Speaker 1: Welcome the Money and Wealth with John O'Bryant, a production
Speaker 1: of The Black Effect Podcast Network and iHeartRadio. Yo Yo Yo,
Speaker 1: John O'Brien Here, this is Money and Wealth with jj B.
Speaker 1: So reader ass, listener ass support her ass? How can
Speaker 1: I make ten thousand dollars and two weeks if my
Speaker 1: life depended on it? I don't want to see who
Speaker 1: the listener was. I'm about to blow up the question.
Speaker 1: The answer is, you can't unless you rob somebody and
Speaker 1: then you put your own life at risk. I mean,
Speaker 1: you can't is a big words. Right, My middle name
Speaker 1: is Hope. I'm not saying you can't. The likelihood of
Speaker 1: you being able to do this legally to make ten
Speaker 1: thousand dollars in two weeks, and I assume and this
Speaker 1: question you're working class, middle class or you're not. I mean,
Speaker 1: I can make ten thousan dollars in two weeks, but
Speaker 1: I don't need it. If you need it, right, the
Speaker 1: very nature of you needing it is you know is
Speaker 1: relevant to you. Then the likelihood of you being able
Speaker 1: to legitimately honestly make ten thousands in two weeks is
Speaker 1: very low, which means you're gonna have to do something
Speaker 1: sketchy in which means you're gonna put your life at risk.
Speaker 1: Yer Chris Rock said, dude's next door neighbor robbed him
Speaker 1: and he knew he robbed him. He's like, hey, man,
Speaker 1: what's going on. I heard you got robbed. He said,
Speaker 1: you didn't hear stuff because you were doing stuff. You
Speaker 1: robbed me. So yeah, don't don't rob anybody. It's uh.
Speaker 1: And don't do anything illegal. And you know, karma is
Speaker 1: real and whatever goes around comes around, and it looks
Speaker 1: too good to be true, it normally is. So yeah,
Speaker 1: that's the short answer to the question is you really
Speaker 1: can't legitimately make ten thousands in two weeks. Now, that's
Speaker 1: the bad news. Everything else I would tell you is
Speaker 1: the good news. By the way, love is work, Love
Speaker 1: is laziness, anti love is evil. Evil exists, but it's very,
Speaker 1: very rare. Most people are just lazy, intellectually lazy, financially lazy,
Speaker 1: physically lazy, spiritually lazy. They don't want to do the work.
Speaker 1: They want somebody else to do it for them. Only
Speaker 1: in the dictionary does the word success come before the
Speaker 1: word work, because it's alphabetical. Right. So here's the good news.
Speaker 1: You know, you got to do the work. Everybody has
Speaker 1: to do the work. And now you know if you
Speaker 1: do the work from the neck up, from the shoulders down,
Speaker 1: you work smart and not hard. You can get to
Speaker 1: a point I e. My story, my story where you
Speaker 1: can make ten thousan dollars in two weeks. But at
Speaker 1: that point you're compounding mostly like in other words, uh,
Speaker 1: you make money during the day, you build wealth in
Speaker 1: your sleep. So I will get a check for something
Speaker 1: and I'm like, what's this for? That's what you want
Speaker 1: to get, but it took it's taken me twenty thirty
Speaker 1: years to get there. What's this for? Means? It's interest
Speaker 1: on you know, a dividend. It's dividend, a dividend payment,
Speaker 1: you know, or interest on stocks and bonds, or interest
Speaker 1: on some real estate investment or rent or something like that.
Speaker 1: It's some payment all of an asset and assets not
Speaker 1: on your ass right. This is a real asset, right,
Speaker 1: and you're benefiting from it. By the way, it's an
Speaker 1: old saying, but it's true. And this is that further
Speaker 1: up the ladder you get sort of story. It's harder
Speaker 1: to make a thousand on ten thousand than it is
Speaker 1: to make ten thousand on one hundred thousand. But it's
Speaker 1: harder to make ten thousand one hundred thousand than it
Speaker 1: is to make one hundred thousand on ten million. If
Speaker 1: you have ten million, it's actually pretty easy to make
Speaker 1: one hundred thousand dollars a year. It's actually if you
Speaker 1: have excuse me, four million, three million dollars a year, sorry,
Speaker 1: an assets, you can make six figures without lifting a finger.
Speaker 1: It just passive income. You never touched the principle. If
Speaker 1: you just make sound conservative investments in the stock market,
Speaker 1: or there's a range of other things you can do.
Speaker 1: It stands the reason. If you have a billion dollars
Speaker 1: of assets, then it's actually easier. You know, well, there's
Speaker 1: a line of sight to you know, one hundred million
Speaker 1: dollars a year. If you have a billion dollars in assets,
Speaker 1: that's ten percent by the way of return on the
Speaker 1: billion dollars, where your principle doesn't go away, and you've
Speaker 1: made ten percent of that, which is one hundred million dollars.
Speaker 1: So compounding, the more you make, the easier it is
Speaker 1: to make more on what you made now, unless you're
Speaker 1: just hustling, unless you're just trying to make a dollar
Speaker 1: out of fifteen cents. You're just trying to You're always
Speaker 1: trying to make some moodless money, some cash. You know, again,
Speaker 1: you get into that whole scamming messing around world where
Speaker 1: you know somebody's literally trying to get rich quick, so
Speaker 1: multi level marketing. You know, there's a lot of people
Speaker 1: running around. I do you know I'm gonna do a
Speaker 1: whole separate situation on scam So I'm not getting into
Speaker 1: that now. But the short answer to this question is yes,
Speaker 1: it is possible. You know, anything's possible, right, So I
Speaker 1: don't want to diminish your I don't want to just
Speaker 1: gurage you or diminish your overall enthusiasm for whatever dream
Speaker 1: you have. Right, anybody can get lucky, but the rational
Speaker 1: reasonable you know, I'm not gonna get shot or killed
Speaker 1: or arrested. Answer to can somebody who makes fifty thousand
Speaker 1: dollars a year make ten two weeks if their life
Speaker 1: depended on it? The answer that is probably not, unless
Speaker 1: your life does depend on it. Boy, here's a truth
Speaker 1: that is as old as Jesus and the world itself,
Speaker 1: the modern world itself. Somebody is always trying to separate
Speaker 1: you from your money, You from your wallet. John O'Brien
Speaker 1: is his money and wealth. So yeah, how to identify
Speaker 1: scams is you know, it's three triggers. Really, it's more
Speaker 1: than three triggers, but here's some easy ones. There's an
Speaker 1: emotional trigger. These are the triggers that people were trying
Speaker 1: to pull on you to get you to separate you
Speaker 1: from your wallet. There's an emotional trigger. There's a formal trigger,
Speaker 1: in other words, trying to look like they're part of
Speaker 1: the system. Emotion was like inspiring you, convincing you, and
Speaker 1: you know, trying to make you feel like you're part
Speaker 1: of a movement or doing good or whatever. And then
Speaker 1: there's greed. Okay, and the biggest of these three, without
Speaker 1: question is greed. So let me get into this in
Speaker 1: no particular order. There's a couple lot of well, get
Speaker 1: in no particular order. They pick on, made off, made off,
Speaker 1: made off with I think it was fifty billion dollars
Speaker 1: with a B billion and he says, you know, Bernie
Speaker 1: Madoff says, how are you to get away with this?
