1 00:00:05,320 --> 00:00:08,200 Speaker 1: Welcome to the show. I am Rashan McDonald, the host 2 00:00:08,200 --> 00:00:11,880 Speaker 1: of Money Making Conversations Masterclass, where we encourage people to 3 00:00:11,880 --> 00:00:15,640 Speaker 1: stop reading other people's success stories and start planning their own. 4 00:00:16,239 --> 00:00:19,680 Speaker 1: Listen up as I interview entrepreneurs from around the country, 5 00:00:19,920 --> 00:00:22,800 Speaker 1: talk to celebrities and ask them how they are running 6 00:00:22,840 --> 00:00:25,680 Speaker 1: their companies, and speak with god profits who are making 7 00:00:25,720 --> 00:00:28,760 Speaker 1: a difference in their local communities. Now, sit back and 8 00:00:28,800 --> 00:00:31,880 Speaker 1: listen as we unlock the secrets to their success on 9 00:00:32,000 --> 00:00:37,440 Speaker 1: Money Making Conversations Masterclass. Hello, this is Rashan McDonald. Thank you, 10 00:00:37,760 --> 00:00:40,640 Speaker 1: thank you, thank you for joining us the fiftieth anniversary 11 00:00:40,960 --> 00:00:45,199 Speaker 1: twenty twenty four Fall Membership Benefits Drive. I'm hosting this out. 12 00:00:45,240 --> 00:00:49,680 Speaker 1: I'm also hosting Money Making Conversations Masterclass. I have two 13 00:00:49,800 --> 00:00:52,200 Speaker 1: fantastic guests that are joining me on the show today. 14 00:00:52,360 --> 00:00:55,080 Speaker 1: I am Rashan McDonald. I host the weekly Money Making 15 00:00:55,080 --> 00:00:58,600 Speaker 1: Conversation Masterclass show. The interviews and information that this show 16 00:00:58,640 --> 00:01:02,160 Speaker 1: provides offer everyone. It's time to start reading other people's 17 00:01:02,160 --> 00:01:06,000 Speaker 1: success stories and start living your own. I'm here to 18 00:01:06,040 --> 00:01:09,440 Speaker 1: help you reach your American dream. Just keep listening. If 19 00:01:09,440 --> 00:01:11,279 Speaker 1: you want to be a guest on my show, please 20 00:01:11,360 --> 00:01:15,200 Speaker 1: visit Moneymakingconversation dot Com and click the BS guest button 21 00:01:15,600 --> 00:01:18,200 Speaker 1: and fill out your information. It'll be emailed to me 22 00:01:18,480 --> 00:01:20,720 Speaker 1: and I consider you to be a guest on this show. 23 00:01:21,040 --> 00:01:23,520 Speaker 1: The guest I'm about to introduce you did not fill 24 00:01:23,520 --> 00:01:27,080 Speaker 1: out a BS guest form. I met him in Austin, 25 00:01:27,160 --> 00:01:30,679 Speaker 1: Texas at the south By Southwest event. Let me give 26 00:01:30,920 --> 00:01:33,400 Speaker 1: give you a little background on him. He serves as 27 00:01:33,440 --> 00:01:37,520 Speaker 1: the executive vice President of Operations and Finance for Penske 28 00:01:37,640 --> 00:01:42,240 Speaker 1: Media Corporation that's PMC. In this role, he oversees all 29 00:01:42,280 --> 00:01:47,760 Speaker 1: operations and financial decision makers affecting the various operating companies 30 00:01:47,760 --> 00:01:53,040 Speaker 1: across pmc's portfolio of award winning brands. Check out some 31 00:01:53,120 --> 00:01:59,040 Speaker 1: of the brands, y'all get closer to this Radio rolling Stone, 32 00:01:59,360 --> 00:02:04,920 Speaker 1: bill Board Variety, The Hollywood Reporter, Vibe, the Rob Report, 33 00:02:05,520 --> 00:02:10,960 Speaker 1: she S h E Media, Dick Clark Productions, Illuminate, Sporty Coal, 34 00:02:11,280 --> 00:02:14,400 Speaker 1: and south By Southwest. That's where I met him. Please 35 00:02:14,440 --> 00:02:17,639 Speaker 1: welcome to the Money Making Conversation Masterclass. Paul Raining. 36 00:02:17,919 --> 00:02:21,200 Speaker 2: How you know, Paul, I'm doing very well. Thanks so 37 00:02:21,280 --> 00:02:22,400 Speaker 2: much for having me on the show. 38 00:02:22,480 --> 00:02:24,160 Speaker 1: I didn't set you up too big, did that? 39 00:02:24,200 --> 00:02:27,720 Speaker 2: Paul, No, no, I appreciate, you know, giving up flowers 40 00:02:27,720 --> 00:02:29,400 Speaker 2: while I'm still living. Well. 41 00:02:29,440 --> 00:02:32,520 Speaker 1: You know, here's the great thing about it, Paul, you 42 00:02:32,600 --> 00:02:36,120 Speaker 1: got more to do, you know. And but we're gonna 43 00:02:36,120 --> 00:02:38,480 Speaker 1: talk about this journey. When I say things like that, 44 00:02:38,520 --> 00:02:43,239 Speaker 1: and you're an African American man, does it? Does there's 45 00:02:43,280 --> 00:02:45,360 Speaker 1: a journey to get there? Can you give us your 46 00:02:45,360 --> 00:02:50,080 Speaker 1: academic background and how how you got this all started 47 00:02:50,160 --> 00:02:52,360 Speaker 1: to get to this point. I know this is going 48 00:02:52,440 --> 00:02:54,280 Speaker 1: to be steps, but I want to get to the 49 00:02:54,320 --> 00:02:56,320 Speaker 1: opening south of your academic training. 50 00:02:57,480 --> 00:02:59,960 Speaker 2: Yeah, you know, I would say my first training was 51 00:03:00,080 --> 00:03:03,760 Speaker 2: at home, thank you, from a large family and a 52 00:03:03,840 --> 00:03:07,680 Speaker 2: rural part of Arkansas, Cleveland, Arkansas, with fifteen brothers and sisters. 