebrated 138 00:05:48,240 --> 00:05:50,920 Speaker 2: for fully funding your wrought iray, you get celebrated for 139 00:05:51,279 --> 00:05:54,120 Speaker 2: having one hundred thousand plus network. Now people are literally 140 00:05:54,240 --> 00:05:57,120 Speaker 2: racing to like get those investment accounts funded so they 141 00:05:57,120 --> 00:05:59,520 Speaker 2: can be up on stage. So now here's the good news. 142 00:05:59,760 --> 00:06:01,800 Speaker 2: We're not giving you awards for how much money you made. 143 00:06:01,839 --> 00:06:03,520 Speaker 2: We're not giving you awards for how much money you 144 00:06:03,520 --> 00:06:06,040 Speaker 2: spent to flex on the society. You can only get 145 00:06:06,040 --> 00:06:08,640 Speaker 2: an award from us if you actually have it, if 146 00:06:08,640 --> 00:06:11,560 Speaker 2: you kept it right. And so we have hacked psychology 147 00:06:11,560 --> 00:06:12,920 Speaker 2: when it comes to helping people build. 148 00:06:12,920 --> 00:06:16,240 Speaker 1: Well, so I'm not just over get back to you. 149 00:06:17,600 --> 00:06:20,400 Speaker 1: That little program, little thing called the Hoodie Awards, Okay, 150 00:06:20,520 --> 00:06:24,120 Speaker 1: Hoodie Awards. That was meaning's Steve Harbor and we celebrated 151 00:06:24,160 --> 00:06:28,760 Speaker 1: small businesses, barbershops, churches, and school This feels like the 152 00:06:28,760 --> 00:06:31,640 Speaker 1: Hoodie Awards on steroids, something like something. 153 00:06:31,440 --> 00:06:33,960 Speaker 2: Like, hey, listen, you hearing it from us. I'm not 154 00:06:33,960 --> 00:06:36,000 Speaker 2: sure what you got going on, but we love to 155 00:06:36,000 --> 00:06:37,320 Speaker 2: have you check it out. We'll let you get all 156 00:06:37,360 --> 00:06:39,120 Speaker 2: the information for a complimentary ticket. We love to have 157 00:06:39,160 --> 00:06:39,640 Speaker 2: you in the building. 158 00:06:39,720 --> 00:06:43,080 Speaker 1: Okay, now, complimentary ticket. Now you know I'm a backstage guy. 159 00:06:43,360 --> 00:06:48,640 Speaker 1: I can't that, Brotherary. 160 00:06:48,680 --> 00:06:50,320 Speaker 3: I just mean you don't have to pay anything. That's 161 00:06:50,360 --> 00:06:50,640 Speaker 3: what I mean. 162 00:06:51,200 --> 00:06:54,760 Speaker 1: You with us, brother, You know, I'm excited because of 163 00:06:54,800 --> 00:06:58,120 Speaker 1: the fact that you're doing something that people say cannot 164 00:06:58,200 --> 00:07:01,440 Speaker 1: be done these type of award show because of the 165 00:07:01,440 --> 00:07:05,400 Speaker 1: fact that you're recognizing people of color, because that's not 166 00:07:05,560 --> 00:07:07,719 Speaker 1: done normally, because we're not supposed to be doing that. 167 00:07:07,800 --> 00:07:09,920 Speaker 1: We're not you know, like I said, you live with 168 00:07:10,080 --> 00:07:14,200 Speaker 1: the with the entertainment, the athleticism, those are the areas 169 00:07:14,240 --> 00:07:16,440 Speaker 1: that you know. That's why Lebron James said, don't call 170 00:07:16,520 --> 00:07:21,360 Speaker 1: my business partners a crew, you know when people tell 171 00:07:21,440 --> 00:07:24,840 Speaker 1: him stay just dribble a basketball. No, I do more 172 00:07:24,920 --> 00:07:28,120 Speaker 1: than that. Don't stereotype me, And so I consider this 173 00:07:28,160 --> 00:07:34,240 Speaker 1: event a non stereotypical event, which means it's worthy of promotion. 174 00:07:34,840 --> 00:07:38,240 Speaker 1: It's worthy of television stations showing up, it's worthy of 175 00:07:38,400 --> 00:07:42,640 Speaker 1: sitting on NBC Today, it's worthy sitting on Good Morning America. 176 00:07:42,920 --> 00:07:47,080 Speaker 1: Because we get stereotypes so much about what we cannot do. 177 00:07:47,520 --> 00:07:52,160 Speaker 1: It's annoying to me. So I get mad. I created 178 00:07:52,200 --> 00:07:54,600 Speaker 1: this show. I created this show, and I don't know 179 00:07:54,640 --> 00:07:58,000 Speaker 1: why I did it. Initially, when I started in twenty seventeen, Carter, 180 00:07:58,440 --> 00:08:02,280 Speaker 1: it was about celebrities. Okay, you know, I say, I 181 00:08:02,280 --> 00:08:04,880 Speaker 1: bring the celebrities on and they talk about their success. 