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Speaker 2: Hi, Alena, it is your term. That's right, Eyl takeover.

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Speaker 2: Will we come into Atlanta y'all?

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Speaker 3: Yes? January twenty fifth. January twenty sixth two day event

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Speaker 3: we have Starting out January twenty fifth, live podcast. We

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Speaker 3: have PTG boys. They're killing the car industry right now.

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Speaker 3: Brandon Medford EYL alumni and his two partners will be there.

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Speaker 3: Mister and missus two weeks out killing the fitness game

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Speaker 3: in Atlanta. Yeah, the first couple of Atlanta. They will

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Speaker 3: be guested none other than one of the top realtors

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Speaker 3: in Atlanta, Keanna Watson, top five percent realtor in Atlanta,

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Speaker 3: will be there to talk about Atlanta real estate. And

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Speaker 3: also the legend himself, Curate Burns Curative Culture Kenny Burns

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Speaker 3: EYO alumni will be our guest. We will have other

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Speaker 3: alumni in the building. We will have following the live

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Speaker 3: podcast is an open bar, private dinner, private networking event.

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Speaker 3: It's going to be crazy.

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Speaker 4: That's just day one.

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Speaker 3: Day two we have a workshop planned for you guys.

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Speaker 3: We have Alex good Energy, the King of Trucking EYOL alumni.

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Speaker 3: We have Andy from Y two K Credit Solutions about

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Speaker 3: credit around EYOL alumni, MG, the mortgage Guy EYOL alumni

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Speaker 3: will be in the building to talk about real estate

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Speaker 3: for financing your real estate deal. And then also the

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Speaker 3: King of Wholesaling, Max Maxwell and EYO alumni himself be

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Speaker 3: in there to teach real estate wholesaling. So today event

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Speaker 3: All the information is on our website.

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Speaker 4: And over now.

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Speaker 3: Don't wait till it's too late. Get your tickets Atlanta.

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Speaker 3: We will see you soon. Can't wait to touch the TEMs.

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Speaker 2: Right, don't wait, don't hesitate going on lead your dot

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Speaker 2: com right now, hit events stap.

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Speaker 4: We'll see you there.

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Speaker 3: All right, guys, welcome back, ey L Maryland Edition. DC Edition. Actually, yeah,

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Speaker 3: shout outs to DC, shout outs the District of Columbia

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Speaker 3: for sure. So before we start, we just got to

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Speaker 3: think you guys, we had a crazy event this morning

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Speaker 3: and you also had a crazy event as well, so

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Speaker 3: don't talk about that for sure. But yeah, yeah, we

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Speaker 3: had a crazy, crazy event. Day two will be tomorrow,

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Speaker 3: will by the time you hit it'll be over. But

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Speaker 3: the DC Weekend d MV Weekend with a tremendous success

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Speaker 3: in Atlanta. We're coming next. That's our next stop. January

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Speaker 3: twenty fifth and January twenty sixth, we headed to the

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Speaker 3: A going our way. We're going to do it big

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Speaker 3: out there for the whole weekend.

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Speaker 2: So a big shout out to Capital Events Group Man

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Speaker 2: Sharani Tiarhani Ida Man. He did an amazing job putting

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Speaker 2: that together. So definitely shout out to him. Man, if

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Speaker 2: you're in the DC area and you need an event plan,

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Speaker 2: hit my man out man.

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Speaker 3: The most the most important person. Yeah, sure, that's that's

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Speaker 3: a fact. That's the fact. So all right, I'm excited

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Speaker 3: about this episode for a few different reasons. A lot

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Speaker 3: of people they always tag us like who they want

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Speaker 3: to see that we try to accommodate as much as

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Speaker 3: we possibly can. So Keezier Williams if you don't know,

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Speaker 3: she's the CEO of Black Upstart And yeah, she has

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Speaker 3: that signature.

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Speaker 5: Man, listen, you got drag it out man.

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Speaker 4: It's like seven a's and then the end it's like three.

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Speaker 5: Inns and then like another.

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Speaker 3: Now she's really dope. She's a big proponent of financial literacy.

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Speaker 3: She's a big proponent of entrepreneurships, definitely in our community

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Speaker 3: and teaching, teaching entrepreneurship. She has a whole program. We're

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Speaker 3: gonna talk about that. So one of the things I

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Speaker 3: like about her, like if you follow her Instagram page,

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Speaker 3: is that she always like posts like these Twitter posts

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Speaker 3: that she puts up and it's like seven different ones,

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Speaker 3: so you always got to go to the sextual. But

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Speaker 3: it's like real life you got slots to left left.

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Speaker 3: But it's real life, common sense stuff that people can use.

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Speaker 3: And a lot of times people they've been asking us like,

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Speaker 3: you know, we love all of this high finance and

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Speaker 3: stuff like this, but how do I pick my full

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Speaker 3: one k? Or like how do I budget? Prop? How

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Speaker 3: do I start a business? So these are all things

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Speaker 3: that she posts, like on a daily basis on Instagram

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Speaker 3: and I'm sure all other social media outlets. Is why

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Speaker 3: I follow on Instagram and also with her company, the

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Speaker 3: Black up Start. They help people start businesses, like they

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Speaker 3: give them the fundamentals of how to start a business so.

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Speaker 2: Employed people, Like that's one of the things like we

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Speaker 2: have a lot of entrepreneurs, but how many can employ people?

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Speaker 2: I think that's that's commendable that point.

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Speaker 5: But I love it though.

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Speaker 3: So so all right, so first and foremost, thank you

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Speaker 3: for joining us. Appreciate it, thank.

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Speaker 5: You for having me. I have said congratulations to you,

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Speaker 5: vote on your events, and I feel like I saw

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Speaker 5: the Instagram stories and it was like people upon people

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Speaker 5: all this black excellency.

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Speaker 3: Yeah, so we had too. You you had an event,

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Speaker 3: Black Upstart had an event, and then your lesion had

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Speaker 3: an event. We didn't know we was having events, and

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Speaker 3: so the events was already set, but we had events

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Speaker 3: at the same time pretty much. Yah. But but it

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Speaker 3: was dope.

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Speaker 4: You know.

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Speaker 3: That's just that's just that's just that just means that

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Speaker 3: the energy is out there and you know, it's the

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Speaker 3: time for financial literacy and entrepreneurship.

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Speaker 4: The communities already, man, so that's even more so.

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Speaker 3: Can you tell us your journey how you became an entrepreneur, because,

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Speaker 3: like I said off camera, but you, I like for

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Speaker 3: a few different reasons, but one of the reasons is

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Speaker 3: that you you have it what we call like a

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Speaker 3: traditional job. We'll talk about that, but you have a

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Speaker 3: company as well. A lot of time people feel like

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Speaker 3: it's one or the other, right, and it's not true.

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Speaker 3: Like even Troy Chroice is an educator and he's an

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Speaker 3: entrepreneur as well. Entrepreneur So, but the hardest part, I

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Speaker 3: think for most people is mindset. Like we will talk

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Speaker 3: about strategy and all that all day long, but the

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Speaker 3: mindset is the most important thing. And it's very difficult

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Speaker 3: for somebody to leave or to jump off the porch

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Speaker 3: and to land into somewhere where it's kind of unknown.

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Speaker 3: You don't really know. It's like type walking with no

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Speaker 3: safety net. So how did you start your entrepreneur journey?

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Speaker 5: Okay, that's a great, great question. So I like to

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Speaker 5: tell folks that the nine to five is a fixed

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Speaker 5: and come. So, you work eight hours, you get paid.

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Speaker 5: Eight hours, you work ten hours, you get paid, eight hours,

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Speaker 5: you work twelve hours, you get paid. How many hours

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Speaker 5: you get paid? Hey hour. It's a fixed income. And

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Speaker 5: it's one of those things that I wasn't taught growing up.

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Speaker 5: So like I was taught that the definition of success

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Speaker 5: was you go to high school and you get a diploma.

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Speaker 5: You go to college, you get a degree, and then

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Speaker 5: you go and get a good government job with benefits,

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Speaker 5: and then you retire. And that's the definition of success.

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Speaker 2: Yeah.

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Speaker 5: So when I graduated from college, I did exactly what

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Speaker 5: my mother told me to do, and I spent six

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Speaker 5: years working for the federal government and I worked in

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Speaker 5: counter intelligence, counter weapons, and master instruction counter terrorism. I

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Speaker 5: had a clearance, a top secret sci full scope polygraph.

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Speaker 5: Only thirteen thousand people in the nation have that clearance.

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Speaker 5: But I would go to work every day at nine am.

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Speaker 5: At five pm, I would run out as fast as

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Speaker 5: I could, and during the time when I would be

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Speaker 5: off of work, I would participate in endeavors that I started.

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Speaker 5: And at that point I didn't consider myself an entrepreneur.

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Speaker 5: So one of the endeavors that I participated in was

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Speaker 5: Young and Power for Obama, which I was telling you about.

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Speaker 5: And this was an initiative that galvanized young black professionals

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Speaker 5: across the country to raise money for then Senator Obama.

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Speaker 5: This was in two thousand and eight, Yeah, when he

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Speaker 5: was Senator Obama, and it was young Black professionals from

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Speaker 5: six different cities. We would host fundraisers. The fundraisers would

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Speaker 5: cost anywhere between twenty to fifty dollars and we would

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Speaker 5: donate one hundred percent of the money to the campaign.

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Speaker 5: Before he was elected, we raised a quarter of a

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Speaker 5: million dollars. And when he was elected and became President,

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Speaker 5: Barack Obama mathro President. We hosted a collection of innaugural events.

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Speaker 5: Reverend Al Sharpton came, We had Jesse Jackson, he was there. Oprah.

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Speaker 5: She drove by the car, she waved the wave, counted

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Speaker 5: I want to open one day, shake her hand. We

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Speaker 5: all going to shake her hand.

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Speaker 4: Yeah, But it was.

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Speaker 5: A great event. We raised another quarter of a million dollars,

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Speaker 5: so I was about half million dollars by time everything

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Speaker 5: was said and done. In the entire time, I was

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Speaker 5: working nine am to five pm, and I was working

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Speaker 5: young in Power for Obama from six pm to about

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Speaker 5: one am in the morning. But when everything ended, folks

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Speaker 5: started saying, you know what I mean, Raising money for

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Speaker 5: President Obama was great, but I was only interested in

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Speaker 5: politics just because of him, And so folks began to

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Speaker 5: really ask the question like what was next? And what

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Speaker 5: came from that? Is a nonprofit that I started, Capital Cause,

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Speaker 5: where I trained young black philanthropists to raise money for

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Speaker 5: startup nonprofit organizations, and we had five thousand members. We

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Speaker 5: raised about sixty thousand dollars and gave away five thousand

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Speaker 5: dollars grands to these businesses. And still throughout all of that,

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Speaker 5: I did not consider myself an entrepreneur.

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Speaker 4: What inspires you to take that route?

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Speaker 5: Right?

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Speaker 4: You raised money for politics? What said? You know what

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Speaker 4: entrepreneurs are? Yes?

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Speaker 5: Yes, So it was a six your work for the

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Speaker 5: federal government. And as I was telling Rasha, my boss

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Speaker 5: is switched up and I was working for white men

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Speaker 5: at that time. I switched up to a white woman,

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Speaker 5: and we sat down and she said to me that,

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Speaker 5: you know, I don't think that you're qualified to do

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Speaker 5: this work. And I was like, well, why don't you

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Speaker 5: think I'm qualified? And she was like, because you don't

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Speaker 5: have a PhD, you don't have a master's degree, you

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Speaker 5: have a bachelor's degree, and here you are writing national

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Speaker 5: security reports that the Vice President of the United States

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Speaker 5: are seeing. So I'm about to switch up your job responsibilities.

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Speaker 5: And she changed our responsibilities from writing these reports to

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Speaker 5: organize and travel for the office. So I would go

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Speaker 5: to work at nine am. If I get out of

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Speaker 5: a five VM and still get paid six figures, then

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Speaker 5: this will be okay. But then three months later she

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Speaker 5: switched up my job responsibilities again. She was like, I

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Speaker 5: just think organized and travel is too complicated for you,

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Speaker 5: just like national security reports is to complicated for you.

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Speaker 5: So now you're going to be printing badges for people

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Speaker 5: in the office when Nazi people come and visit. And

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Speaker 5: so I was like, okay, well, am I still going

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Speaker 5: to be getting paid like six figures. I'll work from

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Speaker 5: nine am, I'll leave at five pm. And so did

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Speaker 5: that for three months, and then three months later she

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Speaker 5: came back and she was like, making badges was also

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Speaker 5: too complicated for me and above my pay grade. And

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Speaker 5: she asked me to take my chair and follow her

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Speaker 5: down a hallway and we stopped outside of a bathroom.

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Speaker 4: Oh, like, literally, take the chair.

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Speaker 5: Take the chair had wheels on it. We was walking,

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Speaker 5: she was tipping, I was tippling with my chair. I

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Speaker 5: was like, oh, Laura, where are we going? And we

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Speaker 5: ended up outside of a bathroom and she said, well,

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Speaker 5: I want you to sit down and for every non

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Speaker 5: clear person that comes in, it'll be your job to

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Speaker 5: buzz them in and out of the bathroom.

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Speaker 4: Oh.

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Speaker 5: And I remember asking myself and asking her, am I

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Speaker 5: still gonna get paid six figures? But at that point

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Speaker 5: question changed her never changed because I was there nine

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Speaker 5: am five pm. I was walking out the door. But

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Speaker 5: I asked myself, like, Yo, it was great being paid

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Speaker 5: six figures, but you know, work to me meant more

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Speaker 5: than that, Like the value that I was creating outside

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Speaker 5: out of work, raising money for Obama, helping young black

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Speaker 5: philanthropists give back, that was the work that was really fulfilling.

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Speaker 5: And coming to work every day and sitting outside of

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Speaker 5: the bathroom watching people, well, I want to watch people

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Speaker 5: do their business, but they were going there watching the door.

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Speaker 5: When hit it out, they did their business. But so

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Speaker 5: after about two weeks, I called it my mom and

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Speaker 5: I was like, Mom, like, I can't do this anymore.

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Speaker 5: I need to quit my job. And she was like,

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Speaker 5: do you have anything saved up? At that point, I

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Speaker 5: had about three months worth of savings and she was like, well, baby,

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Speaker 5: I think you should have another job lined up. And

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Speaker 5: I was like, I don't think I can do it,

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Speaker 5: Like I can't come in here every single day and

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Speaker 5: open this door for people. Yeah, exactly. And she was like, well,

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Speaker 5: if you want to quit, baby, like I got you.

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Speaker 5: And I remember quitting my job, like I quit my

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Speaker 5: job and I was so excited. Have you'all ever quit

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Speaker 5: it off before you could job?

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Speaker 4: No, you could, Joab, I did quit.

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Speaker 5: How did you feel?

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Speaker 4: It was great? Yeah?

