1 00:00:02,320 --> 00:00:04,520 Speaker 1: I'm Will Lucas in This is Black Tech, Green Money. 2 00:00:05,880 --> 00:00:08,479 Speaker 1: John Hope Brian is chairman and CEO at John Hope 3 00:00:08,520 --> 00:00:12,799 Speaker 1: Bryant Holdings, Brian Group Ventures, Brian Group Advisors, and executive 4 00:00:12,880 --> 00:00:15,600 Speaker 1: chairman of the Promise Homes Company, which is the largest 5 00:00:15,640 --> 00:00:19,760 Speaker 1: for profit, minority controlled owner of institutional quality, single family 6 00:00:19,840 --> 00:00:23,600 Speaker 1: residential homes in the United States. And he's founded chairman 7 00:00:23,680 --> 00:00:27,080 Speaker 1: and CEO at Operation Hope, the nation's largest on the 8 00:00:27,120 --> 00:00:31,400 Speaker 1: ground nonprofit provider of financial literacy. He's been an advisor 9 00:00:31,480 --> 00:00:34,199 Speaker 1: to presidents the largest corporations in the world, and he's 10 00:00:34,240 --> 00:00:37,600 Speaker 1: responsible for financial literacy becoming the official policy of the 11 00:00:37,720 --> 00:00:41,600 Speaker 1: United States federal government under President George Bush and Obama. 12 00:00:41,680 --> 00:00:44,839 Speaker 1: And it's the only American citizen to ever inspire the 13 00:00:44,960 --> 00:00:47,919 Speaker 1: renaming of a building on the White House campus from 14 00:00:47,960 --> 00:00:51,240 Speaker 1: the US Treasury Annex Building to the Freeman's Bank Building 15 00:00:51,400 --> 00:00:54,160 Speaker 1: in honor of Lincoln's unfinished work to teach free slaves 16 00:00:54,200 --> 00:00:55,960 Speaker 1: about money in eighteen sixty five. 17 00:00:56,600 --> 00:00:57,520 Speaker 2: He's that conversation. 18 00:00:58,360 --> 00:01:01,400 Speaker 1: And so I remember, very early in my career, before 19 00:01:01,440 --> 00:01:04,680 Speaker 1: I was making any money, a mentor of mine was 20 00:01:04,720 --> 00:01:07,319 Speaker 1: giving me advice on how to make it. And he 21 00:01:07,400 --> 00:01:10,200 Speaker 1: was like, you know, young will like money is not 22 00:01:10,240 --> 00:01:13,080 Speaker 1: your problem. And he was, you know, just saying, you 23 00:01:13,240 --> 00:01:16,880 Speaker 1: just trying to say, like, you know, money looks for value, 24 00:01:16,920 --> 00:01:19,280 Speaker 1: It looks to places that they can grow and these 25 00:01:19,319 --> 00:01:21,840 Speaker 1: sorts of things. And he wasn't saying, I wasn't becoming 26 00:01:21,840 --> 00:01:23,319 Speaker 1: that person. He was just trying to get me the 27 00:01:23,400 --> 00:01:27,200 Speaker 1: idea that you know how we often hear man, if 28 00:01:27,200 --> 00:01:29,600 Speaker 1: I just had X amount of dollars, I can finally 29 00:01:29,720 --> 00:01:32,480 Speaker 1: go do the thing. And he was saying, that's a 30 00:01:32,680 --> 00:01:34,720 Speaker 1: bad way of thinking. What do you say to. 31 00:01:34,720 --> 00:01:37,800 Speaker 2: That, Oh, I'll go even further. Money is a coward, 32 00:01:38,520 --> 00:01:42,240 Speaker 2: Capro is a coward. Money's not courageous. Money tries to 33 00:01:42,240 --> 00:01:44,920 Speaker 2: find the safest place it can find for the highest 34 00:01:44,959 --> 00:01:49,200 Speaker 2: return over the longest period of time. And if you 35 00:01:49,280 --> 00:01:52,640 Speaker 2: look safe and you can provide a good return, then 36 00:01:52,640 --> 00:01:55,200 Speaker 2: money's interested. If you like you're a risk, if you 37 00:01:55,440 --> 00:01:58,160 Speaker 2: like your if you're like your, you're you're a shooting star. 38 00:01:59,160 --> 00:02:01,240 Speaker 2: Then money's gonna be very expensive, and it's gonna and 39 00:02:01,240 --> 00:02:03,480 Speaker 2: it's gonna have a lot of extraction or in it 40 00:02:03,560 --> 00:02:07,720 Speaker 2: and maybe even look repressive because it wants what you want. 41 00:02:07,800 --> 00:02:09,200 Speaker 2: It wants to get in and wants to get out 42 00:02:09,240 --> 00:02:12,120 Speaker 2: and wants UH and wants the highest level of protection. 43 00:02:12,760 --> 00:02:15,960 Speaker 2: And and what we have to understand is the dynamics 44 00:02:16,000 --> 00:02:18,600 Speaker 2: of that relationship. But the larger issue that I think 45 00:02:18,600 --> 00:02:21,200 Speaker 2: your mentor was trying to say to you was that 46 00:02:21,480 --> 00:02:25,119 Speaker 2: really the the real capital is in you, that you're 47 00:02:25,160 --> 00:02:29,120 Speaker 2: the product. It's not about money, uh. That that capital 48 00:02:29,120 --> 00:02:32,120 Speaker 2: comes from the Latin root word copy toass knowledge in 49 00:02:32,160 --> 00:02:35,639 Speaker 2: the hill, knowledge, knowledge in the head, and that credit 50 00:02:35,800 --> 00:02:41,280 Speaker 2: comes from the Latin root word creditoe. Credibility and banking 51 00:02:41,320 --> 00:02:45,679 Speaker 2: and finance is a faith business, very spiritual. It requires 52 00:02:45,720 --> 00:02:48,040 Speaker 2: a faith and confidence of people to take in it. 53 00:02:48,040 --> 00:02:50,480 Speaker 2: It really has very little to do with money. Money 54 00:02:50,560 --> 00:02:54,000 Speaker 2: is nothing more than an exchange of value. I mean 55 00:02:54,040 --> 00:02:55,640 Speaker 2: I could take it. I could if I wanted to 56 00:02:55,639 --> 00:02:58,919 Speaker 2: write a check, I could take the back of your shirt, 57 00:03:00,240 --> 00:03:04,480 Speaker 2: write a routing number and write the banking details of 58 00:03:04,560 --> 00:03:09,239 Speaker 2: your bank account. Or you could and you could say 59 00:03:09,280 --> 00:03:11,480 Speaker 2: to the payment to pay to the order of John 60 00:03:11,480 --> 00:03:16,239 Speaker 2: ho'bryant and sign it, and technically I take your shirt 61 00:03:16,520 --> 00:03:19,200 Speaker 2: off your back to the bank and the bank would 62 00:03:19,280 --> 00:03:23,000 Speaker 2: scratch her head. They would go talk to the attorney. 63 00:03:23,240 --> 00:03:25,600 Speaker 2: But within thirty days they'd have to figure out how 64 00:03:25,600 --> 00:03:29,160 Speaker 2: to cast your shirt or try to convince me or 65 00:03:29,200 --> 00:03:31,960 Speaker 2: convince you to come with a more traditional version of 66 00:03:32,000 --> 00:03:34,680 Speaker 2: a transfer of value. We get over obsessed about getting 67 00:03:34,680 --> 00:03:36,720 Speaker 2: that bag, getting that money, getting that dollar, getting that 68 00:03:36,760 --> 00:03:39,920 Speaker 2: getting paid. All this is, it's called making a living 69 00:03:39,960 --> 00:03:42,360 Speaker 2: for a reason. All money is is designed to help 70 00:03:42,400 --> 00:03:46,920 Speaker 2: you make a living today versus making your life. You 71 00:03:46,960 --> 00:03:53,560 Speaker 2: build wealth in your sleep. Education, relationship, capital, stocks, bonds, businesses. Brand, 72 00:03:54,320 --> 00:03:56,840 Speaker 2: You've got a brand. Now we have a relationship. You 73 00:03:56,840 --> 00:04:01,000 Speaker 2: didn't meet me on you know, the Yellow Pages, Google search, 74 00:04:01,400 --> 00:04:04,440 Speaker 2: You didn't foilut a form we met. I vibed you. 75 00:04:04,520 --> 00:04:07,200 Speaker 2: I thought you were a good dude, and I said yes. 76 00:04:07,920 --> 00:04:12,880 Speaker 2: Now you know somebody else who calls my speaking agent, 77 00:04:13,680 --> 00:04:16,240 Speaker 2: they get quoted, you know, fifty thousand dollars for a 78 00:04:16,279 --> 00:04:20,080 Speaker 2: forty five minute speech because I don't know them. It's 79 00:04:20,080 --> 00:04:23,200 Speaker 2: a commercial transaction. And I'm even losing money when I 80 00:04:23,240 --> 00:04:25,560 Speaker 2: do that, if I have to travel to go do it, 81 00:04:25,560 --> 00:04:27,279 Speaker 2: but I might have some strategic reasons to do it. 82 00:04:27,320 --> 00:04:30,400 Speaker 2: I'm doing this for free because and all I told 83 00:04:30,400 --> 00:04:33,719 Speaker 2: as told today was hey John, you got to a 84 00:04:33,760 --> 00:04:36,480 Speaker 2: podcast with Will And I thought, for a minute, Will 85 00:04:36,640 --> 00:04:40,919 Speaker 2: oh my god, Yeah, I love that, dude. That's relationship capital. 86 00:04:41,120 --> 00:04:44,600 Speaker 2: That's that's what makes the world go around. And if 87 00:04:44,640 --> 00:04:48,520 Speaker 2: you hang around nine broke people, you'll be the tenth. 88 00:04:48,720 --> 00:04:50,840 Speaker 2: So you gotta watch who you hang around. You got 89 00:04:50,920 --> 00:04:53,800 Speaker 2: to watch your mindset and we got to learn. I 90 00:04:53,839 --> 00:04:55,440 Speaker 2: was just thinking this morning, will we got to become 91 00:04:55,480 --> 00:04:59,960 Speaker 2: bilingual Black people. To become bilingual civil rights is cool, 92 00:05:00,040 --> 00:05:03,560 Speaker 2: we also need civil rights. Being able to defend yourself 93 00:05:03,560 --> 00:05:05,000 Speaker 2: in the streets is cool, but I want you to 94 00:05:05,040 --> 00:05:08,760 Speaker 2: win in the suites. I want you to understand what 95 00:05:08,880 --> 00:05:11,840 Speaker 2: grand light red rooms are, which are defending yourself against 96 00:05:11,920 --> 00:05:14,840 Speaker 2: racism and bias and police brutality and all that stuff. 