182 00:08:05,000 --> 00:08:10,640 Speaker 1: Then I realize they're kind of boring, you know, Yeah, yeah, yeah, 183 00:08:10,640 --> 00:08:14,400 Speaker 1: because they are not talking about the everyday person's success 184 00:08:14,440 --> 00:08:16,720 Speaker 1: and people can't relate. Yeah right, you know, because, in 185 00:08:16,760 --> 00:08:20,600 Speaker 1: other words, they have using their brand to access something 186 00:08:20,640 --> 00:08:23,400 Speaker 1: that the everyday person can't access. They might get a 187 00:08:23,440 --> 00:08:26,120 Speaker 1: loan because they're famous. They might they might get a 188 00:08:26,160 --> 00:08:29,440 Speaker 1: T shirt deal because they're famous. They so, so they've 189 00:08:29,480 --> 00:08:33,320 Speaker 1: skipped a lot of steps that the basic everyday person 190 00:08:33,400 --> 00:08:36,160 Speaker 1: doesn't know anything about. So that's why it's important when 191 00:08:36,160 --> 00:08:38,480 Speaker 1: I bring individuals like you on the show, talk about 192 00:08:38,520 --> 00:08:39,240 Speaker 1: your role in all this. 193 00:08:39,760 --> 00:08:39,960 Speaker 3: Yeah. 194 00:08:40,040 --> 00:08:42,360 Speaker 4: So he had this idea before I came on, and 195 00:08:42,400 --> 00:08:43,880 Speaker 4: I just wanted to help magnify it. 196 00:08:44,000 --> 00:08:44,440 Speaker 1: The CPA. 197 00:08:44,559 --> 00:08:46,680 Speaker 4: It's a CPA, right, because you know, client's making all 198 00:08:46,720 --> 00:08:47,920 Speaker 4: this money. It was like, how can we make this 199 00:08:47,960 --> 00:08:50,640 Speaker 4: money tax free? How can we find creative strategies to 200 00:08:50,679 --> 00:08:53,600 Speaker 4: help our clients build wealth without having to give fifty 201 00:08:53,600 --> 00:08:55,000 Speaker 4: percent of their money to Uncle Sam? 202 00:08:55,080 --> 00:08:55,360 Speaker 1: Right? 203 00:08:55,440 --> 00:08:58,280 Speaker 4: Because most people, but they don't realize that when you 204 00:08:58,280 --> 00:09:02,520 Speaker 4: pay federal tax, state tax tax, self employment tax, property tax, 205 00:09:02,760 --> 00:09:05,120 Speaker 4: you're giving fifty percent of money to the government over 206 00:09:05,160 --> 00:09:07,520 Speaker 4: your lifetime. Right, and so if I can help them 207 00:09:07,600 --> 00:09:10,360 Speaker 4: keep that money, because some people actually say, like if 208 00:09:10,400 --> 00:09:13,239 Speaker 4: I make more money, they'll have to pay more taxes potentially, 209 00:09:13,280 --> 00:09:14,959 Speaker 4: But don't stop making the money first, you know what 210 00:09:14,960 --> 00:09:17,520 Speaker 4: I'm saying. So I think that our goal was just 211 00:09:17,760 --> 00:09:20,280 Speaker 4: really to come together and teach people that you can 212 00:09:20,320 --> 00:09:22,440 Speaker 4: make more money and save on taxes at the same time. 213 00:09:22,679 --> 00:09:25,880 Speaker 5: Please don't go anywhere. We'll be right back with more 214 00:09:25,920 --> 00:09:36,000 Speaker 5: Money Making Conversations Masterclass. Welcome back to the Money Making 215 00:09:36,040 --> 00:09:39,160 Speaker 5: Conversations Masterclass hosted by Rashaan McDonald. 216 00:09:39,840 --> 00:09:43,120 Speaker 1: One of the questions that was put submitted to me 217 00:09:43,280 --> 00:09:45,880 Speaker 1: was like milestones and journeys because we all you know, 218 00:09:45,920 --> 00:09:49,000 Speaker 1: I always tell people I basically am the same guy 219 00:09:49,000 --> 00:09:51,000 Speaker 1: at eighteen. I just had to learn that when I 220 00:09:51,080 --> 00:09:54,160 Speaker 1: became forty. Yeah, you know, you know, because I because 221 00:09:54,200 --> 00:09:56,800 Speaker 1: now I'm making all the tools and all the vision 222 00:09:56,880 --> 00:09:59,959 Speaker 1: I had when I was eighteen, then I'm actually making 223 00:10:00,120 --> 00:10:02,480 Speaker 1: money with it. I was an inspirational guy. I was 224 00:10:03,559 --> 00:10:06,280 Speaker 1: telling people people listen to me when I talk. I 225 00:10:06,280 --> 00:10:08,120 Speaker 1: would do events, they will show up, they will give 226 00:10:08,160 --> 00:10:10,480 Speaker 1: me money. So let me know, at the very early age, 227 00:10:10,640 --> 00:10:13,760 Speaker 1: I had some skill set that people went Okay, here's 228 00:10:13,800 --> 00:10:17,200 Speaker 1: five dollars. So now I'm looking at two young men, 229 00:10:17,679 --> 00:10:21,240 Speaker 1: which excite me because you're my future, you know. And 230 00:10:21,280 --> 00:10:24,240 Speaker 1: I always tell people you hit fifty, you know, there's 231 00:10:24,240 --> 00:10:28,120 Speaker 1: a fifty, there's no guaranteed the next fifty, first fifty, 232 00:10:28,160 --> 00:10:30,400 Speaker 1: there was no guarantee there, but I made the past fifty. 