Latest / The Breakfast Club / INTERVIEW: Alex Rodriguez & John Hope Bryant Talk Money Mindset, Yankees Baseball, Ownership, New Podcast +More

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INTERVIEW: Alex Rodriguez & John Hope Bryant Talk Money Mindset, Yankees Baseball, Ownership, New Podcast +More · The Breakfast Club

• 0:00
  Speaker 1: Wake that ass up in the morning.
• 0:02
  Speaker 2: The Breakfast Club Morning, everybody is DJ Envy just hilarious,
• 0:07
  Speaker 2: Charlamagne the God. We are to Breakfast Club. Jess is
• 0:10
  Speaker 2: on maternity leave, so Lon LaRosa is filling in. And
• 0:13
  Speaker 2: we got some special guests joining us back in the building.
• 0:16
  Speaker 2: And the brother John Holt Brian he's back.
• 0:17
  Speaker 3: Welcome, rock, honor to be here. And also a rod.
• 0:20
  Speaker 1: Alex Rodriguez, welcome, great to be here.
• 0:23
  Speaker 4: A lot of money, a lot of intelligence between y'all two.
• 0:26
  Speaker 5: Okay, how did this happen? This connection?
• 0:29
  Speaker 3: Well, whatever you try to make smart sexy, you know
• 0:33
  Speaker 3: in the tracks, you know like attracts like you know
• 0:35
  Speaker 3: on mindset. You know this is all of us are
• 0:38
  Speaker 3: up from nothing. By the way, all of this story
• 0:41
  Speaker 3: is the same thing that you can go from the
• 0:43
  Speaker 3: bottom to the top legally, ethically, honestly, pay your taxes,
• 0:46
  Speaker 3: do your stuff, go from cashing a check to write
• 0:50
  Speaker 3: in the check. And so Alex's story and mine are
• 0:54
  Speaker 3: very similar. Like we had very strong mothers who are
• 0:57
  Speaker 3: great influences our lives. We're both extremely nosy, you know,
• 1:02
  Speaker 3: Quincy Jones, how'd you get so smart? I'm just nosy
• 1:04
  Speaker 3: as hell. I want to know everything about everything, so
• 1:08
  Speaker 3: you know, we're nosy. And when he got his first check,
• 1:11
  Speaker 3: you know, in baseball, he went to ask magic like, Okay,
• 1:15
  Speaker 3: how do I how do I turn this from a
• 1:18
  Speaker 3: check to some to some wealth? And so we started
• 1:21
  Speaker 3: talking to the folks on the front row at the
• 1:24
  Speaker 3: team at the games were business people, and he would
• 1:27
  Speaker 3: trade his influence for lunch. I'll go to lunch with you.
• 1:30
  Speaker 3: I just need to ask you a bunch of questions.
• 1:32
  Speaker 3: That's what Madgie used to do that you saw him
• 1:33
  Speaker 3: last week and it was just brilliant because he gained
• 1:36
  Speaker 3: a business acumen from that, got the basic the NBA
• 1:40
  Speaker 3: while he's playing baseball, and use that to then buy
• 1:44
  Speaker 3: some real estate and then buy some more. I think
• 1:47
  Speaker 3: you worked the first piece of real estate yourself.
• 1:49
  Speaker 1: Did, yeah, duplex, duplex for two hundred and fifty thousand.
• 1:52
  Speaker 3: So we did a financial literacy episode on money and wealth,
• 1:57
  Speaker 3: which you know something about us on the black of Network.
• 2:00
  Speaker 5: That's right, make sure you subscribed to that.
• 2:02
  Speaker 3: It's actually the episodes out this week. We did this
• 2:05
  Speaker 3: episode together on financial literacy because we both leave it's
• 2:07
  Speaker 3: a civil rights issue of this generation. You know better,
• 2:10
  Speaker 3: you do better, and we're talking about black and brown wealth.
• 2:13
  Speaker 3: You how do you how does black and brown create
• 2:15
  Speaker 3: some green and at at scale? And it's a conversation
• 2:19
  Speaker 3: that many folks don't have. Most athletes go broke. By
• 2:22
  Speaker 3: the way, seventy wow of all NBA and NFL players
• 2:27
  Speaker 3: bankrupt within five years of retirement and divorced. So this
• 2:31
  Speaker 3: brother just defying all the odds. He's cool, he's a
• 2:34
  Speaker 3: he's a humble dude. He wanted to meet you, guys,
• 2:37
  Speaker 3: you've been a bit before, a man before.
• 2:39
  Speaker 1: Yeah.
• 2:39
  Speaker 3: Yeah, but he wanted to get into it. He wanted to.
• 2:41
  Speaker 1: He wanted to.
• 2:42
  Speaker 3: Yeah, he wanted to get into it, go to another level.
• 2:44
  Speaker 3: And so it's a it's a it's a beautiful family
• 2:46
  Speaker 3: re reunion. Well let's let's jump right into it.
• 2:49
  Speaker 2: So you know what gave you the mindset to say
• 2:51
  Speaker 2: I want to learn more about investing in making sure
• 2:54
  Speaker 2: that I have wealth after retirement. Was it the fact
• 2:56
  Speaker 2: that you've seen so many athletes go bro Was it
• 2:58
  Speaker 2: the fact that you said I'm never going back to
• 3:00
  Speaker 2: where I was? What was it that said I want
• 3:02
  Speaker 2: to be different from seventy percent of those other athletes?
• 3:05
  Speaker 1: Yeah? Thank you? I would say, you know, I was
• 3:08
  Speaker 1: a kid here born in Washington Heights nineteen seventy five
• 3:12
  Speaker 1: July twenty seventh, and I grew up right in the
• 3:15
  Speaker 1: block right by Yeshiva University. And my father was a
• 3:19
  Speaker 1: baseball player and an entrepreneur, and both my parents are Dominican.
• 3:24
  Speaker 1: I'm first generation immigrant. And I had this great appetite
• 3:28
  Speaker 1: for two things, baseball and business because I my father
• 3:32
  Speaker 1: was a money guy. And then my father left my
• 3:34
  Speaker 1: mom and my two siblings when he was when I
• 3:36
  Speaker 1: was ten.
• 3:37
  Speaker 5: What'd your father do if you don't, mammy y?
• 3:38
  Speaker 1: So he was in our apartment in Washington Heights. We
• 3:43
  Speaker 1: had a shoe store and just before iPhones, obviously it
• 3:47
  Speaker 1: was like late nineteen seventies, and they used to call
• 3:50
  Speaker 1: him like the human calculator because obviously we didn't have
• 3:52
  Speaker 1: the phone, the calculator and all that. So you know,
• 3:55
  Speaker 1: women would come up get four shoes and he'll be
• 3:57
  Speaker 1: like boom boo, boom plus tax minus ten percent boom,
• 4:00
  Speaker 1: and every time he was right, because then they will
• 4:01
  Speaker 1: get the calculator out. But he usually had a calculator out,
• 4:04
  Speaker 1: but it wasn't for him, it was for usually the
• 4:06
  Speaker 1: women so they can count and make sure that other
• 4:08
  Speaker 1: numbers were right. So I always had that. And then
• 4:11
  Speaker 1: once he left, I saw My mother worked at General
• 4:13
  Speaker 1: Mortars for about twelve years. She would have the early
• 4:17
  Speaker 1: shift at three o'clock in the morning to two, come
• 4:19
  Speaker 1: home now for two hours, and then go serve tables
• 4:21
  Speaker 1: at night at midnight. And I saw this for years
• 4:24
  Speaker 1: and years and years, and I think my life changed.
• 4:26
  Speaker 3: One day.
• 4:26
  Speaker 1: We're at Publix, which is a supermarket down in Miami.
• 4:29
  Speaker 1: I was about twelve years old, and the bill is
• 4:32
  Speaker 1: about seventy five dollars, and I see her grab some
• 4:35
  Speaker 1: of her tip money and she's got like fifty six
• 4:37
  Speaker 1: dollars or whatever, and I see that she's missing like
• 4:40
  Speaker 1: twenty twenty five bucks. And she goes into another pocket
• 4:43
  Speaker 1: and purse and grabs what I call funny money. And
• 4:46
  Speaker 1: I said, Mom, what is that funny money? It's like
• 4:49
  Speaker 1: red I've never seen money like that, only monopoly. And
• 4:51
  Speaker 1: she kind of with shame in her face, looked down
• 4:53
  Speaker 1: and she goes son, the government is helping us out
• 4:56
  Speaker 1: a little bit this month. And it changed my life,
• 5:00
  Speaker 1: and I can feel it today, and I know so
• 5:02
  Speaker 1: many families out there have felt this and that's kind
• 5:05
  Speaker 1: of where my ambitious grew.
• 5:06
  Speaker 3: We used to call food stamps.
• 5:07
  Speaker 1: Yeah, yeah, yeah, food stamps. Remember there were paper, but
• 5:11
  Speaker 1: I never seen it ring right, And I think she
• 5:14
  Speaker 1: would hide it for me. We were probably in food
• 5:15
  Speaker 1: stamps for years. She just never you know, disclosed that
• 5:17
  Speaker 1: with me. And then, like John said, I met with
• 5:20
  Speaker 1: one of my heroes and mentors and great friend now
• 5:22
  Speaker 1: Magic Johnson, about thirty years ago, and he was going
• 5:24
  Speaker 1: out to dinner with Cookie and it was near at
• 5:28
  Speaker 1: l Abraeldale Drive, I think Mastro or something, and it
• 5:32
  Speaker 1: was supposed to be a thirty minute you know. We
• 5:33
  Speaker 1: were in the back room, supposed to be like a
• 5:35
  Speaker 1: little thirty minute meeting. We met for three hours. He
• 5:38
  Speaker 1: called Cook and said, I'm not coming home. And years
• 5:40
  Speaker 1: later I said, Magic, why'd you give me like three hours?
• 5:42
  Speaker 1: And I left with nine notes of paper that I
• 5:45
  Speaker 1: still have today. He said, because you're one of the
• 5:47
  Speaker 1: few athletes that came in all business on time, no phone,
• 5:51
  Speaker 1: and you were taking notes, so you were engaged, So
• 5:53
  Speaker 1: I engaged with you. So that's my message to the
• 5:56
  Speaker 1: next generation. It's just like the reason why I played
• 5:58
  Speaker 1: baseball for so long is the fundamentals. Whether it's Jordan
• 6:02
  Speaker 1: or Tiger or Lebron or Magic or Bird whoever, it's
• 6:06
  Speaker 1: fundamentally and sports that makes you great. The same thing
• 6:09
  Speaker 1: as in business, you got to know the rules of engagement,
• 6:11
  Speaker 1: and our young folks, while they're getting better, there's a
• 6:14
  Speaker 1: lot of room for growth. To understand the way that
• 6:16
  Speaker 1: money works and the relationship with money in financial literacy.
• 6:19
  Speaker 4: So from day one, did you blow any money? Like
• 6:21
  Speaker 4: like when you first got your first your first big check,
• 6:24
  Speaker 4: did you blow any of it?
• 6:25
  Speaker 1: I was fortunate that I played for almost twenty five years,
• 6:28
  Speaker 1: so I would say from age twenty to thirty, I
• 6:30
  Speaker 1: made a bunch of mistakes. And then when I realized,
• 6:33
  Speaker 1: like sports, when we won the championship with the Yankees
• 6:35
  Speaker 1: and O nine, we had a squad and we were
• 6:38
  Speaker 1: as solid as anyone. And in business the same thing.
• 6:41
  Speaker 1: You got to create an incredible team that are way
• 6:43
  Speaker 1: smarter than you, that have complimentary set of skills. But
• 6:46
  Speaker 1: at the end of the day, you're the quarterback of
• 6:47
  Speaker 1: that team. So then I put my lessons behind me
• 6:51
  Speaker 1: and it's been pretty good ever since.
• 6:52
  Speaker 2: What was the dumbest thing you bought you when you
• 6:54
  Speaker 2: first became and made all that money in Major League Baseball.
• 6:57
  Speaker 1: I'm from Miami, so.