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Speaker 5: I mean I felt excellent, Like I went running out there.

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Speaker 5: I was like, oh my god, I am so free,

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Speaker 5: like no more than nine of five right, Yeah? But

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Speaker 5: then Friday hit It's like her friends time that I

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Speaker 5: wasn't getting paid. I was telling me shod I called

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Speaker 5: up unemployed and I was like, I guess I better

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Speaker 5: get on this on deployment to get this check. I

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Speaker 5: remember talking to the lady and I was like, yeah,

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Speaker 5: I quit my job and I heard did y'all like

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Speaker 5: pay fifty percent of your paycheck? So I'm just trying

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Speaker 5: to figure out, like how do I submit this paperwork?

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Speaker 5: And she was like, you said you quit? And I

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Speaker 5: was like, yeah, I said I quit. And she was like, yeah,

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Speaker 5: you don't get unemployment when you quit your job.

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Speaker 4: Yes.

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Speaker 5: I was like, did I say I quit? Like what

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Speaker 5: have meant?

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Speaker 1: Was?

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Speaker 3: Right?

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Speaker 5: Could I have fire? And so she was like, yeah,

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Speaker 5: that's the uneployment for you, and if there was, you

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Speaker 5: wouldn't getting fifty percent of your paycheck. So I was

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Speaker 5: unemployed for six weeks. And during those six weeks, a

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Speaker 5: woman who worked with me with Younger Power for Obama

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Speaker 5: called me and she was like, I have a job,

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Speaker 5: and the job is launching a national Entrepreneurship initiative where

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Speaker 5: you would teach African American undergraduate students how to start

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Speaker 5: a business before they graduate from school, especially since a

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Speaker 5: black undergraduate student's college degree is equivalent to a white

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Speaker 5: person's high school diploma.

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Speaker 3: Can you talk about that? You talk about that?

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Speaker 5: Yeah? Absolutely?

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Speaker 3: So about what a black college degree is equivalent to

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Speaker 3: a white high school diploma.

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Speaker 5: Yes, a black person's college degree is equivalent to a

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Speaker 5: white person's high school diploma, which means that a black

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Speaker 5: person can go to the same high school as a

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Speaker 5: white person, go to the same college as a white person,

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Speaker 5: and apply for the same job as a white person,

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Speaker 5: but when they get higher they're pay is separate and unequal.

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Speaker 4: So yeah, I think I read a statistics somewhere. It's

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Speaker 4: very similar. It was like middle class black family is

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Speaker 4: equivalent to a poor white family, poor white family.

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Speaker 5: Yeah, and black women especially, I mean black people in generally,

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Speaker 5: our parents teach us to work twice as hard, to

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Speaker 5: be twice as smart, to go into work and be

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Speaker 5: twice as exceptional, and somehow, some way will be the

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Speaker 5: same as a white person. At the end of the day,

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Speaker 5: black women especially will lose eight hundred and forty thousand

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Speaker 5: dollars over their working career, not because they're not smart, intelligent,

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Speaker 5: or well equipped to do the job, but simply because

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Speaker 5: they're black and they're women.

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Speaker 3: So black women graduate college at the at the fastest rate,

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Speaker 3: at the highest rate out of any ethnic group.

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Speaker 5: I think that's what analysts say yeah.

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Speaker 3: But they're not paid obviously at the same level they're

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Speaker 3: not paid.

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Speaker 5: And I think that that's why it's no question. And

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Speaker 5: while black women are the fastest growing segment of entrepreneurs,

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Speaker 5: like I like to tell people that, like, I don't

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Speaker 5: think that black people are starting businesses because they want

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Speaker 5: to be the next Black Bill Gates love Beyonce, but

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Speaker 5: the next Black Bill Gates or the next Steve Jobs

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Speaker 5: or the next Mark Zuckerberg. They're starting businesses because they

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Speaker 5: want to be economically free. They want to be able

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Speaker 5: to pay themselves with their companies refuse to pay them

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Speaker 5: despite being qualified for them. That represents economic freedom and

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Speaker 5: economic liberation.

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Speaker 2: We had a guess who actually was talking about that

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Speaker 2: exact topic, and they was saying, even with that, the

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Speaker 2: entrepreneurism getting loans to start venture capital.

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Speaker 3: So black women are starting businesses at the fastest rate,

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Speaker 3: but they get venture capital at the smallest rate out

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Speaker 3: of any ethnic group, gender group in America. So doesn't

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Speaker 3: really make sense if you think about it, because it's

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Speaker 3: like you would figure more entrepreneurs, you would get at

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Speaker 3: least some sort of venture capital. That's what venture capitals.

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Speaker 3: They lend money to entrepreneurs. But they get the least

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Speaker 3: amount of funding from venture capital.

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Speaker 5: I think what's interesting is that black people need to

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Speaker 5: have a more dynamic conversation around funding, and so I

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Speaker 5: think when it comes to VC, that percentage is absolutely true.

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Speaker 5: But that's not the only type of business that black

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Speaker 5: people are starting. Isn't innovation driven enterprises, which is what

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Speaker 5: that is the type of businesses that qualify for venture capital.

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Speaker 5: There are two types of businesses that you can start.

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Speaker 5: There's a SME and there's a ide. There's a small

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Speaker 5: medium sized enterprise where you can raise a friends and

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Speaker 5: family round. You can go on to razoo if you're

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Speaker 5: starting a nonprofit. If you're starting a Razoo is a

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Speaker 5: crowdfunding platform for five on one c three nonprofit organizations

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Speaker 5: where you can invite your friends to go on and donate.

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Speaker 5: The only way that you can qualify to get on

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Speaker 5: raezoo is if you have an IRS designation. If you

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Speaker 5: have a for profit or let's say you are a

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Speaker 5: sole proprietor, which means that you do business as yourself,

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Speaker 5: you can go on to Indiegogo. You can go onto

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Speaker 5: what a lot of people think it's an unpopular site,

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Speaker 5: but go funding and you can do the same thing.

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Speaker 5: You can ask your friends and family essentially to invest

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Speaker 5: in your business idea or to contribute towards your business idea.

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Speaker 5: But for a small medium sized enterprise, in addition to

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Speaker 5: doing crowdfunding, you can also do bank loans and you

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00:17:08,000 --> 00:17:11,520
Speaker 5: can also fund your own business. That's fundamentally different than

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Speaker 5: an ID an innovations driven enterprise. We're essentially going into

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Speaker 5: debt by soliciting guess angel investment and also venture capital,

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Speaker 5: and those people are betting on you to serve a

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Speaker 5: global market, while small medium sized enterprises serve a small

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Speaker 5: or regional market. So those are your nail saligns, those

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Speaker 5: are your hair stylists, those are your local coffee shops.

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Speaker 3: So all right, that's interesting. What's it called a ib ID?

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Speaker 5: So that is an innovation driven enterprise and as me,

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Speaker 5: which is a small or medium sized enterprise.

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Speaker 3: Okay, So do you think that that's an issue though

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Speaker 3: with Black community as a whole, where I see most

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Speaker 3: businesses and the business ideas are small. The problem with

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Speaker 3: small businesses that for the most part, they stay small

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Speaker 3: and you can't scale it. They don't really make that much.

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Speaker 3: Most majority of business owners don't make money like we

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Speaker 3: know that like the average employee makes more than a

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Speaker 3: business owner, like per average. One of the reasons is

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Speaker 3: that most businesses are small, very small, right, like one person,

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Speaker 3: So like the grocery store, well not the grocery stores,

387
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Speaker 3: but the delis, the bodegas, if he was in the youngdegas,

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Speaker 3: the is that.

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Speaker 5: Yore I have a seven girl from Virginia.

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Speaker 3: The barbershops, the local restaurants. Do you think that that's

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Speaker 3: an issue with black entrepreneurship that it's always a lot

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Speaker 3: of times not on a bigger global vision, it's more

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Speaker 3: on a community based, small vision.

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Speaker 5: I think it's important to know the data. So currently

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Speaker 5: there are two point five to six million black entrepreneurs,

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Speaker 5: but only one hundred and ten thousand of them have

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Speaker 5: the capacity to employ a least one person. Now, what

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Speaker 5: you're speaking about is probably the two point four million

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00:18:58,800 --> 00:19:00,960
Speaker 5: people who can't write. The hundred than ten thousand black

400
00:19:01,119 --> 00:19:04,560
Speaker 5: entrepreneurs who are employers employ less than a million people,

401
00:19:05,000 --> 00:19:07,879
Speaker 5: but there are eighteen point five million black people in

402
00:19:07,920 --> 00:19:10,720
Speaker 5: the workforce. That means that a majority of black people

403
00:19:10,880 --> 00:19:14,800
Speaker 5: work for somebody who don't look like them, which means tomorrow,

404
00:19:15,320 --> 00:19:18,400
Speaker 5: if those employers were to come in and fire every

405
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Speaker 5: single black person on the back, on the on the payroll,

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Speaker 5: those black folks would be what unemployees. Yeah, and that

407
00:19:25,280 --> 00:19:28,240
Speaker 5: soil right, they would be essel and they would be

408
00:19:28,240 --> 00:19:30,679
Speaker 5: on employed. So black upside, I'm glad you're talking about this.

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Speaker 5: What we do is we teach black entrepreneurs not just

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Speaker 5: how to start a business, but how to start a

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Speaker 5: business that can create a job so they don't have

412
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Speaker 5: to go begging other people to do for them where

413
00:19:39,680 --> 00:19:43,600
Speaker 5: they are capable of doing for themselves. Now, for black entrepreneurs,

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00:19:43,640 --> 00:19:46,960
Speaker 5: the average black entrepreneur grosses less than six figures in revenue,

415
00:19:47,280 --> 00:19:50,000
Speaker 5: which means that a lot of black entrepreneurs are starting

416
00:19:50,040 --> 00:19:52,679
Speaker 5: businesses and their lifestyle businesses, which means that they're just

417
00:19:52,840 --> 00:19:55,480
Speaker 5: essentially hustling. And what a hustler does is they wake

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00:19:55,560 --> 00:19:57,600
Speaker 5: up every single day and they try to get money.

419
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Speaker 5: While an entrepreneur wakes up every day and what they're

420
00:19:59,880 --> 00:20:03,160
Speaker 5: doing is they're doing business. They're creating systems and processes

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00:20:03,520 --> 00:20:06,600
Speaker 5: so that when they're business scales, other people can work

422
00:20:06,600 --> 00:20:09,840
Speaker 5: for their business outside of just them. So I think

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Speaker 5: that there's a difference between the barbershop owner who probably

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00:20:13,000 --> 00:20:15,639
Speaker 5: has employees, the coffee shop owner, even if it's just them,

425
00:20:15,680 --> 00:20:18,399
Speaker 5: they employ themselves and the person on the side of

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Speaker 5: the street who's hustling and trying to sell to every

427
00:20:21,160 --> 00:20:24,560
Speaker 5: single person that walks by them. Right, I think it's

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00:20:24,600 --> 00:20:27,520
Speaker 5: important for black people to realize the money that exists

429
00:20:27,520 --> 00:20:30,400
Speaker 5: in our communities. So when I read the statistic about

430
00:20:30,400 --> 00:20:33,400
Speaker 5: black entrepreneurs gross and fewer than six figures, I also

431
00:20:33,440 --> 00:20:36,720
Speaker 5: read statistics about Asian entrepreneurs and white entrepreneurs and Native

432
00:20:36,720 --> 00:20:40,280
Speaker 5: American entrepreneurs, and all of them grows more than six figures.

433
00:20:40,280 --> 00:20:45,359
Speaker 5: In fact, Asian entrepreneurs have less entrepreneurs than Black folks,

434
00:20:45,760 --> 00:20:49,800
Speaker 5: but they gross double the amount of revenue. Why because

435
00:20:49,800 --> 00:20:52,280
Speaker 5: when you look at the businesses that they start, they

436
00:20:52,280 --> 00:20:55,320
Speaker 5: start businesses in their own communities and then they come

437
00:20:55,359 --> 00:20:58,280
Speaker 5: over to the black communities and start businesses. So people

438
00:20:58,320 --> 00:21:01,120
Speaker 5: always ask me, like, okay, Kizia, what type of business

439
00:21:01,240 --> 00:21:03,919
Speaker 5: would you start if somebody gave you a million dollars?

440
00:21:04,160 --> 00:21:06,520
Speaker 5: And I always tell them that I would start a

441
00:21:06,600 --> 00:21:10,320
Speaker 5: Chinese food delivery service, And well, can you fly rice?

442
00:21:10,440 --> 00:21:10,600
Speaker 3: Oh?

443
00:21:10,680 --> 00:21:13,480
Speaker 5: No, I can't fry rice. Can you fry one sign? No,

444
00:21:13,520 --> 00:21:15,440
Speaker 5: I can't fry one sign. In fact, I can't cook,

445
00:21:15,480 --> 00:21:17,280
Speaker 5: which is probably why I'm not married. So like if

446
00:21:17,280 --> 00:21:20,280
Speaker 5: anybody on the past, I want to play like matchmaker,

447
00:21:20,400 --> 00:21:25,879
Speaker 5: like I'm down for it exactly so. But when we

448
00:21:26,000 --> 00:21:28,879
Speaker 5: go into a beauty supply store and a person on

449
00:21:28,920 --> 00:21:31,480
Speaker 5: the other end of the counter is selling you hair

450
00:21:31,520 --> 00:21:34,040
Speaker 5: grease and do rag and a good remy track and

451
00:21:34,080 --> 00:21:36,280
Speaker 5: they don't look like you, we don't think twice about it,

452
00:21:36,320 --> 00:21:38,879
Speaker 5: but people will laugh once twice a black woman is

453
00:21:38,880 --> 00:21:41,400
Speaker 5: selling fried rice and a one time. The reason why

454
00:21:41,359 --> 00:21:44,000
Speaker 5: agent entrepreneurs are able to gross over six figures and

455
00:21:44,040 --> 00:21:45,800
Speaker 5: employ them is because they're not only getting money in

456
00:21:45,800 --> 00:21:48,320
Speaker 5: their own community, but they are capitalizing off of the

457
00:21:48,359 --> 00:21:51,679
Speaker 5: one point three trillion dollars that black people are spending

458
00:21:51,760 --> 00:21:53,800
Speaker 5: every single day. And so what I like to tell

459
00:21:53,800 --> 00:21:56,639
Speaker 5: black entrepreneurs is that you have to look at what

460
00:21:56,680 --> 00:22:00,159
Speaker 5: we're currently spending our money on. Every single year, the

461
00:22:00,280 --> 00:22:05,320
Speaker 5: Nielsen Consumer Index Report publishes how black people spend their money.

