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Millionaire Moves After 50: It’s Not Too Late · Money And Wealth With John Hope Bryant

0:00
Speaker 1: Welcome the Money and Wealth with John O'Briant, a production
0:03
Speaker 1: of the Black Effect podcast Network and iHeartRadio. Hey, Hey,
0:15
Speaker 1: this is John O'Brien and this is Money and Wealth
0:17
Speaker 1: on the Black Effect Network on iHeartRadio. Is it true
0:23
Speaker 1: that some millionaires make it there by fifty? Is it
0:28
Speaker 1: true that fifty is not too late? No, that's not true.
0:36
Speaker 1: It's a lie. The reality is actually most millionaires become
0:43
Speaker 1: that way in their fifties. It is very much true
0:48
Speaker 1: that fifty is very young, and because of wellness, fifty
0:52
Speaker 1: is really the new forty. And I'm going to get
0:54
Speaker 1: into the facts of the matter in a moment. There's
0:56
Speaker 1: a lot of people running around really sort of anxiety
1:01
Speaker 1: written feeling like they're running out of time. They're like
1:04
Speaker 1: twenty six, I can't tell you, maybe I talked to it.
1:08
Speaker 1: They just feel like they're an absolute failure at twenty five,
1:12
Speaker 1: twenty six, twenty eight, thirty two, Like, no, you take
1:16
Speaker 1: care of yourself. You know you're going to live with this.
1:19
Speaker 1: I mean because of artificial intelligence and what it's going
1:22
Speaker 1: to do. I mean that plus wellness is going to
1:26
Speaker 1: extend I believe your life. I think cancer is going
1:30
Speaker 1: to be solved by artificial intelligence and human interact engagement
1:35
Speaker 1: within ten years. I'm CoA chair of the AI Ethics
1:39
Speaker 1: Council with Sam Autman and who I believe is the
1:41
Speaker 1: Steve jobs As generation, and I believe a lot of
1:43
Speaker 1: innovations are coming. But that's a different podcast episode. Let
1:49
Speaker 1: me stay focused on this. I'm going to tell you
1:52
Speaker 1: how to get rich. Sorry, rich is a contract building wealth.
1:57
Speaker 1: You're doing your sleep. I'm gonna show you how to
1:58
Speaker 1: build wealth, which is your path to becoming a millionaire
2:02
Speaker 1: because it's hard to do it on a paycheck. You
2:05
Speaker 1: don't find many folks who are sustainably millionaires doing it
2:10
Speaker 1: just with cash, okay, because cash flow, it flows, It
2:14
Speaker 1: flows in and it flows out with the same Actually,
2:18
Speaker 1: I believe it flows out with the greater velocity that
2:20
Speaker 1: it flows in. If that's all you got is cash,
2:22
Speaker 1: then at some point you will be broke because if
2:25
Speaker 1: your outfloat exceeds your inflow, then your overhead will be
2:28
Speaker 1: your downfall. So let's first talk about I'm I'm gonna
2:33
Speaker 1: break some myths. I'm gonna break some eggs, and I'm
2:35
Speaker 1: gonna give you some building blocks. Pull out your pen,
2:38
Speaker 1: pull out your piece of paper, pull out your iPad,
2:40
Speaker 1: pull out your iPhone, pull out your notes, fill out
2:43
Speaker 1: your digital your digital app that you use, pull out
2:47
Speaker 1: your artificial intelligence tool that you use, whatever it is
2:54
Speaker 1: or you're using to take notes. It's time to mark
2:59
Speaker 1: it all down. So number one, can you become a
3:05
Speaker 1: millionaire by sixty years of age ish investing a couple
3:14
Speaker 1: hundred dollars a month? Absolutely yes, The answer is absolutely yes.
3:21
Speaker 1: So if you in scenario A, you take three hundred
3:25
Speaker 1: dollars your age twenty five in this example, So tell
3:28
Speaker 1: all your tell all your your friends at twenty five
3:32
Speaker 1: ish to listen to this podcast. Open a institutional investment account.
3:38
Speaker 1: I'm not talking about all this flaky stuff. I'm not
3:40
Speaker 1: talking about investing in get rich Quick scheme. They want
3:44
Speaker 1: to cover all that stuff also in a minute. I'm
3:45
Speaker 1: talking about stable like you know, you want to call
3:50
Speaker 1: it boring investments, things that we that are staples, that
3:54
Speaker 1: are best in class, flights to quality, things that you
3:58
Speaker 1: use talk about. I'm talking about insitutional companies you know,
4:01
Speaker 1: who invest in things that you use every day in
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Speaker 1: Companies that you respect are going to be around unless
4:08
Speaker 1: the world ends, will be around. Arguably your entire lifetime.
4:14
Speaker 1: So you're going to open an account, right, and operation
4:17
Speaker 1: can help direct you about where to open an account.
4:19
Speaker 1: You'll make the decision. You're going to put in three
4:22
Speaker 1: hundred dollars a month. You're going to get an annual
4:25
Speaker 1: return on an S and P five hundred, which is
4:28
Speaker 1: the historical average of ten percent. Okay, you're going to
4:33
Speaker 1: have a thirty five year time horizon because you're going
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Speaker 1: to live in this example to sixty sixty five years
4:39
Speaker 1: of age. By the way, if you live in a
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Speaker 1: five undred creditorred neighborhood, talking about the power of credit scores,
4:44
Speaker 1: you live in a five undred credit score neighborhood, you
4:46
Speaker 1: live to sixty one years of age on average. It's
4:50
Speaker 1: a twenty year delta, twenty year difference. Right, If you
4:54
Speaker 1: live in a seven A credit core neighborhood, you live
4:56
Speaker 1: twenty years longer. Go to the Hope Financial Wellness Index
5:00
Speaker 1: right and type in your zip code and I will
5:04
Speaker 1: tell you how you're living. And it's fifteen minutes apart,
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Speaker 1: twenty year delta on life expectancy difference. And it's not
5:13
Speaker 1: just the credit scorer, it's the trending indicators underneath it. Hope,
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Speaker 1: well being, believe, faith, confidence, joy, optimism. I can't tell
5:21
Speaker 1: tell you that being positive is going to make you succeed.
