1 00:00:00,160 --> 00:00:03,560 Speaker 1: Afro Tech Conference is back, bringing together over twenty thousand 2 00:00:03,640 --> 00:00:07,840 Speaker 1: tech enthusiasts, founders, investors, and more for another unforgettable year. 3 00:00:08,119 --> 00:00:10,320 Speaker 1: For years, afro Tech has been the go to event 4 00:00:10,360 --> 00:00:13,080 Speaker 1: for black innovators in tech with the brightest mind share 5 00:00:13,080 --> 00:00:15,880 Speaker 1: the latest developments and insights, and this year we're bringing 6 00:00:15,880 --> 00:00:19,360 Speaker 1: the experience to Houston, Texas from November thirteenth through the sixteenth. 7 00:00:19,720 --> 00:00:21,640 Speaker 1: Join us to learn from the innovators and leaders who 8 00:00:21,640 --> 00:00:24,400 Speaker 1: are shaping the future of tech. From insightful panels to 9 00:00:24,480 --> 00:00:27,760 Speaker 1: curate it meetups and expansive recruiting, you'll connect with industry 10 00:00:27,840 --> 00:00:30,520 Speaker 1: trail blazers. In addition to focusing on the latest and 11 00:00:30,560 --> 00:00:33,960 Speaker 1: AI and data, this year's programming explores the intersextions of 12 00:00:34,000 --> 00:00:37,239 Speaker 1: tech with health, environment and creative design. Don't miss your 13 00:00:37,360 --> 00:00:39,800 Speaker 1: chance to be part of it. Secure your spoted afro 14 00:00:39,880 --> 00:00:43,440 Speaker 1: Tech Conference twenty twenty four today visit Afrotech Conference dot 15 00:00:43,440 --> 00:00:47,080 Speaker 1: counted by your ticket Now. I'm with Lucas and this 16 00:00:47,120 --> 00:00:52,040 Speaker 1: is Black Tech, Green Money. Ross Mackt is founder of Economics, 17 00:00:52,320 --> 00:00:56,440 Speaker 1: the financial literacy media company dedicated to empowering urban communities. 18 00:00:57,120 --> 00:00:59,120 Speaker 1: He brings a wealth and knowledge as a former Wall 19 00:00:59,120 --> 00:01:04,080 Speaker 1: Street professional Morgan's Faanilely and gross Vendor Capital. We're about 20 00:01:04,120 --> 00:01:07,160 Speaker 1: to break down the importance of finding reliable financial information, 21 00:01:07,640 --> 00:01:11,959 Speaker 1: taking advantage of emerging financial technologies, and foundational steps to 22 00:01:12,000 --> 00:01:16,080 Speaker 1: building wealth. And so can you explain for me how 23 00:01:16,400 --> 00:01:21,200 Speaker 1: exposure to financial concepts at a young age can change, 24 00:01:21,600 --> 00:01:25,280 Speaker 1: you know, a person's financial trajectory, especially within the black community. 25 00:01:25,280 --> 00:01:25,759 Speaker 2: Are people. 26 00:01:27,440 --> 00:01:30,280 Speaker 3: Yeah, So, look, I think I think it's really important 27 00:01:30,319 --> 00:01:34,279 Speaker 3: to think about. You know, when we talk about generational wealth, 28 00:01:36,000 --> 00:01:38,840 Speaker 3: one of the biggest hindrances for us getting there is 29 00:01:38,920 --> 00:01:44,000 Speaker 3: truly living with past generational traumas. And so when you 30 00:01:44,040 --> 00:01:47,120 Speaker 3: think about being exposed to financial literacy at an early age, 31 00:01:47,160 --> 00:01:48,560 Speaker 3: what is going to do is just give you one 32 00:01:48,640 --> 00:01:52,280 Speaker 3: the confidence and understanding a know what though to actually 33 00:01:52,680 --> 00:01:53,840 Speaker 3: better managing your money. 34 00:01:53,920 --> 00:01:54,080 Speaker 2: Right. 35 00:01:54,520 --> 00:01:58,680 Speaker 3: I think there's a direct correlation to stress levels when 36 00:01:58,720 --> 00:02:02,760 Speaker 3: it comes to you know, how long you live, different 37 00:02:02,840 --> 00:02:05,480 Speaker 3: levels of health et cetera. Obviously health as wealth. But 38 00:02:05,560 --> 00:02:08,000 Speaker 3: I think once you're exposed to financial literacy at an 39 00:02:08,000 --> 00:02:11,880 Speaker 3: early age, it gives you that ability to confidentally say Okay, 40 00:02:11,919 --> 00:02:14,880 Speaker 3: I'm going to save, confidentally say I'm going to invest, confidently, 41 00:02:14,880 --> 00:02:17,880 Speaker 3: be able to say I would rather own rather than rent. 42 00:02:18,200 --> 00:02:19,800 Speaker 3: I can go in and say, hey, I have a 43 00:02:19,840 --> 00:02:22,640 Speaker 3: six fifty, seven hundred and seven fifty credit score, right like, 44 00:02:22,680 --> 00:02:25,240 Speaker 3: at the end of the day. And I always equate 45 00:02:25,280 --> 00:02:27,800 Speaker 3: financial literacy to its own language, and therefore, the earlier 46 00:02:27,840 --> 00:02:29,600 Speaker 3: you learn how to speak it, the. 47 00:02:29,600 --> 00:02:31,240 Speaker 2: More likely you'll become fluent in it. 48 00:02:31,320 --> 00:02:34,520 Speaker 3: And so my biggest goal is to for our children 49 00:02:34,560 --> 00:02:38,160 Speaker 3: to speak it the same way they're fluent in sports 50 00:02:38,240 --> 00:02:40,280 Speaker 3: or culture. Right, they're going to know all the latest dances, 51 00:02:40,280 --> 00:02:42,800 Speaker 3: they gonna know which athlete is the best, et cetera. 52 00:02:43,320 --> 00:02:47,079 Speaker 3: But being exposed to financial literare at early age, that's 53 00:02:47,080 --> 00:02:48,560 Speaker 3: gonna give them that same confidence. 54 00:02:49,080 --> 00:02:51,680 Speaker 1: When we have conversations on our community, even with adults, 55 00:02:51,680 --> 00:02:54,720 Speaker 1: we talk about stocks and investments, et cetera. Even adults 56 00:02:54,720 --> 00:02:58,040 Speaker 1: are still confused about how these things work. So when 57 00:02:58,080 --> 00:03:02,840 Speaker 1: you're talking about literacy for kids, at what age or 58 00:03:02,840 --> 00:03:07,000 Speaker 1: at what types of experiences, is it the right time 59 00:03:07,040 --> 00:03:09,320 Speaker 1: to start introducing financial concepts to. 60 00:03:09,280 --> 00:03:13,440 Speaker 3: Them the moment a child can walk and talk, you 61 00:03:13,480 --> 00:03:15,280 Speaker 3: know what I mean? I like at the end of 62 00:03:15,320 --> 00:03:17,520 Speaker 3: the day, right, I think all of us just think 63 00:03:17,520 --> 00:03:19,760 Speaker 3: about the things that we learn, right, we learn a 64 00:03:19,760 --> 00:03:22,560 Speaker 3: lot of stuff just through osmosis, right, purely just being 65 00:03:22,680 --> 00:03:24,200 Speaker 3: submerged in the culture of it. 66 00:03:24,280 --> 00:03:24,440 Speaker 2: Right. 67 00:03:24,480 --> 00:03:28,000 Speaker 3: And so at an early age when my child says, hey, 68 00:03:28,040 --> 00:03:30,640 Speaker 3: I want to buy x y z, right, and obviously, 69 00:03:30,720 --> 00:03:32,400 Speaker 3: you know, to people that don't know me, I have 70 00:03:32,440 --> 00:03:34,400 Speaker 3: a lot of children, right, And so I have three, 71 00:03:34,840 --> 00:03:37,200 Speaker 3: And so if I'm going to a target or something 72 00:03:37,240 --> 00:03:39,760 Speaker 3: and my daughter or son says, hey, I want x 73 00:03:39,880 --> 00:03:42,160 Speaker 3: y z, they need to one understand the value of 74 00:03:42,160 --> 00:03:45,000 Speaker 3: a dollar. They need to understand hey, mommy and dad 75 00:03:45,040 --> 00:03:47,520 Speaker 3: had to work to get this, or hey, right, you 76 00:03:47,560 --> 00:03:49,280 Speaker 3: want to be on you know, on the tablet to 77 00:03:49,280 --> 00:03:51,840 Speaker 3: watch YouTube, Hey you own this stock? And so I 78 00:03:51,840 --> 00:03:54,960 Speaker 3: don't think there's never a certain things too early, right. 79 00:03:55,000 --> 00:03:57,720 Speaker 3: And the reason I say that is because just through osmosis, 80 00:03:57,760 --> 00:04:01,960 Speaker 3: they'll start being conditioned into the overall psychology of what 81 00:04:02,000 --> 00:04:04,800 Speaker 3: money is and how the world of money works. 82 00:04:05,400 --> 00:04:07,200 Speaker 1: And so it's interesting you say that because I have 83 00:04:07,280 --> 00:04:11,080 Speaker 1: three also, and when my son asked for something, I 84 00:04:11,120 --> 00:04:13,680 Speaker 1: can put that on like, yeah, we need to teach 85 00:04:13,720 --> 00:04:15,960 Speaker 1: you about financial literacy. Is so how much did you save? 86 00:04:16,000 --> 00:04:19,160 Speaker 1: Et cetera. And even though my daughters do save, it's 87 00:04:19,440 --> 00:04:21,240 Speaker 1: I'm gonna still buy it for them. If if I 88 00:04:21,240 --> 00:04:23,440 Speaker 1: got the money to do it, then I'm not spending 89 00:04:23,720 --> 00:04:26,200 Speaker 1: my eleven year old daughter's money to buy something that 90 00:04:26,279 --> 00:04:29,120 Speaker 1: she wants. I'm gonna just do it. And so, you know, so, 91 00:04:29,160 --> 00:04:31,599 Speaker 1: how do you think about that? As a father somebody 92 00:04:31,600 --> 00:04:33,960 Speaker 1: who's trying to raise children. This still teach them to 93 00:04:33,960 --> 00:04:37,000 Speaker 1: be responsible. Here's the value of a dollar when you 94 00:04:37,080 --> 00:04:39,440 Speaker 1: just want to be that And especially with girls, you know, 95 00:04:39,680 --> 00:04:41,600 Speaker 1: guys like us, I want to just take care of 96 00:04:41,680 --> 00:04:45,160 Speaker 1: them because I'm not gonna let some knucklehead later make 97 00:04:45,200 --> 00:04:47,719 Speaker 1: it make it feel like, you know, oh he got me. 98 00:04:49,080 --> 00:04:49,159 Speaker 2: No. 99 00:04:49,680 --> 00:04:52,800 Speaker 3: What I think is it gives your kids the ability 100 00:04:53,320 --> 00:04:55,600 Speaker 3: to go set right. Like, at the end of the day, 101 00:04:55,680 --> 00:04:58,880 Speaker 3: the vast majority of Americans, right, I want to say 102 00:04:58,920 --> 00:05:00,880 Speaker 3: sixty percent Americans left pycheck to piccheck. 