462
00:22:05,680 --> 00:22:11,320
Speaker 5: The top five things are refrigerated drinks, dry vegetables, ethnic care,

463
00:22:11,359 --> 00:22:17,639
Speaker 5: care goods and supplies. Contraceptives is one, diverse is another

464
00:22:17,680 --> 00:22:20,280
Speaker 5: one laundry detergent. I know that y'all know about true

465
00:22:20,440 --> 00:22:23,159
Speaker 5: that's a black on laundry detergent company. But when you

466
00:22:23,200 --> 00:22:26,440
Speaker 5: look at the top five businesses the Black people normally start,

467
00:22:26,640 --> 00:22:30,680
Speaker 5: it is admin services, waste for mediation, third is other.

468
00:22:30,920 --> 00:22:34,679
Speaker 5: So that's like an amalgamation maybe like a compilation of

469
00:22:34,720 --> 00:22:37,600
Speaker 5: many different businesses. And what you don't see is alignment.

470
00:22:38,240 --> 00:22:40,080
Speaker 5: When you look at the types of businesses that other

471
00:22:40,200 --> 00:22:43,639
Speaker 5: entrepreneurs start, they are prevalent on the list where our

472
00:22:43,680 --> 00:22:47,359
Speaker 5: dollars are being spent black peoples. Again, one point three

473
00:22:47,440 --> 00:22:49,639
Speaker 5: trillion dollars is not a blank check for other communities

474
00:22:49,640 --> 00:22:49,960
Speaker 5: to sign.

475
00:22:50,400 --> 00:22:53,280
Speaker 4: So real quick, you said that you train entrepreneurs.

476
00:22:53,280 --> 00:22:55,720
Speaker 2: Obviously I'm thinking through a curriculum one, but you also

477
00:22:55,800 --> 00:22:56,639
Speaker 2: do a hands on approach.

478
00:22:56,680 --> 00:22:57,359
Speaker 4: What does that look like?

479
00:22:57,720 --> 00:23:01,120
Speaker 5: Okay? So for the Black of Side curriculum, we host

480
00:23:01,200 --> 00:23:04,760
Speaker 5: a six day pop up school and it happens over

481
00:23:04,920 --> 00:23:07,760
Speaker 5: three weeks and six days, and during that six days

482
00:23:07,800 --> 00:23:13,600
Speaker 5: we teach idiation process, the minimum viable product creation, business

483
00:23:13,600 --> 00:23:15,800
Speaker 5: campus development, and in the end, we teach them how

484
00:23:15,800 --> 00:23:18,639
Speaker 5: to pitch. Yeah, so that's what we do with Black Upstart.

485
00:23:19,240 --> 00:23:21,280
Speaker 5: We start with crowdfunding and I know we had just

486
00:23:21,320 --> 00:23:25,240
Speaker 5: had a conversation about crowdfunding, but we teach them essentially

487
00:23:25,400 --> 00:23:29,480
Speaker 5: how to turn their contacts into capital.

488
00:23:28,520 --> 00:23:30,560
Speaker 4: Contact like capital.

489
00:23:30,600 --> 00:23:32,440
Speaker 5: So it starts with that before we even see them

490
00:23:32,480 --> 00:23:33,479
Speaker 5: on the first day of class.

491
00:23:34,359 --> 00:23:36,680
Speaker 4: And how many teachers just you or is it a team?

492
00:23:36,920 --> 00:23:37,000
Speaker 1: No?

493
00:23:37,320 --> 00:23:40,720
Speaker 5: So there is faculty. And one of the things that

494
00:23:40,760 --> 00:23:43,240
Speaker 5: I love about Black Opstar that I definitely should mention

495
00:23:43,640 --> 00:23:45,800
Speaker 5: is we always teach in a black environment. So, like

496
00:23:45,880 --> 00:23:48,480
Speaker 5: right now you all are in Southeast DC, and we

497
00:23:48,560 --> 00:23:51,600
Speaker 5: started off in the Microsoft Innovation Center, which is located

498
00:23:51,640 --> 00:23:55,160
Speaker 5: on Saint Elizabeth East Campus in Southeast and DC. They

499
00:23:55,160 --> 00:24:00,600
Speaker 5: say south, Like what south? South? We have black faculties.

500
00:24:00,720 --> 00:24:03,400
Speaker 5: So we have one faculty come in every single day

501
00:24:03,480 --> 00:24:06,639
Speaker 5: and they teach on a very specific topic. We have

502
00:24:06,760 --> 00:24:09,840
Speaker 5: contractors that come in and help with website development, all black,

503
00:24:10,000 --> 00:24:13,560
Speaker 5: black photographers, black videographers, and when they pitch, they pitch

504
00:24:13,600 --> 00:24:16,879
Speaker 5: their innovation in the community. And so now you have

505
00:24:16,960 --> 00:24:20,240
Speaker 5: black consumers connecting with black entrepreneurs. And for us, it's

506
00:24:20,240 --> 00:24:21,760
Speaker 5: about recycling the black dollar.

507
00:24:22,880 --> 00:24:25,080
Speaker 3: All right, dope, dope. So the next type, we're going

508
00:24:25,160 --> 00:24:27,880
Speaker 3: to talk about some different ways that people can get

509
00:24:28,080 --> 00:24:30,479
Speaker 3: up and running and get into the game as far

510
00:24:30,480 --> 00:24:33,720
Speaker 3: as entrepreneurship concerned. All right, So we're gonna talk about

511
00:24:33,800 --> 00:24:37,600
Speaker 3: some actionable items and some systems to help people out.

512
00:24:38,480 --> 00:24:40,640
Speaker 3: All right, So the audiation.

513
00:24:40,359 --> 00:24:42,280
Speaker 5: Process, the audiation process.

514
00:24:42,359 --> 00:24:44,879
Speaker 3: Audiation process can explain what that is.

515
00:24:45,320 --> 00:24:49,720
Speaker 5: Absolutely. So we teach the audiation process, and it's a

516
00:24:49,760 --> 00:24:54,320
Speaker 5: six step process that teaches new small business entrepreneurs how

517
00:24:54,359 --> 00:24:57,720
Speaker 5: to launch their enterprise in less than thirty days and

518
00:24:57,800 --> 00:25:01,639
Speaker 5: with less than one thousand dollars in startup capital. So

519
00:25:01,840 --> 00:25:04,920
Speaker 5: the first step is your problem statement. So please note

520
00:25:05,080 --> 00:25:07,280
Speaker 5: that it's not a business idea problem statement.

521
00:25:07,280 --> 00:25:08,000
Speaker 3: Problem statement.

522
00:25:08,280 --> 00:25:10,960
Speaker 5: What type of problem are you trying to solve and

523
00:25:11,040 --> 00:25:13,240
Speaker 5: for whom? So for black upstart, it would be black

524
00:25:13,359 --> 00:25:18,320
Speaker 5: entrepreneurs have a problem starting businesses that create jobs. Normally,

525
00:25:18,480 --> 00:25:20,800
Speaker 5: entrepreneurs get hung up on the first process because they

526
00:25:20,840 --> 00:25:23,080
Speaker 5: want to tell you about their idea. That's their baby.

527
00:25:23,200 --> 00:25:25,760
Speaker 5: And so we say, you need to divorce yourself from

528
00:25:25,800 --> 00:25:28,960
Speaker 5: your idea, talk about your problem, and your problems should

529
00:25:29,000 --> 00:25:32,200
Speaker 5: be broad enough so that there are several different solutions

530
00:25:32,320 --> 00:25:36,720
Speaker 5: that can address that problem. Number two is called investigation,

531
00:25:37,119 --> 00:25:40,119
Speaker 5: and what that is is market research. And so with

532
00:25:40,240 --> 00:25:42,520
Speaker 5: market research, what you do is you look at other

533
00:25:42,640 --> 00:25:46,040
Speaker 5: companies that are solving that problem, and you look at

534
00:25:46,040 --> 00:25:48,240
Speaker 5: a few things you see if they're sme we talked

535
00:25:48,240 --> 00:25:50,959
Speaker 5: about that earlier. A small medium sized enterprise or innovation

536
00:25:51,119 --> 00:25:54,080
Speaker 5: driven enterprise. You look and see if they have employees,

537
00:25:54,160 --> 00:25:56,400
Speaker 5: because you want to know if the business has scaled,

538
00:25:56,680 --> 00:25:59,240
Speaker 5: and you look and see if they have if they

539
00:25:59,320 --> 00:26:02,879
Speaker 5: sell products and services. After that, you list five things

540
00:26:02,920 --> 00:26:05,520
Speaker 5: that you like about that company and five things that

541
00:26:05,560 --> 00:26:08,360
Speaker 5: you would change, and each of that each of those

542
00:26:08,400 --> 00:26:10,680
Speaker 5: items on that list should address the problem that you're

543
00:26:10,680 --> 00:26:13,639
Speaker 5: trying to solve. Now, when you move on to step three,

544
00:26:13,760 --> 00:26:16,760
Speaker 5: which is called the idea expression, you use the five

545
00:26:16,840 --> 00:26:20,119
Speaker 5: things that you would change to create your unfair competitive advantage.

546
00:26:20,119 --> 00:26:22,359
Speaker 5: So for Black Upstart, we looked at other businesses that

547
00:26:22,400 --> 00:26:26,160
Speaker 5: were training entrepreneurs, and we realized that businesses weren't really

548
00:26:26,240 --> 00:26:30,520
Speaker 5: saying that I want to train black entrepreneurs. They were

549
00:26:30,600 --> 00:26:32,800
Speaker 5: dressing it up in coded language like we want to

550
00:26:32,840 --> 00:26:35,560
Speaker 5: help people of color, we want to help minorities. Are

551
00:26:35,600 --> 00:26:37,800
Speaker 5: your disadvantaged? Come over here, let me teach you how

552
00:26:37,800 --> 00:26:40,479
Speaker 5: to start a business. So like, we knew that our

553
00:26:40,520 --> 00:26:43,919
Speaker 5: unfair competitive advantage would be that we would explicitly state

554
00:26:44,240 --> 00:26:46,800
Speaker 5: that we would train black entrepreneurs, and this would be

555
00:26:46,800 --> 00:26:50,359
Speaker 5: a one hundred percent black experience. So for number three,

556
00:26:50,680 --> 00:26:53,080
Speaker 5: again you put your unfair competitive advantage in there and

557
00:26:53,119 --> 00:26:57,119
Speaker 5: you say I sell this to this particular person and

558
00:26:57,160 --> 00:27:00,679
Speaker 5: say how it's different. It should be one sentence. Usually

559
00:27:00,680 --> 00:27:02,560
Speaker 5: when you talk to an entrepreneur and you ask them

560
00:27:02,560 --> 00:27:05,399
Speaker 5: about their business, they're gonna tell you a whole book,

561
00:27:05,640 --> 00:27:08,640
Speaker 5: all right, because it's their baby. But if you can't

562
00:27:08,640 --> 00:27:10,439
Speaker 5: say it in a sentence, if it can't be like

563
00:27:10,440 --> 00:27:13,120
Speaker 5: your elevator picks, you know, if it said it's a sentence,

564
00:27:13,160 --> 00:27:16,639
Speaker 5: then it's too long. Also, if you get to step

565
00:27:16,720 --> 00:27:20,200
Speaker 5: number three and your business idea has been shifted or changed,

566
00:27:20,280 --> 00:27:22,679
Speaker 5: or you don't have better understanding on why you're doing business,

567
00:27:22,680 --> 00:27:25,040
Speaker 5: and in that way, then that means that you have

568
00:27:25,119 --> 00:27:28,000
Speaker 5: to start over because you never got a divorce. So

569
00:27:28,840 --> 00:27:31,560
Speaker 5: step number four is your customer demographic. And for a

570
00:27:31,560 --> 00:27:35,760
Speaker 5: customer demographic, you're gonna list out twenty different descriptors about

571
00:27:35,800 --> 00:27:39,200
Speaker 5: the person who is looking for a solution to that problem.

572
00:27:39,480 --> 00:27:41,920
Speaker 5: And that looks like how old are they, how much

573
00:27:42,000 --> 00:27:43,679
Speaker 5: money do they make, what is their race, what is

574
00:27:43,720 --> 00:27:46,320
Speaker 5: their gender? Who do they follow on social media? Where

575
00:27:46,359 --> 00:27:48,640
Speaker 5: do they currently work? Because you cannot make the assumption

576
00:27:48,720 --> 00:27:50,919
Speaker 5: that they're looking for your new business idea which doesn't

577
00:27:50,920 --> 00:27:51,520
Speaker 5: exist yet.

578
00:27:52,040 --> 00:27:54,560
Speaker 4: These questions will format it already.

579
00:27:54,760 --> 00:27:57,240
Speaker 5: Yeah, and then number five is your user persona. You

580
00:27:57,280 --> 00:27:59,280
Speaker 5: take all of those descriptors and you tell a story.

581
00:27:59,320 --> 00:28:02,119
Speaker 5: So like Lakisha is twenty six and she works at

582
00:28:02,160 --> 00:28:04,520
Speaker 5: booz Allen Hamilton, and she makes sixty two thousand dollars,

583
00:28:04,520 --> 00:28:07,960
Speaker 5: So you tell a story. And then last is your innovation.

584
00:28:08,520 --> 00:28:11,400
Speaker 5: And an innovation is something that is new, original, important

585
00:28:11,600 --> 00:28:14,359
Speaker 5: that you can sell to other people for profit. And

586
00:28:14,440 --> 00:28:17,679
Speaker 5: it should be an MVP, which is a minimum viable

587
00:28:17,680 --> 00:28:21,399
Speaker 5: product creation. What can you make with a minimum amount

588
00:28:21,400 --> 00:28:25,920
Speaker 5: of resources that people can actually pay you for. Okay,

589
00:28:26,280 --> 00:28:27,520
Speaker 5: you need to be able to make it with one

590
00:28:27,560 --> 00:28:29,399
Speaker 5: thousand dollars. You need to be able to launch it

591
00:28:29,400 --> 00:28:31,520
Speaker 5: in thirty days. And the reason why we set that

592
00:28:31,560 --> 00:28:34,439
Speaker 5: parameter is because entrepreneur's dream big. So you might be like,

593
00:28:34,480 --> 00:28:36,880
Speaker 5: what I want is a nail salon, but perhaps all

594
00:28:36,920 --> 00:28:39,360
Speaker 5: you can afford is a pop up shop where people

595
00:28:39,400 --> 00:28:41,440
Speaker 5: come and you do their nails on a Saturday at

596
00:28:41,440 --> 00:28:43,680
Speaker 5: a community center that you've rented, and that cost you

597
00:28:43,680 --> 00:28:45,560
Speaker 5: two hundred dollars just to pop up in three hundred

598
00:28:45,560 --> 00:28:48,240
Speaker 5: dollars for supplies. The reason why I say that is

599
00:28:48,280 --> 00:28:50,920
Speaker 5: because once you get small right, once you learn how

600
00:28:51,000 --> 00:28:52,920
Speaker 5: to use what you have, start where you are and

601
00:28:52,960 --> 00:28:55,800
Speaker 5: do what you can, then you learn how to start agile.

