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ITV #277: He Built a $100M Business by Following This Wealth Blueprint for 30 Years | Inside The Vault · Inside The Vault with Ash Cash

0:00
[SPEAKER_01]: Black people act like only white people should be get wealth, 84% of wealth in this country is in White Household, 4% is in Black Household.
0:08
[SPEAKER_02]: What did you learn at 100 million that you didn't know at 1 million, at 7 million?
0:14
[SPEAKER_02]: What is fundamentally different?
0:15
[SPEAKER_01]: You have to be in a block, everything out, blocking out family, blocking out friends, blocking out the noise that concentrate on one thing.
0:24
[SPEAKER_02]: Why are we so emotionally attached to death?
0:27
[SPEAKER_01]: Do you want to be rich or do you want to be right?
0:29
[SPEAKER_01]: Do the high, the excitement that you get from building wealth is going to inspire you to kind of build more wealth and then find ways to pay your debt down.
0:36
[SPEAKER_02]: How do you not get bored though?
0:37
[SPEAKER_02]: 30 years doing the same thing over and over and over again.
0:41
[SPEAKER_02]: How do you make it exciting?
0:43
[SPEAKER_01]: My recommendation is to try it.
0:44
[SPEAKER_01]: I started going through a series of wins.
0:47
[SPEAKER_01]: I won a $50 million contract with the Smithsonian.
0:50
[SPEAKER_01]: I won an $84 million contract at the Air Force, and they just kept piling and piling on top of themselves.
0:56
[SPEAKER_02]: I have the target, but don't really focus on the target, focus on the activities that get the target.
1:01
[SPEAKER_01]: Of all the e-books that you've kind of summed through and all the audio books that you've listened to, all the podcasts that you listen to, how much have you retained?
1:32
[SPEAKER_02]: I know y'all want to watch the next episode, but listen, if you're an entrepreneur, business coach, business consultant or small business owner who has a story and wants to learn how to create multiple streams of income from that story, I need your text me right now, text me my book to 646-687-4152.
1:46
[SPEAKER_02]: That's my personal number.
1:50
[SPEAKER_02]: I've been an author and publisher for over 15 years.
1:53
[SPEAKER_02]: I've written over 40 books.
1:54
[SPEAKER_02]: Seven of them have been bestseller, and I sold over 250,000 copies.
1:59
[SPEAKER_02]: But listen, I also help a lot of my clients take their expertise and put it into a story that creates multiple streams of income from that.
2:08
[SPEAKER_02]: So I want to help you do the same thing.
2:09
[SPEAKER_02]: So text me, my book, to 646-687-4152.
2:12
[SPEAKER_02]: All right, let's get back to the show.
2:16
[SPEAKER_02]: All right, so welcome to another awesome episode of Inside The Vault with Ash Cash.
2:19
[SPEAKER_02]: They're greatest money mindsets show on the planet.
2:23
[SPEAKER_02]: Everybody says that they want to be wealthy, but very few people ever create a real plan to actually get there.
2:31
[SPEAKER_02]: Today's guests didn't just dream about becoming a millionaire.
2:35
[SPEAKER_02]: Before he even graduated college, he wrote down a blueprint, followed it in relentless discipline.
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[SPEAKER_02]: just seven years later he achieved that goal from humble beginnings to building a technology company that generated more than $100 million in revenue and employing hundreds of across the country.
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[SPEAKER_02]: He's proven that wealth isn't reserved for and lucky few.
2:59
[SPEAKER_02]: today he's on the mission to help close the wealth gap through investing entrepreneurship and financial education.
3:05
[SPEAKER_02]: If you ever wonder what it actually takes to build lasting wealth over decades, not days, then stay with us because this conversation could completely change how you think about money, ownership, and legacy.
3:19
[SPEAKER_02]: Ladies and gentlemen, inside us, please welcome.
3:23
[SPEAKER_01]: Sedrick Nash is a brother who's up man.
3:25
[SPEAKER_01]: How you doing?
3:26
[SPEAKER_01]: And with that introduction man, everybody should be left side in the comments.
3:30
[SPEAKER_01]: It was the intro.
3:31
[SPEAKER_02]: It was like still you're fired.
3:32
[SPEAKER_01]: It was the voice.
3:33
[SPEAKER_02]: I appreciate you and you we were talking off line Because I think that you know we when we think about entrepreneurship when we think about wealth You know this levels, you know
3:46
[SPEAKER_02]: And, you know, I've said, you know, I think the insides have heard me, you know, I'm proud of it, a guy who grew up, you know, like a statistic in the project single parent home, you know, low income, you know, in my career, I've generated, you know, over 14 million dollars.
4:04
[SPEAKER_02]: And as we were talking, I'm like, man, we got to get people like you on the show more You know salute to my mentor John Hope Bryant he's I think I think now.
4:14
[SPEAKER_02]: I think you're the only two Then I'm telling you there's the only two that I know that I can reach out to they have generated off
4:21
[SPEAKER_02]: over a hundred million dollars, right?
4:24
[SPEAKER_02]: And that's my next, you know, my next goal, if you will, as a business owner, it's to generate a hundred million dollars, you know, obviously everybody's like a billionaire billionaire billionaire, but I know from my perspective just from my experience that you can't necessarily jump from one to the next because
4:43
[SPEAKER_02]: Each version is gonna take a different you, right?
4:46
[SPEAKER_02]: Yeah, when I was a corporate guy, making six figures, in order to make five figures in the entrepreneur, I had to become somebody else.
4:53
[SPEAKER_02]: From five figures, when I made six figures, I had to become somebody else.
4:58
[SPEAKER_02]: When I made seven figures, like, so every step of the way I became somebody else, so even though in my mind, I would love to run a billion dollar business, but I also have, I also know,
5:11
[SPEAKER_02]: that is going to take you know a different version of me that I don't want to skip even like I want to run a hundred million on the company right and so I want to have that conversation with you but for those who don't know you know uh in your words who is sadgic next haha
5:27
[SPEAKER_01]: Well, you know, Cedric Nash is just a guy who's been passionate about building wealth, you know, since, you know, being introduced to my 4 million air mentors.
5:37
[SPEAKER_01]: I did 11th grade.
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[SPEAKER_01]: I met these 4 million air mentors, Al Glover.
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[SPEAKER_01]: I met Robert Taylor.
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[SPEAKER_01]: I met Gus Martin, as well as Mr. Gilbert D. Bruce at a early age.
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[SPEAKER_01]: And they kind of shaped my mindset.
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[SPEAKER_01]: These were the millionaires in my community that were in close proximity to me.
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[SPEAKER_01]: You know, they owned businesses, they had real estate.
6:00
[SPEAKER_01]: They were low-key.
6:01
[SPEAKER_01]: You know, you didn't know they were as wealthy as they were because they lived a very modest life.
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[SPEAKER_01]: But because my dad knew them and I had access to them, you know, they kind of inspired me.
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[SPEAKER_01]: They kind of inspired my way of building wealth.
6:13
[SPEAKER_01]: And so when I came out of college, Mr. Bruce inspired me to read.
6:17
[SPEAKER_01]: You know, you know, I were talking about this love for writing books and about how people don't read today.
6:22
[SPEAKER_01]: Yeah.
6:22
[SPEAKER_01]: I was reading like crazy and so I saw a lot of gaps in books I read because I was building my road map.
6:28
[SPEAKER_01]: I was like, wow, I'm missing this piece, that piece.
6:30
[SPEAKER_01]: So I had to put it together through my mentors, through what I've read and the road map work.
6:36
[SPEAKER_01]: So that's really what inspired me, but I was a software engineer out of college, came out just making $36,000, $300, $36,000, $400 got married early right out of college and was
6:53
[SPEAKER_01]: and it worked.
6:54
[SPEAKER_02]: Yeah.
6:54
[SPEAKER_02]: Yeah.
6:55
[SPEAKER_02]: And so when you think about, you know, where you are right now from, you know, I mean, you talked earlier or offline, and I wanted to stop that conversation because I'm saying some great things.
7:07
[SPEAKER_02]: Talk, talk about that, that, you know, getting to that hundred million, right?
7:13
[SPEAKER_02]: You know, you made your first million, you know, seven, seven years later.
7:18
[SPEAKER_01]: Exactly.
7:18
[SPEAKER_01]: from gone from seven figures to eight figures to hunt could you talk about the levels yeah it was interesting because really it started with my with my business I became a millionaire by age 32 and what made that happen I tell the story of my book I became a millionaire by age 32 I walk people through that whole process of getting involved in a particular software that was in high demand and and I'm still making money out that software in fact I just want a hundred thirty million
7:45
[SPEAKER_01]: You know, implementing and my grading, you know, from SAP to S4HANA, which is really technical terms.
7:52
[SPEAKER_01]: But the whole point is is I'm still making money off that same software.
7:56
[SPEAKER_01]: And it kind of goes to the fact that, you know, we make choices or we make decisions today, but they don't get manifested until years later.
8:05
[SPEAKER_01]: And so, you know, I was raised from a religious background, and so when I think about what people should pray for, they should pray for direction among all things, because reality is we make a decision today.
8:16
[SPEAKER_01]: It doesn't get manifested until down the road.
8:19
[SPEAKER_01]: We don't know what decisions were making today.
8:21
[SPEAKER_01]: We have no idea how it's going to manifest itself.
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[SPEAKER_01]: I made a decision to go into this software.
8:27
[SPEAKER_01]: After working as a student at a manufacturing company to then go to this consulting firm and they said We want you to specialize in this manufacturing software.
8:36
[SPEAKER_01]: I hate it manufacturing.
8:37
[SPEAKER_01]: It was boring.
8:38
[SPEAKER_01]: I wanted to write code So I took it on anyway because I wanted to work for the firm and like I said years later You know, I'm still making money off that off that software.
8:46
[SPEAKER_01]: Yeah
8:47
[SPEAKER_01]: But what happened was, and how we rose to $100 million was it was a few steps.
8:53
[SPEAKER_01]: I started off in commercial business.
8:57
[SPEAKER_01]: I got the business up to about five million in revenue.
8:59
[SPEAKER_01]: Had a mentor, a Tim, who basically told me to go into government contracting.
9:05
[SPEAKER_01]: I tell that story, I told that story at a investments.
9:09
[SPEAKER_01]: He told me to go into government contracting.
9:10
[SPEAKER_01]: I didn't want to foul him because I thought they paid too slow.
9:13
[SPEAKER_01]: They didn't.
9:15
[SPEAKER_01]: uh... they didn't uh... the margins realo but i just kept listening i kept listening to my mentors that's one thing the young people don't do they don't listen to us okay they basically figure like oh i got a camera and a mic right so i don't need to hear from some of these old cats but i listen to them even though maybe their ideas or their approaches might may not agree with me at the time but i i slowly and continue to start following them
9:38
[SPEAKER_01]: You got into government contracting and started growing my cells.
