Latest / Money And Wealth With John Hope Bryant / The Best Of: Money & Wealth (Part 3)

Transcript

The Best Of: Money & Wealth (Part 3) · Money And Wealth With John Hope Bryant

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Speaker 1: Piece of the planet, Charlamagne to God here and as
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Speaker 1: we come closer the closing out this year, I just
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Speaker 1: want to say thank you for tuning it into the
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Speaker 1: Black Effect podcast Network. There have been so many great
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Speaker 1: moments over the past year. Take a listen to some
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Speaker 1: of those captivating moments in this special best of episode.
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Speaker 2: When somebody cursed me out, or if they could, they don't.
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Speaker 2: But if somebody was cursing me out or being mad
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Speaker 2: to me at a restaurant, you know, I don't have
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Speaker 2: to get upset with you. I can put my amerri
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Speaker 2: Express card out, my Black America Express card and knock
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Speaker 2: you out with it without ever touching you. I can
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Speaker 2: I can buy the not just pay for the bill.
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Speaker 2: I can buy the restaurant with it. Like literally, there's
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Speaker 2: no limit on the card. Over with you. Doesn't have
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Speaker 2: to get upset with you. She just I mean she
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Speaker 2: was on the board of I think it was Weight Watchers,
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Speaker 2: and something happened when something went down where she didn't
0:45
Speaker 2: like what they were doing, and so she made some
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Speaker 2: moves that they didn't like, and so they said, well,
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Speaker 2: we're gonna we don't appreciate you doing syz Oprah. So
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Speaker 2: we're going to I just saw her a few weeks ago.
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Speaker 2: I love her. We're gonna you know, we don't want
1:04
Speaker 2: you to think to be our spokesman anymore. Can you
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Speaker 2: imagine somebody saying this to Oprah and she's like, that's cool,
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Speaker 2: let's find no problem. Didn't raise her voice on sold
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Speaker 2: all over stock tied to the deal. The stock then plunged.
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Speaker 2: I think this is the weight watchers. Don't quote me
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Speaker 2: in this, but whatever weight management company she was associated with,
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Speaker 2: you can correct me in the comments or confirming in
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Speaker 2: the comments if I'm right. The stock plunged when she
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Speaker 2: sold her shares. They forgot that she had a strong
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Speaker 2: economic interest. She wrote a very smart, financially literate and
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Speaker 2: intelligent deal. It's all about the details. When she cut
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Speaker 2: that deal to be their spokesman, she's like, I'm not
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Speaker 2: gonna rock the mic. I'm going to own it. And
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Speaker 2: that's what I want you to do. I want you
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Speaker 2: to own the stage. Don't just dance on it. I
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Speaker 2: want you Quincy Jones says, if you think that you're
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Speaker 2: in the music business and you don't own music rights,
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Speaker 2: publishing rights, licensing rights, some kind of rights or ownership interests.
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Speaker 2: You're not in the music business. You're a temporary performer,
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Speaker 2: you know. Jones and Iced to talk about Michael Jackson
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Speaker 2: and how Paul McCarthy got very upset with Michael because
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Speaker 2: Paul McCartney said that Michael should own publishing, shouldn't just
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Speaker 2: be an entertainer, And Michael realized that he was smart,
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Speaker 2: and so God gave you two ears in one mouth
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Speaker 2: to listen twice as much as you talk, and so
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Speaker 2: he's like, okay, cool, that's really smart. I should own
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Speaker 2: publishing rights. Okay cool. So he had it owns. We
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Speaker 2: went I was trying to own his own publishing rights,
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Speaker 2: Michael Jackson's rights. But then he's like, well, who else
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Speaker 2: should I own? The Beatles? So he went and bought
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Speaker 2: bid for the Beatles publishing rights, and Paul McCarthy lost
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Speaker 2: his mind. He was extraor I think to this day,
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Speaker 2: extraordinarily effect. I no, based on public reports, published reports.
