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Speaker 1: Wake that ass up in the morning.

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Speaker 2: The Breakfast Club Morning, everybody is DJ Envy just hilarious,

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Speaker 2: Charlamagne the God. We are to Breakfast Club. Jess is

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Speaker 2: on maternity leave, so Lon LaRosa is filling in. And

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Speaker 2: we got some special guests joining us back in the building.

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Speaker 2: And the brother John Holt Brian he's back.

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Speaker 3: Welcome, rock, honor to be here. And also a rod.

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Speaker 1: Alex Rodriguez, welcome, great to be here.

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Speaker 4: A lot of money, a lot of intelligence between y'all two.

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Speaker 5: Okay, how did this happen? This connection?

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Speaker 3: Well, whatever you try to make smart sexy, you know

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Speaker 3: in the tracks, you know like attracts like you know

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Speaker 3: on mindset. You know this is all of us are

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Speaker 3: up from nothing. By the way, all of this story

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Speaker 3: is the same thing that you can go from the

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Speaker 3: bottom to the top legally, ethically, honestly, pay your taxes,

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Speaker 3: do your stuff, go from cashing a check to write

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Speaker 3: in the check. And so Alex's story and mine are

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Speaker 3: very similar. Like we had very strong mothers who are

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Speaker 3: great influences our lives. We're both extremely nosy, you know,

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Speaker 3: Quincy Jones, how'd you get so smart? I'm just nosy

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Speaker 3: as hell. I want to know everything about everything, so

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Speaker 3: you know, we're nosy. And when he got his first check,

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Speaker 3: you know, in baseball, he went to ask magic like, Okay,

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Speaker 3: how do I how do I turn this from a

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Speaker 3: check to some to some wealth? And so we started

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Speaker 3: talking to the folks on the front row at the

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Speaker 3: team at the games were business people, and he would

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Speaker 3: trade his influence for lunch. I'll go to lunch with you.

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Speaker 3: I just need to ask you a bunch of questions.

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Speaker 3: That's what Madgie used to do that you saw him

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Speaker 3: last week and it was just brilliant because he gained

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Speaker 3: a business acumen from that, got the basic the NBA

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Speaker 3: while he's playing baseball, and use that to then buy

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Speaker 3: some real estate and then buy some more. I think

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Speaker 3: you worked the first piece of real estate yourself.

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Speaker 1: Did, yeah, duplex, duplex for two hundred and fifty thousand.

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Speaker 3: So we did a financial literacy episode on money and wealth,

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Speaker 3: which you know something about us on the black of Network.

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Speaker 5: That's right, make sure you subscribed to that.

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Speaker 3: It's actually the episodes out this week. We did this

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Speaker 3: episode together on financial literacy because we both leave it's

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Speaker 3: a civil rights issue of this generation. You know better,

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Speaker 3: you do better, and we're talking about black and brown wealth.

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Speaker 3: You how do you how does black and brown create

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Speaker 3: some green and at at scale? And it's a conversation

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Speaker 3: that many folks don't have. Most athletes go broke. By

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Speaker 3: the way, seventy wow of all NBA and NFL players

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Speaker 3: bankrupt within five years of retirement and divorced. So this

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Speaker 3: brother just defying all the odds. He's cool, he's a

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Speaker 3: he's a humble dude. He wanted to meet you, guys,

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Speaker 3: you've been a bit before, a man before.

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Speaker 1: Yeah.

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Speaker 3: Yeah, but he wanted to get into it. He wanted to.

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Speaker 1: He wanted to.

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Speaker 3: Yeah, he wanted to get into it, go to another level.

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Speaker 3: And so it's a it's a it's a beautiful family

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Speaker 3: re reunion. Well let's let's jump right into it.

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Speaker 2: So you know what gave you the mindset to say

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Speaker 2: I want to learn more about investing in making sure

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Speaker 2: that I have wealth after retirement. Was it the fact

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Speaker 2: that you've seen so many athletes go bro Was it

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Speaker 2: the fact that you said I'm never going back to

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Speaker 2: where I was? What was it that said I want

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Speaker 2: to be different from seventy percent of those other athletes?

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Speaker 1: Yeah? Thank you? I would say, you know, I was

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Speaker 1: a kid here born in Washington Heights nineteen seventy five

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Speaker 1: July twenty seventh, and I grew up right in the

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Speaker 1: block right by Yeshiva University. And my father was a

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Speaker 1: baseball player and an entrepreneur, and both my parents are Dominican.

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Speaker 1: I'm first generation immigrant. And I had this great appetite

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Speaker 1: for two things, baseball and business because I my father

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Speaker 1: was a money guy. And then my father left my

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Speaker 1: mom and my two siblings when he was when I

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Speaker 1: was ten.

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Speaker 5: What'd your father do if you don't, mammy y?

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Speaker 1: So he was in our apartment in Washington Heights. We

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Speaker 1: had a shoe store and just before iPhones, obviously it

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Speaker 1: was like late nineteen seventies, and they used to call

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Speaker 1: him like the human calculator because obviously we didn't have

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Speaker 1: the phone, the calculator and all that. So you know,

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Speaker 1: women would come up get four shoes and he'll be

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Speaker 1: like boom boo, boom plus tax minus ten percent boom,

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Speaker 1: and every time he was right, because then they will

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Speaker 1: get the calculator out. But he usually had a calculator out,

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Speaker 1: but it wasn't for him, it was for usually the

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Speaker 1: women so they can count and make sure that other

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Speaker 1: numbers were right. So I always had that. And then

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Speaker 1: once he left, I saw My mother worked at General

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Speaker 1: Mortars for about twelve years. She would have the early

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Speaker 1: shift at three o'clock in the morning to two, come

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Speaker 1: home now for two hours, and then go serve tables

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Speaker 1: at night at midnight. And I saw this for years

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Speaker 1: and years and years, and I think my life changed.

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Speaker 3: One day.

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Speaker 1: We're at Publix, which is a supermarket down in Miami.

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Speaker 1: I was about twelve years old, and the bill is

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Speaker 1: about seventy five dollars, and I see her grab some

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Speaker 1: of her tip money and she's got like fifty six

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Speaker 1: dollars or whatever, and I see that she's missing like

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Speaker 1: twenty twenty five bucks. And she goes into another pocket

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Speaker 1: and purse and grabs what I call funny money. And

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Speaker 1: I said, Mom, what is that funny money? It's like

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Speaker 1: red I've never seen money like that, only monopoly. And

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Speaker 1: she kind of with shame in her face, looked down

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Speaker 1: and she goes son, the government is helping us out

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Speaker 1: a little bit this month. And it changed my life,

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Speaker 1: and I can feel it today, and I know so

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Speaker 1: many families out there have felt this and that's kind

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Speaker 1: of where my ambitious grew.

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Speaker 3: We used to call food stamps.

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Speaker 1: Yeah, yeah, yeah, food stamps. Remember there were paper, but

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Speaker 1: I never seen it ring right, And I think she

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Speaker 1: would hide it for me. We were probably in food

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Speaker 1: stamps for years. She just never you know, disclosed that

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Speaker 1: with me. And then, like John said, I met with

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Speaker 1: one of my heroes and mentors and great friend now

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Speaker 1: Magic Johnson, about thirty years ago, and he was going

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Speaker 1: out to dinner with Cookie and it was near at

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Speaker 1: l Abraeldale Drive, I think Mastro or something, and it

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Speaker 1: was supposed to be a thirty minute you know. We

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Speaker 1: were in the back room, supposed to be like a

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Speaker 1: little thirty minute meeting. We met for three hours. He

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Speaker 1: called Cook and said, I'm not coming home. And years

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Speaker 1: later I said, Magic, why'd you give me like three hours?

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Speaker 1: And I left with nine notes of paper that I

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Speaker 1: still have today. He said, because you're one of the

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Speaker 1: few athletes that came in all business on time, no phone,

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Speaker 1: and you were taking notes, so you were engaged, So

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Speaker 1: I engaged with you. So that's my message to the

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Speaker 1: next generation. It's just like the reason why I played

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Speaker 1: baseball for so long is the fundamentals. Whether it's Jordan

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Speaker 1: or Tiger or Lebron or Magic or Bird whoever, it's

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Speaker 1: fundamentally and sports that makes you great. The same thing

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Speaker 1: as in business, you got to know the rules of engagement,

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Speaker 1: and our young folks, while they're getting better, there's a

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Speaker 1: lot of room for growth. To understand the way that

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Speaker 1: money works and the relationship with money in financial literacy.

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Speaker 4: So from day one, did you blow any money? Like

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Speaker 4: like when you first got your first your first big check,

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Speaker 4: did you blow any of it?

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Speaker 1: I was fortunate that I played for almost twenty five years,

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Speaker 1: so I would say from age twenty to thirty, I

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Speaker 1: made a bunch of mistakes. And then when I realized,

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Speaker 1: like sports, when we won the championship with the Yankees

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Speaker 1: and O nine, we had a squad and we were

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Speaker 1: as solid as anyone. And in business the same thing.

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Speaker 1: You got to create an incredible team that are way

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Speaker 1: smarter than you, that have complimentary set of skills. But

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Speaker 1: at the end of the day, you're the quarterback of

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Speaker 1: that team. So then I put my lessons behind me

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Speaker 1: and it's been pretty good ever since.

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Speaker 2: What was the dumbest thing you bought you when you

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Speaker 2: first became and made all that money in Major League Baseball.

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Speaker 1: I'm from Miami, so.

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Speaker 5: A rolex.

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Speaker 1: If you're from Miami, you need a rolex.

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Speaker 3: And that's the relics is not done. So by the way, me,

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Speaker 3: him and Don Peeples was been on to show a

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Speaker 3: few weeks ago the three black men, I know, black

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Speaker 3: and brown, same thing. We're we're all the same family

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Speaker 3: who have a couple hundred million dollars in loan facility

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Speaker 3: for real estate on as you know, this non recourse basis,

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Speaker 3: which means it's no personal guarantees. That's credibility, and that's

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Speaker 3: where we need to go. Like you make money during

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Speaker 3: the day, you build wealth in your sleep. And and

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Speaker 3: too many of us hooked on that. I want to

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Speaker 3: need that dollar and get that cash. When we get

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Speaker 3: that buck, when we get that bag, it's useless. It's

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Speaker 3: it's called literally cash flow. Cash will flow. And if

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Speaker 3: your outfloaks at your inflows and your overhead will be

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Speaker 3: your downfall. And if you don't understand financial literacy, somebody's

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Speaker 3: going to separate you from your wallet. And this is

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Speaker 3: this is just more zero's attached to it. The first year,

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Speaker 3: every athlete spends everything they got. Yeah, right, every you know,

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Speaker 3: it's just it's natural.

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Speaker 1: If you look at baseball. To answer your first question,

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Speaker 1: I was eighteen, nineteen years old and this article came

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Speaker 1: out called broke, and then I think thirty thirty, did

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Speaker 1: I remember that? Chot right, and you saw the guys

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Speaker 1: were having a bunch of kids, and it was really sad,

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Speaker 1: right to see. And when you looked at the data

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Speaker 1: and baseball, three numbers that jumped off the page was one,

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Speaker 1: the average career in baseballs five and a half years.

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Speaker 1: You make ninety percent of your money from age twenty

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Speaker 1: to thirty, So then what happened from thirty one to

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Speaker 1: eighty And then the last one is less than five

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Speaker 1: percent of almost eight hundred players in the big leagues,

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Speaker 1: less than five percent have a college degree. So when

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Speaker 1: you look at those three data points, I was short

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Speaker 1: the stock, meaning that I would bet that most guys

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Speaker 1: would run into financial problem most people men and women,

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Speaker 1: So that was a big issue. And then one of

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Speaker 1: the biggest mistakes John, I know we've talked about this,

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Speaker 1: whether it's athletes or just people like my mom and

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Speaker 1: my dad that grew up. I would say, more like

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Speaker 1: my mom, they don't really understand the difference between an

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Speaker 1: asset and liability. So when you say what was the

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Speaker 1: first stupid thing you bought? I mean one of them

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Speaker 1: will be a plane, aboat, you know cars. You know,

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Speaker 1: assets would be multifamily apartments, a business that throws off cash,

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Speaker 1: and things that are going to appreciate over time.

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Speaker 2: I was going to ask me when I jump into

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Speaker 2: what you were saying. You know, growing up in Queens,

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Speaker 2: there was nobody around me making money, right, we were

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Speaker 2: all the same. We didn't know anything about financial literacy.

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Speaker 1: Right.

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Speaker 2: My son goes to University of Miami, calls me yesterday

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Speaker 2: him and his friends about to buy a restaurant, which

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Speaker 2: is crazy to me because at twenty years old, I

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Speaker 2: wasn't thinking about that at all. But it's the mindset

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Speaker 2: and the people that he's around. So for people listening,

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Speaker 2: and they might not have somebody around him that is

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Speaker 2: knowledgeable in business, they might not have somebody around him

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Speaker 2: that knows where to put money or what to invest

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Speaker 2: in or how to do it. What do you tell

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Speaker 2: those individuals coming from you know, Washington Heights. I'm sure

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Speaker 2: that besides heeing your dad, there wasn't too many people

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Speaker 2: around you that you could get advice from. So what

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Speaker 2: do you tell those people to say, Okay, I'm in

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Speaker 2: this situation. I don't I don't have a magic to

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Speaker 2: speak to you know what I mean. I don't have

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Speaker 2: a Rod to say, let me sit down, which I

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Speaker 2: don't have a John to say, this is what I

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Speaker 2: have and what I do. So what do you tell

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Speaker 2: those ye.

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Speaker 1: First, I know this is one includes John. It's the

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Speaker 1: power of proximity to greatness or proximity to intelligence is

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Speaker 1: so powerful in baseball, I wanted to be around cal Ripken,

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Speaker 1: Keith Hernandez dot Good and Strawberry because they had sets

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Speaker 1: of skills that I needed and I wanted. And great

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Speaker 1: athletes can copy and paste better than anyone in baseball

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Speaker 1: skills in baseball. Now you go over now to business

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Speaker 1: and it's the same exact dro. I want to be

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Speaker 1: around John Hope because every time I'm around him, I

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Speaker 1: get better. He inspires me, He gives me more hope,

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Speaker 1: He gives me no pun intended, he gives my self

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Speaker 1: esteem rises. Our community black and brown, the number one

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Speaker 1: issue is self esteem issue. And they don't want to engage.

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Speaker 1: They don't want to engage in a business conversation because

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Speaker 1: they don't want to be embarrassed. We're some of the

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Speaker 1: most prideful people in the world, but we pay around

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Speaker 1: on time. We're hard working people, we have tremendous heart

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Speaker 1: and grit, but we don't want to be embarrassed. That's

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Speaker 1: why Shark Tank works so well. You get an education

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Speaker 1: while getting entertainment, and America gets an NBA from Shark Tank.

