Coach, the energy out there felt different. What changed for the team today?
It was a new game day, scratches from the California Lottery players everything.
Those games sent the team's energy through the roof.
Are you saying it was the off field play that made the difference on the field.
Hey, little play makes your day, and today it made the game.
That's all for now, Coach, one more question play than New Los Angeles Chargers, San Francisco forty nine ers and Los Angeles Rams scratchers from the California Lottery. A little play can make your day. Peace made responsibily. Must be eighteen years or older to purchase late or claim.
If anybody's not familiar.
Frank is a correspondent at CNBC, and you know you do a great job all the time, but you had a no, no problem. You did have report a couple of weeks ago about black black net worth in this country and we posted it and uh yeah, it just
took off fire all over Instagram, TikTok. A lot of people have different opinions, different views on it, but I think it's important, like I said, to just have a more you know, involved conversation and just like you know, it's a sixty second or thirty second just SoundBite on Instagram. So so yeah, so I wanted to just bring you on and then hopefully we can talk about that and then a few other topics. So I will just bring I will just briefly just go over the stat if
anybody is not familiar with what I'm talking about. So the stat was that black spending power reached a record in twenty twenty one one point six trillion dollars. And that's according to the Slag Center at the University of Georgia.
Am I pronouncing that right?
The Selig Center, Yeah, I mean it's University of Georgia.
The University of Georgia, Okay, And that's up since since two thousand, it's up one hundred and seventy one percent. But during that time, Latino spending power is also up two hundred and eighty eight percent, Asians is up three hundred and eighty three percent, and the overall is up one hundred and forty four percent. So that would seem
like some level of encouraging news. But what's not encouraging is that, according to the Saint Louis FED, they put out a report on the net worth and black networth is actually down. So that's interesting because it would it would assume that if spending is up, net worth would
be up to because there's there's more money. So what they're saying is that the black networth has actually decreased by fourteen percent and is twenty four thousand dollars per family, while the Latino networth has increased one hundred and twelve percent, which is thirty six thousand per family. The white networth has increased six percent and is one hundred and eighty nine thousand dollars per family. So all right, so yes, let's let's unpack this a little bit, frank. So, Okay,
this information comes from the FED. Uh and if you're not familiar that the Saint Louis FED is one of the twelve branches of the FED. They have fed twelve branches of FED banks. And to my understanding, how they actually collect this data is like through surveys. I'm it's like it's like political polling, what kind of similar situation like that? Right, So, but how do we come about this number to say, Okay, spending is up, but networth
is down. That's a little disturbed. That's very disturbing. I would just assume that it's not enough assets being acquired. Would you say the same thing.
I mean, I think it really comes down to your slogan, man, assets of reliabilities. If you're spending that money on things that don't appreciate and value, that lose their value and you drive it off the lot or in some cases as soon as you put on your wrists. You guys are talking about you know, high end from the dealer watches. But if you're spending on other things that don't gain value over time, then your money's going out. But you're not building wealth. It's just it's not even any more
complicated than that. And you see the numbers for other people, other groups, I should say, they're spending their money on things that appreciate, whether it's houses, investing in businesses, stocks, crypto, a lot of things you talk about on this podcast.
All the time.
Working for you.
If we have an honest conversation, do you think that we truly want to be free?
And can the Rachel wealve got be close?
Absolutely? Absolutely?
Man, Like, I don't know about all you guys your backgrounds, but I know I didn't grow up in a house where anybody at a college degree. We were probably unbanked before that term even existed. You know, I used to have to be embarrassed and spend stamps at the store. Sometimes I didn't know anything about stocks or credit or you know, much more than a checking and a savings account.
And then you need to.
Try and go to college and be a doctor over That's all the nuance I had about financings.
So the more you know and more educated you've become, the more enlightened you are.
Not only do you learn about these you know, these these tempole things like stocks and housing, you learn about other ways to make money, all finance, real estate. Like you're just talking to about watches, maybe even comic books. You're mentioned a handbags a short time ago. If you look at companies like stock X and Goat and Stadium Club, they're getting in the handbag handbag business, they're not doing it because they're losing money. So you have to just
broaden your sense of what an investment is. But you have to start off with the tempole things stocks, homes, four oh one K bonds. I know, bonds are the most boring thing in the world, and trust me, I don't like to even read them about them or talk about them that often. But they're a safe investment. There's some things that my colleague John Ford, he actually highlighted this to me. I bonds, they're inflation bonds. They're bonds
that keep up with inflation. It's almost impossible to lose money. And until you become a more sophisticated investor, you don't really know about these things. So, and back to your question, long answer. Absolutely, we all want to be free. Everybody wants to have power over their own life and the ability to secure the future of their family.
