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Speaker 1: Welcome to the show. I'm Rashwan MacDonald, the host of

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Speaker 1: Money Making Conversations Masterclass, where we encourage people to stop

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Speaker 1: reading other people's success stories and.

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Speaker 2: Start planning their own.

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Speaker 1: Listen up as I interview entrepreneurs from around the country,

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Speaker 1: talk to celebrities and ask them how they are running

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Speaker 1: their companies, and speak with God profits who are making

8
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Speaker 1: a difference in their local communities. Now, sit back and

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Speaker 1: listen as we unlock the secrets to their success on

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Speaker 1: Money Making Conversations Masterclass.

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Speaker 2: My next guest, happy to having back on the show,

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Speaker 2: has always believed this it's not how you start, it

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Speaker 2: is how you finish. That God has great plans for

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Speaker 2: each of us. We must simply listen for his voice,

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Speaker 2: follow directions, overcome the obstacles and stay the course. He

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Speaker 2: is the chairman the CEO of Fraser net Inc. A

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Speaker 2: global networking movement that brings together diverse human resource to

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Speaker 2: increase opportunities for people of African descent. He's also now

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Speaker 2: networking guru, entrepreneur and motivational speaker speaker. Happy to have

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Speaker 2: him back on Money Making Conversation. Please welcome George Fraser.

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Speaker 3: So good to hear you.

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Speaker 4: Man I wish I had that voice. I wish I

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Speaker 4: had that boy. So blessed man and a beautiful mind

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Speaker 4: to and a beautiful spirit.

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Speaker 2: I appreciate it first of all, fit for you know,

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Speaker 2: like I said that, thank you. You know I always

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Speaker 2: wanted to read your quotes. Uh, you came on my

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Speaker 2: show man. It was a blessing. Now, the mission of

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Speaker 2: your Fraser Net is to produce products and services that

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Speaker 2: teach and promote excellence and effective networking, to facilitate business

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Speaker 2: to business, business to consumer mentoring and role modeling for

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Speaker 2: people of African descent. That is important when you when

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Speaker 2: not hear you speak of it because you've been doing

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Speaker 2: it all your life and I've seen it and now

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Speaker 2: I've been able to catch fire and start doing it

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Speaker 2: myself because you have mentored me through direction and because

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Speaker 2: it's always been a part of your DNA. Talk about it, George.

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Speaker 3: Uh, you know. And I want to say this to

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Speaker 3: our people and still beloved Rashaan. We are not suffering

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Speaker 3: because we cannot resolve our problems. We are suffering because

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Speaker 3: we cannot see our problems clearly and discinctly that we

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Speaker 3: have been hurt more by what we don't know than

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Speaker 3: why what we can't do? Okay, that we want progress.

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Speaker 3: Black people want progress without execution. It's execution, execution, execution. Yes,

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Speaker 3: you have to. We have to protest, and even writing

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Speaker 3: has its own place in the movement. At the end

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Speaker 3: of the day, you when the protesting ends, you have

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Speaker 3: to organize and you have to execute. Okay. And and

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Speaker 3: that requires now knowledge, That requires knowledge that enables you

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Speaker 3: to rally our people and point in the proper direction

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Speaker 3: to get them inspired. But there's a beautiful passage in

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Speaker 3: the Bible that all black people know, and they quote

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Speaker 3: right and Sosiah four versus six. My people perish for

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Speaker 3: the lack of knowledge. Now everybody, every Black person in

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Speaker 3: America knows that way. But what you never hear rashon

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Speaker 3: is the rest of that passage. My people perish for

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Speaker 3: the lack of knowledge. And because thou hast rejected knowledge,

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Speaker 3: I also reject thee Thou shalt be no priest to me.

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Speaker 3: So this is God telling his people. If you do

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Speaker 3: not skill up, seek knowledge, improve your mind, improve your relationships,

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Speaker 3: improve your ability to handle the money that I allow

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Speaker 3: you to make. Right, I reject you, and you cannot

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Speaker 3: be no priest to me. You can't say nothing to

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Speaker 3: me because you have refused to learn. This is one

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Speaker 3: of the beautiful things I love about your progress. You

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Speaker 3: are constantly teaching knowledge and bringing knowledge keepers to the

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Speaker 3: microphone to help teach and enrich our people. So this

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Speaker 3: is what we are all about. Phraser Net and Phraser Nation.

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Speaker 3: Someone asking the other day.

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Speaker 2: Doctor Fraser, you know they need to be teachert Fraser Nation.

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Speaker 2: Fraser Nation, that gotta be a that got to be

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Speaker 2: a capra nation, citizens.

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Speaker 3: Of generational wealth where our citizens are committed to demonstrated excellence,

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Speaker 3: equity and investment and entrepreneurial thinking. Rashon, I just say entrepreneurship.

