1 00:00:02,320 --> 00:00:04,520 Speaker 1: I'm with Lucas in this is black Tech, Green Money. 2 00:00:05,880 --> 00:00:08,480 Speaker 1: John Hope Brian is chairman and CEO at John Hope 3 00:00:08,520 --> 00:00:12,800 Speaker 1: Bryant Holdings, Brian Group Ventures, Brian Group Advisors, and executive 4 00:00:12,840 --> 00:00:15,560 Speaker 1: chairman of the Promise Homes Company, which is the largest 5 00:00:15,600 --> 00:00:19,760 Speaker 1: for profit, minority controlled owner of institutional quality, single family 6 00:00:19,840 --> 00:00:23,600 Speaker 1: residential homes in the United States. And he's founder, chairman, 7 00:00:23,640 --> 00:00:27,080 Speaker 1: and CEO at Operation Hope, the nation's largest on the 8 00:00:27,080 --> 00:00:31,400 Speaker 1: ground nonprofit provider of financial literacy. He's been an advisor 9 00:00:31,480 --> 00:00:34,000 Speaker 1: to presidents and the largest corporations in the world, and 10 00:00:34,040 --> 00:00:37,519 Speaker 1: he's responsible for financial literacy becoming the official policy of 11 00:00:37,520 --> 00:00:41,560 Speaker 1: the United States federal government under Presidents George Bush and Obama. 12 00:00:41,640 --> 00:00:44,839 Speaker 1: And it's the only American citizen to ever inspire the 13 00:00:44,960 --> 00:00:47,919 Speaker 1: renaming of a building on the White House campus from 14 00:00:47,920 --> 00:00:51,240 Speaker 1: the US Treasury Annex Building to the Freedman's Bank Building 15 00:00:51,400 --> 00:00:54,160 Speaker 1: in honor of Lincoln's unfinished work to teach free slaves 16 00:00:54,200 --> 00:00:58,600 Speaker 1: about money in eighteen sixty five. He's that conversation. So 17 00:00:58,760 --> 00:01:01,640 Speaker 1: I remember, very early in my career, before I was 18 00:01:01,680 --> 00:01:05,080 Speaker 1: making any money, a mentor of mine was giving me 19 00:01:05,120 --> 00:01:07,600 Speaker 1: advice on how to make it and he was like, 20 00:01:07,680 --> 00:01:10,840 Speaker 1: you know, young will like money is not your problem. 21 00:01:11,480 --> 00:01:13,520 Speaker 1: And he was, you know, just saying, you just time 22 00:01:13,560 --> 00:01:16,880 Speaker 1: to say, like, you know, the money looks for value, 23 00:01:16,920 --> 00:01:19,280 Speaker 1: It looks to places that they can grow and these 24 00:01:19,319 --> 00:01:21,800 Speaker 1: sorts of things. And he wasn't saying, I wasn't becoming 25 00:01:21,840 --> 00:01:23,319 Speaker 1: that person. He was just trying to get me the 26 00:01:23,400 --> 00:01:27,160 Speaker 1: idea that you know how we often hear man, if 27 00:01:27,200 --> 00:01:29,600 Speaker 1: I just had X amount of dollars, I can finally 28 00:01:29,720 --> 00:01:32,480 Speaker 1: go do the thing. And he was saying, that's a 29 00:01:32,680 --> 00:01:33,600 Speaker 1: bad way of thinking. 30 00:01:33,840 --> 00:01:36,160 Speaker 2: What do you say to that, Oh, I'll go even further. 31 00:01:36,640 --> 00:01:41,120 Speaker 2: Money is a coward, Capro is a coward. Money's not courageous. 32 00:01:41,600 --> 00:01:43,880 Speaker 2: Money tries to find the safest place they can find 33 00:01:44,240 --> 00:01:47,840 Speaker 2: for the highest return over the longest period of time. 34 00:01:48,400 --> 00:01:51,640 Speaker 2: And if you look safe and you can provide a 35 00:01:51,640 --> 00:01:54,559 Speaker 2: good return, then money's interested. If you like you're a risk, 36 00:01:54,960 --> 00:01:56,960 Speaker 2: if you do like your if you're like your, you're 37 00:01:57,200 --> 00:02:00,560 Speaker 2: you're a shooting star. Then money's gonna be very expensive, 38 00:02:00,640 --> 00:02:02,240 Speaker 2: and it is gonna and it's gonna have a lot 39 00:02:02,280 --> 00:02:04,920 Speaker 2: of extraction or in it and maybe even look repressive 40 00:02:05,760 --> 00:02:08,359 Speaker 2: because it wants what you want. It wants to get 41 00:02:08,400 --> 00:02:10,480 Speaker 2: in and wants to get out and wants uh, and 42 00:02:10,480 --> 00:02:14,040 Speaker 2: it wants the highest level of protection. And and what 43 00:02:14,120 --> 00:02:16,880 Speaker 2: we have to understand is the dynamics of that relationship. 44 00:02:16,919 --> 00:02:19,240 Speaker 2: But the larger issue that I think your mentor was 45 00:02:19,240 --> 00:02:22,840 Speaker 2: trying to say to you was that really the the 46 00:02:22,880 --> 00:02:25,799 Speaker 2: real capital is in you, that you're the product. It's 47 00:02:25,840 --> 00:02:29,480 Speaker 2: not about money. Uh. That that capital comes from the 48 00:02:29,520 --> 00:02:33,000 Speaker 2: Latin root word copy toss knowledge in the hell, knowledge, 49 00:02:33,120 --> 00:02:36,200 Speaker 2: knowledge in the head, and that credit comes from the 50 00:02:36,240 --> 00:02:42,000 Speaker 2: Latin root word credito credibility and banking and finance is 51 00:02:42,000 --> 00:02:46,240 Speaker 2: a faith business, very spiritual. It requires a faith and 52 00:02:46,280 --> 00:02:48,520 Speaker 2: confidence of people to take in it. It's really has 53 00:02:48,639 --> 00:02:51,040 Speaker 2: very little to do with money. Money is nothing more 54 00:02:51,080 --> 00:02:54,480 Speaker 2: than an exchange of value. I mean, I could take 55 00:02:54,520 --> 00:02:56,320 Speaker 2: a I could if I wanted to write a check. 56 00:02:57,480 --> 00:03:00,520 Speaker 2: I could take the back of your shirt, write a 57 00:03:00,560 --> 00:03:06,160 Speaker 2: routing number and write the banking details of your bank account. 58 00:03:07,120 --> 00:03:09,840 Speaker 2: Or you could and you could say to the payment 59 00:03:10,240 --> 00:03:13,760 Speaker 2: to pay to the order of John ho'bryant and sign it. 60 00:03:13,840 --> 00:03:17,200 Speaker 2: And technically I could take your shirt off your back 61 00:03:17,320 --> 00:03:20,280 Speaker 2: to the bank and the bank would scratch her head. 62 00:03:20,600 --> 00:03:24,639 Speaker 2: They would go talk to the attorney. But within thirty days. 63 00:03:24,680 --> 00:03:26,400 Speaker 2: They'd have to figure out how to cast your shirt 64 00:03:27,600 --> 00:03:30,000 Speaker 2: or try to convince me or convince you to come 65 00:03:30,000 --> 00:03:33,000 Speaker 2: with a more traditional version of a transfer of value. 66 00:03:33,120 --> 00:03:35,680 Speaker 2: We get over obsessed about getting that bag, getting that money, 67 00:03:35,680 --> 00:03:38,120 Speaker 2: getting that dollar, getting that getting paid. All this is, 68 00:03:38,560 --> 00:03:41,160 Speaker 2: it's called making a living for a reason. All money 69 00:03:41,280 --> 00:03:44,280 Speaker 2: is is designed to help you make a living today 70 00:03:45,200 --> 00:03:53,520 Speaker 2: versus making your life. You build wealth in your sleep. Education, relationship, capital, stocks, bonds, businesses. Brand. 71 00:03:54,320 --> 00:03:56,840 Speaker 2: You've got a brand. Now we have a relationship. You 72 00:03:56,840 --> 00:04:00,960 Speaker 2: didn't meet me on you know, the Yellow Pages, Google search. 73 00:04:01,360 --> 00:04:04,400 Speaker 2: You didn't fill out a form. We met. I vibed you. 74 00:04:04,520 --> 00:04:07,120 Speaker 2: I thought you were a good dude, and I said yes. 75 00:04:07,920 --> 00:04:12,840 Speaker 2: Now you know somebody else who calls my speaking agent, 76 00:04:13,680 --> 00:04:16,200 Speaker 2: they get quoted, you know, fifty thousand dollars for a 77 00:04:16,240 --> 00:04:20,040 Speaker 2: forty five minute speech because I don't know them. It's 78 00:04:20,080 --> 00:04:23,200 Speaker 2: a commercial transaction. And I'm even losing money when I 79 00:04:23,240 --> 00:04:25,520 Speaker 2: do that if I have to travel to go do it, 80 00:04:25,560 --> 00:04:27,280 Speaker 2: but I might have some strategic reasons to do it. 81 00:04:27,320 --> 00:04:30,719 Speaker 2: I'm doing this for free because and all I ast 82 00:04:30,800 --> 00:04:33,719 Speaker 2: told the day was, hey John, you got to a 83 00:04:33,760 --> 00:04:36,600 Speaker 2: podcast with Will And I thought for a minute. Will, 84 00:04:36,640 --> 00:04:40,919 Speaker 2: Oh my god, Yeah, I love that dude. That's relationship capital, 85 00:04:41,120 --> 00:04:44,600 Speaker 2: That's that's what makes the world go around. And if 86 00:04:44,640 --> 00:04:48,520 Speaker 2: you hang around nine broke people, you'll be the tenth. 87 00:04:48,720 --> 00:04:50,960 Speaker 2: So you gotta watch who you hang around. You gotta 88 00:04:51,000 --> 00:04:53,880 Speaker 2: watch your mindset. And we got to learn. I was 89 00:04:53,920 --> 00:04:56,400 Speaker 2: just thinking this morning, Will, we got to become bilingual 90 00:04:56,400 --> 00:05:00,120 Speaker 2: black people. To become bilingual, civil rights is cool, we 91 00:05:00,160 --> 00:05:03,600 Speaker 2: also need civil rights. Being able to defend yourself in 92 00:05:03,640 --> 00:05:05,200 Speaker 2: the streets is cool, But I want you to win 93 00:05:05,240 --> 00:05:09,080 Speaker 2: in the suites. I want you to understand what grand 94 00:05:09,160 --> 00:05:12,320 Speaker 2: light red rooms are, which are defending yourself against racism 95 00:05:12,360 --> 00:05:15,000 Speaker 2: and bias and police brutality and all that stuff. But 96 00:05:15,080 --> 00:05:16,480 Speaker 2: I want you to be in more and more green 97 00:05:16,560 --> 00:05:20,080 Speaker 2: rooms where internships and apprenticeships and jobs and acts of 98 00:05:20,160 --> 00:05:23,640 Speaker 2: the capital an opportunity is because what really happens is 99 00:05:23,680 --> 00:05:26,520 Speaker 2: you don't have to ask for money. You build the 100 00:05:26,560 --> 00:05:30,279 Speaker 2: product right kind of reputation. 