← Money And Wealth With John Hope Bryant
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John Hope Bryant
This is an iHeart podcast.
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John Hope Bryant
Welcome to Money and Wealth with John Hope Bryant, a production of the Black Effect podcast network and iHeartRadio. Hey, hey. This is John O' Brien and this is Money and Wealth on the Black effect network on iHeartRadio. Is it true that some millionaires make it there by 50? Is it true that 50 is not too late? No, that's not true. It's a lie. The reality is actually most millionaires become that way in their 50s. It is very much true that 50 is very, very young. And because of wellness, 50 is really the new 40. And I'm going to get into the facts of the matter in a moment. There's a lot of people running around really sort of anxiety ridden feeling like they're running out of time. They're like 26, I can't tell you I talk to. They just feel like they're an absolute failure at 25, 26, 28, 32. Like, no, you take care of yourself, you know, you'll get, you're going to live with this. I mean, because of artificial intelligence and what it's going to do. I mean that plus wellness is going to extend, I believe, your life. I think cancer is going to be solved by artificial intelligence and human interact engagement within 10 years. I'm co chair of the AI Ethics Council with Sam Altman and who I believe is the Steve Jobs of the generation. And I believe a lot of innovations are coming, but that's a different podcast episode. Let me stay focused on this. I'm going to tell you how to get rich. Sorry, Rich is a contract. Building wealth you do in your sleep. I'm going to show you how to build wealth, which is your path to becoming a millionaire. Because it's hard to do it on a paycheck. You don't find many folks who are sustainably millionaires doing it just with cash. Okay. Because cash Flow, it flows, it flows in and it flows out with the same. Actually, I believe it flows out with a greater velocity than it flows in. If that's all you got is cash, then at some point you will be broke. Because if your outflow exceeds your inflow, then your overhead will be your downfall. So let's first talk about. I'm going to break some myths, I'm going to break some eggs and I'm going to give you some building blocks. Pull out your pen, pull out your piece of paper. Pull out your iPad. Pull out your iPhone. Pull out your notes. Fill out your digital, your digital app that you use. Pull out your artificial intelligence tool that you use, whatever it is that you're using to take notes. It's time to mark it all down. So number one, can you become a millionaire by 60 years of age? Ish, investing a couple hundred dollars a month? Absolutely yes. The answer is absolutely yes. So if you, in scenario a, you take $300, you're age 25 in this example. So tell all your, tell all your friends at 25 ish to listen to this podcast. Open a institutional investment account. I'm not talking about all this flaky stuff. I'm not talking about investing in get rich quick schemes. I'm going to cover all that stuff also in a minute. I'm talking about stable, like you know, you want to call it boring investments, things that we that are staples, that are best in class flights to quality, things that you use. I'm talking about institutional companies, you know, who invest in things that you use every day. And companies that you respect are going to be around unless the world ends, will be around arguably your entire lifetime. So you're going to open an account. Right? And Operation HOPE can help direct you about where to open an account. You'll make the decision. You're going to put in $300 a month. You're gonna get an annual return on an S&P 500, which is the historical average of 10%. Okay? You're gonna have a 35 year time horizon because you're going to live in this example to 60, 65 years of age. By the way, if you live in a 500 credit score neighborhood, talking about the power of credit scores, you live in a 500 credit score neighborhood. You live to 61 years of age on average. It's a 20 year delta, 20 year difference. Right? If you live in a 700 credit score neighborhood, you live 20 years longer. Go to the Hope Financial Wellness Index and type in your zip code. And I Will tell you how you're living. And it's 15 minutes apart. 20 year Delta on life, life expectancy difference. And it's not just the credit score, it's the trending indicators underneath it. Hope, well, being, believe, faith, confidence, joy, optimism. I can't tell and tell you that being positive is going to make you succeed. I guarantee that being negative is going to make you fail. So mindset matters. So all poverty other than sustenance, poverty, roof over your head, reasonable health care, basic well being, food on the table, all other forms of poverty are mindset, whether you believe you can or whether you believe you can't, you're absolutely right. So if you have the mindset of long term and you believe in your future, you got your credit score up, you're living below your means, right? You're investing $200 a month. What you spend on, by the way, going to a restaurant or Starbucks or whatever, I like Starbucks. Picking on Starbucks, by the way. But if you know, whatever you spend $300 a month on, you