Speaker 1: Welcome The Money and Wealth with John Hobryant, a production
Speaker 1: of the Black Effect Podcast Network and iHeartRadio. Hey, Hey,
Speaker 1: this is John Hope Bryant and this is the Money
Speaker 1: and the Wealth podcast series on Black Effect Network and iHeartRadio.
Speaker 1: It's my weekly ministry of Hope. I want you to
Speaker 1: all get my book Financial Literacy for All now a
Speaker 1: national bestseller and economics and Business. I want you to
Speaker 1: use it as your textbook, as your weekly family meeting book.
Speaker 1: I want you to read it from Indian and underline
Speaker 1: it and mark it up. I want you to review
Speaker 1: it online where you bought it. And then I'd like
Speaker 1: to give you to write your name, your family name,
Speaker 1: and the inside cover and donate it to a local
Speaker 1: library or a title I school, an under serve school
Speaker 1: in your neighborhood with your name on it, and go in.
Speaker 1: After you even talk financial literacy yourself, please consider going
Speaker 1: in and teaching it to young people. We model what
Speaker 1: we see. A lot of what I'm going to talk
Speaker 1: about the day is about exactly that. So we're going
Speaker 1: to start out this podcast episode on why success and
Speaker 1: failure are on purpose. Yes, it's a very provocative topic
Speaker 1: and I'm an unpack a winning mindset and how to win.
Speaker 1: But some people are going to be upset by the
Speaker 1: topic title why success and failure are on purpose? How
Speaker 1: could you dare say that failure is on purpose? Before
Speaker 1: I talk about my own failure, first, let me first
Speaker 1: say that I'm not talking about poverty on purpose, not
Speaker 1: sustenance poverty. So sustenance poverty you can't do anything about.
Speaker 1: That's a roof over your head, food on your table,
Speaker 1: reasonable healthcare, what zip code you were born in, the
Speaker 1: parents had you, well, what adults had you, and hopefully
Speaker 1: they became parents and acted like parents. But you have
Speaker 1: no control over that, right, And so I'm not talking
Speaker 1: about sustenance poverty the ability to sustain yourself. But all
Speaker 1: other forms of poverty outside of sustenance poverty are tied
Speaker 1: to mindset. And that's what I'm talking about here, And
Speaker 1: I'm not even talking about poverty. I am talking about
Speaker 1: a poverty mindset, which I'm going to get really get
Speaker 1: into is really important. There's nothing to do with a
Speaker 1: bunch of money you make, and there's nothing to do
Speaker 1: with your network. I know a lot of really poor
Speaker 1: people with money who won't have it for very long.
Speaker 1: But let me talk about first my own failure. I
Speaker 1: love bringing in my personal experiences because, as you know,
Speaker 1: everybody listening to this, if you don't, you should check
Speaker 1: it out. I literally came up from nothing, literally was
Speaker 1: in the bottom quartile of American society. Grew up in
Speaker 1: south central Los Angeles, born in a good suburit in
Speaker 1: the hospital, Born to a mom and dad who had
Speaker 1: effectively a high school education. My mother got her high
Speaker 1: school education, her high school graduation certificate at age sixty
Speaker 1: two Wanita Smith in marsh with cap and gown eighteen
Speaker 1: year olds. My father had a high school education at
Speaker 1: both the traditional South built something, and they built a
Speaker 1: lot of wealth relatively speaking, in south central LA. I
Speaker 1: grew up in south central LA and Compton and lost it,
Speaker 1: and my mom had to go live with friends. She
Speaker 1: told me they were relatives, and went to go buy
Speaker 1: her first house, working an hourly job. My point is
Speaker 1: this is not some due with a silver spoon in
Speaker 1: his mouth. But yet I have now concluded several transactions
Speaker 1: of over one hundred million dollars. I sold a company
Speaker 1: for one hundred and twenty million dollars in the last
Speaker 1: few years, a private for profit company my nonprofit has
Speaker 1: facilitated over four and a half billion dollars in capital
Speaker 1: to underserve neighborhoods and people. I have millions of clients
Speaker 1: and offices. I have fifteen hundred offices, three hundred which
Speaker 1: are physical offices, and four hundred employers employees that are
Speaker 1: full time. So imagine my payroll. Hello, ninety million dollars
Speaker 1: of annual Turnover Act revenue for my operations in John
Speaker 1: O'Brien Holding. So I know a little bit about the
Speaker 1: topic that I'm articulating because I've gone from the bottom
Speaker 1: quartelt to the bottom of the top one percent and
Speaker 1: I'm not even I'm nowhere near done. And I have
Speaker 1: no problem with, by the way, financial influencers who acknowledge that, Hey,
Speaker 1: I'm a teacher, I'm an inspiration, I'm a motivator. I
Speaker 1: have a real problem with so called financial influencers who
Speaker 1: influence people and who tell them how to build wealth
Speaker 1: or this or that, and they've never done any done
Speaker 1: that themselves. They do it by selling their influence, and
Speaker 1: I think that that's wrong. I think you need to
Speaker 1: walk your talk, you know. I think somebody who's made
Speaker 1: it and lost it has one hundred percent more credibility
Speaker 1: than somebody who's never made it ever in their life.
Speaker 1: I mean, I love professors. I love educators. I think
Speaker 1: it's really an important job and task in life. And
Speaker 1: they don't have to be experts. You don't have to
Speaker 1: be an expert in business to teach it as a professor.
Speaker 1: But I think when you start talking about risk and
Speaker 1: reward and all these things and risk analysis, and you've
Speaker 1: got to bring somebody in and talking about you know,
Speaker 1: the opportunity costs and all these things. You got to
Speaker 1: bring somebody in who actually has experienced that. Right, So many, many,
Speaker 1: many people can teach the fundamentals of business and all that,
Speaker 1: and as long as people acknowledge that, it's all good.
Speaker 1: But as you're about to hear, I went through it. Well.
Speaker 1: You read my book Financial Lucy for All. Read my
Speaker 1: book From Nothing, Read my book The Memo, Read my
Speaker 1: book How the Poor Can Save Capitalism. Read my book
Speaker 1: Love Leadership, Banking on Our Future. Go to Operation Hope.
Speaker 1: Listen to all my videos you know where I talk
Speaker 1: very honestly about my ups and my downs. And you
Speaker 1: know this is a dude who is not selling you
Speaker 1: Wolf tickets. I have walked the talk and so this
Speaker 1: is a minor league example of one of my losses,
Speaker 1: but it still stings me because I actually just concluded
Speaker 1: last week after thirty plus years of being in it,
Speaker 1: and it is an absolute failure, business failure. I want
Speaker 1: in other ways, but this is my only real estate
Speaker 1: failure in my that I'm aware of in my life.
Speaker 1: I got to think about it. Maybe I had another one,
Speaker 1: but this is certainly the most stunning, And this is
Speaker 1: where I was the most stupid. Yes I said that
Speaker 1: about myself. Yes, I'm not stupid. The decision was stupid.
