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The Significance of Relationship Capital · Money And Wealth With John Hope Bryant

• 0:00
  Speaker 1: Welcome The Money in Wealth with John Hobryant, a production
• 0:03
  Speaker 1: of the Black Effect Podcast Network and iHeartRadio. Hey, Hey, hey,
• 0:16
  Speaker 1: this is John Hope Bryant and this is the Money
• 0:19
  Speaker 1: in Wealth podcast series. This one will be hard for
• 0:24
  Speaker 1: people to accept. Relationship capital is probably the most important capital.
• 0:30
  Speaker 1: People are like, no, no, no, no, no, John. We
• 0:32
  Speaker 1: need investment capital. We need you know, equity in our
• 0:35
  Speaker 1: businesses or our lives. We need a line of credit,
• 0:38
  Speaker 1: we need credit cards, we need inheritance. All this stuff
• 0:43
  Speaker 1: is important. I'm not discounting it. But after you know,
• 0:50
  Speaker 1: sustenance poverty, which is a roof over your head, food
• 0:52
  Speaker 1: on the table, reasonable healthcare. All other forms of poverty
• 0:58
  Speaker 1: are mindset related. Think about that for a minute. I
• 1:02
  Speaker 1: covered in detailing my book Up from Nothing, and I
• 1:06
  Speaker 1: talked about the five pillars of success, and none of
• 1:09
  Speaker 1: them are about purely money, or actually none of them
• 1:13
  Speaker 1: around money.
• 1:14
  Speaker 2: Actually the money will come.
• 1:16
  Speaker 1: The money is important, but the money is about communicating
• 1:21
  Speaker 1: a means of value. Right, it's transactional, it's trading. Let
• 1:28
  Speaker 1: me not talk about what it's not about. Let me
• 1:29
  Speaker 1: talk about what it is about. Relationship capital. It's literally
• 1:32
  Speaker 1: everything and changed my life I grew up in the hood,
• 1:36
  Speaker 1: all right, the hood d a hyphen hod and I
• 1:41
  Speaker 1: didn't have inheritance, I didn't have a trust fund.
• 1:45
  Speaker 2: I didn't have anybody hooking me up.
• 1:47
  Speaker 1: So my first relationship capital, I didn't realize it was
• 1:50
  Speaker 1: with my teachers in school. Who did I mean, what
• 1:53
  Speaker 1: did I do in school? I went to school. I
• 1:55
  Speaker 1: was an okay student, but I sold mail order everything
• 2:00
  Speaker 1: to anybody who buy it. Teachers, you know, administrators, the principal.
• 2:07
  Speaker 1: But these weren't random people. These were people I knew.
• 2:11
  Speaker 1: These are people who I had built hello a relationship with.
• 2:15
  Speaker 1: There was some connective tissue, there was some energy. They
• 2:19
  Speaker 1: even maybe believed in me, and yeah, maybe it was
• 2:22
  Speaker 1: a little bit of guilt while they've made the first purchase.
• 2:24
  Speaker 1: But after a while they're like, you know, this kid's
• 2:26
  Speaker 1: got onto something, and these are good products. And I
• 2:28
  Speaker 1: sold Avon, I sow yes, Avon I sew omni jury
• 2:33
  Speaker 1: later on in my life out of business, these are
• 2:36
  Speaker 1: multi level marketing companies. I don't do it anymore, but
• 2:39
  Speaker 1: I did it back then. There was a great way
• 2:41
  Speaker 1: to get started in business with no capital. But you know,
• 2:44
  Speaker 1: multi level marketing, by the way, completely separate thing. I'll
• 2:46
  Speaker 1: do a video on it. I mean, I'll do a
• 2:48
  Speaker 1: podcast on it. Actually not a long term play for you.
• 2:53
  Speaker 1: I sold Stacey Adams shoes through mail order. It was
• 2:59
  Speaker 1: a form in my briefcase with some visuals and remember Layaway,
• 3:06
  Speaker 1: remember sears Layaway some of you, some of you remember that,
• 3:10
  Speaker 1: And I would go and sell it. I mean, I
• 3:12
  Speaker 1: guess I'm decent at storytelling now. Because I had I
• 3:15
  Speaker 1: didn't have any real assets other than what was on
• 3:18
  Speaker 1: my ass my rear end sorry, and I didn't have
• 3:21
  Speaker 1: any physical inventory, and I didn't have well, I had
• 3:26
  Speaker 1: me and I had these slicks, these marketing slicks, and
• 3:30
  Speaker 1: then I had the rapport with whoever I was talking to.
• 3:34
  Speaker 1: So ninety percent of my sales came from people I knew. Yes,
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  Speaker 1: I started with my family, then it went to my friends,
• 3:40
  Speaker 1: and it was my teachers at school, et cetera. That
• 3:43
  Speaker 1: was the beginning of a relationship capital. I didn't know
• 3:45
  Speaker 1: what it was back then. Then I built a relationship
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  Speaker 1: with the banker in my classroom, and then I built
• 3:51
  Speaker 1: a relationship with yes friends in the neighborhood. Of course,
• 3:54
  Speaker 1: I built a relationship with the owner of Max liquor store.
• 3:59
  Speaker 1: That's where my first business came from, the neighborhood candy house,
• 4:02
  Speaker 1: inspired by him discounting me as a young man talking
• 4:07
  Speaker 1: to a man with a college degree. I'm like, yeah,
• 4:08
  Speaker 1: but I've got cavities. Man, I'm nine, almost ten years old.
• 4:11
  Speaker 1: I'm telling you settling the wrong kind of candy. You
• 4:13
  Speaker 1: wouldn't listen to me. Put him out of business. Out
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  Speaker 1: of the candy business relationship capital is how I first
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  Speaker 1: got my first acting gigs. I was an actor, was
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  Speaker 1: a very good one. My father, Johnny Smith, I wanted
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  Speaker 1: to go to business school when I was a young man,
• 4:31
  Speaker 1: and I said to my dad, who was making decent money.
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  Speaker 1: We didn't realize until later he was financially illiterate and
• 4:38
  Speaker 1: technically broke. But we had a nice cash flow lifestyle,
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  Speaker 1: and so in the present moment everything seemed fine. We
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  Speaker 1: didn't realize it was a house of cards at that time.
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  Speaker 1: And I told him I wanted to go to not
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  Speaker 1: just private school, I wanted to go to a business school.
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  Speaker 1: And I was in my early teens. I wanted to
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  Speaker 1: go live with him and I wanted to go to
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  Speaker 1: business school. When to move from my mother's house to
• 5:00
  Speaker 1: his house, and so he didn't want to tell me
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  Speaker 1: that he didn't know how to get me in the
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  Speaker 1: business school. So he told me find the school and
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  Speaker 1: I'll get you in it. Okay, I like a good challenge.
