Money & Wealth Replay: How Money Works

Summary

Detailed Summary of "Money & Wealth Replay: How Money Works"

Podcast Information:

• Title: Money And Wealth With John Hope Bryant
• Host/Author: The Black Effect and iHeartPodcasts
• Description: John Hope Bryant, a successful entrepreneur, executive, and philanthropist, offers his trademark ‘Straight Talk’ on developing a wealth-building mindset. He focuses on how the Black community can navigate and thrive within a free enterprise system, providing practical advice to improve financial positions and create personal wealth for individuals and families.

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Introduction: Setting the Mindset for Wealth

John Hope Bryant opens the episode by emphasizing the critical role of mindset in achieving financial success. He underscores the importance of believing in one's ability to succeed, stating:

“Whether you believe you can or you believe you can't, you're absolutely right. (00:00:22)"

He highlights the influence of one's environment on their financial trajectory, warning against surrounding oneself with negativity:

“If you hang around nine broke people, I guarantee you, you'll be the tenth. Your environment matters. (00:00:30)"

The Impact of Environment and Depression

Bryant discusses the pervasive issue of depression within the Black community and its detrimental effects on personal relationships and financial well-being:

“Maybe 70, 80% of black people before the pandemic, African Americans, I think, were clinically undiagnosed depressed. (00:02:10)"

He explains how depression can erode self-respect and interpersonal relationships, ultimately hindering financial success:

“If I don't have a purpose in my life, I'm going to make your life a living hell. Whatever goes around comes around. (00:02:45)"

Building Wealth vs. Surviving

Shifting focus, Bryant contrasts surviving with thriving, urging listeners to adopt a winning and building mindset:

“I don't want you surviving. I want you thriving. All right? I want you winning. I want you to be a winner builder. (00:03:50)"

He emphasizes the necessity of eliminating negativity from one’s life to foster a positive environment conducive to success:

“But I absolutely guarantee you that being negative will make you fail. And nobody wants to be around somebody who's depressed and talking down all the time. (00:05:00)"

Financial Coaching Success: Partnership with Delta Airlines

Bryant highlights the success of Operation Hope's financial coaching program in partnership with Delta Airlines. The program has significantly improved participants' financial health:

“They raise their credit score 54 points in six months, lower their debt $3,800 in the first year, increase their savings by $2,200 on average. (00:06:30)"

Participants have reported enhanced mindsets, reduced stress, and improved relationships, demonstrating the program's profound impact:

“Brothers have walked up to me almost with tears in their eyes saying that they're not arguing with their wives anymore. (00:07:10)"

Understanding the US Economy: A Comprehensive Overview

Bryant delves into a detailed analysis of the US economy, positioning it as the largest in the world with a GDP of approximately $23-26 trillion:

“The largest economy is the United States of America. Somebody told you it's China. That is wrong. (00:07:50)"

He compares the US GDP to other global economies, debunking common misconceptions and providing clear statistics:

“China, about 17-18 trillion. Germany, 4 trillion and change. Japan, 4 trillion and change. (00:09:10)"

The Role of Consumer Spending and Financial Struggles

Highlighting consumer spending's dominance in the US economy, Bryant reveals that 70% of economic activity stems from consumer expenditures:

“Seventy percent of the U.S. economy is consumer spending. (00:12:00)"

He underscores the widespread financial instability, noting that a significant portion of Americans live paycheck to paycheck, regardless of income level:

“Half of Those who make $100,000 a year are living from paycheck to paycheck. (00:13:45)"

Credit Scores and Financial Access in Black Communities

A critical issue Bryant addresses is the disparity in credit scores within Black communities, which severely limits access to financial opportunities:

“Half of us in America, African Americans have a credit score below 620. (00:19:30)"

He explains how low credit scores restrict access to car loans, mortgages, and business financing, perpetuating economic stagnation:

“If you have a credit score below 700, you can't get a small business loan; it's considered risky credit. (00:21:15)"

The Significance of Homeownership

Homeownership emerges as a pivotal strategy for wealth building. Bryant points out that owning property is the most effective way to accumulate generational wealth:

“The easiest way to build wealth is homeownership. By the way, the biggest business in the world is real estate. (00:24:50)"

He encourages investing in real estate as a stable and appreciating asset, essential for long-term financial security:

“Buy it, rehab it, rent it or live in it, don't sell it and things should work out for you. (00:30:20)"

Critique of Entertainment and Sports as Wealth Pathways

Bryant critically examines the prevalent pursuit of careers in entertainment and sports within the Black community, highlighting their minimal contribution to the overall economy:

“All of those entertainment and sports sectors represent a small fraction of the economy and are not scalable sources of wealth. (00:35:00)"

He contrasts this with sectors like finance, banking, real estate, and healthcare, which collectively drive 70% of the US economy and offer more sustainable wealth-building opportunities:

“Real estate, banking, finance, and healthcare and professional services represent 70% of the entire economy. (00:40:30)"

Building a Sustainable Financial Future

To foster enduring wealth, Bryant advocates for participation in large, stable economic sectors and emphasizes the importance of financial literacy:

“Real estate and the stock market have never gone down in the history of America. (00:44:00)"

He stresses the significance of making money work for oneself through investments and tangible assets, promoting a balanced approach to income and wealth accumulation:

“You make money during the day, you build wealth in your sleep. (00:46:15)"

Historical Context: Freedmen’s Bank and Financial Oppression

Bryant provides historical context by referencing the Freedmen’s Bank, established post-Civil War to educate freed slaves about money. He highlights its failure as a turning point in financial empowerment for African Americans:

“The Freedmen's bank was created after the Civil War by Abraham Lincoln and ran by Frederick Douglass...that bank failed after Lincoln was assassinated. (00:49:30)"

This historical setback contributed to the ongoing lack of financial education and access within the Black community:

“Blacks were never taught about the free enterprise system. We're not dumb and we're not stupid. It's what we don't know that we don't know. (00:50:45)"

Financial Literacy as a Civil Rights Issue

Emphasizing the critical role of financial education, Bryant declares:

“Financial literacy is a civil rights issue of this generation. (00:52:00)"

He advocates for a shift from activism to entrepreneurial endeavors, encouraging the community to engage in business and economic activities to foster collective prosperity:

“We need to move from protesting in the streets to cutting business deals in the business suites. (00:53:30)"

Intellectual Property and Wealth Creation: A Listener's Question

Addressing a listener's question, Bryant explains the financial relevance of intellectual property (IP) in creating wealth. He outlines how IP, such as patents, trademarks, and copyrights, are foundational to generating economic value:

“A patent is a monetized idea. It's a thought, it's an idea, it's a creative that's been structured and been codified in protections. (00:55:10)"

Bryant illustrates the significance of IP by citing examples like the value of artists’ intellectual properties and major brands, emphasizing that IP is a critical component of economic growth and personal wealth:

“The biggest economies in the world have the most patents. (00:56:50)"

He concludes by reinforcing the importance of protecting and monetizing intellectual property as a strategy for wealth creation:

“Most great things started with intellectual property. Music is as old as the world itself. (00:58:20)"

Conclusion: Empowering Through Financial Knowledge

Bryant wraps up the episode by reiterating the importance of understanding the economy and actively participating in wealth-building sectors. He encourages listeners to educate themselves, invest wisely, and support each other in the pursuit of financial stability and growth:

“This is me trying to unpack how things work. This is how we all come up. This is my weekly pulpit for all of us. (01:00:00)"

He calls for collective action toward economic empowerment, aiming to transform the financial landscape for the Black community:

“This is how we all come up. This is me trying to unpack how things work. (01:00:30)"

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Notable Quotes with Timestamps

1. Mindset and Environment:

   “Whether you believe you can or you believe you can't, you're absolutely right. (00:00:22)"

2. Impact of Depression:

   “If I don't have a purpose in my life, I'm going to make your life a living hell. (00:02:45)"

3. Building a Positive Environment:

   “I don't want you surviving. I want you thriving. All right? I want you winning. (00:03:50)"

4. Financial Coaching Success:

   “They raise their credit score 54 points in six months, lower their debt $3,800 in the first year, increase their savings by $2,200 on average. (00:06:30)"

5. Consumer Spending:

   “Seventy percent of the U.S. economy is consumer spending. (00:12:00)"

6. Living Paycheck to Paycheck:

   “Half of Those who make $100,000 a year are living from paycheck to paycheck. (00:13:45)"

7. Credit Score Disparity:

   “Half of us in America, African Americans have a credit score below 620. (00:19:30)"

8. Homeownership as Wealth Building:

   “The easiest way to build wealth is homeownership. (00:24:50)"

9. Critique of Entertainment and Sports:

   “All of those entertainment and sports sectors represent a small fraction of the economy and are not scalable sources of wealth. (00:35:00)"

10. Financial Literacy as Civil Rights:

    “Financial literacy is a civil rights issue of this generation. (00:52:00)"

11. Intellectual Property and Wealth:

    “A patent is a monetized idea. It's a thought, it's an idea, it's a creative that's been structured and been codified in protections. (00:55:10)"

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Final Thoughts

In this episode, John Hope Bryant delivers a comprehensive exploration of how money works, particularly within the Black community. He blends personal anecdotes, economic analysis, and practical advice to empower listeners to take control of their financial destinies. By addressing systemic issues, promoting financial literacy, and advocating for strategic participation in key economic sectors, Bryant provides a roadmap for individuals and communities to build sustainable wealth and achieve lasting economic empowerment.

For those seeking to deepen their understanding of financial systems and strategies for wealth-building, this episode serves as an invaluable resource, urging proactive engagement and informed decision-making in the pursuit of financial freedom.

Transcript

[A]