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Speaker 1: That's why people say when I walk around, oh, there's

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Speaker 1: a Shark Tank guy. I love sharll Tak s Tak

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Speaker 1: is amazing, right, they learned so early. So your job

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Speaker 1: as an American citizen, as a youngster, right man, boy,

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Speaker 1: whatever you are, is to be around proximity of greatness.

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Speaker 1: So if you find a great mentor from age twenty

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Speaker 1: to thirty, forget about the money. Twenty to thirty, go

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Speaker 1: work for John, Go do an internship at a Rock Corp.

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Speaker 1: Go work for Magic, pay nothing, pay whatever you got,

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Speaker 1: get a roommate. But twenty thirty is your extended education.

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Speaker 1: And then once you get into the thirties you open

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Speaker 1: up that that black book. How we say your ladyships right,

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Speaker 1: because when you're eighty five, right, you look back, your

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Speaker 1: net worth is going to resemble your network. Amen. Right,

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Speaker 1: So start, I had a mentor save you don't have

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Speaker 1: a breakfast, lunch, and dinner every single day to talk

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Speaker 1: about money. You're falling behind because your competition's doing it.

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Speaker 4: And another thing too, you said when you said you

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Speaker 4: sat with Magic and you just did with notes for

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Speaker 4: three hours, don't be too don't be too proud to

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Speaker 4: ask questions, questions.

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Speaker 5: If I'm around somebody that's.

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Speaker 4: Doing more than me and got way more than me,

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Speaker 4: I want to know about everything in that part.

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Speaker 1: But you know what happened with Magic, It was I

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Speaker 1: still have his notes, and I saw him last week

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Speaker 1: at the Dodger game, and I mean, he's such a goat.

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Speaker 1: I love that guy so much and he's done so

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Speaker 1: much for our communities. But it was the proximity where

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Speaker 1: I can touch him. I can touch him. But here's

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Speaker 1: a man who's great on the court and then put

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Speaker 1: on a business suit and it was a Hall of

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Speaker 1: Famer also, And I said, well, wait a minute, if

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Speaker 1: Magic can do it, why can I?

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Speaker 5: We look alike?

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Speaker 1: And I can't do that just with a general white

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Speaker 1: guy because I don't look like that guy.

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Speaker 3: So to answer your question very specifically, great answer, I

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Speaker 3: loved all that. By the way, my job is to

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Speaker 3: become the public's capitalists. That's my job. You know that

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Speaker 3: black lives matter, but black capitalists matter. Right. We got

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Speaker 3: to make smart sexy. We got to make this. That's

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Speaker 3: what you guys are doing. By the way, ladies, guys

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Speaker 3: are doing on this show. You're making intelligent thought interesting

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Speaker 3: and fascinating by putting over people can relate to it.

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Speaker 3: And that's book Financial Literacy that I introduced when where

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Speaker 3: you introduced when we was on the show last it's

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Speaker 3: still number one. That's black and brown people buying that book.

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Speaker 3: It's number one in business finance, not black history, business

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Speaker 3: finance nationwide of all books. That makes me very proud

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Speaker 3: when I go to the airport like last night, TSA

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Speaker 3: agent six seventy wow. Credit scoring yo yo man, six

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Speaker 3: seventy eight hundred. The people taking this stuff seriously, we're

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Speaker 3: starting to change the game. So one, get the book,

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Speaker 3: mark it up, write make comments, have a family meeting

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Speaker 3: once a week with your family, talk about I joke

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Speaker 3: about this, but I'm serious. You go to club and

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Speaker 3: you meet somebody, she's fine, he's handsome. That's cool. Oh yeah,

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Speaker 3: what's your credit score? And I'm only partially kidding, because

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Speaker 3: if you get serious about that person, that's your business

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Speaker 3: partner for life. Right, the looks are gonna fade, the

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Speaker 3: body's gonna drop, right, But that person's better have common sense.

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Speaker 3: If two plus two does not equal six, eight or

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Speaker 3: ten in a relationship, what the heck are you doing?

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Speaker 3: If you're not better together, what are you doing? I

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Speaker 3: could do better all by myself, doctor King once said,

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Speaker 3: he said, I refuse to fin answer my own oppression.

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Speaker 3: And Quincy Jones court again, the only worse than being

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Speaker 3: alone is wishing that you were. So if you're not

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Speaker 3: in a relationship with somebody who adds to you, even

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Speaker 3: if it's a casual relationship, what are you doing? Get

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Speaker 3: the toxicity out of your life. If you hang around

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Speaker 3: nine broke people, you'll be the tenth. Understand you're an

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Speaker 3: eagles surrounded by buzzes and turkeys. Eagles don't fly in packs.

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Speaker 3: So start looking at you, your posse, your group, and

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Speaker 3: then be really nosy. When you walk down the street

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Speaker 3: in Manhattan, all these buildings those are not that's not

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Speaker 3: JP Morgan Chase. That's a dentist's office, that's an attorney's office.

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Speaker 3: That's an account's office. You can get to those people. Go.

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Speaker 3: I know it sounds crazy, go knock on a door.

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Speaker 3: I'd love to be an intern. I love fifteen minutes.

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Speaker 3: Who's gonna give you, who's gonna deny you? Fifteen minutes?

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Speaker 3: And all you want to do is listen. God gave

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Speaker 3: you two ears and one mouse. You listen to twice

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Speaker 3: as much as you talk. I'm nosy as hell. I

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Speaker 3: don't want to know everything about everything. You know?

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Speaker 6: Uh uh.

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Speaker 3: You know my man Charlotte, and he's nosy. I call,

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Speaker 3: I call him, asking him about stuff. He'll call me, Okay,

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Speaker 3: tell me about this. So and so you know we're

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Speaker 3: not we're not afraid of the facts. We're not afraid

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Speaker 3: of knowledge. Right. You know he's talking about he's mainstreaming

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Speaker 3: mental health right now, that's a topic we all need

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Speaker 3: to be talking about. Right, So bye bye by a

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Speaker 3: ride making this talking about his family, talking about everything,

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Speaker 3: and go well talking being humble at having a humility

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Speaker 3: about it. Well that it allows everybody else to have

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Speaker 3: permission to begin to role model that. Right, So we

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Speaker 3: need to we model what we see. We need to

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Speaker 3: start row modeling. Folks who have the capacity to write

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Speaker 3: a check, not just cash it. Who build wealth, not

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Speaker 3: just make some money, making a living, it's literally making

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Speaker 3: a living, is what is It's all you're doing. You're

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Speaker 3: not building a life. So this stuff is so easy,

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Speaker 3: But no one's ever taught us. There's nothing wrong with us.

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Speaker 3: We're not dumb and we're not stupid. When the rules

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Speaker 3: are publishing a plainfielders level, we kill it. Professional sports,

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Speaker 3: the arts, politics, music, music, entertainment, music, church. Well, we're

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Speaker 3: starting with business. But where the rules of publish and

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Speaker 3: playing thools level, we kill it. We have not been

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Speaker 3: told the rules on free enterprise and capitalism. That has

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Speaker 3: to become all of our roles. And when you write there,

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Speaker 3: you get this book. If you finished with it, go

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Speaker 3: donate it into your family's name, to the local library.

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Speaker 3: Go to a title I school. Your name's in the

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Speaker 3: book now and you donated to that, and you're going

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Speaker 3: to teach in that classroom. And now you're the role

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Speaker 3: model in the Hero and she row. We can start

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Speaker 3: a whole new movement, not in the streets, in the suite.

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Speaker 1: My favorite question to your point is about asking questions.

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Speaker 1: I'll stop a meeting and I'll say wait, wait, stop,

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Speaker 1: explain that to me slowly, like I'm a third grader.

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Speaker 1: That's right, and you should not be embarrassed as that

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Speaker 1: that's right. You should be embarrassed if you don't ask that.

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Speaker 1: And if a business plan I can't really understand that

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Speaker 1: in five minutes, then I'm out. I want simplicity. Simplicity

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Speaker 1: is your best friend.

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Speaker 4: And what's crazy is the person you're talking to they

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Speaker 4: know you don't know. So I feel Dan act like

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Speaker 4: because I asked the question, like what that means? Like

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Speaker 4: why not who got you into the franchise game?

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Speaker 1: Well?

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Speaker 4: The room now is that you know y'all got the

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Speaker 4: cash ready, the body Minnesota Timberwolves full owner shit.

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Speaker 3: So by the way, there's some things that he can't

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Speaker 3: talk about today, legal situation. He'll answer the question. He

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Speaker 3: can answer by the way I loved by the way

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Speaker 3: there was like which franchise us? Like what you want?

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Speaker 3: But there are some things he won't be able to

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Speaker 3: talk about today.

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Speaker 1: Just high level, I mean, just kind of my passion

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Speaker 1: for sports. I think if you talk to most athletes

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Speaker 1: and you do a secret poll, probably ninety percent or

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Speaker 1: more will tell you I would love to own part

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Speaker 1: of a team someday who doesn't want to convert from

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Speaker 1: player to owner? Right that that's the American way. We

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Speaker 1: took a long run at the Mets and we came

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Speaker 1: in second to Steve Cohen, Thank god, because he's doing

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Speaker 1: a phenomenal job. And we're having a great time with

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Speaker 1: the Timberwolves and the Links. Links almost won a championship

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Speaker 1: a couple of days ago. Came up a little short,

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Speaker 1: but very part of our young women. Look, this is

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Speaker 1: the the ultimate dream. To be in room with Adam

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Speaker 1: Silver and you know, thirty other owners. It's pretty spectacular.

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Speaker 1: And look at that and talk about imposter syndrome. You're

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Speaker 1: seeing more Cuban, You're seeing Jim Dolan, seeing Tony Wrestler.

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Speaker 1: You've seen guys like Mark Lazerie, people that I've looked

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Speaker 1: up and admired and studied my whole kind of adult life.

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Speaker 1: And now you're in the room with them as colleagues.

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Speaker 1: It's really an incredible feat And uh yeah, I've been

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Speaker 1: dreaming about it, probably for a long time, and finally

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Speaker 1: made the move. I just got to ask the sport

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Speaker 1: questions Sins were on sports, How about them? Damn Yankees? Man?

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Speaker 2: How does it feel to see what what's taking so

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Speaker 2: long to get back to?

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Speaker 1: And what do you think about the Yankees now?

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Speaker 2: It seems like the Yankee not Yankees. The base Baseball

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Speaker 2: is more exciting now, it's it's I'm watching the games more.

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Speaker 2: The games are a lot faster, it's fast pacing. So

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Speaker 2: what is your what is your your thoughts on baseball now?

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Speaker 1: Yeah, I'm I'm so excited this is I can go

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Speaker 1: on and on about the but I keep it tight.

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Speaker 1: I would say that baseball has needed this moment for

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Speaker 1: at least a decade. I'm so tired of people saying

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Speaker 1: baseball was born and old. Then look, we went through

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Speaker 1: a little bit. They got born, but give Commissioner Rob

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Speaker 1: Manford and Tony Clark, the head of the Union of

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Speaker 1: the players, and they came up with the clock right

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Speaker 1: and made it a lot better pace, made the bigger basis.

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Speaker 1: Now they look like Domino's Pizza right a base And

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Speaker 1: it's a game that's driven by markets and superstars in

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Speaker 1: tradition and history and this world series here has it all.

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Speaker 1: This is two franchises that have the two richest franchises

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Speaker 1: in revenue and star power global Yankee may be the

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Speaker 1: number one franchise in the world. Dodgers may be top five,

432
00:19:43,119 --> 00:19:47,320
Speaker 1: and I'm talking about allive sports, football, soccer, name you know, yeah, yeah,

433
00:19:47,440 --> 00:19:50,480
Speaker 1: number one cowboy fan. The Yankees are in that top five,

434
00:19:50,600 --> 00:19:53,200
Speaker 1: right and when you look at the Yankees conglomerate, it

435
00:19:53,240 --> 00:19:55,199
Speaker 1: is well worth over ten billion. When you look at

436
00:19:55,240 --> 00:19:59,960
Speaker 1: the Dodgers, well worth over ten billion. Okay, I would

437
00:20:00,040 --> 00:20:02,439
Speaker 1: say there's Otani and Judge are two biggest stars as

438
00:20:02,520 --> 00:20:05,080
Speaker 1: you can have. You're gonna have probably fifteen million people

439
00:20:05,119 --> 00:20:09,120
Speaker 1: watching Japan, another fifteen or twenty watching here. The fan

440
00:20:09,240 --> 00:20:13,000
Speaker 1: bases very interestingly, It's interesting when you go to Dodger Stadium,

441
00:20:13,000 --> 00:20:15,600
Speaker 1: there's three type of fan bases. You have the corporate

442
00:20:16,920 --> 00:20:22,080
Speaker 1: financial institutions in Hollywood, you have the Mexicans that you know,

443
00:20:22,280 --> 00:20:25,080
Speaker 1: God likes Fernando vel Azuell who died, he was a

444
00:20:25,119 --> 00:20:27,000
Speaker 1: big pioneer in that movement. And then the other third

445
00:20:27,119 --> 00:20:30,920
Speaker 1: is now Japanese and they're printing money like is no

446
00:20:30,960 --> 00:20:34,359
Speaker 1: one's business. Because Otani and obviously the success they've had

447
00:20:34,440 --> 00:20:37,600
Speaker 1: with Mark Walters Todd Bowley to have an incredible ownerships,

448
00:20:40,040 --> 00:20:43,960
Speaker 1: but they've had one championship in thirty seven years. The

449
00:20:44,320 --> 00:20:47,440
Speaker 1: Yankees have one championship in twenty four years, so both

450
00:20:47,480 --> 00:20:50,080
Speaker 1: franchise are going to be starving. Tickets that told John

451
00:20:50,160 --> 00:20:53,400
Speaker 1: today are going for forty thousand dollars behind home played

452
00:20:53,520 --> 00:20:55,840
Speaker 1: one ticket, so if you want to that's eighty grand

453
00:20:56,280 --> 00:21:01,920
Speaker 1: eighty rand beers probably four thousand. So it's it's gonna

454
00:21:01,960 --> 00:21:03,960
Speaker 1: be the most watched World Series since the Cubs, and

455
00:21:04,240 --> 00:21:07,480
Speaker 1: will you want you won? The last one was nine,

456
00:21:07,680 --> 00:21:10,080
Speaker 1: so we haven't been there in fifteen years, so bring

457
00:21:10,160 --> 00:21:11,520
Speaker 1: the glory days back to the Bronx.

