Latest / The Breakfast Club / INTERVIEW: John hope Bryant Talks 'Financial Literacy For All,' Operation HOPE, U.S. DEI, Credit Freedom + More

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INTERVIEW: John hope Bryant Talks 'Financial Literacy For All,' Operation HOPE, U.S. DEI, Credit Freedom + More · The Breakfast Club

• 0:00
  Speaker 1: Wake that ass up in the morning. The Breakfast Club Morning.
• 0:05
  Speaker 2: Everybody is DJ Envy, Jess Hilarry Charlamage the guy.
• 0:09
  Speaker 3: We are the Breakfast Club. You got a special guest.
• 0:10
  Speaker 2: In the building, Yes we do, John Hope Brian Welcome, brother,
• 0:13
  Speaker 2: Honored to be here. Man, how you feeling new book?
• 0:16
  Speaker 2: Financial literacy for all?
• 0:19
  Speaker 1: Not illiteracy, Financial literacy.
• 0:21
  Speaker 3: That's right, financial literacy for all. So what's the reason
• 0:25
  Speaker 3: for the book?
• 0:25
  Speaker 4: Before we tell the book? I want people to know
• 0:27
  Speaker 4: who is John Hope Briant.
• 0:29
  Speaker 5: I mean other than God's child, other than Jenny the
• 0:33
  Speaker 5: Smith's son and Johnny.
• 0:34
  Speaker 3: Smith's son from Closer to the mic.
• 0:37
  Speaker 5: From South central Los Angeles. My mom and dad, my
• 0:42
  Speaker 5: granddad was a sharecropper born in eighteen seventy one. RB Smith,
• 0:47
  Speaker 5: my second great grandfather, was part of the Black Union
• 0:50
  Speaker 5: troops tied the reconstruction George Young. Everybody should know your history.
• 0:57
  Speaker 5: My mom and dad came from the south to south
• 0:59
  Speaker 5: central LA. Married, built a little mini fortune in southern
• 1:04
  Speaker 5: Trila with next to nothing, gas station, apartment building, two businesses,
• 1:11
  Speaker 5: own home, lost it all because my dad was financially illiterate.
• 1:15
  Speaker 5: So I became passionate about the topic. I mean, we
• 1:18
  Speaker 5: can get into I was homeless, as you know, for
• 1:21
  Speaker 5: six months of my life, so people think I had
• 1:23
  Speaker 5: some silver spoon in my mouth, not true, and lost
• 1:27
  Speaker 5: everything and had to rebuild myself today. So I've gone
• 1:31
  Speaker 5: from literally the bottom quartile of the economic situation too.
• 1:35
  Speaker 5: I guess I'm the one percent today that people talk about.
• 1:38
  Speaker 5: I'm the largest minority owner of single family rental homes
• 1:41
  Speaker 5: in America. Say that again please, I'm the largest minority
• 1:46
  Speaker 5: read black owner of single family rental homes in America.
• 1:50
  Speaker 5: I owned seven hundred homes. Seven homes, yeah, but to
• 1:54
  Speaker 5: be structured, to structure properly. I bought them through the
• 1:58
  Speaker 5: Promised Homes Company over five years, which I'm the I was,
• 2:03
  Speaker 5: it's the sole owner of I sold the company for
• 2:04
  Speaker 5: one hundred and twenty million dollars Christmas Eve twenty twenty one.
• 2:08
  Speaker 5: Then I went to Taco Bell as the wire transfer
• 2:11
  Speaker 5: is going.
• 2:11
  Speaker 4: Through, indeed, waning to celebrate with a not your bell
• 2:15
  Speaker 4: broaday a number one shell was what was the symbolism
• 2:19
  Speaker 4: in that? Like, did that something you ate while you
• 2:21
  Speaker 4: was homeless?
• 2:22
  Speaker 1: Uh? Yeah?
• 2:23
  Speaker 5: Actually yeah, actually good good good take It was what
• 2:26
  Speaker 5: I ate when I was homeless, but also just keeping
• 2:28
  Speaker 5: it simple, like take life seriously, don't take yourself too seriously.
• 2:33
  Speaker 5: I also built the largest financial literacy organization in America.
• 2:36
  Speaker 5: It's called Operation Hope. Have four main clients. We've invested
• 2:39
  Speaker 5: four and a half billion dollars in our communities. We've
• 2:42
  Speaker 5: created four hundred thousand black businesses through one MBB. I
• 2:45
  Speaker 5: came up here with Toby Looki, who's the founder of Shopify.
• 2:49
  Speaker 5: I was one of the top ten riches men in Canada.
• 2:51
  Speaker 4: And invested four and a half billion into black communities,
• 2:55
  Speaker 4: right yep. And what was that other one?
• 2:58
  Speaker 5: Uh? Well, so I broke We finished with the single
• 3:00
  Speaker 5: family rental home piece. Even though half of my vendors
• 3:03
  Speaker 5: there by the way are plumbers, heating, electricians, lighting, roofing, landscaping, painting,
• 3:10
  Speaker 5: they're black and brown people. So owning the homes is
• 3:12
  Speaker 5: one piece. A DJ you know about this. Owning the
• 3:15
  Speaker 5: homes is one piece. But you can empower people with
• 3:17
  Speaker 5: jobs and contracts that you can't do anyplace else. And
• 3:20
  Speaker 5: the bigger I make that company and I'm planning only
• 3:22
  Speaker 5: ten thousand homes, the more I can empower my people
• 3:25
  Speaker 5: with contracts. I was doing I'm doing right now a
• 3:27
  Speaker 5: few million dollars a year in contracts, and that's sustainable
• 3:31
  Speaker 5: contracts and wealth creation. So that's Promise Homes Company. Then
• 3:34
  Speaker 5: you've got Operation Hope, which has three hundred offices across
• 3:38
  Speaker 5: the country. That's what you're talking about where we've invested
• 3:41
  Speaker 5: four billion, four and a half billion dollars in underserved
• 3:43
  Speaker 5: neighborhoods and created four hundred thousand black businesses since George
• 3:47
  Speaker 5: Floyd's murder. And you know, if you're if you're listening
• 3:51
  Speaker 5: or washing this and you own a gas station or
• 3:54
  Speaker 5: you have a barbershop, you should have an E barbershop.
• 3:57
  Speaker 5: You have a restaurant, you have an E restaurant. You
• 4:00
  Speaker 5: have a nail salon, you should have eatmail salon. In
• 4:03
  Speaker 5: other words, you should be able to go online, make
• 4:05
  Speaker 5: an appointment, buy some products. You make money during the day,
• 4:08
  Speaker 5: you build wealth and your sleep. At Operation Hope, we're
• 4:11
  Speaker 5: raising credit score is fifty four points to in six
• 4:15
  Speaker 5: months one hundred and twenty points and twenty four months.
• 4:17
  Speaker 5: Nothing changes your life more than God of Love, the
• 4:19
  Speaker 5: moving your credit score one hundred and twenty points. We're
• 4:23
  Speaker 5: louring debt thirty eight hundred dollars and increasing savings two
• 4:26
  Speaker 5: thousand dollars for somebody making forty eight thousand dollars a year.
• 4:29
  Speaker 5: So we're the only nonprofit in history ever allowed to
• 4:32
  Speaker 5: operate ins out of a bang branch. Ever, so that
• 4:35
  Speaker 5: means you're getting the bank out of the no business. No,
• 4:38
  Speaker 5: I'm sorry, I can't make you alone and back into
• 4:40
  Speaker 5: the yes business. Now we think it's racism, It might be,
• 4:44
  Speaker 5: but it also might be your credit score stakes. Half
• 4:47
  Speaker 5: of black folks have a credit score below six to twenty.
• 4:50
  Speaker 5: Not poor people, everybody. Latinos are right behind us. And
• 4:55
  Speaker 5: so when you wake up in the morning, half of
• 4:56
  Speaker 5: us are locked out of the free enterprise system. And
• 4:58
  Speaker 5: Bassard Andrew Young say, who was on that balcony doctor
• 5:01
  Speaker 5: King was assassinated. He say, to live in a system
• 5:04
  Speaker 5: of free enterprise and not to understand the rules of
• 5:07
  Speaker 5: free enterprise must be the very definition of slavery. So DJ,
• 5:12
  Speaker 5: to answer your question about you know why the book,
• 5:15
  Speaker 5: it's a civil rights issue, the civil rights issue of
• 5:17
  Speaker 5: this generation period, the new move. The last move was
• 5:20
  Speaker 5: in the streets civil rights. This move is in the
• 5:22
  Speaker 5: sweets civil rights. The color is green, not black, or
• 5:27
  Speaker 5: brown not black. Black or white, or brown or red
• 5:31
  Speaker 5: or blue. It's green and it's always been green. Slavery
• 5:36
  Speaker 5: was about money.
• 5:38
  Speaker 1: Whatever.
• 5:38
  Speaker 5: If your day's out about God or love, your days
• 5:40
  Speaker 5: above money. But we don't understand money. We want to
• 5:43
  Speaker 5: spend it, which is an emotional play, by the way,
• 5:46
  Speaker 5: which is tied to our self esteem or lack thereof.
• 5:50
  Speaker 5: But we which goes back to the mental health issues
• 5:52
  Speaker 5: that you and I talk about. But we don't understand it.
• 5:55
  Speaker 5: And you make as I said earlier, you make money
• 5:57
  Speaker 5: during the day. You build wealth in your sleep. So
• 5:59
  Speaker 5: this is like, this is like everywhere and everything and
• 6:01
  Speaker 5: you live in You live in a capitalist democracy. America
• 6:04
  Speaker 5: is the biggest economy on the planet, the sole superpower
• 6:07
  Speaker 5: in the world.
• 6:09
  Speaker 4: Let me ask you a couple of questions. And I
• 6:11
  Speaker 4: wanted to set the table like I'm glad. I wanted
• 6:14
  Speaker 4: people to know who you are.
• 6:15
  Speaker 1: That's just that's to my five divisions.
• 6:17
  Speaker 4: Yes, but I want people to know who you are
• 6:19
  Speaker 4: and what you've done because we live in this world
• 6:20
  Speaker 4: where everybody's a financial literacy guru and got a financial
• 6:25
  Speaker 4: literacy book. It's like, no, John O'Brien is the real deal.
• 6:30
  Speaker 5: First of all, thank you for that, but it just
• 6:31
  Speaker 5: drives me nuts, man, Like, do you want to do
• 6:33
  Speaker 5: you want a surgeon, you know, doing cancer surgery on you?
• 6:37
  Speaker 1: And they they saw a video on YouTube. I mean,
• 6:41
  Speaker 1: do you do you do?
• 6:41
  Speaker 5: You do you want somebody driving a big rick card
• 6:45
  Speaker 5: that's next to you and your family? And they never
• 6:48
  Speaker 5: took a driver's test. They'd be like, oh, I got this.
• 6:52
  Speaker 5: I mean, this is crazy. It's just like nuts.
• 6:54
  Speaker 3: It's big business.
• 6:55
  Speaker 1: Though.