233 00:10:30,400 --> 00:10:33,319 Speaker 1: There you go. Yeah, so that's the journey that I 234 00:10:33,360 --> 00:10:35,920 Speaker 1: can tell you about. So what's your journey because you 235 00:10:35,960 --> 00:10:39,000 Speaker 1: have not hit fifty yet. Yeah, yeah, so my journey 236 00:10:39,040 --> 00:10:42,920 Speaker 1: is pretty just missed CPA talking calling CPA. That's money 237 00:10:42,920 --> 00:10:44,480 Speaker 1: man over there, yeah, CPA. 238 00:10:44,559 --> 00:10:45,520 Speaker 3: Yeah, yeah, for sure. 239 00:10:46,800 --> 00:10:51,000 Speaker 4: Unfortunately, so fortunately, unfortunately, I had a traumatic childhood. My 240 00:10:51,040 --> 00:10:53,040 Speaker 4: mom dad at fourteen. My dad died at sixteen, so 241 00:10:53,080 --> 00:10:55,679 Speaker 4: I was sixteen with no parents. But it also told 242 00:10:55,720 --> 00:10:57,640 Speaker 4: me to take my own life and my own financial 243 00:10:57,679 --> 00:11:00,120 Speaker 4: literacy into my own hands. Right, So, very early on, 244 00:11:00,200 --> 00:11:02,640 Speaker 4: I realized that we didn't have money, and I went 245 00:11:02,720 --> 00:11:05,360 Speaker 4: to know why because the people around me that have money, 246 00:11:05,360 --> 00:11:08,200 Speaker 4: but that we don't have it. So my curiosity for 247 00:11:08,280 --> 00:11:11,240 Speaker 4: money stem from a lack. And instead of saying a 248 00:11:11,320 --> 00:11:13,240 Speaker 4: scarcity of mindset, we you know, we don't have it, 249 00:11:13,360 --> 00:11:15,560 Speaker 4: I had an abundance mindset, so how can we achieve it? 250 00:11:15,679 --> 00:11:17,920 Speaker 4: So that's where my curiosity for money came from, and 251 00:11:17,960 --> 00:11:21,000 Speaker 4: I studied it all through college and I became one 252 00:11:21,040 --> 00:11:23,360 Speaker 4: of the top CPAs in the country. And my goal 253 00:11:23,440 --> 00:11:25,520 Speaker 4: is simple. If I made it this far, I was 254 00:11:25,720 --> 00:11:27,880 Speaker 4: able to make money in my business and save a 255 00:11:27,880 --> 00:11:30,560 Speaker 4: lot of money on taxes. I have an obligation to 256 00:11:30,720 --> 00:11:33,360 Speaker 4: teach my own people how they can do it as well. 257 00:11:33,600 --> 00:11:35,880 Speaker 1: Well. You know, when you say your own people, who 258 00:11:35,880 --> 00:11:36,560 Speaker 1: are you talking about? 259 00:11:36,760 --> 00:11:39,160 Speaker 4: I'll talk with people of color, specifically black people, because 260 00:11:39,200 --> 00:11:42,480 Speaker 4: we're underserved. Right again, if somebody who's not black listens 261 00:11:42,480 --> 00:11:45,560 Speaker 4: to me, fine, I'm targeting my community to who has 262 00:11:45,600 --> 00:11:48,800 Speaker 4: been underserved with information intentionally for a very long time. 263 00:11:49,280 --> 00:11:52,199 Speaker 4: So I feel like a personal obligation to give us 264 00:11:52,520 --> 00:11:55,840 Speaker 4: the skills and the assets and the information and resources 265 00:11:55,960 --> 00:11:57,480 Speaker 4: for us to just not take our family to the 266 00:11:57,480 --> 00:12:00,520 Speaker 4: next level, but us take our friends and around us 267 00:12:00,520 --> 00:12:00,800 Speaker 4: as well. 268 00:12:01,160 --> 00:12:03,719 Speaker 1: GOT be remiss not to complete the conversation about the 269 00:12:03,760 --> 00:12:06,760 Speaker 1: award show. Tell us about the war show when it's happening, 270 00:12:07,120 --> 00:12:09,760 Speaker 1: but also how can one participate it in. 271 00:12:09,880 --> 00:12:12,240 Speaker 2: Absolutely so, the award show is a part of a 272 00:12:12,240 --> 00:12:16,280 Speaker 2: broader experience called wealth weekend and on Friday, this upcoming Friday, 273 00:12:16,360 --> 00:12:18,800 Speaker 2: we have a educational conference, right, because we don't we 274 00:12:18,840 --> 00:12:21,120 Speaker 2: want to make sure people get the actual information to 275 00:12:21,240 --> 00:12:22,920 Speaker 2: learn how to hit those milestones. Because this is an 276 00:12:22,920 --> 00:12:24,599 Speaker 2: event for our clients as well as it's open to 277 00:12:24,640 --> 00:12:26,760 Speaker 2: the public. So to your point, if you're not our client, 278 00:12:26,800 --> 00:12:29,440 Speaker 2: you might not yet know the strategies and insights on 279 00:12:29,520 --> 00:12:31,600 Speaker 2: how to improve your network. So if we first start 280 00:12:31,640 --> 00:12:34,440 Speaker 2: with the education, right, we have some powerhouse speakers, myself 281 00:12:34,440 --> 00:12:35,920 Speaker 2: and Carter will be some of them, but also some 282 00:12:35,960 --> 00:12:39,360 Speaker 2: other speakers on Friday, and then after people get a 283 00:12:39,440 --> 00:12:41,079 Speaker 2: chance to get all that information, right, we wanted to 