Latest / Earn Your Leisure / Advance Placement: 60% OF BLACK WEALTH GOES TO PAYING BACK STUDENT LOANS

Transcript

Advance Placement: 60% OF BLACK WEALTH GOES TO PAYING BACK STUDENT LOANS · Earn Your Leisure

• 0:00
  Speaker 1: An illegal alien from Guatemala charged with raping a child
• 0:03
  Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador
• 0:07
  Speaker 1: accused of murdering a Texas man of Venezuelan charged with
• 0:11
  Speaker 1: filming and selling child pornography in Michigan. These are just
• 0:15
  Speaker 1: some of the heinous migrant criminals caught because of President
• 0:19
  Speaker 1: Donald J.
• 0:20
  Speaker 2: Trump's leadership.
• 0:21
  Speaker 1: I'm Christy nom the United States Secretary of Homeland Security.
• 0:25
  Speaker 1: Under President Trump, attempted illegal border crossings are at the
• 0:29
  Speaker 1: lowest levels ever recorded, and over one hundred thousand illegal
• 0:33
  Speaker 1: aliens have been arrested. If you are here illegally, your
• 0:37
  Speaker 1: next you will be fined nearly one thousand dollars a day, imprisoned,
• 0:41
  Speaker 1: and deported.
• 0:42
  Speaker 2: You will never return.
• 0:44
  Speaker 1: But if you register using our CBP home app and
• 0:47
  Speaker 1: leave now, you could be allowed to return legally.
• 0:50
  Speaker 2: Do what's right. Leave now.
• 0:53
  Speaker 1: Under President Trump, America's laws, border and families will be protected.
• 0:57
  Speaker 3: Sponsored by the United States Department of Homeland Security.
• 1:00
  Speaker 4: Well documented to give back to the senior class of
• 1:03
  Speaker 4: Borehouse UH and then I recently, you know saw that
• 1:06
  Speaker 4: the parents as well of some of the students UH,
• 1:09
  Speaker 4: their their tuitions were their student loan debt.
• 1:13
  Speaker 5: Taking care of One of the things I heard you
• 1:15
  Speaker 5: speak about, and I haven't.
• 1:16
  Speaker 4: I've never heard it was broadband deserts and how HBCUs
• 1:21
  Speaker 4: are disproportionately.
• 1:22
  Speaker 5: Affected by having board band deserts.
• 1:24
  Speaker 4: Not a topic that I've heard discussed, you know, nationally
• 1:28
  Speaker 4: or even in you know, amongst communities, about how that
• 1:31
  Speaker 4: affects students long term and how it affects communities and education.
• 1:35
  Speaker 4: Can you talk about your efforts to try to combat that. Yeah,
• 1:38
  Speaker 4: it's a great question.
• 1:40
  Speaker 6: Uh, we've been talking about what is really the Fourth
• 1:46
  Speaker 6: Industrial Revolution that's occurring today. Every industry is being digitized,
• 1:52
  Speaker 6: every single one. I mean you just look in our
• 1:55
  Speaker 6: studio here and how much of this equipment is now
• 1:59
  Speaker 6: digit versus what it was even eight years ago.
• 2:02
  Speaker 5: Whereas analog right, the capacity to edit okay, the capacity to.
• 2:08
  Speaker 6: Deliver streaming real time, you know, phase time around the world,
• 2:15
  Speaker 6: your program, that wasn't you know something you could do
• 2:19
  Speaker 6: ten years ago, twelve years ago?
• 2:21
  Speaker 5: Okay?
• 2:22
  Speaker 6: Digitizing everything every industry. This is again, this whole fourth
• 2:26
  Speaker 6: Industrial Revolution is changing the economic landscape of this planet.
• 2:34
  Speaker 6: But yet our HBCUs, eighty percent of them are in
• 2:39
  Speaker 6: broadband deserts. How are you going to participate if you
• 2:42
  Speaker 6: don't have access to the tool of progress, the principal
• 2:46
  Speaker 6: tool of progress today in the economy, And that is
• 2:51
  Speaker 6: a big problem. And that's one that we decided to
• 2:54
  Speaker 6: take on, and I decided to take on and bring
• 2:56
  Speaker 6: some partners to take on to go get after this.
• 3:00
  Speaker 5: We have to enable all of our.
• 3:03
  Speaker 6: Citizenry to participate in this next generation of opportunity. The
• 3:09
  Speaker 6: US today, you own know this. Our borders are basically closed. Okay,
• 3:13
  Speaker 6: you know we've got immigration laws and political conflict that
• 3:18
  Speaker 6: in essence we are not importing labor anymore. And as
• 3:23
  Speaker 6: we need to grow as society, we need people.
