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John's Dad: The Story of Johnnie Will Smith

Money And Wealth With John Hope Bryant

Thu Dec 26 2024

Summary

Podcast Summary: "John's Dad: The Story of Johnnie Will Smith"

Podcast Title: Money And Wealth With John Hope Bryant
Host: The Black Effect and iHeartPodcasts
Episode: John's Dad: The Story of Johnnie Will Smith
Release Date: December 26, 2024

Introduction

In this compelling episode of Money And Wealth With John Hope Bryant, John Hope Bryant delves deep into the personal history of his father, Johnny Will Smith, unraveling the intricate tapestry of legacy, financial literacy, and generational wealth within the Black community. Through heartfelt storytelling, Bryant elucidates the pivotal role his father played in shaping his mindset towards money, entrepreneurship, and resilience.

Legacy and Early Life

Roots in Mississippi

John Hope Bryant begins by tracing his lineage to his grandfather, R.B. Smith, born in Mississippi in 1871—a period shortly after the Civil War. Bryant reflects:

John Hope Bryant [04:15]: "RB Smith was a sharecropper in Mississippi, working a small plot of land worth $700 at the turn of the century. His self-determination laid the foundation for my father's entrepreneurial spirit."

He highlights the historical context, suggesting that R.B. Smith was likely born into slavery and later became a sharecropper, symbolizing both the struggles and the relentless pursuit of economic independence.

Aberdeen, Mississippi and Confederate Legacy

John's father, Johnny Will Smith, was born in Aberdeen, Mississippi, a town with a complex history tied to the Confederate Congress. Bryant notes:

John Hope Bryant [05:50]: "Aberdeen wasn't the most progressive town. Yet, my father rose above its Confederate legacy to become a successful businessman."

This section underscores the contrast between the town's historical backdrop and his father's achievements, emphasizing resilience amidst adversity.

Entrepreneurial Journey and Financial Literacy

Building a Business Empire

Johnny Will Smith emerged as a prominent figure in South Central Los Angeles, owning multiple businesses:

Cement Contracting Business
Eight-Unit Apartment Building
Gas Station at Vernon and Normandy
Nursery Business

John Hope Bryant [10:30]: "My father was a businessman in every sense—respectful, driven, and a community pillar. But he lacked financial literacy, which ultimately impacted our family's legacy."

Despite his visible success and community respect, Johnny's lack of financial knowledge led to strategic missteps, particularly confusing cash flow with profit. This misconception was pivotal in the eventual financial decline.

Mismanagement and Floating Checks

Johnny often floated checks based on his personal credibility with bank branch managers rather than actual financial standing. Bryant explains:

John Hope Bryant [17:45]: "My dad thought cash flow was profit. He bid low to secure jobs, believing he was financially thriving because he had money on hand, not realizing he was eroding his actual profits."

This practice led to accumulating bank fees and eventual financial instability, despite appearances of prosperity.

Impact on Family and Generational Wealth

Mother's Financial Savvy vs. Father's Illiteracy

Contrasting Johnny's financial struggles, Bryant's mother excelled in financial management, amassing a significant net worth through prudent savings and investments despite holding an hourly job.

John Hope Bryant [26:39]: "My mother worked an hourly job at McDonnell Douglas Aircraft and died with a million-dollar net worth. She was the true financial genius of our family."

This disparity between parental financial habits highlighted the critical importance of financial literacy in sustaining generational wealth.

Loss of Family Wealth and its Consequences

Johnny's financial mismanagement led to the loss of the family's assets, including their apartment building and other business ventures. Bryant reflects on the emotional and financial toll:

John Hope Bryant [35:52]: "We lost everything. My parents stressed over money, leading to their separation and the dismantling of our generational wealth."

This loss underscores the necessity of combining respect and personal relationships with sound financial practices.

Lessons Learned and Financial Advice

Avoiding Emotional Financial Decisions

Bryant emphasizes the importance of separating emotions from financial decisions to prevent detrimental outcomes.

John Hope Bryant [39:10]: "Don't make emotional decisions. You can love your family and not do business with them. Protect your financial well-being by keeping clear boundaries."