Speaker 1: He was, you know, embraced by the establishment. Part of
Speaker 1: the formal economy dealt with sophisticated investors. I'm gonna deal
Speaker 1: with crimes really for forking class folks, middle class folks,
Speaker 1: and poor folks here and really primarily. But he was
Speaker 1: dealing with high net worth investors. How do he get
Speaker 1: away with it, he says himself, because people were greedy.
Speaker 1: They wanted to believe that he could give them some
Speaker 1: crazy returns on their money. So they turn their their
Speaker 1: their heads to common sense. Common sense is not so common.
Speaker 1: If you look for the truth, you'll find it, right.
Speaker 1: But to rationalize is to tell rational lies, right, and
Speaker 1: you know, you tend to believe what you want to believe.
Speaker 1: So whether it's Bernie made Off who made off with
Speaker 1: fifty billion, or whether it's this dude who out of
Speaker 1: Malaysia the one I don't want to give this wrong
Speaker 1: because I've got a one MBB initiative and I never
Speaker 1: like confusing anybody confusing it too. One mbb and this
Speaker 1: is one bb or something like that. Anyway, it was
Speaker 1: a dude out of Malaysia who scammed the country out
Speaker 1: of billions billions, I mean just out of the Sovereign
Speaker 1: Fund of Malaysia. By the way. See, you want to
Speaker 1: pull the guy's name. We're talking and you know, again
Speaker 1: prime minister was involved and all these people. How could
Speaker 1: you get the prime minister involved with a scam in Malaysia?
Speaker 1: Easy greed because it appears the prime minister was also
Speaker 1: in on the scam, right, And this guy went and
Speaker 1: hid in China and he's still in China. I read
Speaker 1: this book that I don't often read seven hundred page books,
Speaker 1: but this book I did read and it's it's fascinating.
Speaker 1: And I'll come back to that because I'm trying to
Speaker 1: look up. I want to make sure that I pull
Speaker 1: up this guy's name and you can do some research
Speaker 1: on him yourself. This is like, you know, and he's
Speaker 1: a young guy. He was in his twenties. But once
Speaker 1: again and he and he did you know, he financed
Speaker 1: Hollywood movies and he you know, he had all kind
Speaker 1: of legitimate One m dB is the name of the scam,
Speaker 1: by the way, and Joe Lowe is a guy's name, right,
Speaker 1: four billion dollars stolen from that one m dB. Be fun.
Speaker 1: Joe lows this guy's name. The Department of Justice tried
Speaker 1: to prosecute him. That a prosecutum abstinsia because he's on
Speaker 1: the run. They were able to trace down one hundred
Speaker 1: million dollars. But I mean he just got scammed, just everybody.
Speaker 1: It's fascinating documentaries out on it. Check it out. The
Speaker 1: Prime Minister again, big names, Wall Street investment firms and
Speaker 1: you know got taken for a ride in this thing.
Speaker 1: A lot of people got hurt. Right then you step
Speaker 1: down a few levels and it's this a couple in Texas,
Speaker 1: black couple. I don't want to mention the name. They're
Speaker 1: still being you know, going through through the criminal justice system,
Speaker 1: and while there has been a verdict raised, it's not over.
Speaker 1: And I want to ruin their reputation by minching the name,
Speaker 1: making a bad situation worse. But you know, you'll probably
Speaker 1: know what I'm talking about. They use spirituality in the
Speaker 1: church to try to get folks to time into there.
Speaker 1: I'll say blessed, That's all I'm gonna say. And again,
Speaker 1: and they promised to you something that you shouldn't have believed.
Speaker 1: They were talking about doubling or tripling your money or
Speaker 1: some crazy thing. I forget the numbers, but it was
Speaker 1: like crazy, or it was even worse than that, I
Speaker 1: mean bigger than that. There's no way you can give
Speaker 1: these kinds of returns again greed, right, They use emotionalism
Speaker 1: and they use I guess the formality of the church,
Speaker 1: and they use greed. They use all the tricks of
Speaker 1: the trade. Do I think there were bad people? Do
Speaker 1: I think they woke up in the morning and said, ooh,
Speaker 1: let me scam out my own people. No, I don't
Speaker 1: think that's the case. I don't know them, but I
Speaker 1: don't think that's the case. I just think that again,
Speaker 1: the rational lies is to tell rational lies. You convince
Speaker 1: yourself that what you're doing is the right thing when
Speaker 1: it is the wrong thing. And as a dude, I
Speaker 1: know guy, I know uh pastor out of Houston, really
Speaker 1: nice guy, ran a mega church in Houston, Reverend Curby
Speaker 1: John Calwell. He's serving time right now. Do I think
Speaker 1: he did something malicious? No, I don't. But he convinced himself.
Speaker 1: And I wish he would have called me out and
Speaker 1: told him to stay away from it with a foot pole.
Speaker 1: But he convinced himself that when somebody came to him
Speaker 1: with Chinese bearer bonds or some kind of crazy thing,
Speaker 1: that he convinced himself that it was legit, and he
Speaker 1: had all stack of documents against formality, a stack of
Speaker 1: documents that supposedly proved that this was legit. I would
Speaker 1: have told him it wasn't. And he, you know, used
Speaker 1: his influence or the other people used his influence as
Speaker 1: a prominent pastor to raise money from unsuspecting investors, and
Speaker 1: it all blew up and he's in jail right now.
Speaker 1: And it's you know, I mean, this guy's counseled presidents again,
Speaker 1: A nice guy. I like him to this day. I
Speaker 1: like him, And do I again, Do I think he
Speaker 1: was malicious? No? I do not. He's even paid restitution.
Speaker 1: He actually paid back. I believe the principal sum of
Speaker 1: the money that was invested through these bonds out of
Speaker 1: his own funds. But you know, I don't know what else.
Speaker 1: I don't know the details, and whether it's other people
Speaker 1: lost additional money. But if you just looked at this,
Speaker 1: anybody who unders stands finance and understand how the world
Speaker 1: works looked at this and said, how did this get down? Again,
Speaker 1: no disrespect to the pastor. It was a pastor of
Speaker 1: a very prominent, big church, But how did this sophisticated
Speaker 1: financial instrument with so called governments in the big finance world,
Speaker 1: get down to the local level of a pastor of
Speaker 1: a local church, and how did he end up with
Speaker 1: this in his hands to be able to take advantage
Speaker 1: of it. It's just the world doesn't work that way, right.
