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How Car Dealerships Work · Money And Wealth With John Hope Bryant

0:00
Speaker 1: Welcome the Money and Wealth with John O'Briant, a production
0:03
Speaker 1: of The Black Effect Podcast Network and iHeartRadio. Hey, so
0:15
Speaker 1: John O'Brien this is a trending topic. This is actually
0:19
Speaker 1: an old one because this story never gets old. Uh.
0:23
Speaker 1: You know, there's a rapper in Atlanta. I won't name
0:25
Speaker 1: his name because you know who he was, who was
0:30
Speaker 1: very successful as a music producer, had a high profile girlfriend,
0:36
Speaker 1: became his fiance. They almost got married. You can try
0:38
Speaker 1: to figure out who I'm talking about. African American in
0:42
Speaker 1: Atlanta within the last two decades. I'm gonna am I
0:45
Speaker 1: gonna give you too much more information than that. I'm
0:48
Speaker 1: not trying to embarrass him, but it is an interesting story,
0:51
Speaker 1: and he was he was rolling. He bought a you know,
0:54
Speaker 1: I bought it, rent rented, bought whatever, you know, the mansion.
0:58
Speaker 1: I'm not sure of how that trend actually, I think
1:00
Speaker 1: he bought it lost it, by the way. And most importantly,
1:04
Speaker 1: he had bought a convertible Rose Rice along with other cars.
1:08
Speaker 1: He's very, very proud of his car, flossing around town.
1:11
Speaker 1: Cool cool, cool. He getting afforded cool until he couldn't
1:14
Speaker 1: and he lost the ability to earn income, did not
1:18
Speaker 1: pay attention to the fact that it was a music business.
1:20
Speaker 1: It's the business of music, and you know, didn't pay
1:23
Speaker 1: attention to his finances. But his so called accountant and
1:27
Speaker 1: those who spent his money for him did pay attention.
1:30
Speaker 1: And one day he realized that just like the postman
1:33
Speaker 1: or the teacher or whoever who had two much month
1:35
Speaker 1: at the end of their money, he was out of
1:37
Speaker 1: money too. He just more zeros around his income and
1:39
Speaker 1: his debt and when his income stopped. You if you
1:43
Speaker 1: make thirty thousand dollars a year and you come up
1:46
Speaker 1: short one thousand dollars or whatever, you can find that
1:49
Speaker 1: somewhere through friends, maybe, But if you're making three million
1:52
Speaker 1: dollars a year and you had to go from that
1:54
Speaker 1: to making three hundred thousand dollars a year and you're
1:57
Speaker 1: short two point seven million dollars, where you can't go
1:59
Speaker 1: to Auntie Sue and get her to bail you out
2:01
Speaker 1: for two point seven million dollars, you just stuck like Chuck.
2:06
Speaker 1: So he was happy when the lenders gave him the
2:10
Speaker 1: car loan, and he was ecstatic, and they gave him
2:12
Speaker 1: a great deal, and they whined and dine him and
2:15
Speaker 1: he said thank you and was all taking pictures with
2:18
Speaker 1: him and all of that. But when he lost everything
2:22
Speaker 1: what happened, he called the lenders racist. When they came
2:26
Speaker 1: after him looking for the cars factor repossessed the cars.
2:30
Speaker 1: He did a whole stick back. There was no social
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Speaker 1: media back then, so he couldn't, you know, go on
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Speaker 1: his Instagram, but it was in the press he called
2:40
Speaker 1: this lender racist. Is a major bank in Atlanta, then
2:44
Speaker 1: called sun Trust, now called Truist, one of my partners.
2:48
Speaker 1: By the way, he called the lender racist, Well, I
2:52
Speaker 1: know the transaction, and I know the lender, and I
2:54
Speaker 1: know the applicant, and it wasn't racist. It wasn't racist
2:58
Speaker 1: when he got the loan, when he got it at
3:00
Speaker 1: prime rates and was happy about it, taking pictures with
3:04
Speaker 1: the linders and all that. But when he couldn't pay,
3:07
Speaker 1: supposedly they were racist. Let me tell you something. If
3:09
Speaker 1: I loaned you some money and you don't pay me back,
3:13
Speaker 1: I'm gonna take the car, right, And I'm not racist.
3:18
Speaker 1: I'm a capitalist. Right. They loaned you some money, they
3:21
Speaker 1: want it back. What's complicated about that? You couldn't pay them?
3:23
Speaker 1: You should have talked, called them and negotiated a restructure
3:27
Speaker 1: of that loan or given the car back. It always
3:30
Speaker 1: kills me where you have these folks and their car
3:33
Speaker 1: is about to be repossessed and they want to call you,
3:36
Speaker 1: curse out the toe men and chase them with a crowbar.
3:40
Speaker 1: You've seen the stories, you know, get in the car
3:43
Speaker 1: after food, pull out guns. By the way, You just
3:45
Speaker 1: going to jail. Now. You just made a bad situation,
3:48
Speaker 1: I don't know twenty times worse. You've won the battle
3:51
Speaker 1: and lost the war. You rearrange the deck chairs and
3:54
Speaker 1: the Titanic of your life. The ship is sinking and
3:57
Speaker 1: you're picking drapes and you'll be picking them in prison
4:00
Speaker 1: soon too, because that's just stupid. We all seen the stories.
4:04
Speaker 1: But it's emotional, emotional, emotion emotional. You can't pay. Just relay,
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Speaker 1: like here's the car, right, delay relay? You know we
4:16
Speaker 1: actually don't delay. Just relay the title back to the
4:19
Speaker 1: lender and be done with it. Renegotiate, negotiate your exit.
4:23
Speaker 1: You can't provide your consistency the meaning making payments. Just
4:27
Speaker 1: negotiate a dignified exit for yourself. Go buy a car
4:31
Speaker 1: you can afford so you have transportation and reset your life.
4:35
Speaker 1: I had to do that. Everybody has to do. We
4:37
Speaker 1: all go through it. A saint is a center that
4:39
Speaker 1: got up. It's because you make a mistake. Doesn't make
4:41
Speaker 1: you a mistake, right, It's only when you make a
4:44
Speaker 1: bad situation and make it worse. So this rapper lost
4:48
Speaker 1: it all. Of course, the lender got their car back
4:50
Speaker 1: and sold it and got their money back. And that
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Speaker 1: guy lost his public battle with the lender, and of
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Speaker 1: course we're ever able to do business with them there again.