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Speaker 2: In his own words, he was very very, very very
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Speaker 2: very unhappy with Michael Jackson. Now it might have been
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Speaker 2: on the edges I go that your friend tells you that,
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Speaker 2: you know, he didn't say no. He's not even another
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Speaker 2: go because Paul McCarthy didn't say any publishing rights but ours.
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Speaker 2: He didn't say but but the Beatles. In fact, there's
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Speaker 2: a little bit of arrogance assumed that Michael Jackson, who
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Speaker 2: was the biggest pop star in the world at that time,
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Speaker 2: did I did not have a right to own the
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Speaker 2: Beatles publishing rights too. But he didn't say, you can
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Speaker 2: own any rights but the Beatles. He was giving this
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Speaker 2: advice against like a tutor gives, like a mentor gives
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Speaker 2: a mentee. Didn't realize that that that that the student
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Speaker 2: was going to become the teacher. Michael when bought the
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Speaker 2: Beatles publishing portfolio, Paul McCarthy lost his mind and and
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Speaker 2: and could not say a nice thing after about his
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Speaker 2: once good friend. Michael Jackson. Just didn't. He didn't, He
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Speaker 2: didn't do any unethical He just outbit everybody else, including
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Speaker 2: the Beatles. The Beatles could have outbid Michael Jackson, they
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Speaker 2: could have bought that portfolio, but didn't believe in themselves
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Speaker 2: as much as Michael Jackson believed in them, and he
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Speaker 2: bought that portfolio. Do you know that when Michael Jackson
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Speaker 2: was doing all that spending and the reason he didn't
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Speaker 2: go broke was because he owned that publishing rights, which
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Speaker 2: which Sony ultimately ended up purchasing, was worth a billion
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Speaker 2: dollars his his he never weighed that kind of money.
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Speaker 2: And tour, you knew you toured. You made ten million
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Speaker 2: back in the day, ten twenty million. The tour that
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Speaker 2: took him out when he passed away got restless. So
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Speaker 2: I think that was he's gonna make fifty million. Is
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Speaker 2: to get the number right, We have the number right,
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Speaker 2: fifty million. But his portfolio was worth a billion back
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Speaker 2: in that day. It was worth you know, seven hundred million.
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Speaker 2: And that's in large part because he owned his portfolio
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Speaker 2: plus a few others, but mostly the Beatles' rights. It's
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Speaker 2: what you own. And so getting your credit score now
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Speaker 2: you know Michael Jackson's credit score was He's Michael Jackson.
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Speaker 2: He is in Presario, and he had these relationship capital
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Speaker 2: amongst people in the music business, and he was savvy
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Speaker 2: about business, and so he made a case, a credible case.
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Speaker 2: You know, the word credit comes in the lot who
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Speaker 2: were creditito, which means credibility. Did you know that? So
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Speaker 2: he had credibility with those who could who could work
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Speaker 2: with him to back him to buy the publishing rights.
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Speaker 2: Now he got into trouble financially later on and had
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Speaker 2: to sell his half of the publishing and ultimately as
4:57
Speaker 2: a state, I think right now is trying to sell
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Speaker 2: all the publishing rights. But the reason Michael Jackson was
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Speaker 2: able to live the life he lived was not because
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Speaker 2: he danced from the stage, because he owned the music
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Speaker 2: being played on the stage. So on the stage you
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Speaker 2: live on. The credit score you have gets most of
5:15
Speaker 2: the yes. Is that you want you want to become
5:17
Speaker 2: you want a prime home loan, The answer is yes,
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Speaker 2: good credit score over seven hundred. My mother's credit score
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Speaker 2: was eight fifty four when it the smith got rest
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Speaker 2: her soul, and the computer just said yes to my
5:28
Speaker 2: mother midnight. When my mother went to computer to apply
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Speaker 2: for a loan for something a home mortgage or consumer
5:34
Speaker 2: loan or auto a loan, whatever, the computer just said yes.
5:38
Speaker 2: Because now it didn't say are you black, or you
5:40
Speaker 2: let you're female? Whatever. He said, Oh my gosh, he's
5:43
Speaker 2: an eight hundred credit score plus over seven hundred. By
5:45
Speaker 2: the way, it's just fine, perfect, actually seven fifty yet golden.