Speaker 1: Greed in and of itself would have caught that opportunity
Speaker 1: way before it got to him. In other words, if
Speaker 1: people on Wall Street knew that there were a legitimate
Speaker 1: way to double your money using government bonds, that deal
Speaker 1: wouldn't have made it out of the first office it
Speaker 1: showed up to on Wall Street. You wouldn't never have
Speaker 1: got down to the big office of the local office,
Speaker 1: to the to the to the smaller office, to the
Speaker 1: to the regional office, to the to the church in Houston. Right,
Speaker 1: So I see this stuff coming. People come in me
Speaker 1: all the time. Man. I'll had a photographer come at
Speaker 1: me adding a formal event a couple of weeks ago. Hey, man,
Speaker 1: I got these from some country and I want to talk. Nope,
Speaker 1: I'm just telling you right now, if this is the
Speaker 1: end of the story, can we please start there. I'm
Speaker 1: telling you it's no good that I'll tell you that
Speaker 1: dog don't hunt and the guy wanted to believe just
Speaker 1: say look, just have a meeting. I don't need that.
Speaker 1: We're having a meeting right now. It always fascinates me
Speaker 1: when somebody says, Hey, John, I just want to meet
Speaker 1: with you. Well, you're talking to me right now. We're
Speaker 1: having a meeting, right. What are we gonna talk to
Speaker 1: behind closed doors? Un four walls? Right? Buying a desk
Speaker 1: and a chair that you can't tell me right now? Right? Anyway? Uh,
Speaker 1: that's just a funny aside. This stuff is just too
Speaker 1: If it looks too good to be true, it normally is.
Speaker 1: So there's your first tell. If it looks too good
Speaker 1: to be true, it normally is. I've told you a
Speaker 1: couple about a couple scams. Let me tell you what
Speaker 1: Experience says about some of the latest scams that you
Speaker 1: should you know, they're AI artificial intelligence powered scams. You
Speaker 1: can go to the website for you know, details in
Speaker 1: each one of these. There's loan forgiveness scams where folks
Speaker 1: are masquerading like they're the federal government like uh, you know, yeah,
Speaker 1: like they're gonna give you loan forgiveness, and what they
Speaker 1: really want is your information and they're gonna they're just
Speaker 1: trying to reel you in. They get you to pay
Speaker 1: some application fee. A lot of these folks do that. Oh,
Speaker 1: we're and give you a million dollars. Just pay this
Speaker 1: ten thousand dollars application fee. Anybody who comes as you
Speaker 1: at that with any of any of that stuff wrong
Speaker 1: and scam. Right of application fee scam one of the
Speaker 1: easiest scams on the planet. They feed on your greed
Speaker 1: and your emotionalism and your lack of financial literacy. They
Speaker 1: offer you some big number and just tell you all
Speaker 1: it takes is for you to give us this small
Speaker 1: number in relation to the big number, and we're gonna
Speaker 1: pay you for the rest of your life. Does that
Speaker 1: really sound like it's rational? Okay, it doesn't sound like
Speaker 1: a pipe dream. Hello, it is. And they will often say,
Speaker 1: like student loangovernment dot com? Did you see that? I'm
Speaker 1: just making this up, like student loan governmentforgiveness. I'm making
Speaker 1: this up dot com. There is no dot com this government.
Speaker 1: It's gonna dot gov, g o V or dot at
Speaker 1: or worse than me dot org. But I wouldn't even
Speaker 1: believe that. Right if somebody's masquerading as the government is
Speaker 1: going to be dot gov or have somebody to do
Speaker 1: with the government. I can't tell you how many times
Speaker 1: I've received letters in the mail and I have to
Speaker 1: look at it five times because it really looks like
Speaker 1: it's from the government. I've had people tell me like
Speaker 1: I've in default on my property taxes and I had
Speaker 1: to like look at it five times because it looked
Speaker 1: like it was from a taxing authority when you look
Speaker 1: at it really closely. No, it's just some business, some
Speaker 1: some something. I can't call them entrepreneur because it's not legit,
Speaker 1: some some business charlatan masquerading as if they're the government right.
Speaker 1: And phone scams, people calling you, impersonating, trying to, you know,
Speaker 1: get you all wrapped up in some story and they
Speaker 1: call you a whole bunch of times over a period
Speaker 1: of time and get you and get comfortable with you,
Speaker 1: asking about your family. They don't care about your family
Speaker 1: to care about separating even your wallet. Text scams, I've
Speaker 1: had those people send me a text. Here's a funny one.
Speaker 1: They sent me a text as if it was me
Speaker 1: sending a text to me. They had messed up. John Brian,
Speaker 1: you know this is John Brian. I want you to
Speaker 1: wire me. You know I need I'm in I'm in
Speaker 1: I'm in it, stuck in the airport in Russia and uh,
Speaker 1: and they've taken my credit cards and you know who
Speaker 1: I am. I'm legit. Just send me, you know, real quickly,
Speaker 1: one thousand dollars or twelve hundred bucks or something. I'll
Speaker 1: get it right back to you. Scam right. And I've
Speaker 1: had people in my company who got text messages saying
Speaker 1: they were from me. It clearly wasn't my phone number,
Speaker 1: wasn't my email addressing it with somebody they send emails to.
Speaker 1: If you just look closely, it wasn't me. It wasn't
Speaker 1: our email address, it wasn't our domain name, it wasn't
Speaker 1: my phone number, wasn't anything. But they just, oh, John O'Brien,
Speaker 1: this is texting me and he needs me to wire
Speaker 1: ten thousand dollars. One of my former employees actually did this.
Speaker 1: It wasn't ten thousand dollars, but it was, you know,
Speaker 1: over a thousand. We reimburst her for that, and I
Speaker 1: actually tried to get her to do a video to
Speaker 1: like to share her story. She was so embarrassed she
Speaker 1: didn't want to share a story, which upset me because
Speaker 1: I'm like, well, we paid you back for a scam.
Speaker 1: We didn't have to get nothing to do with us.
Speaker 1: At least you could do it. She educate other people anyway,
Speaker 1: she's not with us anymore. But you know, this stuff
Speaker 1: happens like all the time, zeale scams, cryptocurrency scams, romance scams,
Speaker 1: this is a big one. Online purchase scams, employment scams,
Speaker 1: check fraud scams. I got one of those. How to
Speaker 1: avoid Okay, So here's a check fraud scam, right, this
Speaker 1: is mine. So I'm in Nigeria and this is emotionalism.
