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Speaker 1: Welcome to the show. I am Rashan McDonald, the host

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Speaker 1: of Money Making Conversations Masterclass, where we encourage people to

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Speaker 1: stop reading other people's success stories and start planning their own.

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Speaker 1: Listen up as I interview entrepreneurs from around the country,

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Speaker 1: talk to celebrities and ask them how they are running

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Speaker 1: their companies, and speak with nod profits who are making

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Speaker 1: a difference in their local communities. Now, sit back and

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Speaker 1: listen as we unlock the secrets to their success on

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Speaker 1: Money Making Conversations Masterclass. Hi, I'm Rushan McDonald, our host

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Speaker 1: of weekly Money Making Conversation Masterclass show. The interviews and

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Speaker 1: information that this show provides are for everyone. It's time

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Speaker 1: to stop reading other people's success stories and start living

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Speaker 1: your own. I'm here to help you reach your American dream.

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Speaker 1: If you want to be a guest on my show,

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Speaker 1: please visit Moneymakingconversations dot com and click the be a

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Speaker 1: Guest button.

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Speaker 2: My next guest.

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Speaker 1: He's the owner, chairman, and chief executive officer of One

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Speaker 1: United Bank, the largest black owned bank and the first

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Speaker 1: black owned internet bank in America. The bank has consistently

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Speaker 1: been profitable and achieved a compound growth rate on this

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Speaker 1: common equity of over thirty five percent. Please welcome to

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Speaker 1: the Money Making Conversations Masterclass. Kevin coohe how you doing.

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Speaker 3: Kevin, great man? Thanks for having me.

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Speaker 1: First of all, you know when I heard an opportunity

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Speaker 1: to being able to interview you. We met way back

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Speaker 1: when I was managing Steve Harvey and the Los Angeles

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Speaker 1: and between two thousand and two thousand and five, I

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Speaker 1: was aware of the United Bank brand, and as we've

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Speaker 1: grown over the years, Talker, tell us about that journey,

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Speaker 1: because it's something you launched in nineteen ninety six and

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Speaker 1: then in twenty sixteen, it.

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Speaker 2: Kind of like jumped off.

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Speaker 1: Now we know for a fact that in the brown

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Speaker 1: and black communities banks don't exist.

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Speaker 4: Tell me your story, yes, okay, Well my story is

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Speaker 4: really a story.

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Speaker 3: Of Black America.

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Speaker 4: The concept of creating a national black on bank is

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Speaker 4: not something that I created. Far greater men than me

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Speaker 4: came up with this idea of going all the way

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Speaker 4: back to slavery, people like Booker T. Wasshington as an example,

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Speaker 4: WB du Bois. As different as they were as leaders,

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Speaker 4: they both talked about the importance of a national Black

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Speaker 4: on bank. No less than Martin Luther King in his

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Speaker 4: I Have a Dream speech, talked about the importance of

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Speaker 4: a national Black on bank. These leaders recognized and believed

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Speaker 4: that one of the very important elements of successfully integrating

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Speaker 4: Black Americans into a capitalistic society was to have an

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Speaker 4: institution that had access to the payment system that can

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Speaker 4: serve this central role of what they would call garnering

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Speaker 4: the economic spending power of both Black America and its

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Speaker 4: allies and then re channeling those resources, those economic resources

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Speaker 4: into our communities to help us grow. So this, this concept,

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Speaker 4: this mission literally has existed since slavery. We're just a

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Speaker 4: group of people who who were chosen, if you will,

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Speaker 4: to execute this mission of creating a national black owned bank.

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Speaker 4: The original concept of the bank was to buy up

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Speaker 4: all the small black owed banks around the country and

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Speaker 4: pull them together and create one United bank. So we

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Speaker 4: bought a bank in Boston, bought a bank in Miami,

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Speaker 4: bought two banks in Los Angeles, and we're four acquisitions

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Speaker 4: deep into what an investment banker would call a roll up.

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Speaker 4: And then we had this epiphany, or maybe this epiphany

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Speaker 4: had at us, depending on how you want to think

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Speaker 4: about it. But we looked up and said, oh man,

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Speaker 4: this thing called technology is going to completely change financial

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Speaker 4: services as we know it. Why these things, okay, phones,

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Speaker 4: so cell phone, computers, period. In other words, starting with

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Speaker 4: the way people want to receive their financial services these days.

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Speaker 4: They don't want to drive down the street and around

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Speaker 4: the corner and stand in line, no matter how good

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Speaker 4: you don't not save. They have an expectation of getting

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Speaker 4: all their financial information right now, seven days a week,

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Speaker 4: twenty four hours a day, and they expect to be

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Speaker 4: able to spend money all across the world and get

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Speaker 4: it back for free anywhere in the United States. So

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Speaker 4: that's one part of it, how banking services are delivered,

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Speaker 4: in people's expectation, how they get them. And then the

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Speaker 4: second thing is this thing called technology, whether it's that

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Speaker 4: aggregation where it's artificial intelligence, have allowed for the creation

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Speaker 4: of a whole new generation of banking products that are

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Speaker 4: completely different than anything that has existed previously. For example,

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Speaker 4: what we're doing is we're moving from what they call

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Speaker 4: utilitarian banking products, something like a checking account as an example.

