Latest / Money And Wealth With John Hope Bryant / From Paycheck to Power: How Financial Coaching Changes Lives

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From Paycheck to Power: How Financial Coaching Changes Lives · Money And Wealth With John Hope Bryant

• 0:00
  Speaker 1: Welcome to Money and Wealth with John Hobryant, a production
• 0:03
  Speaker 1: of the Black Effect Podcast Network and iHeartRadio. Hey, Hey, Hey,
• 0:15
  Speaker 1: this is John Hope Bryant, and this is the Money
• 0:18
  Speaker 1: in Wealth podcast series each season two on the Black
• 0:23
  Speaker 1: Effect Network and iHeartRadio. I want to thank you each
• 0:28
  Speaker 1: of you for helping to make this podcast a top
• 0:31
  Speaker 1: fifty in entrepreneurship on the Apple platform and top one
• 0:37
  Speaker 1: fifty for business on Apple and top two point fifty
• 0:41
  Speaker 1: on every continent around the world for business and entrepreneurship.
• 0:47
  Speaker 1: It is time for you to take your life back.
• 0:50
  Speaker 1: It's time for you to reset your ambitions to aim hire. Remember,
• 0:57
  Speaker 1: you cannot have a rainbow without a storm first. It's
• 1:00
  Speaker 1: not just good theology good psychology. Good theory is actually
• 1:05
  Speaker 1: good science. And I like math because it doesn't have
• 1:09
  Speaker 1: an opinion. That's why occasionally I bring good mathematicians, good tacticians,
• 1:21
  Speaker 1: those who are very good at connecting the dots on
• 1:25
  Speaker 1: the show. And they're typically superstars. Michael Milkin and Joe
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  Speaker 1: Barrada who wrote Will managed one point two trillion dollars
• 1:37
  Speaker 1: at Blackstone, and all these heroes and sheroes, Van Jones,
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  Speaker 1: We've got two stars today that I'm bringing to you.
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  Speaker 2: Normally I do the show myself, but I want you
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  Speaker 2: to bring.
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  Speaker 1: I wanted to bring two superstars from Operation Hope to
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  Speaker 1: Hope Financial Coaches. Amongst are National Network of Hope Financial Coaches.
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  Speaker 1: Call them or think about them as private bankers for
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  Speaker 1: the working class, the working, struggling class, upper middle class,
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  Speaker 1: even folks with too much month at the end of
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  Speaker 1: their money. Did you know that half of those who
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  Speaker 1: make one hundred thousand dollars a year are living from
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  Speaker 1: paycheck to paycheck? Seventy percent of all Americans and living
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  Speaker 1: from paycheck to paycheck. A third of those making two
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  Speaker 1: hundred and fifty thousand dollars a year are living from
• 2:32
  Speaker 1: paycheck to paycheck. You're living in New York City, you
• 2:37
  Speaker 1: make one hundred thousand dollars a year, it feels like
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  Speaker 1: thirty nine thousand dollars for somebody sitting in New York.
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  Speaker 1: Can I get an amen? Listening to this right now?
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  Speaker 1: So this is serious for everybody. This is not a
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  Speaker 1: poor person's issue. This is an everybody person's issue. And
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  Speaker 1: the biggest economy on the planet, the United States of
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  Speaker 1: America thirty trillion dollars a year. Behemoth of an economy.
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  Speaker 1: GDP is seventy percent dependent upon consumers spending. That means
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  Speaker 1: you and me paying car notes, paying insurance, paying restaurants
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  Speaker 1: when we go out to dinner, going to movie theaters,
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  Speaker 1: paying for gas at the gas station is normal everyday
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  Speaker 1: things mortgages, hopefully buying a home. And so I start
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  Speaker 1: thinking about demystifying this economy and things that I think
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  Speaker 1: that you need to hear from folks like these two
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  Speaker 1: coaches who are by part of part of the We
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  Speaker 1: have fifteen hundred locations physical and satellite around the country
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  Speaker 1: in forty three states. We're the only nonprofit allowed to
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  Speaker 1: operate in sut of a bank branch in you as history,
• 3:51
  Speaker 1: and our job is to get the bank out of
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  Speaker 1: the no business. Sorry you declined for that home loan,
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  Speaker 1: Sorry you declined for that car loan, that small business loan,
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  Speaker 1: sorry you declined that small business line of credit, and
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  Speaker 1: get the bank back into the yes business. Yes you're approved.
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  Speaker 1: These are two of our stars who are in the
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  Speaker 1: yes your approved business. We've got Angelique mister it's a
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  Speaker 1: very beautiful unique name or a beautiful unique lady. And
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  Speaker 1: Mike Lenez does that say that right LINEZ. I'm trying
• 4:25
  Speaker 1: to put too much energy on it. I like Lenaz,
• 4:29
  Speaker 1: it sounds really Where's Where's Where's Lynez come from?
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  Speaker 2: Mike?
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  Speaker 3: Exactly a Spanish last name, especially if it is with
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  Speaker 3: the Z, then you know it's a Hispanic Latino.
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  Speaker 2: M very cool. And your family is from where.
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  Speaker 3: I'm originally from, managing, Columbia. As you can tell from
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  Speaker 3: my accent, I wasn't born in this country, so I'm
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  Speaker 3: originally from Columbia.
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  Speaker 2: I just like, I just want to ask him act,
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  Speaker 2: I just wanted to hear the accent.
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  Speaker 1: I wanted to hear Yeah, I just wanted to roll
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  Speaker 1: off of his tongue. Is that beautiful? And and Angelaue,
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  Speaker 1: where are you from?
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  Speaker 4: I'm originally from Mississippi, but I've been here in Memphis
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  Speaker 4: now this year it'll be ten years by way of
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  Speaker 4: operation Hope.
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  Speaker 1: I love it, miss So why don't you both? And
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  Speaker 1: it was Michael, I will both agree, Michael, Micha and
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  Speaker 1: I will both agree. Ladies, First, a little bit about
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  Speaker 1: your personal story and how'd you get here and why
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  Speaker 1: is this so important to you? And and and then
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  Speaker 1: lean into where you're you know, Hope inside what location
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  Speaker 1: you've already said in Memphis for you and and why
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  Speaker 1: is this important that work important to you?
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  Speaker 4: Uh?
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  Speaker 2: And uh and.
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  Speaker 1: Maybe give one example of somebody whose lives life has
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  Speaker 1: been changed because of your and our work, and then
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  Speaker 1: we'll go to Mike after that.
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  Speaker 4: You first, Okay, Well, as I said before, I'm from Mississippi.
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  Speaker 4: I came here to Memphis. Actually I met you. I
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  Speaker 4: don't know if you remember, but I was at the time.
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  Speaker 4: When I was in Mississippi, I was working as an
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  Speaker 4: executive director for an organization that did similar work. And
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  Speaker 4: my board was a board of bankers, and the FDIC
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  Speaker 4: and the Saint Louis Federal Reserve were advisories to my board.
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  Speaker 4: So one of the young ladies that worked for the
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  Speaker 4: Saint Louis Feeder Reserve informed me of an event that
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  Speaker 4: they were going to be hosting in Memphis, and you
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  Speaker 4: and I ran into each other on the elevator. I
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  Speaker 4: did not know who you were, I did not know
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  Speaker 4: that you were the speaker, but we chatted up very briefly,
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  Speaker 4: and after the meeting, she introduced me to c. U. Swainne,
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  Speaker 4: who at the time was with us on our board,
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  Speaker 4: and Miss she Rita Goodman, who was also the coach
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  Speaker 4: at this time here in Memphis. I think she was
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  Speaker 4: the first coach of Memphis. But she shared with me
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  Speaker 4: about the work that you all did. I was very
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  Speaker 4: impressed with your speaking and you shared some of the
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  Speaker 4: things about what was going on in the economy. I
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  Speaker 4: took the opportunity to apply for the job, and here
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  Speaker 4: I am. And I've been enjoying the journey because I
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  Speaker 4: started as a financial coach, later becoming a business coach.
