Latest / Daily Inspiration: The Steve Harvey Morning Show / Money Talk: The Five Financial Stratospheres is his Wealth Coaching Stratosphere that outlines his five levels of financial development.

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Money Talk: The Five Financial Stratospheres is his Wealth Coaching Stratosphere that outlines his five levels of financial development. · Daily Inspiration: The Steve Harvey Morning Show

0:00
Speaker 1: Welcome to my show.
0:01
Speaker 2: I'm Rashon McDonald, a host of Money Making Conversations Masterclass,
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1:02
Speaker 2: Brother majah Hid Mohammad, how you doing, Brother Majaiat.
1:07
Speaker 1: I'm doing great by God's grace, and I'm happy to
1:09
Speaker 1: be here with you. Brother Rashon.
1:11
Speaker 2: Okay, now you're basiced in Houston, Texas, and I'm born
1:13
Speaker 2: and raised in Houston, Texas. So when I saw your
1:15
Speaker 2: information come through my guests be Against portal, I jumped
1:19
Speaker 2: on it immediately. Tell me what you're doing down in Houston, Texas.
1:21
Speaker 1: Brother, JAHI, Well, we are committed to assisting people in
1:25
Speaker 1: the personal financial space. My expertise is both the real estate,
1:29
Speaker 1: personal finance, and insurance as well. So we're helping young
1:34
Speaker 1: families or people in general, you know, to get off
1:36
Speaker 1: to a fast start and not duplicate those mistakes that
1:39
Speaker 1: were originated by myself coming up and trying to develop
1:42
Speaker 1: my personal financial portfolio. Well, I always say you learn
1:47
Speaker 1: from your mistakes.
1:48
Speaker 2: You put it out there first, brother, But jah Hid,
1:51
Speaker 2: what was some of the mistakes you made that you
1:53
Speaker 2: don't want us to make?
1:54
Speaker 1: Give us a couple levels. Well, let me start from
1:57
Speaker 1: the beginning. I think as I grew up, the story
2:00
Speaker 1: was told to me. My dad went to the military
2:03
Speaker 1: and he was sending home checks to help take care
2:05
Speaker 1: of the family. At that time, you know, they were
2:08
Speaker 1: extremely poor. So it was a necessity, and he's sending
2:11
Speaker 1: checks every month, every pay period. When he got out
2:14
Speaker 1: of the military, unbeknownst to him, my grandmother, his mother,
2:18
Speaker 1: never cashed any of those checks, so she gave the
2:20
Speaker 1: money back to him, and he used that to buy
2:23
Speaker 1: his first duplex, and that laid the foundation for his
2:26
Speaker 1: financial future. In mimicking fashion, I joined the military, but
2:31
Speaker 1: I didn't need to send checks. We were in a
2:33
Speaker 1: different time. Although I'm sure he would have taken my checks,
2:36
Speaker 1: but I was saving the money. And when I came
2:40
Speaker 1: home from the military, my father helped me find my
2:43
Speaker 1: first duplex, and it was from that duplex that was
2:47
Speaker 1: the launching pad. I got married. A few years later.
2:51
Speaker 1: I identified this thing called equity. I pulled out over
2:55
Speaker 1: twenty thousand dollars in equity and I immediately start They
2:59
Speaker 1: call it a Bird technique. Back then, there was no bird,
3:02
Speaker 1: there was no YouTube and everything like that. But we
3:05
Speaker 1: essentially I was buying real estate, renovating it, renting it out,
3:10
Speaker 1: buying it, refinancing it, renting it out, that whole bird method.
3:15
Speaker 1: So we did that UNTI I mastered a million dollar portfolio.
3:19
Speaker 1: I thought I had enough to leave my W two job.
3:21
Speaker 1: I left the W two job three months later. Hurricane
3:25
Speaker 1: Katrina hit the New Orleans area and at that time
3:31
Speaker 1: none of my portfolio year was that. What year was that?
3:35
Speaker 2: Just remind everybody that the year hurricane in two thousand
3:38
Speaker 2: and five.
3:39
Speaker 1: Yes, sir, at that time, I wasn't covered it just
3:44
Speaker 1: it wasn't required and a devastation like that never happened before,
3:48
Speaker 1: so there was no flood insurance. So we literally had
3:51
Speaker 1: these decimated properties with no money to repair it. And
3:54
Speaker 1: I remember being on a phone with a one of
3:58
Speaker 1: the I was in the middle of a renovation at
4:00
Speaker 1: that time, and the lender was chiding me. He was like, look,
4:03
Speaker 1: I need you to get back on it and rebuild
4:05
Speaker 1: this property and rent it out. I'm like, I don't
4:08
Speaker 1: think you understand. It's not my property. There's no there's
4:11
Speaker 1: no houses for blocks and blocks. The whole community was gone.