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Speaker 2: But my mother's credit score was eight to fifty four
5:51
Speaker 2: back back when it went that high, and the computer
5:54
Speaker 2: just said, yes, you're approved. And you've never seen a
5:56
Speaker 2: riot and a seven hundred credit score neighborhood in all
5:58
Speaker 2: of your life. Right, So I want you to get
6:01
Speaker 2: your credit score right. I want you to get your
6:02
Speaker 2: debt down, your savings up, your credit score up, because
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Speaker 2: if you can do that, the bank just says, yes,
6:07
Speaker 2: the banks are not racist. Okay, they're capitalist machines. They
6:11
Speaker 2: want to make money and they cannot make money unless
6:13
Speaker 2: they make a loan. Now, is there somebody racist at
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Speaker 2: a bank? Sure there is, right, they are racist people everywhere.
6:19
Speaker 2: But as a rule, like racism and banks, I did
6:21
Speaker 2: a thing on banks. We go and listen to that
6:23
Speaker 2: podcast or break this down. But one hundred years ago, yes,
6:26
Speaker 2: there was a racist bank. It was Joe's bank, as
6:29
Speaker 2: family owned it, and he didn't want to give any
6:31
Speaker 2: loans to black people. Yes, or maybe even the women.
6:33
Speaker 2: Women couldn't even get a loan before nineteen seventy two,
6:36
Speaker 2: you know that. That's that nineteen seventy two women. I
6:39
Speaker 2: did a Time article on this, you should read it.
6:41
Speaker 2: I did a podcast on this, you should listen to it.
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Speaker 2: But women did not have rights financial rights before nineteen
6:47
Speaker 2: seventy two, nineteen seventy four crazy, not eighteen seventy two, eighties,
6:50
Speaker 2: seventy four, nineteen seventy two in our lifetime. So the
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Speaker 2: bank wants to say, yes, they can't make any money
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Speaker 2: unless they make a loan. Again, on a hundred years ago,
6:59
Speaker 2: they were discriminating issue because they could because it was
7:02
Speaker 2: owned by a family. Now a bank is publicly traded
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Speaker 2: and they want their stock to do well. They want
7:06
Speaker 2: their they want to perform for their shareholders, which means
7:09
Speaker 2: they need to make good loans. So if you're pooking
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Speaker 2: them boo booing them, whether you're poor white or poor black,
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Speaker 2: your credit score is five hundred, not making you alone.
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Speaker 2: They're not making you alone. I wouldn't make you alone, okay,
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Speaker 2: But if your credit score is seven hundred, you're not
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Speaker 2: black or white, You're not red or blues and politics
7:27
Speaker 2: black and white isn't race. You're green as in a
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Speaker 2: good credit risk. Those of you not familiar. I'm an
7:37
Speaker 2: entrepreneur and I built businesses and enterprises and nonprofit organizations,
7:43
Speaker 2: and I've been at this my whole life. I started
7:50
Speaker 2: not in the womb, but I was, you know, it
7:53
Speaker 2: was role modeled by my mom and my dad. We
7:58
Speaker 2: model what we see right, Right, And I often tell
8:01
Speaker 2: people when people say, why the kids in the inner
8:04
Speaker 2: city want to be rap stars, athletes or drug dealers? Right,
8:07
Speaker 2: And there's nothing wrong with being want to be a
8:09
Speaker 2: rap star, just you can't. It's hard to scale. My
8:12
Speaker 2: friends Killer Mike and t I and the jay Z's
8:17
Speaker 2: of the world, and even you know, the R and
8:21
Speaker 2: B stars that I love so much, like my brother
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Speaker 2: Howard Hewitt and all these you know, the impresarios. You know,
8:27
Speaker 2: there's only one Quincy Jones in the world. Right, it's
8:30
Speaker 2: hard to scale. You can't reproduce personality like that. They're unique, right.