97 00:05:14,920 --> 00:05:16,240 Speaker 2: But I want you to be in more and more 98 00:05:16,240 --> 00:05:20,120 Speaker 2: green rooms where internships and apprenticeships and jobs and actually 99 00:05:20,160 --> 00:05:23,680 Speaker 2: the capital an opportunity is because what really happens is 100 00:05:23,680 --> 00:05:26,560 Speaker 2: you don't have to ask for money, you build the 101 00:05:26,560 --> 00:05:32,479 Speaker 2: product right. Kind of poor reputation, I could not believe it. 102 00:05:32,520 --> 00:05:35,080 Speaker 1: So I used to have again more mentors who would 103 00:05:35,120 --> 00:05:37,480 Speaker 1: talk about the bank. Went to them and said, what 104 00:05:37,520 --> 00:05:39,520 Speaker 1: else can we do for you? And I could not 105 00:05:39,600 --> 00:05:42,120 Speaker 1: believe that that's how the bank worked until it happened 106 00:05:42,440 --> 00:05:45,279 Speaker 1: to me and my bankers said, we got d these things, 107 00:05:45,720 --> 00:05:49,080 Speaker 1: what else do you need? And I'm like, you're asking me. 108 00:05:50,400 --> 00:05:52,960 Speaker 1: I didn't come from that where they asked you what 109 00:05:53,000 --> 00:05:54,800 Speaker 1: can they do for you? You always went to the bank, 110 00:05:55,000 --> 00:05:57,480 Speaker 1: you know, with your hand in your hand, shame, head down, 111 00:05:57,600 --> 00:06:04,279 Speaker 1: all these things, hoping they wouldn't you away. 112 00:06:05,240 --> 00:06:07,360 Speaker 2: A bank will lend you money when you can prove 113 00:06:07,440 --> 00:06:11,280 Speaker 2: you don't need it, and it's a bit of a 114 00:06:11,279 --> 00:06:14,240 Speaker 2: fake game, like you're by the way, I'm going one 115 00:06:14,279 --> 00:06:16,160 Speaker 2: step further. People, a lot of our people will say, 116 00:06:16,279 --> 00:06:18,000 Speaker 2: this is why I really want everybody to read this book, 117 00:06:18,040 --> 00:06:20,680 Speaker 2: Financial Literacy for All, which is now number one UH 118 00:06:20,720 --> 00:06:23,599 Speaker 2: in the world on on economics and and UH and 119 00:06:23,720 --> 00:06:28,640 Speaker 2: business UH management, because I'm trying to explain something that 120 00:06:28,680 --> 00:06:32,119 Speaker 2: we've taken very emotional, which is money, and or worse, 121 00:06:32,160 --> 00:06:34,520 Speaker 2: we've rejected it. You know, all people say, well, we 122 00:06:34,720 --> 00:06:36,320 Speaker 2: you know, I hate debt, we should we should not 123 00:06:36,400 --> 00:06:38,800 Speaker 2: want to be indebted. What are you talking about. There's 124 00:06:38,839 --> 00:06:41,560 Speaker 2: not a billionaire alive who didn't do it on the 125 00:06:41,600 --> 00:06:45,080 Speaker 2: back of good debt. There's not a government that's leading 126 00:06:45,120 --> 00:06:47,919 Speaker 2: the world, including ours, that didn't do it on the 127 00:06:47,960 --> 00:06:51,320 Speaker 2: back of good debt. There's good debt and bad debt 128 00:06:52,440 --> 00:06:54,480 Speaker 2: and you what you want. And bad debt is when 129 00:06:54,520 --> 00:07:00,400 Speaker 2: you're financing something that depreciates jewelry close you know, uh. 130 00:07:00,480 --> 00:07:02,680 Speaker 2: But what good debt is when you financed something that 131 00:07:02,760 --> 00:07:08,040 Speaker 2: could appreciate, which a home you know, small business you 132 00:07:09,040 --> 00:07:12,360 Speaker 2: me uh. And neutral debt is something that could go 133 00:07:12,480 --> 00:07:15,200 Speaker 2: both ways. An automobile, If it's getting you to a job, 134 00:07:15,560 --> 00:07:18,960 Speaker 2: if if if it's allow you to keep your family safe, 135 00:07:19,280 --> 00:07:22,160 Speaker 2: that's good debt. If you're bought something you can't afford 136 00:07:22,240 --> 00:07:23,960 Speaker 2: money you don't have to impress people you don't know 137 00:07:23,960 --> 00:07:28,120 Speaker 2: about stuff that don't really matter, well, that's bad debt. 138 00:07:28,400 --> 00:07:30,520 Speaker 2: And so coming back to this concept of the bank 139 00:07:31,240 --> 00:07:35,280 Speaker 2: uh coming to you this morning and coincidence is God's 140 00:07:35,280 --> 00:07:38,080 Speaker 2: way remaining anonymous. This morning, I was talking to a 141 00:07:38,120 --> 00:07:43,200 Speaker 2: banker International bank, and they were they had held up 142 00:07:43,640 --> 00:07:46,600 Speaker 2: uh at a depositive mind that they held for longer 143 00:07:46,640 --> 00:07:48,760 Speaker 2: than they should have on a loan I took out 144 00:07:49,080 --> 00:07:53,600 Speaker 2: three years ago. And I had sent them a note saying, 145 00:07:53,600 --> 00:07:55,840 Speaker 2: by the way, I want my money that you I've 146 00:07:55,880 --> 00:07:57,120 Speaker 2: done everything you asked me to do. I want my 147 00:07:57,160 --> 00:08:00,560 Speaker 2: money bag. And on top of that, you know, do 148 00:08:00,640 --> 00:08:03,400 Speaker 2: you guys want a line of credit for me in 149 00:08:03,400 --> 00:08:05,560 Speaker 2: this country that I'm doing business with, because I may 150 00:08:05,560 --> 00:08:07,880 Speaker 2: find some opportunities I'm interested in. If you don't want it, cool, 151 00:08:07,880 --> 00:08:10,240 Speaker 2: but if you do out, i'd love to talk about 152 00:08:10,280 --> 00:08:13,000 Speaker 2: that business. It was a simple email. Anyway, this lady 153 00:08:13,000 --> 00:08:16,880 Speaker 2: calls me. She's my relationship manager, and she's talking to 154 00:08:16,880 --> 00:08:20,320 Speaker 2: me like she talked to I think anybody else for 155 00:08:20,360 --> 00:08:22,520 Speaker 2: a minute. And so she's telling me, well, you know, 156 00:08:22,640 --> 00:08:25,080 Speaker 2: we kept your one hundred thousand for I think it 157 00:08:25,120 --> 00:08:26,560 Speaker 2: was two years. I said, no, it's supposed to be 158 00:08:26,600 --> 00:08:29,400 Speaker 2: one year. And yes, but maybe we could use it 159 00:08:29,480 --> 00:08:32,319 Speaker 2: as a security for this new line of credit. I 160 00:08:32,360 --> 00:08:34,000 Speaker 2: think I've already said the number, so I think its 161 00:08:34,000 --> 00:08:36,560 Speaker 2: one hundred thousand dollars. And it was a line of 162 00:08:36,559 --> 00:08:39,880 Speaker 2: credit for you know what, which five hundred to a million, 163 00:08:40,000 --> 00:08:41,760 Speaker 2: which I wasn't going to use, by the way, but 164 00:08:41,880 --> 00:08:43,760 Speaker 2: she wanted to use it for this new line of credit. 165 00:08:43,800 --> 00:08:45,400 Speaker 2: And she said, well, maybe we need to do an appraisal, 166 00:08:45,559 --> 00:08:48,880 Speaker 2: and and I let her finish talking, and I said, 167 00:08:48,880 --> 00:08:51,800 Speaker 2: I don't think I'm interested. I said, thank you very much. 168 00:08:51,880 --> 00:08:55,319 Speaker 2: I mean, I'm very appreciative, but you guys have wasted 169 00:08:55,360 --> 00:08:57,719 Speaker 2: my time for a year. You asked me to do X, Y, 170 00:08:57,760 --> 00:09:00,760 Speaker 2: and Z. I did all of that, and then I 171 00:09:00,920 --> 00:09:04,640 Speaker 2: waited another year to let you keep my money on tap, 172 00:09:05,040 --> 00:09:08,160 Speaker 2: which was a year more than And if I had reverses, 173 00:09:08,200 --> 00:09:10,640 Speaker 2: if I didn't give you collateral for a year, you'd 174 00:09:10,640 --> 00:09:12,440 Speaker 2: be filing all kind of notice. Is a default to 175 00:09:12,480 --> 00:09:15,040 Speaker 2: me and call me all kinds of names. But I'd 176 00:09:15,080 --> 00:09:17,560 Speaker 2: let you guys make that mistake, and no one's apologized 177 00:09:17,559 --> 00:09:21,200 Speaker 2: to me. No problem. But now you want to transfer 178 00:09:21,320 --> 00:09:25,080 Speaker 2: my money to another transaction that I just mentioned, and 179 00:09:25,120 --> 00:09:26,640 Speaker 2: then you want me to go through all these hoops 180 00:09:26,640 --> 00:09:29,040 Speaker 2: and do appraisals for a property that you just appraised 181 00:09:29,040 --> 00:09:30,559 Speaker 2: two years ago. It's done nothing but gone up and 182 00:09:30,679 --> 00:09:33,280 Speaker 2: value it's easy to find. Blah blah b liafe actually 183 00:09:33,280 --> 00:09:35,560 Speaker 2: doubled it. This probably is doubled in value for a 184 00:09:35,600 --> 00:09:39,200 Speaker 2: small transaction. So you know what, I'm good, I said, 185 00:09:39,200 --> 00:09:40,720 Speaker 2: You know I just by the way, I just finished 186 00:09:40,760 --> 00:09:43,720 Speaker 2: one hundred million dollar reefinands on a portfolio of one 187 00:09:43,760 --> 00:09:47,160 Speaker 2: of my companies that was non recourse debt, meaning no 188 00:09:47,240 --> 00:09:50,920 Speaker 2: personal guarantee, no nothing, with one of the biggest banks 189 00:09:50,920 --> 00:09:55,120 Speaker 2: in the world. And she's like oh oh, oh, you're right. 190 00:09:55,880 --> 00:09:58,160 Speaker 2: We have looked at your records, we looked at your file. 191 00:09:58,559 --> 00:10:01,440 Speaker 2: You actually do qualify in every way. We're so sorry. 192 00:10:01,480 --> 00:10:03,400 Speaker 2: Don't worry about one hundred thousand dollars. We'll send that 193 00:10:03,440 --> 00:10:05,400 Speaker 2: back to you and we'll have a decision. Will you 194 00:10:05,440 --> 00:10:10,360 Speaker 2: buy monday on the new requests that? Okay? Sure there 195 00:10:10,400 --> 00:10:13,680 Speaker 2: you go right there. A bank will lend you money 196 00:10:14,040 --> 00:10:16,440 Speaker 2: when you can prove you don't need it or it's 197 00:10:16,480 --> 00:10:19,440 Speaker 2: perceived that you don't need it. I don't need this money. 198 00:10:19,559 --> 00:10:21,840 Speaker 2: I mean, it'd be nice to have it. It allows me. 199 00:10:21,880 --> 00:10:24,400 Speaker 2: I'd rather use OPM other people's money to facilitate things 200 00:10:24,440 --> 00:10:26,520 Speaker 2: I want to do under the right conditions. But it 201 00:10:26,559 --> 00:10:28,240 Speaker 2: has to be structured properly. It has to be under 202 00:10:28,240 --> 00:10:31,040 Speaker 2: the right terms conditions. Fair change is no robbery. A 203 00:10:31,080 --> 00:10:34,880 Speaker 2: great negotiation will is when both people leave the table 204 00:10:35,000 --> 00:10:41,680 Speaker 2: slightly annoyed, because that means every that no, that neither 205 00:10:41,760 --> 00:10:44,200 Speaker 2: one got everything they wanted, but you also didn't feel 206 00:10:44,200 --> 00:10:49,040 Speaker 2: like you got screwed. You leave the table slightly annoyed. 