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Speaker 1: Wake that ass up in the morning the breakfast Club morning,

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Speaker 1: everybody is DJ Envy just hilarious charlamage of God.

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Speaker 2: We are to breakfast club. Jess is on maternity leave,

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Speaker 2: so Lon LaRosa is filling in.

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Speaker 3: And we got some special guests joining us back in

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Speaker 3: the building indeed, and the brother John Holt Brian, he's back.

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Speaker 4: Welcome, Brock honor to be here.

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Speaker 3: And also a rod Alex Rodriguez, welcome, great to be here.

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Speaker 1: 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 4: Well, whatever you try to make smart sexy, you know

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Speaker 4: in the tracks, you know like attracts like you know

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Speaker 4: on mindset. You know this is all of us are

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Speaker 4: up from nothing. By the way, all of this story

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Speaker 4: is the same thing that you can go from the

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Speaker 4: bottom to the top legally, ethically, honestly, pay your taxes,

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Speaker 4: do your stuff, go from cashing a check to write

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Speaker 4: in the check. And so Alex's story and mine are

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Speaker 4: very similar. Like we had very strong mothers who are

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Speaker 4: great influences our lives. We're both extremely you know, Quincy Jones,

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Speaker 4: howd you get so smart? I'm just nosy as hell.

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Speaker 4: I want to know everything about everything, so you know,

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Speaker 4: we're nosy. And when he got his first check, you know,

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Speaker 4: in baseball, he went to ask Magic like, okay, how

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Speaker 4: do I turn this from a check to some to

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Speaker 4: some wealth? And so we started talking to the folks

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Speaker 4: on the front row at the team at the games

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Speaker 4: were business people, and he would trade his influence for lunch.

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Speaker 4: I'll go to lunch with you. I just need to

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Speaker 4: ask a bunch of questions. That's what Magic used to

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Speaker 4: do that. You saw him last week and it was

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Speaker 4: just brilliant because he gained a business acumen from that

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Speaker 4: guy to basically the NBA while he's playing baseball and

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Speaker 4: use that to then buy some real estate and then

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Speaker 4: buy some more. I think you worked the first piece

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Speaker 4: of real estate yourself, did you.

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Speaker 6: Yeah, duplex, duplex for two hundred and fifty thousand.

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Speaker 4: So we did a financial literacy episode on money and wealth,

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Speaker 4: which you know something about us on the Black OFFC network.

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

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Speaker 4: It's actually episodes out this week. We did this episode

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Speaker 4: together on financial literacy because we both leave. It's a

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Speaker 4: civil rights issue of this generation. You know better, you

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Speaker 4: do better and we're talking about black and brown wealth.

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Speaker 4: How do you how do you how does black and

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Speaker 4: brown create some green and at at scale? And it's

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Speaker 4: a conversation that many folks don't have. Most athletes go broke.

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Speaker 4: By the way, seventy wow of all NBA and NFL

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Speaker 4: players bankrupt within five years of retirement and divorced. So

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Speaker 4: this brother just defying all the odds. He's cool, he's

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Speaker 4: a he's a humble dude. He wanted to meet you, guys.

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Speaker 2: You've got a bit before, a man before.

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Speaker 4: Yeah. Yeah, but he wanted to get into it. He

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Speaker 4: wanted to. He wanted to. Yeah, he wanted to get

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Speaker 4: into it, go to another level. And so it's a

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Speaker 4: it's a it's a beautiful family re reunion.

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Speaker 2: Well let's let's jump right into it.

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Speaker 3: So you know what gave you the mindset to say

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Speaker 3: I want to learn more about investing and making sure

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Speaker 3: that I have wealth after retirement. Was it the fact

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Speaker 3: that you've seen so many athletes go bro Was it

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Speaker 3: the fact that you said I'm never going back to

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Speaker 3: where I was? What was it that said I want

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Speaker 3: to be different from seventy percent of those other athletes?

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Speaker 6: Yeah?

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Speaker 4: Thank you?

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Speaker 6: I would say, you know, I was a kid here

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Speaker 6: born in Washington Heights nineteen seventy five July twenty seventh,

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Speaker 6: and I grew up right in the block right by

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Speaker 6: Yeshiva University. And my father was a baseball player and

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Speaker 6: an entrepreneur, and both my parents are Dominican. I'm first

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Speaker 6: generation immigrant. And I had this great appetite for two things,

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Speaker 6: baseball and business because I my father was a money guy.

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Speaker 6: And then my father left my mom and my two

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Speaker 6: siblings when he was when I was ten.

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Speaker 5: What'd your father do? If you know, mammy.

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Speaker 6: So he was in our apartment in Washington Heights. We

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Speaker 6: had a shoe store and just before iPhones, obviously it

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Speaker 6: was like late nineteen seventies, and they used to call

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Speaker 6: him like the human calculator because obviously we didn't have

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Speaker 6: the phone, the calculator and all that. So you know,

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Speaker 6: women would come up get four shoes and it'd be

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Speaker 6: like boom, boom, boom plus tax minus ten percent boom,

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Speaker 6: and every time he was right because then they get

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Speaker 6: the calculator out. But he usually had a calculator out,

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Speaker 6: but it wasn't for him. It was for usually the

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Speaker 6: women so they can count and make sure that all

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Speaker 6: the numbers were right, so I always had that. And

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Speaker 6: then once he left, I saw My mother worked at

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Speaker 6: General Mortars for about twelve years. She would have the

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Speaker 6: early shift at three o'clock in the morning to two,

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Speaker 6: come home now for two hours, and then go serve

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Speaker 6: tables at night at midnight. And I saw this for

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Speaker 6: years and years and years, and I think my life changed.

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Speaker 4: One day.

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Speaker 6: We're at Publix, which is a supermarket down in Miami.

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Speaker 6: I was about twelve years old, and the bills about

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Speaker 6: seventy five dollars, and I see her grab some of

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Speaker 6: her tip money, and she's got like fifty six dollars

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Speaker 6: or whatever, and I see that she's missing like twenty

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Speaker 6: twenty five bucks. And she goes into another pocket and

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Speaker 6: her purse and grabs what I call funny money. And

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Speaker 6: I said, Mom, what is that funny money? It's like

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Speaker 6: rad I've never seen money like that, only monopoly, And

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Speaker 6: she kind of with shame in her face, looked down,

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Speaker 6: and she goes son, the government is helping us out

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Speaker 6: a little bit this month, And it changed my life

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Speaker 6: I and I can feel it today, and I know

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Speaker 6: so many families out there have felt this and that's

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Speaker 6: kind of where my ambitious grew.

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Speaker 4: We used to call food stamps.

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Speaker 6: Yeah, yeah, yeah, food stamps. Remember the paper, But I

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Speaker 6: never seen him in the ring, right, And I think

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Speaker 6: she would hide it for me. We were probably food

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Speaker 6: stamps for years. She just never you know, disclosed that

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Speaker 6: with me. And then, like John said, I met with

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Speaker 6: one of my heroes and mentors and great friend now

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Speaker 6: Magic Johnson, about thirty years ago, and he was going

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Speaker 6: out to dinner with Cookie and it was near at

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Speaker 6: l Abraldale Drive, I think Mastro for something, and it

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Speaker 6: was supposed to be a thirty minute you know. We

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Speaker 6: were in the back room, supposed to be like a

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Speaker 6: little thirty minute meeting. We met for three hours. He

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Speaker 6: called Cook and said, I'm not coming home. And years

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Speaker 6: later I said, Magic, why'd you give me like three hours?

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Speaker 6: And I left with nine notes of paper that I

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Speaker 6: still have today. He said, because you're one of the

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Speaker 6: few athletes that came in all business on time, no phone,

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Speaker 6: and you were taking notes, so you were engaged, So

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Speaker 6: I engaged with you. So that's my message to the

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Speaker 6: next generation. It's just like the reason why I played

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Speaker 6: baseball for so long is the fundamentals whether it's Jordan

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Speaker 6: or Tiger or Lebron or Magic or Bird whoever, it's

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Speaker 6: fundamentally sports that makes you great. The same thing as

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Speaker 6: in business. You got to know the rules of engagement,

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Speaker 6: and our young folks, while they're getting better, there's a

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Speaker 6: lot of room for growth to understand the way that

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Speaker 6: money works and the relationship with money in financial literacy.

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Speaker 1: So from day one, did you blow any money? Like

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Speaker 1: like when you first got your first your first big check,

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Speaker 1: did you blow any of it?

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Speaker 6: I was fortunate that I played for almost twenty five years,

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Speaker 6: so I would say from age twenty to thirty, I

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Speaker 6: made a bunch of mistakes. And then when I realized,

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Speaker 6: like sports, when we won the championship with the Yankees

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Speaker 6: and O nine, we had a squad and we were

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Speaker 6: as solid as anyone. And in business, the same thing.

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Speaker 6: You got to create an incredible team that are way

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Speaker 6: smarter than you, that have complimentary set of skills. But

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Speaker 6: at the end of the day, you're the quarterback of

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Speaker 6: that team. So then I put my lessons behind me

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Speaker 6: and it's been pretty good ever since.

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Speaker 3: What was the dumbest thing you bought when you when

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Speaker 3: you first became and made all that money in Major

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Speaker 3: League Baseball.

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Speaker 6: I'm from Miami, so.

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Speaker 5: Bends on Rolex.

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Speaker 6: If you're from Miami, you need a Rolex's relicts is

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Speaker 6: not down.

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Speaker 4: So by the way, me, him and Don Peeples was

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Speaker 4: being to show a few weeks ago, the three black men,

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Speaker 4: I know, black and brown, same thing. We're We're all

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Speaker 4: the same family who have a couple of hundred million

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Speaker 4: dollars in loan facility for real estate on as you know,

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Speaker 4: this non recourse basis, which means it's no personal guarantees.

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Speaker 4: That's credibility, and that's where we need to go. Like

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Speaker 4: you make money during the day, you build wealth in

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Speaker 4: your sleep, and and too many of us hooked on

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Speaker 4: that I want to get that dollar and get that cash.

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Speaker 4: When we get that buck and we get that bag,

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Speaker 4: it's useless. It it's it's called literally cash flow. Cash

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Speaker 4: will flow. And if your outfloaks at your inflows and

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Speaker 4: your overhead will be your downfall. And if you don't

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Speaker 4: understand financial literacy, somebody's going to separate you from your wallet.

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Speaker 4: And this is this is just more zero's attached to it.

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Speaker 4: The first year, every athlete spends everything they got right,

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Speaker 4: you know, it's just it's natural.

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Speaker 6: If you look at baseball. To answer your first question,

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Speaker 6: I was eighteen nineteen years old and this article came

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Speaker 6: out called broke, and then I think thirty thirty did

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Speaker 6: I remember that child?

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Speaker 4: Right?

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Speaker 6: And you saw the guys were having a bunch of kids,

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Speaker 6: and it was really sad, right to see. And when

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Speaker 6: you looked at the data and baseball, three numbers that

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Speaker 6: jumped off the page was one, the average career in

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Speaker 6: basebus five and a half years. You make ninety percent

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Speaker 6: of your money from age twenty to thirty, so then

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Speaker 6: what happens from thirty one to eighty And then the

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Speaker 6: last one is less than five percent of almost eight

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Speaker 6: hundred players in the big leagues, less than five percent

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Speaker 6: have a college degree. So when you look at those

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Speaker 6: three data points, I was short the stock, meaning that

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Speaker 6: I would bet that most guys would run into financial

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Speaker 6: problem most people men and women. So that was a

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Speaker 6: big issue. And then one of the biggest mistakes John,

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Speaker 6: I know we've talked about this, whether it's athletes or

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Speaker 6: just people like my mom and my dad that grew up.

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Speaker 6: I would say, more like my mom, they don't really

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Speaker 6: understand the difference between an asset and a liability. So

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Speaker 6: when you say what was the first stupid thing you bought?

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Speaker 6: I mean one of them would be a plane, aboat,

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Speaker 6: you know, cars, you know. Assets would be multifamily apartments,

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Speaker 6: a business that throws off cash, and things that are

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Speaker 6: going to appreciate over time.

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Speaker 3: I was gonna ask, I want to jump into what

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Speaker 3: you were saying. You know, growing up in Queens, there

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Speaker 3: was nobody around me making money, right, we were all

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Speaker 3: the same. We didn't know anything about financial literacy.

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Speaker 4: Right.

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Speaker 3: My son goes to University of Miami calls me yesterday

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Speaker 3: him and his friends about to buy a restaurant, which

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Speaker 3: is crazy to me because at twenty years old, I

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Speaker 3: wasn't thinking about that at all. But it's the mindset

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Speaker 3: and the people that he's around. So for people listening,

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Speaker 3: and they might not have somebody around him that is

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Speaker 3: knowledgeable in business. They might not have somebody around him

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Speaker 3: that knows where to put money or what to invest

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Speaker 3: in or how to do it. What do you tell

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Speaker 3: those individuals coming from you know, Washington Heights. I'm sure

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Speaker 3: that besides heeing your dad, there wasn't too many people

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Speaker 3: around you that you could get advice from.

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Speaker 2: So what do you tell those people to say, Okay,

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Speaker 2: I'm in this situation.

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Speaker 3: I don't I don't have a magic to speak to

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Speaker 3: you know, I mean, I don't have an a Rod

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Speaker 3: to say, let me sit down, which I don't have

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Speaker 3: a John to say, this is what I have and

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Speaker 3: what I do.

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Speaker 6: So what do you tell those Yeah, first, I know

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Speaker 6: this is one includes John. It's the power of proximity

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Speaker 6: to greatness or proximity to intelligence is so powerful in baseball,

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Speaker 6: I wanted to be around cal Ripken, Keith Hernandez, dot

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Speaker 6: Good and Strawberry because they had sets of skills that

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Speaker 6: I needed and I wanted. And great athletes can copy

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Speaker 6: and paste better.

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Speaker 2: Than anyone in baseball skills in baseball.

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Speaker 6: Now you go over now to business and it's the

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Speaker 6: same exact dro I want to be around John Hope

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Speaker 6: because every time I'm around him, I get better. He

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Speaker 6: inspires me, he gives me more hope, He gives me

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Speaker 6: no pun intended, he gives my self esteem rises. Our

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Speaker 6: community black and brown, the number one issue is self

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Speaker 6: esteem issue. And they don't want to engage. They don't

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Speaker 6: want to engage in a business conversation because they don't

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Speaker 6: want to be embarrassed. We're some of the most prideful

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Speaker 6: people in the world, but we pay around on time.

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Speaker 6: We're hard working people, we have tremendous heart and grit,

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Speaker 6: but we don't want to be embarrassed. That's why Shark

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Speaker 6: Tank works so well. You get an education while getting entertainment,

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Speaker 6: and America gets an NBA from Shark Tank. That's why

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Speaker 6: people say when I walk around, oh, there's a Shark

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Speaker 6: Tank guy.

