Latest / Money And Wealth With John Hope Bryant / Managing Through An Economic Downturn

Transcript

Managing Through An Economic Downturn · Money And Wealth With John Hope Bryant

• 0:00
  Speaker 1: Welcome the Money and Wealth with John O'Bryant, a production
• 0:03
  Speaker 1: of the Black Effect Podcast Network and iHeartRadio. Hey, Hey,
• 0:15
  Speaker 1: this is John O'Briant, and this is Money and Wealth
• 0:18
  Speaker 1: every week bringing to you a new topic, my mentoring online,
• 0:23
  Speaker 1: my Ministry of Finance, and I just took some I
• 0:30
  Speaker 1: lubrigant because after traveling my eyes were a little try
• 0:35
  Speaker 1: and I needed to make sure I was clear eyed,
• 0:38
  Speaker 1: because I'm looking at contracts and documents all the time,
• 0:40
  Speaker 1: and I need to make sure I'm always clear eyed
• 0:43
  Speaker 1: and clear hited when I'm making decisions, the same thing
• 0:47
  Speaker 1: I want for you. So sometimes you need more than
• 0:50
  Speaker 1: just your own natural intelligence. You need data. You need
• 0:54
  Speaker 1: somebody to tell you truth straight so that you can
• 0:58
  Speaker 1: be clear eyed and are headed. I don't want you
• 1:02
  Speaker 1: to believe in the hype. I want you believe in
• 1:04
  Speaker 1: what's right now. What's right is America is still the largest,
• 1:09
  Speaker 1: most robust, most amazing economy on the planet, thirty trillion
• 1:14
  Speaker 1: dollars give or take of GDP gross domestic product, a
• 1:18
  Speaker 1: big portion of the world economy, twenty twenty five percent
• 1:22
  Speaker 1: of the world economy. The flight to quality the place
• 1:25
  Speaker 1: where people who are talking mess about the United States
• 1:29
  Speaker 1: want to come here. I'm sorry, they want their assets here.
• 1:33
  Speaker 1: People in China talking mess about the US, but you'll
• 1:36
  Speaker 1: find that Chinese leaders see america economic system, our real estate,
• 1:42
  Speaker 1: our currency, our treasury bills, our bonds, our stock market,
• 1:46
  Speaker 1: our businesses. They see US as a flight to quality,
• 1:48
  Speaker 1: and they are investing here. Russia talks the mess about
• 1:51
  Speaker 1: the United States, but you'll find their leaders same thing.
• 1:55
  Speaker 1: Iran talks a mess about the United States. But you'll
• 1:58
  Speaker 1: find again all of these folks if you look behind
• 2:01
  Speaker 1: the drape brie and the and all the pageantry and
• 2:05
  Speaker 1: the drama of TV, you'll find if you're clear eyed
• 2:08
  Speaker 1: and you're looking at the data, we are the flight
• 2:12
  Speaker 1: to quality in the world. Somebody asked me about fiat
• 2:17
  Speaker 1: currency today when I was speaking at the Black Enterprise
• 2:19
  Speaker 1: Excel conference where they gave me the war and I'm
• 2:22
  Speaker 1: thankful for that, thank you. Butch Graves honored the Black
• 2:25
  Speaker 1: fellow hotteries were amazing, Robert Smith and doctor George Frazer,
• 2:29
  Speaker 1: all these great people. I was asked, you know fiat currency,
• 2:33
  Speaker 1: like is that a real currency? And like it was
• 2:35
  Speaker 1: not about the currency per se, I mean fiat currency
• 2:39
  Speaker 1: as relates to the United States. It's backed by the
• 2:40
  Speaker 1: full credit, full faith and credit of the United States
• 2:43
  Speaker 1: of America. It's not as absolutely as a gold standard,
• 2:48
  Speaker 1: but it's pretty dangonne strong. Because currency in and of
• 2:53
  Speaker 1: itself is nothing, but was it back by is something.
• 2:58
  Speaker 1: And being backed by the United States government is again
• 3:02
  Speaker 1: not perfect. We have our problems, but it is probably
• 3:04
  Speaker 1: the best deal around. So why am I concerned? Why
• 3:07
  Speaker 1: am I then suggesting that I'm going to tell you
• 3:11
  Speaker 1: today what the headlines won't tell you. Why am I
• 3:15
  Speaker 1: suggesting telling you there is a reason for us some
• 3:18
  Speaker 1: economic warning signs on the horizon, or to warn you
• 3:23
  Speaker 1: or to give you some advice around these economic warning
• 3:26
  Speaker 1: signs on the horizon, and that there is a canary
• 3:29
  Speaker 1: in the coal mine here, and it's Black America in particular,
• 3:34
  Speaker 1: But there's some other canary in the coal mines, which
• 3:35
  Speaker 1: I'll share with you, and how you might win anyway,
• 3:40
  Speaker 1: Because the world constantly changes and nothing goes up forever.
• 3:45
  Speaker 1: The US, as I've said before, has over the course
• 3:49
  Speaker 1: of our history, had three winners. Right, you had overall
• 3:55
  Speaker 1: GDP gross domestic product, a winner always gone up over
• 4:01
  Speaker 1: the course of history. Real estate values and stock market values.
• 4:06
  Speaker 1: Now they go up, and then there's a recession, they recede,
• 4:09
  Speaker 1: they drop down, they recede to receive. There's a recession,
• 4:14
  Speaker 1: they received, right, the values go down and at some
• 4:16
  Speaker 1: point they correct, and when they correct, the correct above
• 4:19
  Speaker 1: the line. That's been the history of the of of
• 4:23
  Speaker 1: what we call modern America, the American American economic miracles.
• 4:26
  Speaker 1: It's it's it's it's a miracle in the world right,
• 4:30
  Speaker 1: And I believe it's it's about because of her people.
• 4:33
  Speaker 1: I believe it's because of of the entrepreneurship and the
• 4:36
  Speaker 1: innovationists and from nothing spirit and the fact that everybody's
• 4:40
  Speaker 1: participating in this economy. And you have the poor and
• 4:43
  Speaker 1: the underserved like me who get a chance for the
• 4:45
  Speaker 1: big ring uh. And no matter what your race, your creed,
• 4:48
  Speaker 1: your color, where you came from, it's about where you're
• 4:51
  Speaker 1: going and ultimately you get a shot and go and
• 4:54
  Speaker 1: putting that ladder opportunity into the soil and climbing up
• 4:57
  Speaker 1: and going to the top. If you have what it
• 5:00
  Speaker 1: takes and you won't give up, as my friend Tony
• 5:02
  Speaker 1: Rusher would say, if you don't quit, you can't fail.
• 5:05
  Speaker 1: The part of the challenge right now, while I'm a
• 5:08
  Speaker 1: booster for America and I think we're going to work
• 5:11
  Speaker 1: this out, is there are some challenges to these basic premises,
• 5:17
  Speaker 1: and we're going to work through them to make sure
• 5:19
  Speaker 1: that we are because America is not a country, she's
• 5:21
  Speaker 1: an idea that we're still practicing the right economic ideas.
