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Speaker 1: Hey, what's up everybody.

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Speaker 2: I'm Jameel Hill and welcome to politics and iHeart podcast

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Speaker 2: and Unbothered Network production.

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Speaker 1: Time to get spolitical.

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Speaker 2: Do you all remember when Left Eye from TLC broke down,

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Speaker 2: how their group sold ten million albums but they were

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Speaker 2: still broke.

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Speaker 1: This is how a.

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Speaker 3: Group can sell ten million records and be broke, and everyone.

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Speaker 1: You're ready to do your math. When we first started out,

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Speaker 1: we were kind of cocky.

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Speaker 3: Okay, there are one hundred points on an album.

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Speaker 1: TLC had seven. Every point is equal to.

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Speaker 3: Eight cents, all right, seven times eight fifty six cents.

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Speaker 1: But as time went on we learned a lot.

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Speaker 3: That means every time an album gets sold, TLC gets

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Speaker 3: fifty sixers.

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Speaker 1: So ten million records five.

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Speaker 3: Point six million dollars seems like a lot of money.

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Speaker 1: Well, it's not a lot of money.

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Speaker 3: When the record come we have spent three million dollars

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Speaker 3: through record your out and in the record business we

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Speaker 3: pay all costs back to the record company. We pay

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Speaker 3: recording costs, video costs. So now we have two point

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Speaker 3: six million dollars left. Well, guess what when you have

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Speaker 3: that much money, you're in about the forty seven forty

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Speaker 3: eight forty nine percent tax bracket, so that immediately gets

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Speaker 3: dusted to one point three million dollars. Then you split

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Speaker 3: the rest three ways, you got about three.

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Speaker 1: Hundred thousand dollars.

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Speaker 4: Is that much?

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Speaker 1: Okay, three hundred thousand dollars. I can buy a nice

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Speaker 1: house with that, and what am I gonna pay my

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Speaker 1: bills with?

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Speaker 2: Now, there are a lot of professional athletes who can

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Speaker 2: relate to that story, because, according to Sports Illustrated, seventy

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Speaker 2: eight percent of NFL players face financial trouble within two

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Speaker 2: years of leaving the game.

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Speaker 1: For NBA players it's sixty percent.

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Speaker 2: For Major League Baseball players, it's about five years before

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Speaker 2: they start experiencing financial hardship, and even more alarming, seventy

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Speaker 2: percent and a foreign born Latino players experience financial hardship

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Speaker 2: within their first four years of retirement. Now to understand

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Speaker 2: how this happens, we need to first understand how professional

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Speaker 2: athletes get paid. I'll use the NFL as my example.

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Speaker 2: An NFL contract consists of a player's base salary, which

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Speaker 2: can be guaranteed or non guaranteed, depending on contract structure.

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Speaker 2: In general, the most important number to look at is

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Speaker 2: the guaranteed money. Patrick Mahomes signed a ten year extension

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Speaker 2: with the Kansas City Chiefs that goes through the twenty

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Speaker 2: thirty one season. His contract is worth four hundred and

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Speaker 2: fifty million, but with incentives, Mahomes could be looking at

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Speaker 2: collecting five hundred and three million dollars. However, Mahomes only

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Speaker 2: has one hundred and forty one million coming in guaranteed money.

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Speaker 2: Mahomes's contract, like a lot of NFL contracts, is filled

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Speaker 2: with injury guarantees, cap guarantees, and skill guarantees. He has

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Speaker 2: million dollar incentives for winning MVPs, the Super Bowl and

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Speaker 2: for taking at least fifty percent of the snaps in

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Speaker 2: a given season. Another important figure in an NFL contract

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Speaker 2: are the signing bonuses. Green Bay Packers quarterback Jordan Love

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Speaker 2: have recorded the highest sighting bonus in history, a cool

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Speaker 2: seventy five million dollars. Now here's something else important to

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Speaker 2: know about an NFL contract. NFL players often don't get

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Speaker 2: paid year round, something a lot of them didn't know

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Speaker 2: when they got into the league, including former NFL player

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Speaker 2: Josh Cribs.

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Speaker 5: Did you know that we got paid every week?

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Speaker 1: Every Tuesday?

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Speaker 5: I thought that you got we got paid every Tuesday

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Speaker 5: for the year. I didn't know.

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Speaker 2: All your check was so be Yeah, in the off

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Speaker 2: season we didn't get paid.

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Speaker 1: I didn't know, okay, and I was I was in fear.

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Speaker 1: Something else.

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Speaker 2: NFL players have to pay, and this applies to other

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Speaker 2: professional athletes as well. It's something called the jock tax.

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Speaker 2: Athletes are required to pay taxes in every city they

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Speaker 2: play in. That one hundred and sixty two games schedule

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Speaker 2: and baseball look a lot different now, doesn't it.

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Speaker 1: Well, accept if you're want Soto.

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Speaker 2: Now, when you start combing through the stories of how

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Speaker 2: professional athletes lose money, a few familiar things and patterns

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Speaker 2: start to emerge. So here are the five biggest reasons

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Speaker 2: professional athletes wind up in financial hardship. Number five, everybody

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Speaker 2: is on the payroll, and by everybody, I mean family

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Speaker 2: and friends. A lot of athletes feel pressure to put

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Speaker 2: everybody on. Here's Darren Woodson explaining that I want you.

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Speaker 6: To paint this picture of four my mom four kids,

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Speaker 6: worked two jobs.

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Speaker 5: I had no understanding of finances.

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Speaker 6: I had no history of financial literacy, financial literacy and nothing.

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Speaker 6: So most players, they got so many people around them,

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Speaker 6: family members, dads, dads, cousins, so.

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Speaker 5: You got all these people who are just pulling Hey.

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Speaker 1: Send me, you know, give me that five thousand.

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Speaker 5: For this, and I need to start this business.

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Speaker 6: And you have to become selfish in a lot of

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Speaker 6: ways because it don't last forever.

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Speaker 1: The second reason athletes go broke children.

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Speaker 2: According to the US Department of Agriculture, it costs a

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Speaker 2: little over two hundred and thirty three thousand a year

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Speaker 2: to raise a child to eighteen in the United s States.

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Speaker 1: That's a damn g wagon. One or two kids is

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Speaker 1: already a lot.

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Speaker 2: So imagine being Tyreek Hill, who reportedly has ten children,

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Speaker 2: or Scottie Pippen, who has seven kids, or Evander Holyfield

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Speaker 2: who has eleven children. That's one too carried to one.

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Speaker 2: Multiply by three. I'm gonna let y'all do that math

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Speaker 2: at home. Third reason athletes struggle financially once they leave

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Speaker 2: the game is divorced. Half a first marriage's end in divorce.

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Speaker 2: In two thousand and eight, former pro golfer Greg Norman

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Speaker 2: had to pay one hundred and three million dollars in

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Speaker 2: his divorce settlement. Ex Wifey also walked away with their

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Speaker 2: seventeen and a half million dollar beach front home, another

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Speaker 2: four million dollar house and half a million in jewelry.

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Speaker 2: The fourth reason athletes experience financial hardship their egos get

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Speaker 2: involved and the next thing you know, they've blown twenty

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Speaker 2: million dollars.

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Speaker 1: Listen to this from Shaquille O'Neil.

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Speaker 7: The first words you need to understand is faika. And

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Speaker 7: you know if you're dealing one hundred million dollar contract

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Speaker 7: depends on what state you're living. You ain't getting one

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Speaker 7: hundred million, but you spend like you got a hundred million,

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Speaker 7: and that'd be the problem.

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Speaker 5: My first year check was twenty million.

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Speaker 7: When I got it and said ten to nine fighter

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Speaker 7: states all the tax right, But I didn't realize that,

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Speaker 7: so I went and bought a house for five million.

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Speaker 7: I'm in the Rolls Royce joint, so I'm like, hey man,

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Speaker 7: how much is this now?

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Speaker 5: How much is this one?

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Speaker 7: So finally the old guy says, yo, man, you asked

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Speaker 7: them about all these cars, can you afford them? Now?

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Speaker 7: I'm pissed, So I buy three. So they got another

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Speaker 7: mallion that's six, try and be a rapper, trying to

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Speaker 7: produce my own video. They go another man that's seven.

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Speaker 7: So I spent that ten million, probably in three months

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Speaker 7: the whole summer, and then my guy called me and say,

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Speaker 7: you know, you spend your whole check.

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Speaker 5: Took a lot of money.

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Speaker 7: I was paying attention, but I was like, okay, now

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Speaker 7: I need to really and then I was getting married

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Speaker 7: at the times like now I really need to start paying.

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Speaker 7: It ain't about me no more.

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Speaker 5: It's about these.

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Speaker 2: Baby, so fighter, if I see you out in these streets,

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Speaker 2: it's on site.

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Speaker 1: And the final reason pro athletes go broke once they

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Speaker 1: stop playing. They forget that.

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Speaker 2: Most of the time, they don't get to retire on

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Speaker 2: their own. The game retires them. They make the mistake

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Speaker 2: of assuming the money is just going to keep coming.

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Speaker 1: Their way forever.

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Speaker 2: Here's former NBA player at Lou Young, who played eighteen

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Speaker 2: years in the NBA.

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Speaker 8: A lot of people think it's like you just got

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Speaker 8: a reckless spending habit. It ain't that we got reckless

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Speaker 8: spending happens. We just got crazy overhead and wants to

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Speaker 8: check stop. It gets completely different. It's nobody's sitting there

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Speaker 8: giving you real numbers because it's coming in so fast.

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Speaker 8: Money coming in so fast, that's just the contract. Like

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Speaker 8: you might have a shoe deal, you might have some endorsements,

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Speaker 8: so you feel like this shit is gonna be forever.

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Speaker 1: It was culture shot to me the first week.

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Speaker 8: I didn't get a big check from being retired, where

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Speaker 8: it was like, oh, figure this out.

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Speaker 2: Yeah, like life has begun, and most times real life

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Speaker 2: begins quicker than they think. The average NFL career lasts

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Speaker 2: three point three years, the average NHL career last three

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Speaker 2: point five for the NBA is four point eight, and

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Speaker 2: Major League Baseball is five point six.

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Speaker 1: That's not a long time. Now.

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Speaker 2: It feels like athletes these days are making smarter decisions

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Speaker 2: when it comes to money. Lebron James isn't done playing

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Speaker 2: and he's already worth a billion dollars his salary and

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Speaker 2: his investments, which include Blaze Pizza and owning a minority

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Speaker 2: stake of Liverpool FC. Steph Curry is invested in esports, whiskey,

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Speaker 2: and he has his own production company. Players seem to

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Speaker 2: be getting wiser, but they have to remember the golden rule.

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Speaker 2: It is still tricking even if you got it. I'm

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Speaker 2: Jamel Hill and I approved this message. Coming up next

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Speaker 2: on Spolitics, I'll be continuing this conversation about the politics

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Speaker 2: of money with one of the foremost money authorities in

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Speaker 2: this country. He's the founder, chairman, and CEO of Operation Hope.

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Speaker 2: His best selling book, Financial Literacy for All, is a

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Speaker 2: must read. He has generated billions for underserved communities and

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Speaker 2: has worked with multiple presidents. Nobody understands money the way

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Speaker 2: that he does. Coming up next on his politics, John Hope,

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Speaker 2: Brian John is such a pleasure for you to join

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Speaker 2: me here on his politics, And I'm going to start

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Speaker 2: the cast by asking you a question that I ask

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Speaker 2: every guest who appears on politics, which is name an

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Speaker 2: athlete or a sports moment that made you love sports.

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Speaker 5: When I saw Michael Jordan, Magic Johnson and other people

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Speaker 5: of color who are athletes figure out the only way

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Speaker 5: they're going to become a billionaire is to go from

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Speaker 5: bouncing the ball to owning the stadium, from from hitting

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Speaker 5: the ball, bouncing the ball, rocking the mic, whatever it is,

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Speaker 5: to owning something that produces something where you write checks,

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Speaker 5: not just cash them. The only way you become a

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Speaker 5: billionaire in sports is to switch to business. If you're

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Speaker 5: if you're an athlete, you can't cash enough checks. And

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Speaker 5: so when I saw that move, so I know this

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Speaker 5: is not the answer. You thought you'd give for me

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Speaker 5: when I thought, when I saw those moves, I realized

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Speaker 5: why they were so good on the court, because you

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Speaker 5: can be he really really talented the court, but at

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Speaker 5: some point you got to use your brain. A lot

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Speaker 5: of this I've been told by the best athletes, a

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Speaker 5: lot of their gifts are not just as they're gifted athletically.

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Speaker 5: They're strategists. They're thinking about they're strategizing, and they're looking

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Speaker 5: at the moves of their of the people that have

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Speaker 5: defended them the best, and they're figuring that out in advance.

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Speaker 5: So they figured they're going to go right, so they're

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Speaker 5: going to go left or whatever they're going to do.

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Speaker 5: And that applies to that high frequency thinking. My wife

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Speaker 5: calls it a high frequency thinking. Shan true that high

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Speaker 5: frequency thinking applies to all other parts of life and business.

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Speaker 5: So uh, that's my answer, my my my most my

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Speaker 5: favorite athletes are those that are bilingual and who and

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Speaker 5: I mean Hank Aaron lived right around the corner from me,

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Speaker 5: uh here in Atlanta, got rest of soul and he

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Speaker 5: made some money in sports, not much back in those days,

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Speaker 5: but he was but he made a mint, I mean

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Speaker 5: a mint in business. Uh. He owned car dealerships, you know.

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Speaker 5: I mean, it's just he just killed the game. So

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Speaker 5: all those folks who understand that it's the sports business

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Speaker 5: are my heroes. And she ros in sports. And by

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Speaker 5: the way, you are amazing. And I'm here because of you.

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Speaker 5: I'm here because I respect and admire you. We don't

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Speaker 5: know each other well, but we will. But I read

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Speaker 5: people very well, and even before I met you, I

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Speaker 5: read your spirit and your energy, and I said, she's

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Speaker 5: about something. She's good people, she's balanced. You know, you

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Speaker 5: don't take yourself seriously. You take life seriously, and you're

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Speaker 5: about the business. And you're wicked smart. And I love

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Speaker 5: people who are wicked smart, and so I just wanted

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Speaker 5: to pay that respect to you on air.

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Speaker 2: Well, that means a lot coming from somebody like you,

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Speaker 2: who is also somebody who is wicked smart. But I'm

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Speaker 2: so glad you brought up Michael Jordan because that immediately

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Speaker 2: leads me to this question, what did you think about

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Speaker 2: his decision to sell the Hornets? Because Michael Jordan was

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Speaker 2: the only black owner in professional sports who own the

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Speaker 2: majority of his team. You know they are of course,

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Speaker 2: there's other black owners who owned pieces and ten percent

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Speaker 2: and five percent, but he was the only one who

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Speaker 2: was the majority owner in sports.

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Speaker 1: So what did you think about his decision to sell?

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Speaker 5: Well, I mean, first of all, you won't know what

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Speaker 5: was driving that decision until you're inside of Mike's inner circle,

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Speaker 5: So we don't know really what was driving it. Was

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Speaker 5: it a tax reason, was it a state planning?

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Speaker 7: You know?

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Speaker 5: Was he you know, did he have some pressures because

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Speaker 5: there was an other investment he needed to make. Did

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Speaker 5: he have a was there a time? Was there time?

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Speaker 5: Was there a time capsule on? It? Tied to a

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Speaker 5: range of decisions he had to make. But I would

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Speaker 5: just say this, businesses are meant to be sold. I mean,

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Speaker 5: that's my answer. Businesses, that's the whole purpose of it is.

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Speaker 5: You build it, you grow it, you monetize it by

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Speaker 5: selling it. I built the biggest As an example, I'm

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Speaker 5: the largest. I found the largest minority owner of single

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Speaker 5: family rental homes in America. I owned seven hundred homes

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Speaker 5: from Atlanta to North Florida. I bought, I built the

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Speaker 5: company starting twenty sixteen, and in Christmas Eve twenty twenty one,

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Speaker 5: I sold that company for one hundred and twenty one

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Speaker 5: million dollars, and I owned thirty five percent of the

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Speaker 5: new company with the new owners, and people asked me,

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Speaker 5: how do I feel about it? I feel just fine.

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Speaker 5: I feel one hundred twenty one million dollars about it.

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Speaker 5: I feel just fine about it. I cleared all my

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Speaker 5: debts and I paid off every investor I paid. They

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Speaker 5: saw clipped. I clipped my coupon on Wall Street. I

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Speaker 5: did a Wall Street Institutional quality deal. I've done other deals,

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Speaker 5: but they weren't Wall Street Institutional Quality. I was financed

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Speaker 5: by Bearings, which is an institutional lender, and then later

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Speaker 5: a financed by City Group. They gave me non recourse

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Speaker 5: debt for one hundred million and two hundred million IM sorry,

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Speaker 5: two hundred million and one hundred million dollars respectively, no

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Speaker 5: recourse meaning a personal guarantee. My investors got paid act

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Speaker 5: plus interests. I'll say it was seven percent. I cleared everything,

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Speaker 5: and I hooked up minority vendors, and I gave you

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Speaker 5: all opportunities they didn't have before. But my time had

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Speaker 5: come and it was time for me to sell that company,

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Speaker 5: monetize it, and go through something else. And so while

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Speaker 5: I'm still a sharold of that company. Now that's set

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Speaker 5: me up to do a deal that's that I believe

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Speaker 5: will be ten times larger in the same space. Black

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Speaker 5: people sometimes we get emotional about business. It's just business.