101 00:05:29,279 --> 00:05:32,440 Speaker 1: If you're saying right now, I could not believe it. 102 00:05:32,520 --> 00:05:35,080 Speaker 1: So I used to have again more mentors who would 103 00:05:35,080 --> 00:05:37,480 Speaker 1: talk about the bank went to them and said, what 104 00:05:37,480 --> 00:05:39,520 Speaker 1: else can we do for you? And I could not 105 00:05:39,600 --> 00:05:42,120 Speaker 1: believe that That's how the bank worked until it happened 106 00:05:42,440 --> 00:05:45,279 Speaker 1: to me, and my bankers said, we got d these things, 107 00:05:45,680 --> 00:05:49,080 Speaker 1: what else do you need? And I'm like, you're asking me. 108 00:05:50,400 --> 00:05:52,960 Speaker 1: I didn't come from that where they asked you what 109 00:05:53,000 --> 00:05:54,800 Speaker 1: can they do for you? You always went to the bank, 110 00:05:55,000 --> 00:05:57,480 Speaker 1: you know, with your hand in your hand, shame, head down, 111 00:05:57,600 --> 00:06:04,279 Speaker 1: all these things, hoping they wouldn't you away. 112 00:06:05,240 --> 00:06:07,360 Speaker 2: A bank will lend you money when you can improve 113 00:06:07,400 --> 00:06:11,280 Speaker 2: you don't need it, and it's a bit of a 114 00:06:11,279 --> 00:06:14,240 Speaker 2: fake game, like you're by the way, I'm going one 115 00:06:14,279 --> 00:06:16,120 Speaker 2: step further. People, a lot of our people will say, 116 00:06:16,240 --> 00:06:18,000 Speaker 2: this is why I really want everybody to read this book, 117 00:06:18,040 --> 00:06:20,680 Speaker 2: Financial Literacy for All, which is now number one UH 118 00:06:20,720 --> 00:06:23,560 Speaker 2: in the world on on economics and and UH in 119 00:06:23,720 --> 00:06:28,640 Speaker 2: business UH management, because I'm trying to explain something that 120 00:06:28,640 --> 00:06:32,080 Speaker 2: we've taken very emotional, which is money and or worse, 121 00:06:32,120 --> 00:06:34,880 Speaker 2: we've rejected it. You know, all people say we you know, 122 00:06:34,920 --> 00:06:36,600 Speaker 2: I hate debt, we should we should not want to 123 00:06:36,640 --> 00:06:39,039 Speaker 2: be indebted. What are you talking about. There's not a 124 00:06:39,080 --> 00:06:41,920 Speaker 2: billionaire alive who didn't do it on the back of 125 00:06:42,000 --> 00:06:45,799 Speaker 2: good debt. There's not a government that's leading the world, 126 00:06:46,120 --> 00:06:48,960 Speaker 2: including ours, that didn't do it on the back of 127 00:06:49,080 --> 00:06:52,680 Speaker 2: good debt. There's good debt and bad debt and you 128 00:06:52,760 --> 00:06:55,039 Speaker 2: what you want. And bad debt is when you're financing 129 00:06:55,080 --> 00:07:00,840 Speaker 2: something that depreciates jewelry close you know, uh. But what 130 00:07:01,080 --> 00:07:03,800 Speaker 2: good debt is when you financed something that could appreciate, 131 00:07:04,920 --> 00:07:10,160 Speaker 2: which a home you know, small business you me uh. 132 00:07:10,200 --> 00:07:12,960 Speaker 2: And neutral debt is something that could go both ways. 133 00:07:13,000 --> 00:07:15,680 Speaker 2: An automobile. If it's getting you to a job, if 134 00:07:16,040 --> 00:07:19,000 Speaker 2: if if it's allow you to keep your family safe, 135 00:07:19,240 --> 00:07:22,200 Speaker 2: that's good debt. If you're bought something you can't afford 136 00:07:22,240 --> 00:07:23,920 Speaker 2: money you don't have to impress people you don't know 137 00:07:23,960 --> 00:07:28,080 Speaker 2: about stuff that don't really matter, well, that's bad debt. 138 00:07:28,400 --> 00:07:30,520 Speaker 2: And so coming back to this concept of the bank, 139 00:07:31,200 --> 00:07:35,240 Speaker 2: uh coming to you this morning and coincidence is God's 140 00:07:35,280 --> 00:07:38,080 Speaker 2: way remaining anonymous. This morning, I was talking to a 141 00:07:38,120 --> 00:07:43,880 Speaker 2: banker International bank, and they were they had held up 142 00:07:43,600 --> 00:07:46,720 Speaker 2: at a depositive mind that they held for longer than 143 00:07:46,720 --> 00:07:49,280 Speaker 2: they should have on a loan I took out three 144 00:07:49,360 --> 00:07:53,560 Speaker 2: years ago. And I had sent them a note saying, 145 00:07:53,600 --> 00:07:55,840 Speaker 2: by the way, I want my money that you I've 146 00:07:55,840 --> 00:07:57,080 Speaker 2: done everything you asked me to do. I want my 147 00:07:57,160 --> 00:08:00,600 Speaker 2: money back. And on top of that, you know, do 148 00:08:00,600 --> 00:08:03,360 Speaker 2: you guys want a line of credit for me in 149 00:08:03,400 --> 00:08:05,560 Speaker 2: this country that I'm doing business with, because I may 150 00:08:05,560 --> 00:08:07,880 Speaker 2: find some opportunities I'm interested in. If you don't want it, cool, 151 00:08:07,880 --> 00:08:10,240 Speaker 2: but if you do out, i'd love to talk about 152 00:08:10,240 --> 00:08:12,960 Speaker 2: that business. It was a simple email. Anyway, this lady 153 00:08:13,000 --> 00:08:16,840 Speaker 2: calls me. She's my relationship manager, and she's talking to 154 00:08:16,880 --> 00:08:20,320 Speaker 2: me like she talked to I think anybody else for 155 00:08:20,360 --> 00:08:22,480 Speaker 2: a minute. And so she's telling me, well, you know, 156 00:08:22,640 --> 00:08:25,040 Speaker 2: we kept her one hundred thousand for I think it 157 00:08:25,080 --> 00:08:26,560 Speaker 2: was two years. I said, no, it's supposed to be 158 00:08:26,600 --> 00:08:29,440 Speaker 2: one year. And yes, but maybe we could use it 159 00:08:29,440 --> 00:08:32,360 Speaker 2: as a security for this new line of credit. I 160 00:08:32,360 --> 00:08:34,400 Speaker 2: think I've already said the number. So it's one hundred 161 00:08:34,400 --> 00:08:37,160 Speaker 2: thousand dollars. And it was a line of credit for 162 00:08:37,480 --> 00:08:40,200 Speaker 2: you know what, which five hundred to a million, which 163 00:08:40,240 --> 00:08:41,920 Speaker 2: I wasn't going to use, by the way, but she 164 00:08:42,000 --> 00:08:43,760 Speaker 2: wanted to use it for this new line of credit. 165 00:08:43,800 --> 00:08:45,400 Speaker 2: And she said, well, maybe we need to do an appraisal, 166 00:08:45,559 --> 00:08:48,840 Speaker 2: and and I let her I finish talking, and I said, 167 00:08:48,880 --> 00:08:51,800 Speaker 2: I don't think I'm interested. I said, thank you very much. 168 00:08:51,840 --> 00:08:55,280 Speaker 2: I mean I'm very appreciative, but you guys have wasted 169 00:08:55,360 --> 00:08:57,719 Speaker 2: my time for a year. You asked me to do X, Y, 170 00:08:57,760 --> 00:09:00,760 Speaker 2: and Z. I did all of that, and then I 171 00:09:00,920 --> 00:09:04,640 Speaker 2: wait another year to let you keep my money on tap, 172 00:09:05,040 --> 00:09:08,120 Speaker 2: which was a year more than and if I had reverses, 173 00:09:08,200 --> 00:09:10,600 Speaker 2: if I didn't give you collateral for a year, you'd 174 00:09:10,600 --> 00:09:12,440 Speaker 2: be filing all kind of notice. Is a default to 175 00:09:12,440 --> 00:09:15,000 Speaker 2: me and call me all kinds of names. But I'd 176 00:09:15,080 --> 00:09:17,520 Speaker 2: let you guys make that mistake, and no one's apologized 177 00:09:17,559 --> 00:09:21,200 Speaker 2: to me. No problem. But now you want to transfer 178 00:09:21,320 --> 00:09:25,080 Speaker 2: my money to another transaction that I just mentioned, and 179 00:09:25,120 --> 00:09:26,640 Speaker 2: then you want me to go through all these hoops 180 00:09:26,640 --> 00:09:29,000 Speaker 2: and do appraisals for a property that you just appraised 181 00:09:29,040 --> 00:09:30,559 Speaker 2: two years ago. It's done nothing but gone up and 182 00:09:30,640 --> 00:09:33,240 Speaker 2: value it's easy to find. Blah blah b life actually 183 00:09:33,280 --> 00:09:35,560 Speaker 2: doubled it. This probably is doubled in value for a 184 00:09:35,600 --> 00:09:39,200 Speaker 2: small transaction. So you know what, I'm good, I said, 185 00:09:39,200 --> 00:09:40,720 Speaker 2: you know I just by the way, I just finished 186 00:09:40,720 --> 00:09:43,719 Speaker 2: one hundred million dollar refinands on a portfolio of one 187 00:09:43,720 --> 00:09:47,120 Speaker 2: of my companies that was non recourse debt meaning no 188 00:09:47,240 --> 00:09:50,920 Speaker 2: personal guarantee, no nothing with one of the biggest banks 189 00:09:50,920 --> 00:09:55,120 Speaker 2: in the world. And she's like, oh, oh, oh, you're right. 190 00:09:55,880 --> 00:09:58,160 Speaker 2: We have looked at your records, we looked at your file. 191 00:09:58,520 --> 00:10:01,480 Speaker 2: You actually do qualify and every way, we're so sorry. 192 00:10:01,480 --> 00:10:03,400 Speaker 2: Don't worry about one hundred thousand dollars. We'll send that 193 00:10:03,440 --> 00:10:05,440 Speaker 2: back to you and we'll have a decision. Will you 194 00:10:05,440 --> 00:10:09,080 Speaker 2: buy monday on? The new request is that okay, sure 195 00:10:10,120 --> 00:10:13,280 Speaker 2: there you go right there. A bank will lend you 196 00:10:13,360 --> 00:10:16,160 Speaker 2: money when you can prove you don't need it or 197 00:10:16,240 --> 00:10:18,880 Speaker 2: it's perceived that you don't need it. I don't need 198 00:10:18,880 --> 00:10:21,319 Speaker 2: this money. I mean, it'd be nice to have it. 199 00:10:21,320 --> 00:10:23,520 Speaker 2: It allows me. I'd rather use opm other people's money 200 00:10:23,559 --> 00:10:26,280 Speaker 2: to facilitate things I want to do under the right conditions. 201 00:10:26,280 --> 00:10:27,920 Speaker 2: But it has to be structured properly. It has to 202 00:10:27,960 --> 00:10:30,840 Speaker 2: be under the right termst conditions. Fair change is no robbery. 