207 00:10:49,800 --> 00:10:52,360 Speaker 2: It was probably a good deal. And for your listeners, 208 00:10:52,360 --> 00:10:54,080 Speaker 2: I want them to hear this and again, I go 209 00:10:54,120 --> 00:10:56,600 Speaker 2: all this over all this in financial literacy for all 210 00:10:56,679 --> 00:11:00,600 Speaker 2: in my and also my own podcast, Money and Wealth, 211 00:11:00,600 --> 00:11:05,320 Speaker 2: and I talk about this my pullpit of finance. You 212 00:11:05,320 --> 00:11:07,559 Speaker 2: have a table, and on the one side of the 213 00:11:07,559 --> 00:11:10,200 Speaker 2: table is a capitalist and they have a product and 214 00:11:10,480 --> 00:11:12,680 Speaker 2: they want to extract money from you. And on the 215 00:11:12,679 --> 00:11:15,160 Speaker 2: other side of the table is you, and you want 216 00:11:15,200 --> 00:11:17,240 Speaker 2: that product and you don't want to give them any 217 00:11:17,240 --> 00:11:20,760 Speaker 2: money and their job. People listen to this, now, don't 218 00:11:20,760 --> 00:11:23,000 Speaker 2: get emotional. Whenever you make an emotional decision, it's a 219 00:11:23,040 --> 00:11:27,040 Speaker 2: bad one. The capitalist job is to extract as much 220 00:11:27,080 --> 00:11:29,960 Speaker 2: money as they can from you while giving you the 221 00:11:30,000 --> 00:11:35,440 Speaker 2: least amount of value. And your job is to extract 222 00:11:35,520 --> 00:11:39,240 Speaker 2: the most amount of value while delivering the least amount 223 00:11:39,240 --> 00:11:46,040 Speaker 2: of cash. And that dynamic tension is natural negotiation. Now, 224 00:11:47,280 --> 00:11:50,760 Speaker 2: somebody says, well, how does that apply to capitalism? Where 225 00:11:50,840 --> 00:11:53,000 Speaker 2: you're a little village, you don't think you're a capitalists, 226 00:11:53,000 --> 00:11:54,520 Speaker 2: Go to a little village in Africa, go a little 227 00:11:54,559 --> 00:11:56,600 Speaker 2: village in Latin America. Think about when you're last in 228 00:11:56,640 --> 00:11:59,000 Speaker 2: Jamaica or wherever, and you trying to buy a little 229 00:11:59,679 --> 00:12:02,560 Speaker 2: chots or something from and how much is this, Well, 230 00:12:02,559 --> 00:12:06,720 Speaker 2: it's two dollars. How about a buck fifty, No, one ninety, Well, 231 00:12:06,720 --> 00:12:09,040 Speaker 2: how about a buck sixty. Wow, I'll take it one 232 00:12:09,080 --> 00:12:10,560 Speaker 2: seventy five. I think it's given me be worse hip. 233 00:12:10,679 --> 00:12:14,680 Speaker 2: That's the negotiation. And and you're you're in the midst 234 00:12:14,720 --> 00:12:16,840 Speaker 2: of a capital's transaction. You go to the store, you 235 00:12:16,880 --> 00:12:20,520 Speaker 2: go to CBS today where the price has been predetermined 236 00:12:20,520 --> 00:12:23,199 Speaker 2: because they've done market research. And you want to buy 237 00:12:23,200 --> 00:12:28,120 Speaker 2: a comb, and the comb is nine bucks, and and 238 00:12:28,160 --> 00:12:30,720 Speaker 2: they've pretty much, you know, done the research approves that 239 00:12:30,800 --> 00:12:33,320 Speaker 2: this comb. You pay nine bucks for it, and you 240 00:12:33,360 --> 00:12:35,360 Speaker 2: pick it up, and you go to the register, and 241 00:12:35,400 --> 00:12:38,840 Speaker 2: without any complaints at all, you buy it. Why because 242 00:12:39,000 --> 00:12:42,000 Speaker 2: you know that solving the naps that aut of your 243 00:12:42,040 --> 00:12:45,920 Speaker 2: hair and the kinks in my hair are worth at 244 00:12:46,000 --> 00:12:49,439 Speaker 2: least twenty bucks, maybe a hundred bucks. Maybe it's invaluable 245 00:12:49,840 --> 00:12:52,120 Speaker 2: to you at that moment you want to sew at 246 00:12:52,200 --> 00:12:55,600 Speaker 2: least worth nine bucks. There you go, right there. We 247 00:12:55,679 --> 00:12:58,440 Speaker 2: do that all day, every day, and don't think about it. 248 00:12:58,880 --> 00:13:03,000 Speaker 2: We're all engaged in this system of free enterprise and capitalism, 249 00:13:03,160 --> 00:13:04,760 Speaker 2: but we don't understand it. And it is what we 250 00:13:04,880 --> 00:13:07,840 Speaker 2: don't know that we don't know this killing us. But 251 00:13:07,960 --> 00:13:10,800 Speaker 2: we think we know some brothers like I don't want 252 00:13:10,800 --> 00:13:13,800 Speaker 2: to buy a house. Buy a house. The bank owns 253 00:13:14,280 --> 00:13:19,280 Speaker 2: the house. I don't know. If you don't pay, the 254 00:13:19,320 --> 00:13:22,400 Speaker 2: bank will own your house. But by the way, if 255 00:13:22,440 --> 00:13:24,679 Speaker 2: I give you a loan and you don't pay, I 256 00:13:24,840 --> 00:13:28,200 Speaker 2: will own your house. Right, So what you need to 257 00:13:28,200 --> 00:13:30,080 Speaker 2: do is pay, and then you get the benefit of 258 00:13:30,160 --> 00:13:33,280 Speaker 2: appreciation the value above the debt, and you get the 259 00:13:33,280 --> 00:13:36,360 Speaker 2: benefit that's called equity, and you get the benefit of depreciation, 260 00:13:36,640 --> 00:13:39,480 Speaker 2: which is a tax strategy, and you get to write 261 00:13:39,480 --> 00:13:43,360 Speaker 2: off twenty years of a thirty mortgage payments against your 262 00:13:43,400 --> 00:13:47,679 Speaker 2: income on your tax bill, and you got to live 263 00:13:47,720 --> 00:13:51,079 Speaker 2: in it. Yeah, just becomes okay, black. 264 00:13:52,480 --> 00:13:54,080 Speaker 1: As I said this quote to me to change my 265 00:13:54,120 --> 00:13:56,920 Speaker 1: life a couple of years ago, and I was talking 266 00:13:56,920 --> 00:13:58,560 Speaker 1: about how much money I had in the bank, and 267 00:13:58,600 --> 00:14:01,000 Speaker 1: she was like, wealth is not in the bank balance. 268 00:14:01,920 --> 00:14:05,480 Speaker 1: And it blew my mind because I'd always imagine I 269 00:14:05,480 --> 00:14:07,280 Speaker 1: just wanted to get as much money in the bank 270 00:14:07,280 --> 00:14:10,400 Speaker 1: as possible. And she was like wealthy people other people 271 00:14:10,440 --> 00:14:13,400 Speaker 1: she work with, they have some money in there, but 272 00:14:13,440 --> 00:14:15,360 Speaker 1: that's not where their wealth is. Can you can you 273 00:14:15,400 --> 00:14:15,960 Speaker 1: speak on that? 274 00:14:16,320 --> 00:14:23,400 Speaker 2: Well, of course, I mean you're again cash versus wealth creation. Right. So, uh, 275 00:14:23,960 --> 00:14:26,280 Speaker 2: you want you want to have enough cash to live 276 00:14:26,360 --> 00:14:29,280 Speaker 2: and meet your obligations and whatever, but you don't really 277 00:14:29,320 --> 00:14:32,800 Speaker 2: want to have a lot of cash sitting around. This 278 00:14:32,920 --> 00:14:36,000 Speaker 2: is very much like similar to the analogy that you know, 279 00:14:36,480 --> 00:14:40,600 Speaker 2: wealthy people want to save time and poor people want 280 00:14:40,640 --> 00:14:45,160 Speaker 2: to save money. Right. Uh, they trying We spend all 281 00:14:45,160 --> 00:14:48,880 Speaker 2: this time, you know, messing around, trying to make some 282 00:14:48,920 --> 00:14:51,280 Speaker 2: money or save some money, or not pay that rent, 283 00:14:51,360 --> 00:14:53,520 Speaker 2: that that light bill even though there's a rent notice 284 00:14:53,520 --> 00:14:55,320 Speaker 2: on it, trying to wait to the last minute. You 285 00:14:55,880 --> 00:14:58,520 Speaker 2: got to pay the light bill. Whether it's Tuesday or Thursday, 286 00:14:58,880 --> 00:15:02,160 Speaker 2: You're gonna to pay the light bill. Right. So, but 287 00:15:02,200 --> 00:15:06,400 Speaker 2: you're wasting time on this activity. I'd rather you waste 288 00:15:06,760 --> 00:15:08,680 Speaker 2: a little bit of my money, would waste a minute 289 00:15:08,720 --> 00:15:11,560 Speaker 2: of my time. I could give you more time. I'll 290 00:15:11,560 --> 00:15:14,400 Speaker 2: make more money. So you build wealth in your sleep. 291 00:15:14,440 --> 00:15:16,160 Speaker 2: You want to take that money and put it to work, 292 00:15:16,240 --> 00:15:21,120 Speaker 2: compounding right, home ownership, We just talked about that, starting 293 00:15:21,120 --> 00:15:23,080 Speaker 2: a business, putting money to work, starting a business. The 294 00:15:23,120 --> 00:15:26,560 Speaker 2: easiest example the stock market. There are three things that 295 00:15:26,600 --> 00:15:30,320 Speaker 2: have never gone down in American history. American GDP, gross 296 00:15:30,360 --> 00:15:33,920 Speaker 2: domestic product, the income of this country, the stock market 297 00:15:34,840 --> 00:15:38,920 Speaker 2: in real estate values. Now somebody watching this will say, ah, 298 00:15:39,000 --> 00:15:43,160 Speaker 2: I got him, he's wrong. Doesn't he even know there 299 00:15:43,160 --> 00:15:45,400 Speaker 2: was a real estate recession. There was a recession in 300 00:15:45,400 --> 00:15:48,320 Speaker 2: two thousand and eight. Yeah, I know that. I know 301 00:15:48,960 --> 00:15:52,440 Speaker 2: that real estate went up, it dipped, it's called a recession, 302 00:15:53,960 --> 00:15:58,680 Speaker 2: and then it corrected above the line. And real estate 303 00:15:58,680 --> 00:16:00,560 Speaker 2: I bought for eighty eight thousand dollars is now worth 304 00:16:00,560 --> 00:16:04,200 Speaker 2: three hundred thousand dollars. The home, the townhouse I bought 305 00:16:04,200 --> 00:16:06,640 Speaker 2: for two hundred and twenty thousand dollars in LA with 306 00:16:06,680 --> 00:16:08,400 Speaker 2: a little bit of money, of my money and a 307 00:16:08,400 --> 00:16:10,120 Speaker 2: lot of bit of the bank's money. Here you go 308 00:16:10,320 --> 00:16:13,040 Speaker 2: twenty percent cash down from me, eighty percent finands by 309 00:16:13,040 --> 00:16:15,440 Speaker 2: the bank, good debt, a little bit of my money 310 00:16:15,520 --> 00:16:19,360 Speaker 2: from the bank account into the transaction compound it. And 311 00:16:19,400 --> 00:16:22,080 Speaker 2: then when the real estate recession happened, the value went 312 00:16:22,160 --> 00:16:25,440 Speaker 2: down to one something one point eighty. All my friends 313 00:16:25,480 --> 00:16:29,160 Speaker 2: at sale, John sale, sales, sale, That's why they broke right. 