1 00:00:05,160 --> 00:00:07,940 Speaker 1: Welcome to the show. I am Rashawn McDonald, the host 2 00:00:07,980 --> 00:00:11,680 Speaker 1: of Money Making Conversations Masterclass, where we encourage people to 3 00:00:11,700 --> 00:00:15,450 Speaker 1: stop reading other people's success stories and start planning their own. 4 00:00:16,050 --> 00:00:19,450 Speaker 1: Listen up as I interview entrepreneurs from around the country, 5 00:00:19,770 --> 00:00:22,570 Speaker 1: talk to celebrities and ask them how they are running 6 00:00:22,610 --> 00:00:25,590 Speaker 1: their companies and speak with nonprofits who are making a 7 00:00:25,670 --> 00:00:28,900 Speaker 1: difference in their local communities. Now sit back and listen 8 00:00:29,220 --> 00:00:32,060 Speaker 1: as we unlock the secrets to their success on Money 9 00:00:32,100 --> 00:00:37,940 Speaker 1: Making Conversations Masterclass. My next guest, happy to have him 10 00:00:37,960 --> 00:00:40,930 Speaker 1: back on the show, has always believed this. It's not 11 00:00:40,990 --> 00:00:43,669 Speaker 1: how you start, it's how you finish. That God has 12 00:00:43,729 --> 00:00:46,410 Speaker 1: great plans for each of us. We must simply listen 13 00:00:46,450 --> 00:00:50,669 Speaker 1: for his voice, follow directions, overcome the obstacles, and stay 14 00:00:50,690 --> 00:00:54,240 Speaker 1: the course. He is the chairman and CEO of FrazierNet, Inc., 15 00:00:54,530 --> 00:00:58,180 Speaker 1: a global networking movement that brings together diverse human resources 16 00:00:58,580 --> 00:01:02,480 Speaker 1: to increase opportunities for people of African descent. He's also 17 00:01:02,500 --> 00:01:07,010 Speaker 1: a renowned networking guru, entrepreneur and motivational speaker. Happy to 18 00:01:07,030 --> 00:01:10,190 Speaker 1: have him back on Money Making Conversation. Please welcome George Frazier. 19 00:01:11,709 --> 00:01:13,960 Speaker 2: So, John, so good to hear you, man. I wish 20 00:01:14,000 --> 00:01:16,419 Speaker 2: I had that voice. I wish I had that voice. 21 00:01:17,380 --> 00:01:20,020 Speaker 2: I have almost as much money as you. You are 22 00:01:20,040 --> 00:01:23,050 Speaker 2: so blessed, man. And a beautiful mind, too, and a 23 00:01:23,050 --> 00:01:23,790 Speaker 2: beautiful spirit. 24 00:01:23,870 --> 00:01:26,490 Speaker 1: I appreciate it. First of all, you know, like I said, 25 00:01:26,690 --> 00:01:30,340 Speaker 1: thank you. You know, I always want to read your quotes. 26 00:01:31,220 --> 00:01:32,459 Speaker 1: You came on my show, man. 27 00:01:32,540 --> 00:01:33,300 Speaker 2: It was a blessing. 28 00:01:33,700 --> 00:01:36,679 Speaker 1: Now, the mission of FrazierNet is to produce products and 29 00:01:36,740 --> 00:01:40,440 Speaker 1: services that teach and promote excellence and effective networking to 30 00:01:40,480 --> 00:01:44,679 Speaker 1: facilitate business to business, business to consumer, mentoring and role 31 00:01:44,720 --> 00:01:48,410 Speaker 1: modeling for people of African descent. Now, that's important when 32 00:01:48,810 --> 00:01:50,770 Speaker 1: I hear you speak of it because you've been doing 33 00:01:50,790 --> 00:01:53,490 Speaker 1: it all your life. And I've seen it, and now 34 00:01:53,530 --> 00:01:56,490 Speaker 1: I've been able to catch fire and start doing it 35 00:01:56,550 --> 00:02:00,060 Speaker 1: myself because you have mentored me through direction. 