Latest / Money And Wealth With John Hope Bryant / The Hidden Power of Life Insurance

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The Hidden Power of Life Insurance · Money And Wealth With John Hope Bryant

• 0:00
  Speaker 1: Welcome the Money and Wealth with John O'Briant, a production
• 0:03
  Speaker 1: of the Black Effect Podcast Network and iHeartRadio. I wish
• 0:14
  Speaker 1: somebody would. Okay, this is a trending topic. This is
• 0:20
  Speaker 1: an evergreen because ignorance last forever. This is John O'Brien.
• 0:23
  Speaker 1: This is John O'Brien on Money and Wealth on the
• 0:24
  Speaker 1: Black Effect Network podcast series on iHeart Okay, I wish
• 0:29
  Speaker 1: somebody would bring this in front of me. I wish
• 0:32
  Speaker 1: somebody would. I dare you to bring this to me
• 0:35
  Speaker 1: at dinner. So Brother Man, and we're gonna play the
• 0:39
  Speaker 1: audio clips. You can hear it on the podcast. Brother
• 0:43
  Speaker 1: Man goes to dinner with his wife's girlfriend, and I
• 0:49
  Speaker 1: guess because he knows a number of the girlfriends that
• 0:51
  Speaker 1: are trying to surprise his wife's girlfriend for a birthday dinner.
• 0:57
  Speaker 1: He makes some phone calls and send some emails to say, hey,
• 1:00
  Speaker 1: dinner is at this place at this time. It's a
• 1:04
  Speaker 1: surprise for licious caller Joe Ann. And that's all he says.
• 1:09
  Speaker 1: I mean, that's what I pick up from the exchange.
• 1:11
  Speaker 1: You tell me what you see. But it's sort of
• 1:14
  Speaker 1: common sense. Now we're about to find out the common
• 1:17
  Speaker 1: sense it's not so common, or maybe just people are
• 1:21
  Speaker 1: just self centered and entitled. And I've even gotten to
• 1:25
  Speaker 1: the story yet I've already got a problem with the
• 1:26
  Speaker 1: whole situation. If you can hear my energy here. So
• 1:31
  Speaker 1: here's the story. Man goes to dinner. Somebody's recording this
• 1:36
  Speaker 1: because it's a birthday and the ladies that they think.
• 1:42
  Speaker 1: It's about eight ladies at the dinner with the birthday
• 1:45
  Speaker 1: girl and the wife, and the dude is the only
• 1:48
  Speaker 1: person there. This is very important. The brother is the
• 1:50
  Speaker 1: only man present with his wife. When the dinner's over,
• 1:56
  Speaker 1: anybody's had a very nice time, and they've ordered everything
• 1:59
  Speaker 1: on the menu, plus the wallpaper off the wall. I
• 2:02
  Speaker 1: guess they've just loaded up with goodies from the restaurant.
• 2:07
  Speaker 1: Maybe tried to take a chair. I don't I'm not
• 2:09
  Speaker 1: quite sure. But they they clear cleared the menu, and
• 2:14
  Speaker 1: and you know they were full. And he says to
• 2:19
  Speaker 1: the waitress, well, you know, just bring individual checks. I'll
• 2:23
  Speaker 1: take care of the birthday girl. The girls go crazy.
• 2:27
  Speaker 1: The girls go absolutely out of their mind. I mean
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  Speaker 1: all sense of class, taste, and style goes right out
• 2:35
  Speaker 1: the window. Separator, I got the birthday girl, and my wife.
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  Speaker 2: I'm sorry, you're the only man at the table.
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  Speaker 1: Why are we doing Sparta? But it's all women here.
• 2:50
  Speaker 1: I'm not I'm not responsible for paying everybody.
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  Speaker 2: I got the birthday.
• 3:00
  Speaker 1: Right, Okay, I'm I'm responsible for libr Okay, you're the
• 3:04
  Speaker 1: only man at the table. The red bottom shoes come off.
• 3:08
  Speaker 1: The next starts starts going so hard that they pop
• 3:13
  Speaker 1: their the necklaces off the neck. I mean it is
• 3:15
  Speaker 1: somebody's gonna jump with me for all this narrative, but
• 3:18
  Speaker 1: I mean it's ignorant to me. It's just ignorant. They're
• 3:21
  Speaker 1: going off on this dude. And by the way, if
• 3:24
  Speaker 1: if this, if the shoes were on the foot, just
• 3:25
  Speaker 1: so you're clear, and men responded the same way to
• 3:33
  Speaker 1: a woman, I'd say the same thing about the ignorance.
• 3:35
  Speaker 1: So just to be clear on this. But in this
• 3:37
  Speaker 1: particular case, these women said, you've got to pay to
• 3:43
  Speaker 1: the husband. Well, why do what? What you've got to pay?
• 3:47
  Speaker 1: You you should pay. You're the man here. Now this
• 3:49
  Speaker 1: is where I start having a very serious problem. What
• 3:54
  Speaker 1: you just say you've got to pay, not that these ladies.
