Money & Wealth Replay: Will Being Black Stop You From Success

Summary

Podcast Summary: Money And Wealth With John Hope Bryant Episode: Money & Wealth Replay: Will Being Black Stop You From Success Release Date: December 17, 2024

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Introduction

In this compelling episode of Money and Wealth with John Hope Bryant, John Hope Bryant delves deep into the intersection of race and financial success, particularly focusing on the Black community's journey within the American free enterprise system. Hosted by The Black Effect and iHeartPodcasts, Bryant offers his signature "Straight Talk" insights aimed at fostering a wealth-building mindset among listeners.

Main Topics Discussed

1. Financial Literacy and Its Impact on the Black Community
2. Case Study: The FAMU Donation Controversy
3. Racism and Economic Success
4. Statistical Analysis of Income by Ethnicity
5. Personal Anecdotes Highlighting Financial Literacy
6. Investment Strategies and Wealth Building

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1. Financial Literacy and Its Impact on the Black Community

Bryant underscores the critical role financial literacy plays in empowering the Black community to navigate and succeed within the capitalist framework. He emphasizes that a lack of financial education has historically hindered wealth accumulation and perpetuated economic disparities.

Notable Quote:

"This speaks to our financial illiteracy. It's a civil rights issue in this generation." — John Hope Bryant [01:27]

2. Case Study: The FAMU Donation Controversy

Bryant dissects the recent pause by Florida A&M University (FAMU) on a purported $237 million donation from Gregory Garami’s energy company. He raises red flags about the legitimacy of the donation, pointing out the absence of audited financials, verifiable client lists, and a legitimate corporate presence.

Notable Quote:

"This whole thing just breaks my heart because it does speak to our level of financial literacy." — John Hope Bryant [05:00]

3. Racism and Economic Success

The discussion shifts to the broader theme of racism in America and its impact on the economic success of Black individuals. Bryant acknowledges the reality of racism but posits that financial strategies like improving credit scores and accessing capital can help circumvent some of the systemic barriers.

Notable Quote:

"Racism is real, but your color is not black or white—it's green. We can get you approved." — John Hope Bryant [17:14]

4. Statistical Analysis of Income by Ethnicity

Bryant presents a detailed analysis of median household incomes across various ethnic groups in the United States, highlighting significant disparities. He challenges the simplistic narrative that race alone dictates economic status, illustrating how factors like education and financial literacy intersect with racial dynamics.

Notable Quote:

"Indian Americans, $152,341. African Americans, $51,374. There's a stark contrast." — John Hope Bryant [21:00]

5. Personal Anecdotes Highlighting Financial Literacy

To illustrate his points, Bryant shares a personal story about falling victim to a scam, emphasizing the importance of vigilance and financial knowledge. This anecdote serves as a practical example of how financial illiteracy can have tangible negative consequences.

Notable Quote:

"I've been financially literate. I accessed capital, the market economy. I mastered the game of capitalism." — John Hope Bryant [11:00]

6. Investment Strategies and Wealth Building

Concluding the episode, Bryant offers actionable advice on investing and wealth creation. He advocates for investing in oneself through education, conservative investments like mutual funds, and leveraging opportunities like 401(k) matching. He stresses the importance of building credit scores and accessing non-recourse debt to facilitate home ownership and business growth.

Notable Quote:

"Invest in yourself. Get educated. Automate your allowance and learn to earn, save, and spend wisely." — John Hope Bryant [62:01]

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Key Insights and Conclusions

• Financial Literacy as Empowerment: Bryant posits that enhancing financial literacy within the Black community is pivotal for overcoming systemic economic barriers and fostering wealth accumulation.

• Critical Evaluation of Donations: The FAMU donation case exemplifies the necessity for due diligence and transparency in large financial transactions, especially those involving major educational institutions.

• Racism’s Complex Role: While acknowledging the pervasive reality of racism, Bryant suggests that strategic financial practices can mitigate some of its economic impacts.

• Data-Driven Analysis: Utilizing statistical data, Bryant challenges preconceived notions about race and economic status, advocating for a nuanced understanding of the factors influencing wealth.

• Practical Financial Advice: Emphasizing actionable steps, Bryant provides listeners with concrete strategies to improve their financial standing, including credit management and prudent investment practices.

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Notable Quotes with Timestamps

• [01:27] “This speaks to our financial illiteracy. It's a civil rights issue in this generation.”
• [05:00] “This whole thing just breaks my heart because it does speak to our level of financial literacy.”
• [17:14] “Racism is real, but your color is not black or white—it's green. We can get you approved.”
• [21:00] “Indian Americans, $152,341. African Americans, $51,374. There's a stark contrast.”
• [11:00] “I've been financially literate. I accessed capital, the market economy. I mastered the game of capitalism.”
• [62:01] “Invest in yourself. Get educated. Automate your allowance and learn to earn, save, and spend wisely.”

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Conclusion

John Hope Bryant's episode on Money and Wealth offers a profound exploration of the financial challenges and opportunities within the Black community. By intertwining personal anecdotes, statistical analyses, and strategic financial advice, Bryant provides listeners with both the motivation and tools necessary to build and sustain personal wealth. His candid discussion on racism and economic disparity serves to highlight the systemic issues at play while empowering individuals to take control of their financial destinies.

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For more insights and episodes, visit the Black Effect Podcast Network on iHeartRadio or your preferred podcast platform.

Transcript

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[John Hope Bryant]

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Experience the Incredible True Story as long.