53 00:03:07,680 --> 00:03:10,040 Speaker 2: And know, my dad had his own logging company, So 54 00:03:10,120 --> 00:03:13,040 Speaker 2: starting out at a very early age really learning how 55 00:03:13,080 --> 00:03:15,639 Speaker 2: to treat other people, treat clients, and just really learn 56 00:03:15,720 --> 00:03:18,480 Speaker 2: about business from that perspective at home from him and 57 00:03:18,520 --> 00:03:20,760 Speaker 2: my mom. But then I did go into the University 58 00:03:20,760 --> 00:03:24,040 Speaker 2: of Notre Dame and received a bachelor's in finance and 59 00:03:24,080 --> 00:03:27,240 Speaker 2: computer applications and then got a master's in accounting at 60 00:03:27,240 --> 00:03:29,560 Speaker 2: the University of Notre Dame as well. 61 00:03:29,760 --> 00:03:32,639 Speaker 1: Now let's talk about to your father. That's entrepreneurship, right, 62 00:03:32,800 --> 00:03:34,800 Speaker 1: a business, small business owner in Arkansas. 63 00:03:35,480 --> 00:03:38,320 Speaker 2: Yeah, absolutely, entrepreneurship. You know, he did a lot of 64 00:03:38,320 --> 00:03:40,760 Speaker 2: different things, whether it was early in his life. You know, 65 00:03:40,800 --> 00:03:44,200 Speaker 2: he's talking about the nineteen forties fifties, helping people get 66 00:03:44,240 --> 00:03:47,560 Speaker 2: out to the workplaces, whether that's a sawmill or out 67 00:03:47,640 --> 00:03:50,280 Speaker 2: into the fields. And then he dis continued that journey 68 00:03:50,320 --> 00:03:52,680 Speaker 2: on to tarten his own logging company for over twenty 69 00:03:52,760 --> 00:03:53,440 Speaker 2: five years. 70 00:03:53,720 --> 00:03:56,520 Speaker 1: That's that's really amazing. I always hear these stories about, 71 00:03:56,720 --> 00:04:00,880 Speaker 1: you know, black men because we know Arkansas rule and 72 00:04:00,920 --> 00:04:03,600 Speaker 1: I'm from the south eastern Texas, so I understand racism. 73 00:04:03,720 --> 00:04:07,680 Speaker 1: I understand areas of the country that treat black people 74 00:04:07,680 --> 00:04:10,840 Speaker 1: a little bit different and certain situations, especially when they 75 00:04:11,000 --> 00:04:14,160 Speaker 1: don't consider us deep to be equal. And he was 76 00:04:14,240 --> 00:04:19,320 Speaker 1: being successful on entrepreneur in an time period in a 77 00:04:19,320 --> 00:04:22,160 Speaker 1: area of country that one would say, wow, how was 78 00:04:22,200 --> 00:04:23,920 Speaker 1: he able to pull that off? Paul? If you can 79 00:04:23,960 --> 00:04:25,040 Speaker 1: share that information with. 80 00:04:25,000 --> 00:04:28,159 Speaker 2: My audience, you know what I say. One, you know, 81 00:04:28,200 --> 00:04:31,200 Speaker 2: he had courage, you know, the courage to be the 82 00:04:31,240 --> 00:04:33,599 Speaker 2: first man to go into the bank and ask for 83 00:04:33,640 --> 00:04:34,040 Speaker 2: a loan. 84 00:04:34,160 --> 00:04:34,640 Speaker 3: You know, the. 85 00:04:34,640 --> 00:04:38,120 Speaker 2: Courage to step up in his community and try to 86 00:04:38,160 --> 00:04:41,960 Speaker 2: offer a service when when no one else was providing 87 00:04:42,000 --> 00:04:44,839 Speaker 2: that services in our community or outside of community, making 88 00:04:44,839 --> 00:04:47,839 Speaker 2: sure people could get to the workplace. So I would say, 89 00:04:47,880 --> 00:04:50,839 Speaker 2: just the courage and then leaning in on the community 90 00:04:51,120 --> 00:04:53,279 Speaker 2: and being a part of the community. And I think 91 00:04:53,320 --> 00:04:56,919 Speaker 2: the community leaned into him. And I think that especially 92 00:04:57,000 --> 00:05:00,640 Speaker 2: in that time, the courts of his own own family, 93 00:05:00,680 --> 00:05:03,239 Speaker 2: his own community and then having the courage to step 94 00:05:03,279 --> 00:05:06,000 Speaker 2: out there when no one else was really helped us 95 00:05:06,040 --> 00:05:07,440 Speaker 2: do that early on in his life. 96 00:05:07,640 --> 00:05:09,480 Speaker 1: Now, I'll tell you something that Paul, I come from 97 00:05:09,560 --> 00:05:11,560 Speaker 1: a big family. Now I'm not I'm not tapping into 98 00:05:11,600 --> 00:05:14,800 Speaker 1: your size now, six sisters, two brothers now, And I 99 00:05:14,800 --> 00:05:18,640 Speaker 1: always tell people that, you know, usually from an income standpoint, 100 00:05:18,680 --> 00:05:22,000 Speaker 1: a little bit up the food change mind. My parents 101 00:05:22,040 --> 00:05:25,040 Speaker 1: were my father was a truck driver. Mamble was stay 102 00:05:25,080 --> 00:05:28,160 Speaker 1: at home mom, and but it was it was something 103 00:05:28,160 --> 00:05:31,400 Speaker 1: about growing around a lot of kids that that that 104 00:05:31,560 --> 00:05:33,760 Speaker 1: creates a certain bond I had. Like I said, I 105 00:05:33,800 --> 00:05:36,400 Speaker 1: had six sisters and two brothers. What was the dynamics 106 00:05:36,440 --> 00:05:38,520 Speaker 1: of growing up in a family their size and what 107 00:05:38,600 --> 00:05:41,360 Speaker 1: did you line up in that number of fifteen kids 108 00:05:41,400 --> 00:05:42,080 Speaker 1: their Paul. 109 00:05:42,560 --> 00:05:44,440 Speaker 2: Yeah, I'm towards the end there. 110 00:05:45,360 --> 00:05:46,679 Speaker 1: So you had the better clothes. 111 00:05:46,720 --> 00:05:50,160 Speaker 2: You had the better clothes, well a little bit better. 