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The Problem With Giving Your Kids Everything · Social Proof Podcast

0:00
[SPEAKER_03]: Family, how bad do you want it?
0:02
[SPEAKER_03]: How bad do you want to be successful?
0:04
[SPEAKER_03]: How bad do you want to get to this bag?
0:06
[SPEAKER_03]: Well, there are costs to get into the money, right?
0:11
[SPEAKER_03]: It may cost you time with your family may cost Your salvation even
0:18
[SPEAKER_01]: and get right up.
0:19
[SPEAKER_01]: Yes, sir.
0:20
[SPEAKER_03]: Ha!
0:22
[SPEAKER_03]: It's so hard.
0:23
[SPEAKER_03]: It says it's really, really hard for a rich man to get to heaven.
0:28
[SPEAKER_03]: Another, what do Bible says?
0:30
[SPEAKER_03]: And so many words?
0:31
[SPEAKER_01]: And so many words, yes.
0:33
[SPEAKER_03]: Isn't that kind of scary, especially with our household culture?
0:36
[SPEAKER_01]: It is very scary.
0:39
[SPEAKER_01]: I think everything is prioritization, though.
0:42
[SPEAKER_01]: Because whenever it's said like, and you know, listen, the older generation and steal something in us to where they say, it's easier for a camel to go through the needle of an eye for a rich man to get in the heaven, but they don't understand the actual context behind that.
0:59
[SPEAKER_01]: And I'm no preacher, right?
1:00
[SPEAKER_01]: How's your gotta put that out there?
1:02
[SPEAKER_01]: But the context behind it was the camel was going through a very small place.
1:08
[SPEAKER_01]: So we get the,
1:10
[SPEAKER_01]: verbatim part.
1:11
[SPEAKER_01]: It's easy for the camera to go through the need of living.
1:13
[SPEAKER_01]: I'm never, I was a child, I heard it.
1:14
[SPEAKER_01]: I was like, so the camera going through the impossible.
1:18
[SPEAKER_01]: It's exactly as impossible, but in that spiritual context, it really means it was hard for the camera to go through a tight space.
1:27
[SPEAKER_01]: Not saying that it was impossible, it's just hard to do it.
1:30
[SPEAKER_01]: So typically, just like the rich ruler and many things that we study, you got to know how to prioritize God and
1:39
[SPEAKER_03]: which means it's really, really hard.
1:41
[SPEAKER_03]: So most people are gonna fail at it, even if they think they're succeeding.
1:47
[SPEAKER_03]: Cause I don't think anybody that is successful thinks they're failing in that way, or they think it's hard.
1:55
[SPEAKER_03]: But they won't know to that last day, unfortunately, right?
2:00
[SPEAKER_03]: Because also, the Bible says, wherever your treasure is, your heart is also.
2:04
[SPEAKER_03]: So if you have a big treasure on earth, maybe, it's easier to believe that your reward is on earth, because there's a lot of people who associate financial or physical blessing with favor with God.
2:23
[SPEAKER_03]: That's not always the case.
2:24
[SPEAKER_03]: The devil can bless you with a little 100% but how do you know the difference?
2:29
[SPEAKER_01]: Is if the actual prize in the fulfillment is an accomplishment.
2:37
[SPEAKER_01]: What I mean by that is if you go and have a million dollar day or a hundred thousand dollar day whatever, astonishing the amount that would make you feel a certain way.
2:48
[SPEAKER_01]: If you don't, and it's going to be hard for me to say this, if you don't feel that saying is that way whenever you are in the book or getting wisdom, I think you've got to pull it on the balance of scales, and I think that's very hard because most success for entrepreneurs don't push the spiritual aspect, whether they're still struggling with it, we stay in the area,
3:16
[SPEAKER_01]: to where we're comfortable with teaching.
3:19
[SPEAKER_01]: So I think it's a conversation that must be had with everybody, but it's very hard and I feel as if many people don't want to step into these muddy waters due to the criticism.
3:29
[SPEAKER_03]: Yeah, in what way?
3:32
[SPEAKER_01]: As far as, for example, with me, I always talk, we go and get access to the capital, we invest the capital, and in no way shape of form, in my early entrepreneur journey, did I talk about spiritual spirituality inside of entrepreneurship.
3:49
[SPEAKER_01]: Now, as I take a drastic turn, due to my own personal experiences and me, how would I say it?
3:55
[SPEAKER_01]: I would say that I glorified the money.
3:58
[SPEAKER_01]: I had some part in ways how I felt about money because we talked about it before.
4:02
[SPEAKER_01]: It dictated the way that I treated my family.
4:04
[SPEAKER_01]: And I'm just going to be honest with you.
4:06
[SPEAKER_01]: Listen, whenever I had a bad day,
4:09
[SPEAKER_01]: The kids wasting juice on the floor was completely different if I had a 10 or 15,000 dollar day.
4:15
[SPEAKER_01]: And I had to kind of sit with myself to say, listen, it's not their fault.
4:19
[SPEAKER_01]: Even though if anybody knows me, they know one thing that's prior to my list is family.
4:24
[SPEAKER_01]: But whenever that money didn't come in, those walks in the part when it's peaceful.
4:29
[SPEAKER_01]: I'm going to check in my phone, you don't believe in this tape, but I just, I mean, and I pretty sure a lot of people struggle with it, but back to what I was saying is that a lot of people don't want to accept the criticism that come behind it, wherever it is that you pray to, but it got to be some sort of balance.
4:47
[SPEAKER_01]: And it seems as if for my business, whenever I'm heavily focused on getting into the book and reading the Bible and I put the business to the side.
4:56
[SPEAKER_01]: It dips and it could be a test of faith.
4:59
[SPEAKER_01]: Yeah, it could be a test of things.
5:01
[SPEAKER_01]: So I'm looking to hear your perspective on a day because like I would say like you want to my spiritual mental is like how you conduct yourself, family oriented, spirituality or unit.
5:11
[SPEAKER_01]: And like how do you manage or how did you manage to get where you went with balancing the spirituality aspect?
5:19
[SPEAKER_03]: I don't think I'm at anywhere.
5:21
[SPEAKER_03]: I'm still struggling just like everybody else.
5:23
[SPEAKER_03]: But there are,
5:25
[SPEAKER_03]: I'm certain commands that I understand that I have to keep for instance one is Sabbath day and once I started to understand it and learn what the Sabbath day meant, it was like it opened up another world for me because at the time I'm operating a key asking them all and the busiest day in the mall is Saturday and some people might say well my Sabbath is Sunday
5:56
[SPEAKER_03]: Biblically, we can see that the Sabbath is the seventh day.
6:02
[SPEAKER_03]: We can see exactly when it was changed in 321 a.D. and for our constant seeing, actually change the Sabbath.
6:07
[SPEAKER_03]: We can see that the Catholic Church change even their 10 commandments from Ramirez Sabbath and keep it holy to remember the Lord's day.
6:14
[SPEAKER_03]: They changed it.
6:15
[SPEAKER_03]: Sabado and Spanish is Saturday.
6:17
[SPEAKER_03]: Like there's a lot of evidence, like we can like, we can look at, but once I understood,
6:27
[SPEAKER_03]: And that's what I try to do at first.
6:29
[SPEAKER_03]: I said, all right, well, I have to work on Saturday because that's the business day and the more and that's where I make most of my money.
6:35
[SPEAKER_03]: So my Sabbath is going to be the Sunday, but I started to get this conviction like, oh my gosh, I'm reading it and studying it and understanding where it's coming from.
6:44
[SPEAKER_03]: So do I really have the faith
6:48
[SPEAKER_03]: that I say I have, or am I trying to make it convenient, because guys commands are not convenient.