[John Hope Bryant]

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

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[John Hope Bryant]

Let's go.

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Critics are calling the Fire Inside an inspirational knockout crowd pleaser.

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[John Hope Bryant]

I've been working my whole life.

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[John Hope Bryant]

Welcome to Money and Wealth with John Ho Bryant, a production of the Black Effect podcast network and iHeartRadio. Hey hey. This is John O'Brien. This is Money and Wealth on the Black Effect Network. This is the trending topic for this week. What in the what HBCU FAMU donation? I don't know. You call it that purported donation for $237 million. Florida A&M University is putting the pause on a purported largest donation to an HBCU in the history of America. 237/call it 234 rounded up million dollar donation by a guy that no one's ever heard from or heard of before in a company no one's ever seen before or done business with before. Gregory Garami and his so called energy company in Texas, which I won't bother to name because it doesn't matter. It appears it doesn't really exist, not exist in literal sense, but doesn't exist in the sense that is not a traded company. It doesn't have a market cap, market capitalization that is recognized. It doesn't have audited financials. It does not have published income statements. It doesn't have unaudited financials. It does not have a board of directors who are accountable and responsible or publicly known. It does not issue annual reports. It does not have a list of clients that can be verified and confirmed. The stock certificates that were issued could be like tissue paper. I mean anybody can say anything is worth it. So this is sad because it speaks to with the best of intentions of the leadership of famu. It speaks to our financial illiteracy. It reminds me of the bad deals that we cut many African black leaders in Africa with Chinese investors, which I'll deal with in a separate podcast episode. By the way, if you want me to cover something on this podcast, you can leave me a note on one of the social media platforms where you see promotions for the different podcast episodes, you leave me a note. John Bryant, please cover this and I do watch the comments and I will take the best of ideas and use them. So this fam you thing just breaks my heart because it does speak to our level of financial literacy. Making matters worse, it appears the president when he received this purported donation from somebody nobody knew in a company nobody had heard of, with a client list that doesn't exist, with a stock value that nobody can control firm who was financials of the company nobody's ever seen and no one independent person is verified when he got this purported donation and agreed to sign a non disclosure agreement. Why would you Ever do that with a donor? Unless. Just don't tell anybody who the donation was from, not what the donation is. You can't even tell your board of directors. Big red flag, board of trustees. In addition to that, the guy wrote a letter. The president of the university wrote a letter two days after he received this sham so called investment, wrote a letter to county governments, the local county governments, where they were considering a $15 million additional allocation of funds to the university for I believe, an athletic stadium. They'd already committed 10 million, I believe, and there was another 15 million being considered. And the president of the university wrote a letter and said two days after he received his $234 million piece of tissue paper, I mean, purported investment of $237 million. He said, never mind. He told the local governments, I don't need you. $50 million, I'm cool. And because he thought this money was real and X would, I think it was 100 million, it was assigned to the athletic program or something like that. So, you know, whenever you make an emotional decision, it's going to be a bad one. You heard it here. Whenever you make an emotional decision, it's a bad decision. This was bad decision times two. Actually times six. Like almost everything went wrong here. If they had called me, I would have told them that this smells. I would, I. And I'm not sure. I'm not giving shade to this gentleman. I don't know him from a hole in round or, you know, I don't know, from the stranger I see on the freeway. I'm just telling you, based on the data that I'm looking at, the information that I'm reviewing and have heard that this smelled from day one. Nothing about this sound kosher. Nobody with this kind of money is off the grid unless it's inherited or it's criminal. Okay. And if it's inherited, you can typically reverse engineer it to where the inheritance comes from. If it's criminal, you probably don't want the money anyway. But this is just made up. Like somebody created some stock certificates, gave it some kind of a phantom value. I want to give my brother, Roland Martin a lot of credit for tracking this story down and documenting it online. Go watch a couple of Roland's videos. In this, in my opinion, he's not wrong. This jury's still out on all this. You cannot call the gentleman, this Gregory Garami, you can't call him anything at the moment because you don't know what he is. You don't know if he's, you know, Legit, illegit, optimist in his head, a criminal, a crook, mentally ill. We don't know what he is. But what I know is that he does not have. He did not present the credentials that back up a 237 to almost $238 million donation. In fact not even a $2 donation. The staffers he put up no cash. The stock certificates he put up with a market value of $15 or something per share have no financial basis tied to them. Nothing that anybody can confirm. They're not publicly traded, which is the easiest way. That is the market publicly traded is the stock market, the open market telling you what something's worth because people bought and sold the stocks giving it a value. This is a private company where somebody decided that something had a value and placed it on it, wrote it down on a piece of paper and then tried to monetize that. For reasons that are still strange to me. I can't figure out why he would do this and gave this university, tried to give it to another college university. They rejected it. Unfortunately FAMU accepted it and didn't tell anybody until after the guy gave a commencement address. And they passed around this fake check and made all the headlines. Maybe that's what the guy wanted which means if that's the case, he is mentally ill. I don't know. Maybe he was trying to use the promotion and the fame from that to go close business deals with his non existent company that was doing not, you know, interesting non business in I believe Texas with no. And the person he said he did business with, I'm told said she never worked for the company. She knew the guy but he claimed she was the co founder. This whole thing just sneak. Just stinks to high heaven. And I feel bad for the president and the board of trustees and Everybody at this HBCU and this is going to unfortunately hurt all HBCUs for a minute. It's a little bit of a laughingstock moment. Just so you feel better, I've been there. Not like this, but a brother and I was in Africa with Ambassador Young 20 years ago and a really really smart brother, much smarter than this Greg dude who was selling art sold me some art and it was the hotel where the everybody was covered by security because the president of Nigeria was there. I was so proud to be there. I wanted to buy some African art. So I bought this art and I believe it was like $900 or something. So I gave the guy a check. Back in the days when he wrote checks for $900 and he let me take the art. This was really, really smart of him. And I put the art in my luggage and I took it home. And about three weeks later, this guy sends me an email. This is really, really Savvy. This. This con was off the chain. Savvy sent me an email. Mr. Bryant, so sorry, the check wouldn't go through. My bank wouldn't cash it. They said, I don't have proper id. We'll go to the. The Western Union or wherever. Go to, you know, go try and cash it someplace else. Well, you know, I. I don't know how to do that. Can you send me a wire instead? Well, sure. So I go to wire to my office to wire him $900. It was probably, I think, a little bit more than that, but I think it was twelve hundred dollars. But anyway, for the sake of this conversation, let's say it's $900. And we wire him $900. This brilliant guy says, sorry, I can't receive it. The Western Union or the company says, I don't have the proper id. What do you mean that they say you don't have the proper id? Let me talk to these people. Well, no, let me see if I can work this out. Now, mind you, this is now the second week of the discussion with this guy, but this is three weeks after I've left. So we're on the fifth week of me being away. I already got the art. It's in my home. So this guy says, well, maybe you can wire it to my sister. Sure. So I try to wire. By the way, the first wire did not go through. So I got confirmation that I try to wire the money again to his sister. Success. His sister received the money. He received the money. I'm so happy I don't hear from him again. My assistant says, by the way, did you ever cancel that check? Nah, no, no, no, no, no. Can't be. Went back to the bank. Check, cash. This dude got me for 2 grand. I think it was actually $1200, which means he got me for $2400. It was so smooth, though, I couldn't be mad at him. This is back when 2,400 was a lot of money for me. I believe it was. Twelve hundred dollars was the right original number, which means he got me twice. I mean, this was. That was everything for me. Not everything, but it was a lot of money for me, and I couldn't afford to lose it. But I couldn't be mad at him either, because this was brilliant. He got me and got me good. Well, Greg, whatever his dude's name is, Gharami did not get this university that good. He was not that smooth, this smart or that smart. This was just. This is financial illiteracy. This is why I keep saying financial literacy is a civil rights issue in this generation. We've got to know better so we can do better. This is John Hope Bryant. This is the Money and Wealth podcast. Go get your financial literacy and your civil rights.

