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Money & Wealth Replay: Self Esteem vs. Confidence · Money And Wealth With John Hope Bryant

• 0:00
  Speaker 1: Welcome the Money in Wealth with John O'Briant, a production
• 0:03
  Speaker 1: of The Black Effect podcast Network and iHeartRadio.
• 0:15
  Speaker 2: Hey Hey, it's John O'Brien This is money and Wealth.
• 0:18
  Speaker 1: And I'm popping my collar because I paid my taxes
• 0:24
  Speaker 1: and I'm happy about it.
• 0:27
  Speaker 2: Right.
• 0:27
  Speaker 1: Actually, I got a pretty good deal this year. Last year,
• 0:31
  Speaker 1: it was an okay deal. In the year before that,
• 0:35
  Speaker 1: it was a painful deal because I paid the most
• 0:38
  Speaker 1: taxes I'd ever paid in my life.
• 0:40
  Speaker 2: It was seven.
• 0:40
  Speaker 1: Figures in taxes alone. In fact, my state tax bill
• 0:48
  Speaker 1: was larger than any tax I'd ever paid period in
• 0:52
  Speaker 1: my life, just my state tax bill.
• 0:54
  Speaker 2: My federal tax bill was seven figures by itself. But
• 0:58
  Speaker 2: I was happy to do it. Listen to me, now,
• 1:00
  Speaker 2: I was happy to do it because that meant I
• 1:04
  Speaker 2: made money. I even generated some generational wealth. I forget
• 1:09
  Speaker 2: what year it was, but it was, you know, two, three,
• 1:11
  Speaker 2: four years ago where I'd paid this enormous tax bill.
• 1:16
  Speaker 2: But don't get upset with Uncle Sam. Because you're paying
• 1:19
  Speaker 2: a tax bill, it means that you're actually making some money.
• 1:22
  Speaker 2: You might want to be upset when you're not paying
• 1:24
  Speaker 2: a tax bill because it made mean you're broke and
• 1:27
  Speaker 2: don't be smarty pans and decide you're going to skip
• 1:31
  Speaker 2: out on your tax bill. I'd rather rather steal from
• 1:33
  Speaker 2: my mother got rest of her soul, than still from
• 1:36
  Speaker 2: from the federal government of the irs. They didn't get
• 1:38
  Speaker 2: alcohopone from murdering man.
• 1:39
  Speaker 1: They got alcopone on tax evasion and put that man
• 1:44
  Speaker 1: under the jail.
• 1:45
  Speaker 2: He died in.
• 1:46
  Speaker 1: Prison, cool smooth, all that he avoided all those things
• 1:51
  Speaker 1: he actually did, which was literally murders and stickups and
• 1:56
  Speaker 1: all kinds of stuff. But they couldn't catch them. But
• 1:59
  Speaker 1: they said, basically, look, we can't prove you broke these
• 2:03
  Speaker 1: laws and committed these crimes, but you seem to have
• 2:07
  Speaker 1: a lifestyle that doesn't make any sense, and we can't
• 2:12
  Speaker 1: you can't justify where you made this money. So you
• 2:18
  Speaker 1: have evaded taxation because you didn't report the income. So
• 2:22
  Speaker 1: it's really deep American American American capitalism is American government
• 2:27
  Speaker 1: is deep.
• 2:27
  Speaker 2: It's like, we maybe convict you that it's illegal, but
• 2:30
  Speaker 2: you dang if you're.
• 2:31
  Speaker 1: Gonna pay your taxes on your comp on your on
• 2:35
  Speaker 1: the income that you made, or we'll get you that way.
• 2:39
  Speaker 1: And so they got them that way. And they're not
• 2:42
  Speaker 1: gonna get me that way. I'm gonna pay my taxes.
• 2:44
  Speaker 2: Uh.
• 2:45
  Speaker 1: Now, we just had tax season, and you shouldn't be
• 2:49
  Speaker 1: paying more taxes than you have to. And uh, this
• 2:54
  Speaker 1: tax system is designed for you to maximize your tax benefit.
• 3:00
  Speaker 1: The whole thing about owning a home, the tax structure,
• 3:05
  Speaker 1: the tax system. I don't want to use that word again.
• 3:09
  Speaker 1: The taxing infrastructure in America is designed to benefit home ownership.
• 3:14
  Speaker 1: That's what I was trying to say. So, you write
• 3:18
  Speaker 1: off the most of a thirty year mortgage twenty on average,
• 3:22
  Speaker 1: twenty of the thirty year mortgage.
• 3:23
  Speaker 2: You write it off through.
• 3:25
  Speaker 1: Mortgage interest payments, and you will be able to get
• 3:29
  Speaker 1: a lot of that back in a tax refund at
• 3:32
  Speaker 1: the end of the year. So if you're renting from
• 3:35
  Speaker 1: me a home or an apartment, or from some other investor,
• 3:39
  Speaker 1: you're opening a window and throwing your money out the window.
• 3:42
  Speaker 1: There are times for you to be a renter. Okay,
• 3:45
  Speaker 1: I'm not hating on that. I've been a renter. There's
• 3:47
  Speaker 1: been times to be a renter, but you get no
• 3:50
  Speaker 1: benefit from that. But if you own a home and
• 3:52
  Speaker 1: you're basically paying the same for rental for mortgage ownership
• 3:55
  Speaker 1: home ownership as you would for rental. If you own
• 3:59
  Speaker 1: a home, then you're going to get a lot of
• 4:03
  Speaker 1: that money you paid against the mortgage back through a
• 4:08
  Speaker 1: tax refund.
• 4:09
  Speaker 2: At the end of the year.
• 4:10
  Speaker 1: You get the benefit of appreciation, the benefit of depreciation,
• 4:16
  Speaker 1: a tax benefit, and you get to write off a
• 4:19
  Speaker 1: lot of the mortgage payments because a lot of its
• 4:23
  Speaker 1: mortgage interest in those first those first years. Now, writing
• 4:30
  Speaker 1: things off you, I'm gonna be a little tongue in
• 4:34
  Speaker 1: cheek here.
• 4:34
  Speaker 2: Now.
• 4:35
  Speaker 1: You can't write off the strip club guys. You can't
• 4:38
  Speaker 1: write off you know, your girlfriend. You might not even
• 4:42
  Speaker 1: make it. Write off your wardrobe. I'm actually serious about this. Now,
• 4:46
  Speaker 1: if you if you're in a profession where like the
• 4:49
  Speaker 1: entertainment business, and you think, well, this is directly tied
• 4:52
  Speaker 1: to I mean, I'm a businessman. I'd like to be
• 4:55
  Speaker 1: able to think that my wardrobe is complement to my
• 4:58
  Speaker 1: business and it's directly ti to it. It is not
• 5:01
  Speaker 1: a forgone conclusion. And you can write off your wardrobes.
• 5:04
  Speaker 1: You need to talk to your tax person. You can't
• 5:06
  Speaker 1: write off if you work from your house. You can't
• 5:08
  Speaker 1: write off the whole house. Please, I don't want you
• 5:12
  Speaker 1: to be audited. I don't want you to get in trouble.
• 5:14
  Speaker 1: Please listen to me. You can write off the portion
• 5:17
  Speaker 1: of the house that you're using for business purposes. There's
• 5:21
  Speaker 1: an office in your house, right you can tax that
• 5:24
  Speaker 1: should be tax deductible.
• 5:25
  Speaker 2: Check with your tax professional.