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Speaker 2: I love shar tak Ta is amazing, right, they learned

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Speaker 2: so early.

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Speaker 6: So your job as an American citizen, as a youngster,

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Speaker 6: right man, boy, whatever you are, is to be around

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Speaker 6: proximity of greatness. So if you find a great mentor

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Speaker 6: from age twenty to thirty, forget about the money. Twenty

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Speaker 6: to thirty, go work for John, Go do an internship

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Speaker 6: at a Rock Corp. Go work for Magic, pay nothing,

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Speaker 6: pay whatever you got, get a roommate. But twenty thirty

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Speaker 6: is your extended education. And then once you get into

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Speaker 6: the thirties you open up that that black book. How

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Speaker 6: we say your your ladyships, right, because when you're eighty five, right,

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Speaker 6: you look back, your net worth is going to resemble

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Speaker 6: your network.

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Speaker 4: Amen.

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Speaker 6: Right, So start I had a mentor save. If you

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Speaker 6: don't have a breakfast, lunch, and dinner every single day

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Speaker 6: to talk about money, you're falling behind because your competition's

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Speaker 6: doing it.

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Speaker 1: And another thing too, you said when you said you

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Speaker 1: sat with Magic and you just did with notes for

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Speaker 1: three hours, don't be too don't be too proud to

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Speaker 1: ask questions.

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Speaker 5: Question if I'm around somebody that's.

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Speaker 1: Doing more than me and got way more than me,

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Speaker 1: I want to know about everything that pert.

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Speaker 6: You know what happened with Magic, it was I still

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Speaker 6: have his notes, and I saw him last week at

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Speaker 6: the Dodger game, and I mean, he's such a goat.

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Speaker 6: I love that guy so much and he's done so

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Speaker 6: much for our communities. But it was the proximity where

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Speaker 6: I can touch him. I can touch him. But here's

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Speaker 6: a man who's great on the court and then put

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Speaker 6: on a business suit and was a Hall of Famer also,

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Speaker 6: And I said, well, wait a minute, if Magic can

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Speaker 6: do it, why can I? We look alike? And I

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Speaker 6: can't do that just with a general white guy because

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Speaker 6: I don't look like that guy.

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Speaker 4: So to answer your question very specifically, great answer. I

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Speaker 4: loved all that. By the way, my job is to

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Speaker 4: become the public's capitalists. That's my job. You know that

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Speaker 4: black lives matter, but black capitalists matter. Right, We got

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Speaker 4: to make smart sexy. We gotta make this That's what

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Speaker 4: you guys are doing. By the way, ladies guys are

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Speaker 4: doing on this show. You're making intelligent thought interesting and

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Speaker 4: fascinating by putting over people can relate to it. And

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Speaker 4: that's financial literacy that I introduced when where you introduced

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Speaker 4: when I was on the show last it's still number one.

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Speaker 4: That's black and brown people buying that book. It's number

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Speaker 4: one in business finance, not black history, business finance nationwide

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Speaker 4: of all books. That makes me very proud when I

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Speaker 4: go through the airport like last night, TSA agent six

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Speaker 4: seventy wow. Credit score yo, yo, man, six seventy eight hundred.

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Speaker 4: I gonna the people taking this stuff seriously. We're starting

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Speaker 4: to change the game. So one, get the book, mark

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Speaker 4: it up, write, make comments, have a family meeting once

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Speaker 4: a week with your family, talk about I joke about this,

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Speaker 4: but I'm serious. You go to club and you meet somebody,

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Speaker 4: she's fine, he's handsome, that's cool. Oh yeah, what's your

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Speaker 4: credit score? And I'm only partially kidding because if you

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Speaker 4: get serious about that person, that's your business partner for life. Right,

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Speaker 4: the looks are gonna fade, the body's gonna drop, right,

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Speaker 4: But that person's better have common sense. If two plus

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Speaker 4: two does not equal six, eight or ten in a relationship,

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Speaker 4: what the heck are you doing? If you're not better together,

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Speaker 4: what are you doing? I can do better all by myself,

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Speaker 4: doctor King once said, he said, I refuse to finance

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Speaker 4: my own oppression. And Quincy Jones court again, the only

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Speaker 4: thing worse than being alone is wishing that you were.

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Speaker 4: So if you're not in a relationship with somebody who

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Speaker 4: adds to you, even if it's a casual relationship, what

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Speaker 4: are you doing? Get the toxicity out of your life.

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Speaker 4: If you hang around nine broke people, you'll be the tenth. Understand,

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Speaker 4: you're an eagles surrounded by buzzes and turkeys. Eagles don't

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Speaker 4: fly in packs. So start looking at you, your posse,

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Speaker 4: your group, and then be really nosy. When you walk

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Speaker 4: down the street in Manhattan, all these buildings, those is

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Speaker 4: not that's not JP Morgan Chase. That's a dentist's office.

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Speaker 4: That's an attorney's office, that's an account's office. You can

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Speaker 4: get to those people. Go I know it sounds crazy,

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Speaker 4: go knock on a door. I'd love to be an intern.

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Speaker 4: I love fifteen minutes. Who's gonna give you? Who's gonna

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Speaker 4: deny you? Fifteen minutes? And all you want to do

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Speaker 4: is listen. God gave you two ears and one mouse.

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Speaker 4: You listen twice as much as you talk. I'm nosy

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Speaker 4: as hell. I don't want to know everything about everything.

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Speaker 1: You know?

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Speaker 4: Uh uh, you know my man Charlotte, he's nosy. I

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Speaker 4: call I call him asking him about stuff. He'll call me, Okay,

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Speaker 4: tell me about this. So and so. You know we're

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Speaker 4: not we're not afraid of the facts. We're not afraid

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Speaker 4: of knowledge. Right. You know he's talking about he's mainstreaming

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Speaker 4: mental health. Right now, that's the topic we all need

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Speaker 4: to be talking about. Right, So bye bye by a

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Speaker 4: ride making this talking about his family, talking about everything,

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Speaker 4: and go well talking, being humble at having a humility

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Speaker 4: about it. Well that it allows everybody else to have

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Speaker 4: permission to begin the role model that right, So we

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Speaker 4: need to we model what we see. We need to

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Speaker 4: start row modeling. Folks who have the capacity to write

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Speaker 4: a check, not just cash it, who build wealth, not

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Speaker 4: just make some money making a living. It's literally making

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Speaker 4: a living, is what is It's all you're doing. You're

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Speaker 4: not building a life. So this stuff is so easy.

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Speaker 4: But no one's ever taught us. There's nothing wrong with us.

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Speaker 4: We're not dumb and we're not stupid. When the rules

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Speaker 4: are publishing a playfielders level, we kill it. Professional sports,

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Speaker 4: the arts, politics, music, music, entertainment, music, church. Well we're

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Speaker 4: starting with business. But where the rules of publishing playing

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Speaker 4: those level, we kill it. We have not been told

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Speaker 4: the rules on free enterprise and capitalism. That has to

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Speaker 4: become all of our roles. And when you write there,

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Speaker 4: you get this book. If you finished with it, go

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Speaker 4: donate it into your family's name to the local library.

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Speaker 4: Go to a title I school. Your name's in the

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Speaker 4: book now and you donated to that, and you're going

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Speaker 4: to teach in that classroom. And now you're the role

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Speaker 4: model in the hero and she row. We can start

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Speaker 4: a whole new movement, not in the streets, in the suite.

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Speaker 6: My favorite question to your point is about asking questions.

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Speaker 6: I'll stop a meeting and I'll say, wait, wait, stop,

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Speaker 6: explain that to me slowly, like I'm a third grader,

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Speaker 6: that's right, and you should not be embarrassed as that right,

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Speaker 6: you should be embarrassed if you don't ask that. And

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Speaker 6: if a business plan I can't really understand that in

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Speaker 6: five minutes, then I'm out. I want simplicity. Simplicity is

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Speaker 6: your best friend.

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Speaker 1: And what's crazy is the person you're talking to they

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Speaker 1: know you don't know. So I think and act like

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Speaker 1: asked the question, like what that means? Like why not

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Speaker 1: who got you into the franchise?

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Speaker 4: Game?

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Speaker 1: Well the roomor now is that you know y'all got

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Speaker 1: the cash ready, the body, Minnesota Timberwolves full owner ship.

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Speaker 4: So by the way, there's some things that he can't

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Speaker 4: talk about today, legal situation. He'll answer the question. He

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Speaker 4: can answer by the way. I loved by the way

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Speaker 4: there was like which franchise he owned so much? He

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Speaker 4: was like what you want? But there are some things

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Speaker 4: he won't be able to talk about today.

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Speaker 6: Just high level, I mean, just kind of my passion

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Speaker 6: for sports. I think if you talk to most athletes

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Speaker 6: and you do a secret poll, probably ninety percent or

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Speaker 6: more will tell you I would love to own part

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Speaker 6: of a team someday. Who doesn't want to convert from

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Speaker 6: player to owner, right that that's the American way. We

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Speaker 6: took a long run at the Mets and we came

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Speaker 6: in second to Steve Cohen, thank god, because he's doing

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Speaker 6: a phenomenal job. And we're having a great time with

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Speaker 6: the Timbleleves and the Links. Links almost won a championship

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Speaker 6: a couple of days ago. Came up a little short,

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Speaker 6: but very part of our of our young women. Look,

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Speaker 6: this is the the ultimate dream. To be in room

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Speaker 6: with Adam Silver and you know, thirty other owners. It's

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Speaker 6: pretty spectacular. I look at that and talk about imposter syndrome.

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Speaker 6: You're seeing Mark Cuban, You're seeing Jim Dolan, you're seeing

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Speaker 6: Tony Wrestler. You've seen guys like Mark Lazerie, people that

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Speaker 6: I've looked up and admired and studied my whole kind

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Speaker 6: of adult life. And now you're in the room with

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Speaker 6: them as colleagues. It's really an incredible feat And uh yeah,

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Speaker 6: I've been dreaming about it probably for a long time,

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Speaker 6: and finally made the move.

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Speaker 3: I just got to ask the sport question, since we

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Speaker 3: on sports, how about them, damn Yankees?

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Speaker 4: Man?

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Speaker 3: How does it feel to see what what's taking so

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Speaker 3: long to get back to and what do you think

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Speaker 3: about the Yankees Now? It seems like the Yankee not Yankees.

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Speaker 3: The base Baseball is more exciting now, it's it's I'm

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Speaker 3: watching the games more. The games are a lot faster,

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Speaker 3: it's fast pacing. So what is your what is your

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Speaker 3: your thoughts on baseball now?

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Speaker 6: Yeah, I'm I'm so excited this is I can go

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Speaker 6: on and on about this, but I keep it tight.

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Speaker 6: I would say that baseball has needed this moment for

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Speaker 6: at least a decade. I'm so tired of people saying

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Speaker 6: baseball was born and old. Then look, we went through

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Speaker 6: a little bit, they got born, but give Commissioner Rob

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Speaker 6: Manford and Tony Clark, the head of the Union of

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Speaker 6: the players, and they came up with the clock right

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Speaker 6: and made it a lot better pace, made the bigger basis.

435
00:19:21,720 --> 00:19:25,000
Speaker 6: Now they look like Domino's Pizza right at base And

436
00:19:26,280 --> 00:19:29,520
Speaker 6: it's a game that's driven by markets and superstars in

437
00:19:29,680 --> 00:19:32,679
Speaker 6: tradition and history and this world series here has it all.

438
00:19:33,320 --> 00:19:36,840
Speaker 6: This is two franchises that have the two richest franchisees

439
00:19:36,880 --> 00:19:40,200
Speaker 6: in revenue and star power. Global Yankee may be the

440
00:19:40,280 --> 00:19:43,040
Speaker 6: number one franchise in the world. Dodgers may be top five,

441
00:19:43,080 --> 00:19:47,280
Speaker 6: and I'm talking about alive sports football, soccer name you know, yeah, yeah,

442
00:19:47,359 --> 00:19:50,440
Speaker 6: number one cowboy. The Yankees are in that top five,

443
00:19:50,560 --> 00:19:53,199
Speaker 6: right and when you look at the Yankees conglomerate, it's

444
00:19:53,240 --> 00:19:55,720
Speaker 6: well worth over ten billion. When you look at the Dodgers,

445
00:19:55,960 --> 00:20:00,280
Speaker 6: well worth over ten billion. Okay, I would there is.

446
00:20:00,320 --> 00:20:02,760
Speaker 6: Otani and Judge are two biggest stars as you can have.

447
00:20:03,280 --> 00:20:05,920
Speaker 6: You're gonna have probably fifteen million people watching Japan, another

448
00:20:05,920 --> 00:20:10,520
Speaker 6: fifteen or twenty watching here. The fan bases very interestingly,

449
00:20:11,280 --> 00:20:13,400
Speaker 6: It's interesting when you go to Dodger Stadium, there's three

450
00:20:13,920 --> 00:20:17,960
Speaker 6: type of fan bases. You have the corporate financial institutions

451
00:20:18,080 --> 00:20:22,560
Speaker 6: in Hollywood. You have the Mexicans that you know, god Les,

452
00:20:22,640 --> 00:20:25,600
Speaker 6: Fernando ven Azuel who died, he was a big pioneer

453
00:20:25,600 --> 00:20:27,240
Speaker 6: in that movement. And then the other third is now

454
00:20:27,359 --> 00:20:31,440
Speaker 6: Japanese and they're printing money like is no one's business.

455
00:20:32,320 --> 00:20:35,080
Speaker 6: Because Otani and obviously the success they've had with Mark Walters,

456
00:20:35,119 --> 00:20:40,000
Speaker 6: Todd Bowley, they have an incredible ownerships traded for but

457
00:20:40,080 --> 00:20:44,600
Speaker 6: they've had one championship in thirty seven years. The Yankees

458
00:20:44,640 --> 00:20:47,800
Speaker 6: have one championship in twenty four years, so both franchise

459
00:20:47,800 --> 00:20:50,359
Speaker 6: are going to be starving. Tickets that to John today

460
00:20:51,040 --> 00:20:53,920
Speaker 6: are going for forty thousand dollars behind home played one ticket,

461
00:20:54,440 --> 00:20:56,760
Speaker 6: so if you want to that's eighty grand eighty grand

462
00:20:58,160 --> 00:21:02,000
Speaker 6: beers probably four thousand. So it's it's gonna be the

463
00:21:02,040 --> 00:21:04,920
Speaker 6: most watched World Series as the Cubs and you want

464
00:21:05,000 --> 00:21:07,800
Speaker 6: you won that. The last one was nine so we

465
00:21:07,880 --> 00:21:10,440
Speaker 6: haven't been there in fifteen years, So bring the glory

466
00:21:10,560 --> 00:21:11,439
Speaker 6: days back to the Bronx.

