Latest / Earn Your Leisure / EYL #51 The Essence

Transcript

EYL #51 The Essence · Earn Your Leisure

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  Speaker 2: All right, guys, Welcome back eyl Nostalgia Audition Audition.
• 1:05
  Speaker 3: Yeah for sure.
• 1:06
  Speaker 2: So if you were rocking with earning your lisia, you
• 1:08
  Speaker 2: know that if you're a Day one supporter, Day one listener,
• 1:11
  Speaker 2: you know that the first ten out of twelve episodes
• 1:16
  Speaker 2: that we did something lone Elf Lines didn't. We didn't
• 1:18
  Speaker 2: have any guests. We had a whole format of how
• 1:19
  Speaker 2: we how we created your legion. It wasn't built on guests.
• 1:22
  Speaker 2: It was built on case studies and breaking down trending
• 1:26
  Speaker 2: topics like in like pop culture was related to business,
• 1:30
  Speaker 2: telling stories. It was a whole thing that we had
• 1:33
  Speaker 2: and it really became really popular. People liked it and
• 1:36
  Speaker 2: we kind of just fell into having guests. By default,
• 1:41
  Speaker 2: it was inevitable it was to have guests, so we
• 1:44
  Speaker 2: just had it. Then we just fell in love with
• 1:46
  Speaker 2: having guests and we just been doing that ever since,
• 1:49
  Speaker 2: for months and months and months. But everywhere we go
• 1:51
  Speaker 2: all of our Day one listeners and supporters have always
• 1:54
  Speaker 2: acts like, can we get at least one episode how
• 1:56
  Speaker 2: it used to be without any guests?
• 1:58
  Speaker 4: Man? Is it they originated? Yeah, back to where we started.
• 2:04
  Speaker 2: Next week will be back with our regularly scheduled guests.
• 2:07
  Speaker 2: We got a lot of dope interviews with different guests
• 2:09
  Speaker 2: in the Oven, but we wanted to bring it back
• 2:11
  Speaker 2: to where it originally started. We actually kind of missed
• 2:14
  Speaker 2: the format and it was actually really dope.
• 2:16
  Speaker 4: So it took me back to the times where it
• 2:19
  Speaker 4: was like, Yo, Tuesday, let's have a meeting, but we're
• 2:22
  Speaker 4: gonna talk about Thursday, let's finalize it and come up
• 2:24
  Speaker 4: with the ideas, and Saturday let's just shoot. It's like
• 2:26
  Speaker 4: that routine kind of changed now, but it's good to
• 2:29
  Speaker 4: come back to it, man, because we always we always
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  Speaker 4: gonna have ourselves.
• 2:32
  Speaker 3: Yeah, it's like riding a bike, like we always have myself.
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  Speaker 2: Now, this is something I'm excited about because we got
• 2:37
  Speaker 2: a lot to talk about and we wanted to just
• 2:39
  Speaker 2: kind of just break it up a little bit and
• 2:41
  Speaker 2: just just just give you guys us. Yeah.
• 2:43
  Speaker 3: Man, So so that's who we're gonna do this episode.
• 2:46
  Speaker 2: But before we start, by the time you guys here,
• 2:49
  Speaker 2: this will be like a few days until our big
• 2:52
  Speaker 2: DC takeover, and that's gonna be crazy. It's gonna be crazy.
• 2:56
  Speaker 2: I ain't gonna talk about it too much.
• 2:58
  Speaker 3: So much.
• 2:58
  Speaker 2: But there's a few tickets left for the workshop. VIP
• 3:01
  Speaker 2: is sold out by the time you hear this. We
• 3:03
  Speaker 2: might be able to get a couple more tickets. I
• 3:05
  Speaker 2: don't know, but workshop, we still have some tickets, a
• 3:08
  Speaker 2: couple of tickets available for that, and it's gonna be
• 3:10
  Speaker 2: a vibe man, we're looking forward to Wenna.
• 3:12
  Speaker 4: Put the list of people who's gonna.
• 3:13
  Speaker 2: Be Yeah, everybody's gonna be there, Man Max Maxwell, ash Cash,
• 3:17
  Speaker 2: Wall Street Trapper, Rashana Scott, Mobile homes Elite, ut MG,
• 3:22
  Speaker 2: the Mortgage Guy, Andy from Y two K Credit Solution,
• 3:26
  Speaker 2: Derek Falcon from Homemade Sabine, The Purpose Attorney, Miss Business.
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  Speaker 3: It's gonna be it's gonna be crazy.
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  Speaker 4: So that's like twelve episodes in the.
• 3:35
  Speaker 2: So yeah, so, like I said, we we gotta plug it.
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  Speaker 2: Hopefully we see you there. If not, we catch you
• 3:40
  Speaker 2: in the next one. We're gonna release information on the
• 3:42
  Speaker 2: next one pretty soon. But all right, so we're gonna
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  Speaker 2: jump right into this episode with a trending topic something
• 3:50
  Speaker 2: that actually we put it on Instagram like a month
• 3:53
  Speaker 2: and a half ago and we asked like should we
• 3:56
  Speaker 2: cover this, and overwhelming everybody wanted us to cover it,
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  Speaker 2: but we just didn't have enough time because.
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  Speaker 4: You call, I remember you put it up on like
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  Speaker 4: a Thursday, and like Friday was like, yeah, we got
• 4:07
  Speaker 4: to cover this on Saturday, and I'm like, yo, we
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  Speaker 4: got a few people lined up that we got an interview.
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  Speaker 4: I don't know if we can do it. We're like, yo,
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  Speaker 4: let's do it on Instagram Live. I'm like, nah, this
• 4:14
  Speaker 4: needs more than Live, this needs this needs a segment.
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  Speaker 2: Yeah, So we didn't really have time, but we just
• 4:18
  Speaker 2: kept it in the back burner. So we're gonna cover that.
• 4:20
  Speaker 2: In the first segment. We're gonna cover that, and it's
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  Speaker 2: in regards fashion, licensing, ownership, TRADEMARKT trademark and all that stuff.
• 4:30
  Speaker 2: And then in the second segment, we're gonna talk about
• 4:32
  Speaker 2: multiple streams of income important E y L is multiple
• 4:35
  Speaker 2: streams of income. So we're gonna give you the blueprint
• 4:37
  Speaker 2: and you know, full transparency is our whole theme. And
• 4:40
  Speaker 2: then the third segment, we're going to talk about some
• 4:43
  Speaker 2: different financial topics that people a lot of times aren't fully.
• 4:47
  Speaker 4: Aware of, and we're gonna test your expertise. Man, like
• 4:51
  Speaker 4: this questions I had. I'm like, we've never even had
• 4:53
  Speaker 4: these conversations. So it's gonna be dope. I get to
• 4:55
  Speaker 4: do some questions at you.
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  Speaker 2: All right, So we're gonna start this off with a
• 4:59
  Speaker 2: throwback from the past, everybody's favorite segment that.
• 5:02
  Speaker 3: It's the only right we do it forty episodes.
• 5:05
  Speaker 4: You gotta give him the intro, like you always do.
• 5:07
  Speaker 2: Ladies and gentlemen, boys and girls without further ado story time.
• 5:13
  Speaker 3: Here's a little story that must be to listen up,
• 5:16
  Speaker 3: gangsters and honeys with your head done.
• 5:18
  Speaker 4: Best storyteller stuff man Rader.
• 5:22
  Speaker 2: So first and foremost. You know Kanye West. That's uh
• 5:28
  Speaker 2: our brother.
• 5:28
  Speaker 4: We can't throw him away.
• 5:29
  Speaker 3: He Kanye West. You went to his concert?
• 5:31
  Speaker 4: I go to a lot of I've been to a
• 5:33
  Speaker 4: number of his concerts. I remember the first time I
• 5:35
  Speaker 4: saw him. He was opening up for Usher on a
• 5:38
  Speaker 4: Confessions tour. That's how far back.
• 5:39
  Speaker 2: But he went to his most recent concert. Yeah, I
• 5:41
  Speaker 2: was at the La Jesus Is King.
• 5:43
  Speaker 4: We told that story alive. Yeah, I went. I went
• 5:45
  Speaker 4: to Sunday Service.
• 5:47
  Speaker 2: Man, he went to Sunday Services because we was at
• 5:49
  Speaker 2: Complex cam Me, Mike Jamore you. We was at Complex
• 5:54
  Speaker 2: con in l A and Long Beach and he had
• 5:56
  Speaker 2: his show and you bought tickets to the show.
• 5:59
  Speaker 3: All of us.
• 6:00
  Speaker 2: Yeah, man, And he was about to go is in
• 6:02
  Speaker 2: Inglewood and you got in the uber and nobody else
• 6:07
  Speaker 2: got it.
• 6:07
  Speaker 4: Listen, let's paint this picture. It was like three o'clock.
• 6:10
  Speaker 4: I'm like, yo, the show starts at at four, Like
• 6:12
  Speaker 4: I'm calling this uber right now. Guys, it's a forty
• 6:15
  Speaker 4: five minute ride to Inglewood. Y'all coming with me, and
• 6:17
  Speaker 4: everybody's like. I was like, I'm calling the uber. We
• 6:20
  Speaker 4: all walked outside. I got into uber. I looked back.
• 6:23
  Speaker 4: I saw y'all standing on the curve. I said this,
• 6:25
  Speaker 4: I'm closing this door. It's gonna be a one man journey.
• 6:28
  Speaker 4: And I looked and y'all took two steps backwards and
• 6:31
  Speaker 4: I closed the door and I said, I'm going.
• 6:33
  Speaker 2: Yeah, was in fact shout out to ye no disrespect,
• 6:36
  Speaker 2: no disrespect.
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  Speaker 3: Yeah, it left me.
• 6:37
  Speaker 2: Ya just wasn't in vis. You gotta be mentally prepared
• 6:40
  Speaker 2: for that.
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  Speaker 4: And I'm not mad at it. I told you when
• 6:42
  Speaker 4: and I doubled back. I came back. I was like,
• 6:44
  Speaker 4: you know what, some things you need to experience by yourself.
• 6:47
  Speaker 4: I kind of I needed that, man. It was an
• 6:48
  Speaker 4: emotional moment.
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  Speaker 2: Shout Sunday shot, Yeah, you went by yourself, but shout
• 6:52
  Speaker 2: out to complex content.
• 6:53
  Speaker 3: I was.
• 6:54
  Speaker 2: But I say that to say, we're gonna talk about
• 6:56
  Speaker 2: Virgil Ablow. Yeah, right, and Virgil if you don't if
• 7:00
  Speaker 2: you don't know, is he just recently took the.
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  Speaker 4: Head job at the hell designer of Louis.
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  Speaker 2: Louis Vaitton, I think the men's Louis Vuitton, right, And yeah,
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  Speaker 2: so he's he's big in fashion obviously, but before that,
• 7:16
  Speaker 2: he has a brand called off White. Off White, if
• 7:19
  Speaker 2: you're not familiar, is huge. Just it's it's one of
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  Speaker 2: these things where all of the rappers, where all the
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  Speaker 2: athletes wear it, and it costs a thousand dollars for
• 7:29
  Speaker 2: a T shirt.
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  Speaker 3: It's crazy.
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  Speaker 5: It's like, you know, off White, It's like a thing.
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  Speaker 2: But so I mentioned Kanye West because Virgil comes from
• 7:36
  Speaker 2: Kanye's tree. So when we talk about Kanye's tree, we
• 7:38
  Speaker 2: talk about his musical tree, right, people that have come
• 7:42
  Speaker 2: from him. So the big Seawans of the world, the
• 7:45
  Speaker 2: John Legends of the world, kid Cuddies of the world,
• 7:49
  Speaker 2: these are all people that come from Kanye's tree. No no, no,
• 7:53
  Speaker 2: we can't put drinking there. No no, no, we can't
• 7:55
  Speaker 2: play with Drake like that. But so so shout out
• 7:58
  Speaker 2: to the six Guard. So so that's so d so.
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  Speaker 2: But but music is crazy, his his his his branches
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  Speaker 2: is crazy in music. But even more impressive is his fashion.
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  Speaker 2: So people, I would say more impressive. The people come
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  Speaker 2: from under Kanye in fashion is Jerry Lorenzo Fair of God,
• 8:18
  Speaker 2: Virgil Ablow who we just talked about don Ce who
• 8:23
  Speaker 2: worked the Jordan brand and what else did he do?
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  Speaker 4: He still has it and he has the rs VP shop. Yeah,
• 8:29
  Speaker 4: he has a couple of deals he did. Uh, he
• 8:30
  Speaker 4: did a deal with the NBA where he likes in
• 8:32
  Speaker 4: some of this stuffy.
• 8:34
  Speaker 2: And Virgil and Kanye actually moved to the all of
• 8:37
  Speaker 2: them literally for like six months, and they interned Louis
• 8:41
  Speaker 2: So it's crazy.
• 8:41
  Speaker 4: So a right, Louis Vautan don Actually no, Louis Vuitton don.
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  Speaker 2: Yeah, he got his whole name from that whole vibe.
• 8:47
  Speaker 2: So what happens? Okay, So Virgil starts a company called
• 8:50
  Speaker 2: off White, and off White blows up. Off White becomes
• 8:54
  Speaker 2: a really big thing, and it's one of those things,
• 8:56
  Speaker 2: like I said, where everybody's just it's like you got
• 8:59
  Speaker 2: to get off White.
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  Speaker 4: Sure it started before like he built the buzz because
• 9:02
  Speaker 4: he had that pirate there was like this pirate's vision
• 9:05
  Speaker 4: that fashion line that he had done, but it was
• 9:06
  Speaker 4: he was pointing it on other pieces of cold and
• 9:08
  Speaker 4: so you might see a Champion sweatshirt, but it had
• 9:10
  Speaker 4: like the Pirates stuff on it, so push your tea
• 9:12
  Speaker 4: obviously that makes sense, right, He's part of that that
• 9:14
  Speaker 4: crew that conglomerate at Kanye Conglomerate. So they was wearing
• 9:18
  Speaker 4: it and then that Pirates became a big thing, like Jay,
• 9:20
  Speaker 4: whar is it? That was big? And then somebody saw
• 9:23
  Speaker 4: the light in him.
• 9:24
  Speaker 3: Yeah, that's a fact.
