Latest / Earn Your Leisure / EYL #349: Credit Foundations, Wealth Building & the Business of Celebrity DJ’ing w/ Venus X & Stanley Lumax

Transcript

EYL #349: Credit Foundations, Wealth Building & the Business of Celebrity DJ’ing w/ Venus X & Stanley Lumax · Earn Your Leisure

• 0:01
  Speaker 1: This episode is brought to you by P and C Bank.
• 0:03
  Speaker 1: A lot of people think podcasts about work are boring,
• 0:06
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• 0:39
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• 0:43
  Speaker 2: And it's on holdlo right now. Venus is one of
• 0:46
  Speaker 2: the people that we spoke to and Stanley is one
• 0:48
  Speaker 2: of the people that's actually made it responsible. So this
• 0:52
  Speaker 2: is an interwoven conversation on a few different levels. Venus,
• 0:57
  Speaker 2: we spoke to you. I'm gonna get more your backstory.
• 1:00
  Speaker 2: But Stanley, for people that might not be familiar with
• 1:02
  Speaker 2: who you are, can you tell people like your journey
• 1:06
  Speaker 2: as far as corporate working in chase with your position
• 1:09
  Speaker 2: is in chasing your background and how we got here
• 1:13
  Speaker 2: to this point for.
• 1:14
  Speaker 3: Sure, first and foremost, congratulations to you guys for making
• 1:17
  Speaker 3: this happen.
• 1:18
  Speaker 4: Man like this was. This was a journey, but we
• 1:20
  Speaker 4: got here.
• 1:21
  Speaker 3: In terms of me, I'm currently the executive director at Chase.
• 1:27
  Speaker 3: My role is specifically around talent and cultural partnerships. Next
• 1:31
  Speaker 3: week I'll actually be at Chase for three years. So
• 1:34
  Speaker 3: it's definitely been a bit of a journey in terms
• 1:37
  Speaker 3: of my background. Prior to that, I've worked in advertising
• 1:40
  Speaker 3: and marketing. You know, for the most of my life,
• 1:43
  Speaker 3: a lot of brands that you'd be familiar with, a
• 1:45
  Speaker 3: lot of blue.
• 1:46
  Speaker 4: Chip brands sports.
• 1:48
  Speaker 3: You know, I'm a big basketball guy, so definitely been
• 1:50
  Speaker 3: around some of those brands that you know you can
• 1:52
  Speaker 3: use your imagination and guests. But you know, now that
• 1:56
  Speaker 3: I'm at Chase and I have the opportunity to you know,
• 1:59
  Speaker 3: work where you know the youth and identify ways to
• 2:03
  Speaker 3: help them start their credit journey, you know, it was
• 2:05
  Speaker 3: really exciting to have the opportunity to bring you guys
• 2:08
  Speaker 3: on board and do some magic.
• 2:10
  Speaker 4: Yeah.
• 2:11
  Speaker 5: Yeah, it's very important, man, watching the work and if
• 2:13
  Speaker 5: you have it, they'll make sure.
• 2:14
  Speaker 4: Y'all go tap in.
• 2:15
  Speaker 5: I'll open up with both of you about the timing
• 2:18
  Speaker 5: of it, Like why it's so a court in this moment.
• 2:21
  Speaker 5: I know we come from a generation and that was
• 2:23
  Speaker 5: like gen Z zen Alpha. Why is this moment so
• 2:26
  Speaker 5: important to get this message out when we're looking at
• 2:30
  Speaker 5: the economy, we're looking at the society as a whole,
• 2:34
  Speaker 5: and there's one piece of education that I've always been missing.
• 2:36
  Speaker 5: Why is this so import right now?
• 2:38
  Speaker 3: Well, I mean I would definitely say when you think
• 2:41
  Speaker 3: about the resources that are available. You know, if a
• 2:44
  Speaker 3: kid is going to you know, a kid gen Z,
• 2:46
  Speaker 3: if they're going to be on YouTube looking at you know,
• 2:50
  Speaker 3: streamers and things of that nature and entertainment, they might
• 2:53
  Speaker 3: as well learn you know the other side of that,
• 2:56
  Speaker 3: right because if you look at your favorite streamers and
• 2:58
  Speaker 3: they're making a lot of money, right, like they're doing
• 3:01
  Speaker 3: well for themselves. But what they're not talking about, which
• 3:04
  Speaker 3: you guys are doing a great job of, is the
• 3:07
  Speaker 3: business behind it or the or the actual building of
• 3:11
  Speaker 3: you know, your financial you know foundation, right, so everything
• 3:15
  Speaker 3: from starting your credit journey, you know, getting your first
• 3:18
  Speaker 3: credit card, getting your savings and checking account. You know,
• 3:23
  Speaker 3: these are all things that we offer amazing tools for
• 3:25
  Speaker 3: you know, even just the idea of having a tool
• 3:28
  Speaker 3: that shows you your credit journey so you know what
• 3:30
  Speaker 3: your score is a lot of.
• 3:31
  Speaker 4: You know our gen Z.
• 3:33
  Speaker 3: You know, consumers aren't thinking about those things and those
• 3:36
  Speaker 3: tools are available for them.
• 3:37
  Speaker 4: So we want to make.
• 3:38
  Speaker 3: Sure that you know, we're not taking the traditional route
• 3:42
  Speaker 3: in terms of speaking to gen Z from a bank perspective,
• 3:45
  Speaker 3: but we're doing it in a way where they see
• 3:47
  Speaker 3: people that look like them, that they can relate to,
• 3:50
  Speaker 3: that are on that journey.
• 3:53
  Speaker 2: So venus you being a creative. We talked about this
• 3:56
  Speaker 2: on the episode. As far as you know, maybe that
• 4:00
  Speaker 2: wasn't your primary focus as far as financial literacy, but
• 4:02
  Speaker 2: then you realize that that's something that you need to
• 4:04
  Speaker 2: focus on. How are you adapting or adapting to this
• 4:09
  Speaker 2: new age of finance with artificial intelligence and so much
• 4:13
  Speaker 2: stuff is changing so quickly, How are you adapting?
• 4:16
  Speaker 3: Well?
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  Speaker 6: I think that to build up of what Stanley said,
• 4:20
  Speaker 6: we're living through a crossover of I guess culture and worlds. Really,
• 4:28
  Speaker 6: we're watching a new world come to be and we're
• 4:33
  Speaker 6: leaving a world behind that was a completely different version
• 4:38
  Speaker 6: of reality. And I think that from even the way
• 4:41
  Speaker 6: that I used to promote myself as a DJ flyers
• 4:45
  Speaker 6: going out and meeting people, building relationships, to having to
• 4:50
  Speaker 6: have a digital footprint and having to concern myself with
• 4:55
  Speaker 6: content and with reaching global audiences. The way that I
• 4:59
  Speaker 6: have had to exist over the last seventeen years, DJing
• 5:03
  Speaker 6: is completely different today than it was when I started.
• 5:06
  Speaker 6: And if I had been as intentional, let's say, at
• 5:13
  Speaker 6: building my credit from day one, as I was at
• 5:15
  Speaker 6: building my social media personality, I think that I would
• 5:19
  Speaker 6: have not a better career, but I would have a
• 5:23
  Speaker 6: very different infrastructure. And granted, when I started, we were
• 5:28
  Speaker 6: not accepting, you know, payment via credit card for a
• 5:32
  Speaker 6: ticket to a show. We were cash only. We were
• 5:36
  Speaker 6: mostly word of mouth. We had a small Facebook group.
• 5:39
  Speaker 6: But now when we post, we can see that a
• 5:44
  Speaker 6: lot of non followers are seeing our stuff, a lot
• 5:47
  Speaker 6: of people are sending our stuff to other people who
• 5:49
  Speaker 6: are not in our network. And it's the same way
• 5:52
  Speaker 6: with money. When you deal with money and when you
• 5:55
  Speaker 6: deal with transactions and when you deal with your image,
• 5:58
  Speaker 6: and you're inside of this close circuit and you only
• 6:02
  Speaker 6: have these few resources and you can kind of see
• 6:04
  Speaker 6: where everything is going. You don't understand that the dollar
• 6:08
  Speaker 6: that you spend or the hour that you spend has
• 6:10
  Speaker 6: so much more possibility. And now I think what I'm
• 6:14
  Speaker 6: living through is watching it change so quickly and realizing
• 6:18
  Speaker 6: that in a world where we might have a digital
• 6:21
  Speaker 6: currency soon, or we might have you know, AI, expanding
• 6:28
  Speaker 6: the growth of something that we didn't know how to
• 6:30
  Speaker 6: grow quickly by ourselves because we didn't understand the strategy.
• 6:34
  Speaker 6: If you don't understand money, and you don't understand the
• 6:37
  Speaker 6: way that you can control your power in relation to
• 6:40
  Speaker 6: that money that you make and that money that you
• 6:42
  Speaker 6: spend and that money that you invest, you are at
• 6:45
  Speaker 6: a disadvantage because there are people who they not only
• 6:49
  Speaker 6: have more resources, but they also understand financial literacy, and
• 6:52
  Speaker 6: they're also at the top of the curve of what's
• 6:54
  Speaker 6: happening next. And we as people of color who come
• 6:58
  Speaker 6: from low income neighborhoods, who are doing things that you know,
• 7:01
  Speaker 6: oftentimes we don't have a budget behind. There isn't an
• 7:03
  Speaker 6: investor or, There isn't you know, a parent who's done
• 7:06
  Speaker 6: it before. There isn't a mentor. We have to go
• 7:09
  Speaker 6: out and figure out how to enable ourselves to skip
• 7:13
  Speaker 6: the line in some way. And also make the most
• 7:15
  Speaker 6: of our resources. And I think that the same way
• 7:17
  Speaker 6: we go online and we post every day, that's exactly
• 7:20
  Speaker 6: how we should treat our credit. We should be looking
• 7:22
  Speaker 6: at it every day. We should look at all of
• 7:24
  Speaker 6: our expenses. That's been one of the most important things
• 7:27
  Speaker 6: for me is realizing that every dollar that I spend
• 7:30
  Speaker 6: has the capacity to bring something back into my life,
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  Speaker 6: and only as a result of credit, because of the
• 7:35
  Speaker 6: way that credit functions inside of our world in relation
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  Speaker 6: to other businesses, like you know, a kickback a flight
• 7:42
  Speaker 6: you know program, or a you know yeah, exactly like
• 7:46
  Speaker 6: a transportation kickback when you buy gas, or even just
• 7:50
  Speaker 6: the simple fact that you, if you are committed to
• 7:53
  Speaker 6: your goals, can show a bank. I have been doing
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  Speaker 6: this for seventeen years. This is how much I spent.
• 7:59
  Speaker 6: This is how much I mean, This is how much
• 8:01
  Speaker 6: I paid out. Maybe I made no money the first
• 8:02
  Speaker 6: five years, maybe I broke even, maybe I only paid
• 8:05
  Speaker 6: myself the first ten years. But what this shows is
• 8:08
  Speaker 6: proof that I am a trustworthy entrepreneur and that I
• 8:12
  Speaker 6: have the commitment to be able to build something and
• 8:14
  Speaker 6: that there's a void for it. And then you go
• 8:16
  Speaker 6: out and you use the technologies that are available to you,
• 8:19
  Speaker 6: and you can build something that you know, people are
• 8:22
  Speaker 6: not ever going to stop engaging in music, culture, fashion,
• 8:25
  Speaker 6: all these things. And I think that we're basically at
• 8:28
  Speaker 6: the crossroads of two different worlds where you know, if
• 8:31
  Speaker 6: you don't have credit and if you continue to rely
• 8:34
  Speaker 6: heavily on casher you live day to day the way
• 8:36
  Speaker 6: that so many people from our neighborhoods and from our
• 8:39
  Speaker 6: lives live, you miss out this grand opportunity to show
• 8:44
  Speaker 6: these enormous, you know, brands and these enormous companies like banks,
• 8:49
  Speaker 6: because ultimately that's what they are. They're looking for people
• 8:54
  Speaker 6: who know how to handle the responsibility of having access
• 8:58
  Speaker 6: to these resources. If you understand that, it's the same
• 9:02
  Speaker 6: as investing in building a following, it's the same as
• 9:05
  Speaker 6: investing in you know, your wardrobe or whatever, except it
• 9:08
  Speaker 6: actually has the capacity to help you formalize your business
• 9:11
  Speaker 6: and to help you formalize yourself as an individual and
• 9:14
  Speaker 6: then go out and do all the things that you
• 9:15
  Speaker 6: want to do that somebody else might get handed to them.