• 6:56
  Speaker 5: It is a big business, and folks that you know,
• 6:58
  Speaker 5: and God bless their hustle, but this is not something
• 7:01
  Speaker 5: to mess with. People talking about, you know, the most
• 7:04
  Speaker 5: important other than your health and your spirituality. There's nothing
• 7:08
  Speaker 5: more important than your life. This is like breathing. And
• 7:11
  Speaker 5: you have folks selling books and tapes and seminars. And again,
• 7:14
  Speaker 5: I'm not messing with anybody's hustle, but this is not
• 7:18
  Speaker 5: something to play games with. And you cannot become wealthy
• 7:22
  Speaker 5: by selling books and tapes on becoming wealthy, That's not
• 7:26
  Speaker 5: the way this thing works. But that's a whole industry
• 7:30
  Speaker 5: and it just stuns me.
• 7:32
  Speaker 1: Man.
• 7:32
  Speaker 5: I'm like, I've been these boardrooms. I see the credit facilities.
• 7:37
  Speaker 5: I don't see these people. I don't see the folks
• 7:41
  Speaker 5: who are the financial influence. In fact, if you're doing
• 7:43
  Speaker 5: that full time, all day, all night.
• 7:45
  Speaker 3: How could you possibly be in the stries doing what
• 7:47
  Speaker 3: you're saying you.
• 7:48
  Speaker 5: Doing that part. I have four hundred employees. That's I mean,
• 7:53
  Speaker 5: that's full time.
• 7:54
  Speaker 1: Man.
• 7:54
  Speaker 5: I've got a CEO of each one of my divisions.
• 7:58
  Speaker 5: My payrolls a million and a half dollars every two
• 8:00
  Speaker 5: weeks for the last thirty years. I mean, you can
• 8:03
  Speaker 5: go pull up my tax returns for my non property leads.
• 8:07
  Speaker 5: You can pull up my tax returns seventy two million
• 8:09
  Speaker 5: dollars last year. I'm the largest black founded nonprofit founder
• 8:14
  Speaker 5: who's running it in the country.
• 8:15
  Speaker 2: Got a couple of questions, So, you know, the main
• 8:18
  Speaker 2: thing that's been coming out of for people that's own
• 8:20
  Speaker 2: single proper single family units or multi family units.
• 8:24
  Speaker 3: Is the squad of laws.
• 8:25
  Speaker 2: Right, We've seen what happened a couple of weeks ago
• 8:27
  Speaker 2: in New York. What's your take on on the squad
• 8:30
  Speaker 2: of laws? Because it seems like squatters have more rights
• 8:32
  Speaker 2: than the actual owners.
• 8:33
  Speaker 5: It's it's crazy, you know, And look again, I'm you're
• 8:37
  Speaker 5: not gonna You're not gonna find more compassionate capitalists, But
• 8:40
  Speaker 5: I am a capitalist. Even if you want to distribute
• 8:43
  Speaker 5: money like a socialist, you have to first collect it
• 8:46
  Speaker 5: like a capitalist. Like this is just nuts. And people
• 8:49
  Speaker 5: don't understand that most people own these properties. They're not
• 8:52
  Speaker 5: big businesses. It's a doctor, it's a dentist's it's a
• 8:56
  Speaker 5: it's a teacher, a bus driver, a bus driver who
• 8:59
  Speaker 5: has a rental property. They're trying to build some generational wealth.
• 9:03
  Speaker 5: And fantastic for them. By the way, that it is
• 9:07
  Speaker 5: possible that financial freedom is the only true freedom because
• 9:10
  Speaker 5: every other freedom could be taken away from you, political freedom,
• 9:13
  Speaker 5: religious freedom. Look at what's going on right now in society.
• 9:17
  Speaker 5: I mean, women listening to this, watching this men men
• 9:20
  Speaker 5: try to tell you what to do to your body,
• 9:22
  Speaker 5: and it's like, whoa, whoa, whoa. Were you in the
• 9:24
  Speaker 5: womb with me and my mom? Were you in the
• 9:26
  Speaker 5: I mean, how's this conversation tied to you? But financial freedom,
• 9:31
  Speaker 5: unless you screw it up, that's yours. And so to
• 9:34
  Speaker 5: have a squatter come and move into your spot and
• 9:37
  Speaker 5: then start telling you the rights that they have, I
• 9:40
  Speaker 5: mean that just it just goes against every basis of
• 9:45
  Speaker 5: reason and common sense. That I have and I'm from
• 9:48
  Speaker 5: the neighborhood.
• 9:49
  Speaker 3: They from home like this.
• 9:50
  Speaker 1: It's a business. It's a business. You know.
• 9:53
  Speaker 5: People say, here's a lot of crazy stuff like, oh,
• 9:57
  Speaker 5: I hate rich people.
• 9:59
  Speaker 1: No, you don't.
• 10:01
  Speaker 5: You hate rich people until you become rich. What you
• 10:04
  Speaker 5: hate is a game system. What you hate is a
• 10:07
  Speaker 5: system rigged against you that you don't think is fair
• 10:10
  Speaker 5: and honest. Okay, I get that, which is why I'm
• 10:12
  Speaker 5: trying to build the ladder, show you how capitalism really works,
• 10:15
  Speaker 5: which is why I wrote this book, et cetera, et cetera.
• 10:18
  Speaker 5: Just break this down and and make it and make
• 10:20
  Speaker 5: it approachable. But you actually don't hate it because you actually,
• 10:24
  Speaker 5: if you look at your life, most people are actually
• 10:26
  Speaker 5: aspiring to achieve it. That's what these quatters are trying
• 10:28
  Speaker 5: to do, trying to get something for free. Right, there's
• 10:31
  Speaker 5: all We're all capitalists, man, everybody's a capitalist. You have
• 10:35
  Speaker 5: a part time job, you're a you're using your human
• 10:38
  Speaker 5: capital and you're changing you're exchanging it for some gig money.
• 10:42
  Speaker 5: You have a job, you work from nine to five,
• 10:45
  Speaker 5: same thing. You have a career. Now maybe you're working
• 10:47
  Speaker 5: from nine to nine, or maybe you don't have hours
• 10:49
  Speaker 5: because it's it's a salary. You have a C suite job,
• 10:53
  Speaker 5: which is a step above a career. They get Boston
• 10:56
  Speaker 5: call you in the weekends in the evening. But still
• 10:58
  Speaker 5: the risk is on the entrepreneur, the business owner. And
• 11:02
  Speaker 5: then you can get to the piece where you've got
• 11:03
  Speaker 5: a business owner, which is a franchise or some kind
• 11:06
  Speaker 5: of existing business plan that you pre that you pre understand.
• 11:10
  Speaker 1: Like Taco Bell or whatever. But we don't even understand that.
• 11:15
  Speaker 5: We don't even say that McDonald's actually is a real
• 11:17
  Speaker 5: estate play the property that's right. And then you have
• 11:21
  Speaker 5: the crazy people like me who are entrepreneurs, who are
• 11:23
  Speaker 5: who are wake up with our hair on fire. But
• 11:26
  Speaker 5: we also have the highest risk and the highest reward.
• 11:29
  Speaker 5: So you have low risk in lower reward here and
• 11:31
  Speaker 5: high risk and high reward here. But it's all capitalism.
• 11:34
  Speaker 5: You're all using your human capital or your financial capital
• 11:38
  Speaker 5: to go get yours.
• 11:40
  Speaker 2: And what do you think about the You know, Joe
• 11:42
  Speaker 2: Biden was talking about raising the capital gains tax so
• 11:45
  Speaker 2: that business guys who try to like me, sell stuff
• 11:49
  Speaker 2: and buy and sell for high they're going to attax
• 11:50
  Speaker 2: you at He's trying to tax you at a forty
• 11:52
  Speaker 2: eight percent rate. Now, but what hurts is we just
• 11:56
  Speaker 2: talked about all these these minorities. A lot of them
• 11:58
  Speaker 2: is the first time that they all know is in
• 12:00
  Speaker 2: their family. So you got guys that a one hundred millionaires.
• 12:02
  Speaker 2: But now you make your first millionaire tax and you
• 12:04
  Speaker 2: forty eight percent. How can that possibly generate the generational
• 12:07
  Speaker 2: wealth when they're cutting it in half.
• 12:08
  Speaker 5: So so folks who don't who don't own anything or
• 12:12
  Speaker 5: and don't realize that they're capitalists, We're like, yeah, tax them,
• 12:15
  Speaker 5: tax the ridge, tax Ridge until they get that tax
• 12:18
  Speaker 5: bill for that property they own.
• 12:20
  Speaker 1: And like, whoa, whoa, whoa, whoa. I didn't mean me
• 12:22
  Speaker 1: so so here.
• 12:23
  Speaker 5: So you just said some deep stuff, and I'm not
• 12:26
  Speaker 5: sure if you realize how brill it what you said was.
• 12:29
  Speaker 5: But I'm gonna come back at you so and underscore
• 12:32
  Speaker 5: what you said. People say, oh, Warren Buffett pays more. No,
• 12:37
  Speaker 5: Warren Buckets buffets secretary, And I love Warren Buffett by
• 12:40
  Speaker 5: the way, he's a cool dude. Actually know his secretary
• 12:43
  Speaker 5: pays more taxes than he does. Well, of course she's
• 12:46
  Speaker 5: a W two employee. So a W two employee is
• 12:49
  Speaker 5: somebody who gets a paycheck. Buffett is not a W
• 12:52
  Speaker 5: two employee. I look forward to the day i'm not.
• 12:55
  Speaker 5: I'm mostly not, but I look for to that I'm
• 12:57
  Speaker 5: not a W two employee. Real, real wealth creation is
• 13:01
  Speaker 5: about capital gains. So there's so a couple of misnumbers.
• 13:05
  Speaker 5: Most taxes in this country are actually paid by people
• 13:08
  Speaker 5: like me and us. By the way, seventy five percent
• 13:11
  Speaker 5: of all the tax income in this country comes from
• 13:14
  Speaker 5: the wealthy. That's just a fact. The poort don't have
• 13:17
  Speaker 5: the taxes to pay, and luckily, and I think appropriately,
• 13:21
  Speaker 5: they get tax breaks. So that's one. But where does
• 13:23
  Speaker 5: that those taxes come from. It comes from capital gains
• 13:25
  Speaker 5: and other forms of taxation. So the tax capital gains
• 13:28
  Speaker 5: tax is about twenty percent. So if you're getting a
• 13:30
  Speaker 5: W two check, explain.
• 13:32
  Speaker 3: What capital gains is for people that don't know in
• 13:34
  Speaker 3: simple terms.
• 13:35
  Speaker 5: So if so many backups. So if I'm getting a
• 13:38
  Speaker 5: regular check, I'm going to pay thirty five percent plus
• 13:41
  Speaker 5: whatever the state tax and maybe it's the city tax.
• 13:44
  Speaker 5: So maybe hitting in California, maybe hitting forty eight percent
• 13:47
  Speaker 5: of your pay check unless you have some some kind
• 13:50
  Speaker 5: of carveouts and you're getting that every two weeks. Right,
• 13:53
  Speaker 5: if you're Tony Wrestler, who's my business partner, who's the
• 13:57
  Speaker 5: two hundredth richest man in the world worth ten billion
• 13:59
  Speaker 5: dollars dollars owner of Atlanta Hawks, owner of the Atlanta Hawks,
• 14:02
  Speaker 5: Well that's what we know he owns. Him and Mick
• 14:05
  Speaker 5: Arraghetti have areas management here which you've never heard of before.