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  Speaker 1: So I went to what was the Yellow Pages now
• 5:13
  Speaker 1: you call it the Internet search, Google search whatever. I
• 5:16
  Speaker 1: went to the Yellow Pages, opening up, went the private schools.
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  Speaker 1: Found the biggest ad in the Yellow Pages, Hollywood Professional School.
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  Speaker 1: That looked like a business school. Hollywood Professional School. Oh,
• 5:28
  Speaker 1: that looks like a business environment. And I called up
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  Speaker 1: and spoke to the head mistress. Had you know, lady
• 5:35
  Speaker 1: in charge? Person in charge? That missus Mann is her name?
• 5:39
  Speaker 1: And was her name? She still passed since passed on mclory.
• 5:42
  Speaker 1: She was ninety at the time. I was talking to her,
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  Speaker 1: and Hey, I'd like to you know, hello, not hey
• 5:47
  Speaker 1: blah blah blah. My dad was information got I wrote
• 5:50
  Speaker 1: down how much it was. She told me it was
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  Speaker 1: eight forty five in the morning to twelve forty five
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  Speaker 1: in the morning, and you're out of school. I'm like,
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  Speaker 1: what I said to myself, what kind of school is this?
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  Speaker 1: I mean, I get to go to business school and
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  Speaker 1: I'm out half the day?
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  Speaker 2: Cool?
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  Speaker 1: It was in Hollywood and we lived in south central LA.
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  Speaker 1: So my dad took me up there and missus Mann
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  Speaker 1: just kept staring at me, just kept staring at me.
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  Speaker 1: I can't figure out why she was staring at me,
• 6:13
  Speaker 1: like she had never seen a black person before. I
• 6:15
  Speaker 1: stared back, and she never mentioned why she stared at
• 6:18
  Speaker 1: me or whatever. Realized later on when we all my
• 6:21
  Speaker 1: dad would know was how much it was and she
• 6:22
  Speaker 1: could afford it.
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  Speaker 2: So he signed me up.
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  Speaker 1: And I went down the hall of the school on
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  Speaker 1: my first day and here's Todd Bridges walking in the hall.
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  Speaker 1: I think it was Todd Bridges Jared Johnson from another
• 6:36
  Speaker 1: TV series it was called The Lost Saucer. Here's Tatum O'Neil.
• 6:38
  Speaker 1: I definitely remember Tatum O'Neill and Griffin O'Neill, very famous actors,
• 6:42
  Speaker 1: the sons and daughters of Ryan O'Neill at that point,
• 6:46
  Speaker 1: who was a very big actor. All these stars from
• 6:50
  Speaker 1: the small screen and some on the big screen at
• 6:53
  Speaker 1: my school. What the heck's on on here? It was
• 6:56
  Speaker 1: a school for acting professionals. Hello, and I just got
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  Speaker 1: it wrong, got the memo wrong. And they went from
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  Speaker 1: eight forty five to twenty forty five because typically your
• 7:06
  Speaker 1: mentor in entertainment on the set and you don't have
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  Speaker 1: a normal life, and you don't know how to work
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  Speaker 1: with people, and you don't have social skills all that stuff. Well,
• 7:14
  Speaker 1: I didn't have a set to go to after I
• 7:16
  Speaker 1: got office. So after you went to school from a
• 7:18
  Speaker 1: forty five to twelve three y five, you then had
• 7:20
  Speaker 1: at lunch went to your movie set, which was coordinated,
• 7:24
  Speaker 1: and you went.
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  Speaker 2: And filmed your shows.
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  Speaker 1: I didn't have a set to go to, so I
• 7:29
  Speaker 1: mean I just I bounced and went home right and
• 7:33
  Speaker 1: hung out. I remember Tatum O'Neil gave me a ride
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  Speaker 1: home one day and didn't realize where I lived. And
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  Speaker 1: she as we went from Hollywood Boulevard to Sunset Boulevard
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  Speaker 1: to Mail Rose to you know Venice and you know
• 7:47
  Speaker 1: eighteenth Street to twentieth Street, she got down of the
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  Speaker 1: thirty fifth Street and dropped me off. I never knew
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  Speaker 1: a BMW had a turning radius like that in my
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  Speaker 1: entire life. Ome girl hit a U turn and burn
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  Speaker 1: rubber and got the I got of there, but a
• 8:01
  Speaker 1: very sweet lady. It was very nice of her to
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  Speaker 1: do it. Her and her troubled brother Griffin O'Neil became
• 8:08
  Speaker 1: we became friendly, and this leads to my point of
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  Speaker 1: our relationship. Capital I became an actor not because I
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  Speaker 1: was talented, because I really well wasn't. I became an
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  Speaker 1: actor because I knew these people, got to know these
• 8:20
  Speaker 1: people and they would say, don't.
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  Speaker 2: You want to come on our show? Sure?
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  Speaker 1: Or a casting director would show up to the school
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  Speaker 1: and we were all pre qualified, if you will, because
• 8:33
  Speaker 1: we were in this school. At least in their mind,
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  Speaker 1: we're prequalified. So we had a relationship in this example
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  Speaker 1: through missus Man and the administrators at Hollywood Professional School
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  Speaker 1: and their pre screening process. So I got my first
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  Speaker 1: acting jobs not because I was talented had a great resume,
• 8:51
  Speaker 1: but because of the right place, right time, with the
• 8:53
  Speaker 1: right people vouching for me. And then I turned out
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  Speaker 1: to be an okay actor, not a great one, and
• 8:58
  Speaker 1: I had a decent underwhelming career. So I had a
• 9:12
  Speaker 1: relationship with entertainment in Hollywood which went on to help
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  Speaker 1: me later on in my life where I learned, you know,
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  Speaker 1: to communicate and to compel and to storytell. Probably I'm
• 9:26
  Speaker 1: sure that's where I picked up some of it, and
• 9:29
  Speaker 1: ultimately I decided that, or maybe the industry decided for me.
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  Speaker 1: That's that didn't get any meaningful work after a while,
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  Speaker 1: that this was just not for me. And I didn't
• 9:37
  Speaker 1: want to be an alsul Ran. I don't want to
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  Speaker 1: be one of the guys who was just an okay actor.
• 9:41
  Speaker 1: I want to be excellent at what I did. Doctor
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  Speaker 1: King once said, if you're going to be a trash collector,
• 9:45
  Speaker 1: to be the best trash collector of the world's ever seen.