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  Speaker 4: But I enjoyed because my personal background is very diverse.
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  Speaker 4: I've been in local government, I've been in city council, woman,
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  Speaker 4: have been a police officer after as director of agency,
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  Speaker 4: and a grant writer. So with me having a very
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  Speaker 4: diverse background, Operation Hope basically has created a platform for
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  Speaker 4: me to utilize all of those skill sets with our clients.
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  Speaker 2: I can go to you if I need some grant
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  Speaker 2: money to get some.
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  Speaker 4: Well, we up clients find grant moneys. We just don't
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  Speaker 4: write them for them, but we will help them find some.
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  Speaker 2: Yeah.
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  Speaker 1: Well used the police, I mean, I mean we actually
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  Speaker 1: utilizing your skills, all right. So what what's what's an
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  Speaker 1: example of a success story that just jumps out at
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  Speaker 1: you that you think that might be inspiring for the
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  Speaker 1: audience to hear, because they're they're sitting there thinking, uh,
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  Speaker 1: you know, I'm ashamed, I'm embarrassed.
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  Speaker 2: I've got these problems.
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  Speaker 1: And and by the way, everybody, I've got my own hope.
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  Speaker 1: Financial coach Eric Clay, one of their colleagues. I talked
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  Speaker 1: to him once a quarter and he always finds a
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  Speaker 1: mess on my credit report that I didn't know who's there,
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  Speaker 1: because most people don't know that mistakes show up on
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  Speaker 1: your credit report because your identification gets mixed up with
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  Speaker 1: somebody else, or people's just lazy and assume that something
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  Speaker 1: is yours and you've got to work to pull it off.
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  Speaker 1: Is not the credit bureau's responsibility. They're passive repositories. Experience, TransUnion,
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  Speaker 1: Equifax are passive repositories of data.
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  Speaker 2: It's actually a pretty good business that they're running.
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  Speaker 1: They get paid to just sit there and collect this
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  Speaker 1: and manage this data. But you have to be proactive
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  Speaker 1: to get those errors off and good positive things on
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  Speaker 1: your report that should be there.
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  Speaker 2: And one of the things that they do is they write.
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  Speaker 1: Letters or credit bureaus to challenge items that are on
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  Speaker 1: your credit report that we have helped you find. Typically,
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  Speaker 1: and most cases, when they challenge the credit the bureaus,
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  Speaker 1: they have thirty days to confirm it or deny it.
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  Speaker 1: They can't confirm its yours, they must remove it in
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  Speaker 1: thirty days, and most times a vast majority of times
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  Speaker 1: they remove it, which gives you a thirty point pop
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  Speaker 1: on average of your credit score up, which is increase
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  Speaker 1: yourself esteem, your confience, your belief. So these folks are
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  Speaker 1: doing God's work and they've helped me. I've got a
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  Speaker 1: private banker, i got asset managers, got a family office,
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  Speaker 1: I've got all that fancy stuff, and of course I'm
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  Speaker 1: financially literate myself, but I'm running a million miles an hour.
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  Speaker 1: I don't have time to micro manage my life. And
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  Speaker 1: these folks care enough to get into the weeds of
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  Speaker 1: your life and the little things they do can have
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  Speaker 1: transformational impact on your life. So andeliue, what is a
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  Speaker 1: success story you can think of that you can share
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  Speaker 1: with the audience.
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  Speaker 4: One of my greatest was Legitleman. Day came to me
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  Speaker 4: several years ago. He came to the bank, as most
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  Speaker 4: of our clients to come into the bank, and they
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  Speaker 4: share with them about Operation Hope. He had a business.
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  Speaker 4: He had a business which bank first Arison Bank US
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  Speaker 4: in the city of Memphis, and he came to get
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  Speaker 4: a business loan. But I had to tell him like
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  Speaker 4: my grandmother told me, because it didn't have any business credientials.
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  Speaker 4: And my grandmother used to say, well, if you don't
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  Speaker 4: have a business with no she always said, a business
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  Speaker 4: with no signs a sign of no business. She said,
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  Speaker 4: you're not in business, baby, you hustling.
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  Speaker 2: No time.
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  Speaker 4: So we joked about that, but nevertheless, we did get
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  Speaker 4: him in the credit program. Moving forward, maybe a year later,
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  Speaker 4: credit score was up. He eventually got his business licenses
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  Speaker 4: that he was acquiring that to try to acquire the
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  Speaker 4: time help him do that. He established business credit. Maybe
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  Speaker 4: a year and a half after that. His business moved
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  Speaker 4: from a traditional local business to a commercial business, getting
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  Speaker 4: some landing some commercial contracts, not only locally but statewide.
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  Speaker 4: He was also able to come back two years later
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  Speaker 4: and purchase a home because he was a veteran and
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  Speaker 4: so we were able to help him become a homeowner.
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  Speaker 4: So we helped him all the way around. His credit
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  Speaker 4: is where it needs to be. He's now a business
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  Speaker 4: owner a viable business and he does have a home now,
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  Speaker 4: so we were able to help him in all those areas.
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  Speaker 4: And that was just my most inspirational story because he
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  Speaker 4: really believes in operation Hope after what we've done for him,
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  Speaker 4: and he gives me a lot of referrals.
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  Speaker 1: Going back your comment about what your grandmother told you,
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  Speaker 1: believe you said it reminds me of what I tell
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  Speaker 1: about the definition of a business person. The difference between
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  Speaker 1: a hustler and a businessman or businesswoman is paperwork. Wow,
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  Speaker 1: the difference between a hustler and a business person's paperwork.
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  Speaker 2: The details? All right, Mike, let's.
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  Speaker 1: Hear a little bit about your story Colombia and.
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  Speaker 2: Medine. Is that what you said? Metaging? Did I say
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  Speaker 2: it properly? Close?
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  Speaker 4: Yeah?
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  Speaker 1: Yeah?
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  Speaker 2: All right? And tell us how?
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  Speaker 1: Tell us how you you know you're here and why
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  Speaker 1: is this work important to you?
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  Speaker 2: And of course then you relate that to somebody you've helped.
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  Speaker 3: Sure well, first and foremost, I've been here eleven years.
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  Speaker 3: I originally started in la in Maywood with the partner
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  Speaker 3: US Bank. Then I work two years in northrich with
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  Speaker 3: One West Bank, and then in twenty eighteen my family
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  Speaker 3: moved to Columbus, Georgia. So I'm in Columbus, Georgia with
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  Speaker 3: a partner Sonova's Bank.
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  Speaker 2: So, by the way grows the audience.
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  Speaker 1: It's Operation Hope or Hope Inside, powered by One West Bank,
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  Speaker 1: powered by US Bank, powered by First Horizon Bank, powered
• 12:40
  Speaker 1: by what's the last.
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  Speaker 2: Bank you said, Sinova's Bank, Novas Bank.
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  Speaker 1: Our friends at so Novas, So we are inside of
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  Speaker 1: the bank branch typically and we helped the bank to
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  Speaker 1: not turn you down for credit.
• 12:51
  Speaker 2: So go ahead money. Yeah.
