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Speaker 1: And everybody is Bill Courtney with an army of normal folks.

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Speaker 1: And we continue now with part two of our conversation

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Speaker 1: with Steve Wanta. Right after these brief messages from our general.

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Speaker 2: Sponsors' exciting that's all new and fresh and no dime

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Speaker 2: plants in cubicle.

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Speaker 3: Yeah, and I got I mean, I've got a salary now.

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Speaker 1: And you're connected to like Whole Foods, which is cool totally.

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Speaker 3: You know, my job description was don't be in Austin.

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Speaker 3: That was it success?

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Speaker 1: Did you have an American base Austin and it came back.

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Speaker 3: It was like such a gift.

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Speaker 4: They'd come back to hang out in Austin for like

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Speaker 4: three days and then I would get on a plane

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Speaker 4: would go back to Guatemala. Where as a Peacequa volunteer,

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Speaker 4: it was it was it did something right in a

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Speaker 4: former life.

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Speaker 1: Yeah, and how many and how many of these? One

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Speaker 1: in Guatemala and one in Costa Rica initially.

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Speaker 3: Yeah, one in Costarica.

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Speaker 4: And then the Foundation had grand aspirations, let's get to

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Speaker 4: serve as many places as we could in the world's scale.

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Speaker 4: And so my job then became, uh, finding different similar

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Speaker 4: organizations because we realized there's tons of groups that do

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Speaker 4: this sort of stuff. We chose the hardest way first,

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Speaker 4: the biggest risk, because it's not the first loan. It's

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Speaker 4: actually built a system that can sustain itself. That is

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Speaker 4: the key to what allowed this work to scale across.

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Speaker 1: The So what do these micro loans look like in

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Speaker 1: Guatemala when you start.

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Speaker 4: Yeah, it was women buying lump sums of flour to

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Speaker 4: make tortillas. They make tortillas in their house. They would

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Speaker 4: buy chickens. So what reality of micro credit is You've

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Speaker 4: got to manage that triple whammy, low income, volatile. So

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Speaker 4: one of the ways you do that is make alone

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Speaker 4: and then they pay back frequently weekly, a little with

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Speaker 4: a little bit of interest, and that allows them to

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Speaker 4: manage cash flow so they can by the end of

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Speaker 4: their six months they can pay off the loan and

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Speaker 4: without a lot of pain.

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Speaker 1: Is there any financial literacy teaching that goes along with this,

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Speaker 1: Because if someone's never seen a pizza store only fifteen

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Speaker 1: minutes from their village, I would imagine conceptually the idea

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Speaker 1: of interest and boring and paying back when you've never

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Speaker 1: seen a lump sum together at one place in your life.

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Speaker 1: There has to be some education that goes along.

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Speaker 4: Yeah, so a lot of it is around in the

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Speaker 4: traditional micro credit model, a lot of it is around

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Speaker 4: discipline and showing it up, which in and of itself

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Speaker 4: could be really hard, especially if you have a lot

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Speaker 4: of other pressures. So in so many ways, their focus

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Speaker 4: was on keep showing up, keep showing up. So in

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Speaker 4: Guatemala when I worked with these bangladeshis of things that

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Speaker 4: we did for five days was make sure people could

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Speaker 4: show up and bring twenty five cents and then they

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Speaker 4: learned to move from their thumb print for their signature

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Speaker 4: to actually signing their name.

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Speaker 1: Wow.

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Speaker 4: So that was the context in Guatemala, and that was

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Speaker 4: the application of that like keep showing up. And you know,

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Speaker 4: for me, I know, I traveled the world for ten

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Speaker 4: years finding and funding these all across Africa. I lived

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Speaker 4: in Indonesia for six months, all with Whole Foods, and

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Speaker 4: I felt like, man, there's a huge opportunity to see

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Speaker 4: the community as the point and figure out how that

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Speaker 4: can be this beautiful source of support and transformation. So

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Speaker 4: I thought micro credit did a great job of figuring

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Speaker 4: out how to scale the transaction I wanted. I wanted

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Speaker 4: to figure out how we scale the transformation.

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Speaker 1: Give us a sense after I don't know, picking time,

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Speaker 1: twelve months, eighteen months, two years, whatever, a benchmark that

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Speaker 1: you think is reasonable that in Guatemala and Costa Rica

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Speaker 1: on this first fora into this micro credit world, that

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Speaker 1: whole food stuck, the transformation that you saw.

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Speaker 4: Yeah, there is so money challenges facing someone in rural poverty,

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Speaker 4: and there there's only so much the money can do.

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Speaker 1: That's what I was wondering. None of this is an

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Speaker 1: Alexis prop. Actually, I'm kind of chasing your story now.

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Speaker 1: I'm curious. I mean, what did this Let's be honest,

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Speaker 1: did this do any damn good?

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Speaker 4: That's what I'm going And I think this is so

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Speaker 4: micro credit often tis give you real insular community, and

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Speaker 4: there's a lot of academics that researched it. There was

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Speaker 4: really a lot of attention post Nobel Peace Prize. So

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Speaker 4: Mohammed Units won the Nobel Peace Prize a year after

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Speaker 4: we started working with them, uh and and people were

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Speaker 4: really excited. At the same time, they started to see

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Speaker 4: that micro credit mean a lot of different things a

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Speaker 4: lot different people. Units started to call the new version

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Speaker 4: of micro credit just different version of loan sharks.

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Speaker 3: So there's a lot of internal debates.

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Speaker 1: I wondered about them. Yeah, and what was interest?

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Speaker 4: So I think in Guatemala it was might have been

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Speaker 4: like it was really low costs compare comparison, like twenty percent,

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Speaker 4: but when the way it structured, they would actually only

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Speaker 4: be because they pay back principle and interest every single

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Speaker 4: week and it's being like a cost like ten percent.

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Speaker 3: So but in other places it's like seventy one hundred.

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Speaker 1: Really.

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Speaker 4: Yeah, So there's there's a couple success stories from the

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Speaker 4: capital market perspective, one in India, one in Mexico. This

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Speaker 4: group in India they serving millions, they learned from Germine,

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Speaker 4: and ultimately there was real concerns around the level of

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Speaker 4: pressure they put on really poor people to pay back.

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Speaker 4: So there was a bunch of things that came out

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Speaker 4: saying like, I don't know if this is a good thing.

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Speaker 4: In Mexico, there's a group called Compartamos and they were

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Speaker 4: the darling child.

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Speaker 3: Because they it's also scaled.

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Speaker 4: They were serving hundreds of thousands of people millions, tens

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Speaker 4: of millions of dollars.

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Speaker 3: They went public.

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Speaker 4: This micro credit institution went public in the Mexican market,

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Speaker 4: and everybody celebrated, but the next day said well, let's

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Speaker 4: look behind the curtain a little bit, and they were

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Speaker 4: charging like ninety eight percent interest.

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Speaker 1: Wow.

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Speaker 4: So one camp would argue, our job access is so important,

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Speaker 4: that our job is to serve as many people as possible.

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Speaker 3: The way we do that is be as profitable as

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Speaker 3: we can.

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Speaker 4: But there I've believed that if your focus is transformation,

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Speaker 4: then you're going to ask different questions. What the industry

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Speaker 4: did was talk about financial inclusion, how do we scale access?

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Speaker 4: Which isn't the game that I'm interested in playing, But

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Speaker 4: I also appreciate many of the things and the reasons

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Speaker 4: and how they could do that. So I think trying

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Speaker 4: to reimagine things that already exist is I think the

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Speaker 4: heart of the innovation.

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Speaker 1: I didn't mean to say this. I wasn't planning on

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Speaker 1: saying it, but what you just said reminded me of

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Speaker 1: an article that I couldn't tell you when, how long

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Speaker 1: ago or where I read it, but I do remember

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Speaker 1: reading it, and one of them was about a similar

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Speaker 1: business model to try to help people in poverty with

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Speaker 1: loan with loaning money, and this organization originally wanted to

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Speaker 1: make it easier to pay back the money because transportation.

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Speaker 1: A lot of the people they found were having to

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Speaker 1: take one day off work of productivity to travel to

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Speaker 1: pay back the money. So they said, well, well that's easy,

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Speaker 1: will allow them to keep that extra partic productivity and

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Speaker 1: we'll go to them to the collect the money. But

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Speaker 1: within three months they were started to be viewed as

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Speaker 1: like the Italian Guido coming to break your kneecaps if

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Speaker 1: you didn't pay us. And then instead of they had

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Speaker 1: ninety five percent of the people they were loaning money

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Speaker 1: to actually showing up half the people when they went

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Speaker 1: to get the money. Many of women's of the words

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Speaker 1: would show up and pay their money when they saw

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Speaker 1: you come and would run out the back door. Yes,

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Speaker 1: so it was this weird deal that the good intentions

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Speaker 1: actually screwed up the whole system. And I can't help

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Speaker 1: but wonder you know, in this micro credit lending world

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Speaker 1: that you were exploring and learning and everything that even

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Speaker 1: though it really was well intentioned. I hear you say,

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Speaker 1: But the point is we have to make money to

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Speaker 1: be able to service more people. Does the making money

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Speaker 1: end up being an impediment serving more people?

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Speaker 4: And there's a bunch of questions because this poverty is

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Speaker 4: very complex, and you know, what I've come to realize

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Speaker 4: is that there's not a silver bullet and my co

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Speaker 4: credit is important from a perspective of people need access

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Speaker 4: and if they don't have money, how do you how

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Speaker 4: do you how do you get money?

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Speaker 3: How do you build stability? How do you build wealth

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Speaker 3: without money?

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Speaker 1: Money?

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Speaker 4: So you know, in the United States were really great

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Speaker 4: at assessing people's past so we can say no to

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Speaker 4: their future. So if you compare micro credit in the

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Speaker 4: context of the United States, it's beautiful, it's it's very special.

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Speaker 4: And I think what I always saw, the thing that

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Speaker 4: I struggled with was it wasn't enough. I am deeply

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Speaker 4: impatient and I feel like it's not good enough. And

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Speaker 4: what is the magical part is this relationship that you

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Speaker 4: build with people, so you have a responsibility to keep

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Speaker 4: pushing new, more and better. And I feel like there

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Speaker 4: people are happy enough with making a bunch of loans.

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Speaker 4: I feel like that's that's not for me.

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Speaker 1: Okay, So how long did you do this for the

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Speaker 1: whole foods thing? Ten years? Wow?

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Speaker 4: I got to travel, I mean I got I got

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Speaker 4: to travel the world. But on all of round I

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Speaker 4: think probably seventy countries and got to give away money.

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Speaker 3: What's wrong with that?

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Speaker 1: Give away somebody else's money?

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Speaker 3: Totally the greatest thing, you know, and I get a

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Speaker 3: twenty percent disco on whole foods. I mean, like, what

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Speaker 3: what like, it's all all win, all up.

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Speaker 1: You have said it now three times in the last

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Speaker 1: ten minutes. This wasn't really what you were more interested

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Speaker 1: in the transformation, right.

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Speaker 3: I'm curious what you think the greatest travesty.

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Speaker 1: In the world is. You want to ask I want

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Speaker 1: to ask you that. That's fine, let's reverse roles. You

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Speaker 1: want to ask me.

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Speaker 3: What do you think the greatest travesty in the world is?

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Speaker 4: You mean historically to ever happy like or currently like,

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Speaker 4: what's the thing that kind of makes you.

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Speaker 1: That makes me bristle the most? Yeah, honestly, yeah, I

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Speaker 1: can think of two. One is that in many areas

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Speaker 1: in the East, both East Asia and the Middle East,

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Speaker 1: that women are not allowed to be educated and that

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Speaker 1: they have to live the subservient lifestyle where they're not talked. Actually,

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Speaker 1: I can think of three. And remember I do business

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Speaker 1: in forty two countries, so my perspective may be a

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Speaker 1: little different because I've traveled a lot too. A second

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Speaker 1: is that in many I mean it's really in the

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Speaker 1: true in Bombay or New Delhi, but in many cultures,

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Speaker 1: especially in and around India, rape is a way of

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Speaker 1: life and it's not even punishable. I think that is

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Speaker 1: a horrific travesty from not only what's happening to the woman,

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Speaker 1: but the children that are born of that are often ostracized.

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Speaker 1: And then the third travesty that I think that that

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Speaker 1: really worries me is uh social media has gotten us

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Speaker 1: to a place that we now believe lies about one another.

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Speaker 1: And I think that's tragic.

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Speaker 4: And I think certainly two of I think all three

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Speaker 4: of those get to what I believe this is the

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Speaker 4: greatest travesty is the loss of potential. Loss of potential

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Speaker 4: and when you think about people not have being a

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Speaker 4: access education.

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Speaker 1: Or.

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Speaker 4: Their their access to money, access technology, the idea that

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Speaker 4: someone isn't given the same opportunity to flourish, to me

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Speaker 4: is the hardest thing to get over and it has

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Speaker 4: a lot of edges to it. But I think that's

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Speaker 4: what's really driven me to leave the Foundation because I

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Speaker 4: believed when I got to ten years that I would

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Speaker 4: never reach my full potential If you would reach your

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Speaker 4: own Yeah, I wouldn't reach my own full potential if

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Speaker 4: I stayed And no, I didn't know what would be next,

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Speaker 4: but I hit the professional lottery twice.

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Speaker 1: Let's pause for just a minute, because it's a good

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Speaker 1: segue into all of the experience that led to what

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Speaker 1: you're doing now. But as an assad when you say

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Speaker 1: loss of potential is the biggest travesty in the world

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Speaker 1: in your mind, and the amount of time you've spent

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Speaker 1: in the very countries in our hemisphere, whether it's just

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Speaker 1: an enormous loss of potential which manifests itself. And believe

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Speaker 1: in multiple thousand person caravans headed towards the southern border

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Speaker 1: of our country, you know the people. You don't know

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Speaker 1: the actual people, but you know the metaphorically, you know

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Speaker 1: the people in those caravans.

