1 00:00:04,960 --> 00:00:07,280 Speaker 1: Welcome to Money Making Conversations. It's the show that she 2 00:00:07,320 --> 00:00:10,039 Speaker 1: has the secrets of success experience firsthand by Marketing and 3 00:00:10,119 --> 00:00:13,039 Speaker 1: Brandon expert Rashan McDonald. I will know he's given me 4 00:00:13,080 --> 00:00:16,000 Speaker 1: advice on many occasions. In incase you didn't notice, I'm 5 00:00:16,040 --> 00:00:20,000 Speaker 1: not broke, you know, he'll be interviewing celebrity CEOs, entrepreneurs 6 00:00:20,000 --> 00:00:22,480 Speaker 1: and industry decision makers. It's what he likes to do, 7 00:00:22,720 --> 00:00:25,079 Speaker 1: it's what he likes to share. Now it's time to 8 00:00:25,120 --> 00:00:29,120 Speaker 1: hear from my man, Rashan McDonald. Money Making Conversations Here 9 00:00:29,160 --> 00:00:34,440 Speaker 1: we come. Thank you, Stephen, Hey, welcome to Money Making Conversation. 10 00:00:34,560 --> 00:00:38,000 Speaker 1: I'm your host, Rushan McDonald. It is important to understand 11 00:00:38,000 --> 00:00:41,360 Speaker 1: that everybody travels a different path to success. That's because 12 00:00:41,360 --> 00:00:43,839 Speaker 1: your brand is different, the challenges you face in your 13 00:00:43,880 --> 00:00:47,040 Speaker 1: life are different. So stop reading other people's success stories 14 00:00:47,080 --> 00:00:49,640 Speaker 1: and start writing your own. Now. You can be motivated 15 00:00:49,640 --> 00:00:52,680 Speaker 1: by their success stories because their stories can offer direction 16 00:00:52,920 --> 00:00:55,240 Speaker 1: and help you reach your goals. But it's up to 17 00:00:55,280 --> 00:00:58,600 Speaker 1: your planning and your committed effort to achieve those goals. 18 00:00:59,000 --> 00:01:03,680 Speaker 1: My next guest is Andrea. Is Andrea Andrea and Andrea 19 00:01:03,800 --> 00:01:07,000 Speaker 1: al Collins. Andrea has over fifteen years of experience in 20 00:01:07,000 --> 00:01:10,160 Speaker 1: the investment management industry. She began her career at Mortgage 21 00:01:10,160 --> 00:01:13,959 Speaker 1: Stanley Wealth Management, where she specialized in portfolio management for 22 00:01:14,040 --> 00:01:18,000 Speaker 1: high net work individual investors and foundation. She's active in 23 00:01:18,040 --> 00:01:20,560 Speaker 1: the community and average supporter of the arts and frequently 24 00:01:20,600 --> 00:01:24,280 Speaker 1: teaches financial literacy works out for schools and organizations. And 25 00:01:24,280 --> 00:01:28,680 Speaker 1: it's a proud member, oh Dell's the Sigma Table. About that? 26 00:01:29,040 --> 00:01:31,800 Speaker 1: About that, I'm a proud member of OMEGA. Side fire 27 00:01:31,920 --> 00:01:36,880 Speaker 1: about that? Please working the money making conversation Andrea al Collins. 28 00:01:38,000 --> 00:01:43,800 Speaker 1: You know, because Kamala Harrison become the VP elect. You know, 29 00:01:44,000 --> 00:01:45,880 Speaker 1: you know ak is getting all that love out that 30 00:01:45,959 --> 00:01:49,160 Speaker 1: because of God? Are you know it's Greek love though 31 00:01:49,160 --> 00:01:53,240 Speaker 1: it's all up anybody wants to recognize, you know, And 32 00:01:53,560 --> 00:01:55,880 Speaker 1: as he said, be black. That's what being That's what 33 00:01:56,080 --> 00:02:00,560 Speaker 1: being a fraternity members is really sow in the um 34 00:02:00,720 --> 00:02:03,800 Speaker 1: the roots of of where you come from, an uplifting metorio. 35 00:02:04,480 --> 00:02:06,040 Speaker 1: And so how important was it? You know, I know 36 00:02:06,080 --> 00:02:07,840 Speaker 1: it's in your resume and I I would tease a 37 00:02:07,880 --> 00:02:10,280 Speaker 1: little bit. I knew importance of what'll make a sif 38 00:02:10,320 --> 00:02:13,000 Speaker 1: I did for my career. I pledged while I was 39 00:02:13,000 --> 00:02:15,400 Speaker 1: in college, and I always tell people it altered my 40 00:02:15,440 --> 00:02:18,000 Speaker 1: whole thought processes for its goal setting because I was 41 00:02:18,000 --> 00:02:20,880 Speaker 1: just wondering around in college and was confused and then 42 00:02:20,919 --> 00:02:23,400 Speaker 1: I pledged and it gave me my first goal that 43 00:02:23,520 --> 00:02:26,360 Speaker 1: I accomplished in life outside of graduating. How did it 44 00:02:26,400 --> 00:02:29,720 Speaker 1: affect your life? The Sigma Theater, You know, it had 45 00:02:29,760 --> 00:02:33,079 Speaker 1: a huge impact on my life, and um even prior 46 00:02:33,160 --> 00:02:36,200 Speaker 1: to me pledging in college, because I, you know, pledged 47 00:02:36,240 --> 00:02:41,079 Speaker 1: at Berkeley Kappa Chapter. And uh, when I think back 48 00:02:41,120 --> 00:02:44,920 Speaker 1: to even my childhood growing up, the women that I 49 00:02:45,080 --> 00:02:49,480 Speaker 1: watched in church. You know, we're members of Delta Sigma Theta, 50 00:02:49,919 --> 00:02:51,600 Speaker 1: you know some of them were a k A s. 51 00:02:51,720 --> 00:02:54,799 Speaker 1: And so just watching these women and how progressive they were, 52 00:02:54,919 --> 00:02:57,720 Speaker 1: how involved in there and they were in our community, 53 00:02:58,320 --> 00:03:02,160 Speaker 1: how professional know they were, and you know, the achievements 54 00:03:02,160 --> 00:03:03,760 Speaker 1: that they were able to make in the strikes that 55 00:03:03,800 --> 00:03:08,359 Speaker 1: they constantly made, not only personally but professionally, and then 56 00:03:08,360 --> 00:03:13,080 Speaker 1: they had that outward exhibition of those successes and not 57 00:03:13,200 --> 00:03:16,360 Speaker 1: only successes, but struggles and you know, feats and obstacles 58 00:03:16,360 --> 00:03:19,320 Speaker 1: that they encountered as well. I think just the main 59 00:03:19,440 --> 00:03:21,920 Speaker 1: impact that it had on meat growing up because it 60 00:03:21,960 --> 00:03:23,960 Speaker 1: wasn't like I came from a family, you know what 61 00:03:24,000 --> 00:03:27,519 Speaker 1: I mean, or a legacy within my family, uh that 62 00:03:27,600 --> 00:03:30,799 Speaker 1: were part of sororities and fraternities. But like I said, 63 00:03:30,840 --> 00:03:34,280 Speaker 1: the women that I was able to uh watch growing up, 64 00:03:34,320 --> 00:03:37,280 Speaker 1: whether it was in church or mentors organizations that I 65 00:03:37,320 --> 00:03:40,080 Speaker 1: was involved in and did a lot of volunteer work. 66 00:03:40,360 --> 00:03:43,360 Speaker 1: That example was sort of set before I got to college. 67 00:03:43,880 --> 00:03:46,560 Speaker 1: And then when I got on the campus, of course, 68 00:03:46,880 --> 00:03:48,640 Speaker 1: you know, it was just like loud and clear because 69 00:03:48,680 --> 00:03:51,200 Speaker 1: at that point you're able to be a part of it, 70 00:03:51,360 --> 00:03:53,120 Speaker 1: and you know what I mean, and you meet like 71 00:03:53,320 --> 00:03:56,880 Speaker 1: minded people men and women are young adults that have 72 00:03:57,040 --> 00:03:59,880 Speaker 1: the same goals in mind that basically are cut from 73 00:03:59,880 --> 00:04:04,440 Speaker 1: the same cloth when it comes to like values, their goals. 