Welcome to Money and Wealth with John Hope Bryant, a production of the Black Effect podcast network and iHeartRadio. Yeah, I'm quickly becoming a Mike Epps fan here. My brother comes again with some straight talk, like Real Wisdom. This is John O'Brien talking about money and wealth. And it's also mindset. This is about getting your mind right, because whether you believe you can or you believe you can't, you're absolutely right. Success is going from failure to failure without loss of enthusiasm. As I've said repeatedly, and I'm a pounded into your brain, if you hang around nine broke people, I guarantee you, you'll be the tenth. Your environment matters. And Mike Epps talks some truth. Look, a lot of black people, African Americans in particular, I'm gonna do a whole podcast on blacks and Africans, Blacks and Caribbeans, African American, blacks and Caribbean, Blacks and African American and African, African Blacks, because we are all from the same root of the same tree. In fact, all human beings are from Africa. But the cultural differences matter because of our experiences are different. All that matters and changes the endorphins in our brain. And some of us are in a surviving mindset, Some of us are in a thriving and some of us are in a winning and building mindset. So. But those who are in a surviving mindset, who grew up in the hood, Mike Epps is talking about that experience. And I can relate to it. Growing up in Compton, California, in South Central Los Angeles, Mike is talking about, you know, folks, not necessarily rooting for your success because a lot of us are depressed. Real talk now here that maybe 70, 80%, I cannot confirm this to be a fact. I'm just telling you, 70, 80% of black people before the pandemic, African Americans, I think, were clinically undiagnosed depressed. And you can be the most loving person in the world. But if I'm depressed, I don't like me. So if I don't like me, I'm not going to like you. If I don't feel good about me, I'm not going to feel good about you. If I don't respect me, don't expect me to respect you. If I don't love me, I don't have a clue how to love you. And if I don't have a purpose in my life, I'm going to make your life a living hell. Whatever goes around comes around. And Mike is talking about growing up in the community, community he's now helped to revitalize, reinvested in. And he's talking about experiences he's had where folks are not necessarily happy about his success. They love it when he fails. They love it when he's on drugs. They love it when he coming back off of drugs. They love it when he's down. They love it when he's had some kind of something that's befallen in his life. He's tripped and fell and he's not feeling good. They're like, oh, man, come on, man. I'm with you, brother. Let's get you back on track. Because they can relate to his pain, but they cannot relate to his gain. They're not rooting for him when he's doing well. They're like, man, you sold out. What the heck does that mean? Man, you talking like you white. What the heck does that mean? It's English. You talk in Japanese. You either speak in Japanese or you're not. When you speak in Spanish, you either speak in Spanish or you're not. You're speaking Russian. You speak in Russian or you're not speaking French. You either speak in French or you're not. When you're speaking English, you're either speaking English or you're not. When you're speaking capitalism, same thing applies. So what? I don't understand this craziness, right? Like, you can be bilingual. I can. I can be down with my community in the streets and able to cut a business deal in the suites. You better be able to do that or you're going to be broke. Real talk. And I'm not trying to hang around with a bunch of broke people. And other than to visit maybe my neighborhood and try to inspire them to be better. To try. Inspire them to come up from nothing. My last book, up from Nothing, of a new book coming out soon called Financial Literacy for All, which is a civil rights issue of this generation. But. But I want to inspire you to come up. But I'm not trying to sit around and let that toxicity jump on me, that depression jump on me. Just real talk. Like, I'm not trying to hang around people who are bringing me down. I can't guarantee you that being positive is going to make you a success, but I absolutely guarantee you that being negative will make you fail. And nobody wants to be around somebody who's depressed and talking down all the time. We want encouragement. Listen to my podcast on relationship. Listen to that episode. And on marriage, if you're not better together, two plus two does not equal more than four. What are you doing? You can do bad all by yourself. So Mike is talking real talk. He's Pouring his heart out. And we've got to admit that 400 years of, well, mostly 400 years of being repressed in this country, certainly 200 to 300 years is being repressed in this country as African Americans and ill treatment until the late 20th century, structurally and legally, has messed with our head, mess with our heart, mess with our spirit. And maybe we don't feel good about ourselves. And maybe as a result of that, we have crab in the barrel. Maybe we're trying to bring other people's down. You can't solve something unless you deal with it first. We are a beautiful people. We've been doing so much with so little for so long, we can almost do anything with nothing over to round it through it. We're going to get to it like we are experts at surviving. But I don't want you surviving. I want you thriving. All right? I want you winning. I want you to be a winner builder. I want you to have a mindset that says, I am somebody and I want you to be somebody, too. If I'm talking positively about something, about my successes and I don't, I don't do it around a lot of people because they don't want to hear it. I know they don't want to hear it. They say they. What's going on? They don't really want to hear it because, see, he just bragging. Who says that? Think about that's like crazy. Why wouldn't you just be saying, my God, that's fantastic. Maybe that's some encouragement for me. Maybe I can learn from what's going on with what John's doing. But I know that a lot of people I hang around a lot of people I am around, educated. This is not poor people now. Sorry, not financially poor people. I'm talking about people who have done well, but psychologically they're messed up. I can read people in a minute. I can meet you in two minutes. I have read your spirit. And I can tell whether you're a hurt person or not and whether you got attitude in your bones or at least attitude in your head and your spirit and whether you mean me no good. You're looking at me, you're smiling, but really you're sneering underneath your breath because, oh, John, why? Why is he successful? Why is he. He didn't go to the fraternity. He didn't go to this college. He didn't do this, he didn't do that. I paid these dudes. He's not part of the club. I don't want to be part of your club, man, I never, I never sought membership in your club. I'm focused on trying to get to my objective and I want to bring you with me. Why don't you want to bring me with you? Why don't you root for my success irrespective of how I got it? Maybe you can learn something from that. God gave us two ears and one mouth so we listen twice as much as we talk. But hurt people, hurt people. Just real talk. We have got to move the toxicity out of our lives. God bless you Mike Epps. Keep going brother. And I'm glad you are sober now and you are speaking your truth. Hopefully all this causes all of us in the black community to begin to deal with our stuff. What is a church in the black community in a low income black community and unofficial psychologists will shrink. It's our therapist. Oh you know I don't want to go to a therapist. Somebody might think I'm crazy. If you black in America and you don't think you're crazy, you are actually a little crazy.

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[A]