5:00
Speaker 1: And no other lender wanted the loan of money because
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Speaker 1: I said, well, when you loan, it's got money's and
5:04
Speaker 1: to call your racist and not pay you back. By
5:07
Speaker 1: the way, there are races, but it's typically not a
5:10
Speaker 1: bank trying to get some money out of you. If
5:12
Speaker 1: the bank makes money by making you a loan and
5:15
Speaker 1: getting it repaid, why would a lender intentionally discriminated against
5:19
Speaker 1: you when all they want is their payments. I mean, again,
5:22
Speaker 1: there are races, but typically they're trying to not get
5:25
Speaker 1: you credit, not to not give you a loan in
5:28
Speaker 1: the first place. Right. So anyway, there you go. That's
5:32
Speaker 1: the trending topic for the day. Let's continue this conversation
5:36
Speaker 1: and make smart sexy again. We've been making dumb sexy
5:39
Speaker 1: for way too long. We've dumbed down and celebrated it.
5:42
Speaker 1: It's time to make smart sexy again. Hey. Hey, it's
5:58
Speaker 1: John ho'bryant. This is Money and Wealth on the Black
6:03
Speaker 1: Effect Network. And this week I'm going to break down
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Speaker 1: something that's near and dear to all of our hearts
6:10
Speaker 1: car dealerships. How does the car business work? So I've
6:19
Speaker 1: got a lot of personal experience with this, and you know,
6:24
Speaker 1: used cars actually make more money. The used car business,
6:28
Speaker 1: on balance has a better what it's called margin profit margin,
6:33
Speaker 1: or the area between well, the percentage of profit that
6:37
Speaker 1: they have on the product. You actually would think they
6:41
Speaker 1: would have more of a profit on a new product
6:44
Speaker 1: typically because a lot of these folks are scoundrels. And
6:47
Speaker 1: I'm going to have a dear friend of mine come
6:49
Speaker 1: on on a future podcast, Tony Marzulo of gas Motor Cars,
6:52
Speaker 1: who's a really honorable guy who deals with previously owned
6:56
Speaker 1: high end vehicles. Who are Who's going to come on
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Speaker 1: and explain you some horror stories of how this business
7:02
Speaker 1: that he has witnessed actually an industry, actually works. But unfortunately,
7:06
Speaker 1: there's a lot of scandals and bad players in certain industries,
7:11
Speaker 1: use car dealerships being one of them. I've got some experience,
7:14
Speaker 1: as I've said, and I'll explain what happened when I
7:16
Speaker 1: was coming up. But it might surprise you that actually
7:19
Speaker 1: used car dealerships on balance make more money or have
7:23
Speaker 1: a bigger profit margin. They may not make more money
7:26
Speaker 1: because they're smaller operations and all that stuff, and they
7:28
Speaker 1: can't scale. I'll explain why in the moment, mostly because
7:32
Speaker 1: of reputation issues that inability to brand what they're doing,
7:36
Speaker 1: so they may make a bigger profit margin, but have
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Speaker 1: a low overall profit, low overall viability as a business.
7:44
Speaker 1: They just can't grow it. But again, I'm gonna stop
7:47
Speaker 1: talking around it and talk right to it. When I
7:50
Speaker 1: was coming up in well, it was south central LA.
7:53
Speaker 1: My dad would go to the local car dealership and
7:59
Speaker 1: buy a car because his credit was tore up from
8:01
Speaker 1: the flow up. He was a small businessman, but you know,
8:04
Speaker 1: he would pay cash lot and he would flow checks.
8:10
Speaker 1: And you know, we've all done it. We've you know,
8:12
Speaker 1: growing up in the hood. You know I'm talking about
8:14
Speaker 1: we all have been there. So I'm not judging my
8:16
Speaker 1: father in this situation, he did the best he could
8:20
Speaker 1: what he had. He thought that the people in charge
8:23
Speaker 1: of the bank were the branch manager, so he dealt
8:26
Speaker 1: the only relationship he had was the branch manager, who
8:28
Speaker 1: couldn't extend him credit. Really then or now, no diss
8:32
Speaker 1: to the branch manager. It's just the way the banking
8:34
Speaker 1: environment works. They have centralized their credit making authority, and
8:39
Speaker 1: a lot of it has been automated using technology, as
8:44
Speaker 1: you've heard me say before. So artificial intelligence is going
8:47
Speaker 1: to make that even more this case, which is why
8:49
Speaker 1: your credit score is so important to getting the math
8:52
Speaker 1: right in your life. Another podcast for another time. So
8:56
Speaker 1: my dad would go to the car a lot, and
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Speaker 1: he couldn't go to the major car lots because they
9:02
Speaker 1: dealt with the major bank lenders and the manufacturing lenders
9:06
Speaker 1: who wanted them to have wanted them to have a
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Speaker 1: good what credit score, which my dad did not have.
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Speaker 1: I didn't know this back then. So let's just say
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Speaker 1: my dad had a five hundred in something credit score,
9:17
Speaker 1: which is probably accurate. So he would go to a
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Speaker 1: used car dealership lot and they would write him up
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Speaker 1: and you know, they would say, what do you know?
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Speaker 1: What do you want? To pay, and he would say, well,
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Speaker 1: I want a payment of X. I do remember a
9:30
Speaker 1: couple of times my dad bought a raggedy vehicle. This
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Speaker 1: was actually pretty smart for cash. I actually recommend that
9:37
Speaker 1: if you can buy some car for cash and have
9:41
Speaker 1: no car payment for your first car, it's actually not
9:43
Speaker 1: a bad route. But a couple of times my dad
9:48
Speaker 1: got caught up in a situation where he wanted something
9:50
Speaker 1: more flashy or whatever and ended up asking the wrong question.
9:53
Speaker 1: You never asked what the payment is when there's an
9:56
Speaker 1: interest rate attached. Okay, so now I'm going to stop
9:59
Speaker 1: picking on my dad. I had start picking on me.
10:02
Speaker 1: So my dumb ury and I went and lived with
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Speaker 1: my sister in San Diego. Later on, when I was
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Speaker 1: older and I was trying to be an actor, trying
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Speaker 1: to be an entertainer. Yes, that was a part of
10:13
Speaker 1: my life too. I wasn't a very good actor or entertainer,
10:16
Speaker 1: but I tried. I did a few things. I was sure.