• 5:27
  Speaker 1: Don't just take my word for it, but that part
• 5:30
  Speaker 1: of the house you're using for tax for business purposes
• 5:33
  Speaker 1: should qualify as a tax write off. All of your
• 5:36
  Speaker 1: car may not be tax deductible, but the part that
• 5:39
  Speaker 1: you're using for business purposes. Even if you want to
• 5:42
  Speaker 1: be very specific, you can do mileage calculations and do
• 5:48
  Speaker 1: it that way, but you need to be very thoughtful
• 5:51
  Speaker 1: about what's a business expense and what you can write
• 5:54
  Speaker 1: off and what you can't. Certain things you absolutely will
• 5:57
  Speaker 1: not be able to write off because this well nuts.
• 6:02
  Speaker 1: I've mentioned a couple examples there. But you can write
• 6:07
  Speaker 1: off things that have a direct business correlation, or things
• 6:11
  Speaker 1: that are covered by the tax code, like many kinds
• 6:16
  Speaker 1: of real estate and mortgage payments and interest expense on
• 6:22
  Speaker 1: businesses and again anything if you have a side business
• 6:26
  Speaker 1: or a primary business, then those direct business expenses you'll
• 6:31
  Speaker 1: be able to write off. I also want to very
• 6:33
  Speaker 1: briefly touch on this really falsehood that politicians play games,
• 6:42
  Speaker 1: what they say that rich people don't pay money. The
• 6:45
  Speaker 1: reality is that most taxes actually in this country, most
• 6:47
  Speaker 1: income for America is paid by the wealthy people. I guess,
• 6:52
  Speaker 1: like me, seventy or eighty percent of all the taxes
• 6:54
  Speaker 1: in the country are paid for by those at the
• 6:57
  Speaker 1: highest income bracket. So what's all this about the wealth
• 7:00
  Speaker 1: You don't pay taxes, Well, they don't pay a lot
• 7:04
  Speaker 1: of percentage wise of income taxes, so that if they're
• 7:10
  Speaker 1: not paying income taxes, and what are they paying. They're
• 7:12
  Speaker 1: paying in many cases capital gain taxes. So income taxes
• 7:16
  Speaker 1: might be thirty percent, thirty five percent, forty five percent, uh,
• 7:22
  Speaker 1: if you can stay in federal taxes might even be
• 7:24
  Speaker 1: some cases like California might be approaching fifty percent. If
• 7:27
  Speaker 1: you're making a bunch of your money, you know, from
• 7:29
  Speaker 1: performing as an actor or an entertainer or a sports
• 7:32
  Speaker 1: figure or whatever, you're making a lot of income W
• 7:37
  Speaker 1: two income they I guess it called you're in a sitcom,
• 7:39
  Speaker 1: a t a situation comedy, you're on a TV show
• 7:42
  Speaker 1: or something, and you're getting a W two paycheck. Then
• 7:46
  Speaker 1: they may withhold, you know, thirty five to forty percent
• 7:50
  Speaker 1: of your taxes.
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  Speaker 2: You may be in that tax bracket.
• 7:53
  Speaker 1: Uh. That's why they say that Warren Buffet pays less
• 7:55
  Speaker 1: taxes than its secretary. What I mean by that, well,
• 7:57
  Speaker 1: she's getting an income. Well, Warren Buffet's not getting a paycheck.
• 8:00
  Speaker 1: He may choose I don't want an income, don't pay
• 8:03
  Speaker 1: me a paycheck. Because what he does is he when
• 8:05
  Speaker 1: he sells stock, he gets hit with a capital gains tax.
• 8:09
  Speaker 1: When somebody sells like real estate like me, that you
• 8:12
  Speaker 1: get hit with a capital gains tax, which is typically
• 8:15
  Speaker 1: about twenty percent twenty one percent of whatever the thing
• 8:21
  Speaker 1: you sold is value. That so if it's worth a
• 8:24
  Speaker 1: million dollars, you may get hit with a two hundred
• 8:26
  Speaker 1: thousand dollars tax bill all at once, and you know,
• 8:30
  Speaker 1: happy to pay it. We're not happy to pay it,
• 8:32
  Speaker 1: but you pay it. And that's a lot of money.
• 8:35
  Speaker 1: And so a lot of this country eats. Income comes
• 8:39
  Speaker 1: from the wealthy paying a combination of income tax and
• 8:42
  Speaker 1: capital gains tax. There's other kinds of taxes, but I'm
• 8:44
  Speaker 1: trying to make this simple. But don't listen to people
• 8:48
  Speaker 1: who tell you that just because a wealthy person is
• 8:51
  Speaker 1: not paying income tax their tax bracket, well they're paying
• 8:56
  Speaker 1: less an income tax in the secretary because the secretary
• 8:59
  Speaker 1: has got to sell and.
• 9:00
  Speaker 2: Is earning a paycheck every two weeks.
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  Speaker 1: And as with holdings, and the boss may not be
• 9:05
  Speaker 1: on any salary at all, which means you can't tax
• 9:09
  Speaker 1: something it doesn't exist. Very very very wealthy people don't
• 9:13
  Speaker 1: want an income Okay, as a funny one for you,
• 9:16
  Speaker 1: all right, John O'Brien, this is money and wealth and
• 9:20
  Speaker 1: this is uh the tax season. So I want you
• 9:23
  Speaker 1: to be tax smart. Pay your fair share because well
• 9:27
  Speaker 1: that means you're doing really well and you live in
• 9:30
  Speaker 1: the most secure economy in the world with the best
• 9:34
  Speaker 1: laws and its best infrastructure, the best protections of the
• 9:38
  Speaker 1: law that costs something. And the government is that if
• 9:43
  Speaker 1: you get in a lawsuit, the government there the laws.
• 9:45
  Speaker 1: You know you can rely on the laws to be
• 9:48
  Speaker 1: sturdy and resilient. You have intellectual property rights that are preserved,
• 9:53
  Speaker 1: you have real property rights that are you know will
• 9:58
  Speaker 1: be preserved, then protect it. That's the government of work.
• 10:02
  Speaker 1: I'm not advocating for the government, just saying that those
• 10:05
  Speaker 1: things call something you look roads, gutters, street lights, subways
• 10:10
  Speaker 1: that that somebody's got to pay for that.
• 10:12
  Speaker 2: The government pays for that.
• 10:13
  Speaker 1: You're in a highway and you're making money because you
• 10:15
  Speaker 1: want to sell something to somebody. Well, you're on driving
• 10:18
  Speaker 1: on the highway. That's the public and you, as a taxpayer,
• 10:20
  Speaker 1: you pay for that. Schools are not free. Schools are
• 10:23
  Speaker 1: paid for by you and me. So that's why you
• 10:26
  Speaker 1: should also want to vote. Because you're you're a shareholder.
• 10:29
  Speaker 1: You have assets, and your assets are not just on
• 10:31
  Speaker 1: your ass.
• 10:33
  Speaker 2: You own things.
• 10:34
  Speaker 1: That's why when you see a house that's got line
• 10:36
  Speaker 1: up to you know, your net, it's because that's probably
• 10:39
  Speaker 1: a renter. Because nobody washes rental cars. But once you
• 10:42
  Speaker 1: own a home, there's a quote for you. Nobody want.
• 10:45
  Speaker 1: Nobody washes rental cars. Once you own a home, are
• 10:49
  Speaker 1: you owned some property all of a sudden you become
• 10:50
  Speaker 1: real concerned about it, and now you're a stakeholder, and
• 10:53
  Speaker 1: now you typically want to vote to protect your stake
• 10:56
  Speaker 1: in what you have and to have a say in
• 10:58
  Speaker 1: how governments do their business.
• 11:01
  Speaker 2: And so there you go.