8:35
Speaker 2: And athletes same thing. Right, There's something like five hundred
8:40
Speaker 2: thousand young men trying to go into the believe it's
8:45
Speaker 2: the NBA, see the NBA, of the NFL, and of that,
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Speaker 2: you know, like eighteen thousand of them. Make them into college,
8:54
Speaker 2: make it into college sports. And it's like one two.
8:59
Speaker 2: I think it's this is the NBA. Make it actually
9:02
Speaker 2: into the pros. I think it's like sixty and so,
9:05
Speaker 2: you know, and of course, nobody should want to be
9:07
Speaker 2: a drug dealer. And you've heard me say this before.
9:12
Speaker 2: You know, drug dealers are unethical and it may be
9:15
Speaker 2: a moral business, but they're not dumb. They understand import, export, finance, marketing, wholesale, retail,
9:21
Speaker 2: customer service, security, territory logistics. Right, These are not dumb people.
9:26
Speaker 2: These are really smart guys and unfortunately sometimes ladies with
9:30
Speaker 2: a really crabby business plan and bad role models and
9:33
Speaker 2: bad mentors. And one of the reasons that I do
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Speaker 2: what I do is that you know is what we
9:40
Speaker 2: don't know that we don't know this killing us, but
9:42
Speaker 2: we think we know like no one gave us a shot,
9:44
Speaker 2: no one gave us a plan, no one gave us,
9:46
Speaker 2: gave us training, right, no one gave us a proper
9:50
Speaker 2: business plan for our lives. It's my I think it's
9:53
Speaker 2: my fourth book. The memo with the book that's out
9:54
Speaker 2: now is Financial Literacy for All, which, by the way,
9:57
Speaker 2: thanks everybody for continuing to make it a number one seller.
10:00
Speaker 2: It's number one in business finance on Amazon nationwide for
10:05
Speaker 2: the last three months. So if you haven't don't have
10:06
Speaker 2: your copy, get a copy. If you have your own
10:08
Speaker 2: copy already, leave a review please online. And it's coming
10:14
Speaker 2: to black bookstores near you. If it's not there, already
10:18
Speaker 2: I'll do this American Aspiration tour. I'll be stopping at
10:20
Speaker 2: black business bookstores. I'm doing a book, a couple of
10:23
Speaker 2: book events at Walmart. The CEO Walmart did the forward
10:26
Speaker 2: for the book. Doug Millan, good friend of mine, coach
10:29
Speaker 2: chair Financial Lucy for all with me And yeah, there's
10:32
Speaker 2: some other surprises coming the end of the year with
10:35
Speaker 2: the book. But you know what was that to do
10:37
Speaker 2: with this podcast episode? Like my shirt today says my
10:41
Speaker 2: hustle looks different, My hustle looks different. But my mom
10:45
Speaker 2: and dad I understood a had blessings like the other
10:48
Speaker 2: people didn't have. My mom. Yeah, I grew up in
10:50
Speaker 2: the hood. I grew up in South Central incompetent. Yes,
10:52
Speaker 2: all that's true. I was homeless, all that's true. But
10:54
Speaker 2: my mother, I was economical helmless, by the way, which
10:56
Speaker 2: is different than most people's homelessness. And you know, it
11:00
Speaker 2: was almost an intentional situation because I could have gone
11:03
Speaker 2: home and hung out with my mother, but she would
11:05
Speaker 2: have you know, she was worrying about me. She wouldn't
11:07
Speaker 2: worried about me, and she would have forced me to
11:09
Speaker 2: go get a job at mc Downdela's Air crab and
11:11
Speaker 2: Boying Aircraft when she down Dose Aircraft which is now
11:15
Speaker 2: Boying Aircraft where she worked. I didn't want to do that.
11:17
Speaker 2: That wasn't my calling in my life. So I was
11:19
Speaker 2: willing to roll the dice on me, swilling to bet
11:22
Speaker 2: on me. My hustle looks different. Well, my mother worked
11:26
Speaker 2: a job. She also had a small business part time
11:30
Speaker 2: selling making handicrafts and selling that plus food that she made.