4:15
Speaker 1: So that level of devastation was really unfathomable to all
4:20
Speaker 1: parties involved. So after suffering that, went to Houston to
4:24
Speaker 1: try to regroup, and I said I'm gonna come back
4:27
Speaker 1: and recommit to building my portfolio. And then in two
4:30
Speaker 1: thousand and eight and behold, we know what happened with
4:34
Speaker 1: the real estate market, and that was kind of like
4:36
Speaker 1: the nail that kind of sealed the coffin. So from
4:39
Speaker 1: there I kind of hit myself over the head with
4:42
Speaker 1: that invisible ham. I was blaming myself, thinking I wasn't
4:45
Speaker 1: what I thought I was, and for several years I
4:48
Speaker 1: just went on and thought I was a failure as
4:50
Speaker 1: it relates in the financial space. But there was a
4:53
Speaker 1: net unique circumstance that turned things around. You know. I
4:56
Speaker 1: got a phone call from my wife. We had one
4:59
Speaker 1: car at the time. I was at work, and she said,
5:02
Speaker 1: she said, bete, they turned off the water. So I
5:05
Speaker 1: moved some things around. I said, look, go pay this
5:07
Speaker 1: water bill. So she literally walked to the utility company
5:12
Speaker 1: to pay that water bill before the children could come
5:14
Speaker 1: back home and realize what had happened. And I remember
5:18
Speaker 1: looking my wife in the face and I said, back,
5:20
Speaker 1: this next chapter of our life, I promise you We're
5:24
Speaker 1: gonna have a lot of problems, but it won't be
5:25
Speaker 1: a financial one. And so I committed myself to turning
5:30
Speaker 1: our situation around. And that was the impetus to where
5:33
Speaker 1: I knew I needed to do something different. And that's
5:37
Speaker 1: really really the motivator for helping other families to not
5:40
Speaker 1: experience that experience that I felt in that moment. What
5:44
Speaker 1: year was that, brother Mujahad? So yeah, two thousand and
5:48
Speaker 1: eight was from the collaption of the home mortgage that
5:53
Speaker 1: was collapsing of the house Katrina. Two thousand and eight,
5:56
Speaker 1: collapse of the home mortgages. Yeah, and then you had
5:59
Speaker 1: a at least at least seven years that I was
6:03
Speaker 1: just doing ins and out odd things. I drove, Yeah,
6:07
Speaker 1: I drove this. So yeah, so what's seven on top
6:10
Speaker 1: of two thousand and eight? Twenty fifteen? Okay, So yeah,
6:14
Speaker 1: we're in that area at this point. Okay, cool, So
6:16
Speaker 1: now the next ten years you got a plan in place?
6:19
Speaker 1: Absolutely okay? And what was that plan? And why did
6:23
Speaker 1: you feel the need to do because you know you
6:27
Speaker 1: already messed up in New Orleans?
6:29
Speaker 2: Did that properties got washed away by mother nature Hurricane Katrina?
6:34
Speaker 1: Why would you go back into real.
6:36
Speaker 2: Estate after that level of devastation, brother, majority Well, here's.
6:40
Speaker 1: What I learned, and I think a lot of times,
6:43
Speaker 1: what we do in our community, we tried to lead
6:48
Speaker 1: with business, looking for business to solve our personal financial situation.
6:54
Speaker 1: And the light bulb that came up with me is
6:56
Speaker 1: that if you saw your personal financial situation, you can
6:59
Speaker 1: grow organically and come to the market in a different way.
7:03
Speaker 1: So I prefer to come to the market as a
7:05
Speaker 1: well capitalized investor as opposed to an undercapitalized investor. And
7:10
Speaker 1: when you prioritize your personal finance, accualage and grow according
7:15
Speaker 1: to stage by stage, you'll eventually reach a point to
7:19
Speaker 1: where you can come to the market and be more productive.
7:22
Speaker 1: Because the big, biggest lesson I learned was that leverage
7:26
Speaker 1: without liquidity is stupidity. And so at that time I
7:30
Speaker 1: was real estate rich but cash poor, and so I
7:33
Speaker 1: coming around a second time, I overemphasizing controlling my personal
7:37
Speaker 1: financial situation so that I can approach the market from
7:40
Speaker 1: a totally different perspective.
7:41
Speaker 2: So basically maintaining control with a plan absolutely so most
7:46
Speaker 2: people get out there. And I will tell you when
7:48
Speaker 2: I heard my first business, I just had a dream.