5:25
Speaker 1: I guarantee that being negative is going to make you fail.
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Speaker 1: So mindset matters. So all poverty other than sustenance poverty
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Speaker 1: roof over your head, reasonable health care, basic well being,
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Speaker 1: fooling the table, all other forms of poverty are mindset.
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Speaker 1: Whether you believe you can or whether you believe you can't,
5:48
Speaker 1: you're absolutely right. So if you have the mindset of
5:54
Speaker 1: long term and you believe in your future. You got
5:57
Speaker 1: your credit score up. You're living below your means, right,
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Speaker 1: you're investing two hundred dollars a month, which you spent on,
6:05
Speaker 1: by the way, going to a restaurant or Starbucks or whatever.
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Speaker 1: I don't I like Starbucks, am I'm picking on Starbucks,
6:10
Speaker 1: by the way. But if you know whatever you spend
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Speaker 1: three hundred dollars a month on, you do that over
6:16
Speaker 1: thirty five years, from age twenty five to eight sixty,
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Speaker 1: you'll be worth just from that alone one point one
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Speaker 1: million dollars. Scenario be two hundred dollars a month, two
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Speaker 1: hundred dollars a month starting at age twenty five, ten
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Speaker 1: percent interest. Thirty five years is the term. You be
6:31
Speaker 1: worth about seven hundred and fifty thousand dollars right that
6:34
Speaker 1: plus home ownership, you're still a millionaire, probably much more
6:38
Speaker 1: than that with homeownership. So time plus consistency equals wealth.
6:44
Speaker 1: It's not about how much you've It's not how about
6:46
Speaker 1: how much you have or how fast you start. Is
6:52
Speaker 1: how long you give it to grow. Okay, So I
7:00
Speaker 1: want you to change your mindset so you can change
7:02
Speaker 1: your life. In one year, you're going to earn a
7:08
Speaker 1: little interest. By year twenty, you're earning interest on the interest.
7:14
Speaker 1: I hope you got that money makes more money on
7:17
Speaker 1: money than money can ever make on labor. That's the
7:21
Speaker 1: last big shift after the industrial revolution and the technology evolution,
7:25
Speaker 1: you really had. I believe a financial revolution where people
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Speaker 1: on Wall Street realize that they can make more money
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Speaker 1: on money than they can make on investing in labor
7:38
Speaker 1: or machinery or whatever. And I think the only thing
7:41
Speaker 1: that things out strip that it's going to be technology
7:45
Speaker 1: tied to artificial intelligence. But that's another conversation for another day.
7:50
Speaker 1: So you're going to join this group. This is where
7:52
Speaker 1: the main street is going to follow Wall Street. So
7:55
Speaker 1: over time. Your money is making money on money. That's
7:59
Speaker 1: why real estate is so powerful, because you got your
8:03
Speaker 1: compounding the money you put into it, and you're using
8:05
Speaker 1: the power of mortgage leverage a conservative mortgage, conservative debt
8:11
Speaker 1: levels at good interest rates and good terms, but you're
8:14
Speaker 1: using the compound the leveraging effect. That you've put ten
8:17
Speaker 1: to twenty percent of your money into that property, and
8:20
Speaker 1: the mortgage companies put eighty ninety percent of their money
8:23
Speaker 1: into it. You've got a great rincher's rate, great terms.
8:26
Speaker 1: You're going to give the power of compounding over time,
8:29
Speaker 1: and you're going to your ten or twenty percent. It's
8:32
Speaker 1: going to benefit of the lift of the whole dollar,
8:34
Speaker 1: the whole hundred percent, and you're going to build wealth
8:37
Speaker 1: over time. It's interest on interest is money on money.
8:41
Speaker 1: But I'm going to do a whole series just on
8:44
Speaker 1: home ownership. Thank you Janics Brian Howroyd for encouraging me
8:48
Speaker 1: to do that. You don't need to You don't need
8:52
Speaker 1: to be rich to get rich. Okay, this is my
8:53
Speaker 1: mother's story. You just need to be consistent. Right when
8:57
Speaker 1: he the Smith was consistent ten dollars a day. There's
9:01
Speaker 1: two coffees or lunch money. Right, put that in the
9:04
Speaker 1: market and buy sixty. You could be a millionaire without
9:08
Speaker 1: ever getting a raise. All right, So that is the
9:12
Speaker 1: second way I've told you how to become a millionaire.
9:16
Speaker 1: I do a whole piece on how to be a
9:18
Speaker 1: millionaire in five years. Go back and watch that podcast
9:22
Speaker 1: and watch those videos. Now. Is it true that millionaires
9:30
Speaker 1: mostly happen occur develop in their fifties. Yes, most millionaires
9:39
Speaker 1: don't hit the millionaire mark into their fifties because wealth
9:43
Speaker 1: creation is typically the result of time, discipline, and compounding,
9:52
Speaker 1: not sudden windfalls. So wealth builds slowly over time. Compound
9:59
Speaker 1: interests works best with time. Those who started investing in
10:04
Speaker 1: their twenties and thirties don't usually see millionaire results until
10:07
Speaker 1: decades later. It often takes twenty to thirty years of
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Speaker 1: steady investing, home ownership, business building. That's, by the way,
10:16
Speaker 1: this is my story, right. I'm fifty nine, and I
10:20
Speaker 1: really hit my stride somewhere between fifty and fifty three
10:29
Speaker 1: fifty four, and then things just took off like a rocket, right,
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Speaker 1: And so what I've been building slowly just compounded over time.
10:36
Speaker 1: But I'm convinced that all that was based on what
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Speaker 1: I did for a couple of decades before that. I
10:43
Speaker 1: gave up going to hanging out in the party at
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Speaker 1: the parties and the clubs and doing you know, smoking
10:48
Speaker 1: hookah or smoking reef for what you know, smoking weed
10:52
Speaker 1: or getting drunk or you know, chasing girls whatever it
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Speaker 1: is my friends were doing. I'm like, no, that's good.