11:35
Speaker 2: H she sell it to her co workers at Medwndular's Aircraft.
11:39
Speaker 2: She would and then the supervisor got mad at her.
11:43
Speaker 2: He would threaten there like I'm going to expose your
11:46
Speaker 2: side hustle. She's like, well, I'm gonna expose you of
11:48
Speaker 2: being accustom my side hustle and let me ride around
11:51
Speaker 2: his bicycle on the campus oft BC down Douglas air
11:54
Speaker 2: crab and sell it to all my coworkers and your
11:57
Speaker 2: your piers. So when I go down, you going down
12:01
Speaker 2: zip it. My dad owned his own business right and
12:05
Speaker 2: my grandfather was a sharecropper born in eight seventy one RB. Smith.
12:10
Speaker 2: So I got it honest. Like my mom had a
12:12
Speaker 2: sense of yes, I am gay that to me, my
12:14
Speaker 2: dad has sense of yes I can and get that
12:17
Speaker 2: to me, all right, So my hustle was different, and
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Speaker 2: I want your hustle to be different. If I want
12:24
Speaker 2: you to have a choice, like I want you to
12:26
Speaker 2: have freedom, I want you to have freedom of self
12:28
Speaker 2: determination and not just the freedom to go work where
12:32
Speaker 2: you want. That's cool. Most people are going to work
12:34
Speaker 2: for somebody else's that's perfectly fine, and we need that,
12:37
Speaker 2: We need to encourage that. We need to build the
12:39
Speaker 2: middle class. But sometimes you want to You may choose
12:45
Speaker 2: to take a higher risk and to get more reward
12:47
Speaker 2: if you succeeded that you go from cashing a check
12:51
Speaker 2: working for somebody else to writing a check, hello, working
12:55
Speaker 2: for yourself. Can I get any man? I tell you
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Speaker 2: this is this is the church. What is happening now?
13:00
Speaker 2: And what have you done for me lately? This is
13:02
Speaker 2: the pulpit of finance. This is the weekly ministry, not pulpit.
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Speaker 2: No disrespect to pastors of the cloth. This is my
13:09
Speaker 2: ministry of finance. Right, small m and an opportunity again.
13:15
Speaker 2: Money and Wealth. This is this is my Money and
13:17
Speaker 2: Wealth podcast series on the Black Effect Network on iHeartRadio.
13:21
Speaker 2: Come in to you every week with something that breaks
13:24
Speaker 2: this down at a level and in a way that
13:27
Speaker 2: everybody can understand. Again, you're not dumb and you're not stupid.
13:30
Speaker 2: It's what you don't know that you don't know that's
13:32
Speaker 2: going you. But you think you know in a blind
13:35
Speaker 2: town or one eyed man's king. If you don't know better,
13:37
Speaker 2: you can't do better or keep people like John? Can
13:39
Speaker 2: you get on with the ten businesses? Right? Let me
13:43
Speaker 2: so in these in these unique times, right. So, I
13:46
Speaker 2: recognize you have hustle. I recognize that you're nine to five.
13:50
Speaker 2: Your job may finance your five to nine your side hustle, beautiful.
13:53
Speaker 2: I know that you want to go from the bottom
13:55
Speaker 2: of the top. I know that your role models may
13:57
Speaker 2: be limited because you model what you see. But we
13:59
Speaker 2: don't see a lot of business people in our neighborhoods.
14:03
Speaker 2: And when I was coming up, you know, I didn't
14:05
Speaker 2: know there were businesses in my neighborhood. I knew there
14:07
Speaker 2: was a nail salon, I knew there was a you know,
14:09
Speaker 2: a liquor store or whatever, but I didn't equate that
14:13
Speaker 2: to business. I didn't realize those were capitalists, right. I
14:16
Speaker 2: didn't realize that was free enterprise. It took a banker
14:19
Speaker 2: coming into my classroom and breaking that down for me
14:22
Speaker 2: when I was nine years old. In my financial literacy course,
14:24
Speaker 2: which I hope to one day get indoctrinated into every
14:28
Speaker 2: school in America home economic course to financial Literacy for
14:32
Speaker 2: All legislation, I'll be working on that. You can go
14:35
Speaker 2: for the Campaign if America. By the way, on our
14:36
Speaker 2: website and operation help go to the Campaign for America
14:39
Speaker 2: under the book Financial Literacy for All book page in
14:42
Speaker 2: sign up for the Campaign for America to ultimately build
14:46
Speaker 2: a list that would go to legislators that would encourage
14:48
Speaker 2: them to make financial literacy in the legislation of the land.