103 00:05:01,000 --> 00:05:01,200 Speaker 2: Right. 104 00:05:01,400 --> 00:05:03,560 Speaker 3: Half of Americas don't have a thousand dollars shaved. And 105 00:05:03,640 --> 00:05:06,400 Speaker 3: what that stems from is a lack of budgeting and 106 00:05:08,040 --> 00:05:11,160 Speaker 3: you know, not managing that money properly. And the thing 107 00:05:11,200 --> 00:05:14,159 Speaker 3: that I'm even trying to get to is impose decisions, right. 108 00:05:14,440 --> 00:05:18,240 Speaker 3: And so when you're saying, hey, your child wants to 109 00:05:18,279 --> 00:05:21,520 Speaker 3: buy X y Z, they need to understand that whether 110 00:05:21,560 --> 00:05:25,839 Speaker 3: you're ten or forty, Right, there has to be something 111 00:05:25,880 --> 00:05:28,320 Speaker 3: where you have to be able to control your impulse decisions, 112 00:05:28,400 --> 00:05:33,480 Speaker 3: especially if it doesn't align with your your overall financial goals. 113 00:05:33,520 --> 00:05:35,040 Speaker 3: And so when a kid is saying, hey, I want 114 00:05:35,080 --> 00:05:38,120 Speaker 3: to buy this certain toy, I think it's good to 115 00:05:38,120 --> 00:05:42,559 Speaker 3: start saying, hey, let's goal set. You're getting an allowance. Right, 116 00:05:43,320 --> 00:05:45,360 Speaker 3: Let's figure out if I'm giving you one hundred dollars 117 00:05:45,400 --> 00:05:47,600 Speaker 3: a month or a week or whatever it is. Right, 118 00:05:47,839 --> 00:05:49,880 Speaker 3: Let's figure out if this toy or whatever it is 119 00:05:49,920 --> 00:05:52,120 Speaker 3: cost two three hundred dollars, how long will it take 120 00:05:52,200 --> 00:05:53,880 Speaker 3: us to get to that goal. And once we get 121 00:05:53,880 --> 00:05:55,440 Speaker 3: to that goal, do we want to have zero in 122 00:05:55,480 --> 00:05:57,600 Speaker 3: our savings or do we still want to have some 123 00:05:57,640 --> 00:05:59,479 Speaker 3: money just in case the next toy comes up? And 124 00:05:59,520 --> 00:06:01,200 Speaker 3: so at the end of the day, I think it's 125 00:06:01,240 --> 00:06:02,240 Speaker 3: just a function of teaching. 126 00:06:02,600 --> 00:06:02,760 Speaker 2: Right. 127 00:06:02,839 --> 00:06:07,560 Speaker 3: Obviously, right, we're gonna get our kids whatever. But at 128 00:06:07,600 --> 00:06:10,400 Speaker 3: the same token, it's a good practice for it to 129 00:06:10,440 --> 00:06:13,480 Speaker 3: be their money because you know, as a business owner, 130 00:06:13,640 --> 00:06:16,040 Speaker 3: I'm going to pay my children for working in my business. 131 00:06:16,160 --> 00:06:17,960 Speaker 3: I'm going to get right a tax right off. So 132 00:06:18,040 --> 00:06:20,360 Speaker 3: now technically it is their money. Now, let's actually teach 133 00:06:20,440 --> 00:06:22,520 Speaker 3: them how to be responsible with that. 134 00:06:22,800 --> 00:06:26,080 Speaker 1: Yeah, like that. What are some big misconceptions you see 135 00:06:26,120 --> 00:06:28,719 Speaker 1: in our community, you know, around wealth building? What are 136 00:06:28,720 --> 00:06:30,760 Speaker 1: the things that we just think are one way and 137 00:06:30,800 --> 00:06:31,719 Speaker 1: they really not that way. 138 00:06:33,520 --> 00:06:35,360 Speaker 3: I mean the biggest misconception is that you got to 139 00:06:35,400 --> 00:06:38,640 Speaker 3: be rich in order to get rich, right, Like, at 140 00:06:38,680 --> 00:06:41,960 Speaker 3: the end of the day, right, investing has been democratized 141 00:06:42,600 --> 00:06:45,040 Speaker 3: anybody and everybody has the ability. 142 00:06:44,640 --> 00:06:45,320 Speaker 2: To own stocks. 143 00:06:45,320 --> 00:06:49,640 Speaker 3: And also I think people don't understand its power and compounding, right, 144 00:06:49,800 --> 00:06:51,920 Speaker 3: I think, and I say this all the time, Like 145 00:06:51,960 --> 00:06:54,760 Speaker 3: I remember growing up, whether it was watching comic view 146 00:06:54,880 --> 00:06:56,920 Speaker 3: or just having pure relatives, there was always a joke 147 00:06:57,000 --> 00:07:01,480 Speaker 3: around build collectors. And I think, you know that comes 148 00:07:01,480 --> 00:07:04,400 Speaker 3: a point where you yourself have to just say, all right, 149 00:07:04,960 --> 00:07:07,560 Speaker 3: I got this past generational trauma when it comes to 150 00:07:07,560 --> 00:07:10,320 Speaker 3: whether it's bill collector is overspending or because I have 151 00:07:10,360 --> 00:07:12,320 Speaker 3: to wear pay or I had to wear pay less. 152 00:07:12,360 --> 00:07:14,400 Speaker 3: Now I want to buy all designer I got the 153 00:07:14,480 --> 00:07:16,920 Speaker 3: end of the day, man managing money is not hard. 154 00:07:17,080 --> 00:07:19,360 Speaker 3: It's just a function of us actually doing it. Everything 155 00:07:19,400 --> 00:07:21,960 Speaker 3: starts with a budget and the next once we start 156 00:07:22,000 --> 00:07:25,920 Speaker 3: paying our sales first, I think we're all conditioned in society. 157 00:07:26,040 --> 00:07:30,000 Speaker 3: Pay our bills, whether it's your phone bill, your light bill, 158 00:07:30,320 --> 00:07:31,800 Speaker 3: your mortgage, your rent. 159 00:07:31,560 --> 00:07:32,040 Speaker 2: Et cetera. 160 00:07:33,280 --> 00:07:35,520 Speaker 3: I think once we start paying our sales first, it's 161 00:07:35,640 --> 00:07:38,400 Speaker 3: very easy to get rich. It's just a function of 162 00:07:38,440 --> 00:07:41,160 Speaker 3: if you're disciplined enough to understand it might take you 163 00:07:41,200 --> 00:07:42,600 Speaker 3: twenty five years to get there. 164 00:07:43,240 --> 00:07:46,120 Speaker 1: Say more about paying yourself first, and how what does 165 00:07:46,120 --> 00:07:47,200 Speaker 1: that mean? How do you do that? 166 00:07:48,840 --> 00:07:49,320 Speaker 2: By paying? 167 00:07:49,560 --> 00:07:53,040 Speaker 3: I mean, so, here's what I mean by paying yourself first. Right, 168 00:07:53,240 --> 00:07:58,120 Speaker 3: I think we all know what direct deposit is. Right, 169 00:07:58,120 --> 00:08:00,200 Speaker 3: you don't have to think about it. That check is 170 00:08:00,240 --> 00:08:02,880 Speaker 3: going to automatically hit your account. Right, you work, you 171 00:08:02,920 --> 00:08:06,080 Speaker 3: work for a job, your job, you put your bank 172 00:08:06,120 --> 00:08:09,040 Speaker 3: account to it. Guess what that is going to automatically 173 00:08:09,120 --> 00:08:11,440 Speaker 3: hit your account? Now, what I mean by paying yourself 174 00:08:11,480 --> 00:08:15,000 Speaker 3: for paying yourself first is kind of the same concept 175 00:08:15,040 --> 00:08:17,240 Speaker 3: where that money's going to actually come out of your 176 00:08:17,280 --> 00:08:19,840 Speaker 3: account every month or every other week, whatever you set 177 00:08:19,840 --> 00:08:20,320 Speaker 3: it up for. 178 00:08:20,520 --> 00:08:21,320 Speaker 2: But that's now. 179 00:08:21,200 --> 00:08:24,280 Speaker 3: Going towards your either your savings account, your retirement account, 180 00:08:24,320 --> 00:08:27,800 Speaker 3: your investing account, and so not having any think about it, 181 00:08:27,800 --> 00:08:30,200 Speaker 3: it takes the psychology out of it. And now you're 182 00:08:30,240 --> 00:08:32,439 Speaker 3: taking one hundred two three four hundred dollars out of 183 00:08:32,480 --> 00:08:34,760 Speaker 3: your account every month, and that's being invested. 