Latest / Money And Wealth With John Hope Bryant / Let's Make Boring Sexy Again

Transcript

Let's Make Boring Sexy Again · Money And Wealth With John Hope Bryant

• 0:00
  Speaker 1: Welcome the Money and Wealth with John O'Briant, a production
• 0:03
  Speaker 1: of the Black Effect podcast Network, and iHeartRadio. Yo Yo
• 0:15
  Speaker 1: Yo is John O'Brian here, and this is money and
• 0:19
  Speaker 1: Wealth on the Black Effect Network, And this is a kindness.
• 0:24
  Speaker 1: Is so gangster is certainly how I approach or try
• 0:29
  Speaker 1: to approach life. And I will often say, you've heard
• 0:32
  Speaker 1: me say that we need to make smart sexy again.
• 0:36
  Speaker 1: We've been making dumb sexy for way too long, we've
• 0:39
  Speaker 1: dumbed down and celebrated it, and a time again to
• 0:43
  Speaker 1: make smart sexy. Well this is a little different. Maybe
• 0:49
  Speaker 1: we need to go beyond making smart sexy. My friend
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  Speaker 1: Quincy Jones God Rest is Soul told me it takes
• 0:57
  Speaker 1: twenty years to change a culture, and then I added,
• 1:02
  Speaker 1: in the last twenty years, then we've made dumb sexy.
• 1:04
  Speaker 1: We've dumbed down and celebrated it, appears, and we both
• 1:09
  Speaker 1: agreed that it was time to make smart sexy again,
• 1:11
  Speaker 1: and we hope that it would not take twenty years
• 1:13
  Speaker 1: to do that because we needed it like well right now.
• 1:19
  Speaker 1: But then, in discussing this topic with my friend Bishop
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  Speaker 1: TD Jakes, who I think is just amazing and a
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  Speaker 1: living icon in the world. I call him the Black Pope,
• 1:32
  Speaker 1: and I'm only partially kidding, he said, John, And this
• 1:37
  Speaker 1: was a couple of years ago. Maybe we need to
• 1:39
  Speaker 1: make boring sexy again, I added, you again, because I
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  Speaker 1: think we've been there before. In Black America, there was
• 1:49
  Speaker 1: a time where we wore suits. There was a time
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  Speaker 1: that we wore suits and ties. There was a time
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  Speaker 1: ladies wore dresses. There was a time where people who
• 2:03
  Speaker 1: had babies were called moms and dads, mothers and fathers.
• 2:08
  Speaker 1: There was a time where jobs were of employment of
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  Speaker 1: any kind. Education of every kind was honored and honorable
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  Speaker 1: and desirable. Hard work was a beautiful thing. Sweat on
• 2:23
  Speaker 1: your brows to be admired. There was a time where
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  Speaker 1: women hid their bodies, not flaunted it in public. There
• 2:36
  Speaker 1: was a time where we actually understood that success only
• 2:45
  Speaker 1: came before the word work in the dictionary because it
• 2:48
  Speaker 1: was alphabetical. There was a time where we didn't call
• 2:56
  Speaker 1: our ladies a phrase with a B. And there was
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  Speaker 1: a time where every other word out of our mouth
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  Speaker 1: wasn't a phrase. It starts with an end. Even though
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  Speaker 1: the most intelligent, some of the most intelligent folks of
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  Speaker 1: color will use choice phrases from time to time in
• 3:24
  Speaker 1: order to insert humor or warmth or familiarity. But it
• 3:29
  Speaker 1: wasn't commonplace as part of every day, all day, every lang,
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  Speaker 1: every sentence language. There was a time where men didn't
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  Speaker 1: call women bros. And women didn't call women or men bros.
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  Speaker 1: I mean, I don't excuse me. This time wasn't that
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  Speaker 1: long ago. This was in the twentieth century and in
• 4:01
  Speaker 1: the mid twentieth century, in the late twentieth century, there
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  Speaker 1: was a time where things were just sort of normal
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  Speaker 1: and intelligence was vaulted and valuable. And maybe we need
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  Speaker 1: to get back to that time with regard to fundamental values.
• 4:23
  Speaker 1: And so everybody wants to be deep, but nobody wants
• 4:29
  Speaker 1: to be consistent. The real flexes and flash. It's stability,
• 4:36
  Speaker 1: security and sustain wealth and sustainable wealth. We need to
• 4:44
  Speaker 1: make the fundamentals of life attractive again. Why is this important?
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  Speaker 1: And what am I talking about? Let me tell you
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  Speaker 1: that what I'm talking about first, and then I'll tell
• 4:58
  Speaker 1: you why, and then we'll get into some depths about
• 5:01
  Speaker 1: the how. So what's important? I should never say this,
• 5:09
  Speaker 1: but things like family values, watch how you live your life.
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  Speaker 1: Maybe the only Bible that anybody else reads. Right, what
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  Speaker 1: are kids modeling? Well, you and they model what they see.
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  Speaker 1: I'm talking about budgeting, I'm talking about ownership. I'm talking
• 5:30
  Speaker 1: about planning, basic life planning. When I was coming up,
• 5:39
  Speaker 1: they had a home economics class. Do you remember that
• 5:42
  Speaker 1: there was wood shop? Do you remember that, if you're
• 5:44
  Speaker 1: forty year older, there was auto shop? Remember that all
• 5:50
  Speaker 1: that's gone. There was pe physical education which kept you
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  Speaker 1: in reasonable shape, so everybody didn't walk away all you know,
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  Speaker 1: well obese. Remember that there was a nutrition class actually,
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  Speaker 1: so you actually had a sense for what you were eating.
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  Speaker 1: But now we think that fast food restaurants on every
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  Speaker 1: corner again everything, most things in balance are good things,
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  Speaker 1: but on every corner interspersed with soul food restaurants. I
• 6:29
  Speaker 1: love soul food, just not every day, three times a week.
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  Speaker 1: That these were somehow tied to a balanced budget, a
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  Speaker 1: balanced diet, sorry, and that this was real food. Right.
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  Speaker 1: You can have dessert, you can have sweets, you can
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  Speaker 1: have cool food every now and then, but you might
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  Speaker 1: need some fruits and vegetables and something green on your plate.
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  Speaker 1: And to understand that you are what you eat. But anyway,
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  Speaker 1: I'm really saying something pretty radical and pretty basic, that
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  Speaker 1: common sense is not so common. We need a radical
• 7:08
  Speaker 1: movement of common sense. I once said. And let's get
• 7:13
  Speaker 1: into the bit of the why here. Why am I
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  Speaker 1: doing this episode? It's not being long, it's not going
• 7:19
  Speaker 1: to be in depth, but it's going. I think it's
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  Speaker 1: foundational for new families, and I think reset older families,
• 7:25
  Speaker 1: and for the whole culture. Why is this important? Sort
• 7:29
  Speaker 1: of like when somebody said to me, well, John, why
• 7:31
  Speaker 1: should I try? Why should I trust God? Why should
• 7:33
  Speaker 1: I do this whole spiritual thing you're talking about? My reaction,
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  Speaker 1: my response, because God cannot possibly mismanage and screw up
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  Speaker 1: your life worse than you have, can I get the amen? Right?
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  Speaker 1: So it's not like we tried all this stuff that
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  Speaker 1: I'm about to discuss in this century at scale and
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  Speaker 1: America and it didn't work. We've actually just tried everything else.
