Latest / Money And Wealth With John Hope Bryant / Speak Wealth: Learning the Language They Never Taught Us

Transcript

Speak Wealth: Learning the Language They Never Taught Us · Money And Wealth With John Hope Bryant

• 0:00
  Speaker 1: Welcome to Money and Wealth with John O'Bryant, a production
• 0:03
  Speaker 1: of the Black Effect Podcast Network and iHeartRadio. Hey, Hey,
• 0:12
  Speaker 1: this is John Brian and this is Money and Wealth
• 0:15
  Speaker 1: Podcast series, season two on iHeartRadio on the Black Effect Network.
• 0:22
  Speaker 1: And this is a bonus episode. You'll start to see
• 0:26
  Speaker 1: and hear these from me between main weekly episodes. I
• 0:32
  Speaker 1: will do these when I believe there is a special
• 0:34
  Speaker 1: content that is worthy of your ears and your minds
• 0:39
  Speaker 1: and your hearts, but may not necessarily take up a
• 0:43
  Speaker 1: full forty five minute episode. So here's one that I
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  Speaker 1: think is important based on really smart people I've been
• 0:49
  Speaker 1: talking to who are unfortunately ashamed to admit they don't understand,
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  Speaker 1: like what's a stock? No one ever taught them, How
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  Speaker 1: would they know? How could they know? How could they
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  Speaker 1: know what equities are or the definition of this or
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  Speaker 1: that they're reading in the Wall Street Journal. People feel ashamed,
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  Speaker 1: but for no good reason. People are not dumb and
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  Speaker 1: they're not stupid. It's what they don't know that they
• 1:14
  Speaker 1: don't know that's killing them. But they think they know.
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  Speaker 1: As an old Southern saying, no matter how much I
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  Speaker 1: love you my son or my daughter, if I don't
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  Speaker 1: have wisdom. All I can give you is my own ignorance.
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  Speaker 1: So out of good intentions, we pass down bad habits
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  Speaker 1: from generation to generation. And I've heard this thing about
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  Speaker 1: stocks or equity and not understanding what it is. I've
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  Speaker 1: heard it from a friend of a member of my
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  Speaker 1: family who is early twenties. I've heard it from celebrities
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  Speaker 1: who trust me to be vulnerable, and I'm so honored
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  Speaker 1: by that. So this episode, this bonus track, is called
• 1:53
  Speaker 1: and please share this with your friends. Please talk about
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  Speaker 1: this in the barber shop and the nel salons and
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  Speaker 1: love parties or fraternity sorority meetings. Let's start having real
• 2:04
  Speaker 1: conversation and make financial literacy the civil rights issue of
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  Speaker 1: this generation. Let's start talking about silver rights and not
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  Speaker 1: just civil rights. We need civil rights in the streets,
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  Speaker 1: protections red rooms to keep bad things from happening to
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  Speaker 1: good people. We also need silver rights in the suites,
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  Speaker 1: right to make good things, create an environment where good
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  Speaker 1: things can happen to good people, and get people up
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  Speaker 1: and out of their travails and their problems, and to
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  Speaker 1: start climbing the ladder of opportunity to become the change
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  Speaker 1: they want to see in the world. To be aspirational
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  Speaker 1: on purpose, to have a business plan for their life,
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  Speaker 1: to move opportunity into ownership. So let's start this with
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  Speaker 1: the Language of money Part one, Decoding the Language of
• 2:55
  Speaker 1: Money Part one. Here we go. This is a stuff
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  Speaker 1: that no one's ever taught us, but now you'll know
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  Speaker 1: the truth. It's a foundational financial vocabulary. Share it with
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  Speaker 1: your friends. You can't win the game if you don't
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  Speaker 1: know the rules, and if you can't know the rules,
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  Speaker 1: if you don't speak the language. That's what this bonus
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  Speaker 1: episode is about learning and sharing the language of money.
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  Speaker 1: So I didn't always know the language of money. I
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  Speaker 1: got my first financial literacy lesson in home economics class,
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  Speaker 1: which doesn't exist largely anymore. And my mother was a
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  Speaker 1: great Grasshoots investor, and I learned a little from her.
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  Speaker 1: And then I'm just nosy. So I just, you know,
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  Speaker 1: always ear hustling from people around me, and I always
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  Speaker 1: try to make sure the folks around me were smarter
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  Speaker 1: than me. So this is not a dumbing down of anything.
