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Cliff Notes: HOW TO PREPARE FOR A RECESSION · Earn Your Leisure

• 0:00
  Speaker 1: An illegal alien from Guatemala charged with raping a child
• 0:03
  Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador
• 0:07
  Speaker 1: accused of murdering a Texas man of Venezuelan charged with
• 0:11
  Speaker 1: filming and selling child pornography in Michigan. These are just
• 0:15
  Speaker 1: some of the heinous migrant criminals caught because of President
• 0:19
  Speaker 1: Donald J. Trump's leadership. I'm Christy nom the United States
• 0:23
  Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border
• 0:28
  Speaker 1: crossings are at the lowest levels ever recorded, and over
• 0:31
  Speaker 1: one hundred thousand illegal aliens have been arrested. If you
• 0:35
  Speaker 1: are here illegally, your next you will be fined nearly
• 0:39
  Speaker 1: one thousand dollars a day, imprisoned, and deported. You will
• 0:43
  Speaker 1: never return. But if you register using our CBP home
• 0:46
  Speaker 1: app and leave now, you could be allowed to return legally.
• 0:50
  Speaker 1: Do what's right. Leave now. Under President Trump, America's laws,
• 0:55
  Speaker 1: border and families will be protected.
• 0:57
  Speaker 2: Sponsored by the United States Department of Homeland Security.
• 1:00
  Speaker 3: Being let me ask you this, as far as the recession,
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  Speaker 3: we have a we actually have a panel and invests.
• 1:04
  Speaker 2: Get your tickets about how to prepare for a recession.
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  Speaker 3: So give the people some nuggets on how to how
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  Speaker 3: to brace themselves for this economic storm that way in
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  Speaker 3: right now.
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  Speaker 2: Number One, educate.
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  Speaker 4: Yourself on the markets that are going to be the
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  Speaker 4: most popular within ten years, because if you're following an
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  Speaker 4: old trend, there are so many players that have saturated
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  Speaker 4: that market, you won't be able to have an impact there.
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  Speaker 4: Number Two, you have to have connections. That we were
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  Speaker 4: talking about it before we started. Relationships matter. You can't
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  Speaker 4: build an empire on your own. It's impossible to do so.
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  Speaker 4: Number three, you have to learn from people that are
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  Speaker 4: smarter than you, who have the money that you want
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  Speaker 4: to have. So my thing is if a person has
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  Speaker 4: more money than me, I'm going to listen, and I
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  Speaker 4: know some of you in the comments want to be
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  Speaker 4: like there's even billionaires. I get all that, But usually
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  Speaker 4: if a person has to send it to where you
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  Speaker 4: want to be, they have a pathway for you to
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  Speaker 4: get there. And number four, you have to master investing.
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  Speaker 4: You have to so like, if you don't know how
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  Speaker 4: to buy houses, stops, businesses, any asset at the best prices,
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  Speaker 4: you are going to get manipulated and taking advantage of.
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  Speaker 2: So those are my four what would you guys say
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  Speaker 2: for this recession. You know, I always say to payoff debt.
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  Speaker 3: Absolutely, especially credit card debt. That's extremely important. You know,
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  Speaker 3: boost up your cash reserves if you can, because you
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  Speaker 3: think can happen. Obviously, people get laid off throwing recessions,
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  Speaker 3: so you want to make sure you have money on
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  Speaker 3: the sideline and money that.
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  Speaker 2: You can sustain yourself.
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  Speaker 3: Invest because you know, during the recession it's usually good
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  Speaker 3: times to invest. The stock market is down now, Cryptose
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  Speaker 3: down as well. Housing prices are still high, but who
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  Speaker 3: knows that could that could drap as well. And I
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  Speaker 3: will also say investing your education and skill set. And
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  Speaker 3: I feel like, you know, Toby, entrepreneurship, it's always a
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  Speaker 3: good time to start a business because you know, it's
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  Speaker 3: never a good time to not have control of your destiny.
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  Speaker 3: But the best time to start a business is on
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  Speaker 3: economic downturns. And I feel like, you know, my first
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  Speaker 3: career before this was a financial advisor, and I started
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  Speaker 3: in two thousand and eight, which was the worst recession
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  Speaker 3: since the Great Depression. And then during COVID, which was
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  Speaker 3: the last economic downturn that we had, we already had
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  Speaker 3: a business going, but we doubled down on it market.
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  Speaker 3: Mondays was created during COVID. We started a lot of
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  Speaker 3: different verticals during COVID, So I feel like that is
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  Speaker 3: always an opportunity to you know, hit when it's down.
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  Speaker 3: So I would definitely recommend and suggest that for people.