602
00:28:56,640 --> 00:28:59,520
Speaker 5: So that's the six step ideation process.

603
00:28:59,840 --> 00:29:00,400
Speaker 3: You have it.

604
00:29:00,440 --> 00:29:03,840
Speaker 4: That was detailed detail and the only.

605
00:29:03,640 --> 00:29:05,400
Speaker 5: Thing that I want to say with the entrepreneurs, sometimes

606
00:29:05,440 --> 00:29:08,400
Speaker 5: people don't define entrepreneurs, but the entrepreneur is someone who

607
00:29:08,400 --> 00:29:11,200
Speaker 5: starts a business that has the chance of two things.

608
00:29:11,280 --> 00:29:14,120
Speaker 5: That's profit and success. We like to say that would

609
00:29:14,120 --> 00:29:16,920
Speaker 5: black upstart that if you're selling a product or service,

610
00:29:16,960 --> 00:29:19,920
Speaker 5: then nobody wants to buy. You don't have a business.

611
00:29:20,040 --> 00:29:24,840
Speaker 4: You have a high difference. How many entrepreneurs are you

612
00:29:24,880 --> 00:29:26,600
Speaker 4: looking for? How many do you guys take?

613
00:29:26,760 --> 00:29:26,840
Speaker 5: Like?

614
00:29:26,960 --> 00:29:29,040
Speaker 4: Is it per year? How do y'all do it? So

615
00:29:29,400 --> 00:29:32,400
Speaker 4: I'm sorry answered okay that I was gonna say. Is

616
00:29:32,440 --> 00:29:35,400
Speaker 4: it money that's allocated for the amount of business you

617
00:29:35,440 --> 00:29:37,160
Speaker 4: can or entrepreneurs that you can take?

618
00:29:37,560 --> 00:29:41,640
Speaker 5: So it's competitive. We accept between ten to fifteen people

619
00:29:41,720 --> 00:29:45,360
Speaker 5: per class. We get about two hundred applications for each class.

620
00:29:45,560 --> 00:29:47,680
Speaker 5: When we first started, it was tuition based and so

621
00:29:47,760 --> 00:29:50,800
Speaker 5: we would train our entrepreneurs to raise their tuition, which

622
00:29:50,920 --> 00:29:54,560
Speaker 5: was five hundred dollars per person. The average entrepreneur would

623
00:29:54,600 --> 00:29:56,880
Speaker 5: raise anywhere between seven hundred to one thousand dollars, and

624
00:29:56,960 --> 00:29:59,520
Speaker 5: every dollar that they raised above their tuition they kept

625
00:29:59,520 --> 00:30:03,280
Speaker 5: and used to make their minimum viable product creation. But

626
00:30:03,360 --> 00:30:07,120
Speaker 5: then as a business matured, we partnered with CDFI's, so

627
00:30:07,160 --> 00:30:11,000
Speaker 5: those are community development financial institutions. So in North Carolina,

628
00:30:11,000 --> 00:30:13,560
Speaker 5: we work with Carolina Small Business Development Fund and what

629
00:30:13,640 --> 00:30:19,680
Speaker 5: happens is they actually CDFI, So that's a community development

630
00:30:19,680 --> 00:30:23,760
Speaker 5: financial institution and they take bets on entrepreneurs that banks won't.

631
00:30:24,040 --> 00:30:26,160
Speaker 5: So if you haven't made your first seale, they're more

632
00:30:26,200 --> 00:30:29,120
Speaker 5: willing to make a five thousand dollars loan to you

633
00:30:29,440 --> 00:30:31,880
Speaker 5: and take that risk, and the government backs them in

634
00:30:31,960 --> 00:30:34,640
Speaker 5: the event that you default on the loan. So I

635
00:30:34,680 --> 00:30:37,080
Speaker 5: say that to say that we partner with CDFIs and

636
00:30:37,120 --> 00:30:39,880
Speaker 5: they cover the cost of tuition and in exchange for that,

637
00:30:40,120 --> 00:30:44,120
Speaker 5: entrepreneurs get free education and they pipeline into funding opportunities.

638
00:30:44,160 --> 00:30:45,000
Speaker 5: So with cd.

639
00:30:46,200 --> 00:30:46,920
Speaker 4: Earners, what's up?

640
00:30:47,040 --> 00:30:49,520
Speaker 6: You ever walk into a small business and everything just

641
00:30:49,680 --> 00:30:52,840
Speaker 6: works like the checkout is fast, the receipts of digital

642
00:30:53,360 --> 00:30:56,360
Speaker 6: tipping is a breeze, and you're out the door before

643
00:30:56,360 --> 00:31:00,520
Speaker 6: the line even builds odds are they're using Square. We

644
00:31:00,680 --> 00:31:03,200
Speaker 6: love supporting businesses that run on Square because it just

645
00:31:03,240 --> 00:31:06,480
Speaker 6: feels seamless. Whether it's a local coffee shop, a vendor

646
00:31:06,520 --> 00:31:08,800
Speaker 6: at a pop up market, or even one of our

647
00:31:08,840 --> 00:31:12,480
Speaker 6: merch partners, Square makes it easy for them to take payments,

648
00:31:12,720 --> 00:31:16,400
Speaker 6: manage inventory, and run their business with confidence, all from

649
00:31:16,520 --> 00:31:19,920
Speaker 6: one simple system. If you're a business owner or even

650
00:31:20,040 --> 00:31:23,560
Speaker 6: just thinking about launching something soon, Square is hands down

651
00:31:23,600 --> 00:31:26,640
Speaker 6: one of the best tools out there to help you start, run,

652
00:31:26,840 --> 00:31:30,160
Speaker 6: and grow. It's not just about payments, it's about giving

653
00:31:30,200 --> 00:31:32,280
Speaker 6: you time back so you can focus on.

654
00:31:32,240 --> 00:31:33,720
Speaker 4: What matters most ready.

655
00:31:33,720 --> 00:31:37,120
Speaker 6: To see how Square can transform your business, visit Square

656
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Speaker 6: by P and C Bank. A lot of people think

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Speaker 4: It's like banking with P and C Bank. It might

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666
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669
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Speaker 1: You just realized your business needed to hire someone yesterday.

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Speaker 5: With Carolina Small Business Development Fund, every single entrepreneur graduated

689
00:33:38,560 --> 00:33:41,520
Speaker 5: with access to fifty thousand dollars in funding inside their business.

690
00:33:43,080 --> 00:33:45,480
Speaker 3: So all right, that's crazy. So once they started with

691
00:33:45,520 --> 00:33:49,400
Speaker 3: the fifty thousand, then what because now it's like you

692
00:33:49,520 --> 00:33:52,560
Speaker 3: have the money, but you have to actually do it.

693
00:33:52,600 --> 00:33:55,360
Speaker 3: Because it's one thing to actually research and have all

694
00:33:55,400 --> 00:33:59,920
Speaker 3: the information, but execution is always the most important thing.

695
00:34:00,120 --> 00:34:02,160
Speaker 3: So like as far as is that part of the coaching,

696
00:34:02,280 --> 00:34:07,160
Speaker 3: like for people, like the execution once you've reached the

697
00:34:07,240 --> 00:34:11,799
Speaker 3: point where you're actually, Okay, I have my MVP, I

698
00:34:11,880 --> 00:34:16,120
Speaker 3: have all of the elevator pitch, everything that you just outlined,

699
00:34:16,160 --> 00:34:18,280
Speaker 3: I have that. I have it. It's perfect. My business

700
00:34:18,320 --> 00:34:22,040
Speaker 3: plan is perfect. Now what I mean like, what's the

701
00:34:22,120 --> 00:34:23,200
Speaker 3: execution part of it?

702
00:34:23,560 --> 00:34:25,560
Speaker 5: And so I think that's a really good question. Our

703
00:34:25,600 --> 00:34:29,000
Speaker 5: CDFIs work with the entrepreneurs over a year to scale

704
00:34:29,040 --> 00:34:31,360
Speaker 5: their business. And so you know, we talked about business

705
00:34:31,360 --> 00:34:33,759
Speaker 5: card entrepreneurs or people running around here all the time

706
00:34:33,800 --> 00:34:35,320
Speaker 5: talking about I got a business, I got a business.

707
00:34:35,360 --> 00:34:38,680
Speaker 5: All they got is a business card. So with them

708
00:34:38,960 --> 00:34:41,880
Speaker 5: they qualify for up to fifty thousand dollars in capital.

709
00:34:42,280 --> 00:34:45,759
Speaker 5: But first they do have to show proof of concept

710
00:34:45,920 --> 00:34:49,000
Speaker 5: and that's where that sixth step innovation comes in. We

711
00:34:49,040 --> 00:34:51,399
Speaker 5: talked about how the boot camp ends. The boot camp

712
00:34:51,480 --> 00:34:53,840
Speaker 5: ends with a graduation, and that graduation is not your

713
00:34:53,840 --> 00:34:57,160
Speaker 5: traditional pitch competition, Like it's not you stand up there,

714
00:34:57,239 --> 00:34:59,480
Speaker 5: you tell people your idea and then there is a winner,

715
00:34:59,520 --> 00:35:02,920
Speaker 5: because that's out the way business parts. It's not shark tank.

716
00:35:03,080 --> 00:35:04,880
Speaker 5: It's not two or three people decide that your business

717
00:35:04,920 --> 00:35:06,759
Speaker 5: is viable and all of a sudden you win. No,

718
00:35:07,000 --> 00:35:10,040
Speaker 5: you know your business is viable when you're making sales.

719
00:35:10,360 --> 00:35:13,439
Speaker 5: And so how our graduation day works is entrepreneurs bring

720
00:35:13,480 --> 00:35:18,000
Speaker 5: their innovations to the graduation and people walk around and

721
00:35:18,040 --> 00:35:20,800
Speaker 5: they give them real time feed forward on their innovation

722
00:35:21,239 --> 00:35:23,239
Speaker 5: and they respond to if they want to if they

723
00:35:23,320 --> 00:35:26,680
Speaker 5: like the innovation by actually buying it. And so they

724
00:35:26,719 --> 00:35:29,880
Speaker 5: already have an MVP that the CDFI helps them position

725
00:35:29,960 --> 00:35:32,680
Speaker 5: in the marketplace, and they monitor their salves over the

726
00:35:32,800 --> 00:35:35,440
Speaker 5: year and as their business grows, then their access to

727
00:35:35,520 --> 00:35:36,959
Speaker 5: funding does as well as.

728
00:35:36,880 --> 00:35:39,520
Speaker 2: Their business grows, right, is there still a role that

729
00:35:40,320 --> 00:35:42,600
Speaker 2: black Upstart plays as the business takes off.

730
00:35:42,920 --> 00:35:45,600
Speaker 5: So that's a good question because we talked about our

731
00:35:45,640 --> 00:35:49,000
Speaker 5: businesses having events right on the same day. So we're

732
00:35:49,040 --> 00:35:53,480
Speaker 5: now launching skillhouse You and skillhouse You is an opportunity

733
00:35:53,600 --> 00:35:57,360
Speaker 5: for entrepreneurs and also wealth creators as well to get

734
00:35:57,400 --> 00:36:01,200
Speaker 5: additional training after that. Right, So the starting point, it's

735
00:36:01,200 --> 00:36:03,759
Speaker 5: always really exciting when somebody first buys your stuff. I'm

736
00:36:03,760 --> 00:36:06,560
Speaker 5: sure y'all remember when somebody buyt y'all's cuebody got your

737
00:36:06,640 --> 00:36:09,600
Speaker 5: first little cash hat or whatever y'all use, Like, yeah,

738
00:36:10,480 --> 00:36:13,600
Speaker 5: you know, but staying a business, right, it's a lot

739
00:36:13,719 --> 00:36:16,759
Speaker 5: harder than that. And so for black ofps starting through

740
00:36:16,800 --> 00:36:19,520
Speaker 5: skillhouse You, what we're doing is we're teaching people like

741
00:36:19,600 --> 00:36:21,839
Speaker 5: how do you read a cash flow statement? Like how

742
00:36:21,840 --> 00:36:23,600
Speaker 5: do you engage in account? And if you can't afford

743
00:36:23,640 --> 00:36:25,800
Speaker 5: an account? And how do you use quick and loans?

744
00:36:25,960 --> 00:36:26,160
Speaker 3: You know?

745
00:36:26,239 --> 00:36:29,080
Speaker 5: What are those very specific skills that you need, like

746
00:36:29,200 --> 00:36:32,600
Speaker 5: what is an NDA, what is a non compete? You know?

747
00:36:32,640 --> 00:36:35,040
Speaker 5: And when you're looking for visibility, like how do you

748
00:36:35,160 --> 00:36:37,640
Speaker 5: market when you don't have a budget? And I think

749
00:36:37,680 --> 00:36:40,600
Speaker 5: sometimes we do focus our conversation so much on starting

750
00:36:40,800 --> 00:36:42,239
Speaker 5: that we don't get to the other side of the

751
00:36:42,280 --> 00:36:45,080
Speaker 5: conversation is how do you scale past just you.

752
00:36:45,600 --> 00:36:48,680
Speaker 3: So business plans? Do you do business plans?

753
00:36:48,800 --> 00:36:50,560
Speaker 5: We don't, We do business canvases.

754
00:36:51,200 --> 00:36:54,799
Speaker 3: Okay, what's because a lot of people have asked us,

755
00:36:54,800 --> 00:36:57,160
Speaker 3: can you cover business planning on your leaders Because like

756
00:36:57,280 --> 00:37:00,720
Speaker 3: each week we cover different topics and we haven't covered

757
00:37:00,760 --> 00:37:03,920
Speaker 3: business plans. But what you just laid out kind of

758
00:37:03,960 --> 00:37:07,240
Speaker 3: sounds like a business plan. So what's a business canvas?

759
00:37:07,480 --> 00:37:10,399
Speaker 5: So ideation process actually mirrors a lot of what you'll

760
00:37:10,440 --> 00:37:13,840
Speaker 5: find in a business canvas. That is a one page

761
00:37:13,880 --> 00:37:16,600
Speaker 5: document that ask a lot of the same questions that

762
00:37:16,640 --> 00:37:18,920
Speaker 5: you see on a business plan. So it's going to

763
00:37:19,000 --> 00:37:22,279
Speaker 5: ask you what is your value proposition and who is

764
00:37:22,320 --> 00:37:25,040
Speaker 5: your customer segment? And what are your cost structures. It's

765
00:37:25,080 --> 00:37:26,799
Speaker 5: going to ask you what are your key partnerships, what

766
00:37:26,800 --> 00:37:29,480
Speaker 5: are your key relationships? But it's all on one page

767
00:37:29,560 --> 00:37:31,440
Speaker 5: and it challenges you to think through some of the

768
00:37:31,440 --> 00:37:34,960
Speaker 5: critical components of your business so that you can start

769
00:37:35,080 --> 00:37:37,120
Speaker 5: up in a lean way. And I'm sure y'all probably

770
00:37:37,200 --> 00:37:39,960
Speaker 5: heard the terminology like lean startup, right, Like how do

771
00:37:40,000 --> 00:37:41,920
Speaker 5: you start, get proof of concept and get to the

772
00:37:41,960 --> 00:37:44,400
Speaker 5: point where you actually want to commit the time to

773
00:37:44,800 --> 00:37:47,840
Speaker 5: write a fifty or sixty page business plan. The problem

774
00:37:47,840 --> 00:37:50,400
Speaker 5: with most entrepreneurs is they'll write fifty or sixty pages.