10:59
Speaker 1: I'm focused right, because I did not have inheritance, right,
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Speaker 1: my mom and dad were working people. I did not
11:05
Speaker 1: want to do anything illegal, right, That was not the
11:07
Speaker 1: way I flow. I just figured if I use if
11:10
Speaker 1: what I had was my time, I want to I
11:12
Speaker 1: want to let anybody abuse my time. You can abuse
11:15
Speaker 1: maybe one time my money. I want to allow you
11:18
Speaker 1: to abuse my time. I'm ruthless about my time. And
11:21
Speaker 1: so I decided to invest anything I had was my time,
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Speaker 1: and I was going to do it in a way
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Speaker 1: that compounded based on my time, my talent. Really, I
11:28
Speaker 1: was a private equity firm and I was the sole
11:32
Speaker 1: product of that private equity firm. I invested in me.
11:35
Speaker 1: It was a bet, but the best bet you can
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Speaker 1: may make its on yourself. So it takes twenty to
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Speaker 1: thirty years of steady investing home ownership, business building. To
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Speaker 1: cross a million dollar threshold, I've done it multiple, multiple,
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Speaker 1: multiple times over now because again it's it's now you know,
11:53
Speaker 1: money makes more money on money than money can make
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Speaker 1: on labor. That's what I said earlier. So what is it?
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Speaker 1: What's what's the story that it's easier to make ten
12:05
Speaker 1: thousand dollars on one hundred thousand dollars than it is
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Speaker 1: to make a thousand on ten thousand dollars. It is
12:12
Speaker 1: easier to make a million on one hundred million, right
12:16
Speaker 1: than it is to make one hundred thousand on a million.
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Speaker 1: It just these keeps compounding. Now once you get to
12:22
Speaker 1: once you get over a million, and again, steady as
12:26
Speaker 1: you go, you're consistent. You know, now you're making big leaps, right,
12:30
Speaker 1: and then you get to to twenty million, and then
12:32
Speaker 1: fifty million, huge leaps, right. And once you get to
12:36
Speaker 1: one hundred millionaire level. Once you get to billionaire level,
12:39
Speaker 1: I mean literally, unless you screw it up, you just
12:43
Speaker 1: shoveling cash and you can do this like certainly, I
12:48
Speaker 1: mean even millionaire. A millionaire mark is a huge accomplishment
12:52
Speaker 1: and it's something you can achieve in your lifetime. Fidelity
12:57
Speaker 1: reports the average fo A one K millionaire. I just
13:03
Speaker 1: met with a Fidelity of founding family last week. Actually
13:07
Speaker 1: a very nice person. And Fidelite Investments is a company
13:11
Speaker 1: that we partner with at Delta air Lines to provide
13:13
Speaker 1: financial coaching and counseling at all one hundred thousand employees
13:16
Speaker 1: at Delta, and they are a four to one K manager.
13:19
Speaker 1: And Fidelity reports that the average four a one K millionaire,
13:24
Speaker 1: meaning that it's just auto invested. Right, You're not doing
13:27
Speaker 1: anything spectacular back, You're not doing anything other than putting
13:31
Speaker 1: that money in every paycheck, period, set and release, going
13:34
Speaker 1: about your business and never taking it out. Fidelity reports
13:38
Speaker 1: the average four oh one K millionaire is fifty nine
13:41
Speaker 1: years old. Hello, okay, okay, make this up. Coincidence is
13:45
Speaker 1: God's way? Are remaining anonymous? That's and Andrew Young quote
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Speaker 1: the average for all one K millionaire. I'm not a
13:50
Speaker 1: four a one K millionaire. I've been making I made
13:53
Speaker 1: my money in real estate and in other areas and
13:56
Speaker 1: traditional business, and I use my own talent, my own hustle. Right,
14:05
Speaker 1: But I'm and I don't work for anybody else that
14:07
Speaker 1: worked for me. I have a four to one K,
14:09
Speaker 1: but it's modest. But even that's on modest from my
14:13
Speaker 1: from my network. But even that's on auto investment. I
14:17
Speaker 1: don't bother it. But the average person who really focuses
14:21
Speaker 1: on their four one K to become a millionaire an
14:24
Speaker 1: employee at W two employee, all right, I write checks,
14:27
Speaker 1: I don't cash them, don't really cast them cash them
14:30
Speaker 1: as a is a W two employee employee. I'm an employer, right,
14:34
Speaker 1: Uh is fifty nine years of age when they hit
14:38
Speaker 1: that millionaire mark. In your twenties and your thirties. Uh,
14:42
Speaker 1: this is why early years are for learning, not earning.
14:45
Speaker 1: Right in your twenties, in your thirties, you're paying off
14:49
Speaker 1: your student loans, which is an investment in you. By
14:51
Speaker 1: the way, you're gonna make more money. You have more
14:55
Speaker 1: earning power by far, by more than double with a
15:00
Speaker 1: The higher education of some sort versus a high school education,
15:03
Speaker 1: particularly in this new world we're in, the nature of
15:07
Speaker 1: higher education is going to change. I believe. I don't
15:10
Speaker 1: believe that four year traditional degrees or six year or
15:15
Speaker 1: whatever you know for advanced degrees. I don't believe that
15:18
Speaker 1: that's the only path to education. I just believe you
15:21
Speaker 1: need to get an education you can also trades by
15:24
Speaker 1: the way, tradesmen tradeswomen. Then we need fifty thousand plumbers
15:28
Speaker 1: a year. I think that number is right over the
15:30
Speaker 1: top of my head. About the same for electricians. I
15:33
Speaker 1: mean you cannot AI and electrician you cannot AI. Right,
15:37
Speaker 1: a plumber, those pipes broke break, you need some help
15:40
Speaker 1: right now, You're going to call somebody. You're paying whatever
15:43
Speaker 1: they're going rate is. These people are making bank. They're
15:46
Speaker 1: making good money, and if you invest that, you can
15:49
Speaker 1: become a millionaire in the trades right, much quicker than
15:53
Speaker 1: we're talking about in these examples I'm giving you here.