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  Speaker 3: Definitely invest in your education, look to start a business,
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  Speaker 3: save money, invest and keep your debt log. You should
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  Speaker 3: keep your debt load also matter what it's definitely during
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  Speaker 3: economic downturns, because anything can happen, right. It's like always
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  Speaker 3: say you don't prepare for a blizzard when it's snowing,
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  Speaker 3: like you got to have salt, Like if if you're
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  Speaker 3: in New York, like you got to salt, you got
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  Speaker 3: to shovel, you got all you got to buy that
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  Speaker 3: in advance, right, so you're already prepare. Like too many
• 4:01
  Speaker 3: times we try to prepare when something is happening, it's
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  Speaker 3: already too late. And this is why like the rich
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  Speaker 3: get richer, because everybody knows that it works in cycles.
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  Speaker 3: So you don't prepare for bad times during bad time.
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  Speaker 3: You prepare for bad times during good times. So when
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  Speaker 3: things are going great, instead of like celebrating, you know
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  Speaker 3: that eventually it's not going to be so great. So
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  Speaker 3: you're already preparing for that, so now when it's not great,
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  Speaker 3: you can take advantage.
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  Speaker 2: That's what rich people do.
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  Speaker 3: The opposite is for middle class and poor people, where
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  Speaker 3: they it's always bad times, but they just double down
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  Speaker 3: on just the negativity during a bad time, like you
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  Speaker 3: just can like and then it just becomes like a constant.
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  Speaker 2: Cycle of just like a rat race. Right.
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  Speaker 3: So that's something that's extremely important, is to look at
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  Speaker 3: opportunities and prepare for crashes in advance, as opposed to
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  Speaker 3: trying to jump in when it's already happening.
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  Speaker 4: Even for me, I prepare for the twenty twenty crash
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  Speaker 4: since two thousand and eight when I missed the opportunity,
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  Speaker 4: So now it feels like it's a cake walk. What
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  Speaker 4: I said coin base may have. That's me studying every
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  Speaker 4: financial firm, every brokerage since the eighteen nineties. Like when
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  Speaker 4: I'm not saying that they're all going to go and
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  Speaker 4: solve it, I hope they don't. But when you shut
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  Speaker 4: down certain programs and you're going to hire and freezes
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  Speaker 4: while the assets that you know, well, even retail trading
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  Speaker 4: is down eighteen percent. So primary revenue driver for coinbas
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  Speaker 4: is going down. Have to be mindful and study. But
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  Speaker 4: parents in trouble what you say for the I mean
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  Speaker 4: I listened to.
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  Speaker 2: An athlete the other day.
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  Speaker 5: I forget who it was, and he had this mindset
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  Speaker 5: of like operation zero, and it was like, no matter
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  Speaker 5: how much he has made the next day, it was
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  Speaker 5: a new day, and so we have to figure out how.
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  Speaker 2: To make money. That's smart.
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  Speaker 5: So if you have that mindset, that almost teaches that
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  Speaker 5: financial discision to what I'm one hundred percent agree with
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  Speaker 5: which I said, it was like the education part is
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  Speaker 5: the most important thing, right because at that point your
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  Speaker 5: limitless with your opportunities, and so you get more opportunities
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  Speaker 5: when you're educated. The other thing is like having a skill,
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  Speaker 5: like people underestimate that, Like I know they used to
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  Speaker 5: have trade schools. Having a skilled takes away a lot
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  Speaker 5: of the barriers for you should be successful, right, rather
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  Speaker 5: than have a job, have a profession with there's always
• 6:07
  Speaker 5: going to be a need, so everybody's not going to
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  Speaker 5: be earners.
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  Speaker 6: What's up? You ever walk into a small business and
• 6:13
  Speaker 6: everything just works, like the checkout is fast, the receipts
• 6:17
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• 6:20
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• 6:25
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• 6:31
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• 6:33
  Speaker 6: our merch partners. Square makes it easy for them to
• 6:36
  Speaker 6: take payments, manage inventory, and run their business with confidence,
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  Speaker 6: all from one simple system. If you're a business owner
• 6:44
  Speaker 6: or even just thinking about launching something soon, Square is
• 6:48
  Speaker 6: hands down one of the best tools out there to
• 6:50
  Speaker 6: help you start, run and grow. It's not just about payments,
• 6:54
  Speaker 6: it's about giving you time back so you can focus
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  Speaker 6: on what matters most ready. To see how Square can
• 6:59
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  Speaker 6: go backslash eyl. Don't wait, don't hesitate. Let's Square handle
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  Speaker 6: the back end so you can keep pushing your vision forward.
• 7:19
  Speaker 6: This episode is brought to you by P and C Bank.