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Speaker 3: I said, entrepreneurial thinking. That is taking responsibility, taking ownership

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Speaker 3: and for your own life. That's really what we need.

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Speaker 3: And once we begin to think that way, Rashon, then

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Speaker 3: that can morph into entrepreneurship, and then that can morph

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Speaker 3: into a building and creating work and jobs for our people.

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Speaker 3: Because by the end of the twenty first century, black

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Speaker 3: people have to be the number one employer of black

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Speaker 3: people and every imagery group that has ever come to

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Speaker 3: this country. Rashan has understood that for black people, Jews

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Speaker 3: are the number one employee of Jews. Asians are the

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Speaker 3: number one employee of ations. East Indians are the number

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Speaker 3: one employer of East Indians. Arabs are the number one

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Speaker 3: employer of Arabs. Ultimately, we too must become the number

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Speaker 3: one employee of our people. But that requires knowledge, that

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Speaker 3: requires sacrifice. You know, there's a little piece that I

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Speaker 3: do all the time is don't quit your job until

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Speaker 3: that's what it's called. Don't quit your job until your

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Speaker 3: side and covers twice as much as your monthly expensive

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Speaker 3: don't quit your job until your advergency fund can cover

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Speaker 3: one year of expenses. Don't quit your job until you

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Speaker 3: are skilled enough to make your side hustle your main business.

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Speaker 3: And don't quit your job until you're ready to work

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Speaker 3: twelve to sixteen hours a day like you and I do.

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Speaker 2: Amen, you know, Tay some Joed.

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Speaker 3: I appreciate it.

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Speaker 2: You know, I just love the fact that there's always

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Speaker 2: a sense of direction when you talk.

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Speaker 3: So we have to stop this notion when we cover

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Speaker 3: the principles of the seven main streams of income. Right,

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Speaker 3: there's seven main streams of income, and a black person

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Speaker 3: need to be doubling their streams of income every single years.

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Speaker 3: One of the things we teach at the Power Networking conference.

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Speaker 3: You to come with a single stream of income, we

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Speaker 3: teach you how to have two. To come with two

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Speaker 3: streams of income, we teach you how to have four.

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Speaker 3: To come with four streams of income, we teach you

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Speaker 3: how to have eight. Okay, but there's seven fundamental streams

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Speaker 3: of income. But let me say this first, black people

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Speaker 3: are in an existential crisis. We are at an existentral crisis.

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Speaker 3: Until a black America puts Black America first, Black America

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Speaker 3: will always be last. To be black and beautiful means

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Speaker 3: nothing unless you're black and powerful, Okay, white, most and

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Speaker 3: planning for three generations. And we're planning for Saturday Night.

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Speaker 3: The goal is to win, not to look like we're winning. Right.

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Speaker 3: It is an interesting thing to me, Rashan, that the

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Speaker 3: rich stay rich by pretending to be poor and the

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Speaker 3: poor stay poor by pretending to be rich. Let's help

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Speaker 3: with that, right at It's a mindset. It's the same

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Speaker 3: the mindset, So we have to fix that mindset.

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Speaker 5: Please don't go anywhere. We'll be right back with more

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Speaker 5: Money Making Conversations, Masterclass. Welcome back to the Money Making

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Speaker 5: Conversations Masterclass. Hosted by Rashaan McDonald.

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Speaker 3: A Black wealth check list. What is it, doctor Fraser? Well,

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Speaker 3: simple tomorrow to posit one hundred dollars, Just one hundred

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Speaker 3: dollars into a high interest savings account. Okay, because money

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Speaker 3: attracts money, plea, just put one hundred. If you don't

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Speaker 3: know it, you don't have a high interest savings account,

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Speaker 3: just go put one hundred dollars in and watch the magnet.

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Speaker 3: The magnetism of you investing that one hundred dollars in

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Speaker 3: a savings account is calling for more money and you're

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Speaker 3: and that's going to seed you to have better saving habits.

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Speaker 3: That's one number two. Buy five shares of stocks from

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Speaker 3: a brokerage account. Okay. Uh, We black people on a

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Speaker 3: percentage basis have the lowest number of people in our

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Speaker 3: community investing in stocks and bonds and mutual punts. All

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Speaker 3: kinds of studies have been done on that. Now you say, well, doctor,

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Speaker 3: bring what stap should I buy it? Well? Whatever you eat,

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Speaker 3: whatever shoes you wear, and you wear nineties, buy some

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Speaker 3: ninety stock you eat McDonald's, buy some McDonald's stock, whatever

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Speaker 3: you're using, buy the stock.

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Speaker 2: By depot stock.