• 11:02
  Speaker 1: All right, So there's a civics lessons and a tax lesson,
• 11:05
  Speaker 1: and the first positive things somebody's ever said to you
• 11:09
  Speaker 1: about the government the irs, I bet all right, And
• 11:13
  Speaker 1: I haven't been audited yet. I'm sure it's coming at
• 11:15
  Speaker 1: some point, but I've been audited. I don't think i've
• 11:17
  Speaker 1: been audited. But there was a time where I didn't
• 11:20
  Speaker 1: pay taxes for years and I got hit with very
• 11:23
  Speaker 1: serious penalties back in the day when I was in
• 11:26
  Speaker 1: my teens, from the Franchise Tax Board and from the
• 11:29
  Speaker 1: state of California. It hit me hard and I had
• 11:31
  Speaker 1: to catch up. So it's not Life's not always been
• 11:34
  Speaker 1: a better roses, but I think I've been relatively smart about,
• 11:39
  Speaker 1: you know, paying my fair share of taxes, both income
• 11:43
  Speaker 1: tax and capital gains taxes, but also taking my reasonable
• 11:48
  Speaker 1: write offs of things that are legitimate business expenses.
• 11:52
  Speaker 2: And a lot of my life is business because I'm
• 11:54
  Speaker 2: always doing it.
• 11:56
  Speaker 1: So there you go. I hope this has been helpful.
• 11:57
  Speaker 1: Make sure you have a tax pro. Sure that your
• 12:00
  Speaker 1: tax pro gives back to the community. Choose one that
• 12:03
  Speaker 1: does give back to the community. By the way, they
• 12:05
  Speaker 1: can donate that a few hours of their time as
• 12:07
  Speaker 1: a tax pro to help businesses come up with like
• 12:09
  Speaker 1: the the one Men and Black Business initiative like my
• 12:11
  Speaker 1: firm Apryo does here in Atlanta.
• 12:14
  Speaker 2: So get a tax pro get a lawyer, and of
• 12:16
  Speaker 2: course get a life. You're listening to this, you already
• 12:19
  Speaker 2: have a life, all right, Love you, John Hope Brien. Hey,
• 12:32
  Speaker 2: this is.
• 12:32
  Speaker 1: John Hope Brian on money and wealth, and I'm going
• 12:36
  Speaker 1: to tackle a topic today that is a little controversial,
• 12:41
  Speaker 1: which is self esteem versus confidence, particularly with reguard to
• 12:46
  Speaker 1: my African American brothers and sisters. So why is this
• 12:51
  Speaker 1: important and why does it have to do with money
• 12:54
  Speaker 1: and wealth? Because if your assets are all on your ass,
• 13:01
  Speaker 1: is a reason for it. If you spend, if you
• 13:03
  Speaker 1: produce one point six trillion dollars in consume economic output
• 13:08
  Speaker 1: as a race, but notinety one percent of that is consumption,
• 13:12
  Speaker 1: there's a reason for it. If the number one way
• 13:15
  Speaker 1: to build wealth is home ownership and we don't really
• 13:19
  Speaker 1: own homes, there's a reason for it. And there's a
• 13:24
  Speaker 1: reason why America has African American ghettos and not really
• 13:31
  Speaker 1: any kind of other kind of ghettos.
• 13:34
  Speaker 2: And it has to do with slavery.
• 13:36
  Speaker 1: It has to do with destroying and destroyed self esteem.
• 13:41
  Speaker 2: We're brilliant people, African.
• 13:42
  Speaker 1: Americans, We've been doing so much with so little for
• 13:45
  Speaker 1: so long. We could almost do anything with nothing. We have,
• 13:49
  Speaker 1: you know, succeeded against the odds. We were brought here
• 13:53
  Speaker 1: as brilliant agricultural geniuses of the land and had the
• 13:58
  Speaker 1: self esteem beaten up out of us for literally.
• 14:03
  Speaker 2: Three hundred years.
• 14:04
  Speaker 1: So I had to do the math sixteen nineteen to
• 14:06
  Speaker 1: the really the mid nineteen.
• 14:08
  Speaker 2: Sixties, even before America was America, you know.
• 14:12
  Speaker 1: And this is not even a podcast of a race
• 14:14
  Speaker 1: or slavery or it has nothing to do with it.
• 14:17
  Speaker 1: I'm just giving you the backstory to understand you could
• 14:21
  Speaker 1: make a mistake and not be one. We're actually the
• 14:23
  Speaker 1: opposite where geniuses were amazing. But there was an intentional attempt,
• 14:28
  Speaker 1: which I'll do in another podcast to break down the
• 14:30
  Speaker 1: why as to why African Americans, with all our genius,
• 14:36
  Speaker 1: with all of our outside success all around the world,
• 14:40
  Speaker 1: I think of the majority of us are clinically undiagnosed depressed,
• 14:43
  Speaker 1: and that depression creates a surviving mindset, and a surviving
• 14:48
  Speaker 1: mindset is directly in conflict with a thriving mindset and
• 14:50
  Speaker 1: a winning mindset.
• 14:52
  Speaker 2: Winners of builders. If you're a surviving mindset.
• 14:55
  Speaker 1: You are always looking for risk and issues, and the
• 15:00
  Speaker 1: glass is half fifty nine half full. You tend to
• 15:02
  Speaker 1: be more cynical than skeptical. Now you generalize, you discriminate.
• 15:07
  Speaker 1: So yes, these are generalizations, but they tend to stick.
• 15:10
  Speaker 1: And I'm going to frame this in a way that
• 15:13
  Speaker 1: makes it perfectly clear. I'm going to give you the
• 15:15
  Speaker 1: economic framework first, because it's a raise to white people too.
• 15:20
  Speaker 2: So if the issue was.
• 15:22
  Speaker 1: Only race, right, that defines success or failures, self esteem
• 15:26
  Speaker 1: and confidence and all that kind of stuff, then you
• 15:29
  Speaker 1: would not have rich whites and poor whites.
• 15:32
  Speaker 2: You just have rich whites. If the issue is just race,
• 15:36
  Speaker 2: you just have rich whites.
• 15:39
  Speaker 1: But the largest population of poverty in this country is
• 15:41
  Speaker 1: actually white poverty.
• 15:43
  Speaker 2: I'll go one step further.
• 15:45
  Speaker 1: The number one group dying in this country are high
• 15:49
  Speaker 1: school educated white men.
• 15:51
  Speaker 2: Lack of hope.
• 15:53
  Speaker 1: Opioid addiction is the trigger, but it's really lack of hope.
• 16:00
  Speaker 2: Not go to African Americans for a minute.
• 16:01
  Speaker 1: If black was the same, just like I just said,
• 16:04
  Speaker 1: the white was the same, and it wasn't a cultural
• 16:06
  Speaker 1: issue because somebody didn't say, John, why are you picking
• 16:09
  Speaker 1: on your own people?
• 16:10
  Speaker 2: I'm not picking on anybody.
• 16:11
  Speaker 1: I'm breaking some stuff down so that we can understand
• 16:13
  Speaker 1: it so we can fix it.
• 16:14
  Speaker 2: Just the opposite.
• 16:15
  Speaker 1: Actually, I said, we've been picked on, and we picked
• 16:17
  Speaker 1: ourselves up. Like as I said, we've been doing so
• 16:21
  Speaker 1: much with so little for so long. We could almost
• 16:22
  Speaker 1: do anything with nothing. But I don't want you an
• 16:24
  Speaker 1: expert in surviving. I want you an.
• 16:25
  Speaker 2: Expert in thriving and winning. Can I get an amen?
• 16:29
  Speaker 1: So I talked about whites, now black, poor whites and
• 16:32
  Speaker 1: poor blacks. These are obvious, but no one ever says it.