10:19
Speaker 1: I was going to tell you what I did, but
10:21
Speaker 1: you might like it's too nosy and start searching around,
10:24
Speaker 1: and then that becomes a conversation. So we're not going
10:26
Speaker 1: to talk about that. I just tell you It wasn't
10:28
Speaker 1: all that great. It wasn't my highest and best hues
10:32
Speaker 1: being an actor. But I was in San Diego and
10:35
Speaker 1: trying to floss and I wanted it was two different cars.
10:39
Speaker 1: I wanted. I want a BMW three twenty I that
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Speaker 1: was the car back then, and it was blue. I remember,
10:47
Speaker 1: it was like a midnight or it was not an
10:50
Speaker 1: ocean like a midnight blue. I loved it. A tan interior.
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Speaker 1: Who I think, you know, there was a few actors
10:56
Speaker 1: who had that car back then. I wanted that car,
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Speaker 1: that car. You know. This was convinced he was going
11:01
Speaker 1: to make me cool and solve all my problems. Whatever
11:04
Speaker 1: decision you make emotionally is a bad decision, and this
11:07
Speaker 1: was an emotional decision. And I went to a car
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Speaker 1: dealership a lot in La Jolla, California, high in area.
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Speaker 1: It was a B paper lot or a sea paper lot.
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Speaker 1: A paper lot is the best credit you can get.
11:18
Speaker 1: This was a B paper lot, maybe even a C
11:20
Speaker 1: paper lot. So a paper lot. The dealership actually is
11:25
Speaker 1: connected with a manufacturer, so Honda, Toyota, Mercedes, you know, whatever, Jaguar,
11:32
Speaker 1: you know, Maserati. The lots you know where they forward,
11:36
Speaker 1: where they own. Uh, well, they have a relationship with
11:40
Speaker 1: the manufacturer. They give you preferred financing through the manufacturer.
11:44
Speaker 1: They get you know, it's it's a proper situation. A
11:48
Speaker 1: B lot is a lot that where you have impaired credit.
11:53
Speaker 1: They've gotten fairly nice cars, they're previously owned, but they're
11:58
Speaker 1: going to shop your credit a rund down to different
12:02
Speaker 1: lenders who are less than prime, less than perfect word
12:06
Speaker 1: less in prime leaning. It's not going to give you
12:08
Speaker 1: the best raising terms, but you still get a decent deal,
12:11
Speaker 1: not a good deal, but somebody is going to finance
12:14
Speaker 1: your deal through the lender a CEA paper lot is
12:19
Speaker 1: when they finance your paper themselves, and they're really in
12:24
Speaker 1: the business of financing, not a business of selling cars.
12:27
Speaker 1: So I bought one of these cars on a sea
12:30
Speaker 1: paper lot. Well, no, it was a B paper lot
12:34
Speaker 1: that was also a C paper lot. Because I remember
12:35
Speaker 1: they tried to finance me through lenders. They let me
12:39
Speaker 1: leave all the lot. They always ask this question, what
12:41
Speaker 1: payment do you want? Never asked what the payment is
12:44
Speaker 1: when there's an interest rate attached. If there's something they
12:46
Speaker 1: charge costs more than one thousand dollars, do not go
12:50
Speaker 1: with what the payment is. It's a trap. I fell
12:53
Speaker 1: into the trap. What do you want your payment to be?
12:55
Speaker 1: I told them what the payment, what I wanted the
12:57
Speaker 1: payment to do. They pulled my credit. They held their nose.
13:00
Speaker 1: And of course the salesman's just trying to sell a car,
13:03
Speaker 1: so he writes the paper up. He gets me to
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Speaker 1: sign the documents, gives me the keys, make sure I'm bound,
13:09
Speaker 1: which means that I've got insurance at least for the
13:12
Speaker 1: day on the car. And sometimes they will buy and
13:17
Speaker 1: being the insurance themselves with their insurance carrier, they get
13:20
Speaker 1: an override fee for that as well, by the way,
13:23
Speaker 1: depending on what the insurance company is. And I leave
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Speaker 1: the lot and the salesman is hoping he can place
13:30
Speaker 1: his paper the loan on the car, and yes, there's
13:36
Speaker 1: a purchase price I've agreed to for the car. Actually,
13:39
Speaker 1: with the most of these dealerships, an actual purchase price
13:41
Speaker 1: a secondary. That's not how they're making their money. They're
13:43
Speaker 1: making their money on sales, they're making their money on service,
13:47
Speaker 1: and they're making their money on financing. Typically there's a
13:50
Speaker 1: couple other things like insurance. I'll get to this in
13:52
Speaker 1: a minute. It's break down exactly how they make their money.
13:55
Speaker 1: But on these B and C paper lots, you may
13:58
Speaker 1: surprise you. You're sitting at the spin all this time
14:00
Speaker 1: negotiating the purchase price. And these folks, these jokers, are
14:04
Speaker 1: making their money. They don't really care about that. They're
14:06
Speaker 1: making the money on financing you, and they're getting an
14:09
Speaker 1: override or kickback or a fee with the lenders to
14:13
Speaker 1: finance you. And they're making the money when the car
14:16
Speaker 1: breaks down or you break down and the car comes
14:18
Speaker 1: back to them. But I'm getting ahead of myself on
14:21
Speaker 1: the story. So I take this car, and I think
14:23
Speaker 1: within a day or two they told me that I
14:26
Speaker 1: needed to bring the car back, and that of course
14:28
Speaker 1: made a small down payment. That became a negotiation. But
14:32
Speaker 1: the guy was unsuccessful in getting me to place me
14:36
Speaker 1: with a lender. So I added, bringing that car back
14:38
Speaker 1: broke my heart. But now I'm like half pregnant. I
14:41
Speaker 1: want to buy something. So he then gets me into
14:44
Speaker 1: my second dream car emotional decision at that time, which
14:47
Speaker 1: was a two eight z X. I love that car.