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  Speaker 1: Gangster rap, you know, anti, you know, society, government, I guess,
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  Speaker 1: government assistance. We've tried flossing, We're still flossing. We've tried shortcutting,
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  Speaker 1: we've tried not parenting. We've tried not no, not having responsibility.
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  Speaker 1: We tried blaming, We've tried partying. We've tried some of
• 8:41
  Speaker 1: us drugs, some of we've tried living in an alternate universe.
• 8:44
  Speaker 1: We tried living in I'm good, you know, chill reality
• 8:51
  Speaker 1: where we just sort of checked out. Has any of
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  Speaker 1: this stuff worked. We tried getting rich quick forty percent
• 8:58
  Speaker 1: of all crypto we're black people, and we lost all
• 9:00
  Speaker 1: of our money, or nearly all of our money. Some
• 9:04
  Speaker 1: of us made a few bucks, but most of those,
• 9:08
  Speaker 1: those the cryptocurrencies I'm talking about, went bust. But we've tried.
• 9:13
  Speaker 1: You know, by the way, that wasn't That wasn't a
• 9:15
  Speaker 1: slap of cryptocurrency. I'm just saying that that that you know,
• 9:18
  Speaker 1: it's like going to Las Vegas and thinking that that's
• 9:20
  Speaker 1: a sustainable strategy. Vegas just keeps getting bigger, and your
• 9:23
  Speaker 1: wiles will keep getting smaller, even though you may win
• 9:25
  Speaker 1: every now and then. Look, how about we just do
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  Speaker 1: some boring stuff that I don't know has proven the work.
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  Speaker 1: So I want you to pull out your pencil, or
• 9:38
  Speaker 1: pull out your iPad, or pull out your note pad,
• 9:40
  Speaker 1: or pull out whatever you take notes on, and get
• 9:44
  Speaker 1: your mate, your partner, your friend, your lover, your your
• 9:47
  Speaker 1: your best buddies, your your crew, your fraternity buddies, your
• 9:52
  Speaker 1: sorority sisters. Let's let's let's start a real conversation here.
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  Speaker 1: Let's take some notes, and let's get the basics right,
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  Speaker 1: and let's thank Bishop TD Jakes for inspiring all of this.
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  Speaker 1: The power of the boring stuff, the culture of flass
• 10:10
  Speaker 1: versus the power of foundation. Yeah, I said it. The
• 10:15
  Speaker 1: difference between being broken being poor, being broken as economic,
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  Speaker 1: but being poor as a disabling frame of mind, a
• 10:21
  Speaker 1: depressed condition of your spirit. And you must vow never
• 10:23
  Speaker 1: ever ever to be poor again. The difference between looking
• 10:27
  Speaker 1: rich and being wealthy? By the way, have you noticed
• 10:31
  Speaker 1: when you went to By the way, I like Lloyd Baton.
• 10:34
  Speaker 1: I'm not disting Lloyd Biton, But have you noticed when you,
• 10:38
  Speaker 1: you know, during the pandemic, have you noticed everybody, I
• 10:41
  Speaker 1: mean everybody in that Louis Vaton line seemed to be
• 10:46
  Speaker 1: the same group vibe energy. Did that line that you
• 10:54
  Speaker 1: saw standing outside of the Louis Viton waiting to get in,
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  Speaker 1: did they look like wealthy people to you? Do you
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  Speaker 1: know there's seventy six percent seventy six percent, I know
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  Speaker 1: it's seventy over seventy five of all luxury good sales
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  Speaker 1: in the United States and around the world. Certainly in
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  Speaker 1: the United States are the poor, the working class, and
• 11:17
  Speaker 1: the struggling middle class folks who are aspiracial with too
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  Speaker 1: much month that end of their money trying to connect
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  Speaker 1: with wealth. It's not the wealth buying luxury goods. Is
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  Speaker 1: everybody trying to look wealthy. You might notice now I'm
• 11:32
  Speaker 1: wearing a T shirt and I certainly could afford to
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  Speaker 1: wear anything I want, right, you don't see me with
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  Speaker 1: a bunch of gold chains around my neck and and
• 11:42
  Speaker 1: you know, a bunch of jewelry falling off. I mean,
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  Speaker 1: every piece of jewelry I'm wearing here is actually mission centered,
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  Speaker 1: is symbolic. There's Africa and spirituality, there's kind of other things,
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  Speaker 1: some technology, but we cannot keep wearing our assets on
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  Speaker 1: our ass. I I guess I can say that it's
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  Speaker 1: podcast how social media. Social media has glamorized flash while
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  Speaker 1: wealth lives quietly. I'm gonna do a separate podcast about
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  Speaker 1: my mom and my dad and the difference between her
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  Speaker 1: his flash and her discipline. So watch for that because
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  Speaker 1: I think it's a very powerful lesson that speaks to
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  Speaker 1: this topic. Spoiler alert. My mother, who worked an hourly
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  Speaker 1: job ended up with a million dollar net worth. So
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  Speaker 1: the sexy of life is in the basics. The real
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  Speaker 1: grown ups have really disciplined moves. So let's frame these
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  Speaker 1: wealth power moves budgeting. This is where your money sleeps
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  Speaker 1: at night. I used to hate budgets. I used to
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  Speaker 1: think they're stupid and silly. And a director of our
• 13:00
  Speaker 1: preaching the whole board member was like, look, the mission's great,
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  Speaker 1: and all this stuff's great, John, but if you run
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  Speaker 1: out of cash, you're out of business. So you got
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  Speaker 1: all this fancy stuff and all these numbers, but you know,
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  Speaker 1: you know, where's your cash flow budget? You know, we
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  Speaker 1: added a C a hadding a cruel budget, which is,
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  Speaker 1: you know, basically a form of accounting that shows your
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  Speaker 1: profitability based on sales. But I wasn't running a parallel
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  Speaker 1: cash flow budget, which is actually when the cash comes
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  Speaker 1: in and when the cash goes out, and you start
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  Speaker 1: running a big enterprise, and you better have your your
• 13:30
  Speaker 1: your hands around actual cash and and not just accounting treatment,
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  Speaker 1: even though accounting treatments really really important. And as I
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  Speaker 1: start becoming it's really odd. And when I was broke,
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  Speaker 1: when I was told from the floor up I didn't
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  Speaker 1: really think I needed a budget, and I was wrong.
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  Speaker 1: By the way, so let's say you make thirty six
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  Speaker 1: thousand dollars a year. You mean I think you need
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  Speaker 1: a budget? Do you think what you think? What you
• 13:57
  Speaker 1: think you need is to make more money? Okay, let's
• 13:59
  Speaker 1: take that. Let's look at that for a minute. You
• 14:04
  Speaker 1: have a Starbucks habit and you've got a cigarette habit.
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  Speaker 1: So you go to Starbucks. I'm not picking on Starbucks,
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  Speaker 1: but you go to Starbucks. It's an easy one because
• 14:11
  Speaker 1: you can relate to it. You go to Starbucks three
• 14:13
  Speaker 1: times a week to get your fix of whatever it is,
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  Speaker 1: cappuccino or whatever fancy drink you like, and you smoke
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  Speaker 1: a pack of two cigarettes let's say a day, Let's
• 14:28
  Speaker 1: say a pack a day, let's say three packs a week,
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  Speaker 1: five whatever. The short, short version is that this habit
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  Speaker 1: of yours, of going to Starbucks multiple times a week
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  Speaker 1: and smoking consistently in the smoking is going to literally
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  Speaker 1: kill you. By the way, a cigarette actually literally said that.