• 5:28
  Speaker 1: So one of the warning signs here concerns I have
• 5:32
  Speaker 1: and my book, my friend Andrew Ross Sorkin has a
• 5:34
  Speaker 1: new book out called eight nineteen twenty nine that everybody
• 5:37
  Speaker 1: should read. I'm reading it right now, my friend Andrew
• 5:40
  Speaker 1: Rossorkan from Squakbox. I've done Squakbox for probably a decade now,
• 5:43
  Speaker 1: so I think the leading business show in the world.
• 5:49
  Speaker 1: The market. The stock market was roaring, roaring right before
• 5:54
  Speaker 1: it crashed. It was roaring before it crashed in the
• 5:57
  Speaker 1: nineteen twenties. I'm not saying that that's happening now, that's
• 6:02
  Speaker 1: going to happen now, but it is roaring. The stock
• 6:04
  Speaker 1: market is roaring. And part of why is roaring, which
• 6:06
  Speaker 1: is different from nineteen twenty nine. There's a reason now
• 6:09
  Speaker 1: why this market is roaring. It is Artificial intelligence in
• 6:14
  Speaker 1: particular is a big bet and I think that this
• 6:18
  Speaker 1: big bet is actually proportionate to the seismic change that's
• 6:23
  Speaker 1: going to happen because of artificial intelligence. I think that
• 6:25
  Speaker 1: AI is akin to us going from the horse and
• 6:29
  Speaker 1: buggy in eighteen fifty to the automobile in nineteen ten.
• 6:33
  Speaker 1: That happened in sixty years. This will happen in six.
• 6:35
  Speaker 1: By the year twenty thirty, you won't recognize the world
• 6:38
  Speaker 1: as you see it. Everything's going to be different, everything's
• 6:41
  Speaker 1: going to change. And so there's a lot of money
• 6:44
  Speaker 1: going into Artificial intelligence is a huge bet. So technology
• 6:48
  Speaker 1: was a driver and so on and so forth before this,
• 6:50
  Speaker 1: but this is I think, sort of really supercharging the marketplace.
• 6:55
  Speaker 1: And there's a lot of aspirational energy out of hope,
• 7:01
  Speaker 1: if you want to call it, that baked into the market.
• 7:03
  Speaker 1: And the market has a lot of sentiment, sentiment baked
• 7:08
  Speaker 1: into it, a market way of saying emotions and I
• 7:12
  Speaker 1: and I and again I've said, whenever you make an
• 7:13
  Speaker 1: emotional decision, you probably made a bad one. And so
• 7:18
  Speaker 1: we don't know if it's going to be we don't
• 7:20
  Speaker 1: know when there's going to be a crash a quote
• 7:22
  Speaker 1: my friend Andrew rush Sorcer. We just know there will
• 7:24
  Speaker 1: be one, we don't know how big, but it will correct.
• 7:26
  Speaker 1: And the market I think is warm. It's it's not overheated,
• 7:32
  Speaker 1: but it's it's warm. I mean, uh there. And it
• 7:36
  Speaker 1: seems to be disconnected from the real economy. It's they
• 7:38
  Speaker 1: get into that. So the market economy, the real estate
• 7:42
  Speaker 1: that the stock market is doing is it is roaring,
• 7:44
  Speaker 1: just doing incredibly well. The real economy is much more
• 7:48
  Speaker 1: muted in its progress right now. A lot of people
• 7:50
  Speaker 1: are hurting. Folks are too much month at the end
• 7:52
  Speaker 1: of their money. And these two signals seem to be
• 7:55
  Speaker 1: missing each other. One seems to be there are three operating,
• 7:58
  Speaker 1: almost indifferent youss, and that's not a good sign. Too
• 8:05
  Speaker 1: much high, too much speculation in the market. Now, should
• 8:08
  Speaker 1: you go run around and grabbing your money out of
• 8:10
  Speaker 1: the stock market. Absolutely not, in my opinion. You have
• 8:13
  Speaker 1: if you're invested in fundamentals, not flaky stuff. This is
• 8:17
  Speaker 1: no time for flaky stuff. But you invest in fundamentals.
• 8:21
  Speaker 1: Those were always, in my opinion, to be good. I
• 8:23
  Speaker 1: also invest alongside really, really, really successful people. And there's
• 8:30
  Speaker 1: certain things I can say on this podcast, and certain
• 8:32
  Speaker 1: things as blunt as I am, I can't say. But
• 8:36
  Speaker 1: that's a very short list, by the way. But I
• 8:40
  Speaker 1: don't want to get into a debate with people about
• 8:43
  Speaker 1: what's really going on. But suffice to say, there's a
• 8:46
  Speaker 1: herd mentality also on Wall Street, right, And so if
• 8:51
  Speaker 1: you invest with the herd, certain herds, you tend to
• 8:55
  Speaker 1: have some protections. As you can read between the lines
• 8:57
  Speaker 1: and what I'm saying. The market can still crash, but
• 9:03
  Speaker 1: it's less likely if you do the things I just
• 9:05
  Speaker 1: mentioned to crash on you, at least not the way
• 9:08
  Speaker 1: that that's permanent. In my dip, and I ride those
• 9:13
  Speaker 1: dips because when they correct, they tim again, as I
• 9:16
  Speaker 1: said earlier, tend to correct above the line. This may
• 9:19
  Speaker 1: take a minute. It's not for the it's not for
• 9:20
  Speaker 1: the faith of heart. But this is no time for speculative, speculative,
• 9:27
  Speaker 1: flaky stuff. This is time for you again, the things
• 9:31
  Speaker 1: that you need every day, things everybody else need. Everything. Okay,
• 9:33
  Speaker 1: let me now get into the details of why I
• 9:38
  Speaker 1: and while I'm optimistic, while I have some concerns. So
• 9:44
  Speaker 1: if you want to understand the health of the American economy,
• 9:48
  Speaker 1: you don't ask Wall Street. You ask a single mother
• 9:50
  Speaker 1: in south central Los Angeles like my mother got wrestler
• 9:54
  Speaker 1: soul want you to smith the stock market. Yes, it's climbing,
• 9:58
  Speaker 1: but the streets are whisper something else. You just have
• 10:02
  Speaker 1: to know what to listen for. We're gonna pull back
• 10:07
  Speaker 1: to curtain a little bit on some early warning signs.
• 10:09
  Speaker 1: Signals at the economic ground may be shifting a bit.
• 10:14
  Speaker 1: More importantly, I'll show you how to protect yourself in
• 10:16
  Speaker 1: these times and even advance yourself in the midst of
• 10:20
  Speaker 1: the storm. So let me tell you about three warning
• 10:24
  Speaker 1: signs that I believe are flashing yellow. The first warning
• 10:30
  Speaker 1: sign flashing yellow on the economy, and these tend to
• 10:33
  Speaker 1: be early signals for economic slow downs is Las Vegas,
• 10:40
  Speaker 1: and I'm gonna go be in. I'll be in Las
• 10:42
  Speaker 1: Vegas within the week on business, so I'll be being
• 10:45
  Speaker 1: able to take a look for myself when i'm there.