184 00:08:36,160 --> 00:08:38,640 Speaker 1: You know, there's this quote I found from you or 185 00:08:38,679 --> 00:08:42,240 Speaker 1: you said, I've given my community a comprehensive grasp of 186 00:08:42,280 --> 00:08:46,040 Speaker 1: how to create lasting wealth and invest for a long term. 187 00:08:46,520 --> 00:08:48,240 Speaker 1: Say more about this, and like, what are some of 188 00:08:48,280 --> 00:08:52,080 Speaker 1: the foundational steps we should take when we're starting on 189 00:08:52,120 --> 00:08:54,160 Speaker 1: a wealth building journey, Like what are the first things 190 00:08:54,200 --> 00:08:56,160 Speaker 1: we need to do that sets a press, sets a 191 00:08:56,240 --> 00:08:58,160 Speaker 1: landscape for building out. 192 00:08:59,080 --> 00:08:59,320 Speaker 2: Yeah. 193 00:08:59,559 --> 00:09:02,640 Speaker 3: I love to tell people to work backwards sometimes right right, 194 00:09:02,960 --> 00:09:04,480 Speaker 3: Like at the end of the day. The best time 195 00:09:04,520 --> 00:09:07,440 Speaker 3: to plan a tree was, you know, twenty years ago. 196 00:09:07,440 --> 00:09:09,920 Speaker 3: The second best time it's to plant one today. And 197 00:09:09,960 --> 00:09:12,040 Speaker 3: so I think the average person needs to say, Okay, 198 00:09:12,040 --> 00:09:14,200 Speaker 3: I'm not where I want to be, but that's not 199 00:09:14,240 --> 00:09:15,559 Speaker 3: the end of the world. That's not the end of 200 00:09:15,600 --> 00:09:17,520 Speaker 3: the world. I could actually still get there. There is 201 00:09:17,520 --> 00:09:21,040 Speaker 3: a pathway to getting there. So now is it I 202 00:09:21,080 --> 00:09:22,920 Speaker 3: have to aggressively get out of debt, I have to 203 00:09:22,920 --> 00:09:26,480 Speaker 3: aggressively say, I have to aggressively invest. And so I 204 00:09:26,520 --> 00:09:29,360 Speaker 3: think what that comprehensive plan is is one you start 205 00:09:29,360 --> 00:09:32,959 Speaker 3: with mindset, your goal set, you budget, you get out 206 00:09:33,000 --> 00:09:34,800 Speaker 3: of debt, right, get out of that bad debt. You 207 00:09:34,800 --> 00:09:37,839 Speaker 3: don't need to be in credit cards, you know, carrying 208 00:09:37,880 --> 00:09:40,640 Speaker 3: the balance of something that's accruing right, compounding at over 209 00:09:40,720 --> 00:09:44,920 Speaker 3: twenty percent per anim interest rate. And so after that 210 00:09:45,040 --> 00:09:47,760 Speaker 3: is just about aggressively investing. I think, you know, the 211 00:09:47,840 --> 00:09:50,040 Speaker 3: average person wants to be rich, but the average person 212 00:09:50,120 --> 00:09:53,920 Speaker 3: doesn't want to make the sacrifices today. And so, you know, 213 00:09:54,000 --> 00:09:55,640 Speaker 3: I tell people all the time, Look, if you put 214 00:09:55,679 --> 00:09:59,079 Speaker 3: three three fifty three hundred fifty dollars a month aside 215 00:09:59,440 --> 00:10:02,200 Speaker 3: in a investment account, putting into the S and P 216 00:10:02,320 --> 00:10:04,720 Speaker 3: five hundred where it's going to on average gets you 217 00:10:04,760 --> 00:10:07,880 Speaker 3: ten percent returns and a year you have over a 218 00:10:07,880 --> 00:10:09,880 Speaker 3: million dollars when you get ready to retire in twenty 219 00:10:09,880 --> 00:10:12,000 Speaker 3: five thirty years. And so it's just a function of 220 00:10:12,040 --> 00:10:14,640 Speaker 3: how do you work backwards to get there? And you know, 221 00:10:14,720 --> 00:10:17,560 Speaker 3: so there's a there's a you know, a twenty five 222 00:10:17,800 --> 00:10:21,560 Speaker 3: X rule that literally says, you know, because the average person, right, 223 00:10:21,640 --> 00:10:23,280 Speaker 3: forty percent of people will run out of money once 224 00:10:23,280 --> 00:10:26,040 Speaker 3: it comes to retirement, and so how do you ensure 225 00:10:26,040 --> 00:10:27,520 Speaker 3: you don't run out of money? 226 00:10:27,600 --> 00:10:27,760 Speaker 2: Right? 227 00:10:27,840 --> 00:10:30,080 Speaker 3: You literally start with that budget and you see exactly 228 00:10:30,160 --> 00:10:34,880 Speaker 3: what your annual expenses are, the necessary expenses that you take, right, 229 00:10:35,280 --> 00:10:37,080 Speaker 3: and so in order to not run out of money, 230 00:10:37,080 --> 00:10:39,720 Speaker 3: you just take that annual that you know, the average 231 00:10:39,720 --> 00:10:43,600 Speaker 3: annual expenses, and you multiply that by twenty five and 232 00:10:44,080 --> 00:10:46,240 Speaker 3: that is how much money you need to have saved 233 00:10:46,600 --> 00:10:48,840 Speaker 3: in your investment account for you to actually say, Okay, 234 00:10:48,880 --> 00:10:52,560 Speaker 3: I can retire, because the average person is working well 235 00:10:52,600 --> 00:10:55,800 Speaker 3: through that retirement age because they didn't plan ahead of time. 236 00:10:56,720 --> 00:10:59,200 Speaker 1: How did ROSS learn this? Like, tell me about your 237 00:10:59,240 --> 00:11:02,840 Speaker 1: upbringing is did you see people who were financially savvy 238 00:11:03,000 --> 00:11:05,400 Speaker 1: in the household or you made a bunch of mistakes 239 00:11:05,440 --> 00:11:06,920 Speaker 1: like people like me? 240 00:11:07,040 --> 00:11:07,800 Speaker 2: Yeah? 241 00:11:08,120 --> 00:11:12,960 Speaker 3: No, So what I will say is, you know, I 242 00:11:13,040 --> 00:11:14,840 Speaker 3: learned early on the value of a dollar. I've been 243 00:11:14,840 --> 00:11:17,480 Speaker 3: an entrepreneurs since I was selling candy in the third grade. 244 00:11:18,040 --> 00:11:20,079 Speaker 2: Right. But what I will say is. 245 00:11:20,040 --> 00:11:22,560 Speaker 3: You know I come from some parents that would be 246 00:11:22,760 --> 00:11:24,960 Speaker 3: you know, frugal. Will teach me the value of a dollar, 247 00:11:25,120 --> 00:11:27,320 Speaker 3: but I never really knew about investing. I never knew 248 00:11:27,360 --> 00:11:30,280 Speaker 3: about the power credit, but how to buy home, et cetera. Right, 249 00:11:30,320 --> 00:11:32,720 Speaker 3: So I'm from the South side of Chicago, you know, 250 00:11:33,080 --> 00:11:37,160 Speaker 3: middle class family and I will say, right, I worked hard, 251 00:11:37,320 --> 00:11:39,320 Speaker 3: went to a good school. I graduated from the Warden 252 00:11:39,360 --> 00:11:43,000 Speaker 3: School at University of Pennsylvania and worked on Wall Street, 253 00:11:43,000 --> 00:11:45,720 Speaker 3: et cetera. But a lot of stuff, the vast majority 254 00:11:45,760 --> 00:11:47,560 Speaker 3: of the things I learned was just being in the 255 00:11:47,600 --> 00:11:49,640 Speaker 3: right place, right time, right. I tell people all the time, 256 00:11:49,679 --> 00:11:51,160 Speaker 3: the greatest teacher is exposure. 257 00:11:51,960 --> 00:11:52,160 Speaker 2: Right. 258 00:11:52,760 --> 00:11:56,319 Speaker 3: And I remember my freshman year at penn there was 259 00:11:56,360 --> 00:11:58,640 Speaker 3: a kid day training in the middle class. I'm broke, 260 00:11:58,679 --> 00:12:01,360 Speaker 3: what are you doing Asian here right day? Trading in 261 00:12:01,360 --> 00:12:03,640 Speaker 3: the middle class. At that moment, That's what made me 262 00:12:03,640 --> 00:12:05,320 Speaker 3: say I'm about to start investing. I open up a 263 00:12:05,400 --> 00:12:10,040 Speaker 3: portfolio within a week of that. Right, learning about different 264 00:12:10,040 --> 00:12:12,240 Speaker 3: tax hacks by being once again in the right place, 265 00:12:12,280 --> 00:12:14,160 Speaker 3: right time while working on Wall Street and hearing other 266 00:12:14,200 --> 00:12:17,400 Speaker 3: people talk about it by walking down me. You know, 267 00:12:17,480 --> 00:12:21,400 Speaker 3: because people on a trading floor, you don't have actual cubicles. 268 00:12:21,400 --> 00:12:25,040 Speaker 3: Everybody sits side by side with their various screens. I 269 00:12:25,040 --> 00:12:28,640 Speaker 3: remember seeing a managing director check his four oh one 270 00:12:28,720 --> 00:12:30,439 Speaker 3: K and he had a couple million in there. 271 00:12:30,520 --> 00:12:32,960 Speaker 2: So I'm oh, wait, hold on, now, what's going on? 272 00:12:33,040 --> 00:12:35,400 Speaker 3: So now I'm starting to think about retirement and so 273 00:12:35,720 --> 00:12:38,720 Speaker 3: I think by being submerged in it, but once again 274 00:12:38,840 --> 00:12:42,840 Speaker 3: accidentally learning and then being intentional about Okay, how do 275 00:12:42,920 --> 00:12:44,760 Speaker 3: I do this now? What do I need to do 276 00:12:44,800 --> 00:12:47,680 Speaker 3: as a parent to ensure my kids never have student loans? 277 00:12:47,840 --> 00:12:49,440 Speaker 3: What do I need to do to be intentional to 278 00:12:49,520 --> 00:12:52,400 Speaker 3: ensure that my kids got the ability to, you know, 279 00:12:52,480 --> 00:12:54,160 Speaker 3: if they graduate, to say, hey, I want to take 280 00:12:54,160 --> 00:12:58,120 Speaker 3: a gap year. Hey I want to explore having a startup. 