1 00:00:03,279 --> 00:00:04,120 Speaker 1: What's up, way up? 2 00:00:04,120 --> 00:00:06,360 Speaker 2: But Angela Yee. I'm Angela Yee. And you know it's 3 00:00:06,360 --> 00:00:09,239 Speaker 2: a Wealth Wednesday. So my partner Stacy Tisdale is here. 4 00:00:09,600 --> 00:00:12,360 Speaker 3: Happy Wealth Wednesday. We are taking you way up with 5 00:00:12,640 --> 00:00:16,120 Speaker 3: Cedric Nash aka your millionaire mentor today. 6 00:00:16,720 --> 00:00:18,680 Speaker 2: Yes, you're also the founder of the Black Wealth Summit, 7 00:00:18,720 --> 00:00:21,959 Speaker 2: which I've been to. You know, fortunately, great space to 8 00:00:21,960 --> 00:00:23,520 Speaker 2: be and I actually have made a lot of great 9 00:00:23,520 --> 00:00:25,880 Speaker 2: connections there to who I still keep in touch with. 10 00:00:26,200 --> 00:00:29,920 Speaker 1: Oh good, Yeah, yeah, so I appreciate that. 11 00:00:30,040 --> 00:00:32,960 Speaker 2: And you're also an author Why should white Guys Have 12 00:00:33,159 --> 00:00:33,880 Speaker 2: All the Wealth? 13 00:00:33,920 --> 00:00:35,680 Speaker 1: You gotta love the title of this book. 14 00:00:35,880 --> 00:00:38,559 Speaker 2: So and as soon as you open this book, you 15 00:00:38,600 --> 00:00:40,720 Speaker 2: find out why you called it that, right, So let's 16 00:00:40,840 --> 00:00:42,159 Speaker 2: let's talk about those numbers. 17 00:00:42,560 --> 00:00:44,559 Speaker 4: Yeah. Well, first of all, you know, you know, she's 18 00:00:44,600 --> 00:00:47,400 Speaker 4: giving a shout out to the to the Regel Lewis, 19 00:00:47,400 --> 00:00:49,000 Speaker 4: who wrote a book Why Should White Guys Have All 20 00:00:49,040 --> 00:00:51,400 Speaker 4: the fun? I read his book years ago and was 21 00:00:51,560 --> 00:00:54,840 Speaker 4: incredibly inspired by it, and so I had to give 22 00:00:54,920 --> 00:00:58,360 Speaker 4: him credit in the book, and also, you know, give 23 00:00:58,400 --> 00:01:00,560 Speaker 4: credit to his family as well, because he gave us 24 00:01:00,920 --> 00:01:03,760 Speaker 4: insights as to what was possible in business, and I 25 00:01:03,800 --> 00:01:06,440 Speaker 4: wanted to give us as a community what's possible in 26 00:01:06,440 --> 00:01:09,679 Speaker 4: building wealth. So yeah, it was really really a great call. 27 00:01:09,720 --> 00:01:11,240 Speaker 4: And then when when I finished through the book, it 28 00:01:11,240 --> 00:01:13,120 Speaker 4: was almost like, you know, I was talking to a 29 00:01:13,160 --> 00:01:15,039 Speaker 4: friend and I said, why shouldly white people getting rich 30 00:01:15,160 --> 00:01:17,959 Speaker 4: be getting rich in America? I was on a rant 31 00:01:18,120 --> 00:01:19,880 Speaker 4: and then I said, ooh, that could be a title. 32 00:01:20,440 --> 00:01:22,360 Speaker 4: And then I was like, maybe I should title why 33 00:01:22,360 --> 00:01:23,960 Speaker 4: should white guys have all the wealth? But then it's 34 00:01:24,000 --> 00:01:26,600 Speaker 4: like trying to sing the national anthem behind Whitney Houston. 35 00:01:26,640 --> 00:01:29,200 Speaker 4: You kind of don't touch certain things. But it just 36 00:01:29,280 --> 00:01:31,040 Speaker 4: made sense. I had to go for that. You know. 37 00:01:31,120 --> 00:01:31,640 Speaker 1: It's interesting. 38 00:01:31,680 --> 00:01:34,800 Speaker 2: I was talking to someone who works up here when 39 00:01:34,800 --> 00:01:37,000 Speaker 2: they saw the title of this book, and we were 40 00:01:37,000 --> 00:01:41,880 Speaker 2: just having a conversation about how to build wealth, and 41 00:01:41,959 --> 00:01:44,679 Speaker 2: he was saying, well, you know, I think the way 42 00:01:44,720 --> 00:01:47,680 Speaker 2: to do it is for me to get a life 43 00:01:47,720 --> 00:01:49,600 Speaker 2: insurance and then borrow against it. 44 00:01:49,640 --> 00:01:52,760 Speaker 1: And I was like, no, please, don't think that's the 45 00:01:52,760 --> 00:01:54,559 Speaker 1: way that you're going to build wealth. 46 00:01:54,840 --> 00:01:59,960 Speaker 3: You simplified it. What did the stock, real estate, private equity? Repeat? 47 00:02:00,480 --> 00:02:03,800 Speaker 3: But how does somebody who's sitting at home making maybe 48 00:02:03,880 --> 00:02:06,440 Speaker 3: fifty thousand dollars a year even relate to that. 49 00:02:06,720 --> 00:02:08,280 Speaker 4: Well, how they relate to it is the same way 50 00:02:08,280 --> 00:02:10,560 Speaker 4: that my grandmother did, who bought a house in the 51 00:02:10,600 --> 00:02:13,639 Speaker 4: Bronx for twenty five thousand dollars while she was only 52 00:02:13,720 --> 00:02:16,079 Speaker 4: making two hundred dollars a month working at a cleaner's 53 00:02:16,800 --> 00:02:19,200 Speaker 4: and so by the time she died, that house was 54 00:02:19,240 --> 00:02:23,280 Speaker 4: paid for and she had forty three thousand dollars saved up. 55 00:02:23,360 --> 00:02:24,960 Speaker 4: She only made two hundred dollars a month, she had 56 00:02:25,040 --> 00:02:27,640 Speaker 4: less than an eighth grade education. She just saved her 57 00:02:27,680 --> 00:02:31,680 Speaker 4: money and lived below her means, and she paid thirteen 58 00:02:31,720 --> 00:02:34,480 Speaker 4: thousand dollars for her funeral arrangements when she died, and 59 00:02:34,560 --> 00:02:37,680 Speaker 4: thirty thousand dollars she left her grandkids, of which I 60 00:02:37,720 --> 00:02:40,079 Speaker 4: received ten thousand dollars. And I turned that ten thousand 61 00:02:40,120 --> 00:02:44,320 Speaker 4: into millions by investing in the stock market, creating a 62 00:02:44,360 --> 00:02:47,320 Speaker 4: business investing in real estate. And by the way, I 63 00:02:47,360 --> 00:02:48,840 Speaker 4: still own my grandmother's. 64 00:02:48,320 --> 00:02:50,639 Speaker 1: House in the Bronx, and it's worth what now, It's. 65 00:02:50,480 --> 00:02:52,920 Speaker 4: Worth about seven hundred thousand dollars. It's a two family 66 00:02:52,960 --> 00:02:56,000 Speaker 4: over in the laconya section two blocks from the projects, 67 00:02:56,720 --> 00:02:58,520 Speaker 4: and I get calls all the time asking me do 68 00:02:58,560 --> 00:03:01,440 Speaker 4: I want to sell that piece of property, you know, 69 00:03:01,520 --> 00:03:03,720 Speaker 4: so I had to buy it out of a reverse 70 00:03:03,760 --> 00:03:06,200 Speaker 4: mortgage because my grandfather took a reverse mortgage out of it. 71 00:03:06,240 --> 00:03:09,200 Speaker 4: And that's another conversation that we as a community need 72 00:03:09,240 --> 00:03:12,919 Speaker 4: to have because it could have easily gone back to 73 00:03:12,960 --> 00:03:14,960 Speaker 4: the investor. But since I'm an investor, I'm like, no, 74 00:03:15,000 --> 00:03:15,760 Speaker 4: it's coming back to me. 75 00:03:16,400 --> 00:03:18,520 Speaker 2: Now, let's talk about you and how you managed to 76 00:03:18,639 --> 00:03:22,600 Speaker 2: develop a millionaire mindset because a lot of times, and 77 00:03:22,680 --> 00:03:24,720 Speaker 2: like Stacey was saying, if you have fifty thousand dollars, 78 00:03:24,800 --> 00:03:26,800 Speaker 2: and how do you figure out how can I invest 79 00:03:26,800 --> 00:03:29,720 Speaker 2: in the stock market? And how can I own real estate? 80 00:03:29,720 --> 00:03:31,080 Speaker 2: And how can I do those things? But a lot 81 00:03:31,120 --> 00:03:34,160 Speaker 2: of that is also how you develop a millionaire mindset. 82 00:03:34,160 --> 00:03:35,440 Speaker 1: So give us those components. 83 00:03:35,560 --> 00:03:37,840 Speaker 4: Well, you know my book, I talk about three things. 84 00:03:38,080 --> 00:03:42,360 Speaker 4: That's developing a millionaire mindset, adopting millionaire values, and making 85 00:03:42,360 --> 00:03:44,440 Speaker 4: what I call a millionaire money moves. A millionaire money 86 00:03:44,440 --> 00:03:47,400 Speaker 4: moves is, in essence, the things that you do to 87 00:03:47,680 --> 00:03:50,440 Speaker 4: invest in assets that appreciate and generate income over time. 88 00:03:50,840 --> 00:03:53,680 Speaker 4: But it takes the mindset and the value set that 89 00:03:53,760 --> 00:03:56,120 Speaker 4: allows you to be consistent enough to have impact it 90 00:03:56,160 --> 00:03:58,600 Speaker 4: takes a long time to build wealth, and what people 91 00:03:58,600 --> 00:04:00,880 Speaker 4: are missing is the fact that they think they could 92 00:04:00,920 --> 00:04:03,080 Speaker 4: do it faster, and they look at their friend. They're saying, Wow, 93 00:04:03,080 --> 00:04:05,440 Speaker 4: they're driving a nice car, they got a nice lifestyle. 