112 00:05:50,240 --> 00:05:52,280 Speaker 2: That didn't hnd me down for quite a while, man. 113 00:05:53,440 --> 00:05:55,440 Speaker 2: And then it was only a few of us at home. 114 00:05:55,720 --> 00:05:58,360 Speaker 2: But no, it was a privilege to have. You know, really, 115 00:05:58,520 --> 00:06:01,760 Speaker 2: I consider like so many and dads growing up from 116 00:06:01,760 --> 00:06:04,039 Speaker 2: my older siblings who just really looked after me and 117 00:06:04,080 --> 00:06:06,599 Speaker 2: helped raise me and really poured into me at an 118 00:06:06,640 --> 00:06:09,440 Speaker 2: early age. But you're right, just that the community is 119 00:06:09,520 --> 00:06:13,040 Speaker 2: sticking together and helping each other be our best. 120 00:06:13,320 --> 00:06:13,440 Speaker 1: Uh. 121 00:06:13,560 --> 00:06:16,400 Speaker 2: But you know it was as you can imagine. We 122 00:06:16,400 --> 00:06:18,520 Speaker 2: we had our fun. It was very competitive as well, 123 00:06:18,560 --> 00:06:22,320 Speaker 2: whether it's for classroom and again that also propelled us 124 00:06:22,320 --> 00:06:24,840 Speaker 2: to be better as well, just pushing each other. Uh, 125 00:06:24,880 --> 00:06:27,520 Speaker 2: you know, it's fun. We still get together at large 126 00:06:27,760 --> 00:06:30,040 Speaker 2: holidays and scenes of that. It was just a fun 127 00:06:30,040 --> 00:06:30,760 Speaker 2: time to be together. 128 00:06:31,040 --> 00:06:33,560 Speaker 1: Put the where you all your family is a family reunion, 129 00:06:33,680 --> 00:06:35,880 Speaker 1: you know. You you know, you have to gather rowed 130 00:06:35,880 --> 00:06:37,880 Speaker 1: by a lot of people, A lot of people just 131 00:06:37,880 --> 00:06:39,200 Speaker 1: show up with your family, show up. 132 00:06:39,240 --> 00:06:41,719 Speaker 2: You know what I'm saying, Paul, No, that's what I 133 00:06:41,760 --> 00:06:44,160 Speaker 2: tell people usually is a family reunion fourth of July. 134 00:06:44,320 --> 00:06:46,839 Speaker 2: Once you and all the in laws and nieces and 135 00:06:46,920 --> 00:06:49,080 Speaker 2: nephews to get to a large number of pretty fast, 136 00:06:49,240 --> 00:06:49,599 Speaker 2: well let me. 137 00:06:49,680 --> 00:06:51,480 Speaker 1: Let let's talk about you know before, like I said 138 00:06:51,640 --> 00:06:55,040 Speaker 1: talking to Paul, you know, uh, you know, financial decision 139 00:06:55,040 --> 00:06:57,680 Speaker 1: maker for a lot of great brands at PMC. I 140 00:06:57,720 --> 00:07:00,280 Speaker 1: said them earlier, but I still they're still worth mentioning 141 00:07:00,760 --> 00:07:05,840 Speaker 1: brands like Rolling Stone, Billboard, Variety, The Hollywood Reporter, Vibe, 142 00:07:06,240 --> 00:07:11,360 Speaker 1: rob Report, Sheet Media, Dick Clark Productions, illuminate Sportic and 143 00:07:11,600 --> 00:07:16,240 Speaker 1: south By Southwest, which is incredibly That's where I met 144 00:07:16,280 --> 00:07:20,320 Speaker 1: you at Tell everybody about what exactly is south By Southwest, Paul. 145 00:07:21,640 --> 00:07:23,920 Speaker 2: You know, south By Southwest is probably one of the 146 00:07:24,000 --> 00:07:28,280 Speaker 2: largest events in the world where you bring technology, music, film, 147 00:07:28,360 --> 00:07:30,920 Speaker 2: and education and culture in a lot of ways together, 148 00:07:31,440 --> 00:07:34,920 Speaker 2: where you have a diverse people and diverse thought and 149 00:07:35,000 --> 00:07:38,040 Speaker 2: just people with different experiences come together and you have 150 00:07:38,120 --> 00:07:41,240 Speaker 2: this unexpected discovery that happened though it started off thirty 151 00:07:41,240 --> 00:07:45,320 Speaker 2: five years ago where when people would leave Austin, Texas, 152 00:07:45,400 --> 00:07:48,400 Speaker 2: you know, the college town University of Texas, and all 153 00:07:48,480 --> 00:07:50,920 Speaker 2: the bars would be empty, and so they started bringing 154 00:07:50,960 --> 00:07:54,200 Speaker 2: in music bands just to entertain people and fill up 155 00:07:54,240 --> 00:07:56,680 Speaker 2: the community that was empty at the time. And then 156 00:07:56,680 --> 00:08:00,360 Speaker 2: that started morphing into bringing in no film and that 157 00:08:00,440 --> 00:08:03,400 Speaker 2: started the film Festival, and then we started bringing in 158 00:08:03,440 --> 00:08:06,040 Speaker 2: more and more speakers to really help in education and 159 00:08:06,120 --> 00:08:08,960 Speaker 2: other side where there's technology. You know, some of the 160 00:08:09,000 --> 00:08:12,040 Speaker 2: biggest technology firms that are out there, they were kind 161 00:08:12,040 --> 00:08:15,040 Speaker 2: of had that founding and start there. So it has 162 00:08:15,080 --> 00:08:19,040 Speaker 2: really grown organically as the Austin community has grown. And 163 00:08:19,080 --> 00:08:22,440 Speaker 2: that's the place where now we go and over you know, 164 00:08:22,800 --> 00:08:25,480 Speaker 2: hundreds of thousands of people are interacting there with all 165 00:08:25,520 --> 00:08:28,720 Speaker 2: the events with you know, eleven days of music, uh, 166 00:08:29,000 --> 00:08:32,360 Speaker 2: thousands of bands, film festivals and world premieres that are 167 00:08:32,360 --> 00:08:35,240 Speaker 2: happening there. And again still some of the greatest political 168 00:08:35,600 --> 00:08:38,240 Speaker 2: uh speakers and leaders of our time will come there 169 00:08:38,320 --> 00:08:40,239 Speaker 2: and grace the stage. 