9:41
[SPEAKER_01]: The next thing you know, I'm at seven million, right?
9:44
[SPEAKER_01]: Get to seven million, start winning.
9:47
[SPEAKER_01]: I started going through a series of wins.
9:50
[SPEAKER_01]: I won a $50 million contract at the Smithsonian.
9:53
[SPEAKER_01]: I won an $84 million contract at the Air Force, and they just kept piling and piling on top of themselves.
9:59
[SPEAKER_01]: But the process is with the whole point about that is, is that any business that you have that you're trying to grow and you're trying to scale.
10:06
[SPEAKER_01]: You have to stay focused, and you have to develop a strategic plan, stay focused, and continue down that path, and continue to put opportunities in front of yourself, either by bidding more opportunities or seeing more customers and allowing them to pile up.
10:21
[UNKNOWN]: Hello.
10:21
[SPEAKER_02]: Hey, what's the West Side Legacy Lockbox.com?
10:25
[SPEAKER_00]: No, it's LegacyClockbox.io.
10:27
[SPEAKER_02]: All right, Matt, appreciate you.
10:30
[SPEAKER_00]: All right, thank you.
10:32
[SPEAKER_02]: Go to LegacyLockbox.io right now.
10:35
[SPEAKER_02]: I need you to go to the website right now.
10:37
[SPEAKER_02]: You are inside of it.
10:38
[SPEAKER_02]: If you're watching this episode right now, you are trying to build the legacy.
10:42
[SPEAKER_02]: But if something happens to you, does your family know how to access your secure information?
10:47
[SPEAKER_02]: All of the things that you work for, what are your instructions?
10:51
[SPEAKER_02]: go to LegacyLockBox.io right now so that way you can secure yourself your family and your legacy.
10:59
[SPEAKER_02]: You did not work for all of this just for the goal to appropriate court.
11:03
[SPEAKER_01]: Alright, tap it right now.
11:05
[SPEAKER_01]: Yeah, and I know this is a long one to answer, but one of the things I learned in my business about strategic planning was that when I first started my business I would kick the year off not knowing where my revenue was going to go.
11:16
[SPEAKER_01]: I didn't have a plan I didn't even understand what my backlog was.
11:19
[SPEAKER_01]: I what business I was bringing into the next year and what new business I was going to add to the existing
11:25
[SPEAKER_01]: business.
11:26
[SPEAKER_01]: And so I started doing that.
11:27
[SPEAKER_01]: One day I woke up, I said, I'm going to start creating a strategic plan for each year.
11:32
[SPEAKER_01]: And so now we do this in my business.
11:34
[SPEAKER_01]: We do quarterly business reviews.
11:36
[SPEAKER_01]: And so what I do is before the year starts, I know how much business I've got no matter if I don't close any more business.
11:44
[SPEAKER_01]: And then it's just a matter of what's in my pipeline for new
11:50
[SPEAKER_01]: even though that there's a probability of win ratio that might be 60 to 70 percent, what we find out is one or two of those deals pop.
11:58
[SPEAKER_02]: Yeah.
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[SPEAKER_01]: And every time those deals pop, it adds to the next one.
12:01
[SPEAKER_01]: Yeah.
12:02
[SPEAKER_01]: And so that's really, really how happened.
12:04
[SPEAKER_01]: I started really creating strategic plans and annual plans and and following those plans, executing on those plans.
12:11
[SPEAKER_02]: I want to double back or something that you mentioned where you said, you got to be careful with you pray for, right?
12:21
[SPEAKER_02]: Because I believe, I'm sure you believe this is well that faith and success and business they all go together.
12:29
[SPEAKER_02]: And my question to you is someone who has had a lot of success.
12:36
[SPEAKER_02]: Is it not, so do you envision, did you envision yourself getting 200 million and saying, that's the benchmark or was that, were you more praying or looking at,
12:52
[SPEAKER_02]: The success or like you said direction, right then you just kind of Kind of did did what what you needed to do like you followed the process like I guess what I'm going from is like I think on line right now a lot of people are being told To have a goal if you will yes
13:11
[SPEAKER_02]: One of the one of the things, and I had an opportunity to interview, you know, math carder, you know, from the bronze team, on an advanced fast.
13:20
[SPEAKER_02]: I forget what year it was.
13:22
[SPEAKER_02]: And the same thing that I was asking him like, man, you know, because they had like a, I think Spring Hill was like a hundred billion, I mean, a billion, I was like, how did you get there?
13:29
[SPEAKER_02]: And he was like, oh, it's not the, it's not the billion.
13:31
[SPEAKER_02]: Don't worry about the billion.
13:33
[SPEAKER_02]: It's like just do the thing, do the thing, do the thing, do the thing.
13:35
[SPEAKER_01]: I love that.
13:36
[SPEAKER_02]: And, you know, I kind of heard that in your answer just now, where you like, all right, I was at 7 million, and then it just started piling up where it was like, all right, I got a 50 million out of the deal.
13:46
[SPEAKER_02]: I got it.
13:46
[SPEAKER_02]: And so it almost feels like and correctly, if I'm wrong, almost feels like that don't, all right, and have the target, but don't really focus on the target, focus on the activities that get the target.
13:58
[SPEAKER_01]: focus on the process.
14:00
[SPEAKER_01]: I say this throughout my book off and you have to trust to process.
14:03
[SPEAKER_01]: And so you have to develop a roadmap and a process for how you're going to do business.
14:08
[SPEAKER_01]: And that's why a lot of times businesses fail is that they don't have a strategic plan or they don't have a process for how they do business.
14:16
[SPEAKER_01]: So we're very methodical about how we do business.
14:20
[SPEAKER_01]: In terms, I have about eight sales reps that cover different
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[SPEAKER_01]: geographic regions in different industries.
14:28
[SPEAKER_01]: So I got one that focuses on federal business, one that focuses on state local, one that focuses on utilities, one that focuses on a particular technology, and they're all watching there, they're all developing a pipeline around various customers, around various opportunities that we're looking at.
14:45
[SPEAKER_01]: Well, when I first started, I left because I run the sales team now because I'm looking to hire a new sales manager, but I left because my first start of the business, I had business here.
14:55
[SPEAKER_01]: I had there, there, there, there, there.
14:57
[SPEAKER_01]: The reason why is because I was following my relationship.
15:00
[SPEAKER_01]: I had a relationship here, I had a relationship there, so but I could never go deep in that customer.
15:05
[SPEAKER_01]: And so that's one of the challenges that businesses have or when you're the owner, you're the number one sales guy.
15:11
[SPEAKER_01]: And you've got to be.
15:12
[SPEAKER_01]: If you're not, don't start a business.
15:14
[SPEAKER_01]: If you're not willing to be that sales guys, it's going to be hard to control the growth of the business or even get business to grow.
15:22
[SPEAKER_01]: If you're not the main person, up front.
15:25
[SPEAKER_01]: So I had all this business right out and then I brought in sales people to take on those different customers and to go deeper within those customers.
15:32
[SPEAKER_01]: But we have a process for doing that.
15:34
[SPEAKER_01]: We meet every other Wednesday, we meet every Wednesday, one week, we look at our pipeline, the other week, we look at our relationship development.
15:42
[SPEAKER_01]: I'm asking them, hey, how many lunches have you taken with this client?
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[SPEAKER_01]: How many, you know,
15:47
[SPEAKER_01]: Where's the engagement?
15:48
[SPEAKER_01]: Where are the dinners, right?
15:49
[SPEAKER_01]: Where are the conferences?
15:51
[SPEAKER_01]: I need to see that.
15:51
[SPEAKER_01]: I can't have a sales guy sitting at home If he ain't spending my money, that means that he's not grown the relationship So there is a real process that we follow me continue to follow.
16:01
[SPEAKER_01]: Yeah, so like you're saying is that you follow the process You do set goals for the year, right?
16:05
[SPEAKER_01]: We set goals every single year We monitor them every quarter and we we make adjustments every quarter to say how can we get closer to our goal?
16:14
[SPEAKER_01]: like so we're supposed to be at a quarter of our goal and we might be off a little bit.
16:19
[SPEAKER_01]: Well, what are we going to do next for the next quarter to kind of make up this difference?
16:23
[SPEAKER_01]: Yeah.
16:23
[SPEAKER_01]: So you have to be very methodical about running your business and how you run your business.
16:28
[SPEAKER_01]: Yeah.
16:29
[SPEAKER_01]: We hear in the news that some of our businesses are struggling or sometimes they run into situations where they don't know that people are taking money out.
16:36
[SPEAKER_01]: Oh, what's going on?
16:37
[SPEAKER_01]: It's because sometimes they're kind of take their eye off the business and they're not
16:43
[SPEAKER_02]: What did you learn at, you know, 100 million that you didn't know at one million, at seven million, like what is fundamentally different, right?
16:54
[SPEAKER_02]: Because like for me, like I've been able to run a seven-figure business, I think two years, I guess, you know, we did eight figures, but the average is a seven-figure business.
17:05
[SPEAKER_02]: So like, what's different?
17:07
[SPEAKER_01]: Yeah, the engine thing, it's really nothing different.
17:10
[SPEAKER_01]: It's just about scale.
17:12
[SPEAKER_01]: What you find that's different is that you need more relationships, right?
17:15
[SPEAKER_01]: So you need more deals.
17:17
[SPEAKER_01]: You need to win more deals.
17:18
[SPEAKER_01]: The other thing is you've got to basically make sure that you have, you know, it's more than one source or one person that's out there.
17:29
[SPEAKER_01]: So right now that I got eight people selling.
17:31
[SPEAKER_01]: So now everybody's poppin' everybody's got goals.
17:34
[SPEAKER_01]: The other pieces, you've got to sometimes change your members out.
17:37
[SPEAKER_01]: If they're not performing, you've got to change them out.
17:39
[SPEAKER_01]: And it's difficult to do so, but you have to.
17:42
[SPEAKER_01]: And you have to keep trying different sales representatives that have different skill set.
17:48
[SPEAKER_01]: And that's the hardest part of the business.
17:49
[SPEAKER_01]: Yeah.
17:50
[SPEAKER_01]: when you look to grow, it's like hiring good sales people and knowing when to let them go.
17:54
[SPEAKER_01]: So everything that I do is very, very process oriented.
17:58
[SPEAKER_01]: We've got certain what I call key performance indicators.
18:01
[SPEAKER_01]: And the key performance indicators tell me whether they're going to be successful long before I know.
18:07
[SPEAKER_01]: So the whole point is if you're not lining up for success, you're not going to get it.
18:12
[SPEAKER_01]: It's not going to happen, so you have to understand, what are the key performance indicators that tell me whether or not that person is trending towards success or they're not?
18:20
[SPEAKER_01]: And that's just about knowing your business.
18:22
[SPEAKER_01]: And then you have to execute based on those key performance indicators.
18:25
[SPEAKER_01]: If they're out of whack, if they're not on track, you've got to start, you know, move those people on and bring you other people that will.