314 00:16:29,520 --> 00:16:31,440 Speaker 2: I'm like, why would I sell? I got I got 315 00:16:31,440 --> 00:16:35,000 Speaker 2: to live someplace. No, I think I'll just hold on. 316 00:16:35,320 --> 00:16:37,520 Speaker 2: I moved to Atlanta, rented that place out to a 317 00:16:37,520 --> 00:16:40,120 Speaker 2: police officer who didn't pay his bill on time, I 318 00:16:40,200 --> 00:16:44,760 Speaker 2: might add, and uh, buddy finally paid, and I forgot 319 00:16:44,760 --> 00:16:50,440 Speaker 2: about it. Will five years, eight years later, forget twenty sixteen, 320 00:16:50,520 --> 00:16:53,320 Speaker 2: I go to check on the property, called my broker 321 00:16:53,360 --> 00:16:56,560 Speaker 2: out there, my brother hey man, trying to sell his property. 322 00:16:56,560 --> 00:16:59,320 Speaker 2: And then I'm gonna buying something in Atlanta. What can 323 00:16:59,360 --> 00:17:00,920 Speaker 2: I get for it? Now? Mind, you bought it for 324 00:17:00,960 --> 00:17:03,360 Speaker 2: two something, so last I checked on it was one 325 00:17:03,400 --> 00:17:06,600 Speaker 2: hundred and something of value, so I was underwater. He said, well, 326 00:17:06,640 --> 00:17:08,040 Speaker 2: I think you can get it. You can get seven 327 00:17:08,040 --> 00:17:12,600 Speaker 2: to fifty. I said, you don't mean seven to fifty dollars, 328 00:17:12,600 --> 00:17:15,720 Speaker 2: do you? What did the la just fall apart? No, 329 00:17:15,880 --> 00:17:19,280 Speaker 2: seven hundred and fifty thousand dollars almost almost passed out 330 00:17:19,920 --> 00:17:24,320 Speaker 2: it it hit. It had literally triple in value from 331 00:17:24,320 --> 00:17:26,280 Speaker 2: where more than triple to value of what I paid 332 00:17:26,320 --> 00:17:29,439 Speaker 2: for it. That's what people with wealthy people do. Wealthy 333 00:17:29,440 --> 00:17:33,040 Speaker 2: people use money to make more money or use money 334 00:17:33,080 --> 00:17:36,440 Speaker 2: to build wealth. So so real estate has never gone 335 00:17:36,480 --> 00:17:39,520 Speaker 2: down the stock market. So go go buy. Listen to this. 336 00:17:39,840 --> 00:17:42,240 Speaker 2: I'm not telling you what to buy. Whatever you're wearing, 337 00:17:42,960 --> 00:17:47,000 Speaker 2: whatever you use, wherever you go, if that's a publicly 338 00:17:47,040 --> 00:17:51,480 Speaker 2: traded company, go buy an index or a stock with 339 00:17:51,600 --> 00:17:53,400 Speaker 2: those in it, a basket in it. And you don't 340 00:17:53,400 --> 00:17:56,000 Speaker 2: have a lot of money, do do do fractional ships. 341 00:17:56,880 --> 00:17:59,879 Speaker 2: But if you're part of the of the of the 342 00:18:00,080 --> 00:18:03,640 Speaker 2: of the blue chip stock index, those are the best 343 00:18:03,640 --> 00:18:08,439 Speaker 2: performing companies in America, and they are global companies. And 344 00:18:08,480 --> 00:18:10,720 Speaker 2: if you lose, a billionaire's losing, by the way, so 345 00:18:10,720 --> 00:18:15,240 Speaker 2: it's a good bet. And and buy and don't sell. 346 00:18:15,400 --> 00:18:19,000 Speaker 2: Just forget about it and watch it compound over time. 347 00:18:19,080 --> 00:18:22,320 Speaker 2: If you have a twenty year window on your investment horizon, 348 00:18:22,359 --> 00:18:24,919 Speaker 2: and when you want to retire whatever, you're gonna have 349 00:18:25,000 --> 00:18:27,120 Speaker 2: zero losses. It's gonna go up, it's gonna go down. 350 00:18:27,240 --> 00:18:30,520 Speaker 2: But over twenty years, it's just gonna do this right 351 00:18:30,800 --> 00:18:37,440 Speaker 2: on balance. And if you like a company Walmart, Tarja, Target, 352 00:18:37,680 --> 00:18:39,560 Speaker 2: if you like a company, there's a good chance other 353 00:18:39,600 --> 00:18:42,040 Speaker 2: people like it too. And by the way, once you 354 00:18:42,119 --> 00:18:44,920 Speaker 2: own one stock, I understand now over answering your question, 355 00:18:44,960 --> 00:18:46,960 Speaker 2: By the way, will once you own one stock you 356 00:18:47,000 --> 00:18:49,720 Speaker 2: get a right to the to the to get all 357 00:18:49,760 --> 00:18:54,600 Speaker 2: the financials. Yeah, all the all. You imagine somebody bought 358 00:18:54,720 --> 00:18:57,479 Speaker 2: one pencil in your house and now they can go 359 00:18:57,520 --> 00:19:01,159 Speaker 2: through every room, in every drawer your house. That's what. 360 00:19:01,359 --> 00:19:03,919 Speaker 2: That's what. When you have one stock of Target or 361 00:19:03,960 --> 00:19:08,159 Speaker 2: Walmart or or Delta Airlines, whatever, you now can go 362 00:19:08,240 --> 00:19:11,399 Speaker 2: through every inch and cranny of that company. You have 363 00:19:11,440 --> 00:19:13,439 Speaker 2: a right to all their financials. You are an owner 364 00:19:13,880 --> 00:19:15,160 Speaker 2: that powerful. That's sexy. 365 00:19:15,400 --> 00:19:18,480 Speaker 1: Yeah, you know. So I have this friend who's she's 366 00:19:18,520 --> 00:19:21,320 Speaker 1: an attorney, black girl, and she went to Howard and 367 00:19:21,440 --> 00:19:23,560 Speaker 1: she learned, she got her law degree from Howard. And 368 00:19:23,640 --> 00:19:26,119 Speaker 1: I remember telling me this story of you know, she 369 00:19:26,320 --> 00:19:28,800 Speaker 1: was in you know, the school court they they're not 370 00:19:28,960 --> 00:19:31,399 Speaker 1: court room, and she was you know, she learned, you 371 00:19:31,400 --> 00:19:33,720 Speaker 1: know how you be fiery in the in the law 372 00:19:33,880 --> 00:19:36,359 Speaker 1: room and you said, you slamm your fists on the desk. 373 00:19:36,400 --> 00:19:39,399 Speaker 1: And her professor, who was a black man, said, we 374 00:19:39,440 --> 00:19:43,880 Speaker 1: can't do that. They can do that. You can't, especially 375 00:19:43,960 --> 00:19:45,760 Speaker 1: as a black woman, you cannot do that. In the 376 00:19:45,800 --> 00:19:50,000 Speaker 1: course you're seen differently. And my question is this, are 377 00:19:50,000 --> 00:19:54,320 Speaker 1: there nuances about money, because we say all money is green. 378 00:19:54,320 --> 00:19:55,919 Speaker 1: People want to make money. You know, they don't care 379 00:19:55,920 --> 00:19:58,119 Speaker 1: if you're black, white, green. They care about green. So 380 00:19:58,280 --> 00:20:01,040 Speaker 1: my question is are there nuances about money that apply 381 00:20:01,160 --> 00:20:04,840 Speaker 1: to black people in finding success in it that may 382 00:20:04,880 --> 00:20:06,560 Speaker 1: not apply to our counterparts. 383 00:20:09,000 --> 00:20:12,960 Speaker 2: I think there's nuances and money period. I could have 384 00:20:13,080 --> 00:20:21,920 Speaker 2: financed my companies with pookying them. I could have got 385 00:20:22,000 --> 00:20:25,520 Speaker 2: somebody from my community who has an interesting pedigree on 386 00:20:25,600 --> 00:20:27,840 Speaker 2: business that nobody sort of know the details from him. 387 00:20:27,840 --> 00:20:31,520 Speaker 2: He doesn't have a website, and he could have and 388 00:20:31,840 --> 00:20:33,600 Speaker 2: the audience to figure the rest of this out. And 389 00:20:33,680 --> 00:20:36,960 Speaker 2: I could have got some cash from homeboy to start 390 00:20:37,000 --> 00:20:40,160 Speaker 2: my business or grow my business. But I couldn't pass 391 00:20:40,160 --> 00:20:43,960 Speaker 2: an audit. I couldn't get out of the financials. The 392 00:20:44,000 --> 00:20:46,840 Speaker 2: bank's only look at me crazy. And I can't then 393 00:20:46,920 --> 00:20:50,359 Speaker 2: position myself for the next level of growth on Wall Street. 394 00:20:50,400 --> 00:20:52,760 Speaker 2: I can't go from Main Street to Wall Street because 395 00:20:52,800 --> 00:20:53,879 Speaker 2: my partners are funky. 396 00:20:54,640 --> 00:20:55,440 Speaker 1: Yeah. 397 00:20:55,520 --> 00:20:59,040 Speaker 2: So, I've always had a philosophy that I want my 398 00:20:59,119 --> 00:21:02,280 Speaker 2: partners to be bigger and my financial partners are also 399 00:21:02,320 --> 00:21:03,919 Speaker 2: my partners, and want of my partners to be bigger 400 00:21:04,119 --> 00:21:07,040 Speaker 2: and more credible than I am. I mentioned I say 401 00:21:07,080 --> 00:21:10,919 Speaker 2: anything about money, bigger and more credible than I am. 402 00:21:10,960 --> 00:21:14,040 Speaker 2: Oprah Winfrey gave me an award, the Usual Life Award, 403 00:21:14,080 --> 00:21:16,760 Speaker 2: and when her investigators came around after she says he 404 00:21:16,800 --> 00:21:19,080 Speaker 2: wanted to give me the award. Investigators came around and said, 405 00:21:19,080 --> 00:21:21,639 Speaker 2: we're gonna makeep being lit uncomfortable. We're apologize in advance. 406 00:21:21,680 --> 00:21:24,000 Speaker 2: We've gone through. We've already gone through all your childhood. 