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  Speaker 1: The pack says this stuff will kill you. But this
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  Speaker 1: habit of yours, it costs about six thousand dollars a year, well,
• 14:55
  Speaker 1: six thousand dollars a year, combined with your Starbucks in
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  Speaker 1: your cigarettes is it's just about twenty percent of your
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  Speaker 1: annual income of thirty six thousand dollars a year. Had
• 15:06
  Speaker 1: thought about it that way, hedge six thousand dollars on
• 15:18
  Speaker 1: this habit, it's twenty percent of your income. So there's
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  Speaker 1: two ways to make money, make more or spend less.
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  Speaker 1: So when you start creating a budget, you start and
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  Speaker 1: you start listing out. First of all, you need a
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  Speaker 1: network statement. Even if you don't think you own a lot,
• 15:32
  Speaker 1: when you start listing out what you own, you'll be
• 15:33
  Speaker 1: absolutely surprised and generally pleasantly so. And then you can
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  Speaker 1: you'll start realizing, even if you don't have a lot
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  Speaker 1: of assets, you'll start realizing things that you own that
• 15:44
  Speaker 1: you should get rid of, that you should sell, which
• 15:46
  Speaker 1: will be created source a revenue for you. Things that
• 15:49
  Speaker 1: are in storage. Start with on your phone and subscriptions.
• 15:54
  Speaker 1: That is a form of It's not an asset per se,
• 15:57
  Speaker 1: but it is an obligation and an expense side of
• 15:59
  Speaker 1: your balance. There's gettings. Two ways to make money make more,
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  Speaker 1: spend less. Think about all the subscriptions you have that
• 16:05
  Speaker 1: you forgot about, and the companies love you forgetting about them,
• 16:07
  Speaker 1: and they auto renew every month or every year, and
• 16:11
  Speaker 1: you don't think about it. How many years and how
• 16:13
  Speaker 1: many months have you been paying for stuff that you
• 16:15
  Speaker 1: don't use. Go in there and cancel those those subscriptions
• 16:18
  Speaker 1: that you're not using. That will save you a ton
• 16:21
  Speaker 1: of money. And ten to one's equal ten. So this
• 16:24
  Speaker 1: little money ends up being a lot. List out every asset,
• 16:28
  Speaker 1: everything that you own, I mean shoes, I mean consists, tapes,
• 16:32
  Speaker 1: I mean books, I mean you know, everything you own,
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  Speaker 1: Go through your stores, go through your house, list it
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  Speaker 1: all out. Decide what you want to keep, Decide what
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  Speaker 1: you want to sell, Decide what you want to restore,
• 16:44
  Speaker 1: decide what you want to focus on. That's an you know,
• 16:47
  Speaker 1: you want to create an asset and net worth statement,
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  Speaker 1: then create an expense and revenue statement, and created a
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  Speaker 1: living an expense budget, at least expense budget where you're
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  Speaker 1: spending and where, And I think you'll be shocked at
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  Speaker 1: how much you're spending and where you're spending it. And
• 17:06
  Speaker 1: that will that's the first way of making more money
• 17:09
  Speaker 1: is not spending money on stupid stuff. So a budget
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  Speaker 1: is where your money sleeps at night. An emergency fund
• 17:17
  Speaker 1: about forty percent of this country. He doesn't have four
• 17:19
  Speaker 1: hundred dollars for an unplanned event. That's shocking. There should
• 17:22
  Speaker 1: be shocking to you. And Operation Hope is partner with
• 17:25
  Speaker 1: Delta Airlines. I'm gonna have the CEO of Delta Airlines
• 17:29
  Speaker 1: Ed Bashing on my podcast here soon. I think he's
• 17:31
  Speaker 1: one of the most extraordinary CEOs. He's a good dear
• 17:33
  Speaker 1: friend of mine and a partner of Operation Hope. One
• 17:35
  Speaker 1: more extraordinary CEOs in the world. And Time just made him.
• 17:40
  Speaker 1: Time Magazines just made him one of the top one
• 17:42
  Speaker 1: hundred I think business leaders with the category he's under recently.
• 17:47
  Speaker 1: And I absolutely endorse that we partner with Delta air
• 17:52
  Speaker 1: Lines with ad Bashion Support to teach financial literacy to
• 17:55
  Speaker 1: all one hundred thousand Delta employees and they all get
• 17:58
  Speaker 1: a one thousand dollars emergency Saves account if they go
• 18:01
  Speaker 1: through the financial literacy course offered through either Operation to
• 18:04
  Speaker 1: Hope or Fidelity Investments, and it's been transformational for their lives.
• 18:09
  Speaker 1: That said, and in Truest Bank, another one of our partners,
• 18:12
  Speaker 1: also does that and we're in eight hundred of the
• 18:14
  Speaker 1: two thousand Truest branches, and that has been transformational for
• 18:17
  Speaker 1: truests and their customers and their employees. But I'm not
• 18:22
  Speaker 1: talking about one thousand dollars or seven to fifty dollars,
• 18:24
  Speaker 1: which is the case of Delta or Truests. We are
• 18:26
  Speaker 1: about four hundred dollars. Forty percent of Americans. At least
• 18:31
  Speaker 1: forty percent of Americans don't have four hundred dollars for
• 18:34
  Speaker 1: an unplanned event. In some cases the numbers as high
• 18:37
  Speaker 1: as sixty five percent, depending on whether you're calculating credit
• 18:41
  Speaker 1: card access. I mean just looking at like pure cash
• 18:44
  Speaker 1: in your hands. The numbers in excess, I believe above
• 18:48
  Speaker 1: forty percent, but no less than forty percent of Americans
• 18:54
  Speaker 1: have this current crisis. So you need to. It'll create
• 18:59
  Speaker 1: enormous peace of mind if you just saw for this,
• 19:02
  Speaker 1: like you create a little emergency fund because something's going
• 19:05
  Speaker 1: to go wrong. Johnny's going to get sick, you know somebody,
• 19:09
  Speaker 1: you know, crap will happen, you lose your job, whatever.
• 19:12
  Speaker 1: You don't want to be thrown into an emergent situation
• 19:16
  Speaker 1: and you know you're down on your rent, or you're
• 19:19
  Speaker 1: down for your carnal or whatever, or you can't pay
• 19:22
  Speaker 1: for a medical bill or whatever it is, because you haven't,
• 19:26
  Speaker 1: you know, planned in the good times for the bad times.
• 19:29
  Speaker 1: I want you to sleep peacefully so life won't knock
• 19:33
  Speaker 1: you out right. Life insurance. This is number three. Right's
• 19:38
  Speaker 1: number one was budgeting too, was an emergency fund. Three
• 19:41
  Speaker 1: life insurance. I want you to protect your legacy even
• 19:45
  Speaker 1: in your absence. I want you to have a legacy,
• 19:47
  Speaker 1: and I want you to to floss like you have
• 19:50
  Speaker 1: generational wealth. You do this to a life insurance policy.
• 19:54
  Speaker 1: I don't care whether it's a term or whole life policy.
