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Money & Wealth Replay: How Money Works · Money And Wealth With John Hope Bryant

• 0:00
  Speaker 1: Welcome the Money in Wealth with John Hobryant, a production
• 0:03
  Speaker 1: of The Black Effect Podcast Network and iHeartRadio. Yeah, I'm
• 0:15
  Speaker 1: quickly becoming a Mike Epps fan. Here my brother comes
• 0:19
  Speaker 1: again with some straight talk, like real wisdom. This is
• 0:22
  Speaker 1: John Hobriyant talking about money and wealth and it's also mindset.
• 0:27
  Speaker 1: This is about getting your mind right, because whether you
• 0:30
  Speaker 1: believe you can or you believe you can't, you're absolutely right.
• 0:34
  Speaker 1: Success is going from failure to failure without loss of enthusiasm.
• 0:38
  Speaker 1: As I said repeatedly, and I'm gonna pound it into
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  Speaker 1: your brain. If you hang around nine broke people, I
• 0:43
  Speaker 1: guarantee you you'll be the tenth. Your environment matters. And
• 0:48
  Speaker 1: Mike Epps talks some truth. Look a lot of black people,
• 0:52
  Speaker 1: African Americans in particular. I'm gonna do a whole podcast
• 0:55
  Speaker 1: on blacks and Africans, Blacks and Caribbeans, African American blacks
• 1:00
  Speaker 1: and Caribbean blacks, and African American and African African blacks
• 1:03
  Speaker 1: because we are all from the same root of the
• 1:05
  Speaker 1: same tree. In fact, all human beings are from Africa,
• 1:08
  Speaker 1: but the cultural differences matter because of our experiences are different.
• 1:13
  Speaker 1: All that matters and changes the endorphins in our brain,
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  Speaker 1: and some of us are in a sub hriving mindset,
• 1:18
  Speaker 1: some of us are in a thriving and some of
• 1:20
  Speaker 1: us are in a winning and building mindset. So but
• 1:23
  Speaker 1: those who are in a surviving mindset, who grew up
• 1:26
  Speaker 1: in the hood, Mike Apps is talking about that experience,
• 1:29
  Speaker 1: and I can relate to a growing up in Compton, California,
• 1:31
  Speaker 1: in south central Los Angeles. Mike is talking about. You know,
• 1:34
  Speaker 1: folks are not necessarily rooting for your success because a
• 1:36
  Speaker 1: lot of us are depressed. Real talk now here that
• 1:40
  Speaker 1: maybe seventy eighty percent this I cannot confirm this to
• 1:43
  Speaker 1: be a fact. I'm just telling you seventy eight percent
• 1:46
  Speaker 1: of black people before the pandemic, African Americans, I think,
• 1:49
  Speaker 1: were clinically undiagnosed depressed. And you can be the most
• 1:53
  Speaker 1: loving person in the world. But if I'm depressed, I
• 1:55
  Speaker 1: don't like me. So if I don't like me, I'm
• 1:57
  Speaker 1: not gonna like you. If I don't feel good about me,
• 1:59
  Speaker 1: I'm not gonna feel goo you. If I don't respect me,
• 2:01
  Speaker 1: don't expect me to respect you. If I don't love me,
• 2:04
  Speaker 1: I don't have a clue how to love you, and
• 2:07
  Speaker 1: if I don't have a purpose in my life, I'm
• 2:09
  Speaker 1: gonna make your life a living hell. Whatever goes around
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  Speaker 1: comes around. And Mike is talking about growing up in
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  Speaker 1: the community community he's now helped to revide lies reinvested in,
• 2:20
  Speaker 1: and he's talking about experiences he's had where folks are
• 2:24
  Speaker 1: not necessarily happy about his success. They love it when
• 2:26
  Speaker 1: he fails. They love it when he's on drugs. They
• 2:28
  Speaker 1: love it when coming back off of drugs. They love
• 2:31
  Speaker 1: it when he's down. They love it when he's had
• 2:34
  Speaker 1: some kind of something that is befalling in his life.
• 2:38
  Speaker 1: He's tripped and fail and he's not feeling good. They're like, oh, man,
• 2:41
  Speaker 1: come on, man, I'm with you. Brother gets you back
• 2:44
  Speaker 1: on track because they can relate to his pain, but
• 2:46
  Speaker 1: they cannot relate to his gain. They're not rooting for
• 2:49
  Speaker 1: him when he's doing well. They're like, Man, you sold out.
• 2:51
  Speaker 1: What the heck does that mean? Man? You're talking like
• 2:54
  Speaker 1: you white? What the heck does that mean? It's English,
• 2:57
  Speaker 1: you're talking Japanese. You're speaking Japanese or you're not. When
• 3:01
  Speaker 1: you're speaking Spanish, you're either speaking Spanish or you're not.
• 3:04
  Speaker 1: Speaking Russian, either speaking Russian or you're not speaking French.
• 3:07
  Speaker 1: You're either speaking French or you're not. When you're speaking English,
• 3:10
  Speaker 1: you're either speaking English or you're not. When you're speaking capitalism,
• 3:15
  Speaker 1: same thing applies. So what I don't understand this craziness right,
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  Speaker 1: Like you can be bilingual, I can be down with
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  Speaker 1: my community in the streets and able to cut a
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  Speaker 1: business deal in the suites. You better be able to
• 3:27
  Speaker 1: do that or you're going to be broke. Real talk,
• 3:30
  Speaker 1: And I'm not trying to hang around a bunch of
• 3:32
  Speaker 1: broke people and other than to visit maybe my neighborhood
• 3:35
  Speaker 1: and try to inspire them to be better, to try
• 3:37
  Speaker 1: to inspire them to come up from nothing. My last
• 3:39
  Speaker 1: book Up from Nothing of a new book coming out
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  Speaker 1: soon called Financial Literacy for All, which is a civil
• 3:45
  Speaker 1: rights issue with this generation. But I want to inspire
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  Speaker 1: you to come up. But I'm not trying to sit
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  Speaker 1: around and let that toxicity jump on me, that depression
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  Speaker 1: jump on me. Just real talk, like I'm not trying
• 3:56
  Speaker 1: to hang around people who are bringing me down. I
• 3:59
  Speaker 1: can't guarantee you being positive is gonna make you a success,
• 4:02
  Speaker 1: but I absolutely guarantee you that being negative will make
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  Speaker 1: you fail. And nobody wants to be around somebody who's
• 4:09
  Speaker 1: depressed and talking down all the time. We want encouragement.
• 4:13
  Speaker 1: Listen to my podcast on relationship, listen to that episode
• 4:17
  Speaker 1: and on marriage. If you're not better together, two plus
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  Speaker 1: two does not equal more than four, what are you doing?
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  Speaker 1: You can do that all by yourself. So Mike is talking,
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  Speaker 1: real talking, He's pouring his heart out. And we've got
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  Speaker 1: to admit that four hundred years of well mostly for
• 4:33
  Speaker 1: the years of being repressed in this country. Certainly two
• 4:35
  Speaker 1: hundred or three hundred years is being repressing in this
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  Speaker 1: country as African Americans, and ill treatment until the late
• 4:40
  Speaker 1: twentieth century, structurally and legally has messed with our head,
• 4:44
  Speaker 1: mess with our heart, mess with our spirit. And maybe
• 4:47
  Speaker 1: we don't feel good about ourselves. And maybe as a
• 4:49
  Speaker 1: result of that we have crab in the barrel. Maybe
• 4:51
  Speaker 1: we're trying to bring other people's down. You can't solve
• 4:53
  Speaker 1: something unless you deal with it first. We are a
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  Speaker 1: beautiful people. We've been doing so much with so little
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  Speaker 1: for so long. We can almost do anything with nothing.
• 5:01
  Speaker 1: Over the rounded through it, We're gonna get to it
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  Speaker 1: like we are experts at surviving. But I don't want
• 5:05
  Speaker 1: you surviving. I want you thriving, all right. I want
• 5:09
  Speaker 1: you winning. I want you to be a winner builder.
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  Speaker 1: I want you to have a mindset that says I
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  Speaker 1: am somebody, and I want you to be somebody too.