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Speaker 4: It's a utilitarian product. And what that does is it facilitation.

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Speaker 4: You spend the money by writing checks. But you take

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Speaker 4: like one United Banks lead product, which is called wise one.

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Speaker 4: What wise one does is it users data aggregation technology

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Speaker 4: to pull together all of a person's financial information, no

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Speaker 4: matter where it is, not just what's in the bank,

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Speaker 4: but all their financial information.

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Speaker 3: So for the first.

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Speaker 4: Time, many people actually understand on a real time basis

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Speaker 4: where they are, what their assets are, what their liabilities are,

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Speaker 4: what their network they're like there is, what the revenues are,

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Speaker 4: what their spenses are, so what the surplus and definity

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Speaker 4: that the case may be. And most importantly, we've gamified

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Speaker 4: them understanding how the cash loans, so in other words,

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Speaker 4: when is the money coming in, when is the money

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Speaker 4: going out, and what that means. And so if you

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Speaker 4: think about what I just described to you, for the

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Speaker 4: first time people have the ability to actually understand where

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Speaker 4: they are. Then our artificial intelligence technology takes that information.

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Speaker 4: And by the way, we've been working on AI for

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Speaker 4: over a decade, right okay, takes that You're not just coming.

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Speaker 2: To the party right now, you've been ahead of the party.

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Speaker 3: Man. We try to say we are at the party.

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Speaker 2: Come on, Garrett, tell the truth. One United Bank.

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Speaker 3: There you go.

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Speaker 4: So so we we you know, a lot of times

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Speaker 4: people don't think about black owned companies as participating in

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Speaker 4: technologies like artificial intelligence. We fully implemented our official intelligence

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Speaker 4: and to vote our operation and our products.

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Speaker 3: But just to finish this point quickly, so.

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Speaker 4: What we used AI to do is to take people's

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Speaker 4: information and to help them make their decisions. So that's

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Speaker 4: really the key to it. So you know, as you know,

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Speaker 4: as you talked about, we live in a society that

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Speaker 4: is challenged from a financial literacy standpoint. Ninety percent of

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Speaker 4: our population is not financially literate unfortunately. I mean, we

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Speaker 4: know why. We don't teach financial literacy in schools, so

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Speaker 4: K through twelve we don't teach financial literacy. So it'd

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Speaker 4: be like if we didn't teach reading. If we didn't

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Speaker 4: teach reading, well, guess what, we have a bunch of

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Speaker 4: people who can't read. Instand which we have most of

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Speaker 4: our population is not capable of making financially literate decisions.

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Speaker 4: The good news, technology, in particularly artificial intelligence, creates the

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Speaker 4: opportunity to now for anybody to get to effectively make

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Speaker 4: the decisions like they were an expert or a profession.

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Speaker 1: You brought up the concept from one day United Bank

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Speaker 1: buying up black banks around the an't you the same

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Speaker 1: format and no different than the Bank of America, no

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Speaker 1: different than the World's Foggo or any of your competitors,

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Speaker 1: not being a black bank. It's a trust factor, is

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Speaker 1: a brand awareness factor. How do you break that battery?

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Speaker 1: As one United Bank when you're trying to bring in

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Speaker 1: customers and your new start or a new kid on

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Speaker 1: the block.

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Speaker 4: Well, you're starting with you have. Okay, what we like

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Speaker 4: to say those banks that you mentioned, uh, Chase and

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Speaker 4: Wells Fargo and all them, what we say is we're

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Speaker 4: fdic ensued commercial bank like them. The only difference is

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Speaker 4: we're smarter and we have better technology.

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Speaker 3: There you go.

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Speaker 4: Other than that, they just like us. We're just smarter

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Speaker 4: than so and so and so forth. So our products

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Speaker 4: start with our products. And one of the reasons we

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Speaker 4: have really good relationships with banks, and banks love One

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Speaker 4: United Bank is because they know they can't do the

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Speaker 4: kind of things we can do. For exam, one of

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Speaker 4: our lead products is called cass Please. Now, what cash

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Speaker 4: Please does is for those situations where where some kind

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Speaker 4: of the average American only has four hundred dollars in

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Speaker 4: emergency savings. Right, Okay, So let's start with that. So

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Speaker 4: let's say something happens, you're driving your truck to work,

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Speaker 4: you hit a pothole. Bang, you got an eight hundred

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Speaker 4: and fifty dollars bills in here.

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Speaker 3: You need this truck to get to work. So you

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Speaker 3: you need what what do you need?