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[John Hope Bryant]

Hey hey, it's John Hope Bryant and I am honored to cover a topic that's going to be quite explosive. I'm happy to light the fuse on this important conversation because we have to have it. This is something that we have to talk about. Particularly I'm talking about racism in America. I'm talking about being black in America. I'm talking about racism and being black in America in 2024 important? I say 2024 in particular and is being African American specifically the end all be all? If you read the comments from a post this weekend that Breakfast Club put up a part of my interview where they put a provocative title, which is not what I said, but I understand why they did it. That wasn't inaccurate. Where I talk about, they say, well, John Bryan says, basically, you know, is racism something like racism? You know, can you overcome racism with banks or you know, accessing a mortgage? Something like that? Is it irrelevant? And of course that's not what was said in the Interview. The interview was in spite of challenges, is the color really green? In spite of challenges of black and white racial issues, are you saying, John, the color is really green? Back it up. And I did back it up. I like math as I love to quote Melanie Hobson quote, give credit where credit is due. I like math because it doesn't have an opinion. So I did back it up. I backed up what I said about the colors really green with data. And anybody watching the entire one hour interview on Breakfast Club with Charlemagne and you know the crew there will see we cover it in great detail. That in the range of other things. By the way, a teaser I'm going to be doing. I covered diversity, equity, inclusion in that podcast and I'm doing a series of the Business Plan of America on my podcast series and on my daily straight talk series on social media. But getting in detail on my podcast series, I'm going to break down the entire future of diversity, equity, inclusion and how it is the business plan for America and why I think it's going to shut everybody up. So this is a teaser alert. Let all your friends know, tell them to subscribe to this podcast and follow the conversation and listen to an intelligent debate about the future of all of us. But back to this topic. If you looked at the comments, it was quite troubling because this one piece, clearly people didn't watch the whole podcast. Not important. The comments themselves or don't bother me. Nothing. Nothing bothered me. Mostly people were respectful and positive. By the way, what bothered me was how backwards some of our thinking is and we're brilliant people. I'm going to we African Americans, we are brilliant. We are amazing. We've been doing so much with so little for so long. We can almost do anything with nothing. Right? You know, my grandmother was a domestic and had a shotgun shot in East St. Louis. You know, my mother was early on domestic and worked an hourly job. My grandfather on my father's side was a sharecropper. My great grandfather, my second great grandfather was fought in the union cause, the black troops during the Emancipation Proclamation in Memphis, Tennessee. He was a slave. Clearly I understand our challenges. I understand racism is real. I'm not debating any of that. The debate wasn't about racism. Okay, So I finally got into it. The debate was not about race. I didn't mention racism. Charlamagne didn't mention racism. DJ Envy didn't mention racism. The issue was perseverance and strategy. And is there a way around issues of discrimination and race when they come up? And are you do you think you correct John in saying that green is a way around racism of blacks and browns? And I said yes, if you get your credit score right, you get it high enough, you can go around and through any challenge that faces you, your credit score, you have to have income, of course. And I even went on to say that if you come to Operation Hope, we will put up our balance sheet at Operation Hope. And if you follow our criteria, if the bank turns you down, we'll fund your loan. So it was not complicated, but it sparked and I've already said if you make a decision emotionally, it's going to be the wrong decision. So it sparked an emotional back and forth conversation that I happily engaged in on comments. I use comment responses sometimes to educate. It wasn't upsetting me at all. You know, not one ounce of my self esteem depends on somebody's acceptance of me. And I am the best selling author in economics now globally at the moment. Number one on Amazon, three categories and before that published weekly and the USA Today. The book that just came out, Financial Literacy for All, you should all get a copy. We have built delivered four and a half billion dollars worth of capital to underserved neighborhoods, black and brown neighborhoods and strong white neighborhoods and Latino neighborhoods. By the way, through Operation Hope, I think I know a little bit about capital. I know I'm the only nonprofit allowed to operate inside of a bank branch in US history. I think I know something about banking. I'm a advisor to federal regulators, banking regulators. I think I understand I know something about banking regulation. I think I know a little bit about history. I'm the only African American story, the only American citizen ever to trigger a renaming of the building on the White House campus, the Treasury Annex building, now called the Freedmen's Bank Building, renamed in honor of former slaves who put every dollar they had in a bank. But Abraham Lincoln stood up with Frederick Douglass after the Civil War and we went and got our federal government secretary, Jack Lew, to be specific. My friend Wally Adeyamo and others helped me to get the B building renamed. This was during the Obama administration. It's now called the Freedmen's bank building. And we at Opera Chopra, we believe are continuing that work today. 300 offices across the country. So there's my credibility. That and a bunch of others. I've advised three US Presidents. I think I understand history, I understand the government, I understand banking, I understand money. And I think I understand racism. I just said it had nothing to do with the conversation. The conversation was about how do you succeed Irrespective of racism. But let's deal with this, because, I mean, this was. People were citing this lawsuit and that lawsuit. And John, how do you say racism doesn't exist against black people? Because this happened to me subjective. That happened to me subjective and subject. To me, it was about this subject. It was about this person and this experience that they had and their life experiences defined by that or this lawsuit with this company. Now, I'm going to break down banking on a separate podcast. I promise to do that and dedicate our. Our white banks, quote, unquote, white banks, racist. I'm going to enjoy doing that podcast, but I'm going to stay focused on this issue today of racism and. And my belief that if you deal with class, you get race for free today. Yes, I said it. But I want you to say, follow me on this and let's have an intelligent conversation. So again, the