The Best Of: Money & Wealth

Summary

Podcast Summary: "The Best Of: Money & Wealth"

Podcast Title: Money And Wealth With John Hope Bryant
Host/Author: The Black Effect and iHeartPodcasts
Episode: The Best Of: Money & Wealth
Release Date: December 19, 2024

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Introduction

In this special "Best Of" episode of Money And Wealth With John Hope Bryant, listeners are treated to a curated selection of John Hope Bryant's most impactful discussions on financial empowerment within the Black community. Hosted by Charlamagne Tha God, the episode compiles Bryan’s insightful lessons on developing a wealth-building mindset, overcoming adversity, and fostering financial literacy to thrive in today's free enterprise system.

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Developing a Wealth-Building Mindset

Timestamp: [02:50]

John Hope Bryant opens the episode by emphasizing that success transcends merely having money or access to capital. He underscores the importance of cultivating the right mindset as the cornerstone of lasting success.

John Hope Bryant ([02:50]): "Order to be successful, you've got to not just have the money, not just have access to the capital, not just have a great idea, a great business, great hustle. You have to have the right mindset."

Through a personal anecdote, Bryant illustrates the critical difference between passive and proactive behavior. He recounts an evening where he was approached by two representatives: one who passively received the interaction and another who actively engaged him in business discussions. This story serves as a powerful metaphor for the necessity of taking initiative and being responsive to opportunities.

John Hope Bryant ([04:15]): "Most people are just lazy. Intellectually lazy, spiritually lazy, emotionally lazy, financially lazy. They want somebody else to do the work."

Bryant criticizes the pervasive attitude of entitlement and highlights the importance of personal responsibility in financial success. He stresses that genuine engagement and proactive efforts are essential for building wealth and creating meaningful opportunities.

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Overcoming Failure and Building Resilience

Timestamp: [26:07]

In a compelling segment, Bryant delves into the concept of failure, redefining it not as a personal deficiency but as a stepping stone toward growth and resilience. He emphasizes that failure should be viewed as an outcome of experimentation rather than a reflection of one's identity.

John Hope Bryant ([26:07]): "Failure does not mean that you are a failure. It means you failed at something. It means that there was an outcome to experiment that was not successful."

Bryant shares his own experiences with real estate investments, showcasing how perseverance and strategic decision-making can turn setbacks into successes. He narrates the story of purchasing a townhouse in Los Angeles that initially depreciated in value but later appreciated significantly, demonstrating the importance of holding onto investments and making informed decisions based on long-term potential.

John Hope Bryant ([26:30]): "What Ambassador Young said is so true. Men and women fail for three reasons. Arrogance, pride, and greed. Mindset."

This segment highlights the necessity of maintaining enthusiasm and adaptability in the face of challenges. Bryant encourages listeners to view failures as opportunities to learn and grow, reinforcing the idea that resilience is a key trait of successful individuals.

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Financial Literacy and Education

Timestamp: [09:15]

Bryant underscores the critical role of financial literacy in breaking the cycle of poverty. He reflects on his own childhood experiences, where a banker introduced him to financial concepts at a young age, an experience that profoundly influenced his path towards entrepreneurship and philanthropy.

John Hope Bryant ([09:15]): "I was in the classroom when that banker came in and taught me financial literacy. I asked that banker, what do you do for a living and how'd you get rich? Legally."

This early exposure to financial education ignited Bryant's passion for empowering others. He advocates for comprehensive financial education as a fundamental tool for individuals to gain control over their financial futures and build sustainable wealth.

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Challenging Societal Norms and Empowering the Black Community

Timestamp: [10:49]

Bryant addresses the systemic challenges faced by the Black community in accessing capital and opportunities. He critiques well-meaning but misguided advice from within the community that can inadvertently hinder financial progress.

John Hope Bryant ([26:07]): "We never got the memo. That's my third or fourth book. We never got the memos. We don't know that we don't know."

Bryant calls for a cultural shift towards proactive financial behavior and community support. He emphasizes the need for access to capital, internships, apprenticeships, and other opportunities that can bridge the economic gap and foster collective advancement.

John Hope Bryant ([26:25]): "African Americans, not all Africans, African Americans who had a special treatment negative in this country... It’s not a negative situation."