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Speaker 4: You need an emergency small balance short term loan at

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Speaker 4: affordable prices. In other words, you don't you need to

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Speaker 4: be able to get your truck fixed without being goalsed

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Speaker 4: and taken in by some kind of financial trap. Well,

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Speaker 4: one United Bate can deliver that loan on a nationwide

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Speaker 4: basis and uses alternative credit criterion other than just these

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Speaker 4: these these credit bureaus and stuff, which are dated technology. Right,

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Speaker 4: So if base aren't build to solve the kind of

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Speaker 4: problems that people have, what do I mean a people problem?

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Speaker 4: You stuck in check systems? You need a second chance

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Speaker 4: to get a check in account. That's the one United

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Speaker 4: Bate product. You messed up your credit things having the people,

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Speaker 4: particularly when you have low amounts of resources, so you

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Speaker 4: need to rebuild your credit.

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Speaker 3: That's the one United Bank product.

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Speaker 4: You need to build emergency savings, perhaps on a collaborative

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Speaker 4: basis with somebody like your employer, which is one of

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Speaker 4: our big areas expertise to help you build savings accounts.

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Speaker 4: So what I'm saying to you is we have completely

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Speaker 4: different financial products than mainstream base and we have the

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Speaker 4: products that people actually need to function in day to

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Speaker 4: day's society. Like I just told you about a product,

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Speaker 4: a black owned business created a product that utilizes artificial

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Speaker 4: intelligence to help people, and we're designed in particularly for

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Speaker 4: black people to make better financial.

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Speaker 2: Is i'ma tell you something. You're fired up now.

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Speaker 1: I like that, Carvin, because you you get frustrated like

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Speaker 1: me and this I wouldn't say the word frustrated, but

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Speaker 1: it's about the information because of the fact that Blacks

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Speaker 1: are always viewed as being behind the curve on technology,

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Speaker 1: being hind the curve on financial literacy. You said, Rashaan,

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Speaker 1: we got the model. We're winning with one United Bank. Now,

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Speaker 1: because you go to any black community and those check

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Speaker 1: cashing places are still dominant.

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Speaker 2: How can you help.

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Speaker 1: The black community with one United Bank to avoid those

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Speaker 1: outrageous fees and how can they do banking with one

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Speaker 1: United Bank?

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Speaker 4: You go, you go to one United dot com. It's

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Speaker 4: that O N E U N.

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Speaker 2: I T E any anywhere you can be down.

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Speaker 4: D C d C Detroit, Philadelphia, Boise, Idaho, which, by

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Speaker 4: the way, we have a lot of customersis for reasons.

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Speaker 4: L Paso, Texas, Dallas, Texas, Los Angeles, GOP. It doesn't matter.

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Speaker 4: There you are and I'll give you just just because

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Speaker 4: here again, you know, you know, hopefully it doesn't seem

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Speaker 4: like frustration. But but we want people to understand you

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Speaker 4: you don't have to go to these check cashers and

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Speaker 4: get ripped off. You just go to my United but

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Speaker 4: dot com we are set up to be able to

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Speaker 4: accommodate these types of situations and so and so and

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Speaker 4: so here again.

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Speaker 2: Let me ask you this.

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Speaker 1: Let me ask you this, Kevin, because I don't want

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Speaker 1: to put the word frustration in it, but you know

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Speaker 1: you're trying to get the worried out. You have something

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Speaker 1: available that people are not using because they're not aware

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Speaker 1: of the brand that you're offering at one United one

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Speaker 1: United Bank. Now, how does this as an individual who's

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Speaker 1: been doing this way going to these high check cashing places,

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Speaker 1: you know, got a buzz to get in, You get in,

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Speaker 1: they treat you like a criminal even though they cash

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Speaker 1: in your check. How does one in that community deposit

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Speaker 1: their money using one United Bank even though they're not

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Speaker 1: going into a bank or check cash your location. I'm

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Speaker 1: just trying to simplify so people can understand how your

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Speaker 1: technology works.

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Speaker 4: Okay, well, why not start by asking you a question? Yes, Sir,

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Speaker 4: if I said to you, Rashid, if you had to

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Speaker 4: guess what bank in the United States has the largest

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Speaker 4: number of surcharged free at ms, what bank would you get?

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Speaker 4: Now before you before you answer that, let's just say

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Speaker 4: you don't CEO right right right, right, right, right, right right.

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Speaker 3: And it's just a good looking black guy.

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Speaker 2: Right, we're beautiful teeth. We're beautiful teeth. I want to

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Speaker 2: say one year, Nited Bank, Sir, we have the.

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Speaker 4: Largest number joint free ATMs from any bank. Now it's

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Speaker 4: because of the network we we have built. So we're

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Speaker 4: tied into a number of institutions like you can use

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Speaker 4: any your one United Bank customer, you can use like

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Speaker 4: city based ATMs, you can use JP Morgan's ATMs, as

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Speaker 4: well as the whole host of of everything from dollar

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Speaker 4: store type type situations to too many retailers. Because we

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Speaker 4: we created collaborations. See where we have created the bank.

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Speaker 3: Of the future.

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Speaker 4: Right, So, so the banking the bank is built on collaborations,

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Speaker 4: it's built on technology, and and so and so it's

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Speaker 4: in the modern day world. Here again, banking was this

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Speaker 4: thing we grew up with which was based before technology.

