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Study Hall: Black Home Appraisals & The World's Richest Black Person · Earn Your Leisure

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  Speaker 5: My graduates from my school being forced.
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  Speaker 3: Back drop Mike drop backdrop.
• 2:03
  Speaker 5: Today we're going to talk about appraisals right home appraisals,
• 2:06
  Speaker 5: and we're going to attack it from a different standpoint.
• 2:09
  Speaker 5: So I actually wrote a post about this on my
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  Speaker 5: Instagram page a while back, if anybody follows me. So,
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  Speaker 5: there was a recent study by the Bookings Institute in
• 2:17
  Speaker 5: Gallop which shows that homes and majority black neighborhoods are
• 2:22
  Speaker 5: undervalued during their pazel process by forty eight thousand dollars
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  Speaker 5: per home, which amounts to one hundred and fifty six
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  Speaker 5: billion dollars in cumulative losses nationwide. So what happens is
• 2:35
  Speaker 5: that they're saying that black homes are valued at twenty
• 2:38
  Speaker 5: three percent lower than the white counterparts. So obviously how
• 2:42
  Speaker 5: they do that is that they base it like the
• 2:45
  Speaker 5: same home. Right, so it has to be like three bedroom,
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  Speaker 5: two bath home and a black neighborhood three bedroom, Yeah,
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  Speaker 5: exactly comparable what we call in the real estate industry comparables.
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  Speaker 4: Right.
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  Speaker 5: So they're not going to compare a one bedroom apartment
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  Speaker 5: to a mansion. They compare the same exact home, same
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  Speaker 5: exact space, backyard, all of.
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  Speaker 4: That stuff within the same zip code.
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  Speaker 5: Right. So on average, the black home is value that
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  Speaker 5: forty eight thousand less than the white home. So what
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  Speaker 5: happens is that now it affects people in a lot
• 3:14
  Speaker 5: of different ways. Right. So now when you have less
• 3:18
  Speaker 5: value when you sell your home, right, you're getting less money, right,
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  Speaker 5: You're also it lowers your net worth, Right, it lowers
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  Speaker 5: your equity that you can borrow from because the value
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  Speaker 5: of the home is less. So it's a lot of
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  Speaker 5: negative effects for that. Right. So some people will say, okay, well,
• 3:32
  Speaker 5: the reason that the black homes and then black neighborhoods
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  Speaker 5: are lower than white neighborhoods is because black neighborhoods, unfortunately,
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  Speaker 5: a lot of times you have higher crime rates. It
• 3:45
  Speaker 5: sometimes maybe a longer commute, bad schools, So all of
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  Speaker 5: that stuff plays a factor in the home value, right,
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  Speaker 5: and that's true, But the studies showed that that only
• 3:54
  Speaker 5: accounts for actually half of the devaluation. So what happened
• 4:00
  Speaker 5: to the other seventy eight billion? Right, So that only
• 4:02
  Speaker 5: accounted for one seventy eight billion, But the other seventy
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  Speaker 5: eight billion is not accounting for in all those other factors.
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  Speaker 5: So this is what the study show, not me. So
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  Speaker 5: the Booking Institute, the Gallop, they came to the conclusion
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  Speaker 5: that the other seventy eight billion dollars in devaluation was
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  Speaker 5: solely due to one thing. You know what that one
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  Speaker 5: thing is, Go ahead, tell me racism. Right. They just
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  Speaker 5: said that they just valued black homes lower. Right, when
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  Speaker 5: appraiser comes, he just looks at a black home as
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  Speaker 5: being worse less than a white home. It's just that's
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  Speaker 5: what it is. That's what that's what it accounted for. Right.
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  Speaker 5: So this is a troubling statistic, right, for a lot
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  Speaker 5: of different reasons. But the main reason is that, you know,
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  Speaker 5: one of the things that you know, you always taught
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  Speaker 5: in America is that you do good you buy a home.
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  Speaker 5: You know, that's like the number one way to preserve
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  Speaker 5: wealth for your family, do the right things, and you
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  Speaker 5: can sell your home. But now, ay, it's already discriminory,
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  Speaker 5: discriminatory practices and actually buying a home, right dude, that's
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  Speaker 5: been proven. And now even if you do buy the home,
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  Speaker 5: it's devalued just because you live in it. Right. So
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  Speaker 5: it was interesting when I wrote that story because a
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  Speaker 5: lot of people were going back and forth like, well,
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  Speaker 5: I don't believe that. It's like, you know, a lot
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  Speaker 5: of people don't believe that racism is actually real thing.
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  Speaker 5: But the thing about it is that it doesn't even
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  Speaker 5: affect people just in black neighborhood. They can affect white
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  Speaker 5: a black family living in a white neighborhood. Right. So,
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  Speaker 5: as I said, so, a lot of times people were saying, like,
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  Speaker 5: this is just made up. I don't believe it. So
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  Speaker 5: now being that we have a personal story to confirm it,
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  Speaker 5: you're going to go into your story.
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  Speaker 4: Yeah.