467
00:21:11,880 --> 00:21:16,359
Speaker 3: Yeah, it's old Tony, the best baseball player ever. Let

468
00:21:16,400 --> 00:21:18,880
Speaker 3: me let me let me say why. I have never

469
00:21:19,040 --> 00:21:21,600
Speaker 3: seen in my life that I watched baseball a pitcher

470
00:21:22,800 --> 00:21:25,639
Speaker 3: as a designated hitter, to hit that many home runs,

471
00:21:25,960 --> 00:21:29,240
Speaker 3: to steal that many bases, and a manager allowing the

472
00:21:29,320 --> 00:21:31,320
Speaker 3: pitcher to do it, because usually you're scared because you

473
00:21:31,320 --> 00:21:32,560
Speaker 3: don't want the pitcher to get hit by a pitch.

474
00:21:32,560 --> 00:21:34,159
Speaker 3: You don't want him to hurt his own while he's sliding,

475
00:21:34,160 --> 00:21:35,840
Speaker 3: you don't wan him to hurt his leg while he's running.

476
00:21:36,119 --> 00:21:39,280
Speaker 3: But he does it all and he's amazing doing it.

477
00:21:39,640 --> 00:21:41,399
Speaker 6: You know what's amazing. He's also six foot five and

478
00:21:41,480 --> 00:21:43,520
Speaker 6: is the fastest guy on the field and he also

479
00:21:43,560 --> 00:21:45,680
Speaker 6: throws one hundred miles an hour. But I would say

480
00:21:45,680 --> 00:21:47,520
Speaker 6: this he's I don't know if he's the best because

481
00:21:47,520 --> 00:21:50,679
Speaker 6: it's too early. I mean, Barry Bonds was the baddest

482
00:21:50,800 --> 00:21:52,320
Speaker 6: son of a bitch I've ever seen on a field.

483
00:21:52,359 --> 00:21:55,399
Speaker 6: I mean, he is one bad sucker, right, And the

484
00:21:55,720 --> 00:22:00,440
Speaker 6: uniqueness about Otani is he's Barry Bonds man, married with

485
00:22:00,560 --> 00:22:04,040
Speaker 6: Roger Clemens, and he's won. So is he the best hitter?

486
00:22:04,400 --> 00:22:06,520
Speaker 6: I would still put Barry Bonds probably a bit ahead

487
00:22:06,520 --> 00:22:08,240
Speaker 6: of him. Is he a better picture? I will still

488
00:22:08,240 --> 00:22:10,879
Speaker 6: put Clement on the top of him. But combined it's

489
00:22:10,960 --> 00:22:14,760
Speaker 6: only a class of two Otani and Babe Ruth Jesus.

490
00:22:14,880 --> 00:22:17,119
Speaker 7: My question, I don't know much about the players. It's

491
00:22:17,160 --> 00:22:19,199
Speaker 7: not about the players. My question is about It's back

492
00:22:19,200 --> 00:22:21,160
Speaker 7: to the family stuff you were talking about. My first

493
00:22:21,240 --> 00:22:24,479
Speaker 7: thought was, so that moment with your mom changed your

494
00:22:24,880 --> 00:22:28,560
Speaker 7: thoughts on money and building money in family. How do

495
00:22:28,680 --> 00:22:31,040
Speaker 7: you keep now you got all these franchises and all

496
00:22:31,080 --> 00:22:33,280
Speaker 7: this stuff, how do you keep like you take care

497
00:22:33,280 --> 00:22:34,920
Speaker 7: of a lot of people, But how do you set

498
00:22:34,920 --> 00:22:36,960
Speaker 7: your boundaries where it's like no, because you got to

499
00:22:37,000 --> 00:22:38,800
Speaker 7: keep the money to make the money, But you also

500
00:22:38,920 --> 00:22:41,800
Speaker 7: grew up watching so many people not have like what's

501
00:22:41,880 --> 00:22:42,720
Speaker 7: that battle like for you?

502
00:22:43,200 --> 00:22:43,400
Speaker 4: Yeah?

503
00:22:43,640 --> 00:22:46,760
Speaker 6: You from uptown, so you yeah, it's a great question.

504
00:22:47,080 --> 00:22:49,680
Speaker 6: So in our company, look, we started with one of

505
00:22:49,800 --> 00:22:52,399
Speaker 6: the duplex about twenty plus years ago, and then we

506
00:22:52,480 --> 00:22:54,359
Speaker 6: bought a four plex and an a plex, and over

507
00:22:54,400 --> 00:22:56,480
Speaker 6: the last twenty years we bought about five billion dollars

508
00:22:56,560 --> 00:23:00,600
Speaker 6: of multifamily apartments, hotel, single family houses. So we've gone

509
00:23:00,600 --> 00:23:03,720
Speaker 6: from little mom and pop to mid cap to institutional level.

510
00:23:04,800 --> 00:23:07,879
Speaker 6: I have five direct reports in my company, and the

511
00:23:07,960 --> 00:23:10,040
Speaker 6: good news about them, they're always smarter than I am.

512
00:23:10,680 --> 00:23:12,639
Speaker 6: So we vet things and we talk about what are

513
00:23:12,680 --> 00:23:14,920
Speaker 6: the things that are important to us. We only play

514
00:23:14,960 --> 00:23:17,720
Speaker 6: in places where we bring more than capital, right well,

515
00:23:18,119 --> 00:23:19,879
Speaker 6: as an example, baseball would be a place that we

516
00:23:19,960 --> 00:23:22,240
Speaker 6: bring more than capital because we have a certain expertise there.

517
00:23:23,040 --> 00:23:25,840
Speaker 6: Basketball is just another you know sports, right, So we

518
00:23:26,000 --> 00:23:28,440
Speaker 6: we were good there, but the circle of competence is

519
00:23:28,520 --> 00:23:31,200
Speaker 6: very small, and if it doesn't hit that bullseye, we're

520
00:23:31,240 --> 00:23:33,159
Speaker 6: not looking at it. Because the number one thing you

521
00:23:33,280 --> 00:23:35,800
Speaker 6: have to have in business is discipline. Understand who you

522
00:23:35,880 --> 00:23:37,879
Speaker 6: are and what you do, and do it over and

523
00:23:38,000 --> 00:23:40,080
Speaker 6: over and over and over. Again unto your border with it.

524
00:23:42,040 --> 00:23:43,440
Speaker 4: About family, I'm talking about.

525
00:23:46,720 --> 00:23:49,480
Speaker 7: I'm talking about personally, like with grandma or you know

526
00:23:53,760 --> 00:23:56,719
Speaker 7: today like you're you're you're also the celebrity right right,

527
00:23:56,800 --> 00:23:59,639
Speaker 7: and people your family your booze. They don't understand what

528
00:23:59,720 --> 00:24:01,399
Speaker 7: you're saying. The discipline. They just see what they need

529
00:24:01,480 --> 00:24:03,200
Speaker 7: and they call you. How do you be Like, no,

530
00:24:03,400 --> 00:24:06,080
Speaker 7: I can't do that. That makes no sense discipline.

531
00:24:06,160 --> 00:24:10,000
Speaker 6: So, first of all, I'm almost fifty now, so I've

532
00:24:10,080 --> 00:24:12,239
Speaker 6: had a lot of learning experience. I would say when

533
00:24:12,280 --> 00:24:13,639
Speaker 6: I was in my twenties and thirties, that was a

534
00:24:13,680 --> 00:24:17,000
Speaker 6: lot more challenging, right, But now when you're running businesses,

535
00:24:17,280 --> 00:24:19,800
Speaker 6: you can give people opportunities where they can win. So

536
00:24:19,840 --> 00:24:22,960
Speaker 6: as an example, my sister does on my personal real estate.

537
00:24:23,320 --> 00:24:25,600
Speaker 6: So if I'm buying a house for you know, a dollar,

538
00:24:25,720 --> 00:24:27,440
Speaker 6: she's making you know, three percent of that or six

539
00:24:27,480 --> 00:24:29,160
Speaker 6: percent of that, and my brother does.

540
00:24:29,320 --> 00:24:30,760
Speaker 4: But they got to be to be competent.

541
00:24:32,920 --> 00:24:34,720
Speaker 6: They know my I don't play that game. You got

542
00:24:34,800 --> 00:24:39,560
Speaker 6: to be by the book. There's no nepotism. I'm a

543
00:24:39,680 --> 00:24:42,159
Speaker 6: very tough boss, I would say that. But here are

544
00:24:42,160 --> 00:24:44,080
Speaker 6: the rules, rules of engagement, and you played by them.

545
00:24:44,080 --> 00:24:46,520
Speaker 6: You're gonna get first bid, and if you perform, I'm

546
00:24:46,560 --> 00:24:47,840
Speaker 6: going to come back to you over and over again.

547
00:24:48,040 --> 00:24:51,760
Speaker 6: If you don't performed, I have no problem quickly pivoting quickly,

548
00:24:52,240 --> 00:24:54,879
Speaker 6: and it's not personal. It's business right now when my

549
00:24:54,960 --> 00:24:55,800
Speaker 6: mom calls.

550
00:24:58,440 --> 00:24:58,760
Speaker 4: Or whatever.

551
00:24:59,080 --> 00:25:00,920
Speaker 1: But was there ever a time where you had to

552
00:25:01,119 --> 00:25:04,720
Speaker 1: explain the people the business meaning like they just reported

553
00:25:04,800 --> 00:25:07,040
Speaker 1: I was Robergez gets one hundred million dollar contract and

554
00:25:07,160 --> 00:25:08,679
Speaker 1: somebody comes to you and ask you for something like, bro,

555
00:25:09,560 --> 00:25:11,080
Speaker 1: I got to pay taxes, I gotta pay manage.

556
00:25:11,119 --> 00:25:11,800
Speaker 5: Do you have to explain that?

557
00:25:11,840 --> 00:25:11,959
Speaker 4: Oh?

558
00:25:12,040 --> 00:25:15,080
Speaker 6: Yeah, yeah, Now, thank God for me. I guess is

559
00:25:15,160 --> 00:25:17,480
Speaker 6: I don't have a huge family. It's really worth family

560
00:25:17,560 --> 00:25:22,359
Speaker 6: of five, right, my mom, cousin and the three of us.

561
00:25:22,400 --> 00:25:25,280
Speaker 6: We're all the siblings, so we keep it tight and

562
00:25:25,520 --> 00:25:28,440
Speaker 6: they've grown with me and they do great work and

563
00:25:28,480 --> 00:25:31,240
Speaker 6: they work hard. And I'm really blessed to have people

564
00:25:31,280 --> 00:25:34,240
Speaker 6: that really understand money and they have great work as

565
00:25:34,240 --> 00:25:37,640
Speaker 6: it comes from my mom. And on that aspect, I've

566
00:25:37,640 --> 00:25:38,320
Speaker 6: been pretty fortunate.

567
00:25:38,440 --> 00:25:40,119
Speaker 5: Can you expound on something John? With that that a

568
00:25:40,320 --> 00:25:43,359
Speaker 5: Rod said? He said, bringing to the situation more than capital.

569
00:25:43,440 --> 00:25:45,399
Speaker 1: He want to be with situations want to be involved

570
00:25:45,400 --> 00:25:47,000
Speaker 1: in situations where you bring more than capital.

571
00:25:47,320 --> 00:25:49,560
Speaker 4: Yeah, well most. I mean the word capital comes from

572
00:25:49,600 --> 00:25:52,119
Speaker 4: the work the Latin root word copy tass knowledge in

573
00:25:52,200 --> 00:25:54,920
Speaker 4: the head. The word credit comes from the latter word

574
00:25:55,000 --> 00:25:57,720
Speaker 4: credit though, which is credibility has nothing to do with money.

575
00:25:58,119 --> 00:26:01,320
Speaker 4: Banking actually is a trust business. That's not that. It's

576
00:26:01,320 --> 00:26:03,840
Speaker 4: about do I trust you do? Do you have credibility?

577
00:26:04,240 --> 00:26:07,640
Speaker 4: And do you have the knowledge? You have the understanding relationship?

578
00:26:07,760 --> 00:26:10,119
Speaker 4: Capital is really the real capital. I mean, what's a

579
00:26:10,200 --> 00:26:13,200
Speaker 4: country club? Why do you go to Harvard? Is Harvard

580
00:26:13,240 --> 00:26:15,440
Speaker 4: is gonna make you smarter than the state university? Maybe

581
00:26:15,520 --> 00:26:19,199
Speaker 4: maybe not. The glass of twenty twenty four is going

582
00:26:19,240 --> 00:26:21,080
Speaker 4: to hook each other up for the next forty years.

583
00:26:21,840 --> 00:26:23,320
Speaker 4: So that's why you go to a country club. That's

584
00:26:23,320 --> 00:26:25,160
Speaker 4: why you go to a private club. That's why. That's

585
00:26:25,200 --> 00:26:28,840
Speaker 4: why any any hook, any small group is. That's why

586
00:26:28,880 --> 00:26:30,840
Speaker 4: you go to college other than the education. Is that

587
00:26:31,359 --> 00:26:34,359
Speaker 4: that So you got to figure out what your capital is.

588
00:26:34,400 --> 00:26:36,480
Speaker 4: You got to figure out who your circle is. That's

589
00:26:36,480 --> 00:26:38,480
Speaker 4: why I said earlier, if you hang around nine broke people,

590
00:26:38,520 --> 00:26:41,119
Speaker 4: you're gonna be the tenth. So you've got to you know,

591
00:26:42,720 --> 00:26:45,159
Speaker 4: you look at who who it runs hanging around. He

592
00:26:45,200 --> 00:26:47,600
Speaker 4: didn't mention a bunch of people he mentioned. We both mentioned.

593
00:26:47,640 --> 00:26:50,200
Speaker 4: We both saw him last week magic magics working a

594
00:26:50,240 --> 00:26:54,600
Speaker 4: business suit. These days, anybody in sports or entertainment now

595
00:26:54,920 --> 00:26:58,760
Speaker 4: with your canvas, everybody who comes through here, anybody in sports, entertainment,

596
00:26:59,160 --> 00:27:02,520
Speaker 4: whether be in front of them. Billion did it in business,

597
00:27:03,480 --> 00:27:06,160
Speaker 4: they translated, you can't sell enough. You cannot sell enough

598
00:27:06,200 --> 00:27:09,840
Speaker 4: concert tickets. You cannot get enough a big enough contract

599
00:27:10,400 --> 00:27:12,440
Speaker 4: to become a billionaire. That's not the way income works.