281 00:12:58,240 --> 00:13:01,400 Speaker 3: So it's about you know, little luck being at the 282 00:13:01,440 --> 00:13:04,280 Speaker 3: right place, right time. But the biggest thing is intentionality. Right, 283 00:13:04,320 --> 00:13:07,160 Speaker 3: it's not taking our schools. So you got to teach yourselves. 284 00:13:08,080 --> 00:13:12,160 Speaker 1: Talk about some technology, even applications that you might you know, 285 00:13:12,280 --> 00:13:16,000 Speaker 1: be using on the regular basis daily, weekly and monthly. 286 00:13:16,120 --> 00:13:18,240 Speaker 1: Like I know my Schwab account is on my phone. 287 00:13:18,400 --> 00:13:21,160 Speaker 1: Acorns automatically pulls money out a rounds up. 288 00:13:21,559 --> 00:13:21,760 Speaker 2: You know. 289 00:13:21,920 --> 00:13:24,560 Speaker 1: Obviously you know things like coinbase, you if you're in 290 00:13:24,559 --> 00:13:28,160 Speaker 1: crypto or other there's others also, But what is raws us? 291 00:13:28,280 --> 00:13:29,720 Speaker 1: What's what's ross mathews? 292 00:13:30,080 --> 00:13:32,960 Speaker 3: Yeah, every morning and I'm looking at them on the phone. Right, 293 00:13:33,720 --> 00:13:36,720 Speaker 3: there's something powerful about and I get, like some other 294 00:13:37,080 --> 00:13:39,199 Speaker 3: something powerful about those updates. 295 00:13:39,280 --> 00:13:40,240 Speaker 2: Right, I probably got. 296 00:13:40,120 --> 00:13:43,240 Speaker 3: A Zooming, but c NBC, Yahoo Finance. I want those 297 00:13:43,320 --> 00:13:46,920 Speaker 3: updates every every hour on hour, every morning, right where 298 00:13:47,120 --> 00:13:50,160 Speaker 3: once again you're learning things through osmosis. There's some stuff 299 00:13:50,160 --> 00:13:52,560 Speaker 3: you're not gonna understand, but then there are things that will. 300 00:13:53,040 --> 00:13:57,439 Speaker 3: And so I love always having you know, the financial 301 00:13:57,480 --> 00:13:59,839 Speaker 3: based apps where you know, you try to know the 302 00:14:00,080 --> 00:14:02,319 Speaker 3: caations on where you're going to get those push throughs 303 00:14:02,679 --> 00:14:05,079 Speaker 3: of what's going on in the world. To your point, 304 00:14:05,120 --> 00:14:08,240 Speaker 3: I love having those investing in saving apps on my 305 00:14:08,320 --> 00:14:10,680 Speaker 3: phone right where you're now taking the guess and work 306 00:14:10,720 --> 00:14:15,199 Speaker 3: out of it. I love, you know, leveraging because one 307 00:14:15,320 --> 00:14:19,479 Speaker 3: right everything has been democratized. You got the ability to uh, 308 00:14:19,640 --> 00:14:22,680 Speaker 3: you know, invest from the power of your phone. I 309 00:14:22,720 --> 00:14:25,960 Speaker 3: love the YouTube and the Google University right where now 310 00:14:26,080 --> 00:14:27,520 Speaker 3: that is the number one. You ain't got to go 311 00:14:27,520 --> 00:14:29,200 Speaker 3: to Harvard. You can just go to Google and YouTube 312 00:14:29,200 --> 00:14:31,360 Speaker 3: and learn everything you really need to know. And so 313 00:14:31,440 --> 00:14:36,520 Speaker 3: I love utilizing those platforms to learn. You know, I 314 00:14:36,560 --> 00:14:39,520 Speaker 3: got a budgeting app or you know, the budgeting Excel 315 00:14:39,640 --> 00:14:41,640 Speaker 3: worksheet where you know, I need to be able to 316 00:14:41,680 --> 00:14:45,240 Speaker 3: control my inflows and outflows. Like you say crypto, I 317 00:14:45,280 --> 00:14:47,280 Speaker 3: got coin based on my phone, like at the end 318 00:14:47,320 --> 00:14:49,040 Speaker 3: of the day, Right, I think it's just a function 319 00:14:49,080 --> 00:14:52,960 Speaker 3: of saying. It starts with intentionality, it starts with education. 320 00:14:53,520 --> 00:14:56,840 Speaker 3: Then it's about you being intentional on saying I'm gonna save, 321 00:14:56,920 --> 00:14:59,240 Speaker 3: I'm going to invest, And it's just a function of 322 00:14:59,360 --> 00:15:03,160 Speaker 3: you know, learning and then putting everything you learn into practice. 323 00:15:03,560 --> 00:15:06,479 Speaker 1: Yeah, I want you to say more about this osmosis 324 00:15:06,480 --> 00:15:08,720 Speaker 1: and just you know, you may not understand everything, You 325 00:15:08,760 --> 00:15:11,000 Speaker 1: may not understand all the notifications you get on your phone, 326 00:15:11,000 --> 00:15:14,840 Speaker 1: but just being around it is helpful. Like I started 327 00:15:14,840 --> 00:15:18,000 Speaker 1: reading the annual report from Berkshire Hathaway, like especially the 328 00:15:18,080 --> 00:15:21,600 Speaker 1: Chairman's report, and even though like I'm a small, like 329 00:15:21,960 --> 00:15:27,160 Speaker 1: tiny minute shareholder there, and just seeing how he thinks 330 00:15:27,200 --> 00:15:32,000 Speaker 1: and seeing how these people think can impact you positively 331 00:15:32,320 --> 00:15:34,560 Speaker 1: and it gets you in the mindset of wealth making, 332 00:15:34,680 --> 00:15:38,360 Speaker 1: wealth generation, money making. Can you talk more about just 333 00:15:38,560 --> 00:15:41,400 Speaker 1: even though you don't understand everything that you may see 334 00:15:41,440 --> 00:15:44,360 Speaker 1: in the Wall Street Journal, read it anyway, why is 335 00:15:44,400 --> 00:15:45,240 Speaker 1: their value there? 336 00:15:48,120 --> 00:15:50,200 Speaker 2: We choose to consume what we consume. 337 00:15:50,800 --> 00:15:55,600 Speaker 3: So right, if you were to consume insert your favorite 338 00:15:55,680 --> 00:15:58,680 Speaker 3: drill wrapper and they start talking about different guns and 339 00:15:58,760 --> 00:16:01,680 Speaker 3: different drugs, first thing you're gonna do is. 340 00:16:01,600 --> 00:16:03,520 Speaker 2: What are they saying? You might google that or you 341 00:16:03,600 --> 00:16:07,520 Speaker 2: might go to what are the lyrics? Right? I say 342 00:16:07,560 --> 00:16:09,320 Speaker 2: that all to say, we choose to learn what we 343 00:16:09,360 --> 00:16:10,120 Speaker 2: want to learn. 344 00:16:10,200 --> 00:16:12,960 Speaker 3: And I think you have to be just as intentional 345 00:16:13,120 --> 00:16:15,240 Speaker 3: when it comes to learning about the stuff that actually 346 00:16:15,320 --> 00:16:18,040 Speaker 3: impacts you, which is money. Right, Like, you're not making 347 00:16:18,080 --> 00:16:20,240 Speaker 3: no money by listening to rappers. You're not making no 348 00:16:20,320 --> 00:16:23,080 Speaker 3: money by going on Shade Room and reading the comments. 349 00:16:23,320 --> 00:16:27,240 Speaker 3: But you can make money by going you know, by 350 00:16:27,280 --> 00:16:30,720 Speaker 3: reading the annual shareholders report, by going on CNBC and 351 00:16:30,800 --> 00:16:33,560 Speaker 3: Yahoo finance. Right, you have to just say, how could 352 00:16:33,560 --> 00:16:37,000 Speaker 3: I be intentional? And so to your point when you 353 00:16:37,040 --> 00:16:39,280 Speaker 3: start out, it's going to sound like a different language, 354 00:16:39,360 --> 00:16:41,440 Speaker 3: but you understand certain things as it comes. 355 00:16:41,560 --> 00:16:41,760 Speaker 2: Right. 356 00:16:41,920 --> 00:16:44,760 Speaker 3: You need to understand what happens if the FED is 357 00:16:44,840 --> 00:16:47,320 Speaker 3: lowering interest rates? What does that mean to you? Your 358 00:16:47,360 --> 00:16:50,560 Speaker 3: a borrower and all assets of whether it's borrowing money 359 00:16:50,600 --> 00:16:52,680 Speaker 3: for a car, borrowing money for a house or just 360 00:16:52,760 --> 00:16:56,320 Speaker 3: credit cards, right, you know, or your student loan money. 361 00:16:56,400 --> 00:16:57,520 Speaker 3: Like at the end of the day, you need to 362 00:16:57,600 --> 00:17:01,120 Speaker 3: understand that impact on what prices do verse when interest 363 00:17:01,200 --> 00:17:01,600 Speaker 3: rates go? 364 00:17:01,720 --> 00:17:04,240 Speaker 2: Right? And so I think the more you are. 365 00:17:04,080 --> 00:17:07,320 Speaker 3: Submerged in it, the easier you start learning to speak 366 00:17:07,320 --> 00:17:08,360 Speaker 3: the language of finance. 367 00:17:09,119 --> 00:17:12,239 Speaker 1: You know, you talked about YouTube university and you know, 368 00:17:12,480 --> 00:17:14,440 Speaker 1: being on X and you're seeing what people are doing. 369 00:17:15,119 --> 00:17:18,240 Speaker 1: There's a lot of misinformation out there too, So how 370 00:17:18,240 --> 00:17:21,320 Speaker 1: do you how do you know what's credible and not credible? 