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- [00:01]
A
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- [00:30]
B
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- [01:32]
A
Do you know how much it costs to live? Do you know how much you need to be making to live a comfortable life? I mean, you may be living your life and working your job and getting your paycheck and you realize, man, am I ever going to get ahead? Well, depending on the city that you live in, it may not be designed for you to get ahead. But today we're gonna have this conversation. Doug Washington.
- [01:54]
C
What up, my brother? How you feeling, man?
- [01:56]
A
It's Friday, bro.
- [01:57]
C
Happy finance Friday.
- [01:59]
A
We gotta talk about the money.
- [02:00]
C
Always.
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A
How was your week, man?
- [02:03]
C
Man, it is. It's going amazing. For lack of better words, I ain't got no complaints. We in the plowing season, so, you know.
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A
You just came off of vacation?
- [02:13]
C
Yeah. Yep.
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A
So where'd y' all go? What'd y' all do?
- [02:16]
C
My wife and kids went to Canada to see Niagara Falls. And then I kind of got to sit back in New York and just build out the business.
- [02:26]
A
Niagara Falls in Canada can. Oh, you still Can't. I thought you said you were gonna try to get up there or.
- [02:32]
C
Nah, we. I'm not. I'm all right with it. I let them go.
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A
Okay.
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C
Yeah. So.
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A
All right, well. All right, well, so what'd you do? They were there for a few days.
- [02:41]
C
Yep. They were there for three days.
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A
Is that the first time you've been away from your family?
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C
The first time I have ever been away from my family in going on eight years. What it feel like, man? It felt amazing. I got to hear silence.
- [02:56]
A
All right, so here's the thing. Last time we talked about it, you're like, yo, I've never went nowhere with my family. No vacation. I don't go out of town without my family when I go. And I was trying to explain to you. Okay. What you were missing. All right? And I feel like it was definitely commendable that you, like, yo, I'll go nowhere without my family. But however. Pepper that joint feel good.
- [03:17]
C
It was amazing. It was amazing. Listen. Silence. And not even for an extended time frame, like, a few hours like I would usually get, but knowing that I don't have to get the kids ready for bed, knowing that I don't have to make sure they have breakfast and all of these things. My wife, you know, we kind of do it together. But a lot of the times, like, I'm like, I'mma help out as much as I can, but, man, to be able to wake up and only have to worry about myself, what the first time in going on eight years, bro, Eat by yourself. Just kick it, bro. The pizza has never tasted so good.
- [03:53]
A
Hey, listen, now, I don't rem recommend y' all making this a habit, but every now and again, you got to make it a little happy. You need to do more. You got to have some, bro. As a man that's going out there and building, bro, you need some time, bro. You need some time away from the family, Respectfully, just so we can, like, recharge our battery and just not always be worried about being the provider. And I'm sure you did some work, right? But it's something about that. That silence and solitude, bro. So I'm actually taking me and my wife. We're going to Miami for a week. Well, I'll meet her Monday through Friday, and she has to come back Thursday morning, though. And I think that's perfect, man. I get to spend these days with my boo, and then I'm going to be able to spend some time by myself. But I think it's valuable. Necessary. Necessary for sure. And your wife, bro, she needs to go somewhere without the. Without the kids. Yeah, my wife and daughter Corey, they went to Jamaica together. Just them too. And that's a unique experience because, you know, she always got the kids and all that. So make sure you promote that to your wife. She deserves it. For sure. Yeah, we'll get to it. How much you spent on that trip though?
- [05:06]
C
For me not to even go? It was about a $4,000 trip. Flight, flight for five. Hotel in New York and at Niagara Falls.
- [05:17]
A
So the flight was 5, 4, 5. How much was that?
- [05:23]
C
Two. Close to 2,000. Just to New York now. And that's why we're here discussing this on Finance Fridays. And knowing the power of credit, because it used to be. Want to say 6 or $700 for us to fly to New York.
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A
All y'. All. No way.
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C
Yeah, of course.
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A
A one way flight.
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C
No, I'm talking about a round trip flight.
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A
Ain't no way. Five people flying.
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B
So.
- [05:47]
C
Well, my son was under two at the time, so we didn't have to pay for him. So it was a family of. Technically it was a family of four, cuz he was a lap baby.
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A
But still, round trip ain't 600. Never, bro. It was. It was.
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C
And then if you get it, 169, 170, 169. Some odd change. Round trip, Round trip to New York because you gotta think flying directly out of Atlanta, they have that flight so much, it's got like cold share flights now. I'm telling you.
- [06:14]
A
Look at your receipt, bro. Ain't no way.
- [06:16]
C
I'm telling you, Ain't no way.
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A
Well, you said it used to be 700. I just don't know when that was. 700. Let me see something.
- [06:24]
C
Right about maybe a little bit over a year ago, who you fly with? We fly. We used to fly with Southwest, but
- [06:30]
A
now that's probably why.