407 00:21:24,520 --> 00:21:27,520 Speaker 2: That's why we're having lunch with you. But Oprah has 408 00:21:27,520 --> 00:21:30,400 Speaker 2: a rule, it's called the Oprah rule. She doesn't put 409 00:21:30,400 --> 00:21:33,720 Speaker 2: her arm around anybody who doesn't have us much to 410 00:21:33,760 --> 00:21:37,440 Speaker 2: lose reputationally as she does. Yeah, that's good man, that's 411 00:21:37,480 --> 00:21:40,399 Speaker 2: my rule. So all my partners are bigger than me, 412 00:21:40,600 --> 00:21:43,679 Speaker 2: more credible than me, and I build my companies. I 413 00:21:43,720 --> 00:21:48,160 Speaker 2: build my operations with an institutional pedigree. So I make 414 00:21:48,160 --> 00:21:51,240 Speaker 2: sure that I don't just have accountant. I have an accountant, 415 00:21:51,280 --> 00:21:53,879 Speaker 2: audit firm who is one of the Big six or 416 00:21:53,920 --> 00:21:57,520 Speaker 2: Big ten or Big twenty firms with a nice reputation 417 00:21:57,600 --> 00:22:00,879 Speaker 2: and a pedigree. My clients, my partners, also my kind 418 00:22:00,920 --> 00:22:02,760 Speaker 2: of companies I'm trying to do business with. Use that 419 00:22:02,800 --> 00:22:06,040 Speaker 2: company or company like that. It's somebody you recognize. I 420 00:22:06,119 --> 00:22:09,280 Speaker 2: make sure that my bank is somebody who has a 421 00:22:09,359 --> 00:22:11,720 Speaker 2: recognized pedigree. It doesn't mean I don't put money in 422 00:22:11,720 --> 00:22:14,159 Speaker 2: a black bank, doesn't whish I do doesn't mean that 423 00:22:14,160 --> 00:22:16,480 Speaker 2: I don't help the least these God's children. But my 424 00:22:16,600 --> 00:22:21,080 Speaker 2: lead institution is going to be somebody who says something 425 00:22:21,119 --> 00:22:25,160 Speaker 2: about me, not me saying something about them. Right, and 426 00:22:25,440 --> 00:22:28,680 Speaker 2: my investors are going to have something more than money 427 00:22:28,680 --> 00:22:31,640 Speaker 2: going on for them, reputation and text. When somebody says 428 00:22:31,640 --> 00:22:36,720 Speaker 2: who's your partners, it means something. So yes, you've got 429 00:22:36,720 --> 00:22:40,080 Speaker 2: to realize that you cannot curse out people in that 430 00:22:40,160 --> 00:22:44,520 Speaker 2: board room. If you're white, they'll just say you're upset. 431 00:22:44,560 --> 00:22:46,280 Speaker 2: If you're white, they say if you're black, they say 432 00:22:46,280 --> 00:22:48,960 Speaker 2: you're crazy. I was walking through the lobby of a 433 00:22:49,000 --> 00:22:53,280 Speaker 2: hotel with my wife and this weekend, last weekend, and 434 00:22:53,320 --> 00:22:55,679 Speaker 2: there was a white kid laying on the couch in 435 00:22:55,760 --> 00:22:58,840 Speaker 2: the lobby of the hotel, had his shoes on, feed 436 00:22:58,920 --> 00:23:02,919 Speaker 2: up hope on the couch with his head on his mama, 437 00:23:03,800 --> 00:23:06,800 Speaker 2: and and he's chilling. Nobody said a word to him. 438 00:23:07,400 --> 00:23:12,359 Speaker 2: I said, baby, if that was a black kid, somebody 439 00:23:12,400 --> 00:23:13,720 Speaker 2: would have come along and say, the young man, you 440 00:23:13,720 --> 00:23:16,720 Speaker 2: need to take your feet off that couch. You gotta 441 00:23:16,760 --> 00:23:19,440 Speaker 2: be twice as smart, twice as intelligence, twice as well dressed, 442 00:23:19,440 --> 00:23:21,639 Speaker 2: get up twice as early, say twice as late, be 443 00:23:21,720 --> 00:23:25,520 Speaker 2: twice as clean. But it's made me better. Haters have 444 00:23:25,560 --> 00:23:27,960 Speaker 2: made me better. I don't get mad at stuff like this. 445 00:23:28,240 --> 00:23:31,880 Speaker 2: I use it as fuel. Right. I take no for vitamins. Right. 446 00:23:32,920 --> 00:23:35,520 Speaker 2: A success is going from failure to failure without loss 447 00:23:35,560 --> 00:23:38,240 Speaker 2: of enthusiasm, over to rounded through it. I'm going to 448 00:23:38,320 --> 00:23:40,400 Speaker 2: get to it. So as a result of that, I'm 449 00:23:40,400 --> 00:23:42,800 Speaker 2: built to last. I'm as a result of me making 450 00:23:42,840 --> 00:23:47,399 Speaker 2: sure that I'm overclocked, over prepared, over overtight, and never emotional. 451 00:23:48,520 --> 00:23:51,119 Speaker 2: I can walk in any room and clean their clocks. 452 00:23:51,160 --> 00:23:53,680 Speaker 2: Because they're lazy. They taken the easy route. They've had 453 00:23:53,680 --> 00:23:56,080 Speaker 2: to be had the test that I've had. Talk without 454 00:23:56,160 --> 00:24:00,320 Speaker 2: being offensive, Listen without being defensive, and always lead even 455 00:24:00,359 --> 00:24:04,080 Speaker 2: your adversary with their dignity, because if you don't, that's 456 00:24:04,080 --> 00:24:06,600 Speaker 2: been the rest of their life, trying to make you miserable. 457 00:24:06,840 --> 00:24:09,159 Speaker 2: It becomes personal, and they don't want you in the 458 00:24:09,240 --> 00:24:11,600 Speaker 2: room half the time anyway, so they're trying to find 459 00:24:11,680 --> 00:24:14,840 Speaker 2: some excuse to neutralize you and get you off the stage. 460 00:24:15,680 --> 00:24:17,399 Speaker 2: You can say you don't like John Bryant, You're not 461 00:24:17,440 --> 00:24:18,720 Speaker 2: gonna say he doesn't qualify. 462 00:24:18,960 --> 00:24:22,080 Speaker 1: That's good, that's good. I want to talk about we 463 00:24:22,119 --> 00:24:25,280 Speaker 1: why so many of our businesses have so few employees? 464 00:24:25,480 --> 00:24:28,000 Speaker 1: And I want to position it this way is you know, 465 00:24:28,080 --> 00:24:30,280 Speaker 1: I think about how do we get more of us 466 00:24:30,320 --> 00:24:34,159 Speaker 1: to consider scale, Like there's no as far as I know, 467 00:24:34,320 --> 00:24:37,280 Speaker 1: no black box ricks like we are. You know, I 468 00:24:37,359 --> 00:24:39,440 Speaker 1: think there was a study done by the SBA. It's 469 00:24:39,480 --> 00:24:41,040 Speaker 1: back in twenty twelve. I believe it was the last 470 00:24:41,040 --> 00:24:43,520 Speaker 1: time they did it, and they said eighty percent of 471 00:24:43,560 --> 00:24:46,760 Speaker 1: our businesses are in the bottom twenty percent of categories 472 00:24:46,760 --> 00:24:50,400 Speaker 1: for sales revenue. So we over index on barber shops, 473 00:24:50,840 --> 00:24:54,600 Speaker 1: long care companies, dry cleaners, et cetera. And so I wonder, like, 474 00:24:54,640 --> 00:24:57,640 Speaker 1: what does it take to get that black barber to say, 475 00:24:57,640 --> 00:24:59,520 Speaker 1: you know, instead of starting to shop on the corner, 476 00:25:00,000 --> 00:25:01,960 Speaker 1: I want to start thirty of these shops and do 477 00:25:02,000 --> 00:25:04,159 Speaker 1: it across the country. Like what does it take to 478 00:25:04,240 --> 00:25:05,440 Speaker 1: get us to think that way? 479 00:25:05,840 --> 00:25:08,560 Speaker 2: The Bible says the Bible says, where there's no vision, 480 00:25:08,560 --> 00:25:12,639 Speaker 2: that people perish, all right, So we needed again, we 481 00:25:12,680 --> 00:25:14,879 Speaker 2: need to go from civil rights in the streets to 482 00:25:15,119 --> 00:25:20,280 Speaker 2: sil rights in the business suites. Look, this makes perfect sense. 483 00:25:20,320 --> 00:25:22,320 Speaker 2: Why we are where we are? Will, why do kids 484 00:25:22,359 --> 00:25:27,040 Speaker 2: want to be rap stars? Athletes and drug dealers from 485 00:25:27,040 --> 00:25:27,760 Speaker 2: our neighborhood. 486 00:25:27,800 --> 00:25:28,560 Speaker 1: That's what they see. 487 00:25:28,600 --> 00:25:32,359 Speaker 2: They're not dumb and they're not stupid. They're brilliant. They're 488 00:25:32,440 --> 00:25:37,800 Speaker 2: modeling what they see see. Yeah, they don't. No one's 489 00:25:37,840 --> 00:25:40,280 Speaker 2: talk to them about why education matters to them. K 490 00:25:40,359 --> 00:25:42,920 Speaker 2: through twelve, they're like, why do I go do ath 491 00:25:42,920 --> 00:25:46,200 Speaker 2: of all this when I can just go sell some drugs? Well, 492 00:25:46,320 --> 00:25:48,640 Speaker 2: selling drugs is prison, probation, parole, and death, but that's 493 00:25:48,640 --> 00:25:52,280 Speaker 2: a different conversation. They're seeing a media gratification. They're seeing 494 00:25:52,280 --> 00:25:55,159 Speaker 2: a connection to their aspirations. But no one's taking taking 495 00:25:55,280 --> 00:25:58,399 Speaker 2: education and plugging it into a socket called aspiration and saying, 496 00:25:58,640 --> 00:26:00,720 Speaker 2: if you do this, you can be I'm an engineer. 497 00:26:00,920 --> 00:26:03,120 Speaker 2: If you do this, you can go into AI. If 498 00:26:03,119 --> 00:26:05,199 Speaker 2: you do this, you can become a gamer. If you 499 00:26:05,240 --> 00:26:07,199 Speaker 2: do this, you become a coder. If you do this, 500 00:26:07,280 --> 00:26:10,920 Speaker 2: you can become a real estate mate, a real estate magnet. 501 00:26:11,400 --> 00:26:16,560 Speaker 2: We have a farm club for professional sports. There used 502 00:26:16,600 --> 00:26:18,480 Speaker 2: to be a farm club for the arts, used to 503 00:26:18,520 --> 00:26:20,200 Speaker 2: be art class, a lot of stuff. But they're still 504 00:26:20,240 --> 00:26:22,800 Speaker 2: an informal farm club for that, but certainly professional sports 505 00:26:23,119 --> 00:26:26,679 Speaker 2: from middle school. But there's no farm club for business 506 00:26:26,680 --> 00:26:28,800 Speaker 2: and the things that's driving the economy. And so you 507 00:26:28,840 --> 00:26:31,720 Speaker 2: look at the role models of jay Z or whoever 508 00:26:31,880 --> 00:26:36,320 Speaker 2: people admire, they have a staff of thirty people. The 509 00:26:36,400 --> 00:26:39,439 Speaker 2: biggest celebrities that you want to admire, they have a 510 00:26:39,440 --> 00:26:44,159 Speaker 2: staff of five people, four people, ten people, maybe thirty 511 00:26:44,200 --> 00:26:49,000 Speaker 2: people that's running their brand. You can't scale the brand. 