458
00:21:11,960 --> 00:21:15,879
Speaker 2: Yeah, it's old Tuney, the best baseball player ever. And

459
00:21:16,320 --> 00:21:18,399
Speaker 2: let me let me let me say why. I have

460
00:21:18,720 --> 00:21:21,159
Speaker 2: never seen in my life that I watched baseball a

461
00:21:21,320 --> 00:21:25,720
Speaker 2: pitcher as a designated hitter, to hit that many home runs,

462
00:21:26,040 --> 00:21:29,359
Speaker 2: to steal that many bases, and a manager allowing the.

463
00:21:29,359 --> 00:21:29,920
Speaker 5: Pitcher to do it.

464
00:21:30,000 --> 00:21:31,960
Speaker 2: Because usually you're scared because you don't want the pitcher

465
00:21:31,960 --> 00:21:33,159
Speaker 2: to get hit by a pitch. You don't want him

466
00:21:33,160 --> 00:21:34,560
Speaker 2: to hurt his own while he's sliding. You don't want

467
00:21:34,600 --> 00:21:36,359
Speaker 2: him to hurt his leg while he's running. But he

468
00:21:36,480 --> 00:21:39,359
Speaker 2: does it all and he's amazing doing it.

469
00:21:39,720 --> 00:21:41,440
Speaker 1: You know what's amazing. He's also six foot five and

470
00:21:41,560 --> 00:21:43,560
Speaker 1: is the fastest guy on the field, and he also

471
00:21:43,600 --> 00:21:45,720
Speaker 1: throws one hundred miles an hour. But I would say

472
00:21:45,760 --> 00:21:47,560
Speaker 1: this he's I don't know if he's the best because

473
00:21:47,600 --> 00:21:50,760
Speaker 1: it's too early. I mean, Barry Bonds was the baddest

474
00:21:50,880 --> 00:21:52,400
Speaker 1: son of a bitch I've ever seen on a field.

475
00:21:52,440 --> 00:21:55,480
Speaker 1: I mean, he is one bad sucker, right, And the

476
00:21:55,800 --> 00:22:00,840
Speaker 1: uniqueness about Otani is he's Barry Bonds, married with Roger

477
00:22:00,920 --> 00:22:04,120
Speaker 1: Clemens and he's won. So is he the best hitter?

478
00:22:04,440 --> 00:22:06,600
Speaker 1: I would still put Barry Bonds probably a bit ahead

479
00:22:06,600 --> 00:22:08,320
Speaker 1: of him. Is he a better picture? I will still

480
00:22:08,320 --> 00:22:11,159
Speaker 1: put Clements on top of him. But combined it's only

481
00:22:11,200 --> 00:22:14,840
Speaker 1: a class of two Otani and Babe Ruth Jesus.

482
00:22:14,960 --> 00:22:17,200
Speaker 6: My question, I don't know much about the players. It's

483
00:22:17,240 --> 00:22:19,280
Speaker 6: not about the players. My question is about it's back

484
00:22:19,280 --> 00:22:21,240
Speaker 6: to the family stuff you were talking about. My first

485
00:22:21,320 --> 00:22:24,560
Speaker 6: thought was, so that moment with your mom changed your

486
00:22:24,960 --> 00:22:28,639
Speaker 6: thoughts on money and building money in family. How do

487
00:22:28,760 --> 00:22:31,080
Speaker 6: you keep now you got all these franchises and all

488
00:22:31,119 --> 00:22:33,320
Speaker 6: this stuff, how do you keep Like you take care

489
00:22:33,359 --> 00:22:34,960
Speaker 6: of a lot of people, but how do you set

490
00:22:35,000 --> 00:22:37,000
Speaker 6: your boundaries where it's like no, because you got to

491
00:22:37,080 --> 00:22:38,880
Speaker 6: keep the money to make the money. But you also

492
00:22:38,960 --> 00:22:41,840
Speaker 6: grew up watching so many people not have, Like, what's

493
00:22:41,920 --> 00:22:42,800
Speaker 6: that battle like for you?

494
00:22:43,280 --> 00:22:43,480
Speaker 5: Yeah?

495
00:22:43,680 --> 00:22:46,840
Speaker 1: You from uptown, so you yeah, it's a great question.

496
00:22:47,119 --> 00:22:49,960
Speaker 1: So in our company, look, we started with one little

497
00:22:50,000 --> 00:22:52,720
Speaker 1: duplex about twenty plus years ago, and then we bought

498
00:22:52,720 --> 00:22:54,760
Speaker 1: a four plex and an aplex, and over the last

499
00:22:54,760 --> 00:22:57,000
Speaker 1: twenty years we bought about five billion dollars of multi

500
00:22:57,080 --> 00:23:00,800
Speaker 1: family apartments, hotel, single family houses. So we've gone from

501
00:23:00,840 --> 00:23:03,800
Speaker 1: little mom and pop to mid cap to institutional level.

502
00:23:04,840 --> 00:23:07,960
Speaker 1: I have five direct reports in my company, and the

503
00:23:08,000 --> 00:23:10,080
Speaker 1: good news about them, they're always smarter than I am.

504
00:23:10,760 --> 00:23:12,720
Speaker 1: So we vet things and we talk about what are

505
00:23:12,760 --> 00:23:14,960
Speaker 1: the things that are important to us. We only play

506
00:23:15,000 --> 00:23:17,800
Speaker 1: in places where we bring more than capital, right well,

507
00:23:18,160 --> 00:23:19,960
Speaker 1: as an example, baseball would be a place that we

508
00:23:20,000 --> 00:23:22,320
Speaker 1: bring more than capital because we have a certain expertise there.

509
00:23:23,119 --> 00:23:25,920
Speaker 1: Basketball is just another you know sports, right, So we

510
00:23:26,040 --> 00:23:28,480
Speaker 1: we were good there, but the circle of competence is

511
00:23:28,600 --> 00:23:31,240
Speaker 1: very small, and if it doesn't hit that bullseye, we're

512
00:23:31,280 --> 00:23:33,240
Speaker 1: not looking at it. Because the number one thing you

513
00:23:33,320 --> 00:23:35,879
Speaker 1: have to have in business is discipline. Understand who you

514
00:23:35,920 --> 00:23:37,960
Speaker 1: are and what you do, and do it over and

515
00:23:38,080 --> 00:23:40,200
Speaker 1: over and over and over again onto your border.

516
00:23:39,960 --> 00:23:43,560
Speaker 4: With itout family I'm talking about.

517
00:23:46,760 --> 00:23:49,560
Speaker 6: I'm talking about personally, like with grandma or you know

518
00:23:53,840 --> 00:23:56,800
Speaker 6: today like you're you're you're also the celebrity right right,

519
00:23:56,880 --> 00:23:59,720
Speaker 6: and people your family your booze. They don't understand what

520
00:23:59,800 --> 00:24:01,479
Speaker 6: you're saying the discipline. They just see what they need

521
00:24:01,560 --> 00:24:03,280
Speaker 6: and they call you. How do you be Like, no,

522
00:24:03,440 --> 00:24:06,120
Speaker 6: I can't do that. That makes no sense my discipline.

523
00:24:06,240 --> 00:24:10,080
Speaker 1: So first of all, I'm almost fifty now, so I've

524
00:24:10,119 --> 00:24:12,320
Speaker 1: had a lot of learning experience. I would say when

525
00:24:12,320 --> 00:24:13,680
Speaker 1: I was in my twenties and thirties, that was a

526
00:24:13,720 --> 00:24:17,040
Speaker 1: lot more challenging, right, But now when you're running businesses,

527
00:24:17,359 --> 00:24:19,840
Speaker 1: you can give people opportunities where they can win. So

528
00:24:19,920 --> 00:24:23,000
Speaker 1: as an example, my sister does on my personal real estate.

529
00:24:23,400 --> 00:24:25,640
Speaker 1: So if I'm buying a house for you know, a dollar,

530
00:24:25,760 --> 00:24:27,520
Speaker 1: she's making you know, three percent of that or six

531
00:24:27,560 --> 00:24:29,199
Speaker 1: percent of that, and my brother does.

532
00:24:29,359 --> 00:24:30,840
Speaker 3: But they got to be they have to be competent.

533
00:24:33,000 --> 00:24:34,760
Speaker 1: They know my I don't play that game. You got

534
00:24:34,880 --> 00:24:39,600
Speaker 1: to be by the book. There's no nepotism. I'm a

535
00:24:39,720 --> 00:24:42,239
Speaker 1: very tough boss, I would say that. But here are

536
00:24:42,240 --> 00:24:44,119
Speaker 1: the rules. Rules of engagement and you played by them,

537
00:24:44,160 --> 00:24:46,600
Speaker 1: You're gonna get first bid, and if you perform, I'm

538
00:24:46,640 --> 00:24:47,920
Speaker 1: going to come back to you over and over again.

539
00:24:48,119 --> 00:24:51,840
Speaker 1: If you don't perform, I have no problem quickly pivoting quickly,

540
00:24:52,280 --> 00:24:54,879
Speaker 1: And it's not personal. It's business. That's right now, when

541
00:24:54,920 --> 00:24:55,800
Speaker 1: my mom calls.

542
00:24:58,520 --> 00:24:58,840
Speaker 5: Or whatever.

543
00:24:59,160 --> 00:25:00,960
Speaker 4: But was there ever a time where you had to

544
00:25:01,200 --> 00:25:04,399
Speaker 4: explain the people of the business meaning like they just

545
00:25:04,480 --> 00:25:06,880
Speaker 4: reported I was Robert gets one hundred million dollar contract

546
00:25:07,080 --> 00:25:08,720
Speaker 4: and somebody comes to you and ask you for something like, bro,

547
00:25:09,640 --> 00:25:11,160
Speaker 4: I got to pay taxes, I gotta pay manage.

548
00:25:11,200 --> 00:25:11,840
Speaker 5: You have to explain that.

549
00:25:11,920 --> 00:25:14,560
Speaker 1: Oh yeah, yeah, Now, thank God for me. I guess

550
00:25:15,119 --> 00:25:17,200
Speaker 1: is I don't have a huge family. It's really worth

551
00:25:17,280 --> 00:25:22,120
Speaker 1: family of five, right, my mom, cousin and the three

552
00:25:22,200 --> 00:25:24,840
Speaker 1: of us. We're all the siblings. So we keep it

553
00:25:24,960 --> 00:25:28,160
Speaker 1: tight and they've grown with me, and they do great

554
00:25:28,200 --> 00:25:30,879
Speaker 1: work and they work hard. And I'm really blessed to

555
00:25:30,960 --> 00:25:34,120
Speaker 1: have people that really understand money and they have great work.

556
00:25:34,480 --> 00:25:37,800
Speaker 1: Comes from my mom, and on that aspect, I've been

557
00:25:37,800 --> 00:25:38,399
Speaker 1: pretty fortunate.

558
00:25:38,520 --> 00:25:40,200
Speaker 5: Can you expound on something John? With that that a

559
00:25:40,359 --> 00:25:40,760
Speaker 5: Rod said?

560
00:25:40,800 --> 00:25:43,560
Speaker 4: He said, bringing to the situation more than capital, he

561
00:25:43,560 --> 00:25:44,600
Speaker 4: want to be with situations.

562
00:25:44,840 --> 00:25:46,280
Speaker 5: You want to be involved in situations where you bring

563
00:25:46,359 --> 00:25:47,040
Speaker 5: more than capital.

564
00:25:47,400 --> 00:25:49,639
Speaker 3: Yeah, well most. I mean the word capital comes from

565
00:25:49,640 --> 00:25:52,200
Speaker 3: the work the Latin root word copy tass knowledge in

566
00:25:52,240 --> 00:25:54,960
Speaker 3: the head. The word credit comes from the latter word

567
00:25:55,040 --> 00:25:57,760
Speaker 3: credit though, which is credibility has nothing to do with money.

568
00:25:58,160 --> 00:26:01,879
Speaker 3: Banking actually is a trust business. It's about do I

569
00:26:01,920 --> 00:26:04,680
Speaker 3: trust you do? Do you have credibility? And do you

570
00:26:04,720 --> 00:26:08,359
Speaker 3: have the knowledge? You have the understanding relationship capital is

571
00:26:08,440 --> 00:26:10,880
Speaker 3: really the real capital. I mean, what's a country club?

572
00:26:11,160 --> 00:26:13,600
Speaker 3: Why do you go to Harvard? Is Harvard is gonna

573
00:26:13,600 --> 00:26:15,879
Speaker 3: make you smarter than the state university? Maybe maybe not.

574
00:26:16,880 --> 00:26:19,400
Speaker 3: The relation the glass of twenty twenty four is gonna

575
00:26:19,400 --> 00:26:21,960
Speaker 3: hook each other up for the next forty years. So

576
00:26:22,080 --> 00:26:23,520
Speaker 3: that's why you go to a country club. That's why

577
00:26:23,560 --> 00:26:25,400
Speaker 3: you go to a private club. That's why that's why

578
00:26:25,800 --> 00:26:29,000
Speaker 3: any any hook any small group is. That's why you

579
00:26:29,040 --> 00:26:31,440
Speaker 3: go to college other than the education. Is that that

580
00:26:32,000 --> 00:26:34,399
Speaker 3: So you got to figure out what your capital is.

581
00:26:34,480 --> 00:26:36,560
Speaker 3: You got to figure out who your circle is. That's

582
00:26:36,560 --> 00:26:38,520
Speaker 3: why I said earlier. If you hang around nine bro people,

583
00:26:38,560 --> 00:26:41,200
Speaker 3: you're gonna be the tenth. So you've got to you know,

584
00:26:42,760 --> 00:26:45,200
Speaker 3: you look at who who it runs hanging around. He

585
00:26:45,280 --> 00:26:47,680
Speaker 3: didn't mention a bunch of people he mentioned. We both mentioned.

586
00:26:47,720 --> 00:26:50,200
Speaker 3: We both saw him last week. Magic Magic is working

587
00:26:50,200 --> 00:26:54,280
Speaker 3: a business suit these days. Anybody in sports or entertainment

588
00:26:54,560 --> 00:26:57,040
Speaker 3: now now with your canvas, everybody who comes through here,

589
00:26:57,320 --> 00:27:00,280
Speaker 3: anybody in sports, entertainment, where it being from? Of them?

590
00:27:00,800 --> 00:27:05,080
Speaker 3: Billion did it in business? They translated, you can't sell enough.

591
00:27:05,240 --> 00:27:08,880
Speaker 3: You cannot sell enough concert tickets, You cannot get enough

592
00:27:08,920 --> 00:27:11,600
Speaker 3: a big enough contract to become a billionaire. That's not

593
00:27:11,680 --> 00:27:15,639
Speaker 3: the way income works. You got to translate that into business.

594
00:27:15,800 --> 00:27:21,920
Speaker 3: Every literally every athlete and every entertainer. Jay Z business,

595
00:27:22,080 --> 00:27:26,879
Speaker 3: Michael Jordan, Michael Jordan business doctor, Dre beats beat the business.