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  Speaker 3: You know what, when you wrote the article and I
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  Speaker 3: had no idea you were writing an article, I thought
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  Speaker 3: you were writing it about me. I honestly were like, yo,
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  Speaker 3: this guy just wrote my story.
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  Speaker 4: And I called you.
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  Speaker 3: I'm like you serious, and you're like, nah, this is
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  Speaker 3: like factuals to the evidence and I'm like, oh wow,
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  Speaker 3: this is really happening.
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  Speaker 4: So two years ago, almost about two years ago, I
• 6:07
  Speaker 4: was in.
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  Speaker 3: The process of buying a home and that comes, let's
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  Speaker 3: go back. I wasn't going to be in the process
• 6:14
  Speaker 3: if it wasn't for you. And that was part of
• 6:16
  Speaker 3: the early leisure conversation. My family was about to move
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  Speaker 3: and you were like, hey, why don't you go.
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  Speaker 4: In and buy a home?
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  Speaker 3: And I was like, I had not getten any thought.
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  Speaker 3: I'm like, you know what, maybe maybe you was shot out,
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  Speaker 3: maybe I should do this. So you sparked that in
• 6:30
  Speaker 3: my mind, I'm like, all right, Well, I presented the
• 6:32
  Speaker 3: proposal to my family and they were like, let's do this.
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  Speaker 4: And one of the things we had to do was
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  Speaker 4: get the house of Praise.
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  Speaker 3: Now, my family bought the home in twenty ten, and
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  Speaker 3: the house was valued at five hundred and seventy five thousand.
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  Speaker 3: That's what it was valued at. We bought it for
• 6:50
  Speaker 3: five hundred and twenty five thousand. That was a purchase
• 6:54
  Speaker 3: price in twenty ten. Long story short, part of my
• 6:59
  Speaker 3: family wanted to move moved to another area, so I
• 7:01
  Speaker 3: came in and went in on a deal with my
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  Speaker 3: father and we got the house and the process of
• 7:09
  Speaker 3: appraisal was an alarming one because when he the appraisal
• 7:13
  Speaker 3: I won't say his name, we're actually still in there.
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  Speaker 4: We wrote a Consumer Reports review about it.
• 7:18
  Speaker 3: The appraisal man came in and said that the house
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  Speaker 3: had devalued. Now we have added things to the home,
• 7:26
  Speaker 3: you know, the typical things obviously stand still, furniture, I
• 7:29
  Speaker 3: mean stay in still, appliances, would floors, all all the
• 7:32
  Speaker 3: things that you would add to, you know, increase value
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  Speaker 3: in your home. And in the eight year, eight year period,
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  Speaker 3: the house went from being purchased at five hundred and
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  Speaker 3: twenty five thousand to now being five hundred and ten thousand.
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  Speaker 5: So all right, so you bought a house in New York,
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  Speaker 5: in the suburbs of New York west Chester, which is
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  Speaker 5: anybody's not familiar. It's affluent, prey affluent neighborhood.
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  Speaker 4: White plans in New York.
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  Speaker 5: Okay, so you buy a house for five hundred and.
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  Speaker 3: How much five hundred and twenty five thousand, ten Yeah,
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  Speaker 3: seven years where there is no market correction.
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  Speaker 5: Real estate has only gone up in New York and
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  Speaker 5: across America as a whole.
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  Speaker 4: But definitely and especially in this neighborhood.
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  Speaker 5: Okay, you made improvements, you made improvements to the home,
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  Speaker 5: and he said that the home was devalued by fifteen thousand.
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  Speaker 4: Fifteen thousand.
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  Speaker 3: Yeah, so like when you look at that, it's like,
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  Speaker 3: oh wait, that's kind of crazy. But then you look
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  Speaker 3: at the comparables because that's part of the appraisal process too.
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  Speaker 3: So I looked at the comparables. Six hundred, six hundred
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  Speaker 3: and fifty six hundred eighteen. We had an offer on
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  Speaker 3: the table, like my brother was going to sell the
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  Speaker 3: house before I stepped in, and the offer was for
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  Speaker 3: six hundred, six hundred thousand, and you got to praise
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  Speaker 3: at fifty five hundred and ten thousand.
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  Speaker 5: And what do your neighbors look like?
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  Speaker 4: My neighbors are from a different ethnic background, but ethnic background.
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  Speaker 3: We have Hispanic neighbors, we have neighbors, we have a
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  Speaker 3: few black neighbors down the street.
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  Speaker 5: The majority of people in your neighborhood, what are white?
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  Speaker 4: Majority of them?
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  Speaker 5: Okay, yeah, so the comparables in the neighborhood is six
• 9:11
  Speaker 5: hundred thousand.
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  Speaker 3: Six hundred plus at least. So the deal was time sensitive.
• 9:16
  Speaker 3: So not only did I was like blown away by
• 9:19
  Speaker 3: the number that came back.
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  Speaker 4: I knew that we had to react fast because there was.