94 00:04:05,800 --> 00:04:09,160 Speaker 4: They must be doing something different than me, and it's 95 00:04:09,200 --> 00:04:11,120 Speaker 4: going too slow, and then they changed their game plan. 96 00:04:11,640 --> 00:04:14,800 Speaker 4: So I developed my mindset through my mentorship, and that's 97 00:04:14,880 --> 00:04:16,920 Speaker 4: really how it's done. I had the privilege of having 98 00:04:17,240 --> 00:04:19,920 Speaker 4: four millionaire mentors who poured into me since eleventh grade 99 00:04:19,920 --> 00:04:22,760 Speaker 4: out of high school, and they were invested in banks, 100 00:04:22,839 --> 00:04:26,360 Speaker 4: and they bought apartment buildings, and they had land that 101 00:04:26,640 --> 00:04:29,720 Speaker 4: was that they used for Winery was a consultant and 102 00:04:29,720 --> 00:04:32,599 Speaker 4: inspired me to become to create a consulting firm. And 103 00:04:32,640 --> 00:04:35,120 Speaker 4: so these guys poured into me and just watching them, 104 00:04:35,480 --> 00:04:38,360 Speaker 4: watching their moves, kind of inspired me. So when I 105 00:04:38,440 --> 00:04:40,159 Speaker 4: came out of college, after reading a lot of books 106 00:04:40,200 --> 00:04:43,280 Speaker 4: on personal finance, I kind of spent my entire life 107 00:04:43,279 --> 00:04:45,320 Speaker 4: thinking how am I going to turn this meager thirty 108 00:04:45,360 --> 00:04:48,480 Speaker 4: six four hundred dollars a year as a software engineer 109 00:04:48,520 --> 00:04:50,920 Speaker 4: into millions? And I devised a plan and that's really 110 00:04:50,920 --> 00:04:51,520 Speaker 4: what I wrote in the. 111 00:04:51,480 --> 00:04:53,680 Speaker 2: Book I Want to ask you so for a couple 112 00:04:53,760 --> 00:04:55,880 Speaker 2: of things that you said there, right, You talk about 113 00:04:55,960 --> 00:04:58,680 Speaker 2: having mentors who poured into you, and at one point 114 00:04:58,680 --> 00:05:01,360 Speaker 2: in this book you discuss a plan that you had 115 00:05:01,600 --> 00:05:04,919 Speaker 2: that was terrible, but you're a mentor was like, this 116 00:05:05,040 --> 00:05:07,560 Speaker 2: is amazing. You know, you're very creative, and sometimes people 117 00:05:07,600 --> 00:05:09,479 Speaker 2: feel like you have to be brutally honest and be 118 00:05:09,560 --> 00:05:12,839 Speaker 2: like this is terrible. But you said the opposite because 119 00:05:12,839 --> 00:05:14,320 Speaker 2: it could have really deflated you. 120 00:05:14,480 --> 00:05:16,280 Speaker 4: Oh, I learned so much from that. And now when 121 00:05:16,320 --> 00:05:18,960 Speaker 4: young men or young women come to me with ideas 122 00:05:19,000 --> 00:05:21,320 Speaker 4: that I don't think that are that great. You know, 123 00:05:21,560 --> 00:05:23,080 Speaker 4: it happened to me one day and I stopped. I 124 00:05:23,080 --> 00:05:26,720 Speaker 4: said before I basically, you know, step on this guy's dreams. 125 00:05:27,600 --> 00:05:30,680 Speaker 4: You know, let me inspire them, let me tell them that, Hey, 126 00:05:31,000 --> 00:05:33,479 Speaker 4: I believe the world should tell you no, you just 127 00:05:33,560 --> 00:05:36,240 Speaker 4: never know. You might be you know, you may We 128 00:05:36,240 --> 00:05:39,480 Speaker 4: don't know everything, and just because we're successful as entrepreneurs 129 00:05:39,800 --> 00:05:43,040 Speaker 4: and have done a lot doesn't mean that we know everything. 130 00:05:43,520 --> 00:05:45,120 Speaker 4: And so I think that a lot of times our 131 00:05:45,160 --> 00:05:50,680 Speaker 4: young people, their excitement is is hampered down because of 132 00:05:51,200 --> 00:05:54,920 Speaker 4: our own interpretation of our own capabilities and inabilities. 133 00:05:55,080 --> 00:05:56,719 Speaker 2: Yeah, imagine if he would have told you that, and 134 00:05:56,760 --> 00:05:59,600 Speaker 2: then it could have made you take a whole different path. 135 00:06:00,080 --> 00:06:01,560 Speaker 4: I'm telling you, at that time, I was I was 136 00:06:01,560 --> 00:06:03,360 Speaker 4: a basketball player. I thought I had the kind of 137 00:06:03,360 --> 00:06:05,600 Speaker 4: skills it was going to get me a scholarship, make 138 00:06:05,680 --> 00:06:08,239 Speaker 4: it to the NBA. And this guy changed my life. 139 00:06:08,440 --> 00:06:10,520 Speaker 4: He made me feel like I was brilliant, you know, 140 00:06:10,560 --> 00:06:13,760 Speaker 4: because I started studying engineering, started taking physics, and the 141 00:06:13,839 --> 00:06:15,760 Speaker 4: idea just made no sense whatsoever. 142 00:06:15,839 --> 00:06:17,880 Speaker 1: Right, it was I a solar panel like. 143 00:06:18,160 --> 00:06:20,279 Speaker 4: Solal, but it was like plugged up with lights, which 144 00:06:20,360 --> 00:06:23,320 Speaker 4: kind of negated the whole concept. But yeah, yeah, it's 145 00:06:23,360 --> 00:06:26,040 Speaker 4: like it just just made no sense. But Gus knew this, 146 00:06:26,320 --> 00:06:29,279 Speaker 4: and Gus just said, wow, I think you're really under something. 147 00:06:29,320 --> 00:06:32,080 Speaker 4: He got really excited about it and made me think 148 00:06:32,120 --> 00:06:34,520 Speaker 4: that I was under something. And I love that because, 149 00:06:34,560 --> 00:06:36,600 Speaker 4: like I said, it's like, you know, what he knew 150 00:06:36,680 --> 00:06:38,720 Speaker 4: is that he knew that, you know that I was 151 00:06:38,760 --> 00:06:40,640 Speaker 4: at that stage of my life where I needed that 152 00:06:40,760 --> 00:06:44,240 Speaker 4: kind of inspiration. And so I think that. But like 153 00:06:44,240 --> 00:06:46,400 Speaker 4: I said, I don't do that anymore. I don't create 154 00:06:46,920 --> 00:06:50,040 Speaker 4: you know, bad contraptions, but I have created a business 155 00:06:50,080 --> 00:06:52,280 Speaker 4: starting from the bottom that does ninety million in revenue 156 00:06:52,279 --> 00:06:55,240 Speaker 4: with three hundred employees. And so I did figure out 157 00:06:55,240 --> 00:06:56,640 Speaker 4: a way how to build wealth. And so that was 158 00:06:56,720 --> 00:06:58,279 Speaker 4: very pivotal in my development. 159 00:06:58,320 --> 00:07:00,320 Speaker 3: And the second part in what you were saying, how 160 00:07:00,480 --> 00:07:03,719 Speaker 3: you got encouragement. Yes, at the right time. And I 161 00:07:03,480 --> 00:07:06,679 Speaker 3: want you to really break down what does a smart 162 00:07:06,720 --> 00:07:10,280 Speaker 3: plan look like? Because we talk conceptually everybody needs a plan. 163 00:07:10,720 --> 00:07:11,920 Speaker 3: You have to have a plan. You have to have 164 00:07:11,920 --> 00:07:14,679 Speaker 3: a plan. But again, when I'm sometimes if I'm sitting 165 00:07:14,680 --> 00:07:18,000 Speaker 3: here listening to this, I'm like, Okay, what what does 166 00:07:18,080 --> 00:07:20,720 Speaker 3: that mean? So in your book you say the most 167 00:07:20,720 --> 00:07:23,520 Speaker 3: important thing to do is to start, but what should 168 00:07:23,600 --> 00:07:26,160 Speaker 3: What are some tangible steps people can take to create 169 00:07:26,280 --> 00:07:26,960 Speaker 3: a wealth plan. 170 00:07:27,120 --> 00:07:28,680 Speaker 4: Well, I think the first thing they really have to 171 00:07:28,680 --> 00:07:30,320 Speaker 4: do is I talk about in my book. They got 172 00:07:30,320 --> 00:07:32,000 Speaker 4: to know where they're starting for. They got to know 173 00:07:32,080 --> 00:07:35,160 Speaker 4: their net worth, They got to know how much how 174 00:07:35,240 --> 00:07:37,760 Speaker 4: much cash to have available, what assets do they have, 175 00:07:37,840 --> 00:07:40,560 Speaker 4: what income producing assets they have. Now, most people aren't 176 00:07:40,560 --> 00:07:43,000 Speaker 4: going to have much wealth. They can have negative wealth. 177 00:07:43,040 --> 00:07:45,600 Speaker 4: I may not have any any assets. But the name 178 00:07:45,640 --> 00:07:47,360 Speaker 4: of the game is to know where you're starting from. 179 00:07:47,560 --> 00:07:49,120 Speaker 4: But I have another thing in my book that talks 180 00:07:49,120 --> 00:07:51,680 Speaker 4: about mapping out their in game. It's almost like to 181 00:07:51,760 --> 00:07:54,120 Speaker 4: start with the end in mind. And so I came 182 00:07:54,200 --> 00:07:56,800 Speaker 4: up with that in game for myself, and I'll share 183 00:07:56,800 --> 00:07:58,200 Speaker 4: with you guys. I talk about it in my book. 184 00:07:58,240 --> 00:08:00,720 Speaker 4: What I wanted. I wanted a million dollars an income 185 00:08:00,760 --> 00:08:02,920 Speaker 4: without having the work, of which I wanted half a 186 00:08:02,920 --> 00:08:04,640 Speaker 4: million to come for my cash, the other half to 187 00:08:04,680 --> 00:08:07,920 Speaker 4: come from my real estate. And so now I had. 188 00:08:08,080 --> 00:08:10,840 Speaker 4: Now knowing that and knowing what I have and knowing 189 00:08:10,880 --> 00:08:14,320 Speaker 4: what income my real estate gives me, now now I 190 00:08:14,320 --> 00:08:17,200 Speaker 4: can develop a roadmap that says, Okay, what properties do 191 00:08:17,240 --> 00:08:19,000 Speaker 4: I need to buy that's going to give me more 192 00:08:19,040 --> 00:08:21,400 Speaker 4: income and grow over time, and how do I get 193 00:08:21,400 --> 00:08:23,040 Speaker 4: my cash up? So you kind of have to start 194 00:08:23,080 --> 00:08:25,680 Speaker 4: with understanding where you are, where you need to be, 195 00:08:26,040 --> 00:08:27,680 Speaker 4: or where you want to be, and then building a 196 00:08:27,720 --> 00:08:30,400 Speaker 4: roadmap to get there. My book lays it out out. Yeah, 197 00:08:30,440 --> 00:08:32,120 Speaker 4: it lays it out. The funny thing is, I'm here 198 00:08:32,120 --> 00:08:34,800 Speaker 4: in New York, but I bought my first multi family 199 00:08:34,800 --> 00:08:37,640 Speaker 4: properties in Jersey City, and I paid three hundred and 200 00:08:37,679 --> 00:08:38,720 Speaker 4: sixty thousand dollars. 201 00:08:38,880 --> 00:08:40,160 Speaker 1: Jersey City is booming. 202 00:08:40,880 --> 00:08:43,280 Speaker 2: Actually live in Jersey City too, and it's such a 203 00:08:43,360 --> 00:08:47,720 Speaker 2: I mean, it's really nice, but it has been absolutely incredible. 204 00:08:47,760 --> 00:08:50,320 Speaker 4: Well that billings were two million dollars and I get 205 00:08:50,360 --> 00:08:52,240 Speaker 4: calls about it all the time, and I'm going to 206 00:08:52,280 --> 00:08:55,319 Speaker 4: tear it down and turn into twenty five salon studios, 207 00:08:55,360 --> 00:08:58,440 Speaker 4: twelve apartment units, and a rooftop apartment for myself. But 208 00:08:58,520 --> 00:09:02,800 Speaker 4: the whole point is is that, Okay, yeah, but it 209 00:09:02,840 --> 00:09:04,440 Speaker 4: was a lot. It was a journey, and there were 210 00:09:04,520 --> 00:09:06,600 Speaker 4: days when I felt like, man, this thing is not 211 00:09:06,640 --> 00:09:08,800 Speaker 4: going to happen. That's why I'm so passionate about this 212 00:09:08,840 --> 00:09:11,920 Speaker 4: about teaching people and mentoring people to stay the course. 