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  Speaker 1: If I'm talking positively about something about my successes and
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  Speaker 1: I don't, I don't do it around a lot of
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  Speaker 1: people because they don't want to hear it. I know
• 5:23
  Speaker 1: they don't want to hear it. They say they what's
• 5:25
  Speaker 1: going on? They don't really want to hear it because
• 5:27
  Speaker 1: see he just bragging. Now who says that? Think about
• 5:31
  Speaker 1: that's like crazy? Why wouldn't you just be saying, my God,
• 5:34
  Speaker 1: that's fantastic. Maybe that's sen some encouragement for me. Maybe
• 5:37
  Speaker 1: I can learn from what's going on with what John's doing.
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  Speaker 1: But I know that a lot of people. I hang
• 5:42
  Speaker 1: around a lot of people. I am around educated. This
• 5:45
  Speaker 1: is not poor people now, sorry, not financially poor people.
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  Speaker 1: I'm talking about people who have done well, but psychologically
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  Speaker 1: they're messed up. I can read people in a minute.
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  Speaker 1: I can meet you in two minutes. I have read
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  Speaker 1: your spirit, and I can tell whether whether you're a
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  Speaker 1: hurt person or not, and whether you got attitude in
• 6:00
  Speaker 1: your bones or at least attitude in your head and
• 6:02
  Speaker 1: your spirit, and whether you mean me no good? You
• 6:05
  Speaker 1: looking at me, you're smiling, but really you're sneering underneath
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  Speaker 1: your breath, because, oh John, why is he success? Why
• 6:12
  Speaker 1: is he didn't go to the fraternity, He didn't go
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  Speaker 1: to this college, he didn't do this, he didn't do that.
• 6:16
  Speaker 1: I paid these dues. He's not part of the club.
• 6:18
  Speaker 1: I don't want to be part of your club. Man.
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  Speaker 1: I never sought membership in your club. I'm focused on
• 6:25
  Speaker 1: trying to get to my objective and I want to
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  Speaker 1: bring you with me. Why don't you want to bring
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  Speaker 1: me with you? Why don't you root for my success?
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  Speaker 1: Irrespective of how I got it? Maybe you can learn
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  Speaker 1: something from that. God gave us two ears and one mouth,
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  Speaker 1: so we listened twice as much as we talk. But
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  Speaker 1: hurt people, hurt people, just real talk. We have got
• 6:44
  Speaker 1: to move the toxicity out of our lives. God bless you.
• 6:47
  Speaker 1: Mike Epps, keep going, brother, and I'm glad you are
• 6:50
  Speaker 1: sober now and you are speaking your truth. Hopefully all
• 6:54
  Speaker 1: this causes all of us in the black community to
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  Speaker 1: begin to deal with our stuff. What is a church
• 6:58
  Speaker 1: in the black community, in a low until black community,
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  Speaker 1: an unofficial psychologist or shrink, it's our therapist. Oh you know,
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  Speaker 1: I don't want to go to a therapist. Somebody might
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  Speaker 1: think I'm crazy. If you're black in America and you
• 7:10
  Speaker 1: don't think you're crazy, you are actually a little crazy. Hey, hey,
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  Speaker 1: this is John O'Brien. This is money and wealth. Don't
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  Speaker 1: you just hate it when folks talk over your head
• 7:33
  Speaker 1: and you think it's silly to ask intelligent questions because
• 7:39
  Speaker 1: you think somebody's going to try to embarrass you or
• 7:42
  Speaker 1: think bad of you. There's no stupid questions. Look, God
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  Speaker 1: gave you two ears in one mouth, so you listen
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  Speaker 1: twice as much as you talk. So I want you
• 7:53
  Speaker 1: to ask Quincy Jones, a brother in a mentor of mine,
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  Speaker 1: one of the impresarios of the world in music and entertainment,
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  Speaker 1: the guy who essentially helped to create the global brand
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  Speaker 1: of Michael Jackson and so many others. I asked his brother,
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  Speaker 1: how'd you get so smart? He said, I'm just nosy
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  Speaker 1: as hell. I want to know everything about everything. So
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  Speaker 1: I want you nosy right, Saint as a sinner that
• 8:19
  Speaker 1: got up. Just keep getting up, keep asking questions. So
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  Speaker 1: I knocks you down, get back up, take no for vitamins,
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  Speaker 1: and never be embarrassed ever. So we're going to unpack
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  Speaker 1: the economy. We're going to explain things that people say
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  Speaker 1: to you and around you that you may not have
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  Speaker 1: a clue about and you've just been too uncomfortable to
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  Speaker 1: ask the question. But we live in a free enterprise democracy.
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  Speaker 1: When you get up in the morning, if your day's
• 8:45
  Speaker 1: not about God or love, your days about money. So
• 8:48
  Speaker 1: it's all around you, but you're not talking about it,
• 8:51
  Speaker 1: you're not asking questions about it because maybe you're uncomfortable
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  Speaker 1: about it. So let's demystify it. Let's explain how all
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  Speaker 1: this stuff works. Unpacking the economy. Here we go. Take notes.
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  Speaker 1: Listen to this several times if you must. It's the
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  Speaker 1: my ministry of finance. This is my weekly pulpit breaking
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  Speaker 1: down how the economy in finance and money and capitalism
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  Speaker 1: actually works. Just for you. We're going to be PhDs
• 9:21
  Speaker 1: and phdus to take notes. Take this to your weekly
• 9:26
  Speaker 1: fraternity and sorority meeting. Take this podcast to your weekly
• 9:30
  Speaker 1: discussion groups. Start a weekly discussion Group on Silver Rights
• 9:36
  Speaker 1: si l V er not protesting in the streets, but
• 9:40
  Speaker 1: creating opportunity in the suites, the business suites. As Malcolm
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  Speaker 1: X said, we've been bamboozo we've been tricked, We've been fooled.
• 9:47
  Speaker 1: Let's stop that right now, and here we go. There
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  Speaker 1: are over two hundred countries in the world legitimate democracies,
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  Speaker 1: the lard Is economy in the world. Amongst those democracies,
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  Speaker 1: about eight billion people, give or take. The lard Is
• 10:08
  Speaker 1: economy is the United States of America. Somebody told you
• 10:13
  Speaker 1: it's China. That is wrong. Somebody lie and told you
• 10:16
  Speaker 1: is Russia. Not even close. It's just not even close.
• 10:21
  Speaker 1: Russia is a a rounding era from a GDP gross
• 10:25
  Speaker 1: domestic product. That's you've heard that phrase bantied around, banted
• 10:31
  Speaker 1: about GDP. GDP means gross domestic product. Basically, think about
• 10:38
  Speaker 1: the revenue. If you own a store, it's the gross receipts,
• 10:42
  Speaker 1: the gross economic output, gross economic activity for your store
• 10:47
  Speaker 1: or for your barbershop. It is your income that comes
• 10:53
  Speaker 1: into your household. You get it gross domestic product. So
• 11:00
  Speaker 1: if you have these two hundred plus nations in the
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  Speaker 1: world creating about one hundred one hundred and five trillion
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  Speaker 1: dollars of GDP gross domestic product estimated for twenty twenty four.
• 11:14
  Speaker 1: What are the largest economies? About one hundred trillion dollars
• 11:18
  Speaker 1: in twenty twenty three is projected to be one hundred
• 11:20
  Speaker 1: and five trillion. They'reabouts in twenty twenty four. So I
• 11:23
  Speaker 1: want you to guess. See if you can figure this out.
• 11:27
  Speaker 1: The first thing I think people are you will definitely
• 11:29
  Speaker 1: get wrong is that people tell me all the time
• 11:31
  Speaker 1: China is bigger than the United States. Not true. They
• 11:33
  Speaker 1: have the biggest population one point five plus billion people.
• 11:40
  Speaker 1: I think it's more than that. But they have the
• 11:43
  Speaker 1: second largest economy in the world United States number one
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  Speaker 1: at twenty three trillion twenty four trillion. Some people say
• 11:52
  Speaker 1: it's twenty six trillion, but I'm gonna give you conservative numbers.
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  Speaker 1: China about seventeen eighteen trillion, Germany for trillion and chain,
• 12:00
  Speaker 1: Japan four Trade and change, India three point seven trillion,
• 12:04
  Speaker 1: United Kingdom that's Britain three point three trillion, France three trillion,
• 12:09
  Speaker 1: Italy two point two trillion, Brazil two Trade and change,
• 12:12
  Speaker 1: Canada to trade and change, and then it sort of
• 12:15
  Speaker 1: goes on from there. I'm sitting in the city of Atlanta,
• 12:17
  Speaker 1: by the way, with four hundred plus billion dollars in
• 12:21
  Speaker 1: annual in GDP, it's one of the largest economies in
• 12:25
  Speaker 1: the world if it was a country at the tenth
• 12:26
  Speaker 1: largest economy in the United States. Are you following me?