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  Speaker 1: So I want to go find my you know, my destiny,
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  Speaker 1: which I knew was in business, which is the reason
• 9:54
  Speaker 1: I went to the school in the first place. So
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  Speaker 1: fast forward now I have befriended Will Marshall and Bill
• 10:03
  Speaker 1: Raphael at the Mayor's office in Los Angeles, and Mayor
• 10:09
  Speaker 1: Tom Bradley. He's pre Internet, so you wouldn't know that
• 10:12
  Speaker 1: he was the first black mayor who was mayor of
• 10:14
  Speaker 1: a city for twenty years, the city of Los Angeles.
• 10:17
  Speaker 1: And he was international. He was common knowledge in Asia,
• 10:22
  Speaker 1: specifically correct places like Korea. Just an incredible guy. Mayor
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  Speaker 1: Tom Bradley the city of Los Angeles, and through Bill
• 10:30
  Speaker 1: Raphael and Will Marshall, who vouched for me in my
• 10:36
  Speaker 1: entrepreneurial zeal. I got to meet Mayor Tom Bradley, and
• 10:39
  Speaker 1: then Mayor Tom Bradley invited me on a delegation trip
• 10:43
  Speaker 1: to Korea, South Korea. I didn't have the money, but
• 10:48
  Speaker 1: I hustled and I, you know, found the money. So
• 10:52
  Speaker 1: the money you're spending on vacations or buying a stereo
• 10:55
  Speaker 1: or you know, buying the newest iPhone or ipping, you
• 10:58
  Speaker 1: know that couple hundred dollars to a couple of thousand
• 11:01
  Speaker 1: dollars that could be redeployed, you know, the bank of
• 11:04
  Speaker 1: you to invest in your dream. Well, I had deployed
• 11:09
  Speaker 1: money I would give used to floss and hang out.
• 11:11
  Speaker 1: I deployed that. But things like a trip to well,
• 11:14
  Speaker 1: there was a government trip which you had to reimburse
• 11:16
  Speaker 1: the government for its costs.
• 11:18
  Speaker 2: And I remember.
• 11:20
  Speaker 1: One of the mayor's assistants, which was like the unofficial
• 11:23
  Speaker 1: mayor for Los Angeles. I mean he was like, did
• 11:26
  Speaker 1: you used to say to Will Marshall, who is this
• 11:28
  Speaker 1: little nappyhead kid? I had a little computer with me.
• 11:30
  Speaker 1: I mean all back in the day, I used to
• 11:32
  Speaker 1: have a computer from from radio shack, Like you could
• 11:35
  Speaker 1: even see the diodes and all the little moving parts.
• 11:37
  Speaker 1: I mean I used to I messed around with technology
• 11:39
  Speaker 1: my whole life. I used to have computer. I used
• 11:40
  Speaker 1: to have a Cassio computer, and I had I had
• 11:43
  Speaker 1: a portable computer. Hello, portal computer that was, you know,
• 11:46
  Speaker 1: fifty pounds. I used to travel with a computer box,
• 11:52
  Speaker 1: a leather box that had and it was a little
• 11:54
  Speaker 1: coach seat right, and the front would come down as
• 11:57
  Speaker 1: a keyboard, and it was a screen in the back
• 11:59
  Speaker 1: would flip out, and it was a printer, yes, full printer,
• 12:03
  Speaker 1: full computer, full keyboard. And can you imagine people see
• 12:06
  Speaker 1: sitting next to me and around me, like what's going
• 12:08
  Speaker 1: on with this dude here? And uh uh? But I
• 12:12
  Speaker 1: was always I was I was really. I was about
• 12:15
  Speaker 1: my I was about my grind. It's about my business.
• 12:16
  Speaker 1: So Bill roth Feel was like sorry. The assistance of
• 12:20
  Speaker 1: the mayor was like, who is this little mappyhead kid kid?
• 12:23
  Speaker 1: Why is he here? And Will Marshall was like, well,
• 12:25
  Speaker 1: the mayor likes him, but really Will Marshall and and
• 12:27
  Speaker 1: and Bill Rafael liked me, and a couple other people
• 12:30
  Speaker 1: there and the Mayor's Office of Small Business Assistance, and
• 12:33
  Speaker 1: and then on time the mayor did learn to like me,
• 12:36
  Speaker 1: and so everybody else had to tolerate me. And that
• 12:40
  Speaker 1: introduced me to international and I got that bug, and
• 12:43
  Speaker 1: I've now been one hundred countries. And I built a
• 12:46
  Speaker 1: relationship with Mayor Tom Bradley, and later on I went
• 12:49
  Speaker 1: on to help the City of Los Angeles before I
• 12:53
  Speaker 1: found an operation to Hope created a city Lending Agency UH.
• 12:59
  Speaker 1: I innovated it a private public partnership with the City
• 13:01
  Speaker 1: of Los Angeles and the private sector drifting loan banks
• 13:06
  Speaker 1: in the city of LA But I was told I
• 13:07
  Speaker 1: was too young to run it, so they gave they
• 13:10
  Speaker 1: let this other guy run it who was in it
• 13:12
  Speaker 1: me by the way, and didn't want to acknowledge that
• 13:15
  Speaker 1: I was actually the founder of this idea. But I
• 13:18
  Speaker 1: knew that I had done it, and Tom Brawley knew
• 13:20
  Speaker 1: that I had done it, and he was appreciative that
• 13:22
  Speaker 1: I wasn't being a bully or not a bully. I
• 13:25
  Speaker 1: wasn't being pushy in trying to make sure I got
• 13:28
  Speaker 1: credit for it. I just was happy that the city
• 13:31
  Speaker 1: was doing it. So that built more rapport with me
• 13:36
  Speaker 1: and the mayor, and other than the fact that I
• 13:39
  Speaker 1: was repeatedly late for meetings, I remember one meeting with
• 13:41
  Speaker 1: the mayor. Please don't do this. Please do not do this.
• 13:45
  Speaker 1: Even black he born on probation in America. You know,
• 13:47
  Speaker 1: twice as smart, twice as intelligent, twice as Will dressed,
• 13:49
  Speaker 1: you know, twice as early step, twice as late. Please
• 13:51
  Speaker 1: don't do it. I just what I'm about to tell you.
• 13:53
  Speaker 1: For some reason, I'm sitting in my office in West
• 13:56
  Speaker 1: Los Angeles at the Irvine Building at Supovita and San Monica,
• 14:00
  Speaker 1: the south west corner, not next to the four five Freeway,
• 14:04
  Speaker 1: sitting in my marble office building for what was in
• 14:07
  Speaker 1: Brian Group Companies, and looking out south through my Florida
• 14:12
  Speaker 1: ceiling glass windows, feeling and self important. And I had
• 14:14
  Speaker 1: a meeting with Mayor Tom Bradley was a young kid,
• 14:17
  Speaker 1: you know, twenty one years old or something. I had
• 14:19
  Speaker 1: done a master buyout, bought this company that I had
• 14:23
  Speaker 1: previously worked for. And I'm sitting in my own office.