Speaker 1: The way I behave was stupid. And that's one of
Speaker 1: the things about a mindset as I'm beginning of this,
Speaker 1: that you really got to get your hands around. But
Speaker 1: the trending topic to today, the flossy talkic topic today
Speaker 1: is me. So what concluded recently was the sale finally
Speaker 1: of my time share. I've only owned one. I'll never
Speaker 1: own another one again. They call them a timeshare on purpose,
Speaker 1: and I hadn't thought of about this until recently. They
Speaker 1: don't mean it's complete. It's right there in front of you,
Speaker 1: when somebody's robbing you, when somebody's when somebody's trying to
Speaker 1: separate you from your wallet. Sometimes legally they've got to
Speaker 1: disclose like a pack of cigarettes, literally sales in the back.
Speaker 1: This stuff's going to kill you, right, So some companies
Speaker 1: and organizations and industries have to absolutely disclose the dangers
Speaker 1: that you are under in partaking in what you're doing.
Speaker 1: And I don't know the ins and outs of time shares.
Speaker 1: I'm not that curious about it anymore. But it clearly
Speaker 1: it doesn't say real estate share. So it strikes me
Speaker 1: the government forced them to say what it is a
Speaker 1: time share, Yet millions and millions and millions of people,
Speaker 1: including me, thirty years ago, mistook it. I can't even
Speaker 1: get my words out of them. So disappointed in myself
Speaker 1: thirty years ago mistook it as a real estate share.
Speaker 1: So this is how terrible this is thirty years ago.
Speaker 1: This is really hard. To screw this up. At the
Speaker 1: recommendation of a civil rights leader in Los Angeles who
Speaker 1: I was trying to impress. But whenever you want to
Speaker 1: make a bad decision, make an emotional one. Whatever decision
Speaker 1: you make emotionally, it's going to be bad. Please write
Speaker 1: that down. Unless you're driving, you're driving, or you're jogging.
Speaker 1: You're listening to this on the run, just committed to memory,
Speaker 1: write it down later. By the way, I'm do a
Speaker 1: podcast on all of my business tools so you can
Speaker 1: get a sense of all the tools I use to
Speaker 1: win and to keep moving with all the stuff that's
Speaker 1: going on around me and the fifty year. Some identities
Speaker 1: that are as part of my overall holding company organization,
Speaker 1: most of which are in my philanthropy. By the way,
Speaker 1: I purchased a piece of property trying to impress this
Speaker 1: civil rights leader in Los Angeles who I admire and
Speaker 1: still admire. Wasn't his fault. It was mine. He got
Speaker 1: I found out later a referral fee by getting me
Speaker 1: to buy this time share. He'd already bought the timeshare.
Speaker 1: So the way he got over or got more time
Speaker 1: or whatever they did, or if he was to bring
Speaker 1: somebody else in, and he knew I admired him, so
Speaker 1: he used that, and I think we went to lunch
Speaker 1: or something and I asked, I asked for the lunch,
Speaker 1: and he said, you know, you should buy this thing,
Speaker 1: So I said sure. I just wanted to impress them. Again.
Speaker 1: Whatever decision you make emotionally is going to be a
Speaker 1: bad one, and this timeshare was in Newport Beach, California. Now,
Speaker 1: anybody who knows southern California, and anybody listening to this
Speaker 1: watching this from southern California, you know, give me some
Speaker 1: love in the comments if you know what I'm talking about.
Speaker 1: I bought two weeks two separate ownership units. I got literally,
Speaker 1: you know, percentage of the title of the land now
Speaker 1: on the beach. Now it's not on the beach, but
Speaker 1: Pacific Pacific Coast Highway. The beach in Pacific Coast Highway,
Speaker 1: and then Newport Coast Highway, and there was Newport Coast Villas.
Speaker 1: I won't say who the company is that owns this.
Speaker 1: I don't need to get into a legal wrangle with them.
Speaker 1: I'm done with them, so I don't need to reopen this.
Speaker 1: But you can figure it out for yourself if you're
Speaker 1: curious and nosy enough. I bought this property a right
Speaker 1: acrossreey from the beach. You can see the water in
Speaker 1: Newport Beach, California. It's the Gold Coast. I mean, it's
Speaker 1: it's how do you make how do you lose money?
Speaker 1: I bought it thirty semi years ago for thirty five
Speaker 1: thousand dollars thirty years ago. Think about how much money
Speaker 1: that was. I financed it through a finance company, maybe
Speaker 1: a bank. It was a bank, made payments on it.
Speaker 1: I ultimately paid it off about fifteen years after I've
Speaker 1: started financing it. So you do that math. I had
Speaker 1: to sell them individually, right, But I just sold these
Speaker 1: units thirty years later real estate now on Pacifica's Highway.
Speaker 1: This's why the details really matter in you know, southern California.
Speaker 1: You got to be crazy for this real estate not
Speaker 1: to go up in value. I just sold it for
Speaker 1: I think my people told me when you add up
Speaker 1: the net to me of both units costs you know, excluded,
Speaker 1: I think I made eighteen thousand dollars, sorry, cleared eighteen
Speaker 1: thousand dollars. So you say, well, John dang Man, you
Speaker 1: you you bought this for thirty five thousand dollars and
Speaker 1: you left out with eighteen thousand dollars. That's not so bad. No,
Speaker 1: it's it's really really bad because it gets worse when
Speaker 1: you do the math, and I did. I've spent over
Speaker 1: one hundred thousand dollars in order to get to keep
Speaker 1: this property. You have a maintenance fee. Right, the maintenance feed.
Speaker 1: And keep in mind, now it's been thirty years the
Speaker 1: maintenance fee. Get your calculator out if you're stable. The
Speaker 1: maintenance fee was thirty five hundred dollars a year for
Speaker 1: these two units. Okay, so let's do thirty five hundred
Speaker 1: dollars times thirty years. Ok I need to do that again,
Speaker 1: only because it hurt me so bad. I just have
Speaker 1: to see it again. I need to keep doing the
Speaker 1: number because I just can't leave it. That's one hundred
Speaker 1: and five thousand dollars separate from the thirty five thousand
Speaker 1: dollars that I spent to purchase the unit. Now you
Speaker 1: add the finance fee from the bank of the fifteen
Speaker 1: plus years that I financed it. Plus you add the
Speaker 1: fact that there was a two hundred dollars annual Orange
Speaker 1: County property tax fee. Yes, a product that just showed
Speaker 1: that I owned real property. That if you didn't pay
Speaker 1: this two hundred dollars property tax is my smallest property
Speaker 1: tax in the history of me owning real estate. If
Speaker 1: you didn't pay this property tax fee, it was a state.
Speaker 1: I think the City of Newport Beach would lean your property.
Speaker 1: They would put a tax line on it, as they
Speaker 1: were right to do, and they would report you to
Speaker 1: the to the credit bureaus. Do you know my credit
Speaker 1: score took a dump and I had I mean, well,
Speaker 1: what happened was the tax lines would show up on
Speaker 1: my public on public records. It would say John Bryan's
Speaker 1: a bum, he doesn't pay his bills. That would get
Speaker 1: reported to the databases that then stream into the credit bureaus.