74 00:04:04,560 --> 00:04:06,800 Speaker 1: You know, who they are to their core and what 75 00:04:06,960 --> 00:04:10,320 Speaker 1: their intentions and desires are, you know, for their families 76 00:04:10,320 --> 00:04:14,839 Speaker 1: and the community at large. So yeah, very impactful. UH 77 00:04:15,440 --> 00:04:19,160 Speaker 1: love my sorority sisters, you know. And you know because 78 00:04:19,160 --> 00:04:21,560 Speaker 1: I I I graduated from University Houston, which is a 79 00:04:21,600 --> 00:04:24,520 Speaker 1: predominant black, white campus, you know, thirty five thousand, and 80 00:04:24,520 --> 00:04:26,800 Speaker 1: it's really funny because you know, if you're going you 81 00:04:26,839 --> 00:04:28,799 Speaker 1: went to a school like me was a dominant white 82 00:04:28,920 --> 00:04:30,960 Speaker 1: attendee exactly, and so you know, and you had the 83 00:04:31,080 --> 00:04:34,200 Speaker 1: look core blacks, you know, they look like a lot album. 84 00:04:34,240 --> 00:04:35,560 Speaker 1: Do you really say, you know, I think it was 85 00:04:35,640 --> 00:04:40,039 Speaker 1: like maybe black students on campus tide, and it felt 86 00:04:40,080 --> 00:04:42,840 Speaker 1: like it was ten thousand of us. And that experience 87 00:04:42,880 --> 00:04:46,119 Speaker 1: to you, you know, to be honest with you, while 88 00:04:46,160 --> 00:04:48,200 Speaker 1: we were there and the Alphas had they had a 89 00:04:48,279 --> 00:04:52,040 Speaker 1: campaign represent campaign that still stands out in my mind 90 00:04:52,080 --> 00:04:53,919 Speaker 1: even though it was so many years ago, and I 91 00:04:53,920 --> 00:04:55,839 Speaker 1: still have the T shirt to prove it. But we 92 00:04:56,080 --> 00:04:59,840 Speaker 1: walk around loudly because because I mean, our statistics then 93 00:05:00,360 --> 00:05:03,960 Speaker 1: less than two point three percent of the population, and 94 00:05:04,000 --> 00:05:06,680 Speaker 1: like you're saying, it felt like so many of us, 95 00:05:06,800 --> 00:05:10,240 Speaker 1: because we're just a dynamic force. When we congregate and 96 00:05:10,279 --> 00:05:13,160 Speaker 1: come together, it could be two five, you know, we're 97 00:05:13,200 --> 00:05:15,880 Speaker 1: two or more are gathered. It's really that philosophy, I 98 00:05:15,880 --> 00:05:19,120 Speaker 1: think in our community, and we're so dynamic and strong 99 00:05:19,480 --> 00:05:23,080 Speaker 1: and you know, impactful when we do come together collectively 100 00:05:23,120 --> 00:05:26,480 Speaker 1: that sometimes the force feels way greater than what we 101 00:05:26,520 --> 00:05:29,120 Speaker 1: actually are representing in numbers. And I think that like 102 00:05:29,160 --> 00:05:31,520 Speaker 1: that's the beauty, you know, of our community and what 103 00:05:31,600 --> 00:05:35,400 Speaker 1: it's comprised of the ability that we have to have 104 00:05:35,480 --> 00:05:37,520 Speaker 1: so much of an impact, you know what I mean, 105 00:05:37,680 --> 00:05:41,640 Speaker 1: and create this dynamic force even with so many, so 106 00:05:41,800 --> 00:05:45,200 Speaker 1: few of us, you know, representing in its particular space. Yeah, 107 00:05:45,240 --> 00:05:46,880 Speaker 1: I knew we would relate to that with that whole 108 00:05:46,960 --> 00:05:49,080 Speaker 1: idea of us, you know, said like it was so 109 00:05:49,120 --> 00:05:50,720 Speaker 1: many of us, and then you realize when you look 110 00:05:50,760 --> 00:05:52,400 Speaker 1: at the number, there's not many of us at all 111 00:05:53,400 --> 00:05:55,960 Speaker 1: that many. You know, when I look back at the pictures, 112 00:05:55,960 --> 00:05:58,200 Speaker 1: like it felt like there were so many, like you said, 113 00:05:58,440 --> 00:06:01,520 Speaker 1: so many of us, but nevertheless the impact was just 114 00:06:01,640 --> 00:06:05,000 Speaker 1: as great. Cary out the mission and you know, to 115 00:06:05,040 --> 00:06:07,279 Speaker 1: be honest with your Kapa chapter is the tenth chapter 116 00:06:07,960 --> 00:06:12,719 Speaker 1: out of our sorority to be founded in nineteen one. 117 00:06:12,720 --> 00:06:14,839 Speaker 1: When I think about it, black women were on the 118 00:06:14,880 --> 00:06:18,479 Speaker 1: campus of UC Berkeley, not just going to school, but 119 00:06:18,960 --> 00:06:22,320 Speaker 1: formulating the chapter and the sororities in the early nineteen 120 00:06:22,400 --> 00:06:24,680 Speaker 1: hundreds at an institution like that. So there's a lot 121 00:06:24,760 --> 00:06:28,920 Speaker 1: of pride and in heritage that come along with them. Awesome. Well, 122 00:06:28,920 --> 00:06:31,080 Speaker 1: you know, we're in the middle of a pandemic. I say, 123 00:06:31,200 --> 00:06:32,920 Speaker 1: you know, we thought it was all gonna be short 124 00:06:33,080 --> 00:06:36,080 Speaker 1: term and and then we talked about high unemployment, RAID, 125 00:06:36,160 --> 00:06:38,560 Speaker 1: we talked about we need a new stimulus check. And 126 00:06:38,600 --> 00:06:42,960 Speaker 1: then Black Friday comes around and uh, it's nine billion 127 00:06:42,960 --> 00:06:47,600 Speaker 1: dollars and the online sales, Uh, with Black Friday drop 128 00:06:47,680 --> 00:06:50,080 Speaker 1: in in store traffic. We all knew that why that 129 00:06:50,160 --> 00:06:53,440 Speaker 1: was gonna happen because pandemic and people start offering sales 130 00:06:53,480 --> 00:06:56,520 Speaker 1: prior to the Black Friday day and been the most 131 00:06:56,600 --> 00:06:59,400 Speaker 1: significant thing of that was the was that three point 132 00:06:59,480 --> 00:07:03,440 Speaker 1: six billion that was tied to the smartphone. And so 133 00:07:03,680 --> 00:07:06,359 Speaker 1: when I when I look at everybody's talking about, you know, 134 00:07:06,400 --> 00:07:09,760 Speaker 1: we were having a down economy, the stock market crossed 135 00:07:09,760 --> 00:07:12,760 Speaker 1: over thirty thousand, all these numbers, where is this money 136 00:07:12,800 --> 00:07:16,280 Speaker 1: coming from? Ms Collins? Well, you know, to be honest 137 00:07:16,320 --> 00:07:20,760 Speaker 1: with you, I think that it's a huge disparity, you 138 00:07:20,800 --> 00:07:22,800 Speaker 1: know what I mean? And even in the information that 139 00:07:22,840 --> 00:07:25,280 Speaker 1: we're given, because to be honest with you, in March, 140 00:07:25,360 --> 00:07:27,480 Speaker 1: if we look at the statistic and we first entered 141 00:07:27,520 --> 00:07:32,600 Speaker 1: into the pandemic, African Americans are blacks only participated or 142 00:07:32,680 --> 00:07:36,400 Speaker 1: only about one point six percent of the corporate stocks 143 00:07:36,440 --> 00:07:39,440 Speaker 1: in mutual funds that were held on the market, while 144 00:07:39,440 --> 00:07:44,760 Speaker 1: white held or ninety percent of that value, which means 145 00:07:44,800 --> 00:07:48,400 Speaker 1: that as a Black community, we weren't able to capitalize 146 00:07:48,480 --> 00:07:53,560 Speaker 1: on that sometent some might gain of the SNP since March, 147 00:07:53,960 --> 00:07:56,800 Speaker 1: you know. So that is a huge, I think component 148 00:07:56,920 --> 00:07:59,840 Speaker 1: for us to pay attention to. Even when it comes 149 00:08:00,040 --> 00:08:04,320 Speaker 1: to ownership wealth, the wealth gap that is also pervasive, 150 00:08:04,520 --> 00:08:07,320 Speaker 1: you know, in that over time, even with income and 151 00:08:07,520 --> 00:08:13,480 Speaker 1: education inequality decreasing, the wealth gap is perpetually rising amongst 152 00:08:13,800 --> 00:08:16,400 Speaker 1: whites and blacks. And that's just really sad because of 153 00:08:16,400 --> 00:08:18,920 Speaker 1: the fact that so basically you're saying very shard. Look, 154 00:08:19,240 --> 00:08:20,920 Speaker 1: they are people out there that people who got money. 