• 7:00
  Speaker 5: A rolex.
• 7:01
  Speaker 1: If you're from Miami, you need a rolex.
• 7:03
  Speaker 3: And that's the relics is not done. So by the way, me,
• 7:10
  Speaker 3: him and Don Peeples was been on to show a
• 7:12
  Speaker 3: few weeks ago the three black men, I know, black
• 7:16
  Speaker 3: and brown, same thing. We're we're all the same family
• 7:18
  Speaker 3: who have a couple hundred million dollars in loan facility
• 7:22
  Speaker 3: for real estate on as you know, this non recourse basis,
• 7:26
  Speaker 3: which means it's no personal guarantees. That's credibility, and that's
• 7:30
  Speaker 3: where we need to go. Like you make money during
• 7:32
  Speaker 3: the day, you build wealth in your sleep. And and
• 7:35
  Speaker 3: too many of us hooked on that. I want to
• 7:37
  Speaker 3: need that dollar and get that cash. When we get
• 7:38
  Speaker 3: that buck, when we get that bag, it's useless. It's
• 7:41
  Speaker 3: it's called literally cash flow. Cash will flow. And if
• 7:46
  Speaker 3: your outfloaks at your inflows and your overhead will be
• 7:48
  Speaker 3: your downfall. And if you don't understand financial literacy, somebody's
• 7:52
  Speaker 3: going to separate you from your wallet. And this is
• 7:54
  Speaker 3: this is just more zero's attached to it. The first year,
• 7:57
  Speaker 3: every athlete spends everything they got. Yeah, right, every you know,
• 8:00
  Speaker 3: it's just it's natural.
• 8:02
  Speaker 1: If you look at baseball. To answer your first question,
• 8:05
  Speaker 1: I was eighteen, nineteen years old and this article came
• 8:08
  Speaker 1: out called broke, and then I think thirty thirty, did
• 8:11
  Speaker 1: I remember that? Chot right, and you saw the guys
• 8:13
  Speaker 1: were having a bunch of kids, and it was really sad,
• 8:15
  Speaker 1: right to see. And when you looked at the data
• 8:17
  Speaker 1: and baseball, three numbers that jumped off the page was one,
• 8:22
  Speaker 1: the average career in baseballs five and a half years.
• 8:25
  Speaker 1: You make ninety percent of your money from age twenty
• 8:27
  Speaker 1: to thirty, So then what happened from thirty one to
• 8:29
  Speaker 1: eighty And then the last one is less than five
• 8:32
  Speaker 1: percent of almost eight hundred players in the big leagues,
• 8:35
  Speaker 1: less than five percent have a college degree. So when
• 8:37
  Speaker 1: you look at those three data points, I was short
• 8:39
  Speaker 1: the stock, meaning that I would bet that most guys
• 8:41
  Speaker 1: would run into financial problem most people men and women,
• 8:45
  Speaker 1: So that was a big issue. And then one of
• 8:46
  Speaker 1: the biggest mistakes John, I know we've talked about this,
• 8:49
  Speaker 1: whether it's athletes or just people like my mom and
• 8:51
  Speaker 1: my dad that grew up. I would say, more like
• 8:53
  Speaker 1: my mom, they don't really understand the difference between an
• 8:56
  Speaker 1: asset and liability. So when you say what was the
• 8:59
  Speaker 1: first stupid thing you bought? I mean one of them
• 9:01
  Speaker 1: will be a plane, aboat, you know cars. You know,
• 9:05
  Speaker 1: assets would be multifamily apartments, a business that throws off cash,
• 9:10
  Speaker 1: and things that are going to appreciate over time.
• 9:12
  Speaker 2: I was going to ask me when I jump into
• 9:15
  Speaker 2: what you were saying. You know, growing up in Queens,
• 9:18
  Speaker 2: there was nobody around me making money, right, we were
• 9:20
  Speaker 2: all the same. We didn't know anything about financial literacy.
• 9:22
  Speaker 1: Right.
• 9:22
  Speaker 2: My son goes to University of Miami, calls me yesterday
• 9:25
  Speaker 2: him and his friends about to buy a restaurant, which
• 9:27
  Speaker 2: is crazy to me because at twenty years old, I
• 9:29
  Speaker 2: wasn't thinking about that at all. But it's the mindset
• 9:31
  Speaker 2: and the people that he's around. So for people listening,
• 9:35
  Speaker 2: and they might not have somebody around him that is
• 9:38
  Speaker 2: knowledgeable in business, they might not have somebody around him
• 9:41
  Speaker 2: that knows where to put money or what to invest
• 9:43
  Speaker 2: in or how to do it. What do you tell
• 9:44
  Speaker 2: those individuals coming from you know, Washington Heights. I'm sure
• 9:47
  Speaker 2: that besides heeing your dad, there wasn't too many people
• 9:50
  Speaker 2: around you that you could get advice from. So what
• 9:52
  Speaker 2: do you tell those people to say, Okay, I'm in
• 9:54
  Speaker 2: this situation. I don't I don't have a magic to
• 9:57
  Speaker 2: speak to you know what I mean. I don't have
• 9:58
  Speaker 2: a Rod to say, let me sit down, which I
• 10:00
  Speaker 2: don't have a John to say, this is what I
• 10:02
  Speaker 2: have and what I do. So what do you tell
• 10:03
  Speaker 2: those ye.
• 10:04
  Speaker 1: First, I know this is one includes John. It's the
• 10:07
  Speaker 1: power of proximity to greatness or proximity to intelligence is
• 10:12
  Speaker 1: so powerful in baseball, I wanted to be around cal Ripken,
• 10:16
  Speaker 1: Keith Hernandez dot Good and Strawberry because they had sets
• 10:20
  Speaker 1: of skills that I needed and I wanted. And great
• 10:23
  Speaker 1: athletes can copy and paste better than anyone in baseball
• 10:26
  Speaker 1: skills in baseball. Now you go over now to business
• 10:28
  Speaker 1: and it's the same exact dro. I want to be
• 10:30
  Speaker 1: around John Hope because every time I'm around him, I
• 10:33
  Speaker 1: get better. He inspires me, He gives me more hope,
• 10:35
  Speaker 1: He gives me no pun intended, he gives my self
• 10:38
  Speaker 1: esteem rises. Our community black and brown, the number one
• 10:42
  Speaker 1: issue is self esteem issue. And they don't want to engage.
• 10:45
  Speaker 1: They don't want to engage in a business conversation because
• 10:47
  Speaker 1: they don't want to be embarrassed. We're some of the
• 10:48
  Speaker 1: most prideful people in the world, but we pay around
• 10:50
  Speaker 1: on time. We're hard working people, we have tremendous heart
• 10:53
  Speaker 1: and grit, but we don't want to be embarrassed. That's
• 10:55
  Speaker 1: why Shark Tank works so well. You get an education
• 10:57
  Speaker 1: while getting entertainment, and America gets an NBA from Shark Tank.
• 11:01
  Speaker 1: That's why people say when I walk around, oh, there's
• 11:03
  Speaker 1: a Shark Tank guy. I love sharll Tak s Tak
• 11:06
  Speaker 1: is amazing, right, they learned so early. So your job
• 11:11
  Speaker 1: as an American citizen, as a youngster, right man, boy,
• 11:14
  Speaker 1: whatever you are, is to be around proximity of greatness.
• 11:17
  Speaker 1: So if you find a great mentor from age twenty
• 11:19
  Speaker 1: to thirty, forget about the money. Twenty to thirty, go
• 11:21
  Speaker 1: work for John, Go do an internship at a Rock Corp.
• 11:23
  Speaker 1: Go work for Magic, pay nothing, pay whatever you got,
• 11:26
  Speaker 1: get a roommate. But twenty thirty is your extended education.
• 11:30
  Speaker 1: And then once you get into the thirties you open
• 11:32
  Speaker 1: up that that black book. How we say your ladyships right,
• 11:36
  Speaker 1: because when you're eighty five, right, you look back, your
• 11:38
  Speaker 1: net worth is going to resemble your network. Amen. Right,
• 11:41
  Speaker 1: So start, I had a mentor save you don't have
• 11:43
  Speaker 1: a breakfast, lunch, and dinner every single day to talk
• 11:45
  Speaker 1: about money. You're falling behind because your competition's doing it.
• 11:49
  Speaker 4: And another thing too, you said when you said you
• 11:50
  Speaker 4: sat with Magic and you just did with notes for
• 11:53
  Speaker 4: three hours, don't be too don't be too proud to
• 11:55
  Speaker 4: ask questions, questions.
• 11:57
  Speaker 5: If I'm around somebody that's.
• 11:58
  Speaker 4: Doing more than me and got way more than me,
• 11:59
  Speaker 4: I want to know about everything in that part.
• 12:01
  Speaker 1: But you know what happened with Magic, It was I
• 12:04
  Speaker 1: still have his notes, and I saw him last week
• 12:06
  Speaker 1: at the Dodger game, and I mean, he's such a goat.
• 12:09
  Speaker 1: I love that guy so much and he's done so
• 12:11
  Speaker 1: much for our communities. But it was the proximity where
• 12:14
  Speaker 1: I can touch him. I can touch him. But here's
• 12:17
  Speaker 1: a man who's great on the court and then put
• 12:19
  Speaker 1: on a business suit and it was a Hall of
• 12:21
  Speaker 1: Famer also, And I said, well, wait a minute, if
• 12:23
  Speaker 1: Magic can do it, why can I?
• 12:25
  Speaker 5: We look alike?
• 12:26
  Speaker 1: And I can't do that just with a general white
• 12:28
  Speaker 1: guy because I don't look like that guy.
• 12:31
  Speaker 3: So to answer your question very specifically, great answer, I
• 12:35
  Speaker 3: loved all that. By the way, my job is to
• 12:39
  Speaker 3: become the public's capitalists. That's my job. You know that
• 12:43
  Speaker 3: black lives matter, but black capitalists matter. Right. We got
• 12:46
  Speaker 3: to make smart sexy. We got to make this. That's
• 12:48
  Speaker 3: what you guys are doing. By the way, ladies, guys
• 12:51
  Speaker 3: are doing on this show. You're making intelligent thought interesting
• 12:55
  Speaker 3: and fascinating by putting over people can relate to it.
• 12:58
  Speaker 3: And that's book Financial Literacy that I introduced when where
• 13:02
  Speaker 3: you introduced when we was on the show last it's
• 13:04
  Speaker 3: still number one. That's black and brown people buying that book.
• 13:07
  Speaker 3: It's number one in business finance, not black history, business
• 13:11
  Speaker 3: finance nationwide of all books. That makes me very proud
• 13:15
  Speaker 3: when I go to the airport like last night, TSA
• 13:18
  Speaker 3: agent six seventy wow. Credit scoring yo yo man, six
• 13:23
  Speaker 3: seventy eight hundred. The people taking this stuff seriously, we're
• 13:26
  Speaker 3: starting to change the game. So one, get the book,
• 13:30
  Speaker 3: mark it up, write make comments, have a family meeting
• 13:33
  Speaker 3: once a week with your family, talk about I joke
• 13:35
  Speaker 3: about this, but I'm serious. You go to club and
• 13:38
  Speaker 3: you meet somebody, she's fine, he's handsome. That's cool. Oh yeah,
• 13:42
  Speaker 3: what's your credit score? And I'm only partially kidding, because
• 13:45
  Speaker 3: if you get serious about that person, that's your business
• 13:48
  Speaker 3: partner for life. Right, the looks are gonna fade, the
• 13:52
  Speaker 3: body's gonna drop, right, But that person's better have common sense.
• 13:56
  Speaker 3: If two plus two does not equal six, eight or
• 13:58
  Speaker 3: ten in a relationship, what the heck are you doing?
• 14:00
  Speaker 3: If you're not better together, what are you doing? I
• 14:03
  Speaker 3: could do better all by myself, doctor King once said,
• 14:07
  Speaker 3: he said, I refuse to fin answer my own oppression.