Every person in this.
World, Frank so we I mean we're at the forefront. I feel like of a financial revolution. Obviously, you know, we've been teaching financial literacy and amongst other people in the space. When I heard the report, slightly surprised. But you've been in this business a lot longer on the on the broadcast the side of it. What was your initial reaction to it and what are your thoughts right because I feel like when we're going meeting people, I hear a lot of more people that look like us
are actually investing. They have real estate, they're in stocks. Is it a fair assessment a forecast with the future?
What are your thoughts.
I mean, tey, I'm gonna stop you. First off, good to mean you.
Man.
We're not in the same business man. You guys are doing some phenomenal work.
Man.
First, you have people learning about things, and you have people talking about things, and then you have people talking to other people about things that are actually meaningful. These two different business I report on things that happen. I have the fortune of work in the CNBC. We do a lot of forward looking in reporting to put out information. It's actionable and investable. But what you guys are doing, man, is really just phenomenal. In this movement you started is amazing.
I agree with you with disturbing. I think the most disturbing thing is that Black people sometimes we feel like we're doing better, but when you look at the numbers, and yeah, numbers can lie. Sometimes it doesn't really look like that. You know, fifty years ago, more black people own houses. I assured you the stats, right, they're twenty
people twenty years ago, more black people own houses. Black home ownership has declined by three percent since two thousand and Some of that is tied to while we have less networks, but there are actually some other reasons. Some of its spending. I mean, I think a lot of us. Know somebody who just posted a picture from Tuloom or something.
Yeah, right, so you've noticed.
Yeah, you know we are in the same business, right, Like you get into loom. You know what I'm saying, Like you don't have your money in the bank. And another stat that was in that report on the back end of day. Every year, black families accumulate three hundred billion dollars less in wealth than white families every single year. So that racial wealth gap is growing. A lot of it is inherent. And I want to speak from personal experience. My mom went to heaven a few years ago. She
was an amazing woman. She dropped out of high school to have me. I do have a great dad too. I don't ever want to leave him out. You got to always mention fathers. But dropped out of high school to have me. She was a secretary, eventually worked her way to having a great job in construction, then opened up her own construction company. Definitely a success story. She learned about stocks, she learns about mortgages, but we never
did our wills. And I had the good fortune of being an only child, so there was no dispute, there was no problems. But for a lot of people, they actually lose wealth when the person they love passes away. And I'm sure that person wants to take care of their family and make that transition and that time of grief easier, but a lot of us just don't have wills. There's a lot of people that can't afford to bury their relatives and they pass away.
Imagine that.
You know, this is a very this is a very important conversation, and you're touching on a lot of topics, and the transfer of wealth process is something that we definitely and that's something that we've been trying to hammer home, hammer home about bills and trust and life insurance and power of attorneys and healthcare proxies. And yes, there's a lot of different it's it's not a lot of times people look at numbers and they say that's not true.
And I can understand the disbelief because obviously, you know, our history in this country is it causes for you know, certain concern for not you know, fully believing things. That's completely understandable. But I would say this as a financial I used to be a financial advisor for twelve years before I did this, and the most alarming thing for me was actually seeing the difference between black people and
white people when it comes to wealth. What I mean by that is, you know, coming in and I'm working in a financial planning firm and pretty much everybody is white, and you know, the guys are telling me like, you know, I got fifty million dollars adds under management one hundred and two hundred million, And I'm trying to educate, like
be educated, like well, how did you do that? And they're like, well, all you need is a couple of people, Like one person gives you four hundred thousand dollars to manage, another person gives you five hundred thousand dollars to manage. You know, before you got it, you got before you know you have a million. Then you know, somebody else
gives you seven hundred thousand. And I'm thinking, like, I don't know anybody that has ten thousand dollars, Like I don't know anybody that has two hundred thousand dollars to just give me to invest.
But I realized that in America it's.
Still very segregated as far as like where we are, so the people that we we are around people similar to us. So you don't even fully realize what's going
on on the other side of the playing field. So you don't even have a full perspective of how why the wealth gap is because you're not really exposed to that on a daily basis, Right, You're not really exposed to people that have millions of dollars that they can just invest at any point in time and they can just buy a home or they can just buy anything that they want. Most of the time, you're not really exposed to that, and most of the time you're exposed
to you know, your environment. So if you're in a blue class working environment, then that's who you're around, and that's who you're exposed to, and that's kind of become normal. But for other people, that's not really normal. So there is a huge disparity in this country when it comes to wealth. Because I mean, I don't need I don't even need to see a survey. I actually saw it. I worked in financial services for twelve years, and I saw from the white financial advisors their clients, and the
black financial advisors and their clients. And of course most of the black financial advisors ninety nine percent of their clients were black. Most of the white financial advisors ninety nine percent of their clients were white. Most of the black financial advisors they were dealing with five to twenty nine plans and IRA rollovers. You know, they wasn't really dealing with millions of dollars of investable assets. They just wasn't because their clients didn't have that type of money.