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  Speaker 6: And we're not going to get those things handed to us.
• 9:20
  Speaker 6: We're not going to get jobs handed to us. We're
• 9:22
  Speaker 6: not going to get homes. We're not going to get
• 9:24
  Speaker 6: endowments or you know, trust funds. So we really have
• 9:28
  Speaker 6: to think about how we can very sort of like
• 9:32
  Speaker 6: casually put ourselves in a position to earn something back
• 9:37
  Speaker 6: because our work is worth more than another person's work
• 9:41
  Speaker 6: because they don't have to do that much to get
• 9:44
  Speaker 6: something back for it. We have to do so much
• 9:46
  Speaker 6: to earn it. We're already at a disadvantage with you know,
• 9:49
  Speaker 6: pay gaps and with class and race, and then we
• 9:55
  Speaker 6: also then don't have literacy, and we're also not integrated
• 9:58
  Speaker 6: into the for structure properly to be able to get
• 10:02
  Speaker 6: back something for what we put in. And so I
• 10:06
  Speaker 6: think that, you know, this is a really great opportunity
• 10:08
  Speaker 6: for people to understand that it's never too late. It
• 10:12
  Speaker 6: takes a while to figure it out, you know, to
• 10:14
  Speaker 6: figure out how to be a person who cares about
• 10:17
  Speaker 6: that stuff. But if you love something and you're gonna
• 10:21
  Speaker 6: do it, you absolutely should formalize it, and you absolutely
• 10:25
  Speaker 6: should have a system. Even if you know you get
• 10:28
  Speaker 6: it wrong the first time, you go back and you
• 10:30
  Speaker 6: try again, but you should have a system where you
• 10:34
  Speaker 6: have a financial footprint, and ultimately that's what I think
• 10:36
  Speaker 6: credit is it's exactly the same as having a digital footprint,
• 10:39
  Speaker 6: except it's a financial footprint. And if you are a
• 10:42
  Speaker 6: good person, which I believe most people are. Most people
• 10:45
  Speaker 6: are not out here scamming. Most people are not out
• 10:47
  Speaker 6: here trying to get fast money. Most people are going
• 10:49
  Speaker 6: to work. Most people are believing in themselves. They're trying
• 10:52
  Speaker 6: to build something. If you are that kind of person,
• 10:54
  Speaker 6: you need to put that penny, that dollar, that ten dollars,
• 10:59
  Speaker 6: that one hundred dollars, You need to keep everything organized,
• 11:02
  Speaker 6: and you need to be able to get something back
• 11:03
  Speaker 6: for it, because that is your leverage. And that's the
• 11:06
  Speaker 6: only thing we're going to have for most of us.
• 11:08
  Speaker 6: We're not going to have the people to go and
• 11:10
  Speaker 6: ask for money. We're not going to have the parents
• 11:11
  Speaker 6: to go to ask for money. We're not going to have,
• 11:13
  Speaker 6: you know, the resources to go and get that job
• 11:16
  Speaker 6: that pays two hundred and fifty k a year. But
• 11:18
  Speaker 6: what we do have is proof of concept, and ultimately,
• 11:21
  Speaker 6: I think credit is a really great way to go
• 11:23
  Speaker 6: to a bank and say, you know, look at what
• 11:26
  Speaker 6: I've been doing, even if it's just ten thousand dollars
• 11:28
  Speaker 6: or five thousand dollars. I want to build this and
• 11:33
  Speaker 6: I think that if kids had that information from the
• 11:36
  Speaker 6: age of eighteen, so many kids are abandoning the concept
• 11:39
  Speaker 6: of college or they don't feel it's worth it for them.
• 11:43
  Speaker 6: They need to understand that so much of what you
• 11:46
  Speaker 6: know they're going for in life is attainable through just consistency, discipline,
• 11:52
  Speaker 6: financial knowledge. And so yeah, I'm really happy to be
• 11:56
  Speaker 6: able to share my story and to share that shift
• 11:58
  Speaker 6: that happened for me, because I think my life got
• 12:01
  Speaker 6: a lot less stressful when I realized that, you know,
• 12:04
  Speaker 6: it didn't have to be all about passion, it didn't
• 12:06
  Speaker 6: have to be all about you know, like living to
• 12:08
  Speaker 6: work and hands mouth and all these cool things are happening.
• 12:12
  Speaker 6: But if you don't actually write it down and you
• 12:14
  Speaker 6: don't actually show anybody, you're going to be a square
• 12:18
  Speaker 6: one forever.
• 12:19
  Speaker 4: Yeah.
• 12:19
  Speaker 5: I think that's why this moment is important. And I
• 12:21
  Speaker 5: think when we sat down with each other, what came
• 12:23
  Speaker 5: across for me was the vulnerability in your story. And
• 12:26
  Speaker 5: I think that's important right people sharing their experiences, the
• 12:29
  Speaker 5: highs and the lows of what we can learn from
• 12:31
  Speaker 5: it and hopefully with resources like this one, and obviously
• 12:34
  Speaker 5: with foundation forward if that becomes a blueprint where people
• 12:37
  Speaker 5: can go back to. But I like what you said
• 12:39
  Speaker 5: about the financial footprint, because it is right. You get
• 12:42
  Speaker 5: to track what you've done, even if you're not keeping
• 12:44
  Speaker 5: your home records. There is a database that shows that.
• 12:47
  Speaker 5: But it made me think that you said. I thought
• 12:49
  Speaker 5: to myself. A lot of times people see you at
• 12:51
  Speaker 5: this position, they think, oh, you've always had that financial education,
• 12:54
  Speaker 5: You've always had the wearwithloth to know how.
• 12:56
  Speaker 4: To use this to your advantage.
• 12:58
  Speaker 5: But what was your experience It's of credit coming up, right,
• 13:01
  Speaker 5: Like what was that moment when you discovered the power
• 13:04
  Speaker 5: or credit and how you can use it to your advantage?
• 13:06
  Speaker 3: Right?
• 13:06
  Speaker 5: Like we tell this storybus. You know, my mom made
• 13:09
  Speaker 5: me an authorized user and I had to understand when
• 13:12
  Speaker 5: I got to college and getting that credit card that
• 13:15
  Speaker 5: was the thirty percent interest rate, Like that was my moment.
• 13:17
  Speaker 4: A lot of people share that.
• 13:18
  Speaker 5: But sitting in the physician you're in, did you have
• 13:21
  Speaker 5: a moment in town where was like, oh, this is
• 13:25
  Speaker 5: what that is?
• 13:26
  Speaker 2: Oh?
• 13:26
  Speaker 4: Yeah, for sure.
• 13:27
  Speaker 3: I mean, like I think, like most you know, college students,
• 13:31
  Speaker 3: you know, I did the wrong things, you know what
• 13:32
  Speaker 3: I mean? I wanted to you know, you see the
• 13:35
  Speaker 3: suit like I've been fly. I've been fly, So this
• 13:39
  Speaker 3: isn't like a new thing, right, So like being in
• 13:41
  Speaker 3: college and you know, wanting the new whatever the thing was.
• 13:46
  Speaker 3: And you know at that time, you know, you know
• 13:50
  Speaker 3: every bank, every every credit card was available to you.
• 13:52
  Speaker 3: So you sign up and you know, before you know it,
• 13:55
  Speaker 3: you're in debt, you know what I mean? And for me,
• 13:59
  Speaker 3: I think when I first started understanding the importance of credit,
• 14:03
  Speaker 3: actually I was shamed into it.
• 14:05
  Speaker 5: Right.
• 14:06
  Speaker 3: So I had a group of friends and you know,
• 14:09
  Speaker 3: after college everyone started looking at buying their first property. Right,
• 14:14
  Speaker 3: So when your friends are buying, you know, even on
• 14:17
  Speaker 3: the course the.
• 14:18
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  Speaker 3: Start buying their first property and or not, you know,
• 16:03
  Speaker 3: the whole keeping up with the Joneses thing can be
• 16:06
  Speaker 3: a positive thing. Right in school, it might have been
• 16:09
  Speaker 3: you know, getting the sneakers everyone else has. But then
• 16:12
  Speaker 3: when you graduate from that and your friends are like
• 16:14
  Speaker 3: serious about, okay, I need my first property, I didn't
• 16:18
  Speaker 3: even understand how to even get there right. So, you know,
• 16:21
  Speaker 3: a couple of friends you know, bought up, bought their
• 16:24
  Speaker 3: first place and started talking about credit and made me
• 16:29
  Speaker 3: realize that I wasn't even in a place where I
• 16:31
  Speaker 3: could have a conversation with a bank about credit. And
• 16:34
  Speaker 3: that immediately got me to a place where, you know,
• 16:38
  Speaker 3: I found one of those programs that you know, helped
• 16:41
  Speaker 3: first time owners, you know, get their stuff right. And
• 16:45
  Speaker 3: you know, that began my journey where I was paying
• 16:47
  Speaker 3: attention to my credit score and how I was spending
• 16:50
  Speaker 3: and you know, reducing credit card dead and really just
• 16:54
  Speaker 3: focusing on you know, putting a plan together. So that
• 16:57
  Speaker 3: was that was definitely my first you know, introduction to credit.
• 17:01
  Speaker 3: And you know, now that I have you know, daughters,
• 17:04
  Speaker 3: I have a seventeen year old who's getting ready for college.
• 17:07
  Speaker 3: You know, one of the biggest moments of our collective
• 17:11
  Speaker 3: lives is taking her into a chase and getting her
• 17:14
  Speaker 3: her first you know checking account and savings account and
• 17:18
  Speaker 3: adding her as an authorized user to my to my
• 17:20
  Speaker 3: freedom account. So being able to live those you know,
• 17:24
  Speaker 3: real life scenarios and understand that like all the things
• 17:28
  Speaker 3: that it took me, you.
• 17:31
  Speaker 4: Know, post college to learn.
• 17:33
  Speaker 3: Honestly, you know, my daughter is going to be ahead
• 17:36
  Speaker 3: of the game because she's already you know, established credits.
• 17:39
  Speaker 3: She's already you know, has her own checking account and
• 17:43
  Speaker 3: savings and all of those different things. So I think
• 17:46
  Speaker 3: that's the part of the you know, when we talk
• 17:48
  Speaker 3: about foundation, right, like, that's my goal is to give
• 17:51
  Speaker 3: them a foundation that I may not have.
• 17:53
  Speaker 2: Had so venus. It's interesting because you're on the corporate side,
• 17:58
  Speaker 2: you're on the creative side. So talk about just the
• 18:02
  Speaker 2: business of what you do as far as being a
• 18:04
  Speaker 2: DJ celebrity DJ and traveling around the world and doing events.
• 18:08
  Speaker 2: What's the business model behind that? Because I mean people
• 18:12
  Speaker 2: see that and they see like big name DJs, But
• 18:15
  Speaker 2: how do you go about actually making sure that that's
• 18:18
  Speaker 2: a sustainable business like keeping the bookings coming and negotiating
• 18:22
  Speaker 2: contracts and you know, making sure that you get the
• 18:25
  Speaker 2: money up front to back end and you know, working
• 18:28
  Speaker 2: with corp responses, making sure you have your deliverables done, Like,
• 18:32
  Speaker 2: what's what's the business behind that?