The Importance of Wills and Insurance

He advocates for essential financial tools to safeguard against unforeseen circumstances:

John Hope Bryant [35:52]: "Every listener needs a will to prevent disputes upon passing. An insurance policy is the cheapest form of generational wealth creation, ensuring your heirs can continue your legacy."

Promoting Financial Literacy

Highlighting the broader community impact, Bryant stresses the need for financial education:

John Hope Bryant [49:47]: "Financial literacy is not just personal—it's communal. Understanding money management is crucial to preventing the loss of generational wealth within the Black community."

Personal Reflections and Final Thoughts

Dealing with Loss and Responsibility

Bryant shares his personal experience handling his father's declining health and eventual passing, highlighting the emotional challenges tied to financial responsibilities.

John Hope Bryant [48:31]: "When my father was on life support, I had to make the tough decision to let him go. It was a moment that tested my maturity and resilience."

Creating Operation Hope

Inspired by his family's journey, Bryant founded Operation Hope to serve as a "private banker" for the working class, aiming to provide financial education and support to prevent others from experiencing similar losses.

John Hope Bryant [49:55]: "Operation Hope exists because of my father's legacy and our family's hardships. We empower individuals to make informed financial decisions, building a foundation for lasting wealth."

Closing Wisdom

Concluding the episode, Bryant reiterates the fundamental principles learned from his parents:

John Hope Bryant [50:08]: "Wealth is not just about making money—it's about keeping what you earn, understanding it, and passing it on wisely."

Key Takeaways

Financial Literacy is Crucial: Understanding the difference between cash flow and profit can make or break a business.
Respect and Relationships Matter: While personal relationships are vital, they should not interfere with sound financial decisions.
Essential Financial Tools: Wills and insurance policies are indispensable for safeguarding family legacy.
Generational Wealth Requires Education: Continuous financial education can prevent the loss of wealth across generations.
Separation of Emotions and Finances: Emotional decisions can lead to financial instability; maintaining clear boundaries is essential.

Notable Quotes

John Hope Bryant [26:39]: "Proving trust is more important than ever, especially when it comes to your security program."
John Hope Bryant [35:52]: "Don't make emotional decisions. You can love your family and not do business with them."
John Hope Bryant [49:47]: "Financial literacy is not just personal—it's communal."

Conclusion

In "John's Dad: The Story of Johnnie Will Smith," John Hope Bryant delivers a poignant narrative that intertwines personal history with broader lessons on financial management and legacy. By sharing his father's successes and shortcomings, Bryant not only honors his father's memory but also provides invaluable insights for listeners aiming to build and sustain their own wealth. This episode serves as a testament to the importance of financial education, resilience, and the enduring impact of familial legacy.

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Transcript

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John Hope Bryant (1:08)

It's one reason we save voicemails from people we love. And when I need a one on.

Pandora Jewelry Advertiser (1:13)

One boost, of course I call my girl Giselle. When I want some comfort, it's my dad. ATT wants everyone to share their voice over the holidays. So go ahead, send a voice note.

John Hope Bryant (1:25)

Leave a voicemail, call, call someone.

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Because it's more than a convo.

Pandora Jewelry Advertiser (1:29)

It's a chance to say something they'll hear forever. Happy holidays from AT&T. Connecting changes everything.

John Hope Bryant (1:39)

This Christmas. So you're her, right? You're the boxer.

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Experience the incredible true story.

John Hope Bryant (1:44)

As long as I'm boxing, I'm gonna be okay.

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Of Clarissa Shields.

John Hope Bryant (1:47)

My baby going to the Olympics. Let's go.

Wasabi Technologies Advertiser (1:50)

John Hope Bryant (2:36)