36 00:02:00,080 --> 00:02:01,180 Speaker 2: Yeah. 37 00:02:01,520 --> 00:02:03,120 Speaker 1: Because that's always been a part of your DNA. 38 00:02:03,180 --> 00:02:09,470 Speaker 2: Talk about it, George. Yeah. You know, and I want 39 00:02:09,500 --> 00:02:13,060 Speaker 2: to say this to our people and still be loved. Rashawn, 40 00:02:13,100 --> 00:02:15,800 Speaker 2: we are not suffering because we cannot resolve our problems. 41 00:02:16,120 --> 00:02:19,380 Speaker 2: We are suffering because we cannot see our problems clearly 42 00:02:19,590 --> 00:02:22,850 Speaker 2: and succinctly, that we have been hurt more by what 43 00:02:22,930 --> 00:02:27,109 Speaker 2: we don't know than by what we can't do. OK, 44 00:02:27,410 --> 00:02:30,350 Speaker 2: that we want progress. Black people want progress. It's progress 45 00:02:30,400 --> 00:02:36,899 Speaker 2: without execution. It's execution, execution, execution. Yes, we have to protest. 46 00:02:36,960 --> 00:02:39,840 Speaker 2: And even rioting has its own place in the movement. 47 00:02:39,900 --> 00:02:42,769 Speaker 2: At the end of the day, when the protesting ends, 48 00:02:42,810 --> 00:02:47,049 Speaker 2: you have to organize and you have to educate. execute, okay? 49 00:02:47,530 --> 00:02:53,720 Speaker 2: And that requires now knowledge. That requires knowledge that enables 50 00:02:53,800 --> 00:02:57,060 Speaker 2: you to rally out people and point in the proper 51 00:02:57,120 --> 00:03:01,580 Speaker 2: direction to get them inspired. But there's a beautiful passage 52 00:03:01,680 --> 00:03:05,450 Speaker 2: in the Bible that all black people know and they quote, right? 53 00:03:05,889 --> 00:03:10,190 Speaker 2: And it's Hosea 4, verses 6. My people perish for 54 00:03:10,210 --> 00:03:13,850 Speaker 2: the lack of knowledge. Now, everybody, every black person in 55 00:03:13,910 --> 00:03:17,299 Speaker 2: America knows that one. But what you never hear, Rishon, 56 00:03:17,639 --> 00:03:22,340 Speaker 2: is the rest of that passage. My people perish for 57 00:03:22,400 --> 00:03:27,450 Speaker 2: the lack of knowledge. And because thou has rejected knowledge, 58 00:03:28,050 --> 00:03:33,220 Speaker 2: I also reject thee. Thou shall be no priest to me. 59 00:03:38,780 --> 00:03:44,270 Speaker 2: Skill up, seek knowledge, improve your mind, improve your relationships, 60 00:03:44,570 --> 00:03:48,630 Speaker 2: improve your ability to handle the money that I allow 61 00:03:48,690 --> 00:03:53,290 Speaker 2: you to make, right? I reject you. And you cannot 62 00:03:53,710 --> 00:03:56,309 Speaker 2: be no priest to me. You can't say nothing to 63 00:03:56,390 --> 00:03:59,770 Speaker 2: me because you have refused to learn. This is one 64 00:03:59,790 --> 00:04:03,230 Speaker 2: of the beautiful things I love about your program. You 65 00:04:03,310 --> 00:04:08,960 Speaker 2: are constantly teaching knowledge and bringing knowledge knowledge keepers to 66 00:04:09,000 --> 00:04:13,200 Speaker 2: the microphone to help teach and enrich our people. So 67 00:04:13,520 --> 00:04:16,400 Speaker 2: this is what we are all about at FraserNet and 68 00:04:16,460 --> 00:04:19,880 Speaker 2: Fraser Nation. Someone asked me the other day, Dr. 69 00:04:19,900 --> 00:04:21,940 Speaker 1: Fraser, what business are you in? You know they need 70 00:04:21,960 --> 00:04:23,200 Speaker 1: to be a t-shirt, Fraser Nation. 71 00:04:23,600 --> 00:04:26,600 Speaker 2: FraserNet Nation. That got to be a t-shirt. That got 72 00:04:26,620 --> 00:04:28,960 Speaker 2: to be a cap now. We're Fraser Nation, citizens of 73 00:04:28,990 --> 00:04:34,529 Speaker 2: generational wealth, where our citizens are committed to demonstrated excellence, 74 00:04:35,430 --> 00:04:41,210 Speaker 2: Equity and investment and entrepreneurial thinking, Rashawn. I didn't say entrepreneurship. 