Speaker 1: The three credit bureaus Experience, TransUnion and Nequi Fects primarily,
Speaker 1: and those would then say, with John's a bomb, he
Speaker 1: doesn't pay his bills, and so we're gonna whack his
Speaker 1: credit score. And I'd get hit with a credit score
Speaker 1: hit negative of you know, twenty thirty forty fifty points
Speaker 1: down because I forgot to pay a I was running
Speaker 1: so hard and so fast as an entrepreneur, entrepreneur back then,
Speaker 1: I didn't have anybody like now helping with me with
Speaker 1: all the paperwork. I did all myself, and the stuff
Speaker 1: would just stack up and I'd get around to it.
Speaker 1: By time I got around to it. I wasn't trying
Speaker 1: to avoid it. By time I got around to it,
Speaker 1: and I figured two hundred dollars, I mean I'll pay
Speaker 1: it the city new word bichelog, you're gonna pay this
Speaker 1: on this date, and then they hit me with a
Speaker 1: late fee. I mean when I finally add up the
Speaker 1: property taxes, the late fees, the tax abatement release fees,
Speaker 1: the finance fees, the monthly the annual maintenance fee, and
Speaker 1: the maintenance fee was a feed that the company charged
Speaker 1: me to maintain my own property. And if you don't
Speaker 1: pay the maintenance fee, they lean your property, which means
Speaker 1: if you don't pay it for four years because you're
Speaker 1: just like whatever. You add that up right, and you
Speaker 1: basically don't own anything, and that plus fees, and you know,
Speaker 1: they sell it, they take it back, they foreclose on it.
Speaker 1: And I'm sure there was a stipulation in the agreement
Speaker 1: that after two years of not paying a maintance feed,
Speaker 1: they could just simply take it back in an executive foreclosure.
Speaker 1: Dely need to go through the court process because they're
Speaker 1: smart in their documentation, and you and it were nothing.
Speaker 1: It making matters worse. I couldn't say when I wanted
Speaker 1: to go see the place, I want to go stay
Speaker 1: in it. I'm an entrepreneur, I'm not a post postal
Speaker 1: war worker. God bless them. We need postal workers who
Speaker 1: had you know, no every year when they're getting a
Speaker 1: break of vacation and they go with their family to wherever.
Speaker 1: I was an entrepreneur, so I'm running around and opportunities
Speaker 1: come up and I got to go here, got to
Speaker 1: go there. And so I'm like, well, I you know,
Speaker 1: I scheduled this, I got to move it. And they're like,
Speaker 1: you can't move it, that's it. Well, can I sell
Speaker 1: it to somebody? Can I trade it? No? You know,
Speaker 1: got to go through them, which means it really was
Speaker 1: not a real estate This was just this was well
Speaker 1: it was real estate, and it wasn't. It was primarily
Speaker 1: me buying the me renting time usage on the beach,
Speaker 1: and my dumber in I had actually thought for a
Speaker 1: minute I was going to buy all, you know, every
Speaker 1: week of the year. So I literally own the unit
Speaker 1: there and go whenever I wanted, Thank God it and
Speaker 1: do that. I got absolutely wiped out. That had been
Speaker 1: ten times worse than what I originally had done. But
Speaker 1: I do know of a guy who did it. He
Speaker 1: wanted to stay there all the time, and so we
Speaker 1: bought every month of the year. Hello You could have
Speaker 1: just bought a unit on the beach or cross stream
Speaker 1: in the beach, an apartment building, our condo, sorry, not an apartment,
Speaker 1: but bought a condo, a townhouse or something back in
Speaker 1: the day for four hundred thousand dollars back at thirty
Speaker 1: years ago. You certainly could have done it, and that
Speaker 1: would be worth today. I don't know two million dollars,
Speaker 1: million dollars easy a condo or townhouse across rooms in
Speaker 1: the beach, easy in Newport Beach. Yet we own something today,
Speaker 1: owned something today that is not worth what we paid
Speaker 1: for it because of how it was structured. Now, I
Speaker 1: learned the lesson and I'm willing to acknowledge that I'm
Speaker 1: messed up. And that's part of having the right mindset too.
Speaker 1: God gave you two ears of one mouth. You listen
Speaker 1: twice as much as you talk. You got to own
Speaker 1: your mess You got to own your mess ups. You
Speaker 1: got to realize that you screwed up, but you're not
Speaker 1: how to screw up. That you've made a mistake, but
Speaker 1: you're not a mistake that everybody's. Everybody falls down. The
Speaker 1: question is can you get back up? Life is ten percent?
Speaker 1: Life does to you and not even how you choose
Speaker 1: to respond to it. Do you react or do you respond?
Speaker 1: And rainbows only follow storms? Can I have a rainbow
Speaker 1: without a storm? First? So I learned a lot and
Speaker 1: I will never do it again. And it taught me
Speaker 1: to read documents and be focused and understand nothing good
Speaker 1: comes easy. How could I buy it a thirty thousand
Speaker 1: dollars piece of property, sorry, a million dollar piece of
Speaker 1: property back then was a half a million on the
Speaker 1: beach for thirty thousand dollars Because you can't without a
Speaker 1: lot of people in your pockets and your hands, and
Speaker 1: your decision making and your telling you what you can do,
Speaker 1: what you can't do, when you can do it, how
Speaker 1: you can do it, and charging you every time you sneeze.
Speaker 1: It was really smart business person business move and the
Speaker 1: people who did it. It wasn't very smart for me
Speaker 1: and I could again. I didn't even rent the play.
Speaker 1: I end up giving the place away to my chief
Speaker 1: of staff, Rachel died for my friend Rob McGrew or
Speaker 1: whoever you know, because I couldn't use it, and so
Speaker 1: I give it to them. Let go hang out there,
Speaker 1: So I didn't get a chance to. Occasionally i'd go
Speaker 1: check it out, and I didn't. I remember checking it
Speaker 1: like at midnight one night, and then a business thing
Speaker 1: came up and I had to leave like a day
Speaker 1: or two later. And you know, anyway you can see it.
Speaker 1: I'm rather traumatized by it. So let's now move on.
Speaker 1: So why are success and failure on purpose? My wife,
Speaker 1: Shaker once told me that most behavior, actually she said
Speaker 1: all behaviors learned behavior, and I absolutely agree with that.
Speaker 1: I've said differently, we model what we see. So why
Speaker 1: does somebody want to be a rap star, an athlete
Speaker 1: or a drug dealer in an underserved neighborhood? Right, there's
Speaker 1: nothing wrong with being a rap star. But I can't.
Speaker 1: I can't magnify my brother t I. I can't. You know,
Speaker 1: it's a he's a singular superstar. I can't magnify my
Speaker 1: the Killer Mike. I can't magnify jay Z. I can't
Speaker 1: you know, you can't magnify Michael Jackson got risks. So
Speaker 1: these are one offs, and maybe they had twenty thirty
Speaker 1: employees in their organization, but they're built around a brand, right,
Speaker 1: A person A personality you can't magnify like well entertainers
Speaker 1: or athletes. So these are unique individuals in the world.