Speaker 1: They got me on emotionalism. I'm in Nigeria with Ambassador
Speaker 1: Andrew Young. Twenty years ago. I remember Dick greg Ray,
Speaker 1: the famous comedian, said I loved going to Africa. This
Speaker 1: is twenty years ago. I loved going to Africa because
Speaker 1: they're even my old cancel credit cards still work. Not
Speaker 1: the case anymore now everybody is digital and you know,
Speaker 1: connected to the internet whatever. But so I went. I
Speaker 1: was in Nigeria. We were guests of the President of
Speaker 1: the Unit of the President of Nigeria, then the President.
Speaker 1: There were then Bassaror Andrew Young and the African American Summit,
Speaker 1: Reverend Leon Sullivan. All that was legit. We're at a
Speaker 1: African art bazaar outside the hotel again, government officials around,
Speaker 1: security around, and I'm trying. I'm all caught up in
Speaker 1: the emotion of the moment. You know, we're all African,
Speaker 1: We're all from Africa. Everybody's from Africa. I'm trying to
Speaker 1: show my support, right, my brothers and my sisters in Africa.
Speaker 1: And I'm not mad. I'm about to give you to
Speaker 1: tell you this story, but I'm not mad at this person.
Speaker 1: They actually this was so smooth and so smart. I
Speaker 1: wanted them to have the money, right, this was my
Speaker 1: I get to tell the story with the rest of
Speaker 1: my life. So it was worth the money I lost.
Speaker 1: So I go to buy a piece of art and
Speaker 1: I wrote a check. He let me write a check,
Speaker 1: and I don't remember the exact amount, but let's just
Speaker 1: say I wrote the check for one thousand dollars, right,
Speaker 1: So I wrote him a check for one thousand dollars
Speaker 1: for the art. He allowed me. Now this is smooth.
Speaker 1: Now he allowed me to take the art with me.
Speaker 1: So I give him a thousand dollars check. I take
Speaker 1: the art with me, I get on the plane, I
Speaker 1: go home. The art's in my office. Two weeks have passed.
Speaker 1: This is so smooth. These are Nigerians. If these scamsters
Speaker 1: not everybody in Nigeria, but Nigerian scamsters, I mean Nigerian
Speaker 1: are probably the smartest Africans on the planet. Sorry, I'm
Speaker 1: not offending anybody else, but as far as entrepreneurship in business,
Speaker 1: I'm of the smartest on the planet. They ever get legal,
Speaker 1: they'll run the planet, they run the world. My god,
Speaker 1: this guy is so smooth. This guy was so smooth.
Speaker 1: Waited two weeks a confidence scam waited two weeks build
Speaker 1: up my confidence in him. Emailed me, Now, what would
Speaker 1: happen if if he got in the wrong email address
Speaker 1: or something for me? Right? Emails me? What if I
Speaker 1: didn't respond to the email but he knew how I
Speaker 1: respond emotionalism. Hey, mister Bryant told me. I'm mister Bryant.
Speaker 1: I'm so sorry to bother you. You gave me a check.
Speaker 1: I went to the to the bank. The bank wouldn't
Speaker 1: cash the check because I don't have the proper idea,
Speaker 1: the proper credentials. And I hope you enjoyed the art.
Speaker 1: Was so honored to meet you. Blah bla blah blah.
Speaker 1: Speaking to my ego, I'm so, you know, so proud
Speaker 1: of the work you're doing. Yeah, right, about to work
Speaker 1: me over. And well, I'm like, well, what can I
Speaker 1: do to help you? Of course I got the Superman complex, right,
Speaker 1: what can I do to help you? This is this
Speaker 1: is unfair. What do you mean The bank's not giving
Speaker 1: you the money? And I can it's my check. Tell
Speaker 1: them to cash my check in your name. I'm sorry,
Speaker 1: mister Brian, they won't cash the check. What do I do?
Speaker 1: I need the money for my rent and my payments. Oh,
Speaker 1: Superman to the rescue. Not to worry. I'll tell you what.
Speaker 1: I'm going to wire the money to you. It was
Speaker 1: Western Union. I'm sending you the thousand dollars by Western Union.
Speaker 1: I checked the bank. By the way, check had not cleared.
Speaker 1: I know somebody sitting there saying, John, don't do it.
Speaker 1: Check the bank. I checked the bank. The check had
Speaker 1: not cleared. Okay, we're on the same page. I am
Speaker 1: the financial literacy guy, right, So I'm like, Okay, I
Speaker 1: checked the bank, and I'm smart. I wire him a
Speaker 1: thousand dollars to Western Union. Hold on, now, he texts back,
Speaker 1: not textor R I emailed back back in those days
Speaker 1: twenty years ago. I'm sorry, mister Briant, the Western Union
Speaker 1: won't allow me to pick up the money. They say
Speaker 1: I have an ID problem. The other one, the first
Speaker 1: one was a credentials problem. This one was an ID problem.
Speaker 1: What do you mean they won't give you the money. Yes,
Speaker 1: mister Brian, I'm so sorry. They won't accept my ID.
Speaker 1: They're going to send your money back. I don't know
Speaker 1: whether I told him not to do that. I think
Speaker 1: I did, and I think the money did come back
Speaker 1: to me, and then he told me it will send
Speaker 1: it to his sister. I believe. So I resent the
Speaker 1: money this time. Now he's got me off my game.
Speaker 1: Right now, I'm completely committed. I'm completely distracted. I wire
Speaker 1: another thousand dollars now to his sister, so called sister
Speaker 1: right and I'm waiting for confirmation. I don't hear anything. Finally,
Speaker 1: I get my people to check Western Union. Yes, the
Speaker 1: money's been received. Fantastic secretary comes to my office. John,
Speaker 1: you might want to check the bank. Call the bank,
Speaker 1: checks beIN cash Boom, drop the mic. You caught me
Speaker 1: coming and going. All I could do is raise my
Speaker 1: hand to the dude like, Okay, that was really really smooth.