155 00:08:21,400 --> 00:08:24,280 Speaker 1: Really they always got to keep money or they have money, 156 00:08:24,640 --> 00:08:29,720 Speaker 1: and that's why you see their basically arise in Black 157 00:08:29,720 --> 00:08:32,840 Speaker 1: Friday and then Cyber Monday. They're expecting to do ten 158 00:08:32,960 --> 00:08:37,040 Speaker 1: billion to twelve billion dollars in online sales. We know 159 00:08:37,120 --> 00:08:40,120 Speaker 1: that cyber money is online at least on Black Friday. 160 00:08:40,160 --> 00:08:43,200 Speaker 1: That was right, right, you know, if we think so 161 00:08:43,280 --> 00:08:45,719 Speaker 1: and so, which is really important for people to understand that. 162 00:08:46,200 --> 00:08:49,160 Speaker 1: But I look at African Americans the technology game. You know, 163 00:08:49,280 --> 00:08:51,480 Speaker 1: That's why I mentioned the fact that three point six 164 00:08:51,520 --> 00:08:55,000 Speaker 1: billion of that was smartphones. Have we yet as a 165 00:08:55,040 --> 00:08:58,240 Speaker 1: community starting to understand the value of what that smart 166 00:08:58,280 --> 00:09:02,160 Speaker 1: phone really is besides take pictures and texting and talking 167 00:09:02,160 --> 00:09:05,640 Speaker 1: on it. Right, I think that as a community we 168 00:09:05,800 --> 00:09:10,200 Speaker 1: are we have the understanding of what the benefits and 169 00:09:10,240 --> 00:09:13,200 Speaker 1: what we're how we we could capitalize on that market. 170 00:09:13,600 --> 00:09:16,360 Speaker 1: But it's not all It's not about having the wealth 171 00:09:16,440 --> 00:09:19,000 Speaker 1: or the knowledge that I mean we always have that 172 00:09:19,559 --> 00:09:22,440 Speaker 1: we throw under quote knowledge is power, but I really 173 00:09:22,559 --> 00:09:25,480 Speaker 1: believe knowledge is power, But it's not empowerment, you know 174 00:09:25,480 --> 00:09:27,840 Speaker 1: what I mean. You can read all the books and 175 00:09:27,880 --> 00:09:30,320 Speaker 1: read all the articles, but if you're not empowered to 176 00:09:30,360 --> 00:09:33,240 Speaker 1: be able to take on or or to be able 177 00:09:33,280 --> 00:09:36,959 Speaker 1: to take the opportunity within what's going on in a cycle, 178 00:09:37,440 --> 00:09:39,680 Speaker 1: then it really is not going to have any sort 179 00:09:39,720 --> 00:09:44,280 Speaker 1: of long term, sustainable, durable effect within our community. It's 180 00:09:44,280 --> 00:09:47,560 Speaker 1: not gonna be widespread. So we may understand on the 181 00:09:47,600 --> 00:09:51,400 Speaker 1: surface what the impact of this technology sector is having 182 00:09:51,440 --> 00:09:54,120 Speaker 1: on our lives and our society right now, but are 183 00:09:54,160 --> 00:09:57,200 Speaker 1: we able to participate and partake in the benefits of 184 00:09:57,240 --> 00:10:00,920 Speaker 1: that opportunity right now? And for me or my understanding 185 00:10:00,960 --> 00:10:03,720 Speaker 1: of that, it's it's it's deeper than what's on the surface. 186 00:10:03,760 --> 00:10:07,880 Speaker 1: You know, it's rooted in so many different, uh disparities 187 00:10:07,920 --> 00:10:12,120 Speaker 1: you know that are systemic that Blacks long term or 188 00:10:12,200 --> 00:10:14,679 Speaker 1: for really our existence within this country have not been 189 00:10:14,720 --> 00:10:17,920 Speaker 1: able to partake in or at an equitable level that 190 00:10:17,960 --> 00:10:21,559 Speaker 1: prevents us from being able to capitalize on certain opportunities 191 00:10:21,760 --> 00:10:24,520 Speaker 1: and certain mic market cycles. Well, you know that they 192 00:10:24,640 --> 00:10:27,280 Speaker 1: always always bring that up, because you know, whenever I 193 00:10:27,360 --> 00:10:29,920 Speaker 1: do an interview, you know, people are always talking about budgets. 194 00:10:29,920 --> 00:10:32,120 Speaker 1: You know, we were in the Fourth Court. We are 195 00:10:32,120 --> 00:10:33,920 Speaker 1: in the fourth Court about the close out this year. 196 00:10:34,480 --> 00:10:37,480 Speaker 1: The advice you know, you know I doubt vary says 197 00:10:37,520 --> 00:10:40,200 Speaker 1: if they pass a new stimulus package, and if they 198 00:10:40,200 --> 00:10:42,160 Speaker 1: don't pass a new stimulus package, you know you have 199 00:10:42,320 --> 00:10:44,719 Speaker 1: what you have, we have, the CDC say, and you 200 00:10:44,760 --> 00:10:46,640 Speaker 1: can delay the payment of the rent. Well, guess what 201 00:10:46,760 --> 00:10:49,640 Speaker 1: that delayed payment is due in January. You know the 202 00:10:49,720 --> 00:10:53,640 Speaker 1: holiday tax that Don't trump was was trumpeting. You know 203 00:10:53,800 --> 00:10:56,640 Speaker 1: that bill is going to be due by April one. 204 00:10:56,920 --> 00:10:59,920 Speaker 1: So you have all these delays. But right, how can 205 00:11:00,000 --> 00:11:01,960 Speaker 1: we overcome that and how we don't just wind up 206 00:11:01,960 --> 00:11:05,000 Speaker 1: filing bankruptcy which is unheard of we're used in the 207 00:11:05,000 --> 00:11:08,199 Speaker 1: black community. How do we get over that financial hump 208 00:11:08,280 --> 00:11:11,679 Speaker 1: without help. Well, you know, to be honest with you, 209 00:11:11,800 --> 00:11:15,120 Speaker 1: I really think that help is something that is a 210 00:11:15,160 --> 00:11:17,600 Speaker 1: dire need within our community, you know, not just in 211 00:11:17,600 --> 00:11:20,439 Speaker 1: our community and our society period. And we know that 212 00:11:20,520 --> 00:11:25,000 Speaker 1: any sort of problem does not become a national crisis 213 00:11:25,080 --> 00:11:28,920 Speaker 1: until everyone is affected. You know, these same struggles, the 214 00:11:28,960 --> 00:11:32,200 Speaker 1: struggles that our nation is experiencing right now, Blacks have 215 00:11:32,280 --> 00:11:36,160 Speaker 1: been experiencing this, you know, for decades. So now that 216 00:11:36,200 --> 00:11:39,480 Speaker 1: it's become a national problem, of course there's national help 217 00:11:39,559 --> 00:11:42,480 Speaker 1: and national attention, and to some degree we will be 218 00:11:42,520 --> 00:11:45,520 Speaker 1: the benefactors of that. But it just it to me. 219 00:11:45,640 --> 00:11:49,600 Speaker 1: It just reiterates the importance of always having a plan 220 00:11:49,800 --> 00:11:53,480 Speaker 1: and being mindful of what your strategy is and and 221 00:11:53,720 --> 00:11:57,280 Speaker 1: positioning yourself to be able to take, you know, advantage 222 00:11:57,280 --> 00:12:00,439 Speaker 1: of opportunities. Because every market moves and side goals. The 223 00:12:00,720 --> 00:12:04,680 Speaker 1: housing market moves in