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Speaker 4: So it was physical. You have a physical facility, you

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Speaker 4: place physical bills into the thing, you go sit there

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Speaker 4: and you talk to the tellers and all of that. Well,

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Speaker 4: technology technology like so many things, and it's one of

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Speaker 4: the more important things for us as a people is

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Speaker 4: to recognize how technology has changed business opportunity.

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Speaker 3: Look at you.

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Speaker 4: You communicating to the to the whole world rightly, and

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Speaker 4: you certainly communicating to the whole United States. And this

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Speaker 4: isn't about where Rashad is at this moment. Frankly, where

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Speaker 4: Rashad is at this moment is not. What's important is

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Speaker 4: the content right that you're providing and understanding how to

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Speaker 4: distribute that contest on a widespread basis. Here again, the

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Speaker 4: thing about what United Bank other things that makes it

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Speaker 4: youth unique is one United Bank affects tens of millions

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Speaker 4: of people.

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Speaker 2: I want to hear.

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Speaker 3: That's why you see it's.

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Speaker 4: It's it's The reason is it's an important institution in

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Speaker 4: Black America is because of both its brand recognition, but

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Speaker 4: it's reach.

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Speaker 3: It can reach anybody anywhere.

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Speaker 4: So when something happens like the George Floyd thing, you

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Speaker 4: think he's inundated with phone calls because we got we're

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Speaker 4: Black America's banks, So we have to sit there and

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Speaker 4: hold people's hands, water, sit there and hold their hands

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Speaker 4: through moments of crisis, that kind of thing, and so

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Speaker 4: and so. So it's not just us having the problem

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Speaker 4: using technology to create this new generation of products that

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Speaker 4: meets people's knees. It's also our ability to communicate effective

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Speaker 4: related to hundreds of millions of people to reach that.

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Speaker 5: Please don't go anywhere. We'll be right back with more

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Speaker 5: Money Making Conversations Masterclass. Welcome back to the Money Making

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Speaker 5: Conversations Masterclass, hosted by Rashaan McDonald.

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Speaker 1: Well, you know it's important people here. What Kevin is

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Speaker 1: trying to say, oh is saying. He's not trying, He's

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Speaker 1: motivated to tell you how you can change your life

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Speaker 1: through technology. That was one United Bank was at the

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Speaker 1: forefront of that, at the forefront of AI. More importantly,

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Speaker 1: what I wanted him to say, and he said it

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Speaker 1: very accurately, is if you are in a community and

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Speaker 1: you don't have a bank. You now have a bank,

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Speaker 1: and it's called One United. That bank is available to you.

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Speaker 1: Just go online. You can upload your checks, you can

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Speaker 1: have an ATM car, you can have a debit card,

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Speaker 1: you can have all these things that you may not

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Speaker 1: have right now and start you on a path of

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Speaker 1: building credit, building credibility with a bank, and also taking

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Speaker 1: you to the next stage of life, which is equity.

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Speaker 1: And I think that's one of the major reasons why

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Speaker 1: I wanted One United. Like I said, he's a gentleman.

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Speaker 1: I met when I was manager of Steve Harvey and

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Speaker 1: Los Angeles way back in two thousand. So I'm very

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Speaker 1: aware of the One United brand in the early stages

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Speaker 1: because there was a business that he launched in nineteen

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Speaker 1: ninety six, and it's a vision. It's a vision is

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Speaker 1: tied to success. But the beauty of Kevin is that

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Speaker 1: his legacy is tied to success. Your grandfather was tied

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Speaker 1: to the original or the real Black Wall Street.

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Speaker 4: Correct, Oh, absolutely right, great great great, three greats and

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Speaker 4: two grades were intricately involved in the creation of Black

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Speaker 4: Wall Street. I mean here again, you know the connection

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Speaker 4: accords because a lot of people, you know what kind

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Speaker 4: of what you're getting at.

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Speaker 3: They say, well, why would black.

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Speaker 4: Wall Street be in Tulsa, Oklahoma, Why would they be

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Speaker 4: in New York or Philadelphia or some industrial city.

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Speaker 3: Well, the reason is is because that is one.

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Speaker 4: Of the only, if not the only, place where black

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Speaker 4: people and Indians by the way, got the proverbia forty

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Speaker 4: acres and a mule.

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Speaker 3: As you know, slavery ended.