Speaker 1: Now you won't first it happens to me. You know,
Speaker 1: it happens to me once. Shame on you happened to
Speaker 1: me twice, shame on me, right, but it's not happened
Speaker 1: to me twice. But but that one time when that
Speaker 1: happened to me, I had to tip my hat and
Speaker 1: say job, well done, criminal. But you'll never get that
Speaker 1: money from me again. Nah, of mys if I go
Speaker 1: to someplace I put on my marriage press card, you
Speaker 1: don't take your marriage breas you're not getting any money
Speaker 1: from me, or I'll pay cash no checks, know nothing
Speaker 1: where I can't you know, you know it has to
Speaker 1: be debated later. And don't think so this dude getting
Speaker 1: it was so smooth because he actually gave me the product,
Speaker 1: didn't cash the check, banked on the fact that I was,
Speaker 1: you know, the kind of person that will respond to
Speaker 1: his email, had to believe he had the right email
Speaker 1: address and waited to the exact right down to cash
Speaker 1: that check. Just shows that we really are smart, right,
Speaker 1: we really We've been doing so much with so little
Speaker 1: for so long, we'd almost do anything with nothing. What
Speaker 1: happens when we become legal, my lord right. And by
Speaker 1: the way, I'm not picking on black people. I picked
Speaker 1: on every race during this podcast. But to remember that
Speaker 1: NASCAR came from moonshine running in the Appalachian Mountains, you know,
Speaker 1: moonshine runners. They realized they've been running from the police,
Speaker 1: that it was illegal and you couldn't do that for
Speaker 1: the rest of your life. You're gonna get you know, prison, probation, parole,
Speaker 1: or dead. It was no retired moonshine runners. So they said, well,
Speaker 1: what can we do, Ah, we can drive, and they
Speaker 1: start driving on in the mountains and driving on the beach,
Speaker 1: and driving on in fields and driving around in circles,
Speaker 1: and hello, here comes NASCAR and five generations later of wealthy,
Speaker 1: billion dollar families that they can track their history to
Speaker 1: moonshine running. So rainbows only follow storms. She could not
Speaker 1: have a rainbow without a storm first. Everybody has gone
Speaker 1: through something to get somewhere, and so here's our story
Speaker 1: as well, Love and Light. John Hope Yo yo yo,
Speaker 1: John O'Brien here on money and wealth. So there's a
Speaker 1: fan question from underscore mister Charisma at Instagram Underscore mister Charisma,
Speaker 1: So thank you for your question. I love questions. No,
Speaker 1: there are no dumb questions like Quincy Jones. I asked,
Speaker 1: how'd you get so smart? He said, I'm just nosy
Speaker 1: as hell. I want to know everything about everything. That's
Speaker 1: why God gave you two ears and one mouth, so
Speaker 1: you listen twice as much as you talk. So I
Speaker 1: love questions, even questions that make me shake my head. Right,
Speaker 1: this whole podcast episode should be like what you don't do?
Speaker 1: Don't do it, don't do it, don't die, don't done.
Speaker 1: So his question is it's paying your bills more important
Speaker 1: first or investing and actually in a stabilized world, the
Speaker 1: answer to me is simple, you pay your bills because
Speaker 1: otherwise you destroy on your credit card. If you don't
Speaker 1: pay your bills, you're just destroying your credit score. And
Speaker 1: you know your credit score will determine the quality of
Speaker 1: your life. Like real talk, if your outflow sees your inflow,
Speaker 1: your overhead will be your downfall. You know you got
Speaker 1: now you got too much month, and then your money
Speaker 1: now the now, the white notices turn into blue notices,
Speaker 1: turning to yellow notices, turning the pink notices, turning the
Speaker 1: in the In the eight hundred calls and cut off notices,
Speaker 1: and then you could. Then then you have then your
Speaker 1: stuff is just like off, and I've come up. I
Speaker 1: remember off. I remember like Friday night, I'm trying to
Speaker 1: have a date and the lights are off, right because
Speaker 1: I didn't pay the light bill coming up right, I
Speaker 1: remember off off, phone bill off, I remember all my
Speaker 1: stuff getting turned off and I and I remember having
Speaker 1: tow up credit toe up from the flow up, and
Speaker 1: it was not fun at all. So half of black
Speaker 1: folks have a credit score below six twenty. This is
Speaker 1: not a podcast for black people exclusively, but I'm talking
Speaker 1: to my people first and foremost. You know, you can
Speaker 1: be the nicest person on the planet, go to church
Speaker 1: every Sunday, be sweet and caring and loving. And still
Speaker 1: if your credit score is below six twenty, which is
Speaker 1: half of Black America, not poor people, that's all of us,
Speaker 1: then you wake up the morning and half of us
Speaker 1: are locked out of the free enterprise system. Right. You
Speaker 1: just cannot operate in the free enterprise world. This is
Speaker 1: a free enterprise democracy, real talk. So you've got to
Speaker 1: get your credit straighters. My dad used to credit used
Speaker 1: to say, growing up in South centrala you credit. You
Speaker 1: want his credit right, right, That's why his credit was
Speaker 1: all tore up. He couldn't even say the word credit.
Speaker 1: He was a good business, but not good at financial literacy.
Speaker 1: Now I just said all that, but my story would
Speaker 1: suggest that I'm talking out of the both sides in
Speaker 1: my mouth because I made a bet on investing in me,
Speaker 1: and I cannot say this is for everybody, because I
Speaker 1: could have been wrong. I could have completely Now I
Speaker 1: guess I could have made it right by just creating
Speaker 1: credit agreements. But if you go and listen to my
Speaker 1: story and you track it. When I was homeless, I
Speaker 1: hadn't pay the car note, the Montera black Montero jeep
Speaker 1: leashed to me by Mitsubishi of West Covina or whatever
Speaker 1: it is, I don't know. They're still there. They are.
Speaker 1: Thank you, guys for financing my life by accident, financing
Speaker 1: my dreams by accident, my businesses, and not coming after
Speaker 1: me with a tow truck because I needed a car
Speaker 1: to get around, but I didn't. I couldn't invest in
Speaker 1: my business and pay the card at the same time.
Speaker 1: And I didn't have an apartment because I lived in
Speaker 1: my g and I but I took the five hundred
Speaker 1: dollars a month I was coming in from residual payments
Speaker 1: from the acting that I had done before that it
Speaker 1: wasn't a very good actor. But anyway, I had five
Speaker 1: dollars a month a month coming into residual payments, I
Speaker 1: could have buy it. I could rent an apartment or
Speaker 1: rent an office, rented the office and started a consulting firm.
Speaker 1: And I just I just had too much. I had
Speaker 1: too much month that in my money, I had too
Speaker 1: many bills and not enough revenue. But I thought if
Speaker 1: I just kept hustling, kept hustling, kept hustling, then on
Speaker 1: the back end I would it would pay off, and
Speaker 1: I would then pay off my debts. I could have
Speaker 1: filed bankruptcy. I didn't, And as soon as I start
Speaker 1: doing well, I called West could be them in Shibishi
Speaker 1: and whoever the financi your agent was. I called all
Speaker 1: my creditors and I cut a deal, negotiated my payment.
Speaker 1: So I invested in me, and that investment paid off.
Speaker 1: But it could have imploded. And if it had imploded,
Speaker 1: what would I have done. I would not have found bankruptcy.