• 14:26
  Speaker 1: I'll tell you that story later. And I had a
• 14:29
  Speaker 1: meeting with the mayor. But the problem was this was
• 14:32
  Speaker 1: one new clock meeting and it was twelve forty five.
• 14:34
  Speaker 1: Why in the world I was still sitting at my
• 14:36
  Speaker 1: desk at twelve forty five when I had all day
• 14:39
  Speaker 1: to finish what I was doing, which was not really
• 14:40
  Speaker 1: all that important, and get my little behind in my car.
• 14:44
  Speaker 1: You know, we all know traffic in la is ridiculous.
• 14:46
  Speaker 1: Of course I was forgetting late. I was disastrously late,
• 14:49
  Speaker 1: and the mayor still was graciously saw me. Will Marshall
• 14:54
  Speaker 1: and Bill rolferre wanted to wring my neck, but they
• 14:57
  Speaker 1: gave me. They gave me a pass. Knew I meant well,
• 15:01
  Speaker 1: but that was a lesson, and of course I still
• 15:03
  Speaker 1: remember to this day. I'm just telling you the story,
• 15:04
  Speaker 1: and that has to be now. I mean, it's thirty
• 15:07
  Speaker 1: plus years ago and I'm still embarrassed. But relationship capital
• 15:10
  Speaker 1: got me in the door, and sometimes relationship capital got
• 15:13
  Speaker 1: me to sell, and sometimes relationship capital saved my rear
• 15:16
  Speaker 1: end from embarrassment. Here, let me put it in another way.
• 15:20
  Speaker 1: If you want to have a little grace in your life,
• 15:21
  Speaker 1: you better show a little mercy. Grace is when you
• 15:23
  Speaker 1: get what you don't deserve, and mercy is when some
• 15:26
  Speaker 1: rancid sob does not get the rear end are telling
• 15:29
  Speaker 1: off that he so rightly or she so rightly deserves. Again,
• 15:33
  Speaker 1: mercy is when somebody who has offended you in the
• 15:35
  Speaker 1: worst way, does not get the cursing out or whatever
• 15:38
  Speaker 1: that they so rightly deserve. But grace is where you
• 15:41
  Speaker 1: and I get the blessings and the gifts that we
• 15:43
  Speaker 1: don't deserve. If you want to have a little grace,
• 15:45
  Speaker 1: learn to show a little mercy. Relationship capital is the
• 15:49
  Speaker 1: bridge to that. You know, people upset about networking. It's
• 15:53
  Speaker 1: a waste of time. Only broke people network. I hate
• 15:56
  Speaker 1: to tell you, but you know, you go into a
• 15:57
  Speaker 1: meeting and you can't get you can't get your business
• 16:00
  Speaker 1: card out because it runs into the person aside the
• 16:02
  Speaker 1: other side trying to give you their business card. And
• 16:04
  Speaker 1: then you go home and you put all those business
• 16:06
  Speaker 1: cards in a desk and you never look at him again,
• 16:09
  Speaker 1: and you certainly don't follow up.
• 16:10
  Speaker 2: So what were you there? You were there for the
• 16:12
  Speaker 2: free food for a happy hour. I don't know why
• 16:14
  Speaker 2: you're there.
• 16:14
  Speaker 1: But you'll never see whoever, pick somebody you admire, you know,
• 16:18
  Speaker 1: Oprah Winfrey or Robert Smith or Bill Gates or Striving
• 16:22
  Speaker 1: my cu of the six Mission, Richest Man in Africa,
• 16:24
  Speaker 1: or you know whoever your heroes or heroes are. You
• 16:27
  Speaker 1: won't see them at a networking recession, right, that's a
• 16:30
  Speaker 1: taking business. You want to build relationship capital, that's a
• 16:33
  Speaker 1: giving business. So who were my relationship? I'm gonna through
• 16:36
  Speaker 1: this pretty quickly, you know, I don't I don't want
• 16:39
  Speaker 1: to bore you or myself. And you're smart enough to
• 16:41
  Speaker 1: get the gist here. Dave Ormara was a guy on
• 16:46
  Speaker 1: Malibu cinemas. I don't know I met Dave, but I
• 16:48
  Speaker 1: think he just went into his theater one day and
• 16:50
  Speaker 1: struck up a conversation. He owned Malibu Centems back then,
• 16:53
  Speaker 1: and we got to know each other and when to
• 16:54
  Speaker 1: go visit him at the theater. I never asked him for
• 16:56
  Speaker 1: a thing. At some point he started asking me about
• 16:58
  Speaker 1: my dreams. And then, you know, I didn't have a car,
• 17:01
  Speaker 1: so he sold me a car, a little Triumph I
• 17:04
  Speaker 1: believe it was convertible British job. And I had some
• 17:09
  Speaker 1: dreams and he invested a few dollars in my dreams.
• 17:12
  Speaker 1: And one of the dreams was a mobile detailing business
• 17:15
  Speaker 1: that didn't work. Another one of my dreams was a
• 17:18
  Speaker 1: concert promotion company that didn't work. I was a manager
• 17:21
  Speaker 1: for one of the lead singer of the Platters, J C. Parrish,
• 17:24
  Speaker 1: that certainly didn't work. I ended up signing for When
• 17:28
  Speaker 1: I started signing for at power attorney started signing for
• 17:30
  Speaker 1: his dental work at the dental office, I knew something
• 17:33
  Speaker 1: was wrong, and I mean, I got cleaned out. He
• 17:36
  Speaker 1: meant well, he's a good guy. But I got cleaned out.
• 17:38
  Speaker 1: And would I hold a concert at Rialto Performing Arts Center.
• 17:44
  Speaker 1: I was the first client of the Rialto Performing Arts Center.