• 3:59
  Speaker 1: The next is the jewelry that on one of them
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  Speaker 1: is more than the dude's whole outfit, right. I mean,
• 4:07
  Speaker 1: he looks like he's doing okay. It doesn't really matter.
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  Speaker 1: He didn't offer to sponsor to everybody for dinner. That
• 4:12
  Speaker 1: wasn't the invitation. He invited them to dinner to their friend.
• 4:17
  Speaker 1: He don't even really know the girl. Clearly he's there
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  Speaker 1: with his wife. So they start going off, all of
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  Speaker 1: them except include the birthday girl, by the way, and
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  Speaker 1: I would have retracted my offer to even pay for
• 4:31
  Speaker 1: her at this point. Actually I probably would have paid
• 4:33
  Speaker 1: for her anyway, because I give love and that's the
• 4:35
  Speaker 1: way I roll. But they all go off in this
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  Speaker 1: dude and start calling him all kinds of names and
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  Speaker 1: talking down to him and sayd he's basically not a man,
• 4:45
  Speaker 1: and how dare you not pay? You're the man? He's like,
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  Speaker 1: why should I pay? And they just basically say, well,
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  Speaker 1: you're the man at the table. What does that mean?
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  Speaker 1: Somebody explained that to me. How does a man at
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  Speaker 1: the table translate into you must pay the bill for everybody?
• 5:03
  Speaker 1: He said he's gonna pay for the birthday girl. Thought
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  Speaker 1: it was very gracious of him. I think everybody else
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  Speaker 1: should have just pitched in and then pay for their
• 5:13
  Speaker 1: own bill. Also, they should have said thank you to
• 5:15
  Speaker 1: him for doing that. Luckily, his wife steps up and says, no, no, no, wait,
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  Speaker 1: hold on, girlfriends, this is my husband, and he's right,
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  Speaker 1: he's paid for the birthday girl. And they start coming
• 5:24
  Speaker 1: at him again, and she says, no, no, no no. And
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  Speaker 1: when you get a husband, maybe you'll understand. Oh hello, ray,
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  Speaker 1: are you gonna let him stity here with a whole
• 5:34
  Speaker 1: paper full of women? I really do like you. It's
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  Speaker 1: not the possibility. And when you'll get a husband, I'm sorry,
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  Speaker 1: this is my husband and he's paying for me and
• 5:46
  Speaker 1: the birthday girl. Well, she's right. When they get a husband,
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  Speaker 1: maybe they will understand. But at this rate they won't
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  Speaker 1: get a husband at least won't last, because that's no
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  Speaker 1: way to do anything. Let me tell you something. A
• 5:58
  Speaker 1: giver and a taker is neurotic, and a taker and
• 6:01
  Speaker 1: a taker a psychotic. This is psychotic. This is nuts,
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  Speaker 1: this is crazy right, it's Craig Crag talking. I wish
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  Speaker 1: somebody would tell me that I owe you something, just
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  Speaker 1: because I'm me and I have not obligated myself to
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  Speaker 1: take care of we. I wish you would I owe
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  Speaker 1: you a hello and thank you with respect and consideration
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  Speaker 1: to open your door. If you're a lady in front
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  Speaker 1: of me, I ope you. I owe you my mother
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  Speaker 1: raised me. But I don't owe you a check and
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  Speaker 1: I don't owe you dinner because you're a woman and
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  Speaker 1: I'm a man. Where does that come from? What entitlement
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  Speaker 1: is that? That's nuts. It's not a job to be
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  Speaker 1: a woman, and it's not an obligation because you're a man.
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  Speaker 1: And the opposite is also true. This was just wrong.
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  Speaker 1: I want to hear your thoughts on it. Please add comments,
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  Speaker 1: have conversation, or as my friend Charlemagne, that God would say,
• 6:54
  Speaker 1: let's discuss. So let's discuss because this is crazy and
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  Speaker 1: we would got to stop having irrational conversations and start
• 7:03
  Speaker 1: talking about things that actually matter. You know, you always
• 7:05
  Speaker 1: tell poor people from everybody else. You go to a
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  Speaker 1: barber shop or a nail salon or hair salon into
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  Speaker 1: a wealthy neighborhood, irrespective of race. They're talking about their ideas.
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  Speaker 1: They're talking about the stock market. They're talking about how
• 7:16
  Speaker 1: their home renovation's coming, how their vacation, or their big
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  Speaker 1: idea they've got for their business or whatever. Right the dreams,
• 7:26
  Speaker 1: their aspiration. You go into a poor neighborhood of any race,
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  Speaker 1: I might add, and folks are talking about each other. First,
• 7:30
  Speaker 1: are talking about somebody else. Girl, you heard about pookying them?
