Latest / Money And Wealth With John Hope Bryant / Betting Against Yourself: Why The House Always Wins & How YOU Can Win Instead

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Betting Against Yourself: Why The House Always Wins & How YOU Can Win Instead · Money And Wealth With John Hope Bryant

• 0:00
  Speaker 1: Welcome The Money and Wealth with John ho'bryant, a production
• 0:03
  Speaker 1: of the Black Effect Podcast Network and iHeartRadio. Hey, Hey,
• 0:14
  Speaker 1: this is John hob Bryant and this is the Money
• 0:17
  Speaker 1: and Wealth podcast series on iHeartRadio and the Black Effect Network.
• 0:23
  Speaker 1: I want to thank you first and foremost for making
• 0:25
  Speaker 1: this season three, the whole show of Money and Wealth,
• 0:31
  Speaker 1: but particularly season three a top one percent podcast in
• 0:35
  Speaker 1: the world all six continents, and every now and then
• 0:41
  Speaker 1: I go in on a topic that the little taboo
• 0:45
  Speaker 1: that's going to be the case this week. So we're
• 0:47
  Speaker 1: gonna have a conversation with each other. We're gonna talk
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  Speaker 1: with each other, not at each other, not past each other.
• 0:53
  Speaker 1: We're gonna talk with each other about something that a
• 0:55
  Speaker 1: brother approached me and asked me to address, which is gambling,
• 1:01
  Speaker 1: gambling and sports betting, etc. To break this down and
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  Speaker 1: explain this in a way so you can make your
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  Speaker 1: own decision and help you understand the history, the background,
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  Speaker 1: and how the world sees you and how you should
• 1:19
  Speaker 1: see yourself. So let's get into this. It's not even
• 1:22
  Speaker 1: my nature to be the chief criticism officer, but I
• 1:25
  Speaker 1: do critique, right, So what I want you to do
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  Speaker 1: more than anything else is to bet on yourself. So
• 1:33
  Speaker 1: what happens when you're betting against yourself is when the
• 1:37
  Speaker 1: house always wins, I want you to win instead. So
• 1:42
  Speaker 1: this episode is not really about gambling per se. It's
• 1:47
  Speaker 1: about ownership. So let's start with a question. Why do casinos, say,
• 1:53
  Speaker 1: in Las Vegas, why do they keep getting bigger? Planes
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  Speaker 1: go in, planes go out, car go in, cards go out.
• 2:01
  Speaker 1: This has been happening since Las Vegas was a thing.
• 2:05
  Speaker 1: By the way, you know the history of Las Vegas,
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  Speaker 1: I'm sure if you don't, let me remind you or
• 2:11
  Speaker 1: enlighten you. It was started basically by and with the mafia.
• 2:16
  Speaker 1: Now you know that they only engage in high lead,
• 2:21
  Speaker 1: profitable enterprises, okay, and it is not necessarily fair exchange
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  Speaker 1: as their philosophy. So that's where it came from. It's
• 2:31
  Speaker 1: become corporate, but it started with the underworld. Okay. Why
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  Speaker 1: do casinos keep getting bigger because the house always wins?
• 2:41
  Speaker 1: Why does sports betting companies spend billions of dollars on advertising?
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  Speaker 1: I know you think you're going to be the exception
• 2:48
  Speaker 1: and you're the one who's gonna win, And that's it's
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  Speaker 1: part of the psychology. And by the way, maybe you
• 2:53
  Speaker 1: might just hold on because even with that, even if
• 2:56
  Speaker 1: you are one of the lucky ones. And let's just
• 2:59
  Speaker 1: take the lottery for the example, about seventy percent of
• 3:04
  Speaker 1: all lottery winners end up bankrupt because, as I keep saying,
• 3:08
  Speaker 1: it's not about the money, it's about your mindset about money.
• 3:12
  Speaker 1: It's not about the money. And so they end up
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  Speaker 1: broke because they they think that the money will always last.