371 00:17:21,640 --> 00:17:23,240 Speaker 1: And if you're starting out. 372 00:17:24,200 --> 00:17:28,679 Speaker 3: I look at it like dating, right, I think you know, 373 00:17:28,800 --> 00:17:32,520 Speaker 3: when you are getting ready to date. You know, ladies, 374 00:17:32,560 --> 00:17:34,359 Speaker 3: y'all got that one friend that's gonna be able to 375 00:17:34,440 --> 00:17:39,880 Speaker 3: scrub the internet and find all his ex girlfriends, et cetera. Right, 376 00:17:40,600 --> 00:17:43,320 Speaker 3: you know, in the same right, like you got to 377 00:17:43,359 --> 00:17:47,399 Speaker 3: be able to go back and see does this person 378 00:17:47,440 --> 00:17:49,640 Speaker 3: have any credibility? Because to your point, it's a lot 379 00:17:49,640 --> 00:17:52,679 Speaker 3: of scams, a lot of misinformation. So I think, you know, 380 00:17:53,040 --> 00:17:54,959 Speaker 3: it boils down to the same way you would date. 381 00:17:55,000 --> 00:17:56,800 Speaker 3: You're not going to take what a person say from 382 00:17:56,840 --> 00:17:58,639 Speaker 3: face value, going to see do we got any friends 383 00:17:58,680 --> 00:18:01,320 Speaker 3: in common? You're gonna then go get a background report. 384 00:18:01,640 --> 00:18:03,840 Speaker 3: You know, what's this person car Fax? You know, do 385 00:18:03,840 --> 00:18:05,800 Speaker 3: you know this person that's that the third And it's 386 00:18:05,840 --> 00:18:07,720 Speaker 3: the same right, Like, at the end of the day, 387 00:18:07,720 --> 00:18:10,280 Speaker 3: you should never take what anybody says for face value. 388 00:18:10,480 --> 00:18:13,040 Speaker 3: You got to see if that person truly did work 389 00:18:13,040 --> 00:18:16,000 Speaker 3: where they say they worked. This person, you know, trying 390 00:18:16,000 --> 00:18:17,560 Speaker 3: to scam you or is this person really for the 391 00:18:17,600 --> 00:18:18,639 Speaker 3: people trying to put you on? 392 00:18:18,760 --> 00:18:23,119 Speaker 2: And I think you know at the moment, right, you can. 393 00:18:23,040 --> 00:18:27,240 Speaker 3: Then go to those credible websites, those the CNBC's the 394 00:18:27,320 --> 00:18:31,000 Speaker 3: Yahoo finances, right, whether it's the Charles Schwab, the e 395 00:18:31,119 --> 00:18:33,600 Speaker 3: trays right, like, they have a lot of different resources, 396 00:18:33,880 --> 00:18:36,280 Speaker 3: a lot of companies that I work with, Tia, right 397 00:18:36,280 --> 00:18:38,919 Speaker 3: if we talk of retirement, right, so far right, Like, 398 00:18:38,920 --> 00:18:42,560 Speaker 3: it's so many different companies, but right, I have no 399 00:18:42,640 --> 00:18:45,440 Speaker 3: issue with that one person that you may not heard 400 00:18:45,480 --> 00:18:48,720 Speaker 3: of having a viral post and that just kind of 401 00:18:48,800 --> 00:18:51,000 Speaker 3: makes a light bulb go off in your head. But 402 00:18:51,080 --> 00:18:54,199 Speaker 3: then now give let that give you the fuel to 403 00:18:54,240 --> 00:18:56,200 Speaker 3: then say, okay, I want to learn more about this 404 00:18:56,440 --> 00:18:59,840 Speaker 3: particular topic and then do that dive deeper and go 405 00:19:00,080 --> 00:19:00,720 Speaker 3: further into it. 406 00:19:01,400 --> 00:19:01,600 Speaker 2: Yeah. 407 00:19:01,600 --> 00:19:07,119 Speaker 1: I like that you've built some remarkable partnerships with companies 408 00:19:07,160 --> 00:19:13,640 Speaker 1: like Google or LinkedIn. How do you approach strategic building relationships? 409 00:19:13,760 --> 00:19:17,440 Speaker 1: Strategically building relationships and what advice do you get other 410 00:19:17,440 --> 00:19:20,640 Speaker 1: people who are trying to you know, collaborate with big partners. 411 00:19:20,640 --> 00:19:23,439 Speaker 1: How does this work? 412 00:19:24,440 --> 00:19:26,879 Speaker 3: I think most companies want to see a person that 413 00:19:27,080 --> 00:19:32,359 Speaker 3: is credible but also pure and genuine and what they're doing. 414 00:19:32,400 --> 00:19:36,600 Speaker 3: And so I started my business while I was a 415 00:19:36,640 --> 00:19:39,160 Speaker 3: full time entrepreneur, while I was working on Wall Street 416 00:19:39,240 --> 00:19:41,960 Speaker 3: whatever it was, right, Like, the goal is to be 417 00:19:42,560 --> 00:19:45,159 Speaker 3: a person that is adding value. And so if your 418 00:19:45,200 --> 00:19:48,960 Speaker 3: person that's adding value and have a decent following, right, 419 00:19:49,560 --> 00:19:51,479 Speaker 3: and I'm not saying hundreds of thousands, right, you can 420 00:19:51,560 --> 00:19:55,159 Speaker 3: have ten thousand followers, five thousand followers as long as 421 00:19:55,160 --> 00:19:57,480 Speaker 3: they are engaged and they and those five thousand people 422 00:19:57,520 --> 00:20:03,520 Speaker 3: are truly champions of mission, right, then those brands can 423 00:20:03,680 --> 00:20:06,560 Speaker 3: very well say, Okay, there's some value add that this 424 00:20:06,600 --> 00:20:09,879 Speaker 3: person can have. And so I started with credibility. I 425 00:20:09,920 --> 00:20:12,439 Speaker 3: started with being a champion other people in my business. 426 00:20:12,480 --> 00:20:15,240 Speaker 3: I started doing everything for free, right, And so now 427 00:20:15,280 --> 00:20:18,400 Speaker 3: brands are like, yo, we like his approach, We would 428 00:20:18,440 --> 00:20:22,040 Speaker 3: love to work with him, and whether it's creating content 429 00:20:22,080 --> 00:20:24,200 Speaker 3: for them or actually coming and speaking to their employees. 430 00:20:24,280 --> 00:20:24,440 Speaker 2: Right. 431 00:20:24,440 --> 00:20:26,280 Speaker 3: Like, at the end of the day, financial literacy is 432 00:20:26,280 --> 00:20:28,160 Speaker 3: the one thing we all need, but. 433 00:20:28,119 --> 00:20:29,160 Speaker 2: It's never taught to us. 434 00:20:29,240 --> 00:20:32,159 Speaker 3: And so you know, I found a niche in a 435 00:20:32,320 --> 00:20:37,720 Speaker 3: world where I speak. I make it more easily digestible 436 00:20:37,880 --> 00:20:41,000 Speaker 3: for the average person. Whether you're a kid, or you're 437 00:20:41,000 --> 00:20:43,960 Speaker 3: from the inner cities, or you're from a rural suburban 438 00:20:44,040 --> 00:20:46,160 Speaker 3: area and you're making ten million dollars a year, right, 439 00:20:46,200 --> 00:20:48,440 Speaker 3: if you're an athlete, it don't matter. We still need 440 00:20:48,480 --> 00:20:51,000 Speaker 3: to know these basic concepts of wealth building. 441 00:20:52,080 --> 00:20:54,840 Speaker 1: How do we approach crypto as black people? I mean, 442 00:20:54,840 --> 00:20:56,919 Speaker 1: there's studies that have shown, like you know, a lot 443 00:20:57,000 --> 00:21:00,760 Speaker 1: of black people have gotten scammed in crypto or been 444 00:21:01,080 --> 00:21:03,600 Speaker 1: uneducated investors in crypto. I don't even know if you 445 00:21:03,600 --> 00:21:05,880 Speaker 1: wouldn't call it investor at that point, but we've been 446 00:21:05,920 --> 00:21:09,640 Speaker 1: uneducated aping in to a lot of these things. How 447 00:21:09,680 --> 00:21:13,119 Speaker 1: should we approach crypto as potential investors? 448 00:21:15,000 --> 00:21:18,440 Speaker 3: I think it boils down to the same way as dating. Right, 449 00:21:19,960 --> 00:21:23,359 Speaker 3: you see that one guy, Ladies, they got the Gucci 450 00:21:23,400 --> 00:21:27,000 Speaker 3: shoes on, they done bought the table, only to find 451 00:21:27,000 --> 00:21:30,640 Speaker 3: out families living in paycheck to paycheck that kay Hed 452 00:21:30,760 --> 00:21:34,760 Speaker 3: was renting and he really living with his homeboy, his mamad. Like, look, man, 453 00:21:34,960 --> 00:21:37,280 Speaker 3: you got to actually understand what you're buying when it 454 00:21:37,359 --> 00:21:39,879 Speaker 3: comes to any asset. Know what you're buying, do the 455 00:21:39,920 --> 00:21:42,639 Speaker 3: research and understand the value ad and the use case. 456 00:21:42,920 --> 00:21:45,280 Speaker 3: So when it come to crypto, whether we talking crypto 457 00:21:45,400 --> 00:21:48,359 Speaker 3: or get rich quick schemes. When it comes to stocks, 458 00:21:48,400 --> 00:21:50,560 Speaker 3: whether that is the game Stops of the world, right 459 00:21:50,880 --> 00:21:54,960 Speaker 3: or if we're talking to the eight coins and those 460 00:21:55,040 --> 00:21:57,040 Speaker 3: coins right like, at the end of the day, know 461 00:21:57,119 --> 00:21:59,480 Speaker 3: what you're buying, know what the value add is, and 462 00:21:59,520 --> 00:22:01,639 Speaker 3: from there more research to see what it is. And 463 00:22:01,720 --> 00:22:04,600 Speaker 3: so when it comes to buying crypto, I'm going to 464 00:22:04,680 --> 00:22:06,880 Speaker 3: tell you to buy the ones that have a use 465 00:22:06,920 --> 00:22:09,520 Speaker 3: case that are the largest, whether that is the bitcoin 466 00:22:09,560 --> 00:22:12,560 Speaker 3: in the ethereums. But understand what it is, understand why 467 00:22:12,600 --> 00:22:15,280 Speaker 3: there's value in it. And if you don't truly understand it, 468 00:22:15,359 --> 00:22:18,840 Speaker 3: it's no harm loss, no harm, no filing, not buying it. 469 00:22:19,200 --> 00:22:22,240 Speaker 3: But where it becomes harmful is when you're buying things 470 00:22:22,320 --> 00:22:26,320 Speaker 3: because of the fomo, the yolo right where now you're 471 00:22:26,359 --> 00:22:29,600 Speaker 3: just buying it because you saw or heard somebody say, yo, 472 00:22:29,680 --> 00:22:31,760 Speaker 3: I just made two hundred percent returns in a day. 473 00:22:32,960 --> 00:22:35,240 Speaker 3: Now you have heard mentality and you buying stuff that 474 00:22:35,400 --> 00:22:38,760 Speaker 3: actually you were lured into buying it, right, And so 475 00:22:39,680 --> 00:22:41,920 Speaker 3: I think it boils down to doing the work understanding 476 00:22:42,520 --> 00:22:45,960 Speaker 3: the use case of the underlying asset. Right, I don't 477 00:22:45,960 --> 00:22:47,520 Speaker 3: want you to buy a penny stock. I don't want 478 00:22:47,560 --> 00:22:51,320 Speaker 3: you to buy a penny, you know, a worthless cryptocurrency, 479 00:22:51,359 --> 00:22:52,480 Speaker 3: So the same concept. 