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Speaker 4: Yeah, Well, in the rural village whereas a Peace Corps volunteer,

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Speaker 4: twenty percent of the community, a few thousand people had

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Speaker 4: emigrated to the United States.

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Speaker 3: Many of them illegally.

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Speaker 4: Many of them would borrow money to be able to

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Speaker 4: make that voyage there. If you're called coyotes, and you know,

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Speaker 4: more than a few funerals passed through our community for

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Speaker 4: kids that had died along that journey.

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Speaker 3: What to me is so clear is that from.

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Speaker 4: A world what a mall perspective, those were the hardest working.

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Speaker 4: Those are the people that had the greatest entrepreneurial spirit,

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Speaker 4: Those people that said, hey, there is nothing here, I've

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Speaker 4: got to provide for my family, so willingness to work hard.

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Speaker 4: Their dream is always they come back home and provide

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Speaker 4: for their family. It's this universal truth we have. We

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Speaker 4: all have dreams. We all need to figure out how

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Speaker 4: we can take steps towards those dreams.

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Speaker 3: We're not all given the same set of circumstances.

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Speaker 1: So my understanding is that a lot of these folks

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Speaker 1: would happily migrate to the United States legally if the

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Speaker 1: access to legal migration was available to them. And did

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Speaker 1: you say that was it that bad?

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Speaker 4: I don't think I had a good connection to the

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Speaker 4: understanding of how the immigration system worked. You know, just

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Speaker 4: even to apply to a visa costs you a couple

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Speaker 4: hundred bucks in Guatemala. You have to take tests and

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Speaker 4: it's very intense to get of just for tourist visa.

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Speaker 4: But I have a friend that I worked with that

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Speaker 4: whole Foods. He left and started a company that was

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Speaker 4: we're working in farm labor and helping farmers navigate that

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Speaker 4: system because there just isn't the labor necessary to provide

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Speaker 4: for our food system. So, you know, I think I

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Speaker 4: keep coming back to systems, and I love your conversation

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Speaker 4: with Darren Babcock and talking about how it's not the people,

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Speaker 4: it's our systems.

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Speaker 3: So I think about that a lot, and every.

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Speaker 4: Problem you see there's probably a system's approach that we

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Speaker 4: can make it better.

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Speaker 1: Well the reason I ask, and it may seem off topic,

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Speaker 1: but in my mind it's completely on topic because as

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Speaker 1: we go forward from where your tenures stopped and really

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Speaker 1: the crux of what we're talking about now, which will

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Speaker 1: be the rest of the time we're together, it seems

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Speaker 1: to me you're serving a lot of those very people

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Speaker 1: that you would have served in Guatemala but are now

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Speaker 1: or Costa Rica or pick a country, El Salvador, Mexico

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Speaker 1: or wherever. And you said the biggest tragedy is lost potential.

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Speaker 1: What if access and potential existed in their own countries,

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Speaker 1: I would argue, we would not have an immigration issue.

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Speaker 4: Yeah, I think there's that was actually what a lot

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Speaker 4: of USAID's strategy was is to help build and foster

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Speaker 4: local economies. You know, I think about I've worked with

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Speaker 4: a lot of folks across Africa.

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Speaker 3: And it was really clear.

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Speaker 4: One guy in particular, olowanjo at ta Challa, one of

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Speaker 4: the most amazing people in the world, and he said

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Speaker 4: very clearly, trade not AID. So there is I love

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Speaker 4: that and he's built an amazing business. And the point

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Speaker 4: there is that these systems have to work, and they're

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Speaker 4: they're multi dimensional, and it's there's not simple answers, but

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Speaker 4: there is simple commitment to the work and keep.

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Speaker 3: Because it is good. Change takes time.

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Speaker 4: So yeah, I mean I think at the end of

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Speaker 4: the day, what I think as a person, as a human,

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Speaker 4: I want to follow people's dreams. I want to be

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Speaker 4: the guide on the side and let them wherever they

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Speaker 4: want to go, wherever they want to get there. If

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Speaker 4: they have resources and some support, we will.

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Speaker 1: Be right back. You played football in high school.

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Speaker 3: You better believe it.

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Speaker 1: Yeah you said you played offensive on center? Oh good, better.

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Speaker 3: No tackling center. I'm forty eight.

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Speaker 1: Okay, can you remember your two best running plays? What

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Speaker 1: they were called? One dive? Right?

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Speaker 3: Yeap?

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Speaker 1: Yeah, say it again?

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Speaker 3: I right a gap, I think.

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Speaker 1: Yeah, So a lot of people might have said forty

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Speaker 1: four lead or thirty three counter or whatever, because back

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Speaker 1: when you and I grew up playing football, you had

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Speaker 1: to play in three or four or odd or even

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Speaker 1: indicated whether you're running running right or left, or a

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Speaker 1: gap or whatever indicated the hole you were going to

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Speaker 1: run to. Right. Yeah, that was the system. That was

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Speaker 1: how football was called. You were going to run right

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Speaker 1: or left, and you're going to run this whole or

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Speaker 1: that hole based on the play call, and you, as

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Speaker 1: an offensive lineman had to have certain responsibilities to make

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Speaker 1: that hole open up. And that's where we were going.

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Speaker 1: And that was the system. And then defenses evolved they

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Speaker 1: started taking that away, so the system of offensive football

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Speaker 1: no longer worked. So the answer was for offensive coaches,

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Speaker 1: how do we now attack these defenses that are taking

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Speaker 1: away what has worked as a football system on offense

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Speaker 1: for four or five decades, which was the wishbone, the veer,

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Speaker 1: the afloration. All right, And so the evolution of football

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Speaker 1: was we're going to spread these defensive out defenses out,

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Speaker 1: which is if you'll think about twenty years ago, when

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Speaker 1: when offensives stopped using fullbacks and tight ends as much

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Speaker 1: and started spreading out and instead of calling a play

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Speaker 1: to a specific spot against the defense, we're going to

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Speaker 1: teach a concept. And the concept is we're going to

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Speaker 1: go right, but we're going to attack whatever hole there

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Speaker 1: is on the defense. And instead of teaching kids you're

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Speaker 1: going to open up the big gap, we're going to

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Speaker 1: teach kids the concept of what we're trying to approve, attack,

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Speaker 1: and we're going to let you work it out on

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Speaker 1: the field. So the conceptually, we're definitely going to run right,

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Speaker 1: but where that hole is is going to be based

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Speaker 1: on the defense, and you have this set of rules

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Speaker 1: to create that whole. It's called conceptual football.

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Speaker 3: Cool.

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Speaker 1: That is what you see on Saturdays and Fridays on

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Speaker 1: the Sundays and Saturdays on TV. But it's what has

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Speaker 1: morphed in the high school game to the last ten years. Okay,

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Speaker 1: the systems quit because things changed. The systems no longer worked,

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Speaker 1: and so while the answers are complex, let's instead of

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Speaker 1: going from a hard, fast system that no longer works,

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Speaker 1: let's create a concept and teach people how to work

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Speaker 1: inside that construct to attack this new problem. That's football.

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Speaker 1: Love it it is my belief that many of our

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Speaker 1: systems don't work. And what you just said was the

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Speaker 1: whole reason I just went into the stot tribe is

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Speaker 1: because what you just said was the answers are complex

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Speaker 1: and very hard to figure out. I completely agree. The concepts, however,

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Speaker 1: are very simple to me. We need access. We need

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Speaker 1: to meet people where they are. The greatest tragedy of

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Speaker 1: our time.

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Speaker 3: Is lost potential.

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Speaker 1: So we need to maximize potential. So if we maximize potential,

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Speaker 1: we give people access and we meet people where they are,

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Speaker 1: those concepts are not difficult. I agree. Now, how to

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Speaker 1: attack that issue simply requires having people understand the concepts

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Speaker 1: and creating a different construct to those concepts because the

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Speaker 1: current system doesn't work. It's just slite football.

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Speaker 4: Yeah, and I'll give you it's to respond to your diatribe.

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Speaker 4: There's really systems theory that talks about simple, complicated, and complex.

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Speaker 4: I want to make a cake. You've never baked before.

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Speaker 4: You could figure out the you could read the recipe.

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Speaker 4: You can make a cake. Complicated is many pieces that

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Speaker 4: have to do the exact same thing every time your car.

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Speaker 4: The engine on your car, you've got to push the gas,

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Speaker 4: you've got to go forward. Complex is our humans raising

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Speaker 4: a kid. Traffic is also complex. So in order to

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Speaker 4: address complexity, you must address it with simplicity. And there

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Speaker 4: is a role for complicated and I think deeply about

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Speaker 4: building trust.

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Speaker 3: This is how we've evolved.

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Speaker 4: Our work is to bring a technology piece of technology.

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Speaker 3: That allows us to do the exact.

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Speaker 4: Same thing every single time, because we believe that's paramount

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Speaker 4: to building trust, that us offer a complexity of humans

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Speaker 4: with simple tools.

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Speaker 1: Okay, so we've just gone all over the place to

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Speaker 1: basically say you spent well more than ten years, but

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Speaker 1: you spent ten years plus kind of learning this thing

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Speaker 1: and you wanted to look at it from a different

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Speaker 1: way and in a different place. I think, yeah, And

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Speaker 1: so you're living an Austin, So what do you do well?

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Speaker 4: I think it's important to give a brief nod how

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Speaker 4: just the organization started and it speaks to how important

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Speaker 4: loose connections and strong ties are. So I worked with

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Speaker 4: a guy I worked with another foundation in East Timoor,

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Speaker 4: just next to Indonesia, to invest in micro credit. That

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Speaker 4: the foundation that we worked with, that executive director.

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Speaker 3: Became a mentor of Miney.

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Speaker 4: One of the most brilliant people, highest integrity they could

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Speaker 4: hope to meet.

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Speaker 3: He was business partners with venture.

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Speaker 4: Capitalists in Austin, and I was coming to the tail

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Speaker 4: end of my time. I was talking to my mentor

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Speaker 4: saying like, hey, you know, I'm struggling. I'm trying to

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Speaker 4: think what's next. And that venture capitalist came to me

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Speaker 4: and said, hey, Steve, I want to do philanthropy differently.

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Speaker 4: I've been backing entrepreneurs for thirty years. You know, We've

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Speaker 4: just have some shared background, and you know I want

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Speaker 4: to back you. You can do whatever you want as

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Speaker 4: long as it starts in Austin.

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Speaker 1: Okay, pretty cool, amazing.

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Speaker 3: And it was this this thing I did.

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Speaker 4: I did not come to him with a pitch. I

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Speaker 4: did not say, hey, this is my business plan, this

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Speaker 4: is what we're gonna.

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Speaker 1: Do with I got money, I want to do something

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Speaker 1: good and I'll back you as long as it's here.

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Speaker 4: And we said, well, we'll meet every week, we'll figure

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Speaker 4: this out together. So at the time, I'd fallen out

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Speaker 4: of love with micro credit because I wanted something. I

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Speaker 4: was about transforming lives community. It's all micro credits. It's

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Speaker 4: just a piece, not the full solution. So with that context,

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Speaker 4: with this opportunity. I said, Okay, great, let's figure something out.

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Speaker 4: And you know, flash forward, I've fallen back in love

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Speaker 4: with micro credit because if I see it for what

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Speaker 4: it is, and I believe we know what enough could be.

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Speaker 4: So when it first started, though, I was really struggling

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Speaker 4: because I didn't know what to do, and only thing

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Speaker 4: I really knew how to do was lend folks money

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Speaker 4: and get it back.

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Speaker 3: So I started explore the.

443
00:26:33,600 --> 00:26:36,640
Speaker 4: Things like I went to AA, I went to weight Watchers,

444
00:26:37,240 --> 00:26:40,399
Speaker 4: I went to other community movements that other things that

445
00:26:40,560 --> 00:26:42,200
Speaker 4: use communities a central.

446
00:26:41,880 --> 00:26:43,880
Speaker 3: Part of their of their approach.

447
00:26:44,680 --> 00:26:47,640
Speaker 4: And I try to explore as many diverse models as

448
00:26:47,640 --> 00:26:51,000
Speaker 4: I could to be inspired by what micro.

449
00:26:50,840 --> 00:26:55,720
Speaker 1: Credit could be. Wow, that's kind of cool. Yeah, that

450
00:26:56,000 --> 00:26:59,280
Speaker 1: you went to AA and White Watchers.

451
00:26:58,800 --> 00:27:01,760
Speaker 4: And so weight Watchers funny because I wrestled also growing up,

452
00:27:01,840 --> 00:27:04,600
Speaker 4: and to me, the stepping on the scale was torture.

453
00:27:05,720 --> 00:27:09,399
Speaker 4: So in weight Watchers, for those that don't know, there's

454
00:27:09,440 --> 00:27:12,600
Speaker 4: an app and you point system and track your food

455
00:27:12,960 --> 00:27:15,399
Speaker 4: and then it's like nine ninety nine a month. But

456
00:27:15,440 --> 00:27:17,880
Speaker 4: if you want to go way in, it's like fifteen

457
00:27:17,920 --> 00:27:20,520
Speaker 4: dollars a month. Even though I have to do more

458
00:27:20,560 --> 00:27:22,639
Speaker 4: I have to drive to these meetings. They know that

459
00:27:22,680 --> 00:27:25,800
Speaker 4: the community is so much value they charge for it.

