Latest / Motion and Success / He Went From $36K to $100 MILLION — The Wealth Secret Black America NEEDS To Hear Ft. Cedric Nash

Transcript

He Went From $36K to $100 MILLION — The Wealth Secret Black America NEEDS To Hear Ft. Cedric Nash · Motion and Success

0:00
[SPEAKER_01]: 84% of wealth in this country is in White households, and only 4% is in Black households.
0:05
[SPEAKER_03]: How are you able to go from a $36,000 a year salary to now start an enterprise that generated over $100 million?
0:13
[SPEAKER_01]: Well, it was a long journey.
0:16
[SPEAKER_01]: All right, that's I hold balls for I'll go bank a half a million dollars So they're going after my business assets.
0:21
[SPEAKER_01]: They're gonna take my computers my desk my furniture all that stuff They were gonna take out which means I didn't have any business at that time So that was kind of a low point in my career.
0:31
[SPEAKER_01]: Those little they took the partnership away from me Which started me to have to start my own business?
0:36
[SPEAKER_01]: And real estate always looks expensive today, right?
0:39
[SPEAKER_01]: 10 years later, it looks cheap.
0:41
[SPEAKER_01]: The ownership of those assets are going to make you rich for real.
0:44
[SPEAKER_03]: During COVID pandemic times, unfortunately, I was one of the people that was on the Louis Vuitton line.
0:49
[SPEAKER_03]: Right.
0:49
[SPEAKER_03]: Trying to go spend money.
0:50
[SPEAKER_03]: I had a decent nine of five at the time.
0:52
[SPEAKER_03]: Where in it is started making me feel like basically paying what time?
0:56
[SPEAKER_02]: Yeah.
0:57
[SPEAKER_03]: So then that's when my whole mindset shifted and you only got pretty pretty much living good out there All right, it's a great question.
1:03
[SPEAKER_01]: It's the worst investment ever a incredible damn of the boat is better than an incredible day at the office But you have to be in a position.
1:12
[SPEAKER_01]: You have to have enough cash flow from your assets It's really about the investment in your peace.
1:17
[SPEAKER_01]: Yes, all right, and so I'm probably gonna buy another one a bigger one
1:20
[SPEAKER_04]: Today, we're diving into wealth, legacy, mindset, and what it really takes to create generation to wealth.
1:27
[SPEAKER_01]: My grandkids will be set up.
1:28
[SPEAKER_01]: And that's why generation wealth is all about.
1:30
[SPEAKER_01]: It's more than about the amount of money.
1:32
[SPEAKER_01]: It's really about the values and the mindset and the principles that you and style instill in that next generation.
1:38
[SPEAKER_01]: How do we become like a better steward of our money?
1:41
[SPEAKER_01]: Because about three things, it's about doubt invites fear to the party, yep, yeah.
1:46
[SPEAKER_01]: So now, your courage has to be greater than the sum of your doubt, plus your fear, or else you'll never jump.
1:52
[SPEAKER_03]: Before you go,
1:53
[SPEAKER_03]: What we get into this amazing episode, I'm calling all business owners, coaches, entrepreneurs who got a great product or service, but guess what?
2:01
[SPEAKER_03]: You're having a hard time selling it, you aren't getting any leads, your calendar is dried up, podcasting is the tool you need, it's a 24-7 organic lead machine that you need to have in your business.
2:12
[SPEAKER_04]: Absolutely, having a marketing plan, some kind of way on how to find your clients within your business is the most important way on how you're going to be able to grow and hit all your financial goals, whether your goal is $100,000.
2:24
[SPEAKER_04]: Well, there you go, it's $500,000 or even a million dollars plus you need more eyeballs.
2:30
[SPEAKER_04]: A lot of people are finding that adds a way to expensive for their budget.
2:34
[SPEAKER_04]: Also, another problem is a lot of people are over relying on other people to grow their business.
2:41
[SPEAKER_04]: So I'm talking about word or mouth and referrals.
2:43
[SPEAKER_04]: Those are not reliable strategies on how you're going to grow your business.
2:46
[SPEAKER_04]: If you want to learn exactly how to market your business and be seen by millions of top of millions of people, go ahead and click the link down below.
2:54
[SPEAKER_04]: I want to invite you guys to our masterclass where we're showing you strategies on how we was able to grow a huge platform within less than two years with over 300,000 plus followers across all channels.
3:06
[SPEAKER_04]: If you're looking to learn how to market your business and be seen by your dream clients, join us in this masterclass and enjoy the rest of this episode because this one is going to be a banker.
3:14
[SPEAKER_04]: all right y'all so welcome back to another episode of Motion in Success.
3:17
[SPEAKER_04]: Listen guys my name is Cody Brown and I got my co-hosts with me today.
3:20
[SPEAKER_03]: It's Iowa and look we're back with another amazing episode man.
3:24
[SPEAKER_03]: Listen this one I'm really really excited for like Cody just tell them a little bit about what's about to take on it's about to go on today.
3:30
[SPEAKER_04]: Yes sir.
3:31
[SPEAKER_04]: So today we've got a high level conversation for you guys.
3:34
[SPEAKER_04]: We're joined today by Cedric Nation, Entrepreneur, Author, Investor, and someone who's built real wealth through business, ownership, and long-term vision.
3:43
[SPEAKER_04]: And today we're diving into wealth, legacy, mindset, and what it really takes to create generation of wealth and success for your business.
3:52
[SPEAKER_04]: So just want to say Cedric, I appreciate you coming through today.
3:55
[SPEAKER_04]: And yeah, thank you.
3:57
[SPEAKER_04]: Oh no problem.
3:58
[SPEAKER_04]: Happy to be here.
3:59
[SPEAKER_04]: Happy to be here with you guys.
3:59
[SPEAKER_04]: Thank you.
4:00
[SPEAKER_04]: Thank you.
4:00
[SPEAKER_04]: Thank you.
4:01
[SPEAKER_04]: Also, just go ahead and introduce yourself real quick and we'll get started from there.
4:05
[SPEAKER_01]: Okay.
4:05
[SPEAKER_01]: I'm a Cedric Dash, a Fectually Known as your millionaire mentor.
4:10
[SPEAKER_01]: I have the privilege of mentorship by what I call four millionaires mentors.
4:14
[SPEAKER_01]: You know, since the 11th grade, and so I like to call what I do is pouring forward what they poured into be.
4:21
[SPEAKER_01]: You know, I don't know, a business, I'm into real estate, you know, several commercial properties as well as multi-family apartment buildings, I own a business, you know, just into a lot of different things.
4:36
[SPEAKER_01]: the topic of business, read a book, title, why should white guys have all the wealth, which is designed to teach African Americans how to build wealth despite the odds, and just real passionate about getting my community fired up and fired up about investing.
4:52
[SPEAKER_04]: That's good.
4:53
[SPEAKER_04]: That's good.
4:54
[SPEAKER_04]: So for the people that are here right now, you guys are in for a treat.
4:57
[SPEAKER_04]: What I would like to do is I'd like to let you guys know if you have a business, you guys have a business and you guys aren't organized.
5:04
[SPEAKER_04]: You're doing everything manually.
5:05
[SPEAKER_04]: You need something called systems.
5:07
[SPEAKER_04]: That stands for savior self time, energy and money.
5:10
[SPEAKER_04]: So if you guys are looking for help when it comes to
5:13
[SPEAKER_04]: Automations like calendars, emails, text blasts, social media management, websites, funnels, everything.
5:21
[SPEAKER_04]: There's a all in one software that we've been using for the past few months, called go high level.
5:27
[SPEAKER_04]: Go high level is going to be able to help you guys out when it comes to creating systems for you and your business.
5:33
[SPEAKER_04]: So what we're going to do is we're going to bless you guys with a free course.
5:36
[SPEAKER_04]: So just go ahead and text the word GHL to the phone number 646.
5:41
[SPEAKER_04]: Six, two, four, zero, six, one, one, and check your text messages.
5:46
[SPEAKER_04]: We'll send out that free course to you right away.
5:49
[SPEAKER_03]: Yeah.
5:50
[SPEAKER_03]: Yes, yes, yes.
5:51
[SPEAKER_03]: So definitely about to get started now, Sedrick.
5:56
[SPEAKER_03]: This is one that definitely, the way it happened was was real interesting.
6:02
[SPEAKER_03]: You know, we wrapped up an episode with Dr. Cheyenne Bryant, and she's like, it's this guy you guys have to meet.
6:11
[SPEAKER_03]: And, you know, she goes ahead and she shows you, she shows you your Instagram and she's like, yeah, I just did it.
6:17
[SPEAKER_03]: I just did amazing podcast on his yacht.
6:19
[SPEAKER_03]: Me and Cody, we're like, yeah, I know who is this guy.
6:23
[SPEAKER_03]: And then the next minute, you know, she made the connection.
6:25
[SPEAKER_03]: So, you know, me and Cody's like, we, we super excited for this when we had a prep for it.
6:31
[SPEAKER_03]: But I definitely want to jump into, you know, the episode.
6:35
[SPEAKER_03]: So, first thing I have to say is rich is loud,
6:42
[SPEAKER_03]: I want to get into your backstory like how are you able to go from a 36,000-dollar year salary.
6:51
[SPEAKER_03]: to now start an enterprise that generated over $100 million.
6:56
[SPEAKER_01]: Well, it was a long journey, all right.
6:59
[SPEAKER_01]: That sort of was, you know, I used to work at a consulting firm called Delight.
7:06
[SPEAKER_01]: At the time, it was called Delight Consulting.
7:09
[SPEAKER_01]: Now they just go by Delight and got involved with some enterprise software called SAP.
7:15
[SPEAKER_01]: And it was a German software product that was used in manufacturing companies.
7:20
[SPEAKER_01]: large manufacturing companies, companies like Nestleys, companies like Beckton Dickinson, Nabisco, Panasonic, all these companies that we know of Coca-Cola, Home Depot, a lot of these companies use this software in the background to operate the business.
7:36
[SPEAKER_01]: Deloitte hired me at a graduate school to specialize in that software.
7:40
[SPEAKER_01]: And I became pretty good at it.
7:43
[SPEAKER_01]: And I went from Delay to work for Ernst St. Young, which is another large consulting firm and accounting firm and ran into some German business partners.
7:54
[SPEAKER_01]: And these German guys were like, they're tearing it up.
7:56
[SPEAKER_01]: They knew a whole lot more about the system that I did.
7:59
[SPEAKER_01]: And at the time, I was just finishing my MBA.
8:02
[SPEAKER_01]: I wrote a business plan to take their little business to a whole other level, flew to Germany on a Wednesday, called in sick, flew to Vieslug Germany on a red eye, pitched the partners in Germany.
8:19
[SPEAKER_01]: flew back home on a Saturday, got back home Sunday, it was back at work a Monday.
8:24
[SPEAKER_01]: and they accepted my business plan, and then ended up joining these guys, and I just thought, wow, we're about to be this incredible startup, and got to really take the world by storm.
8:34
[SPEAKER_01]: While we were doing well, things were going great.
8:37
[SPEAKER_01]: They accepted me as a partner and came to find out that the partner shares that they gave me were inferior partners, inferior shares to the rest of the partners.
8:46
[SPEAKER_01]: So after realizing that,
8:49
[SPEAKER_01]: After one of my mentors, Chuck James, Rest in Peace, another Alfred brother, basically told me, hey, said to him, whenever you do these agreements, make sure you hire an attorney.
8:59
[SPEAKER_01]: And I was like, okay, and it's a lot of people think that that's obvious.
9:03
[SPEAKER_01]: But what happened was here, I am working at this company, I'm making probably 80,000 a year.
9:07
[SPEAKER_01]: I'm 30 years old and spinning $5,000 an attorney just seemed like crazy, right?
9:14
[SPEAKER_01]: But I list and took.
9:15
[SPEAKER_01]: I always listen to my mentors.
9:16
[SPEAKER_01]: And so I did do that and realize that the shares weren't fairier, never signed that agreement.
9:21
[SPEAKER_01]: They took the partnership away from me, which started me to have to start my own business.
9:26
[SPEAKER_01]: So it was at a time where it was buried at the time three boys and I've got the business up and running.
9:33
[SPEAKER_01]: And you know, through a series of ups and downs and over the past 20 or 30 years, I've grew the business $200 million in revenue and it's kind of kickstarted everything that I've done as it relates to wealth building.
9:48
[SPEAKER_03]: So that came from, you know, you realize I'm like,
9:52
[SPEAKER_03]: these guys are taking a bigger piece of the pie and then you're like, nah, I can't do, I can't take that.
9:59
[SPEAKER_01]: Well, it was really more of like, you know, they had different class of shares and I was the one bringing the business to the business.
10:07
[SPEAKER_01]: So there was one other partner there, you know, Wolfgang Harley, who's a good friend of mine, who was like the technical genius, so to speak, and I was more the business genius and the other two were just kind of okay.
10:18
[SPEAKER_01]: So it was really Wolfgang and I that
10:22
[SPEAKER_01]: So they just did show respect for my abilities so I said that I'm not going to stand here and take that and then when they move to basically take the shares away from me because I didn't sign their agreement.
10:35
[SPEAKER_01]: Um, you know, they were basically at essence, turning me into an employee.
10:40
[SPEAKER_01]: My God, my God, my God, be an employee after I'd built up the company.
10:42
[SPEAKER_01]: Yeah.
10:43
[SPEAKER_01]: So I just left and started all of my own, just be in a secretary out of my buddy's apartment and rebuild it from there.
10:49
[SPEAKER_01]: But what was, um, you know, also interesting.
10:52
[SPEAKER_01]: You have the time is that Wolfgang ended up leaving too later on and having to sue them in order to get, you know, what was rightfully his.
10:59
[SPEAKER_01]: But what was an incredible awesome about that is that.
11:02
[SPEAKER_01]: I, you know, there's an on compete in their agreements.
11:04
[SPEAKER_01]: So since I didn't sign their agreements, I didn't have an on compete.
11:08
[SPEAKER_01]: So had I signed their agreement, it would have held me up for at least a couple of years from starting my business, which could have made all the difference in the world.
11:16
[SPEAKER_01]: So sometimes things happen for a reason and you can't get upset by it, you just gotta keep moving forward.
11:21
[SPEAKER_01]: True.
11:21
[SPEAKER_01]: Years later, they end up working on contracts for me.
11:24
[SPEAKER_03]: Wow, that's crazy.
11:29
[SPEAKER_03]: So it sounds like you understood your value at that, like especially during that point.
11:35
[SPEAKER_03]: A lot of people don't understand your value and what they bring to the table and they just take whatever.
11:40
[SPEAKER_03]: How old were you at this point?
11:42
[SPEAKER_01]: I was 32 at the time.
11:44
[SPEAKER_01]: 1997, I was 32 years old and I said, I was my ex-wife.
11:50
[SPEAKER_01]: We just had twin boys.
11:52
[SPEAKER_01]: I was building a house at Oakland Hills, a million dollar house at Oakland Hills, and I had a third son on the way.
11:57
[SPEAKER_01]: And so, I mean, the pressure couldn't be any pressure.
12:01
[SPEAKER_01]: The stress could be any higher.
12:02
[SPEAKER_01]: But then sometimes, Joe, we need that.
12:04
[SPEAKER_01]: Sometimes, I'll ever forget this.
12:06
[SPEAKER_01]: There was a barber Friddivir, a family of ours down in Los Angeles.
12:11
[SPEAKER_01]: And he talked about how, when he had kids, and he owned a barber shop at all that, that pressure is what really, really propelled him in business.
12:19
[SPEAKER_01]: It kind of made him serious.
12:20
[SPEAKER_01]: It kind of sobered you up.
12:22
[SPEAKER_01]: And so to a certain extent, like you can't lose, you can't fail.
12:25
[SPEAKER_01]: So that means that you're willing to put whatever energy and effort that you have to succeed.
12:30
[SPEAKER_01]: And it does make a big difference.
12:32
[SPEAKER_01]: Sometimes, young people, they got, it's just too casual.
12:35
[SPEAKER_01]: It's just too easy.
12:36
[SPEAKER_01]: There's not a, you know, a living on the couch and the boys' apartment or the living at home, a guy, there's not a, there's not a skin in the game.
12:44
[SPEAKER_01]: When you have enough skin in the game and you can't fail, you somehow rise up to the occasion and find a way to succeed.
12:50
[SPEAKER_03]: Right.
12:51
[SPEAKER_03]: Well, now that kind of makes me think because, you know, some people they handle all that pressure in a different way.
12:58
[SPEAKER_03]: Some people's like, hey, I need to go get a nine or five.
13:03
[SPEAKER_03]: I need some type of security now.
13:04
[SPEAKER_03]: I got kids on the way, I'm building a house.
13:07
[SPEAKER_03]: But you kind of, you want to, I've satirexed you like, hey, listen, I don't care starting over from scratch.
13:13
[SPEAKER_03]: I need to go follow my own path and start my own thing.
13:17
[SPEAKER_03]: So that right there is like a skill and a mindset and a lot of people don't have it.
13:23
[SPEAKER_01]: But you know what, sometimes you don't know that you have it.
13:26
[SPEAKER_01]: I didn't think that I had it.
13:27
[SPEAKER_01]: I knew I said, okay, I'm gonna start this business.
13:30
[SPEAKER_01]: And if it gets tough, things get tight, I'm gonna go back to go work and for the big firms.
13:36
[SPEAKER_01]: Cause you have the time I could have made a couple of $100,000 a year doing what I was doing, could have risen to be a partner in the firm.
13:43
[SPEAKER_01]: So I was like, always to me, I'm not that risk.
13:47
[SPEAKER_01]: Uh, I'm not that big of a risk taker, but what happens is once you get out there and you get a taste of it, right?
13:54
[SPEAKER_01]: Somehow, you know, you find a way to kind of keep going.
13:58
[SPEAKER_01]: And so, so a lot of times people think that, you know, you know, he's so courageous or he's so risk-a-verse-no, entrepreneurs are just as scared as everybody else.
14:09
[SPEAKER_05]: Yeah.
14:09
[SPEAKER_01]: It's just that they, you know, I tell people I wrote this in my book is that, you know, that, you know, when you first set out to do something, you have an idea to do something and the first thing that kicks in in your mind, you say I'm gonna do this thing?