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  Speaker 1: And what is enough? Then some celebrity or whatever who's
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  Speaker 1: not paying you a dime to fill your whole day
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  Speaker 1: with their conversation. You get paid nothing, nothing, nothing, But
• 7:45
  Speaker 1: you've leashed yourself out to some personality to talk about
• 7:48
  Speaker 1: them and their business all day long. Wealthy people talk
• 7:54
  Speaker 1: about ideas, and poor people talk about other people. In
• 7:57
  Speaker 1: this particular case, they're talking about talking down to this
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  Speaker 1: brother about an obligation he never signed up for, and
• 8:03
  Speaker 1: it is raggedy and it is wrong. All right, let's
• 8:06
  Speaker 1: discuss John O'Briant. This is money and wealth. This will
• 8:10
  Speaker 1: be a hot one. You've been bamboozled, you've been tricked,
• 8:22
  Speaker 1: you've been fooled. That is a quote from Malcolm X,
• 8:25
  Speaker 1: by the way, but I'm using it today on this
• 8:29
  Speaker 1: Money and Wealth episode of the Black Effect Network on
• 8:33
  Speaker 1: iHeartRadio to tell you there are people who want you
• 8:37
  Speaker 1: to remain unenlightened. My friend who's the CEO, Chris is
• 8:46
  Speaker 1: the CEO of a major financial institution, Chris Gorman is
• 8:50
  Speaker 1: his name, The CEO of Key Bank told me once
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  Speaker 1: that financial freedom potentially is the only freedom, only true freedom,
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  Speaker 1: because no one can take it away from you. That
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  Speaker 1: once you get it, unless you make a mistake, it
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  Speaker 1: is yours. Whereas political freedom and religious freedom and other
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  Speaker 1: forms of freedom, civil rights, etc. Can be removed from
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  Speaker 1: you by others at their whim. Look at what's going
• 9:15
  Speaker 1: on with regard to public policy, people for whom you
• 9:19
  Speaker 1: have no control over can change things for you. But
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  Speaker 1: financial freedom, within reason you control, and educations the ultimate
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  Speaker 1: poverty radication tool. When you know better, you do better.
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  Speaker 1: Here is a prime example of that is life insurance.
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  Speaker 1: And it doesn't get more basic than this. So you
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  Speaker 1: have people dying, not just poor people. In doing a
• 9:45
  Speaker 1: crowdsourcing now, crowdsourcing was created for many reasons, but one
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  Speaker 1: of them was to fund aspirational activity. I can't get
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  Speaker 1: a loan from a bank, so I'm going to crowdsource
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  Speaker 1: my business idea, my invention with a group of friends
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  Speaker 1: and family members and believers and give them some future
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  Speaker 1: value that we will define in the crowdsourcing for the
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  Speaker 1: investment in me. It's like going to the public markets.
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  Speaker 1: It's like your own Wall Street. Crowdfunding was originally this
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  Speaker 1: aspirational idea, and it is really devolved into I broke
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  Speaker 1: my leg and I don't can't afford to pay the fee,
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  Speaker 1: or I you know, my cousin died and there's no
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  Speaker 1: burial money. And then you've got celebrities who have lived
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  Speaker 1: this incredible aspirational life and you see when they pass
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  Speaker 1: away that family members are doing some crowdfunding for somebody
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  Speaker 1: who's made hundreds of thousands and in many cases millions
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  Speaker 1: and tens of millions of dollars died without a wheel.
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  Speaker 1: That's another podcast for another time. But could not afford
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  Speaker 1: a proper burial. This is crazy and it is undignified,
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  Speaker 1: and we deserve better, and we're going to talk now
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  Speaker 1: about doing better. We're not going to talk about just
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  Speaker 1: the negative, but the positive, the incredible positives of having
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  Speaker 1: a life insurance policy and getting it right now. So
• 11:15
  Speaker 1: in South Africa, about ten years ago I was in
• 11:19
  Speaker 1: South Africa. We had offices there for Operation Hope. Maybe yeah,
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  Speaker 1: about ten years ago. I've been to South Africa forty times,
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  Speaker 1: and I was noticing that families were buying the entire
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  Speaker 1: families were buying life insurance policies and I couldn't figure
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  Speaker 1: it out. This was ten years, fifteen years ago, particularly
• 11:39
  Speaker 1: when the AIDS crisis, the age epidemic, maybe even twenty
• 11:42
  Speaker 1: years ago, was at its height, and people were just
• 11:47
  Speaker 1: just dropping, just dying like that. And it sounds rather crude,
• 11:53
  Speaker 1: but it was explained to me, and actually I now
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  Speaker 1: believe it is quite intelligent. Poor people are actually not
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  Speaker 1: if you can, if you get you've got too much
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  Speaker 1: month into your money, and you can figure out how
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  Speaker 1: to make it all last and figure it out. You know,
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  Speaker 1: a lot of these single mothers deserve Nobel Peace Prizes
• 12:11
  Speaker 1: for how they're able to innovate themselves. So anyway, in
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  Speaker 1: South Africa, you had the situations where people were dying
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  Speaker 1: of AIDS, and so you have a family that would
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  Speaker 1: be very practical family of five or eight or ten.
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  Speaker 1: Everybody in the family would get a life insurance policy
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  Speaker 1: and cross pollinate across assign rights for the policy to
• 12:35
  Speaker 1: their siblings, to their loved ones, to their mom and dad.