• 10:47
  Speaker 1: But I've done enough research to tell you this with
• 10:51
  Speaker 1: certainty or with confidence, Sellers, the Las Vegas economy is
• 10:56
  Speaker 1: cooling off. Hotel occupancy down and fees are up, which
• 11:03
  Speaker 1: is one of the reasons why occupancy is down. It's
• 11:05
  Speaker 1: profit taking and it's a little bit of gouging going on.
• 11:08
  Speaker 1: In my opinion of some of the operators there, which
• 11:11
  Speaker 1: I think they're winning the battle and losing the war.
• 11:13
  Speaker 1: Air travel, hotel, occupancy, retail, food and beverage sales all dropping.
• 11:20
  Speaker 1: What did I tell you before about the economy? The
• 11:22
  Speaker 1: economy seventy percent consumer spending, seventy and ninety percent of
• 11:27
  Speaker 1: all GDP gross domestic products for the United States of
• 11:29
  Speaker 1: America is in msas metropolitan areas cities right and in
• 11:39
  Speaker 1: Las Vegas is a microcosm for consumer confidence in the
• 11:42
  Speaker 1: nation and more importantly, discretionary spending. When Vegas slows, it
• 11:49
  Speaker 1: reflects national spending fatigue. It also is an indication that
• 11:53
  Speaker 1: people don't have free cash flow extra money like they
• 11:58
  Speaker 1: once did. It also suggest a people may not have
• 12:00
  Speaker 1: the confidence that they once had because they're not coming
• 12:06
  Speaker 1: and just blowing money or profiling or flat being flashy
• 12:11
  Speaker 1: or rewarding themselves with a weekend or a week in
• 12:19
  Speaker 1: Las Vegas. They're the playground, you know, for the for adults.
• 12:25
  Speaker 1: Las Vegas number two flashing yellow signal the state that
• 12:30
  Speaker 1: I'm in right now. I'm on travel for business. Just
• 12:33
  Speaker 1: spoke at the Excel Men's Conference Men's Summit for a
• 12:36
  Speaker 1: Black Enterprise received an award from them, as I mentioned earlier,
• 12:40
  Speaker 1: so proud to be associated with that award. And doctor
• 12:43
  Speaker 1: George Frasier, Fred Smith, Robert Smith, friend of mine, leading
• 12:48
  Speaker 1: billionaire or philanthropis businessman in the country. They you know,
• 12:53
  Speaker 1: just so many heroes and she ros on the stage
• 12:56
  Speaker 1: together people I admire and respect. That was in Orlando.
• 13:01
  Speaker 1: I'm now in another part of Florida, which I'll report
• 13:08
  Speaker 1: on later. But you see, in Florida market is starting
• 13:13
  Speaker 1: to crack just a little bit. Inventories, home real estate inventory, listings,
• 13:20
  Speaker 1: inventory is rising. Listings of real estate, single family homes
• 13:26
  Speaker 1: in particular and condos all in particular are sitting longer.
• 13:32
  Speaker 1: Values are softening, I mean, values are getting people able
• 13:37
  Speaker 1: to ask for less for their home. They're even lowering
• 13:40
  Speaker 1: their listing price. In particular, Florida has now recorded since
• 13:46
  Speaker 1: twenty twelve, the highest number of homes listed at any
• 13:51
  Speaker 1: one time for the longest period, but just the first
• 13:54
  Speaker 1: thing listed at any one time. More than one hundred and
• 13:56
  Speaker 1: seventy thousand homes listed residents is listed for sale, with
• 14:03
  Speaker 1: things sitting around much longer, and supply and demand means,
• 14:07
  Speaker 1: the more supply sorry, the more supply the weaker the
• 14:10
  Speaker 1: demand the lower and the prices, the you know, the
• 14:14
  Speaker 1: softening of the market. This is particularly acute and overbuilt
• 14:19
  Speaker 1: our investor heavy regions of Florida. I'm not going to
• 14:22
  Speaker 1: start picking on regions that I want you investing or
• 14:25
  Speaker 1: not investing because I told you that an area is
• 14:28
  Speaker 1: softening or is strong or whatever. You can do your
• 14:31
  Speaker 1: own research, right, I just tell you just what I
• 14:33
  Speaker 1: just told you about Florida is generally true. And these
• 14:35
  Speaker 1: coastal these coastal dynamic areas that feed on aspiration. Las
• 14:42
  Speaker 1: Vegas and Florida are bell weathers right now. They've also
• 14:47
  Speaker 1: had Florida higher been dealing with higher mortgage rates. Here's
• 14:52
  Speaker 1: a big one, higher insurance premiums because they're dealing with
• 14:56
  Speaker 1: these storms and natural disasters, which is really ravaged the
• 15:00
  Speaker 1: balance sheets. And you have buildings literally collapse on coasts
• 15:05
  Speaker 1: in Florida, and there's some reports that some buildings are
• 15:07
  Speaker 1: actually starting to sink in Miami on their foundations. This
• 15:12
  Speaker 1: is not good news and makes insurance companies. I just
• 15:15
  Speaker 1: did a podcast on insurance. Go back and watch that
• 15:18
  Speaker 1: great guy that did that podcast with who told you
• 15:21
  Speaker 1: Truth to power? But insurance companies get nervous in these environments,
• 15:25
  Speaker 1: and premiums go up. Migration is slowing down. People of color,
• 15:30
  Speaker 1: people of minorities, whatever, may not feel all that welcome
• 15:33
  Speaker 1: right now, and so that's slowing down. And this is
• 15:40
  Speaker 1: equally unsustainable real estate prices. So you even have real
• 15:46
  Speaker 1: estate on the coasts, on the beach, prime real estate
• 15:50
  Speaker 1: that is price compressed, prices are actually being deep. Values
• 15:56
  Speaker 1: are going down in some of these beachfront coastal areas,
• 16:01
  Speaker 1: which I find stunning. And people are just like, I'm good.
• 16:07
  Speaker 1: I think I'll I think that's too much risk for me.
• 16:09
  Speaker 1: I'm gonna move inland right or move to the mountains,
• 16:13
  Speaker 1: or move to another coastal area. But historically Florida has
• 16:17
  Speaker 1: been a leading indicator for housing shifts. Now, I'm not
• 16:21
  Speaker 1: telling you to run away from Florida. I love Florida.
• 16:23
  Speaker 1: I'm considering buying something for the family in Florida myself.