cycles, education moves in cycles, the 224 00:12:04,679 --> 00:12:08,080 Speaker 1: stock market moves in cycles, and what goes up all 225 00:12:08,280 --> 00:12:10,800 Speaker 1: eventually comes down. You know that no one has a 226 00:12:10,920 --> 00:12:14,199 Speaker 1: personal ball of when that's going to happen. But for instance, 227 00:12:14,559 --> 00:12:17,600 Speaker 1: when the markets were at all time lows in March, 228 00:12:17,800 --> 00:12:19,960 Speaker 1: how many of us were able to were prepared to 229 00:12:20,000 --> 00:12:23,880 Speaker 1: be able to actually take advantage of those opportunities, you know, 230 00:12:23,960 --> 00:12:26,240 Speaker 1: to be able to buy things at such a low 231 00:12:26,320 --> 00:12:29,320 Speaker 1: or discounted rate so that it sets you up to 232 00:12:29,360 --> 00:12:32,559 Speaker 1: have more of a sustainable future. Things that resources that 233 00:12:32,679 --> 00:12:36,040 Speaker 1: that you're able to tap into in circumstances like this. 234 00:12:36,360 --> 00:12:39,840 Speaker 1: So yes, I definitely think that we're at a point 235 00:12:39,920 --> 00:12:44,520 Speaker 1: now where so many people do need aid and assistance 236 00:12:44,559 --> 00:12:47,560 Speaker 1: that there there really is no way around that. Absolutely. 237 00:12:47,600 --> 00:12:50,080 Speaker 1: And I'm talking to Andrea Collins. She has over fifteen 238 00:12:50,160 --> 00:12:53,280 Speaker 1: years of experience and the investment management industry. She began 239 00:12:53,360 --> 00:12:57,800 Speaker 1: her career mortgage Stanley Wealth Management. Um. You know stock, 240 00:12:58,480 --> 00:13:02,080 Speaker 1: that's I've been dabbling in stock, you know when I 241 00:13:02,160 --> 00:13:04,080 Speaker 1: first started. You know, they said, you know, by the 242 00:13:04,120 --> 00:13:06,400 Speaker 1: stock that you shop at. You know, if if you 243 00:13:06,440 --> 00:13:08,240 Speaker 1: go to home deep or a lot while your stocking 244 00:13:08,280 --> 00:13:10,199 Speaker 1: home Deep or you go you know, if you if 245 00:13:10,240 --> 00:13:12,520 Speaker 1: you buy Apple computer, buy your stock and Apple or 246 00:13:12,600 --> 00:13:15,280 Speaker 1: day or your body stock in dall, there have some 247 00:13:15,360 --> 00:13:19,360 Speaker 1: common sense um rules that once you do when it 248 00:13:19,440 --> 00:13:22,040 Speaker 1: comes to being a novice or entering into stop game 249 00:13:22,120 --> 00:13:24,679 Speaker 1: because of just planning on your experience, because of the 250 00:13:24,760 --> 00:13:27,960 Speaker 1: fact that that's what you do right. Right, I would 251 00:13:28,040 --> 00:13:31,200 Speaker 1: say for anyone that's just starting out or a novice investor, 252 00:13:31,440 --> 00:13:34,800 Speaker 1: the main thing that you need to make sure that 253 00:13:34,920 --> 00:13:38,320 Speaker 1: you pay attention to or incorporate into any sort of 254 00:13:38,360 --> 00:13:41,959 Speaker 1: investment plan, and many of us have heard this word before, 255 00:13:42,040 --> 00:13:46,600 Speaker 1: is diversification. There is no there, there's no full proof 256 00:13:46,720 --> 00:13:50,560 Speaker 1: method to investing. Of course, the riskier your investments are, 257 00:13:50,960 --> 00:13:54,120 Speaker 1: the more you put yourself at. You put yourself on 258 00:13:54,160 --> 00:13:59,320 Speaker 1: an opportunity for high gains but also very very low lows. 259 00:13:59,640 --> 00:14:05,400 Speaker 1: And so having diversification or a mixed basket basket of 260 00:14:05,440 --> 00:14:10,080 Speaker 1: assets basically hedges you against those risks and really prevents 261 00:14:10,120 --> 00:14:13,520 Speaker 1: you from losing everything that you've invested in one fails swoop. 262 00:14:13,920 --> 00:14:17,640 Speaker 1: So when I say diversification, I mean types of assets 263 00:14:17,640 --> 00:14:21,600 Speaker 1: that you own. You know, so whether it's real estate, stocks, bonds, 264 00:14:21,800 --> 00:14:25,560 Speaker 1: mutual funds, CDs, or money markets or any other sorts 265 00:14:25,560 --> 00:14:28,200 Speaker 1: of cash equivalents which right now, with interest rates being 266 00:14:28,200 --> 00:14:31,800 Speaker 1: at an all time low, you know, high investor checking 267 00:14:31,840 --> 00:14:35,000 Speaker 1: accounts or CDs, money markets are really not paying that 268 00:14:35,120 --> 00:14:42,440 Speaker 1: much nothing, nothing, And that's not the black community on 269 00:14:42,520 --> 00:14:45,160 Speaker 1: the community of color used to stash their money in 270 00:14:45,200 --> 00:14:48,840 Speaker 1: some type of account exactly. So there are you know, 271 00:14:48,960 --> 00:14:52,480 Speaker 1: there all are all cash equivalents or alternatives in an 272 00:14:52,600 --> 00:14:56,120 Speaker 1: environment like this, You know, so uh, you do loze 273 00:14:56,160 --> 00:15:00,680 Speaker 1: tapping into your resources. Of course, there's a boatload information 274 00:15:00,720 --> 00:15:03,760 Speaker 1: that's on the internet, that's readily at our fingertips, but 275 00:15:03,840 --> 00:15:06,400 Speaker 1: you don't know what you don't know. It's finally here 276 00:15:06,680 --> 00:15:10,120 Speaker 1: the season of celebration, and no matter how you celebrate 277 00:15:10,120 --> 00:15:13,480 Speaker 1: with family and friends, whether you're preparing for Reyus magos 278 00:15:13,560 --> 00:15:17,120 Speaker 1: or Karamu lighting the Manura, are going to midnight Mass, 279 00:15:17,320 --> 00:15:20,760 Speaker 1: Coals has just what you need to make those traditions special. 280 00:15:21,120 --> 00:15:24,200 Speaker 1: Plus you'll find gifts for all your loved ones. Send 281 00:15:24,280 --> 00:15:28,840 Speaker 1: warm wishes with cozy fleeces, sweaters, loungeware, blankets and throws. 282 00:15:28,880 --> 00:15:32,440 Speaker 1: Support minority owned or founded brands by giving gifts from 283 00:15:32,560 --> 00:15:36,120 Speaker 1: Human Nation and shame moisture, or treat them to everyone's 284 00:15:36,120 --> 00:15:39,560 Speaker 1: favorite active wear from top brands like Nike, Adidas, and 285 00:15:39,680 --> 00:15:43,240 Speaker 1: under Armor. And in the spirit of giving, Coals Cares 286 00:15:43,360 --> 00:15:47,600 Speaker 1: is donating eight million dollars to local nonprofits nationwide committed 287 00:15:47,640 --> 00:15:50,360 Speaker 1: to the health and well being of our communities. No 288 00:15:50,400 --> 00:15:53,680 Speaker 1: matter how you celebrate, when you shop at Coals, you're 289 00:15:53,760 --> 00:15:57,120 Speaker 1: right where you belong. So this season, give with all 290 00:15:57,160 --> 00:16:00,240 Speaker 1: your heart with great gifts from Coals or coals dot com. 291 00:16:00,560 --> 00:16:04,280 Speaker 1: Whether your event needed one room or an entire conference center, 292 00:16:04,400 --> 00:16:08,080 Speaker 1: Hoppin has revolutionized the way people come together. 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Still living in one and manually taking notes, 301 00:16:33,840 --> 00:16:36,400 Speaker 1: start the new year with auto dot ai to generate 302 00:16:36,440 --> 00:16:40,560 Speaker 1: automatic notes for meetings, interviews, or lectures. With auto dot ai, 303 00:16:40,600 --> 00:16:43,920 Speaker 1: you can search the meeting notes, insert images, playback the audio, 304 00:16:44,040 --> 00:16:46,160 Speaker 1: and share them with your friends or coworkers. You can 305 00:16:46,240 --> 00:16:50,080 Speaker 1: capture action items, remember meeting details, and keep everyone informed. 