Bryant distinguishes between different African identities, focusing on the unique challenges faced by African Americans. He advocates for tailored solutions that address the specific barriers to financial success within this community.

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Practical Advice for Wealth Building

Timestamp: [15:30]

Bryant offers actionable strategies for listeners to begin building wealth, emphasizing the importance of setting aside money, investing wisely, and leveraging opportunities such as tax-free exchanges.

John Hope Bryant ([26:50]): "It's called a 1031 tax free exchange in the revenue, the internal revenue code. But again check with your tax pro and see how it relates to you."

He shares his personal experience with real estate investment, highlighting the benefits of long-term holding and strategic selling. Bryant advises listeners to seek professional guidance and remain informed about financial instruments that can optimize their investments.

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Cultivating Good Habits for Success

Timestamp: [26:35]

Bryant stresses that intelligence alone is insufficient for success; cultivating good habits is paramount. He plans to dedicate an entire podcast to this topic, indicating its significance in his philosophy.

John Hope Bryant ([26:35]): "Good habits are more important than being smart. Actually, you can't be a dummy."

Bryant encourages listeners to develop disciplined financial habits, such as budgeting, saving, and continuous learning. He emphasizes that consistent positive behaviors are the foundation of lasting financial stability and growth.

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Call to Action: Fostering Financial Responsibility

Timestamp: [29:45]

In his concluding remarks, Bryant calls on individuals to take responsibility for their financial futures. He highlights the importance of love and accountability in nurturing the next generation's financial acumen.

John Hope Bryant ([29:45]): "Kids need love and accountability, love and responsibility. You can't just let kids walk away from accountability."

Bryant advocates for open family discussions about money, modeling responsible financial behavior, and instilling a sense of responsibility and ambition in children. He believes that empowering the younger generation with financial knowledge is essential for breaking the cycle of poverty and achieving collective prosperity.

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Final Thoughts and Encouragement

Timestamp: [31:08]

As the episode draws to a close, Bryant reiterates the importance of a positive mindset and common sense in achieving financial success. He encourages listeners to embrace free enterprise capitalism and leverage available opportunities to build wealth.

John Hope Bryant ([31:08]): "I absolutely guarantee you that being negative will ultimately make you fail. I want you to be positive."

Bryant's message is a blend of motivational encouragement and practical advice, aimed at inspiring the Black community to actively engage in wealth-building while navigating the systemic challenges they face.

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Notable Quotes

• On Mindset:

  "Order to be successful, you've got to not just have the money, not just have access to the capital... You have to have the right mindset."
  — John Hope Bryant ([02:50])

• On Laziness:

  "Most people are just lazy. Intellectually lazy, spiritually lazy, emotionally lazy, financially lazy. They want somebody else to do the work."
  — John Hope Bryant ([04:15])

• On Failure:

  "Failure does not mean that you are a failure. It means you failed at something."
  — John Hope Bryant ([26:07])

• On Financial Literacy:

  "I was in the classroom when that banker came in and taught me financial literacy."
  — John Hope Bryant ([09:15])

• On Community Empowerment:

  "We never got the memo. We don't know that we don't know."
  — John Hope Bryant ([26:07])

• On Good Habits:

  "Good habits are more important than being smart. Actually, you can't be a dummy."
  — John Hope Bryant ([26:35])

• On Positivity and Success:

  "I absolutely guarantee you that being negative will ultimately make you fail. I want you to be positive."
  — John Hope Bryant ([31:08])

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Conclusion

Money And Wealth With John Hope Bryant offers invaluable insights into financial empowerment, particularly within the Black community. Through personal anecdotes, strategic advice, and motivational discourse, Bryant provides listeners with the tools and mindset necessary to build and sustain wealth. This "Best Of" episode encapsulates the essence of Bryant's mission to educate, inspire, and transform lives by fostering a culture of financial literacy and proactive wealth-building.

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For those seeking to enhance their financial knowledge and transform their economic standing, this episode serves as both a practical guide and a source of inspiration. John Hope Bryant's blend of personal experience and professional expertise makes this podcast an essential resource for anyone committed to achieving financial independence and prosperity.