• 12:33
  Speaker 1: So I'm giving you the basics the global economy. It
• 12:36
  Speaker 1: gave you that. I gave you where the United States is.
• 12:38
  Speaker 1: I told you even there's about eight billion people, give
• 12:42
  Speaker 1: our take in the world. I've now told you that
• 12:47
  Speaker 1: the largest economies were. I gave you the top ten
• 12:50
  Speaker 1: of the large economies in the world. Right, So, now
• 12:53
  Speaker 1: let's break down the US economy where most of my
• 12:56
  Speaker 1: listeners live. So you have as part of this economy
• 13:00
  Speaker 1: three hundred and fifty million people, give or take about
• 13:03
  Speaker 1: thirty million plus businesses. Of those businesses, how many of
• 13:08
  Speaker 1: them have ten thousand employees or more? Well, you have
• 13:11
  Speaker 1: the fortune five hundred companies. You have about one thousand
• 13:14
  Speaker 1: companies with about ten thousand employees or more. That's a sideline.
• 13:17
  Speaker 1: We all come to that another time. But most employment,
• 13:20
  Speaker 1: my point is, comes from small business. Most employment comes
• 13:25
  Speaker 1: from small business in this country. So if the economy
• 13:30
  Speaker 1: is twenty plus trillion dollars a year. Is it come
• 13:33
  Speaker 1: from rich people? No, Seventy percent of the US economy
• 13:36
  Speaker 1: is consumer spending. That's right, seventy percent of the US
• 13:41
  Speaker 1: economy is consumer spending, and seventy percent of all Americans
• 13:46
  Speaker 1: are living from paycheck to paycheck. Everybody, whether you're white, black, red, brown,
• 13:51
  Speaker 1: or yellow, you want to have some more green? Can
• 13:53
  Speaker 1: I get an amen? Now? For those who listening to
• 13:57
  Speaker 1: this thinking that I'm talking about so called poor people,
• 14:00
  Speaker 1: it's time for you to wake up. Half of those
• 14:03
  Speaker 1: who make one hundred thousand dollars a year are living
• 14:07
  Speaker 1: from paycheck to paycheck. Am I hitting home? Yet? You
• 14:10
  Speaker 1: should be nodding your head. If your household has a
• 14:13
  Speaker 1: combined income of one hundred thousand dollars and you feel
• 14:16
  Speaker 1: that you're failing, you're not. So What about the very wealthy?
• 14:21
  Speaker 1: What about those who've got great incomes? And by the way,
• 14:24
  Speaker 1: there's difference between getting rich and building wealth. You make
• 14:27
  Speaker 1: money during the day, you build wealth in your sleep.
• 14:30
  Speaker 1: It's called compounding. Stocks, bonds, home ownership, businesses, investments, education
• 14:36
  Speaker 1: I think qualifies. But things that compound while you're sleeping
• 14:41
  Speaker 1: your income. You can have a contract. This is why
• 14:44
  Speaker 1: you can have a contract for one hundred million dollars
• 14:46
  Speaker 1: in the NBA or whatever and go broke because you're rich,
• 14:50
  Speaker 1: but you may not be wealthy. So when your outflow
• 14:53
  Speaker 1: exceed your inflow, then your overhead will be your downfall.
• 14:56
  Speaker 1: Am I going too fast? Third of those who make
• 15:02
  Speaker 1: two hundred and fifty thousand dollars a year are living
• 15:05
  Speaker 1: from paycheck to paycheck. That's right. Even the wealthy are
• 15:10
  Speaker 1: getting hit over the head. A third of those who
• 15:12
  Speaker 1: make two hundred and fifty thousand dollars a year are
• 15:15
  Speaker 1: living from paycheck to paycheck. Now, somebody's sitting here saying
• 15:18
  Speaker 1: I don't care about them. I don't like the rich. Yeah,
• 15:21
  Speaker 1: everybody hates rich people until they become rich. People say
• 15:24
  Speaker 1: I hate rich people. No, you don't. You hate rich
• 15:27
  Speaker 1: people until you become rich. You hate a game? System
• 15:30
  Speaker 1: is what you hate. You hate a system that you
• 15:32
  Speaker 1: believe is rigged against you so that you cannot succeed.
• 15:36
  Speaker 1: You cannot compete, you cannot make any money or build
• 15:40
  Speaker 1: any wealth because somebody's locked you out. As soon as
• 15:43
  Speaker 1: you know that you and others you care about can succeed,
• 15:46
  Speaker 1: you want all in on that, because you want prosperity
• 15:50
  Speaker 1: in the way that you define it. Maybe you want
• 15:53
  Speaker 1: to make the money and give it away, but you
• 15:54
  Speaker 1: still want to be able to make the money. Can
• 15:56
  Speaker 1: I get a name? Man? Even if you want to
• 15:58
  Speaker 1: distribute money like a social you got to first collect
• 16:01
  Speaker 1: it like a capitalist. Drop the mic. If you're living
• 16:06
  Speaker 1: in New York City and you're making one hundred thousand
• 16:09
  Speaker 1: dollars a year, it feels like thirty nine thousand dollars
• 16:13
  Speaker 1: a year because the cost of living in New York
• 16:16
  Speaker 1: City is higher. That's why a lot of folks move
• 16:19
  Speaker 1: to the Southern States, because the cost of living is
• 16:22
  Speaker 1: much lower. Even though you may be making less than
• 16:25
  Speaker 1: you make in New York City or in Los Angeles,
• 16:28
  Speaker 1: if you move into a southern state, your cost of
• 16:30
  Speaker 1: living is lower, your housing, transportation, all that stuff is lower,
• 16:35
  Speaker 1: and your income may not be the same as it
• 16:37
  Speaker 1: was where you moved from, but it's high enough so
• 16:40
  Speaker 1: that your standard or living is better. Did you follow
• 16:43
  Speaker 1: me on that? If you're spending two dollars in New
• 16:47
  Speaker 1: York and spending two point one dollars more than you make,
• 16:51
  Speaker 1: but you moved to Atlanta and or you moved to
• 16:54
  Speaker 1: wherever Nashville and you're spending one dollar, but you made
• 17:00
  Speaker 1: one point three dollars. Hello, you're better off even though
• 17:06
  Speaker 1: you made less. Let me break some eggs around here. Now.
• 17:13
  Speaker 1: I just talked about the larger economy. I'm going to
• 17:16
  Speaker 1: talk now about why, why this is everybody's issue, whether
• 17:21
  Speaker 1: you're black, white, bread, brown, you want some more green.
• 17:25
  Speaker 1: About sixty four percent, this number vacillates between fifty seven
• 17:30
  Speaker 1: and sixty four percent of all Americans don't have four
• 17:34
  Speaker 1: hundred dollars for an unplanned event. Not poor people, everybody. Hello.
• 17:42
  Speaker 1: So when we work with Delta Airlines at operation, hope
• 17:46
  Speaker 1: to design a program to give financial coaching and counseling
• 17:50
  Speaker 1: to every one of their employees and anybody that will
• 17:54
  Speaker 1: raise or credit score fifty four points in six months,
• 17:57
  Speaker 1: lower their debt thirty eight hundred dollars in the first year,
• 18:01
  Speaker 1: increase their savings for twenty two hundred dollars on average.
• 18:04
  Speaker 1: For somebody making sixty thousand dollars a year, fifty dollars
• 18:08
  Speaker 1: a year, sixty thousand dollars a year that radically changes
• 18:11
  Speaker 1: their life and they get a reward of a thousand
• 18:13
  Speaker 1: dollars emergency savings account for doing that, it goes in
• 18:17
  Speaker 1: their account at Delta and everybody wins. Well, that's program
• 18:23
  Speaker 1: has become radically successful, amazingly successful. In the first year.