• 14:10
  Speaker 3: And Quincy Jones court again, the only worse than being
• 14:13
  Speaker 3: alone is wishing that you were. So if you're not
• 14:16
  Speaker 3: in a relationship with somebody who adds to you, even
• 14:18
  Speaker 3: if it's a casual relationship, what are you doing? Get
• 14:21
  Speaker 3: the toxicity out of your life. If you hang around
• 14:24
  Speaker 3: nine broke people, you'll be the tenth. Understand you're an
• 14:27
  Speaker 3: eagles surrounded by buzzes and turkeys. Eagles don't fly in packs.
• 14:31
  Speaker 3: So start looking at you, your posse, your group, and
• 14:34
  Speaker 3: then be really nosy. When you walk down the street
• 14:37
  Speaker 3: in Manhattan, all these buildings those are not that's not
• 14:39
  Speaker 3: JP Morgan Chase. That's a dentist's office, that's an attorney's office.
• 14:42
  Speaker 3: That's an account's office. You can get to those people. Go.
• 14:45
  Speaker 3: I know it sounds crazy, go knock on a door.
• 14:48
  Speaker 3: I'd love to be an intern. I love fifteen minutes.
• 14:50
  Speaker 3: Who's gonna give you, who's gonna deny you? Fifteen minutes?
• 14:53
  Speaker 3: And all you want to do is listen. God gave
• 14:55
  Speaker 3: you two ears and one mouse. You listen to twice
• 14:57
  Speaker 3: as much as you talk. I'm nosy as hell. I
• 14:59
  Speaker 3: don't want to know everything about everything. You know?
• 15:02
  Speaker 6: Uh uh.
• 15:02
  Speaker 3: You know my man Charlotte, and he's nosy. I call,
• 15:04
  Speaker 3: I call him, asking him about stuff. He'll call me, Okay,
• 15:07
  Speaker 3: tell me about this. So and so you know we're
• 15:09
  Speaker 3: not we're not afraid of the facts. We're not afraid
• 15:13
  Speaker 3: of knowledge. Right. You know he's talking about he's mainstreaming
• 15:15
  Speaker 3: mental health right now, that's a topic we all need
• 15:18
  Speaker 3: to be talking about. Right, So bye bye by a
• 15:21
  Speaker 3: ride making this talking about his family, talking about everything,
• 15:24
  Speaker 3: and go well talking being humble at having a humility
• 15:27
  Speaker 3: about it. Well that it allows everybody else to have
• 15:29
  Speaker 3: permission to begin to role model that. Right, So we
• 15:33
  Speaker 3: need to we model what we see. We need to
• 15:36
  Speaker 3: start row modeling. Folks who have the capacity to write
• 15:39
  Speaker 3: a check, not just cash it. Who build wealth, not
• 15:43
  Speaker 3: just make some money, making a living, it's literally making
• 15:46
  Speaker 3: a living, is what is It's all you're doing. You're
• 15:48
  Speaker 3: not building a life. So this stuff is so easy,
• 15:51
  Speaker 3: But no one's ever taught us. There's nothing wrong with us.
• 15:55
  Speaker 3: We're not dumb and we're not stupid. When the rules
• 15:57
  Speaker 3: are publishing a plainfielders level, we kill it. Professional sports,
• 16:01
  Speaker 3: the arts, politics, music, music, entertainment, music, church. Well, we're
• 16:09
  Speaker 3: starting with business. But where the rules of publish and
• 16:12
  Speaker 3: playing thools level, we kill it. We have not been
• 16:14
  Speaker 3: told the rules on free enterprise and capitalism. That has
• 16:17
  Speaker 3: to become all of our roles. And when you write there,
• 16:19
  Speaker 3: you get this book. If you finished with it, go
• 16:21
  Speaker 3: donate it into your family's name, to the local library.
• 16:24
  Speaker 3: Go to a title I school. Your name's in the
• 16:26
  Speaker 3: book now and you donated to that, and you're going
• 16:28
  Speaker 3: to teach in that classroom. And now you're the role
• 16:30
  Speaker 3: model in the Hero and she row. We can start
• 16:32
  Speaker 3: a whole new movement, not in the streets, in the suite.
• 16:34
  Speaker 1: My favorite question to your point is about asking questions.
• 16:38
  Speaker 1: I'll stop a meeting and I'll say wait, wait, stop,
• 16:41
  Speaker 1: explain that to me slowly, like I'm a third grader.
• 16:43
  Speaker 1: That's right, and you should not be embarrassed as that
• 16:46
  Speaker 1: that's right. You should be embarrassed if you don't ask that.
• 16:49
  Speaker 1: And if a business plan I can't really understand that
• 16:51
  Speaker 1: in five minutes, then I'm out. I want simplicity. Simplicity
• 16:55
  Speaker 1: is your best friend.
• 16:56
  Speaker 4: And what's crazy is the person you're talking to they
• 16:58
  Speaker 4: know you don't know. So I feel Dan act like
• 17:01
  Speaker 4: because I asked the question, like what that means? Like
• 17:03
  Speaker 4: why not who got you into the franchise game?
• 17:08
  Speaker 1: Well?
• 17:08
  Speaker 4: The room now is that you know y'all got the
• 17:10
  Speaker 4: cash ready, the body Minnesota Timberwolves full owner shit.
• 17:14
  Speaker 3: So by the way, there's some things that he can't
• 17:15
  Speaker 3: talk about today, legal situation. He'll answer the question. He
• 17:19
  Speaker 3: can answer by the way I loved by the way
• 17:21
  Speaker 3: there was like which franchise us? Like what you want?
• 17:28
  Speaker 3: But there are some things he won't be able to
• 17:30
  Speaker 3: talk about today.
• 17:31
  Speaker 1: Just high level, I mean, just kind of my passion
• 17:33
  Speaker 1: for sports. I think if you talk to most athletes
• 17:35
  Speaker 1: and you do a secret poll, probably ninety percent or
• 17:38
  Speaker 1: more will tell you I would love to own part
• 17:39
  Speaker 1: of a team someday who doesn't want to convert from
• 17:42
  Speaker 1: player to owner? Right that that's the American way. We
• 17:45
  Speaker 1: took a long run at the Mets and we came
• 17:48
  Speaker 1: in second to Steve Cohen, Thank god, because he's doing
• 17:50
  Speaker 1: a phenomenal job. And we're having a great time with
• 17:52
  Speaker 1: the Timberwolves and the Links. Links almost won a championship
• 17:55
  Speaker 1: a couple of days ago. Came up a little short,
• 17:57
  Speaker 1: but very part of our young women. Look, this is
• 18:01
  Speaker 1: the the ultimate dream. To be in room with Adam
• 18:05
  Speaker 1: Silver and you know, thirty other owners. It's pretty spectacular.
• 18:10
  Speaker 1: And look at that and talk about imposter syndrome. You're
• 18:13
  Speaker 1: seeing more Cuban, You're seeing Jim Dolan, seeing Tony Wrestler.
• 18:17
  Speaker 1: You've seen guys like Mark Lazerie, people that I've looked
• 18:19
  Speaker 1: up and admired and studied my whole kind of adult life.
• 18:22
  Speaker 1: And now you're in the room with them as colleagues.
• 18:24
  Speaker 1: It's really an incredible feat And uh yeah, I've been
• 18:28
  Speaker 1: dreaming about it, probably for a long time, and finally
• 18:30
  Speaker 1: made the move. I just got to ask the sport
• 18:33
  Speaker 1: questions Sins were on sports, How about them? Damn Yankees? Man?
• 18:37
  Speaker 2: How does it feel to see what what's taking so
• 18:40
  Speaker 2: long to get back to?
• 18:41
  Speaker 1: And what do you think about the Yankees now?
• 18:43
  Speaker 2: It seems like the Yankee not Yankees. The base Baseball
• 18:46
  Speaker 2: is more exciting now, it's it's I'm watching the games more.
• 18:49
  Speaker 2: The games are a lot faster, it's fast pacing. So
• 18:52
  Speaker 2: what is your what is your your thoughts on baseball now?
• 18:54
  Speaker 1: Yeah, I'm I'm so excited this is I can go
• 18:58
  Speaker 1: on and on about the but I keep it tight.
• 19:01
  Speaker 1: I would say that baseball has needed this moment for
• 19:04
  Speaker 1: at least a decade. I'm so tired of people saying
• 19:07
  Speaker 1: baseball was born and old. Then look, we went through
• 19:09
  Speaker 1: a little bit. They got born, but give Commissioner Rob
• 19:12
  Speaker 1: Manford and Tony Clark, the head of the Union of
• 19:15
  Speaker 1: the players, and they came up with the clock right
• 19:18
  Speaker 1: and made it a lot better pace, made the bigger basis.
• 19:21
  Speaker 1: Now they look like Domino's Pizza right a base And
• 19:26
  Speaker 1: it's a game that's driven by markets and superstars in
• 19:29
  Speaker 1: tradition and history and this world series here has it all.
• 19:33
  Speaker 1: This is two franchises that have the two richest franchises
• 19:36
  Speaker 1: in revenue and star power global Yankee may be the
• 19:40
  Speaker 1: number one franchise in the world. Dodgers may be top five,
• 19:43
  Speaker 1: and I'm talking about allive sports, football, soccer, name you know, yeah, yeah,
• 19:47
  Speaker 1: number one cowboy fan. The Yankees are in that top five,
• 19:50
  Speaker 1: right and when you look at the Yankees conglomerate, it
• 19:53
  Speaker 1: is well worth over ten billion. When you look at
• 19:55
  Speaker 1: the Dodgers, well worth over ten billion. Okay, I would
• 20:00
  Speaker 1: say there's Otani and Judge are two biggest stars as
• 20:02
  Speaker 1: you can have. You're gonna have probably fifteen million people
• 20:05
  Speaker 1: watching Japan, another fifteen or twenty watching here. The fan
• 20:09
  Speaker 1: bases very interestingly, It's interesting when you go to Dodger Stadium,
• 20:13
  Speaker 1: there's three type of fan bases. You have the corporate
• 20:16
  Speaker 1: financial institutions in Hollywood, you have the Mexicans that you know,
• 20:22
  Speaker 1: God likes Fernando vel Azuell who died, he was a
• 20:25
  Speaker 1: big pioneer in that movement. And then the other third
• 20:27
  Speaker 1: is now Japanese and they're printing money like is no
• 20:30
  Speaker 1: one's business. Because Otani and obviously the success they've had
• 20:34
  Speaker 1: with Mark Walters Todd Bowley to have an incredible ownerships,
• 20:40
  Speaker 1: but they've had one championship in thirty seven years. The
• 20:44
  Speaker 1: Yankees have one championship in twenty four years, so both
• 20:47
  Speaker 1: franchise are going to be starving. Tickets that told John
• 20:50
  Speaker 1: today are going for forty thousand dollars behind home played
• 20:53
  Speaker 1: one ticket, so if you want to that's eighty grand
• 20:56
  Speaker 1: eighty rand beers probably four thousand. So it's it's gonna
• 21:01
  Speaker 1: be the most watched World Series since the Cubs, and
• 21:04
  Speaker 1: will you want you won? The last one was nine,
• 21:07
  Speaker 1: so we haven't been there in fifteen years, so bring
• 21:10
  Speaker 1: the glory days back to the Bronx.
• 21:11
  Speaker 2: Yeah, it's old Tuney, the best baseball player ever. And
• 21:16
  Speaker 2: let me let me let me say why. I have
• 21:18
  Speaker 2: never seen in my life that I watched baseball a
• 21:21
  Speaker 2: pitcher as a designated hitter, to hit that many home runs,
• 21:26
  Speaker 2: to steal that many bases, and a manager allowing the.
• 21:29
  Speaker 5: Pitcher to do it.
• 21:30
  Speaker 2: Because usually you're scared because you don't want the pitcher
• 21:31
  Speaker 2: to get hit by a pitch. You don't want him
• 21:33
  Speaker 2: to hurt his own while he's sliding. You don't want
• 21:34
  Speaker 2: him to hurt his leg while he's running. But he
• 21:36
  Speaker 2: does it all and he's amazing doing it.