170 00:08:40,559 --> 00:08:43,959 Speaker 1: Yeah, it's an amazing event, ladies and gentlemen. Uh. You know, 171 00:08:44,200 --> 00:08:47,360 Speaker 1: it's interesting when Paul describes it because it's it doesn't 172 00:08:47,360 --> 00:08:49,880 Speaker 1: sound no, he's a good story telling bum Me tell 173 00:08:49,880 --> 00:08:53,679 Speaker 1: you'll something huge he put toward huge. Tis. In fact, 174 00:08:53,920 --> 00:08:57,520 Speaker 1: seven a Smith broadcast his show their Live and it 175 00:08:57,600 --> 00:09:00,439 Speaker 1: was part of the Softwest by Softwest event as well. 176 00:09:00,440 --> 00:09:03,800 Speaker 1: As other premier movies. You know, you've heard a lot 177 00:09:03,800 --> 00:09:07,360 Speaker 1: of great events Sundance. It's kind of like a combination 178 00:09:07,440 --> 00:09:11,959 Speaker 1: of a Sundance film festival, a comic con, and then 179 00:09:12,040 --> 00:09:15,720 Speaker 1: you have the Then you're in the heart of the Austin, 180 00:09:15,720 --> 00:09:18,760 Speaker 1: Texas with the capital of the state of Texas. You 181 00:09:18,760 --> 00:09:23,880 Speaker 1: have of mega sized, massive University of Texas footprint right there, 182 00:09:24,040 --> 00:09:26,520 Speaker 1: so it's just a collective. Then it just has great food. 183 00:09:26,679 --> 00:09:29,040 Speaker 1: It's a city field with great food, and you throw 184 00:09:29,160 --> 00:09:33,480 Speaker 1: all that combination and all that culture and you really, really, Paul, 185 00:09:33,880 --> 00:09:36,760 Speaker 1: have a true diverse environment, and I think that's what 186 00:09:36,840 --> 00:09:37,959 Speaker 1: makes it special. 187 00:09:37,600 --> 00:09:42,000 Speaker 2: Correct, No, absolutely, just bringing in that diversity of people 188 00:09:42,000 --> 00:09:44,960 Speaker 2: from industry and experiences where you never know who you're 189 00:09:44,960 --> 00:09:47,880 Speaker 2: going to bump into, whether it's the CEO of a 190 00:09:47,920 --> 00:09:51,199 Speaker 2: major studio or the CEO of a technology company and 191 00:09:51,240 --> 00:09:53,520 Speaker 2: someone who just starting up their own business and just 192 00:09:53,600 --> 00:09:56,760 Speaker 2: have these relationships they're able to form just from these 193 00:09:57,520 --> 00:09:59,560 Speaker 2: superndicinous interactions. 194 00:10:00,040 --> 00:10:04,560 Speaker 1: You know, as we talk about this similar backgrounds in 195 00:10:04,600 --> 00:10:07,199 Speaker 1: the sense that you know, I come from a community, 196 00:10:07,640 --> 00:10:11,560 Speaker 1: a large family African American, and then I went to 197 00:10:11,720 --> 00:10:14,840 Speaker 1: a predominantly white school and my school was University of Houston, 198 00:10:15,360 --> 00:10:17,440 Speaker 1: And I'm not saying it was a culture shock, but 199 00:10:17,520 --> 00:10:20,720 Speaker 1: I do know that my entire life up to that 200 00:10:20,800 --> 00:10:25,560 Speaker 1: point was basically black. My entire life, but I knew 201 00:10:25,600 --> 00:10:28,920 Speaker 1: that in order for me to succeed, I had to 202 00:10:28,960 --> 00:10:31,960 Speaker 1: have a good understanding of how the world worked and 203 00:10:32,000 --> 00:10:36,160 Speaker 1: how people communicated. Talk about your transition from your environment, 204 00:10:36,200 --> 00:10:38,400 Speaker 1: not saying that you came from an all black environment 205 00:10:38,480 --> 00:10:40,840 Speaker 1: like I did, but you did come from an environment 206 00:10:40,880 --> 00:10:44,640 Speaker 1: where your parents were successful, a large black family, but 207 00:10:44,720 --> 00:10:48,319 Speaker 1: also from a rural community to Notre Dame, which we 208 00:10:48,440 --> 00:10:51,680 Speaker 1: know is one of the elite universities in this country 209 00:10:52,200 --> 00:10:54,240 Speaker 1: Florid George pot Yeah. 210 00:10:54,240 --> 00:10:59,359 Speaker 2: I would say certainly a very rural American centric upbringing. 211 00:10:59,400 --> 00:11:01,240 Speaker 2: For the first aid eighteen years of my life. My 212 00:11:01,280 --> 00:11:03,240 Speaker 2: eyes were opened a little bit as I went to 213 00:11:03,280 --> 00:11:05,280 Speaker 2: the University of Notre Dame, which, as you can imagine, 214 00:11:05,320 --> 00:11:09,320 Speaker 2: a national campus people from all over the country. And 215 00:11:09,360 --> 00:11:13,679 Speaker 2: you're right, was a small a minority in this large 216 00:11:13,800 --> 00:11:17,480 Speaker 2: sea of majority, and it really helps you hone your 217 00:11:17,600 --> 00:11:20,560 Speaker 2: voice of who you are in that environment. But I 218 00:11:20,559 --> 00:11:22,960 Speaker 2: would say my largest learning is when I first left 219 00:11:22,960 --> 00:11:25,559 Speaker 2: the University of Notre Dame and started working with General Electric. 220 00:11:25,960 --> 00:11:28,800 Speaker 2: I went through about four years of training programs with 221 00:11:28,880 --> 00:11:31,360 Speaker 2: the General Electric Company and worked in five of the 222 00:11:31,400 --> 00:11:34,960 Speaker 2: seven continents around the world. So that experience where I 223 00:11:34,960 --> 00:11:39,439 Speaker 2: think I became a whole lot less American centric, really 224 00:11:39,480 --> 00:11:43,560 Speaker 2: got goose to the global perspective now as a black person, 225 00:11:44,400 --> 00:11:47,600 Speaker 2: not just a black American experience, which is so similar 226 00:11:47,920 --> 00:11:52,160 Speaker 2: to blacks and people of African descent all over the world. 227 00:11:52,280 --> 00:11:55,240 Speaker 2: And seeing that perspective, that's when it really began to 228 00:11:55,280 --> 00:11:57,400 Speaker 2: open up my eyes of just kind of the plight 229 00:11:57,520 --> 00:12:00,960 Speaker 2: of our community locally and globally and the power of 230 00:12:00,960 --> 00:12:01,640 Speaker 2: our community. 