• 9:24
  Speaker 3: A lot of dominoes that were going to fall if
• 9:26
  Speaker 3: we didn't get this done. So he came in and
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  Speaker 3: gave us a five hundred and ten thousand appraisal. But
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  Speaker 3: on top of it, I had to pay him eight
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  Speaker 3: hundred dollars to him to do that, so like, not
• 9:35
  Speaker 3: only was it in justice in a disservice, but I
• 9:38
  Speaker 3: had to pay him out of my pocket to say
• 9:39
  Speaker 3: thank you. He came in, he was here for maybe
• 9:43
  Speaker 3: ten minutes and left and that was the last time
• 9:46
  Speaker 3: I saw him until I had to, you know, get
• 9:49
  Speaker 3: in contact with him, like how did this happen? And
• 9:51
  Speaker 3: you know, his explanation was pretty much, you don't have
• 9:55
  Speaker 3: the size of the backyard as the comparables. So I
• 9:59
  Speaker 3: was like, no, this is this is impossible. I literal
• 10:01
  Speaker 3: drove around the neighborhood to the comparables. I'm like, no,
• 10:03
  Speaker 3: this is no way. And being that the process of
• 10:08
  Speaker 3: getting the house was time sensitive, I just had to say,
• 10:10
  Speaker 3: you know what, I'm just gonna have to take this
• 10:12
  Speaker 3: one and then we'll deal with this at a later time.
• 10:14
  Speaker 3: My mortgage broker at the time was like, you know,
• 10:16
  Speaker 3: I don't believe this. This is crazy, but at a
• 10:19
  Speaker 3: certain extent, you're at the bank's mercy, right, Like they're
• 10:22
  Speaker 3: the one that's approven you for the loan. They send
• 10:24
  Speaker 3: their appraisal, the person that do the appraisal, so it's like,
• 10:27
  Speaker 3: what do you do?
• 10:28
  Speaker 5: So at that point in time, he took ninety thousand
• 10:30
  Speaker 5: off the table, oh, wealth right from your family pretty much?
• 10:35
  Speaker 4: Yeah?
• 10:35
  Speaker 5: Wait, just his opinion.
• 10:37
  Speaker 4: Yeah, And that's the thing.
• 10:38
  Speaker 3: It's like a lot of people don't get to this
• 10:41
  Speaker 3: level to even see this type of discrimination, right because
• 10:43
  Speaker 3: how many people are in the position to even get
• 10:46
  Speaker 3: a home, you know what I mean. And it's like
• 10:49
  Speaker 3: I can tell this story, but it's like who else
• 10:51
  Speaker 3: can relate to this? Because, like I said, when you
• 10:53
  Speaker 3: wrote it, I was like, wait, you're writing my story
• 10:55
  Speaker 3: and You're like no, this is happening everywhere, and I'm like, oh, oh,
• 10:59
  Speaker 3: now I have to take so I have taken some access,
• 11:02
  Speaker 3: and it's still.
• 11:03
  Speaker 5: You know, what's crazy. Somebody said on my Instagram that
• 11:06
  Speaker 5: she told the story. I don't know for sure or not,
• 11:08
  Speaker 5: but I'm gonna give her the benefit down say it's true.
• 11:10
  Speaker 5: So she said that She had a home of praise
• 11:12
  Speaker 5: three times and each time, let's say it was three
• 11:16
  Speaker 5: hundred thousands roughly, I forget the number, but let's say
• 11:19
  Speaker 5: three hundred thousand. It was like solid three hundred thousands,
• 11:21
  Speaker 5: three times in a row. She had her white neighbor
• 11:24
  Speaker 5: come for the fourth appraisal. She took down all the
• 11:27
  Speaker 5: pictures and the white neighbor answered the door. Long story short,
• 11:30
  Speaker 5: the praiser thought that it was a white neighbor's home.
• 11:32
  Speaker 5: You know how much it was a praise for four
• 11:34
  Speaker 5: hundred I think like four to ten one hundred and
• 11:38
  Speaker 5: ten thousand dollars more, just on an opinion because he
• 11:41
  Speaker 5: saw a white person.
• 11:41
  Speaker 4: Yeah, it happens.
• 12:01
  Speaker 3: Look, I'm like, we're literally and I lived it and
• 12:04
  Speaker 3: I'm still living in it, and it's like wow, And
• 12:06
  Speaker 3: I try to get that message out like yo, this
• 12:07
  Speaker 3: is happening. But like I said, like who can relate
• 12:10
  Speaker 3: to it? Like a lot of my peers are you know,
• 12:12
  Speaker 3: are renting and they're not in the process of owning
• 12:15
  Speaker 3: a home yet and they will be. But it's like, oh,
• 12:18
  Speaker 3: this is how how is this possible? So like what
• 12:20
  Speaker 3: would be the answer to eliminate that? Like you know
• 12:24
  Speaker 3: what I mean, Like we have to get our own
• 12:25
  Speaker 3: independent appraiser. Yeah, but that independent appraiser doesn't necessarily work
• 12:30
  Speaker 3: for the bank who's giving you the loan, so it's
• 12:33
  Speaker 3: like what do you do?