• 14:08
  Speaker 5: That's three hundred and eighty billion dollars in assets in
• 14:11
  Speaker 5: the management. He gets no paycheck. He but when he
• 14:14
  Speaker 5: sells some stock, or he sells a piece of real estate,
• 14:18
  Speaker 5: or he sells a company, there is a capital gain.
• 14:23
  Speaker 5: There's a gain on the capitol, and that one transaction.
• 14:28
  Speaker 1: Is taxed.
• 14:29
  Speaker 5: When I sold my company, I got the largest tax
• 14:31
  Speaker 5: bill of my life, and I was OneD to pay it.
• 14:34
  Speaker 1: Now. Did I work hard to get get the number down?
• 14:37
  Speaker 1: Sure I did.
• 14:37
  Speaker 5: But what I owed I was out under pay because
• 14:40
  Speaker 5: that means I made some money. I did well in America,
• 14:42
  Speaker 5: so I'm not mad at paying taxes. I paid seven
• 14:45
  Speaker 5: figures that year in state in federal taxes alone, and
• 14:49
  Speaker 5: then I had another high six figure tax in just
• 14:52
  Speaker 5: my Georgia tax bill. And my Georgia tax bill that
• 14:55
  Speaker 5: year was six hundred thousand dollars. That was an easy tax.
• 14:59
  Speaker 5: So so and so when, by the way, once you
• 15:02
  Speaker 5: start paying taxes, you start being concerned about infrastructure.
• 15:05
  Speaker 1: So you start seeing potholes. Hey man, fix these potholes.
• 15:09
  Speaker 1: What's up with that?
• 15:10
  Speaker 5: You know?
• 15:10
  Speaker 1: Why does the hospital work? And what the police start?
• 15:13
  Speaker 5: You realized police work for you, right, It changed your
• 15:15
  Speaker 5: whole mindset.
• 15:16
  Speaker 1: Right.
• 15:17
  Speaker 5: But to come back to your point, I think that
• 15:20
  Speaker 5: part of this is, uh, I agree with a lot
• 15:23
  Speaker 5: of what President Biden is doing, and there is no
• 15:26
  Speaker 5: choice but him in the re election. There is no
• 15:28
  Speaker 5: rational choice. The other dude is a divider and got
• 15:32
  Speaker 5: all kind of mental issues he needs to deal with.
• 15:36
  Speaker 5: But and it's just not you know, the Bible says
• 15:38
  Speaker 5: a house divided cannot stand. It's just actually just good math.
• 15:41
  Speaker 5: You cannot have somebody who's dividing people and you're trying
• 15:44
  Speaker 5: to grow GDP. Hopefully we can get to that in
• 15:46
  Speaker 5: a minute of how how you know, really diversity is
• 15:49
  Speaker 5: a business plan for this country. So that one piece
• 15:52
  Speaker 5: I don't know I'm down with. I think that you
• 15:55
  Speaker 5: want to double the capital gains tax from twenty to
• 15:57
  Speaker 5: forty you may just literally just stop a lot of
• 16:01
  Speaker 5: investment in this country, and you will crater the returns
• 16:04
  Speaker 5: for the average person. So a couple numbers. You have
• 16:07
  Speaker 5: about eighty million rental homes in America. So eighty million
• 16:10
  Speaker 5: homes in America thirty million or so, I believe our
• 16:13
  Speaker 5: multi family if my memory's right, fifty million. So are
• 16:16
  Speaker 5: single family homes. Of those, about eighteen million or rental homes.
• 16:21
  Speaker 5: Of that, about five hundred thousand are institutionally owned, owned
• 16:24
  Speaker 5: by guys like me. Most of those are what we
• 16:28
  Speaker 5: were talking about. It's the trash collector who owns a
• 16:32
  Speaker 5: second house in his neighborhood. Well, if you double the
• 16:35
  Speaker 5: capital gains tax, if you're not really careful, you're going
• 16:38
  Speaker 5: to destroy that man's generational wealth he just created. So
• 16:42
  Speaker 5: the average person who's a capitalist is the gas station owner,
• 16:46
  Speaker 5: is the I mean, it's a small business owner. So
• 16:47
  Speaker 5: we got to stop demonizing success. We really need to
• 16:51
  Speaker 5: be trying to encourage actually people to become wealthy and successful.
• 16:55
  Speaker 5: I'm going to the exact opposite direction and making it
• 16:59
  Speaker 5: easy for him. Now, we gotta pay for it. Everybody
• 17:02
  Speaker 5: should pay their fair share. But you know, I like math.
• 17:04
  Speaker 5: It doesn't have an opinion that's a melody hops in quote.
• 17:07
  Speaker 5: And the math to me is what I said to you.
• 17:10
  Speaker 5: The wealthy already paying more than their share. Now can
• 17:15
  Speaker 5: there be more fairness? Yes, Like they're private equity dudes
• 17:18
  Speaker 5: who get away with all kind of stuff and the
• 17:19
  Speaker 5: hedge funds dudes that get away with a lot of stuff.
• 17:21
  Speaker 5: Because the way the tax is structure that needs to
• 17:23
  Speaker 5: be refined.
• 17:24
  Speaker 4: I think people are talking about like that when they
• 17:25
  Speaker 4: see these billionaires or these billion dollar companies not pay anything.
• 17:28
  Speaker 5: That's yeah, that's that's not recorporate corporations. But by the way,
• 17:33
  Speaker 5: they have entire they have hundreds and hundreds of people
• 17:35
  Speaker 5: in the tax department trying to figure out how to
• 17:37
  Speaker 5: get that that you know, uh, that tax break that
• 17:40
  Speaker 5: the city and the county in the state did that
• 17:41
  Speaker 5: nobody else knows about. So they're they're working the system,
• 17:45
  Speaker 5: and you can't be mad at somebody who's legally working
• 17:47
  Speaker 5: the system. But once you figure out that somebody is
• 17:50
  Speaker 5: working the system, then you need to rework the system,
• 17:52
  Speaker 5: upgrade that software so that the state and the federal
• 17:55
  Speaker 5: government don't go broke. Manhattan doesn't work without subways, Manhattan
• 18:00
  Speaker 5: doesn't work without police, So you have all this, You
• 18:03
  Speaker 5: have one of the wealthiest countries in a city in
• 18:06
  Speaker 5: the world that we're sitting in right now but doesn't
• 18:08
  Speaker 5: work without the public sector, Right, what would.
• 18:11
  Speaker 4: You say to people? You know?
• 18:11
  Speaker 2: They before we go back to what I was saying,
• 18:13
  Speaker 2: because I think this is I think this is where
• 18:15
  Speaker 2: you were going. I was saying that it hurts us
• 18:17
  Speaker 2: when we're first time millionaires, especially minorities in our family,
• 18:21
  Speaker 2: and we get taxed in a way that we cannot
• 18:23
  Speaker 2: necessarily continue that where somebody else.
• 18:26
  Speaker 3: A lot of these white people.
• 18:27
  Speaker 2: Get this money over time, so they already have the
• 18:30
  Speaker 2: money to start. And that's what I was saying, and
• 18:31
  Speaker 2: he was like.
• 18:32
  Speaker 5: Yeah, we don't have Look, this could be a three
• 18:35
  Speaker 5: hour conversation. I mean you can go down any of
• 18:37
  Speaker 5: these directions and take it for an hour, Like, we
• 18:39
  Speaker 5: don't have the generational wealth, we don't have the we
• 18:41
  Speaker 5: don't have the inheritance. We don't have you know, our
• 18:44
  Speaker 5: capital is a credit card, right, That's how I came up.
• 18:48
  Speaker 5: So of course you're you had me a hello, You're
• 18:51
  Speaker 5: absolutely right. I mean I literally had to use credit
• 18:55
  Speaker 5: cards to invest in my first businesses, and I didn't
• 18:58
  Speaker 5: take a salary. Ever, because I knew my businesses needed
• 19:04
  Speaker 5: that capital return and I didn't pay. I admitted I
• 19:07
  Speaker 5: didn't file taxes when I was coming up as a
• 19:10
  Speaker 5: as a hustler in my late teens, and I was
• 19:12
  Speaker 5: home when I was eighteen to my early twenties. I
• 19:14
  Speaker 5: didn't pay taxes for six or eight years. Now they
• 19:17
  Speaker 5: came for me franchise tax board in California. They ain't
• 19:22
  Speaker 5: not playing. They literally put somebody in my lobby once
• 19:24
  Speaker 5: they found me and collected like it was like a
• 19:27
  Speaker 5: gangster collected every day. And I was like, hey, I'm
• 19:31
  Speaker 5: cool with that. I played the game, now you're playing
• 19:33
  Speaker 5: it playing me back. Fair change is no robbery. But
• 19:36
  Speaker 5: I needed that capital I needed. I needed to not
• 19:39
  Speaker 5: pay him for a minute. I needed every dime to
• 19:42
  Speaker 5: go in that business. I wasn't trying to avoid my obligations.
• 19:45
  Speaker 5: I wasn't focused on the details like I am now
• 19:48
  Speaker 5: now have audited financials. I mean, I arrested my.
• 19:50
  Speaker 1: Friend, right, I'd rather have to be a friend, right.
• 19:53
  Speaker 5: Absolutely, I'd rather owe money my mother God rest her
• 19:56
  Speaker 5: soul than they are. I mean, you know they got
• 19:58
  Speaker 5: al capone. It wasn't murdering mayn it was tax evasion,
• 20:04
  Speaker 5: So you don't play with it and you know it.
• 20:07
  Speaker 1: You got to take it seriously.
• 20:08
  Speaker 5: And I think you should feel proud to pay your
• 20:10
  Speaker 5: fair share because we live in the I think, the
• 20:12
  Speaker 5: greatest country in the world, even with all our drama.
• 20:14
  Speaker 2: I think people don't have a problem with paying their taxes.
• 20:17
  Speaker 2: I think they have a problem with where the money goes. Right,
• 20:19
  Speaker 2: most people don't know that dioresis division that actually looks
• 20:21
  Speaker 2: at social media to see where you're at, where you're spending,
• 20:23
  Speaker 2: if you're on vacation, you're just spending what you're driving
• 20:25
  Speaker 2: and all that. I think when people start hear and
• 20:28
  Speaker 2: we're sending six billion to Ukraine and eight billion here
• 20:31
  Speaker 2: and ten billion here, and then they look at where
• 20:33
  Speaker 2: they live, that's why I think people have a problem.
• 20:36
  Speaker 2: I think if they knew where the money was going
• 20:37
  Speaker 2: and it really benefited their community, I don't think people
• 20:40
  Speaker 2: will have the problem.
• 20:41
  Speaker 1: But then let's talk about community.