284 00:12:41,120 --> 00:12:43,080 Speaker 2: give them a chance to digest it, get a chance 285 00:12:43,120 --> 00:12:45,080 Speaker 2: to connect with other people who were in the room. 286 00:12:45,120 --> 00:12:47,320 Speaker 2: Because the reason why this started and evolved to the 287 00:12:47,360 --> 00:12:49,319 Speaker 2: next level is we invested in ourselves and we went 288 00:12:49,320 --> 00:12:51,600 Speaker 2: to a conference, right, and we met at that conference, 289 00:12:51,640 --> 00:12:55,120 Speaker 2: and then that compounded into a friendship, a business partnership, 290 00:12:55,120 --> 00:12:56,880 Speaker 2: and our brotherhood. Right, So we want to get people 291 00:12:56,880 --> 00:12:59,160 Speaker 2: an opportunities to connect in a meaningful ways. 292 00:12:59,160 --> 00:13:02,000 Speaker 3: We have a mixer after the conference. 293 00:13:02,040 --> 00:13:04,480 Speaker 2: Then that Saturday is when we have the award show, 294 00:13:04,640 --> 00:13:08,160 Speaker 2: So early evening we have the award show, and it's 295 00:13:08,200 --> 00:13:11,000 Speaker 2: a two part award show, So we're celebrating our clients 296 00:13:11,000 --> 00:13:13,640 Speaker 2: who have achieved the milestones, but then also other pillars 297 00:13:13,640 --> 00:13:15,480 Speaker 2: of the community. Had we known about you, you probably would 298 00:13:15,480 --> 00:13:18,280 Speaker 2: have been celebrated as well. But pillars of the community 299 00:13:18,400 --> 00:13:20,959 Speaker 2: who are helping us in this mission. Because we know 300 00:13:21,000 --> 00:13:23,560 Speaker 2: that we're not the only two guys in the financial 301 00:13:23,559 --> 00:13:26,040 Speaker 2: literacy space pushing this narrative forward, so we want to 302 00:13:26,080 --> 00:13:27,880 Speaker 2: let them know that we see them too. Right, So 303 00:13:28,200 --> 00:13:30,600 Speaker 2: people who are educated about stocks, people who educate about 304 00:13:30,600 --> 00:13:32,959 Speaker 2: real estate and all the other different categories, they also 305 00:13:33,000 --> 00:13:35,240 Speaker 2: get celebrated and amplified as a part of this experience 306 00:13:35,520 --> 00:13:37,880 Speaker 2: because it's not for us hitting that one hundred thousand 307 00:13:38,760 --> 00:13:40,960 Speaker 2: peat Parson target. And we don't care if it all 308 00:13:41,000 --> 00:13:43,040 Speaker 2: comes through melon the money. We just want to be 309 00:13:43,120 --> 00:13:46,200 Speaker 2: the conduit to make it happen. Right, And then at 310 00:13:46,240 --> 00:13:50,000 Speaker 2: the end of that, we have another celebration, a sneaker ball, right, 311 00:13:50,040 --> 00:13:52,120 Speaker 2: so everybody comes suited and booted, they're all dressed up. 312 00:13:52,200 --> 00:13:53,959 Speaker 3: They can take off the shoes that were hurting their feet. 313 00:13:54,040 --> 00:13:55,680 Speaker 3: They can pop on the sneakers and have a good 314 00:13:55,679 --> 00:13:57,319 Speaker 3: time for the rest of the evening. 315 00:13:57,240 --> 00:13:59,680 Speaker 1: At I'm both these brothers in shape. 316 00:13:59,720 --> 00:13:59,920 Speaker 5: You know. 317 00:14:00,000 --> 00:14:01,440 Speaker 1: One of them guys look like he walked in with 318 00:14:01,480 --> 00:14:07,800 Speaker 1: a weight kit, health Way, health and Wealth. Well arm's gun. 319 00:14:08,120 --> 00:14:10,000 Speaker 1: That's gun, so he can't let me touch this better? 320 00:14:10,040 --> 00:14:13,640 Speaker 1: Oh boy, stock? How did this organization start the name that? 321 00:14:13,720 --> 00:14:16,720 Speaker 1: What does that name mean? It's important that we understand 322 00:14:16,840 --> 00:14:20,320 Speaker 1: their birth, understand their journey and all those during their future. 323 00:14:20,680 --> 00:14:23,560 Speaker 1: But you know, when I was reading your resume, it 324 00:14:23,640 --> 00:14:26,160 Speaker 1: was talking about innovative. When I hear that word innovative, 325 00:14:26,560 --> 00:14:29,480 Speaker 1: I don't know what that means, you know, invative ways 326 00:14:29,520 --> 00:14:33,880 Speaker 1: that you can build your wealth. Because let's be honest. 327 00:14:34,440 --> 00:14:38,080 Speaker 1: I got a credit card, I know about CDs, I 328 00:14:38,120 --> 00:14:43,720 Speaker 1: know about stock, I know about insurance. What's innovative? What 329 00:14:43,840 --> 00:14:44,680 Speaker 1: are I missing? George? 330 00:14:44,760 --> 00:14:46,000 Speaker 3: Yeah, that's a great question. 331 00:14:46,120 --> 00:14:46,320 Speaker 1: Right. 