Loading summary
Transcript32 lines
- [00:00]
Ryan Seacrest
This is an iHeart podcast.
- [00:05]
Oracle Cloud Advertisement
In business they say you can have better, cheaper or faster, but you only get to pick two. What if you could have all three at the same time? That's exactly what Cohere, Thomson Reuters and Specialized Bikes have since they upgraded to the next generation of the cloud. Oracle Cloud Infrastructure OCI is the blazing fast platform for your infrastructure, database, application development and AI needs where you can run any workload in a high availability, consistently high performance environment and spend less than you would with other clouds. How is it faster? OCI's block storage gives you more operations per second cheaper. OCI costs up to 50% less for computing, 70% less for storage and 80% less for networking better. In test after test, OCI customers report lower latency and and higher bandwidth versus other clouds. This is the cloud built for AI and all your biggest workloads right now with zero commitment. Try OCI for free. Head to oracle.com strategic that's oracle.com strategic.
- [01:11]
Ryan Seacrest
Hey, it's Ryan Seacrest for Albertsons and Safeway, now through June 24. Score hot summer savings and earn four times the points. Look for in store tags on items like Dove ice cream bars, chicken Chips Ahoy cookies, Arrowhead bottled water and Charmin bath Tissue. Then clip the offer in the app for automatic event long savings. Enjoy savings on top of savings when you shop in store or online for easy drive up and go pickup or delivery subject to availability restrictions apply. Visit Albertsons or Safeway.com for more details. Are you still quoting 30 year old movies? Have you said cool beans in the past 90 days? Do you think Discover isn't widely accepted? If this sounds like you, you're stuck in the past. Discover is accepted at 99% of places that take credit cards nationwide and every time you make a purchase with your card, you automatically earn cash back. Welcome to the now it pays to Discover. Learn more@discover.com credit card based on the February 2024 Nielsen report this season, let your shoes do the talking. Designer Shoe Warehouse is packed with fresh styles that speak to your whole vibe without saying a word. From Cool sneakers that look good. Everything the easy sandals you'll want to wear on repeat. DSW has you covered. Find a shoe for every hue from the brands you love like Birkenstock, Nike, Adidas, New Balance and more. Head to your DSW store or visit dsw.com today.
- [02:38]
John Hope Bryant
Welcome to Money and Wealth with John Hope Bryant, a production of the Black Effect Podcast Network and iheartradio Foreign o' Brien here. And this is Money and Wealth on the Black Effect network. And this is kindness is so gangster, is certainly how I approach or try to approach life. I will often say, you've heard me say that we need to make smart sexy again. We've been making dumb sexy for way too long. We dumbed down and celebrated it, and time again to make smart sexy. Well, this is a little different. Maybe we need to go beyond making smart sexy. My friend Quincy Jones, God rest his soul, told me it takes 20 years to change a culture. And then I added, in the last 20 years, then we've made dumb sexy. We've dumbed down and celebrated it, it appears. And we both agreed that it was time to make smart sexy again. And we hoped that it would not take 20 years to do that because we needed it, like, well, right now. But then, in discussing this topic with my friend Bishop T.D. jakes, who I think is just amazing and a living icon in the world, I call him the Black Pope, and I'm only partially kidding. He said, john, and this was a couple years ago. Maybe we need to make boring sexy again. I edit the again because I think we've been there before. In black America. There was a time where we wore suits. There was a time that we wore suits and ties. There was a time ladies wore dresses. There was a time where people who had babies were called moms and dads, mothers and fathers. There was a time where jobs were of employment of any kind, education of every kind was honored and honorable and desirable. Hard work was a beautiful thing. Sweat on your brow was to be admired. There was a time where women hid their bodies, not flaunted it in public. There was a time where we actually understood that success only became before the word work in the dictionary because it was alphabetical. There was a time where we didn't call our ladies a phrase that starts with a B. And there was a time where every other word out of our mouth wasn't a phrase. It starts with an N. Even though the most intelligent, some of the most intelligent folks of color will use choice phrases from time to time in order to insert humor or warmth or familiarity. But it wasn't commonplace as part of every day, all day, every sentence, language. There was a time where men didn't call women bros and women didn't call women or men bros. I mean, I don't. Excuse me. This time wasn't that long ago. This was in the 20th century. And in the mid 20th century, in the late 20th century, there was a time where things were just sort of normal and intelligence was Vaulted and valuable. And maybe we need to get back to that time with regard to fundamental values. And so everybody wants to be deep, but nobody wants to be consistent. The real flex is in flash. It's stability, security and sustained wealth and sustainable wealth. We need to make the fundamentals of life attractive again. Why is this important and what am I talking about? Let me tell you what I'm talking about first, and then I'll tell you why, and then we'll get into some depths about the how. So what's important? I should have to say this, but things like family values. Watch how you live your life. Maybe the only Bible that anybody else reads, right? What are kids modeling? Well, you. They model what they see. I'm talking about budgeting, I'm talking about ownership, I'm talking about planning, basic life planning. When I was coming up, they had a home economics class. Do you remember that? There was wood shop. Do you remember that? If you're 40 or older, there was auto shop. Remember that? All that's gone. There was pe, physical education, which kept you in reasonable shape. So everybody didn't walk away on, you know, well, obese. Remember that? There was nutrition class, actually. So you actually had a sense of what you were eating. But now we think that fast food restaurants on every corner, again, everything, most things in balance are good things. But on every corner, interspersed with soul food restaurants. I love soul food. Just not every day, three times a week. That these were somehow tied to a balanced budget, a balanced diet. Sorry. And that this was real food. Right. You could, you can have dessert, you can have sweets, you can have cool food every now and then. But you might need some fruits and vegetables and something green on your plate.