231 00:12:01,679 --> 00:12:04,680 Speaker 1: We'll be right back with more Money Making Conversation Master Class. 232 00:12:04,840 --> 00:12:08,240 Speaker 1: My guess, Paul Rainey, he's the executive vice president, not 233 00:12:08,320 --> 00:12:11,200 Speaker 1: gonna mess up his titles Executive vice President of Operation 234 00:12:11,559 --> 00:12:14,880 Speaker 1: and Finance for Penske Media Corporation. Be right back. 235 00:12:15,520 --> 00:12:18,680 Speaker 3: Please don't go anywhere. We'll be right back with more 236 00:12:18,760 --> 00:12:29,160 Speaker 3: Money Making Conversations Masterclass. Welcome back to the Money Making 237 00:12:29,200 --> 00:12:34,920 Speaker 3: Conversations Masterclass, hosted by Rashaan McDonald. Money Making Conversations Masterclass 238 00:12:34,960 --> 00:12:39,560 Speaker 3: continues online at Moneymakingconversations dot com and follow money Making 239 00:12:39,600 --> 00:12:43,040 Speaker 3: Conversations Masterclass on Facebook. Twitter and Instagram. 240 00:12:43,200 --> 00:12:46,040 Speaker 1: My guess is Paul Rainey. He is the executive vice 241 00:12:46,080 --> 00:12:51,160 Speaker 1: president of Operations and Finance for Penskey Media Corporation. Paul, 242 00:12:51,520 --> 00:12:54,679 Speaker 1: excuse me, Paul. When you talk about success, you talk 243 00:12:54,720 --> 00:12:58,240 Speaker 1: about the individual who's risen to the level of where 244 00:12:58,240 --> 00:13:00,800 Speaker 1: you at. You know, we came from humbles even though 245 00:13:00,840 --> 00:13:05,760 Speaker 1: your father was an entrepreneur, and fifteen siblings went to 246 00:13:06,120 --> 00:13:10,920 Speaker 1: from a rural community to a massive, popular university called 247 00:13:10,920 --> 00:13:14,960 Speaker 1: the University of not your dame there. And now you 248 00:13:15,040 --> 00:13:18,880 Speaker 1: talk about navigating in today's environment, that work balance, that 249 00:13:19,000 --> 00:13:22,000 Speaker 1: work life balance, because you have a lot of things 250 00:13:22,000 --> 00:13:23,640 Speaker 1: that you have to deal with and a lot of 251 00:13:23,679 --> 00:13:26,079 Speaker 1: brands that are like got the word A in the 252 00:13:26,640 --> 00:13:29,560 Speaker 1: let up in the plus next room A plus brands? 253 00:13:29,800 --> 00:13:32,120 Speaker 1: How do you handle that work life balance? 254 00:13:34,160 --> 00:13:37,280 Speaker 2: You know, for me is something that's always a challenge 255 00:13:37,280 --> 00:13:40,400 Speaker 2: to get the prioritization right. But you know I handled 256 00:13:40,480 --> 00:13:42,760 Speaker 2: me personally the same way. When people asking me for 257 00:13:42,880 --> 00:13:45,640 Speaker 2: professional advice, I tell them like, I won't give you 258 00:13:45,679 --> 00:13:48,440 Speaker 2: any professional advice until you tell me what your personal 259 00:13:48,480 --> 00:13:51,000 Speaker 2: goals are, because I can give you a professional advice 260 00:13:51,080 --> 00:13:53,840 Speaker 2: that will wreck your personal life and you might be 261 00:13:53,960 --> 00:13:56,040 Speaker 2: the CEO of a company. But you know your kids 262 00:13:56,040 --> 00:13:59,320 Speaker 2: don't like your spouse is going away. So I try 263 00:13:59,360 --> 00:14:02,400 Speaker 2: to live by the same model myself, just really keeping 264 00:14:02,600 --> 00:14:05,679 Speaker 2: at the forefront of my mind. What are my personal goals, 265 00:14:05,760 --> 00:14:09,280 Speaker 2: My relationship with my wife of twenty one years here 266 00:14:09,320 --> 00:14:12,640 Speaker 2: on Friday, you know, my relationship with my three teenage children, 267 00:14:13,280 --> 00:14:15,440 Speaker 2: and know in my family, my sending family that I 268 00:14:15,440 --> 00:14:18,000 Speaker 2: still want to have meaningful relationship with and friends. So 269 00:14:18,520 --> 00:14:21,840 Speaker 2: for me, it is sometimes we'll see imbalance when I'm 270 00:14:21,880 --> 00:14:24,760 Speaker 2: on the road for ten days or days at a time, 271 00:14:25,520 --> 00:14:28,120 Speaker 2: but it's something that I that I keep in mind. 272 00:14:28,680 --> 00:14:32,320 Speaker 2: You know, the prioritization of those relationships are the ones 273 00:14:32,360 --> 00:14:34,360 Speaker 2: that are most important to me, and I have to 274 00:14:34,400 --> 00:14:37,280 Speaker 2: make sure that I'm investing the time and energy in 275 00:14:37,400 --> 00:14:40,320 Speaker 2: those relationships if I want them to continue to thrive. 276 00:14:40,920 --> 00:14:42,600 Speaker 1: No, you said your kids with ten you can I 277 00:14:42,640 --> 00:14:44,440 Speaker 1: ask how old they are? You say that teens? 278 00:14:45,000 --> 00:14:49,200 Speaker 2: Uh yeah, seventeen, fifteen and twelve, almost thirteen or soon. 279 00:14:49,480 --> 00:14:53,560 Speaker 1: You know, we all know about internship, being able to 280 00:14:53,800 --> 00:14:55,920 Speaker 1: have a door open. That's how I got into a 281 00:14:55,960 --> 00:14:59,200 Speaker 1: lot of opportunities. Do you see do you are your 282 00:14:59,280 --> 00:15:02,160 Speaker 1: kids interesting in the area of success? That you are 283 00:15:02,200 --> 00:15:04,640 Speaker 1: achieving because you've got so many options here. You know, 284 00:15:05,080 --> 00:15:08,760 Speaker 1: popular magazines, you have production companies, you know, you have 285 00:15:09,440 --> 00:15:12,880 Speaker 1: live live event and activations. There's so many options. Have 286 00:15:13,000 --> 00:15:15,760 Speaker 1: you kids even do they have a clear understanding what 287 00:15:15,840 --> 00:15:19,400 Speaker 1: their father is doing to consider their available options that 288 00:15:19,480 --> 00:15:22,280 Speaker 1: you can probably you know, get you know, guide them 289 00:15:22,320 --> 00:15:24,720 Speaker 1: into possible career opportunities. 