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  Speaker 3: So I've been here eleven wonder four years. And again
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  Speaker 3: it's not every day that you get to actually be
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  Speaker 3: a part of an organization where you can actually impact
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  Speaker 3: the lives and members of your community in a positive way.
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  Speaker 3: But the love for the work that I do actually
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  Speaker 3: begins when I, me and my family first immigrated from Managing.
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  Speaker 3: I was refugees in nineteen eighty six. The rule is
• 13:16
  Speaker 3: that if you're gonna seek asylum in the US, you
• 13:19
  Speaker 3: have to seek asylum at the next country. So the
• 13:22
  Speaker 3: next country for US was Venezuela. And it took about
• 13:25
  Speaker 3: a year after Christian charity actually helped my family and
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  Speaker 3: I immigrated, yeah to the US. So they actually put
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  Speaker 3: us in uh and watched South La specifically for those
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  Speaker 3: that are from La Century and Grape Street.
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  Speaker 1: Oh wow, yes, in the hood d A yes.
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  Speaker 4: In the.
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  Speaker 3: Mid eighties, uh.
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  Speaker 2: Nineties that you're in the hood anytime there's something called
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  Speaker 2: Grape Street.
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  Speaker 3: Yeah, yeah, I know where that is.
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  Speaker 2: I grew up around.
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  Speaker 3: Oh really, well, I actually play Little League Baseball at
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  Speaker 3: will Rogers which is now Todd Watkins Park, I think
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  Speaker 3: it is. Yeah, so I grew up in that area.
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  Speaker 3: But my connection with money comes from the fact that
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  Speaker 3: we come from a very poor family back in Colombia.
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  Speaker 3: And in fact, I did not meet a shirt until
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  Speaker 3: I came to the United States of America. I did
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  Speaker 3: not meet a pair of shoes until we came to
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  Speaker 3: the United States of America. Did not meet or meet, meet, meet,
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  Speaker 3: I did not meet an actual shirt until I came
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  Speaker 3: to the United States of America.
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  Speaker 2: What do you mean by that?
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  Speaker 3: We were so poor that we didn't have access to clothing,
• 14:37
  Speaker 3: We didn't have access to running water, and in fact,
• 14:40
  Speaker 3: showers were at the river. A pair of shoes was
• 14:45
  Speaker 3: something that was foreign to us. So it was not
• 14:47
  Speaker 3: until this Christian charity providers with clothing. So this is why,
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  Speaker 3: I'm very passionate and I'm very grateful because the luckiest
• 14:54
  Speaker 3: thing that ever happened to me and my family was
• 14:57
  Speaker 3: immigrating to the United States of America. So so Girmy and Brian,
• 15:03
  Speaker 3: when when you come in as a refugee, you actually
• 15:05
  Speaker 3: have access to programs like Section eight food stamps and
• 15:09
  Speaker 3: so forth. Right, so they provided us a two bedroom
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  Speaker 3: home for me and my brothers and my sister, right
• 15:15
  Speaker 3: and quickly when we saw what we got, me and
• 15:18
  Speaker 3: my brothers as a nine year old, seven year old
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  Speaker 3: and six year we started screaming and jumping and joy saying, hey,
• 15:24
  Speaker 3: we're rich, we are rich. The first time ever, we
• 15:28
  Speaker 3: had runny lights for the first time ever.
• 15:31
  Speaker 1: Whatever the lines might have been running, but it was.
• 15:36
  Speaker 2: It might have been might have been running the mice,
• 15:38
  Speaker 2: might have been running in.
• 15:39
  Speaker 3: The lights, by the way, right right again, So that
• 15:43
  Speaker 3: is where my sense appreciation comes. So I grew up
• 15:46
  Speaker 3: in the hood like you stated, right, uh, And in fact,
• 15:50
  Speaker 3: we lived on eighty seven and Florence during the Ronnie
• 15:54
  Speaker 3: King Riot, which is basically about six streets away from
• 15:57
  Speaker 3: Normandy and Florence were the whole I mean, King, Reginald
• 16:01
  Speaker 3: Den and so forth. So this is why I'm passionate
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  Speaker 3: about the work that I do. I feel that if
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  Speaker 3: a poor, passant Columbian kid can make it in the States,
• 16:10
  Speaker 3: then that means every person should have a chance, an
• 16:13
  Speaker 3: opportunity to be able to actually build not only a
• 16:17
  Speaker 3: solid blueprint, but a successful you know, life, especially when
• 16:22
  Speaker 3: you learn how to manage your money.
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  Speaker 2: That's beautiful.
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  Speaker 1: Is there a success story that you can think of
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  Speaker 1: that's a great, great story, Mike, I'm glad to ask
• 16:30
  Speaker 1: you both those questions and where you came from. Is
• 16:33
  Speaker 1: there a success story that connects you and your personal
• 16:37
  Speaker 1: with your personal story that means a lot to you.
• 16:40
  Speaker 1: And then the next question I'm going to ask you
• 16:41
  Speaker 1: after this both of you are some practical tips that
• 16:45
  Speaker 1: you both can give two listeners that can help them
• 16:50
  Speaker 1: to begin to either build their life or reset their life.
• 16:54
  Speaker 1: But first of all, is there a success story or
• 16:57
  Speaker 1: testimonial that speaks to you?
• 16:58
  Speaker 2: Mike?
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  Speaker 3: Yes, that's I have so many of them, but when
• 17:02
  Speaker 3: comes to mind. This was a woman from the Grange, Georgia,
• 17:06
  Speaker 3: who had been homeless twice, the mother of eleven children,
• 17:12
  Speaker 3: who had been in an abusive relationship for two decades,
• 17:17
  Speaker 3: and she acting as a referral from Sonova's bank my
• 17:21
  Speaker 3: partner in Columbus, and they say, hey, you know what,
• 17:24
  Speaker 3: we have someone that really needs her help. So she
• 17:27
  Speaker 3: comes to me and again she's broken, she's hopeless, and
• 17:32
  Speaker 3: we quickly you know, discussed where she's at, uh and
• 17:37
  Speaker 3: then see how we can maximize the fact that she
• 17:41
  Speaker 3: was actually at a shelter home. She wasn't paying any
• 17:43
  Speaker 3: rent with seven of her eleven children, and so we
• 17:48
  Speaker 3: actually started quickly to identify where she was at. So
• 17:51
  Speaker 3: she didn't have any credit, but she did have some collections,
• 17:56
  Speaker 3: medical collections, payday lenders. So we quickly worked on setting
• 18:02
  Speaker 3: up a budget that only that met her needs but
• 18:05
  Speaker 3: also the outcome that she desires.
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  Speaker 2: So, Mike, let me interrupt you for a minute.
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  Speaker 1: There's a misnomer in society that somebody who has got
• 18:21
  Speaker 1: multiple children six seven, eight, nine, ten, this example, eleven
• 18:25
  Speaker 1: children and a single mother that somehow she's shiftless and
• 18:32
  Speaker 1: without morals and as lazy and doesn't want to work
• 18:36
  Speaker 1: and doesn't have any spirit for you know, self determination.
• 18:40
  Speaker 1: And my guess is that that is incorrect in this example,
• 18:45
  Speaker 1: is incorrecting most examples I found, people want to work,
• 18:48
  Speaker 1: but also it probably ties to abuse, like most women stay,
• 18:52
  Speaker 1: most women who have children stay with abusive men because
• 18:56
  Speaker 1: of money.
• 18:57
  Speaker 2: Am I right about any of this money?