• 9:25
  Speaker 2: So Marcelo Brown, Berlin Burlin, Marcelo Marcello, Yeah, Marcelo Burlin
• 9:34
  Speaker 2: recruits him to come to Italy, right, and so Mark
• 9:38
  Speaker 2: he owns the New Guard group. Yeah, him, he has
• 9:40
  Speaker 2: two parts, which is a fashion conglomerate, right, So he
• 9:43
  Speaker 2: takes him to Italy and he shows him their manufacturing factories.
• 9:49
  Speaker 2: So yeah, we started laughing because it's like when Kanye.
• 9:52
  Speaker 2: Remember when Kanye was on Sway and he was like
• 9:55
  Speaker 2: he was talking and nobody really understood what he was
• 9:57
  Speaker 2: talking about, and he was like, I can't produce this level.
• 10:00
  Speaker 2: I can't produce and they like why would you? Like
• 10:02
  Speaker 2: what are you talking about? And he's like, yo, got
• 10:04
  Speaker 2: dance to sweat.
• 10:04
  Speaker 4: They only gonna give us tea shirts a hat.
• 10:06
  Speaker 2: And so he's like and even Charlman was like what
• 10:08
  Speaker 2: do you Nobody really knew what he was talking about.
• 10:10
  Speaker 2: He didn't really do a good job of explaining what
• 10:12
  Speaker 2: he was talking about, but he was just saying like
• 10:14
  Speaker 2: he didn't have the factories to produce, and it just
• 10:18
  Speaker 2: didn't go over well.
• 10:19
  Speaker 3: Right.
• 10:21
  Speaker 2: But it's crazy because it's like when Virgil, they said,
• 10:24
  Speaker 2: when he when he went there and he saw the factories.
• 10:27
  Speaker 2: I don't know what they with these factors like magical fits,
• 10:29
  Speaker 2: like Willie Walker in the Chalcoling factory. So he saw
• 10:33
  Speaker 2: these factories and he realized that he couldn't compete Get
• 10:37
  Speaker 2: down later type vibe. So he saws his company and
• 10:42
  Speaker 2: you know what's crazy is that shout out to Dapper Dam.
• 10:45
  Speaker 2: But when Dapper Dam was on the Breakfast Club when
• 10:48
  Speaker 2: that's what really started this whole vibe. Dapper Dam was
• 10:51
  Speaker 2: on the Breakfast Club and Charlemagne kept pushing him like, yo,
• 10:55
  Speaker 2: why don't you just own your own joint?
• 10:57
  Speaker 4: Like why are you working for Gucci? You've done so
• 10:59
  Speaker 4: much for this company. You brought the street with and
• 11:02
  Speaker 4: Contour together, like create your.
• 11:04
  Speaker 3: Own, create your own things.
• 11:05
  Speaker 2: So then he kept pushing them on that, and then
• 11:07
  Speaker 2: that was like, well, who what black designer owns.
• 11:10
  Speaker 3: Their own outright?
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  Speaker 2: Like on a high level, on a very high level,
• 11:13
  Speaker 2: and he was like off white Virgil, and then he
• 11:16
  Speaker 2: was like does he does he? So then Charlamagne was like, well,
• 11:22
  Speaker 2: what does that mean?
• 11:23
  Speaker 3: What are you saying.
• 11:24
  Speaker 2: He's like, I'm not saying anything. He's like, through your research,
• 11:26
  Speaker 2: I promise you. Like as soon as I saw that,
• 11:28
  Speaker 2: and then one week later this whole story. I was like, yo,
• 11:30
  Speaker 2: I'm doing the research and then we found this, I'm
• 11:32
  Speaker 2: like so surprised. It turns out that he doesn't own
• 11:36
  Speaker 2: off white. New Guard Group owned off white right majority state.
• 11:42
  Speaker 2: So what happens is that he sold it to the
• 11:44
  Speaker 2: New Guard Group. All right, it happens all the time
• 11:46
  Speaker 2: people sell that company. But what makes this interesting is
• 11:48
  Speaker 2: that he still has control over it in a certain
• 11:51
  Speaker 2: way because he kept the licensing right. So this is
• 11:55
  Speaker 2: very important. This, this is this is where the story
• 11:57
  Speaker 2: gets interesting. So he sold the company to the New
• 11:59
  Speaker 2: Guard Group, but he kept licensing rights. So what happens
• 12:02
  Speaker 2: is that New Guard was in control of development, distribution,
• 12:05
  Speaker 2: and manufacturing, so they they wach everything everything right, but
• 12:09
  Speaker 2: but he was in control of licensing. So in order
• 12:12
  Speaker 2: for them, in order for them to put it in
• 12:14
  Speaker 2: any store, or to sell it. Effectively, they have to
• 12:18
  Speaker 2: rent the licensing rights from him and then they split.
• 12:21
  Speaker 2: They don't they didn't say what their agreement was as
• 12:23
  Speaker 2: far as the split, but they split. Let's just say
• 12:25
  Speaker 2: hypothetically the fifty to fifty split. And so he still
• 12:28
  Speaker 2: makes money, but he's not actually doing anything which actually
• 12:30
  Speaker 2: works out for him now just he could focus and
• 12:33
  Speaker 2: to see his energy on running Louis Vatan.
• 12:36
  Speaker 4: Yeah, and that's the beautiful thing about licensing and trademarking
• 12:39
  Speaker 4: is that he can do it with this one and
• 12:41
  Speaker 4: right now, this group that this deal that he has
• 12:43
  Speaker 4: with New Guard and we'll talk about who they sold
• 12:46
  Speaker 4: it to, is that this one's exclusive. But the next time,
• 12:48
  Speaker 4: and like we said, we don't know the terms of
• 12:50
  Speaker 4: the money in the contract. We don't know the terms
• 12:52
  Speaker 4: of the years either. But as soon as this deal
• 12:53
  Speaker 4: is done, he can license to New Guard, he can
• 12:57
  Speaker 4: license to this person. He could I mean, he can
• 12:59
  Speaker 4: do it as many times or with whoever you want.
• 13:01
  Speaker 2: So the licensing thing is extremely It's an interesting conversation,
• 13:05
  Speaker 2: especially when it comes to fashion, because people don't fully understand, like,
• 13:09
  Speaker 2: you know, who's huge in fashion, so Disney, You never
• 13:13
  Speaker 2: really think about it like this and shout out the
• 13:14
  Speaker 2: Prince Darnell, another ey L alumni, he was. He was
• 13:17
  Speaker 2: in a store I think like a month ago. He
• 13:19
  Speaker 2: did a whole Instagram clip about this. But Disney licensed
• 13:24
  Speaker 2: their characters out all the time, all the time, especially fashion.
• 13:28
  Speaker 2: They're real big in fashion. So we talked about like
• 13:30
  Speaker 2: back in the day with Iceberg with Goofy, and Goofy
• 13:35
  Speaker 2: was on all the sweaters. They're not using Goofy just
• 13:38
  Speaker 2: saying I want to use Goofy. No, you can't do that.
• 13:41
  Speaker 2: It's a selling you got a license it.
• 13:43
  Speaker 4: So they did. They had Mickey too. I remember they
• 13:45
  Speaker 4: I remember the sweater. Vicky had the one. So they
• 13:47
  Speaker 4: had Mickey, they had Goofy, Peanuts. They also licensed that.
• 13:50
  Speaker 4: But it's like they have to pay to use those characters.
• 13:53
  Speaker 3: Yeah.
• 13:53
  Speaker 2: And the crazy thing is like, so when you go
• 13:55
  Speaker 2: in the mall, because you see especially now it's Holliday time,
• 13:58
  Speaker 2: you see a bunch of shirts with Snoopy, Mickey, especially
• 14:02
  Speaker 2: Mickey Mouse, Mickey Mouse Mini Mouse.
• 14:04
  Speaker 3: They're huge.
• 14:05
  Speaker 2: You never really tried, you never really paid attention, right,
• 14:07
  Speaker 2: But if you go and you look at the tag,
• 14:09
  Speaker 2: they're not gonna say Disney right.
• 14:11
  Speaker 4: You could go in Old Navy right now and find
• 14:13
  Speaker 4: the Mickey Mouse t shirt or Urban Outfitters.
• 14:15
  Speaker 2: And all of these, all of these different companies that
• 14:17
  Speaker 2: put those characters on it, they have to pay Disney, right,
• 14:21
  Speaker 2: so they license their characters out on Fashion. They license
• 14:24
  Speaker 2: all this stuff out too.
• 14:25
  Speaker 4: Music.
• 14:26
  Speaker 2: Yeah, they like the Netflix. Right before they started their
• 14:31
  Speaker 2: own streaming service, all of the Marble catalog was on Netflix, right.
• 14:35
  Speaker 2: Netflix is paying Disney big money, big money to use this.
• 14:39
  Speaker 4: It's the reason why now like with Disney Plus that
• 14:42
  Speaker 4: all like Black Panther's not on Disney Plus yet, or
• 14:45
  Speaker 4: like Star Wars, the New Hope is not on Disney
• 14:47
  Speaker 4: Plus yet because the licensing agreement hasn't run out. As
• 14:49
  Speaker 4: soon as it does, that'll be on Disney Plus. Netflix
• 14:52
  Speaker 4: will never see another Disney product.
• 14:53
  Speaker 3: Yeah.
• 14:53
  Speaker 2: So it's the same thing with fashion and some of
• 14:56
  Speaker 2: your top favorite designers they don't own right. You think
• 15:03
  Speaker 2: they do because it's the name, because it's the name,
• 15:05
  Speaker 2: But larger corporations like the New Guard Group, they own it, right.
• 15:11
  Speaker 2: So this happens all the time. Also, we talked about
• 15:13
  Speaker 2: as far as even in real estate. So Trump is
• 15:16
  Speaker 2: a guy, Yeah, Donald.
• 15:17
  Speaker 4: Trump in New York City. You know, like especially maybe
• 15:20
  Speaker 4: ten years prior to today, when you drove down the
• 15:22
  Speaker 4: West Side Hiway, it was nothing but buildings that said
• 15:24
  Speaker 4: Trunk Tower, Trump Tower, Trump Tower, Trump Tower. He doesn't
• 15:27
  Speaker 4: own the building, the land itself. He just licensed his
• 15:31
  Speaker 4: name to put it on the building, which in turn
• 15:33
  Speaker 4: people associate with the lifestyle. It's like, this is high luxury.
• 15:37
  Speaker 4: I'm living in the Trump Tower. I have money, I
• 15:39
  Speaker 4: have high luxury. There's a certain lifestyle that comes with it.
• 15:41
  Speaker 2: Yeah, he did that probably the best, honestly, I mean,
• 15:46
  Speaker 2: hate it and love it. But you gotta always look
• 15:48
  Speaker 2: at a business case study, right, You got to take
• 15:51
  Speaker 2: emotions out when you're looking at business. So whether you know,
• 15:54
  Speaker 2: politics is very divisive. So whether you love them, whether
• 15:56
  Speaker 2: you hate them, whatever, you gotta look at the business
• 15:59
  Speaker 2: model behind it. Like all of this stuff from his ties,
• 16:03
  Speaker 2: a lot of his golf courses, all of those buildings,
• 16:06
  Speaker 2: those Trump Tower, very few of those. Does he actually
• 16:09
  Speaker 2: own the casino too. He licensed his name. People pay
• 16:13
  Speaker 2: him because he built the brand around Trump, the name Trump,
• 16:18
  Speaker 2: and now it's like, okay, just the name on itself,
• 16:21
  Speaker 2: I can make money via value. So this is what
• 16:25
  Speaker 2: makes the Virgual deal interesting because it's like, okay, like
• 16:28
  Speaker 2: we said, people sell their companies all the time. We
• 16:30
  Speaker 2: talked about Kylie Jenner recently selling fifty percent of our company.
• 16:34
  Speaker 2: So he sold the company, but he also is making
• 16:37
  Speaker 2: money on the back end because he licensed.
• 16:39
  Speaker 4: It, right, And that's one of the things they said,
• 16:41
  Speaker 4: especially in fashion, if anyone's trying to start something, owning
• 16:45
  Speaker 4: the trademark is probably the most valuable thing you can
• 16:47
  Speaker 4: have in fashion because you that lives on forever. Like
• 16:49
  Speaker 4: this least agreement that you might have eventually they're renting,
• 16:52
  Speaker 4: but that lives on forever. As soon as that agreement
• 16:54
  Speaker 4: is done, you can find seven different partners to now
• 16:57
  Speaker 4: license with, and then that lives on in perpetuity. Like
• 17:00
  Speaker 4: keep that. He you know what he does. He owns
• 17:02
  Speaker 4: his masses. We always talk about music. Yeah, Virgil owns
• 17:05
  Speaker 4: his masses.
• 17:05
  Speaker 2: But so, but now what happens is that so New
• 17:09
  Speaker 2: Guard Group gets brought. So it happens, okay, So Virgil
• 17:12
  Speaker 2: has to deal with New Guard Group, right, and he
• 17:14
  Speaker 2: sells him a percentage of a large percentage of the company,
• 17:17
  Speaker 2: but he keeps the licensing agreement.
• 17:20
  Speaker 1: Right.
• 17:20
  Speaker 2: They do all of the work, they manufactured, they distributed,
• 17:23
  Speaker 2: they do everything, he gets paid and they have a
• 17:25
  Speaker 2: good relationship, I'm assuming, right, But now New Guard Group
• 17:30
  Speaker 2: gets brought by G three three, which is another fashion
• 17:33
  Speaker 2: conglomerate company. So now this way it becomes a little
• 17:36
  Speaker 2: complicated because it's like, Okay, it's like a record label.
• 17:39
  Speaker 2: We HAVET Mickey facts only saying he got dropped by
• 17:41
  Speaker 2: one record label or his record label got acquired by
• 17:43
  Speaker 2: another record label. Right, So it's like you might have
• 17:45
  Speaker 2: a good understanding with an executive at RCA, but now yeah,
• 17:50
  Speaker 2: so now it's a whole different, you know, relationship. So
• 17:52
  Speaker 2: it's the same thing with this, right, So it's like, Okay,
• 17:55
  Speaker 2: you might not be on the same page, right because
• 17:57
  Speaker 2: now you got the company that you sold, the two
• 18:00
  Speaker 2: guys acquired. Right, So I'm assuming that you know, obviously
• 18:05
  Speaker 2: Virgils seasoned, and I'm assuming he has a good counsel
• 18:08
  Speaker 2: and he's around good people that's given him good advice
• 18:11
  Speaker 2: and he's noledge with himself. So now what you do
• 18:13
  Speaker 2: is you put a termination.