600
00:27:12,800 --> 00:27:18,080
Speaker 4: You got to translate that into business. Every literally every

601
00:27:18,160 --> 00:27:22,960
Speaker 4: athlete and every entertainer. Jay Z Business, Michael Jordan, Michael

602
00:27:23,040 --> 00:27:27,639
Speaker 4: Jordan business, doctor, Dre Beats beat business. My man has

603
00:27:27,680 --> 00:27:30,440
Speaker 4: got a billion dollar portfolio. That's why he can just

604
00:27:30,640 --> 00:27:32,439
Speaker 4: be so cool and just you know, understated. Don't need

605
00:27:32,440 --> 00:27:34,600
Speaker 4: to scream in Holly, you got the power, you don't

606
00:27:34,600 --> 00:27:38,119
Speaker 4: need to use it right. So it is about getting

607
00:27:38,160 --> 00:27:43,840
Speaker 4: your mind right. All poverty, Charlemagne, beyond sustenance, poverty, roof

608
00:27:43,880 --> 00:27:46,480
Speaker 4: over your head, food on the table, reasonable healthcare, all

609
00:27:46,520 --> 00:27:49,760
Speaker 4: other poverty's mindset. That's why I say there's a difference

610
00:27:49,760 --> 00:27:53,720
Speaker 4: between being broken being poor. Being broken is economic, but

611
00:27:53,840 --> 00:27:56,800
Speaker 4: being poor is a disabling frame of mind, a depressed

612
00:27:56,800 --> 00:27:58,600
Speaker 4: condition of your spirit. You must vow never to be

613
00:27:58,640 --> 00:28:00,800
Speaker 4: poor again. We need The first thing you do is

614
00:28:00,840 --> 00:28:03,440
Speaker 4: get your mind right, and then the money will follow.

615
00:28:03,800 --> 00:28:06,760
Speaker 3: Now for parents listening, and now, when is a good

616
00:28:06,800 --> 00:28:10,240
Speaker 3: time to start getting your kids involved in financial literacy?

617
00:28:10,359 --> 00:28:15,040
Speaker 4: When you start breathing. So when you start spending money,

618
00:28:15,119 --> 00:28:16,719
Speaker 4: I mean you spending money twenty four hours a day

619
00:28:16,720 --> 00:28:19,119
Speaker 4: when you sleep, you're spending money. The bed shets the

620
00:28:19,200 --> 00:28:21,720
Speaker 4: government did buy the bed sheets, the government. By the

621
00:28:21,760 --> 00:28:23,840
Speaker 4: alarm clock, you did that. The governments not paying for

622
00:28:23,920 --> 00:28:26,560
Speaker 4: your light bill? Right, So check this out. We have

623
00:28:26,640 --> 00:28:29,520
Speaker 4: a kid's account in Atlanta public schools Operation Hope. By

624
00:28:29,560 --> 00:28:32,280
Speaker 4: the way, everybody can go get financial coaching scholarship from

625
00:28:32,359 --> 00:28:34,919
Speaker 4: the compan of the breakfast club. Coll Operation Hope will

626
00:28:34,960 --> 00:28:37,520
Speaker 4: give you a thousand dollars free scholarship just because you

627
00:28:37,640 --> 00:28:40,040
Speaker 4: mentioned breakfast club to get coaching accounts and get your

628
00:28:40,040 --> 00:28:42,280
Speaker 4: credit card. Right. So we have it with Mayor Andre

629
00:28:42,360 --> 00:28:44,720
Speaker 4: Dickens in Atlanta. We have a kid's account in kindergarten.

630
00:28:45,800 --> 00:28:49,200
Speaker 4: Uh fifty bucks in the kids account. Now you may say,

631
00:28:49,240 --> 00:28:51,600
Speaker 4: what's the big deal of that? If you have a

632
00:28:51,680 --> 00:28:55,560
Speaker 4: bank account. At kindergarten, you're fifty percent more likely to

633
00:28:55,680 --> 00:28:58,080
Speaker 4: go to college. Hold on a minute, watch check this

634
00:28:58,120 --> 00:29:01,040
Speaker 4: out to jamb you. We have fifty dollars in that

635
00:29:01,080 --> 00:29:04,760
Speaker 4: account in kindergarten, you're seventy five percent more likely to

636
00:29:04,840 --> 00:29:09,040
Speaker 4: graduate from college. Because now you're connecting education with aspiration.

637
00:29:09,440 --> 00:29:11,640
Speaker 4: The kid, the lights on the kid's head. Now you're

638
00:29:11,640 --> 00:29:14,200
Speaker 4: talking about stocks and bonds and investment, and I mean

639
00:29:14,360 --> 00:29:16,560
Speaker 4: don't and don't put, don't create an investment account, don't

640
00:29:16,560 --> 00:29:18,600
Speaker 4: get a rod or me or you you know to come,

641
00:29:18,880 --> 00:29:21,440
Speaker 4: you know, don't DJ and be going and talking about cars,

642
00:29:21,760 --> 00:29:24,320
Speaker 4: you know, talking about because what is technology these days?

643
00:29:24,440 --> 00:29:24,520
Speaker 1: Right?

644
00:29:24,680 --> 00:29:27,719
Speaker 4: Talk about it? But through that it's investment. Now. Now,

645
00:29:28,040 --> 00:29:30,720
Speaker 4: now these kids, you hooked them, right, So it's about

646
00:29:30,840 --> 00:29:35,040
Speaker 4: role modeling. It's about the language of money at the

647
00:29:35,120 --> 00:29:38,920
Speaker 4: earliest age. Because it's the aspiration generation. We can literally

648
00:29:39,000 --> 00:29:43,800
Speaker 4: build the next generation of America. We have to, by

649
00:29:43,800 --> 00:29:45,040
Speaker 4: the way, because we're going to be a majority of

650
00:29:45,080 --> 00:29:47,440
Speaker 4: minorities literally if we don't do that, as country is done.

651
00:29:47,920 --> 00:29:51,080
Speaker 4: But we can do that at kindergarten with a fifty

652
00:29:51,120 --> 00:29:53,440
Speaker 4: dollars hope savings.

653
00:29:53,600 --> 00:29:55,840
Speaker 6: Let me add to John's Anton and I agree with everything.

654
00:29:55,880 --> 00:29:58,160
Speaker 6: He said, I'll give you a real life example. So

655
00:29:58,240 --> 00:30:01,640
Speaker 6: I remember I have two daughters. That's and Ella. Natasha

656
00:30:01,680 --> 00:30:04,880
Speaker 6: is a sophomore at Michigan today. Ella's a junior in

657
00:30:04,960 --> 00:30:08,800
Speaker 6: high school. I remember when they were in kindergarten in

658
00:30:09,600 --> 00:30:13,440
Speaker 6: second grade, and I said, all right, girls, here's the deal.

659
00:30:13,600 --> 00:30:15,640
Speaker 6: Every day Pop drives you to school, I'm going to

660
00:30:15,680 --> 00:30:18,840
Speaker 6: give you three business lessons, and on Friday be ready

661
00:30:18,840 --> 00:30:20,720
Speaker 6: to pick your five companies for a portfolio. I'm going

662
00:30:20,760 --> 00:30:22,800
Speaker 6: to put one thousand dollars in each one of your accounts.

663
00:30:23,600 --> 00:30:26,800
Speaker 6: And they were confused, and I said, well, you're overthinking it.

664
00:30:27,160 --> 00:30:29,200
Speaker 6: Give me five products that you use every day while

665
00:30:29,200 --> 00:30:32,840
Speaker 6: I use my phone Apple. Are you on Instagram? Not yet,

666
00:30:32,880 --> 00:30:35,080
Speaker 6: but I know what that is, okay, meta social media

667
00:30:36,200 --> 00:30:39,520
Speaker 6: Google because I google things. They wanted to get CVS,

668
00:30:39,560 --> 00:30:42,280
Speaker 6: souse that's where mom takes them, and one more maybe

669
00:30:42,320 --> 00:30:45,120
Speaker 6: Disney and I put one thousand dollars every year. So

670
00:30:45,680 --> 00:30:47,640
Speaker 6: it's not really about big numbers. It's really about the

671
00:30:47,880 --> 00:30:51,280
Speaker 6: practice of the habit of honing your craft. You look

672
00:30:51,320 --> 00:30:53,600
Speaker 6: to today. Both their accounts got over one hundred and

673
00:30:53,600 --> 00:30:56,440
Speaker 6: fifty thousand, right, and they've all done the performance of

674
00:30:57,080 --> 00:30:58,960
Speaker 6: some of the smartest hedge fund people in the world

675
00:30:59,400 --> 00:31:02,080
Speaker 6: because they kind of didn't overthink it. They thought really

676
00:31:02,120 --> 00:31:06,040
Speaker 6: fundamentally about what they used. But they now, by the way,

677
00:31:06,080 --> 00:31:08,320
Speaker 6: by the time they were June freshman in high school,

678
00:31:08,400 --> 00:31:11,280
Speaker 6: like that, no more business, we're done. We're sick. But

679
00:31:11,440 --> 00:31:13,840
Speaker 6: now I hear him, as you know many adults, and

680
00:31:13,880 --> 00:31:16,440
Speaker 6: they're repeating my language that they learned first grade, second grade,

681
00:31:16,480 --> 00:31:19,320
Speaker 6: third grade. Although they were fighting it, they were absorbing it.

682
00:31:20,120 --> 00:31:20,240
Speaker 1: You know.

683
00:31:20,360 --> 00:31:23,080
Speaker 3: The biggest thing, I'm sorry, The biggest thing that my son,

684
00:31:23,400 --> 00:31:26,760
Speaker 3: who's nine, the thing that I love is my son

685
00:31:26,880 --> 00:31:29,880
Speaker 3: watches Shark Tank. So he's nine, so he doesn't know

686
00:31:29,960 --> 00:31:32,840
Speaker 3: you for baseball, he knows you from Shark And then

687
00:31:33,200 --> 00:31:34,640
Speaker 3: and like I was talking on the phone, was talking

688
00:31:34,640 --> 00:31:37,240
Speaker 3: to business to somebody, and he started asking me questions

689
00:31:37,280 --> 00:31:39,400
Speaker 3: that I know that he got from someplace else.

690
00:31:39,720 --> 00:31:41,400
Speaker 2: I said this the other day. He was asking me, so, Dad,

691
00:31:41,600 --> 00:31:43,040
Speaker 2: how much equity do you get in that deal?

692
00:31:43,320 --> 00:31:44,760
Speaker 5: I'm like, where do you get that from?

693
00:31:44,880 --> 00:31:45,000
Speaker 4: Who?

694
00:31:45,280 --> 00:31:46,600
Speaker 2: And then he was like, well what about He was

695
00:31:46,680 --> 00:31:49,120
Speaker 2: like WHOA. I said, well, where did you hear about equity?

696
00:31:49,120 --> 00:31:50,760
Speaker 3: And he's telling me Shark Tank and he was like, yeah,

697
00:31:50,800 --> 00:31:52,400
Speaker 3: I want to know what royalty fees are and this,

698
00:31:52,480 --> 00:31:54,840
Speaker 3: that and the other and not.

699
00:31:55,000 --> 00:31:56,600
Speaker 2: I was like, I just want to play baseball. But

700
00:31:56,720 --> 00:31:58,680
Speaker 2: you know, it was just it was great that they

701
00:31:58,800 --> 00:32:00,640
Speaker 2: have these type of shows. And I know you got

702
00:32:00,720 --> 00:32:00,800
Speaker 2: to go.

703
00:32:00,840 --> 00:32:01,480
Speaker 4: I know you a question.

704
00:32:01,600 --> 00:32:02,920
Speaker 7: Yeah, I do have a question. So y'all are talking

705
00:32:02,920 --> 00:32:05,160
Speaker 7: about your families and y'all kids, and these two always

706
00:32:05,200 --> 00:32:08,240
Speaker 7: talk about how when they locked into their marriages, everything

707
00:32:08,360 --> 00:32:10,440
Speaker 7: like flourish for them. You talk about your baby girls

708
00:32:10,440 --> 00:32:12,320
Speaker 7: a lot. Last time you were here, you were talking

709
00:32:12,400 --> 00:32:15,640
Speaker 7: engagement with j Lo. I know you're right now dating Jacqueline.

710
00:32:16,560 --> 00:32:17,200
Speaker 7: Is engagement?

711
00:32:17,240 --> 00:32:17,560
Speaker 2: Marriage?

712
00:32:17,640 --> 00:32:19,320
Speaker 7: Is that a conversation for you right now?

713
00:32:19,480 --> 00:32:19,520
Speaker 6: Like?

714
00:32:19,680 --> 00:32:21,360
Speaker 7: How does that? Where does that fit in all this

715
00:32:21,480 --> 00:32:22,680
Speaker 7: business in the portfolios?

716
00:32:22,960 --> 00:32:25,560
Speaker 6: Well, I'm very lucky to have an incredible person in

717
00:32:25,600 --> 00:32:29,480
Speaker 6: my life. Jack's Canadian. She's right outside of Detroit, which

718
00:32:29,560 --> 00:32:32,920
Speaker 6: is very beneficial because my daughter goes to Scoot Michigan.

719
00:32:33,320 --> 00:32:35,120
Speaker 6: So I got two for the price of one's already

720
00:32:35,120 --> 00:32:38,640
Speaker 6: cutting a good deal. So she's twenty minutes from Detroit.

721
00:32:39,440 --> 00:32:44,320
Speaker 6: She's a former nurse. She's transitioned her nursing to an

722
00:32:44,360 --> 00:32:48,280
Speaker 6: incredible business called Jack fit where she helps out you know,

723
00:32:48,320 --> 00:32:51,440
Speaker 6: a thousands of women online get a better life. I

724
00:32:51,600 --> 00:32:55,760
Speaker 6: personally lost thirty pounds because of her. I haven't really

725
00:32:55,800 --> 00:32:57,760
Speaker 6: thought about that. This is really the best place I've

726
00:32:57,800 --> 00:33:01,400
Speaker 6: been in my life. I'm very fortunate, grate photo be

727
00:33:01,520 --> 00:33:04,680
Speaker 6: where I am. I'm helping out tons of people involved,

728
00:33:04,680 --> 00:33:06,800
Speaker 6: like you said, with the Timbles and the Links and

729
00:33:07,400 --> 00:33:11,400
Speaker 6: doing my Fox deal with the Yankees and the Dodgers,

730
00:33:12,200 --> 00:33:15,120
Speaker 6: and I'm open to anything, but right now, I'll let

731
00:33:15,160 --> 00:33:17,400
Speaker 6: you know if there's some big announcement coming, maybe they

732
00:33:17,440 --> 00:33:17,800
Speaker 6: come back.

733
00:33:18,040 --> 00:33:19,440
Speaker 1: I would think it would be difficult for you to

734
00:33:19,480 --> 00:33:22,440
Speaker 1: trust anybody, and really you know what I mean, like romantically,

735
00:33:22,680 --> 00:33:24,840
Speaker 1: just because you are a rod so the celebrity within

736
00:33:24,920 --> 00:33:26,640
Speaker 1: the money like it's hard.

737
00:33:26,720 --> 00:33:29,320
Speaker 6: It's hard for sure, but you know, you take your time,

738
00:33:29,360 --> 00:33:31,160
Speaker 6: you try to surround yourself with people that are better

739
00:33:31,200 --> 00:33:34,520
Speaker 6: than you. And but there's no question it's difficult.