18:33
[SPEAKER_01]: So else is really about effort.
18:35
[SPEAKER_01]: it's about process and it's about relationship.
18:37
[SPEAKER_01]: And so the whole point is is that if they're not going to give you the effort, they'll never develop the relationship and they'll never follow the process.
18:43
[SPEAKER_01]: So you have to basically develop a system where you can measure their effort, right?
18:48
[SPEAKER_01]: And so what happens is you've got some cells people that are kind of washed out and they're just not giving you the effort.
18:54
[SPEAKER_01]: right and you got to move them on yeah yeah right and so those are the three things that we look at yeah because sales is that hard yeah it's just really about people really putting forth the effort and and and building on the relationship yeah and i love that and so so here's the this is a question right because
19:10
[SPEAKER_02]: So I have multiple businesses, they all kind of work together, but they're different, you know, so whether it's podcasting, whether it's the publishing business, whether it's my coaching business, my education business, and then, you know, me as a speaker, things are out in nature, right?
19:28
[SPEAKER_02]: So let's say I have five different verticals.
19:32
[SPEAKER_02]: I currently have a really one sales person that kind of, you know, any opportunities kind of works through all all those different verticals.
19:43
[SPEAKER_02]: From your perspective, is it best to have that structure or is it best for that?
19:49
[SPEAKER_02]: Should I have five different sales people?
19:52
[SPEAKER_01]: I love that.
19:53
[SPEAKER_01]: I think eventually you want to get there and you may not be able to get there today, but you've got to, you know, you've got to consolidate that.
20:00
[SPEAKER_01]: You might get to the point where you say, okay, I got two sales reps.
20:03
[SPEAKER_01]: I got one that focuses on these three, these three silos or these three channels or these three products.
20:09
[SPEAKER_01]: I have another that focuses on these three products and you find out what's moving the most and you get one to a certain level to where you can now say, well, this one can support another sales person.
20:20
[SPEAKER_01]: Now, I bring another salesperson just to focus on this one.
20:22
[SPEAKER_01]: Yeah, allow the other guy to continue on the other two that he's working until he gets it to the next level.
20:27
[SPEAKER_02]: Yeah.
20:27
[SPEAKER_01]: You have to do that because a lot of times you have to go deep in sales, right?
20:31
[SPEAKER_01]: We talk about landing and expanding.
20:34
[SPEAKER_01]: So we might land in account, but if we're just doing surfacey business and the business isn't growing,
20:40
[SPEAKER_01]: You know, we stand the chance of potentially losing the business, you've got to grow, you always got to be growing the business.
20:46
[SPEAKER_01]: So my suggestion is to kind of like, if you got enough sales, bring in another person and subdivide those and allow them to go deeper until you, and that's how you scale.
20:55
[SPEAKER_02]: Yeah.
20:55
[SPEAKER_01]: That's exactly how you scale.
20:56
[SPEAKER_01]: Yeah.
20:57
[SPEAKER_01]: It's interesting because I run into this question often.
20:59
[SPEAKER_01]: I have people that I mentor.
21:01
[SPEAKER_01]: I've talked to that have different businesses like there's one brother who actually made the suits for the guy ghost on.
21:09
[SPEAKER_01]: Right, and so I was talking to Frayer about it.
21:11
[SPEAKER_01]: I was saying, man, you got to have a guy that focuses just on athletes, right?
21:15
[SPEAKER_01]: They go's deep in just athletes, all sports, and then once they hit all sports, you're going to say, okay, I got one that just focuses on baseball, one that focuses on basketball, right?
21:23
[SPEAKER_01]: And then I got to have a corporate guy, right?
21:25
[SPEAKER_01]: I got to have a guy that just focuses on corporate guys trying to sell suits to corporate people.
21:30
[SPEAKER_01]: So the whole point is that's just an example of how you have to segment your sales if you're really, really, really going to grow it.
21:35
[SPEAKER_02]: Yeah, I was a banker for 15 years, you know, I ran multiple branches, you know, 100 million, 500 million.
21:46
[SPEAKER_02]: I'm really good at sales of marketing, like that's my thing.
21:49
[SPEAKER_02]: Operations is horrible, yep.
21:53
[SPEAKER_02]: being successful, where do you wait like, you know, like, I know they all necessary, right?
22:00
[SPEAKER_02]: But if I were looking to scale, and again, I'm good at sales and marketing, so I know how to identify good talent from a sales perspective, but I may be lacking in operations a little bit if I had a budget to focus on one.
22:16
[SPEAKER_02]: Are you telling me, ash, get some more sales people, or ash, you got to get your operations together?
22:23
[SPEAKER_01]: Yeah, I guess what you're saying.
22:25
[SPEAKER_01]: It really depends on what's holding the organization down.
22:30
[SPEAKER_01]: Okay.
22:30
[SPEAKER_01]: I mean, is it operations, it sales?
22:31
[SPEAKER_01]: Right.
22:32
[SPEAKER_01]: Yeah.
22:32
[SPEAKER_01]: I look at sales as offense.
22:34
[SPEAKER_01]: I look at operations almost like as defense.
22:36
[SPEAKER_01]: So do I need more revenue coming in the door if I need more revenue coming in the door?
22:41
[SPEAKER_01]: I mean, you really kind of have to work them both together because as you get more revenue in the door now it creates it exposes more operational problems, right?
22:49
[SPEAKER_01]: Because now I can't handle the business because I don't have the back office to support it.
22:54
[SPEAKER_01]: I don't have the systems.
22:55
[SPEAKER_01]: I don't have the people to kind of an accounting and then those things start slowing down.
22:59
[SPEAKER_01]: But the whole point is you always leave with sales.
23:02
[SPEAKER_01]: Because the whole plan is if you got revenue coming in the door, you can always go fix the back of the house behind the scenes, but you got to have them both going up at the same time.
23:12
[SPEAKER_01]: One of the things that I did is I always created, I did it just this last year, I did a five-year outlook of how we're going to get to 500 million.
23:19
[SPEAKER_01]: That's I did.
23:20
[SPEAKER_01]: I wrote a, and I personally sat there and wrote a 100-page deck and at the beginning of AI.
23:26
[SPEAKER_01]: I didn't expect, yeah, I didn't use cloud at all.
23:29
[SPEAKER_01]: I wrote every slide because I just have to think it out.
23:32
[SPEAKER_01]: I got to think it through.
23:33
[SPEAKER_01]: So I did that and right before we kicked off the year, we had a kickoff meeting for the year.
23:39
[SPEAKER_01]: And I explained to them what our goals were for this year and what our five-year outlook was and what percentage growth that we were going to grow per year to get to 500 million by this time frame so that they can believe that it's doable and that it's possible.
23:55
[SPEAKER_01]: And so now our first, and then after that, we break down, well, what do we need to do to be successful in this year?
23:59
[SPEAKER_01]: Yeah.
24:00
[SPEAKER_01]: So strategic planning for any business is so important.
24:03
[SPEAKER_01]: I don't count small your business.
24:04
[SPEAKER_01]: Yeah.
24:05
[SPEAKER_01]: I don't care if it's a one or two person show.
24:07
[SPEAKER_01]: Yeah.
24:07
[SPEAKER_01]: You've got to have a strategic plan.
24:09
[SPEAKER_01]: Yeah.
24:09
[SPEAKER_01]: I learned that early on and I continued to grow the business with it.
24:13
[SPEAKER_01]: And we've been hitting our goals and been hitting our marks.
24:16
[SPEAKER_01]: Yeah.
24:16
[SPEAKER_01]: Consistently.
24:17
[SPEAKER_01]: But I will tell you that as the number gets bigger, it gets a little bit harder to hit the number, but you can't let that derail you.
24:23
[SPEAKER_01]: You still have to kind of set those plans and try to execute towards them and you never set a bigger goal until you pass that next goal.
24:31
[SPEAKER_01]: So the whole point is if I'm trying to get to 100 million and I fall short and I'm like,
24:35
[SPEAKER_01]: I hit 90, it's like next year's goal, $100 million.
24:39
[SPEAKER_01]: Ninety five, next year's goal, $100, right?
24:42
[SPEAKER_01]: And once I crass that number, now I set a new level to kind of work towards, and that's really what it's about.
24:48
[SPEAKER_02]: Yeah, and I love it.
24:49
[SPEAKER_02]: Let's talk about wealth for a second, right?
24:51
[SPEAKER_02]: Because, you know, Washington, why guys have all the wealth,
24:58
[SPEAKER_02]: You know, salute to regional Lewis.
25:00
[SPEAKER_02]: Yeah, I clean his hair.
25:02
[SPEAKER_02]: So let's break something, you know, obviously, I read, right?
25:06
[SPEAKER_02]: So some people may not know regional Lewis, talk a little bit about regional Lewis, and talk a little bit about the book.
25:12
[SPEAKER_02]: It would make you want to help close the wealth gap.
25:15
[SPEAKER_01]: Yeah, original Lewis, I read his book, probably back in 1993.
25:23
[SPEAKER_01]: Why should white guys have all the fun?
25:25
[SPEAKER_01]: Yeah, phenomenal book.
25:26
[SPEAKER_01]: And I remember I was actually at this SAP training program and I looked at USA today when he died of brain cancer.
25:33
[SPEAKER_01]: And so, in phenomenal brother, average student, you know, went to university of Virginia, only brother that got into Harvard Law School without, you know, with a direct admission into the university just because he was such a dynamic person.
25:53
[SPEAKER_01]: uh... graduated go on to help minority businesses as a lawyer right at a Baltimore that's what he did and then he found he's started buying businesses as first business i believe he bought was but call the so-and-company i've read this book years ago and i still remember we're going to talk about the power reading right so the whole point is he bought them a call sold that company uh... i believe for like thirteen million dollars and then goes into by tlc be itch's fruits right first billion dollar
26:21
[SPEAKER_01]: business.
26:23
[SPEAKER_01]: I love the story where he had to go in their representing that that's why the cup is called TLC Beatrice Food which stands for the Lewis company because at the time he was having a difficult time buying businesses because the white boys wouldn't sell to it.
26:37
[SPEAKER_01]: So he had to go and act like he was representing Mr. Lewis who was somebody else which was really him in order to buy it.
26:44
[SPEAKER_01]: Buys the business gets mentorship
26:48
[SPEAKER_01]: who is just a financial genius, right?
26:52
[SPEAKER_01]: And can't do anything in finances because of the whole junk bond, a fiasco that he's involved in.
26:57
[SPEAKER_01]: So, but mentors him, because this guy has the genius.
27:01
[SPEAKER_01]: He's a genius at basically seeing businesses seeing opportunities behind them.
27:05
[SPEAKER_01]: So, I was so inspired by that book.
27:08
[SPEAKER_01]: And one day I was talking to a friend of mine when I was writing my book,
27:11
[SPEAKER_01]: And I'm going to say, you know, black people act like only white people should be getting wealthy.