• 18:14
  Speaker 4: Clauset, a termination provision really, so it's like what that
• 18:17
  Speaker 4: means is like if a brand, if the company decides
• 18:21
  Speaker 4: to put out stuff that does not represent the brand
• 18:23
  Speaker 4: any further. Then he has the right to say, you
• 18:25
  Speaker 4: know what, we don't want to do business anymore since
• 18:27
  Speaker 4: you've sold it the company and we lost our agreement.
• 18:30
  Speaker 4: If you can't match what we are expectations going forward,
• 18:34
  Speaker 4: if we're not a high luxury brand and going forward
• 18:36
  Speaker 4: we end up in like a TJ Max or something,
• 18:39
  Speaker 4: are deals terminated.
• 18:40
  Speaker 3: Yeah, it's very important.
• 18:42
  Speaker 2: So that's very important because you always gotta I always
• 18:45
  Speaker 2: give the analogy of like when you go to the movies,
• 18:48
  Speaker 2: like before a movie starts, they they always say, like,
• 18:49
  Speaker 2: disit an exit right when you get on a plant,
• 18:51
  Speaker 2: when you get on a plane, before the plane takes off,
• 18:54
  Speaker 2: they tell you where the exit rolls are, and they
• 18:57
  Speaker 2: tell you like the procedure like if if an emergency happens, right,
• 19:01
  Speaker 2: So if you really on point, before you go to
• 19:04
  Speaker 2: any building, you always got to recognize the exit before
• 19:06
  Speaker 2: you because it's like getting out is more important than
• 19:09
  Speaker 2: getting in. You have to you have to identify an
• 19:11
  Speaker 2: exit preferably before you even get in, right, because you
• 19:14
  Speaker 2: don't want to get somewhere and you don't know, then
• 19:16
  Speaker 2: you got to kind of like knock around and run
• 19:18
  Speaker 2: where's the exit. So, if you like presidents, right, they
• 19:21
  Speaker 2: already mapped out the exit strategy before they actually getting
• 19:25
  Speaker 2: out the secret services job. So in business is no different.
• 19:28
  Speaker 2: Before you do a deal, you got to figure out
• 19:30
  Speaker 2: the exit strategy. Hopefully it doesn't go bad, but you
• 19:33
  Speaker 2: always got to think what if it does. Right, It's
• 19:35
  Speaker 2: like getting It's like in a prenumptial agreement when you
• 19:36
  Speaker 2: getting married. What's that Well, hopefully, hopefully, hopefully you never
• 19:41
  Speaker 2: have to use it, but just in case fifty percent
• 19:44
  Speaker 2: chance that it, you know, it doesn't work out, you know,
• 19:47
  Speaker 2: you got to your walking papers already established. So that's
• 19:51
  Speaker 2: extremely important for entrepreneurs. And this is a very high
• 19:53
  Speaker 2: level case, but any level of business ship partnership, whenever
• 19:57
  Speaker 2: you are doing business with somebody, you always got to
• 19:59
  Speaker 2: have a exit built in because if not, now you.
• 20:03
  Speaker 3: Get screwed, you get stuff or dropped. Yeah, n G. Three.
• 20:07
  Speaker 2: So they also own Donna Karen right, So that Donna
• 20:12
  Speaker 2: Karen stories is interesting as well because.
• 20:15
  Speaker 4: It's like the flip side of the Virgil situation.
• 20:17
  Speaker 3: Right, Right, she didn't she didn't license her.
• 20:19
  Speaker 4: Name, right, she didn't license her name and she got acquired.
• 20:22
  Speaker 4: She actually got acquired by lvm A.
• 20:24
  Speaker 2: Lvm A shot the Wall Street Trapper. We talked about
• 20:26
  Speaker 2: that in episode and they just did with Tiffany's. They
• 20:29
  Speaker 2: just bought Tiffany's for sixteen billion.
• 20:30
  Speaker 3: LVMH one of the largest companies in the world.
• 20:33
  Speaker 4: The largest high fashion.
• 20:36
  Speaker 2: One of the largest, well Apple is the largest, right
• 20:39
  Speaker 2: right right, my fashion fashion, Yeah sure, so LVMH, like
• 20:43
  Speaker 2: I said, we talked about that in episode forty four,
• 20:45
  Speaker 2: Wall Street Trapper. But they own Louis Vuitton, Hennessy, Moat,
• 20:50
  Speaker 2: a bunch of different stuff Tiffany's. Now they own a
• 20:55
  Speaker 2: long list of high fashion and just high lifestyle item.
• 21:00
  Speaker 2: So she sold, she sold her company to them in
• 21:02
  Speaker 2: two thousand, four hundred and fifty million.
• 21:04
  Speaker 4: That's a lot of money.
• 21:06
  Speaker 3: But that took out the game, right, but they still
• 21:08
  Speaker 3: use her name.
• 21:09
  Speaker 4: She sold her brand and her entity, so Donna Carrott International,
• 21:13
  Speaker 4: which encompasses DKY and everything else that comes with Donna Karen.
• 21:17
  Speaker 2: But now so they sold did to G three another
• 21:21
  Speaker 2: G three acquire in twenty and fifteen for six hundred
• 21:25
  Speaker 2: and fifty millions. They made two hundred so they made
• 21:28
  Speaker 2: two hundred midle.
• 21:28
  Speaker 4: But during that like when they sell it, she steps down, right,
• 21:31
  Speaker 4: So she steps down from her position. I think when
• 21:34
  Speaker 4: she sold it to LVMA, she stayed on its head
• 21:35
  Speaker 4: designer twenty fifteen. She steps down. So now she has
• 21:39
  Speaker 4: nothing to do with the brand.
• 21:40
  Speaker 3: No, she's done, But the brand still makes money.
• 21:42
  Speaker 4: The brand is super profitable, like last year, I think
• 21:46
  Speaker 4: five hundred and seventy million in profit. She gets none
• 21:49
  Speaker 4: of it, and she has no say in a brand
• 21:52
  Speaker 4: that has her name, Like she could walk into any
• 21:55
  Speaker 4: store to say Donna Karen is like wait, they made that,
• 21:59
  Speaker 4: and she could do nothing. Even though it has her
• 22:01
  Speaker 4: name on it, she can't use it.
• 22:02
  Speaker 2: So yeah, so that's interesting because, like I said, a
• 22:05
  Speaker 2: lot of times people don't fully understand, like when they
• 22:06
  Speaker 2: just see headlines in the news. But these are things
• 22:09
  Speaker 2: that I think any entrepreneur can learn from because it's like, Okay,
• 22:12
  Speaker 2: he's so it's a very savvy move that he did
• 22:14
  Speaker 2: where he sold the company, but he kept the licensing
• 22:16
  Speaker 2: right right, So now he's still gonna make money in
• 22:19
  Speaker 2: perpetuity as long as he keeps that agreement.
• 22:22
  Speaker 4: The next deal is gonna be silly.
• 22:23
  Speaker 2: And yeah, as long as the company keeps growing, he
• 22:27
  Speaker 2: can renegotiate next time and even more.
• 22:30
  Speaker 4: Yeah, because that's the thing. It's like when you see
• 22:33
  Speaker 4: this is an exclusive deal, so like you'll see off
• 22:36
  Speaker 4: White like they just did the Ikea drop. Did you
• 22:38
  Speaker 4: see that they put the off White Ikea furniture?
• 22:40
  Speaker 2: Nah?
• 22:41
  Speaker 4: It was crazy. So like that sells out like that,
• 22:42
  Speaker 4: Like the branch just grows once this deal is over.
• 22:45
  Speaker 4: Whenever it is, like, can you imagine the lineup of
• 22:47
  Speaker 4: people who are coming to knock on that door to
• 22:49
  Speaker 4: use the license. It's gonna be ridiculous. He could do
• 22:51
  Speaker 4: it like right now. It's exclusive, so he can only
• 22:53
  Speaker 4: use through New Guard. But I can't imagine, like what's
• 22:56
  Speaker 4: gonna happen when he's a free agent and it's like, yo,
• 22:58
  Speaker 4: who wants to use the license? He's gonna be out
• 23:01
  Speaker 4: as world.
• 23:02
  Speaker 2: You know.
• 23:02
  Speaker 3: Sometimes you get paid on front in the back end.
• 23:04
  Speaker 4: Yeah, man, And and the little Eton stuff is moving crazy.
• 23:07
  Speaker 2: Yeah, that's a fact. That's a fact. So yeah, we
• 23:10
  Speaker 2: gotta get more on your leisure.
• 23:11
  Speaker 4: That's a fact. Make it happens, get on it. We
• 23:14
  Speaker 4: got to make that happen.
• 23:15
  Speaker 3: All right. So that's the case study breakdown on Virgil.
• 23:19
  Speaker 2: So the next second we're gonna talk about multiple streams
• 23:21
  Speaker 2: of income, how to how to get money from different avenues.
• 23:26
  Speaker 4: It's important, man, you can't you can't just have one
• 23:28
  Speaker 4: in this day and age. So we got one. You're done.
• 23:30
  Speaker 2: Let's do it all right. So now we're going to
• 23:33
  Speaker 2: talk about multiple streams of income.
• 23:36
  Speaker 4: That is I mean, I get that question. I'm sure
• 23:38
  Speaker 4: you get a bunch of I get that. Especially in
• 23:40
  Speaker 4: the education field. Teachers every day it's like, yo, I
• 23:43
  Speaker 4: need to make more money. How am I going to
• 23:46
  Speaker 4: do this? What do I do? How are you doing it?
• 23:49
  Speaker 4: I'm like, we got something for you.
• 23:50
  Speaker 3: Real life got multiple streams of income. It's no longer option,
• 23:56
  Speaker 3: It's a.
• 23:56
  Speaker 2: Necessity in this world that we live in. So we're
• 24:00
  Speaker 2: going if you're a member of e y L University,
• 24:03
  Speaker 2: shout outs to all of our EYO earn out the
• 24:06
  Speaker 2: students that's enrolled. Ey L University is the dopest platform
• 24:10
  Speaker 2: right now online. It's crazy. We did a whole course.
• 24:13
  Speaker 2: We did an our course on multiple streams of income.
• 24:15
  Speaker 2: That's actually out right now. So we're going to do
• 24:16
  Speaker 2: is try to condense this like fifteen minutes, but if
• 24:19
  Speaker 2: you want the like full hour version, you can just
• 24:21
  Speaker 2: check out earn your leision dot com. We also have
• 24:23
  Speaker 2: a course on it about how to create a podcast.
• 24:25
  Speaker 4: With details, product placement, all that.
• 24:27
  Speaker 2: It's dope, it's dope, so yeah, we yeah, this would
• 24:30
  Speaker 2: be like the abbreviated version, and if you want the
• 24:33
  Speaker 2: full version, you can just check out Eyo University for sure.
• 24:35
  Speaker 2: But so, right, when it comes down to like having
• 24:39
  Speaker 2: multiple streams of income, right, I think it's important to
• 24:42
  Speaker 2: first understand and shout out to Derek Falcon another one
• 24:44
  Speaker 2: of our legendary episodes that you don't. A lot of
• 24:47
  Speaker 2: times people are under the misconception that you need like
• 24:50
  Speaker 2: five seven different things because they say the average millionaire
• 24:52
  Speaker 2: has anywhere between five to seven streams. So a lot
• 24:56
  Speaker 2: of times people look at that and it becomes like
• 24:57
  Speaker 2: overwhelming because it's like we're so try. The average person
• 25:01
  Speaker 2: is just trained to work a job to get money.
• 25:02
  Speaker 2: So now it's like, Okay, I gotta work seven jobs
• 25:05
  Speaker 2: or I gotta like create seven totally different businesses. So
• 25:08
  Speaker 2: I gotta do like construction, plumbing, real estate, I gotta
• 25:12
  Speaker 2: be a stock market invest I gotta do all these
• 25:14
  Speaker 2: different things.
• 25:14
  Speaker 3: And it's like who has enough time?
• 25:17
  Speaker 2: Right, But one thing I really liked about with Derek
• 25:20
  Speaker 2: Saitning and really resonated with us, is that you don't
• 25:23
  Speaker 2: need multiple avenues to create multiple streams of income. You
• 25:29
  Speaker 2: just need one lane that you do really well and
• 25:31
  Speaker 2: you can create multiple streams of income off of that
• 25:33
  Speaker 2: one lane.
• 25:34
  Speaker 4: It's like what we said, like we got to build
• 25:35
  Speaker 4: a foundation. If you think in the sense of a tree,
• 25:38
  Speaker 4: the tree is gonna be the foundation of what you're
• 25:41
  Speaker 4: gonna do, right, So like from that you're just gonna
• 25:43
  Speaker 4: start building branches from it.
• 25:45
  Speaker 2: Yeah, so all right, So yeah, so we're not gonna
• 25:48
  Speaker 2: give you a case study or theory. We're gonna give
• 25:50
  Speaker 2: you the real deal. This is this is just all
• 25:54
  Speaker 2: I mean, this is ours platform in blueprint. But I mean,
• 25:58
  Speaker 2: you know everybody's blueprint is gonna be different. But we
• 25:59
  Speaker 2: can just we could speak best about what we personally know.
• 26:02
  Speaker 4: Right, So, and they've been here to see it, so
• 26:04
  Speaker 4: like y'all been here watching it, y'all seen it from
• 26:06
  Speaker 4: January to now, We're just gonna give you really in detail,
• 26:09
  Speaker 4: like how this works.
• 26:10
  Speaker 3: Yeah for sure.
• 26:11
  Speaker 2: So the thing with Earn your Lisia is that all right,
• 26:13
  Speaker 2: So Earn your Lisia started in January of twenty nineteen
• 26:18
  Speaker 2: and it was a podcast, right, and it was you know,
• 26:21
  Speaker 2: we started the Instagram page was the first thing we did.
• 26:25
  Speaker 2: And we launched Instagram and we turned into like a
• 26:27
  Speaker 2: daily discussion board pretty much of like different financial topics.
• 26:32
  Speaker 2: We post different things on Instagram and people give their
• 26:35
  Speaker 2: feedback on it and we do different write ups and
• 26:38
  Speaker 2: it's like a whole you know, financial board discussion on
• 26:41
  Speaker 2: different all different areas of finance.
• 26:44
  Speaker 3: Right.