6:55
[SPEAKER_03]: And if you think they are, you may be doing it wrong.
6:58
[SPEAKER_03]: So I had to give up, I was like, you know, I'm just not going, I'm not going to open on Saturday.
7:04
[SPEAKER_03]: And there was a lot of turbulence in, I struggle with it, but then I got it peace with it.
7:14
[SPEAKER_03]: and not saying that when you keep God's commands, the money comes because God is in a slot machine, but everything started to change for me.
7:22
[SPEAKER_03]: And I don't have those problems anymore.
7:25
[SPEAKER_03]: And for the last bunch of years, I've not done any business on Saturday.
7:29
[SPEAKER_03]: So,
7:31
[SPEAKER_03]: I have to make sure my balances in check.
7:38
[SPEAKER_03]: You know what I mean?
7:38
[SPEAKER_03]: We're going to make the money.
7:40
[SPEAKER_03]: But what do I do with this money?
7:41
[SPEAKER_03]: I do my very best to support my church as much as possible financially.
7:48
[SPEAKER_03]: Especially because I don't have the time that, you know, maybe some other people that are evangelists in the church that have, they have like more time to be there.
7:56
[SPEAKER_03]: And not saying that there's a replacement, but my point is we're talking about money.
8:00
[SPEAKER_03]: We, it's tough for, I understand why that scripture is that scripture is tough for rich man to get to happen.
8:06
[SPEAKER_01]: Yeah, for sure.
8:07
[SPEAKER_01]: And then it's also even adding to another layer of is that you truly understand that he could provide more in six than one hundred percent.
8:16
[SPEAKER_01]: Seven in a day?
8:17
[SPEAKER_03]: A hundred percent?
8:18
[SPEAKER_03]: Absolutely.
8:19
[SPEAKER_03]: So, I mean, how do you balance not only just spirituality and business?
8:25
[SPEAKER_03]: But your family and business, because you said something that was super interesting, I was like, oh, you do that.
8:29
[SPEAKER_03]: So, now it's just left and they were saying that she's taking her daughter to a grandma's house for the summer, I'm like, oh, that's dope.
8:38
[SPEAKER_03]: And you said something interesting.
8:40
[SPEAKER_01]: Yeah, I said I have never, I'm going on eight years of parenthood.
8:46
[SPEAKER_01]: I have three boys, seven and a half and then I have a six year old and then I have a two year old, they've never spent a night outside of the house.
8:55
[SPEAKER_01]: Like they've never been away from me more than nine or 10 hours.
8:59
[SPEAKER_03]: You don't travel somewhere in the back or you don't travel like I've got to go to the speaks of where or whatever.
9:04
[SPEAKER_01]: Any time I any time I jump on Delta, they're on their with me.
9:09
[SPEAKER_01]: So what we're doing a $4,500 flight is now 2000 because we have you know expanded the family a little but I just feel as if how do I break you don't And I love my family, but you don't need a couple days though
9:29
[SPEAKER_01]: I feel as if I do sometimes but because it's normal to be around the models, I'm like, I come here and then we shoot and we do that and then I go back to the house and then then we go to swim lessons and everything is family oriented and I think it's mainly due to my life because they grew up in a close-knit family but how our group is just me and my mother.
9:48
[SPEAKER_01]: So everything that I'm used to being by myself.
9:52
[SPEAKER_01]: So I learn in a sense what not to do with parenting.
9:59
[SPEAKER_01]: So my father not being like super active in my life.
10:04
[SPEAKER_01]: kind of show me what it felt like.
10:07
[SPEAKER_01]: Because I said it once before, it's the presence of a presence.
10:11
[SPEAKER_01]: My father went, he worked, he done all of those things and he provided to me the presence with the T.S., but whenever you get to a certain age, you're yearning for the physical presence.
10:24
[SPEAKER_01]: Like, just to call him and talk about Madden or call him and talk about the game and call him and talk about these things.
10:30
[SPEAKER_01]: So anybody that is, I would say,
10:34
[SPEAKER_01]: lacking a father figure in their life, sometimes it's not about the money and money can't fix childhood trauma.
10:42
[SPEAKER_01]: No matter how much money that you make, just to be able to pick up the phone and call a father figure or your actual father, some of us don't have that in, once again, it feels great to make $30,000,000 in a day.
10:54
[SPEAKER_01]: But sometimes like they say the most prized position
11:03
[SPEAKER_01]: with parenting.
11:04
[SPEAKER_01]: So, all people, well, I'm not going to say the elders used to always say, enjoy your while they're young, because you spend more times with your kids from zero to 12 than from 12 to 24 because it's going to come a time to where they embarrass by you.
11:19
[SPEAKER_01]: They don't want to be around you.
11:21
[SPEAKER_01]: So, I'm taking the time now.
11:24
[SPEAKER_01]: And this is just for me and my family to spend as much time with them as possible because I feel within another seven to eight years, whenever they're embarrassed by me the way I dress and how I talk, then I'll be able to go and get as much money as I want then, if it's meant for me to get it.
11:38
[SPEAKER_03]: So do you feel like you're, um, I feel like missing that all at a time.
11:44
[SPEAKER_01]: I'm not going to lie to you.
11:46
[SPEAKER_01]: And whenever I say I'm missing out, it's certain.
11:49
[SPEAKER_01]: events and maybe like on a Tuesday or Wednesday, if the entire family, we can't orchestrate that to do it together.
11:56
[SPEAKER_01]: I may have to miss out on that event.
11:58
[SPEAKER_01]: Wow, I've done it multiple times.
12:01
[SPEAKER_01]: So I'm comfortable with it because
12:05
[SPEAKER_01]: In my position in where I'm currently at financially, I can afford that.
12:10
[SPEAKER_01]: But if I was just jumping into entrepreneur issue, and it's gonna be different for everybody, sometimes you're gonna have to sacrifice.
12:16
[SPEAKER_01]: For me, I was blessed to not have to sacrifice time with my kids.
12:24
[SPEAKER_03]: What's the age of your kids?
12:25
[SPEAKER_01]: Seven and a half were about to be 80 December and then I have a six year old coming up this month and I have a two year old.
12:35
[SPEAKER_03]: So you do miss opportunities because you've rather spent time with the family than go get the money and build a relationship things that I need to write.
12:44
[SPEAKER_03]: Yes, sir.
12:45
[SPEAKER_03]: You wrote with your dad, right?
12:46
[SPEAKER_03]: Yes, around.
12:47
[SPEAKER_03]: In the house.
12:48
[SPEAKER_03]: No, sir.
12:49
[SPEAKER_03]: Just around.
12:49
[SPEAKER_03]: Yes, sir.
12:50
[SPEAKER_03]: So he buy you stuff, but he wasn't there.
12:53
[SPEAKER_03]: Did he at least teach you about money at all?
12:57
[SPEAKER_01]: No.
13:00
[SPEAKER_03]: You can't think of one lesson.
13:02
[SPEAKER_03]: Did dad touch about money?
13:04
[SPEAKER_01]: No, sir.
13:05
[SPEAKER_03]: What about your mouth?
13:11
[SPEAKER_01]: Yes, to save money and you go to school, you work hard.
13:16
[SPEAKER_01]: The typical, I would say, Southern mother, right?
13:21
[SPEAKER_01]: They told us that aspect, but as far as sitting down and saying, uh, this is how you budget the bills like we didn't, I never had that conversation.
13:30
[SPEAKER_03]: So is there something that you're teaching you're almost eight year old about money right now?
13:35
[SPEAKER_01]: for sure.
13:35
[SPEAKER_01]: Yes, I'd say money whenever they get $20, how the money should go to the store.