• 21:39
  Speaker 1: You know what's amazing. He's also six foot five and
• 21:41
  Speaker 1: is the fastest guy on the field, and he also
• 21:43
  Speaker 1: throws one hundred miles an hour. But I would say
• 21:45
  Speaker 1: this he's I don't know if he's the best because
• 21:47
  Speaker 1: it's too early. I mean, Barry Bonds was the baddest
• 21:50
  Speaker 1: son of a bitch I've ever seen on a field.
• 21:52
  Speaker 1: I mean, he is one bad sucker, right, And the
• 21:55
  Speaker 1: uniqueness about Otani is he's Barry Bonds, married with Roger
• 22:00
  Speaker 1: Clemens and he's won. So is he the best hitter?
• 22:04
  Speaker 1: I would still put Barry Bonds probably a bit ahead
• 22:06
  Speaker 1: of him. Is he a better picture? I will still
• 22:08
  Speaker 1: put Clements on top of him. But combined it's only
• 22:11
  Speaker 1: a class of two Otani and Babe Ruth Jesus.
• 22:14
  Speaker 6: My question, I don't know much about the players. It's
• 22:17
  Speaker 6: not about the players. My question is about it's back
• 22:19
  Speaker 6: to the family stuff you were talking about. My first
• 22:21
  Speaker 6: thought was, so that moment with your mom changed your
• 22:24
  Speaker 6: thoughts on money and building money in family. How do
• 22:28
  Speaker 6: you keep now you got all these franchises and all
• 22:31
  Speaker 6: this stuff, how do you keep Like you take care
• 22:33
  Speaker 6: of a lot of people, but how do you set
• 22:35
  Speaker 6: your boundaries where it's like no, because you got to
• 22:37
  Speaker 6: keep the money to make the money. But you also
• 22:38
  Speaker 6: grew up watching so many people not have, Like, what's
• 22:41
  Speaker 6: that battle like for you?
• 22:43
  Speaker 5: Yeah?
• 22:43
  Speaker 1: You from uptown, so you yeah, it's a great question.
• 22:47
  Speaker 1: So in our company, look, we started with one little
• 22:50
  Speaker 1: duplex about twenty plus years ago, and then we bought
• 22:52
  Speaker 1: a four plex and an aplex, and over the last
• 22:54
  Speaker 1: twenty years we bought about five billion dollars of multi
• 22:57
  Speaker 1: family apartments, hotel, single family houses. So we've gone from
• 23:00
  Speaker 1: little mom and pop to mid cap to institutional level.
• 23:04
  Speaker 1: I have five direct reports in my company, and the
• 23:08
  Speaker 1: good news about them, they're always smarter than I am.
• 23:10
  Speaker 1: So we vet things and we talk about what are
• 23:12
  Speaker 1: the things that are important to us. We only play
• 23:15
  Speaker 1: in places where we bring more than capital, right well,
• 23:18
  Speaker 1: as an example, baseball would be a place that we
• 23:20
  Speaker 1: bring more than capital because we have a certain expertise there.
• 23:23
  Speaker 1: Basketball is just another you know sports, right, So we
• 23:26
  Speaker 1: we were good there, but the circle of competence is
• 23:28
  Speaker 1: very small, and if it doesn't hit that bullseye, we're
• 23:31
  Speaker 1: not looking at it. Because the number one thing you
• 23:33
  Speaker 1: have to have in business is discipline. Understand who you
• 23:35
  Speaker 1: are and what you do, and do it over and
• 23:38
  Speaker 1: over and over and over again onto your border.
• 23:39
  Speaker 4: With itout family I'm talking about.
• 23:46
  Speaker 6: I'm talking about personally, like with grandma or you know
• 23:53
  Speaker 6: today like you're you're you're also the celebrity right right,
• 23:56
  Speaker 6: and people your family your booze. They don't understand what
• 23:59
  Speaker 6: you're saying the discipline. They just see what they need
• 24:01
  Speaker 6: and they call you. How do you be Like, no,
• 24:03
  Speaker 6: I can't do that. That makes no sense my discipline.
• 24:06
  Speaker 1: So first of all, I'm almost fifty now, so I've
• 24:10
  Speaker 1: had a lot of learning experience. I would say when
• 24:12
  Speaker 1: I was in my twenties and thirties, that was a
• 24:13
  Speaker 1: lot more challenging, right, But now when you're running businesses,
• 24:17
  Speaker 1: you can give people opportunities where they can win. So
• 24:19
  Speaker 1: as an example, my sister does on my personal real estate.
• 24:23
  Speaker 1: So if I'm buying a house for you know, a dollar,
• 24:25
  Speaker 1: she's making you know, three percent of that or six
• 24:27
  Speaker 1: percent of that, and my brother does.
• 24:29
  Speaker 3: But they got to be they have to be competent.
• 24:33
  Speaker 1: They know my I don't play that game. You got
• 24:34
  Speaker 1: to be by the book. There's no nepotism. I'm a
• 24:39
  Speaker 1: very tough boss, I would say that. But here are
• 24:42
  Speaker 1: the rules. Rules of engagement and you played by them,
• 24:44
  Speaker 1: You're gonna get first bid, and if you perform, I'm
• 24:46
  Speaker 1: going to come back to you over and over again.
• 24:48
  Speaker 1: If you don't perform, I have no problem quickly pivoting quickly,
• 24:52
  Speaker 1: And it's not personal. It's business. That's right now, when
• 24:54
  Speaker 1: my mom calls.
• 24:58
  Speaker 5: Or whatever.
• 24:59
  Speaker 4: But was there ever a time where you had to
• 25:01
  Speaker 4: explain the people of the business meaning like they just
• 25:04
  Speaker 4: reported I was Robert gets one hundred million dollar contract
• 25:07
  Speaker 4: and somebody comes to you and ask you for something like, bro,
• 25:09
  Speaker 4: I got to pay taxes, I gotta pay manage.
• 25:11
  Speaker 5: You have to explain that.
• 25:11
  Speaker 1: Oh yeah, yeah, Now, thank God for me. I guess
• 25:15
  Speaker 1: is I don't have a huge family. It's really worth
• 25:17
  Speaker 1: family of five, right, my mom, cousin and the three
• 25:22
  Speaker 1: of us. We're all the siblings. So we keep it
• 25:24
  Speaker 1: tight and they've grown with me, and they do great
• 25:28
  Speaker 1: work and they work hard. And I'm really blessed to
• 25:30
  Speaker 1: have people that really understand money and they have great work.
• 25:34
  Speaker 1: Comes from my mom, and on that aspect, I've been
• 25:37
  Speaker 1: pretty fortunate.
• 25:38
  Speaker 5: Can you expound on something John? With that that a
• 25:40
  Speaker 5: Rod said?
• 25:40
  Speaker 4: He said, bringing to the situation more than capital, he
• 25:43
  Speaker 4: want to be with situations.
• 25:44
  Speaker 5: You want to be involved in situations where you bring
• 25:46
  Speaker 5: more than capital.
• 25:47
  Speaker 3: Yeah, well most. I mean the word capital comes from
• 25:49
  Speaker 3: the work the Latin root word copy tass knowledge in
• 25:52
  Speaker 3: the head. The word credit comes from the latter word
• 25:55
  Speaker 3: credit though, which is credibility has nothing to do with money.
• 25:58
  Speaker 3: Banking actually is a trust business. It's about do I
• 26:01
  Speaker 3: trust you do? Do you have credibility? And do you
• 26:04
  Speaker 3: have the knowledge? You have the understanding relationship capital is
• 26:08
  Speaker 3: really the real capital. I mean, what's a country club?
• 26:11
  Speaker 3: Why do you go to Harvard? Is Harvard is gonna
• 26:13
  Speaker 3: make you smarter than the state university? Maybe maybe not.
• 26:16
  Speaker 3: The relation the glass of twenty twenty four is gonna
• 26:19
  Speaker 3: hook each other up for the next forty years. So
• 26:22
  Speaker 3: that's why you go to a country club. That's why
• 26:23
  Speaker 3: you go to a private club. That's why that's why
• 26:25
  Speaker 3: any any hook any small group is. That's why you
• 26:29
  Speaker 3: go to college other than the education. Is that that
• 26:32
  Speaker 3: So you got to figure out what your capital is.
• 26:34
  Speaker 3: You got to figure out who your circle is. That's
• 26:36
  Speaker 3: why I said earlier. If you hang around nine bro people,
• 26:38
  Speaker 3: you're gonna be the tenth. So you've got to you know,
• 26:42
  Speaker 3: you look at who who it runs hanging around. He
• 26:45
  Speaker 3: didn't mention a bunch of people he mentioned. We both mentioned.
• 26:47
  Speaker 3: We both saw him last week. Magic Magic is working
• 26:50
  Speaker 3: a business suit these days. Anybody in sports or entertainment
• 26:54
  Speaker 3: now now with your canvas, everybody who comes through here,
• 26:57
  Speaker 3: anybody in sports, entertainment, where it being from? Of them?
• 27:00
  Speaker 3: Billion did it in business? They translated, you can't sell enough.
• 27:05
  Speaker 3: You cannot sell enough concert tickets, You cannot get enough
• 27:08
  Speaker 3: a big enough contract to become a billionaire. That's not
• 27:11
  Speaker 3: the way income works. You got to translate that into business.
• 27:15
  Speaker 3: Every literally every athlete and every entertainer. Jay Z business,
• 27:22
  Speaker 3: Michael Jordan, Michael Jordan business doctor, Dre beats beat the business.
• 27:27
  Speaker 3: My man has got a billion dollar portfolio. That's why
• 27:30
  Speaker 3: he can just be so cool and just you know, understated.
• 27:32
  Speaker 3: Don't need to scream in Holly, you got the power,
• 27:34
  Speaker 3: you don't need to use it right. So it is
• 27:37
  Speaker 3: about getting your mind right. All poverty, Charlemagne, beyond sustenance, poverty,
• 27:43
  Speaker 3: roof over your head, food on the table, reasonable healthcare,
• 27:46
  Speaker 3: all other poverty's mindset. That's why I say there's a
• 27:49
  Speaker 3: difference between being broken being poor being broken is economic,
• 27:53
  Speaker 3: but being poor is a disabling frame of mind, a
• 27:56
  Speaker 3: depressed condition of your spirit. You must vow never to
• 27:58
  Speaker 3: be poor again. We need. The first thing you have
• 28:00
  Speaker 3: to do is get your mind right, and then the
• 28:02
  Speaker 3: money will follow.
• 28:03
  Speaker 2: Now for parents listening, and now, when is a good
• 28:06
  Speaker 2: time to start getting your kids involved in financial literacy?
• 28:10
  Speaker 3: When you start breathing. So when you start spending money,
• 28:15
  Speaker 3: I mean you spending money twenty four hours a day.
• 28:16
  Speaker 3: When you sleep, you're spending money. The bed shets. The
• 28:19
  Speaker 3: government did buy the bed sheets. The government did buy
• 28:21
  Speaker 3: the alarm clock. You did that. The governments not paying
• 28:23
  Speaker 3: for your life bill, right, So check this out. We
• 28:26
  Speaker 3: have a kid's account in Atlanta public schools Operation Hope.
• 28:29
  Speaker 3: By the way, everybody can go get financial coaching scholarship
• 28:32
  Speaker 3: from the compan of the breakfast club. Call Operation Hope
• 28:34
  Speaker 3: will give you a thousand dollars free scholarship just because
• 28:37
  Speaker 3: you mentioned breakfast club to get coaching accounts and get
• 28:40
  Speaker 3: your credit card right. So we have it with Mayor
• 28:42
  Speaker 3: Andre Dickens in Atlanta. We have a kid's account in
• 28:44
  Speaker 3: kindergarten U fifty bucks in the kids account. Now you
• 28:48
  Speaker 3: may say, what's the big deal of that. If you
• 28:50
  Speaker 3: have a bank account at kindergarten, you're fifty percent more
• 28:55
  Speaker 3: likely to go to college. All on a minute. Watch
• 28:57
  Speaker 3: check this out, did JMB You have fifty dollars in
• 29:01
  Speaker 3: that account in kindergarten, you're seventy five percent more likely
• 29:04
  Speaker 3: to graduate from college. Because now you're connecting education with aspiration.