• 3:22
  Speaker 1: They end up broke because they think that this is
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  Speaker 1: a moment that will last forever. And the moment, nor
• 3:30
  Speaker 1: the money lasts for long. So why do they give
• 3:34
  Speaker 1: away free bets We're back to sports betting. Why do
• 3:40
  Speaker 1: they make it so easy the companies because they're generous. No,
• 3:46
  Speaker 1: because their business model works. If their business keeps getting larger,
• 3:53
  Speaker 1: someone else's bank account keeps getting smaller. Today, I'm not
• 3:59
  Speaker 1: here to criticize it gambling or gamblers. I've got gamblers
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  Speaker 1: in my own family. There's people who made a lot
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  Speaker 1: of money on gambling. By the way, frankly, it was
• 4:08
  Speaker 1: a time when all we could do to express our freedom,
• 4:12
  Speaker 1: it felt like, was to gamble. But then this moment
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  Speaker 1: is not that moment. I'm here not to criticize gamblers.
• 4:22
  Speaker 1: I'm here to defend dreamers because I understand why people
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  Speaker 1: are betting. Okay, the real question is why are so
• 4:31
  Speaker 1: many Americans looking for a shortcut. So that's today's conversation.
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  Speaker 1: I don't blame people. Housing is expensive, college is expensive.
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  Speaker 1: Everything feels expensive. People feel stuck, They're angry, they're frustrated,
• 4:49
  Speaker 1: they got too much month at the end of their money.
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  Speaker 1: The American dream feels further away than at any time,
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  Speaker 1: at least in my life time. For most people, when
• 5:01
  Speaker 1: someone tells you one bet could change your life, that's seductive,
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  Speaker 1: especially if you don't think the traditional economy is working
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  Speaker 1: for you. And that's unfortunately most people. That's why I
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  Speaker 1: believe also folks are enticed and seduced by this conversation
• 5:20
  Speaker 1: about socialism. Loot me tell you something. And I covered
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  Speaker 1: this in my book Capitalism for All in some detail,
• 5:25
  Speaker 1: but let me just summarize us here. Even if you
• 5:28
  Speaker 1: want to distribute money like a socialist, you first have
• 5:31
  Speaker 1: to collect it like a capitalist. Now there's a quote
• 5:34
  Speaker 1: for you. By the way, socialism is embedded already in
• 5:38
  Speaker 1: the American system, so you'll need to go looking for it.
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  Speaker 1: But the traditional model of socialism as relates to a
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  Speaker 1: country essentially a taxing system. It's capitalism with a huge
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  Speaker 1: taxing system on top of it. But it's only worked
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  Speaker 1: in very small countries, countries like the Nordic countries in
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  Speaker 1: northern Europe where the populations are smaller than some of
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  Speaker 1: our mid sized American cities. That's another podcast for another time. Communism, capitalism, Marxism, socialism.
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  Speaker 1: I'll break all of them down in a dedicated podcast
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  Speaker 1: based on my books. So let's come back. So this
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  Speaker 1: isn't new, This conversation isn't new about people feeling like
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  Speaker 1: they're getting squeezed and they're looking for a way out.
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  Speaker 1: But let me tell you a story about my upbringing.
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  Speaker 1: And I remember the numbers runners, I remember the gangsters.
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  Speaker 1: I remember the player players in my community, and they're
• 6:41
  Speaker 1: one of three or four places prison probation, parole are dead.
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  Speaker 1: But they didn't succeed. Look where did NASCAR come from?
• 6:51
  Speaker 1: Nascar came from moonshine running. That's right, NASCAR came from
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  Speaker 1: running moonshine the Appalachian Mountains and the folks were promoting moonshine.
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  Speaker 1: Ridding realized that they couldn't run from the police forever,
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  Speaker 1: and so they had to legalize their approach. What could
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  Speaker 1: they do? Well, what were they really talented that where
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  Speaker 1: they were great drivers? So they took the part that
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  Speaker 1: worked for them driving and went to drive on beaches
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  Speaker 1: and then on private property. And property wasn't so big,
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  Speaker 1: I guess, so they had to drive in a circle. Well,
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  Speaker 1: that became a NASCAR circuit. And the same families that
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  Speaker 1: ran Moonshine way back when the Nance family and a
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  Speaker 1: couple others think the Jones family, they're all billionaires. Now
• 7:37
  Speaker 1: they charge you a ticket for you to come in
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  Speaker 1: and see them drive fast. And now there's corporate logos
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  Speaker 1: on it. But rainbows follow storms. You cannot have a
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  Speaker 1: rainbow with out a storm first. But they realized they
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  Speaker 1: had to bet on themselves. Okay, so let's talk about
• 7:51
  Speaker 1: the different ways that gambling has permeated, you know, through
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  Speaker 1: our society and our system riverboats, Okay, horse racing. Gaming
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  Speaker 1: has always existed. Okay, but here's what's changed. It used
• 8:05
  Speaker 1: to require effort to lose money. Today your casinos in
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  Speaker 1: your pocket. It's your mobile phone. We call it a smartphone,
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  Speaker 1: which unfortunately some of us are using in very dumb ways.