• 18:34
  Speaker 6: So it started out more in the traditional sense of
• 18:37
  Speaker 6: throwing events and figuring out how to create enough demand
• 18:46
  Speaker 6: and enough relevance that there would be an inevitable I
• 18:52
  Speaker 6: guess sustainability to it. And I think that whether I
• 18:57
  Speaker 6: knew that or not when I started, I guess I
• 19:00
  Speaker 6: had the instincts to build something of my own, and
• 19:03
  Speaker 6: that thing was you know, for me, I think people
• 19:07
  Speaker 6: can talk about generic infrastructure right for the business of
• 19:13
  Speaker 6: being a DJ, but I credit a lot of my
• 19:16
  Speaker 6: success to the quality of my ideas and the quality
• 19:20
  Speaker 6: of my community building and my network building. So it's
• 19:24
  Speaker 6: not that I'm a networker. It's just that I like
• 19:26
  Speaker 6: to create spaces where people feel comfortable connecting. And when
• 19:30
  Speaker 6: people feel comfortable connecting, a lot of good things happen.
• 19:34
  Speaker 6: So whether people are dancing, whether people are talking, whether
• 19:38
  Speaker 6: people are like, you know, getting their fits off, whatever
• 19:41
  Speaker 6: it is, ultimately it's like the DNA of what will
• 19:47
  Speaker 6: ultimately be your life. So for me, the business model
• 19:52
  Speaker 6: has a lot to do with making something at the
• 19:54
  Speaker 6: core that people will always need me for, right, and
• 19:58
  Speaker 6: that thing is being ahead of the trends, setting the trends,
• 20:03
  Speaker 6: looking at what are the voids. And then I think
• 20:06
  Speaker 6: that that's what most businesses are supposed to do. But
• 20:08
  Speaker 6: when you're young and you're creative, you don't look at
• 20:10
  Speaker 6: it from the perspective of a business person. You look
• 20:13
  Speaker 6: at it from the perspective of need. You know, we
• 20:16
  Speaker 6: needed a space to congregate, we needed a way to
• 20:20
  Speaker 6: promote our talents, and we needed people to take us seriously.
• 20:26
  Speaker 6: We were very young. I started dating at twenty two,
• 20:28
  Speaker 6: and most of my friends were between twenty and twenty
• 20:31
  Speaker 6: four at the time. And they have now gone on
• 20:33
  Speaker 6: to build some of the biggest businesses in the fashion business.
• 20:36
  Speaker 6: They have gone on to have, you know, great careers
• 20:39
  Speaker 6: and music as producers, as singers, as all kinds of artists.
• 20:43
  Speaker 6: And so the only way you get an incubator like
• 20:46
  Speaker 6: that is by being intentional about cultural curation and about
• 20:52
  Speaker 6: what you do being forever needed. And I think that
• 20:58
  Speaker 6: that is in and of itself key to making a
• 21:00
  Speaker 6: business that sustainable, at least in my field, because the
• 21:06
  Speaker 6: fact is that there's a million DJs. Some of them
• 21:08
  Speaker 6: might play better, some of them might look better, some
• 21:11
  Speaker 6: of them might have more followers. But for whatever reason,
• 21:14
  Speaker 6: I am still being called to help brands connect to
• 21:19
  Speaker 6: the communities that I'm a part of, and also to
• 21:22
  Speaker 6: show value as an influencer, as a person who has
• 21:28
  Speaker 6: impact over what people think. And I think that ultimately
• 21:31
  Speaker 6: that took me being brave, brave enough that seventeen years
• 21:36
  Speaker 6: later people would still be like, that was the coolest
• 21:38
  Speaker 6: party in New York in the last twenty years, or
• 21:41
  Speaker 6: that's where I saw this happen for the first time,
• 21:43
  Speaker 6: or the way that everybody's doing that now, she was
• 21:46
  Speaker 6: doing it then. So I think that as hard as
• 21:51
  Speaker 6: a concept as that is to grasp for most people,
• 21:54
  Speaker 6: you have to be willing to do something that other
• 21:57
  Speaker 6: people aren't doing, and you have to be willing to
• 21:59
  Speaker 6: do it first, and you have to be willing to
• 22:01
  Speaker 6: do it in a way that is collectively beneficial. So
• 22:06
  Speaker 6: I initially reached out to my friends who were fashion designers.
• 22:09
  Speaker 6: One of them was hood by Air, another one was
• 22:11
  Speaker 6: tel Far, another one was Luar. What are the odds
• 22:15
  Speaker 6: that I would just randomly be friends and then say
• 22:19
  Speaker 6: come work here. I'm gonna pay you and then say, oh,
• 22:23
  Speaker 6: you want to make that sample, but your Taylor is
• 22:25
  Speaker 6: Latino and doesn't speak English. I'm gonna go with you
• 22:29
  Speaker 6: to help you make the sample. Then I'm gonna wear
• 22:31
  Speaker 6: the clothes at the party, and I'm gonna pay you
• 22:33
  Speaker 6: to come to the party every week and give you
• 22:36
  Speaker 6: five hundred dollars a week so you can pay for
• 22:38
  Speaker 6: the samples. And I'm gonna give your laptop that you're
• 22:40
  Speaker 6: gonna pay off at the party. That's business, and people
• 22:45
  Speaker 6: don't look at it like that because they're like, you're
• 22:46
  Speaker 6: a twenty two year old girl and you're like, you know,
• 22:50
  Speaker 6: pouring shots and you're dancing around. But those businesses. Hood
• 22:56
  Speaker 6: by Air was one hundred million dollar rotating income at
• 23:01
  Speaker 6: one point before it collapsed due to where they were
• 23:04
  Speaker 6: getting money from. They took money from the Italians, they
• 23:07
  Speaker 6: did business with the Chinese, they got bootlegged heavily, they
• 23:10
  Speaker 6: got into a bad contract with the Italians. The infrastructure
• 23:13
  Speaker 6: of the business crashed. It comes down to something that
• 23:16
  Speaker 6: could have been resolved by credit right just saying tel
• 23:20
  Speaker 6: Far it took a long asset excuse my line, which
• 23:22
  Speaker 6: took a long time. But that brand is now a
• 23:26
  Speaker 6: household name that you see on the news on average
• 23:30
  Speaker 6: every six months. Aunties, little kids. Everybody's mom wants one.
• 23:37
  Speaker 6: I was the first person posting it. I was the
• 23:38
  Speaker 6: first person sharing it. I was giving tel Far jobs
• 23:41
  Speaker 6: as an R and B DJ when nobody wanted to
• 23:43
  Speaker 6: wear his clothes because they were too weird and he
• 23:45
  Speaker 6: hadn't figured out what that one product was yet that
• 23:47
  Speaker 6: it was the bags. And my point is that when
• 23:52
  Speaker 6: businesses are generative, not just for you, but for everybody
• 23:56
  Speaker 6: in your community. When you say I like that person's personality,
• 24:00
  Speaker 6: so I'm gonna have the most I like that person's swag,
• 24:03
  Speaker 6: so I'm gonna have them dress us, and they have
• 24:05
  Speaker 6: really good music tastes, I'm gonna have them collectively DJ
• 24:08
  Speaker 6: with me. That was my thing with Shane from HUBAYR.
• 24:11
  Speaker 6: We were back to back DJs. It's not like I said,
• 24:13
  Speaker 6: you know, stop what you're doing. I'm going to turn
• 24:15
  Speaker 6: you into a DJ. I just said, Okay, I have
• 24:16
  Speaker 6: a good taste, let's let's have a good party. That's
• 24:20
  Speaker 6: how we got Mia in the room. That's how we
• 24:21
  Speaker 6: got Diplo in the room. That's how we got all
• 24:23
  Speaker 6: types of celebrities in the room at the age of
• 24:25
  Speaker 6: twenty two to twenty three, and that's how we were
• 24:27
  Speaker 6: packing out these spaces. And we were only charging two
• 24:30
  Speaker 6: or three dollars at the door because again we wanted
• 24:31
  Speaker 6: kids to be able to afford it, you know. So
• 24:35
  Speaker 6: all that to say, the business model is the brave
• 24:39
  Speaker 6: and the business model is help people. It doesn't always
• 24:42
  Speaker 6: pay in the way that you expect. So not understanding equity,
• 24:46
  Speaker 6: not understanding investment, not understanding business partnership, not understanding the vocabulary,
• 24:51
  Speaker 6: very specifically doing the work, knowing how to gorilla market.
• 24:55
  Speaker 6: You know, I wore O hood by your expresshirt and
• 24:59
  Speaker 6: an asap hocking video two thousand and eleven. That video
• 25:04
  Speaker 6: went on MTV the end of MTV playing music videos. Yeah,
• 25:10
  Speaker 6: it's it's about rip in a couple of weeks. Yeah,
• 25:15
  Speaker 6: every day, all day, on your way to school, after school,
• 25:18
  Speaker 6: when you're going to bed. That was marketing you couldn't
• 25:22
  Speaker 6: pay for, you know what I'm saying. So it's like,
• 25:24
  Speaker 6: why did I do that? Because my friend, my best
• 25:26
  Speaker 6: friend was Shane at the time, and we were trying
• 25:29
  Speaker 6: to get his ran off the ground. Did he have
• 25:30
  Speaker 6: a website? Could he sell anything to anybody know. There
• 25:33
  Speaker 6: was no website, but there was the forethought that if
• 25:36
  Speaker 6: you want me to be in that video, I'm gonna
• 25:37
  Speaker 6: need something in exchange for that. I'm gonna need you
• 25:39
  Speaker 6: to promote this hoodie. And then that led to a
• 25:41
  Speaker 6: Sabaki wanting to wear the clothes. That led to Drake
• 25:44
  Speaker 6: and all other types of artists. Every artist has some point.
• 25:46
  Speaker 6: I mean Cardi Playboy Cardi brought him back recently, but
• 25:49
  Speaker 6: my point being that it's about, you know, having the
• 25:54
  Speaker 6: capacity to say, whatever the thing is that I get
• 25:58
  Speaker 6: to do, I'm gonna do it with as intentions. I'm
• 26:00
  Speaker 6: going to try to help as many people as possible.
• 26:02
  Speaker 6: I'm gonna try to create something that is undeniable. You know,
• 26:05
  Speaker 6: you're playing all kinds of weird music in there. It's
• 26:08
  Speaker 6: not like we were like, yeah, come listen to hip
• 26:09
  Speaker 6: hop and RB. We were testing the waters. But what
• 26:13
  Speaker 6: that led to was us being able to say, Hey,
• 26:16
  Speaker 6: no other black kids, no other Latino kids, are moving
• 26:19
  Speaker 6: like this right now, so we're the cool kids. You
• 26:22
  Speaker 6: might think we're really weird, but hey, eventually everybody's gonna
• 26:25
  Speaker 6: dressed like us. And they did and they do. And
• 26:29
  Speaker 6: you might think these brands are weird because they're not Gucci,
• 26:31
  Speaker 6: they're not Balenciaga, they're not Louisvuitton. But now they're household names.
• 26:35
  Speaker 6: And so I think that ultimately, whether you are you know,
• 26:40
  Speaker 6: a real estate agency where we happen to be right now,
• 26:43
  Speaker 6: you're looking around and you're saying, Okay, who has space,
• 26:47
  Speaker 6: who has you know, a value proposition in the neighborhood.
• 26:50
  Speaker 6: How can I help that person to fill that space?
• 26:54
  Speaker 6: Who is the best, you know, interior decorator that's going
• 26:57
  Speaker 6: to help your business move forward? Going to bring us
• 27:01
  Speaker 6: to your business because people are gonna be like, oh that,
• 27:03
  Speaker 6: that's like an interesting place I want to walk in.