Or dsw.com welcome to Money and Wealth with John Hope Bryant, a production of the Black Effect podcast network and iHeartRadio. We're all role model, right? So, you know, we model what we see. This is. This episode's dedicated to my father, Johnny Will Smith. Without him, I wouldn't be me. Johnny Will Smith, the son. Him, the son of my grandfather, R.B. smith. R.B. smith was born in 1871 in Mississippi, which means, you know, they weren't passing out memos in Mississippi in 1871. The Civil War was over, over in 1865. They weren't passing out memos saying you're free. So it's at least 50% likely that RB Smith was born into slavery in Mississippi. At the very least. I know he was a sharecropper in Mississippi and ultimately the farm that he owned, a small crop of land that he worked in Mississippi, was worth $700, you know, as we went into the 20th century. So he worked that land for 30 plus years, well, at least 20 years, and, you know, ended up with a $700 asset that he might not have actually owned because he was a sharecropper. But the legacy of him and self determination led to my father, who was born in Aberdeen, Mississippi. Population now about 5,000 people and unfortunately declining. There's no industry there. Little town in Mississippi. And by the way, just fun fact here, some of the notable citizens of Aberdeen, Mississippi are James Phelan Sr. And Junior. James Phelan Sr. Was a member of the Confederate Congress, the folks who are fighting to sustain slavery in the 1800s. He's a member of the Confederate Congress. Congress. And then his son went on to become a member of the US Congress right after that. I can't imagine that there was some kind of a deathbed conversion between senior and junior as members of Congress. So my guess is that this legacy of Confederate philosophy carried on for quite some time as both these folks were members of Congress from Aberdeen. So that was an example of maybe Mississippi not being the most progressive. But my dad left there and because of my grandfather being a sharecropper, he became a businessman. And of course, I became an entrepreneur. Hello. We are all role modeling, right? We're modeling what we see. And there's an old Southern saying, no matter how much I love you, son of my daughter, my son or my daughter, if I don't have wisdom, I can only give you my own ignorance out of love. We pass down bad habits from generation to generation. And you know, there's another. There's a biblical story Fable that basically paraphrases. Watch how you live your life. It may be the only Bible that anybody else reads. So role models matter, right? And I'm an entrepreneur because my dad was a businessman. My dad was a businessman in part because he saw his dad pursuing self determination in the 1800s. And certainly my great grandfather was a slave, without question. So Johnny Smith, you know, was a great man. He's passed on to glory. But he had challenges, he had drama, he had, you know, he would shoot himself in the proverbial foot because Ambassador Andrew Young says that men and women fail for three reasons, arrogance, pride, and greed. My daddy was not greedy, but he was full of pride and slightly arrogant. I understand some of it. He was successful, as you know, that story goes. He met my mother because he was driving his fancy car from Los Angeles where he lived, down south. I don't know the exact pathway, but for some reason he came through East St. Louis, I guess, to visit family, friends, whatever, on his way to Detroit to go buy a new car. Back in the day you bought cars if you were highly successful like that, you wanted to go, I guess, to the manufacturer and buy it off the showroom floor in the manufacturer. I guess it was a thing. And he would drive the car back to Los Angeles. It was his way of showing his success. So on the way to buy his car in Detroit, he stopped in East St. Louis and he was hit over the head with the Love Jones of my mother. He saw my mother and lost his mind. And the rest of that story, we say, is history. I did a separate podcast on my mother, so you can go listen to that and see how they came together and how their stories grew and then departed from each other. So he met my mother, lost his mind. But the good news is they moved to Los Angeles and they had me. Little known story. My birth certificate has three aliases on it because my dad kept thinking that I wasn't my mother's, that he wasn't the father of my mother's child. He thought I was too young. Who's this little yellow boy? My dad was darker. So who's this yellow boy who you been hanging out with? This is not my son. He looks like a Hispanic kid or whatever, right? And so then my mother wanted to name him, name me Brian Keith after an actor, I'm told. He said, who's Brian Keith? I want my name, my son, to be named Johnny Smith. There's not a more unimaginative name on the planet than Johnny Smith or John Smith. He wanted me to name John Smith. My mother's like, oh, not oh my dead body. Are you naming our kid John Smith? So I had. They changed my birth certificate three different times in the hospital the same day. Of course my mother won, so I ended up being John Bryant. The rest is history, as they say. So my dad went on to own a. To start a cement. Sorry, he already had a cement contracting business in South Central Los Angeles. Again, he was a community baller. I mean he was successful, highly successful by community famous standards, right? The stories of my dad are legend. He wore these flashy suits with big collars and he loved his brim and his hats and he loved his fancy shoes. He looked like a. He looked like a pimp. I mean, I'm just gonna say a classy pimp, but he looked like a pimp. Now listeners, you need to translate what a pimp is. I guess put, you know, leave me a comment or something or just ask a black friend, right?