7:52
Speaker 1: I didn't have a plan.
7:53
Speaker 2: I didn't know the severity of what taxes were. I
7:57
Speaker 2: didn't know understanding my employee is a workman's insurances that
8:02
Speaker 2: need to be applied working with conversation, liability, all.
8:07
Speaker 1: E and O.
8:08
Speaker 2: If you're into advertisement all those things on top on
8:12
Speaker 2: top to.
8:13
Speaker 1: Stay in business. Legitimately, that's what you learned in New Orleans.
8:17
Speaker 1: That's right, you were in.
8:18
Speaker 2: Business, but you were not in business because it got
8:22
Speaker 2: taken away because you didn't have all the necessary safeguards
8:26
Speaker 2: in place. Now we're twenty fifteen. You contact me, said,
8:30
Speaker 2: y Sean, I want to tell everybody about me. I'm
8:32
Speaker 2: a personal finance coach. My business is wealth coaching stratus fear.
8:37
Speaker 2: What is wealth coaching stratus fere?
8:39
Speaker 1: So the term stratusphere is pretty much a metaphor. And
8:44
Speaker 1: what we've done is we've identified five areas of financial
8:49
Speaker 1: development in each the lowest being financial failure that's when
8:54
Speaker 1: you have more money than month, right, the least desirable
8:57
Speaker 1: stratus fere you want to be in. But the next
9:00
Speaker 1: financial health, that's where most of us find ourselves paycheck
9:03
Speaker 1: to paycheck, we're able to meet those obligations. And then
9:06
Speaker 1: the next stratosphere is financial fluency. That's where things get
9:11
Speaker 1: better where you have more money than month, and then
9:14
Speaker 1: you graduate to financial wealth. And the difference between wealth
9:18
Speaker 1: and fluency is the accumulation of income producing assets, until
9:22
Speaker 1: finally you grow into financial independence, where your money is
9:25
Speaker 1: making money. So with each one of those stratospheres is
9:29
Speaker 1: a diameter of thought. That's determine how many stradu three
9:33
Speaker 1: or four? It should be five, it's five strata tray
9:36
Speaker 1: repeat them again. Financial failure, financial health, financial fluency, financial wealth,
9:43
Speaker 1: and financial independence. There you go, yes, sir as I
9:47
Speaker 1: missed that count.
9:48
Speaker 2: Yeah, and so it started financial failure because that's where
9:50
Speaker 2: a lot of people are.
9:52
Speaker 1: I've been there. You know.
9:53
Speaker 2: The reality that's why a lot of people get to
9:55
Speaker 2: the next step is homeless. You know, pride comes into play.
10:00
Speaker 2: You don't have a plan to get out of that spiral.
10:03
Speaker 2: Why through the average person live in that financial failure
10:08
Speaker 2: status or find themselves descending into that financial failure status.
10:15
Speaker 1: I think some of the major contributors is self esteem, certainly,
10:20
Speaker 1: But then some of the more practical things or problems
10:22
Speaker 1: is that we take advice from other poor people. And
10:26
Speaker 1: that's the biggest mistake you can make in financial failure.
10:29
Speaker 1: A lot of times people that have jobs at I
10:33
Speaker 1: don't want to name one of the low income places
10:35
Speaker 1: just to be derogatory, but they got those jobs from
10:38
Speaker 1: friends that got them in there. And so when you're
10:41
Speaker 1: not where you are. You have to do what you
10:44
Speaker 1: haven't been doing, and so taking advice for people that
10:47
Speaker 1: are in different stratus fees of different spaces is the
10:50
Speaker 1: biggest way you can gain that quantum leap into your
10:53
Speaker 1: next stratus. Feld let mens you this.
10:56
Speaker 2: Let's talk about personal financial philosophy. Your personal financial philosophy.
11:00
Speaker 2: He gave us the five points. But I'm just a
11:03
Speaker 2: guy walking into your office. Brother, But y'all hate and
11:08
Speaker 2: I don't know. Man, I'm frustrated. I want to I
11:11
Speaker 2: see people out there making money, but I'm not making
11:13
Speaker 2: the money. I'm just an average guy working a forty
11:16
Speaker 2: hour week job.
11:17
Speaker 1: Can you help me? Yes, emphatically. Yes. The first step
11:22
Speaker 1: is understanding that it's a process and not a product.