do that over 35 years. From the age 25 to age 60, you'll be worth just from that alone, $1.1 million scenario. B, 200amonth. $200 a month starting at age 25, 10% interest, 35 years is the term. You'd be worth about $750,000, right? That plus homeownership, you're still a millionaire, probably much more than that with homeownership. So time plus consistency equals wealth. It's not about how much you. It's not how much you have or how fast you start is how long you give it to grow. Okay, so I want you to change your mindset so you can change your life. In one year, you're going to earn a little interest. By year 20, you're earning interest on the interest. I hope you got that. Money makes more money on money than money can ever make on labor. That's the last big shift after the Industrial revolution and the technology revolution. You really had, I believe, a financial revolution where people on Wall street realize that they can make more money on money than they can make on investing in labor or machinery or whatever. And I think the only thing that's going to outstrip that is going to be technology tied to artificial intelligence. But that's another conversation for another day. So you're going to join this group. This is where the Main street is going to follow Wall Street. So over time, your money is making money on money. That's why real estate is so powerful, because you're compounding the money you put into it and you're using the power of mortgage leverage, a conservative mortgage, conservative debt levels at good interest rates and good terms. But you're using the compound, the leveraging effect that you've put 10, 20% of your money into that property and the mortgage companies put 80, 90% of their money into it. You got a great interest rate, great terms. You're going to get the power of compounding over time. And you're going to. Your 10 or 20% is going to benefit of the lift of the whole dollar, the whole 100%. And you're going to build wealth over time. It's interest on interest is money on money. But I'm going to do a whole series just on home ownership. Thank you, Janice Brian Howard, for encouraging me to do that. You don't need to, you don't need to be rich to get rich. Okay. This is my mother's story. You just need to be consistent, right? Juanita smith was consistent. $10 a day, that's two coffees or lunch money, right? Put that in the market and by 60 you could be a millionaire without ever getting a raise. All right, so that is the second way I've told you how to become a millionaire. I do a whole piece on how to be a millionaire in five years. Go back and watch that podcast and watch those videos. Now, is it true that millionaires mostly happen occur develop in their 50s? Yes. Most millionaires don't hit the millionaire mark until their 50s because wealth creation is typically the result of time discipline and compounding, not sudden windfalls. So wealth builds slowly over time. Compound interest works best with time. Those who start investing in their 20s and 30s don't usually see millionaire results until decades later. It often takes 20 to 30 years of steady investing, home ownership, business building. That's by the way, this is my story, right? I'm 59 and I really hit my stride somewhere between 50 and 53, 54. And then things just took off like a rocket, right? And so what I've been building slowly, just compounded over time. But I'm convinced that all that was based on what I did for a couple decades before that. I gave up going and hanging out in the party, at the parties and the clubs and doing smoking hookah or smoking reef reefer or what, you know, smoking weed or getting drunk or, you know, chasing girls, whatever it is my friends were doing. I'm like, no, that's good. I'm focused, right? Because I did not have inheritance, right? My mom and dad were working people. I did not want to do anything illegal, right? That was not the way I flow. I just figured if I use. If what I had was my time, I want to let. I won't let anybody abuse my time. You can abuse maybe one time my money. I won't allow you to abuse my time. I'm ruthless about my time. And so I decided to invest. The only thing I had was my time. And I was going to do it in a way that compounded based on my time, my talent, really. I was a private equity firm, and I was the sole product of that private equity firm. I invested in me. It was a bet. But I think the best bet you can make is on yourself. So it takes 20 to 30 years of steady investing, homeownership, business building to cross a million dollar threshold. I've done it multiple, multiple, multiple times over now. Because again, it's now, you know, money makes more money on money than money can make on labor. That's what I said earlier. So what is it? What's the story that it's easier to make $10,000 on $100,000 than it is to make a thousand on $10,000? It is easier to make a million on 100 million, right. Than it is to make 100,000 on a million. It just keeps compounding. Now, once you get to. Once you get over a million and again, steady as you go, you're consistent. Now you're making big leaps, right? And then you get to 20 million and then 50 million. Huge leaps, right? And once you get to 100 millionaire level, when you get to billionaire level, I mean, literally, unless you screw