13:40
[SPEAKER_01]: You can save it, you can put your money together as it, like, because your brothers, and then you're all going to get one big gift.
13:47
[SPEAKER_01]: So it's not as far as the ABC is a financial literacy.
13:51
[SPEAKER_01]: I'm not even going to sit here and act like I'm doing that because
13:54
[SPEAKER_01]: For me in mind, like I just feel like there's gonna be time for that but money management if you have $20 And you're gonna spend $20 at Target you know longer have 20 you can wait until you do another chore or you and your brothers can Compile something that you're gonna play with together and that would be the most I would say Like lessons that I teach to them as far as like money management as far as like
14:16
[SPEAKER_01]: A is for asset, B is for the, like I'm not teaching in that.
14:20
[SPEAKER_01]: You're struggling with access to capital and that's one of the things that we do in the reinvented credit master is we teach you how to structure your profile, build your profile and then go into the correct institution because bank auditing is the process of knowing which strategic strategy to obtain funding
14:39
[SPEAKER_01]: the best it's going to sue you.
14:41
[SPEAKER_01]: Most people go for business lines of credit without starting at business credit cards or personal lines of credit before starting with personal credit cards.
14:49
[SPEAKER_01]: But you don't know what you don't know.
14:52
[SPEAKER_01]: So what I have curated is a list of modules to take you from no credit at all, repairing it and rebuilding it to getting anywhere up of your first 100 to 150,000 in funding.
15:04
[SPEAKER_01]: The link will be in the description
15:08
[SPEAKER_03]: Yo, are you up on, uh, I don't, I saw it on social media, but I'm not sure what it is.
15:15
[SPEAKER_03]: It's like a Trump app or Trump account, Trump account or something for your kids.
15:19
[SPEAKER_03]: You never seen that?
15:20
[SPEAKER_03]: I seen it.
15:21
[SPEAKER_01]: To what I suppose be getting a certain amount of money, right?
15:23
[SPEAKER_03]: Yeah, you signing up?
15:25
[SPEAKER_01]: Yeah, I don't trust half of this stuff man.
15:26
[SPEAKER_03]: Let me see, what's the Trump accounts?
15:31
[SPEAKER_03]: I want to find out what it is, count four kids.
15:35
[SPEAKER_03]: Because no matter how we feel about the man, he should've just made it something else which is what I was making when I was a man.
15:44
[SPEAKER_03]: So if you talk about a Trump account for kids, it's a government-created investment account for children under 18.
15:50
[SPEAKER_03]: The headline feature is that children born between January 1, 2025 and December 31, 2021, may qualify for a one-time $1,000 government contribution.
16:03
[SPEAKER_03]: So the child must have a valid social security number and be other.
16:05
[SPEAKER_03]: It's in, of course,
16:06
[SPEAKER_03]: babies born between 2025 and 2028 can qualify for a thousand dollar seat deposit.
16:11
[SPEAKER_03]: Parents and others can contribute up to 5,000 a year.
16:14
[SPEAKER_03]: The money is invested in generally can't be accessed and so the child reaches adulthood.
16:19
[SPEAKER_03]: So there's some sort of plan where they're given the child a thousand dollars.
16:23
[SPEAKER_03]: But at the time they're 18, it's supposed to grow to something else.
16:28
[SPEAKER_01]: Yeah, I mean, I hear, and it could be great for some people, but, you know, yeah, try to not, and why not put it into a long-term brokerage account and then just let it grow that way.
16:41
[SPEAKER_01]: Now, I'm not saying that doesn't work.
16:42
[SPEAKER_03]: Because you don't get the thousand dollars from Trump.
16:45
[SPEAKER_01]: A thousand dollars?
16:48
[SPEAKER_03]: A thousand dollars?
16:49
[SPEAKER_03]: A thousand is more than a thousand a drive.
16:52
[SPEAKER_01]: That is true.
16:55
[SPEAKER_01]: What's the catch behind it?
16:57
[SPEAKER_03]: It's just that, wow, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no,
17:26
[SPEAKER_03]: Maybe it's a plan, okay, we give you a thousand, and we're betting that your parents max out to the five grand, and imagine if millions and millions and millions of people actually contribute that additional five grand, and you can't even get the thousand that we gave you, and maybe they're betting on inflation, maybe it's the way to stimulate their economy.
17:53
[SPEAKER_03]: Let's say you do nothing and leave the $1,000 invested.
17:56
[SPEAKER_03]: It earns an average of 8% annually in sits for 18 years.
17:59
[SPEAKER_03]: $1,000 becomes $4,000.
18:03
[SPEAKER_03]: Because between 4,04500, if you add 1,000 per year for 18 years, you can end up with roughly 40 to 50,000 dollars.
18:13
[SPEAKER_03]: If you max out to the account per year, you'll be looking at several hundred thousand dollars bottle.
18:18
[SPEAKER_03]: If you max out the account at five thousand dollars per year, you can add 5,000 per year.
18:24
[SPEAKER_03]: And it says you'll be looking at several hundred thousand dollars by adulthood, depending on market performance.
18:30
[SPEAKER_01]: That's a great strategy for some.
18:32
[SPEAKER_03]: But you're not feeling that.
18:33
[SPEAKER_01]: No, sorry.
18:35
[SPEAKER_03]: I'm not.
18:35
[SPEAKER_03]: I don't understand.
18:37
[SPEAKER_01]: You, so I'll turn it off.
18:39
[SPEAKER_01]: Let's play this with that.
18:41
[SPEAKER_01]: Would you do that or would you invest into, let's just say the S&P 500 was going to grow at, give or take 9 to 11% annually?
18:52
[SPEAKER_03]: I'm doing both because of $3,000.
18:53
[SPEAKER_03]: That's okay.
18:56
[SPEAKER_03]: And it's not that I have to put more money in.
18:58
[SPEAKER_03]: So if I'm guessing, if, let me just double check, let me just double check, let's read this.
19:06
[SPEAKER_03]: Free money.
19:07
[SPEAKER_03]: If your child qualifies the government starts them with $1,000 that's instant, 100% return on your investment.
19:14
[SPEAKER_03]: Long-term investment runway, 18 years of compounding is powerful.
19:19
[SPEAKER_03]: Most people don't start investments at a 30s, simply investing.
19:22
[SPEAKER_03]: The funds are generally invested and grow at US stock index funds, and there's no limit to college.
19:28
[SPEAKER_03]: Unlike the 529 plan, the money can potentially be used for things like a first home, starting a business, or qualifying for purpose.
19:35
[SPEAKER_03]: Here's the cons.
19:36
[SPEAKER_03]: the tax benefits aren't as good as the 529 plan.
19:39
[SPEAKER_03]: We won't have to go through that.
19:40
[SPEAKER_03]: It's less flexible before age of 18, generally the money has locked up until the child reaches adulthood.
19:47
[SPEAKER_03]: Potential tax amenities and limited investment choices, meaning the account is generally restricted to broad index funds.
19:55
[SPEAKER_03]: It's a $3,000.
19:56
[SPEAKER_03]: Why not do both?
20:00
[SPEAKER_03]: You could, but we should not do it because you're all like Trump and you're like the name of it.
20:03
[SPEAKER_01]: No, so as far as that, I'm, I've got to be careful with my words here.
20:09
[SPEAKER_01]: I don't feel no type of way towards the man because if you understand,
20:15
[SPEAKER_01]: economics and you understand the United States that we operate in, you could not like somebody but still make money from comments that they make and just understand it from a different perspective.
20:28
[SPEAKER_01]: So I have no feelings towards it, man, like I don't even get into the politics to have.
20:33
[SPEAKER_01]: I know a lot of people feel a certain way and, or if I talk to my grandmother about them,
20:42
[SPEAKER_01]: I'm like, man, we got to learn to turn off the feelings.