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Speaker 4: It wasn't like white people were gonna say, oh, slavery ended, Hey,

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Speaker 4: why don't we all sing Kumbai Yai and come together

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Speaker 4: and live together and all that. They were just saying,

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Speaker 4: you free. But then then then we were separated to

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Speaker 4: different groups, and one of the groups was Oklahoma. One

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Speaker 4: of the ideals of what to do with slaves in

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Speaker 4: Indians was to send them to Oklahoma. That group of

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Speaker 4: people then ultimately negotiated a deal with the United States government,

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Speaker 4: which was that negotiation was led by my great great grandfather,

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Speaker 4: that resulted in them getting forty acres, getting the proverbial

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Speaker 4: forty acres at the mule. And at that point in

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Speaker 4: a in a argarian society, that land was what you

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Speaker 4: could feed yourself off your land. You could you could

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Speaker 4: make some access, you can make some profits by selling

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Speaker 4: your access goods that you grow on the land, and

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Speaker 4: so so so think of it and land as being

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Speaker 4: the center of wealth creation. And it's that wealth that

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Speaker 4: allowed for the building of this of this of this

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Speaker 4: area of this town we now called black Wall Street.

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Speaker 4: That's why we could afford to have stores, can have

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Speaker 4: Rashank could have a store.

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Speaker 3: If I got some land where.

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Speaker 4: I'm growing corn and then I grow, you know, more

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Speaker 4: corn than I need to beat my family, then I

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Speaker 4: can take it down the Russian store, and then Roshine

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Speaker 4: can sul it to somebody else who is doing you know,

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Speaker 4: who's in some other kind of business but needs the corn.

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Speaker 3: That's example.

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Speaker 4: So so you know, my family is really proud of

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Speaker 4: that legacy of being able to communicate with the leaders

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Speaker 4: of this country even back then and and and be

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Speaker 4: able to form a bridge between Europeans, Native Americans and

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Speaker 4: black people and facilitate this this thing.

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Speaker 3: That we now call black Ball Street.

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Speaker 1: Well, you know, I want to send this carrying a

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Speaker 1: lot of people need to understand, Like you know, that's

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Speaker 1: that old rumor that everybody got forty acres a mule.

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Speaker 1: As soon as April on Lincoln was assassinated, the next

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Speaker 1: president killed it.

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Speaker 2: They stopped it.

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Speaker 1: And so that's why forty acres Murro was not distributed

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Speaker 1: to all African Americans time. And it was fortunate in Opahomer,

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Speaker 1: his great great grandfather negotiated an opportunity because the opportunities

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Speaker 1: was not being being made available and it was being

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Speaker 1: denied once Abraham Lincoln was assassinated. Now, when we move

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Speaker 1: forward to today, you're doing your own version of forty

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Speaker 1: acres and through technology, that technology, your cell phone, your

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Speaker 1: laptop can create a lasting financial literacy of opportunity for individuals.

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Speaker 1: They just got to be believe in it and also

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Speaker 1: understand that your bank is ahead of the curve and

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Speaker 1: providing it for everybody.

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Speaker 2: Correct, Kevin One United that that.

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Speaker 4: That's right and you're exact, and that that technology can

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Speaker 4: allow for you to create unprecedented businesses.

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Speaker 3: See now everybody had you could, you could.

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Speaker 4: You don't even have to make the product anymore, right,

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Speaker 4: you could you could get the product like like many

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Speaker 4: you know, you hear about black people, business people who

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Speaker 4: are billionaires. As an example, they may not be making

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Speaker 4: the perfume or the clothing items they're selling. Most times

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Speaker 4: they're not. They're getting them from one place, and then

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Speaker 4: they're using their brands to sell them all over the world.

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Speaker 4: So technology creates the opportunity to create businesses in ways

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Speaker 4: that have never existed before. As I said, you don't

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Speaker 4: even have to meet the product anymore. That's the marketing opportunity,

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Speaker 4: that's the ability to take advantage and understand this new

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Speaker 4: age's There's never been a better opportunity to build a

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Speaker 4: substantial business enterprice than there is right now.

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Speaker 1: Absolutely, as we go through this process, Kevin, you're on

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Speaker 1: my show and obviously on my show to tell.

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Speaker 2: Everybody about one United Bank.

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Speaker 1: Tell everybody about how I don't care where you live

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Speaker 1: in this country. Like you said the morning Hour of Boise, Idaho, Miami, Florida,

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Speaker 1: you can be a customer with one United Bank. Just

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Speaker 1: go to one United dot com and follow the registration process.

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Speaker 1: As you get the worried out, how can I help

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Speaker 1: you sustain that consistency of people understanding the value and

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Speaker 1: the banking opportunities for entrepreneurs, because I shore it's about

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Speaker 1: small business owners, entrepreneurs, people are trying to change their careers,

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Speaker 1: future homeowners. Talk to us about my listening audience and

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Speaker 1: what value one United Bank will bring to them.

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Speaker 3: Well, we can change your listening audience since life.

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Speaker 4: Okay, our financial products and services literally change people's lives

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Speaker 4: in the positive way. So amongst many things here getting

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Speaker 4: I want to cut back this, but you know, when

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Speaker 4: you bank, companies are recognizing the value of one United

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Speaker 4: based product set and delivering that as an employee benefit

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Speaker 4: as an example. So so, so what I'm saying is

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Speaker 4: people understand that people that having the opportunity to have

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Speaker 4: this type of services really affects people's lives in a

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Speaker 4: positive way. What I'm seeing is you're an expert communicator,

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Speaker 4: right and and the communication of that message to particularly

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Speaker 4: the communication of that message is scale. Is how you

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Speaker 4: sell product and service, particularly in this technology driven age.