John Hope Bryant (13:35)

So dad was slick. He was smooth, right? He was a smooth talker and. But my dad didn't know what he didn't know. So when my dad was going to go talk to get money, he'd go. He thought the bank was the branch like he thought that bank of America or Wells Fargo. He thought that entire bank was representative of this branch and he knew the branch manager. And when he was going to write a check that wouldn't cover that couldn't be covered money in the bank. He thought his real credibility was going out of the bank. He. His time was less valuable than, you know, other things. My time is the most valuable thing I have. You give me a choice today between more time and more money. As they give me more time, I'll make more money. But my dad value other things. So he would go down to the bank several times a week to let the branch manager know that he would not be, you know, he needed him to cover this check. And this is what we did in the community. This is what he did in the community was a common, common situation. Floating checks, some of you listening who are old enough to know what I'm talking about, understand floating checks was a common situation. And that banker, as long as my dad knew the branch manager, it was the personal credibility he had with that banker that allowed him to feel that he had basically a line of credit. He didn't because he had bank fees. Every time he did that, they hit him with a bank fee over his head. But my dad valued respect over everything. So if a mortgage broker showed up in my neighborhood as an example, who was polite and talked and gave my dad respect and consideration and asked him about his family and complimented him on how he was dressing and all this stuff, but he was. But what he had to offer, offer for refinance for the house was a brokered, meaning didn't go directly to the financial source. It was through a financial broker which added an additional fee. It was a broker transaction that was, let's say, 15% interest and 15 points, meaning 1%, 2%, 3%, 15% of the loan amount. Right? 15 points, 15% interest. You know, some of these loans were 20 points, 20% interest. Once you got, once you got loan, you got the loan, you went blind. 20, 20 went to 00. But this was common in our neighborhood. Hard. So my, my dad would take that loan because the guy was nice to him. Look, but if somebody came along, was rude to my dad, but had a 3% mortgage, he would send that guy packing. Hey, I'm just the opposite, right? You can curse me out, you can say everything you want. You can say you're first cousin of James Felon from Aberdeen, Mississippi, and your great great grandfather was part of the confederacy. But if you got 3% money, I'm taking it. Not one ounce of my self esteem and self worth depends on your acceptance of me. It's okay if you don't like me. I like me. Right. Or you respect me and learn to like me, then like me and never respect me. So I went out emotional about money. I'm not emotional about business. Business is just business. But my dad, you know, respect went a long way with my dad. I'll come back to why that's so important in a moment. So my dad was, you know, in many ways, not only just a community success story. He was a bit of the, you know, original freedom fighter in our family because he served as a deacon on the board of the church. It was a Mount Calvary Missionary Baptist Church. I can't remember the reverend's name. It's probably good, but his whole family, you know, owned the church. I mean, literally owned the building. And it was only like 40 members. And the pastor was driven up in a limousine. The limousine was longer than the church was wide. And my dad was a deacon in the church. And my dad wasn't really feeling all this stuff that the family, the pastor and his family were doing. But he was committed to the gospel, committed to God. But when he discovered that there was fraud going on with the pastor, he approached him in church. And the son of the. Now my dad, dad was a big guy. He was a construction guy. He owned a construction cement masonry company. Johnny Cement work. He's a big guy. But, you know, he was an older guy, he was shorter, stocky. And the son of the pastor was big and tall. And he clocked my dad to keep my dad from spilling the beans on the malfeasance going on in the church. He hit my dad and I believe knocked him out. And that wasn't the, that wasn't the last time because my dad wouldn't give up. He wouldn't give up, wouldn't give in. He was like, no, this is unethical, this is illegal. You can't do this in the house of Lord. So he, he was going to file formal charges. And he was at a construction site and this son showed up to the construction site. They had a fight. My dad had built, dug a hole, a construction hole for something. And the guy ended up actually pushing my dad in that hole and filling that hole up with sand up to my dad's neck. He was trying to kill my father. And luckily, authorities and people interceded. But by the grace of God, that moment could have been my dad's last. But he just wouldn't give up or wouldn't give in. He fought for justice, and not just us. And he and my mother ultimately built a little conglomerate, a little empire in South Central la. They owned their own home on Santa Barbara Boulevard is now Martin the King Boulevard, west of western, south side of the street. They owned an eight unit apartment building they owned which they bought for $18,000. I believe it would be worth several million dollars today. We owned a gas station at Vernon in Normandy, I believe, southeast corner. We owned a decimic contracting business. We owned a nursery business which my mother ran. And I was the first client. My mother pimped me. I mean, I mean, leverage me as a client to get other clients. I was the marketing agent. Like, look how well I'm treating my son. You need to come and Be a client too. It was all good. It's fine. My mother, My mother was brilliant at managing money and building as my dad was Mr. Outside, she was Ms. Inside. In a relationship is the only