213 00:09:12,400 --> 00:09:14,760 Speaker 4: That it's a long journey of getting there and we're 214 00:09:14,800 --> 00:09:18,000 Speaker 4: starting often from behind, but you've just got to believe 215 00:09:18,040 --> 00:09:20,840 Speaker 4: in the process. Steve Jobs says this so eloquently. He says, 216 00:09:20,880 --> 00:09:23,360 Speaker 4: you can't see the dots. You can't connect the dots 217 00:09:23,360 --> 00:09:25,559 Speaker 4: looking forward. You can only connect them looking backwards. So 218 00:09:25,640 --> 00:09:28,560 Speaker 4: you have to believe in something to keep connecting the dots. 219 00:09:28,880 --> 00:09:32,000 Speaker 4: And so that's exactly how it feels when you're saving 220 00:09:32,080 --> 00:09:34,320 Speaker 4: in that one stock and it's an hour in a 221 00:09:34,360 --> 00:09:36,640 Speaker 4: down period within the stock market, or you're buying that 222 00:09:36,760 --> 00:09:39,679 Speaker 4: Bulti family or that duplex, and it just feels like 223 00:09:39,720 --> 00:09:44,079 Speaker 4: the appreciation's not happening. It's the same experience that everyone experiences. 224 00:09:44,760 --> 00:09:47,120 Speaker 4: You have to stay encouraged to stay connected. 225 00:09:47,320 --> 00:09:49,280 Speaker 1: Now back to what you said earlier. Let's look back 226 00:09:49,280 --> 00:09:49,959 Speaker 1: at this right. 227 00:09:50,040 --> 00:09:53,440 Speaker 2: You bought this Mercedes, and you discuss this in the book, 228 00:09:53,440 --> 00:09:56,000 Speaker 2: and you talk about depreciating assets. But you can learn 229 00:09:56,040 --> 00:09:58,559 Speaker 2: from that because sometimes we do things. We look around, 230 00:09:58,559 --> 00:10:01,760 Speaker 2: we see people driving incredible cars, We see people with 231 00:10:01,920 --> 00:10:04,880 Speaker 2: nice bags, nice shoes, jewelry and all of those things. 232 00:10:05,080 --> 00:10:07,120 Speaker 2: So what lesson did you learn when you drove that 233 00:10:07,200 --> 00:10:07,959 Speaker 2: car off the lot? 234 00:10:08,320 --> 00:10:10,480 Speaker 4: You know, the lesson I learned. It was interesting because 235 00:10:10,480 --> 00:10:14,920 Speaker 4: I talk about this process of transforming your mindset and 236 00:10:14,920 --> 00:10:18,280 Speaker 4: your values, and when I save values, you know, values 237 00:10:18,320 --> 00:10:20,720 Speaker 4: is another word by saying priorities. A lot of the 238 00:10:20,720 --> 00:10:24,600 Speaker 4: reasons why people money situation is not bad, not not 239 00:10:24,920 --> 00:10:27,520 Speaker 4: or are not that great is because their priorities are 240 00:10:27,520 --> 00:10:30,920 Speaker 4: centered around looking wealthy versus being actually wealthy. When your 241 00:10:30,960 --> 00:10:34,320 Speaker 4: values are sent around being wealthy, then you start doing 242 00:10:34,400 --> 00:10:37,719 Speaker 4: things that you know that align with that. So when 243 00:10:37,720 --> 00:10:39,520 Speaker 4: I bought that car, I still had that car, believe 244 00:10:39,600 --> 00:10:41,400 Speaker 4: or not. It sits in my house in Saint Petersburg. 245 00:10:41,760 --> 00:10:43,959 Speaker 4: I just look at everyone. So I look at the interior, 246 00:10:44,000 --> 00:10:46,560 Speaker 4: looks brand spanking new, and it's a two thousand and two. 247 00:10:46,960 --> 00:10:49,479 Speaker 4: But that, you know, that car was that car signified 248 00:10:49,520 --> 00:10:52,719 Speaker 4: me transforming my values because what happened was I've been 249 00:10:52,800 --> 00:10:55,560 Speaker 4: working on I've been I've been doing a lot of 250 00:10:55,559 --> 00:10:57,880 Speaker 4: good things, right. But when I bought that car in 251 00:10:57,920 --> 00:11:01,240 Speaker 4: two thousand and two, I just didn't sit right with me. 252 00:11:01,320 --> 00:11:03,320 Speaker 4: And I didn't even call my accountant. I just and 253 00:11:03,360 --> 00:11:04,959 Speaker 4: I had money in the bank, I was living in 254 00:11:05,040 --> 00:11:08,480 Speaker 4: a two million dollar house in Oakland Hills, California. My 255 00:11:08,520 --> 00:11:12,360 Speaker 4: business was doing well. Something you know didn't sit right, 256 00:11:12,559 --> 00:11:15,440 Speaker 4: and it was because my values were changing. I said, 257 00:11:15,440 --> 00:11:17,079 Speaker 4: you know, I should have bought a I should have 258 00:11:17,120 --> 00:11:19,439 Speaker 4: bought a multi family property as opposed to buying this 259 00:11:19,480 --> 00:11:22,280 Speaker 4: one hundred and two thousand dollars car, right, because if 260 00:11:22,320 --> 00:11:26,600 Speaker 4: my business crap fell a collapse, I had no sustainable income. 261 00:11:26,960 --> 00:11:29,000 Speaker 4: But if the funny thing about that angel is that 262 00:11:29,000 --> 00:11:30,800 Speaker 4: that property I was telling you about in Jersey City, 263 00:11:31,040 --> 00:11:34,520 Speaker 4: I bought that in October two thousand and three. It's 264 00:11:34,559 --> 00:11:37,280 Speaker 4: paid for. In October two thousand twenty three, I had 265 00:11:37,320 --> 00:11:39,760 Speaker 4: a twenty year mortgage. I bought another one in DC 266 00:11:40,480 --> 00:11:43,440 Speaker 4: in November of two thousand and three. In two thousand 267 00:11:43,480 --> 00:11:45,719 Speaker 4: and four, I bought another one in New Jersey. That 268 00:11:45,840 --> 00:11:49,520 Speaker 4: was that signifies how my values had changed. I wasn't 269 00:11:49,520 --> 00:11:53,240 Speaker 4: buying fly clothes. I wasn't. I just kept my old cars. 270 00:11:53,679 --> 00:11:56,400 Speaker 4: I was taking every piece of cash I had that 271 00:11:56,480 --> 00:11:58,720 Speaker 4: I could create for my business, and I was investing 272 00:11:58,720 --> 00:12:00,800 Speaker 4: in assets. And I'm telling you now, at the age 273 00:12:00,840 --> 00:12:03,360 Speaker 4: of fifty eight, you know from you know, when I 274 00:12:03,400 --> 00:12:05,280 Speaker 4: was saj age of thirty eight, I'm glad I made 275 00:12:05,360 --> 00:12:08,120 Speaker 4: that priority shift because it makes a big difference. 276 00:12:08,160 --> 00:12:09,240 Speaker 1: And sometimes it's hard too. 277 00:12:09,640 --> 00:12:11,760 Speaker 2: And I always feel like when you have a goal 278 00:12:11,800 --> 00:12:14,240 Speaker 2: in mine, like right now for me, and Stacy knows, 279 00:12:14,360 --> 00:12:17,280 Speaker 2: I bought a thirty unit building in midtown d for 280 00:12:17,320 --> 00:12:20,320 Speaker 2: doing this, by the way, Yeah, and I've had to 281 00:12:20,360 --> 00:12:23,120 Speaker 2: make some sacrifices now in order to be able to 282 00:12:23,200 --> 00:12:26,280 Speaker 2: make that happen. But when you are making those sacrifices 283 00:12:26,320 --> 00:12:28,520 Speaker 2: and you know why, and you're like, okay, when this 284 00:12:28,600 --> 00:12:30,720 Speaker 2: is done, you know, let me map out because no 285 00:12:30,760 --> 00:12:32,480 Speaker 2: matter what, it's not going to be a loss for me. 286 00:12:33,080 --> 00:12:33,800 Speaker 1: Right and so. 287 00:12:34,080 --> 00:12:35,760 Speaker 4: Well, now that I'm much older than you. I mean 288 00:12:35,800 --> 00:12:38,760 Speaker 4: you you can look at me and see how that, 289 00:12:39,280 --> 00:12:43,080 Speaker 4: how that, how that translates years down the line. I mean, 290 00:12:43,280 --> 00:12:45,320 Speaker 4: you get those win increases over the years, and you 291 00:12:45,400 --> 00:12:47,280 Speaker 4: keep that building going on, even though you might go 292 00:12:47,320 --> 00:12:49,800 Speaker 4: through ups and downs, and it pays off handsomely. It 293 00:12:49,840 --> 00:12:50,240 Speaker 4: really does. 294 00:12:50,320 --> 00:12:51,240 Speaker 1: And then you're getting rent. 295 00:12:51,320 --> 00:12:53,240 Speaker 2: But then at some point if you feel like selling 296 00:12:53,320 --> 00:12:56,040 Speaker 2: the building alway, paying it up, you always have that 297 00:12:56,360 --> 00:12:58,160 Speaker 2: to be able to do. Because I've you know, real 298 00:12:58,280 --> 00:13:01,360 Speaker 2: estate has been great for me also, and so it's 299 00:13:01,360 --> 00:13:03,120 Speaker 2: good for me to know. And you talk about paying 300 00:13:03,160 --> 00:13:06,160 Speaker 2: things off, even like putting a down payment, right because 301 00:13:06,200 --> 00:13:08,959 Speaker 2: I was like horrified by PMI and I didn't learn 302 00:13:08,960 --> 00:13:10,959 Speaker 2: about that until I bought my first house. I didn't 303 00:13:11,000 --> 00:13:13,600 Speaker 2: know what mortgage insurance was. And I had a realtor 304 00:13:13,600 --> 00:13:17,559 Speaker 2: who was encouraging me to just buy. You can just 305 00:13:17,600 --> 00:13:19,840 Speaker 2: put ten percent down, don't worry about it. And then 306 00:13:20,240 --> 00:13:22,400 Speaker 2: I got another realtor and that's who I used to 307 00:13:22,400 --> 00:13:24,040 Speaker 2: this day, and she was like, well, you'll have to 308 00:13:24,040 --> 00:13:27,120 Speaker 2: pay mortgage insurance. You should put down more money because 309 00:13:27,120 --> 00:13:29,840 Speaker 2: it's kind of a waste, you know, insuring this mortgage. 