• 16:35
  Speaker 1: So the issue was only rased and all black should
• 16:37
  Speaker 1: be the same too. But the Federal Reserve at Boston
• 16:41
  Speaker 1: did a survey about five to seven years ago on
• 16:45
  Speaker 1: the net worth of everybody in Boston. They found that
• 16:49
  Speaker 1: whites had a six figure net worth. They found that
• 16:52
  Speaker 1: Caribbean blacks had it I think it was a twelve
• 16:54
  Speaker 1: hundred dollars net worth. And they found that African Americans
• 16:58
  Speaker 1: had net worth of seven bucks.
• 17:01
  Speaker 2: That's right, seven dollars.
• 17:03
  Speaker 1: And when they put this on the front page of
• 17:06
  Speaker 1: the Boston Globe, and you can't pull it up on
• 17:08
  Speaker 1: the internet, by the way, it said blacks net worth
• 17:12
  Speaker 1: seven dollars, and it had to say this is not
• 17:15
  Speaker 1: a typo in the headline because it was so dramatic.
• 17:18
  Speaker 2: And if it was just race, why wouldn't all blacks
• 17:22
  Speaker 2: have the same networth? Why wouldn't all whites have the
• 17:25
  Speaker 2: same network?
• 17:26
  Speaker 1: Because culture and environment matter, and so we can be
• 17:30
  Speaker 1: proud that we have survived and all this torture. But
• 17:33
  Speaker 1: if there's some PTSD there, there's some damage to our
• 17:36
  Speaker 1: psyche and our spirit and our self esteeming.
• 17:39
  Speaker 2: As I've often said, if I don't like me, I'm
• 17:41
  Speaker 2: not gonna like you.
• 17:41
  Speaker 1: If I don't feel good about me, I'm not gonna
• 17:43
  Speaker 1: feel good about you. If I don't respect me, don't
• 17:46
  Speaker 1: expect me to respect you. If I don't love me,
• 17:48
  Speaker 1: I don't have a clue how to love you. And
• 17:52
  Speaker 1: if I don't have a purpose in my life, I'm
• 17:55
  Speaker 1: gonna make your life a living hell, because whatever goes
• 17:59
  Speaker 1: around comes around. So now broken down and hopefully in
• 18:04
  Speaker 1: the way, it's sufficient the economic differences even within the
• 18:09
  Speaker 1: same group of black people. And I'm gonna say something
• 18:12
  Speaker 1: I can't absolutely true say is the fact, but I
• 18:15
  Speaker 1: believe it based on me traveling the countless cities across
• 18:19
  Speaker 1: this country. They're not Ghanaian ghettos in America. They're Ghanaian communities.
• 18:24
  Speaker 1: They're not Jamaican ghettos in America. There are Jamaican communities
• 18:27
  Speaker 1: where Jamaicans live together, working class, middle class neighborhoods. I
• 18:31
  Speaker 1: can think of some in the Five Boroughs right now,
• 18:34
  Speaker 1: as example. There are Ethiopian communities, lots of them. There
• 18:39
  Speaker 1: are South African communities and so on and so forth, right, but.
• 18:45
  Speaker 2: They're only black ghettos.
• 18:48
  Speaker 1: African American so African American communities where you see check Cashers,
• 18:53
  Speaker 1: Patia only now you see these other communities, right, But
• 18:56
  Speaker 1: it's intensely focused in African American communities because us, well,
• 19:01
  Speaker 1: we were broken and people are now praying on that brokenness.
• 19:06
  Speaker 1: Where so now I'm going to get to self esteem
• 19:08
  Speaker 1: and confidence. So you can't fix this stuff unless you
• 19:11
  Speaker 1: recognize it. If you look at the majority of ghettos
• 19:15
  Speaker 1: and inner cities in America where people proliferate, they tend
• 19:19
  Speaker 1: to be mostly African American versus communities where different people live,
• 19:24
  Speaker 1: and there's oppressive environments in those neighborhoods and communities.
• 19:27
  Speaker 2: Because those impressive environments are.
• 19:32
  Speaker 1: Profitable to some people and negative to the people that
• 19:38
  Speaker 1: they're subject to it. But maybe you don't even notice
• 19:40
  Speaker 1: it because we're so used to surviving and so used
• 19:44
  Speaker 1: to brokenness that we think it's okay. We think it's
• 19:46
  Speaker 1: okay for a check cash or to the next to
• 19:49
  Speaker 1: a payda loan lender, to rento store or title lender,
• 19:51
  Speaker 1: linkt store, pasha. By the way, that actually does exist
• 19:55
  Speaker 1: in low wealth communities.
• 19:57
  Speaker 2: Of all kinds.
• 19:58
  Speaker 1: I'm not just praying on that, but I'm just giveing
• 20:00
  Speaker 1: and that as an example. Right and now now I'm
• 20:02
  Speaker 1: going to pivot to something that I think does differentiate
• 20:08
  Speaker 1: healthy from those trying to heal those who need to heal.
• 20:13
  Speaker 1: So self esteem versus confidence, those things are different. Self
• 20:18
  Speaker 1: esteem is internal and confidence is really external. And so
• 20:23
  Speaker 1: confidence comes from your competence. You're confident about something, so
• 20:27
  Speaker 1: you express that through a confidence. I'll come back to
• 20:30
  Speaker 1: that in a moment. Self esteem is how I esteem myself.
• 20:35
  Speaker 1: So if you look at Caribbean blacks and you look
• 20:38
  Speaker 1: at African blacks as an example, you see people and
• 20:42
  Speaker 1: I'm generalizing. Whenever you generalize, you discriminate that it's true.
• 20:45
  Speaker 1: But follow me for a moment, I'm making a point.
• 20:49
  Speaker 1: If you go if you look at those who come
• 20:51
  Speaker 1: from the Caribbean and come from Africa, you generally speaking
• 20:57
  Speaker 1: see fine people who have high self esteem but low
• 21:02
  Speaker 1: levels of initially of confidence when they come to America.
• 21:05
  Speaker 1: Why because the self esteem comes from nuclear families, mom
• 21:10
  Speaker 1: and dad, husbands and wives.
• 21:15
  Speaker 2: It comes from seeing the.
• 21:16
  Speaker 1: Denis that looks like you, the mayor that looks like you,
• 21:19
  Speaker 1: the governor looks like you, the CEO that looks at you,
• 21:22
  Speaker 1: the saint looks like you, the passion looks like you,
• 21:25
  Speaker 1: and the crooks looking.
• 21:26
  Speaker 2: Like you too. Everybody looks like you.
• 21:28
  Speaker 1: So there's a self esteem that comes from having a
• 21:31
  Speaker 1: healthy spiritual, emotional, psychological environment.
• 21:36
  Speaker 2: Are you with me so far?
• 21:38
  Speaker 1: But they have a low level of confidence because they
• 21:41
  Speaker 1: come from a small and developing economy that's not cutting
• 21:46
  Speaker 1: edge economically. It's not where you take your skills and
• 21:49
  Speaker 1: put it to work against other people at the top
• 21:53
  Speaker 1: of their game. And so as a result of that,
• 21:56
  Speaker 1: you don't really know whether you've been taught is truly
• 21:59
  Speaker 1: top the mark. So you may not have the confidence
• 22:02
  Speaker 1: that comes from competition at the highest level and winning.
• 22:06
  Speaker 1: So you may have low confidence, but high self esteem.
• 22:10
  Speaker 1: The opposite is true for African Americans. In American you
• 22:14
  Speaker 1: have people who have high confidence, extremely high confidence, but
• 22:19
  Speaker 1: typically low self esteem. Now low self esteem for the
• 22:21
  Speaker 1: meat reasons I just mentioned. People have beaten the love
• 22:25
  Speaker 1: out of us, beaten the confidence and self esteem out
• 22:27
  Speaker 1: of us, beaten the joy out.