• 20:42
  Speaker 5: Because the grain comes from Ukraine, right, I mean, if
• 20:46
  Speaker 5: you're eating if you know, if you're eating food, it's
• 20:49
  Speaker 5: a good chance of eating bread that it actually originated
• 20:52
  Speaker 5: in the Ukraine. So if Russia is blocking chips and
• 20:56
  Speaker 5: you're wondering why inflation is popping up, is because Russia
• 20:59
  Speaker 5: is jamming you up on oil and they control that
• 21:02
  Speaker 5: and you're not getting your grain from these developing countries.
• 21:07
  Speaker 5: We get a twelve percent of our oil at least
• 21:09
  Speaker 5: we used to from Nigeria, by the way, and that's
• 21:12
  Speaker 5: a whole another conversation why Nigeria doesn't have enough oil
• 21:15
  Speaker 5: for its own people. But we are dependent. We're interdependent
• 21:18
  Speaker 5: on the world. So you can't just isolate yourself, and
• 21:22
  Speaker 5: you got to educate yourself, which, by the way, I
• 21:24
  Speaker 5: love what you guys are doing because you're the educator.
• 21:26
  Speaker 5: You're like an open university for the whole country. You're entertaining,
• 21:30
  Speaker 5: but you're also educating. We live in an interconnected world
• 21:33
  Speaker 5: with the largest economy on the planet, with the soul superpower,
• 21:36
  Speaker 5: and we rely on our alliances with the world, including
• 21:41
  Speaker 5: where you see us dropping bombs sometimes now we don't.
• 21:47
  Speaker 5: America doesn't drop bombs where it doesn't have an interest.
• 21:51
  Speaker 1: Now.
• 21:51
  Speaker 5: Bill Clinton was one of the few people who did that.
• 21:52
  Speaker 5: He went to Somalia for just for a humanitarian situation.
• 21:56
  Speaker 5: That was the Black Hawk Down movie that came out.
• 21:58
  Speaker 5: It was unfortunate outcome. But most places, if you see
• 22:01
  Speaker 5: us there, there's some economic interests. Why are we in
• 22:03
  Speaker 5: the Middle East?
• 22:04
  Speaker 1: Hello? You know oil?
• 22:06
  Speaker 5: Why are we in the Ukraine? Yes, it's horrible, but
• 22:09
  Speaker 5: there are a lot of places that's horrible. Look at Haiti.
• 22:11
  Speaker 5: We're not in Haiti. We're there because we have an
• 22:13
  Speaker 5: economic interest. We're protecting our interest. So on a real talk,
• 22:17
  Speaker 5: if you're once you start becoming a taxpayer, you start
• 22:20
  Speaker 5: do you start looking at where is the money going?
• 22:23
  Speaker 5: And it needs to make sense and when it doesn't,
• 22:24
  Speaker 5: vote people out that's okay.
• 22:26
  Speaker 1: Now we're back to the right to vote.
• 22:29
  Speaker 5: If you when you have a stake and you're a stakeholder,
• 22:32
  Speaker 5: all of a sudden, voting makes a whole lot more sense.
• 22:37
  Speaker 4: Uh.
• 22:37
  Speaker 5: And and filling out these forms and the senses and
• 22:40
  Speaker 5: all that stuff which determines what money's coming to your
• 22:43
  Speaker 5: community and what money is not.
• 22:45
  Speaker 1: You know, we've broke.
• 22:46
  Speaker 5: Down credit scores by zip codes at Operation Hope, and
• 22:50
  Speaker 5: we found that if you lived in a five eighty
• 22:52
  Speaker 5: credit score neighborhood, you see a check casher next to
• 22:56
  Speaker 5: a payday loan lender, liquor store, next to a rental store,
• 22:58
  Speaker 5: liquor store, pawn show up, title lending store, and a
• 23:03
  Speaker 5: church down the street. That's your local neighborhood therapist try
• 23:07
  Speaker 5: to make you feel a little bit better once a week.
• 23:09
  Speaker 5: But if you live in a and by the way,
• 23:11
  Speaker 5: that's black and brown urban, that's.
• 23:13
  Speaker 1: Also poor white rule.
• 23:15
  Speaker 5: But if you go to a seven hundred credit score neighborhood,
• 23:18
  Speaker 5: which is fifteen minutes away, you live twenty year longer life.
• 23:22
  Speaker 5: You lived to sixty one years old in the hood,
• 23:26
  Speaker 5: you lived to eighty one in a seven hundred credit
• 23:28
  Speaker 5: core neighborhood, and a riot in the seven hundredreditor neighbor
• 23:31
  Speaker 5: they would go shopping. This is every place in America
• 23:34
  Speaker 5: fifteen minutes apart. It is unbelievable. When you start looking
• 23:39
  Speaker 5: at the math and stop getting emotional about this, you
• 23:42
  Speaker 5: can actually figure out how the world works. And in
• 23:46
  Speaker 5: the underserved neighborhood, we twenty eight percent of us own
• 23:49
  Speaker 5: a home. If you can get forty percent, consider yourself lucky.
• 23:53
  Speaker 5: In a seven hundred credit score neighborhood, seventy five percent
• 23:56
  Speaker 5: plus own a home. In the poor neighborhood. The underserved neighborhood,
• 24:00
  Speaker 5: sixty percent of those go to high school. Ninety six
• 24:02
  Speaker 5: percent of those go to high school meeting graduating meetings,
• 24:05
  Speaker 5: go to college in a seven hundred cred school neighborhood.
• 24:08
  Speaker 5: Not racial, it's economic and it's not about the credit score.
• 24:11
  Speaker 5: It's about the mindset. And then you started sell having
• 24:15
  Speaker 5: different businesses who then target those neighborhoods. Policing changes, oversight,
• 24:22
  Speaker 5: your government services change in those neighborhoods. A lot of
• 24:25
  Speaker 5: these poor counties, man, they make their money on course fees,
• 24:31
  Speaker 5: on on processing the poor.
• 24:33
  Speaker 4: What would you say to people who hear you say,
• 24:35
  Speaker 4: you know, the color isn't black or white is green?
• 24:39
  Speaker 4: But then they would say, but hey, there's systemic things,
• 24:41
  Speaker 4: you know, systemic racism that shows up in a lot
• 24:43
  Speaker 4: of these institutions that keep us from getting to the green.
• 24:45
  Speaker 4: Like you know the stat that says mortgage DENI rate
• 24:47
  Speaker 4: for black borrows is twice that of the overall population.
• 24:51
  Speaker 4: How would you how do people get around stuff like
• 24:53
  Speaker 4: credit scores?
• 24:54
  Speaker 5: I mean, look, my mother atted my mother, my mother
• 24:58
  Speaker 5: when she passed away last year, Smith had a credit
• 25:00
  Speaker 5: score of eight fifty four. When she went to the
• 25:03
  Speaker 5: computer DJ at night at midnight, the credit score the
• 25:05
  Speaker 5: computer and then say are you black? Are you Latino.
• 25:08
  Speaker 5: Are you indying, Well, let me look at you. The
• 25:10
  Speaker 5: computer said yes, the computer. I challenge anybody listening or
• 25:16
  Speaker 5: washing this program. Get a seven in front of your name.
• 25:21
  Speaker 5: You want to be cool. We got to make smart
• 25:23
  Speaker 5: sexy again. You want to be cool. Get a seven
• 25:25
  Speaker 5: in front of your name on your credit score. Go
• 25:27
  Speaker 5: in front of the computer. But get all this drama
• 25:29
  Speaker 5: going on the computer and type your stuff in. Now
• 25:31
  Speaker 5: you have to have an income. Don't play games. Now
• 25:33
  Speaker 5: you have to have an income. You had been paid back,
• 25:35
  Speaker 5: but you have a decent credit score. You didn't play
• 25:37
  Speaker 5: games with the credit bureaus. You didn't pay for it.
• 25:40
  Speaker 5: And watch the approval come through. And by the way,
• 25:42
  Speaker 5: if it doesn't come, see me at Operation Hope. We'll
• 25:45
  Speaker 5: go advocate for you to the banks. I have a
• 25:47
  Speaker 5: policy at Operation Hope. Now I funded four and a
• 25:49
  Speaker 5: half billion dollars over thirty years. I have a policy.
• 25:52
  Speaker 5: I'll approve your loan. Of the bank doesn't, I'll put
• 25:55
  Speaker 5: up my balance sheet. If you do what we say
• 25:57
  Speaker 5: at Operation Hope, you get your credit score up, you
• 25:59
  Speaker 5: get your debt are, you get savings up? Just follow
• 26:02
  Speaker 5: what we're doing. What we're saying, we'll walk you into
• 26:04
  Speaker 5: the best bank with the best terms in America. They
• 26:07
  Speaker 5: may be racist, by the way, Maybe the person is
• 26:09
  Speaker 5: not the bank it's racist. Is a person you're talking to,
• 26:11
  Speaker 5: by the way, bank wants to make some money, right,
• 26:13
  Speaker 5: But if the person you're talking to happens have gone
• 26:15
  Speaker 5: from a horrible family and has is a racist, doesn't
• 26:18
  Speaker 5: want to give you a loan, We'll make sure they do. Now.
• 26:21
  Speaker 5: I went out to my self esteem depends on your
• 26:22
  Speaker 5: acceptance of me. I'm not coming to you for religious
• 26:24
  Speaker 5: and spiritual guidance. I mean, look, I'm coming to kid
• 26:26
  Speaker 5: a mortgage loan.
• 26:27
  Speaker 1: Right. I don't need you to be my friend.
• 26:29
  Speaker 5: It's okay if you don't like me, I like me, right, So,
• 26:32
  Speaker 5: but let's so let's keep the message straight.
• 26:33
  Speaker 1: I'm not coming to church. I'm coming.
• 26:35
  Speaker 5: I'm coming to get some capital. I will walk you
• 26:37
  Speaker 5: in there and dare them not to approve your loan.
• 26:41
  Speaker 5: The banks and the business are making money. They can't
• 26:43
  Speaker 5: make any money if they don't make a loan.
• 26:44
  Speaker 3: You think it's a good time right now?
• 26:46
  Speaker 2: To anybody out there buying a house absolutely with interest
• 26:49
  Speaker 2: rates so high, actual race is not.
• 26:50
  Speaker 1: I I mean, you're you're prodding me.
• 26:54
  Speaker 2: Look because four years ago they were, you know, people
• 26:56
  Speaker 2: are buying houses at one point nine to two.
• 26:57
  Speaker 1: Points free money.
• 26:58
  Speaker 4: DJ.
• 26:58
  Speaker 1: It was free money.
• 26:59
  Speaker 5: Come on, man, it's like capital on crack. It was
• 27:03
  Speaker 5: free money. Man, Like why and why was it free money?
• 27:06
  Speaker 5: Because we had the two thousand and eight crisis that
• 27:08
  Speaker 5: almost created the entire day on economy. People were you know,
• 27:12
  Speaker 5: asked getting a mortgage loan and saying what's the payment,
• 27:14
  Speaker 5: and people were doing a negative am negative amortization mortgages,
• 27:17
  Speaker 5: pick a pay mortgages like pick my payment.
• 27:19
  Speaker 1: It was crazy stuff. The trash man was getting a
• 27:22
  Speaker 1: million dollar house no interest.