• 3:27
  Speaker 5: I just tell people the biggest issue, the.
• 3:30
  Speaker 6: Most scarce asset we have on this planet today or
• 3:33
  Speaker 6: software programmers. There's eight billion people on the planet. There's
• 3:37
  Speaker 6: only twenty six million of us who write software.
• 3:41
  Speaker 5: For a living.
• 3:44
  Speaker 6: And it is that software that is required to digitize
• 3:47
  Speaker 6: every industry on the planet. Automotive, healthcare, demands, banking, all
• 3:55
  Speaker 6: of it is now requiring tools and systems that.
• 4:00
  Speaker 5: Digital in nature.
• 4:01
  Speaker 6: But yet one of the greatest infrastructures for training people Historically,
• 4:07
  Speaker 6: black college and universities eighty percent of them don't have
• 4:09
  Speaker 6: broadband access where our kids can learn.
• 4:13
  Speaker 5: The tools of this craft.
• 4:17
  Speaker 6: In a way that they can participate effectively long term.
• 4:20
  Speaker 6: And if we don't get this right now, eight years
• 4:23
  Speaker 6: from now, ten years from now, twenty years from now,
• 4:26
  Speaker 6: the market of change and opportunity and transformation will have
• 4:29
  Speaker 6: been gone so far that we won't be able to
• 4:32
  Speaker 6: participate in this next way. We didn't get to participate
• 4:36
  Speaker 6: in the great economic opportunity that was America in owning land, okay,
• 4:42
  Speaker 6: many of our families were unpaid labor okay, which created
• 4:47
  Speaker 6: massive wealth. And then you had gi Bill Home Set Act,
• 4:52
  Speaker 6: Southern Home Set Act. We didn't participate in that proportionately.
• 4:57
  Speaker 6: We didn't get a chance to participate in the asset
• 5:01
  Speaker 6: accretion in real estate because of redlining in those dynamics.
• 5:07
  Speaker 6: And so now here we are corporate Americas started to expand.
• 5:10
  Speaker 6: It has taken a while for us to get and
• 5:13
  Speaker 6: we're still not even their fair share of opportunity to
• 5:15
  Speaker 6: participate as professionals environment and now you're going through the
• 5:20
  Speaker 6: fourth Industrial Revolution. If we don't participate here, it's going
• 5:23
  Speaker 6: to be the same dynamic. That's why it's so essential
• 5:27
  Speaker 6: that we equip our children and our communities with the tools,
• 5:32
  Speaker 6: and they need to insist that those tools be provided
• 5:37
  Speaker 6: and insist that they learn and train and develop ways
• 5:43
  Speaker 6: to participate in this economy, in this digital economy. What
• 5:47
  Speaker 6: percentage of your viewership you think is listening on some
• 5:51
  Speaker 6: digital device or digital ablement.
• 5:58
  Speaker 4: Yeah, this episode is brought to you by P and
• 6:02
  Speaker 4: C Bank. A lot of people think podcasts about work
• 6:05
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• 6:37
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• 6:43
  Speaker 3: What's up?
• 6:44
  Speaker 4: You ever walk into a small business and everything just
• 6:47
  Speaker 4: works like, the checkout is fast, the receipts are digital.
• 6:50
  Speaker 4: Tipping is a breeze and you're out the door before
• 6:53
  Speaker 4: the line even builds odds are they're using Square. We
• 6:58
  Speaker 4: love supporting businesses that run on Square because it just
• 7:00
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• 7:03
  Speaker 4: at a pop up market, or even one of our
• 7:06
  Speaker 4: merch partners, Square makes it easy for them to take payments,
• 7:10
  Speaker 4: manage inventory, and run their business with confidence, all from
• 7:13
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• 7:17
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• 7:20
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• 7:23
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• 7:27
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• 7:29
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• 7:38
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• 7:43
  Speaker 4: don't hesitate. Let's Square handle the back end so you
• 7:46
  Speaker 4: can keep pushing your vision forward.
• 7:50
  Speaker 1: An illegal alien from Guatemala charged with raping a child
• 7:54
  Speaker 1: in Massachusetts. An MS thirteen gang member from El Salvador
• 7:58
  Speaker 1: accused of murdering a tech This man of Venezuelan charged
• 8:02
  Speaker 1: with filming and selling child pornography in Michigan.
• 8:05
  Speaker 2: These are just.