• 22:29
  Speaker 2: Of us because they needed us to not create.
• 22:33
  Speaker 1: A problem back in the day. Keep you in that
• 22:39
  Speaker 1: box just become human machinery for hundreds of years, but
• 22:44
  Speaker 1: it damaged our spirit and it ruined our families. I
• 22:47
  Speaker 1: think the fire pillows of success as much education as
• 22:50
  Speaker 1: you can shut down your throat.
• 22:51
  Speaker 2: This is from my book Up from Nothing.
• 22:53
  Speaker 1: I have six books now, three or four bestsellers, the
• 22:56
  Speaker 1: last one being Out being Financial Literacy for All Just
• 22:58
  Speaker 1: out that's entered the fray at Amazon, number one in Economics.
• 23:02
  Speaker 2: Etcetera, etcetera. Picking up if you don't have it.
• 23:04
  Speaker 1: But Up from Nothing, my last book, there's much education
• 23:07
  Speaker 1: you shut down your throat, understanding the math.
• 23:09
  Speaker 2: Financial literacy, wealth creation, etc.
• 23:13
  Speaker 1: Family Structured resiliency number three, A, self esteem and confidence
• 23:17
  Speaker 1: number four, Role Models and environment number five. Now I've
• 23:21
  Speaker 1: done a podcast episode just on this, so you can
• 23:24
  Speaker 1: go back and listen to that, and I break these
• 23:27
  Speaker 1: things down in some detail, and if you have three
• 23:30
  Speaker 1: or four of those things, of those five things, you're
• 23:32
  Speaker 1: going to be very successful. But three groups were denied
• 23:36
  Speaker 1: those three things, and not in any.
• 23:41
  Speaker 2: Order.
• 23:41
  Speaker 1: Here Native American, Indians, poor Whites, and African Americans and
• 23:47
  Speaker 1: out of you know, a couple hundred ethnic groups in
• 23:49
  Speaker 1: this country, and there's actually more than that if you
• 23:51
  Speaker 1: want to get into cultures. Everybody seems to come here
• 23:55
  Speaker 1: and be able to succeed within a short period of
• 23:57
  Speaker 1: time because they have self esteem attack and their confidence
• 24:01
  Speaker 1: comes ultimately from competing on the playing field called life.
• 24:05
  Speaker 1: But our experience was just the opposite. We're denied. Actually
• 24:08
  Speaker 1: it was legally barred to educate us. They destroyed our family,
• 24:12
  Speaker 1: separated our children, sol wives off from husbands, et cetera,
• 24:16
  Speaker 1: et cetera, et cetera. So we did not have out
• 24:18
  Speaker 1: of the five pillars of success. But if you have
• 24:20
  Speaker 1: three four of those things, of those five things, I
• 24:21
  Speaker 1: guarantee you, no matter what's in front of you, over
• 24:23
  Speaker 1: around it, through what you're gonna get to it. I
• 24:25
  Speaker 1: know that because that's my story and I'm African American.
• 24:28
  Speaker 1: My mother told me. She loved me every day of
• 24:30
  Speaker 1: my life at a sense of yes I can from
• 24:32
  Speaker 1: my dad and the yes I am from my mother.
• 24:34
  Speaker 1: I know was taught about facial literacy when I was
• 24:37
  Speaker 1: nine years old. I have self love, self esteem, which
• 24:41
  Speaker 1: I'll get to in a moment in great detail. I
• 24:44
  Speaker 1: had good role models and a enabling environment. Thus I
• 24:48
  Speaker 1: succeeded at scale with from the bottom quartile of poverty
• 24:53
  Speaker 1: and struggle, not the very bottom, but the bottom quartile
• 24:56
  Speaker 1: to the top one percent.
• 24:59
  Speaker 2: And you can do it too.
• 25:00
  Speaker 1: You can rehabilitate yourself, but you've got to understand what
• 25:03
  Speaker 1: ghosts is chasing you and what healing you're pursuing. So
• 25:09
  Speaker 1: there's self esteem and confidence. So here's self esteem. And
• 25:12
  Speaker 1: you're gonna repeat myself a little bit. I apologize, but
• 25:14
  Speaker 1: it's really important to get this. If I don't like me,
• 25:16
  Speaker 1: I'm not gonna like you. If I don't feel good
• 25:18
  Speaker 1: about me, I'm not gonna feel good about you. If
• 25:20
  Speaker 1: I don't respect me, don't expect me to respect you.
• 25:23
  Speaker 1: If I don't love me, I don't have a clue
• 25:25
  Speaker 1: how to love you. And here's the big one. If
• 25:28
  Speaker 1: I don't have a purpose in my life, I'm gonna
• 25:31
  Speaker 1: make your life a living hell. Whatever goes around comes around,
• 25:38
  Speaker 1: and hurt people hurt people. The opposite is also true.
• 25:42
  Speaker 1: Hurt people hurt people. It's an old saying. No matter
• 25:45
  Speaker 1: how much I love you, my son or my daughter,
• 25:47
  Speaker 1: if I don't have wisdom, I can only give you
• 25:49
  Speaker 1: my own ignorance.
• 25:50
  Speaker 2: So out of love we pass down bad habits from
• 25:53
  Speaker 2: generation to generation.
• 25:54
  Speaker 1: I know this is gonna be a deep, deep, deep
• 25:56
  Speaker 1: controversial podcast, but this is also well because wealth is mindset.
• 26:01
  Speaker 1: Anybody can make money. A drug dealer can make money,
• 26:04
  Speaker 1: pimp can make money. Wall Street banker can make money,
• 26:07
  Speaker 1: the engineer can make money. Anybody legit illegit can make money.
• 26:10
  Speaker 1: But building wealth, you build wealth in your sleep. You
• 26:13
  Speaker 1: gotta think. You gotta do it for the neck up,
• 26:15
  Speaker 1: not the shoulders down. It's a mindset that builds wealth,
• 26:19
  Speaker 1: and I want you to have that mindset, not only
• 26:21
  Speaker 1: in financial wealth, but mental, spiritual, emotional wealth. I want
• 26:24
  Speaker 1: you to heal. So confidence comes from competence. So why
• 26:31
  Speaker 1: are afric Americans confident in America? Because we competed in
• 26:34
  Speaker 1: the biggest economy in the world, the most competitive place
• 26:37
  Speaker 1: in the world, and we killed it. Whether the rules
• 26:39
  Speaker 1: are published and the playing fielders level, we succeed. What's
• 26:44
  Speaker 1: examples of that, professional sports, the arts, government service and
• 26:51
  Speaker 1: elected office, the faith community, the rules of published, the
• 26:56
  Speaker 1: playing rules level, we kill it. But capital is them
• 27:00
  Speaker 1: and free enterprise of why they gave us that memo?
• 27:02
  Speaker 1: That's my Is that my third or my fourth book?
• 27:05
  Speaker 1: It's my third book. No one gave us that memo.
• 27:07
  Speaker 1: I think it's my third book of how things work.
• 27:11
  Speaker 1: Freedman's Bank eighteen sixty five Abraham Lincoln a bank chartered
• 27:16
  Speaker 1: to teach free slaves about money. He was killed the
• 27:18
  Speaker 1: next year for the doubles truck to run the bank.
• 27:20
  Speaker 1: So we're not dumb and we're not stupids. Well, we
• 27:22
  Speaker 1: don't know that. We don't know this killing is, but
• 27:23
  Speaker 1: we think we know.
• 27:25
  Speaker 2: But you know, in.