Speaker 1: I need something that's scalable, and you shouldn't want to
Speaker 1: be a drug dealer. But why people want these things
Speaker 1: because they model what they see as symbols of success
Speaker 1: in their neighborhood. So Shaye told me Shade and my
Speaker 1: wife said that most actually said all behaviors is is
Speaker 1: a learned behavior. I agree. I then said to her
Speaker 1: that it's not about how smart you are, or how intelligent,
Speaker 1: or how brilliant or how I didn't say to her,
Speaker 1: I was just saying in generally because in Bastiat and
Speaker 1: you young and I also have this conversation above that
Speaker 1: man that you know, you have all these folks with
Speaker 1: it is having to be talking to her about this topic.
Speaker 1: You have all these folks with these degrees and PhDs,
Speaker 1: and they got this and they got that, and they
Speaker 1: seem resentful that somebody else who does not have those
Speaker 1: things maybe maybe are more successful commercially, and they think
Speaker 1: that because they have all these degrees. By the way,
Speaker 1: and you should get a degree. You should get a
Speaker 1: college degree. If you're a black and brown, or a woman,
Speaker 1: or you're an underserved group in America today, you should
Speaker 1: get as much education as you can shove down your throat.
Speaker 1: So I'm not anti degreeing anything on the border Clark
Speaker 1: Atlanta University. I've got honorary pH ds. I have two
Speaker 1: of them, you know, and Basil Young has one hundred
Speaker 1: and thirty of them. Hello, I give commencement speeches all
Speaker 1: the time. Everybody who works for me as a college degree.
Speaker 1: Be clear, I am pro education. But just because you
Speaker 1: have a college degree or an advanced degree does not
Speaker 1: necessarily mean that you're going to be successful and you're
Speaker 1: in You're chosen endeavor. Intelligence and smarts comes from books,
Speaker 1: but wisdom comes from experience and success listen now comes
Speaker 1: from good habits. There you are, I just dropped the mic.
Speaker 1: That's it. You want to tell your friends to listen
Speaker 1: to the sweet spot here? Time to go to about
Speaker 1: you know, the twenty minute mark twenty one minute mark
Speaker 1: of this podcast and pick it up from there and
Speaker 1: then you can get the backstory later. I'll say it
Speaker 1: again that success is about good habits. Let me tell
Speaker 1: you about some bad habits. I'm on Instagram, well, I'm
Speaker 1: on all the platforms, about three million followers, so thank
Speaker 1: you guys for your support. About two HUNDREDI video views.
Speaker 1: I'm on all the platforms when I get a chance
Speaker 1: orf to run my businesses, to take take care of
Speaker 1: my family, do my thing. I'm on there checking out
Speaker 1: comments and I try to comment myself. I'm stunned, stunned
Speaker 1: how people who don't who's so poor they can't afford
Speaker 1: the o R who so broke they can't pay it?
Speaker 1: You know, so broke, the can't pay attention that clearly
Speaker 1: are not clear to me for the reason I'm about
Speaker 1: to tell you, are not succeeding in their life life,
Speaker 1: and at least financially so, economically so, aspirationally so because
Speaker 1: they argue with me over stuff I actually know and
Speaker 1: they don't. The reason you're listening to me is not
Speaker 1: because I'm you know, a man of the cloth or
Speaker 1: a saint, or or a a profit or you know,
Speaker 1: a basketball star or whatever. I'm the hopefully the Michael
Speaker 1: Jordan of my Space. But you're listening to me. You're
Speaker 1: watching me for I would hope a reason. And I
Speaker 1: shouldn't have to tell you that I've been an advisor
Speaker 1: for three US presidents. I should have to tell you
Speaker 1: that I've been honored by five years presidents. I shouldn't
Speaker 1: have been tell you all these credentials and blah blah
Speaker 1: blah in order to get for me, get to get
Speaker 1: you to listen to me about what I absolutely obviously know.
Speaker 1: But these folks will argue with me back and forth,
Speaker 1: tell me I'm wrong about about stuff I've already done.
Speaker 1: Homeownership that ain't nothing. I mean, we don't own the home.
Speaker 1: The bank owns the home. Yeah, you don't pay Oh
Speaker 1: this is this can't be a good deal. I've owned
Speaker 1: seven hundred homes, seven hundred. I was the largest minority
Speaker 1: owner of single family rental homes in America that I
Speaker 1: sold the company for one hundred and twenty million dollars.
Speaker 1: By the way, two years ago. That's just one of
Speaker 1: my ventures. I got a two hundred million dollars credit
Speaker 1: facility death that I didn't have to personally guarantee. Hello,
Speaker 1: who does this? But they want to argue with me,
Speaker 1: We can have a conversation and we can go back
Speaker 1: and forth. You can respectfully ask me this or certainly,
Speaker 1: but if you want to literally argue with me, to
Speaker 1: argue with the food proves of are too. I don't argue.
Speaker 1: Now we can have a discussion. When you start getting rude,
Speaker 1: you start using foul language. I just block you, right,
Speaker 1: not because I don't like other opinions, but because this
Speaker 1: is a ridiculous conversation that I refused to waste my time.
Speaker 1: So one thing that you start to realize when you
Speaker 1: become successful is not about the money. It's about your time.
Speaker 1: Because time is tied to your focus. It's time to
Speaker 1: your peace of mind. And I walk through life consciously
Speaker 1: oblivious about most things around me because it just doesn't matter.
Speaker 1: So you can't let anybody waste your time abuse your mind.
Speaker 1: This is like the number one reason why broke people
Speaker 1: stay broke is they argue over stupid stuff and refuse
Speaker 1: to listen. God gave you two ears in one mouth
Speaker 1: because they want you to listen twice as much as
Speaker 1: you talk. Shut your mouth up sometimes and listen. Just listen.
Speaker 1: You don't have to agree to it or agree with it.
Speaker 1: You can, by the way, discard it later. But to
Speaker 1: have a mentality of don't bother you with the truth
Speaker 1: I've already made up my mind, it means you will
Speaker 1: be broke for life. Let me now talk about how
Speaker 1: mindset matters when you approach a certain business enterprise. I
Speaker 1: generally speaking, don't like house flipping. Yes, I just said that,
Speaker 1: I don't like house flipping because that's not wealth building,
Speaker 1: that's revenue, that's a fee. So when you flip a house,
Speaker 1: you buy it, you rehabit, you fix it up, you
Speaker 1: paint it, you do whatever you do. By the way,
Speaker 1: I'm not hating on house slippers. I'm about to tell
Speaker 1: you about a successful house flipper that I do like,
Speaker 1: so hold on. But I personally don't think is a
Speaker 1: good use of my time my energy might whatever to
Speaker 1: do house flipping because you're not building wealth, you're buying
Speaker 1: the house, you're fixing the house up. You're one step
Speaker 1: beyond just being a real estate agent. There's nothing wrong
Speaker 1: with being a real estate agent either, I've been the
Speaker 1: one before, but being a raised real estate agent in
Speaker 1: New York City as an example, forty percent of all
Speaker 1: real estate agents in New York City are about half
Speaker 1: of them I believe, maybe it's a majority of them.
Speaker 1: I checked my numbers. Make forty thousand dollars a year
Speaker 1: in New York City. It's somewhere between forty percent and
Speaker 1: the vast majority of agents in New York City. You
Speaker 1: make forty thousand dollars a year. You know, the New
Speaker 1: York City in Manhattan, that's broke broke, broke, broke, broke broke.