306 00:16:50,240 --> 00:16:53,280 Speaker 1: Auto dot ai works for in person or virtual meetings 307 00:16:53,280 --> 00:16:56,200 Speaker 1: like Zoom, Microsoft Teams, and Google meet. Sign up for 308 00:16:56,240 --> 00:16:59,080 Speaker 1: free at auto dit ai or download the app for free. 309 00:16:59,160 --> 00:17:02,640 Speaker 1: Auto dot a that's O T T E R dot Ai. 310 00:17:02,800 --> 00:17:05,919 Speaker 1: You know, so the knowledge out there is endless. But 311 00:17:05,960 --> 00:17:07,719 Speaker 1: like I said, if you don't know what you don't know, 312 00:17:07,800 --> 00:17:09,960 Speaker 1: you don't even know what questions to ask. You don't 313 00:17:09,960 --> 00:17:14,120 Speaker 1: know where to begin. But that's the importance of professionals 314 00:17:14,119 --> 00:17:16,199 Speaker 1: like myself in our space. I feel like we have 315 00:17:16,320 --> 00:17:20,080 Speaker 1: a duty to disseminate that information amongst our communities, to 316 00:17:20,200 --> 00:17:24,360 Speaker 1: make sure that our our community is knowledgeable and abreast 317 00:17:24,400 --> 00:17:28,600 Speaker 1: of what their options are and what resources are available. So, yeah, 318 00:17:28,640 --> 00:17:32,240 Speaker 1: diversification is the main thing, making sure you're not heavily 319 00:17:32,920 --> 00:17:36,159 Speaker 1: uh allocated in one area over the other, so that 320 00:17:36,280 --> 00:17:39,160 Speaker 1: when you do experience the ups or downs in either 321 00:17:39,280 --> 00:17:42,840 Speaker 1: sector or asset class, it's able to sort of balance out. 322 00:17:43,200 --> 00:17:44,800 Speaker 1: We're kind of talking about this a little bit earlier, 323 00:17:44,840 --> 00:17:46,960 Speaker 1: how to you know, Like, you know, you hear all 324 00:17:46,960 --> 00:17:50,320 Speaker 1: the dire statements about the economy this year. You know, 325 00:17:50,760 --> 00:17:52,840 Speaker 1: first of were locked down for two months, and then 326 00:17:53,240 --> 00:17:56,000 Speaker 1: there was complaints at the six and dollar Care Act 327 00:17:56,119 --> 00:17:58,879 Speaker 1: check was really paying people more than what they had 328 00:17:58,960 --> 00:18:01,840 Speaker 1: made in it daily income, which is absolutely true. I 329 00:18:01,840 --> 00:18:03,879 Speaker 1: wanted to add to that, that is true. My daughter, 330 00:18:04,359 --> 00:18:06,880 Speaker 1: you know, she made like fifteen dollars subways. She could 331 00:18:06,880 --> 00:18:09,919 Speaker 1: have applied for the six hourly cares. We can walk 332 00:18:09,960 --> 00:18:11,680 Speaker 1: through the ten thousand, two hundred dollars that was the 333 00:18:11,760 --> 00:18:14,760 Speaker 1: total amount of payment. So I agree that that system 334 00:18:14,880 --> 00:18:17,399 Speaker 1: was broken, but it was it was processed in the 335 00:18:17,600 --> 00:18:20,040 Speaker 1: in the rushed moment in America needed it because we 336 00:18:20,080 --> 00:18:22,760 Speaker 1: shut down in the rush time in a dire time. 337 00:18:23,119 --> 00:18:25,719 Speaker 1: But we're always wonders to me, and you just kind 338 00:18:25,720 --> 00:18:27,760 Speaker 1: of say that earlier about you know, we always set 339 00:18:27,760 --> 00:18:29,560 Speaker 1: the records. I mean, I think it much of July, 340 00:18:29,840 --> 00:18:32,920 Speaker 1: you know, the stock market set a record. How could 341 00:18:32,920 --> 00:18:36,120 Speaker 1: that be when you have millions of people being unemployed 342 00:18:36,480 --> 00:18:39,960 Speaker 1: and then you have people filing for unemployment and then 343 00:18:40,000 --> 00:18:42,320 Speaker 1: the stock market is just dancing up and down like 344 00:18:42,400 --> 00:18:45,919 Speaker 1: it's everything's cool, right, Well, I think, you know, we 345 00:18:46,000 --> 00:18:50,439 Speaker 1: have to really realize that a huge part of what's 346 00:18:50,480 --> 00:18:55,240 Speaker 1: portrayed even in the median wealth within our country or 347 00:18:55,320 --> 00:19:00,439 Speaker 1: economy and mean wealth meaning the average wealth you know, 348 00:19:00,600 --> 00:19:04,800 Speaker 1: of the black investor or black American is about a 349 00:19:04,880 --> 00:19:07,480 Speaker 1: hundred forty two thousand, whereas the mean wealth of the 350 00:19:07,520 --> 00:19:14,320 Speaker 1: average white American is nine. So the huge disparity shows 351 00:19:14,440 --> 00:19:17,399 Speaker 1: the opportunity and who has the opportunity to partake in 352 00:19:17,480 --> 00:19:21,399 Speaker 1: those type of UH events or cycles. The money is 353 00:19:21,480 --> 00:19:24,440 Speaker 1: there there while there's a I mean, and we even 354 00:19:24,480 --> 00:19:29,080 Speaker 1: saw this how split the country is during this election. 355 00:19:30,960 --> 00:19:34,200 Speaker 1: There there's a huge part of our country that is suffering, 356 00:19:34,359 --> 00:19:36,600 Speaker 1: and then there's a huge part of our country that 357 00:19:36,640 --> 00:19:40,240 Speaker 1: has been had the ability or the capability to work 358 00:19:40,280 --> 00:19:43,639 Speaker 1: from home without a disruption and income, you know, work 359 00:19:43,680 --> 00:19:46,440 Speaker 1: from home and they still have access to the internet, 360 00:19:46,760 --> 00:19:48,720 Speaker 1: work from home, and they're still able to contribute to 361 00:19:48,760 --> 00:19:51,159 Speaker 1: the four oh one case. Fidelity put out a report 362 00:19:51,200 --> 00:19:54,760 Speaker 1: recently that so many of their four oh one K 363 00:19:55,000 --> 00:19:58,359 Speaker 1: plans or investors that they actually are the administrator for 364 00:19:58,560 --> 00:20:02,320 Speaker 1: have not not only cross the million dollar mark for 365 00:20:02,359 --> 00:20:05,760 Speaker 1: the first time in US history, hundreds of thousands of 366 00:20:05,920 --> 00:20:09,560 Speaker 1: four oh one k UH investors or plan holders that 367 00:20:09,600 --> 00:20:13,399 Speaker 1: Fidelity it serves as the administrator for UH, they've actually 368 00:20:13,480 --> 00:20:16,040 Speaker 1: crossed that million dollar mark. And you asked the question, like, 369 00:20:16,119 --> 00:20:19,400 Speaker 1: how is that possible in a country that's so divided, 370 00:20:19,440 --> 00:20:24,199 Speaker 1: where so many people are depending on government assistance, you know, 371 00:20:24,280 --> 00:20:29,760 Speaker 1: not only for their next meal, but for housing, for utilities, 372 00:20:30,200 --> 00:20:33,720 Speaker 1: and but yet most people, even though they have a 373 00:20:33,760 --> 00:20:36,080 Speaker 1: capability to tap into their poe one k without a 374 00:20:36,080 --> 00:20:39,680 Speaker 1: penalty this year, have not taken any loans or distributions, 375 00:20:39,920 --> 00:20:42,960 Speaker 1: or those that have has been very substantially low or 376 00:20:43,160 --> 00:20:45,720 Speaker 1: not exceeded what they actually really really need. So again, 377 00:20:45,760 --> 00:20:49,359 Speaker 1: to me, that just shows a huge economic disparity within 378 00:20:49,400 --> 00:20:52,479 Speaker 1: our within our country and even amongst the middle class. 