14:23
[SPEAKER_01]: Yeah.
14:23
[SPEAKER_01]: The first thing that kicks into your mind said,
14:26
[SPEAKER_01]: it's doubt.
14:27
[SPEAKER_01]: You start down like, can I really do this?
14:29
[SPEAKER_01]: Is it really capable?
14:30
[SPEAKER_02]: Yeah.
14:30
[SPEAKER_01]: And then doubt invites fear to the party.
14:33
[SPEAKER_01]: Yep.
14:33
[SPEAKER_01]: So now your courage has to be greater than the sum of your doubt plus your fear or else you'll never jump.
14:41
[SPEAKER_01]: And so that's what keeps people back.
14:43
[SPEAKER_01]: is that they doubt themselves and they hear other people and that adds to the doubt, then they get afraid of what could go wrong.
14:50
[SPEAKER_01]: And so you just have to kind of rise to the occasion, you have to kind of assess the situation and make a decision.
14:57
[SPEAKER_01]: One thing that really helpful was the fact that I had a great relationship with my father and at the time when I was leaving,
15:02
[SPEAKER_01]: Ernst and young making great money.
15:04
[SPEAKER_01]: Career was on the right path.
15:06
[SPEAKER_01]: I was on the path to be impartner because I'm going to software trajectory that not everybody in the firm knew the software and it was just really, really doing really well.
15:15
[SPEAKER_01]: And I was talking to my dad about it.
15:16
[SPEAKER_01]: He says, you know,
15:17
[SPEAKER_01]: He says, you're young.
15:18
[SPEAKER_01]: He says, if it doesn't work out, you're a cover.
15:21
[SPEAKER_01]: You had time to recover.
15:23
[SPEAKER_01]: And so the whole point is, is I'm grateful for my dad and grateful for that kind of mentorship because how I not heard that, Baby, I wouldn't have had the confidence to kind of give it a try.
15:32
[SPEAKER_01]: It's so easy for us to basically throw in the towel.
15:35
[SPEAKER_01]: We see so many people fail.
15:37
[SPEAKER_01]: Right?
15:37
[SPEAKER_01]: We see people that we see on podcasts on all that that are going through challenges right now.
15:43
[SPEAKER_01]: And it's not to take light because this is not a easy thing.
15:46
[SPEAKER_01]: This is not everybody's succeeds, but you have to have the right mindset, the right attitude, and be willing to jump out there.
15:54
[SPEAKER_04]: You know what was kind of crazy too.
15:57
[SPEAKER_04]: Our memory first spoke on the phone and he was like, trying to get to the older people or, you know, people as serenages, like 50 plus, it's a little harder because they don't have too much time left.
16:07
[SPEAKER_04]: Yes, and then trying to get to the younger people is it's a little challenging too, because they start something, it doesn't work out.
16:15
[SPEAKER_04]: And then when they, it doesn't work out, they think something is wrong, and they gotta change it up.
16:19
[SPEAKER_04]: Yeah.
16:19
[SPEAKER_04]: And they just don't go through it at all.
16:22
[SPEAKER_04]: Until they get to their ages of 50, that's when they're serious.
16:26
[SPEAKER_01]: They're serious.
16:27
[SPEAKER_01]: That's what they think serious.
16:28
[SPEAKER_01]: You brought up a good point of what we talked about.
16:31
[SPEAKER_01]: It's like,
16:32
[SPEAKER_01]: You know, there's been a lot of conversations, a lot of incredible podcasts, like yours and and others that are really trying to level up our communities finances, right?
16:43
[SPEAKER_01]: And so the young people kind of take it for granted.
16:46
[SPEAKER_01]: They're not that serious about it, right?
16:48
[SPEAKER_01]: They figure like, I got time.
16:50
[SPEAKER_01]: Yeah, I have plenty of time.
16:51
[SPEAKER_01]: And so they just kind of put it off and they're just not that serious.
16:54
[SPEAKER_01]: They don't want to save.
16:55
[SPEAKER_01]: They don't want to sacrifice.
16:56
[SPEAKER_01]: They don't they want to like enjoy life.
16:59
[SPEAKER_01]: And the older community after having lived young and realized that they've lost time are serious.
17:06
[SPEAKER_01]: Yeah.
17:07
[SPEAKER_01]: Sad reality is the older community has a lot less time.
17:10
[SPEAKER_01]: Yeah.
17:10
[SPEAKER_01]: Right.
17:11
[SPEAKER_01]: And so the urgency is there, but it takes time for these things to really, really, you know, nurture, right?
17:16
[SPEAKER_01]: I've been at this thing for 30 years, right?
17:18
[SPEAKER_01]: And the younger people take it for granted is who they get older.
17:21
[SPEAKER_01]: You've got to find a way to get younger people to take this thing serious because they have an unfair advantage of time.
17:28
[SPEAKER_01]: Right.
17:29
[SPEAKER_01]: That's the key to building wealth.
17:30
[SPEAKER_01]: You see people in the Forbes for a hundred lists.
17:32
[SPEAKER_01]: They've been at this for a long time.
17:34
[SPEAKER_01]: Sometimes it was their parents.
17:36
[SPEAKER_01]: Are their grandparents it's been at it a long time.
17:40
[SPEAKER_01]: So it takes a long time and people think that it happens overnight.
17:44
[SPEAKER_01]: It just doesn't.
17:44
[SPEAKER_03]: You.
17:45
[SPEAKER_03]: Sorry to break this amazing episode.
17:47
[SPEAKER_03]: I just have to let you guys know.
17:49
[SPEAKER_03]: The best tool for marketing in 2025 is podcasting.
17:53
[SPEAKER_03]: Listen, it transformed our lives across all platforms.
17:56
[SPEAKER_03]: We was able to hate 15 million plus people.
17:59
[SPEAKER_03]: Imagine what it did for our business.
18:01
[SPEAKER_03]: To mention, we also have some notable likes just through podcasting.
18:05
[SPEAKER_03]: People like you same boat, the way in Wade, Kevin Garnet, Steven A. Smith,
18:11
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18:20
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18:30
[SPEAKER_04]: If you want to be able to learn exactly how to build up an audience and build up a brand online,
18:35
[SPEAKER_04]: where people start knowing you like you and buying for me for your products and services.
18:40
[SPEAKER_04]: What I want to do is invite you guys to our next free masterclass.
18:43
[SPEAKER_04]: We're showing you exactly how you can start taking your content and being seen online by your dream clients.
18:49
[SPEAKER_04]: And possibly some celebrities as well.
18:51
[SPEAKER_04]: Go ahead and click the link down below.
18:53
[SPEAKER_04]: And I'm going to see you guys in that next masterclass.
18:55
[SPEAKER_03]: You know, I do want to pull a little bit back into your backstory, because definitely got to get into, you know,
19:01
[SPEAKER_03]: Like, what was your mindset like, how was your family dynamics when you came to finance this?
19:05
[SPEAKER_03]: Cause a lot of times, believe it or not, like, even people watching this, the young people watching this, a lot of them day.
19:12
[SPEAKER_03]: They had things like implanted in their brains when it come to finances and things like that, whether it's to be flashy, whether it's to not use credit cards.
19:23
[SPEAKER_03]: And that already puts them at a disadvantage.
19:26
[SPEAKER_03]: And then a lot of times it's like, you got to re-program your mind, you got to get the right information.
19:30
[SPEAKER_03]: So you started,
19:32
[SPEAKER_03]: early.
19:34
[SPEAKER_03]: Yeah.
19:34
[SPEAKER_03]: Right.
19:34
[SPEAKER_03]: What age did you you you started investing in real estate?
19:37
[SPEAKER_03]: Shoot.
19:37
[SPEAKER_03]: My first piece of property about a 25 right out of college.
19:40
[SPEAKER_01]: So I graduated college a little bit late because I went through our OTC.
19:45
[SPEAKER_01]: I came in officer in the military.
19:46
[SPEAKER_01]: I went to community college before I went to a four year college.
19:52
[SPEAKER_01]: So that kind of set me back.
19:54
[SPEAKER_01]: And then I took an internship at a tech company up in Silicon Valley.
19:58
[SPEAKER_01]: So that set me back six months.
20:00
[SPEAKER_01]: So I just had all these things going on.
20:01
[SPEAKER_01]: So by the time I graduated, I was 25.
20:04
[SPEAKER_01]: But my last job in college, I set up a network for a plastic surgeon, Dr. Sal.
20:12
[SPEAKER_01]: I wrote about this in my book.
20:14
[SPEAKER_01]: So I learned how to set up at the time, Novel Networks.
20:18
[SPEAKER_01]: He was, you know, computers were just kind of really coming into the medical field.
20:22
[SPEAKER_01]: So put him in a claims management system and bottle all his computers and stuff like that.
20:27
[SPEAKER_01]: So I was entrepreneur and college.
20:30
[SPEAKER_01]: So by the time I graduate at $7,000 saved up, and graduation that bought my first condo, got married early when I college.
20:37
[SPEAKER_01]: I bought my first condo, you know, in Los Angeles and later sold that condo for, you know,
20:43
[SPEAKER_01]: $307,000, you know down the line.
20:46
[SPEAKER_01]: So I was really really focused back then because of my mentorship.
20:51
[SPEAKER_01]: A lot of people think, you know, oh, he comes from money.
20:54
[SPEAKER_01]: My dad was at Rich.
20:55
[SPEAKER_01]: My dad worked as a pro-loffster.
20:58
[SPEAKER_01]: He had a really, you know, we were like, I would say, in the lower middle class, but he built the houses we raised in.
21:03
[SPEAKER_01]: So I saw him, you know, building houses.
21:06
[SPEAKER_01]: I saw him being involved in the community.
21:09
[SPEAKER_01]: Uh,
21:09
[SPEAKER_01]: But we weren't necessarily rich, but I did have one of my mentors, I call, I call one of my mentors who just died two days ago.
21:17
[SPEAKER_01]: Rest in priest, Mr. Al Glover.
21:21
[SPEAKER_01]: I call him my rich dad because he was definitely rich, he owned apartment building, he owned laundry mats, he built, he created a bank in our community, he was a tire kernel in the army.
21:31
[SPEAKER_01]: I'm from a military town and I call him my dad, then not so rich dad.
21:35
[SPEAKER_01]: because he wasn't rich, but he wasn't poor either.
21:39
[SPEAKER_01]: So I had the privilege of that kind of mentorship.
21:43
[SPEAKER_01]: And that's why you have a mentorship program that I run.
21:48
[SPEAKER_01]: It's really inexpensive because it's designed to really help people along their journey.
21:53
[SPEAKER_01]: Your journey is a long journey.
21:55
[SPEAKER_01]: And when you're in that journey, you're going to need to call people, talk people and say, how do I do this or what should I do here?
22:01
[SPEAKER_01]: And so I've had like Robert Taylor a mentor about my first office building.
22:06
[SPEAKER_01]: You know, was able to talk to them and just a little bit of information that they give, basically it keeps you along the right path.
22:14
[SPEAKER_01]: And so that's what's really, really needed.
22:16
[SPEAKER_01]: You know, we're getting mentorship through podcasts through social media, but they need that interaction with the person where they can ask questions.
22:23
[SPEAKER_01]: So I've created, I call it a black world, world's challenge, right?
22:26
[SPEAKER_01]: Teach people how to grow their wealth and we meet for an entire year.
22:30
[SPEAKER_01]: I've created such a program where people can learn from not just me, but I bring guest speakers in as well.
22:36
[SPEAKER_01]: It's so important.
22:38
[SPEAKER_01]: When you're starting a business, there's tens of thousands of questions.
22:40
[SPEAKER_01]: Even to this day, I'll run into something.
22:42
[SPEAKER_01]: I was like,
22:43
[SPEAKER_01]: I need to figure out how to do this or and I can think of a mentor or somebody that I can call and talk to it's just so important.
22:51
[SPEAKER_01]: And that's where my mind set was and that's how it was developed by having these people available to me that I can ask whatever question I want and I knew that they were knowledgeable and they could help me through it.
23:03
[SPEAKER_03]: That's good.
23:03
[SPEAKER_03]: Did you have to get rid of any like?
23:07
[SPEAKER_03]: believe that, you know, you feel like it wouldn't serve you on the path you were going on, like you were heading into, whether it was to become a millionaire, you know, getting a real estate, like what are some things that you had to just take back?
23:19
[SPEAKER_01]: I don't know what it was about me, but I listened to my mentors, whatever they told me to do, I tried it because first of all, they were credible.
23:27
[SPEAKER_01]: I knew they knew what they were talking about.
23:29
[SPEAKER_01]: And so that's one of the challenges today.
23:31
[SPEAKER_01]: People see somebody on social media.
23:34
[SPEAKER_01]: They see them living this fabulous life and they tell them all I had to do was XYZ and they immediately believe it.
23:41
[SPEAKER_01]: See, we didn't have that in my day.
23:43
[SPEAKER_01]: We just had people who own stuff, right?
23:45
[SPEAKER_01]: Who actually really had it that we could see it.
23:48
[SPEAKER_01]: and they were willing to share their willing to give up their time.
23:51
[SPEAKER_01]: So, you know, so that was kind of an advantage thing, but the whole point is I never questioned it.
23:57
[SPEAKER_01]: It wasn't a matter of like, there was one time, and I tell the story about one of my mentors, because I'm a product of lots of mentors.
24:03
[SPEAKER_01]: And I'm a mentor, Tim Weldon, who died, you know, maybe two years ago, and he's the one that convinced me to go into government contracting.
24:10
[SPEAKER_01]: I was working with commercial customers in New Jersey at Panasonic,
24:15
[SPEAKER_01]: and picking up a client here and there, and he says, you should consider federal government contracting.
24:22
[SPEAKER_01]: That's not all Tim, they paid too slow.
24:24
[SPEAKER_01]: The margins are low, you know, he says, okay, I just suddenly you should want to consider.
24:29
[SPEAKER_01]: But in the back of my mind, I kept working down that path.
24:32
[SPEAKER_01]: I went and got a GSA schedule.
24:34
[SPEAKER_01]: And then I found a buddy of mine who was in the Navy and was the CIO of the Navy Medical Center San Diego and decided to bid on the help desk contract.
24:43
[SPEAKER_01]: in San Diego, one that seven year contract, that was like, oh wow, Tim was right, so I questioned it, I doubted it, but I still listen.
24:52
[SPEAKER_01]: And so you wonder how my business got to $100 million, you wonder how I won $130 million contract recently at Defense Logistics Agency, because I listened to Tim.
25:03
[SPEAKER_01]: So the whole point is, is that young people need to find these mentors, and they need to not question the relevancy of their information.
25:11
[SPEAKER_01]: I think sometimes in our community, and this is a bad thing, is like, the relevancy is more important than credibility.
25:19
[SPEAKER_01]: I mean, if I could relate to the guy because he makes me feel a particular way or he comes from my hood or because he kind of reminds me of me.
25:29
[SPEAKER_01]: So we want to listen to them.
25:31
[SPEAKER_01]: That can be the biggest crook, the biggest scammer out there.
25:34
[SPEAKER_01]: It has a boom to a credible person that's really doing things, that really has the experience, that really has the background, and the education to be an expert at it.
25:44
[SPEAKER_01]: We don't want to listen to that guy, right?
25:46
[SPEAKER_01]: I know, because I'm that guy, and I only got out of $25,000.
25:48
[SPEAKER_01]: I don't want to listen to a person like me exactly doing it.
25:52
[SPEAKER_01]: And we want to listen to a guy that got a million followers, and it's exciting them when the whole bunch of bullshit.
25:58
[SPEAKER_01]: You can't even implement or they want to listen to the basketball player that ain't never did shit in business and everybody even graduated, right?
26:10
[SPEAKER_01]: But now he's a billionaire because he's an incredible Hall of Famer and so a whole bunch of shoes.
26:14
[SPEAKER_01]: They want to listen to that guy and that guy basically became famous by playing basketball.
26:19
[SPEAKER_01]: He became business knowledgeable by connecting with the right people later on, right?
26:28
[SPEAKER_01]: So we're listening to the wrong people, and that's what we have to, that's, you know, and we're getting our mindset shaped by the wrong people, right?
26:37
[SPEAKER_04]: I mean, speaking of, you know, mentorship and guidance and everything like that, you know, you've got a book and it's title, why should white guys have all the wealth, you know, and that's where you're teaching a lot of principles in there.
26:50
[SPEAKER_04]: Like what was like, why, why
26:57
[SPEAKER_04]: Pilek exclude you from Serenopportunities.
27:00
[SPEAKER_01]: All right, I'm glad that you noticed that white guy.
27:02
[SPEAKER_01]: So it doesn't exclude me from white women.
27:03
[SPEAKER_01]: It doesn't sky me from Hispanic women.
27:06
[SPEAKER_01]: Hispanic men.
27:07
[SPEAKER_01]: It's white guy.
27:08
[SPEAKER_01]: And it's because 84% of wealth in this country is in white households.
27:13
[SPEAKER_01]: And only 4% is in black households.
27:16
[SPEAKER_01]: The book is about how to teach African Americans and others how to build wealth despite the odds.
27:21
[SPEAKER_01]: I knew it was controversial and it's cost me some things like I've had, you know, I've been at city bank, I've been to, I've done these corporate events and some people like, oh, we can't mention the book, right?
27:31
[SPEAKER_01]: You know, because it's to, well, it's just state, the truth, that's all is doing.
27:37
[SPEAKER_01]: And now that the title came from, I was having a conversation with a friend of mine about the book and about the titles.
27:43
[SPEAKER_01]: I see all black people act like only white people should be getting much.
27:46
[SPEAKER_01]: We act like we act like we're not entitled to like, and a shout out to EYL, like you deserve to be rich, like we don't deserve to be rich.
27:56
[SPEAKER_01]: So the whole point is, we act like that sometimes, right?
28:00
[SPEAKER_01]: Not owning our own destiny.
28:03
[SPEAKER_01]: And so I was talking to a friend, and I was going around around with titles, and I was saying, why should only white guys be getting red tech kind of thing?
28:10
[SPEAKER_01]: And then I read a book a long time ago, but I read to a Lewis, I had a why should white guys have all the fun and an incredible book.