• 29:09
  Speaker 3: The kid, the lights on the kid's head. Now you're
• 29:11
  Speaker 3: talking about stocks and bonds and investment, and I mean,
• 29:14
  Speaker 3: don't and don't put, don't create an investment account, don't
• 29:16
  Speaker 3: get a rod or me or you you know to come,
• 29:18
  Speaker 3: you know, don't DJ and be going and talking about cars,
• 29:21
  Speaker 3: you know, talking about because really is technology these days, right,
• 29:24
  Speaker 3: talk about it, But through that it's investment. Now. Now
• 29:28
  Speaker 3: now these kids, you hooked them, right, So it's about
• 29:30
  Speaker 3: role modeling. It's about the language of money at the
• 29:35
  Speaker 3: earliest age. Because it's the aspiration generation. We can literally
• 29:39
  Speaker 3: build the next generation of America. We have to, by
• 29:43
  Speaker 3: the way, because we're going to be a majority of minorities.
• 29:45
  Speaker 3: Literally if we don't do that, as country is done.
• 29:48
  Speaker 3: But we can do that at kindergarten with a fifty
• 29:51
  Speaker 3: dollars hope savings let.
• 29:53
  Speaker 1: Me add to John's answer, and I agree with everything
• 29:55
  Speaker 1: he said. I'll give you a real life example. So
• 29:58
  Speaker 1: I remember I have two daughters, Hasha and Ella. Natasha
• 30:01
  Speaker 1: is a sophomore at Michigan today. Ella's a junior in
• 30:05
  Speaker 1: high school. I remember when they were in kindergarten and
• 30:09
  Speaker 1: second grade, and I said, all right, girls, here's the deal.
• 30:13
  Speaker 1: Every day Pop drives you to school, I'm going to
• 30:15
  Speaker 1: give you three business lessons, and on Friday, be ready
• 30:18
  Speaker 1: to pick your five companies for a portfolio. I'm going
• 30:20
  Speaker 1: to put one thousand dollars in each one of your accounts.
• 30:23
  Speaker 1: And they were confused, and I said, well, you're overthinking it.
• 30:27
  Speaker 1: Give me five products that you use every day while
• 30:29
  Speaker 1: I use my phone Apple. Are you on Instagram? Not yet,
• 30:32
  Speaker 1: but I know what that is, okay, meta social media
• 30:36
  Speaker 1: Google because I google things. They wanted to get cvs
• 30:39
  Speaker 1: because that's where mom takes them. And one more maybe
• 30:42
  Speaker 1: Disney and I put one thousand dollars every year. So
• 30:45
  Speaker 1: it's not really about big numbers. It's really about the
• 30:47
  Speaker 1: practice of the habit of honing your craft. You look
• 30:51
  Speaker 1: to today. Both their accounts got over one hundred and
• 30:53
  Speaker 1: fifty thousand, right, and they've all done the performance of
• 30:57
  Speaker 1: some of the smartest hedge fund people in the world
• 30:59
  Speaker 1: because they kind of didn't overthink it. They thought really
• 31:02
  Speaker 1: fundamentally about what they used. But they now, by the way,
• 31:06
  Speaker 1: by the time they were freshman in high school, like that,
• 31:08
  Speaker 1: no more business, we're done. We're sick. But now I
• 31:12
  Speaker 1: hear him, as you know, many adults, and they're repeating
• 31:14
  Speaker 1: my language that they learned first grade, second grade, third grade.
• 31:17
  Speaker 1: Although they were fighting it, they were absorbing it.
• 31:20
  Speaker 4: You know.
• 31:20
  Speaker 2: The biggest thing, I'm sorry, the biggest thing that my son,
• 31:23
  Speaker 2: who's nine, The thing that I love is my son
• 31:26
  Speaker 2: watches Shark Tank. So he's nine, so he doesn't know
• 31:30
  Speaker 2: you for baseball, he knows you from Shark And like
• 31:33
  Speaker 2: I was talking on the phone, was talking to business
• 31:35
  Speaker 2: to somebody, and he started asking me questions that I
• 31:37
  Speaker 2: know that he got from someplace else.
• 31:39
  Speaker 5: I said this the other day.
• 31:40
  Speaker 1: He was asking me, so, Dad, how much.
• 31:42
  Speaker 5: Equity do you get in that deal? I'm like, where
• 31:44
  Speaker 5: you getting that from?
• 31:45
  Speaker 3: And then he was like, well what about He was
• 31:46
  Speaker 3: like WHOA. I said, well, where did you.
• 31:48
  Speaker 1: Hear about equity?
• 31:49
  Speaker 2: And he's telling me Shark Tank, and he was like, yeah,
• 31:50
  Speaker 2: I want to know what royalty fees are and this,
• 31:52
  Speaker 2: that and the other and not. I was like, I
• 31:55
  Speaker 2: just want to play baseball. But you know, it was
• 31:57
  Speaker 2: just it was great that they have these type of
• 31:59
  Speaker 2: shows on and I know you got to go.
• 32:00
  Speaker 1: I know you had a question.
• 32:01
  Speaker 6: Yeah, I do have a question. So y'all are talking
• 32:03
  Speaker 6: about your families and y'all kids, and these two always
• 32:05
  Speaker 6: talk about how when they locked into their marriages, everything
• 32:08
  Speaker 6: like floors for them. You talk about your baby girls
• 32:10
  Speaker 6: a lot. Last time you were here, you were talking
• 32:12
  Speaker 6: engagement with j Lo. I know you're right now dating Jacqueline.
• 32:16
  Speaker 6: Is engagement? Marriage? Is that a conversation for you right now?
• 32:19
  Speaker 1: Like?
• 32:19
  Speaker 6: How does that? Where does that fit in all this
• 32:21
  Speaker 6: business in the portfolios?
• 32:23
  Speaker 1: Well, I'm very lucky to have an incredible person in
• 32:25
  Speaker 1: my life. Jack's Canadian. She's right outside of Detroit, which
• 32:29
  Speaker 1: is very beneficial because my daughter goes to school Michigan.
• 32:33
  Speaker 1: So I got two for the price of one, already
• 32:35
  Speaker 1: cutting a good deal. So she's twenty minutes from Detroit.
• 32:39
  Speaker 1: She's a former nurse. She's transitioned her nursing to an
• 32:44
  Speaker 1: incredible business called Jack fit where she helps out. You know,
• 32:48
  Speaker 1: thousands of women online get a better life. I personally
• 32:52
  Speaker 1: lost thirty pounds because of her. I haven't really thought
• 32:56
  Speaker 1: about that. This is really the best place I've been
• 32:58
  Speaker 1: in my life. Fortunate, grate photo be where I am.
• 33:02
  Speaker 1: I'm helping out tons of people involved, like you said,
• 33:05
  Speaker 1: with the Timbles and the Links and doing my Fox
• 33:08
  Speaker 1: deal with the Yankees and the Dodgers, And I'm open
• 33:13
  Speaker 1: to anything. But right now, I'll let you know. If
• 33:15
  Speaker 1: there's some big announcement coming, maybe I come back.
• 33:18
  Speaker 4: I would think it would be difficult for you to
• 33:19
  Speaker 4: trust anybody and really, like you know what I mean,
• 33:21
  Speaker 4: like romantically, just because you are a rod so the
• 33:24
  Speaker 4: celebrity within the money.
• 33:25
  Speaker 1: Like it's hard. It's hard for sure, but you know,
• 33:28
  Speaker 1: you take your time, you try to surround yourself with
• 33:30
  Speaker 1: people that are better than you. And but there's no
• 33:32
  Speaker 1: question just it's difficult.
• 33:35
  Speaker 5: Now that man is married John O'Brien.
• 33:37
  Speaker 3: Oh yeah, Shade Room. And you know, I've known her
• 33:40
  Speaker 3: for twenty five years, we've been married for six. She
• 33:43
  Speaker 3: has no agenda. She just loves me, like and you
• 33:45
  Speaker 3: can feel it, right, And it's hard to trust people
• 33:49
  Speaker 3: because you know you're You're not a person to them,
• 33:52
  Speaker 3: You're just an opportunity to us. You're a cash register.
• 33:54
  Speaker 3: And I and I've I've had people like try to
• 33:56
  Speaker 3: take me down because they didn't get what they want.
• 34:00
  Speaker 3: So that makes you really skittish. But you know, if
• 34:02
  Speaker 3: you have the right relationship, as I said earlier, two
• 34:04
  Speaker 3: plus two equals six eight or ten, it really does
• 34:08
  Speaker 3: enhance your life and roots you and ground you, and
• 34:11
  Speaker 3: they love you no matter what ups and downs, by
• 34:15
  Speaker 3: the way, and so that. But that goes back to
• 34:18
  Speaker 3: Charlemagne what you said about your circle. You know, as
• 34:21
  Speaker 3: your world gets bigger, your circle should get smaller. As
• 34:24
  Speaker 3: your world gets bigger, your circle should get smaller. I
• 34:28
  Speaker 3: would love to talk about very quickly a mistake that
• 34:31
  Speaker 3: I made because people hear about all these winds and
• 34:35
  Speaker 3: we're doing this and doing that that we don't you know,
• 34:38
  Speaker 3: they can't relissarily relate to that. You know, I made
• 34:40
  Speaker 3: a mistake since I saw you last what you have
• 34:45
  Speaker 3: in business, I sow a company, so technically it wasn't
• 34:51
  Speaker 3: before I saw you, because I saw the Province Homes
• 34:53
  Speaker 3: Company two years ago. But I just realized I made
• 34:56
  Speaker 3: a mistake in the last month. So I invest just
• 34:58
  Speaker 3: real talk. I've never said before, but I invested three
• 35:01
  Speaker 3: and a han million dollars in an investment account. I
• 35:05
  Speaker 3: put in the market, and I tell people let it
• 35:07
  Speaker 3: sit there. And I messed up. I didn't take my
• 35:10
  Speaker 3: own advice, and market went crazy. January twenty twenty two,
• 35:15
  Speaker 3: interest rates started going up twenty By March and April,
• 35:19
  Speaker 3: the introt rate was still going up. Stocks were taking
• 35:21
  Speaker 3: a beating. I had just put my money in the account.
• 35:24
  Speaker 3: January twenty twenty two, I had lost five hundred thousand
• 35:28
  Speaker 3: dollars in three months. So what did I do? Hold
• 35:32
  Speaker 3: it out? I put it on and put it in
• 35:34
  Speaker 3: treasury bills. So I said it might take me to cash.
• 35:38
  Speaker 3: I took it all and put it in treasury bills
• 35:39
  Speaker 3: and just let it sit there. And so what happened?
• 35:42
  Speaker 3: I asked my broker, broker Rockefeller Caountal Management as a
• 35:46
  Speaker 3: family office. I asked him him two weeks ago. So
• 35:48
  Speaker 3: I'm just curious what would have happened if I had
• 35:51
  Speaker 3: left it in, Well, you would have lost another two
• 35:53
  Speaker 3: hundred thousand dollars. So I'd been down seven hundred thousand dollars,
• 35:57
  Speaker 3: which is you know, hold on to your butt cheeks. Right.
• 36:00
  Speaker 3: But if you but if you but dj envy, if
• 36:03
  Speaker 3: you kept it in, just let it sit there. This
• 36:06
  Speaker 3: is the magic of markets. If this is this, this.
• 36:10
  Speaker 4: Hurts John, You got to stop that edit is gonna
• 36:14
  Speaker 4: be crazy because he said, hold on your budgets, dj vy, let.
• 36:27
  Speaker 3: Children.
• 36:30
  Speaker 1: It's gotta be another way to think.
• 36:32
  Speaker 3: We understand what you said. If you don't know.
• 36:36
  Speaker 5: They're gonna know. He hit the buet complete come out.