• 26:44
  Speaker 2: So but that was all done in relationship to build
• 26:49
  Speaker 2: the podcast. Right, So we created a podcast, right, we
• 26:51
  Speaker 2: didn't know anything about That's the thing about this too,
• 26:54
  Speaker 2: is that we didn't know.
• 26:55
  Speaker 3: We're not even our year yet, Like we're we just.
• 26:58
  Speaker 2: Had a phone call and we're like we're learning still, Yeah,
• 27:01
  Speaker 2: eleven eleven months and we're still learning. So we think
• 27:04
  Speaker 2: where earner Leasia is that? Okay, So it started. It's
• 27:07
  Speaker 2: just a podcast and we had to figure out how
• 27:10
  Speaker 2: can you monetize a podcast because there's no blueprint on
• 27:12
  Speaker 2: how to do it. You just kind of figure out
• 27:14
  Speaker 2: how you go, right. So, but now we have a
• 27:18
  Speaker 2: few different streams from early lesion, Like I think we
• 27:20
  Speaker 2: gonn talk about like five six different streams that we
• 27:23
  Speaker 2: have from earn leisure income streams from early leasure right
• 27:25
  Speaker 2: now right, So all right, So as the podcast grew,
• 27:28
  Speaker 2: the first the first thing that we started to monetize
• 27:31
  Speaker 2: was audio.
• 27:32
  Speaker 3: Right.
• 27:32
  Speaker 2: So if you listen to this, you know that you
• 27:34
  Speaker 2: know we give Spotify, Anchor from time to time other brands.
• 27:39
  Speaker 2: You know, it's part of the episode. Right, So those
• 27:42
  Speaker 2: are ads that we do and we're not doing it
• 27:45
  Speaker 2: for charity. Obviously, we get we get conversated for that, right.
• 27:48
  Speaker 2: So how you get compensated in the podcast world is
• 27:51
  Speaker 2: what's called CPM.
• 27:53
  Speaker 3: Right.
• 27:53
  Speaker 2: So CPM is like per thousand plays what you get.
• 27:57
  Speaker 2: So if you get standard, the good thing with post
• 28:00
  Speaker 2: is that it's usually like standard. It's like twenty five
• 28:03
  Speaker 2: dollars twenty on, like twenty to twenty five. It's like
• 28:07
  Speaker 2: usually standard, right, industry standard.
• 28:09
  Speaker 4: And when the platform we use was Anchor. Obviously if
• 28:12
  Speaker 4: you listen to this, we did it on Anchor and
• 28:15
  Speaker 4: we didn't have to go find them. They provided us
• 28:18
  Speaker 4: with the ads based on the audience listening. So they
• 28:21
  Speaker 4: saw that there was a thousand people listening to the first episodes,
• 28:23
  Speaker 4: they sent us one ad. They see this four thousand people.
• 28:26
  Speaker 4: Then they sent us two ads. So the more people
• 28:29
  Speaker 4: we had engaged in listening, the more ads they sent
• 28:31
  Speaker 4: to us. And you know it, so like you hear,
• 28:34
  Speaker 4: you got to go back and listen to the original ads.
• 28:35
  Speaker 4: So the original was a funny bit.
• 28:37
  Speaker 2: They're not a crazy thing is At first I didn't
• 28:39
  Speaker 2: even want to take the ad because I'm like, when
• 28:41
  Speaker 2: I saw it was twenty dollars CPM per.
• 28:45
  Speaker 4: Thousand thousand, that's how it works every thousand.
• 28:47
  Speaker 2: So when we first started, we was averaging like two
• 28:50
  Speaker 2: thousand a week or something like that, So I'm like,
• 28:53
  Speaker 2: why are we even doing this for forty dollars? And
• 28:55
  Speaker 2: then I read something like just do it because it
• 28:57
  Speaker 2: builds up over the cost of time perpetuity. Does I
• 29:02
  Speaker 2: can tell you it does. And the crazy thing about
• 29:04
  Speaker 2: it is that now with like anchor like it's the
• 29:08
  Speaker 2: dynamic ads, right, So what happens is that not every
• 29:11
  Speaker 2: time somebody listens to a podcast, we get paid. So
• 29:15
  Speaker 2: you can go back and listen to episode one and
• 29:17
  Speaker 2: as long as there's an AD and placed in it,
• 29:19
  Speaker 2: we're gonna get paid for that. So that's pretty cool
• 29:22
  Speaker 2: because it's like, now as as our audience grows, right,
• 29:27
  Speaker 2: we are revenue grows as well, so we get paid.
• 29:30
  Speaker 2: So that's one way how we get paid, right, And
• 29:32
  Speaker 2: then so that was the first way how we started
• 29:34
  Speaker 2: to monetize the podcast. And then you know, from that,
• 29:37
  Speaker 2: we figured, okay, now we have an audience, but we
• 29:42
  Speaker 2: always love fashion and we always you know, it was like, okay,
• 29:45
  Speaker 2: what's the next thing that we should do and actually
• 29:47
  Speaker 2: to promote the podcast as well, and we came up
• 29:49
  Speaker 2: with a couple of different slogans with the slogan the
• 29:52
  Speaker 2: slogan that really stuck and became our signature with Assets
• 29:54
  Speaker 2: of Aliability.
• 29:55
  Speaker 4: Had I remember sitting down and we wrote down, like
• 29:58
  Speaker 4: you said, let's come up with ten, come up with ten,
• 30:00
  Speaker 4: and we put them out and it was like, all right,
• 30:03
  Speaker 4: well let's use these three. And we had three. So
• 30:05
  Speaker 4: if you had the day one people, you know, when
• 30:07
  Speaker 4: you went to the site, there was a bunch of
• 30:08
  Speaker 4: different shirts. And as we moved on and we realized
• 30:11
  Speaker 4: like that's not really gonna move, we stuck with three.
• 30:13
  Speaker 2: Yeah, the most popular, Access overliability. So and that just
• 30:18
  Speaker 2: became our trademark. We tried a couple different things, but
• 30:21
  Speaker 2: that became our trademark. And so the thing about merch.
• 30:25
  Speaker 2: Everybody sells merch. It's popular, it's like the first thing
• 30:28
  Speaker 2: you want to do, right, But merch can be a
• 30:32
  Speaker 2: kind of a tricky thing. So how we use What
• 30:34
  Speaker 2: we use is print Fall, right, So print Fall is
• 30:36
  Speaker 2: a company that allows you to not hold any inventory.
• 30:39
  Speaker 4: It's only demand. So like you order it, it's they
• 30:42
  Speaker 4: make it. Pretty much like what we said in the
• 30:45
  Speaker 4: last segment. They make it, they distribute it, and all
• 30:48
  Speaker 4: we do is create the file which is the assets
• 30:50
  Speaker 4: over alliabilities, which is ours. They printed up and they
• 30:53
  Speaker 4: send it out to you.
• 30:54
  Speaker 2: Yeah, so it's an interesting business model. It's pros and
• 30:57
  Speaker 2: cons with everything because they take a percentage of pretty
• 31:00
  Speaker 2: hefty percent. We're working on that so, I mean, we
• 31:04
  Speaker 2: probably could make a lot more money if we just
• 31:06
  Speaker 2: did it ourselves. But the thing about it is a
• 31:08
  Speaker 2: lot more work and it's a lot more capital. It
• 31:11
  Speaker 2: doesn't cost us anything. That's the good thing about print Falls.
• 31:13
  Speaker 2: That doesn't cost anything.
• 31:14
  Speaker 4: We don't have to buy sweatshirts, we don't have to
• 31:15
  Speaker 4: buy shirts.
• 31:16
  Speaker 2: One hundred dollars a month I think just to actually
• 31:18
  Speaker 2: run the site. But other than that, there's no there's
• 31:21
  Speaker 2: no money, there's no overhead so as somebody buys the shirt,
• 31:24
  Speaker 2: they print it, they ship it.
• 31:26
  Speaker 3: It's a whole. It's a whole.
• 31:28
  Speaker 4: Literally, Like we created our own store on Shopify. It
• 31:30
  Speaker 4: goes on print full and we put our designs up
• 31:33
  Speaker 4: there and people just when they order. I remember we
• 31:36
  Speaker 4: got our first order. I was like, oh wow, this
• 31:37
  Speaker 4: is great, and then ships you. We don't have to
• 31:41
  Speaker 4: store anything.
• 31:42
  Speaker 2: That's another thing to it. Especially when it comes to business.
• 31:44
  Speaker 2: A lot of times it's like and this is this
• 31:47
  Speaker 2: is this. There's no really no right or wrong answer
• 31:49
  Speaker 2: on this, but especially if you're doing a lot of
• 31:51
  Speaker 2: different things, sometimes it's better to take less money to
• 31:54
  Speaker 2: free your time up right, because it's like, like I said,
• 31:57
  Speaker 2: we could do it ourselves, but that's a lot more time,
• 31:59
  Speaker 2: Like we actually have to find somebody to actually make it.
• 32:01
  Speaker 2: For printing press, you have to hold a bundle of
• 32:04
  Speaker 2: different merch we have to ship it, we have to
• 32:07
  Speaker 2: track it, we have to you know, do all of
• 32:10
  Speaker 2: those things. It's not and especially as more people start
• 32:12
  Speaker 2: to order shirts, it becomes it's been too much. It's difficult.
• 32:16
  Speaker 2: So with print Fall they kind of do all of
• 32:18
  Speaker 2: that for us. Like I said, they take their percentage
• 32:21
  Speaker 2: for doing all of that stuff, but we're still get compensated.
• 32:24
  Speaker 2: So that was that was another revenue that was like
• 32:27
  Speaker 2: the second revenue stream that we did I didn't.
• 32:29
  Speaker 4: And then the next one was a proud of the
• 32:31
  Speaker 4: pay program And that was kind of just happened in
• 32:34
  Speaker 4: a comment. Somebody was like, hey, you guys on Patreon,
• 32:37
  Speaker 4: and at the time I remember I text you, I'm like, yo,
• 32:39
  Speaker 4: what is Patreon? And then we did the resource sholder.
• 32:41
  Speaker 4: It was like, oh, this could be a way that
• 32:44
  Speaker 4: we could give bonus content. We can put out a
• 32:46
  Speaker 4: different variety of things and features for our audience, and
• 32:50
  Speaker 4: so like that became another source of income. So we
• 32:53
  Speaker 4: created five different ta.
• 32:54
  Speaker 2: Yeah, Patreon, Patreon is a whole bob you actually you
• 32:56
  Speaker 2: talking about Patreon. I don't even know what patreon was.
• 32:58
  Speaker 2: Comed is likeyea, we should do a Patreon. Like what
• 33:01
  Speaker 2: is patreon? And Patreon is a is a is a
• 33:04
  Speaker 2: platform for creatives for people to support on a financial level.
• 33:09
  Speaker 2: And the cool thing with Patreon is that it's a
• 33:11
  Speaker 2: real community, where like Patreon, you get you can add
• 33:14
  Speaker 2: different tiers to it. So like we have different tiers
• 33:16
  Speaker 2: to our Patreon and like depending on what tear you're in, Like,
• 33:19
  Speaker 2: you get add free episodes, you get episodes before the
• 33:24
  Speaker 2: podcast drops. You get FaceTime conversations with us. Yeah, the
• 33:29
  Speaker 2: FaceTime conversations is lit. So get you get direct conversations
• 33:32
  Speaker 2: with us, you get you get discounts on the merch.
• 33:36
  Speaker 2: You get access to Eyo University.
• 33:38
  Speaker 4: Yeah, that's new. So like that was one of the
• 33:39
  Speaker 4: things and we sent the message out. It was like, yo,
• 33:42
  Speaker 4: we got something to coming, we got something to coming,
• 33:44
  Speaker 4: and we were building it. So like now it's like
• 33:46
  Speaker 4: now they get to see what we have building. Everybody
• 33:48
  Speaker 4: that's in a Tier four or five, they get to
• 33:50
  Speaker 4: have access to Eyo University.
• 33:52
  Speaker 3: So that makes it even dope. Yeah, and this this, this,
• 33:54
  Speaker 3: this is the whole.
• 33:55
  Speaker 2: The whole thing with the Business show is that you
• 33:56
  Speaker 2: want to just create different ideas because you might not
• 33:58
  Speaker 2: be able to copy every single thing, but you want
• 34:00
  Speaker 2: to just spark your brain. So for me, I'm always
• 34:03
  Speaker 2: big on cross promoting, right, So I'm like, okay, look
• 34:05
  Speaker 2: if we got Patreon, right, and you also have to
• 34:09
  Speaker 2: add value like all these different report I want to
• 34:11
  Speaker 2: stress that too. Never do anything just to make money, right,
• 34:15
  Speaker 2: you gotta have like real value, like the merch is
• 34:18
  Speaker 2: something that we truly believe in, Like we really believe
• 34:20
  Speaker 2: in the merch and I think the reason why as
• 34:22
  Speaker 2: Overliabilities has taken off because it's a dope slogan and
• 34:25
  Speaker 2: it's really powerful and like three words, it really means
• 34:29
  Speaker 2: a lot, Like it's assets overliabilities, Like you know what
• 34:31
  Speaker 2: I'm saying. So it's like, if you're going to spend
• 34:34
  Speaker 2: money to wear a merch, like, you might as well
• 34:36
  Speaker 2: wear something that you like and it's stylished.
• 34:39
  Speaker 3: That's like it's dope.
• 34:40
  Speaker 4: Like that was our thing. It was like, Yo, if
• 34:41
  Speaker 4: we're going to create something that people are gonna wear,
• 34:43
  Speaker 4: it might have it should have a message on it,
• 34:44
  Speaker 4: and it should be a message that resonates with our
• 34:46
  Speaker 4: community and all communities. Really yeah, like that's what the
• 34:49
  Speaker 4: intent was when we did the Merchant and like let's
• 34:51
  Speaker 4: make money. We're not a clothing brand, but we want
• 34:53
  Speaker 4: to have a message every time we go outside we
• 34:55
  Speaker 4: know people are watching exactly.