460
00:27:25,880 --> 00:27:28,560
Speaker 4: And for me, it was this eye opening moment around

461
00:27:28,720 --> 00:27:32,240
Speaker 4: the use of the market's use of capitalism to really

462
00:27:32,400 --> 00:27:33,760
Speaker 4: quantify things of value.

463
00:27:34,520 --> 00:27:35,920
Speaker 3: So my traditional man, that's.

464
00:27:35,840 --> 00:27:39,800
Speaker 1: Really interesting, so interesting, that's very cool. Actually, and once again,

465
00:27:39,840 --> 00:27:40,560
Speaker 1: that's a concept.

466
00:27:40,840 --> 00:27:42,479
Speaker 3: Such a concept is a concept.

467
00:27:42,480 --> 00:27:46,960
Speaker 4: And I ended up so I saw micro credit really

468
00:27:47,040 --> 00:27:48,960
Speaker 4: is in many ways a tax on the poor because

469
00:27:49,000 --> 00:27:50,320
Speaker 4: they got to go to these group meetings.

470
00:27:50,720 --> 00:27:52,080
Speaker 3: It was making sure people repaid.

471
00:27:52,440 --> 00:27:55,439
Speaker 4: So I thought, wow, could you reimagine it's so the

472
00:27:55,480 --> 00:27:57,800
Speaker 4: whole point is that they want to show up, they

473
00:27:57,840 --> 00:27:59,800
Speaker 4: want to help their friends, they're inspired by their friends.

474
00:28:00,040 --> 00:28:03,720
Speaker 4: Weight watchers gave that aha moment for me. That's what

475
00:28:03,720 --> 00:28:06,480
Speaker 4: we've been trying to do since so just.

476
00:28:06,680 --> 00:28:11,840
Speaker 1: Was formed in twenty sixteen. And I think this is

477
00:28:11,840 --> 00:28:16,159
Speaker 1: probably website content, but it served low income black and

478
00:28:16,200 --> 00:28:21,600
Speaker 1: brown female entrepreneurs and Austin with micro finance. I mean,

479
00:28:21,680 --> 00:28:26,919
Speaker 1: that's a pretty specific goal. You want to serve black

480
00:28:26,960 --> 00:28:33,320
Speaker 1: and brown female entrepreneurs and Austin with micro finance. I'm

481
00:28:33,359 --> 00:28:37,920
Speaker 1: curious how you landed on that's what is that that's

482
00:28:37,960 --> 00:28:41,640
Speaker 1: not a creed. That's that's a that's a that's a purpose.

483
00:28:41,680 --> 00:28:46,440
Speaker 1: I guess how you landed with that purpose and why

484
00:28:47,080 --> 00:28:50,360
Speaker 1: and how you started? Yes, how you started doing that?

485
00:28:50,480 --> 00:28:53,560
Speaker 4: Yeah, so this is the first taking back to my

486
00:28:53,600 --> 00:28:55,800
Speaker 4: friends at Whole Food's Market. I knew we needed a

487
00:28:55,880 --> 00:28:58,200
Speaker 4: higher purpose from day one. We know what we're going

488
00:28:58,280 --> 00:29:00,200
Speaker 4: to do, boy, I said, whatever it is, it's going

489
00:29:00,200 --> 00:29:01,760
Speaker 4: to lead to less stress and more joy.

490
00:29:03,200 --> 00:29:04,800
Speaker 3: That's why I can put the rest of my life behind.

491
00:29:05,840 --> 00:29:09,440
Speaker 4: And in that, we started lending, and we started lending

492
00:29:10,000 --> 00:29:13,600
Speaker 4: in with Spanish speaking women because simply I spoke Spanish.

493
00:29:13,680 --> 00:29:16,320
Speaker 4: I knew there was lack of opportunities, and I ended

494
00:29:16,360 --> 00:29:18,240
Speaker 4: up being able to hire someone from the community. Because

495
00:29:18,320 --> 00:29:20,840
Speaker 4: central to all of it in this model is trust

496
00:29:21,400 --> 00:29:24,600
Speaker 4: on some level. Because we don't check credit, you don't

497
00:29:24,720 --> 00:29:26,520
Speaker 4: have to have a bank account, like, all of those

498
00:29:26,560 --> 00:29:31,760
Speaker 4: things are really important to giving people money and getting

499
00:29:31,760 --> 00:29:34,680
Speaker 4: it back. So when we first started, it was really

500
00:29:34,720 --> 00:29:36,960
Speaker 4: this deep commitment to say, let's figure out who we're

501
00:29:36,960 --> 00:29:37,520
Speaker 4: going to be.

502
00:29:38,400 --> 00:29:39,760
Speaker 3: So we set a goal.

503
00:29:39,960 --> 00:29:43,840
Speaker 4: Goals are really important helping you have targets and directions.

504
00:29:43,880 --> 00:29:46,880
Speaker 4: So Yvonne, the first woman I had the fortune to hire,

505
00:29:47,200 --> 00:29:49,240
Speaker 4: we said let's go find one hundred women in Austin.

506
00:29:49,320 --> 00:29:50,360
Speaker 3: We'll see what we learned from that.

507
00:29:51,360 --> 00:29:53,719
Speaker 4: So she ran around knocking on doors. We ended up

508
00:29:53,760 --> 00:29:57,560
Speaker 4: having fourteen different small groups. Our only thing that we

509
00:29:57,680 --> 00:30:00,440
Speaker 4: promised to them was we'd give you some money. We

510
00:30:00,440 --> 00:30:03,600
Speaker 4: would meet every week together and we would something valuable.

511
00:30:03,640 --> 00:30:07,680
Speaker 4: We get some valuable experience. We had no experience. We

512
00:30:07,680 --> 00:30:09,720
Speaker 4: had to build it. Every Friday, we get together, what

513
00:30:09,760 --> 00:30:13,800
Speaker 4: are gonna do next week? And we went through ji.

514
00:30:14,000 --> 00:30:17,040
Speaker 4: I went to fourteen meetings Monday through Thursday across this

515
00:30:17,640 --> 00:30:21,240
Speaker 4: Austin and that was going to have to happen forever

516
00:30:22,640 --> 00:30:24,760
Speaker 4: for us to scale this work or to grow this work.

517
00:30:24,840 --> 00:30:27,520
Speaker 4: So what was very clear was that was more stress

518
00:30:27,560 --> 00:30:31,520
Speaker 4: and less joy. As beautiful as those relationships were, it

519
00:30:31,520 --> 00:30:34,520
Speaker 4: was very stressful driving across town. And then what we

520
00:30:34,640 --> 00:30:37,960
Speaker 4: more importantly, we learned two other things that they had

521
00:30:37,960 --> 00:30:39,200
Speaker 4: the gability to lead.

522
00:30:39,960 --> 00:30:41,640
Speaker 3: They didn't need me to show up.

523
00:30:42,480 --> 00:30:45,640
Speaker 4: And when we talk about dreams and they would say

524
00:30:45,640 --> 00:30:49,720
Speaker 4: their dream is to help their community. From there is

525
00:30:49,760 --> 00:30:53,520
Speaker 4: what emerged our innovation on traditional micro credit from around

526
00:30:53,520 --> 00:30:57,840
Speaker 4: the world for Texas, it is the just Entrepreneur Trust agent,

527
00:30:58,200 --> 00:31:02,600
Speaker 4: the Jetta. Jetta often say she's she's not a Star

528
00:31:02,640 --> 00:31:03,880
Speaker 4: Wars Jedi, but she is.

529
00:31:04,280 --> 00:31:06,640
Speaker 1: Check, got it. That's I got to play on Merge

530
00:31:06,640 --> 00:31:07,640
Speaker 1: for sure. It's pretty cool.

531
00:31:07,800 --> 00:31:09,320
Speaker 3: So she now.

532
00:31:09,560 --> 00:31:12,360
Speaker 4: In twenty seventeen, we started with that approach where we said, hey,

533
00:31:12,400 --> 00:31:14,240
Speaker 4: you guys totally have the ability to lead.

534
00:31:14,400 --> 00:31:15,320
Speaker 3: You have total agency.

535
00:31:15,520 --> 00:31:17,760
Speaker 4: You get to decide who joins your small support group

536
00:31:17,840 --> 00:31:22,080
Speaker 4: like EO or YPO for the business community. Uh, and

537
00:31:22,280 --> 00:31:25,960
Speaker 4: will will trust you. You are extension of trust, so

538
00:31:25,960 --> 00:31:29,040
Speaker 4: we will lend one hundred percent of the time. We

539
00:31:29,080 --> 00:31:31,240
Speaker 4: don't check credit, don't have to bank account.

540
00:31:31,560 --> 00:31:33,800
Speaker 1: I don't understand that. Don't check credit pard.

541
00:31:34,720 --> 00:31:36,560
Speaker 3: So credit scores in the United States.

542
00:31:36,760 --> 00:31:41,360
Speaker 4: Our system, like I think credit system, our system in

543
00:31:41,400 --> 00:31:45,040
Speaker 4: the United States is very that concept is very rigid.

544
00:31:46,160 --> 00:31:47,120
Speaker 3: Uh, you know bank.

545
00:31:47,160 --> 00:31:49,120
Speaker 1: But did we just use the word system and concept

546
00:31:49,800 --> 00:31:54,120
Speaker 1: of course? Yeah, it's interesting. So that the if you

547
00:31:54,200 --> 00:31:56,520
Speaker 1: start paying attention to how many times we use that

548
00:31:56,560 --> 00:31:59,760
Speaker 1: word when talking about stuff, it will blow your mind

549
00:32:00,040 --> 00:32:02,560
Speaker 1: started paying attention to it. But it is the concept

550
00:32:02,680 --> 00:32:06,040
Speaker 1: of that. The concept is very rigid.

551
00:32:06,040 --> 00:32:10,400
Speaker 4: And it's designed to protect the money and so totally understandable.

552
00:32:10,560 --> 00:32:13,000
Speaker 4: Don't get mad at the reality. Let's just let's work

553
00:32:13,040 --> 00:32:15,920
Speaker 4: with it. So you know, FIGHTO came in. I think

554
00:32:15,960 --> 00:32:19,840
Speaker 4: it's like nineteen ninety six, to be fair, and it

555
00:32:19,880 --> 00:32:22,880
Speaker 4: makes total sense. Let's be fair. The trick here is

556
00:32:23,280 --> 00:32:26,160
Speaker 4: the way to be fair is tosess someone's past. So

557
00:32:26,200 --> 00:32:29,120
Speaker 4: if you lead up to that moment you've never had access,

558
00:32:29,600 --> 00:32:32,920
Speaker 4: then how of a sudden is that system fair? So

559
00:32:33,200 --> 00:32:39,120
Speaker 4: for us, the credit score is or any data, how

560
00:32:39,200 --> 00:32:41,360
Speaker 4: much money that in their bank account, any of that

561
00:32:42,480 --> 00:32:48,520
Speaker 4: are things that will not allow you to trust their potential.

562
00:32:50,200 --> 00:32:52,920
Speaker 4: So we also actually very much need to get repaid.

563
00:32:53,320 --> 00:32:55,440
Speaker 4: So I say this to the bankers to make them uncomfortable.

564
00:32:56,080 --> 00:32:59,479
Speaker 4: They want to understand. Just so I say, imagine one

565
00:32:59,600 --> 00:33:01,800
Speaker 4: hundred some of the people that walk through your branch.

566
00:33:01,880 --> 00:33:03,520
Speaker 3: You must say yes one hundred.

567
00:33:03,240 --> 00:33:06,160
Speaker 4: Percent of the time and get repaid nearly one hundred

568
00:33:06,160 --> 00:33:09,719
Speaker 4: percent of the time. And so much of it is

569
00:33:09,800 --> 00:33:13,120
Speaker 4: actually rooted in how goes back to that triple whammy

570
00:33:13,160 --> 00:33:17,080
Speaker 4: effect and why credit is so important, and why the

571
00:33:17,240 --> 00:33:20,080
Speaker 4: design of how you get repaid is so important. So

572
00:33:20,120 --> 00:33:22,560
Speaker 4: there's all these little nuances. I had the fortune of

573
00:33:22,680 --> 00:33:25,120
Speaker 4: learning and studying deeply for ten years.

574
00:33:31,000 --> 00:33:58,120
Speaker 1: We'll be right back. So what is a typical loan size, so.

575
00:33:58,080 --> 00:34:01,480
Speaker 4: It's very prescriptive. Our first loan is a maximum of

576
00:34:01,520 --> 00:34:04,440
Speaker 4: seven hundred and fifty dollars. They pay us back weekly.

577
00:34:04,960 --> 00:34:09,000
Speaker 4: The total click interest or none. The total cost to

578
00:34:09,040 --> 00:34:12,600
Speaker 4: that that for that loan is fifteen dollars. So they

579
00:34:12,640 --> 00:34:14,839
Speaker 4: pay us back in thirteen weeks. They pay us back

580
00:34:14,840 --> 00:34:18,200
Speaker 4: seven and sixty five dollars. Average week of payment's.

581
00:34:17,880 --> 00:34:21,400
Speaker 3: About sixty bucks nothing, So there's no fees.

582
00:34:21,560 --> 00:34:24,200
Speaker 4: The reality is, I'd like to say, in business terms,

583
00:34:24,200 --> 00:34:26,360
Speaker 4: that's known as a really bad business does that?

584
00:34:26,440 --> 00:34:28,400
Speaker 1: Why do you charge that fifteen dollars?

585
00:34:28,680 --> 00:34:31,280
Speaker 3: It's actually interest, it's a in a it's a APR

586
00:34:31,719 --> 00:34:32,400
Speaker 3: fifteen percent.

587
00:34:32,880 --> 00:34:33,680
Speaker 1: Okay, So.