775
00:37:50,520 --> 00:37:53,040
Speaker 5: Then they'll get started and they'll try to sell something

776
00:37:53,080 --> 00:37:54,880
Speaker 5: and nobody will buy it, and they'll think they have

777
00:37:54,920 --> 00:37:57,480
Speaker 5: to write another business plan all over again. The business

778
00:37:57,480 --> 00:38:00,279
Speaker 5: campus being one page and asking those critical questions is

779
00:38:00,440 --> 00:38:03,000
Speaker 5: just on one sheet of paper allows for people to

780
00:38:03,040 --> 00:38:06,000
Speaker 5: get to testing a lot quicker. So that's what we teach.

781
00:38:06,160 --> 00:38:10,800
Speaker 3: Okay, so what about obstacles the entrepreneur's face? Can we

782
00:38:10,840 --> 00:38:13,960
Speaker 3: talk about some? The biggest one is funding, That's the

783
00:38:14,000 --> 00:38:14,760
Speaker 3: biggest one.

784
00:38:14,680 --> 00:38:17,080
Speaker 5: Right, I wouldn't say that's the biggest one.

785
00:38:17,600 --> 00:38:20,160
Speaker 3: The biggest one is I think.

786
00:38:19,960 --> 00:38:24,800
Speaker 5: The biggest obstacle facing black entrepreneurs is trying to succeed

787
00:38:24,960 --> 00:38:26,240
Speaker 5: in business as a white person.

788
00:38:27,120 --> 00:38:28,000
Speaker 3: What's that mean?

789
00:38:28,520 --> 00:38:33,680
Speaker 5: So Beyonce Beyonce rapping about like I might just be

790
00:38:33,840 --> 00:38:36,920
Speaker 5: the next black Bill Gates and the making that was

791
00:38:37,000 --> 00:38:39,600
Speaker 5: var y'all like when.

792
00:38:39,520 --> 00:38:41,160
Speaker 4: I said that.

793
00:38:41,360 --> 00:38:44,000
Speaker 5: But I love her. I love her. However, I think

794
00:38:44,040 --> 00:38:46,960
Speaker 5: the deseroneous like I do a lot of work in Atlanta,

795
00:38:47,640 --> 00:38:50,440
Speaker 5: And there was one particular experience that I had where

796
00:38:50,560 --> 00:38:52,879
Speaker 5: I ran into a room. I really did run into

797
00:38:52,880 --> 00:38:55,680
Speaker 5: the room because I'm a type of personality, and there

798
00:38:55,680 --> 00:38:57,640
Speaker 5: was another person run into the room to the facilitator,

799
00:38:57,680 --> 00:38:59,279
Speaker 5: and he was asking the kids like, who wants to

800
00:38:59,280 --> 00:39:00,880
Speaker 5: be the next Black Book Gates? Who wants to be

801
00:39:00,960 --> 00:39:03,480
Speaker 5: the next Mark Zuckerberg? Who wants to be the next

802
00:39:03,920 --> 00:39:06,680
Speaker 5: Steve Jobs? And all the kids were really excited because

803
00:39:06,680 --> 00:39:08,920
Speaker 5: it was like a coding a free coding camp. And

804
00:39:08,960 --> 00:39:11,080
Speaker 5: I was excited too. I was like, oh my gosh,

805
00:39:11,080 --> 00:39:13,240
Speaker 5: this is so great. Everybody's going to be a Billa Gates.

806
00:39:13,600 --> 00:39:17,000
Speaker 5: But then I realized that the facilitator was lying to

807
00:39:17,080 --> 00:39:20,839
Speaker 5: the children because no matter how hard they tried, they

808
00:39:20,880 --> 00:39:24,160
Speaker 5: could never grow up one to be white, two to

809
00:39:24,239 --> 00:39:26,560
Speaker 5: be a white male, three to be a white male

810
00:39:26,640 --> 00:39:30,120
Speaker 5: benefiting from privilege. And so the more I reflected on it,

811
00:39:30,160 --> 00:39:31,759
Speaker 5: the more I realized that we just don't have to

812
00:39:31,800 --> 00:39:35,880
Speaker 5: teach white male privilege or the white entrepreneurial the blueprint,

813
00:39:36,239 --> 00:39:39,040
Speaker 5: that there is a black entrepreneurial blueprint right So like

814
00:39:39,080 --> 00:39:42,080
Speaker 5: in Silicon Valley, I think no one ever talks about

815
00:39:42,760 --> 00:39:47,319
Speaker 5: the guy who invented the predecessor to the Nintendo, which

816
00:39:47,360 --> 00:39:51,160
Speaker 5: is a model f gaming system. Right, he dined as

817
00:39:51,239 --> 00:39:53,719
Speaker 5: equals with Steve Jobs. No one talks about how Mary

818
00:39:53,800 --> 00:39:56,560
Speaker 5: McCoy but Thune raised money to start her business, which

819
00:39:56,640 --> 00:39:58,879
Speaker 5: was selling meat paths to the mineworkers down the street.

820
00:39:58,920 --> 00:40:00,640
Speaker 5: She started with a one room school house before she

821
00:40:00,640 --> 00:40:04,279
Speaker 5: got to Bethune Cookman University. More contemporary examples like Asa Ray.

822
00:40:04,560 --> 00:40:07,120
Speaker 5: People want to talk about how she's on HBO now

823
00:40:07,120 --> 00:40:11,120
Speaker 5: with Insecure but Awkward Black Girl was funded by a

824
00:40:11,160 --> 00:40:14,239
Speaker 5: part of her salary and fundraising on YouTube where she

825
00:40:14,320 --> 00:40:18,000
Speaker 5: introduced her series for free. So I think for black entrepreneurs,

826
00:40:18,120 --> 00:40:21,280
Speaker 5: we have to learn how our predecessors did it without

827
00:40:21,320 --> 00:40:24,680
Speaker 5: the benefit of white venture capital dollars or without the

828
00:40:24,680 --> 00:40:28,239
Speaker 5: benefit of banks allocating us money. One other example, because

829
00:40:28,239 --> 00:40:32,200
Speaker 5: I'm from Richmond, Maggie L. Walker started and well she

830
00:40:32,280 --> 00:40:35,040
Speaker 5: was the first woman at that not black woman, but

831
00:40:35,080 --> 00:40:38,239
Speaker 5: the first woman to charter a bank. She funded that

832
00:40:38,320 --> 00:40:41,800
Speaker 5: bank with charitable contributions. Do you know how many black

833
00:40:41,840 --> 00:40:44,920
Speaker 5: people go to a charity every single Sunday, which is

834
00:40:44,960 --> 00:40:47,400
Speaker 5: the church? Those are five and one C threes. A

835
00:40:47,440 --> 00:40:49,840
Speaker 5: five and one C three funded a for profit bank.

836
00:40:50,040 --> 00:40:51,879
Speaker 5: So I'm saying, if we could study history, I think

837
00:40:51,880 --> 00:40:54,000
Speaker 5: then we would be able to figure out better ways

838
00:40:54,000 --> 00:40:54,759
Speaker 5: to be successful.

839
00:40:54,960 --> 00:40:57,360
Speaker 2: We gotta study it and highlight it because a lot

840
00:40:57,400 --> 00:41:02,919
Speaker 2: of times, especially when school, right when US history is taught,

841
00:41:03,160 --> 00:41:08,719
Speaker 2: yes this is definitely omitted. So highlighting it, understanding it,

842
00:41:08,800 --> 00:41:11,880
Speaker 2: and study. And now that we have access to the

843
00:41:11,920 --> 00:41:14,399
Speaker 2: internet and we have access to social media where these

844
00:41:14,560 --> 00:41:17,880
Speaker 2: stories can be high you know, the future generations there

845
00:41:17,920 --> 00:41:19,040
Speaker 2: will be different stories now.

846
00:41:19,239 --> 00:41:21,560
Speaker 5: I feel like, yes, yes, or I think they will

847
00:41:21,600 --> 00:41:23,239
Speaker 5: be remembering of the stories that have been on.

848
00:41:23,200 --> 00:41:25,520
Speaker 4: Top create one right now, Yeah, I do.

849
00:41:28,760 --> 00:41:30,839
Speaker 3: So what would you say some other some other obstacles

850
00:41:30,840 --> 00:41:32,359
Speaker 3: are outside of that.

851
00:41:32,840 --> 00:41:34,680
Speaker 5: Outside of that, I mean you said funding, and I

852
00:41:34,719 --> 00:41:35,160
Speaker 5: agree with that.

853
00:41:35,200 --> 00:41:41,080
Speaker 3: I just.

854
00:41:39,760 --> 00:41:43,840
Speaker 5: Fund so funding was coming. We talked earlier about the

855
00:41:43,880 --> 00:41:46,759
Speaker 5: difference between a hustler and an entrepreneur. I think that

856
00:41:46,760 --> 00:41:49,799
Speaker 5: that's important. I think the other thing is is that

857
00:41:50,040 --> 00:41:52,520
Speaker 5: I think that people get caught up on this whole

858
00:41:52,560 --> 00:41:55,480
Speaker 5: thing about were you born an entrepreneur or can you

859
00:41:55,520 --> 00:41:57,640
Speaker 5: become an entrepreneur? You know, most people are like I

860
00:41:57,719 --> 00:42:00,000
Speaker 5: was born this way, I woke up like this, right,

861
00:42:00,080 --> 00:42:03,880
Speaker 5: But no, I think entrepreneur can absolutely be taught. You

862
00:42:03,920 --> 00:42:07,000
Speaker 5: talked about us living in an information economy, Like, we

863
00:42:07,200 --> 00:42:11,880
Speaker 5: are fortunate to live in a time period where information

864
00:42:12,000 --> 00:42:14,279
Speaker 5: is basically at your fingertips. So, like, what I like

865
00:42:14,320 --> 00:42:15,800
Speaker 5: to tell people who want to start a business and

866
00:42:15,800 --> 00:42:18,360
Speaker 5: people who want to create wealth is don't swim in

867
00:42:18,400 --> 00:42:23,080
Speaker 5: the ocean of knowledge and drown and ignorance. So that's important.

868
00:42:24,160 --> 00:42:26,880
Speaker 5: The last thing I think that I would say is

869
00:42:26,920 --> 00:42:29,080
Speaker 5: I don't think that you have to be the smartest

870
00:42:29,120 --> 00:42:33,000
Speaker 5: person in the room to be a great entrepreneur. So

871
00:42:33,040 --> 00:42:35,560
Speaker 5: people normally think you have to have a PhD. You know,

872
00:42:35,600 --> 00:42:37,640
Speaker 5: we talked about that when we first got started, or

873
00:42:37,920 --> 00:42:39,239
Speaker 5: you know, they think that you have to be a

874
00:42:39,239 --> 00:42:42,319
Speaker 5: straight a student. Like I graduated from high school with

875
00:42:42,600 --> 00:42:46,400
Speaker 5: like a two point three GPA. I wasn't the brightest student,

876
00:42:46,440 --> 00:42:48,480
Speaker 5: but I was motivated and I was committed, and I

877
00:42:48,520 --> 00:42:51,480
Speaker 5: thought that, you know, with me, if I could try

878
00:42:51,560 --> 00:42:53,640
Speaker 5: hard enough, you know, if I if I could really

879
00:42:53,680 --> 00:42:56,560
Speaker 5: commit myself to a passion, then I could you know,

880
00:42:56,600 --> 00:43:00,279
Speaker 5: I could overcome the obstacle just one quick So I'm

881
00:43:00,280 --> 00:43:03,120
Speaker 5: the story though, gosh, I don't thinking about his name. Okay,

882
00:43:03,120 --> 00:43:06,480
Speaker 5: I'm not gonna tell that story.

883
00:43:07,440 --> 00:43:07,960
Speaker 4: What's the guy.

884
00:43:07,960 --> 00:43:10,719
Speaker 5: Hold on, who's the guy who had the pink? Y'all?

885
00:43:10,719 --> 00:43:11,839
Speaker 5: Ain't never had a perm in your head?

886
00:43:11,960 --> 00:43:12,160
Speaker 4: You know?

887
00:43:13,280 --> 00:43:14,279
Speaker 5: Box, what's the name?

888
00:43:18,200 --> 00:43:18,719
Speaker 4: I don't think.

889
00:43:20,800 --> 00:43:24,759
Speaker 2: We just actually covered the industry and we just did

890
00:43:24,800 --> 00:43:31,440
Speaker 2: that whole episode the way the barb he had any.

891
00:43:31,480 --> 00:43:32,319
Speaker 3: You got the band in it?

892
00:43:33,040 --> 00:43:35,680
Speaker 5: Oh? Oh yeah like this stuff? Want to Okay?

893
00:43:35,719 --> 00:43:40,360
Speaker 3: Yeah, all right, So in the last semeon, we're going

894
00:43:40,440 --> 00:43:42,359
Speaker 3: to talk about some financial literacy stuff and things that

895
00:43:42,880 --> 00:43:44,600
Speaker 3: every day people can use in their day to day

896
00:43:44,600 --> 00:43:47,000
Speaker 3: life to make better financial decisions and just become more

897
00:43:47,000 --> 00:43:49,160
Speaker 3: knowledge all the way around. All right, So now we

898
00:43:49,200 --> 00:43:51,239
Speaker 3: want to talk about un c F, but first I'll

899
00:43:51,239 --> 00:43:54,279
Speaker 3: talk about some financial literacy topics because I know it's

900
00:43:54,280 --> 00:43:56,680
Speaker 3: something that you're you're passionate about, especially like on social

901
00:43:56,719 --> 00:44:00,160
Speaker 3: media Instagram and stuff like that. So all right, you

902
00:44:00,200 --> 00:44:03,759
Speaker 3: said that when you talk about making smart decisions a lot,

903
00:44:03,800 --> 00:44:07,719
Speaker 3: like mindset budgeting. I see you you speak about that

904
00:44:07,800 --> 00:44:10,399
Speaker 3: a lot. Can you talk about that the importance of.