• 16:27
  Speaker 1: I'm not concerned about areas near the water. We own
• 16:32
  Speaker 1: property on the water in Turks and Caicos. So but
• 16:35
  Speaker 1: I am. But but I am telling you there's a
• 16:37
  Speaker 1: time to be cautious, and there's a time to be
• 16:41
  Speaker 1: assertive and I'm gonna tell you about the assertiveness, but
• 16:45
  Speaker 1: at the moment, I want you to be cautious in
• 16:46
  Speaker 1: this area specifically, but also be cautious in how you
• 16:50
  Speaker 1: move period during this period. So punintended. Here's the strongest
• 17:07
  Speaker 1: yellow blinking light in my opinion, Black America. Black America
• 17:12
  Speaker 1: is we are the canary in the coal mine. This
• 17:15
  Speaker 1: has been something that economic economists have agreed on for
• 17:21
  Speaker 1: a very long time. Black America is a signals as
• 17:26
  Speaker 1: a post check on how on whether there's problems that
• 17:29
  Speaker 1: could be coming for the larger economy. Black America. Unemployment
• 17:34
  Speaker 1: right now is sitting at around seven point five percent
• 17:38
  Speaker 1: hellow compared to three point eight percent national average for unemployment,
• 17:45
  Speaker 1: So dang near double and the number doesn't seem to be
• 17:48
  Speaker 1: getting better right. Credit Card delinquencies are rising fastest Amongst
• 17:54
  Speaker 1: African Americans and gen Z households of all races. Uh
• 17:59
  Speaker 1: the credit card. I'm gonna do a whole piece just
• 18:02
  Speaker 1: on credit cards, by the way, so watch for that
• 18:05
  Speaker 1: the next week or two. Credit card debt is rivaling
• 18:11
  Speaker 1: student loan debt in the amount that is old in
• 18:14
  Speaker 1: this country is unbelievable, and people are starting to pay
• 18:17
  Speaker 1: late or not pay at all. That's not a good sign,
• 18:20
  Speaker 1: or back or have higher balances historically over Black America's
• 18:27
  Speaker 1: historically over represent represented in vulnerable job sectors with less
• 18:34
  Speaker 1: wealth cushion, customer service, fast food, things with a high
• 18:37
  Speaker 1: school education, things with less technology technological in the action,
• 18:42
  Speaker 1: I hope that we were going to change all that,
• 18:45
  Speaker 1: uh in some work that operation. Hope and others will
• 18:47
  Speaker 1: be launching at the hope to reform here soon, so
• 18:49
  Speaker 1: stay tuned for that. But what happens to Black American
• 18:54
  Speaker 1: households first often happens to the broader economy next. Or
• 19:01
  Speaker 1: put another way, when black folks have a headache, sorry,
• 19:03
  Speaker 1: when mainstream folks have a headache, black folks have pneumonia,
• 19:06
  Speaker 1: even though we're all sick. Three And this is not funny.
• 19:09
  Speaker 1: I'm saying this in all serious now, I'm really, I mean,
• 19:12
  Speaker 1: I don't like this net six that at all. About
• 19:15
  Speaker 1: three hundred thousand black women lost their jobs in government
• 19:20
  Speaker 1: and corporate America since the beginning of twenty twenty five.
• 19:23
  Speaker 1: I had to like go back and recheck that number
• 19:26
  Speaker 1: because I just found that absolutely stunning. I thought it
• 19:29
  Speaker 1: was okay, three thousand, thirty thousand, No, three hundred thousand.
• 19:33
  Speaker 1: That's a real number, and that's a real problem. Women
• 19:38
  Speaker 1: are you know, dang ar third of the US economy
• 19:40
  Speaker 1: in the US, by the way, but eight trillion dollars.
• 19:44
  Speaker 1: The economy does not break down all at once. It
• 19:48
  Speaker 1: breaks down at the bottom first, and that's where the
• 19:51
  Speaker 1: warning bells are ringing. At least the yellow light is flashing.
• 19:56
  Speaker 1: So what does this mean and what's com It may
• 20:02
  Speaker 1: mean that we're entering the late stage of an economic cycle.
• 20:07
  Speaker 1: It may mean that we're entering a maybe modest recession,
• 20:12
  Speaker 1: could be a segmented serious recession. In other words, segments
• 20:15
  Speaker 1: of the colomy. I think economy overall is strong, but
• 20:19
  Speaker 1: seventy percent of consumer of this economy is consumer's spending,
• 20:23
  Speaker 1: as I keep reminding everybody, And there's only so much
• 20:26
  Speaker 1: pressure you can put on the average family before they buckle, right,
• 20:32
  Speaker 1: and our leadership in this country does not, in my opinion,
• 20:36
  Speaker 1: respect enough the constant post check on the health of
• 20:41
  Speaker 1: the middle class and the working class as a leading
• 20:43
  Speaker 1: indicator for how we should be course correcting, I believe,
• 20:48
  Speaker 1: almost in real time, but certainly with some sense of
• 20:53
  Speaker 1: haste toward their condition. But that's not what this podcast
• 20:59
  Speaker 1: is about, about the things that we can control. So
• 21:02
  Speaker 1: you've got strong GDP right now, and S and P
• 21:06
  Speaker 1: numbers standard poors that are not telling the full story.
• 21:13
  Speaker 1: The stock market is not telling the full story. As
• 21:16
  Speaker 1: I said earlier, I think the stock market is disconnected
• 21:18
  Speaker 1: from the real economy in many ways. The FED is walking,
• 21:21
  Speaker 1: Federal Reserve is walking a delicate tight rope. They're in
• 21:26
  Speaker 1: charge of interest rates and trying to mitigate an overheated
• 21:31
  Speaker 1: or stalling economy. And so they're walking this tightwrope between inflation,
• 21:38
  Speaker 1: managing inflation versus stability. And if they think that inflation's
• 21:43
  Speaker 1: out of control, they raise interest rates to damp and
• 21:47
  Speaker 1: demand to to to stop it from overheating. They might
• 21:51
  Speaker 1: lower interest rates if they think the economy is starting
• 21:55
  Speaker 1: to sputter into stall, to get economic energy going, because
• 21:58
  Speaker 1: they do realize that the economy is genmed up and
• 22:03
  Speaker 1: generated by large amounts of consumer spending in consumer health.
• 22:10
  Speaker 1: A soft landing here is not guaranteed. So don't be petrified,
• 22:15
  Speaker 1: but be slightly paranoid. Slight paranoid is a good thing.
• 22:18
  Speaker 1: You still be optimistic. You can be an optimist. You
• 22:22
  Speaker 1: can be a realistic optimist, which is what I believe
• 22:24
  Speaker 1: I am. The bottom third of economy is already feeling
• 22:28
  Speaker 1: real economic strain. That's my client at Operation Hope. So
• 22:32
  Speaker 1: we evaluate them, we talk to them on a regular basis,
• 22:35
  Speaker 1: and my reports are that folks are experiencing some economic strain.
• 22:41
  Speaker 1: They got too much month at the end of their money.
• 22:43
  Speaker 1: It's probably you listening to this podcast, watching this video.
• 22:46
  Speaker 1: Can I get an a man right? Are you saying yes, sir?