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  Speaker 1: Your casinos in your pocket. They don't build casino next door,
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  Speaker 1: They've built one inside your phone. Now that's gainst it.
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  Speaker 1: So in twenty eighteen, a lot of legalization happened. It
• 8:32
  Speaker 1: was sort of a legalization inflection point, and including the
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  Speaker 1: rapid expansion of mobile sports betting, et cetera, et cetera.
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  Speaker 1: So it was like a supercharged moment. This are all
• 8:43
  Speaker 1: young men getting really hammered in this situation. I don't
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  Speaker 1: think this is about football. I think it's about hope.
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  Speaker 1: Young men delayed adulthood, impossible housing, student loans, social media
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  Speaker 1: pressures to catch up. So when ownership feels impossible, gambling
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  Speaker 1: starts looking like investing. That's dangerous. And this is just
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  Speaker 1: but one example where folks are playing on your emotions.
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  Speaker 1: The psychology is everywhere. Behavioral economics, people understanding how you
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  Speaker 1: spend money and what it takes to separate you from
• 9:24
  Speaker 1: your wallet is everywhere. So here's the biggest lie. Sports
• 9:29
  Speaker 1: books sell The commercial tells you you can beat the system.
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  Speaker 1: But here's what they don't tell you. The house has
• 9:37
  Speaker 1: an edge always. The mathematics of the situation is that
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  Speaker 1: the house always wins. Again Vegas keeps getting bigger, and
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  Speaker 1: these new sports betters, this system is based on technology,
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  Speaker 1: artificial intelligence in many cases, and really smart people. This
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  Speaker 1: is not now from the mafia or the underworlding more.
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  Speaker 1: This is Wall Street running spreadsheets, trying to take your sheet,
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  Speaker 1: as in your sheet of paper, your money. So sports
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  Speaker 1: bets limited winners. There's a reason why casinos, by the way,
• 10:15
  Speaker 1: never panic. Casinos expand even during downtterms because they're playing
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  Speaker 1: on the fact, or they're betting on the fact. No
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  Speaker 1: pun intended that in a downturn you're going to turn
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  Speaker 1: up at their locations because you're trying to run away
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  Speaker 1: from your depression and you're trying to get rich quick
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  Speaker 1: and you've got lost hope in a few bucks, and
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  Speaker 1: you think you're special, You think I'm going to be
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  Speaker 1: the one that pulls this out, and you end up
• 10:46
  Speaker 1: pulling out the last few dollars that you have. And
• 10:49
  Speaker 1: again Las Vegas keeps getting bigger. Remember it's a business model,
• 10:55
  Speaker 1: and there's good capitalism and bad capitalism. Capitalism in itself,
• 11:00
  Speaker 1: nothing's wrong with it. But good capitalism is where I
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  Speaker 1: benefit and you benefit more. Bad capitalism is where you
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  Speaker 1: benefit or I benefit and you pay a price for it. Right,
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  Speaker 1: good debt and bad debt. Good debt is tied is
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  Speaker 1: something that appreciates home, real estate, stocks bonds. Won't talk
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  Speaker 1: about debt, stocks and bonds, but homes, real estate, et cetera. Businesses.