it up, you're just shoveling cash. And you can do this, like certainly, I mean, millionaire Mark is a huge accomplishment. And it's something you can achieve in your lifetime. Fidelity reports that the average 401k millionaire. I just met with a Fidelity founding family last week. Actually very nice person. And Fidelity Investments is a company we partner with at Delta Airlines to provide financial coaching and counseling to all 100,000 employees at Delta. And they are a 401k manager. And Fidelity reports that the average 401k millionaire, meaning that it's just auto invested, right? That you're not doing anything spectacular. In fact, you're not doing anything other than putting that money in every paycheck, period, set release, going about your business and never taking it out. Fidelity reports the average 401k millionaire is 59 years old. Hello. Okay. Can't make this up. Coincidence is God's way of Remaining anonymous. It's an Andrew Young quote. The average 401k millionaire. I'm not a 401k millionaire. I've been making. I made my money in real estate and in other areas in traditional business. And I used my own talent, my own hustle. Right. But. And I'm. And I don't work for anybody else. I work for me. I have a 401k but it's modest. But even that's on modest for my. From, from my network, my net worth. But even that's on auto investment. I don't bother it. But the average person who really focuses on their 401k to become a millionaire. An employee. A W2 employee. All right. I write checks. I don't cash. Don't really cash them. Cash them as a, as a W2 employee. Employee. I'm an employer. Right. Is. Is 59 years of age when they hit that millionaire mark. In your 20s and your 30s. This is why early years are for learning, not earning. Right. In your 20s, in your 30s, you're paying off your student loans, which is an investment in you, by the way. You're going to make more money. You have more earning power by far, by more than double. With a higher education of some sort versus a high school education, particularly in this new world we're in, the nature of higher education is going to change. I believe. I don't believe that four year traditional degrees or six year or whatever for advanced degrees. I don't believe that that's the only path to education. I just believe you need to get an education. You can also trades, by the way. Tradesmen, tradeswomen. They. We need 50,000 plumbers a year. I think that number is right. Go over the top of my head. About the same for electricians. I mean you cannot AI an electrician. You cannot AI right, a plumber. Those pipes broke, break. You need some help right now you're going to call somebody. You're paying whatever their going rate is. These people are making bank, they're making good money. And if you invest that, you can become a millionaire in the trades. Right. Much quicker than we're talking about in these examples I'm giving you here. But once again, on average, all millionaires, including small business millionaires, do it in their 50s.
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John Hope Bryant
So in your 20s and your 30s, you're paying off student loans, you're figuring out your career path, you're making mistakes, moving cities, switching jobs. Sound familiar? Wealth typically follows mastery and consistency, which people often don't hit until their 40s and their 50s, right? Income tends to peak in their 50s. In your 50s. For most professionals, salaries peak between 45 and 60 years of age. More seniority, leadership roles, or business equity happens later in life, typically. All this, by the way. Certainly the case for me. Wealth accumulation accelerates when the income is higher and expenses have stabilized. So when you're younger, you're, you're. Everything that goes out, comes in, is going out. You're partying, you're having fun, you're traveling. Right? As you should, by the way. Number four, home equity and real assets appreciate over decades. Slow it down. Let the game come to you. Many, many become millionaires not through cash, but through equity. This is my story. Primary residence, investment, property, retirement accounts. These assets often take 10 to 20 to 30 years to mature in value. Number five, lifestyle shifts that enable savings in later years. Kids grow up, fewer childcare expenses, debt is reduced or paid off. Typically, lifestyle stabilizes, right? This frees up more money to invest and build net worth, which means by the time you hit 40, 45, you go, now it's become they'll be worth $2 million or $3 million. Well, you maybe, maybe your kids have, you know, because you had kids early, maybe your kids have rolled out and they're doing their own thing because you had them when you're 20 I'm not encouraging to have children early, by the way. Here's some bonus insights for you. The flash versus the foundational myth, right? People often assume that millionaires got rich through, you know, lottery or fame or whatever, you know, but that's not what the data shows. Only 20% of millionaires inherited their wealth or got at some windfall somewhere. 