• 18:28
  Speaker 1: Half of the employees are taken to the program and
• 18:29
  Speaker 1: are actively in it, and it's changed their their their mindset,
• 18:34
  Speaker 1: their mentality, their motivation, has made them less stressed. I've
• 18:39
  Speaker 1: had brothers walking to me at the in the plane
• 18:41
  Speaker 1: and just you know, almost with tears in their eyes,
• 18:44
  Speaker 1: saying that they're not arguing with their wives, wife anymore,
• 18:48
  Speaker 1: not wives, hello, their wife anymore? You know. Number one
• 18:52
  Speaker 1: calls a divorce in America. Money. Number one calls for
• 18:56
  Speaker 1: heart attack. Stress. Number one costs for stress. Money, nember
• 19:03
  Speaker 1: what it calls for? Domestic abuse? Money? Right? What's a
• 19:07
  Speaker 1: long protracted divorce about money? That did a whole podcast
• 19:11
  Speaker 1: just on that. Go and watch that and listen to
• 19:14
  Speaker 1: that episode. Why is a woman dealing with an abusive man? Money?
• 19:23
  Speaker 1: I can go on and on and on. We don't
• 19:25
  Speaker 1: want to talk about it, we want to deal with it.
• 19:26
  Speaker 1: But it's all around us. So money has a relationship
• 19:31
  Speaker 1: with you, which you don't have a very good relationship
• 19:33
  Speaker 1: with money, and so it's taking advantage of you, and
• 19:37
  Speaker 1: you should be managing it. It should not be managing you,
• 19:41
  Speaker 1: but you have to understand how this system actually works
• 19:45
  Speaker 1: so that you can work it. So half of black
• 19:49
  Speaker 1: people in America, African Americans have a credit score below
• 19:53
  Speaker 1: six twenty. Let that sink in for a moment. We
• 19:57
  Speaker 1: have the Hope Financial Wellness Index and Operation Hope. You
• 20:00
  Speaker 1: can go to the index on the internet, type in
• 20:03
  Speaker 1: your zip code and we'll tell you what your credit
• 20:05
  Speaker 1: score is. You tell me your zip code, I'll tell
• 20:07
  Speaker 1: you how you live in. You lived at sixty one
• 20:10
  Speaker 1: years old in a five eighty credit score neighborhood. You
• 20:12
  Speaker 1: lived at eighty one years old in a seven hundred
• 20:14
  Speaker 1: credit score neighborhood. Twenty year delta, twenty year difference fifteen
• 20:18
  Speaker 1: minutes apart, all across America. Doesn't matter whether you're black
• 20:22
  Speaker 1: and brown, urban or white rural. It's the same rules
• 20:25
  Speaker 1: that apply. If you live in a five eighty credit
• 20:28
  Speaker 1: score neighborhood. You have a check casher next to a
• 20:31
  Speaker 1: payday loan lender, next to a rent to own store,
• 20:34
  Speaker 1: next to a title lender, next to a liquor store,
• 20:36
  Speaker 1: next to a pawn shop, and a church down the street,
• 20:39
  Speaker 1: try to make you feel a little bit better once
• 20:41
  Speaker 1: a week. That's your neighborhood therapist. And meanwhile, and in
• 20:46
  Speaker 1: single parent of households and a lot of obesity and
• 20:48
  Speaker 1: high crime rates and low hol ownership rates, easiest way
• 20:52
  Speaker 1: to build wealth's home ownership. By the way, biggest business
• 20:55
  Speaker 1: in the world is real estate. In the world, high
• 20:58
  Speaker 1: school graduation rates in a five ety CIT score. Neighborhood
• 21:01
  Speaker 1: crimes off the chart, off the chain, violent crimes off
• 21:04
  Speaker 1: the chain, obeasts everywhere because too many fast food restaurants
• 21:09
  Speaker 1: where I don't have anything problem with fast food. I
• 21:11
  Speaker 1: love my share of McDonald's or whatever, but you should
• 21:14
  Speaker 1: need it every day three times a day. Need fruits
• 21:16
  Speaker 1: and vegetables and healthy food. If you got to go
• 21:18
  Speaker 1: to a fast food restaurant, order as salad every now
• 21:22
  Speaker 1: and then. So because we're eating bad cheaply, we inflate,
• 21:28
  Speaker 1: we inflame. Your body is inflamed, you know not most
• 21:30
  Speaker 1: people aren't fat, they're inflamed. A lot of these things
• 21:33
  Speaker 1: proliferate in communities. We have low levels of relative education
• 21:37
  Speaker 1: and financial literacy and high levels of depression. So literally,
• 21:42
  Speaker 1: when I say, if you want to change America, race
• 21:44
  Speaker 1: credit score is one hundred points neighborhood by neighborhood. I
• 21:47
  Speaker 1: know it sounds crazy, but it's not about the credit score.
• 21:49
  Speaker 1: It's about the trending indicators of wealth of hope, well being, faith, confidence, belief, trust,
• 21:54
  Speaker 1: all the things that parallel a rising credit score. Then
• 21:59
  Speaker 1: you get higher access to capital, lower cost of capital
• 22:02
  Speaker 1: in higher credit score neighborhoods seven hundred credit scord. Neighborhoods
• 22:07
  Speaker 1: don't riot. You never seen a riot in a seven
• 22:10
  Speaker 1: undre credit card neighborhood in America's history. They don't riot.
• 22:12
  Speaker 1: They go shopping. So now let me break some real
• 22:17
  Speaker 1: eggs here. And it sounds like I'm picking on my
• 22:21
  Speaker 1: black and brown brothers and sisters, but I really want
• 22:24
  Speaker 1: us to get out of this these bad habits. So
• 22:28
  Speaker 1: I just talked to you about the largest economy in
• 22:30
  Speaker 1: the world, the US economy. There's three and fifty million
• 22:33
  Speaker 1: people in America. Is amazing that the US is this bohemoth,
• 22:37
  Speaker 1: This amazing economy on the planet is US, and we
• 22:41
  Speaker 1: are just killing it with a very small population. It's
• 22:46
  Speaker 1: just a great story of what freedom can do. With
• 22:49
  Speaker 1: all our problems, and we have plenty of them. We
• 22:51
  Speaker 1: still are Beacon and a Light on the Hill. I
• 22:54
  Speaker 1: talked about thirty million businesses. About within that, you know about
• 22:57
  Speaker 1: three million black businesses. Three point one million black busines
• 23:00
  Speaker 1: is within that group, but ninety per cent of them
• 23:02
  Speaker 1: don't have an employee. Hello, I'll do a separate podcast
• 23:05
  Speaker 1: just on that. Operation Hope, through our partnership with Shopifies,
• 23:08
  Speaker 1: Creating and others are creating one million black business initiatives
• 23:12
  Speaker 1: creating black businesses. We've helped, nurtured support it created over
• 23:16
  Speaker 1: four hundred thousand, as twelve percent of all black businesses
• 23:19
  Speaker 1: in America. So I'm proud of that. But most of
• 23:22
  Speaker 1: the companies don't have employees or self employment projects. And
• 23:25
  Speaker 1: I've already mentioned that the credit score or average credit
• 23:28
  Speaker 1: score for African Americans is six to twenty, which means
• 23:30
  Speaker 1: half of us wake up in the morning locked out
• 23:32
  Speaker 1: of the free enterprise system. You can't get a decent
• 23:35
  Speaker 1: car loan at six ' twenty. If you get a Mercedes,
• 23:38
  Speaker 1: it's not a Mercedes's Mercedes payments. You can't get a
• 23:42
  Speaker 1: decent mortgage at six twenty. It needs to be about
• 23:44
  Speaker 1: seven hundred. You definitely can't get a small business loan
• 23:46
  Speaker 1: below seven hundred credit score because it's considered risky credit.
• 23:50
  Speaker 1: You can't get unsecured credit lines of credit in the
• 23:53
  Speaker 1: low six hundreds. You need a proper credit score if
• 23:57
  Speaker 1: you have a seven hundred to an eight hundred credit score.