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  Speaker 1: Bad debt is tied something and depreciates. Buying clothing right,
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  Speaker 1: paying for a vacation on time with a loan or whatever,
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  Speaker 1: going on trips, you know, buying shoes. These are a
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  Speaker 1: depreciating asset. In fact, the car that's not tied to
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  Speaker 1: a job, your ability to go work somewhere, is probably
• 11:37
  Speaker 1: just a depreciating asset. So I just want you to
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  Speaker 1: understand the difference. So you're making the right bet. No
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  Speaker 1: pun intended on yourself. The casino never places a bet,
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  Speaker 1: only you do. Now that's deep, the difference between investing
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  Speaker 1: and gambling. I love risk, Yeah, I said it. I
• 12:01
  Speaker 1: love risk. I love managed risk. I spent my entire
• 12:05
  Speaker 1: life taking risk. Entrepreneurs take risks, immigrants take risk. Business
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  Speaker 1: owners like me take risks. I'm a business owner and
• 12:19
  Speaker 1: an entrepreneur. But there is a difference between the risk
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  Speaker 1: that an entrepreneur or a businessman or a business woman
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  Speaker 1: takes and the one that a gambler takes. My risk
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  Speaker 1: are managed, My risk are calculated, my risk has some
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  Speaker 1: control features on it. I can start and stop, and
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  Speaker 1: I can actually manage my risk in advance. Before I
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  Speaker 1: even start something. I know what the outcome the worst
• 12:43
  Speaker 1: case scenario is, and I know what the outcome in
• 12:45
  Speaker 1: all likelihood it's going to be. And I've really rung
• 12:47
  Speaker 1: the risk out of the deal, the business deal, before
• 12:50
  Speaker 1: I've even stepped off. So it looks risky to somebody else,
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  Speaker 1: it's not really risky for me. But with betting and
• 12:55
  Speaker 1: sports betting, it's almost just the opposite. You have no
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  Speaker 1: control whatsoever. The house has all the data you've gotten
• 13:01
  Speaker 1: on it, et cetera, et cetera, et cetera. So let's
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  Speaker 1: do some comparison. Let's look at investing. It's ownership, it's patience,
• 13:14
  Speaker 1: it's cash flow, it's compounding its assets. Okay, let's look
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  Speaker 1: at gambling now, emotions, luck, urgency, entertainment, distraction making you
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  Speaker 1: feel better about your bad situation. No ownership, hello, no ownership.
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  Speaker 1: Investing says oh wait, gambling says, I want it right now? Now.
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  Speaker 1: Think about that. I've never met someone who built generational
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  Speaker 1: wealth betting their wealth. I've never met someone, I'm gonna
• 13:55
  Speaker 1: say it again, who built generational wealth betting their wealth.
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  Speaker 1: I know people who've had your racial wealths who went
• 14:01
  Speaker 1: and did some betting, who used his entertainment, But I
• 14:05
  Speaker 1: don't know anybody who's built their wealth on betting or extension,
• 14:12
  Speaker 1: cryptocurrency or whatever the trend is, right. I mean, I
• 14:16
  Speaker 1: don't mind you taking five or timpsony you're disposable income
• 14:19
  Speaker 1: and going to Las Vegas or gambling or sports betting
• 14:22
  Speaker 1: or whatever. I mean, when Michael Jordan was gambling, he
• 14:24
  Speaker 1: could afford it, right, Even though it was a really
• 14:27
  Speaker 1: bad habit, it appeared he could afford it. We now
• 14:30
  Speaker 1: know his financial situation, and it appears he had within
• 14:33
  Speaker 1: confines managed it. In other words, he wasn't betting the house,
• 14:36
  Speaker 1: he wasn't betting the farm, he wasn't betting his home,
• 14:38
  Speaker 1: he wasn't betting his career, and he certainly wasn't betting
• 14:42
  Speaker 1: on the sports he was participating in, which is become
• 14:45
  Speaker 1: a problem with some of these guys. So he wasn't desperate, right.
• 14:49
  Speaker 1: But even he as much as he was involved in
• 14:52
  Speaker 1: and loved gambling and all that stuff, he didn't make
• 14:54
  Speaker 1: his money and building his wealth on gambling or betting
• 14:58
  Speaker 1: or sports betting for sure. In fact, I'm pretty sure
• 15:01
  Speaker 1: he swore off of sports betting. It was in the sport.
• 15:04
  Speaker 1: So I'm not telling you what to do. I'm just
• 15:07
  Speaker 1: saying I've met thousands of people who built wealth owning businesses,
• 15:11
  Speaker 1: and I've met none of them who built wealth gambling.
• 15:14
  Speaker 1: I met a few folks who got a few bucks,
• 15:16
  Speaker 1: maybe even got rich for a minute. And the rich
• 15:18
  Speaker 1: is a contract, by the way, but the menues you
• 15:22
  Speaker 1: walk out of that casino, that contract has been tore up,
• 15:24
  Speaker 1: and what you've just won you could lose in the
• 15:27
  Speaker 1: next casino like that, and there are folks literally lined
• 15:31
  Speaker 1: up to separate you from your wallet and smile like
• 15:33
  Speaker 1: at you and give it. You really think they're giving
• 15:35
  Speaker 1: you free rooms and free in the case of the
• 15:37
  Speaker 1: Big High world, is free plane rides and private jets
• 15:41
  Speaker 1: and limousines and drinks and alcohol and all that stuff
• 15:44
  Speaker 1: or worse or more. You eally think they're doing that
• 15:46
  Speaker 1: because they like you. They don't know you, and they
• 15:48
  Speaker 1: don't care. They're doing it because they would to keep
• 15:51
  Speaker 1: you engaged. They would get some of that money back
• 15:55
  Speaker 1: that you won from them, and if they keep you
• 15:57
  Speaker 1: there long enough, and then the house alway, it's whigs.