• 19:57
  Speaker 1: Stop think about these fancy policies that you you've heard
• 20:00
  Speaker 1: of that the wealthy use. I'm talking about something basic
• 20:03
  Speaker 1: for you. If you're a young person watching this podcast,
• 20:07
  Speaker 1: a basic life insurance policy just might cost you lettles
• 20:11
  Speaker 1: five or ten dollars a month. If you're young and
• 20:13
  Speaker 1: in good health, for a twenty five fifty dollars one
• 20:16
  Speaker 1: hundred thousand dollars policy might cost you literally a few
• 20:19
  Speaker 1: dollars a month, no more than twenty five to fifty
• 20:23
  Speaker 1: dollars a month. And if you want one hundred dollars
• 20:26
  Speaker 1: a month policy, a term life insurance policy, you might
• 20:29
  Speaker 1: be able to get a one hundred thousand dollars in
• 20:32
  Speaker 1: some cases a million dollar life insurance policy as a
• 20:36
  Speaker 1: young person. As you get older, the premiums get larger
• 20:40
  Speaker 1: because they think you might die on them at any one,
• 20:42
  Speaker 1: any moment in time. So you should get the policy
• 20:45
  Speaker 1: as young as you can, for as long as you can.
• 20:47
  Speaker 1: If you can get a whole life policy which has
• 20:49
  Speaker 1: a savings component to it, great, if you're not. If not,
• 20:53
  Speaker 1: it's a it's much cheaper get a term policy. I
• 20:56
  Speaker 1: have had term life policies. I have term life policies
• 20:59
  Speaker 1: amongst other policies right now. When you die, and you
• 21:03
  Speaker 1: will die, I don't know how long you're going to live,
• 21:04
  Speaker 1: but I dang sure know you're going to die. We
• 21:06
  Speaker 1: all are going to die. Now you get to direct
• 21:08
  Speaker 1: where that money goes, right and who gets it? And
• 21:12
  Speaker 1: I'm gonna get to that. To Will's next. Hold on
• 21:14
  Speaker 1: a minute. I don't want to see go fund me
• 21:20
  Speaker 1: campaigns for people who are passing away. I'm tired of that.
• 21:23
  Speaker 1: I mean, we should go fund me campaigns. Was meant
• 21:25
  Speaker 1: to do something purposeful, purposeful, meaningful, intentional, aspirational. Now it's
• 21:29
  Speaker 1: turned into you know, professional begging. We've made this normal,
• 21:36
  Speaker 1: like going through a check cash or patilon, lender, rental,
• 21:38
  Speaker 1: own store, title lender, liquor store, pawnshop. Oh, go fund
• 21:41
  Speaker 1: me campaign because Joe died, Joe Anne passed away. We
• 21:45
  Speaker 1: should be planning for this. There should be a proper
• 21:48
  Speaker 1: like burial policy. And when I see celebrities with go
• 21:51
  Speaker 1: fund me campaigns because they had a medical issue or
• 21:55
  Speaker 1: somebody died, I'm particularly mortified because weren't they just flossing
• 22:00
  Speaker 1: around and at least Rose Royce or something just a
• 22:03
  Speaker 1: few months ago. Like, we need to knock all this
• 22:05
  Speaker 1: stuff off again. Let's time to make boring sexy. Let's
• 22:07
  Speaker 1: get the basics in place. If you have a major employer,
• 22:14
  Speaker 1: if you're sorry, you have a job with a major company,
• 22:18
  Speaker 1: there's a good chance, there's a good chance that there
• 22:24
  Speaker 1: is a life. A death policy in place is part
• 22:29
  Speaker 1: of your insurance policy at your employer, so your employee
• 22:32
  Speaker 1: provides health insurance. Is a very good chance that buried
• 22:36
  Speaker 1: in that health insurance policy is a death policy for
• 22:39
  Speaker 1: up to twenty five thousand dollars. I know it because
• 22:41
  Speaker 1: I offer that at an operation Hope to my employees. I
• 22:45
  Speaker 1: know it because there was an employee that passed away,
• 22:48
  Speaker 1: that we that didn't that was struggling with with burial
• 22:52
  Speaker 1: costs and did not know until we told them that
• 22:55
  Speaker 1: there that the health policy provided twenty five thousand dollars
• 22:58
  Speaker 1: with the death benefits, and that changed their whole life,
• 23:01
  Speaker 1: allowed them to bury their loved ones in dignity. So again,
• 23:08
  Speaker 1: boring is a new sexy read the dang on health policy.
• 23:14
  Speaker 1: Health insurance policy that you already have, right and you
• 23:18
  Speaker 1: might find magic in that policy in the form of
• 23:21
  Speaker 1: what I just told you death benefits. Please put in
• 23:25
  Speaker 1: notes when you see something some comments, when you see
• 23:28
  Speaker 1: posting me on social media after watching this, listening to
• 23:32
  Speaker 1: this podcast, you see a social media clip of this somewhere,
• 23:35
  Speaker 1: please put in the comments whether you confirmed that your
• 23:40
  Speaker 1: health policy has death benefits attached to it, number four
• 23:47
  Speaker 1: wills and a state planning. This is a love letter
• 23:51
  Speaker 1: to your family's future, right, That's the way I want
• 23:54
  Speaker 1: you to look at it. This is a love letter.
• 23:55
  Speaker 1: You're saying, I love you, I'm leaving you, but I'm
• 23:58
  Speaker 1: I'm I'm but I'm showing you I love you. I'm
• 24:00
  Speaker 1: directing resources to your to tell who, what and where
• 24:06
  Speaker 1: I want my resources, my heart earned resources to flow
• 24:10
  Speaker 1: to and why and when and in what order. My
• 24:13
  Speaker 1: mother was gangster Wannya Smith. She had a will. She
• 24:16
  Speaker 1: passed away a couple of years ago, got rested her soul.
• 24:18
  Speaker 1: She has been promoted Wenya Smith when she passed away.
• 24:21
  Speaker 1: In her will, she had put a gangster clause in
• 24:24
  Speaker 1: there that said anybody essentially anybody who and I was
• 24:29
  Speaker 1: a trustee. I'm a trustee of the will. And I
• 24:32
  Speaker 1: could feel the energy of some members of my family
• 24:35
  Speaker 1: like rising up questioning what you know, would my mother
• 24:38
  Speaker 1: put in her own will? But anyway, uh, the will
• 24:41
  Speaker 1: essentially said anybody who challenges this will will be denied
• 24:46
  Speaker 1: any benefits of it. And everybody just just just with
• 24:50
  Speaker 1: stone quiet. I love that and uh uh, and you
• 24:54
  Speaker 1: don't need a fancy will. You can than in an
• 25:00
  Speaker 1: audio message will when she was in great health. But
• 25:06
  Speaker 1: even that's not enforceable by law. It's a cool thing
• 25:09
  Speaker 1: to do, and if somebody wants to do it, it's
• 25:11
  Speaker 1: and it's you know, it's a it's something great for
• 25:14
  Speaker 1: your loved ones to see that after you passed away
• 25:16
  Speaker 1: and what your intentions were, particularly if you want to
• 25:19
  Speaker 1: pick the rose who received benefits from it because people
• 25:21
  Speaker 1: might explain who gets what and why, But you shouldn't
• 25:25
  Speaker 1: do it if you're digging at somebody though I ain't
• 25:28
  Speaker 1: giving you nothing. I don't do that. But my mother
• 25:31
  Speaker 1: also a physical will. Anyway, you can pull a wheel
• 25:33
  Speaker 1: down from the internet, right, a simple will. You can
• 25:37
  Speaker 1: do a one page wheel. You know, it doesn't be
• 25:39
  Speaker 1: this complicated thing. But let's start there. Because Prince did
• 25:42
  Speaker 1: not have a will, and the entertainer prints did not
• 25:46
  Speaker 1: have a will, I believe either Aretha Franklin did not
• 25:49
  Speaker 1: have a whill. They didn't think they were gonna ever die.