Speaker 1: I still would have would have wuldn't have got a
Speaker 1: job somewhere, and I would have cut a deal with
Speaker 1: my creditors to pay them back little by little and rebuilt.
Speaker 1: It just would have taken more time to rebuild. So
Speaker 1: you can again you read my story and my book
Speaker 1: Up from Nothing, or the memo or all the different
Speaker 1: places where you can find the story when I was
Speaker 1: homeless and the decisions I made and how I made them.
Speaker 1: So I made a bet on me. I would tell
Speaker 1: most people, though, who have a regular job, because I
Speaker 1: had the chance to cash it, to write a check
Speaker 1: and not just cash it and determine the size of
Speaker 1: my payoff with the return on the big bets I
Speaker 1: was making of investments in me. Well, thank god, some
Speaker 1: of which paid off. But if you just have a
Speaker 1: you're on a salary and a regular job, you don't
Speaker 1: have that kind of upside. And you need like my
Speaker 1: mother did, like my father did, like my family did.
Speaker 1: You need to steady and sure right. So you need
Speaker 1: a good credit score, pay your bills, put a lewiside.
Speaker 1: You can do fractional investing, which means less than that.
Speaker 1: If you have ten dollars and the share price on
Speaker 1: something you want to buy is one hundred dollars you
Speaker 1: can buy ten dollars of a share. Fractional investing. I
Speaker 1: talked about time shares, which is not the same as
Speaker 1: fractional investing it because fractional investing is investing in an
Speaker 1: instrument that actually could be worth much more than what
Speaker 1: you're putting in it, Whereas the time share investment I
Speaker 1: made clearly was worth less than what I put in
Speaker 1: it because it was not in tended to be an
Speaker 1: investment on the front end to begin with. So I
Speaker 1: would say invest in yourself. If you're an entrepreneurs small
Speaker 1: business owner, that says something different than if you are
Speaker 1: like Nirison to most people and employed individual Most people
Speaker 1: listening to this podcasts are employed individuals, working class, middle class, whatever.
Speaker 1: So get your credit score right, keep it tight, pay
Speaker 1: your bills, Communicate with your creditors on a regular basis.
Speaker 1: When you can't pay a bill, call them before they
Speaker 1: call you. Take whatever you have left. Don't go to
Speaker 1: Starbucks or I'm hate no star Books. Don't go to
Speaker 1: some fancy barista place. Go get you a cure machine,
Speaker 1: a coffee maker at home, and save that, you know,
Speaker 1: three hundred bucks a month or at least one hundred
Speaker 1: bucks a month from that and then take one hundred
Speaker 1: dollars of that and invest it in stocks, bonds, invest
Speaker 1: you know, whatever it is you'd like to invest in
Speaker 1: mutual funds for one k whatever, Start small, and then
Speaker 1: at compound. I started an account at Aerial Capital Management,
Speaker 1: black owned mutual fund company when I was in my teens. Then,
Speaker 1: in fact, I had a chance to invest in the
Speaker 1: company in my dumber and didn't do it when he
Speaker 1: first founded it, John Rodgers, But I did it. Open
Speaker 1: an account and I put a little bit in every month.
Speaker 1: I looked up one day it was eighty seven thousand
Speaker 1: dollars back back and back at the time where that
Speaker 1: was a whole lot of money for me, that was everything.
Speaker 1: It's probably everything for most people listening to this podcast.
Speaker 1: Actually half this country makes sixty five thousand, sixty thousand
Speaker 1: dollars a year, right, so it was like eighty some
Speaker 1: thousand dollars. I don't remember what it was, but I
Speaker 1: used that for something meaningful way back when i'd have
Speaker 1: been to put it down payment on my first piece
Speaker 1: of real estate, but I had forgotten about it. I
Speaker 1: just kept putting a few hundred dollars a month into
Speaker 1: his account and a compounded capital management and aerial investment.
Speaker 1: Got I think it's aerial investment, actually, John Rodgers, you
Speaker 1: just look it up, John Rodgers and Melody Hops and
Speaker 1: aerial investment. Black Home by the way, biggest black On
Speaker 1: mutual fund in the country. And they were doing they
Speaker 1: did great. Then they're doing great now. And so I
Speaker 1: put in X and got out X plus Y and
Speaker 1: then use that to make another investment in the rest
Speaker 1: of the history as they say. So, I hope that
Speaker 1: answered the question, the fan question. Thank you underscore, mister
Speaker 1: charisma and let it keep them coming, love and light.
Speaker 1: This is a civil rights movement. You have questions, go
Speaker 1: to Operation Hope. Talk to one of my financial coaches.
Speaker 1: I talk to them every quarter. They always find something
Speaker 1: messed up on my credit score. By the way, my
Speaker 1: credit report. Yo yo. This is John Hope, Brian and
Speaker 1: this is Money and Wealth on the Black Effect podcast
Speaker 1: network with my brand Charlemagne Good Investment. I have personal
Speaker 1: experience with this. I'm gonna be very specific. Here are
Speaker 1: time shares good real estate investments? The answer is no. Now,
Speaker 1: I'm not hating on time shares, and there's different kinds
Speaker 1: of time shares. And they're not really time shares are
Speaker 1: more like real estate shares. The reason they call it
Speaker 1: a time share is it's actually not really as a
Speaker 1: value proposition about the real estate, is about the time. So,
Speaker 1: if you're a working class person, right, and I want
Speaker 1: you all to know, watch this documentary The Queen of Versailles,
Speaker 1: which talks about this billionaire dude, David Siegls's name, who
Speaker 1: wasn't is in the timeshare business and he explains it
Speaker 1: in the documentary how his son explains how they separate
Speaker 1: working class people from their wallets. Don't take my word
Speaker 1: for it, but just watch it yourself. But let me
Speaker 1: just get get into this, you know straight away, that's
Speaker 1: just entertaining. This is factual time shares. If you're a
Speaker 1: working class person, you're apposed to worker, you're teacher, you
Speaker 1: have some kind of a structured job, and you don't
Speaker 1: think you can avoid vacations which you need to get away,
Speaker 1: you know, and you want to know you can get away,
Speaker 1: and you know exactly what time of the year you're
Speaker 1: going to get away because your vacation is the same
Speaker 1: time every year. You could schedule that in advance. And
Speaker 1: you want to go to some fancy place that may
Speaker 1: you don't think you can afford. They really again, they
Speaker 1: catch you on the emotionalism here and the dreaming aspects,
Speaker 1: and they don't think, and you don't think you can,
Speaker 1: you know, afford to go and own one of these
Speaker 1: some fancy places and some fancy location. Then they get
Speaker 1: you on a free trip, you know, a free stay,
Speaker 1: but by they know that you'll never make it to
Speaker 1: the free state. Before they warm you over with the
Speaker 1: presentation that nine times out of ten will have you
Speaker 1: writing a check or signing a very expensive loan agreement,
Speaker 1: or making some other commitment that allows them to take
Speaker 1: separate you from your wallet. I know because it happened
Speaker 1: to me. And the only real estate investment that I've
Speaker 1: lost money on that I can remember, by the way
Speaker 1: it might have happened. No, only when I can remember
Speaker 1: was a timeship, And it's actually happening right now. I'm
Speaker 1: selling a time share I bought thirty years ago. Thirty yeah,
Speaker 1: thirty years ago. I bought it emotionalism because of civil
Speaker 1: rights leader in south central LA who I was trying
Speaker 1: to befriend. I was trying to impress, I was trying
Speaker 1: to make him my friend and he was trying, I'm sure,
Speaker 1: trying to get a free week's vacation and was told
Speaker 1: that if he selled his time share to somebody else,
Speaker 1: some other dupe, dud or bonehead like me, that he
Speaker 1: could get a free week. And he, you know, nice guy.