11:25
Speaker 1: You can't come to anyone to buy something to ameliorate
11:29
Speaker 1: your situation. It's a process and you got to be
11:31
Speaker 1: committed to the process. And for a lot of people,
11:34
Speaker 1: it begins by just looking at your situation. You'd be
11:37
Speaker 1: surprised the people that just refuse to look at where
11:41
Speaker 1: they stand. So you have to look at it and
11:44
Speaker 1: receive some information that's objective to point you in the
11:48
Speaker 1: right direction. And once you take a look, nine times
11:51
Speaker 1: out of ten. It's not as bad as you think
11:53
Speaker 1: it is with the pizzo.
11:57
Speaker 2: What's side of the table you're sitting there, brother, Okay,
12:00
Speaker 2: because I'm telling you I've had a headache on outside
12:03
Speaker 2: of the table because it looked pretty bad.
12:05
Speaker 1: But I think that what you're saying is don't allow
12:09
Speaker 1: the moment to overwhelm you. Emphatically, I was saying, take
12:14
Speaker 1: that deep breath. Absolutely, And also.
12:17
Speaker 2: I think a key for me is looking around and
12:19
Speaker 2: surrounding and see who's there to not so much give
12:23
Speaker 2: you money, but that can support you, that you can
12:25
Speaker 2: talk to, because a lot of people fall victim to
12:28
Speaker 2: a lot of their calamity because they don't have anybody
12:31
Speaker 2: to talk to because they, like you said Alreadier, a shame.
12:37
Speaker 2: I feel that they don't want to look bad. They
12:39
Speaker 2: don't want to feel that, hey, I'm a failure. Especially
12:43
Speaker 2: the families, especially the friends, especially coworkers. Now when you're
12:47
Speaker 2: talking about your financial philosophy, I'm a person.
12:54
Speaker 1: I'm doing all right. I want to get into real estate.
12:57
Speaker 1: You know already told me your real estate story two
12:59
Speaker 1: thousand and five. Contrina, send your packet, set your pack it.
13:04
Speaker 1: How do I get in to real estate? My suggestion
13:10
Speaker 1: as far as real estate is to it should be
13:13
Speaker 1: it should be pre approached with the capitalization phase, and
13:16
Speaker 1: you should not approach that unless you're in you you
13:19
Speaker 1: pass financial fluency. So what what happens is a lot
13:23
Speaker 1: of times, you know, there's a lot of things out
13:24
Speaker 1: here no money down. And these are true philosophies. You
13:29
Speaker 1: can acquiesce real estate with creative financing with no money down.
13:33
Speaker 1: But what the story that's not told is you can't
13:35
Speaker 1: keep real estate with no money down. Real estate is
13:39
Speaker 1: a heavy, financial intensive business and there's a uh, there's
13:44
Speaker 1: a what you call it a factor. It allows it
13:50
Speaker 1: acquires a lot of involvement. So the best thing you
13:53
Speaker 1: can do is go through that capitalization phase, which we
13:57
Speaker 1: know you beyond that, but I'm talking to the average person.
14:00
Speaker 1: You need to spend time. What does that mean? Capitalization
14:04
Speaker 1: that's just saving money. A lot of people frown on
14:07
Speaker 1: saving money. But you can't approach an opportunity without an
14:11
Speaker 1: opportunity fund. So you want to come to the market
14:14
Speaker 1: well capitalized. That's my advice before you thinking about real estate, first,
14:18
Speaker 1: focus on capitalizing your personal situation and it makes a
14:22
Speaker 1: big difference when you come to the market well capitalized.
14:25
Speaker 1: The first thing is you see opportunities that other people
14:29
Speaker 1: don't see. And a lot of times when you have money,
14:32
Speaker 1: things that you thought that you wanted when you were broke,
14:35
Speaker 1: you don't want it anymore, you know. And lastly, I
14:39
Speaker 1: say this, what does well capitalize look like? That's a
14:44
Speaker 1: very subjective language, but we do know that. Warren Buffet's
14:49
Speaker 1: right hand man, Charles Munger, he said, you got to
14:51
Speaker 1: get your first hundred thousand. Do whatever you do to
14:55
Speaker 1: do that. Please don't go anywhere. We'll be right back
14:58
Speaker 1: with more money Making Conversations. This is masterclass.
15:01
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15:23
Speaker 2: back to Money Making Conversations Masterclass hosted by me Rashaan McDonald.