• 27:05
  Speaker 6: And then in that process, you're helping the person who
• 27:07
  Speaker 6: is really good at finding properties, are really good at
• 27:10
  Speaker 6: rebuilding properties. You're helping them fill their spaces, and now
• 27:12
  Speaker 6: you have tenants and those tenants want to buy, and
• 27:14
  Speaker 6: now you're helping the communities to expand into ownership. If
• 27:18
  Speaker 6: you look at that matrix, there's a lot of people benefiting.
• 27:21
  Speaker 6: It's just not just one person. And I think that
• 27:24
  Speaker 6: when you build matrixes like that, whether or not you
• 27:27
  Speaker 6: financially benefit, you will always be a relevant business and
• 27:32
  Speaker 6: that is what I credit my business model too, because
• 27:34
  Speaker 6: at the end of the day, some years have been
• 27:37
  Speaker 6: highly ticket event based income, and some years have been
• 27:41
  Speaker 6: highly brand event partnership income, and some years are heavy
• 27:44
  Speaker 6: on modeling and campaign work. But the only reason why
• 27:49
  Speaker 6: I'm able to have any demand is because that core
• 27:54
  Speaker 6: starter DNA is so strong, and it's so it just
• 28:00
  Speaker 6: keeps on giving. It's like a tree that just doesn't
• 28:03
  Speaker 6: stop producing fruit. And even to this day, you know,
• 28:06
  Speaker 6: like we're seeing all these new DJs and it's like, oh,
• 28:10
  Speaker 6: this open format club music remix edit thing. We've been
• 28:15
  Speaker 6: doing this for so long, but it's making people super
• 28:18
  Speaker 6: famous and it's making people have jobs. Now we've probably
• 28:21
  Speaker 6: created you know, a million jobs not even knowing it
• 28:25
  Speaker 6: because we were just so brave at the time when
• 28:27
  Speaker 6: we were to push us sound, to push a style.
• 28:30
  Speaker 6: And I think when you do that, you know, that's
• 28:32
  Speaker 6: what people look for. Right. So whether your timing is
• 28:38
  Speaker 6: at that moment to Celtics to a show, or your
• 28:40
  Speaker 6: timing is to help Chase sell the idea of credit
• 28:42
  Speaker 6: to a bunch of kids, When you are in an
• 28:46
  Speaker 6: ecosystem and you are invested in creating jobs and creating
• 28:50
  Speaker 6: opportunities and creating visibility for people who don't know how
• 28:53
  Speaker 6: to do that for themselves. Even if you don't know
• 28:56
  Speaker 6: what you're doing, that is the business model.
• 29:00
  Speaker 5: I want to stay around that theme of being the
• 29:02
  Speaker 5: first two because I would argue all of us here
• 29:05
  Speaker 5: are probably the first to have financial education, to be
• 29:08
  Speaker 5: financial lists if even through the experiences that you live,
• 29:11
  Speaker 5: you gain education. I feel like the series is that
• 29:15
  Speaker 5: at Barre Millom has starved the conversation. I've gotten calls
• 29:18
  Speaker 5: even yesterday a young man was asking me about how
• 29:21
  Speaker 5: he's even helped get his credits goal up to get
• 29:23
  Speaker 5: a car that was trying to get. As we start
• 29:27
  Speaker 5: this journey for well, a lot of gen Z gen
• 29:29
  Speaker 5: Alpha are starting journey, what piece of advice would you
• 29:33
  Speaker 5: both kind of recommend to help them start to begin?
• 29:37
  Speaker 5: Right because staying by you even mentioned you did have it,
• 29:41
  Speaker 5: but not your daughter does, right, but there's so many
• 29:43
  Speaker 5: parents that don't have it and their kids are trying
• 29:45
  Speaker 5: to learn it. What would be that first piece of advice?
• 29:48
  Speaker 5: Obviously some mere livers experience and obviously what you're doing
• 29:50
  Speaker 5: profession for that next generation to get started on this
• 29:53
  Speaker 5: this this journey credit.
• 29:55
  Speaker 3: Yeah, I mean I think, like you know, with everything
• 29:58
  Speaker 3: else in life, you know, credit is a tool, and
• 30:00
  Speaker 3: it's a tool that helps you build the foundation. So
• 30:04
  Speaker 3: without you know, leveraging that tool, you'll have an uneven foundation.
• 30:09
  Speaker 3: I mean, that's just the reality of it when I
• 30:10
  Speaker 3: think about, you know, growing up and you know, swiping
• 30:14
  Speaker 3: a debit card and just being excited to have a
• 30:16
  Speaker 3: debit card and not realizing that like, I'm not getting
• 30:20
  Speaker 3: anything back from this, right, But now, like you know, again,
• 30:24
  Speaker 3: keep using my kids as an example because I'm able
• 30:27
  Speaker 3: to give them insight that I didn't necessarily have, you
• 30:30
  Speaker 3: know what I mean.
• 30:31
  Speaker 4: So you know, even just kind.
• 30:33
  Speaker 3: Of the idea of cash backing, right, every time you know,
• 30:37
  Speaker 3: my daughter uses her card, she's getting cash back, and
• 30:41
  Speaker 3: she's again establishing, you know, a use of credit that
• 30:48
  Speaker 3: in the long run, will will be something that she's
• 30:52
  Speaker 3: that she benefits from, versus just leveraging cash in a
• 30:56
  Speaker 3: very loose way. And I think, like, you know, the
• 31:00
  Speaker 3: reality back to your question in terms of how do
• 31:02
  Speaker 3: you or what piece of advice I would give is
• 31:05
  Speaker 3: the same way. You know, our youths, you know, they're
• 31:10
  Speaker 3: very good at learning languages, right, I look at social
• 31:13
  Speaker 3: media as a language. You know, I look at emojis
• 31:16
  Speaker 3: as a language. They need to learn the language of
• 31:20
  Speaker 3: financial literacy, right, like they need to be fluent in finance.
• 31:24
  Speaker 3: And it's not as hard as they may think.
• 31:26
  Speaker 4: Right.
• 31:26
  Speaker 3: One of the things that as we were thinking about
• 31:29
  Speaker 3: how we would approach this this this campaign was, you know,
• 31:34
  Speaker 3: we realized that there was an insight that you know,
• 31:38
  Speaker 3: gen z is really not necessarily fans of credit, and
• 31:43
  Speaker 3: our goal was to help them understand, almost give them
• 31:45
  Speaker 3: a nudge in terms of it's not something to be
• 31:48
  Speaker 3: afraid of, it's something to learn that way you can
• 31:50
  Speaker 3: utilize it correctly.
• 31:53
  Speaker 4: See.
• 31:54
  Speaker 5: I just wanted to, hey, if you have perspective, but
• 31:56
  Speaker 5: it obviously you do live through the experience.
• 31:58
  Speaker 6: Yes, I've lived through the experience. I'm still fully in
• 32:01
  Speaker 6: the middle of it, you know, but I feel like
• 32:04
  Speaker 6: I have a great I have a great understanding of
• 32:09
  Speaker 6: how to start. Because I had to start lead and
• 32:12
  Speaker 6: I had to start sort of on my own. I
• 32:14
  Speaker 6: didn't really have any clear entry point. I just knew
• 32:18
  Speaker 6: that it was sort of that time when things just
• 32:20
  Speaker 6: didn't make sense to to handle them, you know, with cash,
• 32:25
  Speaker 6: because I had become tired of being I guess not
• 32:33
  Speaker 6: seeing anything not seeing anything as a result, it's like
• 32:36
  Speaker 6: it's like when you're uh, you know, you're you're doing
• 32:38
  Speaker 6: everything right, and you're just not getting anywhere further down
• 32:43
  Speaker 6: closer to your goal. And I realized it was because
• 32:46
  Speaker 6: I was trying to be quote unquote a concept of good,
• 32:52
  Speaker 6: which meant only spending the money that I earned. And
• 32:56
  Speaker 6: and I think also realizing at some point that the
• 33:01
  Speaker 6: business infrastructure shouldn't be completely reliant on my money. So,
• 33:05
  Speaker 6: for example, one time we did a party. And this
• 33:09
  Speaker 6: is a really great pop culture or reference for people,
• 33:13
  Speaker 6: because recently I was asked to be in a documentary
• 33:15
  Speaker 6: and I chose not to be in it because I
• 33:17
  Speaker 6: didn't like the way it all played out right, and
• 33:19
  Speaker 6: it was for the brand so far. But there's a
• 33:21
  Speaker 6: flyer right that says all proceeds of this party will
• 33:24
  Speaker 6: be donated to collection SS whatever. So as a kid,
• 33:30
  Speaker 6: I'm trying to pay for a clothing collection. Had I
• 33:35
  Speaker 6: had the knowledge that I have now, I would have
• 33:38
  Speaker 6: made that a company and I would have made a
• 33:39
  Speaker 6: contract and I would have gone to the bank and
• 33:41
  Speaker 6: al said, I've been doing these parties. We work with
• 33:43
  Speaker 6: these kinds of artists and creatives. We need five thousand dollars.
• 33:48
  Speaker 6: And I would have given him the money, and I
• 33:49
  Speaker 6: would have said, Okay, this now doesn't have to be
• 33:52
  Speaker 6: a community effort that is all like, let's be good
• 33:56
  Speaker 6: people and of our friends. This can be a business.
• 33:58
  Speaker 6: This is a business. And so I say that to
• 34:01
  Speaker 6: say that when you're building credit, you're sharing the responsibility.
• 34:06
  Speaker 6: It's not like you don't have the money. We know
• 34:08
  Speaker 6: you have the money. You have a job, right, that's
• 34:10
  Speaker 6: why you even get to think about these things because
• 34:12
  Speaker 6: you need money in order to pay the credit card
• 34:14
  Speaker 6: at the end of the day. But everything you do
• 34:18
  Speaker 6: should you recognize and respect yourself as a business, which
• 34:23
  Speaker 6: you have to respect yourself as a business in America.
• 34:26
  Speaker 6: America's a business. We are all part of a business.
• 34:29
  Speaker 6: We need the money and we need the transactions in
• 34:31
  Speaker 6: order to formally move through the business in a healthy way.
• 34:35
  Speaker 6: Look at what you're doing and figure out how to
• 34:37
  Speaker 6: share that responsibility with someone else, even if at the
• 34:40
  Speaker 6: end of the day you're going to pay that money
• 34:42
  Speaker 6: back in terms of your payment to the credit card.
• 34:45
  Speaker 6: And I say that because I chose not to be
• 34:47
  Speaker 6: in the documentary, because I just didn't like what happened
• 34:49
  Speaker 6: when they actually made money, and they moved forward and
• 34:51
  Speaker 6: they started having the budgets. And I used to have
• 34:54
  Speaker 6: to DJA at white Castle when they had a sponsorship
• 34:56
  Speaker 6: with partnership with White Castle, and I was next to
• 34:58
  Speaker 6: the chicken frying trade, DJing for three hundred dollars and
• 35:02
  Speaker 6: the party was packed and it was top of the
• 35:05
  Speaker 6: you know, uh, top of the headlines. And then when
• 35:08
  Speaker 6: you made money, you didn't call me. So I don't
• 35:10
  Speaker 6: want to be here representing you anymore. But but there
• 35:14
  Speaker 6: are stories in all of this for everybody to learn,
• 35:16
  Speaker 6: and that is that everything you're doing has value. And
• 35:20
  Speaker 6: if you can figure out a way to formalize that.
• 35:24
  Speaker 6: If you say, I want to buy a car, I
• 35:28
  Speaker 6: have fifty thousand dollars, I can go and make this
• 35:31
  Speaker 6: the responsibility of the bank with me for a small
• 35:33
  Speaker 6: interest rate. Or I can go and pay that in cash.