Hey, hey, this is John O'Brien. This is Money and wealth. Don't you just hate it when folks talk over your head and you think it's silly to ask intelligent questions because you think somebody's going to try to embarrass you or think bad of you? There's no stupid questions. Look, God gave you two ears and one mouth. So you listen twice as much as you talk. So I want you to. I asked Quincy Jones, a brother and a mentor of mine, one of the impresarios of the world in music and entertainment, the guy who essentially helped to create the global brand of Michael Jackson and so many others. I asked his brother, how'd you get so smart? He said, I'm just nosy. As hell. I want to know everything about everything. So I want you nosy, right? Saint is a sinner. That got up. Just keep getting up, keep asking questions. Somebody knocks you down, get back up. Take no for vitamins and and never be embarrassed, ever. So we're going to unpack the economy. We're going to explain things that people say to you and around you that you may not have a clue about and you just been too uncomfortable to ask the question. But we live in a free enterprise democracy. When you get up in the morning, if your day is not about God or love, your day is about money. So it's all around you, but you're not talking about it. You're not asking questions about it because maybe you're uncomfortable about it. So let's demystify it. Let's explain how all this stuff works. Unpacking the economy. Here we go. Take notes. Listen to this several times if you must. This is my ministry of finance. This is my weekly pulpit, breaking down how the economy and finance and money and capitalism actually works just for you. We're going to be PhDs and PhDus too. Take notes. Take this to your weekly fraternity and sorority meeting. Take this podcast to your weekly discussion groups. Start a weekly discussion group on silver rights. S I L V E R Not protesting in the streets, but creating opportunity in the suites, the business suites. As Malcolm X said, we've been bamboozled, We've been tricked, we've been fooled. Let's stop that right now. And here we go. There are over 200 countries in the world, legitimate democracies. The largest economy in the world amongst Those democracies, about 8 billion people, give or take. The largest economy is the United States of America. Somebody told you it's China. That is wrong. Somebody lied and told you it was Russia. Not even close. It's just not even close. Russia is a rounding error from a GDP gross domestic product. You've heard that phrase bantied around bantied about gdp. GDP means gross domestic product. Basically think about the revenue. If you own a store, it's the gross receipts, the gross economic output, gross economic activity for your store or for your barbershop. It is your income that comes into your household. You get it? Gross domestic product. So if you have these 200 plus nations in the world creating about 100, $105 trillion of GDP gross domestic product estimated for 2024, what are the largest economies? About $100 trillion in 2023 is projected to be 105 trillion there thereabouts in 2024. So I want you to guess like, see if you can figure this out. The first thing I think people are, will definitely get wrong is that people tell me all the time China is bigger than the United States. Not, not true. They're the biggest population, 1.5 plus billion people. I think it's more than that. But they have the second largest economy in the world. United States, number one at 23 trillion, 24 trillion. Some people say it's 26 trillion, but I'm gonna give you conservative numbers. China, about 1718 trillion. Germany, 4 trillion and change. Japan, 4 trillion and change. India, 3. 0.7 trillion. United Kingdom, that's Britain, 3.3 trillion. France, 3 trillion. Italy, 2.2 trillion. Brazil, 2 trillion and change. Canada, 2 trillion and change. And then it sort of goes on from there. I'm sitting in the city of Atlanta, by the way, with 400 plus billion dollars in annual in GDP is one of the largest economies in the world. If it was a country, the 10th largest economy in the United States. Are you following me? So I'm giving you the basics. The global economy I gave you then, I gave you where the United States is. I told you Even there's about 8 billion people, give or take in the world. I've now told you that the largest economies were. I gave you the top 10 of the largest economies in the world. Right. So now let's break down the US economy where most of my listeners live. So you have as part of this economy 350 million people, give or take, about 30 million plus businesses. Of those businesses, how many of them have 10,000 employees or more? Well, you have the Fortune 500 companies. You have about a thousand companies with about 10,000 employees or more. That's a sideline We, I'll come to that another at another time. But most employment, my point is, comes from small business. Most employment comes from small business in this country. So if the economy is 20 plus trillion dollars a year, is it coming from rich people? No. Seventy percent of the U.S. economy is consumer spending. That's right. Seventy percent of the US economy is consumer spending. And 70% of all Americans are living from paycheck to paycheck. Everybody, whether you're white, black, red, brown or yellow, you want to have some more green. Can I get an amen now? For those listening to this thinking that I'm talking about so called poor people, it's time for you to wake up. Half of Those who make $100,000 a year are living from paycheck to paycheck. Am I hitting home yet? You should be nodding your head. If your household has a combined income of $100,000 and you feel that you're failing, you're not. So what about the very wealthy? What about those who've got great incomes? And by the way, there's difference between getting rich and building wealth. You make money during the day, you build wealth in your sleep. It's called compounding. Stocks, bonds, homeownership, businesses, investments, education, I think qualifies. But things that compound while you're sleeping, your income. You can have a contract. This is why you can have a contract for $100 million in the NBA or whatever and go broke because you're rich. But you may not be wealthy. So when your outflow exceeds your inflow, then your overhead will be your downfall. Am I going too fast? So a third of Those who make $250,000 a year are living from paycheck to paycheck. That's right. Even the wealthy are getting hit over the head. A third of Those who make $250,000 a year are living from paycheck to paycheck. Now somebody's sitting here saying, I don't care about them. I don't like the rich. Yeah, everybody hates rich people until they become rich. People say, I hate rich people. No, you don't. You hate rich people until you become rich. You hate a game system is what you hate. You hate a system that you believe is rigged against you so that you cannot succeed, you cannot compete, you cannot make any money or build any wealth because somebody has locked you out. As soon as you know that you and others you care about can succeed, you want all in on that because you want prosperity in the way that you define it. Maybe you want to make the money and give it away, but you still want to be able to make the money. Can I get an amen? Even if you want to distribute money like a socialist, you got to first collect it like a capitalist. Drop the mic. If you're living in New York City and you're making $100,000 a year, it feels like $39,000 a year because the cost of living in New York City is higher. That's why a lot of folks move to the southern states, because the cost of living is much lower. Even though you may be making less than you make in New York City or in Los Angeles. If you move into a southern state, your cost of living is lower. Your housing, transportation, all that stuff is lower. And your income may not be the same as it was where you moved from. But you. It's high enough so that your standard of living is better. Did you follow me on that? If you're spending $2 in New York and spending 2.1 dollars more than you make, but you move to Atlanta and you are. You move to wherever, Nashville, and you're spending $1, but you made $1.3. Hello. You're better off, even though you made less. Let me break some eggs around here. Now. I just talked about the larger economy. I'm going to talk now about why. Why