Speaker 1: I don only mention his name because everybody will know
Speaker 1: who it is in la But I bought it thirty
Speaker 1: years later. I am just now rinsing this shirt that
Speaker 1: I got washed in from this so called investment, and
Speaker 1: I'm getting out of it when it closes a third
Speaker 1: less than a third of what I paid for it.
Speaker 1: But when you factor in all the management fees and
Speaker 1: the maintenance fees, it's like thirty five hundred dollars. I
Speaker 1: bought the thing with thirty five thousand dollars two weeks
Speaker 1: of time share on the beach across from the beach
Speaker 1: in Newport be Sounds great, doesn't it. And I own
Speaker 1: partial real estate of this development in Newport Beach on
Speaker 1: the beach unbelievably beautiful, you know storyline. And I lived
Speaker 1: in South Georlaisa. Driving a Newport Beach, I was like,
Speaker 1: oh my god, I can own a piece of this.
Speaker 1: Right when I sold that thirty years later and paid
Speaker 1: thirty five hundred dollars a year. I think it was
Speaker 1: thirtyeve hundred doars a year, fifteen hundred dollars eighty no
Speaker 1: dollars per unit per year and maintenance feed. If you
Speaker 1: don't pay the maintenance fee, they default you in the agreement.
Speaker 1: And luckily and I even I had, I financed it
Speaker 1: with their ridiculous interest rate financing. That the in house
Speaker 1: financing they did. It was some crazy interest rate eighteen
Speaker 1: percent of some crazy thing. Only think about it. It
Speaker 1: was so high, give me a nosebleed. I ended up
Speaker 1: paying that off, thank god, a decade ago, on the
Speaker 1: debt side, the loan side. So I owned the crappy
Speaker 1: investment free and clear, but I still had to pay
Speaker 1: the maintenance fee every year. If I didn't pay the
Speaker 1: maintenance fee fee, they could default me on my ownership
Speaker 1: agreement and put a lean against my ownership and take
Speaker 1: my ownership because if I don't pay the maintenance fee
Speaker 1: over two or three or four years, they own the
Speaker 1: dang on thing because it's worth more than I can
Speaker 1: sell it for according to them, because they control, by
Speaker 1: the way, the outcome of the real estate, which is
Speaker 1: one of the really important pieces about why I don't
Speaker 1: like time shares with fees. Sample real estate. I control
Speaker 1: when I buy, when I sell, how to negotiate what
Speaker 1: I do with it. On time shares, they control it.
Speaker 1: I've already gotten I already got it wrapped up in
Speaker 1: my own stories. Let me just finish it now. I'll
Speaker 1: tell you why I think it might be good for you.
Speaker 1: This is why it's bad. Right, So I'm selling that
Speaker 1: thing for I think I'm getting ten thousand, ninety eight
Speaker 1: hundred dollars or something for one of the two units.
Speaker 1: And I don't know i'm getting. You know, by the
Speaker 1: time I get out of this, I will have lost
Speaker 1: on the principal investment. So I paid thirty five thirty
Speaker 1: eight thousand dollars thirty years ago, I will sell it
Speaker 1: for less, probably ten thousand dollars less, as my guess,
Speaker 1: than the purchase price. This is real estate on the
Speaker 1: beach in Newport Beach. And when you factor in the
Speaker 1: thirty five hundred dollars or thirty eight hundred dollars a
Speaker 1: year and maintenance fee, I mean, it's simple math. Over
Speaker 1: thirty years, I got washed, I got soaked, right, and
Speaker 1: I ain't want to go. After a few years, I
Speaker 1: didn't want to go to this place anymore, but I
Speaker 1: was stuck with it. Then I had to fly there,
Speaker 1: pay for plane tickets and oh blah blah blah blah blah.
Speaker 1: So from an investment perspective, it sucked. It was horrible.
Speaker 1: But you know, I should have knew what I signed
Speaker 1: up for. They didn't force me, they didn't twist my arm.
Speaker 1: I'm not hating on them. There was good marketing, good manipulation,
Speaker 1: and you know, a good you know, emotionalization because this
Speaker 1: guy got me to do it because I was trying
Speaker 1: to impress him. It's like a bad marriage. Easy to
Speaker 1: get married, hard to get divorced. Right. I've been trying
Speaker 1: to get this dang on things for a decade and
Speaker 1: a half, right, And you could transfer this time share
Speaker 1: to another part of the country, another part of the country,
Speaker 1: but every place they wanted to transfer me to, I
Speaker 1: didn't like it. Like I'm like I if I got
Speaker 1: a it goes in place and my house is better
Speaker 1: where I'm going, and I definitely not going, or if
Speaker 1: I'm used to something that's better than what you're going
Speaker 1: to put me in, I'm definitely not going anyway, So
Speaker 1: you can tell I'm sort of bitter about the whole thing,
Speaker 1: but it was my fault. Right now, Here's where it's
Speaker 1: a good idea. If you want to know, hassle, plug
Speaker 1: and play, vacation once a year, and your income is
Speaker 1: going to stay pretty stable over the course of your life.
Speaker 1: So I had huge jumps in income and well, thank god,
Speaker 1: so I was able to look at the world through
Speaker 1: different prisms over at different times. So I didn't want
Speaker 1: to go to the same place that I used to
Speaker 1: go to twenty thirty years ago. Wasn't interesting to me anymore.
Speaker 1: I wanted to own the resort, not stay in it.
Speaker 1: But if you're my mother or my father or my cousin,
Speaker 1: and your income is the same year of year, decade
Speaker 1: after decade, and you just want to a vacation, then
Speaker 1: at time share right where they And the other problem
Speaker 1: was as an entrepreneur, I never knew when I was
Speaker 1: going to have a week or two to myself, and
Speaker 1: it would change every year because I'm hustling and running
Speaker 1: and gunning. But they need but those I couldn't change.