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Speaker 5: Business is a capitalism is a gladiator sport. And so

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Speaker 5: I do understand what you're saying about. He was the

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Speaker 5: only majority owner who was black. That's really important. But

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Speaker 5: by the way, that will never go away. Just I

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Speaker 5: said I'm the I described. I didn't say I was

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Speaker 5: a CEO or the chairman of this company. Promise Homes

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Speaker 5: Company as the name of that company. I built fifty companies,

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Speaker 5: but I said I'm the founder. Now, Jameel, I'll always

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Speaker 5: be the founder, forever, forever, in the lifetime, no matter

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Speaker 5: what happens with that company, unless they do things I

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Speaker 5: don't want to be associated with, I'll say I'm the

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Speaker 5: founder of that company. So he's he was a majority

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Speaker 5: owner probably the first. You'll correct me if I'm wrong,

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Speaker 5: and that will that history will inspire others and will

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Speaker 5: be forever more of the case and hopefully left his

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Speaker 5: DNA there and he'll go on to do other things,

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Speaker 5: which by the way, he's now involved in NASCAR, which,

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Speaker 5: as you know, I love motorsports. That's my sport. I

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Speaker 5: race cars, and the president of NASCAR is on my

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Speaker 5: board of directors and he's already changing changing Nascar. I

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Speaker 5: know because I hear the backstories. So you know, look,

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Speaker 5: no one gets to no one should be counting somebody

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Speaker 5: else's money, you know, So we just don't know what

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Speaker 5: decisions he was making. I make decisions sometimes at this

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Speaker 5: tax bracket, on tax for tax purposes, that that wasn't

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Speaker 5: my reality eight years ago. I was also about getting

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Speaker 5: that bag eight years ago, getting that dollar, getting that bag,

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Speaker 5: getting that cash. It was about also, it was about

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Speaker 5: I would do something eight years ago that was emotional.

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Speaker 5: Oh this is going to look good, and my people

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Speaker 5: were you know, my people are gonna be inspired by this.

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Speaker 5: So whatever, you know, my black community is good for

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Speaker 5: the black community, whatever. And now I think all those

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Speaker 5: things are true, that what I'm doing is still good

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Speaker 5: for the black community, whatever. But I don't make the

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Speaker 5: decision for that reason. I make the decision because it's

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Speaker 5: a good business decision, period, full stop. And my Jewish

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Speaker 5: brothers and sisters, you know, not seeing them running around

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Speaker 5: saying I'm about to start a Jewish business or I'm

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Speaker 5: a Jewish owner. You know, we black pople see a

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Speaker 5: Black Jewish business plan, they own it, and it's about

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Speaker 5: the money, it's about the capitol. And then when they

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Speaker 5: finished with it, they then donate to their Jewish causes

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Speaker 5: by the way, synagogue, schools, philanthropy in their community. And

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Speaker 5: white people do the same thing, and people do the

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Speaker 5: same thing. It's only Black people who get hung up,

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Speaker 5: in my opinion, on too much emotions in business. I

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Speaker 5: over answered your question by about one hundred and fifty percent.

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Speaker 2: No, But you gave me a lot of meat on

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Speaker 2: that bone to pick from. So to your point about

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Speaker 2: the emotion in business, those other groups that you mentioned,

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Speaker 2: they don't have, if I may give you some gentle pushback,

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Speaker 2: they do not have the say no, but they don't

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Speaker 2: have the same legacy in this country that we do.

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Speaker 2: And by legacy I mean that in both a positive

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Speaker 2: and a negative way, given what our trajectory has been

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Speaker 2: in this country. So aren't they in a better position

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Speaker 2: to do that than we are?

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Speaker 1: Can we really service our capitalist needs in lieu of

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Speaker 1: serving our community? Or are those things not mutually exclusive?

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Speaker 5: Oh, this is the best question I've been asked all year.

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Speaker 5: Uh and I'm not even I mean, I'm not even exaggerating.

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Speaker 5: You can't if you want, even if you want to

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Speaker 5: distribute money like a socialist, you have to first collected

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Speaker 5: like a capitalist. Our problem is that we've never tried

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Speaker 5: to use capitalism to grow our community and to meet

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Speaker 5: our social needs. That is is just it's just the opposite,

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Speaker 5: like every group of people you mentioned, except and I'll

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Speaker 5: give carve outs here to be very specific. So let's

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Speaker 5: say there's two hundred plus ethnic groups in America, more

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Speaker 5: than that, but major ethnic groups. All of them except

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Speaker 5: three groups use capitalism and a capitalist democracy. We're in

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Speaker 5: a capitalist democracy all of them. The three use capitalism

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Speaker 5: to come up from nothing. So I'm going to be

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Speaker 5: very charitable once and I'll say poor whites and put

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Speaker 5: us last, Native American, Indians and African Americans, by the way,

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Speaker 5: not African Africans, jamail, not Nigerians, not ghanaianskilling it. They

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Speaker 5: killing the game. Not not the not Jamaicans, the Bohemians.

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Speaker 5: They killing the game here in America. They come here,

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Speaker 5: own the in three you know, within three years coming here.

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Speaker 5: The valets at them, sorry, they're dormant at the hotel.

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Speaker 5: Then the valets. Then they own a taxi company. Then

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Speaker 5: I mean own a taxi. Then then they have three

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Speaker 5: taxi They got all their cousins working at the front

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Speaker 5: of the hotel. This is the park where we met,

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Speaker 5: the park Hyatt in d C. That is literally the story.

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Speaker 5: That's why you see all those Ethiopians out front. They

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Speaker 5: owned Now they own the uber companies. They went and

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Speaker 5: bought a house together. They understood capitalism and their self

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Speaker 5: esteem was not destroyed. Black people, we need five things

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Speaker 5: to be successful. As much education as you can shut

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Speaker 5: down your throat understanding how capitalism free enterpries works, getting

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Speaker 5: the memo on money, financial literacy, family structure, and resilience,

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Speaker 5: self esteem and confidence. Those two things are different. Role

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Speaker 5: models and environment. We were denied all five things. Native

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Speaker 5: American Indians were denied all five things. At least four

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Speaker 5: of those five we were at only people and slaves

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Speaker 5: in Americans. So you've made I make I'm saying if

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Speaker 5: you didn't say it been clear. But poor whites were

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Speaker 5: denied most of those things, which is why poor whites

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Speaker 5: are different from rich whites. If race was the only issue,

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Speaker 5: I'm being provocative in that, but I'm serious. If race

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Speaker 5: was the only issue that we're dealing with. Everybody would

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Speaker 5: be either rich white or poor white. You would have

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Speaker 5: you would have all black blacks who were poor or

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Speaker 5: all blacks who were killing it. And that's it. They're

398
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Speaker 5: only black ghettos in America after American ghettos in America,

399
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Speaker 5: because they messed with our head. They messed with our head,

400
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Speaker 5: and they and they destroyed our self esteem and then

401
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Speaker 5: didn't give us the financial literacy. There was a bank

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Speaker 5: called the Freedman's Bank, created by Abraham Lincoln after the

403
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Speaker 5: after the Civil War. And I'm the only American citizen

404
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Speaker 5: ever to call the renaming of a building on the

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Speaker 5: White House campus. It's called the Freeman's Bank building. I

406
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Speaker 5: got Secretary lou under Obama to rename the building after

407
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Speaker 5: the former slaves and put their money in this bank.

408
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Speaker 5: And so, yeah, forty acres in January eightiest five Mule

409
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Speaker 5: February eightiesty five bank at ageenescty five March, and then

410
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Speaker 5: April was assassinated. So and Frederick Dunlans ran that bank.

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Speaker 5: So my point is, it's not like we got the

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Speaker 5: memo on free enterprise, capitalism, economics, ownership and screwed it up.

413
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Speaker 5: We never got the memo, and so we want to

414
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Speaker 5: get that bag. We want to get that cash. We're

415
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Speaker 5: trying to make a living, not build a life. So

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Speaker 5: we've never used capitalism in free enterprise to set ourselves free. Ever.

417
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Speaker 5: So somebody's gonna listen to this and go, oh, he

418
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Speaker 5: don't know about uh Tosa, Oklahoma. That's one four block

419
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Speaker 5: square block, four square blocks area. If you want to

420
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Speaker 5: be generous, you say it was a twelve square block area,

421
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Speaker 5: or you want to be really generous, say it was

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Speaker 5: a region within a city in a country that has

423
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Speaker 5: literally twenty thousand cities, right, And so it wasn't like

424
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Speaker 5: capitalism was everywhere and we got jammed up. It was

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Speaker 5: working that one place. They of course came and burned

426
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Speaker 5: it down. We rebuilt it. People don't know that story.

427
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Speaker 5: We rebuilt it. And it was actually the sixties and

428
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Speaker 5: integration that also caused Black Wall Street to ultimately disintegrate.

429
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Speaker 5: But capitalism was working. We have not used a system

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Speaker 5: to our benefit. That's what my mission.

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Speaker 2: By the way, it wasn't just you know, Wall Street,

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Speaker 2: it was other As you point it out, there were

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Speaker 2: other pockets in America where that happened. Like in Detroit

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Speaker 2: where I'm from, it was it was black body, right, Yeah,

435
00:22:25,119 --> 00:22:27,320
Speaker 2: it was always these pockets. And every time we built

436
00:22:27,359 --> 00:22:30,520
Speaker 2: it and tried to maintain the self sufficiency, every time

437
00:22:30,560 --> 00:22:33,960
Speaker 2: we pulled ourselves up from those symbolic bootstraps that often

438
00:22:33,960 --> 00:22:35,000
Speaker 2: get thrown at our face.

439
00:22:35,560 --> 00:22:38,159
Speaker 1: Uh, the white people burned into the ground.

440
00:22:38,680 --> 00:22:43,000
Speaker 5: And so yeah, nothing down there. You and I sit there, rich,

441
00:22:43,080 --> 00:22:45,560
Speaker 5: both of you and me. Real talk. We're not We're

442
00:22:45,600 --> 00:22:48,560
Speaker 5: not black, We're green. There's no there's no plan on

443
00:22:48,600 --> 00:22:53,960
Speaker 5: my I don't know, man. Sometimes forty acres in a

444
00:22:54,000 --> 00:22:57,320
Speaker 5: sprinter van. Right now, I'm in I'm in north stand.

445
00:22:57,640 --> 00:22:59,000
Speaker 5: I'm looking at my forty acres.

446
00:22:59,520 --> 00:22:59,800
Speaker 3: Uh.

447
00:23:00,040 --> 00:23:01,680
Speaker 5: I got a bunch of broke gass people. Can I

448
00:23:01,680 --> 00:23:03,720
Speaker 5: say it? Broke ass on it? I got a bunch

449
00:23:03,760 --> 00:23:05,359
Speaker 5: of broke folks around me. Don't look like me.

450
00:23:05,520 --> 00:23:07,399
Speaker 1: You can say broke gass. It's okay. We can on

451
00:23:07,440 --> 00:23:08,040
Speaker 1: this podcast.

452
00:23:08,240 --> 00:23:10,840
Speaker 5: And I'm doing I'm me and my family doing just fine,

453
00:23:10,880 --> 00:23:12,960
Speaker 5: sitting on our forty eight ars that I bought with

454
00:23:13,160 --> 00:23:15,600
Speaker 5: legal money. By the way, I did a ten to

455
00:23:15,640 --> 00:23:18,359
Speaker 5: thirty one tax free change from a condo. I had

456
00:23:18,400 --> 00:23:22,400
Speaker 5: a lot to hear in La and Ball the property

457
00:23:22,400 --> 00:23:25,640
Speaker 5: that I sit on now, which was about financial literacy.

458
00:23:25,840 --> 00:23:27,880
Speaker 5: That's a whole maybe we'll get into that in a minute.

459
00:23:27,920 --> 00:23:30,880
Speaker 5: But I turned I turned a two hudred thousand dollars

460
00:23:30,880 --> 00:23:33,040
Speaker 5: purchase into a seven hundred thousand dollar property is now

461
00:23:33,040 --> 00:23:36,000
Speaker 5: turned into a four million dollar property using financial literacy.

462
00:23:36,200 --> 00:23:38,479
Speaker 5: And the Klan wasn't here telling me I couldn't buy it.

463
00:23:38,680 --> 00:23:41,240
Speaker 5: No one showed up with pitchforks, No one is. No

464
00:23:41,240 --> 00:23:43,320
Speaker 5: one's trying to undermine me. You can't because I'm smarter

465
00:23:43,359 --> 00:23:45,159
Speaker 5: than the folks trying to undermine me in this topic.

466
00:23:45,520 --> 00:23:48,439
Speaker 5: I was homeless at locked here in airport. Well you

467
00:23:48,520 --> 00:23:51,000
Speaker 5: know where that is. I was homeless. I grew up

468
00:23:51,040 --> 00:23:53,880
Speaker 5: in Comfin, California, in South central LA. I can tell

469
00:23:53,880 --> 00:23:57,320
Speaker 5: you the address. And now I'm the one percent. So

470
00:23:57,880 --> 00:24:00,520
Speaker 5: what I know is this works. I know it works

471
00:24:00,560 --> 00:24:03,080
Speaker 5: for don people. I just talked to Roland Martin answers,

472
00:24:03,119 --> 00:24:05,960
Speaker 5: and its working for him. It's working for Steven A. Smith,

473
00:24:06,320 --> 00:24:08,640
Speaker 5: is working for you know, we got a whole listen,

474
00:24:08,680 --> 00:24:11,879
Speaker 5: not just not just actors and entertainers and athletes. Although

475
00:24:11,880 --> 00:24:15,360
Speaker 5: we can talk about that, it's working for anybody who applies.

476
00:24:15,520 --> 00:24:19,959
Speaker 5: I have four million clients at Operation Million. We've deployed

477
00:24:20,000 --> 00:24:23,560
Speaker 5: four and a half billion dollars an operate operation over

478
00:24:23,560 --> 00:24:25,879
Speaker 5: in the last twenty years of our thirty two year history.

479
00:24:26,240 --> 00:24:28,639
Speaker 5: And those loans are paying. And when you get your

480
00:24:28,640 --> 00:24:30,600
Speaker 5: credit score up to seven hundred or seven to fifty

481
00:24:30,600 --> 00:24:33,680
Speaker 5: through Operation Hope, the bank doesn't turn you. Tell you note,

482
00:24:33,720 --> 00:24:35,720
Speaker 5: they're not racist at Capitalist. They're trying to get every

483
00:24:35,760 --> 00:24:37,959
Speaker 5: loan that pays they can at midnight. When you hit

484
00:24:37,960 --> 00:24:41,240
Speaker 5: that little button apply for your loan today, AI, so

485
00:24:41,359 --> 00:24:44,920
Speaker 5: will set us all free at midnight? That computer doesn't

486
00:24:44,960 --> 00:24:47,919
Speaker 5: say are you black? Are you female? It says do

487
00:24:47,960 --> 00:24:50,879
Speaker 5: you meet the ratios? And what's your credit score? The

488
00:24:50,960 --> 00:24:53,479
Speaker 5: answer is yes, you get a loan approval at midnight.

489
00:24:53,960 --> 00:24:57,680
Speaker 5: So I'm not so. Yes, racism is real. Jim Crow

490
00:24:57,800 --> 00:25:02,120
Speaker 5: is real. My second great grandfather was a slave and

491
00:25:02,280 --> 00:25:06,800
Speaker 5: born in an Aberdeen, Mississippi, and fought in a Union army.

492
00:25:06,840 --> 00:25:11,320
Speaker 5: My second great grandmother was a slave in Mississippi. I'm

493
00:25:11,320 --> 00:25:13,640
Speaker 5: not talking about some I'm not somebody with a silver

494
00:25:13,680 --> 00:25:16,840
Speaker 5: spoon in my mouth. My dad was my great dad

495
00:25:16,840 --> 00:25:19,479
Speaker 5: was a great grandfather was a sharecropper. My mother, my

496
00:25:19,520 --> 00:25:21,919
Speaker 5: mother's mother, owned a shotgun check in East Saint Louis.

497
00:25:22,480 --> 00:25:26,159
Speaker 5: But look at me now, because I focused on what

498
00:25:26,200 --> 00:25:28,760
Speaker 5: I could control. I can't control how you feel about me.

499
00:25:29,600 --> 00:25:32,359
Speaker 5: I can't control racism, and the man not one answer

500
00:25:32,440 --> 00:25:35,400
Speaker 5: my self esteem Quincy Jones quote depends on your acceptance

501
00:25:35,400 --> 00:25:40,000
Speaker 5: of me. All I did, Jamel, was to find another path.