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  Speaker 1: So God forbid one of the one or two members
• 12:42
  Speaker 1: of the family, and unfortunately in this situation, aid's got
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  Speaker 1: many many members of the family. During this era. If
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  Speaker 1: God forbid, somebody passed away, then that at least the
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  Speaker 1: proceeds from their death would go to the family. And
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  Speaker 1: you might have half the people in that family pass away,
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  Speaker 1: and the generational wealth would at least flow resources with
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  Speaker 1: at least flow to the surviving descendants and siblings and
• 13:08
  Speaker 1: family members. So there was at least a rainbow after
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  Speaker 1: this storm. You cannot have a rainbow without a storm first.
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  Speaker 1: So that's a scientific fact, by the way, So at
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  Speaker 1: least something positive. I know this sounds rather crude, and
• 13:22
  Speaker 1: you might think it sounds rather heartless, but I think
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  Speaker 1: it's actually heartful. I think it's very thoughtful. They didn't
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  Speaker 1: want on the negative side or the liability side. They
• 13:32
  Speaker 1: didn't want to leave their family members with some burden
• 13:36
  Speaker 1: tied to their ailment and their death. Maybe they were
• 13:39
  Speaker 1: sick for a long time, and maybe that cost members
• 13:42
  Speaker 1: of the family money to take care of them. At
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  Speaker 1: least with the life insurance policy had reimbursed the person
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  Speaker 1: who took care of them, taken care of them for
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  Speaker 1: the cost of that care, and allowed them to be
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  Speaker 1: buried with dignity. Let's now come to the United States
• 14:02
  Speaker 1: of America. Let's come to something very basic. Now, we
• 14:08
  Speaker 1: have a problem in the black community in America, African Americans.
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  Speaker 1: We're not talking about South Africa now where the sixty
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  Speaker 1: five million people went about six million taxpayers and their
• 14:16
  Speaker 1: issue is truly poverty after apart time. We're not talking
• 14:19
  Speaker 1: about a developing country or or you know, an emerging
• 14:23
  Speaker 1: economy somewhere in the world. We're talking about the largest
• 14:26
  Speaker 1: economy in the United States of America. And we're talking
• 14:30
  Speaker 1: about African Americans who have had a shot at the
• 14:34
  Speaker 1: big ring of aspirational activity, gone to good schools and
• 14:37
  Speaker 1: all that stuff. And we're dropping like you know, I
• 14:40
  Speaker 1: can't say what I really want. We're dropping faster than
• 14:43
  Speaker 1: we should have. We're dying and dying broke. Well, let
• 14:47
  Speaker 1: me before you get to the dying part, because now
• 14:49
  Speaker 1: you have grant used to be the children would bury
• 14:52
  Speaker 1: the grandparents. Now grandparents are burying their children. That's another
• 14:57
  Speaker 1: discussion for another day. But it is estimated by twenty
• 15:02
  Speaker 1: fifty or so, if we do nothing in the Afrimerican community,
• 15:06
  Speaker 1: but what we have done so far, average net worth
• 15:09
  Speaker 1: of Black America will be zero. I hope you heard
• 15:13
  Speaker 1: that clearly. I'm gonna say it again, if we do
• 15:15
  Speaker 1: nothing more than what we're not not poor people now
• 15:17
  Speaker 1: all black people, if we do nothing more than what
• 15:20
  Speaker 1: we have done and what we are doing right now
• 15:24
  Speaker 1: on average, So you can have somebody in the block
• 15:25
  Speaker 1: who's your block is worth you know, million dollars, and
• 15:29
  Speaker 1: five other people on the block worth because of all
• 15:31
  Speaker 1: their debt and whatever worth combined, you know, negative five
• 15:35
  Speaker 1: million dollars. You now have a negative net worth of
• 15:38
  Speaker 1: four million dollars on that block, if you understand the logic,
• 15:41
  Speaker 1: So the average net worth when when you mix in
• 15:43
  Speaker 1: those who are doing well with all those who aren't
• 15:45
  Speaker 1: doing well, it's scheduled to be zero z row and
• 15:50
  Speaker 1: we're one point six one point seven trillion dollar consumer
• 15:54
  Speaker 1: spending for us, but most of that's consumption. This is
• 15:58
  Speaker 1: a solvable problem right now. So if you're thirty five
• 16:01
  Speaker 1: years old, please get a pencil out and tell me
• 16:03
  Speaker 1: why this is not achievable. Because my friend, Sir James Buchanan,
• 16:07
  Speaker 1: who's an assistant of mine, the chief Community officer for
• 16:09
  Speaker 1: Operation Hope, has done this for his grandchildren right He
• 16:12
  Speaker 1: has went and gotten a twenty five thousand dollars life
• 16:17
  Speaker 1: insurance policy for each of his grandchildren, right, but I'm
• 16:21
  Speaker 1: gonna be more. And God bless him for doing that.
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  Speaker 1: And that's one hundred thousand dollars for his four grandchildren
• 16:27
  Speaker 1: and it costs him. I think it's twenty dollars a month.