203 00:10:30,960 --> 00:10:34,520 Speaker 2: A great negotiation will is when both people leave the 204 00:10:34,559 --> 00:10:41,360 Speaker 2: table slightly annoyed, because that means every that no, that 205 00:10:41,480 --> 00:10:43,960 Speaker 2: neither one got everything they wanted, but you also didn't 206 00:10:44,000 --> 00:10:49,040 Speaker 2: feel like you got screwed. You leave the table slightly annoyed. 207 00:10:49,800 --> 00:10:52,320 Speaker 2: It was probably a good deal. And for your listeners, 208 00:10:52,360 --> 00:10:54,080 Speaker 2: I want them to hear this, and again I go 209 00:10:54,120 --> 00:10:56,600 Speaker 2: all this, over all this in financial Literacy for All 210 00:10:57,080 --> 00:11:01,200 Speaker 2: and also my own podcast Money in Wealth, and I 211 00:11:01,240 --> 00:11:05,920 Speaker 2: talk about this my pullpit of finance. You have a table, 212 00:11:06,760 --> 00:11:08,000 Speaker 2: and on the one side of the table is a 213 00:11:08,000 --> 00:11:10,960 Speaker 2: capitalist and they have a product and they want to 214 00:11:11,000 --> 00:11:13,120 Speaker 2: extract money from you. And on the other side of 215 00:11:13,120 --> 00:11:16,200 Speaker 2: the table is you, and you want that product and 216 00:11:16,240 --> 00:11:18,760 Speaker 2: you don't want to give them any money and their job. 217 00:11:19,360 --> 00:11:21,679 Speaker 2: People listen to this, now, don't get emotional. Whenever you 218 00:11:21,760 --> 00:11:24,840 Speaker 2: make an emotional decision, it's a bad one. The capitalist 219 00:11:25,000 --> 00:11:27,760 Speaker 2: job is to extract as much money as they can 220 00:11:27,800 --> 00:11:31,000 Speaker 2: from you while giving you the least amount of value. 221 00:11:32,480 --> 00:11:36,199 Speaker 2: And your job is to extract the most amount of 222 00:11:36,320 --> 00:11:40,959 Speaker 2: value while delivering the least amount of cash. And that 223 00:11:41,240 --> 00:11:48,680 Speaker 2: dynamic tension is natural negotiation. Now, somebody says, well, how 224 00:11:48,720 --> 00:11:51,880 Speaker 2: does that apply to capitalism? Where you're a little village, 225 00:11:51,960 --> 00:11:53,360 Speaker 2: you don't think you're a capitalist. Go to a little 226 00:11:53,400 --> 00:11:55,480 Speaker 2: village in Africa, go to little village in Latin America. 227 00:11:55,600 --> 00:11:57,680 Speaker 2: Think about when you're last in Jamaica or whatever, and 228 00:11:57,720 --> 00:12:00,719 Speaker 2: you try to buy a little chots or something from 229 00:12:01,120 --> 00:12:04,160 Speaker 2: and how much is this? Well, it's two dollars. How 230 00:12:04,200 --> 00:12:07,080 Speaker 2: about a buck fifty? No, one ninety, well, how about 231 00:12:07,080 --> 00:12:09,520 Speaker 2: a buck sixty? Wow, I'll take it one seventy five. 232 00:12:09,520 --> 00:12:12,480 Speaker 2: I think it's gonna be worsehiping. That's a negotiation. And 233 00:12:12,960 --> 00:12:15,600 Speaker 2: and and you're you're in the midst of a Capitals transaction. 234 00:12:15,720 --> 00:12:18,520 Speaker 2: You go to the store, you go to CBS today 235 00:12:18,880 --> 00:12:21,840 Speaker 2: where the price has been predetermined because they've done marketing research. 236 00:12:22,520 --> 00:12:25,680 Speaker 2: And you want to buy a comb, and the comb 237 00:12:25,760 --> 00:12:29,400 Speaker 2: is nine bucks, and and they've pretty much, you know, 238 00:12:29,559 --> 00:12:32,200 Speaker 2: done the research approves that this comb. You pay nine 239 00:12:32,200 --> 00:12:34,480 Speaker 2: bucks for it, and you pick it up, and you 240 00:12:34,520 --> 00:12:36,520 Speaker 2: go to the register, and without any complaints at all, 241 00:12:36,600 --> 00:12:41,040 Speaker 2: you buy it. Why because you know that solving the 242 00:12:41,120 --> 00:12:44,480 Speaker 2: naps that audio hair and the kinks in my hair 243 00:12:44,880 --> 00:12:48,480 Speaker 2: are worth at least twenty bucks, maybe a one hundred bucks. 244 00:12:48,480 --> 00:12:51,400 Speaker 2: Maybe it's invaluable to you at that moment. You want 245 00:12:51,440 --> 00:12:54,720 Speaker 2: to saw at least worth nine bucks. There you go, 246 00:12:54,840 --> 00:12:57,480 Speaker 2: right there. We do that all day, every day, and 247 00:12:57,559 --> 00:13:01,400 Speaker 2: don't think about it. We're all engaged in this system 248 00:13:01,400 --> 00:13:04,200 Speaker 2: of free enterprise and capitalism, but we don't understand it. 249 00:13:04,280 --> 00:13:06,520 Speaker 2: And is what we don't know that we don't know 250 00:13:06,600 --> 00:13:09,760 Speaker 2: this killing us, but we think we know some brothers 251 00:13:09,840 --> 00:13:12,760 Speaker 2: Like I don't want to buy a house. Buy a house. 252 00:13:12,840 --> 00:13:17,040 Speaker 2: The bank owns the house. I don't know. If you 253 00:13:17,080 --> 00:13:22,040 Speaker 2: don't pay, the bank will own your house. But by 254 00:13:22,040 --> 00:13:24,080 Speaker 2: the way, if I give you a loan and you 255 00:13:24,120 --> 00:13:27,800 Speaker 2: don't pay, I will own your house. Right, So what 256 00:13:27,840 --> 00:13:29,360 Speaker 2: you need to do is pay, and then you get 257 00:13:29,360 --> 00:13:32,880 Speaker 2: the benefit of appreciation the value above the debt, and 258 00:13:32,920 --> 00:13:34,880 Speaker 2: you get the benefit that's called equity. And you get 259 00:13:34,880 --> 00:13:38,760 Speaker 2: the benefit of depreciation, which is a tax strategy, and 260 00:13:38,800 --> 00:13:41,120 Speaker 2: you get to write off twenty years of a thirtyear 261 00:13:41,120 --> 00:13:47,200 Speaker 2: mortgage against your income on your tax bill, and you 262 00:13:47,240 --> 00:13:51,079 Speaker 2: got to live in it. Yeah, you just become okay black. 263 00:13:52,440 --> 00:13:54,080 Speaker 1: As I said this quote to me to change my 264 00:13:54,120 --> 00:13:56,920 Speaker 1: life a couple of years ago, and I was talking 265 00:13:56,920 --> 00:13:58,560 Speaker 1: about how much money I had in the bank, and 266 00:13:58,600 --> 00:14:01,000 Speaker 1: she was like, wealth is not in the bank balance. 267 00:14:01,880 --> 00:14:05,440 Speaker 1: And it blew my mind because I'd always imagine I 268 00:14:05,480 --> 00:14:07,240 Speaker 1: just wanted to get as much money in the bank 269 00:14:07,280 --> 00:14:10,400 Speaker 1: as possible. And she was like wealthy people, other people 270 00:14:10,440 --> 00:14:13,360 Speaker 1: she work with, they have some money in there, but 271 00:14:13,400 --> 00:14:15,360 Speaker 1: that's not where their wealth is. Can you can you 272 00:14:15,400 --> 00:14:15,960 Speaker 1: speak on that? 273 00:14:16,280 --> 00:14:23,400 Speaker 2: Well? Of course, I mean you're again cash versus wealth creation. Right. So, uh, 274 00:14:23,960 --> 00:14:26,280 Speaker 2: you want you want to have enough cash to live 275 00:14:26,320 --> 00:14:29,280 Speaker 2: and meet your obligations and whatever, but you don't really 276 00:14:29,320 --> 00:14:32,800 Speaker 2: want to have a lot of cash sitting around. This 277 00:14:32,920 --> 00:14:36,000 Speaker 2: is very much like similar to the analogy that you know, 278 00:14:36,480 --> 00:14:40,600 Speaker 2: wealthy people want to save time and poor people want 279 00:14:40,640 --> 00:14:45,160 Speaker 2: to save money. Right. Uh, they tried. We spend all 280 00:14:45,160 --> 00:14:48,880 Speaker 2: this time, you know, messing around trying to make some 281 00:14:48,920 --> 00:14:51,240 Speaker 2: money or save some money, or not pay that rent, 282 00:14:51,320 --> 00:14:53,480 Speaker 2: that that light bill even though there's a rent notice 283 00:14:53,520 --> 00:14:55,320 Speaker 2: on it, trying to wait to the last minute. You 284 00:14:55,840 --> 00:14:58,520 Speaker 2: got to pay the light bill. Whether it's Tuesday or Thursday, 285 00:14:58,880 --> 00:15:00,800 Speaker 2: You're gonna have to pay the light bill. Right. So, 286 00:15:02,040 --> 00:15:05,800 Speaker 2: but you're wasting time on this activity. I'd rather you 287 00:15:05,880 --> 00:15:08,320 Speaker 2: waste a little bit of my money, but waste a 288 00:15:08,400 --> 00:15:11,320 Speaker 2: minute of my time. I could give you more time. 289 00:15:11,360 --> 00:15:14,400 Speaker 2: I'll make more money. So you build wealth in your sleep. 290 00:15:14,440 --> 00:15:17,600 Speaker 2: You want to take that money and put it to work, compounding, right, 291 00:15:18,280 --> 00:15:21,560 Speaker 2: home ownership, we just talked about that, starting a business, 292 00:15:21,560 --> 00:15:23,480 Speaker 2: putting in money to work, starting a business. The easiest 293 00:15:23,480 --> 00:15:26,640 Speaker 2: example the stock market. There are three things that have 294 00:15:26,720 --> 00:15:31,040 Speaker 2: never gone down in American history. American GDP Gross Domestic product, 295 00:15:31,080 --> 00:15:35,160 Speaker 2: the income of this country, the stock market in real 296 00:15:35,240 --> 00:15:39,120 Speaker 2: estate values. Now, somebody watching this will say, ah, I 297 00:15:39,160 --> 00:15:43,200 Speaker 2: got him, he's wrong. Doesn't he even know there was 298 00:15:43,240 --> 00:15:45,520 Speaker 2: a real estate recession. There was a recession in two 299 00:15:45,560 --> 00:15:48,520 Speaker 2: thousand and eight. Yeah, I know that. I know this. 300 00:15:48,680 --> 00:15:51,680 Speaker 2: I know that real estate went up, it dipped, it's 301 00:15:51,720 --> 00:15:56,160 Speaker 2: called a recession, and then the corrected above the line. 302 00:15:57,440 --> 00:16:00,000 Speaker 2: And real estate I bought for eighty eight thousand dollars 303 00:16:00,160 --> 00:16:02,680 Speaker 2: is now worth three hundred thousand dollars. Really, the home, 304 00:16:02,920 --> 00:16:05,560 Speaker 2: the townhouse I bought for two hundred and twenty thousand dollars 305 00:16:05,560 --> 00:16:07,840 Speaker 2: in LA with a little bit of money, of my 306 00:16:07,920 --> 00:16:09,480 Speaker 2: money and a lot of bit of the bank's money. 