15:27
Speaker 2: Money Making Conversation master Class continues online at Moneymaking Conversations
15:31
Speaker 2: dot com and follow money Making Conversations Masterclass on Facebook,
15:36
Speaker 2: X and Instagram. You have to plan to be successful
15:40
Speaker 2: you have to plan. And so many people this will
15:44
Speaker 2: always get to me. People want to get into real estate, right, brother,
15:47
Speaker 2: And so they sit up there and they go buy land,
15:51
Speaker 2: but they have no way of saying they forget the
15:54
Speaker 2: one key thing about buying land taxes. They gonna come
15:58
Speaker 2: get those taxes. So if you bought land, that's what
16:01
Speaker 2: you was talking about having capitalization, that's what you're talking about,
16:04
Speaker 2: having money. Because if you are not in a position
16:07
Speaker 2: to make money off that land or that house that
16:11
Speaker 2: you just bought, and you're not remodeling, you not trying
16:14
Speaker 2: to flip it, the taxman's going to come and he's
16:18
Speaker 2: going to come and want his money. And if he
16:20
Speaker 2: doesn't get his money, he's going to find you and
16:23
Speaker 2: find you. Eventually he's going to take back something that
16:26
Speaker 2: you invested in. And that's a key element that a
16:29
Speaker 2: lot of people don't think about when they buy land.
16:32
Speaker 1: Land is key.
16:32
Speaker 2: If you buy land and there's nothing happening on that land,
16:36
Speaker 2: that could become a liability very very quickly.
16:39
Speaker 1: Correct, brother, absolutely, And I want to really speak to
16:43
Speaker 1: the one hundred thousand dollars because it may overwhelm someone
16:46
Speaker 1: that's in another stratosphere and The point is that this
16:49
Speaker 1: is a process, not a product. I'm speaking in a
16:51
Speaker 1: certain stratosphere when I see one hundred thousand, and you
16:54
Speaker 1: have to respect the process. So if you're in a
16:57
Speaker 1: financial health stratosphere, you don't need to be thinking about
16:59
Speaker 1: real estate. You got to be a thousand are before
17:01
Speaker 1: you can be a ten thousand air before you can
17:03
Speaker 1: be one hundred thousand are. So respect the process, know
17:06
Speaker 1: where you are, and grow organically. It was I think
17:11
Speaker 1: Abraham Lincoln is credited as saying, if he has six
17:14
Speaker 1: hours to chop down a tree, he will spend four
17:16
Speaker 1: of them sharpening his axe. So don't underscore preparation. It's
17:20
Speaker 1: not that nothing is happening. Something is happening. You're developing
17:24
Speaker 1: so that when you approach the market, you approach it
17:26
Speaker 1: from a position of strip. I love you man, you
17:28
Speaker 1: got it.
17:28
Speaker 2: You got those catchphrases down path, man, I love talking
17:32
Speaker 2: to you.
17:32
Speaker 1: Man.
17:34
Speaker 2: What is the benefits of financial coaching that you provide?
17:36
Speaker 2: What are the benefits?
17:38
Speaker 1: So it's being able to talk to someone kneecapped. To
17:41
Speaker 1: kneecap is being able to hear from someone objectively, someone
17:44
Speaker 1: to be able to feel what you feel. That's been
17:48
Speaker 1: where you've been at. Like I said, most time we
17:49
Speaker 1: take advice from people that are on our same level.
17:53
Speaker 1: We need to hear from someone objectively on our next steps. Now,
17:56
Speaker 1: financial coaching is a very serious step. So if you're
18:00
Speaker 1: not seriouh, you might want to read a book, you
18:02
Speaker 1: might want to watch the YouTube page. But when you
18:04
Speaker 1: talk talking about financial coaching, you're talking about you're really
18:07
Speaker 1: committed to going to that next level.
18:10
Speaker 2: It's important that people understand. I'm talking to brother majah
18:14
Speaker 2: Hid Muhammad. He's a personal financial coach located in Katie
18:19
Speaker 2: right outside of Houston, Texas, and the name of the
18:22
Speaker 2: company is Wealth Coaching Stratosphere. When we're talking about three
18:26
Speaker 2: ways our clients can work with us, that means us
18:29
Speaker 2: being you. How can a client come to you in
18:32
Speaker 2: those three ways you benefit.
18:33
Speaker 1: Them absolutely, So I would say you can eat. If
18:38
Speaker 1: you just have a one off question or concern, just
18:40
Speaker 1: shoo me an email. And if you don't mind hearing
18:43
Speaker 1: an opinion, I can't give you investment advice. You want
18:46
Speaker 1: to seek those professionals out, but I would love to
18:49
Speaker 1: hear from you where you are and share ideas with you.
18:52
Speaker 1: So that's one way to just an email. If you
18:55
Speaker 1: lead a financial group or you promote financial literacy and
18:58
Speaker 1: you want us to come on and have some concepts
19:01
Speaker 1: and help develop that group. We talked to married circles
19:07
Speaker 1: where there's there's singles and you talk about money and
19:10
Speaker 1: marriage and different things like that. Or if you want
19:12
Speaker 1: direct financial coaching, visit us at Wellcoaching statusphy dot com.