• 16:31
  Speaker 1: So let's look at you. You're thirty five years old,
• 16:34
  Speaker 1: you're gainfully employed. You've got a career, you said, John,
• 16:37
  Speaker 1: I can't afford I say, you know, I'm gonna get
• 16:40
  Speaker 1: you a You should get a million dollar life insurance policy.
• 16:42
  Speaker 1: You want to be a millionaire. You want to build
• 16:44
  Speaker 1: generational wealth. You want to pass generational wealth down to
• 16:47
  Speaker 1: your children. If you have some of your wife or
• 16:49
  Speaker 1: your husband, or you're leaving for your parents and you
• 16:53
  Speaker 1: can't make that much. You don't think and live, so
• 16:56
  Speaker 1: you make money during the day. You bill wells in
• 16:57
  Speaker 1: your sleep. It's compounding. Here's a sim way to compound wealth,
• 17:02
  Speaker 1: a term life, so you have whole life, which builds
• 17:04
  Speaker 1: equity in the insurance policy. I want you to think
• 17:07
  Speaker 1: now about a term not a whole life policy, which
• 17:10
  Speaker 1: is also a savings vehicle. And I'm not telling you
• 17:14
  Speaker 1: which insurance coming to go with. I don't care which
• 17:17
  Speaker 1: one you use, or you get a term life policy.
• 17:21
  Speaker 1: I'm talking now about term life policies ten years, twenty years,
• 17:24
  Speaker 1: thirty years. Here you're in this example, you're thirty five
• 17:28
  Speaker 1: years old. I've already said you've gainfully employed. Right, you
• 17:32
  Speaker 1: know you're not a millionaire. You know you're making you know,
• 17:34
  Speaker 1: middle class wages, working class wages even right, you're an
• 17:38
  Speaker 1: hourly work. I make this really simple for you. You
• 17:42
  Speaker 1: want a million dollar policy. You're thirty five years old,
• 17:44
  Speaker 1: you're reasonably healthy, you don't smoke. That's going to cost
• 17:48
  Speaker 1: you about give or take twenty five thirty dollars a month.
• 17:55
  Speaker 1: Did you hear me? Between twenty and thirty dollars a
• 17:58
  Speaker 1: month for a one million dollar life insurance policy, which
• 18:05
  Speaker 1: will set your family up for success for the rest
• 18:10
  Speaker 1: of their lives. You'll send your kids to college, it'll
• 18:14
  Speaker 1: put a down payment for a home for the ones
• 18:17
  Speaker 1: you leave behind. It'll pay for your burial costs. You
• 18:20
  Speaker 1: can lay it all out in your will. What you
• 18:21
  Speaker 1: want your million dollar life insurance policy to do, you
• 18:25
  Speaker 1: can literally direct it like a baller. You become a
• 18:28
  Speaker 1: baller in advance. So out of this so called negative
• 18:42
  Speaker 1: things called death, which we all deal with, I can't
• 18:45
  Speaker 1: you don't know how long you're gonna live, but I
• 18:46
  Speaker 1: guarantee you know you're gonna die. You don't know how
• 18:50
  Speaker 1: long you're gonna live, but you damn sure know you're
• 18:51
  Speaker 1: gonna die. What's the mystery? So let's plan for it.
• 18:55
  Speaker 1: When you're being run out of town, get in front
• 18:57
  Speaker 1: of the crowd and make like a parade. It's not
• 19:01
  Speaker 1: nex necessarily negative. Okay, I don't want to get spiritual
• 19:05
  Speaker 1: on you here, but we're not human beings having a
• 19:08
  Speaker 1: spiritual experience. We're spiritual beings having a human experience. Back
• 19:11
  Speaker 1: to the topic. Don't don't. If you don't deal with it,
• 19:14
  Speaker 1: it's gonna deal with you. So address it. Address life
• 19:17
  Speaker 1: and death, plan for it, create a will. I know
• 19:23
  Speaker 1: you're young, and you think your bulletproof you'll lift forever.
• 19:25
  Speaker 1: Let me mystery, mystery solve. You're gonna die one day.
• 19:28
  Speaker 1: You may die early if you hang around the wrong crew.
• 19:32
  Speaker 1: There's a whole bunch of young people dropping like flies
• 19:35
  Speaker 1: right now. Parents, grandparents raised burying children at the least,
• 19:41
  Speaker 1: don't leave anybody with an obligation. Don't leave them with debt.