480 00:22:53,600 --> 00:22:56,960 Speaker 1: Yeah, I think that's a perfect segue into this idea 481 00:22:57,000 --> 00:23:00,560 Speaker 1: about patients. You know, you've talked about know how we 482 00:23:00,760 --> 00:23:04,760 Speaker 1: need to avoid this get rich quick mentality, and you 483 00:23:04,800 --> 00:23:08,120 Speaker 1: also talked about compounding and what that means over time, 484 00:23:08,240 --> 00:23:11,720 Speaker 1: Like you don't get wealthy overnight. Can you talk about 485 00:23:11,960 --> 00:23:14,199 Speaker 1: some of the things that you found successful when you 486 00:23:14,240 --> 00:23:16,959 Speaker 1: try to communicate, Like, you know, wealth is a you know, 487 00:23:17,119 --> 00:23:21,200 Speaker 1: generational thing. It's a long term play versus you know tomorrow. 488 00:23:21,320 --> 00:23:21,800 Speaker 1: It's all it. 489 00:23:22,960 --> 00:23:23,359 Speaker 2: I got. 490 00:23:23,520 --> 00:23:26,200 Speaker 3: I got a mentor that used to tell me say, look, man, 491 00:23:26,960 --> 00:23:32,000 Speaker 3: making money should be like watching paint dry, right, Making 492 00:23:32,080 --> 00:23:35,239 Speaker 3: long term money should be like making you know, if 493 00:23:35,240 --> 00:23:36,320 Speaker 3: you're having too much. 494 00:23:36,160 --> 00:23:39,679 Speaker 2: Fun, it ain't gonna last or or rite like. 495 00:23:40,080 --> 00:23:44,440 Speaker 3: And I say that all to say, wealth is made 496 00:23:44,760 --> 00:23:49,399 Speaker 3: long term by being diligent, being consistent, and disciplined. So 497 00:23:49,520 --> 00:23:51,800 Speaker 3: whether that is you taking one thousand dollars every month 498 00:23:51,880 --> 00:23:54,320 Speaker 3: or two hundred dollars or one hundred dollars every month, 499 00:23:55,200 --> 00:23:58,119 Speaker 3: being disciplined and consistent and growing your wealth over a 500 00:23:58,160 --> 00:24:01,480 Speaker 3: long course of time. And so I think way too 501 00:24:01,520 --> 00:24:04,040 Speaker 3: often we get on social media and you hear this 502 00:24:04,119 --> 00:24:10,159 Speaker 3: person's day trading or that person is trading cryptocurrencies or 503 00:24:10,680 --> 00:24:14,040 Speaker 3: NFTs was a big fad, right like at the end 504 00:24:14,080 --> 00:24:16,360 Speaker 3: of the day or game stop to the moon Yolo 505 00:24:16,960 --> 00:24:20,400 Speaker 3: diamond hands. Look at the end of the day, they're 506 00:24:20,640 --> 00:24:27,560 Speaker 3: very well trained marketers that go on social media and 507 00:24:27,640 --> 00:24:31,800 Speaker 3: lure you into buying different assets, right, sheeps and wolves, clothing, etc. 508 00:24:32,480 --> 00:24:35,680 Speaker 3: Unfortunately fall victim. But the true way of building wealth 509 00:24:36,640 --> 00:24:42,160 Speaker 3: is being disciplined, investing every month into create performing investments, 510 00:24:42,200 --> 00:24:47,360 Speaker 3: whether that's ets or the top companies that being the Apples, day, Amazon's, 511 00:24:47,440 --> 00:24:49,679 Speaker 3: the Microsoft's, the Googles, then. 512 00:24:49,640 --> 00:24:50,520 Speaker 2: Videos, et cetera. 513 00:24:52,680 --> 00:24:55,280 Speaker 3: And doing that over the course of time over twenty 514 00:24:55,280 --> 00:24:58,280 Speaker 3: thirty years. Right, Like we talk about generational wealth. 515 00:24:58,080 --> 00:25:01,320 Speaker 2: But you have to be you have to be willing to. 516 00:25:01,160 --> 00:25:04,919 Speaker 3: Own certain securities for generations as well in order to 517 00:25:04,920 --> 00:25:07,439 Speaker 3: truly get the wealth. So it's all about discipline, and 518 00:25:07,480 --> 00:25:10,200 Speaker 3: I think try not to fall victim to the get 519 00:25:10,280 --> 00:25:11,280 Speaker 3: rich quick schemes. 520 00:25:11,640 --> 00:25:13,720 Speaker 1: Yeah, I want you to go in there because you know, 521 00:25:13,760 --> 00:25:17,240 Speaker 1: you said a couple of times you know about you know, 522 00:25:17,280 --> 00:25:18,840 Speaker 1: and I love with you just how you just positioned 523 00:25:18,880 --> 00:25:22,000 Speaker 1: like very well trained marketers who are really good at 524 00:25:22,080 --> 00:25:25,840 Speaker 1: luring us into doing things. And can you talk about 525 00:25:26,359 --> 00:25:30,000 Speaker 1: the levels of deception that we too often fall victim 526 00:25:30,000 --> 00:25:32,199 Speaker 1: to When you see somebody on ig and see them 527 00:25:32,200 --> 00:25:35,120 Speaker 1: on TikTok and snap and they got the car, they 528 00:25:35,119 --> 00:25:39,040 Speaker 1: got the jewelry, they're wearing designer and it's really they 529 00:25:39,119 --> 00:25:40,080 Speaker 1: trying to get your money. 530 00:25:40,960 --> 00:25:46,760 Speaker 3: So there's a saying and investing where it's like the 531 00:25:46,800 --> 00:25:49,880 Speaker 3: moment everybody's talking about it, it's now too late, right, 532 00:25:50,320 --> 00:25:52,520 Speaker 3: and so you ask yourself, how is everybody. 533 00:25:52,080 --> 00:25:55,800 Speaker 2: Talking about it? It's marketing, right, Same with sports betting. 534 00:25:56,440 --> 00:25:59,439 Speaker 3: Right, I go on sport, I go on Instagram and 535 00:25:59,520 --> 00:26:03,520 Speaker 3: I see somebody made one hundred thousand dollars off a 536 00:26:03,600 --> 00:26:05,480 Speaker 3: hundred you know, one hundred dollars parlay. 537 00:26:05,600 --> 00:26:07,840 Speaker 2: Right. That is marketing. 538 00:26:07,880 --> 00:26:10,800 Speaker 3: That is enticing me to now go make a sports 539 00:26:10,840 --> 00:26:14,240 Speaker 3: bet in a parlay where the where the the you 540 00:26:14,320 --> 00:26:17,160 Speaker 3: got less than a percent rich, You got a less 541 00:26:17,160 --> 00:26:19,760 Speaker 3: than a percent chance of hitting. Right when you add 542 00:26:19,800 --> 00:26:23,240 Speaker 3: the more and more legs you add add to the parlay, right, 543 00:26:23,359 --> 00:26:26,720 Speaker 3: But that one person you thought one that's marketing, right. 544 00:26:26,760 --> 00:26:30,360 Speaker 3: And so when it's all said and done, you have 545 00:26:30,440 --> 00:26:34,480 Speaker 3: to say to yourself, right, the moment the average person 546 00:26:34,560 --> 00:26:37,440 Speaker 3: is talking about it, right, it is now too late. 547 00:26:37,480 --> 00:26:39,080 Speaker 3: And what that is is like buy the room or 548 00:26:39,119 --> 00:26:42,879 Speaker 3: selling news. And so when people are saying, oh now 549 00:26:42,920 --> 00:26:49,600 Speaker 3: it's time to buy, you know, oh now right every 550 00:26:49,680 --> 00:26:51,840 Speaker 3: time when everybody in the Auntie was talking about buying 551 00:26:51,920 --> 00:26:56,359 Speaker 3: video right and videos down now right relative And I'm 552 00:26:56,400 --> 00:26:59,600 Speaker 3: not saying that should ever deter you. Anytime you buy 553 00:26:59,600 --> 00:27:01,480 Speaker 3: a stock, I want you to go into it saying 554 00:27:01,640 --> 00:27:03,320 Speaker 3: I'm going to buy this for the long term, right, 555 00:27:03,720 --> 00:27:05,720 Speaker 3: and so in video will be higher in five. 556 00:27:05,640 --> 00:27:07,360 Speaker 2: Years no matter what the case is. I don't care 557 00:27:07,359 --> 00:27:08,560 Speaker 2: what's going on less. 558 00:27:08,359 --> 00:27:10,840 Speaker 3: The world is ending, right, and so I don't want 559 00:27:10,880 --> 00:27:13,240 Speaker 3: you right. Like so for starters, you want to go 560 00:27:13,280 --> 00:27:16,879 Speaker 3: into an investment knowing what it does, how it makes money, 561 00:27:16,880 --> 00:27:20,040 Speaker 3: what is this