Transcript

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[Charlamagne Tha God]

Piece of the Plan It's Charlamagne Tha God Here. And as we come closer to closing out this year, I just want to say thank you for tuning in to the Black Effect podcast network. There have been so many great moments over the past year. Take a listen to some of those captivating moments in this special best of episode.

[John Hope Bryant]

Order to be successful, you've got to not just have the money, not just have access to the capital, not just have a great idea, a great business, great hustle. You have to have the right mindset. I was at dinner last night with my wife Shaitra, and it was a late dinner, it was close to midnight because I had, on a Saturday, two speeches. And I could have complained about that and whine and moan or could say that I've got high class problems and God gave me relevancy and a chance to make a difference and just accept that and be thankful. So I went to my first speech and did that, went to my second. That was for Van Jones on artificial intelligence here in Atlanta. Went to my AI academy, went to this in Operation Hope. Did that help him with the AI Ethics council, which is coming, by the way, my work with Sam Altman. Then I went to the second speech. I went to my office, worked a little bit, went, changed clothes, tuxedo, went to the second speech on Saturday night for the black coffee company, which I, you know, talked about earlier and to encourage other investors to double down with them and encourage them. And so anyway, we went to a late dinner and I'm sitting there waiting for my wife to, to show, to, to come from the. She went to the restroom to wash her hands and whatever. And this brother walks over to me and I can see him on the side of my eye and I, I sort of know what this is now. You know, he's about to approach me, which is all good, I don't mind. And he said, look, my guy, he did like a, you know, when he's celebrity things that, you know, where the, the rock star, the celebrity dude sends somebody else over with a message. It's crazy. So he says to his. My buddy over here has a finance company, black guy, all of them are black. And he wants to come talk business with you. Is that okay? As a. Well, you know, I'm sort of. So I wave at the dude, right? The other guy. I say hello to the guy in front of me. They're five feet from me. I wave at the other guy. He just sort of barely nods like he's some rock star. Okay, whatever, whatever. Whatever fumes you're on, whatever you tripping on that's is your right. But I'm really unimpressed now. So I'm impressed with the dude who came over to me. He's very respectful. I said, look, I'm on a date with my wife. I hope you don't mind. I'm not gonna. I'm interested in talking business right now. He said, no problem. Much respect. And he goes over now, what the move would have been for the other guy is for him to get his lazy rear end up. Sorry, get his tail up. Because love is work. Non, love is laziness. Anti, love is evil. Evil exists, but it's very rare. Most people are just lazy. Intellectually lazy, spiritually lazy, emotionally lazy, financially lazy. They want somebody else to do the work. He could have got up, said to his lady, excuse me, baby, I want to go say hello to him. Come over. Shook my hand, look me in the eye. Hey, man, I heard what you said. All good. I should. Should have came. Should come over myself to begin with. My bad, you know, I respect you're out of date. So are we, you know, I just, you know, whatever. Respect your work, whatever. I hope we can catch up sometimes. Later. I would have said, what's your name? I would. That would have been. That would impress me. I would remember him and maybe even giving him my information to connect with me later or one of my, you know, senior leaders in my office. But he missed that whole memo. He missed the opportunity. Because what Ambassador Young said is so true. Men and women fail for three reasons. Arrogance, pride, and greed. Mindset. It wasn't about whether you had a success, business or all that stuff. You know, whether he's making money. I could careless when he's making money. I don't want your money. I got my own. All right? All money is his freedom. I got the freedom to not be interested. Hello. But he wanted cop an attitude because I wouldn't talk to him. So he didn't say anything to me for the rest of the evening, and I could care less. And when he got up, I just thought it was a test. When he got up, I thought he'd stop over. I hoped he would for his sake, not mine. Did he stop over, say, yo, man, blah, blah, blah, blah, or you know something? Nothing. Ignored me, walked out the door because I would not speak to him earlier. You're not hurting me. You hitting examples like that as you're hitting your face against my fist. I'm