332 00:14:46,400 --> 00:14:49,200 Speaker 2: So you know, I have this tagline that I like 333 00:14:49,240 --> 00:14:52,280 Speaker 2: to help people achieve financial freedom three times faster than 334 00:14:52,320 --> 00:14:55,160 Speaker 2: traditional financial advice, right, And it sounds like a good tagline. 335 00:14:55,200 --> 00:14:56,680 Speaker 2: But to your point, if I don't unpack that, you 336 00:14:56,720 --> 00:14:59,200 Speaker 2: might not know what that means. So the first thing 337 00:14:59,240 --> 00:15:02,560 Speaker 2: that comes with that is number one, understanding you know, 338 00:15:02,720 --> 00:15:04,680 Speaker 2: how anybody can invest in the stock market. 339 00:15:04,760 --> 00:15:06,040 Speaker 3: Right, Like, how what does that look like? 340 00:15:06,120 --> 00:15:09,040 Speaker 2: And so for me, I've always helped people understand what 341 00:15:09,080 --> 00:15:11,160 Speaker 2: I like to call the Burger King investment strategy and 342 00:15:11,200 --> 00:15:13,600 Speaker 2: what I mean by that. What I mean is McDonald 343 00:15:13,680 --> 00:15:15,560 Speaker 2: spends millions of dollars a year figuring out where they 344 00:15:15,560 --> 00:15:16,560 Speaker 2: want to put their next location. 345 00:15:16,680 --> 00:15:16,800 Speaker 1: Right. 346 00:15:16,800 --> 00:15:18,360 Speaker 2: They're in the real estate business as well, so they 347 00:15:18,360 --> 00:15:19,960 Speaker 2: put a lot of thought into where the next location 348 00:15:20,040 --> 00:15:21,960 Speaker 2: is going to go. Right, So the question becomes, well, 349 00:15:22,000 --> 00:15:23,880 Speaker 2: how does Burger King decide where they want to put 350 00:15:23,880 --> 00:15:26,600 Speaker 2: their next location? Well, they probably put it across the 351 00:15:26,600 --> 00:15:28,640 Speaker 2: street or in proximity to McDonald's, right, because if someone 352 00:15:28,640 --> 00:15:31,480 Speaker 2: wants McDonald's, they probably are also okay with Burger King. 353 00:15:31,520 --> 00:15:34,120 Speaker 2: So what does that mean with investing? What that means 354 00:15:34,160 --> 00:15:37,600 Speaker 2: is there's companies like Vanguard, black Rock, Right, these really 355 00:15:37,640 --> 00:15:42,920 Speaker 2: big companies that spend multimillion dollars on deciding the right 356 00:15:42,960 --> 00:15:45,240 Speaker 2: companies and investments that need to go in these things 357 00:15:45,240 --> 00:15:47,040 Speaker 2: called index funds and ETFs, right. 358 00:15:47,080 --> 00:15:48,640 Speaker 3: And I'll explain what that means in a second. 359 00:15:49,160 --> 00:15:51,920 Speaker 2: And so instead of me, even though I'm well researched 360 00:15:51,920 --> 00:15:53,800 Speaker 2: and I understand how the stock market works, an average 361 00:15:53,800 --> 00:15:56,800 Speaker 2: investor might not So what they can do is they 362 00:15:56,800 --> 00:16:00,440 Speaker 2: can piggyback right the research that these big companies have 363 00:16:00,480 --> 00:16:04,720 Speaker 2: already done and simply select the fund like a VOO 364 00:16:04,840 --> 00:16:07,960 Speaker 2: which is an index fund, or QQQ, and all the 365 00:16:08,000 --> 00:16:11,480 Speaker 2: research has already been done on if this fund makes sense, right, 366 00:16:12,000 --> 00:16:13,880 Speaker 2: And so when people know that, now they don't have 367 00:16:13,920 --> 00:16:16,000 Speaker 2: to be experts in the stock market. They don't necessarily 368 00:16:16,000 --> 00:16:17,520 Speaker 2: have to know everything about the inner workings of the 369 00:16:17,560 --> 00:16:20,520 Speaker 2: stock market. They know that Vanguard has spent millions of 370 00:16:20,560 --> 00:16:24,160 Speaker 2: dollars on research, They manage tradings dollars in assets, and 371 00:16:24,200 --> 00:16:26,880 Speaker 2: they're going to do their due diligence on picking the 372 00:16:26,960 --> 00:16:27,640 Speaker 2: right companies. 373 00:16:27,720 --> 00:16:27,880 Speaker 1: Right. 374 00:16:28,320 --> 00:16:30,600 Speaker 2: So now anybody can become an investor. Now take it 375 00:16:30,600 --> 00:16:33,280 Speaker 2: a step further, because you have the ability to look 376 00:16:33,320 --> 00:16:35,360 Speaker 2: inside of those funds. You can see, well, what are 377 00:16:35,360 --> 00:16:38,560 Speaker 2: the top five to ten companies in these funds? These 378 00:16:38,600 --> 00:16:41,080 Speaker 2: funds have five hundred different investments in them, Well what 379 00:16:41,080 --> 00:16:43,280 Speaker 2: are the top five to ten. Well I had this 380 00:16:43,440 --> 00:16:46,960 Speaker 2: aha moment to say, well, what happens if I piggyback 381 00:16:46,960 --> 00:16:49,280 Speaker 2: the research and invest in the index fund, but I 382 00:16:49,280 --> 00:16:51,680 Speaker 2: also select some of those top companies outside of that, 383 00:16:52,120 --> 00:16:54,760 Speaker 2: So now I get the performance of the top companies 384 00:16:54,760 --> 00:16:57,400 Speaker 2: while still having the security of the fund and doing 385 00:16:57,440 --> 00:17:00,640 Speaker 2: that strategy has allowed me to outperform the mart for 386 00:17:00,680 --> 00:17:01,920 Speaker 2: the past seven years. 