- [09:32]
Refresh Optive Advertisement
And.
- [09:34]
John Hope Bryant
To understand that you are what you eat. But anyway, I'm really saying something pretty radical and pretty basic that common sense is not so common. We need a radical movement of common sense. I. I once said, let's get into the. The bit of the why here. Why am I doing this episode? It's not being long, it's not going to be in depth, but it's going. I think it's foundational for new families and I think reset older families and for the whole culture. Why is this important? Sort of like when somebody said to me, well, John, why should I try? Why should I trust God? Why should I do this whole spiritual thing you're talking about? My reaction, my response, because God cannot possibly mismanage and screw up your life worse than you have. Can I get an amen? Right. So it's not like we tried all this stuff that I'm about to discuss in this century at scale in black America and it didn't work. We've actually just tried everything else. Gangster rap, you know, anti, you know, society, government, I guess, government assistance. We've tried flossing. We're still flossing. We've tried shortcutting. We've tried not parenting. We've tried not having responsibility. We tried blaming. We've tried partying. We've tried some of us drugs. We've tried living in an alternate universe. We tried living in a I'm good chill reality where we just sort of checked out. Has any of this stuff worked? We tried getting rich quick. 40% of all crypto were black people. And we lost all of our money or nearly all of our money. Some of us made a few bucks, but most of those, those cryptocurrencies I'm talking about went bust. We've tried. You know, by the way, I'm not. That wasn't the, that wasn't a slap of cryptocurrency. I'm just saying that, you know, it's like going to Las Vegas and thinking that that's a sustainable strategy. Vegas just keeps getting bigger and your wallets will keep getting smaller, even though you may win every now and then. Look, how about we just do some boring stuff that I don't know, has proven to work. So I want you to pull out your pencil or pull out your iPad or pull out your notepad or pull out whatever you take notes on and get your mate, your partner, your friend, your lover, your best buddies, your crew, your fraternity buddies, your sorority sisters. Let's, let's, let's start a real conversation here. Let's take some notes and let's get the basics right. And let's thank Bishop T.D. jakes for inspiring all of this. The power of the boring stuff. The culture of flash versus the power of foundation. Yeah, I said it. The difference between, between being broken. Being poor. Being broke is economic, but being poor is a disabling frame of mind, a depressed condition of your spir. And you must vow never ever, ever to be poor again. The difference between looking rich and being wealthy. By the way, if you notice when you went to by the way, I like Louis Vuitton. I'm not dissing Louis Vuitton, but have you noticed when you, you know, during the pandemic, have you noticed that everybody, I mean everybody in that Louis Vuitton line seemed to be the same group vibe, energy did that line that you saw standing outside of Louis Vuitton waiting to get in. Did they look like wealthy people to you? Do you know that? 76%. 76%. I know it's 70 over 75 of all luxury good sales in the United States and around the world. Certainly in the United States are the poor, the working class and the struggling middle class. Folks who are aspirational with too much money into their money trying to connect with wealth. It's not the wealth buying luxury goods. Is everybody trying to look wealthy? You might notice now I'm wearing a T shirt and I certainly could afford to wear anything I want, right? You don't see me with a bunch of gold chains around my neck and, and a bunch of jewelry falling off. I mean, every piece of jewelry I'm wearing here is actually mission centered and symbolic. There's Africa and the spirituality and all this kind of other things, some technology. But we cannot keep wearing our assets on our ass. I guess I can say that. It's my podcast how social media. Social media has glamorized flash while wealth lives quietly. I'm going to do a separate podcast about my mom and my dad and the difference between his flash and her discipline. So watch for that because I think it's a very powerful lesson that speaks to this topic. Spoiler alert. My mother, who worked an hourly job, ended up with a million dollar net worth. So the sexy of life is in the basics. The real grownups have really disciplined moves. So let's frame these wealth power moves. Budgeting. This is where your money sleeps at night. I used to hate budgets. I used to think they're stupid and silly. And a director of Operation Hope board member was like, look, the mission's great and all this stuff's great, John, but if you run out of cash, you're out of business. So you got all this fancy stuff and all these numbers, but you know, you know, where's your cash flow budget? You know, we had an accrual budget which is, you know, basically a form of accounting that shows your profitability based on sales. But I wasn't running a parallel cash flow budget, which is actually when the cash comes in and when the cash goes out and you start running a big enterprise and you better have your, your, your hands around actual cash and, and not just accounting treatment, even though accounting treatment is really, really important. And as I start become, it's really odd. When I was broke, when I was tore up from the floor up, I didn't really think I needed a budget. And I was wrong, by the way. So let's say you make $36,000 a year. You may not think you need a budget. You think you, what you think you, what you think you need is to make more money. Okay, let's take that, let's look at that for a minute. You, you have a Starbucks habit and you've got a cigarette habit. So you go to Starbucks. I'm not picking on Starbucks. But you go to Starbucks. This is an easy one because you can relate to it. You go to Starbucks three times a week to get your fix of whatever it is cappuccino or whatever fancy drink you like. And you smoke a pack or two cigarettes, let's say a day, let's say a pack a day. Let's say three packs a week, five. Whatever. The short, the short version is that this habit of yours of going to Starbucks multiple times a week and smoking consistently and the smoking is going to literally kill you. By the way, the cigarette actually literally said the pack says this stuff will kill you. But this habit of yours is cost about $6,000 a year. Well, $6,000 a year combined with your Starbucks and your cigarettes is just about 20% of your annual income of $36,000 a year. Hadn't thought about it that way, had you?