588
00:34:35,120 --> 00:34:38,040
Speaker 4: Because first loans are test loans for both of us,

589
00:34:38,680 --> 00:34:43,200
Speaker 4: subsequently loans extend to six months and they'll go, I'll

590
00:34:43,200 --> 00:34:46,240
Speaker 4: whip to seventy five hundred dollars and it's on average

591
00:34:46,280 --> 00:34:47,080
Speaker 4: it's like four percent.

592
00:34:47,080 --> 00:34:49,000
Speaker 3: Of principle is the interests.

593
00:34:48,640 --> 00:34:51,719
Speaker 4: To expend to them after seventy five hundred, we say,

594
00:34:51,760 --> 00:34:54,200
Speaker 4: if you want more money, that's great. There's probably a

595
00:34:54,280 --> 00:34:56,400
Speaker 4: couple of things that would be helpful that everybody can do.

596
00:34:56,400 --> 00:34:59,320
Speaker 4: You can do your taxes, you can register your business

597
00:34:59,440 --> 00:35:01,720
Speaker 4: that is just a simple signal to us that you're committed.

598
00:35:02,440 --> 00:35:04,640
Speaker 4: So we'll extend alone. All we up to fifteen thousand

599
00:35:05,840 --> 00:35:09,680
Speaker 4: paid back now over a year and same sort of

600
00:35:09,760 --> 00:35:10,919
Speaker 4: weekly payments.

601
00:35:11,320 --> 00:35:17,960
Speaker 1: So it's these first groups, these first groups of fourteen.

602
00:35:18,200 --> 00:35:20,320
Speaker 3: One hundred and six hundred and six pioneering.

603
00:35:20,080 --> 00:35:23,439
Speaker 1: Entrepreneurs, one hundred and six pioneer what did they want

604
00:35:23,440 --> 00:35:25,880
Speaker 1: the money for? Give me just examples.

605
00:35:26,120 --> 00:35:26,719
Speaker 3: Yeah, so.

606
00:35:28,400 --> 00:35:30,840
Speaker 4: This is you got to put the money work immediately

607
00:35:30,840 --> 00:35:33,399
Speaker 4: you're gonna start paying us back. So one woman that

608
00:35:34,360 --> 00:35:37,360
Speaker 4: went on to be easily the most successful just entrepreneur

609
00:35:38,719 --> 00:35:42,520
Speaker 4: have bought and sold jewelry and she had a clear

610
00:35:42,560 --> 00:35:46,440
Speaker 4: distribution strategy, so she beautiful story. And then other folks

611
00:35:46,840 --> 00:35:52,280
Speaker 4: did cleaning, a lot of cosmetology, hair and nails, buying

612
00:35:52,280 --> 00:35:53,360
Speaker 4: and selling stuff.

613
00:35:53,760 --> 00:35:55,960
Speaker 3: So there's a range of.

614
00:35:55,880 --> 00:35:59,879
Speaker 4: Folks from the side hustler trying to make ends meet

615
00:36:00,080 --> 00:36:02,920
Speaker 4: to someone that has a clear vision for business of

616
00:36:02,960 --> 00:36:04,120
Speaker 4: her dreams.

617
00:36:05,120 --> 00:36:08,240
Speaker 1: And would you would these groups sit and talk about

618
00:36:08,440 --> 00:36:11,960
Speaker 1: challenges openly and bounce ideas off each other. Is that

619
00:36:12,040 --> 00:36:15,319
Speaker 1: what the community groups were for that you were driving to.

620
00:36:15,680 --> 00:36:19,000
Speaker 4: That was the hope that they would see this as

621
00:36:19,040 --> 00:36:22,960
Speaker 4: a source of safety, of support.

622
00:36:22,760 --> 00:36:24,080
Speaker 3: Encouragement, encouragement.

623
00:36:24,239 --> 00:36:28,520
Speaker 4: So we started simple goal setting concept and together we

624
00:36:28,600 --> 00:36:31,360
Speaker 4: learned the ton You know, I learned a tremendous amount

625
00:36:31,880 --> 00:36:34,320
Speaker 4: of what it meant to be, you know, a single

626
00:36:34,320 --> 00:36:36,759
Speaker 4: mom trying to make ends meet with a with a business.

627
00:36:37,520 --> 00:36:40,680
Speaker 4: So that was what we've been trying to anchor the

628
00:36:41,840 --> 00:36:46,840
Speaker 4: group experience around how we create mental slack for planning

629
00:36:46,840 --> 00:36:48,920
Speaker 4: for our future selves. Because what we already know is

630
00:36:48,960 --> 00:36:52,719
Speaker 4: if you're operating from a place of scarcity, you make

631
00:36:52,800 --> 00:36:56,160
Speaker 4: more myopic decisions. You will pick what's right in front

632
00:36:56,160 --> 00:36:58,759
Speaker 4: of you to be able to focus on that, and

633
00:36:58,800 --> 00:37:02,239
Speaker 4: those are oftentimes decisions that may not be the best for.

634
00:37:02,160 --> 00:37:02,919
Speaker 3: Our future self.

635
00:37:03,960 --> 00:37:05,560
Speaker 4: So the whole thing that we try to do is

636
00:37:05,600 --> 00:37:08,399
Speaker 4: manufacture that mental slack, and that community is a big

637
00:37:08,440 --> 00:37:10,560
Speaker 4: part of making that possible.

638
00:37:10,600 --> 00:37:14,280
Speaker 1: I like that mental slack, the ability to just exhale

639
00:37:14,520 --> 00:37:17,000
Speaker 1: and think about something beyond Friday.

640
00:37:17,080 --> 00:37:17,480
Speaker 3: Yeah.

641
00:37:17,560 --> 00:37:19,239
Speaker 4: So actually that's one of the things we tried. All

642
00:37:19,280 --> 00:37:23,080
Speaker 4: these little tiny things we try to do based based

643
00:37:23,120 --> 00:37:25,000
Speaker 4: on our theory of change, and one of them, as

644
00:37:25,040 --> 00:37:27,160
Speaker 4: we pause at the beginning of every meeting and we

645
00:37:27,280 --> 00:37:30,680
Speaker 4: breathe together three times and then we share one word

646
00:37:30,719 --> 00:37:32,239
Speaker 4: with you know how we feel what's going.

647
00:37:32,160 --> 00:37:34,960
Speaker 1: On in our life. That's very cool, all right. So

648
00:37:35,000 --> 00:37:40,080
Speaker 1: that's how it started. And then you said in twenty seventeen, you.

649
00:37:40,200 --> 00:37:41,960
Speaker 3: Said the Jeta.

650
00:37:42,040 --> 00:37:45,160
Speaker 4: We launched the Jetta approach weight one hundred women and

651
00:37:45,200 --> 00:37:47,560
Speaker 4: we said, Yo, this is over. Or if you guys

652
00:37:47,600 --> 00:37:49,279
Speaker 4: want to continue with us, you're going to become a

653
00:37:49,360 --> 00:37:51,720
Speaker 4: Jedda or wait for a Jetta to invite you into herb.

654
00:37:53,160 --> 00:37:54,279
Speaker 1: That's what we're doing.

655
00:37:54,400 --> 00:37:57,000
Speaker 4: But when I'm not doing this anymore, Yeah, because the

656
00:37:57,040 --> 00:38:00,880
Speaker 4: alternative is like, well we'll go do like micro private equity.

657
00:38:01,080 --> 00:38:04,439
Speaker 1: Well, plus, if it's required for you to go, there's

658
00:38:04,440 --> 00:38:06,480
Speaker 1: no way to scale that. There's only so much of

659
00:38:06,520 --> 00:38:07,279
Speaker 1: you that can go around.

660
00:38:07,360 --> 00:38:09,800
Speaker 4: You can scale it, but it becomes a very linear

661
00:38:09,880 --> 00:38:15,200
Speaker 4: type of scaling, very cost They're very labor intensive, very intense,

662
00:38:16,160 --> 00:38:18,839
Speaker 4: and that would not be the way to deliver something

663
00:38:18,880 --> 00:38:20,040
Speaker 4: with less stress and more joy.

664
00:38:20,080 --> 00:38:21,399
Speaker 3: And more importantly, I.

665
00:38:21,320 --> 00:38:26,360
Speaker 4: Think there's a massive upside from people having autonomy and

666
00:38:26,440 --> 00:38:29,040
Speaker 4: the ability to be creative, and our traditional micro credit

667
00:38:29,040 --> 00:38:32,080
Speaker 4: system is very rigid. So this has introduced a whole

668
00:38:32,120 --> 00:38:36,200
Speaker 4: bunch of creativity that has sense brought us into a

669
00:38:36,280 --> 00:38:39,000
Speaker 4: very different version of what we're trying to build.

670
00:38:38,840 --> 00:38:43,560
Speaker 1: Across Texas, all right, So the Jetta Jetta.

671
00:38:43,160 --> 00:38:46,640
Speaker 4: So she's the first couple of times we're given. You know,

672
00:38:46,680 --> 00:38:48,960
Speaker 4: I'm writing checks at this point, I'm driving to these

673
00:38:48,960 --> 00:38:53,200
Speaker 4: meetings to inaugurate these groups. And we would talk about

674
00:38:53,239 --> 00:38:57,319
Speaker 4: what it meant to set goals, accomplish them not and

675
00:38:57,560 --> 00:38:59,680
Speaker 4: people would say, I feel terrible when that happens, and

676
00:38:59,719 --> 00:39:02,160
Speaker 4: the I would say, oh no, it's this great opportunity

677
00:39:02,200 --> 00:39:04,840
Speaker 4: to learn. So there's all these little things that we

678
00:39:04,880 --> 00:39:06,799
Speaker 4: would say to each other's three of us at just

679
00:39:06,880 --> 00:39:09,280
Speaker 4: at the time, and we're like, this might actually work.

680
00:39:10,800 --> 00:39:13,759
Speaker 4: Because what you started to see was people planning differently

681
00:39:13,840 --> 00:39:15,120
Speaker 4: because they could trust the money.

682
00:39:15,160 --> 00:39:17,080
Speaker 3: But you also saw what.

683
00:39:17,239 --> 00:39:21,880
Speaker 4: They loved about the organization was compassion and caring because

684
00:39:22,160 --> 00:39:24,759
Speaker 4: we knew we could always figure out a plan to

685
00:39:24,800 --> 00:39:29,920
Speaker 4: get repaid if there's deep trust. So we hit the

686
00:39:29,920 --> 00:39:34,200
Speaker 4: pandemic in everybody thought it was just going to be a.

687
00:39:34,160 --> 00:39:35,440
Speaker 3: Week long experience.

688
00:39:35,640 --> 00:39:38,799
Speaker 4: Two weeks, right, So if you remember, it's March and

689
00:39:38,880 --> 00:39:43,399
Speaker 4: to March that the shelter and order, Shelter and order

690
00:39:43,560 --> 00:39:45,520
Speaker 4: was happening across the country and Austin, the same thing

691
00:39:45,960 --> 00:39:48,640
Speaker 4: we had about eight hundred clients at the time. It's

692
00:39:48,640 --> 00:39:50,960
Speaker 4: spent three years building those relationships with them, and we

693
00:39:50,960 --> 00:39:54,319
Speaker 4: were really concerned about the first of April bills come.

694
00:39:55,120 --> 00:39:57,040
Speaker 3: So we said, hey, what can we do.

695
00:39:58,200 --> 00:40:01,000
Speaker 4: We thought we could give up personal loan and do

696
00:40:01,080 --> 00:40:02,799
Speaker 4: it a little bit differently, but there was a real

697
00:40:03,160 --> 00:40:08,160
Speaker 4: clear problem. We didn't have the money. So organization did

698
00:40:08,200 --> 00:40:09,640
Speaker 4: not have the money. We did not have eight hundred

699
00:40:09,680 --> 00:40:11,600
Speaker 4: thousand dollars to just go lend out with. We have

700
00:40:11,719 --> 00:40:13,440
Speaker 4: no proof that we get back because we were no

701
00:40:13,520 --> 00:40:15,800
Speaker 4: longer going to invest in their business. We're going to

702
00:40:15,840 --> 00:40:19,840
Speaker 4: say here's here's a band aid for this moment that

703
00:40:19,920 --> 00:40:21,160
Speaker 4: we think is going to be pretty hard.

704
00:40:21,880 --> 00:40:22,360
Speaker 1: Interesting.

705
00:40:22,440 --> 00:40:24,120
Speaker 4: So as a team, this is back to I think

706
00:40:24,120 --> 00:40:27,200
Speaker 4: when you talk about values and organization values, how do

707
00:40:27,200 --> 00:40:30,000
Speaker 4: you use them to make decisions. So we as a team,

708
00:40:30,040 --> 00:40:32,600
Speaker 4: there's probably like seven of us at the time, we said,

709
00:40:32,800 --> 00:40:33,359
Speaker 4: what do we do?

710
00:40:33,760 --> 00:40:34,640
Speaker 3: There's two options.

