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How Much Money Is Enough to Be Financially Free | Finance Fridays · Social Proof Podcast

0:03
[SPEAKER_00]: Welcome to the social group podcast, financial Fridays.
0:07
[SPEAKER_00]: Finance is on a Friday.
0:08
[SPEAKER_00]: We about to talk about money.
0:10
[SPEAKER_00]: Every single week, we are talking about money.
0:13
[SPEAKER_00]: And Gaston gets here to help me have these conversations.
0:16
[SPEAKER_00]: Days of day, also.
0:18
[SPEAKER_01]: Right.
0:19
[SPEAKER_00]: That's good.
0:21
[SPEAKER_00]: So real quick, I just want to know where both the art at fight.
0:25
[SPEAKER_00]: And so I was like, yeah, where you got financially?
0:27
[SPEAKER_00]: It may not be a number, but it could be a feeling.
0:30
[SPEAKER_00]: It could be a date.
0:33
[SPEAKER_00]: Where are you at financially?
0:34
[SPEAKER_01]: I feel like I'm content where I am financially.
0:38
[SPEAKER_01]: And not content in a way of, I don't want more because of course I do want more, but I'm comfortable.
0:44
[SPEAKER_01]: I could live where I'm at right now.
0:46
[SPEAKER_01]: But I don't feel like I'm fully financially free because I want to go further.
0:51
[SPEAKER_00]: Mmm.
0:52
[SPEAKER_02]: That's good.
0:53
[SPEAKER_00]: I got a lot to say, Dion, where are you at financially?
0:55
[SPEAKER_02]: I am at a place where enough is never enough.
0:59
[SPEAKER_00]: Really?
1:00
[SPEAKER_02]: Yep.
1:01
[SPEAKER_02]: Because, you know, outside looking at people who look at you and they'll say, oh, well, you got this and he got that and he's successful.
1:07
[SPEAKER_02]: And then I'm over here like, I think it like, I need, I could go harder and I can do better.
1:13
[SPEAKER_02]: Like I have my card is morning with my seven figure mentees and I was just, I was really having a conversation.
1:20
[SPEAKER_02]: I'm just talking to them about,
1:22
[SPEAKER_02]: like doing more, becoming better, getting bigger, like just doing more, like it's okay to like not settle, it's okay to do more, it's okay to just pour more into yourself, it's okay to go harder, it's okay to want more.
1:34
[SPEAKER_02]: And so I'm in the place where it from me right now, life is like about wanting more, like I was just talking to you the other day and I was telling you how, I'm in the process of selling a house that I just built and then band another house.
1:46
[SPEAKER_02]: But then it's like everybody kind of my house would be like,
1:49
[SPEAKER_02]: Why would you want to bigger house, like, and your kids are getting older, like you don't need more house, like you probably just start downstairs, but I'm like, but I don't want to have a home that I want to leave and go vacation from my home.
1:59
[SPEAKER_02]: I want to be at home and feel like I'm at a vacation at my house.
2:02
[SPEAKER_02]: So that requires more.
2:04
[SPEAKER_00]: But, but, but, but, let's go push back a little bit, okay?
2:07
[SPEAKER_00]: Because you're saying that the house that you bought, you probably said the same thing about that house.
2:14
[SPEAKER_00]: Oh, this is the idea.
2:15
[SPEAKER_00]: This is the house.
2:16
[SPEAKER_00]: I ain't got to take a big answer from.
2:18
[SPEAKER_00]: This is a sickness, I think, maybe I agree, right?
2:22
[SPEAKER_02]: And a little bit.
2:23
[SPEAKER_00]: So we got two sides of the coin, you're like, yo, we got to go get more.
2:26
[SPEAKER_00]: You're saying, I want some more, and I'm probably with you on this.
2:30
[SPEAKER_00]: Like, I want more, but what I have to have more, where were you financially before you started making money?
2:39
[SPEAKER_01]: struggling, leaving before I had my son.
2:43
[SPEAKER_01]: So I was a college student.
2:46
[SPEAKER_01]: I just turned 30 yesterday.
2:48
[SPEAKER_01]: I was a college student.
2:53
[SPEAKER_01]: I had a good job.
2:54
[SPEAKER_01]: I felt like for a college student.
2:56
[SPEAKER_01]: I was able to pay my bills and still have my fun.
2:59
[SPEAKER_01]: I had my son in it.
3:00
[SPEAKER_01]: I had him during COVID and that shifted my whole mindset.
3:03
[SPEAKER_01]: You couldn't leave the house.
3:05
[SPEAKER_01]: You still had to provide, but I was in health care.
3:08
[SPEAKER_01]: I didn't want to go to work and bring that back home.
3:10
[SPEAKER_01]: So it just opened my mind up so this is not what I want to do forever.
3:15
[SPEAKER_01]: And I didn't have anything safe so I felt like, well, I watched a lot of people die from COVID.
3:20
[SPEAKER_01]: If that was me, my son would be without, you know, I don't know what his life would be.
3:26
[SPEAKER_01]: So COVID shifted my whole mind frame and put me into an industry that didn't require me to go out and make money.
3:32
[SPEAKER_01]: I could work from anywhere.
3:34
[SPEAKER_01]: And I got into it.
3:35
[SPEAKER_01]: I studied at my master's and
3:39
[SPEAKER_01]: It took me like a whole mindset shield, but it went from okay.
3:43
[SPEAKER_01]: I thought when I made my first 500k like, okay, I'm good.
3:47
[SPEAKER_01]: I was scared to spend it because I didn't know what to do with it.
3:50
[SPEAKER_01]: So I probably set on over 500k without touching it in my savings.
3:54
[SPEAKER_01]: I didn't even
3:55
[SPEAKER_01]: invest the I didn't know what to do.
3:57
[SPEAKER_01]: So I sat on it for I know six months straight.
4:00
[SPEAKER_01]: And the bank card was like you need to move that money like you just got this money sitting here.
4:05
[SPEAKER_01]: But I didn't know and I was also afraid that it like this really won money at the same time.
4:12
[SPEAKER_01]: Okay.
4:13
[SPEAKER_01]: So at that point
4:16
[SPEAKER_01]: it opened my mind up even more to sell.
4:18
[SPEAKER_01]: Okay, I'm good because I didn't have rented the time.
4:21
[SPEAKER_01]: All I bought was a car.
4:23
[SPEAKER_01]: My first 500K so from that point, I said, okay, I'm about to do something else.
4:28
[SPEAKER_01]: I'm about to go harder, set these systems up because I know if I could do 500, I can get to a meal.
4:33
[SPEAKER_00]: Real quick, okay.
4:34
[SPEAKER_00]: So you 2020, you're saying no savings, broke.
4:42
[SPEAKER_01]: Hey, I was broke.
4:44
[SPEAKER_01]: Yeah, that's broke.
4:45
[SPEAKER_01]: Yeah.
4:46
[SPEAKER_00]: No savings.
4:47
[SPEAKER_01]: I was broke, man.
4:50
[SPEAKER_00]: Yeah, I mean.
4:50
[SPEAKER_01]: Yeah, that's broke.
4:51
[SPEAKER_01]: That's broke.
4:51
[SPEAKER_01]: Yeah, okay.
4:52
[SPEAKER_00]: You don't have any, but you it's not like you're I was poor You just yeah, I was just broke.
4:57
[SPEAKER_01]: I didn't have anything say what were you doing?
4:59
[SPEAKER_01]: You were in health care I was a I was in nursing school.
5:02
[SPEAKER_01]: I had a year left in nursing school.
5:03
[SPEAKER_00]: And then you started doing What taxes taxes first year.
5:08
[SPEAKER_00]: How much money do you make in tax?
5:09
[SPEAKER_01]: 50k under somebody So I got into the tax industry in 20 in 21.
5:16
[SPEAKER_01]: What?
5:17
[SPEAKER_00]: How much you making 20 to it?
5:19
[SPEAKER_01]: I went from Fethika to after paying everybody $500 a guy had a million dollar tax office last year, a multi-year, a multi-year, a multi-year, a multi-year dollar tax office, my first year.
5:30
[SPEAKER_00]: Oh, my gosh.
5:31
[SPEAKER_01]: Yeah.
5:32
[SPEAKER_00]: All right.
5:33
[SPEAKER_00]: One, I want to know how it did that, but I want to stick to the number on finance to it.
5:39
[SPEAKER_00]: And whatever it answers, I want you to make something to this DIY.
5:42
[SPEAKER_00]: So to go from broke $50,000 in your tax office, 2021, 2022, $500,000, and you got this cash.
5:52
[SPEAKER_00]: Did you ever feel guilty about the money or did you feel imposter syndrome a little bit?
5:57
[SPEAKER_00]: Like this could go away.
5:59
[SPEAKER_01]: I didn't feel guilty now because I knew what I was doing with my business with legit, you know.
6:06
[SPEAKER_01]: I was more so afraid of once I started spending, I would know how to stop.