14:50
Speaker 1: It dots him to aight Z and I won't get
14:53
Speaker 1: into the story what happened to that car before I
14:56
Speaker 1: lost it, because it's really embarrassing. I drove her from
14:58
Speaker 1: San Diego to Los Angeles, got into some not so
15:02
Speaker 1: honorable trouble and it was not good trouble. It was
15:05
Speaker 1: just trouble. I didn't hurt anybody, didn't hurt myself, but yeah,
15:09
Speaker 1: it was not my finest moment. I can smile about
15:13
Speaker 1: it now, but I was really lucky so short version
15:16
Speaker 1: on that that car got repossessed. And I've got several
15:20
Speaker 1: of these stories about me and cars in life. Early on,
15:23
Speaker 1: and you know, I mean I did. It was several
15:26
Speaker 1: years I didn't pay my taxes. This was later on
15:29
Speaker 1: in my life. I ended up having to get hit
15:31
Speaker 1: with a bunch of tax fees and whatever, and I
15:33
Speaker 1: had to file a bunch of returns, like six years
15:35
Speaker 1: returns in one year in my early twenties because I
15:38
Speaker 1: was so busy as I want to be entrepreneur. Now,
15:40
Speaker 1: this is when I was actually being more honorable, and
15:43
Speaker 1: I really I didn't pay, not pay because I was
15:45
Speaker 1: a flake. I didn't pay because I didn't have it,
15:48
Speaker 1: and that wasn't my priority to use the limited capital
15:51
Speaker 1: I have I had, I was reinvesting in my business.
15:54
Speaker 1: I ultimately end up having to file all those tax
15:57
Speaker 1: returns in arrears and of course paid every dime. Oh
16:00
Speaker 1: back to this story, this is a different version of me.
16:03
Speaker 1: This was me that was trying to floss, trying to
16:06
Speaker 1: impress girls, you know, guys, whatever, you know my friends.
16:11
Speaker 1: I hung around the guys, the ladies I was trying
16:13
Speaker 1: to date, none of which, by the way, in hindsight
16:16
Speaker 1: matters spending money. You don't have to impress people you
16:20
Speaker 1: don't know about things that don't matter, on things that
16:23
Speaker 1: when you look back on that are just ridiculous. He's
16:27
Speaker 1: like trying to be, you know, a six square block celebrity,
16:30
Speaker 1: like you will to be a celebrity famous in your
16:32
Speaker 1: six square block area. Later on in your life, you
16:34
Speaker 1: will realize that was wasting a whole bunch of time
16:38
Speaker 1: and energy, owing nothing and on nobody. So, yeah, I
16:43
Speaker 1: lost that car. There was one decision I made that
16:46
Speaker 1: was smart. I bought a used nineteen sixty seven Ford
16:51
Speaker 1: Mustang with a hard top, and it actually is a
16:55
Speaker 1: collector's card type. This particular car was toe up and
16:58
Speaker 1: the flow up, but it looked nice. And I remember
17:00
Speaker 1: I put retreads, which means not dependable wheels. I put
17:05
Speaker 1: re treads on the car, and it was so hot
17:08
Speaker 1: outside the retreads came off the car. Winning a car
17:11
Speaker 1: was driving on the freeway. Another story for another time.
17:14
Speaker 1: So let's get out. Okay, now that you're laughing your
17:16
Speaker 1: tail off, and you know that I actually understand what
17:19
Speaker 1: I'm talking about. But I did paper that car in cash,
17:21
Speaker 1: that's the good news. And I had a cell phone,
17:24
Speaker 1: a fake cell phone in the car. This story is
17:26
Speaker 1: getting worse. I wouldn't have wrote to what was in
17:28
Speaker 1: called radio shack and bought a cell phone kit, which
17:31
Speaker 1: is the antenna. Remember this, somebody, you guys, remember this
17:34
Speaker 1: antenna on the car and the hand cradle in the car,
17:38
Speaker 1: and I put the cord underneath the dashboards. Is really embarrassing,
17:41
Speaker 1: trying to impress somebody. This is my flossing period. All right.
17:45
Speaker 1: Here's how a car dealership works. The revenue side of
17:48
Speaker 1: the car dealership. These are traditional car dealerships. The primary
17:52
Speaker 1: source of revenue for dealership is selling new and used vehicles.
17:54
Speaker 1: Dealers purchase vehicles from manufacturers or I had auctions and
17:58
Speaker 1: sell them to consumers of their markup. Be careful of
18:01
Speaker 1: dealers that sell you a car at an auction. An
18:04
Speaker 1: auction vehicle sometimes is really tow up from the flow up,
18:08
Speaker 1: and they paint over problems and there's a reason the
18:11
Speaker 1: cars at the auction because it did not make it
18:15
Speaker 1: in a traditional buy and sell and trade in an environment,
18:18
Speaker 1: and you buy a car an auction and somebody might
18:20
Speaker 1: have turned back the odometer, the mileage meter and all
18:24
Speaker 1: kind of crazy stuff, gotten to an accident, repainted it
18:28
Speaker 1: might have been. You might have broken the frame or
18:30
Speaker 1: something and welded it back together. You just never know
18:33
Speaker 1: what you're getting at an auction. Financing and insurance is
18:36
Speaker 1: a second way dealerships make money. Dealerships often offer financing
18:41
Speaker 1: options to customers, allowing them to spread the costs of
18:43
Speaker 1: the vehicle over time. That's pretty much all the time.
18:46
Speaker 1: They also sell insurance products like extended warranties and gap insurance,
18:51
Speaker 1: meaning the difference between what the car is worth if
18:54
Speaker 1: something happens or you're trying to sell the car, whatever,
18:57
Speaker 1: and what you owe against the car. That's a gap
19:00
Speaker 1: that the insurance to cover the gap. I've had that
19:02
Speaker 1: before on high end vehicles, which provide additional revenue for
19:07
Speaker 1: the dealership. So they're making money on the gap insurance.
19:09
Speaker 1: They're making money on selling you insurance. They're making money
19:13
Speaker 1: on extended warranties. No problem with any of this if
19:16
Speaker 1: it's honorable, and they're making money on financing. I'm gonna
19:20
Speaker 1: come back to this because in a traditional car dealership,
19:23
Speaker 1: well they're making money selling cars, primarily a new car dealership.
19:27
Speaker 1: But that's not what I'm talking about here, and that's
19:30
Speaker 1: not what I'm warning you about. Stay tuned here. Hold on.
19:33
Speaker 1: The third area is service and parts. Dealerships earn money
19:36
Speaker 1: through servicing vehicles and selling parts. These include routine maintenance, repairs, insulations,
19:42
Speaker 1: and accessories. Last week I just had actually it wasn't
19:45
Speaker 1: need a car dealership. It was an entire company. I
19:48
Speaker 1: do business with installed and after market parts for me
19:52
Speaker 1: on one of my cars and charge me. They may charge
19:55
Speaker 1: me two thousand dollars. You know, that was mostly all labor.
19:58
Speaker 1: I think it was all labor. Actually, so they paid
20:01
Speaker 1: their people that say, you know, fifteen bucks an hour.