• 12:35
  Speaker 5: Yeah, it was an interesting discussion on my Instagram pagecause
• 12:38
  Speaker 5: then some appraisers came in. It was actually hoping to
• 12:39
  Speaker 5: get somebody in the praiser to come in as a guest,
• 12:41
  Speaker 5: but we wasn't able to. But yeah, yeah, it's a
• 12:46
  Speaker 5: I don't know, it's an unfortunate situation that it's just
• 12:49
  Speaker 5: stuff like that people don't even aren't really even thinking
• 12:51
  Speaker 5: about right now. You had about like the hardcore racism stuff,
• 12:53
  Speaker 5: but little stuff like that that's real wealth. So you're ninety,
• 12:57
  Speaker 5: so your situation was ninety thousand dollars right now, you
• 13:00
  Speaker 5: can see how when hit about one hundred and fifty
• 13:02
  Speaker 5: six billion, Like that's a large number, but how many
• 13:05
  Speaker 5: people are like you ninety thousand here, one hundred thousand here,
• 13:08
  Speaker 5: thirty thousands up? Yeahs up, all.
• 13:11
  Speaker 4: Right, And like you said, like that's part of that generational.
• 13:13
  Speaker 5: Wealth and that's not even a black neighborhood right right.
• 13:18
  Speaker 3: It just was that, Hey, they saw the family that
• 13:20
  Speaker 3: was here, and this is what we're saying it is,
• 13:22
  Speaker 3: and take it or leave it. And if you leave it,
• 13:25
  Speaker 3: then you're not going to get this ome because we're
• 13:27
  Speaker 3: not approving you for this.
• 13:28
  Speaker 4: Mom.
• 13:30
  Speaker 5: Yep, well yeah, the game is rigged, all right, boys
• 13:35
  Speaker 5: and girls. So now is my favorite part of the show. Storytime.
• 13:41
  Speaker 4: All right.
• 13:41
  Speaker 3: So this, this story actually starts as a lesson plan.
• 13:45
  Speaker 3: And one of the weird things we do in the
• 13:46
  Speaker 3: summer is teach financial literacy. And I was listening to
• 13:50
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• 13:59
  Speaker 3: was like, damn is this true? Like is Jay right?
• 14:02
  Speaker 3: Like is he right when he says that? Like what
• 14:03
  Speaker 3: does that even mean? And I started thinking about success
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  Speaker 3: and what images we think of when we think of success,
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  Speaker 4: Sports. Okay.
• 14:16
  Speaker 3: So when we sat down with our kids, I came
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• 14:35
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• 14:39
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  Speaker 3: one out of the eight and the one person was
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• 16:52
  Speaker 3: Lottery players.
• 16:53
  Speaker 5: Everything those games sent the team's energy through the roof.
• 16:56
  Speaker 6: Are you saying it was the off field play that
• 16:58
  Speaker 6: made the difference on the field.
• 17:00
  Speaker 5: Play makes your day, and today it made the game.
• 17:03
  Speaker 4: That's all for now.
• 17:04
  Speaker 6: One more question played the new Los Angeles Chargers, San
• 17:07
  Speaker 6: Francisco forty nine Ers and Los Angeles Ram Scratchers from
• 17:10
  Speaker 6: the California Lottery. A little play can make your day. Peace,
• 17:13
  Speaker 6: pay responsibly. Must be eighteen years or older to purchase
• 17:15
  Speaker 6: late or claim.
• 17:16
  Speaker 3: We only knew one of the wealthiest people of color
• 17:20
  Speaker 3: in the world, and their minds were blown. And I
• 17:24
  Speaker 3: was like, well, this is why, right, because all we've
• 17:28
  Speaker 3: been we see is sports and entertainment. So we went
• 17:31
  Speaker 3: to the number one person, the wealthiest black person or
• 17:34
  Speaker 3: person of color in the entire world, well black person
• 17:36
  Speaker 3: not even personal African descent. And we came to the
• 17:40
  Speaker 3: name Aliko than Golti, Aliko dan Goti. He's actually from
• 17:46
  Speaker 3: Nigeria and its networth this year, well in twenty eighteen,
• 17:50
  Speaker 3: was ten point seven billion.
• 17:53
  Speaker 4: You want to go into it.
• 17:54
  Speaker 5: Yeah, So Aliko Dane Gotie. We wanted to cover him
• 17:59
  Speaker 5: for a few different reasons. But shout out to Africa.
• 18:02
  Speaker 5: We have a lot of listeners in Africa and the
• 18:05
  Speaker 5: UK and all over. And you know, obviously we live
• 18:08
  Speaker 5: in America, so most of our stories are based off
• 18:10
  Speaker 5: of Americans. But we're bigger than's just America. Right, you know,
• 18:15
  Speaker 5: the world, as I always say, the world is flat.
• 18:17
  Speaker 5: So we want to show love to every part of
• 18:19
  Speaker 5: the world and to give inspiration to every part of
• 18:21
  Speaker 5: the world as well. Right. So, as you said, the
• 18:23
  Speaker 5: richest black person in the world, African descent, whatever you
• 18:25
  Speaker 5: want to call it, is from Nigeria. Right, He's worth
• 18:29
  Speaker 5: ten billion dollars. So we're going to tell his story.