290 00:15:25,880 --> 00:15:28,320 Speaker 2: You know, no, absolutely, I exposed them to some of 291 00:15:28,360 --> 00:15:30,360 Speaker 2: the events. I will take my kids with you on 292 00:15:30,440 --> 00:15:32,080 Speaker 2: their tent and they kind of give them a sense 293 00:15:32,120 --> 00:15:34,400 Speaker 2: of what I do at my job and what my 294 00:15:34,480 --> 00:15:37,960 Speaker 2: brand do the brands do. But also I feel a 295 00:15:38,000 --> 00:15:40,880 Speaker 2: service and advisor and a consultant and on whether it's 296 00:15:40,920 --> 00:15:43,440 Speaker 2: on board of directors or things of that nature of companies, 297 00:15:43,760 --> 00:15:47,000 Speaker 2: and I share and even helping my own son who 298 00:15:47,040 --> 00:15:51,520 Speaker 2: is starting his own entrepreneurial endeavors and encouraging that and 299 00:15:51,560 --> 00:15:54,320 Speaker 2: giving him an investment in a company that he wants 300 00:15:54,320 --> 00:15:56,520 Speaker 2: to do. Maybe it starts off small, but even when 301 00:15:56,560 --> 00:15:59,360 Speaker 2: I do that, I say, hey, listen, you can get 302 00:15:59,400 --> 00:16:02,880 Speaker 2: these fine answers in several different ways. You know, this 303 00:16:02,920 --> 00:16:04,320 Speaker 2: is how much you can do if you went and 304 00:16:04,360 --> 00:16:06,240 Speaker 2: bought it from a credit card. This is how much 305 00:16:06,280 --> 00:16:07,640 Speaker 2: you do it if you went and bought it from 306 00:16:07,680 --> 00:16:09,560 Speaker 2: a bank, you know, if you get it for me, 307 00:16:09,680 --> 00:16:13,360 Speaker 2: that's called venture capital. I am investing in you in 308 00:16:13,400 --> 00:16:15,520 Speaker 2: that rate is typically going to be this much of 309 00:16:15,560 --> 00:16:18,600 Speaker 2: a return. And so now I might believe in you 310 00:16:18,720 --> 00:16:21,000 Speaker 2: more than a credit card company or a bank. But 311 00:16:21,160 --> 00:16:24,360 Speaker 2: start to sow those seeds of how business works, how 312 00:16:24,360 --> 00:16:27,240 Speaker 2: the world works, so when they see it later in life, 313 00:16:27,480 --> 00:16:29,480 Speaker 2: it's not foreign to them and they know how to 314 00:16:29,560 --> 00:16:31,880 Speaker 2: navigate those risk and opportunities. 315 00:16:32,680 --> 00:16:35,600 Speaker 1: Wow, you do you smile when you're talking to it, because, 316 00:16:35,840 --> 00:16:38,120 Speaker 1: like you said, my daughter, when she talks to me 317 00:16:38,160 --> 00:16:41,280 Speaker 1: about business or talks about career, I always lighten up 318 00:16:41,320 --> 00:16:43,440 Speaker 1: a little bit. What are your thoughts when your kids 319 00:16:43,480 --> 00:16:46,680 Speaker 1: come to you and you realize that you know, your 320 00:16:46,720 --> 00:16:49,560 Speaker 1: father laid the season to you because you were He 321 00:16:49,560 --> 00:16:51,920 Speaker 1: was an entrepreneur, so you saw it. You saw what 322 00:16:52,040 --> 00:16:56,280 Speaker 1: hard work can do. You saw how a black man, 323 00:16:56,560 --> 00:16:59,320 Speaker 1: despite the odds, despite people telling them what they can't do, 324 00:16:59,560 --> 00:17:01,800 Speaker 1: what can be achieved because you're doing it right now, 325 00:17:02,000 --> 00:17:06,000 Speaker 1: you're doing incredible things. And their dad is their dad? 326 00:17:06,240 --> 00:17:07,080 Speaker 1: Talk to us about that? 327 00:17:08,200 --> 00:17:10,080 Speaker 2: Yeah, you know, I want to instill in them that 328 00:17:10,359 --> 00:17:14,240 Speaker 2: you know that everybody is an independent you know, contractor 329 00:17:14,280 --> 00:17:16,119 Speaker 2: if you will. It's I view myself like and you 330 00:17:16,200 --> 00:17:19,240 Speaker 2: have to be entrepreneur. Whether you're working at a company 331 00:17:19,280 --> 00:17:21,159 Speaker 2: forty hours a week, what are the other things that 332 00:17:21,160 --> 00:17:23,840 Speaker 2: you're doing so that you're not putting all your eggs 333 00:17:23,840 --> 00:17:26,280 Speaker 2: in one basket with that company. And we all have 334 00:17:26,400 --> 00:17:30,640 Speaker 2: this creative innovation inside of us. So you know, as 335 00:17:30,720 --> 00:17:33,000 Speaker 2: a father, I want to continue to instill in them 336 00:17:33,440 --> 00:17:35,840 Speaker 2: the gifts and my kids have very different gifts, So 337 00:17:36,000 --> 00:17:39,679 Speaker 2: me looking into their life and encouraging the ways that 338 00:17:39,760 --> 00:17:41,880 Speaker 2: they are, the strengths that they do have, and where 339 00:17:41,880 --> 00:17:44,480 Speaker 2: they have more creativity in one era of another, so 340 00:17:44,520 --> 00:17:46,600 Speaker 2: that they don't lose sight of that, because the world 341 00:17:47,160 --> 00:17:49,800 Speaker 2: has a way of trying to take you down conson 342 00:17:49,840 --> 00:17:51,439 Speaker 2: and you have to believe in yourself and so I 343 00:17:51,480 --> 00:17:54,040 Speaker 2: want them to be able to identify those strengths and 344 00:17:54,160 --> 00:17:58,679 Speaker 2: lean into those strengths and always have different things that 345 00:17:58,840 --> 00:18:01,399 Speaker 2: they know they can go do regardless of what a 346 00:18:01,440 --> 00:18:04,840 Speaker 2: company or a studio or a label comes back and 347 00:18:04,840 --> 00:18:07,160 Speaker 2: tells them. They can have their own and a drive 348 00:18:07,280 --> 00:18:09,080 Speaker 2: to go and achieve the goals that they want to have. 349 00:18:09,560 --> 00:18:11,679 Speaker 2: So that is very important to do that as a 350 00:18:11,760 --> 00:18:13,639 Speaker 2: parent as well, and to be that mentor. 