596
00:27:27,240 --> 00:27:30,159
Speaker 3: My man has got a billion dollar portfolio. That's why

597
00:27:30,200 --> 00:27:32,200
Speaker 3: he can just be so cool and just you know, understated.

598
00:27:32,240 --> 00:27:34,360
Speaker 3: Don't need to scream in Holly, you got the power,

599
00:27:34,400 --> 00:27:37,359
Speaker 3: you don't need to use it right. So it is

600
00:27:37,440 --> 00:27:43,600
Speaker 3: about getting your mind right. All poverty, Charlemagne, beyond sustenance, poverty,

601
00:27:43,720 --> 00:27:46,040
Speaker 3: roof over your head, food on the table, reasonable healthcare,

602
00:27:46,400 --> 00:27:49,480
Speaker 3: all other poverty's mindset. That's why I say there's a

603
00:27:49,480 --> 00:27:53,120
Speaker 3: difference between being broken being poor being broken is economic,

604
00:27:53,760 --> 00:27:56,399
Speaker 3: but being poor is a disabling frame of mind, a

605
00:27:56,520 --> 00:27:58,560
Speaker 3: depressed condition of your spirit. You must vow never to

606
00:27:58,640 --> 00:28:00,600
Speaker 3: be poor again. We need. The first thing you have

607
00:28:00,680 --> 00:28:02,639
Speaker 3: to do is get your mind right, and then the

608
00:28:02,720 --> 00:28:03,520
Speaker 3: money will follow.

609
00:28:03,840 --> 00:28:06,800
Speaker 2: Now for parents listening, and now, when is a good

610
00:28:06,840 --> 00:28:10,280
Speaker 2: time to start getting your kids involved in financial literacy?

611
00:28:10,400 --> 00:28:15,080
Speaker 3: When you start breathing. So when you start spending money,

612
00:28:15,160 --> 00:28:16,760
Speaker 3: I mean you spending money twenty four hours a day.

613
00:28:16,800 --> 00:28:19,200
Speaker 3: When you sleep, you're spending money. The bed shets. The

614
00:28:19,240 --> 00:28:21,719
Speaker 3: government did buy the bed sheets. The government did buy

615
00:28:21,720 --> 00:28:23,840
Speaker 3: the alarm clock. You did that. The governments not paying

616
00:28:23,880 --> 00:28:26,440
Speaker 3: for your life bill, right, So check this out. We

617
00:28:26,600 --> 00:28:29,480
Speaker 3: have a kid's account in Atlanta public schools Operation Hope.

618
00:28:29,520 --> 00:28:31,879
Speaker 3: By the way, everybody can go get financial coaching scholarship

619
00:28:32,119 --> 00:28:34,840
Speaker 3: from the compan of the breakfast club. Call Operation Hope

620
00:28:34,840 --> 00:28:37,520
Speaker 3: will give you a thousand dollars free scholarship just because

621
00:28:37,560 --> 00:28:40,000
Speaker 3: you mentioned breakfast club to get coaching accounts and get

622
00:28:40,040 --> 00:28:42,080
Speaker 3: your credit card right. So we have it with Mayor

623
00:28:42,080 --> 00:28:44,240
Speaker 3: Andre Dickens in Atlanta. We have a kid's account in

624
00:28:44,320 --> 00:28:48,840
Speaker 3: kindergarten U fifty bucks in the kids account. Now you

625
00:28:48,920 --> 00:28:50,720
Speaker 3: may say, what's the big deal of that. If you

626
00:28:50,920 --> 00:28:55,120
Speaker 3: have a bank account at kindergarten, you're fifty percent more

627
00:28:55,240 --> 00:28:57,840
Speaker 3: likely to go to college. All on a minute. Watch

628
00:28:57,920 --> 00:29:01,000
Speaker 3: check this out, did JMB You have fifty dollars in

629
00:29:01,040 --> 00:29:04,720
Speaker 3: that account in kindergarten, you're seventy five percent more likely

630
00:29:04,800 --> 00:29:09,120
Speaker 3: to graduate from college. Because now you're connecting education with aspiration.

631
00:29:09,480 --> 00:29:11,720
Speaker 3: The kid, the lights on the kid's head. Now you're

632
00:29:11,720 --> 00:29:14,239
Speaker 3: talking about stocks and bonds and investment, and I mean,

633
00:29:14,440 --> 00:29:16,640
Speaker 3: don't and don't put, don't create an investment account, don't

634
00:29:16,640 --> 00:29:18,680
Speaker 3: get a rod or me or you you know to come,

635
00:29:18,920 --> 00:29:21,520
Speaker 3: you know, don't DJ and be going and talking about cars,

636
00:29:21,800 --> 00:29:24,600
Speaker 3: you know, talking about because really is technology these days, right,

637
00:29:24,760 --> 00:29:27,800
Speaker 3: talk about it, But through that it's investment. Now. Now

638
00:29:28,120 --> 00:29:30,800
Speaker 3: now these kids, you hooked them, right, So it's about

639
00:29:30,920 --> 00:29:35,120
Speaker 3: role modeling. It's about the language of money at the

640
00:29:35,200 --> 00:29:39,000
Speaker 3: earliest age. Because it's the aspiration generation. We can literally

641
00:29:39,040 --> 00:29:43,880
Speaker 3: build the next generation of America. We have to, by

642
00:29:43,880 --> 00:29:45,560
Speaker 3: the way, because we're going to be a majority of minorities.

643
00:29:45,720 --> 00:29:47,480
Speaker 3: Literally if we don't do that, as country is done.

644
00:29:48,000 --> 00:29:51,160
Speaker 3: But we can do that at kindergarten with a fifty

645
00:29:51,160 --> 00:29:53,840
Speaker 3: dollars hope savings let.

646
00:29:53,800 --> 00:29:55,920
Speaker 1: Me add to John's answer, and I agree with everything

647
00:29:55,920 --> 00:29:58,240
Speaker 1: he said. I'll give you a real life example. So

648
00:29:58,280 --> 00:30:01,720
Speaker 1: I remember I have two daughters, Hasha and Ella. Natasha

649
00:30:01,760 --> 00:30:04,960
Speaker 1: is a sophomore at Michigan today. Ella's a junior in

650
00:30:05,040 --> 00:30:08,880
Speaker 1: high school. I remember when they were in kindergarten and

651
00:30:09,680 --> 00:30:13,480
Speaker 1: second grade, and I said, all right, girls, here's the deal.

652
00:30:13,680 --> 00:30:15,720
Speaker 1: Every day Pop drives you to school, I'm going to

653
00:30:15,760 --> 00:30:18,920
Speaker 1: give you three business lessons, and on Friday, be ready

654
00:30:18,920 --> 00:30:20,800
Speaker 1: to pick your five companies for a portfolio. I'm going

655
00:30:20,840 --> 00:30:22,840
Speaker 1: to put one thousand dollars in each one of your accounts.

656
00:30:23,680 --> 00:30:26,880
Speaker 1: And they were confused, and I said, well, you're overthinking it.

657
00:30:27,240 --> 00:30:29,280
Speaker 1: Give me five products that you use every day while

658
00:30:29,280 --> 00:30:32,880
Speaker 1: I use my phone Apple. Are you on Instagram? Not yet,

659
00:30:32,960 --> 00:30:35,120
Speaker 1: but I know what that is, okay, meta social media

660
00:30:36,280 --> 00:30:39,560
Speaker 1: Google because I google things. They wanted to get cvs

661
00:30:39,600 --> 00:30:42,320
Speaker 1: because that's where mom takes them. And one more maybe

662
00:30:42,400 --> 00:30:45,200
Speaker 1: Disney and I put one thousand dollars every year. So

663
00:30:45,760 --> 00:30:47,720
Speaker 1: it's not really about big numbers. It's really about the

664
00:30:47,960 --> 00:30:51,360
Speaker 1: practice of the habit of honing your craft. You look

665
00:30:51,400 --> 00:30:53,680
Speaker 1: to today. Both their accounts got over one hundred and

666
00:30:53,680 --> 00:30:56,520
Speaker 1: fifty thousand, right, and they've all done the performance of

667
00:30:57,120 --> 00:30:59,040
Speaker 1: some of the smartest hedge fund people in the world

668
00:30:59,440 --> 00:31:02,160
Speaker 1: because they kind of didn't overthink it. They thought really

669
00:31:02,200 --> 00:31:06,120
Speaker 1: fundamentally about what they used. But they now, by the way,

670
00:31:06,160 --> 00:31:08,600
Speaker 1: by the time they were freshman in high school, like that,

671
00:31:08,920 --> 00:31:11,920
Speaker 1: no more business, we're done. We're sick. But now I

672
00:31:12,000 --> 00:31:14,520
Speaker 1: hear him, as you know, many adults, and they're repeating

673
00:31:14,560 --> 00:31:17,040
Speaker 1: my language that they learned first grade, second grade, third grade.

674
00:31:17,360 --> 00:31:19,400
Speaker 1: Although they were fighting it, they were absorbing it.

675
00:31:20,160 --> 00:31:20,320
Speaker 4: You know.

676
00:31:20,400 --> 00:31:23,160
Speaker 2: The biggest thing, I'm sorry, the biggest thing that my son,

677
00:31:23,480 --> 00:31:26,840
Speaker 2: who's nine, The thing that I love is my son

678
00:31:26,960 --> 00:31:29,960
Speaker 2: watches Shark Tank. So he's nine, so he doesn't know

679
00:31:30,040 --> 00:31:33,440
Speaker 2: you for baseball, he knows you from Shark And like

680
00:31:33,560 --> 00:31:35,120
Speaker 2: I was talking on the phone, was talking to business

681
00:31:35,160 --> 00:31:37,480
Speaker 2: to somebody, and he started asking me questions that I

682
00:31:37,720 --> 00:31:39,480
Speaker 2: know that he got from someplace else.

683
00:31:39,760 --> 00:31:40,600
Speaker 5: I said this the other day.

684
00:31:40,600 --> 00:31:42,120
Speaker 1: He was asking me, so, Dad, how much.

685
00:31:42,040 --> 00:31:43,800
Speaker 5: Equity do you get in that deal? I'm like, where

686
00:31:44,080 --> 00:31:44,840
Speaker 5: you getting that from?

687
00:31:45,360 --> 00:31:46,680
Speaker 3: And then he was like, well what about He was

688
00:31:46,720 --> 00:31:48,600
Speaker 3: like WHOA. I said, well, where did you.

689
00:31:48,560 --> 00:31:49,160
Speaker 1: Hear about equity?

690
00:31:49,200 --> 00:31:50,840
Speaker 2: And he's telling me Shark Tank, and he was like, yeah,

691
00:31:50,840 --> 00:31:52,480
Speaker 2: I want to know what royalty fees are and this,

692
00:31:52,560 --> 00:31:55,440
Speaker 2: that and the other and not. I was like, I

693
00:31:55,520 --> 00:31:57,480
Speaker 2: just want to play baseball. But you know, it was

694
00:31:57,560 --> 00:31:59,560
Speaker 2: just it was great that they have these type of

695
00:31:59,600 --> 00:32:00,880
Speaker 2: shows on and I know you got to go.

696
00:32:00,880 --> 00:32:01,560
Speaker 1: I know you had a question.

697
00:32:01,640 --> 00:32:03,000
Speaker 6: Yeah, I do have a question. So y'all are talking

698
00:32:03,000 --> 00:32:05,200
Speaker 6: about your families and y'all kids, and these two always

699
00:32:05,240 --> 00:32:08,320
Speaker 6: talk about how when they locked into their marriages, everything

700
00:32:08,440 --> 00:32:10,520
Speaker 6: like floors for them. You talk about your baby girls

701
00:32:10,520 --> 00:32:12,360
Speaker 6: a lot. Last time you were here, you were talking

702
00:32:12,480 --> 00:32:15,720
Speaker 6: engagement with j Lo. I know you're right now dating Jacqueline.

703
00:32:16,600 --> 00:32:19,360
Speaker 6: Is engagement? Marriage? Is that a conversation for you right now?

704
00:32:19,560 --> 00:32:19,600
Speaker 1: Like?

705
00:32:19,720 --> 00:32:21,440
Speaker 6: How does that? Where does that fit in all this

706
00:32:21,560 --> 00:32:22,720
Speaker 6: business in the portfolios?

707
00:32:23,000 --> 00:32:25,640
Speaker 1: Well, I'm very lucky to have an incredible person in

708
00:32:25,680 --> 00:32:29,560
Speaker 1: my life. Jack's Canadian. She's right outside of Detroit, which

709
00:32:29,640 --> 00:32:32,960
Speaker 1: is very beneficial because my daughter goes to school Michigan.

710
00:32:33,360 --> 00:32:35,160
Speaker 1: So I got two for the price of one, already

711
00:32:35,200 --> 00:32:38,719
Speaker 1: cutting a good deal. So she's twenty minutes from Detroit.

712
00:32:39,480 --> 00:32:44,360
Speaker 1: She's a former nurse. She's transitioned her nursing to an

713
00:32:44,400 --> 00:32:48,320
Speaker 1: incredible business called Jack fit where she helps out. You know,

714
00:32:48,480 --> 00:32:51,960
Speaker 1: thousands of women online get a better life. I personally

715
00:32:52,000 --> 00:32:56,080
Speaker 1: lost thirty pounds because of her. I haven't really thought

716
00:32:56,080 --> 00:32:57,959
Speaker 1: about that. This is really the best place I've been

717
00:32:58,000 --> 00:33:01,959
Speaker 1: in my life. Fortunate, grate photo be where I am.

718
00:33:02,080 --> 00:33:05,120
Speaker 1: I'm helping out tons of people involved, like you said,

719
00:33:05,120 --> 00:33:08,200
Speaker 1: with the Timbles and the Links and doing my Fox

720
00:33:08,640 --> 00:33:13,080
Speaker 1: deal with the Yankees and the Dodgers, And I'm open

721
00:33:13,120 --> 00:33:15,760
Speaker 1: to anything. But right now, I'll let you know. If

722
00:33:15,840 --> 00:33:17,880
Speaker 1: there's some big announcement coming, maybe I come back.

723
00:33:18,120 --> 00:33:19,480
Speaker 4: I would think it would be difficult for you to

724
00:33:19,520 --> 00:33:21,360
Speaker 4: trust anybody and really, like you know what I mean,

725
00:33:21,480 --> 00:33:24,120
Speaker 4: like romantically, just because you are a rod so the

726
00:33:24,200 --> 00:33:25,400
Speaker 4: celebrity within the money.

727
00:33:25,640 --> 00:33:28,680
Speaker 1: Like it's hard. It's hard for sure, but you know,

728
00:33:28,840 --> 00:33:30,520
Speaker 1: you take your time, you try to surround yourself with

729
00:33:30,600 --> 00:33:32,560
Speaker 1: people that are better than you. And but there's no

730
00:33:32,720 --> 00:33:34,560
Speaker 1: question just it's difficult.