• 18:31
  Speaker 5: So because I'm pretty sure that most people aren't familiar
• 18:34
  Speaker 5: with him.
• 18:34
  Speaker 3: Yeah, I mean, every time I've brought him up in conversation,
• 18:37
  Speaker 3: people will say who is that, and it's it's ironic,
• 18:40
  Speaker 3: like we know who Floyd Mayweather is, and we know
• 18:42
  Speaker 3: who Jay Z and I mean, they've had a huge
• 18:45
  Speaker 3: amount of success, but those three people, they're not worth
• 18:49
  Speaker 3: doesn't even add up to his No, it's not even close.
• 18:51
  Speaker 5: So all right, so Aliko, he he comes from Nigeria,
• 18:55
  Speaker 5: right and he uh, he starts in twenty one and
• 19:00
  Speaker 5: the concrete business. So he comes from a wealthy family
• 19:02
  Speaker 5: already nowhere near where he is now. But he comes
• 19:06
  Speaker 5: from a wealthy family. So that's no. That's another thing too.
• 19:08
  Speaker 5: We have to keep in mind because even with the
• 19:10
  Speaker 5: whole thing with Kylie Jenner, as far as what self made,
• 19:12
  Speaker 5: that's that was big on the page. And we have
• 19:15
  Speaker 5: to keep in mind that there are black wealthy people, right.
• 19:19
  Speaker 3: Like his grandfather was wealthy, the wealthiest person in West Africage.
• 19:22
  Speaker 5: Yeah, so and there's nothing wrong with we have to
• 19:26
  Speaker 5: get out of that mind like, there's nothing to be
• 19:29
  Speaker 5: embarrassed about if your if your family has money. But
• 19:31
  Speaker 5: that's what we should strive to do to actually leave
• 19:33
  Speaker 5: a legacy for our kids. And it's like we almost
• 19:36
  Speaker 5: like are embarrassed if we have any leg up. I
• 19:41
  Speaker 5: mean like it's it's kind of backwards way of thinking.
• 19:43
  Speaker 5: But so, yeah, he comes from a wealthy family, but
• 19:47
  Speaker 5: nowhere near where he is now. So at twenty one,
• 19:49
  Speaker 5: he starts a concrete business, right and from there it's
• 19:54
  Speaker 5: a five thousand dollars alone that he got from his
• 19:55
  Speaker 5: uncle to start the business. From there, he parlayed that
• 19:59
  Speaker 5: and to pretty much everything agriculture, food, telecommunications.
• 20:07
  Speaker 4: Banking, petroleum, banking, controleum, sugar flowers.
• 20:10
  Speaker 5: Sugar flower everything. He's like guys, guy's hands and everything.
• 20:14
  Speaker 5: Everything in the country is pretty much he's involved with
• 20:17
  Speaker 5: in one way or the other. He's heavy in politics everything. Right,
• 20:20
  Speaker 5: So what he's doing now is that he is taking
• 20:24
  Speaker 5: a major risk. But that's what business is about, right.
• 20:28
  Speaker 5: He's taking a major risk and building a twelve billion
• 20:32
  Speaker 5: dollar petroleum refinery, yes, right in Nigeria.
• 20:37
  Speaker 3: So just a quick a couple of things about Nigeria.
• 20:41
  Speaker 3: Nigeria is Africa's largest oil producer, so that's just the
• 20:44
  Speaker 3: first thing. Now, they have the control of I think
• 20:46
  Speaker 3: the tenth largest oil reserves in the country.
• 20:49
  Speaker 4: Oh and I'm sorry in.
• 20:50
  Speaker 3: The world, in the world, but they don't there take
• 20:54
  Speaker 3: their resource, not their resources, but they don't have refineries
• 20:58
  Speaker 3: that are efficient enough to get it throughout the entire time.
• 21:01
  Speaker 4: Yeah.
• 21:01
  Speaker 5: So the thing about Nigeria is that they have the
• 21:03
  Speaker 5: tenth largest oil reserves, like you said, in the world,
• 21:07
  Speaker 5: but they only have four state run refineries and those
• 21:11
  Speaker 5: are old. So what happens is that they have to
• 21:14
  Speaker 5: import most of their petroleum, which makes no sense, right
• 21:17
  Speaker 5: because you have so much petroleum in your backyard literally,
• 21:22
  Speaker 5: but you have to import it because you don't have
• 21:24
  Speaker 5: the infrastructure to actually produce it yourself. So that's his thing.
• 21:27
  Speaker 5: His thing is like, why do why don't we have
• 21:29
  Speaker 5: to bring in all of this stuff from the Middle
• 21:30
  Speaker 5: East and all these other from countries when we have
• 21:32
  Speaker 5: it right here. So he's building a twelve billion dollar
• 21:36
  Speaker 5: refinery and what that will do is make it well
• 21:41
  Speaker 5: as going to be the largest petroleum refinery.
• 21:43
  Speaker 4: In the world.
• 21:44
  Speaker 5: Yeah, in the world.
• 21:45
  Speaker 3: Literally he went out and this is built on wasteland.