Where the white investors, the white financial advisors, it was a completely different story. So, you know, I think a lot of times we do have to question things, but we also have to understand that some of the stuff actually comes with a certain level of truth to it.
So it's like, how can we fix the problem as.
Opposed to just saying it's not true, because it's like you're not really qualified to say it's not true unless you actually know it's.
Not true, right, I mean, some of it is systemic. Let's not ever overlook that some of the systemics some of the wealth of our communities and intentionally pulled out or we've been blocked from the means to actually attain it and hold on to it.
Period.
But that does an excuse everything. Some of it is spending And Troy was laughing. I was laughing about the to Loon pictures. I mean, my timeline is flooded, like right now. Sometimes you got to decide how you want to spend your money, where you want to spend your money. And as you mentioned, it's also some of it's the company you keep. If you're around nine broke people, you're about.
To be the tem Well.
It's also it's also a matter of education and being locked out of certain opportunities in certain doors as well, because even working in the financial services industry and seeing different things a I realized that that's one of the reasons why we started this platform. A lot of people just weren't for educated and they did they were not aware of different things. So that that is a major hurdle right there. We still haven't gotten through to everybody yet.
And then also what I want to talk about too is that we talked about like the Black Network they talking with The Guardian released the report that it will be zero in like thirty years, and Andrew Yang it said something that was extremely powerful where he talked about economic tsunami hitting and it's going to hurt the black community more than anything.
We talk about tech. So you know, when we talk about these different things.
Where it's like, all right, we know that a lot
of jobs are going to be lost through tech. Inflation is at you know, record levels right now, right, So these are all things that even if you have education on financial literacy and you're not wasting your money, if you're not skilled, if you're not a skilled worker or a high level entrepreneur, you're still you're still not going to really make a difference in this situation because it's like most of our entrepreneurs are more lower level entrepreneurs
where it's really like you're just kind of working for yourself and you're not really making any money. And then most of the workers are not skilled workers, so you know, they can easily be replaced and they're not making a substantial amount of money, like they're not like brain surgeons and not you know, people that's working in Silicon Valley. You look at Silicon Valley and almost less than one percent of the people that's actually working there are black.
Did we lose Frank?
I think we've lost Frank. Yeah, I think so he didn't.
Go to lom Hope not but yin that's like gain but while he comes back because that's a conversation that that's not really talked about enough either skilled workers, skilled workers and high level entrepreneurs. That's what we should be focused on.
Let me just give you a statistic really quick.
So it's a great point you said, because approximately out of six point seven million black workers, forty two percent of the workers currently hold jobs that could be subject to disruption by twenty thirty.
That's eight years from now. So you're talking about millions.
Of people that could literally if they don't have a skill, they could be their skill could be automated. Now they don't have a job, and if they don't learn anything in the entrepreneurial.
World, then what do they do.
You're in trouble.
You're in big trouble. And that's why I say, yeah, I mean I'm a.
Door skive a report. Frank's computer crashed, so he's restarting it.
Okay, Yeah, And this is why we had this conversation a few weeks ago, and we were like, look, if we don't learn a skill, if we don't properly educate ourselves over the next two to three years in investment, right, we always talk about it's gonna be tough to work your way to wealth if we don't want a skill right over the next two to three years. Or invest in asset class like a new one like crypto cursory, or invest in the stock market. And our jobs are
being replaced. Where is the money gonna come from?
And somebody said, what's skilled coding. That's a high level skill that will get you a high paying job right now, even if you don't have no how to invest.
Yeah, that the one No one ever talks about being the most reliable in your industry.
That's what I always say. Those emails don't matter.
Go look at the Forwards list top five hundred people. They have a unique gift that most people don't have. And I know some of you be like, damn, you always be granting. I don't think you guys really like the people that I'm around. So when I was with Gary V. Grant's set a shot of Mike Boyd, all of those conversations are about you need a baseline of one hundred million minimum, please secure. Ross told them ten on SS of a liability on revote. I'll feel tight with ten million.
People don't want to tell you the truth.