15:57
Speaker 1: But once again you on average, all millionaires, including small
16:02
Speaker 1: business millionaires, do it in their fifties. So in your
16:16
Speaker 1: twenties and your thirties, you're paying off student loans, you're
16:18
Speaker 1: figuring out your career path, you're making mistakes, moving cities,
16:22
Speaker 1: switching jobs. Sound familiar. Wealth typically follows mastery and consistency,
16:28
Speaker 1: which people often don't hit until their forties and their fifties. Right,
16:35
Speaker 1: income tends to peak in their fifties. In your fifties,
16:41
Speaker 1: for most professional salaries peak between forty five and sixty
16:45
Speaker 1: years of age. More seniority, leadership roles, or business equity
16:50
Speaker 1: happens later in life. Typically it's certainly all this, by
16:54
Speaker 1: the way, is certainly the case for me. Wealth accumulation
16:57
Speaker 1: accelerates when the income is higher. Expenses have stabilized, So
17:01
Speaker 1: when you're younger, everything that goes out comes in is
17:04
Speaker 1: going out, your party and you having fun. You're traveling
17:07
Speaker 1: as you should. By the way. Number four, Home equity
17:10
Speaker 1: and real assets appreciate over decades. Slow it down, let
17:16
Speaker 1: the game come to you. Many many become millionaires, not
17:20
Speaker 1: through cash, but through equity. This is my story. Primary residents, investment, property,
17:28
Speaker 1: retirement accounts. These assets often take ten to twenty to
17:33
Speaker 1: thirty years to mature in value. Number five lifestyle shifts
17:40
Speaker 1: that enable savings in later years. Kids grow up, f
17:43
Speaker 1: your childcare expenses, debt is reduced or paid off. Typically
17:47
Speaker 1: lifestyle stabilizes. Right. This frees up more money to invest
17:51
Speaker 1: in build networks, which means when by the time you
17:53
Speaker 1: hit forty forty five year go now has become there
17:56
Speaker 1: will be worth two million dollars or three million dollars. Well,
18:00
Speaker 1: maybe maybe your kids have you know, because you had
18:01
Speaker 1: kids early, maybe your kids have rolled out and they're
18:04
Speaker 1: doing their own thing because you had them when you're twenty.
18:06
Speaker 1: I'm not encouraging to have children early. By the way,
18:10
Speaker 1: here's some bonus insights for you, the flash flash versus
18:14
Speaker 1: the foundational myth. Right. People often assume the millionaires got
18:19
Speaker 1: rich through you know, lottery or fame or whatever you know,
18:23
Speaker 1: but that's not what the data shows. Only twenty percent
18:26
Speaker 1: of millionaires inherited their wealth are got at some windfall somewhere.
18:31
Speaker 1: Eighty percent of all millionaires are self made, just like me.
18:39
Speaker 1: Slow and steady wins the race. Don't let Instagram fool you.
18:44
Speaker 1: Real wealth is boring and it takes time. But if
18:47
Speaker 1: you stay the chorus by your fifties, you can be
18:49
Speaker 1: the first millionaire in your family tree. Now can I
18:52
Speaker 1: get an a man on that? And that is the
18:56
Speaker 1: new sexy. There are no ugly millionaires. There are no
18:59
Speaker 1: ugly senti millionaires. There are no ugly billionaires. Right, everybody's
19:05
Speaker 1: attractive when you're successful. Now you say, well, but John,
19:11
Speaker 1: you know, once I get to my fifties, aren't my
19:12
Speaker 1: best years behind me? No? No, you're going to live
19:15
Speaker 1: to one hundred. If you're in this generation, in good health,
19:18
Speaker 1: your best years are ahead of you because now you
19:21
Speaker 1: have wisdom. You still have your good looks, you still
19:23
Speaker 1: have your good health, You've got talent, skills, optionality. All
19:27
Speaker 1: money is his freedom. Now you've got more freedom. Oh,
19:29
Speaker 1: now it's time and to roll right. It's an old
19:33
Speaker 1: joke that youth is wasted on the young. Right. So
19:36
Speaker 1: you made mistakes, you screwed up, you tripped and fail
19:40
Speaker 1: you over you thought things were more important they really were.
19:43
Speaker 1: You're tripping out over things that weren't important, trying to
19:45
Speaker 1: spending all your time to impress somebody you really don't
19:47
Speaker 1: want to be, like, hello, can I get an a
19:49
Speaker 1: man on that? By you get older, you're like, okay,
19:54
Speaker 1: that's a bunch of drama. I'm good. So intelligence comes,
19:59
Speaker 1: you know, at any time, comes through books, but wisdom
20:02
Speaker 1: comes with time and experiences. So your wellness will absolutely contribute.
20:09
Speaker 1: Right to the fifty really feeling like the new forty right,
20:15
Speaker 1: And there's data to support this. In nineteen fifty, the
20:18
Speaker 1: US life expectancy with sixty eight years of age. Today
20:22
Speaker 1: it's seventy seven to eighty years of age. Again, it's
20:25
Speaker 1: eighty one and seven hundred credit corre neighborhoods. That means
20:29
Speaker 1: that at fifty year old today often has thirty to
20:32
Speaker 1: forty years of life expectancy, especially with access to good
20:36
Speaker 1: health care and lifestyle choices. Their wellness economy by itself
20:41
Speaker 1: is a five trillion dollar economy plus including fitness, wellness,
20:48
Speaker 1: mental health, nutrition, holistic care. And people over fifty are
20:52
Speaker 1: the fastest growing demographic who are going to be using
20:56
Speaker 1: more fitness and more wellness tech. I think Peloton, WHOOPI, hacking, etc.
21:01
Speaker 1: So this is a business idea for you. By the way,
21:03
Speaker 1: you've got the largest population ever over sixty five. You
21:08
Speaker 1: have more people over sixty five than under age eighteen, right,
21:12
Speaker 1: and these folks over sixty five tend to be affluent.
21:15
Speaker 1: So that's maybe another podcast or another day. But I
21:21
Speaker 1: want you to be encouraged by growing older gracefully and
21:27
Speaker 1: positively and with a lot of positive expectation that you
21:32
Speaker 1: can live a quality of life longer me and midlife
21:37
Speaker 1: reinvention is the new normal. Career pivots at forty five
21:41
Speaker 1: to sixty years of age are now expected, not rare, Okay,
21:45
Speaker 1: Entrepreneurship rates are highest amongst people aged forty five to
21:50
Speaker 1: sixty four. Think about the Coffin study. Coffin Foundation study.