not trying to pick a fight emotionally, intellectually, with anybody. I'm just saying that wasn't the right way. To handle it. You won the battle and lost the war. I don't even know if you won the battle. I'm not sure what the battle was. I was in mind of my own business having dinner. You heard my feelings one little bit. But you didn't get my information. You can get my number. You didn't get my help. You didn't. We're not going to do business and I don't remember you. I don't even remember you. I remember the first guy. I will not remember the second. Not in a positive way. Nobody owes you anything. Stop walking around entitled. Like the story of the young lady I mentioned earlier in the trending topic who her girlfriend thought that that the boy owed her all expense freight. Anyway, I don't want to repeat this. Frustrates me to even think about it. Okay, here's a fan question. This was a good podcast, wasn't it? It wasn't boring. Here's a Purple Indian woman Purple Indian Woman from Instagram. Purple Indian Woman what are the best options for my two children, my two daughters to start saving and investing now, age 25 and 16? First of all, I'm glad you don't think it's too late at 25 to start investing and 16. Certainly it's not too late. The answer to this question Purple Indian woman on Instagram is the best option for your two daughters is now. And with you it's not about whether it's an index fund or this or stocks or real estate or fractional investing or bitcoin or current cryptocurrency or whatever it is you want to do. Starting a business grad, it's starting. It's important that they do it with you. Get this book and read it with them. Assign chapters to them. Let come back and have a family meeting about money because the lights don't come on by themselves. Have a discussion about this every week about money around financial history for all. I want to see that book dog haired and beat up and the pages ripped and highlighted right? And you want to start a conversation, have dinner together. What a concept. Once again once a week and have a kitchen conversation conversation about money. Using the book as a discussion starter. And try to keep the spaghetti and the and the ribs off the ribs, rib juice off. Off the book and and then let them see how you roll. Let it show them your 401k account. Show them your real estate portfolio. Show them your bills. Like let them model what you do. Because we model what we see. That's the most important thing you can do. For your child is to be the role model that they want to be because that's who they see in the world. You want to find a good man. Yeah, the I'm generalization, I'm generalizing, but this is, this is mostly true. And yes, there are exceptions this rule. So don't pick a fight with me saying I know examples where this is not the case. I know you do. You want to find a good woman, find a woman who's got a great relationship with her dad. You want to find a good man, find a man who's got a good relationship with his mother. Though there are exceptions, these rules. But what you and you really want, you know, when I talk to somebody and I'm looking at them and their eyes are clean and they're positive they're looking at me, I can tell they had a mom and a dad or I can tell they had a strong, ultra strong mom or an ultra strong dad that really grounded them and balance out the fact that the other mate wasn't there. You really mom and dad. But you can, you can over index like my mother did. My dad did it when I was with him and when I moved for my mother to be with him. So give him credit. But my mother really was a grounding sense situation and she was a single mother just like 70 of all black households. And she told me she loved me every day of my life and I believed it. So look, you can survive, you can chill and still succeed. But why would you want to, right? Why? You don't want to survive, you want to thrive and you want to win. And stop saying these kids that you're a baby daddy and you're a baby mama, right? You're messing up these kids heads, messing with their self esteem. Say you're a mommy, you're the mother of their father and you're proud of them. When they screw up, you say, I'm mad at you, I'm upset with you, you future lawyer, you future entrepreneur, you, future business owner, you future engineer. I'm upset with you and I'm going to hold you accountable. Now let's go to dinner. I'm going to hold you accountable and here's your penalty for screwing up. Kids need love and accountability, love and responsibility. You can't just, you can't just let kids walk away from. They're on accountability. You end up with punks, you'll end up with a mess on your hands. They need to learn the word no. You're not their best friend, you're their parent. Oh, don't let me get me started. It's a whole nother podcast.