80% of all millionaires are self made, just like me. Slow and steady wins the race. Don't let Instagram fool you. Real wealth is boring and it takes time. But if you stay the course by your 50s, you can be the first millionaire in your family tree. Now can I get an amen on that? And that is the new sexy. There are no ugly millionaires, there are no ugly centimillionaires, there are no ugly billionaires. Right? Everybody's attractive when you're successful. Now you say, well, but John, you know, once I get to my 50s, aren't my best years behind me? No, no, you're going to live to 100. If you're in this generation in good health, your best years are ahead of you. Because now you have wisdom, you still have your good looks, you still have your good health, you've got talent, skills, optionality. All money is freedom. Now you've got more freedom. Oh, now it's time to roll, right? Is an old joke that youth is wasted on the young, right? So you made mistakes, you screwed up, you've tripped and failed. You thought things were more important than they really were. You're tripping out over things that weren't important, trying to spending all your time to impress somebody. You really don't want to be like, hello, can I get an amen on that? But when you get older, you're like, okay, that's a bunch of drama. I'm good. So intelligence comes at any time, comes through books. But wisdom comes with time and experiences. So your wellness will absolutely contribute to the 50. Really feeling like the new 40, right? And there's data to support this. In 1950, the US life expectancy was 68 years of age. Today it's 77 to 80 years of age. Again, it's 81 in 700 credit score neighborhoods. That means that a 50 year old today often has 30 to 40 years of life expectancy, especially with access to good health care and lifestyle choices. The wellness economy by itself is a $5 trillion economy plus including fitness, wellness, mental health, nutrition, holistic care. And people over 50 are the fastest growing demographic who are going to be using more fitness and more wellness tech. Think Peloton, whoop, biohacking, et cetera. So this is a business idea for you. By the way, you got the largest population ever over 65. You have more people over 65 than under age 18. Right? And these folks over 65 tend to be affluent. So that's a. Maybe another podcast for another day. But I want you to be encouraged by growing older gracefully and positively and with a lot of positive expectation that you can live a quality of life longer. Midlife reinvention is the new normal. Career pivots at 45 to 60 years of age are now expected, not rare. Okay? Entrepreneurship rates are highest Amongst people age 45 to 64. Think about the Kaufman study, Kaufman foundation study. Read that study that talks about that. Second, acts are being taken more seriously by people, often because people feel healthier and more energized than generations before. Right? Mental health and mindset shifts. Greater focus on purpose therapy, emotional well being, just helping people to avoid burnout and chronic stress. Many people feel more aligned, clear headed and focused at 50 than they ever did at 30. I think I'm. Please don't hate me for saying this. I think I look better now. I think I feel better now. I'm in better shape. I've got better energy, I've got better purpose. I've got, I'm, I'm calmer. Look, let me just say it. Smart's a new sexy, right? Smart, mature, steady. Sure is the new sexy. That's what I'm talking about. Boring is a new sexy, right? That's a, that's a TD Jakes quote that. He gave me the last one. Boring is the new sexy. I did a podcast on that. So here you go. I'm going to give you some examples of folks who knocked it out the park later in life. So 50 is just the beginning. All right. Health, well, health and wisdom. And winning is your second half act. Most millionaires don't hit this milestone in their 20s or 30s. And again, according to Fidelity, this happens in your mid-50s. Not by winning the lottery, not by talking about all this cash. Got this dollar, got this gag this bag, got this all. Money is an exchange of, of value. That's all it is. And if you're, if your outflow sees your inflow, then your overhead will be your downfall. And if you're a professional athlete, are you trying to hook up with one, or you're a rapper or whatever, you're a singer, all good, that's fantastic. But if you burn out, run through your cash and your contract is over in your late 20s or early 30s, which is typically the case, and what I just said is true. But you're going to live another 60, 80 years. What are you going to do for the rest of your life? Work at Starbucks, Work at Walmart, Work at Petco? Right? That's not going to go very well for your ego. So you need to set your life up for the rest of your life. But here's the good news. It's not too late. It's not too late to reset, rebound, repurpose. So the myth about early success is mostly wrong. Most of the folks that I knew who were balling in their 20s are broke now. They were flossing, they were balling, they were. John, you should come hang out with us. They're all broke and most of them asking me for a job. The 20s and 30s, as I said earlier, but I'll say it again, it's worth repeating, are often about learning about failure. So it's just an all. Failure is an outcome to an experiment. That's all it is. And it's about reinvention, it's about finding your purpose, finding your meaning, becoming reasonably comfortable in your own skin. And then you