6:11
[SPEAKER_02]: I didn't.
6:12
[SPEAKER_01]: It wasn't that I felt like I didn't anything wrong.
6:14
[SPEAKER_01]: I didn't.
6:15
[SPEAKER_01]: It was.
6:16
[SPEAKER_01]: I watched, you know, social media.
6:19
[SPEAKER_01]: I could go out here and buy this car.
6:21
[SPEAKER_01]: But why would I do that?
6:21
[SPEAKER_01]: And I got on with a parking.
6:24
[SPEAKER_01]: I was like, oh, I was actually raised that way, too.
6:29
[SPEAKER_01]: People looked at our family in my hometown, like, oh, they got money.
6:34
[SPEAKER_01]: And I was, I didn't feel like that because we wasn't raised to feel like, you can just go to the mom I would ever know.
6:40
[SPEAKER_01]: We had to work for what we got.
6:41
[SPEAKER_01]: So,
6:43
[SPEAKER_01]: I didn't find out what the got money was until I was about seats team because of my grandpa.
6:48
[SPEAKER_01]: He was older and that's who kind of raises and he was the bread when I was a family, but the only reason I found out how much money he has because he needed help with his computer.
6:57
[SPEAKER_01]: He was shot in Stalin's software.
7:00
[SPEAKER_01]: Once I started and pulled in his bank reports, he was a six, I'm going to call him a six figure there.
7:07
[SPEAKER_01]: He had multi-sex figures and somehow thought he had money.
7:13
[SPEAKER_01]: And I'm like, why aren't you riding his raggedy pick-up truck?
7:15
[SPEAKER_01]: But his thing was he was content.
7:19
[SPEAKER_01]: So he taught me a whole level of humbleness, but that's for me a deal.
7:23
[SPEAKER_01]: I got conflict a little bit because it's okay.
7:25
[SPEAKER_01]: I feel like I can be content, but still be ambitious, and ready to be able to grow more.
7:31
[SPEAKER_01]: So I think that's where my narrative goes.
7:34
[SPEAKER_02]: Can I defend myself, don't come on?
7:36
[SPEAKER_02]: Okay, so, it's too sad that every coin, right?
7:40
[SPEAKER_02]: So let me explain where it is comes.
7:43
[SPEAKER_02]: So I got two point of views.
7:44
[SPEAKER_02]: One, it is a trauma.
7:47
[SPEAKER_02]: So my trauma, I just turned my trauma as an economist.
7:51
[SPEAKER_02]: So to speak, and the way I have to do that is because I was raised without a father.
7:56
[SPEAKER_02]: So I don't know, I didn't get no guidance and I don't know what it's like to be a dad, a husband, a brother, I don't know, I don't know, I swear I had to figure it out on my own.
8:07
[SPEAKER_02]: And so me not having a father in my life and being around, I think that I turned that negative trauma into trauma.
8:13
[SPEAKER_02]: So my wife and my mom don't understand.
8:15
[SPEAKER_02]: They say, all you do is work.
8:17
[SPEAKER_02]: We're all I do is work because I never had nobody take care of me.
8:20
[SPEAKER_02]: So what I want to do is I want to take care of everybody.
8:23
[SPEAKER_02]: so that's what makes me happy.
8:25
[SPEAKER_02]: And then the separate side of that coin, the other side when you take it, when you look at somebody like me, you say, well, he aren't really making all of his money, make any figures.
8:32
[SPEAKER_02]: Why you got to get some more money?
8:33
[SPEAKER_02]: Other people look at our outside looking on it.
8:34
[SPEAKER_02]: Why do you still go so hard?
8:36
[SPEAKER_02]: Well, for me, my ceiling is somebody of his floor.
8:39
[SPEAKER_02]: Like, like, I just made a post like what I'm making a year.
8:43
[SPEAKER_02]: Somebody is making that in a month.
8:45
[SPEAKER_02]: So why do I gotta settle when be content?
8:47
[SPEAKER_02]: Why I can't still be ambitious in goal oriented?
8:50
[SPEAKER_02]: Like, why my goals gotta offend somebody or piss somebody off or make somebody feel some kind of way or want somebody here, how hard I'm going, no matter how successful I am.
8:59
[SPEAKER_02]: Why do somebody gotta say, oh, he just, he just money on, right?
9:03
[SPEAKER_02]: Why you can't be happy, why you can't be content.
9:06
[SPEAKER_02]: I'm just being me, so you don't know about my past.
9:09
[SPEAKER_02]: You don't know what I've been through.
9:10
[SPEAKER_02]: You don't know where I come from.
9:11
[SPEAKER_02]: Like, I'm really from the hood.
9:13
[SPEAKER_02]: Like, I'm really from the projects.
9:14
[SPEAKER_02]: I'm really where I'm like, I made it out.
9:17
[SPEAKER_02]: And so now to be the success who wrote everybody in my family is, it's like, they dependent on me.
9:24
[SPEAKER_02]: Not just my mom, not just in my dad passways, but it's like, so I can't take care of him.
9:28
[SPEAKER_02]: And I never had conversation with his like, it's my brothers, it's my sisters.
9:31
[SPEAKER_02]: It's the end it's like my dad had kids.
9:33
[SPEAKER_02]: So then it's like, they hit me up and it's like, it's everybody, it's my uncle's dad's my aunties.
9:38
[SPEAKER_02]: Everybody is saying, what about me?
9:40
[SPEAKER_02]: And so it's like, wow, I'm trying to give.
9:43
[SPEAKER_02]: I still got to try to reserve some money too.
9:46
[SPEAKER_02]: But then it's like, what does it look like?
9:47
[SPEAKER_02]: Like right now, I literally actively pay four mortgages.
9:51
[SPEAKER_02]: Hmm, so what everybody else I look at and they just say he just got all this money.
9:55
[SPEAKER_02]: I'm taking care of.
9:56
[SPEAKER_02]: I'm paying for mortgages.
9:59
[SPEAKER_01]: I feel like you'll get to a point.
10:01
[SPEAKER_01]: It's okay for me.
10:02
[SPEAKER_01]: Yeah, please.
10:03
[SPEAKER_01]: Do you feel like you'll get to a point to where it's like somebody else take up.
10:08
[SPEAKER_01]: I'm tired like that.
10:10
[SPEAKER_01]: Like, do you feel like you can troll or
10:13
[SPEAKER_01]: It's no control on it like I'm bringing my closer, I'm sorry.
10:17
[SPEAKER_02]: Yeah, so that's actually a that's a conversation I just had with my little brother yesterday.
10:22
[SPEAKER_02]: I was sexy him and tell him how much I love him.
10:24
[SPEAKER_02]: So I got I got too little brother.
10:25
[SPEAKER_02]: So my mom had four kids I'm older so for it's um it's me little brother, little sister, little brother.
10:31
[SPEAKER_02]: So I'm trying to get I'm trying to grab my little brother's now that I have the time and I had the money, I had the resources to grab them and say hey
10:39
[SPEAKER_02]: What do you want to do?
10:41
[SPEAKER_02]: Like, we can't just keep depending on me, bro.
10:43
[SPEAKER_02]: Like, what do you want to do?
10:45
[SPEAKER_02]: And so now I'm taking them.
10:46
[SPEAKER_02]: I'm like, all right, let's go to church.
10:47
[SPEAKER_02]: Let's, okay, let's get baptized.
10:49
[SPEAKER_02]: Okay, so like, because they like, I don't know what to do.
10:51
[SPEAKER_02]: I don't, because they like, they from the streets.
10:53
[SPEAKER_02]: So they try to figure it out, but they don't know what to say.
10:55
[SPEAKER_02]: Well, first of you, you gotta get a spiritual alignment.
10:58
[SPEAKER_02]: Because even if God do bless you with some financial finances and you become ultra-successful, you're just, you're gonna mess the money up.
11:05
[SPEAKER_02]: Because you don't even know what a lot of money really looks like.
11:07
[SPEAKER_02]: Yeah, you've been hustling in the street.
11:08
[SPEAKER_02]: You might make five cab mom here, 2K, 10K.
11:12
[SPEAKER_02]: You know, you have some, but it's like to run a business and then successfully and consistently make.
11:17
[SPEAKER_02]: Let's just say some, I say something where people will most people think were crazy.
11:21
[SPEAKER_02]: $100,000 every single month.
11:23
[SPEAKER_02]: You wouldn't know how to handle that.
11:24
[SPEAKER_02]: But it's like, I do feel like, on one side, it's conviction of wanting to a needing to help everybody to be on a flip set.
11:32
[SPEAKER_02]: It's like, I also feel like I do need some help too.
11:34
[SPEAKER_00]: You say yes all the time?
11:36
[SPEAKER_02]: I say no all the time now.
11:38
[SPEAKER_02]: So what it's like right now, I have a core group of people that I just take care.
11:43
[SPEAKER_02]: I got ya.
11:44
[SPEAKER_02]: I got you.