20:47
[SPEAKER_03]: What was your youngest boy?
20:48
[SPEAKER_01]: My youngest was born 2004.
20:51
[SPEAKER_01]: No.
20:52
[SPEAKER_01]: Um, 23?
20:55
[SPEAKER_03]: Okay.
20:56
[SPEAKER_03]: We're not qualified.
20:57
[SPEAKER_03]: You want to market it?
20:58
[SPEAKER_01]: No, I'm not.
20:59
[SPEAKER_03]: Oh, yes.
21:00
[SPEAKER_03]: First two.
21:01
[SPEAKER_03]: So, okay.
21:03
[SPEAKER_03]: Let's talk about how do we prepare our kids financially for the future?
21:08
[SPEAKER_01]: Oh, bro.
21:08
[SPEAKER_01]: This is a good topic here.
21:12
[SPEAKER_01]: Most people are going to say save, save, save, right?
21:15
[SPEAKER_01]: That's the most common thing that people are going to say, but if you're not generating the income or revenue, what do you have to save?
21:23
[SPEAKER_03]: Yeah.
21:24
[SPEAKER_01]: Developing a side hustle or different skillset to where you could have that hit into their future, where probably be one of the best opportunities.
21:35
[SPEAKER_01]: For example, I mean, you talk about, you know, I love credit cards.
21:38
[SPEAKER_01]: I love credit.
21:40
[SPEAKER_01]: My credit card reward points are transferred to a Charswap brokerage account.
21:45
[SPEAKER_01]: The card height you told me to get absolutely, and then based on business spend, the points are going to a brokerage account that grows year over year.
21:57
[SPEAKER_01]: So just for me using my credit, the points can be converted into that brokerage account and then I'm investing into their future without technically investing into their future with my higher earned money.
22:09
[SPEAKER_03]: God.
22:10
[SPEAKER_03]: Okay.
22:11
[SPEAKER_03]: So without a doubt, your kids are going to have good credit when they grow.
22:15
[SPEAKER_01]: One hundred percent, yes, sir.
22:17
[SPEAKER_03]: When do we introduce the conversation of money to our kids?
22:21
[SPEAKER_03]: And I'll give you two scenarios.
22:24
[SPEAKER_03]: One is, as young as possible, they need to understand money, economics, hot works if you want something you have to pay for.
22:36
[SPEAKER_03]: But as a young child, understanding money could rob them of some things, or too young, it becomes a big part of their concern, and they become money driven, so what's your philosophy on it?
22:52
[SPEAKER_01]: Mine is literature, I'll be a child, and this current age that we're here.
22:59
[SPEAKER_01]: Even when we was growing up, I can't wait to grow up.
23:02
[SPEAKER_01]: I can't wait to do this.
23:03
[SPEAKER_01]: I can't wait to get my own car in my own house.
23:05
[SPEAKER_01]: And my wife say, or daughter is the ghetto.
23:09
[SPEAKER_01]: Like, if I tell Casey all of the time, and my little cousin, like, man, listen, enjoy being in college.
23:18
[SPEAKER_01]: But to answer your question, I would say, it depends on females mature a lot faster than males.
23:25
[SPEAKER_01]: We do understand that.
23:27
[SPEAKER_01]: So I would say it's going to depend on the child, but if they are, I'm talking about even elementary school, I think it's too young to, because if you, to young and teaching about money on the elementary school, I personally feel because now, if they understand the concept behind it,
23:45
[SPEAKER_01]: You're going to go into a hustle culture at a very young age and you're not even going to truly get to be a child.
23:50
[SPEAKER_01]: You're going to always, okay, how much is this going to do?
23:53
[SPEAKER_01]: And it's nothing wrong with that for some people.
23:55
[SPEAKER_01]: But for me, I don't want my fifth grade son coming in there.
23:59
[SPEAKER_01]: And nothing wrong with it.
24:01
[SPEAKER_01]: Upset because he didn't make $500 or $100 to let the lemonade stand.
24:06
[SPEAKER_01]: Or he's spending his entire summer selling lemonade.
24:09
[SPEAKER_01]: No, listen, enjoy the vacations because the money means nothing if you don't tell the experiences to it.
24:15
[SPEAKER_03]: Oh, I don't know, and I would probably lean toward what you're saying, but also if you start to late, it may be never becomes important, and they don't understand how money works, and they might think as they get older.
24:34
[SPEAKER_03]: If I'm once, like right now, my kids, Sarai is five years old.
24:40
[SPEAKER_03]: She's like, Danny.
24:42
[SPEAKER_03]: I want to buy something, like, get me something.
24:44
[SPEAKER_03]: She'll see it on to you, get me about that.
24:46
[SPEAKER_03]: Can we buy that?
24:46
[SPEAKER_03]: I don't know, really, what you mean?
24:50
[SPEAKER_03]: But like, when she was smaller, she thought that we just go get the stuff that she wants.
24:56
[SPEAKER_03]: So we had to start teaching her.
24:58
[SPEAKER_03]: Nah, it takes money.
25:00
[SPEAKER_03]: You have to do something to get the money to buy that.
25:05
[SPEAKER_03]: So like what you're saying is an as you're saying I'm like dang you might be right Because now when she sees money she said I got money She sees some coins I got money or she might just have some like paper she's like daddy I got some money let's go buy something
25:21
[SPEAKER_03]: And I don't, before this conversation might also, she's understanding economics.
25:27
[SPEAKER_03]: You want something, you got to buy it, but the buy it, you got to have money, but you got to do something for the money.
25:33
[SPEAKER_03]: Right, I'm trying to keep teaching that path.
25:35
[SPEAKER_03]: What you're saying is, I want to kind of sheltered in from the whole money conversation.
25:40
[SPEAKER_01]: So now, we was growing up there.
25:41
[SPEAKER_01]: You know, it was a thing to stay out of grown folks' conversation.
25:44
[SPEAKER_03]: Yeah.
25:45
[SPEAKER_01]: Now days, kids that is, I don't even know what age
25:51
[SPEAKER_03]: But my dad brought me into the conversation about money early.
25:56
[SPEAKER_03]: So I began to hustle early.
26:00
[SPEAKER_03]: I began to like, I'm now associating this work with this money, the money I go get something.
26:08
[SPEAKER_03]: So essentially what you're saying is as a seven year old six year old, you don't necessarily want to teach them the chore process.
26:18
[SPEAKER_03]: you do the work, I give you the money for your chores.
26:20
[SPEAKER_03]: Cause then that turns when two hustlers.
26:22
[SPEAKER_01]: Yeah.
26:23
[SPEAKER_03]: Right?
26:24
[SPEAKER_01]: And it's not a good idea.
26:25
[SPEAKER_01]: It's not a good idea.
26:26
[SPEAKER_01]: That's interesting.
26:27
[SPEAKER_01]: But just pick the, everybody, one thing nobody can't tell you I have to do is raise your arm.
26:31
[SPEAKER_01]: That's the fact.
26:32
[SPEAKER_01]: You see what I'm saying?
26:33
[SPEAKER_01]: So everybody, you, we know how to make them.
26:36
[SPEAKER_01]: See?
26:37
[SPEAKER_01]: See me.
26:38
[SPEAKER_01]: And then we go and have them.
26:39
[SPEAKER_01]: And then you can raise yours, however you see fit, but just understanding the exposure to certain things.
26:48
[SPEAKER_01]: should be exposed to a hundred thousand and and it's has nothing to do with age in this aspect, but some adults get access to capital.
26:56
[SPEAKER_01]: They don't know right from love.
26:58
[SPEAKER_01]: They don't know asset versus liability.