27:14
[SPEAKER_01]: Yeah.
27:14
[SPEAKER_01]: I said that comment and I said, wow, that's a title.
27:17
[SPEAKER_01]: Yeah.
27:18
[SPEAKER_01]: I kept playing around with these words and what came up was why should white guys have all the wealth.
27:22
[SPEAKER_01]: Yeah.
27:23
[SPEAKER_01]: Now, when I did that, I was like, oh my god, I can't title the book that because Regal Lewis wrote a masterpiece.
27:29
[SPEAKER_01]: And that's just like, you know, trying to sing the National Anthem after Whitney Houston done killed it, right?
27:35
[SPEAKER_01]: But I had to go with it.
27:36
[SPEAKER_01]: And because I felt like it was the right.
27:38
[SPEAKER_01]: message that I want to send.
27:40
[SPEAKER_01]: And the book is out about white or about black.
27:42
[SPEAKER_01]: It's about the fact that 84% of wealth in this country is in white households.
27:46
[SPEAKER_01]: And 4% is in black households.
27:48
[SPEAKER_01]: It's about teaching African Americans how to build wealth despite the odds, regardless of their income level, regardless of their situation, it's like giving them a road map for building while starting from the bottom.
27:59
[SPEAKER_02]: Yeah.
28:01
[SPEAKER_02]: How have you and talk a little bit about what you do today and what your business is do because you know obviously like I just took a free master class and that's why the first half of that, you know, you're meant to pay attention.
28:17
[SPEAKER_02]: The first half was really about you know making that 100 million.
28:23
[SPEAKER_02]: I mean I know everybody's going to benefit from,
28:29
[SPEAKER_01]: Well, in terms of my business, I do information technology work for government agencies.
28:36
[SPEAKER_01]: We help them implement enterprise application systems.
28:39
[SPEAKER_01]: So systems like accounting systems, HR systems, payroll systems, in fact, we're putting in the payroll system for the state of Maryland and the state of California, state of New York, or city of New York.
28:52
[SPEAKER_01]: So we help these companies implement systems, and that's what I've been doing ever
28:59
[SPEAKER_01]: And it's been been continuing to work.
29:01
[SPEAKER_01]: But my passion has been writing books like you and I talked about it around this subject because coming on a college I read a lot of books about investing, right?
29:10
[SPEAKER_01]: My first book I read was how to be your own stock broker by Charles Schwab.
29:13
[SPEAKER_01]: And in fact, Charles Schwab sponsors by Blackwell Summit, I've been an influencer for them.
29:17
[SPEAKER_01]: So it's been great for that to come full circle.
29:20
[SPEAKER_01]: But it's really, you know, I jumped in this ring like we all did when we saw an opportunity for African Americans to really do something different with their money.
29:28
[SPEAKER_01]: And I love that EYL, yourself, and melanin money and all these other guys are coming in, and even our guy over Ross Mackin in, in, in, in, in, in,
29:43
[SPEAKER_01]: And Chicago is basically contributing to this conversation because we as a community need to continue to have this conversation and we need to, we have to not let it stop, right?
29:52
[SPEAKER_01]: Because we are so far behind and in fact this current administration is sitting as so far further behind with the policies that our community is going to find the racial wealth gap widening.
30:05
[SPEAKER_01]: If we don't basically find ways to continue to invest and continue to build wealth and stay on this journey.
30:10
[SPEAKER_01]: So this is just a passion of mine and and I want to continue to write books like you do to kind of educate our community on moving forward It's hard to get people to read these days because we talked about that and that's an important important step Yeah, and I think It's sad to say because I remember when I was growing up They said if you want to hide some something from black people put it in the book.
30:32
[SPEAKER_02]: Yeah
30:33
[SPEAKER_02]: on and it's sad right because now that's starting you know I mean it was it was true then but to your point is getting to that space now um and let's talk about the importance of reading right because um you know I think then now that people have chat GPT they have claw the have AI
30:55
[SPEAKER_02]: Number one, I think a lot of people feel like, all right, why should I need to read?
30:59
[SPEAKER_02]: If all of the information I need, I can just ask AI, AI can give it to me.
31:04
[SPEAKER_02]: Not realizing that AI is biased, right?
31:08
[SPEAKER_02]: So it's getting the information from other human beings, and it's not necessarily sourcing out that information.
31:15
[SPEAKER_02]: So we could take some from you, some from me, some from a 10-year-old who might have some information in there,
31:23
[SPEAKER_02]: It may sound good, right, but it may not necessarily be good in practice, so talk about the importance of that.
31:31
[SPEAKER_01]: I love that because you and I had this conversation about that, and I'm going to look into the camera here now because I want to ask the audience, it's like of all the ebooks that you've kind of summed through and all the audio books that you've listened to and all the podcasts that you listen to, how much have you retained?
31:50
[SPEAKER_01]: How much have you really internalized and put to practice?
31:53
[SPEAKER_01]: One of the things I could say is all the books I read, but I've internalized them, because I like to read them.
31:59
[SPEAKER_01]: I don't like audio books.
32:00
[SPEAKER_01]: I like to read line by line, because there's something about when you read that you're concentrating.
32:06
[SPEAKER_02]: Yeah, for sure.
32:07
[SPEAKER_01]: Right?
32:07
[SPEAKER_01]: And when you're concentrating, it hits you differently, right?
32:10
[SPEAKER_01]: And so it hits you differently.
32:12
[SPEAKER_01]: And when you internalize it, you got that knowledge for real.
32:15
[SPEAKER_01]: And you have it forever.
32:17
[SPEAKER_01]: And I would say that even my books on audio book, but it just goes over people's head.
32:21
[SPEAKER_01]: They're distracted, they're driving.
32:23
[SPEAKER_01]: We're in a very distracted time where people were going through Instagram, going through TikTok.
32:29
[SPEAKER_01]: They're not consuming anything.
32:31
[SPEAKER_01]: They're just going through it.
32:33
[SPEAKER_01]: And so what I'm saying is when I read things and I talk to my mentorship group about this on Friday that we've got to pick up and read.
32:40
[SPEAKER_01]: We've got to take the time, you've got to block out the noise and read because when you read something, it internalize you and you will execute it 10 times better because you've read it.
32:52
[SPEAKER_01]: You have a deeper understanding.
32:54
[SPEAKER_01]: And so that's where my understanding comes from.
32:56
[SPEAKER_01]: It comes from me reading, it becomes from me executing, and you kind of combine the execution with what you read, and then now you know something.
33:05
[SPEAKER_01]: Because I'm involved in construction, like I have several construction projects, commercial projects that I'm doing, I'm in disalance weeds, why I own the building, so I've got several those, I've got a several apartment buildings that I've invested in that I manage myself.
33:21
[SPEAKER_01]: as well as my own portfolio, as well as having financial advisors manage my portfolios.
33:27
[SPEAKER_01]: But I read everything.
33:28
[SPEAKER_01]: I just think we've got to get back to reading.
33:29
[SPEAKER_01]: I think that that literacy about financial literacy, you know, there's a part of reading that comes a literacy and that's something that we've got to get back to.
33:36
[SPEAKER_02]: Yeah, I agree.
33:37
[SPEAKER_02]: And it's funny because I read a lot but actually listen to audio books and to to your point,
33:47
[SPEAKER_02]: Um, I don't think there's ever been an audio book that I didn't listen to at least three to four times before to make sure I get it.
33:55
[SPEAKER_02]: So like, like, and that's actually my process.
33:57
[SPEAKER_02]: Well, I'll listen to it one time and I'll get the gist of it that I'll go back because that this thing that I heard that I didn't hear the first time.
34:06
[SPEAKER_02]: And so I usually do like, if I really want to implement something, right?
34:10
[SPEAKER_02]: Um, but I'm going to try that because I haven't, you know, be honest with you, I haven't had
34:16
[SPEAKER_02]: I'm not going to say I haven't had the time because I don't have the time, but I haven't taken the time.
34:21
[SPEAKER_02]: Right.
34:22
[SPEAKER_02]: It should like read in a while as somebody who, you run a non-figure business, you have your personal portfolio, you have a personal life, you have a business life, you have a mentorship, you manage something, like you're doing a lot, how do you make the time?
34:43
[SPEAKER_01]: All right.
34:43
[SPEAKER_01]: Well, the reality is there's this thing that I mastered, you know, as a consultant called time boxing, right?
34:49
[SPEAKER_01]: You have to put, you have to block out certain amount of time for certain activities.
34:54
[SPEAKER_01]: And you got to keep them within that time frame.
34:56
[SPEAKER_01]: My number one question from my mentorship group, I have a, it's called the Black World Growth Challenge, mentorship group where I'm teaching people how to build wealth.
35:03
[SPEAKER_01]: They measure their growth.
35:04
[SPEAKER_01]: We have accountability sessions every quarter.
35:07
[SPEAKER_01]: Our promise that their wealth is going to be greater than it was at the end of the year than it was at the beginning and we actually track it and we bring in guest speakers.
35:14
[SPEAKER_01]: But you know, one of the things and they always ask me that subject, if I could just get some personal time is like, I don't have time.
35:20
[SPEAKER_01]: I just don't have time to sit there and they want to pay me to basically do mentoring sessions.
35:25
[SPEAKER_01]: I just don't have time and so I time box.
35:30
[SPEAKER_01]: I have my schedules a Monday mornings.
35:32
[SPEAKER_01]: It's a real estate day.
35:33
[SPEAKER_01]: It's like, I meet all my businesses a Monday morning.
35:35
[SPEAKER_01]: I go through every piece of property I have, every building with my management team.
35:39
[SPEAKER_01]: Because I manage it all myself.
35:41
[SPEAKER_01]: I go through my business management office meeting.
35:43
[SPEAKER_01]: I go through my construction guy.
35:45
[SPEAKER_01]: So I manage that and I just have to make the time for it.
35:49
[SPEAKER_01]: And like I said, we're so distracted that it's so difficult to take the time to read.
35:55
[SPEAKER_01]: And so I like to sit in my backyard.
35:56
[SPEAKER_01]: I live in the house in the water, down in Florida, and I love Afrobeats.
36:00
[SPEAKER_01]: I'll get a little music going and I'll sit in the backyard, my get a little something to drink, and I will concentrate and read and block everything out.
36:08
[SPEAKER_01]: Yeah.
36:08
[SPEAKER_01]: I challenge people to do that.
36:10
[SPEAKER_01]: I'm telling you the information that you read will hit you in such a powerful way that you'll never forget.
36:17
[SPEAKER_02]: Yeah.
36:17
[SPEAKER_02]: It's funny because Warren Buffett, one of the richest men on the planet, says that even today, he says he reads six hours a day.
36:27
[SPEAKER_01]: No doubt about it.
36:28
[SPEAKER_01]: The six hours.
36:29
[SPEAKER_01]: Do you know that Warren Buffett would go so deep?
36:31
[SPEAKER_01]: Hmm.