themes of the comments you go on my Instagram page in response to this particular post by the Breakfast Club was, you know, racism is so bad against black people. How could you ever think about recommending that we access capital or raise credit scores or why should we have any hope? Essentially, why should we try anything? Essentially, because no matter how hard we try, no matter what we do, racism against black people is so bad and it's so documented. John, you should know better that why should we ever try to do anything? We're just going to sit here and complain about how bad things are, because why try? We all know this system is stacked against us. If you're black, you've got no chance of succeeding in this country. When you get up in the morning, people are conspiring against you. John, you should know better. Again, look at this lawsuit, that lawsuit, this situation. Is racism real? Let me start here. Yes, racism is like rain. It's either falling someplace or it's gathering. So you might as well get out an umbrella in the color you like and start strolling through it because it's not going to change. So you must over to round and through it. We're gonna have to get to it. So is racism real? Absolutely, it's real. Of course, my friend Stevie Wonder can see it's real. He won't mind me using making that phrase. Steve Wonder has a great sense of humor. But I mean, the point is, anybody can see that racism is real. And it's been real for a long time. Not just for us, for a whole bunch of people. And what's the point? Now, here's a second pivot on this conversation, okay? Racism is real. Then how do you, how can you possibly say, John, that we should believe in this system when clearly racism against black people is uniform and we can't succeed no matter how hard we try? The first premise is that black is black. In other words, when you're black, you're off the grid economically, you're going to be discriminated against. That's right. Right. No, it's not right. The Boston Globe did a report in part in concert with I believe, I know it's Federal Reserve bank of Boston, but I think it was also Duke University, look it up, front page. Several years ago they did a study of net worth in Boston area and they found that white people had a net worth of, you know, hundred and some odd thousand dollars as I recall. And that black Caribbean people had a net worth of, I believe it was $1,200, give or take. And that African Americans in Boston had a net worth of eight bucks. And it was so bad. Yes, eight bucks. And it was so bad, it was so terrifying of a study that the headline in the Boston Globe actually said that the black net worth and Boston was eight bucks. And this is not a typo. The headline literally said this is not a typo as in typographical error that the net worth of African Americans was $8 while the net worth of African Caribbean's hello, they're black was twelve hundred dollars. Now the net worth of whites was, you know, multiple times that of over $100,000. So clearly there's disparities there. But if all black people were in the same bucket, everybody would have a net worth of either $1,200 in this one example or eight bucks. But clearly there is a difference. I said in another podcast episode that and I've been to 100 countries, I've been to almost half of all African countries. I've been to a great deal of the Caribbean. I've said that. And this is a generalization and this is if people want to argue with me, I guess you'd argue at this point. The rest of it is literally fact based and non refutable. Anybody likes statistics, facts and data, but this is just my opinion. But I don't think it's off the mark. If you're in Africa or the Caribbean, you tend to have high self esteem and lower levels of confidence. High self esteem because you grew up. Well, normal mother and father, generally speaking. You see the dentist who's black, who looks like you, you see the, the architect who's black, the lawyer who's black. The mayor is black, the police who are protecting you and the police are abusing you, all black. So it's sort of. You weren't dealing with slavery for the majority of your ancestral life. It was a short period of time, but it went away. So you come to America with high self esteem. You esteem yourself, you love yourself. But you have high, low levels of confidence because you're not quite sure you can succeed even though you're really smart in a leading market economy. Because you come from someplace that may be, you know, several steps behind the best economies, the biggest economies in the world. But over time your confidence increases. Confidence is based on competence applied in the market economy. In this example, Africa is the same thing. Africans and African Caribbeans tend to have high self esteem and low levels of confidence or lower levels of confidence. African Americans tend to have high levels of confidence and lower levels of self esteem. This is why, this gets into why we fight with each other. By the way, 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, I don't have a clue how to respect you. If I don't love me, I have no idea how to love you. If I don't have a purpose in my life, I'll make your life a living hell. Whatever goes around comes around. But I've gotten too far. Let me come back. So we have higher confidence because we're competent and we've applied that confidence or that competence. I'm sorry. In a market economy, the biggest economy in the world, the United States of America, we have killed it in professional sports, the arts, entertainment, music, etc. Faith, religion, politics, public service, government rules are published. At playing through this level, we are extraordinarily smart, we hustle, we work hard, we're hyper intelligent, we're hard working. We succeeded. That confidence created success and gave us confidence because we succeeded in the largest economy in the world. But our history of being enslaved and dealt with discrimination in Jim Crow for most of our existence in this country, more than 300 years, 350 years, give or take, has damaged our self esteem. That's why you have African American ghettos in America. You don't have African ghettos in America. You don't have African Caribbean ghettos in America. I know this is getting deep and off the topic. I'm going to get back to the economics here in a moment. This is a very powerful statement. I want to Lay the groundwork. We can have a conversation about this. But again, you don't see African Ghanaian ghettos in America. I don't mean where African Ghanaians live. I don't remember where. I'm not saying where African Jamaicans live in a community or African Zimbabweans or African Nigerians or African, you know, Brazilians. You get the point. They live in communities, just like everybody lives in communities. But they don't have ghettos. You have African American ghettos in America. Hello? Because they depressed our spirit and repressed our ambition and aspiration and tried to break us as human beings. So they just wanted us to be a human machinery, human doings, not human beings. And mindset matters, as you've heard me say. I've got a book called the Memo. I've got that. It tries to work on your