• 27:25
  Speaker 1: Spite of that, we've done actually okay, pretty okay. But
• 27:28
  Speaker 1: we are so focused on getting that bag, getting that money,
• 27:31
  Speaker 1: getting that hustle, getting that dollar, getting that money, that
• 27:35
  Speaker 1: we don't realize and that's short term, that's just transactional.
• 27:37
  Speaker 1: You can get rich, but you don't build wealth. You
• 27:39
  Speaker 1: build wealth and you're sleep. It's mindset. But the reason
• 27:42
  Speaker 1: we're so successful is that we actually are the most
• 27:45
  Speaker 1: competitive group of people of color I believe in the world,
• 27:49
  Speaker 1: and we should be proud of it. We've got our
• 27:51
  Speaker 1: share of billionaires, we have our share of you know,
• 27:54
  Speaker 1: of multi multi millionaires of which I would qualify. We
• 27:58
  Speaker 1: have tons of you know, one hundred thousand airs. You know,
• 28:02
  Speaker 1: we have a solid middle class. Thank you, Andrew Young,
• 28:04
  Speaker 1: doctor King, doctor Dorothy Hye, credit Scott King, et cetera.
• 28:07
  Speaker 1: Heroes and she rose red from CTVV and John Lewis
• 28:09
  Speaker 1: who created the civil rights movement. Right, but we got
• 28:13
  Speaker 1: to go from cashing checks to writing them mindset, becoming
• 28:18
  Speaker 1: wealth creators and not just consumers. Mindset to loving ourselves
• 28:22
  Speaker 1: so we can love each other, so we don't have
• 28:24
  Speaker 1: crab in the barrel mindset. Why is somebody watching me,
• 28:30
  Speaker 1: listening to me and going, he ain't nothing has nothing
• 28:33
  Speaker 1: to do with me. If I'm succeeding and you're listening
• 28:36
  Speaker 1: and you're I mean, you should be like bravo. I mean,
• 28:39
  Speaker 1: maybe he's not doing what I'm doing. Maybe I don't
• 28:41
  Speaker 1: want to be those injuries, but god, that's fantastic. He's succeeding.
• 28:44
  Speaker 1: That gives me some sense of what I can do.
• 28:46
  Speaker 1: Was there anything negative in it? But you'll find people
• 28:49
  Speaker 1: who are hurt trying to hurt people. Doctor King once
• 28:53
  Speaker 1: said that evil and hurt. I'm adding hurt. I'm pretty
• 28:58
  Speaker 1: sure it was just evil, he said. Corrodes and container
• 29:01
  Speaker 1: that sits within Hello, your body seventy percent water, So
• 29:05
  Speaker 1: you get all worked up and hot. You're just killing yourself.
• 29:07
  Speaker 1: You're cooking your own organs. Whatever goes around comes around.
• 29:11
  Speaker 1: So self esteem not only it helps you live in
• 29:15
  Speaker 1: the world, it helps you to live. That's why in
• 29:17
  Speaker 1: these low wealth communities, the credit score. I was launching
• 29:21
  Speaker 1: my last book, Financial Lewacy for All. I was in
• 29:23
  Speaker 1: CNBC Last Call and I broke down how credit scores
• 29:26
  Speaker 1: a our whole financial wellness index. How credit scores are
• 29:29
  Speaker 1: lower in low wealth communities. And you also live twenty
• 29:33
  Speaker 1: years a shorter life than you live in a seven
• 29:35
  Speaker 1: hundred credit.
• 29:36
  Speaker 2: Community credit score community. Yeah, I said it.
• 29:38
  Speaker 1: You lived at sixty one years old in a five
• 29:41
  Speaker 1: hundred credit score neighborhood. You lived at eighty one years
• 29:44
  Speaker 1: old in a seven hundred credit score neighborhood twenty year delta.
• 29:48
  Speaker 2: And I think that that.
• 29:49
  Speaker 1: Is state of mind, it's mindset it's what I'm talking about.
• 29:53
  Speaker 2: So we've got to heal.
• 29:56
  Speaker 1: And I mentioned check cashers, payday loan lender's, rental own stores,
• 29:59
  Speaker 1: title lenders, liquors stores, pawn shops, and a church down
• 30:01
  Speaker 1: the street trying to make you feel a little bit.
• 30:03
  Speaker 2: Better once a week.
• 30:03
  Speaker 1: That's your neighborhood psychologists, that's your neighborhood shriek, trying to
• 30:07
  Speaker 1: keep you go from crazy, going completely crazy and going
• 30:11
  Speaker 1: postal on somebody once a week.
• 30:12
  Speaker 2: Just calm you down.
• 30:13
  Speaker 1: While we black folks, we're in emotional we're going ha ha,
• 30:15
  Speaker 1: We going hoop and hollow and get it out of
• 30:17
  Speaker 1: our system. Replace that anger and that frustration with joy.
• 30:21
  Speaker 1: That's a depressed person who needs to screen to get
• 30:25
  Speaker 1: it out of them. You just you just you're on
• 30:27
  Speaker 1: You wake up on nine on the scale of one
• 30:29
  Speaker 1: of ten. You need to release some tension. By the way,
• 30:31
  Speaker 1: not just black people. You go to a poor white neighborhood,
• 30:34
  Speaker 1: you see the same thing. Check cash or patio in
• 30:36
  Speaker 1: the rental, own store, title, their liquor store, pawn shop, church.
• 30:41
  Speaker 2: They just.
• 30:43
  Speaker 1: Do things. They move in different way. We riote when
• 30:45
  Speaker 1: we angry on the streets. When they're angry they riot.
• 30:47
  Speaker 1: It appears at the ballot box. Poor whites. You figure
• 30:50
  Speaker 1: that out for yourself. What am I saying and what
• 30:54
  Speaker 1: they relate to? Hello, So we've got to heal. Three
• 30:59
  Speaker 1: ways to live suicide, you can die alive. We're not
• 31:03
  Speaker 1: human beings having a spiritual experience. We're spiritual beings having
• 31:06
  Speaker 1: a human experience, and energy matters. I just refuse to
• 31:12
  Speaker 1: have toxicity around me. It's like you, you don't have
• 31:14
  Speaker 1: to go. You gotta get the heck out of here.
• 31:17
  Speaker 1: I just try to be clean. I try to have
• 31:19
  Speaker 1: a toxic free zone.
• 31:21
  Speaker 2: People.
• 31:21
  Speaker 1: I go to dinner, Like, what you know anything you're
• 31:23
  Speaker 1: allergic to? Yeah, bad food and toxic people. I'm just like,
• 31:27
  Speaker 1: I'm done. Like you hang around nine broke people, you'll
• 31:30
  Speaker 1: be the tenth. Like you just keep that mess over there.
• 31:33
  Speaker 1: I don't want to jump in on me. Life's about energy.
• 31:36
  Speaker 2: What are you? Who are you?
• 31:37
  Speaker 1: What are you attracting? How long can I get n
• 31:40
  Speaker 1: a man? We have some church today. All these things
• 31:44
  Speaker 1: are related, and they're interrelated, and they're interconnected, and you
• 31:48
  Speaker 1: and weals tends to hang around wealth, and poverty tends
• 31:50
  Speaker 1: to ringing around poverty.
• 31:51
  Speaker 2: And we need to start doing some transfers to get.
• 31:53
  Speaker 1: People out of poverty, rebuild the ladder and get them
• 31:56
  Speaker 1: back up to wealth. And by the way, when you
• 31:59
  Speaker 1: are depressed, distressed, when you're angry at the world, you.
• 32:03
  Speaker 2: Actually don't believe in the dream anymore.