36:32
[SPEAKER_01]: He would go so deep that his wife would have to remind him to shower.
36:36
[SPEAKER_01]: Wow.
36:37
[SPEAKER_01]: The guy would just basically block out everything and you bring up an important point because I heard the story between Warm Buffet and Bill Gates.
36:44
[SPEAKER_01]: Bill Gates Dad was doing a seminar session and Warm Buffet and Bill Gates happened to be in it.
36:51
[SPEAKER_01]: And he asked him the question.
36:52
[SPEAKER_01]: He asked him to write on a piece of paper the one
36:55
[SPEAKER_01]: characteristic that you believe contributes the most to your success.
37:01
[SPEAKER_01]: Right down this one characteristic, they rode on a piece of paper and they never told each other what that, what that, what that, what that characteristic was.
37:09
[SPEAKER_01]: Yeah.
37:10
[SPEAKER_01]: Years later, they come back together to say, well, what did you write down?
37:13
[SPEAKER_01]: You know what it was?
37:14
[SPEAKER_01]: Reading.
37:14
[SPEAKER_01]: It was focus.
37:15
[SPEAKER_02]: focus.
37:17
[SPEAKER_02]: It was focus.
37:18
[SPEAKER_01]: The ability to block everything out and focus on one thing.
37:23
[SPEAKER_01]: We're so distracted today that we can't do that.
37:26
[SPEAKER_01]: And so it's so important that if you're going to be successful that you have to be able to block everything out.
37:31
[SPEAKER_01]: And sometimes, unfortunately, it's blocking out family.
37:34
[SPEAKER_01]: Because
37:34
[SPEAKER_01]: blocking out friends, blocking out the noise, to concentrate on one thing, because we're going over things at such a surface level that we're not growing because of that, right?
37:47
[SPEAKER_01]: And so that's one gift I could say that I have inherited is that when it's time for me to lock in and I just block everybody completely out, everything.
37:57
[SPEAKER_01]: So I want to challenge people to do that block people out and put your concentration in your mind on one particular thing that you want to learn Yeah, and I'm telling you you'll learn to master it if you can.
38:06
[SPEAKER_02]: Yeah, I love that I love that and so I'm hearing I'm hearing focus.
38:11
[SPEAKER_02]: I'm hearing process is there any other so you know I mean I hear discipline right I hear focus.
38:19
[SPEAKER_02]: I hear process.
38:20
[SPEAKER_02]: I hear discipline
38:23
[SPEAKER_02]: Is there any other formula, right?
38:25
[SPEAKER_02]: Someone's trying to build well.
38:27
[SPEAKER_02]: Someone's trying to, you know, reach their goals.
38:30
[SPEAKER_02]: Is there, is there, is there a missing ingredient?
38:32
[SPEAKER_01]: There's one, one missing ingredient is, I call it mentorship.
38:35
[SPEAKER_01]: Yeah.
38:35
[SPEAKER_01]: It's like you have to have mentorship.
38:37
[SPEAKER_02]: Yeah.
38:38
[SPEAKER_01]: And what I mean by that is that you've got to have people that,
38:41
[SPEAKER_01]: are ahead of you that are willing to share.
38:44
[SPEAKER_01]: You talked about John Holbrine.
38:45
[SPEAKER_01]: I had him speak and we had a great conversation with both from California and that mentorship is important.
38:53
[SPEAKER_01]: Like I had a mentor.
38:54
[SPEAKER_01]: I keep talking about Tim as a mentor.
38:57
[SPEAKER_01]: Tim always kept setting the goal.
38:59
[SPEAKER_01]: Higher and higher.
39:00
[SPEAKER_01]: Right, higher and higher.
39:02
[SPEAKER_01]: Keep making me strive.
39:03
[SPEAKER_01]: He didn't even know he was making me do that.
39:05
[SPEAKER_01]: But every time he'd say, one of the times I went to visit him, you know, and I'd won this big army contract.
39:11
[SPEAKER_01]: And Tim was like, you know, like, great.
39:13
[SPEAKER_01]: He says, you know, by now, you know, you should have a million dollars cash on the bank.
39:16
[SPEAKER_01]: I was like, oh, I didn't have a million dollars cash.
39:18
[SPEAKER_01]: Because I was spending a lot of money on real estate.
39:20
[SPEAKER_01]: Yeah.
39:20
[SPEAKER_01]: All my cash was going to build up my real estate stuff.
39:23
[SPEAKER_01]: So he didn't know that, but when I left,
39:27
[SPEAKER_01]: basically, you know, I worked on getting to that number and kept climbing after and after.
39:32
[SPEAKER_01]: So that mentorship is so important because it kind of helps set the stage.
39:36
[SPEAKER_01]: Yeah.
39:36
[SPEAKER_01]: And I have young guys that have been in my life that I mentor in that same way.
39:40
[SPEAKER_01]: And it keeps them striving.
39:41
[SPEAKER_01]: Yeah.
39:41
[SPEAKER_01]: You need that mentorship.
39:43
[SPEAKER_02]: Yeah.
39:43
[SPEAKER_01]: You need to stay focused in this very, very distracted world.
39:47
[SPEAKER_01]: Yeah.
39:47
[SPEAKER_01]: It is hard to get people to focus, to slow down, to take their time.
39:51
[SPEAKER_01]: We're so busy trying to get rich fast.
39:53
[SPEAKER_01]: Yeah.
39:57
[SPEAKER_01]: five, seven, 10, 15 years to get there.
40:01
[SPEAKER_01]: So sit back, you know, you know, buckle in, right?
40:04
[SPEAKER_01]: Right, folks enjoy the process.
40:06
[SPEAKER_01]: Enjoy the process and stay focused and chip away.
40:08
[SPEAKER_01]: But what happens with us is we're so distracted that we end up basically chasing waterfalls.
40:14
[SPEAKER_01]: We end up going on this path and then we change and go to that path.
40:17
[SPEAKER_01]: Then we go to this path.
40:18
[SPEAKER_01]: Then we go to that path.
40:19
[SPEAKER_01]: Yeah.
40:20
[SPEAKER_01]: And we end up with nothing in the bag.
40:22
[SPEAKER_01]: Yeah.
40:22
[SPEAKER_01]: So the name of the game is just to really, really say, what am I really going to focus on?
40:27
[SPEAKER_01]: Well, what's really worth me focusing on?
40:30
[SPEAKER_01]: Yeah.
40:30
[SPEAKER_01]: I write in my other book, the Millionaires Money Moose Supplemental Investment Guide, my investment strategies.
40:36
[SPEAKER_01]: And when I talk about business, I said, before you even open a business, answer these 14 questions.
40:41
[SPEAKER_01]: Make sure that the business satisfies all your needs before you just jumping into it, because you heard that somebody else was doing it.
40:50
[SPEAKER_01]: All right, you got to really think it and evaluate it through because a lot of times we're opening the wrong businesses, we're opening businesses, I was asked the first three questions.
40:59
[SPEAKER_01]: Are you in it to make them the living?
41:02
[SPEAKER_01]: Are you in it to make a fortune?
41:03
[SPEAKER_01]: Are you in it to change the world?
41:05
[SPEAKER_01]: Right?
41:05
[SPEAKER_01]: Because a lot of times you end up buying a business and all you did is replace the income from your regular job, but all you did is make a living.
41:11
[SPEAKER_01]: And it's not worth your Saturdays, your weekends, your evenings.
41:14
[SPEAKER_01]: right I want to make a fortune absolutely right y'all I would love to change the world but I definitely minimally want to make a fortune and you've got to know that and so that means that the business that you go in has to be big enough and the revenue and the profit has to be large enough so that you can meet your in-game yeah sure and so that that's so important so about it's funny because it's like a full circle moment because when you just now understand when you just said don't go chase at waterfalls
41:39
[SPEAKER_02]: I have ADHD, so I thought of immediately about the TLC song.
41:43
[SPEAKER_02]: Right.
41:44
[SPEAKER_02]: But the message you said is actually that, right?
41:46
[SPEAKER_02]: Like, don't go chasing waterfall.
41:48
[SPEAKER_02]: Yeah, please stick to the river rivers that they're used to.
41:51
[SPEAKER_02]: Exactly.
41:52
[SPEAKER_02]: And so, and so, a lot of us, it becomes boring, right?
41:55
[SPEAKER_02]: Repetitive, repetitive, repetitive.
41:57
[SPEAKER_02]: And so, that river that we're used to, we look over there.
42:00
[SPEAKER_02]: And we like, the waterfall looks fun.
42:02
[SPEAKER_02]: Exactly.
42:03
[SPEAKER_02]: The waterfall looks more exciting.
42:05
[SPEAKER_02]: Exactly.
42:05
[SPEAKER_02]: So, let me go chase what looks more exciting.
42:07
[SPEAKER_02]: Exactly.
42:08
[SPEAKER_02]: But stick to the, like you're saying, stick to the river, is that you're using the river's use?
42:11
[SPEAKER_01]: I mean, I'm dead serious.
42:13
[SPEAKER_01]: I mean, I've been doing my same business as for it'd be 30 years next year.
42:17
[SPEAKER_01]: Wow.
42:18
[SPEAKER_01]: Same business.
42:18
[SPEAKER_01]: I didn't think I was gonna last 30 years.
42:20
[SPEAKER_01]: I had a five-year plan to get in, make it up money, and go into franchise.
42:23
[SPEAKER_01]: That was my goal.
42:24
[SPEAKER_01]: I knew I had a window of time.
42:26
[SPEAKER_01]: There was a high demand for what I was doing.
42:28
[SPEAKER_01]: I was like, I want to stack a certain amount of cash, and then I want to go into franchise and live the easy street.
42:33
[SPEAKER_01]: But it's been like 30 years doing the same thing.
42:37
[SPEAKER_01]: thing.
42:38
[SPEAKER_01]: And so that goes back to what we originally talked about.
42:41
[SPEAKER_01]: It's like when you ask God for direction, and you basically go into the right direction, it will manifest itself in the future.
42:49
[SPEAKER_01]: But you never really, really know, you just have to do a lot of analysis, a lot of study, a lot of introspection, take your time and make your decision carefully.
42:58
[SPEAKER_01]: I hear people all that they want to do what you're doing.
43:00
[SPEAKER_01]: They want to do a podcast.
43:01
[SPEAKER_01]: They want to be an influencer.
43:03
[SPEAKER_01]: It's like, you know, that's a, there's a lot, it's a crowded space, right?
43:07
[SPEAKER_01]: And, you know, it's a lot of work to it's a lot of work to it.
43:10
[SPEAKER_01]: It's a lot of work that you don't get paid for.
43:11
[SPEAKER_02]: I love it.
43:12
[SPEAKER_01]: You can, I mean, so the whole point is, that doesn't mean that you shouldn't do it.
43:15
[SPEAKER_01]: Yeah.
43:15
[SPEAKER_01]: But you should really think carefully about what you're trying to do and how it's going to get you where you're trying to go.