• 23:59
  Speaker 1: At the computer on balance that you're applying for just
• 24:02
  Speaker 1: says yes, it is killer. What color you are, where
• 24:05
  Speaker 1: you live. It's like, yes, I want you to be
• 24:08
  Speaker 1: my client. It just the computer just says yes, No,
• 24:11
  Speaker 1: the color's green. Hello. So go to operation and get
• 24:15
  Speaker 1: a whole financial coach. It's free. Sixteen trillion dollars. The
• 24:19
  Speaker 1: whole economy is only twenty three trillion. Racism against blacks
• 24:23
  Speaker 1: alone corridor, a City Group report, costs the US economy
• 24:27
  Speaker 1: sixteen trillion dollars. And if we just knocking off, we
• 24:30
  Speaker 1: stop it, the US economy would surge a trillion dollars
• 24:34
  Speaker 1: a year. That's a big bump. So here's the egg
• 24:38
  Speaker 1: I'm going to break now, going in the other direction
• 24:40
  Speaker 1: of how we shoot ourselves in the foot in the
• 24:43
  Speaker 1: black community, you have this twenty three trillion dollar economy,
• 24:46
  Speaker 1: this rocket ship. African Americans call it. Forty million black people,
• 24:51
  Speaker 1: give or take trying to be three thousand rappers and
• 24:55
  Speaker 1: three thousand football and basketball players, and I mean, it's
• 24:59
  Speaker 1: just the numbers don't work. Yes, we're brilliant, we're talented,
• 25:03
  Speaker 1: but I can't scale an entertainment icon. I can't scale
• 25:07
  Speaker 1: a sports icon. I can't scale Lebron. I can't scale
• 25:11
  Speaker 1: Magic Johnson. I can't scale Ti and Killer Mike and
• 25:13
  Speaker 1: all these people, Chris Tucker. I can't scale these are
• 25:17
  Speaker 1: iconic Oprah, these are individuals and maybe the employee twenty
• 25:20
  Speaker 1: thirty forty people. Maybe how do you get forty million
• 25:25
  Speaker 1: people into the economy. Here's what we've done. We've micro
• 25:29
  Speaker 1: focused on things like entertainment and sports. All good, I'm
• 25:35
  Speaker 1: not telling you not to do it, but here are
• 25:37
  Speaker 1: the numbers. I like to quote melody hops and I
• 25:40
  Speaker 1: like math because it doesn't have an opinion. Here's the
• 25:44
  Speaker 1: math of the matter. And here's why I keep telling you.
• 25:46
  Speaker 1: I want you to have a backup plan to your dreams,
• 25:49
  Speaker 1: and I need your backup plan to be your primary plan. Okay,
• 25:53
  Speaker 1: twenty three trillion, I've said this enough to drive it
• 25:55
  Speaker 1: into your brain. Twenty three trillion dollars US economy. What
• 25:59
  Speaker 1: part of that do you think is music? Not Black music? Country, blues,
• 26:06
  Speaker 1: rock and roll, R and B. You know, all genres
• 26:10
  Speaker 1: of music, all of them, everything, everything rolled up together
• 26:13
  Speaker 1: of a twenty three trillion dollars economy. I want you
• 26:16
  Speaker 1: to tell me he would talk about this all day,
• 26:18
  Speaker 1: all night. Everybody I know, not everybody. All the young
• 26:20
  Speaker 1: people I know, lots of them wants to be rappers, singers,
• 26:24
  Speaker 1: whatever they want to be in. They want to be
• 26:25
  Speaker 1: rocking the mic. They want to they want to, you know,
• 26:27
  Speaker 1: they want to be a star. Okay, you're a smart person.
• 26:30
  Speaker 1: What part of that which you guess is the US
• 26:31
  Speaker 1: part of the US economy twenty three trillion dollars. I'll wait,
• 26:35
  Speaker 1: think about it now. There's no there's no shame, there's
• 26:38
  Speaker 1: no embarrassment here a right, you ready about sixteen billion dollars.
• 26:46
  Speaker 1: Sixteen billion dollars is zero point zero seven percent, So
• 26:52
  Speaker 1: one percent would be one point zero zero, just to
• 26:55
  Speaker 1: give you a hits right, ten percent would be one
• 26:58
  Speaker 1: zero dot zero zero. The music business, all genres, all music, white, black,
• 27:04
  Speaker 1: lat they know, Asian, everything, zero point zero seven percent.
• 27:09
  Speaker 1: And then they say, well, the impact of the music
• 27:12
  Speaker 1: business has this knock on effect of ten x ten
• 27:15
  Speaker 1: times because of all the industries that feed off the
• 27:17
  Speaker 1: music business. So it's one hundred and sixty billion. Okay,
• 27:21
  Speaker 1: that number is not large. So that's the music business.
• 27:23
  Speaker 1: The entertainment business is also about one hundred and sixty
• 27:29
  Speaker 1: billion dollars right. Another business that is is at that
• 27:32
  Speaker 1: same range is professional sports. Now this is not just football, basketball, baseball, soccer.
• 27:40
  Speaker 1: The ones you watch all levels of professional sports together
• 27:45
  Speaker 1: combined is you know, one hundred and sixty billion dollars
• 27:51
  Speaker 1: a year. That's zero point seven zero percent. Again one
• 27:56
  Speaker 1: percent would be one point zero zero. This is less
• 27:59
  Speaker 1: than the So you have everybody, I know, all young
• 28:04
  Speaker 1: people try to push all their dreams into something that's
• 28:08
  Speaker 1: a micro biicro micro fraction of the annual US economy.
• 28:12
  Speaker 1: So where is all the money. And by the way,
• 28:16
  Speaker 1: and even in those areas, who's getting the money? It's lawyers,
• 28:21
  Speaker 1: you know, accountants, business managers. Oh okay, I'm glad uh
• 28:26
  Speaker 1: we said that rental companies. I'm gonna get the if
• 28:29
  Speaker 1: if you're going to be in the entertainment business, rent lenses, yes,
• 28:33
  Speaker 1: I said, lenses like the when you go to a
• 28:36
  Speaker 1: video shoot. They don't buy all that equipment they rented.
• 28:40
  Speaker 1: There are cameras that are worth two hundred thousand dollars,
• 28:44
  Speaker 1: seventy thousand dollars, fifty thousand dollars, there are lenses worth
• 28:48
  Speaker 1: seventy thousand dollars. Anyway, these are very precise, uh you know,
• 28:52
  Speaker 1: all the way down to five ten thousand dollars. Just
• 28:55
  Speaker 1: rent those things because those companies buy rent those on
• 28:58
  Speaker 1: a regular basis. All these companies doing shoots of videos
• 29:01
  Speaker 1: and movies and whatever and TV shows, they most of
• 29:03
  Speaker 1: those companies, and they show a big studio, they rent
• 29:05
  Speaker 1: that equipment, they rent that gear. I want to be
• 29:07
  Speaker 1: in the rental business. I want to rent the mic,
• 29:10
  Speaker 1: rent the video cameras that I own to these companies.
• 29:13
  Speaker 1: That's a business of being right, rent the think about
• 29:16
  Speaker 1: everything on a movie set. Yeah, be in that business.
• 29:20
  Speaker 1: Being a support the catering businesses, the trailer ownership and
• 29:24
  Speaker 1: rental businesses, the trailer truck pulling business. I mean, think
• 29:28
  Speaker 1: about it now, the engineers, all the business that support
• 29:34
  Speaker 1: the entertainment and sports sectors. I don't want to rock
• 29:38
  Speaker 1: a mic on the stage. I want to own the
• 29:41
  Speaker 1: dang on stage. Can I get a named man? So
• 29:45
  Speaker 1: let's look at a group that actually has done this
• 29:47
  Speaker 1: in reverse. So you have forty million people trying to
• 29:50
  Speaker 1: get in. These three thousand jobs are going to turn
• 29:52
  Speaker 1: over it three to five years. By by the way,
• 29:54
  Speaker 1: seventy percent of all those in NFL bankrupt five years
• 29:57
  Speaker 1: after retirement. Seventy percent give or take, of those in
• 30:00
  Speaker 1: the NBA, the numbers are about the same. Bankrupt are
• 30:03
  Speaker 1: running the financial difficulties five years after retirement. Don't trust me,
• 30:06
  Speaker 1: look up the numbers yourself. And I'm not hating on
• 30:09
  Speaker 1: these roads. I love that we are we have these jobs.
• 30:12
  Speaker 1: But once you are a professional athlete, are a rapper,
• 30:15
  Speaker 1: and that that runs out, and you don't have a
• 30:17
  Speaker 1: degree in the things that drive to you as economy,
• 30:20
  Speaker 1: what do you do for the rest of your life.
• 30:22
  Speaker 1: You're an athlete from twenty twenty to age twenty three,
• 30:24
  Speaker 1: we hope you live to one hundred at least to
• 30:27
  Speaker 1: seventy or eighty. What do you do for the other
• 30:29
  Speaker 1: the other forty to fifty years? Be a postman if
• 30:33
  Speaker 1: you want to work at Starbucks. If you want to,
• 30:36
  Speaker 1: I mean, what do you qualify for? You need a
• 30:38
  Speaker 1: degree in something that has you know, technical skills tied
• 30:42
  Speaker 1: to it. That's not easy to replace. That gives you
• 30:44
  Speaker 1: a middle class or a middle class lifestyle when the
• 30:47
  Speaker 1: party is over, of the exciting thing that you want
• 30:50
  Speaker 1: to grab a hold of in the here and now.