• 34:57
  Speaker 2: And also with the Patreon too, it's like we don't
• 35:00
  Speaker 2: I wanted to set up Patreon as a way for
• 35:02
  Speaker 2: people just to support the podcast. That's like charity and
• 35:04
  Speaker 2: event we want to actually give them value as well, right,
• 35:07
  Speaker 2: so that's why we had the phone conversations. That's why
• 35:09
  Speaker 2: we added free access to Eyo University. That's why we
• 35:12
  Speaker 2: actually discounts on the merch. But now with the Patreon,
• 35:15
  Speaker 2: you get discount on the merch, but it leads back
• 35:17
  Speaker 2: to the merch, right, which is like cross promoting right
• 35:20
  Speaker 2: exactly so, and everything always leads back to the podcast.
• 35:24
  Speaker 4: This episode is brought to you by P and C Bank.
• 35:27
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  Speaker 6: Coach, the energy out there felt different. What changed for
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• 37:45
  Speaker 2: Podcast is the mothership, which is free. But that's the
• 37:49
  Speaker 2: cool thing about it too. Where the podcast is free,
• 37:51
  Speaker 2: but from something that is free, we're able to create
• 37:54
  Speaker 2: multiple different income streams where we can actually profit.
• 37:57
  Speaker 3: So that's another thing.
• 37:58
  Speaker 2: To a lot of time people think like just because
• 37:59
  Speaker 2: you're not actually getting paid for something right away, or
• 38:02
  Speaker 2: something doesn't look like you can actually make money from it,
• 38:05
  Speaker 2: you gotta look deeper. It's not just like fact, you
• 38:08
  Speaker 2: gotta go ABC D E F like you know what
• 38:10
  Speaker 2: I mean, like to say, okay, the podcast, we could
• 38:13
  Speaker 2: The podcast is really just to get us out there.
• 38:16
  Speaker 2: As far as on our revenue, of course, the podcast
• 38:17
  Speaker 2: is to educate, that's most important. But as far as
• 38:20
  Speaker 2: our revenue, stream. Now we can monetize the podcast even
• 38:24
  Speaker 2: though people don't pay for the podcast because of ads.
• 38:26
  Speaker 2: But even if we had no ads at all, we
• 38:28
  Speaker 2: can still monetize off of the podcast.
• 38:30
  Speaker 3: Because of the visibility and allows us to do other things.
• 38:33
  Speaker 4: And it's not like we had to create seven different things.
• 38:36
  Speaker 4: We still have the mothership, the tree, which is the podcast,
• 38:39
  Speaker 4: and all these branches coming off of it. And that's
• 38:41
  Speaker 4: true what you said. We we didn't do it for money, right,
• 38:44
  Speaker 4: So like when we had Patreon, we had like two
• 38:46
  Speaker 4: members the first month, right next month we had seven.
• 38:49
  Speaker 4: Like we just kept grinding, like kept putting out the contact,
• 38:52
  Speaker 4: putting out value, making those phone calls. Now we're up
• 38:55
  Speaker 4: to like over one hundred and fifteen or something like that.
• 38:57
  Speaker 4: And it was like just being consistent and spreading the
• 38:59
  Speaker 4: word and given the value. Like I think that was massed, right.
• 39:02
  Speaker 4: He was like, Yo, just give it away.
• 39:03
  Speaker 2: Give it give it away, give it away, give it away.
• 39:05
  Speaker 2: And then people are, well, they want to pay for
• 39:07
  Speaker 2: they feel guilty not to. And that's why, like I said,
• 39:09
  Speaker 2: proud to pay with Nipsey when he had his one
• 39:12
  Speaker 2: hundred dollars, it wasn't so much. It's just him selling
• 39:15
  Speaker 2: a mixtape one hundred dollars. That was a whole experience.
• 39:18
  Speaker 2: You got tickets to a concert, you got merch. It was.
• 39:22
  Speaker 2: It was bundled together and it was very well done
• 39:24
  Speaker 2: and people were proud to because people want to support,
• 39:27
  Speaker 2: but they just got to have something good that they
• 39:29
  Speaker 2: can support, Like nobody wants to support something that's just trash.
• 39:32
  Speaker 2: And then so so then the next revenue stream comes
• 39:35
  Speaker 2: via of YouTube. So YouTube is something that we're still
• 39:38
  Speaker 2: figuring it out. But I encourage any creative, any creative
• 39:43
  Speaker 2: of anybody that's thinking about starting anything, you got to
• 39:46
  Speaker 2: get on YouTube. People don't fully understand the power of YouTube.
• 39:48
  Speaker 3: Spoke. We spoke about this before. But that's the thing.
• 39:51
  Speaker 4: It would just be fully transparent. We didn't start on.
• 39:53
  Speaker 2: YouTube first, Like seven episodes wasn't wasn't on you. People
• 39:58
  Speaker 2: had to really convince us to get on YouTube.
• 40:00
  Speaker 4: Why you're not there?
• 40:01
  Speaker 2: The first seven episodes was just audio because it's like
• 40:03
  Speaker 2: it's a lot more work. You gotta film it, and
• 40:05
  Speaker 2: you gotta upload it, you gotta edit this. It's a
• 40:07
  Speaker 2: whole process. But YouTube, YouTube is interesting because it's like
• 40:12
  Speaker 2: YouTube also. All right, So the monetization for YouTube is
• 40:15
  Speaker 2: you have to have a thousand watch hours.
• 40:19
  Speaker 4: Yeah, so one thousand watch hours and four thousand.
• 40:23
  Speaker 2: Before you come out to so watch hours is like
• 40:25
  Speaker 2: how many how many hours somebody has watched your video?
• 40:28
  Speaker 2: So you need a thousand watch hours and you need
• 40:31
  Speaker 2: four thousand subscribers and then you can start to monetorze
• 40:34
  Speaker 2: through YouTube studio. And YouTube is another thing where it's like,
• 40:38
  Speaker 2: you know, the first YouTube check that you'll see is
• 40:41
  Speaker 2: like let's say, like for us, it's.
• 40:42
  Speaker 5: Like one hundred watch it. I mean we watched that
• 40:44
  Speaker 5: for like one hundred dollars. Yeah, and then it's like
• 40:49
  Speaker 5: six months later to like four thousand YouTube So god well,
• 40:54
  Speaker 5: and this time next year it will be four times that,
• 40:57
  Speaker 5: you know what I'm saying. But the good thing with
• 40:58
  Speaker 5: YouTube is like once again the audio. Once a video
• 41:01
  Speaker 5: is in YouTube, especially if it's like gets a lot
• 41:04
  Speaker 5: of traction, it's there forever. So I was just telling
• 41:07
  Speaker 5: like Alex goot Energy from Trucking episode thirty nine, I'm like, yo,
• 41:10
  Speaker 5: your video is gonna live forever because it has like
• 41:12
  Speaker 5: fifty nine thousand views right now or whatever. But a
• 41:15
  Speaker 5: year from now, somebody types in Trucking, they'll find that video, right,
• 41:20
  Speaker 5: and then they watch it and then we get paid.
• 41:21
  Speaker 5: And the cool thing, and this is I spoke about
• 41:23
  Speaker 5: this on a social media episode that we did, is
• 41:25
  Speaker 5: that a lot of times people with especially with like
• 41:28
  Speaker 5: YouTube and things of that nature, numbers are not the
• 41:31
  Speaker 5: most important thing. Numbers are not the most important thing.
• 41:34
  Speaker 5: What I mean by that is that, like our forty
• 41:38
  Speaker 5: thousand subscribers that we have right now is probably more
• 41:41
  Speaker 5: valuable than a lot of people that have a million
• 41:44
  Speaker 5: two million subscribers because our content we get paid at
• 41:48
  Speaker 5: a higher CPM. What that means is that, like our
• 41:51
  Speaker 5: content is clean, content is business.
• 41:53
  Speaker 4: That's important.
• 41:54
  Speaker 2: So companies they love that to advertise, right, It's like
• 41:58
  Speaker 2: the business is like the number one space advertisers. So
• 42:01
  Speaker 2: I was speaking to somebody who has a YouTube channel,
• 42:06
  Speaker 2: but it's a wrap show and they bring rappers on
• 42:09
  Speaker 2: stuff like that, you know. So he was telling me
• 42:11
  Speaker 2: his CPMs for his show is like three dollars, four dollars,
• 42:15
  Speaker 2: but he has like a million subscribers. His videos get
• 42:19
  Speaker 2: like two hundred thousand views, right, But he's not really
• 42:21
  Speaker 2: making money because it's like three dollars where we might
• 42:24
  Speaker 2: get ten thousand, twenty thousand views per episode. We have
• 42:28
  Speaker 2: forty thousand subscribers, which is way less than what he
• 42:30
  Speaker 2: has right, right, but we're making more money because our
• 42:33
  Speaker 2: CPMs could be thirty dollars twenty five dollars.
• 42:36
  Speaker 4: And that's another thing that's beautiful about YouTube is that
• 42:39
  Speaker 4: the CPM fluctuates, so like depending on the content, like
• 42:42
  Speaker 4: a video like mobile homes, you could get maybe forty
• 42:45
  Speaker 4: five dollars per CPM, which is per thousand, or like
• 42:49
  Speaker 4: Alex right, it could be forty seven dollars or as
• 42:53
  Speaker 4: in the audio space, it's just pretty stays the same
• 42:55
  Speaker 4: standard at twenty five dollars. So like, that's another beautiful
• 42:58
  Speaker 4: thing about YouTuber is it changes and depending on the content,
• 43:02
  Speaker 4: And that's that's key what you said too, is having
• 43:03
  Speaker 4: clean content, because if we had profanity laced conversations, right,
• 43:09
  Speaker 4: people wouldn't be putting money out to put on ads.
• 43:12
  Speaker 4: And I think we ran into that one time when
• 43:14
  Speaker 4: we had an episode with We're Talking about Marijuana, which
• 43:18
  Speaker 4: was a business podcast and it was a business lesson,
• 43:21
  Speaker 4: but just the fact that we had marijuana in our title,
• 43:25
  Speaker 4: it kind of changed.
• 43:26
  Speaker 2: We didn't get paid for that, but that's something too
• 43:28
  Speaker 2: for a lot of cret Like I said, all of
• 43:29
  Speaker 2: this stuff is just free information, free knowledge because these
• 43:32
  Speaker 2: are things that we learned. We literally learned all this
• 43:34
  Speaker 2: stuff on the fly. So you know, if you're starting
• 43:36
  Speaker 2: a YouTube channel, if you're thinking about monetizing online, the's
• 43:39
  Speaker 2: are good, good things to know. Because we didn't notice,
• 43:41
  Speaker 2: Like we didn't know that we put cannabis on marijuana
• 43:45
  Speaker 2: in the title. That's a red flag for YouTube. The
• 43:47
  Speaker 2: video went out, people saw it, but we didn't get.
• 43:49
  Speaker 3: Paid on it.
• 43:50
  Speaker 4: We got that little yellow sticker.
• 43:52
  Speaker 2: They're very big on that. They're very big on that industry.
• 43:55
  Speaker 2: They've shut down pages. They shut down some big cannabis pages.
• 43:58
  Speaker 2: We ran six hundred thousand subscribers, a million subscribers, they
• 44:01
  Speaker 2: shut their pages down. So it's just it's important to
• 44:04
  Speaker 2: understand what you're doing because like you could just be
• 44:07
  Speaker 2: doing something and I fully understand what you're doing, and
• 44:10
  Speaker 2: it's like you got you built up a million and
• 44:13
  Speaker 2: two million followers subscribers, but now it's hard for you
• 44:17
  Speaker 2: to monetize it. Where you see somebody with one hundred thousand,
• 44:20
  Speaker 2: I said, it's on social media. I know a girl
• 44:22
  Speaker 2: who had one hundred thousand, one hundred and fifty thousand
• 44:25
  Speaker 2: subscribers on Instagram that was getting paid fifteen thousand dollars
• 44:30
  Speaker 2: for an Instagram post. Where we know a lot of
• 44:33
  Speaker 2: Instagram models, bartenders that have millions of followers that can't
• 44:39
  Speaker 2: they can't figure out how to make money because the
• 44:41
  Speaker 2: only people that's going to advertise on their page is
• 44:44
  Speaker 2: lingerie and just promoting parties. They're limited, right, even like
• 44:49
  Speaker 2: a John Henry. John Henry doesn't have that many followers,
• 44:52
  Speaker 2: haves like one hundred and twenty thousand followers. Kill he's
• 44:54
  Speaker 2: making a killing killing. He's making a killing because it's clean.
• 44:57
  Speaker 2: He got a clean look. It's you know what I mean,
• 44:59
  Speaker 2: it's just the whole it's the whole package. He's very
• 45:01
  Speaker 2: he's very friendly to advertise it. So not to say
• 45:04
  Speaker 2: that you have to be that. I mean you could,
• 45:06
  Speaker 2: you could still make money, but not be but just
• 45:08
  Speaker 2: know that just just just be aware of it. Like
• 45:10
  Speaker 2: I'm not telling you to change your your whole platform
• 45:13
  Speaker 2: and to become something that you're not, but just be
• 45:16
  Speaker 2: aware of it.
• 45:16
  Speaker 4: You should be aware because that will be the reason
• 45:18
  Speaker 4: why the monetization is a lot less.
• 45:21
  Speaker 2: Yeah, So just know it's good to know that not
• 45:22
  Speaker 2: the fact. So and then we also do live events. Now,
• 45:26
  Speaker 2: the live events is another way how we're monetizing. But
• 45:30
  Speaker 2: the thing, like I said, the thing about is that
• 45:31
  Speaker 2: we're always adding value. Right, So this is a business podcast.
• 45:35
  Speaker 2: We're never gonna apologize for making money. That's the whole point.
• 45:38
  Speaker 2: Like we should never be ashamed to be entrepreneurs. But
• 45:41
  Speaker 2: as long as you're as long as you're creating value,
• 45:43
  Speaker 2: that's the most important thing.
• 45:44
  Speaker 3: Right.
• 45:44
  Speaker 2: So just from that, that's five different revenue streams that
• 45:49
  Speaker 2: we named off of the podcast. Right, So now we
• 45:51
  Speaker 2: don't have to we don't have to get five different jobs.
• 45:54
  Speaker 2: We don't have to create five different businesses, even though
• 45:58
  Speaker 2: they are kind of separate of each other, but they're
• 46:00
  Speaker 2: all under the mothership of earn your leading, and they
• 46:02
  Speaker 2: all hover under the podcast. The podcast is what leads everything, right,
• 46:07
  Speaker 2: we know that, and that's important too. Never go away from.
• 46:10
  Speaker 3: What feeds you.