• 21:48
  Speaker 3: So he I mean again, his business helps with this process,
• 21:53
  Speaker 3: right because he has the concrete, and he has the
• 21:56
  Speaker 3: trucks and he has all these things to help build it.
• 21:58
  Speaker 3: So he's building it right now. I believe it's off
• 22:00
  Speaker 3: the south coast of Nigeria. But yeah, like, let's build
• 22:04
  Speaker 3: this refinery because there's no point of us as important anymore.
• 22:08
  Speaker 5: Right, So that's going to take if all goes well.
• 22:11
  Speaker 5: So right now, his company made four billion dollars in revenue.
• 22:14
  Speaker 5: That shit, if all goes well, that's going to take
• 22:16
  Speaker 5: it from his company from four billion to thirty billion.
• 22:19
  Speaker 4: Yeah.
• 22:19
  Speaker 3: So the key part about that is that sixty percent
• 22:23
  Speaker 3: of Nigeria, right is not they're not connected to the
• 22:26
  Speaker 3: power grid sixty percent and when the people who are,
• 22:29
  Speaker 3: they have like four hours of power at a time.
• 22:31
  Speaker 3: So there's like long history of blackouts in the country.
• 22:34
  Speaker 3: So he has a chance to provide electricity now to
• 22:37
  Speaker 3: an entire country.
• 22:39
  Speaker 5: Well, yes, he has a chance to change the course
• 22:41
  Speaker 5: of Nigeria forever, forever and also change the cost of
• 22:44
  Speaker 5: Africa as.
• 22:45
  Speaker 4: Well, the entire continent.
• 22:46
  Speaker 5: Right, yeah, exactly, So what he's doing is more than
• 22:49
  Speaker 5: just money, right, he has actual chance to really leave
• 22:54
  Speaker 5: a legacy forever when it comes to Africa. And then
• 22:57
  Speaker 5: of course money plays a part as well as let's
• 22:59
  Speaker 5: say it takes his company from four billion to thirty billion,
• 23:01
  Speaker 5: So now he's a billionaire. Now. I think he was
• 23:04
  Speaker 5: like number hundred.
• 23:04
  Speaker 3: On the list, yeah he I think his highest rank
• 23:07
  Speaker 3: on the list was like twenty five. He was up
• 23:09
  Speaker 3: to like twenty twenty. Yeah, a couple of things.
• 23:12
  Speaker 5: But this does now, this puts him in like the
• 23:14
  Speaker 5: top twenty. Now now he's in there with Bloomberg and
• 23:18
  Speaker 5: guys like that. Right, So that changed the trajectory of
• 23:21
  Speaker 5: wealth as well. But as I said, more importantly, like
• 23:24
  Speaker 5: you said, sixty pent of the country doesn't have electricity.
• 23:27
  Speaker 5: They're the tenth largest oil producing country, but they have
• 23:30
  Speaker 5: to import all their oil, so they make themself reliant.
• 23:35
  Speaker 5: They can keep all their resources at home now and
• 23:38
  Speaker 5: it sets a trend for West Africa and the whole
• 23:41
  Speaker 5: Sub Saharan Africa as a whole, right, because we all
• 23:45
  Speaker 5: know that Africa is the richest continent as far as
• 23:48
  Speaker 5: minerals and what's in the earth, but unfortunately it's the
• 23:53
  Speaker 5: poorest continent economically, right, So hopefully this will be a
• 23:57
  Speaker 5: trend that countries can follow in busines, this man in
• 24:00
  Speaker 5: the countries can follow where now the wealth is actually
• 24:03
  Speaker 5: kept in Africa and they're producing for themselves and they're
• 24:06
  Speaker 5: keeping it for themselves, right, So there's two sides to
• 24:08
  Speaker 5: every story, right. So a lot of people aren't big
• 24:12
  Speaker 5: fans of his because they said that, you know, he
• 24:16
  Speaker 5: has a lot of money off shore and some shaky
• 24:19
  Speaker 5: business practices, political pays on the politicians.
• 24:25
  Speaker 3: So his wealth, right, and when we look at our
• 24:27
  Speaker 3: country and we think of the wealthiest people in the world,
• 24:30
  Speaker 3: and we know that one percent of the population has
• 24:34
  Speaker 3: more money than ninety nine percent, so his statistic is
• 24:37
  Speaker 3: even larger because yes, I think fifty percent of the
• 24:40
  Speaker 3: country does live in poverty, and you have now a
• 24:42
  Speaker 3: man who's in the top one hundred wealthiest people in
• 24:44
  Speaker 3: the world, so the disparacy is even greater.
• 24:46
  Speaker 4: So people are looking at that, like, but.
• 24:48
  Speaker 5: That's not just his I mean, look at Carlos Slim.
• 24:50
  Speaker 4: Right in Mexico. Another person.
• 24:52
  Speaker 5: I look at his brillion of billionaires in India or
• 24:55
  Speaker 5: even America, right, so that's all over the world. Yeah,
• 24:59
  Speaker 5: but like I said this, you know, there's there's some
• 25:01
  Speaker 5: some rumors that you know, he's done some things, which
• 25:04
  Speaker 5: I mean most business people have on a certain level. Right,
• 25:07
  Speaker 5: But then he also has a charity where he's donated
• 25:09
  Speaker 5: one point two billion dollars of his own wealth.