351 00:18:14,040 --> 00:18:17,200 Speaker 1: I'm telling you that that's incredible. I get that my daughter, 352 00:18:17,280 --> 00:18:20,399 Speaker 1: she works for my wife and our company, and I 353 00:18:20,480 --> 00:18:24,440 Speaker 1: convinced her to come work for us, and she tells 354 00:18:24,440 --> 00:18:26,320 Speaker 1: me every day this is the greatest move that she's 355 00:18:26,359 --> 00:18:28,880 Speaker 1: done in her young life with to come under and 356 00:18:28,920 --> 00:18:32,879 Speaker 1: be mentored by me. And that's interesting because that's what 357 00:18:32,920 --> 00:18:35,200 Speaker 1: I've been doing all my life, is mentoring. I want 358 00:18:35,240 --> 00:18:36,880 Speaker 1: to use the word stranger of the people that didn't 359 00:18:36,920 --> 00:18:40,080 Speaker 1: know and by giving them advice and by this is 360 00:18:40,080 --> 00:18:42,600 Speaker 1: a show about mentorship. And when I when I crack 361 00:18:42,680 --> 00:18:46,800 Speaker 1: the mic every Tuesday, every time I podcast adds, anytime 362 00:18:46,800 --> 00:18:49,680 Speaker 1: my voice is heard on an HBCU campus, hopefully I'm 363 00:18:49,720 --> 00:18:53,359 Speaker 1: providing mentorship. But here's the thing you hear a lot, Paul, 364 00:18:53,440 --> 00:18:56,800 Speaker 1: the word passion. People always talk about passion. Follow your passion, 365 00:18:57,200 --> 00:18:59,840 Speaker 1: how to can one pursue passion? And I'm sure what 366 00:18:59,920 --> 00:19:02,560 Speaker 1: you doing is pursuing your passion and pay bills. 367 00:19:03,920 --> 00:19:07,359 Speaker 2: Yeah, you know you have to balance it out because 368 00:19:07,880 --> 00:19:10,960 Speaker 2: you do have to pay the bills now, but also 369 00:19:12,040 --> 00:19:14,240 Speaker 2: thinking about ways that you can lean in the things 370 00:19:14,240 --> 00:19:17,880 Speaker 2: that you're creatively good at and how you can. That's 371 00:19:17,960 --> 00:19:19,760 Speaker 2: usually what you're gonna love to do, and you're gonna 372 00:19:19,760 --> 00:19:22,719 Speaker 2: work harder at those things. And the things that I 373 00:19:22,800 --> 00:19:24,960 Speaker 2: like to tell people early in your career, try to 374 00:19:25,000 --> 00:19:27,600 Speaker 2: expose yourself to many different things. You'll see things that 375 00:19:27,680 --> 00:19:29,439 Speaker 2: you like, and you see things that you don't like, 376 00:19:30,080 --> 00:19:33,320 Speaker 2: but you also may find an avenue the things that 377 00:19:33,359 --> 00:19:37,320 Speaker 2: you're passionate about that can connect in the job market 378 00:19:37,400 --> 00:19:39,159 Speaker 2: in a way that you weren't even aware of, but 379 00:19:39,280 --> 00:19:42,359 Speaker 2: just because you have that exposure to that experience early 380 00:19:42,400 --> 00:19:44,919 Speaker 2: on in your career. But it is one where you 381 00:19:44,960 --> 00:19:48,160 Speaker 2: have to really balance that and it takes a long time. 382 00:19:48,320 --> 00:19:51,480 Speaker 2: You have to continue to invest in yourself and those 383 00:19:51,680 --> 00:19:55,080 Speaker 2: pass that you have, because you know, if you don't 384 00:19:55,119 --> 00:19:57,560 Speaker 2: take control of your own career, no one will care 385 00:19:57,560 --> 00:20:00,919 Speaker 2: about your career more than you, and so you have 386 00:20:01,000 --> 00:20:03,239 Speaker 2: to be in the driver's seat of that. And that 387 00:20:03,280 --> 00:20:05,560 Speaker 2: includes all of the different various passions that you have 388 00:20:05,680 --> 00:20:08,000 Speaker 2: about how you want to achieve that as well. But 389 00:20:08,280 --> 00:20:10,840 Speaker 2: I do think it's just be patient with yourself, give 390 00:20:10,920 --> 00:20:14,639 Speaker 2: yourself time, make those small investments over time so you 391 00:20:14,680 --> 00:20:17,560 Speaker 2: can continue to build up the momentum and then you'll 392 00:20:17,560 --> 00:20:20,159 Speaker 2: be surprised when you look down the road with that 393 00:20:20,240 --> 00:20:24,320 Speaker 2: intentionality of how your passions begin to align with what 394 00:20:24,359 --> 00:20:26,240 Speaker 2: you're doing in your everyday job as well. 395 00:20:26,480 --> 00:20:29,280 Speaker 1: I'm gonna tell y'all something. You've heard the word the man. 396 00:20:29,600 --> 00:20:32,520 Speaker 1: You know, you say he is the man, she is 397 00:20:32,800 --> 00:20:36,440 Speaker 1: the one. You know, I am talking to the man. 398 00:20:36,560 --> 00:20:38,920 Speaker 1: You can actually give the man title to Paul Rady 399 00:20:38,960 --> 00:20:44,080 Speaker 1: when you're saying he overseeing brands, operations and finances for 400 00:20:45,119 --> 00:20:50,520 Speaker 1: Rolling Stone, Billboard, Variety, The Hollywood Reporter, Five, Rob Report, 401 00:20:50,960 --> 00:20:55,320 Speaker 1: Sporty Code, Dick Clark Production, She Media, which is She? 402 00:20:55,680 --> 00:20:59,960 Speaker 1: And then the incredible multi day event south By Southwest. 