- [17:51]
Ryan Seacrest
Hey, it's Ryan Seacrest for Albertsons and Safeway, now through June 24. Score hot summer savings and earn four times the points. Look for in store tags on items like Dove ice cream bars, Chips Ahoy cookies, Arrowhead bottled water, and Charmin bath tissue. Then clip the offer in the app for automatic event long savings. Enjoy savings on top of savings when you shop in store or online for easy drive up and go pickup or delivery subject to availability restrictions apply. Visit Albertsons or Safeway.com for more details.
- [18:20]
Vanta Advertisement
Trust isn't just earned, it's demanded. Whether you're a startup founder navigating your first audit or a seasoned security professional scaling your GRC program. Proving your commitment to security has never been more critical or more complex. That's where Vanta comes in. Businesses use Vanta to establish trust by automating compliance needs over 35 frameworks like SOC2 and ISO 27001, centralized security workflows, complete questionnaires up to five times faster, and proactively manage vendor risk. Vanta can help you start or scale your security program by connecting you with auditors and experts to conduct your audit and set up your security program quickly. Plus, with automation and AI throughout the platform, Vanta gives you time back so you can focus on building your company. Join over 9,000 global companies like Atlassian, Quora and Factory who use Vanta to manage risk and prove security in real time. For a limited time, our audience gets $1,000 off vanta@vanta.com special. That's V A N T A dot com special for $1,000 off.
- [19:27]
Ryan Seacrest
Think advertising on TikTok isn't for your business? Think again.
- [19:31]
John Hope Bryant
We've generated over 100,000 leads, which has converted into over 40,000 sales for our pet insurance policies. My name is Trey Farrow. I am the CEO of Spot Pet Insurance. TikTok Smart Plus Plus AI powered automation takes the guesswork out of targeting, bidding and optimizing creative. If I can advertise on TikTok, you can too.
- [19:50]
Ryan Seacrest
Drive more leads and scale your business. Today only on TikTok. Head over to getstarted.TikTok.com TikTokads run a.
- [19:58]
iHeart Advertisement
Business and not thinking about podcasting? Think again. More Americans listen to podcasts than ad supported streaming music from Spotify and Pandora. And as the number one podcaster, iHeart's twice as large as the next two combined. So whatever your customers listen to, they'll hear your message. Plus, only iHeart can extend your message to audiences across broadcast radio. Think podcasting can help your business? Think iHeart streaming radio and podcasting. Let us show you@iheartadvertising.com that's iheartadvertising.com $6,000.
- [20:33]
John Hope Bryant
On this habit is 20% of your income. So there's two ways to make money. Make more or spend less. So when you start creating a budget, you start and you start listing out. First of all, you need a net worth statement. Even if you don't think you own a lot. When you start listing out what you own, you'll be absolutely surprised and generally pleasantly so. And then you can. You'll start realizing, even if you don't have a lot of assets, you'll start realizing things that you own that you should get rid of that you should sell, which will create a source of revenue for you. Things that are in storage start with on your phone and subscriptions. That is a form of it's not an asset per se, but it is an obligation and expense side of your balance sheet. There's getting two ways to make money. Make more, spend less. Think about all the subscriptions you have that you forgot about and the companies love you forgetting about them and they auto renew every month or every year and you don't think about it. How many years and how many months have you been paying for stuff that you don't use. Go in there and cancel those, those subscriptions that you're not using. That will save you a ton of money. And 10 ones equal 10. So this little money ends up being a lot. List out every asset, everything that you own. I mean shoes, I mean, cassette tapes, I mean books. I mean, you know, everything that you own. Go through your storage, go through your house, List it all out. Decide what you want to keep, decide what you want to sell, decide what you want to restore, decide what you want to focus on. That's an, you know, you want to create an asset and net worth statement, then create an expense and revenue statement and, and create a living, an expense budget, at least expense budget where you're spending and where and I think you'll be shocked at how much you're spending and where you're spending it. And that will, that's the first way of making more money is not spending money on stupid stuff. So a budget is where your money sleeps at night. An emergency fund. About 40% of this country doesn't have $400 for an unplanned event. That's shocking. It should be shocking to you. And Operation Hope has partnered with Delta Airlines. I'm going to have the CEO of Delta Airlines, Ed Bastian, on my podcast here soon. I think he's one of the most extraordinary CEOs. He's a good, dear friend of mine and a partner of Operation Hope, one of the most extraordinary CEOs in the world. And Time just made him Time magazine just made him one of the top 100, I think business leaders with the category he's under recently. And I absolutely endorse that. We partner with Delta Airlines with Ed Bastian support to teach financial literacy to all 100,000 Delta employees. And they all get a $1,000 emergency savings account if they go through the financial literacy course offered through either Operation Hope or Fidelity Investments. And it's been transformational for their lives. That said, and Truist bank, another one of our partners, also does that. And we're in 800 of the 2000 Truist branches. And that has been transformational for Truist and their customers and their employees. But I'm not talking about a $thousand dollars or $750, which is the case of of Delta or Truist. I'm talking about $440 of Americans. At least 40% of Americans don't have $400 for an unplanned event. In some cases, the number is as high as 65%, depending on whether you're Calculating credit card access. I mean, you're just looking at