• 25:11
  Speaker 4: Yeah, I believe him and Bill Gates or doing.
• 25:13
  Speaker 5: He's doing some stuff with Bill Gates. Well, but then
• 25:15
  Speaker 5: he also built two hundred homes for poor people.
• 25:18
  Speaker 3: So and he said his favorite So he for the
• 25:22
  Speaker 3: first twenty years of business, so he started his company
• 25:24
  Speaker 3: I believe in nineteen seventy seven, first twenty years of business,
• 25:27
  Speaker 3: refused to travel, did not travel at all.
• 25:29
  Speaker 5: Yeah, that's into no vacation. So that's because that goes
• 25:32
  Speaker 5: back to the college. Different thing right where I said, Okay,
• 25:34
  Speaker 5: you start with money. Obviously, if you start with money,
• 25:36
  Speaker 5: you have a leg up. It's obvious, right, But you
• 25:38
  Speaker 5: still have to work the money to make it more money.
• 25:41
  Speaker 5: So the guy didn't take a vacation for twenty years.
• 25:43
  Speaker 5: Twenty years now he takes vacation now, But for the
• 25:46
  Speaker 5: first twenty years in business, he didn't take a vacation.
• 25:48
  Speaker 3: His ratio now is for every two weeks he works,
• 25:50
  Speaker 3: he takes a vacation. I got to get We have
• 25:52
  Speaker 3: to get to that, right, Yeah, I mean that's an
• 25:54
  Speaker 3: amazing question.
• 25:55
  Speaker 5: It's like, how many people take vacations just got here.
• 26:00
  Speaker 4: It shouldn't be.
• 26:01
  Speaker 5: He can't afford it, right, you you.
• 26:03
  Speaker 4: Have no money and you're still taking vacations just for
• 26:05
  Speaker 4: the hell of it.
• 26:06
  Speaker 5: You're going Miami just just cause it's funny.
• 26:08
  Speaker 4: You said Miami. Because when he said the two favorite
• 26:10
  Speaker 4: places of travel.
• 26:11
  Speaker 5: Atlanta in Miami, Atlanta in Miami, that's pretty random. I'ma
• 26:14
  Speaker 5: be honest with you. If I'm one of the richest
• 26:17
  Speaker 5: people in the world, I love Miami. I love Atlanta too,
• 26:21
  Speaker 5: Those would not be my two top travel desers.
• 26:23
  Speaker 4: Well, where you're coming from though you're coming from New York.
• 26:25
  Speaker 5: It doesn't no matter where I'm coming from.
• 26:27
  Speaker 3: Somebody who's in Nigeria that may look at that as
• 26:29
  Speaker 3: like that's a tourist destination, and we do it like
• 26:32
  Speaker 3: pretty regularly.
• 26:35
  Speaker 5: Shotlana Shot to Miami too. It's just a little random
• 26:41
  Speaker 5: for me, that's all. But yeah, those are his two favorite.
• 26:44
  Speaker 5: He actually owns a lot of property in Atlanta.
• 26:46
  Speaker 3: Yeah, he I think he had a residency out there,
• 26:50
  Speaker 3: But now I think he's saying at some like luxurious
• 26:53
  Speaker 3: like resort there.
• 26:54
  Speaker 5: Now, yeah, I mean, Nigga, he's bawling out of control.
• 26:57
  Speaker 5: But the thing about it also is that so this
• 26:58
  Speaker 5: flip sides to every coin. So some people say he's
• 27:01
  Speaker 5: a bad guy, some people say he's a good guy.
• 27:04
  Speaker 5: I learned that life is complicated, right, So when I
• 27:08
  Speaker 5: was in Columbia. I went to Columbia a little while ago.
• 27:10
  Speaker 5: And obviously when you think of Columbia, who do you
• 27:14
  Speaker 5: think of It's a legend. So everybody knows Pablo Escobar story.
• 27:20
  Speaker 5: I don't have to tell a story. Half of the
• 27:22
  Speaker 5: country hates him, despises him, and half of the country
• 27:26
  Speaker 5: loves them. Right, So depending on who you talk to,
• 27:29
  Speaker 5: you're gonna get a different story. So if you talk
• 27:32
  Speaker 5: to some of the people that he might be responsible
• 27:34
  Speaker 5: for killing and you know, ruining lives and all the things,
• 27:38
  Speaker 5: then they would tell you that he's the devil, he's
• 27:39
  Speaker 5: the worst person in the world. But then I went
• 27:41
  Speaker 5: to a community, I forget what it's called, but it's
• 27:43
  Speaker 5: Pablo Eskebar community where he built I think like three
• 27:46
  Speaker 5: hundred homes for poor people, right, And he built the
• 27:50
  Speaker 5: whole community. He built the hospital, he built homes, restaurants,
• 27:54
  Speaker 5: grocery stores, He literally built the community for poor people,
• 27:56
  Speaker 5: and everybody lived rent free, everybody had a home. They
• 28:00
  Speaker 5: got murals of them on the wall. To this day,
• 28:03
  Speaker 5: they still got murals of them, like he's he's a saint. Right.