- [06:31]
C
Yeah, but Delta. Yeah, so we flew Delta, but even then, Delta was still the cheapest because as a family with Southwest, you know, you got to board and then you got to pick your seats until they changed it and all of these things because we were always together.
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A
Yeah.
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C
Instead of having to pay for the seats, sometimes it made sense for us. Listen, I'm one of those people, you'll see me flying economy. You see what I'm saying? You'll see me and the boys in economy.
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A
I'm gonna push this out. So let's just say like August something and see the flights. Because, you know, first off, first thing that popped up was the first thing that popped up was like $30 on Frontier. Oh, wow.
- [07:16]
C
It was very cheap to fly to New York. But now, cheapest flight that you're going to get, probably 5, 600 a person. So what it would. What it used to cost us for four or five people now cost that per person.
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A
I got you. All right. I actually see it. I mean, yeah, it's like 200 bucks. Four people. Okay. Oh, that's lit. Okay. All right. So you spent four grand. No, though. You said 2,000 on flights.
- [07:42]
C
2,000 on flights. And then, you know, I have. I have family that works at Marriott.
- [07:47]
A
Yeah, come on. So like that.
- [07:50]
C
Yeah, I have family that works at Marriott. So we get discounts on Marriott hotel.
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A
Yep.
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C
So, yeah.
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A
All right, all right. You were just telling me something before we recorded. I had to stop you because I. It was really, really good. You said I get some. I get a. I get another benefit with my platinum card.
- [08:08]
C
Yes, sir.
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A
For content creators. Yes, sir. Exactly.
- [08:12]
C
For content creators. So if you have the American express platinum card, there is a benefit that you get with Dell. Dell Technologies. You got a book. I mean, not book. You got to buy directly from them. If you spend $5,000 in a year, they give you $1,000 back in the form. Like a statement credit.
- [08:31]
A
Yeah, but I saw that and I was like, bro, who buys a Dell?
- [08:34]
C
But Dell has partnered with. You can get Sony cameras on there, a lot of them. No, look it up, Dale. Right now you can get Sony cameras on there. You can get lenses on there. So imagine here. Here's the whole play. Imagine spending. Whether you go G master lens or you go Sony camera, a 74 or 2870, whatever you want to do, you spend five grand on it. Or even a setup for the content creators to get started. You can go ZVE10 with a 2870. And that's right around like five grand, right? If you spend a five grand, they're going to give you $1,000 back. So now you're at 4,000. On top of that, if you go through Rakuten or cash back website, typically at the peak, they're going to give you 15% cash back in the form of you can either get it a paypal, a credit, or you can get.
- [09:21]
A
I don't understand. What the heck is rakuten?
- [09:23]
C
Rakuten is like. It's like a cash back portal. So because you go through them, they get a benefit and then they kind of pass some of that benefit onto you.
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A
So spell that, bro.
- [09:34]
C
R A K R A K U T N this right Here, the purple app.
- [09:40]
A
Oh, you got the app and all that. Let me just download that then.
- [09:42]
C
Yes, sir.
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A
So Rakuten R A K U T E N T E N Rakuten Cash back deals.
- [09:54]
C
So I recommend that anytime you're shopping that you always. You're spending the money regardless. So if you go through Rackington sometimes at Dale, especially during, like holiday seasons and like peak seasons, they'll give you 15x if you want to take American Express points or you can just get 15% cash back on your purchase, they'll take 15x. What do you mean 15x points? So that's the same as 15% cash back, right?
- [10:24]
A
So you're saying if I spend.
- [10:26]
C
If you spend $1,000, yeah. You're getting 15% of that back in the form of American Express membership reward points. Or you can opt in to get a check paid out to you for the cash back that you spend over a 90 day period.
- [10:41]
A
Okay, I spend a thousand. I either get $150 back or if it's one to one, I'll get 15,000 points.
- [10:52]
C
Exactly. So now. So let's take it back. The benefit allows you to spend 5,000. They'll give you $1,000 back. You're now at 4,000 right now. On top of that, you are getting a 15x or 15% cash back through the app, which now takes 15% off of the $5,000 purchase.
- [11:18]
A
Oh, but it still goes through as the 5,000. Exactly. Because they get.
- [11:22]
C
Rakuten doesn't know that you get the benefit from the credit card.
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A
Oh, crap.
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C
So now 15% of 5,000. I don't want to embarrass myself with that math, but that's about what 15% of 5,000 is.
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A
15 30, 67 50, 750.
- [11:40]
C
Now you got the thousand dollars back plus another 750. You're 1750. Plus the American Express benefit of spending on that credit card, which I think if you spend $5,000, you get 2x versus 1x. So now you got an additional 2% from the 5,000. So let's just say you get $2,000 back for spending 5,000. But most content creators, what they're doing is they are spending money on the wrong credit card, not looking at the benefits that they have with the lineup that they have. So that's. That's kind of like what I want to tell you.
- [12:13]
A
This is nuts, bro. This is crazy.