like pure cash in your hands. The numbers in excess, I believe above 40%, but no less than 40% of Americans have this current crisis. So you need to, it'll, it'll creep. Enormous peace of mind if you just solve for this, like you create a little emergency fund because something's going to go wrong, Johnny's going to get sick, you in, you know, some, you know, crap will happen, you'll lose your job, whatever. You don't want to be thrown into an emergency situation. And you know, you're down on your rent or you're down for your car note or whatever, or you can't pay for a medical bill or whatever it is because you, you haven't, you know, planned in the good times, for the bad times. I want you to sleep peacefully so life won't knock you out. All right? Life insurance, this is number three, right? So number one was budgeting. Two was emergency fund. Three, life insurance. I want you to protect your, your legacy even in your absence. I want you to have a legacy and I want you to, to floss like you have generational wealth. You do this through a life insurance policy. I don't care whether it's a term or whole life policy. Stop thinking about these fancy policies that you've heard of that the wealthy use. I'm talking about something basic for you. If you're a young person watching this podcast, a basic life insurance policy just might cost you as little as five or $10 a month. If you're young and in good health for a 25, $50,000, $100,000 policy might cost you literally a few dollars a month. No more than 25 to $50 a month. And if you want a $100 a month policy, a term life insurance policy, you might be able to get a $100,000, in some cases a million dollar life insurance policy. As a young person. As you get older, the premiums get larger because they think you might die on them at any moment in time. So you should get the policy as young as you can for as long as you can. If you can get a whole life policy which has a savings component to it, great. If you're not, if not, it's much cheaper. Get a term policy. I have had term life policies. I have term life policies amongst other policies right now. When you die, and you will die, I don't know how long you're going to live, but I dang sure know you're going to die. We all are. Going to die. Now you get to direct where that money goes, right? And who gets it. And I'm gonna get to that to wheels next. But hold on a minute. I don't want to see GoFundMe campaigns for people who are passing away. I'm tired of that. I mean we should. GoFundMe campaigns was meant to do something purposeful, purposeful, meaningful, intentional, aspirational. Now it's turned into professional begging. We've made this normal like going to a check, cash or payday loan, lender, rental, owned store, title lender, liquor store, pawn shop. Oh, GoFundMe campaign because Joe died, Joanne passed away. We should be planning for this. There should be a proper like burial policy. And when I see celebrities with GoFundMe campaigns because they had a medical issue or somebody died, I'm particularly mortified because weren't they just flossing around and a lease Rolls Royce or something just a few months ago? Like we need to knock all this stuff off again. Let's time to make boring sexy. Let's get the basics in place. If you have a major employer, if you're sorry, you have a job with a major company, there's a good chance, there's a good chance that there is a life. A death policy in place is part of your insurance policy at your employer. So if your employer provides health insurance, there's a very good chance that buried in that health insurance policy is a death policy for up to $25,000. I know it because I offer that at Operation Hope to my employees. I know it because there was an employee that passed away that we that did. They were struggling with with burial costs and did not know until we told them that that the health policy provided $25,000 worth of death benefits and that changed their whole life and allowed them to bury their loved ones in dignity. So again, boring as a new sexy. Read the dang on health policy. Health insurance policy that you already have, right? And you might find magic in that policy in the form of what I just told you. Death benefits. Please put in notes when you see something. Some comments when you see post me on social media after watching this listening this podcast, you see a social media clip of this somewhere. Please put in the comments whether you confirmed that your health policy has death benefits attached to it. Number four, wills and estate planning. This is a love letter to your family's future, right? That's the way I want you to look at it. This is a love letter. You're saying, I love you. I'm leaving you But I'm, but I'm, but I'm showing you I love you. I'm directing resources to your to tell you who, what and where. I want my resources, my hard earned resources to flow to and why and when and in what order. My mother was gangster. Juanita Smith, she had a will, she passed away a couple years ago, got rest her soul, she's been promoted. Juanita Smith, when she passed away, in her will she had put a gangster clause in there that said anybody, essentially anybody who. And I was a trustee, I'm the trustee for the will. And I could feel the energy of some members of my family like rising up, questioning what, you know, what my mother put in her own will. But anyway, the will essentially said anybody who challenges this will will be denied any benefits of it. And everybody just, just went, wrote, just went stone quiet. I love that. And you don't need a fancy will. You can. My mother did an audio message will when she was in great health. But even that's not enforceable by law. It's a cool thing to do and if somebody wants to do it, it's, you know, it's a, it's something great for your loved ones to see that after you passed away and what your intentions were. Particularly if you want to pick the those who receive benefits from it. Because people might explain who gets what and why, but you shouldn't do it. If you're digging at somebody though, I ain't giving you nothing. No, don't do that. But my mother also had a physical wheel anyway. You can pull a wheel down from the Internet, right? A simple will. You can do a one page will. You know, it doesn't be this complicated