• 19:00
  Speaker 3: That is correct? Yeah, And in fact she was in
• 19:02
  Speaker 3: an abusive relationship, as she stated, for twenty years. Her
• 19:05
  Speaker 3: husband was the bread winner and she finally got tired
• 19:09
  Speaker 3: and fed up with the lifestyle she was living in
• 19:11
  Speaker 3: the example, she was sending for her kids and she
• 19:14
  Speaker 3: ended up homeless. So the beauty about this story to
• 19:18
  Speaker 3: mer Brian is that not only was this woman optimistic
• 19:21
  Speaker 3: and looking for the future, she was willing to actually
• 19:24
  Speaker 3: put in the work necessary to be able to get
• 19:27
  Speaker 3: her the outcome that she wanted. So in two years
• 19:30
  Speaker 3: she was actually go from homeless living on the streets
• 19:33
  Speaker 3: to actually becoming a homeowner. In twenty twenty one she
• 19:36
  Speaker 3: was able to purchase her home. And in fact, the
• 19:40
  Speaker 3: icing on the cake, Tim mer Brian, is that in
• 19:42
  Speaker 3: twenty twenty two she actually went to the biggest stage,
• 19:45
  Speaker 3: the whole Global Forum and actually shared her story.
• 19:48
  Speaker 1: Oh beautiful, that's beautiful, So we can actually go back
• 19:53
  Speaker 1: and watch it on tape.
• 19:54
  Speaker 2: Yes, sir, And what city was this in? Lagraene, Georgia
• 19:59
  Speaker 2: In Georgia. Is that where you're based at now?
• 20:02
  Speaker 3: I'm Atthew in Columbus, which is about forty five minutes.
• 20:05
  Speaker 2: Yeah, with with so Nova's bank. Yes, sir, that's a
• 20:09
  Speaker 2: great bank.
• 20:10
  Speaker 1: So that's a very powerful story, and it is in
• 20:14
  Speaker 1: some ways, I'm sure a confirmation that as you rise up,
• 20:21
  Speaker 1: you lift behind you, because you would have been that
• 20:24
  Speaker 1: person a few years ago that needed that that lift up.
• 20:28
  Speaker 1: And here you are lifting someone up, giving them a
• 20:32
  Speaker 1: hand up, not a handout. Correct and and angelik you
• 20:37
  Speaker 1: deal with amongst other small business owners?
• 20:40
  Speaker 4: I do, yes?
• 20:42
  Speaker 2: What what what.
• 20:42
  Speaker 1: Are some some tips and tricks and suggestions that you have?
• 20:48
  Speaker 1: I mean tricks is and tricks I mean tricks is
• 20:50
  Speaker 1: in cheat sheets or learn the lessons through her versus
• 20:56
  Speaker 1: running learning the lessons by knocking your head against the wall.
• 20:59
  Speaker 1: What are you know? I like trying to solve problems
• 21:03
  Speaker 1: for people so they have to go through it the
• 21:06
  Speaker 1: hard way themselves. What are some things that suggestions that
• 21:09
  Speaker 1: you have? And I want to also commend you. She's
• 21:11
  Speaker 1: also working with our one million Black Business Nature one
• 21:14
  Speaker 1: MBB with our partners Shopify that we have a commitment
• 21:18
  Speaker 1: to create one point five with one main business in
• 21:21
  Speaker 1: the next by twenty thirty, and we've already about four
• 21:24
  Speaker 1: hundred and fifty thousand businesses in this program nationwide. So
• 21:27
  Speaker 1: thank you also for helping with that program. What are
• 21:30
  Speaker 1: some suggestions for businesses that you might have.
• 21:33
  Speaker 4: Well, one of the things that I've come to learn
• 21:35
  Speaker 4: and I try to encourage businesses is to do the
• 21:37
  Speaker 4: business of the business. And what I mean about that
• 21:41
  Speaker 4: is a lot of business owners, especially small business owners,
• 21:44
  Speaker 4: they come to the table with the skills set and
• 21:47
  Speaker 4: they are limited to the skill set to run the businesses.
• 21:50
  Speaker 4: But a lot of them don't have accounting skills. They
• 21:53
  Speaker 4: don't know the importance in the CPA. They know the
• 21:55
  Speaker 4: importance of knowing what the numbers are because I say
• 21:58
  Speaker 4: to them all the time, just because you're making money
• 22:01
  Speaker 4: doesn't mean you're making money.
• 22:03
  Speaker 2: Explain that.
• 22:04
  Speaker 4: But what I mean by that is, yes, people are
• 22:07
  Speaker 4: coming each day, people are purchasing goods or products or
• 22:10
  Speaker 4: service that you're providing. But unless you're looking at the
• 22:13
  Speaker 4: numbers only then do you really know that you're making
• 22:16
  Speaker 4: money Because that money that you're making day by day
• 22:20
  Speaker 4: could easily be consumed by your expenses and what's going out.
• 22:23
  Speaker 4: So you got to make sure that the bottom line
• 22:25
  Speaker 4: is revenue that you've actually made and you're not in
• 22:29
  Speaker 4: the red. And a lot of small business owners do
• 22:32
  Speaker 4: not know how to do that, even with some of
• 22:34
  Speaker 4: our I'll give you an example. I had a business
• 22:38
  Speaker 4: owner that was thinking Texas. She had a food service
• 22:41
  Speaker 4: and she felt like she was making money because she
• 22:43
  Speaker 4: had quite a few people that are buying products from her.
• 22:46
  Speaker 4: But what I learned in her business and helping her
• 22:48
  Speaker 4: with a budget, she wasn't even purchasing her products wholesale.
• 22:54
  Speaker 4: She was getting a products retail, And so I connected
• 22:57
  Speaker 4: her to some retailers that were in my wholesalers that
• 22:59
  Speaker 4: were in her area so that she can cut her
• 23:02
  Speaker 4: costs down on the front end and in turn to
• 23:04
  Speaker 4: make more money. So think about that.
• 23:07
  Speaker 1: So if she was buying the product she was selling
• 23:12
  Speaker 1: for more money than she needed to, she's buying basically
• 23:16
  Speaker 1: retail and selling retail.
• 23:18
  Speaker 2: Absolutely, buying wholesale and selling retail.
• 23:23
  Speaker 4: You guarantee a profit right.
• 23:25
  Speaker 1: And so what Angelika is saying is if your outflow
• 23:29
  Speaker 1: sees your inflow, then your overhead it's going to be
• 23:31
  Speaker 1: your downfall.
• 23:33
  Speaker 2: She's saying that cash flow is not profit. This is
• 23:35
  Speaker 2: the problem.
• 23:36
  Speaker 1: My father, Johnny will Smith had god rest is soul,
• 23:38
  Speaker 1: great man and I'm a businessman because of him. But
• 23:42
  Speaker 1: he was financially illiterate, and he thought when he made
• 23:46
  Speaker 1: a dollar and spend a dollar fifty, he was succeeding.
• 23:50
  Speaker 2: The reality was the more money he made, the broker
• 23:52
  Speaker 2: we got.
• 23:53
  Speaker 1: But he was so much cash flow going through that
• 23:56
  Speaker 1: little home of ours with literally cash. Don't confuse cash
• 24:01
  Speaker 1: flow is profit that he just assumed assumed when you
• 24:07
  Speaker 1: assume you make a out of you and me, yeses
• 24:10
  Speaker 1: out of you and me, that's literally hot spelled. He
• 24:13
  Speaker 1: assumed that he was making a profit for the business
• 24:16
  Speaker 1: and couldn't realize why he was broke at the end
• 24:19
  Speaker 1: of the year. What he needed was bookkeeping and he
• 24:22
  Speaker 1: needed an accountant, all right. And that's what Angelique is.