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C
Just, it's just stacking rewards.
- [12:21]
A
That's crazy. Okay, I'm gonna have to set this up later.
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C
I got you.
- [12:30]
A
Nah, this is wild.
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C
Not. But it's coming together, right?
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A
Yeah.
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C
And then guess what? You get that all back. You get money back for spending money you were gonna spend anyway. And let me tell you the benefit of it. Because you are getting the camera for your business, you now write the $5,000 off that you spent because it's for the business.
- [12:52]
A
Got it? Oh, wow. Oh, this is crazy. So I can use my card with Rakuten. The amount of money that I spend on the card, it still gets recognized for the full amount of points, but for this Dell program. But do I have to buy it through a specific. Do I have to buy it through Dell?
- [13:09]
C
Yes. You got to go. Rakuten is going to send you directly to the website with Dell, and then you. You check out directly there, and. And then you're gonna get the benefit.
- [13:18]
A
Oh, so that's why you're saying, go to Dell and you'll be able to see what's on here.
- [13:23]
C
It's like if you go to Rakuten, and then right now Dell has it at. It's only 2x or 2%, depending on what you have. So with Rakuten, you can choose how you want to be paid out. Just so the viewer is not confused. You can either choose to get a cash check.
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A
I don't see cameras on here, though,
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C
on their offerings on Dell Technologies.
- [13:43]
A
Yeah, got you. Oh, but I could just search Dell or you can just Sony.
- [13:48]
C
So if you go in Dell technology, just type in Sony, and then it's going to give you a list. You can do lenses, you can do cameras.
- [13:53]
A
I see.
- [13:54]
C
And you go through and purchase it. Think about how many. I tell you, Dave, think about how many benefits that you lose every single year because you're not, like, you're not paying attention to it. You're. You're active business owner. You are working and growing. And then things like this, what you're paying for with that annual fee, you're not squeezing the most juice out of that lemon.
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A
They do got lenses and all that on here. Cameras, everything. You know why I hate having these types of conversations? Because I don't necessarily need a camera. But, like, I'm so incentivized now. Cause I know the game.
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C
If I spend 5,000, I can get 2,000 back.
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A
But. Oh, my gosh. Okay. All right. That's. Yeah. The way to kick off this episode does. All right, cool. So here's the question. How much money does someone need to make? That's the question. How much money does someone need to make? And your answer Is what?
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C
To live a. I would say a B lifestyle. I would say that you need to make 250k.
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A
That's a lot of money.
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C
That's a lot of money.
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A
All right. Now to live a B. It also depends on where you live though.
- [15:12]
C
Yeah. So let's break it down. I would say that. And we put it with our best friend here, let's say you have a two bedroom apartment and this we're going to do the median average across America. Okay. Can we agree that the median average is $2,000 a month?
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A
The median average, what for two.
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C
For a two bedroom apartment.
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A
Oh, for rent.
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C
For rent, yes.
- [15:34]
A
Yeah, I think so. Yeah. Yeah.
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C
If you have a family, it's going to be more. Of course.
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A
How much? Your mortgage.
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C
$2,600.
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A
How much was the house?
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C
270.
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A
Okay. Yeah, yeah, that's about right. Yeah. I think mine's 250 shots out. Does having 200 something thousand dollar houses.
- [15:53]
C
Yeah.
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A
Instead of million dollar boys. Yeah, but yeah, I'm at 2200 and bro, when I got my house I was at 1700amonth. But them taxes. Yes, sir. Them joints go up every year, but. Okay, so keep going. So $2,000 to live.
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C
Yep, $2,000. This is just to keep a roof over your head so you can stay cool in the summer and stay warm in the winter.
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A
Yeah, for sure.
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C
Right. The average car payment, they recently done a study on it. It could be argued between 700 to 1,000. But when we pulled it up, the average car payment is anywhere from 730 to $760. That's just for the payment. And assuming you have.
- [16:35]
A
Yep. Yeah.
- [16:35]
C
Most people are probably going to have less than a 600, which interest is going to make it a lot higher. But let's go the average, right?
- [16:42]
A
Yeah.
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C
730 to 760 plus.
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A
All right, we got, we gotta have a car note. 750. Okay.
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C
And you gotta have insurance on the car.
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A
God damn it. What's that? Two something.
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C
180 to 250. So we can do 200.
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A
I'll do 200 for insurance. Okay.
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C
We gotta eat.
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A
Let's, let's, let's use that one last. Okay, Go there last. Because that, that's, that's a wild card right there.
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C
Okay.
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A
And then gas.
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C
Okay, gas. Let's. Assuming that you're driving 12,000 to 15,000 miles a year because you gotta transfer to and from work 150 to $250 a month.
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A
Really?
- [17:24]
C
Yeah.
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A
Well, maybe because filling up my wife's truck is.
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C
And you're going 93 and you.
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A
Yeah, so, okay, so about 200amonth. Let's. Let's go 200.