75 00:04:41,270 --> 00:04:46,230 Speaker 2: I said entrepreneurial thinking. That is taking responsibility, taking ownership 76 00:04:47,490 --> 00:04:50,470 Speaker 2: for your own life. That's really what we need. And 77 00:04:50,630 --> 00:04:54,150 Speaker 2: once we begin to think that way, Rashawn, then that 78 00:04:54,190 --> 00:04:58,950 Speaker 2: can morph into entrepreneurship. And then that can morph into business. 79 00:04:59,060 --> 00:05:02,560 Speaker 2: of building and creating work and jobs for our people. 80 00:05:02,600 --> 00:05:04,580 Speaker 2: Because by the end of the 21st century, black people 81 00:05:04,620 --> 00:05:06,620 Speaker 2: have to be the number one employer of black people. 82 00:05:06,980 --> 00:05:09,570 Speaker 2: And every immigrant that has ever come to this country, Rashawn, 83 00:05:09,589 --> 00:05:14,989 Speaker 2: has understood that. Asians are the number one employer of Asians. 84 00:05:15,050 --> 00:05:17,090 Speaker 2: East Indians are the number one employer of East Indians. 85 00:05:17,450 --> 00:05:20,560 Speaker 2: Arabs are the number one employer of Arabs. Ultimately, we 86 00:05:20,630 --> 00:05:22,860 Speaker 2: too must become the number one employer of our people. 87 00:05:23,100 --> 00:05:27,960 Speaker 2: But that requires knowledge. That requires sacrifice. You know, a 88 00:05:29,060 --> 00:05:31,120 Speaker 2: little piece that I do all the time is don't 89 00:05:31,180 --> 00:05:34,440 Speaker 2: quit your job until that's what it Don't quit your 90 00:05:34,460 --> 00:05:37,580 Speaker 2: job until your side income covers twice as much as 91 00:05:37,610 --> 00:05:41,410 Speaker 2: your monthly expenses. Don't quit your job until your emergency 92 00:05:41,470 --> 00:05:44,589 Speaker 2: fund can cover one year of expenses. Don't quit your 93 00:05:44,630 --> 00:05:47,870 Speaker 2: job until you are skilled enough to make your side 94 00:05:47,910 --> 00:05:51,570 Speaker 2: hustle your main business. And don't quit your job until 95 00:05:51,610 --> 00:05:54,650 Speaker 2: you're ready to work 12 to 16 hours a day 96 00:05:54,690 --> 00:05:56,599 Speaker 2: like you and I do. Absolutely. Amen. 97 00:05:56,760 --> 00:05:57,860 Speaker 1: You know, I'm going to tell you something, George. 98 00:05:57,880 --> 00:05:58,500 Speaker 2: I appreciate it. 99 00:05:58,520 --> 00:06:01,770 Speaker 1: You know, I just love the fact that there's always 100 00:06:01,910 --> 00:06:04,039 Speaker 1: a sense of direction when you talk. 101 00:06:04,320 --> 00:06:08,720 Speaker 2: So we have to stop this notion. When we cover 102 00:06:08,740 --> 00:06:14,060 Speaker 2: the principles of the seven main streams of income, right? 103 00:06:14,080 --> 00:06:16,630 Speaker 2: There's seven main streams of income and a black person 104 00:06:16,650 --> 00:06:19,690 Speaker 2: need to be doubling their streams of income every single year. 105 00:06:19,710 --> 00:06:21,330 Speaker 2: That's one of the things we teach at the Power 106 00:06:21,350 --> 00:06:23,730 Speaker 2: Networking Conference. If you come with a single stream of income, 107 00:06:23,750 --> 00:06:25,289 Speaker 2: we teach you how to have two. If you come 108 00:06:25,330 --> 00:06:26,870 Speaker 2: with two streams of income, we teach you how to 109 00:06:26,930 --> 00:06:28,930 Speaker 2: have four. If you come with four streams of income, 110 00:06:28,950 --> 00:06:31,330 Speaker 2: we teach you how to have eight, okay? But there's 111 00:06:31,420 --> 00:06:35,020 Speaker 2: seven fundamental streams of income. But let me say this first. 