• 22:49
  Speaker 1: Right now? And you see clips of this on social media,
• 22:53
  Speaker 1: hit me with some comments, let me know your opinion
• 22:56
  Speaker 1: how you're doing. So you don't have to panic, but
• 22:59
  Speaker 1: you do have to a plan, right, You don't have
• 23:02
  Speaker 1: to panic, but you do need to plan how to
• 23:05
  Speaker 1: win in a down market. You don't build wealth in
• 23:08
  Speaker 1: the boom. You don't build wealth in a boom time, right,
• 23:13
  Speaker 1: unless you are a billionaire and you can throw tons
• 23:17
  Speaker 1: of money at to ride an existing wave. But most
• 23:22
  Speaker 1: of us, ninety nine to nine percent of everybody, that's
• 23:25
  Speaker 1: not the way you flow. And by the way, that
• 23:27
  Speaker 1: last way is so you can win big or you
• 23:29
  Speaker 1: can lose big. Even if you're a billionaire, a multi billionaire,
• 23:32
  Speaker 1: you don't build wealth in a boom, you build in
• 23:36
  Speaker 1: the bust if you're ready. So, as Warren Buffett once said,
• 23:40
  Speaker 1: when people are greedy, be afraid. When people are afraid,
• 23:43
  Speaker 1: be greedy. Business is not personal if capitalism is a
• 23:47
  Speaker 1: glad of your sports. So I want you to and
• 23:49
  Speaker 1: I'm to say some things now, I don't want you
• 23:51
  Speaker 1: taking this personal or I want you to feel like
• 23:52
  Speaker 1: I'm being insensitive. You know, if somebody's going to lose
• 23:55
  Speaker 1: their house, god bless them, but that is not your
• 23:58
  Speaker 1: doing and I didn't do it, and it's not nothing
• 24:01
  Speaker 1: to do with us, as it has to do with
• 24:03
  Speaker 1: their particular situation. But it's might as going to lose
• 24:05
  Speaker 1: their house or they need to sell their business or whatever.
• 24:08
  Speaker 1: You know, they may lose something. And the question is
• 24:11
  Speaker 1: can you benefit? Can you have a rainbow in the
• 24:15
  Speaker 1: midst of that storm? Okay? So one, I want you
• 24:19
  Speaker 1: to get liquid and stay nimble. This is Number one.
• 24:22
  Speaker 1: Save cash while others spend it. Build a three to
• 24:25
  Speaker 1: six month emergency fund. Start with five hundred to one
• 24:29
  Speaker 1: thousand dollars. Right, there's over half of this country don't
• 24:33
  Speaker 1: have four hundred dollars for an unplanned event. So saving
• 24:37
  Speaker 1: five hundred to one thousand dollars is a good good start.
• 24:40
  Speaker 1: You're head of most people three to six months of
• 24:43
  Speaker 1: an urgency fund. Keep credit cards paid down to improve
• 24:46
  Speaker 1: your credit score and your financial flexibility. So a credit
• 24:51
  Speaker 1: card is the thing that impacts positively and negatively. Your
• 24:55
  Speaker 1: credit score is the most. It also can do the
• 24:58
  Speaker 1: most damage to you if it gets out of control.
• 25:01
  Speaker 1: Now here's a positive. You can keep the balance low,
• 25:03
  Speaker 1: balance the balance relative to the limit. It also improves
• 25:08
  Speaker 1: your credit score and and it is your personal line
• 25:10
  Speaker 1: of credit in case things get tight, our things are
• 25:13
  Speaker 1: not right in your household or in the economy. That
• 25:16
  Speaker 1: becomes some more reserves you can pull from in tight
• 25:19
  Speaker 1: times to manage through. On a reserve budget, you'll create
• 25:23
  Speaker 1: again to manage through challenging times. So I want you
• 25:27
  Speaker 1: to manage those credit cards and your credit score like
• 25:30
  Speaker 1: a chant number two. Fix your credit now. Recession equals
• 25:36
  Speaker 1: tighter credit limits and assessment. I remember there was a
• 25:43
  Speaker 1: downturn and I had a line of credit that was,
• 25:50
  Speaker 1: you know, let's just pick a number. It was, you know,
• 25:52
  Speaker 1: five hundred thousand dollars and I owe, you know, three
• 25:55
  Speaker 1: hundred and twenty thousand dollars against it. I thought, oh,
• 25:58
  Speaker 1: that's great. You know I've got you know, still X number,
• 26:01
  Speaker 1: you know, a couple hundred thousand dollars of limit in
• 26:03
  Speaker 1: case I need it. It was an economic tightening and downturn,
• 26:08
  Speaker 1: and the bank got nervous across the board and they
• 26:13
  Speaker 1: just one day, you know, they lowered the limit to
• 26:17
  Speaker 1: three hundred and fifty thousand dollars all of a sudden,
• 26:20
  Speaker 1: a five hundred thousand credit limit, which with a lot
• 26:22
  Speaker 1: of flexibility. This is a long time ago, but the
• 26:26
  Speaker 1: story still applies. Now I'm basically up at the limit.
• 26:29
  Speaker 1: I basically owe what I basically have a limit for
• 26:33
  Speaker 1: what I owe, and now it doesn't look so good.
• 26:35
  Speaker 1: I had to pay that balance down. So if you
• 26:39
  Speaker 1: if we enter recession, it's going to be a tighter
• 26:42
  Speaker 1: credit criteria. Don't take it personal. But if you fix
• 26:45
  Speaker 1: your credit and you look a bank will lend you
• 26:47
  Speaker 1: money when you approve you don't need it all right,
• 26:48
  Speaker 1: or you look like you don't need it, or both.
• 26:51
  Speaker 1: So I want you to really work with that credit score,
• 26:53
  Speaker 1: and operation I hope can help you do it. We're
• 26:54
  Speaker 1: raising credit scord is fifty four points in six months
• 26:58
  Speaker 1: on average, lowering debt thirty eight one hundred dollars, increasing
• 27:01
  Speaker 1: savings twelve hundred dollars for somebody making forty eight thousand
• 27:04
  Speaker 1: dollars a year on average. Right, that can change your life.
• 27:08
  Speaker 1: We're the only nonprofit allowed to operating is out of
• 27:10
  Speaker 1: a bank branch in US history. We're in all most
• 27:13
  Speaker 1: all the major banks, and our jobs get the bank
• 27:16
  Speaker 1: out of the no business. So are you declined for
• 27:18
  Speaker 1: credit back into the s business? Because we know what
• 27:23
  Speaker 1: the bank criteria is to get you an approval, So
• 27:27
  Speaker 1: work with my team. Download the Hope and hand app
• 27:29
  Speaker 1: on your Android or Apple phone. Sign up for our services.
• 27:34
  Speaker 1: I prefer you to do do digitally online so I
• 27:36
  Speaker 1: can track to make sure that my people are being
• 27:38
  Speaker 1: responsive to you. But you can also call them on
• 27:41
  Speaker 1: our one eight hundred number. I think it's eight eight
• 27:44
  Speaker 1: eight three eight eight Hope. I believe this our one
• 27:47
  Speaker 1: one hundred number, but you are total free number. But
• 27:49
  Speaker 1: you can check it on with the internet search and operates,
• 27:52
  Speaker 1: hoope dot or work. Of course, you can go there,
• 27:54
  Speaker 1: find a location in forty two states forty two states
• 27:57
  Speaker 1: near you and go see them now if you go
• 28:00
  Speaker 1: see them physically, or you call them on the phone.
• 28:03
  Speaker 1: I can't track my team can't track whether somebody's paying
• 28:06
  Speaker 1: returning your phone call. But you go download that Hope
• 28:09
  Speaker 1: and Hand app. We can track very accurately whether you've
• 28:13
  Speaker 1: been responded to. Most of white people are very, very responsive,
• 28:16
  Speaker 1: but they're also human. So I want to make sure
• 28:18
  Speaker 1: that you are getting the service you deserve. And because
• 28:22
  Speaker 1: we raise the money from our partners, we're able to
• 28:25
  Speaker 1: scholarship you into those entry level services, so it doesn't
• 28:31
  Speaker 1: cost you money. It's an investment of your time. We
• 28:33
  Speaker 1: give you a scholarship to pay for the service. Initially.