28:18
[SPEAKER_01]: It's an incredible book about his rise to creating a billion dollar, a billion dollar enterprise in
28:25
[SPEAKER_01]: A company called Beatrice Foods, TLC Beatrice Foods, TLC stands for the Lewis company because he had to go in as disguised to buy the company because they were turning him away from buying companies because of racism.
28:40
[SPEAKER_01]: Right, so he had to go in, fly up there in a plane, the book is a fast-adding.
28:45
[SPEAKER_01]: He had to go up there and act like he was representing TLC.
28:49
[SPEAKER_01]: He was actually himself.
28:51
[SPEAKER_01]: I had the pleasure meeting his wife.
28:53
[SPEAKER_01]: She wrote a book, why should guys have all the wealth?
28:56
[SPEAKER_01]: And she tells me that we're keeping his legacy alive.
28:59
[SPEAKER_01]: So it was an honor to name it that way, because this guy was Robert Smith is what Regal Lewis was back then.
29:08
[SPEAKER_01]: Right, because Regal Lewis was a corporate tycoon.
29:12
[SPEAKER_01]: He was buying companies, growing them, selling them.
29:15
[SPEAKER_01]: It's the same thing that Robert Smith does.
29:17
[SPEAKER_01]: It's just that he does it in software and in the software industry.
29:21
[SPEAKER_01]: So it was an honor to name the book after that.
29:24
[SPEAKER_01]: And to be honest with you, that should have been the title that Regal Lewis took in terms of why should white guys have all the wealth.
29:30
[SPEAKER_01]: Because we had to question that.
29:31
[SPEAKER_01]: They don't have to have all the wealth.
29:33
[SPEAKER_01]: That's the answer.
29:34
[SPEAKER_01]: Reality as we could have wealth, too.
29:36
[SPEAKER_01]: We just have to focus on acquiring real assets that appreciate and generating income over time.
29:42
[SPEAKER_01]: And over time, the ownership of those assets are going to make you rich for real.
29:46
[SPEAKER_03]: Also, like in the book you had traced the wealth gap all the way back to like, 16, 19.
29:52
[SPEAKER_03]: Exactly.
29:53
[SPEAKER_03]: You can't just just just walk us through a little bit of that timeline.
29:58
[SPEAKER_03]: Because a lot of things nowadays is like, people don't realize it's like from the traumas like, reason why you know, our people was like a little bit behind when it comes to things like, you know, even technology right now, AI, you're kind already seeing.
30:13
[SPEAKER_03]: What's she like the white guy's here already?
30:15
[SPEAKER_03]: Right.
30:16
[SPEAKER_03]: Ten hundred steps ahead, exactly.
30:18
[SPEAKER_03]: No, so like, it traces back.
30:22
[SPEAKER_03]: So kind of walk us through that timeline.
30:24
[SPEAKER_01]: I'll try to do that quickly, but, but what's interesting is that I will never talk about.
30:31
[SPEAKER_01]: how we treat money.
30:33
[SPEAKER_01]: I will never talk about us as black people of being that something's wrong with us, because we like to have flashy things, or we like to, you know, I will never talk about our financial situation from a standpoint of us being ignorant of us being stupid, of us being like, why can't we just get it?
30:53
[SPEAKER_01]: And old G's have been talking to us like this forever.
30:56
[SPEAKER_01]: Forever, and it hasn't changed the thing.
30:59
[SPEAKER_01]: And the reason is is because, you know, since slavery, we have experienced financial trauma in wide and wide proportion, unlike any other community.
31:11
[SPEAKER_01]: First of all, we were wealth.
31:14
[SPEAKER_01]: All right, we were the definition of wealth.
31:17
[SPEAKER_01]: They trade us like both.
31:18
[SPEAKER_01]: In fact, they even got insurance on us as wealth, right?
31:21
[SPEAKER_01]: Financial trauma.
31:23
[SPEAKER_01]: We come out of slavery and we go into reconstruction and we actually go into the sharecropping era.
31:28
[SPEAKER_01]: For my dad is a son of a sharecropper.
31:31
[SPEAKER_01]: My dad was raised in a farm in North Carolina and that's what they did.
31:34
[SPEAKER_01]: They lived on a white guy's piece of land and they basically grew tobacco.
31:41
[SPEAKER_01]: and they formed tobacco and they had a house on the guy's land and they only made enough money to basically feed the family.
31:48
[SPEAKER_01]: They weren't able to invest.
31:50
[SPEAKER_01]: They weren't able to build any robot financial trauma, right?
31:53
[SPEAKER_01]: We come out of sharecropping at Krut Sharecropping.
31:57
[SPEAKER_01]: And we go to 1920 Tulsa, Oklahoma.
31:59
[SPEAKER_01]: When we started building wealth in Tulsa, Oklahoma, and then the big massacre in Tulsa, Oklahoma, basically wiped out a significant amount of black
32:10
[SPEAKER_01]: Come out in 1920, and we go into the Jim Crow era, right, where it was legal to discriminate against African Americans in terms of financial institutions, as well as educational institutions, more financial trauma.
32:24
[SPEAKER_01]: We come out at Jim Crow, and we get into the whole redlining thing.
32:29
[SPEAKER_01]: When a Jewel redline and basically said black people live here, why people live over here?
32:35
[SPEAKER_01]: And then that redline districts all across the country of the United States,
32:39
[SPEAKER_01]: Those red line districts, they wouldn't give insurance, nor would they basically provide mortgages to people, right?
32:45
[SPEAKER_01]: Getalizing the black community, more financial trauma, right?
32:49
[SPEAKER_01]: Then we go to, I think I mentioned Jim Crow, I do, we go from, from red lining to until the, until Martin Luther King and his effort got the 1965 voting rights and the civil rights movement proved in 1965, right?
33:09
[SPEAKER_01]: And then we move from there to, you know, the recent housing crisis that we had, right, to where, and then COVID, right, more financial trauma, right.
33:20
[SPEAKER_01]: And then we get Donald Trump as a president, right, more trauma, right, African-American losing jobs and why proportion in the Washington DC area, because he counseled a lot of government jobs, a lot of government agencies.
33:34
[SPEAKER_01]: So we're constantly dealing with this trauma.
33:36
[SPEAKER_01]: The reality is the trauma has never been treated.
33:39
[SPEAKER_01]: So, the whole point is, is there's studies that show that adults are kids who experience a widespread trauma when they become adults, they suffer from four things.
33:51
[SPEAKER_01]: They suffer from cognitive issues, they suffer from feelings of inadequacy, they suffer from ability to form meaning for relationships and they suffer from chronic health issues.
34:05
[SPEAKER_01]: Right.
34:05
[SPEAKER_01]: I'll say it again, cognitive issues of the feelings of an adequacy for issues forming meaningful relationships and chronic health issues.
34:17
[SPEAKER_01]: Those are the four things that plague the African American community.
34:20
[SPEAKER_01]: It's relationship health.
34:22
[SPEAKER_01]: It's overcompensating.
34:24
[SPEAKER_01]: Right, because of feelings of inadequacy, right, as well as cognitive or mindset issues.
34:29
[SPEAKER_01]: Right.
34:30
[SPEAKER_01]: It's our response to that is why you find this where we are today, our response to that.
34:36
[SPEAKER_01]: So why do we buy things that make us feel better is because we're over compensating from the trauma, right, why is that important to us is because of that?
34:47
[SPEAKER_01]: Why do we struggle?
34:49
[SPEAKER_01]: In some times relationships, a lot of times it's a root cause of the financial stress that's been put into the household, right?
34:59
[SPEAKER_01]: That then creates issues with relationships, right?
35:03
[SPEAKER_01]: All of this stuff.
35:05
[SPEAKER_01]: is the root cause of it is financial trauma.
35:10
[SPEAKER_01]: And until we resolve that financial trauma, we're going to find ourselves in the same spot.
35:14
[SPEAKER_01]: That's why it doesn't make sense to talk about the fact that we like Louis Vuitton, Gucci and the whole nine yards, because if you understand where it comes from, then it doesn't make sense to criticize it.
35:23
[SPEAKER_01]: So people say, well, how do you fix it?
35:25
[SPEAKER_01]: How do you fix it?
35:26
[SPEAKER_01]: It is a disease of the mindset.
35:29
[SPEAKER_01]: All right, what is it's almost like a computer, CPU, right?
35:32
[SPEAKER_01]: The CPU is the brain of the computer.
35:34
[SPEAKER_01]: Right.
35:34
[SPEAKER_01]: If the brain of the computer had a virus in it, it's going to continue to operate from that perspective.
35:39
[SPEAKER_01]: Well, we've had a virus since 1619, and it's never been eradicated.
35:44
[SPEAKER_01]: Well, how do you do it?
35:45
[SPEAKER_01]: It's really mentorship.
35:47
[SPEAKER_01]: It's really surrounding itself around the right people that have the right mindset and learning from them.
35:53
[SPEAKER_01]: And so because of our inability to basically do that, we find ourselves in a situation where it kind of exaggerates itself within our own community.
36:02
[SPEAKER_01]: And now let's become cultural.
36:03
[SPEAKER_00]: Yeah.
36:04
[SPEAKER_01]: Let's become cultural.
36:06
[SPEAKER_01]: So I don't want to say that we're doomed, but the whole point is, is that the one thing that we need to make, we don't need more financial literacy, we don't need the way, we need the will, right?
36:15
[SPEAKER_01]: The willingness to make the sacrifices, the willingness to do what's necessary, the willingness to suffer, because when you're going through a change and, you know, from being a employee to a business, you're going to suffer.
36:27
[SPEAKER_01]: You can't shine like you used to, you can't go on trips like you used to, right?
36:33
[SPEAKER_01]: That's not fun, but you have to, those are the steps you have to take in order to basically make it.
36:39
[SPEAKER_01]: Yeah, and, or you could take outside capital, but if you take outside capital, loans on the whole night yards and your business can't support it, they end up taking your business.
36:47
[SPEAKER_04]: Right.
36:48
[SPEAKER_04]: And the thing about it too is like, what I, I would like to say, I, I see the way how things are now.
36:55
[SPEAKER_04]: Would you agree that things are getting way better?
36:57
[SPEAKER_04]: Like, you got it.
36:59
[SPEAKER_04]: I don't know.
36:59
[SPEAKER_04]: I mean, the racial well-cap really hasn't changed.
37:02
[SPEAKER_04]: Percent, I mean, statistically.
37:03
[SPEAKER_01]: Yeah, statistically, it hasn't changed.
37:05
[SPEAKER_01]: And I think that our economic power has not grown, right?
37:12
[SPEAKER_01]: It has not grown.
37:13
[SPEAKER_01]: And I think that one of the...
37:16
[SPEAKER_01]: one of the problems that we have is that, you know, we're not looking internal.
37:21
[SPEAKER_01]: It's like, you know, we're up to a close to $2 trillion in spending power.
37:25
[SPEAKER_01]: And so just think if we can harness that spending power, just think if we can turn 25% of that spending power into investment power.
37:32
[SPEAKER_02]: Yeah.
37:32
[SPEAKER_01]: You give it.
37:33
[SPEAKER_01]: I mean, and so things are getting more expensive.
37:35
[SPEAKER_01]: Right.
37:35
[SPEAKER_01]: You know, AI is taking more jobs, right?
37:38
[SPEAKER_01]: It's getting harder and harder to find
37:41
[SPEAKER_01]: Great entrepreneurial ideas, whether you're black or white or anything, because big money dominates.
37:47
[SPEAKER_01]: Right, it's hard to get scale, hard to get adoption.
37:50
[SPEAKER_01]: So it's kind of hard to say if we're better off.
37:53
[SPEAKER_01]: If you look at the statistics in 2018, there was a statistic that showed what the housing ownership rate was in 1965.
38:04
[SPEAKER_01]: What the job rate was in 1968 to 2018.
38:09
[SPEAKER_01]: What the job rate was from 1968 to 2018.
38:13
[SPEAKER_01]: And what the incarceration rate was.
38:15
[SPEAKER_01]: And based on those statistics, you know, for over about 50 years, there was, we were, we were further than we were back in 1965.
38:24
[SPEAKER_01]: Yeah.
38:25
[SPEAKER_01]: CNBC reported on that.
38:26
[SPEAKER_01]: My friend Frank Holland did.
38:28
[SPEAKER_01]: So I'm saying is, it's kind of hard to say.
38:30
[SPEAKER_01]: There's some things that are better.
38:32
[SPEAKER_01]: I think there's some things that are not so good.
38:34
[SPEAKER_01]: I think overall, our economic might and our ability to control our destiny, I think that, you know, we're not focused on the right things.
38:45
[SPEAKER_01]: Yeah, a few of us have kind of broken into that billion dollar high level area, but a good portion of our community just still lags behind.
38:53
[SPEAKER_03]: It kind of, I really like that breakdown of the financial trauma timeline.
38:58
[SPEAKER_03]: Because even me, you know, being young, you know,
39:02
[SPEAKER_03]: especially like during COVID pandemic times.
39:04
[SPEAKER_03]: Unfortunately, I was one of the people that was on the Louis Vuitton line, right?
39:07
[SPEAKER_03]: Trying to go spend money.
39:09
[SPEAKER_03]: And I didn't think none of it.
39:10
[SPEAKER_03]: It was just everything was pretty much just unconscious.
39:12
[SPEAKER_03]: It's like, you know, I need to wear this.
39:13
[SPEAKER_03]: I need to look like this.
39:15
[SPEAKER_03]: And then it wasn't until I looked inside.
39:17
[SPEAKER_03]: And I'm like, because I had a decent nine of five at the time.
39:22
[SPEAKER_03]: And then the more I kept spending my money on these things, it's like, I'm seeing more and more time I got to spend that work.
39:28
[SPEAKER_03]: Right?
39:28
[SPEAKER_03]: It's like,
39:29
[SPEAKER_03]: It started wearing it, it started making me feel like I'm basically paying what time.
39:35
[SPEAKER_02]: Yeah.
39:36
[SPEAKER_03]: So that's when my whole mindset shifted and I'm like, you know, I can't be doing this.
39:42
[SPEAKER_03]: I see the trap and then even seeing the guy become the richest man.
39:45
[SPEAKER_03]: on the earth surely after COVID because we made him that.
39:50
[SPEAKER_03]: Right.
39:51
[SPEAKER_03]: Right.
39:51
[SPEAKER_03]: So I think about how many younger people who unconsciously they grow in whether it's New York or wherever it is and they have the same mindset.
40:00
[SPEAKER_01]: The thing in
40:00
[SPEAKER_01]: is that in our community, like I said, it's cultural, we get attention for that.
40:05
[SPEAKER_01]: Right?
40:05
[SPEAKER_01]: We, they make us feel rich.
40:08
[SPEAKER_01]: Right?
40:08
[SPEAKER_01]: So when you're like, like I said, it's like, I like nice things too.
40:11
[SPEAKER_01]: I buy nice things.
40:13
[SPEAKER_01]: I mean, it's like, people look at you differently.
40:15
[SPEAKER_01]: They give you this feeling.
40:16
[SPEAKER_01]: And we like that feeling.
40:17
[SPEAKER_03]: Yeah.
40:18
[SPEAKER_01]: That's that overcompensation.
40:19
[SPEAKER_01]: That's that thing that we kind of, you kind of need that.
40:21
[SPEAKER_01]: And it's, it just is what it is.
40:24
[SPEAKER_01]: Right?
40:24
[SPEAKER_01]: Other cultures don't need it as much.
40:30
[SPEAKER_01]: But it's cultural in our community, and if we could fix that, right?
40:35
[SPEAKER_01]: If we could fix that, if you, because how we show up in the room is just too far important.
40:40
[SPEAKER_03]: Yeah.
40:41
[SPEAKER_01]: We've got to show up in the room, and we kind of want all eyes on me.
40:45
[SPEAKER_01]: Some people don't want it, but not everybody's that same way.
40:48
[SPEAKER_01]: I don't want to say that, I don't want to generalize everyone's that way.
40:50
[SPEAKER_01]: But a portion of us is like, when we show up in the room, we want to feel like,
40:56
[SPEAKER_01]: all eyes run us, all right.
40:57
[SPEAKER_01]: We cut it.
40:58
[SPEAKER_01]: There's a feeling of us that kind of needs that.
41:00
[SPEAKER_01]: And as long as that's there, as long as that feeling, as long as that need to show up in a particular way, or to be acknowledged in a particular, as long as that need is there, you're going to battle with building real well.
41:14
[SPEAKER_01]: Because that money that you're spending on those things, you need to put into your craft, and you need to put into your assets,
41:22
[SPEAKER_01]: Right, and I always say this thing's like, if you focus on building up your assets long enough, you know, you don't have to worry about being seen.
41:30
[SPEAKER_01]: People will be trying to find out who you are.
41:32
[SPEAKER_01]: Yeah, exactly what happened with Robert Smith.
41:34
[SPEAKER_01]: Right, you don't know what kind of you don't see Robert Smith traced in Louis Vuitton or Gucci or you came and tell who makes his suits.
41:42
[SPEAKER_01]: Like, it's custom.
41:44
[SPEAKER_01]: You don't know what kind of car he drives.
41:45
[SPEAKER_01]: You don't know what kind of plane he has.
41:48
[SPEAKER_01]: Right, you don't see any of that.
41:50
[SPEAKER_01]: All right, but you know, he's worth about 10 billion, you know, he owns this to equity partners, right?
41:57
[SPEAKER_01]: He only owns several software companies.
41:59
[SPEAKER_01]: So we have to get to the point where we can recalibrate what winning is.
42:04
[SPEAKER_01]: That doesn't mean that Robert is less competitive.
42:07
[SPEAKER_01]: or less arrogant or less cocky or want to be seen, he just wants to be seen in a different way.
42:13
[SPEAKER_01]: Yeah.
42:13
[SPEAKER_01]: I could say if we can redefine how we want to be seen, if want to be seen by the ownership of our assets.
42:19
[SPEAKER_01]: Yeah.
42:19
[SPEAKER_01]: By the level of our wealth.
42:22
[SPEAKER_01]: All right, now we've changed the game.
42:24
[SPEAKER_01]: Yeah.
42:24
[SPEAKER_01]: We completely changed the game.
42:26
[SPEAKER_04]: You know, it's crazy.