• 19:45
  Speaker 1: So they got a crowdfund your funeral. Flip the script,
• 19:49
  Speaker 1: create a simple will. You can do it easily on
• 19:52
  Speaker 1: the internet. My team and Operation Hope will help you
• 19:55
  Speaker 1: for free to create a budget and a will will
• 19:59
  Speaker 1: help you figure out out your choices for a term
• 20:02
  Speaker 1: life or a whole life insurance policy. In this example,
• 20:04
  Speaker 1: talking about a term life insurance policy, you make the choice,
• 20:07
  Speaker 1: and we're not going to direct you to which one
• 20:08
  Speaker 1: you're gonna use. You can decide which one that you
• 20:12
  Speaker 1: want to use. We just want to educate you. So
• 20:16
  Speaker 1: let's assume you want to aim a little lower. Right,
• 20:18
  Speaker 1: you want one hundred thousand dollars policy. Right, that's even
• 20:23
  Speaker 1: more reasonable. One hundred thousand dollars insurance policy would cost you. Again,
• 20:31
  Speaker 1: it depends on the policy. Don't hold me to it.
• 20:34
  Speaker 1: But between ten and twenty dollars a month, you spend
• 20:38
  Speaker 1: that on Starbucks, one drink at a club that's watered down,
• 20:42
  Speaker 1: that you won't remember tomorrow. That will leave your body
• 20:48
  Speaker 1: the first time you go to the restroom. Yes, I
• 20:50
  Speaker 1: said it, there's no staying power. And you didn't even
• 20:53
  Speaker 1: like it. It wasn't even a good drink. This is
• 20:57
  Speaker 1: building wealth for you, and this is you can be
• 21:01
  Speaker 1: proud for this every time you write that ten dollars check. Wow,
• 21:05
  Speaker 1: look at what I'm doing for my family. I'm not
• 21:06
  Speaker 1: leaving them with a burden. I'm leaving them with generational
• 21:09
  Speaker 1: wealth for the future. And as long as you don't die,
• 21:12
  Speaker 1: no suicide, no hanky panky, as long as it's legit,
• 21:16
  Speaker 1: like you just drop dead, you natural causes, accident, or whatever,
• 21:20
  Speaker 1: then your family's gonna get the money or whoever you directed.
• 21:23
  Speaker 1: Think about the power you've got of directing where you
• 21:27
  Speaker 1: want this money to go. It's powerful. You can aim
• 21:32
  Speaker 1: a little even lower, at least do this twenty five
• 21:35
  Speaker 1: thousand dollars policy. We're literally talking about dollars a month
• 21:38
  Speaker 1: dollars for a term life policy, ten year, twenty year,
• 21:41
  Speaker 1: thirty year term life policy. Operation Hope, like many employers,
• 21:48
  Speaker 1: has an emergency life insurance policy. God forbid, you pass away.
• 21:52
  Speaker 1: Check with your employer. If you, or or with somebody
• 21:56
  Speaker 1: who passes away, check with their employer. Most employers that
• 22:00
  Speaker 1: are reputable, like Operation to Hope, have a twenty five
• 22:03
  Speaker 1: thousand dollars life insurance policy that is baked into their
• 22:06
  Speaker 1: insurance policy, their health insurance policy. And you get twenty
• 22:09
  Speaker 1: five thousand dollars if you just ask for it from
• 22:12
  Speaker 1: the HR department. You've got to ask for it. You
• 22:14
  Speaker 1: have to know what you're asking for. You've got to
• 22:17
  Speaker 1: read the health insurance policy and its benefits, and there's
• 22:20
  Speaker 1: normally a death provision in it, with reputable health insurance
• 22:24
  Speaker 1: plans that provide for up to twenty five thousand dollars
• 22:27
  Speaker 1: of a one time check. So now you get twenty
• 22:29
  Speaker 1: five thousand dollars from your employer matched by twenty five
• 22:32
  Speaker 1: thousand dollars that you've paid for or more, and now
• 22:36
  Speaker 1: you're not begging somebody for basic human dignity. And if
• 22:42
  Speaker 1: you want to be a real baller, you can do
• 22:44
  Speaker 1: more than a million dollar policy. And the younger you are,
• 22:47
  Speaker 1: the cheaper the policy, and once you lock it in,
• 22:50
  Speaker 1: they can't change the deal on you. But they're hoping
• 22:54
  Speaker 1: that you don't buy the policy early. They're hoping that
• 22:57
  Speaker 1: you wait to buy the policy when you're fifty or six,
• 23:00
  Speaker 1: and they're going to wrack those fees up. You should
• 23:03
  Speaker 1: still buy the policy, by the way, to a much
• 23:06
  Speaker 1: much higher monthly rate because your chance of dropping dead
• 23:11
  Speaker 1: I hate to say it, or bluntly, or just much
• 23:13
  Speaker 1: higher life expectancy, particularly if you haven't taken good care
• 23:17
  Speaker 1: of yourself, and so on and so forth. If you
• 23:19
  Speaker 1: live in a five eighty credit score neighborhood, you lift
• 23:22
  Speaker 1: a sixty one years old. You live in a seven
• 23:24
  Speaker 1: under credit score neighborhood, you live to eighty one years old.