711
00:40:35,360 --> 00:40:37,200
Speaker 4: We can we've got some money, we can go and

712
00:40:37,239 --> 00:40:40,560
Speaker 4: find people that want that money and then work to

713
00:40:40,600 --> 00:40:41,920
Speaker 4: get more money and then we get bring in a

714
00:40:41,960 --> 00:40:45,719
Speaker 4: few more people, or we tell everybody, tell all eight

715
00:40:45,760 --> 00:40:48,520
Speaker 4: hundred of our clients that this is what we want

716
00:40:48,560 --> 00:40:50,440
Speaker 4: to do, so what we'll try to do, but we

717
00:40:50,440 --> 00:40:54,600
Speaker 4: don't know if or when it'll ever be open. So

718
00:40:54,640 --> 00:40:56,920
Speaker 4: we debated as a team, and we landed on the

719
00:40:56,960 --> 00:40:59,479
Speaker 4: second option, where we would tell everybody because we thought

720
00:40:59,480 --> 00:41:03,520
Speaker 4: that was a way to build most trust transparently, tell

721
00:41:03,520 --> 00:41:05,600
Speaker 4: them what our challenges were, and then work our tail

722
00:41:05,719 --> 00:41:09,720
Speaker 4: off to fulfill that promise. So four hundred and seventy

723
00:41:09,760 --> 00:41:13,319
Speaker 4: two women said yeah, I want your money, and we

724
00:41:13,719 --> 00:41:17,200
Speaker 4: out of eight out of eight hundred sixty percent, so

725
00:41:17,560 --> 00:41:21,439
Speaker 4: we got that. We did four hundred and seventy two

726
00:41:21,480 --> 00:41:24,040
Speaker 4: thousand dollars in loans in a week.

727
00:41:24,640 --> 00:41:25,360
Speaker 3: We got the money.

728
00:41:26,239 --> 00:41:29,040
Speaker 1: We made the loans that had to put you pretty

729
00:41:29,080 --> 00:41:31,439
Speaker 1: thin on your own balance sheet for sure.

730
00:41:31,560 --> 00:41:35,120
Speaker 4: At the time that was represented fifty percent.

731
00:41:34,840 --> 00:41:35,640
Speaker 3: Of our portfolio.

732
00:41:35,840 --> 00:41:36,200
Speaker 1: Wow.

733
00:41:36,480 --> 00:41:40,800
Speaker 4: And we were paid ninety nine percent of that money.

734
00:41:41,080 --> 00:41:45,520
Speaker 4: Of that emergency loan personal loan capital, we got repaid

735
00:41:45,600 --> 00:41:46,680
Speaker 4: ninety nine percent of the time.

736
00:41:47,239 --> 00:41:47,799
Speaker 1: Wow.

737
00:41:48,360 --> 00:41:53,680
Speaker 4: And that was Unfortunately, that experience made us for a

738
00:41:53,719 --> 00:41:57,520
Speaker 4: moment forget how important building the community was. We saw

739
00:41:57,640 --> 00:42:00,680
Speaker 4: that the money was part of the answer, and we

740
00:42:01,000 --> 00:42:03,319
Speaker 4: thought we could do more of that sort of work

741
00:42:03,400 --> 00:42:06,480
Speaker 4: lead with money. When reality we have come back and

742
00:42:06,520 --> 00:42:09,440
Speaker 4: We've learned a number of lessons over the years that

743
00:42:09,520 --> 00:42:11,759
Speaker 4: we have to deeply root in community.

744
00:42:11,800 --> 00:42:12,839
Speaker 3: Those Jetos are the best.

745
00:42:13,239 --> 00:42:15,279
Speaker 1: It was probably the love of the community that got

746
00:42:15,320 --> 00:42:16,799
Speaker 1: you ninety nine percent of the money. Yeah.

747
00:42:16,800 --> 00:42:17,360
Speaker 3: Absolutely.

748
00:42:17,560 --> 00:42:20,920
Speaker 4: And so now we're actually in Houston, we're in Dallas,

749
00:42:21,239 --> 00:42:25,319
Speaker 4: we've got work in Olpasso. We've got a couple hundred

750
00:42:25,360 --> 00:42:30,240
Speaker 4: entrepreneurs in Olpasso with fifty Jettas and no staff.

751
00:42:31,120 --> 00:42:31,440
Speaker 1: Really.

752
00:42:31,920 --> 00:42:35,359
Speaker 4: Yeah, one woman from lub had heard about us through

753
00:42:35,360 --> 00:42:37,920
Speaker 4: a friend in El Paso and drove five hours twice

754
00:42:38,600 --> 00:42:42,399
Speaker 4: to become a Jetta and opasso in Lubbock. So you're

755
00:42:42,400 --> 00:42:45,759
Speaker 4: starting to see trust spread in these really interesting sort

756
00:42:45,800 --> 00:42:48,799
Speaker 4: of ways, because that Jetta is magical.

757
00:42:50,160 --> 00:43:00,279
Speaker 1: So tell me, now, almost ten years later, tell me

758
00:43:00,640 --> 00:43:12,759
Speaker 1: what just looks like today, And tell me you said

759
00:43:13,120 --> 00:43:15,440
Speaker 1: I'm gonna screw it up. So I'm gonna let you repeter. Timmy,

760
00:43:15,480 --> 00:43:18,640
Speaker 1: you said one of the reasons you left the whole

761
00:43:18,680 --> 00:43:21,680
Speaker 1: foods thing is because you wanted to see there's.

762
00:43:21,480 --> 00:43:24,440
Speaker 3: A word you used, knew more better.

763
00:43:25,040 --> 00:43:28,200
Speaker 1: Well, no, it was you wanted to see transformation, transformation

764
00:43:28,239 --> 00:43:31,080
Speaker 1: that scale. So tell me on the transformation. Well, first,

765
00:43:31,080 --> 00:43:33,760
Speaker 1: tell me what just looks like now from this beginning

766
00:43:34,440 --> 00:43:40,760
Speaker 1: and getting through COVID and give us some transformational stories.

767
00:43:40,800 --> 00:43:44,560
Speaker 4: Yeah, right, So we're we've done since inception, we've done

768
00:43:44,760 --> 00:43:46,640
Speaker 4: forty one million dollars in loans.

769
00:43:47,120 --> 00:43:53,080
Speaker 1: Forty one million from what was the first nesting.

770
00:43:55,280 --> 00:43:59,680
Speaker 4: So the additional co founder, Bill Wood, he committed like

771
00:44:00,000 --> 00:44:01,920
Speaker 4: seven or fifty thousand dollars to start.

772
00:44:02,440 --> 00:44:04,959
Speaker 3: He reinvested again, and then since then.

773
00:44:04,880 --> 00:44:09,800
Speaker 4: We've been able to access foundation capital, some government money,

774
00:44:09,920 --> 00:44:10,760
Speaker 4: some bank money.

775
00:44:11,120 --> 00:44:15,040
Speaker 1: So forty one milik that doesn't stop fills, not like

776
00:44:15,200 --> 00:44:16,920
Speaker 1: that's a whole lot of micro loans.

777
00:44:17,160 --> 00:44:19,520
Speaker 4: So we'll do fifteen million dollars of micro loans this

778
00:44:19,600 --> 00:44:21,760
Speaker 4: year average loan side about fifteen hundred dollars.

779
00:44:21,960 --> 00:44:25,160
Speaker 1: Fifteen million in what and still no credit check?

780
00:44:25,280 --> 00:44:27,240
Speaker 3: No, no, I definitely don't know how to check.

781
00:44:27,040 --> 00:44:30,680
Speaker 1: Credit and what's your payback per some ninety nine point

782
00:44:30,960 --> 00:44:32,600
Speaker 1: that's probably better than a traditional bank.

783
00:44:32,640 --> 00:44:35,240
Speaker 4: And yeah, I mean it's it's like apples and oranges

784
00:44:35,560 --> 00:44:38,640
Speaker 4: in the sense that you know, we have no collateral.

785
00:44:38,800 --> 00:44:42,200
Speaker 4: We don't there's no way for us, there's no recourse

786
00:44:42,239 --> 00:44:45,040
Speaker 4: for us. The only recourse we have is someone won't

787
00:44:45,040 --> 00:44:45,760
Speaker 4: get a new loan.

788
00:44:46,800 --> 00:44:47,600
Speaker 3: There is people.

789
00:44:47,680 --> 00:44:49,759
Speaker 4: If you don't repay and I co signed for you,

790
00:44:49,800 --> 00:44:50,839
Speaker 4: I can't get another loan.

791
00:44:50,880 --> 00:44:51,719
Speaker 3: So there's real.

792
00:44:51,640 --> 00:44:55,160
Speaker 4: Teeth, but it is social capital in our point spent

793
00:44:55,320 --> 00:44:58,920
Speaker 4: repaymental A loan is the floor we need to be

794
00:44:59,040 --> 00:45:01,719
Speaker 4: driving to people's say gaving money, because if they can save,

795
00:45:01,840 --> 00:45:05,640
Speaker 4: they can own and they don't need you anymore exactly.

796
00:45:05,920 --> 00:45:07,840
Speaker 4: But if we do a great job, you never have

797
00:45:07,920 --> 00:45:11,359
Speaker 4: to leave your community. You never Why would you want

798
00:45:11,360 --> 00:45:15,120
Speaker 4: to graduate from your best friends. So for us, it's

799
00:45:15,160 --> 00:45:18,759
Speaker 4: a really important paradox of wanting people to be independent

800
00:45:18,840 --> 00:45:21,440
Speaker 4: and wanting to have something that they feel deeply connected to.

801
00:45:22,360 --> 00:45:30,360
Speaker 4: So for us, it's it is so deeply design around transformation.

802
00:45:31,040 --> 00:45:32,799
Speaker 4: How we show up for the community, how they show

803
00:45:32,840 --> 00:45:36,520
Speaker 4: up for themselves, and we're committed to figuring it out.

804
00:45:36,560 --> 00:45:39,399
Speaker 4: And I think it comes back to concepts because micro

805
00:45:39,440 --> 00:45:41,920
Speaker 4: credit is great a building relationships for people that's hard

806
00:45:41,920 --> 00:45:46,200
Speaker 4: to reach. It can help make income, increase income a

807
00:45:46,239 --> 00:45:51,880
Speaker 4: little bit. But transformation happens with ownership, all forms of ownership,

808
00:45:51,920 --> 00:45:57,520
Speaker 4: owning your home but also owning your your contribution to

809
00:45:57,640 --> 00:45:58,880
Speaker 4: the community.

810
00:45:58,520 --> 00:46:02,479
Speaker 1: And ownership increases access exactly. It's very much all yep,

811
00:46:04,120 --> 00:46:08,120
Speaker 1: that's so interesting all right, So today you have two

812
00:46:08,120 --> 00:46:09,919
Speaker 1: other secondary programs that I think.

813
00:46:09,840 --> 00:46:13,520
Speaker 3: It really Yeah, Mark, we we have say more, what

814
00:46:13,560 --> 00:46:14,120
Speaker 3: do you've.

815
00:46:14,440 --> 00:46:17,520
Speaker 1: To Well, you've got the financial health program and the

816
00:46:17,600 --> 00:46:22,000
Speaker 1: asset ownership program. Tell us about how those have evolved.

817
00:46:22,480 --> 00:46:27,480
Speaker 4: So the ground game, so to speak. We're in Houston, Dallas,

818
00:46:27,640 --> 00:46:29,080
Speaker 4: Al Paso. So we've got.

819
00:46:29,000 --> 00:46:33,440
Speaker 3: Twenty staff now, twenty twenty unbelievable, and a.

820
00:46:33,400 --> 00:46:35,480
Speaker 4: Part of it is to make sure that we are

821
00:46:36,920 --> 00:46:39,840
Speaker 4: being good stewards of our of our resources. Our job

822
00:46:40,000 --> 00:46:41,920
Speaker 4: in the next three years is to cover all of

823
00:46:41,960 --> 00:46:45,279
Speaker 4: our costs through earned revenues, through our interests, through other

824
00:46:45,320 --> 00:46:48,560
Speaker 4: things that we do outside of philanthropy, because we believe

825
00:46:48,560 --> 00:46:53,880
Speaker 4: pilanthropy is finite and this this problem has an infinite breach.

826
00:46:54,760 --> 00:46:57,760
Speaker 4: So for us, central to this is building new programs

827
00:46:57,760 --> 00:47:02,560
Speaker 4: that also drive financial self suffficiency. Because if you're going

828
00:47:02,640 --> 00:47:06,520
Speaker 4: to deal in wealth and helping people create wealth, it

829
00:47:06,560 --> 00:47:10,280
Speaker 4: is a capital game. It's a capitalism and we believe

830
00:47:10,280 --> 00:47:12,319
Speaker 4: in the power of capitalism that has to be re

831
00:47:12,840 --> 00:47:16,360
Speaker 4: a concept has to be shifted so that that system

832
00:47:16,480 --> 00:47:21,480
Speaker 4: works for the realities of our community. So financial health,

833
00:47:21,800 --> 00:47:25,160
Speaker 4: the whole idea is around creating a growth mindset or

834
00:47:25,160 --> 00:47:29,000
Speaker 4: a journey mindset where people are setting goals helping each

835
00:47:29,040 --> 00:47:32,560
Speaker 4: other through that process, and where it culminates is we

836
00:47:32,600 --> 00:47:38,880
Speaker 4: do a organization organization wide saving challenge where they start

837
00:47:38,880 --> 00:47:40,960
Speaker 4: to save in groups. There's a little bit of a competition,

838
00:47:41,760 --> 00:47:47,040
Speaker 4: and that is starting to instill a new mindset for

839
00:47:47,120 --> 00:47:48,480
Speaker 4: how they can take control of their money.

840
00:47:49,320 --> 00:47:51,680
Speaker 3: So I think all of those.

841
00:47:51,480 --> 00:47:56,400
Speaker 4: Pieces speak to how we leverage community and trust for

842
00:47:56,560 --> 00:48:00,600
Speaker 4: them to have their own their own experience, change new, build,

843
00:48:00,640 --> 00:48:05,720
Speaker 4: new habits, and oftentimes that's still not enough. So for us,

844
00:48:06,120 --> 00:48:10,360
Speaker 4: we're what's known as a CDFI. We've got great relationships

845
00:48:10,400 --> 00:48:13,480
Speaker 4: with banks, with funders. We believe we can build a

846
00:48:13,480 --> 00:48:17,879
Speaker 4: bridge for asset ownership that our clients can cross over

847
00:48:17,960 --> 00:48:19,760
Speaker 4: on their own terms ten dollars a month.