42:27
[SPEAKER_04]: We got a few friends where, you know, they got the flashy cars, they got the houses, they got the watches, like, it's like, you're like, I just don't even want to show it anymore, because it's like, and they just choose not to, and it's like, because it tracks the wrong kind of mindset.
42:45
[SPEAKER_04]: Like, no, we're not getting these real estate properties to go by that, we're getting the real estate properties to build wealth, good income, build more assets, things that aren't nature.
42:56
[SPEAKER_04]: So that's what I started real estate.
42:58
[SPEAKER_03]: Yeah, it's kind of like, well, Ramosa, like, um,
43:00
[SPEAKER_03]: He was like a friend of ours and he was like, you know, he used to just like that.
43:04
[SPEAKER_03]: He used to have the Lambo, take pictures and stuff like that.
43:07
[SPEAKER_03]: And he's just like, he got in the room all these white guys at a conference.
43:11
[SPEAKER_03]: He's like, he had the chain on and he almost wanted to tuck it in because he was hearing how much their portfolio was worth.
43:19
[SPEAKER_03]: And he's like, yo, some of them are looking like, you could buy a chain.
43:22
[SPEAKER_03]: I mean, you could buy a property with that, that you could put it down payment.
43:25
[SPEAKER_03]: So he said, he's after hearing that, he just said,
43:29
[SPEAKER_03]: down the back early and now he just suited up, changed his whole appearance and you know.
43:34
[SPEAKER_01]: The difference is like I said, some of the white guys, their self esteem is not tied to how they show up in the room.
43:41
[SPEAKER_01]: You get, I mean, so they'll just wear a comfortable suit and they'll look sharp and neat and they'll be comfortable with it, right?
43:48
[SPEAKER_01]: You look at even Indian guys.
43:50
[SPEAKER_01]: I got some business partners that are in here.
43:52
[SPEAKER_01]: They don't.
43:52
[SPEAKER_01]: They don't, they just, they don't define wealth in that way.
43:56
[SPEAKER_01]: But like I said, it is a cultural thing.
43:58
[SPEAKER_01]: And so what happens is, even when you don't come from it,
44:01
[SPEAKER_01]: It's like if you're surrounded by our people, you can find yourself kind of getting into that because that's what you see and you see how people respond to people who look nice and look fly and who looks, you see how they respond, you're like, I want them to respond to me in that way and because I want to feel that way, that's that overcompensation piece, right?
44:25
[SPEAKER_01]: That's that piece of trauma that has not been treated.
44:27
[SPEAKER_01]: When you treat that trauma,
44:29
[SPEAKER_01]: You're like, I don't care what they think.
44:30
[SPEAKER_01]: Because I know I got my account.
44:32
[SPEAKER_01]: I know what assets I have, right?
44:34
[SPEAKER_01]: That's true.
44:35
[SPEAKER_01]: I know I'm the richest guy among my friend.
44:38
[SPEAKER_01]: And that's all friends and that's all that matters.
44:40
[SPEAKER_01]: Yeah.
44:41
[SPEAKER_01]: Right.
44:42
[SPEAKER_03]: I want it to also bring up like a little story to grown up in New York.
44:48
[SPEAKER_03]: So New York has a New York is very diverse.
44:51
[SPEAKER_03]: But it's a small, I mean, it's a may probably take over
44:59
[SPEAKER_03]: Caucasian Jewish people in New York.
45:02
[SPEAKER_03]: And they basically won the entire city.
45:06
[SPEAKER_03]: And it was one time I finished playing basketball.
45:10
[SPEAKER_03]: And I was playing with a guy.
45:12
[SPEAKER_03]: I didn't even know he was actually like, like he was had a Jewish background.
45:17
[SPEAKER_03]: We were playing basketball.
45:18
[SPEAKER_03]: He ran out of breath.
45:20
[SPEAKER_03]: And then he walks off the court and is gone.
45:22
[SPEAKER_03]: Next minute, everybody's waiting for him.
45:24
[SPEAKER_03]: We leave.
45:26
[SPEAKER_03]: And as soon as we leave, I see him, he's getting medical attention, but he's getting medical attention from a Jewish doctor, for Jewish trucks, ambulance comes, private trucks, and I'm like, whoa, like, it kind of just felt like,
45:43
[SPEAKER_03]: a special treatment type of thing and they came very fast.
45:46
[SPEAKER_03]: Yeah.
45:46
[SPEAKER_03]: So over them, like, damn, I wish we could do something like that.
45:51
[SPEAKER_01]: It's interesting because if funny, you say that, because I live in my area part time, and I was, I have a Lamborghini too.
45:57
[SPEAKER_01]: I was taking my Lamborghini out, and I was getting gas right now, just in my condo.
46:01
[SPEAKER_01]: And there's this big EMT truck that came, and there's a Jewish guy.
46:04
[SPEAKER_01]: there to had some Jewish writing on the side he grew writing on the side and I was filling it up and he says, oh, how's the lambo?
46:10
[SPEAKER_01]: You know, as he was to say, how much that car cost?
46:12
[SPEAKER_01]: He was just asking that and we were just talking.
46:14
[SPEAKER_01]: So I was asking him about his EMT service and I found out that and in Miami and some of these communities, they have their own EMT for their community.
46:23
[SPEAKER_01]: Yep.
46:23
[SPEAKER_01]: Right.
46:24
[SPEAKER_01]: And what's so interesting, it's all volunteer and it's all by donation.
46:27
[SPEAKER_01]: Yes.
46:28
[SPEAKER_01]: Right, so it's funny you brought that up because I've run into that and they look at it as we're carrying for our community.
46:36
[SPEAKER_01]: Right.
46:36
[SPEAKER_01]: So I just think that, you know, African Americans, you know, we have that ability and the old school communities.
46:45
[SPEAKER_01]: That's how it was.
46:46
[SPEAKER_01]: And I think that we have the ability to do that.
46:49
[SPEAKER_01]: I mean, if you look at the population of Jews, it's less than what, 2%.
46:52
[SPEAKER_01]: The end they're wealth, but the majority of them are on the 4th or 100 lists.
46:58
[SPEAKER_01]: Right.
46:58
[SPEAKER_01]: So the whole point is that, you know, I think we could take a page out of that book.
47:03
[SPEAKER_01]: Yeah, definitely.
47:03
[SPEAKER_01]: Of course.
47:04
[SPEAKER_01]: Our struggle was definitely deeper with the over 40 years in slavery, but there is something to be said about that.
47:12
[SPEAKER_01]: Um, but if you, you know, but we've got to fix our families.
47:16
[SPEAKER_01]: Yeah, the reality is it's hard to have.
47:19
[SPEAKER_01]: the old black community wealth if our families are not working together.
47:24
[SPEAKER_01]: Whether they're married or whether they're not, we've got to be working together.
47:27
[SPEAKER_04]: Yeah, that's true.
47:28
[SPEAKER_04]: And I did wanna ask, you know, based off of the whole trauma, you know, timeline, when it comes to finances and things that we lack, how do we become like a better steward of our money?
47:42
[SPEAKER_04]: And I mean, like, hot light was like, what's some strategies you usually give people?
47:46
[SPEAKER_01]: The biggest thing is I can talk about this in my book because my book is about three things.
47:49
[SPEAKER_01]: It's about developing a millionaire mindset, which I call the offense.
47:53
[SPEAKER_01]: It's about adopting millionaire values, which I call the defense.
47:57
[SPEAKER_01]: People don't hear that often.
47:59
[SPEAKER_01]: They say defense wins championships.
48:01
[SPEAKER_01]: So the offense makes the money.
48:02
[SPEAKER_01]: The defense keeps it.
48:04
[SPEAKER_01]: Right.
48:05
[SPEAKER_01]: And then the third thing is making what I call a millionaire money moves.
48:07
[SPEAKER_01]: That's what you do with it.
48:08
[SPEAKER_01]: That's the playbook.
48:10
[SPEAKER_01]: And so how do we do that is that it all starts with the mindset.
48:13
[SPEAKER_01]: and the value set.
48:15
[SPEAKER_01]: You fix the mindset and the value set.
48:17
[SPEAKER_01]: Now you can be consistent, long enough, making what I call millionaire money moves.
48:22
[SPEAKER_01]: You could be consistently implementing a playbook that's going to get you rich for real.
48:27
[SPEAKER_01]: And becoming rich is not hard.
48:29
[SPEAKER_01]: It's just slow.
48:31
[SPEAKER_01]: But what happens is during that whole process, you're navigating the ups and downs of your mindset and your values set.
48:38
[SPEAKER_01]: You're fighting your spending, you're keeping yourself up there making as much money as possible so you could put more money to work through investing, right?
48:45
[SPEAKER_01]: That's the name of the game.
48:47
[SPEAKER_01]: And so a lot of it has to do with, you know, who you surround yourself with, right?
48:51
[SPEAKER_01]: You have to hang around people that are like-minded.
48:55
[SPEAKER_01]: You know, like I said, you can't hang out with shoppers and think that you're gonna be an investor.
48:59
[SPEAKER_01]: You just can't, all right, you can't hang out with people who love to travel, love to take social media pictures and show them being all over the world, think that that's going to get them money, you hang out with that, you're going to tend to spend the money that you need to really, really invest, and so I think that's the most important piece of it.
49:19
[SPEAKER_01]: We've got to invest like never before, we're behind the April.
49:24
[SPEAKER_01]: I find people I had, I had a guy call me that song, though, just, I mean, actually yesterday.
49:29
[SPEAKER_01]: Because he knows what I'm doing and he was at one of my groundbreaking ceremonies.
49:33
[SPEAKER_01]: And he says, and it was a weird text.
49:35
[SPEAKER_01]: He says, yeah, I want you to help me invest in the stock market.
49:38
[SPEAKER_01]: God was like, over 50 years old.
49:40
[SPEAKER_01]: Not only 60 years old.
49:41
[SPEAKER_01]: There's a good portion of us that are older that have not bought one-share of stock that has not been investing in the stock market.
49:49
[SPEAKER_01]: Right?
49:49
[SPEAKER_01]: There's no slide against them.
49:51
[SPEAKER_01]: They just need that mentorship.
49:53
[SPEAKER_01]: If they had the mentorship like I did, if they surrounded themselves around people, like I was, that would not be their reality.
50:00
[SPEAKER_01]: Right?
50:01
[SPEAKER_01]: They lean in and they get busy investing.
50:03
[SPEAKER_01]: And so that's what we have to do like never before.
50:08
[SPEAKER_04]: So what do you tell the like the 50 year old guy that's trying to, you know, get things in order?
50:12
[SPEAKER_04]: They're looking forward to retirement soon.
50:16
[SPEAKER_04]: Like, how can they get their money right?
50:19
[SPEAKER_01]: I think first that they have to understand the kind of money they need in retirement, the kind of income they need to in retirement, they need to assess the cash they have.
50:27
[SPEAKER_01]: How much is that going to be available for retirement?
50:30
[SPEAKER_01]: Potentially use the 4% rule for investing, which says that if you take all of your-
50:35
[SPEAKER_01]: Well, I call your freedom fund money, your 401k money, your available capital, it's investing the market averaging a 6% return, which the market is average about 10% over the past 15 years, it's average about 10% or more.
50:52
[SPEAKER_01]: You can take out 4%.
50:54
[SPEAKER_01]: a just for inflation, it will continue to potentially grow in the last year for 30 to 40 years.
50:59
[SPEAKER_01]: So you said, okay, I can take that 4% out.
51:01
[SPEAKER_01]: I could use that for a time.
51:03
[SPEAKER_01]: Now, what kind of social care do you have coming from social care?
51:07
[SPEAKER_01]: Do you have any pensions, right?
51:10
[SPEAKER_01]: And then, how could I augment that with owning some multifamilys?
51:14
[SPEAKER_01]: right, only some duplexes, threeplexes, fourplexes.
51:17
[SPEAKER_01]: How much more money can I put away?
51:19
[SPEAKER_01]: Right, it's like, you know, we've really got to be very frugal to put away enough money to do what we need to do.
51:26
[SPEAKER_01]: And that's the mindset thing that it's hard for people to adjust to because they feel like they're living a, they're not living a fabulous life.
51:35
[SPEAKER_01]: They feel like they're living a
51:37
[SPEAKER_01]: a life, you know, they're boying life by being frugal.
51:42
[SPEAKER_01]: Yeah.
51:42
[SPEAKER_01]: But they don't understand as frugal people are proud to be frugal.
51:45
[SPEAKER_01]: Yeah.
51:45
[SPEAKER_01]: And they don't fight their missing out on a thing.
51:47
[SPEAKER_01]: That's a fact.
51:48
[SPEAKER_01]: You know why?
51:49
[SPEAKER_01]: Because they know if they wanted it, they can go buy it.
51:51
[SPEAKER_04]: Yeah.
51:52
[SPEAKER_04]: That's so true.
51:53
[SPEAKER_04]: That's true.
51:53
[SPEAKER_04]: But I do want to jump into because I was watching some of your interviews.
51:58
[SPEAKER_04]: You know, I'm like,
51:59
[SPEAKER_04]: said you keep me like hundreds of millions of dollars and I'm sure things are probably not the easiest along your journey like have you ever considered bankruptcy like have you ever been in a situation where you almost had to foreclose on a property or even own the banks a whole lot of money to the point where it's like on beyond scared straight.
52:18
[SPEAKER_01]: Well I've had that situation when with Wells Fargo Bank
52:23
[SPEAKER_01]: $2,000, $2,000, $2,000, $2,000, $2,000, $2,000, $2,000, $2,000, $2,000, $2,000, $2,000, $2,000, $2,000, $2,000, $2,000, $2,000, $2,000, $2,000, $2,000, $2,000, $2,000, $2,000, $2,000, $2,000, $2,000, $2,000, $2,000, $2,000, $2,000, $2,000, $2,000, $2,000, $2,000, $2,000, $2,000, $2,000, $2,000, $2,000, $2,000, $2,000, $2,000, $2,000, $2,000, $2,000, $2,
52:39
[SPEAKER_01]: And so they were like, you know, I was like, I'm making my payments.
52:43
[SPEAKER_01]: I thought I was cool.
52:44
[SPEAKER_01]: But with lines of credits, if they don't like the direction of your financials, if you're showing red ink with no hope of it, you know, they pulled the line.
52:53
[SPEAKER_01]: Me and the line is like, it's available for you to use the cash flow or to pay for payroll.
52:58
[SPEAKER_01]: But it's got to be paid back.
53:00
[SPEAKER_01]: You know, every 12 months, it's got to have a zero balance.
53:02
[SPEAKER_01]: If they don't see it coming, they're going to say, we're pulling the line, which means you got to give me a half million dollars today.
53:07
[SPEAKER_01]: I was like, well, obviously, I don't have a half a million dollars today, right?
53:11
[SPEAKER_01]: So what they wanted to do was they wanted, so they didn't have a personal guarantee, so they couldn't go out to my house or any personal assets.
53:20
[SPEAKER_01]: So they're going after my business assets.
53:21
[SPEAKER_01]: They're going to take my computers, my desk, my furniture, all that stuff, they were going to take out, which means I didn't have any business at that time, because we have no computers.
53:30
[SPEAKER_01]: So I had to sign a personal guarantee to get them to stay and then come up with an agreement, to pay them over time at a crazy high interest rate.
53:38
[SPEAKER_01]: So that was kind of a low point in my career.
53:42
[SPEAKER_01]: Those are the two lowest years I had where I lost money in the business but I just kind of put my head down and just kind of just put my head down, close my eyes and just kept working.
53:54
[SPEAKER_01]: And it was a time also when I was going through a divorce from my son's mom and I had a house up in Oakland Hills.
54:00
[SPEAKER_01]: and end up selling that house.
54:03
[SPEAKER_01]: I had loads of equity in it.
54:05
[SPEAKER_01]: So I was able to pay her out, pay back a little bit to Wells Fargo Bank, but I always kept savings.
54:12
[SPEAKER_01]: I always had money saved.
54:13
[SPEAKER_01]: And that's the so, they say, save money because it's gonna save you one day.
54:17
[SPEAKER_01]: So because I had savings, I lived out of my savings for an entire year.
54:20
[SPEAKER_01]: at the same time I was able to make my mortgages.
54:23
[SPEAKER_01]: I had three properties at the time.
54:25
[SPEAKER_01]: So I was able to keep my mortgages up while I was trying to work myself through it.
54:29
[SPEAKER_01]: And boy, I just worked my butt off, worked every relationship I could, you know, found the business opportunities and it worked.
54:36
[SPEAKER_01]: But, you know, there was no guarantee.
54:38
[SPEAKER_02]: Yeah.
54:38
[SPEAKER_01]: It was no guarantee, so that was one of those times, that was probably the worst time in my entire career that happens.
54:46
[SPEAKER_01]: It happens to everybody.
54:48
[SPEAKER_01]: It potentially happens to everybody, but it makes you a better entrepreneur.
54:51
[SPEAKER_01]: Because since then, I've never even came close to that, I'm always, I always keep myself in a position that I can handle my financial situation.
54:59
[SPEAKER_01]: So I don't get too risky and get too ahead of my ski, so to speak.
55:03
[SPEAKER_03]: I want to jump into the real estate side of things.
55:05
[SPEAKER_03]: Definitely, you know, that's something that I want us to touch on.
55:08
[SPEAKER_03]: So you went from condo to now, ped off buildings.
55:15
[SPEAKER_03]: What was kind of like?
55:17
[SPEAKER_03]: Like when did you realize that real estate was that vehicle to wealth to really like generating wealth?
55:24
[SPEAKER_01]: I knew it like since college.
55:25
[SPEAKER_01]: I was reading a lot of books on personal finance, which really inspired me to write the book, because there was just things that were missing of all the books I read, and what was missing was that, they just jumped into acquiring these assets.
55:37
[SPEAKER_01]: They didn't show you, how do I go from a paycheck?
55:40
[SPEAKER_01]: to basically get into millions.
55:42
[SPEAKER_01]: And so my book really takes a person down from, what do you do with that paycheck and how do you basically manage that paycheck to eventually get yourself to where your own assets that will make you a millionaire?
55:53
[SPEAKER_01]: So, you know, so the real estate was always something that I read about.
56:00
[SPEAKER_01]: My mentors were in to real estate.
56:02
[SPEAKER_01]: They had apartment buildings.
56:03
[SPEAKER_01]: They owned commercial office buildings.