21:54
Speaker 1: Read that study that talks about that second acts are
21:57
Speaker 1: being taken more seriously by people because people feel healthier
22:02
Speaker 1: and more energized than generations before. Right, mental health and
22:07
Speaker 1: mindset shifts. Greater focus on purpose, therapy, emotional wellbeing is
22:14
Speaker 1: helping people to avoid burnout and chronic stress. Many people
22:18
Speaker 1: feel more aligned, clear headed, and focused at fifty than
22:21
Speaker 1: they ever did it thirty. I think I'm I Please,
22:24
Speaker 1: don't hate me for saying this. I think I look
22:26
Speaker 1: better now. I think I feel better now. I'm in
22:31
Speaker 1: better I'm in better shape, I've got better energy, I've
22:34
Speaker 1: got better purpose, I've got I'm calmer. Look, let me
22:39
Speaker 1: just say it. Smart, it's a new sexy. Right, Smart
22:42
Speaker 1: and mature, steady, sure is a new sexy. That's what
22:47
Speaker 1: I'm talking about. Boring is a new sexy. Right. That's
22:50
Speaker 1: a TDJ quote that you gave me the last one.
22:53
Speaker 1: Boring is a new sexy. I did a podcast on that,
22:57
Speaker 1: So here you go. I'm gonna give you some examples
22:59
Speaker 1: of folks who knocked it out the part later in life.
23:03
Speaker 1: So fifty is just the beginning. All right, health, well,
23:06
Speaker 1: health and wisdom and winning is your second half act.
23:10
Speaker 1: Most millionaires don't hit this milestone their twenties or thirties.
23:13
Speaker 1: And again court in the Fidelity, this happens in your
23:16
Speaker 1: mid fifties, not by winning the lottery, not by talking
23:21
Speaker 1: about all this cash, got this dollar, I got this gag,
23:24
Speaker 1: this bag, got this that All money is an exchange
23:27
Speaker 1: of value. That's all it is. And if your outfloaks
23:31
Speaker 1: has your inflow, then your overhead it will be your downfall.
23:33
Speaker 1: And if you're a professional athlete, are you trying to
23:36
Speaker 1: hook up with one, or you're a rapper or whatever,
23:38
Speaker 1: you're a singer, all good, that's fantastic. But if you
23:42
Speaker 1: burn out and run through your cash and your contract
23:44
Speaker 1: is over in your late twenties or early thirties, which
23:47
Speaker 1: is typically the case. And if what I just said
23:49
Speaker 1: is true, which're going to live another sixty eighty years,
23:53
Speaker 1: what are you going to do for the rest of
23:53
Speaker 1: your life? Work at Starbucks, work at work at work
23:56
Speaker 1: at Walmart, work at Petco. Right, that's not going to
24:00
Speaker 1: go very well for your ego. So you need to
24:03
Speaker 1: set your life up for the rest of your life.
24:06
Speaker 1: But here's the good news. It's not too late. It's
24:09
Speaker 1: not too late to reset, rebound, repurpose. So the myth
24:17
Speaker 1: about early success is mostly wrong. Most of the folks that
24:23
Speaker 1: I knew who are balling in their twenties are broke now.
24:27
Speaker 1: They were flossing. They're balling. They were John, you should
24:30
Speaker 1: hang out with us. They're all broken, most of them
24:31
Speaker 1: asking me for a job. The twenties and thirties. As
24:35
Speaker 1: I said earlier, but I'll say it again, it's worth repeating,
24:39
Speaker 1: are often about learning about failure. So it's just an all.
24:43
Speaker 1: Failure is an outcome to an experiment, that's all it is.
24:46
Speaker 1: And it's about reinventions, about finding your purpose, finding your meaning,
24:52
Speaker 1: becoming reasonably comfortable in your own skin. And then you
24:55
Speaker 1: hustle for decades and and then you begin to harvest. Okay,
25:02
Speaker 1: so the data shows that most millonaires become that way
25:07
Speaker 1: in their mid fifties. But I'm not just talking about
25:11
Speaker 1: money or wealth creation or investing in entrepreneurship in real estate,
25:16
Speaker 1: although that's what I did. I'm going to also talk
25:20
Speaker 1: to you about community millionaires, spiritual millionaires, social justice millionaires. Right,
25:29
Speaker 1: people who've overinduxed on purpose, on purpose and on purpose
25:37
Speaker 1: people talk about Nelson Mandela, and they're so proud as
25:41
Speaker 1: I'm I of Nelson Mandela. I've got Nelson Mandela's prison
25:44
Speaker 1: number right on my risk right now. I wear it
25:46
Speaker 1: every day, Okay. And I think that my mentor and
25:49
Speaker 1: bassor Andrew Young is a Nelson Mandela of this generation.
25:52
Speaker 1: But Nelson Mandela people don't really think about this. He
25:56
Speaker 1: was an angry black man. He was an attorney. He
25:59
Speaker 1: was angry most of his thirties, in his forties about
26:02
Speaker 1: the injustice in the world. He went into prison at
26:06
Speaker 1: age forty seven, please hear me now, went in the
26:09
Speaker 1: prison at forty seven, right, stayed there twenty seven long years.
26:15
Speaker 1: He was not a global leader until age seventy. Everything
26:21
Speaker 1: you think you know about Nelson Mandela, the world changing president,
26:26
Speaker 1: the world changing iconic leader, he did after the age
26:29
Speaker 1: of seventy. Even got remarried to the love of his life.
26:33
Speaker 1: I think it was Grascia Michelle Right and lived an incredible,
26:38
Speaker 1: extraordinary life that will literally live on forever in his legacy.
26:45
Speaker 1: Colonel Sanders. He founded KFC, the Fried Chicken franchise. He
26:50
Speaker 1: didn't do that until age sixty five. Started it at
26:57
Speaker 1: a sixty five veruwayin Right, the famed designer. She started
27:03
Speaker 1: designing dresses at age forty. Here's one for you. Sam Walton,
27:11
Speaker 1: founder of Walmart, one of my partners. I'm CEO. I'm CEO.