43:21
[SPEAKER_02]: and know the business plan behind it also because I think a lot of people only see the the front facing I've been right but but like even for me I'm I may be the one to seven figure business because I use my podcast number one I get clients from from my podcast I get I get I get I put commercials in my project like I get lead from it so there's a whole um business ecosystem behind it so I'm not just trying to be a influencer but it's
43:51
[SPEAKER_01]: part of that part of the process yeah um how do you not get bored though right so 30 years doing the same thing over and over and over again how do you make it exciting you said that uh you have ADHD and most entrepreneurs really do right and what happens is we're so entrepreneur that we see ideas all the time we're thinking about it and it's just and you got to hold back and so like I said I didn't think I was going to be in this business for 30 years my strategy was to
44:18
[SPEAKER_01]: to basically go into franchising or into real estate so i started buying real estate in parallel with my business so i was working my butt off for a lot of years because i was managing all of my real estate myself yeah until i brought on two young ladies that actually manage my real estate so uh so i just i always thought that the business would fall off and then i could rely on my real estate or whatever um
44:41
[SPEAKER_01]: But, you know, I think that, I think that what happens with your business is that in a growing business, you always have to reinvent yourself.
44:50
[SPEAKER_01]: And the reason why I was able to succeed 30 years, it was because I was able to, I just have a net for kind of seeing where I need to be next.
44:59
[SPEAKER_02]: Yeah.
44:59
[SPEAKER_01]: Right.
44:59
[SPEAKER_01]: The software that we're working on now that we're making great money on, it's like, you know, we've been in it for 10 or 12 years and now it's poppin'.
45:07
[SPEAKER_01]: Well, what was interesting is that I saw the trend 10 years ago, and I got in position, and now it's really really bearing fruit.
45:15
[SPEAKER_02]: Yeah.
45:16
[SPEAKER_01]: So what happens is it goes back to those decisions that we make and being introspective about the decision that we make and what we're doing.
45:32
[SPEAKER_01]: And then like I said, the mentorship component of it too, learning from your mentors and learning from people that are ahead of you that are willing to kind of teach you game and bring it up.
45:40
[SPEAKER_01]: Yeah, not love that.
45:41
[SPEAKER_01]: How do you balance between cash flow and asset?
45:48
[SPEAKER_01]: Oh, all right, a great question.
45:50
[SPEAKER_02]: That was the biggest mistake I made as an entrepreneur in the beginning because as I made money, especially I come from banking, right?
45:59
[SPEAKER_02]: So as I made money, I was so focused on building wealth that I would take that money and invest it in assets and then those assets are long-term,
46:10
[SPEAKER_02]: But then when I started to look at ideas, I may have, what things I need to do, I'm asset rich, but I'm cash poor.
46:18
[SPEAKER_02]: Exactly.
46:18
[SPEAKER_02]: How do you balance that?
46:19
[SPEAKER_01]: Yeah, I experienced that for a long portion of my wealth building.
46:23
[SPEAKER_01]: But what I did do is I always, like, no matter if I made 250,000 in profit, I was always putting money aside.
46:31
[SPEAKER_01]: Yeah.
46:31
[SPEAKER_01]: I was putting in real estate up to a certain point, but after a certain point,
46:35
[SPEAKER_01]: After I had that conversation with my mentor about him, me saying I need to have a million cash, I started refocusing it.
46:43
[SPEAKER_01]: So up until that point, I was pouring pretty much all my money into real estate.
46:47
[SPEAKER_01]: I was buying multi-famies up at Jersey City and it's paid off because those things are now paid off.
46:52
[SPEAKER_01]: I've had them for over 20 years that 20-year mortgages, they're paid off and now they're cash cows and they're building up cash, but there's a period of time where cash was strapped.
47:03
[SPEAKER_01]: Yo, the money I was making at my business, I was putting it out to other things, but one of the things I did do, and I talked about this in my book being influenced by my old German business partners, is that I kept my debt super low.
47:16
[SPEAKER_01]: So even though I may not have had as much cash, I kept my debt down.
47:20
[SPEAKER_01]: right, so I didn't carry a whole lot of debt and that kind of helped me kind of navigate things.
47:26
[SPEAKER_01]: Yeah.
47:27
[SPEAKER_01]: And after, like I said, when my mentor challenged me, I just started stacking cash, stacking cash, stacking cash.
47:33
[SPEAKER_01]: And then he started setting different goals.
47:34
[SPEAKER_01]: You start saying, I want this much in assets.
47:37
[SPEAKER_01]: All right.
47:37
[SPEAKER_01]: I want so much this much in cash.
47:39
[SPEAKER_01]: I want this much of my ass.
47:41
[SPEAKER_01]: I want my assets to produce this much income.
47:44
[SPEAKER_01]: And you have to set these kind of goals and
47:49
[SPEAKER_01]: You know, I've been doing the series now about getting to five to 10 million liquid because that's been a conversation, you know, that that people are having because they're saying when you get to five to 10 million, you can declare yourself out of the game, you know, you can get there, but you do have to basically balance that, keep putting cash aside, put it into that vault that you don't touch.
48:08
[SPEAKER_01]: Yeah.
48:09
[SPEAKER_01]: Yeah.
48:09
[SPEAKER_01]: Like when I put into my securities, I don't touch.
48:11
[SPEAKER_01]: I've ever, I don't really sell my stock for the most point.
48:13
[SPEAKER_01]: I just keep adding to them and let them continue to build up.
48:16
[SPEAKER_02]: Yeah.
48:16
[SPEAKER_02]: Yeah.
48:17
[SPEAKER_02]: I love that.
48:18
[SPEAKER_02]: And so, you recently went viral for talking about investing and using money from investing to pay down debt.
48:29
[SPEAKER_02]: Can you talk about that?
48:29
[SPEAKER_02]: Oh yes.
48:30
[SPEAKER_02]: Yes, yes.
48:30
[SPEAKER_02]: I love that about stop tripping over your debt.
48:33
[SPEAKER_02]: Yeah.
48:33
[SPEAKER_02]: Yeah.
48:34
[SPEAKER_01]: I think that we as African-Americans have been, we get so much joy out of like paying our debt off.
48:40
[SPEAKER_01]: It's like we just feel relief.
48:42
[SPEAKER_01]: So we can have no money and be out of debt and we'll feel good.
48:45
[SPEAKER_01]: And so I think that is a mindset that is wrong, right?
48:49
[SPEAKER_01]: Because the whole point is if I had $100 in debt and $100 in cash, my net worth is still zero, right?
48:56
[SPEAKER_01]: Or I can have no cash and no debt, my net worth is zero.
49:00
[SPEAKER_01]: I'd still feel better with $100 in cash.
49:02
[SPEAKER_01]: right so i think we have to change that mindset the reason is is because that a hundred dollars invested over time can grow ahead of my debt yeah right and so i've had some pushback on that because people say well my interest rates on my credit card is twenty percent but at the market's only given me ten percent you know you know why is that a good trade-off well the answer really is is that your cash should be growing bigger than your debt
49:27
[SPEAKER_01]: so that that 10% on your cash or on the amount you have invested should be yielding more.
49:32
[SPEAKER_01]: But the other part is if you look at studies, people who get out of debt fast, you know what they do?
49:37
[SPEAKER_01]: Okay, back in the day.
49:39
[SPEAKER_01]: So they live in this endless cycle of paying off debt.
49:43
[SPEAKER_01]: And when you get out of debt slowly,
49:46
[SPEAKER_01]: over time when you get out of debt slowly over time you tend to stay out of debt absolutely right so my philosophy is to keep your investments growing yeah of course pay down your debt use the stole ball approach of the avalanche approach to get a debt a little bit faster but don't put all your money towards debt get your money invested because you know from 2007 to 2022 the market grew 500% you're missing out on the kind of gains that can cover your debt yeah
50:13
[SPEAKER_01]: And the reality is, is that as you build your assets, you can take money out of your assets to annihilate all of your debt, but it takes time to build assets.
50:21
[SPEAKER_01]: It takes years to build assets, and if we wait until we're out of debt, if we use the Dave Ramsey's approach, and wait till we're completely out of debt to start building wealth, chances are we'll be back in debt and we'll never build wealth.
50:33
[SPEAKER_02]: Right, yeah.
50:33
[SPEAKER_01]: And that's exactly what people are doing.
50:35
[SPEAKER_02]: Yeah, yeah.
50:36
[SPEAKER_01]: They're getting out of debt.
50:37
[SPEAKER_02]: Yeah.
50:37
[SPEAKER_01]: And then they thought, you know, because what happens is Robert Kiyosaki said this in Richell Portad.
50:41
[SPEAKER_01]: I'll ever forget that.
50:42
[SPEAKER_01]: It's a we're in a constant roller coaster of desire and fear.
50:47
[SPEAKER_01]: It's like we get into debt and fear creeps in now we start working harder pay off the debt and we pay the debt down than desire creeps in and we start buying.
50:55
[SPEAKER_01]: Yeah.
50:56
[SPEAKER_01]: So you're in that constant cycle.
50:58
[SPEAKER_01]: And so you have to get out of that cycle.
51:00
[SPEAKER_01]: And the best way to get out of that cycle is to pay your debt down slowly while you're building wealth.
51:05
[SPEAKER_01]: And as you build wealth, the high, the excitement that you get from building wealth is gonna inspire you to kind of build more wealth and then find ways to pay your debt down.
51:13
[SPEAKER_02]: Yeah, why do you think, especially specifically black people, while are we so emotionally attached to debt?
51:21
[SPEAKER_01]: Yeah, I think that it gets passed down from generations.
51:24
[SPEAKER_01]: It's like, it's the trauma that previous generations have passed down, you know, to us, so to speak, like, you know, your parents are in debt or previous parents are in debt.
51:33
[SPEAKER_01]: And we just felt like the debt, the way that our attitude towards debt is, basically gets passed down.
51:39
[SPEAKER_01]: And so that's how our mindset gets attached to it.
51:41
[SPEAKER_01]: Yeah.
51:41
[SPEAKER_01]: But the other folks,
51:43
[SPEAKER_01]: They don't think about that all the way.
51:45
[SPEAKER_01]: And there's good debt and there's bad debt.
51:46
[SPEAKER_01]: But the whole point is, is they find other ways to pay that debt.
51:49
[SPEAKER_02]: Yeah.
51:50
[SPEAKER_01]: Right.
51:50
[SPEAKER_01]: And so, Or use debt to make them rich?
51:52
[SPEAKER_01]: Or use the good debt to make their, I say, you want to get in good, good debt like John Lewis, right?
51:59
[SPEAKER_01]: You want to get in as much good debt as possible, because good debt is tied to assets that appreciate and generate income.
52:04
[SPEAKER_01]: But the debt that we're typically talking about is the bad debt.
52:07
[SPEAKER_01]: It's the credit card debt furniture debt, card card debt.