56:06
[SPEAKER_01]: And so I was around that and it just made sense.
56:10
[SPEAKER_01]: So coming out of college, I couldn't wait to start doing it.
56:12
[SPEAKER_01]: So I bought my first condo right out of college.
56:15
[SPEAKER_01]: And by the time I was 38, I bought my first multi-family in Jersey City.
56:21
[SPEAKER_01]: And then that same year, I bought my second multi-family down in Washington, D.C. And then a year later, I bought an office building.
56:30
[SPEAKER_01]: And after that, I bought another multi-family up in Jersey City with my dad, I bought some medical office buildings,
56:38
[SPEAKER_01]: a recent 16,000-square-foot medical office building them about to redo reconstruction on.
56:43
[SPEAKER_01]: So I just kept buying real estate because it worked.
56:46
[SPEAKER_01]: But the funny thing about real estate, and I heard this guy on social media, and he did a great job talking about how I bought real estate but I still feel poor, right?
56:53
[SPEAKER_01]: Because it's cash flow, it really demands a lot of cash flow.
56:58
[SPEAKER_01]: Meaning that things break and you're not making so much requires a lot of cash reserves.
57:05
[SPEAKER_01]: Things break.
57:06
[SPEAKER_01]: They require you to put cash in and sometimes the cash that you're making goes right back into the property.
57:12
[SPEAKER_01]: Yeah.
57:12
[SPEAKER_01]: And one thing I'd try to tell people, it's going to take you five to seven years to stabilize this thing.
57:17
[SPEAKER_01]: Unless you're buying over a hundred units, which says a lot more cash flow there and you have a reasonable amount of vacancies, not too many vacancies, it's going to take a while to stabilize this process or stabilize this real estate.
57:30
[SPEAKER_01]: A lot of people quit too early because they're like, man, this is this is not working.
57:35
[SPEAKER_01]: I was telling him about a friend of mine from CNBC, he's like, he was buying properties in Philly.
57:40
[SPEAKER_01]: It's like, Senator, I don't want to do this to him, where this is, there's not work and I was like, he'd got to hang in there.
57:44
[SPEAKER_01]: Because now I look, my properties in Jersey City.
57:46
[SPEAKER_01]: I had 20 year mortgages.
57:48
[SPEAKER_01]: They're paid for.
57:49
[SPEAKER_01]: So if a tenant,
57:51
[SPEAKER_01]: doesn't pay me and I need to evict them.
57:53
[SPEAKER_01]: I just evict them and just kind of rid it up again.
57:55
[SPEAKER_01]: And increase the rent.
57:56
[SPEAKER_01]: So you get to that point.
57:58
[SPEAKER_01]: So real estate is a long-term game.
58:00
[SPEAKER_01]: It is not one of those things.
58:01
[SPEAKER_01]: It's a short-term game if you can afford to buy 100, 200 units or more.
58:06
[SPEAKER_01]: but it is a long-term game.
58:07
[SPEAKER_01]: And a lot of times when you invest it, you feel like, man, I just bought myself some more work because now I gotta go.
58:12
[SPEAKER_01]: I've never done it.
58:13
[SPEAKER_01]: I gotta go get your tenants.
58:14
[SPEAKER_01]: I gotta deal with more people that have issues, but it's with anything you've gotta hang in there.
58:20
[SPEAKER_01]: You've gotta stick to it.
58:21
[SPEAKER_01]: You gotta keep at it.
58:22
[SPEAKER_01]: You gotta go through the ups and downs.
58:24
[SPEAKER_01]: You gotta grind through it.
58:26
[SPEAKER_01]: And when you grind through it and you get to the other side, that's when it gets sweet, right?
58:32
[SPEAKER_01]: That's when you're like an easy street, right?
58:35
[SPEAKER_01]: But you have to understand that's the cost of admission to the millionaires club.
58:40
[SPEAKER_03]: Sorry to break this amazing episode.
58:42
[SPEAKER_03]: I just have to let you guys know.
58:44
[SPEAKER_03]: Best tool for marketing in 2025 is podcasting.
58:47
[SPEAKER_03]: Listen, it transformed our lives across all platforms.
58:50
[SPEAKER_03]: We was able to hate 15 million plus people.
58:53
[SPEAKER_03]: Imagine what it did for our business to mention.
58:56
[SPEAKER_03]: We also have some notable likes just through podcasting.
58:59
[SPEAKER_03]: People like you same boat, the way in Wade, Kevin Garnet, Steven A. Smith,
59:05
[SPEAKER_04]: Queen Latifa, but more importantly, having engagement by your dream clients is probably the most important thing that will move the needle for you and your business.
59:14
[SPEAKER_04]: So what we want to teach you is exactly how to go out and start creating an amazing content that will find your dream audience to go ahead and start paying you for your products and your services.
59:24
[SPEAKER_04]: If you want to be able to learn exactly how to build up an audience and build up a brand online,
59:29
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59:34
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59:37
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59:45
[SPEAKER_04]: Go ahead and click the link down below and I'm going to see you guys in that next master class.
59:49
[SPEAKER_03]: Let me just add two because at one point, two is like,
59:53
[SPEAKER_03]: you mentioned, you said that most of your business is paid off.
59:56
[SPEAKER_03]: So with all the things that go on because, you know, real estate always has a cycle, you know, things go up and down, like with all the things that went on pretty much from, whether it was 1990 to 2008, what was like your mindset?
1:00:12
[SPEAKER_03]: during that period where things were going left.
1:00:15
[SPEAKER_03]: And like, like, did you want to sell the property?
1:00:18
[SPEAKER_01]: No, I love that.
1:00:20
[SPEAKER_01]: I've read it just so many people.
1:00:21
[SPEAKER_01]: I'm sorry to interrupt you.
1:00:22
[SPEAKER_01]: I've read it just so many people that in 2008, the housing crash, they were like, they were running for the hills.
1:00:28
[SPEAKER_01]: But they had single family homes.
1:00:30
[SPEAKER_01]: Right, so a lot of people had single family homes and they had subprime loans.
1:00:36
[SPEAKER_01]: And that was financial trauma in 2008, because a lot of the banks, several of the banks, were putting African Americans in subprime loans when they qualified for conforming ones.
1:00:49
[SPEAKER_01]: They had the credit score and they had the background where they could have gotten regular loans, but they got these interest-only subprime loans that ended up ballooning on them and causing them to foreclose on those properties.
1:01:00
[SPEAKER_01]: right so that's just that's where what you guys are doing and what a lot of podcasts are doing around educating our people and even what I was doing in terms of writing my book is to empower our people so that we understand the money game so that we can demand the best loans.
1:01:17
[SPEAKER_01]: at the best interest rates and not accept the first loan that we get and shop it around.
1:01:22
[SPEAKER_01]: Just like I talked to you about to do this building and I'm balling the money off my own securities because I had three loan offers from three banks and I didn't like any one of them.
1:01:31
[SPEAKER_01]: I was like I should be able to get a better loan for me guys and if you're not going to be a better loan I'll just leverage my own cash to get the deal done.
1:01:38
[SPEAKER_01]: Right.
1:01:38
[SPEAKER_01]: And let you finance it on the background.
1:01:40
[SPEAKER_01]: I'm not going to pay you on the back of them.
1:01:42
[SPEAKER_01]: I'm not going to pay you fees and all that to borrow when I am a
1:01:46
[SPEAKER_01]: very, very credible customer, yeah, I'm a very credible customer.
1:01:51
[SPEAKER_01]: So we have to be bold in our knowledge and our understanding and in our position financially so we can go to the bank and demand the best, right?
1:02:02
[SPEAKER_01]: Because we deserve the best if you're taking care of your business.
1:02:06
[SPEAKER_01]: And so all that has to do with is preparing yourself and being patient and being disciplined and being
1:02:12
[SPEAKER_01]: and building up your financial situation, right?
1:02:15
[SPEAKER_01]: And not being over-leveraged just because it's exciting, being wise and being in take your time, making wise choices.
1:02:22
[SPEAKER_04]: Yeah.
1:02:22
[SPEAKER_04]: And then also too, you know, you've been in business for the past 30 plus years, at this point, you know, you've seen almost everything, like the pandemic in 2019.
1:02:33
[SPEAKER_04]: to 2022, just about the 2008 crisis.
1:02:39
[SPEAKER_04]: I don't know if there is any others, but like, how did you survive these?
1:02:43
[SPEAKER_01]: It was easy.
1:02:44
[SPEAKER_01]: Because depression.
1:02:45
[SPEAKER_01]: You had apartments there during 2008.
1:02:48
[SPEAKER_01]: It didn't affect the apartments at all.
1:02:51
[SPEAKER_01]: At all, zero.
1:02:52
[SPEAKER_01]: It really only affect people who had subprime loans and people who were, you know, because the housing values were going down, apartment values didn't go down.
1:03:01
[SPEAKER_01]: And that's another thing is that I teach a class on, and if I'm gonna speak it, EYL this year, I'm hoping to speak on,
1:03:09
[SPEAKER_01]: understanding cap rate how to evaluate real estate, you know, commercial real estate and residential real estate and no one to buy and no one to walk.
1:03:17
[SPEAKER_01]: When you buy right, when you buy the properties right, you're not worried about downturns because because commercial real estate and multi-family real estate, it's valued based on its cap rate.
1:03:28
[SPEAKER_01]: It's not valued based on the appraisal values or like the comparable values like houses.
1:03:34
[SPEAKER_01]: If the whole neighborhood goes down in a neighborhood where there are a bunch of houses, the value of the house goes down.
1:03:40
[SPEAKER_01]: That doesn't happen with apartment houses because you're buying it because of the power of the income that it generates.
1:03:47
[SPEAKER_01]: When people are buying an apartment building, they're buying the income stream.
1:03:51
[SPEAKER_01]: Right?
1:03:51
[SPEAKER_01]: And so if the rents are reasonable and they're fairly stable, the value of that property stays the same and it goes up if you're getting your rent increases because your net operating income goes up.
1:04:01
[SPEAKER_01]: and based on that cap rate, it grows the value of the property.
1:04:04
[SPEAKER_01]: So that's why, as opposed to buying, the old school cats would buy 50 homes.
1:04:11
[SPEAKER_01]: I'm like, give me a 50 unit apartment building.
1:04:13
[SPEAKER_01]: You got any better accountable.
1:04:15
[SPEAKER_01]: All right, that was 50 homes.
1:04:17
[SPEAKER_01]: But if that whole neighborhood goes down, now the value of those homes go down.
1:04:21
[SPEAKER_03]: Yeah, it makes sense.
1:04:22
[SPEAKER_03]: So, how do you feel about people saying that the real estate market is probably going to get tapped out, so like, how do you think people can still have that opportunity to go ahead and invest in real estate?
1:04:35
[SPEAKER_03]: How do you define tapped out?
1:04:36
[SPEAKER_03]: What do you mean by, for example, some people are saying that the houses are getting really expensive.
1:04:43
[SPEAKER_03]: Some people might even have to go and whether they partnered up with somebody and like, hey, we got to buy this property.
1:04:49
[SPEAKER_03]: You have this multi-family or so, or some people might end up having a save a whole ton of money.
1:04:54
[SPEAKER_03]: Right.
1:04:55
[SPEAKER_03]: These big companies are buying a lot of real estate.
1:04:58
[SPEAKER_03]: They're owning it and they're just faking, but they're just owning it.
1:05:01
[SPEAKER_03]: So now they're just having good.
1:05:03
[SPEAKER_03]: Yeah, just having good.
1:05:04
[SPEAKER_03]: Where do you, what direction do you see the real estate market going into?
1:05:07
[SPEAKER_03]: Do you think that people can still invest or there's always opportunities to invest?
1:05:11
[SPEAKER_01]: You know, sometimes you might have to find other markets outside of your existing market, right?
1:05:18
[SPEAKER_01]: And so I always, I wrote in my book about, you know, the
1:05:21
[SPEAKER_01]: Three things are three or four things you look for when you buy a piece of property.
1:05:24
[SPEAKER_01]: This is how I bought Jersey City.
1:05:25
[SPEAKER_01]: I was living in Jersey City in an apartment because I was consulting and the client was paying for it.
1:05:30
[SPEAKER_01]: But you see, they put a light rail system in there.
1:05:33
[SPEAKER_01]: It's like, oh, transportation, right?
1:05:35
[SPEAKER_01]: Then you saw after 9 to 11.
1:05:39
[SPEAKER_01]: I was in New York, future as you do in 9 to 11.
1:05:41
[SPEAKER_01]: I was going back for California.
1:05:43
[SPEAKER_01]: Were you guys there?
1:05:44
[SPEAKER_01]: at 2 9 11.
1:05:45
[SPEAKER_04]: I was just about a year old.
1:05:48
[SPEAKER_01]: But you're okay.
1:05:49
[SPEAKER_01]: So after 9 11, a lot of the companies after the World Trade Center was crashed into by the planes, they set up back offices in Jersey City.
1:06:01
[SPEAKER_01]: So they set up like their IT operations for Goldman Sachs and all those people, it moved over to Jersey City on the waterfront, I lived right around the quarter from there.
1:06:10
[SPEAKER_01]: So now all these jobs are going in Jersey City.
1:06:13
[SPEAKER_01]: Right.
1:06:14
[SPEAKER_01]: So the second thing you look for is jobs.
1:06:16
[SPEAKER_01]: There's an influx in jobs in that area, right, where people want to be.
1:06:20
[SPEAKER_01]: The other thing is also over there, that's across the water, right?
1:06:24
[SPEAKER_01]: It's on the water.
1:06:25
[SPEAKER_01]: Everybody always wants to be around the water.
1:06:27
[SPEAKER_01]: Statue.
1:06:28
[SPEAKER_01]: Let me.
1:06:28
[SPEAKER_01]: Statue of Liberty, Jersey.
1:06:29
[SPEAKER_01]: Just right across from Walsphy.
1:06:31
[SPEAKER_01]: Would Jersey sit in the, like, on the things it.
1:06:33
[SPEAKER_01]: OK, so I'm saying, so there's a lot of, there's a coastal there right off the Hudson River right there.
1:06:39
[SPEAKER_02]: Yeah.
1:06:39
[SPEAKER_01]: So that whole waterfront and Jersey have you guys been up there?
1:06:43
[SPEAKER_01]: It's all built up, right?
1:06:44
[SPEAKER_01]: Yeah.
1:06:44
[SPEAKER_01]: Everybody wants to be by the water.
1:06:46
[SPEAKER_01]: Right.
1:06:46
[SPEAKER_01]: And it's also a walkable city.
1:06:48
[SPEAKER_01]: All right, so you can walk and ride bikes all throughout Jersey City.
1:06:51
[SPEAKER_01]: So that's a, this place is, it's not a matter of if it's a matter of when, right?
1:06:56
[SPEAKER_01]: So this is like back in 2001.
1:06:59
[SPEAKER_01]: Right, so I started buying my places in 2003 because I said, this city's about to blow up.
1:07:05
[SPEAKER_01]: And look at Jersey City now.
1:07:06
[SPEAKER_01]: Yeah, touch Jersey City.
1:07:08
[SPEAKER_01]: Yeah, right.
1:07:09
[SPEAKER_01]: I get people ask me, cash offers.
1:07:11
[SPEAKER_01]: The Jewish guys want to throw money at me to buy my buildings.
1:07:14
[SPEAKER_01]: I was like, it's not for sale.
1:07:16
[SPEAKER_01]: Yeah.
1:07:16
[SPEAKER_01]: This is going to my great great great great great great grand children, right?
1:07:20
[SPEAKER_01]: And their grand children, right?
1:07:21
[SPEAKER_01]: This is staying in the family.
1:07:23
[SPEAKER_01]: So the whole point is is that
1:07:26
[SPEAKER_01]: And real estate always looks expensive today, right?
1:07:31
[SPEAKER_01]: But 10 years later, it looks cheap, right?
1:07:34
[SPEAKER_01]: So you got to, it's about time.
1:07:36
[SPEAKER_01]: All right, we've been talking, it's about time.
1:07:38
[SPEAKER_01]: It's like they say in stocks, it's not about time, timing the market is about time in the market.
1:07:43
[SPEAKER_01]: So the whole point is it's like it looks expensive now.
1:07:46
[SPEAKER_01]: It's only going to get more expensive.
1:07:48
[SPEAKER_01]: And 10 years later, you get 10 years later, you're going to say, wow, I wish I would have bought.
1:07:52
[SPEAKER_01]: All right, so you save your money, you prepare yourself, you buy in quality areas, quality neighborhoods, your neighborhoods that you believe are going to pop.
1:08:01
[SPEAKER_01]: And you hold on, are you hanging there?
1:08:03
[SPEAKER_01]: How old are you?
1:08:04
[SPEAKER_04]: How about group economics?
1:08:05
[SPEAKER_04]: Like, is that some, like, you know,
1:08:07
[SPEAKER_04]: you recommend to start off because we had, you know, a guest on our show, he's like, you know, he doesn't like a lot of family investing so like you do suit suits one person and we'll get the money.
1:08:18
[SPEAKER_04]: They'll take it and go buy their first property.
1:08:20
[SPEAKER_01]: Exactly.
1:08:21
[SPEAKER_04]: They'll do this, they'll do that.
1:08:23
[SPEAKER_01]: I believe it, but in a different fashion, they're called syndications, real estate syndications.
1:08:27
[SPEAKER_01]: I'm involved with a syndication group, we own 14,000 apartment doors, and it's all written to paperwork, to creating LLCs with limited partners, and limited partners put in about a 100,000 per deal.
1:08:39
[SPEAKER_01]: and and we need to do more of that.
1:08:43
[SPEAKER_01]: And in fact, you know, I'm going to go meet with the pastor of a church saying that our black churches should be doing syndications.
1:08:49
[SPEAKER_01]: We build schools.
1:08:51
[SPEAKER_01]: We build housing complexes.
1:08:53
[SPEAKER_01]: We create credit unions all off of money that has been given to the church in terms of who ties an offering offerings.
1:09:00
[SPEAKER_01]: why not and we trust the church right as a steward of bandage our money why not create a syndication to the church allow members to invest in it and inspire other members to grow their money to invest in it as well.