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[John Hope Bryant]

Apple intelligence coming fall 2024 with Siri and device language set to US English. Some feature languages will be coming over the next year.

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[John Hope Bryant]

Terms and restrictions apply.

[Diet Coke Representative]

See att.com iPhone for details.

[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 the Coca Cola Company.

[Charlamagne Tha God]

The holidays are here and 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. The reason I love this so much is because it is the holidays and there's things that I've had family members and friends ask me for throughout the year that I simply would not give them the money to get. But I will get them the actual items. So whether it's laptops, hair steamers, dining sets, makeup, better wigs for Lauren LaRosa, 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.

[Chase Representative]

Small Business Owners. This one's for you. Chase for Business and iheart. Bring you a podcast series called the Unshakables. This one of a kind series will shine the spotlight on small business owners like you who faced a do or die moment that ultimately made their business what it is today. Learn [e-mail] business podcast Chase make More of what's Yours Chase Mobile app is available for select mobile devices. Message and data rates may apply JPMorgan Chase Bank NA member FDIC Copyright 2024.

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[John Hope Bryant]

Make the mistake of thinking that being smart enough is enough. It's not. Good habits are more important than being smart. Actually, you can't be a dummy. Let me make that clear. You need and everybody who can get a college education should get one. But let me be clear. You must have good habits in order to be successful. I'm going to do an entire podcast on having good habits. But at the moment, today I want to absolutely remove this stigma about failure. Failure does not mean that you are a failure. It means you failed at something. It means that there was an outcome to experiment that was not successful. It doesn't define who you are. It just says this is what I went through. It's, it's, it's, it's on the path to where you're going. Again. Rainbows only follow storms. Success, as I said earlier, is going from failure to failure without loss of enthusiasm over to round it through it. You're going to have to get to it. Success, as I keep saying, is going from failure to failure without loss of enthusiasm. It doesn't define you. Life is 10 what life does to you and 90% how you choose to respond to it. What's your response going to be? You don't react to it. You respond. You come right at it. You, you, you go, you, you come right at it. Not over the rounded. You know, don't avoid it. You're coming right to face it. Because what doesn't kill you makes you stronger. It makes you, it builds resiliency. Why am I telling you this? Why is this important? Podcast on money and wealth because every poverty, every form of poverty. Two reasons, by the way. Every form of poverty, three reasons beyond sustenance. Poverty, which is a roof over your head, food on the table and reasonable health care. Sustenance, poverty, poverty, which is to sustain yourself. So everybody should have sustenance. Everybody should have a roof over your head, reasonable health care, food on the table. That should not be something that we beg for in society. It's something that society provides. It's biblical, by the way. But beyond that, every form of poverty is mindset, whether you believe you can or whether you believe you can't. You're absolutely right. And so my concern is this generation that we have today who's grown up seeing a black president, you know, who's grown up seeing and experiencing a run up on the stock market, seeing real estate price prices that have been on the rise, they might have missed, probably did miss the 2008 real estate crisis. And if even if they did, it's in the rear view mirror. Who's who saw a social justice reckoning on black America. If you're black and brown, if you're African American, you are African or people of African descent, you've seen this, you've seen that, you saw a positive reaction to the, the devastating murder of George Floyd, and you saw somewhere between 60 billion and 300 billion, depending on how you calculated, invested in you. And while there's pushback on that now, the impression by somebody who's 20 or even 30 years old might be that that success for me is