740
00:33:35,120 --> 00:33:37,960
Speaker 5: Now that man is married John O'Brien.

741
00:33:37,640 --> 00:33:40,520
Speaker 4: Oh yeah, Shade Form. And you know, I've known her

742
00:33:40,600 --> 00:33:42,920
Speaker 4: for twenty five years, we've been married for six. She

743
00:33:43,040 --> 00:33:45,640
Speaker 4: has no agenda. She just loves me, like and you

744
00:33:45,720 --> 00:33:49,040
Speaker 4: can feel it, right, And it's hard to trust people

745
00:33:49,120 --> 00:33:51,920
Speaker 4: because you know, you're You're not a person to them,

746
00:33:52,040 --> 00:33:54,360
Speaker 4: You're just an opportunity to us. You're a cash register.

747
00:33:54,800 --> 00:33:56,840
Speaker 4: And I and I've I've had people like try to

748
00:33:56,880 --> 00:33:59,960
Speaker 4: take me down because they didn't get what they wanted.

749
00:34:00,560 --> 00:34:02,760
Speaker 4: So that makes you really skittish. But you know, if

750
00:34:02,800 --> 00:34:04,880
Speaker 4: you have the right relationship, as I said earlier, two

751
00:34:04,880 --> 00:34:07,760
Speaker 4: plus two equals six eight or ten, it really does

752
00:34:07,920 --> 00:34:11,080
Speaker 4: enhance your life and roots you and ground you, and

753
00:34:11,520 --> 00:34:14,920
Speaker 4: they love you no matter what ups and downs, by

754
00:34:14,960 --> 00:34:18,120
Speaker 4: the way, and so that. But that goes back to

755
00:34:18,200 --> 00:34:21,640
Speaker 4: Charlemagney what you said about your circle. You know, as

756
00:34:21,680 --> 00:34:24,560
Speaker 4: your world gets bigger, your circle should get smaller. As

757
00:34:24,600 --> 00:34:28,040
Speaker 4: your world gets bigger, your circle should get smaller. I

758
00:34:28,080 --> 00:34:31,400
Speaker 4: would love to talk about, very quickly a mistake that

759
00:34:31,520 --> 00:34:35,759
Speaker 4: I made because people hear about all these wins and

760
00:34:35,760 --> 00:34:37,960
Speaker 4: we're doing this and doing that, we don't you know,

761
00:34:38,080 --> 00:34:40,520
Speaker 4: they can't reunissarily relate to that. You know, I made

762
00:34:40,520 --> 00:34:46,120
Speaker 4: a mistake. Since I saw you last what you in business,

763
00:34:48,320 --> 00:34:51,480
Speaker 4: I saw a company, so technically it wasn't before I

764
00:34:51,640 --> 00:34:53,839
Speaker 4: saw you, because I saw the Promise Homes company two

765
00:34:53,920 --> 00:34:56,520
Speaker 4: years ago. But I just realized I made a mistake.

766
00:34:56,640 --> 00:34:59,120
Speaker 4: In the last month. So I invest just real talk.

767
00:34:59,360 --> 00:35:01,840
Speaker 4: I've never said this before, but I invested three and

768
00:35:01,880 --> 00:35:05,120
Speaker 4: a han million dollars in an investment account I put

769
00:35:05,160 --> 00:35:08,200
Speaker 4: in the market, and I tell people let it sit there.

770
00:35:08,520 --> 00:35:10,720
Speaker 4: And I messed up. I didn't take my own advice.

771
00:35:10,760 --> 00:35:15,799
Speaker 4: The market went crazy January twenty twenty two, interest rates

772
00:35:15,800 --> 00:35:19,960
Speaker 4: started going up twenty By March and April, the interrot

773
00:35:20,000 --> 00:35:22,200
Speaker 4: ration was still going up. Stocks were taking a beating.

774
00:35:22,719 --> 00:35:24,720
Speaker 4: I had just put my money in the account January

775
00:35:25,480 --> 00:35:28,880
Speaker 4: twenty twenty two. I had lost five hundred thousand dollars

776
00:35:28,960 --> 00:35:32,960
Speaker 4: in three months. So what did I do? Pulled it out.

777
00:35:33,080 --> 00:35:34,560
Speaker 4: I put it out and put it in treasury bills.

778
00:35:36,040 --> 00:35:38,120
Speaker 4: So I said it might take me to cash. I

779
00:35:38,160 --> 00:35:39,680
Speaker 4: took it all and put it in treasury bills and

780
00:35:39,719 --> 00:35:42,440
Speaker 4: just let it sit there. And so what happened? I

781
00:35:42,480 --> 00:35:46,680
Speaker 4: asked my broker, broker Rocketfeller account Management as a family office.

782
00:35:46,680 --> 00:35:49,080
Speaker 4: I asked him him two weeks ago. So I'm just

783
00:35:49,200 --> 00:35:52,480
Speaker 4: curious what would have happened if I had left it in, Well,

784
00:35:52,520 --> 00:35:54,840
Speaker 4: you would have lost another two hundred thousand dollars. So

785
00:35:54,960 --> 00:35:57,920
Speaker 4: I've been down seven hundred thousand dollars, which is you know,

786
00:35:58,120 --> 00:36:00,480
Speaker 4: hold on to your butt cheeks, right. But if you

787
00:36:00,640 --> 00:36:04,080
Speaker 4: but if you but dj envy, if you kept it in,

788
00:36:04,880 --> 00:36:07,600
Speaker 4: just let it sit there. This is the magic of markets.

789
00:36:08,960 --> 00:36:10,680
Speaker 4: If this is this, this.

790
00:36:10,880 --> 00:36:14,879
Speaker 1: Hurts John, You got to stop that edit is gonna

791
00:36:14,880 --> 00:36:27,560
Speaker 1: be crazy because he said hold on your budgets, dj vy, children,

792
00:36:27,800 --> 00:36:28,280
Speaker 1: I'm sorry.

793
00:36:30,040 --> 00:36:33,719
Speaker 5: It's gotta be another way to say, we understand.

794
00:36:33,400 --> 00:36:33,759
Speaker 2: What you said.

795
00:36:34,160 --> 00:36:34,360
Speaker 1: If you.

796
00:36:36,600 --> 00:36:37,360
Speaker 2: Don't know, they're gonna know.

797
00:36:37,440 --> 00:36:43,240
Speaker 5: He come out.

798
00:36:43,480 --> 00:36:47,480
Speaker 4: So, uh, this really hurt because the guy told me,

799
00:36:48,200 --> 00:36:51,359
Speaker 4: if I had just done nothing, just let it sit there,

800
00:36:51,560 --> 00:36:54,160
Speaker 4: let the markets do his thing, I'd have made the

801
00:36:54,239 --> 00:36:58,040
Speaker 4: seven hundred thousand dollars back and another seven hundred thousand

802
00:36:58,040 --> 00:37:01,240
Speaker 4: dollars on top of it out of double my money

803
00:37:01,800 --> 00:37:05,080
Speaker 4: over the losses. If I did nothing, this is the magic.

804
00:37:05,320 --> 00:37:06,120
Speaker 2: Why did you do that?

805
00:37:07,680 --> 00:37:07,719
Speaker 1: So?

806
00:37:07,880 --> 00:37:09,279
Speaker 4: So if I had had so by the way, I

807
00:37:09,280 --> 00:37:11,040
Speaker 4: don't lose it. I don't. I don't deny, I don't.

808
00:37:11,480 --> 00:37:13,919
Speaker 4: But I don't beat myself up about this decision because

809
00:37:13,920 --> 00:37:16,720
Speaker 4: if I had had money in the market in that account,

810
00:37:16,960 --> 00:37:19,959
Speaker 4: it had made some profits, so it wasn't house money.

811
00:37:20,560 --> 00:37:22,400
Speaker 4: I would have left it in there because if I

812
00:37:22,480 --> 00:37:24,840
Speaker 4: lost my profits and that's fine. This was this was

813
00:37:24,920 --> 00:37:27,680
Speaker 4: core capital. My goal for this core capital was just

814
00:37:27,800 --> 00:37:30,000
Speaker 4: let it sit and it was the goal is money

815
00:37:30,080 --> 00:37:32,319
Speaker 4: was to be safe. So somebody might be thinking about

816
00:37:32,320 --> 00:37:34,400
Speaker 4: a four oh one K plan. They've got their employer,

817
00:37:34,520 --> 00:37:36,360
Speaker 4: or they got a thousand dollars in a SAVID account.

818
00:37:36,360 --> 00:37:38,680
Speaker 4: They don't want anybody to touch that, right, So think

819
00:37:38,680 --> 00:37:41,360
Speaker 4: about that in that example. So this was for me

820
00:37:41,719 --> 00:37:43,719
Speaker 4: that so I didn't I didn't need to make any money.

821
00:37:43,760 --> 00:37:46,120
Speaker 4: I just didn't want to lose any on that particular investment.

822
00:37:46,560 --> 00:37:48,680
Speaker 4: If I had made something, I would have left it there.

823
00:37:48,800 --> 00:37:52,160
Speaker 4: So in hindsight, statistically I made a mistake. But from

824
00:37:52,400 --> 00:37:55,440
Speaker 4: from what my priority was, which was safety and security

825
00:37:55,480 --> 00:37:58,080
Speaker 4: and not return, I'm completely cool with it. I'm just saying.

826
00:37:58,120 --> 00:38:01,040
Speaker 4: I'm just saying that as an investor, I tell people

827
00:38:01,840 --> 00:38:03,640
Speaker 4: put it in the market. Well, I say about homes,

828
00:38:04,120 --> 00:38:06,560
Speaker 4: buy it and don't sell it, right, It'll just go

829
00:38:06,680 --> 00:38:10,000
Speaker 4: up in value. I'm just giving I'm telling you, here's

830
00:38:10,040 --> 00:38:13,480
Speaker 4: a guy who is pretty good at the investment of

831
00:38:13,520 --> 00:38:17,640
Speaker 4: business game. And here's an example. Were recently I made

832
00:38:17,680 --> 00:38:20,480
Speaker 4: a mistake and pay for it. And the magic of

833
00:38:20,680 --> 00:38:22,959
Speaker 4: markets you make money during the day, you build wealth

834
00:38:23,080 --> 00:38:25,120
Speaker 4: in your sleep sleeve.

835
00:38:26,600 --> 00:38:28,440
Speaker 7: I was going to ask why would you put safe

836
00:38:28,480 --> 00:38:30,399
Speaker 7: money on the market like that, because they also tell

837
00:38:30,400 --> 00:38:31,920
Speaker 7: you too, if it's something that you want to keep

838
00:38:32,000 --> 00:38:33,840
Speaker 7: safe and to not like, like you don't want to

839
00:38:33,880 --> 00:38:34,760
Speaker 7: lose it, you don't.

840
00:38:34,600 --> 00:38:35,000
Speaker 2: Play with it.

841
00:38:35,560 --> 00:38:37,160
Speaker 4: The three is a great It is a great conversation

842
00:38:37,280 --> 00:38:40,760
Speaker 4: and a right. If you have an example, or please

843
00:38:40,760 --> 00:38:43,239
Speaker 4: weigh in, there's three things that have never gone down

844
00:38:43,320 --> 00:38:46,640
Speaker 4: in American history. I'm so glad you asked this. GDP

845
00:38:46,840 --> 00:38:50,560
Speaker 4: Gross domestic Product of this country, the income, real estate values,

846
00:38:51,520 --> 00:38:55,440
Speaker 4: it's stock market value. It goes up. There's a recession.

847
00:38:56,040 --> 00:38:59,319
Speaker 4: All recession means is it recedes. It recedes, and if

848
00:38:59,320 --> 00:39:02,200
Speaker 4: you stick with it, it corrects above the line. What

849
00:39:02,480 --> 00:39:05,680
Speaker 4: people who are financially illiterate do is they get freaked out,

850
00:39:06,400 --> 00:39:09,040
Speaker 4: and they are and they sell it. Right. I had

851
00:39:09,080 --> 00:39:12,080
Speaker 4: a townhouse in la I bought it for two hundred

852
00:39:12,080 --> 00:39:14,080
Speaker 4: and twenty thousand, went down one hundred and some one

853
00:39:14,080 --> 00:39:17,640
Speaker 4: thousand dollars in two thousand and eight. You know, all

854
00:39:17,719 --> 00:39:19,520
Speaker 4: my friends were telling me, sal get rid of it,

855
00:39:19,960 --> 00:39:23,759
Speaker 4: they're broke. So I'm I didn't listening to event. I

856
00:39:23,920 --> 00:39:25,719
Speaker 4: kept it. It said seven one two lot to hair.

857
00:39:25,800 --> 00:39:27,600
Speaker 4: Somebody listening to this know exactly what I'm talking about.

858
00:39:27,600 --> 00:39:29,120
Speaker 4: A lot to hear in the airport I kept it

859
00:39:29,239 --> 00:39:31,759
Speaker 4: was fifteen hundred square feet. Oh yeah, I know there's that.

860
00:39:31,920 --> 00:39:33,520
Speaker 4: I rented out to a police officer who didn't pay

861
00:39:33,560 --> 00:39:37,040
Speaker 4: rent on time, but but I but he paid ultimately,

862
00:39:37,080 --> 00:39:38,960
Speaker 4: he paid me. I paid the property taxes. I forgot

863
00:39:39,000 --> 00:39:42,120
Speaker 4: about it. Five years later, I'm trying to buy a

864
00:39:42,160 --> 00:39:44,200
Speaker 4: property for seven hundred and fifty thousand dollars, Like, where

865
00:39:44,239 --> 00:39:46,840
Speaker 4: can I get seven fifty from? I called my my

866
00:39:47,120 --> 00:39:49,640
Speaker 4: my broker, black real estate broker in LA. I want

867
00:39:49,680 --> 00:39:51,080
Speaker 4: you to sell this condo for me. Mind you, I

868
00:39:51,120 --> 00:39:52,680
Speaker 4: bought it for two twenty it was last time I

869
00:39:52,760 --> 00:39:55,960
Speaker 4: checked it was one fifty one eighty. What can I

870
00:39:56,000 --> 00:39:59,160
Speaker 4: get for that seven to fifty? All I did was

871
00:39:59,239 --> 00:40:01,680
Speaker 4: let it sit there and it just went up in value.

872
00:40:02,000 --> 00:40:04,040
Speaker 4: So I did a ten thirty one tax free exchange,

873
00:40:04,160 --> 00:40:07,160
Speaker 4: took the home and I'm allowed to hear it sold

874
00:40:07,239 --> 00:40:09,279
Speaker 4: up seven fifty. Bought the other property for free with

875
00:40:09,440 --> 00:40:14,719
Speaker 4: no tax impact. So you just don't go wrong investing

876
00:40:14,800 --> 00:40:18,640
Speaker 4: in the biggest economy, the sole superpower in the world,

877
00:40:18,719 --> 00:40:21,319
Speaker 4: the flight, the quality people in China talking mess about us.