11:45
[SPEAKER_02]: Don't eat it ain't a question.
11:46
[SPEAKER_02]: I got you.
11:47
[SPEAKER_02]: But everybody else that just they just see and they just want I just I have to say no because it's it's it's too much of a hairy heavy load that I'm carrying no matter how much money a person makes because they and it's like when I go to something I'm dealing with something I won't have nothing for myself for my family if I'm just constantly giving it out you know what you're saying.
12:07
[SPEAKER_00]: You need more to take care of the core group to give them the lifestyle or you're saying You need more so that you can feel more comfortable saying yes to random family members
12:18
[SPEAKER_02]: I think it's both, and the reason why I said it is because one thing that I had that most people don't is, in 2016, I was in financial services for three years, so I understand life insurance, financial planning, retirement planning, I studied for my series license, so I understand money, I get it, I understand protective of family, I got more insurers than I need, and so for me, now understanding money,
12:43
[SPEAKER_02]: I also want to save money like I save a lot of money so people may see me spend money But it's like if I if I spent this trust and believe I probably saved 10 times more than when I spent So I'm also financially savvy.
12:54
[SPEAKER_02]: So it's like yes, it may come in But then I'm saving so much.
12:57
[SPEAKER_02]: I only got a little bit that I could really spend so then it's like I got to make sure I could take a vacation to walk a do something nice for my family with my wife So it's like didn't we want to fly?
13:05
[SPEAKER_02]: I get on the plane.
13:05
[SPEAKER_02]: I don't want to have to sit in coach if I can't afford first class But if I can't I can't for it first class because I didn't get you I didn't get you I didn't take
13:12
[SPEAKER_02]: three more extra mortgages this month.
13:14
[SPEAKER_02]: It's just like, when do you get to a point to where you like?
13:17
[SPEAKER_00]: No.
13:19
[SPEAKER_02]: And it's like, like you said, I think that we get to a point to where everybody's successful.
13:23
[SPEAKER_02]: You had this level of Yeah, I'm successful, but then you have a level of conviction because it's like now everybody wants help and they feel entitled to your money, but then you'd be like,
13:35
[SPEAKER_02]: I am blessed with it's like it's like a tough rough position to be in because everybody's like What about me?
13:42
[SPEAKER_02]: And then if you don't let you do something for somebody in the family.
13:44
[SPEAKER_02]: Oh, oh, right And then put on social media or let's you say you get a you get an award or an accomplishment Accolade and you put that on social media after you tell somebody know after you tell somebody know
13:57
[SPEAKER_02]: So it didn't, it didn't actually, and they didn't get to tip you to, oh, not it for an ax.
14:01
[SPEAKER_02]: So now you aren't, you might as well get ready for your next 87 knows because they come in.
14:05
[SPEAKER_00]: Yeah.
14:06
[SPEAKER_00]: So I want to know the, what is the number?
14:09
[SPEAKER_00]: Jason, I'm asking you to say in question.
14:10
[SPEAKER_00]: So I want you to think about it for a second.
14:12
[SPEAKER_00]: What is the number that you, if someone say, I give you X amount of dollars for you not to go earn another dollar again, you just live.
14:25
[SPEAKER_01]: me and D. N. S. I'm going to be different.
14:26
[SPEAKER_00]: I can say, yeah, I just want to know your number.
14:28
[SPEAKER_00]: So think about the I can't go earn another dollar.
14:32
[SPEAKER_00]: I just live my life for the rest of my life.
14:33
[SPEAKER_00]: What is that number?
14:35
[SPEAKER_00]: Where's in your account.
14:38
[SPEAKER_00]: You're here now.
14:43
[SPEAKER_01]: I'm not going to give my home the last summer.
14:45
[SPEAKER_01]: Go give me the number.
14:46
[SPEAKER_01]: Hey, my number.
14:47
[SPEAKER_01]: You give me.
14:51
[SPEAKER_01]: I'll be okay.
14:52
[SPEAKER_01]: Five hundred meals.
14:53
[SPEAKER_01]: Five hundred meals.
14:54
[SPEAKER_00]: I don't work another day.
14:56
[SPEAKER_01]: I'm not.
14:57
[SPEAKER_02]: Okay.
14:58
[SPEAKER_02]: Yeah.
15:00
[SPEAKER_02]: So you see what you just say, right?
15:01
[SPEAKER_02]: Yeah.
15:02
[SPEAKER_02]: Huff numbers actually hired a man.
15:04
[SPEAKER_02]: I bet.
15:05
[SPEAKER_00]: Yeah.
15:05
[SPEAKER_02]: That's that's that's that's a tough number.
15:08
[SPEAKER_02]: All right.
15:08
[SPEAKER_02]: So right now my goal is.
15:11
[SPEAKER_02]: It's crazy because you know, again, this is the conversation that people around me are all they're like, well, when is it enough, sir?
15:17
[SPEAKER_02]: And I say, if I could just make a $1.00 a day for a year straight, I'll be happy with it.
15:22
[SPEAKER_02]: But you're 65, you're 65, you know, and I'm done.
15:25
[SPEAKER_00]: I'm done, I'm out.
15:26
[SPEAKER_00]: And also making the money and having the money are different.
15:31
[SPEAKER_00]: So you feel me, so yeah, I would, I would probably be at like 200.
15:37
[SPEAKER_00]: But here's the thing at a at some point because there's something internal in us.
15:43
[SPEAKER_00]: It's not about the amount of money and the work isn't necessarily I'm working because I need to make more money Sometimes I love the game, bro You're gonna be like yeah, I love the game.
15:56
[SPEAKER_00]: How many how many championships does LeBron need to stop hooping, bro You can't you can't give him one.
16:04
[SPEAKER_00]: Yeah, I hope I love the hoop.
16:06
[SPEAKER_00]: Yeah, but I think at the time you are kids Yes, I have one son
16:13
[SPEAKER_00]: six.
16:15
[SPEAKER_02]: You know, I got three.
16:16
[SPEAKER_02]: Yeah, it was ages 18 17 seven 18 17 seven.
16:21
[SPEAKER_00]: Here's the thing I struggle with with a 16 five and three.
16:27
[SPEAKER_00]: There are things that are happening in our life that I mean, I would love this to been more time for.
16:35
[SPEAKER_00]: I would love to be there with them all day.
16:37
[SPEAKER_00]: I would love to do to homeschooling and be with them forever, right?
16:41
[SPEAKER_00]: Just all the time.
16:42
[SPEAKER_00]: But now we're sacrificing memories because we're going to get money that provide more memories, right?
16:51
[SPEAKER_00]: Sure.
16:53
[SPEAKER_00]: But it, like, can someone try to help me describe the trade off?
16:57
[SPEAKER_00]: Is there a, I don't want to use the word balance, but is there a rule of thumb when you hear something like that?
17:04
[SPEAKER_02]: I'm a, I'm a, I'm a, I just, it was, this is a, this is a, this is a conversation that always is had.
17:11
[SPEAKER_02]: It's okay.
17:12
[SPEAKER_02]: So we was in, uh, I took, we went to Disney World.
17:16
[SPEAKER_02]: That is that Disney World, all from the corner.
17:18
[SPEAKER_02]: I'm on zooms.
17:22
[SPEAKER_02]: So you know what, instead of my wife getting mad at me, she said, I'm gonna take this moment and we're gonna create some content.
17:29
[SPEAKER_02]: So she sat with me.
17:31
[SPEAKER_02]: I said, oh, okay.
17:32
[SPEAKER_02]: So she said, you just go, you just tell your Zoom card and I'm just gonna come up and I'm gonna have and like breathe with us immediately.
17:38
[SPEAKER_02]: So they record and they just doing this thing.
17:39
[SPEAKER_02]: She said, all I need you to say is, what does she have me say, what has to and bad?
17:46
[SPEAKER_02]: So she came to me and she creates a country like,
17:51
[SPEAKER_02]: And I said, well, that's too AMA.
17:53
[SPEAKER_02]: And that was, we created content, we made it fun, but it's like, I'm thinking to myself, I gotta take this call because then that pays for the trip.
18:03
[SPEAKER_02]: But then I already got enough money.
18:04
[SPEAKER_02]: Exactly, that's called the pay for the trip.
18:06
[SPEAKER_01]: That's called as now.
18:08
[SPEAKER_01]: That's called as now.
18:09
[SPEAKER_02]: But then I'm like, what if we wanna go again?
18:12
[SPEAKER_02]: It's like I'm chicken-possil.
18:14
[SPEAKER_02]: Again, it's just, it's a weird spot to be in when you're talking about,
18:19
[SPEAKER_02]: Like, when do you, so I'll just set it by there's no balance.
18:23
[SPEAKER_02]: You just have to do your best to be a father, a husband, and a business professor.
18:28
[SPEAKER_02]: You just gotta just try to, I'm just trying my best day.
18:31
[SPEAKER_02]: I can't, I don't have the answers.
18:32
[SPEAKER_02]: I don't think that there's a thing called balance.