379 00:20:53,600 --> 00:20:58,160 Speaker 1: Now a term I always get confused about financial literacy 380 00:20:58,359 --> 00:21:01,760 Speaker 1: when I do that is financial literacy. And I know 381 00:21:01,840 --> 00:21:05,000 Speaker 1: you involved in financial literacy, and how can a listener 382 00:21:05,240 --> 00:21:09,960 Speaker 1: educate themselves on being financial financially literate? Well, you know, 383 00:21:10,040 --> 00:21:13,280 Speaker 1: I think that when it comes to financial literacy, and yes, 384 00:21:13,320 --> 00:21:18,080 Speaker 1: you're right. I have taught many, many courses for organizations, 385 00:21:18,240 --> 00:21:22,119 Speaker 1: for for elementary schools, even for high school students, and 386 00:21:22,160 --> 00:21:25,679 Speaker 1: it never fails. With each class, I have more than 387 00:21:25,720 --> 00:21:27,879 Speaker 1: one student telling me how come no one ever taught 388 00:21:27,920 --> 00:21:30,280 Speaker 1: me this before? How come I didn't know this? Or 389 00:21:30,320 --> 00:21:32,600 Speaker 1: where can I find out more about this? And then 390 00:21:32,640 --> 00:21:34,920 Speaker 1: you have the few in the class that they're like, oh, yeah, 391 00:21:34,920 --> 00:21:37,760 Speaker 1: I have a stock portfolio or I know about this, 392 00:21:37,880 --> 00:21:39,800 Speaker 1: And it really has nothing to do with race. I'm 393 00:21:39,800 --> 00:21:41,960 Speaker 1: not gonna say one or the over the other, you 394 00:21:41,960 --> 00:21:44,520 Speaker 1: know what I mean, But some children are exposed but 395 00:21:44,560 --> 00:21:46,440 Speaker 1: for the most part, a lot of them are not 396 00:21:46,600 --> 00:21:50,800 Speaker 1: exposed to just the basics of financial literacy. How does 397 00:21:50,840 --> 00:21:54,560 Speaker 1: a bank account operate, you know, how do you pay bills? 398 00:21:54,680 --> 00:21:57,240 Speaker 1: How do you with some mortgage? How does lending work? 399 00:21:57,280 --> 00:21:59,520 Speaker 1: How does credit work? And then you get into the 400 00:21:59,600 --> 00:22:03,840 Speaker 1: more nuanced part of financial literacy, which comes to wealth 401 00:22:03,880 --> 00:22:06,480 Speaker 1: management or investing in the stock market, and how how 402 00:22:06,480 --> 00:22:10,040 Speaker 1: does that part of the economy work? Um, And I 403 00:22:10,080 --> 00:22:13,240 Speaker 1: think before you even move into that portion, just the 404 00:22:13,240 --> 00:22:17,320 Speaker 1: bare basis of managing finance, the practical application of what 405 00:22:17,720 --> 00:22:22,920 Speaker 1: it means to be responsible, to be a good steward 406 00:22:23,200 --> 00:22:26,600 Speaker 1: over what your resources are, how much ever your resources are, 407 00:22:26,640 --> 00:22:29,800 Speaker 1: to actually be a good steward and manager of what 408 00:22:29,880 --> 00:22:34,000 Speaker 1: you have. I think that's a huge thing that is lacking, um, 409 00:22:34,040 --> 00:22:37,119 Speaker 1: not only in the educational system, but within you know, 410 00:22:37,320 --> 00:22:40,880 Speaker 1: our families, and the transparency of that. You know, I've 411 00:22:40,880 --> 00:22:44,159 Speaker 1: been fortunate in my life economically and been able to 412 00:22:44,600 --> 00:22:49,000 Speaker 1: handle money correctly, but really, and I say this to 413 00:22:49,119 --> 00:22:52,600 Speaker 1: myself personally. I remember I was mentored by a gentleman 414 00:22:52,760 --> 00:22:54,840 Speaker 1: and he was just telling Ruchan, just put fifty a 415 00:22:54,840 --> 00:22:57,280 Speaker 1: month and that's all about I said, about years old 416 00:22:57,280 --> 00:23:01,159 Speaker 1: at the time, and So it really is if you 417 00:23:01,320 --> 00:23:04,280 Speaker 1: if you start early in life, start very early, you 418 00:23:04,280 --> 00:23:07,800 Speaker 1: can put up put these put aside small amounts that 419 00:23:07,880 --> 00:23:10,280 Speaker 1: would benefit you long term if you're consistent with those 420 00:23:10,320 --> 00:23:12,520 Speaker 1: small amount deposits, whether it's a hundred dollars a month 421 00:23:12,880 --> 00:23:15,440 Speaker 1: or fifty dollars a month, versus trying to catch up 422 00:23:15,760 --> 00:23:19,000 Speaker 1: when your forties and fifties. Talk about that that algorithm 423 00:23:19,040 --> 00:23:22,520 Speaker 1: of just you know, of the dollar calls averaging compounding, 424 00:23:22,840 --> 00:23:27,560 Speaker 1: right of how of how just a small contribution, uh 425 00:23:27,760 --> 00:23:30,760 Speaker 1: once it compounds over time. And I think that's the 426 00:23:30,840 --> 00:23:35,000 Speaker 1: part that many don't realize. Yes, there are people that 427 00:23:35,119 --> 00:23:39,080 Speaker 1: have large inheritances or they receive a trust fund, but 428 00:23:39,240 --> 00:23:43,040 Speaker 1: for the average American, it really just boils down to 429 00:23:43,680 --> 00:23:50,000 Speaker 1: time and work, you know, and in discipline, inconsistency and 430 00:23:50,160 --> 00:23:54,320 Speaker 1: doing having that discipline and consistency over time. Like you said, 431 00:23:54,359 --> 00:23:56,919 Speaker 1: such a small amount fifty dollars, if you were to 432 00:23:56,960 --> 00:23:59,080 Speaker 1: start that for a child or even you know how 433 00:23:59,119 --> 00:24:02,679 Speaker 1: Corey Booker will propose the baby bond where every child 434 00:24:02,800 --> 00:24:05,399 Speaker 1: born receives a thousand dollars at birth and by the 435 00:24:05,440 --> 00:24:09,080 Speaker 1: time they're eighteen it should compound into about fifty dollars 436 00:24:09,160 --> 00:24:11,800 Speaker 1: or so, which you know at eighteen years old, if 437 00:24:11,840 --> 00:24:15,399 Speaker 1: you have that access to that type of capital, what 438 00:24:15,480 --> 00:24:16,960 Speaker 1: can you do? You can go put a down payment 439 00:24:17,000 --> 00:24:19,119 Speaker 1: on a home. You know, the path to home ownership, 440 00:24:19,200 --> 00:24:23,480 Speaker 1: we know is a huge component of generating generational wealth, 441 00:24:23,640 --> 00:24:26,280 Speaker 1: you know, which so many in our community do not 442 00:24:26,400 --> 00:24:29,199 Speaker 1: have access to. So just starting with such a small 443 00:24:29,280 --> 00:24:32,680 Speaker 1: amount and allowing that amount to compound over time, I'm 444 00:24:32,680 --> 00:24:36,240 Speaker 1: not saying being an investor or a guru when it 445 00:24:36,280 --> 00:24:39,080 Speaker 1: comes to being the greatest latest stock picker. It's it's 446 00:24:39,119 --> 00:24:43,520 Speaker 1: more so about the longevity and your timezon horizon and 447 00:24:43,560 --> 00:24:47,760 Speaker 1: the ability to withstand certain market cycles and eventually you 448 00:24:47,800 --> 00:24:50,240 Speaker 1: will benefit from those games. Of course, there will be 449 00:24:50,320 --> 00:24:54,600 Speaker 1: ups and downs over that time longer time or rights, 450 00:24:54,640 --> 00:24:57,840 Speaker 1: and you give yourself you you have the ability to 451 00:24:57,480 --> 00:25:01,080 Speaker 1: to capitalize on those games. Because talk about the cultivation 452 00:25:01,119 --> 00:25:03,879 Speaker 1: of wealth, you know, that's the whole process. Because like 453 00:25:03,920 --> 00:25:05,960 Speaker 1: I said, you know, I look back at my life 454 00:25:06,080 --> 00:25:08,359 Speaker 1: and I went, man, shouldn't have pulled out there. I 455 00:25:08,359 --> 00:25:10,760 Speaker 1: can tell you I owned the Intel stock at one time, 456 00:25:11,240 --> 00:25:14,280 Speaker 1: I owned the home depost stock, owned the Apple stock. 