• 36:43
  Speaker 3: So, uh, this really hurt because the guy told me,
• 36:48
  Speaker 3: if I had just done nothing, just let it sit there,
• 36:51
  Speaker 3: let the markets do his thing. I'd have made the
• 36:54
  Speaker 3: seven hundred thousand dollars back and another seven hundred thousand
• 36:58
  Speaker 3: dollars on top of it out of double my money
• 37:01
  Speaker 3: over the losses. If I did nothing, this is the magic.
• 37:07
  Speaker 3: So if I had had so by the way, I
• 37:09
  Speaker 3: don't lose it. I don't. I don't deny, I don't.
• 37:11
  Speaker 3: But I don't beat myself up about this decision because
• 37:14
  Speaker 3: if I had had money in the market in that account,
• 37:17
  Speaker 3: it had made some profits, so it wasn't house money.
• 37:20
  Speaker 3: I would have left it in there because if I
• 37:22
  Speaker 3: lost my profits, and that's fine. This was this was
• 37:25
  Speaker 3: core capital. My goal for this core capital was just
• 37:27
  Speaker 3: let it sit and it was the goal is money
• 37:30
  Speaker 3: was to be safe. So somebody might be thinking about
• 37:32
  Speaker 3: a four oh one K plan. They've got their employer,
• 37:34
  Speaker 3: or they got a thousand dollars in that Savis account.
• 37:36
  Speaker 3: They don't want anybody to touch that, right, So think
• 37:38
  Speaker 3: about that in that example. So this was for me
• 37:41
  Speaker 3: that so I didn't I didn't need to make any money.
• 37:43
  Speaker 3: I just didn't want to lose any on that particular investment.
• 37:46
  Speaker 3: If I had made something, I would have left it there.
• 37:48
  Speaker 3: So in hindsight, statistically I made a mistake. But from
• 37:52
  Speaker 3: from what my priority was, which was safety and security
• 37:55
  Speaker 3: and not return, I'm completely cool with it. I'm just saying.
• 37:58
  Speaker 3: I'm just saying that as an investor, I tell people
• 38:01
  Speaker 3: put it in the market what I said about homes,
• 38:04
  Speaker 3: buy it and don't sell it, right, It'll just go
• 38:06
  Speaker 3: up at value. I'm just giving I'm telling you, here's
• 38:10
  Speaker 3: a guy who is pretty good at the investment in
• 38:13
  Speaker 3: the business game, and here's an example were recently I
• 38:17
  Speaker 3: made a mistake and pay for it. And the magic
• 38:20
  Speaker 3: of markets. You make money during the day, you build
• 38:22
  Speaker 3: wealth in your sleep.
• 38:24
  Speaker 1: Sleeve.
• 38:26
  Speaker 6: I was going to ask, why would you put safe
• 38:28
  Speaker 6: money on the market like that, because they also tell
• 38:30
  Speaker 6: you too, if it's something that you want to keep
• 38:32
  Speaker 6: safe and to not let like you don't want to
• 38:33
  Speaker 6: lose it, you don't.
• 38:34
  Speaker 3: Play with it. The three it is a great it's
• 38:36
  Speaker 3: a great conversation and a right if you have an
• 38:39
  Speaker 3: example or the police weigh in. There's three things that
• 38:42
  Speaker 3: have never gone down in American history. I'm so glad
• 38:45
  Speaker 3: you asked this. GDP gross domestic product of this country,
• 38:48
  Speaker 3: the income, real estate values, its stock market value. It
• 38:53
  Speaker 3: goes up, there's a recession. All recession means is it recedes.
• 38:58
  Speaker 3: It recedes, and if you stick with it, it corrects
• 39:00
  Speaker 3: above the line. What people who are financially illiterate do
• 39:04
  Speaker 3: is they get freaked out, and they are and they
• 39:07
  Speaker 3: sell it. Right. I had a townhouse in la I
• 39:11
  Speaker 3: bought it for two hundred and twenty thousand, went down
• 39:13
  Speaker 3: one hundred and some one thousand dollars in two thousand
• 39:15
  Speaker 3: and eight. You know, all my friends were telling me,
• 39:18
  Speaker 3: sal get rid of it, they're broke. So I'm I
• 39:20
  Speaker 3: didn't listening. An event, I kept it. It said seven
• 39:24
  Speaker 3: one two two lot to hair. Somebody listening to this
• 39:26
  Speaker 3: know exactly what I'm talking about. Lottier in Airport. I
• 39:28
  Speaker 3: kept it was fifteen hundred square feet.
• 39:30
  Speaker 1: Oh yeah, what I say?
• 39:31
  Speaker 3: You know there's that I rented out to a police
• 39:32
  Speaker 3: officer who didn't pay rent on time. But but I
• 39:36
  Speaker 3: but he paid ultimately, he paid me. I paid the
• 39:37
  Speaker 3: property taxes. I forgot about it. Five years later, I'm
• 39:41
  Speaker 3: trying to buy a property for seven hundred and fifty
• 39:43
  Speaker 3: thousand dollars, Like, where can I get seven fifty from?
• 39:46
  Speaker 3: I called my my my broker, black real estate broker
• 39:48
  Speaker 3: in LA. I want you to sell this condo for me.
• 39:50
  Speaker 3: Mind you, I bought it for two twenty it was
• 39:52
  Speaker 3: last time I checked, it was one fifty one eighty.
• 39:55
  Speaker 3: What can I get for that seven to fifty? All
• 39:58
  Speaker 3: I did was let it sit there and it just
• 40:00
  Speaker 3: went up in value. So I did a ten thirty
• 40:03
  Speaker 3: one tax free exchange, took the home and un allowed
• 40:06
  Speaker 3: to hear, sold up seven to fifty, bought the other
• 40:08
  Speaker 3: property for free with no tax impact. So you just
• 40:13
  Speaker 3: don't go wrong investing in the biggest economy, the sole
• 40:17
  Speaker 3: superpower in the world, the flight the quality people in
• 40:20
  Speaker 3: China talking mess about us. They're investing here, folks in
• 40:22
  Speaker 3: Russia talking messing about us. They're investing here, Iran, all
• 40:26
  Speaker 3: these places talking mess about us in front of the camera,
• 40:28
  Speaker 3: all of these folks, including Putin, investing in America. So
• 40:35
  Speaker 3: we have this great thing in front of us called
• 40:38
  Speaker 3: the soul, superpower in the world, the biggest economy, and
• 40:40
  Speaker 3: most of us are not taking advantage of it. So
• 40:43
  Speaker 3: I love the stock market. Everything that you love is
• 40:46
  Speaker 3: publicly traded. Iubly traded yet, but well maybe we can
• 40:51
  Speaker 3: take you public.
• 40:52
  Speaker 1: Well, you know what I was gonna say is, like
• 40:53
  Speaker 1: you know, Lauren, to answer your question is money is
• 40:56
  Speaker 1: not emotional. That's it. Money doesn't care who or who
• 41:01
  Speaker 1: who What pockets in the emotional ones are the humans.
• 41:05
  Speaker 1: And what John Hope is talking about is something that
• 41:08
  Speaker 1: Americans do is they panic when things go down. But
• 41:11
  Speaker 1: when you see guys like Tony Wrestler, Warren Buffett, or
• 41:14
  Speaker 1: the greatest invest in the world, Tony Tony, when when
• 41:21
  Speaker 1: John is selling that situation one, but Warren Buffet is
• 41:24
  Speaker 1: buying and buying a lot of it. So if you
• 41:26
  Speaker 1: can remove your emotions from investing, which is really hard
• 41:30
  Speaker 1: to do, and counterintuitive. Money doesn't care about you as
• 41:33
  Speaker 1: long as you know that and you're playing the long
• 41:35
  Speaker 1: game and know that along the long way you're gonna
• 41:38
  Speaker 1: have some hiccups. How do emotion that you're going to
• 41:40
  Speaker 1: be prepared to do that and not overreact? Right? But
• 41:43
  Speaker 1: when things go down, do you have you know, the
• 41:45
  Speaker 1: guts to kind of go in and making sure you
• 41:48
  Speaker 1: understand the business and what you're doing, right, I would
• 41:50
  Speaker 1: suggest do this with a professional, but thinking about a
• 41:53
  Speaker 1: philosophy big picture, before it happens, it is being prepared.
• 41:56
  Speaker 1: It's like in baseball, I'm thinking, if this ball gets
• 41:58
  Speaker 1: hit to me, I'm gonna throw to Jeter on the
• 42:01
  Speaker 1: throw to c C or whatever. Same thing with markets.
• 42:04
  Speaker 1: If I have four four million dollars four hundred thousand
• 42:07
  Speaker 1: or four thousand and the market goes to three thousand,
• 42:10
  Speaker 1: what am I gonna do? Am I gonna You gotta
• 42:11
  Speaker 1: know that before it happens and anticipate and have a
• 42:14
  Speaker 1: little bit more of a proactive approach.
• 42:15
  Speaker 3: Now, by the way, on that example, to what again,
• 42:20
  Speaker 3: he's a Hydress writings like doubled down on a good
• 42:23
  Speaker 3: investment the same time I pulled out of that investment
• 42:25
  Speaker 3: with the cash, I bought some real estate in another country,
• 42:28
  Speaker 3: Tucks and Kkos. I bought it for two million in
• 42:30
  Speaker 3: the same time period. It's now worth three point six million.
• 42:34
  Speaker 3: So I lost a little bit here on return, but
• 42:37
  Speaker 3: I gained over here, almost doubling my money on real
• 42:39
  Speaker 3: estate secured real estate, and so I achieved my objective,
• 42:42
  Speaker 3: just not in the way that Yeah, in different ways.
• 42:44
  Speaker 2: I was going to ask for somebody listening, maybe possibly
• 42:47
  Speaker 2: thinking about buying their first property, their first investment property,
• 42:50
  Speaker 2: or even at first house, or even thinking about refinancing
• 42:53
  Speaker 2: the home that they have.
• 42:54
  Speaker 3: What do you say to them?
• 42:55
  Speaker 2: Do they wait until after the election, because a lot
• 42:57
  Speaker 2: of people are saying wait to have the election, this, that,
• 42:59
  Speaker 2: and the yether. What do you say somebody that's trying
• 43:00
  Speaker 2: to buy a home right now? Interest rates shot up
• 43:03
  Speaker 2: since COVID. I'm sure we're never going to get to
• 43:04
  Speaker 2: two point nine percent ever again in life. So what
• 43:07
  Speaker 2: do you say to those individuals listening right now that
• 43:09
  Speaker 2: thinking about buying their first investment property, their first home,
• 43:12
  Speaker 2: or even refinancing at home.
• 43:13
  Speaker 3: I have a strong opinion, but go ahead.
• 43:15
  Speaker 1: You go first, Well, I would say, look, I have
• 43:18
  Speaker 1: a different outlook when it comes to houses, I don't
• 43:20
  Speaker 1: think houses is necessarily an investment. Is an investment to
• 43:24
  Speaker 1: your lifestyle is an investment, and for a lot of Americans,
• 43:27
  Speaker 1: it is your biggest investment, right because it's the biggest
• 43:29
  Speaker 1: asset you own, and you got usually a seventy seventy
• 43:32
  Speaker 1: five percent mortgage or whatever it is. But I would say,
• 43:35
  Speaker 1: buy a home that you can afford. Buy a home
• 43:38
  Speaker 1: and locking your rates, so I like locking in for
• 43:41
  Speaker 1: five or seven years, so I know exactly I'm almost
• 43:43
  Speaker 1: renting the house. I know exactly what my well, my
• 43:46
  Speaker 1: nut's going to be every month, Right, that's really important.
• 43:49
  Speaker 1: And I would say, buy a house, are you going
• 43:51
  Speaker 1: to be happy in? They're gonna be able to raise
• 43:53
  Speaker 1: your kids, They're gonna be safe, and locking your interest
• 43:56
  Speaker 1: rates and understand that you have to be able to
• 43:59
  Speaker 1: afford these payments or what happens, right, and give yourself
• 44:01
  Speaker 1: a margin of error right of safety net. But I
• 44:05
  Speaker 1: do think that indust rates could lower, But I'm not
• 44:08
  Speaker 1: into timing markets when it comes to my personal houses.