731
00:33:35,200 --> 00:33:37,960
Speaker 5: Now that man is married John O'Brien.

732
00:33:37,680 --> 00:33:40,600
Speaker 3: Oh yeah, Shade Room. And you know, I've known her

733
00:33:40,640 --> 00:33:43,000
Speaker 3: for twenty five years, we've been married for six. She

734
00:33:43,080 --> 00:33:45,720
Speaker 3: has no agenda. She just loves me, like and you

735
00:33:45,800 --> 00:33:49,120
Speaker 3: can feel it, right, And it's hard to trust people

736
00:33:49,200 --> 00:33:51,959
Speaker 3: because you know you're You're not a person to them,

737
00:33:52,080 --> 00:33:54,440
Speaker 3: You're just an opportunity to us. You're a cash register.

738
00:33:54,880 --> 00:33:56,920
Speaker 3: And I and I've I've had people like try to

739
00:33:56,960 --> 00:33:59,920
Speaker 3: take me down because they didn't get what they want.

740
00:34:00,600 --> 00:34:02,840
Speaker 3: So that makes you really skittish. But you know, if

741
00:34:02,840 --> 00:34:04,920
Speaker 3: you have the right relationship, as I said earlier, two

742
00:34:04,960 --> 00:34:07,840
Speaker 3: plus two equals six eight or ten, it really does

743
00:34:08,000 --> 00:34:11,160
Speaker 3: enhance your life and roots you and ground you, and

744
00:34:11,560 --> 00:34:15,000
Speaker 3: they love you no matter what ups and downs, by

745
00:34:15,040 --> 00:34:18,160
Speaker 3: the way, and so that. But that goes back to

746
00:34:18,280 --> 00:34:21,680
Speaker 3: Charlemagne what you said about your circle. You know, as

747
00:34:21,719 --> 00:34:24,600
Speaker 3: your world gets bigger, your circle should get smaller. As

748
00:34:24,640 --> 00:34:28,120
Speaker 3: your world gets bigger, your circle should get smaller. I

749
00:34:28,160 --> 00:34:31,480
Speaker 3: would love to talk about very quickly a mistake that

750
00:34:31,600 --> 00:34:35,800
Speaker 3: I made because people hear about all these winds and

751
00:34:35,840 --> 00:34:38,040
Speaker 3: we're doing this and doing that that we don't you know,

752
00:34:38,160 --> 00:34:40,600
Speaker 3: they can't relissarily relate to that. You know, I made

753
00:34:40,600 --> 00:34:44,520
Speaker 3: a mistake since I saw you last what you have

754
00:34:45,680 --> 00:34:51,080
Speaker 3: in business, I sow a company, so technically it wasn't

755
00:34:51,160 --> 00:34:53,239
Speaker 3: before I saw you, because I saw the Province Homes

756
00:34:53,320 --> 00:34:56,160
Speaker 3: Company two years ago. But I just realized I made

757
00:34:56,160 --> 00:34:58,719
Speaker 3: a mistake in the last month. So I invest just

758
00:34:58,800 --> 00:35:01,839
Speaker 3: real talk. I've never said before, but I invested three

759
00:35:01,880 --> 00:35:04,920
Speaker 3: and a han million dollars in an investment account. I

760
00:35:05,000 --> 00:35:07,840
Speaker 3: put in the market, and I tell people let it

761
00:35:07,880 --> 00:35:10,279
Speaker 3: sit there. And I messed up. I didn't take my

762
00:35:10,320 --> 00:35:14,839
Speaker 3: own advice, and market went crazy. January twenty twenty two,

763
00:35:15,400 --> 00:35:19,280
Speaker 3: interest rates started going up twenty By March and April,

764
00:35:19,640 --> 00:35:21,759
Speaker 3: the introt rate was still going up. Stocks were taking

765
00:35:21,840 --> 00:35:24,240
Speaker 3: a beating. I had just put my money in the account.

766
00:35:24,360 --> 00:35:28,600
Speaker 3: January twenty twenty two, I had lost five hundred thousand

767
00:35:28,640 --> 00:35:32,759
Speaker 3: dollars in three months. So what did I do? Hold

768
00:35:32,760 --> 00:35:33,920
Speaker 3: it out? I put it on and put it in

769
00:35:34,000 --> 00:35:37,799
Speaker 3: treasury bills. So I said it might take me to cash.

770
00:35:38,160 --> 00:35:39,719
Speaker 3: I took it all and put it in treasury bills

771
00:35:39,719 --> 00:35:42,440
Speaker 3: and just let it sit there. And so what happened?

772
00:35:42,480 --> 00:35:46,160
Speaker 3: I asked my broker, broker Rockefeller Caountal Management as a

773
00:35:46,160 --> 00:35:48,880
Speaker 3: family office. I asked him him two weeks ago. So

774
00:35:48,920 --> 00:35:51,160
Speaker 3: I'm just curious what would have happened if I had

775
00:35:51,200 --> 00:35:53,480
Speaker 3: left it in, Well, you would have lost another two

776
00:35:53,520 --> 00:35:57,000
Speaker 3: hundred thousand dollars. So I'd been down seven hundred thousand dollars,

777
00:35:57,360 --> 00:35:59,480
Speaker 3: which is you know, hold on to your butt cheeks. Right.

778
00:36:00,200 --> 00:36:03,480
Speaker 3: But if you but if you but dj envy, if

779
00:36:03,520 --> 00:36:06,000
Speaker 3: you kept it in, just let it sit there. This

780
00:36:06,160 --> 00:36:10,759
Speaker 3: is the magic of markets. If this is this, this.

781
00:36:10,920 --> 00:36:14,959
Speaker 4: Hurts John, You got to stop that edit is gonna

782
00:36:14,960 --> 00:36:19,080
Speaker 4: be crazy because he said, hold on your budgets, dj vy, let.

783
00:36:27,280 --> 00:36:27,600
Speaker 3: Children.

784
00:36:30,120 --> 00:36:31,239
Speaker 1: It's gotta be another way to think.

785
00:36:32,880 --> 00:36:36,920
Speaker 3: We understand what you said. If you don't know.

786
00:36:36,960 --> 00:36:43,160
Speaker 5: They're gonna know. He hit the buet complete come out.

787
00:36:43,520 --> 00:36:47,560
Speaker 3: So, uh, this really hurt because the guy told me,

788
00:36:48,239 --> 00:36:51,440
Speaker 3: if I had just done nothing, just let it sit there,

789
00:36:51,640 --> 00:36:54,239
Speaker 3: let the markets do his thing. I'd have made the

790
00:36:54,320 --> 00:36:58,120
Speaker 3: seven hundred thousand dollars back and another seven hundred thousand

791
00:36:58,120 --> 00:37:01,279
Speaker 3: dollars on top of it out of double my money

792
00:37:01,840 --> 00:37:05,160
Speaker 3: over the losses. If I did nothing, this is the magic.

793
00:37:07,760 --> 00:37:09,320
Speaker 3: So if I had had so by the way, I

794
00:37:09,360 --> 00:37:11,120
Speaker 3: don't lose it. I don't. I don't deny, I don't.

795
00:37:11,520 --> 00:37:14,000
Speaker 3: But I don't beat myself up about this decision because

796
00:37:14,000 --> 00:37:16,800
Speaker 3: if I had had money in the market in that account,

797
00:37:17,040 --> 00:37:20,040
Speaker 3: it had made some profits, so it wasn't house money.

798
00:37:20,640 --> 00:37:22,480
Speaker 3: I would have left it in there because if I

799
00:37:22,560 --> 00:37:24,880
Speaker 3: lost my profits, and that's fine. This was this was

800
00:37:25,000 --> 00:37:27,759
Speaker 3: core capital. My goal for this core capital was just

801
00:37:27,880 --> 00:37:30,080
Speaker 3: let it sit and it was the goal is money

802
00:37:30,160 --> 00:37:32,399
Speaker 3: was to be safe. So somebody might be thinking about

803
00:37:32,400 --> 00:37:34,440
Speaker 3: a four oh one K plan. They've got their employer,

804
00:37:34,560 --> 00:37:36,400
Speaker 3: or they got a thousand dollars in that Savis account.

805
00:37:36,400 --> 00:37:38,719
Speaker 3: They don't want anybody to touch that, right, So think

806
00:37:38,760 --> 00:37:41,440
Speaker 3: about that in that example. So this was for me

807
00:37:41,760 --> 00:37:43,799
Speaker 3: that so I didn't I didn't need to make any money.

808
00:37:43,800 --> 00:37:46,160
Speaker 3: I just didn't want to lose any on that particular investment.

809
00:37:46,600 --> 00:37:48,759
Speaker 3: If I had made something, I would have left it there.

810
00:37:48,880 --> 00:37:52,239
Speaker 3: So in hindsight, statistically I made a mistake. But from

811
00:37:52,440 --> 00:37:55,520
Speaker 3: from what my priority was, which was safety and security

812
00:37:55,560 --> 00:37:58,160
Speaker 3: and not return, I'm completely cool with it. I'm just saying.

813
00:37:58,160 --> 00:38:01,120
Speaker 3: I'm just saying that as an investor, I tell people

814
00:38:01,880 --> 00:38:03,680
Speaker 3: put it in the market what I said about homes,

815
00:38:04,200 --> 00:38:06,640
Speaker 3: buy it and don't sell it, right, It'll just go

816
00:38:06,760 --> 00:38:10,080
Speaker 3: up at value. I'm just giving I'm telling you, here's

817
00:38:10,080 --> 00:38:13,520
Speaker 3: a guy who is pretty good at the investment in

818
00:38:13,520 --> 00:38:17,440
Speaker 3: the business game, and here's an example were recently I

819
00:38:17,520 --> 00:38:20,400
Speaker 3: made a mistake and pay for it. And the magic

820
00:38:20,520 --> 00:38:22,719
Speaker 3: of markets. You make money during the day, you build

821
00:38:22,800 --> 00:38:24,680
Speaker 3: wealth in your sleep.

822
00:38:24,880 --> 00:38:25,160
Speaker 1: Sleeve.

823
00:38:26,680 --> 00:38:28,479
Speaker 6: I was going to ask, why would you put safe

824
00:38:28,560 --> 00:38:30,440
Speaker 6: money on the market like that, because they also tell

825
00:38:30,440 --> 00:38:32,000
Speaker 6: you too, if it's something that you want to keep

826
00:38:32,040 --> 00:38:33,880
Speaker 6: safe and to not let like you don't want to

827
00:38:33,920 --> 00:38:34,880
Speaker 6: lose it, you don't.

828
00:38:34,680 --> 00:38:36,440
Speaker 3: Play with it. The three it is a great it's

829
00:38:36,440 --> 00:38:39,160
Speaker 3: a great conversation and a right if you have an

830
00:38:39,200 --> 00:38:42,480
Speaker 3: example or the police weigh in. There's three things that

831
00:38:42,480 --> 00:38:45,040
Speaker 3: have never gone down in American history. I'm so glad

832
00:38:45,080 --> 00:38:48,320
Speaker 3: you asked this. GDP gross domestic product of this country,

833
00:38:48,480 --> 00:38:53,719
Speaker 3: the income, real estate values, its stock market value. It

834
00:38:53,840 --> 00:38:57,720
Speaker 3: goes up, there's a recession. All recession means is it recedes.

835
00:38:58,080 --> 00:39:00,800
Speaker 3: It recedes, and if you stick with it, it corrects

836
00:39:00,840 --> 00:39:04,040
Speaker 3: above the line. What people who are financially illiterate do

837
00:39:04,840 --> 00:39:07,719
Speaker 3: is they get freaked out, and they are and they

838
00:39:07,800 --> 00:39:11,200
Speaker 3: sell it. Right. I had a townhouse in la I

839
00:39:11,280 --> 00:39:13,399
Speaker 3: bought it for two hundred and twenty thousand, went down

840
00:39:13,400 --> 00:39:15,320
Speaker 3: one hundred and some one thousand dollars in two thousand

841
00:39:15,320 --> 00:39:18,680
Speaker 3: and eight. You know, all my friends were telling me,

842
00:39:18,719 --> 00:39:20,759
Speaker 3: sal get rid of it, they're broke. So I'm I

843
00:39:20,760 --> 00:39:24,759
Speaker 3: didn't listening. An event, I kept it. It said seven

844
00:39:24,800 --> 00:39:26,480
Speaker 3: one two two lot to hair. Somebody listening to this

845
00:39:26,560 --> 00:39:28,880
Speaker 3: know exactly what I'm talking about. Lottier in Airport. I

846
00:39:28,920 --> 00:39:30,399
Speaker 3: kept it was fifteen hundred square feet.

847
00:39:30,400 --> 00:39:31,359
Speaker 1: Oh yeah, what I say?

848
00:39:31,400 --> 00:39:32,879
Speaker 3: You know there's that I rented out to a police

849
00:39:32,920 --> 00:39:35,719
Speaker 3: officer who didn't pay rent on time. But but I

850
00:39:36,040 --> 00:39:37,920
Speaker 3: but he paid ultimately, he paid me. I paid the

851
00:39:37,960 --> 00:39:41,560
Speaker 3: property taxes. I forgot about it. Five years later, I'm

852
00:39:41,600 --> 00:39:43,399
Speaker 3: trying to buy a property for seven hundred and fifty

853
00:39:43,400 --> 00:39:45,440
Speaker 3: thousand dollars, Like, where can I get seven fifty from?

854
00:39:46,120 --> 00:39:48,800
Speaker 3: I called my my my broker, black real estate broker

855
00:39:48,840 --> 00:39:50,800
Speaker 3: in LA. I want you to sell this condo for me.

856
00:39:50,880 --> 00:39:52,239
Speaker 3: Mind you, I bought it for two twenty it was

857
00:39:52,360 --> 00:39:54,399
Speaker 3: last time I checked, it was one fifty one eighty.