• 24:26
  Speaker 1: That's her first tip for you, which is very very smart.
• 24:30
  Speaker 4: Okay. The second thing is I encourage business owners is
• 24:33
  Speaker 4: to get the training that you need, ongoing education because
• 24:38
  Speaker 4: oftentimes business owners, and you've said this before, and I
• 24:41
  Speaker 4: show it every time and I shop, I find I
• 24:42
  Speaker 4: hear it every time, like it's new. Is it busy
• 24:46
  Speaker 4: or is it busyness? And a lot of times they're
• 24:49
  Speaker 4: so busy that they're thinking they're doing things, but they're
• 24:52
  Speaker 4: not doing what needs to be done. And that is
• 24:55
  Speaker 4: if you're in the confines of your business and you
• 24:57
  Speaker 4: have time to listen to a webinar or trying get it.
• 25:00
  Speaker 4: If you are a barber or a hairstylist and the
• 25:02
  Speaker 4: last time you've been to a hairshow it's been twenty years,
• 25:05
  Speaker 4: you need to go to get up to date on
• 25:07
  Speaker 4: what's trending now, which may be the reason your business
• 25:11
  Speaker 4: is slow for or not making money because you're not
• 25:13
  Speaker 4: with the trends. It's also important that you continue the
• 25:17
  Speaker 4: education that you need, get certifications that you need if
• 25:19
  Speaker 4: you don't have it. It's okay that you have a
• 25:21
  Speaker 4: skill set and come in in the beginning, but there's
• 25:24
  Speaker 4: no reason five years later you still are at the
• 25:26
  Speaker 4: same educational level that you were in the beginning because
• 25:30
  Speaker 4: you're not investing in yourself. And you talk about that too,
• 25:32
  Speaker 4: the human capital you are, your human capital. You've got
• 25:35
  Speaker 4: to invest in yourself in order to be where you
• 25:39
  Speaker 4: want to be. And that's another thing that I try
• 25:41
  Speaker 4: to encourage the businesses. And then it's okay to be
• 25:44
  Speaker 4: vulnerable because Oftentimes business owners come in with the mask.
• 25:48
  Speaker 4: They want you to think that they're making money. Same
• 25:50
  Speaker 4: thing with people that are under credit. They want to
• 25:52
  Speaker 4: come in, they want to appear that I am a
• 25:54
  Speaker 4: business owner and that sounds good, But are you really
• 25:59
  Speaker 4: owning your bus business? And are you really about your business?
• 26:02
  Speaker 4: So it's very important that they consider the fact that
• 26:06
  Speaker 4: they have to stay on top of their game as
• 26:08
  Speaker 4: a business owner.
• 26:10
  Speaker 1: Most businesses in the black community are not even businesses,
• 26:15
  Speaker 1: they're self employment projects. I mean most businesses, ninety six
• 26:18
  Speaker 1: percent of them are sole propriorships, which means that it's
• 26:24
  Speaker 1: just you, is you orders to yourself, is you trading emails?
• 26:32
  Speaker 1: And basically somebody with a contract with the city or
• 26:35
  Speaker 1: contract with one company or a consulting contract or whatever,
• 26:40
  Speaker 1: or they maybe have multiple contracts when you're doing all
• 26:43
  Speaker 1: the work. And so don't confuse business with busyness is
• 26:47
  Speaker 1: what she was saying earlier. And don't profile like that
• 26:50
  Speaker 1: gets you nothing. Just walk in and be honest, because
• 26:55
  Speaker 1: they're going to find the truth out anyway. I mean,
• 26:58
  Speaker 1: they're going to pull your credit and if it's toe
• 27:00
  Speaker 1: up from the flow up, they gonna see it right there.
• 27:03
  Speaker 1: And by the way, if you're a SOB proprietorship your
• 27:06
  Speaker 1: business credit and your personal credit. I hate to break
• 27:09
  Speaker 1: this to you and all these fans and people tell
• 27:10
  Speaker 1: trying to sell you all kind of EI in numbers whatever.
• 27:13
  Speaker 1: I hate to tell you this, but your personal credit
• 27:16
  Speaker 1: is your business credit, right, So stop playing the game.
• 27:21
  Speaker 1: Just go in and be honest. She's not gonna judge you.
• 27:24
  Speaker 1: A saint is a center that got up.
• 27:27
  Speaker 4: That's right.
• 27:28
  Speaker 2: She's not going to get you.
• 27:30
  Speaker 4: And the last thing I'll share is you mentioned about
• 27:32
  Speaker 4: grants when I say to them about being a former
• 27:34
  Speaker 4: grand writer. And I say this to business owner for
• 27:36
  Speaker 4: some of our business owners are nonprofits and they do
• 27:39
  Speaker 4: want to secure funding just to keep their businesses afloat.
• 27:42
  Speaker 4: But I say to them that even in the confines
• 27:44
  Speaker 4: of trying to find funding for your business, as you
• 27:47
  Speaker 4: share it as well as raise funds for your business,
• 27:50
  Speaker 4: you need to keep a mind your vision and the
• 27:53
  Speaker 4: mission of the business, because what generally happens is people
• 27:56
  Speaker 4: get so consumed by chasing funding that they start to
• 27:59
  Speaker 4: want one. They don't have a capacity to function. The
• 28:04
  Speaker 4: grants you're getting, you don't have to just it is
• 28:06
  Speaker 4: only you, So who's going to fulfill the requirements of
• 28:09
  Speaker 4: the funding. You don't have any people, so you don't
• 28:13
  Speaker 4: have anyone to work the grant. Then the second thing
• 28:15
  Speaker 4: is that they apply for grants, and every time there's
• 28:18
  Speaker 4: a grant that's coming out, you want to apply. But
• 28:20
  Speaker 4: then you lose sight of your vision because you're chasing
• 28:22
  Speaker 4: money to the point that you're not keeping in line
• 28:25
  Speaker 4: with what you set out to do. If you're in
• 28:28
  Speaker 4: I've given example, if my business is children and I'm
• 28:31
  Speaker 4: working with children, why I'm over here getting a grant
• 28:34
  Speaker 4: that's working with the elderly. Now I want to start
• 28:36
  Speaker 4: working with the elderly. Then there's a grant for you know,
• 28:39
  Speaker 4: something else, and I start doing that, and then I
• 28:41
  Speaker 4: don't have the capacity to do any of that. So
• 28:43
  Speaker 4: I'm basically working against myself because I'm so busy chasing money.
• 28:47
  Speaker 4: Get the money that you need to keep your float
• 28:50
  Speaker 4: based upon your missions and your vision for your own business.
• 28:55
  Speaker 2: Excellent advice, we call that. In business, we call that
• 28:58
  Speaker 2: mission creep. Mission.
• 29:00
  Speaker 1: Mission is not focused. It starts creeping in the other areas.
• 29:05
  Speaker 1: And President Bill Clinton once told me, it's hard to
• 29:08
  Speaker 1: get somebody to agree to the truth when the liar
• 29:10
  Speaker 1: is paying their paycheck.
• 29:12
  Speaker 3: Wow.
• 29:13
  Speaker 2: So when the dollar is.
• 29:16
  Speaker 1: Calling over here or the dollars calling over there, and
• 29:19
  Speaker 1: you are answering all the calls, you're winning the battle
• 29:23
  Speaker 1: and you're losing the war. You're rearranging the deck chairs
• 29:26
  Speaker 1: and the Titanic the ship is sinking, but you're picking drapes.