18:34
[SPEAKER_02]: I think that you just have to try your best.
18:36
[SPEAKER_02]: So as much as I schedule out my business and cause, I schedule time with my wife and with my kids, I just schedule it.
18:42
[SPEAKER_00]: But beyond here's the thing, doing your best in what area, because right now we're doing our best in business when I'm off at this young call.
18:52
[SPEAKER_00]: I'm not doing my best as a father.
18:54
[SPEAKER_00]: I got you because somebody else can take this call.
18:58
[SPEAKER_00]: Me not doing, if you step the way for a week to go to Disney and say, I'm not doing those young calls, I'm not doing none of that.
19:07
[SPEAKER_00]: your lifestyle, they don't come get the lamp.
19:09
[SPEAKER_00]: They don't work close on the home for sure, for sure.
19:11
[SPEAKER_00]: You film, so yeah, really if I'm being 100% honest, the reason I love these conversations are not for y'all not for the crowd, but they're for me, because I'm asking you questions that I need to ask myself, like at what point is enough enough?
19:27
[SPEAKER_01]: I definitely will say,
19:30
[SPEAKER_01]: Something I learned last year because I was that workaholic.
19:33
[SPEAKER_01]: Once I, I told y'all I made my money and I had to come up with the plan to duplicate that money and make it easier on myself because at first, I didn't trust anybody to do what I was doing.
19:45
[SPEAKER_01]: I was afraid to let somebody else take control because they made do it wrong.
19:49
[SPEAKER_01]: So I was in an overload.
19:50
[SPEAKER_01]: I was in sleeping.
19:52
[SPEAKER_01]: I lost family members, I was, I think I was slightly depressed, but when I got depressed, I wasn't that person that laid and bed cried and, you know, shit myself out, I overloaded my work and that grew my business.
20:06
[SPEAKER_01]: I'm not mad at that, but that's a part of life I don't want to go back to.
20:10
[SPEAKER_01]: So something for me that I did was I said boundaries.
20:14
[SPEAKER_01]: after, you know, a certain time don't call me.
20:18
[SPEAKER_01]: I'm not answering the phone, and I will sometimes hang a lot.
20:22
[SPEAKER_01]: But it's certain days like yesterday, I stayed up to two in the morning because I said, I refuse to touch this computer today and I did that.
20:31
[SPEAKER_01]: So I would say, like, even, you know, it's hard, especially when you commit to doing something.
20:37
[SPEAKER_01]: Like, when we coach and mentor other people, you're making a commitment to other people that hate, you're going to pay me and I'm going to be available.
20:44
[SPEAKER_01]: So if you had a commitment that don't stop for this and trip, but I would say, my advice, set a week.
20:51
[SPEAKER_01]: Like, hey, this is a time where I'm going to be unassensible, because you deserve it, believe it or not.
20:57
[SPEAKER_01]: And I feel like, too,
21:00
[SPEAKER_01]: He's also showing his kids something in him not, you know, taking his business series because like I said, my grandpa taught me how to be a little bit more humble when it comes to money because he had money.
21:14
[SPEAKER_01]: And I, in our community, he had money.
21:17
[SPEAKER_01]: And for him to have that amount of money, he lived a real humble life.
21:20
[SPEAKER_01]: He drove an old pickup truck and pay for my grandmother, a new car, my mom, a new car, you know, he paid for all of her kids, a car to go to college.
21:30
[SPEAKER_01]: He was okay taking a back in the short.
21:33
[SPEAKER_01]: He didn't care.
21:33
[SPEAKER_01]: He was okay.
21:34
[SPEAKER_01]: Long as his family was taken care of.
21:36
[SPEAKER_01]: That's why I understand when DN says that I'm working because I got somebody, you know, I'm taking care of people.
21:43
[SPEAKER_01]: And I did this.
21:44
[SPEAKER_01]: I felt the same way when I made my money.
21:46
[SPEAKER_01]: It's like, okay, I grew.
21:48
[SPEAKER_01]: It came out the blue.
21:49
[SPEAKER_01]: I really feel like, but at the same time, I wasn't okay knowing that my siblings are out here.
21:56
[SPEAKER_01]: Struggling.
21:57
[SPEAKER_01]: So what can I do to put child in position and win?
21:59
[SPEAKER_01]: Everybody can do taxes.
22:01
[SPEAKER_01]: I understand that everybody can go to college.
22:03
[SPEAKER_01]: What do you want to do?
22:04
[SPEAKER_01]: And I'm a point to you.
22:05
[SPEAKER_01]: And let's see how that goes.
22:06
[SPEAKER_01]: So I helped my sister, she went to the nursing school.
22:10
[SPEAKER_01]: She graduated.
22:11
[SPEAKER_01]: I put my brother.
22:12
[SPEAKER_01]: He got a CDL.
22:13
[SPEAKER_01]: He graduated.
22:14
[SPEAKER_01]: Right now we just started a truck and company with my brother.
22:17
[SPEAKER_01]: So my thing is, no, I want to just give it to you, because it was just giving to me.
22:22
[SPEAKER_01]: I worked for it and that's how we were just, we were raised to work.
22:25
[SPEAKER_01]: I've been working since I was speaking.
22:27
[SPEAKER_01]: So...
22:29
[SPEAKER_01]: That mindset, you know, they also never came to me with their hand out either and I've expected it.
22:34
[SPEAKER_01]: So if I can help put you in a position to win, my brother just love his swear of your corporate job to come and work with me in my company.
22:46
[SPEAKER_01]: And I gave him an option.
22:49
[SPEAKER_01]: I had to really just let him see the vision because they never asked me how I made my money.
22:54
[SPEAKER_01]: You know, they were just appreciative of the fact that I was willing to be there.
22:58
[SPEAKER_01]: Like we were taught to stick, you know, stick together.
23:01
[SPEAKER_01]: So the fact that, you know, I called and I was just patient my offer.
23:05
[SPEAKER_01]: I said, hey, you do sales over there, right?
23:07
[SPEAKER_01]: You, you, you managing.
23:10
[SPEAKER_01]: All of these accounts to make sure they operate correctly.
23:12
[SPEAKER_01]: Why you can't come do that for me?
23:14
[SPEAKER_01]: And you can be at home, spend more time with your family.
23:17
[SPEAKER_01]: Give your time back instead of giving that time to a company that's not really going to give that back to you.
23:23
[SPEAKER_01]: And I basically explain to him how my business was working.
23:27
[SPEAKER_01]: The reason I went to him is because if I'm going to pass my knowledge to somebody, what I rather pass to somebody that's about to come compete with me a year later after I
23:38
[SPEAKER_01]: or would I give it to my blood brother, I rather pass it to him because if they were to ask me, I would have told him anyway.
23:45
[SPEAKER_00]: Yeah, I think that's a good, that's a good perspective too.
23:49
[SPEAKER_00]: I'm going to earn four other people to put them in position and the more you have, the more you can do that for them and the more people you can hire and bring on.
23:59
[SPEAKER_00]: So I respect that.
24:00
[SPEAKER_00]: I do respect that.
24:01
[SPEAKER_01]: And even with my mom, I'm in a tax industry.
24:04
[SPEAKER_01]: I wanted to do something different.
24:06
[SPEAKER_01]: So I franchiseed my company.
24:08
[SPEAKER_01]: And my mom, she had worked two or three jobs in my whole life.
24:11
[SPEAKER_01]: Right now, she works only for herself.
24:13
[SPEAKER_01]: And she franchiseed three of my offices.
24:16
[SPEAKER_01]: So it's really just keeping it in the family.
24:19
[SPEAKER_01]: But everybody's, they're not technically working for me.
24:23
[SPEAKER_01]: They're working for themselves.
24:24
[SPEAKER_01]: But they're under my brain.
24:25
[SPEAKER_00]: Yeah, it's taking me back real quick to, um,
24:31
[SPEAKER_00]: And what was your perspective about a large amount of money?
24:35
[SPEAKER_00]: You know what I mean?
24:36
[SPEAKER_00]: So I remember, bro, I was, this had to be too, I had to be early 2000s in my home boy.
24:44
[SPEAKER_00]: I just came from the military.
24:47
[SPEAKER_00]: And, you know, he had, you know, some money saved up on off the gave them some money.
24:52
[SPEAKER_00]: I don't know.
24:53
[SPEAKER_00]: He's had some money, right?
24:55
[SPEAKER_00]: And...
24:57
[SPEAKER_00]: We were in the car one day and I don't know.
24:59
[SPEAKER_00]: We started talking about money.
25:00
[SPEAKER_00]: We typically, you know, four people don't talk about money in the app.
25:02
[SPEAKER_00]: We're just talking about money.
25:03
[SPEAKER_00]: And he's like, oh, no, I'm not going to forever.
25:05
[SPEAKER_00]: Oh, like, we all here.
25:07
[SPEAKER_00]: So he actually calls up babies.