mindset. I've got the book up from nothing, the Five Pillars of Success. Your mindset, your, you know, is it a surviving mindset? Is that the writing mindset is a winning mindset? Too many of us are in a surviving mindset. We're experts in what we're against. Racism, bias, discrimination. Not what we're for. Hello. So we double down on this trauma, this PTSD that overtakes us. And whether you believe you can or whether you believe you can't, you're absolutely right. Is the glass half full or is it half empty? Depends who's looking at the glass. So Ambassador Andrew Young would say, to live in a system of free enterprise. He's on the balcony with Dr. King when he was assassinated. To live in a system of free enterprise and not to understand the rules of free enterprise must be the very definition of slavery. And that's why I connect this with credit scores. And that's why I said, on Charlemagne Show, Breakfast Club, get your credit score above 700. My mother's credit score was 854 when she first. When she last accessed credit. People were even arguing with me about that. Oh, man. Your mother's credit score wasn't 854. It doesn't even go beyond 850. See? Gotcha. I'm like, hello. My mother last access credit in 1920. 19. 2018 or thereabouts, maybe even before that. Her credit score was 54. It was a vantage score. Hello. FICO also went up to 900. Advantage score went up to 900. They changed it in 2020 during the pandemic. But why is this an argument? Why are we arguing? Why are we rearranging the deck chairs and the Titanic, the ship is sinking and we're picking drapes. Why must you convince me that I'm wrong? Why must you make me wrong? What's your point? My mother's credit score, God rest her soul, Juanita Smith was 854. Why would I lie about that? She had an hourly income. She made 15, $18 an hour. I mean, McDonnell Douglas Aircraft, worked there 32 years, bought one home in Compton, 15502 South Fraley. A broken marriage over money with my dad, Johnny Smith, who worked very hard but was not very financially literate, and so on and so forth. I tell that story in another podcast episode. And my point was I can relate to the struggle and the, and the hustle and the challenges. And we came and we had to live with people and all that kind of stuff. And my mother put, bought and sold seven homes and built a million dollar net worth when she passed away September 10, 2023. Why would I lie about that? That's crazy. Just take the story as a source of aspiration, applaud it and try to replicate it. But folks undermining that story, no, man, that didn't happen. And John don't understand. And what the. And then I, my mother made, bought and sold seven homes. I own 700 through the Promise Homes company. And there was no government assistance per se. In other words, there was no government program I used. I was financially literate, I accessed capital, the market economy. I mastered the game of capitalism. So my grandmother owned a shotgun shack. My great grandmother on my mother's side was a slave. My mother owned seven homes with a high school education and I owned 700, the largest minority owner of single family rental homes in America. And I accessed the credit markets and got prime rates and ultimately got non recourse debt, which I'll cover terms of loans, debts and financial instruments in another podcast. But non recourse debt means, in this particular example, not personally guaranteed, institutionally guaranteed. So I became an institutional borrower. And I'm from the hood. Last time I checked, I'm black. So people are telling me this is not possible. But not only did I do it for myself, not only did it, my mother do it, but we've done it for $4 billion worth of capital we've deployed to people of color and struggling people everywhere, including non blacks and browns, meaning poor whites too, which is the largest population of poverty in America, by the way. I'll get to that in a moment through Operation Hope by doing the same thing I'm saying, raising credit scores, lowering debt, increasing savings, making you Bankable. So your color is not black or white, it's green. So we can get you approved. But these arguments were almost like, again, traumatic because they could not accept a different narrative than the one they had in their head. That's modern day slavery is mindset, crushed mindset, a cynical mindset. Be skeptical, but don't be cynical. Because when you're cynical, that means you have no hope. Another Andrew Young quote. So as Malcolm X said, we've been bamboozled, we've been tricked, we've been fooled. Now, here's the data. The. Here's a drop the mic of this podcast for those who say, still saying, listening to this, saying, I love what John Bryan says and all this kind of stuff, but I just can't buy this. This is not true. Racism is so bad that why should I have hope? Here's the data. A friend of mine sent me this graph and it's very powerful, actually. I'll tell you who the friend was. That's a brilliant guy named Charlemagne, who I think is underrated as an intellect, an intellectual. He sent me this graph. Here you go. This, this just confirms what I've been saying. Income by ethnicity. Median household income by ethnicity in the United States of America. Okay, so here we go. Indian Americans, not white people, by the way. That's not a racial comment. It's just that people say it's white, it's black. White people are rich and black people are poor. White people are elitists and they're repressive against black people who are being oppressed. And we're, you know, they got our foot on our neck, whatever the phrase is, right? So I want you to write this down, have this conversation with you. Let them repeat this podcast in a conversation. Have a weekly conversation with your posse in your neighborhood and go to the barbershop. Repeat, open this up, play it for them. Let's have a conversation about what's the game here? Because I really believe slavery was actually about money, not repressing black people. It's about bad capitalism. There's good capitalism and bad capitalism. Good capitalism is where I benefit and you benefit more. Bad capitalism is where I benefit and you pay a price for it. Here's the largest economy in the world. This is United States of America. Please, please listen. Income by ethnicity in this country. Indian Americans, $152,341. Indians are discriminated against. Maybe not as bad as African Americans, but they have been Filipino American, $109,090 a year. This is everybody. Now you haven't seen me. You haven't heard white American yet. That's why I keep saying the business plan for America. This country needs everybody to succeed, to continue to be the biggest economy in the world. Asian American, 106,954. Chinese American, which is different from Asian American, by the way. 101,728. Russian American, $98,946 a year. European American. Okay, here we go. Caucasians. So now you've got somebody to pick on. Maybe they're in $96,745, but they are fifth on this list. There was a time when there was just them. And I keep saying there's not enough college educated, successful white men to grow GDP gross domestic product for this country for the next 30 years. It's not a racial comment.