time the Math shouldn't work. 2 +2 should equal more than 4. The 2 +2 does not meet equal 6, 8 or 10. What are you doing? Right. If you're not better together, what are you doing? So we own all this stuff. But when my dad was financially illiterate, right? So my dad didn't understand money. He thought that cash flow was everything. So he'd go bid on a job. And so my dad wasn't dumb, he wasn't stupid. He was really, really smart. But no one taught us financial literacy. The Freedmen's bank failed. And that's what's supposed to teach free formerly enslaved people about money and free enterprise and capitalism, economics and opportunity. And we never got that memo. That's one of my books, the memo. Read it. Progressive capitalism. Read that for nothing. Read that. And. And so he just didn't know what he didn't know, but he thought he knew. It's what we don't know that we don't know this killing us, but we think we know. And so my dad confused cash flow with profit. And so somebody would go bid a job before him for laying a cement driveway, they bid, let's say, $1,000. $1,000 today would be a bargain for any kind of driveway. But it was $1,000 back then. And my dad would just go in and bid under them. $900. Well, the materials might be 925, might be 950 with the materials and labor, who knows? My dad just would take a scratch pad and sort of scratch some stuff out, but he'd miss some stuff. But he got the job, right? So the more money he made, the broker we got, he make a dollar and spend A$50. He thought again, cash flow is profit. Hello, Wrong. And so he started missing payments on the mortgages and missing payments on. I remember my dad met people asked me sometimes, why is it that I'm not racist? Like, why is it that I'm so comfortable with different races of people? And I would say that it doesn't matter whether you're white, black, red, brown or yellow. We just all want some more green, as in the color, at least in the US of US Currency. Because the front door of my house on Martin Luther King Boulevard, before that Santa Barbara was the payroll center. My dad would open that door on Fridays at 5:00 and meet payroll. And the workers were white, they were black, they were Hispanic, they were Indian workers, Native American Indian. They all worked for my dad as. As day laborers. And. And some of them were, you know, had worked for my dad four years. And every Friday, no matter what, he met a payroll. Now, he might have. He wasn't. He didn't think he was broke. He had cash left over at. On Friday night to go out to the juke joint or wherever and hang out, buy some clothes. But he might not have enough money for the mortgage payment or the car note or whatever. Right. But he had enough money that moment. And so he thought he was rich. And he. And we were actually broke. But. But I had this comfort with race because at an early age, not only did I see bankers in my classroom and teachers who happened to be Caucasian, and we got a loan. They were decent to me, thank Go versus my friends growing up who had this experience of white people who would throw them against a patrol car and pat them down or worse. And so they became resentful of white people. That wasn't, thank God, my experience. And then I had also this experience of seeing my dad in a superior business position. Not superior as a human being, superior as in the pecking order of the relationship to these other people who happened to be of other races as he was meeting payroll. And so I. I just remembered that very powerfully in my. In my mind, and I was like, shoot, I want to. I want to. I want to write the check. I don't want to cash it, right? I want to be the business owner, right? And I. And I. And my dad used to force me to go to jobs with him, cement contracting jobs. And I mean, I remember, I used to. I hated that. Oh, I hated this. This was, this. This is probably why I was like, I know I got to work for myself. I. I used to go to these jobs and it was so hot. And he. My dad. My dad's truck had no air conditioning. And literally, like, my mouth in my face, side of my face would stick to the side of the glass. You know, it was so hot. And I'd go to sleep and I had to peel my face off the glass. He'd stay inside talking to somebody for an hour and a half. You know what? I run in his mouth about something. And I got some, like, gift for gab and love for words from him, I'm sure. And then we'd go get a job. And I'm the boss's son. I wanted to be a supervisor. Nope. So he put me to work with the other workers doing menial labor. And he would mess with me, dig a hole. Then he'd come back two hours later, fill in the hole. I'm like, okay, I'm done. And I had calluses on my hand. And I'm like, no. Only cut I'm gonna get going forward is a. Is a paper cut, right? You know, endorse that check and deposit it in the bank. I'm not doing this for the rest of my life. But that's. That taught me hard work. That taught me that just because you're the boss of sons, you don't. You don't get a pass, right? That everybody's got a hustle. There's an old saying about wealth creation. The first generation makes it, second generation spends it, third generation loose, right? Well, we didn't. We didn't get to three generations because my dad made it but couldn't keep it because he was financially literate and because he didn't see my mother as a partner with him, he just saw her as his mate. And so she was a financial genius on savings. Please listen to the podcast I did, just dedicated to her. I'll get it into her story. And, you know, he could have made it, kicked it over to her. She could have saved it, invested it, you know, grew it, and it would have been a fantastic union. But that's not what happened. And, you know, the number one cause for divorce in America is money. Number one reason for domestic abuse in households, it's money. Number one reason for heart attacks is stress. Number one reason for stress is money. And my mom and dad stressed over money, and they broke up over money. And we lost everything. We lost our generational wealth.