thing, but let's start there because Prince did not have a will. And the entertainer Prince did not have a will. I believe he's a Aretha Franklin did not have a will. They didn't think they were going to ever die. Nobody says, oh, I'm gonna die. You know, I'm gonna do that now I'm dying next week. People think they're gonna live forever. I think I'm going to live for a long time. I think I'm in great health. I think I'm in better health when I was 25, but I still have a will because death is not scheduled, right? You don't know how long you're going to live. You dang should know you're going to die. At least you should. What's the mystery? And Prince had no direction or no control of who got his resources and People I believe that he did not want to have control, ended up with control because they were the next of kin. He did not have children and so on and so forth. And owner a wife, Aretha Franklin, you know, similarly unfortunate. My friend Quincy Jones had a will and had an orderly estate, as best I can tell. So. And then beyond a will, you can do estate planning. I have, I advocate for trusts. You can do a revocable trust, that's one you can change. An irrevocable trust is one you cannot change. And you need to be very careful before you do an irrevocable trust. A friend of mine did one of those. An irrevocable trust. And it really put members of his family in a bind 25 years later when situations had changed and he had sort of forgotten about it and he had passed away and then on his deathbed tried to change the irrevocable trust. And the attorney said, I'm sorry, it could not be trust changed. That's why it's called irrevocable. So words matter. So you're gonna do a trust. Might wanna start with something that has some flexibility. Yeah. Anyway, so number, number, I was gonna get into a whole thing. My opinion about why would you do an irrevocable trust when you can do a revocable one. But you know, people have their reasons. Number five, credit score and debt discipline. 700 plus credit score is a new status symbol. People, you've heard me say it a million times over. Like you meet somebody attractive. Oh, cool. What's your name? That's. Yeah, beautiful. What's your credit score? Because if you get serious with this person, it's going to be a business partner for life. And you need to make sure you're sharing values and they're not just sharing your credit card. Right. Little financial literacy lesson. The person who makes it has a right to spend it. The person who makes it can also save it. You can have somebody who doesn't make it but who manages the money. And then you can have somebody who manages the money who doesn't spend the money or. Or spends the money and manages the money or spends the money or manages the money and doesn't spend the money. But what you cannot just have is somebody who spends the money. That's a disaster relationship. So I think credit scores. 7 credit score is a new set, new status symbol. And we should have everybody around you should have to aspire to a 700 plus credit score. Number six, owning a home. This is a forced savings account in pride of place. It's also the easiest way to build wealth. In America, 44%, on average of African Americans own a home, compared to 75% of our white counterparts. White folks are not doing it because they have nothing else to do. They're doing it because tax policy in this country is essentially designed around home ownership. And home ownership is the easiest single way that build wealth. And you got to live somewhere. Why would you want to why would you want to rent when you get home? I don't get it. And worse, we're flossing again, trying to rent something uptown with something we don't with money we don't have to spend money we don't have to impress somebody we don't know about and to and to brag about things that don't matter in people in places where they really don't want you in an environment that is not sustainable and will not last. You know, you're literally just raising a window and throwing money out. And I'm a landlord and I'm encouraging not to do it for the rest of your life. I'm encouraging to it's like working at McDonald's or Walmart. You know, you can work there your whole life if you want to make it a career. But for most people that's in it and split it, get there, stay there for a few years and then let there be a stepping stone and go do something else. Rent until you can own homeownership is a brilliant way to combine a place to live with a with a way to build wealth. You make money during the day, you build wealth in your sleep.
- [35:23]
Ryan Seacrest
Hey, it's Ryan Seacrest for Albertsons and Safeway, now through June 24th. Score hot summer savings and earn four times the points. Look for in store tags on items like Kraft Mac and Cheese, Celsius energy drinks, Quaker chewy bars, and sparkling ice flavored water. Then clip the offer in the app for automatic event Long savings Enjoy savings on top of savings when you shop in store or online for easy drive up and go, pickup or delivery subject to availability restrictions apply. Visit Albertsons or Safeway.com for more details.
- [35:53]
iHeart Advertisement
Run a business and not thinking about podcasting? Think again. More Americans listen to podcasts than ad supported streaming music from Spotify and Pandora. And as the number one podcaster, iHeart's twice as large as the next two combined, so whatever your customers listen to, they'll hear your message. Plus, only iHeart can extend your message to audiences across broadcast radio. Think podcasting can help your business? Think Iheart streaming radio and podcasting Let us show you@iheartadvertising.com that's iheartadvertising.com welcome to.
- [36:24]
Lex Borrero
The youe versus you podcast. I'm Lex Borrero, and every week we sit down with some of the biggest names in entertainment to talk about the real stuff, the struggles, the doubts, and the breakthroughs that made them who they are. We go deep, exploring childhood trauma, family, overcoming loss, and the moments that shape their journey. These honest conversations are meant to take the cape off our heroes with the hope that their humanity inspires you to become a better you and therefore set you free to live the life of your dreams. Here's a sneak peek.