• 27:24
  Speaker 5: Interesting, Oh my god, negative ammorization where you owed more
• 27:27
  Speaker 5: after the payment you made than you owed before. I mean,
• 27:31
  Speaker 5: so that the whole, the whole system went Craig Cray
• 27:34
  Speaker 5: and again Bill Clinton is a great quote. It's hard
• 27:36
  Speaker 5: to get somebody agreed to the truth, and the liar
• 27:38
  Speaker 5: is paying your paycheck. So that two thousand and eight
• 27:41
  Speaker 5: was a lie paying the paycheck for Wall Street. And
• 27:43
  Speaker 5: so the government had to like, Okay, we got to
• 27:46
  Speaker 5: repair this. And of course they did the thing, they
• 27:48
  Speaker 5: deal with the banks. But then it's like, we got
• 27:50
  Speaker 5: to get this we got to get the cost of
• 27:51
  Speaker 5: funds to a point where the economy is flowing. So
• 27:54
  Speaker 5: they took it to almost zero like Japan did. And
• 27:57
  Speaker 5: then when they tried to get everybody off capital craft,
• 28:00
  Speaker 5: Wall Street was like, every three or four years, Wall Street, no, no, no, no,
• 28:03
  Speaker 5: things are gonna get really horrible if you take if
• 28:05
  Speaker 5: you raise interest rates. So every FED chairman would try
• 28:08
  Speaker 5: to raise interest rates and Watery like no, Wall Streets
• 28:10
  Speaker 5: like no, no, no, and they and there'd be some crisis,
• 28:12
  Speaker 5: many crisis on Wall Street and wherever its President's like,
• 28:15
  Speaker 5: who wha wha wha, wha whah, not on my watch.
• 28:17
  Speaker 5: So they had to wait, I hate to say it
• 28:19
  Speaker 5: this way, they had to wait to a crisis that
• 28:21
  Speaker 5: had enough credibility that was COVID.
• 28:24
  Speaker 4: Wow.
• 28:26
  Speaker 5: When COVID hit, the policymakers were like, who could because
• 28:32
  Speaker 5: there's never been stimulus with a T in front of
• 28:34
  Speaker 5: it trillion in the history of the world. Think about this,
• 28:39
  Speaker 5: never no government has ever issued before the COVID trillion
• 28:43
  Speaker 5: dollar anything other than treasury bills or something. Right, So
• 28:48
  Speaker 5: we had six eight nine trillion. So when people say
• 28:53
  Speaker 5: inflation now, I'm like, no, no, you should be lucky.
• 28:55
  Speaker 5: The ship's not sank, like you should be lucky. This
• 28:57
  Speaker 5: is not the titannic. The fact that we're arguing over
• 28:59
  Speaker 5: three said interest rates. The President needs to get us
• 29:01
  Speaker 5: standing ovation, like we're the only growing economy in the world.
• 29:05
  Speaker 5: Were the biggest economy in the world, and we went
• 29:07
  Speaker 5: through the worst crisis since the Spanish flew one hundred
• 29:10
  Speaker 5: and twenty five years ago. We went through it for
• 29:12
  Speaker 5: four years, and we the economy was shut down for
• 29:14
  Speaker 5: two and here we are talking about, well, it is
• 29:18
  Speaker 5: interest rates. Are interest rates four or five percent? So
• 29:21
  Speaker 5: first of all, it was almost enough thing, and I
• 29:23
  Speaker 5: loved it. As an investor, I loved low interest rates.
• 29:26
  Speaker 5: I was paying for a I'll give you a personal example.
• 29:29
  Speaker 5: I had a a two million dollar line of credit.
• 29:32
  Speaker 5: I was making a payment every month of like twenty
• 29:35
  Speaker 5: five hundred dollars on my two million dollar line of credit.
• 29:38
  Speaker 5: I was loving this. Interest rates went up. Well, now
• 29:41
  Speaker 5: my payment every month is ten thousand dollars, So this
• 29:43
  Speaker 5: is a real adjustment. I'm rich and I still feel
• 29:45
  Speaker 5: that right. So it's yes, it's an adjustment, but you
• 29:49
  Speaker 5: can't argue with five percent. When when my mom and
• 29:51
  Speaker 5: dad were coming up. Interest rates were eighteen.
• 29:53
  Speaker 3: Percent in my first house was sixteen.
• 29:56
  Speaker 5: There you go, right, and if you're financially literate today,
• 29:58
  Speaker 5: you feel you're still paying sixteen percent. You go into
• 30:01
  Speaker 5: a car lot and you're not getting a Mercedes. You
• 30:04
  Speaker 5: get mercy these payments because that interest rate is eighteen
• 30:07
  Speaker 5: nineteen twenty percent.
• 30:08
  Speaker 1: They own the paper. By the way.
• 30:10
  Speaker 5: People just getting pimped every day because they hope you
• 30:15
  Speaker 5: default on that car a loan.
• 30:17
  Speaker 1: They hope you drive it for a year it breaks,
• 30:20
  Speaker 1: or you break, you bring the car.
• 30:22
  Speaker 5: Back, they have a little argument with you, they hit
• 30:25
  Speaker 5: your credit report, they get another payment from you, They
• 30:27
  Speaker 5: take your security deposit, They repair that in the shop
• 30:30
  Speaker 5: in the back, which is where they really make their money, maintenance,
• 30:32
  Speaker 5: and they resell it through the second most profitable thing
• 30:34
  Speaker 5: in that car dealership, which is finance department. There's three
• 30:37
  Speaker 5: departments in our auto dealership, sales, maintenance in finance, sales
• 30:45
  Speaker 5: is the least profitable of the three areas. But we
• 30:49
  Speaker 5: obsess what do we do? We obsess about what's the
• 30:51
  Speaker 5: purchase price? And then how do I get the loan
• 30:54
  Speaker 5: that I want? Here's a payment I want, which is
• 30:56
  Speaker 5: exactly wrong question going back to your issue. If you're
• 31:00
  Speaker 5: financially illiterate, you're not asking what the interest rate is,
• 31:02
  Speaker 5: you're asking what the payment is correct, and you never
• 31:05
  Speaker 5: ask what the payment is when there's an interest rate attached.
• 31:07
  Speaker 5: So five percent is yes, higher than this generation has
• 31:11
  Speaker 5: ever seen. This generation has only seen a black president
• 31:13
  Speaker 5: and social justice and all that. We're a little spoiled,
• 31:16
  Speaker 5: but it's actually not that bad, and we need to
• 31:19
  Speaker 5: get used to it because it's going to be around
• 31:20
  Speaker 5: for a while. I don't think the interest rates are
• 31:21
  Speaker 5: going to go up any more. I actually think they're
• 31:24
  Speaker 5: going to come down a clip at the end of
• 31:26
  Speaker 5: the year. But I do believe that we're in the
• 31:31
  Speaker 5: we can get down to back down to four percent.
• 31:32
  Speaker 5: Consider ourselves lucky. I think we're in the four to
• 31:35
  Speaker 5: five percent era for a while. But by the way,
• 31:38
  Speaker 5: that's the best in the world. You go to the Caribbean.
• 31:41
  Speaker 5: I own property in the Caribbean. When interest rates were
• 31:43
  Speaker 5: two percent, they were doing six and eight percent. And
• 31:46
  Speaker 5: when you can finance the mortgage for thirty years here,
• 31:48
  Speaker 5: they financed it for five or ten years there. We
• 31:52
  Speaker 5: have a great system here.
• 31:53
  Speaker 1: Actually, So what.
• 31:54
  Speaker 2: Would you advise people who are are listening right now.
• 31:57
  Speaker 2: Who might be a doctor, might be a bus driver,
• 31:59
  Speaker 2: might be you know, working every day. How would you
• 32:03
  Speaker 2: advise them to set up for not only their future,
• 32:05
  Speaker 2: but their children's future. So maybe they don't have to
• 32:07
  Speaker 2: work for the rest of their life and they can
• 32:08
  Speaker 2: enjoy some of their life.
• 32:09
  Speaker 4: What would you advise from there?
• 32:11
  Speaker 5: So, first of all, get financial literacy for all, get
• 32:13
  Speaker 5: the book. I wrote the book because now everybody can
• 32:16
  Speaker 5: be the clients of Operation Hope. Now everybody can have
• 32:18
  Speaker 5: a conversation with me. By the way, when I go
• 32:20
  Speaker 5: through airports, the TSA agents, Yo man, six p't eighty.
• 32:25
  Speaker 5: That's dope, Yo man, I'm seven twelve. It is dope
• 32:28
  Speaker 5: that they're calling out the credit square to me. That's
• 32:31
  Speaker 5: exactly what you want. We got to make smart sexy again.
• 32:33
  Speaker 5: We've been making dumb sexy for way too long, dumbed
• 32:36
  Speaker 5: down and celebrated it.
• 32:38
  Speaker 1: So get the book.
• 32:40
  Speaker 5: Half weekly conversations about money at the kitchen table, Like,
• 32:43
  Speaker 5: we don't talk to each other, we talk at each other.
• 32:45
  Speaker 5: We talked past each other. We don't sit down and
• 32:47
  Speaker 5: have dinner anymore.
• 32:50
  Speaker 2: It changed a lot with kids, though, because I never
• 32:52
  Speaker 2: had that conversation with my pop so my mother about finances, right,
• 32:55
  Speaker 2: it was just dead thing. You mind your business and
• 32:58
  Speaker 2: an adult and this adult. But I have to those
• 33:00
  Speaker 2: conversations with my kids now and they understand it a
• 33:02
  Speaker 2: lot more. They know how to make money, they know
• 33:04
  Speaker 2: where the money goes, they know what mortgage, they know
• 33:06
  Speaker 2: interest rates. They know more than I ever did at
• 33:08
  Speaker 2: my age, which makes them have a different relationship with money.
• 33:12
  Speaker 5: But you're the exception that, with all due respect, you're
• 33:14
  Speaker 5: the exception and not the rule. I love you doing
• 33:16
  Speaker 5: that right, But that's not the real brother. That is
• 33:18
  Speaker 5: not what I see at operation home. That's not what
• 33:21
  Speaker 5: I'm seeing in the community.
• 33:23
  Speaker 1: People.