512 00:26:49,119 --> 00:26:51,760 Speaker 2: This is only one jay Z. Maybe I'm not picking 513 00:26:51,800 --> 00:26:54,480 Speaker 2: on jay Z. There's only one Ti or Killer Mike 514 00:26:54,560 --> 00:26:57,920 Speaker 2: who I know, and you can't and there's only so 515 00:26:58,000 --> 00:27:00,359 Speaker 2: many employees that are able to sit in their balance 516 00:27:00,359 --> 00:27:03,960 Speaker 2: sheet given that is one The product is an individual. Right. 517 00:27:04,400 --> 00:27:07,320 Speaker 2: So the things that we've tried to get forty million 518 00:27:07,359 --> 00:27:14,560 Speaker 2: people into to an economic model designed for three thousand people. Right, 519 00:27:14,600 --> 00:27:17,560 Speaker 2: And even those jobs last three to five years on average. 520 00:27:17,600 --> 00:27:21,359 Speaker 2: Celebrity three to five years, a ball player three to 521 00:27:21,480 --> 00:27:25,680 Speaker 2: five years, drug dealer probably less than that. Right. So, 522 00:27:26,560 --> 00:27:29,080 Speaker 2: and look at Jews, just the opposite, seven and a 523 00:27:29,119 --> 00:27:33,360 Speaker 2: half million Jews, but they're pursuing forty million occupations and 524 00:27:33,400 --> 00:27:36,080 Speaker 2: they've understand you need to write the check, not just 525 00:27:36,200 --> 00:27:39,080 Speaker 2: cash it. Be the owner. But when you discriminate against me, 526 00:27:39,280 --> 00:27:42,600 Speaker 2: you just discriminate against the guy who owns the building 527 00:27:42,640 --> 00:27:48,200 Speaker 2: that you're actually talking crap in. So what we need 528 00:27:48,600 --> 00:27:50,800 Speaker 2: is a long answer your question. What we need is 529 00:27:50,800 --> 00:27:54,480 Speaker 2: a business plan. What we need is a business plan, 530 00:27:54,960 --> 00:27:57,800 Speaker 2: and we need role models who start with what you 531 00:27:57,840 --> 00:28:01,560 Speaker 2: just said. Why am I just why don't I have 532 00:28:01,560 --> 00:28:03,959 Speaker 2: too much month of to end in my money? Why? No, 533 00:28:04,000 --> 00:28:08,160 Speaker 2: matter how hard I work, I'm broke because you've got 534 00:28:08,200 --> 00:28:10,959 Speaker 2: one operation and you're trying to make money and not 535 00:28:10,960 --> 00:28:13,360 Speaker 2: trying to build wealth. You need to you build wealth 536 00:28:13,400 --> 00:28:17,240 Speaker 2: in your sleep. Compounding. Compounding can mean different additional locations. 537 00:28:17,520 --> 00:28:19,680 Speaker 2: So maybe I need to model success. Maybe I need 538 00:28:19,720 --> 00:28:22,560 Speaker 2: twenty locations, maybe I need ten. I can't. And by 539 00:28:22,600 --> 00:28:24,600 Speaker 2: the way, what's the strategy. It's going to blow your 540 00:28:24,800 --> 00:28:27,119 Speaker 2: your viewer's mind when I say, listeners, listeners mind when 541 00:28:27,160 --> 00:28:30,720 Speaker 2: I say this, why do I want to have three locations, ten, 542 00:28:31,040 --> 00:28:32,640 Speaker 2: twenty to sell it? 543 00:28:32,840 --> 00:28:35,000 Speaker 1: That's right, that's absolutely correct to sell it. 544 00:28:35,200 --> 00:28:38,200 Speaker 2: Oh but John, then it's not a black business. No, 545 00:28:38,360 --> 00:28:43,640 Speaker 2: it's a successful It's called an exit strategy, right, right, 546 00:28:43,760 --> 00:28:48,560 Speaker 2: So percent of black businesses don't have an employee because 547 00:28:48,560 --> 00:28:51,920 Speaker 2: we're emotional about it, because we're there're self employment projects. 548 00:28:51,920 --> 00:28:54,200 Speaker 2: Because we have to understand that this is about growing 549 00:28:54,240 --> 00:28:57,320 Speaker 2: something you can sell, that you can merge that you 550 00:28:57,360 --> 00:28:59,560 Speaker 2: can that you know, it's not a black business, it's 551 00:28:59,600 --> 00:29:02,600 Speaker 2: a green You don't see Jewish people and white people 552 00:29:02,680 --> 00:29:05,200 Speaker 2: have said white owned business. You know, you don't see 553 00:29:05,280 --> 00:29:08,360 Speaker 2: Juli Latino people, Latino owned business, big sign in the 554 00:29:08,360 --> 00:29:10,760 Speaker 2: one the in the wall. Let's you know, you know 555 00:29:11,080 --> 00:29:15,280 Speaker 2: Asian owned business. Right, it's only black people, black owned business. 556 00:29:15,320 --> 00:29:18,400 Speaker 2: I know it's black. I see you, right, you you 557 00:29:18,440 --> 00:29:21,720 Speaker 2: want every person who with a dollar bill, a legit 558 00:29:21,840 --> 00:29:25,360 Speaker 2: one to be your customer, right, And so we got 559 00:29:25,400 --> 00:29:27,080 Speaker 2: to take the emotion out of it. We need different 560 00:29:27,160 --> 00:29:29,560 Speaker 2: kind of role models. Look, why am I doing what 561 00:29:29,600 --> 00:29:34,080 Speaker 2: I'm doing to create plumbing? There is no there is 562 00:29:34,120 --> 00:29:36,800 Speaker 2: no one of the video has got four million, five 563 00:29:36,840 --> 00:29:39,520 Speaker 2: million views that I did. Somebody just put up this 564 00:29:39,520 --> 00:29:41,360 Speaker 2: little clip I did. But to speaking the Milking conference 565 00:29:41,360 --> 00:29:43,320 Speaker 2: where I said I want to be the Federal Reserve 566 00:29:43,360 --> 00:29:46,680 Speaker 2: of the Hood. Yeah, and to me it was common sense. 567 00:29:47,000 --> 00:29:49,480 Speaker 2: I wasn't I wasn't trying to get attention. I was. 568 00:29:49,760 --> 00:29:51,280 Speaker 2: I just thought it was common sense. I want to 569 00:29:51,320 --> 00:29:53,560 Speaker 2: become the Federal Reserve of the Hood. I want to 570 00:29:53,600 --> 00:30:00,960 Speaker 2: create an economic infrastructure, a financial access point, nationwide where 571 00:30:00,960 --> 00:30:05,640 Speaker 2: we can come in operationalize our untapped human potential at scale. 572 00:30:05,960 --> 00:30:08,600 Speaker 2: Get our credit score up thirty to fifty to one 573 00:30:08,640 --> 00:30:11,240 Speaker 2: hundred points, get our debt. You know, black people have 574 00:30:11,280 --> 00:30:14,160 Speaker 2: the largest, sorry, the lowest credit score on average in 575 00:30:14,200 --> 00:30:16,800 Speaker 2: the nation. The average credit score for black people is 576 00:30:16,880 --> 00:30:21,200 Speaker 2: less than six twenty. Not poor people, all of us. 577 00:30:21,360 --> 00:30:23,040 Speaker 2: And so when we get up in the morning, will 578 00:30:23,080 --> 00:30:25,400 Speaker 2: and we think that the bank is discriminating against us, 579 00:30:26,080 --> 00:30:28,920 Speaker 2: and they might be. It might be a racist person 580 00:30:28,960 --> 00:30:32,520 Speaker 2: at the bank who don't like you, who discriminated against you. 581 00:30:32,600 --> 00:30:34,960 Speaker 2: That might be the case. But if your credit score 582 00:30:35,000 --> 00:30:36,920 Speaker 2: is five fifty, they don't want to work very hard 583 00:30:36,920 --> 00:30:39,760 Speaker 2: at it. The answer is just no, right, you're just 584 00:30:39,800 --> 00:30:41,880 Speaker 2: a bad credit risk. Now you don't pay your bills. 585 00:30:42,200 --> 00:30:44,240 Speaker 2: So we get the credits grow up fifty to one 586 00:30:44,320 --> 00:30:46,960 Speaker 2: hundred points, so you're in the high sixes. God forbid, 587 00:30:47,000 --> 00:30:50,240 Speaker 2: you get the seven. That's the Nirvana seven hundred. Get 588 00:30:50,240 --> 00:30:52,840 Speaker 2: your debt down thirty eight hundred dollars for somebody making 589 00:30:52,880 --> 00:30:55,240 Speaker 2: forty eight thousand dollars. These store our Hope and side 590 00:30:55,240 --> 00:30:57,800 Speaker 2: models at open site locations and Operation Hope three hundred 591 00:30:57,840 --> 00:31:00,360 Speaker 2: dollars across the country. We get your savings up two 592 00:31:00,400 --> 00:31:02,960 Speaker 2: thousand dollars on average. And when we do that, we 593 00:31:03,040 --> 00:31:05,920 Speaker 2: make you bank qualified. Yeah, so the bank just wants 594 00:31:05,920 --> 00:31:07,800 Speaker 2: to say yes. And if you want to test my theory, 595 00:31:08,720 --> 00:31:11,200 Speaker 2: go to the computer at midnight when the bank's not 596 00:31:11,240 --> 00:31:14,040 Speaker 2: even open and you have a seven to twenty credit 597 00:31:14,080 --> 00:31:17,160 Speaker 2: score and type in an application for a credit card 598 00:31:17,280 --> 00:31:19,400 Speaker 2: or a mortgage or cardinals and watch that approval. 599 00:31:19,400 --> 00:31:22,240 Speaker 1: We'll get it quick, quick, quick. 600 00:31:22,680 --> 00:31:25,880 Speaker 2: Change the game, change the business plan, change your minds, 601 00:31:26,160 --> 00:31:30,320 Speaker 2: change our model, become bilingual, learn financial literacy for all. 602 00:31:30,440 --> 00:31:32,760 Speaker 2: It's the new civil rights issue of this generation. We 603 00:31:32,840 --> 00:31:34,760 Speaker 2: have got to be as obsessed with this as we 604 00:31:34,760 --> 00:31:35,680 Speaker 2: were the right to vote. 605 00:31:36,400 --> 00:31:38,440 Speaker 1: Last question for you, going to let you go. And 606 00:31:38,480 --> 00:31:40,680 Speaker 1: you know a lot of folks in our community. I've 607 00:31:40,720 --> 00:31:44,640 Speaker 1: heard lament capitalism and for a variety of reasons. And 608 00:31:45,240 --> 00:31:48,120 Speaker 1: I want you to make a case on this and 609 00:31:48,160 --> 00:31:52,880 Speaker 1: why capitalism has been largely what created wealth in this country. 