this is everybody's issue, whether you're black, white, red, brown, you want some more green. About 64%. This number vacillates between 57 and 64% of all Americans don't have $400 for an unplanned event. Not poor people, everybody. Hello. So when we work with Delta Airlines at Operation Hope to design a program to give financial coaching and counseling to every one of their employees and anybody that will raise their credit score 54 points in six months, lower their debt $3,800 in the first year, increase their savings for $2,200 on average. For somebody making $60,000 a year, $50,000 a year, $60,000 a year, that radically changes their life. And they get a reward of $1,000 emergency savings account for doing that. It goes in their account at Delta and everybody wins. Well, that's program has become radically successful, amazingly successful. In the first year. Half of the employees have taken to the program and are actively in it. And it's changed their, their, their mindset, their mentality, their motivation is. Made them less stressed. I've had. I've had brothers walking to me at the. In the plane and just, you know, almost with tears in their eyes saying that they're what, not arguing with their wives. Wife anymore? Not wives. Hello. Their wife anymore. You know, number one cause of divorce in America. Money. Number one cause for heart attack. Stress. Number one cause for stress. Money. Number one calls for domestic abuse. Money. Right. What's a long, protracted divorce about? Money. I did a whole podcast just on that. Go and watch that and listen to that episode. Why is a woman dealing with an abusive man? Money. I can go on and on and on. We don't want to talk about it. We want to deal with it, but it's all around us. So money has a relationship with you, but you don't have a very good relationship with money. And so it's taking advantage of you. And you should be managing it. It should not be managing you, but you have to understand how this system actually works so that you can work it so half of black people in America, African Americans have a credit score below 620. Let that sink in for a moment. We have the Hope Financial Wellness Index at Operation Hope. You can go to the index on the Internet, type in your zip code and we'll tell you what your credit score is. You tell me your zip code, I'll tell you how you're living. You lived at 61 years old in a 580 credit score neighborhood. You lived at 81 years old in a 700 credit score neighborhood. 20 year Delta, 20 year difference, 15 minutes apart all across America. Doesn't matter whether you're black and brown, urban or white rural. It's the same rules that apply if you live in a 580 credit score neighborhood. You have a check casher next to a payday loan lender next to a rental owned store next to a title lender next to a liquor store next to a pawn shop and a church down the street trying to make you feel a little bit better once a week. That's your neighborhood therapist. And meanwhile, in a single parent households and a lot of obesity and high crime rates and low home ownership rates. Easiest way to build wealth is homeownership. By the way, biggest business in the world is real estate in the world. Low high school graduation rates in a 580 credit score neighborhood. Crime's off the chart, off the chain. Violent crime is off the chain. Obesity is everywhere because too many fast food restaurants where I don't have any problem with fast food. I love my share of McDonald's or whatever, but you shouldn't eat it every day, three times a day. You need fruits and vegetables and healthy food and you're going to go to a fast food restaurant, order a salad every now and then. So because we're eating bad, cheaply, we inflate, we inflame. Your body is inflamed, you're not. Most people aren't fat, they're inflamed. A lot of these things proliferate in communities. We have low levels of relative education and financial literacy and high levels of depression. So literally when I say if you want to change America, race credit scores 100 points, neighborhood by neighborhood. I know it sounds crazy, but it's not about the credit scores, about the trending indicators of wealth, of hope, well being, faith, confidence, belief, trust, all the things that, that parallel a rising credit score. Then you get a higher access to capital, lower cost of capital in higher credit score neighborhoods. 700 credit score. Neighborhoods don't riot. You never seen a riot in a 700 credit score neighborhood in America's history. They don't riot. They go shopping. So now let me break some real eggs here. And it sounds like I'm picking on my black and brown brothers and sisters. But I really want us to get out of this, these bad habits. So I just talked to you about the largest economy in the world, the US economy. There's 350 million people in America. It is amazing that the US is this behemoth. This amazing economy on the planet is us and we are just killing it with a very small population. It's just a great story of what freedom can do with all our problems. We have plenty of them. We still are a beacon and a light on the hill. I talked about 30 million businesses about within that, about 3 million black businesses, 3.1 million black businesses within that group. But 96% of them don't have an employee. Hello. I'll do a separate podcast just on that. Operation Hope, through our partnership with Shopify is creating and others are creating 1 million black business initiatives, creating black businesses. We've helped, nurtured, supported, created over 400,000. That's 12% of all black businesses in America. So I'm proud of that. But most of companies don't have employees or self employment projects. And I've already mentioned that the credit score, average credit score for African Americans is 620. Which means half of us wake up in the morning locked out of the free enterprise system. You can't get a decent car loan at 620. If you get a Mercedes. It's not a Mercedes, it's Mercedes payments. You can't get a decent mortgage at 620. It needs to be about 700. You definitely can't get a small business loan below 700 credit score because it's considered risky credit. You can't get unsecured credit lines of credit in the low 600s. You need a proper credit score. If you have a 700 to an 800 credit score, the computer on balance just that you're applying for just says yes. It doesn't care what color you are, where you live. It's like, yes, I want you to be my client. It just, the computer just says yes, the color's green. Hello. So go to operation. Get a whole financial Coach. It's free. $16 trillion. The whole economy is only 23 trillion. Racism against blacks alone, according to a Citigroup report costs the U.S. economy $16 trillion. And if we just knock it off, we stop it. The US Economy would surge a trillion dollars a year. That's a big bump. So here's an egg I'm going to break now, going the other direction of how we shoot ourselves in the foot in the black community, you have this $23 trillion economy, this rocket ship, African Americans, call it 40 million black people, give or take, trying to be 3,000 rappers and 3,000 football and basketball players. And I mean, it's just the numbers don't work. Yes, we're brilliant, we're talented, but I can't scale an entertainment icon. I can't scale a sports icon. I can't scale LeBron, I can't scale Magic Johnson, I can't scale T.I. and Killer Mike and all these people. Chris Tucker, I can't scale. These are iconic, Oprah. These are individuals. And maybe they employ 20, 30, 40 people, maybe. How do you get 40 million people into the economy? Here's what we've done. We've micro focused on things like entertainment and sports. All good. I'm not telling you not to do it, but here are the numbers. I like to quote Melody Hobson. I like math because it doesn't have an opinion. Here's the math of the matter and here's why I keep telling you I want you to have a backup plan to your dreams, and I need your backup plan to be your primary plan, okay? 23 trillion. I've said this enough to drive it into your brain. $23 trillion US economy. What part of that do you think is music? Not black music, country, blues, rock and roll, R and B. You know, all genres of music. All of them, Everything. Everything rolled up together of a $23 trillion economy. I want you to tell me. People talk about this all day and all night. Everybody I know. Not everybody. All the young people I know, lots of them wants to be rappers, singers, whatever they want to be in. They want to be rocking the mic. They want to. They want to, you know, they want to be a star. Okay, you're a smart person. What part of that would you guess is a. Is part of the U. S. Economy? $23 trillion. I'll wait. Think about it. Now, there's no, there's no shame, there's no embarrassment here. Right? You ready? About $16 billion. $16 billion is 0.07%. So 1% would be 1.00. Just to give you a sense. All right, 10% would be 1.0.00. The music business, all genres, all music. White, black, Latino, Asian, everything. 