• 33:24
  Speaker 5: Look, we mix our self esteem with our money or
• 33:28
  Speaker 5: the lack thereof. And if I don't like me, I'm
• 33:31
  Speaker 5: not gonna like you. If I don't feel good about me,
• 33:33
  Speaker 5: I'm not gonna feel good about you. If I don't
• 33:36
  Speaker 5: respect me, don't expect me to respect you. If I
• 33:37
  Speaker 5: don't love me, I don't have a clue how to
• 33:39
  Speaker 5: love you. If I don't have a purpose in my life,
• 33:40
  Speaker 5: I'll make your life a living hell. Whatever goes around
• 33:43
  Speaker 5: comes around. Now you got a surviving mindset, Now you're
• 33:46
  Speaker 5: expert in what you're against, not what you're for, right,
• 33:49
  Speaker 5: And you don't have a builder's mindset, you're not your
• 33:52
  Speaker 5: head's not clear. A lot of our people, our head
• 33:55
  Speaker 5: is not clear, and so we shop for therapy. You know,
• 34:00
  Speaker 5: we have a bunch of ing's living up, running our lives, shopping, drinking, drugging, sleeping, oversleeping, sexing, texting, trolling, partying, hanging,
• 34:15
  Speaker 5: all this stuff and moderation most of it. It's not that bad,
• 34:18
  Speaker 5: but we obsessed about it. When you're depressed, literally, a
• 34:25
  Speaker 5: depression is tied to an addiction. An addiction is a
• 34:27
  Speaker 5: response to an emotion you can't handle, and your reaction
• 34:31
  Speaker 5: to that should be the heel, which and the deal,
• 34:33
  Speaker 5: which is what you just said, which is what me
• 34:35
  Speaker 5: and Charlot Mane's conversations are always about. But healing for
• 34:38
  Speaker 5: most people is just too tough. So they just they
• 34:41
  Speaker 5: just cope. Most of the world copes, and they cope
• 34:45
  Speaker 5: by pulling out of that credit card and going buying
• 34:48
  Speaker 5: something they can't afford to impress people they don't know
• 34:51
  Speaker 5: about stuff that don't matter in places where they don't
• 34:55
  Speaker 5: want them. And so what I say is get your
• 34:57
  Speaker 5: self esteem right, because I'm reasonably comfortable in your own skin.
• 35:02
  Speaker 5: Learn to love yourself, hold and complete that's that's that's
• 35:06
  Speaker 5: where it starts. And then once your head is clear
• 35:09
  Speaker 5: and you've got and you got a clear head like
• 35:10
  Speaker 5: you gotta get you gotta fight this Dwe fight from
• 35:12
  Speaker 5: the neck up in here. Get have their your your
• 35:16
  Speaker 5: mind has to be right. This is where wealth gets created.
• 35:18
  Speaker 5: A drug dealer can make money, a pimp can make money,
• 35:23
  Speaker 5: a murderer can make money, a hit man can make money.
• 35:26
  Speaker 5: Wall Street can make money. Anybody can make money. That's
• 35:29
  Speaker 5: that's that's something magical about that. But money is velocity, man,
• 35:33
  Speaker 5: it will come through your hands. That's why you may
• 35:35
  Speaker 5: can make a one hundred million dollar NBA contract and
• 35:37
  Speaker 5: working at Starbucks in seven years. That's how so I
• 35:40
  Speaker 5: can win the lottery. Seventy percent of those winning the
• 35:43
  Speaker 5: lottery broke bankrupt in five years. Seventy percent of NFL
• 35:47
  Speaker 5: and NBA players busted in five years after they retire.
• 35:51
  Speaker 5: So it's not about it's not about rich. Is a contract.
• 35:54
  Speaker 5: Riches is tied to an income. But that income if
• 35:57
  Speaker 5: your if your X flow, if your outfloks, he's your
• 35:59
  Speaker 5: inflow in your overhead will be your downfall. And you
• 36:01
  Speaker 5: can do that whether you're making thirty thousand dollars a
• 36:04
  Speaker 5: year or three million dollars a year, if you're financially illiterate,
• 36:09
  Speaker 5: if your self esteem's not right, if your values are
• 36:11
  Speaker 5: not right. And as you said, it's not like we're
• 36:15
  Speaker 5: not dumbing, we're not stupid. Most single parents need a
• 36:18
  Speaker 5: Nobel Peace Prize for running a household with too much
• 36:21
  Speaker 5: month of to end their money. I'm not jamming anybody up,
• 36:25
  Speaker 5: but I'm saying that just because somebody sets you up
• 36:28
  Speaker 5: doesn't mean you need to continue to play into that narrative.
• 36:32
  Speaker 5: So we need to flip the script. Start having family
• 36:37
  Speaker 5: meetings every week about the lights don't come on by themselves.
• 36:42
  Speaker 5: Let's walk through the family budget. What does it cost
• 36:45
  Speaker 5: for us to live. Let's buy that house in the hood,
• 36:49
  Speaker 5: d a hyphen h ood, buy it by the worst
• 36:53
  Speaker 5: house on the best block, buy it, rehabit, live in it,
• 36:58
  Speaker 5: build a equity for two or three years. Take the equity,
• 37:02
  Speaker 5: buy another house in a working class neighborhood. No mansions, no, no,
• 37:08
  Speaker 5: no flossin, buy rehabit and rent it. Do that a
• 37:14
  Speaker 5: third time. You do that three times, you'll be you'll
• 37:17
  Speaker 5: be a millionaire. That was my mother's story. That's one
• 37:19
  Speaker 5: of the smith who worked an hourly job at McDonald's
• 37:21
  Speaker 5: aircraft and died with a million dollar net worth having
• 37:24
  Speaker 5: bought and sold seven homes. A person listening to this
• 37:27
  Speaker 5: with an hourly job can become a millionaire. Now, somebody says, well, John,
• 37:31
  Speaker 5: where's a capital come from? Okay, here's knowledge earning them
• 37:34
  Speaker 5: tax credit. Now you earn EI. You earned thirty eight
• 37:38
  Speaker 5: thousand dollars a year. You're listening to this program. You're
• 37:40
  Speaker 5: a teacher or whatever. You have three children. Congratulations, you
• 37:45
  Speaker 5: just qualify for EI TC. If somebody says, what's that
• 37:49
  Speaker 5: you just all of you just hooked that person up
• 37:51
  Speaker 5: with a check because all you do is work and
• 37:55
  Speaker 5: have children in this example, and the government owes you
• 37:58
  Speaker 5: in this example about six thousand dollar. Now, DJ, it's
• 38:02
  Speaker 5: retroactive for three years.
• 38:04
  Speaker 4: Where do you go to get that?
• 38:06
  Speaker 5: US or the federal government are our vita sites with
• 38:10
  Speaker 5: the IRS? Are your tax pro But most people who
• 38:13
  Speaker 5: have a working income don't have a tax pro so
• 38:15
  Speaker 5: you don't even know. Twenty billion dollars a year goes
• 38:18
  Speaker 5: back to the federal government every year because poor and
• 38:21
  Speaker 5: working class people don't ask for the money that is
• 38:23
  Speaker 5: already allocated for you, and the policymakers in Washington know
• 38:27
  Speaker 5: you're not going to ask for it, and they get
• 38:29
  Speaker 5: the political credit for approving it and then reallocate that
• 38:32
  Speaker 5: to something in their district because they know you're not
• 38:34
  Speaker 5: gonna claim it.
• 38:34
  Speaker 4: Exactly, it's not glas work, but you don't have the information
• 38:36
  Speaker 4: that's it.
• 38:37
  Speaker 5: And we're changing that today. So this example, if you've
• 38:40
  Speaker 5: never filed for eiit see earn income tax credit. In
• 38:43
  Speaker 5: this example, you got to check for almost twenty thousand dollars.
• 38:46
  Speaker 5: You take that twenty thousand dollars, you then use it
• 38:48
  Speaker 5: a down payment on that house I just mentioned. Right,
• 38:50
  Speaker 5: we're gonna get your credits grew up at Operation Hope
• 38:52
  Speaker 5: fifty four points to one hundred points. We're gonna get
• 38:54
  Speaker 5: your debt down thirty eight hundred dollars. We're gonna get
• 38:56
  Speaker 5: your savings up through budgeting two thousand dollars. You don't
• 38:58
  Speaker 5: need to go to Starbucks three times. Way, go use
• 39:00
  Speaker 5: a carrging machine.
• 39:01
  Speaker 1: Right.
• 39:02
  Speaker 5: You know you shouldn't be smoking cigarettes. It's gonna kill
• 39:04
  Speaker 5: you anyway, right, So let's just change that's six thousand
• 39:07
  Speaker 5: dollars a year. You smoke and go to Starbucks every week.
• 39:10
  Speaker 5: That's six thousand dollars a year. You making thirty six
• 39:12
  Speaker 5: thousand dollars a year. Help me with the math. That's
• 39:15
  Speaker 5: almost twenty percent of your income. Two ways of making
• 39:17
  Speaker 5: money make more and spend less. This is this is
• 39:20
  Speaker 5: a This is rapping. I mean this is a different
• 39:21
  Speaker 5: form yep a rap. It's just this is intelligent rap.
• 39:24
  Speaker 5: This is the kind of wrap that leaves you better.
• 39:26
  Speaker 4: Well, you got your division. What say are people parish
• 39:28
  Speaker 4: from a lack of knowledge?
• 39:29
  Speaker 1: That part?
• 39:29
  Speaker 4: And that's there's two things we have to get to today.
• 39:32
  Speaker 4: You know, we were having a lot of conversations man,
• 39:34
  Speaker 4: and I don't think you've ever shared this publicly but
• 39:37
  Speaker 4: never why is diversity and inclusion the only way America
• 39:42
  Speaker 4: will survive?
• 39:44
  Speaker 5: So on this topic of d E and I and
• 39:48
  Speaker 5: I've never shared this with anybody. It's because of you
• 39:51
  Speaker 5: that I actually got focused on this. You called me
• 39:53
  Speaker 5: on a Sunday and we had this great conversation for
• 39:55
  Speaker 5: an hour and you're like, Okay, with John, what should
• 39:58
  Speaker 5: we do? You can't we can't just like let peop
• 40:00
  Speaker 5: we get away to doing nothing. It caught me to thinking,
• 40:02
  Speaker 5: so I said, well, here's the six things I think
• 40:03
  Speaker 5: we should do, and you're like, write that down and
• 40:07
  Speaker 5: and come on the show. So coincidence is God's way
• 40:10
  Speaker 5: of remaining anonymous. Just so happened as the book was
• 40:12
  Speaker 5: out at the same time, and all this stuff worked
• 40:14
  Speaker 5: for good. But black people are too emotional on this topic,
• 40:18
  Speaker 5: and some white people are too narrow minded and fearful.
• 40:22
  Speaker 5: This literally makes no sense. Like this, I'm dropping this today.
• 40:26
  Speaker 5: We're gonna publish this in a couple of weeks, I believe,
• 40:28
  Speaker 5: on CNBC, and I'm taking on the entire hard right,
• 40:34
  Speaker 5: and my prediction is they won't have much to say.
• 40:38
  Speaker 5: Here's why it's called a business plan for America. Now,
• 40:41
  Speaker 5: I'm gonna do this real quickly. In nineteen fifty two,
• 40:45
  Speaker 5: America was ninety percent white. That that's sink in for
• 40:48
  Speaker 5: a minute. That meant that with doctor King and Andrew
• 40:51
  Speaker 5: Young and Dorothy Hyde did in the civil rights movement
• 40:54
  Speaker 5: was genius because basically America was doing the moral thing
• 40:58
  Speaker 5: because we didn't have the numbers. America today is forty
• 41:01
  Speaker 5: percent black and brown, and you add all other minorities
• 41:04
  Speaker 5: in we're already a majority of minorities, but black and
• 41:07
  Speaker 5: brown group will be a majority of minority within ten
• 41:10
  Speaker 5: or so years. Now hold that together, So now we're
• 41:14
  Speaker 5: a majority of minorities. Those we're going to be the
• 41:16
  Speaker 5: surf first generation where the population is the majority over
• 41:19
  Speaker 5: sixty five years of age read baby boomers, who are white,
• 41:23
  Speaker 5: wealthy and trying to retire. By the way, none of
• 41:25
  Speaker 5: my comments are racial, This is just the math. So
• 41:28
  Speaker 5: in our lifetime, you're going to have the first generation
• 41:31
  Speaker 5: over sixty five years of age, wealthy, white trying to retire.