112 00:06:36,560 --> 00:06:39,860 Speaker 2: Black people are in an existential crisis. We are in 113 00:06:39,900 --> 00:06:43,690 Speaker 2: an existential crisis. Until a black America puts black America first, 114 00:06:43,730 --> 00:06:47,650 Speaker 2: black America will always be last. To be black and 115 00:06:47,690 --> 00:06:52,270 Speaker 2: beautiful means nothing unless you're black and powerful. White folks 116 00:06:52,290 --> 00:06:55,180 Speaker 2: are planning for three generations and we're planning for Saturday night. 117 00:06:55,440 --> 00:06:58,599 Speaker 2: The goal is to win, not to look like we're winning. 118 00:06:58,980 --> 00:07:02,500 Speaker 2: It is interesting to me, Rashawn, that the rich stay 119 00:07:02,600 --> 00:07:05,400 Speaker 2: rich by pretending to be poor and the poor stay 120 00:07:05,460 --> 00:07:09,570 Speaker 2: poor by pretending to be rich. What's up with that? 121 00:07:10,210 --> 00:07:15,070 Speaker 2: It's a mindset. It's a mindset. So we have to 122 00:07:15,150 --> 00:07:16,450 Speaker 2: fix that mindset. 123 00:07:16,550 --> 00:07:19,710 Speaker 3: Please, don't go anywhere. We'll be right back with more 124 00:07:19,810 --> 00:07:31,370 Speaker 3: Money Making Conversations Masterclass. Welcome back to the Money-Making Conversations Masterclass, 125 00:07:31,530 --> 00:07:32,990 Speaker 3: hosted by Rashawn McDonald. 126 00:07:33,330 --> 00:07:41,380 Speaker 2: A black wealth checklist. What is it, Dr. Fraser? Well, simple. Tomorrow, 127 00:07:42,100 --> 00:07:49,450 Speaker 2: deposit $ 100, just $ 100, into a high-interest savings account, okay? 128 00:07:49,470 --> 00:07:55,050 Speaker 2: Because money attracts money. If you don't have a high-interest 129 00:07:55,070 --> 00:07:59,030 Speaker 2: savings account, Just go put $ 100 in and watch the 130 00:08:00,510 --> 00:08:04,650 Speaker 2: magnetism of you investing that $ 100 in a savings account 131 00:08:04,910 --> 00:08:08,080 Speaker 2: is calling for more money and that's going to seed 132 00:08:08,560 --> 00:08:12,340 Speaker 2: you to have better saving habits. That's number one. Number two, 133 00:08:13,260 --> 00:08:18,620 Speaker 2: buy five shares of stocks From a brokerage account. OK, 134 00:08:19,560 --> 00:08:25,070 Speaker 2: we black people on a percentage basis have the lowest 135 00:08:25,290 --> 00:08:29,510 Speaker 2: number of people in our community investing in stocks and 136 00:08:29,530 --> 00:08:32,630 Speaker 2: bonds and mutual funds. All kinds of studies have been 137 00:08:32,650 --> 00:08:34,510 Speaker 2: done on that. Now, you say, well, Dr. Frazier, what 138 00:08:34,550 --> 00:08:37,569 Speaker 2: stock should I buy? Well, whatever you eat, whatever shoes 139 00:08:37,610 --> 00:08:40,140 Speaker 2: you wear, and you wear Nike, buy some Nike stock. 140 00:08:40,260 --> 00:08:44,780 Speaker 2: You eat McDonald's, buy some McDonald's stock. Whatever you're using, 141 00:08:44,920 --> 00:08:47,600 Speaker 2: buy the stock. Buy nails from Home Depot? Buy Home 142 00:08:47,640 --> 00:08:51,540 Speaker 2: Depot stock. A Wal-Mart Depot, right? There ain't no better 143 00:08:51,580 --> 00:08:54,060 Speaker 2: time right now than to buy some stock. So we're 144 00:08:54,080 --> 00:08:57,780 Speaker 2: putting together your Black Wealth List. Now, open a 401k 145 00:08:57,800 --> 00:09:00,910 Speaker 2: if you don't already have one or a 4013b or 146 00:09:00,990 --> 00:09:05,949 