27:15
Speaker 1: I'm co founder with the CEO of Walmart. A financial
27:18
Speaker 1: literacy for all Doug McMillan. I love the dude, and
27:21
Speaker 1: I really admire the company. But that started with one
27:24
Speaker 1: store and a big vision, and he started scaling his company.
27:29
Speaker 1: He didn't start scaling Walmart until his mid fifties. Now
27:37
Speaker 1: you hear my story, and I really have not. I mean,
27:42
Speaker 1: I think my best years are ahead of me, but
27:43
Speaker 1: I didn't really hit my stride. I've been building infrastructure
27:46
Speaker 1: and building systems, building a management team, building a company,
27:51
Speaker 1: building organization, making mistakes right, falling down, getting back up successes,
27:56
Speaker 1: going from failure to failure without loss of enthusiasm. I
27:59
Speaker 1: take no for vitamins, building resiliency over the rounded, through it.
28:04
Speaker 1: We're going to get to it. I mean, my twenties,
28:08
Speaker 1: my teens, and my twenties, my thirties were mostly a blur.
28:13
Speaker 1: I mean, I'm just running. I was just runn I've
28:15
Speaker 1: been to one hundred countries didn't really enjoy most of them,
28:18
Speaker 1: and I was just run. I was taking care of
28:19
Speaker 1: business and I went there broke. When they're you know,
28:24
Speaker 1: try t try traveling coach to Japan. I've done that right,
28:27
Speaker 1: coach to Africa, in the middle seat, with your knees
28:30
Speaker 1: in your in your chest. I've done all that. Whatever
28:34
Speaker 1: experience is, I've had it. And that just gives you
28:40
Speaker 1: a lot of comfort later in your life. And no
28:44
Speaker 1: one can talk to you crazy. When one talk to
28:45
Speaker 1: you out side of their mouth, try to tell you something.
28:48
Speaker 1: That's why when you see me on comments on my
28:51
Speaker 1: on social media, on Instagram, whatever, if I'm coming back
28:54
Speaker 1: at somebody sharp, it's because I know what I'm talking
28:56
Speaker 1: about and they don't right to argue with the food
28:59
Speaker 1: cruiser a too right, And so I don't argue with people.
29:03
Speaker 1: I just simply set them straight. And now, if I
29:04
Speaker 1: don't know what I'm talking about, I don't say anything.
29:06
Speaker 1: But if I know my facts, don't come at me sideways. Right.
29:08
Speaker 1: Have you a me coming to me respectfully? You're not
29:11
Speaker 1: gonna disrespect me on my own page. I mean I
29:15
Speaker 1: was born at night, not last night. Right now, when
29:18
Speaker 1: out of myself esteem, depends on someone else's acceptance of me.
29:21
Speaker 1: But again, this comes with time. This level of sort
29:24
Speaker 1: of personal comfort, being reasonably comfortable in your own skin, right,
29:29
Speaker 1: just comes in time, comes with time. So again I
29:35
Speaker 1: gained spiritual wealth. We're not human beings having a spiritual experience,
29:38
Speaker 1: where spiritual beings having a human experience. That spiritual wealth
29:43
Speaker 1: came with time. That wisdom, right, social wealth, community legacy wealth.
29:48
Speaker 1: You know, the impact work that we're doing. You know,
29:50
Speaker 1: Operation Hope is thirty three years old. I mean that's
29:53
Speaker 1: older than some people listening to this podcast. So it
29:58
Speaker 1: just takes time, you know. Quincy Jones says, it takes
30:01
Speaker 1: twenty years to change a culture. Right, in the last
30:04
Speaker 1: twenty years, I think we've made dumb sexy. We've dumbed
30:06
Speaker 1: down and celebrated it in his time to make smart
30:10
Speaker 1: sexy again. So real worth, real wealth, and real worth
30:18
Speaker 1: equals more than money. So financial wealth with community wealth,
30:24
Speaker 1: mental wealth, legacy wealth, social wealth enough for everybody. That's
30:31
Speaker 1: what I'm doing here is sort of reinvesting in you.
30:34
Speaker 1: This is these are really important things. The idea that
30:39
Speaker 1: your fifties are when you're when your story is over
30:43
Speaker 1: is ridiculous. That's when your network, your relationship, capital, your knowledge,
30:48
Speaker 1: and your narrative all ALIVEE it's the right time. It's
30:52
Speaker 1: a great rap. See if I get my brother Ta
30:56
Speaker 1: to put me on one of his albums with Killer Mike.
31:08
Speaker 1: So here's for the late bloomers. I want you to
31:11
Speaker 1: understand that it was okay that you party through your
31:14
Speaker 1: twenties and your thirties. You're not behind, You're just on time.
31:19
Speaker 1: You're just beginning. The best builders of legacy often come
31:24
Speaker 1: with scars and stories and seasoning. You cannot have a
31:28
Speaker 1: rainbow without a storm first. Can I get an amen?
31:33
Speaker 1: That's not just good theology, good philosophy, it's actually a
31:37
Speaker 1: scientific fact. I want you to start with budgeting and saving.
31:43
Speaker 1: Even if you're starting at forty five or fifty five,
31:46
Speaker 1: it's not too late. I want you to go to
31:49
Speaker 1: one of my whole financial coaches. We tell them I
31:51
Speaker 1: sense you. They'll give you a starter scholarship from Operation
31:54
Speaker 1: Hope to get you into one year of free financial
31:58
Speaker 1: coaching and counseling. We're going to help you create a budget,
32:02
Speaker 1: a lifestyle budget, an investment budget, and a flossing budget
32:05
Speaker 1: if you want, certainly the lifestyle living budget. We're going
32:08
Speaker 1: to help you realign your life, take it back control
32:11
Speaker 1: of your life, master your credit, get your debt down,
32:15
Speaker 1: stop spending money on silly stuff, or at least point
32:18
Speaker 1: the silly stuff out to you, so that you can
32:19
Speaker 1: decide for yourself whether in pressing somebody you don't know
32:22
Speaker 1: what money you don't have about things that don't matter
32:25
Speaker 1: is actually something you should be spending your time and
32:28
Speaker 1: energy on. They're going to help you get your life
32:30
Speaker 1: right and help you make some decisions and keep you
32:32
Speaker 1: on tasks like a coach, like a private banker. You're
32:35
Speaker 1: going to see your life skyrocket. I want you to
32:38
Speaker 1: tell your friends and listen to this podcast. I want
32:40
Speaker 1: you get your book Financial Literacy for All and open
32:42
Speaker 1: it up and read it once, one chapter a week,
32:45
Speaker 1: with your posse, with your crew. Don't do this alone.