• 32:05
  Speaker 1: And that's and that's by the way, suits wealth just
• 32:07
  Speaker 1: just fine. You stay over there and be angry, being
• 32:11
  Speaker 1: expert in what you're against, not what you're for. Fine
• 32:14
  Speaker 1: with them then leads more for them. What in X savy,
• 32:18
  Speaker 1: you've been bamboozled, you've been tripped, you've been fooled. Is
• 32:22
  Speaker 1: what we don't know. That we don't know is killing,
• 32:24
  Speaker 1: is what we think we know. We have to heal,
• 32:27
  Speaker 1: We have to deal with our stuff. Suicide, coping, healing.
• 32:30
  Speaker 1: Three ways to live suicide You can die alive. The
• 32:35
  Speaker 1: most dangerous person in the world, well, the second most
• 32:38
  Speaker 1: dangerous a person with no hope.
• 32:39
  Speaker 2: First most dangerous.
• 32:41
  Speaker 1: Someone with power, money, wealth, different things power, money, wealth, position,
• 32:48
  Speaker 1: low sale, esteem, fear.
• 32:50
  Speaker 2: Now you think about who I'm talking about.
• 32:52
  Speaker 1: That person is very dangerous because they can actually use
• 32:55
  Speaker 1: they can weaponize their unhealed nature to hurt somebody that
• 33:00
  Speaker 1: threatens them or anger at them. I mean a narcissist
• 33:04
  Speaker 1: literally believes everything somebody else's fault, like it's never themselves.
• 33:09
  Speaker 1: And a malignant narcissist, well that's a whole nother situation.
• 33:14
  Speaker 1: I don't want you training in any of that stuff.
• 33:16
  Speaker 1: So there's suicide, right, then there's coping and there's healing.
• 33:20
  Speaker 2: Coping.
• 33:21
  Speaker 1: An addiction is literally irresponse to emotion you can't handle.
• 33:24
  Speaker 1: So you have all kind of engs you don't need, shopping, drugging, drinking,
• 33:30
  Speaker 1: you know, texting, texting all day, all night, you know, oversleeping.
• 33:35
  Speaker 2: These are negative eyengs.
• 33:37
  Speaker 1: You need to replace them with some positive engs, like healing.
• 33:41
  Speaker 1: Because you cannot have a rainbow without a storm. First,
• 33:44
  Speaker 1: it's a scientific fact. You did not have a rainbow
• 33:46
  Speaker 1: without a storm first. So and then of course that
• 33:50
  Speaker 1: the third way to live.
• 33:51
  Speaker 2: Is to heal.
• 33:52
  Speaker 1: And that's really what I'm talking about. Before you heal,
• 33:53
  Speaker 1: you got a deal. And when you're not dealing, somebody's
• 33:57
  Speaker 1: taking advantage of you. Either you're not using your money,
• 33:59
  Speaker 1: your money's using you. Angel young quote.
• 34:01
  Speaker 2: To live in a.
• 34:02
  Speaker 1: System of free enterprise and not to understand the rules
• 34:04
  Speaker 1: of free enterprise must be the very definition of slavery.
• 34:07
  Speaker 1: People who are surviving mindset. The glass is half full,
• 34:11
  Speaker 1: not half empty, whether you remember whether you believe you
• 34:13
  Speaker 1: can or whether you believe you can't.
• 34:14
  Speaker 2: You're right.
• 34:15
  Speaker 1: They don't like success. They're like, oh, I hate rich people. No,
• 34:19
  Speaker 1: you don't. You hate rich people till you become rich.
• 34:23
  Speaker 1: What you hate is a game system, but the latter's broken,
• 34:27
  Speaker 1: and you don't believe the system works for you. You think
• 34:29
  Speaker 1: it's corrupted, and so you throw your hands up and
• 34:31
  Speaker 1: decide to live short termism coping. You start to see
• 34:38
  Speaker 1: all this works together. And then if you're taking your
• 34:42
  Speaker 1: advice from somebody who's just coping, dealing, not healing, that
• 34:47
  Speaker 1: goes that quote in a blind town, a one eyed
• 34:49
  Speaker 1: man's king. If you don't know better, you dang sure
• 34:51
  Speaker 1: can't do better, no matter how much I love you,
• 34:54
  Speaker 1: my son or my daughter.
• 34:55
  Speaker 2: If I don't have wisdom, I can only give you
• 34:57
  Speaker 2: my own ignorance.
• 34:58
  Speaker 1: The definition of insanity is the same thing over and
• 35:01
  Speaker 1: over again, but expecting a different outcome. Let's assume you
• 35:04
  Speaker 1: disagree with half of what I've said on this podcast.
• 35:06
  Speaker 1: Why don't you try it? It can't possibly, that's somebody says, well,
• 35:10
  Speaker 1: why should I try? God, he cannot possibly mismanage your
• 35:13
  Speaker 1: life worse than you have. You and me, by the way,
• 35:17
  Speaker 1: I'm in that same bucket. I decided to try and
• 35:21
  Speaker 1: it worked beautifully. He's never let me down. But maybe
• 35:24
  Speaker 1: you should try a different business plan, the one that
• 35:26
  Speaker 1: has not worked. But a lot of wealth, or the
• 35:29
  Speaker 1: lack thereof, is mindset. Poverty outside of roof over your head,
• 35:34
  Speaker 1: food on the table, healthcare, Susten is poverty. That's Sustan poverty.
• 35:39
  Speaker 1: Every other foreign poverty is mindset. Is how you're thinking,
• 35:44
  Speaker 1: and whether you believe you can or you believe you can't.
• 35:46
  Speaker 2: You're absolutely right. I want you to have high self esteem,
• 35:50
  Speaker 2: not one answer.
• 35:51
  Speaker 1: My self esteem and self respect depends on your acceptance
• 35:54
  Speaker 1: of men. That's a Quincy Jones quote. It's okay if
• 35:58
  Speaker 1: you don't like me, I like me. That's a job o'
• 36:00
  Speaker 1: briant quote. Life is ten percent what life does to you,
• 36:04
  Speaker 1: but not evencent. How you choose to respond to it,
• 36:06
  Speaker 1: how you're going to what's your responds going to be.
• 36:08
  Speaker 1: Success is going from failure to failure without loss of enthusiasm.
• 36:11
  Speaker 2: That requires self esteem and confidence. Never give up.
• 36:14
  Speaker 1: I take no for vitamins that requires self esteem and confidence.
• 36:18
  Speaker 1: I don't want you to just have confidence, because you'll
• 36:20
  Speaker 1: be cocky, you'll be arrogant, and you will over compensate
• 36:23
  Speaker 1: by trying to put your assets on your ass. You're
• 36:26
  Speaker 1: going to try to wear your self esteem to prove
• 36:28
  Speaker 1: to everybody else to have loud music and a loud life,
• 36:31
  Speaker 1: because you're trying to communicate to everybody else externally your value,
• 36:34
  Speaker 1: whereas realizing internally you're already valuable because you're a God's child.
• 36:39
  Speaker 1: When you got the power, you don't need to use it. Okay,
• 36:44
  Speaker 1: this was deep. Let me know what you think.
• 36:46
  Speaker 2: Spread the word, Let's have a conversation.
• 36:48
  Speaker 1: Go to Operation Help get your financial literacy counseling from
• 36:51
  Speaker 1: my team and Hope and Size locations and three hundred
• 36:54
  Speaker 1: locations across the country. Pick up my book of Financial
• 36:57
  Speaker 1: Literacy for All, which is now out and debuted number
• 37:00
  Speaker 1: one on economics and a couple of other categories.
• 37:03
  Speaker 2: Thank you all who supported it.