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  Speaker 1: This is a new sort of Wall Street Street talk
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  Speaker 1: for your future wealth. This acknowledges that you were never
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  Speaker 1: taught this, but you need this. We live in a
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  Speaker 1: capitalist democracy, a big D sorry big C capitalists, little
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  Speaker 1: D democracy. Unfortunately, we've put our culture inside of our
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  Speaker 1: economy versus putting our economy inside of our culture. And
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  Speaker 1: so this is a reality that we live in. We
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  Speaker 1: must understand this system. So why this matters? Financial ignorance
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  Speaker 1: costs more than financial mistakes. Most adults in America can't
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  Speaker 1: define compound interest. But this is the absolute key to
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  Speaker 1: off We've been talked to get a job, not how
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  Speaker 1: money works. We know how to make money, but not
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  Speaker 1: how to make it work for us. Let's break this down.
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  Speaker 1: Here's some basic money terms that are uncorked and decoded
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  Speaker 1: for you. Simple definitions, real life meetings. You can write
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  Speaker 1: this down, put it on repeat, Put it on replay
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  Speaker 1: as you're walking the dog, as you're jogging, as you're exercising,
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  Speaker 1: as you're hanging out with friends, as you're doing your chores,
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  Speaker 1: as you're commuting. You can put this on repeat, share
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  Speaker 1: it with friends, make this go viral. Le let's go
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  Speaker 1: through some terms you will never talked and people assume
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  Speaker 1: you know. Income. Yes, we're going to start with income.
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  Speaker 1: A simple definition. It's what you earn from work, our investments.
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  Speaker 1: See there you can make income from non work. Here's
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  Speaker 1: a interesting truth. Money makes more money on money then
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  Speaker 1: money will ever or can ever make on labor. Hello.
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  Speaker 1: Remember that one money can make more money on money
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  Speaker 1: than money can ever make on investing in labor. So
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  Speaker 1: income is what you earn from work or investments. And
• 6:30
  Speaker 1: let me give you a real inside track here. Those
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  Speaker 1: with real wealth don't want any more W two income,
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  Speaker 1: which is basically regular income. They want capital gains income,
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  Speaker 1: which is from selling our disposing of assets. And by
• 6:53
  Speaker 1: the way, it's the lowest tax rate for a source
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  Speaker 1: of income. Another point, another time. So here's a mindset
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  Speaker 1: connection of that. You can't budget what you don't measure,
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  Speaker 1: and you need to budget. I've learned that the hard
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  Speaker 1: way in my life. No matter how wealthy or not
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  Speaker 1: you are, you need a budget expenses what you spend.
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  Speaker 1: Simple definition mindset connection. Rich people flex, Wealthy people plan.
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  Speaker 1: Rich and poor tends to be loud, Wealthy tends to
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  Speaker 1: be quiet. Yes, there's a difference between rich and wealthy.
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  Speaker 1: Rich is a contract? Hello, assets, Here's what an asset
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  Speaker 1: is not. An asset is not on your ass okay,
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  Speaker 1: is not on your a For want to clean this up?
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  Speaker 1: If you're sharing this with younger people. An asset what
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  Speaker 1: you own that makes you money. I'll repeat that, an asset,
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  Speaker 1: what you own that makes you money. Some of you
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  Speaker 1: heard me talk about good debt and bad debt. Good
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  Speaker 1: debt is tied to something that appreciates in value. Bad
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  Speaker 1: debt is tied to something that depreciates in value. Mindset connection.
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  Speaker 1: Your assets should work harder than you do. Now that's
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  Speaker 1: gangster's that's making smart sexy. We've been making dumb sexy
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  Speaker 1: for way too long. We've dumbed down and celebrated it,
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  Speaker 1: and now it's time to make smart sexy again. Assets,
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  Speaker 1: your assets should work harder than you do. Liabilities what
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  Speaker 1: you owe that costs you money. Mindset connection. Debt can
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  Speaker 1: build wealth or destroy it. I'll repeat that. Debt can
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  Speaker 1: build wealth or destroy it. That's why I talked about
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  Speaker 1: good debt and bad debt. So a liability like a
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  Speaker 1: knife a butter knife. You can use a butter knife
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  Speaker 1: to butter bread, or you can turn it into a weapon.
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  Speaker 1: And if you work hard enough, cut somebody and do damaged.
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  Speaker 1: So you decide what that is, whether you believe you
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  Speaker 1: can and whether you believe you can't. You're absolutely right.
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  Speaker 1: Is the glass half full or is it half empty?