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Speaker 4: So so that's what I'm thinking about, is i'm doing

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Speaker 4: this interview, I'm like, man, it's is a master communicator, Yes,

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Speaker 4: and and and so and so that is certainly a

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Speaker 4: skill set that that is very important to my business.

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Speaker 4: Right so, so, so you know, it was interesting.

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Speaker 2: I'm a biteress with you. Man. What you do is

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Speaker 2: I'm a fan.

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Speaker 1: I'm a fan, I'm a believer, and that's important for

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Speaker 1: you to hear that because I can't take it anymore

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Speaker 1: with our community not knowing how they can bank, how

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Speaker 1: they can compete, how it can be on the same level.

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Speaker 1: And that's what One United Bank is offering them. Just

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Speaker 1: because you're getting on the bus in the neighborhood don't

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Speaker 1: mean you can't financially compete with other neighborhoods. And sometimes

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Speaker 1: we feel trapped, and I've lived that. One United Bank

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Speaker 1: allows us out of that financial trap. And that's what

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Speaker 1: I want to keep saying over and over again. And

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Speaker 1: I hope I'm not overstepping when I talk about one

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Speaker 1: United Bank and what it can do and change financial

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Speaker 1: outlooks within the community and outside the community.

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Speaker 2: I'm not saying it's just available for people in the neighborhood,

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Speaker 2: but throughout the life.

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Speaker 1: If you're trying to buy cars, buy homes, start small

439
00:25:54,720 --> 00:25:58,280
Speaker 1: business loans, one United Bank offers you that. But more importantly,

440
00:25:58,480 --> 00:26:02,439
Speaker 1: there's a structure and there's community that does not understand

441
00:26:02,960 --> 00:26:06,640
Speaker 1: they can participate financially because they're trapped in an environment

442
00:26:06,720 --> 00:26:10,160
Speaker 1: where a bank does not exist and they don't think

443
00:26:10,240 --> 00:26:13,760
Speaker 1: and check cashing places dominate. That is a message I

444
00:26:13,760 --> 00:26:16,200
Speaker 1: want to deliver to them. The other message, Kevin, I

445
00:26:16,200 --> 00:26:18,480
Speaker 1: want to deliver to the small business owners and the

446
00:26:18,640 --> 00:26:22,760
Speaker 1: entrepreneurs and the future homeowners people trying to do business

447
00:26:22,800 --> 00:26:27,919
Speaker 1: with equity Opportunities. One Nation One United Bank offers that

448
00:26:28,000 --> 00:26:30,639
Speaker 1: as well. And I don't want like I say again,

449
00:26:31,240 --> 00:26:33,960
Speaker 1: I'm excited that you chose my format to bring this

450
00:26:34,040 --> 00:26:37,000
Speaker 1: information on because of the fact that people need to

451
00:26:37,040 --> 00:26:40,320
Speaker 1: hear their options where they can win. And that's what

452
00:26:40,520 --> 00:26:43,320
Speaker 1: I was so excited when you chose to give me

453
00:26:43,400 --> 00:26:47,520
Speaker 1: time to speak to you, because I can't talk to

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00:26:47,560 --> 00:26:50,400
Speaker 1: anybody who can't tell me the truth. And that's all

455
00:26:50,440 --> 00:26:52,200
Speaker 1: you do, Kevin, is tell the truth.

456
00:26:53,119 --> 00:26:53,640
Speaker 3: Yeah, man.

457
00:26:53,720 --> 00:26:58,800
Speaker 4: And the thing is, as a people, we're so creative

458
00:26:59,720 --> 00:27:02,919
Speaker 4: that this to the stint that we could start to

459
00:27:03,000 --> 00:27:07,240
Speaker 4: understand how to utilize technology. I get example, that that

460
00:27:07,280 --> 00:27:11,640
Speaker 4: shirt you got on right there, it's so floped. Okay,

461
00:27:12,720 --> 00:27:18,399
Speaker 4: you can sell them shirts. I'm not even joking with you. Okay,

462
00:27:19,400 --> 00:27:21,440
Speaker 4: this is something I spent a great deal of time.

463
00:27:21,520 --> 00:27:26,879
Speaker 4: I'm around every every level of fashion that is available.