• 28:39
  Speaker 1: The point is it's period. But if you have a
• 28:44
  Speaker 1: partnership with us, if your employer who has a partner
• 28:46
  Speaker 1: with as well, as you get more services, basically a
• 28:49
  Speaker 1: deeper bucket of services. But you'll never get a bill
• 28:53
  Speaker 1: from Operation Hope. So fix your credit. We can help
• 28:57
  Speaker 1: you with that. Seven under credit score means access to
• 28:59
  Speaker 1: better rates when others can't borrow hello prime rates and
• 29:05
  Speaker 1: access to credit other people can borrow or will be
• 29:07
  Speaker 1: very expensive. Use operationals Free coaching Hope inside. As I
• 29:13
  Speaker 1: mentioned earlier, I told you how to do it. Number three,
• 29:15
  Speaker 1: buy low, don't chase high in downturns, assets go on sale,
• 29:22
  Speaker 1: real estate, stocks, businesses, fire sales. I mean some of
• 29:28
  Speaker 1: the numbers I remember in the in the two thousand
• 29:31
  Speaker 1: and eight economic crisis. I mean just giving stuff away.
• 29:34
  Speaker 1: If you were liquid and had good and or had
• 29:37
  Speaker 1: good credit, My god, you could get bargains. You also
• 29:42
  Speaker 1: have to You also have to have confidence the world's
• 29:44
  Speaker 1: not coming to an end, right, And and so you
• 29:47
  Speaker 1: buy and you you hold until things level out and
• 29:52
  Speaker 1: turn around and downturns assets go on sale. Watch Florida
• 29:56
  Speaker 1: real estate. If value is correct, it could become a
• 29:59
  Speaker 1: buying opportunity for you. That's why I mentioned earlier. I'm
• 30:01
  Speaker 1: gonna tell you that to buy them, suggesting when you
• 30:04
  Speaker 1: might want to buy. Learn before you leap. Don't sit
• 30:08
  Speaker 1: out the whole game. Don't let the perfect become the
• 30:12
  Speaker 1: death of the good. Right, don't sit there in naval
• 30:16
  Speaker 1: games and have the paralysis of analysis. I want you
• 30:19
  Speaker 1: to learn for you leap, but don't set out the
• 30:22
  Speaker 1: whole game and wait the world. What the world pass
• 30:24
  Speaker 1: you by? You're never gonna have a risk free opportunity.
• 30:27
  Speaker 1: It's not the way the world works. Number four upskill
• 30:31
  Speaker 1: in to height demand rolls, artificial intelligence. This is about
• 30:36
  Speaker 1: earning a living in these environments. Healthcare right, the trades
• 30:40
  Speaker 1: that you can't AI, plumbing, you can't AI, electrical work,
• 30:44
  Speaker 1: You're gonna need those trades forever, financial services. Right. In recessions,
• 30:50
  Speaker 1: the job market reshuffles, So I want you shuffling up,
• 30:54
  Speaker 1: not shuffling down or out. Take advantage of free or
• 30:57
  Speaker 1: low cost training such as Google certifications, Coursera. Soon, Hope AI. Yes,
• 31:06
  Speaker 1: I said that Hope AI is coming. Watch for that
• 31:10
  Speaker 1: announcement at the Hope Global Form. Hope AI Open AI
• 31:16
  Speaker 1: Believe has some certifications to their academy Number five. Start
• 31:21
  Speaker 1: something small. Downturns a prime time for starting a low
• 31:26
  Speaker 1: cost business consulting, delivery, tutoring, content creation, digital services. I
• 31:34
  Speaker 1: mentioned in a recent podcast I did on AI businesses
• 31:38
  Speaker 1: that you can start little to nothing, do it wherever
• 31:42
  Speaker 1: you are, local to you, and dominate the market. Watch
• 31:45
  Speaker 1: that episode I did on optimizing AI in a practical
• 31:51
  Speaker 1: way in your time right now, your jobs are not
• 31:54
  Speaker 1: going to be taken by AI. Your jobs are gonna
• 31:57
  Speaker 1: be taken by somebody who can use AI. If you've
• 32:00
  Speaker 1: got a talent or a skill, You've got a product
• 32:04
  Speaker 1: side hustles today could be main income tomorrow, or as
• 32:08
  Speaker 1: I'd like to say, let your nine to five job
• 32:11
  Speaker 1: finance your five to nine drink. So sometimes opportunity hides
• 32:27
  Speaker 1: in plain sight. If you're paying attention. This isn't just
• 32:33
  Speaker 1: a warning, it's a window. Right, And rainbows only follow storms.
• 32:38
  Speaker 1: You cannot have a rainbow without a storm first. It's
• 32:41
  Speaker 1: a scientific fact. So here's some real opportunities in today's market.
• 32:47
  Speaker 1: I want you to buy undervalued real estate, but carefully again,
• 32:52
  Speaker 1: I don't go buying mansions and many mansions and all
• 32:55
  Speaker 1: this fancy stuff. Be very thoughtful of you. By a condominium,
• 32:59
  Speaker 1: something that has shared with somebody else. Make sure it's
• 33:01
  Speaker 1: not an overbuilt area, in other words, everybody. Sometimes where
• 33:05
  Speaker 1: these developers go nuts that everybody starts building these condominiums
• 33:09
  Speaker 1: and overbuilding an area because again it's overheated economy, and
• 33:13
  Speaker 1: they end up with just too much inventory. And now
• 33:16
  Speaker 1: you've got a wall shared with other people, and you're
• 33:18
  Speaker 1: probably's not distinguished with a guy a girl next to you.
• 33:21
  Speaker 1: So by undervalue, we'll say I love areas that are
• 33:27
  Speaker 1: like the worst house on the best block hood adjacent. Yes,
• 33:31
  Speaker 1: I said that hood adjacent. If you're in Atlanta, you
• 33:36
  Speaker 1: know Atlanta, like midtown Atlanta. South of the airport, I
• 33:41
  Speaker 1: think is an example of a gold mine. You know,
• 33:44
  Speaker 1: south central LA. If you know Los Angeles, let me
• 33:48
  Speaker 1: see you know west of the one ten Freeway all
• 33:53
  Speaker 1: the way over to the four or five freeway. You
• 33:57
  Speaker 1: want to get that far Losyenega south like that South
• 34:01
  Speaker 1: LA area, right, that's in South LA. Even East LA.
• 34:05
  Speaker 1: I think are these are gold mines. Property there will
• 34:12
  Speaker 1: continue to grow up there in your transportation, jobs, industry, businesses, entertainment.
• 34:19
  Speaker 1: They have, you know, great infrastructure. You know, inner city
• 34:23
  Speaker 1: in France is called Paris, remember that please. So these
• 34:27
  Speaker 1: are typically undervalued areas of real estate that are essentially
• 34:32
  Speaker 1: located and people older people, maybe people with biases don't
• 34:36
  Speaker 1: want to be there because minorities live there. But young
• 34:40
  Speaker 1: white educated people, young girls and guys from college, they're like, oh,
• 34:47
  Speaker 1: these are cool neighborhoods. And they grew up with people
• 34:50
  Speaker 1: with divers people in sports, and they went to school.