• 17:46
  Speaker 1: You can look it up now, it's been there for
• 17:48
  Speaker 1: twenty eight years plus, but I was a first client
• 17:51
  Speaker 1: ever to rent the place. And I had an actor
• 17:54
  Speaker 1: come out in a limousine as a VIP guest, and
• 17:57
  Speaker 1: I had fliers all over the city of Rialto, and
• 17:59
  Speaker 1: I had J. C. Pearis of the platters singing, and
• 18:03
  Speaker 1: the real concert roots in the area went and tore
• 18:05
  Speaker 1: all my flyers down as I put them up, gangster
• 18:08
  Speaker 1: gangster stuff. And it was like literally one person in
• 18:12
  Speaker 1: the audience, and that was my mother. That was I
• 18:15
  Speaker 1: think one of two times I got a loan for
• 18:16
  Speaker 1: my mother. She she loaned me five undred dollars to
• 18:19
  Speaker 1: just this encouragement. I was completely devastated, but everybody gave
• 18:25
  Speaker 1: me a pass because they knew I meant well. They'll
• 18:27
  Speaker 1: get relationship capital. Even the people who sponsored me, who
• 18:31
  Speaker 1: allowed me to rent this performing arts center, didn't hold
• 18:33
  Speaker 1: me accountable for the whole contract that would have bankrupted me.
• 18:37
  Speaker 1: So fast forward. Now again all these I didn't make.
• 18:42
  Speaker 1: I didn't pay Davel Mayor back. Okay, So David Mayer said, look,
• 18:44
  Speaker 1: in order to pay me back, you need a job.
• 18:46
  Speaker 1: Like you know, you're not really good at this entrepreneurship
• 18:48
  Speaker 1: thing at the moment.
• 18:49
  Speaker 2: You need a job.
• 18:50
  Speaker 1: Let me should use you to Steve Stephan Codder Miller,
• 18:53
  Speaker 1: Steve Miller who owned Wade Cotder and Company. And I
• 18:56
  Speaker 1: went and met Steve Miller. He offered me a job.
• 18:58
  Speaker 1: Because of Dave O'Mara, I didn't know about lending a
• 19:01
  Speaker 1: brokeridge or whatever, and they sent me in the south
• 19:03
  Speaker 1: central Laida to basically to lend the little old ladies.
• 19:05
  Speaker 2: They weren't racist. This is where I found the first
• 19:07
  Speaker 2: definition of non conscious inscrimination. They weren't racist.
• 19:10
  Speaker 1: They just wanted a high return in their money above
• 19:12
  Speaker 1: as return of their money for their private investors. And
• 19:14
  Speaker 1: they found the people in south central la who had
• 19:16
  Speaker 1: a lot of equity in their houses, would take a
• 19:19
  Speaker 1: loan for the equity to get the cash and wouldn't
• 19:22
  Speaker 1: mind high interest rates and high points because they were
• 19:24
  Speaker 1: financially illiterate. Well, once I figured out what I was doing, like,
• 19:26
  Speaker 1: I can't do this.
• 19:27
  Speaker 2: This is immoral.
• 19:28
  Speaker 1: It's not you know, you don't mean to be racist,
• 19:30
  Speaker 1: but this is this is unethical and I can't do it.
• 19:32
  Speaker 1: So once I figured out what I was doing, and
• 19:35
  Speaker 1: I'll do another podcast just on this business model. But
• 19:39
  Speaker 1: the fast forward, I end up convincing Dave O. Mayer, sorry,
• 19:43
  Speaker 1: Steve Miller. I would give him his salary back. I
• 19:45
  Speaker 1: couldn't take Dave May the accessuse. I'll pay his money back.
• 19:48
  Speaker 1: I was give him a salary back in his car
• 19:50
  Speaker 1: allowance back, in his food stipend. I'd work for free
• 19:53
  Speaker 1: if he made me a partner in the company in
• 19:55
  Speaker 1: a new division that I would lead. And to a
• 19:58
  Speaker 1: humor me, Steve said, sure, he was a capitalist. He's like,
• 20:02
  Speaker 1: I get a free employee, I need to pay you.
• 20:04
  Speaker 1: And he left and well then I think, you know,
• 20:07
  Speaker 1: I failed the real estate California real estate test three times.
• 20:10
  Speaker 1: You can only pass it fell at four times before
• 20:12
  Speaker 1: they think you're too stupid and won't let you. FELT
• 20:14
  Speaker 1: want to let you take it again. I passed the
• 20:15
  Speaker 1: fourth time. First year did zero in business, second year
• 20:18
  Speaker 1: did nine million, thirty or fifteen million, fourth year twenty
• 20:20
  Speaker 1: four million. I did a measured buyout and bought my
• 20:23
  Speaker 1: employeer again. I'll get into that in another podcast. I'm
• 20:27
  Speaker 1: twenty early twenty something at this point, and Davel Mahyra
• 20:34
  Speaker 1: was proud of me, and Steve Miller was shocked. And
• 20:38
  Speaker 1: how did I get that deal done? By the way,
• 20:40
  Speaker 1: I opened the Yellow Pages again found the biggest ad
• 20:44
  Speaker 1: for a law farm in Century City. It was a
• 20:46
  Speaker 1: Jeffer Mangos, Butler and mar More. And I couldn't say Jeffer,
• 20:50
  Speaker 1: and I couldn't say Mangos without mangling it, and I
• 20:52
  Speaker 1: couldn't say Marmorro. So I called and asked to Jim
• 20:54
  Speaker 1: Butler partner. He answered the phone, and I told him
• 20:57
  Speaker 1: what I was calling Viio, that I was going to
• 20:58
  Speaker 1: do a measurement buyout. He says, you you can't do that.
• 21:01
  Speaker 1: You can't tell me what I can do. I'm not
• 21:02
  Speaker 1: you know that's racist. He's as slow down, ye man.
• 21:04
  Speaker 1: He said, I'm telling you, I know you've Miller and
• 21:06
  Speaker 1: you don't want to buy that business. Let me make
• 21:08
  Speaker 1: a phone call. So he hung up, call me back
• 21:10
  Speaker 1: and said, look, you're the only guy making any money
• 21:13
  Speaker 1: over there, why don't you just buy your own division.
• 21:16
  Speaker 2: I'll help you.
• 21:17
  Speaker 1: And that's how I got in business initially. In that
• 21:19
  Speaker 1: business again, I build a quick relationship with Jim Butler.
• 21:23
  Speaker 1: I still have a relationship with that firm to this day,
• 21:25
  Speaker 1: thirty five years later. One of their Tory attorneys was
• 21:29
  Speaker 1: a pro bono free a law counsel for Operation Hope
• 21:33
  Speaker 1: for at least twenty five years and a great relationship. Okay,
• 21:47
  Speaker 1: let's get into the real deep waters now. So now
• 21:49
  Speaker 1: I build Operation Hope and the government shuts down. And
• 21:53
  Speaker 1: my banker was in a bank called I think it
• 21:55
  Speaker 1: was called Cedars Bank. It's changed names several times, but
• 21:58
  Speaker 1: William Hannah, who was the CEO don't call on Bill's
• 22:00
  Speaker 1: name was William and I had a relationship with William Hannah,
• 22:04
  Speaker 1: and I convinced him to give us a twenty five
• 22:06
  Speaker 1: thousand dollars line of credit for Operation Hope. And Operation
• 22:09
  Speaker 1: over had you know, no budget, like one hundred thousand dollars.