457 00:25:14,320 --> 00:25:16,199 Speaker 1: I owned all that, you know, But I was I 458 00:25:16,240 --> 00:25:18,720 Speaker 1: was one of those guys who danced dance. Oh that's 459 00:25:18,920 --> 00:25:23,720 Speaker 1: that's moving fast, and I just didn't sit there. I remember, uh, 460 00:25:23,760 --> 00:25:26,280 Speaker 1: you know, birch Stock was twelve hundred dollars. I could 461 00:25:26,280 --> 00:25:28,520 Speaker 1: have that was like fifteen years ago and I could 462 00:25:28,520 --> 00:25:30,399 Speaker 1: have gotten in, but I went that stopped too high. 463 00:25:30,520 --> 00:25:34,040 Speaker 1: I'm about twenty dollar kmart stock. You know. So really 464 00:25:34,040 --> 00:25:36,400 Speaker 1: it's about knowledge and information and that's when it gets 465 00:25:36,400 --> 00:25:39,520 Speaker 1: you to you know, cultivating wealth with information and knowledge. 466 00:25:39,600 --> 00:25:42,639 Speaker 1: That's what this is all about, exactly. And then also 467 00:25:42,720 --> 00:25:47,040 Speaker 1: I think, um, you shouldn't have the pressure to put 468 00:25:47,040 --> 00:25:49,560 Speaker 1: you shouldn't put that pressure on yourself. You know, there 469 00:25:49,560 --> 00:25:55,200 Speaker 1: are profession Maria. I was one of those people, you know, 470 00:25:56,440 --> 00:26:02,600 Speaker 1: don't trust nobody but myself. Okay, but you much cultural 471 00:26:02,960 --> 00:26:05,480 Speaker 1: right right right, because we have to we know we 472 00:26:05,480 --> 00:26:07,879 Speaker 1: I'm probably with the vaccine right now because it's exact 473 00:26:08,359 --> 00:26:11,240 Speaker 1: and so so you're saying from from rush and stop 474 00:26:11,480 --> 00:26:14,720 Speaker 1: burden yourself. Create a relationship with an expert, and that's 475 00:26:14,760 --> 00:26:16,680 Speaker 1: who you are. You are an expert. Talk about yourself 476 00:26:16,680 --> 00:26:19,919 Speaker 1: exactly exactly. So you know that is one thing I 477 00:26:19,920 --> 00:26:23,560 Speaker 1: think you know that there's there's so many different paths 478 00:26:23,680 --> 00:26:28,480 Speaker 1: to lessening this wealth gap you know, between black and white. 479 00:26:28,480 --> 00:26:29,880 Speaker 1: And I hate to make it about black and white, 480 00:26:29,880 --> 00:26:31,800 Speaker 1: but really that's what it really is about, you know, 481 00:26:31,840 --> 00:26:35,200 Speaker 1: a huge part in this country. Um. But of course 482 00:26:35,240 --> 00:26:38,880 Speaker 1: there's policy and then there's there's a reform that can 483 00:26:39,040 --> 00:26:42,840 Speaker 1: help close that guy. And there's also cultural things that 484 00:26:42,920 --> 00:26:44,840 Speaker 1: we can do as a community. And one thing that 485 00:26:44,920 --> 00:26:48,160 Speaker 1: we are not we're not we're not really transparent when 486 00:26:48,200 --> 00:26:51,080 Speaker 1: it comes to find it, you know, within our within 487 00:26:51,480 --> 00:26:55,160 Speaker 1: our families, you know, amongst our friends, even amongst professionals. 488 00:26:55,160 --> 00:26:58,720 Speaker 1: There's there's always some wall or some barrier or something 489 00:26:58,720 --> 00:27:01,000 Speaker 1: that you don't want to fully disc flows. But oftentimes 490 00:27:01,000 --> 00:27:05,000 Speaker 1: it stifles us, you know, because we don't share the information. 491 00:27:05,320 --> 00:27:07,479 Speaker 1: You know, we're not transparent about what we know and 492 00:27:07,480 --> 00:27:10,040 Speaker 1: what we don't know, and it can be a hindrance 493 00:27:10,119 --> 00:27:13,359 Speaker 1: or services an obstacle to really really achieving because we 494 00:27:13,560 --> 00:27:16,440 Speaker 1: were not transparent about what our needs are or what 495 00:27:16,520 --> 00:27:18,639 Speaker 1: we have or what we like to achieve, you know. 496 00:27:18,800 --> 00:27:21,959 Speaker 1: So yeah, and the trust factor is huge within our 497 00:27:22,080 --> 00:27:26,320 Speaker 1: our community. So there are cultural barriers to the wealth 498 00:27:26,359 --> 00:27:29,439 Speaker 1: disparity as well. So with that being said, you know, 499 00:27:29,480 --> 00:27:35,480 Speaker 1: trust factor, knowledge, financial literacy, what really is stunting ability 500 00:27:35,600 --> 00:27:38,600 Speaker 1: to achieve wealth in the black community. What really, if 501 00:27:38,640 --> 00:27:40,280 Speaker 1: you have to put your finger on it, what is 502 00:27:40,320 --> 00:27:44,280 Speaker 1: really stopping us? You know, I it's such a dynamic 503 00:27:44,520 --> 00:27:48,320 Speaker 1: and wicked problem, so to speak, quote unquote, because if 504 00:27:48,359 --> 00:27:51,640 Speaker 1: you look at it systemically, you know, over time there 505 00:27:51,640 --> 00:27:54,119 Speaker 1: have been obstacles or barriers that have been put in 506 00:27:54,240 --> 00:27:57,080 Speaker 1: place for us to not be able to partake in 507 00:27:57,240 --> 00:28:02,439 Speaker 1: certain societal gains that basically enhanced the black middle class. 508 00:28:02,440 --> 00:28:04,520 Speaker 1: Like if you look at the beginning from the eighteen hundreds, 509 00:28:04,840 --> 00:28:09,720 Speaker 1: when freedman savings and loans collapse, then that is what 510 00:28:09,880 --> 00:28:13,480 Speaker 1: started our mistrust in the banking system when that collapsed. 511 00:28:13,800 --> 00:28:17,480 Speaker 1: And then the late eighteen hundreds, insurance companies had like 512 00:28:17,520 --> 00:28:20,359 Speaker 1: explicit discrimination when it came to policy, So any Blacks 513 00:28:20,359 --> 00:28:22,960 Speaker 1: that own an insurance policy, our policies were only worth 514 00:28:23,160 --> 00:28:26,399 Speaker 1: one third of what a white policy, white person's or 515 00:28:26,400 --> 00:28:28,919 Speaker 1: white Americans policy was worth. And of course in the 516 00:28:29,040 --> 00:28:31,800 Speaker 1: nineteen hundreds we know Black Wall Street, you know in 517 00:28:31,880 --> 00:28:34,960 Speaker 1: Tulsa and the destruction of that. And then in the 518 00:28:34,960 --> 00:28:37,840 Speaker 1: thirties there's red lighting, and then you go into the 519 00:28:37,880 --> 00:28:42,480 Speaker 1: disparities or with social security and how black domestic workers 520 00:28:42,520 --> 00:28:45,320 Speaker 1: and farm workers weren't able to qualify for Social Security, 521 00:28:45,320 --> 00:28:48,840 Speaker 1: and then you get into World World War two when 522 00:28:49,240 --> 00:28:53,320 Speaker 1: black veterans could not like explicitly take part in the 523 00:28:53,360 --> 00:28:56,920 Speaker 1: g I Bill. So like, there's been systemic things over 524 00:28:57,000 --> 00:29:02,240 Speaker 1: time or over hundreds of years, have perpetuated this divide, 525 00:29:02,480 --> 00:29:05,920 Speaker 1: you know. And then not to mention with all of 526 00:29:05,960 --> 00:29:08,880 Speaker 1: that happening, home ownership, like I said in the beginning 527 00:29:08,880 --> 00:29:12,480 Speaker 1: the conversation, is one of the major paths to wealth 528 00:29:12,640 --> 00:29:18,440 Speaker 1: preservation um inter generational wealth transfer across our entire nation. 