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Speaker 3: Depot right, and they no better time right now than

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Speaker 3: to buy some stock. So we we're putting together your

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Speaker 3: black well list. Now, open a four oh one K

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Speaker 3: if you don't already have one, or a full one

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Speaker 3: three or an IRA and product. Calculate how to retire

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Speaker 3: with a million dollars by time you're the age sixty,

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Speaker 3: and ask your employer to match what you put in.

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Speaker 3: Most employers will do that. Just started. If you haven't

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Speaker 3: already started. Now, maybe you've already started something like that,

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Speaker 3: all right, figure out how much you're going to have

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Speaker 3: to continue to put in over what period of time,

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Speaker 3: so that you'll have at least a million dollars by

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Speaker 3: time you are sixty or ready to retire. Now another thing, Now,

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Speaker 3: I don't have to I don't want to tell you

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Speaker 3: that we got bad credit, all right, So move your

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Speaker 3: credit court, brothers and sisters, and plan on how to

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Speaker 3: raise your score at least by twenty points every six months,

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Speaker 3: all right until you get over seven hundred. Right, because

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Speaker 3: we know that the lower your credit score is anything

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Speaker 3: you buy, uh, you are going to pay the highest

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Speaker 3: interest rates on the planet, whether it's your credit cards,

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Speaker 3: whether you're buying a new home, whatever, whether you're buying

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Speaker 3: a new car. You want to get your credit right right,

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Speaker 3: and it may take you a year or two, but

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Speaker 3: that is going to save you more money over the

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Speaker 3: long haul than almost any single thing that you can do.

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Speaker 3: Now number six, we're building a black loss. A checklist

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Speaker 3: ed okay, checklist. I want you, brothers and sisters who

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Speaker 3: are listening, I want you to pay about fifty dollars

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Speaker 3: above your minimum on your credit cards and your student loans.

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Speaker 3: That means that you can reduce the payoff period when

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Speaker 3: you do this by at least twenty five to thirty percent.

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Speaker 2: Right there, you pay at fifty dollars anterest.

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Speaker 3: There you go. That's right. There you go, there you go.

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Speaker 3: There you got it. You got it.

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Speaker 2: That's right.

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Speaker 3: So this is now number six. Research term and hole

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Speaker 3: life insurance and decide what's best for you to get

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Speaker 3: A brother who was in the insurance businesses one of

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Speaker 3: the four pillars, but the intergenerational transfer of wealth Proverb

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Speaker 3: thirteen twenty two. A good man leaves an inherance to

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Speaker 3: his children's children. One of the four pillars for Sean

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Speaker 3: is proper insurance. Sixty percent of all wealth is transferred

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Speaker 3: through tactical and strategic placement of proper insurance. The New

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Speaker 3: York Times that have major article on black people in

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Speaker 3: their cell phones, and what they discovered about us is

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Speaker 3: that there were more black people had insurance on their

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Speaker 3: cell phones than on their lives or the lives of

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Speaker 3: their children by a factor of kin. So we value

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Speaker 3: our cell phones, whether we value our lives. Get properly

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Speaker 3: insured so that you can transfer your wealth when it's time,

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Speaker 3: tax free using insurance strategies. Very very important. Now. Number seven,

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Speaker 3: open a rough ira for your child, or open a

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Speaker 3: five twenty nine college plan for your child so it

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Speaker 3: can be used to pay for college if you want to,

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Speaker 3: or you can use it to pay for trade school

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Speaker 3: or community college. Right, put some money away for your

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Speaker 3: child's education. Open it up now. If you have not

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Speaker 3: done that, I'm down to the last two. Gift a

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Speaker 3: US Treasury bond to new babies in your family.

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Speaker 2: Slow down on that. When we were growing up, that's right, dude.

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Speaker 3: That's right.

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Speaker 2: Her bought that for you.

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Speaker 3: I don't know, that's right. That's right. It worked then

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Speaker 3: and it still works all right. A twenty five dollars

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Speaker 3: Now what I did for my my have two granddaughters,

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Speaker 3: two three granddaughters. I have two beautiful sons, blessed me

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Speaker 3: with three beautiful granddaughters the moment they were born, Rashan,

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Speaker 3: I've purchased them in this universal life policy see right,

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Speaker 3: nor Agin, and I pay for those policies every month.

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Speaker 3: It costs us about sixty dollars a month in each

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Speaker 3: of our grandchildren. And by time they retire, this is

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Speaker 3: the God's honest truth. There is no height, no exaggeration.

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Speaker 3: By time don't my three grand daughters retired, they will

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Speaker 3: have five million dollars available to them free.

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Speaker 2: Yes, absolutely the truth.