387 00:17:02,320 --> 00:17:02,480 Speaker 5: Right. 388 00:17:02,880 --> 00:17:05,800 Speaker 2: So that's kind of the foundational level of what makes 389 00:17:05,800 --> 00:17:10,159 Speaker 2: the strategy innovative. Now beyond that, to Carter's point, a 390 00:17:10,160 --> 00:17:12,360 Speaker 2: lot of people pay money in taxes. So I said, well, shoot, 391 00:17:12,640 --> 00:17:15,919 Speaker 2: everybody talks about buying low and selling high. What they 392 00:17:15,920 --> 00:17:17,640 Speaker 2: don't tell you is when you sell high, even though 393 00:17:17,680 --> 00:17:21,080 Speaker 2: capital gains tax are lower than other ordinary income taxes. 394 00:17:20,880 --> 00:17:22,119 Speaker 3: You might pay, it's still taxes. 395 00:17:22,200 --> 00:17:22,960 Speaker 1: Yes, it is right. 396 00:17:23,200 --> 00:17:26,600 Speaker 2: So what happens when you can have investments benefit from 397 00:17:26,600 --> 00:17:30,640 Speaker 2: the growth and not have to sell right by leveraging 398 00:17:30,680 --> 00:17:34,439 Speaker 2: that investment account and basically becoming your own bank borrowing 399 00:17:34,520 --> 00:17:36,320 Speaker 2: against the value of the account. So, for example, if 400 00:17:36,320 --> 00:17:38,320 Speaker 2: you had one hundred thousand dollars invested, a lot of 401 00:17:38,320 --> 00:17:40,639 Speaker 2: people don't realize you can go to Charles Swab, you 402 00:17:40,640 --> 00:17:42,600 Speaker 2: can go to Fidelity and say, hey, look, you see 403 00:17:42,600 --> 00:17:44,480 Speaker 2: I have the money invested. Could you give me a 404 00:17:44,520 --> 00:17:46,360 Speaker 2: lot of credit based upon the value of my account? 405 00:17:46,640 --> 00:17:46,840 Speaker 3: Sure? 406 00:17:46,880 --> 00:17:49,080 Speaker 2: Why wouldn't we see you have the money invested, So 407 00:17:49,119 --> 00:17:51,600 Speaker 2: now your money gets to remain invested. You now get 408 00:17:51,600 --> 00:17:54,160 Speaker 2: to avoid the taxes, and then we're we're gonna teach 409 00:17:54,160 --> 00:17:55,560 Speaker 2: you to get that money, not to go buy. 410 00:17:55,359 --> 00:17:58,159 Speaker 1: Stuff the interest they do charge you interest, get. 411 00:17:58,160 --> 00:18:01,480 Speaker 4: Your fan back interest too yourself. 412 00:18:02,000 --> 00:18:07,920 Speaker 1: Okay, right, thought I had your taxman came in exact thing, right, 413 00:18:08,119 --> 00:18:10,440 Speaker 1: all the hoop, Right, So then you take that money. 414 00:18:10,440 --> 00:18:11,359 Speaker 3: But here's the here's the kicker. 415 00:18:11,400 --> 00:18:13,120 Speaker 2: Even if you weren't paying the interest back to yourself, 416 00:18:13,400 --> 00:18:15,919 Speaker 2: you're only going to borrow the money once you've identified 417 00:18:15,920 --> 00:18:19,600 Speaker 2: an investment opportunity that's going to exceed the interest that 418 00:18:19,640 --> 00:18:21,679 Speaker 2: you would owe. That's the infinite money glitch. 419 00:18:21,760 --> 00:18:21,960 Speaker 1: Right. 420 00:18:22,040 --> 00:18:24,640 Speaker 2: If I can borrow money at six percent, right, go 421 00:18:24,680 --> 00:18:28,360 Speaker 2: and buy investment property that's going to produce higher than 422 00:18:28,400 --> 00:18:31,240 Speaker 2: the cost of that capital, and then take that cash 423 00:18:31,240 --> 00:18:33,040 Speaker 2: flow and put it back in my investment accouncil can 424 00:18:33,080 --> 00:18:35,280 Speaker 2: compound even further. That's that's what we like to call 425 00:18:35,320 --> 00:18:36,320 Speaker 2: it infinite money glitch. 426 00:18:36,760 --> 00:18:36,920 Speaker 1: Right. 427 00:18:37,160 --> 00:18:38,880 Speaker 2: Most people are just so used to hearing the term 428 00:18:38,960 --> 00:18:43,879 Speaker 2: borrowing and associating it with debt, buying clothes, buying cars, 429 00:18:44,040 --> 00:18:47,760 Speaker 2: buying liabilities. Right, when you take that same equation but 430 00:18:47,880 --> 00:18:50,560 Speaker 2: use it to buy investments, it's a totally different ball game. 431 00:18:50,680 --> 00:18:52,040 Speaker 2: People just have to get on the right side of 432 00:18:52,040 --> 00:18:52,479 Speaker 2: the equation. 