• 25:51
  Speaker 1: Nobody says, ooh, I'm gonna die. Let you know I'm
• 25:54
  Speaker 1: gonna do that now, I'm dying next week. People think
• 25:56
  Speaker 1: they're gonna live forever. I think I'm I'm gonna live
• 26:00
  Speaker 1: for a long time. I think I'm in great health.
• 26:02
  Speaker 1: I think I'm in better health when I was twenty five.
• 26:04
  Speaker 1: But I still have a will. Because death is not scheduled, right,
• 26:07
  Speaker 1: you don't know how long you're gonna live. You dang
• 26:09
  Speaker 1: should know you're gonna die. At least you should. What's
• 26:12
  Speaker 1: the mystery? And Prince had no direction or no controllable
• 26:17
  Speaker 1: Who got his resources and people. I believe that he
• 26:20
  Speaker 1: did not want to have control, ended up with control
• 26:22
  Speaker 1: because they were the next and next again, he did
• 26:25
  Speaker 1: not have children, and so on and so forth, and
• 26:28
  Speaker 1: O Nora a wife, Retha Franklin, you know, similarly unfortunate.
• 26:34
  Speaker 1: My friend Quincy Jones had a will and had an
• 26:38
  Speaker 1: orderly a state as best I can tell, so and
• 26:42
  Speaker 1: then be on a whill. You can do a state planning.
• 26:45
  Speaker 1: I have I advocate for trusts. You can do a
• 26:50
  Speaker 1: revocable trust. That's one you can change, and irrevocable trust
• 26:55
  Speaker 1: is one you cannot change. And you need to be
• 26:57
  Speaker 1: very careful before you do an irrevolable trust. A friend
• 27:00
  Speaker 1: of mine did one of those and irrevocable trusts, and
• 27:03
  Speaker 1: they really put members of his family in a buying.
• 27:05
  Speaker 1: Twenty five years later when situations had changed and he
• 27:08
  Speaker 1: had sort of forgotten about it and he had passed away,
• 27:11
  Speaker 1: and then on his deathbed, try to change the irrevocable trust,
• 27:15
  Speaker 1: and the attorney said, I'm sorry, it could not be
• 27:17
  Speaker 1: trust changed. That's why it's called irrevocable. So words matter.
• 27:22
  Speaker 1: So you're going to do a trust, might want to
• 27:24
  Speaker 1: start with something that has some flexibility. Yeah, anyway, So
• 27:31
  Speaker 1: Number I was gonna get in the whole thing in
• 27:32
  Speaker 1: my opinion about why would you do an irrevocable trust
• 27:35
  Speaker 1: when you can do a revocable one. But you know,
• 27:37
  Speaker 1: people have their reasons. Number five credit score and debt discipline.
• 27:42
  Speaker 1: Seven hundred plus. Credit score is a new status symbol. People.
• 27:45
  Speaker 1: You've heard me say it a million times over, like
• 27:48
  Speaker 1: you meet me somebody attractive, Oh cool, what's your name?
• 27:51
  Speaker 1: That's yeah, beautiful? What's your credit score? Because if you
• 27:54
  Speaker 1: get serious in this person, it's going to be a
• 27:56
  Speaker 1: business partner for life, and you make sure you're sharing
• 27:59
  Speaker 1: values and they're not just sharing your credit card. Right,
• 28:03
  Speaker 1: a little financial literacy lesson the person who makes it
• 28:07
  Speaker 1: has a right to spend it. The person who makes
• 28:09
  Speaker 1: it can also save it. You can have somebody who
• 28:14
  Speaker 1: doesn't make it, but who manages the money. And then
• 28:17
  Speaker 1: you can have somebody who manages the money, who doesn't
• 28:21
  Speaker 1: spend the money or spends the money and manages the
• 28:24
  Speaker 1: money or spends the money or manages the money and
• 28:26
  Speaker 1: doesn't spend the money. But what you cannot just have
• 28:28
  Speaker 1: as somebody who spends the money, that's a disaster relationship
• 28:33
  Speaker 1: so I think credit scores. Seven credit score is a
• 28:37
  Speaker 1: new status symbol, and we should have everybody around you
• 28:40
  Speaker 1: should have to aspire to a seven hundred plus credit
• 28:43
  Speaker 1: score number six. Owning a home. This is a forced
• 28:46
  Speaker 1: savings account in pride of place. It's also the easiest
• 28:51
  Speaker 1: way to build wealth in America. Forty four on average
• 28:53
  Speaker 1: of African Americans on a home compared to seventy five
• 28:56
  Speaker 1: percent of our white counterparts. White folks are not doing
• 28:58
  Speaker 1: it because they have nothing else to do, and doing
• 29:00
  Speaker 1: it because tax policy in this country is essentially designed
• 29:02
  Speaker 1: around the home ownership and eat and home ownership is
• 29:05
  Speaker 1: the easiest single way to build wealth. And you got
• 29:08
  Speaker 1: to live somewhere, Why would you want to Why would
• 29:10
  Speaker 1: you want to rent? When you get own? I don't
• 29:12
  Speaker 1: get it well and worse, we're flossing again trying to
• 29:15
  Speaker 1: rent something uptown with something we don't with money. We
• 29:18
  Speaker 1: don't have to spend money, we don't have to press
• 29:20
  Speaker 1: somebody we don't know about, and to brag about things
• 29:25
  Speaker 1: that don't matter, and people in places where they really
• 29:28
  Speaker 1: don't want you in an environment that is not sustainable
• 29:32
  Speaker 1: and will not last. You're literally just raising a window
• 29:35
  Speaker 1: and throwing money out, and I'm a landlord and I'm
• 29:37
  Speaker 1: encouraging you not to do it for the rest of
• 29:39
  Speaker 1: your life and encouraging to. It's like working at McDonald's
• 29:42
  Speaker 1: aor Walmart. You know you can work there your whole
• 29:44
  Speaker 1: life if you want to make at a career. But
• 29:45
  Speaker 1: for most people that's in it and split it. Get there,
• 29:49
  Speaker 1: stay there for a few years, and then let there
• 29:50
  Speaker 1: be a step they starting to go do something else.
• 29:52
  Speaker 1: Rent until you can own home. Ownership is a brilliant
• 29:56
  Speaker 1: way to combine a place to live with the with
• 30:00
  Speaker 1: a way to build wealth. You build make money to
• 30:02
  Speaker 1: the day you build wealth in your sleep. I hate hate.
• 30:15
  Speaker 1: It's a strong word. No, I do hate. I hate
• 30:17
  Speaker 1: hearing these commentators on TV shows and where even I'm
• 30:21
  Speaker 1: a contributor in CNBC, these very very wealthy people saying
• 30:25
  Speaker 1: that this generation shouldn't own a home. What are you
• 30:29
  Speaker 1: talking about. You're telling people not to own a home,
• 30:32
  Speaker 1: telling them poor, strugging people not to own a home.