848
00:48:20,520 --> 00:48:24,080
Speaker 3: So our job is to build that new system.

849
00:48:25,000 --> 00:48:30,120
Speaker 1: That's unbelievable and are people able to take advantage of

850
00:48:30,200 --> 00:48:30,520
Speaker 1: that shot.

851
00:48:31,120 --> 00:48:32,960
Speaker 3: Yeah, So there's a couple of things that have happened.

852
00:48:33,360 --> 00:48:35,920
Speaker 4: One, I think about systems all the time, and you

853
00:48:35,960 --> 00:48:37,800
Speaker 4: know the es central to how micro credit works is

854
00:48:37,840 --> 00:48:39,600
Speaker 4: you have to do collections, you have to stay.

855
00:48:39,400 --> 00:48:40,720
Speaker 3: On top, you have to call people.

856
00:48:40,880 --> 00:48:44,160
Speaker 4: Hopefully you can do that with love and compassion, and

857
00:48:44,520 --> 00:48:46,080
Speaker 4: if we didn't have to do that work, that would

858
00:48:46,080 --> 00:48:49,680
Speaker 4: be pretty awesome because it's managed or saving money. So

859
00:48:49,760 --> 00:48:54,040
Speaker 4: what we did is created a incentive that says, if

860
00:48:54,080 --> 00:48:56,560
Speaker 4: you can do this hard thing, Jetta, then you get

861
00:48:56,560 --> 00:48:57,840
Speaker 4: access to our wealth club.

862
00:49:00,040 --> 00:49:01,719
Speaker 3: So there's a bunch of benefits that we layer on.

863
00:49:01,880 --> 00:49:04,400
Speaker 4: Now becomes a home a container for us just dumping

864
00:49:04,440 --> 00:49:06,239
Speaker 4: a bunch of benefits in there. There's been as many

865
00:49:06,280 --> 00:49:11,080
Speaker 4: benefits as we can get that are sustainable that maybe

866
00:49:11,120 --> 00:49:13,719
Speaker 4: even driver sustainability the better. So the one that we

867
00:49:13,800 --> 00:49:16,840
Speaker 4: launched with was following our client's dream of buying a house.

868
00:49:17,760 --> 00:49:20,000
Speaker 4: So if they persist in the wealth Club and they

869
00:49:20,000 --> 00:49:22,920
Speaker 4: can qualify for a mortgage, which is really hard in

870
00:49:22,960 --> 00:49:26,319
Speaker 4: Central Texas, we will invest up to twenty percent that

871
00:49:26,360 --> 00:49:27,120
Speaker 4: purchase their house.

872
00:49:27,719 --> 00:49:30,760
Speaker 1: Really yeah, how do how does that work with their

873
00:49:30,800 --> 00:49:34,880
Speaker 1: traditional lender because usually they are you a gift? No,

874
00:49:36,840 --> 00:49:38,560
Speaker 1: so are you subdebt?

875
00:49:38,640 --> 00:49:41,280
Speaker 3: Then we are? We are we know as a community.

876
00:49:41,320 --> 00:49:44,800
Speaker 4: Second, it's a home appreciation product, so we get paid.

877
00:49:45,360 --> 00:49:47,759
Speaker 4: They don't pay us, not debt, They pay us back

878
00:49:47,800 --> 00:49:50,960
Speaker 4: on resale or refinancing, and we get a share of

879
00:49:51,000 --> 00:49:51,640
Speaker 4: the appreciation.

880
00:49:52,200 --> 00:49:57,440
Speaker 1: That's interesting. So you don't become a monthly burden by

881
00:49:57,440 --> 00:50:00,680
Speaker 1: the homeowner, but they're just beholden to you. You for

882
00:50:00,760 --> 00:50:05,799
Speaker 1: whatever percentages of appreciation, refire or whatever. How's it. How's

883
00:50:05,840 --> 00:50:06,440
Speaker 1: that been working?

884
00:50:06,920 --> 00:50:08,000
Speaker 3: It's great for one person.

885
00:50:08,320 --> 00:50:12,000
Speaker 4: We invested in purchases one of our Jetta's houses. And

886
00:50:12,120 --> 00:50:15,520
Speaker 4: what we've done through this learning journey is we see

887
00:50:15,800 --> 00:50:19,040
Speaker 4: that income is this massive bear. So no matter how

888
00:50:19,080 --> 00:50:22,640
Speaker 4: much money we had it being able to qualify for

889
00:50:22,680 --> 00:50:25,040
Speaker 4: a mortgage, you have to verify your income.

890
00:50:25,080 --> 00:50:26,080
Speaker 3: You have to have enough income.

891
00:50:27,120 --> 00:50:30,520
Speaker 4: So that is the biggest hurdle right now, and that's

892
00:50:30,560 --> 00:50:34,000
Speaker 4: why we're working on other things that can be a

893
00:50:34,040 --> 00:50:39,920
Speaker 4: stair step to building more more income, more more wealth.

894
00:50:41,880 --> 00:51:01,240
Speaker 1: We'll be right back. I'm just gonna read these. Although

895
00:51:01,719 --> 00:51:04,600
Speaker 1: this producer over her hates when I read stats off

896
00:51:04,640 --> 00:51:06,840
Speaker 1: your website because he wants you to say him but

897
00:51:07,160 --> 00:51:09,279
Speaker 1: I don't know how to get you to remember these,

898
00:51:09,320 --> 00:51:13,840
Speaker 1: But I'm just going to say this overview stats fourteen

899
00:51:13,920 --> 00:51:19,680
Speaker 1: thousand visionary female entrepreneurs have received loans fourteen thousand, exactly

900
00:51:19,920 --> 00:51:25,400
Speaker 1: eighteen eighteen amazing thirty three million, and invested dreams.

901
00:51:25,120 --> 00:51:28,520
Speaker 3: Forty one million. Yeah, our site, our website's pretty up

902
00:51:28,560 --> 00:51:30,560
Speaker 3: to out of date. You know, every week it's doing

903
00:51:30,600 --> 00:51:32,600
Speaker 3: like today, I'll do like two hundred thousand dollars loans.

904
00:51:33,360 --> 00:51:35,960
Speaker 1: It could be he looked up something. Yeah, but it's

905
00:51:35,960 --> 00:51:40,520
Speaker 1: still good. So how many visionary female entrepreneurs have received loans?

906
00:51:40,560 --> 00:51:42,839
Speaker 4: Now, I'm not eighteen eighteen thousand. We have like three

907
00:51:42,880 --> 00:51:44,839
Speaker 4: thousand active female entrepreneurs and some.

908
00:51:44,840 --> 00:51:49,640
Speaker 1: Men to over forty million invested yep, still got a

909
00:51:49,719 --> 00:51:55,600
Speaker 1: ninety nine percent or better repayment right, and sixty three

910
00:51:55,680 --> 00:52:01,320
Speaker 1: percent of just women women have a savings fun now. Yeah,

911
00:52:01,360 --> 00:52:03,600
Speaker 1: and I would have guess that's up from almost none.

912
00:52:03,800 --> 00:52:06,759
Speaker 4: Yeah, there's there's a real relationship to money that I

913
00:52:06,840 --> 00:52:11,400
Speaker 4: think is profound to especially if you don't have mental

914
00:52:11,440 --> 00:52:14,080
Speaker 4: slack to plan for your futures. I've heard more than

915
00:52:14,120 --> 00:52:18,160
Speaker 4: a few times people say I just can't save. And

916
00:52:18,480 --> 00:52:20,400
Speaker 4: when you start looking at others that have and the

917
00:52:20,440 --> 00:52:24,200
Speaker 4: tactics they use to save, you start to believe it's possible.

918
00:52:24,280 --> 00:52:27,799
Speaker 4: This social proof. And I share this with Alex. You know,

919
00:52:27,800 --> 00:52:31,799
Speaker 4: I had the gift of traveling the world, and you know,

920
00:52:31,840 --> 00:52:37,759
Speaker 4: seeing oftentimes someone's first interaction with micro credit and they

921
00:52:37,800 --> 00:52:40,600
Speaker 4: more than a few times I see people cry because

922
00:52:40,640 --> 00:52:44,120
Speaker 4: the first time they get that access. What is beautiful

923
00:52:44,120 --> 00:52:47,200
Speaker 4: about that story is that they do not cry the

924
00:52:47,239 --> 00:52:47,839
Speaker 4: second time.

925
00:52:48,480 --> 00:52:48,879
Speaker 2: M hmm.

926
00:52:49,200 --> 00:52:54,080
Speaker 4: It shifts how they see themselves, their ability to provide

927
00:52:54,120 --> 00:53:00,240
Speaker 4: for their families. There is a pride that comes with this,

928
00:53:00,239 --> 00:53:04,680
Speaker 4: this relationship that's rooted in mutual respect, a handshake, not

929
00:53:04,719 --> 00:53:07,560
Speaker 4: a hand up. Right, There is something really powerful about

930
00:53:07,600 --> 00:53:11,680
Speaker 4: the concept that micro credit offers. And I think this

931
00:53:11,760 --> 00:53:17,240
Speaker 4: is this is you know, simple proof that alternative ways

932
00:53:17,239 --> 00:53:18,000
Speaker 4: are possible.

933
00:53:18,640 --> 00:53:24,920
Speaker 1: You know, there's a worn out old thing that we

934
00:53:25,040 --> 00:53:28,319
Speaker 1: really accept that we all say to each other, which

935
00:53:28,400 --> 00:53:31,040
Speaker 1: is there's just no difference in us, right. I mean,

936
00:53:31,040 --> 00:53:33,120
Speaker 1: we're all human beings. We're all want the same thing

937
00:53:33,360 --> 00:53:36,880
Speaker 1: as tho hierarchy of needs. We're all the same. And

938
00:53:36,920 --> 00:53:38,760
Speaker 1: if the zip code at the time of our birth

939
00:53:38,800 --> 00:53:42,680
Speaker 1: happens to be that we're born into poverty, well we're

940
00:53:42,760 --> 00:53:45,040
Speaker 1: probably going to be poverty sticking it's the zip code

941
00:53:45,080 --> 00:53:48,640
Speaker 1: the time of our birth is wealth or affluence, you know,

942
00:53:48,840 --> 00:53:54,920
Speaker 1: but ultimately the essence of our beings are very very

943
00:53:55,040 --> 00:54:00,120
Speaker 1: very similar. And everybody goes yeah when you say that,

944
00:54:00,120 --> 00:54:02,440
Speaker 1: everybody shakes their head up and down. It's rare that

945
00:54:02,520 --> 00:54:05,520
Speaker 1: anybody says no, I just disagree with that because they're poor,

946
00:54:05,520 --> 00:54:09,640
Speaker 1: they're just worse people. I mean, that's ridiculous to say, Right,

947
00:54:09,800 --> 00:54:12,520
Speaker 1: we're all basically the same and what the same things,

948
00:54:12,560 --> 00:54:17,839
Speaker 1: and access has a lot to do with it. I'm

949
00:54:17,880 --> 00:54:20,560
Speaker 1: just trying to make the point that I think everybody

950
00:54:20,600 --> 00:54:25,320
Speaker 1: can agree. Yes, human beings are essentially basically the same.

951
00:54:26,600 --> 00:54:31,640
Speaker 1: And then when we go a loan in money, people

952
00:54:31,800 --> 00:54:35,960
Speaker 1: from that affluent zip go dull. Oh they're good folks,

953
00:54:36,000 --> 00:54:38,520
Speaker 1: they're going to pay the money back. And the people

954
00:54:38,560 --> 00:54:40,800
Speaker 1: from the poor oh, well, they're just not going to

955
00:54:40,840 --> 00:54:43,560
Speaker 1: pay the money back. How is it that we're essentially

956
00:54:43,600 --> 00:54:46,440
Speaker 1: the same, but we're not going to act essentially the

957
00:54:46,480 --> 00:54:51,080
Speaker 1: same with money? And I think it's interesting that the

958
00:54:51,640 --> 00:54:54,560
Speaker 1: natural notion would be that the poor people are not

959
00:54:54,600 --> 00:54:56,879
Speaker 1: going to pay back the money and the people from

960
00:54:56,880 --> 00:55:02,040
Speaker 1: affluence do, even though we say people are basically the same.

961
00:55:03,000 --> 00:55:06,640
Speaker 1: And I think what just has proven is that the

962
00:55:06,640 --> 00:55:09,440
Speaker 1: people from the poor place will pay back the money

963
00:55:09,520 --> 00:55:12,080
Speaker 1: just like the peoples because they are the same. They

964
00:55:12,200 --> 00:55:17,320
Speaker 1: want the pride of standing on their own, they want

965
00:55:17,360 --> 00:55:20,160
Speaker 1: to pay things back, they want to do things right way.

966
00:55:20,160 --> 00:55:23,560
Speaker 1: And if you just give the opportunity, they will succeed.

967
00:55:23,960 --> 00:55:26,880
Speaker 4: And I think this is the nuanced response because just

968
00:55:26,920 --> 00:55:32,799
Speaker 4: bringing it back to football and concepts versus systems, the

969
00:55:32,920 --> 00:55:35,920
Speaker 4: concept has to be right for the person's context.

970
00:55:37,320 --> 00:55:39,720
Speaker 1: So that's that's a really good way of putting.

971
00:55:40,080 --> 00:55:43,520
Speaker 4: And what I unfortunately I don't think we do enough

972
00:55:43,520 --> 00:55:48,120
Speaker 4: of in our country is try and figure out new

973
00:55:48,200 --> 00:55:50,520
Speaker 4: concepts that work for folks.