25:10
[SPEAKER_00]: I guess he calls us starting on me, right?
25:12
[SPEAKER_00]: Oh, he calls up like regular America or something like that.
25:16
[SPEAKER_00]: And you know what I said, your balance is.
25:18
[SPEAKER_00]: Yeah, he let that join play.
25:19
[SPEAKER_00]: That balance said $10,000.
25:21
[SPEAKER_00]: It was like
25:31
[SPEAKER_00]: point, lots of money.
25:33
[SPEAKER_00]: So, I remember running through my head, I'm like, bro, fine, it's a great, it's what I would do.
25:39
[SPEAKER_00]: Almost like the same conversation with like, y'all fine, I'm 100 million.
25:43
[SPEAKER_02]: Yeah.
25:44
[SPEAKER_00]: I'm good.
25:45
[SPEAKER_02]: Yeah.
25:45
[SPEAKER_00]: So, when, tell me in a mountain that you thought was a lot of money and tell me where you were in that time, um, uh, um, uh, uh, uh,
25:56
[SPEAKER_02]: I was, yeah, I was broke, yeah, definitely was broke.
25:59
[SPEAKER_02]: I remember when I came home for college, that was like, probably, and that wasn't the only lowest point I've had a lot of little points just for the record because I don't want to seem like I'm no perfect person.
26:10
[SPEAKER_02]: I remember coming home from college in 2008, and it's crazy.
26:18
[SPEAKER_02]: I graduated in May, my daughter was born in July.
26:23
[SPEAKER_02]: So I just graduated college and now I got to I get a baby.
26:27
[SPEAKER_02]: I was so broke I couldn't I couldn't even I couldn't even bad pamphlets I couldn't I was a struggle I'm I'm a plan for government assistance I'm trying to get some food cents I'm and then it was even crazier like I scraped up a little bit of money I started to do I started to become a travel barber so now I'm going to different people has I'm driving my car and I'm cutting people here making 50 here 60 there 40 here and I'm saving money to
26:52
[SPEAKER_02]: Get an apartment, bro, my mom.
26:54
[SPEAKER_02]: So the mother of my child, my baby, my mom, and my siblings, they are, we are on the two bare own.
27:00
[SPEAKER_00]: Two bare own.
27:04
[SPEAKER_02]: And it was, it was so uncomfortable the mother of my child was like, I can't just think this ain't going away.
27:11
[SPEAKER_00]: She left because it was uncomfortable.
27:14
[SPEAKER_02]: And I'm like, but this my family, I don't know, like,
27:18
[SPEAKER_02]: And it was crazy because two years prior to that, my mom had bought a buyout from four and she had worked for four for like a decade.
27:23
[SPEAKER_02]: So my mom was making $2,000 a week.
27:26
[SPEAKER_02]: She was, you know, that's money.
27:28
[SPEAKER_02]: That's she was killing it.
27:28
[SPEAKER_02]: But then she had took a buyout, they gave it like 60 grand when she left.
27:32
[SPEAKER_02]: And about the time I got in from school, two years later, she had ran through all the money.
27:36
[SPEAKER_02]: So now it's like, what we doing, oh, this, you know, you got your degree, and at that time, I was the first person out of my whole entire family going to school and graduating.
27:45
[SPEAKER_02]: I got a degree, so now everybody, like, yeah, come on, Dia, that's what we doing.
27:50
[SPEAKER_02]: And I just remember having friends, like you said, I remember one of my friends, he was cut in here.
27:56
[SPEAKER_02]: He wasn't working for the body, worked for himself.
27:58
[SPEAKER_02]: And he did, he had cars, and he had money, and I'm like, dang, if I could just,
28:04
[SPEAKER_02]: make some money.
28:05
[SPEAKER_02]: I just want to make some money.
28:06
[SPEAKER_02]: And that was for me.
28:07
[SPEAKER_02]: That was low.
28:08
[SPEAKER_02]: That was super low.
28:10
[SPEAKER_02]: And like you said at that time for me, Shoebra, $2,000 would have set me off.
28:15
[SPEAKER_02]: Yeah, I would have went crazy.
28:17
[SPEAKER_02]: Because here's what this is the craziest part.
28:20
[SPEAKER_02]: At that time, my aunt, my rent, if my apartment too bad, was $8.
28:25
[SPEAKER_02]: That ain't no.
28:26
[SPEAKER_02]: Right now, that ain't I compared it up with,
28:32
[SPEAKER_02]: I should, I don't know how I'm from the court, but it's hard to figure it out, right?
28:34
[SPEAKER_02]: I don't know how I'm from the court with this eight.
28:35
[SPEAKER_02]: And so you know, you, like you said, you see people that they fortunate enough at the time to have a card.
28:40
[SPEAKER_02]: My card was on his last leg.
28:42
[SPEAKER_02]: I can't even get the old change in his life.
28:45
[SPEAKER_02]: Tires ball.
28:46
[SPEAKER_02]: I remember one day it had ran and it was so crazy.
28:48
[SPEAKER_02]: I said it was like, I saw an E-way, my tire, so ball.
28:50
[SPEAKER_02]: I'm doing a 360 on E-way.
28:53
[SPEAKER_02]: This is how broke I am, bro.
28:56
[SPEAKER_02]: So now, again, this is why people don't see what you see today, but you didn't see yesterday, like you don't know what somebody, like you don't know what somebody went through and what they had to go through, but you see a judge.
29:07
[SPEAKER_00]: Yeah, it's easier for someone who's always had money to turn it off, but somebody that's like, come from the mud, it's like, y'all, I'm gonna get it, but there's always this thing in the back of the mind.
29:19
[SPEAKER_00]: This ain't enough to not lose at all.
29:21
[SPEAKER_00]: We see a lot of people that like,
29:26
[SPEAKER_00]: I'm sure I'll figure out how an NBA player NFL player has a $70 million contract, $80 million contract, how that MC Hammer go broke because they raised the standard of what's known what's to them.
29:42
[SPEAKER_02]: So let's just say back in the days, if you used to eat papas, that was normal, that was the standard.
29:48
[SPEAKER_02]: Now that I got money, let's just say, I'm not even saying this is great.
29:51
[SPEAKER_02]: I'm saying let's say roof criss, that's now the standard.
29:57
[SPEAKER_02]: at $300 a lunch, that would've broke me back in the day.
30:01
[SPEAKER_02]: That would've broke you.
30:02
[SPEAKER_02]: Cause you, hey, I want bringing that home in the week.
30:05
[SPEAKER_02]: Oh, some job.
30:05
[SPEAKER_02]: She's what I was saying.
30:06
[SPEAKER_02]: So now would you get money, you raise a standard.
30:09
[SPEAKER_02]: And if it didn't have the money stops coming in, the will just will eventually run dry.
30:13
[SPEAKER_02]: It ain't, ain't that you could do.
30:15
[SPEAKER_01]: The main thing too is, I always tell people, for me, like I told you, I said on my money while because I didn't know what to do with it and that opened my mind frame so if I knew that, okay, by this next tax season, I'm gonna generate this amount of money.
30:29
[SPEAKER_01]: And I'm a profit this and I did just stay and I didn't in a matter of a month.
30:34
[SPEAKER_01]: So, before I got to that point, I had already strategically mapped out once I get this money, this is what I'm gonna do with it.
30:41
[SPEAKER_01]: I'm gonna live off of this.
30:43
[SPEAKER_01]: I'm gonna have this to play with.
30:44
[SPEAKER_01]: I'm gonna invest this.
30:46
[SPEAKER_01]: I'm gonna say this for text.
30:48
[SPEAKER_01]: Because you know, so another thing is before you get to, they go a lot of money, especially if you don't think, to where you know you're about to come into a lot of money, plan for that money.
30:58
[SPEAKER_01]: Because once you get it, if you don't have no plan, it's gonna be tough.
31:02
[SPEAKER_02]: But think about this though.
31:04
[SPEAKER_02]: How do you tell somebody who's always been broke all day life and they got a broke mindset?
31:08
[SPEAKER_02]: How do I plan for the money?
31:09
[SPEAKER_02]: I don't want to plan for the money.
31:11
[SPEAKER_02]: I want to plan for this weekend.
31:12
[SPEAKER_02]: I'm trying to have a good time.
31:14
[SPEAKER_01]: And that's exactly why they lose.
31:16
[SPEAKER_02]: But yeah, so you said, so somebody's listening to this and they said, she took my plan for the money.
31:21
[SPEAKER_02]: When I get my first marriage, so how do they plan with what do they do?
31:25
[SPEAKER_01]: They need to just be strategic like I say go back to how much does it cost to live where you live and it's okay to invest in buy house when you buy house if you buy even if you get a mortgage you know all the time it will be yours right so be strategic with your money.
31:42
[SPEAKER_01]: Instead of you paying rent, if you can afford a house and it's not going to hurt you go ahead and start building that, that's one essay.
31:48
[SPEAKER_01]: Okay, so start acquiring essays, start generating money that's going to bring you more money without you doing stuff.