• 23:27
  Speaker 1: These neighborhoods are often fifteen minutes apart. Guess who lives
• 23:30
  Speaker 1: in the five eighty credit score neighborhood. Who lives a
• 23:32
  Speaker 1: sixty one who doesn't even get Social Security? Because Social Security,
• 23:35
  Speaker 1: I believe is at sixty five years old. Another podcast
• 23:38
  Speaker 1: for another day. But go to the Hope Financial Wellness
• 23:41
  Speaker 1: Index and type in your zip code and I'll tell
• 23:43
  Speaker 1: you your credit score. This is a game, and I
• 23:46
  Speaker 1: want you to master it. Right. This is the Ministry
• 23:49
  Speaker 1: of Finance, right, and this is my sermon. And I've
• 23:53
  Speaker 1: just given you a sermon for the week on insurance,
• 23:56
  Speaker 1: practical applicable life insurance discussion that you can afford, that
• 24:03
  Speaker 1: everybody can afford. Everybody should be doing this. Don't say
• 24:08
  Speaker 1: you can't and then just put this on auto payment.
• 24:10
  Speaker 1: You don't want to pay for this term policy, and
• 24:13
  Speaker 1: then find you've missed some payments, they'll cancel it. There's
• 24:16
  Speaker 1: cancelation clauses. Now that I've just taken your premium, put
• 24:18
  Speaker 1: it on auto pay right and have that check. Have
• 24:21
  Speaker 1: it just taken as an ACH or some other auto
• 24:25
  Speaker 1: payment out of your account. Make sure prepay it if
• 24:27
  Speaker 1: you can ten dollars a month. It's one hundred and
• 24:29
  Speaker 1: twenty dollars a year. Just prepay the thing on things
• 24:31
  Speaker 1: you pay for more than that than paying for Netflix
• 24:34
  Speaker 1: or you know, going out on the date that you
• 24:36
  Speaker 1: can't remember, or our other club that you would never
• 24:40
  Speaker 1: put set foot on during the day because it's filthy.
• 24:42
  Speaker 1: But you'll pay you know, one hundred bucks to go
• 24:45
  Speaker 1: to the VIP area at night. Okay, I just went
• 24:50
  Speaker 1: into a whole another direction. I just want you to
• 24:52
  Speaker 1: do this. I want you to step into your own greatness, right.
• 24:56
  Speaker 1: This is a way for everybody pass a word now
• 24:59
  Speaker 1: to get generational wealth. I also want you to pre
• 25:02
  Speaker 1: order my book Financial Literacy for all. It's out. It's
• 25:06
  Speaker 1: number one in Economics already, yay, so thank you for
• 25:09
  Speaker 1: that if you've pre ordered it. But make it a
• 25:11
  Speaker 1: New York Times bestseller. It's a value of bestseller Economics
• 25:15
  Speaker 1: and Amazon. But I want you to buy it from
• 25:17
  Speaker 1: Walmart a Bars and Nobles, or a black bookstore, minority
• 25:21
  Speaker 1: owned bookstore, wherever you happen to get your books if
• 25:24
  Speaker 1: you can. If there's a black bookstore in you, please
• 25:28
  Speaker 1: give them some business. But pre order it today. All
• 25:33
  Speaker 1: these little hacks, I cover some of them, a lot
• 25:37
  Speaker 1: of them in this book, and I fold these topics
• 25:42
  Speaker 1: out in fullness, one by one on this podcast series.
• 25:45
  Speaker 1: I want you to take your life back, starting right now.
• 25:48
  Speaker 1: Go to Operation Hope for full coaching and counseling. It's
• 25:52
  Speaker 1: all scholarship, because scholarship for you, because of our partners.
• 25:56
  Speaker 1: This is the John O'Bryant Money and Wealth podcast as
• 26:00
  Speaker 1: series on the Black Effect Network on iHeartRadio. This is
• 26:05
  Speaker 1: a civil rights movement, from civil rights to silver rights,
• 26:08
  Speaker 1: from the streets to the suites. Hey, hey, John Hope Bryant.
• 26:15
  Speaker 1: This is a fan question for Money and Wealth on
• 26:18
  Speaker 1: the Black Effect Network. Here is a fan question from
• 26:22
  Speaker 1: at vinett or ig at B E N N E
• 26:27
  Speaker 1: T underscore. What are some assets to hold that most
• 26:31
  Speaker 1: people overlook? Good question. It's simple things actually, like an
• 26:37
  Speaker 1: insurance policy. You may I think that insurance policy is
• 26:41
  Speaker 1: an asset. It is, and you have term and you
• 26:45
  Speaker 1: have whole Now, term life is an indirect asset because
• 26:48
  Speaker 1: even though it's term insurance is not building any wealth.
• 26:50
  Speaker 1: If you pass away.
• 26:51
  Speaker 2: It still pays out a payment to your heirs, to
• 26:58
  Speaker 2: those who are your survivor, and that creates generational wealth.