Speaker 1: But you're going to fancy events, the fancy receptions. You're
Speaker 1: living the visual life in somebody and you're showing off
Speaker 1: somebody else's real estate. And maybe you aren't closed a
Speaker 1: deal and get a fee, but you don't own You
Speaker 1: didn't own it before, you didn't own it during it, and
Speaker 1: you don't own it after. House Flipping is a version
Speaker 1: of that. By the way, again, there's nothing wrong with
Speaker 1: being a real estate agent, but I want you to
Speaker 1: move from being a real estate agent fee income to
Speaker 1: owning real estate. Okay, I want you to go from
Speaker 1: being a house flipper to being a house owner. So
Speaker 1: somebody who's flipping houses is just doing nothing but just
Speaker 1: creating cash flow, just with bigger numbers. So you buy
Speaker 1: the house for one hundred thousand, you put thirty thousand
Speaker 1: in it, you keep it for you know, twelve months,
Speaker 1: six months, whatever it is, you sell it for. I'm
Speaker 1: making this up now, guys. You sell it for one
Speaker 1: eighty you know, after your fees and everything, you've made
Speaker 1: forty thousand dollars or whatever, thirty thousand dollars net net
Speaker 1: to you. And you do that, you know, three times
Speaker 1: a year you made about one hundred thousand dollars in
Speaker 1: net income and probably a good return on the cash
Speaker 1: that you put into the property. But your lifestyle, of
Speaker 1: your lifestyles one hundred thousand dollars a year, you're broke
Speaker 1: and you've got nothing to show for it. There's a
Speaker 1: couple that I know, I'll leave their last names out
Speaker 1: of this. Kat and Kevin do house slipping in Atlanta. Now.
Speaker 1: The way they do it is they buy five homes,
Speaker 1: they flip four, and they keep one. You get that.
Speaker 1: So they use the profits from the foe to pay
Speaker 1: for the fifth one, so they get a free house.
Speaker 1: Get that. I'll say it again. They buy five homes,
Speaker 1: they fix them up, they sell them, they keep the
Speaker 1: fifth one, and now they have I think they told
Speaker 1: me eight homes that they actually own outright. Most of
Speaker 1: them own cash, by the way, I mean, they don't
Speaker 1: have a mortgage note on it. Plus they have some duplexus,
Speaker 1: so they're just they're rolling and so they're creating in
Speaker 1: come in wealth. You make money, as my friend Tony
Speaker 1: wrestler would say, you make money during the day, you
Speaker 1: build wealth, and you sleep when I talk about you.
Speaker 1: You know, I don't like check cash and payday loan
Speaker 1: in theer's rental, owns, towards title learners, liquor stores. It's
Speaker 1: not that I don't like those businesses. I don't like
Speaker 1: the mindset behind what those businesses become. A check casher
Speaker 1: came from a grocery store. Grocery stores used to just
Speaker 1: cash convenience checks for customers, So why wouldn't you like that?
Speaker 1: Then after a while they start charging a modest service
Speaker 1: fee one percent two percent on the face value of
Speaker 1: the check. Then they realized that the that they're only
Speaker 1: making three percent on an average four percent of the
Speaker 1: stuff on the shelves, and they got to pay inventory
Speaker 1: for that in the grocery store. The grocery store margins
Speaker 1: are very, very very thin for a small grocery store.
Speaker 1: They're like, well, shoot, let me just be let me
Speaker 1: just cast the checks for one or two to three percent.
Speaker 1: There's no downside of that. If it's a government check,
Speaker 1: big company check, whatever, I know that I know the
Speaker 1: check going to clear, so I'm just paying. I'm just
Speaker 1: getting paid I'm making the same my money. So anyway,
Speaker 1: that's where check cashers came from. It start with as
Speaker 1: an honorable thing. But then when people start charging you three,
Speaker 1: four or five eight percent to cast check that they
Speaker 1: know has little risk on it, or then doing you know,
Speaker 1: I think there's nothing wrong with payday loans, but when
Speaker 1: you get your loan to somebody who you know is
Speaker 1: financially illiterate, and you refuse to let them make a
Speaker 1: partial payment to pay it back, and you basically keep
Speaker 1: them in bondage and they can never get out of it,
Speaker 1: and an eight hundred dollars payday loan turns into a
Speaker 1: thirty five hundred dollars obligation that you you keep rolling
Speaker 1: over because you can't make a partial payment. That's not
Speaker 1: helping you, that's enslaving you, and they know it. So
Speaker 1: it's not about the business. It's the mentality in the
Speaker 1: mindset behind it that I have problems with. Okay, let
Speaker 1: me now move on to give you another example of
Speaker 1: a mindset of a strategy that's really was really smart.
Speaker 1: I'm gonna give you two examples. McDonald's. Now you say, okay,
Speaker 1: well I got this one. This is a fast food restaurant. No,
Speaker 1: it's not. It's a real estate play, that's it. They
Speaker 1: own the ground lease all the real estate. They own
Speaker 1: the real estate. In most cases in ground lease it
Speaker 1: back to whomever franchises or whatever. But they but they
Speaker 1: and they get the feel on that real estate, and
Speaker 1: the real estate goes up in value. So at least
Speaker 1: that's what the business plan used to be. The unlet's say,
Speaker 1: changed it in recent years. You know, it used to
Speaker 1: be they were in the real estate business, and they
Speaker 1: made cool foods and really really tasty French fries. Something
Speaker 1: recently just happened in the last week involves the founder
Speaker 1: of Peloton, and this is again mindset matters. So this guy,
Speaker 1: who I know, John Foley, I don't know him well,
Speaker 1: but I've met him a couple of times. Nice guy
Speaker 1: had was a billionaire on paper, founded Peloton. We have
Speaker 1: him here in the house. Great product in my opinion,
Speaker 1: And he recently did a bunch of interviews where he
Speaker 1: acknowledged that he went from a billionaire to virtually penniless.
Speaker 1: Now these are made up headlines, because when you're a billionaire,
Speaker 1: broke means you have ten million dollars left. Okay, that's
Speaker 1: what broke me. It's if you're a billionaire, did you
Speaker 1: get that right? And your outfloats? He's your inflow, So
Speaker 1: your overhead is now your downfall. You made a fall bankruptcy,
Speaker 1: you got a downside. So we had to sell a
Speaker 1: fifty five million dollar house in the Hamptons. He had
Speaker 1: to sell a peeda tear town home in Manhattan. But
Speaker 1: my man's not homeless. He's not living in a trash
Speaker 1: band somewhere. He's not living in a flaphouse. My man's
Speaker 1: living in New York City. And did he why did
Speaker 1: he make this announcement and allow people to run with
Speaker 1: these headlines? And now you got it's all over the internet,
Speaker 1: It's all over YouTube, is everywhere social media. Why did
Speaker 1: he do this to himself? Because he is smart. He
Speaker 1: ran his course at Peloton. His bet worked until it didn't.