John Hope Bryant (30:00)

And so we had to start over. My mother had to start over and my dad. And here's the deep part. Now this is really deep. My dad owned his own business and again you know, was self determined and clearly was not lazy, was a hustler by every definition, a respectful definition of that phrase. But my dad died broke. I'm gonna tell you the part of that, the rest part of that story in a minute. My mother worked an hourly job. Listen now, everybody who's employed somewhere. My mother worked an hourly job at McDonnell Douglas Aircraft. And when she passed on, God rest both of their souls, she passed on September 10, 2023. I just lost her recently. She's been promoted, gone to a better place. We're a great relationship, thank God. I did the best I could to make her life comfortable and even joyful. But you know, she, when you look at how much she put in as a down payments to my mother's, my sister and my brother to buy homes and helping her family members and there was time, she helped me coming up, you know, I'm proud to say I paid her back. I'd have to go to her, I think, which is twice in my entire life or for anything that was monetary. But she, you know, you look at their entire net worth, including, you know, I'm the executive of her state. And when she passed, it was a million dollar accumulated net worth for somebody making 15, 18 an hour. Come on, can I get an amen with a high school education, you know what I'm talking about. So here my mother worked a regular job. She died with an accumulation network net worth of a million dollars with a, you know, an hourly job. She retired from McDonald Douglas aircraft, you know, and my dad owned his own business to the day he died and was broke. So there you go. You can do well working at a job somewhere because it's not what you make, it's about what you keep. Can I get an amen? It's the church of what's happening now? What have you done for me lately? So my dad, Fast forward now this story. I'm, you know, I'm older and I've gone out, gone out and done things and, you know, achieved some level of success. I remember my dad, you know, I used to come, I would come home and tell him, oh, dad, you know, my. The president of the United States said my name at a, you know, ceremony or I'm an appointee for the President of the United States and he who is it? And I that particular time, it was, it was President Reagan or President Bush. I've served Republican and Democratic presidents. President Bill Clinton's a friend. I've served Obama and so on, so forth. But this was President Reagan whose wife had mentioned my name and President George H.W. bush who had mentioned my name. And opened a few doors for me. Then the son, President Bush, pointed me to a commission or two, actually, that's more than that, but actually helped to create financial literacy policy to executive order with the Sun. But that's another story for another time. Anyway, I went to go tell my dad and he was. He just blew it off. He just, he's like, he's a Republican, you know, I want to encourage you people, like, who have children, like, if they screw up, say, you know, I'm really upset with you, and, and you're not gonna get away with this, you future lawyer. I'm really frustrated with you, and I'm gonna hold you accountable, you future business person, hold, you know, hold up their aspirations. Because this stuff sticks with kids, right? They're modeling what they see. My dad didn't mean me any harm. He was just talking, you know, he was just. My dad was partisan and he was straight up hardcore Democrat. I get it and respect it. I mean, I'm, I'm from the get it done party. Okay. You know, okay, what party you from? I want to, I want to get it done. Right. But, you know, we had different approaches and we had different experiences. I mean, I had traveled the world. My dad had never been out of the country, I don't believe. And I had by that time traveled to, I think, 20 different countries. I've traveled to 100 now, so I didn't, you know, hold it against them. But I understand my dad had limited experiences and couldn't help me very much. So I didn't talk to him about anymore after that, what I was doing. I just tried to help him do what he was doing. Well, he had moved into a house that I found out he didn't own. And a young lady, older lady, owned the house and allowed him to stay there, but he had to be her girlfriend. Yes, this is a true story. And so I'm like, no, no, no, no, no, no, that can't happen. So I'm buying the house, right? But I'm a capitalist, so I'm like, I'm buying this house, But I, I'm not going to just here, like, have this expense on my balance sheet. I'll buy the house. Let's knock down three walls, keep one wall up, get plans for a three or four unit apartment building, build three or four units around those three, the one remaining wall, get permits, get a construction loan, and then let's rent out the three units. You live in the first unit, and let's have a positive experience of what we messed up when my parents bought that eight unit apartment building growing up. So dad was like cool. And so I bought the house he was in from the lady. We got a construction loan from Wells Fargo. And this is why I'll never hate on Wells Fargo. And Tom, what's my man's name? I gotta find his name. I gotta give him credit. Tom at Wells Fargo because if he had Thomas Swanson, if he had defaulted on me, I wouldn't be here today because I got this construction loan. My father was in construction. So I said, okay, well, I'm gonna let you manage the construction loan. Wrong, I should remember. And I gave my dad always with a Merry Express card, a green card back then. He maxed out the green card almost immediately. I remember $6,000, almost lost my mind. And I couldn't pay it. And he couldn't pay it. He didn't know he charged it and he had mismanaged the construction loan and we ended up with a half done project. Luckily for me at this point particular time values were going up and I went to the banker and I just admitted, hey, my dad screwed this thing up, I'm responsible for it. But I got to get this building completed and he refinanced that construction loan. Can you believe that?