307 00:16:09,560 --> 00:16:11,720 Speaker 2: So here you go, twenty percent cash down from me, 308 00:16:11,920 --> 00:16:14,640 Speaker 2: eighty percent finands by the bank, good debt, a little 309 00:16:14,640 --> 00:16:16,920 Speaker 2: bit of my money from the bank account into the 310 00:16:16,920 --> 00:16:21,440 Speaker 2: transaction compound it. And then when the real estate recession happened, 311 00:16:21,520 --> 00:16:24,320 Speaker 2: the value went down to one something, one pint eighty. 312 00:16:24,640 --> 00:16:27,520 Speaker 2: All my friends at sale, John sale, sales, sale, That's 313 00:16:27,560 --> 00:16:30,520 Speaker 2: why they broke right. I'm like, why would I sell? 314 00:16:30,760 --> 00:16:34,200 Speaker 2: I got I got to live someplace. No, I think 315 00:16:34,240 --> 00:16:36,880 Speaker 2: I'll just hold on. I moved to Atlanta, rented that 316 00:16:36,920 --> 00:16:39,280 Speaker 2: place out to a police officer who didn't pay his 317 00:16:39,360 --> 00:16:43,600 Speaker 2: bill on time, I might add, and uh, buddy finally paid, 318 00:16:44,000 --> 00:16:48,040 Speaker 2: and I forgot about it. Will five years, eight years later, 319 00:16:48,160 --> 00:16:52,640 Speaker 2: forget twenty sixteen. I go to check on the property, 320 00:16:52,680 --> 00:16:55,840 Speaker 2: called my broker out there, my brother hey man, trying 321 00:16:55,840 --> 00:16:57,480 Speaker 2: to sell his property. And then I'm gonna buying something 322 00:16:57,480 --> 00:17:00,320 Speaker 2: in Atlanta. What can I get for it? Now? Mind, 323 00:17:00,400 --> 00:17:02,960 Speaker 2: you bought it for two something, so last I checked 324 00:17:02,960 --> 00:17:05,119 Speaker 2: on it was one hundred and something of value, so 325 00:17:05,200 --> 00:17:06,919 Speaker 2: I was underwater. You said, well, I think you can 326 00:17:06,960 --> 00:17:10,159 Speaker 2: get it. You can get seven to fifty. I said, 327 00:17:11,280 --> 00:17:13,520 Speaker 2: you don't mean seven to fifty dollars, do you? What? 328 00:17:13,600 --> 00:17:16,399 Speaker 2: Did the la just fall apart? No, seven hundred and 329 00:17:16,440 --> 00:17:20,600 Speaker 2: fifty thousand dollars almost almost passed out it it hit. 330 00:17:20,800 --> 00:17:24,959 Speaker 2: It had literally triple in value from where more than 331 00:17:24,960 --> 00:17:27,280 Speaker 2: triple to value of what I paid for it. That's 332 00:17:27,320 --> 00:17:30,200 Speaker 2: what people with wealthy people do. Wealthy people use money 333 00:17:30,240 --> 00:17:33,840 Speaker 2: to make more money or use money to build wealth. 334 00:17:34,280 --> 00:17:37,439 Speaker 2: So so real estate has never gone down the stock market, 335 00:17:37,480 --> 00:17:40,479 Speaker 2: So go buy. Listen to this. I'm not telling you 336 00:17:40,480 --> 00:17:44,879 Speaker 2: what to buy whatever you're wearing, whatever you use wherever 337 00:17:44,960 --> 00:17:48,960 Speaker 2: you go. If that's a publicly traded company, go buy 338 00:17:48,960 --> 00:17:52,199 Speaker 2: an index or a stock with those in it, a 339 00:17:52,240 --> 00:17:54,040 Speaker 2: basket in it. And you don't have a lot of money, 340 00:17:54,119 --> 00:17:58,520 Speaker 2: do do do fractional ships. But if you're part of 341 00:17:58,560 --> 00:18:02,240 Speaker 2: the of the of the of the blue chip stock index, 342 00:18:02,920 --> 00:18:06,840 Speaker 2: those are the best performing companies in America. And they 343 00:18:06,840 --> 00:18:10,000 Speaker 2: are global companies. And if you lose a billionaires losing, 344 00:18:10,160 --> 00:18:13,240 Speaker 2: by the way, so it's a good bet. And and 345 00:18:14,200 --> 00:18:17,040 Speaker 2: buy and don't sell. Just forget about it and watch 346 00:18:17,080 --> 00:18:20,040 Speaker 2: it compound over time. If you have a twenty year 347 00:18:20,080 --> 00:18:22,919 Speaker 2: window on your investment horizon and when you want to 348 00:18:22,960 --> 00:18:26,080 Speaker 2: retire or whatever, you're gonna have zero losses. It's gonna 349 00:18:26,119 --> 00:18:28,240 Speaker 2: go up, it's gonna go down, but over twenty years, 350 00:18:28,760 --> 00:18:32,679 Speaker 2: it's just gonna do this right on balance. And if 351 00:18:32,760 --> 00:18:38,159 Speaker 2: you like a company Walmart, Tarja, Target, if you like 352 00:18:38,200 --> 00:18:40,360 Speaker 2: a company, there's a good chance other people like it too. 353 00:18:40,920 --> 00:18:43,320 Speaker 2: And by the way, once you own one stock, I 354 00:18:43,440 --> 00:18:45,480 Speaker 2: understand now over answering your question, by the way, will 355 00:18:45,720 --> 00:18:47,760 Speaker 2: once you own one stock you get a right to 356 00:18:47,800 --> 00:18:52,000 Speaker 2: the to the to get all the financials. Yeah, all 357 00:18:52,080 --> 00:18:55,719 Speaker 2: the all you meagine somebody bought one pencil in your 358 00:18:55,800 --> 00:18:58,600 Speaker 2: house and now they can go through every room, in 359 00:18:58,680 --> 00:19:01,880 Speaker 2: every drawer. You're a house. That's what. That's what. When 360 00:19:01,880 --> 00:19:05,679 Speaker 2: you have one stock of Target or Walmart or or 361 00:19:05,720 --> 00:19:09,560 Speaker 2: Delta Airlines whatever, you now can go through every inch 362 00:19:09,680 --> 00:19:11,840 Speaker 2: and cranny of that company. You have a right to 363 00:19:11,880 --> 00:19:15,120 Speaker 2: all their financials. You are an owner. That powerful. That's sexy. 364 00:19:15,359 --> 00:19:18,480 Speaker 1: Yeah, you know. So I have this friend who's she's 365 00:19:18,480 --> 00:19:21,320 Speaker 1: an attorney, black girl, and she went to Howard and 366 00:19:21,400 --> 00:19:23,560 Speaker 1: she learned, she got her law degree from Howard. And 367 00:19:23,640 --> 00:19:26,080 Speaker 1: I remember telling me this story of you know, she 368 00:19:26,280 --> 00:19:28,760 Speaker 1: was in you know, the school court. They they're not 369 00:19:28,960 --> 00:19:31,399 Speaker 1: court room, and she was you know, she learned, you 370 00:19:31,400 --> 00:19:33,720 Speaker 1: know how you be fiery in the in the law 371 00:19:33,840 --> 00:19:36,320 Speaker 1: room and you said, you slam your fists on the desk. 372 00:19:36,400 --> 00:19:39,399 Speaker 1: And her professor, who was a black man, said, we 373 00:19:39,440 --> 00:19:43,920 Speaker 1: can't do that. They can do that. You can't, especially 374 00:19:43,960 --> 00:19:46,000 Speaker 1: as a black woman. You cannot do that in the court. 375 00:19:46,440 --> 00:19:50,200 Speaker 1: You're seen differently. And my question is this, are there 376 00:19:50,359 --> 00:19:54,320 Speaker 1: nuances about money because we say all money is green. 377 00:19:54,320 --> 00:19:55,879 Speaker 1: People want to make money. You know, they don't care 378 00:19:55,920 --> 00:19:58,080 Speaker 1: if you're black, white, green they came about green. So 379 00:19:58,240 --> 00:20:01,040 Speaker 1: my question is are there nuances about money that apply 380 00:20:01,119 --> 00:20:04,840 Speaker 1: to black people in finding success in it that may 381 00:20:04,880 --> 00:20:06,560 Speaker 1: not apply to our counterparts. 382 00:20:09,000 --> 00:20:12,960 Speaker 2: I think there's nuances and money period. I could have 383 00:20:13,040 --> 00:20:21,920 Speaker 2: financed my companies with pookying them. I could have got 384 00:20:22,000 --> 00:20:25,520 Speaker 2: somebody from my community who has an interesting pedigree on 385 00:20:25,600 --> 00:20:27,800 Speaker 2: business that nobody sort of know the details from him. 386 00:20:27,840 --> 00:20:31,520 Speaker 2: He doesn't have a website, and he could have and 387 00:20:31,840 --> 00:20:33,600 Speaker 2: the audience will figured the rest of this out. And 388 00:20:33,640 --> 00:20:36,960 Speaker 2: I could have got some cash from Homeboy to start 389 00:20:37,000 --> 00:20:40,160 Speaker 2: my business or grow my business. But I couldn't pass 390 00:20:40,160 --> 00:20:43,960 Speaker 2: an audit. I couldn't get out of the financials. The 391 00:20:43,960 --> 00:20:46,840 Speaker 2: bank's only look at me crazy. And I can't then 392 00:20:46,880 --> 00:20:50,320 Speaker 2: position myself for the next level of growth on Wall Street. 393 00:20:50,359 --> 00:20:52,760 Speaker 2: I can't go from Main Street to Wall Street because 394 00:20:52,760 --> 00:20:53,880 Speaker 2: my partners are funky. 395 00:20:54,600 --> 00:20:55,399 Speaker 1: Yeah. 396 00:20:55,480 --> 00:20:59,040 Speaker 2: So I've always had a philosophy that I want my 397 00:20:59,080 --> 00:21:02,280 Speaker 2: partners to be bigger, and my financial partners are also 398 00:21:02,320 --> 00:21:03,919 Speaker 2: my partners, and one of my partners will be bigger 399 00:21:04,119 --> 00:21:07,040 Speaker 2: and more credible than I am. I mentioned I say 400 00:21:07,080 --> 00:21:10,919 Speaker 2: anything about money, bigger and more credible than I am. 401 00:21:10,960 --> 00:21:14,040 Speaker 2: Oprah Winfrey gave me an award, the Usual Life Award, 402 00:21:14,040 --> 00:21:16,720 Speaker 2: and when her investigators came around after she says he 403 00:21:16,760 --> 00:21:19,080 Speaker 2: wanted to give me the award, investigators came around and said, 404 00:21:19,080 --> 00:21:21,639 Speaker 2: we're gonna make it. Being little uncomfortable, were apologize in advance. 405 00:21:21,680 --> 00:21:23,960 Speaker 2: We've gone through. We've already gone through all your childhood. 