Speaker 1: The wrong answer is the right when it didn't work,
Speaker 1: And it worked until it didn't. He went through the
Speaker 1: pandemic and over extended himself the company of Peloton during
Speaker 1: the pandemic. Pandemic ended and people were like, Okay, I'm
Speaker 1: tired of doing all stuff at home, get out again
Speaker 1: and that, and he'd overinvested and had to leave the
Speaker 1: company and most of his net worth left when the
Speaker 1: stock dived, and he went quiet. And there were two
Speaker 1: investors who believed in him, and they quietly worked with him.
Speaker 1: Do you know this man, he just did all this press,
Speaker 1: did all his publicity to talk about how he went broke.
Speaker 1: It went about him going broke. It's about free publicity
Speaker 1: for his new venture, which is called I'm gonna give
Speaker 1: him some some publicity here Ernesta. It's a specialized interior
Speaker 1: design firm that does custom made rugs, amongst other things
Speaker 1: for high end families. And I think it's going to
Speaker 1: do reasonably well. And he's given himself to twenty thirty
Speaker 1: to hit. So he's given himself, you know, five six
Speaker 1: years to truly make this thing hit. And he's got
Speaker 1: patient money. But you know, he's not homeless. He's got
Speaker 1: a proper office, he's got staff. He's just much smaller
Speaker 1: than what it was at Peloton, and he's got he's
Speaker 1: living in some place. He's living in one place in
Speaker 1: manhattanver versus having three homes or four homes. I think
Speaker 1: I met him in Sun Valley, so he had three
Speaker 1: at least three homes. He probably had four homes at
Speaker 1: that point a private jet who knows. So yeah, from
Speaker 1: his perspective, he's broke, but he's not broke. He's just
Speaker 1: on his reset. But what he brilliantly used mindset matters.
Speaker 1: What he said, I'm going to respond to this. I'm
Speaker 1: not going to react. I'm not gonna emotional. I'm gonna
Speaker 1: get smart. I'm going to use this story that everybody's
Speaker 1: gonna want to hear to then drive attention to this
Speaker 1: thing that no one would otherwise pay attention to, which
Speaker 1: is called Ernesta, which I had no idea about and
Speaker 1: would never be telling you about on this Pods Games
Speaker 1: of Plicity right now, it had not been the trigger
Speaker 1: was billionaire wind broke? How what what do you mean? Yes?
Speaker 1: I know him, Okay, hold on. Do I feel sorry
Speaker 1: for him? I do feel sorry for him. He's a
Speaker 1: nice guy. But you know, capitalism is a gladiator sport.
Speaker 1: This is what happens when you take risk. Sometimes it works,
Speaker 1: sometimes it doesn't. But my man is on his second round,
Speaker 1: and I think he's going to be of opportunity. I
Speaker 1: think he's going to be immensely successful. Mindset matters. So
Speaker 1: now I told you about what makes you go broke,
Speaker 1: and I've told you about what makes you win. Even
Speaker 1: if you lose, you win. If you fall, you fall forward.
Speaker 1: You got to acknowledge that you don't know everything. You
Speaker 1: gotta acknowledge that yourew, that you miscrew up. You got
Speaker 1: to acknowledge when you make a mistake. You got to
Speaker 1: own your problems. You can't just you can't just own.
Speaker 1: You can't say that that you're responsible for your successes
Speaker 1: and God is the blame for your failures. That's not
Speaker 1: the way this deal works. You got to own all
Speaker 1: of it. God helps those it helps themselves. Hello, can
Speaker 1: I get an amen? The Proverbs in the Bible says
Speaker 1: that to be to be poor is not to not
Speaker 1: have anything. To be poor as not to not do anything,
Speaker 1: and lazy hands make a man poor. That's Proverbs. I'm
Speaker 1: not a biblical scholar, but I know that's true. That's
Speaker 1: the Lord being an empowerment leader. Good. Let me now
Speaker 1: go to a couple quotes I want you to think about,
Speaker 1: and then I'm gonna give you a powerful closing to
Speaker 1: this podcast. There's a difference between being broken being poor.
Speaker 1: Being broken is economic, but being poor as a disabling
Speaker 1: frame of mind a depressed condition of your spirit, and
Speaker 1: you must vow never ever ever to be poor again.
Speaker 1: Success is intentional. Failure is on purpose. In other words,
Speaker 1: if you do what I'm telling you do, look devil.
Speaker 1: The Lucifer is a punk. He's a fallen angel. God
Speaker 1: gives the devil permission to exist. That means if you
Speaker 1: stay in the light you can't help but do right,
Speaker 1: you'll never go do wrong doing right. Just keep running,
Speaker 1: keep walking. The devil Lucifer is lazy. Failure is lazy.
Speaker 1: All your hard work and your middle name is a
Speaker 1: hustle up, around and through it. You're gonna get to
Speaker 1: it right. You get up early, stay up late. You
Speaker 1: believe in an entrepreneur works eighteen hours day to keeping
Speaker 1: getting a job. You're gonna outrun failure. Success is not
Speaker 1: about succeeding successes out running failure. Listen to me now.
Speaker 1: Hank Aaron had the record for the most home runs. Yes,
Speaker 1: and his wife was at our house a couple of
Speaker 1: days ago, Billy Air and God bless her, but but
Speaker 1: but but Hank also had the record for the most strikeouts.
Speaker 1: Did you hear me? Hello? A lot of the leaders
Speaker 1: in basketball and sports and whatever you love, go and
Speaker 1: do that. Look read their backstory. It wasn't great all
Speaker 1: the time and sometimes, and initially no one believed in
Speaker 1: them half those stories. No one backed them, told them
Speaker 1: they'd be a failure. You know, you can't hit a
Speaker 1: ball you don't swing at and if you swing at
Speaker 1: that ball, you're gonna you're gonna miss most of the time.
Speaker 1: But it's not about how how how many times you miss,
Speaker 1: it about the few times you connect. Success is a
Speaker 1: thousand fathers and failures a bastard child. But no one
Speaker 1: remember your success. Your failures are gonna remember your success is.
Speaker 1: So just keep swinging at the bat. It's not about
Speaker 1: home runs, about base hits and bunts. Just keep it
Speaker 1: moving like it is hard to hit the moving target.
Speaker 1: Keep it moving. Never ever, ever, ever, ever, ever, ever
Speaker 1: ever ever give up. That's not my quote. I just
Speaker 1: I just but I just use it. I love it.
Speaker 1: It's time to make smart sexy again. We've been making
Speaker 1: dumb sex even way too long. We've dumbed down and
Speaker 1: celebrated it. We've got to make smart sexy again. And
Speaker 1: I've already told you failure is on purposes. Because you
Speaker 1: just give up, you just throw your hands up. You say,
Speaker 1: whether again, whether you believe you can or whether you
Speaker 1: believe you can't. You're right, you say, somehow you believe
Speaker 1: that that success is your birthright. No, it's not. Nobody
Speaker 1: owes you any except of chance. You should say, I
Speaker 1: believe in the James James Brown version of affirmative action.
Speaker 1: Open the door. I'll get it my dang self. So
Speaker 1: you will succeed if you just keep pushing through your failures.
Speaker 1: And then what happens with that is you start saying, well,
Speaker 1: I take no for vitamins and there's nothing you can
Speaker 1: do to stop me. And then ultimately the universe, the
Speaker 1: negative force of the universe just you know, you want
Speaker 1: the negative forces of the universes to when you get
Speaker 1: up in the morning, crap, he's up. So you've got
Speaker 1: to understand that this is about your mindset and whether
Speaker 1: you believe you can and whether you believe you can.