31:55
[SPEAKER_01]: Okay, so you need passive income, you need to invest money somewhere to where it's going to bring you money, but even if it's a service base.
32:03
[SPEAKER_01]: So just having, it's gonna, you have to shift your whole mindset.
32:06
[SPEAKER_01]: You can, you can, you can be broke and get to somebody, but you can't keep their broke mindset.
32:11
[SPEAKER_01]: And if you don't know, talk to somebody that knows, educate, you have to educate yourself.
32:16
[SPEAKER_01]: You have to be willing to learn because we don't know everything.
32:19
[SPEAKER_01]: And where we come from, we weren't talk to stuff.
32:22
[SPEAKER_01]: I've had, um,
32:24
[SPEAKER_01]: white friends that, you know, especially when I went to college, it should be like, oh, yeah, we learned that.
32:28
[SPEAKER_01]: And I'm like, what did you learn?
32:30
[SPEAKER_01]: Tell me, what are you all, are you all even talking about?
32:34
[SPEAKER_01]: I've said at a dinner table in white of friends, father come up to the table and was like, yeah, I picked it.
32:39
[SPEAKER_01]: And I added so many to your savings.
32:42
[SPEAKER_01]: And I'm just looking like,
32:44
[SPEAKER_01]: We all have been doing it.
32:46
[SPEAKER_01]: Why are you telling her what you doing with your money?
32:49
[SPEAKER_01]: So that's why it's very important to even for us, being that we grew up there from late to teach that to our kids.
32:59
[SPEAKER_01]: Yeah, I took my son to this and he thinking, I was doing him something, you know, big, I took him, all of his close friends, close, all of our cousins, my family, right?
33:10
[SPEAKER_01]: It's been paid everything paid for it.
33:13
[SPEAKER_01]: And my son got the business name was like, you wanted to come here.
33:16
[SPEAKER_01]: And I was so mad.
33:18
[SPEAKER_01]: I'm just like, well, you just don't know.
33:21
[SPEAKER_01]: But like I said, it goes back to now, you know, he understands why I work hard too, because I let him know for you to live this life.
33:30
[SPEAKER_01]: I gotta work.
33:31
[SPEAKER_01]: I have to take me as you know, but I will stop to give him his attention.
33:35
[SPEAKER_00]: Yeah.
33:36
[SPEAKER_00]: So this one for kids, I understand that though,
33:39
[SPEAKER_00]: They just, they don't really mentally know the process of do something, make money because when they come home, they hit the switch and the light just come on.
33:50
[SPEAKER_00]: You feel me like, they open the fridge, check that joint, and they're looking for the, they're looking past all the food for the one thing that they like.
33:59
[SPEAKER_00]: I didn't grow up that way, right?
34:01
[SPEAKER_00]: It's like you open a fridge or you ain't not in there.
34:05
[SPEAKER_00]: Close it, come back, start it with later.
34:07
[SPEAKER_00]: And it's just some energy.
34:07
[SPEAKER_00]: And you get nothing's changed.
34:10
[SPEAKER_00]: You go back, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run
34:28
[SPEAKER_00]: But the problem I'm having now is 80% of all millionaires are first generation millionaires, like self-made millionaires, meaning they didn't get no money from their pair or passed down.
34:44
[SPEAKER_00]: But what that tells me is money doesn't really travel well from generation to generation.
34:50
[SPEAKER_00]: Meaning, if I do give my kids the way the numbers are working in my head, it's 80% chance they're gonna lose it.
34:58
[SPEAKER_00]: 20% of time, they're still a millionaire.
35:01
[SPEAKER_00]: So, I wanna know the plan that you all have for your kids when it comes to leaving this inheritance.
35:08
[SPEAKER_01]: Um, so for me, I said the way I this is something I'm actively doing, um, and it's my estate plan and my trust and stuff.
35:16
[SPEAKER_01]: Um, I would remember my banker was like, well, you can set up a college front.
35:20
[SPEAKER_01]: My son might not want to go to college.
35:21
[SPEAKER_01]: You know, why would I set up, um, some money to where that's the only way he can get that money.
35:26
[SPEAKER_01]: No, um, let me save his money.
35:29
[SPEAKER_01]: How I want to save it, but I do know when I pass or my after like, I want
35:35
[SPEAKER_01]: for you.
35:35
[SPEAKER_01]: I want him to continue the life that he was already living.
35:39
[SPEAKER_01]: Now
35:40
[SPEAKER_01]: Another part of me is like, well, how do I know he's going to do right with it, man?
35:44
[SPEAKER_01]: So that's something I feel like we really don't know, you know, they can blow it, they can make it do whatever they want.
35:51
[SPEAKER_01]: I'm not going to be here to be like, no, you're not going to play with my money, but at the same time, I feel like if I can pour the knowledge into him to know what to do, how to do it, how to structure something that I didn't learn as a child or just growing up
36:06
[SPEAKER_01]: If I, I'm on poor as much as I can to him before I, you know, every chance that I get.
36:12
[SPEAKER_01]: or leave stuff in place for him to wear.
36:15
[SPEAKER_01]: At some point, you're gonna have to learn how this work if you want it to keep growing.
36:19
[SPEAKER_01]: And let them take it from that.
36:20
[SPEAKER_01]: And one thing I appreciate is, you know how that at schools and stuff, they always ask kids, what do you wanna be when you grow up?
36:26
[SPEAKER_01]: And my son, I remember his teacher sent me a video.
36:29
[SPEAKER_01]: She was like, he said, they asked him a question.
36:32
[SPEAKER_01]: And he was like, oh, I'm already the CEO.
36:34
[SPEAKER_01]: And then just let me know, like, okay.
36:36
[SPEAKER_01]: It's working.
36:37
[SPEAKER_01]: You know, he's already grasping what I'm doing and he loves to see.
36:41
[SPEAKER_01]: He could have said a police of firefighter.
36:44
[SPEAKER_01]: All this nothing's wrong with that.
36:46
[SPEAKER_01]: But then let me know that he's taken what I'm doing and appreciate it early.
36:50
[SPEAKER_01]: He's seeing like, she do this and make money.
36:53
[SPEAKER_01]: I'm gonna have to do this to make the money.
36:54
[SPEAKER_00]: Yeah, sure.
36:56
[SPEAKER_00]: Yeah, so tell me, I want to look up some stats, but it's on so tell me how you're managing your wealth passed down to your kids.
37:04
[SPEAKER_02]: Like you said earlier, I'm actually learning from this conversation too.
37:07
[SPEAKER_02]: This is good.
37:09
[SPEAKER_02]: So I have a money manager.
37:10
[SPEAKER_02]: I think that the only way that a person can really pass things down the right way is in anything else that you have in life, you get a coach.
37:19
[SPEAKER_02]: So I have a money coach.
37:21
[SPEAKER_02]: I have actually had two.
37:22
[SPEAKER_02]: I have somebody who does all of the active, you know, like the stocks, the bonds, and all that stuff.
37:28
[SPEAKER_02]: Then I have somebody who had those like my mutual funds, my arrays, you know, like my separate accounts.
37:33
[SPEAKER_02]: So I have two different people that I trust with my money.
37:36
[SPEAKER_02]: And while I learn from them, I think that it's the idea of just having this conversation that I probably need to have a conversation with them to figure out how can I get you out of a conversation with my kids that they want to understand.
37:47
[SPEAKER_02]: Because I don't want to be that guy.
37:48
[SPEAKER_02]: I don't want to wear that hat.
37:49
[SPEAKER_02]: That's not who I am.
37:50
[SPEAKER_02]: That's not just not me.
37:52
[SPEAKER_02]: Although I think I understand money and I think I'm pretty savvy with money.
37:55
[SPEAKER_02]: I save a lot of money.
37:56
[SPEAKER_02]: I'm strategic with my money.
37:57
[SPEAKER_02]: I don't want to have that conversation.
38:00
[SPEAKER_02]: I don't daddy don't want to look a fool when.
38:03
[SPEAKER_02]: My oldest says, hey, so what about this and then I can't answer the question.
38:06
[SPEAKER_02]: I just I don't want to do with that So I think that the best way to set up my kids now that I'm thinking about it is just hire them a financial coach and let that person teach them the core of foundational pills that they need to have in place all the way up to What does it look like to be potentially in a position at your dad's end to run a business and try to save money and making all of this money Like what does that really look like so?
38:28
[SPEAKER_02]: Now, I love that, um, yeah, that just opened up my, my dark process to what am I really doing?
38:34
[SPEAKER_02]: Like you said, like the trust and leaving the money behind because Lord forbid, you know, one of us check out on the next.
38:40
[SPEAKER_02]: But like, uh, is everybody okay?
38:42
[SPEAKER_02]: Is it?
38:42
[SPEAKER_02]: Is it really set up?
38:43
[SPEAKER_02]: Is it really set up?
38:44
[SPEAKER_02]: Well, do we just got like a lot of money every week?