406 00:21:24,520 --> 00:21:27,480 Speaker 2: That's why we're having lunch with you. But Oprah has 407 00:21:27,520 --> 00:21:30,400 Speaker 2: a rule, it's called the Oprah rule. She doesn't put 408 00:21:30,400 --> 00:21:33,679 Speaker 2: her arm around anybody who doesn't have as much to 409 00:21:33,760 --> 00:21:37,400 Speaker 2: lose reputationally as she does. Yeah, that's good man, that's 410 00:21:37,440 --> 00:21:40,399 Speaker 2: my rule. So all my partners are bigger than me, 411 00:21:40,600 --> 00:21:43,679 Speaker 2: more credible than me, and I build my companies. I 412 00:21:43,720 --> 00:21:48,119 Speaker 2: build my operations with an institutional pedigree. So I make 413 00:21:48,160 --> 00:21:51,240 Speaker 2: sure that I don't just have accountant. I have an accountant, 414 00:21:51,280 --> 00:21:53,840 Speaker 2: audit firm who is one of the Big six or 415 00:21:53,880 --> 00:21:57,520 Speaker 2: Big ten or Big twenty firms with a nice reputation 416 00:21:57,560 --> 00:22:00,880 Speaker 2: and a pedigree. My clients, my partners also my kind 417 00:22:00,920 --> 00:22:02,760 Speaker 2: of companies I'm trying to do business with. Use that 418 00:22:02,760 --> 00:22:06,040 Speaker 2: company or company like that. It's somebody you recognize. I 419 00:22:06,080 --> 00:22:09,240 Speaker 2: make sure that my bank is somebody who has a 420 00:22:09,359 --> 00:22:11,720 Speaker 2: recognized pedigree. It doesn't mean I don't put money in 421 00:22:11,720 --> 00:22:14,119 Speaker 2: a black bank, doesn't whish I do, doesn't mean that 422 00:22:14,160 --> 00:22:16,439 Speaker 2: I don't help the least these God's children. But my 423 00:22:16,600 --> 00:22:21,080 Speaker 2: lead institution is going to be somebody who says something 424 00:22:21,080 --> 00:22:25,480 Speaker 2: about me, not me saying something about them, and my 425 00:22:25,640 --> 00:22:28,880 Speaker 2: investors are going to have something more than money going 426 00:22:28,880 --> 00:22:31,879 Speaker 2: on for them, reputation in text. When somebody says who's 427 00:22:31,880 --> 00:22:36,760 Speaker 2: your partners, it means something. So yes, you've got to 428 00:22:36,840 --> 00:22:40,640 Speaker 2: realize that you cannot curse out people in that board room. 429 00:22:42,920 --> 00:22:45,080 Speaker 2: If you're white, they'll just say you're upset. If you're white, 430 00:22:45,119 --> 00:22:46,959 Speaker 2: they say if you're black, they say you're crazy. I 431 00:22:47,000 --> 00:22:49,560 Speaker 2: was walking through the lobby of a hotel with my 432 00:22:49,640 --> 00:22:53,919 Speaker 2: wife and this weekend, last weekend, and there was a 433 00:22:53,920 --> 00:22:56,480 Speaker 2: white kid laying on the couch in the lobby of 434 00:22:56,520 --> 00:23:00,399 Speaker 2: the hotel, had his shoes on, feed up hope, on 435 00:23:00,440 --> 00:23:05,560 Speaker 2: the couch with his head on his mama, and he's chilling. 436 00:23:05,680 --> 00:23:08,280 Speaker 2: Nobody said a word to him. I said, baby, if 437 00:23:08,280 --> 00:23:12,960 Speaker 2: that was a black kid, somebody would have come along 438 00:23:12,960 --> 00:23:14,400 Speaker 2: and say, young man, you need to take your feet 439 00:23:14,400 --> 00:23:17,879 Speaker 2: off that couch. You gotta be twice as smart, twice 440 00:23:17,920 --> 00:23:20,200 Speaker 2: as intelligence, twice as well dressed, get up twice as early, 441 00:23:20,280 --> 00:23:24,280 Speaker 2: say twice as late, be twice as clean. But it's 442 00:23:24,320 --> 00:23:26,640 Speaker 2: made me better. Haters have made me better. I don't 443 00:23:26,640 --> 00:23:29,920 Speaker 2: get mad at stuffing like this. I use it as fuel. Right. 444 00:23:30,200 --> 00:23:33,840 Speaker 2: I take no for vitamins. Right. A success is going 445 00:23:33,840 --> 00:23:37,080 Speaker 2: from failure to failure without loss of enthusiasm, over to 446 00:23:37,160 --> 00:23:39,159 Speaker 2: rounded through it. I'm going to get to it. So 447 00:23:39,240 --> 00:23:41,640 Speaker 2: as a result of that, I'm built to last. I'm 448 00:23:41,720 --> 00:23:44,600 Speaker 2: as a result of me making sure that I'm overclocked, overprepared, 449 00:23:44,760 --> 00:23:49,320 Speaker 2: over overtight, and never emotional. I can walk in any 450 00:23:49,400 --> 00:23:52,600 Speaker 2: room and clean their clocks. Because they're lazy. They've taken 451 00:23:52,600 --> 00:23:54,440 Speaker 2: the easy route. They've had to be the test that 452 00:23:54,480 --> 00:23:58,960 Speaker 2: I've had. Talk without being offensive, listen without being defensive, 453 00:23:59,160 --> 00:24:03,240 Speaker 2: and always lead even your adversary with their dignity, because 454 00:24:03,280 --> 00:24:05,240 Speaker 2: if you don't, that's been the rest of their life 455 00:24:05,320 --> 00:24:08,520 Speaker 2: trying to make you miserable. It becomes personal, and they 456 00:24:08,520 --> 00:24:10,560 Speaker 2: don't want you in the room half the time anyway, 457 00:24:10,680 --> 00:24:13,480 Speaker 2: so they're trying to find some excuse to neutralize you 458 00:24:13,520 --> 00:24:16,119 Speaker 2: and get you off the stage. You can say you 459 00:24:16,119 --> 00:24:17,919 Speaker 2: don't like John Bryant. You're not going to say he 460 00:24:17,920 --> 00:24:20,400 Speaker 2: doesn't qualify. That's good. That's good. 461 00:24:20,600 --> 00:24:22,919 Speaker 1: I want to talk about we why so many of 462 00:24:22,960 --> 00:24:25,920 Speaker 1: our businesses have so few employees. And I want to 463 00:24:25,960 --> 00:24:28,720 Speaker 1: position it this way is you know, I think about 464 00:24:29,000 --> 00:24:32,040 Speaker 1: how do we get more of us to consider scale? 465 00:24:32,200 --> 00:24:34,800 Speaker 1: Like there's no as far as I know, no black 466 00:24:34,840 --> 00:24:37,800 Speaker 1: bo wricks like we are. You know, I think there 467 00:24:37,880 --> 00:24:39,600 Speaker 1: was a study done by the SBA. This is back 468 00:24:39,640 --> 00:24:41,200 Speaker 1: in twenty twelve, I believe it was the last time 469 00:24:41,240 --> 00:24:43,679 Speaker 1: they did it, and they said eighty percent of our 470 00:24:43,720 --> 00:24:46,840 Speaker 1: businesses are in the bottom twenty percent of categories for 471 00:24:46,880 --> 00:24:51,080 Speaker 1: sales revenue. So we over index on barber shops, long 472 00:24:51,119 --> 00:24:54,600 Speaker 1: care companies, dry cleaners, et cetera. And so I wonder, like, 473 00:24:54,640 --> 00:24:57,600 Speaker 1: what does it take to get that black barber to say, 474 00:24:57,640 --> 00:24:59,399 Speaker 1: you know, instead of starting to shop on the corner, 475 00:25:00,000 --> 00:25:02,080 Speaker 1: want to start thirty of these shops and do it 476 00:25:02,119 --> 00:25:04,400 Speaker 1: across the country. Like, what does it take to get 477 00:25:04,480 --> 00:25:05,440 Speaker 1: us to think that way? 478 00:25:05,840 --> 00:25:08,560 Speaker 2: The Bible says the Bible says, where there's no vision, 479 00:25:08,560 --> 00:25:12,639 Speaker 2: that people perish, all right, So we needed again, we 480 00:25:12,640 --> 00:25:14,879 Speaker 2: need to go from civil rights in the streets to 481 00:25:15,080 --> 00:25:20,280 Speaker 2: silver rights in the business suites. Look, this makes perfect sense. 482 00:25:20,320 --> 00:25:22,320 Speaker 2: While we are where we are? Will why do kids 483 00:25:22,359 --> 00:25:27,000 Speaker 2: want to be rap stars, athletes and drug dealers from 484 00:25:27,040 --> 00:25:27,680 Speaker 2: our neighborhood. 485 00:25:27,800 --> 00:25:28,560 Speaker 1: That's what they see. 486 00:25:28,600 --> 00:25:32,359 Speaker 2: They're not dumb and they're not stupid. They're brilliant. They're 487 00:25:32,440 --> 00:25:37,800 Speaker 2: modeling what they see see. Yeah, they don't. No one's 488 00:25:37,840 --> 00:25:40,239 Speaker 2: talk to them about why education matters to them. K 489 00:25:40,359 --> 00:25:42,880 Speaker 2: through twelve, they're like, why do I go do both 490 00:25:42,920 --> 00:25:46,200 Speaker 2: of all this when I can just go sell some drugs? Well, 491 00:25:46,280 --> 00:25:48,640 Speaker 2: selling drugs is prison, probation, parole, and death, but that's 492 00:25:48,640 --> 00:25:52,240 Speaker 2: a different conversation. They're seeing a media gratification. They're seeing 493 00:25:52,240 --> 00:25:55,119 Speaker 2: a connection to their aspirations. But no one's taking taking 494 00:25:55,280 --> 00:25:58,399 Speaker 2: education and plugging it into a socket called aspiration and saying, 495 00:25:58,600 --> 00:26:00,680 Speaker 2: if you do this, you can be I'm an engineer. 496 00:26:00,880 --> 00:26:03,080 Speaker 2: If you do this, you can go into AI. If 497 00:26:03,119 --> 00:26:05,159 Speaker 2: you do this, you can become a gamer. If you 498 00:26:05,200 --> 00:26:07,199 Speaker 2: do this, you become a coder. If you do this, 499 00:26:07,280 --> 00:26:10,880 Speaker 2: you can become a real estate mate, a real estate magnet. 500 00:26:11,400 --> 00:26:16,560 Speaker 2: We have a farm club for professional sports. There used 501 00:26:16,560 --> 00:26:18,480 Speaker 2: to be a farm club for the arts, used to 502 00:26:18,520 --> 00:26:20,200 Speaker 2: be art class, a lot of stuff. But they're still 503 00:26:20,200 --> 00:26:22,800 Speaker 2: an informal farm club for that. But certainly professional sports 504 00:26:23,119 --> 00:26:26,600 Speaker 2: from middle school. But there's no farm club for business 505 00:26:26,680 --> 00:26:28,760 Speaker 2: and the things that's driving the economy. And so you 506 00:26:28,800 --> 00:26:31,720 Speaker 2: look at the role models of jay Z or whoever 507 00:26:31,880 --> 00:26:36,359 Speaker 2: people admire, they have a staff of thirty people. The 508 00:26:36,400 --> 00:26:39,399 Speaker 2: biggest celebrities that you want to admire, they have a 509 00:26:39,440 --> 00:26:44,159 Speaker 2: staff of five people, four people, ten people, maybe thirty 510 00:26:44,200 --> 00:26:49,000 Speaker 2: people that's running their brand. You can't scale the brand. 