502
00:25:40,119 --> 00:25:46,520
Speaker 5: All I'm saying is racism is like rain. It's either

503
00:25:46,560 --> 00:25:49,840
Speaker 5: fall in someplace or is gathering. So you might as

504
00:25:49,840 --> 00:25:51,440
Speaker 5: well get out of an umbrella and a color of

505
00:25:51,440 --> 00:25:55,239
Speaker 5: your life and start strolling through it because it's not

506
00:25:55,280 --> 00:25:58,320
Speaker 5: going to change, so we must. Racism is not going away.

507
00:25:58,359 --> 00:26:01,439
Speaker 5: It's as old as the earth. It's modern with my

508
00:26:01,840 --> 00:26:06,639
Speaker 5: mankind on earth itself. Why are we surprised? So I

509
00:26:06,760 --> 00:26:09,000
Speaker 5: just wake up twice as good, twice as I gotta be,

510
00:26:09,000 --> 00:26:12,120
Speaker 5: twice as smart, be twice twice as much integrity, get

511
00:26:12,240 --> 00:26:14,600
Speaker 5: worked twice as hard and I and that means that

512
00:26:14,640 --> 00:26:17,439
Speaker 5: I'm gonna clock anybody had negotiated with. So there's a

513
00:26:17,480 --> 00:26:20,240
Speaker 5: positive side of racism. It makes the hater, makes me better.

514
00:26:20,800 --> 00:26:24,119
Speaker 5: And everybody have given this memo to has succeeded. I'm

515
00:26:24,119 --> 00:26:25,840
Speaker 5: gonna tell you, I'm gonna tell your audience one thing.

516
00:26:26,080 --> 00:26:28,520
Speaker 5: I hope some people are cynical right now saying I

517
00:26:28,680 --> 00:26:30,720
Speaker 5: know I'm not feeling what he's saying. Great, listen to this.

518
00:26:31,359 --> 00:26:34,920
Speaker 5: What's the lowest credit score group in America? African American?

519
00:26:35,440 --> 00:26:38,840
Speaker 1: I'll say, is it us? Okay?

520
00:26:39,440 --> 00:26:45,840
Speaker 2: Six that means in the back, but okay.

521
00:26:45,119 --> 00:26:50,080
Speaker 5: Well, no, no, Jamel, it's bad because in our neighborhood,

522
00:26:50,480 --> 00:26:53,200
Speaker 5: you and I have a credit score of seven fifty

523
00:26:53,240 --> 00:26:57,040
Speaker 5: seven eighty. Pooky them our cousins got a credit score

524
00:26:57,040 --> 00:27:00,240
Speaker 5: of five hundred and five fifty as a whole bunch

525
00:27:00,240 --> 00:27:03,240
Speaker 5: of pooky and thems and our cousins and friends. And

526
00:27:03,320 --> 00:27:05,600
Speaker 5: so our high credit score is being drug down by

527
00:27:05,640 --> 00:27:09,520
Speaker 5: their low credit score. In the average, it's six twenty.

528
00:27:09,800 --> 00:27:12,440
Speaker 5: So the six twenty is actually good news about really

529
00:27:12,480 --> 00:27:15,879
Speaker 5: bad news. Right. What's my point? You can't get a

530
00:27:15,880 --> 00:27:19,960
Speaker 5: decent carl one in six twenty. You can't get a mortgage,

531
00:27:20,000 --> 00:27:22,520
Speaker 5: a prime mortgage to become a homeowner. Six eighty or

532
00:27:22,560 --> 00:27:24,600
Speaker 5: seven hundred be overpaid.

533
00:27:24,680 --> 00:27:27,359
Speaker 1: You can't get basically if you do so.

534
00:27:27,840 --> 00:27:30,280
Speaker 5: While I'm saying, and so here's my quote, Bashar Jung

535
00:27:30,320 --> 00:27:32,440
Speaker 5: said this to live. He was on that Doctor with

536
00:27:32,520 --> 00:27:35,320
Speaker 5: Doctor King was shot to live in a system of

537
00:27:35,359 --> 00:27:39,120
Speaker 5: free enterprise, and not to understand the rules of free

538
00:27:39,200 --> 00:27:43,640
Speaker 5: enterprise must be the very definition of modern slavery. That's

539
00:27:43,640 --> 00:27:45,440
Speaker 5: what I'm saying. The game is.

540
00:27:45,359 --> 00:27:49,119
Speaker 2: Shanned, So I'm not I'm not at all saying that

541
00:27:49,119 --> 00:27:52,320
Speaker 2: those structural barriers that existed during Wall Street are still

542
00:27:52,640 --> 00:27:55,280
Speaker 2: the same now. Like obviously things have changed and progressed.

543
00:27:55,440 --> 00:27:58,280
Speaker 2: And you know, certainly we have a numerous examples in

544
00:27:58,280 --> 00:28:01,119
Speaker 2: our community of people hustling harder to overcome some of

545
00:28:01,160 --> 00:28:03,119
Speaker 2: these structural barriers to do what you said, waking up

546
00:28:03,119 --> 00:28:05,399
Speaker 2: twice as good, twice as smart. We know that twice

547
00:28:05,440 --> 00:28:07,200
Speaker 2: as rule, all of us that our black got told

548
00:28:07,240 --> 00:28:10,440
Speaker 2: that in our homes every day. But the other question

549
00:28:10,480 --> 00:28:14,399
Speaker 2: I'm wondering is do you think capitalism is enough to

550
00:28:15,400 --> 00:28:19,600
Speaker 2: be dramatic about it, to say, black folks, is capitalism.

551
00:28:19,680 --> 00:28:26,359
Speaker 2: Can a more dedicated approach to capitalism liberate Black people?

552
00:28:26,640 --> 00:28:29,240
Speaker 5: No, God can only liberate black people. And we stepped away,

553
00:28:29,280 --> 00:28:32,680
Speaker 5: and we're stepping away, in my opinion, we're stepping away quietly,

554
00:28:32,760 --> 00:28:34,840
Speaker 5: gently from the one thing that's been our ace as

555
00:28:34,840 --> 00:28:38,160
Speaker 5: a whole, which is our spirituality, religions falling away. We

556
00:28:38,280 --> 00:28:40,040
Speaker 5: know we used to go where it's coming up. We

557
00:28:40,040 --> 00:28:42,480
Speaker 5: went to church every sund Now I see than less

558
00:28:42,480 --> 00:28:46,000
Speaker 5: people doing that spirit but really more concerned about spirituality

559
00:28:46,400 --> 00:28:49,840
Speaker 5: because we're not human beings having a spiritual experience. We're

560
00:28:49,880 --> 00:28:53,120
Speaker 5: spiritual beings having a human experience. And whenever I go

561
00:28:53,280 --> 00:28:55,960
Speaker 5: to give speeches, people are surprised when I give hotor

562
00:28:55,960 --> 00:28:57,520
Speaker 5: to God or they say how do you do it?

563
00:28:57,520 --> 00:28:59,800
Speaker 5: And I point up, people come, oh, thank you for

564
00:29:00,200 --> 00:29:02,800
Speaker 5: I don't hear that anymore, thank you for talking about

565
00:29:02,960 --> 00:29:05,080
Speaker 5: the man. I have no idea what they're talking about,

566
00:29:05,200 --> 00:29:10,280
Speaker 5: Like that's that's part of me. So the world can't

567
00:29:10,280 --> 00:29:12,640
Speaker 5: save you. The world's going to be unfair, the world's

568
00:29:12,640 --> 00:29:15,200
Speaker 5: going to be cruel, hurt people, hurt people. Look at

569
00:29:15,200 --> 00:29:17,520
Speaker 5: what's happened in the election. I mean, the world's not

570
00:29:17,560 --> 00:29:20,840
Speaker 5: going to save you. You're gonna have to save you. Now,

571
00:29:21,240 --> 00:29:26,760
Speaker 5: what tool can save you? Actually, capitalism can help be

572
00:29:26,960 --> 00:29:30,080
Speaker 5: helped to save you in the modern world we live in,

573
00:29:30,600 --> 00:29:34,240
Speaker 5: because it's a tool and a system. That and artificial intelligence.

574
00:29:34,240 --> 00:29:36,520
Speaker 5: We talked about that in a minute. If you have

575
00:29:36,600 --> 00:29:40,720
Speaker 5: financial literacy and AI literacy, you actually can can rise

576
00:29:41,000 --> 00:29:43,960
Speaker 5: above your station and maybe define the station. In one

577
00:29:44,000 --> 00:29:48,640
Speaker 5: lifetime like you and I have done. And all I'm

578
00:29:48,680 --> 00:29:53,400
Speaker 5: saying is we never tried it. We tried government, did

579
00:29:53,440 --> 00:29:57,560
Speaker 5: that work? We tried civil rights alone. But by the way,

580
00:29:57,600 --> 00:30:01,000
Speaker 5: what we be without civil rights? But alone? Did that work?

581
00:30:01,360 --> 00:30:03,360
Speaker 5: I mean we you can go down the list. We're

582
00:30:03,440 --> 00:30:05,719
Speaker 5: you know, people, good people, go God, fear and go

583
00:30:05,760 --> 00:30:08,840
Speaker 5: to church. Is being a good person alone? Did that work?

584
00:30:09,760 --> 00:30:14,760
Speaker 5: Obviously not? So we live in a capitalist democracy. So

585
00:30:14,880 --> 00:30:16,959
Speaker 5: let's let's look at our neighborhood. I want you to

586
00:30:16,960 --> 00:30:19,240
Speaker 5: get a snapshot in your head of a neighborhood that

587
00:30:19,280 --> 00:30:21,080
Speaker 5: you that you care about. I got one in my

588
00:30:21,200 --> 00:30:26,680
Speaker 5: head in South Central check casher next to a payday

589
00:30:26,680 --> 00:30:31,240
Speaker 5: loan lender, next to a rental owned store, next to

590
00:30:31,280 --> 00:30:35,920
Speaker 5: a title lender, next to a liquor store, next to

591
00:30:35,920 --> 00:30:41,480
Speaker 5: a pod shot next to a fast food restaurant, and

592
00:30:41,560 --> 00:30:44,160
Speaker 5: a church down the street. The church a therapist trying

593
00:30:44,160 --> 00:30:47,320
Speaker 5: to make you don't go crazy. But all those businesses

594
00:30:48,200 --> 00:30:52,760
Speaker 5: are praying on you. They're pimping you because you have

595
00:30:52,760 --> 00:30:55,200
Speaker 5: a five hundred credit store and they know it, and

596
00:30:55,240 --> 00:30:58,320
Speaker 5: you're and it is very expensive to be poor. So

597
00:30:58,600 --> 00:31:02,280
Speaker 5: here is bad capitalism compressing you the class and not

598
00:31:02,400 --> 00:31:05,320
Speaker 5: walking through that neighborhood. The no one would pitchforks to

599
00:31:05,360 --> 00:31:08,880
Speaker 5: walking through that neighborhood. You're being pumped every day from

600
00:31:08,880 --> 00:31:13,440
Speaker 5: your daily existence. You raise fifteen minutes from that neighborhood,

601
00:31:13,880 --> 00:31:16,920
Speaker 5: you mail fifteen minutes. I've mapped every cris cord in

602
00:31:16,920 --> 00:31:21,640
Speaker 5: American by Zimpo. I'm not I'm not I'm not being

603
00:31:21,680 --> 00:31:24,040
Speaker 5: dramatic here, I'm being specific. Fifteen minutes are away from

604
00:31:24,040 --> 00:31:27,440
Speaker 5: the zip code is a seven hundred credit score neighborhood

605
00:31:27,480 --> 00:31:30,800
Speaker 5: in every urban community in America where you have nirvana,

606
00:31:32,200 --> 00:31:37,840
Speaker 5: it's just you know, two parent households. You know, people

607
00:31:37,880 --> 00:31:40,560
Speaker 5: going to church, people going to Whole foods, you know

608
00:31:40,840 --> 00:31:44,240
Speaker 5: sat sit down restaurants. Police officers are respectful to you.

609
00:31:44,680 --> 00:31:47,960
Speaker 5: These are black neighborhoods too, by the way, because the

610
00:31:47,960 --> 00:31:51,280
Speaker 5: credit score has raised to a point where the economy

611
00:31:52,120 --> 00:31:56,080
Speaker 5: is thriving and you're You've gone from a surviving mindset

612
00:31:56,120 --> 00:31:59,200
Speaker 5: to a thriving mindset. I've told mayor's of Mironment Good,

613
00:31:59,200 --> 00:32:02,080
Speaker 5: the best selling book financial Literacy for all number one

614
00:32:02,280 --> 00:32:05,440
Speaker 5: in the country the last eight months. I told mayors

615
00:32:05,480 --> 00:32:07,520
Speaker 5: on my tour, just get your credit score up one

616
00:32:07,560 --> 00:32:09,600
Speaker 5: hundred point in your neighborhood. You want to see a transformation.

617
00:32:09,640 --> 00:32:11,480
Speaker 5: You want to see you want to see crime go

618
00:32:11,720 --> 00:32:14,080
Speaker 5: go down and disappear. You want to see two period

619
00:32:14,080 --> 00:32:17,440
Speaker 5: of households bliff freight. You want to see homeownership increase.

620
00:32:17,680 --> 00:32:19,880
Speaker 5: You want to see your tax base increase. You want

621
00:32:19,880 --> 00:32:23,000
Speaker 5: to see your optimism increase. I know it sounds crazy.

622
00:32:23,680 --> 00:32:25,720
Speaker 5: Just increase your credit score one hundred points throughout your

623
00:32:25,720 --> 00:32:28,160
Speaker 5: neighborhood so it's above seven hundred. It's not about the

624
00:32:28,200 --> 00:32:31,800
Speaker 5: credit score, It's about the trending indicators of what's underneath hope,

625
00:32:31,880 --> 00:32:37,160
Speaker 5: well being, faith, belief, confidence, trust. What is capitalism? Capitalism

626
00:32:37,160 --> 00:32:40,320
Speaker 5: comes from the latter root word copy, toss knowledge in

627
00:32:40,360 --> 00:32:42,640
Speaker 5: the head. What is credit comes from the latter root

628
00:32:42,680 --> 00:32:47,479
Speaker 5: word credit means credibility. What's banking a trust business? So

629
00:32:47,720 --> 00:32:49,120
Speaker 5: none of it is what you see, None of it

630
00:32:49,240 --> 00:32:52,240
Speaker 5: is what you think it is. The bank's not racist.

631
00:32:52,560 --> 00:32:54,600
Speaker 5: The banks are capitalists. And if you have a five

632
00:32:54,640 --> 00:32:57,480
Speaker 5: eighty credit score, they're not making you alone. You think

633
00:32:57,480 --> 00:33:00,680
Speaker 5: it's racism. And in reality, they love to make your

634
00:33:00,680 --> 00:33:02,560
Speaker 5: loans and make them make to make some profit. But

635
00:33:02,560 --> 00:33:04,320
Speaker 5: they're not giving you a loan. And I gonna tell

636
00:33:04,320 --> 00:33:06,840
Speaker 5: you why. For fear of being sued. So what, We're

637
00:33:06,840 --> 00:33:09,120
Speaker 5: the only nonprofit allowed to operate inside of a bank

638
00:33:09,160 --> 00:33:12,040
Speaker 5: branch in US history that got fifteen hundred branches across America.

639
00:33:12,880 --> 00:33:17,600
Speaker 5: I'm making loans, Jamel, I've got no I've never, I've never.

640
00:33:18,000 --> 00:33:20,800
Speaker 5: I've made a promise that every black person I met,

641
00:33:21,160 --> 00:33:24,000
Speaker 5: you do what I said, and if the bank doesn't

642
00:33:24,000 --> 00:33:30,520
Speaker 5: fund your loan, I will And in thirty two years,

643
00:33:30,560 --> 00:33:35,160
Speaker 5: four point five billion dollars in capital department. I've never

644
00:33:35,280 --> 00:33:39,240
Speaker 5: had the fund a loan for anybody who did exactly

645
00:33:39,560 --> 00:33:41,360
Speaker 5: what I said. Get your credit scor up, your debt

646
00:33:41,440 --> 00:33:44,320
Speaker 5: levels down, your savings up to meet the ratios to

647
00:33:44,400 --> 00:33:46,760
Speaker 5: the bank and say yes, we don't understand. The game

648
00:33:47,560 --> 00:33:49,200
Speaker 5: is what we don't know. That we don't know. This

649
00:33:49,320 --> 00:33:52,600
Speaker 5: killing is what we think we know. And now it's gone.

650
00:33:52,640 --> 00:33:55,000
Speaker 5: Now the game has really become capitalism. I mean, this

651
00:33:55,120 --> 00:33:58,360
Speaker 5: last election was about money. Andrew Young told me ten

652
00:33:58,440 --> 00:34:01,200
Speaker 5: years ago, Bash Andrew Young. John ever lose political power

653
00:34:01,600 --> 00:34:04,600
Speaker 5: or civil rights influence, the only we're gonna have lesson

654
00:34:04,680 --> 00:34:08,319
Speaker 5: economic power. You cannot get unfocused. We need an economic

655
00:34:08,360 --> 00:34:12,920
Speaker 5: infrastructure for Black America. We don't have it. That's what

656
00:34:13,000 --> 00:34:15,360
Speaker 5: I'm trying to build. That's what I'm committed to build.