John Hope Bryant (39:26)

The Banker White banker Tom Swanson. God bless you man. He refinanced that construction loan. If he hadn't refinanced that construction loan into a new construction loan so I could finish that building, I'd be toe up from the flow up. I'd be broke. Poor. I'd be so poor I couldn't pay attention. I'd be so poor. Have a po. Not the. Or just po. Po. I mean I'd had to file bankruptcy. It had been done. This was real money back in those 600, $700,000. That was everything. And I took the, you know, tough love now I took the responsibility. I canceled the credit card with my father, and I took the construction loan away from him and had a. Another contractor to manage it. So here's a lesson for you. Don't make emotional decisions. Whatever decision you make emotionally is going to be the wrong decision. You can love your family and not do business with them. You can love your family and not put them in a situation where they don't. They're not qualified. You're not doing them any favors. You're not doing yourself a favor. And when you go and ask for your money, it's going to be drama. So just don't put yourself in that situation in the first place. Like, if it's charity, go make your money over here and then go give it to somebody if you want to. But don't expect somebody who is financially illiterate. They're not dumb and they're not stupid. They're not dumb or stupid. It's what they don't know that they don't know that's killing them, but they think they know. If I want to want some knowledge about the Bible, go to my father. He was brilliant. He had the Bible, like, memorized. Like, if I want to learn about, you know, fashion and styles in the neighborhood, go to him. I want to learn about cement masonry, you know, working in, you know, hot temperatures outside. There's a whole bunch of things that my dad was really, really good at. Could school me on how to float checks, right? But financial literacy is not one of them. Project management, business management was not one of them. It's not a knock. It's just he didn't know what he didn't know. And we got to stop rearranging the deck chairs on the Titanic in our lives. The ship is sinking and we're picking drapes. So, yeah, we finished the apartment building and he turned up his nose on me. But he got over it. And he lived in that unit, dignity, until the day he passed away. And I remember getting a call from Rachel, my chief of staff, Rachel Duff, who was like a. He considered her a surrogate daughter. True conversation. He actually at least told her he, you know, played like he was closer to her than me because he was. He was knocking on me because I. I was an independent spirit like him, and I was out running around trying to make the money so I couldn't be around LA as he was spending it. But I was honored to be able to take care of him, right? And all of us should want to take care of our parents as they took care of us. But that doesn't mean you're going to agree on everything. So Rachel called me and I had to run home and my dad was on a ventilator at Cedar Sinai Hospital. And I, and I remember, you know, I said to the doctors, what do you, you know, how do you guys feel about playing God? They're like, we're not playing God. You are. If we take your dad off of this machine, he probably will float and pass away, you know, in minutes. These machines, millions of dollars of equipment are keeping him alive. We're not playing God. You are. This is your choice. And I had to, you know, I'm the youngest in my family, but I had to step up and have maturity. And I got everybody on the phone and, and we collectively as a family said our goodbyes and we said, look, either his body's given out, he's given up, or God has called him. Either his body's given out, he's given up, or God has called him, or we're going to disconnect this equipment and he will somehow come back on his own religion. That'll be fantastic. But, you know, does he want