27:00
[SPEAKER_01]: So I mean, there's really no, I would say like age to wait introduces based on the maturity level because I know some 60 euros that's immature and I know some 1920 euros that's very much worse.
27:12
[SPEAKER_03]: Yeah.
27:13
[SPEAKER_03]: Maybe because we never said that I had this conversation before, our philosophy might change on it.
27:19
[SPEAKER_03]: And I think this conversation for our audience, maybe we're starting to think about it like, man, how much do I teach my kids about money and finances and economics and how early?
27:30
[SPEAKER_03]: Some pretty proud of my five-year-old that she at least understands the concept.
27:35
[SPEAKER_03]: And she said, she said something like, other day, you don't want to get this American girl doll.
27:42
[SPEAKER_03]: And I was like, you're birthday just past, you don't need American, she said, is it too expensive?
27:49
[SPEAKER_01]: Mmm, that's, listen, let's talk about the traumatic remarks and comments that we heard growing up, such as money doesn't grow on trees and I was that, I don't know at all, was that a traumatic response?
28:02
[SPEAKER_03]: You think that's a developing trauma response you think?
28:06
[SPEAKER_01]: I always say so because you they tell you money doesn't grow on trees and it doesn't, but
28:15
[SPEAKER_01]: philosophy wise it technically works the same.
28:18
[SPEAKER_01]: You plant something and then it grows.
28:20
[SPEAKER_01]: But, you know, we don't have enough money to do this.
28:24
[SPEAKER_01]: No, you have enough money for what you want to know money for.
28:27
[SPEAKER_01]: So you grow up with these, and I can tell you a number of traumatic things that I've heard growing up such as McDonald's Money.
28:37
[SPEAKER_01]: such and it is like a lot of things and then we hold on to those.
28:42
[SPEAKER_01]: So I have our money reading money management.
28:45
[SPEAKER_01]: What comments and ideologies are we holding on to that no longer serves us?
28:51
[SPEAKER_01]: back in the day, we could not, you know, switch or kick or whatever and make six figures in a day.
28:57
[SPEAKER_01]: Now you got kids, seven, six-year-olds that could go on there and start a channel and go and print more money than some people that worked the entire log with a four-way bag.
29:09
[SPEAKER_03]: That is a fact.
29:11
[SPEAKER_01]: So, dude, would you want baby girl to get access and it's going to benefit the family and it's going to benefit her?
29:18
[SPEAKER_01]: Would you want your daughter to write to make $100,000 from streaming on Twitch or kick with her American dog girl?
29:27
[SPEAKER_03]: Yeah, of course.
29:28
[SPEAKER_01]: You would?
29:30
[SPEAKER_03]: I mean.
29:32
[SPEAKER_01]: at five and let's continue with continuous.
29:36
[SPEAKER_01]: So she is stripping her of her, let's just say childhood because she's going to grow up so fast, getting access to these larger amounts of money.
29:47
[SPEAKER_03]: My opinion is stripping her.
29:51
[SPEAKER_03]: I mean if we're looking at it in the case like Michael Jackson,
30:01
[SPEAKER_03]: I mean, what does it mean to really take a child's childhood when they start thinking about making money young and it's all about money, but they're prepared to earn later, which they'll spend more time older than they will younger.
30:21
[SPEAKER_01]: That's a good.
30:22
[SPEAKER_03]: I like I like where we go and I have memories for my childhood, but not every waking moment.
30:28
[SPEAKER_03]: You know, I remember being a kid.
30:30
[SPEAKER_03]: I remember some stuff I had fun with, but I do believe a part of me living this life that I am.
30:38
[SPEAKER_03]: I'm okay with right now.
30:40
[SPEAKER_03]: Had something to do with me earlier on understanding how money works.
30:47
[SPEAKER_01]: Got you.
30:51
[SPEAKER_01]: Imagine shout out to the carers, but imagine blue ivies, childhood.
30:58
[SPEAKER_01]: Now it's great, but she can't go and do whatever she wants to do.
31:03
[SPEAKER_01]: You can't go and do these things, yeah.
31:07
[SPEAKER_01]: And if it could be from a famous streamer, and they're young, they can't go to the mall and do certain things.
31:15
[SPEAKER_01]: They can't have childlike experiences.
31:21
[SPEAKER_03]: But is that experience overrated?
31:26
[SPEAKER_03]: Here's the thing.
31:26
[SPEAKER_03]: I don't want my kids going to school.
31:29
[SPEAKER_03]: Anyway, we went on school True.
31:32
[SPEAKER_03]: I don't want them that that experience because ain't nothing, but Satan in them schools hear me you're hitting the nerve with that one day, bruh.
31:40
[SPEAKER_03]: Yeah, all the stuff All right, I'm not I don't want to go to on the deep end, but I
31:48
[SPEAKER_03]: Ah, I don't have that direction.
31:51
[SPEAKER_03]: Yeah, but school, nah, it's too much in the school, too many influences that's driven by popular culture, rap music.
32:05
[SPEAKER_03]: I'm cool bro.
32:07
[SPEAKER_03]: I'd rather you be at the crib.
32:08
[SPEAKER_03]: We learn, I'd rather you be learning economics and be traveling with your dad and coming to work here and all that kind of stuff.
32:16
[SPEAKER_03]: Then that ideal childhood, that's good.
32:21
[SPEAKER_03]: but I can't control, I don't know.
32:23
[SPEAKER_03]: Because I was in the public school and then...
32:24
[SPEAKER_01]: But then you know what happens whenever you go to, I was always somewhat sheltered as a child, but then I go to South Carolina State University and then it's a completely different world than I was in my mind.
32:35
[SPEAKER_03]: Yeah.
32:38
[SPEAKER_03]: Yeah, what you grew up in the country, yeah?
32:40
[SPEAKER_01]: I grew up in the country, country.
32:41
[SPEAKER_03]: Yeah, so all the biggest, like, shock factor.
32:46
[SPEAKER_01]: same more than I was, say, 40, 50 people gathered together.
32:51
[SPEAKER_03]: Yeah.
32:51
[SPEAKER_01]: Like, and just, and just having access, like, to all sorts of things that you shouldn't have access, seeing things that you shouldn't see that is, like, absolutely crazy because you've never seen it.
33:05
[SPEAKER_03]: That's a fact.
33:06
[SPEAKER_03]: I remember what you've challenged.
33:09
[SPEAKER_03]: I, for one, I never seen that many people my age in the same place.
33:14
[SPEAKER_03]: Yo, so I went to Huntsville, I went out of M&M.
33:18
[SPEAKER_03]: So you got out of M&M, you have Oakwood, down the street, you got, there's another college there.
33:28
[SPEAKER_03]: There's a bunch of like, it's just a college town.
33:30
[SPEAKER_03]: And everywhere you go, everybody at age, you got a Walmart, the employees are your age.
33:34
[SPEAKER_03]: You got to the bank, there's people at your age.
33:37
[SPEAKER_03]: and I for sure, for sure, never seen that many beautiful black women in one place at what is this.
33:48
[SPEAKER_03]: And I did not do well in college because of that.
33:53
[SPEAKER_03]: However, I was always getting to the money though, from a child.
33:57
[SPEAKER_03]: Now I did some things that I wasn't supposed to do, selling some things that were I wasn't supposed to sell, but all these experiences led me to today.
34:05
[SPEAKER_03]: Think about the people that made our anger and mentorship that they've been taught.
34:12
[SPEAKER_03]: to work a job.
34:13
[SPEAKER_03]: And maybe it wasn't a lot of financial conversations in the house.
34:16
[SPEAKER_03]: So when they come to you as a grown person 30 something years old, they still have to learn the learn credit.
34:24
[SPEAKER_03]: They got to learn how to earn money.