• 28:08
  Speaker 5: So life is complicated, right, And depending on who you
• 28:10
  Speaker 5: ask opinion, you're gonna get a clearly different answer.
• 28:14
  Speaker 4: Yea.
• 28:14
  Speaker 3: So there was in the part where he's building the refinery,
• 28:18
  Speaker 3: there was some some some negative press where people had
• 28:22
  Speaker 3: lived near the land.
• 28:23
  Speaker 5: And he came in, he cleared the land, so that's
• 28:26
  Speaker 5: that's it.
• 28:26
  Speaker 4: Then didn't provide homes or anything.
• 28:28
  Speaker 5: So they said he cleared off the land to make
• 28:30
  Speaker 5: wrong but then he build two hunchd homes for poor people.
• 28:34
  Speaker 5: So it's like.
• 28:35
  Speaker 3: And his thing is like he doesn't even want to
• 28:36
  Speaker 3: be remembered as the wealthiest person of African descent. He'd
• 28:39
  Speaker 3: rather be known as a philanthropist and that's honorable. Like
• 28:42
  Speaker 3: he just wants to be the person that has given back,
• 28:45
  Speaker 3: and he has a chance to like what we said,
• 28:47
  Speaker 3: if you think about it, like his country relies on imports,
• 28:51
  Speaker 3: he has a chance to reverse their entire trajectory and
• 28:54
  Speaker 3: be a country that is pretty much making their revenue
• 28:58
  Speaker 3: from exporting their resources.
• 29:00
  Speaker 5: So that's I mean, now that's a good story. And
• 29:02
  Speaker 5: then also it's just you know, we like to highlight
• 29:07
  Speaker 5: business people and we want to give people inspiration and
• 29:12
  Speaker 5: hope and just just different figures. Right, Like we all
• 29:15
  Speaker 5: know who Warren Buffett is. We know who Bill Gates is,
• 29:17
  Speaker 5: so why should we not know who he is?
• 29:19
  Speaker 3: I doubt and I mean I work in schools. This
• 29:22
  Speaker 3: is his name is never being brought up.
• 29:25
  Speaker 5: But there's a bunch of people. We got Robert Smith,
• 29:27
  Speaker 5: who's the richest black American. He's a billionaire, and a
• 29:31
  Speaker 5: lot of people don't know he.
• 29:32
  Speaker 4: They have well, Rob Johnson before him, and he wasn't
• 29:35
  Speaker 4: brought up.
• 29:35
  Speaker 5: But even Rob Johnson, he's still in sports entertainment on
• 29:37
  Speaker 5: a certain level, but Robert Smith is in private equity.
• 29:40
  Speaker 5: So we're going to try to highlight different people from
• 29:43
  Speaker 5: different walks of life, but business in particular, because I
• 29:47
  Speaker 5: think it's important for people to see these people and
• 29:52
  Speaker 5: to just know about him. You don't have to be
• 29:53
  Speaker 5: a fan of him or not, but at least you
• 29:55
  Speaker 5: should be aware of the.
• 29:56
  Speaker 3: Power of presence and the power of perceptions. Like at
• 29:59
  Speaker 3: least I've seen somebody who can do that, is doing this.
• 30:02
  Speaker 3: It's powerful. If we've never seen that, like, then we
• 30:05
  Speaker 3: may expire to be an athlete or somebody entertainment. It's like,
• 30:09
  Speaker 3: oh wait, there's somebody doing something else in this avenue.
• 30:13
  Speaker 3: Oh I can do this too, right, So the power
• 30:15
  Speaker 3: of just seeing yourself and somebody successful, you can't measure.
• 30:20
  Speaker 5: It now, you can't. And once again, shout out to Africa,
• 30:23
  Speaker 5: uh South Africa, to Nigeria, Ghana, Ethiopia, Somalia, all that, Egypt.
• 30:33
  Speaker 5: We're gonna go to Africa very soon. I have unfortunately
• 30:36
  Speaker 5: I have not been to Africa yet. I've been a
• 30:40
  Speaker 5: lot of different places but I have not been to Africa,
• 30:42
  Speaker 5: so that's on my to do list. I'm looking forward
• 30:45
  Speaker 5: to it. I'm very excited and yeah, we're gonna get
• 30:48
  Speaker 5: out there for sure.
• 30:49
  Speaker 4: Absolutely.
• 30:52
  Speaker 5: My graduates from my school being forced bad, drop, drop,
• 30:59
  Speaker 5: drop a job.
• 31:10
  Speaker 2: Thanks for selling your car to Carvana. Here's your check. WHOA,
• 31:13
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• 31:15
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• 31:17
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• 31:19
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• 31:22
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• 31:24
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• 31:28
  Speaker 2: the present and just the convenience of Carvana. Sorry to
• 31:31
  Speaker 2: blow your mind.
• 31:32
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  Speaker 2: Sell your car the convenient way to Carvana.
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