657
00:34:15,880 --> 00:34:18,160
Speaker 5: And I just think that financial literacy is a civil

658
00:34:18,239 --> 00:34:21,480
Speaker 5: rights issue of this generation. I just tell people, fine,

659
00:34:21,520 --> 00:34:23,680
Speaker 5: you don't you're listening to this and you got all

660
00:34:23,760 --> 00:34:26,279
Speaker 5: kinds of problems with what I'm saying. That's cool, It's okay.

661
00:34:26,280 --> 00:34:28,680
Speaker 5: If you don't like me, I like me. Why don't

662
00:34:28,680 --> 00:34:30,600
Speaker 5: you try once you try out? What once you try?

663
00:34:30,680 --> 00:34:34,239
Speaker 5: Once you test me? Try? What? What are you arguing about?

664
00:34:34,280 --> 00:34:38,120
Speaker 5: With you with your mate? Money? What? What? What? What

665
00:34:38,160 --> 00:34:43,640
Speaker 5: are you arguing about? What's domestic abuse about money? Why

666
00:34:43,640 --> 00:34:48,200
Speaker 5: are you having a heart attack? Stress? What's stress about money?

667
00:34:48,880 --> 00:34:52,880
Speaker 5: Why'd you move to another city? Money? Was a contract,

668
00:34:52,920 --> 00:34:56,640
Speaker 5: an opportunity, cost of living? Something? Money? I mean, your

669
00:34:56,719 --> 00:34:59,279
Speaker 5: days about money? But what's the one thing we're not

670
00:34:59,320 --> 00:35:03,719
Speaker 5: expert at? Email? Money? There's our problem right there in

671
00:35:03,760 --> 00:35:09,520
Speaker 5: a capitalist the biggest economy in the world. And yeah,

672
00:35:09,719 --> 00:35:13,279
Speaker 5: they may not like you, but now they eat you.

673
00:35:14,440 --> 00:35:17,600
Speaker 2: I love that you whispered that part especially. You gave

674
00:35:17,640 --> 00:35:19,040
Speaker 2: me a lot to unpack there.

675
00:35:19,080 --> 00:35:21,480
Speaker 1: But you lucky. We got to pay some bills first

676
00:35:21,480 --> 00:35:22,800
Speaker 1: and take a quick break.

677
00:35:22,840 --> 00:35:24,319
Speaker 2: But there is so much more I want to get

678
00:35:24,360 --> 00:35:27,319
Speaker 2: to with you, particularly as it relates to athletes and money,

679
00:35:27,320 --> 00:35:30,759
Speaker 2: because we're seeing a new age of athletes making a

680
00:35:30,800 --> 00:35:33,919
Speaker 2: ton of money, especially college athletes who are becoming millionaires

681
00:35:34,160 --> 00:35:36,040
Speaker 2: before they leave a college campus. So I want to

682
00:35:36,080 --> 00:35:40,200
Speaker 2: ask you about what their level of financial literacy should

683
00:35:40,239 --> 00:35:42,320
Speaker 2: be at this point in their young careers.

684
00:35:42,400 --> 00:35:43,560
Speaker 1: So we're going.

685
00:35:43,480 --> 00:35:47,400
Speaker 2: To get to all that, but first, yes, we're going

686
00:35:47,400 --> 00:35:51,000
Speaker 2: to take a quick the Capitalism will be back with

687
00:35:51,080 --> 00:36:04,400
Speaker 2: more Capitalism talk with John Hoperiant. So you gave the

688
00:36:04,560 --> 00:36:06,640
Speaker 2: listeners right now and viewers because they'll also see the

689
00:36:06,680 --> 00:36:08,520
Speaker 2: video version of this, a lot to chew on with

690
00:36:08,560 --> 00:36:11,600
Speaker 2: what you said. Now, getting back to the lift as

691
00:36:12,440 --> 00:36:14,680
Speaker 2: you know, lift as you go that you've talked about

692
00:36:15,640 --> 00:36:19,239
Speaker 2: and the amount of financial power that black people have.

693
00:36:19,320 --> 00:36:21,239
Speaker 2: Now we have more, probably than any point we've ever

694
00:36:21,280 --> 00:36:25,120
Speaker 2: had in American history. And one place that shows up

695
00:36:25,280 --> 00:36:27,919
Speaker 2: is in sports, which is one of the many reasons

696
00:36:27,960 --> 00:36:31,000
Speaker 2: I wanted you in this on this podcast. You look

697
00:36:31,040 --> 00:36:33,440
Speaker 2: at now athletes are making more money. Black athletes are

698
00:36:33,480 --> 00:36:37,319
Speaker 2: making more money than they ever had. But yet, you

699
00:36:37,400 --> 00:36:40,080
Speaker 2: know the statistic, I'm sure you've heard it a thousand times,

700
00:36:40,440 --> 00:36:45,879
Speaker 2: seventy eight percent of professional athletes when they leave, they

701
00:36:45,920 --> 00:36:49,359
Speaker 2: are bankrupt, they are broad or they face with it's

702
00:36:49,480 --> 00:36:52,719
Speaker 2: I think three within three years is financial hardship.

703
00:36:53,000 --> 00:36:53,759
Speaker 1: Five years is.

704
00:36:53,719 --> 00:36:57,919
Speaker 2: Bankruptcy and divorce. Wow, and divorce. You are absolutely right.

705
00:36:58,680 --> 00:37:02,960
Speaker 2: What is opening there? Why do you think this is

706
00:37:03,000 --> 00:37:08,239
Speaker 2: despite all the information that we have about our finances,

707
00:37:08,320 --> 00:37:11,719
Speaker 2: Why is that still something athletes struggle with?

708
00:37:12,520 --> 00:37:14,200
Speaker 5: So the only part of the only problem with this

709
00:37:14,239 --> 00:37:17,560
Speaker 5: conversation we're having is that it is logical, and money

710
00:37:17,640 --> 00:37:23,759
Speaker 5: is not logical. Money's emotional. So the urgent crowds out

711
00:37:23,760 --> 00:37:27,920
Speaker 5: the important, and low self esteem calls you to focus

712
00:37:27,920 --> 00:37:30,520
Speaker 5: on blinging. So if you have low self esteem, and

713
00:37:30,560 --> 00:37:32,120
Speaker 5: a lot of our people in our community, if we

714
00:37:32,239 --> 00:37:35,080
Speaker 5: talked about that, you're look when we're brought from Africa.

715
00:37:36,480 --> 00:37:38,680
Speaker 5: So if you've come from if you come voluntarily as

716
00:37:38,680 --> 00:37:41,840
Speaker 5: an immigrant to this country that think about what it

717
00:37:41,880 --> 00:37:45,200
Speaker 5: takes to go from Nigeria, Arghana or South Africa or

718
00:37:45,280 --> 00:37:48,200
Speaker 5: India voluntarily. You got you know, you heard the story

719
00:37:48,239 --> 00:37:50,759
Speaker 5: twenty bucks in your pocket, one plane ticket. You're leaving

720
00:37:50,800 --> 00:37:53,680
Speaker 5: everything that's known in your in your country, leaving your friends,

721
00:37:53,760 --> 00:37:56,080
Speaker 5: your family. You come here. You arrive at Ellis Island

722
00:37:56,120 --> 00:37:58,319
Speaker 5: or lax wherever and you're like, I'm going to live

723
00:37:58,360 --> 00:38:00,560
Speaker 5: the American dream. Blah blah blah. You hustle, you go

724
00:38:00,560 --> 00:38:02,160
Speaker 5: get a little job. You heard the whole story. That

725
00:38:02,200 --> 00:38:07,000
Speaker 5: takes incredible self esteem, incredible confidence to work your way

726
00:38:07,000 --> 00:38:09,200
Speaker 5: through that and to live live together with people you

727
00:38:09,200 --> 00:38:11,759
Speaker 5: don't know, Earn some money, save some money, buy a house,

728
00:38:11,840 --> 00:38:14,319
Speaker 5: all that kind of stuff. But if you're brought from

729
00:38:14,320 --> 00:38:16,359
Speaker 5: Africa and we were told we were stupid, we were

730
00:38:16,360 --> 00:38:20,560
Speaker 5: told we were you know, it's lazy. Completely, that was ridiculous.

731
00:38:20,760 --> 00:38:23,480
Speaker 5: This is an agricultural age, and they brought us from

732
00:38:23,480 --> 00:38:26,319
Speaker 5: Africa as we were agricultural geniuses. And this was so

733
00:38:26,480 --> 00:38:28,960
Speaker 5: the way you build up an economy in sixteen hundreds

734
00:38:29,280 --> 00:38:32,600
Speaker 5: was was to crop. And the crops in the southern

735
00:38:32,640 --> 00:38:36,640
Speaker 5: soil were hard to to to well, the soil was

736
00:38:36,680 --> 00:38:40,040
Speaker 5: like dead soil. It was it was heat beaten and

737
00:38:39,719 --> 00:38:41,839
Speaker 5: and and it was just really hard to bring back

738
00:38:41,840 --> 00:38:44,960
Speaker 5: to life. Who's an expert in dead soil, hot environments

739
00:38:45,719 --> 00:38:48,719
Speaker 5: Black Africans. So they brought these geniuses of the land.

740
00:38:48,719 --> 00:38:50,359
Speaker 5: I'm asking you a question. I'm getting to your point.

741
00:38:50,680 --> 00:38:54,400
Speaker 5: They brought us here, big, burly, you know, strong, you know,

742
00:38:54,760 --> 00:38:56,759
Speaker 5: but they had to break that self esteem. They had

743
00:38:56,760 --> 00:38:59,200
Speaker 5: to break that confidence, They had to break that wheel.

744
00:38:59,280 --> 00:39:01,239
Speaker 5: They had to go to sleep anight and they were

745
00:39:01,280 --> 00:39:04,680
Speaker 5: out numbered. So they took their wife of the dude

746
00:39:05,040 --> 00:39:06,600
Speaker 5: and they abused her in front of him until he

747
00:39:06,640 --> 00:39:09,880
Speaker 5: stops trying to fight back. You can't protect. Then they

748
00:39:09,920 --> 00:39:12,160
Speaker 5: took the children, they sold them off in a different direction.

749
00:39:12,400 --> 00:39:14,480
Speaker 5: You got no hope, brother, there's nothing to fight for.

750
00:39:14,719 --> 00:39:17,200
Speaker 5: Just calm down now that what they didn't want is

751
00:39:17,200 --> 00:39:20,680
Speaker 5: to break the body. So they needed a body to work.

752
00:39:21,480 --> 00:39:23,920
Speaker 5: And we built this country for free, the biggest economy

753
00:39:23,920 --> 00:39:26,239
Speaker 5: in the world. We literally we built Wall Street, we

754
00:39:26,280 --> 00:39:28,600
Speaker 5: built the White House, we built the Capitol, like literally

755
00:39:28,800 --> 00:39:32,680
Speaker 5: built the capitol in Wall Street, like literally Wall Street

756
00:39:32,719 --> 00:39:35,439
Speaker 5: was actually originally in Montgomery, Alabama. That's a whole other

757
00:39:35,480 --> 00:39:38,520
Speaker 5: podcast for another time. What Wall Street was there because

758
00:39:38,520 --> 00:39:41,879
Speaker 5: that's where the money was, because slavery was there. So

759
00:39:42,120 --> 00:39:45,719
Speaker 5: they broke our self esteem and they never repaired it right,

760
00:39:46,200 --> 00:39:49,240
Speaker 5: and we never healed what we have of these bodies.

761
00:39:49,960 --> 00:39:53,560
Speaker 5: What we have is confidence because we're competent. So confidence

762
00:39:53,560 --> 00:39:58,200
Speaker 5: comes from competence. If you're competent, you're confident. So we

763
00:39:58,239 --> 00:40:01,839
Speaker 5: had enormous confidence in my opinion. Our biggest problem is

764
00:40:02,080 --> 00:40:04,360
Speaker 5: I talked to Charlotte Mane about this depression situation. It

765
00:40:04,480 --> 00:40:06,520
Speaker 5: was picking on it next month. In my whole global form,

766
00:40:06,719 --> 00:40:11,760
Speaker 5: we have low self esteem. If you have low self esteem,

767
00:40:12,080 --> 00:40:15,360
Speaker 5: you want the bleed, you want loud, you want to

768
00:40:15,400 --> 00:40:17,399
Speaker 5: you want everybody to know what you got. You want

769
00:40:17,480 --> 00:40:21,680
Speaker 5: you want to wear your assets on your ass, and

770
00:40:21,760 --> 00:40:23,880
Speaker 5: you're not. You're not making rational decisions. You want to

771
00:40:23,880 --> 00:40:27,359
Speaker 5: make a bad decision, make an emotional So the one

772
00:40:27,360 --> 00:40:29,279
Speaker 5: gift I had was my mother told me she loved

773
00:40:29,320 --> 00:40:33,000
Speaker 5: me every day in my life Waneda Smith. She gave

774
00:40:33,040 --> 00:40:34,920
Speaker 5: me several gifts, but that one was a big one,

775
00:40:34,920 --> 00:40:36,880
Speaker 5: and I didn't realize it the later. That's why I

776
00:40:36,920 --> 00:40:38,440
Speaker 5: can say it's okay if you don't like me, I

777
00:40:38,600 --> 00:40:41,440
Speaker 5: like me. You know, I really respect me, and learn

778
00:40:41,440 --> 00:40:43,360
Speaker 5: to like me. That like me never respect me anyway.

779
00:40:43,680 --> 00:40:46,640
Speaker 5: Like my mother told me, that sore is So there's

780
00:40:46,640 --> 00:40:49,680
Speaker 5: a difference between being broken being poor, But being broken

781
00:40:49,719 --> 00:40:51,840
Speaker 5: is economics. Being poor is disabling frame of mind. So

782
00:40:51,840 --> 00:40:54,080
Speaker 5: if you come up from these no, these neighborhoods that

783
00:40:54,160 --> 00:40:57,680
Speaker 5: are poor in spirit for whatever reason, I'm not judging.

784
00:40:57,680 --> 00:40:59,719
Speaker 5: I'm just saying this is your legacy, and no one

785
00:40:59,760 --> 00:41:02,400
Speaker 5: ever repairs your self esteem. But you're confident because you're

786
00:41:02,400 --> 00:41:05,319
Speaker 5: an incredible athlete. They're not trying to repair your self esteem.

787
00:41:05,320 --> 00:41:08,040
Speaker 5: The actually encouraging you to leave college as soon as possible,

788
00:41:08,120 --> 00:41:10,000
Speaker 5: where you might get self esteem. In a sense of

789
00:41:10,280 --> 00:41:13,080
Speaker 5: a crew, you need to go in the pros as

790
00:41:13,120 --> 00:41:16,480
Speaker 5: soon as you can so everybody can get paid. So

791
00:41:16,520 --> 00:41:20,360
Speaker 5: now you've been rushed through the system because you're talented.

792
00:41:21,040 --> 00:41:25,080
Speaker 5: You're not repaired the breach. Now you've gone from trying

793
00:41:25,120 --> 00:41:27,239
Speaker 5: to figure out how to get twenty dollars to being

794
00:41:27,239 --> 00:41:31,239
Speaker 5: presented with twenty million dollars. What's the first thing you're

795
00:41:31,239 --> 00:41:34,279
Speaker 5: gonna do first year? You're gonna spend it, all of it.

796
00:41:35,719 --> 00:41:37,520
Speaker 5: I don't care what anybody tells you. I don't care

797
00:41:37,520 --> 00:41:40,839
Speaker 5: what financial literacy lesson you get. You've been told your

798
00:41:40,960 --> 00:41:45,839
Speaker 5: god little g your body seems to prove it. They're

799
00:41:45,880 --> 00:41:48,799
Speaker 5: paying you an ungodly amount of money. You're a you're

800
00:41:48,840 --> 00:41:54,359
Speaker 5: a gladiator, and you're not gonna listen to anybody. Very few,

801
00:41:54,920 --> 00:41:59,000
Speaker 5: some some do, but most of the a Rod Magic Johnson.

802
00:41:59,320 --> 00:42:03,319
Speaker 5: They took a differnt approach right U. But they were

803
00:42:03,360 --> 00:42:06,160
Speaker 5: also by the way. He had family members who poured

804
00:42:06,200 --> 00:42:08,200
Speaker 5: into them in a different way. So that's the thing

805
00:42:08,280 --> 00:42:11,120
Speaker 5: that your answer is. Initially, you're just getting off on

806
00:42:11,160 --> 00:42:15,360
Speaker 5: the bed the wrong foot, because it's not a capitalist

807
00:42:15,520 --> 00:42:19,560
Speaker 5: job to repair your self esteem. The capitalist job is

808
00:42:19,600 --> 00:42:22,600
Speaker 5: to use your talents to the benefit of the markets.