20:04
Speaker 1: If they charge me the equivalent of forty five dollars
20:06
Speaker 1: an hour or whatever, then the difference minus the costs
20:09
Speaker 1: of their cost of your business is their profit. And
20:13
Speaker 1: I'll tell you about what the cost of doing business
20:15
Speaker 1: is for a car dealership in a moment trade ins
20:19
Speaker 1: when the customer trades in their own vehicle for new one.
20:21
Speaker 1: Dealerships may refurbish and resell their trade in adding to
20:24
Speaker 1: their revenue fees and add ons check this out. Dealerships
20:28
Speaker 1: may charge fees for processing, paperwork, delivery, or other services.
20:32
Speaker 1: They may also offer add ons like rust protection, paint,
20:36
Speaker 1: sealantor then etching for an additional charge. I have paid
20:41
Speaker 1: for like you know, rims. You know, if you rub
20:46
Speaker 1: your rims against the curb. I paid a warranty to
20:49
Speaker 1: cover that for members of my family and myself for
20:54
Speaker 1: high end vehicles, and so if something happens to the rim,
20:57
Speaker 1: you take it back to the dealership. They repair it
21:00
Speaker 1: or replacement for free. But that's not again, the kind
21:03
Speaker 1: of I'm not talking about honorable folks and people like
21:07
Speaker 1: me who can afford to pay these things for high
21:10
Speaker 1: end cars and a new dealership are quality previously on.
21:14
Speaker 1: I'm talking about folks who are trying to rob you
21:16
Speaker 1: in broad daylight and calling it a traditional business. Here's
21:20
Speaker 1: the traditional cost of running a car dealership. Vehicle acquisition.
21:25
Speaker 1: So the dealerships have to purchase vehicles from the manufacturer
21:28
Speaker 1: or auctions or from you to resell it. The costs
21:31
Speaker 1: these vehicles affect their profit margins. Of course, operating expenses.
21:35
Speaker 1: This includes expenses like rent, their rent, utilities, their insurance
21:40
Speaker 1: for those facilities that they are purchased that they're operating from.
21:44
Speaker 1: Salaries for their employees, and marketing costs and equipment, inventory costs,
21:49
Speaker 1: holding inventory ties, capital and incurse costs such as depreciation,
21:54
Speaker 1: financing charges, and storage costs. So a car dealership has
21:58
Speaker 1: a proper one has a finance vehicle. That finance is there.
22:02
Speaker 1: That's the floor inventory for the car dealership. Let's say
22:05
Speaker 1: it's making this up. They have a million dollar line
22:09
Speaker 1: of credit if you will, to put cars on the
22:12
Speaker 1: car lot, and then as they sell it to you,
22:16
Speaker 1: they pay down that line of credit. Hope doesn't make
22:19
Speaker 1: sense to you. So they can't core afford to hold
22:22
Speaker 1: cars for a long long time. They're trying to get
22:24
Speaker 1: them off the lot as soon as possible, which is
22:26
Speaker 1: the advantage for you to negotiate. If car's been sitting
22:29
Speaker 1: there for a long time, you typically can get a
22:31
Speaker 1: better deal. And while service and parts of generating revenue,
22:34
Speaker 1: they also have a costs associated with labor, parts, inventory,
22:38
Speaker 1: and equipment. Just covered that with the car tire company
22:42
Speaker 1: I mentioned that's doing some install for me. Advertising and
22:45
Speaker 1: marketing dealership spend money on advertising to attract customers and
22:49
Speaker 1: promote their business. Okay, there's nothing there's nothing you know
22:52
Speaker 1: crazy about any of that, right, And the profit margin
22:55
Speaker 1: is the difference between the costs and their revenue. Now,
22:58
Speaker 1: you might be shocked to hear that the real way
23:02
Speaker 1: these folks make their money the less than honorable ones,
23:05
Speaker 1: the ones that hope you have a six hundred or
23:08
Speaker 1: five hundred credit score right or a seveator credit score.
23:11
Speaker 1: You're just not that bright and are not that wise,
23:13
Speaker 1: And somehow you've fallen yourself into a B or C
23:17
Speaker 1: paper a B or C paper dealer. Are you just
23:20
Speaker 1: drove by someplace and emotionally you got captivated with some
23:24
Speaker 1: incredibly sexy car and you walked yourself into a B
23:27
Speaker 1: or C paper auto dealership didn't know that you were there.
23:31
Speaker 1: It is real sin if you have a seven hundred
23:33
Speaker 1: credit score and you end up on these places and
23:35
Speaker 1: don't know that you're being preyed upon. But certainly they're
23:38
Speaker 1: searching for somebody who doesn't have optionality, because if you
23:41
Speaker 1: show up at one of these places with a semilar
23:43
Speaker 1: credit score. I'd hope that you have enough sense that
23:45
Speaker 1: the snuff out, even with you being em you're making
23:48
Speaker 1: a decision emotionally is a bad decision. That's another podcast
23:51
Speaker 1: episode that I would do at another time. But I'm
23:54
Speaker 1: hoping that if you have a similar credit score, even
23:56
Speaker 1: if you just really love this car, you'll go find
23:59
Speaker 1: that same cars someplace else. This b paper dealership is
24:05
Speaker 1: going to shop your loan. So first of all, you're
24:08
Speaker 1: gonna go there and the car's gonna be twenty thousand
24:10
Speaker 1: dollars on the sticker. You're gonna try and negotiate that down.
24:13
Speaker 1: I'm making this up to you know, you're gonna say
24:16
Speaker 1: eighteen thousand, they're gonna say nineteen thousand and five. Twenty
24:20
Speaker 1: thousand dollars car. You're gonna say eighteen thousand and five.
24:23
Speaker 1: They're gonna say nineteen thousand, two hundred, and you guys
24:26
Speaker 1: are gonna ultimately, let's say agree on nineteen thousand, one
24:29
Speaker 1: hundred whatever. You know, you said, Oh, I've got these
24:32
Speaker 1: folks down almost a thousand dollars. Fantastic, you know. But
24:36
Speaker 1: in this example of five eighty credit score, and you're saying,
24:39
Speaker 1: what's the payment. This is not gonna correlate, but I'm
24:42
Speaker 1: gonna just say the payment's, you know, six hundred dollars
24:44
Speaker 1: a month that they tell you that your payment's going
24:47
Speaker 1: to be, or you say that's what your payment cannot exceed.