[Clarissa Shields]

It's.

[John Hope Bryant]

It's just math. Go to LinkedIn and read my business plan for America. And again, you'll see what I'm saying. That this country, for the first time in history, God has a sense of humor. You want to make God laugh? Tell him your plan. You're racist. Racism is bad for business. The lowest credit score state in America is Mississippi. The least diverse promoting state in the country probably is Mississippi. They still argue about whether they want to take down the Confederate flag or something. It's just crazy discussions, right? I'm not judging somebody. I'm saying the decision making is bad. I'm not judging you as a person. I'm saying your decision making is antiquated as bad. That diverse and inclusive economies are growing economies. America is the most diverse place in the world, one of the most, and is the biggest economy in the world. Okay, back to the data. So here in 1950, America was 100 woman, 90% white. 1950, 1955. That's not the reality today. So was racism the biggest issue in 1950? Probably. Or one of the biggest issues. And Jim Crow certainly would suggest that in the early 20th century it would slam the door on any prosperity. Simply what happened in Tulsa, Oklahoma, where they burned down a whole city because black people became prosperous and was a threat, was absolutely a shutdown based on race. What happened after Reconstruction or during Reconstruction, after Lincoln's assassination, shut down the Freedmen's bank and all the progress of those becoming black elected officials, et cetera, et cetera, and the reversal of 40 years in a mill field action 15 that was clearly white. Racist forces, you know, racially motivated forces, or black. I'm sorry, white. Sorry, did I say black? White. Controlling interests because they're again poor whites too at the same time. I'll get to that in a minute. Who saw black majorities as a threat not because first and foremost because of race, but because they wanted to keep the wealth and the power and the money for themselves. They didn't want other folks out voting them, outnumbering them and outsmarting them and out thinking them and outdoing them. So keep them back, keep them down, don't educate them, don't let them form proper families. Don't let them understand financial literacy, the freedmen's vote. Like don't give them, let them have rebuild or have self esteem and confidence. Don't have them have proper role models and then blame failure, their own failure on them. That so? Yes, that was a business plan for a long time. But this is 2024. Upgrade your software over the rounded through it we going to get to the.