809
00:42:23,040 --> 00:42:26,360
Speaker 5: Give me one minute to explain what capitalism is in

810
00:42:26,400 --> 00:42:31,400
Speaker 5: the trade, because I think this is healthful. Please everybody

811
00:42:31,400 --> 00:42:33,640
Speaker 5: listening to this, And I hope somebody still got their

812
00:42:33,640 --> 00:42:36,840
Speaker 5: hands folded and they got they got a little bit

813
00:42:36,840 --> 00:42:38,560
Speaker 5: of an attitude, cause I'm coming at you hard. I

814
00:42:38,600 --> 00:42:41,520
Speaker 5: hope you still don't somebody not feeling it yet. I

815
00:42:41,600 --> 00:42:45,040
Speaker 5: want you to understand them. Your capitalism is this is

816
00:42:45,080 --> 00:42:48,160
Speaker 5: a table in your room, in your bed, or wherever,

817
00:42:48,800 --> 00:42:51,000
Speaker 5: the table in the field. On the one side of

818
00:42:51,000 --> 00:42:55,120
Speaker 5: the table is somebody trying to sell you something. The

819
00:42:55,120 --> 00:42:57,040
Speaker 5: other time the table is you trying to buy something.

820
00:42:58,400 --> 00:43:00,279
Speaker 5: On the right side is the person trying to tell

821
00:43:00,320 --> 00:43:05,000
Speaker 5: you something. That person's job is to extract the maximum

822
00:43:05,040 --> 00:43:07,799
Speaker 5: amount of money from you while giving you the least

823
00:43:07,800 --> 00:43:14,000
Speaker 5: amount of value. That's their job. Your job is to

824
00:43:14,080 --> 00:43:18,800
Speaker 5: extract the most amount of value for the least amount

825
00:43:18,800 --> 00:43:24,719
Speaker 5: of money. That's your job. Everybody's doing hello, listen to

826
00:43:24,719 --> 00:43:31,040
Speaker 5: me now their job In a market transaction and a

827
00:43:31,200 --> 00:43:35,240
Speaker 5: good negotiation is where everybody leaves the table slightly annoyed

828
00:43:35,840 --> 00:43:39,160
Speaker 5: because you didn't get everything you wanted. All too often

829
00:43:40,239 --> 00:43:43,319
Speaker 5: the markets get it all because you're financially illiterate and

830
00:43:43,360 --> 00:43:46,680
Speaker 5: you were looking for that short term hit. I want

831
00:43:46,680 --> 00:43:50,440
Speaker 5: that bag, and you didn't ask for anything else. You

832
00:43:50,480 --> 00:43:52,399
Speaker 5: didn't ask for a financial advisor they were to get

833
00:43:52,400 --> 00:43:54,560
Speaker 5: it to you. You didn't ask for a private banker.

834
00:43:54,600 --> 00:43:56,560
Speaker 5: They would have given you that. You didn't ask them

835
00:43:56,600 --> 00:43:58,760
Speaker 5: to set up a family office for you and your family.

836
00:43:58,760 --> 00:44:01,640
Speaker 5: They would have given you that you didn't ask for

837
00:44:01,680 --> 00:44:05,320
Speaker 5: your personal assistant to be hired by them, who had

838
00:44:05,480 --> 00:44:08,600
Speaker 5: an accountant in a business background, and they'll pay for

839
00:44:08,680 --> 00:44:10,759
Speaker 5: it for the first two years. They would have given

840
00:44:10,800 --> 00:44:13,799
Speaker 5: you that they had given you anything reasonable to get

841
00:44:13,840 --> 00:44:16,760
Speaker 5: you to say yes. What you asked for was some shoes,

842
00:44:17,320 --> 00:44:21,640
Speaker 5: a lease car you want, you want a house for

843
00:44:21,719 --> 00:44:23,680
Speaker 5: your mama, you'll pay you. You'll pay for that one

844
00:44:24,000 --> 00:44:25,800
Speaker 5: you want it. You want to go to a club

845
00:44:25,960 --> 00:44:30,040
Speaker 5: where you're gonna pay for some overpriced alcohol that they

846
00:44:30,040 --> 00:44:31,960
Speaker 5: sell for you one thousand dollars and really cost them

847
00:44:32,000 --> 00:44:35,040
Speaker 5: twenty five dollars you want, I mean, they're gonna give

848
00:44:35,080 --> 00:44:38,480
Speaker 5: you what you asked for. Stop asking for different start

849
00:44:38,560 --> 00:44:41,200
Speaker 5: asking for different things. I really want to create a

850
00:44:41,239 --> 00:44:45,759
Speaker 5: group of counselors. I may call it the counselors of

851
00:44:45,840 --> 00:44:48,320
Speaker 5: people like my brother, my boy Reggie Jackson was a

852
00:44:48,360 --> 00:44:50,759
Speaker 5: friend of mine who's done very well by the way,

853
00:44:51,200 --> 00:44:53,880
Speaker 5: uh A Rod and Bishop td Jakes and all these

854
00:44:53,880 --> 00:44:55,719
Speaker 5: people who are friends of mine. I want us to

855
00:44:55,760 --> 00:44:59,680
Speaker 5: be the counselors who we don't have any financial interest whatsoever.

856
00:44:59,680 --> 00:45:01,920
Speaker 5: You to join us, and we should go talk to

857
00:45:01,960 --> 00:45:07,239
Speaker 5: these athletes and lovingly curse them out. Person, I love you,

858
00:45:07,560 --> 00:45:10,120
Speaker 5: say the truth. You're about to lose everything, Like knock

859
00:45:10,160 --> 00:45:12,240
Speaker 5: it off. We don't want nothing. We're not your agent,

860
00:45:12,320 --> 00:45:14,799
Speaker 5: we're not your manager. You can't do nothing for us.

861
00:45:15,000 --> 00:45:17,440
Speaker 5: We don't want I'll take a picture with you. I

862
00:45:17,480 --> 00:45:19,280
Speaker 5: don't need I don't need it. I don't want anything.

863
00:45:19,280 --> 00:45:21,359
Speaker 5: I don't need it. I want you to be successful.

864
00:45:21,440 --> 00:45:22,760
Speaker 5: Why would I give you bad advice?

865
00:45:23,160 --> 00:45:26,360
Speaker 2: So along those same lines, I saw a couple of athletes,

866
00:45:26,600 --> 00:45:30,800
Speaker 2: uh Russell o'klom being one NFL offensive lineman, Odell Beckham

867
00:45:30,840 --> 00:45:34,560
Speaker 2: junior being another. Both of them converted their salaries to bitcoin,

868
00:45:35,040 --> 00:45:37,319
Speaker 2: which has surged, as you know, since Donald Trump has

869
00:45:37,360 --> 00:45:41,000
Speaker 2: been re elected. What are your thoughts because this has

870
00:45:41,040 --> 00:45:43,760
Speaker 2: been you know, some of the conversation in professional sports

871
00:45:44,120 --> 00:45:47,400
Speaker 2: about athletes taking part of their salary diverting. Trevor Lawrence

872
00:45:47,400 --> 00:45:49,680
Speaker 2: did the same thing. He part of his salary he

873
00:45:49,680 --> 00:45:54,040
Speaker 2: converted to bitcoin. What is your perspective on bitcoin as

874
00:45:54,320 --> 00:45:56,200
Speaker 2: an investment tool? And let me just say for the

875
00:45:56,200 --> 00:45:58,960
Speaker 2: audience listening real quick before you answer, a quarter of

876
00:45:59,000 --> 00:46:02,000
Speaker 2: black people on compared to just fifteen percent of whites,

877
00:46:02,680 --> 00:46:07,400
Speaker 2: and black people overly invest in bitcoin and crypto. So,

878
00:46:08,160 --> 00:46:12,880
Speaker 2: as someone who is obviously a financial guru, what is

879
00:46:12,920 --> 00:46:16,040
Speaker 2: your perspective on bitcoin and crypto?

880
00:46:16,920 --> 00:46:20,120
Speaker 5: Don't use your rent money? What billionaire do you know?

881
00:46:20,239 --> 00:46:22,120
Speaker 5: And I know a lot of them? You know something too.

882
00:46:23,280 --> 00:46:26,920
Speaker 5: What billionaire do you know who said I'm selling a

883
00:46:26,920 --> 00:46:32,160
Speaker 5: building in Times Square, pay me in bitcoin. I'm cashing

884
00:46:32,200 --> 00:46:35,600
Speaker 5: out on this deal, fund me in bitcoin or cryptocurrency?

885
00:46:36,080 --> 00:46:39,880
Speaker 5: Like what? No? Just what billionaire? You know? A real billionaire?

886
00:46:39,920 --> 00:46:44,759
Speaker 5: Now not on these social media whatever? Who says that's

887
00:46:44,840 --> 00:46:47,360
Speaker 5: my work? Tony wrestlers went of our business partners Tony's

888
00:46:47,400 --> 00:46:50,920
Speaker 5: worth ten ten or twelve billion dollars. Tony was speaking

889
00:46:50,920 --> 00:46:54,520
Speaker 5: at the Milk and Conference and he was asked about bitcoin. Sorry,

890
00:46:54,800 --> 00:46:57,920
Speaker 5: by the way, bitcoin has done well, but it's luck okay,

891
00:46:58,360 --> 00:47:01,160
Speaker 5: really what you want underneath that, it's really blockchain technology.

892
00:47:01,239 --> 00:47:07,040
Speaker 5: But there have been twenty thousand cryptocurrencies and eighteen thousand

893
00:47:07,120 --> 00:47:11,360
Speaker 5: of them went bust. No one talks about that. It's

894
00:47:11,920 --> 00:47:18,640
Speaker 5: it's Cryptocurrency is like a gym membership. It's only worth

895
00:47:19,280 --> 00:47:21,960
Speaker 5: if you use it and people are hyping it. It's

896
00:47:21,960 --> 00:47:24,040
Speaker 5: a I mean, gym membership is valua to you if

897
00:47:24,040 --> 00:47:25,759
Speaker 5: you use it and everybody's talking about, Hey, have you

898
00:47:25,760 --> 00:47:27,960
Speaker 5: been in that gym? Oh, there's some fine girls over

899
00:47:28,000 --> 00:47:30,200
Speaker 5: there too. There's some handsome dudes over there. Oh yeah,

900
00:47:30,400 --> 00:47:32,279
Speaker 5: you know, let's go. It's cool place. They have a

901
00:47:32,280 --> 00:47:35,359
Speaker 5: little cafe. It's only valuable if you're using it, and

902
00:47:35,400 --> 00:47:37,319
Speaker 5: if you're hyping it. If it's not hyped and it's

903
00:47:37,360 --> 00:47:39,759
Speaker 5: not used, it's just a place with some equipment in it,

904
00:47:39,800 --> 00:47:41,760
Speaker 5: and it's gonna and it's gonna go broke very quickly.

905
00:47:42,800 --> 00:47:47,400
Speaker 5: Cryptocurrency has no assets underneath, there's no financial it's it's

906
00:47:47,680 --> 00:47:51,600
Speaker 5: it's gambling. It's really speculation. It's not even at least

907
00:47:51,680 --> 00:47:55,160
Speaker 5: in Las Vegas, right, there's a set sort of rule

908
00:47:55,239 --> 00:47:57,759
Speaker 5: table and you and poker has rules and all this

909
00:47:57,800 --> 00:48:00,879
Speaker 5: kind of stuff. Cryptocurrency is just a wild West. Now,

910
00:48:01,200 --> 00:48:03,719
Speaker 5: my wife did coin. She got lucky. But you know

911
00:48:03,760 --> 00:48:07,399
Speaker 5: what if she didn't get lucky, she's got me. Right. So,

912
00:48:07,440 --> 00:48:11,120
Speaker 5: Tony Rerestler's at this conference. He's worth twelve billion dollars,

913
00:48:11,200 --> 00:48:13,680
Speaker 5: less than much yet ten twelve eight dollars. Somebody asked

914
00:48:13,719 --> 00:48:17,760
Speaker 5: him about bitcoin, I mean cryptocurrency. He raises him. He said, look,

915
00:48:17,960 --> 00:48:20,040
Speaker 5: if somebody can tell me how the price goes up,

916
00:48:20,760 --> 00:48:24,160
Speaker 5: all the price goes down, I'll buy some. No one

917
00:48:24,160 --> 00:48:26,040
Speaker 5: could answer the question because there is no answer to

918
00:48:26,080 --> 00:48:30,080
Speaker 5: the question. It's hype and speculation. There is no rational

919
00:48:30,120 --> 00:48:34,960
Speaker 5: reason why bitcoin is at ten thousand or seventy thousand.

920
00:48:35,600 --> 00:48:37,640
Speaker 5: There's no rational reason. And if you want to know

921
00:48:37,680 --> 00:48:41,319
Speaker 5: what people really feel about cryptocurrencies all that stuff, look

922
00:48:41,320 --> 00:48:43,880
Speaker 5: at what they cash out to. They cash out to

923
00:48:44,040 --> 00:48:47,239
Speaker 5: US currency. Look at what comple of these currencies. The

924
00:48:47,280 --> 00:48:52,200
Speaker 5: company's cryptocurrencies have backfilled themselves with Treasury bills in order

925
00:48:52,239 --> 00:48:55,839
Speaker 5: to provide some stability, I mean, and why are black

926
00:48:55,840 --> 00:48:58,239
Speaker 5: people over indexing on that. It goes back to what

927
00:48:58,239 --> 00:49:02,759
Speaker 5: we were talking earlier, surviveaving mindset. When you have when

928
00:49:02,760 --> 00:49:06,239
Speaker 5: you have low self esteem and you have a surviving mindset,

929
00:49:06,440 --> 00:49:08,880
Speaker 5: and you don't believe in the system and you're angry,

930
00:49:08,960 --> 00:49:13,160
Speaker 5: you make an emotional decision. Hell with this system, I'm

931
00:49:13,200 --> 00:49:15,600
Speaker 5: going I'm gonna go to create a whole new system.

932
00:49:15,719 --> 00:49:19,040
Speaker 5: I'm gonna get rich quick this way. Get chasing that bag.

933
00:49:19,400 --> 00:49:23,000
Speaker 5: Short term emotional is going to be a bad decision

934
00:49:23,080 --> 00:49:26,200
Speaker 5: generally speaking. I bought from cryptocurrency. I lost my ass.

935
00:49:28,120 --> 00:49:31,920
Speaker 5: I did it as an experiment. Man, I couldn't make

936
00:49:31,960 --> 00:49:34,680
Speaker 5: the sell it right. I have no idea. I mean,

937
00:49:34,680 --> 00:49:37,279
Speaker 5: I'm not saying don't do it. I'm saying, you know,

938
00:49:37,320 --> 00:49:39,480
Speaker 5: if you can afford to, don't use your rent money,

939
00:49:39,600 --> 00:49:42,120
Speaker 5: but put it as part of your portfolio and whatever.

940
00:49:42,160 --> 00:49:44,319
Speaker 5: But this is I'd also say to athletes, if you're

941
00:49:44,320 --> 00:49:46,120
Speaker 5: listening to this, you should be listening to Jamail Hill

942
00:49:46,200 --> 00:49:48,439
Speaker 5: every day. Whatever you want, says, y'all should be listening

943
00:49:48,480 --> 00:49:51,440
Speaker 5: to it. If there's athletes and protective perspective athletes listening

944
00:49:51,480 --> 00:49:55,719
Speaker 5: to this, I would say this, when you get your

945
00:49:55,760 --> 00:49:59,239
Speaker 5: contract and you've worked your whole life to be the

946
00:49:59,239 --> 00:50:01,719
Speaker 5: best at what you do. You practice, you know, I

947
00:50:01,760 --> 00:50:04,839
Speaker 5: don't know, forty hours, fifty hours, sixty hours a week,

948
00:50:04,880 --> 00:50:09,000
Speaker 5: maybe more. You know why you're successful, and you know

949
00:50:09,080 --> 00:50:11,719
Speaker 5: why they paying you what they're paying. Why are they

950
00:50:11,800 --> 00:50:15,200
Speaker 5: paying you twenty million? What dawned on you to take

951
00:50:15,960 --> 00:50:19,040
Speaker 5: four million of the twenty million and to hand it

952
00:50:19,080 --> 00:50:22,600
Speaker 5: to you? That to your broke ass cousin Jojo who

953
00:50:22,640 --> 00:50:26,760
Speaker 5: can't manage his job and the paycheck at the corner station,

954
00:50:27,520 --> 00:50:29,480
Speaker 5: and you go and he's going, he's not your now,

955
00:50:29,600 --> 00:50:31,600
Speaker 5: he's not your financial I can't get this out. He's

956
00:50:31,640 --> 00:50:34,680
Speaker 5: now your financial planner. Or he's got a restaurant idea

957
00:50:35,239 --> 00:50:38,600
Speaker 5: and he's gonna start a restaurant. The worst business is

958
00:50:38,640 --> 00:50:41,080
Speaker 5: you can start and everybody wants to do it a restaurant,

959
00:50:41,080 --> 00:50:44,719
Speaker 5: in a club, and in a clothing line. Please tell me,

960
00:50:45,080 --> 00:50:53,760
Speaker 5: somebody what athlete self starter credit clothing line has worked. Please,

961
00:50:53,800 --> 00:50:56,879
Speaker 5: somebody tell me. Tell me what restaurant didn't lasted more

962
00:50:56,880 --> 00:51:00,480
Speaker 5: than five years, grand opening, grand clothing. Please please tell

963
00:51:00,520 --> 00:51:04,000
Speaker 5: me what club lasted more. These a vanity product. These

964
00:51:04,000 --> 00:51:06,600
Speaker 5: are vanity plays. And by the way, Jamel, this is

965
00:51:06,680 --> 00:51:12,240
Speaker 5: private equity Also, it's just hood private equity. It's private equity.