511 00:26:49,119 --> 00:26:51,720 Speaker 2: This is only one jay Z. Maybe I'm not picking 512 00:26:51,760 --> 00:26:54,480 Speaker 2: on jay Z. There's only one Ti or Killer Mike 513 00:26:54,560 --> 00:26:57,960 Speaker 2: who I know, and you can't and there's only so 514 00:26:57,960 --> 00:27:00,639 Speaker 2: many employees that are able to sit in there, Allen sheet, 515 00:27:00,960 --> 00:27:03,960 Speaker 2: given that is one the product is an individual. Right. 516 00:27:04,400 --> 00:27:07,320 Speaker 2: So the things that we've tried to get forty million 517 00:27:07,320 --> 00:27:14,520 Speaker 2: people into to an economic model designed for three thousand people, right, 518 00:27:14,600 --> 00:27:17,520 Speaker 2: and even those jobs last three to five years on average. 519 00:27:17,600 --> 00:27:21,359 Speaker 2: Celebrity three to five years, a ball player three to 520 00:27:21,440 --> 00:27:25,639 Speaker 2: five years, drug dealer probably less than that. Right. So, 521 00:27:26,560 --> 00:27:29,080 Speaker 2: and look at Jews, just the opposite, seven and a 522 00:27:29,080 --> 00:27:33,280 Speaker 2: half million Jews, but they're pursuing forty million occupations and 523 00:27:33,400 --> 00:27:35,800 Speaker 2: they've understand that you need to write the check, not 524 00:27:36,000 --> 00:27:38,560 Speaker 2: just cash it, be the owner. But when you discriminate 525 00:27:38,640 --> 00:27:41,360 Speaker 2: against me. You just discriminate against the guy who owns 526 00:27:41,920 --> 00:27:47,720 Speaker 2: the building that you're actually talking crap in. So what 527 00:27:47,760 --> 00:27:50,280 Speaker 2: we need is a long answer to your question. What 528 00:27:50,359 --> 00:27:53,720 Speaker 2: we need is a business plan. What we need is 529 00:27:53,760 --> 00:27:57,119 Speaker 2: a business plan, and we need role models who start 530 00:27:57,200 --> 00:28:01,240 Speaker 2: with what you just said. Why am I just why 531 00:28:01,240 --> 00:28:02,399 Speaker 2: do I have too much month of the end in 532 00:28:02,440 --> 00:28:05,800 Speaker 2: my money? Why? No matter how hard I work, I'm 533 00:28:05,800 --> 00:28:10,199 Speaker 2: broke because you've got one operation and you're trying to 534 00:28:10,200 --> 00:28:12,400 Speaker 2: make money and not trying to build wealth. You need 535 00:28:12,400 --> 00:28:15,200 Speaker 2: to you build wealth in your sleep. Compounding. Compounding can 536 00:28:15,240 --> 00:28:19,160 Speaker 2: mean different additional locations. So maybe I need to model success. 537 00:28:19,160 --> 00:28:22,240 Speaker 2: Maybe I need twenty locations, maybe I need ten. I can't. 538 00:28:22,320 --> 00:28:24,119 Speaker 2: And by the way, what's the strategy. It's going to 539 00:28:24,200 --> 00:28:26,960 Speaker 2: blow your your viewer's mind when I say, listeners, listeners mind, 540 00:28:27,000 --> 00:28:29,320 Speaker 2: when I say this, why do I want to have 541 00:28:29,440 --> 00:28:32,720 Speaker 2: three locations, ten twenty to sell it? 542 00:28:32,840 --> 00:28:34,560 Speaker 1: That's right, that's absolutely correct. 543 00:28:34,359 --> 00:28:37,040 Speaker 2: To sell it. Oh but John, then it's not a 544 00:28:37,080 --> 00:28:41,120 Speaker 2: black business. No, it's a successful one. It's called an 545 00:28:41,160 --> 00:28:47,200 Speaker 2: exit strategy, right, right, So percent of black businesses don't 546 00:28:47,200 --> 00:28:50,320 Speaker 2: have an employee because we're emotional about it. Because we're 547 00:28:50,480 --> 00:28:53,200 Speaker 2: there're self employment projects, because we have to understand that 548 00:28:53,320 --> 00:28:56,120 Speaker 2: this is about growing something you can sell, that you 549 00:28:56,160 --> 00:28:58,640 Speaker 2: can merge, that you can that you know, it's not 550 00:28:58,680 --> 00:29:01,400 Speaker 2: a black business, it's a green You don't see Jewish 551 00:29:01,440 --> 00:29:04,680 Speaker 2: people and white people have said white owned business. You know, 552 00:29:04,760 --> 00:29:07,880 Speaker 2: you don't see Jews, Latino people, Latino own business, big 553 00:29:07,920 --> 00:29:10,280 Speaker 2: sign in the one in the wall. Let you know, 554 00:29:10,560 --> 00:29:13,960 Speaker 2: you know Asian own business. Right, it's only black people, 555 00:29:14,240 --> 00:29:16,840 Speaker 2: black owned business. I know it's black. I see you, right, 556 00:29:17,960 --> 00:29:20,760 Speaker 2: you you want every person who with a dollar bill, 557 00:29:21,240 --> 00:29:25,080 Speaker 2: a legit one to be your customer. Right, And so 558 00:29:25,120 --> 00:29:26,600 Speaker 2: we got to take the emotion out of it. We 559 00:29:26,640 --> 00:29:29,160 Speaker 2: need different kind of role models. Look, why am I 560 00:29:29,200 --> 00:29:33,520 Speaker 2: doing what I'm doing to create plumbing? There is no 561 00:29:33,720 --> 00:29:36,440 Speaker 2: there is no one of the videoss got four million, 562 00:29:36,560 --> 00:29:39,400 Speaker 2: five million views that I did. Somebody just put up 563 00:29:39,400 --> 00:29:40,680 Speaker 2: this little clip. I did able to speak in the 564 00:29:40,720 --> 00:29:42,680 Speaker 2: Milking conference where I said I want to be the 565 00:29:42,680 --> 00:29:45,840 Speaker 2: Federal Reserve of the hood. Yeah, and to me it 566 00:29:45,880 --> 00:29:48,840 Speaker 2: was common sense. I wasn't I wasn't trying to get attention. 567 00:29:49,200 --> 00:29:51,040 Speaker 2: I was I just thought it was common sense. I 568 00:29:51,080 --> 00:29:53,239 Speaker 2: want to become the federal reserve of the hood. I 569 00:29:53,280 --> 00:29:58,600 Speaker 2: want to create an economic infrastructure, a financial access point 570 00:29:59,000 --> 00:30:04,800 Speaker 2: nationwide where we can come in operationalize our untapped human 571 00:30:04,800 --> 00:30:08,040 Speaker 2: potential at scale. Get our credit score up thirty to 572 00:30:08,080 --> 00:30:10,520 Speaker 2: fifty to one hundred points, get our debt. You know, 573 00:30:10,560 --> 00:30:13,560 Speaker 2: black people have the largest, sorry, the lowest credit score 574 00:30:13,600 --> 00:30:16,200 Speaker 2: on average in the nation. The average credit score for 575 00:30:16,200 --> 00:30:19,440 Speaker 2: black people is less than six twenty. Not poor people, 576 00:30:20,600 --> 00:30:22,280 Speaker 2: all of us. And so when we get up in 577 00:30:22,320 --> 00:30:24,200 Speaker 2: the morning, will and we think that the bank is 578 00:30:24,200 --> 00:30:27,960 Speaker 2: discriminating against us, and they might be. It might be 579 00:30:27,960 --> 00:30:30,800 Speaker 2: a racist person at the bank who don't like you, 580 00:30:31,160 --> 00:30:34,040 Speaker 2: who discriminated against you. That might be the case. But 581 00:30:34,040 --> 00:30:36,120 Speaker 2: if your credit score is five fifty, they don't want 582 00:30:36,120 --> 00:30:38,600 Speaker 2: to have worked very hard at it. The answer is 583 00:30:38,640 --> 00:30:40,920 Speaker 2: just no, right, you're just a bad credit risk. Now 584 00:30:40,960 --> 00:30:43,120 Speaker 2: you don't pay your bills. So we get the credits 585 00:30:43,120 --> 00:30:45,160 Speaker 2: grow up fifty to one hundred points, so you're in 586 00:30:45,200 --> 00:30:48,040 Speaker 2: the high sixes. God forbid, you get the seven that's 587 00:30:48,040 --> 00:30:51,320 Speaker 2: the Nirvana seven hundred. Get your debt down thirty eight 588 00:30:51,400 --> 00:30:54,240 Speaker 2: hundred dollars for somebody making forty eight thousand dollars. These 589 00:30:54,240 --> 00:30:56,680 Speaker 2: store our hope and side models at open site locations 590 00:30:56,720 --> 00:30:59,040 Speaker 2: and operation ope, three hundred dollars across the country. We 591 00:30:59,080 --> 00:31:02,200 Speaker 2: get your savings up two thousand dollars on average. And 592 00:31:02,240 --> 00:31:04,920 Speaker 2: when we do that, we make you bank qualified. Yeah, 593 00:31:05,040 --> 00:31:06,600 Speaker 2: so the bank just wants to say yes. And if 594 00:31:06,600 --> 00:31:09,479 Speaker 2: you want to test my theory, go to the computer 595 00:31:09,560 --> 00:31:12,880 Speaker 2: at midnight when the bank's not even open and you 596 00:31:12,920 --> 00:31:15,520 Speaker 2: have a seven to twenty credit score and type in 597 00:31:15,520 --> 00:31:18,080 Speaker 2: an application for a credit card or a mortgage or 598 00:31:18,080 --> 00:31:19,400 Speaker 2: a cardinal and watch that approval. 599 00:31:19,400 --> 00:31:22,240 Speaker 1: We'll get it quick, quick, quick. 600 00:31:22,680 --> 00:31:25,880 Speaker 2: Change the game, change the business plan, change your minds, 601 00:31:26,160 --> 00:31:30,320 Speaker 2: change our model, become bilingual, learn financial literacy for all. 602 00:31:30,440 --> 00:31:32,760 Speaker 2: It's the new civil rights issue of this generation. We 603 00:31:32,840 --> 00:31:34,719 Speaker 2: have got to be as obsessed with this as we 604 00:31:34,720 --> 00:31:35,640 Speaker 2: were the right to vote. 605 00:31:36,360 --> 00:31:38,400 Speaker 1: Last question for you, going to let you go. And 606 00:31:38,480 --> 00:31:40,680 Speaker 1: you know a lot of folks in our community I've 607 00:31:40,720 --> 00:31:44,640 Speaker 1: heard lament capitalism and for a variety of reasons. And 608 00:31:45,240 --> 00:31:47,800 Speaker 1: I want you to make a case on this and 609 00:31:48,160 --> 00:31:52,880 Speaker 1: why capitalism has been largely what created wealth in this country. 