• 44:10
  Speaker 1: But I defer to job.
• 44:11
  Speaker 2: But to say that, I would always say that to
• 44:13
  Speaker 2: people that are looking for their first property, if they
• 44:15
  Speaker 2: necessarily don't know enough scared. I always would say get
• 44:18
  Speaker 2: a multi unit, right, because that way they can rent
• 44:20
  Speaker 2: out other units and make sure that they can pay
• 44:22
  Speaker 2: their bills until their more successful, take the equity out
• 44:25
  Speaker 2: and get their own property. That's why I would say
• 44:27
  Speaker 2: multi unit. What's your thoughts on that?
• 44:28
  Speaker 3: So the key, the key with what Alex you said
• 44:30
  Speaker 3: was he said houses, okay, So this is a whole
• 44:33
  Speaker 3: other situation, don't That's why he's not all in the
• 44:37
  Speaker 3: houses as an investment. He's got houses plural. That's a
• 44:39
  Speaker 3: different tax. Brackett. The average person listening to this, please
• 44:43
  Speaker 3: listen to me. As fast as you can buy a home.
• 44:48
  Speaker 3: The number one way you build was in America, it's homeownership.
• 44:52
  Speaker 3: The average African American with forty one forty forty three
• 44:56
  Speaker 3: percent of us own a home compared to seventy five
• 44:59
  Speaker 3: percent of our white counter parts that thirty percent delta.
• 45:02
  Speaker 3: That difference is massive home ownership and prices are not
• 45:06
  Speaker 3: going down when I started buying those seven hundred homes
• 45:08
  Speaker 3: from the Promise Homes Company. By the way, Tony Resler
• 45:11
  Speaker 3: was one of my partners in Michael Raghetti, who we've
• 45:13
  Speaker 3: been talking about a couple here a couple of times here,
• 45:15
  Speaker 3: good guys, I ran it up to one hundred and
• 45:18
  Speaker 3: fifty million dollars of assets under management of that particular
• 45:21
  Speaker 3: portfolio I bought for eighty eight thousand. I sold them
• 45:24
  Speaker 3: at three hundred and fifty thousand. No one moved the house.
• 45:28
  Speaker 3: It was no genius to it. It's the magic of compounding.
• 45:32
  Speaker 3: And so if these they're not growing anymore. Land a
• 45:36
  Speaker 3: lot most of the places where we live are inner cities.
• 45:39
  Speaker 3: What's an inner city in France, It's called Paris. What's
• 45:42
  Speaker 3: in inner city in Britain's called the UK. Like we
• 45:45
  Speaker 3: have centrally located real estate and we're walking away from
• 45:47
  Speaker 3: it to rent from somebody we don't know. To spend money.
• 45:50
  Speaker 3: We don't have to impress people we don't know, to
• 45:52
  Speaker 3: talk about stuff that don't matter, like knock it off
• 45:55
  Speaker 3: by the worst house and the best block in the hood,
• 45:59
  Speaker 3: d a hyphen hod the hood adjacent. Buy it near transportation, economy,
• 46:05
  Speaker 3: economic activity, activity, and a vibrant environment. Buy it, rehabit,
• 46:09
  Speaker 3: live in it, use equity in a couple of years
• 46:11
  Speaker 3: later and buy I know, you know what I'm talking
• 46:14
  Speaker 3: about here, DJMV by the second home three years later,
• 46:17
  Speaker 3: you do that three times over five to six years.
• 46:19
  Speaker 3: This is my mother's story, worked in an hourly job.
• 46:21
  Speaker 3: You're a millionaire, and you can get the down payment
• 46:23
  Speaker 3: through the Earn Income Tax Credit. Right. You can go
• 46:26
  Speaker 3: to Operation Hope that we can help you get Qualitifier EITC.
• 46:29
  Speaker 3: If you're making thirty eight thousand dollars and have three children,
• 46:32
  Speaker 3: the government owes you about seven thousand dollars cash. So
• 46:35
  Speaker 3: you just gave everybody listening to this who makes thirty
• 46:37
  Speaker 3: eight thousand dollars a check and it's retroactive for three years.
• 46:40
  Speaker 3: If you never filed, that's almost twenty thousand dollars. There's
• 46:43
  Speaker 3: your down payment right there, right, so we can and
• 46:45
  Speaker 3: to get your credit score up, get your debt down,
• 46:47
  Speaker 3: get your savings up, get into that house because it
• 46:49
  Speaker 3: costs just as much to rent as it doesn't pay
• 46:52
  Speaker 3: in mortgage payment. You're right. Interest rate to two percent
• 46:54
  Speaker 3: not coming back, that's fine. Four percent, five percent is
• 46:58
  Speaker 3: just fine. That's still very very low. But prices are
• 47:01
  Speaker 3: not coming down. I'm gonna wait, no, no, no, don't wait,
• 47:05
  Speaker 3: it's gonna get worse. Go get more expensive, buy right now,
• 47:09
  Speaker 3: let me go.
• 47:09
  Speaker 1: Why would I add one thing to that, because I
• 47:11
  Speaker 1: think when it comes to finance, especially in our communities,
• 47:17
  Speaker 1: people get foggy, and the listeners they're so smart that
• 47:21
  Speaker 1: they don't even believe, they don't even understand how smart
• 47:23
  Speaker 1: they are. Problem is, America has kind of confused them
• 47:26
  Speaker 1: with all these acronyms and you know, ROI and all
• 47:29
  Speaker 1: these like fancy terms, you know, And what they have
• 47:34
  Speaker 1: to understand is their gut and their instincts is the
• 47:37
  Speaker 1: best asset. They have the best asset classes talent number one.
• 47:40
  Speaker 1: But I'm gonna do something here. What's your favorite basketball
• 47:42
  Speaker 1: player of all time?
• 47:44
  Speaker 6: Me?
• 47:44
  Speaker 1: Yeah, just name one? Lebron Lebron J. Okay, perfect? All right.
• 47:50
  Speaker 1: So in this case, if we were to say, all right,
• 47:53
  Speaker 1: we're gonna go to the park and play two on
• 47:55
  Speaker 1: two basketball. Pick your partner and you're gonna wint a
• 47:58
  Speaker 1: million dollars, Okay, you pay Lebron, you pick MJ, you
• 48:01
  Speaker 1: pick Iverson. You guys are all solid. Okay. Now we
• 48:04
  Speaker 1: say the same drill and we say, okay, now you
• 48:06
  Speaker 1: won a million dollars. Okay, who are you gonna give
• 48:09
  Speaker 1: it to? Oh? I grew up with a guy in
• 48:12
  Speaker 1: high school and I'm gonna give it to him. And
• 48:15
  Speaker 1: I don't understand how in one case you're so intelligent
• 48:18
  Speaker 1: by picking your partner, But when it comes to controlling
• 48:21
  Speaker 1: your personal finances, which is the single most important decision
• 48:23
  Speaker 1: you make besides your wife or your partner, right, is
• 48:26
  Speaker 1: you go pick some high school guy that you know,
• 48:28
  Speaker 1: or some one that is basically a guy that didn't
• 48:30
  Speaker 1: make it in Wall Street or didn't make it in
• 48:32
  Speaker 1: Goldman Sacks or JP Morgan. So taking the same approach
• 48:36
  Speaker 1: as going to play basketball and picking the best of
• 48:38
  Speaker 1: the best. Go find the very very best, and it's
• 48:41
  Speaker 1: okay if you pay him a little bit more, but
• 48:42
  Speaker 1: you can't go wrong when you pick the very best.
• 48:44
  Speaker 1: And I find too many times people don't pick the
• 48:47
  Speaker 1: Lebron James Michael Jordan or Allan Iverson to handle their
• 48:50
  Speaker 1: money or to partner with. I will tell your son,
• 48:53
  Speaker 1: son pausing that restaurant, who's the best restaurant people in
• 48:56
  Speaker 1: the world. I have a great platform. I'm your dad.
• 48:58
  Speaker 1: Let's go see if we can put five thousand, because
• 49:00
  Speaker 1: they're put it in five million, and put a shoulder
• 49:02
  Speaker 1: to shoulder and don't cover me fees. Just let me
• 49:05
  Speaker 1: and if that five thousand becomes fifteen thousand, then I
• 49:07
  Speaker 1: can run it back and run it back. So the
• 49:09
  Speaker 1: competitive advantage we all have to identify is, and with
• 49:13
  Speaker 1: complete self awareness, is what is my weakness, my blind spots,
• 49:16
  Speaker 1: and what are my assets. Well, for all three of you,
• 49:18
  Speaker 1: you have an incredible platform. So if I have a
• 49:20
  Speaker 1: company that needs eyeballs, I may come to you and say, hey,
• 49:22
  Speaker 1: you guys want to throw in twenty five grand don't
• 49:25
  Speaker 1: worry about big numbers. It really pisses me off because
• 49:28
  Speaker 1: it's what kept my mother out of investments, right, And
• 49:31
  Speaker 1: what we're trying to do is democratize this whole thing
• 49:33
  Speaker 1: and simplify it, both in opportunity and in verbiage. So
• 49:37
  Speaker 1: if you have two thousand dollars and somebody like Tony
• 49:39
  Speaker 1: Wrestlers put it in twenty million, say hey, Tony, can
• 49:42
  Speaker 1: I put in two thousand? And I guarantee you a
• 49:44
  Speaker 1: guy like Tony'll find a way right to bring you along.
• 49:46
  Speaker 4: I want to ask a question because I think sometimes
• 49:48
  Speaker 4: we have these conversations, and we have these conversations from
• 49:51
  Speaker 4: our perspectives. Right, Well, y'all in a different tax bracket.
• 49:55
  Speaker 4: But I'm just saying, everybody here for the most part,
• 49:56
  Speaker 4: has money. What about people who have no money? People
• 49:59
  Speaker 4: from our communities? You have zero dollars? How do the
• 50:02
  Speaker 4: poor even get to the middle class?
• 50:04
  Speaker 1: I got you there. I mean, he's the master, but
• 50:05
  Speaker 1: I'm just gonna give you like really simple, right, Money
• 50:09
  Speaker 1: is the easiest part to get. And I know this
• 50:11
  Speaker 1: sounds crazy to the folks listening. Right, money, there's over
• 50:15
  Speaker 1: a trillion dollars sit in the sidelines looking for great deals.
• 50:18
  Speaker 1: So if you don't have money, can you find deal flow?
• 50:20
  Speaker 1: Can you hustle? If you find me an asset that
• 50:22
  Speaker 1: costs ten million dollars and you bring me you bring
• 50:25
  Speaker 1: it to me for eight, you basically own two million
• 50:27
  Speaker 1: dollars of that one undred. So if you bring me
• 50:29
  Speaker 1: a ten million dollar deal, right, and I can buy
• 50:31
  Speaker 1: it for eight, you say, hey, give me a million
• 50:33
  Speaker 1: dollars on that, I'll give you because I'm still getting
• 50:35
  Speaker 1: a million dollar discount. I'm paying nine for ten million
• 50:37
  Speaker 1: dollar assets, so I'm getting a discount. So looking for opportunities,
• 50:40
  Speaker 1: understanding where the train is going, and you, as an entrepreneur, says,
• 50:43
  Speaker 1: how do I get in the way so when that
• 50:46
  Speaker 1: train goes by, I can jump on and jump in
• 50:47
  Speaker 1: that bandwagon, right. It's creating opportunities. If you find deals,
• 50:51
  Speaker 1: you got money.
• 50:52
  Speaker 5: Is that possible for everyday people to yeah, yes, yes, yes,
• 50:56
  Speaker 5: you know.
• 50:56
  Speaker 3: You can buy a You can open a fractional stock
• 50:59
  Speaker 3: account and put in twenty five dollars to buy some stock.
• 51:03
  Speaker 3: Now you spend that on Starbucks. You can do you
• 51:06
  Speaker 3: can do ten ducks, you can do five bucks a
• 51:08
  Speaker 3: fractional stock on any stock that you want. So there's
• 51:11
  Speaker 3: no excuse if you want to get in this game.