hustle for decades and then you begin to harvest. So the data shows that most millionaires become that way in their mid-50s. But I'm not just talking about money or wealth creation or investing in entrepreneurship and real estate, although that's what I did. I'm going to also talk to you about community millionaires, spiritual millionaires, social justice millionaires, right? People who, who've over indexed on purpose, on purpose and on purpose when people talk about Nelson Mandela and they're so proud, as am I, of Nelson Mandela. I've got Nelson Mandela's prison number right on my wrist right now. I wear it every day. And I think that my mentor, Ambassador Andrew Young, is a Nelson Mandela of this generation. But Nelson Mandela, people don't really think about this. He was an angry black man. He was an attorney. He was angry most of his 30s and his 40s about the injustice in the world. He went into prison at age 47. Please hear me now. Went into prison at 47, right? Stayed there 27 long years. He was not a global leader until age 70. Everything you think you know about Nelson Mandela, the world changing president, the world changing iconic leader, he did after the age of 70, even got remarried to the love of his life. Her name is, I think it was Gracia Michel, right? And lived an incredible, extraordinary life that will literally live on forever in his legacy Colonel Sanders, he founded kfc, the fried chicken franchise. He didn't do that until age 65. Started it at age 65. Vera Wang, right? The famed designer. She started designing dresses at age 40. Here's one for you. Sam Walton, founder of Walmart, one of my partners. I'm CEO, I'm CEO. I'm co founder with the CEO of Walmart, of Financial Literacy for All, Doug McMillan. I love the dude and I really admire the company but that started with one store and a big vision and he started scaling his company. He didn't start scaling Walmart until his mid-50s. Now you hear my story and I really have not. I mean I think my best years are ahead of me, but I didn't really hit my stride. I've been building infrastructure and building systems, building a management team, building a company, building organization, making mistakes, right? Falling down, getting back up. Success is going from failure to failure without loss of enthusiasm. I take no for vitamins. Building resiliency over to round it through it. We're going to get to it. I mean my 20s, my teens and my 20s, my 30s were mostly a blur. I mean I was just running. I was just running. I've been to a hundred countries, didn't really enjoy most of them. I was just running, I was taking care of business and I went there broke. Went there. Try traveling coach to Japan, I've done that. Coach to Africa. In the middle seat with your knees in your chest. I've done all that. Whatever experience is, I've had it. And that just gives you a lot of comfort later in your life. And no one can talk to you crazy. No one can talk to you outside of their mouth. Tell you something, that's why when you see me on comments on my, on social media, on Instagram, whatever, if I'm coming back at somebody sharp, it's because I know what I'm talking about and they don't, right? To argue with a fool proves there are two, right? And so I don't argue with people, I just simply set them straight. Now if I don't know what I'm talking about, I don't say anything. But if I know my facts, don't come at me sideways, right? If you come at me, come at me respectfully. You're not going to disrespect me on my own page. I mean, I was born at night, not last night, right? Not one ounce of my self esteem depends on someone else's acceptance of me. But again, this comes with time. This level of sort of personal comfort being Reasonably comfortable in your own skin, right? Just comes in time, comes with time. So again, I gained spiritual wealth. We're not human beings having a spiritual experience. We're spiritual beings having a human experience. That spiritual wealth came with time. That wisdom, right? Social wealth, community, legacy wealth. You know, the impact work that we're doing. You know, operation Hope is 33 years old. I mean, that's older than some people listening to this podcast. So it just takes time. You know, Quincy Jones says it takes 20 years to change a culture, right? In the last 20 years, I think we've made dumb sexy. We've dumbed down and celebrated it, and it's time to make smart sexy again. So real worth, real wealth, and real worth equals more than money. So financial wealth with community wealth, mental wealth, legacy wealth, social wealth, enough for everybody. That's what I'm doing here is sort of reinvesting in you. These are really important things. The idea that your 50s are when you're. When your story is over is ridiculous. That's when your network, your relationship capital, your knowledge, and your narrative all align. It's the right time. It's a great rap. See if I get my brother Ti to put me on one of his albums. Killer Mike. So here's for the late bloomers. I want you to understand that it was okay that you partied through your 20s and your 30s. You're not behind. You're just on time. You're just beginning. The best builders of legacy often come with scars and stories and seasoning. You cannot have a rainbow without a storm first. Can I get an