19:17
Speaker 1: Set up a free consultation and we'll we'll put you
19:20
Speaker 1: in the right direction. I love the word free here
19:22
Speaker 1: that ladies and gentlemen, he will give you.
19:26
Speaker 2: Like I said, man's not gonna give away his business career,
19:29
Speaker 2: but he's willing to consult you, lay down a game plan,
19:33
Speaker 2: find out if you guys can work together, then they
19:35
Speaker 2: put a plan in place and you both can win.
19:37
Speaker 2: But again, he's being honest. A lot of people who
19:41
Speaker 2: charge the word consultant got to pay him a fee,
19:43
Speaker 2: whether it's nine ninety nine or fifty nine ninety five.
19:46
Speaker 2: He's not saying that. He's saying that basically, come to him,
19:49
Speaker 2: contact him. He'll lay down the whole process in a
19:52
Speaker 2: complimentary fashion. Find out if y'all can develop a work
19:55
Speaker 2: a relationship. You get to work a relationship on the
19:58
Speaker 2: point then you win together. Now, let's talk about the
20:01
Speaker 2: personal financial condition of middle and common America, because that's
20:05
Speaker 2: where every politician who runs for office talks about middle
20:10
Speaker 2: income And then we got.
20:12
Speaker 1: Tariffs sitting out there, brother Muhammad Man. So the good
20:17
Speaker 1: news is that the economy doesn't have to be your economy.
20:24
Speaker 1: And that's why we teach personal finance. And here's the
20:28
Speaker 1: outlook of the average American that after take home pay,
20:32
Speaker 1: twenty percent is committed to transportation, another thirty percent to housing,
20:37
Speaker 1: and then another forty percent is committed to living expenses,
20:41
Speaker 1: which leaves ten percent which we're trying to invest in
20:44
Speaker 1: mutual funds, real estate and what we do. But if
20:48
Speaker 1: we would just give focus to that ninety percent that
20:52
Speaker 1: is encumbered through financing, we need to get the banks
20:56
Speaker 1: out of our lives. They are over help us, overcome admitted,
21:00
Speaker 1: and underfunded. But if you work to free up that cash,
21:04
Speaker 1: now you create a tail wind that can really cause
21:09
Speaker 1: you to change your financial reality. So I know we're
21:12
Speaker 1: taught to have the credit cards. I know we're taught
21:15
Speaker 1: to get the real estate forty five percent because of doubt,
21:18
Speaker 1: it looks so good and all these the cards and
21:20
Speaker 1: all these things, but we just need to get those
21:23
Speaker 1: banks out of our lives, free up that cash flow.
21:25
Speaker 1: Because look, if you have a six figure income, your
21:28
Speaker 1: problem is you. And I hate to sound so blunt
21:32
Speaker 1: like that. It's about living within your means and being
21:35
Speaker 1: a partner with your partner and coordinating your personal financial
21:38
Speaker 1: reality and you can really change your situation. Wow, now
21:44
Speaker 1: we were talking about banks.
21:46
Speaker 2: Now on your card, you sent me about infinite banking concept.
21:51
Speaker 2: I've never heard that. What is that infinite banking concept?
21:56
Speaker 1: Help me out there, brother Mahama. A gentleman named Nelson
21:59
Speaker 1: Nash he identified a concept that he dubbed the infinite
22:04
Speaker 1: banking concept, And through the infinite banking concept, we're taught
22:09
Speaker 1: how to gain control of the banking function in our lives.
22:14
Speaker 1: That's something we really don't think about. But when we
22:18
Speaker 1: want to buy a home, when we want to buy
22:20
Speaker 1: a car, when we want an education, we have to
22:22
Speaker 1: go to third party gatekeepers that will determine if we
22:27
Speaker 1: can have that. In building your own banking you learn
22:33
Speaker 1: how to use a life insurance policy for its living
22:37
Speaker 1: benefits to accumulate capital that can in turn allow you
22:41
Speaker 1: to access for business opportunities. So I was my barber.
22:48
Speaker 1: We were in a barbershop. He decided to leave and
22:50
Speaker 1: he sorted his own barbershop. So we were just getting
22:53
Speaker 1: the standard cut and he said, hey.
22:55
Speaker 2: You need a chair in another barbershop.
22:58
Speaker 1: Yeah. So yeah, my barber in a barbershop and he
23:01
Speaker 1: decided to go do his own thing. So yet so yeah,
23:04
Speaker 1: So I'm at his chair in the barbershop and we're talking.