• 22:12
  Speaker 1: I mean we had no we were just starting out
• 22:14
  Speaker 1: and the government shut down. Maybe had a couple hudred
• 22:17
  Speaker 1: thousand dollars. Think the government shut down was twenty ninety four,
• 22:19
  Speaker 1: I believe, but certainly we couldn't We couldn't justify us
• 22:24
  Speaker 1: line of credit. He gave me his line of credit.
• 22:26
  Speaker 1: We ran through it pretty quickly.
• 22:28
  Speaker 2: We had a.
• 22:28
  Speaker 1: Government grant, but the government had shut down. So I
• 22:30
  Speaker 1: went to William Hanna and said, look, all I got
• 22:32
  Speaker 1: is my word, all God is my name. You've known
• 22:33
  Speaker 1: me a little bit here. I won't let you down.
• 22:36
  Speaker 1: He unbeknownst to me, he went to his chief financial officer,
• 22:40
  Speaker 1: a woman, and again, luckily for her, I can't remember
• 22:43
  Speaker 1: her name at the moment, and she told him. He
• 22:45
  Speaker 1: told me later that William, you'll never get your money back.
• 22:48
  Speaker 1: Do not make this loan. I wanted one hundred thousand
• 22:50
  Speaker 1: dollars line of credit, and William overrode his chief financial
• 22:54
  Speaker 1: officer at the bank. He under his own authority, and
• 22:58
  Speaker 1: I guess if I default it, he'd been reliable for
• 23:00
  Speaker 1: He gave me that loan extension, and I said, I'll
• 23:03
  Speaker 1: pay you back. And I not only did I pay
• 23:04
  Speaker 1: him back, I paid him back early. Because I knew
• 23:07
  Speaker 1: that my reputation was writing on that. So I went
• 23:10
  Speaker 1: and hustled to hustle, worked hard, and I made my
• 23:12
  Speaker 1: highest priority keeping my word to William Hannah. And that
• 23:15
  Speaker 1: then turned me keeping the word about a twenty five
• 23:17
  Speaker 1: thousand dollars line of credit, which turned into one hundred
• 23:19
  Speaker 1: thousands line of credit, which turned it into a to
• 23:21
  Speaker 1: me paying the whole thing down to zero, then turned
• 23:24
  Speaker 1: into a million dollar line of credit. Hello, and then
• 23:27
  Speaker 1: it then turned ultimately into them leading a consortium of
• 23:29
  Speaker 1: banks for a multi million dollar line of credit at
• 23:31
  Speaker 1: that point, the largest line of credit to an unscared
• 23:35
  Speaker 1: line of credit to a nonprofit organization in California at
• 23:38
  Speaker 1: that time, Community's nonprofit.
• 23:39
  Speaker 2: Organization, and that was William Hannah.
• 23:41
  Speaker 1: And that certainly was a relationship capital and I love
• 23:44
  Speaker 1: William and appreciate him to this day. I worked for
• 23:47
  Speaker 1: Harvey Baskin. Again, I'm just giving you the crib notes
• 23:50
  Speaker 1: on this. Harvey Baskin would be a billionaire today by
• 23:53
  Speaker 1: today's damage, worth a couple hundred million dollars.
• 23:55
  Speaker 2: He was in the financial business.
• 23:58
  Speaker 1: I met him because I wanted that was aspirational, and
• 24:01
  Speaker 1: I was, uh, you know, I'm not sure which air
• 24:03
  Speaker 1: of my life this was, but I was I was.
• 24:05
  Speaker 2: I mean, I was leaving.
• 24:06
  Speaker 1: I was living I think in south central LA, and
• 24:08
  Speaker 1: I did not have a dependable car, so I was
• 24:10
  Speaker 1: catching the bus rapid transit district we call rough, tough
• 24:13
  Speaker 1: and dirty, and I and I got a job and
• 24:16
  Speaker 1: initially it grew glass Stones for Fish. Again, I didn't
• 24:19
  Speaker 1: have any capitals. I needed to lead on somebody else's
• 24:21
  Speaker 1: capital and credibility. So I needed some credibility and I
• 24:26
  Speaker 1: didn't have it. So I rode the bus. Got a
• 24:29
  Speaker 1: job at Glassdoms for Fish as a bus bus boy,
• 24:31
  Speaker 1: worst shift, seven in the morning, breakfast shift, and and
• 24:35
  Speaker 1: I had to get the bus to get there. I
• 24:36
  Speaker 1: had to get get up and get going at five
• 24:38
  Speaker 1: in the morning. And after a few weeks, I'm like,
• 24:40
  Speaker 1: oh no, this is not my crowd. Lawyers, it was doctors.
• 24:43
  Speaker 1: It was you know, all good people. But they were
• 24:46
  Speaker 1: the folks serving the people that I'm trying to access.
• 24:49
  Speaker 1: I'm trying to get to the folks that they are
• 24:52
  Speaker 1: clients to. They were vendors to wealthy people. I didn't
• 24:56
  Speaker 1: want to be a vendor, even a high end vendor
• 24:59
  Speaker 1: at a couple of I was an hour as a
• 25:00
  Speaker 1: lawyer or whatever. I wanted to be the dude, right,
• 25:04
  Speaker 1: So I quit and then I went and drove further
• 25:08
  Speaker 1: up the coast to Malibu to glad the Jeoffrey's restaurant
• 25:14
  Speaker 1: just been opened. Geoffrey at the end, beautiful man, great
• 25:17
  Speaker 1: human being, since passed on the glory. Harvey Baskin was
• 25:19
  Speaker 1: his lover and was his financier, and Harvey at this
• 25:23
  Speaker 1: is the first time I've ever seen this. Harvey just
• 25:25
  Speaker 1: got to give him the restaurant as a toy, like
• 25:27
  Speaker 1: this is a gift. He was just like, No, here's
• 25:28
  Speaker 1: a restaurant for you. You want to be in a
• 25:30
  Speaker 1: restaurant business. Here It's called Jeoffrey's Malibu. It's still there.
• 25:33
  Speaker 1: And I got to know Jeoffrey. They gave me a
• 25:37
  Speaker 1: Monday evening shift as a busboy, then a waiter. Translation.
• 25:40
  Speaker 1: I was a really crappy busboy and a waiter because
• 25:42
  Speaker 1: a Monday shift is horrible. You put your worst performance there,
• 25:46
  Speaker 1: adding care I work. I got to know Jeoffrey, got
• 25:49
  Speaker 1: the but Jeoffrey wasn't the financier. He was just a face.