• 8:06
  Speaker 1: Some of the heinous migrant criminals caught because of President
• 8:10
  Speaker 1: Donald J.
• 8:10
  Speaker 2: Trump's leadership. I'm Christy Noman, the.
• 8:13
  Speaker 1: United States Secretary of Homeland Security. Under President Trump, attempted
• 8:18
  Speaker 1: illegal border crossings are at the lowest levels ever recorded,
• 8:22
  Speaker 1: and over one hundred thousand illegal aliens have been arrested.
• 8:25
  Speaker 1: If you are here illegally, your next you will be
• 8:28
  Speaker 1: fine nearly one thousand dollars a day, imprisoned and.
• 8:32
  Speaker 2: Deported, you will never return.
• 8:34
  Speaker 1: But if you register using our CBP home app and
• 8:37
  Speaker 1: leave now, you could be allowed to return legally.
• 8:41
  Speaker 2: Do what's right. Leave now.
• 8:43
  Speaker 1: Under President Trump, America's laws, border and families will be.
• 8:48
  Speaker 3: Protected sponsored by the United States Department of Homeland Security.
• 8:52
  Speaker 6: Your business relies on it, so why shouldn't your community
• 8:55
  Speaker 6: participate in it.
• 8:57
  Speaker 5: And right now those schools are being star up to
• 9:00
  Speaker 5: those resources.
• 9:01
  Speaker 6: You can say, conscious, unconscious, whatever it is, but the
• 9:04
  Speaker 6: fact is it is there. That's what we have to
• 9:06
  Speaker 6: do about it. Look, I'm going to do my part,
• 9:08
  Speaker 6: and you guys got to continue to do your part and
• 9:10
  Speaker 6: make sure that your viewership demands that our HBCUs have
• 9:16
  Speaker 6: access to broadband, every one of them, not just the
• 9:20
  Speaker 6: big ones, every one of them, so that our kids
• 9:24
  Speaker 6: could learn and participate and have the ability to now
• 9:29
  Speaker 6: take what they know and deliver business systems solutions into
• 9:34
  Speaker 6: their community to make their small and medium businesses in
• 9:36
  Speaker 6: their community and the education of the kids in our
• 9:38
  Speaker 6: community more effective than what it is today.
• 9:42
  Speaker 7: We want to just follow up on that on the
• 9:44
  Speaker 7: HPCU thing, because you got a lot of headlines when
• 9:47
  Speaker 7: you do more house, when you paid off the student loans.
• 9:50
  Speaker 7: But when we were in LA and I heard you
• 9:52
  Speaker 7: speak about that, and I realized that it wasn't It's
• 9:55
  Speaker 7: a little bit more complicated, which actually led to something else,
• 9:59
  Speaker 7: another initiative. So can you talk about that because people
• 10:01
  Speaker 7: just saw he paid off everybody's doing the loan, but
• 10:04
  Speaker 7: that's not actually the full story, right, Yeah, so.
• 10:06
  Speaker 6: The next thing, so what I hell, Like all things,
• 10:10
  Speaker 6: it's not as easy as you think to pay off
• 10:12
  Speaker 6: somebody's loan.
• 10:14
  Speaker 5: And everybody's like.
• 10:15
  Speaker 3: What are you talking about? Who would have thought?
• 10:18
  Speaker 5: Because yeah, wh would have thought?
• 10:19
  Speaker 6: Right, Because if you pay off somebody's loan, either you're
• 10:21
  Speaker 6: giving them a gift or they're receiving a gift. Now
• 10:24
  Speaker 6: they got to pay taxes on it, So there's a
• 10:26
  Speaker 6: burden to them or an increasing burden to you. So
• 10:29
  Speaker 6: you've got to actually architect a system to do that
• 10:33
  Speaker 6: effectively so that doesn't create the burden in that process.
• 10:39
  Speaker 6: What I learned is over sixty percent of African American
• 10:44
  Speaker 6: wealth goes towards servicing student loans. Okay, you come out,
• 10:50
  Speaker 6: you got sixty eighty one hundred and twenty thousand dollars
• 10:53
  Speaker 6: with the student loans. Now you're paying interest on those loans.
• 10:56
  Speaker 6: Something happens in your family, to use your job, whatever.
• 10:59
  Speaker 6: Now that compound and it can be decades before you've
• 11:04
  Speaker 6: paid off those student loans. That inhibit your ability to
• 11:09
  Speaker 6: buy stocks, bonds, a house, invest in a business, you
• 11:13
  Speaker 6: see what I mean. And I was like, well, that's
• 11:15
  Speaker 6: just unconstable because most of the student loans you're paying
• 11:20
  Speaker 6: back to the United States government. Yeah, African Americans paying
• 11:24
  Speaker 6: money back to United States government to pay.