• 46:11
  Speaker 2: A lot of times people get successful and one thing
• 46:14
  Speaker 2: and then they stop paying attention to that. Like, the
• 46:17
  Speaker 2: podcast is always going to be high quality. We're always
• 46:20
  Speaker 2: going to do our best with the podcast because we understand,
• 46:22
  Speaker 2: like the podcast is what got us to this point.
• 46:25
  Speaker 2: But we can't stay limited to the podcast. Like if
• 46:27
  Speaker 2: we did that, we'd be doing ourselves and our supporters
• 46:30
  Speaker 2: are disservice because that's not what we preach, Like we
• 46:33
  Speaker 2: preach to have no limit to expand your horizons. So
• 46:36
  Speaker 2: if we just stayed just doing a podcast, we wouldn't
• 46:40
  Speaker 2: be a good example. Like what I'm saying, like we
• 46:41
  Speaker 2: got to set an example. It's like it's more than
• 46:43
  Speaker 2: just like we're just not getting up here just talking
• 46:45
  Speaker 2: about it. We actually are implementing a real business.
• 46:47
  Speaker 4: Yeah, and we had a few more, Like we have
• 46:49
  Speaker 4: a few more even even like in the summer when
• 46:52
  Speaker 4: we do our summer programming. That's another stream of income
• 46:54
  Speaker 4: for us. We have a couple of things that we're
• 46:57
  Speaker 4: going announce to the top of twenty twenty that we
• 47:00
  Speaker 4: we're just continuing to build off of the mothership all
• 47:03
  Speaker 4: e your leisure, but all things that help people. So yeah, man,
• 47:06
  Speaker 4: we gotta keep creating. And it don't be surprised if
• 47:08
  Speaker 4: you see like us doing trucking, Like we get a truck,
• 47:12
  Speaker 4: we're gon we're getting all this information. So every time
• 47:15
  Speaker 4: we hear something and we learn it's like yo, we
• 47:18
  Speaker 4: should do No, it's a fact we even talking about
• 47:20
  Speaker 4: our book.
• 47:20
  Speaker 2: We gotta get we got we gotta get back to
• 47:22
  Speaker 2: writing that book. But the book, that's another thing that
• 47:25
  Speaker 2: we're like that we're looking to launch. And we got
• 47:28
  Speaker 2: the blueprint of the book from Ash Cash episode episode
• 47:32
  Speaker 2: twenty six. So it's like a lot of times, like
• 47:34
  Speaker 2: when you listen to earn your leisure, don't just listen
• 47:37
  Speaker 2: and just be entertained. Man, it's application. Like I said,
• 47:40
  Speaker 2: like we're living proof, like we're we're literally applying things
• 47:44
  Speaker 2: that we are learning.
• 47:45
  Speaker 4: You know what the best part is, Like not once
• 47:46
  Speaker 4: did you say like I'm a financial advisor too, Like
• 47:49
  Speaker 4: people forget that part, Like yeah, so like yeah, that
• 47:52
  Speaker 4: your financial advisor. I'm a teacher. But these things that
• 47:55
  Speaker 4: we're doing, like outside of that, that's like non different streams.
• 47:59
  Speaker 2: You need to have like ten ten different joints going
• 48:01
  Speaker 2: because you never know, you never know when something can
• 48:03
  Speaker 2: dry up. Like you know what I'm saying, You never
• 48:05
  Speaker 2: know when something can dry up. So it's like I've
• 48:06
  Speaker 2: seen it and I learned that early on just from
• 48:09
  Speaker 2: watching people that I grew up with older people, And
• 48:11
  Speaker 2: it's like you get laid off from your job and
• 48:13
  Speaker 2: your screw you had a bad month from your job,
• 48:16
  Speaker 2: and it's like you damn there on a homeless line,
• 48:19
  Speaker 2: like you know what I'm saying. So now it's like
• 48:21
  Speaker 2: we're having multiple streams. It gives you a cushion, it
• 48:23
  Speaker 2: gives you a buffer, and it's like, all right.
• 48:25
  Speaker 4: Well you can feel it.
• 48:25
  Speaker 3: You can feel the freedom, you feel less pressure to you, you.
• 48:27
  Speaker 4: Can feel the freedom of it. It's like, you know what,
• 48:29
  Speaker 4: I'm not relying on anything. I have so many things
• 48:32
  Speaker 4: that if this doesn't work, I got this. I got it.
• 48:34
  Speaker 4: You can feel the freedom like I can feel it personally.
• 48:36
  Speaker 4: It's like, Yo, this is crazy. This is different. Like
• 48:38
  Speaker 4: this feels like twenty nineteen doesn't feel like twenty eighteen.
• 48:42
  Speaker 4: It feels different.
• 48:43
  Speaker 3: It does.
• 48:44
  Speaker 2: And so yeah, so that's our but that's our journey.
• 48:47
  Speaker 2: And not to say that you have to start a podcast,
• 48:49
  Speaker 2: but it's like that's something that fit in what we
• 48:52
  Speaker 2: were doing. So it's like what fits in what you're doing?
• 48:55
  Speaker 4: Yeah, And on Early Legion University, I broke down how
• 48:59
  Speaker 4: you can earn it in education because a lot of
• 49:01
  Speaker 4: times I have conversations with people in my profession and
• 49:03
  Speaker 4: they're like, Yo, how do you have time? How do
• 49:05
  Speaker 4: you have time, and I went through like five or
• 49:07
  Speaker 4: six different things streams of income just from being an educator.
• 49:11
  Speaker 4: It is things that you probably are overthinking that you
• 49:15
  Speaker 4: can do that don't require much time.
• 49:17
  Speaker 3: Yeah.
• 49:18
  Speaker 2: So all right, so yeah, that was that, And like
• 49:22
  Speaker 2: I said, that was kind of the abbreviated version. The
• 49:23
  Speaker 2: full version is on Earn Your Legion University, where we
• 49:26
  Speaker 2: kind of just dorove into a lot of different things.
• 49:28
  Speaker 2: But I just wanted to just let people know that
• 49:31
  Speaker 2: it's always something more, no matter what you're doing, it's
• 49:35
  Speaker 2: always something more. And when you're looking to start a business,
• 49:37
  Speaker 2: see if that business is scalable, like the podcast is scalable,
• 49:40
  Speaker 2: because we don't. It's very low inventory. That's another thing too,
• 49:43
  Speaker 2: it's very low inventory. It can reach people from New
• 49:46
  Speaker 2: York to Australia. We're not limited geographically, and it provides
• 49:50
  Speaker 2: us opportunities to create multiple different launching paths.
• 49:53
  Speaker 4: That was the first question Deryk fal Can ask me
• 49:55
  Speaker 4: walk when we did his interview. The first thing. He
• 49:57
  Speaker 4: sat down on my coudun and was like, yo, y'all
• 50:00
  Speaker 4: gonna scale this first thing. He asked. I'm like, good question,
• 50:03
  Speaker 4: and we went and we still.
• 50:05
  Speaker 2: We come up with new ideas how we can scale. So,
• 50:08
  Speaker 2: like I said, that's our blueprint, but what's your blueprint? Right,
• 50:11
  Speaker 2: Like if you are restaurant owner, how do you scale that?
• 50:16
  Speaker 2: How do you create multiple different streams? Derek gave the
• 50:18
  Speaker 2: blueprint for that, but it's like if you if you
• 50:21
  Speaker 2: have a gym, how do you create multiple different streams
• 50:23
  Speaker 2: off that gym? Like even Alex right, he has a trucking,
• 50:26
  Speaker 2: but he makes more money off of his portal and
• 50:30
  Speaker 2: now he has merch So so yeah, so that's that's
• 50:35
  Speaker 2: the rundown multiple streams of the income people. It's it's
• 50:38
  Speaker 2: not something that is optional at this point in time,
• 50:40
  Speaker 2: is mandatory and it's all about being creative and understanding
• 50:44
  Speaker 2: how you can build different branches off of one tree.
• 50:48
  Speaker 2: So we're gonna close it out with some education as
• 50:52
  Speaker 2: far as investing in different things.
• 50:55
  Speaker 3: All right, it's fun.
• 50:59
  Speaker 2: Yeah, so we're gonna it out. We're going to close
• 51:01
  Speaker 2: it out with something that is easy for me. Like
• 51:06
  Speaker 2: I said, a lot of times people don't fully understand,
• 51:08
  Speaker 2: Like everybody thinks do the podcast full time, but I
• 51:13
  Speaker 2: actually have a financial planning firm, independent firm.
• 51:16
  Speaker 4: Who was your first client?
• 51:18
  Speaker 3: You were?
• 51:18
  Speaker 2: Thank you for sure, wealth wealth management firm. So that's
• 51:23
  Speaker 2: what I do like outside of this So yeah, retirement planning, investing,
• 51:31
  Speaker 2: things of that nature. So one thing that always gets
• 51:35
  Speaker 2: people's attention when we talk about is the self directed IRA.
• 51:39
  Speaker 2: So I wanted to talk about that because you know,
• 51:40
  Speaker 2: we talk about real estate a lot on this show,
• 51:43
  Speaker 2: and we bring on different real estate investors and things
• 51:45
  Speaker 2: of that nature, and we always you know, have to
• 51:47
  Speaker 2: give people different options. So funding, when it comes to funding,
• 51:51
  Speaker 2: that stops a lot of people from investing in real estate.
• 51:53
  Speaker 2: So we you know, talk about two or three K
• 51:55
  Speaker 2: loans and hard money loans and conventional loans and things
• 51:59
  Speaker 2: of that nature. But another way that people can can
• 52:02
  Speaker 2: invest in real estate that not a lot of people
• 52:04
  Speaker 2: are fully familiar with is via their retirement account. Because
• 52:08
  Speaker 2: if you think about it, I've spoke about this before.
• 52:10
  Speaker 2: Most for the average American middle class, American lower middle class, whatever,
• 52:16
  Speaker 2: they don't have a tremendous amount of money saved in
• 52:18
  Speaker 2: a savings account. They don't have money. They might probably
• 52:21
  Speaker 2: have no investment outside of retirement like they don't have I.
• 52:24
  Speaker 4: Mean, I know people straight up that don't know what
• 52:27
  Speaker 4: an IRI is.
• 52:28
  Speaker 2: Well, yeah, that but I'm just saying as far as
• 52:30
  Speaker 2: the money that they have saved is in retirement. So
• 52:35
  Speaker 2: it's not uncommon for a teacher to have half a
• 52:38
  Speaker 2: million dollars in their pension plan or their four or
• 52:42
  Speaker 2: three B plan by the time they retire, or it's
• 52:44
  Speaker 2: not uncommon for somebody to work in corporate America for
• 52:49
  Speaker 2: twenty years and to have four hundred thousand dollars or
• 52:52
  Speaker 2: even like one hundred thousand in a couple of years,
• 52:54
  Speaker 2: Like it adds up. The good thing with four in
• 52:57
  Speaker 2: one case is that the money is taken right out
• 52:59
  Speaker 2: of your paycheck, so it's easy. Everybody knows about it.
• 53:03
  Speaker 2: Like when you sign up for a job, they do you,
• 53:04
  Speaker 2: they sign you up for and then you've worked, like
• 53:06
  Speaker 2: I said, a union job, you have a pension. People
• 53:09
  Speaker 2: have money in retirement accounts. Long story short, Yeah, and
• 53:12
  Speaker 2: that's the one place where a lot of people that's
• 53:15
  Speaker 2: like their only source of like real save somebody.
• 53:19
  Speaker 4: If they're saving, they're like, yeah, I have a four one.
• 53:20
  Speaker 3: Yeah.
• 53:21
  Speaker 2: So what happens is that is that a lot of
• 53:22
  Speaker 2: times what happens I see all the time is that
• 53:25
  Speaker 2: people like they might leave their job or whatever they
• 53:27
  Speaker 2: want to buy a home, and they have an old
• 53:29
  Speaker 2: retirement account, like a old four one K, and what they
• 53:32
  Speaker 2: do is that they cash it out because that's the
• 53:33
  Speaker 2: only real money. They cash out their four one K
• 53:37
  Speaker 2: and they use that for a down payment or they
• 53:38
  Speaker 2: use that to buy a home. The problem with that
• 53:40
  Speaker 2: is that now not only do you deplete your retirement account,
• 53:43
  Speaker 2: but you get taxed crazy. Like if you take money
• 53:45
  Speaker 2: out of a retirement account, but for fifty nine and
• 53:47
  Speaker 2: a half from most retirement accounts, you pay a ten
• 53:50
  Speaker 2: percent penalty, you pay state tax, and you pay federal tax.
• 53:53
  Speaker 2: So you could be paying up to fifty to fifty
• 53:54
  Speaker 2: five percent of the money in taxes.
• 53:57
  Speaker 3: Right. So that's that's a lot of money. That's you're liable.
• 54:00
  Speaker 4: We had a tax issue in this house, man.
• 54:02
  Speaker 3: Yeah, so's it's important to understand that.
• 54:04
  Speaker 2: So a lot of times people don't fully understand that
• 54:08
  Speaker 2: you can actually use retirement money to actually purchase property.
• 54:13
  Speaker 3: Right. So how you do that is via what's called
• 54:15
  Speaker 3: a self directed eye.
• 54:16
  Speaker 4: So before we go there, right, because this is important,
• 54:18
  Speaker 4: what's the difference between an IRA and a self directed IRA?
• 54:22
  Speaker 2: So all right, an IRA is what it stands for
• 54:25
  Speaker 2: is the individual retirement account.
• 54:26
  Speaker 4: Right.
• 54:26
  Speaker 2: I think we spoke about this in another episode one time.
• 54:28
  Speaker 2: But so IRA can be set up two different ways.
• 54:31
  Speaker 2: You can set an IRA up just with money out
• 54:33
  Speaker 2: of your pocket, and like you can fund it every year,
• 54:36
  Speaker 2: like if you are self employed, or if your job
• 54:38
  Speaker 2: doesn't have a four one K, or if you make
• 54:41
  Speaker 2: under a certain amount of money, you can just put
• 54:42
  Speaker 2: money to an IRA every year. Right now, you put
• 54:45
  Speaker 2: like six thousand dollars on IRA.
• 54:46
  Speaker 4: There's a max on it.
• 54:47
  Speaker 2: Yeah, for the year. Okay, but now what's very populus.