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C
And that's the average because I'm spending for the wife to drive back and forth with the kids, I'm spending probably 4 or 500, $100 a week to
- [17:43]
A
fill in the truck at least.
- [17:44]
C
So.
- [17:44]
A
But let's just. We're assuming you got like a Toyota camry, right. So 200amonth. Okay. And you're single. This is for a single person.
- [17:53]
C
Yeah, this is. Yeah, this is for a single person.
- [17:54]
A
I got you. All right, 200.
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C
This does not include utilities. Your cell phone, Internet, hopefully we have health insurance.
- [18:03]
A
Okay, let's go through utilities. Utilities. How much are utilities?
- [18:07]
C
Utilities are.
- [18:11]
A
You know how much your electric bill is?
- [18:13]
C
I don't. I'm not even gonna lie. You're struggling with access to capital. And that's one of the things that we do in the reinvented credit masteries. We teach you how to structure your profile.
- [18:23]
A
Build.
- [18:24]
C
Build your profile and then going to the correct institution. Because bank auditing is the process of knowing which strategic strategy to obtain funding. The best is going to suit you. Most people go for business lines of credit without starting at business credit cards or personal lines of credit before starting with personal credit cards. But you don't know what you don't know. So what I have curated is a list of modules to take you from no credit at all, repairing it and rebuilding it, to getting anywhere ups of your first hundred to 150,000 in funding. The link will be in the description. And I know you're joining the episode. And let's eat.
- [19:03]
A
Yo, I know the electric bill at this building, bruh, is so nasty. It'd be like three something a month just here.
- [19:11]
C
Yeah.
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A
So I'm imagining a house 200. Is that reasonable?
- [19:17]
C
Yeah, I mean, let's look it up.
- [19:18]
A
Let's look it up. What is the average electric bill for a, I don't know, two bedroom apartment? Let's look it up. Yeah, I feel like I remember when I was. This was years ago though. I felt like my electric bill is like $60.
- [19:35]
C
Yeah, but, but if you single, you're not using, you're at work majority of the day. Let's just say eight to nine hours. You're gonna set that AC unit on 73 or 74 because you like, bro, I'm not in the house. Whenever I get back, it can cool down. And so, man, what you come up with, it says total before utilities, like water, Internet, phone, Etc. There's no way, it's 39. It says it's 39.60amonth for a two bedroom apartment. That's no way. That's right.
- [20:04]
A
Ain't no way, bro.
- [20:06]
C
Sorry, sorry, sorry. That was for. That was for high usage. So what we got is 180 to 250amonth for a two bedroom. Yes.
- [20:18]
A
So let's go, let's go 180. Mm. Let's go 180. Oh crap. Let's go 180 for. That's electric. But Internet. I know Internet, cable, all that kind of stuff. 100. Let's. Let's just throw. Let's throw an extra 200 just for ancillaries in there. So this is for us to drive a car back and forth to work, a place to live, utilities, Internet,
- [20:52]
C
everyday usage of things that we're gonna.
- [20:54]
A
We know that we're gonna use for sure. That's the basic. To live, bro. We're at 3533.
- [21:00]
C
$500 already.
- [21:03]
A
Dang. And we didn't eat yet.
- [21:08]
C
We haven't went. That's assuming that you are. And if you're extremely frugal and you're grocery shopping.
- [21:13]
A
Yeah.
- [21:14]
C
Versus eating out because it's a lot cheaper to buy groceries.
- [21:17]
A
So let's see how much. What's the average grocery bill? What is somebody spending on groceries?
- [21:24]
C
700amonth, you think 350.
- [21:28]
A
Yeah. I guess it's 175 a week. Okay. You said 700amonth. What did I say? 3,580.
- [21:37]
C
3,530. Where we were at 35. 30 plus another.
- [21:42]
A
That's 4,200, bro.
- [21:45]
C
And you haven't had no fun. You ain't entertain a significant other. Whether it's somebody that you entertain. You haven't done any of that yet. This is just for you to get to and from work and live and eat just for yourself.
- [22:02]
A
Yeah. And that's what you have to bring home. 42:30. So if someone's making 4230, like let's say like on the nose from their job.
- [22:16]
C
Taxes get taken out 30% if you're a W2 worker.
- [22:19]
A
So you really got to make five. Five. You got to make at least five to live on your own.
- [22:29]
C
But is it so to live an okay.
- [22:31]
A
Like I mean you don't have to.
- [22:32]
C
Are jobs paying. Are decent jobs now paying 1200amonth or no 1200. I mean 1200 a week. I feel like that's at 1200. That's about what, $25 or so an hour? $30 an hour.
- [22:49]
A
Yeah, maybe.
- [22:51]
C
I don't know what jobs are paying now.
- [22:53]
A
You gotta make 50 grand now. 50 grand used to be some good money, bro.
- [22:58]
C
What?