966
00:51:12,440 --> 00:51:17,520
Speaker 5: You're using private money funding somebody else's equity. You never

967
00:51:17,520 --> 00:51:22,440
Speaker 5: getting that money back. When I say never, I mean never. Right. So,

968
00:51:22,719 --> 00:51:24,520
Speaker 5: if you want to do crypto, if you want to

969
00:51:24,520 --> 00:51:29,960
Speaker 5: hook up pooky them, I mean cool, But have a foundation, literally,

970
00:51:30,040 --> 00:51:32,759
Speaker 5: have a foundation of your life. Have a will, have

971
00:51:32,800 --> 00:51:35,640
Speaker 5: an assurance policy, have a trust account. You should s

972
00:51:35,800 --> 00:51:39,399
Speaker 5: a family office set up. Have a proper professional who

973
00:51:39,640 --> 00:51:41,840
Speaker 5: worked forty hours fifty hours a week to become expert

974
00:51:41,880 --> 00:51:43,680
Speaker 5: at what he's doing. Is like you're an expert at

975
00:51:43,719 --> 00:51:45,800
Speaker 5: what you're doing. You know what people who are smarter

976
00:51:45,880 --> 00:51:48,440
Speaker 5: than you in their respective area where, who have good credentials,

977
00:51:48,520 --> 00:51:50,400
Speaker 5: and anybody who wants to come hang out with you

978
00:51:50,520 --> 00:51:53,120
Speaker 5: at the club at midnight, who wants to be your

979
00:51:53,160 --> 00:51:56,759
Speaker 5: CPA as grounds for them to be fired. Immedia, you

980
00:51:56,800 --> 00:51:59,320
Speaker 5: want the most boring people in the world. Is your advisor?

981
00:52:00,120 --> 00:52:04,840
Speaker 1: That is that is really no, no, that's premium advice.

982
00:52:04,920 --> 00:52:08,080
Speaker 2: And for the audience, just so they know that what

983
00:52:08,120 --> 00:52:11,640
Speaker 2: you said about in bitcoin and crypto, and not that

984
00:52:11,800 --> 00:52:14,239
Speaker 2: you need the validation at all because your credentials are

985
00:52:14,440 --> 00:52:21,200
Speaker 2: are unquestioned. But here's Warren Buffett talking about crypto and bitcoin.

986
00:52:22,000 --> 00:52:27,000
Speaker 4: If the people in this room owned all of the

987
00:52:27,040 --> 00:52:34,719
Speaker 4: farmland in the United States and you offered me a

988
00:52:34,760 --> 00:52:39,120
Speaker 4: one percent interest in it, and you said, from one

989
00:52:39,160 --> 00:52:43,760
Speaker 4: percent interest in all the farmland in the United States,

990
00:52:45,160 --> 00:52:56,600
Speaker 4: pay me Bay our group. Well, let's see. Hey, it's

991
00:52:56,640 --> 00:53:00,799
Speaker 4: just bargain price. Twenty five billion dollars. I'll write your

992
00:53:00,880 --> 00:53:04,279
Speaker 4: check this afternoon. Twenty five billion. Now, I own one

993
00:53:04,280 --> 00:53:07,320
Speaker 4: percent of aparm mine. If you tell me you own

994
00:53:08,239 --> 00:53:11,560
Speaker 4: one percent of the apartment houses in the United States

995
00:53:14,320 --> 00:53:20,640
Speaker 4: and you offer me a one percent interest, so I'll

996
00:53:20,800 --> 00:53:23,520
Speaker 4: have a one percent all the apartment houses in the country.

997
00:53:24,360 --> 00:53:32,640
Speaker 4: And you want whatever it may be for it another

998
00:53:32,680 --> 00:53:35,759
Speaker 4: twenty five billion or something, I'll write your check.

999
00:53:36,760 --> 00:53:37,520
Speaker 5: It's very simple.

1000
00:53:38,640 --> 00:53:41,680
Speaker 4: Now, if you told me you owned all of the

1001
00:53:41,719 --> 00:53:45,600
Speaker 4: bitcoin in the world and you offered it to me

1002
00:53:45,680 --> 00:53:49,000
Speaker 4: for twenty five dollars, I wouldn't take it because what

1003
00:53:49,040 --> 00:53:51,880
Speaker 4: would I do with it. I have to sell it

1004
00:53:51,920 --> 00:53:53,480
Speaker 4: back to you one way or another. I mean, maybe

1005
00:53:53,520 --> 00:53:55,640
Speaker 4: I have to same people, but it isn't going to

1006
00:53:55,719 --> 00:53:59,440
Speaker 4: do anything. The apartments are going to produce rental and

1007
00:53:59,520 --> 00:54:04,759
Speaker 4: the farm you are going to produce food. And if

1008
00:54:04,760 --> 00:54:09,160
Speaker 4: I've got all the bitcoin. You know, I'm back where

1009
00:54:09,239 --> 00:54:11,000
Speaker 4: whatever his name was, who may or may not have

1010
00:54:11,040 --> 00:54:14,880
Speaker 4: existed was. You know, if I've got it all, he

1011
00:54:14,880 --> 00:54:17,359
Speaker 4: could create a mystery about it. But everybody knows what

1012
00:54:17,440 --> 00:54:20,399
Speaker 4: I'm like. I mean, so if I'm trying to get

1013
00:54:20,480 --> 00:54:25,120
Speaker 4: rid of it, you know, people will say, well, you know,

1014
00:54:25,120 --> 00:54:27,759
Speaker 4: why should I buy some bitcoin running? I mean, why

1015
00:54:27,800 --> 00:54:29,839
Speaker 4: don't you call a buffer coin, you know, make your

1016
00:54:29,880 --> 00:54:30,520
Speaker 4: own or some what.

1017
00:54:30,719 --> 00:54:31,240
Speaker 5: Do something.

1018
00:54:31,280 --> 00:54:33,759
Speaker 4: But I'm not going to give you anything for it,

1019
00:54:34,239 --> 00:54:38,520
Speaker 4: and you'd be right incidenttly. But that explains the difference

1020
00:54:38,520 --> 00:54:43,719
Speaker 4: between productive assets and something that depends on the next

1021
00:54:43,719 --> 00:54:45,399
Speaker 4: guy paying you more than the last guy got.

1022
00:54:45,480 --> 00:54:48,759
Speaker 2: I mean, that's ultimately what it's about. But let me

1023
00:54:49,280 --> 00:54:52,719
Speaker 2: me slightly redirect the conversation here. Okay, so you were

1024
00:54:53,120 --> 00:54:57,000
Speaker 2: you're talking about the gamble that is bitcoin in crypto.

1025
00:54:57,440 --> 00:55:00,719
Speaker 2: Another very interesting fact related to sports is that there

1026
00:55:00,760 --> 00:55:04,080
Speaker 2: are more people gambling on sports than investing in the

1027
00:55:04,120 --> 00:55:09,000
Speaker 2: stock market. So what does that say about the financial

1028
00:55:09,040 --> 00:55:10,480
Speaker 2: literacy of this country.

1029
00:55:11,080 --> 00:55:12,880
Speaker 5: Well, you take that and want to happen with the Olympics,

1030
00:55:12,880 --> 00:55:16,480
Speaker 5: and the Olympics the elections, the presidential elections, and you

1031
00:55:16,520 --> 00:55:19,000
Speaker 5: put them together and you only come to one conclusion.

1032
00:55:19,480 --> 00:55:21,760
Speaker 5: It's not just black and brown people that are financially alliterate,

1033
00:55:22,360 --> 00:55:26,919
Speaker 5: the whole country. I mean, if you're making here's a fact,

1034
00:55:28,160 --> 00:55:30,480
Speaker 5: the biggest economy in the world, soli superpower in the world,

1035
00:55:30,520 --> 00:55:32,799
Speaker 5: the nine States of America, just under thirty three dollars

1036
00:55:32,840 --> 00:55:37,840
Speaker 5: of GDP gross domestic product income of the country. Seventy

1037
00:55:37,880 --> 00:55:43,759
Speaker 5: percent of thatmail is consumer spending seventy percent seven zero.

1038
00:55:44,080 --> 00:55:46,759
Speaker 5: You and me paying for car notes, going to restaurants,

1039
00:55:47,600 --> 00:55:52,320
Speaker 5: tipping somebody in at a hotel, seventy percent consumer spending.

1040
00:55:52,400 --> 00:55:53,759
Speaker 5: Now we're going to come back to this in a minute.

1041
00:55:53,840 --> 00:55:57,040
Speaker 5: It's really important because it goes back to demographics of

1042
00:55:57,120 --> 00:56:00,160
Speaker 5: destiny and why people need to be obsessed with the

1043
00:56:00,160 --> 00:56:05,160
Speaker 5: conversation we're having right now. If you and seventy percent

1044
00:56:05,200 --> 00:56:08,160
Speaker 5: of all American seven zero a living paycheck to paycheck,

1045
00:56:09,600 --> 00:56:11,560
Speaker 5: and if you're making one hundred thousand dollars a year,

1046
00:56:12,800 --> 00:56:15,279
Speaker 5: fifty percent of those are making paid are living from

1047
00:56:15,280 --> 00:56:18,879
Speaker 5: paycheck to paycheck. And if you're making a quarter million

1048
00:56:18,920 --> 00:56:23,360
Speaker 5: dollars a year, a third of those today are living

1049
00:56:23,360 --> 00:56:27,200
Speaker 5: paycheck to paycheck. You're living in Manhattan and you make

1050
00:56:27,239 --> 00:56:29,600
Speaker 5: one hundred thousand dollars a year, it feels like thirty

1051
00:56:29,680 --> 00:56:32,719
Speaker 5: nine thousand. You're living in la you're making one hundred

1052
00:56:32,719 --> 00:56:36,600
Speaker 5: thousand dollars a year, it feels like fifty thousand. So

1053
00:56:37,200 --> 00:56:42,240
Speaker 5: this is everybody's issue. This the country is financially illiterate,

1054
00:56:42,760 --> 00:56:46,839
Speaker 5: and the fact that people are gambling multiple times more

1055
00:56:46,840 --> 00:56:51,080
Speaker 5: than they're investing should be troubling that everybody. The fact

1056
00:56:51,080 --> 00:56:54,080
Speaker 5: that we decide to hold our nose in our ears

1057
00:56:54,960 --> 00:56:58,000
Speaker 5: and elect and pull the election button because we thought

1058
00:56:58,000 --> 00:57:00,160
Speaker 5: we were because we thought we're going to put is

1059
00:57:00,160 --> 00:57:06,719
Speaker 5: going to go into our pockets, should concern everybody. I've said,

1060
00:57:06,760 --> 00:57:09,839
Speaker 5: we live in a capitalist democracy. We just proved it.

1061
00:57:11,320 --> 00:57:13,640
Speaker 5: You know. I think that back in the day of Jesus,

1062
00:57:13,640 --> 00:57:15,560
Speaker 5: you know, we had a chance of putting our we

1063
00:57:15,560 --> 00:57:18,240
Speaker 5: could have put our culture inside of our economy, our

1064
00:57:18,280 --> 00:57:20,320
Speaker 5: economy inside of our culture. I think we should have

1065
00:57:20,360 --> 00:57:23,240
Speaker 5: put our economy inside of our culture. But it is

1066
00:57:23,320 --> 00:57:26,080
Speaker 5: obvious to me we did the obvioence. Now did the opposite.

1067
00:57:26,080 --> 00:57:30,000
Speaker 5: Now we put our culture inside of our economy, and

1068
00:57:30,120 --> 00:57:33,240
Speaker 5: dang there everything is for sale. Why is a woman

1069
00:57:33,280 --> 00:57:35,640
Speaker 5: at a strip club at three in the morning. She's

1070
00:57:35,680 --> 00:57:38,240
Speaker 5: got three children at home. She wants some three hundred

1071
00:57:38,240 --> 00:57:40,400
Speaker 5: pound dude throwing money at her with a body odor. No,

1072
00:57:41,800 --> 00:57:43,880
Speaker 5: she wants money. Why is a woman with an abusive

1073
00:57:44,000 --> 00:57:47,560
Speaker 5: man money trying to take care of our kids and

1074
00:57:47,600 --> 00:57:49,640
Speaker 5: she tried to protect them with the roof over their head.

1075
00:57:49,800 --> 00:57:51,280
Speaker 5: You know, we can go on and on and on.

1076
00:57:51,760 --> 00:57:55,680
Speaker 5: So why are people gambling because they think everybody thinks

1077
00:57:55,680 --> 00:58:00,960
Speaker 5: they're going to get rich. And I tell people, first

1078
00:58:01,000 --> 00:58:02,919
Speaker 5: of all, Las Vegas was created by the mob. Let's

1079
00:58:02,920 --> 00:58:07,080
Speaker 5: start there. That's real. Talk like that's not that's real.

1080
00:58:08,040 --> 00:58:10,160
Speaker 1: There's no question, it is not debatable.

1081
00:58:10,440 --> 00:58:12,240
Speaker 5: It was, and it was a couple of buildings in

1082
00:58:12,240 --> 00:58:14,640
Speaker 5: the middle of the desert. Now, I want everybody to

1083
00:58:14,680 --> 00:58:16,600
Speaker 5: put an image in their head of Las Vegas today,

1084
00:58:17,480 --> 00:58:18,760
Speaker 5: so you fly it in there. I go. I go

1085
00:58:18,840 --> 00:58:21,600
Speaker 5: to Las Vegas for two three days, but I don't

1086
00:58:21,600 --> 00:58:24,480
Speaker 5: stand weak and I'm not at the crap stable. I

1087
00:58:24,560 --> 00:58:26,120
Speaker 5: go over two three, I go to a couple of shows,

1088
00:58:26,120 --> 00:58:30,000
Speaker 5: go to the restaurant. One hundred dollars I'm cheap, I am,

1089
00:58:30,480 --> 00:58:32,360
Speaker 5: and another one hundred between me and my wife.

1090
00:58:33,520 --> 00:58:39,280
Speaker 2: You better, you better winefit, you better win.

1091
00:58:39,160 --> 00:58:40,880
Speaker 5: Something with that fifty dollars you got, you're not getting

1092
00:58:40,880 --> 00:58:43,840
Speaker 5: no more, right, Las Vegas. I'm serious talking now Las

1093
00:58:43,920 --> 00:58:48,320
Speaker 5: Vegas is getting keeps getting bigger. Why because they're collecting

1094
00:58:48,880 --> 00:58:51,440
Speaker 5: more than they're paying out. I can't make it more simple.

1095
00:58:52,040 --> 00:58:56,200
Speaker 5: Why are betting houses expanding? Because it's a business model

1096
00:58:56,240 --> 00:59:01,360
Speaker 5: that works. They're collecting more than they're paying out. So investment,

1097
00:59:01,440 --> 00:59:04,080
Speaker 5: you can't control any of that. But you can't. There

1098
00:59:04,080 --> 00:59:05,880
Speaker 5: are three things that have never gone down in American

1099
00:59:05,960 --> 00:59:15,240
Speaker 5: history real estate values, stock market, an American GD And

1100
00:59:15,280 --> 00:59:17,400
Speaker 5: now where do we live? Where do where do our

1101
00:59:17,440 --> 00:59:20,080
Speaker 5: people live? Before you make it we live in the hood.

1102
00:59:23,280 --> 00:59:27,120
Speaker 2: Oh well, because we're running a little shorter on time.

1103
00:59:27,160 --> 00:59:30,960
Speaker 2: But before I get you out of here. As you know,

1104
00:59:31,120 --> 00:59:34,200
Speaker 2: nil name, image and likeness has created a different universe

1105
00:59:34,200 --> 00:59:38,240
Speaker 2: for college athletes, and many of them are on these campuses.

1106
00:59:38,240 --> 00:59:39,080
Speaker 1: They're billionaires.

1107
00:59:39,560 --> 00:59:39,720
Speaker 5: You know.

1108
00:59:39,760 --> 00:59:43,280
Speaker 2: I covered college sports for six years and usually you

1109
00:59:43,320 --> 00:59:45,439
Speaker 2: go into players parking lot or where the players park

1110
00:59:45,960 --> 00:59:48,080
Speaker 2: outside the arena and or the football stadium.