905
00:44:10,360 --> 00:44:15,560
Speaker 5: It, that's important. I'm passionate about entrepreneurship and we were

906
00:44:15,640 --> 00:44:19,600
Speaker 5: just talking about that, Like, I really think that black

907
00:44:19,640 --> 00:44:24,040
Speaker 5: people should consider entrepreneurship and entrepreneurship entrepreneurship means that you

908
00:44:24,040 --> 00:44:26,640
Speaker 5: can be entrepreneurial at your job. But I don't think

909
00:44:26,640 --> 00:44:29,480
Speaker 5: that every black person should be an entrepreneur? Do I

910
00:44:29,520 --> 00:44:33,240
Speaker 5: think that every black person should be an owner of assets?

911
00:44:33,480 --> 00:44:34,160
Speaker 3: And so?

912
00:44:34,400 --> 00:44:37,800
Speaker 5: On Instagram? You're right with professor Keys. I talk a

913
00:44:37,880 --> 00:44:41,280
Speaker 5: lot about how people can be owner of assets because

914
00:44:41,360 --> 00:44:43,560
Speaker 5: I do think that if you can multiply your streams

915
00:44:43,600 --> 00:44:46,360
Speaker 5: of income, you can achieve the same type of economic

916
00:44:46,440 --> 00:44:49,120
Speaker 5: freedom that I believe the entrepreneurship provides.

917
00:44:49,880 --> 00:44:54,200
Speaker 3: So like, what does that mean, like multiplied like stream

918
00:44:54,280 --> 00:44:56,920
Speaker 3: of income? No, like you said, like everybody can be

919
00:44:56,920 --> 00:44:57,880
Speaker 3: an owner, like an owner.

920
00:44:57,680 --> 00:45:01,600
Speaker 5: Of a house, owner of assets, owner of assets and assets.

921
00:45:01,640 --> 00:45:04,120
Speaker 5: I think you can talk about multiple assets like you can, yes,

922
00:45:04,200 --> 00:45:07,000
Speaker 5: own your home, you can own stocks, you can own bonds,

923
00:45:07,040 --> 00:45:09,239
Speaker 5: you can invest in your four on one K, so

924
00:45:09,400 --> 00:45:10,280
Speaker 5: like that type.

925
00:45:10,080 --> 00:45:12,040
Speaker 3: Of own Okay, So at least because you said that

926
00:45:12,040 --> 00:45:13,759
Speaker 3: one of the things you're really passionate about is four

927
00:45:13,800 --> 00:45:16,120
Speaker 3: one k? Yes, So why are you passionate about four

928
00:45:16,160 --> 00:45:16,560
Speaker 3: one k?

929
00:45:16,960 --> 00:45:20,840
Speaker 5: So when I was going to get that good government job.

930
00:45:22,880 --> 00:45:23,160
Speaker 4: Right now?

931
00:45:23,239 --> 00:45:29,200
Speaker 5: Always, Actually, my very first job was as a receptionist, okay, So,

932
00:45:30,440 --> 00:45:32,600
Speaker 5: and that was where I got a government job, and

933
00:45:32,880 --> 00:45:35,719
Speaker 5: I remember when I first got my first paycheck, my

934
00:45:35,760 --> 00:45:37,680
Speaker 5: mom was like, well, did you invest in your four

935
00:45:37,760 --> 00:45:39,440
Speaker 5: one K? And I was like, well, what's that? And

936
00:45:39,520 --> 00:45:43,200
Speaker 5: she was like retirement. I was like, mom, like one,

937
00:45:43,400 --> 00:45:45,200
Speaker 5: like why no, I'm trying to like I'm trying to

938
00:45:45,239 --> 00:45:47,480
Speaker 5: go to happy hour and she was like, you bet

939
00:45:47,520 --> 00:45:53,239
Speaker 5: a happy hour dot four one K? Yes, yes, And

940
00:45:53,440 --> 00:45:55,640
Speaker 5: I'm very grateful for that because people will ask me

941
00:45:55,680 --> 00:45:58,120
Speaker 5: sometimes like what did I learn about financial literacy? And

942
00:45:58,239 --> 00:46:00,600
Speaker 5: I really learned it from my mother before I started

943
00:46:00,600 --> 00:46:03,280
Speaker 5: teaching it to myself. And she was like, the earlier

944
00:46:03,480 --> 00:46:06,880
Speaker 5: you start investing in your four on one K, the better.

945
00:46:07,000 --> 00:46:08,520
Speaker 5: And she was like, and it's going to be difficult

946
00:46:08,600 --> 00:46:11,200
Speaker 5: if you're like actually taking your money and investing it.

947
00:46:11,480 --> 00:46:15,080
Speaker 5: Talk to your employer and ask them about their retirement

948
00:46:15,120 --> 00:46:18,200
Speaker 5: plan and usually they deduct it from your check before

949
00:46:18,200 --> 00:46:21,319
Speaker 5: you even see it posted in your direct deposit. And

950
00:46:21,360 --> 00:46:23,759
Speaker 5: she challenged me to also ask them about matching. So

951
00:46:23,800 --> 00:46:25,319
Speaker 5: I didn't even know what that meant, but she's like,

952
00:46:25,360 --> 00:46:27,920
Speaker 5: go ask them about matching. And at that time, my

953
00:46:27,920 --> 00:46:32,160
Speaker 5: employer was matching six percent, so six percent of my salary,

954
00:46:32,239 --> 00:46:34,600
Speaker 5: that's what that means. So I think at that plas

955
00:46:34,640 --> 00:46:37,000
Speaker 5: making twenty nine thousand dollars, so whatever six percent of

956
00:46:37,000 --> 00:46:40,440
Speaker 5: that was. Every dollar I contributed up to that amount,

957
00:46:40,480 --> 00:46:42,840
Speaker 5: they would match it. So my mom was like, that's

958
00:46:42,920 --> 00:46:45,520
Speaker 5: free money. Do you like free money? And I was like, well,

959
00:46:45,560 --> 00:46:47,080
Speaker 5: I mean, is that a rhetorical question?

960
00:46:48,160 --> 00:46:49,880
Speaker 4: Yeah, I like free money.

961
00:46:50,960 --> 00:46:54,400
Speaker 5: And it turns into six thousand dollars and so it

962
00:46:54,560 --> 00:46:56,440
Speaker 5: just automated. When I left that job, I rolled it

963
00:46:56,480 --> 00:46:59,880
Speaker 5: into an individual retirement account and IRA and every single

964
00:47:00,080 --> 00:47:02,040
Speaker 5: job that was one of the first questions that I asked,

965
00:47:02,080 --> 00:47:04,320
Speaker 5: do you have a retirement apout? How can I contribute?

966
00:47:04,320 --> 00:47:07,000
Speaker 5: And do you match? And at my age now in

967
00:47:07,080 --> 00:47:12,480
Speaker 5: my thirties, I told him early I was fifty two thirties.

968
00:47:13,120 --> 00:47:15,320
Speaker 5: I happened to look at my four one K earlier

969
00:47:15,360 --> 00:47:17,920
Speaker 5: this year because my friend we were having a conversation.

970
00:47:17,960 --> 00:47:19,840
Speaker 5: He was like, yeah, I got like four hundred thousand

971
00:47:19,920 --> 00:47:21,680
Speaker 5: dollars in my four one cous like he got what.

972
00:47:21,880 --> 00:47:23,359
Speaker 5: I was like, let me see what I got up

973
00:47:23,360 --> 00:47:25,520
Speaker 5: in my IRA, my four one K. At that point

974
00:47:25,560 --> 00:47:27,080
Speaker 5: I was working at UNCFS, so I had a four

975
00:47:27,200 --> 00:47:29,759
Speaker 5: h three B account. The difference four one K is

976
00:47:29,800 --> 00:47:33,920
Speaker 5: only for for profits four three B is for nonprofit organizations.

977
00:47:34,080 --> 00:47:36,160
Speaker 5: They both do the same thing. You invest in four

978
00:47:36,160 --> 00:47:39,520
Speaker 5: one ks and I had almost two hundred thousand dollars

979
00:47:39,640 --> 00:47:41,839
Speaker 5: and I had not looked at it, and so I

980
00:47:41,880 --> 00:47:43,800
Speaker 5: was like, you know what, what if I started actively

981
00:47:43,840 --> 00:47:45,960
Speaker 5: managing it? Like this was one of the best pieces

982
00:47:45,960 --> 00:47:48,319
Speaker 5: of advice that my mom gave me. And there's one

983
00:47:48,360 --> 00:47:51,600
Speaker 5: statistic I want to share that's all Motley fool that

984
00:47:51,680 --> 00:47:55,840
Speaker 5: if you start investing one hundred and twenty four dollars

985
00:47:55,880 --> 00:47:58,799
Speaker 5: a week at the age of twenty five into your

986
00:47:58,800 --> 00:48:02,280
Speaker 5: retirement account, you can essentially retire with a million dollars

987
00:48:02,360 --> 00:48:05,919
Speaker 5: assuming a six percent return on your investment portfolio. And

988
00:48:06,120 --> 00:48:08,759
Speaker 5: that means that at twenty four you can be or

989
00:48:08,760 --> 00:48:10,919
Speaker 5: twenty five you can be contributed one hundred and twenty

990
00:48:10,920 --> 00:48:13,439
Speaker 5: seven dollars a week. You can do that at thirty five,

991
00:48:13,600 --> 00:48:16,120
Speaker 5: forty six, fifty four and that number never has to

992
00:48:16,200 --> 00:48:18,239
Speaker 5: change in order to reach the one million dollar mark.

993
00:48:18,640 --> 00:48:20,880
Speaker 5: So with all these people on Instagram talking about like

994
00:48:20,960 --> 00:48:23,880
Speaker 5: twenty twenty is about like a bunch of millionaires, but

995
00:48:23,920 --> 00:48:25,319
Speaker 5: if you ask them what they're plan is, they don't

996
00:48:25,360 --> 00:48:28,239
Speaker 5: have it. It's going to be like a really good

997
00:48:28,239 --> 00:48:30,279
Speaker 5: opportunity for them to start twenty twenty vision.

998
00:48:30,560 --> 00:48:33,640
Speaker 3: Yeah, so you manage your own portfolio with the phone k,

999
00:48:33,760 --> 00:48:35,080
Speaker 3: like you pick your own funds.

1000
00:48:35,239 --> 00:48:37,520
Speaker 5: I don't, but I'm starting to really learn. I didn't

1001
00:48:37,560 --> 00:48:38,920
Speaker 5: even know that that was an option.

1002
00:48:39,080 --> 00:48:40,480
Speaker 4: But I know a guy that could help.

1003
00:48:40,560 --> 00:48:41,959
Speaker 5: You know a guy, Please, we'll talk.

1004
00:48:45,480 --> 00:48:46,840
Speaker 4: The door bus.

1005
00:48:48,480 --> 00:48:50,680
Speaker 5: But one thing that I did learn is that you

1006
00:48:50,719 --> 00:48:55,040
Speaker 5: can select a target base accountget Yeah, that's that's based

1007
00:48:55,040 --> 00:48:58,200
Speaker 5: on your age and so like they basically invest the

1008
00:48:58,320 --> 00:49:00,919
Speaker 5: risk level according to the younger you are the risks

1009
00:49:00,960 --> 00:49:03,240
Speaker 5: your investments that you can make, and then the older

1010
00:49:03,280 --> 00:49:06,320
Speaker 5: you are the less risk because you're getting closer to retire.

1011
00:49:06,400 --> 00:49:08,799
Speaker 3: Yeah, the target target day fund is always good, I think,

1012
00:49:09,000 --> 00:49:11,760
Speaker 3: a good option because it's it's like an auto pilot. Yeah,

1013
00:49:11,840 --> 00:49:13,440
Speaker 3: but you know the thing with retirement accounts is that

1014
00:49:13,520 --> 00:49:15,200
Speaker 3: you want to be aggressive when you're young and conservative

1015
00:49:15,200 --> 00:49:15,839
Speaker 3: as you get older.

1016
00:49:15,920 --> 00:49:16,160
Speaker 5: Yeah.

1017
00:49:16,280 --> 00:49:17,960
Speaker 3: So a lot of times it's hard for people to

1018
00:49:18,040 --> 00:49:21,040
Speaker 3: kind of change it up themselves manage their own portfolio

1019
00:49:21,040 --> 00:49:22,560
Speaker 3: because you got so much stuff going on. But the

1020
00:49:22,600 --> 00:49:25,680
Speaker 3: target date is like designed to become more conservative as

1021
00:49:25,719 --> 00:49:28,240
Speaker 3: you're closer to that target date of your retirement.

1022
00:49:28,280 --> 00:49:29,880
Speaker 5: I got a question for you. Do you know that

1023
00:49:29,880 --> 00:49:30,799
Speaker 5: God should be talking to.

1024
00:49:30,680 --> 00:49:36,799
Speaker 2: Her shout out to you and the friend who had

1025
00:49:36,840 --> 00:49:38,920
Speaker 2: the four hundred thousand and four one K even having

1026
00:49:38,920 --> 00:49:39,760
Speaker 2: that type of conversation.

1027
00:49:39,920 --> 00:49:40,440
Speaker 5: Absolutely.

1028
00:49:41,640 --> 00:49:44,680
Speaker 2: There's not many people that I know outside of the

1029
00:49:44,680 --> 00:49:47,839
Speaker 2: group of Alisius team, but that have those type of conversations. Yeah,

1030
00:49:47,840 --> 00:49:49,200
Speaker 2: And a lot of times people say you will go

1031
00:49:49,239 --> 00:49:50,680
Speaker 2: as far as your conversations taking.

1032
00:49:50,640 --> 00:49:51,920
Speaker 5: Absolutely, you know what I mean, So that you need

1033
00:49:51,960 --> 00:49:54,160
Speaker 5: tweet that that was good, you can put that. Okay,

1034
00:49:54,120 --> 00:50:00,800
Speaker 5: I'll put that all that.

1035
00:49:58,360 --> 00:50:00,799
Speaker 3: And for one K is that's something that is not

1036
00:50:00,840 --> 00:50:04,520
Speaker 3: the most sexy investment, right, but it is practical.

1037
00:50:04,680 --> 00:50:05,440
Speaker 5: It's very practical.

1038
00:50:05,600 --> 00:50:07,840
Speaker 3: And I always tell people like you got to put

1039
00:50:08,000 --> 00:50:11,520
Speaker 3: different assets away for different things. So the full one

1040
00:50:11,560 --> 00:50:13,600
Speaker 3: K is for your retirement. It shouldn't be your only

1041
00:50:13,680 --> 00:50:16,919
Speaker 3: investment that's you have in life, but for a long

1042
00:50:17,000 --> 00:50:19,400
Speaker 3: term retirement savings is great. Especially like you said, if

1043
00:50:19,400 --> 00:50:21,759
Speaker 3: they match, that's free money. She'll always try if you

1044
00:50:21,840 --> 00:50:24,920
Speaker 3: can try to contribute at least up to the match. Yeah,

1045
00:50:24,960 --> 00:50:27,080
Speaker 3: because that's pretty much free money, right.