- [23:00]
A
All right, so to live. So that's where you get. But you're saying live comfortable is 250. I'm saying an average person, this is not kids and all that. If you're by yourself, you can still
- [23:13]
C
get by with a little, little 80, 85,000.
- [23:16]
A
Yeah, you can get by. But 100,000 used to be the pillar of success, man.
- [23:22]
C
That was, that was. You make a hundred thousand, you was, you was doing something.
- [23:26]
A
Dang. So what do we do now? If you are in a situation where you are working every day but you can't get ahead, the numbers say you probably can't alone. Unless you're waiting on a raise from your job. You get a second job, you drive an Uber after work. Well, who wants to do all that? What do we do?
- [23:49]
C
You only way to really budgeting is not going to get it for you. Saving is not going to get that for you. You have to get a income generating skill or building out some AI bots or building out some soft like something to get you some type of recurring. My rule of thumb is I never buy anything without somebody else paying for it.
- [24:12]
A
Explain that.
- [24:13]
C
So anytime that I am, let's just say I knew we were going on vacation.
- [24:17]
A
Look, I noticed somebody listening right now that's been saying one day I'm gonna start my business. And the truth is most people don't have an idea problem. They have a starting problem. And that's why I like Shopify. They already have everything set up for you from day one so you can stop overthinking and actually start selling. And one thing I really like is the checkout experience. When somebody is finally ready to buy from you, Shopify checkout helps more people actually, actually complete their purchase. Then when they come back, their information is already saved. So buying again is incredibly simple. Now here's the part entrepreneurs don't think about enough. Every hour you're trying to figure out websites and payments and all the technical stuff is an hour you're not creating content, finding customers or making sales. So Shopify handles that foundation so you could spend your time growing the business instead of building the infrastructure. And that's why millions of businesses, from brands you, you already know to people launching their very first companies trust Shopify to power their business. With Shopify, nothing stands between your idea and a real business. So go make it a real business right now. Start your free trial@shopify.com social. That's shopify.com social again. That's shopify.com Social location.
- [25:31]
C
My kids were going to Canada. I was going to chill out in New York. I ran a flash sale for some of digital products or, you know, just things to come in place to where I'm not taking money out of my pocket to pay for it. You run a flash sale, you do a. Some type of special rollout or presentation just to get that money ahead of time. I don't like spending my own money. I'm gonna be honest with you. Yeah, I love credit card reward points, I love cash back, and I love for other people to pay for my expenses. But for the average person who don't have an audience, who don't have digital products, you have to generate some sort of, like, I'm gonna be honest with you, some people in this era, some people will literally pay you to have a conversation with them. I can't tell you the number of people that wants to consult with me. And it may not even be about credit. They'll pay $750 for an hour for me to sit there and talk to them about how to be a great husband, like, how to, like, how do you manage spirituality, entrepreneurship, and all of these things. Because these are things I talk about publicly with my journey and all of this. But AI can't give you that human touch, and everybody is reverting to it. And I hear Gary Vee say it a lot, is that soon people will pay you to literally walk with them in a park. We're going to get to a time where people will pay for that.
- [26:54]
A
Why? I don't understand why you're saying because humans are disconnected. For sure.
- [27:01]
C
They've, like most, I would say a lot of entrepreneurs, like, in our field, you got the podcast. But me, I rarely, let's just say, have conversations with other entrepreneurs. Like, I would say, like on a daily basis.
- [27:19]
A
Really.
- [27:19]
C
Majority of the time, I'm talking to the team and I'm talking to Madness. I'm talking to Clyde, I'm talking to chat. I'm talking to them more than I'm actually talking to a human being outside of my wife and kids. But I think it's going to get to a time to where, like, people are. That human connection is not going to be there. Because, you see, that's where it's going. We're leveraging artificial intelligence more now than ever before.
- [27:42]
A
That's a fact. So we need to figure out what we can do to make some money for sure. Because again, waiting on a raise is not going to be it. And I've been telling my, my team too, bro, and I'm have a second conversation, another conversation, because I think it's overdue. But I remember telling the team like, I want to pay you more money, but I can't just based off the fact that you are here, you need to have some add something else to the table that I didn't hire you for.
- [28:21]
C
Making yourself more valuable.
- [28:22]
A
Gotta make yourself more valuable. And the way you make yourself more valuable is you bring more money to the table. So a skill set could be if, I don't know, let's just say Armani is. He edits here, he works here, he shoots stuff. But if he has a way to get us into his old school scad or bringing creators over here to create, it becomes a higher skill set. You're more valuable because you're bringing money in. You get to share in that. But if you're just, if you're working a corporate job, it's just not that easy. Which means you got to at least go outside and do something else. You got to go make some money.
- [29:06]
C
Whenever I was working at the warehouse we had, I forget what the title was for this specific position, but they would literally come in and do time studies and at the line from the front end to the back, they would just test. Okay, let's eliminate this step or add this step to help with improving. So if you are working a job at a warehouse, most of us are waiting on a raise, but why not go and say, hey, I see that we're doing something this way. This is to the warehouse workers, right? Or just anybody in general. I see that we're doing things this way, but I feel as if we tweak it, we could improve the. Not even the customer journey, but the overall process for it to take less time. And with you especially watching social proof podcast, like the gems that we get from this channel with AI and just all of these things that you can create, you could just go in there and just be more valuable to the company.