• 35:37
  Speaker 6: Make the bank part of your process, be mutually responsible,
• 35:44
  Speaker 6: and put it in writing, because this is going to
• 35:47
  Speaker 6: help you buy the dream car one day. This is
• 35:50
  Speaker 6: going to help you buy the house one day. This
• 35:51
  Speaker 6: is going to help you formalize the business. Shit, excuse me, liage.
• 35:56
  Speaker 6: I could have been a very different kind of mogul
• 35:59
  Speaker 6: at this point. Had I understood the words equity or
• 36:02
  Speaker 6: investor or you know, angel investor, or whatever the hell
• 36:05
  Speaker 6: it is. But I didn't, and now that I do,
• 36:08
  Speaker 6: I just see it as a missed opportunity to formalize
• 36:12
  Speaker 6: the transactions that I'm having. So if I know I
• 36:15
  Speaker 6: like to buy Starbucks every day, I can do the
• 36:18
  Speaker 6: math and see how much money I'm gonna spend on Starbucks.
• 36:20
  Speaker 6: I know that I can go in and pay with
• 36:23
  Speaker 6: this credit card and I'm going to get money back
• 36:25
  Speaker 6: for that. So I know I'm gonna go and have
• 36:28
  Speaker 6: an extra whatever i'm out, and then I'm going to say, Okay,
• 36:31
  Speaker 6: at the end of the day, I know I'm spending
• 36:32
  Speaker 6: this much on Starbucks. After a year or two, I'm
• 36:35
  Speaker 6: gonna have enough money to go and buy that thing.
• 36:37
  Speaker 6: Now all of a sudden, I'm in a mutual responsible
• 36:40
  Speaker 6: relationship with my credit card. I have already taken the
• 36:44
  Speaker 6: time to say this is going to be an expense
• 36:46
  Speaker 6: I'm gonna have. This is what I want to do.
• 36:48
  Speaker 6: It could be your makeup, it could be your fashion addiction,
• 36:51
  Speaker 6: it could be your you know, music career, you want
• 36:55
  Speaker 6: to buy a bunch of equipment. You want to start
• 36:57
  Speaker 6: throwing parties, don't do it with your own money. Use
• 37:01
  Speaker 6: your money to pay your credit card, use your credit
• 37:03
  Speaker 6: card to build your business, put it on paper and
• 37:06
  Speaker 6: absolutely the same way you have the audacity to go
• 37:09
  Speaker 6: on Twitter and Instagram and all these other platforms TikTok
• 37:13
  Speaker 6: to post your thoughts and ideas and creativity every single day.
• 37:19
  Speaker 6: Make sure that every single dollar that you spend does
• 37:21
  Speaker 6: something for you, or at least that you learn how
• 37:24
  Speaker 6: to track your own personal expenses, your taste, your interest
• 37:28
  Speaker 6: and the things that you do. Not that you have
• 37:31
  Speaker 6: to turn every hobby into a business, but you do
• 37:33
  Speaker 6: have to recognize that we do live inside of a
• 37:36
  Speaker 6: business model and somebody's going to make money off of
• 37:38
  Speaker 6: you spending that money.
• 37:39
  Speaker 2: I'm gon answer you this as far as like the
• 37:41
  Speaker 2: show that we have Foundation Forward, it's all get around people.
• 37:45
  Speaker 2: That's like getting onboarded into the credit process young people.
• 37:48
  Speaker 2: But you have a unique perspective that I think you
• 37:51
  Speaker 2: know we could highlight as far as being the first
• 37:53
  Speaker 2: generation American being Latina, I believe Dominicana and Ecuadorian. Yes,
• 37:59
  Speaker 2: so from the Latin X standpoint, speak about that speak
• 38:04
  Speaker 2: about the difficulties as far as the onboarding process of
• 38:08
  Speaker 2: credit for people that may not be able to speak
• 38:10
  Speaker 2: English or for people that come from a different country.
• 38:13
  Speaker 6: Absolutely, I think that, you know, one of the biggest
• 38:15
  Speaker 6: issues that we're having right now is that so many
• 38:18
  Speaker 6: people who work super hard in America do not have
• 38:21
  Speaker 6: the formality of even a citizenship. Right, But that doesn't
• 38:24
  Speaker 6: mean their kids don't. And that doesn't mean that you
• 38:28
  Speaker 6: have to be a result of the environment that you
• 38:31
  Speaker 6: grew up in. In my home, you know, I had
• 38:34
  Speaker 6: a lot of you know, compromised individuals, let's say, right,
• 38:39
  Speaker 6: people who are doing things outside of the formal infrastructure
• 38:41
  Speaker 6: for work. People who were bringing in money that wasn't
• 38:44
  Speaker 6: necessarily accounted for in the formal systems.
• 38:47
  Speaker 2: Right.
• 38:47
  Speaker 6: It's not money that's taxable, it's not money that's thing.
• 38:50
  Speaker 6: But at the end of the day, that money still
• 38:51
  Speaker 6: goes to my mom, my aunt, my grandma. They have jobs,
• 38:56
  Speaker 6: they have bank accounts. And even with the people that
• 38:59
  Speaker 6: I've done out within my life, right, people that I've dated,
• 39:01
  Speaker 6: people that I've been friends with, one of the things
• 39:03
  Speaker 6: that I've noticed is that, yeah, there's a lot of
• 39:05
  Speaker 6: people who work super hard who show up every day,
• 39:07
  Speaker 6: who risk their lives to make money, and they just
• 39:10
  Speaker 6: collect cash and they spend it. They don't see that
• 39:13
  Speaker 6: small bridge that they can cross, which is to say,
• 39:17
  Speaker 6: how do I formalize myself or how do I build
• 39:22
  Speaker 6: partnership with someone to allow myself to formalize. We can't
• 39:25
  Speaker 6: pretend that we don't live in an ecosystem that is
• 39:28
  Speaker 6: full of chaos. Right, Financially, this ecosystem is full of chaos.
• 39:33
  Speaker 6: There is a lot of transaction happening that does not
• 39:36
  Speaker 6: get accredited or credit account for, and that is not
• 39:40
  Speaker 6: going to change. But what can change is the fact
• 39:43
  Speaker 6: that I don't generationally have to inherit that I don't
• 39:47
  Speaker 6: have to inherit the irresponsibility. I don't have to inherit
• 39:49
  Speaker 6: the chaos. What I can say is, oh, well, I
• 39:53
  Speaker 6: see this transaction happening. I want to start a business.
• 39:57
  Speaker 6: That business is going to enable us to move out
• 40:00
  Speaker 6: of that situation fairly quickly. Right even to the extent
• 40:05
  Speaker 6: that you know, I had a parent who was fronting
• 40:09
  Speaker 6: money to grocery stores, right, Moldetas. Those are enormous transactions
• 40:15
  Speaker 6: to make for someone who is not contracted, who has
• 40:21
  Speaker 6: no legal rights over their money. You're talking seventy five
• 40:25
  Speaker 6: thousand dollars at a time, is going from one hand
• 40:29
  Speaker 6: to another with no oversight. That is a problem, and
• 40:34
  Speaker 6: we need to as a community collectively stop I guess
• 40:40
  Speaker 6: making it look cool to have cash to move in
• 40:46
  Speaker 6: the way that we do where we don't have businesses.
• 40:49
  Speaker 6: We need businesses. That's just the bottom line is we
• 40:52
  Speaker 6: need businesses. We need to say, if I'm doing this
• 40:56
  Speaker 6: by this year, I'm gonna stop doing it. And in
• 40:58
  Speaker 6: order for me to stop doing that, maybe I can't
• 41:00
  Speaker 6: do it, but I'm going to go and partner with
• 41:01
  Speaker 6: that person because I know that this money is not
• 41:06
  Speaker 6: real if it's not accounted for. That's just the world
• 41:08
  Speaker 6: that we're living in. And I think that people who
• 41:11
  Speaker 6: are young, who are children of immigrants don't realize the
• 41:14
  Speaker 6: intensity of that, and then they become indoctrinated into that
• 41:17
  Speaker 6: where it's like, oh, I have money, I have money.
• 41:20
  Speaker 6: I have money. You don't have money if you don't
• 41:22
  Speaker 6: have credit, if you don't have the ability to go
• 41:26
  Speaker 6: and house yourself permanently in a space that you own,
• 41:30
  Speaker 6: if you don't have the ability to go and buy
• 41:32
  Speaker 6: a vehicle without putting all your own cash up front.
• 41:35
  Speaker 6: If you don't have the ability to formalize your business,
• 41:40
  Speaker 6: you don't have money. And that's just a simple fact.
• 41:44
  Speaker 6: And I think that people have a hard time talking
• 41:46
  Speaker 6: about that because it is chaotic and it is embarrassing
• 41:50
  Speaker 6: sometimes and I think it is also we all know
• 41:53
  Speaker 6: a lot of this is straight up criminal, but that
• 41:56
  Speaker 6: doesn't mean it's where you have to stay. And we
• 41:59
  Speaker 6: know that the infra structures at hand force our parents
• 42:02
  Speaker 6: or our elders to be in those systems, but they
• 42:04
  Speaker 6: don't force us. And that is the key thing that
• 42:08
  Speaker 6: people need to understand that just because someone else can't
• 42:11
  Speaker 6: do it doesn't mean that you can't do it. And
• 42:14
  Speaker 6: it doesn't mean that the money that you are getting,
• 42:18
  Speaker 6: whatever the case is how your parents work, if they're
• 42:21
  Speaker 6: paid cash in hand, if they're under the table, if
• 42:24
  Speaker 6: they're not legal citizens, you still have a responsibility to
• 42:28
  Speaker 6: shift the narrative and you have to do that by
• 42:31
  Speaker 6: figuring out your business. And it's not just being an entrepreneur,
• 42:35
  Speaker 6: it's also your business. Your life is your business, your
• 42:38
  Speaker 6: money is your business. And we cannot just say, oh, well,
• 42:42
  Speaker 6: my parents this and my parents didn't have that, because
• 42:44
  Speaker 6: at the end of the day. We know it doesn't
• 42:46
  Speaker 6: end well. When you just have cash. You can get
• 42:50
  Speaker 6: frauded out of your money that's sitting in the bank.
• 42:53
  Speaker 6: You can loan money to people and they don't pay
• 42:54
  Speaker 6: you back. You can invest in businesses, and when you
• 42:57
  Speaker 6: don't do it formally you do it with your own cash,
• 43:00
  Speaker 6: you can get screwed out of it. You have no insurance,
• 43:02
  Speaker 6: you have no claim over anything. At the end of
• 43:04
  Speaker 6: the day, ruined credit is better than you being homeless.
• 43:09
  Speaker 6: And it is better to get that process started earlier
• 43:11
  Speaker 6: than later, because it does take a while to figure
• 43:13
  Speaker 6: out how to navigate that language and how to speak it.
