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

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

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