403 00:21:00,160 --> 00:21:04,960 Speaker 1: As we close out this interview, Paul Wealth Building give 404 00:21:05,000 --> 00:21:09,399 Speaker 1: our audience some advice on generating keys and keys to 405 00:21:09,480 --> 00:21:12,280 Speaker 1: investing not only in yourself but also hopefully in some 406 00:21:12,320 --> 00:21:15,080 Speaker 1: financial options. Not trying to tell them what stock to pick, 407 00:21:15,440 --> 00:21:17,720 Speaker 1: but that the terms of how one does it over 408 00:21:17,760 --> 00:21:18,840 Speaker 1: a long period of time. 409 00:21:20,040 --> 00:21:22,160 Speaker 2: Yeah, I think the point you said at the end 410 00:21:22,200 --> 00:21:26,000 Speaker 2: is most important over a long period of time, and 411 00:21:26,080 --> 00:21:29,240 Speaker 2: so it really starts off with that dynamic of budgeting 412 00:21:29,520 --> 00:21:32,480 Speaker 2: and just really having the self control to spend less 413 00:21:32,520 --> 00:21:34,359 Speaker 2: than you make and do that over a long period 414 00:21:34,359 --> 00:21:36,960 Speaker 2: of time and then you invest and you invest in 415 00:21:37,000 --> 00:21:40,479 Speaker 2: a diversity of things very early, and I would say 416 00:21:40,560 --> 00:21:44,919 Speaker 2: as you begin to build up those multiple revenue streams 417 00:21:44,960 --> 00:21:47,639 Speaker 2: of the call of people call it passive income. But 418 00:21:47,800 --> 00:21:50,800 Speaker 2: just think about those ways that again that you can 419 00:21:50,840 --> 00:21:53,760 Speaker 2: continue to lean into your passions, lean in the things 420 00:21:53,800 --> 00:21:56,720 Speaker 2: that your strengths that you have, so that maybe it 421 00:21:56,800 --> 00:21:58,920 Speaker 2: is you may own run on property, maybe it is 422 00:21:58,960 --> 00:22:01,800 Speaker 2: that you're investing in that get back divotings and things 423 00:22:01,800 --> 00:22:04,879 Speaker 2: of that nature, but you're allowing yourself on opportunity to 424 00:22:04,960 --> 00:22:09,320 Speaker 2: have multiple things that can provide income for you. You know, 425 00:22:09,359 --> 00:22:11,480 Speaker 2: a lot of people have a lot of work experience 426 00:22:11,480 --> 00:22:14,359 Speaker 2: and expertise and they undervalue it because they can be 427 00:22:14,440 --> 00:22:18,480 Speaker 2: doing advising services to other people that can come along 428 00:22:18,520 --> 00:22:20,399 Speaker 2: and help them along the way. And it always doesn't 429 00:22:20,400 --> 00:22:23,640 Speaker 2: have to be cash in return. Like I advise some 430 00:22:23,680 --> 00:22:27,040 Speaker 2: companies today and I'll say, hey, listen, give me a 431 00:22:27,080 --> 00:22:29,200 Speaker 2: stake in the company and I will help you grow 432 00:22:29,240 --> 00:22:33,840 Speaker 2: your company a longer time. But when you do that 433 00:22:33,960 --> 00:22:36,920 Speaker 2: small stole in those seats earlier on, you know the 434 00:22:36,960 --> 00:22:39,439 Speaker 2: payback will be greater because you let them grow in. 435 00:22:39,480 --> 00:22:41,760 Speaker 2: As that company grows, you look up and now you 436 00:22:41,880 --> 00:22:45,199 Speaker 2: own equity in an entity. And so those are the 437 00:22:45,800 --> 00:22:48,600 Speaker 2: things that I would say is number one. You know 438 00:22:48,920 --> 00:22:51,600 Speaker 2: that however you want to budget, but just spend less 439 00:22:51,600 --> 00:22:54,120 Speaker 2: than you make. That's how you create wealth over time, 440 00:22:54,600 --> 00:22:58,080 Speaker 2: investing over a long period of time. It doesn't happen overnight, 441 00:22:58,600 --> 00:23:00,280 Speaker 2: and just making sure you have a diverse to the 442 00:23:00,359 --> 00:23:03,160 Speaker 2: things that you're working with and you'll be surprised at 443 00:23:03,160 --> 00:23:06,160 Speaker 2: how that momentum and the compound and interest in returns 444 00:23:06,200 --> 00:23:07,160 Speaker 2: will grow over time. 445 00:23:07,560 --> 00:23:13,399 Speaker 1: My man, Paul Rainey brother, I know you're busy, and 446 00:23:13,440 --> 00:23:15,280 Speaker 1: in fact, you took time to talk to my audience 447 00:23:15,320 --> 00:23:18,200 Speaker 1: Money Making Conservations master Class. That's my show, the show 448 00:23:18,280 --> 00:23:21,760 Speaker 1: I mentor people who call in, people who stop me 449 00:23:21,800 --> 00:23:24,119 Speaker 1: and say thank you, I say thank you, thank you 450 00:23:24,200 --> 00:23:25,840 Speaker 1: for taking time to come on my show and give 451 00:23:26,119 --> 00:23:31,040 Speaker 1: worldly advice, international advice, advice that as an African American man, 452 00:23:31,119 --> 00:23:33,520 Speaker 1: you out there making a difference and raising a family 453 00:23:33,920 --> 00:23:36,679 Speaker 1: where you're mentoring kids to make a difference in our future. 454 00:23:36,760 --> 00:23:39,200 Speaker 1: Thank you for coming on Money Making Conversation Masterclass. Paul. 455 00:23:39,960 --> 00:24:17,159 Speaker 2: Now, thank you so much for the opportunity