Speaker 1: As I said before, you're right, is a last half
Speaker 1: full or is half empty? It depends who's looking at
Speaker 1: the glass. John Foley is looking at that glasses half full.
Speaker 1: Those those house flippers I told you about looking at
Speaker 1: the looking at the transactions income right now and the
Speaker 1: wealth down the road and then look to live for
Speaker 1: the long term. Right. I was not focusing on this
Speaker 1: one deal idea to make to impress this civil rights leader.
Speaker 1: And if you got something out of it, that's fantastic.
Speaker 1: But it gave me an incredible education that was priceless,
Speaker 1: and I'll never make the mistake again. By the way,
Speaker 1: I ended up making a crap load of money on
Speaker 1: the real estate that I earn money on. And what
Speaker 1: do I care about about this little thirty thousand dollars
Speaker 1: deal to turn into one hundred and whatever sixty thousand
Speaker 1: dollars that I lost over thirty two years. What do
Speaker 1: I care about it other than it's a lesson. It's
Speaker 1: an ego. It's an ego thing. I don't you know.
Speaker 1: My egos is more damage than anything else. Here you go.
Speaker 1: Here's how we're going to exit this podcast for this week.
Speaker 1: If you enjoyed this, by the way, I hope you
Speaker 1: have get my book Financial Literacy for all. Tell you
Speaker 1: friends about this podcast. Comeing to tap in, subscribe tap
Speaker 1: in every Thursday. New episode drops every Thursday. Tap into
Speaker 1: the rest of what Charlomne's doing Black Effect Network. I'm
Speaker 1: on the board, happy to do it at the Black
Speaker 1: Effect Network. I think the only board member that actually
Speaker 1: has a podcast at Black Effect Network. So I think
Speaker 1: that's pretty cool. It's making smart sexy. I think go
Speaker 1: to operation, get your whole financial coaching and counseling. It's
Speaker 1: scholarship because of the seventy two million dollars that we
Speaker 1: raise every year for you from our partners. So you
Speaker 1: get it for free. Get one MBB, one me and
Speaker 1: Black Business Initiative. Start your business. Okay, here it is
Speaker 1: be an eagle. There are three types of birds, like
Speaker 1: three types of people. There's eagles, there's buzzers in there's turkeys,
Speaker 1: and eagles don't fly. I packs. You've never seen a
Speaker 1: flock of the eagles. And eagle is a high altitude bird.
Speaker 1: Eagle is regal, not erica, not pumped up, but they
Speaker 1: are unique. They take the road, let's travel and eagles
Speaker 1: on my being alone. But you know, eagles are flying
Speaker 1: high until they're not until they get emotional and make
Speaker 1: a mistake. So the egle's flying high and he sees
Speaker 1: in this pig down the pigpin. The pig is talking
Speaker 1: mess to him. You ain't nothing, your mom, ain't nothing,
Speaker 1: your dadd ain't nothing. The Egle finally said, you know what,
Speaker 1: I'm tired of you talking mess. I'm up here, way
Speaker 1: up here, chilling, doing my thing, but I'm really talking.
Speaker 1: I know who my family is, but I'm tired of
Speaker 1: making I must show you a lesson mistake, emotional mistake.
Speaker 1: Egles dives down below his level, dives down way down
Speaker 1: the ditch, dives down way down in the valley, goes
Speaker 1: down to that pigpin where that pig is, and went
Speaker 1: to go slap that pig. That pig with a wing there,
Speaker 1: this vast beautiful wing. And that pig looked up and said, yeah,
Speaker 1: just where I needed you, and took some mud and
Speaker 1: it's hoof and threw it over his shoulder and put
Speaker 1: it on the eagles, wing, winging eagles. Now out of balance,
Speaker 1: eagle crashes into the pig pin, and the pig said, yeah, now,
Speaker 1: who's boss? Stay up there where the where the air
Speaker 1: is light and right right. Because there's another kind of bird.
Speaker 1: It's called a buzzer, and a buzzer loves packs. A
Speaker 1: buzzer is a low altitude bird. Buzzes always playing, hating,
Speaker 1: never player congratulating, always got something negative to say. About
Speaker 1: somebody always stepping on your head to elevate themselves. Can
Speaker 1: you think of somebody around you like that? You know,
Speaker 1: I don't tell people. People say say, how you doing, John,
Speaker 1: I'm doing fine? What are you doing? John? Oh, I'm
Speaker 1: not doing anything. I'm good. If they're really curious and
Speaker 1: can looking up on social media or something to reading
Speaker 1: my book, I don't know. I'm not going to answer
Speaker 1: that question because most people don't actually are not actually
Speaker 1: sincere about it. People are happy for you until you
Speaker 1: exceed their level. Hello, if they're insecure. Now, if they're secure,
Speaker 1: a different thing. But if they're insecure, and most people
Speaker 1: are insecure, if you exceed their level, then they resent you.
Speaker 1: They're jealous of you, they're hating on you, and they
Speaker 1: want you to fail just so they can feel better.
Speaker 1: Because hurt people hurt people. We're getting some church in
Speaker 1: here this week, so that buzzard admires you but resents
Speaker 1: you the low altitude birds. But then the worst kind
Speaker 1: of bird is a turkey, because the turkey's got wings
Speaker 1: and can't even fly. All they do is profile translation,
Speaker 1: trying to be something they are not. Be an eagle. Now,
Speaker 1: what's an example of an Eagle. What's an example of
Speaker 1: the road less travel? That's a book that's to this point,
Speaker 1: thirty forty years old, Less Trouble by Scott Peck. I
Speaker 1: love that book. He's read it. What's an example of
Speaker 1: this beyond my own story of the world less travel?
Speaker 1: You know, everybody when I was growing up, everybody told
Speaker 1: me I never amount nothing. No John talking about the
Speaker 1: financial literacy stuff and capitalism? Who cares this? Come parties,
Speaker 1: gonna have some fun, John, you should be Anthony hanging
Speaker 1: out with us. You should be partying with us. Now.
Speaker 1: I'm cool, I'm working, I'm studying. Oh you ain't doing nothing.
Speaker 1: That's great. He rollingizes in me. And thirty years later,
Speaker 1: twenty years later, ten years later, guess who's knocking on
Speaker 1: my door? Hey? John Man? Amen, you know you're doing
Speaker 1: some cool stuff. You know, I just wait for it.