• 54:51
  Speaker 2: What's called the IRA rollover. So when you what happens
• 54:54
  Speaker 2: is that now you leave your job, right and now
• 54:57
  Speaker 2: you have an old four one K and old pinch plan,
• 55:00
  Speaker 2: an old four three B whatever, TDA whatever, and you
• 55:04
  Speaker 2: can roll that into an IRA.
• 55:06
  Speaker 3: Right.
• 55:07
  Speaker 2: So the reason why it's called the rollover is that
• 55:09
  Speaker 2: it's going from one what's called tax qualified vehicle to
• 55:12
  Speaker 2: another tax qualified vehicle. You're not paying taxes on it
• 55:14
  Speaker 2: for your retirement. The only difference is that the four
• 55:16
  Speaker 2: one K is set.
• 55:17
  Speaker 3: Up by your job. The IRA is set up individually.
• 55:19
  Speaker 2: You can set up you know with a bank or
• 55:21
  Speaker 2: through a financial advisor or you know online there's different
• 55:25
  Speaker 2: ways to set it up.
• 55:26
  Speaker 3: Right.
• 55:27
  Speaker 2: So most of the time when I when people do
• 55:30
  Speaker 2: IRA rollovers, they're rolling into what's called the traditional IRA.
• 55:34
  Speaker 2: Traditional IRA is investing in more traditional investments stocks, stocks,
• 55:39
  Speaker 2: mutual funds, things of that nature. Right, So it's invested
• 55:44
  Speaker 2: in the stock market, in bonds, things of that nature,
• 55:47
  Speaker 2: and it grows over the cost of time. So let's
• 55:49
  Speaker 2: say you had a job you work at and T
• 55:52
  Speaker 2: for fifteen years. You have one hundred thousand dollars in
• 55:53
  Speaker 2: a four month kN you left. You left, So now
• 55:56
  Speaker 2: when you leave your job, the four one k is
• 55:58
  Speaker 2: pretty much frozen in the sense not the way. It's
• 56:00
  Speaker 2: not growing. It's still growing relative to how any investments do.
• 56:03
  Speaker 2: But you can't borrow from it, right, you can't add
• 56:06
  Speaker 2: money to it, you don't have any advice on it.
• 56:09
  Speaker 2: You're not you're not working there anymore. And a lot
• 56:10
  Speaker 2: of times people move and they don't update the address,
• 56:13
  Speaker 2: so it becomes difficult to manage if you're not working
• 56:15
  Speaker 2: there anymore. So this is why the rollover is so
• 56:17
  Speaker 2: appealing because now you get to pick and choose your investments.
• 56:20
  Speaker 2: You can add money to the IRA if you want,
• 56:23
  Speaker 2: you can work with somebody that can help you out,
• 56:25
  Speaker 2: like in advisor things of that nature. So that's that's
• 56:27
  Speaker 2: what that's what the IRA is, just taking control over
• 56:29
  Speaker 2: the money. So now you have that, you have it
• 56:32
  Speaker 2: in the i RA, right. So now as it's in
• 56:35
  Speaker 2: the i RA, it can be invested in like let's
• 56:39
  Speaker 2: say it's invested in mutual funds, right or an.
• 56:41
  Speaker 3: Annuity or whatever.
• 56:42
  Speaker 2: It was just the regular IR traditional So the money's invested,
• 56:45
  Speaker 2: you're not paying any taxes on it as long as
• 56:47
  Speaker 2: it stays in and it's just like how it would
• 56:50
  Speaker 2: be with your four to one K, except you're kind
• 56:52
  Speaker 2: of picking and choosing investments for yourself.
• 56:54
  Speaker 3: Okay, So it's that's.
• 56:55
  Speaker 4: The easy So if I'm not picking it, then it
• 56:57
  Speaker 4: would be a financial advisor or like I saw, like
• 57:00
  Speaker 4: a custodian.
• 57:01
  Speaker 2: Most of the time, it's a through like somebody will
• 57:04
  Speaker 2: help you out with it. So whether that be a
• 57:06
  Speaker 2: financial advisor, whether that be somebody at a bank, credit union,
• 57:11
  Speaker 2: or you know. Usually you can do it yourself too
• 57:13
  Speaker 2: if you go online like you can Fidelity, but a
• 57:17
  Speaker 2: lot of times people just don't feel comfortable doing things themselves.
• 57:19
  Speaker 2: They might want help, so somebody will help you out
• 57:22
  Speaker 2: with it that they, you know, kind of guide you
• 57:24
  Speaker 2: on like what makes sense, This is a good investment
• 57:26
  Speaker 2: and this is the reason why things of that nature.
• 57:29
  Speaker 2: So that's what most people do, Like probably like ninety
• 57:31
  Speaker 2: five percent of people, they'll roll in money into a
• 57:33
  Speaker 2: traditional IRA. But another option that you have is that
• 57:36
  Speaker 2: you can roll into what's called the self directed IRA. So,
• 57:40
  Speaker 2: so traditional IRIS allows you to invest in traditional investments.
• 57:42
  Speaker 2: Like like I just said, the self directed IRA allows
• 57:44
  Speaker 2: you to invest in a broad range of different things.
• 57:48
  Speaker 2: Everything from bitcoin to commodities.
• 57:52
  Speaker 3: Is a bunch of possibilities, all kinds of different stuff.
• 57:54
  Speaker 4: And one of the things, so somebody said, like you
• 57:56
  Speaker 4: can invest in a horse holding firm.
• 57:59
  Speaker 2: Yeah, you can invest in all kind of different things.
• 58:00
  Speaker 2: But it self directed IRA. And one of one of
• 58:02
  Speaker 2: the most popular things that people use self directed IRA is.
• 58:05
  Speaker 3: For is real estate.
• 58:07
  Speaker 2: So a self directed IRA allows you to invest money
• 58:09
  Speaker 2: in real estate. Right, So what happens is that you
• 58:11
  Speaker 2: have one hundred thousand dollars and instead of like if
• 58:13
  Speaker 2: you don't roll into a traditional IRA, you can roll
• 58:15
  Speaker 2: it into a self directed IRA. Now that's self directed IRA.
• 58:19
  Speaker 2: You can buy a home, or you can buy an
• 58:21
  Speaker 2: apartment or whatever, or use that money to you know,
• 58:23
  Speaker 2: buy different forms of real estate, and the money's not
• 58:26
  Speaker 2: tax because the whole point of keeping it within the
• 58:28
  Speaker 2: IRA is that you avoid you're avoiding paying.
• 58:30
  Speaker 3: Tax tax when you take it out, or tax.
• 58:32
  Speaker 2: When you take it out when you when you take
• 58:34
  Speaker 2: receipt of it, we call taking receipt of the money, right,
• 58:36
  Speaker 2: so like when you take receipt of it, that's when
• 58:38
  Speaker 2: the money goes to a bank account, like when you
• 58:40
  Speaker 2: physically receive it. As long as it's under the umbrella
• 58:43
  Speaker 2: of the IRA, you never actually have you don't have
• 58:46
  Speaker 2: receipt of it, so you're not you're not paying any
• 58:49
  Speaker 2: taxes on it. That's the benefit of rolling a fall
• 58:51
  Speaker 2: one came to an IRA and keeping it in the IRA. Right,
• 58:54
  Speaker 2: you're not paying any taxes. Whenever you take money out,
• 58:56
  Speaker 2: you're going to get taxed. If you take it out prematurely,
• 58:58
  Speaker 2: you get a ten percent penalty tax. But at any
• 59:01
  Speaker 2: point in time you take money out of an IRA
• 59:03
  Speaker 2: or four one care, you pay a state and federal tax,
• 59:05
  Speaker 2: the federal taxes with federal tax bracket you're in at
• 59:08
  Speaker 2: that time, and the state tax depending on what state
• 59:10
  Speaker 2: tax with state you're in and it's treated like ordinary income,
• 59:13
  Speaker 2: and you can borrow.
• 59:13
  Speaker 4: That at any time, but just know that there's gonna
• 59:15
  Speaker 4: be a penalty borrow what you can borrow money from
• 59:18
  Speaker 4: the IRA.
• 59:18
  Speaker 2: You can't borrow money from the IRA. You can take
• 59:20
  Speaker 2: money once a year from the IRA, but it's a
• 59:22
  Speaker 2: sixty day rule where you got to put the money
• 59:24
  Speaker 2: back in.
• 59:24
  Speaker 4: Okay, good enough.
• 59:25
  Speaker 2: So what happens is that with the self directed IRA,
• 59:30
  Speaker 2: right now, you can use that money stays in the IRA,
• 59:34
  Speaker 2: but you can buy a real estate. So like let's
• 59:36
  Speaker 2: say you used one hundred thousand and you bought a home,
• 59:38
  Speaker 2: used all of it to buy a home for one
• 59:40
  Speaker 2: hundred thousand in cash. Right, So now that one hundred
• 59:43
  Speaker 2: thousand is pretty much like your retirement. So the one
• 59:45
  Speaker 2: hundred thousand rolls to two hundred thousand over the course
• 59:48
  Speaker 2: of time. You're not paying any taxes as it's growing. Right,
• 59:52
  Speaker 2: So you sell that home. Now you made a hundred
• 59:54
  Speaker 2: thousand dollar profit. Right now, you put that back into
• 59:58
  Speaker 2: the self directed IRA. Now it's not tax Now you
• 1:00:00
  Speaker 2: have two hundred thousand dollars. Now you can buy more
• 1:00:02
  Speaker 2: real estate or you can invest something else. Right, So
• 1:00:06
  Speaker 2: it's another way to invest in real estate with your
• 1:00:08
  Speaker 2: retirement account as opposed to investing with like a lot
• 1:00:13
  Speaker 2: of times people think that they have to cash out
• 1:00:14
  Speaker 2: their retirement to invest in real estate because most iras
• 1:00:18
  Speaker 2: will not allow you to invest in real estate.
• 1:00:20
  Speaker 4: It's self directed IRA, all right, So what's the process
• 1:00:23
  Speaker 4: of setting up an IRA, because it's you're doing it yourself.
• 1:00:25
  Speaker 4: I'm assuming right, self directed.
• 1:00:26
  Speaker 2: Self directed IRA. Yeah, so the process is set up,
• 1:00:29
  Speaker 2: all right, The process is set up a IRA.
• 1:00:31
  Speaker 3: Period. This is the process is set up an IRA.
• 1:00:33
  Speaker 2: You do an application for the IRA company, right, So,
• 1:00:37
  Speaker 2: now that that sets up your IRA account. Like let's
• 1:00:41
  Speaker 2: say you set up an IRA with Franklin Simpleton. Right,
• 1:00:43
  Speaker 2: you're doing an application with Franklin Templeton and you're setting
• 1:00:47
  Speaker 2: up an IRA. Right now, you have an IRA number,
• 1:00:51
  Speaker 2: let's say it's one three, five seven zero. That's your
• 1:00:53
  Speaker 2: IRA number. You have an account. All of that stuff
• 1:00:56
  Speaker 2: is set up, but it's not funded yet. So what
• 1:00:58
  Speaker 2: happens is that now you have to do a conference
• 1:01:00
  Speaker 2: call with the fall one K company that shures you
• 1:01:03
  Speaker 2: the easiest way you do a conference call, and usually
• 1:01:06
  Speaker 2: like you do with your advisor, if you're working with
• 1:01:07
  Speaker 2: an advisor and like most companies nowadays, like it's fidelity,
• 1:01:12
  Speaker 2: they'll do it over the phone where they can initiate
• 1:01:15
  Speaker 2: the transfer over the phone. So you say, okay, I
• 1:01:17
  Speaker 2: have an IRA. I want to roll my old four
• 1:01:19
  Speaker 2: one K into an IRA. And they ask you, like,
• 1:01:22
  Speaker 2: who's the check made out to. You'll say like Franklin
• 1:01:24
  Speaker 2: for John Doe, Franklin Templeton for a benefit of John Doe, right,
• 1:01:29
  Speaker 2: and they say like what's the address. Most a lot
• 1:01:31
  Speaker 2: of times they'll send it directly to your house, or
• 1:01:32
  Speaker 2: sometimes they'll turn it to the company, but they'll cut
• 1:01:35
  Speaker 2: the check. They'll do it over the phone. They'll cut
• 1:01:36
  Speaker 2: the check and then you deposit that until your IRA account.
• 1:01:39
  Speaker 2: Now your IRA is funded.
• 1:01:40
  Speaker 3: Right.
• 1:01:41
  Speaker 2: Sometimes some companies have paperwork where they have like their
• 1:01:44
  Speaker 2: own paperwork and you fill out the paperwork, you send
• 1:01:46
  Speaker 2: it back to the company and then they send the check.
• 1:01:49
  Speaker 2: So it depends either they do it with the phone
• 1:01:50
  Speaker 2: or the paperwork. But that's how you set the IRA up.
• 1:01:52
  Speaker 2: It's very simple. It's at the IRA up. It's it's
• 1:01:54
  Speaker 2: two part process. You have an application and then you
• 1:01:56
  Speaker 2: contact the company and you tell a company where they's
• 1:01:58
  Speaker 2: send the money to pretty much. That's how you set
• 1:02:00
  Speaker 2: the IRA up. So when it's self directed IRA, it's
• 1:02:04
  Speaker 2: the same process. It's just that there's less companies. There's
• 1:02:08
  Speaker 2: like mostly trust companies that do this. So like with IRA,
• 1:02:13
  Speaker 2: there's a bunch of hundreds, probably a thousand companies that
• 1:02:17
  Speaker 2: you can do IRA where it's very very common traditional IRA.
• 1:02:21
  Speaker 2: Everything from insurance companies to investment companies to banks, credit unions.
• 1:02:25
  Speaker 2: You can set up IRA up with pretty much any
• 1:02:27
  Speaker 2: financial institution. You can set up a traditional IRA up right,
• 1:02:30
  Speaker 2: But there's a limited amount of companies that do self
• 1:02:33
  Speaker 2: directed iras.
• 1:02:34
  Speaker 3: Right.
• 1:02:35
  Speaker 2: Well, it's just it's just less, you know, I guess
• 1:02:37
  Speaker 2: it's just it's it might be I'm not really sure,
• 1:02:39
  Speaker 2: but probably I'm sure is more involved.
• 1:02:43
  Speaker 4: I Mean, when I'm listening to it, it sounds like this
• 1:02:45
  Speaker 4: is like one of them things like this is strictly
• 1:02:46
  Speaker 4: for love, man, Like this is not something that the
• 1:02:48
  Speaker 4: average person.