24:50
Speaker 1: They walk into the financing department. Now this is where
24:53
Speaker 1: they really make their money. They then talk to Joe's
24:57
Speaker 1: finance company and they have a relation ship with Joe's
25:00
Speaker 1: finance company, and they say they got a sucker, I mean,
25:03
Speaker 1: a client in front of them, and the purchase price
25:07
Speaker 1: is nineteen thousand, one hundred and your credit for courus
25:11
Speaker 1: five to eighty, and you want to pay men six
25:12
Speaker 1: hundred dollars a month. The lender comes back and tells
25:15
Speaker 1: the dealership Schmuckville, USA, will finance this guy. We want,
25:24
Speaker 1: you know, fifteen percent interests. And the Schmuck Auto dealership
25:30
Speaker 1: company wants a brokerage fee. They want to points, they
25:36
Speaker 1: call it. They want points against this nineteen dollars purchase.
25:41
Speaker 1: So you think you're just paying a commission whatever is
25:44
Speaker 1: in the documentation to sell the car, they're actually making money,
25:49
Speaker 1: a lot of it on a brokerage fee with the lender.
25:52
Speaker 1: You have a right to know what that is. You
25:55
Speaker 1: should ask are you making a fee from the lender?
25:58
Speaker 1: If so, what is it? You might fall out your
26:01
Speaker 1: chair to find out how much you're being paid. So,
26:03
Speaker 1: even though you've got to discount on that purchase price
26:05
Speaker 1: and they've made a profit another profit on the financing,
26:11
Speaker 1: it's points and interest, so points meaning they're getting let's
26:14
Speaker 1: say it's a you know, maybe five points so out
26:17
Speaker 1: of fifteen percent interest in this example, maybe they're getting
26:21
Speaker 1: five percent of the ten percent as a buyback or
26:25
Speaker 1: a kickback. Really, so it's really the lender maybe saying,
26:29
Speaker 1: you know, they want a net a ten percent per
26:31
Speaker 1: interest from you per year from you, and the lender
26:35
Speaker 1: is getting five percent per interest as an override. So
26:38
Speaker 1: even if you leave that lot for the length of
26:41
Speaker 1: that car, you're paying you don't know this, you're paying
26:43
Speaker 1: as much as you know, in this example, five percent
26:46
Speaker 1: commission every month to this secondary lender. This sorry, this
26:52
Speaker 1: schmuck auto dealership that's acting like a lender. I'm getting
26:56
Speaker 1: real complicated, but you get the gist. And then when
27:00
Speaker 1: the car breaks down or you can't afford to pay
27:02
Speaker 1: it or both, uh, the car comes back to them,
27:05
Speaker 1: and you and you, and they give you a lecture,
27:08
Speaker 1: and then they've shown they've sold you some bum insurance,
27:10
Speaker 1: by the way, which they're also getting a kickback on properly.
27:13
Speaker 1: And then they're going to repair that car in their
27:15
Speaker 1: own shop and threaten you if you don't pay them X, Y,
27:19
Speaker 1: and Z bring that car back that they're going to
27:21
Speaker 1: damage your credit. So you may be paying an inflated
27:24
Speaker 1: amount for the repair of the car just to release
27:26
Speaker 1: yourself from liability. But in any case, they're going to
27:29
Speaker 1: repair their costs at their shop and resell that car
27:31
Speaker 1: to somebody else under similar terms and conditions. And this
27:35
Speaker 1: is capitalism. Don't don't get angry with these folks. When
27:38
Speaker 1: somebody's sitting across the table from you doing business. Remember this.
27:42
Speaker 1: Their job is to get as much money from you
27:45
Speaker 1: with the least value as possible transferred to you. Your
27:48
Speaker 1: job is to get the most value transferred to you
27:50
Speaker 1: for the least amount as possible. Did you hear that
27:53
Speaker 1: or repeat it? Capitalism is a gladiator sport. It's not personal,
27:57
Speaker 1: it's just business. Your job in that negotiating table is
28:01
Speaker 1: to pay the least it's possible for the most value.
28:05
Speaker 1: Their job is to extract the most from you in
28:08
Speaker 1: costs for the least amount of value. They're not trying
28:11
Speaker 1: to Most people are not just trying to jam you
28:14
Speaker 1: up and rob you. They're just trying to make a profit,
28:17
Speaker 1: and you're trying to get a good deal. Most great deals,
28:20
Speaker 1: or when most the buyer and the seller both don't
28:23
Speaker 1: feel great about it, you feel okay about it. That
28:26
Speaker 1: means you probably got a pretty good deal. The third
28:29
Speaker 1: dealership example, it is really crummy and that's where they
28:33
Speaker 1: own the car and the financing. That means your credit
28:39
Speaker 1: is toe up. Your credit so bad. It's not credit,
28:42
Speaker 1: it's credit. My dad used to call it credit. He said,
28:44
Speaker 1: using my credit is bad. And you know, I don't
28:50
Speaker 1: know for one hundred and five ten, five point fifty,
28:53
Speaker 1: just bad, right, Like nobody wants to leave you money
28:56
Speaker 1: and you're so poor you can't afford the are you
29:00
Speaker 1: just pop peel And that's when they got you. Because
29:05
Speaker 1: you want this car and it's and when you buy
29:07
Speaker 1: that car and eighteen percent twenty percent interest, it's a
29:10
Speaker 1: mobile bomb. It's not a Mercedes. You bought is mercy?
29:13
Speaker 1: These payments and they got you. You know that car
29:18
Speaker 1: is going to explode. That car is bought at an auction.
29:20
Speaker 1: They past it together with bondo glue, they painted over,
29:23
Speaker 1: they put rims on it. They made it smell good.
29:26
Speaker 1: Somebody threw up in the car. Somebody died the car,
29:28
Speaker 1: somebody did weed in the car. Who knows. They sprayed
29:31
Speaker 1: it with you know, deodorant, whoever. But the car is
29:33
Speaker 1: a bomb. The o'domino has been turned back. Whatever bad
29:36
Speaker 1: you think about it, that's what's happening with this car.
29:39
Speaker 1: They have wrint their own paper, meaning they've really not
29:43
Speaker 1: a car dealership. They're a lender masquerading as a all dealership.
29:46
Speaker 1: They've written their own paper, asked you what the payment was,
29:49
Speaker 1: don't care what it is because they know they're going
29:51
Speaker 1: to get the car back. They're giving you twenty five
29:53
Speaker 1: percent fifteen twenty five percent interest, some crazy thing, which
29:57
Speaker 1: means for every dollar you give them yearly getting seventy
30:00
Speaker 1: five cents of value. You'll never get out of this.