preordained. I just got to go to, you know, go to college, go to school, maybe, you know, maybe don't need school. They may think, yes, you do. I need to dress well, you know, have a nice Instagram handle, have some great social media, get some business cards made, you know, lease a car, go to some meetings, you know, say the right things and I'm going to be successful. I, I deserve, I'm entitled to success. No, you aren't. And you won't be because you aren't prepared to fail. You aren't, you have no experience with failure. And the things that, that rattle and shake people today absolutely astound me. I tell people all the time that what you're going through is, with all due respect, high class problems. If you live in the United States of America or a developed country you're living in, you're listening to this from the uk, United Kingdom, you listen to this from some developed country somewhere in the world, frankly, if you're listening to this or watching this, you've got some kind of a digital device that's cutting edge, then you consider yourself lucky. Certainly if you're in the United States of America and you have a job, you got a source of income, you have, you know, you have shelter, you have food, you have opportunity. When you get up in the morning, you've been blessed, you have at least one parent. And so there are people in this world. There's a lady right now trying to get from her hut in on the east coast or west coast of Africa, trying to get from her hut to the well to get some water without being abused. That's her daily challenge. There's a woman in Afghanistan right now that's trying to keep her basic dignity. It goes on in a third of the world, it appears, is at war with itself. And so I'm not discounting your problems, but I'm saying if you're concerned about your credit card bill or the mortgage payment or whatever, that's important. Yes. And yes, you got too much wanted into your money. But consider yourself blessed to have these problems. So I wanted to first tell you I've been to where you are. That's why I founded Operation Hope, because I've had that experience with, at 9 years old in the classroom, when that banker came in my classroom and taught me financial literacy. And everybody else was throwing paper planes and playing around and joking. But you know, again, I had, by that time I had these experiences where I saw a murder of my guy who saved my life. I, I, you know, experienced, not, I didn't see it firsthand, but of course experience my best friend being murdered with my next door neighbor over drugs. And my, I saw my mom and dad divorced and family tore apart. My mother hustle, hustle to go buy our house, our first house in Compton, California as a single mother. And I take it life seriously by the time I was 9 years old and this banker came in my classroom and taught financial literacy, home economics class, which doesn't exist anymore. And I asked that banker, what do you do for a Living. And how'd you get rich? Legally. And I was dead serious. And where'd you get that suit from, man? Only people I wear. The only white man I saw wear a suit in this neighborhood is a detective. And it's not a good suit, it's a bad suit. I don't mean a bad suit. I mean a bad suit suit. I mean polyester. I mean, not a good suit. Why tie this dude suit? That was gorgeous. It was beautiful. It was Italian stitching. I could see it today. It was dark blue. He had a white shirt and a red tie. Crisp. Yeah. He had polished shoes. He had a business card. Nobody in my family had a business card. It said the 16th floor. There was nothing beyond the. I believe the six floors of. I think it was six floors. Might have been eight. Eight floors or something. But it wasn't a skyscraper. In Compton, that was a courthouse. Everything else was just a couple stories or single story. In Compton, he was in the 16th floor, man. Where you work. How do you hear it in the middle of the day? My mom was an hourly worker at McDonnell Douglas Aircraft. It became Boeing Aircraft. She had a two 15 minute breaks and lunch. Other than that, she was an hourly worker. She only showed up to school if I got in trouble. And that wasn't a good thing when I saw her show up at school. So how are you showing up anytime you want during the day? I'm on a salary. What's a salary? It's like I was meeting a Martian man. And again he told me, I'm a banker and I finance entrepreneurs. I said, sir, I don't know what an entrepreneur is, but if you're financing it and it's legal, I'm gonna be one. Rainbows after storms. I became one.