• 16:01
  Speaker 1: So what should we do instead? Let's read real practical here,
• 16:07
  Speaker 1: because I'm not here to tell you how to live.
• 16:10
  Speaker 1: I'm here to give you another option because I just
• 16:14
  Speaker 1: hate folks who are experts at what they're against and
• 16:17
  Speaker 1: can't tell you what they're for or tell you what
• 16:19
  Speaker 1: to do. They're folks a PhDs, but they're not phdals.
• 16:22
  Speaker 1: Let's do both PhD and PhD too. Let me give
• 16:25
  Speaker 1: you some viable alternatives, right, So, I'm gonna give you
• 16:30
  Speaker 1: some practical ideas. I want you to create an ownership account, right.
• 16:35
  Speaker 1: I want you to buy some index funds. I want
• 16:38
  Speaker 1: you to learn a trade. I want you to start
• 16:40
  Speaker 1: a business. A side hustle is good enough as a
• 16:44
  Speaker 1: starting point. I want you to approve your credit score.
• 16:47
  Speaker 1: I want you to own stock. I want you to
• 16:50
  Speaker 1: invest in yourself. So I'm not telling you not to
• 16:56
  Speaker 1: go and gamble, because you're going to do what you
• 16:59
  Speaker 1: want anyway. I'm serving that telling you. I'm not telling
• 17:03
  Speaker 1: you the sports not the sports bet either, or any
• 17:07
  Speaker 1: form of gambling as long as it's legal, and you're
• 17:11
  Speaker 1: not gambling or betting on games or activities that you
• 17:15
  Speaker 1: are participating in yourself. I'm basically cool with and as
• 17:18
  Speaker 1: long as you're not spending you with your rent money.
• 17:20
  Speaker 1: This is the problem I have with folks with cryptocurrency.
• 17:23
  Speaker 1: By the way, do you know that the vast majority
• 17:25
  Speaker 1: of folks who gamble are poor, working class or struggling
• 17:29
  Speaker 1: middle class folks with too much month at the end
• 17:31
  Speaker 1: of their money. They're not the wealthy like me and
• 17:33
  Speaker 1: others or gambling. Don't trust me again, use that phone
• 17:37
  Speaker 1: to be smart. Look it up for yourself. The data
• 17:41
  Speaker 1: is unbelievable about who is gambling. By the way, seventy
• 17:47
  Speaker 1: seventy six percent, give or take of all luxury goods
• 17:51
  Speaker 1: are purchased by poor, working class and working middle class folks.
• 17:55
  Speaker 1: So you're being targeted. Getting nothing wrong with it because
• 17:59
  Speaker 1: life is aspirational, but you're being targeted by folks who
• 18:04
  Speaker 1: know that you are susceptible to their solicitations more than
• 18:08
  Speaker 1: other people, more than somebody like me. I mean, if
• 18:11
  Speaker 1: you get three forty dollars out of me out of
• 18:13
  Speaker 1: ogame a casino, you really done well. And my wife
• 18:18
  Speaker 1: knows you knows that to ask me more than a
• 18:20
  Speaker 1: couple hundred bucks, Like you can spend your own money
• 18:22
  Speaker 1: if you want to spend what I gave you, knock
• 18:24
  Speaker 1: yourself out. But I'm not giving you what I earned
• 18:26
  Speaker 1: for myself. Not here, not there, unless I'm buying a
• 18:29
  Speaker 1: steak dinner. I'm not as going to wait till someone
• 18:31
  Speaker 1: aren't bandit a casino slot machine or I mean, I'll
• 18:35
  Speaker 1: do it until I'm having fun. And when I'm stopping
• 18:37
  Speaker 1: having fun, which typically is a few games and I'm out,
• 18:40
  Speaker 1: I'm done. But this system is really built around folks
• 18:45
  Speaker 1: who are either desperate or not good matterags of risk tolerance,
• 18:51
  Speaker 1: Folks who are imbalanced, psychologically depressed, distressed in a surviving mindset.