- [36:55]
John Hope Bryant
I'm trained to go compete.
- [36:56]
Lex Borrero
I'm trained to go harder.
- [36:58]
John Hope Bryant
But sometimes that mentality stops you from stopping and smelling the flowers in your own garden.
- [37:02]
Lex Borrero
Is it wrong to want more?
- [37:04]
Ryan Seacrest
We migrated.
- [37:05]
Lex Borrero
Our family migrated here.
- [37:06]
John Hope Bryant
Here. I'm like second generation.
- [37:13]
Lex Borrero
Listen to you versus you as part of Michael Tuda Podcast Network, available on the iHeartRadio app, Apple Podcasts, or wherever you get your podcast.
- [37:24]
Joseph Reeves
Show me how good it can get today, God. And show the rest of the world what we already know it can't get. No better than being hella black, hella queer, and hella Christian. My name is Joseph Reeves. I am the creator and host of Hella Black, hello Queer, Hella Christian, a fully black, fully queer, fully human, fully divine podcast that explores society, culture, and the intersections of faith and identity. Listen to hello Black, hello Queer, hello, Christian. To hear conversations about what it means to sound the way you look. I think what I've had to make.
- [37:57]
John Hope Bryant
Peace with is that every iteration of my voice is given to me by.
- [38:00]
Joseph Reeves
God and I love it. Books that validated our identity. The library now for me is a safe space. As someone who is writing books that they're trying to take off of shelves and how we as black queer folks relate to our Christianity. Listen to Hella Black, Hella Queer, Hella Christian on the iHeartRadio app, Apple Podcasts, or wherever you get your podcast.
- [38:29]
John Hope Bryant
I hate. Hate. It's a strong word. No, I do hate. I hate hearing these commentators on TV shows and where even I'm a contributor in cnbc. These very, very wealthy people saying that this generation shouldn't own a home. What are you talking about? You tell people not to own a home. Telling poor struggling people not to own a home. And you own a home, right? Everybody's saying you shouldn't own a home. Owns a home. It's crazy. Just knock it off. And part of the reason they want, I'm convinced they don't want you to own a home is because they want you to rent from them. They just want the whole society to become a renter. Right? Rent your car, rent your vacation, you know, rent your, rent your aspiration, rent your house, rent your, you know, don't worry about it. We'll take care of it. Just enjoy yourself. Put you to sleep with, you know, debt. Number six is owning a home. Number seven, stock market investing. So get off the sidelines and become an owner of stock. So, you know, very. The vast majority of African Americans do not own stock. The vast majority. I want you in the marketplace. Just, look, start with buying what you like. So you like these tennis shoes, you like these pants, you like a jacket, you like a food store, you like a grocery store, you like, you know, Walmart, whatever. If you go and shop there or you're using these products, why, you probably believe in it. If you believe in it, your friends probably believe in it too. You know, buy that stock, start there, don't overcomplicate it and try to make a flight to quality. Invest in things that are investable. Don't, don't, don't. Don't go doing flaky stuff. You want to fly to quality, but get in the marketplace again. You make money during the day, you build in your sleep. Three things have never gone down. Homeownership value over the long length of time in America, stock market value and the gdp, gross domestic product of this country. They go up, it reset, sometimes recedes, recession recedes, and then corrects above the line. So you want to open an account. And by the way, as a, as a, as a gift for your children or who you love, young people. There's a company called Share. I think it's called Gift to Share. I think it's called Gift to Share. It's a buy. If you search this. How do you buy a share of stock for a child? It'll come up. And we are. Operation Hope is associated with this company. If you actually type in the Internet, Share a gift, a share for a child as a gift. And then Operation Hope, I'm sure it'll come up in the search engine because they're a partner of Operation Hope. But, and again, it's all gift this year. But they, they, you can buy a child for their birthday or graduation or whatever. Not some toy they're going to break or something they're going to forget about in a month. Buy them a share of stock and they, they'll, you can you can select the company. This is a real share of stock. They frame it. I think they even put the a nameplate for the kid on it. They send it to you. Beautiful. They sent give. You can give that to your kid. They can put it on the wall and they own the share, a real share of stock in this company in question. And once you own one share of stock, you have the right to access all the financials for that company. Isn't that sexy? That's what I'm talking about. You get access to an active financial literacy lesson. Now you and your kids can talk about the real balance sheet, income statement, et cetera, et cetera for whatever company is in the news because now you're a shareholder. One share of stock gives you access to all the financials and voting rights with that company. And now you also have something that's symbolic on that kid's wall. Imagine every birthday or every graduation or whatever, they get a new share of stock. Imagine a half dozen of these on the kids walls. Isn't that inspiring? And it's valuable. So you should do it and your kids should do it. Number eight, financial literacy for your kids. The generational wealth multiplier. I want you to talk to financial literacy. Talk about financial literacy with your kids model. What we're doing with Mayor Andre Dickens in Atlanta with the Hope Child Savings accounts. We have 10,500 accounts that we've opened for every kindergarten kid. Hope Child Savings Account, Atlanta Public schools. Thank you Dr. Johnson. Thank you Mayor Andre Dickens. Thank you former Mayor Keisha Lance Bottoms for believing Atlanta City Council in this and US City of Aurora, Illinois has modeled this after what we've done in Atlanta. So open an account for young person. Studies have shown that a kid that has a savings account in kindergarten is much more likely to go to college. You put some money