878
00:40:21,320 --> 00:40:24,080
Speaker 4: They're investing here, Folks in Russia talking messing about us.

879
00:40:24,120 --> 00:40:27,479
Speaker 4: They're investing here, Iran, all these places talking mess about

880
00:40:27,560 --> 00:40:29,680
Speaker 4: us in front of the camera. All of these folks,

881
00:40:30,680 --> 00:40:36,200
Speaker 4: including Putin, investing in America. So we have this great

882
00:40:36,320 --> 00:40:39,320
Speaker 4: thing in front of us called the soul, superpower in

883
00:40:39,320 --> 00:40:41,319
Speaker 4: the world, the biggest economy, and most of us are

884
00:40:41,360 --> 00:40:44,040
Speaker 4: not taking advantage of it. So I love the stock market.

885
00:40:44,960 --> 00:40:50,759
Speaker 4: Everything that you love is publicly traded. I got traded yet,

886
00:40:50,800 --> 00:40:52,040
Speaker 4: but well maybe we can take you public.

887
00:40:52,080 --> 00:40:53,440
Speaker 6: Well, you know what I was gonna say is, like

888
00:40:53,840 --> 00:40:56,759
Speaker 6: you know, Lauren, to answer your question is money is

889
00:40:56,800 --> 00:40:57,360
Speaker 6: not emotional.

890
00:40:57,680 --> 00:40:58,040
Speaker 4: That's it.

891
00:40:58,640 --> 00:41:02,400
Speaker 6: Money doesn't care who owns it or who what pockets

892
00:41:02,440 --> 00:41:06,160
Speaker 6: in the emotional ones are the humans. And what John

893
00:41:06,200 --> 00:41:09,719
Speaker 6: Hope is talking about is something that Americans do is

894
00:41:09,800 --> 00:41:12,239
Speaker 6: they panic when things go down. But when you see

895
00:41:12,320 --> 00:41:14,640
Speaker 6: guys like Tony Wrestler, Warren Buffett or greatest investing in

896
00:41:14,640 --> 00:41:22,560
Speaker 6: the world, Tony Tony, when when John is selling that

897
00:41:22,640 --> 00:41:25,120
Speaker 6: situation one, but Warren Buffett is buying and buying a

898
00:41:25,160 --> 00:41:28,440
Speaker 6: lot of it. So if you can remove your emotions

899
00:41:28,480 --> 00:41:31,840
Speaker 6: from investing, which is really hard to do and counterintuitive.

900
00:41:32,800 --> 00:41:34,360
Speaker 6: Money doesn't care about you as long as you know

901
00:41:34,480 --> 00:41:36,759
Speaker 6: that and you're playing the long game and know that

902
00:41:36,880 --> 00:41:39,560
Speaker 6: along the long way you're gonna have some hiccups. How

903
00:41:39,600 --> 00:41:41,480
Speaker 6: do emotion that you're going to be prepared to do

904
00:41:41,600 --> 00:41:42,640
Speaker 6: that and not overreact?

905
00:41:43,200 --> 00:41:43,319
Speaker 4: Right?

906
00:41:43,400 --> 00:41:45,440
Speaker 6: But when things go down, do you have you know,

907
00:41:45,760 --> 00:41:48,080
Speaker 6: the guts to kind of go in and makeing sure

908
00:41:48,120 --> 00:41:50,440
Speaker 6: you understand the business and what you're doing, right? I

909
00:41:50,480 --> 00:41:53,399
Speaker 6: would suggest do this with a professional, but thinking about

910
00:41:53,400 --> 00:41:56,600
Speaker 6: a philosophy big picture, before it happens, it is being prepared.

911
00:41:56,640 --> 00:41:58,799
Speaker 6: It's like in baseball, I'm thinking if this ball gets

912
00:41:58,840 --> 00:42:01,239
Speaker 6: hit to me or to Jeter on the thrower, to

913
00:42:01,320 --> 00:42:04,600
Speaker 6: C C or whatever. Same thing with markets. If I

914
00:42:04,680 --> 00:42:08,120
Speaker 6: have four million dollars four hundred thousand or four thousand

915
00:42:08,440 --> 00:42:10,239
Speaker 6: and the market goes to three thousand, what am I

916
00:42:10,320 --> 00:42:11,759
Speaker 6: going to do? Am I going to You got to

917
00:42:11,880 --> 00:42:14,360
Speaker 6: know that before it happens and anticipate and have a

918
00:42:14,400 --> 00:42:15,800
Speaker 6: little bit more of a proactive approach.

919
00:42:15,920 --> 00:42:19,200
Speaker 4: Now, by the way, on that example to what again,

920
00:42:20,680 --> 00:42:22,879
Speaker 4: he's a hurtdress writings like doubled down on a good

921
00:42:22,920 --> 00:42:25,560
Speaker 4: investment the same time I pulled out of that investment.

922
00:42:25,600 --> 00:42:28,000
Speaker 4: With the cash, I bought some real estate in another

923
00:42:28,040 --> 00:42:30,520
Speaker 4: country tuks and kkos. I bought it for two million

924
00:42:30,600 --> 00:42:32,960
Speaker 4: in the same time period. It's now worth three point

925
00:42:33,000 --> 00:42:36,200
Speaker 4: six million. So I lost a little bit here on return,

926
00:42:36,800 --> 00:42:39,120
Speaker 4: but I gained over here, almost doubling my money on

927
00:42:39,200 --> 00:42:42,080
Speaker 4: real estate secured real estate, and so I achieved my objective,

928
00:42:42,200 --> 00:42:44,640
Speaker 4: just not in the way that Yeah, in different ways.

929
00:42:44,680 --> 00:42:47,720
Speaker 3: I was going to ask for somebody listening, maybe possibly

930
00:42:47,760 --> 00:42:50,440
Speaker 3: thinking about buying their first property, their first investment property,

931
00:42:50,520 --> 00:42:53,080
Speaker 3: or even at first house, or even thinking about refinancing

932
00:42:53,120 --> 00:42:55,480
Speaker 3: the home that they have. What do you say to them?

933
00:42:55,560 --> 00:42:57,360
Speaker 3: Do they wait until after the election, Because a lot

934
00:42:57,400 --> 00:42:58,960
Speaker 3: of people are saying wait to have the election, this, that,

935
00:42:59,000 --> 00:43:00,600
Speaker 3: and yet, But what do you say to somebody that's

936
00:43:00,600 --> 00:43:02,759
Speaker 3: trying to buy a home right now? Interest rates shot

937
00:43:02,840 --> 00:43:04,880
Speaker 3: up since COVID. I'm sure we're never gonna get to

938
00:43:04,880 --> 00:43:06,000
Speaker 3: two point nine percent ever.

939
00:43:05,960 --> 00:43:06,600
Speaker 5: Again in life.

940
00:43:07,080 --> 00:43:09,200
Speaker 3: So what do you say to those individuals listening right

941
00:43:09,280 --> 00:43:11,640
Speaker 3: now that thinking about buying their first investment property, their

942
00:43:11,680 --> 00:43:13,719
Speaker 3: first home, or even refinancing at home.

943
00:43:13,880 --> 00:43:16,800
Speaker 4: I have a strong opinion, but go ahead, you go first, Well.

944
00:43:16,680 --> 00:43:18,920
Speaker 6: I would say, Look, I have a different outlook when

945
00:43:18,960 --> 00:43:21,680
Speaker 6: it comes to houses, I don't think houses is necessarily

946
00:43:21,680 --> 00:43:25,480
Speaker 6: an investment. Is an investment to your lifestyle is an investment,

947
00:43:25,600 --> 00:43:28,000
Speaker 6: and for a lot of Americans, it is your biggest investment,

948
00:43:28,080 --> 00:43:30,239
Speaker 6: right because it's the biggest asset you own, and you

949
00:43:30,320 --> 00:43:33,560
Speaker 6: got usually a seventy seventy five percent mortgage or whatever

950
00:43:33,600 --> 00:43:36,239
Speaker 6: it is. But I would say, buy a home that

951
00:43:36,320 --> 00:43:39,480
Speaker 6: you can afford. Buy a home and locking your rates,

952
00:43:39,920 --> 00:43:42,200
Speaker 6: so I like locking in for five or seven years,

953
00:43:42,320 --> 00:43:44,440
Speaker 6: so I know exactly I'm almost renting the house. I

954
00:43:44,520 --> 00:43:46,560
Speaker 6: know exactly what my well, my nut's going to be

955
00:43:46,640 --> 00:43:50,120
Speaker 6: every month. Right, that's really important. And I would say,

956
00:43:50,160 --> 00:43:51,960
Speaker 6: buy a house, are you going to be happy in?

957
00:43:52,239 --> 00:43:54,000
Speaker 6: They're gonna be able to raise your kids, They're gonna

958
00:43:54,000 --> 00:43:57,560
Speaker 6: be safe. And locking your interest rates and understand that

959
00:43:58,280 --> 00:43:59,719
Speaker 6: you have to be able to afford these payments no

960
00:43:59,760 --> 00:44:02,520
Speaker 6: matter what happens, right, and give yourself a margin of error,

961
00:44:02,680 --> 00:44:05,799
Speaker 6: right of safety net. But I do think that interest

962
00:44:05,880 --> 00:44:08,960
Speaker 6: rates could lower. But I'm not into timing markets when

963
00:44:08,960 --> 00:44:11,200
Speaker 6: it comes to my personal houses. But I defer to job.

964
00:44:11,280 --> 00:44:13,440
Speaker 3: But to say that, I would always say that to

965
00:44:13,520 --> 00:44:15,560
Speaker 3: people that are looking for their first property, if they

966
00:44:15,640 --> 00:44:18,680
Speaker 3: necessarily don't know enough scared. I always would say get

967
00:44:18,719 --> 00:44:20,560
Speaker 3: a multi unit, right, because that way they can rent

968
00:44:20,600 --> 00:44:22,799
Speaker 3: out other units and make sure that they can pay

969
00:44:22,840 --> 00:44:25,279
Speaker 3: their bills until their more successful, take the equity out

970
00:44:25,280 --> 00:44:26,960
Speaker 3: and get their own property. That's why I would say

971
00:44:27,000 --> 00:44:28,480
Speaker 3: multi unit. What's your thoughts on that?

972
00:44:28,640 --> 00:44:30,600
Speaker 4: So the key, the key is what Alex she said

973
00:44:30,760 --> 00:44:33,480
Speaker 4: was he said houses, Okay, So this is a whole

974
00:44:33,520 --> 00:44:36,960
Speaker 4: other situation, don't That's why he's not all in the

975
00:44:37,160 --> 00:44:39,600
Speaker 4: houses as an investment. He's got houses plural. That's a

976
00:44:39,680 --> 00:44:43,200
Speaker 4: different tax. Brackett, the average person listening to this, please

977
00:44:43,280 --> 00:44:46,839
Speaker 4: listen to me. As fast as you can buy a home.

978
00:44:48,000 --> 00:44:50,680
Speaker 4: The number one way you build was in America, it's

979
00:44:50,719 --> 00:44:55,759
Speaker 4: home ownership. The average African American with forty one forty

980
00:44:55,960 --> 00:44:58,560
Speaker 4: forty three percent of us own a home compared to

981
00:44:58,600 --> 00:45:01,359
Speaker 4: seventy five percent of our white counter parts that thirty

982
00:45:01,400 --> 00:45:05,640
Speaker 4: percent delta. That difference is massive home ownership and prices

983
00:45:05,680 --> 00:45:07,919
Speaker 4: are not going down. When I started buying those seven

984
00:45:08,000 --> 00:45:10,440
Speaker 4: hundred homes from the Promise Homes Company. By the way,

985
00:45:10,480 --> 00:45:12,680
Speaker 4: Tony Resler was one of my partners in Michael Raghetti,

986
00:45:12,719 --> 00:45:14,560
Speaker 4: who we've been talking about a couple here, a couple

987
00:45:14,600 --> 00:45:17,920
Speaker 4: of times here, good guys. I ran it up to

988
00:45:17,920 --> 00:45:21,000
Speaker 4: one hundred and fifty million dollars of assets under management.

989
00:45:21,360 --> 00:45:24,160
Speaker 4: That particular portfolio I bought for eighty eight thousand. I

990
00:45:24,280 --> 00:45:27,680
Speaker 4: sold them at three hundred and fifty thousand. No one

991
00:45:27,800 --> 00:45:30,000
Speaker 4: moved the house. It was no genius to it. It's

992
00:45:30,040 --> 00:45:34,719
Speaker 4: a magic of compounding. And so if these they're not

993
00:45:34,840 --> 00:45:37,200
Speaker 4: growing anymore. Land a lot most of the places where

994
00:45:37,200 --> 00:45:40,320
Speaker 4: we live are inner cities. What's an inner city in

995
00:45:40,400 --> 00:45:43,520
Speaker 4: France It's called Paris. What's an inner city in Britain

996
00:45:43,520 --> 00:45:46,319
Speaker 4: it's called the UK. Like, we have centrally located real

997
00:45:46,440 --> 00:45:48,400
Speaker 4: estate and we're walking away from it to rent to

998
00:45:48,680 --> 00:45:51,160
Speaker 4: from somebody we don't know, to spend money. We don't

999
00:45:51,239 --> 00:45:53,000
Speaker 4: have to impress people we don't know, to talk about

1000
00:45:53,080 --> 00:45:56,120
Speaker 4: stuff that don't matter, like knock it off by the

1001
00:45:56,239 --> 00:45:59,040
Speaker 4: worst house and the best block in the hood d

1002
00:45:59,280 --> 00:46:05,000
Speaker 4: a hyphen e the hood adjacent. Buy it near transportation, economy,

1003
00:46:05,040 --> 00:46:08,840
Speaker 4: economic activity, activity, and a vibrant environment. Buy it, rehabit,

1004
00:46:09,000 --> 00:46:11,799
Speaker 4: live in it, use equity in a couple of years later,

1005
00:46:12,120 --> 00:46:14,360
Speaker 4: and buy I know you know what I'm talking about here.

1006
00:46:14,440 --> 00:46:17,120
Speaker 4: Djmv by the second home three years later. You do

1007
00:46:17,239 --> 00:46:19,759
Speaker 4: that three times over five to six years. This is

1008
00:46:19,800 --> 00:46:22,160
Speaker 4: my mother's story, worked in an hourly job. You're a millionaire,

1009
00:46:22,880 --> 00:46:24,520
Speaker 4: and you can get the down payment through the Earningcome

1010
00:46:24,560 --> 00:46:26,719
Speaker 4: Tax Credit. Right. You can go to Operation Hope to

1011
00:46:26,840 --> 00:46:29,600
Speaker 4: we can help you get qualified for EITC. If you're

1012
00:46:29,600 --> 00:46:32,160
Speaker 4: making thirty eight thousand dollars and have three children, the

1013
00:46:32,200 --> 00:46:35,200
Speaker 4: government owes you about seven thousand dollars cash. So you

1014
00:46:35,400 --> 00:46:37,640
Speaker 4: just gave everybody listening to this who makes thirty eight

1015
00:46:37,680 --> 00:46:40,279
Speaker 4: thousand dollars a check and it's retroactive for three years.