30:03
Speaker 1: It's just modern day slavery, financial slavery. You're going to
30:07
Speaker 1: get robbed. It's just a matter of time. You're renting
30:10
Speaker 1: the car essentially to drive it around, so they're gonna
30:14
Speaker 1: cover all their their costs in their front end. They're
30:16
Speaker 1: gonna so that cars worth ten thousand, they're gonna sell
30:19
Speaker 1: it to you for eighteen thousand and either going to
30:22
Speaker 1: pay it in the upfront purchase price, or if you're
30:24
Speaker 1: smarty pants and you know what the car really goes
30:26
Speaker 1: for because you check comps, then they're going to ramp
30:28
Speaker 1: it up in the financing costs and bury it in
30:31
Speaker 1: the agreement over time. But one way or another, they're gonna
30:34
Speaker 1: get their pound of flesh from you because your credit
30:36
Speaker 1: is toe up, and you're financially illiterate, and you're emotionally
30:38
Speaker 1: tied to this car. Are you getting this? It's really
30:41
Speaker 1: important because a lot of us are hooked up in
30:44
Speaker 1: these really bad auto loans, and today I'm hearing you know,
30:49
Speaker 1: the average auto loan payment, even on good credit, is
30:52
Speaker 1: seven hundred eight hundred dollars nine dollars. This is approaching
30:55
Speaker 1: what you pay for rent. That's not sustainable, and why
30:59
Speaker 1: should you be Why should you be doing that? Is
31:01
Speaker 1: another question. I have high end vehicles now, but I
31:04
Speaker 1: don't think about the payment. If you had to think
31:06
Speaker 1: about the payment, you don't need the car. I actually
31:09
Speaker 1: made money on the car recently. But you know, you
31:12
Speaker 1: need to understand that ninety nine percent of cars are
31:14
Speaker 1: depreciating assets, not appreciating assets. It's good debt and bad debt.
31:19
Speaker 1: Good debt is tied to something that may or does
31:22
Speaker 1: go up in value, and bad debt is tied to
31:26
Speaker 1: something that is or is or is likely to depreciate
31:31
Speaker 1: or go down in value. And an auto loan typically
31:37
Speaker 1: ninety nine percent of time it's a depreciating asset. So
31:41
Speaker 1: it's actually bad debt unless it's good debt. What you meaning.
31:45
Speaker 1: It's either bad debt or it has a good purpose.
31:47
Speaker 1: You're buying the car to get yourself to work. You're
31:50
Speaker 1: buying the car to transport your family. You're buying the
31:54
Speaker 1: car because it is your work. You're an uber driver,
31:56
Speaker 1: a lyft driver, you're a man. You know you're drive,
32:00
Speaker 1: we're living some way. Yeah, it's essential transportation. If you're
32:04
Speaker 1: flossing the car, I'm not quite sure in what industry
32:09
Speaker 1: that would work. I guess maybe the entertainment industry. But
32:13
Speaker 1: I can tell you a whole bunch of folks who
32:14
Speaker 1: went broke because it had a bunch of loans on
32:17
Speaker 1: expensive cars that they didn't actually own. Couldn't afford, they
32:21
Speaker 1: lease it, they buy at it. You know, they're not
32:24
Speaker 1: paying attention to details, and literally the cars are building
32:28
Speaker 1: their wealth. Getting back to the story, now, this third
32:32
Speaker 1: type of car dealership is really a vulture, and i'd
32:36
Speaker 1: encourage you to do your research before you figure out
32:39
Speaker 1: what discide why you're going to do business with one
32:41
Speaker 1: of these companies. If the story's just going to end badly.
32:44
Speaker 1: They make their money on the financing that they have
32:47
Speaker 1: in house, and then the car breaks down and they
32:51
Speaker 1: jack you up on the repair fees, and then they
32:54
Speaker 1: may even finance the repair fees, meaning they may you
32:57
Speaker 1: don't have the money to pay for the repairs and
32:59
Speaker 1: you need transportation, and you owe them money for the car,
33:02
Speaker 1: and so they they then pour the financing into the
33:06
Speaker 1: refinance of the car and then jacket up some more.
33:10
Speaker 1: This becomes basically a payday loan situation you cannot get
33:13
Speaker 1: out of, and they own you, lock stock and barrel
33:16
Speaker 1: at some point, and then the car breaks down after
33:19
Speaker 1: a year, fifteen months, whatever you've you know you can't
33:24
Speaker 1: afford any more. There's drama nor the payment, so you
33:26
Speaker 1: give them the car back with the security deposits you
33:29
Speaker 1: put up or whatever. So they take that and you
33:33
Speaker 1: know they're threatening to destroy your credit and chase you
33:36
Speaker 1: for life. You don't want that. Some local dealerships, so
33:39
Speaker 1: they know where you live, they know who you are,
33:40
Speaker 1: you know, blah blah blah, and then they take that car,
33:44
Speaker 1: go in the back, bondo it together again, fix it,
33:48
Speaker 1: resell it to the next sucker. I call you a sucker,
33:53
Speaker 1: but I'm saying that's how they see That's how they
33:55
Speaker 1: see you. That comes along with a five fifty credit score,
33:58
Speaker 1: which means you don't pay your bills. And by the way,
34:00
Speaker 1: I've been there, I was the sucker. I was the
34:04
Speaker 1: guy with a five fifty credit score who didn't pay
34:06
Speaker 1: his bills. So I know the target market and know
34:09
Speaker 1: what it looks like. So I just gave you an
34:12
Speaker 1: example of how the car dealership industry works. This is
34:15
Speaker 1: not the honorable dealerships in the first tier, per se.
34:20
Speaker 1: This was second and third tier dealerships that I want
34:23
Speaker 1: you to stay away from if you can. If you can't,
34:25
Speaker 1: then I want you to do your research. Do not
34:27
Speaker 1: ask what the payment is when there's an interest rate attached.
34:30
Speaker 1: Look at your documentation, Read your documentation. Be smart, about
34:34
Speaker 1: money and finance. Come to my Operation Hope team for
34:38
Speaker 1: coaching and counseling. Read my book Financial Literacy for All.