14:52
Speaker 2: But that's how I got it right. Banker come in
14:53
Speaker 2: my class froom giving me tools and then I and
14:55
Speaker 2: then my eyes lit up. I saw businesses everywhere, so
14:59
Speaker 2: I wanted to make it's easy for you. Here are
15:01
Speaker 2: ten businesses right that you can start. Now. You know,
15:06
Speaker 2: some of these I could go for one hundred thousand,
15:09
Speaker 2: but I'm going to do this. I'm going to make
15:10
Speaker 2: this approachable. Right, ten businesses you can start for twenty
15:14
Speaker 2: five thousand dollars a year because these are lean times, right,
15:18
Speaker 2: Folks at too much month at the end of their money.
15:20
Speaker 2: Right now, these are leaner times. If this was two
15:23
Speaker 2: thousand and one the pandemic hit. Now the stimulus money
15:27
Speaker 2: is flowing, I might do a podcast that's one hundred
15:30
Speaker 2: thousand dollars business, but you've got less money, day, less resources, right,
15:34
Speaker 2: So I wanted something that's approachable twenty five thousand dollars
15:37
Speaker 2: and you can even finance some of that if you
15:39
Speaker 2: need to business person versus entrepreneur. People use these phrases interchangeably.
15:50
Speaker 2: They're not interchangeable. You can be an entrepreneur and be
15:53
Speaker 2: a small business owner. You can be an entrepreneur and
15:56
Speaker 2: be a big business owner. You can be an entrepreneur
15:59
Speaker 2: and not be a asiness owner. You can have an
16:00
Speaker 2: entrepreneurial mindset and run a nonprofit. Run your life just
16:05
Speaker 2: as almost like a you know, an entrepreneur mindset if
16:08
Speaker 2: you're just running your life. What might be an upgrade
16:10
Speaker 2: on being a hustler and I mean hustler in the
16:12
Speaker 2: positive sense of the phrase. You can be a business
16:16
Speaker 2: owner and be entrepreneurial, and you can be a business
16:21
Speaker 2: owner and be an entrepreneur. But don't presume because you're
16:26
Speaker 2: a business owner you are an entrepreneur that that is
16:29
Speaker 2: a bridge too far, and words matter, definitions matter. And
16:36
Speaker 2: by the way, don't be an entrepreneur and presume that
16:39
Speaker 2: you There are people who are entrepreneurs who are horrible.
16:41
Speaker 2: Horrible business owners need to be need to stay in
16:43
Speaker 2: a mellion a ways away from actually running and owning
16:47
Speaker 2: a business. Uh you know. This is analogous to a
16:50
Speaker 2: great recording artist, is a great uh you know, a
16:53
Speaker 2: track star athlete or a great you know, performer who
16:58
Speaker 2: has a business manager who handles the left brain work
17:01
Speaker 2: while they handle the right brain work. Left brain is
17:03
Speaker 2: analytical two plus twe equals four and all that stuff.
17:08
Speaker 2: Left brain, sorry, right brain is creative, making the best,
17:12
Speaker 2: the most amazing music or whatever on the planet. But
17:17
Speaker 2: don't confuse those things. Because you have a genius in
17:19
Speaker 2: one area, it automatically means you have a genius in another.
17:23
Speaker 2: That is a mistake. To assume is to make an
17:26
Speaker 2: ass out of you and me. Literally, that's how it's spelled.