• 30:53
  Speaker 1: Because anyway, enough on that, I've been obsessing about that.
• 30:59
  Speaker 1: Let me back up for a minute and give a
• 31:02
  Speaker 1: wider lens. So if you have forty people black people
• 31:07
  Speaker 1: trying to do these micro jobs that don't last very long,
• 31:10
  Speaker 1: then what's a group that has the opposite of that. Well,
• 31:13
  Speaker 1: you have my Jewish brothers and sisters, seven and a
• 31:15
  Speaker 1: half million of them in America who are in these
• 31:18
  Speaker 1: broad based professions and industries. Entertainment, yes, but they're typically
• 31:23
  Speaker 1: the back room of the entertainment, finance, banking, real estate, medical,
• 31:30
  Speaker 1: creative spaces. So let me tell you what's driving the economy, right,
• 31:33
  Speaker 1: and then my Asian brothers and sisters, Indians trying to
• 31:36
  Speaker 1: be a lot of them are engineers in the technical spaces. Okay,
• 31:40
  Speaker 1: So in the vast portion of mainstream whites who are
• 31:44
  Speaker 1: middle class or more are in the category I'm about
• 31:46
  Speaker 1: to tell you about. So the big buckets of American
• 31:50
  Speaker 1: economy healthcare ten percent of the US economy or more.
• 31:55
  Speaker 1: If you want to talk about health care, wellness, medical
• 31:59
  Speaker 1: broadly based. Then that's probably a third of the US economy. Finance,
• 32:03
  Speaker 1: in banking, real estate I just gave you. And if
• 32:07
  Speaker 1: you say the professionals services area like accountants and lawyers
• 32:11
  Speaker 1: and bankers and financiers and engineers and business managers, hello,
• 32:17
  Speaker 1: all those professional expertise groups, computer technicians, etc. That's the
• 32:22
  Speaker 1: vast majority of the economy. Real estate, banking, finance, and
• 32:26
  Speaker 1: healthcare and professional services represent seventy percent seven d percent
• 32:32
  Speaker 1: of the entire economy. And people say, oh, man, that's boring.
• 32:37
  Speaker 1: Is broke boring, because that's what you'll be if you
• 32:40
  Speaker 1: don't understand what you see. And then you have other
• 32:43
  Speaker 1: groups that are larger than entertainment in sports, but are
• 32:47
  Speaker 1: smaller than professional services banking, real estate, finance, and healthcare.
• 32:51
  Speaker 1: And they include goods producing industries like agriculture, manufacturing, mining,
• 32:57
  Speaker 1: and construction, amongst others. So we're demystifying the economy here,
• 33:03
  Speaker 1: we're unpacking this. I'm telling you how the economy works
• 33:09
  Speaker 1: and who and what is driving the economy. I'm telling
• 33:12
  Speaker 1: you how you can participate in it and where you
• 33:17
  Speaker 1: should look. By the way, the biggest industry in the
• 33:20
  Speaker 1: world real estate. So if you want to build generational wealth,
• 33:26
  Speaker 1: there are two industry sectors that have never gone down
• 33:30
  Speaker 1: in the history of America. Real estate in the stock market. Now,
• 33:36
  Speaker 1: somebody's going to say, John, I got you now. Stock
• 33:39
  Speaker 1: market crashed in nineteen twenty nine, and market crashed again
• 33:43
  Speaker 1: this time and that time, and the market was down
• 33:45
  Speaker 1: even after the pandemic. John, real estate crash in two
• 33:49
  Speaker 1: thousand and eight. What rock were you under? And what
• 33:51
  Speaker 1: do you know? This is now? We got you John,
• 33:53
  Speaker 1: This is wrong. Hey, real estate goes up, there's a
• 33:57
  Speaker 1: market correction, recession, even dips, stabilizes, corrects above the line.
• 34:04
  Speaker 1: Get that market where state goes up and the stock
• 34:07
  Speaker 1: market goes up. Market correction, recession maybe to recede. That's
• 34:12
  Speaker 1: what a recession means for an economy to receive, to
• 34:14
  Speaker 1: go backwards. Market goes up, recedes, recession, balances out, catches itself,
• 34:22
  Speaker 1: catches its breath, and then corrects above the line on
• 34:25
  Speaker 1: its rebound. And when it corrects above that line, that's
• 34:29
  Speaker 1: when people go from doing well to doing incredibly well.
• 34:33
  Speaker 1: That's where wealth comes from. You build wealth in your sleep.
• 34:36
  Speaker 1: You have to own equities. You've got to own stocks, bonds,
• 34:39
  Speaker 1: business ownership, real estate. You got to own something that
• 34:43
  Speaker 1: is tangible, and real income is during the day. You
• 34:47
  Speaker 1: build wealth in your sleep. You make your money during
• 34:51
  Speaker 1: the day. You make your money work for you at night. Okay,
• 34:55
  Speaker 1: I think I've done a good job of summarizing the
• 34:58
  Speaker 1: overall economy. You'll tell me if I didn't. Here are
• 35:03
  Speaker 1: the largest economies in the world. I'm gonna run through them.
• 35:08
  Speaker 1: So America is the sole superpower in the world. There's
• 35:12
  Speaker 1: never been a superpower in the world that wasn't at
• 35:15
  Speaker 1: the same time the leading economic power in the world. So,
• 35:20
  Speaker 1: Spain was a superpower. France was a superpower. Germany was
• 35:25
  Speaker 1: a superpower. Hello, Argentina was a superpower. Latin America giving
• 35:29
  Speaker 1: it its props. I'm doing this by memory. And at
• 35:34
  Speaker 1: the same time they were the political superpower, the UK
• 35:37
  Speaker 1: Britain was a superpower. People were to start trying to
• 35:40
  Speaker 1: correct me. Now you missed this one, John, I'm doing
• 35:43
  Speaker 1: this for memory. How about you. How's your memory? All
• 35:46
  Speaker 1: this whole podcast was basically by memory. I'm just telling
• 35:49
  Speaker 1: you what, tell you what I know. But when their
• 35:52
  Speaker 1: economy tripped up, they tripped up. Okay, and America is
• 35:57
  Speaker 1: now the sole superpower in the world. We're also the
• 35:59
  Speaker 1: leading economy in the world, and so we got to
• 36:01
  Speaker 1: keep this party going. And the only way you do
• 36:03
  Speaker 1: that is with all of us. Are put another way,
• 36:06
  Speaker 1: my poor friends do better if only to stay rich.
• 36:09
  Speaker 1: Even a racist needs a black man to succeed so
• 36:13
  Speaker 1: that he prospers or she prospers. Because when the economy grows,
• 36:16
  Speaker 1: all boats rise. When GDP gross domestic product increases. Here
• 36:21
  Speaker 1: are the largest economies in the world ready, and I
• 36:25
  Speaker 1: already mentioned this was number one. Hello, the United States, two, China, three,
• 36:31
  Speaker 1: Germany for Japan, they keep changing places. By the way,
• 36:35
  Speaker 1: Germany and Japan they're in the four trillion dollar club
• 36:37
  Speaker 1: above That is big jumps China seventeen trillion, America at
• 36:41
  Speaker 1: twenty three to twenty six trillion, depending on which numbers
• 36:45
  Speaker 1: you look at, India three point seven trillion, United Kingdom
• 36:49
  Speaker 1: Britain three point three trillion, France three trillion, Italy two
• 36:54
  Speaker 1: point one trillion, Brazil two point one trillion, Americas in
• 36:58
  Speaker 1: Latin America, I think I've hit every continent here in
• 37:02
  Speaker 1: the top ten Canada two point one trade, in Russia
• 37:05
  Speaker 1: one point eight trade. Remember I told you Russia was
• 37:07
  Speaker 1: a rounding era America's twenty plus trade in Russia's one
• 37:11
  Speaker 1: point eight trade and hello, they just make a lot
• 37:13
  Speaker 1: of noise through threats and terrorism and barbarism. There are
• 37:18
  Speaker 1: four troublemakers in the world. Leading troublemakers Russia with all
• 37:22
  Speaker 1: due respect, China, Iran and North Korea. And I'll give
• 37:28
  Speaker 1: China it's props if it's just, If China would just
• 37:30
  Speaker 1: simply give us people freedom and stop cheating a capitalism
• 37:36
  Speaker 1: I might like and started saying nice things about them
• 37:38
  Speaker 1: to stop trying to undermine America. But through disinformation and
• 37:42
  Speaker 1: cheating at the game of success. We don't mind a
• 37:44
  Speaker 1: fair fight, but you can't win. I'm convinced that what
• 37:47
  Speaker 1: can beat America in a fair fight you got to cheat.