- [30:08]
A
And I don't, I haven't, I don't know how valuable. What I'm about to say is because I never worked in corporate like I worked in the cheesecake factor. I worked at companies but not corporate. But adding type, that type of value does it oftentimes relate like transfer into more money like, yo, this person seems like a leader, let's give him a Raise. You know what I mean? Because you got to go up so many levels, right?
- [30:35]
C
I would say you are. You're positioning yourself. It doesn't always equate to it. But if you come at the, at the top of my. So once again, I come from a warehouse. I was shipping and receiving supervisor. If I could go in and show over a consistent time how we could directly improve the timing of how we load up trucks, the overall process that typically will result in average raise being 10 or 15%. Really, they could justify that.
- [31:06]
A
But then you got to have the manager that. That is, you know what, not politics. And that is very true. You do something and then a manager over you is essentially taking credit for it.
- [31:16]
C
That is true.
- [31:17]
A
The best way is to start a business 100%.
- [31:22]
C
And it's never been more easier to start a business.
- [31:24]
A
Never.
- [31:26]
C
I mean, you need a 650 credit score in an LLC and you can go and get access to anywhere from 50 to 100,000 to start whatever idea that you think it's very easy to
- [31:39]
A
get access to 50 Credit Score LLC. No matter how much you make at your job.
- [31:44]
C
No matter how much you make at your job.
- [31:45]
A
When they take that into consideration, like, why would I give somebody $50,000 who makes 30?
- [31:51]
C
But why would you. This, this is what I'm gonna say here. And I'm not in no way, shape or form saying to lie on the application. But you don't get no benefit in telling the truth. You just don't inflate your numbers too much. This is a strategy.
- [32:07]
A
That's illegal.
- [32:08]
C
No, no, no, it's not.
- [32:09]
A
This is, it is illegal, though.
- [32:11]
C
But check this out. This is what I tell my mentees. We go to banks that specifically lend off of stated income, also known as projected income. If you're making $100,000 at your job or $85,000 at your job, we don't inflate more than 20 to 25% because we are projecting whenever we get into this business venture. That's why it's projected income. I'm not saying to say you make 1.5 million. I'm saying it is a strategy to. Where you can justify. If you only make 85,000, a 20 to 25% growth of the business is something that's very normal. You can justify saying that you are projected to make 125,000. But once again, this is a framework behind it. We are coming in with KPIs, we're coming in with paperwork to show, okay, this is my typical ad spend. And my roas and I'm going to get this much so you can have a, once again a 650 credit score in the LLC and go and get 50 to 100,000.
- [33:15]
A
So if I work at Walmart, 30 grand I can go to the bank, whatever bank that is this, that says they'll take it as stated income, Correct? Right. Well I mean 20% of 30,000 is 36,000. So they're asking me what I'm projected to make this year, which if you have a business, you're projected to raise your income by 20% you're saying?
- [33:43]
C
Correct. But even outside of that is any income available to you anytime you go and apply for a credit card or any financial product, it says any income available to you can be used on this application.
- [33:57]
A
Got it.
- [33:58]
C
So if you have a significant other, if both of you make 30,000, technically we make 60,000 plus a 20% rise of that is whatever the extra 20% is. And they're lending to you based off of the deposits that you have coming into that institution. So once again you can go and get access to capital to fund whatever idea that you have to make yourself more valuable in the marketplace, so on and so forth.
- [34:25]
A
Well, when I was working at the Cheesecake Factory I got my first credit card was like 20 grand what I wanted after I got my secured, when my secured went to unsecured, it was like 300 bucks. But the first time I applied for like an Amex card, they gave me 20,000. I was like dang. And I was still working at Cheesecake and I might have put 30,000 on application, bro. And they gave me a dub. I was like dang.
- [34:52]
C
This is based off. Yeah, that's how the banks make money. I think we talked about in a previous episode. But they want to. First off, I'm going to be honest with you, they want to give more money to the 650 credit score than they do to the person with the 800 credit score.
- [35:11]
B
Why?
- [35:12]
C
Because we know how to leverage the system. We're not going to get caught in interest. The person with a 650 credit score, they are financial prey to these large companies because if you look at a company's bottom line outside of the partnerships that they have with the co branded companies, Delta Hilton, so on and so forth, most of these companies are going to make a big chunk of their revenue off of interest.
- [35:38]
A
Yeah.
- [35:39]
C
And then what's the highest interest financial product that you can get? A credit card.
- [35:44]
A
Yeah.