• 27:02
  Speaker 1: That is an asset. The easiest way to recreate generational
• 27:06
  Speaker 1: wealth is probably an insurance policy. And if you're if
• 27:08
  Speaker 1: you're a young person, you get an insurance policy, it
• 27:11
  Speaker 1: won't cost you much. You're twenty to thirty years old,
• 27:13
  Speaker 1: you get an insurance policy, it will cost you next
• 27:16
  Speaker 1: to nothing. You're in decent health, and you can get
• 27:20
  Speaker 1: a you know, one hundred thousand dollars two hundred thousand
• 27:22
  Speaker 1: insurance policy as a young person and at a very
• 27:26
  Speaker 1: reasonable rate. But you get into, you know, sixty years old,
• 27:30
  Speaker 1: that insurance cup policy seventy years that same insurance policy
• 27:33
  Speaker 1: is going to cost close to a fortune because you
• 27:36
  Speaker 1: will you may drop dead. An insurance company, it's an
• 27:40
  Speaker 1: actual area they're and analyzing risks and return and so
• 27:43
  Speaker 1: you still you should still get an insurance policy. By
• 27:46
  Speaker 1: the way, if you're older, because you just don't want to,
• 27:49
  Speaker 1: you don't want to leave your family and friends and
• 27:52
  Speaker 1: loved ones with debt. You want to leave them as
• 27:55
  Speaker 1: an asset. And as I keep saying, your asset cannot
• 27:57
  Speaker 1: be on your figure out what I just hit it right?
• 28:02
  Speaker 1: You got to have real assets. So whole life policy
• 28:06
  Speaker 1: actually builds wealth in the insurance policy. In other words,
• 28:10
  Speaker 1: the policy itself has value. Is an asset. It's a
• 28:13
  Speaker 1: financial instrument. It's not just when you die. If you
• 28:15
  Speaker 1: sell a policy, you still get benefits. But whether it's term,
• 28:20
  Speaker 1: a hole, insurance policy, something everybody should have. It is
• 28:24
  Speaker 1: an asset. A will is an asset. Everybody should have
• 28:27
  Speaker 1: a will. I mean, it's crazy that Prince draw died
• 28:30
  Speaker 1: without a will. I believe Aretha Franklin died without a will.
• 28:34
  Speaker 1: A number of our heroes and she Rolls had passed
• 28:37
  Speaker 1: away without a will. And it becomes a fight for
• 28:41
  Speaker 1: what's not right. I mean, I'm sure that Prince was crawling,
• 28:45
  Speaker 1: you know, rolling over his grave. We're trying to figure,
• 28:49
  Speaker 1: you know, like, why are these people I didn't want
• 28:51
  Speaker 1: to have my assets now controlling them because you didn't
• 28:53
  Speaker 1: have a will. It doesn't matter whether there's somebody you're
• 28:56
  Speaker 1: you know, your kin and you love them, you may
• 28:59
  Speaker 1: not want them managing your your money, your finances, and
• 29:01
  Speaker 1: directing your estate. So you should have a will. That's
• 29:05
  Speaker 1: an asset, indirect asset, and in my opinion, and you
• 29:10
  Speaker 1: should definitely have an insurance policy. Uh. And forty one
• 29:15
  Speaker 1: percent of black people, forty one to forty four percent
• 29:17
  Speaker 1: of black people own a home. So I'm going to
• 29:20
  Speaker 1: say that that's an asset that some people, oh most
• 29:23
  Speaker 1: people overlook it because seventy five percent of are our
• 29:26
  Speaker 1: mainstream CALIBARX own a home. And it's the number one
• 29:29
  Speaker 1: easiest way to build wealth is home ownership. So I
• 29:32
  Speaker 1: think you check those three boxes like before you talk
• 29:35
  Speaker 1: to me. And I have a fourth suggestion, which is
• 29:36
  Speaker 1: probably a fractional ownership of stock. You can't afford to
• 29:40
  Speaker 1: buy stock is you know, like you know one hundred
• 29:44
  Speaker 1: and forty you know you can't afford to buy five
• 29:46
  Speaker 1: shares of Apple at whatever the going rate is Apple
• 29:48
  Speaker 1: stock or whatever it is you love, then then buy
• 29:52
  Speaker 1: a fractional share look that up now, fractional share investing
• 29:55
  Speaker 1: and buy you know where they could eat ten bucks,
• 29:57
  Speaker 1: twenty five bucks, fifty bucks every month. Oral invest what
• 30:02
  Speaker 1: you can afford, but don't do it. Don't do nothing
• 30:05
  Speaker 1: because you can't do the perfect something. Don't let the
• 30:07
  Speaker 1: perfect become the death of the good. Okay, I just
• 30:10
  Speaker 1: give you three or four good suggestions there, answer it
• 30:12
  Speaker 1: to your question. I will maybe over answer your question. Ultimately,
• 30:16
  Speaker 1: go to Operation Hope with my coaches. They'll get you,
• 30:18
  Speaker 1: They'll get you on the right track. One love. This
• 30:20
  Speaker 1: is John O'Brien. I'm Out Money and Wealth with John
• 30:25
  Speaker 1: O'Brien is a production of the Black Effect Podcast Network.
• 30:28
  Speaker 1: For more podcasts from the Black Effect Podcast Network, visit
• 30:32
  Speaker 1: the iHeartRadio app, Apple Podcasts, or wherever you listen to
• 30:36
  Speaker 1: your favorite shows.