38:46
[SPEAKER_02]: Like even simple, down to simple stuff like,
38:49
[SPEAKER_02]: I remember like thinking of myself like, what's up with all this money and these different accounts I get?
38:54
[SPEAKER_02]: Are they set up with beneficiary?
38:55
[SPEAKER_02]: And it was like, no.
38:56
[SPEAKER_02]: So I just took like a whole day to just even on my personal accounts, my business account, where you came from, it's set up a beneficiary for your business accounts.
39:02
[SPEAKER_02]: And I learned that, didn't know that.
39:03
[SPEAKER_02]: They're like, this is a business account.
39:05
[SPEAKER_02]: You guys set up a, I'm like, all this money.
39:07
[SPEAKER_02]: Okay, set up nobody to take, they like, no.
39:09
[SPEAKER_02]: I'm like, that's crazy, right?
39:12
[SPEAKER_02]: So like, all my personal accounts, and in all my investment accounts, I had to start setting up beneficiaries, just in case some people could like, you don't take the money you do with AC Fit, but it's like dang, like, that stuff need to be set up.
39:22
[SPEAKER_02]: Like, you see it like when when the baby turns 18, they should maybe get a certain amount when they turn 21, as you get a certain amount, they've trust for my babies.
39:29
[SPEAKER_02]: That's the real and we trust for my parents.
39:31
[SPEAKER_02]: So it's time, right?
39:32
[SPEAKER_02]: It's time.
39:33
[SPEAKER_01]: and that definitely matters even with the trust because right now at the blame my family I had a aunt she didn't have any kids and she had a wheel in place she was also married and after she passed her husband remarried
39:48
[SPEAKER_01]: And to this day, they have not dispersed anything in her will.
39:52
[SPEAKER_01]: She had properties, she had money, she had businesses, and it's all because of association.
40:00
[SPEAKER_01]: So another thing is structuring your trust and how you want stuff that holds getting what allocating me, you know, early because once you go,
40:11
[SPEAKER_01]: That's believe it.
40:12
[SPEAKER_01]: It's not an order.
40:13
[SPEAKER_01]: Somebody about to fight.
40:14
[SPEAKER_01]: Somebody for everything.
40:16
[SPEAKER_02]: So if you can make it easy, why didn't it get this what's the problem?
40:21
[SPEAKER_01]: Is it so the little by family feel like they should get the image.
40:25
[SPEAKER_01]: You know, yeah, so that's not a thing.
40:27
[SPEAKER_01]: So you want to get some that they too.
40:29
[SPEAKER_01]: Did you just came in after she passed?
40:32
[SPEAKER_01]: This is her message before she married him.
40:34
[SPEAKER_02]: Yeah.
40:35
[SPEAKER_01]: So Ted is dead.
40:36
[SPEAKER_02]: She don't get no kids.
40:37
[SPEAKER_01]: No kids.
40:38
[SPEAKER_01]: Oh, that's the problem because because the babies would they would So now that we know this and she thought just the wheel alone was enough and this is actually something I learned setting mine up.
40:49
[SPEAKER_01]: You know like I say it goes back to We didn't know they thought she she thought she had it figured out by writing her wheel but that simply wasn't enough She needed a trust she needed
41:00
[SPEAKER_01]: an entity in place to protect, not just, you know, forget your name, you said it can be married, but, you know, more so her assates and keep, then this is the craze part, he passed two a year later.
41:13
[SPEAKER_01]: So it was like, he remarried.
41:15
[SPEAKER_01]: So it's just a whole confle, you'd not have his keys.
41:19
[SPEAKER_01]: You had a new wife and her keys, but everybody fighting for the same stuff.
41:24
[SPEAKER_01]: And it's gone on, I can't join out on the 15 years.
41:27
[SPEAKER_00]: Here's the screen, because I've seen this a lot, because I started even through this conversation, I'm thinking about all right, well,
41:32
[SPEAKER_00]: this property is getting you know going to my daughter Corey other property going you know me but I've also seen people that get inherit properties they want to losing it so look at the study that they said research shows the risk of dramatically higher for inherited air's properties
41:53
[SPEAKER_00]: For example, a high-back study of Dallas and Terence counties found that airs properties were 10 times more likely to be at least two years to link with on property taxes.
42:06
[SPEAKER_00]: 18% versus 1.8% meaning if I give my son a property,
42:13
[SPEAKER_00]: He's 10 times more likely to even be the link with on taxes.
42:16
[SPEAKER_00]: And we've seen that a lot, and especially in our community, even more striking, air's property is represented about 52% of single-family properties that actually went through property tax for closure.
42:32
[SPEAKER_00]: 52% think about this, not pass an information down to your kids, your seven-year-old,
42:38
[SPEAKER_00]: They've 40 years old, but it's on, you give them some property, and they let it go to foreclosure.
42:47
[SPEAKER_00]: because they're not at this time earning enough to pay for the taxes or understand the value of a house that's paid off, this is equity, and I can't believe, and it happens in a hood.
42:59
[SPEAKER_00]: Bruh, this house is worth $200,000, $100,000.
43:03
[SPEAKER_00]: And because you don't want to pay the taxes, or even take the time to find a real to say, aren't you?
43:09
[SPEAKER_00]: I own this, let's at least sell it to get the money.
43:11
[SPEAKER_00]: Now, you'll probably ruin the money, but what I'm saying is, pass in the money debt.
43:16
[SPEAKER_00]: Like we're trying to acquire all this stuff that we can't use and we are going to loot.
43:21
[SPEAKER_00]: Like we can't take it with us.
43:23
[SPEAKER_01]: Right.
43:24
[SPEAKER_00]: And we give it to some people that may or may not do right by it.
43:28
[SPEAKER_00]: So all those Zoom calls are Disney, for nothing.
43:33
[SPEAKER_00]: You got enough to kick it right now.
43:35
[SPEAKER_00]: Just be with your kids, but I'm on the call to get the style.
43:39
[SPEAKER_00]: So I'm feeling fairly taken care of, but they might lose it, too.
43:43
[SPEAKER_02]: It's a scary conversation, man.
43:45
[SPEAKER_02]: But you know what I think, I think, and I promise I'm not trying to be rude.
43:50
[SPEAKER_02]: But I think the education system failed us in America, brother.
43:56
[SPEAKER_01]: Oh, yeah, it's for sure.
43:57
[SPEAKER_02]: Like, in school, we're not learning about credit.
44:01
[SPEAKER_02]: bank accounts, taxes, they don't want us to.
44:04
[SPEAKER_02]: Like, life insurance, like, if you could teach us just some of this basic, like, here's what credit is, here's how you establish it, here's how you maintain it.
44:14
[SPEAKER_02]: Here's what business credit is, like here's how you just with LLC, but all of the stuff that makes people rich, ain't none of this happening, none of this going on in school.
44:23
[SPEAKER_02]: Like, why we can't have a conversation about life insurance.
44:26
[SPEAKER_02]: Like, like, why my family members got to keep passing away and giving me nothing.
44:29
[SPEAKER_02]: So it was like, yeah, no duh, I got passed down to house that was 200,000 and I'm ignorant to the taxes.
44:34
[SPEAKER_02]: I didn't learn it.
44:35
[SPEAKER_02]: I don't know it.
44:36
[SPEAKER_02]: Like, I don't even understand money.
44:38
[SPEAKER_02]: I'm so busy working this job that's paying me $15.32.
44:42
[SPEAKER_02]: I can't even think to try to stop to do nothing else other than work this job.
44:46
[SPEAKER_02]: I'm just, I'm struggling, I'm like, even for me, back in 2016 and this blows my man when people tell me how much money they're making and what they can pay the hour, I'm like, bro, and 2016, I left my job.
44:57
[SPEAKER_02]: That was paying me $60 dollars an hour, bro.
45:00
[SPEAKER_02]: Hey, and 2016, I had enough in me to say, this ain't enough.
45:05
[SPEAKER_02]: That was only 130,000 a year.
45:07
[SPEAKER_02]: Now I'm like, I don't make that in the week.
45:09
[SPEAKER_02]: Like, I ain't tripping, but it's like, I don't understand money.
45:13
[SPEAKER_02]: I don't know, I had to teach my, the first thing I did, the first thing I got into when I left my job was I got into financial services.
45:19
[SPEAKER_02]: For three years, I studied money.
45:21
[SPEAKER_02]: I'm like, if I want to make money in a lot of it, I need to know how money work.
45:26
[SPEAKER_02]: Life insurance, retirement plan.
45:28
[SPEAKER_02]: I don't like, I need to study money.
45:30
[SPEAKER_02]: Like, so now I understand money.
45:32
[SPEAKER_02]: So we want to get rich.
45:33
[SPEAKER_02]: You want to get wealthy.
45:34
[SPEAKER_02]: It starts with the basics.
45:35
[SPEAKER_02]: Like, bro, let's just get some life insurance, bro.
45:37
[SPEAKER_02]: Like, let's just get that.