858
00:39:55,640 --> 00:39:58,759
Speaker 3: What can I get for that seven to fifty? All

859
00:39:58,840 --> 00:40:00,719
Speaker 3: I did was let it sit there and it just

860
00:40:00,800 --> 00:40:03,000
Speaker 3: went up in value. So I did a ten thirty

861
00:40:03,040 --> 00:40:06,799
Speaker 3: one tax free exchange, took the home and un allowed

862
00:40:06,840 --> 00:40:08,319
Speaker 3: to hear, sold up seven to fifty, bought the other

863
00:40:08,360 --> 00:40:13,160
Speaker 3: property for free with no tax impact. So you just

864
00:40:13,239 --> 00:40:17,399
Speaker 3: don't go wrong investing in the biggest economy, the sole

865
00:40:17,480 --> 00:40:20,000
Speaker 3: superpower in the world, the flight the quality people in

866
00:40:20,120 --> 00:40:22,600
Speaker 3: China talking mess about us. They're investing here, folks in

867
00:40:22,719 --> 00:40:26,319
Speaker 3: Russia talking messing about us. They're investing here, Iran, all

868
00:40:26,360 --> 00:40:28,439
Speaker 3: these places talking mess about us in front of the camera,

869
00:40:28,840 --> 00:40:34,600
Speaker 3: all of these folks, including Putin, investing in America. So

870
00:40:35,200 --> 00:40:38,239
Speaker 3: we have this great thing in front of us called

871
00:40:38,280 --> 00:40:40,719
Speaker 3: the soul, superpower in the world, the biggest economy, and

872
00:40:40,800 --> 00:40:42,920
Speaker 3: most of us are not taking advantage of it. So

873
00:40:43,080 --> 00:40:46,680
Speaker 3: I love the stock market. Everything that you love is

874
00:40:46,760 --> 00:40:51,560
Speaker 3: publicly traded. Iubly traded yet, but well maybe we can

875
00:40:51,600 --> 00:40:52,400
Speaker 3: take you public.

876
00:40:52,200 --> 00:40:53,480
Speaker 1: Well, you know what I was gonna say is, like

877
00:40:53,880 --> 00:40:56,800
Speaker 1: you know, Lauren, to answer your question is money is

878
00:40:56,840 --> 00:41:01,239
Speaker 1: not emotional. That's it. Money doesn't care who or who

879
00:41:01,440 --> 00:41:04,680
Speaker 1: who What pockets in the emotional ones are the humans.

880
00:41:05,440 --> 00:41:07,560
Speaker 1: And what John Hope is talking about is something that

881
00:41:08,560 --> 00:41:11,759
Speaker 1: Americans do is they panic when things go down. But

882
00:41:11,840 --> 00:41:14,080
Speaker 1: when you see guys like Tony Wrestler, Warren Buffett, or

883
00:41:14,080 --> 00:41:21,480
Speaker 1: the greatest invest in the world, Tony Tony, when when

884
00:41:21,800 --> 00:41:24,279
Speaker 1: John is selling that situation one, but Warren Buffet is

885
00:41:24,320 --> 00:41:26,759
Speaker 1: buying and buying a lot of it. So if you

886
00:41:26,840 --> 00:41:30,239
Speaker 1: can remove your emotions from investing, which is really hard

887
00:41:30,280 --> 00:41:33,920
Speaker 1: to do, and counterintuitive. Money doesn't care about you as

888
00:41:33,920 --> 00:41:35,480
Speaker 1: long as you know that and you're playing the long

889
00:41:35,520 --> 00:41:38,399
Speaker 1: game and know that along the long way you're gonna

890
00:41:38,400 --> 00:41:40,680
Speaker 1: have some hiccups. How do emotion that you're going to

891
00:41:40,920 --> 00:41:43,520
Speaker 1: be prepared to do that and not overreact? Right? But

892
00:41:43,640 --> 00:41:45,840
Speaker 1: when things go down, do you have you know, the

893
00:41:45,960 --> 00:41:48,200
Speaker 1: guts to kind of go in and making sure you

894
00:41:48,320 --> 00:41:50,799
Speaker 1: understand the business and what you're doing, right, I would

895
00:41:50,920 --> 00:41:53,520
Speaker 1: suggest do this with a professional, but thinking about a

896
00:41:53,520 --> 00:41:56,680
Speaker 1: philosophy big picture, before it happens, it is being prepared.

897
00:41:56,680 --> 00:41:58,839
Speaker 1: It's like in baseball, I'm thinking, if this ball gets

898
00:41:58,920 --> 00:42:00,920
Speaker 1: hit to me, I'm gonna throw to Jeter on the

899
00:42:01,000 --> 00:42:04,400
Speaker 1: throw to c C or whatever. Same thing with markets.

900
00:42:04,440 --> 00:42:07,480
Speaker 1: If I have four four million dollars four hundred thousand

901
00:42:07,560 --> 00:42:09,920
Speaker 1: or four thousand and the market goes to three thousand,

902
00:42:10,000 --> 00:42:11,839
Speaker 1: what am I gonna do? Am I gonna You gotta

903
00:42:11,920 --> 00:42:14,440
Speaker 1: know that before it happens and anticipate and have a

904
00:42:14,480 --> 00:42:15,880
Speaker 1: little bit more of a proactive approach.

905
00:42:15,960 --> 00:42:19,280
Speaker 3: Now, by the way, on that example, to what again,

906
00:42:20,760 --> 00:42:22,920
Speaker 3: he's a Hydress writings like doubled down on a good

907
00:42:23,000 --> 00:42:25,600
Speaker 3: investment the same time I pulled out of that investment

908
00:42:25,680 --> 00:42:28,400
Speaker 3: with the cash, I bought some real estate in another country,

909
00:42:28,520 --> 00:42:30,719
Speaker 3: Tucks and Kkos. I bought it for two million in

910
00:42:30,760 --> 00:42:33,560
Speaker 3: the same time period. It's now worth three point six million.

911
00:42:34,080 --> 00:42:36,920
Speaker 3: So I lost a little bit here on return, but

912
00:42:37,040 --> 00:42:39,399
Speaker 3: I gained over here, almost doubling my money on real

913
00:42:39,520 --> 00:42:42,120
Speaker 3: estate secured real estate, and so I achieved my objective,

914
00:42:42,239 --> 00:42:44,719
Speaker 3: just not in the way that Yeah, in different ways.

915
00:42:44,719 --> 00:42:47,800
Speaker 2: I was going to ask for somebody listening, maybe possibly

916
00:42:47,840 --> 00:42:50,520
Speaker 2: thinking about buying their first property, their first investment property,

917
00:42:50,600 --> 00:42:53,160
Speaker 2: or even at first house, or even thinking about refinancing

918
00:42:53,200 --> 00:42:54,000
Speaker 2: the home that they have.

919
00:42:54,600 --> 00:42:55,560
Speaker 3: What do you say to them?

920
00:42:55,640 --> 00:42:57,440
Speaker 2: Do they wait until after the election, because a lot

921
00:42:57,440 --> 00:42:59,040
Speaker 2: of people are saying wait to have the election, this, that,

922
00:42:59,120 --> 00:43:00,879
Speaker 2: and the yether. What do you say somebody that's trying

923
00:43:00,920 --> 00:43:03,000
Speaker 2: to buy a home right now? Interest rates shot up

924
00:43:03,040 --> 00:43:04,960
Speaker 2: since COVID. I'm sure we're never going to get to

925
00:43:04,960 --> 00:43:07,320
Speaker 2: two point nine percent ever again in life. So what

926
00:43:07,360 --> 00:43:09,600
Speaker 2: do you say to those individuals listening right now that

927
00:43:09,840 --> 00:43:12,160
Speaker 2: thinking about buying their first investment property, their first home,

928
00:43:12,280 --> 00:43:13,799
Speaker 2: or even refinancing at home.

929
00:43:13,960 --> 00:43:15,600
Speaker 3: I have a strong opinion, but go ahead.

930
00:43:15,680 --> 00:43:18,000
Speaker 1: You go first, Well, I would say, look, I have

931
00:43:18,080 --> 00:43:20,239
Speaker 1: a different outlook when it comes to houses, I don't

932
00:43:20,280 --> 00:43:24,000
Speaker 1: think houses is necessarily an investment. Is an investment to

933
00:43:24,040 --> 00:43:26,719
Speaker 1: your lifestyle is an investment, and for a lot of Americans,

934
00:43:27,040 --> 00:43:29,640
Speaker 1: it is your biggest investment, right because it's the biggest

935
00:43:29,640 --> 00:43:32,160
Speaker 1: asset you own, and you got usually a seventy seventy

936
00:43:32,160 --> 00:43:35,480
Speaker 1: five percent mortgage or whatever it is. But I would say,

937
00:43:35,560 --> 00:43:38,560
Speaker 1: buy a home that you can afford. Buy a home

938
00:43:38,640 --> 00:43:41,400
Speaker 1: and locking your rates, so I like locking in for

939
00:43:41,480 --> 00:43:43,760
Speaker 1: five or seven years, so I know exactly I'm almost

940
00:43:43,800 --> 00:43:45,960
Speaker 1: renting the house. I know exactly what my well, my

941
00:43:46,080 --> 00:43:48,720
Speaker 1: nut's going to be every month, Right, that's really important.

942
00:43:49,160 --> 00:43:51,080
Speaker 1: And I would say, buy a house, are you going

943
00:43:51,120 --> 00:43:53,200
Speaker 1: to be happy in? They're gonna be able to raise

944
00:43:53,200 --> 00:43:56,680
Speaker 1: your kids, They're gonna be safe, and locking your interest

945
00:43:56,719 --> 00:43:59,080
Speaker 1: rates and understand that you have to be able to

946
00:43:59,080 --> 00:44:01,840
Speaker 1: afford these payments or what happens, right, and give yourself

947
00:44:01,880 --> 00:44:05,080
Speaker 1: a margin of error right of safety net. But I

948
00:44:05,160 --> 00:44:08,000
Speaker 1: do think that indust rates could lower, But I'm not

949
00:44:08,080 --> 00:44:10,120
Speaker 1: into timing markets when it comes to my personal houses.

950
00:44:10,200 --> 00:44:11,279
Speaker 1: But I defer to job.

951
00:44:11,320 --> 00:44:13,520
Speaker 2: But to say that, I would always say that to

952
00:44:13,600 --> 00:44:15,640
Speaker 2: people that are looking for their first property, if they

953
00:44:15,719 --> 00:44:18,759
Speaker 2: necessarily don't know enough scared. I always would say get

954
00:44:18,800 --> 00:44:20,640
Speaker 2: a multi unit, right, because that way they can rent

955
00:44:20,680 --> 00:44:22,879
Speaker 2: out other units and make sure that they can pay

956
00:44:22,920 --> 00:44:25,359
Speaker 2: their bills until their more successful, take the equity out

957
00:44:25,360 --> 00:44:27,040
Speaker 2: and get their own property. That's why I would say

958
00:44:27,080 --> 00:44:28,560
Speaker 2: multi unit. What's your thoughts on that?

959
00:44:28,680 --> 00:44:30,680
Speaker 3: So the key, the key with what Alex you said

960
00:44:30,800 --> 00:44:33,520
Speaker 3: was he said houses, okay, So this is a whole

961
00:44:33,600 --> 00:44:37,000
Speaker 3: other situation, don't That's why he's not all in the

962
00:44:37,200 --> 00:44:39,640
Speaker 3: houses as an investment. He's got houses plural. That's a

963
00:44:39,719 --> 00:44:43,280
Speaker 3: different tax. Brackett. The average person listening to this, please

964
00:44:43,360 --> 00:44:46,879
Speaker 3: listen to me. As fast as you can buy a home.

965
00:44:48,080 --> 00:44:51,520
Speaker 3: The number one way you build was in America, it's homeownership.

966
00:44:52,680 --> 00:44:56,440
Speaker 3: The average African American with forty one forty forty three

967
00:44:56,440 --> 00:44:59,080
Speaker 3: percent of us own a home compared to seventy five

968
00:44:59,080 --> 00:45:02,120
Speaker 3: percent of our white counter parts that thirty percent delta.

969
00:45:02,239 --> 00:45:05,960
Speaker 3: That difference is massive home ownership and prices are not

970
00:45:06,080 --> 00:45:08,640
Speaker 3: going down when I started buying those seven hundred homes

971
00:45:08,719 --> 00:45:11,080
Speaker 3: from the Promise Homes Company. By the way, Tony Resler

972
00:45:11,200 --> 00:45:13,040
Speaker 3: was one of my partners in Michael Raghetti, who we've

973
00:45:13,080 --> 00:45:15,160
Speaker 3: been talking about a couple here a couple of times here,

974
00:45:15,440 --> 00:45:18,440
Speaker 3: good guys, I ran it up to one hundred and

975
00:45:18,480 --> 00:45:21,880
Speaker 3: fifty million dollars of assets under management of that particular

976
00:45:21,920 --> 00:45:24,680
Speaker 3: portfolio I bought for eighty eight thousand. I sold them

977
00:45:24,680 --> 00:45:28,399
Speaker 3: at three hundred and fifty thousand. No one moved the house.

978
00:45:28,480 --> 00:45:31,719
Speaker 3: It was no genius to it. It's the magic of compounding.

979
00:45:32,000 --> 00:45:36,200
Speaker 3: And so if these they're not growing anymore. Land a

980
00:45:36,280 --> 00:45:38,840
Speaker 3: lot most of the places where we live are inner cities.

981
00:45:39,480 --> 00:45:42,640
Speaker 3: What's an inner city in France, It's called Paris. What's

982
00:45:42,680 --> 00:45:45,080
Speaker 3: in inner city in Britain's called the UK. Like we

983
00:45:45,200 --> 00:45:47,879
Speaker 3: have centrally located real estate and we're walking away from

984
00:45:47,920 --> 00:45:50,879
Speaker 3: it to rent from somebody we don't know. To spend money.

985
00:45:50,920 --> 00:45:52,600
Speaker 3: We don't have to impress people we don't know, to

986
00:45:52,680 --> 00:45:55,239
Speaker 3: talk about stuff that don't matter, like knock it off

987
00:45:55,719 --> 00:45:58,919
Speaker 3: by the worst house and the best block in the hood,

988
00:45:59,040 --> 00:46:05,040
Speaker 3: d a hyphen hod the hood adjacent. Buy it near transportation, economy,

989
00:46:05,080 --> 00:46:08,920
Speaker 3: economic activity, activity, and a vibrant environment. Buy it, rehabit,

990
00:46:09,040 --> 00:46:11,680
Speaker 3: live in it, use equity in a couple of years

991
00:46:11,760 --> 00:46:14,120
Speaker 3: later and buy I know, you know what I'm talking

992
00:46:14,120 --> 00:46:16,799
Speaker 3: about here, DJMV by the second home three years later,

993
00:46:17,000 --> 00:46:19,640
Speaker 3: you do that three times over five to six years.

994
00:46:19,680 --> 00:46:21,480
Speaker 3: This is my mother's story, worked in an hourly job.

995
00:46:21,560 --> 00:46:23,959
Speaker 3: You're a millionaire, and you can get the down payment

996
00:46:23,960 --> 00:46:26,080
Speaker 3: through the Earn Income Tax Credit. Right. You can go

997
00:46:26,120 --> 00:46:28,920
Speaker 3: to Operation Hope that we can help you get Qualitifier EITC.

998
00:46:29,360 --> 00:46:31,840
Speaker 3: If you're making thirty eight thousand dollars and have three children,

999
00:46:32,160 --> 00:46:35,120
Speaker 3: the government owes you about seven thousand dollars cash. So

1000
00:46:35,239 --> 00:46:37,560
Speaker 3: you just gave everybody listening to this who makes thirty

1001
00:46:37,600 --> 00:46:40,359
Speaker 3: eight thousand dollars a check and it's retroactive for three years.