34:26
[SPEAKER_03]: I don't know much of the start that late, right?
34:29
[SPEAKER_01]: That is true.
34:31
[SPEAKER_01]: So man, we had a cross road here to determine at what age do we
34:38
[SPEAKER_01]: open that financial literacy book and I think it depends on the individual child.
34:43
[SPEAKER_01]: I can't treat KD my oldest the same way that I treat my middle.
34:47
[SPEAKER_03]: Yeah.
34:47
[SPEAKER_01]: It's different feelings involved in that he's handled more aggressive than the other one.
34:52
[SPEAKER_01]: So I think it's going to be on how you want to truly raise your child and you got to determine it as the parent.
34:58
[SPEAKER_01]: Nobody knows the child better than the parent.
35:00
[SPEAKER_03]: Yeah, I think you should teach him, bro.
35:03
[SPEAKER_03]: Early.
35:04
[SPEAKER_03]: I think we need to introduce the money.
35:05
[SPEAKER_03]: Early.
35:07
[SPEAKER_03]: Because it's coming regardless.
35:10
[SPEAKER_03]: And when it comes you want them prepared, or oblivious to it, or I just, I'm cool, it's not important to me.
35:18
[SPEAKER_03]: That type of attitude,
35:21
[SPEAKER_03]: if it carries on with your older, that's dangerous.
35:24
[SPEAKER_01]: I agree.
35:25
[SPEAKER_03]: The money's coming in, like these conversations where I'm money, you're coming anyway.
35:29
[SPEAKER_03]: And also, your kids understand money because we get to the store, you got to pull out your card or pull out your pay for the thing, and they see it.
35:36
[SPEAKER_03]: But if we don't explain to them what's happening, like what's on this low card,
35:42
[SPEAKER_03]: They may be lost later, bro.
35:44
[SPEAKER_01]: That's, and that's something, and this is a complete transparent moment because my wife get on me all the time.
35:49
[SPEAKER_01]: She said, it doesn't matter if you go in Dollar Tree and it calls a Dollar 25.
35:54
[SPEAKER_01]: They don't understand that concept because they know when they go to the store with daddy, they're going to get something.
36:01
[SPEAKER_01]: And because I wasn't gave,
36:04
[SPEAKER_01]: As a child, every time we go to Target, I pray, we gotta have the entire Toy Collection.
36:13
[SPEAKER_01]: Like, I gotta get you the dumbness ricks.
36:16
[SPEAKER_01]: I gotta get you the tear.
36:17
[SPEAKER_01]: They have literally the entire collection, and they wouldn't know if they had it all or not.
36:23
[SPEAKER_01]: Is that really me?
36:24
[SPEAKER_01]: So, I'm sitting on this couch just like therapy on.
36:28
[SPEAKER_03]: You and I both, because I bought them,
36:32
[SPEAKER_01]: every, and my wife, and I don't think much of it.
36:34
[SPEAKER_01]: I'm like, bro, like, okay, some technically somebody else paid for this because we make money every day from digital product, so on and so forth.
36:41
[SPEAKER_01]: But am I ruining them?
36:44
[SPEAKER_03]: Maybe, bro.
36:48
[SPEAKER_03]: We might be ruining them by sheltering them from this information and not sitting down to have a conversation.
36:55
[SPEAKER_01]: But we don't want our children to grow up the same as that way we did.
36:58
[SPEAKER_01]: Of course, we have them in a better environment, but as far as the finances.
37:06
[SPEAKER_03]: I think it's always valuable to teach them how money works.
37:11
[SPEAKER_03]: All right.
37:12
[SPEAKER_03]: I think it's valuable.
37:14
[SPEAKER_03]: And especially if they understand the concept, we can start introducing them to things.
37:19
[SPEAKER_03]: Oh, you want that American girl doll.
37:21
[SPEAKER_03]: You're going to have to do this, this, this, and this is called work.
37:25
[SPEAKER_03]: If you want stuff, you've got to work.
37:27
[SPEAKER_03]: So eventually, bro, I, and maybe because my parents didn't have it like that.
37:33
[SPEAKER_03]: I understood that I had to go get the money.
37:38
[SPEAKER_03]: It's not like I could just go to mommy and daddy and get it.
37:40
[SPEAKER_03]: And we might be running our kids in that way because my kids know if they need something I got them.
37:45
[SPEAKER_01]: That's what I'm saying.
37:46
[SPEAKER_03]: That's terrible.
37:47
[SPEAKER_01]: At the level or at the point of
37:50
[SPEAKER_01]: financial and financial freedom is going to look different for everybody.
37:53
[SPEAKER_01]: I say his levels to it.
37:55
[SPEAKER_01]: The first level is not having to worry about your bills.
37:59
[SPEAKER_01]: The second level is putting your bills on autopay.
38:02
[SPEAKER_01]: The moment that I got to put my bills on autopay We talk about the 10,000 you made it thousand months
38:10
[SPEAKER_01]: Bro, no, real success is whenever you can put your bills on out of pay and you don't have to work about, okay, like I changed for a days or wait, no, we put them on out of pay and they take care of themselves.
38:21
[SPEAKER_01]: We don't have to sit down and worry about this.
38:24
[SPEAKER_03]: That's good, bro.
38:26
[SPEAKER_03]: I was talking to Teracle Insometh and I said, what is the moment that you knew you made it?
38:34
[SPEAKER_03]: She said, I remember it like it was yesterday.
38:37
[SPEAKER_03]: I went to the grocery store.
38:40
[SPEAKER_03]: bunch of stuff in my cart and I pay for my food and we leave.
38:45
[SPEAKER_03]: And she said, that was the first time I went grocery shopping and didn't have to check the account.
38:53
[SPEAKER_03]: Before I check out, that was the first time I go and I don't have to check the balance before I buy groceries.
39:00
[SPEAKER_03]: And I said, man, isn't that interesting?
39:04
[SPEAKER_01]: We forget about those moments.
39:08
[SPEAKER_03]: You know, I remember my mom teaching me that maybe she wasn't directly teaching, but I remember overhearing, you know, I'm out to write this check and maybe she told, you know, there are scenarios where I know she explained it to me.
39:25
[SPEAKER_03]: She's like, I'm out to write this check.
39:28
[SPEAKER_03]: I don't have the money in the account, but I got a few days to correct it.
39:32
[SPEAKER_03]: We'll just have to pay to overdrive.
39:36
[SPEAKER_03]: And I didn't see none wrong with it.
39:37
[SPEAKER_03]: Wow, I can come to my mom.
39:39
[SPEAKER_03]: There's a way of life.
39:41
[SPEAKER_03]: So I remember being in college, trying to figure out how much more I can spend that I have, how far in the overjap when they let me go before I cut it off before they cut off the spending.
39:54
[SPEAKER_03]: I remember thinking like that.
39:57
[SPEAKER_03]: If I got $30, I can spend at least 60.
40:00
[SPEAKER_01]: That's good.
40:01
[SPEAKER_01]: Are you that crazy?
40:02
[SPEAKER_01]: Many people, many people still operate that way, unfortunately.
40:08
[SPEAKER_03]: Nobody sat down and told them as a kid, though, or they taught them that you can spend more than you have as a kid.
40:16
[SPEAKER_03]: Either way, they're learning something, right?
40:18
[SPEAKER_03]: So your kids might see you go, swipe the card, swipe the card, and they're mine, y'all, I gotta get one of them cards.
40:25
[SPEAKER_03]: That's not gonna get a card, so I could do what that he does.
40:30
[SPEAKER_03]: I, but they don't see the money attached to it.
40:32
[SPEAKER_03]: So, I can, I stole some money from my dad one time.