1016
00:46:40,320 --> 00:46:43,200
Speaker 4: If you never filed, that's almost twenty thousand dollars. There's

1017
00:46:43,239 --> 00:46:45,480
Speaker 4: your down payment right there, right, so we can and

1018
00:46:45,600 --> 00:46:47,319
Speaker 4: to get your credit score up, get your debt down,

1019
00:46:47,360 --> 00:46:49,880
Speaker 4: get your savings up, get into that house because it

1020
00:46:49,920 --> 00:46:52,080
Speaker 4: costs just as much to rent as it does at

1021
00:46:52,120 --> 00:46:54,719
Speaker 4: paying mortgage payment. You're right, Interest rates to two percent

1022
00:46:54,880 --> 00:46:58,160
Speaker 4: not coming back. That's fine. Four percent, five percent is

1023
00:46:58,239 --> 00:47:01,520
Speaker 4: just fine. That's still very very Hello, but prices are

1024
00:47:01,600 --> 00:47:04,960
Speaker 4: not coming down. I'm gonna wait, no, no, no, don't wait,

1025
00:47:04,960 --> 00:47:07,319
Speaker 4: it's gonna get worse, it gonna get more expensive. Buy

1026
00:47:07,840 --> 00:47:09,440
Speaker 4: right now, let me go.

1027
00:47:09,800 --> 00:47:11,520
Speaker 6: Why want to add one thing to that? Because I

1028
00:47:11,600 --> 00:47:15,080
Speaker 6: think when it comes to finance, especially in our communities,

1029
00:47:17,400 --> 00:47:21,080
Speaker 6: people get foggy, and the listeners they're so smart that

1030
00:47:21,160 --> 00:47:23,080
Speaker 6: they don't even believe, they don't even understand how smart

1031
00:47:23,120 --> 00:47:26,359
Speaker 6: they are. Problem is, America has kind of confused them

1032
00:47:26,400 --> 00:47:29,680
Speaker 6: with all these acronyms and you know, ROI and all

1033
00:47:29,719 --> 00:47:33,920
Speaker 6: these like fancy terms, you know, And what they have

1034
00:47:34,000 --> 00:47:36,960
Speaker 6: to understand is their gut and their instincts is the

1035
00:47:37,040 --> 00:47:39,839
Speaker 6: best asset. They have the best asset classes talent number one.

1036
00:47:40,239 --> 00:47:42,560
Speaker 6: But I'm gonna do something here. What's your favorite basketball

1037
00:47:42,560 --> 00:47:49,960
Speaker 6: player of all time? Me? Yeah, just name one? Lebron, Lebron, MJ. Okay, perfect?

1038
00:47:50,000 --> 00:47:50,319
Speaker 4: All right.

1039
00:47:50,719 --> 00:47:53,600
Speaker 6: So in this case, if we were to say, all right,

1040
00:47:53,600 --> 00:47:54,880
Speaker 6: we're gonna go to the park and play two on

1041
00:47:54,960 --> 00:47:58,360
Speaker 6: two basketball, pick your partner and you're gonna want a

1042
00:47:58,400 --> 00:48:01,640
Speaker 6: million dollars. Okay, you pick Lebron, you pick MJ, you

1043
00:48:01,719 --> 00:48:04,600
Speaker 6: pick Iverson. You guys are all solid. Okay. Now we

1044
00:48:04,680 --> 00:48:06,680
Speaker 6: say the same drill and we say, okay, now you

1045
00:48:06,760 --> 00:48:10,719
Speaker 6: won a million dollars. Okay, who you gonna give it to? Oh?

1046
00:48:10,800 --> 00:48:13,480
Speaker 6: I grew up with a guy in high school and

1047
00:48:13,560 --> 00:48:16,280
Speaker 6: I'm gonna give it to him. And I don't understand

1048
00:48:16,320 --> 00:48:19,520
Speaker 6: how in one case you're so intelligent by picking your partner,

1049
00:48:19,840 --> 00:48:22,399
Speaker 6: but when it comes to controlling your personal finances, which

1050
00:48:22,440 --> 00:48:24,400
Speaker 6: is the single most important decision you make besides your

1051
00:48:24,440 --> 00:48:26,960
Speaker 6: wife or your partner, right, is you go pick some

1052
00:48:27,080 --> 00:48:29,160
Speaker 6: high school guy that you know or some one that

1053
00:48:29,320 --> 00:48:31,560
Speaker 6: is basically a guy that didn't make it in Wall

1054
00:48:31,600 --> 00:48:34,040
Speaker 6: Street or didn't make it in Goldman Sacks or JP Morgan.

1055
00:48:34,640 --> 00:48:37,640
Speaker 6: So taking the same approach as going to play basketball,

1056
00:48:37,640 --> 00:48:40,000
Speaker 6: I'm picking the best the best. Go find the very

1057
00:48:40,200 --> 00:48:41,840
Speaker 6: very best, and it's okay if you pay him a

1058
00:48:41,840 --> 00:48:43,680
Speaker 6: little bit more. But you can't go wrong when you

1059
00:48:43,760 --> 00:48:45,800
Speaker 6: pick the very best. And I find too many times

1060
00:48:46,160 --> 00:48:49,359
Speaker 6: people don't pick the Lebron James Michael Jordan or Allan

1061
00:48:49,400 --> 00:48:51,840
Speaker 6: Iverson to handle their money or to partner with. I

1062
00:48:51,880 --> 00:48:54,959
Speaker 6: will tell your son, son, pause in that restaurant, who's

1063
00:48:55,000 --> 00:48:56,640
Speaker 6: the best restaurant people in the world. I have a

1064
00:48:56,680 --> 00:48:59,000
Speaker 6: great platform. I'm your dad. Let's go see if we

1065
00:48:59,040 --> 00:49:00,719
Speaker 6: can put five thousand and because they put it in

1066
00:49:00,800 --> 00:49:03,560
Speaker 6: five million, and put a shoulder to shoulder and don't

1067
00:49:03,560 --> 00:49:05,560
Speaker 6: cover me fees. Just let me and if that five

1068
00:49:05,560 --> 00:49:08,160
Speaker 6: thousand becomes fifteen thousand, then I can run it back

1069
00:49:08,280 --> 00:49:10,680
Speaker 6: and run it back. So the competitive advantage we all

1070
00:49:10,760 --> 00:49:14,120
Speaker 6: have to identify is, and with complete self awareness, is

1071
00:49:14,280 --> 00:49:16,719
Speaker 6: what is my weakness, my blind spots, and what are

1072
00:49:16,760 --> 00:49:18,320
Speaker 6: my assets. Well, for all three of you, you have

1073
00:49:18,360 --> 00:49:20,680
Speaker 6: an incredible platform. So if I have a company that

1074
00:49:20,760 --> 00:49:22,680
Speaker 6: needs eyeballs, I may come to you and say, hey,

1075
00:49:22,680 --> 00:49:25,080
Speaker 6: you guys want to throw in twenty five grand. Don't

1076
00:49:25,120 --> 00:49:27,920
Speaker 6: worry about big numbers. It really pisses me off because

1077
00:49:28,400 --> 00:49:31,360
Speaker 6: it's what kept my mother out of investments, right, And

1078
00:49:31,600 --> 00:49:33,400
Speaker 6: what we're trying to do is democratize this whole thing

1079
00:49:33,400 --> 00:49:36,240
Speaker 6: and simplify it. It's both in opportunity and in verbiage.

1080
00:49:36,840 --> 00:49:39,239
Speaker 6: So if you have two thousand dollars and somebody like

1081
00:49:39,320 --> 00:49:41,719
Speaker 6: Tony Wrestlers put it in twenty million, say hey, Tony,

1082
00:49:41,760 --> 00:49:44,040
Speaker 6: can I put in two thousand? And I guarantee you

1083
00:49:44,080 --> 00:49:45,839
Speaker 6: a guy like Tony, I'll find a way to bring

1084
00:49:45,920 --> 00:49:46,200
Speaker 6: you along.

1085
00:49:46,840 --> 00:49:48,640
Speaker 1: I want to ask a question because I think sometimes

1086
00:49:48,680 --> 00:49:51,080
Speaker 1: we have these conversations, and we have these conversations from

1087
00:49:51,640 --> 00:49:55,120
Speaker 1: our perspectives. Right, well, y'all in a different tax bracket.

1088
00:49:55,160 --> 00:49:56,799
Speaker 1: But I'm just saying, everybody here, for the most part,

1089
00:49:56,840 --> 00:49:59,120
Speaker 1: has money. What about people who have no money? People

1090
00:49:59,160 --> 00:50:01,680
Speaker 1: from our communities who you have zero dollars? How do

1091
00:50:01,800 --> 00:50:03,920
Speaker 1: the poor even get to the middle class?

1092
00:50:03,960 --> 00:50:05,600
Speaker 6: I got you there. I mean, he's the master, but

1093
00:50:05,640 --> 00:50:09,520
Speaker 6: I'm just gonna give you like really simple, right, Money

1094
00:50:09,600 --> 00:50:11,160
Speaker 6: is the easiest part to get. And I know this

1095
00:50:11,239 --> 00:50:15,399
Speaker 6: sounds crazy to the folks listening. Right, money there's over

1096
00:50:15,440 --> 00:50:17,840
Speaker 6: a trillion dollars sitting in the sidelines looking for great deals.

1097
00:50:18,239 --> 00:50:20,279
Speaker 6: So if you don't have money, can you find deal flow?

1098
00:50:20,400 --> 00:50:22,480
Speaker 6: Can you hustle? If you find me an asset that

1099
00:50:22,560 --> 00:50:25,080
Speaker 6: costs ten million dollars and you bring me you bring

1100
00:50:25,120 --> 00:50:27,479
Speaker 6: it to me for eight, you basically own two million

1101
00:50:27,520 --> 00:50:29,400
Speaker 6: dollars of that one hundred percent. So if you bring

1102
00:50:29,440 --> 00:50:31,359
Speaker 6: me a ten million dollar deal, right, and I can

1103
00:50:31,400 --> 00:50:33,279
Speaker 6: buy it for eight, you say, hey, give me a

1104
00:50:33,320 --> 00:50:35,040
Speaker 6: million dollars on that. I'll give you because I'm still

1105
00:50:35,040 --> 00:50:36,880
Speaker 6: getting a million dollar discount. I'm paying nine for a

1106
00:50:36,880 --> 00:50:39,120
Speaker 6: ten million dollar asset, so I'm getting a discount. So

1107
00:50:39,719 --> 00:50:42,640
Speaker 6: looking for opportunities, understanding where the train is going, and you,

1108
00:50:42,719 --> 00:50:44,640
Speaker 6: as an entrepreneur, says, how do I get in the way?

1109
00:50:45,239 --> 00:50:47,120
Speaker 6: So when that train goes by, I can jump on

1110
00:50:47,400 --> 00:50:50,680
Speaker 6: and jump in that bandwagon. Right, it's creating opportunities. If

1111
00:50:50,680 --> 00:50:52,240
Speaker 6: you find deals, you got money.

1112
00:50:52,719 --> 00:50:55,160
Speaker 5: Is that possible for everyday people to yah?

1113
00:50:55,480 --> 00:50:57,640
Speaker 4: Yes, yes, yes, you know. You can buy a You

1114
00:50:57,719 --> 00:51:01,080
Speaker 4: can open a fractional stock account and put in twenty

1115
00:51:01,160 --> 00:51:03,759
Speaker 4: five dollars to buy some stock. Now you spend that

1116
00:51:03,880 --> 00:51:06,960
Speaker 4: on Starbucks. You can do you can do ten ducks.

1117
00:51:07,000 --> 00:51:09,359
Speaker 4: You can do five bucks a fractional stock on any

1118
00:51:09,400 --> 00:51:12,000
Speaker 4: stock that you want. So there's no excuse if you

1119
00:51:12,080 --> 00:51:14,000
Speaker 4: want to get in this game. Operation Hope will help

1120
00:51:14,040 --> 00:51:15,960
Speaker 4: you again. If you're listening to the Breakfast Club, will

1121
00:51:15,960 --> 00:51:18,520
Speaker 4: give you a scholarship for coaching and counseling. We're gonna

1122
00:51:18,520 --> 00:51:20,279
Speaker 4: get your credit score up. The average credit scorer for

1123
00:51:20,320 --> 00:51:22,799
Speaker 4: black people, by the way, is six twenty. Latino's are

1124
00:51:22,800 --> 00:51:25,480
Speaker 4: a little above that, notch more, but that means half

1125
00:51:25,480 --> 00:51:27,200
Speaker 4: of us are locked out of the free enterprise system.

1126
00:51:27,560 --> 00:51:30,560
Speaker 4: You can't get a decent home loan at eating below

1127
00:51:30,640 --> 00:51:33,319
Speaker 4: seven hundred, can't get a decent auto loan below at

1128
00:51:33,520 --> 00:51:36,319
Speaker 4: six point fifty. You can't get a business loan at

1129
00:51:36,360 --> 00:51:39,600
Speaker 4: all unless you're seven hundred better. Because it's risky credit.

1130
00:51:39,760 --> 00:51:42,440
Speaker 4: So we think the issue is racism or discrimination. It

1131
00:51:42,560 --> 00:51:44,640
Speaker 4: might be, but it also might be that you don't

1132
00:51:44,719 --> 00:51:48,200
Speaker 4: understand there's a game, there's a credit box, and you're

1133
00:51:48,239 --> 00:51:50,120
Speaker 4: not in it. So the bank is like, you're just

1134
00:51:50,200 --> 00:51:52,120
Speaker 4: not a good credit risk. So what we've done is

1135
00:51:52,400 --> 00:51:54,560
Speaker 4: we know to get your credit score up, your debt down,

1136
00:51:54,560 --> 00:51:56,839
Speaker 4: your savings up with hope. So the bank will say yes.