1:09:13
[SPEAKER_01]: Like the syndications admin we get a 6% preferred return
1:09:16
[SPEAKER_01]: for the first five years, and then once they sell the property, you should get another average of six percent, so you end up with about a 15, 12 to 15 percent annualized return over five years.
1:09:27
[SPEAKER_01]: That's better than what you're going to get.
1:09:29
[SPEAKER_01]: In a lot of places, it's better than the stock market.
1:09:32
[SPEAKER_01]: Right.
1:09:32
[SPEAKER_01]: You get what I mean?
1:09:33
[SPEAKER_01]: So the whole point is we need to create these, and that's for the Jewish community, famously do often do their synagogues.
1:09:39
[SPEAKER_01]: They create these syndications.
1:09:41
[SPEAKER_01]: They pull money together.
1:09:43
[SPEAKER_01]: and they invest together.
1:09:44
[SPEAKER_01]: That is the solution for turning our community around.
1:09:48
[SPEAKER_01]: Yeah.
1:09:49
[SPEAKER_01]: We got to invest.
1:09:50
[SPEAKER_01]: We got to learn how to invest together.
1:09:52
[SPEAKER_01]: We've got to accept the fact that we are all we got.
1:09:55
[SPEAKER_01]: The good news is, we're all we need.
1:09:59
[SPEAKER_03]: Another part that I do want to talk about is, because you mentioned, you said the banks were like the biggest gangsters, so the credit side of things, you know, most young people, when they hear credit, you know, they think it's just for just buying stuff, right?
1:10:14
[SPEAKER_03]: So what's the difference between somebody who,
1:10:18
[SPEAKER_03]: uses credit to look rich versus somebody who uses it to actually, like, be rich, generate wealth.
1:10:25
[SPEAKER_01]: All right, this will, I talk about this in my book.
1:10:27
[SPEAKER_01]: There's a difference between bad debt and good debt.
1:10:30
[SPEAKER_01]: See, bad debt is debt tied to things that hold no value and don't appreciate.
1:10:37
[SPEAKER_01]: So, debt associated with shopping, traveling, debt associated to furniture, because furniture goes down and value, right?
1:10:43
[SPEAKER_01]: Debt associated with cars that are not rare that don't go up and value, that's bad debt.
1:10:48
[SPEAKER_01]: You want to have as little bad debt as possible.
1:10:51
[SPEAKER_01]: Now, good debt is debt associated to things that hold value and appreciate.
1:10:56
[SPEAKER_01]: That's data-associated with owning a house, data-associated with an apartment building, data-associated with a business, even data-associated with a student loan.
1:11:06
[SPEAKER_01]: That's good debt.
1:11:08
[SPEAKER_01]: Why?
1:11:08
[SPEAKER_01]: Because if you have a college degree, you know, that you tend to make more money than if you don't.
1:11:14
[SPEAKER_01]: So it's tied to more income.
1:11:16
[SPEAKER_01]: right so that's the name of the game is like minimize your bad debt and so I carry zero bad debt I have for some time I pretty much don't have much good debt I've only down to like three properties that I have mortgages on and they'll paid for in 2030 so I only got four more years and two of them were paid for but my grandmother's house you know I think I have a third year mortgage on that I probably have another 20 years on that one.
1:11:43
[SPEAKER_01]: But I'm a little over the top on having no debt.
1:11:49
[SPEAKER_01]: I didn't rush to pay them off.
1:11:51
[SPEAKER_01]: They just paid off in time.
1:11:52
[SPEAKER_01]: And I didn't go buy bigger units, because I didn't want to buy more work.
1:11:56
[SPEAKER_01]: But that mindset came from work with my German partners.
1:11:58
[SPEAKER_01]: They did no debt, man.
1:11:59
[SPEAKER_01]: They paid their houses off, their cars off, everything.
1:12:02
[SPEAKER_01]: I saw that.
1:12:03
[SPEAKER_01]: I saw them doing this and how carefree their life was.
1:12:06
[SPEAKER_01]: And I started adopting that, man.
1:12:12
[SPEAKER_01]: All right, everything.
1:12:14
[SPEAKER_04]: It allows you to have that comfort.
1:12:17
[SPEAKER_04]: Yeah, I mean, yes.
1:12:18
[SPEAKER_04]: Like you can sleep well at night.
1:12:20
[SPEAKER_04]: Knowing that you have as minimum expenses as possible.
1:12:26
[SPEAKER_01]: All right.
1:12:26
[SPEAKER_01]: Why do you pay off?
1:12:27
[SPEAKER_01]: You don't you wouldn't be better to take the loan than like a two or three percent in the investor cash lawyer.
1:12:34
[SPEAKER_01]: Let's say that it would be better.
1:12:36
[SPEAKER_01]: But if you've been able to stack cash to,
1:12:38
[SPEAKER_01]: Right?
1:12:39
[SPEAKER_01]: So if you're able to stack cash in the market and continue to grow at a significant level and still have no debt, it's like, why do I need to basically carry on debt?
1:12:49
[SPEAKER_01]: Why do I need to pay them interest?
1:12:51
[SPEAKER_02]: Right.
1:12:51
[SPEAKER_01]: You get what I mean?
1:12:53
[SPEAKER_01]: So, but if you can't do that, then of course, you know, you know, keep investing and, and, and, and, and,
1:13:00
[SPEAKER_01]: continue to grow your good debt.
1:13:02
[SPEAKER_01]: But like I said, I'm about to do a project where I will take out a $5 million loan against my securities to actually, uh, to do this, but it's a, it's a real estate project.
1:13:14
[SPEAKER_01]: It's going to generate significant income.
1:13:15
[SPEAKER_01]: It's going to service the death with no problem.
1:13:18
[SPEAKER_01]: And I'll let that thing pay for 25 years.
1:13:20
[SPEAKER_01]: Hmm.
1:13:20
[SPEAKER_01]: All right.
1:13:21
[SPEAKER_01]: So as far as, as far as, like,
1:13:23
[SPEAKER_03]: where you keep most of your money like because banks, everybody knows banks is like they typically give people that that zero point one interest rate.
1:13:31
[SPEAKER_03]: You know, high yields, you might get what three, four percent.
1:13:34
[SPEAKER_03]: So how do you kind of like?
1:13:37
[SPEAKER_03]: keep your money.
1:13:38
[SPEAKER_01]: We'll keep it working man.
1:13:39
[SPEAKER_01]: So either it's at high yield, same as accounts, getting like three, three and a half percent interest.
1:13:45
[SPEAKER_01]: If you, you know, so that this is cash that you want available if you want to do something.
1:13:49
[SPEAKER_01]: But the rest, you keep it in the market.
1:13:51
[SPEAKER_01]: Did you hear me?
1:13:52
[SPEAKER_01]: 150 years, 9.38 percent compounded growth in the stock market.
1:13:57
[SPEAKER_01]: You can buy the S&P 500 for the past 150 years or your money would have doubled every five years.
1:14:05
[SPEAKER_01]: You give them.
1:14:06
[SPEAKER_01]: So the whole point is, is I trust the market, I trust American companies, just like Warren Buffett does and he's got way more money than I do, he's got way more, he's got billions of dollars in the market.
1:14:18
[SPEAKER_01]: I teach a class I'd had invest in the stock market and win, we're afraid to put a thousand or two thousand and a five thousand.
1:14:25
[SPEAKER_01]: This dude's got like billions in the market and quality stuff, quality companies, companies that are unlikely to fail, they can fail, but you think Coke Cole's going to fail?
1:14:36
[SPEAKER_01]: No, let another product come out.
1:14:39
[SPEAKER_01]: What are they going to do?
1:14:40
[SPEAKER_01]: Yeah, buy them.
1:14:41
[SPEAKER_01]: They're gonna beat you or they're gonna buy you one of the other, but they're not gonna lose Yeah, yeah, yeah, yeah, so who wouldn't want to be on that team?
1:14:49
[SPEAKER_01]: All right, that's like being on Chicago Bulls team doing Michael Jordan's there.
1:14:53
[SPEAKER_01]: It's like, who'd team you gonna play for if you want to ring?
1:14:56
[SPEAKER_01]: If you want to win, you gotta be, yeah, exactly.
1:14:58
[SPEAKER_01]: What team you ought to be if you want to win?
1:15:00
[SPEAKER_01]: Right.
1:15:01
[SPEAKER_01]: You ought to be on Coca-Cola's team, right?
1:15:03
[SPEAKER_01]: Yeah.
1:15:03
[SPEAKER_01]: You ought to be on Apple's team, right?
1:15:05
[SPEAKER_01]: You ought to be on freaking Walmart, just killing it.
1:15:09
[SPEAKER_01]: Their stock is killing it.
1:15:10
[SPEAKER_01]: Even...
1:15:11
[SPEAKER_01]: You know, during these really, really difficult times.
1:15:14
[SPEAKER_01]: I mean, you want to be on a Johnson and Johnson.
1:15:18
[SPEAKER_01]: They had a big hit because of the whole baby powered thing.
1:15:21
[SPEAKER_01]: Their stock is jumped up like you wouldn't believe, right?
1:15:24
[SPEAKER_01]: And they're giving you dividends.
1:15:26
[SPEAKER_01]: It's like, why are we not playing the game that's out here that we can all win on?
1:15:31
[SPEAKER_01]: Great.
1:15:31
[SPEAKER_01]: There's no racism in the stock market.
1:15:33
[SPEAKER_04]: No.
1:15:34
[SPEAKER_04]: Yeah.
1:15:34
[SPEAKER_01]: Zero.
1:15:35
[SPEAKER_04]: I do want to actually, too, one last thing, I know you mentioned, like, like, in some of your previous podcasts, you said, like, a portion of your paycheck, you should always be investing into it, you know, investing in somewhere, like, what's some of those top five things that people should invest in their money and, I mean, investing their money in after they're getting paid.
1:15:57
[SPEAKER_01]: Yeah.
1:15:57
[SPEAKER_01]: I mean, first of all, you know, they should open up a,
1:16:02
[SPEAKER_01]: investment account takes no money to open an investment account.
1:16:05
[SPEAKER_01]: Like you charge water.
1:16:06
[SPEAKER_01]: Like a charge water account like Robin Hood like Vangard or like Fidelity.
1:16:13
[SPEAKER_01]: They should have an account everybody should have that account.
1:16:16
[SPEAKER_01]: Right?
1:16:16
[SPEAKER_01]: And Charles Schwab has a program if you put $50 in there they'll match it and they'll give you a slice of the S&P 500.
1:16:22
[SPEAKER_01]: You can buy a slice of a stock.
1:16:24
[SPEAKER_01]: So I think that they should take you know a portion of their salary.
1:16:29
[SPEAKER_01]: and invest it every single month, do a thing they call dollar costs averaging.
1:16:33
[SPEAKER_01]: Schwab also has this auto investing thing where you can invest in it index funds.
1:16:37
[SPEAKER_01]: And index funds are a pool of funds.
1:16:41
[SPEAKER_01]: There's several index funds that follow like the S&P 500.
1:16:45
[SPEAKER_01]: There's the index fund that traces the leading AI companies.
1:16:49
[SPEAKER_01]: You can invest in all of them, not just one, the leading AI companies.
1:16:54
[SPEAKER_01]: But Schwab also has a thing where it's auto mad.
1:16:59
[SPEAKER_01]: They will automatically invest it and manage it.
1:17:01
[SPEAKER_01]: They probably use AI to manage it.
1:17:04
[SPEAKER_01]: a manager account with the series of index funds, right?
1:17:08
[SPEAKER_01]: So that's the easiest thing you can do and get started.
1:17:11
[SPEAKER_01]: Then they have free education, you can 24, 7 phone call, you can call and ask questions and learn.
1:17:17
[SPEAKER_01]: It's like we just gotta get started.
1:17:19
[SPEAKER_01]: I wrote my book if we failed to start, we start to fell all over again.
1:17:23
[SPEAKER_01]: So we've gotta get started.
1:17:24
[SPEAKER_01]: I'll call, Ojo, I, how young you are.
1:17:26
[SPEAKER_01]: You just gotta develop that investor mindset.
1:17:29
[SPEAKER_01]: And if you do that,
1:17:30
[SPEAKER_01]: you'll win.
1:17:31
[SPEAKER_01]: If you just keep at it, you keep chipping away.
1:17:33
[SPEAKER_01]: You'll get to millions.
1:17:34
[SPEAKER_01]: It's just the matter of time.
1:17:37
[SPEAKER_01]: It really is.
1:17:38
[SPEAKER_01]: And so there are several well-known index funds that like I said, trace the total market, the S&P 500 market, the Dow Jones indexes.
1:17:49
[SPEAKER_01]: You've got some that are international indexes.
1:17:51
[SPEAKER_01]: Charles Schwab has one that is a dividend versus stocks.
1:17:55
[SPEAKER_01]: So it pays out dividends.
1:17:56
[SPEAKER_01]: right and it's done very very well so you just trust the market when the market is down I saw something like Yahoo Finance today that these leading stocks I'll show to you guys afterwards they're dead maybe you could pop it up on the screen that they're down significantly right and so Yahoo Finance posted that some of the you know best known stocks that are down significantly
1:18:18
[SPEAKER_01]: And it's like, people have to understand that you just constantly invest you dollar costs and average.
1:18:22
[SPEAKER_01]: You don't worry about when the market's higher low.
1:18:24
[SPEAKER_01]: You just keep investing.
1:18:26
[SPEAKER_01]: That is the methodology that has allowed people to grow their wealth significantly.
1:18:30
[SPEAKER_01]: But if you allow the emotions to get into it, like traders do, you tend to lose.
1:18:35
[SPEAKER_01]: That's why traders rarely win because
1:18:37
[SPEAKER_01]: There's that emotional piece in there, right?
1:18:39
[SPEAKER_01]: They end up buying too high, they end up selling too low, they end up, you know, going back and forth.
1:18:45
[SPEAKER_01]: So the whole point is is that, you know, you take the emotions out, let the market do what it does.
1:18:49
[SPEAKER_01]: And this is not my philosophy, it's the same philosophy that Warren Buffett uses.
1:18:54
[SPEAKER_03]: Yeah.
1:18:55
[SPEAKER_03]: Another thing I wanted to touch at home real quick, too, is like, you know, with all the assets and things that you own, like, what are some ways that you protect it?
1:19:02
[SPEAKER_03]: And then also like, in America, you know, taxes is a big expense for a lot of people.
1:19:09
[SPEAKER_03]: But when you start making a lot of money, you kind of understand the game.
1:19:12
[SPEAKER_03]: So like,
1:19:13
[SPEAKER_03]: What is some of your strategies on protecting your wealth and as well as like not overpaying on taxes?
1:19:21
[SPEAKER_01]: The one thing I do that is I think the biggest flex of all when it comes to taxes is that I just pay them.
1:19:29
[SPEAKER_01]: Right.
1:19:29
[SPEAKER_01]: I pay the taxes that I'm due.
1:19:32
[SPEAKER_01]: I take advantage of tax opportunities where I can where they make sense, but I don't sit there and argue with the IRS and play this game.
1:19:39
[SPEAKER_01]: I have a CP that's been doing my taxes for over 30 years and used to work for Deloitte.
1:19:44
[SPEAKER_01]: He's got guys who are billionaires that he does taxes for.
1:19:49
[SPEAKER_01]: And so, you know, so I trust him.
1:19:52
[SPEAKER_01]: He knows what he's doing.
1:19:54
[SPEAKER_01]: So the one thing I do as it relates to taxes, what it comes to taxes, which I think is the biggest flex ever.
1:20:00
[SPEAKER_01]: Is I pay my taxes?
1:20:01
[SPEAKER_01]: I pay what I'm supposed to pay.
1:20:03
[SPEAKER_01]: Cause I wanna see a B-sit night.
1:20:04
[SPEAKER_01]: I don't wanna worry about.
1:20:05
[SPEAKER_01]: fees and having to pay penalties and fees, which are outrageous, I pay my tax, and I pay them on time.
1:20:15
[SPEAKER_01]: I always put money aside for my taxes, as I make money throughout the year, I put half of my money aside, 50 percent, and then I typically have to pay about 40 percent.
1:20:25
[SPEAKER_01]: in taxes but I don't get myself in tax trouble.
1:20:28
[SPEAKER_01]: Now some people say well there's all these billionaires and bezels and they've got all these incredible tax loopholes but a lot of those tax loopholes require you to play offense which means that you have to buy something you have to put money out in order to buy that tax credit.
1:20:44
[SPEAKER_01]: and so that tax credit ends up being bigger on the back end and giving you an advantage.
1:20:49
[SPEAKER_01]: And so they have the guys in the team in place to kind of help them optimize that.
1:20:54
[SPEAKER_01]: Most of us don't do that.
1:20:56
[SPEAKER_01]: Or if you want to be like Donald Trump, you could sit there and fight the tax, you know, the IRS forever and pay lawyers loads of fees to kind of prove that you're right or wrong and you might end up right sometime you might end up wrong sometime.
1:21:08
[SPEAKER_01]: I don't want that smoke, I just pay my taxes, I sleep easy, and sometimes I get incredible big refunds, you know, because we overpay some time, we just don't want to underpay and leave penalties and fees.
1:21:21
[SPEAKER_01]: I'm a little, you know, kind of, I'm a little blown away by a lot of people that are selling all these programs around taxes, you know, try to, if you don't make money, I got no tax from.
1:21:33
[SPEAKER_01]: All right, so the guys who potentially have the tax problems are the guys who are making lots of money.
1:21:39
[SPEAKER_01]: And so get a good CPA, get somebody you trust, do it right, take care of your business, you don't want to come back to Hunter.
1:21:46
[SPEAKER_03]: So a lot of times like people say like owning a lot of a real estate comes with a lot of tax benefits.
1:21:53
[SPEAKER_03]: And we had a guy who was a real estate investor and he mentioned how much he was able to save through cost segregation and he broke it down.
1:22:01
[SPEAKER_03]: And people's like,
1:22:02
[SPEAKER_03]: How the hell are you doing that like this is crazy like this is this is you can't do this and and people are just arguing in the comments right right But in reality, we found out from a tax a CPA like what he's doing is completely, you know, legal So do you take advantage of things like that?
1:22:20
[SPEAKER_03]: I keep it simple
1:22:21
[SPEAKER_01]: Yeah, I was in the military and we had a favorite saying called kiss call keep it simple stupid.