Speaker 2: an IRA and try to calculate How to retire with 147 00:09:05,990 --> 00:09:08,910 Speaker 2: a million dollars by time you're the age 60 and 148 00:09:09,070 --> 00:09:12,030 Speaker 2: ask your employer to match what you put in. Most 149 00:09:12,110 --> 00:09:15,050 Speaker 2: employers will do that. Just start it if you haven't 150 00:09:15,150 --> 00:09:17,890 Speaker 2: already started. Now, maybe you've already started something like that. 151 00:09:18,270 --> 00:09:20,850 Speaker 2: All right. Figure out how much you're going to have 152 00:09:20,890 --> 00:09:23,480 Speaker 2: to continue to put in over what period of time 153 00:09:23,500 --> 00:09:26,199 Speaker 2: so that you'll have at least a million dollars by 154 00:09:26,260 --> 00:09:30,640 Speaker 2: time you are 60 or ready to retire. Now, another thing. 155 00:09:31,240 --> 00:09:33,920 Speaker 2: I don't want to tell you that we got bad credit, 156 00:09:34,240 --> 00:09:37,059 Speaker 2: all right? So pull your credit report, brothers and sisters, 157 00:09:37,320 --> 00:09:41,020 Speaker 2: and plan on how to raise your score at least 158 00:09:41,140 --> 00:09:45,850 Speaker 2: by 20 points every six months, all right? Until you 159 00:09:45,870 --> 00:09:50,130 Speaker 2: get over 700, right? Because we know that the lower 160 00:09:50,170 --> 00:09:55,130 Speaker 2: your credit score is, anything you buy, you are going 161 00:09:55,170 --> 00:09:58,550 Speaker 2: to pay the highest interest rates on the planet, whether 162 00:09:58,630 --> 00:10:01,060 Speaker 2: it's your credit cards, whether you're buying a new home, 163 00:10:01,520 --> 00:10:03,880 Speaker 2: whether you're buying a new car, you want to get 164 00:10:03,920 --> 00:10:07,400 Speaker 2: your credit right, right? And it may take you a 165 00:10:07,500 --> 00:10:10,300 Speaker 2: year or two, but that is going to save you 166 00:10:10,440 --> 00:10:14,229 Speaker 2: more money over the long haul than almost any single 167 00:10:14,250 --> 00:10:20,109 Speaker 2: thing that you can do. Now, number six, building a 168 00:10:20,210 --> 00:10:26,630 Speaker 2: Blackwell checklist here, okay? Checklist. I want you... Brothers and 169 00:10:26,650 --> 00:10:30,010 Speaker 2: sisters who are listening, I want you to pay about 170 00:10:30,010 --> 00:10:33,650 Speaker 2: $ 50 above your minimum on your credit cards and your 171 00:10:33,790 --> 00:10:39,199 Speaker 2: student loans. That means that you can reduce the payoff 172 00:10:39,340 --> 00:10:42,800 Speaker 2: period when you do this by at least 25 to 173 00:10:42,800 --> 00:10:43,740 Speaker 2: 30 percent. 174 00:10:43,760 --> 00:10:47,420 Speaker 1: You're actually paying the interest right there. You pay that $ 50. 175 00:10:47,120 --> 00:10:49,959 Speaker 2: There you go. That's right. There you go. There you go. 176 00:10:50,200 --> 00:10:53,220 Speaker 2: You got it. You got it. That's right. So this 177 00:10:53,260 --> 00:11:01,030 Speaker 2: is now number six. research, turn and whole life insurance 178 00:11:01,850 --> 00:11:05,189 Speaker 2: and decide what's best for you. You get a brother 179 00:11:05,270 --> 00:11:07,810 Speaker 2: or sister who's in the insurance business. One of the 180 00:11:07,850 --> 00:11:11,250 Speaker 2: four pillars for the intergenerational transfer of wealth, Proverbs 13, 22, 181 00:11:11,250 --> 00:11:13,689 Speaker 2: a good man leaves an inheritance to his children's children. 182 00:11:13,910 --> 00:11:18,370 Speaker 2: One of the four pillars for Sean is proper insurance. 