1002
00:46:40,400 --> 00:46:43,279
Speaker 3: If you never filed, that's almost twenty thousand dollars. There's

1003
00:46:43,320 --> 00:46:45,560
Speaker 3: your down payment right there, right, so we can and

1004
00:46:45,680 --> 00:46:47,359
Speaker 3: to get your credit score up, get your debt down,

1005
00:46:47,440 --> 00:46:49,920
Speaker 3: get your savings up, get into that house because it

1006
00:46:49,960 --> 00:46:52,279
Speaker 3: costs just as much to rent as it doesn't pay

1007
00:46:52,320 --> 00:46:54,799
Speaker 3: in mortgage payment. You're right. Interest rate to two percent

1008
00:46:54,960 --> 00:46:58,200
Speaker 3: not coming back, that's fine. Four percent, five percent is

1009
00:46:58,320 --> 00:47:01,560
Speaker 3: just fine. That's still very very low. But prices are

1010
00:47:01,640 --> 00:47:05,040
Speaker 3: not coming down. I'm gonna wait, no, no, no, don't wait,

1011
00:47:05,040 --> 00:47:08,680
Speaker 3: it's gonna get worse. Go get more expensive, buy right now,

1012
00:47:09,200 --> 00:47:09,480
Speaker 3: let me go.

1013
00:47:09,880 --> 00:47:11,600
Speaker 1: Why would I add one thing to that, because I

1014
00:47:11,680 --> 00:47:15,160
Speaker 1: think when it comes to finance, especially in our communities,

1015
00:47:17,480 --> 00:47:21,160
Speaker 1: people get foggy, and the listeners they're so smart that

1016
00:47:21,239 --> 00:47:23,160
Speaker 1: they don't even believe, they don't even understand how smart

1017
00:47:23,160 --> 00:47:26,400
Speaker 1: they are. Problem is, America has kind of confused them

1018
00:47:26,480 --> 00:47:29,759
Speaker 1: with all these acronyms and you know, ROI and all

1019
00:47:29,800 --> 00:47:34,000
Speaker 1: these like fancy terms, you know, And what they have

1020
00:47:34,080 --> 00:47:37,040
Speaker 1: to understand is their gut and their instincts is the

1021
00:47:37,080 --> 00:47:39,920
Speaker 1: best asset. They have the best asset classes talent number one.

1022
00:47:40,320 --> 00:47:42,640
Speaker 1: But I'm gonna do something here. What's your favorite basketball

1023
00:47:42,640 --> 00:47:43,279
Speaker 1: player of all time?

1024
00:47:44,239 --> 00:47:44,279
Speaker 6: Me?

1025
00:47:44,719 --> 00:47:50,400
Speaker 1: Yeah, just name one? Lebron Lebron J. Okay, perfect? All right.

1026
00:47:50,800 --> 00:47:53,680
Speaker 1: So in this case, if we were to say, all right,

1027
00:47:53,680 --> 00:47:54,960
Speaker 1: we're gonna go to the park and play two on

1028
00:47:55,040 --> 00:47:58,440
Speaker 1: two basketball. Pick your partner and you're gonna wint a

1029
00:47:58,480 --> 00:48:01,719
Speaker 1: million dollars, Okay, you pay Lebron, you pick MJ, you

1030
00:48:01,800 --> 00:48:04,680
Speaker 1: pick Iverson. You guys are all solid. Okay. Now we

1031
00:48:04,760 --> 00:48:06,719
Speaker 1: say the same drill and we say, okay, now you

1032
00:48:06,800 --> 00:48:09,799
Speaker 1: won a million dollars. Okay, who are you gonna give

1033
00:48:09,840 --> 00:48:12,160
Speaker 1: it to? Oh? I grew up with a guy in

1034
00:48:12,320 --> 00:48:15,560
Speaker 1: high school and I'm gonna give it to him. And

1035
00:48:15,640 --> 00:48:18,560
Speaker 1: I don't understand how in one case you're so intelligent

1036
00:48:18,640 --> 00:48:21,240
Speaker 1: by picking your partner, But when it comes to controlling

1037
00:48:21,320 --> 00:48:23,760
Speaker 1: your personal finances, which is the single most important decision

1038
00:48:23,800 --> 00:48:26,320
Speaker 1: you make besides your wife or your partner, right, is

1039
00:48:26,400 --> 00:48:28,080
Speaker 1: you go pick some high school guy that you know,

1040
00:48:28,280 --> 00:48:30,960
Speaker 1: or some one that is basically a guy that didn't

1041
00:48:30,960 --> 00:48:32,520
Speaker 1: make it in Wall Street or didn't make it in

1042
00:48:32,719 --> 00:48:36,480
Speaker 1: Goldman Sacks or JP Morgan. So taking the same approach

1043
00:48:36,560 --> 00:48:38,400
Speaker 1: as going to play basketball and picking the best of

1044
00:48:38,400 --> 00:48:41,160
Speaker 1: the best. Go find the very very best, and it's

1045
00:48:41,160 --> 00:48:42,759
Speaker 1: okay if you pay him a little bit more, but

1046
00:48:42,880 --> 00:48:44,560
Speaker 1: you can't go wrong when you pick the very best.

1047
00:48:44,600 --> 00:48:47,320
Speaker 1: And I find too many times people don't pick the

1048
00:48:47,440 --> 00:48:50,880
Speaker 1: Lebron James Michael Jordan or Allan Iverson to handle their

1049
00:48:50,920 --> 00:48:52,680
Speaker 1: money or to partner with. I will tell your son,

1050
00:48:53,239 --> 00:48:56,080
Speaker 1: son pausing that restaurant, who's the best restaurant people in

1051
00:48:56,120 --> 00:48:57,920
Speaker 1: the world. I have a great platform. I'm your dad.

1052
00:48:58,320 --> 00:49:00,399
Speaker 1: Let's go see if we can put five thousand, because

1053
00:49:00,400 --> 00:49:02,400
Speaker 1: they're put it in five million, and put a shoulder

1054
00:49:02,400 --> 00:49:04,960
Speaker 1: to shoulder and don't cover me fees. Just let me

1055
00:49:05,120 --> 00:49:07,520
Speaker 1: and if that five thousand becomes fifteen thousand, then I

1056
00:49:07,560 --> 00:49:09,480
Speaker 1: can run it back and run it back. So the

1057
00:49:09,560 --> 00:49:12,719
Speaker 1: competitive advantage we all have to identify is, and with

1058
00:49:13,040 --> 00:49:16,160
Speaker 1: complete self awareness, is what is my weakness, my blind spots,

1059
00:49:16,440 --> 00:49:18,160
Speaker 1: and what are my assets. Well, for all three of you,

1060
00:49:18,239 --> 00:49:20,279
Speaker 1: you have an incredible platform. So if I have a

1061
00:49:20,360 --> 00:49:22,719
Speaker 1: company that needs eyeballs, I may come to you and say, hey,

1062
00:49:22,760 --> 00:49:25,160
Speaker 1: you guys want to throw in twenty five grand don't

1063
00:49:25,160 --> 00:49:28,000
Speaker 1: worry about big numbers. It really pisses me off because

1064
00:49:28,440 --> 00:49:31,440
Speaker 1: it's what kept my mother out of investments, right, And

1065
00:49:31,680 --> 00:49:33,440
Speaker 1: what we're trying to do is democratize this whole thing

1066
00:49:33,480 --> 00:49:36,960
Speaker 1: and simplify it, both in opportunity and in verbiage. So

1067
00:49:37,280 --> 00:49:39,600
Speaker 1: if you have two thousand dollars and somebody like Tony

1068
00:49:39,600 --> 00:49:41,960
Speaker 1: Wrestlers put it in twenty million, say hey, Tony, can

1069
00:49:42,000 --> 00:49:44,200
Speaker 1: I put in two thousand? And I guarantee you a

1070
00:49:44,200 --> 00:49:46,279
Speaker 1: guy like Tony'll find a way right to bring you along.

1071
00:49:46,920 --> 00:49:48,720
Speaker 4: I want to ask a question because I think sometimes

1072
00:49:48,760 --> 00:49:51,160
Speaker 4: we have these conversations, and we have these conversations from

1073
00:49:51,680 --> 00:49:55,200
Speaker 4: our perspectives. Right, Well, y'all in a different tax bracket.

1074
00:49:55,239 --> 00:49:56,879
Speaker 4: But I'm just saying, everybody here for the most part,

1075
00:49:56,920 --> 00:49:59,200
Speaker 4: has money. What about people who have no money? People

1076
00:49:59,239 --> 00:50:01,920
Speaker 4: from our communities? You have zero dollars? How do the

1077
00:50:02,000 --> 00:50:04,000
Speaker 4: poor even get to the middle class?

1078
00:50:04,000 --> 00:50:05,640
Speaker 1: I got you there. I mean, he's the master, but

1079
00:50:05,680 --> 00:50:09,600
Speaker 1: I'm just gonna give you like really simple, right, Money

1080
00:50:09,680 --> 00:50:11,200
Speaker 1: is the easiest part to get. And I know this

1081
00:50:11,320 --> 00:50:15,480
Speaker 1: sounds crazy to the folks listening. Right, money, there's over

1082
00:50:15,520 --> 00:50:17,920
Speaker 1: a trillion dollars sit in the sidelines looking for great deals.

1083
00:50:18,320 --> 00:50:20,319
Speaker 1: So if you don't have money, can you find deal flow?

1084
00:50:20,440 --> 00:50:22,520
Speaker 1: Can you hustle? If you find me an asset that

1085
00:50:22,640 --> 00:50:25,120
Speaker 1: costs ten million dollars and you bring me you bring

1086
00:50:25,200 --> 00:50:27,560
Speaker 1: it to me for eight, you basically own two million

1087
00:50:27,560 --> 00:50:29,560
Speaker 1: dollars of that one undred. So if you bring me

1088
00:50:29,600 --> 00:50:31,600
Speaker 1: a ten million dollar deal, right, and I can buy

1089
00:50:31,600 --> 00:50:33,640
Speaker 1: it for eight, you say, hey, give me a million

1090
00:50:33,640 --> 00:50:35,359
Speaker 1: dollars on that, I'll give you because I'm still getting

1091
00:50:35,360 --> 00:50:37,279
Speaker 1: a million dollar discount. I'm paying nine for ten million

1092
00:50:37,320 --> 00:50:40,759
Speaker 1: dollar assets, so I'm getting a discount. So looking for opportunities,

1093
00:50:40,880 --> 00:50:43,839
Speaker 1: understanding where the train is going, and you, as an entrepreneur, says,

1094
00:50:43,840 --> 00:50:45,920
Speaker 1: how do I get in the way so when that

1095
00:50:46,000 --> 00:50:47,880
Speaker 1: train goes by, I can jump on and jump in

1096
00:50:47,960 --> 00:50:51,440
Speaker 1: that bandwagon, right. It's creating opportunities. If you find deals,

1097
00:50:51,680 --> 00:50:52,279
Speaker 1: you got money.

1098
00:50:52,800 --> 00:50:56,640
Speaker 5: Is that possible for everyday people to yeah, yes, yes, yes,

1099
00:50:56,719 --> 00:50:56,800
Speaker 5: you know.

1100
00:50:56,880 --> 00:50:59,040
Speaker 3: You can buy a You can open a fractional stock

1101
00:50:59,080 --> 00:51:02,959
Speaker 3: account and put in twenty five dollars to buy some stock.

1102
00:51:03,040 --> 00:51:06,200
Speaker 3: Now you spend that on Starbucks. You can do you

1103
00:51:06,239 --> 00:51:08,080
Speaker 3: can do ten ducks, you can do five bucks a

1104
00:51:08,200 --> 00:51:11,239
Speaker 3: fractional stock on any stock that you want. So there's

1105
00:51:11,280 --> 00:51:12,920
Speaker 3: no excuse if you want to get in this game.

1106
00:51:13,040 --> 00:51:15,160
Speaker 3: Operation Hope will help you again. If you're listening to

1107
00:51:15,200 --> 00:51:18,240
Speaker 3: Breakfast Club, will give you a scholarship for coaching and counseling.

1108
00:51:18,239 --> 00:51:19,760
Speaker 3: We're going to get your credit score up. The average

1109
00:51:19,760 --> 00:51:22,000
Speaker 3: credit scorer for black people, by the way, is six twenty.

1110
00:51:22,239 --> 00:51:25,120
Speaker 3: Latinos are a little above that, notch more, but that

1111
00:51:25,200 --> 00:51:26,520
Speaker 3: means half of us are locked out of the free

1112
00:51:26,600 --> 00:51:29,680
Speaker 3: enterprise system. You can't get a decent home loan at

1113
00:51:30,120 --> 00:51:32,319
Speaker 3: eating below seven hundred, you can't get a decent auto

1114
00:51:32,400 --> 00:51:35,360
Speaker 3: loan below at six point fifty. You can't get a

1115
00:51:35,560 --> 00:51:39,080
Speaker 3: business loan at all unless you're seven hundred better. It's

1116
00:51:39,160 --> 00:51:41,600
Speaker 3: risky credit. So we think the issue is racism or

1117
00:51:41,760 --> 00:51:44,360
Speaker 3: discrimination it might be, but it also might be that

1118
00:51:44,440 --> 00:51:47,440
Speaker 3: you don't understand. There's a game, there's a credit box,

1119
00:51:47,920 --> 00:51:49,880
Speaker 3: and you're not in it. So the bank is like,

1120
00:51:49,960 --> 00:51:51,839
Speaker 3: you're just not a good credit risk. So what we've

1121
00:51:51,880 --> 00:51:54,160
Speaker 3: done is we know to get your credit score up,

1122
00:51:54,200 --> 00:51:56,040
Speaker 3: your debt down, your savings up with hope. So the

1123
00:51:56,120 --> 00:51:58,280
Speaker 3: bank will say yes. At midnight, the bank, the computer

1124
00:51:58,320 --> 00:52:00,960
Speaker 3: doesn't know what color you are, computer will say yes.