• 18:57
  Speaker 1: Folks who are cocky, emotional, got their assets on their
• 19:02
  Speaker 1: ass and a blossom, Folks who want to bet the farm,
• 19:07
  Speaker 1: so to speak, and who believe with all that bravado
• 19:11
  Speaker 1: and all that swagger is going to mean something. The
• 19:14
  Speaker 1: people who walk into a casino and they say hello,
• 19:17
  Speaker 1: mister or missus, and they give you that why, I mean,
• 19:20
  Speaker 1: why is why is Las Vegas? And why are all
• 19:21
  Speaker 1: these places picking on Las Vegas? But they're Macau and
• 19:26
  Speaker 1: I believe there's Macaw's in Asia. There's there's places throughout
• 19:29
  Speaker 1: the US, places on the east coast of the US.
• 19:32
  Speaker 1: There's place Sweden, gamble of course on Indian Reservation, gamble
• 19:36
  Speaker 1: all over the place. I'm not just picking on Las Vegas.
• 19:38
  Speaker 1: But why do all these places have you know, sparkly
• 19:41
  Speaker 1: shendanliers and why is everything gold and silver and glitzy?
• 19:46
  Speaker 1: Why all the blade Because they're trying to make your
• 19:50
  Speaker 1: wallet sing. They're trying to seduce you into feeling like
• 19:54
  Speaker 1: you are wealthy, you are powerful. They're bringing you into
• 19:57
  Speaker 1: a fantasy like environment so that for a minute you
• 20:01
  Speaker 1: feel like these are your friends, these people care about you,
• 20:07
  Speaker 1: these people want you to win, and you know, you
• 20:11
  Speaker 1: get wrapped up in that whole situation, only to find
• 20:16
  Speaker 1: out that when you do lose, you're all along. They've
• 20:19
  Speaker 1: walked you to the door, they've set you in the curb,
• 20:21
  Speaker 1: they wished you well, they've called maybe a taxi for
• 20:24
  Speaker 1: you if you're lucky, and if you're unlucky, if you
• 20:27
  Speaker 1: cop an attitude and you start pushing back. Because I've
• 20:31
  Speaker 1: seen on some social media where people start losing it
• 20:34
  Speaker 1: and they'll get there. Theyn't need to call the cops.
• 20:36
  Speaker 1: They have their own security force right there. They'll get
• 20:38
  Speaker 1: the security and walk you out or carry you out
• 20:42
  Speaker 1: if they have to. Let me leave you with this,
• 20:45
  Speaker 1: America has never rewarded people who chase luck. American rewards ownership.
• 20:50
  Speaker 1: The entrepreneur takes that risk. Entrepreneurs like me, and I
• 20:55
  Speaker 1: am a private equity investor in myself. By the way,
• 20:58
  Speaker 1: I'm the product. We're not human beings having a spiritual experience.
• 21:03
  Speaker 1: We're spiritual beings having a human experience, and energy matters.
• 21:07
  Speaker 1: So I am that product, and I obsess about learning
• 21:10
  Speaker 1: and being the best at what I do. And when
• 21:13
  Speaker 1: I walk into a room, I want to own that
• 21:15
  Speaker 1: room from a negotiating and knowledge perspective. So I'm the product, right,
• 21:19
  Speaker 1: and I believe you are the product. But in this example,
• 21:23
  Speaker 1: I'm the entrepreneur. That entrepreneur takes risks. We take again,
• 21:26
  Speaker 1: manage risk. The inventor and the person gambling cannot take
• 21:30
  Speaker 1: manage risks because it is designed to be unmanaged risk.
• 21:33
  Speaker 1: For the reasons I've already said, the inventor takes risks,
• 21:38
  Speaker 1: the immigrant takes risk, and by the way, each of
• 21:40
  Speaker 1: these examples, the person doing it is managing that risk
• 21:44
  Speaker 1: and has some control over their trajectory and their outcome.
• 21:48
  Speaker 1: To quote my brother Tony wrestler, if you don't quit,
• 21:52
  Speaker 1: you can't fail. But that just the opposite with gambling.