• 30:34
  Speaker 1: And you own a home, right, everybody's saying you shouldn't
• 30:36
  Speaker 1: own a home, owns a home. It's crazy. You just
• 30:40
  Speaker 1: knock it off and probably reason they want you to.
• 30:43
  Speaker 1: I'm convinced. They don't want you to own a home souse.
• 30:45
  Speaker 1: They want you to rent from them. They just want
• 30:47
  Speaker 1: the whole society to become a renter. Right, rent your car,
• 30:50
  Speaker 1: rent your vacation. You know, you rent your aspiration, rent
• 30:55
  Speaker 1: your house, rent your you know that. Don't worry about it.
• 30:57
  Speaker 1: We'll take care of it. Just enjoy yourself. Put you
• 31:00
  Speaker 1: to sleep with you know, debt uh number six, it's
• 31:06
  Speaker 1: owning the home. Number seven. Stock market investing, So get
• 31:09
  Speaker 1: off the sidelines and become an owner of stock. So
• 31:14
  Speaker 1: you know, very the vast majority of African Americans do
• 31:16
  Speaker 1: not own stock, the vast majority. I want you in
• 31:20
  Speaker 1: the marketplace. Just look, start with buying what you like.
• 31:26
  Speaker 1: So you like these tennis shoes, you like these pants,
• 31:30
  Speaker 1: you like a jacket, you like a food store, you
• 31:35
  Speaker 1: like a grocery store, you like you know, Walmart, whatever,
• 31:38
  Speaker 1: If you go and shop there, or you're using these products, why,
• 31:42
  Speaker 1: you probably believe in it. If you believe it, your
• 31:44
  Speaker 1: friends probably believe in it too. You know, buy that stock.
• 31:48
  Speaker 1: Start there, but don't overcomplicate it and try to make
• 31:52
  Speaker 1: a flight to quality. Invest in things that are investable.
• 31:55
  Speaker 1: Don't don't don't don't go doing flaky stuff. You want
• 31:58
  Speaker 1: to flight the quality. But get in the marketplace again.
• 32:01
  Speaker 1: You make money during today, you build in your sleep.
• 32:03
  Speaker 1: Three things have never gone down. Home ownership value over
• 32:06
  Speaker 1: the long length of time in America, stock market value,
• 32:09
  Speaker 1: and the GDP gross domestic product of this country. They
• 32:12
  Speaker 1: go upset, sometimes recedes, recession, recedes, and then corrects above
• 32:18
  Speaker 1: the line. So you want to open an account. And
• 32:21
  Speaker 1: by the way, as a as a gift for your
• 32:23
  Speaker 1: children or people you love, young people. There's a company
• 32:26
  Speaker 1: called Share. I think it's called Gift to Share thing.
• 32:29
  Speaker 1: It's called gift to Share. It's a buy. If you
• 32:34
  Speaker 1: search this how do you buy a share of stock
• 32:36
  Speaker 1: for a child? It'll come up and we are Operation
• 32:39
  Speaker 1: Hoping is associated with this company. If time, if you
• 32:42
  Speaker 1: af you top of the internet, share a gift a
• 32:46
  Speaker 1: share for a child as a gift. And then Operation
• 32:49
  Speaker 1: Hope I'm sure to come up in the search engine
• 32:51
  Speaker 1: because they're a partner of Operation Hope. But and against
• 32:54
  Speaker 1: it's all gift to Share. But they they you can
• 32:57
  Speaker 1: buy a child for their birthday or graduational whatever, not
• 33:01
  Speaker 1: some toy they're gonna break or something they're gonna forget
• 33:03
  Speaker 1: about a month, buy them a Shriff stock and they
• 33:10
  Speaker 1: can you select the company. This is a real Sheriff's stock.
• 33:13
  Speaker 1: They frame it. I think they even put a nameplate
• 33:16
  Speaker 1: for the kid on it. They send it to you, beautiful,
• 33:19
  Speaker 1: you can give that to your kid. They can put
• 33:21
  Speaker 1: it on the wall. They own the share a real
• 33:23
  Speaker 1: share of stock in this company in question. And once
• 33:26
  Speaker 1: you own one Sheriff stock, you have the right to
• 33:28
  Speaker 1: access all the financials for that company. In that sexy
• 33:32
  Speaker 1: I'm talking about. So I'm talking about if you can
• 33:34
  Speaker 1: access come out an active financial literacy lesson. Now you
• 33:37
  Speaker 1: and your kids can talk about the real balance sheet,
• 33:40
  Speaker 1: income statement, et cetera, et cetera for whatever company is
• 33:43
  Speaker 1: in the news, because now you're a shareholder. One shaff
• 33:46
  Speaker 1: stock gives you access to all the financials and voting
• 33:49
  Speaker 1: rights of that company. And now you also have something
• 33:52
  Speaker 1: that's symbolic on that Ki's kids walld. Imagine every birthday
• 33:56
  Speaker 1: or every graduation, whatever, they get a new Shriff stock.
• 34:00
  Speaker 1: Imagine a half dozen of these on the kids walls.
• 34:03
  Speaker 1: In that inspiring and it's valuable. So you should do
• 34:08
  Speaker 1: it and your kids should do it. Number eight Financial
• 34:11
  Speaker 1: literacy for your kids, the generational wealth multiplier. I want
• 34:16
  Speaker 1: you to talk to Financial Lucy, talk about financial legacy
• 34:19
  Speaker 1: with your kids. Model what we're doing with Mayor Andrey
• 34:22
  Speaker 1: Dickens in Atlanta with the Hope Child Savings Accounts. We
• 34:25
  Speaker 1: have ten thousand, five hundred accounts that we've opened for
• 34:27
  Speaker 1: every kindergarten kid Hope Child Savings Account in Atlanta public schools.
• 34:31
  Speaker 1: Thank you Doctor Johnson, Thank you Mayor Andrey Dickens. Thank
• 34:34
  Speaker 1: you former Mayor of keys Atland's Bottoms for believing Atlanta
• 34:37
  Speaker 1: City Council in this. In US, a city of Royal,
• 34:40
  Speaker 1: Illinois has modeled this after what we've done in Atlanta.
• 34:43
  Speaker 1: So open an account for young person. Studies have shown
• 34:47
  Speaker 1: that a kid that has a savings account in kindergarten
• 34:51
  Speaker 1: is much more likely to go to college. You put
• 34:53
  Speaker 1: some money in that account, a few hundred dollars, there's
• 34:55
  Speaker 1: seventy five percent more likely to graduate from college. Get
• 34:58
  Speaker 1: the kid a financial literacy book. You can get mine,
• 35:01
  Speaker 1: Financial Literacy for All, which is a best seller. I've
• 35:04
  Speaker 1: talked about it. I use it. I've written in a
• 35:06
  Speaker 1: way that's very approachable and user friendly. You can read
• 35:10
  Speaker 1: it with your middle school kids. My brother tip t.