• 34:53
  Speaker 1: If you went to USC, you know it's at university
• 34:56
  Speaker 1: like that in the USC, and all you grew up
• 34:59
  Speaker 1: around people are it doesn't bother you And they love.
• 35:02
  Speaker 1: They can buy this, buy a piece of real estate
• 35:03
  Speaker 1: their first home at a reasonable at an affordable rate.
• 35:07
  Speaker 1: And that's how gingrification happens. By the way, gentrification is
• 35:10
  Speaker 1: nothing to do with race. Gentrification literally is defined as
• 35:13
  Speaker 1: a movement of middle class value to people with educations
• 35:16
  Speaker 1: and the incomes and are starting businesses. They move into
• 35:19
  Speaker 1: areas and they start buying up the real estate. But
• 35:22
  Speaker 1: in order for the to buy, somebody's got to sell it.
• 35:23
  Speaker 1: So that's a whole nother podcast or another time. Don't
• 35:27
  Speaker 1: get mad with somebody because they saw opportunity and decided
• 35:30
  Speaker 1: to decide to move on it. You have the same opportunity,
• 35:33
  Speaker 1: and I'm encouraging you to do that right now. Homes
• 35:37
  Speaker 1: that an eight inner Probabilding and my mom and dad
• 35:40
  Speaker 1: owned and on Martintha King Boulevard now used to be
• 35:44
  Speaker 1: Santa Barbara in South la they bought for eighteen thousand dollars.
• 35:49
  Speaker 1: It's now worth about eight million dollars. No one picked
• 35:52
  Speaker 1: the building up and moved it. Right, So I want
• 35:56
  Speaker 1: you to be smart about buying undervalue, say and negotiate
• 36:02
  Speaker 1: better deals. Maybe in good times it didn't matter as much,
• 36:07
  Speaker 1: but now you can negotiate better deals because people are
• 36:11
  Speaker 1: don't have the in well, in good times, you can't
• 36:14
  Speaker 1: negotiate better deals because the vendors or whatever have nine
• 36:18
  Speaker 1: million clients and they are like go buzz off. But
• 36:22
  Speaker 1: in down markets you can negotiate better deals with vendors, releases,
• 36:27
  Speaker 1: even credit terms, because now it's a it's a buyer's market,
• 36:30
  Speaker 1: it's a you know, you've you've got good credit, you've
• 36:33
  Speaker 1: got a good income, you've got a good profile. Everybody
• 36:36
  Speaker 1: wants your business, so gain supply and demand and negotiating.
• 36:40
  Speaker 1: I told you, I've said before. Capitalism is a table.
• 36:42
  Speaker 1: You have a consumer on one side and this example
• 36:44
  Speaker 1: and a capitalist on the other right. And the capitalist's job,
• 36:49
  Speaker 1: that's their job, is to get as much as they
• 36:51
  Speaker 1: can out of the consumer and his example while giving
• 36:54
  Speaker 1: them the least value. That's their job. Don't get mad
• 36:56
  Speaker 1: at them, that's their job. The consumer's job in this
• 36:59
  Speaker 1: example is to to get as much value out of
• 37:03
  Speaker 1: the capitalists while paying the lease for the product. That's
• 37:07
  Speaker 1: the consumer's job, right, and they're not trying to everybody off.
• 37:10
  Speaker 1: That's their job. That dynamic tension going back and forth
• 37:14
  Speaker 1: between the two and this example, consumer capitalists. Our consumer
• 37:18
  Speaker 1: producer is a negotiation, and a good negotiations where everybody
• 37:23
  Speaker 1: leaves the table slightly annoyed because nobody got everything that
• 37:26
  Speaker 1: they wanted out of that negotiation. Invest in yourself. I mean,
• 37:31
  Speaker 1: education and discipline be luck and over education just book
• 37:38
  Speaker 1: smarts every time. Education and discipline beat luck every time.
• 37:43
  Speaker 1: And and and wisdom and common sense and integrity and
• 37:49
  Speaker 1: a strong intuition and a trained guts feeling beats out
• 37:54
  Speaker 1: books smart, pure booksmarts every time. I run circles around
• 37:57
  Speaker 1: people who are much more book smart than me because
• 38:00
  Speaker 1: I've got a practical knowledge that they can't compete with.
• 38:04
  Speaker 1: Join communities, focus on building together. Operation Hope will be
• 38:08
  Speaker 1: opening clubs around the country very soon, in early in
• 38:12
  Speaker 1: twenty twenty six. Join one of the clubs. Create a
• 38:14
  Speaker 1: club for your own a local co oper, Create a
• 38:16
  Speaker 1: seven under credit score community club. You go to Operation
• 38:19
  Speaker 1: healp dot orgon make a Hope commitment to teach financial
• 38:22
  Speaker 1: literacy in your local community. Teach it in your school
• 38:25
  Speaker 1: or your your mosque, or your boys and girls club
• 38:27
  Speaker 1: or your church. Teach it in your local K through
• 38:32
  Speaker 1: twelve school or your college. Start a club, Start to
• 38:35
  Speaker 1: start a club in your fraternity or your sorority. Start
• 38:38
  Speaker 1: at seven, a credit score club, a one million black
• 38:40
  Speaker 1: business club, a business club, a home ownership club, an
• 38:45
  Speaker 1: equity club, a stock trading club, investment club. But build
• 38:52
  Speaker 1: communities where you're feeding off of off of unif of
• 38:57
  Speaker 1: similar positive energy. Get the toxicity out of your life.
• 39:00
  Speaker 1: As I've said before, if you hang around nine broken people,
• 39:03
  Speaker 1: you'll be the ten. Wealth is not about money, it's
• 39:06
  Speaker 1: about mindset and moves. Make the right moves now and
• 39:12
  Speaker 1: you look like a genius later. Sustenance every other poverty
• 39:18
  Speaker 1: excepts sustenance poverty, which means a roof over your head,
• 39:21
  Speaker 1: food to the table, to reasonable healthcare, all other forms
• 39:24
  Speaker 1: of poverty. Your mindset, right. That's why I've said before,
• 39:27
  Speaker 1: if you give a homeless guy a million dollars and
• 39:29
  Speaker 1: don't do anything else, all you do is give is
• 39:30
  Speaker 1: a homeless person a million dollars, he's likely to be
• 39:33
  Speaker 1: broken six months. That hurts people's feelings when I say it,
• 39:36
  Speaker 1: but it's just absolutely the truth. Because nothing changes in
• 39:38
  Speaker 1: your brain that's gonna change your heart, your soul, your
• 39:41
  Speaker 1: way you make decisions, you're gonna be broke because money, money,
• 39:44
  Speaker 1: and in himself is nothing but an exchange of value.
• 39:48
  Speaker 1: I can take all the wealthy people in the world
• 39:50
  Speaker 1: and all their money and give it to everybody in
• 39:53
  Speaker 1: this socialist dream, every poor person, struggling person in the world.