• 1:02:50
  Speaker 2: Well, well we're gonna get to that. We're gonna get
• 1:02:52
  Speaker 2: to that the pros and cons, because there's constant, like
• 1:02:53
  Speaker 2: everything in life. Well, like just a few companies that
• 1:02:55
  Speaker 2: I'm not endorsing any companies because I don't work with
• 1:02:58
  Speaker 2: I don't set up self directed iras for people, but
• 1:03:01
  Speaker 2: just to kind of give you Like if you google
• 1:03:02
  Speaker 2: cel directed iras, there's a lot of companies that will
• 1:03:04
  Speaker 2: come up, so like Equity Trust, Goal Star Trust, and
• 1:03:08
  Speaker 2: Trust Group. Those are different companies. But like I said,
• 1:03:10
  Speaker 2: you could just google and do your own research, not
• 1:03:13
  Speaker 2: to give those companies like any endorsement, but that's just
• 1:03:17
  Speaker 2: that's just yeah, that's just that's just a couple of
• 1:03:19
  Speaker 2: companies name.
• 1:03:20
  Speaker 4: But when would be a good time to consider doing
• 1:03:22
  Speaker 4: the self director.
• 1:03:22
  Speaker 2: So before we even get to that, So how you
• 1:03:24
  Speaker 2: set up the self directed IRA is that you you
• 1:03:27
  Speaker 2: go online, you contact them, and you set it up
• 1:03:30
  Speaker 2: with them, and they'll walk you through the process of
• 1:03:34
  Speaker 2: like who the chech needs to be made out to you,
• 1:03:37
  Speaker 2: an account number and all of that. So it's the
• 1:03:38
  Speaker 2: same thing I just explained, but you have to do
• 1:03:41
  Speaker 2: it this to yourself as opposed to like a lot
• 1:03:43
  Speaker 2: of times with the i RA you have help because
• 1:03:45
  Speaker 2: it a avisor that will help you out with you
• 1:03:47
  Speaker 2: yeah most of the time. But in this process you're
• 1:03:50
  Speaker 2: gonna have to like kind of navigate this yourself. So
• 1:03:52
  Speaker 2: of course you want to be properly educated, you want
• 1:03:54
  Speaker 2: to do your research. But the thing with the show
• 1:03:57
  Speaker 2: is just to provide information. It's not to say to
• 1:04:00
  Speaker 2: do one thing or another, but it's just to provide information.
• 1:04:03
  Speaker 2: So there's some drawbacks with the with self thrected IRA
• 1:04:07
  Speaker 2: because the thing with the self directing IR like, if
• 1:04:08
  Speaker 2: you have a regular IRA right now, the money is
• 1:04:11
  Speaker 2: invested in the stock market, you don't really have to
• 1:04:13
  Speaker 2: do anything like I mean, you can just monitor it
• 1:04:16
  Speaker 2: and make sure you're in a good fund or a
• 1:04:18
  Speaker 2: good investment, but it's not gonna cost you like money,
• 1:04:22
  Speaker 2: right Like if you buy a real estate property, if
• 1:04:26
  Speaker 2: you buy a home right now, you buy that home
• 1:04:28
  Speaker 2: for one hundred thousand dollars, but you just it's not
• 1:04:30
  Speaker 2: a huge Just let that go. Because now the boiler
• 1:04:34
  Speaker 2: might break, right so now you gotta pay money to
• 1:04:37
  Speaker 2: fix the boiler. Or the house might need to be painted.
• 1:04:40
  Speaker 2: Now you gotta pay money to fix this upkeeping the house.
• 1:04:42
  Speaker 2: No matter what, there's still upkeep, you gotta cut the grass.
• 1:04:44
  Speaker 2: There's always gonna be something. So it's gonna cost you money, exactly.
• 1:04:48
  Speaker 2: It's important for people to understand that it's buying a
• 1:04:50
  Speaker 2: house is gonna cost you money without like there's no
• 1:04:54
  Speaker 2: way around it. So when you have your retirement account
• 1:04:57
  Speaker 2: tied into that, A lot of times people you know,
• 1:05:00
  Speaker 2: you're not investing your four one K into an IRA,
• 1:05:03
  Speaker 2: a regular IRA with the expectation that you're gonna have
• 1:05:06
  Speaker 2: to pay five thousand dollars a year just to keep
• 1:05:08
  Speaker 2: up that IRA. There's fees involved with an IRA, but
• 1:05:12
  Speaker 2: that's taken out of the amount. It's not like you're
• 1:05:14
  Speaker 2: coming out of your pocket with a house is different, right. Also,
• 1:05:19
  Speaker 2: a lot of times people buy homes and the especially
• 1:05:23
  Speaker 2: with investment properties, they're doing that to actually have income.
• 1:05:26
  Speaker 2: So they buy a home and they want to have
• 1:05:28
  Speaker 2: income come from that right to like support their lifestyle.
• 1:05:31
  Speaker 2: But any money that you generate from the self directed
• 1:05:34
  Speaker 2: IRA property has to go back into the self directed IRA.
• 1:05:37
  Speaker 2: If it doesn't, then you get taxed on it. So
• 1:05:40
  Speaker 2: that's also important for people to understand. It's more of
• 1:05:42
  Speaker 2: a long term play. So, like I said, so.
• 1:05:45
  Speaker 4: That's not like obviously your primary residents, I'm assuming primary residence.
• 1:05:49
  Speaker 4: What when you're investing in the real estate or could
• 1:05:51
  Speaker 4: it be no.
• 1:05:51
  Speaker 2: It could be anything. It doesn't have to be a
• 1:05:52
  Speaker 2: primary residence. It could be a rental, it could be
• 1:05:54
  Speaker 2: a primary it could be a different different things, but
• 1:05:57
  Speaker 2: it's just like all things in life. You want to
• 1:05:59
  Speaker 2: put together game plan, you want to put together game plan,
• 1:06:01
  Speaker 2: you want to be fully knowledgeable. But like I said,
• 1:06:04
  Speaker 2: at the whole point of the podcast is just to
• 1:06:06
  Speaker 2: give information and then from the information that you can
• 1:06:10
  Speaker 2: decipher and say, okay, this makes sense. But a lot
• 1:06:12
  Speaker 2: of times we're forcing too doing things because we just
• 1:06:15
  Speaker 2: we don't know. So for most people, the self directed
• 1:06:19
  Speaker 2: IRA probably wouldn't be the best fit because it's more
• 1:06:22
  Speaker 2: work involved everything that I just named, But in some
• 1:06:25
  Speaker 2: cases it could potentially make sense. So just wanted to
• 1:06:29
  Speaker 2: let people. I spoke about that in a few different
• 1:06:32
  Speaker 2: settings like live settings, and it's always it always gets
• 1:06:35
  Speaker 2: a good reaction. So I wanted to cover that in
• 1:06:38
  Speaker 2: a podcast, and I knew that you know today obviously
• 1:06:40
  Speaker 2: that we didn't have a guest, I thought it would
• 1:06:42
  Speaker 2: be a good a good time to actually cover that topic.
• 1:06:44
  Speaker 3: You talk about real estate so much shout out.
• 1:06:46
  Speaker 4: I want to thank you for coming man, this is
• 1:06:49
  Speaker 4: this is This has been a learning experience. Like just
• 1:06:51
  Speaker 4: when you think you know somebody fact follow me on
• 1:06:54
  Speaker 4: the ground, but can you give everybody if not? That
• 1:06:59
  Speaker 4: was great man. And like I said, obviously we talk
• 1:07:02
  Speaker 4: every day, but we don't have in depth conversations like this,
• 1:07:05
  Speaker 4: so like when we even have to. When I was
• 1:07:07
  Speaker 4: preparing for this, I'm like, I have questions because it's
• 1:07:09
  Speaker 4: like I don't know these things, Like this is your expertise,
• 1:07:11
  Speaker 4: so this is dope that we have to do this
• 1:07:13
  Speaker 4: like that, there's about ten questions segment.
• 1:07:15
  Speaker 3: That we Like I said, it's just a little little tippets.
• 1:07:17
  Speaker 2: I think that's something that we want to try to
• 1:07:19
  Speaker 2: just throw a little gyms in there on the podcast
• 1:07:23
  Speaker 2: every once in a while, like from your area of expertise,
• 1:07:27
  Speaker 2: from my area of expertise, Like we can do like
• 1:07:29
  Speaker 2: one per episode, like you know, once a month something
• 1:07:31
  Speaker 2: like that, where you can just kind of like little tippets,
• 1:07:32
  Speaker 2: little financial tippits to kind of help people out in
• 1:07:35
  Speaker 2: the day to day life. And I think that that's
• 1:07:38
  Speaker 2: something that could be beneficial.
• 1:07:39
  Speaker 4: Yeah, man, I'm sure that people are going to take
• 1:07:42
  Speaker 4: a lot from.
• 1:07:42
  Speaker 3: This, hopefully hopefully hopefully for sure.
• 1:07:45
  Speaker 2: So so yeah, I mean I think that that's that's
• 1:07:48
  Speaker 2: that's that's a good nostalgia, a trip down memory.
• 1:07:51
  Speaker 4: If you're like, can y'all bring it and what happened
• 1:07:54
  Speaker 4: to the NASA intro. Listen if you all listening to
• 1:07:56
  Speaker 4: us right now, we've covered like trademarket so that that
• 1:08:01
  Speaker 4: you can be between the lines. We love NOAs shot
• 1:08:04
  Speaker 4: the basketball. That is who I wanted to be when
• 1:08:06
  Speaker 4: I was eleven years old. So we love nos. We
• 1:08:09
  Speaker 4: just gotta we couldn't figure out how to get the music.
• 1:08:11
  Speaker 2: You gotta get Knaves on the podcast is doing all
• 1:08:14
  Speaker 2: kinds of different things in the venture capital space right now.
• 1:08:16
  Speaker 3: I get him on the podcast.
• 1:08:17
  Speaker 2: But before we go once again once again, but mind
• 1:08:20
  Speaker 2: the d C hop out on us.
• 1:08:23
  Speaker 3: Man.
• 1:08:23
  Speaker 2: We got crazy Saturday is gonna be Rashaanna Scott, Mobile
• 1:08:26
  Speaker 2: Home Investors and Wall Street Trapper. Sunday our very first
• 1:08:30
  Speaker 2: live podcast, the Capital one Arena with Max Maxwell, Ash Cash,
• 1:08:33
  Speaker 2: Derrek Falcon from Homemade. Then we got a networking event
• 1:08:36
  Speaker 2: after that. Then we got the game, the Wizards Clippers game.
• 1:08:39
  Speaker 2: Everybody that comes to the podcast has tickets to the game.
• 1:08:42
  Speaker 4: Sunday night, d C. It's on, y'all, y'all, gott tell
• 1:08:44
  Speaker 4: us what to go.
• 1:08:45
  Speaker 3: Park. I think Park is, That's what I think Park,
• 1:08:48
  Speaker 3: So d C.
• 1:08:50
  Speaker 2: I can't wait. I can't wait to touch the town man,
• 1:08:52
  Speaker 2: I'm gonna come a little early. Actually, run run around, yeah,
• 1:08:56
  Speaker 2: runing around the d m V for a little bit.
• 1:08:59
  Speaker 2: And eyl University yet the university. Shout to everybody on
• 1:09:03
  Speaker 2: eyl University. Everybody's tuning in of our guest webinar hosts.
• 1:09:08
  Speaker 4: We got the credit due. We had Sabine, obviously we
• 1:09:10
  Speaker 4: have Matt. They're doing a tremendous job. We actually did
• 1:09:13
  Speaker 4: to webinars ourselves. Andre Hatchett, shout out to him, he
• 1:09:17
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• 1:09:21
  Speaker 4: we learned so much more. So, shout out to everybody
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• 1:09:43
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• 1:09:45
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• 1:09:55
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• 1:09:58
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• 1:10:24
  Speaker 2: lu whole new collection. Yo University is something that we're
• 1:10:27
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• 1:10:30
  Speaker 2: different because it's not just like courses. It's it's zoom classes.
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• 1:10:37
  Speaker 2: a different speakers from everything from two or three like
• 1:10:40
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• 1:10:44
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• 1:10:48
  Speaker 4: Also, when you watch the podcast, it's not live, right,
• 1:10:51
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• 1:10:52
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• 1:11:05
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• 1:11:07
  Speaker 4: see what it's all about.
• 1:11:08
  Speaker 3: No, it's a vibe.
• 1:11:09
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• 1:11:12
  Speaker 2: coolest way to learn on the internet right now.
• 1:11:16
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• 1:11:16
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• 1:11:18
  Speaker 2: excited about that. And that's what we're pushing right now.
• 1:11:21
  Speaker 2: And also jay Z that's our guy.
• 1:11:24
  Speaker 4: You know that. Yeah, since we've been doing this, y'all
• 1:11:26
  Speaker 4: know that.
• 1:11:27
  Speaker 2: And so the book tip of this week is jay
• 1:11:28
  Speaker 2: Z Made in America by Michael Eric Dyson.
• 1:11:31
  Speaker 3: He does Mikero. Eric Dyson's interesting he does. He did
• 1:11:33
  Speaker 3: his book on nas.
• 1:11:35
  Speaker 2: He like breaks down like these lyrics and it's like, yeah,
• 1:11:38
  Speaker 2: he's kind of like what we do we need to
• 1:11:40
  Speaker 2: get him on the podcast.
• 1:11:41
  Speaker 4: He's in DC too.
• 1:11:42
  Speaker 2: Yeah, he breaks down like hip hop and then like
• 1:11:45
  Speaker 2: pop culture. It's like a whole vibe that he does.
• 1:11:48
  Speaker 2: So he just did the jay Z book that's his latest.
• 1:11:50
  Speaker 4: It was dope because Jay actually allowed him to use
• 1:11:53
  Speaker 4: some of the lyrics in the book. So it's dope
• 1:11:55
  Speaker 4: that he used them and did a whole bunch of
• 1:11:57
  Speaker 4: chapters on him. So check that out for sure.
• 1:11:59
  Speaker 2: Yeah he Oh, here you have it man, another one
• 1:12:02
  Speaker 2: in the books. Ernest, we love you, five of them,
• 1:12:05
  Speaker 2: mant thank you for rocking with us. We'll see you
• 1:12:07
  Speaker 2: next week. Peace please.
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