464
00:27:27,119 --> 00:27:31,400
Speaker 4: And what I'm saying to you is our people are

465
00:27:31,480 --> 00:27:35,600
Speaker 4: so talented in so many ways that that that that

466
00:27:35,600 --> 00:27:39,040
Speaker 4: that there's all kinds of products and services that we

467
00:27:39,280 --> 00:27:42,919
Speaker 4: could easily be selling if we took the time to

468
00:27:43,040 --> 00:27:46,480
Speaker 4: understand something like the internet, but what it really goes to,

469
00:27:46,840 --> 00:27:50,080
Speaker 4: and and going back to this connection to to my

470
00:27:50,080 --> 00:27:56,280
Speaker 4: my great grapes grandfathers is even then they one of

471
00:27:56,320 --> 00:27:58,880
Speaker 4: the main things they came away with what they created,

472
00:27:58,880 --> 00:28:03,560
Speaker 4: something called Dogs Academy and what it was because they

473
00:28:03,800 --> 00:28:08,680
Speaker 4: understood even then our real challenges is lack of education,

474
00:28:09,400 --> 00:28:14,159
Speaker 4: in particularly financial literacy. Okay, So in the eighteen hundreds,

475
00:28:14,760 --> 00:28:17,840
Speaker 4: the leaders of my family were talking about that and

476
00:28:17,880 --> 00:28:20,879
Speaker 4: how that was the main thing holding black people back

477
00:28:21,640 --> 00:28:26,959
Speaker 4: even then, and so and so, so this legacy that

478
00:28:26,960 --> 00:28:32,080
Speaker 4: that that my family has of understanding the importance of

479
00:28:32,119 --> 00:28:35,080
Speaker 4: financial literacy because see, so much of what you just

480
00:28:35,240 --> 00:28:41,400
Speaker 4: talked about goes to the person being financially literate enough

481
00:28:41,640 --> 00:28:46,920
Speaker 4: to understand what you just said so that they get Okay,

482
00:28:47,640 --> 00:28:52,200
Speaker 4: one of our biggest problems we systematically overpay for mortgages. Yes,

483
00:28:52,240 --> 00:28:56,120
Speaker 4: we just pay too much. Yes, why because we're not

484
00:28:56,200 --> 00:29:01,640
Speaker 4: financially literate? Okay, And so what so this challenge has

485
00:29:01,680 --> 00:29:05,280
Speaker 4: existed for Black Americans.

486
00:29:06,120 --> 00:29:08,240
Speaker 3: Going back to the eighteen hundreds, man, and.

487
00:29:08,960 --> 00:29:14,800
Speaker 4: Now our opportunity but our generation has it, has it

488
00:29:15,920 --> 00:29:22,280
Speaker 4: has technology, and we have the ability to be effective communicators.

489
00:29:22,560 --> 00:29:25,120
Speaker 4: So this thing that you and me are talking about

490
00:29:25,200 --> 00:29:29,560
Speaker 4: right now could change society. Okay if we could, okay,

491
00:29:30,400 --> 00:29:34,600
Speaker 4: use artificial intelligence so that people can make better financial decisions.

492
00:29:34,920 --> 00:29:37,960
Speaker 4: We're communicating that information to people so that they can

493
00:29:38,040 --> 00:29:42,520
Speaker 4: actually understand where they are financially and then understand, oh,

494
00:29:42,720 --> 00:29:45,200
Speaker 4: these are the decisions I need to be making that

495
00:29:45,320 --> 00:29:46,520
Speaker 4: I'm not currently making.

496
00:29:46,880 --> 00:29:48,920
Speaker 3: That's literally building that word.

497
00:29:49,840 --> 00:29:52,480
Speaker 4: And then you start to come together and for us

498
00:29:52,560 --> 00:29:55,800
Speaker 4: guys like you and me, frankly, what we should be

499
00:29:55,840 --> 00:29:59,160
Speaker 4: saying is, look, okay, we are going to make you.

500
00:29:59,400 --> 00:30:02,000
Speaker 4: We're not going to ask you, We're gonna meet you.

501
00:30:02,480 --> 00:30:02,920
Speaker 3: Okay.

502
00:30:03,080 --> 00:30:07,520
Speaker 4: Every state in this country should have a requirement where

503
00:30:07,520 --> 00:30:11,360
Speaker 4: they teach financial literacy in the school system K through

504
00:30:11,400 --> 00:30:16,320
Speaker 4: twelve and it's and it's a mandatory requirement to graduate

505
00:30:17,120 --> 00:30:20,160
Speaker 4: to be to have taken the course of financial literacy.

506
00:30:21,000 --> 00:30:24,760
Speaker 3: If we just did that one thing, because we have standing.

507
00:30:24,880 --> 00:30:33,520
Speaker 4: Look, okay, we've been oppressed, suppressed, held back for generations.

508
00:30:33,600 --> 00:30:34,000
Speaker 3: Okay.

509
00:30:34,280 --> 00:30:39,000
Speaker 4: The least we deserve, okay, is to have the opportunity

510
00:30:39,120 --> 00:30:43,080
Speaker 4: to effectively participate in the capitalist and system. It's not

511
00:30:43,280 --> 00:30:46,120
Speaker 4: okay for you not to teach our kids to be

512
00:30:46,200 --> 00:30:51,360
Speaker 4: financially literate. If that's not okay, okay, okay, we got

513
00:30:51,360 --> 00:30:54,880
Speaker 4: this education system, So what do we do. We go

514
00:30:55,080 --> 00:30:58,920
Speaker 4: state by state and you have legislation passed at a

515
00:30:59,040 --> 00:31:04,560
Speaker 4: state level to create these mandatory financial literacy classes. That alone,

516
00:31:05,360 --> 00:31:07,640
Speaker 4: that alone, when you talk about the racial wealth gap.