1:22:26
[SPEAKER_01]: Yeah, right.
1:22:27
[SPEAKER_01]: And so the, you know, what the advantage I take in terms of taxes obviously, you know, when you have property and you can depreciate it for 27 and a half years,
1:22:38
[SPEAKER_01]: You have, you're not paying taxes on the income that you receive up to 27 and a half years, right?
1:22:44
[SPEAKER_01]: It's passive income.
1:22:45
[SPEAKER_01]: And then if I was to ever sell any properties, well, me and my dad did one 1031 exchange, where we basically sold the property, the money went to a 1031 exchange receiver, and then we used that money to buy another piece of property that was bigger, and we defer depreciation and capital gains.
1:23:02
[SPEAKER_01]: Those are the two biggest,
1:23:04
[SPEAKER_01]: you know opportunities you have in real estate.
1:23:07
[SPEAKER_01]: There are other things that people may do.
1:23:08
[SPEAKER_01]: I just, you know, like I said, I read the spin my energy in my effort on, you know, making money, then basically trying to play some games game.
1:23:18
[SPEAKER_01]: And I guess I hire experts, but I might see P.A.
1:23:21
[SPEAKER_01]: has been doing this for like I said years he understands and I pay taxes in a lot of different states because my consulting business, I got people that are in Illinois, I got people that are in New York, New Jersey, various states.
1:23:34
[SPEAKER_01]: I got to pay a piece of tax in each one of those states.
1:23:37
[SPEAKER_01]: So I just basically take care of my taxes and just keep peace.
1:23:41
[SPEAKER_04]: Okay.
1:23:42
[UNKNOWN]: Yeah.
1:23:42
[SPEAKER_04]: Question out of curiosity.
1:23:43
[SPEAKER_04]: You ever got crossed in business like somebody ever like cost you over and did like like trot of you know do like a bad move
1:23:52
[SPEAKER_01]: You know, not really really because I don't really partner with too many people.
1:23:55
[SPEAKER_01]: We do have, I mean, there's been, you know, occasions here and there, but nothing, nothing significant.
1:24:02
[SPEAKER_01]: Yeah.
1:24:02
[SPEAKER_01]: It hasn't been really significant.
1:24:04
[SPEAKER_01]: I'm really careful about who I do business with and when I do, it's always a legal agreement and I never basically put myself in a position to where, um,
1:24:15
[SPEAKER_01]: where it's not shared risk, to where I'm all in and they're not, right?
1:24:20
[SPEAKER_01]: I look for win-win opportunities.
1:24:21
[SPEAKER_01]: I don't want to take advantage of anybody else, and I definitely don't want anybody taking advantage of me.
1:24:25
[SPEAKER_01]: So I've just rather not do business in that way.
1:24:31
[SPEAKER_03]: Yeah, yeah, yeah, at this point, right?
1:24:34
[SPEAKER_03]: You know, you you you didn't generate it, you know, millions of dollars.
1:24:37
[SPEAKER_03]: How does it feel to to be at that level like what are some things that you're impacting whether it may be like you know local local politics, you know scholarship grant opportunity right like what are some things that you're doing on that side.
1:24:50
[SPEAKER_01]: Well, you have created my Blackwell Summit, the same as Plug, we have our Blackwell Summit May 1st and 2nd in Washington, DC.
1:24:57
[SPEAKER_01]: We got John Hope Bryant, we got Jamal Bryant, and Dr. Cheyenne Bryant that are coming to speak.
1:25:03
[SPEAKER_00]: We got James.
1:25:04
[SPEAKER_01]: I should be where County Executive, it's like the Bryant Show, right?
1:25:07
[SPEAKER_01]: Yeah.
1:25:08
[SPEAKER_01]: We got Troy Vinson, the Senior Vice President of NFL Operations.
1:25:11
[SPEAKER_01]: And so that's my nonprofit,
1:25:14
[SPEAKER_01]: a conference where we're teaching African-Americans, these principles that we just talked about, how to invest, how to continue to grow their money, how to inspire them.
1:25:22
[SPEAKER_01]: So that's an on-profit that I create it.
1:25:24
[SPEAKER_01]: I get sponsorship from like Charles Schwab, Morgan Stanley, Trues Bank, Kaiser Permanenteib, M&T Bank, Fulton Bank, and
1:25:31
[SPEAKER_01]: West Bank Coast.
1:25:32
[SPEAKER_01]: So I get some of the banks to come and they bring their black wealth advisors to educate folks and often my sponsorship doesn't cover the bill.
1:25:40
[SPEAKER_01]: So I cover the bill.
1:25:42
[SPEAKER_01]: So that's kind of my way of kind of giving back to our community as we kind of build and make it happen.
1:25:48
[SPEAKER_01]: So that's my number one thing right now, you know.
1:25:52
[SPEAKER_01]: I do get involved politically and I basically
1:25:58
[SPEAKER_01]: candidates and stuff like that with local candidates.
1:26:01
[SPEAKER_01]: But the world summit has been my number one thing that I've spent a lot of my time doing because I'm so passionate about this, right?
1:26:08
[SPEAKER_01]: And I want our people to get it.
1:26:09
[SPEAKER_01]: And we've got to keep the conversation going, whether it's you guys, whether it's earned your leisure, whether it's Wall Street Trapper,
1:26:19
[SPEAKER_01]: And whether it's jam on black James on black billionaires, we've got to keep the conversation going.
1:26:24
[SPEAKER_01]: We can't let it down because the reality is for too long, there was no avenue for us to have this conversation.
1:26:32
[SPEAKER_01]: Yeah.
1:26:32
[SPEAKER_01]: Right.
1:26:33
[SPEAKER_01]: Coming from us, there was just no avenue.
1:26:35
[SPEAKER_01]: So we just got to keep it going.
1:26:37
[SPEAKER_01]: We got to keep people inspired.
1:26:39
[SPEAKER_01]: And we've got to keep the scammer's out.
1:26:41
[SPEAKER_01]: We got to keep the scammers out and allow our people to have exposure to people that are willing to give them real knowledge.
1:26:48
[SPEAKER_01]: It's going to really, really help them and keep them inspired and inspire them to push through.
1:26:53
[SPEAKER_01]: We got to inspire our people to push through because building wealth takes time and it gets stale and it gets difficult and you do, you've heard my journey of ups and downs.
1:27:03
[SPEAKER_01]: They need that encouragement when they're up against a wall.
1:27:06
[SPEAKER_03]: It kind of reminded me of a quote to that I heard.
1:27:10
[SPEAKER_03]: I think it was from a navel and he's like, there is no get rich, quick scheme.
1:27:17
[SPEAKER_03]: It's just somebody getting rich off of you.
1:27:19
[SPEAKER_02]: Yeah.
1:27:20
[SPEAKER_03]: So that right there just shows that, you know, it takes some time and you've got to be patient with it.
1:27:26
[SPEAKER_03]: I do want to ask you to, like, from your perspective, like, what does something like, like, will be your advice to like,
1:27:31
[SPEAKER_03]: us as young men or young men listening right now on the on the path to chasing to chasing wealth to building something great because nowadays honestly like we see it all the time like all that thing could just crumble immediately whether it's through you know issues with a bank whether it might be even with women right you could just lose your whole empire in a snap of a
1:27:58
[SPEAKER_03]: to kind of like help people, especially young men out there prevent getting something like that.
1:28:03
[SPEAKER_01]: By advice would be probably four things.
1:28:05
[SPEAKER_01]: Number one, surround yourself with some old heads.
1:28:08
[SPEAKER_01]: Right.
1:28:09
[SPEAKER_01]: Don't just don't don't.
1:28:12
[SPEAKER_01]: don't disrespect their knowledge and their experience, right?
1:28:15
[SPEAKER_01]: And, you know, you may not think they get it, but they probably do more than you think.
1:28:21
[SPEAKER_01]: So I think you should surround yourself by those people and build a relationship with them.
1:28:27
[SPEAKER_01]: The other thing is to live a frugal life.
1:28:30
[SPEAKER_01]: It's like it's a tough being young these days, right?
1:28:32
[SPEAKER_01]: You got.
1:28:33
[SPEAKER_01]: Young ladies that want expensive things.
1:28:36
[SPEAKER_01]: You've got the dates.
1:28:37
[SPEAKER_01]: It's expensive to travel to do these things.
1:28:39
[SPEAKER_01]: And some women don't understand it.
1:28:41
[SPEAKER_01]: Some women don't get it.
1:28:43
[SPEAKER_01]: If they don't get it, they shouldn't get you then.
1:28:45
[SPEAKER_01]: You get them saying.
1:28:46
[SPEAKER_01]: So the whole point is, like, you got to make wise choices about who you connect with because that can have an impact as to whether that you're going to be successful or not, right?
1:28:54
[SPEAKER_01]: So that's an important thing.
1:28:58
[SPEAKER_01]: Like I said, live very, very frugal.
1:29:00
[SPEAKER_01]: Put as much money as you can away.
1:29:03
[SPEAKER_01]: I mean, extremely early and regularly and consistently, because you're going to need that money to further your whatever you're trying to do, whether if it's real estate or if it's a business, you're going to need that capital.
1:29:15
[SPEAKER_01]: So don't worry about looking fly.
1:29:17
[SPEAKER_01]: You'll have that opportunity, right?
1:29:19
[SPEAKER_01]: And the final thing, you know, I would say is, you know, the final thing I would say to them,
1:29:27
[SPEAKER_01]: is that, you know, be patient, right?
1:29:30
[SPEAKER_01]: Be extremely patient.
1:29:31
[SPEAKER_01]: It's going to come and it comes in time.
1:29:35
[SPEAKER_01]: Don't worry about it.
1:29:35
[SPEAKER_01]: If you feel like it's coming slow, don't worry about it.
1:29:37
[SPEAKER_01]: If you see your homies moving faster than you are, right?
1:29:41
[SPEAKER_01]: You know, it's just an illusion.
1:29:43
[SPEAKER_01]: It happened slow for all of us.
1:29:45
[SPEAKER_01]: All right, so stay patient.
1:29:48
[SPEAKER_03]: Yeah, also like on the side of like getting married and things like that, like,
1:29:54
[SPEAKER_03]: Because when you get to that top level, you honestly don't even know who's really like with you with you for the right reasons or the wrong reasons.
1:30:04
[SPEAKER_03]: So how do you kind of like protect yourself in what you build?
1:30:08
[SPEAKER_01]: I think that the, it goes back to the three things I talk about, I talked about developing a military mindset, the offense, adopting military values, the defense and the third thing is,
1:30:18
[SPEAKER_01]: The playbook, which is the less important thing, but the mindset and the values are the most important thing.
1:30:24
[SPEAKER_01]: If the person you're with, you're dating, your mindset, and your values aren't aligned, it's not going to work.
1:30:31
[SPEAKER_01]: Right?
1:30:31
[SPEAKER_01]: And you could tell, and the other word for saying values, is your priorities.
1:30:35
[SPEAKER_01]: So when you have extra money, what's the first thing you put that money on?
1:30:39
[SPEAKER_01]: Hmm.
1:30:39
[SPEAKER_01]: All right.
1:30:39
[SPEAKER_01]: Whatever that first thing is, that's what you value.
1:30:42
[SPEAKER_01]: If it's Louie or Gucci, that's what you value.
1:30:45
[SPEAKER_01]: If it's Charles Schwab, the Robin Hood, or that's what you value.
1:30:50
[SPEAKER_01]: Right?
1:30:50
[SPEAKER_01]: So the whole point is if you're with a young lady and her first priority are those things, then you know you guys can't, it can't work.
1:30:59
[SPEAKER_01]: You can't even say it, but if her first priorities are, I'm saving for my future, I'm saving for retirement, I'm saving to get out the game.
1:31:06
[SPEAKER_01]: I don't need that stuff.
1:31:08
[SPEAKER_01]: That's where her mindset is, that's where her values are.
1:31:11
[SPEAKER_01]: So if you find that alignment, you can build from that.
1:31:15
[SPEAKER_01]: But when you can't, now it's a struggle.
1:31:18
[SPEAKER_01]: right everything you're trying to do they don't get right and they're too impressed by that fly brother who looks rich right but you know you either want to look rich do you want to be rich all right but you're trying to be rich while he's basically spending his money to look rich right so the whole point is is that you've got to have that value alignment if you don't you're just going to have problems
1:31:42
[SPEAKER_01]: It's just that simple.
1:31:43
[SPEAKER_01]: Yep.
1:31:43
[SPEAKER_01]: Same thing with your friends, right?
1:31:45
[SPEAKER_01]: You got to hold me here.
1:31:46
[SPEAKER_01]: You guys are focused on building together and building up your capital and working hard together.
1:31:52
[SPEAKER_01]: You know, that's what your whole ecosystem should be around those types of people.
1:31:58
[SPEAKER_03]: Yeah, and I definitely agree and before even close, I do want to ask you how's life in Miami like Miami is one of those those places where you see a lot of that, you know, and then I'm pretty sure you know you only got pretty pretty much living good out there.
1:32:14
[SPEAKER_03]: So how has life in Miami and why was like Miami this spot you chose?
1:32:18
[SPEAKER_01]: Right, it's a great question.
1:32:19
[SPEAKER_01]: I loved Miami since I was in fifth grade.
1:32:22
[SPEAKER_01]: I had a aunt.
1:32:23
[SPEAKER_01]: She wasn't really my aunt.
1:32:24
[SPEAKER_01]: We called her my aunt because her my mom were really close.
1:32:28
[SPEAKER_01]: She lived in Oakland, California.
1:32:30
[SPEAKER_01]: And she owned a funeral home.
1:32:32
[SPEAKER_01]: And she was balling, right?
1:32:33
[SPEAKER_01]: This is during the time around the Black Panthers the 70s.
1:32:37
[SPEAKER_01]: She was rolling, right?
1:32:38
[SPEAKER_01]: She had a funeral home.
1:32:38
[SPEAKER_01]: She had a big house in the hills.
1:32:40
[SPEAKER_01]: And she had an adopted son.
1:32:41
[SPEAKER_01]: He happens to be Italian named Ricky.
1:32:43
[SPEAKER_01]: And Ricky and I were a good, you know, good friends.
1:32:46
[SPEAKER_01]: And I would go spend time with them in Oakland.
1:32:48
[SPEAKER_01]: and Ricky would come down to my own town.
1:32:50
[SPEAKER_01]: So she wanted to go to, she was taking a family vacation to Bahamas.
1:32:54
[SPEAKER_01]: That was in the fifth grade.
1:32:56
[SPEAKER_01]: And she told my mom that she wanted to take me to go with Ricky.
1:33:00
[SPEAKER_01]: And so my mom said, sure, no problem.
1:33:02
[SPEAKER_01]: So this is the first time I went out the country in fifth grade.
1:33:05
[SPEAKER_01]: So I go up to their house in Oakland.
1:33:07
[SPEAKER_01]: We get a limo pick us up to the airport.
1:33:10
[SPEAKER_01]: We're flying.
1:33:11
[SPEAKER_01]: We're probably in first class.
1:33:12
[SPEAKER_01]: I don't remember because I was like, kid, if we go over to NASA, had a great time in NASA.
1:33:18
[SPEAKER_01]: And then on our way back, we stopped in Miami for a few days.
1:33:24
[SPEAKER_01]: And we stayed at the fountain blue.
1:33:26
[SPEAKER_01]: Right.
1:33:26
[SPEAKER_01]: Mountain blue was an old wooden hotel.
1:33:28
[SPEAKER_01]: They'd have this crazy high dive.
1:33:30
[SPEAKER_01]: It was literally 75 feet off the ground where people would dive off the dive and board into it.
1:33:35
[SPEAKER_01]: Yeah, it was crazy.
1:33:36
[SPEAKER_01]: It was like different time.
1:33:37
[SPEAKER_01]: But across the street.
1:33:39
[SPEAKER_01]: We're all those yachts there, you borrow it?
1:33:42
[SPEAKER_01]: And so that stayed in my mind.
1:33:44
[SPEAKER_01]: So it's amazing what stays in your mind.
1:33:46
[SPEAKER_01]: I didn't go back to Miami until way later.
1:33:49
[SPEAKER_01]: It was probably like in the mid 90s I went to go visit Miami.
1:33:53
[SPEAKER_01]: And after I did that, I kept going there every year for my birthday, you stay at the place called the Delano.
1:33:59
[SPEAKER_01]: Every year, down down the South Beach, and it just inspired me.
1:34:02
[SPEAKER_01]: So I said, you know, one of these days,
1:34:04
[SPEAKER_01]: I'm going to buy a place here, right?
1:34:06
[SPEAKER_01]: So I was good buy a place in Miami.
1:34:09
[SPEAKER_01]: I found the place I love in the building.
1:34:12
[SPEAKER_01]: And it was 1997.
1:34:13
[SPEAKER_01]: And I was trying to convince my buddies from New York to let's go in on a place.
1:34:18
[SPEAKER_01]: Let's go, let's do this together, right?
1:34:20
[SPEAKER_01]: They worked at Lehman Brothers, right?
1:34:22
[SPEAKER_01]: They were making good money before Lehman Brothers shut down.
1:34:25
[SPEAKER_01]: And they were kind of interested, but they weren't that interested.
1:34:28
[SPEAKER_01]: So we didn't do it in 1997.
1:34:29
[SPEAKER_01]: And then,
1:34:32
[SPEAKER_01]: You know, I was really, really wanting to do it, and I went to go back to buy the prices were crazy.
1:34:40
[SPEAKER_01]: I was like, you know, like 900,000.
1:34:42
[SPEAKER_01]: I was like, oh, this is just too crazy.
1:34:44
[SPEAKER_01]: So that at the same time, my business partners were in.
1:34:48
[SPEAKER_01]: One of my business partner Wolfgang was in St. Petersburg, right?
1:34:52
[SPEAKER_01]: I live now in a beautiful community.
1:34:54
[SPEAKER_01]: I would take my kids there, we'd be out on his boat.
1:34:57
[SPEAKER_01]: I'd say I could buy a house here for what I could buy a condo there.
1:35:00
[SPEAKER_01]: So I ended up buying a house in St. Pete on the water where my house is down.
1:35:05
[SPEAKER_01]: So I thought I got rid of that Miami book.
1:35:08
[SPEAKER_01]: I don't need to be mad.