1111
00:59:48,120 --> 00:59:51,480
Speaker 1: They got hoopties. You know, they got like an old cutlass,

1112
00:59:51,880 --> 00:59:55,560
Speaker 1: maybe a little you know, cavalier. Now they driving lambos.

1113
00:59:55,600 --> 00:59:57,160
Speaker 2: They you know, they live in a life and I'm

1114
00:59:57,200 --> 01:00:00,840
Speaker 2: happy that they're able to finally been ap off the

1115
01:00:00,960 --> 01:00:05,120
Speaker 2: labor that has built college football into a billion dollar business.

1116
01:00:05,400 --> 01:00:10,640
Speaker 2: But these athletes that are becoming these instant millionaires while eighteen, nineteen,

1117
01:00:10,680 --> 01:00:13,760
Speaker 2: twenty years old, what advice would you give to them

1118
01:00:14,160 --> 01:00:16,520
Speaker 2: as they figure out their financial identity?

1119
01:00:17,200 --> 01:00:21,160
Speaker 5: So go have some fun, but literally define it. You

1120
01:00:21,160 --> 01:00:24,560
Speaker 5: have one hundred thousand dollars from a promotional contract. You

1121
01:00:24,560 --> 01:00:27,520
Speaker 5: got to pay taxes on that, right, get a tax

1122
01:00:27,600 --> 01:00:29,880
Speaker 5: prot you go to take textes on that. You're going

1123
01:00:29,960 --> 01:00:32,240
Speaker 5: to need some money to live on. You're going to

1124
01:00:32,320 --> 01:00:36,000
Speaker 5: invest a piece of money, take twenty grand and decay.

1125
01:00:36,080 --> 01:00:39,640
Speaker 5: That's my fun money. I'm gonna go blow that. I

1126
01:00:39,800 --> 01:00:42,160
Speaker 5: understand when you get that loan for the lambo or

1127
01:00:42,880 --> 01:00:46,120
Speaker 5: the truck or whatever, that that's bad debt. Just understand

1128
01:00:46,280 --> 01:00:48,880
Speaker 5: that bad debt is tied to an asset that depreciates,

1129
01:00:49,160 --> 01:00:51,080
Speaker 5: and good tech good debt is tied to an asset

1130
01:00:51,120 --> 01:00:55,440
Speaker 5: that appreciates. We talked about some assets that appreciate. Stocks, bonds,

1131
01:00:55,560 --> 01:00:59,200
Speaker 5: real estate, business These are things that over time, if

1132
01:00:59,240 --> 01:01:03,200
Speaker 5: you're smart doing well, will appreciate. So no billionaire became

1133
01:01:03,240 --> 01:01:05,960
Speaker 5: a billionaire, and no city or country became a successful

1134
01:01:05,960 --> 01:01:08,560
Speaker 5: city or country without good debt. So there's nothing wrong

1135
01:01:08,600 --> 01:01:11,320
Speaker 5: with debt. You want good debt tied to something that appreciates.

1136
01:01:11,440 --> 01:01:13,680
Speaker 5: But when you buy that Lambeau, just know this is

1137
01:01:13,720 --> 01:01:15,880
Speaker 5: just fun money. I'm just giving it away. When you're

1138
01:01:15,920 --> 01:01:18,400
Speaker 5: ringing in that fancy apartment. Just no, you're opening up

1139
01:01:18,440 --> 01:01:20,120
Speaker 5: a window and just throwing it out the wind. I

1140
01:01:20,120 --> 01:01:23,600
Speaker 5: heard it this Wnba, a player who's paying seven thousand

1141
01:01:23,640 --> 01:01:27,160
Speaker 5: dollars a month in Chicago to my age.

1142
01:01:27,680 --> 01:01:29,960
Speaker 1: She said that's what she was, and she was and she.

1143
01:01:29,920 --> 01:01:31,800
Speaker 5: Had never done our budget or one of her fans

1144
01:01:31,800 --> 01:01:34,080
Speaker 5: had to tell her that she was spending more than

1145
01:01:34,080 --> 01:01:36,000
Speaker 5: she was making her salary. She and the rest of

1146
01:01:36,000 --> 01:01:39,360
Speaker 5: the money came from promotional stuff. But she's gonna be

1147
01:01:39,360 --> 01:01:41,760
Speaker 5: broke if she doesn't solve this. Because your outflow, when

1148
01:01:41,760 --> 01:01:43,840
Speaker 5: your outflow seed your infold, and you're over when your

1149
01:01:43,840 --> 01:01:46,360
Speaker 5: outflow sees your inflow in your overhead, over your downfall.

1150
01:01:46,520 --> 01:01:49,240
Speaker 5: And I would tell these these players, you got to

1151
01:01:49,240 --> 01:01:50,960
Speaker 5: decide whether you want to be whether you want to

1152
01:01:51,000 --> 01:01:53,840
Speaker 5: be famous? Are you are you want to be dangerous?

1153
01:01:54,360 --> 01:01:55,880
Speaker 5: You want to go to decide whether you want to

1154
01:01:55,880 --> 01:01:58,880
Speaker 5: be rich or you want to be wealthy. So rich

1155
01:01:58,960 --> 01:02:03,120
Speaker 5: is a contract, So please hear me. Rich is a contract.

1156
01:02:03,160 --> 01:02:05,720
Speaker 5: And you can be rich. You can be ghetto rich,

1157
01:02:06,000 --> 01:02:07,960
Speaker 5: and you can be temporary rich, and you can be

1158
01:02:08,160 --> 01:02:11,000
Speaker 5: almost rich. And I used to be rich, okay, But

1159
01:02:11,520 --> 01:02:13,560
Speaker 5: when that's all it is is all a contract is

1160
01:02:13,640 --> 01:02:19,400
Speaker 5: cash flow. That's all it is. Cash coming to you flow, right,

1161
01:02:19,440 --> 01:02:21,920
Speaker 5: It's going to flow somewhere, and if you don't do

1162
01:02:22,000 --> 01:02:24,360
Speaker 5: what we've been talking about for this last forty five minutes,

1163
01:02:24,960 --> 01:02:27,240
Speaker 5: it's going to flow to people who actually understand how

1164
01:02:27,280 --> 01:02:30,160
Speaker 5: money becomes well and that won't include you. And when

1165
01:02:30,160 --> 01:02:33,600
Speaker 5: it stops flowing, and it will either in your college

1166
01:02:33,640 --> 01:02:36,080
Speaker 5: years if you don't make it the pros, or three

1167
01:02:36,120 --> 01:02:37,960
Speaker 5: to five years into your pros, and we've already talked

1168
01:02:37,960 --> 01:02:40,520
Speaker 5: about the most pro athletes are bankrupt in three to

1169
01:02:40,600 --> 01:02:44,040
Speaker 5: five years. As a retirement, you're going to be separated

1170
01:02:44,040 --> 01:02:46,800
Speaker 5: from your wallet and you're going to have the same

1171
01:02:46,800 --> 01:02:50,320
Speaker 5: expense level. Please hear me. You've been living a lifestyle

1172
01:02:50,400 --> 01:02:53,120
Speaker 5: and you want to retain that lifestyle, and when your

1173
01:02:53,280 --> 01:02:58,320
Speaker 5: cash blow drops below that lifestyle, you're as you're making

1174
01:02:58,360 --> 01:03:02,479
Speaker 5: money your life, You're lifestyle will meet your cash flow.

1175
01:03:02,520 --> 01:03:05,640
Speaker 5: It's just unfortunately, it is human behavior. Particularly have low

1176
01:03:05,640 --> 01:03:09,320
Speaker 5: self esteem, are family issues, you know, whatever, identity issues.

1177
01:03:09,360 --> 01:03:12,439
Speaker 5: You will keep trying to look better. And when your

1178
01:03:12,480 --> 01:03:17,000
Speaker 5: income stops, and it will before you're thirty, the debts

1179
01:03:17,120 --> 01:03:20,160
Speaker 5: now will kill you, will literally wash over you. What

1180
01:03:20,200 --> 01:03:23,280
Speaker 5: you need to do is, at every stage of your career,

1181
01:03:23,440 --> 01:03:27,600
Speaker 5: a little that money is going into investment, and you

1182
01:03:27,680 --> 01:03:30,280
Speaker 5: build money. You build wealth in your sleep. Please hear me.

1183
01:03:30,320 --> 01:03:33,400
Speaker 5: You make money during the day, you build wealth in

1184
01:03:33,400 --> 01:03:38,000
Speaker 5: your sleep. You only build wealth in your sleep. Get

1185
01:03:38,040 --> 01:03:41,400
Speaker 5: your term life insurance policy for one million dollars. You're

1186
01:03:41,400 --> 01:03:44,320
Speaker 5: a young athlete, you're in perfect health. This will cost

1187
01:03:44,320 --> 01:03:47,000
Speaker 5: you twenty five dollars a month for one hundred thousand

1188
01:03:47,000 --> 01:03:50,200
Speaker 5: dollars policy. It'll cost you fifty dollars sup one hundred

1189
01:03:50,240 --> 01:03:54,120
Speaker 5: dollars a month for a million dollar term life insurance policy.

1190
01:03:54,600 --> 01:03:56,200
Speaker 5: You don't know how long you're gonna live, You damn

1191
01:03:56,200 --> 01:03:58,920
Speaker 5: sure know you're gonna die. So when you pass on,

1192
01:03:59,520 --> 01:04:01,800
Speaker 5: there's a million dollar policy that you put into your

1193
01:04:01,880 --> 01:04:05,600
Speaker 5: trust that goes to your children or your wife or whoever,

1194
01:04:05,880 --> 01:04:08,680
Speaker 5: and you will create generational wealth even if you lose yours.

1195
01:04:09,040 --> 01:04:12,400
Speaker 5: So these are some tricks that are easy and not

1196
01:04:12,520 --> 01:04:15,600
Speaker 5: expensive and won't crip your lifestyle. And I tell you

1197
01:04:15,640 --> 01:04:17,080
Speaker 5: not to have fun, and I tell you not to

1198
01:04:17,120 --> 01:04:19,920
Speaker 5: have bling. I'm telling you that this is a game

1199
01:04:20,000 --> 01:04:21,440
Speaker 5: and you got to figure out where you're going to

1200
01:04:21,480 --> 01:04:24,600
Speaker 5: play it or be played by it before you go.

1201
01:04:24,680 --> 01:04:31,439
Speaker 5: I want to talk about this Tyson Jake Paul fight

1202
01:04:31,840 --> 01:04:33,000
Speaker 5: because it's right on everything.

1203
01:04:32,880 --> 01:04:37,120
Speaker 1: Okay, yeah, okay, we'll share what's on your mind.

1204
01:04:37,960 --> 01:04:41,280
Speaker 5: So I love Mike Tyson. I wanted him to win.

1205
01:04:41,520 --> 01:04:44,720
Speaker 5: I was rooting for him. I mean no disrespect by

1206
01:04:44,760 --> 01:04:48,480
Speaker 5: this whatsoever. I think the dude is amazing. And he

1207
01:04:48,520 --> 01:04:51,040
Speaker 5: came up when boxing was I mean, you could be

1208
01:04:51,080 --> 01:04:53,680
Speaker 5: a boxer. That was it. So I'm not hating on him,

1209
01:04:53,720 --> 01:04:55,200
Speaker 5: but I'm telling you got played.

1210
01:04:56,720 --> 01:04:58,920
Speaker 1: How so, so he was.

1211
01:04:58,840 --> 01:05:01,840
Speaker 5: Paid twenty million, No one's gonna say that was a

1212
01:05:01,880 --> 01:05:07,760
Speaker 5: bad painting. Jake Paul got forty million. I'm not finished.

1213
01:05:09,240 --> 01:05:17,760
Speaker 5: That's the beginning. The producer of the biggest box or

1214
01:05:17,840 --> 01:05:21,040
Speaker 5: the biggest biggest gate show outside of Las Vegas for

1215
01:05:21,120 --> 01:05:25,880
Speaker 5: boxing in history, in history. The producer was MVP Production,

1216
01:05:27,040 --> 01:05:34,600
Speaker 5: which Jake Paul owns. Jake Paul got Netflix. I'm pretty

1217
01:05:34,640 --> 01:05:38,400
Speaker 5: sure Jamel Jake Paul wouldn't got Mike because he knew

1218
01:05:38,440 --> 01:05:40,440
Speaker 5: he couldn't pull it on his though he's not that popular.

1219
01:05:40,720 --> 01:05:45,520
Speaker 5: You needed somebody who's iconic like Mike and Jake. Paul

1220
01:05:45,720 --> 01:05:51,120
Speaker 5: Gonn is gonna get all the re broadcast fees from Asia.

1221
01:05:51,320 --> 01:05:56,760
Speaker 5: That's ten million, from from Europe, another ten million, twenty million,

1222
01:05:56,760 --> 01:05:59,400
Speaker 5: and a ten million man in Europe is my guest.

1223
01:06:00,040 --> 01:06:02,480
Speaker 5: He's gonna get Africa. That's be less, but it'll be something.

1224
01:06:02,680 --> 01:06:05,440
Speaker 5: He's gonna get one of these days. Africa's gonna be everything.

1225
01:06:05,480 --> 01:06:07,600
Speaker 5: By the way, he's gonna get Latin America by by

1226
01:06:07,640 --> 01:06:11,960
Speaker 5: Tommy finishes. He's gonna have rebroadcast fees approaching one hundred

1227
01:06:12,000 --> 01:06:19,480
Speaker 5: million dollars. He's got merchandising, he had sponsorship leading up

1228
01:06:19,480 --> 01:06:21,720
Speaker 5: to the fire. I mean, I break these down on

1229
01:06:21,760 --> 01:06:24,120
Speaker 5: my podcast that I did the money well and people

1230
01:06:24,160 --> 01:06:26,400
Speaker 5: can watch the I go through it for forty five minutes.

1231
01:06:26,600 --> 01:06:32,000
Speaker 5: I go through the whole thing. But Mike got a payday.

1232
01:06:33,080 --> 01:06:37,160
Speaker 5: Jake got well, and and and and Jake even knew

1233
01:06:37,160 --> 01:06:39,400
Speaker 5: he was even smarter. No, it is not in his

1234
01:06:39,600 --> 01:06:41,880
Speaker 5: business best interest to try to Mike, not to knock

1235
01:06:41,920 --> 01:06:44,640
Speaker 5: Mike out because it wouldn't be good for his brand.

1236
01:06:44,680 --> 01:06:47,440
Speaker 5: The whole audience was with Mike, Why do that when

1237
01:06:47,480 --> 01:06:50,080
Speaker 5: you've already robbed him?

1238
01:06:50,120 --> 01:06:50,640
Speaker 1: That's a word.

1239
01:06:50,800 --> 01:06:51,560
Speaker 5: You already got paid.

1240
01:06:51,600 --> 01:06:52,400
Speaker 1: That's a word right there.

1241
01:06:52,560 --> 01:06:55,360
Speaker 5: He actually, he actually gave Mike respect at the end

1242
01:06:55,400 --> 01:06:58,920
Speaker 5: of the thing. Everybody Mike Ice and oh Mike, of

1243
01:06:58,920 --> 01:07:00,440
Speaker 5: course I didn't want to hurt him. Of course, you

1244
01:07:00,440 --> 01:07:02,760
Speaker 5: want to hurt your payday. That is the reason that

1245
01:07:02,840 --> 01:07:03,520
Speaker 5: you were even here.

1246
01:07:03,600 --> 01:07:03,800
Speaker 6: Man.

1247
01:07:05,360 --> 01:07:07,120
Speaker 5: He and he made it clear at the end this

1248
01:07:07,240 --> 01:07:10,080
Speaker 5: is about money, and he was in control all of it.

1249
01:07:10,120 --> 01:07:11,680
Speaker 5: If you listen to the end of the fight, when

1250
01:07:11,720 --> 01:07:16,600
Speaker 5: Jake's talking, he makes it perfectly clear. And we don't

1251
01:07:16,680 --> 01:07:18,920
Speaker 5: understand the game. You may, I just I just I

1252
01:07:18,920 --> 01:07:21,640
Speaker 5: only break this down because it's writing. It's just happened.

1253
01:07:22,000 --> 01:07:23,880
Speaker 5: It happened. In front of it was two hundred and

1254
01:07:23,960 --> 01:07:28,680
Speaker 5: eighty million subscribers at Netflix who had never done a

1255
01:07:28,680 --> 01:07:31,520
Speaker 5: promotion for boxing in their history. So who brought him

1256
01:07:31,560 --> 01:07:34,400
Speaker 5: in a flint by the way, and he gets his

1257
01:07:34,520 --> 01:07:37,520
Speaker 5: YouTube channel. I forgot this. He's gonna get paid from YouTube.