company's competitive advantage, what makes them better 562 00:27:20,080 --> 00:27:22,880 Speaker 3: than everybody else, and then own it for the long term. 563 00:27:22,960 --> 00:27:28,200 Speaker 3: But once you get sucked into the Reddit community, the Instagram, 564 00:27:28,320 --> 00:27:33,000 Speaker 3: the Twitter, right, there's certain ways that people are marketing 565 00:27:33,000 --> 00:27:35,160 Speaker 3: to you so that you can go buy it. That 566 00:27:35,160 --> 00:27:37,679 Speaker 3: doesn't do anything but make those people that market it 567 00:27:37,680 --> 00:27:40,720 Speaker 3: to you their value go higher then they sell it. 568 00:27:40,800 --> 00:27:42,000 Speaker 2: Right, it's pump and dumb skin. 569 00:27:43,280 --> 00:27:46,439 Speaker 1: Yeah, I want you to talk about because there's something 570 00:27:46,480 --> 00:27:49,679 Speaker 1: else to this slow growth in paint and dry, you know, 571 00:27:50,080 --> 00:27:52,239 Speaker 1: sort of thing that I think too many in our 572 00:27:52,280 --> 00:27:54,240 Speaker 1: community get caught up on. Is you know, if I 573 00:27:54,280 --> 00:27:57,720 Speaker 1: put you know, one thousand dollars away and I'm gaining 574 00:27:57,960 --> 00:28:00,560 Speaker 1: you know, one percent or half a percent, whatever it 575 00:28:00,640 --> 00:28:03,159 Speaker 1: is that I'm gaining above what I might have been 576 00:28:03,160 --> 00:28:05,800 Speaker 1: gaining before the Fed you know it did what it did, 577 00:28:06,480 --> 00:28:09,240 Speaker 1: you know in the year two, year, three year. It's 578 00:28:09,359 --> 00:28:13,560 Speaker 1: I'm talking about hundreds of dollars, not meaningful dollars. And 579 00:28:13,600 --> 00:28:18,120 Speaker 1: so when we think about we want these, we want 580 00:28:18,160 --> 00:28:20,800 Speaker 1: ten thousand turning into twenty thousand, ten twenty thousand turning 581 00:28:20,840 --> 00:28:24,720 Speaker 1: into forty. Why is that a dangerous way of thinking? 582 00:28:24,840 --> 00:28:26,240 Speaker 1: Or is it a dangerous way of thinking? 583 00:28:27,680 --> 00:28:30,640 Speaker 3: Well, here's the thing, right, there's a lost seventy two, 584 00:28:30,720 --> 00:28:34,200 Speaker 3: the rule of seventy two. Right where ten percent returns 585 00:28:34,240 --> 00:28:36,720 Speaker 3: in the s and P five hundred, your money you'll 586 00:28:36,760 --> 00:28:43,680 Speaker 3: double every seven years. So right, year seven, you just 587 00:28:43,720 --> 00:28:46,960 Speaker 3: flipped one hundred to two hundred year fourteen to to 588 00:28:47,080 --> 00:28:51,240 Speaker 3: foe twenty one, your year twenty one, you know, four 589 00:28:51,320 --> 00:28:53,479 Speaker 3: to eight to one point six, and it's just a 590 00:28:53,520 --> 00:28:56,400 Speaker 3: function of that's in twenty eight years, right, And so 591 00:28:56,880 --> 00:28:58,280 Speaker 3: I think I did it right, y'all. 592 00:28:58,120 --> 00:28:59,680 Speaker 2: Can play it back out. I might have missed it. 593 00:28:59,720 --> 00:29:01,560 Speaker 2: Who But the idea is like. 594 00:29:02,360 --> 00:29:06,760 Speaker 3: Being a stupid discipline is the name of the game, right, 595 00:29:06,840 --> 00:29:10,680 Speaker 3: Like I love the idea of investing every month, and 596 00:29:10,720 --> 00:29:14,400 Speaker 3: there's a so put it like this, right, there's something 597 00:29:14,400 --> 00:29:17,320 Speaker 3: called portfolio construction. I want you to think about this, 598 00:29:17,480 --> 00:29:19,840 Speaker 3: like when you were applying to college and your guidance 599 00:29:19,840 --> 00:29:23,160 Speaker 3: counselor told you you want to have your safety schools, 600 00:29:23,200 --> 00:29:25,840 Speaker 3: your reach schools, and your dream schools. 601 00:29:25,920 --> 00:29:26,160 Speaker 2: Right. 602 00:29:26,720 --> 00:29:31,600 Speaker 3: Safety is your just staple, your stable investment portfolio where 603 00:29:31,600 --> 00:29:35,560 Speaker 3: the vast majority of your money's at right, that is 604 00:29:35,600 --> 00:29:39,840 Speaker 3: the great blue chip stocks, That is your your ETFs, right, 605 00:29:39,960 --> 00:29:43,160 Speaker 3: your shange trade of funds, your s and P five hundreds, nasdacs, 606 00:29:43,120 --> 00:29:46,040 Speaker 3: et cetera. Right, then you got your reach and then 607 00:29:46,080 --> 00:29:49,640 Speaker 3: your dream. The reach can be right, whether it's venture 608 00:29:49,640 --> 00:29:55,240 Speaker 3: capital investments, whether that is certain portions of your crypto 609 00:29:55,480 --> 00:29:57,280 Speaker 3: but guess what. You're not gonna put one hundred percent 610 00:29:58,120 --> 00:30:01,880 Speaker 3: if you if you were a senior in college and 611 00:30:01,920 --> 00:30:04,520 Speaker 3: you got a three point GPA with a twenty seven 612 00:30:04,560 --> 00:30:08,800 Speaker 3: on the act, You're not going to only You're not 613 00:30:09,440 --> 00:30:13,600 Speaker 3: You're not going to only apply to Harvard. That is reach, 614 00:30:14,160 --> 00:30:17,239 Speaker 3: that's a dream. Instead, you're going to look at some 615 00:30:17,320 --> 00:30:20,360 Speaker 3: of your state schools, some of your YadA YadA, like 616 00:30:20,440 --> 00:30:23,240 Speaker 3: you know where you for sure should get in versus 617 00:30:23,240 --> 00:30:25,440 Speaker 3: what your dream is. And that's how you should think about. 618 00:30:25,640 --> 00:30:28,920 Speaker 3: What's something called portfolio construction. So I have no issue 619 00:30:28,960 --> 00:30:31,640 Speaker 3: with you buying certain crypto right as long as you 620 00:30:31,680 --> 00:30:34,080 Speaker 3: did the work, understand the value, and understand if this 621 00:30:34,120 --> 00:30:36,600 Speaker 3: is an investment or trade, but it should be a 622 00:30:36,640 --> 00:30:39,880 Speaker 3: smaller percentage of your overall portfolio when it comes to 623 00:30:40,360 --> 00:30:46,840 Speaker 3: thinking of it, like applying the schools. 624 00:30:45,040 --> 00:30:47,400 Speaker 1: And so on the other side of entertainment, you talked 625 00:30:47,400 --> 00:30:50,640 Speaker 1: a lot about trying to make things digestible and accessible 626 00:30:50,720 --> 00:30:54,480 Speaker 1: for our communities. How much does entertainment from the positive 627 00:30:54,560 --> 00:30:58,040 Speaker 1: side play into being able to, you know, reach your audience. 628 00:31:00,680 --> 00:31:02,960 Speaker 3: You got to meet your people with it yet, right, 629 00:31:03,000 --> 00:31:04,760 Speaker 3: so if they're on social media, you got to have 630 00:31:04,920 --> 00:31:07,040 Speaker 3: your content there you see it, from the biggest to 631 00:31:07,080 --> 00:31:07,640 Speaker 3: the smallest. 632 00:31:07,720 --> 00:31:09,320 Speaker 2: Right, you got to be able to meet your people. 633 00:31:09,360 --> 00:31:12,920 Speaker 3: Our attention spans are smaller, our screen time on our 634 00:31:12,960 --> 00:31:15,720 Speaker 3: cell phones are a lot longer. Seven eight hours is 635 00:31:15,760 --> 00:31:19,440 Speaker 3: getting insane, right, But at the same time, if you 636 00:31:19,480 --> 00:31:24,600 Speaker 3: have the ability to educate, right, educating and entertain edutainment. 637 00:31:24,640 --> 00:31:27,920 Speaker 3: Excuse me, If you got the ability to educate and entertained, 638 00:31:27,920 --> 00:31:30,920 Speaker 3: there's nothing wrong with it. I think that you know, 639 00:31:31,040 --> 00:31:34,760 Speaker 3: when we talk about building wealth in our community and 640 00:31:34,800 --> 00:31:37,000 Speaker 3: about the year twenty fifty, the media networth of a 641 00:31:37,040 --> 00:31:39,360 Speaker 3: black family's going to be zero. How do we ensure 642 00:31:39,360 --> 00:31:42,920 Speaker 3: that that never comes? It comes from everybody, right. We 643 00:31:42,960 --> 00:31:45,640 Speaker 3: need the politicians coming up with different things. We need 644 00:31:45,680 --> 00:31:50,320 Speaker 3: the teachers showing us different ways. We need the internet, 645 00:31:50,640 --> 00:31:53,400 Speaker 3: you know, financial advisors, et cetera. We need it's a 646 00:31:53,480 --> 00:31:56,000 Speaker 3: collective approach that we need everybody doing their part. And 647 00:31:56,080 --> 00:31:59,480 Speaker 3: my part is continuing to show you the way, continuing 648 00:31:59,520 --> 00:32:03,960 Speaker 3: to help educate and give people the blueprint and say, hey, 649 00:32:03,960 --> 00:32:08,320 Speaker 3: it's okay that you didn't your parents didn't have this 650 00:32:08,360 --> 00:32:10,080 Speaker 3: type of account for you, but guess what now you 651 00:32:10,160 --> 00:32:12,320 Speaker 3: know about this, So do that for your kids and 652 00:32:12,360 --> 00:32:14,280 Speaker 3: so it's just a function of you know, making sure 653 00:32:14,280 --> 00:32:19,160 Speaker 3: everybody understands that, you know, in order to be better, 654 00:32:19,360 --> 00:32:22,720 Speaker 3: we got to learn from our mistakes and actually, you know, 655 00:32:23,600 --> 00:32:25,840 Speaker 3: be intentional about building wealth in the community. 