40:37
[SPEAKER_03]: And I don't want to go into the story, but you never know what you're creating with your kids because they think I just gotta get that card.
40:46
[SPEAKER_03]: And it might start buying stuff with the card because in their mind, they're not attaching and I'm not a money to it.
40:52
[SPEAKER_03]: They might steal your card, bro.
40:54
[SPEAKER_01]: Fiat currency deserves a place in this.
40:57
[SPEAKER_01]: current economy, but it's over with.
41:00
[SPEAKER_01]: It's over with, but it could be a training tool for the kids.
41:05
[SPEAKER_03]: Yeah, I don't even think they respect pennies anymore.
41:08
[SPEAKER_01]: They don't even make pennies anymore.
41:09
[SPEAKER_03]: They don't even make it anymore.
41:11
[SPEAKER_01]: It costs more than make a penny.
41:12
[SPEAKER_01]: They stop maybe about a year ago, I want to say.
41:15
[SPEAKER_01]: They cost more than make a penny than what it's worth.
41:18
[SPEAKER_03]: Yeah, we got to teach the kids about money, bro.
41:20
[SPEAKER_03]: Oh, oh, so here, last question.
41:23
[SPEAKER_03]: What age do you start teaching the kids about leverage?
41:26
[SPEAKER_03]: Because they're dads and funding and like leveraging, when do you start that conversation?
41:33
[SPEAKER_01]: That's a more dangerous conversation for a kid because now you're spending what you don't have.
41:44
[SPEAKER_03]: They're investing.
41:45
[SPEAKER_03]: Hmm.
41:47
[SPEAKER_03]: Kids are smarter than we think, right?
41:51
[SPEAKER_03]: Jim Rowan says something, I never forget it.
41:54
[SPEAKER_03]: He said, kids have no capacity in learning.
42:00
[SPEAKER_03]: They don't have a specific capacity of learning, meaning they can learn anything we teach them.
42:08
[SPEAKER_03]: The problem is we don't have enough teachers.
42:11
[SPEAKER_03]: They can learn anything.
42:13
[SPEAKER_03]: A kid can learn 10 languages.
42:15
[SPEAKER_03]: The problems we don't have 10 teachers, but they have to capacity to learn it.
42:21
[SPEAKER_01]: That's good.
42:22
[SPEAKER_03]: Yeah, you know, I can understand the concept of leverage.
42:25
[SPEAKER_03]: And maybe by the time they're nine, 10, they understand leverage where they're like, yo, I need to go buy this bike.
42:32
[SPEAKER_03]: Hey, give me this money.
42:33
[SPEAKER_03]: I let you ride my bike when I get it.
42:36
[SPEAKER_03]: You got your birthday money.
42:38
[SPEAKER_03]: I'm gonna go buy this bike real quick.
42:40
[SPEAKER_03]: And then we can ride it.
42:41
[SPEAKER_03]: Well, we started renting it out.
42:43
[SPEAKER_03]: I mean, yo, you start a kid can understand leverage, bro.
42:46
[SPEAKER_03]: But we don't have enough teachers.
42:48
[SPEAKER_01]: I mean, I may start this, pretty, this summer actually.
42:51
[SPEAKER_01]: I think that crazy, right?
42:53
[SPEAKER_01]: I came on here to educate the people, but I ended up learning something myself.
42:56
[SPEAKER_01]: So I may start this summer with teaching them about money and, yeah, it may be time.
43:04
[SPEAKER_03]: But we all learning.
43:05
[SPEAKER_03]: I never said what I said, I'm learning from this conversation.
43:09
[SPEAKER_03]: And I think that's why people respect this platform because I
43:13
[SPEAKER_03]: I brought nobody's above the program of learning.
43:16
[SPEAKER_03]: We're all learning, we're all learning.
43:19
[SPEAKER_03]: So now I'm thinking like the conversation my daughter, she's a little behind when it comes to finance.
43:23
[SPEAKER_03]: It's because she's doesn't care about the money.
43:25
[SPEAKER_03]: And I wanted to care a little more.
43:28
[SPEAKER_03]: Doesn't care.
43:31
[SPEAKER_01]: What are we breathing though?
43:32
[SPEAKER_01]: I think it comes with it because the look of disappointment.
43:36
[SPEAKER_01]: And you have a girl.
43:37
[SPEAKER_01]: I could imagine.
43:39
[SPEAKER_01]: What is like having a daughter and you being a father and that look of disappointment on her face whenever you tell her no, they don't, they don't bother you day, having a daughter.
43:52
[SPEAKER_01]: Uh, it hit different.
43:53
[SPEAKER_03]: The thing is my 15 year old, she don't ask for much.
43:56
[SPEAKER_01]: Okay.
43:57
[SPEAKER_03]: Our five year old, I don't, I don't mind telling her no, because I say, yes, so often, like it's not like, yeah, it's not, yeah.
44:09
[SPEAKER_01]: So that's what I struggle with.
44:10
[SPEAKER_01]: It's like, and I got boys, you know, you got to be hard on my boys.
44:13
[SPEAKER_01]: Yeah.
44:13
[SPEAKER_01]: So we go daddy, can we go to Target?
44:16
[SPEAKER_01]: If I already got to go in there and get some tank tops and t-shirts and things like that, I'm like, man, let's go see what they got in the toy section.
44:22
[SPEAKER_01]: What you don't have, I literally have a video on my phone of my son walking through there and I was like, y'all can y'all been listening, y'all can get what you want and walked up and down two, three hours.
44:32
[SPEAKER_01]: And he didn't see nothing that he want because he had everything.
44:34
[SPEAKER_01]: And I'm not saying that it's like this, I'm actually embarrassed about it.
44:39
[SPEAKER_01]: But it's the reality.
44:41
[SPEAKER_03]: Yeah, but the reason is, why are you saying no, or why are you saying yes?
44:46
[SPEAKER_01]: I think it's the childhood experiences that I have.
44:49
[SPEAKER_01]: I want to give my child everything that I didn't have growing up, one of those things would be presents with physical presence.
44:58
[SPEAKER_01]: But in a sense, I want to give you, because I'm blessed financially, the gifts as well.
45:05
[SPEAKER_01]: So you had daddy around all the time,
45:08
[SPEAKER_01]: yeah.
45:10
[SPEAKER_01]: It's bad.
45:11
[SPEAKER_03]: Well, I'm kind of getting to a point where even in maybe this is me evolving, I want to say yes because there's no reason for me to say no, right?
45:23
[SPEAKER_03]: It's different if your kid gets straight A's in school and they do everything they do all their homework, they're watching the dishes and they want some shoes and you have to say no, not because they don't deserve it,
45:39
[SPEAKER_01]: That's a dagger.
45:39
[SPEAKER_01]: It's an heart.
45:40
[SPEAKER_01]: Yeah.
45:42
[SPEAKER_03]: But I want to get to a point where, oh, I want this thing that I saw on TV.
45:48
[SPEAKER_03]: Well, you can have it.
45:50
[SPEAKER_03]: But here's some stuff we got to do.
45:54
[SPEAKER_03]: Make sure your room's clean every day.
45:55
[SPEAKER_03]: Starts matter of fact.
45:57
[SPEAKER_03]: I was just about to say this, never thought of it before, but I'm gonna do this.
46:01
[SPEAKER_03]: You want this, sleep in your own bed.
46:03
[SPEAKER_03]: Come on.
46:05
[SPEAKER_01]: I definitely need that right now.
46:07
[SPEAKER_03]: Go sleep your own bed, I give you that doll.
46:10
[SPEAKER_03]: If you don't want the doll, don't sleep your own bed.
46:13
[SPEAKER_03]: They might be able to start balancing decisions.