amen? That's not just good theology, good philosophy. It's actually a scientific fact. I want you to start with budgeting and saving. Even if you're starting at 45 or 55, it's not too late. I want you to go to one of my Hope Financial coaches. We tell them I sent you. They'll give you a starter scholarship from Operation Hope to get you into one year of free financial coaching and counseling. We're going to help you create a budget, a lifestyle budget, an investment budget, and a flossing budget if you want. Certainly the lifestyle living budget. We're gonna help you realign your life, take back control of your life, master your credit, get your debt down, stop spending money on silly stuff. Or at least point the silly stuff out to you so that you can decide for yourself whether impressing somebody you don't know with money you don't have about things that don't matter is actually something you should be Spending your time and energy on. They're going to help you get your life right and help you make some decisions and keep you on task like a coach, like a private banker. And you're going to see your life skyrocket. I want you to tell your friends and listen to this podcast. I want you get your book, Financial Literacy for All and open it up and read it once, one chapter a week, with your posse, with your crew. Don't do this alone. Do it with your mouse, your mouse. Mouse. Don't maybe if you're alone, do it with the mouse. Do it with your spouse, right? Do it with your family. Do it with your children. Do it with your sorority group, your fraternity group, your social group, with your friends, your relatives, your co workers, right? Create a club, a civil rights club and the suites to match the civil rights activity in the streets. Be intentional about your success. I want you to buy a house. I'm going to do again, a dedicated series on the process of owning a home. So don't worry about that. I'm going to walk you through it because you shouldn't feel ashamed that you don't know the steps. There's no shame in the game of not knowing, right? It's not asking questions. Quincy Jones, again, great quote from him that God gave you two ears and one mouth. So you listen twice as much as you talk. Be nosy, right? I want you to own a home. Why? Because the number one way you build wealth in America is home ownership. 45, 44% of African Americans own a home, compared to 75% of our mainstream counterparts. Why are they doing it? Because it's the easiest way, the pathway to home ownership. And I just think it's ridiculous to see these folks on TV who own a home telling you not to buy a home. I think it's crazy. So ignore that noise and buy a house. The whole tax policy in the US is centered around and focused on encouraging home ownership. Start a business, get that will done. Open that investment account today, people, today. And don't say you can't do it because you certainly could go out of that club or that restaurant, couldn't you? Certainly go out to that party. By the way, you know, there used to be rent parties back in the day. Back in the 40s and the 50s, black folks did rent parties. You go to one parties. We revive this. By the way, if you like, somebody would hold a party, they, they couldn't. They're having problem meeting their rent. And everybody was come and pay $10 at the door. The equivalent today of $10 at the door. And next month it'd be at somebody else holding a party, and they were a little short on rent money or grocery money, whatever, and then they pay that person $10 at the door and everybody had fun. Everybody, you know, was great entertainment. You offset the cost of the party, but you also helped to endow this person to live a dignified life. You can also do that, by the way, a little bit more money, maybe 100 bucks, and start a business rotating pool that allows this person to start a business. And the next time you have an event, that person is able to start a business. And, and you know, you don't own anything in that person's business. So that makes it more complicated. So there shouldn't be any debts here. This, you know, everybody gets a turn. If it's 10 people in this group or 20, the more people in the group, actually easier is to do this with real money. You get 30, 40, 50, 100 people in a group. And then over the course, and if everybody's contributing a hundred dollars a week or a hundred dollars every two weeks or 100amonth, then over the course of time, right, it's 12 months in the year, so you're doing it once a month. You can only do 12 turns at a time. But if you have, you know, if you have 50 people in the group that within four years, everybody gets a chance to start a business or to become a homeowner, okay, that's a whole different situation. But you should not be coming back and saying, where's my money later, right? Not in that example. That's where it gets messy, right? So buy a home, start a business. Get that will done. Open that investment account with an institutional credible investment manager and buy, don't buy flaky stuff. This is not the time for crypto. Hello, I'm not being anti crypto. I'm saying I don't want you using your rent money for silly stuff that may implode on you. People who made money in crypto in part got lucky. They just got lucky. You got unlucky. You would have lost it