Speaker 1: You know. So you think you hooked me up? Can
Speaker 1: you give me a job? Can I get Alan? Can
Speaker 1: you can introduce me to Joe? But no way, you
Speaker 1: mean induce you to the person. I spent all that
Speaker 1: time building that relationship with or. I went on trips,
Speaker 1: and I went on business meetings, and I invested all
Speaker 1: that time where you were out there party and it's
Speaker 1: sleeping in or whatever. It said that I was wasting
Speaker 1: my time. You mean that person you want me to
Speaker 1: introduce you to using my relationship capital. Why would I
Speaker 1: do that? I don't say that, but why would I
Speaker 1: do that? So you can embarrass me because you show
Speaker 1: up late for a meeting. I don't show up at
Speaker 1: all because you wanted to have some fun in the
Speaker 1: short term us doing the long work in the long term. Again,
Speaker 1: mindset matters. You think money is everything. Really, I can
Speaker 1: give a million dolls a homeless man. If I do
Speaker 1: nothing else and he does nothing else, he would be
Speaker 1: broken six months. Why do you think people who win
Speaker 1: the lottery most of all, most of them are bankrupt
Speaker 1: in five years, seventy percent of them bankrupt. Why? Because
Speaker 1: it's more than money. It's mindset. Why have seventy percent
Speaker 1: of all NFL and NBA players bankrupt five years after
Speaker 1: they their career ends? And that woman typically the man
Speaker 1: in the profession sports, a woman divorces him because it
Speaker 1: was about the money, not about the means, not about
Speaker 1: the mission, not about the mandate, not about the purpose,
Speaker 1: not about the real love, not about the higher frequency.
Speaker 1: It was about the money, the money, the money, money
Speaker 1: which will come and will go. But it's really about
Speaker 1: the mindset. I rather you waste my money than my time.
Speaker 1: You waste my money. I make some more money, but
Speaker 1: I cannot make more time. So ice Cube, this is
Speaker 1: my last topic, ice cube, and put this on Instagram
Speaker 1: and you want to watch it there. He did an
Speaker 1: interview and talked about reparations. And it's a story the
Speaker 1: topic that I don't talk about a lot because I
Speaker 1: still the edits think it's messy. So I got way
Speaker 1: to discuss it. Really because if the country really paid
Speaker 1: the costs for slavery, which built this country for free,
Speaker 1: the country will go bank bankrupt. So and then you
Speaker 1: know the other part of it. If we okay, so
Speaker 1: you just give people money, well, I already tell you
Speaker 1: what happens. You just give people money, and and then
Speaker 1: and then the country that was built on capitalism turns
Speaker 1: into a company about social country about socialism, and the
Speaker 1: country will fail anyway to either do bankruptcy or changing
Speaker 1: culture anyway. So it's really a hard conversation. But do
Speaker 1: people deserve something, Yeah, they deserve something, But for the
Speaker 1: reasons that we all talked about slavery was horrible. Built
Speaker 1: this country for free, and black people built it and
Speaker 1: it weren't paid for it. It was horrible, horrible bad capitalism.
Speaker 1: But what's a smart way of going about? So ice
Speaker 1: Cube said something. He said, Wow, you said to help
Speaker 1: with reparations, give me access to capital. I thought, let me,
Speaker 1: I'm listening now he said, you know, we don't have
Speaker 1: access to capital. He took explain how in the inner city.
Speaker 1: So it says, why do you think they're only smart?
Speaker 1: People are are robbing still of each other? You think
Speaker 1: they're just you know, uh, you know, morally unfit. These
Speaker 1: are good people who turn bad. There's no economy, there's
Speaker 1: a way to take care of your family. So you
Speaker 1: end up becoming a versus being a union organizer, you
Speaker 1: become a Now I'm saying this's you become a gang
Speaker 1: leader versus becoming an entrepreneur a small business only become
Speaker 1: a drug dealer, which is which is what an a
Speaker 1: legal entrepreneur is a drug dealer, import, exports, finance, marketing, hostsale, retail,
Speaker 1: customer service, security, territory, logistics. You're not talking about a
Speaker 1: dumb person. You're talking about a misdirected person. With a
Speaker 1: bad business plan. So they go on under the kid.
Speaker 1: That's underground economy because there is no capital to grow
Speaker 1: a real economy. Man, we hustle. Black people, brown people,
Speaker 1: we hustle. We've been doing so much with so little
Speaker 1: for so long. We can almost do anything with nothing.
Speaker 1: So imagine what happened. We had access to capital, education,
Speaker 1: opportunity and low interest rate, low cost of capital, low
Speaker 1: interest rate cost of capital, access to premier prime capital
Speaker 1: in real numbers, the education and know how to how
Speaker 1: to run a business. Financial literacy, and opportunity at scale.
Speaker 1: My god, we kill it, and we will. That's what
Speaker 1: I'm trying to build. That's where me and others are
Speaker 1: working to build just that, the federal Reserve of the hood.
Speaker 1: So I agreed with that that and I'll go once
Speaker 1: to further. I said it on Instagram that I think
Speaker 1: there should be like a ten thousand dollars scholarship for
Speaker 1: higher education for every person who do who can prove
Speaker 1: their descendants of slaves. I was at descendant of slaves.
Speaker 1: I don't need the money, I'd wave it, but but
Speaker 1: my relatives could and do need it. And because we
Speaker 1: need a high education nation, a high education nation in
Speaker 1: order to go to the to move in his artificial
Speaker 1: intelligence and robotics and everything that's coming next. We need
Speaker 1: a high education nation. And that's what this nation should do,
Speaker 1: is to educate every black person for you know, with
Speaker 1: a scholarship for ten thousand dollars, which is doing well
Speaker 1: with the least they should do. And then there should
Speaker 1: be structure access to capital programs. I won't get into
Speaker 1: in this podcast, but I agree with him on that,
Speaker 1: and I disagree where you talked about that he's not
Speaker 1: voting for anybody because all the candidates are bumps. That's
Speaker 1: not true. That's just not true. It's actually very good
Speaker 1: candidate running. There's only one candidate running at the moment.
Speaker 1: I won't get into that. As you know, I've advised
Speaker 1: Republican and Democratic president, so I'm not partisan. But there's
Speaker 1: only one. There's only one candidate running today that's legitimate
Speaker 1: and ethical and actually cares about you, and you should vote.
Speaker 1: You better vote. If you care about your democracy, and
Speaker 1: you care about your children, you care about you, you
Speaker 1: better vote. This is extraordinarily consequential. So I disagree on that,
Speaker 1: and I think he's wrong on that. But we're going
Speaker 1: to disagree without being disagreeable. I can say I applaud
Speaker 1: him on one thing and again mindset, and not agree
Speaker 1: with them on something else, and I'll leave you with
Speaker 1: how I live my life. Talk without being offensive, listen
Speaker 1: without being defensive, and always leave even my adversary with
Speaker 1: their dignity because if you don't, that's been the rest
Speaker 1: of their life trying to make you miserable. It becomes personal.
Speaker 1: This is John O'Bryant. This is Money and Wealth on
Speaker 1: the Black Effect Network on iHeartRadio. Go get your scholarship
Speaker 1: and Operation Hope. We'll get your book and antial literacy
Speaker 1: for all from wherever you buy your books. And tell
Speaker 1: your friends about this podcast and tell them to follow.
Speaker 1: Let's start a movement in silver rights from civil rights
Speaker 1: to silver rights. And let me know what you think
Speaker 1: about this podcast in this episode, Love and Light, I'm out.
Speaker 1: Money and Wealth with John O'Brien is a production of
Speaker 1: the Black Effect Podcast Network. For more podcasts from the
Speaker 1: Black Effect Podcast Network, visit the iHeartRadio app, Apple Podcasts,
Speaker 1: or wherever you listen to your favorite shows.