• 37:49
  Speaker 1: So they're trying to undermine America because we are only
• 37:53
  Speaker 1: better together. Another podcast for another time. But God blessed
• 37:57
  Speaker 1: the success of the Chinese people, who I want to
• 38:00
  Speaker 1: be successful. The twelfth largest economy in the world. You'll
• 38:03
  Speaker 1: be surprised to hear this. Mexico right behind Russia one
• 38:06
  Speaker 1: point eight trillion, South Korea one point seven trillion, Australia
• 38:10
  Speaker 1: one point six trillion, Spain one point five trillion, Indonesia
• 38:15
  Speaker 1: one point four trillion, Turkey one point one trillion, Saudi
• 38:19
  Speaker 1: Arabia one point one trillion. Thought that were larger, didn't
• 38:23
  Speaker 1: You thought Saudi Arabia was larger than that. I was
• 38:26
  Speaker 1: in Saudi Arabia when it was eight hundred billion. They've
• 38:29
  Speaker 1: jumped a few steps now the Netherlands one trillion. Now
• 38:33
  Speaker 1: we're jumping into the billions now, Switzerland nine hundred billion,
• 38:37
  Speaker 1: Poland this position twenty one eight hundred and forty billion,
• 38:40
  Speaker 1: Taiwan seven hundred and fifty billion, Belgium six hundred and
• 38:44
  Speaker 1: twenty seven billion, Argentina this was the largest economy in
• 38:48
  Speaker 1: the world at one point six hundred and twenty billion.
• 38:51
  Speaker 1: They've got all kind of problems now they're working through them.
• 38:54
  Speaker 1: Sweden five hundred and ninety billion, Ireland five eighty nine billion,
• 38:59
  Speaker 1: Norway love that place. My friend Crown Prince Hocken helps
• 39:03
  Speaker 1: run that place. The future King five hundred and fifty billion,
• 39:07
  Speaker 1: Austria five hundred and twenty six billion, Israel five hundred
• 39:11
  Speaker 1: and twenty one billion, Thailand five hundred and twelve billion.
• 39:15
  Speaker 1: And by the way, that Israel there's only like fifteen
• 39:18
  Speaker 1: million Jews in the world. It's amazing what they've done.
• 39:20
  Speaker 1: Seven and a half millions Jews outside the US and
• 39:23
  Speaker 1: and a half millions Jews here. Don't hate on their success.
• 39:25
  Speaker 1: Follow their business plan for creating business and economic growth.
• 39:29
  Speaker 1: I have goes so far as to say, I think
• 39:31
  Speaker 1: black folks need a Black Jewish business plan with regard
• 39:33
  Speaker 1: to getting you know, how do you come up when
• 39:35
  Speaker 1: you're an oppressed people? I think it's a good template.
• 39:38
  Speaker 1: By the way, half of the whites who supported Doctor
• 39:40
  Speaker 1: King and the civil rights movement were Jewish. Hello, in
• 39:44
  Speaker 1: the ego it goes from there. You know number thirty
• 39:47
  Speaker 1: Thailand five hundred billion. Now when you get down into
• 39:51
  Speaker 1: the mid four hundred billions, Vietnam fortuyd and thirty three billion,
• 39:55
  Speaker 1: Philippines forty to thirty five billion. Guess what country is
• 40:00
  Speaker 1: at that same level? John, did you just mention these
• 40:02
  Speaker 1: are countries? Yes? I did. Good catch. It's a city.
• 40:06
  Speaker 1: It's Atlanta, the metro area of Atlanta. The seven counties
• 40:10
  Speaker 1: represent four hundred plus billion dollars in annual revenue. The
• 40:16
  Speaker 1: moral capital of America and a place where we've proven
• 40:18
  Speaker 1: the diversity works for everybody. Inclusive capitalism for everybody. The
• 40:22
  Speaker 1: tenth lars economy in the US, if it was a nation,
• 40:25
  Speaker 1: will be the largest economy in the world. And out
• 40:28
  Speaker 1: in with what is the GDP for black people? What
• 40:31
  Speaker 1: is African American GDP? You know what is our economic
• 40:36
  Speaker 1: spending power? For last year? The one point six trillion
• 40:41
  Speaker 1: dollars was the GDP. If we were a nation of
• 40:45
  Speaker 1: one point six trillion dollars, so we'd be almost larger
• 40:49
  Speaker 1: than Russia. Unfortunately, the black dollar doesn't circulate in the
• 40:52
  Speaker 1: black community. Unfortunately, ninety percent plus of what we make
• 40:57
  Speaker 1: we spend on consumption. Unfortunately, we only owned only forty
• 41:01
  Speaker 1: five percent of us own a home, and the easiest
• 41:05
  Speaker 1: way to build wealth is home ownership. Unfortunately, ninety six
• 41:08
  Speaker 1: percent of us our black businesses don't have an employees
• 41:10
  Speaker 1: I mentioned earlier. So you see, we're not dumb and
• 41:13
  Speaker 1: we're not stupid. We're brilliant. When the rules of published
• 41:16
  Speaker 1: and the playing fielders level, we kill it. Professional sports, athletes, entertainment,
• 41:22
  Speaker 1: public office. With the rules of published and the playing
• 41:25
  Speaker 1: fielders level, we absolutely succeed. But because the Freedman's Bank
• 41:29
  Speaker 1: was created after the Civil War by Abraham Lincoln and
• 41:32
  Speaker 1: ran by Frederick Douglass, a free slave who became a
• 41:34
  Speaker 1: brilliant businessman who owned six million dollars with the real
• 41:38
  Speaker 1: estate in Baltimore, Maryland during the Civil War period and
• 41:43
  Speaker 1: rented it out to working class blacks. By the way,
• 41:45
  Speaker 1: the same business that I'm in with one of my companies,
• 41:49
  Speaker 1: the Promise Homes Company, affordable single family rental homes. I
• 41:52
  Speaker 1: sold the company by still im a shareholder in it.
• 41:55
  Speaker 1: That's the business of Frederick Dunns was in. And that bank,
• 41:58
  Speaker 1: the Freeman's Bank chartered marched through ID eighteen sixty five
• 42:01
  Speaker 1: to quote teach free slaves about money. That bank failed
• 42:05
  Speaker 1: after Lincoln was assassinated a month after he signed it.
• 42:08
  Speaker 1: In the law and Blacks when never talk about the
• 42:11
  Speaker 1: free enterprise system, we're not dumb and we're not stupid,
• 42:14
  Speaker 1: is what we don't know. That we don't know, but
• 42:16
  Speaker 1: we think we know because no one ever gave us
• 42:19
  Speaker 1: the memo. That's my fourth book I think on how
• 42:22
  Speaker 1: the free enterprise system and capitalism works. That's why I
• 42:25
  Speaker 1: say that financial literacy is a civil rights issue of
• 42:27
  Speaker 1: this generation. And we've got to move from protesting in
• 42:31
  Speaker 1: the streets to cutting business deals in the business suites.
• 42:34
  Speaker 1: The new color is not a white, black, red, brown,
• 42:36
  Speaker 1: or yellow. It's green. Hello, all right, I've talked enough
• 42:40
  Speaker 1: for one day. This is the Ministry of Hope, the
• 42:43
  Speaker 1: Ministry of Finance. This is the Silver or Rights Movement.
• 42:47
  Speaker 1: This is the third Reconstruction. This is how we all
• 42:50
  Speaker 1: come up. This is my weekly pulpit for all of us.
• 42:55
  Speaker 1: This is me trying to unpack how things work. This
• 42:59
  Speaker 1: is me and hacking the overall economy. If I miss something,
• 43:02
  Speaker 1: you want me to focus on and just tell me
• 43:05
  Speaker 1: what it is and I will break it down for you.
• 43:07
  Speaker 1: By the way, I got one number wrong. The entertainment
• 43:10
  Speaker 1: industry is about one trillion dollars a year in annual GDP.