529 00:29:19,080 --> 00:29:22,600 Speaker 1: So I think maybe in the beginning of twenty nineteen, 530 00:29:23,080 --> 00:29:26,320 Speaker 1: over seventy of white Americans owned a home, while less 531 00:29:26,320 --> 00:29:30,320 Speaker 1: than forty of Black Americans owned their actual home. So 532 00:29:30,600 --> 00:29:34,760 Speaker 1: home ownership in eradicating sort of like those type of 533 00:29:34,760 --> 00:29:38,360 Speaker 1: policies that have prevented us from being able to be 534 00:29:38,480 --> 00:29:41,440 Speaker 1: on a consistent path to home ownership, I think is 535 00:29:41,560 --> 00:29:44,800 Speaker 1: one of the hugest or most pervasive problems as far 536 00:29:44,840 --> 00:29:49,840 Speaker 1: as intergenerational wealth transfer. Not to mention income inequality, and 537 00:29:49,880 --> 00:29:53,760 Speaker 1: then the educational disparities and the pandemic really damage this 538 00:29:53,880 --> 00:29:57,080 Speaker 1: even more because it caused roughly of the black owned 539 00:29:57,080 --> 00:30:00,960 Speaker 1: businesses to close and exactrivating for real need, so which 540 00:30:00,960 --> 00:30:02,600 Speaker 1: it believes that when you go to a bank, they're 541 00:30:02,600 --> 00:30:04,960 Speaker 1: gonna look at you like when you had the PPP 542 00:30:05,120 --> 00:30:06,760 Speaker 1: out there. We were the last to get it or 543 00:30:06,800 --> 00:30:09,320 Speaker 1: didn't get it at all. So it's about race and 544 00:30:09,400 --> 00:30:12,640 Speaker 1: overcoming race. And I always tell people you overcome racism 545 00:30:12,680 --> 00:30:16,080 Speaker 1: by created relationships by going to a bank instead of 546 00:30:16,120 --> 00:30:18,800 Speaker 1: just cashing your check ship down with the loan officer. 547 00:30:19,480 --> 00:30:23,000 Speaker 1: Trust because people can, people can give you some things 548 00:30:23,040 --> 00:30:25,320 Speaker 1: and tell you, I advise you how you can slowly 549 00:30:25,360 --> 00:30:28,560 Speaker 1: grow into a loan building relationship. I'm not saying you're 550 00:30:28,600 --> 00:30:29,960 Speaker 1: gonna go in there and get you a hundred thousand 551 00:30:29,960 --> 00:30:33,160 Speaker 1: dollars off the time, but maybe get ten, pay back 552 00:30:33,200 --> 00:30:35,720 Speaker 1: that ten, then that becomes twenty. And I think that 553 00:30:35,720 --> 00:30:38,920 Speaker 1: people need to understand that growth happens over over a 554 00:30:39,000 --> 00:30:42,520 Speaker 1: period of time of time. Exactly. It takes time. It 555 00:30:42,520 --> 00:30:46,000 Speaker 1: takes time to cultivate relationships. It takes time to show 556 00:30:46,400 --> 00:30:50,400 Speaker 1: um your ability and your buy it. You know what 557 00:30:50,480 --> 00:30:53,560 Speaker 1: I mean. You're buying into the situation, You're buying into progress. 558 00:30:53,880 --> 00:30:58,520 Speaker 1: All of that takes time and cultivation and intentional cultivation. Well, 559 00:30:58,520 --> 00:31:00,800 Speaker 1: you know, Andrea, I want to appreciate you coming on 560 00:31:00,840 --> 00:31:02,959 Speaker 1: the show. You know, I can actually talk to you 561 00:31:03,000 --> 00:31:07,040 Speaker 1: for another thirty minutes because I really because you know, 562 00:31:06,760 --> 00:31:09,440 Speaker 1: you know, because you know, as much success as I 563 00:31:09,480 --> 00:31:13,200 Speaker 1: claim to have, I'm learning and that's important. And also 564 00:31:13,680 --> 00:31:16,120 Speaker 1: I'm willing to reveal my mistakes and I think that's 565 00:31:16,320 --> 00:31:18,480 Speaker 1: that's a gift that you have to be able to 566 00:31:18,520 --> 00:31:20,960 Speaker 1: allow me to set of being comfortably lay my head 567 00:31:21,000 --> 00:31:23,640 Speaker 1: on the college with Sean, what did you make the mistakes? Well, 568 00:31:24,080 --> 00:31:26,120 Speaker 1: when I was twenty four, I should listen to Paul 569 00:31:26,400 --> 00:31:28,320 Speaker 1: when he told me to deliver fifty dollars a month, 570 00:31:28,520 --> 00:31:34,160 Speaker 1: right right, right right, you know exactly and somebody else 571 00:31:34,240 --> 00:31:36,640 Speaker 1: have that history within our family, you know what I mean, 572 00:31:36,880 --> 00:31:40,400 Speaker 1: Like I'm in this industry, but a huge part of 573 00:31:40,440 --> 00:31:45,560 Speaker 1: my success or you know, progression is being transparent about 574 00:31:45,720 --> 00:31:47,440 Speaker 1: what you were taught and you know what I mean, 575 00:31:47,520 --> 00:31:50,240 Speaker 1: and what lessons you've learned along the way, the mistakes 576 00:31:50,240 --> 00:31:52,400 Speaker 1: that you've made, the things that have been passed down 577 00:31:52,480 --> 00:31:56,000 Speaker 1: mindsets when it comes to money and finance with in 578 00:31:56,040 --> 00:31:59,239 Speaker 1: my own family, you know, and addressing that type of 579 00:32:00,040 --> 00:32:04,360 Speaker 1: those types of conflicts, so and then moving past it. Cool. Well, 580 00:32:04,400 --> 00:32:05,760 Speaker 1: I want to thank you for coming on money Making 581 00:32:05,760 --> 00:32:09,640 Speaker 1: Conversations and college. What does the ale stand fund? Ale? 582 00:32:10,480 --> 00:32:12,959 Speaker 1: Let's Sean? Okay, sound like a Southern name, right there, 583 00:32:13,040 --> 00:32:16,480 Speaker 1: Las Shawn, right there? But no problem, Berkeley Grad doing 584 00:32:16,480 --> 00:32:19,880 Speaker 1: your thing. Please come back on Money Making Conversations. Thank 585 00:32:19,920 --> 00:32:21,920 Speaker 1: you most definitely okay. If you want to heed more 586 00:32:21,920 --> 00:32:25,960 Speaker 1: money making conversations, subscribe to money Making Conversation YouTube channel 587 00:32:26,360 --> 00:32:29,800 Speaker 1: or to my podcast. Also I'm syndicated again. Go to 588 00:32:29,840 --> 00:32:31,560 Speaker 1: money Making Conversation dot com if you want to hear 589 00:32:31,560 --> 00:32:33,760 Speaker 1: an interview as well. My name is R. Sean McDonald. 590 00:32:33,880 --> 00:32:39,840 Speaker 1: I'm your host. In this season of giving, Cools has 591 00:32:39,840 --> 00:32:42,360 Speaker 1: gifts for all your loved ones. For those who like 592 00:32:42,440 --> 00:32:46,480 Speaker 1: to keep it cozy, find fleeces, sweaters, loungeware, blankets and throws, 593 00:32:46,880 --> 00:32:50,280 Speaker 1: or support minority owned or founded brands by giving gifts 594 00:32:50,320 --> 00:32:53,880 Speaker 1: from Human Nation and Shame Moisture and in the spirit 595 00:32:53,880 --> 00:32:57,440 Speaker 1: of giving, Coals Cares is donating eight million dollars to 596 00:32:57,520 --> 00:33:01,160 Speaker 1: local nonprofits nationwide. 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