1125
00:52:01,239 --> 00:52:03,960
Speaker 3: Somebody's listening to this and saying, is he talking about debt? Yes,

1126
00:52:04,040 --> 00:52:08,959
Speaker 3: it's called good debt. Bad debt's financing jewelry. Good debt

1127
00:52:09,120 --> 00:52:13,399
Speaker 3: is financing a home, mortgage, financing a business, right, going

1128
00:52:13,440 --> 00:52:15,880
Speaker 3: into an investment with a rod to do a multifamily

1129
00:52:15,880 --> 00:52:18,799
Speaker 3: apartment building, which is his bread and butter. So good

1130
00:52:18,840 --> 00:52:20,920
Speaker 3: debt is tied to something that might appreciate. Bad debt

1131
00:52:21,000 --> 00:52:23,600
Speaker 3: is tied to something that will depreciate. Every billionaire you

1132
00:52:23,760 --> 00:52:28,040
Speaker 3: know has used good debt. Every city, our country that grows,

1133
00:52:28,080 --> 00:52:30,719
Speaker 3: including this one, has used good debt. There's nothing wrong

1134
00:52:30,719 --> 00:52:34,400
Speaker 3: with debt as long as you're intelligently using it. The

1135
00:52:34,600 --> 00:52:37,800
Speaker 3: question about can any person win? I can make almost

1136
00:52:37,840 --> 00:52:41,439
Speaker 3: anybody a millionaire if you follow again, he talked about

1137
00:52:41,520 --> 00:52:44,440
Speaker 3: basically good habits, being disciplined. If you come to Operation

1138
00:52:44,520 --> 00:52:47,600
Speaker 3: and Hope and you follow our plan, within five years,

1139
00:52:47,680 --> 00:52:50,080
Speaker 3: you're a working class perkin making forty eight thousand dollars.

1140
00:52:50,280 --> 00:52:51,640
Speaker 3: We will give you a plan and make you a

1141
00:52:51,719 --> 00:52:54,520
Speaker 3: millionaire in five years is not complicated. But you have

1142
00:52:54,719 --> 00:52:57,080
Speaker 3: to have discipline, you have to live below your means,

1143
00:52:57,160 --> 00:52:59,560
Speaker 3: you have to understand this game. You've got to be

1144
00:52:59,640 --> 00:53:04,640
Speaker 3: fine antally literate, and everybody can be a winner at

1145
00:53:04,680 --> 00:53:06,520
Speaker 3: this game. I'd love to come back at some point.

1146
00:53:06,600 --> 00:53:08,120
Speaker 3: We need to talk about a whole this whole thing

1147
00:53:08,200 --> 00:53:10,239
Speaker 3: or a relationship capital which you talked about a little

1148
00:53:10,239 --> 00:53:13,880
Speaker 3: bit like behind all of us is a backer, a

1149
00:53:14,040 --> 00:53:16,960
Speaker 3: partner that we're not talking about magic has it. I

1150
00:53:17,040 --> 00:53:21,239
Speaker 3: know who they are and I mentioned I love talking

1151
00:53:21,239 --> 00:53:25,279
Speaker 3: about Tony Wrestler and Michaelreghetty. Right. They they backed me

1152
00:53:25,560 --> 00:53:29,120
Speaker 3: eighty million dollars and I paid them back plus seven percent. Right.

1153
00:53:29,160 --> 00:53:31,560
Speaker 6: It's important because our community feel like capitalists. You said

1154
00:53:31,600 --> 00:53:33,920
Speaker 6: talk about making smart sexy. They feel like that's a

1155
00:53:33,960 --> 00:53:35,480
Speaker 6: bad thing. A lot of people, not everybody, but a

1156
00:53:35,520 --> 00:53:37,520
Speaker 6: lot of people in our community feel like capitalism is

1157
00:53:37,600 --> 00:53:39,600
Speaker 6: a horrible thing. Having people back you as a horrible

1158
00:53:39,600 --> 00:53:40,160
Speaker 6: thing as well too.

1159
00:53:40,440 --> 00:53:42,560
Speaker 3: Yeah, so people say, let's go for and step further.

1160
00:53:42,680 --> 00:53:47,440
Speaker 3: Oh I hate rich people. No, you don't. You hate

1161
00:53:47,520 --> 00:53:51,320
Speaker 3: rich people to you become rich. What you hate is

1162
00:53:51,360 --> 00:53:54,120
Speaker 3: a game system. To your point, what you hated, The

1163
00:53:54,160 --> 00:53:56,440
Speaker 3: system is rigged so that you don't think you can succeed.

1164
00:53:57,239 --> 00:53:59,960
Speaker 3: The money's not evil. It's the love of money that's evil.

1165
00:54:00,680 --> 00:54:03,799
Speaker 3: It's the greed and bassiar. Andrew Jung says that men

1166
00:54:03,840 --> 00:54:06,520
Speaker 3: and women fail for three reasons, arrogance, pride, and greed.

1167
00:54:06,719 --> 00:54:10,160
Speaker 3: What did Malcolm X say. We've been bamboozled, We've been tricked,

1168
00:54:10,200 --> 00:54:12,640
Speaker 3: We've been fooled, We've been hoodwinked. We've been hoodwinked. On

1169
00:54:12,719 --> 00:54:16,319
Speaker 3: this topic black people. I'm picking on black people because

1170
00:54:16,320 --> 00:54:21,680
Speaker 3: I'm Black. We have never had an economic infrastructure in

1171
00:54:21,760 --> 00:54:24,880
Speaker 3: the history of of us being here. That's our problem.

1172
00:54:25,600 --> 00:54:28,120
Speaker 3: God's not gonna save you. Even if you want to

1173
00:54:28,160 --> 00:54:30,440
Speaker 3: distribute the money like a socialist, you gotta collect it

1174
00:54:30,520 --> 00:54:33,960
Speaker 3: like a capitalist. So we have got to what's the

1175
00:54:34,120 --> 00:54:38,759
Speaker 3: entertainment business? The business of entertainment. The sports business is

1176
00:54:38,840 --> 00:54:42,840
Speaker 3: the business of sports. What we don't understand is the business.

1177
00:54:43,280 --> 00:54:46,680
Speaker 3: I'm gonna give you an, I've never said this, and

1178
00:54:47,080 --> 00:54:49,319
Speaker 3: it's builds on Alison what you were saying. I'm gonna

1179
00:54:49,360 --> 00:54:53,320
Speaker 3: give everybody here free game. Jay Z's did basically a

1180
00:54:53,320 --> 00:54:55,799
Speaker 3: financial literacy album called four four four You say I'm

1181
00:54:55,800 --> 00:54:57,000
Speaker 3: gonna give you a min dollars with a game for

1182
00:54:57,080 --> 00:54:58,680
Speaker 3: nine ninety nine. This is No.

1183
00:54:58,840 --> 00:54:59,319
Speaker 1: Ninety nine.

1184
00:55:00,520 --> 00:55:04,080
Speaker 3: There are about one hundred trillion dollars about to co

1185
00:55:04,280 --> 00:55:06,960
Speaker 3: hit the market in the next ten years. All these

1186
00:55:07,000 --> 00:55:09,960
Speaker 3: baby boomers are retiring at the same time. They're gonna

1187
00:55:09,960 --> 00:55:12,520
Speaker 3: give their cash in their stock to their kids. They're

1188
00:55:12,520 --> 00:55:15,160
Speaker 3: gonna give their house to their family. Kids don't want

1189
00:55:15,200 --> 00:55:21,120
Speaker 3: the business. Those businesses have cash flow, client lists, real estate,

1190
00:55:21,719 --> 00:55:24,560
Speaker 3: a brand, the city. What Alex say to you a

1191
00:55:24,600 --> 00:55:27,120
Speaker 3: minute ago, bring me an asset for ten million that

1192
00:55:27,239 --> 00:55:30,239
Speaker 3: I can get for eight million, uh, and you have

1193
00:55:30,360 --> 00:55:33,680
Speaker 3: the upside between eight and ten. So these business So

1194
00:55:33,800 --> 00:55:35,080
Speaker 3: if you come to me and say I have a

1195
00:55:35,200 --> 00:55:38,480
Speaker 3: startup idea, give me a million dollars, I'm.

1196
00:55:38,440 --> 00:55:39,000
Speaker 1: To get out of here.

1197
00:55:39,200 --> 00:55:41,239
Speaker 3: Right. You come to me and say I've got a

1198
00:55:41,320 --> 00:55:44,200
Speaker 3: business that's got a million dollars of cash flow, that's

1199
00:55:44,239 --> 00:55:47,120
Speaker 3: got a that's got an evaluation of ten million, dollars.

1200
00:55:48,120 --> 00:55:53,400
Speaker 3: Will you finance that the acquisition? So one time, one time,

1201
00:55:53,719 --> 00:55:56,240
Speaker 3: so revenue, it's got ten million dollars in this example

1202
00:55:56,280 --> 00:55:59,200
Speaker 3: says ten million dollars of revenue. Well you've someone answer

1203
00:55:59,640 --> 00:56:02,680
Speaker 3: a nine million dollar acquisition. The answer to that is

1204
00:56:03,160 --> 00:56:07,439
Speaker 3: absolutely yes. Non recourse mean no personal guarantee. Wall Street

1205
00:56:07,480 --> 00:56:09,960
Speaker 3: does that all dan. It's called private equity. So you

1206
00:56:10,080 --> 00:56:13,480
Speaker 3: got literally trains of dollars with businesses that are about

1207
00:56:13,520 --> 00:56:16,000
Speaker 3: to hit the market, and people listening to this can

1208
00:56:16,080 --> 00:56:19,840
Speaker 3: go become capitalists right now with an existing cash flow business,

1209
00:56:20,080 --> 00:56:24,640
Speaker 3: existing assets, existing employees. Not no risk, but low risk

1210
00:56:24,719 --> 00:56:27,680
Speaker 3: because it's already successful. So we need to stop being

1211
00:56:28,040 --> 00:56:31,200
Speaker 3: self employment projects because ninety six percent of our black

1212
00:56:31,239 --> 00:56:33,120
Speaker 3: businesses don't have an employee. I don't know what the

1213
00:56:33,200 --> 00:56:36,359
Speaker 3: Latino numbers are, but you but again, you buill wealth

1214
00:56:36,400 --> 00:56:40,080
Speaker 3: and your sleep is compounding. This is a huge opportunity.

1215
00:56:40,200 --> 00:56:40,880
Speaker 5: So if you have.

1216
00:56:42,600 --> 00:56:44,520
Speaker 1: In sports are so easy. I always use sports is

1217
00:56:44,520 --> 00:56:47,040
Speaker 1: a great metaphor because the teachers are about life and business. Right,

1218
00:56:47,680 --> 00:56:50,880
Speaker 1: If you say you know who's a better basketball player,

1219
00:56:51,680 --> 00:56:54,719
Speaker 1: Shock or John, where they walk in the room, immediately

1220
00:56:54,840 --> 00:56:56,000
Speaker 1: one hundred percent will say shot.

1221
00:56:56,160 --> 00:56:56,239
Speaker 3: Right.

1222
00:56:56,880 --> 00:56:59,160
Speaker 1: Business is exact opposite. Like, if let's say you have

1223
00:56:59,320 --> 00:57:01,880
Speaker 1: four thousand millionaires in the world today, four thousand just

1224
00:57:02,440 --> 00:57:05,359
Speaker 1: for a number, and you say, everyone pressed the lead,

1225
00:57:05,440 --> 00:57:08,960
Speaker 1: everyone goes to zero, the math will tell us and

1226
00:57:09,000 --> 00:57:10,520
Speaker 1: the signs will tell us, and that data would tell

1227
00:57:10,600 --> 00:57:13,879
Speaker 1: us that in ten years you'll have basically the same

1228
00:57:13,960 --> 00:57:17,080
Speaker 1: four thousand billionaires again. Because what it is, like shaq,

1229
00:57:17,320 --> 00:57:19,880
Speaker 1: is a set of skills, and is an ear and

1230
00:57:20,040 --> 00:57:22,600
Speaker 1: is a rewiring of the brain. So all of us

1231
00:57:22,680 --> 00:57:26,880
Speaker 1: here walk into opportunities every single day, but it's taking

1232
00:57:27,000 --> 00:57:30,280
Speaker 1: your eyeballs and your brain and your ears to think

1233
00:57:30,280 --> 00:57:32,680
Speaker 1: about opportunities when you hear them. So you hear opportunities

1234
00:57:32,680 --> 00:57:35,040
Speaker 1: all the time. You know, poor guy and a rich

1235
00:57:35,080 --> 00:57:38,040
Speaker 1: guy go through a bad neighborhood. The poor guy goes, God,

1236
00:57:38,080 --> 00:57:40,600
Speaker 1: what a terrible neighborhood. I wouldn't never want to live here.

1237
00:57:40,920 --> 00:57:42,800
Speaker 1: The rich guy goes, let's try to see if we

1238
00:57:42,840 --> 00:57:44,440
Speaker 1: can buy all this stuff on a cheap, because in

1239
00:57:44,520 --> 00:57:46,240
Speaker 1: ten years you're going to be different. You go to

1240
00:57:46,280 --> 00:57:48,520
Speaker 1: a barber shop and you hear through a terrible divorce,

1241
00:57:48,680 --> 00:57:51,120
Speaker 1: and you hear this gossip all the time, and you

1242
00:57:51,200 --> 00:57:52,920
Speaker 1: guys are here, man, what a terrible situation. I have

1243
00:57:52,960 --> 00:57:54,080
Speaker 1: to sell their house, I have to sell the car.

1244
00:57:54,480 --> 00:57:56,120
Speaker 1: If you're an entrepreneur in the ear, you hear, oh,

1245
00:57:56,200 --> 00:57:58,560
Speaker 1: that might be an opportunity. Well maybe I can, not

1246
00:57:58,800 --> 00:58:00,280
Speaker 1: to take advantage of anyone, but if you have to

1247
00:58:00,360 --> 00:58:03,400
Speaker 1: sell your house quickly, maybe I can provide a quick

1248
00:58:03,680 --> 00:58:06,439
Speaker 1: buy and sell for you off market. And there goes

1249
00:58:06,480 --> 00:58:09,080
Speaker 1: that seven million dollars deal for ten Right, So it's

1250
00:58:09,120 --> 00:58:11,640
Speaker 1: about rewiring of the brain and looking at opportunities and

1251
00:58:11,720 --> 00:58:14,720
Speaker 1: not looking at problems, because problems is really opportunities.

1252
00:58:14,880 --> 00:58:16,960
Speaker 2: Well, ladies and gentlemen, John O'Brien.

1253
00:58:18,720 --> 00:58:21,280
Speaker 4: Is happening December ninth to the eleventh in Atlanta, Georgia.

1254
00:58:21,320 --> 00:58:23,200
Speaker 5: Man, i'll be there, that's right.

1255
00:58:23,560 --> 00:58:24,400
Speaker 1: We'll give you a minute last.

1256
00:58:24,400 --> 00:58:26,320
Speaker 2: I'm sure he'll come back before that. All right, Well

1257
00:58:26,360 --> 00:58:29,440
Speaker 2: it's the Breakfast Club. Good morning, Wake that ass up

1258
00:58:30,000 --> 00:58:30,520
Speaker 2: in the morning.

1259
00:58:30,880 --> 00:58:31,680
Speaker 1: Breakfast Club.