46:16
[SPEAKER_03]: This is something that I want.
46:18
[SPEAKER_03]: I realize to get what I want.
46:19
[SPEAKER_03]: There's something I have to do.
46:21
[SPEAKER_01]: That's good.
46:22
[SPEAKER_01]: and it's something logical for the age group, not just, hey, if you have $100 and you spend 20, you now have that's too complex.
46:30
[SPEAKER_03]: Yeah.
46:31
[SPEAKER_01]: If you go sleep in your bed, then I'll get you this risk reward type of situation.
46:36
[SPEAKER_03]: Especially, if you want to say yes anyway, you kids want to go to the target, get something or whatever.
46:41
[SPEAKER_03]: All right, cool, we can.
46:45
[SPEAKER_03]: Watch the dishes, clean the room, clean the liver room, and we can go.
46:50
[SPEAKER_01]: I like that.
46:50
[SPEAKER_03]: At least where, at least there's a little bit of obstacle versus, all right, cool, I got you kids, because that's what you create spoiled children, right?
46:58
[SPEAKER_01]: Like that.
46:58
[SPEAKER_01]: We can get rid of the clean enough.
47:01
[SPEAKER_03]: Come on.
47:04
[SPEAKER_03]: Thanks.
47:04
[SPEAKER_03]: This is good.
47:05
[SPEAKER_03]: I'm learning so much.
47:06
[SPEAKER_03]: Ta-da.
47:08
[SPEAKER_03]: Um, uh, let's, let's, let's give a quick little lesson on funding because you've helped funded a whole whole lot of people and let's talk to the grown-up who as a child has not learned how finances work, how would you talk to them when it comes to approaching funding?
47:33
[SPEAKER_01]: We do not go into debt to, I would say, give the child an experiences and experience above our means, meaning that
47:47
[SPEAKER_01]: If the child wants to go to, like my son is asking to go to Africa, and I'm like, right, if you want, you see, you see what I'm saying?
47:54
[SPEAKER_01]: The ax get bigger.
47:57
[SPEAKER_03]: The 7-year-old?
47:58
[SPEAKER_01]: Yeah, could describe the ax get bigger as you bless them.
48:03
[SPEAKER_01]: So, we don't go into debt.
48:06
[SPEAKER_01]: to give them something that I want to say we shouldn't be doing anyway, but can't be funded by an offer or let's just say less than 15% percent, 20% of your income.
48:20
[SPEAKER_01]: Most people,
48:21
[SPEAKER_01]: in our industry, they are getting funding for all of the wrong reasons to go on family vacations to buy a car and buy these different things.
48:29
[SPEAKER_01]: I've seen a few things online, what she wanted this young female, one of the GWAC, her mother got a Honda, and she saw that.
48:38
[SPEAKER_01]: She saw that.
48:39
[SPEAKER_01]: And I think that's what I'm breeding if I'm not careful.
48:42
[SPEAKER_01]: If this continues to go on, then you make it all in my wife's point.
48:45
[SPEAKER_01]: She's gonna love this.
48:54
[SPEAKER_01]: Wall Street trapper say, I got it out the mud, so my children don't have to get it out the mud, but going through the mud actually helps you in the long run because we know what it felt like.
49:07
[SPEAKER_01]: Yeah, our kids and most people, that's in our industry, they don't know what it feels like to, man.
49:14
[SPEAKER_01]: They don't know what hard feels like, yeah, yeah.
49:17
[SPEAKER_01]: But I would say just understand the cost of the money, understand why you're getting access to this capital, making investment the ROI pay for the liability.
49:29
[SPEAKER_01]: That would be like the best advice that I can do and then like, duh, like, what does that mean?
49:33
[SPEAKER_01]: Getting a credit carding and investing into your business, putting on ads, spending then using the credit card points to fund that vacation.
49:40
[SPEAKER_01]: So you're not going into debt doing it.
49:42
[SPEAKER_01]: I like it, I like it.
49:44
[SPEAKER_03]: The pre-stage of my brother, all these conversations are improving my own financial literacy, and I love it.
49:51
[SPEAKER_03]: So if you're every single Friday, we talk about financials.
49:57
[SPEAKER_03]: But we have conversations around money specifically.
50:00
[SPEAKER_03]: So go back and watch some of the other episodes with me in Dove because I'm really, really enjoying the series.
50:05
[SPEAKER_03]: And also, if you are looking for our community to be a part of, tell them about the community.
50:10
[SPEAKER_01]: So, $99 a month, you can cancel any time.
50:13
[SPEAKER_01]: We are showing you strategically how to repair your credit.
50:17
[SPEAKER_01]: We're giving you the AI prompts.
50:19
[SPEAKER_01]: We're giving you the letters that you send to the consumer bureaus.
50:22
[SPEAKER_01]: We're giving you a strategic plan directly curated towards you to help you get to whatever your North Star is.
50:30
[SPEAKER_01]: Some people want to get access to a half a million and funding.
50:33
[SPEAKER_01]: Some people just want to best rate.
50:34
[SPEAKER_01]: So, what we're doing is we're helping you
50:37
[SPEAKER_01]: determine your financial trajectory.
50:39
[SPEAKER_01]: And it's only $99 a month.
50:40
[SPEAKER_01]: Like we spend more on Starbucks.
50:42
[SPEAKER_03]: For sure.
50:43
[SPEAKER_01]: Yeah, man.
50:44
[SPEAKER_03]: I click the link below.
50:45
[SPEAKER_03]: There's a link below.
50:47
[SPEAKER_03]: If you enjoyed this episode, man, please send up a DM on Instagram at dubbed Washington, DUB, WASH, ING, T.O.N.
50:58
[SPEAKER_01]: Yes, sir.
50:58
[SPEAKER_03]: Yes, sir.
50:59
[SPEAKER_03]: Okay.
50:59
[SPEAKER_03]: Make sure you sit at the end to the wild.
51:01
[SPEAKER_03]: Just say thank you, man.
51:02
[SPEAKER_03]: I enjoyed it.
51:03
[SPEAKER_03]: Just tell the points that you took away.
51:05
[SPEAKER_03]: All right.
51:06
[SPEAKER_03]: So we love y'all.
51:07
[SPEAKER_03]: We'll see you back next Friday.
51:08
[SPEAKER_03]: Peace.
51:11
[SPEAKER_03]: All right, all right calm down calm down calm down calm down.
51:14
[SPEAKER_00]: Okay first question everybody has a podcast now.
51:17
[SPEAKER_00]: Why did yours work?
51:20
[SPEAKER_03]: Good question because I wasn't chasing views.
51:23
[SPEAKER_02]: What were you chasing?
51:26
[SPEAKER_03]: I was trying to get access to the rooms I didn't belong in yet
51:29
[SPEAKER_02]: You think this guy's not even a real podcast there?
51:31
[SPEAKER_02]: He just all you're using for his business.
51:33
[SPEAKER_02]: Exactly.
51:34
[SPEAKER_03]: That's the point.
51:36
[SPEAKER_03]: Most people start a podcast to talk.
51:37
[SPEAKER_03]: I started when they build something.
51:39
[SPEAKER_01]: And that's turned into a business.
51:41
[SPEAKER_03]: Listen man, that's turned into everything.
51:43
[SPEAKER_01]: But what you're going to do, man?
51:44
[SPEAKER_01]: I thought podcast summoned with two days and talking about microphones.
51:48
[SPEAKER_01]: See?
51:49
[SPEAKER_03]: Well, some people come to learn how to start a podcast.
51:53
[SPEAKER_03]: Some people come to learn how to grow a podcast.
51:56
[SPEAKER_03]: But everybody's going to leave knowing how to build something.
51:59
[SPEAKER_03]: No more questions.