310 00:13:29,880 --> 00:13:33,680 Speaker 2: And so I did that and moving forward. I wouldn't 311 00:13:33,720 --> 00:13:35,600 Speaker 2: not put down. I wouldn't not put down enough to 312 00:13:35,640 --> 00:13:37,640 Speaker 2: not have to pay mortgage insurance. I just feel like 313 00:13:37,679 --> 00:13:39,920 Speaker 2: that's not a great idea. But I've had people who 314 00:13:39,960 --> 00:13:41,840 Speaker 2: were going to buy their first property trying to get 315 00:13:41,880 --> 00:13:43,920 Speaker 2: a hard money loan and do things like that because 316 00:13:44,160 --> 00:13:45,640 Speaker 2: their credit is it where it should be, or they 317 00:13:45,640 --> 00:13:48,400 Speaker 2: don't have the money. And I don't necessarily think you're 318 00:13:48,480 --> 00:13:51,760 Speaker 2: in the best position to buy a house if you 319 00:13:51,880 --> 00:13:52,880 Speaker 2: have to do those things. 320 00:13:52,920 --> 00:13:56,320 Speaker 4: But also there's this thing about when you when you 321 00:13:56,360 --> 00:14:00,000 Speaker 4: practice that discipline or right, when you transition your value 322 00:14:00,200 --> 00:14:02,959 Speaker 4: around there and take your time, you just feel more empowered. 323 00:14:03,200 --> 00:14:05,000 Speaker 4: In two thousand and seven, two thousand and eight, when 324 00:14:05,000 --> 00:14:07,960 Speaker 4: we had the big, the great procession, you know, I 325 00:14:08,000 --> 00:14:10,559 Speaker 4: live in Maryland part time in Prince George's County. There's 326 00:14:10,679 --> 00:14:13,199 Speaker 4: large of them people who lost their houses because they 327 00:14:13,200 --> 00:14:15,480 Speaker 4: were able to get these subprime loans. But what was 328 00:14:15,480 --> 00:14:17,440 Speaker 4: so sad about these subprime loans If you look at 329 00:14:17,440 --> 00:14:19,920 Speaker 4: the research, a lot of them were forcing the subprime 330 00:14:20,080 --> 00:14:24,880 Speaker 4: loans who were qualified for conforming loans because they just. 331 00:14:24,880 --> 00:14:29,560 Speaker 3: Did they didn't have the knowledge. Remember speaking to someone 332 00:14:29,560 --> 00:14:31,760 Speaker 3: who that happened to and she's like, well, the brokers 333 00:14:31,760 --> 00:14:33,600 Speaker 3: should have you know, this person should have told me. 334 00:14:33,680 --> 00:14:36,160 Speaker 3: That's not their job to tell you to do that. 335 00:14:36,240 --> 00:14:39,720 Speaker 3: But there are certain banks, but there's not the program, 336 00:14:39,800 --> 00:14:40,240 Speaker 3: sorry there. 337 00:14:41,200 --> 00:14:43,280 Speaker 4: But there are certain lenders, But there are lenders that 338 00:14:43,440 --> 00:14:45,040 Speaker 4: intentionally did that too much. 339 00:14:45,360 --> 00:14:49,720 Speaker 3: It was a highly intentional It was a highly intentional thing. 340 00:14:49,760 --> 00:14:52,600 Speaker 3: But I want people to know that you can only 341 00:14:52,640 --> 00:14:55,440 Speaker 3: be taking advantage of if you walk in there not knowing. 342 00:14:55,720 --> 00:14:57,120 Speaker 1: Yeah, there's too many resources. 343 00:14:57,520 --> 00:14:59,360 Speaker 3: A lot of people didn't even understand it, just what 344 00:14:59,400 --> 00:15:01,720 Speaker 3: adjustable mortgages were. Then all of a sudden they were 345 00:15:01,760 --> 00:15:04,520 Speaker 3: caught off guard. And that's the woman who told me, well, 346 00:15:04,520 --> 00:15:07,320 Speaker 3: I didn't understand what that meant. And I said, you 347 00:15:07,640 --> 00:15:09,640 Speaker 3: can only be taken advantage of to the point where 348 00:15:09,640 --> 00:15:11,000 Speaker 3: you're not educated. 349 00:15:11,040 --> 00:15:13,720 Speaker 2: When you're making these huge investments, it is important to 350 00:15:13,760 --> 00:15:15,440 Speaker 2: do your own research and get education. 351 00:15:15,520 --> 00:15:18,320 Speaker 4: The most important thing is to have what I call 352 00:15:18,360 --> 00:15:21,000 Speaker 4: a millionaire mentor, somebody who's not in it to make money, 353 00:15:21,240 --> 00:15:23,480 Speaker 4: somebody who only wants you to succeed. I talk about 354 00:15:23,600 --> 00:15:25,920 Speaker 4: in chapter nine about how to find a millionaire mentor. 355 00:15:26,440 --> 00:15:28,640 Speaker 4: It's so important to have people that you can trust 356 00:15:28,920 --> 00:15:33,280 Speaker 4: that have no no nothing in the game, right, no 357 00:15:33,360 --> 00:15:36,040 Speaker 4: horse in the race, because now you know you're getting 358 00:15:36,080 --> 00:15:38,400 Speaker 4: authentic answer. And the reality is we have them in 359 00:15:38,440 --> 00:15:41,359 Speaker 4: our community. You just got to search through our fraternities, 360 00:15:41,360 --> 00:15:44,400 Speaker 4: our sororities, our churches to find these people that are 361 00:15:44,400 --> 00:15:48,840 Speaker 4: knowledgeable that will help you just for free. And so 362 00:15:49,800 --> 00:15:51,560 Speaker 4: because like I said, there's a lot of people who 363 00:15:51,560 --> 00:15:54,400 Speaker 4: are presenting like they're experts, but they're basically trying to 364 00:15:54,440 --> 00:15:57,440 Speaker 4: make money off of the transaction, and you don't you 365 00:15:57,440 --> 00:16:00,760 Speaker 4: can't sometimes feel like you're getting authentic answer from that. 366 00:16:01,040 --> 00:16:04,240 Speaker 4: And the sad reality is is that, like I said, 367 00:16:04,320 --> 00:16:06,480 Speaker 4: you know, we give our government a hard time because 368 00:16:06,480 --> 00:16:08,320 Speaker 4: we think they're not doing enough to close the racial 369 00:16:08,320 --> 00:16:11,000 Speaker 4: wealth gap or to help our community out. So they 370 00:16:11,040 --> 00:16:14,480 Speaker 4: create programs like they did to lower the requirements to 371 00:16:14,520 --> 00:16:17,960 Speaker 4: get housing. But then on our side, the intentional side, 372 00:16:18,000 --> 00:16:20,880 Speaker 4: we're not doing the work on our side so that 373 00:16:20,920 --> 00:16:24,680 Speaker 4: we can take advantage of these programs responsibly. But it's 374 00:16:24,760 --> 00:16:26,760 Speaker 4: larger because we don't have access to people that are 375 00:16:26,800 --> 00:16:29,680 Speaker 4: really going to give us the authentic information without anything 376 00:16:29,720 --> 00:16:29,920 Speaker 4: in it. 377 00:16:30,080 --> 00:16:33,320 Speaker 3: Putting this into context. Context though a lot of the 378 00:16:33,320 --> 00:16:35,920 Speaker 3: people that we speak to and the way we talk 379 00:16:35,920 --> 00:16:40,160 Speaker 3: about being a millionaire. It sounds like an aspiration. Oh, 380 00:16:40,160 --> 00:16:42,200 Speaker 3: I want to be a millionaire. To be a millionaire, 381 00:16:43,560 --> 00:16:47,160 Speaker 3: do you have to be a millionaire even to live. 382 00:16:47,120 --> 00:16:49,240 Speaker 1: To be able to retire, to be able to retire? 383 00:16:49,520 --> 00:16:52,600 Speaker 3: Talk about that. And I also real estate. I have 384 00:16:52,720 --> 00:16:56,840 Speaker 3: their communities and love real estate. Blessing for those. Let's 385 00:16:56,840 --> 00:16:59,920 Speaker 3: talk about some stocks exactly to getting people in, you know, 386 00:17:00,080 --> 00:17:03,000 Speaker 3: the stock market. We talk about a lot Blacks are 387 00:17:03,040 --> 00:17:05,840 Speaker 3: the first time, big largest group of first time invest 388 00:17:05,880 --> 00:17:08,320 Speaker 3: for the stock market. But we have to all put 389 00:17:08,320 --> 00:17:09,879 Speaker 3: our money to work because if you don't have a 390 00:17:09,880 --> 00:17:12,920 Speaker 3: million dollars, but I was reading some of your formulas, 391 00:17:12,920 --> 00:17:15,520 Speaker 3: a million dollars would get you what forty. 392 00:17:15,359 --> 00:17:19,199 Speaker 4: Thousand are using the four percent rule for withdraws, Like, 393 00:17:19,240 --> 00:17:20,920 Speaker 4: if you had a million dollars in your what I 394 00:17:20,960 --> 00:17:24,160 Speaker 4: call freedom fund, which is all your money together, assuming 395 00:17:24,200 --> 00:17:27,600 Speaker 4: that you're earning an average six percent return adjusted for inflation, 396 00:17:27,680 --> 00:17:30,320 Speaker 4: you could take four percent out of your freedom fund. 397 00:17:30,359 --> 00:17:31,800 Speaker 4: So if you had a million dollars, that means that 398 00:17:31,840 --> 00:17:34,679 Speaker 4: you have forty thousand dollars to live on potentially for 399 00:17:34,720 --> 00:17:37,159 Speaker 4: thirty to forty years. If you had two million. Now 400 00:17:37,200 --> 00:17:39,240 Speaker 4: you're talking about eighty thousand. If you had three million, 401 00:17:39,600 --> 00:17:42,200 Speaker 4: you're talking about one hundred and twenty thousand. But that's 402 00:17:42,240 --> 00:17:43,399 Speaker 4: in today's. 403 00:17:42,920 --> 00:17:44,440 Speaker 1: Money, right inflation. 404 00:17:44,560 --> 00:17:46,280 Speaker 4: So if you're twenty two years old, I just did 405 00:17:46,280 --> 00:17:48,480 Speaker 4: a speech at Booie State a couple of days ago. 406 00:17:48,520 --> 00:17:50,600 Speaker 4: If you're twenty two years old and you're going to 407 00:17:50,640 --> 00:17:53,480 Speaker 4: retire forty three years from now, that one hundred and 408 00:17:53,560 --> 00:17:56,840 Speaker 4: twenty thousand is equivalent to three hundred thousand. So you're 409 00:17:56,840 --> 00:18:00,600 Speaker 4: going to need eight point six million dollars if you're 410 00:18:00,640 --> 00:18:03,199 Speaker 4: twenty two years old to retire on the equivalent of 411 00:18:03,200 --> 00:18:06,480 Speaker 4: one hundred and twenty thousand today. So it's a serious thing. 