• 29:30
  Speaker 1: And that's what she was really saying was focus. How
• 29:34
  Speaker 1: do you build wealth? You make money during the day,
• 29:36
  Speaker 1: you build wealth in your sleep. You got to focus
• 29:38
  Speaker 1: on one thing and keep compounding. That's why buying a
• 29:41
  Speaker 1: house is so much more smart than just renting for
• 29:46
  Speaker 1: the rest of your life. Is this one thing you're
• 29:49
  Speaker 1: focusing your business, and that example is housing, turning housing
• 29:54
  Speaker 1: into home ownership wealth. Because when you're renting, your net
• 29:57
  Speaker 1: worth is going to be two hundred and fifty bucks.
• 29:59
  Speaker 1: But if you own a business you're in a house,
• 30:01
  Speaker 1: that house becomes a business, and while you're sleeping in it,
• 30:05
  Speaker 1: it's compounding in value appreciation. It's going up little by
• 30:11
  Speaker 1: little over months and over years while you're doing nothing
• 30:15
  Speaker 1: but running the business of the household.
• 30:18
  Speaker 2: And you're also benefiting from.
• 30:20
  Speaker 1: The mortgage payments that you're making because you write those
• 30:23
  Speaker 1: off against your taxes. It's a home, but it's a
• 30:26
  Speaker 1: business and you should see it that way. But you
• 30:30
  Speaker 1: benefit by focusing on that and not trying to floss
• 30:34
  Speaker 1: and run all over town to impress people you don't
• 30:37
  Speaker 1: know with money you don't have, doing a bunch of
• 30:39
  Speaker 1: things that, as she said, you're not qualified in. So
• 30:43
  Speaker 1: whatever your business is, focus on that and become absolutely
• 30:48
  Speaker 1: the best at that. And i'd say add artificial intelligence
• 30:51
  Speaker 1: to that business, by the way, and make you even
• 30:53
  Speaker 1: smarter faster.
• 30:54
  Speaker 2: In that area. And don't just chase the money. That's
• 30:58
  Speaker 2: surviving mindset Angelique.
• 31:01
  Speaker 1: That was excellent advice and I hadn't thought about that,
• 31:04
  Speaker 1: but that's really quite valuable.
• 31:06
  Speaker 2: And when she's talking about chasing grants, she's referring.
• 31:09
  Speaker 1: To city, municipality in counties who might provide a grant
• 31:14
  Speaker 1: opportunity or foundations for you, as a business person or
• 31:18
  Speaker 1: as a nonprofit to do the work of the mission
• 31:22
  Speaker 1: of that grant. And if you can achieve that, they
• 31:25
  Speaker 1: will basically underwrite your cost. By the way, when you
• 31:28
  Speaker 1: get a grant, most grants from cities are reimbursement grants,
• 31:32
  Speaker 1: so that means you got to put the money out
• 31:35
  Speaker 1: provide receipts. R told you paperwork between the hustler and
• 31:39
  Speaker 1: a business person paperwork.
• 31:40
  Speaker 2: You got to.
• 31:41
  Speaker 1: Provide receipts, bookkeeping, the confirmation that work was done, data,
• 31:46
  Speaker 1: and then they will reimburse you your cost plus a profit.
• 31:50
  Speaker 1: So go see Angeli and our other coaches in small business.
• 31:54
  Speaker 1: If you want some additional information, you call our eight
• 31:57
  Speaker 1: eight eight three eight eight HOPE number, go to operate
• 32:00
  Speaker 1: jo dot org, or go to our Hope in hand
• 32:02
  Speaker 1: app on your Android or Apple phone. Angelie, that was excellent.
• 32:12
  Speaker 1: Do you want to add before we turned the mic?
• 32:15
  Speaker 4: No, I'm fine. That's pretty much it.
• 32:19
  Speaker 2: All right, Michael.
• 32:24
  Speaker 1: Tell us some helpful, timeless advice for the average person
• 32:33
  Speaker 1: that I call life hacks. What should they be doing
• 32:37
  Speaker 1: that maybe they're not doing? What should they stop doing?
• 32:41
  Speaker 1: They definitely shouldn't be doing what they're doing anyway.
• 32:45
  Speaker 3: Well, at the beginning to Brown, you actually begin with
• 32:47
  Speaker 3: some stats, and I believe the stats do come from
• 32:50
  Speaker 3: the FDA C the Federal Deposit Insurance Commission, and the
• 32:54
  Speaker 3: recent statistic or study that they did is that more
• 32:58
  Speaker 3: than seventy percent of Americans to have less than one
• 33:01
  Speaker 3: thousand dollars in the bank. Yep, it's a real problem.
• 33:06
  Speaker 3: It's a real problem. Now, my question has always been
• 33:10
  Speaker 3: why is it that Americans are struggling with money? With
• 33:15
  Speaker 3: everything on the tips of their finger, with the Internet,
• 33:17
  Speaker 3: the emergency of AI, there's plenty of information, hundreds of podcasts,
• 33:22
  Speaker 3: but we still struggle with money. So my tip to
• 33:27
  Speaker 3: someone is you have to learn that income is what
• 33:30
  Speaker 3: you earn, expenses are what you show, and wealth is
• 33:36
  Speaker 3: what you put aside in what you invest. A lot
• 33:39
  Speaker 3: of consumers today have this misconception that wealth are symbols,
• 33:47
  Speaker 3: and they don't realize that wealth hides behind our habits
• 33:52
  Speaker 3: and not the purchases that we make. So number one,
• 33:56
  Speaker 3: we need to clear our minds and understand that wealth
• 33:58
  Speaker 3: is not what we see. Just because someone drives an
• 34:01
  Speaker 3: expensive car doesn't mean that they have money. It probably
• 34:04
  Speaker 3: means that they have a lot of expenses. So the
• 34:07
  Speaker 3: first thing we need to do.
• 34:08
  Speaker 2: Is it might be broke.
• 34:10
  Speaker 3: That's right, They definitely might be broken. So we need
• 34:14
  Speaker 3: to learn how to manage our money because again, they
• 34:17
  Speaker 3: don't teach us how to manage it. They teach us
• 34:20
  Speaker 3: how to make it. But we have to learn how
• 34:23
  Speaker 3: to save it and how to invest it. So we
• 34:25
  Speaker 3: begin first with a plan. We need a spending plan.
• 34:30
  Speaker 1: This is a very interesting point he just raised, and
• 34:33
  Speaker 1: I don't. I don't want to walk right past you.
• 34:36
  Speaker 1: Society teaches you how to make it a job, a career.
• 34:41
  Speaker 1: Even Angelique helps you with a business. There's a business
• 34:44
  Speaker 1: plan here is here, Here is a way to be productive.
• 34:48
  Speaker 1: But it does not teach you how to save it,
• 34:53
  Speaker 1: invest it, keep it. Financial literacy is I keep saying
• 34:56
  Speaker 1: civil rights issue of this generation as important as the
• 35:00
  Speaker 1: right to vote. Very important point that this is why
• 35:04
  Speaker 1: you're being This is why you're being separated from you
• 35:06
  Speaker 1: from your wallet, particularly if you're in a low lelled neighborhood,
• 35:09
  Speaker 1: urban or rural, black and brown, urban or white poor
• 35:13
  Speaker 1: rule doesn't matter, check cash or paid, a long lender,
• 35:16
  Speaker 1: rental owned store, title lender, liquor store, pawn shop, all
• 35:19
  Speaker 1: on the same block, and a fire in the credit
• 35:22
  Speaker 1: card neighborhood because they're targeted marketing you to separate you
• 35:26
  Speaker 1: from your wallet.