517
00:31:07,920 --> 00:31:11,040
Speaker 4: I'll give you an example the financial literacy program. This

518
00:31:11,080 --> 00:31:14,440
Speaker 4: one was designed for this county outside of Los Angelesco,

519
00:31:14,560 --> 00:31:18,160
Speaker 4: Riverside County. When it was when they did studies on

520
00:31:18,440 --> 00:31:21,920
Speaker 4: what was the economic impact of having this course of

521
00:31:22,000 --> 00:31:25,320
Speaker 4: study in financial literacy as part of the graduation requirements,

522
00:31:25,800 --> 00:31:29,040
Speaker 4: It's worked one hundred and twenty six thousand dollars per

523
00:31:29,200 --> 00:31:33,000
Speaker 4: kid over their lifetime. So, in other words, going from

524
00:31:33,080 --> 00:31:36,160
Speaker 4: a network of some people used numbers like eight dollars

525
00:31:36,360 --> 00:31:38,840
Speaker 4: to just doing this one thing, having them when they

526
00:31:38,920 --> 00:31:42,200
Speaker 4: go to school, having to take these courses and financial

527
00:31:42,200 --> 00:31:45,160
Speaker 4: literacy as a requirement to graduate will create over one

528
00:31:45,240 --> 00:31:48,360
Speaker 4: hundred thousand dollars in network or that person over their life.

529
00:31:48,800 --> 00:31:49,040
Speaker 2: Wow.

530
00:31:49,280 --> 00:31:52,800
Speaker 3: So that's the kind of thing and so and so

531
00:31:53,520 --> 00:31:58,320
Speaker 3: here again, you're master communicator. Man, I'm amazing.

532
00:31:58,480 --> 00:32:02,640
Speaker 2: I'm like this, you know, Kivid, I appreciate you. You know.

533
00:32:02,880 --> 00:32:04,280
Speaker 2: I just don't want everybody to know.

534
00:32:04,440 --> 00:32:07,360
Speaker 1: One United Bank is the premier bank for urban communities,

535
00:32:07,400 --> 00:32:09,960
Speaker 1: the largest black owned bank, the first black inter of

536
00:32:10,000 --> 00:32:14,560
Speaker 1: that bank. One United is an FDIC insured bank and

537
00:32:14,640 --> 00:32:19,080
Speaker 1: an equal housing lender bank. More importantly, I'm speaking to

538
00:32:19,160 --> 00:32:22,920
Speaker 1: the owner, chairman, chiefs ex officer of One United Bank,

539
00:32:23,400 --> 00:32:23,880
Speaker 1: my brother.

540
00:32:24,400 --> 00:32:27,360
Speaker 2: It's been twenty two years since we've said hello.

541
00:32:28,240 --> 00:32:31,200
Speaker 1: Please, please don't make it be another twenty two years

542
00:32:31,200 --> 00:32:34,800
Speaker 1: before we speak again, because I know we're talking now

543
00:32:34,960 --> 00:32:38,680
Speaker 1: in the fourth quarter of twenty twenty four. I want

544
00:32:38,720 --> 00:32:42,560
Speaker 1: to talk early early first quarter twenty twenty five. And

545
00:32:42,600 --> 00:32:45,840
Speaker 1: let's put a plan together, man, I find financial literacy

546
00:32:45,880 --> 00:32:49,440
Speaker 1: plan together about letting people know there's a bank out

547
00:32:49,480 --> 00:32:52,840
Speaker 1: there that's available for them that will change their lives.

548
00:32:53,080 --> 00:32:55,000
Speaker 2: They just need to know about it. Thank you Kevin

549
00:32:55,040 --> 00:32:55,520
Speaker 2: for coming on.

550
00:32:55,440 --> 00:32:58,760
Speaker 3: The show right. Appreciate you man. Thank you very much.

551
00:32:59,480 --> 00:33:03,160
Speaker 1: This has been another edition of Moneymaking Conversation Masterclass hosted

552
00:33:03,200 --> 00:33:06,040
Speaker 1: by me Rushaun McDonald. Thank you to our guests on

553
00:33:06,080 --> 00:33:08,560
Speaker 1: the show today, and thank you our listening to the

554
00:33:08,600 --> 00:33:11,000
Speaker 1: audience now. If you want to listen to any episode,

555
00:33:11,080 --> 00:33:13,120
Speaker 1: I want to be a guest on the show. Visit

556
00:33:13,400 --> 00:33:18,160
Speaker 1: Moneymakingconversations dot com. Our social media handle is money Making Conversation.

557
00:33:18,560 --> 00:33:20,960
Speaker 1: Join us next week and remember to always leave with

558
00:33:21,040 --> 00:33:21,600
Speaker 1: your gifts.

559
00:33:21,920 --> 00:33:22,520
Speaker 2: Keep winning.