• 43:16
  Speaker 6: But there should be no shame in wanting to actually
• 43:20
  Speaker 6: formalize your life. And I think that that's the main
• 43:23
  Speaker 6: issue that we have collectively as people who are coming
• 43:27
  Speaker 6: into the country not necessarily on clear pathways with citizenship
• 43:31
  Speaker 6: and with all the things, is that we don't realize
• 43:34
  Speaker 6: how urgent it is to clean up the mess. Clean
• 43:39
  Speaker 6: up the mess. That's your job as a next generation,
• 43:42
  Speaker 6: clean up the mess. It's not fair, it's not easy,
• 43:46
  Speaker 6: but you have to. And that is one of the
• 43:48
  Speaker 6: primary reasons why I love my job, because I get
• 43:51
  Speaker 6: to do my job. I get to do a cool
• 43:53
  Speaker 6: job that I get to put an invoice in for
• 43:58
  Speaker 6: and I get to have a w nie and I
• 44:00
  Speaker 6: get to pay my taxes on and I figured out
• 44:03
  Speaker 6: the way to have the best of both worlds. My
• 44:07
  Speaker 6: mom hates my job, but hey, it's a real job
• 44:11
  Speaker 6: and it pays very well and it's really cool. And
• 44:14
  Speaker 6: that is something that I learned from watching people do
• 44:17
  Speaker 6: things their own way, and also watching them never get
• 44:21
  Speaker 6: anything back for it and never have the safety and
• 44:23
  Speaker 6: protection of saying I sign a contract, I'm going to
• 44:26
  Speaker 6: get paid within thirty days. I'm going to get paid
• 44:28
  Speaker 6: within sixty days. I'm going to get paid before I
• 44:30
  Speaker 6: hit the stage. And I think that a lot of
• 44:33
  Speaker 6: that has to do with the psychology of money. And
• 44:35
  Speaker 6: at the end of the day, a lot of the
• 44:36
  Speaker 6: reasons why people don't go out and get the credit
• 44:38
  Speaker 6: and they don't go out and get you know, sitting,
• 44:41
  Speaker 6: they don't sit down with bankers and they don't sit
• 44:42
  Speaker 6: down with people who can help them, is because they're
• 44:44
  Speaker 6: sad and afraid, because they're traumatized about whatever experience they had.
• 44:48
  Speaker 6: I'm going to tell you that it's not going to
• 44:50
  Speaker 6: help you to stay traumatized. Just get over it, because
• 44:53
  Speaker 6: the reality is that if you hold on too tight,
• 44:56
  Speaker 6: and if you think you can control this, you're going
• 44:58
  Speaker 6: to miss the boat.
• 45:00
  Speaker 5: I think you're spout on in financial genre or something
• 45:03
  Speaker 5: that we've been talking about a lot of the fast
• 45:05
  Speaker 5: for years. I gott of what our platform was built
• 45:08
  Speaker 5: on them is to make sure that we can ease that.
• 45:10
  Speaker 5: And the number one way to ease that is to
• 45:12
  Speaker 5: educate people saying, well, we've talked about a lot man,
• 45:15
  Speaker 5: We've talked about boops, right, We've talked about sneakers a
• 45:17
  Speaker 5: bunch of times, but we never to talk about partnership, right.
• 45:21
  Speaker 5: And one of the things we've been doing this for
• 45:23
  Speaker 5: seven years, having corporate buying has been one of those
• 45:27
  Speaker 5: issues that we can't seem to just overcome. I want
• 45:31
  Speaker 5: to talk about why Shaate Street and Ross said that
• 45:34
  Speaker 5: this partnership of us would be so provound and what
• 45:38
  Speaker 5: was that process like?
• 45:40
  Speaker 3: Yeah, I mean I think it goes back to you know,
• 45:44
  Speaker 3: whenever we start a project like this, we always think about,
• 45:48
  Speaker 3: you know, what is the insight that we have on
• 45:50
  Speaker 3: our consumer?
• 45:51
  Speaker 6: Right?
• 45:51
  Speaker 3: And you know, Chase Freedom Rise specifically talks to what
• 45:54
  Speaker 3: we call a starter consumer, right, So that can be
• 45:58
  Speaker 3: you know, someone that is finishing up you know, college
• 46:02
  Speaker 3: and ready to you know, start their post college journey.
• 46:04
  Speaker 3: That could be someone that, to your point, you know,
• 46:08
  Speaker 3: may have just entered the country and doesn't have an
• 46:11
  Speaker 3: existing you know, credit situation, and our goal is to
• 46:16
  Speaker 3: give them a card being Chased Freedom Rise that allows
• 46:20
  Speaker 3: them to start that that credit journey, to learn the basics,
• 46:24
  Speaker 3: to learn the foundation, and to start you know, growing
• 46:28
  Speaker 3: their credit in the way that allows them to evolve
• 46:30
  Speaker 3: into some of our other products Chase Freedom Limited, whatever
• 46:34
  Speaker 3: it may be. But I think in terms of your
• 46:37
  Speaker 3: question about the process, for us, we wanted to just
• 46:41
  Speaker 3: be authentic to gen z into these consumers that we're
• 46:44
  Speaker 3: speaking about. And one of the things that we've heard
• 46:47
  Speaker 3: is a lot of people are afraid of banks. A
• 46:50
  Speaker 3: lot of people are afraid to sit down with banks
• 46:52
  Speaker 3: and have real conversations about, you know, their financial situation.
• 46:57
  Speaker 3: So how do we have a conversation with you know,
• 47:00
  Speaker 3: a starter, you know, someone just getting out of college
• 47:04
  Speaker 3: who doesn't necessarily want to talk about credit. We find
• 47:08
  Speaker 3: individuals that have done an amazing job of you know,
• 47:11
  Speaker 3: creating a culture out of it and showing right, because
• 47:14
  Speaker 3: I think that's the thing, right, showing and proving the
• 47:18
  Speaker 3: value of credit, of learning, you know, a variety of
• 47:22
  Speaker 3: things that you know, helped build your your financial picture.
• 47:26
  Speaker 3: And you know, obviously you guys have to your point
• 47:28
  Speaker 3: done it for the last seven years, and for us
• 47:31
  Speaker 3: it made sense right when we started having a conversation
• 47:35
  Speaker 3: with mass Peel about it. You know, we wanted to
• 47:37
  Speaker 3: make sure that this felt authentic, that this felt right
• 47:40
  Speaker 3: for the consumer that we were speaking to. And I
• 47:43
  Speaker 3: think most of all gave us a clear sense of
• 47:47
  Speaker 3: storytelling from an authentic perspective that would resonate with our consumer.
• 47:54
  Speaker 3: And you know, I think we did a really good
• 47:56
  Speaker 3: job of that. Like when I think about guys like
• 47:58
  Speaker 3: Broderick that we met down in Atlanta, hearing his story Margaret,
• 48:02
  Speaker 3: you know, who was a dancer, Like all of these
• 48:05
  Speaker 3: people had different stories and different parts of the country,
• 48:10
  Speaker 3: but like they all left learning more and literally you
• 48:15
  Speaker 3: could see their eyes light up when they discovered simple things,
• 48:19
  Speaker 3: you know what I mean. And I think that's that's
• 48:21
  Speaker 3: how I knew that we were doing the right thing right,
• 48:23
  Speaker 3: because these kids actually left with more information than they
• 48:27
  Speaker 3: had before and things that they could actually apply.
• 48:31
  Speaker 2: Well the following up on that, you were there, you
• 48:33
  Speaker 2: watched all the episodes, what's some of the key insights
• 48:36
  Speaker 2: and lessons like from your vantage point of view actually
• 48:40
  Speaker 2: watching it that you're like, ohkay, like this is something
• 48:43
  Speaker 2: I could really you know, see ca and be transformational
• 48:45
  Speaker 2: for sure.
• 48:46
  Speaker 4: I mean I was definitely taking notes.
• 48:47
  Speaker 3: I Mean I was like, you know, thinking of things like,
• 48:49
  Speaker 3: you know, your closing date, right, Like just the idea
• 48:52
  Speaker 3: of being on point enough where you're you know, paying
• 48:56
  Speaker 3: attention to how much credit you know you have.
• 49:01
  Speaker 4: By your closing day, right.
• 49:02
  Speaker 3: And one of the things we talk about a lot
• 49:05
  Speaker 3: with Jim gen Z is gamification. Right, everything is a
• 49:09
  Speaker 3: game for them. So when they start thinking about credit
• 49:11
  Speaker 3: from the perspective of, you know, this is my life,
• 49:14
  Speaker 3: but it's also something that can be gamified, it takes
• 49:18
  Speaker 3: some of the stigma out of you know, the fear
• 49:21
  Speaker 3: that comes along with it. Right when I think about
• 49:24
  Speaker 3: you guys talking about you know, debit versus credit, right, again,
• 49:28
  Speaker 3: that's something that a lot of folks take for granted,
• 49:32
  Speaker 3: but understanding that is a is a game changer. You know,
• 49:36
  Speaker 3: understanding the value of getting you know, cash back on
• 49:39
  Speaker 3: every every you know, every time you use your card. Like,
• 49:43
  Speaker 3: these are all things that like for us, it feels
• 49:46
  Speaker 3: second nature, but for a lot of people that information
• 49:49
  Speaker 3: isn't there. So I think like being able to have
• 49:51
  Speaker 3: that conversation with them and helping them understand that, you know,
• 49:55
  Speaker 3: was definitely something that I felt was key.
• 49:58
  Speaker 6: I think also to back on that, when you say,
• 50:02
  Speaker 6: you know, debit versus credit, it makes me think about
• 50:05
  Speaker 6: how many people missed the opportunity to show a bank
• 50:10
  Speaker 6: how hard they work because they think that, oh, I
• 50:13
  Speaker 6: want to pay as little as possible in taxes. What
• 50:15
  Speaker 6: they don't realize is that by doing that, they're missing
• 50:18
  Speaker 6: the opportunity to create more leverage for themselves on the
• 50:20
  Speaker 6: credit side. That's not saying that you have to take
• 50:23
  Speaker 6: on that responsibility personally, but if you open up a
• 50:26
  Speaker 6: business and you pay yourself as an employee, you can
• 50:28
  Speaker 6: pay yourself whatever salary you want, a small salary, your
• 50:31
  Speaker 6: business still qualifies for a credit and all of that
• 50:34
  Speaker 6: means that you get to benefit from the hard work
• 50:37
  Speaker 6: that you do. And I think that a lot of
• 50:40
  Speaker 6: people missed that step Because we've been taught so many
• 50:43
  Speaker 6: things from movies, from you know, hip hop culture, from
• 50:47
  Speaker 6: the cultures that we grow up around that we don't
• 50:49
  Speaker 6: see the value of even showing like I made ten
• 50:52
  Speaker 6: thousand dollars more this year, I made twenty thousand dollars
• 50:55
  Speaker 6: more this year. I made forty thousand dollars more this year.
• 50:57
  Speaker 6: Maybe I still paid myself, you know, a poverty wage,
• 51:01
  Speaker 6: because I want to pay a low tax and I
• 51:03
  Speaker 6: want to spend all this money on my business. But
• 51:05
  Speaker 6: at the end of the day, the fact that you
• 51:06
  Speaker 6: made it makes your business a more viable leverage. It
• 51:11
  Speaker 6: gives you more leverage and makes you a more viable
• 51:13
  Speaker 6: client for the bank, and the bank now wants to
• 51:15
  Speaker 6: do business with you. And ultimately, the bank is your
• 51:17
  Speaker 6: business partner. And that's what your bank is. Whether you're
• 51:20
  Speaker 6: an individual or whether you're a business, or whether you're
• 51:22
  Speaker 6: an individual with a business, the bank is your business partner.
• 51:26
  Speaker 6: And I think that the simplicity of that is what
• 51:29
  Speaker 6: people miss out on because they think that they're doing
• 51:32
  Speaker 6: something brave by paying for things with money that they have,
• 51:36
  Speaker 6: and what that lacks is that little bit of discipline
• 51:39
  Speaker 6: that it takes to save that money that you have
• 51:42
  Speaker 6: to pay your credit card at the end of the
• 51:43
  Speaker 6: month and not spend double.
• 51:45
  Speaker 5: I think you both in position. It is interesting because
• 51:49
  Speaker 5: when I look at you both, I think leaders, right like,
• 51:51
  Speaker 5: you're leading by example and you're being by example and
• 51:54
  Speaker 5: in inspectored ways. It is a word that you use
• 51:56
  Speaker 5: standing in there's trust. I wonder as we look at
• 52:00
  Speaker 5: the last five years that were starting to secret to
• 52:02
  Speaker 5: open more accounts with signed SECU doing best more, do
• 52:05
  Speaker 5: you see that next generation demystifying the trust around having
• 52:11
  Speaker 5: credit right It was always I don't want to owe anybody.