17:29
Speaker 2: So don't assume, right, don't. It's a horrible thing to
17:33
Speaker 2: do in business or life is to make assumptions. Just
17:36
Speaker 2: ask the question, don't assume. Just ask the questions and
17:39
Speaker 2: get the answers. So now let's let's get into an
17:44
Speaker 2: unpack uh, the substance of titles entitling in business. Before
17:52
Speaker 2: I get to that, me deal with a one huge misnomer.
17:56
Speaker 2: I've already dealt with one misnomer which is not so huge,
17:59
Speaker 2: but business an entrepreneur, it's just something that irritates me
18:01
Speaker 2: because I am an entrepreneur, I am a business owner,
18:05
Speaker 2: I am an executive. These are three different categories, and
18:10
Speaker 2: there are three different talents. And I'm also a getted
18:14
Speaker 2: none person. I'm all lot of execution. I'm also a
18:18
Speaker 2: thought leader in some ways. These are five different categories
18:24
Speaker 2: of talent. And so you want to be the Michael
18:28
Speaker 2: Jordan of your space, right, Michael Jordan was not just
18:31
Speaker 2: a great basketball player. He had he was had intellectual genius.
18:34
Speaker 2: He has strategy, he you know, he had placement, he
18:37
Speaker 2: knew timing, he knew you know, he had you know anyway,
18:40
Speaker 2: so he had you know, he was high frequency, high
18:43
Speaker 2: frequency thinker, and he was very observant of He could
18:49
Speaker 2: figure out what his opponent was doing, who is whoever
18:52
Speaker 2: is assigned to him. Within one and a half games,
18:55
Speaker 2: he had figured that guy out. So he is paying
18:57
Speaker 2: attention not to his own game. He understood his own game.
18:59
Speaker 2: He's paying at ten and the other how he played
19:01
Speaker 2: the game. So we can map out how to reverse
19:03
Speaker 2: engineer success in that situation. Here's a bigger git. That's
19:09
Speaker 2: important leadership versus management, leaders versus managers. I made this mistake, me,
19:18
Speaker 2: John O'Brien. I screwed this up time and time again.
19:22
Speaker 2: Is I built close to fifty entities now around the world,
19:26
Speaker 2: three of which are the largest in their category. The
19:29
Speaker 2: largest minority owner of single family rental homes in America.
19:32
Speaker 2: Company I built and sold and still have an ownership
19:36
Speaker 2: interest in it, but I don't run it anymore. That's
19:39
Speaker 2: a Promise Homes company. So a couple of years ago,
19:44
Speaker 2: built and still lead. That's Operation Hope. Largest nonprofit financial
19:49
Speaker 2: literacy Promise Homes is for profit, the largest financial literacy
19:55
Speaker 2: financial coaching organization in America. You know, forty plus states,
19:59
Speaker 2: three hundred physical offices, fifteen hundred physical and satellite offices,
20:03
Speaker 2: millions of clients, billions of dollars deployed on the for
20:07
Speaker 2: profit side, a few hundred million dollars in that one
20:11
Speaker 2: business of activity and transactional value. Then the largest financial
20:18
Speaker 2: inclusion holding company in the country. Four hundred employees all
20:23
Speaker 2: that stuff. Okay, so does that make me a leader
20:27
Speaker 2: or a manager? Well, I'm both. In fact, I'm more
20:33
Speaker 2: than that, if you listen to the titles I mentioned earlier.
20:36
Speaker 2: My mistake was that I could take somebody who was
20:43
Speaker 2: not even a manager a tactician, and turn them into
20:47
Speaker 2: a manager or no jump over management, and make them
20:51
Speaker 2: a leader by giving them a title because I like them.