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[Amazon Representative]

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[Chase for Business Representative]

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[John Hope Bryant]

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[Clarissa Shields]

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[John Hope Bryant]

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[Clarissa Shields]

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[John Hope Bryant]

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[Clarissa Shields]

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[John Hope Bryant]

Back to the example. I actually think Covid was the Noah's Ark moment. God said. Okay, knock it off everybody. You guys have gone a bridge too far with all this messiness, craziness. Let me get you guys refocused and reset everything. And within a year you had the largest pandemic since the Spanish flu. 125 years ago you had a 40 year old reckoning of social justice for black America. George Floyd. Where everybody's watching TV because. Because of COVID watching the news. Otherwise we wouldn't have been all watching the news. Black, white, rich, poor, Republican, Democrat, old and young. And then you had an attack on our capitol all in the same year and it reset everything so that we might grow through legitimate suffering. Back to the examples again. Indian Americans number one, Filipino Americans number two. That's 152,000, 109,000 a year respectively of income, number three. Asian American 106,000, Chinese American, 101,000 Russian Americans, 98,000 European Americans $96,745 a year. Australian Americans, $95,000 a year. Japanese Americans, $94,319 a year. British Americans, $90,809. See, that's different from us. European Americans, in case you want to start getting real specific. All right. And I'll explain why this is different in a second. Italian Americans, 90,487. You want to see some people who are discriminated against? Go back to the early 1900s and see how Italians were treated. They were treated horrible in this country. Horrible. In fact, they were treated in many cases similar to blacks. German Americans, $83,989 a year. Canadian Americans, 82,000. They're white, right? I'm not giving you the exact numbers on each of these. I'm giving you rounding it out in some cases. But it's $82,521. Canadian Americans, white American, hello. 79,933. It'll be interesting to find out what describes a white American versus a European American. Probably European American, somebody who came here from Europe. So white Americans are actually in the middle of this graph. Now. Watch this. White Americans, $79,733. Nigerian Americans, $78,005 a year. Right next to white Americans. Did you get that? Brazilian American, $73,285 a year. Mexican Americans, $66,481 a year. Yes. Mexican Americans. Everybody's talking mess about. The folks who came here honestly got their credentials and worked hard are making $66,481 a year for their median household income and contributing Hispanic, Latin American, $65,882 a year. The average American, 63,800. I guess if you average all everybody out on a graph. Native Americans, $58,082. Hello, hold on. African Americans, $51,374 a year. That. That's the end of the graph. Did you get it? That then aligns with what I just told you about Boston. And we're brilliant. Like I'm African American. We're brilliant. The average net worth of African Americans, it's scheduled by 2052, 2053 to be about zero. Because we don't own homes. 41 to 33% of us own homes. We're not involved in the free enterprises capitalist system beyond professional sports, the arts and a few other categories. We're debating things that are stupid, like is our banks racism. I mean, we're wasting our time on all these ridiculous companies, conversations that don't pay any money and they're not building any wealth. We need to get over it, get on with it. We need to move on and move on up. And this graph makes it clear that you can be white. And by the way, this white American category is 79,000. My guess is it also factors in poor whites. And if you pulled out poor whites, poor whites would probably be lower than African American Americans. And what happens is you have a most people who are white American making 100, and I'm making this up, $102,000 a year. Then you have poor whites making $30,000 a year. The average might be something like $79,000 a year. And the same would be African Americans. You have somebody like me who's part of the 1%, and you have other people part of the 1%, but that's not enough to offset people making 10,000, $15,000 a year. You average that out and you have $51,000 a year. So these are averages. Again, median household. Actually, it's a median household income, not even the average. The median household income by ethnicity in the United States of America. So this is complicated, people, right? And that doesn't mean that racism is not real. Doesn't mean that somebody's not trying to wake up and hurt you, doesn't mean that the bank officer you talk to isn't racist. But that doesn't mean the bank is racist. The bank wants to make some money, right? They don't make money, they go broke. And if they're not lending you the money, they may think that lending you money is going to make them go broke. Maybe they have a bad image of you as a person or us as a race. Is that image incorrect? Maybe, maybe not. The average credit score for African Americans is 620, which is pretty low. Actually, it's the lowest in the country. And we have to fix it. And it's something we can fix, by the way. I can't fix how you treat me or how you feel about me. I can fix my credit score. And we're doing it at Operation Hope. Now let me wrap this up by talking about the largest group of poverty in this country just to put a nail in this coffin, which are poor whites, not African Americans. The number one group of poverty in this country are poor whites. Right? And the number one group dying are, the last time I checked, were high school educated white men dying of depression through opioid addiction and other things. But basically it's depression. And poor whites and African Americans were friends. Did you Know that? That's right. In early 1600s, African Americans and poor whites came here as a indentured servants. And they worked together and became friends and ran away together. And when they got caught, the overseers were like, hey boss, we got a problem. These folks are getting along and they like each other. And the boss was like, what's the problem with that? The overseer was like, well, we can have a race problem, but we cannot have a class problem because we're the class. They're going to attack us if they figure this thing out. So they took the whites and said, look, you ran away, you can't do that. You only get two more years of indentured servitude. Don't do that again. And by the way, you know, you're white like us. That word was, by the way, the word was made up. The word, the racial word. White is a made up word. That's right. In 5 billion years of the world history, 4 billion years of organism life in this world, 200 million years of quote unquote human life, Neanderthal, etc. A hundred thousand give or take years of modern life, human life and recorded history as we know it, you know, from the biblical period, a few thousand years and there's 8 billion people on the planet day, by the way, but somehow the word white did not get created to the 1600s in America. Come on. That's right. You had black