• 52:14
  Speaker 5: Are we starting to see a James?
• 52:16
  Speaker 3: I think, I think you know, the change is definitely happening.
• 52:23
  Speaker 3: It's it's happening slowly because to my to my earlier point,
• 52:27
  Speaker 3: gen Z is afraid of credit right so our ability
• 52:31
  Speaker 3: to help educate them and show them, you know, through
• 52:35
  Speaker 3: series like Foundation Forward. I mean, we've even done a
• 52:38
  Speaker 3: series with Kevin Hart and his daughter Heaven, who recently
• 52:41
  Speaker 3: went to college.
• 52:43
  Speaker 4: And you know, the whole goal is have these.
• 52:46
  Speaker 3: Real conversations in terms of the impact of credit right like.
• 52:50
  Speaker 3: And I think with that again, the idea of showing
• 52:54
  Speaker 3: and proving right like a lot of these conversations weren't had,
• 52:57
  Speaker 3: and I think that's the biggest challenge.
• 52:58
  Speaker 4: When I think about my my.
• 53:00
  Speaker 3: Upbringing, I don't remember ever having a conversation about a
• 53:04
  Speaker 3: debit card versus a credit card. I saw credit card bills,
• 53:09
  Speaker 3: but I didn't necessarily, you know, get any sort of
• 53:13
  Speaker 3: guidance with that. And I think, you know, we're at
• 53:16
  Speaker 3: a place now where with all the information available, with
• 53:19
  Speaker 3: the fact that we have banking institutions, you know, like
• 53:23
  Speaker 3: Chase that provide the information and not just you don't
• 53:27
  Speaker 3: always have to just walk into a bank, like we
• 53:29
  Speaker 3: obviously have online services, you know, we leverage social media
• 53:34
  Speaker 3: to tell these stories as well. I think it is
• 53:36
  Speaker 3: opening doors because you know, I think to Venus's point, like,
• 53:40
  Speaker 3: if you don't have the foundation, if you don't have
• 53:42
  Speaker 3: the tools, like how do you how do you navigate
• 53:46
  Speaker 3: the next ten twenty years when all of these things
• 53:49
  Speaker 3: are continuing to evolve and you know it's only getting
• 53:53
  Speaker 3: more complicated, you know, so you have to sort of
• 53:55
  Speaker 3: understand the foundation for you to play the game.
• 54:00
  Speaker 2: So let's do some rapid let some rapid question and
• 54:02
  Speaker 2: answers before we before we wrap, and either one and
• 54:05
  Speaker 2: you can answer both of you can answer. So the
• 54:07
  Speaker 2: first one is, what's one credit myth? You'd like to bust.
• 54:14
  Speaker 6: The main one is that having credit cards is bad.
• 54:17
  Speaker 6: And the reason is because having credit cards is only
• 54:20
  Speaker 6: bad when you don't have discipline and when you don't
• 54:21
  Speaker 6: want to respect yourself. At the end of the day,
• 54:23
  Speaker 6: credit is just an extension of what you can afford
• 54:27
  Speaker 6: to do, and if it's any more than that, then
• 54:31
  Speaker 6: there's a problem. So having credit cards is not bad.
• 54:36
  Speaker 6: Having no discipline that is very bad.
• 54:41
  Speaker 4: All right, stare Well. One mistake to avoid ear leads.
• 54:46
  Speaker 3: I would say spinning more than you have. I mean,
• 54:49
  Speaker 3: it's a simple one, but we all we all have
• 54:51
  Speaker 3: fall fallen victim to it, you know what I mean,
• 54:54
  Speaker 3: like just because you have the credit And I think
• 54:57
  Speaker 3: thinking back to the conversation you had with with I
• 55:00
  Speaker 3: think it was Broderick, and he said, you know, I
• 55:04
  Speaker 3: remember getting my card and having twenty five hundred dollars limit,
• 55:07
  Speaker 3: and you specifically said, just because you have twenty five
• 55:10
  Speaker 3: hundred dollars doesn't mean you have to spend twenty five
• 55:12
  Speaker 3: hundred dollars. And I think that's a key one that
• 55:15
  Speaker 3: that people need to think about.
• 55:18
  Speaker 5: I needed my own advice, I needed my own advice,
• 55:21
  Speaker 5: and and just.
• 55:22
  Speaker 4: You know, utilization right, like you talked a lot.
• 55:25
  Speaker 3: I remember you talking, you know, to our you know,
• 55:29
  Speaker 3: our cast members a lot about the concept of utilization
• 55:32
  Speaker 3: keeping it under thirty percent. And again those are things
• 55:36
  Speaker 3: that once you have that information, you can actually apply it.
• 55:39
  Speaker 4: Like if you're if you're.
• 55:41
  Speaker 3: Keeping you know, track of you know, your credit score
• 55:45
  Speaker 3: with you know, tools like credit.
• 55:47
  Speaker 4: Journey that we have.
• 55:49
  Speaker 3: You know, you're immediately thinking about utilization and how do
• 55:53
  Speaker 3: I make sure that it's it stays you know, at
• 55:56
  Speaker 3: a low enough number where it's not impacting my credit
• 55:59
  Speaker 3: score negative.
• 56:00
  Speaker 2: First step every young person should take as far as.
• 56:03
  Speaker 6: Building their credit write a budget. Write a budget, and
• 56:07
  Speaker 6: then write another budget. Don't lie to yourself. Know exactly
• 56:11
  Speaker 6: what you spend, know exactly what you have, know exactly
• 56:14
  Speaker 6: what you're making, and give yourself some three, six, nine
• 56:18
  Speaker 6: to twelve goals. Maybe you're trying to buy a special
• 56:21
  Speaker 6: dress for problem. Maybe you're trying to go on vacation,
• 56:23
  Speaker 6: or you're trying to, you know, make your first payment
• 56:27
  Speaker 6: towards a computer or something. The easiest way to start
• 56:31
  Speaker 6: this process, whether or not you go into a bank,
• 56:33
  Speaker 6: is to actually write things down and make sure that
• 56:36
  Speaker 6: you know yourself so that you are familiar with your
• 56:40
  Speaker 6: own identity financially. I think that's the main thing that
• 56:43
  Speaker 6: a lot of people miss out on, is the opportunity
• 56:45
  Speaker 6: to just look at what they spend and to look
• 56:47
  Speaker 6: at what they have and look at what their goals
• 56:49
  Speaker 6: are based on real math. I make this much every week,
• 56:53
  Speaker 6: and I want to save this much, and I want
• 56:55
  Speaker 6: to do this with that money. Once you have that,
• 56:57
  Speaker 6: then you can start to use all the resources available
• 56:59
  Speaker 6: to you, you big or small. But if you don't
• 57:02
  Speaker 6: want to look at yourself in the mirror and say,
• 57:04
  Speaker 6: this is who I am financially, this is what I make,
• 57:07
  Speaker 6: and this is what I spend it on, and this
• 57:09
  Speaker 6: is what I would have to change in order to
• 57:10
  Speaker 6: save or in order to have access to a credit
• 57:13
  Speaker 6: card that I can pay off, then you're not going
• 57:15
  Speaker 6: to be in a better position by opening up a
• 57:17
  Speaker 6: credit card now.
• 57:18
  Speaker 5: Being so, I'm interested as we did this series, you know,
• 57:22
  Speaker 5: it's almost like a self reflection listening to ald about
• 57:25
  Speaker 5: these stories that you live. I wonder how, looking back now,
• 57:29
  Speaker 5: how you reflect on it, listening to your story and
• 57:32
  Speaker 5: saying how are you able to come back?
• 57:33
  Speaker 4: How has that been? People?
• 57:36
  Speaker 6: I mean, I would say that it is really interesting
• 57:40
  Speaker 6: to have this conversation. It's not one that I ever
• 57:41
  Speaker 6: imagined that would have to have for work, but it's
• 57:44
  Speaker 6: really cool to be able to share it because I
• 57:46
  Speaker 6: think that I started working very young. I started working
• 57:50
  Speaker 6: at the age of twelve thirteen years old, but I
• 57:53
  Speaker 6: had already been doing jobs, like I had been in
• 57:55
  Speaker 6: a commercial before that when I was ten, and I
• 57:57
  Speaker 6: made a lot of money, and I never saw that
• 57:59
  Speaker 6: money because I'm parents didn't have good financial literacy, so
• 58:01
  Speaker 6: they spent that money. My assumption is they spent it
• 58:04
  Speaker 6: trying to buy the house that we ended up growing
• 58:06
  Speaker 6: up and after that I will never know, you know,
• 58:09
  Speaker 6: I just remember finding these pay stubs when I was
• 58:11
  Speaker 6: much older, for like this Microsoft commercial that I was in,
• 58:14
  Speaker 6: which was so crazy, right because now I am a
• 58:16
  Speaker 6: whole entertainer and I make money with brands doing exactly that,
• 58:20
  Speaker 6: being commercials, being in you know, partnership with brands, and
• 58:24
  Speaker 6: at that time, you know, I went on to have
• 58:26
  Speaker 6: this job. I taught art, you know, I was an
• 58:28
  Speaker 6: art assistant at a summer camp, and then I went
• 58:30
  Speaker 6: on to work at a pizzeria, and then during high school,
• 58:32
  Speaker 6: I had three jobs. I was working at the library.
• 58:35
  Speaker 6: I was working at the mall. I had two jobs
• 58:37
  Speaker 6: at the mall. I remember I was working for an assemblyman.
• 58:39
  Speaker 6: I was like the youngest intern they'd ever had. I
• 58:42
  Speaker 6: was like fourteen years old. It was like all these jobs,
• 58:46
  Speaker 6: and I look back and I think, if I had
• 58:49
  Speaker 6: just started my financial journey when I was ten, and
• 58:52
  Speaker 6: I made those residual royalties from that damn Microsoft commercial,
• 58:57
  Speaker 6: I would be so rich right now. And I'm not
• 59:00
  Speaker 6: mad about it, but I just think it's really interesting
• 59:03
  Speaker 6: because it's sort of like, you know, life. You can't
• 59:06
  Speaker 6: pick where you start, you can't pick the things that
• 59:09
  Speaker 6: happened to you, but you can notice at the end
• 59:12
  Speaker 6: of the day the kind of person that you are.
• 59:14
  Speaker 6: I've always been drawn to the arts. I've always been
• 59:16
  Speaker 6: drawn to being, you know, I wouldn't say the center
• 59:19
  Speaker 6: of attention, but definitely a talent, musical, theater, all the things.
• 59:25
  Speaker 6: And I was already making money off of that. At
• 59:28
  Speaker 6: the age of ten. We were the first school in
• 59:30
  Speaker 6: New York to ever have laptops, so we got to
• 59:32
  Speaker 6: be in the commercial showing people that kids should have laptops.
• 59:35
  Speaker 6: They paid us enough money so that we could pay
• 59:39
  Speaker 6: a monthly for these laptops so we could own them.
• 59:42
  Speaker 6: I think they paid half and we paid the other half,
• 59:43
  Speaker 6: but they also gave us royalties. And my point is
• 59:46
  Speaker 6: that I look back and I just say, wow, you know,
• 59:49
  Speaker 6: imagine if I had these tools that we're giving you guys. Now,
• 59:52
  Speaker 6: imagine if I had them to tell my parents, Hey,
• 59:56
  Speaker 6: I saw something on Hulu, Mom, And I think we
• 59:58
  Speaker 6: should invest some of that money in this kind of
• 1:00:00
  Speaker 6: account or I think, you know, I made money, so
• 1:00:02
  Speaker 6: I want my own credit card because I want to
• 1:00:04
  Speaker 6: be able to go and buy whatever I want because
• 1:00:06
  Speaker 6: I made money, so I want to take ten percent
• 1:00:08
  Speaker 6: of that or twenty percent of that. And I just say,
• 1:00:10
  Speaker 6: I can't wait to have kids and teach them that
• 1:00:13
  Speaker 6: all the money that they make and all the personality
• 1:00:16
  Speaker 6: that they express, whether it is to be creative, whether
• 1:00:19
  Speaker 6: it is to be hardworking, all of that should be
• 1:00:22
  Speaker 6: something that they can gain something from. In the end.