20:55
Speaker 2: You can put wings on a pig and hope it
20:57
Speaker 2: will fly. It won't. If you put wings of a
21:00
Speaker 2: pig and hope to fly, It's not the pig's fault,
21:02
Speaker 2: it's yours. That's what I was doing. I was taking
21:07
Speaker 2: people I cared about, I liked, I thought were amazing,
21:10
Speaker 2: giving them a title, giving them a paycheck because they
21:13
Speaker 2: said they could do it, they wanted it, they desired it,
21:17
Speaker 2: told me they could handle it. Don't worry, had no
21:20
Speaker 2: experience in the situation we're talking to me about, telling
21:23
Speaker 2: me they could do romanticize what I was doing by
21:27
Speaker 2: looking at what I was doing. Oh my god, that's
21:29
Speaker 2: so easy and not easy, and just fell right on
21:33
Speaker 2: their flat on their face half the time. And you know,
21:38
Speaker 2: sometimes ruin the relationship because I'm pushing them to be
21:42
Speaker 2: the best that I see in them. But what I
21:44
Speaker 2: see in them is not what they see in themselves.
21:46
Speaker 2: How I see them is not how they see themselves.
21:48
Speaker 2: I remember there was one dude who worked for me
21:52
Speaker 2: and really talented in many areas, really talented the areas,
21:58
Speaker 2: great in community, great with kids, great, I mean great
22:02
Speaker 2: with anything black is in black issues, great personality. And
22:09
Speaker 2: one day I noticed that on the on the business card,
22:14
Speaker 2: the signature line on the email that we assigned to
22:17
Speaker 2: them at the company and I pay for the email,
22:22
Speaker 2: title had changed to regional CEO. And I'm like, well, hell,
22:26
Speaker 2: I don't have a regional CEO. I called chamber my
22:29
Speaker 2: my my manager liked, did I change titles? Did I
22:33
Speaker 2: approve channel title changes? And I just don't remember it. No, No,
22:36
Speaker 2: you have regional you have market precedents and market leaders.
22:40
Speaker 2: You don't have a regional CEO. You're the CEO. John,
22:42
Speaker 2: thank you reminded me. I appreciate that. So I call
22:45
Speaker 2: this person. I'm like, look, you know you already CEO
22:48
Speaker 2: chief executive officers. What that means you got to write
22:51
Speaker 2: a check or cause checks to be written, like you
22:54
Speaker 2: got a hunt CEO is a hunter, and uh, this
22:59
Speaker 2: person didn't want to. They wanted to flass. They wanted
23:02
Speaker 2: to have fun, they wanted to enjoy themselves. They wanted
23:04
Speaker 2: to chill. They wanted to go to parties and receptions
23:06
Speaker 2: and go to the White House and go what go
23:09
Speaker 2: go do what they do well. And I'm like, that's
23:11
Speaker 2: only part of the job. It's a very small part
23:13
Speaker 2: of the job. Actually, I hate going under these receptions
23:15
Speaker 2: and all this stuff when all I'm doing is just
23:17
Speaker 2: talking about blah blah blah. I want my problems have
23:20
Speaker 2: to have a beginning and middle and an end, right.
23:23
Speaker 2: And so this person told me that they were good
23:28
Speaker 2: at a word i'd never heard of before, ideation, And
23:33
Speaker 2: I'm like, wow, okay, it just taught me something. And
23:36
Speaker 2: I've learned that word ideation. It's a really important word.
23:39
Speaker 2: But I also realized I had put this person in
23:40
Speaker 2: the wrong job, and to their credit, they quit. But
23:45
Speaker 2: I had been paying them for a long time to
23:47
Speaker 2: not do the job that I asked them to do.
23:49
Speaker 2: They decided to do the job they wanted to do.
23:51
Speaker 2: I mean I'd come in and they'd be in my
23:53
Speaker 2: office doing photoshoots in my office, right and I was
23:57
Speaker 2: out traveling trying to raise money, and I had a budget,
24:00
Speaker 2: and they had to meet the budgets. If you're gonna
24:01
Speaker 2: have this time, you gotta meet the but ian. You
24:03
Speaker 2: want to get rid of somebody quickly give them a
24:05
Speaker 2: fundraising go.
24:08
Speaker 1: Once again, thank you for tuning into the Black Effect
24:10
Speaker 1: Podcast Network. Seeing you in twenty twenty five for more
24:13
Speaker 1: great moments from your favorite podcast.