974
00:55:51,239 --> 00:55:53,640
Speaker 3: It's because that's where the gray is, that's what the

975
00:55:53,640 --> 00:55:54,000
Speaker 3: heart is.

976
00:55:54,080 --> 00:55:57,839
Speaker 4: It's so awesome you're doing these these conversations with people

977
00:55:57,880 --> 00:56:00,920
Speaker 4: like Darren Babcock and Adrian Lewis, you know, people that

978
00:56:01,200 --> 00:56:05,440
Speaker 4: I held in high regard because they're sharing these different approaches,

979
00:56:06,160 --> 00:56:08,160
Speaker 4: and you know, that's what we need more of. We

980
00:56:08,320 --> 00:56:11,120
Speaker 4: just need We're not the answer, we're part of a solution,

981
00:56:11,200 --> 00:56:14,160
Speaker 4: but we need many more. And I would hope there

982
00:56:14,160 --> 00:56:17,719
Speaker 4: would be a bunch more, a bunch more folks, army

983
00:56:17,719 --> 00:56:19,799
Speaker 4: of normal folks getting out there trying to figure out

984
00:56:20,120 --> 00:56:21,240
Speaker 4: what could be their contribution.

985
00:56:22,600 --> 00:56:27,120
Speaker 1: Share with us the story of Letty Is it Letty

986
00:56:27,320 --> 00:56:29,000
Speaker 1: l A T T I A housequenner.

987
00:56:29,880 --> 00:56:32,080
Speaker 3: Yes, she's uh.

988
00:56:32,320 --> 00:56:36,319
Speaker 4: She actually was one of our first Jettas she ends

989
00:56:36,440 --> 00:56:39,879
Speaker 4: up cleaning my house shield. To this day, she now

990
00:56:39,920 --> 00:56:42,320
Speaker 4: has the team of of people that are still cleaning

991
00:56:42,360 --> 00:56:45,360
Speaker 4: my house. And one of the greatest gifts that I

992
00:56:45,400 --> 00:56:48,600
Speaker 4: get to give our family is having having a clean house.

993
00:56:49,040 --> 00:56:51,440
Speaker 4: And this woman, you know, I think the thing that

994
00:56:51,480 --> 00:56:57,799
Speaker 4: I saw she came hard worker, and she felt like

995
00:56:57,920 --> 00:57:01,200
Speaker 4: I'm stuck. I don't know, I don't know how to save.

996
00:57:02,000 --> 00:57:03,920
Speaker 4: And then she started to chip away these things. She

997
00:57:03,960 --> 00:57:07,319
Speaker 4: started setting goals. She started connecting with other folks within Jest,

998
00:57:07,920 --> 00:57:11,120
Speaker 4: and she bought a better vacuum cleaner, and she bought

999
00:57:11,320 --> 00:57:11,759
Speaker 4: four more.

1000
00:57:11,719 --> 00:57:13,520
Speaker 1: Vacuum which was right.

1001
00:57:13,640 --> 00:57:15,399
Speaker 4: She at one point she said, she bought like four

1002
00:57:15,480 --> 00:57:18,400
Speaker 4: rumbas because she was going to be more efficient.

1003
00:57:18,840 --> 00:57:21,840
Speaker 3: Oh my god, the genius. Uh. But so I stayed

1004
00:57:21,840 --> 00:57:22,240
Speaker 3: in I.

1005
00:57:22,200 --> 00:57:24,800
Speaker 4: Stayed in touch with her more closely because she cleaned.

1006
00:57:25,600 --> 00:57:27,680
Speaker 4: She was you know, I was in relationship with her

1007
00:57:27,720 --> 00:57:31,800
Speaker 4: from her her services cleaning our house. So at one

1008
00:57:31,840 --> 00:57:34,040
Speaker 4: point we were trying to figure out, you know, what

1009
00:57:34,240 --> 00:57:36,480
Speaker 4: could be more and we sat her down. We said, hey,

1010
00:57:36,520 --> 00:57:39,000
Speaker 4: maybe we can help you register your business. And in

1011
00:57:39,040 --> 00:57:42,160
Speaker 4: that conversation, I said, well, what's your dream for the

1012
00:57:42,200 --> 00:57:45,640
Speaker 4: next five years? And she got very we all got

1013
00:57:45,720 --> 00:57:49,120
Speaker 4: very emotional because she had chick cancer, and she had

1014
00:57:49,160 --> 00:57:53,520
Speaker 4: cancer and she didn't know where to look. This is

1015
00:57:53,560 --> 00:57:58,320
Speaker 4: like early early stage of her journey, and you know,

1016
00:57:58,360 --> 00:58:00,640
Speaker 4: I've at that point I felt really like, that's not

1017
00:58:00,680 --> 00:58:02,400
Speaker 4: the place I should be, Like I shouldn't be this

1018
00:58:02,480 --> 00:58:06,800
Speaker 4: person that is trying to counsel her. I'm not equipped

1019
00:58:06,800 --> 00:58:09,360
Speaker 4: to do that. So what happens over time is she

1020
00:58:09,400 --> 00:58:11,120
Speaker 4: finds the right people. But one of the most important

1021
00:58:11,120 --> 00:58:15,800
Speaker 4: things that I love from her sharing was that those group,

1022
00:58:16,120 --> 00:58:20,919
Speaker 4: those women in her group became her sisters. They extended

1023
00:58:21,400 --> 00:58:23,960
Speaker 4: support in different ways beyond her business. They helped her

1024
00:58:24,200 --> 00:58:27,439
Speaker 4: when she couldn't clean, and then from that pot from

1025
00:58:27,480 --> 00:58:30,600
Speaker 4: that process, she figured out she could manage a business

1026
00:58:30,600 --> 00:58:34,640
Speaker 4: of other people cleaning houses and she could be quality control.

1027
00:58:35,720 --> 00:58:39,840
Speaker 4: And it became such a symbol for me that there's

1028
00:58:41,680 --> 00:58:45,360
Speaker 4: tremendous potential and it needs a way to get out,

1029
00:58:45,480 --> 00:58:48,400
Speaker 4: and once it does, it's going to do things that

1030
00:58:48,440 --> 00:58:54,200
Speaker 4: we never anticipated. So she's she's one of my favorite

1031
00:58:54,280 --> 00:58:55,400
Speaker 4: and she's one of.

1032
00:58:55,560 --> 00:59:02,400
Speaker 1: Thousands that's phenomenal and probably well not probably none of

1033
00:59:02,440 --> 00:59:04,840
Speaker 1: that happens if not for just because she doesn't even

1034
00:59:04,880 --> 00:59:06,320
Speaker 1: have that group of girls to be with.

1035
00:59:06,880 --> 00:59:08,520
Speaker 4: Yeah, and I think the thing if we just compare

1036
00:59:08,640 --> 00:59:10,720
Speaker 4: Just to like micro credit that I saw over the world,

1037
00:59:12,040 --> 00:59:16,600
Speaker 4: there is a different relationship that's made because of the Jeta.

1038
00:59:16,640 --> 00:59:19,000
Speaker 4: The jet has agency over who's in her group. Those

1039
00:59:19,040 --> 00:59:23,120
Speaker 4: groups are meant to be small so that when problems happen,

1040
00:59:23,160 --> 00:59:26,520
Speaker 4: they want to help each other. So this is where

1041
00:59:26,640 --> 00:59:29,960
Speaker 4: compassion and caring emerges. So I think that is the

1042
00:59:30,080 --> 00:59:33,440
Speaker 4: really unique thing of Just. It's this trust based loans,

1043
00:59:33,880 --> 00:59:37,080
Speaker 4: It's the Jetta, the community, the community that she creates,

1044
00:59:37,080 --> 00:59:38,800
Speaker 4: and then it's this wealth club. It's this path like

1045
00:59:38,880 --> 00:59:42,120
Speaker 4: we are going to be in on your dreams. Everybody

1046
00:59:42,160 --> 00:59:44,520
Speaker 4: starts just by drawing their dream.

1047
00:59:44,880 --> 00:59:46,000
Speaker 1: So what's next.

1048
00:59:47,400 --> 00:59:50,960
Speaker 4: Next is to prove onequivocally that we can do this

1049
00:59:51,240 --> 00:59:53,600
Speaker 4: work in any context across Texas.

1050
00:59:54,440 --> 00:59:56,520
Speaker 3: And that means great.

1051
00:59:55,320 --> 01:00:00,280
Speaker 4: Well, because I don't have billion dollars, so.

1052
01:00:03,080 --> 01:00:04,680
Speaker 3: I think we can get to like one hundred million,

1053
01:00:05,040 --> 01:00:08,640
Speaker 3: do you really? Yeah? So we've got a we've got

1054
01:00:08,640 --> 01:00:09,520
Speaker 3: a strategic plan.

1055
01:00:10,040 --> 01:00:13,600
Speaker 4: We look like a good business from from operating procedures

1056
01:00:13,600 --> 01:00:17,479
Speaker 4: and policies and team that is deeply rooted, and.

1057
01:00:18,160 --> 01:00:19,439
Speaker 1: So your balance sheets healthy.

1058
01:00:19,480 --> 01:00:20,360
Speaker 3: Now, yeah, we've.

1059
01:00:20,200 --> 01:00:22,880
Speaker 4: Got like eight million dollars in assets and we need

1060
01:00:23,440 --> 01:00:26,440
Speaker 4: fifty million by the next three in the next three years,

1061
01:00:27,040 --> 01:00:31,360
Speaker 4: So we've got aggressive plan because it's back to being

1062
01:00:32,520 --> 01:00:37,040
Speaker 4: eternally impatient. Because if you have those relationships rooted and

1063
01:00:37,080 --> 01:00:39,800
Speaker 4: trust you, I believe you have a responsibility to new,

1064
01:00:39,800 --> 01:00:43,920
Speaker 4: more and better. So for us, it's ten thousand clients

1065
01:00:43,960 --> 01:00:46,800
Speaker 4: across the state of Texas the next few years. They're

1066
01:00:46,840 --> 01:00:50,240
Speaker 4: on a durable path to wealth that they have a

1067
01:00:50,320 --> 01:00:53,800
Speaker 4: plan for, that they're excited by, that provides them with

1068
01:00:53,880 --> 01:00:57,120
Speaker 4: new resources, new opportunities, and that we as an organization

1069
01:00:57,360 --> 01:01:01,520
Speaker 4: approach being financially solvent sufficient on our own two feet.

1070
01:01:01,760 --> 01:01:04,080
Speaker 1: You may or may not have these metrics, but as

1071
01:01:04,080 --> 01:01:06,480
Speaker 1: I'm sitting here listening to you, this is another squirrel

1072
01:01:06,520 --> 01:01:09,840
Speaker 1: of a tree that there's no front here. You know,

1073
01:01:09,880 --> 01:01:12,560
Speaker 1: you're not supposed to ask a question that you don't

1074
01:01:12,560 --> 01:01:15,200
Speaker 1: already know the answer to, so you don't end up surprised.

1075
01:01:15,720 --> 01:01:18,760
Speaker 1: I'm the king of not doing it right. So but

1076
01:01:19,000 --> 01:01:20,920
Speaker 1: you know, I'm a football coach, a lover guy with

1077
01:01:20,960 --> 01:01:22,840
Speaker 1: a microphone orm mote of me. So who cares if

1078
01:01:22,880 --> 01:01:24,680
Speaker 1: I screw it up? Right? If you don't like it,

1079
01:01:24,720 --> 01:01:30,080
Speaker 1: don't listen. I would love to know, and you may

1080
01:01:30,080 --> 01:01:32,040
Speaker 1: not have them, and you probably don't, but I think

1081
01:01:32,080 --> 01:01:38,080
Speaker 1: it would be interesting the metrics on what just has

1082
01:01:38,240 --> 01:01:45,560
Speaker 1: created for communities where just exists that have nothing to

1083
01:01:45,600 --> 01:01:54,520
Speaker 1: do withdjust from a standpoint of tax space, crime, education levels,

1084
01:01:55,160 --> 01:02:03,520
Speaker 1: because we all know that as you, as you minimize poverty,

1085
01:02:03,840 --> 01:02:09,800
Speaker 1: you start maximizing upward mobility, and therefore you maximize your

1086
01:02:09,800 --> 01:02:12,680
Speaker 1: communities because there's more people paying into the tax space,

1087
01:02:12,760 --> 01:02:17,080
Speaker 1: there's less crime, there's better education schools, there's more people

1088
01:02:17,080 --> 01:02:19,520
Speaker 1: involved in the booster clubs, there's more people involved in

1089
01:02:19,560 --> 01:02:23,760
Speaker 1: the PTA, which put more kids out into the public

1090
01:02:24,160 --> 01:02:27,440
Speaker 1: who they are now contributing to tax space or going

1091
01:02:27,480 --> 01:02:29,760
Speaker 1: to college or the trade school and making more money.

1092
01:02:29,760 --> 01:02:34,680
Speaker 1: And that's the economy of communal growth. That is the

1093
01:02:34,720 --> 01:02:37,280
Speaker 1: economy of communal growth. So as I sit here and

1094
01:02:37,320 --> 01:02:39,640
Speaker 1: listen to you, and I think about the woman you

1095
01:02:39,800 --> 01:02:44,200
Speaker 1: just Aleetti or whoever, and the people she hired to

1096
01:02:44,280 --> 01:02:47,280
Speaker 1: then clean and the taxes and the blah blah blah,

1097
01:02:47,720 --> 01:02:54,040
Speaker 1: the metrics of what these women are organically doing for

1098
01:02:54,120 --> 01:02:58,000
Speaker 1: the communities they live in when the vast majority of

1099
01:02:58,000 --> 01:03:00,360
Speaker 1: the people communities don't even know about them. Because you

1100
01:03:00,360 --> 01:03:03,000
Speaker 1: are truly fixing it from the bottom up.