0.07%. And then they say, well, the impact of the music business has this knock on effect of 10x10 times because of all the industries that feed off the music business. So it's 160 billion. Okay. That number is not large. So that's the music business. The entertainment business is, is also about $160 billion. Right. Another business that is, is at that same range is professional sports. Now this is not just football, basketball, baseball, the soccer, the ones you watch, all levels of professional sports together combined is, you know, $160 billion a year. That's 0.70%. Again, 1% would be 1.00. This is less than 1%. So you have everybody, I know, all young people trying to push all their dreams into, into something that's a, a micro, micro, micro fraction of the annual US economy. So where is all the money? And by the way, and even in those areas, who's getting the money? It's lawyers, you know, accountants, business managers. Oh, okay. I'm glad we said that. Rental companies. I'm gonna get. If I'm, if you're gonna be in the, in the entertainment business, rent lenses. Yes, I said lenses. Like when you go to a video shoot, they don't buy all that equipment, they rent it. There are cameras that are worth $200,000, $70,000, $50,000. There are lenses worth $70,000. Anyway, these are very precise, all the way down to five, $10,000. Yes. Rent those things because those companies buy. Rent those on a regular basis. All these companies doing shoots of videos and movies and whatever and TV shows, they, most of those companies, unless you're a big studio, they rent that equipment, they rent that gear. I want to be in the rental business. I want to rent the mic, rent the video cameras that I own to these companies. That's the business to be in. Right? Rent the. Think about everything on a movie set. Yeah. Be in that business. Being a. Support the catering businesses, the, the trailer ownership and rental business. The, the trailer truck pulling business. I mean, think about it now. The engineers, all the business that support the entertainment and sports sectors. I don't want to rock a mic on the stage. I want to own the dang on stage. Can I get an amen? So let's look at a group that actually has done this in reverse. So you have 40 million people trying to get in. These 3,000 jobs are going to turn over at three to five years. By the way, 70% of all those in NFL bankrupt with five years after retirement. 70%, give or take of those in the NBA, the numbers are about the same. Bankrupt are running the financial difficulties five years after retirement. Don't trust me, look up the numbers yourself. And I'm not hating on these roles. I love that we are, we have these jobs. But once you are a professional athlete or a rapper and that that runs out and you don't have a degree in the things that drive the US economy, what do you do for the rest of your life? You're an athlete from 20, age 20 to age 23. We help you live to 100 at least to 70 or 80. What do you do for the other, the other, the other 40 to 50 years? Be a postman if you want to, work at Starbucks if you want to. I mean, what do you qualify for? You need a degree in something that has, you know, technical skills tied to it, that's not easy to replace, that gives you a middle class of a middle class lifestyle when the party is over of the exciting thing that you want to grab a hold of in the here and now. Because anyway, enough on that. I've been obsessing about that. Let me back up for a minute and give a wider lens. So if you have 40 million people, black people trying to do these micro jobs that don't last very long, then what's a group that has the opposite of that? Well, you have my Jewish brothers and sisters, seven and a half million of them in America who are in these broad based professions in industries, entertainment. Yes. But they're typically the back room of the entertainment. Finance, banking, real estate, medical, creative spaces. So let me tell you what's driving the economy. Right. And then my Asian brothers and sisters, Indians trying to be. A lot of them are engineers in the technical spaces. Okay. So in the vast portion of mainstream whites who are middle class or more are in the category I'm about to tell you about. So the big buckets of American economy, healthcare, 10% of the US economy or more. If you want to talk about healthcare, wellness, medical, broadly based, then that's probably a third of the US economy. Finance and banking, real estate. I just gave you. And you say the professional services area, like accountants and lawyers and bankers and financiers and engineers and business managers. Hello, all those professional expertise groups, computer technicians, et cetera, that's the vast majority of the economy. Real estate, banking, finance and healthcare and professional services represent 70%, 70% of the entire economy. And people say, oh man, that's boring. Is broke born because that's what you'll be if you don't Understand what you see. And then you have other groups that are larger than entertainment and sports, but are smaller than professional services, banking, real estate, finance and health care. And they include goods producing industries like agriculture, manufacturing, mining and construction, amongst others. So we're demystifying the economy here. We're unpacking this. I'm telling you how the economy works and who and what is driving the economy. I'm telling you how you can participate in it and where you should look, by the way, the biggest industry in the world, real estate. So if you want to build generational wealth, there are two industries, sectors that have never gone down in the history of America. Real estate and the stock market. Now, somebody's gonna say, John, I got you now. Stock market crashed in 1929 and market crashed again this time and that time. And the market was down even after the pandemic. John, real estate crashed in 2008. What, what rock were you under? And what do you know? This is now, we got you, John. This is wrong. Real estate goes up, there's a market correction, recession even dips, stabilizes, corrects above the line. Get that market. Real estate goes up and the stock market goes up. Market correction, recession, maybe to recede. That's what a recession means for an economy to recede, to go backwards. Market goes up, recedes, recession balances out, catches itself, catches its breath, and then corrects above the line on its rebound. And when it corrects above that line, that's when people go from doing well to doing incredibly well. That's where wealth comes from. You build wealth in your sleep. You have to own equities, you've got to own stocks, bonds, business ownership, real estate. You got to own something that is tangible and real income is during the day. You build wealth in your sleep. You make your money during the day, you make your money work for you at night. Okay, I think I've done a good job of summarizing the overall economy. You'll tell me if I didn't. Here are the largest economies in the world. I'm going to run through them. So America is the sole superpower in the world. There's never been a superpower in the world that wasn't at the same time the leading economic power in the world. So Spain was a superpower, France was a superpower, Germany was a superpower. Hello. Argentina was a superpower. Latin America giving its props. I'm doing this by memory. And at the same time, they were the political superpower. The uk, Britain was a superpower. People start trying to correct me now, you missed this one, John. I'm doing this from memory. How about you? How's your memory? This whole podcast was basically by memory. I'm just telling you what I know. But when their economy tripped up, they tripped up, okay? And America is now the sole superpower in the world. We're also the leading economy in the world. And so we got to keep this party going. And the only way you do that is with all of us. Or put another way, my poor friends do better, if only to stay rich. Even a racist needs a black man to succeed so that he prospers. Or she prospers. Because when the economy grows, all boats rise. When gdp, gross domestic product increases. Here are the largest economies in the world. Ready? I've already mentioned this. What's number one? Hello. United States. 