• 43:16
  Speaker 1: About four point four percent of all GDP professional sports
• 43:20
  Speaker 1: was I got this right, point zero or zero point
• 43:24
  Speaker 1: seven zero percent. It was one hundred and sixty billion,
• 43:28
  Speaker 1: and music, all genres of music was zero point zero
• 43:33
  Speaker 1: seven percent. That's about sixteen billion with a knock on effect.
• 43:38
  Speaker 1: If you will, of all the if you want to
• 43:40
  Speaker 1: say of how it's healthy for all the other businesses
• 43:42
  Speaker 1: that support music, really liberal about it. You can say
• 43:45
  Speaker 1: it's one hundred billion plus, but it's still a small number,
• 43:49
  Speaker 1: but entertainment, which is really tourism, and there's a lot
• 43:52
  Speaker 1: of hospitalities, a lot of things in that number, not
• 43:55
  Speaker 1: just rocking a mic. Entertainment in quotation marks is the
• 44:01
  Speaker 1: largest of the industries we actually obsess on for but
• 44:04
  Speaker 1: it's still four percent of GDP for the nation. So
• 44:07
  Speaker 1: be an engineer. You'll never go broke. Get in real
• 44:10
  Speaker 1: estate unless your brain dead or not paid attention. You
• 44:13
  Speaker 1: can't help, but do well. It'll go up by itself
• 44:16
  Speaker 1: over time. Buy it, rehabit, rent it, or live in it,
• 44:19
  Speaker 1: don't sell it, and things should work out for you.
• 44:22
  Speaker 1: So on a little bit of bonds and stocks, and
• 44:24
  Speaker 1: have an insurance policy for you and your family. You know,
• 44:28
  Speaker 1: I mean, it's some basic stuff. If you have an
• 44:29
  Speaker 1: insurance policy. By the way, as get an insurance policy
• 44:32
  Speaker 1: twenty thirty forty years of age when you get you know,
• 44:35
  Speaker 1: when you get married or stay out in life, you
• 44:37
  Speaker 1: know when you pass. Get it for a million dollars.
• 44:39
  Speaker 1: You can get one pretty easily at a young age.
• 44:42
  Speaker 1: Won't cost you much. And when you kick and we
• 44:45
  Speaker 1: don't know how long we're going to live, we all
• 44:46
  Speaker 1: know we're going to die. When you kick and have
• 44:48
  Speaker 1: a will that becomes something you can pass the proceeds,
• 44:51
  Speaker 1: pass on to your heirs, your children, your spouse and
• 44:54
  Speaker 1: give them some generational wealth on the way out the door.
• 44:58
  Speaker 1: I hope this is helpful. This is just O'Bryant money
• 45:00
  Speaker 1: and wealth. Let's go change the world. Hey aa, this
• 45:15
  Speaker 1: is money and Wealth with John O'Briant on the Black
• 45:19
  Speaker 1: Effect Podcast Network. At iHeart this is a fan question.
• 45:24
  Speaker 1: This is from A H. S A A N M
• 45:31
  Speaker 1: I T C H E L L underscore at Instagram
• 45:37
  Speaker 1: A son Michael. I believe I'm saying that properly from Instagram.
• 45:43
  Speaker 1: What is an intellectual properties financial relevancy in creating wealth?
• 45:49
  Speaker 1: A great question. I would go one step further and
• 45:52
  Speaker 1: say what was an intellectual property rights financial relevancy in
• 45:57
  Speaker 1: creating wealth? Or just what's his an intellectual property rights value? Well,
• 46:04
  Speaker 1: if you want to find the value of a Stevie Wonder,
• 46:08
  Speaker 1: then look at his intellectual property rights, his music, his brand,
• 46:13
  Speaker 1: his image, his likeness. What is the value of doctor
• 46:16
  Speaker 1: King today his intellectual property rights, his his speeches, his recordings,
• 46:21
  Speaker 1: his image. What's an intellectual property rights of my brother Charlemagne,
• 46:26
  Speaker 1: the founder of the Black Effect Network same his radio program,
• 46:30
  Speaker 1: the Breakfast Club and all the other stuff that he does.
• 46:33
  Speaker 1: What's an intellectual property right of Michael Jackson or whoever
• 46:36
  Speaker 1: your favorite artist is. But also, intellectual property rights are
• 46:41
  Speaker 1: not just creative. You have an intellectual property that's well,
• 46:46
  Speaker 1: a brand, it's intangibly tangible. Coca Cola is an intellectual property,
• 46:51
  Speaker 1: the brand of Coca Cola. They've created value in the name.
• 46:55
  Speaker 1: I think I've created an intellectual property value in the
• 46:59
  Speaker 1: things that I've been associated with. I'm gonna make this
• 47:01
  Speaker 1: really simple. Uh, if you want to find a growing economy,
• 47:05
  Speaker 1: economy is really really doing well, you'll find a lot
• 47:08
  Speaker 1: of patents. All a patent is is a monetized idea.
• 47:13
  Speaker 1: A monetized idea is an intellectual property. It's it's a thought,
• 47:17
  Speaker 1: it's an idea, it's a creative that's been structured and
• 47:21
  Speaker 1: been then codified in protections. In this particular case, a patent.
• 47:26
  Speaker 1: You also have copyrights. You can have all kinds of
• 47:29
  Speaker 1: ways of protecting n f T s or you can
• 47:32
  Speaker 1: you can you know, you can have digital kind of
• 47:34
  Speaker 1: digital and other ways of protecting intellectual properties. Uh. But
• 47:38
  Speaker 1: the easiest way to describe understand this is the biggest
• 47:40
  Speaker 1: economies in the world have the most patents and the smallest,
• 47:45
  Speaker 1: most destitute places in the world have almost no patents
• 47:48
  Speaker 1: because they're they're war torn and people are not don't
• 47:51
  Speaker 1: have the In order to be creative and to have
• 47:54
  Speaker 1: the kind of environment where you create things and you
• 47:57
  Speaker 1: then monetize things, well, you need a legal structure, you
• 48:01
  Speaker 1: need a government, you need fair play, you need laws,
• 48:04
  Speaker 1: you need the rule of law, and you need peace
• 48:06
  Speaker 1: of mind. Well that doesn't work very well in places
• 48:08
  Speaker 1: of a warrant tory, and that does it. So I
• 48:10
  Speaker 1: hope I explain in a thumbnail what an intellectual property
• 48:15
  Speaker 1: is and how it creates and can create financial relevancy
• 48:20
  Speaker 1: and is a form of wealth creation at some point,
• 48:25
  Speaker 1: A mutual fund, before it was a mutual fund, was
• 48:27
  Speaker 1: an intellectual property. A car before it was a car
• 48:31
  Speaker 1: was an intellectual property. Collection of those which are patents
• 48:36
  Speaker 1: in other rights that came together to manufacture that car.
• 48:40
  Speaker 1: The axle, the wheel, the tire, all those were inventors
• 48:44
  Speaker 1: that created those things and put them together ultimately through
• 48:47
  Speaker 1: a manufacturer and a car designer who has intellectual property rights,
• 48:51
  Speaker 1: who then created this car which ultimately becomes a physical
• 48:55
  Speaker 1: asset or liability, but a physical thing right, a real
• 49:00
  Speaker 1: piece of property, real property. They call it something you
• 49:03
  Speaker 1: can touch, which you know, but it started with an
• 49:06
  Speaker 1: intellectual property. Most great things started with intellectual property. Music
• 49:12
  Speaker 1: is as old as the world itself is amazing, maybe
• 49:15
  Speaker 1: the original language. Those are intellectual in my opinion, intellectual properties. Okay,
• 49:20
  Speaker 1: I can go on and on about this, but tired
• 49:22
  Speaker 1: to hear myself talk and so are you. So there
• 49:24
  Speaker 1: we go. Hope this has been helpful and thank you
• 49:27
  Speaker 1: for the fan question from Asan Michelle at Instagram. John O'Brien,
• 49:33
  Speaker 1: this is money and Wealth. I'm out. Money and Wealth
• 49:50
  Speaker 1: with John O'Brien is a production of the Black Effect
• 49:53
  Speaker 1: podcast Network. For more podcasts from the Black Effect Podcast Network,
• 49:57
  Speaker 1: visit the iHeartRadio app, Apple Podcasts, or wherever you listen
• 50:01
  Speaker 1: to your favorite shows.