60% 183 00:11:18,370 --> 00:11:22,630 Speaker 2: of all wealth is transferred through tactical and strategic placement 184 00:11:22,730 --> 00:11:25,500 Speaker 2: of proper insurance. The New York Times did a major 185 00:11:25,580 --> 00:11:27,540 Speaker 2: article on black people and their cell phones, and what 186 00:11:27,559 --> 00:11:31,040 Speaker 2: they discovered about us is that there were more black 187 00:11:31,080 --> 00:11:33,820 Speaker 2: people who had insurance on their cell phones than on 188 00:11:33,860 --> 00:11:36,559 Speaker 2: their lives or the lives of their children by a 189 00:11:36,679 --> 00:11:39,939 Speaker 2: factor of 10. So we value our cell phones more 190 00:11:39,960 --> 00:11:44,189 Speaker 2: than we value our lives. Get properly insured so that 191 00:11:44,270 --> 00:11:47,890 Speaker 2: you can transfer your wealth when it's time to. tax-free 192 00:11:48,590 --> 00:11:54,790 Speaker 2: using insurance strategies. Very, very important. Now, number seven, open 193 00:11:54,850 --> 00:11:58,590 Speaker 2: a Roth IRA for your child or open a 529 194 00:11:58,590 --> 00:12:01,670 Speaker 2: college plan for your child so it can be used 195 00:12:01,710 --> 00:12:04,690 Speaker 2: to pay for college if you want to, or you 196 00:12:04,730 --> 00:12:07,850 Speaker 2: can use it to pay for trade school or community college, right? 197 00:12:07,890 --> 00:12:11,620 Speaker 2: Put some money away for your child's education. Open it 198 00:12:11,700 --> 00:12:14,660 Speaker 2: up now if you have not done that. I'm down 199 00:12:14,700 --> 00:12:20,900 Speaker 2: to the last two. Gift a U.S. Treasury bond to 200 00:12:20,980 --> 00:12:22,319 Speaker 2: new babies in your family. 201 00:12:22,780 --> 00:12:26,500 Speaker 1: Let me slow down on that. When we were growing up, 202 00:12:27,750 --> 00:12:30,550 Speaker 1: the $ 25... That's right. 203 00:12:30,830 --> 00:12:34,710 Speaker 2: Dude, that was part of the M.O. Your parents bought 204 00:12:34,730 --> 00:12:35,990 Speaker 2: that for you. I don't care if you was in 205 00:12:36,030 --> 00:12:38,880 Speaker 2: the hood or out of the hood. That's right. That's right. 206 00:12:39,340 --> 00:12:44,160 Speaker 2: That's right. It worked then and it still works. All right. 207 00:12:44,460 --> 00:12:47,380 Speaker 2: A $ 25. Now, what I did for my two granddaughters, 208 00:12:47,400 --> 00:12:51,400 Speaker 2: three granddaughters, I have two beautiful sons. Bless me with 209 00:12:51,440 --> 00:12:56,160 Speaker 2: three beautiful granddaughters. The moment they were born, Rashawn, I purchased. 210 00:12:56,580 --> 00:13:01,829 Speaker 2: which is them, an index universal life policy, right? Nora 211 00:13:01,870 --> 00:13:04,610 Speaker 2: Jean and I pay for those policies every month. It 212 00:13:04,650 --> 00:13:09,850 Speaker 2: costs us about $ 60 a month for each of our grandchildren. 213 00:13:10,270 --> 00:13:13,410 Speaker 2: And by time they retire, this is the God's honest truth. 214 00:13:13,429 --> 00:13:17,179 Speaker 2: This is no hype, no exaggeration. By time my three 215 00:13:17,220 --> 00:13:25,100 Speaker 2: granddaughters retire, they will have $ 5 million available to them tax-free. Yes. Tax-free. 216 00:13:25,120 --> 00:13:29,790 Speaker 2: That's absolutely the truth. Okay, absolutely. So that's another thing. 217 00:13:29,830 --> 00:13:35,000 Speaker 2: So either give your grandchildren a savings bond, but give 218 00:13:35,020 --> 00:13:37,559 Speaker 2: them something and let them know that it's there, right? 