- [35:45]
C
So that's why I tell people credit cards are the easiest form of funding that you can get 650 credit score in the LLC. You can go and get you a nice bag to start this business, to
- [35:55]
A
start the business to start to make more money. How do we decide what business to start,
- [36:03]
C
man, in your opinion? In my opinion, most people would always say consulting, right? This is about to be a business credit like masterclass. But whenever we go in consulting, we gotta look at the industry behavior or consulting businesses. Whenever most people came in 2021, that's kind of like when most entrepreneurs kind of been bred into, you know, because of COVID and all of these things. We were taught you go and set up a consulting business because it's low risk. You don't want to have a gambling business or real estate or anything like that because it's deemed as high risk. But now over the past four or five years, if you go and look at the most defaulted NAICS code 541611, it's a consulting business, It's a NAICS code. It's a identifier of the type of business that you run. So now with us knowing that the NAICS code is high risk in the form of defaults, it now makes it more hard for you to get access to capital. So they may ask you as a consulting business to provide paperwork. So I would say you do some form of marketing. You would do. This is a major gym right here. Set up a technology. The technology NAICS code is one that's getting the most money right now. Because you look at Facebook or Meta partnering with madness, you're looking at all of these billion dollar companies putting billions behind AI. So why are you not following the same exact suit? These billion dollar companies are coming. They got to get the funding from somewhere. Yeah, that's just a gem for the people right there. And I guarantee you get the most amount of funding in a technology next code.
- [37:44]
A
Absolutely. And I would say if we're getting that funding, how we decided business is I think something that's interesting, you could sell something that's interesting. The low, the lowest barrier of entry is a service that you provide. If I was, if Dave, if you
- [38:07]
C
was broke right now, you had no audience. I seen somebody do that. They started all the way over from zero on a brand new Instagram and like could not leverage kind of like what Grant did with the thing. I've seen somebody else do it. But anyway, what would you do if you had to start no followers, 5,000 to $10,000 a month, just enough to pay your bills. What business Model. Would you jump in if you couldn't choose podcasting?
- [38:30]
A
Because you, I mean, even, even with that, I would go get a credit card and I buy a camera and a lens and some microphones and I like, I mean, it's, it's a no brainer for me because this is a need. People need to create more content. How does a business grow without content in 2026? You can't, you just. I, you can't. People buy off of who they see and they buy off of what they see other people buying. And they're on their phones all day, so people buy that way. So I'm gonna get a credit card. If I got no bread, I'm buying a camera and a good lens and then I'm going to go do the work. I'm knocking on doors, I'm going to networking events and just trying to find out. Someone needs a videographer. Chances are, especially living in Atlanta, bro, listen, you got.
- [39:29]
C
All these events going on around the city. If you pull up with a camera for sure and just walk around you. I, I've done it before.
- [39:39]
A
Oh, you, you were.
- [39:40]
C
How much? Follow me around for the day. 500. Okay. Boom, bro, you, you pay a general admission, maybe $47, $100. And you just made $500. And you didn't even have a job whenever you went out there. And now once again, you took that camera and you leveraged it for sure. That's a good idea, Dave.
- [39:59]
A
Either that or now that I've been understanding more, I would definitely go into funding.
- [40:07]
C
That's a good one.
- [40:08]
A
In a state that you can do it. I do credit repair, just not in Georgia. I'm standing on the fact it's illegal. Or I would have some sort of program where it's free, but you pay to be in a community or something. I don't know, but I would. Yeah, I don't know, but yeah, so that, that would be how I would start. What would you do?
- [40:33]
C
I would definitely do some form of information product. So I would, I would sell my knowledge. That's literally how I started. I would go and talk about how you can get a credit card and get a camera for free. You see what I'm saying?
- [40:47]
A
Because the content. Crazy.
- [40:49]
C
The content creator now needs a strategy to be like, bro, like, okay, I got to save up enough money to get the camera and then I could come and talk to the people and say, bro, no, you don't. You could just leverage this to move this around and then you got essentially
- [41:01]
A
for free, 100% yo, listen man, the moral of the story today is you need to go make more money.
- [41:07]
C
Yeah.
- [41:08]
A
The finances on Friday, we are telling you need to go make some more money. This world is getting more, it's getting harder and harder to survive, bruh. And I think the divide between the have and have nots are like it's becoming a bigger delta because it used to be so inexpensive to live and now because it's so expensive and then we got AI and there's so many jobs being replaced. Like bro, last year I might have paid 700 something dollars to get some, some, some slides made, bro. I went in the manus the last couple, I spent a couple hours on that joint and I made my slides. That joint is beautiful. Shouts out to Cynthia because Cynthia, she know I normally send my ideas like Cynthia Layo, can you make me some slides? But I didn't want to bother. I want to be independent. So I sat there and went there and it was so simple, bro. I told her what I wanted, it created the slides, I got to tweak it to my own style and the slides that I want. But I'll never pay, I'll never pay that again.