2. China. 3. Germany. 4. Japan. They keep changing places, by the way. Germany and Japan, they're in the $4 trillion club. Above that is big jumps. China at 17 trillion. America at 23 to 26 trillion, depending on which numbers you look at. India, 3.7 trillion. United Kingdom, Britain, 3.3 trillion. France, 3 trillion. Italy, 2.1 trillion. Brazil, 2.1 trillion. The Americas, Latin America. Now, I think I've hit every continent here in the top 10. Canada, 2.1 trillion. Russia, 1.8 trillion. Remember I told you Russia was a rounding error? America's 20 plus trillion. Russia's 1.8 trillion. Hello. They just make a lot of noise through threats and terrorism and barbarism. There are four troublemakers in the world. Leading troublemakers. Russia, with all due respect, China, Iran and North Korea. And I'll give China its props if it's just. If China would just simply give its people freedom and stop cheating at capitalism, I might like and start saying nice things about them. Stop trying to undermine America through disinformation and cheating at the game of success. We don't mind a fair fight, but you can't win. I'm convinced no one can beat America in a fair fight. You got to cheat. So they're trying to undermine America because we are only better together. Another podcast for another time. But God bless the success of the Chinese people who I want to be successful. The 12th largest economy in the world. You'll be surprised to hear this. Mexico, right behind Russia, 1.8 trillion. South Korea, 1.7 trillion. Australia, 1.6 trillion. Spain, 1.5 trillion. Indonesia, 1.4 trillion. Turkey, 1.1 trillion. Saudi Arabia, 1.1 trillion. Thought that were larger, didn't you? Thought Saudi Arabia was larger than that. I was in Saudi Arabia when it was 800 billion. They've jumped a few steps now. The Netherlands, 1 trillion. Now we're jumping into the billions now. Switzerland, 900 billion. Poland, this is position 21. 840 billion. Taiwan, 750 billion. Belgium, 627 billion. Argentina. This was the largest economy in the world at one point. 620 billion. They've got all kind of problems now. They're working through them. Sweden, 590 billion. Ireland, 589 billion. Norway. Love that place. My friend Crown Prince Hawken helps to run that place. Future king, 550 billion. Austria, 526 billion. Israel, 521 billion. Thailand, 512 billion. And by the way, Israel. There's only like 15 million Jews in the world. It's amazing what they've done. Seven and a half million Jews outside the US and seven and a half million Jews here don't hate on their success. Follow their business plan for creating business and economic growth. I go so far as say I think black folks need a black Jewish business plan with regard to getting, you know, how do you come up when you're an oppressed people? I think it's a good template. By the way, half of the whites who supported Dr. King in the civil rights movement were Jewish. Hello. And it goes from there, you know, number 30. Thailand, 500 billion. Now when you get down into the mid 400 billions. Vietnam, 433 billion. Philippines, 40, 35 billion. Guess what country is at that same level. John, you just mentioned these are countries. Yes, I did. Good catch. It's a city. It's Atlanta. The metro area of Atlanta. The seven counties represent 400 plus billion dollars in annual revenue. The moral capital of America. In a place where we've proven that diversity works for everybody. Inclusive capitalism for everybody. The 10th largest economy in the US if it was a nation, would be the largest economy in the. And I'll end with what is the GDP for black people? What is African American gdp? What is our economic spending power for? Last year, the $1.6 trillion was the GDP. If we were a nation of $1.6 trillion, so we'd be almost larger than Russia. Unfortunately, the black dollar doesn't circulate in the Black community. Unfortunately, 90% plus of what we make, we spend on consumption. Unfortunately, we only own. Only 45% of us own a home. And the easiest way to build wealth is home ownership. Unfortunately, 96% of us are black businesses don't have an employee, as I mentioned earlier. So you see, we're not dumb and we're not stupid. We're brilliant. When the rules are published and the playing field is level, we kill it. Professional sports, athletes, entertainment, public office. Where the rules are published and the playing field is level, we absolutely succeed. But because the Freedmen's bank was created after the Civil War by Abraham Lincoln and ran by Frederick Douglass, a freed slave who became a brilliant businessman who owns $6 million worth of real estate in Baltimore, Maryland during the Civil War period and rented it out to working class blacks. By the way, the same business that I'm in with, with one of my companies, the Promise Homes company, affordable single family rental homes. I sold the company, but I still am a shareholder in it. That's the business that Frederick Douglass was in and that bank, the Freedmen's bank, chartered March 3, 1865 to quote, teach free slaves about money. That bank failed after Lincoln was assassinated a month after he signed it in the law. And blacks were never taught about the free enterprise system. We're not dumb and we're not stupid. It's what we don't know that we don't know, but we think we know because no one ever gave us the memo. That's my fourth book, I think, on how the free enterprise system in capitalism works. That's why I say that financial literacy is a civil rights issue of this generation. And we've got to move from protesting in the streets to cutting business deals in the business suites. The new color is not white, black, red, brown or yellow. It's green. Hello. All right, I've talked enough for one day. This is the Ministry of Hope, the Ministry of Finance. This is the silver rights movement. This is the third reconstruction. This is how we all come up. This is my weekly pulpit for all of us. This is me trying to unpack how things work. This is me unpacking the overall economy. If I miss something you want me to focus on, then just tell me what it is and I will break it down for you. By the way, I got one number wrong. The entertainment industry is about $1 trillion a year in annual GDP. About 4.4% of all GDP. Professional sports was, I got this right, 0.70%. That was 160 billion. And music, all genres of music was 0.07%. That's about 16 billion with a, a knock on effect, if you will. Of all the, if you want to say, of how it's healthy for all the other businesses that support music. Really liberal about it, you can say it's 100 billion plus, but it's still a small number. But entertainment, which is really tourism and there's a lot of hospitality, there's a lot of things in that number, not just rocking the mic. Entertainment in quotation marks is the largest of the industries we actually obsess on for. But it's still 4% of GDP for the nation. So be an engineer, you'll never go broke. Get in real estate. Unless you're brain dead or not paid attention, you can't help but do well. It'll go up by itself over time. Buy it, rehab it, rent it or live in it, don't sell it and things should work out for you. So a little bit of bonds and stocks and have an insurance policy for you and your family. You know, I mean just some basic stuff. If you have an insurance policy, by the way, get insurance policy 20, 30, 40 years of age. When you get, you know, when you get married or set out in life, you know, when you pass get it for a million dollars. You can get one pretty easily at a young age, won't cost you much. And when you kick and we don't know how long we going to live, we all know we're going to die. When you kick and have a will that becomes something you can pass, the proceeds pass on to your heirs, your children, your spouse and give them some generational wealth on the way out the door. I hope this is helpful. This is John O'Brien money and wealth. Let's go change the world.