to be a vegetable for the rest of his life? Is this the way this quality of life he wants? Probably not. And he should have had a will. He didn't. By the way, my mother died with a will. She wrote one. Everybody listening to this? You need a will so people don't fight when somebody passes on. And they will fight because money changes people's mental makeup. I'm sorry, Money changes people. So luckily here the money was mine, so there was not much of a fight. Although people did find a way to have an attitude with me. I can't quite figure that out because they weren't anywhere around when dad was sick. But okay, be gracious, but I just can't encourage you enough to get your affairs in order and get a will. And if you can, get a burial plot and if you can get an insurance policy. Policy, because the insurance policy is the cheapest form of generational wealth creation that you can pass on to your children. You don't have much money, you don't have work as a young person, 20, 30, 40 years old, go get you a term or whole life insurance policy and name your beneficiaries and create a will and you change the will, change the beneficiaries on the insurance policy. So when you pass away, maybe you only made 30 or $40,000 a year, but you could have a half million dollar life insurance policy and your heirs get the benefits of that and are able to reset their life, go buy a house or start a business or whatever, you know, continue the legacy of the family. But my dad didn't do any of that and I, you know, I, I had to start from scratch. But we, you know, he, we, we made the decision to let him, you know, pass on or to let him float as they said in the hospital. And yes, he passed on. I don't know why we get upset and want to blame God for death. By the way, you know, we don't know how long we gonna live, but we dang sure know we're gonna die. Like, what's the mystery? You know, we salute and we celebrate children coming into this world, but we want to rail at God when elderly people transition. This is the ebb and flow of life. And we're not human beings having a spiritual experience. A European prophet said. This European philosopher. Sorry, we're spiritual beings having a human experience. We're not human beings having a spiritual experience. We're spiritual beings having a human experience. Energy matters. And those people are going to be with you forever. My dad's still in me, my mother's still in me. And their legacy lives through me. Just their physical body has fallen away. And now I'm trying to give the benefits of their legacy and their lessons to you. This is John Hope Bryant and this is a civil rights movement. From the streets to the suites, from civil rights to civil rights. This is the work of Operation Hope where we are the private banker to the working class and the working middle class and folks with too much money at the end of their money so you don't have to be like my father and scratch and scream and scrimp and make bad decisions like you can do better right where you are and we can show you how and we can go to 1 million black business initiative. We can show you how to create a proper business with an even an e commerce business at no cost to you. By the way, rainbows only follow storms. This is my rainbow after the storm. And the reason that we have Operation Hope today is in part because of what my dad did for me. The positive and even the so called negatives. You can't grow except through legitimate suffering. Only through legitimate suffering do you grow. I learned many lessons from my dad and I love him forever and ever and ever. And I will try to make him proud. Even though I deal with politicians from all sides of the aisle. Love and light. I'm out. Money and wealth with John O'Brien is a production of the Black Effect. Podcast Network. For more podcasts from the Black Effect Podcast network, visit the iHeartRadio app, Apple Podcasts, or wherever you listen to your favorite shows.