23:07
Speaker 1: He said, hey, you know, the barbershop we left is
23:09
Speaker 1: up for sale, and so I said, oh, that's interesting.
23:13
Speaker 1: Why the manager of the barbershop, while he didn't buy it,
23:15
Speaker 1: he said, he don't have that type of money. I said,
23:18
Speaker 1: you don't want to buy it. He said, if I
23:19
Speaker 1: had the money, I would buy it. So then light bulb.
23:23
Speaker 1: You know, opportunity dropped in my head because I had resources. Though,
23:27
Speaker 1: that's the point I'm trying to make. Because I had capital,
23:30
Speaker 1: an opportunity came to me and I was able to
23:33
Speaker 1: access that capital without permission from anyone. And this is
23:37
Speaker 1: the power of the infinite banking concept. So the infinite
23:40
Speaker 1: banking concept is a course. It should be approached as
23:43
Speaker 1: a course, and it should and you should be under
23:46
Speaker 1: the tutelage of a professional to set it up. But
23:48
Speaker 1: once it's set up, it's an intergenerational opportunity to gain
23:53
Speaker 1: and strengthen your finances and have living benefits. It's just
23:57
Speaker 1: a phenomenal approach to wealth building and to function and
24:01
Speaker 1: building a personal economy.
24:03
Speaker 2: That's what a personal or as a financial literacy expert,
24:07
Speaker 2: what did you get your background to learn?
24:09
Speaker 1: What courses did you take to get you to this
24:11
Speaker 1: point that be.
24:12
Speaker 2: So literate a literal or literle this level of expert
24:16
Speaker 2: advice that you're able to give us.
24:18
Speaker 1: I would say that the School of Hard Nots is
24:21
Speaker 1: a big UH was my big my biggest university. But
24:26
Speaker 1: going into the fields, my experience in real estate, I
24:29
Speaker 1: learned a ton being in the UH, the insurance space,
24:34
Speaker 1: I learned the son a lot of self study. I've
24:36
Speaker 1: been a tutelage under one of Nelson's top mentors, so
24:41
Speaker 1: a lot of great mentors and all that. You can't
24:43
Speaker 1: underscore mentorship. You cannot underscore mentorship. And you know what's
24:48
Speaker 1: a lot that's not taught is that the game is
24:50
Speaker 1: sold not told. There's a lot of great information you
24:53
Speaker 1: can get from YouTube, but when you really want to
24:56
Speaker 1: take it to the next level. You gotta be willing
24:58
Speaker 1: to pay. And that's what I've done. I paid for
25:00
Speaker 1: a lot of coaching and mentorship and it's brought me
25:02
Speaker 1: to the next level. I've heard this terminal a lot.
25:07
Speaker 1: Can you break free from debt through?
25:09
Speaker 2: The game is situated where you've got to stay in debt?
25:14
Speaker 1: Correct, brother Muhammad. So when people call I use the
25:17
Speaker 1: term debt free, that's not real. Correct? You know that
25:25
Speaker 1: that freedom is real, It is attainable, and it is
25:30
Speaker 1: it's a beautiful space to be in. I mean, now
25:33
Speaker 1: you older, you tell me right, and now you don't
25:36
Speaker 1: have a credit card, bit that, don't have a credit card,
25:40
Speaker 1: don't have a car note, don't have a house note.
25:44
Speaker 1: Uh yeah, it's it's it's a beautiful space. But now
25:48
Speaker 1: now it comes with a price. It comes with a
25:50
Speaker 1: price for the average person. It may take two to
25:52
Speaker 1: seven years to accomplish that. And I don't want to
25:55
Speaker 1: paint a rosy picture. But all I can say is
25:57
Speaker 1: it is sure worth it. It is show worth it.
26:00
Speaker 1: Remember when we were on our journey, I asked my
26:04
Speaker 1: wife how much was her student loans. She said fifty thousand,
26:09
Speaker 1: and so we got into an argument. Fifty thousand. She said, yeah,
26:12
Speaker 1: you told me to the first. I said, I didn't
26:13
Speaker 1: tell you to the first. We going back and forth,
26:16
Speaker 1: you know what I'm saying. So once cooler hands prevailed,
26:19
Speaker 1: I said, all right, all right, we need to win it.
26:21
Speaker 1: We don't do it together. I love it. I was like,
26:25
Speaker 1: you've never heard that. Yeah, no, no, At that time,
26:28
Speaker 1: that was huge for us. That was huge. And so
26:31
Speaker 1: it's like sometimes because I'm married too, and sometimes my
26:34
Speaker 1: wife will say something, I go and she goes, I've
26:36
Speaker 1: told you that, right, right right, But here here's the
26:40
Speaker 1: Kings party shine. After cooler Hands prevailed, we said, okay,
26:44
Speaker 1: let's attack it. We pulled the credit report. The real
26:47
Speaker 1: number was seventy two thousand. Almost fell out my shit.