219 00:13:37,600 --> 00:13:42,439 Speaker 2: That can begin to seed their desire to want to 220 00:13:42,500 --> 00:13:44,819 Speaker 2: see it grow and the desire to save and the 221 00:13:44,840 --> 00:13:50,050 Speaker 2: desire to invest. And finally... Start every year. You should 222 00:13:50,170 --> 00:13:53,990 Speaker 2: start a new stream of income. There should not be 223 00:13:54,050 --> 00:13:57,740 Speaker 2: a Negro in America with a single stream of income. Hopefully, 224 00:13:57,760 --> 00:14:01,900 Speaker 2: brothers and sisters, you have learned that since COVID-19. You 225 00:14:01,920 --> 00:14:04,880 Speaker 2: should be skilling up. That's what you should be doing. 226 00:14:05,179 --> 00:14:07,680 Speaker 2: You should be skilling up. You should be learning new 227 00:14:07,980 --> 00:14:11,199 Speaker 2: strategies and tactics around investment. I just went through a 228 00:14:11,230 --> 00:14:13,689 Speaker 2: little short list on how to get wealth. Now let's 229 00:14:13,730 --> 00:14:16,170 Speaker 2: go through a real short list on how to give wealth. 230 00:14:16,670 --> 00:14:21,270 Speaker 2: How to give wealth. Because we're morally grounded, spiritually rooted people. 231 00:14:21,690 --> 00:14:24,950 Speaker 2: And we know that too much is given, much is 232 00:14:25,030 --> 00:14:27,470 Speaker 2: expected and much is required. How do you give wealth? 233 00:14:27,890 --> 00:14:31,730 Speaker 2: Buy from a black-owned business, right? Dine at a black-owned restaurant. 234 00:14:31,930 --> 00:14:34,860 Speaker 2: Get your nails and hair done at a black salon. 235 00:14:35,120 --> 00:14:39,220 Speaker 2: Hire black dentists for your events, okay? Buy your hair 236 00:14:39,280 --> 00:14:43,380 Speaker 2: products from a black-owned business. Buy from a black author. 237 00:14:43,400 --> 00:14:45,440 Speaker 2: Some brother or sister that's written a book, buy the 238 00:14:45,480 --> 00:14:50,000 Speaker 2: damn book, all right? Buy from your friend's business. Why not, right? 239 00:14:50,320 --> 00:14:54,020 Speaker 4: Tithe at a black church, volunteer at a black-led nonprofit, 240 00:14:54,300 --> 00:14:56,610 Speaker 4: tell a black man that you're proud of them, tell 241 00:14:56,670 --> 00:14:59,410 Speaker 4: a black child that they're destined for greatness, tell a 242 00:14:59,470 --> 00:15:00,510 Speaker 4: black woman she is. 243 00:15:00,470 --> 00:15:04,270 Speaker 2: Necessary, and donate to a historically black college and university. 244 00:15:04,450 --> 00:15:07,370 Speaker 2: That's how you give wealth. But you do it all 245 00:15:07,430 --> 00:15:12,520 Speaker 2: within the context of your ability to give, right? Absolutely. 246 00:15:13,100 --> 00:15:15,440 Speaker 2: So that's how you give wealth. Now you know how 247 00:15:15,480 --> 00:15:18,420 Speaker 2: to get wealth. That's a short checklist on each one 248 00:15:18,460 --> 00:15:22,520 Speaker 2: of those things. Each year, you can write this down. 249 00:15:22,820 --> 00:15:26,000 Speaker 2: When you hear this recording, stop it and then write 250 00:15:26,020 --> 00:15:28,230 Speaker 2: it down and then check and play it back. There 251 00:15:28,250 --> 00:15:30,450 Speaker 2: you go. There you go. Play it back, right? Now, 252 00:15:30,590 --> 00:15:35,390 Speaker 2: seven streams of income. In your lifetime, you should be 253 00:15:35,530 --> 00:15:40,820 Speaker 2: able to accumulate wealth using at least four of these streams. 