royalty, you had blacks in positions of footwork. Is because for hundreds of years it's about power and position in the world, not about your race. You dark in Africa because the sun is direct and you're white in Europe because the sun's indirect. Anyway, back to the topic, right? That whites and blacks were friends. And they were, it was conspiring, conspiracy to move them away from each other. They told the whites, you're white like us now you're in charge of the black people. Now these were poor, poor whites who are not highly educated. So they did not ask, well boss, am I wealthy like you? Do I have titles like you? Do I have land like you? Do I have positions like you? Then I could be white like you. They didn't ask that question. They just said, okay, I'm white like you. And then they told the blacks, now you're, you don't run away anymore because you're gonna have lifetime enslavement, lifetime of work. That's with the beginning of what we call slavery. So now you have a two tiered system. And I guess they also said to the white Poor whites, you work hard enough, you can own some of the blacks. So now there goes the friendship, there goes the kinship, there goes the bond. That's where. And you've heard of the rebellion that happened in the. I believe it was the late 1600s where whites and blacks rebelled against their overseers together. This is documented. And somehow poor whites and poor blacks down the opposite ends of, of each other and we're still in this stupid argument today. And in many ways, poor whites who were left, who succeeded a little bit during the Industrial Revolution, no one taught them free enterprise or capitalism either. Three groups never taught free enterprise, capitalism, economics, ownership and opportunity. Poor whites, Native American Indians and African Americans intentionally, I might add, out of hundreds of ethnic groups in this country. So no one taught them this economic piece. But the industrial revolution, manufacturing saved this group and they got a toehold into jobs. And with a high school education, we're able to get a decent job working in a factory or whatever and have a pickup truck or a, you know, vacation home or you know, pick up truck was not pejorative, just like, you know, the pickup truck or you know, second car or vacation, not vacation home, but if they take a vacation, maybe get a boat or whatever, and they were happy until they were. And then the Industrial revolution walked away. The economy evolved and no one gave them a business plan for their future. They were really for 50 years. No one more than 50 years. 60 years plus no one paid them any attention whatsoever. And now they're riding at the ballot box because they're upset and frustrated. Black folks may riot on the streets. My poor white brothers and sisters are riding at the ballot box. Neither one of them is going to work that business plan. Anger is not a business plan. As this graph I just showed you, work in detail is about your mindset. It's about your education. It's about you understanding how the system works. It's about you focusing on things that are productive and then getting. And if you hang around nine broke people, you'll be the 10th. So watch who you hang around. Watch the toxicity in your life. I need you to focus, John. How do you stay so clear headed? I walk through life consciously oblivious of most things around me because it just doesn't matter. So we covered a lot of ground on this podcast. Let's have a conversation. Yes, racism is real. Of course it is. But your aspiration can outshine somebody else's racism. I'll put it another way. My rich friends eat. My poor friends do better, if only to stay rich. I'll put it another way or an additional way. Even the racist needs a black person to succeed because we all need gdp, gross domestic product to rise. And when GDP rises, everybody prospers. And racism is a bad business plan wherever you find it. It's just stupid for business and it won't create wealth or opportunity beyond an individual case here or there. But as a group of people, it is a losing proposition. And I'll cover that but that out in detail in my series, the Business Plan for America that you'll hear on this podcast. So enjoy the rest of your day and week and be inspired and know that yes, in spite of racism over to round it through it, you can get to it, you can succeed because the color ultimately is not black or white or red or blue as in race and in politics. The color actually is great. Hey, hey, John O'Brien, this is the fan question. What is the best investment you can make at this time? Well, it appears you already did it. You got such a unique name. You clearly understand that your best investment is you. We're not human doings or human beings. God never gave anybody else the same fingerprints he gave you anybody else in the world. You're unique. So you're the investment. You're the brand. Invest in yourself. Get educated. As much education as you can shove down your throat. It's one of my principles of the five pillars of success that I put in my my whole approach to living. The pillars also and up from Nothing and the memo book that I wrote and my new book, financial Literacy for all. You are the primary product. Get educated and then invest in conservative. Well, 401k. If you work for somebody else, you want to get that matching money because it's free money. Get the earned income tax credit. Well, that's not an investment. Let me back up 401k. If you work for somebody, they have a matching program that's found money, that's free money. If you start a business, that's an investment in yourself. Buy some stocks, but make them conservative stocks by doing investment in mutual fund. Even start investing in the stock market but do it conservatively with sort of best in class. Easy to get, easy to manage. You know, actually have a professional manager manage your stocks when you first get in it. Don't try to do it yourself until you're comfortable with it and or buy a home. You got to live somewhere if you are of adult age. So why rent for somebody like me? When you buy something for yourself and see your appreciation happen right in front of you, there are other things you can do. But here's some these are some easy ones, and essentially all these are versions of me saying invest in yourself. John O'Brien Love and Light, 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.

[Albertsons/Safeway Representative]

The holidays are here. It's that time of year to think about, yes, gifts. But not only gifts. It's the guests, the party planning and the true meaning of the season spending time with family and friends. We know it's a lot, but we're here to ease your mind and share some tips so we'll make it through together. With the season getting underway, now is the time to shop for amazing holiday deals at Amazon. Amazon has a wide selection for all your holiday needs. I don't care if you want to get your people's laptops, gaming screens, whatever it is they need. Amazon got it. Amazon Last Minute deals are here. Shop Last Minute Deals now on Amazon and visit Amazon.comblackffectpodcast for my favorite picks.

[Coca Cola Representative]

The holidays are about spending time with your loved ones and creating magical memories that will last a lifetime. So whether it's family and friends you haven't seen in a while or those who you see all the time, share holiday magic this season with an ice cold Coca Cola Copyright 2024 for the Coca Cola Company.

[Clarissa Shields]

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