412 00:18:06,520 --> 00:18:08,920 Speaker 4: So I don't write this book trying to make money 413 00:18:08,960 --> 00:18:11,159 Speaker 4: or trying to bring attention to myself. We are in 414 00:18:11,240 --> 00:18:14,680 Speaker 4: a serious state and nobody's coming to save us because 415 00:18:14,680 --> 00:18:16,520 Speaker 4: where we are financial is not our fault, but it's 416 00:18:16,520 --> 00:18:18,960 Speaker 4: our responsibility to fix it. And so we as a 417 00:18:19,000 --> 00:18:21,760 Speaker 4: community have to pull our resources together. We have to 418 00:18:21,800 --> 00:18:24,040 Speaker 4: leverage a one point eight trillion and spending power and 419 00:18:24,080 --> 00:18:27,760 Speaker 4: turn some of that into investment power and fix it ourselves. Yeah, 420 00:18:27,800 --> 00:18:30,520 Speaker 4: the government's it's the government's fault. They're at fault for 421 00:18:30,600 --> 00:18:33,520 Speaker 4: where we are. It's slavery's fault, but they ain't gonna 422 00:18:33,560 --> 00:18:35,679 Speaker 4: do anything about it, right, So we've got to do 423 00:18:35,680 --> 00:18:37,159 Speaker 4: what we can to do about it. We've got to 424 00:18:37,200 --> 00:18:39,160 Speaker 4: get busy investing, because investing takes time. 425 00:18:39,280 --> 00:18:40,840 Speaker 1: What about politics? Right? 426 00:18:41,080 --> 00:18:43,960 Speaker 2: How important is politics when it comes to finances? I'm 427 00:18:44,280 --> 00:18:47,680 Speaker 2: looking at how in Florida Now, the NAACP has said 428 00:18:47,680 --> 00:18:51,639 Speaker 2: that there's a travel advisory for Black Americans to go 429 00:18:51,680 --> 00:18:54,960 Speaker 2: to Florida because it's hostile towards as we see what 430 00:18:55,040 --> 00:18:58,000 Speaker 2: the governor Ronda Santis is doing there. But a lot 431 00:18:58,040 --> 00:19:00,960 Speaker 2: of people have purchased property there because of the tax 432 00:19:01,000 --> 00:19:03,160 Speaker 2: breaks that you're able to get. You might say it's 433 00:19:03,160 --> 00:19:06,479 Speaker 2: a good investment because I bought this property here and 434 00:19:06,520 --> 00:19:09,119 Speaker 2: the value of it will continue to increase. What are 435 00:19:09,160 --> 00:19:11,840 Speaker 2: your thoughts when it comes to investing in places that 436 00:19:11,920 --> 00:19:14,320 Speaker 2: you may not morally align with the leadership there? 437 00:19:14,640 --> 00:19:18,040 Speaker 4: Right? Yeah, I completely understand the sentiment of the NAACP. 438 00:19:18,240 --> 00:19:21,119 Speaker 4: I mean, I have to own three properties in a yacht. 439 00:19:22,119 --> 00:19:23,280 Speaker 1: When do I get to use this year? 440 00:19:23,560 --> 00:19:27,560 Speaker 4: You come down, come down? So that's an investment, it 441 00:19:27,560 --> 00:19:29,280 Speaker 4: really is. I mean, you get a five hundred thousand 442 00:19:29,320 --> 00:19:31,280 Speaker 4: dollars tax deduction the first year you buy it, just 443 00:19:31,400 --> 00:19:34,199 Speaker 4: loads of deductions as a charter of company. But the 444 00:19:34,240 --> 00:19:37,720 Speaker 4: point is is that I get their concern and and 445 00:19:37,880 --> 00:19:40,200 Speaker 4: I'm not a big fan of the governor at all. 446 00:19:40,440 --> 00:19:43,399 Speaker 4: I'm a I'm a long standing and will always be 447 00:19:43,400 --> 00:19:46,760 Speaker 4: a Democrat, a person of the Democratic Party. But the 448 00:19:47,240 --> 00:19:50,080 Speaker 4: reality is is that the government can only do but 449 00:19:50,240 --> 00:19:54,240 Speaker 4: so much, and and we have to you know, it 450 00:19:54,280 --> 00:19:57,320 Speaker 4: would probably be in my mind better if the NAACP 451 00:19:57,480 --> 00:19:59,760 Speaker 4: partners with us to kind of find ways to educate 452 00:19:59,800 --> 00:20:02,720 Speaker 4: our community and not just educate. We've got to work 453 00:20:02,760 --> 00:20:06,120 Speaker 4: on this mindset piece because the education, you know, that's 454 00:20:06,119 --> 00:20:09,119 Speaker 4: why I call it wealth literacy. Financial literacy makes you, 455 00:20:09,920 --> 00:20:13,280 Speaker 4: makes you knowledgeable. Wealth literacy makes you wealthy. And so 456 00:20:13,359 --> 00:20:16,040 Speaker 4: the difference is wealth literacy teaches you how to buy 457 00:20:16,040 --> 00:20:20,000 Speaker 4: those assets that appreciate and accumulate and make you wealthy, 458 00:20:20,119 --> 00:20:22,120 Speaker 4: how to manage the properties, how to do the things 459 00:20:22,160 --> 00:20:25,000 Speaker 4: that you're doing, whereas financial literacy gives us a lot 460 00:20:25,040 --> 00:20:28,960 Speaker 4: of the foundations of financial information. So we've got it 461 00:20:29,040 --> 00:20:31,280 Speaker 4: as a community, just kind of buying together. Because the 462 00:20:31,320 --> 00:20:33,600 Speaker 4: politics are always going to be the politics, and Ron 463 00:20:33,600 --> 00:20:37,080 Speaker 4: De Santis won't be in office forever right, he won't 464 00:20:37,080 --> 00:20:40,320 Speaker 4: be in office forever. But the bigger issue is the 465 00:20:40,359 --> 00:20:44,880 Speaker 4: fact that that you know, these political stunts and these 466 00:20:44,920 --> 00:20:49,639 Speaker 4: political decisions are impacting our community significantly because we don't 467 00:20:49,680 --> 00:20:52,920 Speaker 4: have wealth, we don't have power, and we get ignored. 468 00:20:53,480 --> 00:20:56,359 Speaker 4: Because we get completely ignored. I'm sorry to go on 469 00:20:56,480 --> 00:20:59,080 Speaker 4: my soapbox, because we don't have what they used to 470 00:20:59,119 --> 00:21:01,560 Speaker 4: call it economics, the dollar votes. We don't have the 471 00:21:01,640 --> 00:21:04,480 Speaker 4: dollars that move politics. 472 00:21:03,960 --> 00:21:06,480 Speaker 2: Right, because that's what it's about, the money, the empowerment 473 00:21:06,520 --> 00:21:08,240 Speaker 2: to be able to say this is what our group needs, 474 00:21:08,240 --> 00:21:10,720 Speaker 2: and we'll put our money behind this candidate if we 475 00:21:10,800 --> 00:21:11,920 Speaker 2: can get X, Y and Z. 476 00:21:12,200 --> 00:21:14,400 Speaker 4: But that's why the Jewish community is so strong. They 477 00:21:14,440 --> 00:21:16,880 Speaker 4: have a lot of they have a lot of political base. 478 00:21:16,920 --> 00:21:20,040 Speaker 4: That's why the LGBT community is so strong. They have 479 00:21:20,119 --> 00:21:24,520 Speaker 4: political power because they invest in those things that lobby 480 00:21:24,600 --> 00:21:25,400 Speaker 4: on their behalf. 481 00:21:25,520 --> 00:21:27,240 Speaker 2: So the answer is not to move out of Florida 482 00:21:27,320 --> 00:21:30,879 Speaker 2: or avoid it. Work within what the system is now 483 00:21:30,920 --> 00:21:31,879 Speaker 2: to change it exactly. 484 00:21:31,920 --> 00:21:36,119 Speaker 4: It's to basically build wealth and control your politics. I 485 00:21:36,160 --> 00:21:38,520 Speaker 4: talk about that in my book. Is that when you 486 00:21:38,600 --> 00:21:41,680 Speaker 4: have more black millionaires right now, they have more money 487 00:21:41,720 --> 00:21:45,600 Speaker 4: to invest in politics. And demand change. And if you 488 00:21:45,600 --> 00:21:47,639 Speaker 4: don't demand, if you don't give us the change that 489 00:21:47,680 --> 00:21:50,600 Speaker 4: we're looking for in terms of the police chiefs and 490 00:21:50,640 --> 00:21:54,400 Speaker 4: the police, the policing process and system and rules, if 491 00:21:54,400 --> 00:21:56,480 Speaker 4: you don't, we're going to not only we're not going 492 00:21:56,560 --> 00:21:58,520 Speaker 4: to not vote for you, we're not going to support your. 493 00:21:58,359 --> 00:22:00,560 Speaker 1: Campaign, right, and we'll get our own well. 494 00:22:00,520 --> 00:22:02,159 Speaker 4: Get all person. But now what they do is they 495 00:22:02,240 --> 00:22:04,560 Speaker 4: go in front of the Black church and they play 496 00:22:04,600 --> 00:22:07,480 Speaker 4: the saxophone and they act cool and hip, and they 497 00:22:07,560 --> 00:22:10,280 Speaker 4: and the preachers tell us to vote for them, and 498 00:22:10,320 --> 00:22:12,320 Speaker 4: then they get in and then we don't see them 499 00:22:12,320 --> 00:22:15,040 Speaker 4: again until until it's time for them to run for 500 00:22:15,119 --> 00:22:18,119 Speaker 4: office again because they know that we're not going to 501 00:22:18,119 --> 00:22:21,239 Speaker 4: give them any money to help their campaign. But if 502 00:22:21,280 --> 00:22:25,240 Speaker 4: we basically withheld our vote and our money, now we've 503 00:22:25,240 --> 00:22:27,280 Speaker 4: got power. And so that's what we have to do 504 00:22:27,320 --> 00:22:29,960 Speaker 4: as a community. We've got to pull our resources together 505 00:22:30,640 --> 00:22:34,840 Speaker 4: and really start building some serious wealth and economic might 506 00:22:35,240 --> 00:22:39,359 Speaker 4: and use wealth as a weapon for fighting discrimination and 507 00:22:39,400 --> 00:22:43,040 Speaker 4: oppression as opposed to you know, marching and and and 508 00:22:43,040 --> 00:22:44,879 Speaker 4: and thinking that that's going to change. 