433 00:18:52,960 --> 00:18:57,560 Speaker 1: Wow, this relationship being a money man and being a CPA. 434 00:18:57,920 --> 00:19:00,720 Speaker 1: So that's that's what I see here. You know, it's 435 00:19:00,760 --> 00:19:03,920 Speaker 1: a good combo because in the end, you know, taxes 436 00:19:04,000 --> 00:19:09,280 Speaker 1: kill us. All taxes can you know, can put you 437 00:19:09,320 --> 00:19:12,199 Speaker 1: in jail if you don't follow them. We'll discover that 438 00:19:12,440 --> 00:19:15,320 Speaker 1: famous actor plenty of them out there told us that. 439 00:19:15,840 --> 00:19:19,360 Speaker 1: So when you do you have an innovative plan. He's 440 00:19:19,400 --> 00:19:23,159 Speaker 1: told us an innovative plan when it comes to making money. 441 00:19:23,600 --> 00:19:30,720 Speaker 1: Seven year plans, worked, strategized, UCPA highly rated, topping the class. 442 00:19:30,920 --> 00:19:32,800 Speaker 1: Let's go what makes you special? Well? 443 00:19:32,800 --> 00:19:36,880 Speaker 4: I teach entrepreneurs how to basically have the irs help 444 00:19:36,880 --> 00:19:39,760 Speaker 4: pay their bills. Right, So, if you start a business, 445 00:19:39,840 --> 00:19:43,360 Speaker 4: right podcast whatever, you buy that lab. If you don't 446 00:19:43,359 --> 00:19:46,320 Speaker 4: have a business, you buy that laptop, that's a personal expense, absolutely. 447 00:19:46,480 --> 00:19:48,919 Speaker 4: If you start a business and you buy that laptop, 448 00:19:48,960 --> 00:19:51,320 Speaker 4: that's a business expense absolutely. So the IRS will now 449 00:19:51,400 --> 00:19:53,280 Speaker 4: give you a tax deduction for you buying something you're 450 00:19:53,280 --> 00:19:55,800 Speaker 4: already going to buy anyway. Right, So now you can 451 00:19:55,960 --> 00:19:57,360 Speaker 4: now that you know that, you look around your house 452 00:19:57,359 --> 00:20:00,480 Speaker 4: and say, what other personal expense can I turn into 453 00:20:00,520 --> 00:20:01,720 Speaker 4: a legitimate tax deduction? 454 00:20:02,200 --> 00:20:03,760 Speaker 3: If you have a business. 455 00:20:03,440 --> 00:20:05,640 Speaker 4: That you operate from home, the IRS lets you take 456 00:20:05,640 --> 00:20:08,240 Speaker 4: advantage of the home office deduction, which will allow you 457 00:20:08,280 --> 00:20:10,400 Speaker 4: to write off a portion of your rent or your 458 00:20:10,400 --> 00:20:14,800 Speaker 4: mortgage every single month. Again, any utilities and utilities and internet, 459 00:20:14,800 --> 00:20:17,400 Speaker 4: and these are things you're already paying for, So why 460 00:20:17,440 --> 00:20:19,320 Speaker 4: not get the IRS to step in and help give 461 00:20:19,359 --> 00:20:21,679 Speaker 4: you a tax deduction so you can lower the amount 462 00:20:21,720 --> 00:20:23,240 Speaker 4: that you're trying to pay. So step number one is 463 00:20:23,240 --> 00:20:26,000 Speaker 4: how can we turn our personal expenses into tax deductible 464 00:20:26,000 --> 00:20:29,440 Speaker 4: business expenses? Step number two is how can we leverage 465 00:20:29,680 --> 00:20:32,720 Speaker 4: assets to help us save on taxes. So now that 466 00:20:32,760 --> 00:20:34,960 Speaker 4: we're saving on taxes, we might get a refund check 467 00:20:34,960 --> 00:20:37,280 Speaker 4: because we turn we now increased our write offs. So 468 00:20:37,280 --> 00:20:39,000 Speaker 4: you might get some money back from the IRS if 469 00:20:39,000 --> 00:20:40,639 Speaker 4: you use some of that refund to, let's say buy 470 00:20:40,640 --> 00:20:43,480 Speaker 4: a real estate property. Real estate allows you to earn 471 00:20:43,520 --> 00:20:45,880 Speaker 4: money in your bank account while losing money on your 472 00:20:45,920 --> 00:20:48,679 Speaker 4: tax return, so you can actually cast fow from that 473 00:20:48,680 --> 00:20:50,800 Speaker 4: real estate and not pay any taxes. Not to mention, 474 00:20:51,240 --> 00:20:54,160 Speaker 4: the losses on your tax return from your real estate 475 00:20:54,200 --> 00:20:57,000 Speaker 4: property gets to get subtracted from other income you make 476 00:20:57,080 --> 00:20:59,960 Speaker 4: at work or your other businesses. So you're making tax 477 00:21:00,040 --> 00:21:02,639 Speaker 4: free money in real estate and you're lessening your tax 478 00:21:02,680 --> 00:21:05,760 Speaker 4: bill and your W two job. And then the last 479 00:21:05,800 --> 00:21:07,840 Speaker 4: step is like, all right, how are there other ways 480 00:21:07,840 --> 00:21:10,439 Speaker 4: that we can invest in not pay the irs we use? 481 