34:42
Speaker 1: Every week at the kitchen table, have a family meeting
34:46
Speaker 1: and break down what's going on in the family for
34:49
Speaker 1: that week, and really build a budget for yourself. I
34:53
Speaker 1: have a budget every month. I check it every month
34:56
Speaker 1: and I'm doing I guess you can say I'm rich,
34:59
Speaker 1: but I have a budget. Everybody is a budget. People
35:02
Speaker 1: who are wealthy, you know, it's not about what you make,
35:04
Speaker 1: it's about what you keep right. So I want you
35:06
Speaker 1: to be smart about your money. I want you to
35:08
Speaker 1: monitor your credit score. My team can help you with
35:10
Speaker 1: that at Operation Hope, with have offices across the country.
35:13
Speaker 1: It's scholarship for you, meaning that I have sponsors that
35:17
Speaker 1: have paid to fund financial coaching and counseling. And Hope
35:22
Speaker 1: Light is available to the public. And Hope you know
35:27
Speaker 1: Classic and Hope Platinum or services that are part tied
35:30
Speaker 1: to our partners, and that's worth thousands of dollars every
35:34
Speaker 1: year for those lucky enough to be tied tied to
35:37
Speaker 1: one of our partners. But you can call Operation Hope
35:40
Speaker 1: today and get Hope Light for free. There's no cost.
35:43
Speaker 1: Don't let somebody charge you money for credit counseling that
35:47
Speaker 1: don't do that. Come to me and we will give
35:49
Speaker 1: you the services for free and help you get your
35:51
Speaker 1: credit score up, your debt down, your savings up. Read
35:53
Speaker 1: the book, and of course keep listening to this weekly podcast.
35:58
Speaker 1: It's my ministry of hope. This is my ministry of
36:00
Speaker 1: finance every week. This is my pull pit every Thursday.
36:04
Speaker 1: Tell your friends and I hope this was enlightening and
36:08
Speaker 1: maybe even a little entertaining. This is John O'Bryant. This
36:11
Speaker 1: is money and wealth. Every week I break down how
36:15
Speaker 1: stuff works, love and light. I'm out. So We've got
36:31
Speaker 1: fan questions always, and I'm always honored to honor them
36:37
Speaker 1: to respond to them. I'm gonna tell you this one
36:42
Speaker 1: fan question here came from somebody that I love, and
36:47
Speaker 1: it's not so much a question, but it was a
36:50
Speaker 1: question to me. But I'm saying it to you without
36:54
Speaker 1: giving them attribution because I don't want to embarrass him.
36:56
Speaker 1: But I'm telling you there is no shame in the
36:58
Speaker 1: game of asking questions. Is the only shame in not
37:01
Speaker 1: asking questions. And Andrew Young would say that men and
37:04
Speaker 1: women fail for three reasons, arrogance, pride, and greed. Right,
37:08
Speaker 1: my dad was prideful. He was not greedy, he wasn't arrogant.
37:13
Speaker 1: He was full of pride. Pride kills. So this young
37:16
Speaker 1: lady who I know, twenty four years old, twenty five
37:18
Speaker 1: years old, beautiful, smart, young lady went to college and
37:22
Speaker 1: through her friend, she came to me and she said, look,
37:26
Speaker 1: I need to ask you a question. Sure, what's a stock?
37:30
Speaker 1: What's equity? And I'm proud of her because at least
37:34
Speaker 1: she asked and we had a good conversation about it.
37:37
Speaker 1: I'd answered her question right, and she's better for it.
37:40
Speaker 1: And now she's hopefully invested in the stock market and
37:44
Speaker 1: understands that she's building equity. So if you're buying, in
37:47
Speaker 1: this example, a car, and you've bought it for twenty thousand,
37:52
Speaker 1: and over time you paid it down to ten thousand dollars,
37:56
Speaker 1: So now you have a loan of ten thousand dollars
37:59
Speaker 1: on your month statement. He purchased it for twenty thousand dollars. Right,
38:04
Speaker 1: Your payment every month and making this up is five
38:07
Speaker 1: hundred dollars a month. You have insurance of one hundred
38:10
Speaker 1: dollars a month. When you're buying a car, you have
38:12
Speaker 1: to factor in that cost of insurance or in the
38:14
Speaker 1: cost of maintenance and upkeep, or you'll have a bad
38:17
Speaker 1: you'll have a bad outcome. Okay, So the cost for
38:20
Speaker 1: her every month is six hundred dollars for this car.
38:24
Speaker 1: What is her equity when she sells this car, if
38:27
Speaker 1: she trades it in. If she can sell this car
38:29
Speaker 1: were she bought for twenty thousand dollars, and she's able
38:33
Speaker 1: to then sell it to the dealer when she trades
38:35
Speaker 1: it in, or sell it to you the buyer on
38:38
Speaker 1: the open market, and she's willing to sell it for
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Speaker 1: making this up fourteen thousand dollars. She owes an example
38:45
Speaker 1: ten thousand dollars. Her monthly payment is five hundred dollars
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Speaker 1: a month and one hundred dollars in insurance, and she's
38:53
Speaker 1: able to sell that car before the next payment comes
38:56
Speaker 1: due five hundred plus one hundred, six hundred dollars. She's
39:00
Speaker 1: able to sell that car and receive the proceeds in
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Speaker 1: that same thirty day period to pay off that ten
39:06
Speaker 1: thousand dollars balance on the statement from her lender, what
39:11
Speaker 1: does she have equity in this example? She sold us
39:14
Speaker 1: for fourteen thousand dollars. She has four thousand dollars of equity.
39:19
Speaker 1: That is her equity. If you have stock that you
39:23
Speaker 1: own and you've paid one hundred dollars for that stock,
39:27
Speaker 1: and it has gone up to one hundred and forty dollars,
39:31
Speaker 1: and you pay for that stock in cash, you have
39:34
Speaker 1: one hundred and forty dollars of equity. So your equity
39:37
Speaker 1: is your value minus what you owe against that value.
39:42
Speaker 1: All right, love and light, John O'Briant, let's go change
39:47
Speaker 1: the world together. Go to Operation Hope and take your
39:50
Speaker 1: life back. This is the Black Effect Network podcast called
39:54
Speaker 1: John O'Brien on Money and Wealth. See you next week.
40:12
Speaker 1: Money and Wealth with John O'Brien is a production of
40:14
Speaker 1: the Black Effect Podcast Network. For more podcasts from the
40:18
Speaker 1: Black Effect podcast Network, visit the iHeartRadio app, Apple Podcasts,
40:22
Speaker 1: or wherever you listen to your favorite shows.