• 35:27
  Speaker 3: Back to you, Mike, as you stated, there's a system,
• 35:32
  Speaker 3: but it's not a system that's against you. These are
• 35:35
  Speaker 3: economic systems. So, for instance, barriers were removed intentionally to
• 35:40
  Speaker 3: separate us from our money. So at the emergence of
• 35:43
  Speaker 3: the twentieth century you had a layoway, then the emergence
• 35:47
  Speaker 3: of credit card, buy now, pay later. Now with the
• 35:50
  Speaker 3: emergence of e commerce, and in fact, you even't get
• 35:52
  Speaker 3: free shipping nowadays. So we have to be intentional in
• 35:56
  Speaker 3: putting back these barriers. We have to put a fence
• 35:59
  Speaker 3: around our and the way that we do that is
• 36:01
  Speaker 3: by starting a plan. Okay, like the old adag is,
• 36:06
  Speaker 3: if you don't have a plan, then you plan unfailing.
• 36:09
  Speaker 3: So number one, one key thing that I can recommend
• 36:12
  Speaker 3: someone is automate your savings. That is the smallest but
• 36:16
  Speaker 3: yet the biggest thing that you can actually do to
• 36:19
  Speaker 3: help you start saving. So you have to start saving
• 36:23
  Speaker 3: number one. Secondly, you have to start investing in assets
• 36:28
  Speaker 3: that appreciate in value, such as homeownership, such as a
• 36:32
  Speaker 3: small business all right, such as the four O one K.
• 36:37
  Speaker 3: So these are some of the things that I encourage
• 36:40
  Speaker 3: our audience to actually change. You have to change your mindset.
• 36:44
  Speaker 3: By changing your mindset, you also change your emotions. By
• 36:47
  Speaker 3: changing your emotions, you also change your habits.
• 36:51
  Speaker 1: And if you're listening to this and you are with
• 36:56
  Speaker 1: an employer, it offers a four to one k plan,
• 37:00
  Speaker 1: and you aren't taking every dime of that free money.
• 37:03
  Speaker 2: Something's wrong with you.
• 37:05
  Speaker 1: That is, any employer that does a match, meaning they
• 37:09
  Speaker 1: put up a dollar or you put up a dollar
• 37:12
  Speaker 1: and they match it ten cents, twenty cents, fifty cents
• 37:16
  Speaker 1: a dollar, sometimes that match is free money.
• 37:21
  Speaker 2: What's wrong with you? Right?
• 37:24
  Speaker 1: You need to get your head examine. That's free money.
• 37:27
  Speaker 1: Take every bit of it you can right now. Don't
• 37:30
  Speaker 1: wait next week, stop right now and side of that program.
• 37:35
  Speaker 1: When I was looking at Operation Hopes, we have hundreds
• 37:38
  Speaker 1: of employees at Operation Hope. I'm not trying to give
• 37:40
  Speaker 1: away money, but I also do I don't want my
• 37:42
  Speaker 1: employees stressed out. I want my employees to be to
• 37:45
  Speaker 1: have some comfort and flexibility and if there's a crisis,
• 37:48
  Speaker 1: be able to go and pull from them from an
• 37:50
  Speaker 1: emergency fund and buy a house. I want them to
• 37:53
  Speaker 1: I want my employees to be successful, and so if
• 37:56
  Speaker 1: they're not using the tools that we're giving them, it
• 37:58
  Speaker 1: hurts me because I know that's to be a problem
• 38:00
  Speaker 1: down the road. Somebody who's not investing today is in
• 38:03
  Speaker 1: an emergency fund request line from me tomorrow because they
• 38:08
  Speaker 1: got too much month at the end of their money.
• 38:09
  Speaker 2: And so I had at several years ago, we had.
• 38:13
  Speaker 1: Just a very embarrassing number of employees who are not
• 38:16
  Speaker 1: participating in the four oh one k match program at
• 38:20
  Speaker 1: Operation Hope. How can you teach when they are coaching
• 38:23
  Speaker 1: if you're not coaching yourself. So I really doubled down
• 38:26
  Speaker 1: on this, me and Brian Betts and our team here
• 38:28
  Speaker 1: Rachel DOBBINSCA. And anyway, the numbers shot up, and UH
• 38:32
  Speaker 1: and I'm really proud uh that we have a very
• 38:35
  Speaker 1: high participation rate now.
• 38:36
  Speaker 2: But that just shows that can affect anybody.
• 38:39
  Speaker 1: And UH, I just encourage you to listen to what
• 38:43
  Speaker 1: UH was just told to you as some suggestions and
• 38:47
  Speaker 1: go get every dollar that UH that that you're old.
• 38:51
  Speaker 1: Go get the Earned Income Tax Credit e i t C.
• 38:56
  Speaker 1: You pay an i RS some money, make sure you
• 38:57
  Speaker 1: get some money from the i R S Earn Income
• 39:00
  Speaker 1: Task Credit. If you're making less than sixty five thousand
• 39:03
  Speaker 1: dollars a year, if you're single, the federal government owes
• 39:07
  Speaker 1: you a few hundred bucks.
• 39:08
  Speaker 2: It's your money.
• 39:09
  Speaker 1: If you're if you have one, if you're married, you
• 39:12
  Speaker 1: got a child, they owe you some more money. Now
• 39:16
  Speaker 1: you're talking about more than a thousand. You got three kids,
• 39:18
  Speaker 1: you make thirty eight thousand dollars a year. This is
• 39:20
  Speaker 1: a sweet spot. Three kids, thirty eight thousand dollars a year.
• 39:23
  Speaker 1: So the less money you make, the more kids you have.
• 39:25
  Speaker 1: I'm not encouraging to have kids, but the more kids
• 39:27
  Speaker 1: you have, the less money you make, the more of
• 39:29
  Speaker 1: an EIITC refund you get. And it's retroactive for three years.
• 39:33
  Speaker 1: So if you never filed, you get three years of it.
• 39:35
  Speaker 1: So if you if you're owed seven grand from the
• 39:38
  Speaker 1: federal government, is a refund you get. By the way,
• 39:40
  Speaker 1: you get this back in cash once one of these
• 39:42
  Speaker 1: coaches that modifies your tax return any time of the year.
• 39:46
  Speaker 1: If you are owed six thousand dollars and they can
• 39:49
  Speaker 1: prove you never filed, you could get it. You know,
• 39:52
  Speaker 1: you could get as much as eighteen thousand dollars back.
• 39:55
  Speaker 1: Can you imagine what the average family could do with
• 39:57
  Speaker 1: eighteen thousand dollars. I guarantee you somebody listening to this program, sorry,
• 40:01
  Speaker 1: rephrase it. I guarantee you that everybody listening to this
• 40:04
  Speaker 1: program has a member of their family that is EITC
• 40:08
  Speaker 1: qualified and don't know it and we're getting it to
• 40:10
  Speaker 1: the part of the year where we should be thinking
• 40:13
  Speaker 1: about getting that EITC refund, as we're doing our tax filings.
• 40:22
  Speaker 1: As we've been again to wrap up this very informative
• 40:26
  Speaker 1: episode on some very practical tools. What is one suggestion
• 40:32
  Speaker 1: or a message of hope that each one of you
• 40:36
  Speaker 1: want to provide to the audience along with anything else
• 40:40
  Speaker 1: that you have not yet had a chance to contribute.
• 40:43
  Speaker 1: This is your chance, ladies. First, Mike and I would say.
• 40:47
  Speaker 4: Well, I can't stress it enough and skid education because
• 40:51
  Speaker 4: I can speak not only personally but from working here
• 40:55
  Speaker 4: at Operation Hope those clients that are here to what
• 40:57
  Speaker 4: we encourage them to do around their finances to become successful.