• 35:12
  Speaker 1: I just gave it to his son. He just told
• 35:15
  Speaker 1: me son or his daughter, and they wanted he wanted
• 35:18
  Speaker 1: them to have a financial literacy book and he wanted
• 35:20
  Speaker 1: to knows from a black man, somebody who from their
• 35:22
  Speaker 1: hood that they could relate to, which was very nice
• 35:25
  Speaker 1: of them. But it's out in paper book, paperback, by
• 35:28
  Speaker 1: the way, so it was less expensive. But it's the
• 35:29
  Speaker 1: best seller for the last fourteen months. Pick up a
• 35:32
  Speaker 1: copy of Financial Literacy for all and of course, subscribe
• 35:35
  Speaker 1: to this podcast every week and talk about this with
• 35:37
  Speaker 1: your kids. Sexy is not the chain around your neck,
• 35:40
  Speaker 1: it's the deed to your house. Hello again, we need
• 35:44
  Speaker 1: to make boring sexy again. Right, So we've abandoned the
• 35:51
  Speaker 1: basics and we must return to them right. Generational trauma
• 35:54
  Speaker 1: and systemic barriers has pushed us into survival mode. I
• 35:58
  Speaker 1: talk about this in my book Up from Nothing, the
• 36:00
  Speaker 1: surviving mode, thriving mode, and building mode. Most Black people
• 36:04
  Speaker 1: are in surviving mode and combinement with a five hundred
• 36:08
  Speaker 1: credit score, and you're toe up from the floor. And
• 36:11
  Speaker 1: by the way, if you have a surviving mode mentality,
• 36:14
  Speaker 1: which is depression, and you have a five undred credit score,
• 36:16
  Speaker 1: you live to an average sixty one years of age.
• 36:18
  Speaker 1: That's right, you'll even make it solid security. But if
• 36:22
  Speaker 1: you're if you have a thriving or building mindset and
• 36:26
  Speaker 1: you have a credit score about seven hundred, you live
• 36:29
  Speaker 1: to eighty one years of age on average. For every
• 36:32
  Speaker 1: fifty point increase in your credit score, it appears to
• 36:35
  Speaker 1: be good for another five years extension on your life.
• 36:37
  Speaker 1: And it's not about the credit score. It's about the
• 36:39
  Speaker 1: trending indicators of hope, well being, belief, confidence, et cetera.
• 36:42
  Speaker 1: If you want to find out for yourself what your
• 36:46
  Speaker 1: credit score community is, go to Operation Hope, our website
• 36:51
  Speaker 1: or type and the Hope Financial Wellness Index in your
• 36:53
  Speaker 1: search engine right now, and you'll a graph will come up,
• 36:58
  Speaker 1: A level page will come up for Hope Financial will
• 37:00
  Speaker 1: on this index our partnership with Experience and the US Census,
• 37:03
  Speaker 1: et cetera. Type in your zip code, I'll tell you
• 37:05
  Speaker 1: how you're living. I'll tell you what your zip code,
• 37:07
  Speaker 1: what your credit score is in your zip code, and
• 37:10
  Speaker 1: that will give you an indication of how how well
• 37:12
  Speaker 1: or not well that community is, how long people live,
• 37:15
  Speaker 1: what the crime rate is, the home ownership rate, is,
• 37:18
  Speaker 1: and whether you need to move or or improve, either
• 37:23
  Speaker 1: move or help people around you improve. So, uh flash,
• 37:29
  Speaker 1: it became a way to show value in the world
• 37:32
  Speaker 1: that denied it and denied us. I get that, But
• 37:37
  Speaker 1: those insecurities we need to ship and we need to
• 37:39
  Speaker 1: replace it with real values. Reclaiming boring is revolutionary. We
• 37:44
  Speaker 1: must heal through discipline and and and self acknowledgement like
• 37:51
  Speaker 1: there is no perfect there's just you, know you and
• 37:55
  Speaker 1: accepting you and loving yourself where you are as a
• 37:57
  Speaker 1: starting point is an old Southern saying, no matter how
• 38:00
  Speaker 1: much I love you, my son or my daughter, if
• 38:01
  Speaker 1: I don't have wisdom, I can only give you my
• 38:04
  Speaker 1: own ignorance. Right. So out of love, we've passed down
• 38:07
  Speaker 1: bad habits from generation to generation. We need to make
• 38:11
  Speaker 1: it cool again to to be normal. Uh. And we
• 38:17
  Speaker 1: need to lead by example. Uh. Cool is showing up
• 38:20
  Speaker 1: for your kids. I'm so I'm so dang on tired
• 38:23
  Speaker 1: and people talking to somebody talking about your baby daddy
• 38:26
  Speaker 1: or your baby mama. What does that mean? I'm a
• 38:29
  Speaker 1: baby daddy, what I'm a baby mama? How does it
• 38:33
  Speaker 1: make the kid feel? Hello? All right, the kids already
• 38:36
  Speaker 1: got self esteem issues. And identity issues. The kid needs
• 38:40
  Speaker 1: and you should. You should want to be a mother,
• 38:44
  Speaker 1: a father, a parent. I'm this is my child. I'm
• 38:49
  Speaker 1: claiming them, claiming him, claiming her. I'm a parent to
• 38:53
  Speaker 1: this child. Uh and and I and I'm taking ownership
• 38:56
  Speaker 1: of that role. We need to knock off all this
• 38:58
  Speaker 1: stuff because it's having all kind of psychological impacts on
• 39:04
  Speaker 1: those we love. It's not a trinket, this is not
• 39:06
  Speaker 1: a cool thing. This is your child. And I'd rather
• 39:09
  Speaker 1: and with regard to the child, it's not your best friend.
• 39:11
  Speaker 1: This is your child. I rather, this is my model.
• 39:14
  Speaker 1: I respect you. I rather you respect me and learn
• 39:16
  Speaker 1: to like me. They like me and never respect me.
• 39:18
  Speaker 1: Can I get a name? Man? This is not It's
• 39:22
  Speaker 1: not important whether the child likes you or not. They
• 39:24
  Speaker 1: can like you later. I didn't like my mother for
• 39:27
  Speaker 1: twenty years. I didn't like her, but when i she
• 39:30
  Speaker 1: made sure I had the discipline in the structure to
• 39:34
  Speaker 1: become a man. My dad too, and they helped me accountable.
• 39:39
  Speaker 1: And it was years later I was like, thank god
• 39:42
  Speaker 1: you raised me exactly that way, and thank god you
• 39:46
  Speaker 1: didn't tell me yes when I really desperately wanted you
• 39:48
  Speaker 1: to so it kept me alive and gave me a life.