• 37:04
  Speaker 1: It is your weekly workshop toolbox as you sit down
• 37:09
  Speaker 1: and have a discussion every week about money with your
• 37:11
  Speaker 1: family at the kitchen table. And there's a bunch of
• 37:13
  Speaker 1: tools coming out tied to that. But it starts with
• 37:15
  Speaker 1: the book, Yeah, take your life back. It starts with
• 37:18
  Speaker 1: making that decision. I believe in you.
• 37:22
  Speaker 2: Do you yo Yo.
• 37:34
  Speaker 1: This is John O'Bryant and this is Money and Wealth
• 37:36
  Speaker 1: on the Black Effect Network. And we have a great
• 37:40
  Speaker 1: fan question today billionaire Underscore Freddy from Instagram what a
• 37:47
  Speaker 1: great inspiring Instagram handle? A billionaire Underscore Freddie at Instagram says,
• 37:52
  Speaker 1: what's one surefire away to generate cash flow with one MBB? Well,
• 37:59
  Speaker 1: that answer is fairly actually obvious and interesting to you
• 38:04
  Speaker 1: because it's part of one MBB. One MBB is one
• 38:07
  Speaker 1: Million Black Business Initiative, which Operation Hope launched after George
• 38:10
  Speaker 1: Floyd's murder, and it is committed to creating a million
• 38:14
  Speaker 1: black businesses by twenty thirty. And we already have inspired, creative,
• 38:19
  Speaker 1: nurtured and supported over four hundred thousand black businesses, which
• 38:22
  Speaker 1: would be about twelve percent of all black businesses in America.
• 38:27
  Speaker 1: Yay for Operation Hope. And the way you would do
• 38:31
  Speaker 1: it is to get to it. You would if you
• 38:34
  Speaker 1: have a barbershop or any physical business. As I said,
• 38:38
  Speaker 1: you make money during the day, you build wealth win
• 38:41
  Speaker 1: now in your sleep. So you would say you have
• 38:43
  Speaker 1: a barbershop business, and right now somebody has to call
• 38:47
  Speaker 1: you while you're doing the cut. Now you can apply
• 38:50
  Speaker 1: this to any kind of business, restaurant, whatever it is.
• 38:52
  Speaker 1: You're like, Okay, you're doing the cut, and they say,
• 38:56
  Speaker 1: can I get an appointment? Let me get to my
• 38:58
  Speaker 1: appointment book. I can't really talk right now, I'm doing
• 39:00
  Speaker 1: the cut. Can I call you back? What's your number?
• 39:03
  Speaker 1: Can you call me back? They'd never call you back
• 39:05
  Speaker 1: because they're going to the airport to catch a flight.
• 39:08
  Speaker 1: What you want is for that person to be on
• 39:10
  Speaker 1: the flight. It's midnight and they should be able to
• 39:14
  Speaker 1: search your business online from the plane.
• 39:17
  Speaker 2: Wireless internet is on most planes.
• 39:19
  Speaker 1: Now. I know this example because I use this process
• 39:23
  Speaker 1: myself going into the city or barbershops for black barbershops
• 39:27
  Speaker 1: in New York City as an example, or in Harlem
• 39:30
  Speaker 1: or wherever. The name of your shop would come up
• 39:32
  Speaker 1: because it would be registered through Shopify, our partner for
• 39:35
  Speaker 1: one MBB, which we give you the account for free
• 39:38
  Speaker 1: for four months, and we give you a website, domain name,
• 39:41
  Speaker 1: payment systems, delivery system support, business plan support, all that
• 39:46
  Speaker 1: through one me and Black Business Initiative Counseling and coaching
• 39:49
  Speaker 1: on the back end, on e commerce as well. Anyway,
• 39:52
  Speaker 1: in this example, they know they can now go onlines,
• 39:56
  Speaker 1: go to the scheduling app schedule and appointment. Now you're sleep,
• 39:58
  Speaker 1: it's midnight or your chill at home, schedule an appointment
• 40:02
  Speaker 1: for their haircut. Put their credit card up, so now
• 40:06
  Speaker 1: you're the business. Whether they cancel or not, there's a
• 40:08
  Speaker 1: twenty percent or fifty percent cancelation fee, so they would
• 40:12
  Speaker 1: lose that amount of money if they don't show up,
• 40:15
  Speaker 1: and that goes into your cash register while you're sleeping,
• 40:18
  Speaker 1: cash flow. While they're on your site, you're now saying
• 40:21
  Speaker 1: now that thank you for booking your appointment. Do you
• 40:23
  Speaker 1: need a wave cap? Do you need a brush? Do
• 40:26
  Speaker 1: you need conditioner? And they ordered items from you, and
• 40:30
  Speaker 1: what might have been a simple haircut for seventy five bucks,
• 40:34
  Speaker 1: fifty bucks whatever it is, you know, might end up
• 40:36
  Speaker 1: being one hundred and fifty two hundred and three hundred
• 40:38
  Speaker 1: dollars order. Maybe even have a subscription service tied to
• 40:43
  Speaker 1: the business where you're teaching hair conditioning or hair growth
• 40:47
  Speaker 1: or hair stabilization techniques. In this case, the black men
• 40:51
  Speaker 1: that can somebody can subscribe to that you know, become
• 40:54
  Speaker 1: a subscript subscriber for five bucks a month or whatever
• 40:56
  Speaker 1: it is. So now you've got cash flow profit and
• 41:00
  Speaker 1: little wealth creation because you've built money. You've made money
• 41:03
  Speaker 1: in your sleep. Billionaire underscore Freddy from Instagram. I hope
• 41:07
  Speaker 1: this has been steady, Freddie, I hope this has been
• 41:10
  Speaker 1: good advice for you. All of you don't know what
• 41:14
  Speaker 1: MBB is, Go and sign up. It will change your life.
• 41:18
  Speaker 1: It's a commitment from one hundred and thirty million dollars
• 41:20
  Speaker 1: from Shopify's founder to be an Operation Hope to create
• 41:23
  Speaker 1: black businesses in this country. And it's working, and it's
• 41:27
  Speaker 1: completely no cost to you. Invest your time and energy
• 41:31
  Speaker 1: and we do the rest. We get your credit score up,
• 41:33
  Speaker 1: your debt down, your savings up, help you with a
• 41:35
  Speaker 1: business plan, etc. You go to download the Hope and
• 41:38
  Speaker 1: Hand app on your Android or Apple platform. You can
• 41:41
  Speaker 1: call our toll free line for Operation Hope, and you
• 41:45
  Speaker 1: can go online Operation dot org. I also encourage you
• 41:48
  Speaker 1: to buy this book, Financial Literacy for All, which is
• 41:50
  Speaker 1: now a bestseller. It's on all platforms including black bookstores,
• 41:54
  Speaker 1: by the way, but you can get this book now
• 41:58
  Speaker 1: on Amazon, number one in several categories in the world
• 42:01
  Speaker 1: on economics, and business finance, etc. And that is your
• 42:04
  Speaker 1: toolbox at the kitchen table as you transform your life,
• 42:08
  Speaker 1: your families, and in this example, your business. You don't
• 42:11
  Speaker 1: want to confuse business with busyness, our profit with cash flow,
• 42:15
  Speaker 1: as my dad unfortunately did. I tell that story in
• 42:18
  Speaker 1: the book. All Right, piece and light love, Let's go.
• 42:20
  Speaker 1: This is John O'Brien on money and wealth.
• 42:23
  Speaker 2: I'm out.
• 42:38
  Speaker 1: Money and Wealth with John O'Brien is a production of
• 42:40
  Speaker 1: the Black Effect Podcast Network. For more podcasts from the
• 42:44
  Speaker 1: Black Effect Podcast Network, visit the iHeartRadio app, Apple Podcasts,
• 42:48
  Speaker 1: or wherever you listen to your favorite shows.
• 44:01
  Speaker 2: The