• 39:57
  Speaker 1: And the reality is, in three years, that's all that happens.
• 40:00
  Speaker 1: We'll have the money all back again, because nothing changed
• 40:03
  Speaker 1: in your mindset, right, And people just think that having
• 40:07
  Speaker 1: that dollar, having that bag, having that cash, having that
• 40:09
  Speaker 1: money is everything. Is No, it's not. That's why you
• 40:11
  Speaker 1: have an NFL. Seventy percent of all those in professional
• 40:14
  Speaker 1: sports NFL, NBA are bankrupp in five years after retirement,
• 40:19
  Speaker 1: and sixteen seventy percent of those people are also divorced
• 40:24
  Speaker 1: because money in and of itself is not enough. You
• 40:27
  Speaker 1: need that mindset. So the world is shifting. You can
• 40:31
  Speaker 1: be a victim of it or a visionary in it.
• 40:35
  Speaker 1: You can be a victim or a victor. Which one
• 40:38
  Speaker 1: do you want. Whether you believe you can or whether
• 40:40
  Speaker 1: you believe you can't, You're absolutely right. I can't guarantee
• 40:45
  Speaker 1: you that being positive is going to make you a success,
• 40:47
  Speaker 1: but I absolutely guarantee you that being negative is going
• 40:50
  Speaker 1: to make you fail. And whether you again as I
• 40:51
  Speaker 1: said early, whether you believe you can or you can't.
• 40:53
  Speaker 1: You believe you can't, you're right, and I want you
• 40:56
  Speaker 1: to when you're being run out of town, get in
• 40:58
  Speaker 1: front of the crowd and make like a parade over
• 41:00
  Speaker 1: a round it, through it. I want you to get
• 41:01
  Speaker 1: to it. Rainbow's after storms. You can not have a
• 41:03
  Speaker 1: rainbow that went out a storm. First. I want you
• 41:05
  Speaker 1: to see opportunity everywhere, but I want you to see it.
• 41:09
  Speaker 1: I want you to see the world around you with
• 41:11
  Speaker 1: clear eyes and based on facts. Again, I love my
• 41:15
  Speaker 1: Melody Hobson quote for my friend Melody Hobson. I like math.
• 41:18
  Speaker 1: It doesn't have an opinion. I want you to have
• 41:20
  Speaker 1: an opportunistic mindset. Guy went to Africa and cable back
• 41:27
  Speaker 1: after a couple of days. He was showed. He went
• 41:29
  Speaker 1: there on behalf of a shoe company. Cable back after
• 41:32
  Speaker 1: a couple of days. Send me home, please immediately. This
• 41:36
  Speaker 1: is ridiculous. Nobody here wears shoes. They then found his
• 41:40
  Speaker 1: brother who replaced him, and that brother took the job
• 41:44
  Speaker 1: and he flew over to Africa and immediately got lost.
• 41:48
  Speaker 1: Like I mean me, no one could find him. He
• 41:51
  Speaker 1: was you know, two three months he's not reporting out,
• 41:53
  Speaker 1: he's just missing an action. All of a sudden, he
• 41:56
  Speaker 1: pops up and he says, I've been traveling the country,
• 42:00
  Speaker 1: been an amazing place. I've just immerse myself in the
• 42:03
  Speaker 1: culture and fall in love with Africa. By the way,
• 42:06
  Speaker 1: send me all the shoes you've got that you can spare,
• 42:09
  Speaker 1: Send me everything you got. It's amazing. No one here
• 42:13
  Speaker 1: wears shoes. Did you get that? Somebody saw the glass
• 42:19
  Speaker 1: has half empty? Someone saw the glasses half full. It's
• 42:22
  Speaker 1: the same dang on glass. It just depends how you
• 42:25
  Speaker 1: see it. And life is what you see, right, So
• 42:29
  Speaker 1: I want you to see opportunity. You don't need to
• 42:33
  Speaker 1: get rich. You don't need to be rich to get
• 42:35
  Speaker 1: started when I'm talking about here. You just need to
• 42:38
  Speaker 1: be ready. So visit operation jump dot org for free
• 42:42
  Speaker 1: financial tools and coaching. Subscribe, tell your friends and subscribe
• 42:47
  Speaker 1: to this podcast and start having and create a little
• 42:50
  Speaker 1: club you meet once a week or once or twice
• 42:53
  Speaker 1: a month and discuss what's being discussed on this podcast.
• 42:57
  Speaker 1: Break each session segment down on each of these sessions,
• 43:01
  Speaker 1: these weekly segments and talk about what I'm talking about.
• 43:04
  Speaker 1: This is my weekly mentoring session. People he asking me,
• 43:07
  Speaker 1: will you mentor me job? This is it, This is
• 43:09
  Speaker 1: how I mentor so start having it. So build a club, right,
• 43:13
  Speaker 1: build a Brant club or Operation Club or John Smith
• 43:17
  Speaker 1: Club or Joe Blow or Suzanne club. Name it after
• 43:19
  Speaker 1: you name me a grandparent. I don't care seven the
• 43:22
  Speaker 1: credit score club, a business club, as I've said earlier.
• 43:26
  Speaker 1: But make a hope commitment online at operation dot org.
• 43:32
  Speaker 1: Design it yourself and organize your thoughts and start meeting
• 43:36
  Speaker 1: on something productive. And build a community of people who
• 43:40
  Speaker 1: care about the same things you care about. Because eagles
• 43:43
  Speaker 1: don't fly and packs. You've never seen a flack of eagles,
• 43:45
  Speaker 1: But you can create a network of eagles of people
• 43:49
  Speaker 1: who think like you. Again, if you hang around mind
• 43:52
  Speaker 1: broke people, you're going to be the tenth. The opposite
• 43:53
  Speaker 1: is also true. Success breeds more success and failure does
• 43:57
  Speaker 1: the same. Tell your friends to and your family member
• 44:00
  Speaker 1: to subscribe to this podcast. It's top fifty four entrepreneurship
• 44:04
  Speaker 1: in the country on Apple. Thank you for that. Let's
• 44:07
  Speaker 1: keep it rising in the ranks, and let's start a
• 44:10
  Speaker 1: movement of Silvi rights, from civil rights to Silvi rights,
• 44:14
  Speaker 1: from the streets to the suites don't bet against yourself,
• 44:19
  Speaker 1: bet on your hustle, bet on your discipline, bet on
• 44:23
  Speaker 1: your hope. This is hope with a business plan, and
• 44:27
  Speaker 1: I believe in you. This is John O'Brien. This is
• 44:31
  Speaker 1: money and wealth and this has been a segment on
• 44:35
  Speaker 1: how to manage in tough, potentially down times. Don't get mad,
• 44:43
  Speaker 1: get even, and success is the best revenge. I'm out.
• 45:02
  Speaker 1: Money and Wealth with John O'Brien is a production of
• 45:04
  Speaker 1: the Black Effect Podcast Network. For more podcasts from the
• 45:08
  Speaker 1: Black Effect Podcast Network, visit the iHeartRadio app, Apple Podcasts,
• 45:12
  Speaker 1: or wherever you listen to your favorite shows.