• 7:22
  Speaker 6: A lot of people think podcasts about work are boring,
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  Speaker 6: and sure they definitely can be, but understanding a professionals
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• 8:01
  Speaker 5: The greatest investment in the world. But somebody should be
• 8:03
  Speaker 5: a punk. We're always ELECTRICI to be electricity. Somebody's always
• 8:06
  Speaker 5: gonna be finest skill, especially in these times because even
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  Speaker 5: if you had a career, like you could be doing
• 8:11
  Speaker 5: that on the side as well. Now you have more
• 8:13
  Speaker 5: money to now invest and become more successful and have
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  Speaker 5: more opportunities, and so those two things are important that
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  Speaker 5: that mindset I for it might have been KD. It
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  Speaker 5: was just like, you know, he had made money, and
• 8:23
  Speaker 5: it kind of like after his first year he was
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  Speaker 5: just like, wait, where's my money? And it was like, wait,
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  Speaker 5: I have to figure this out, Like now I have
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  Speaker 5: to go back to operation zero.
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  Speaker 2: Every day.
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  Speaker 5: I got to figure out a new way and that's
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  Speaker 5: going to lead to opportunities and it's going to expand
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  Speaker 5: your mind too. That's kind of one of the things,
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  Speaker 5: especially during the pandemic especially I can speak to myself
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  Speaker 5: that definitely new opportunity to learn. We learn as money
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  Speaker 5: as I can. First thing I do is like grasp it.
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  Speaker 5: And that's the teacher, you know what I mean, That's
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  Speaker 5: how we just grow.
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  Speaker 7: Yeah, you want to say something, Yeah, I mean no,
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  Speaker 7: I agree with everything you're saying.
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  Speaker 8: You know.
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  Speaker 7: I feel like the biggest thing that you can invest
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  Speaker 7: in is yourself and your skill set in addition to
• 9:00
  Speaker 7: your relationships.
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  Speaker 2: There's a there's a cat named lethal Shooter that you
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  Speaker 2: know shot.
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  Speaker 8: So in my DMS, right, he slides into my DMS.
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  Speaker 7: This is like three or four years ago, right, and
• 9:18
  Speaker 7: he's like, Yo, I know you got a basketball career
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  Speaker 7: at your house.
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  Speaker 8: Let me come by spend some time with you. Let's
• 9:25
  Speaker 8: work on your jump shot.
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  Speaker 2: Right.
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  Speaker 8: The first time I read it, I'm like, I ain't
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  Speaker 8: working shot. You know, I didn't have a jump shot
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  Speaker 8: back then, and I'm not going to have a jump
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  Speaker 8: shot now.
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  Speaker 2: Right.
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  Speaker 7: He hits me again, right, and it's like, Yo, let
• 9:38
  Speaker 7: me come I just give you a free session.
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  Speaker 8: Right, Eventually he tracks me down, comes to the house.
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  Speaker 2: Right.
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  Speaker 8: He is a phenomenal teacher.
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  Speaker 7: Right, Me, I ain't never been able to hoop like that,
• 9:50
  Speaker 7: but he's he spends the time, and I'm always I'm wondering.
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  Speaker 8: I'm like, what is it he what's his angle?
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  Speaker 7: Right?
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  Speaker 8: What is he trying to get out of it?
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  Speaker 2: Right?
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  Speaker 7: He did that to so many different people, right, And
• 10:01
  Speaker 7: one conversation happens and then I'm talking to Machine Gun Kelly,
• 10:05
  Speaker 7: who's my next door neighbor. Now he's shooting with him,
• 10:07
  Speaker 7: and before you know it, he's shooting with KD. Before
• 10:10
  Speaker 7: you know what, he's you know, with some of the
• 10:12
  Speaker 7: biggest athletes in the game.
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  Speaker 2: Right.
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  Speaker 8: This is a guy who came to LA with a basketball.
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  Speaker 2: Right.
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  Speaker 7: He didn't come with a bunch of contacts. He didn't
• 10:21
  Speaker 7: come with the nobody put him on, right. He put
• 10:24
  Speaker 7: in the work and he built his relationships from the
• 10:27
  Speaker 7: ground up. He used his social media. He ain't had
• 10:30
  Speaker 7: a lot of followers. Its not like I saw him
• 10:32
  Speaker 7: and was like, oh, this guy is already Probably he
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  Speaker 7: built it from the ground up with using his skill set.
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  Speaker 2: Right.
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  Speaker 7: So what I always tell people is, whatever your skill
• 10:40
  Speaker 7: set is right, whether you're the best in finance, whether
• 10:43
  Speaker 7: you're the best dentist, whether you're the best architect, whatever
• 10:47
  Speaker 7: it is that you're passionate about, how were you using
• 10:50
  Speaker 7: your resources as best you can? Right?