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  Speaker 1: Depends who's looking at the glass. Credit simple definition, your
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  Speaker 1: financial trust score. Okay, and I love credit and credit scores,
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  Speaker 1: as you know, because it's neutral. To quote my friend
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  Speaker 1: Melody Hopson, I like math because it doesn't have an opinion.
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  Speaker 1: No one can controls it, but you. You are in
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  Speaker 1: control of it literally, and you can change it yourself. Literally.
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  Speaker 1: Mindset connection. Credit is not cash, it's character with numbers.
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  Speaker 1: Credit is not cash, is character, as in your character
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  Speaker 1: with numbers. Credit comes from the Latin root word creditote,
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  Speaker 1: which means credibility essentially, so it's not even about money
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  Speaker 1: per se. Interest simple definition, the cost or reward of
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  Speaker 1: borrowing money. Mindset connection. Interests can make you poor or richer,
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  Speaker 1: depending on which side you're on. Are you earning the interest?
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  Speaker 1: Are you paying it? Compound interest? Now it's starting to
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  Speaker 1: get interesting. Definition earning money on your money repeatedly compound interest.
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  Speaker 1: I'm gonna repeat that. This is so important. You make
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  Speaker 1: money during the day, you build wealth in your sleep.
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  Speaker 1: Thank you, my friend Tony Wrestler for giving me that
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  Speaker 1: shorthand quote. He's a billionaire and a business partner and
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  Speaker 1: a dear friend who owns Atlanta Hawks and is chairman
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  Speaker 1: of Areas Management. My another billionaire friend of mine is
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  Speaker 1: CEO of Areas Management. Both of them taught me a
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  Speaker 1: lot about the next generation or the next iteration of
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  Speaker 1: the next level beyond just being rich and lifestyle. They
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  Speaker 1: taught me about real wealth and back me in at
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  Speaker 1: least one of my ventures. And I'll never forget them
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  Speaker 1: for that. Of course, I had to pay him back
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  Speaker 1: and all that stuff, which I did, but I appreciate
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  Speaker 1: them pouring into me. And now I'm pouring into you.
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  Speaker 1: With them and others pouring into me, now I'm pouring
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  Speaker 1: into you. So let's now talk about the mindset connection
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  Speaker 1: around compound interest. This is how the wealthy make time
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  Speaker 1: their business partner. Compound interest is how the wealthy make
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  Speaker 1: time their business partner. I want you to really think
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  Speaker 1: about that. That's why I say you can. You can
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  Speaker 1: abuse some of my money. I'll let you abuse some
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  Speaker 1: of my money, but you're not gonna abuse my time.
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  Speaker 1: Money is just transactional. It's a way of transferring value.
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  Speaker 1: I can get more money, I can't get more time.
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  Speaker 1: Guess what poor people tend to waste by the way
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  Speaker 1: time which turns into wasting money. But anyway, I do
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  Speaker 1: remember a time where money was more important than me
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  Speaker 1: than time. I was a hustler. I was just trying
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  Speaker 1: to I was just had too much month at the
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  Speaker 1: end of my money, I was chasing it, just trying
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  Speaker 1: to pay those bills for the cutoff notice when in effect.
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  Speaker 1: So I do get it. I do understand stages and
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  Speaker 1: phases of life. You'll be able to listen to my
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  Speaker 1: podcast where I talk about being a homeless and talk
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  Speaker 1: about those times when I struggled. So go back and
• 13:25
  Speaker 1: listen to old podcast episodes and ones coming up, and
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  Speaker 1: I'll unpack that. So I'm not being insensitive. I am
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  Speaker 1: explaining that you reach different plateaus, you should always fall forward,
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  Speaker 1: and you want to get to the point where your
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  Speaker 1: time is more important, more important than actually the currency
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  Speaker 1: in your pocket. And this is about mindset shift, by
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  Speaker 1: the way, because all poverty, except sustenance poverty, which is
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  Speaker 1: a roof over your head, food to the table, in
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  Speaker 1: reasonable healthcare, all other forms of poverty are mindset based.
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  Speaker 1: That's why I want you to read my book The
• 14:02
  Speaker 1: Memo and Up from Nothing, my last book, Financial Lucy
• 14:05
  Speaker 1: for All and my new book coming out next year,
• 14:07
  Speaker 1: Capitalism for All, But that's another discussion for another time. Yes,
• 14:12
  Speaker 1: I just dropped something on you, very casually. I've not
• 14:15
  Speaker 1: even mentioned to the public yet my new book Stock
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  Speaker 1: simple definition, ownership in a company, mindset connection. When you
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  Speaker 1: buy stock, you become a little owner, not a consumer.