So when I get on here and rant, you guys are like, yo, man, we're shot in I mean shot Troit. Please tell youan to calm down. It's not that serious. If you have less than one point five million, you have two kids, you're broke. It is that damn serious. Then we have to have a collective conversation as a community. What are we going to do collectively to be okay? Because it's not okay If two out of ten of us invest and save money not enough.
And I'm gonna be real.
The Jim Jones, I love Jim. That bothered me though I couldn't get water in Gucci. The answer is to quit buying Gucci product. All those are slave names, Tiffany and Cole. You brought your girl of Tiffany braces and you're black. They were the ones who made the slave jewelry for the slaves when they came over in a boat. But y'all want to tell me about my attitude. I'm free. We have to collectively decide and this is the issue. I'm gonna be real. A lot of all in corporate
to the black that are from the suburbs. Man, the ones in the trap and the trenches want this a lot better than y'all. You're comfortable. We have to collectively build, don't.
Mess with Mikey. No, it's a fact. And they were saying, I'm glad that I'm looking at the earners in the chat. They're like, what skills? What skills? We talk about a lot of companies here that you should be.
Building the business. Those are the only three.
When we talk about Amazon and were talking about Microsoft, we always talk about their cloud business. Right, that's not going anywhere. Right, That's something that you should be looking into. Engineering is something you should be looking into. Cybersecurity. It's like these are career like. It's around everything that we talk about. That what makes those companies run? What makes those companies? What makes Microsoft run? What makes Apple run? What makes a m D run? Computer chips?
What makes all of these companies that you invested in that to the top, these top companies, Tesla, What makes those companies run? You can just reverse engineering, right, and those are the skills that are critical and will be even more critical in the next twenty years.
Y'all know it's dope.
I can't see the YouTube comments, but y'all know, right, somebody just typed healthcare.
Of course, we just can't.
We're still in the end of a pandemic, right, like healthcare think about that, and we talk about companies in these fields, in these sectors. So on top of saying like okay, yeah, we can own a piece of the company, Yeah you might if you're still working, let's try to find a skill that we can actually become part of the company and be an investor inside of it as well.
Let's let's let's take all all the pieces on the table.
Why not, And if you are longer than twenty five years old, please write this down or fusion. It's one of the most important spaces you need to learn and read about, because then if we can take hiders and Adams and spend them with other things and make cleaner energy out of them, that's going to be incredibly important. This is why I always stress you guys read and tell me like, hey, I can't read five hundred pages.
I guarantee you took your ass to the mall to get your girl a gift tonight, so you can get what you need to get at the end of the night.
King God want hit on excuses.
Now you can do what happen if she comes to the ey meet up and lebron never you know with Tristan shout out.
Tristan he glowing.
Some of these people in person look like gods and goddesses. I don't know that you and your mama and your whole mama side of her family don't have to work.
That's a good pitch to open up with.
It's a good pitch.
Get on your craft, king, if you, if you, if you're significant other's phone is on silent over with, it's a bad red flag. Tonight, if it's if it's play, if it's if it's just night, because it's only even if you're on the silent notification.
Not tomorrow. As another flag there, yo, yo, we can give up tomorrow.
If you're on silent notification and you have to.
Really got an eyebrows threaded at twelve, she may not have anyway if she had the lash point by one. Let me see you on the spot, baby, because tim Ton with no car man gave her eighty eight minutes a quality time.
You know what I'm saying.
You gotta be careful.
Check all investments. I'll check my investments three times a day. All trading has considerable risk. Please consult your advisor. Maybe last you said dating has consivable risk.
Trading trading dating to both both extreme happy Valentine's Frank welcome back, welcome.
Back, Thank you man. You know compuity frank Man.
Little comedy segment.
We do this every now and then there, you know, we're just trying to just light in the move a little bit. Frank. But are you're from Philly originally? Yeah, from Philly, Philly shoutut to Philly.
So working, always shut out, working in seeing the Philly you know, obviously blue collar town, very very blue college working in CNBC and being around you know, a different level of wealth than I'm assuming you grew up around. What's the different level of conversation that you that you hear? That's that's the kind of stuff that I'm always interested in. Like, you know, you you're around people that millionaires, billionaires, extremely
high level, you know, people in Wall Street. Like, what's the level of conversation that you're hearing that you know most people are not aware of that's taking place.
Well, let me back it up for a minute minute.
You know, I did grow up my parents for teenagers when they had me, but talking about alternative investments, they really invested in education. Like I went to a Monassory kindergarten, I went to a new school, I eventually got a scholarship to a Friends school, which is a Quaker school in Philadelphia.