• 10:54
  Speaker 2: And he's just so pure.
• 10:55
  Speaker 7: I'm so proud of him now because he's like blowing
• 10:57
  Speaker 7: the guys in video games now and it's happened over
• 11:00
  Speaker 7: these last couple of years because he put in the
• 11:03
  Speaker 7: work and he builds his relationships.
• 11:05
  Speaker 4: So we'll say relationships with leaders out of a recession
• 11:07
  Speaker 4: if you're entrepreneur, is that the big takeaway?
• 11:10
  Speaker 2: Yeah?
• 11:10
  Speaker 3: Yeah, relationship relationship, relationships save your life. And I feel
• 11:14
  Speaker 3: like too many times we don't focus on cultivating relationships
• 11:19
  Speaker 3: and that is more important than any other skill set
• 11:22
  Speaker 3: that you can have. It's like, you can be the
• 11:25
  Speaker 3: hardest worker, you can be the most talented person, you
• 11:29
  Speaker 3: can you know, get up early, go to bed late,
• 11:31
  Speaker 3: and it doesn't matter if you don't have the relationships.
• 11:34
  Speaker 3: And it's like the lead through shooter thing is very
• 11:37
  Speaker 3: a good story because it's a marketing story as well,
• 11:40
  Speaker 3: and it's like, you know, I actually follow him and.
• 11:44
  Speaker 2: What he does is if you're not familiar with him.
• 11:46
  Speaker 3: He's like has like little YACHTI like running like suicide drills,
• 11:50
  Speaker 3: Like it's weird, but I understand it because it's like
• 11:54
  Speaker 3: then they posted on their page and he gets all
• 11:56
  Speaker 3: of these rapp but it's like.
• 11:57
  Speaker 2: Gary Vee, It's like why is Gary b Because they
• 11:59
  Speaker 2: have them. So you get the people with the influence
• 12:02
  Speaker 2: to do things that is not normal like for them.
• 12:05
  Speaker 3: Right, it's like it's not even like they're playing ball
• 12:07
  Speaker 3: and they're actually running drills. So now that's interesting. So
• 12:11
  Speaker 3: that it raises his profile and now he can do
• 12:14
  Speaker 3: personal training. He can, you know, do whatever he wants
• 12:17
  Speaker 3: because he has millions of followers and anything that he
• 12:19
  Speaker 3: posts goes viral and he's established himself as an authority
• 12:23
  Speaker 3: in the space.
• 12:24
  Speaker 2: Chris Brinkley is another one.
• 12:25
  Speaker 3: Chris Brinkley is a trainer who he got on and
• 12:28
  Speaker 3: he like you see that that loft in New York,
• 12:32
  Speaker 3: Like that's.
• 12:32
  Speaker 2: Chris Brinkley that way. He works out at so like
• 12:34
  Speaker 2: Carmelo when he had.
• 12:35
  Speaker 3: The hoodie, so you get but he also like he
• 12:39
  Speaker 3: had like days easton there stuff like that. So he
• 12:42
  Speaker 3: gets these NBA players and these celebrities to train and
• 12:46
  Speaker 3: just by doing that posting on social media, it's automatically
• 12:49
  Speaker 3: made him authority in the space.
• 12:52
  Speaker 7: My graduates from my school being forced bad drop drop drops.
• 13:11
  Speaker 1: An illegal alien from Guatemala charged with raping a child
• 13:15
  Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador
• 13:19
  Speaker 1: accused of murdering a Texas man of Venezuelan charged with
• 13:23
  Speaker 1: filming and selling child pornography in Michigan. These are just
• 13:27
  Speaker 1: some of the heinous migrant criminals caught because of President
• 13:31
  Speaker 1: Donald J. Trump's leadership. I'm Christy nom the United States
• 13:34
  Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border
• 13:39
  Speaker 1: crossings are at the lowest levels ever recorded, and over
• 13:43
  Speaker 1: one hundred thousand illegal aliens have been arrested. If you
• 13:46
  Speaker 1: are here illegally, your next you will be fine nearly
• 13:50
  Speaker 1: one thousand dollars a day, imprisoned and deported, you will
• 13:54
  Speaker 1: never return. But if you register using our CBP home
• 13:58
  Speaker 1: app and leave now, you could be allowed to return legally.
• 14:02
  Speaker 1: Do what's right. Leave now. Under President Trump, America's laws,
• 14:07
  Speaker 1: border and families.
• 14:08
  Speaker 8: Will be protected.
• 14:09
  Speaker 2: Sponsored by the United States Department of Homeland Security,