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  Speaker 1: I love that when you buy stock, you become a
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  Speaker 1: little owner, meaning an owner that happens to be little,
• 14:45
  Speaker 1: but you don't. Are no longer just a consumer. So
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  Speaker 1: you can own a little stock, or you can own
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  Speaker 1: a lot of stock, but you're an owner. If you
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  Speaker 1: buy one share of a publicly traded company, you have
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  Speaker 1: the rights to have the same financial information on that
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  Speaker 1: company as somebody who owns all the stock of that
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  Speaker 1: company or the majority of the stock of that company. Okay,
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  Speaker 1: So I want you to think about getting one stock
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  Speaker 1: of a company that you admire or you use, and
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  Speaker 1: asking for the financial records for the entire company and
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  Speaker 1: studying them, using my podcast as a knowledge scratch pad,
• 15:43
  Speaker 1: and beginning to learn these terms and these frameworks for
• 15:47
  Speaker 1: building wealth. It's all right there. You can even buy
• 15:51
  Speaker 1: a fraction of a share. It's called fractional investing, and
• 15:55
  Speaker 1: you can go to my team at Operation Hope and
• 15:57
  Speaker 1: they will give you a free coaching scholarship because we're
• 16:01
  Speaker 1: funded in a way that allows us to pass the
• 16:04
  Speaker 1: blessings onto you. So you can get a coaching scholarship
• 16:07
  Speaker 1: for between one thousand and five thousand dollars. That will
• 16:10
  Speaker 1: begin to walk you through. It's a private banker essentially
• 16:14
  Speaker 1: for you for a year, and it can answer questions
• 16:18
  Speaker 1: like how do you set up a fractional investment account.
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  Speaker 1: We won't advise you on what stock to own, but
• 16:23
  Speaker 1: we will advise you about the power of stock ownership.
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  Speaker 1: The mindset connection is really important here. When you buy
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  Speaker 1: a stock, I repeat, you become a little owner of
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  Speaker 1: that company, not no longer a consumer or just a consumer.
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  Speaker 1: You can do both, by the way, be a consumer
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  Speaker 1: and be an owner. A bond definition a loan you
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  Speaker 1: give to a company or government. Did you know that
• 16:54
  Speaker 1: or bet you didn't know that. Most people didn't. A
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  Speaker 1: bond is a loan that you give through a bond
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  Speaker 1: issuance to a company or a government. Here's the mindset connection.
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  Speaker 1: Wealthy people don't just buy things, they lend money to nations.
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  Speaker 1: Drop the mic. Wealthy people don't just buy things, They
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  Speaker 1: lend money to nations. Now you talk about real power.
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  Speaker 1: That's why elected officials listen to wealthy donors. One of
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  Speaker 1: the money the many reasons, which includes campaign contributions, et cetera.
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  Speaker 1: But you can't do much of your poor to change
• 17:40
  Speaker 1: the system, unfortunately. I'll talk about the law and how
• 17:45
  Speaker 1: it's unfortunately intertwined with capitalism. I'll get into that another
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  Speaker 1: podcast of lessons. Even I've learned about the law so
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  Speaker 1: and how it works when you're poor, and how it
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  Speaker 1: works when you're wealthy. But let's stay focused here. Net
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  Speaker 1: worth definition. What you own mine is what you owe.
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  Speaker 1: What you own mine is what you owe. Here's the
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  Speaker 1: mindset connection. This is the true score card or scoreboard
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  Speaker 1: of wealth, not your income. I'm gonna repeat that, this
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  Speaker 1: is the true score card or scoreboard of wealth, not
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  Speaker 1: your income. I'm much more important than mine. I'm much
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  Speaker 1: more concerned about It's much more important to me what
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  Speaker 1: my net worth is rather than my income. It used
• 18:45
  Speaker 1: to be a time where all I obsessed on was
• 18:47
  Speaker 1: my income. You meant I think you have a net worth.
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  Speaker 1: That's not true. Sit down and write down all that
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  Speaker 1: you own, and you will be surprised. I believe at
• 18:58
  Speaker 1: how valuable you already are. Diversification is a phrase thrown
• 19:08
  Speaker 1: around that most people have no clue what that means
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  Speaker 1: in a financial term. Here's a simple definition. Spreading investments
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  Speaker 1: around to reduce risk. Here's a mindset connection. Never let
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  Speaker 1: one thing ruin your life. So now you now understand
• 19:27
  Speaker 1: why I don't just recommend cryptocurrency no matter how many
• 19:32
  Speaker 1: times somebody asks me about it on social media. I
• 19:35
  Speaker 1: tell you, do what you want, but don't use your
• 19:38
  Speaker 1: rent money to buy cryptocurrency. You need diversification. If that's
• 19:43
  Speaker 1: going to be one of the things that you do
• 19:47
  Speaker 1: of your third budget, you have a living budget, an
• 19:50
  Speaker 1: investment budget, and a speculation budget, then so be it.