1101
01:03:03,800 --> 01:03:06,840
Speaker 3: So what I would say, I would love that. I think, yeah, totally.

1102
01:03:06,880 --> 01:03:11,320
Speaker 4: We have explored working with economists to figure out some

1103
01:03:11,360 --> 01:03:19,160
Speaker 4: of those more complex questions contexts of impacts, economic impact.

1104
01:03:20,200 --> 01:03:23,320
Speaker 4: And one of the things that I think we see

1105
01:03:23,520 --> 01:03:26,040
Speaker 4: because there's a very clear loans out, loans back, and

1106
01:03:26,080 --> 01:03:31,040
Speaker 4: then incomes, there's a very one step removed, and those

1107
01:03:31,120 --> 01:03:34,000
Speaker 4: numbers are interesting. Where I do think it gets really

1108
01:03:34,040 --> 01:03:39,720
Speaker 4: exciting is thinking about something like Bontan Farms and Darren Babcock.

1109
01:03:40,000 --> 01:03:43,080
Speaker 4: I believe the combination of those our model plus there

1110
01:03:43,400 --> 01:03:49,640
Speaker 4: deep rooted place with assets is the addressed to two

1111
01:03:49,760 --> 01:03:54,280
Speaker 4: really important problems. How do you build relationships rooted in

1112
01:03:54,320 --> 01:03:59,280
Speaker 4: trust with people you don't know, especially if they're rightfully

1113
01:03:59,320 --> 01:04:03,760
Speaker 4: so trusting of systems, so that's what your credit does

1114
01:04:03,800 --> 01:04:06,040
Speaker 4: really well. And then if you had that deeply rooted

1115
01:04:06,040 --> 01:04:10,440
Speaker 4: in community ownership for awesome assets that the community is

1116
01:04:10,520 --> 01:04:15,080
Speaker 4: proud of, like those two things together making the invisible

1117
01:04:15,200 --> 01:04:18,360
Speaker 4: visible in trust and that's how it manifests and this

1118
01:04:18,400 --> 01:04:21,560
Speaker 4: beautiful building, this beautiful space we have that's helping people

1119
01:04:21,600 --> 01:04:25,160
Speaker 4: increase income and appreciating assets like that. To me, a

1120
01:04:25,200 --> 01:04:28,840
Speaker 4: combination of those two things becomes a radical transformation for a.

1121
01:04:28,800 --> 01:04:33,160
Speaker 1: Community, and that's what I'm saying. It does become radical.

1122
01:04:33,840 --> 01:04:37,520
Speaker 4: And in the United States, there's not enough people, in

1123
01:04:37,560 --> 01:04:41,160
Speaker 4: my opinion, that are thinking creatively about how you reach

1124
01:04:41,240 --> 01:04:47,920
Speaker 4: the most isolated and then use that to unlock resources.

1125
01:04:49,080 --> 01:04:53,360
Speaker 4: Because you're now no longer disconnected, you have new opportunity and.

1126
01:04:54,000 --> 01:04:57,920
Speaker 1: It erases disenfranchised, but it erases so much of what

1127
01:04:58,120 --> 01:05:00,760
Speaker 1: is killing us. This is the kind of stuff and

1128
01:05:00,800 --> 01:05:06,160
Speaker 1: it's very much bottom up, it's very much going where

1129
01:05:06,160 --> 01:05:14,880
Speaker 1: the need is, but allowing what there was a alex

1130
01:05:14,920 --> 01:05:19,680
Speaker 1: will remember, but it's a story of these people that

1131
01:05:19,760 --> 01:05:22,040
Speaker 1: went to a mountain village to help these people that

1132
01:05:22,080 --> 01:05:24,560
Speaker 1: were falling off edge of the edge of the mountain.

1133
01:05:24,640 --> 01:05:27,160
Speaker 1: And they said, well, we need to have a clinic

1134
01:05:27,200 --> 01:05:28,920
Speaker 1: for the people that fall off edge of the mountain.

1135
01:05:28,960 --> 01:05:32,320
Speaker 1: And they opened this very expensive clinic and nobody would

1136
01:05:32,320 --> 01:05:34,920
Speaker 1: come because they couldn't get to it. So then they said, well,

1137
01:05:35,560 --> 01:05:37,880
Speaker 1: we need an ambulance because all these people that fall

1138
01:05:37,920 --> 01:05:40,080
Speaker 1: off edge of the mountain need an ambulance to go

1139
01:05:40,120 --> 01:05:42,560
Speaker 1: the clinics. So they buy an ambulance and then five

1140
01:05:42,640 --> 01:05:45,440
Speaker 1: years later the clinics shut down and there's two ambulances

1141
01:05:45,440 --> 01:05:48,120
Speaker 1: sitting in the weed overgrown and one of the oders says,

1142
01:05:48,160 --> 01:05:49,680
Speaker 1: why don't we just build a fence on the edge

1143
01:05:49,680 --> 01:05:54,720
Speaker 1: of the mountain, And they invested hundreds of thousands of

1144
01:05:54,760 --> 01:05:57,360
Speaker 1: dollars and a five thousand dollar fence kept people from

1145
01:05:57,360 --> 01:05:59,880
Speaker 1: falling off the mountain. And the point is, why not

1146
01:06:00,160 --> 01:06:02,400
Speaker 1: just ask the people on the mountain what they need

1147
01:06:02,480 --> 01:06:04,120
Speaker 1: rather than going in and tell them what they need

1148
01:06:04,160 --> 01:06:07,439
Speaker 1: and give them agency and let them handle it themselves,

1149
01:06:08,320 --> 01:06:13,080
Speaker 1: and then you fix the community. And to me, that's

1150
01:06:13,720 --> 01:06:18,080
Speaker 1: part of the beauty of this is that these communal

1151
01:06:18,240 --> 01:06:23,120
Speaker 1: groups are supporting one another with the help that you

1152
01:06:23,160 --> 01:06:26,480
Speaker 1: give them, and then you change the entire community because

1153
01:06:26,520 --> 01:06:29,680
Speaker 1: you're going from the bottom up with people supporting one

1154
01:06:29,720 --> 01:06:34,480
Speaker 1: another's phenomenal. And that's not really it's morphed to that.

1155
01:06:34,640 --> 01:06:38,880
Speaker 4: It feels like there is definitely a different element because

1156
01:06:40,360 --> 01:06:45,680
Speaker 4: that jetta is materially different because normally I have higher

1157
01:06:45,720 --> 01:06:49,439
Speaker 4: staff and we're going to organize everybody and we'll give

1158
01:06:49,480 --> 01:06:52,000
Speaker 4: them a little bit agency. They'll get to pick what

1159
01:06:52,040 --> 01:06:53,479
Speaker 4: they're going to invest in their business. And that's actually

1160
01:06:53,520 --> 01:06:57,280
Speaker 4: really beautiful, especially in the US context. But to now say, hey,

1161
01:06:57,360 --> 01:07:00,240
Speaker 4: you have a potential to lead your community of the

1162
01:07:00,280 --> 01:07:04,640
Speaker 4: potential to help them realize their dreams. That is a

1163
01:07:04,680 --> 01:07:11,040
Speaker 4: shift that is at as core emotional and that that

1164
01:07:11,160 --> 01:07:14,600
Speaker 4: agency leads to a greater belief that they deserve it,

1165
01:07:15,040 --> 01:07:17,520
Speaker 4: and we believe they deserve it from day one.

1166
01:07:17,920 --> 01:07:24,920
Speaker 1: It's pretty crizy. Just everybody, Steve wanna see co founder

1167
01:07:25,320 --> 01:07:29,600
Speaker 1: and CEO of Just Changing Lives, Alex you got anything

1168
01:07:29,600 --> 01:07:31,320
Speaker 1: on any of this. I think it would be cool

1169
01:07:31,320 --> 01:07:33,720
Speaker 1: for other listeners across the country to consider this model

1170
01:07:33,720 --> 01:07:35,600
Speaker 1: in their community if they want to start it, or

1171
01:07:35,640 --> 01:07:38,320
Speaker 1: existing organizations could. I'm sure you got a website or

1172
01:07:38,320 --> 01:07:40,160
Speaker 1: some people and go to check this out.

1173
01:07:40,320 --> 01:07:41,560
Speaker 3: Hellos dot com.

1174
01:07:41,600 --> 01:07:42,080
Speaker 1: What is it?

1175
01:07:42,160 --> 01:07:42,480
Speaker 3: Hello?

1176
01:07:42,880 --> 01:07:50,280
Speaker 1: Just hello, Just well, Hello, Hello Hello, just hellos dot com.

1177
01:07:50,440 --> 01:07:54,080
Speaker 1: And if there's somebody out there saying, hey, I'd like

1178
01:07:54,160 --> 01:07:57,840
Speaker 1: to do this in Birmingham or I don't know, God forbid,

1179
01:07:57,880 --> 01:08:01,400
Speaker 1: Green Bay or something, how do they you just email

1180
01:08:01,440 --> 01:08:03,000
Speaker 1: you at hellos dot com.

1181
01:08:03,200 --> 01:08:06,080
Speaker 4: Yeah, Steve at hellos dot com.

1182
01:08:06,200 --> 01:08:06,640
Speaker 3: Uh.

1183
01:08:06,680 --> 01:08:10,960
Speaker 4: And I think the the point is, as much as

1184
01:08:11,000 --> 01:08:15,160
Speaker 4: we talk about the entrepreneurs changing mindsets, we actually need

1185
01:08:15,200 --> 01:08:18,639
Speaker 4: people that want to do this work to also change

1186
01:08:18,640 --> 01:08:21,680
Speaker 4: mindsets their own mindset to truly believe in people and

1187
01:08:21,720 --> 01:08:24,439
Speaker 4: you can say yes. So I think there's a there's

1188
01:08:24,439 --> 01:08:27,479
Speaker 4: an element of really challenging ourselves and.

1189
01:08:27,439 --> 01:08:29,040
Speaker 3: What don't we do we really believe in?

1190
01:08:29,080 --> 01:08:32,559
Speaker 4: How are we showing up with with those resources or not?

1191
01:08:33,360 --> 01:08:35,679
Speaker 3: And you know this is well, it's simple.

1192
01:08:35,680 --> 01:08:38,200
Speaker 4: It's not so easy because you gotta you gotta go around,

1193
01:08:38,360 --> 01:08:41,959
Speaker 4: you've gotta go along for the ride for for years.

1194
01:08:42,600 --> 01:08:45,080
Speaker 4: And there's some hard elements of this. So it's not

1195
01:08:45,120 --> 01:08:47,960
Speaker 4: for the faint of heart. And it's really beautiful if

1196
01:08:47,960 --> 01:08:48,800
Speaker 4: you can commit to it.

1197
01:08:49,720 --> 01:08:55,840
Speaker 1: Well, you know, nothing of any value is ever going

1198
01:08:55,920 --> 01:09:00,559
Speaker 1: to come easy, and it's always about being kick. It's

1199
01:09:00,600 --> 01:09:03,240
Speaker 1: just the way it is. But it's a hell lot

1200
01:09:03,280 --> 01:09:05,880
Speaker 1: better than dying in a cubicle along with a plant

1201
01:09:05,920 --> 01:09:11,400
Speaker 1: you were given by your Caro proc my friend Steve.

1202
01:09:11,560 --> 01:09:14,880
Speaker 1: Thanks for joining us, Thanks for the incredible work, Thanks

1203
01:09:14,920 --> 01:09:18,920
Speaker 1: for spending time telling the story. Everybody look up just

1204
01:09:19,080 --> 01:09:22,240
Speaker 1: and think about it in your community, because this is

1205
01:09:22,600 --> 01:09:31,519
Speaker 1: truly a bottom up, life changing, community altering idea that's

1206
01:09:31,520 --> 01:09:34,800
Speaker 1: been modeled out works and I guess you're just going

1207
01:09:34,880 --> 01:09:35,880
Speaker 1: to keep on going going.

1208
01:09:37,600 --> 01:09:40,040
Speaker 3: Yeah, with together we get better.

1209
01:09:40,360 --> 01:09:47,360
Speaker 1: That's it. Thanks for being here. Thanks for sure, and

1210
01:09:47,479 --> 01:09:50,839
Speaker 1: thank you for joining us this week. If Steve Wanta

1211
01:09:50,920 --> 01:09:53,679
Speaker 1: has inspired you in general, or better yet, to take

1212
01:09:53,720 --> 01:09:58,920
Speaker 1: action by donating to them, exploring their model for your community,

1213
01:09:59,080 --> 01:10:03,120
Speaker 1: or something else entirely, please let me know. I really

1214
01:10:03,160 --> 01:10:04,880
Speaker 1: do want to hear about it. You can write me

1215
01:10:05,080 --> 01:10:09,360
Speaker 1: anytime at Bill at normal folks dot us. If you

1216
01:10:09,479 --> 01:10:11,840
Speaker 1: enjoyed this episode, please share it with friends and on

1217
01:10:11,960 --> 01:10:15,840
Speaker 1: social subscribe to the podcast, rate it and review it.

1218
01:10:16,240 --> 01:10:18,840
Speaker 1: Join the army at normal folks dot us, any and

1219
01:10:18,920 --> 01:10:21,920
Speaker 1: all of these things that can help us grow an

1220
01:10:22,040 --> 01:10:26,040
Speaker 1: army of normal folks. I'm Bill Courtney. Until next time,

1221
01:10:26,479 --> 01:10:27,240
Speaker 1: do what you can