52:10
[SPEAKER_01]: You pay off your car, you know what you tend to do, buy another one, you get them saying so it's a mindset thing that if you pay down debt slowly Build your assets up over time that you're going to tend to stay out of debt longer.
52:23
[SPEAKER_01]: I had this example with my brother and he allowed me to use his example in the book because my brother Who's never been the greatest with money basically decide to file bankruptcy
52:33
[SPEAKER_01]: And he was going to file bankruptcy in the ass.
52:35
[SPEAKER_01]: We said, you can't think about filing bankruptcy to pay off these credit cards, these credit card companies keep sending them to me.
52:41
[SPEAKER_01]: That was his rationale.
52:43
[SPEAKER_01]: And I said, why you want to do that?
52:44
[SPEAKER_01]: I said, you took the debt out.
52:45
[SPEAKER_01]: That's the one who just pay it.
52:47
[SPEAKER_01]: Don't file bankruptcy.
52:49
[SPEAKER_01]: And you know what?
52:49
[SPEAKER_01]: He listened to me.
52:51
[SPEAKER_01]: And you know what, where his situation is now, by the house, he's bandaging his money better.
52:56
[SPEAKER_01]: He's debt-free, he bought a car, paid the car off, kept it for another five years before he bought another one.
53:01
[SPEAKER_01]: So now he's practicing these well-building techniques.
53:05
[SPEAKER_01]: That's working for him.
53:06
[SPEAKER_01]: All right, so it's really about the mindset piece that goes with the mindset transformation that goes up paying your debt off slowly and building your wealth up.
53:15
[SPEAKER_02]: Yeah, if I, if I were to give you this scenario where I say use debt by an asset that's cash flowing, use the cash load to now buy the car or the thing and then it's that of course that's how you do it.
53:30
[SPEAKER_01]: I mean, like all my cars are owned by each one of my LLCs.
53:33
[SPEAKER_01]: I got a lot of cars.
53:34
[SPEAKER_02]: Yeah.
53:34
[SPEAKER_01]: All right, so they're owned by other LLCs and they pay for them.
53:39
[SPEAKER_01]: But the whole point is you got to have the income to do so.
53:42
[SPEAKER_01]: Like a lot of people, they're just making that income to buy the car.
53:44
[SPEAKER_01]: They buy the car, but they have no profit.
53:46
[SPEAKER_01]: Right?
53:46
[SPEAKER_01]: We've got to build our businesses up and build up our profit, right?
53:50
[SPEAKER_01]: So that we can have real leverage.
53:52
[SPEAKER_01]: Like these days, I've been buying real estate cash, right?
53:55
[SPEAKER_01]: Now I may go get a loan on the back end, but I'm going to go shade and cash.
53:58
[SPEAKER_01]: And it's a great thing.
53:59
[SPEAKER_01]: My friends, you get a better deal.
54:01
[SPEAKER_02]: You get incredible deal.
54:02
[SPEAKER_01]: But it's taking me a while to get there.
54:04
[SPEAKER_01]: All right, it's taking me a while to actually get there.
54:06
[SPEAKER_01]: And I get to deal ahead of everybody else, right?
54:09
[SPEAKER_01]: And then the guy may not even want to sell it.
54:10
[SPEAKER_01]: I'm buying stuff that may not be for sale, but you throw cash out there, all of a sudden, they have a need to sell it.
54:17
[SPEAKER_01]: And so, you know, I want our people to get in that kind of position.
54:21
[SPEAKER_01]: I want us to get in that kind of position to where we're taking charge of our finance, and I really believe we can do it.
54:29
[SPEAKER_02]: Yeah, yeah, one thing, and you mentioned it's early about, you know, mentorship being, you know, one of the missing ingredients, the one thing that I've noticed specifically amongst black people is this need to compete, right, this need for, you know, you know, young versus old, you know, educated versus, you know, corporate versus entrepreneur, right, educated versus
54:56
[SPEAKER_01]: hood versus suburb versus suburb.
54:58
[SPEAKER_01]: Exactly.
54:59
[SPEAKER_02]: Yeah.
54:59
[SPEAKER_02]: Like, like, like, and I believe we all need each other.
55:03
[SPEAKER_02]: I don't think we're so far behind.
55:07
[SPEAKER_02]: And then, you know what, not even looking in from a negative perspective, that we could get further if we all just sort of came together.
55:14
[SPEAKER_02]: How does one, I mean, I don't know, how do you bury the ego in order to accept mentorship, even?
55:21
[SPEAKER_01]: Yeah, yeah, you know, um, I think that um, you have to just really respect the fact that there are people who done it better than you and who've got and they can be younger than you.
55:31
[SPEAKER_01]: I got I got a couple of mentors that are younger me.
55:33
[SPEAKER_01]: Yeah, they've sold three businesses.
55:34
[SPEAKER_01]: I haven't sold my one business yet.
55:36
[SPEAKER_01]: Right.
55:36
[SPEAKER_01]: I learned from them like you wouldn't believe you just have to respect their experience.
55:40
[SPEAKER_01]: Yeah.
55:41
[SPEAKER_01]: And you have to respect their their journey.
55:44
[SPEAKER_02]: Yeah.
55:44
[SPEAKER_01]: Right, and put your ego aside and just say, you know, as I said, do you want to learn or do you want to be rich or do you want to be right?
55:51
[SPEAKER_01]: Yeah, yeah.
55:52
[SPEAKER_01]: Right, which one do you want?
55:53
[SPEAKER_02]: Oh, all right.
55:53
[SPEAKER_01]: So the whole point is if you want to be rich, then listen to the rich guy.
55:56
[SPEAKER_01]: Yeah.
55:57
[SPEAKER_01]: You get it.
55:57
[SPEAKER_01]: I mean, but a lot of times we,
55:59
[SPEAKER_01]: don't want to listen to the real rich guy.
56:01
[SPEAKER_01]: Yeah, a lot of times the real rich guy is not wearing a whole bunch of chains.
56:05
[SPEAKER_01]: Yeah, yeah, yeah.
56:05
[SPEAKER_01]: All right, sometimes they're their modest.
56:08
[SPEAKER_01]: Sometimes they're wearing flip flops and shorts driving their vest with scooters to the bank like I do.
56:13
[SPEAKER_01]: And in Miami and the the banker gives you weird looks or they're like, oh, wow, what do you do?
56:19
[SPEAKER_01]: You get, I mean, so the whole point is we've got to learn how to come together to understand who to follow and who to listen to.
56:26
[SPEAKER_01]: Yeah.
56:26
[SPEAKER_01]: The other part is like a lot of times we
56:29
[SPEAKER_01]: You know, we want to like the advice.
56:31
[SPEAKER_01]: All right, if you don't like the advice, maybe there's something to that.
56:36
[SPEAKER_01]: Right.
56:36
[SPEAKER_01]: A lot of times, like, oh, I don't agree with that person.
56:38
[SPEAKER_01]: Oh, that'll make sense.
56:39
[SPEAKER_01]: Just stop and take the time to listen and learn and ask all the questions that you need to ask so that you could truly understand it.
56:47
[SPEAKER_01]: And the reason why I say that is like, I've had that situation where my mentors would tell me to do something and I didn't believe it was the right thing.
56:54
[SPEAKER_01]: Right.
56:55
[SPEAKER_01]: Why going in the government contract, right?
56:56
[SPEAKER_01]: I doubted it.
56:57
[SPEAKER_01]: I questioned it, but I slowly was moving towards it.
57:02
[SPEAKER_01]: And it made all the difference in my financial journey.
57:05
[SPEAKER_02]: All of it.
57:06
[SPEAKER_02]: So let me ask you, and this is actually, because as you said that, I thought about an advice that my mentor gave me, and I started going in that direction,
57:17
[SPEAKER_02]: but because as I was going in that direction, it took me away from where I was actually making the money from, I kind of like I started and then I went back and then I started, I went back, how do you
57:32
[SPEAKER_02]: You know, because obviously a mentor is a head of you, they, they, they, they don't have the time to like really dig deep into everything you got going on.
57:41
[SPEAKER_02]: So they give you this advice.
57:42
[SPEAKER_02]: How do you balance between listening to your mentor and kind of juggling the things that you already have?
57:48
[SPEAKER_01]: I love that question.
57:49
[SPEAKER_01]: My recommendation is to try it.
57:52
[SPEAKER_01]: All right, a lot of times we'll even try it.
57:53
[SPEAKER_01]: A lot of times our minds block us from trying it, because they could be right, they could be wrong.
58:01
[SPEAKER_01]: But the whole point is, is that if you respect them to where they are and what they've achieved, you have a responsibility
58:09
[SPEAKER_01]: as they're protigated, try it, because there's nothing more than what a real mentor, than a rum, all a real mentor once is to know that you're a successful visual, and that it worked.
58:19
[SPEAKER_01]: I was able to have a chapter in the book of my book on how to find a millionaire mentor, and I talk about one of my mentors, Tim, and I was able to, before he died, go and show him the chapter that I read about it.
58:30
[SPEAKER_01]: Right, and so one of the most powerful things that a mentor can receive is like they gave advice because they really wanted you to succeed Right, that's all they want.
58:38
[SPEAKER_01]: They didn't want your money.
58:40
[SPEAKER_01]: Right, they just wanted you to succeed And so for you to do it and for you to succeed Yeah, it's the biggest reward for them.
58:46
[SPEAKER_01]: It warms their heart and it makes them feel like that they're making a contribution And so I think that you deserve if they're willing to give you their time Yeah, that you deserve to at least try it.
58:57
[SPEAKER_01]: Yeah
58:57
[SPEAKER_01]: and you might be surprised of the results.
59:00
[SPEAKER_01]: And I'll tell you that, you know, I tell my sons this.
59:03
[SPEAKER_01]: I have sons that are 29, 29, and a younger son that's 28.
59:06
[SPEAKER_01]: I said, the reason why I'm successful is I listen to my father and I listen to my mentors.
59:12
[SPEAKER_01]: I didn't question it.
59:13
[SPEAKER_01]: I listened to them and they were right.
59:16
[SPEAKER_01]: And so I've been down this path.
59:18
[SPEAKER_01]: And so if you guys aren't to come and ask me for you guys not to basically run this by me or not want to know Yeah, it's a waste of a resource.
59:26
[SPEAKER_01]: Yeah, you guys mean I advise loads of those people sometimes don't kids It won't even come in that's the first time.
59:31
[SPEAKER_01]: Yeah, they won't come and ask you You know for questions about you'll shit do this.
59:35
[SPEAKER_01]: I do this.
59:36
[SPEAKER_01]: What do your thoughts there?
59:38
[SPEAKER_01]: Now that I got loads of friends that are in so many different businesses And if I don't know the business, how am I turning you on to this guy or that guy and let you talk to them so you can hear it firsthand.
59:47
[SPEAKER_02]: Yeah, yeah
59:48
[SPEAKER_01]: So the whole point is like, listen to us, oh, full.