• 19:54
  Speaker 1: But it cannot be the own in my opinion, it
• 19:56
  Speaker 1: cannot be the only thing that you do. Now that
• 20:02
  Speaker 1: you can speak the language, you can now build the house.
• 20:08
  Speaker 1: You just learn the abcs of money. I've decoded the
• 20:13
  Speaker 1: language of money, Part one for you. The next step
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  Speaker 1: start using these terms in your daily life. I want
• 20:22
  Speaker 1: you to check your net worth every month. I do.
• 20:27
  Speaker 1: I want you to pull your credit report once a quarter.
• 20:31
  Speaker 1: I do. I check my credit also every couple of
• 20:35
  Speaker 1: days because it changes on a weekly basis on average.
• 20:40
  Speaker 1: And then you have different credit reports. You have a consumer,
• 20:42
  Speaker 1: you have a credit report for credit cards, and one
• 20:44
  Speaker 1: for mortgages and one for businesses. Different kind of credit reports,
• 20:49
  Speaker 1: credit ratings. I want you to invest ten dollars a
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  Speaker 1: month in a fractional share. Don't tell me you can't
• 20:55
  Speaker 1: do that. You waste that on custom coffee or a
• 21:00
  Speaker 1: bad lunch. I want you to read one financial news
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  Speaker 1: headline a day. This is simple stuff you can start with.
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  Speaker 1: Money is a language and wealth is fluency. Every great
• 21:15
  Speaker 1: builder starts by learning the words. I'm going to repeat that.
• 21:20
  Speaker 1: This is a new kind of rap. Good people. What
• 21:22
  Speaker 1: did jay Z say, I'm not a business man, I'm
• 21:25
  Speaker 1: a business man. What was a four four four album?
• 21:29
  Speaker 1: Financial literacy album? Here's a quote. Again, we're affirming mindset
• 21:34
  Speaker 1: SIVI rights mindset. Money is a language and wealth is fluency.
• 21:41
  Speaker 1: Every great builder starts by learning the words. You now
• 21:49
  Speaker 1: speak the language of money at least part one. And
• 21:53
  Speaker 1: once you can speak it, you can negotiate with it
• 21:56
  Speaker 1: and with others and build wealth with it. I want
• 22:02
  Speaker 1: you to send this podcast episode to someone who you
• 22:07
  Speaker 1: want to win, someone who never got the playbook, just
• 22:12
  Speaker 1: like you. I want you to join me in an absolute, passionate,
• 22:22
  Speaker 1: obsessive mission to make financial literacy the civil rights issue
• 22:26
  Speaker 1: of this generation. To go from civil rights to include
• 22:31
  Speaker 1: now civil rights. Not just build blue red rooms to
• 22:35
  Speaker 1: keep bad things happening to good people, organizations that fight racism, intolerance, bigotry, fraud, abuse,
• 22:42
  Speaker 1: all but now create green rooms that create opportunity for
• 22:47
  Speaker 1: good people just like you. All Right, so here we go.
• 22:51
  Speaker 1: We've just unpacked the Language of Money Part one, and
• 22:58
  Speaker 1: now you are powered and empowered to walk confidently into
• 23:07
  Speaker 1: discussions with your friends and your coworkers and your loved ones.
• 23:12
  Speaker 1: And you know what they're talking about too. Maybe you
• 23:14
  Speaker 1: might now start the conversation. Now, isn't that news? All right?
• 23:20
  Speaker 1: John O'Brien, This is Money Wealth. This is a bonus
• 23:22
  Speaker 1: episode of the Language of Money Part one. If you
• 23:25
  Speaker 1: liked this bonus content, let me know and I'll do
• 23:29
  Speaker 1: part two, John O'Brien, Money and Wealth Come out. Money
• 23:34
  Speaker 1: and Wealth with John O'Brien is a production of the
• 23:36
  Speaker 1: Black Effect Podcast Network. For more podcasts from the Black
• 23:40
  Speaker 1: Effect Podcast Network, visit the iHeartRadio app, Apple Podcasts, or
• 23:44
  Speaker 1: wherever you listen to your favorite shows