32:48
Speaker 1: Do it with your mouse, your smouse. Mouse. Don't maybe
32:51
Speaker 1: if you're alone, do it with the mouse. Do it
32:52
Speaker 1: with your spouse. Right, do it with your family. Do
32:55
Speaker 1: it with your children. Do it with your sorority group,
32:58
Speaker 1: your fraternity group, social group. Right, with your friends, your relatives,
33:04
Speaker 1: your coworkers. Right, create a club, a silver rights club
33:08
Speaker 1: and the suites to match the civil rights activity in
33:11
Speaker 1: the streets. Be intentional about your success. I want you
33:17
Speaker 1: to buy a house. I'm going to do this again,
33:18
Speaker 1: a dedicated series on the process of owning a home.
33:21
Speaker 1: So don't worry about that. I'm gonna walk you through
33:24
Speaker 1: it because you shouldn't feel ashamed that you don't know
33:26
Speaker 1: the steps. There's no shame in the game of not
33:31
Speaker 1: knowing right, it's not asking questions. Quincy Jones again, great
33:36
Speaker 1: quote from him that God gave you two ears in
33:39
Speaker 1: one mouth, so you listen twice as much as you talk.
33:41
Speaker 1: Be nosy, right. I want you to own a home.
33:44
Speaker 1: Why Because the number one way you build wealth in
33:46
Speaker 1: America is home ownership. Forty five forty four percent of
33:51
Speaker 1: African Americans own a home, compared to seventy five percent
33:54
Speaker 1: of our mainstream counterparts. Why they're doing it because it's
33:58
Speaker 1: the easiest way to pass away the home own ownership.
34:01
Speaker 1: And I just get things ridiculous to see these folks
34:03
Speaker 1: on TV who own a home telling you not to
34:07
Speaker 1: buy a home. I think it's crazy. So ignore that
34:10
Speaker 1: noise and buy a house. The whole tax policy in
34:12
Speaker 1: the US is centered around and focused on encouraging home ownership,
34:18
Speaker 1: start a business, get that wheel done, open that investment
34:25
Speaker 1: account today people to day, and don't say you can't
34:30
Speaker 1: do it, because you certainly could go out of that
34:31
Speaker 1: club or that restaurant, couldn't. You certainly can go out
34:34
Speaker 1: to that party. By the way, you know, there used
34:35
Speaker 1: to be rent parties back in the day. Back in
34:38
Speaker 1: the forties and the fifties, Black folks did rent parties.
34:40
Speaker 1: You'd go to one party. We revived this, by the way,
34:43
Speaker 1: if you like, somebody would hold a party. They couldn't
34:46
Speaker 1: they're having problem meeting their rent, and everybody was come
34:49
Speaker 1: and pay ten dollars at the door, the equivalent today
34:51
Speaker 1: of ten dollars at the door. And next month it'd
34:56
Speaker 1: be a somebody else holding a party and they were
34:59
Speaker 1: a little short on rent money or grocery money, whatever,
35:02
Speaker 1: and then they pay that person ten dollars at the
35:04
Speaker 1: door and everybody had fun. Everybody, you know, was great entertainment.
35:07
Speaker 1: You're offset the costs of the party, but you also
35:09
Speaker 1: help to endow this person to live a dignified life.
35:12
Speaker 1: You can also do that, by the way, a little
35:14
Speaker 1: bit more money, maybe one hundred bucks, and start a
35:16
Speaker 1: business rotating pool. That allows this person to start a business.
35:21
Speaker 1: And the next time you have an event and that
35:23
Speaker 1: person is able to start a business, and and you know,
35:26
Speaker 1: you don't own anything in that person's business, so that
35:29
Speaker 1: makes it more complicated. So there shouldn't be any debts here.
35:32
Speaker 1: You know, everybody gets a turn. If it's ten people
35:35
Speaker 1: in this group or twenty the more people in the group.
35:39
Speaker 1: Actually easier is to do this with real money. You
35:42
Speaker 1: get thirty, forty, fifty, one hundred people in a group,
35:45
Speaker 1: and then over the course and if everybody's contributing one
35:47
Speaker 1: hundred dollars a week, or one hundred dollars every two weeks,
35:51
Speaker 1: or one hundred dollars a month, then over the course
35:54
Speaker 1: of time, right, it's twelve months in the year. So
35:57
Speaker 1: if you're doing that once a month, they're going to
35:58
Speaker 1: do twelve turns at a time. You have you know,
36:01
Speaker 1: if you have fifty people in the group, that within
36:05
Speaker 1: four years everybody gets a chance to start a business
36:07
Speaker 1: or to become a homeowner. Okay, that's a whole different situation,
36:10
Speaker 1: but you should not be coming back and saying where's
36:13
Speaker 1: my money later? Right in that example that that's where
36:16
Speaker 1: it gets messy, right, So buy a home, start a business,
36:21
Speaker 1: get that will done, open that investment account with an institutional,
36:25
Speaker 1: credible investment manager and buy it. Don't buy flaky stuff.
36:29
Speaker 1: This is not the time for crypto. Hello, I'm not
36:32
Speaker 1: being anti crypto. I'm saying I don't want you using
36:34
Speaker 1: your rent money for silly stuff that may implode on you.
36:37
Speaker 1: People who made money in crypto in part got lucky.
36:41
Speaker 1: They just got lucky. You got unlucky or have lost
36:43
Speaker 1: it all. So you take if you want to do
36:45
Speaker 1: crypto or whatever, take two percent and then do that.