610 00:31:53,000 --> 00:31:55,040 Speaker 1: And I'll let you. I don't want to want to 611 00:31:55,040 --> 00:31:56,360 Speaker 1: speak on you. I'll let you speak on it. 612 00:31:57,000 --> 00:31:59,040 Speaker 2: Man. We get to do an hour just on this. Yeah, 613 00:31:59,560 --> 00:32:03,520 Speaker 2: this is a ridiculous conversation. The converences they're happy. 614 00:32:03,640 --> 00:32:05,280 Speaker 1: Yeah, now, yeah, I'm with you. 615 00:32:06,480 --> 00:32:13,320 Speaker 2: It's ridiculous. Slavery was about capitalism. Nobody went halfway around 616 00:32:13,360 --> 00:32:16,560 Speaker 2: the world, bring your ass over here because they didn't 617 00:32:16,640 --> 00:32:22,800 Speaker 2: like you. Why did they go to Africa? Because we 618 00:32:22,800 --> 00:32:28,040 Speaker 2: were agricultural geniuses, that's why. Because we could take dead land, 619 00:32:28,480 --> 00:32:31,480 Speaker 2: dead soil and bring it back to life. Because we 620 00:32:31,520 --> 00:32:34,840 Speaker 2: did that in Africa, and we could work from cancer 621 00:32:34,920 --> 00:32:36,800 Speaker 2: in the morning to cancy at night, and it didn't 622 00:32:36,840 --> 00:32:40,840 Speaker 2: bother us under the sun. We're agricultural geniuses of the land. 623 00:32:41,120 --> 00:32:44,600 Speaker 2: What was the economy in the seventeen and eighteen hundreds, 624 00:32:44,960 --> 00:32:51,920 Speaker 2: agricultural economy? What were the crops? Cotton, tobacco, et cetera, 625 00:32:51,960 --> 00:32:55,360 Speaker 2: et cetera. Was needed the soil that was situated in 626 00:32:55,360 --> 00:32:58,640 Speaker 2: the Caribbean, but more so in the southern US States. 627 00:33:00,200 --> 00:33:04,120 Speaker 2: First indentured servants brought over here to work that land 628 00:33:04,240 --> 00:33:09,280 Speaker 2: were white and black. They got along with each other. 629 00:33:10,000 --> 00:33:12,360 Speaker 2: And when in sixty the early sixteen hundreds they got 630 00:33:12,360 --> 00:33:14,320 Speaker 2: along with each other didn't like what the overseer was 631 00:33:14,320 --> 00:33:17,400 Speaker 2: doing on what wasn't called a plantation. Then these were 632 00:33:17,440 --> 00:33:20,560 Speaker 2: trading companies back then. When they didn't like they ran 633 00:33:20,600 --> 00:33:23,880 Speaker 2: away with each other. Black and white. And when they 634 00:33:23,880 --> 00:33:27,080 Speaker 2: were caught the overseers, henchman said, a, Boss, we got 635 00:33:27,080 --> 00:33:32,200 Speaker 2: a problem. They're getting along and we can have a 636 00:33:32,240 --> 00:33:35,480 Speaker 2: class I'm sorry. We can have a race riot, but 637 00:33:35,560 --> 00:33:39,080 Speaker 2: we cannot have a class riot because we're the class. 638 00:33:40,440 --> 00:33:43,680 Speaker 2: So we got to work this out. And Boss said, well, 639 00:33:43,520 --> 00:33:48,040 Speaker 2: tell the white guys they're white like us, and then 640 00:33:48,040 --> 00:33:50,920 Speaker 2: put them in charge of the black people and tell 641 00:33:50,960 --> 00:33:52,600 Speaker 2: them that they work really hard, they can buy one 642 00:33:52,600 --> 00:33:57,680 Speaker 2: of them. And the poor whites didn't do any critical 643 00:33:57,720 --> 00:34:02,239 Speaker 2: thinking to go, uhh, oh, I'm white like you. They 644 00:34:02,240 --> 00:34:04,480 Speaker 2: should have said, well, next question, do I have land 645 00:34:04,600 --> 00:34:07,680 Speaker 2: like you do, have titles like you? Do? I own 646 00:34:07,720 --> 00:34:10,279 Speaker 2: businesses like you do? I own No, they didn't ask. 647 00:34:10,320 --> 00:34:12,360 Speaker 2: They just said, oh, I'm white like you, okay, Boss, 648 00:34:12,840 --> 00:34:19,480 Speaker 2: And that lie has survived four hundred years where poor 649 00:34:19,520 --> 00:34:23,479 Speaker 2: whites and poor blacks are at each other's throats while 650 00:34:23,480 --> 00:34:26,040 Speaker 2: the wealthy people just sort of fade in the background 651 00:34:26,160 --> 00:34:29,120 Speaker 2: and going about their business. Now, that was bad capitalism 652 00:34:29,719 --> 00:34:33,360 Speaker 2: at scale, horrible, disgusting capitalis we can I can do 653 00:34:33,400 --> 00:34:36,800 Speaker 2: a whole hour on slavery, and as a mechanism and 654 00:34:36,840 --> 00:34:40,240 Speaker 2: as a business model, it was repressive and disgusting and horrible. 655 00:34:40,239 --> 00:34:42,440 Speaker 2: And I think bad capitalism is where I benefit and 656 00:34:42,480 --> 00:34:45,759 Speaker 2: you benefit more. I'm sorry. Good capitalism is where I 657 00:34:45,760 --> 00:34:48,440 Speaker 2: benefit and you benefit more. Bad capitalism is where I 658 00:34:48,480 --> 00:34:51,719 Speaker 2: benefit and you pay a price for it. And this 659 00:34:51,880 --> 00:34:54,960 Speaker 2: was the worst example of bad capitalism, slavery, but it 660 00:34:55,040 --> 00:34:59,440 Speaker 2: built this country. Black slaves were worth more than anybody 661 00:34:59,440 --> 00:35:02,760 Speaker 2: else in at forty the wealthiest city in the world. 662 00:35:02,880 --> 00:35:07,000 Speaker 2: Will in eighteen forty was not just Mississippi. Okay, I'm 663 00:35:07,000 --> 00:35:08,520 Speaker 2: gonna get off that. I can stay on that forby. 664 00:35:08,560 --> 00:35:10,520 Speaker 2: By the way, the word white, word white was a 665 00:35:10,560 --> 00:35:13,680 Speaker 2: made up word, racial word white. I'm about to stet 666 00:35:13,719 --> 00:35:16,000 Speaker 2: pick a fight with all these folks who think they're historians, 667 00:35:16,120 --> 00:35:19,120 Speaker 2: but they're wrong the racial word white. The world is 668 00:35:19,160 --> 00:35:22,640 Speaker 2: five billion years old, four billion years of organism life, 669 00:35:22,680 --> 00:35:26,000 Speaker 2: two hundred million years of human life, but those were Neanderthals. 670 00:35:26,080 --> 00:35:28,879 Speaker 2: One hundred million, one hundred thousand, two hundred thousand years 671 00:35:28,920 --> 00:35:31,680 Speaker 2: of modern America, modern life with the people that we 672 00:35:31,719 --> 00:35:34,080 Speaker 2: would recognize and look and feel and stuff. And then 673 00:35:34,200 --> 00:35:37,120 Speaker 2: you know, of course recorded history. We know three thousand 674 00:35:37,200 --> 00:35:38,960 Speaker 2: years before Christ and all that kind of stuff. You 675 00:35:39,040 --> 00:35:40,880 Speaker 2: hear all those stories, and of course you know Christ 676 00:35:40,920 --> 00:35:43,160 Speaker 2: and he you know, God blew conscious in us and 677 00:35:43,200 --> 00:35:45,680 Speaker 2: all that kinds of recent history. But the word white 678 00:35:46,800 --> 00:35:51,080 Speaker 2: came into sixteen hundreds. You had black royalty, you had 679 00:35:51,120 --> 00:35:54,399 Speaker 2: black people who were in power hundreds of years ago. 680 00:35:55,040 --> 00:35:58,000 Speaker 2: But it was, it was, it was convenient in sixteen 681 00:35:58,080 --> 00:36:01,840 Speaker 2: hundreds in America to this word for the reasons that 682 00:36:01,880 --> 00:36:03,759 Speaker 2: I just mentioned to you. Now, let's go to your 683 00:36:03,840 --> 00:36:08,040 Speaker 2: question and answer it directly. Why this is a ridiculous situation. 684 00:36:08,200 --> 00:36:10,319 Speaker 2: I've already talked about the comb and the brush and 685 00:36:10,400 --> 00:36:12,799 Speaker 2: all that stuff. People watching this or listen to this 686 00:36:13,040 --> 00:36:18,839 Speaker 2: are engaging in capitalism. The government didn't buy your phone, 687 00:36:19,920 --> 00:36:24,239 Speaker 2: the government't buy your car radio. Yeah, all right, So 688 00:36:24,680 --> 00:36:27,040 Speaker 2: I did a podcast on this, the six levels of 689 00:36:27,080 --> 00:36:30,200 Speaker 2: a capitalist. The first level you got you are a 690 00:36:30,280 --> 00:36:34,319 Speaker 2: human and you are using your human capital exchange that 691 00:36:34,440 --> 00:36:38,600 Speaker 2: for compensation so you can live. Yeah, that's a gig worker. 692 00:36:38,880 --> 00:36:41,760 Speaker 2: That is the unstructured worker at the bottom of the pyramid. 693 00:36:41,840 --> 00:36:43,840 Speaker 2: They pay you by the hours or buy the gig. 694 00:36:44,480 --> 00:36:46,080 Speaker 2: And you want a bunch of freedoms, or you don't 695 00:36:46,120 --> 00:36:48,120 Speaker 2: want anybody tell you what to do, so you broke 696 00:36:48,160 --> 00:36:49,799 Speaker 2: his heck. But you get to come and go as 697 00:36:49,800 --> 00:36:52,440 Speaker 2: you please. Then you've got the next level, which is 698 00:36:52,480 --> 00:36:55,080 Speaker 2: a worker and you work from nine to five or 699 00:36:55,080 --> 00:36:58,279 Speaker 2: whatever your shift is. The ais a to upset your life. 700 00:36:58,280 --> 00:37:02,600 Speaker 2: By the way, artificial intelligence, that's another thing. I'm co 701 00:37:02,760 --> 00:37:05,160 Speaker 2: chairing the AI Ethics councilor with Sam Aulman. That's a 702 00:37:05,200 --> 00:37:07,400 Speaker 2: whole other thing that's gonna change everything by twenty thirty. 