• 39:54
  Speaker 1: Sexy is paying off your mortgage and your credit cards
• 39:56
  Speaker 1: when you can. But don't pay off your mortgage too early,
• 39:59
  Speaker 1: because actually right off the interest of that mortgage the
• 40:02
  Speaker 1: first twenty of those thirty years and write that off
• 40:04
  Speaker 1: of your gainst your income and get it back in
• 40:06
  Speaker 1: a tax refund. Another podcast, another time. Go back and
• 40:10
  Speaker 1: listen to the podcast did on home ownership. But certainly
• 40:13
  Speaker 1: paying off your credit cards. It is certainly high interest
• 40:15
  Speaker 1: rate credit cards. First, it's certainly sexy. Paying them down
• 40:18
  Speaker 1: to at least thirty percent of the of their usage
• 40:20
  Speaker 1: will boost your credit score, by the way. So here's
• 40:25
  Speaker 1: some action steps for you. I want you to start
• 40:28
  Speaker 1: your your wealth revolution today. Here's five things you can
• 40:32
  Speaker 1: do this week. Create a basic monthly budget, pull your
• 40:37
  Speaker 1: free credit report by signing up for free credit coaching
• 40:40
  Speaker 1: and counseling with Operation Hope. It's not free, I pay forward,
• 40:42
  Speaker 1: my partners pay forward for you, but you get a
• 40:45
  Speaker 1: thousand dollars scholarship for whole financial coaching and counseling by
• 40:49
  Speaker 1: downloading the Hope and Hand app and or calling our
• 40:51
  Speaker 1: one one hundred number of Operation Hope or call are
• 40:54
  Speaker 1: going on the one going online and want to operation
• 40:57
  Speaker 1: hop dot org. Let them know I sent you, and
• 40:59
  Speaker 1: sign up for coaching and counseling and that will help
• 41:03
  Speaker 1: you get your credit score up, your debt down, your
• 41:05
  Speaker 1: savings up. But pull your free credit report so you
• 41:07
  Speaker 1: know where you where you are. I guarantee if you
• 41:10
  Speaker 1: not pulled your credit report in five or more years,
• 41:13
  Speaker 1: you have got an error on your credit report that
• 41:15
  Speaker 1: we can help you resolve and that will boost your
• 41:17
  Speaker 1: credit score. Once you challenge that to the credit bureaus
• 41:20
  Speaker 1: and law states. If they cannot confirm this yours, they
• 41:23
  Speaker 1: must remove it. Again, Let's make boring sexy. Start reading
• 41:26
  Speaker 1: stuff and paying attention to details. Don't just go to
• 41:29
  Speaker 1: the car dealership and ask you what's the payment? Never
• 41:32
  Speaker 1: asked what the payment is when there's an interest rate attached, right?
• 41:34
  Speaker 1: You know you only get paymentized. Right. You buy a
• 41:38
  Speaker 1: Mercedes from a secondhand car dealership because you've got your
• 41:41
  Speaker 1: credits tore from the flow up, and they charge you
• 41:44
  Speaker 1: eighteen twenty percent interest for that Mercedes purchase. It's not
• 41:48
  Speaker 1: a Mercedes, it's Mercedes payments. Again. We need to stop
• 41:51
  Speaker 1: flossing and start flying. Number three open a life insurance
• 41:57
  Speaker 1: policy term life. If you just starting out, as I
• 42:00
  Speaker 1: said earlier. Number four, get a free will written. You
• 42:05
  Speaker 1: can go to a legal aid organization or online tools
• 42:07
  Speaker 1: and I mentioned earlier, so there's no reason not to
• 42:09
  Speaker 1: get a will. You can do it in a day,
• 42:11
  Speaker 1: you do it in a couple of hours. There's no
• 42:12
  Speaker 1: reason for you not to create a will. Number five.
• 42:16
  Speaker 1: Start investing. You can do fifty dollars in the S
• 42:19
  Speaker 1: and P five hundred or ETF or you can do
• 42:25
  Speaker 1: partial stocks. You can buy portions of a of a stock.
• 42:32
  Speaker 1: You know, to buy the entire stock, you can ask
• 42:36
  Speaker 1: my team and operation Hope how to do that. So yes,
• 42:38
  Speaker 1: you can buy a whole stock. You can open a
• 42:42
  Speaker 1: normal investment acount, or you can do fractional investing. So
• 42:47
  Speaker 1: just there's no reason. The same money you spending on Starbucks,
• 42:50
  Speaker 1: you can buy that much in a stock and just
• 42:53
  Speaker 1: do it with discipline. If you save two hundred dollars
• 42:57
  Speaker 1: a month and invest it in the stock market, earning
• 43:01
  Speaker 1: an average annual return of nine percent, you'll be a
• 43:04
  Speaker 1: millionaire by the time you become an adult. If you
• 43:06
  Speaker 1: start doing that as a young person. Hello, did that
• 43:09
  Speaker 1: get your attention two dollars a month for most of
• 43:14
  Speaker 1: your life or your working life. When you want you
• 43:16
  Speaker 1: to get to retirement age, you'll be a millionaire with
• 43:19
  Speaker 1: an average return in a quality stocks of nine percent
• 43:25
  Speaker 1: on average. Some years will be long bigger better than that,
• 43:28
  Speaker 1: some years will be less than that, but on average,
• 43:31
  Speaker 1: that's what the stock market is returning on high quality
• 43:34
  Speaker 1: stocks over time. I want you to talk to your
• 43:37
  Speaker 1: family about money and normalize this conversation. Make boring sexy again.
• 43:45
  Speaker 1: So boring is the new black, and not just black
• 43:51
  Speaker 1: lives matter, but black capitalists matter. I want you to
• 43:54
  Speaker 1: make this topic sexy and cool. I want you to
• 43:57
  Speaker 1: go to your own version of school every day. I
• 44:00
  Speaker 1: want you to have a financial meeting, a family meeting
• 44:05
  Speaker 1: every week in your household. We've done flash, we've done hustle.
• 44:10
  Speaker 1: Now let's do legacy. I want you to remember what
• 44:14
  Speaker 1: Bishop Tdjig said, and that quiet power of consistency goes
• 44:20
  Speaker 1: like this. When you've got the power, you don't need
• 44:25
  Speaker 1: to use it. I don't need to scream in the holler.
• 44:28
  Speaker 1: I'm just gonna knock you out, my Merris blessed black
• 44:30
  Speaker 1: cart Right, here's a challenge. Let the next generation inherit
• 44:37
  Speaker 1: your wisdom, not just your struggle. And stop using go
• 44:41
  Speaker 1: funding campaigns to plan for a funeral. All right, John O'Brien,
• 44:46
  Speaker 1: I'm out and this is Money and Wealth on the
• 44:48
  Speaker 1: Black Effect Network on iHeartRadio. Tell your friends about this
• 44:52
  Speaker 1: podcast series and tell them to sign up and subscribe.
• 44:54
  Speaker 1: It's free to them every Thursday. This is my Ministry
• 44:57
  Speaker 1: of Finance. New episodes, go back and listen to old
• 44:59
  Speaker 1: ep sides episodes from this episode, this season and last.
• 45:03
  Speaker 1: Thanks for making as a top podcast in America for
• 45:05
  Speaker 1: business and entrepreneurship here and around the world, the UK,
• 45:09
  Speaker 1: in Europe, Chile and Latin America, Saudi Arabia in the
• 45:14
  Speaker 1: Middle East, the UK and in Europe, South Africa, in Africa,
• 45:19
  Speaker 1: and I believe Hong Kong and Asia of all made
• 45:22
  Speaker 1: this podcast a top two hundred podcasts. Get my book
• 45:25
  Speaker 1: Financial Literacy for All, my last of sixth that is
• 45:29
  Speaker 1: part of building a library of empowerment for you. And
• 45:32
  Speaker 1: go to Operation Hope and ask for your free financial coaching.
• 45:35
  Speaker 1: One thousand dollars scholarship is yours. All you can do
• 45:37
  Speaker 1: is ask for it and be the change you want
• 45:40
  Speaker 1: to see in the world. Let's go. This is Our
• 45:43
  Speaker 1: Time is the seal for rights movement from the streets
• 45:47
  Speaker 1: to the suites. Money and Wealth with John O'Brien is
• 46:04
  Speaker 1: a production of the Black Effect Podcast Network. For more
• 46:07
  Speaker 1: podcasts from the Black Effect Podcast Network, visit the iHeartRadio app,
• 46:11
  Speaker 1: Apple Podcasts, or wherever you listen to your favorite shows.