26:52
Speaker 1: I was like, oh my god. It took everything, But
26:55
Speaker 1: you know, we stayed the course. We fought through it,
26:59
Speaker 1: and today that's a major part that that binds us,
27:02
Speaker 1: that journey. So, uh, yeah, it is attainable. It is
27:07
Speaker 1: a process. You linked with the right community, we can
27:10
Speaker 1: help you accomplish that. It's a it's a it's a
27:12
Speaker 1: phenomenal reality. Yeah.
27:13
Speaker 2: Because now with you, my brother, how do I create
27:17
Speaker 2: that financial game plan with your brother Mohammad. You know
27:20
Speaker 2: you're my person, You're my personal financial coach. Now you
27:23
Speaker 2: are consulted with you it's free. So now I'm going
27:26
Speaker 2: I like this brother, he got everything. He's saying all
27:29
Speaker 2: the right things to me. How do you create that
27:32
Speaker 2: game plan for me?
27:33
Speaker 1: Well, we're gonna We're gonna start with a discovery call
27:36
Speaker 1: and we're just gonna open up your financial situation and
27:38
Speaker 1: let you see it for yourself. Everything. We're gonna look
27:41
Speaker 1: at all the ins and out. And once we look
27:43
Speaker 1: at all the ins and out, we're gonna give you
27:45
Speaker 1: a game plan that starts from scratch that allows you
27:48
Speaker 1: the one to get out of the situation you in
27:52
Speaker 1: to begin to capitalize. The first phase of capitalization is
27:55
Speaker 1: an emergency fund. The second phase is a homeowner down
27:59
Speaker 1: payment unless you are we have it, and the third
28:01
Speaker 1: phase is building up that opportunity fund and then show
28:04
Speaker 1: you how to post the market correctly. So I'm giving
28:07
Speaker 1: a over view, but trying to give me some insight
28:11
Speaker 1: to how we put you on a plan and work
28:14
Speaker 1: with you a lot of asks those questions and work
28:17
Speaker 1: through that process.
28:19
Speaker 2: The process is this, if I sit down with you,
28:24
Speaker 2: do I need life insurance? Brother Muhammad. Do I need
28:27
Speaker 2: life insurance? Does the everyday person need life insurance?
28:32
Speaker 1: So personal finance is personal, so there needs to be
28:36
Speaker 1: a personal assessment to answer that question. Generally speaking, yes,
28:41
Speaker 1: there's some one off situations where you're single, no children,
28:46
Speaker 1: nobody's depending on you. You may get away with a burial
28:49
Speaker 1: policy you know you don't have any assets or whatever.
28:53
Speaker 1: But generally speaking, we need to get into the business
28:56
Speaker 1: of insurance to promote this intergenerational exchange of wealth so
29:00
Speaker 1: that we can compete with our counterparts. So we strongly
29:04
Speaker 1: encourage you to get that insurance policy in place. Absolutely.
29:08
Speaker 2: I'll tell you something, This has been fun, fun and
29:11
Speaker 2: educational for me. I love your personality, I love your
29:15
Speaker 2: approach there. How do we in touch with you, Brother Mohammad.
29:18
Speaker 1: There's a few ways you can go to wealth coachingstratusphere
29:21
Speaker 1: dot com. You can email me at support at wealth
29:25
Speaker 1: Coaching stratusphere dot com. I'm on Instagram at wealth Coaching
29:30
Speaker 1: stratusphere and uh yeah, I just love to connect with you.
29:34
Speaker 1: Send me an email, let me know what your questions are,
29:36
Speaker 1: concerns though, and however wee can serve you. We'd be
29:38
Speaker 1: happy to do so well.
29:39
Speaker 2: He's up there doing big things down and Katie, Texas,
29:42
Speaker 2: which is right outside of Houston, Texas, my hometown. He's
29:46
Speaker 2: a personal finance coach, a wealth coaching stratosphere. He's brother
29:50
Speaker 2: Majiahad Mohammed. Thank you for coming on Money Making Conversation
29:54
Speaker 2: master Class, my friend.
29:55
Speaker 1: Thank you, brother sign. We'll talk to yes, sir. Thank
29:59
Speaker 1: you for listening to the episode.
30:00
Speaker 2: No, I need for you to do me a favor
30:03
Speaker 2: right now to follow or subscribe to Money Making Conversations.
30:06
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30:20
Speaker 1: Keep winning