all. So you take, if you want to do crypto or whatever, take 2%, 5%, 10%, and then do that. By the way, I think crypto, I think blockchain technology, which is under crypto, was brilliant. I just don't want you losing your money. That's the only reason I want you to be protected. Right? I want you to build a financial comeback plan with your name on it. So it's just not too late to build wealth after 50. In fact, that's the expectation. Mandela time means that your greatest chapter just might be ahead of you. Late bloomers. Not only can you not win, you're expected to win. You will win. You know, it's hard to hit a moving target and it's really hard to lose when you're compounding that benefit of consistency over time. So if you're a late bloomer, you know you're right on time for becoming wealthy and finding purpose in the middle course of your life. Reinvention at midlife is the new normal, okay? So I want you to be encouraged. I want you to start the movie of your life right now. I want you to tell people you love all around you that they can do it right? That whether you believe you can or whether you believe you can't, you're absolutely right that mindset matters. Read my book up from Nothing on mindset. Read my book, the Memo. Because it's what you don't know that you don't know that's killing you, but you think you know. Read financial literacy for all because it gives you all the tools to master what I think is the civil rights issue of this generation, financial literacy. Read how the porkins hate capitalism so that you know what an asset you and we really are. Read Love Leadership. Because I want you to come at life as a lover and as a leader who gives right again. I can't guarantee that being positive is going to make you a success, but I absolutely guarantee you that being negative is going to make you fail and you'll be miserable. Dr. King once said that hate and evil cannot self generate because it has within it the seeds of its own demise. I want you to be positive. I want you to see the glasses half full. I want you to get up in the morning no matter where you are, no matter what age you are and know that this might be and just could be the best day in the best week in the best year in the best era. Remember, Mandela found the love of his life after he got out of prison. And he didn't change the world until after he got out of prison. That means his 70s and his 80s were killing it. He was at the club, the club of his best life at 85. My mentor, Ambassador Andrew Young, is 93 years young. You talk to him if you have the opportunity to talk to a man who was on the. He was on the balcony with Dr. King. The last living attendant for Dr. Martin Luther King Jr. Helped to build Atlanta as the only International city in the south, brought the Olympics to it. Atlanta, Georgia, helped to get Delta to go to Africa. And he's on the board at Delta. Just so many accolades. Over 100 honorary doctorate degrees. Congressman, mayor, builder, civil rights leader, pastor. So many lives within this life, so many lives. And why is he still alive when all of his friends, many of his friends have passed away? I believe because he has sustained purpose. He's one of these millionaires of spirit, soul and purpose. He's every week going to give speeches, every week he's traveling somewhere, every week he's engaged. He was just at our house a couple days ago for Kshetra's birthday. I mean, he's always engaging in life. He's doing interviews, he's writing, he's thinking, he's. He's reflecting. He's not just playing golf. Retiring at 60 years of age, 65 and going to play golf. Those friends of his, many of them, most of them, nothing, no knock against golf. You want to play golf, go do it. But they lost their purpose. They lost their way. There was nothing to get up for in the morning that was bigger than themselves. Purpose is something as large and more important than yourself. And a lot of those people have passed on the glory. Ambassador Young has lived a long, glorious life, continues to do so because he's more focused on giving than getting a purpose, larger, more important than himself. And that extends his wellness, his well being, his life, his legacy, his purpose. Part of that legacy for him is in the mic with you right now because he helped to raise me and I'll forever be in his debt. You can become a millionaire in your 50s. I just gave you a small dose of that. This is John o'. Brien. This is Money and wealth on the Black effect network. On iHeartRadio, you can change and retake your life. It starts right now. Tell your friends to subscribe to this podcast. 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 show. The best kind of help is the kind you don't even have to ask for. Like your friend pulling up on moving day with a truck, a speaker and snacks ready to go. Well, that's the energy you get with AT&T's new guarantee. If there's ever a network interruption, they make it right by giving you credit for a full day of service, proactively credit for fiber downtime lasting 20 minutes or more or wireless downtime lasting 60 minutes or more caused by a single incident impacting 10 or more towers. Restrictions and exclusions apply. See att.com guaranty for full details at and t Connecting changes everything. This is an iHeart podcast.