in that account, a few hundred dollars, there's 75% more likely to graduate from college. Get the kid a financial literacy book. You can get mine, Financial Literacy for All, which is a bestseller. I've talked about it, I use it, I've written it in a way that's very approachable and user friendly. You can read it with your middle school kids. My brother TI just gave it to his son. He just told me, I think son or his daughter and they wanted, he wanted them to have a financial literacy book and he wanted nose from a black man, somebody from their, their hood that they could relate to, which was very nice of him. But it's out in paper book paperback by the way. So it's less expensive, but it's a bestseller for the last 14 months. Pick up a copy of Financial Literacy for All and of course subscribe to this podcast every week and talk about this with your kids. Sexy is not the chain around your neck. It's the deed to your house. Hello again. We need to make boring sexy again. Right? So we've abandoned the basics and we must return to them. Right? Generational trauma and systemic barriers has pushed us into survival mode. I talk about this in my book up from Nothing. The surviving mode, thriving mode and building mode. Most black people are in surviving mode. And, and combine that with a 500 credit score and you your toe up from the floor. And by the way, if you have a surviving mode mentality, which is depression, and you have a 500 credit score, you live to an average of 61 years of age. That's right, you even make it to Social Security. But if you're. But if you have a thriving or building mindset, you live and you have a credit score about 700, you live to 81 years of age on average. So for every 50 point increase in your credit score, it appears to be good for another five years extension on your life. And it's not about the credit score, it's about the trending indicators of hope, well being, belief, confidence, et cetera. If you want to find out for yourself what your credit score community is, go to Operation Hope or type a website or type in the Hope Financial Wellness Index in your search engine right now and you'll a graph will come up, a web page will come up for Hope Financial Wellness Index, our partnership with experian and the U.S. census, et cetera. Type in your zip code. I'll tell you how you're living. I'll tell you what your zip code, what your credit score is in your zip code and that will give you an indication of how, how well or not well that community is, how long people live, what the crime rate is, homeownership rate is, and, and whether you need to move or improve, either move or help people around you improve. So flash became a way to show value in the world that denied it and denied us. I get that. But those insecurities we need to shed and we need to replace it with real values. Reclaiming boring is revolutionary. We must heal through discipline and self acknowledgement. Like there is no perfect. That's just you and accepting you and loving yourself where you are as a starting point is an old southern saying. No matter how much I love you, my son or my daughter, if I don't have wisdom. I can only give you my own ignorance. Right. So out of love we pass down habit, bad habits from generation to generation. We need to make it cool again to be normal and we need to lead by example. Cool is showing up for your kids. I'm so dang on tired of people talking to somebody, talking about you a baby daddy or you're a baby mama. What does that mean? I'm a baby daddy? What? I'm a baby mama. How does that make the kid feel? Hello. The kid's already got self esteem issues and identity issues. The kid needs and you should want to be a mother, a father, a parent. This is my child. I'm claiming them, claiming him, claiming her. I'm a parent to this child and I'm taking ownership of that role. We need to knock off all this stuff because it's having all kind of psychological impacts on those we love. This is not a trinket. This is not a cool thing. This is your child. And I'd rather, and with regard to the child, it's not your best friend. This is your child. I'd rather this is my model. I'd rather you respect me and learn to like me than like me and never respect me. Can I get an amen? This is not, it's not important whether this child likes you or not. They can like you later. I didn't like my mother for 20 years. I didn't like her. But when I, she, she, she made sure I had the discipline and the structure to, to become a man. My dad too. And they held me accountable. And it was years later I was like, thank God you raised me exactly that way. And thank God you didn't tell me yes, when I really desperately wanted you to. So it kept me alive and gave me a life. Sexy is paying off your mortgage and your credit cards when you can. But don't pay off your mortgage too early because actually you can write off the interest of that mortgage the first 20 of those 30 years and write that off of your against your income and get it back in a tax refund. Another podcast, another time. Go back and listen to the podcast did on homeownership. But certainly paying off your credit cards is certainly high interest rate credit cards first is certainly sexy. Paying them down at least 30% of their of their usage will boost your credit score by the way. Um, so here's some action steps for you. I want you to start your, your wealth revolution today. Here's five things you can do this week. Create a basic monthly Budget. Pull your free credit report by signing up for free credit coaching and counseling with Operation Hope. It's not free. I pay for it, my partners pay for it for you. But you get a thousand dollar scholarship for Hope Financial coaching and counseling by downloading the Hope in Hand app and or calling our 1-800-lot number at Operation Hope. Or call going the on the one going online to Operation Hope.org let them know I sent you and sign up for coaching and counseling and that will help you get your credit score up, your debt down, your savings up. But pull your free credit report so you know where you where you are. I guarantee if you not pulled your credit report in five or more years, you have got an error on your credit report that we can help you resolve and that will boost your credit score. Once you challenge that to the credit bureaus and law states if they cannot confirm that's