• 1:00:24
  Speaker 6: You should not just be a slave, and you should
• 1:00:26
  Speaker 6: not just be out here working to survive. You should
• 1:00:29
  Speaker 6: absolutely use the resources. This is one of many that
• 1:00:32
  Speaker 6: Chase has to offer. Obviously, we're only dealing with credit.
• 1:00:35
  Speaker 6: But I was a fan of you guys before I
• 1:00:38
  Speaker 6: ever met you. I was watching your show in twenty
• 1:00:39
  Speaker 6: twenty during the pandemic, and I was literally taking notes
• 1:00:42
  Speaker 6: market Mondays. So it's like, there are so many things
• 1:00:47
  Speaker 6: that this little credit rabbit hole leads to. If you
• 1:00:51
  Speaker 6: can figure out who you are and look at yourself
• 1:00:55
  Speaker 6: clearly and give yourself a little bit of structure and
• 1:00:58
  Speaker 6: also say, you know what, this is what I want
• 1:01:00
  Speaker 6: to do. I want to own a house, or I
• 1:01:02
  Speaker 6: want to do this for work, or I want to
• 1:01:04
  Speaker 6: start this business, or I want to have enough financial
• 1:01:07
  Speaker 6: freedom and financial stability to be able to move a
• 1:01:10
  Speaker 6: certain way. Whatever that goal is, though, you need to
• 1:01:13
  Speaker 6: start somewhere. And my reflection is just damn, I wish
• 1:01:18
  Speaker 6: that this existed when I was a kid. I wish
• 1:01:21
  Speaker 6: that somebody had told me you made, you know, fifty
• 1:01:24
  Speaker 6: thousand dollars on my commercial. You deserve to have ten
• 1:01:26
  Speaker 6: thousand dollars credit card, and you deserve to say I
• 1:01:29
  Speaker 6: want to go and buy pizza every week with my
• 1:01:31
  Speaker 6: credit card, and I want to pay my bill just
• 1:01:32
  Speaker 6: so that I could learn. Because at the end of
• 1:01:34
  Speaker 6: the day, gamification it's all a game. It's all a game,
• 1:01:38
  Speaker 6: and if you don't acknowledge that, and you don't play
• 1:01:41
  Speaker 6: the game, and you don't learn the rules of the game,
• 1:01:42
  Speaker 6: and you don't follow the rules of the game, You're
• 1:01:45
  Speaker 6: just not actually going to be playing the game.
• 1:01:47
  Speaker 5: Well, the bright spot is that it does now.
• 1:01:50
  Speaker 6: It'sis I'm in my thirties, i still have a long
• 1:01:54
  Speaker 6: runway to get it right. And I'm super excited, you know,
• 1:01:58
  Speaker 6: given that I've been able to touch so much in
• 1:02:02
  Speaker 6: a short but long career. But it's just interesting, you know,
• 1:02:07
  Speaker 6: I just say, Damn, these kids are lucky. You guys
• 1:02:10
  Speaker 6: are lucky.
• 1:02:10
  Speaker 3: I mean even just thinking about the you know, call
• 1:02:13
  Speaker 3: them characters or the stories that we were, you know,
• 1:02:18
  Speaker 3: privileged to be able to tell, right, Like I think
• 1:02:21
  Speaker 3: about somebody like Jayden, and I think we were in
• 1:02:23
  Speaker 3: Santa Barbara. This is a kid that he's a real
• 1:02:26
  Speaker 3: estate agent, he's dishwasher like, he's a waiter, like, he
• 1:02:30
  Speaker 3: has all these different jobs and again you're like, you
• 1:02:33
  Speaker 3: guys left him with you know, actionable checklist of things
• 1:02:40
  Speaker 3: that he needs to be thinking about as he's trying
• 1:02:42
  Speaker 3: to stack money. And I think we had a nice
• 1:02:46
  Speaker 3: variety of people that I think were relatable in terms
• 1:02:49
  Speaker 3: of if I'm sitting at home and I'm watching this
• 1:02:52
  Speaker 3: on Hulu. Jaden story might appeal to me, or Margaret's
• 1:02:58
  Speaker 3: story might appeal to me, you know what I mean?
• 1:03:00
  Speaker 3: And I think like that that part is really key, right,
• 1:03:03
  Speaker 3: Like it wasn't one story. It was multiple stories of
• 1:03:06
  Speaker 3: individuals that are trying to figure it out, you know
• 1:03:09
  Speaker 3: what I mean. You know, you had Broderick who was
• 1:03:11
  Speaker 3: a videographer living in Atlanta trying to buy his what
• 1:03:15
  Speaker 3: were you trying to buy a home from his dad?
• 1:03:16
  Speaker 3: From his brother? Yeah, you know, so everyone's at a
• 1:03:21
  Speaker 3: different step in their life. And I think the value
• 1:03:25
  Speaker 3: of the way we approached it was, you know, we
• 1:03:27
  Speaker 3: showed that regardless of where you are, that.
• 1:03:31
  Speaker 4: That initial step is the most important step.
• 1:03:33
  Speaker 5: Congrats of Bajory. He actually got engaged after the show.
• 1:03:36
  Speaker 5: Good yeah man. We probably part of his story in
• 1:03:40
  Speaker 5: And I think our coaches were incredible too. So the
• 1:03:43
  Speaker 5: coaches that were part of the days we had, we
• 1:03:45
  Speaker 5: had a lot of good interactions there and then. So
• 1:03:48
  Speaker 5: it was definitely a dope experience. And like you said,
• 1:03:50
  Speaker 5: the next generation gets to watch it and be a
• 1:03:52
  Speaker 5: part of it and educate themselves from something that they
• 1:03:55
  Speaker 5: do all the time. Which is streaming.
• 1:03:58
  Speaker 4: Yes, yes, yeah, we had some heavy hitters.
• 1:04:01
  Speaker 3: I mean Venus, Courtney, you know, like you mentioned Bigsby, the.
• 1:04:07
  Speaker 4: Social historian Khalil. I think he was he was, he
• 1:04:10
  Speaker 4: was amazing.
• 1:04:11
  Speaker 3: Yeah, like and I think again giving you know, regular
• 1:04:15
  Speaker 3: people an opportunity to connect with cultural leaders that are
• 1:04:20
  Speaker 3: you know, moving the needle, you know, in their everyday lives.
• 1:04:23
  Speaker 3: But they started from something right Like I specifically remember
• 1:04:27
  Speaker 3: even you know Courtney and obviously Venus talking about their
• 1:04:31
  Speaker 3: credit journey, you know, so we all have it, and
• 1:04:33
  Speaker 3: I think humanizing that was a big important piece of
• 1:04:37
  Speaker 3: the storytelling that you guys did.
• 1:04:39
  Speaker 2: Well, yeah, no, it was. It was a for us.
• 1:04:41
  Speaker 2: I think it was really impactful to actually be able
• 1:04:45
  Speaker 2: to share stories from people that people may not be
• 1:04:48
  Speaker 2: familiar with or they may be familiar with. And it's
• 1:04:50
  Speaker 2: all different people. So somebody that's a celebrity d J,
• 1:04:53
  Speaker 2: somebody that's.
• 1:04:53
  Speaker 6: A waitress and I used to be a waitress too.
• 1:04:56
  Speaker 2: Yeah for sure, it could be you.
• 1:04:58
  Speaker 6: You could be the waitress turns of leve DJ. I
• 1:05:00
  Speaker 6: was a waitress for ten years from fourteen to twenty four.
• 1:05:03
  Speaker 6: I transitioned from twenty two, twenty three to twenty four.
• 1:05:07
  Speaker 6: That year I did both DJing and waitressing. This is
• 1:05:11
  Speaker 6: all accessible to you. My life, the life you have,
• 1:05:15
  Speaker 6: the credit we're talking about. The only thing we can
• 1:05:19
  Speaker 6: tell you is just start the journey. Start the journey.
• 1:05:22
  Speaker 2: Micheanelle was a point for us to do this, so,
• 1:05:25
  Speaker 2: you know, definitely want to thank you guys as far
• 1:05:28
  Speaker 2: as Chase and Massive Pale, as far as working with us.
• 1:05:31
  Speaker 2: It's on Hulu now and hopefully we get season two.
• 1:05:34
  Speaker 6: You know, yeah, guys, we need season two. So if
• 1:05:36
  Speaker 6: you're out there you want to tell your story, you know,
• 1:05:38
  Speaker 6: hit these guys up because they're not gonna stop what
• 1:05:41
  Speaker 6: they're doing. And it's also really cool that I used
• 1:05:43
  Speaker 6: to watch you guys during the pandemic. I mean, I
• 1:05:46
  Speaker 6: don't really watch that much stuff right now. I'm not
• 1:05:49
  Speaker 6: gonna lie. I'm not in my YouTube or stream bag
• 1:05:52
  Speaker 6: at the moment. But I learned so much and now
• 1:05:56
  Speaker 6: I'm in this series. That's crazy to me because I
• 1:06:00
  Speaker 6: didn't know very much in twenty twenty. I was just
• 1:06:03
  Speaker 6: a few years into starting and formalizing my business, credit
• 1:06:09
  Speaker 6: and personal finance journey, and this was an amazing resource
• 1:06:13
  Speaker 6: because of the fact that you guys went out and
• 1:06:15
  Speaker 6: interviewed so many people that I thought had really compelling
• 1:06:18
  Speaker 6: stories but maybe weren't formally business structured. And now we're
• 1:06:23
  Speaker 6: able to share that with you and you're able to
• 1:06:25
  Speaker 6: see the real fruit of it, which is that because
• 1:06:28
  Speaker 6: of you know, things that I learned watching EYL, I
• 1:06:32
  Speaker 6: was able to continue expanding my business. At the same time,
• 1:06:36
  Speaker 6: Stanley and I were becoming closer and he was starting
• 1:06:39
  Speaker 6: to mentor me and tell me, you know, there's these
• 1:06:42
  Speaker 6: other ways that you can expand your business as a
• 1:06:44
  Speaker 6: creative and now we're all here, so it just you
• 1:06:48
  Speaker 6: got to start somewhere. And you know, for me, it
• 1:06:51
  Speaker 6: didn't just start with opening a credit card. It actually
• 1:06:53
  Speaker 6: started with watching things like EYL because that was the
• 1:06:56
  Speaker 6: first time I saw black people talking to other black
• 1:06:58
  Speaker 6: people who weren't all well corporate people, and it was
• 1:07:02
  Speaker 6: cool and I was like, I can learn something here
• 1:07:04
  Speaker 6: and I feel safe. And so yeah, we hope that
• 1:07:07
  Speaker 6: you're watching at home and that you go and you
• 1:07:09
  Speaker 6: look at your credit score and that you write down
• 1:07:11
  Speaker 6: your budget and then you hit up Chase and start somewhere.
• 1:07:15
  Speaker 5: This is true, like Rashad said, Foundation Forward is now
• 1:07:18
  Speaker 5: streaming on Hulu to make sure y'all check that out,
• 1:07:20
  Speaker 5: and make sure you go check out Chase for your
• 1:07:22
  Speaker 5: rise to start your whole credit durn, it's been a
• 1:07:24
  Speaker 5: pleasure having y'all.
• 1:07:24
  Speaker 6: Thank you, guys.
• 1:07:26
  Speaker 5: We appreciate it.
• 1:07:26
  Speaker 2: So cool