610 00:31:52,960 --> 00:31:54,400 Speaker 2: And I'll let you. 611 00:31:54,440 --> 00:31:55,600 Speaker 1: I don't want to want to speak on you. I'll 612 00:31:55,640 --> 00:31:56,360 Speaker 1: let you speak on it. 613 00:31:57,000 --> 00:31:58,840 Speaker 2: Man. We get do an hour just on this. Yeah, 614 00:31:59,520 --> 00:32:03,440 Speaker 2: this is a ridiculous conversation. Yea, the convergons, they're happy. 615 00:32:03,640 --> 00:32:05,320 Speaker 1: Yeah, now, yeah, I'm with you. 616 00:32:06,480 --> 00:32:13,280 Speaker 2: It's ridiculous. Slavery was about capitalism. Nobody went halfway around 617 00:32:13,360 --> 00:32:16,560 Speaker 2: the world, bring your ass over here because they didn't 618 00:32:16,640 --> 00:32:22,760 Speaker 2: like you. Why did they go to Africa? Because we 619 00:32:22,800 --> 00:32:28,000 Speaker 2: were agricultural geniuses, that's why. Because we could take dead land, 620 00:32:28,440 --> 00:32:31,440 Speaker 2: dead soil and bring it back to life. Because we 621 00:32:31,520 --> 00:32:34,840 Speaker 2: did that in Africa, and we could work from cancer 622 00:32:34,880 --> 00:32:36,800 Speaker 2: in the morning to cancy at night and it didn't 623 00:32:36,840 --> 00:32:40,840 Speaker 2: bother us under the sun. We're agricultural geniuses of the land. 624 00:32:41,080 --> 00:32:44,560 Speaker 2: What was the economy in the seventeen and eighteen hundreds, 625 00:32:44,920 --> 00:32:51,920 Speaker 2: agricultural economy? What were the crops? Cotton, tobacco, et cetera, 626 00:32:51,920 --> 00:32:55,320 Speaker 2: et cetera. Was needed the soil that was situated in 627 00:32:55,360 --> 00:32:58,600 Speaker 2: the Caribbean, but more so in the southern US States. 628 00:32:59,840 --> 00:33:03,680 Speaker 2: The first indentured servants brought over here to work that 629 00:33:03,840 --> 00:33:09,280 Speaker 2: land were white and black. They got along with each other, 630 00:33:10,000 --> 00:33:12,560 Speaker 2: and when in sixty early sixteen hundreds they got along 631 00:33:12,560 --> 00:33:14,560 Speaker 2: with each other, didn't like what the overseer was doing 632 00:33:15,000 --> 00:33:17,400 Speaker 2: on what wasn't called a plantation, then were these were 633 00:33:17,400 --> 00:33:20,560 Speaker 2: trading companies back then. When they didn't like they ran 634 00:33:20,560 --> 00:33:23,880 Speaker 2: away with each other, black and white. And when they 635 00:33:23,880 --> 00:33:27,080 Speaker 2: were caught the overseers, henchman said, a, Boss, we got 636 00:33:27,080 --> 00:33:32,200 Speaker 2: a problem. They're getting along and we can have a 637 00:33:32,240 --> 00:33:35,480 Speaker 2: class I'm sorry. We can have a race riot, but 638 00:33:35,560 --> 00:33:39,080 Speaker 2: we cannot have a class riot because we're the class. 639 00:33:40,400 --> 00:33:43,680 Speaker 2: So we got to work this out. And Boss said, well, 640 00:33:43,520 --> 00:33:48,040 Speaker 2: tell the white guys they're white like us, and then 641 00:33:48,040 --> 00:33:50,920 Speaker 2: put them in charge of the black people and tell 642 00:33:50,960 --> 00:33:52,560 Speaker 2: them if they work really hard, they can buy one 643 00:33:52,600 --> 00:33:57,640 Speaker 2: of them. And the poor whites didn't do any critical 644 00:33:57,680 --> 00:34:02,040 Speaker 2: thinking to go up, oh, oh, I'm white like you. 645 00:34:02,120 --> 00:34:04,080 Speaker 2: They should have said, well, next question, do I have 646 00:34:04,200 --> 00:34:07,400 Speaker 2: land like you do, have titles like you do? I 647 00:34:07,480 --> 00:34:10,279 Speaker 2: own businesses like you do. I own No, they didn't ask. 648 00:34:10,320 --> 00:34:12,320 Speaker 2: They just said, oh, I'm white like you, okay, Boss, 649 00:34:12,840 --> 00:34:19,479 Speaker 2: And that lie has survived four hundred years where poor 650 00:34:19,480 --> 00:34:23,439 Speaker 2: whites and poor blacks are at each other's throats while 651 00:34:23,480 --> 00:34:26,040 Speaker 2: the wealthy people just sort of fade in the background 652 00:34:26,160 --> 00:34:29,120 Speaker 2: and going about their business. Now, that was bad capitalism 653 00:34:29,680 --> 00:34:34,040 Speaker 2: at scale, horrible, Disgustingitaliven. I can do a whole hour 654 00:34:34,120 --> 00:34:37,600 Speaker 2: on slavery, and as a mechanism and as a business model, 655 00:34:37,640 --> 00:34:40,640 Speaker 2: it was repressive and disgusting and horrible. And I think 656 00:34:40,719 --> 00:34:43,319 Speaker 2: bad capitalism is where I benefit and you benefit more. 657 00:34:44,280 --> 00:34:46,239 Speaker 2: I'm sorry. Good capitalism is where I benefit and you 658 00:34:46,320 --> 00:34:49,040 Speaker 2: benefit more. Bad capitalism is where I benefit and you 659 00:34:49,120 --> 00:34:52,360 Speaker 2: pay a price for it. And this was the worst 660 00:34:52,360 --> 00:34:55,880 Speaker 2: example of bad capitalism, slavery, but it built this country. 661 00:34:56,719 --> 00:35:01,160 Speaker 2: Black slaves were worth more than anybody else in at 662 00:35:00,760 --> 00:35:04,120 Speaker 2: the wealthiest city in the world. Will in eighteen forty 663 00:35:04,280 --> 00:35:07,600 Speaker 2: was not just Mississippi. Okay, I'm gonna get off that. 664 00:35:07,640 --> 00:35:09,000 Speaker 2: I can stay on that foreby by the way, the 665 00:35:09,000 --> 00:35:11,600 Speaker 2: word white, word white was a made up word. Racial 666 00:35:11,640 --> 00:35:14,200 Speaker 2: word white. Well, I'm about to step pick a fight 667 00:35:14,280 --> 00:35:16,479 Speaker 2: with all these folks who think they're historians, but they're 668 00:35:16,480 --> 00:35:19,800 Speaker 2: wrong the racial word white. The world is five billion 669 00:35:19,880 --> 00:35:23,200 Speaker 2: years old, four billion years of organism life, two hundred 670 00:35:23,200 --> 00:35:26,200 Speaker 2: million years of human life, but those are Neanderthals, one 671 00:35:26,239 --> 00:35:29,000 Speaker 2: hundred million, one hundred thousand, two hundred thousand years of 672 00:35:29,080 --> 00:35:31,919 Speaker 2: modern America, modern life with the people that we would 673 00:35:31,960 --> 00:35:34,360 Speaker 2: recognize and look and feel and stuff. And then you know, 674 00:35:34,400 --> 00:35:37,640 Speaker 2: of course recorded history. We know three thousand years before 675 00:35:37,719 --> 00:35:39,279 Speaker 2: Christ and all that kind of stuff. You hear all 676 00:35:39,280 --> 00:35:41,279 Speaker 2: those stories, and of course you know Christ and he 677 00:35:41,440 --> 00:35:43,480 Speaker 2: you know, God blew conscious in us and all that 678 00:35:43,560 --> 00:35:47,080 Speaker 2: kinds of recent history. But the word white came in 679 00:35:47,120 --> 00:35:51,400 Speaker 2: the sixteen hundreds. You had black royalty, you had black 680 00:35:51,440 --> 00:35:55,120 Speaker 2: people who were in power hundreds of years ago. But 681 00:35:55,280 --> 00:35:58,480 Speaker 2: it was, it was, it was convenient in sixteen hundreds 682 00:35:58,480 --> 00:36:01,960 Speaker 2: in America to this word for the reasons that I 683 00:36:02,000 --> 00:36:04,120 Speaker 2: just mentioned to you. Now, let's go to your question 684 00:36:04,600 --> 00:36:08,040 Speaker 2: and answer it directly. Why this is a ridiculous situation. 685 00:36:08,200 --> 00:36:10,319 Speaker 2: I've already talked about the comb and the brush and 686 00:36:10,360 --> 00:36:12,799 Speaker 2: all that stuff. People watching this or listening to this 687 00:36:13,040 --> 00:36:18,839 Speaker 2: are engaging in capitalism. The government didn't buy your phone, 688 00:36:19,920 --> 00:36:24,239 Speaker 2: the government't buy your car radio. Yeah, all right, So 689 00:36:24,680 --> 00:36:26,960 Speaker 2: I did a podcast on this at the six levels 690 00:36:26,960 --> 00:36:30,120 Speaker 2: of the capitalist The first level you got you are 691 00:36:30,120 --> 00:36:34,200 Speaker 2: a human and you are using your human capital exchange 692 00:36:34,239 --> 00:36:37,960 Speaker 2: that for compensation so you can live. Yeah, that's a 693 00:36:38,000 --> 00:36:41,120 Speaker 2: gig worker. That is an unstructured worker at the bottom 694 00:36:41,120 --> 00:36:43,080 Speaker 2: of the pyramid. They paying you by the hours or 695 00:36:43,200 --> 00:36:45,720 Speaker 2: by the gig. And you want a bunch of freedoms 696 00:36:45,800 --> 00:36:47,480 Speaker 2: or you don't want anybody tell you what to do, 697 00:36:47,560 --> 00:36:49,399 Speaker 2: so you broke his heck, but you get to come 698 00:36:49,400 --> 00:36:52,160 Speaker 2: and go as you please. Then you've got the next level, 699 00:36:52,160 --> 00:36:54,560 Speaker 2: which is a worker and you work from nine to 700 00:36:54,640 --> 00:36:57,920 Speaker 2: five or whatever your shift is. The ais to upset 701 00:36:57,920 --> 00:37:00,879 Speaker 2: your life. By the way, artificial intelligence, that's a other thing. 702 00:37:02,280 --> 00:37:04,720 Speaker 2: I'm co chairing an AI ethics councilor with Sam Audman. 703 00:37:04,880 --> 00:37:06,799 Speaker 2: That's a whole other thing. That's abouna change everything by 704 00:37:06,800 --> 00:37:08,879 Speaker 2: twenty thirty. But you're working at a nine to five 705 00:37:08,920 --> 00:37:12,480 Speaker 2: and a job that will go away, and you're being paid, 706 00:37:12,600 --> 00:37:16,120 Speaker 2: you know, a decent wage whatever the law allows, and 707 00:37:16,160 --> 00:37:18,160 Speaker 2: you get to go. You get to leave it five o'clock. 