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Hey hey hey. This is Money and Wealth with John Hope Bryant on the Black Effect podcast network at iHeart. This is a fan question. This is from Ah S A A N M I T C H E L L Underscore at Instagram Asan Michelle I believe I'm saying that properly from Instagram. What is an intellectual property's financial relevancy in creating wealth? A great question. I would go one step further and say what is an intellectual property rights? Financial relevancy in creating wealth? Or just in what's this an intellectual property rights value? Well, if you want to find the value of a Stevie Wonder, then look at his intellectual property rights. His music, his brand, his image, his likeness. What is the value of Dr. King today? His intellectual property rights, his his his speeches, his recordings, his his image. What's an intellectual property rights of my brother Charlemagne, the founder of the Black Effect Network. Same his radio program, the Breakfast Club and all the other stuff that he does. What's an intellectual property, right of Michael Jackson or whoever your favorite artist is. But also intellectual property rights are not just creative. You have an intellectual property that's a, well, a brand, it's intangibly tangible. Coca Cola is an intellectual property. The brand of Coca Cola. They've created value in the name. I think I've created an intellectual property value in the things that I've been associated with. I'm gonna make this really simple. If you want to find a growing economy, economy is really, really doing well. You'll find a lot of patents. All a patent is, is a monetized idea. A monetized idea is an intellectual property. It's a thought, it's an idea, it's a creative that's been structured and been then codified in protections. In this particular case, a patent. You also have copyrights. You can have all kinds of ways of protecting NFTs. You can have all kind of digital and other ways of protecting intellectual properties. But the easiest way to understand this is the biggest economies in the world have the most patents. And the smallest, most destitute places in the world have almost no patents because they're war torn and people are not. Don't have the. In order to be creative and to have the kind of environment where you create things and you then monetize things, you need a legal structure, you need a government, you need fair play, you need laws, you need the rule of law and you need peace of mind. Well, that doesn't work very well in places that are warrant or does it? So I hope I've explained in a thumbnail what an intellectual property is and how it creates and can create financial relevancy and is a form of wealth creation at some point. A mutual fund, before it was a mutual fund, was an intellectual property. A car, before it was a car was an intellectual property. A collection of those which are patents and other rights that came together to manufacture that car. The axle, the wheel, the tire, all those were inventors that created those things and put them together ultimately through a manufacturer and a car designer who has intellectual property rights, who then created this car which ultimately becomes a physical asset or liability. But a physical thing. Right? A real piece of property. Real property. They call it something you can touch, which you know. But it started with an intellectual property. Most great things started with intellectual property. Music is as old as the world itself. It's amazing. Maybe the original language, those are intellectual, in my opinion, intellectual properties. Okay, I can go on and on about this, but tired of hear myself talk and so are you. So there we go. Hope this has been helpful and thank you for the fan question from Asan Michelle at Instagram. John Hope Bryant this is Money and Wealth. 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 Podcast network, visit the iHeartRadio app, Apple Podcasts or wherever you listen to your favorite show. SA.