• 25:53
  Speaker 1: I got to know him that I had to get
• 25:54
  Speaker 1: to know Harvey, So I got to know Harvey a
• 25:56
  Speaker 1: little bit and Harvey had two Black Ribbean assistants. Okay,
• 26:00
  Speaker 1: with Harvey's got a little soulle in him. He's got
• 26:01
  Speaker 1: he's got a little flavor. He's got these two brothers
• 26:03
  Speaker 1: or his assistance. So I got to know them too,
• 26:06
  Speaker 1: and enough people vouch for me, and I got to
• 26:09
  Speaker 1: know Harvey, and then he was like, well, you want
• 26:10
  Speaker 1: to come work for me? Yes, So I took a
• 26:12
  Speaker 1: pay cut, if you can believe that, from being a waiters,
• 26:14
  Speaker 1: they got tips to go become effectively a twenty thousand
• 26:17
  Speaker 1: dollars a year a personal assistant to a guy worked
• 26:19
  Speaker 1: two hundred million dollars. Now, don't start talking about fairness.
• 26:22
  Speaker 1: And oh you know I'm not being paid enough. No,
• 26:25
  Speaker 1: hold on to the story. Now, I got to work
• 26:27
  Speaker 1: in this beautiful mansion on the beach. I saw ocean
• 26:30
  Speaker 1: crashing in every day. I saw this guy walk around
• 26:32
  Speaker 1: in a Jesus robe. I call it a robe. I'm
• 26:35
  Speaker 1: sure you have any underwear on. This just was Harvey.
• 26:37
  Speaker 1: Long beards, some sandals, and he did.
• 26:40
  Speaker 2: As he liked.
• 26:41
  Speaker 1: But I saw him cutting deals and on the phone
• 26:43
  Speaker 1: doing his thing, and I'm like, okay, this is the
• 26:45
  Speaker 1: way to roll right. And I worked there for a
• 26:48
  Speaker 1: little bit, and then I had so many questions for Harvey.
• 26:50
  Speaker 1: I'm like, can I take you to dinner?
• 26:51
  Speaker 2: Sure?
• 26:52
  Speaker 1: So he told me what restaurant he liked. I put
• 26:54
  Speaker 1: him in my brokedown. I think it was Aludy. Back
• 26:56
  Speaker 1: then he had broken his foot, so he needed like
• 26:59
  Speaker 1: driving me days, just days.
• 27:00
  Speaker 2: He had to sit in the back seat with.
• 27:02
  Speaker 1: The front pass your seat pushed forward, you know, front,
• 27:05
  Speaker 1: front seat pushed down, his leg was up, he was
• 27:08
  Speaker 1: in the back. I'm in the front again. Looked like
• 27:09
  Speaker 1: driving his daisy. I didn't care. And so I drove
• 27:12
  Speaker 1: him from Malibu down to Venice to the restaurant to
• 27:14
  Speaker 1: he loved. And the bill comes. I'd ask him all
• 27:17
  Speaker 1: kinds of questions. Bill comes and he passes the.
• 27:19
  Speaker 2: Bill to me. It's one hundred bucks.
• 27:21
  Speaker 1: I mean one hundred bucks back then, making twenty rand
• 27:23
  Speaker 1: a year take home pay, I don't know, fifteen thousand
• 27:26
  Speaker 1: dollars have taxes or something. And he's he's got worth
• 27:29
  Speaker 1: two hundred million dollars right, he's giving the guy a
• 27:31
  Speaker 1: restaurant hello, And he passes this one hundred dollars bill
• 27:35
  Speaker 1: to me. I'm like, no, no, no, I passed one hundred
• 27:36
  Speaker 1: dollar bill to him. This is the bill for the dinner.
• 27:38
  Speaker 1: He passes the bill back to me. I slid the
• 27:41
  Speaker 1: bill back to him. He slid the bill back to me.
• 27:44
  Speaker 1: He said, say, hey, hey, John's slow down now. Everybody
• 27:47
  Speaker 1: listening now, He said, John, you got to figure out
• 27:49
  Speaker 1: what business you're in. Do you want to pick my
• 27:52
  Speaker 1: brain or pick my pocket? One lasts longer, pooh man,
• 27:59
  Speaker 1: because I asked. He said, you've gotten you know, tens
• 28:02
  Speaker 1: of thousand dollars worth a free consulting if you've asked
• 28:04
  Speaker 1: me every question on the sign here, and I'm going
• 28:07
  Speaker 1: charge you for that. But you don't want to pay
• 28:08
  Speaker 1: the bill. I mean, nothing in life's free. So I
• 28:11
  Speaker 1: pulled that one hundred dollars bill back, and as much
• 28:13
  Speaker 1: as it hurt me, I took everything I had and
• 28:15
  Speaker 1: I paid the bill for this multi millionaire. You may
• 28:17
  Speaker 1: not think that that's not fair, but life's not fair.
• 28:19
  Speaker 2: You know.
• 28:19
  Speaker 1: Capitalism is a gladiator sport, right, Period's not it's not fair,
• 28:22
  Speaker 1: and it's not emotional. And I learned how to take
• 28:24
  Speaker 1: stuff like that person. In fact, he was teaching me.
• 28:26
  Speaker 1: He was helping me, you know, like did I want
• 28:28
  Speaker 1: something for free or did I want to did I
• 28:29
  Speaker 1: want to lean in right?
• 28:30
  Speaker 2: Do I want to invest in? Co invest in?
• 28:32
  Speaker 1: He was trying to figure out what kind of character
• 28:34
  Speaker 1: I had. So anyway, Harvey went on to endorse me,
• 28:39
  Speaker 1: introduce me, helped me out when I needed it countless
• 28:43
  Speaker 1: times after that. And again he's pre internet, so you
• 28:46
  Speaker 1: don't see a lot of information on Harvey Basking. But
• 28:48
  Speaker 1: you know, I still in this podcast because he changed
• 28:52
  Speaker 1: my life. And there's been so many heroes and she
• 28:54
  Speaker 1: roes and Bastarrandrew Young I chased for ten years. Quincy Jones.
• 28:58
  Speaker 1: I chased Quincy Jones. I talkedalked about that in one
• 29:01
  Speaker 1: of my other podcasts. I think about being homeless. Bill
• 29:04
  Speaker 1: Rogers of what's now Truest Bank used to be sun
• 29:07
  Speaker 1: Trusts a mentor, Jim Wales before him, the CEO before him,
• 29:13
  Speaker 1: Brian Jordan, the first Horizon Bank. People like Charlie sharfon
• 29:17
  Speaker 1: Wells Fargo, Doug McMillan at Walmart. Guy who made the
• 29:21
  Speaker 1: biggest bet on me I didn't know it was Marraghetti
• 29:25
  Speaker 1: who runs three hundred fifty billion dollar areas Management today CEO.