1046
00:50:27,239 --> 00:50:29,400
Speaker 5: And the other thing that I didn't know until I

1047
00:50:29,440 --> 00:50:32,520
Speaker 5: started doing my research as well, is that you can

1048
00:50:32,680 --> 00:50:34,840
Speaker 5: use some of the money in your retirement account for

1049
00:50:34,960 --> 00:50:37,440
Speaker 5: very specific purposes because if you withdraw early there will

1050
00:50:37,480 --> 00:50:39,440
Speaker 5: be the penalties. But you can use like ten thousand

1051
00:50:39,520 --> 00:50:41,880
Speaker 5: dollars for a down payment on your first home. You

1052
00:50:41,920 --> 00:50:45,600
Speaker 5: can use ten thousand dollars of it for educational expenses.

1053
00:50:45,640 --> 00:50:47,600
Speaker 5: You can use another ten thousand if you have any

1054
00:50:47,600 --> 00:50:51,400
Speaker 5: emergency like health considerations. That's thirty thousand dollars if you

1055
00:50:51,440 --> 00:50:53,279
Speaker 5: invest that much, if it's in your portfolio, that you

1056
00:50:53,320 --> 00:50:54,080
Speaker 5: can actually use.

1057
00:50:54,160 --> 00:50:56,040
Speaker 3: And another thing with the four one case, A lot

1058
00:50:56,080 --> 00:50:58,680
Speaker 3: of flexibility with the four one K is that you

1059
00:50:58,719 --> 00:51:01,160
Speaker 3: can borrow from it time, like up to fifty percent,

1060
00:51:01,200 --> 00:51:03,680
Speaker 3: up to fifty thousand. So but the good thing with

1061
00:51:03,719 --> 00:51:05,399
Speaker 3: the full I mean, it's pros and cons obviously because

1062
00:51:05,400 --> 00:51:07,880
Speaker 3: you're borrowing from your retirement, but if you have no

1063
00:51:07,960 --> 00:51:10,480
Speaker 3: other place to access money most of the time, most

1064
00:51:10,520 --> 00:51:13,239
Speaker 3: people like the most money that they have saved is

1065
00:51:13,239 --> 00:51:15,200
Speaker 3: in a four to one K, so now you can

1066
00:51:15,280 --> 00:51:17,000
Speaker 3: borrow from that. It's not a low interest rate. Then

1067
00:51:17,040 --> 00:51:19,000
Speaker 3: you went from a bank it was like three four percent,

1068
00:51:19,360 --> 00:51:21,400
Speaker 3: So you're pretty much borrowing from yourself and you're paying

1069
00:51:21,440 --> 00:51:24,279
Speaker 3: back yourself as opposed to taking a bank loan, let's

1070
00:51:24,280 --> 00:51:27,399
Speaker 3: say of ten percent, or just using your credit card

1071
00:51:27,400 --> 00:51:30,879
Speaker 3: at twenty one nineteen percent, you're borrowing at a much

1072
00:51:30,920 --> 00:51:33,160
Speaker 3: lower rate, and you're borrowing from yourself, so you're paying

1073
00:51:33,160 --> 00:51:35,399
Speaker 3: yourself back. So it's a lot of flexibility that people

1074
00:51:35,400 --> 00:51:37,399
Speaker 3: don't fully. I think a lot of times people these

1075
00:51:37,440 --> 00:51:40,360
Speaker 3: are just basic general investments. But it's like, this is

1076
00:51:40,400 --> 00:51:43,640
Speaker 3: what's gonna for the average American, right, this is going

1077
00:51:43,719 --> 00:51:46,319
Speaker 3: to make you a millionaire. Absolutely, your house a four

1078
00:51:46,320 --> 00:51:49,279
Speaker 3: to one k. Like you said, most people aren't going

1079
00:51:49,320 --> 00:51:51,880
Speaker 3: to start a business. We hope that everybody does, but

1080
00:51:52,080 --> 00:51:54,800
Speaker 3: it's just not realistic, right, Most people are not gonna

1081
00:51:55,360 --> 00:52:00,719
Speaker 3: have a million different exotic investments and a million dollars

1082
00:52:00,760 --> 00:52:03,480
Speaker 3: off bitcoin. It's just not gonna happen. But it's very

1083
00:52:03,520 --> 00:52:05,640
Speaker 3: practical to have a million dollars in your retirement, a home.

1084
00:52:05,680 --> 00:52:07,759
Speaker 3: Stuff like this. So I think, like these are conversations

1085
00:52:07,760 --> 00:52:12,399
Speaker 3: that outside of the really exciting sexy stuff, we got

1086
00:52:12,400 --> 00:52:15,160
Speaker 3: to have these conversations as well, for sure. For sure.

1087
00:52:15,719 --> 00:52:18,440
Speaker 3: So I saw I saw something that you you have

1088
00:52:18,640 --> 00:52:21,640
Speaker 3: put I think it was yesterday where you said that

1089
00:52:21,960 --> 00:52:28,200
Speaker 3: I guess a relationship had ended, because yeah, you put

1090
00:52:28,239 --> 00:52:29,200
Speaker 3: it on Instagram, so it.

1091
00:52:29,160 --> 00:52:32,240
Speaker 4: Is we're watching everything. We're watching everything.

1092
00:52:32,760 --> 00:52:35,919
Speaker 3: So the reason so it's holiday time, it's holiday time.

1093
00:52:36,040 --> 00:52:40,800
Speaker 3: It's holiday time, right, so people have to be responsible

1094
00:52:40,800 --> 00:52:43,240
Speaker 3: with this special right, and you got to think about

1095
00:52:43,280 --> 00:52:49,600
Speaker 3: generational wealth over short term gratification. So how do you

1096
00:52:49,600 --> 00:52:50,239
Speaker 3: feel about that?

1097
00:52:51,080 --> 00:52:51,680
Speaker 5: About the guy?

1098
00:52:52,120 --> 00:52:55,720
Speaker 3: Well, just general, just the whole general.

1099
00:52:56,400 --> 00:52:59,800
Speaker 4: Can you give us a paraphrase version of what happened?

1100
00:53:01,120 --> 00:53:05,600
Speaker 5: Yeah, I was. I was dating this guy. We went

1101
00:53:05,640 --> 00:53:09,000
Speaker 5: out for a couple of months, and he asked me

1102
00:53:09,160 --> 00:53:11,960
Speaker 5: to buy him some really expensive shoes for his birthday.

1103
00:53:12,000 --> 00:53:17,000
Speaker 5: In fact, eight hundred ball maid ball made.

1104
00:53:17,120 --> 00:53:17,439
Speaker 3: I mean.

1105
00:53:21,400 --> 00:53:24,759
Speaker 5: Only been like two months maybe to on a possible month,

1106
00:53:25,400 --> 00:53:27,080
Speaker 5: like like do I love it?

1107
00:53:27,400 --> 00:53:29,640
Speaker 3: Don't you feel?

1108
00:53:29,680 --> 00:53:29,719
Speaker 4: Like?

1109
00:53:29,719 --> 00:53:29,799
Speaker 3: That?

1110
00:53:29,880 --> 00:53:29,920
Speaker 5: Was?

1111
00:53:30,080 --> 00:53:30,840
Speaker 3: That was like a test that.

1112
00:53:30,920 --> 00:53:37,240
Speaker 5: Was like not that much. So And the conversation came

1113
00:53:37,360 --> 00:53:40,080
Speaker 5: after I had just told him that I had paid

1114
00:53:40,080 --> 00:53:44,520
Speaker 5: off all of my debt like credit card, car, student loans,

1115
00:53:44,600 --> 00:53:46,960
Speaker 5: so like we were celebrating and it was like, well,

1116
00:53:46,960 --> 00:53:49,000
Speaker 5: now that your credit card is like on a zero

1117
00:53:49,040 --> 00:53:51,080
Speaker 5: dollar ballance, like you can afford these shoes?

1118
00:53:52,640 --> 00:53:53,160
Speaker 6: No, bro?

1119
00:53:53,520 --> 00:53:56,800
Speaker 5: Like my interest right, you just said it was double digit?

1120
00:53:56,920 --> 00:53:58,439
Speaker 5: Are you about to make you put eight hundred dollars

1121
00:53:58,520 --> 00:54:02,080
Speaker 5: like on and so he a coup of me. And

1122
00:54:02,120 --> 00:54:04,279
Speaker 5: I actually think that was a good decision. I knew

1123
00:54:04,320 --> 00:54:07,279
Speaker 5: it was a good decision. So yeah, So for me,

1124
00:54:07,360 --> 00:54:11,640
Speaker 5: it really is about being fiscally responsible and not buying

1125
00:54:11,920 --> 00:54:16,040
Speaker 5: liabilities and masking it as an asset like that shoe

1126
00:54:16,239 --> 00:54:17,759
Speaker 5: is not going to in my opin, I don't know

1127
00:54:17,800 --> 00:54:19,400
Speaker 5: much about shoes. I don't think it's going to appreciate and.

1128
00:54:19,400 --> 00:54:28,799
Speaker 4: Value notty right high cause value very lower. Turn.

1129
00:54:28,880 --> 00:54:31,040
Speaker 3: Now it's emotions a lot of times too. It's people

1130
00:54:31,080 --> 00:54:35,280
Speaker 3: have to be you have to think long term, yeah, obviously,

1131
00:54:35,560 --> 00:54:40,000
Speaker 3: but you can't get caught up in short term gratification ratification. Yeah,

1132
00:54:40,320 --> 00:54:41,920
Speaker 3: and I see you talking about that. And also I

1133
00:54:41,960 --> 00:54:44,040
Speaker 3: see you talking about a lot like even with like relationships.

1134
00:54:44,040 --> 00:54:45,880
Speaker 3: I think that's important, Like when you say that like

1135
00:54:46,600 --> 00:54:48,600
Speaker 3: high data balls say, like I see you post a

1136
00:54:48,600 --> 00:54:51,800
Speaker 3: lot about relationships, and it's like that's a big component

1137
00:54:51,800 --> 00:54:55,000
Speaker 3: of wealth, don't they. Yeah, right, And it's like a

1138
00:54:55,000 --> 00:54:59,040
Speaker 3: lot of times like who you're with will dictate like

1139
00:54:59,200 --> 00:55:01,319
Speaker 3: or at least have a part to play in how

1140
00:55:01,360 --> 00:55:04,160
Speaker 3: you think, right, because it's like peer pressure, like if

1141
00:55:04,160 --> 00:55:06,279
Speaker 3: you're around somebody that's constantly telling you, like, we need

1142
00:55:06,280 --> 00:55:07,680
Speaker 3: to get this assets, we need to do this. Right,

1143
00:55:07,719 --> 00:55:09,600
Speaker 3: you're gonna automatically like if you're around your friends and

1144
00:55:09,680 --> 00:55:12,120
Speaker 3: saying that, or if you're around somebody it's like, let's

1145
00:55:12,160 --> 00:55:14,919
Speaker 3: just go to the mall, let's go on. Your mind's

1146
00:55:14,920 --> 00:55:16,840
Speaker 3: gonna be on that as well. Right, So, I what

1147
00:55:16,880 --> 00:55:18,640
Speaker 3: do you feel about that? You know?

1148
00:55:18,840 --> 00:55:21,120
Speaker 5: Like, I mean, I think he definitely wasn't watch my

1149
00:55:21,200 --> 00:55:22,920
Speaker 5: videos when he asked that question. But like one of

1150
00:55:23,000 --> 00:55:24,600
Speaker 5: the things that I like saying is that we're not

1151
00:55:24,640 --> 00:55:28,120
Speaker 5: flexing with liabilities anymore. Like this running around with Gucci

1152
00:55:28,440 --> 00:55:31,640
Speaker 5: like two weeks after you already was like you know,

1153
00:55:31,800 --> 00:55:34,919
Speaker 5: hashtag and f Gucci, you know, like you know, it's

1154
00:55:35,000 --> 00:55:37,359
Speaker 5: not that that's not the new flex. And what I

1155
00:55:37,400 --> 00:55:39,960
Speaker 5: really love about this whole movement that earned your leisures

1156
00:55:40,000 --> 00:55:42,040
Speaker 5: doing the Black up Start is getting into is that

1157
00:55:42,080 --> 00:55:45,279
Speaker 5: people are realizing that assets is the new flex. We

1158
00:55:45,320 --> 00:55:47,879
Speaker 5: do talk. I do talk a lot about relationships and

1159
00:55:48,239 --> 00:55:52,160
Speaker 5: the importance of breaking generational curses of poverty. I think

1160
00:55:52,160 --> 00:55:55,160
Speaker 5: sometimes we romanticize to struggle, Like we sit here, we

1161
00:55:55,200 --> 00:55:55,960
Speaker 5: talk about.

1162
00:55:55,680 --> 00:55:57,719
Speaker 3: Oh, you was started from the bottom bay, we came

1163
00:55:57,719 --> 00:55:59,200
Speaker 3: from from the bottom.

1164
00:55:58,960 --> 00:56:00,600
Speaker 5: But they don't want to get to the But we

1165
00:56:00,760 --> 00:56:03,279
Speaker 5: hear part right, And I think that the person that

1166
00:56:03,320 --> 00:56:06,919
Speaker 5: you partner with definitely does have an influence on how

1167
00:56:06,960 --> 00:56:09,080
Speaker 5: you are going to live that life. When you get

1168
00:56:09,120 --> 00:56:12,279
Speaker 5: married to someone, when you're in relationship with someone, you

1169
00:56:12,320 --> 00:56:14,120
Speaker 5: begin sharing a lot of things with them, And it's

1170
00:56:14,120 --> 00:56:17,000
Speaker 5: more than just emotions. It can be finances too. When

1171
00:56:17,080 --> 00:56:21,320
Speaker 5: you start making those you start making those joint decisions together,

1172
00:56:21,400 --> 00:56:24,000
Speaker 5: like buying the house, you gonna be talking about who

1173
00:56:24,040 --> 00:56:26,480
Speaker 5: has bad credit, who doesn't have bad credit? You know,

1174
00:56:26,560 --> 00:56:28,600
Speaker 5: like when you're talking about, hey, we need to invest

1175
00:56:28,640 --> 00:56:30,480
Speaker 5: in a four to one case, so a percentage of

1176
00:56:30,520 --> 00:56:33,160
Speaker 5: my paycheck is already being you know, contributed towards this,

1177
00:56:33,280 --> 00:56:34,880
Speaker 5: your partner maybe like, well, how come we can't go

1178
00:56:35,200 --> 00:56:37,920
Speaker 5: on vacation this year? And so I think it's important

1179
00:56:37,920 --> 00:56:41,080
Speaker 5: for people to get on that same page yes with

1180
00:56:41,080 --> 00:56:41,640
Speaker 5: one another.

1181
00:56:42,040 --> 00:56:44,920
Speaker 3: So no, it's important, and it's a conversation that we

1182
00:56:44,920 --> 00:56:47,160
Speaker 3: don't have a lot and yeah, we need to have

1183
00:56:47,200 --> 00:56:48,600
Speaker 3: like a whole episode on relationship.