254 00:15:41,180 --> 00:15:45,710 Speaker 2: What is the first stream of income? working from a job, 255 00:15:45,910 --> 00:15:48,090 Speaker 2: but you can actually earn two streams of income from 256 00:15:48,130 --> 00:15:51,260 Speaker 2: working from a job if you work in two different jobs, okay? 257 00:15:51,500 --> 00:15:56,100 Speaker 2: That's number one. There's profit income, income from buying and 258 00:15:56,320 --> 00:16:01,240 Speaker 2: selling stuff. That's profit income. Third is interest income, income 259 00:16:01,280 --> 00:16:05,250 Speaker 2: from lending money. Fourth is dividend income, income from owning 260 00:16:05,350 --> 00:16:10,890 Speaker 2: stocks and bonds and mutual funds. The fifth one is 261 00:16:11,030 --> 00:16:16,210 Speaker 2: rental income. my first fortune income from renting a house. 262 00:16:16,370 --> 00:16:18,470 Speaker 2: I had seven of them. They were two and three 263 00:16:18,750 --> 00:16:23,000 Speaker 2: family homes on one block in the inner city of Cleveland, Ohio. 264 00:16:23,270 --> 00:16:25,960 Speaker 2: Back in the day, in the 70s, I made a fortune. 265 00:16:26,340 --> 00:16:28,600 Speaker 2: I bought them for pennies on a dollar, kept them 266 00:16:28,620 --> 00:16:30,840 Speaker 2: for 10 or 15 years, turned them into Section 8, 267 00:16:30,840 --> 00:16:33,940 Speaker 2: but first class Section 8, and made a fortune, and 268 00:16:33,960 --> 00:16:36,820 Speaker 2: then sold them back to the renters. Number six is 269 00:16:36,840 --> 00:16:41,240 Speaker 2: capital gain, assets from increasing in value, and finally, royalty income. 270 00:16:41,580 --> 00:16:45,979 Speaker 2: That's income from others using your ideas, whether it's books, 271 00:16:46,060 --> 00:16:51,100 Speaker 2: whether it's music, whether it's online webinars, that kind of thing. 272 00:16:51,700 --> 00:16:53,620 Speaker 1: My man, I appreciate you. 273 00:16:54,260 --> 00:16:54,570 Speaker 2: You know. 274 00:16:55,500 --> 00:16:59,040 Speaker 1: This is a journey of knowledge, journey of information. Appreciate you, brother. 275 00:16:59,160 --> 00:17:01,540 Speaker 1: We talk soon, okay? And you will hear from me soon. 276 00:17:01,640 --> 00:17:02,460 Speaker 1: You know you got to come back. 277 00:17:02,480 --> 00:17:03,660 Speaker 2: Come on now. Let's do it. 278 00:17:03,660 --> 00:17:04,399 Speaker 3: You got a lot to talk about. 279 00:17:04,440 --> 00:17:05,899 Speaker 2: Anytime you want. Because you don't believe what I'm going 280 00:17:05,920 --> 00:17:06,830 Speaker 2: to do. Anytime you want. 281 00:17:07,050 --> 00:17:08,910 Speaker 1: You're not going to believe what I'm going to do. 282 00:17:08,970 --> 00:17:11,670 Speaker 1: I'm about to blast you, George Frazier, Dr. 283 00:17:11,710 --> 00:17:13,679 Speaker 2: George Frazier. God bless you. Thank you. God bless you. 284 00:17:13,750 --> 00:17:17,300 Speaker 2: Love you. Bye-bye. Love you, man. Keep doing God's work. Bye-bye. Bye-bye. 285 00:17:17,859 --> 00:17:21,500 Speaker 1: This has been another edition of Money-Making Conversation Masterclass, hosted 286 00:17:21,540 --> 00:17:24,369 Speaker 1: by me, Rashawn McDonald. Thank you to our guests on 287 00:17:24,400 --> 00:17:27,729 Speaker 1: the show today and thank you, our listening audience. Now, 288 00:17:27,790 --> 00:17:29,649 Speaker 1: if you want to listen to any episode or want 289 00:17:29,690 --> 00:17:33,940 Speaker 1: to be a guest on the show, visit MoneyMakingConversations.com. Our 290 00:17:33,960 --> 00:17:38,020 Speaker 1: social media handle is MoneyMakingConversations. Join us next week and 291 00:17:38,060 --> 00:17:39,830 Speaker 1: remember to always lead with your gifts. 292 00:17:40,290 --> 00:17:40,810 Speaker 3: Keep winning.