36:49
Speaker 1: By the way, I think crypto, I think blockchain technology,
36:52
Speaker 1: which is undercrypto, is brilliant. I just want you losing
36:56
Speaker 1: your money. That's the only reason I want you to
36:58
Speaker 1: be protected, right. I want you to build a financial
37:02
Speaker 1: comeback plan with your name on it. So it's just
37:07
Speaker 1: not too late to build way wealth after fifty. In fact,
37:10
Speaker 1: that's the expectation, Mandela. Time means that your greatest chapter
37:15
Speaker 1: just might be ahead of you. Late bloomers. Not only
37:19
Speaker 1: can you not win, you're expected to win. You will win.
37:25
Speaker 1: You know, it's hard to hit a moving target, and
37:27
Speaker 1: it's really hard to lose when you're compounding that benefit
37:30
Speaker 1: of consistency over time. So either you're a late bloomer,
37:35
Speaker 1: you know you're right on time for becoming wealthy and
37:41
Speaker 1: finding purpose in the middle course of your life. Reinvention
37:48
Speaker 1: at midlife is the new normal. Okay. So I want
37:53
Speaker 1: you to be encouraged. I want you to start the
37:58
Speaker 1: movie of your life right now. I want you to
38:03
Speaker 1: tell people you love all around you that they can
38:06
Speaker 1: do it right. That whether you believe you can or
38:10
Speaker 1: whether you believe you can't, you're absolutely right that mindset matters.
38:16
Speaker 1: Read my book Up from Nothing on Mindset. Read my
38:20
Speaker 1: book The Memo, because it is what you don't know
38:23
Speaker 1: that you don't know this killing you but you think
38:25
Speaker 1: you know. Read Financial Literacy for All because it gives
38:27
Speaker 1: you all the tools to master what I think is
38:31
Speaker 1: the civil rights issue of this generation. Financial literacy. Read
38:36
Speaker 1: how the Portkin said capitalism, so that you know what
38:40
Speaker 1: an asset you and we really are. Read Love Leadership
38:45
Speaker 1: because I want you to come at life as a
38:48
Speaker 1: lover and as a leader who gives right Again. I
38:51
Speaker 1: can't guarantee that being positive is going to make you
38:55
Speaker 1: a success, but I absolutely guarantee you that being negative
38:58
Speaker 1: is going to make you fail and you'll be miserable.
39:01
Speaker 1: Doctor King one said that hate and evil cannot self
39:08
Speaker 1: generate because it has within it the seeds of its
39:12
Speaker 1: own demise. I want you to be positive. I want
39:15
Speaker 1: you to see the glasses half full. I want you
39:18
Speaker 1: to get up in the morning, no matter where you are,
39:20
Speaker 1: no matter what age you are, and know that this
39:23
Speaker 1: might be and just could be the best day, in
39:26
Speaker 1: the best week, in the best year, in the best
39:29
Speaker 1: era of your life. Remember, Mandela found the love of
39:32
Speaker 1: his life after he got out of prison. And he
39:36
Speaker 1: didn't change the world until after he got out of prison.
39:38
Speaker 1: That means his seventies, in his eighties, we're killing it.
39:42
Speaker 1: He was at the club, the Club of his best
39:47
Speaker 1: life at eighty five. My mentor and bassor Andrew Young
39:53
Speaker 1: is ninety three years young. You talk to him if
39:57
Speaker 1: you have the opportunity of talking to man who was
39:59
Speaker 1: on the He was on the balcony with doctor King,
40:01
Speaker 1: the last living lieutenant for Doctor Martina King Jr. Helped
40:04
Speaker 1: to build Atlanta as the only international city in the South,
40:06
Speaker 1: brought the Olympics to it Atlanta, Georgia, you know, helped
40:10
Speaker 1: to get Delta to go to Africa, and he's on
40:12
Speaker 1: the board at Delta. Just so many accolades, over one hundred,
40:16
Speaker 1: honorary doctor degrees, congressman, mayor, builder, civil rights leader, pastor,
40:23
Speaker 1: so many lives within this life, so many lives. And
40:29
Speaker 1: why is he still alive when all of his friends,
40:31
Speaker 1: many of his friends have passed away. I believe because
40:34
Speaker 1: he has sustained purpose. He's one of these millionaires of
40:37
Speaker 1: spirit and soul and purpose. He's every week going to
40:42
Speaker 1: give speeches. Every week, he's traveling somewhere every week. He's engaged,
40:47
Speaker 1: just at our house a couple of days ago for
40:49
Speaker 1: Shakesware's birthday. I mean, he's always engaging in life. He's
40:53
Speaker 1: doing interviews, he's writing, and he's thinking, he's reflecting. He's
40:58
Speaker 1: not just playing golf, retiring at sixty years of age
41:03
Speaker 1: sixty five and going to play golf. Those friends of his,
41:07
Speaker 1: many of them, most of them not nothing, no knock
41:09
Speaker 1: against golf. If you want to play golf, go do it.
41:13
Speaker 1: But they lost their purpose, they lost their way. There
41:16
Speaker 1: was nothing to get up for in the morning. That
41:19
Speaker 1: hell was bigger than themselves. Purpose is something is large
41:21
Speaker 1: and more important yourself and a lot of those people
41:23
Speaker 1: have passed on to glory. Bastard Young has lived a long,
41:27
Speaker 1: glorious life continues to do so because he's more focused
41:30
Speaker 1: on giving than getting a purpose larger and more important
41:34
Speaker 1: than himself, and that extends his wellness, his well being,
41:39
Speaker 1: his life, his legacy, his purpose. Part of that legacy
41:42
Speaker 1: for him is in the mic with you right now,
41:48
Speaker 1: because he helped to raise me and all forever be
41:52
Speaker 1: in his debt. You can become a millionaire in your fifties.
41:55
Speaker 1: I just gave you a small dose of that. This
41:57
Speaker 1: is John O'Brien is Money and Wealth on the Black
42:00
Speaker 1: Effect Network on iHeartRadio. You can change and retake your life.
42:06
Speaker 1: It starts right now. Tell your friends to subscribe to
42:11
Speaker 1: this podcast. Money and Wealth with John O'Brien is a
42:29
Speaker 1: production of the Black Effect Podcast Network. For more podcasts
42:33
Speaker 1: from the Black Effect Podcast Network, visit the iHeartRadio app,
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Speaker 1: Apple Podcasts, or wherever you listen to your favorite shows.
44:03
Speaker 1: Dep