1137
00:51:56,920 --> 00:51:59,040
Speaker 4: At midnight, the bank, the computer doesn't know what color

1138
00:51:59,120 --> 00:52:01,920
Speaker 4: you are, computer will say yes. Somebody's listening to this

1139
00:52:01,960 --> 00:52:04,319
Speaker 4: and saying, is he talking about debt. Yes, it's called

1140
00:52:04,360 --> 00:52:09,640
Speaker 4: good debt. Bad debt's financing jewelry. Good debt is financing

1141
00:52:09,680 --> 00:52:13,800
Speaker 4: a home, mortgage, financing a business, right, going into and

1142
00:52:14,160 --> 00:52:16,399
Speaker 4: investment with a rod to do a multi family apartment building,

1143
00:52:16,440 --> 00:52:19,040
Speaker 4: which is his bread and butter. So good debt is

1144
00:52:19,080 --> 00:52:21,160
Speaker 4: tied to something that might appreciate. Bad debt is tied

1145
00:52:21,239 --> 00:52:24,520
Speaker 4: something that will depreciate. Every billionaire you know has used

1146
00:52:24,560 --> 00:52:28,759
Speaker 4: good debt. Every city, our country that grows, including this one,

1147
00:52:28,960 --> 00:52:31,279
Speaker 4: has used good debt. There's nothing wrong with debt as

1148
00:52:31,320 --> 00:52:35,399
Speaker 4: long as you're intelligently using it. The question about can

1149
00:52:35,520 --> 00:52:38,880
Speaker 4: any person win? I can make almost anybody a millionaire

1150
00:52:39,160 --> 00:52:42,480
Speaker 4: if you follow Again, he talked about basically good habits,

1151
00:52:42,560 --> 00:52:44,800
Speaker 4: being disciplined. If you come to Operation Hope and you

1152
00:52:45,000 --> 00:52:48,680
Speaker 4: follow our plan, within five years, you're a working class perkin.

1153
00:52:48,760 --> 00:52:50,880
Speaker 4: Making forty eight thousand dollars. We will give you a

1154
00:52:50,920 --> 00:52:52,759
Speaker 4: plan and make you a millionaire in five years is

1155
00:52:52,800 --> 00:52:55,680
Speaker 4: not complicated. But you have to have discipline, You have

1156
00:52:55,800 --> 00:52:58,960
Speaker 4: to live below your means, you have to understand this game.

1157
00:52:59,000 --> 00:53:03,360
Speaker 4: You've got to be financially literate, and everybody can be

1158
00:53:04,000 --> 00:53:06,040
Speaker 4: a winner at this game. I'd love to come back

1159
00:53:06,040 --> 00:53:07,439
Speaker 4: at some point. We need to talk about a whole

1160
00:53:07,680 --> 00:53:09,839
Speaker 4: this whole thing or relationship capital which you talked about

1161
00:53:09,840 --> 00:53:12,800
Speaker 4: a little bit like behind all of us is a backer,

1162
00:53:13,800 --> 00:53:16,759
Speaker 4: a partner that we're not talking about magic has it.

1163
00:53:16,840 --> 00:53:20,920
Speaker 4: I know who they are, and I mentioned I love

1164
00:53:20,960 --> 00:53:24,680
Speaker 4: talking about Tony Wrestler and Michaelreaghetty, right they they they

1165
00:53:24,840 --> 00:53:27,759
Speaker 4: backed me eighty million dollars and I paid them back

1166
00:53:27,800 --> 00:53:28,640
Speaker 4: plus seven percent.

1167
00:53:29,120 --> 00:53:31,520
Speaker 7: It's important because our community feel like capitalists. You said

1168
00:53:31,520 --> 00:53:33,840
Speaker 7: talk about making smart sexy. They feel like that's a

1169
00:53:33,880 --> 00:53:35,400
Speaker 7: bad thing. A lot of people, not everybody, but a

1170
00:53:35,440 --> 00:53:37,480
Speaker 7: lot of people in our community feel like capitalism is

1171
00:53:37,520 --> 00:53:39,520
Speaker 7: a horrible thing. Having people back you as a horrible

1172
00:53:39,560 --> 00:53:40,080
Speaker 7: thing as well too.

1173
00:53:40,400 --> 00:53:42,480
Speaker 4: Yeah, so people say let's go for and set further.

1174
00:53:42,600 --> 00:53:47,399
Speaker 4: Oh I hate rich people. No, you don't. You hate

1175
00:53:47,480 --> 00:53:51,279
Speaker 4: rich people to you become rich. What you hate is

1176
00:53:51,320 --> 00:53:53,959
Speaker 4: a game system. To your point, right, what you hated.

1177
00:53:54,000 --> 00:53:55,759
Speaker 4: The system is rigged so that you don't think you

1178
00:53:55,840 --> 00:53:59,040
Speaker 4: can succeed. The money's not evil. It's the love of

1179
00:53:59,160 --> 00:54:03,200
Speaker 4: money that's evil. It's the greed and Bashiaror Andrew Young

1180
00:54:03,280 --> 00:54:06,000
Speaker 4: says that men and women fail for three reasons arrogance, pride,

1181
00:54:06,080 --> 00:54:09,440
Speaker 4: and greed. What did Malcolm X say? We've been bamboozled,

1182
00:54:09,480 --> 00:54:11,839
Speaker 4: We've been tricked, We've been food, We've been hoodwink We've

1183
00:54:11,880 --> 00:54:15,600
Speaker 4: been hoodwinked. On this topic black people. I'm picking on

1184
00:54:15,640 --> 00:54:19,120
Speaker 4: black people because I'm black. We have never had an

1185
00:54:19,120 --> 00:54:24,239
Speaker 4: economic infrastructure in the history of us being here. That's

1186
00:54:24,280 --> 00:54:27,840
Speaker 4: our problem. Govern's not gonna save you. Even if you

1187
00:54:27,880 --> 00:54:30,040
Speaker 4: want to distribute the money like a socialist, you gotta

1188
00:54:30,040 --> 00:54:32,759
Speaker 4: collect it like a capitalist. So we have got to

1189
00:54:33,600 --> 00:54:37,840
Speaker 4: what's the entertainment business? The business of entertainment. The sports

1190
00:54:37,920 --> 00:54:41,360
Speaker 4: business is the business of sports. What we don't understand

1191
00:54:42,080 --> 00:54:45,600
Speaker 4: is the business. I'm gonna give you a I've never

1192
00:54:45,680 --> 00:54:48,879
Speaker 4: said this, and it's builds on Alison what you were saying.

1193
00:54:48,920 --> 00:54:52,600
Speaker 4: I'm gonna give everybody here free game. Jay Z's did

1194
00:54:52,920 --> 00:54:55,600
Speaker 4: basically a financial literacy album called four four four. You say,

1195
00:54:55,600 --> 00:54:56,879
Speaker 4: I'm gonna give you a min dolls with a game

1196
00:54:56,880 --> 00:55:00,640
Speaker 4: for nine ninety nine. This is No. Ninety nine. There

1197
00:55:00,760 --> 00:55:04,359
Speaker 4: are about one hundred trillion dollars about to co hit

1198
00:55:04,440 --> 00:55:07,160
Speaker 4: the market in the next ten years. All these baby

1199
00:55:07,200 --> 00:55:10,040
Speaker 4: boomers are retiring at the same time. They're gonna give

1200
00:55:10,040 --> 00:55:12,680
Speaker 4: their cash in their stock to their kids. They're gonna

1201
00:55:12,680 --> 00:55:15,560
Speaker 4: give their house to their family. Kids don't want the business.

1202
00:55:16,520 --> 00:55:22,160
Speaker 4: Those businesses have cash flow, client lists, real estate, a brand,

1203
00:55:22,600 --> 00:55:24,960
Speaker 4: their city. What Alex say, do you a minute ago

1204
00:55:25,280 --> 00:55:27,360
Speaker 4: bring me an asset for ten million that I can

1205
00:55:27,400 --> 00:55:30,920
Speaker 4: get for eight million, uh, and you have the upside

1206
00:55:31,000 --> 00:55:33,960
Speaker 4: between eight and ten. So these business So if you

1207
00:55:34,040 --> 00:55:35,800
Speaker 4: come to me and say I have a startup idea,

1208
00:55:35,920 --> 00:55:39,279
Speaker 4: give me a million dollars, get out of here. Right.

1209
00:55:39,920 --> 00:55:41,520
Speaker 4: You come to me and say, I've got a business

1210
00:55:41,520 --> 00:55:44,319
Speaker 4: that's got a million dollars of cash flow, that's got

1211
00:55:44,360 --> 00:55:48,239
Speaker 4: a that's got an evaluation of ten million dollars, will

1212
00:55:48,280 --> 00:55:53,359
Speaker 4: you finance that the acquisition? So one time, one time,

1213
00:55:53,680 --> 00:55:56,200
Speaker 4: so revenue, it's got ten million dollars in this example

1214
00:55:56,239 --> 00:55:59,000
Speaker 4: says ten million dollars of revenue, Well, you've somebod ads

1215
00:55:59,560 --> 00:56:02,400
Speaker 4: a no nine million dollar acquisition. The answer to that

1216
00:56:02,600 --> 00:56:07,080
Speaker 4: is absolutely yes. Non recourse mean, no personal guarantee. Wall

1217
00:56:07,120 --> 00:56:09,520
Speaker 4: Street does that all there. It's called private equity. So

1218
00:56:09,840 --> 00:56:12,960
Speaker 4: you got literally trains of dollars for the businesses that

1219
00:56:13,040 --> 00:56:15,560
Speaker 4: are about to hit the market. And people listening to

1220
00:56:15,640 --> 00:56:18,680
Speaker 4: this can go become capitalists right now with an existing

1221
00:56:18,800 --> 00:56:23,799
Speaker 4: cash flow business, existing assets, existing employees. Not no risk,

1222
00:56:23,880 --> 00:56:27,000
Speaker 4: but low risk because it's already successful. So we need

1223
00:56:27,040 --> 00:56:30,719
Speaker 4: to stop being self employment projects because ninety six percent

1224
00:56:30,719 --> 00:56:32,759
Speaker 4: of all black businesses don't have an employee. I don't

1225
00:56:32,760 --> 00:56:35,600
Speaker 4: know what the Latino numbers are, but you but again,

1226
00:56:35,680 --> 00:56:38,120
Speaker 4: you bill wealth and your sleep is compounding. This is

1227
00:56:38,200 --> 00:56:40,040
Speaker 4: a huge opportunity.

1228
00:56:40,160 --> 00:56:40,799
Speaker 5: So if you have.

1229
00:56:42,520 --> 00:56:44,480
Speaker 6: And sports are so easy, I always use sports is

1230
00:56:44,480 --> 00:56:46,760
Speaker 6: a great metaphor because the teachers are about life and business.

1231
00:56:46,880 --> 00:56:50,800
Speaker 6: Right if you say you know who's a better basketball player,

1232
00:56:51,600 --> 00:56:54,680
Speaker 6: Shock or John, where they walk in the room immediately

1233
00:56:54,760 --> 00:56:58,080
Speaker 6: one hundred percent will say shot right. Business is exact opposite.

1234
00:56:58,200 --> 00:57:00,319
Speaker 6: Like if let's say you have four thousand bill airs

1235
00:57:00,320 --> 00:57:02,879
Speaker 6: in the world today, four thousand just for a number,

1236
00:57:03,600 --> 00:57:06,439
Speaker 6: and you say, everyone pressed the lead, everyone goes to zero,

1237
00:57:07,840 --> 00:57:09,719
Speaker 6: the math will tell us, and the signs wild tell us,

1238
00:57:09,719 --> 00:57:12,200
Speaker 6: and that data would tell us that in ten years

1239
00:57:12,760 --> 00:57:16,160
Speaker 6: you'll have basically the same four thousand billionaires again. Because

1240
00:57:16,200 --> 00:57:18,120
Speaker 6: what it is, like shaq, is a set of skills,

1241
00:57:18,680 --> 00:57:21,080
Speaker 6: and is an ear and is a rewiring of the brain.

1242
00:57:21,600 --> 00:57:25,160
Speaker 6: So all of us here walk into opportunities every single day,

1243
00:57:25,600 --> 00:57:29,440
Speaker 6: but it's taking your eyeballs and your brain and your

1244
00:57:29,560 --> 00:57:31,720
Speaker 6: ears to think about opportunities when you hear them. So

1245
00:57:31,760 --> 00:57:34,640
Speaker 6: you hear opportunities all the time. You know, poor guy

1246
00:57:34,640 --> 00:57:37,120
Speaker 6: and a rich guy go through a bad neighborhood. The

1247
00:57:37,160 --> 00:57:39,360
Speaker 6: poor guy goes, God, what a terrible neighborhood. I wouldn'tver

1248
00:57:39,400 --> 00:57:42,320
Speaker 6: want to live here. The rich guy goes, let's try

1249
00:57:42,360 --> 00:57:43,520
Speaker 6: to see if we can buy all this up on

1250
00:57:43,560 --> 00:57:45,600
Speaker 6: a cheap, because in ten years you're going to be different.

1251
00:57:45,880 --> 00:57:47,640
Speaker 6: You go to a barber shop and you hear through

1252
00:57:47,640 --> 00:57:50,080
Speaker 6: a terrible divorce, and you hear this gossip all the time,

1253
00:57:50,720 --> 00:57:52,640
Speaker 6: and you guys are here. Man, what a terrible situation.

1254
00:57:52,720 --> 00:57:53,760
Speaker 6: I have to sell their house, I have to sell

1255
00:57:53,800 --> 00:57:56,040
Speaker 6: their car. If you're an entrepreneur in the ear, you hear, oh,

1256
00:57:56,160 --> 00:57:58,480
Speaker 6: that might be an opportunity. Well maybe I can, not

1257
00:57:58,760 --> 00:58:00,440
Speaker 6: to take advantage of anyone, but you have to sell

1258
00:58:00,440 --> 00:58:03,800
Speaker 6: your house quickly. Maybe I can provide a quick buy

1259
00:58:03,840 --> 00:58:06,360
Speaker 6: and sell for you off market. Right, and there goes

1260
00:58:06,440 --> 00:58:09,040
Speaker 6: that seven million dollars deal for ten Right. So it's

1261
00:58:09,040 --> 00:58:11,560
Speaker 6: about rewiring of the brain and looking at opportunities and

1262
00:58:11,640 --> 00:58:14,640
Speaker 6: not looking at problems, because problems is really opportunities.

1263
00:58:14,840 --> 00:58:19,480
Speaker 3: Well, ladies and gentlemen, John O'Brien, them is happening December

1264
00:58:19,560 --> 00:58:21,200
Speaker 3: ninth to the eleventh in Atlanta, Georgia.

1265
00:58:21,280 --> 00:58:23,120
Speaker 5: Miss I'll be there, that's right.

1266
00:58:23,480 --> 00:58:24,120
Speaker 4: We'll give you a minute.

1267
00:58:24,320 --> 00:58:24,960
Speaker 5: I'm sure you'll come.

1268
00:58:24,920 --> 00:58:25,440
Speaker 2: Back before that.

1269
00:58:25,840 --> 00:58:26,120
Speaker 4: All right.

1270
00:58:26,160 --> 00:58:29,160
Speaker 2: Well it's the Breakfast Club. Good morning, Wake that ass

1271
00:58:29,280 --> 00:58:30,480
Speaker 2: up in the morning.

1272
00:58:30,600 --> 00:58:31,600
Speaker 4: The Breakfast Club