• 41:02
  Speaker 4: And the little cliche I have with my clients once
• 41:05
  Speaker 4: on comfortable with them, I said, well, I played sports
• 41:07
  Speaker 4: all my life, And I said, and when I played sports,
• 41:11
  Speaker 4: coaches don't play the game. Coaches coach the game. You're
• 41:15
  Speaker 4: the player. So when you stop playing, coaches stop coaching,
• 41:20
  Speaker 4: because no one wants to coach a person that's not
• 41:22
  Speaker 4: playing the game. This is your life. We're here to
• 41:24
  Speaker 4: help you. We love what we do and we want
• 41:27
  Speaker 4: to help you. But you got to stay in the game,
• 41:30
  Speaker 4: and you got to make the changes in the mindset.
• 41:33
  Speaker 4: As Mike said, your mindset has to change. You've got
• 41:36
  Speaker 4: to decide what side of the corn you want to
• 41:38
  Speaker 4: be on. I was a victim of the typical young
• 41:41
  Speaker 4: lady he just mentioned. I was a mother five at
• 41:43
  Speaker 4: twenty one. Wow, I dated my first time, I meant
• 41:46
  Speaker 4: young father. My kids fought from the seventh grade, thirty
• 41:49
  Speaker 4: year of college. Four children at the age of twenty
• 41:52
  Speaker 4: dropped out of nursing's school, dropped out of college, at home,
• 41:54
  Speaker 4: or welfare and food stamp. But I had to decide
• 41:57
  Speaker 4: for myself, do I want to have an insurance car
• 42:00
  Speaker 4: or a Medicaid car, food stamps or do I want
• 42:04
  Speaker 4: to have my own stamps? Do I want to get
• 42:07
  Speaker 4: an education or do I want to continue to be
• 42:10
  Speaker 4: at the mercy of someone educating me. So I had
• 42:13
  Speaker 4: to decide that I have to do something different to
• 42:16
  Speaker 4: be on the other side of society. And the most
• 42:19
  Speaker 4: liberating thing for me was that day that I went
• 42:21
  Speaker 4: into the doctor's office with my children and I didn't
• 42:24
  Speaker 4: have to sit in the midst of the embarrassment of
• 42:26
  Speaker 4: someone asking me for their Medicaid card because I'm in
• 42:29
  Speaker 4: there with five children, but I proudly took out a
• 42:34
  Speaker 4: health insurance card for my children because I had changed
• 42:38
  Speaker 4: and shifted the PARADEGM of my life in my children's lives.
• 42:43
  Speaker 1: You appreciate today you took people to church.
• 42:49
  Speaker 2: That's beautiful, Mike.
• 42:52
  Speaker 3: My message is simple. It isn't what you're earned, but
• 42:55
  Speaker 3: how you spend it that fixes your economic class. You
• 42:59
  Speaker 3: can get all the information you want, but honestly, information
• 43:03
  Speaker 3: answers questions, but coaching changes outcomes. We have three hundred
• 43:09
  Speaker 3: coaches nationwide. All this information, all this coaching, it's accessible
• 43:16
  Speaker 3: to anyone who actually is really willing to actually put
• 43:19
  Speaker 3: in the work, and we will meet you halfway. So
• 43:25
  Speaker 3: if we don't tell our money where to go, it's
• 43:27
  Speaker 3: gonna leave you, and it's gonna go somewhere else.
• 43:29
  Speaker 2: Wow.
• 43:31
  Speaker 3: In that Operation Home, we're transforming renters to homeowners, small
• 43:36
  Speaker 3: business dreamers to small business owners. But more importantly, we're
• 43:39
  Speaker 3: actually teaching families and individuals how to have a healthy
• 43:42
  Speaker 3: relationship with their money, a relationship that is freedom, accessibility,
• 43:49
  Speaker 3: but more importantly security for you and your family.
• 43:52
  Speaker 1: I'm so proud of you too. I'm sitting there like
• 43:54
  Speaker 1: a proud Papa, because I'm a founder of the organization.
• 43:58
  Speaker 1: You guys are fulfilling a mission, and they're both absolutely right.
• 44:02
  Speaker 1: I couldn't have said I couldn't I could have given
• 44:05
  Speaker 1: better advice than they have given you. In fact, I'm
• 44:07
  Speaker 1: listening to this and learning myself, which is really what
• 44:10
  Speaker 1: it should be all about. I should everybody works for me,
• 44:13
  Speaker 1: should be smarter than me in their respective area. Other
• 44:16
  Speaker 1: than what again, if a relationship, if you're not better together.
• 44:19
  Speaker 2: What are you doing? I could do better all by myself.
• 44:24
  Speaker 2: So this has been wonderful.
• 44:25
  Speaker 1: You guys are both great, gave great advice, and I
• 44:29
  Speaker 1: encourage everybody to sign up to Hope Financial Coaches. We
• 44:31
  Speaker 1: mentioned some of the institutions that they partner with they
• 44:35
  Speaker 1: have worked with. We did not mention that we're in
• 44:38
  Speaker 1: half of all Truest Bank branches. There are two thousand
• 44:42
  Speaker 1: branches and we are right now about eight hundred of
• 44:45
  Speaker 1: those branches have Hope inside locations and our satellite locations,
• 44:49
  Speaker 1: so we will have one coach that serves several locations
• 44:52
  Speaker 1: in the satellites. Wells Fargo has ordered a few dozen locations,
• 44:58
  Speaker 1: and we're trying to get that number of considerably. And
• 45:01
  Speaker 1: they're working with us on that Bank of America as
• 45:04
  Speaker 1: a similar situation has ordered a couple dozen locations and
• 45:08
  Speaker 1: we're on our way up on that number US bank.
• 45:12
  Speaker 1: Uh And it goes on and on and on so
• 45:16
  Speaker 1: uh and we're we're also in Delta airlines, we're in
• 45:19
  Speaker 1: the ups, We're in major workplaces.
• 45:22
  Speaker 2: We're working with Walmart now.
• 45:24
  Speaker 1: Uh so we are going to become the Starbucks of
• 45:26
  Speaker 1: financial inclusion, the Walmart of financial literacy.
• 45:30
  Speaker 2: We're coming to a community near you. And and with.
• 45:35
  Speaker 1: Our new announcement of Hope AI, we're going to be
• 45:39
  Speaker 1: doing civil rights financial literacy, civil rights AI literacy, for
• 45:44
  Speaker 1: future literacy, combined mission to transform your life. And again,
• 45:50
  Speaker 1: if we're not in your neighborhood now, we're coming your
• 45:52
  Speaker 1: way soon. You get these cars and talk to them
• 45:57
  Speaker 1: in person, go online now and sign up and transform
• 46:02
  Speaker 1: your life. As Mike said it basically, and most of
• 46:06
  Speaker 1: them said Mike and John Jelie, if you're not working
• 46:08
  Speaker 1: your money, your money is working over you. It is
• 46:11
  Speaker 1: working you over all, right, God bless you. This is
• 46:14
  Speaker 1: John O'Brien. This is Money and Wealth Podcasts Series Season
• 46:19
  Speaker 1: two on the Black Effect Network on iHeartRadio.
• 46:22
  Speaker 2: You are changed. You want to see in the world.
• 46:27
  Speaker 1: Money and Wealth with John O'Brien is a production of
• 46:29
  Speaker 1: the Black Effect podcast Network. For more podcasts from the
• 46:33
  Speaker 1: Black Effect Podcast Network, visit the iHeartRadio app, Apple Podcasts,
• 46:37
  Speaker 1: or wherever you listen to your favorite shows.