1184
00:56:48,719 --> 00:56:49,759
Speaker 4: No, somebody actually asks me.

1185
00:56:49,920 --> 00:56:51,799
Speaker 2: A good friend of mine was saying that, you know,

1186
00:56:51,920 --> 00:56:54,320
Speaker 2: we talked about credit, But what happens when your spouse

1187
00:56:54,320 --> 00:56:56,319
Speaker 2: doesn't have great credit and the pressure of that.

1188
00:56:56,400 --> 00:56:58,200
Speaker 4: Or they ruin your credit or they ruin yours because

1189
00:56:58,200 --> 00:56:58,719
Speaker 4: they don't have it.

1190
00:56:58,719 --> 00:57:00,000
Speaker 3: You got a co sign a car for.

1191
00:57:01,640 --> 00:57:07,040
Speaker 2: Yeah, I don't think that those are like those are

1192
00:57:07,040 --> 00:57:09,120
Speaker 2: the conversations that you should be having dating.

1193
00:57:09,200 --> 00:57:12,239
Speaker 5: I'm not married. I'm not in a relationship right now,

1194
00:57:12,600 --> 00:57:15,000
Speaker 5: but I have been very intentional about when I do,

1195
00:57:15,239 --> 00:57:16,880
Speaker 5: you know, meet someone that I'm interested in. We do

1196
00:57:16,960 --> 00:57:19,040
Speaker 5: go out, like on our first and second day, I'm

1197
00:57:19,080 --> 00:57:20,560
Speaker 5: asking like what are you reading?

1198
00:57:20,680 --> 00:57:22,440
Speaker 4: Like what are you?

1199
00:57:23,360 --> 00:57:24,840
Speaker 5: I mean, I think that that could be a question

1200
00:57:24,880 --> 00:57:28,800
Speaker 5: for the third day. First the second day, I'm like, well,

1201
00:57:28,840 --> 00:57:31,360
Speaker 5: what are you interested in? Like, you know, it's payday,

1202
00:57:31,480 --> 00:57:33,880
Speaker 5: so I just bought to read Like do you got

1203
00:57:33,880 --> 00:57:36,240
Speaker 5: a robin Hood account? You don't know? Persons looking at

1204
00:57:36,240 --> 00:57:40,320
Speaker 5: me cross that like that, like that what you mean?

1205
00:57:40,480 --> 00:57:42,920
Speaker 4: Like exactly?

1206
00:57:43,440 --> 00:57:45,960
Speaker 5: So you know, That's how I know exactly where the

1207
00:57:45,960 --> 00:57:48,560
Speaker 5: mindset is. There's a guy actually that I connected with

1208
00:57:49,600 --> 00:57:53,120
Speaker 5: who teaches about socks, and we connected on the phone

1209
00:57:53,200 --> 00:57:55,760
Speaker 5: and like literally for four hours we were talking about

1210
00:57:55,760 --> 00:57:58,480
Speaker 5: exchange trade and funds, real estate investment trusts. Like he

1211
00:57:58,600 --> 00:58:01,400
Speaker 5: was telling me how he wanted to like invest in housing,

1212
00:58:01,520 --> 00:58:03,560
Speaker 5: like we were talking about, Like I didn't know. I

1213
00:58:03,640 --> 00:58:07,080
Speaker 5: just started repairing my own credit because I didn't know

1214
00:58:07,120 --> 00:58:10,000
Speaker 5: when you pay off all of your debt like that

1215
00:58:10,080 --> 00:58:13,000
Speaker 5: can drop your credit or like I literally close my

1216
00:58:13,080 --> 00:58:17,000
Speaker 5: credit card after I paid it all, and thirty days

1217
00:58:17,040 --> 00:58:19,440
Speaker 5: later when I got the notification that my credit had dropped,

1218
00:58:19,480 --> 00:58:21,600
Speaker 5: Like at that point, it was too late to reopen

1219
00:58:21,640 --> 00:58:23,520
Speaker 5: the card and I had that car for twelve years.

1220
00:58:23,600 --> 00:58:25,840
Speaker 5: He and I had that conversation about what it took

1221
00:58:25,920 --> 00:58:28,120
Speaker 5: to rebuild our credit. Like, I think that we need

1222
00:58:28,160 --> 00:58:30,520
Speaker 5: to change how we start connecting with people, whether it's

1223
00:58:30,560 --> 00:58:32,520
Speaker 5: friends or whether it's a person who you're in a

1224
00:58:32,600 --> 00:58:34,600
Speaker 5: relationship with or trying to get in a relationship.

1225
00:58:34,680 --> 00:58:36,800
Speaker 4: Conducting not speaking conducting conducting.

1226
00:58:36,920 --> 00:58:39,680
Speaker 3: Yeah, that's a fact that don't don't play it. So

1227
00:58:40,080 --> 00:58:42,160
Speaker 3: don't do that. Don't play it.

1228
00:58:43,000 --> 00:58:46,960
Speaker 5: I feel like there's a story behind it.

1229
00:58:47,520 --> 00:58:50,360
Speaker 3: Like I always say, positive pair pressure. Positive pair pressure

1230
00:58:50,440 --> 00:58:52,800
Speaker 3: is something that we learned early on as far as

1231
00:58:52,840 --> 00:58:55,640
Speaker 3: like even your your friends. Yeah right, it's like we

1232
00:58:56,160 --> 00:58:59,360
Speaker 3: know negative peer pressure. Yeah, obviously everybody knows that, but

1233
00:58:59,480 --> 00:59:02,480
Speaker 3: positive pressures, like if you're around people that's like doing well,

1234
00:59:02,480 --> 00:59:05,040
Speaker 3: Like if you're in a school and everybody's doing well.

1235
00:59:05,040 --> 00:59:07,880
Speaker 3: Nobody wants to be the dumbest person in class, so you're

1236
00:59:07,880 --> 00:59:11,000
Speaker 3: gonna naturally push yourself to not be the dumbest person

1237
00:59:11,040 --> 00:59:13,640
Speaker 3: in class, right, And that's positive fear pressure. So it's

1238
00:59:13,640 --> 00:59:15,680
Speaker 3: the same thing with finance, Like if you're around people

1239
00:59:15,680 --> 00:59:18,920
Speaker 3: that are making smart decisions, that's doing things, that's you know,

1240
00:59:19,000 --> 00:59:21,600
Speaker 3: buying real estate, you're not gonna be the one slacker.

1241
00:59:21,640 --> 00:59:23,280
Speaker 3: You don't want to be that one slacker. You want

1242
00:59:23,280 --> 00:59:26,120
Speaker 3: to have good credit like your friends have. So I

1243
00:59:26,160 --> 00:59:28,400
Speaker 3: think that these conversations are dope and it's really changing

1244
00:59:28,440 --> 00:59:30,600
Speaker 3: the narrative, especially in our community, because it for a

1245
00:59:30,600 --> 00:59:33,480
Speaker 3: long time it's not It wasn't nobody was having this conversation.

1246
00:59:33,720 --> 00:59:39,720
Speaker 3: Nobody better conversations. Well that's what we're doing that. So

1247
00:59:40,000 --> 00:59:43,200
Speaker 3: all right, well, thank you, thank you for coming.

1248
00:59:43,040 --> 00:59:48,880
Speaker 5: My god, our thank you for having me at all.

1249
00:59:51,280 --> 00:59:53,120
Speaker 3: So how can the people contact you? How can they

1250
00:59:53,120 --> 00:59:56,440
Speaker 3: get information on Black Upstart, any events you have coming up,

1251
00:59:56,480 --> 00:59:57,280
Speaker 3: what's supposed to deal?

1252
00:59:57,640 --> 01:00:01,320
Speaker 5: Yeah, so they can follow the Black Upstart, that's the

1253
01:00:01,480 --> 01:00:05,440
Speaker 5: tag Black up Start. They can also follow me at

1254
01:00:05,520 --> 01:00:09,840
Speaker 5: Kizi at mw k e z I a MW. We

1255
01:00:09,880 --> 01:00:13,720
Speaker 5: will be hosting boot camps across the nation in twenty

1256
01:00:13,760 --> 01:00:18,560
Speaker 5: twenty in six different markets, so North Carolina, Baltimore, Atlanta,

1257
01:00:18,680 --> 01:00:23,760
Speaker 5: New Orleans, Tulsa, Oklahoma. We're going back to Johannesburg, South Africa,

1258
01:00:24,200 --> 01:00:27,320
Speaker 5: and we'll release the whole list of cities the first

1259
01:00:27,360 --> 01:00:30,040
Speaker 5: week of January. And each one of those experiences are

1260
01:00:30,120 --> 01:00:33,440
Speaker 5: sponsored by cdf i's So we'd love to train up

1261
01:00:33,640 --> 01:00:36,440
Speaker 5: entrepreneurs and give you access to funding upon graduation.

1262
01:00:36,720 --> 01:00:40,480
Speaker 3: So all right, don't we gotta we gotta collapse on? Yeah, sure,

1263
01:00:41,560 --> 01:00:43,000
Speaker 3: South Africa.

1264
01:00:43,920 --> 01:00:45,240
Speaker 5: You can get food out.

1265
01:00:47,000 --> 01:00:48,520
Speaker 3: Heah, let's do that.

1266
01:00:48,680 --> 01:00:49,800
Speaker 4: That conversation.

1267
01:00:50,840 --> 01:00:51,680
Speaker 5: That's today.

1268
01:00:51,720 --> 01:00:54,320
Speaker 3: I love it, Troy some housekeeping it on.

1269
01:00:54,480 --> 01:00:56,880
Speaker 2: Shout everybody on patreon dot com. You know that's all

1270
01:00:56,920 --> 01:00:59,080
Speaker 2: Proud to pay program. We got some new members. Want

1271
01:00:59,120 --> 01:01:03,160
Speaker 2: to give them a shout out. Chris Ken, Ricardo and Sirita.

1272
01:01:03,160 --> 01:01:04,880
Speaker 2: I hope I pronounced that right. They kill you didn't

1273
01:01:04,880 --> 01:01:09,040
Speaker 2: pronounce how you know, lady? That happens a lot of it.

1274
01:01:09,160 --> 01:01:11,320
Speaker 2: Like Yo, man, I love my shoutout, but you left

1275
01:01:11,320 --> 01:01:14,400
Speaker 2: the letter out. I'm trying, Sirita. If I mispronounced it,

1276
01:01:14,400 --> 01:01:15,920
Speaker 2: I love you still, thank you for signing up for

1277
01:01:15,960 --> 01:01:20,640
Speaker 2: Early Leisure uh for Patreon that gives you access now

1278
01:01:20,680 --> 01:01:21,640
Speaker 2: to early leisure dot com.

1279
01:01:21,640 --> 01:01:23,160
Speaker 4: You know, if you're a Tier four or five member,

1280
01:01:23,200 --> 01:01:24,480
Speaker 4: you have access.

1281
01:01:24,160 --> 01:01:29,720
Speaker 2: To our new online school Man University and Rashot has

1282
01:01:29,760 --> 01:01:32,040
Speaker 2: to merch on. So that's that's on this way the

1283
01:01:32,040 --> 01:01:34,800
Speaker 2: new merch for Earnily Leisure University. And obviously I'm wearing

1284
01:01:34,840 --> 01:01:36,080
Speaker 2: the assets over liabilities.

1285
01:01:36,520 --> 01:01:38,160
Speaker 4: It's so the season. It's cold in New York. It's

1286
01:01:38,160 --> 01:01:40,920
Speaker 4: cold d C. So I get you a hoodie and

1287
01:01:41,200 --> 01:01:42,000
Speaker 4: keeps a point man.

1288
01:01:42,000 --> 01:01:43,840
Speaker 2: We appreciate it allows us to do things like this,

1289
01:01:43,960 --> 01:01:46,600
Speaker 2: come to DC and touch base with some people who

1290
01:01:46,600 --> 01:01:47,760
Speaker 2: are doing some amazing things.

1291
01:01:48,080 --> 01:01:50,480
Speaker 3: Yeah for sure. And once again in the merch eyl

1292
01:01:50,600 --> 01:01:53,720
Speaker 3: University to the new wave that we're on right now.

1293
01:01:53,720 --> 01:01:56,280
Speaker 3: It's really really dope platform. Maybe can teach a class

1294
01:01:56,280 --> 01:01:58,480
Speaker 3: for us what we do, Yeah for sure, we do.

1295
01:01:58,560 --> 01:02:00,200
Speaker 3: We do three classes a week and we have of

1296
01:02:00,240 --> 01:02:02,880
Speaker 3: like guest lecturers that we kind of rotate from our

1297
01:02:03,120 --> 01:02:05,960
Speaker 3: alumn that you're an alum, that's what we call our guests.

1298
01:02:08,000 --> 01:02:10,640
Speaker 3: So yeah, Yo University is really really dope platform that

1299
01:02:10,680 --> 01:02:12,960
Speaker 3: we're really proud of. And once again d M v

1300
01:02:13,040 --> 01:02:15,840
Speaker 3: Thank you for the hospitality Atlanta. We will see you

1301
01:02:15,880 --> 01:02:18,360
Speaker 3: guys soon January.

1302
01:02:18,600 --> 01:02:20,840
Speaker 4: That's a fact you put in your calendar.

1303
01:02:23,000 --> 01:02:25,960
Speaker 3: Five up for sure. So and the book tip of

1304
01:02:26,000 --> 01:02:30,240
Speaker 3: this week is, uh, the African American African American entrepreneurship

1305
01:02:30,280 --> 01:02:33,600
Speaker 3: then and now. So this whole conversation, well the large

1306
01:02:33,600 --> 01:02:37,120
Speaker 3: majority of conversation was about entrepreneurship. So there's something that

1307
01:02:37,160 --> 01:02:39,440
Speaker 3: we want to just keep encouraging people to become entrepreneurs,

1308
01:02:39,480 --> 01:02:41,680
Speaker 3: but not just come become entrepreneur just to say you're

1309
01:02:41,680 --> 01:02:44,280
Speaker 3: an entrepreneur to win, like you don't want to just

1310
01:02:44,320 --> 01:02:47,120
Speaker 3: play the game. You want to actually win and that's.

1311
01:02:47,120 --> 01:02:47,760
Speaker 4: Help other people.

1312
01:02:48,040 --> 01:02:49,919
Speaker 3: Yeah, exactly, And that's what happened. The plan is about,

1313
01:02:49,920 --> 01:02:52,560
Speaker 3: and that's what having strategy is about. So that's what

1314
01:02:52,600 --> 01:02:54,760
Speaker 3: it's about. So once again, thank you guys for rocking

1315
01:02:54,760 --> 01:02:55,680
Speaker 3: with us. We'll see you next week.

1316
01:02:55,720 --> 01:03:23,920
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