• 21:56
  Speaker 1: In sports betting, you get on the wrong side of
• 21:59
  Speaker 1: a certain situation, and the longer you go, the more
• 22:02
  Speaker 1: you lose. Just the opposite what I just said. What
• 22:05
  Speaker 1: I said is if you don't quit, you can't fail.
• 22:08
  Speaker 1: If you don't quit in those situations, you definitely will fail,
• 22:12
  Speaker 1: default and be foreclosed upon and may file for bankruptcy
• 22:17
  Speaker 1: if you don't know how to quit. The thing don't
• 22:19
  Speaker 1: want you addicted to is yourself, your own aspirationial achievement.
• 22:24
  Speaker 1: The immigrant as I said, it takes risks. A small
• 22:26
  Speaker 1: business owner takes risks. Those risks create something. Sports betting
• 22:33
  Speaker 1: creates winners, yes, and losers can unmanaged, but ownership creates wealth.
• 22:41
  Speaker 1: One change is your weekend. The other changes you're family tree.
• 22:45
  Speaker 1: So don't stop dreaming, don't stop aspiring, don't stop believing
• 22:49
  Speaker 1: your life can change and you can be the change
• 22:53
  Speaker 1: you want to see in your life. Don't stop any
• 22:55
  Speaker 1: of that. Just make sure you're betting on the one
• 22:59
  Speaker 1: investment whose odds improve every single day. That investment is you,
• 23:06
  Speaker 1: your education, your discipline, your business savvy, your knowledge, your family,
• 23:14
  Speaker 1: your ownership, starting with a home, by the way, starting
• 23:17
  Speaker 1: with fractional shares and stocks if you have to, Starting
• 23:20
  Speaker 1: with you, your education, your knowledge in your head copitas
• 23:24
  Speaker 1: Latin for knowledge in the head. And I want you
• 23:29
  Speaker 1: to own you. And I want you to start there
• 23:32
  Speaker 1: because the house always wins, and I want you to
• 23:36
  Speaker 1: win in your own house, the house of your head,
• 23:40
  Speaker 1: the house of your body, the house of your soul,
• 23:42
  Speaker 1: the house of your mind, the house of ultimately your
• 23:44
  Speaker 1: own house. Start with those things and work out from there.
• 23:50
  Speaker 1: But owners build the house good people. So here we go.
• 23:55
  Speaker 1: I address address this issue of gambling and sports betting
• 23:59
  Speaker 1: and the best way I knew how without criticizing an
• 24:03
  Speaker 1: entire generation. It seems to be absolutely in love with it.
• 24:06
  Speaker 1: I do understand it. As I said earlier, I'm not
• 24:09
  Speaker 1: hating on it. I'm not telling you what to do
• 24:12
  Speaker 1: that won't work anyway. I'm just trying to give you
• 24:15
  Speaker 1: some guardrails. It's like I tell people about cryptocurrency and
• 24:20
  Speaker 1: by the way, the king of all cryptocurrencies Bitcoin, and
• 24:24
  Speaker 1: it may go up again, yes, but it went up
• 24:27
  Speaker 1: to one hundred and what fifty thousand dollars or something,
• 24:30
  Speaker 1: and now it's down. And that's somebody checked in the
• 24:32
  Speaker 1: sixty thousand dollars range. So if you bought it a
• 24:34
  Speaker 1: ninety thousand, you're toached. You bought it one hundred and
• 24:37
  Speaker 1: ten thousand, you're toast. You bought it one hundred and
• 24:39
  Speaker 1: fifty thousand, you toached. The house always wins someone on
• 24:43
  Speaker 1: Wall Street, somebody who bought early and who has sophisticated
• 24:47
  Speaker 1: computer models and then analysts running around calculating at what
• 24:52
  Speaker 1: point you the consumer is going to jump into that
• 24:54
  Speaker 1: freight and buy them out. That house always wins. If
• 25:00
  Speaker 1: that was your rent money, you're dead broke. If that
• 25:02
  Speaker 1: was your retirement money, you're dead frustrated. You might be
• 25:05
  Speaker 1: financially dead. But if you can afford to go and
• 25:09
  Speaker 1: take ten percent of your income and do a cryptocurrency
• 25:12
  Speaker 1: or do sports betting, or do traditional gambling, that's what
• 25:16
  Speaker 1: you want to do. Knock yourself out. I have no
• 25:17
  Speaker 1: problem with it. But only spend, speculate, because really not investing.