509 00:22:44,960 --> 00:22:48,240 Speaker 3: The real game changer here has been technology. We talked 510 00:22:48,240 --> 00:22:54,359 Speaker 3: about that how fintech companies have made entry easy for 511 00:22:54,440 --> 00:22:58,160 Speaker 3: the black community. And what's not the narrative that's not 512 00:22:58,200 --> 00:23:01,639 Speaker 3: being told, particularly in mainstream outlets, is there is a 513 00:23:01,720 --> 00:23:05,000 Speaker 3: tremendous amount of wealth in the black community, and it's 514 00:23:05,080 --> 00:23:08,280 Speaker 3: just getting smarter about it and being collective and to 515 00:23:08,359 --> 00:23:11,840 Speaker 3: your point, using you know, social media is the real 516 00:23:12,760 --> 00:23:16,760 Speaker 3: game changer here. Remember when banks I think it was 517 00:23:16,800 --> 00:23:20,000 Speaker 3: after Dodd Frank legislation, and they were, you know, working 518 00:23:20,040 --> 00:23:22,800 Speaker 3: so hard to get the big banks to reduce their fees. 519 00:23:22,920 --> 00:23:26,639 Speaker 3: It was, you know, congressional hearings every day. One girl 520 00:23:27,359 --> 00:23:30,280 Speaker 3: on social media in California, I can't remember her name 521 00:23:30,760 --> 00:23:34,880 Speaker 3: challenged all of the big banks, challenged people to pull 522 00:23:34,920 --> 00:23:38,080 Speaker 3: their money out of big banks on that Saturday and 523 00:23:38,119 --> 00:23:40,520 Speaker 3: put their money in credit unions because she was just 524 00:23:40,560 --> 00:23:42,800 Speaker 3: fed up with the fees. And she started on social media. 525 00:23:43,320 --> 00:23:46,520 Speaker 3: So many hundreds of thousands of people did that that 526 00:23:46,600 --> 00:23:51,800 Speaker 3: the major banks the following Tuesday dropped their fees. So 527 00:23:51,920 --> 00:23:54,359 Speaker 3: this is this is understanding our collective power. Look at 528 00:23:54,400 --> 00:23:57,320 Speaker 3: what happened with game Stop people. I mean, we just 529 00:23:57,440 --> 00:24:00,119 Speaker 3: we have the tools to be that voice now and 530 00:24:00,160 --> 00:24:02,399 Speaker 3: to start these campaigns and to make real change and 531 00:24:02,440 --> 00:24:03,080 Speaker 3: we have them. 532 00:24:03,240 --> 00:24:04,960 Speaker 4: I'm one hundred percent I agree with you. And like 533 00:24:04,960 --> 00:24:06,480 Speaker 4: I said, when I go and give my speeches, I 534 00:24:06,520 --> 00:24:10,119 Speaker 4: talk about us taking not just our money, but our influence. 535 00:24:10,680 --> 00:24:14,959 Speaker 1: Right out of influence make everything exactly. 536 00:24:17,000 --> 00:24:19,560 Speaker 4: We add the cool factor to a lot of things, 537 00:24:19,760 --> 00:24:23,760 Speaker 4: and so we just have to apply it appropriately. And unfortunately, 538 00:24:23,840 --> 00:24:26,560 Speaker 4: because white guys have all the wealth, eighty four percent 539 00:24:26,560 --> 00:24:29,600 Speaker 4: of wealth is in is in white households and four 540 00:24:29,640 --> 00:24:31,600 Speaker 4: percent is in black house holds. Yeah, my book is 541 00:24:31,600 --> 00:24:34,400 Speaker 4: not about black or white. It's about how African Americans 542 00:24:34,440 --> 00:24:37,080 Speaker 4: can build wealth despite the odds. But the whole point 543 00:24:37,160 --> 00:24:41,040 Speaker 4: is because they have such an economic advantage due to 544 00:24:41,400 --> 00:24:43,960 Speaker 4: the advantage that got from slavery in the whole nine yards, 545 00:24:44,560 --> 00:24:47,400 Speaker 4: that now they can buy our influence. Right. We can't 546 00:24:47,440 --> 00:24:50,960 Speaker 4: even afford our own influence, right. So it's just it's 547 00:24:50,960 --> 00:24:52,439 Speaker 4: just a matter of what it is. But we do 548 00:24:52,520 --> 00:24:54,080 Speaker 4: have a lot of influence and we do have to 549 00:24:54,160 --> 00:24:56,800 Speaker 4: leverage it for the good of our community. 550 00:24:57,000 --> 00:24:58,679 Speaker 1: And let's go back to this yacht for a second. 551 00:24:59,280 --> 00:25:02,200 Speaker 4: We don't like, Oh, I love it all right. 552 00:25:02,080 --> 00:25:03,560 Speaker 1: So talk to me because people, I've. 553 00:25:03,400 --> 00:25:06,000 Speaker 2: Heard this and I don't know anything about yachts, but 554 00:25:06,040 --> 00:25:08,800 Speaker 2: people have always acted like that is not a great investment. 555 00:25:08,840 --> 00:25:10,879 Speaker 2: Now tell us by having a yacht as a person 556 00:25:10,880 --> 00:25:14,480 Speaker 2: who is an owner of a yat and somebody who 557 00:25:14,520 --> 00:25:17,840 Speaker 2: is very economically savvy, and we're talking about investing, why 558 00:25:17,920 --> 00:25:19,240 Speaker 2: is that a good investment for you? 559 00:25:19,560 --> 00:25:21,280 Speaker 4: Well, you know, one of the things I talked about 560 00:25:21,320 --> 00:25:23,439 Speaker 4: about book is that you can have anything, but you 561 00:25:23,480 --> 00:25:25,600 Speaker 4: can't have everything. And so it's a matter of how 562 00:25:25,640 --> 00:25:27,440 Speaker 4: you buy them and when you buy them. And then 563 00:25:27,440 --> 00:25:30,320 Speaker 4: my book, I make room for people to buy some 564 00:25:30,440 --> 00:25:32,080 Speaker 4: nice things that they want in their life. It's called 565 00:25:32,080 --> 00:25:36,840 Speaker 4: deferred gratification. You achieve a particular goal. Now you reward yourself. 566 00:25:36,560 --> 00:25:38,480 Speaker 1: For your passive money. 567 00:25:38,560 --> 00:25:42,080 Speaker 4: So you reward yourself responsibility. You can't. No one wants 568 00:25:42,119 --> 00:25:44,160 Speaker 4: to save all the time. That's not much of a party. 569 00:25:44,520 --> 00:25:47,520 Speaker 4: But the reality is is that with yachts, you know, 570 00:25:47,600 --> 00:25:49,840 Speaker 4: there's a tax code that allows you to have a 571 00:25:49,880 --> 00:25:52,920 Speaker 4: five hundred thousand dollars tax deduction in the first year 572 00:25:52,960 --> 00:25:56,560 Speaker 4: that you actually buy it. Five hundred thousand if you 573 00:25:56,880 --> 00:25:58,680 Speaker 4: consider it, so it has to be I think two 574 00:25:58,680 --> 00:26:01,399 Speaker 4: million or less that you buy that you buy the 575 00:26:01,680 --> 00:26:04,359 Speaker 4: yacht four and you get a five hundred thousand dollars 576 00:26:04,359 --> 00:26:07,600 Speaker 4: deduction in your first year if you create a charter company. 577 00:26:07,680 --> 00:26:11,760 Speaker 4: So I've created a charter company. It's called Ecstasy Yacht Charters. Uh. 578 00:26:11,800 --> 00:26:15,320 Speaker 4: And so my charter company and then all the expenses 579 00:26:15,520 --> 00:26:18,440 Speaker 4: on the boat are you're able to write those off 580 00:26:18,480 --> 00:26:20,639 Speaker 4: as well. So I have a charter, So I chartered 581 00:26:20,720 --> 00:26:22,560 Speaker 4: out for people who want to come visit and hang 582 00:26:22,600 --> 00:26:27,160 Speaker 4: out on the yacht down in Miami, and that income 583 00:26:27,400 --> 00:26:29,680 Speaker 4: that comes in or that revenue comes in is offseted 584 00:26:29,680 --> 00:26:32,160 Speaker 4: by its expenses. But the interesting about yachts are they 585 00:26:32,200 --> 00:26:35,600 Speaker 4: are expensive. I mean to spend spend hundreds of thousands 586 00:26:35,600 --> 00:26:37,399 Speaker 4: of dollars. I mean my yacht probably costs about two 587 00:26:37,480 --> 00:26:41,639 Speaker 4: hundred thousand dollars a year just to maintain it. Right. So, 588 00:26:41,760 --> 00:26:44,480 Speaker 4: but you can't earn enough money and income to cover 589 00:26:44,560 --> 00:26:46,719 Speaker 4: those costs and make a little bit of a profit. 590 00:26:47,240 --> 00:26:55,840 Speaker 4: So that's what I call ballharten for a lifetime not whatever. Yeah, 591 00:26:55,840 --> 00:26:57,520 Speaker 4: but if you can make it an economic thing, and 592 00:26:57,560 --> 00:26:59,560 Speaker 4: that's really how you try to do things, you buy 593 00:26:59,600 --> 00:27:03,240 Speaker 4: things economically, right, but you'd be surprised, Like super super 594 00:27:03,280 --> 00:27:05,960 Speaker 4: wealthy people in Miami have one hundred two hundred foot 595 00:27:06,000 --> 00:27:08,679 Speaker 4: yachts and they charted them, right, they charged them. They 596 00:27:08,760 --> 00:27:10,840 Speaker 4: charted their planes, they charter all that. 597 00:27:10,960 --> 00:27:11,639 Speaker 1: What was I looking at? 598 00:27:11,680 --> 00:27:14,760 Speaker 2: I was looking at somebody's what did they say? They 599 00:27:14,880 --> 00:27:18,440 Speaker 2: five hundred million dollar yacht that they have. I can't 600 00:27:18,480 --> 00:27:20,920 Speaker 2: remember who it was, but they were just showing them 601 00:27:20,920 --> 00:27:21,200 Speaker 2: on there. 602 00:27:21,280 --> 00:27:25,000 Speaker 1: Yeah. I was like, ooh, imagine that should be And. 603 00:27:24,920 --> 00:27:27,240 Speaker 2: Then you see Beyonce and jay Z just bought a 604 00:27:27,240 --> 00:27:28,040 Speaker 2: house in Malibu. 605 00:27:28,119 --> 00:27:30,800 Speaker 1: They said two hundred million dollars cash. 606 00:27:30,880 --> 00:27:32,120 Speaker 4: Yeah, exactly. 607 00:27:33,320 --> 00:27:36,120 Speaker 3: There's just thinking out there. You know, the rich get 608 00:27:36,119 --> 00:27:38,200 Speaker 3: all these advantages from the government and. 609 00:27:38,160 --> 00:27:39,440 Speaker 1: The whole tax breaks. 610 00:27:39,440 --> 00:27:43,879 Speaker 3: Democratic Republican argument is that we don't tax the rich enough. 611 00:27:44,119 --> 00:27:48,240 Speaker 3: It's not that people have to realize. Investment income is 612 00:27:48,280 --> 00:27:51,800 Speaker 3: not taxed the same way that the income that we 613 00:27:51,920 --> 00:27:54,040 Speaker 3: make at our jobs are. That's why you want to 614 00:27:54,080 --> 00:27:57,000 Speaker 3: get your money into investment income. 