[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 the Coca Cola Company.

[Charlamagne Tha God]

The holidays are here and 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. The reason I love this so much is because it is the holidays and there's things that I've had family members and friends ask me for throughout the year that I simply would not give them the money to get. But I will get them the actual items. So whether it's laptops, hair steamers, dining sets, makeup, better wigs for Lauren LaRosa, 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.

[Chase Representative]

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[Pandora Jewelry Representative]

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[LifeLock Representative]

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[John Hope Bryant]

So I bought a piece of property in Los Angeles for a couple hundred thousand dollars. It was a townhouse. When I bought it, I was very proud of it. I lived in it. It went down in value while I lived in it. I was encouraged by my broke friends to sell it. Now they broke again. Watch who you pay attention to for advice, right? My broke friends didn't even own a townhouse. They were written talking about you need to sell that. Just look, look, leave your bad advice in your bad. In your well intentioned bad mouth like in your head. Keep. Just say hello to me. That's, that's all I want to hear. You know, is an old southern saying. No matter how much I love you, my son or my daugh, I don't have wisdom. I can only give you my own ignorance. So out of love we pass down bad habits and bad advice from generation to generation is what we don't know, that we don't know. This killing is what we think we know. We never got the memo. That's my third or fourth book. I think it's my third book. We never got the memos. We don't know that we don't know. So stop listening to people who have give you bad advice on no experience, right? So that my friends quotation marks told me to, to to sell my house. Luckily I didn't pay attention to one, the condo. I moved out and rented it out to, you know, tenant and they were slow paying but they paid. And I had to pay the property taxes every year, but it was mostly covered by the renter. And I forgot about it. I said it and release it just like I told you to buy it, put money aside, set and release. I just forgot about it and because I, I just figured, you know, can't be, you know, over time it'll at least be worth what I paid for it. So few years pass and I moved to Atlanta and I'm trying to buy a piece of property that's, you know, about $750,000. And I call my friend, a broker in Los Angeles, happened to be a person of color, Mr. Lowe is his name. And I said can you check on this property for me? And he said sure. I said well, what do you think I can get for it? He said, well, because I had a couple properties I was selling this one you can probably get $750,000 for. I said, what did you say? What'd you say? $750,000. I bought it for 2, 200,000 and change. It gone down a hundred thousand and change. My so called friends told me to sell it. Hello. Five years, six years later is worth $750,000 is worth even more now. I sold it. You have a year to do a tax free exchange which means you pay no taxes. And I found the property that I wanted to buy and I purchased the property that I wanted to buy with the proceeds of the property I just sold. No taxes. So there you go. And you want to check with your tax man on all this stuff. You know, don't listen to me and say John Bryant told me to do this. I'm just giving you, you know, examples of what you can do. But you need to check with your tax pro and or my hope financial coaches for exactly what you should do or how to do it. It's by the way, it's called a 1031 tax free exchange in the revenue, the internal revenue code. But again check with your tax pro and see how it relates to you. Okay, let's get to the fan question. I just made you a millionaire. Well, you did because you're going to work hard at it. But you know, now you, there's no reason why you're not going to be better off after you do this and when you than before. I mean it's like somebody said, why should I try God? Well because God cannot possibly screw up and mismanage your life worse than you have. So give them a try. Let's see how that works out. And given that it says universe in my opinion you'll probably be okay. I can't guarantee you that being positive is going to make you a success, but I absolutely guarantee you that being negative will ultimately make you fail. I want you to be positive. I want you to employ common sense. Literally every group of people in this country, 200 plus ethnic groups have succeeded using free enterprise capitalism in a market economy. And the things that I've told you, the only three groups that have been left behind, African Americans, not all Africans, African Americans I'm gonna deal with Africans versus Africans or blacks versus Blacks. Is that a thing? And that's not a negative situation. I mean blacks are blacks. Is that a thing? I'm gonna deal with that in a second part. A separate podcast because it is a thing. But African Americans, not African Africans or African Caribbeans, African Americans who had a special treatment negative in this country and who's really our self esteem and our brains were messed with our minds, our mindsets were messed with all right and native and Native American Indians o they didn't have a good run and poor whites. Yes, poor whites are those three groups that did not use free enterprise capitalism in the market economy to succeed. Two of those groups actually use the government and you and government will help you cover your downside. And we need good government. We need civil rights, but you also need civil rights. We need not just red room stopping bad things like just police discrimination and bias and all the negative stuff. We need some green rooms, access to capital, access to internships, access to apprenticeships, access to credit, access to financing, access to opportunity and aspiration. Can I get an Amen? This is the church of what's happening now and what have you done for me lately?

[Charlamagne Tha God]

Once again, thank you for tuning into the Black Effect Podcast Network. See you in 2025 for more great moments from your favorite podcast.

[Amazon 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. 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 the Coca Cola Company.

[Pandora Jewelry Representative]

Be merry, be bright, be loved this holiday season with sparkling holiday gifts from Pandora Jewelry. Bring the sparkle to Black Friday with Pandora jewelry. From November 16 through December 3, receive 30% off store wide, hand picked and ready to wrap, wear and love. Select from a wide range of possibilities for personalization. From festive charms with vibrant pops of color, shimmering rings and earrings designed to dazzle to radiant bracelets and necklaces shining in a mix of luminous metals, Pandora has something special for everyone on your holiday list. Shop Pandora Jewelry today and save 30% off some exclusion supply.

[Chase Representative]

Hey there, it's Scott Patterson from I Am All In Again Podcast Life Short Talk Fast Stream Gilmore Girls on Hulu. That's right, grab your coffee and get cozy because all seven seasons of Gilmore Girls are now on Hulu. Stream all the witty, banner, heartwarming moments and awkward Friday night dinners with Lorelei, Rory and the eclectic mix of characters. Whether you're rewatching or going Gilmore for the first time, Hulu has you covered. It's a show. It's a lifestyle. It's now streaming on Hulu. When you choose to earn your degree online from Southern New Hampshire University, you're saying yes to new opportunities and to new adventures. You're saying yes to something big, something you've always wanted to do. If earning your degree is one of your goals this new year, SNHU can help you get there. With low online tuition, no set class times, and multiple term starts per year, you can set the pace that works for you and save money along the way. Visit snhu. Edu today to get started.