45:39
[SPEAKER_01]: Yeah, here.
45:39
[SPEAKER_02]: Think about how many family members all of us have passed away.
45:42
[SPEAKER_02]: Like, people that pass away.
45:43
[SPEAKER_02]: What if they just left just a honey grant?
45:46
[SPEAKER_02]: We'll be sure, if everybody just left for honey grand, even if even if you have the money out, somebody going to figure out how to take care of something something, so at some point, somebody going to do something.
45:56
[SPEAKER_00]: Yeah.
45:56
[SPEAKER_02]: I would have been there.
45:58
[SPEAKER_02]: I would've been the one who would've got it right.
46:00
[SPEAKER_02]: I would've, you left me how much?
46:02
[SPEAKER_02]: Oh yeah, it's on.
46:04
[SPEAKER_02]: I'm for the, I'm for the get it.
46:05
[SPEAKER_02]: I got, I got left nothing time and time and time again.
46:08
[SPEAKER_02]: I got left nothing and then we got a crowd twice because you got a crack as you go.
46:14
[SPEAKER_02]: Then I'm like, they from the front get the car, the house, cause you were the brain winner.
46:20
[SPEAKER_02]: You had to show us on everything with Joseph.
46:22
[SPEAKER_00]: I got to cry twice.
46:23
[SPEAKER_02]: I got to cry twice.
46:25
[SPEAKER_00]: You said it's on fire, brother.
46:26
[SPEAKER_00]: And it just gave me context to your perspective of the very first question where you said I was making $65 an hour and I didn't have enough says to say this isn't enough.
46:38
[SPEAKER_00]: Because somebody, I mean, you think about, you said 20, 15, 20, 16 is my last job.
46:44
[SPEAKER_00]: At that time, that's money.
46:45
[SPEAKER_00]: Get gay to go.
46:46
[SPEAKER_00]: That's when, well, that's when you can really start on those six figures.
46:49
[SPEAKER_01]: That was a long term to secase.
46:52
[SPEAKER_00]: But at that time, you're like this ain't enough.
46:54
[SPEAKER_00]: When someone like me could have said, bro, you got enough, bro, I think I was just feeling and don't go off the deep end.
47:01
[SPEAKER_00]: So whatever money you're making now, I understand what you're saying.
47:05
[SPEAKER_00]: This is somebody else's floor.
47:06
[SPEAKER_02]: I don't see.
47:09
[SPEAKER_02]: I saw a post.
47:11
[SPEAKER_02]: It was a guy Instagram.
47:13
[SPEAKER_02]: Ridiculously just like, it was just gross.
47:16
[SPEAKER_02]: It was gross to me and he's nowhere near my level.
47:18
[SPEAKER_02]: But the guy said, why would I date one chick when I could have multiple, we said, I'm six four, I make six figures, bro.
47:25
[SPEAKER_02]: Look at me.
47:26
[SPEAKER_02]: He was like, I could go have dinner, whether I wanna go, I can, and then I live on the ocean front, condo with it, I'm like six figures.
47:35
[SPEAKER_02]: And you act in crazy on an enemy on this.
47:38
[SPEAKER_02]: My favorite.
47:39
[SPEAKER_02]: Yeah, like you're talking, like who are you talking to?
47:42
[SPEAKER_02]: What woman is falling for that?
47:43
[SPEAKER_02]: I'm like, bro, when I was next to this, don't get me wrong.
47:46
[SPEAKER_02]: I thought I was hot stuff.
47:47
[SPEAKER_02]: Don't get me wrong.
47:48
[SPEAKER_02]: But now I'm looking back where I was and where I met now, six, brother.
47:55
[SPEAKER_02]: All my mortgages, just to get that thing, pay right now, I'm at a 40 bar.
48:00
[SPEAKER_02]: I can't do nothing with your honey.
48:04
[SPEAKER_02]: We ain't getting back, like my house, the mortgage on my one house is everything that you make, and that can't take out taxes.
48:14
[SPEAKER_02]: So it's like again, like that's it.
48:16
[SPEAKER_02]: Like shit has, it's really like somebody else's, like my silliness, somebody else's floor.
48:22
[SPEAKER_02]: So I can't, it's hard for me to just be okay and be content with.
48:26
[SPEAKER_02]: what I make somebody make it in a day or they're making it in a week and they're making it in a month consistently and it's like, why do I gotta be okay thinking it's enough?
48:34
[SPEAKER_02]: But I do agree to certain points about, yep, we need to try to figure out if we're going to go on vacation, we go to Disney World, let's let's just go to Disney World.
48:42
[SPEAKER_02]: And we're going to vacation.
48:43
[SPEAKER_01]: Hey, Nick boundary.
48:44
[SPEAKER_02]: Yeah, let's just set the boundary, let's just vacation.
48:46
[SPEAKER_02]: Yeah, and I need to do that.
48:48
[SPEAKER_01]: I'm trying to agree to, even on the, um,
48:52
[SPEAKER_01]: I think for me, like I said, I'm in a space where when it comes to an up, it's like, okay, all my stuff paid for and I have this money sitting up and I also have passive income coming in.
49:04
[SPEAKER_01]: Could I live like this?
49:06
[SPEAKER_01]: I have that look conscious in me that says, yeah, so I could be content work right here.
49:10
[SPEAKER_01]: I built my dream home.
49:12
[SPEAKER_01]: I have the cars.
49:12
[SPEAKER_01]: I won't my businesses are going to keep generating money.
49:16
[SPEAKER_01]: I could do this without having to continue to work.
49:20
[SPEAKER_01]: I feel like it's a difference in people and mindset.
49:23
[SPEAKER_01]: We have a mindset to where it's like we're ambitious and like he said, if they can do what I can do that, that can be me.
49:31
[SPEAKER_01]: Why do I have to sit here and watch them when I can be doing the same thing?
49:35
[SPEAKER_01]: Because I have that mindset too.
49:37
[SPEAKER_01]: So I even understand his perspective on, you know, no, I want more because it's some people who are so...
49:45
[SPEAKER_01]: content and calm, and I just be like, why are you content and calm right there when you need to grow?
49:50
[SPEAKER_01]: And it's a mindset, it's, it got to be in you.
49:52
[SPEAKER_01]: I feel like everybody don't have that mentality.
49:55
[SPEAKER_01]: And it's a strong mentality, you got to have to know because then you got to figure out, okay, not only do I want this, how am I about to get to this?
50:01
[SPEAKER_01]: What am I about to do?
50:02
[SPEAKER_01]: What am I about to change with myself to make this happen?
50:04
[SPEAKER_01]: Because I know I can do it.
50:06
[SPEAKER_01]: So it's a mindset thing, too.
50:08
[SPEAKER_01]: This is good.
50:09
[SPEAKER_00]: Yeah, this is a man.
50:10
[SPEAKER_00]: We got to go, this is a good conversation.
50:12
[SPEAKER_00]: If you're watching this, I need you to chime in your thoughts because we talked about some very, very important conversations and you probably won't, if you're watching it and you're in a situation where maybe you're struggling, some of this stuff you won't really find out or really understand what's being said until you really get to that back.
50:32
[SPEAKER_00]: So I want you to even come back
50:38
[SPEAKER_00]: income coming in.
50:39
[SPEAKER_00]: It might be more relatable, but we've got to start thinking about it right now.
50:43
[SPEAKER_00]: So, man, thank y'all so much for tuning in.
50:45
[SPEAKER_00]: I need to see your comments.
50:47
[SPEAKER_00]: Please let everybody know how they can contact you and how they can work with you.
50:51
[SPEAKER_00]: So, both of y'all will start here.
50:53
[SPEAKER_01]: Okay.
50:53
[SPEAKER_01]: You can find me on Instagram.
50:55
[SPEAKER_01]: Most social media platforms is Dacia the CEO.
50:59
[SPEAKER_01]: I am the owner of Wealthy Crew Financials.
51:00
[SPEAKER_01]: You can find us at Wealthy Crew Financials.com.
51:03
[SPEAKER_02]: And for those who don't know who I am, I'm Dia at Mr.
51:06
[SPEAKER_02]: Phenomenal Power One, all social platforms.
51:08
[SPEAKER_02]: Listen, I am the individual who creates millionaires.
51:10
[SPEAKER_02]: So if y'all want to learn how to make more money and spend more time with your family, just come tap this and don't be like me, though, don't go to Disney World and be on your, don't come be like me as you are.
51:18
[SPEAKER_02]: Just please don't do that.
51:20
[SPEAKER_02]: All right, but listen, if y'all want to tap on me, I'm actually going to be hosting three-day live workshop where y'all could come learn from you from free.
51:26
[SPEAKER_02]: Come get some information, get to education that can change your life, but they rest in your life.
51:30
[SPEAKER_00]: Tap in, listen y'all.
51:32
[SPEAKER_00]: We'll see you all next Friday.
51:33
[SPEAKER_00]: Let's get it.