708 00:37:18,400 --> 00:37:22,200 Speaker 2: It's not your problem. Okay. Now the next level is 709 00:37:22,280 --> 00:37:26,120 Speaker 2: you're a salaried worker and you get more compensation because 710 00:37:26,120 --> 00:37:27,760 Speaker 2: the boss can call you, call you at eight o'clock 711 00:37:27,760 --> 00:37:30,880 Speaker 2: at night every now and then, and they can't say 712 00:37:31,080 --> 00:37:33,440 Speaker 2: you can't say it's overtime because you're on a salary. Now, 713 00:37:33,440 --> 00:37:36,160 Speaker 2: they can't abuse you. But you know, basically, whatever the 714 00:37:36,239 --> 00:37:38,640 Speaker 2: job needs you is when you show up, they pay you, 715 00:37:38,760 --> 00:37:42,160 Speaker 2: let's say, low six figures for that salary job. So 716 00:37:42,200 --> 00:37:46,719 Speaker 2: it's more risk less freedom more reward. Now you're a 717 00:37:46,760 --> 00:37:50,480 Speaker 2: C suite executive, you're a chief financial officer, executive, vice president, 718 00:37:50,960 --> 00:37:54,320 Speaker 2: you're a baller in some corporation. Now you getting six figures, 719 00:37:54,320 --> 00:37:57,719 Speaker 2: mid six figures, maybe high six figures, maybe seven figures. 720 00:37:58,040 --> 00:38:00,640 Speaker 2: But that boss can call you any day on time. 721 00:38:01,400 --> 00:38:04,680 Speaker 2: He or she likes twenty four and seven, and it's 722 00:38:04,680 --> 00:38:07,200 Speaker 2: not your business and it's not your problem. But you 723 00:38:07,320 --> 00:38:09,920 Speaker 2: have to be responsive because you are all in. You 724 00:38:10,000 --> 00:38:12,719 Speaker 2: got a lot less freedom, a lot more compensation, but 725 00:38:13,280 --> 00:38:15,040 Speaker 2: you still don't have the risk of an owner. The 726 00:38:15,080 --> 00:38:19,520 Speaker 2: next level is a business owner. Now you have this 727 00:38:19,640 --> 00:38:21,919 Speaker 2: is your deal. Now you own it. If it goes down, 728 00:38:21,960 --> 00:38:24,680 Speaker 2: it's your deal. But if it wins, it's your deal. Well, 729 00:38:24,719 --> 00:38:29,120 Speaker 2: you get more compensation, much more risk, and you basically 730 00:38:29,400 --> 00:38:31,879 Speaker 2: work whenever you have to. Now, the great thing about 731 00:38:31,880 --> 00:38:35,600 Speaker 2: a business is different from an entrepreneur. There's an established 732 00:38:35,640 --> 00:38:38,960 Speaker 2: plan as a barbershop or a nail salon or a 733 00:38:39,760 --> 00:38:41,960 Speaker 2: you want to be a technician or whatever it is. 734 00:38:42,040 --> 00:38:44,600 Speaker 2: There's a business that came before that you can model it. 735 00:38:45,040 --> 00:38:49,360 Speaker 2: The craziest part former capitalist is me. I'm an entrepreneur 736 00:38:50,160 --> 00:38:54,279 Speaker 2: creating something out of whole cloth. Didn't exist before. If 737 00:38:54,320 --> 00:38:58,279 Speaker 2: you win, you win big, but if you lose, you 738 00:38:58,360 --> 00:39:02,120 Speaker 2: lose everything. And an srepreneur works eighteen hours day to 739 00:39:02,160 --> 00:39:04,560 Speaker 2: keep them getting a job. Now I just explain I 740 00:39:04,680 --> 00:39:08,640 Speaker 2: just explained capitalism to everybody listening to this, because everybody 741 00:39:08,760 --> 00:39:11,520 Speaker 2: is in one of those categories. Then somebody's going to say, well, 742 00:39:11,560 --> 00:39:13,120 Speaker 2: I just want to work for the government. Where do 743 00:39:13,160 --> 00:39:15,440 Speaker 2: you think the government get their money from. I mean, 744 00:39:15,480 --> 00:39:18,439 Speaker 2: we can go to this all day, all night. Eighty 745 00:39:18,440 --> 00:39:21,319 Speaker 2: eight percent of all jobs or private sector jobs. The 746 00:39:21,360 --> 00:39:24,080 Speaker 2: government is only twelve percent of all jobs, and they 747 00:39:24,080 --> 00:39:26,799 Speaker 2: get their money from you and me paying taxes and businesses. 748 00:39:27,239 --> 00:39:29,360 Speaker 2: And then said, oh, I want to be a socialist. 749 00:39:29,840 --> 00:39:31,480 Speaker 2: What are you talking about all that? This is a 750 00:39:31,520 --> 00:39:35,160 Speaker 2: taxing structure. You go to Norway or Sweden or whatever. 751 00:39:35,200 --> 00:39:38,440 Speaker 2: They're capitalists. They just are taxed at sixty or seventy 752 00:39:38,600 --> 00:39:41,440 Speaker 2: percent of every dollar they may. So you don't have 753 00:39:41,520 --> 00:39:45,839 Speaker 2: anybody who's broke. There's a safety net. But you don't 754 00:39:45,840 --> 00:39:48,120 Speaker 2: see anybody who look like you and me also running 755 00:39:48,160 --> 00:39:53,120 Speaker 2: these companies. Wow, so's so there's a there's a safety net. Fine, 756 00:39:53,440 --> 00:39:57,080 Speaker 2: but you cannot aim at the highest ring. And those 757 00:39:57,120 --> 00:39:59,920 Speaker 2: are small economies. And then you say, well, what about you, 758 00:40:00,080 --> 00:40:03,960 Speaker 2: China's capitalists? What about Russia? Russians, they say they're communists, 759 00:40:03,960 --> 00:40:08,279 Speaker 2: they're capitalists. So communism doesn't work. Socialism doesn't work, and 760 00:40:08,320 --> 00:40:11,360 Speaker 2: capitalism is a horrible system except for every other system. 761 00:40:11,680 --> 00:40:14,880 Speaker 2: Knock it off. We are we are living in a 762 00:40:14,920 --> 00:40:19,399 Speaker 2: free enterprise democracy. Get with it. What we really need 763 00:40:19,440 --> 00:40:21,920 Speaker 2: and this is going to really anger your viewers. What 764 00:40:22,000 --> 00:40:24,000 Speaker 2: we really need is a black Jewish business plan. I'm 765 00:40:24,000 --> 00:40:25,160 Speaker 2: gonna drop the mic on that one. 766 00:40:25,239 --> 00:40:30,880 Speaker 1: I love it through the books, Amazon, everywhere, barn. 767 00:40:31,160 --> 00:40:34,840 Speaker 2: It's everywhere Walmart, Amazon, Barnes, and Noble black bookstores. And 768 00:40:34,920 --> 00:40:37,000 Speaker 2: we made to make sure that there are black bookstores. 769 00:40:37,000 --> 00:40:40,920 Speaker 2: That it is number one in several categories economics, business, 770 00:40:41,280 --> 00:40:43,319 Speaker 2: and I don't know, there's been many times that a 771 00:40:43,320 --> 00:40:46,160 Speaker 2: black man was number one in economics and business. And 772 00:40:46,200 --> 00:40:49,680 Speaker 2: this has been since April one through today. It's still 773 00:40:49,760 --> 00:40:53,160 Speaker 2: number one on Amazon and the best I can tell, 774 00:40:53,280 --> 00:40:56,759 Speaker 2: we are buying it, which is really quite inspiring. We 775 00:40:56,800 --> 00:40:58,800 Speaker 2: want to know how stuff works, like, we want to 776 00:40:58,840 --> 00:41:02,160 Speaker 2: figure this stuff out. This is the Silver Rights movement 777 00:41:02,200 --> 00:41:05,239 Speaker 2: and this is the third reconstruction and it started with 778 00:41:05,280 --> 00:41:07,960 Speaker 2: George Floyd's murder and it'll go to twenty thirty and 779 00:41:08,440 --> 00:41:10,920 Speaker 2: we have a shot that will not come back. This this, 780 00:41:11,160 --> 00:41:13,480 Speaker 2: in my opinion, this is it. This is after this. 781 00:41:14,600 --> 00:41:16,879 Speaker 2: Folks have done with us. They're done with that, They're 782 00:41:16,920 --> 00:41:19,600 Speaker 2: done with trying to accommodate. I'm not saying they that 783 00:41:19,640 --> 00:41:23,200 Speaker 2: they shouldn't be done with us. They shouldn't, but folks 784 00:41:23,200 --> 00:41:25,880 Speaker 2: are gonna move on to something else, and we have 785 00:41:25,960 --> 00:41:28,799 Speaker 2: got that. We've got to get out of this victim mentality. 786 00:41:29,160 --> 00:41:31,640 Speaker 2: We've got to stop thinking that somebody owes us something 787 00:41:31,680 --> 00:41:35,560 Speaker 2: they do but it doesn't matter. We've got to stop 788 00:41:35,680 --> 00:41:39,200 Speaker 2: stop asking for perfection. You know, whether it's reparations or 789 00:41:39,239 --> 00:41:42,000 Speaker 2: whatever that stuff is, it ain't happening. Note, if you 790 00:41:42,040 --> 00:41:45,040 Speaker 2: see who's running for president against the current president, you 791 00:41:45,120 --> 00:41:48,000 Speaker 2: really think that's a conversation. Like, we have got to 792 00:41:48,080 --> 00:41:50,319 Speaker 2: become a homeowner. So the number one way you build 793 00:41:50,360 --> 00:41:52,920 Speaker 2: wealth as homeownership. Forty one forty four percent of us 794 00:41:52,960 --> 00:41:55,759 Speaker 2: own a home. The rest of us are renting, trying 795 00:41:55,800 --> 00:41:57,799 Speaker 2: to impress people. We don't know what money we don't have, 796 00:41:58,040 --> 00:42:00,680 Speaker 2: but places don't want us with a doorman that don't 797 00:42:00,680 --> 00:42:06,560 Speaker 2: give a damn about you. We can't afford and in 798 00:42:06,600 --> 00:42:09,439 Speaker 2: conversations that don't matter, not at all. 799 00:42:11,800 --> 00:42:15,000 Speaker 1: Child Hold Brian, It's such a pleasure, such a pleasure. 800 00:42:15,160 --> 00:42:19,520 Speaker 1: Thank you so much. Black Tech Green Money is a 801 00:42:19,520 --> 00:42:22,640 Speaker 1: production to Blavity afro Tech on the Black Effect podcast 802 00:42:22,680 --> 00:42:25,440 Speaker 1: network in night Heartmedia and it's produced by Morgan Debonne 803 00:42:25,440 --> 00:42:28,759 Speaker 1: and me Well Lucas, with a digital production support by 804 00:42:28,800 --> 00:42:31,920 Speaker 1: Kate McDonald, Sarah Ergan and Jaden McGee. Special thank you 805 00:42:32,000 --> 00:42:34,680 Speaker 1: to Michael Davis and Lovebeach. Learn more about my guessing 806 00:42:34,719 --> 00:42:37,560 Speaker 1: other tech. This is an innovators at afro tech dot com. 807 00:42:37,880 --> 00:42:40,080 Speaker 1: The video version of this episode will drop to Black 808 00:42:40,120 --> 00:42:43,160 Speaker 1: Tech Green Money on YouTube, So tap in, enjoy your 809 00:42:43,160 --> 00:42:46,600 Speaker 1: Black Tech Green Money, share us to somebody, go get 810 00:42:46,640 --> 00:42:48,319 Speaker 1: your money. Peace in love,