• 11:25
  Speaker 3: Our student loans.
• 11:27
  Speaker 5: How y'all feel about that? That's crazy?
• 11:29
  Speaker 6: Okay, yeah, y'all should think about that, right, talk about that, right.
• 11:35
  Speaker 6: So then I thought, well, what's a better way to
• 11:39
  Speaker 6: do it? This is what's the better equilibrium system? The
• 11:43
  Speaker 6: better equilibrium system is to create a fund. It's called
• 11:47
  Speaker 6: the Student Freedom Initiative. We raise money, I put in
• 11:52
  Speaker 6: a bunch of money, and now these students borrow from
• 11:57
  Speaker 6: the fund. Okay, make sure it fits our condition. Our
• 12:04
  Speaker 6: condition often is that we often aren't paid as much
• 12:12
  Speaker 6: as corresponding white students. So let's make sure that the
• 12:15
  Speaker 6: interest rate is below. Parent plus loans at a minimum,
• 12:19
  Speaker 6: at a minimum and.
• 12:21
  Speaker 5: Every now and you have life interruptions.
• 12:24
  Speaker 6: Okay, Well, if there's a life interruption, you know, parent ailing,
• 12:28
  Speaker 6: we got to go back take care of that parent.
• 12:30
  Speaker 6: Then we can actually stop those payments in that period
• 12:32
  Speaker 6: of time. Parent plus now you're gonna pay whether you
• 12:36
  Speaker 6: work it or not, under compounds and all that. So
• 12:39
  Speaker 6: you can stop it during that period of time. And
• 12:44
  Speaker 6: if you decide to go work in a community to
• 12:47
  Speaker 6: be a teacher like you were, right, okay, and you're
• 12:52
  Speaker 6: making below a certain amount, but you're doing good for
• 12:54
  Speaker 6: the community. You do that for twenty years and that's forgiven.
• 12:58
  Speaker 6: But rather than pay that money back to the government,
• 13:00
  Speaker 6: it pays back into the fund, and then that fund
• 13:03
  Speaker 6: can relend that capital and that's.
• 13:06
  Speaker 5: A virtuous cycle.
• 13:07
  Speaker 3: Okay.
• 13:08
  Speaker 6: So that's a student Freedom Initiative is okay, And so
• 13:11
  Speaker 6: that our students can borrow from this fund and they
• 13:15
  Speaker 6: pay back into that fund.
• 13:16
  Speaker 3: They can be reborrowed.
• 13:17
  Speaker 6: So now you're taking care of your own community through
• 13:20
  Speaker 6: your work in that regard.
• 13:23
  Speaker 3: That's what it is.
• 13:25
  Speaker 7: And the money goes back to the next generation of students.
• 13:28
  Speaker 6: Right my graduates from my school being forced back drop drop, Mike,
• 13:37
  Speaker 6: drop bag drop.
• 13:49
  Speaker 1: An illegal alien from Guatemala charged with raping a child
• 13:53
  Speaker 1: in Massachusetts. An MS thirteen gang member from El Salvador
• 13:57
  Speaker 1: accused of murdering a Texas man of Venezuelan charged with
• 14:01
  Speaker 1: filming and selling child pornography in Michigan. These are just
• 14:05
  Speaker 1: some of the heinous migrant criminals caught because of President
• 14:09
  Speaker 1: Donald J.
• 14:10
  Speaker 2: Trump's leadership.
• 14:11
  Speaker 1: I'm Christy Noman, the United States Secretary of Homeland Security.
• 14:15
  Speaker 1: Under President Trump, attempted illegal border crossings are at the
• 14:18
  Speaker 1: lowest levels ever recorded, and over one hundred thousand illegal aliens.
• 14:23
  Speaker 2: Have been arrested.
• 14:24
  Speaker 1: If you are here illegally, your next you will be
• 14:28
  Speaker 1: fined nearly one thousand dollars a day, imprisoned, and deported.
• 14:32
  Speaker 2: You will never return.
• 14:33
  Speaker 1: But if you register using our CBP home, app and
• 14:37
  Speaker 1: leave now. You could be allowed to return legally.
• 14:40
  Speaker 2: Do what's right. Leave now.
• 14:42
  Speaker 1: Under President Trump America's laws, border and families will be protected.
• 14:47
  Speaker 3: Sponsored by the United States Department of Homeland Security,