• 41:35
  Speaker 5: SOB security by nineteen by twenty thirty four will only
• 41:38
  Speaker 5: be able to pay seventy cents of every dollar for retirement.
• 41:40
  Speaker 5: Hold that up there, which means you need more money
• 41:42
  Speaker 5: going into SOB security. Now you have a population of
• 41:45
  Speaker 5: black and brown people for the first time in history,
• 41:47
  Speaker 5: that's basically going to be a majority of minority, and
• 41:49
  Speaker 5: that's just going to keep escalating. The largest population of
• 41:52
  Speaker 5: poverty in this country are poor whites, which people don't know.
• 41:55
  Speaker 5: In the number one group dying are high school you
• 41:57
  Speaker 5: heated white high school educated white men. Hold all that
• 42:00
  Speaker 5: to the side for a minute.
• 42:02
  Speaker 1: Now you have.
• 42:05
  Speaker 5: By the twenty forty five census, you're going to have
• 42:08
  Speaker 5: all these sort of numbers coagulating together, and you're going
• 42:12
  Speaker 5: to have an economy that doesn't work anymore because we're
• 42:15
  Speaker 5: not working. You don't have Because black and brown people
• 42:17
  Speaker 5: are never given the memo on free enterprise, capitalism, economics, ownership,
• 42:21
  Speaker 5: and opportunity, we confuse making money with building wealth. By
• 42:25
  Speaker 5: twenty fifty three, black America will have a network worth
• 42:29
  Speaker 5: of zero. That that think in for a minute, if
• 42:34
  Speaker 5: we do nothing, but all we're doing right now, I
• 42:35
  Speaker 5: didn't say poor people. If all we do is what
• 42:38
  Speaker 5: we're doing right now, right now black people own to
• 42:40
  Speaker 5: have a network. Forty one percent of Black people own
• 42:42
  Speaker 5: a home forty one to forty three percent. The number
• 42:45
  Speaker 5: one way you build wealth in America is homeownership. It's
• 42:49
  Speaker 5: part of what we've been talking about today. And once
• 42:52
  Speaker 5: you own, become a homeowner, I mean literally there's not enough.
• 42:56
  Speaker 5: There's only so much land, and that's it.
• 42:58
  Speaker 1: It's done.
• 42:59
  Speaker 5: Once you only you own a piece of this rock man,
• 43:01
  Speaker 5: and that is hard for that value not to go
• 43:04
  Speaker 5: up if you're anywhere near places of economic activity and jobs.
• 43:07
  Speaker 5: So that's where how people compound when they sleep, but
• 43:10
  Speaker 5: we don't own homes. Latinos are not much better. By
• 43:13
  Speaker 5: twenty seventy two, I believe it was Latinos will have
• 43:16
  Speaker 5: a net worth of zero. So the two groups that
• 43:19
  Speaker 5: are gonna be the majority of minorities were never taught
• 43:22
  Speaker 5: free enterprise, capitalism, economics, and opportunity. We're the Okay, So
• 43:26
  Speaker 5: now let's deal with diversity inclusion. What's the biggest economy
• 43:29
  Speaker 5: in the world. Have already said at the US. What's
• 43:32
  Speaker 5: the most diverse country in the world? The US, we're
• 43:34
  Speaker 5: the two most diverse states. California and New York was
• 43:39
  Speaker 5: the two most prosperous states. These are not trick questions. California, California,
• 43:43
  Speaker 5: and New York? All right, what's the most What's the
• 43:45
  Speaker 5: biggest economy in the South? Not a trick question.
• 43:48
  Speaker 4: The biggest economy is all.
• 43:49
  Speaker 5: No biggest economy in the American South. There's a traditional
• 43:52
  Speaker 5: American South Atlanta four hundred and fifty five billion dollars
• 43:56
  Speaker 5: a year, tenth Lar's economy in the United States.
• 43:59
  Speaker 1: What's the most diverse place in the traditional South?
• 44:02
  Speaker 4: Atlanta?
• 44:03
  Speaker 1: Atlanta.
• 44:04
  Speaker 5: Now you take six states around Atlanta, states not cities.
• 44:08
  Speaker 5: You can name them Alabama, Mississippi, like you can name them.
• 44:12
  Speaker 5: The Atlanta City economy is bigger than all six states.
• 44:18
  Speaker 5: You can take three of those states together, put them
• 44:21
  Speaker 5: inside a bucket, and sit it inside of the City
• 44:25
  Speaker 5: of Atlanta's economy. That's because diversity is actually good business.
• 44:30
  Speaker 5: If you're a business today, a company, a Fortune five
• 44:32
  Speaker 5: hundred company, you're thirty six more likely to be prosperous
• 44:36
  Speaker 5: and profitable if you're diverse and inclusive. Put another way,
• 44:39
  Speaker 5: the most profitable big companies in America are diverse and inclusive.
• 44:45
  Speaker 5: The math on this stuff, and we can go on.
• 44:47
  Speaker 5: You know, I can do this forever, but I think
• 44:49
  Speaker 5: the point is sort of obvious. What I'm saying is
• 44:51
  Speaker 5: that the mass is undeniable. And here's another One City
• 44:55
  Speaker 5: Group did a report, not the NAACP, which I love,
• 44:58
  Speaker 5: not the Urban League, not Operation No, not Lara City
• 45:01
  Speaker 5: Group did a report on racism about black people twenty
• 45:05
  Speaker 5: twenty to twenty twenty to twenty twenty. Discriminations against blacks
• 45:10
  Speaker 5: alone costs the US economy sixteen trillion dollars trillion. The
• 45:16
  Speaker 5: only the annual economy is twenty two trillion. And if
• 45:20
  Speaker 5: we just knock it off, you pick up a trillion
• 45:21
  Speaker 5: dollars a year.
• 45:22
  Speaker 4: You mean you can look up too. Don't think John
• 45:24
  Speaker 4: O'Brien is just saying this stuff you've sent me to information.
• 45:26
  Speaker 4: I've read these.
• 45:27
  Speaker 5: Articles everything I'm saying here. If you're nosy, if you
• 45:30
  Speaker 5: knows he likes me and Charlottemagne and now DJ and
• 45:33
  Speaker 5: now I know you. If you knows he liked me
• 45:35
  Speaker 5: like us, you can look this up and confirm everything
• 45:37
  Speaker 5: I'm saying. So what am I really saying? How do
• 45:42
  Speaker 5: you cancel the diversity, equity and inclusion programs which are
• 45:47
  Speaker 5: basically D D E and I is the R and
• 45:51
  Speaker 5: D the research and development for the future economy because
• 45:53
  Speaker 5: seventy percent of the US economy is consumer spending. Seventy
• 45:57
  Speaker 5: is you and me buying coffee, going our car notes,
• 46:01
  Speaker 5: paying mortgages, going to dinner. So if the folks replacing
• 46:05
  Speaker 5: the folks got the jokes but don't have the capital,
• 46:09
  Speaker 5: we can rock the stage, but don't own the right,
• 46:11
  Speaker 5: don't own but don't own the stage. We can bounce
• 46:13
  Speaker 5: the basketball, but don't own the team. We can rent
• 46:16
  Speaker 5: the house, but don't own. We don't have a mortgage
• 46:18
  Speaker 5: and own the home. How we're how's this country going
• 46:22
  Speaker 5: to continue? Like God has a sense of humor. Man, Literally,
• 46:29
  Speaker 5: America can only continue to be the superpower of the world.
• 46:32
  Speaker 5: There's never been a superpower that wasn't an economic power.
• 46:35
  Speaker 5: Think about France, Think about Germany when it was on top,
• 46:39
  Speaker 5: Think about Italy Rome when it was on top.
• 46:42
  Speaker 1: You can go on and on and on.
• 46:43
  Speaker 5: It was never a superpower that wasn't at the same
• 46:45
  Speaker 5: time the economic power. What's America today? But we cannot
• 46:51
  Speaker 5: continue unless the folks listening to this program and watching
• 46:55
  Speaker 5: this video become capitalists.
• 46:59
  Speaker 4: Oh there you have it podcast, become become compassionate capitalists.
• 47:06
  Speaker 1: Compassionate capitalists.
• 47:08
  Speaker 5: I mean, you know, I have a patent copyright that
• 47:14
  Speaker 5: I'm trying to get called Black capitalist matter. We talked
• 47:17
  Speaker 5: about we talked about Black Lives Matter. I'm I have
• 47:20
  Speaker 5: a twist on that Black Capitalist matter. I'm trying to
• 47:22
  Speaker 5: make this whole topic sexy in the suites, just like
• 47:26
  Speaker 5: we talked about this stuff in the streets. We've got
• 47:29
  Speaker 5: to start expanding opportunity for all and start transitioning. I mean,
• 47:34
  Speaker 5: this is an intellectual property you guys have here. You
• 47:37
  Speaker 5: have a brand, You have a brand, just has a brand, right,
• 47:40
  Speaker 5: I mean, iHeart has a brand.
• 47:42
  Speaker 1: This, this has a revenue stream. Right.
• 47:45
  Speaker 5: What you do here allows you to go and and
• 47:47
  Speaker 5: go on vacations, and contract with people and whole conference
• 47:51
  Speaker 5: subconferences and pursue your own personal passions, right, some of
• 47:55
  Speaker 5: which works, some of which doesn't. Allows you to give
• 47:57
  Speaker 5: to charity, become philanthropic, and if you're coming from an
• 48:01
  Speaker 5: underserved neighborhood, you're more likely to have compassion and want
• 48:05
  Speaker 5: to give and do something for those neighborhoods. I said,
• 48:08
  Speaker 5: I'm sure this will be controversial, I said. When I
• 48:12
  Speaker 5: was an advisor for President Obama at this time, I
• 48:14
  Speaker 5: wrote a piece said that there was more important to
• 48:17
  Speaker 5: have a black Bill Gates and a black president. And
• 48:21
  Speaker 5: I meant it because the era of politics was the
• 48:25
  Speaker 5: twentieth century. The air of capitalism is the twenty first century.
• 48:28
  Speaker 5: The world's moved on is not about In fact, government
• 48:31
  Speaker 5: can't do anything without the revenue from the capitalists. If
• 48:35
  Speaker 5: you had a black Bill Gates that people could emulate. Okay,
• 48:38
  Speaker 5: wait a minute, this dude is a one hundred billionaire.
• 48:41
  Speaker 5: He's created, you know, one hundred thousand multimillionaires. And now
• 48:46
  Speaker 5: you've got you know, two hundred thousand people making six figures,
• 48:51
  Speaker 5: and all those people are giving money their church, their nonprofits,
• 48:54
  Speaker 5: that's in their kids a college. The ripple effect of
• 48:56
  Speaker 5: all that, and then they're role modeling. Then they go
• 48:59
  Speaker 5: they go off as start a business and buy a business.