- [42:13]
C
Dave, you know which, which are a brand and you, if you built,
- [42:19]
A
you
- [42:20]
C
could sell your IP in a sense. You could build out a, you could go and get a Mac Mini, right? The little block people are getting and then you could just talk to it every day about only how to build a podcast, right? So it knows the websites, it knows the resources, it knows where to go and look versus looking from a broad, let's just say spectrum of things and somebody would pay. I would say starting bid would go for about 50 to 100,000 just for people to pay to be able to ask Dave AI a few questions.
- [42:56]
A
Hmm.
- [42:57]
C
That's just something or the person could do that. I'm giving you ideas but if you have a in depth knowledge like people would pay for that because they need answers, they need questions answered right now and they don't want to get misinformation from chat, GPT or all of these softwares. Whenever you train this bot to know, for example uniform bank performance ratings, financial performance ratings, deposit ratios, things like that that I know about. I have my agent there that knows this. My mentee said they'll easily pay 30, 40 grand just to be able to ask this bot questions, bro, I.
- [43:35]
A
We're in a different world where like we can really make some money. I want to tell you this too. I'm about to go back outside on a, on A real grind. So I'm working on this book right now. So a podcast summit. You didn't come so you wouldn't know you're on vacation. It's all good. Yeah, but about to write this book about kind of like the art of the interview. I had an interview and shouts out to my sister, Terry Ijeoma. She's been going on this run because she wants to be a New York Times bestseller. And she was like, yo, I gotta get the 20,000 books sold. And then I had this idea. I said, I want to go on the same path. I want to, I want to be a New York Times bestseller. I think, I think that title is not even like the amount of books necessarily, but it was like, yo, that title, yeah, will open me up to more speaking opportunities. It opened me up to more everything, right? And I said, I'm going to go after that. But to sell 20,000 books, it's not just creating content, bro. I got to really be outside and I got to create content about going outside. But then I, I literally, I wasn't thinking about the money, but I was like, yo, if a $30 book, you sell 20,000 joints, that's 600, that's 600 grand.
- [45:01]
C
That's a nice bag.
- [45:03]
A
And it's going to be like a 90 day period. And I'm about to give this joint everything I got.
- [45:10]
C
And it will be successful and it's
- [45:11]
A
going to be successful, but I don't think people want to go outside and give anything, everything they got. You know what I mean? So that's why maybe you're working the job that you're working and making the money that you make, because you're not willing to give something, everything you have. So I'm gearing up and I'm preparing. We got to finish the book. But I'm really excited, bro.
- [45:34]
C
I'm excited for you, bro.
- [45:36]
A
And this is, this is additional income because it's not, it's not what I normally do day to day, but, but I'm ready to get outside and get to it. Can you, my question is, can you sell something for $30, 20,000 times that will change your life absolutely forever. Yo, imagine someone like really going out there and saying, I'm going to spend this year going to get it. And they currently make $40,000 a year, even $60,000 a year. You, you can consolidate the amount of time you spend at that job 10 years and do it in 12 months.
- [46:17]
C
That's a fact.
- [46:19]
A
You make the same 600,000 12 months
- [46:21]
C
to 1 million is an amazing book that I think that every visionary should read because if you say that you want to complete something in five hours, you'll complete it in five hours. But if you give yourself that same allotted time to say I want to do it in an hour, you can get it done.
- [46:39]
A
Yeah, it's about to be next level. I haven't been as excited in a very, very long time, bro.
- [46:44]
C
Most people though, Dave, and not to cut you off, most people really don't get excited about anything in life anymore because they're not trying. They're caught into the rat race or they caught into the day to day cycle of doing the same thing over and over and being comfortable where they are. It's a special place in life to be satisfied where you at. But I think you should always aspire to have more no matter where you're at.
- [47:12]
A
Yeah, I love that. I love that. Listen, family, go make more money. There's a lot of money out here to get. You just gotta go get it. You gotta go get it. You have to go get it or this life is going to get you. And you go look up 10 years from today and you'll be in such a big bad situation and you'll, you'll live with the regret of not going after it when you had the idea. So Dub man, let everybody know how they can get in touch with you and, and be a part of the program, man. Cause some of them need that bread, bro.
- [47:45]
C
Yeah, for sure, man. At Dub Washington, across all social media platforms, you can join the reinvented credit mastery with the link below. If you have that 650 or if you have less than a 650, we're going to teach you how to build your credit. We're going to give you the templates for you to repair the credit yourself and then understand the funding sequence for you to go and get your first 50 to 100k and then you can launch your business to make more money.
- [48:11]
A
Let's do it. Let's do it. Listen y', all, if this helps you, please comment below and send my brother a Dub a dm. When you're a maintenance engineer in a beverage manufacturing plant, you keep production lines moving and quality on track because there is no room for slowdowns. With Grainger's vast selection of high quality motors, sensors, belts and hard to find parts, you can get what you need fast and all in one place. So nothing gets in the way of getting the job done. Call 1-800-GRAINGER click granger.com or just stop by Grainger for the ones who get it done.
- [48:47]
B
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