00:21:10,720 --> 00:21:13,919 Speaker 4: So we take advantage of tax advantage accounts like iras 482 00:21:14,000 --> 00:21:16,960 Speaker 4: roth iras, or we can lever strategies like George mentioned, 483 00:21:17,000 --> 00:21:19,720 Speaker 4: by investing in our investment account and then borrowing from 484 00:21:19,720 --> 00:21:22,480 Speaker 4: my assets to buy other assets. The wealthiest people in 485 00:21:22,520 --> 00:21:27,959 Speaker 4: the country, they buy assets, they use that to buy assets, 486 00:21:28,280 --> 00:21:30,520 Speaker 4: and they use the money from the assets to pay 487 00:21:30,560 --> 00:21:33,520 Speaker 4: off the debts, and then they borrow from the debts 488 00:21:34,040 --> 00:21:37,040 Speaker 4: tax free to go buy other assets. 489 00:21:37,040 --> 00:21:39,120 Speaker 1: This is a wealth game, and if you're gonna. 490 00:21:38,920 --> 00:21:40,160 Speaker 3: Play the game, you need to play the reals. 491 00:21:40,280 --> 00:21:43,640 Speaker 1: I love it, you know. I smile because you know 492 00:21:44,000 --> 00:21:46,600 Speaker 1: lots of the stuff I know naturally. It's always good 493 00:21:46,680 --> 00:21:49,040 Speaker 1: to hear it come back at you and realize, hey, 494 00:21:49,320 --> 00:21:52,200 Speaker 1: the model works. Stick to a rashan, you know, because 495 00:21:52,200 --> 00:21:53,760 Speaker 1: there is a long term model. Because a lot of 496 00:21:53,800 --> 00:21:56,720 Speaker 1: times we want to win the lotto, witch stock. It's 497 00:21:56,880 --> 00:21:59,159 Speaker 1: the plan. The stock game, which is a plan and 498 00:21:59,240 --> 00:22:02,280 Speaker 1: a goal or in its system. As we wrap up 499 00:22:02,320 --> 00:22:06,040 Speaker 1: the call, and I will be at your war show. Okay, okay, 500 00:22:06,280 --> 00:22:08,760 Speaker 1: let y'all know, okay, and I will yeah, pe access 501 00:22:08,960 --> 00:22:12,240 Speaker 1: he got a step us one right now, this ain't 502 00:22:12,240 --> 00:22:16,960 Speaker 1: even nothing worried worry, you said, sneakers, right, I gotta 503 00:22:16,960 --> 00:22:19,879 Speaker 1: have a join you so much the regular shoes and 504 00:22:19,880 --> 00:22:21,520 Speaker 1: then and then when the when the when the war 505 00:22:21,560 --> 00:22:23,200 Speaker 1: show is over, then you can transition to your sneaker, 506 00:22:23,280 --> 00:22:25,480 Speaker 1: same outfit. Though. This is all good, It's all good, 507 00:22:25,720 --> 00:22:27,719 Speaker 1: I got it, he said. Let's I know the war 508 00:22:27,760 --> 00:22:29,960 Speaker 1: shows happening, but tell us again about the website and 509 00:22:30,080 --> 00:22:31,720 Speaker 1: so people can reach out to you in the. 510 00:22:31,720 --> 00:22:34,080 Speaker 2: Future one hundred percent. So the website is meling money 511 00:22:34,119 --> 00:22:36,960 Speaker 2: dot com. That's spelled m e l A n I 512 00:22:37,119 --> 00:22:39,480 Speaker 2: N money. I hope you're not spelled money meling in 513 00:22:39,600 --> 00:22:40,959 Speaker 2: money dot com. 514 00:22:41,040 --> 00:22:41,159 Speaker 1: Uh. 515 00:22:41,200 --> 00:22:42,600 Speaker 2: That's where you can find all our resources. And I 516 00:22:42,600 --> 00:22:44,840 Speaker 2: also would encourage you to use that same name that 517 00:22:44,920 --> 00:22:47,600 Speaker 2: searches on YouTube. Find our YouTube channel, subscribe. We dropping 518 00:22:47,600 --> 00:22:50,120 Speaker 2: an amazing content every single week and we can't wait 519 00:22:50,119 --> 00:22:50,920 Speaker 2: for you to be a part. 520 00:22:50,840 --> 00:22:51,320 Speaker 3: Of the community. 521 00:22:51,440 --> 00:22:53,719 Speaker 1: Guys, you're fantastic. Thank you for coming in my studio 522 00:22:53,760 --> 00:22:55,640 Speaker 1: and we will talk soon. I appreciate y'all. 523 00:22:55,640 --> 00:22:56,160 Speaker 3: Thank you. 524 00:22:56,280 --> 00:22:59,480 Speaker 1: This has been another edition of Money Making Conversation Masterclass 525 00:22:59,560 --> 00:23:02,720 Speaker 1: hosted by me Rushaun McDonald. Thank you to our guests 526 00:23:02,720 --> 00:23:05,280 Speaker 1: on the show today, and thank you for listening to 527 00:23:05,280 --> 00:23:07,280 Speaker 1: the audience now. If you want to listen to any 528 00:23:07,320 --> 00:23:09,320 Speaker 1: episode I want to be a guest on the show, 529 00:23:09,600 --> 00:23:14,080 Speaker 1: visit Moneymakingconversations dot com. Our social media handle is money 530 00:23:14,080 --> 00:23:17,320 Speaker 1: Making Conversation. Join us next week and remember to always 531 00:23:17,440 --> 00:23:19,280 Speaker 1: leave with your gifts. Keep winning.