1258
01:07:39,160 --> 01:07:41,480
Speaker 5: I mean, you can't make this up. Jake's a businessman

1259
01:07:41,640 --> 01:07:43,920
Speaker 5: who got into boxing four years ago and got in

1260
01:07:43,960 --> 01:07:46,640
Speaker 5: the promotion three years ago. Now, if Jake Paul can

1261
01:07:46,760 --> 01:07:50,480
Speaker 5: do this and he is not that smart, why the

1262
01:07:50,480 --> 01:07:51,280
Speaker 5: hell can we do.

1263
01:07:51,880 --> 01:07:52,880
Speaker 1: That's a word? Now?

1264
01:07:53,760 --> 01:07:55,920
Speaker 2: Really, this is the last question. I call it the

1265
01:07:56,000 --> 01:07:59,440
Speaker 2: messy question of the podcast. Is where the controversy starts

1266
01:08:00,200 --> 01:08:03,360
Speaker 2: in one incident where you did something that wasn't financially

1267
01:08:03,480 --> 01:08:07,720
Speaker 2: smart a few years ago. But what would you say

1268
01:08:08,120 --> 01:08:10,520
Speaker 2: is the dumbest financial decision you've ever made?

1269
01:08:10,960 --> 01:08:16,599
Speaker 5: Chasing women, chasing cloud, trying to impress people I didn't know,

1270
01:08:16,680 --> 01:08:21,240
Speaker 5: and money I didn't have, about to talk about stuff

1271
01:08:21,240 --> 01:08:25,439
Speaker 5: that don't matter in places I couldn't afford, that don't

1272
01:08:25,439 --> 01:08:31,320
Speaker 5: exist anymore, Like wasting that time I wasted trying to

1273
01:08:31,320 --> 01:08:34,360
Speaker 5: be ghetto famous or get or get all relevant or

1274
01:08:34,760 --> 01:08:38,320
Speaker 5: four square block famous, or the time I wasted trying

1275
01:08:38,320 --> 01:08:42,120
Speaker 5: to trying to impress somebody who's broke today, who try

1276
01:08:42,160 --> 01:08:45,960
Speaker 5: to get a job from me. The time I wasted

1277
01:08:48,560 --> 01:08:51,240
Speaker 5: that was my biggest because I'm my biggest investment. So

1278
01:08:51,520 --> 01:08:54,800
Speaker 5: I rather you waste my money than my time. I'm

1279
01:08:54,880 --> 01:08:59,200
Speaker 5: ruthless about my time. You can waste my money. This week,

1280
01:08:59,320 --> 01:09:02,519
Speaker 5: somebody got me to two different instances. Somebody got me

1281
01:09:02,680 --> 01:09:05,320
Speaker 5: for a couple of dollars. You'll never it will never

1282
01:09:05,360 --> 01:09:07,760
Speaker 5: happen again. But I'm not mad about that. I can

1283
01:09:07,800 --> 01:09:10,000
Speaker 5: make my money. What I can't get back is my time.

1284
01:09:10,360 --> 01:09:14,840
Speaker 5: So I'm just ruthless about my time. I am very intentional.

1285
01:09:14,880 --> 01:09:17,080
Speaker 5: Is your group is your is your Your world gets bigger,

1286
01:09:17,120 --> 01:09:20,479
Speaker 5: your circle should get small. Right when I saw you,

1287
01:09:20,479 --> 01:09:22,640
Speaker 5: you you have a big entourage around you. It was you,

1288
01:09:22,720 --> 01:09:25,960
Speaker 5: and it was you and your luggage, trying to mine.

1289
01:09:25,800 --> 01:09:29,040
Speaker 6: Your own minding your own business.

1290
01:09:29,520 --> 01:09:34,440
Speaker 5: I was by myself, mine and my own business. Right. Uh,

1291
01:09:34,880 --> 01:09:38,639
Speaker 5: I just cannot stress enough. If you hang around nine

1292
01:09:38,680 --> 01:09:41,160
Speaker 5: bro people, you're gonna be the tenth Why kids want

1293
01:09:41,160 --> 01:09:44,880
Speaker 5: to be rap stars, athletes and drug dealers because all

1294
01:09:44,920 --> 01:09:48,800
Speaker 5: they see is images of success are rap stars which

1295
01:09:48,800 --> 01:09:53,679
Speaker 5: you cannot replicate, athletes which are going statistically, You're you're

1296
01:09:53,760 --> 01:09:57,720
Speaker 5: not gonna be Michael Jordan. I'm sorry, just that I

1297
01:09:57,720 --> 01:10:00,639
Speaker 5: don't care. I'm gon challenge you have and you shouldn't

1298
01:10:00,640 --> 01:10:03,680
Speaker 5: want to be the drug dealer. But the only three

1299
01:10:03,680 --> 01:10:06,120
Speaker 5: percent of black people are engineers. And that's a guaranteed

1300
01:10:06,240 --> 01:10:08,240
Speaker 5: hundred thousand dollars paycheck every year for the rest of

1301
01:10:08,280 --> 01:10:10,760
Speaker 5: your life. I mean, I can go. I can do

1302
01:10:10,800 --> 01:10:12,920
Speaker 5: this all day and all night. Like we're looking for

1303
01:10:13,000 --> 01:10:16,240
Speaker 5: love in all the wrong places. And so anybody who's

1304
01:10:16,240 --> 01:10:18,880
Speaker 5: coming up saying, well, I want that girl, I wanted

1305
01:10:18,920 --> 01:10:20,639
Speaker 5: her to like me, or I want that guy. Look,

1306
01:10:20,760 --> 01:10:25,520
Speaker 5: there are no ugly billionaires. There are no unattractive multi millionaire.

1307
01:10:26,800 --> 01:10:32,400
Speaker 5: You're successful. Folks will find you. People will find you.

1308
01:10:32,439 --> 01:10:37,519
Speaker 5: I've seen them ugly dudes with fine women. Any options

1309
01:10:37,520 --> 01:10:38,200
Speaker 5: also true.

1310
01:10:38,280 --> 01:10:40,639
Speaker 1: I don't know if a billionaire that single.

1311
01:10:43,000 --> 01:10:43,320
Speaker 5: Very few.

1312
01:10:43,880 --> 01:10:46,320
Speaker 2: I mean, if they did, they chose to be they

1313
01:10:46,360 --> 01:10:48,120
Speaker 2: chose to be single, like really chosen.

1314
01:10:48,880 --> 01:10:51,679
Speaker 1: Generally speaking, they always got somebody.

1315
01:10:51,840 --> 01:10:52,880
Speaker 5: Yeah.

1316
01:10:53,960 --> 01:10:56,639
Speaker 2: Well again, thank you John for joining me. I appreciate

1317
01:10:56,680 --> 01:10:59,960
Speaker 2: all your financial wisdom. And for those who want to

1318
01:11:00,120 --> 01:11:04,160
Speaker 2: get more familiar with the type of financial advice and

1319
01:11:04,240 --> 01:11:07,160
Speaker 2: counsel and just perspective that you have, they should definitely

1320
01:11:07,160 --> 01:11:10,639
Speaker 2: buy your book. They should listen to your podcast, check

1321
01:11:10,680 --> 01:11:13,360
Speaker 2: you out on Instagram. There's a number of ways that

1322
01:11:13,400 --> 01:11:16,559
Speaker 2: they can find you and that they can understand, they

1323
01:11:16,560 --> 01:11:18,720
Speaker 2: can pick up I should say everything that you put down.

1324
01:11:18,760 --> 01:11:19,439
Speaker 1: So thank you again.

1325
01:11:20,400 --> 01:11:22,519
Speaker 2: One more segment to go, and you guys know what

1326
01:11:22,560 --> 01:11:26,680
Speaker 2: that means. I got questions to answer up next your

1327
01:11:26,760 --> 01:11:31,639
Speaker 2: viewer slash listener questions, and I have plenty of answers

1328
01:11:31,680 --> 01:11:34,480
Speaker 2: coming up next on the final segment of Politics.

1329
01:11:42,880 --> 01:11:45,320
Speaker 1: As always, before I close out this episode.

1330
01:11:44,920 --> 01:11:48,479
Speaker 2: Of Politics, time for this week's audience question, which comes

1331
01:11:48,479 --> 01:11:51,400
Speaker 2: from John R. Who was responding to the recent bonus

1332
01:11:51,400 --> 01:11:54,160
Speaker 2: episode of Politics where I gave my reaction to Vice

1333
01:11:54,200 --> 01:11:57,400
Speaker 2: President Kamala Harris losing to Donald Trump. You can check

1334
01:11:57,439 --> 01:12:00,320
Speaker 2: it out on iHeart or wherever you get your podcas cast,

1335
01:12:00,479 --> 01:12:05,400
Speaker 2: or on my YouTube page. Anyway, here's John Arm's question, Hi,

1336
01:12:06,160 --> 01:12:09,440
Speaker 2: why are you so stupid to believe Kamala was overqualified

1337
01:12:09,439 --> 01:12:12,200
Speaker 2: to be president? If she was overqualified, she wouldn't have

1338
01:12:12,200 --> 01:12:14,320
Speaker 2: had to spend over a billion dollars to lose by

1339
01:12:14,320 --> 01:12:17,000
Speaker 2: a landslide to a campaign that spent a fraction of that.

1340
01:12:17,320 --> 01:12:19,840
Speaker 2: If she was minimally qualified, she would have won at

1341
01:12:19,920 --> 01:12:23,400
Speaker 2: least one swing state or won the Democratic nomination years ago.

1342
01:12:24,040 --> 01:12:27,120
Speaker 2: You make yourself look even more stupid than you already

1343
01:12:27,160 --> 01:12:30,639
Speaker 2: did for supporting this and excuse the language here supporting

1344
01:12:30,720 --> 01:12:33,800
Speaker 2: this retarded, cackling hyena woman in the first place by

1345
01:12:33,840 --> 01:12:36,439
Speaker 2: making this argument, take the loss and.

1346
01:12:36,439 --> 01:12:39,160
Speaker 1: Go find a new career or country to live.

1347
01:12:39,200 --> 01:12:42,599
Speaker 2: In well, John arm Usually I don't like to give

1348
01:12:42,720 --> 01:12:46,800
Speaker 2: much oxygen Toatrollspen. In your case, I got time for one.

1349
01:12:47,080 --> 01:12:50,400
Speaker 2: Kamala Harris didn't lose in a landslide. Donald Trump won.

1350
01:12:50,320 --> 01:12:52,080
Speaker 1: Less than fifty percent of the vote.

1351
01:12:52,160 --> 01:12:54,880
Speaker 2: He won the popular vote by the second lowest margin

1352
01:12:54,960 --> 01:12:57,960
Speaker 2: since nineteen sixty eight. That is not a landslide. And

1353
01:12:58,040 --> 01:13:02,000
Speaker 2: qualified presidential candidates lose all the time. See Hillary Clinton,

1354
01:13:02,160 --> 01:13:05,880
Speaker 2: who historians have ranked as the second most qualified.

1355
01:13:05,320 --> 01:13:07,799
Speaker 1: Presidential candidate in history to lose.

1356
01:13:08,280 --> 01:13:10,679
Speaker 2: But let's stay on topic and look at Vice President

1357
01:13:10,920 --> 01:13:15,559
Speaker 2: Kamala Harris's accomplishments. Let's see she graduated from Howard University

1358
01:13:15,640 --> 01:13:18,920
Speaker 2: and the University of California Hastings College of Law. In

1359
01:13:19,000 --> 01:13:22,439
Speaker 2: nineteen ninety, she joined the Alameda County District Attorney's Office,

1360
01:13:22,520 --> 01:13:26,200
Speaker 2: where she specialized in prosecuting child sexual assault cases. In

1361
01:13:26,200 --> 01:13:28,960
Speaker 2: two thousand and four, she was elected District Attorney of

1362
01:13:29,000 --> 01:13:33,360
Speaker 2: San Francisco. Elected in twenty ten, she was elected Attorney

1363
01:13:33,360 --> 01:13:36,960
Speaker 2: General of California, which has the largest state justice department

1364
01:13:37,120 --> 01:13:40,559
Speaker 2: in the country. Twenty seventeen, she was sworn in as

1365
01:13:40,640 --> 01:13:44,559
Speaker 2: Senator of California. Elected in total, Vice President Harris has

1366
01:13:44,600 --> 01:13:47,479
Speaker 2: had thirty four years in public service. Her opponent has

1367
01:13:47,560 --> 01:13:51,200
Speaker 2: had thirty four felonies. Kamala Harris has never declared bankruptcy

1368
01:13:51,280 --> 01:13:54,040
Speaker 2: or run a bankrupt business. Donald Trump, he has ran

1369
01:13:54,160 --> 01:13:58,640
Speaker 2: six businesses that declared bankruptcy, including multiple hotels and casinos.

1370
01:13:58,840 --> 01:14:01,120
Speaker 2: Do you know how hard it is to bankrup a casino.

1371
01:14:01,760 --> 01:14:04,919
Speaker 2: Let's compare VP Harris's resume to some other vice presidents

1372
01:14:04,960 --> 01:14:07,120
Speaker 2: that you may have heard of. Let's start with jd Vance,

1373
01:14:07,160 --> 01:14:10,360
Speaker 2: who a vice presidential historian said was the least experienced

1374
01:14:10,439 --> 01:14:13,639
Speaker 2: major party running mate in eighty years. Kamala Harris has

1375
01:14:13,640 --> 01:14:17,080
Speaker 2: had more experience than these vice presidents Dan quayl Al

1376
01:14:17,160 --> 01:14:20,360
Speaker 2: Gore and Dick Chenman. You know whose resume was similar

1377
01:14:20,400 --> 01:14:23,600
Speaker 2: to hers in terms of public service experience. He is

1378
01:14:23,600 --> 01:14:26,960
Speaker 2: someone who became president. His name is Joe Biden. That's

1379
01:14:26,960 --> 01:14:28,880
Speaker 2: why I use the word overqualified.

1380
01:14:29,160 --> 01:14:31,360
Speaker 1: But John A, I'll give you credit for hitting every

1381
01:14:31,400 --> 01:14:34,479
Speaker 1: single lazy trope on the Bengo card in your question.

1382
01:14:35,000 --> 01:14:39,280
Speaker 1: You called Kamala Harris minimally qualified. Check, you called me

1383
01:14:39,400 --> 01:14:40,439
Speaker 1: stupid check.

1384
01:14:40,760 --> 01:14:42,880
Speaker 2: You told me to take the loss and go find

1385
01:14:42,880 --> 01:14:45,559
Speaker 2: a new career or country, and you signed your letter

1386
01:14:45,880 --> 01:14:49,200
Speaker 2: Trump twenty twenty four. Check check check to which I

1387
01:14:49,240 --> 01:14:53,840
Speaker 2: say this for However, unqualified or excuse me, minimally qualified

1388
01:14:53,960 --> 01:14:56,519
Speaker 2: that you think Vice President Harris is, or whatever you

1389
01:14:56,560 --> 01:14:59,479
Speaker 2: think of me, both of us have something great in common.

1390
01:15:00,000 --> 01:15:03,040
Speaker 2: Whatever it is you think we failed at was something

1391
01:15:03,280 --> 01:15:05,559
Speaker 2: that was never even possible for you.

1392
01:15:06,320 --> 01:15:07,880
Speaker 1: Thank you for your question, John R.

1393
01:15:08,600 --> 01:15:10,360
Speaker 2: Now, if you would like to ask me a question,

1394
01:15:10,439 --> 01:15:12,679
Speaker 2: you can email your question or send me a video

1395
01:15:13,040 --> 01:15:15,240
Speaker 2: with your question. But if you send me a video,

1396
01:15:15,600 --> 01:15:18,919
Speaker 2: make sure it's thirty seconds or less. Send your questions

1397
01:15:18,920 --> 01:15:22,240
Speaker 2: to Spolitics twenty twenty four at gmail dot com. That's

1398
01:15:22,280 --> 01:15:25,639
Speaker 2: Politics twenty twenty four at gmail dot com.

1399
01:15:25,720 --> 01:15:28,479
Speaker 1: That's SPO l I t I c s.

1400
01:15:28,960 --> 01:15:32,240
Speaker 2: Also make sure you follow spolitics pod on Instagram and

1401
01:15:32,400 --> 01:15:36,400
Speaker 2: on TikTok. A new episode of Politics drops every Thursday

1402
01:15:36,439 --> 01:15:40,040
Speaker 2: on iHeart Podcasts or wherever you get your podcasts. This

1403
01:15:40,120 --> 01:15:44,000
Speaker 2: is politics where sports and politics don't just mix, they matter.

1404
01:15:45,080 --> 01:15:48,919
Speaker 2: Spolitics is a production of iHeart podcast and The Unbothered Network.

1405
01:15:49,320 --> 01:15:53,240
Speaker 2: I'm your host Jamel Hill. Executive producer is Taylor Shakogne.

1406
01:15:53,640 --> 01:15:57,000
Speaker 2: Lucas Hymen is head of audio and executive producer. Megan

1407
01:15:57,080 --> 01:16:01,719
Speaker 2: Armstrong is Associate producer. Original music politics provided by Kyle

1408
01:16:01,840 --> 01:16:03,360
Speaker 2: VISs from wiz FX.