59:50
[SPEAKER_01]: Right, just saying that we, we've been down that path.
59:53
[SPEAKER_01]: I know the world has changed a lot, but business models have it.
59:57
[SPEAKER_01]: That's the fact.
59:57
[SPEAKER_01]: They have it, business models have not changed.
1:00:00
[SPEAKER_01]: Yeah.
1:00:01
[SPEAKER_01]: It just got a different, different, different, you know, they got a different gooian.
1:00:05
[SPEAKER_01]: Right.
1:00:06
[SPEAKER_02]: That's it.
1:00:07
[SPEAKER_02]: Yeah, different window.
1:00:08
[SPEAKER_02]: Yeah, different different window treatment that and then and sometimes also is the familiarity also right like sometimes when the people closest to you might not even necessarily take the advice from you because they're so familiar with exactly that necessarily realizing that
1:00:23
[SPEAKER_01]: But I love that, because my dad was, was, was, my dad worked as a pro officer.
1:00:29
[SPEAKER_01]: He worked for the state of California.
1:00:31
[SPEAKER_01]: Yeah.
1:00:31
[SPEAKER_01]: He bought a few houses, but he was never in business.
1:00:33
[SPEAKER_01]: Yeah.
1:00:34
[SPEAKER_01]: But he allowed people in my community who were in business.
1:00:37
[SPEAKER_01]: Yeah.
1:00:37
[SPEAKER_01]: Because he knew my interest.
1:00:39
[SPEAKER_01]: He allowed them to mentor me without even interfering with it at all.
1:00:42
[SPEAKER_01]: Yeah.
1:00:43
[SPEAKER_01]: He encouraged that.
1:00:44
[SPEAKER_01]: Yeah.
1:00:44
[SPEAKER_01]: Yeah.
1:00:44
[SPEAKER_01]: Because he was mentors to others in our community.
1:00:47
[SPEAKER_01]: And so I think for those who are parents who have certain skill sets, so whatever, allow your kids to be mentored by other people.
1:00:54
[SPEAKER_01]: And that, one of my sons, mentors, were who's doing a pitch competition, works in television, and has connected me with one of my really good friends.
1:01:04
[SPEAKER_01]: And we're actually working on the show as a result of that.
1:01:07
[SPEAKER_01]: But the whole place you just never know, nice.
1:01:09
[SPEAKER_01]: And I'm grateful to Turk, you know, taking my son on and taking them to California because my son does videography for him, meeting all these entertainers and stars because my son's kind of interested in that space.
1:01:21
[SPEAKER_01]: So the whole point is like, allow your kids to learn from other people.
1:01:23
[SPEAKER_01]: Yeah, it's on this positive.
1:01:25
[SPEAKER_02]: Yeah, I love it.
1:01:25
[SPEAKER_02]: I love it.
1:01:26
[SPEAKER_02]: If somebody's watching this show right now,
1:01:28
[SPEAKER_02]: and they're interested in learning more, you know, from Sejrignash, you know, what programs, mentor shifts with that.
1:01:35
[SPEAKER_01]: So, you know, go to my website at Sejrignash.com.
1:01:39
[SPEAKER_01]: Also, you can look at my social media, handle at at millionaire money moves.
1:01:43
[SPEAKER_01]: You know, I have a mentorship program called the Black World Growth Challenge.
1:01:47
[SPEAKER_01]: It's a really inexpensive program.
1:01:48
[SPEAKER_01]: It's like $350 for the entire year.
1:01:52
[SPEAKER_01]: We meet every other Monday from six to nine joy.
1:01:56
[SPEAKER_01]: From six tonight, all the proceeds goes to my nonprofit, the Blackwell Summit, which is a conference I give up in the DC area, doing some of the things that EYL and other people are doing, but on a smaller scale.
1:02:07
[SPEAKER_01]: And what we do is, you know, it's only 350 a year because it's designed to be for ever program.
1:02:12
[SPEAKER_01]: So that I could mentor you and be available to people and people ask as many questions that they want.
1:02:17
[SPEAKER_01]: I bring guest speakers on.
1:02:19
[SPEAKER_01]: to talk about everything around stock investing real estate I got a guy coming friend of mine talking about how to manage properties that have you know when you have less than a hundred million hundred doors you know software and policies and procedures and and processes to managing you know small apartment units so we talk about all these different topics so you know feel free to follow me yeah and look forward to seeing you
1:02:40
[SPEAKER_02]: not love that.
1:02:42
[SPEAKER_02]: Is there anything on this episode, a question I didn't ask or a piece of wisdom that you want to leave without insiders?
1:02:49
[SPEAKER_01]: Well, I just think that I think we've covered it all.
1:02:52
[SPEAKER_01]: I think we really covered all.
1:02:54
[SPEAKER_01]: I just, I think I would like to close out by thinking or by encouraging our Black businesses to continue to grow and concentrate on growing.
1:03:01
[SPEAKER_01]: We, you know, I've been on several podcasts.
1:03:04
[SPEAKER_01]: So we haven't really dig deep into business like you and I have.
1:03:07
[SPEAKER_01]: And I'm trouble that, you know, 95% of our businesses don't have employees.
1:03:11
[SPEAKER_01]: Yeah.
1:03:12
[SPEAKER_01]: I'm trouble that we got a lot of LLCs and not a lot of growth and our community needs these black businesses and we need to kind of step up to the plate and I want you to focus on leveraging all the tools you have available to you to grow and scale your business, grow the revenues, grow the profit.
1:03:29
[SPEAKER_01]: Don't just create a lifestyle business.
1:03:31
[SPEAKER_01]: Let's create a business with real scale.
1:03:33
[SPEAKER_01]: Let's look at solving real problems, problems of the future and problems with in our own community and turn those into business opportunities.
1:03:39
[SPEAKER_02]: Yeah, and I love that.
1:03:40
[SPEAKER_02]: And it's funny because I don't know if the stat is still true but at one point, I remember the stat being that's a larger, the largest employer of black people is the government.
1:03:50
[SPEAKER_02]: Yes.
1:03:50
[SPEAKER_02]: And then the second largest employer of black people of black businesses, right?
1:03:55
[SPEAKER_02]: And so if you even, if you're looking at this administration and you're like, you're seeing what's happening with the administration.
1:04:01
[SPEAKER_02]: So are you leaving your future in the hands, right?
1:04:06
[SPEAKER_02]: Of government, that's why you need to create
1:04:10
[SPEAKER_02]: Black businesses you have to create businesses that have employees support the black businesses all make them better You know because that's that that's our Collective livelihood if you go yeah, it's funny and I know where supposed to be done, but it's kind of interesting because if you look
1:04:26
[SPEAKER_01]: You know, Ebony some time ago produces statistics that said the dollar we cycles in the black community just six hours.
1:04:33
[SPEAKER_01]: Wow.
1:04:33
[SPEAKER_01]: Right.
1:04:34
[SPEAKER_01]: Yeah.
1:04:34
[SPEAKER_01]: It vertical cycles like 30 days in the Asian community, 20 days in the Jewish community and 70 days in the white community.
1:04:40
[SPEAKER_01]: Yeah.
1:04:40
[SPEAKER_01]: And so you're like, well, how the world could the dollar just leave our community in just six six hours?
1:04:45
[SPEAKER_01]: When you think about it, I live in DC, Maryland, part-time, that government worker gets in their Mercedes, and they go to the local grocery store, the local laundry, or dry cleaners, they go to the liquor store, they go to the gas station, gas station owned by millistens, cleaners owned by Chinese people, right, grocery store owned by the white man.
1:05:05
[SPEAKER_01]: Right.
1:05:06
[SPEAKER_01]: And those dollars leave our community and go to their community and be cycle.
1:05:10
[SPEAKER_01]: That's how it goes.
1:05:11
[SPEAKER_01]: Because we spend our dollars in our community, they leave our community.
1:05:15
[SPEAKER_01]: But when you think about that, it tells you all the business opportunities in our community that we don't have to big people to support Black businesses.
1:05:23
[SPEAKER_02]: Yeah.
1:05:23
[SPEAKER_01]: All we got to do is have like businesses that support the needs of our people.
1:05:27
[SPEAKER_01]: We need gas.
1:05:28
[SPEAKER_02]: Yes.
1:05:29
[SPEAKER_01]: We can buy gas stations a series of gas stations Right.
1:05:32
[SPEAKER_01]: We need laundry services as one black laundry or our cleaners in my community that that patronize Yeah, right.
1:05:38
[SPEAKER_01]: We need groceries.
1:05:39
[SPEAKER_01]: We need all of these things, right?
1:05:42
[SPEAKER_01]: And so the things the business opportunities are right in our neighborhoods They're right in our neighborhood and not only that
1:05:49
[SPEAKER_01]: the buildings that these businesses are in, are usually owned by white guys who don't live in our neighborhood.
1:05:55
[SPEAKER_01]: So buy up the block and the words of Rick Ross.
1:05:58
[SPEAKER_01]: You know, buy the properties where the gas stations are, buy the strip malls, buy all of those businesses and put black businesses in there that are excellent.
1:06:07
[SPEAKER_01]: And we don't have to worry about recycling our dollar.
1:06:09
[SPEAKER_02]: Every, every.
1:06:10
[SPEAKER_02]: Man, I love it, I could keep, I could keep getting mid-towered, lot of time wrecked.
1:06:15
[SPEAKER_02]: But make sure you all share this episode.
1:06:18
[SPEAKER_02]: This was a really, really good informative episode.
1:06:21
[SPEAKER_02]: A lot of wisdom shared.
1:06:23
[SPEAKER_02]: Again, make sure you all follow Cedric Nash.
1:06:25
[SPEAKER_02]: I'm gonna put all the links in the description, but follow him.
1:06:28
[SPEAKER_02]: Again, let the people work with it.
1:06:31
[SPEAKER_02]: We have to find you.
1:06:32
[SPEAKER_01]: CedricNash.com.
1:06:33
[SPEAKER_01]: You can also find me at At Millionaire Money Moves.
1:06:36
[SPEAKER_01]: Look forward to seeing you.
1:06:37
[SPEAKER_01]: And thank you for having me, Ash.
1:06:38
[SPEAKER_01]: I appreciate it.
1:06:39
[SPEAKER_02]: We are closing out the vault, another awesome episode of Inside the Vault with Ashcash.
1:06:44
[SPEAKER_02]: The greatest money mindset show on the planet.
1:06:46
[SPEAKER_02]: Make sure you visit us, go to insidethevaltshow.com, follow us on all social media platforms at Inside the Vault.
1:06:53
[SPEAKER_02]: Meet IMSCash, make sure you visit me, IMSCash.com, follow me on all social media platforms at IMSCash.
1:07:01
[SPEAKER_02]: Make sure you join the abundance community as well, theabundancecommunity.com, and we'll see you next time.
1:07:09
[SPEAKER_02]: in God's will.
1:07:10
[SPEAKER_02]: Peace!