yours, they must remove it. Again, let's make boring sexy. Start reading stuff and and paying attention to details. Don't just go to the car dealership and ask you what's the payment. Never ask what the payment is when there's an interest rate attached, right? You don't you know you only get payment ties, right? You buy a Mercedes from a secondhand car dealership because you got your credit's tore from the floor and they charge you 18, 20% interest for that Mercedes purchase. It's not a Mercedes is Mercedes payments. Again we need to stop flossing and start flying. Number three, open a life insurance policy. Term life. If you're just starting out as I said earlier, number four, get a free will written. You can go to a legal aid organization or online tools as I mentioned earlier. So there's no reason not to get a will. You can do it in a day, you can do it in a couple hours. There's no reason for you not to create a will. Number five, start investing. You can do $50 in the S&P 500 or E or ETF or you can do partial stocks. You, you can buy portions of a, of a stock. You don't have to buy the entire stock. You can ask my team at Operation Hope how to do that. So yes, you can buy a whole stock. You can open a normal investment account or you can do fractional investing. So just there's no reason the same money you spending on Starbucks, you can buy that much in a stock and just do it with discipline. If you save $200 a month and invest it in the stock market earning an average annual return of 9%. You'll be a millionaire by the time you become an adult. If you start doing that as a young person. Hello. Did I get your attention? $200 a month for most of your life or your working life when you once you get to retirement age, you'll be a millionaire with an average return of in a quality stocks of 9% on average. Some years will be long, large, bigger, better than that. Some years will be less than that. But on average, that's what the stock market is returning on high quality stocks over time. I want you to talk to your family about money and normalize this conversation. Make boring sexy again. So boring is the new black. And not just black lives matter, but black capitalists matter. I want you to make this topic sexy and cool. I want you to go to your own version of school every day. I want you to have a financial meeting, a family meeting every week in your household. We've done flash, we've done hustle. Now let's do legacy. I want you to remember what Bishop T.D. jigs said in that quiet power of consistency. Goes like this. When you've got the power, you don't need to use it. I don't need to scream and holler. Just going to knock you out my America's black card. Right here's a challenge. Let the next generation inherit your wisdom, not just your struggle. And stop using GoFundMe campaigns to plan for a funeral. All right, John O' Brien, I'm out. This is Money and Wealth on the Black effect Network on iHeartRadio. Tell your friends about this podcast series and tell me. Sign up and subscribe. It's free to them every Thursday. This is my Ministry of Finance. New episodes. Go back and listen to old episodes from this season and last. Thanks for making this a top podcast in America for business and entrepreneurship here and around the world. The UK and Europe, Chile and Latin America, Saudi Arabia in the Middle east, the UK and Europe, South Africa in Africa and I believe Hong Kong and Asia have all made this podcast the top 200 podcasts. Get my book Financial Literacy for all. My last of sixth. That is part of building a library of empowerment for you. And go to Operation Hope and ask for your free financial coaching. $1,000 scholarship is yours. All you have to do is ask for it and be the change you want to see in the world. Let's go. This is our time. This is the Silver Rights movement. From the Streets to the Sweet 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.
- [56:01]
Ryan Seacrest
Hey, it's Ryan Seacrest for Albertsons and Safeway, now through June 24. Score hot summer savings and earn four times the points. Look for in store tags on items like Dove Ice Cream Bars, Chips Ahoy Cookies, Arrowhead Bottled Water and Charmin Bath Tissue. Then clip the offer in the app for automatic event long savings. Enjoy savings on top of savings when you shop in store or online for easy drive up and go pickup or delivery subject to availability restrictions apply. Visit Albertsons or Safeway.com for more details.
- [56:30]
Refresh Optive Advertisement
Add dry eye relief to your routine with Refresh Opti Mega 3, a lubricating eye drop with a moisture rich, preservative free formula enhanced with inactive ingredients like flaxseed oil and antioxidants. This formula support supports all three tear film layers and provides advanced hydration to instantly moisturize and soothe dry eyes. Refresh Optive Mega 3 is safe to use as often as needed so you can make it part of your wellness routine. Find Refresh online or in the Eye Drop section at all major retailers, FSA and HSA eligible. You just realized your business needed to hire someone yesterday? How can you find amazing candidates fast? Easy. Just use Indeed. Stop struggling to get your job posts seen on other job sites with Indeed sponsored Jobs. Your post jumps to the top of the page for your relevant candidates so you can reach the people you want faster. According to Indeed data, sponsored jobs posted directly on indeed have 45% more applications than non sponsored jobs. Don't wait any longer. Speed up your hiring right now with Indeed and listeners of this show will get a $75 sponsored job credit to get your jobs more visibility@ Indeed.com podkatz13 just go to Indeed.com podkatz13 right now and support our show by saying you heard about Indeed on this podcast. Terms and conditions apply. Hiring Indeed is all you need.
- [58:03]
Joseph Reeves
Show me how good it can get today, God and show the rest of the world what we already know it can't get. No better than Hella Black, Hella Queer and Hella Christian. My name is Joseph Reeves. I am the creator and host of Hella Black, Hella Queer, Hella Christian A Fully Black, Fully Queer, Fully Human, Fully Divine Podcast from iheartmedia to Hella Black Hella Queer Hello Christian on the iheartradio app, Apple Podcasts or wherever you get your podcast.
- [58:33]
Ryan Seacrest
This is an iHeart podcast.