• 29:28
  Speaker 1: And Tony Wrestler his the chairman of areas CO invested
• 29:33
  Speaker 1: in my real estate company, which I then built with
• 29:37
  Speaker 1: a forty million dollar investment, no business plan, no PowerPoint presentation,
• 29:41
  Speaker 1: nothing but my credibility in my word. And I built
• 29:44
  Speaker 1: that company from zero to two hundred million dollars in
• 29:47
  Speaker 1: acid value, just under that one hundred and eighty and
• 29:50
  Speaker 1: seventy million dollars in asset value. And I sold that
• 29:53
  Speaker 1: company in December Christmas Eve twenty twenty one, they say,
• 29:56
  Speaker 1: clipped a coupon on Wall Street and paid off eighty
• 29:59
  Speaker 1: nine million dollars worth of debt and equity, including my
• 30:02
  Speaker 1: investors with interest that I promise him. And I still
• 30:06
  Speaker 1: am proud of that to this day, no favors. And
• 30:08
  Speaker 1: I've done four billion dollars plus worth of deals.
• 30:10
  Speaker 2: Did you hear that?
• 30:11
  Speaker 1: I've transferred, transmitted, communicated, placed more than four billion dollars
• 30:17
  Speaker 1: worth of capital just through operation Hope another few hundred
• 30:20
  Speaker 1: million dollars through my private companies.
• 30:22
  Speaker 2: And I'm up for.
• 30:22
  Speaker 1: Nothing, right, Nobody gave me a thing. I didn't have
• 30:25
  Speaker 1: a trust fund or a hook up or nothing. I
• 30:26
  Speaker 1: did it all myself up from nothing, and I did
• 30:28
  Speaker 1: it through what I'm talking to you about. And we
• 30:31
  Speaker 1: can go on and on and on with this. There's
• 30:34
  Speaker 1: so many people who's had an impact in my life.
• 30:38
  Speaker 1: Steve Ryan, my counsel lawyer, one of the lawyers that
• 30:42
  Speaker 1: Operation Hope. I met him and he believed in me.
• 30:44
  Speaker 1: And he was sitting in a government meeting one day
• 30:47
  Speaker 1: and somebody, some company had a fine and they had
• 30:50
  Speaker 1: to figure out what to send five million dollars, and
• 30:51
  Speaker 1: he just said, well, you should send an Operation Hope.
• 30:53
  Speaker 1: I got the five million dollars through my nonprofit because
• 30:56
  Speaker 1: he believed in me and I had a relationship with him.
• 30:58
  Speaker 1: I can do that all day and all night, and
• 31:01
  Speaker 1: I might in the description list a number of these names.
• 31:05
  Speaker 1: Doctor Dorothy Hype, you know, wasn't just men, women too.
• 31:08
  Speaker 1: Doctor Dorothy Hype was a mentor. It was civil rights,
• 31:12
  Speaker 1: it was social justice, it was entertainment. It was business,
• 31:15
  Speaker 1: it was banking, it was finance. All quarters of my life,
• 31:19
  Speaker 1: relationship capital right that I honored and treated. And I'd
• 31:23
  Speaker 1: go in a room. The first question I'd asked is
• 31:25
  Speaker 1: you know, I look at the pictures behind their desks.
• 31:27
  Speaker 1: Tell me about your children, tell me about people love
• 31:29
  Speaker 1: talking about themselves. Most people want to talk about themselves,
• 31:32
  Speaker 1: not asking the other person about tell me about yourself.
• 31:35
  Speaker 1: And I was always just genuinely fascinated and interested in
• 31:38
  Speaker 1: other people. And it was authentic, like it wasn't a game,
• 31:41
  Speaker 1: and I never would ask for anything. And at some point,
• 31:44
  Speaker 1: and yes, it took longer than you might like, but
• 31:46
  Speaker 1: at some point in all these relationship, people say, look
• 31:49
  Speaker 1: what can we do together? I like you, Like I
• 31:52
  Speaker 1: had this conversation with this one billionaire and I brought
• 31:54
  Speaker 1: him a business deal and he cursed me out. He's like, man,
• 31:56
  Speaker 1: stop bringing me business deals. Like I don't need to
• 31:58
  Speaker 1: make any more money because I pay more taxes on
• 32:00
  Speaker 1: income than I do on capital gains. It's a whole
• 32:02
  Speaker 1: another video for another time, another podcast, another time, which
• 32:05
  Speaker 1: is all the white it's whole ridiculous political conversation about
• 32:08
  Speaker 1: taxing billionaires is so crazy because they don't owe. You know,
• 32:11
  Speaker 1: the secretary pays more taxes than a billionaire because a
• 32:14
  Speaker 1: billionaire doesn't make any any active income. Billionaires make passive income. Okay,
• 32:19
  Speaker 1: it's a whole nother thing, but it's just look look
• 32:22
  Speaker 1: up the word passive income. Look up you know capital gains.
• 32:25
  Speaker 1: The taxing capital gains is twenty percent and the tax
• 32:29
  Speaker 1: on regular income. Is you know thirty five thirty eight
• 32:32
  Speaker 1: you had. This local tax could be as much as
• 32:34
  Speaker 1: forty five to fifty percent. So anyway, he said, I'm good.
• 32:37
  Speaker 1: I don't need to make any more money to paying
• 32:39
  Speaker 1: the reer in. I got to pay a bunch of
• 32:40
  Speaker 1: taxes on it. I'm good. I've paid my debt. I'll
• 32:43
  Speaker 1: do this because I like you. That's it. That's why
• 32:46
  Speaker 1: I'll do this deal. So if people don't like you,
• 32:48
  Speaker 1: don't respect you, don't admire you, they're not doing anything
• 32:50
  Speaker 1: with you. I don't have to. Nobody owes you a
• 32:52
  Speaker 1: thing except a hello and a goodbye. So I'm saying
• 32:54
  Speaker 1: now goodbye. I love you too much. Go to Operation Hope,
• 32:57
  Speaker 1: sign up and get the silver rights alright to deserve.
• 33:00
  Speaker 2: I believe in you.
• 33:16
  Speaker 1: Money and Wealth with John O'Brien is a production of
• 33:18
  Speaker 1: the Black Effect Podcast Network. For more podcasts from the
• 33:21
  Speaker 1: Black Effect Podcast Network, visit the iHeartRadio app, Apple Podcasts,
• 33:26
  Speaker 1: or wherever you listen to your favorite shows.