615 00:27:57,119 --> 00:27:59,200 Speaker 4: Yeah. Yeah, I never forget because I remember when Mitt 616 00:27:59,280 --> 00:28:02,520 Speaker 4: Romney was running against Barack Obama. They were talking about 617 00:28:02,520 --> 00:28:07,200 Speaker 4: how he how he you know, basically only paid twenty 618 00:28:07,200 --> 00:28:09,800 Speaker 4: million dollars in taxes on like two hundred and fifty 619 00:28:09,800 --> 00:28:12,760 Speaker 4: million dollars in net worth and so, you know, at 620 00:28:12,800 --> 00:28:14,600 Speaker 4: the time, I'm not sure if it was Lebron or 621 00:28:14,640 --> 00:28:16,800 Speaker 4: somebody else. He made twenty million in income off of 622 00:28:16,840 --> 00:28:19,120 Speaker 4: two hundred fifty thousand in networth, and he only paid 623 00:28:19,160 --> 00:28:21,880 Speaker 4: twenty percent taxes. And so I think at the time 624 00:28:21,960 --> 00:28:25,119 Speaker 4: maybe rom was making twenty million a year, I was saying, well, 625 00:28:25,200 --> 00:28:28,440 Speaker 4: Lebron's income, fifty percent of that is tax because it's 626 00:28:28,440 --> 00:28:30,720 Speaker 4: based on income. And then his agent right right, and 627 00:28:30,760 --> 00:28:32,720 Speaker 4: his agent, Yeah, all the fees come down. But then 628 00:28:32,800 --> 00:28:35,440 Speaker 4: with mid Romney, since he was getting two hundred and 629 00:28:35,480 --> 00:28:40,440 Speaker 4: fifty million or he's getting twenty twenty million off of 630 00:28:40,480 --> 00:28:46,840 Speaker 4: his investments, it gets taxic at long term capital gains, right, 631 00:28:46,920 --> 00:28:51,000 Speaker 4: because it's it's it's income from investments, which you pay 632 00:28:51,080 --> 00:28:53,760 Speaker 4: twenty percent capital gains tax done as opposed to your 633 00:28:53,840 --> 00:28:56,400 Speaker 4: ordinary income taxes, which you pay at the time about 634 00:28:56,400 --> 00:28:59,760 Speaker 4: fifty percent. So that's really what they do. They get 635 00:28:59,760 --> 00:29:03,000 Speaker 4: a lot of their income from assets, or if they 636 00:29:03,040 --> 00:29:05,800 Speaker 4: have it's been the case of real estate, it gets appreciated, 637 00:29:05,880 --> 00:29:07,960 Speaker 4: so you're not paying you know, as you know this, 638 00:29:08,080 --> 00:29:10,200 Speaker 4: you're not paying if you make ten thousand dollars a 639 00:29:10,320 --> 00:29:14,520 Speaker 4: year in income on that investment property, you could depreciate 640 00:29:14,720 --> 00:29:17,240 Speaker 4: that property, so you're not paying taxes on that ten thousand, 641 00:29:17,280 --> 00:29:20,040 Speaker 4: you're paying it on far less. So that's really how 642 00:29:20,080 --> 00:29:22,800 Speaker 4: they live. They live off the income from their assets. 643 00:29:22,960 --> 00:29:24,240 Speaker 4: And that's what I talked about it in my book, 644 00:29:24,280 --> 00:29:27,560 Speaker 4: how to build Up, How to build Up? To do that, 645 00:29:27,840 --> 00:29:30,440 Speaker 4: and that's that's Yeah, that's the concept people need to 646 00:29:30,440 --> 00:29:32,360 Speaker 4: have that you don't invest in the stock market just 647 00:29:32,360 --> 00:29:35,760 Speaker 4: to go buy another Gucci bag or whatever. You invest 648 00:29:35,800 --> 00:29:38,320 Speaker 4: in it because you want to create lifelong income. So 649 00:29:38,360 --> 00:29:41,680 Speaker 4: you just want to keep piling and galing and piling 650 00:29:42,000 --> 00:29:44,840 Speaker 4: so that you can live off the income that it produces. 651 00:29:45,280 --> 00:29:47,360 Speaker 4: And then you can pass that onto your next kid, 652 00:29:47,440 --> 00:29:49,760 Speaker 4: and then that kid can grow it and they can 653 00:29:49,840 --> 00:29:52,479 Speaker 4: live off that. And so that's what generational wealth is. 654 00:29:52,760 --> 00:29:55,520 Speaker 4: It's like you're building up this base of assets that 655 00:29:55,560 --> 00:30:00,400 Speaker 4: you use, you pass it to your next family, you 656 00:30:00,480 --> 00:30:02,720 Speaker 4: teach them how to grow it, then they use it, 657 00:30:02,800 --> 00:30:04,520 Speaker 4: and they keep going on and on and on and on, 658 00:30:04,560 --> 00:30:06,200 Speaker 4: and it's the game. 659 00:30:06,440 --> 00:30:09,600 Speaker 2: It feels like you're very into also paying off your mortgages, 660 00:30:10,000 --> 00:30:12,880 Speaker 2: quickly paying off debt. And I've heard people say, you know, 661 00:30:12,960 --> 00:30:16,240 Speaker 2: the interest rate is so low, you shouldn't even do that. 662 00:30:16,280 --> 00:30:18,520 Speaker 1: You could use that money to invest into other things. 663 00:30:18,920 --> 00:30:20,840 Speaker 2: But I've also been a fan of trying to pay 664 00:30:20,840 --> 00:30:24,920 Speaker 2: off mortgages rather quickly. Like my first house, I paid 665 00:30:24,920 --> 00:30:28,400 Speaker 2: it off in like seven years, and then one of 666 00:30:28,440 --> 00:30:31,120 Speaker 2: the houses I have now, I actually don't like how 667 00:30:31,200 --> 00:30:33,400 Speaker 2: much interest they charge it because they front load the interest. 668 00:30:33,760 --> 00:30:35,760 Speaker 2: So I always try to pay it down so that 669 00:30:35,840 --> 00:30:38,320 Speaker 2: I can at least not be paying you know, more 670 00:30:38,360 --> 00:30:41,280 Speaker 2: than half of the payments are interests, and then as 671 00:30:41,320 --> 00:30:44,719 Speaker 2: you progress it gets a little lower. What are your 672 00:30:44,760 --> 00:30:46,840 Speaker 2: thoughts on people paying off because some people will tell 673 00:30:46,840 --> 00:30:48,600 Speaker 2: you just keep the mortgage it's the lowest and you 674 00:30:48,600 --> 00:30:50,640 Speaker 2: could take that money, put it in the stock market 675 00:30:50,680 --> 00:30:52,920 Speaker 2: and it'll make more for you than you would if 676 00:30:52,920 --> 00:30:54,840 Speaker 2: you were using that to pay off your mortgage. 677 00:30:54,840 --> 00:30:57,080 Speaker 4: It just really depends on what kind of cash position. 678 00:30:56,800 --> 00:30:59,520 Speaker 3: You're in now in your personality and your personal But 679 00:30:59,560 --> 00:31:02,320 Speaker 3: I learned the sickness from my German business partners. 680 00:31:02,320 --> 00:31:04,120 Speaker 4: I had German business partners. I talked in the book 681 00:31:04,120 --> 00:31:07,160 Speaker 4: who paid everything off? And this is like early in 682 00:31:07,200 --> 00:31:08,040 Speaker 4: my career when. 683 00:31:07,880 --> 00:31:11,280 Speaker 3: I the biggest, one of the biggest cultural things, no debt. 684 00:31:11,160 --> 00:31:14,800 Speaker 4: Yeah yeah they did, And so I watched should. 685 00:31:14,560 --> 00:31:15,800 Speaker 1: We say good debt all the time? 686 00:31:15,880 --> 00:31:17,240 Speaker 3: And Germany no debt. 687 00:31:17,400 --> 00:31:19,480 Speaker 4: Yeah, and I watched this. I was like, wow, So 688 00:31:19,520 --> 00:31:22,360 Speaker 4: I started doing this, believe or not so. But the 689 00:31:22,400 --> 00:31:25,040 Speaker 4: other reason is that I had extra cash, so it 690 00:31:25,080 --> 00:31:27,080 Speaker 4: wasn't like I didn't have cash to continue to do 691 00:31:27,120 --> 00:31:28,920 Speaker 4: what I wanted to do. And it wasn't all the 692 00:31:28,920 --> 00:31:29,840 Speaker 4: cash that I had. 693 00:31:30,120 --> 00:31:32,360 Speaker 1: So if you use that extra cash to invest in 694 00:31:32,400 --> 00:31:33,080 Speaker 1: something else. 695 00:31:33,680 --> 00:31:35,360 Speaker 4: Well I'm saying, I use my cash and I keep 696 00:31:35,360 --> 00:31:38,120 Speaker 4: it invested. But I didn't need to use the cash 697 00:31:38,120 --> 00:31:41,280 Speaker 4: to Like all my houses are paid for. I live 698 00:31:41,320 --> 00:31:44,280 Speaker 4: across four houses. They're paid for, but they're also fairly modest. 699 00:31:44,320 --> 00:31:46,640 Speaker 4: Because I had my big house when I was younger, 700 00:31:46,960 --> 00:31:49,960 Speaker 4: but then I stotted getting busy investing. I just didn't 701 00:31:50,280 --> 00:31:52,120 Speaker 4: really felt like I had to have the need for 702 00:31:52,200 --> 00:31:55,400 Speaker 4: this big, old, huge house and it's not to maintain, 703 00:31:55,440 --> 00:31:58,200 Speaker 4: but it's just really more of like I lived between Miami, 704 00:31:58,320 --> 00:32:02,720 Speaker 4: Tampa and Maryland. Got place in dominicare public their vacation rentals, 705 00:32:03,120 --> 00:32:05,320 Speaker 4: so really I move around so much. I didn't really 706 00:32:05,760 --> 00:32:07,719 Speaker 4: didn't really have a need for that. Although I do 707 00:32:07,760 --> 00:32:09,600 Speaker 4: plan on building a big family house. I want to 708 00:32:09,600 --> 00:32:12,280 Speaker 4: four acre lot where I'm going to build the big 709 00:32:12,280 --> 00:32:14,360 Speaker 4: family house because I want that to be the place 710 00:32:14,400 --> 00:32:17,239 Speaker 4: where my grandkids and all that kind of come and 711 00:32:17,280 --> 00:32:20,320 Speaker 4: realize what I did, what I accomplished. 712 00:32:19,960 --> 00:32:22,440 Speaker 2: Like wow, I mean, another thing you learned from the 713 00:32:22,480 --> 00:32:26,080 Speaker 2: German investment and partners was to always have a lawyer 714 00:32:26,160 --> 00:32:27,080 Speaker 2: look over your contract. 715 00:32:27,600 --> 00:32:30,560 Speaker 1: We cannot stress the importance of making. 716 00:32:30,280 --> 00:32:32,440 Speaker 2: Sure that when you have an agreement that you have 717 00:32:32,600 --> 00:32:35,760 Speaker 2: a real attorney who you trust look over those agreements. 