← Konnected Minds Podcast with Derrick Abaitey
Konnected Minds Podcast with Derrick Abaitey
Segment: 'You Can't Email Wealth' - Why Your Land Means Nothing to Bank of America But Bitcoin Does
00:10:17
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Transcript18 lines
- [00:00]
A
I think the last time I had a conversation with someone this was about a year ago, mtm was about 1.70 or something. Now it is crazy, you know, so this whole stock conversation, it's, it is the truth. I mean, my portfolio has grown. I've got two portfolios for stocks and then I've got a portfolio for crypto. My stock portfolio has grown BY I think, 18%, 18%. And then the one I do with my bank, which is, you know, high risk stock investment that has grown by, I think it's about 19.5%. So there's really good growth.
- [00:38]
B
Absolutely.
- [00:39]
A
I'm seeing, yeah. For me, look, the reason I invest in stocks and crypto is not because I want to take the money tomorrow. I'm doing it because, you know, when the kids get older and I want to give them something, I just give them, gift it to them.
- [00:51]
B
Right?
- [00:52]
A
Give them a part or leave it to them. It's not really about. I'm trying to survive on it because I have other businesses. I do, you know, and I think that's what listeners should really get from this. Like you said, yes, a part of your money can go into real estate.
- [01:05]
B
Parts, you go into stocks and parts.
- [01:07]
A
You go into your cash cow pass, you go into Bitcoin. Like you're saying, yes, right? Then this is how you know that you are building wealth. Because you are, you are almost everywhere.
- [01:17]
B
You are diversified. And I believe our people need to have exposure to digital assets. It's just so important. And I know there are always. Land has land. Here's the thing, okay? Land is valuable locally, Locally, within the borders of the country that you are in, let's say Ghana, for example, let's take prime property, Airport Hills. What is a plot of land or a real estate property at Airport Hills worth to bank of America or worth to in the US financial system, they can't value it, so they place no worth on it. So it's local. So land is locally powerful. Bitcoin is globally powerful. The price of bitcoin in Ghana, the same as the price of bitcoin in Turkey. The same as the price of bitcoin in Europe, the same in the US Australia. It is the first property that an individual, individual can have and hold. And wherever they move on this earth, so far as there's an Internet connection, WI FI data plan, they have access to their property and wealth.
- [02:36]
A
There are some people who trade digital assets. They actually, they trade it like a day trade or I don't know, like, I don't know Whether they're day traders. What do you say to that?
- [02:46]
B
A gentleman by the name of Michael Saylor. He said it would have been fun to trade Apple stock when they launched their iPhone Apple. The stock back then maybe was, who knows, $5, $10, $20. And then maybe they trade back and forth, back and forth. Some days is down, some days it's up. And as they are going along the way, they are making money 50% of the time and losing money 50% of the time. Because that's typically what happens with trading. You have to time and then hope and then your heart. So much work versus someone could have bought the Apple stock and then they just keep buying more every month or every year from the time they launch the iPhone till today. That person would have grown their wealth. I don't have the exact percentage by at least 10x10 times thousand percent. Over 1000% since 2008. 9 When the iPhone was launched. So, you know, Derek, I'll never forget I was in Bronx, New York, you know, when my family, we immigrated to America. We went from an upper middle class household in Ghana to bottom 10%. I was working at a children's clothing store in New York, Fordham Avenue. I was earning $7 an hour. I was the person who would carry the children's clothes from upstairs. When the ladies will put the, take the wrappers off of the new clothes, put it on the rack and then I'll carry the rack, walk downstairs, put it on the, on the floor, go back, carry the next rack. That was my job and I was being paid $7 an hour to do that job. One Friday, I was paid back in the day. They count out the money for you. They open the register. Oh, Hans, you earned $250 this week. They counted out, they gave it to me when I walked out. They were a group of boys and I just say, hey, like, you know, cheering. So I went to look what was happening there. We're playing this game, three cups and then there's a ball. And we'll be shuffling the cups over the ball and if you can guess which cup has the ball, your money, you can double it instantly. So I stood there for about 10 to 15 minutes watching every single cup that I thought in my mind, oh, it should be in the left cup to pick it up, it's there. But guess what, someone else was getting the money. Then they'll be flowing the person. So after 15 minutes I said, nah, it's my turn. So I said, oh, you guys, I want to play. Took out a hundred Dollars, handed it to them and I walked up, they shuffled the cups and I saw the ball going to the right cup and I pointed to it. When they picked it up, it wasn't there. Poof, 100 gone. But do you know what I said? Oh, that was a mistake. Maybe I wasn't paying close enough attention. So I said, oh, I want to play again. Took the other hundred dollars. Mind you, I was given 250 for a week's worth of work. Took the other hundred, gave it to them. This time they were slow. Shuffling is slow. And I saw the ball with my own eye going to the left cup. I said, ah, God, I'm just, if this hundred, I double it, I'll just take my 250 and go home. I pointed to that left cup, he picked it up and I started crying, started crying. The ball was nowhere to be found. Just turned around and just started walking up to go and catch the bus to go home in tears. I feel God knew that at a certain point in my life I am going to be one of the voices of financial education and because of how much I commit to studying financial markets. So if I'm spending three to five hours on digital assets, the remainder of the time, which maybe is another three or four hours or so, is broader stock market and financial markets. If I'm studying this much, I should be one of the greatest traders on the planet because if this happens to Venezuela, I can calculates the rippling impacts of it to anticipate which companies will benefit. If the US is currently working on digital assets framework. Oh, I know that this, these companies will benefit. If this current administration is pro business, pro growth deregulation. Oh, these companies will benefit. Even banks will benefit because now the regulation on banks won't be as much. So I can anticipate all of these things. So in essence I should be one of the greatest short term day traders in the world. But God taught me that lesson. So because of that I do not subscribe to it.
- [07:35]
A
Day trading is a scam.
- [07:37]
B
I wouldn't call it a scam. I'll just say people day trade for a lack of knowledge. And it is simply that they are trying to create a baby in one month by trying to get nine women pregnant. Hmm.
- [07:57]
A
Is there anything we could have spoken about that we haven't?
- [08:02]
B
Derek, I just want to leave your listeners with one thing which is I want them to understand that this digital asset space. Yeah. Is one of the greatest wealth transfers we've ever experienced in our lifetime. See, right now the super rich and wealthy are extremely rich and wealthy. They have most of their money in properties, stocks. So that money is trapped. So if God could devise a way to slowly funnel a portion of that money into something else to distribute the wealth, it would be Bitcoin. Now, I understand many individuals might say, but I don't. I can't see it. I can't touch it. That's equivalent of people to people saying, oh, I can write a letter and put it in a mailbox and physically put it there, so why should I email or why should I text? People don't see Facebook and Instagram, but they use it every day. And it's a multi trillion dollar company. You don't need to see something to benefit from it. People don't even see electricity. Benefit from it every single day. I just want everyone listening to this to get exposure to their assets. But even before they do, they should educate themselves. Yeah, educate themselves. There's a website that has actually a lot of resources about Bitcoin. Hope.com because there's an understanding that bitcoin is hope for humanity.
- [09:43]
A
I love it. I love it. In building wealth, which one of these helps the most? Motivation or discipline?
- [09:51]
B
Discipline.
- [09:54]
A
Okay, okay. Dr. Hans, what's the best advice you've ever received?
- [10:09]
B
Success is what you attract by who you become. Connected minds. Podcast.