1:35:10
[SPEAKER_01]: I still can't go in every year.
1:35:12
[SPEAKER_01]: I know it's a long story.
1:35:13
[SPEAKER_01]: And then I was going to buy a condo there in Miami, but then I got turned on to the Dominican Republic.
1:35:19
[SPEAKER_01]: And I bought a condo of the Dominican Republic.
1:35:21
[SPEAKER_01]: I was like, okay, I don't need Miami.
1:35:24
[SPEAKER_01]: I got this place of the beach in the Dominican Republic.
1:35:26
[SPEAKER_01]: I got my house in St. Pete.
1:35:28
[SPEAKER_01]: St. Pete.
1:35:29
[SPEAKER_01]: I don't need Miami.
1:35:30
[SPEAKER_01]: $2,014.
1:35:33
[SPEAKER_01]: I go down there and they're building the one hotel.
1:35:35
[SPEAKER_01]: That's where my building is like my condo is.
1:35:38
[SPEAKER_01]: And it's the same building I've been wanting for the longest and something hit me.
1:35:41
[SPEAKER_01]: It said, if you don't buy this condo now, you will never do it.
1:35:46
[SPEAKER_01]: So I started looking around, you know,
1:35:48
[SPEAKER_01]: Thinking about it, thinking about it.
1:35:50
[SPEAKER_01]: And once I set my mind to something, I just don't let it go.
1:35:52
[SPEAKER_01]: And I ended up putting it off for in two condos.
1:35:55
[SPEAKER_01]: One lady didn't even return my call.
1:35:57
[SPEAKER_01]: The other guy returned my call, and I bought the condo that I'm in now.
1:36:01
[SPEAKER_01]: So I paid $930,000 for this condo, right?
1:36:05
[SPEAKER_01]: I paid cash for it.
1:36:07
[SPEAKER_01]: And fixed it up and all that right before the one hotel opened up.
1:36:10
[SPEAKER_01]: The one hotel opens up.
1:36:12
[SPEAKER_01]: and they just start going crazy.
1:36:15
[SPEAKER_01]: Now, the thing is we're two and a half to three million dollars.
1:36:17
[SPEAKER_01]: Currently.
1:36:19
[SPEAKER_01]: You get what I mean?
1:36:20
[SPEAKER_01]: So, and I like it.
1:36:21
[SPEAKER_01]: I love it.
1:36:22
[SPEAKER_01]: And I ended up finding another one on the 12th floor and I bought that one too.
1:36:27
[SPEAKER_01]: I don't mean to have two of them there, but I'm actually sell probably the 3rd floor one because the 12th floor one has a view down the beach and a view down Brickle.
1:36:36
[SPEAKER_01]: I just, it's just the, I get an energy surge when I go to Miami and I still do after all these years, even I land.
1:36:43
[SPEAKER_01]: You know, you see people in the Lambo, you know, Stalin, you know, Rick Ross got a house over in Stalin, and you know, and so it's just, it's just kind of, it's like, I think everybody needs a place that kind of inspires them.
1:36:58
[SPEAKER_01]: Right.
1:36:58
[SPEAKER_01]: They kind of encourage them.
1:36:59
[SPEAKER_01]: And Miami happens to be that spot.
1:37:01
[SPEAKER_03]: So yeah, that's how it happened that is crazy and my him is definitely like it's a lot of inspiration when you look around like how you mentioned to it It kind of brought back a memory of Montu because I had actually stayed at the fallen blue like probably two three years ago And I know exactly that view years talk about exactly yachts right outside right outside So it's crazy how you went from seeing it to now becoming a yacht a yacht owner at this point has life as a yacht owner Like I love it.
1:37:28
[SPEAKER_01]: So it's the worst investment you could ever make
1:37:31
[SPEAKER_01]: It is the worst.
1:37:32
[SPEAKER_01]: I love it.
1:37:34
[SPEAKER_01]: I'll tell you why it's the worst, because it's one investor that you make that cost millions of dollars that goes down in value And it goes even further down because 10% of what you pay for you have to pay in maintenance.
1:37:47
[SPEAKER_01]: So, it's the worst investment ever, but you have to be in a position, you have to have enough cash flow from your assets, you have to read it, but what I could tell you, a incredible day on the boat is better than an incredible day at the office.
1:38:04
[SPEAKER_01]: True.
1:38:04
[SPEAKER_01]: You follow me?
1:38:05
[SPEAKER_01]: Or the worst day on the boat is better than an incredible day at the office, but it's just, it's peaceful, just to sit out there and chill out and then I take it to the Bahamas,
1:38:15
[SPEAKER_01]: I got two trips to the Bahamas this year.
1:38:16
[SPEAKER_01]: I used to take two trips to the Bahamas.
1:38:18
[SPEAKER_01]: We got a black Polish crew where we go out and we have a good time.
1:38:22
[SPEAKER_01]: And it's just when you had a certain stage in your life, the investment is more than about the money, the investment in money.
1:38:31
[SPEAKER_01]: It's really about the investment in your piece.
1:38:33
[SPEAKER_01]: Yes.
1:38:35
[SPEAKER_01]: And so I'm probably going to buy another one, a bigger one.
1:38:37
[SPEAKER_01]: And I have a 60 footer, I'm probably going to buy a 80 footer.
1:38:40
[SPEAKER_01]: And I'm doing like I ship my wealth by show wealth on the waters and that would be really fun To be able to use it for that purpose.
1:38:47
[SPEAKER_01]: Wow, but it's nothing like it.
1:38:48
[SPEAKER_01]: You'll do these remote places like we went to the Abacos last year And that's like eight hours away go four hours to freeport and we got another four hours going down To the Abacos like I got all these little islands that you only get through by boat or by seaplane Yeah, and just the community the people that you're connecting with that you're meeting that are all boaters mostly entrepreneurs, right?
1:39:09
[SPEAKER_01]: And it's just, you know, hop into these little islands you see in places that most people won't see and the kind of water that's just crazy beautiful and that's as beautiful about Florida boating is that we've got the whole home is that Bahamas this year we're going to the Exumas we're going down to Nasa from Nasa down to Stanio K, Stanio K down to Georgetown and it's just, you know,
1:39:32
[SPEAKER_04]: I was saying Boris, you ever been there?
1:39:34
[SPEAKER_01]: I've been to St. Bartts, but not by boat.
1:39:36
[SPEAKER_01]: That's long ways, but that's long ways where I will put St. Bartts' beautiful mega mega yachts.
1:39:42
[SPEAKER_03]: For those out there, they probably are going to be like, how much is a maintenance on something like that, to maintain?
1:39:49
[SPEAKER_01]: Well, I think it's 10% of the boat.
1:39:51
[SPEAKER_01]: So if you pay three million dollars for your boat, 300,000 hours a year is what you can count on spending for like your dock fees, for maintenance.
1:40:02
[SPEAKER_01]: Like you have to get your boat, you know, like service every year, like the engine and the generators, you have to,
1:40:09
[SPEAKER_01]: You have the thing called a sea keeper that kind of prevents the boat from rocking too much.
1:40:14
[SPEAKER_01]: Got to get that service.
1:40:16
[SPEAKER_01]: You got to change the zinc's.
1:40:17
[SPEAKER_01]: There's like a lot of zinc's on the boat because it deals with the electrostatic and the water to balance it.
1:40:22
[SPEAKER_01]: So it doesn't damage the boat.
1:40:24
[SPEAKER_01]: You got to get the boat painted every year.
1:40:26
[SPEAKER_01]: You got to take it up out of the water.
1:40:27
[SPEAKER_01]: You got to paint it.
1:40:28
[SPEAKER_01]: You have a diver that dives every month to dive and scrape all the molecules off the bottom of your paint to keep your the bottom of your boat to keep the paint.
1:40:37
[SPEAKER_01]: to protect the bottom of your boat, right?
1:40:40
[SPEAKER_01]: You've got, it's just, it's just a whole list of things.
1:40:42
[SPEAKER_01]: You've got to wash your boat twice a week.
1:40:45
[SPEAKER_01]: I've got to go wash my boat twice a week.
1:40:48
[SPEAKER_01]: Then you have to get a polish twice a year that you got to get the teak done.
1:40:52
[SPEAKER_01]: So it's like it's like you're constantly throwing money out and it breaks all the time, no matter how new it was or whatever, just every, every so often, something breaks because you're on the water, there's rust and only yards.
1:41:05
[SPEAKER_01]: But I'm telling you, it's like this dough
1:41:07
[SPEAKER_01]: Better pleasure than you're cruising in your boat express that we have a captain And you're just sitting back and join your drink It's a nice feeling.
1:41:16
[SPEAKER_01]: So it is a great feeling.
1:41:17
[SPEAKER_01]: It's like, you know, you just have to love the water and we Yo, me and my friends we love hanging out there and going out seeing some of this beautiful water and just some of these remote places is just peaceful
1:41:27
[SPEAKER_03]: Yeah, that's how it worked and that's just like a whole other level, you know, and then it's quiet.
1:41:35
[SPEAKER_03]: It's real quiet because, you know, you probably walking outside and you probably even know it, you know, you're a young owner.
1:41:41
[SPEAKER_01]: Exactly, yeah.
1:41:42
[SPEAKER_03]: So that's the best part of my opinion.
1:41:44
[SPEAKER_01]: I think the bull off too.
1:41:46
[SPEAKER_01]: I just love that my Germans got me like paying everything.
1:41:49
[SPEAKER_01]: I'm like, I just pay it off.
1:41:51
[SPEAKER_01]: I just like the feeling of that.
1:41:52
[SPEAKER_01]: I hate making payments, even though the people in my office make them, I just hate making regular payments.
1:41:58
[SPEAKER_01]: So I put half down when I bought it, and then over time,
1:42:02
[SPEAKER_01]: I just paid the thing off because, you know, why pay the interest?
1:42:06
[SPEAKER_01]: Cause I'll find out some boat for 22 years.
1:42:09
[SPEAKER_01]: But, you know, you look at the payment on the boat, plus the slip, yeah, my slip fees alone are like five grand a month.
1:42:16
[SPEAKER_01]: It's like an apartment.
1:42:19
[SPEAKER_03]: Mm.
1:42:19
[SPEAKER_03]: Yeah.
1:42:19
[SPEAKER_03]: And this one, this one is definitely, this is a really good one.
1:42:22
[SPEAKER_03]: I hope you know what I'm saying.
1:42:23
[SPEAKER_03]: I hope you know what I'm saying.
1:42:24
[SPEAKER_03]: Moncess shifts.
1:42:25
[SPEAKER_03]: Yeah.
1:42:27
[SPEAKER_03]: Last thing I do want to ask you to do at this point in your life,
1:42:31
[SPEAKER_03]: What are some things that you value at this point?
1:42:34
[SPEAKER_03]: Like, is it more so like, I'm building this empire?
1:42:38
[SPEAKER_03]: It's a more so like, I want more freedom, maybe spend time on, you know, my yacht, do my own thing, giving back or a little bit of like a mix of that.
1:42:47
[SPEAKER_01]: It's really a mix of all what you said, but it's, it's both a piece.
1:42:51
[SPEAKER_01]: It's like what I enjoy more than anything.
1:42:54
[SPEAKER_01]: And I do this often, you know, the end of the day.
1:42:56
[SPEAKER_01]: I sit in my backyard and just chill, listen to Afrobeats.
1:43:00
[SPEAKER_01]: And uh, because I'm on the water, I just,
1:43:03
[SPEAKER_01]: It's just, it's like, that's priceless, right?
1:43:07
[SPEAKER_01]: You want to be able to share and you want people to be able to get it.
1:43:10
[SPEAKER_01]: And, you know, to be honest with you, to be brutally honest with you, you know, this space of financial literacy and educating people, it's so crowded, everybody's getting in it.
1:43:19
[SPEAKER_01]: And sometimes I just find myself quiet, not creating more posts, because a lot of people are putting a lot of information out there, sometimes confusing people,
1:43:27
[SPEAKER_01]: But I just use my opportunities like to speak with you guys where I get a chance to kind of share my perspective with it.
1:43:36
[SPEAKER_01]: But I just enjoy, I'm just in a place of peace, I mean, I want to make some of my business down the line in three or four years.
1:43:43
[SPEAKER_01]: I got three boys that are your guys age that are going to either manage my real estate or my brain to set them up.
1:43:49
[SPEAKER_01]: because I told him in three years and eight months, I'm pushing all the chips across the table, and I am basically setting them up to kind of like, keep it going.
1:43:57
[SPEAKER_01]: And so I think more people who own businesses and own stuff like that, I've been waiting for this moment.
1:44:03
[SPEAKER_01]: You know, they finished their master's degrees and business.
1:44:06
[SPEAKER_01]: They're getting their education from working at other people's company.
1:44:09
[SPEAKER_01]: They're paying them to learn business themselves.
1:44:12
[SPEAKER_01]: And there's going to be a time for them to be up.
1:44:14
[SPEAKER_01]: when they're in their 30s, like when I was, because I think that's a great age for entrepreneurship.
1:44:19
[SPEAKER_01]: So, I'm gonna pass all my chips to them, and I'm gonna coach them, and I'll be on my Monday calls, well, I get every Monday, I meet with my property management team, we go over every one of my properties, all the things that need to be done, I make decisions on stuff, I approve what needs to be done, so pretty soon I'll put them in those calls, I'll mentor them, pretty soon
1:44:44
[SPEAKER_01]: And then when I see and know that they've got it, I'll be able to just sit back and go play chess, go to my car storage and go, you know, rub up my cars and just, you know, hang out on my boat and go play a little golf.
1:44:56
[SPEAKER_01]: And, you know, hang out with some of my homies and life would be good, man.
1:45:00
[SPEAKER_01]: You know, I just don't believe in working forever.
1:45:02
[SPEAKER_01]: I think there's a time that you should have a time where you rest, but it's to each zone.
1:45:06
[SPEAKER_01]: Some people wanna work until they go on the grave.
1:45:09
[SPEAKER_01]: I don't, I wanna party and tag on the road.
1:45:14
[SPEAKER_03]: I really like that, though, because I like the fact you mentioned passing the torch, because a lot of people too, they don't realize, like, hey, they'll make all this money, but they might not had enough time to spend it with their kids.
1:45:29
[SPEAKER_03]: Now it's time to pass the torch.
1:45:31
[SPEAKER_03]: The kids are all they're just selling the business, they're selling the properties, they don't care, they're just...
1:45:36
[SPEAKER_03]: You know, so having that ability, like instilling them, like the principles, the values, like the values, all that stuff.
1:45:42
[SPEAKER_01]: So important to give them that time to do that.
1:45:44
[SPEAKER_01]: And fortunately, they grew up with the right values because they kind of watched what and how I moved and so, you know, so they're pretty cool about it.
1:45:53
[SPEAKER_01]: But yeah, so the, so yeah, I'm excited about that time.
1:45:57
[SPEAKER_01]: to where I could pass it under them, pass the torch under them.
1:46:01
[SPEAKER_01]: And that's the last thing I want to say about this is that people who have businesses and all that, you know, they have to really work hard at getting their kids involved, keeping them informed about what they have going and what their expectations are.
1:46:12
[SPEAKER_01]: Because I'm going to retire and, you know, my retirement income is going to come from my properties.
1:46:18
[SPEAKER_01]: For my cash I have invested, but primarily I set it up to where my properties are going to cover them fund my retirement because I set it up to have no debt.
1:46:27
[SPEAKER_01]: So my income from my properties is going to be enough to fund my retirement.
1:46:30
[SPEAKER_01]: Fund them as they take over the business.
1:46:34
[SPEAKER_01]: So you know they're managing it's a family office now.
1:46:38
[SPEAKER_01]: They're managing my assets, they're keeping me well funded in retirement.
1:46:42
[SPEAKER_01]: You know, until it's time for me to go to the upper room and then now they take it to the next level and my grandkids will be set up and that's Regeneration wealth is all about it's more than about the amount of money because my grandmother did it with that little house in the Bronx 200 hours a month working in a laundry mat and how she passed that house on to me.
1:47:00
[SPEAKER_01]: It's really about the values and the mind set and the principles that you and style instill in that next generation.
1:47:08
[SPEAKER_01]: Right, and a little bit of money just enough to last that next generation to get them to grow it.
1:47:12
[SPEAKER_03]: That's real good, it's really good.
1:47:17
[SPEAKER_03]: This is an amazing episode.
1:47:18
[SPEAKER_03]: This is an amazing episode.
1:47:19
[SPEAKER_03]: I'm super glad you know we were able to finally get said you're going.
1:47:23
[SPEAKER_03]: And I'm pretty sure a whole bunch of people, like not just even young people, all bunch of people are going to get a lot of games and drive you from this, like a lot.
1:47:31
[SPEAKER_03]: So I appreciate you, you know, for stopping me.
1:47:33
[SPEAKER_01]: I appreciate you guys.
1:47:33
[SPEAKER_01]: Thanks for having me.
1:47:34
[SPEAKER_03]: Anything you want to leave the audience with before we close?
1:47:38
[SPEAKER_01]: I think we've talked at all, just get busy investing.
1:47:41
[SPEAKER_01]: Yeah.
1:47:41
[SPEAKER_01]: I don't care, just invest quality, consistency, time.
1:47:45
[SPEAKER_01]: You'll get there.
1:47:46
[SPEAKER_01]: Just get busy investing.
1:47:47
[SPEAKER_01]: Let's take back our community.
1:47:49
[SPEAKER_01]: Let's send the words of Rick Ross's song by back the block.
1:47:52
[SPEAKER_01]: Thought back to the whole community.
1:47:54
[SPEAKER_01]: Right?
1:47:55
[SPEAKER_01]: Yeah.
1:47:57
[SPEAKER_01]: You know, no one's coming to save us, we're all we got, and we're all we need.
1:48:01
[SPEAKER_01]: That's a fact.
1:48:02
[SPEAKER_04]: Well, that's another episode of Motionist Success.
1:48:05
[SPEAKER_04]: Listen, guys, go ahead and like, comment, share and subscribe.
1:48:08
[SPEAKER_04]: Also, share this with a friend that you think will benefit from this podcast episode.
1:48:13
[SPEAKER_04]: And I'll talk to you guys soon.
1:48:15
[SPEAKER_04]: Peace.