• 51:13
  Speaker 3: Operation Hope will help you again. If you're listening to
• 51:15
  Speaker 3: Breakfast Club, will give you a scholarship for coaching and counseling.
• 51:18
  Speaker 3: We're going to get your credit score up. The average
• 51:19
  Speaker 3: credit scorer for black people, by the way, is six twenty.
• 51:22
  Speaker 3: Latinos are a little above that, notch more, but that
• 51:25
  Speaker 3: means half of us are locked out of the free
• 51:26
  Speaker 3: enterprise system. You can't get a decent home loan at
• 51:30
  Speaker 3: eating below seven hundred, you can't get a decent auto
• 51:32
  Speaker 3: loan below at six point fifty. You can't get a
• 51:35
  Speaker 3: business loan at all unless you're seven hundred better. It's
• 51:39
  Speaker 3: risky credit. So we think the issue is racism or
• 51:41
  Speaker 3: discrimination it might be, but it also might be that
• 51:44
  Speaker 3: you don't understand. There's a game, there's a credit box,
• 51:47
  Speaker 3: and you're not in it. So the bank is like,
• 51:49
  Speaker 3: you're just not a good credit risk. So what we've
• 51:51
  Speaker 3: done is we know to get your credit score up,
• 51:54
  Speaker 3: your debt down, your savings up with hope. So the
• 51:56
  Speaker 3: bank will say yes. At midnight, the bank, the computer
• 51:58
  Speaker 3: doesn't know what color you are, computer will say yes.
• 52:01
  Speaker 3: Somebody's listening to this and saying, is he talking about debt? Yes,
• 52:04
  Speaker 3: it's called good debt. Bad debt's financing jewelry. Good debt
• 52:09
  Speaker 3: is financing a home, mortgage, financing a business, right, going
• 52:13
  Speaker 3: into an investment with a rod to do a multifamily
• 52:15
  Speaker 3: apartment building, which is his bread and butter. So good
• 52:18
  Speaker 3: debt is tied to something that might appreciate. Bad debt
• 52:21
  Speaker 3: is tied to something that will depreciate. Every billionaire you
• 52:23
  Speaker 3: know has used good debt. Every city, our country that grows,
• 52:28
  Speaker 3: including this one, has used good debt. There's nothing wrong
• 52:30
  Speaker 3: with debt as long as you're intelligently using it. The
• 52:34
  Speaker 3: question about can any person win? I can make almost
• 52:37
  Speaker 3: anybody a millionaire if you follow again, he talked about
• 52:41
  Speaker 3: basically good habits, being disciplined. If you come to Operation
• 52:44
  Speaker 3: and Hope and you follow our plan, within five years,
• 52:47
  Speaker 3: you're a working class perkin making forty eight thousand dollars.
• 52:50
  Speaker 3: We will give you a plan and make you a
• 52:51
  Speaker 3: millionaire in five years is not complicated. But you have
• 52:54
  Speaker 3: to have discipline, you have to live below your means,
• 52:57
  Speaker 3: you have to understand this game. You've got to be
• 52:59
  Speaker 3: fine antally literate, and everybody can be a winner at
• 53:04
  Speaker 3: this game. I'd love to come back at some point.
• 53:06
  Speaker 3: We need to talk about a whole this whole thing
• 53:08
  Speaker 3: or a relationship capital which you talked about a little
• 53:10
  Speaker 3: bit like behind all of us is a backer, a
• 53:14
  Speaker 3: partner that we're not talking about magic has it. I
• 53:17
  Speaker 3: know who they are and I mentioned I love talking
• 53:21
  Speaker 3: about Tony Wrestler and Michaelreghetty. Right. They they backed me
• 53:25
  Speaker 3: eighty million dollars and I paid them back plus seven percent. Right.
• 53:29
  Speaker 6: It's important because our community feel like capitalists. You said
• 53:31
  Speaker 6: talk about making smart sexy. They feel like that's a
• 53:33
  Speaker 6: bad thing. A lot of people, not everybody, but a
• 53:35
  Speaker 6: lot of people in our community feel like capitalism is
• 53:37
  Speaker 6: a horrible thing. Having people back you as a horrible
• 53:39
  Speaker 6: thing as well too.
• 53:40
  Speaker 3: Yeah, so people say, let's go for and step further.
• 53:42
  Speaker 3: Oh I hate rich people. No, you don't. You hate
• 53:47
  Speaker 3: rich people to you become rich. What you hate is
• 53:51
  Speaker 3: a game system. To your point, what you hated, The
• 53:54
  Speaker 3: system is rigged so that you don't think you can succeed.
• 53:57
  Speaker 3: The money's not evil. It's the love of money that's evil.
• 54:00
  Speaker 3: It's the greed and bassiar. Andrew Jung says that men
• 54:03
  Speaker 3: and women fail for three reasons, arrogance, pride, and greed.
• 54:06
  Speaker 3: What did Malcolm X say. We've been bamboozled, We've been tricked,
• 54:10
  Speaker 3: We've been fooled, We've been hoodwinked. We've been hoodwinked. On
• 54:12
  Speaker 3: this topic black people. I'm picking on black people because
• 54:16
  Speaker 3: I'm Black. We have never had an economic infrastructure in
• 54:21
  Speaker 3: the history of of us being here. That's our problem.
• 54:25
  Speaker 3: God's not gonna save you. Even if you want to
• 54:28
  Speaker 3: distribute the money like a socialist, you gotta collect it
• 54:30
  Speaker 3: like a capitalist. So we have got to what's the
• 54:34
  Speaker 3: entertainment business? The business of entertainment. The sports business is
• 54:38
  Speaker 3: the business of sports. What we don't understand is the business.
• 54:43
  Speaker 3: I'm gonna give you an, I've never said this, and
• 54:47
  Speaker 3: it's builds on Alison what you were saying. I'm gonna
• 54:49
  Speaker 3: give everybody here free game. Jay Z's did basically a
• 54:53
  Speaker 3: financial literacy album called four four four You say I'm
• 54:55
  Speaker 3: gonna give you a min dollars with a game for
• 54:57
  Speaker 3: nine ninety nine. This is No.
• 54:58
  Speaker 1: Ninety nine.
• 55:00
  Speaker 3: There are about one hundred trillion dollars about to co
• 55:04
  Speaker 3: hit the market in the next ten years. All these
• 55:07
  Speaker 3: baby boomers are retiring at the same time. They're gonna
• 55:09
  Speaker 3: give their cash in their stock to their kids. They're
• 55:12
  Speaker 3: gonna give their house to their family. Kids don't want
• 55:15
  Speaker 3: the business. Those businesses have cash flow, client lists, real estate,
• 55:21
  Speaker 3: a brand, the city. What Alex say to you a
• 55:24
  Speaker 3: minute ago, bring me an asset for ten million that
• 55:27
  Speaker 3: I can get for eight million, uh, and you have
• 55:30
  Speaker 3: the upside between eight and ten. So these business So
• 55:33
  Speaker 3: if you come to me and say I have a
• 55:35
  Speaker 3: startup idea, give me a million dollars, I'm.
• 55:38
  Speaker 1: To get out of here.
• 55:39
  Speaker 3: Right. You come to me and say I've got a
• 55:41
  Speaker 3: business that's got a million dollars of cash flow, that's
• 55:44
  Speaker 3: got a that's got an evaluation of ten million, dollars.
• 55:48
  Speaker 3: Will you finance that the acquisition? So one time, one time,
• 55:53
  Speaker 3: so revenue, it's got ten million dollars in this example
• 55:56
  Speaker 3: says ten million dollars of revenue. Well you've someone answer
• 55:59
  Speaker 3: a nine million dollar acquisition. The answer to that is
• 56:03
  Speaker 3: absolutely yes. Non recourse mean no personal guarantee. Wall Street
• 56:07
  Speaker 3: does that all dan. It's called private equity. So you
• 56:10
  Speaker 3: got literally trains of dollars with businesses that are about
• 56:13
  Speaker 3: to hit the market, and people listening to this can
• 56:16
  Speaker 3: go become capitalists right now with an existing cash flow business,
• 56:20
  Speaker 3: existing assets, existing employees. Not no risk, but low risk
• 56:24
  Speaker 3: because it's already successful. So we need to stop being
• 56:28
  Speaker 3: self employment projects because ninety six percent of our black
• 56:31
  Speaker 3: businesses don't have an employee. I don't know what the
• 56:33
  Speaker 3: Latino numbers are, but you but again, you buill wealth
• 56:36
  Speaker 3: and your sleep is compounding. This is a huge opportunity.
• 56:40
  Speaker 5: So if you have.
• 56:42
  Speaker 1: In sports are so easy. I always use sports is
• 56:44
  Speaker 1: a great metaphor because the teachers are about life and business. Right,
• 56:47
  Speaker 1: If you say you know who's a better basketball player,
• 56:51
  Speaker 1: Shock or John, where they walk in the room, immediately
• 56:54
  Speaker 1: one hundred percent will say shot.
• 56:56
  Speaker 3: Right.
• 56:56
  Speaker 1: Business is exact opposite. Like, if let's say you have
• 56:59
  Speaker 1: four thousand millionaires in the world today, four thousand just
• 57:02
  Speaker 1: for a number, and you say, everyone pressed the lead,
• 57:05
  Speaker 1: everyone goes to zero, the math will tell us and
• 57:09
  Speaker 1: the signs will tell us, and that data would tell
• 57:10
  Speaker 1: us that in ten years you'll have basically the same
• 57:13
  Speaker 1: four thousand billionaires again. Because what it is, like shaq,
• 57:17
  Speaker 1: is a set of skills, and is an ear and
• 57:20
  Speaker 1: is a rewiring of the brain. So all of us
• 57:22
  Speaker 1: here walk into opportunities every single day, but it's taking
• 57:27
  Speaker 1: your eyeballs and your brain and your ears to think
• 57:30
  Speaker 1: about opportunities when you hear them. So you hear opportunities
• 57:32
  Speaker 1: all the time. You know, poor guy and a rich
• 57:35
  Speaker 1: guy go through a bad neighborhood. The poor guy goes, God,
• 57:38
  Speaker 1: what a terrible neighborhood. I wouldn't never want to live here.
• 57:40
  Speaker 1: The rich guy goes, let's try to see if we
• 57:42
  Speaker 1: can buy all this stuff on a cheap, because in
• 57:44
  Speaker 1: ten years you're going to be different. You go to
• 57:46
  Speaker 1: a barber shop and you hear through a terrible divorce,
• 57:48
  Speaker 1: and you hear this gossip all the time, and you
• 57:51
  Speaker 1: guys are here, man, what a terrible situation. I have
• 57:52
  Speaker 1: to sell their house, I have to sell the car.
• 57:54
  Speaker 1: If you're an entrepreneur in the ear, you hear, oh,
• 57:56
  Speaker 1: that might be an opportunity. Well maybe I can, not
• 57:58
  Speaker 1: to take advantage of anyone, but if you have to
• 58:00
  Speaker 1: sell your house quickly, maybe I can provide a quick
• 58:03
  Speaker 1: buy and sell for you off market. And there goes
• 58:06
  Speaker 1: that seven million dollars deal for ten Right, So it's
• 58:09
  Speaker 1: about rewiring of the brain and looking at opportunities and
• 58:11
  Speaker 1: not looking at problems, because problems is really opportunities.
• 58:14
  Speaker 2: Well, ladies and gentlemen, John O'Brien.
• 58:18
  Speaker 4: Is happening December ninth to the eleventh in Atlanta, Georgia.
• 58:21
  Speaker 5: Man, i'll be there, that's right.
• 58:23
  Speaker 1: We'll give you a minute last.
• 58:24
  Speaker 2: I'm sure he'll come back before that. All right, Well
• 58:26
  Speaker 2: it's the Breakfast Club. Good morning, Wake that ass up
• 58:30
  Speaker 2: in the morning.
• 58:30
  Speaker 1: Breakfast Club.