703 00:37:07,400 --> 00:37:09,040 Speaker 2: But you're working at a nine to five and a 704 00:37:09,120 --> 00:37:12,799 Speaker 2: job that will go away, and you're being paid, you know, 705 00:37:12,880 --> 00:37:16,440 Speaker 2: a decent wage whatever the law allows, and you get 706 00:37:16,440 --> 00:37:18,600 Speaker 2: to go, you get to leave it five o'clock. It's 707 00:37:18,640 --> 00:37:22,440 Speaker 2: not your problem. Okay. Now the next level is you're 708 00:37:22,480 --> 00:37:26,200 Speaker 2: a salaried worker and you get more compensation because the 709 00:37:26,239 --> 00:37:27,880 Speaker 2: boss can call you, call you at eight o'clock at 710 00:37:27,960 --> 00:37:31,160 Speaker 2: night every now and then, and they can't say you 711 00:37:31,200 --> 00:37:33,440 Speaker 2: can't say it's overtime because you're on a salary. Now, 712 00:37:33,440 --> 00:37:36,160 Speaker 2: they can't abuse you. But you know, basically, whatever the 713 00:37:36,239 --> 00:37:38,279 Speaker 2: job needs you is when you show up and they 714 00:37:38,280 --> 00:37:42,080 Speaker 2: pay you, let's say, low six figures for that salary job. 715 00:37:42,120 --> 00:37:46,200 Speaker 2: So it's more risk, less freedom, more reward. Now you're 716 00:37:46,239 --> 00:37:49,760 Speaker 2: a c suite executive, you're a chief financial officer, executive 717 00:37:49,840 --> 00:37:53,399 Speaker 2: vice president. You're a baller in some corporation. Now you're 718 00:37:53,400 --> 00:37:56,520 Speaker 2: getting six figures, mid six figures, maybe high six figures, 719 00:37:56,560 --> 00:37:59,719 Speaker 2: maybe seven figures. But that boss can call you any 720 00:37:59,800 --> 00:38:03,720 Speaker 2: day on time he or she likes twenty four to seven. 721 00:38:04,320 --> 00:38:06,360 Speaker 2: And it's not your business and it's not your problem. 722 00:38:06,480 --> 00:38:09,799 Speaker 2: But you have to be responsive because you are all in. 723 00:38:09,880 --> 00:38:12,279 Speaker 2: You got a lot less freedom, a lot more compensation, 724 00:38:12,680 --> 00:38:14,640 Speaker 2: but you still don't have the risk of an owner. 725 00:38:14,880 --> 00:38:19,120 Speaker 2: The next level is a business owner. Now you have 726 00:38:19,440 --> 00:38:21,480 Speaker 2: this is your deal. Now you own it. If it 727 00:38:21,520 --> 00:38:23,719 Speaker 2: goes down is your deal. But if it wins, it's 728 00:38:23,760 --> 00:38:28,000 Speaker 2: your deal. Well, you get more compensation, much more risk, 729 00:38:28,320 --> 00:38:31,319 Speaker 2: and you basically work whenever you have to. Now, the 730 00:38:31,320 --> 00:38:33,719 Speaker 2: great thing about a business is different from an entrepreneur. 731 00:38:34,280 --> 00:38:38,120 Speaker 2: There's an established plan as a barbershop or a nail 732 00:38:38,160 --> 00:38:41,319 Speaker 2: salon or a you want to be a technician or 733 00:38:41,360 --> 00:38:43,920 Speaker 2: whatever it is. There's a business that came before that 734 00:38:43,960 --> 00:38:46,560 Speaker 2: you can model it. The craziest part form her capitalist 735 00:38:46,640 --> 00:38:51,120 Speaker 2: is me. I'm an entrepreneur creating something out of whole 736 00:38:51,120 --> 00:38:56,520 Speaker 2: cloth didn't exist before. If you win, you win big, 737 00:38:57,200 --> 00:39:00,400 Speaker 2: But if you lose, you lose everything. And an repreneur 738 00:39:00,480 --> 00:39:03,000 Speaker 2: works eighteen hours day to keep them getting a job. 739 00:39:03,200 --> 00:39:06,680 Speaker 2: Now I just explain I just explained capitalism to everybody 740 00:39:06,760 --> 00:39:10,160 Speaker 2: listening to this, because everybody is in one of those categories. 741 00:39:10,320 --> 00:39:12,160 Speaker 2: Then somebody's going to say, well, I just want to 742 00:39:12,200 --> 00:39:13,800 Speaker 2: work for the government. Where do you think the government 743 00:39:13,800 --> 00:39:15,920 Speaker 2: get their money from. I mean, we can go to 744 00:39:16,040 --> 00:39:19,080 Speaker 2: this all day, all night. Eighty eight percent of all 745 00:39:19,200 --> 00:39:22,359 Speaker 2: jobs or private sector jobs. The government is only twelve 746 00:39:22,360 --> 00:39:24,799 Speaker 2: percent of all jobs. And they get their money from 747 00:39:24,840 --> 00:39:28,200 Speaker 2: you and me paying taxes and businesses. And then said, oh, 748 00:39:28,239 --> 00:39:30,560 Speaker 2: I want to be a socialist. What are you talking 749 00:39:30,560 --> 00:39:33,080 Speaker 2: about all that? This is a taxing structure. You go 750 00:39:33,160 --> 00:39:36,680 Speaker 2: to Norway or Sweden or whatever, they're capitalists. They just 751 00:39:36,760 --> 00:39:39,920 Speaker 2: are taxed at sixty or seventy percent of every dollar 752 00:39:40,000 --> 00:39:44,560 Speaker 2: they may. So you don't have anybody who's broke. There's 753 00:39:44,560 --> 00:39:46,640 Speaker 2: a safety net. But you don't see anybody who look 754 00:39:46,680 --> 00:39:51,120 Speaker 2: like you and me also running these companies. Wow, so's 755 00:39:51,440 --> 00:39:53,719 Speaker 2: so there's a there's a safety net. Fine, but you 756 00:39:53,800 --> 00:39:58,120 Speaker 2: cannot aim at the highest ring. And those are small economies. 757 00:39:58,640 --> 00:40:01,400 Speaker 2: And then you say, well, what about you China? China's capitalists? 758 00:40:01,440 --> 00:40:04,839 Speaker 2: What about Russia? Russians. They say they're communists, they're capitalists. 759 00:40:04,840 --> 00:40:09,080 Speaker 2: So communism doesn't work. Socialism doesn't work, and capitalism is 760 00:40:09,120 --> 00:40:12,439 Speaker 2: a horrible system except for every other system. Knock it off. 761 00:40:13,400 --> 00:40:16,359 Speaker 2: We are we are living in a free enterprise democracy. 762 00:40:17,080 --> 00:40:19,719 Speaker 2: Get with it. What we really need and this is 763 00:40:19,719 --> 00:40:22,680 Speaker 2: gonna really anger your viewers. What we really need is 764 00:40:22,680 --> 00:40:24,680 Speaker 2: a black Jewish business plan. I'm gonna drop the mic 765 00:40:24,760 --> 00:40:25,200 Speaker 2: on that one. 766 00:40:25,280 --> 00:40:31,040 Speaker 1: I love it work through the book. It's Amazon, everywhere, Barnes. 767 00:40:31,160 --> 00:40:34,880 Speaker 2: It's everywhere Walmart, Amazon, Barnes, and Noble black bookstores. And 768 00:40:34,960 --> 00:40:37,000 Speaker 2: we made to make sure that there are black bookstores. 769 00:40:37,000 --> 00:40:41,400 Speaker 2: That it's number one in several categories economics, business, and 770 00:40:41,560 --> 00:40:43,200 Speaker 2: I don't know, there's been not many many times that 771 00:40:43,280 --> 00:40:46,040 Speaker 2: a black man was number one in economics and business. 772 00:40:46,120 --> 00:40:49,480 Speaker 2: And this has been since April one through today. It's 773 00:40:49,520 --> 00:40:53,160 Speaker 2: still number one on Amazon and best I can tell, 774 00:40:53,320 --> 00:40:56,759 Speaker 2: we are buying it, which is really quite inspiring. We 775 00:40:56,840 --> 00:40:58,840 Speaker 2: want to know how stuff works, like we want to 776 00:40:58,840 --> 00:41:02,200 Speaker 2: figure this stuff out. This is the SIVI Rights movement 777 00:41:02,200 --> 00:41:05,239 Speaker 2: and this is the third reconstruction and it started with 778 00:41:05,280 --> 00:41:07,960 Speaker 2: George Floyd's murder and it'll go to twenty thirty and 779 00:41:08,440 --> 00:41:10,920 Speaker 2: we have a shot that will not come back. This this, 780 00:41:11,160 --> 00:41:13,480 Speaker 2: in my opinion, this is it. This is after this. 781 00:41:14,600 --> 00:41:16,920 Speaker 2: Folks have done with us. They're done with that, They're 782 00:41:16,920 --> 00:41:19,640 Speaker 2: done with trying to accommodate. I'm not saying they that 783 00:41:19,680 --> 00:41:23,200 Speaker 2: they shouldn't be done with us. They shouldn't. But folks 784 00:41:23,200 --> 00:41:25,880 Speaker 2: are gonna move on to something else, and we have 785 00:41:26,000 --> 00:41:27,800 Speaker 2: got the we we've got to get out of this 786 00:41:27,920 --> 00:41:31,200 Speaker 2: victim mentality. We've got to stop thinking that somebody owes 787 00:41:31,280 --> 00:41:34,919 Speaker 2: us something they do but it doesn't matter. We've got 788 00:41:34,960 --> 00:41:38,520 Speaker 2: to stop stop asking for perfection. You know, whether it's 789 00:41:38,520 --> 00:41:41,879 Speaker 2: reparations or whatever that stuff is, it ain't happening. Note, 790 00:41:41,880 --> 00:41:44,920 Speaker 2: if you see who's running for president against the current president, 791 00:41:45,000 --> 00:41:48,000 Speaker 2: you really think that's conversation Like, we have got to 792 00:41:48,080 --> 00:41:50,359 Speaker 2: become a homeowner. So the number one way you build 793 00:41:50,360 --> 00:41:52,920 Speaker 2: wealth as homeownership. Forty one forty four percent of us 794 00:41:53,000 --> 00:41:55,799 Speaker 2: own a home. The rest of us are renting, trying 795 00:41:55,800 --> 00:41:57,839 Speaker 2: to impress people. We don't know what money we don't have, 796 00:41:58,040 --> 00:42:00,680 Speaker 2: but places don't want us with a doorman and don't 797 00:42:00,680 --> 00:42:06,120 Speaker 2: give a damn about you. We can't afford and in 798 00:42:06,640 --> 00:42:09,440 Speaker 2: conversations that don't matter, not at all. 799 00:42:11,840 --> 00:42:15,000 Speaker 1: Child, Hold Brien, It's such a pleasure, such a pleasure. 800 00:42:15,160 --> 00:42:19,520 Speaker 1: Thank you so much. Black Tech Green Money is a 801 00:42:19,520 --> 00:42:22,640 Speaker 1: production of Blavity Afro Tech on the Black Effect podcast 802 00:42:22,680 --> 00:42:25,440 Speaker 1: network in Nightheart Media and it's produced by Morgan, Debaonne 803 00:42:25,440 --> 00:42:28,759 Speaker 1: and me Well Lucas, with ad Digital production support by 804 00:42:28,840 --> 00:42:31,960 Speaker 1: Kate McDonald, Sarah Ergan and Jaden McGee. Special thank you 805 00:42:32,000 --> 00:42:34,319 Speaker 1: to Michael Davis and Love Beach. Learn more about my 806 00:42:34,360 --> 00:42:36,799 Speaker 1: guessing other tech. This up is an innovators at afrotech 807 00:42:36,880 --> 00:42:39,759 Speaker 1: dot com. The video version of this episode will drop 808 00:42:39,800 --> 00:42:42,040 Speaker 1: to Black Tech Green Money on YouTube, So tap in, 809 00:42:42,760 --> 00:42:46,320 Speaker 1: enjoy your Black Tech Green Money, share to somebody go 810 00:42:46,480 --> 00:42:48,319 Speaker 1: get your money. Peace and love,