Speaker 1: It's also offended me. I couldn't change the date. What
Speaker 1: do you mean I own the place? What do you
Speaker 1: mean I can't change the date when I stay there
Speaker 1: because you own it with other owners, right, and those
Speaker 1: other owners have a say, they've put in weeks that
Speaker 1: they want to reserve. And the managing partner that which
Speaker 1: is in this case was a hotel situation, they control
Speaker 1: the narrative, so I could say whatever I want. You know,
Speaker 1: I'm a limited partner to the general partner. I learned
Speaker 1: so much from owning that property, so it was actually
Speaker 1: gave me a PhD. And what not to do. And
Speaker 1: you're hearing the backstory and that I'm saving you a
Speaker 1: whole bunch of money now. But if you you know there,
Speaker 1: so there are benefits to it. But one of them
Speaker 1: is not real estate investment or investment. It is what
Speaker 1: it sounds like, time share. You're sharing the time in
Speaker 1: a piece of real estate that is in a location
Speaker 1: hopefully you're in love for the rest of your life,
Speaker 1: or part of a network that you're gonna love, and
Speaker 1: it can switch out for the rest of your life,
Speaker 1: and you don't mind the monthly payments or the mounth
Speaker 1: that you paid for it in advance, and you don't
Speaker 1: mind the maintenance fees, because that's you know that you're
Speaker 1: part of us experience that would cost you, in your opinion,
Speaker 1: ten times more. Okay, I mean, and by the way,
Speaker 1: the place I stayed in once or twice a year,
Speaker 1: if I wanted to buy that place, they think about
Speaker 1: it now today cross street from the beach condo sort
Speaker 1: of a I mean, it would be a it would
Speaker 1: be a couple million and a half dollar condo. You
Speaker 1: say a million a half dollar condo, maybe two million. Now,
Speaker 1: when I bought it three hundred thousand. So when I
Speaker 1: bought it three hundred thousand and three fifty thousand, three
Speaker 1: hundred ty thousand, I bought it a thirty five thirty
Speaker 1: eight thousand dollars. So yeah, I'm like, oh, this is
Speaker 1: a great deal. I'm getting a rich man's experience for
Speaker 1: poor man's money. But that's not where I am today, right,
Speaker 1: So it just depends on the person. Now, by the way,
Speaker 1: there are wealthy examples of this where it's not time share,
Speaker 1: it's real estate share, where you're buying part of a mansion,
Speaker 1: part of a ten thousand square foot home in Mexico
Speaker 1: or by the way, these timeshare things are Las Vegas Miami, Jamaica, Bahamas.
Speaker 1: They're all over the place. You can find them everywhere, right,
Speaker 1: So just be careful and never make an emotional decision,
Speaker 1: because whenever you make an emotional decision, it's going to
Speaker 1: be wrong, just like the one I made. But once
Speaker 1: you become more affluent, there are networks of There are
Speaker 1: these companies that you can basically buy a percentage of
Speaker 1: a yacht, percentage of a RV, percentage of a race car,
Speaker 1: percentage of a vacation home in different parts of the
Speaker 1: world or whatever, and you really own, you know, fourth
Speaker 1: of it or whatever it is, and you meet the
Speaker 1: people and then you like the people cool, and you're
Speaker 1: dealing with sophisticated investors and sophisticated management companies, and when
Speaker 1: you want out, you know it's a you know, a
Speaker 1: decent deal when you exit, and they facilitated it for you,
Speaker 1: and you sort of you could anyway. The wealthier you get,
Speaker 1: the more knowledgeable you are, the more sophisticated you are,
Speaker 1: the more financially literate you are, the better your chances
Speaker 1: that a shared equity situation will turn out given you value.
Speaker 1: But if your low income, low wealth, low financial literacy,
Speaker 1: desperate with the surviving mindset. You got too much month
Speaker 1: at end of your money, you're stressed out, you don't
Speaker 1: know the numbers. You're not paying attention. You finance the
Speaker 1: thing with the sponsoring companies finance wrong. You didn't pay attention,
Speaker 1: you're going to get nailed a likelihod. You're gonna get
Speaker 1: nailed with something that's going and by the way in
Speaker 1: this thing, and if you don't pay, they'll ruin your
Speaker 1: credit like they'll and they'll threaten you like they'll call
Speaker 1: you every month like where's the money? Because and then
Speaker 1: the debt collection piece becomes another business that they have.
Speaker 1: They have some of these companies, the lower end, not
Speaker 1: as ethical, have debt collection departments because they financed it
Speaker 1: for you. And then they are charge you debt collection fees,
Speaker 1: late fees. You know they're paying you. They're charging you
Speaker 1: money on their own money. They're charging you fees on
Speaker 1: the money, the expensive money that in many cases the
Speaker 1: predatory financing that they put in front of you and
Speaker 1: put you in. They've made their money three times on
Speaker 1: that thing if you paid it over time. So if
Speaker 1: you default it an a halfway through, they've already made
Speaker 1: their profit. Then they hit you with load with all
Speaker 1: kinds of fees and late fees and default fees, and
Speaker 1: they chase you and then you you know, you just
Speaker 1: want to be done with it. So you've sent them
Speaker 1: a going away president a check and you sign off
Speaker 1: on it, and they take that and they remarket it.
Speaker 1: They remark the same property to some other person who's
Speaker 1: going to be their next victim. So just don't do it.
Speaker 1: Don't do it, don't do it, don't do it. It
Speaker 1: looks too good to be true. That should be the
Speaker 1: whole title of this whole week. If it looks good
Speaker 1: to be true, it normally all right, love you much,
Speaker 1: and then you have any questions, go to operation and I
Speaker 1: hope talk to one of my Hope and Angel coach.
Speaker 1: Just tell them John Brown, I attend you and I
Speaker 1: gave you a whole lecturebout I lost money on time share,
Speaker 1: and I don't want you to lose any money. There
Speaker 1: are good time share companies out there, there are good experiences,
Speaker 1: so don't I'm not dumping on time share companies. I'm
Speaker 1: just saying is not designed at the lower end for
Speaker 1: low income people, is not designed to benefit you financially.
Speaker 1: That's why They call it a time share and not
Speaker 1: a revenue share or a real estate equity investment share,
Speaker 1: and they don't emphasize we need to turn on an investment.
Speaker 1: It's return on fun right, Peace, Money and Wealth with
Speaker 1: John O'Brien is a production of the Black Effect Podcast Network.
Speaker 1: For more podcasts from the Blaffect podcast Network, visit the
Speaker 1: iHeartRadio app, Apple Podcasts, or wherever you listen to your
Speaker 1: favorite shows. P