718 00:32:35,760 --> 00:32:38,000 Speaker 4: So so important that the sad part is like when 719 00:32:38,000 --> 00:32:40,800 Speaker 4: I did my first agreement with those guys, and I 720 00:32:40,840 --> 00:32:43,520 Speaker 4: remember my buddy I found out he passes, the late 721 00:32:43,600 --> 00:32:46,720 Speaker 4: Chuck James. I wrote about him. He's the one who 722 00:32:46,720 --> 00:32:48,440 Speaker 4: told me so Cedric can always make sure you have 723 00:32:48,840 --> 00:32:50,360 Speaker 4: He was one of my millionaire mentors too. I have, 724 00:32:50,440 --> 00:32:51,800 Speaker 4: I've had many of them. He said, make sure you 725 00:32:51,800 --> 00:32:53,400 Speaker 4: have a lawyer look over the contract. And so at 726 00:32:53,440 --> 00:32:57,080 Speaker 4: the time, yeah, I was making maybe sixty five seventy 727 00:32:57,080 --> 00:32:59,560 Speaker 4: thousand a year working for Deloitte and Tusche, and I 728 00:32:59,600 --> 00:33:02,680 Speaker 4: was like, man, this five hour Yeah, I'm gonna take 729 00:33:02,680 --> 00:33:05,360 Speaker 4: my feature. I had the money, but I was like, 730 00:33:05,360 --> 00:33:07,440 Speaker 4: I'm gonna take five thousand out of my account to 731 00:33:07,480 --> 00:33:10,040 Speaker 4: pay for this attorney to review it. So glad I 732 00:33:10,080 --> 00:33:12,800 Speaker 4: did because had I not had them review the contract, 733 00:33:12,840 --> 00:33:15,200 Speaker 4: had I signed the contract, I would have been tied 734 00:33:15,240 --> 00:33:17,920 Speaker 4: into a non compete that would have prevented me from 735 00:33:17,960 --> 00:33:20,960 Speaker 4: starting my business, which grew to ninety million dollars. You 736 00:33:20,960 --> 00:33:21,560 Speaker 4: get what I'm saying. 737 00:33:23,280 --> 00:33:25,320 Speaker 3: Money though, we get afraid to go. 738 00:33:25,400 --> 00:33:28,400 Speaker 4: We get afraid, We get afraid some time to invest in. 739 00:33:28,120 --> 00:33:30,240 Speaker 3: In ourselves, in ourselves. 740 00:33:29,800 --> 00:33:31,880 Speaker 4: In good things. But it's tricky because a lot of 741 00:33:32,320 --> 00:33:35,440 Speaker 4: hustlers will say, oh, investing yourself by buying my seminar 742 00:33:35,520 --> 00:33:37,960 Speaker 4: or buying this. But I'm talking about but like when 743 00:33:37,960 --> 00:33:40,520 Speaker 4: it's a real business matter, you've got to just out. 744 00:33:40,680 --> 00:33:44,440 Speaker 3: Hiring that one of the best decisions I made, and 745 00:33:44,480 --> 00:33:46,920 Speaker 3: it was I just hadn't done it for so long entrepreneur, 746 00:33:46,920 --> 00:33:51,400 Speaker 3: trying to do everything myself and I couldn't right and 747 00:33:51,520 --> 00:33:54,320 Speaker 3: just bringing in people to help me, hiring someone to 748 00:33:54,360 --> 00:33:58,000 Speaker 3: help me find clients and stuff. And it was scary, 749 00:33:58,160 --> 00:34:02,440 Speaker 3: totally scary, but I learned, as exactly happens at exactly 750 00:34:02,480 --> 00:34:04,760 Speaker 3: that point, you're willing to do things differently. 751 00:34:04,400 --> 00:34:06,200 Speaker 4: Exactly, and you also have to understand that when you 752 00:34:06,240 --> 00:34:09,560 Speaker 4: make that decision that there's a good chance that it 753 00:34:09,600 --> 00:34:12,520 Speaker 4: doesn't work out right. But that's still not wrong. You're 754 00:34:12,600 --> 00:34:14,640 Speaker 4: learning who to hire, who not to hide it after, 755 00:34:14,840 --> 00:34:15,920 Speaker 4: but you still got to do it. 756 00:34:15,920 --> 00:34:16,920 Speaker 1: It's always a process. 757 00:34:16,960 --> 00:34:19,920 Speaker 4: It's always a process. It's a learning process, right, I mean, 758 00:34:20,040 --> 00:34:24,080 Speaker 4: entrepreneurship is a is an expensive education. But if you 759 00:34:24,200 --> 00:34:26,560 Speaker 4: kind of keep at it, you learn so much and 760 00:34:27,239 --> 00:34:28,080 Speaker 4: you build upon that. 761 00:34:28,600 --> 00:34:31,920 Speaker 2: Well, listen, Sajac, let's talk about this on Black Wealth Summit. 762 00:34:32,000 --> 00:34:35,200 Speaker 2: Because I went to the Black Wealth Summit last year. 763 00:34:35,400 --> 00:34:39,000 Speaker 2: We had a nice conversation. So what are the details 764 00:34:39,320 --> 00:34:39,759 Speaker 2: coming up? 765 00:34:39,800 --> 00:34:41,520 Speaker 4: Well, this year was going to be October twenty eight, 766 00:34:41,560 --> 00:34:44,239 Speaker 4: twenty ninth, and it's going to be twenty seven to 767 00:34:44,280 --> 00:34:47,640 Speaker 4: twenty eight, twenty ninth. It's going to be in Maryland. 768 00:34:47,680 --> 00:34:49,920 Speaker 4: But we're partnering with a pastor who spoke as Bishop 769 00:34:50,000 --> 00:34:53,000 Speaker 4: Joel Peeble's Center of Praise. He's got a ten thousand 770 00:34:53,080 --> 00:34:59,399 Speaker 4: seat sanctuary and we're partnering with them because he's big 771 00:34:59,400 --> 00:35:01,920 Speaker 4: in the community and we're opening up to members of 772 00:35:01,960 --> 00:35:05,520 Speaker 4: his church. We're actually doing a Juneteenth event called Your Faith, 773 00:35:06,000 --> 00:35:08,640 Speaker 4: Your Finances, and Your Freedom, and it's a free event 774 00:35:08,640 --> 00:35:11,840 Speaker 4: that we're doing at his church. So we're trying to 775 00:35:11,880 --> 00:35:14,680 Speaker 4: be that community event where we don't charge people a 776 00:35:14,680 --> 00:35:15,960 Speaker 4: lot of money, but we try to give a lot 777 00:35:15,960 --> 00:35:19,680 Speaker 4: of content and information. So our sponsors have been lining up. 778 00:35:19,680 --> 00:35:23,600 Speaker 4: Morgan Stanley's coming back, you know, Charles Schwab, New York Life, 779 00:35:23,680 --> 00:35:25,520 Speaker 4: so a lot of them are coming back, and we're 780 00:35:25,840 --> 00:35:29,360 Speaker 4: really excited about building upon this platform and kind of 781 00:35:29,400 --> 00:35:32,560 Speaker 4: create responsible education for our community. 782 00:35:32,680 --> 00:35:34,360 Speaker 1: Okay, well, I'm in. 783 00:35:35,960 --> 00:35:38,319 Speaker 2: Already, but I wanted to make sure that you came 784 00:35:38,400 --> 00:35:40,680 Speaker 2: up here just because I felt like when I came 785 00:35:40,760 --> 00:35:43,160 Speaker 2: to the Blackwell Summit, there was so much information and 786 00:35:43,239 --> 00:35:45,720 Speaker 2: so many great relationships that I made and I always 787 00:35:45,719 --> 00:35:48,640 Speaker 2: have people. You have to if you're trying to build 788 00:35:48,680 --> 00:35:51,160 Speaker 2: wealth and like you said, set those goals for yourself 789 00:35:51,200 --> 00:35:54,880 Speaker 2: and be able to comfortably retire and leave something for 790 00:35:54,920 --> 00:35:58,000 Speaker 2: the next generation, it is important for you to read books, 791 00:35:58,000 --> 00:36:03,080 Speaker 2: attend summits like these, have mentors, and you know, take classes. 792 00:36:03,120 --> 00:36:05,480 Speaker 4: You need those things, need those things, and you know, 793 00:36:05,520 --> 00:36:08,839 Speaker 4: like I said, you know understand that, you know, you know, 794 00:36:09,000 --> 00:36:11,440 Speaker 4: becoming a millionaire is not hard, it's just slow and 795 00:36:11,480 --> 00:36:14,080 Speaker 4: you have to basically, yeah, it's not an overnight thing. 796 00:36:14,120 --> 00:36:16,440 Speaker 4: And so if it's going slower, you feel like you're 797 00:36:16,480 --> 00:36:19,239 Speaker 4: not you're not going anywhere. It's like, it's just how 798 00:36:19,280 --> 00:36:20,920 Speaker 4: it feels. And that was really what I wanted to 799 00:36:20,960 --> 00:36:22,640 Speaker 4: write in my book, is to get people a sense 800 00:36:22,640 --> 00:36:25,319 Speaker 4: of what it really feels like. You know when I 801 00:36:25,400 --> 00:36:27,759 Speaker 4: really kicked off my journey at the age of twenty 802 00:36:27,760 --> 00:36:30,440 Speaker 4: five years old. Just what it feels like, and just 803 00:36:30,520 --> 00:36:31,440 Speaker 4: keep at it you'll get. 804 00:36:31,400 --> 00:36:33,760 Speaker 1: What is it took thirty years to become an overnight success? 805 00:36:33,800 --> 00:36:36,799 Speaker 4: Exactly? Yes? 806 00:36:37,120 --> 00:36:39,839 Speaker 2: All right, well, sed Nash is way up. Make sure 807 00:36:39,880 --> 00:36:41,839 Speaker 2: you get the book. Why should white guys have all 808 00:36:41,840 --> 00:36:43,279 Speaker 2: the wealth? Where can people find you? 809 00:36:43,320 --> 00:36:46,319 Speaker 4: They can find me at Cedricnash dot com or at 810 00:36:46,400 --> 00:36:51,200 Speaker 4: Millionaire Money Moves on Instagram and Facebook, and pick up 811 00:36:51,239 --> 00:36:53,000 Speaker 4: the book. I think you'll really really enjoy it. I 812 00:36:53,040 --> 00:36:57,480 Speaker 4: mean it's designed, it's unapologetically targeted to our unique experiences 813 00:36:57,480 --> 00:37:00,439 Speaker 4: in the book's rights, to our challenges as black people 814 00:37:00,440 --> 00:37:01,160 Speaker 4: with building. 815 00:37:00,920 --> 00:37:03,600 Speaker 1: Well and how can people chart this yet? 816 00:37:04,400 --> 00:37:08,440 Speaker 4: Go to ecstasy charters on Instagram. Coming down to Miami. 817 00:37:08,520 --> 00:37:11,480 Speaker 4: It's a sixty foot asthmad three state rooms and got 818 00:37:11,480 --> 00:37:14,319 Speaker 4: a banging sound system. I got a great captain, full 819 00:37:14,320 --> 00:37:16,120 Speaker 4: time captain, so you have a good time. 820 00:37:16,920 --> 00:37:18,960 Speaker 3: His influencers to get you chartered. 821 00:37:19,360 --> 00:37:23,240 Speaker 4: I am you guys, that's exactly we get, you know, Hustle, 822 00:37:23,360 --> 00:37:26,600 Speaker 4: exactly you get. You get free, free to free charters. 823 00:37:27,400 --> 00:37:28,560 Speaker 3: I don't even say that. 824 00:37:28,640 --> 00:37:32,319 Speaker 2: For the influence, thank you so much, says your Nash. 825 00:37:32,560 --> 00:37:36,160 Speaker 4: Thank you way up.