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Speaker 3: Okay, absolutely, So that's another thing. So either either give

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Speaker 3: give your grandchildren a savings bond, but give them something

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Speaker 3: and let them know that it's there. Right that can

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Speaker 3: begin to seed their their desire to want to see

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Speaker 3: it grow in the desire to save, and desire to

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Speaker 3: invest in and and and finally start every year, you

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Speaker 3: should start a new stream of income. There should not

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Speaker 3: be a negro in America with the single stream of income. Hopefully,

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Speaker 3: brothers and sisters, you have learned that since COVID nineteen, Okay,

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Speaker 3: you should be skilling up. That's what you should be doing.

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Speaker 3: You should be skilling up. You should be learning new

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Speaker 3: strategies and tactics around investment. I just went through a

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Speaker 3: little shortlist on how to get wealth. Now let's go

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Speaker 3: through a real shortlist on how to give wealth? Right,

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Speaker 3: how to give well? Because where morally ground is spiritually

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Speaker 3: rooted people, and we know that too much is given,

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Speaker 3: as much as expected, and much is required. How do

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Speaker 3: you give wealth? Buy from a black owned business, right

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Speaker 3: dying at a black owned restaurant. Get your nails and

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Speaker 3: hair done at a black salon. Hire black denders for

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Speaker 3: your events. Okay, buy your hair product from a black

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Speaker 3: owned business. Buy from a black author. Some brothers Sisters

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Speaker 3: has written a book by the damn book all Right,

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Speaker 3: buy from your friend's business. Why not right? Tie to

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Speaker 3: the black church, Volunteer at a black led nonprofit. Tell

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Speaker 3: a black man that you're proud of them. Tell a

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Speaker 3: black child that they're destined for greatness. Tell a black

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Speaker 3: woman she is necessary and donate to it as start

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Speaker 3: as your black college and university. That's how you give wealth.

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Speaker 3: But you do it all within the context of your

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Speaker 3: ability to get right. Absolutely, so that's how you give wealth.

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Speaker 3: Now you know how to get wealth. That's a short

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Speaker 3: checklist on each one of those things. Each year you

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Speaker 3: can you can write write this down when you when

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Speaker 3: you hear this recording, stop it and then write it down,

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Speaker 3: and then check and play it back. There you go,

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Speaker 3: there you go, play it back right now. Seven streams

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Speaker 3: of income you should have you in your lifetime. You

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Speaker 3: should be able to accumulate wealth using at least four

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Speaker 3: of these streams. What is the first stream of income?

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Speaker 3: Earned income, that's income from working from a job. But

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Speaker 3: you can actually earn two streams of income from working

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Speaker 3: from a job if you're working two different jobs. Okay,

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Speaker 3: that's that's number one. There's profit income, income from buying

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Speaker 3: and selling stuff. That's profit income. Third is in income

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Speaker 3: income from lending money. For this dividend income income from

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Speaker 3: owning stocks and bonds and mutual funds. The fifth one

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Speaker 3: is rental income. I made my first fortune income from

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Speaker 3: renting a house. I had seven of them. There were

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Speaker 3: two and three family homes on one block in the

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Speaker 3: inner city of Cleveland, Ohio, back in the day, in

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Speaker 3: the seventies. I made a fortune, all right, bought them

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Speaker 3: dependents on a dollar, kept them for ten or fifteen years.

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Speaker 3: Tournament to section eight. But first class Section eight and

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Speaker 3: made a fortune and then sold them back to the renters.

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Speaker 3: The sixtes capital gain assets from increasing in values and finally,

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Speaker 3: royalty income. That's income from others using your ideas, whether

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Speaker 3: it's books, whether it's music, whether it's online webinars, that

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Speaker 3: kind of thing.

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Speaker 2: My man. I appreciate you. You know this is a

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Speaker 2: journey of knowledge, journey of information. Appreciate you.

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Speaker 3: Brother.

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Speaker 2: We talked soon and you will hear from you soon.

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Speaker 2: You know you gotta come back, come on now, talk

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Speaker 2: about it because you don't believe I'm gonna do. You're

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Speaker 2: not gonna believe what I'm gonna do. I'm about to

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Speaker 2: blast you. George Fraz, doctor.

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Speaker 5: George Fra.

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Speaker 3: God, bless you, Thank God, bless love you. Bye bye,

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Speaker 3: love you man, keep doing God's work.

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Speaker 1: This has been another edition of Money Making Conversation Masterclass

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Speaker 1: hosted by me Rushaun McDonald. Thank you to our guests

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Speaker 1: on the show today and thank you listening to audience now.

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Speaker 1: If you want to listen to any episode I want

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Speaker 1: to be a guest on the show, visit Moneymaking Conversations

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Speaker 1: dot com. Our social media handle is money Making Conversations.

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Speaker 1: Join us next week and remember to always leave with

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Speaker 1: your gifts. Keep winning,