• 25:23
  Speaker 1: Only spend and speculate and roll the dice with what
• 25:26
  Speaker 1: you can afford to lose. But what I don't was
• 25:29
  Speaker 1: you lose is yourself. This is just my way of
• 25:32
  Speaker 1: framing the issue in a way that hopefully you see
• 25:35
  Speaker 1: it clearly and you understand that I want you to
• 25:38
  Speaker 1: have as much fun is as legal. But most things
• 25:42
  Speaker 1: imbalanced are good for you. Right. Drugs imbalance are prescribed.
• 25:48
  Speaker 1: Alcohol imbalance wine will lawer your blood pressure. Most things
• 25:52
  Speaker 1: imbalanced are good. Sleep in balance is fantastic. Sleeping for
• 25:57
  Speaker 1: fifteen hours it literally is depression. So an addiction is
• 26:01
  Speaker 1: really a response with emotion you can't handle. So if
• 26:05
  Speaker 1: you're not dealing with your stuff, you're not healing, and
• 26:08
  Speaker 1: you're not dealing, then the other ings have got you
• 26:12
  Speaker 1: and control you. Gambling, drinking, drugging, shopping, traveling, texting, sex,
• 26:20
  Speaker 1: thing not dealing, not healing. I want you to deal
• 26:25
  Speaker 1: with the right eyengs. I want you to master your
• 26:28
  Speaker 1: narrative in your life. I want you to heal. I
• 26:31
  Speaker 1: want you to be healthy. And then if you decide
• 26:33
  Speaker 1: you want to go do these things okay, then the
• 26:35
  Speaker 1: system is not controlling you. You're controlling it. No different
• 26:39
  Speaker 1: than I say about capitalism. If you're not working that system,
• 26:41
  Speaker 1: it's working you. You don't understand financial literacy and understand
• 26:45
  Speaker 1: that your day is the one in the stream of
• 26:47
  Speaker 1: financial transactions. Believe me, that day has gotten the best
• 26:50
  Speaker 1: of you. So don't confuse hope with a strategy. I
• 26:57
  Speaker 1: want you to understand that luck is not away off
• 27:00
  Speaker 1: building system ownership is. And I want you to make
• 27:04
  Speaker 1: smart sexy again. We've been making dumb sexy for way
• 27:07
  Speaker 1: too long. We've dumb down and celebrated it. It's time
• 27:11
  Speaker 1: to make smart sexy again. Let's go. This is John O'Brien.
• 27:17
  Speaker 1: This is the Money and Wealth podcast series on iHeartRadio
• 27:21
  Speaker 1: on the Black Effect Network, and this has been a
• 27:25
  Speaker 1: special episode that Dell deals with supposedly getting rich quick.
• 27:30
  Speaker 1: I'm gonna tell you something. If somebody tells you that
• 27:33
  Speaker 1: you can get rich quick, grab your wallet, somebody gives
• 27:36
  Speaker 1: you a free lunch, it's probably stale. Right. Only in
• 27:39
  Speaker 1: the dictionary, this is word success coming for the word
• 27:41
  Speaker 1: work because it's alphabetical every place else. Work comes first.
• 27:47
  Speaker 1: Go to work, take care of your business, and then
• 27:50
  Speaker 1: go to Las Vegas for a weekend once every six
• 27:53
  Speaker 1: months and knock yourself out having a ball and put
• 27:56
  Speaker 1: yourself on a limit of how much you're going to
• 27:58
  Speaker 1: dream in somebody else's house. John O'Brien, I'm out go
• 28:03
  Speaker 1: get my book Capitalism for All Bush is the bestseller
• 28:06
  Speaker 1: now in three categories. Thank you very much for all
• 28:08
  Speaker 1: the supports it. It's my seventh book. Go to Operation
• 28:12
  Speaker 1: Hope Coaching and Counseling will give you an Express scholarship
• 28:15
  Speaker 1: or Hope Express Services to a scholarship but value to
• 28:18
  Speaker 1: a thousand to twenty hundred dollars for the first year.
• 28:21
  Speaker 1: Let's be the change we want to see in the world.
• 28:23
  Speaker 1: Let's go Money and Wealth with John O'Brien is a
• 28:28
  Speaker 1: production of the Black Effect Podcast Network. For more podcasts
• 28:32
  Speaker 1: from the Black Effect Podcast Network, visit the iHeartRadio app,
• 28:36
  Speaker 1: Apple Podcasts, or wherever you listen to your favorite shows.