656 00:32:27,080 --> 00:32:29,959 Speaker 1: You had said, despite the fact that my children are 657 00:32:30,000 --> 00:32:31,560 Speaker 1: only one and two years old. This may have been 658 00:32:31,560 --> 00:32:34,120 Speaker 1: some time ago, you said, I speak to them about 659 00:32:34,240 --> 00:32:38,960 Speaker 1: the economy, stocks and credit scores. When they're that young, 660 00:32:39,520 --> 00:32:42,280 Speaker 1: How do you speak to them? How like what kind 661 00:32:42,320 --> 00:32:45,600 Speaker 1: of things are you saying that may be understandable at 662 00:32:45,600 --> 00:32:46,920 Speaker 1: that level. 663 00:32:47,280 --> 00:32:49,440 Speaker 3: I try to put it in their own language, but 664 00:32:49,600 --> 00:32:51,400 Speaker 3: I still talk to them like they're adults. And what 665 00:32:51,440 --> 00:32:53,640 Speaker 3: I mean by in their own language is no Google, God, 666 00:32:53,680 --> 00:32:56,560 Speaker 3: gotta talk. But something that makes it relatable to them. 667 00:32:56,600 --> 00:32:59,360 Speaker 3: And so the things that are relatable is the stuff 668 00:32:59,360 --> 00:33:03,000 Speaker 3: that they're accustomed to. So if my kid is getting 669 00:33:03,040 --> 00:33:06,040 Speaker 3: a report card now, or they're getting a report right, Hey, 670 00:33:06,080 --> 00:33:09,440 Speaker 3: your teacher told us you know you were bad in school, 671 00:33:09,480 --> 00:33:10,240 Speaker 3: that's a report. 672 00:33:10,440 --> 00:33:12,760 Speaker 2: So if I'm talking about a fight, go score, you 673 00:33:12,800 --> 00:33:13,280 Speaker 2: could put. 674 00:33:13,120 --> 00:33:14,840 Speaker 3: It in that language where it's like, hey, this is 675 00:33:14,880 --> 00:33:17,400 Speaker 3: a report card for how well you pay your bills 676 00:33:17,440 --> 00:33:19,640 Speaker 3: back or how well you pay back the money that 677 00:33:19,680 --> 00:33:20,240 Speaker 3: you borrow. 678 00:33:20,720 --> 00:33:21,200 Speaker 2: They might not. 679 00:33:21,200 --> 00:33:23,560 Speaker 3: Understand what borrowing is, but it will start to click 680 00:33:23,600 --> 00:33:24,280 Speaker 3: as we get there. 681 00:33:24,320 --> 00:33:27,640 Speaker 2: And so, you know, or if I say, hey, you 682 00:33:27,680 --> 00:33:28,840 Speaker 2: know you. 683 00:33:30,320 --> 00:33:34,440 Speaker 3: Own Amazon, right, you know the kindle that you watch 684 00:33:34,560 --> 00:33:37,120 Speaker 3: such and such on? Hey, you own this right? Not 685 00:33:37,160 --> 00:33:38,960 Speaker 3: only do you have it in your possession, but you 686 00:33:39,000 --> 00:33:41,200 Speaker 3: own the stock. And so it's just a function of 687 00:33:41,200 --> 00:33:43,280 Speaker 3: thinking about it. Like my kids are starting to think about, oh, 688 00:33:43,320 --> 00:33:45,240 Speaker 3: I want to go to this type of school, right, 689 00:33:45,400 --> 00:33:47,840 Speaker 3: My oldest just turned four a week or so ago. 690 00:33:49,040 --> 00:33:50,920 Speaker 3: Now you're just putting it in that language, But I 691 00:33:50,960 --> 00:33:53,800 Speaker 3: think that you just got to understand. At some point 692 00:33:54,000 --> 00:33:56,920 Speaker 3: it will get easier and easier for them to comprehend it. Right, 693 00:33:57,000 --> 00:33:59,400 Speaker 3: Like I put a basketball on my son hand. He 694 00:33:59,480 --> 00:34:03,680 Speaker 3: get fresh traded when he missed a shot, and I'm saying, oh, 695 00:34:03,480 --> 00:34:07,040 Speaker 3: you're shooting it too hard. It'll get only easier and 696 00:34:07,080 --> 00:34:09,439 Speaker 3: easier as he gets more reps. And the same thing 697 00:34:09,920 --> 00:34:12,960 Speaker 3: with you know, it'll get easier to comprehend and digest 698 00:34:12,960 --> 00:34:16,240 Speaker 3: the information as they get exposed to it earlier and earlier. 699 00:34:16,560 --> 00:34:19,440 Speaker 1: Yeah, I like that. You know what about parents who 700 00:34:20,320 --> 00:34:24,080 Speaker 1: are not rich or wealthy themselves? Can wealthy can non 701 00:34:24,120 --> 00:34:26,880 Speaker 1: wealthy and non rich parents teach their kids to be 702 00:34:27,040 --> 00:34:27,800 Speaker 1: rich or wealthy. 703 00:34:29,320 --> 00:34:33,360 Speaker 3: Absolutely, look, in order to build generational wealth, the generational 704 00:34:33,400 --> 00:34:35,239 Speaker 3: curse got to stop somewhere. I got to come from 705 00:34:35,239 --> 00:34:41,719 Speaker 3: that one person to be selfless and bold and disciplined 706 00:34:41,760 --> 00:34:45,000 Speaker 3: to get there, and so minimally minimal things like this, Right, 707 00:34:45,040 --> 00:34:49,480 Speaker 3: people don't understand there's such like Rome wasn't built in 708 00:34:49,520 --> 00:34:52,760 Speaker 3: a day and wealth doesn't have to start in five years. 709 00:34:52,840 --> 00:34:55,640 Speaker 2: Right, Like, there's a mindset first and foremost. 710 00:34:55,239 --> 00:34:57,719 Speaker 3: So a parent by purely saying, hey, I'm a new parent, 711 00:34:57,800 --> 00:35:00,400 Speaker 3: let me be selfless, let me get life and sh saurance. 712 00:35:01,200 --> 00:35:02,840 Speaker 2: You don't got to be rich of our own life insurance. 713 00:35:02,920 --> 00:35:06,680 Speaker 3: But when you do, eventually right pass away, you can 714 00:35:06,719 --> 00:35:09,400 Speaker 3: have a million dollar policy. Right that can give your 715 00:35:09,480 --> 00:35:11,759 Speaker 3: kids some comfort when you do pass away. Right, So 716 00:35:11,800 --> 00:35:15,000 Speaker 3: that's first step. So it's a mindset. And also there 717 00:35:15,000 --> 00:35:19,120 Speaker 3: are a lot of people that were rich or that 718 00:35:19,239 --> 00:35:21,080 Speaker 3: are rich that didn't start with money. Right, it's just 719 00:35:21,080 --> 00:35:23,000 Speaker 3: a level of discipline. Once again, we. 720 00:35:22,960 --> 00:35:26,239 Speaker 2: All can find two hundred dollars a month, that's how 721 00:35:26,280 --> 00:35:27,680 Speaker 2: much it cost to get your hair done. 722 00:35:28,440 --> 00:35:30,719 Speaker 3: Barber's costs that right now is one hundred dollars for 723 00:35:30,760 --> 00:35:33,920 Speaker 3: a haircut these days? How many drinks in the club? Right, Like, 724 00:35:33,960 --> 00:35:35,800 Speaker 3: this is just a function of where do you want. 725 00:35:36,160 --> 00:35:38,919 Speaker 3: It's about being intentional. If you want to intentionally save 726 00:35:39,360 --> 00:35:40,919 Speaker 3: and overinvest, you can get there. 727 00:35:42,000 --> 00:35:42,160 Speaker 2: Right. 728 00:35:42,200 --> 00:35:44,479 Speaker 3: The easiest way to get a raise at your job 729 00:35:44,600 --> 00:35:46,680 Speaker 3: is not going and asking your boss for raise. 730 00:35:47,400 --> 00:35:49,080 Speaker 2: It's actually cutting back expenses. 731 00:35:49,200 --> 00:35:52,880 Speaker 3: So starting with the budget, learn knowing how you know 732 00:35:52,920 --> 00:35:54,880 Speaker 3: you're spending your money. Are you over spending when it 733 00:35:54,920 --> 00:35:57,680 Speaker 3: comes to Uber and you know grub Hub and dining 734 00:35:57,800 --> 00:36:01,319 Speaker 3: out maybe dying out times less? That's an extra two 735 00:36:01,360 --> 00:36:03,760 Speaker 3: hundred dollars Now you can invest. That just a function 736 00:36:03,920 --> 00:36:06,600 Speaker 3: right of being intentional, coming up with a plan and 737 00:36:06,640 --> 00:36:07,160 Speaker 3: goal setting. 738 00:36:08,239 --> 00:36:10,640 Speaker 1: Black Tech Green Money is the production of Blavity Afro 739 00:36:10,800 --> 00:36:13,680 Speaker 1: Tech on the Black Effect podcast Networking Night Hire Media. 740 00:36:13,800 --> 00:36:17,040 Speaker 1: It's produced by Morgan Debonne and me Well Lucas, with 741 00:36:17,120 --> 00:36:20,160 Speaker 1: the digital production support by Kate McDonald, Sayah Ergan and 742 00:36:20,239 --> 00:36:23,239 Speaker 1: Jada McGee. Special thank you to Michael Davis and Lovebeach. 743 00:36:23,520 --> 00:36:25,279 Speaker 1: Learn more about my Guess and other tech. This ruff 744 00:36:25,320 --> 00:36:28,480 Speaker 1: is an innovator's at afrotech dot Com. Video version of 745 00:36:28,520 --> 00:36:31,160 Speaker 1: this episode will drop to black Tech green money on YouTube, 746 00:36:31,200 --> 00:36:34,600 Speaker 1: so tap in, enjoy your black tech green money. Share 747 00:36:34,680 --> 00:36:38,160 Speaker 1: us to somebody, Go get your money. Piece in love