• 49:01
  Speaker 5: And now that you had a whole new mindset of
• 49:03
  Speaker 5: who you can be. You cannot have everybody trying to
• 49:05
  Speaker 5: be Ti or jay Z or Beyonce. It's not scalable.
• 49:10
  Speaker 5: Everybody can't be Oprah. Literally, that's a person with thirty
• 49:13
  Speaker 5: employees maximum. God bless what they're doing. You had forty
• 49:17
  Speaker 5: million black people, you know, probably the same amount of Latinos.
• 49:21
  Speaker 5: We need engineers, we need mathematicians, we need computer scientists.
• 49:26
  Speaker 5: We need stuff that's scalable and lasts over time. So
• 49:30
  Speaker 5: it's a complete mind shift, right. We need to We
• 49:34
  Speaker 5: need a business plan. We are the business plan for America.
• 49:37
  Speaker 4: The future of America depends on diversity.
• 49:40
  Speaker 5: Quite literally, And I'm not making them. I'm not trying
• 49:44
  Speaker 5: to pick a fight. I'm not trying to I'm not
• 49:47
  Speaker 5: getting emotion. I'm passionate. I'm not getting a motion. This
• 49:49
  Speaker 5: is to me is just math. That's what I love
• 49:51
  Speaker 5: about this. It's the math is undeniable. It's not even closed.
• 49:56
  Speaker 4: There's not enough college educated.
• 49:59
  Speaker 5: Oh yeah, not enough college educated successful white men the
• 50:03
  Speaker 5: drive GDP gross domestic product for the next thirty years.
• 50:07
  Speaker 5: I'll say it again, this is not in any way
• 50:10
  Speaker 5: anybody want to listen to this and take a little
• 50:13
  Speaker 5: piece of this and take it out and try to
• 50:14
  Speaker 5: manipulate my words and say that John Brian is race baiting.
• 50:18
  Speaker 5: I'm gonna say it again, slowly. This is not racial.
• 50:21
  Speaker 5: It's math. There are not enough college educated, successful white
• 50:26
  Speaker 5: men to drive gross domestic product for the largest economy
• 50:30
  Speaker 5: in the world for the next thirty years. That's never
• 50:32
  Speaker 5: happened in the history of the world. Never In nineteen
• 50:36
  Speaker 5: fifty two, you could ignore black people, you could ignore Latinos,
• 50:39
  Speaker 5: you couldnorm Native American Indians could you could ignore rich
• 50:42
  Speaker 5: white people, could ignore poor white people. What are poor
• 50:45
  Speaker 5: white people doing now riding at the ballot box? Think
• 50:49
  Speaker 5: about it. That's what's happening. It's never happened in the history,
• 50:52
  Speaker 5: the modern history of this country.
• 50:53
  Speaker 4: So when you say God has a sense of humor,
• 50:55
  Speaker 4: it is simply because the institutional racism of this country
• 51:00
  Speaker 4: will ultimately cannibalize this country.
• 51:02
  Speaker 5: Yes, and I think that COVID was a Noah's Ark moment.
• 51:07
  Speaker 5: I think that we were we were heading down a path.
• 51:10
  Speaker 5: We had a guy, we had his president, who, based
• 51:12
  Speaker 5: on the economy of twenty nineteen, would have got reelected
• 51:15
  Speaker 5: because we most people vote their pocketbooks. That would have
• 51:18
  Speaker 5: been disastrous for democracy. I think God's like, you know what,
• 51:22
  Speaker 5: I give you guys, free will. But every now and
• 51:25
  Speaker 5: then I got an intervene. And within a year, looking
• 51:30
  Speaker 5: about this, when a year you had, you had COVID
• 51:32
  Speaker 5: that shut down. We haven't been shut down for two weeks.
• 51:35
  Speaker 5: We were shut down for two years. You could look
• 51:38
  Speaker 5: down the street and there was literally nobody there. COVID
• 51:44
  Speaker 5: George Floyd. Now, wait a minute. Everybody was watching it,
• 51:50
  Speaker 5: rich and poor, black and white, conservative and liberal. Why
• 51:54
  Speaker 5: we watch it? Because COVID had us at home looking
• 51:56
  Speaker 5: at the news. If it wasn't for COVID, it'd be like,
• 51:58
  Speaker 5: come home, baby, what's going on? A horrible shooting in Minneapolis?
• 52:02
  Speaker 5: Did you see it? I didn't see it. What Time's dinner?
• 52:03
  Speaker 5: On to something else? But everybody was watching it. That
• 52:06
  Speaker 5: then created a social justice reckoning of black America. Sixty
• 52:10
  Speaker 5: three billion to a three hundred billion, depending on how you
• 52:12
  Speaker 5: look at the numbers funded by the private sector, right,
• 52:15
  Speaker 5: which where DEI and all this stuff came from. We
• 52:18
  Speaker 5: haven't seen that in fourty years. Then that led to
• 52:20
  Speaker 5: the January sixth. We haven't seen that since the British
• 52:24
  Speaker 5: attacked the Capitol, which has us all things about our
• 52:27
  Speaker 5: role in democracy. Then you had as a follow on that,
• 52:30
  Speaker 5: you had this row versus way. Now white women are
• 52:32
  Speaker 5: pissed off. Everybody's now re engaged in democracy, whether whether
• 52:36
  Speaker 5: you like it or not. The only thing I give
• 52:38
  Speaker 5: is former president credit for is he's got everybody focused
• 52:41
  Speaker 5: on democracy because before that nobody voted. So this year
• 52:47
  Speaker 5: is a colonic. This year is one huge colonic, Like
• 52:50
  Speaker 5: we're just flushing everything out, trying to figure out who
• 52:53
  Speaker 5: we're going to be when we grow up and if
• 52:54
  Speaker 5: we want to be the continue to be the superpower
• 52:57
  Speaker 5: in the world. We got to grow up and we
• 52:59
  Speaker 5: got to realize better together. And this is again, this
• 53:03
  Speaker 5: is got to me. This is God saying you want
• 53:05
  Speaker 5: to play a role in history. You want to be relevant,
• 53:08
  Speaker 5: you want to be important, you want to know the
• 53:09
  Speaker 5: world knew you were here. Here's your time. Everybody listening
• 53:13
  Speaker 5: to this has a role to play. This is the
• 53:17
  Speaker 5: third reconstruction in my opinion, and it's and it's about
• 53:21
  Speaker 5: the green listen.
• 53:23
  Speaker 4: If y'all want more of this great information, man, go
• 53:25
  Speaker 4: get John hopbrien's new book, Financial Literacy for All, Disrupting Struggle,
• 53:29
  Speaker 4: advancing financial freedom, and building a New American middle Class.
• 53:33
  Speaker 4: And you can subscribe to John ho'brien's pop podcast, Money
• 53:37
  Speaker 4: and Wealth with John Hopebrian on The Black Effect. iHeartRadio
• 53:40
  Speaker 4: podcast network. John is also it's a privilege to have
• 53:44
  Speaker 4: him on the board of The Black Effect as well.
• 53:47
  Speaker 5: I'm deeply honored by that. And I and I really Dolly,
• 53:50
  Speaker 5: I'm so sorry I should have been talking about my
• 53:52
  Speaker 5: podcast and I love my I love my podcast on
• 53:55
  Speaker 5: your platform. We this is my chance to have a
• 53:58
  Speaker 5: ministry of hope. This is my this is my ministry
• 54:00
  Speaker 5: of finance. Once a week on Thursdays. To make this
• 54:03
  Speaker 5: really approachable, like break it down, tell people how stuff works.
• 54:08
  Speaker 5: Once a week, calmly, simply take one topic. I mean, well,
• 54:12
  Speaker 5: we talked about the day this this interview is probably
• 54:15
  Speaker 5: thirty different topics, right, and a lot of people went
• 54:18
  Speaker 5: over their heads. They gotta do it on replay, right.
• 54:21
  Speaker 5: I have a million viewers a week on my videos
• 54:23
  Speaker 5: and people, most of them are just watching it over
• 54:25
  Speaker 5: and over again. People are shamed to admit they don't
• 54:29
  Speaker 5: understand money. They're shamed to understand that they don't. They
• 54:32
  Speaker 5: don't people. I've had adults tell me like, what's a stock?
• 54:36
  Speaker 5: What's equity? They're shamed. They don't know what fdi C
• 54:39
  Speaker 5: means Federal Deposit Insurance Corporation. They don't know what SEC means,
• 54:42
  Speaker 5: security is exchanged, and no one taught them. And now
• 54:46
  Speaker 5: we feel dumb. We are not dumb. If you're making
• 54:49
  Speaker 5: it in America, you are a genius. And now through
• 54:52
  Speaker 5: this Money and Wealth podcast, you can you know, have
• 54:56
  Speaker 5: your own university in your pocket. I want to have
• 54:58
  Speaker 5: fifty two episodes that you can give to your daughter,
• 55:00
  Speaker 5: give to your child, get somebody getting married, give to
• 55:03
  Speaker 5: that new parent, that new couple who's about to buy
• 55:05
  Speaker 5: a home. Right, just look, just listen to this. Just listen,
• 55:09
  Speaker 5: you know, in your car, and make sure you are
• 55:12
  Speaker 5: building a legacy in a life and not just a
• 55:15
  Speaker 5: bunch of generational debt. Marriage came from business. It was
• 55:23
  Speaker 5: not a romantic concept marriage came from families trying to
• 55:27
  Speaker 5: figure out how to join their economic interests. The couples
• 55:31
  Speaker 5: even lived together, they lived in different castles, different rooms. Right,
• 55:35
  Speaker 5: we've made this all about romance. Right, And when you
• 55:39
  Speaker 5: so you people me and a marriage, girls from strip
• 55:41
  Speaker 5: clubs and don't.
• 55:42
  Speaker 1: Know nothing about them.
• 55:43
  Speaker 5: And she might be beautiful, but you might want to
• 55:45
  Speaker 5: know something other than whether she's cute. When you got
• 55:49
  Speaker 5: here's my drop the mic for this. When folks go
• 55:51
  Speaker 5: to the club this weekend and you see somebody who's fine,
• 55:56
  Speaker 5: brothers and girls, you see a dude who's handsome, get
• 55:59
  Speaker 5: the name, get the number, and at some point say
• 56:03
  Speaker 5: what's your credit score?
• 56:06
  Speaker 1: And I'm only partially kidding.
• 56:10
  Speaker 3: Ladies and gentlemen.
• 56:10
  Speaker 4: John O'Brien brien follow him on Instagram, tour is on
• 56:13
  Speaker 4: the Gram.
• 56:14
  Speaker 1: It's John O'Brien everywhere.
• 56:15
  Speaker 4: At John O'Brien everywhere.
• 56:16
  Speaker 1: Man.
• 56:16
  Speaker 4: Make sure you download the Money and Wealth podcast on
• 56:18
  Speaker 4: the Black Effect I Heeart Radio podcast network. Get Financial
• 56:21
  Speaker 4: Literacy for all. This is who we should be listening
• 56:23
  Speaker 4: to in regard as the financial literacy man. John Hope Brian.
• 56:28
  Speaker 3: That's right, it's the Breakfast Club, Good morning.
• 56:30
  Speaker 1: Wake that ass up in the morning. The Breakfast Club