It's a really good private school.
So I've had the fortune of being around people from all different classes, like Chelsea's husband I went to school with, you know what I mean, Like people like that, you know what I mean, the kids of congress people and stuff like that. So I've had that good fortune. CNBC's obviously at next level. I need to talk to CEOs, CFOs billionaires sometimes, and you know what, man, you'd be surprised. The small talk is very similar to the small talk
we all have about sports and things like that. But when they're talking about higher level things, they're just they've read then more, you know what I mean, Like they have a deeper conversation. You know, sometimes you talk to somebody and you bum themto somebody like, man, I'm a buy some doves.
You like, yeah, I'm about them too.
They're not talking like that, man, They're talking about, you know, the long term utility of the cryptocurrency and which one is going to make the transfer in the web three and things like that.
But that's really the difference. We all talk about the same things.
And I said it before we all want a better quality of life and secure the future of our families.
At the end of the day, that's what everybody wants.
Yes, let's switch.
Go ahead of Yeah, I want to get to some solutions for those who want them to courage to wealth gap is a level point two trillion.
I think it's forty four points.
Yes, it's at least eleven point two.
If you talked to William Darty from University University of Duke University, their business school, he says it could be even greater. It really depends on the math that you use and the formula that you use. And he's a big believer that the biggest cause of it is the systemic racism. I want to make sure because I often cite his research, I want to make sure I give him credit. William Derrety, doctor Williamarety at Duke University.
So, what are two things we can do tonight collectively as a community to get the ball rolling to overturn.
That gap.
You know, I'm not an expert. I'm gonna refer to research. I'm not an expert myself. One of the big things we can do that all of us can do today is just spend more money with black businesses.
I mean, it's not even more complicated than that.
It's keeping more money within the black community circulating. And it's also just not being afraid to do business and talk about business with each other. I think that's one of the two big things. Like a lot of times, and I've been guilt to this myself. I'm never talking from a high horse. I've done this myself. I'm scared of telling of the black person how much money I
make when they're applying to my job. I'm scared to tell them, you know what I mean, Like, yeah, I ask for these perks and stuff.
You know what I mean? Why can't Why won't I tell you? You know what I mean?
It's really, nine times out of ten a favorite nation thing. Once two or three of us get it. At everybody get it, but we feel like we want to hold on to the information and hold on to the benefits. But I had a friend of mine, you know, he just fled out, told me, you're applying this job, here's how much I make, Here's how much you should ask for. And I mean, just that information can push us to the next level.
Frank, let's switch gears a little bit and on a more positive note, let's talk about black Mecca, the great city of Atlanta, Georgia. Shout out to Atlanta. We will be there this week. That's like our second home. So it actually just ties in perfectly because we were just talking about high end jobs tech, not enough skilled tech workers. But Atlanta actually is leading the charge for a black tech hub. Twenty seven percent of tech workers in Atlanta to are black. That is the highest in the nation.
Like I said, I think in Silicon Valley it's like less.
Than one percent.
So in Atlanta is twenty seven percent of the tech workers are black.
So let's talk about this because you did it. That was another report that you did. It didn't get as much tension as the last report that we cited. But let's talk about the.
Report that you did on Atlanta becoming a tech hub.
Yes, listen, I'm not stopping you from your post.
I got you, We got you serious.
No, Yeah, twenty seven percent of tech workers in Atlanta are black and it is an emerging tech cub. We look at the growth of tech jobs in Atlanta over the last five years, it's about fifteen percent. It's very comparable to the Bay Area that everybody thinks is the mecca of tech. The bear is sixteen percent CB, a
company that does industrial warehousing office space. They rank Atlanta as the eighth best tech city in North America, competing with towns like the Bay Area, like Austin, like Charlotte, which is another emerging tech hub. A couple of factors
that really help out Atlanta is number one. It has the number one tech degree tech degree producing university in the country, Georgia Tech, and a lot of tech companies have also turned to HBCUs and the other colleges there in Atlanta for a college pipeline, and companies outside of tech too, to be honest, like UPS and FedEx, I cover them for seeing BC and they've really kind of built up their pipeline to HBCUs. And then you have a lot of companies moving their tech hubs and innovation
centers down in Atlanta. Visa is a great example. They're actually moving their chief diversity officer down in Atlanta. Got to interview her and she was very honest, like, you know, we're Visa, we know who our customers are, a large person of more black people who want to bring black people into our workforce. So if you're looking to dip that toe in of tech. Atlanta is a great place to go because you know the companies that are hiring there.
They're very open to looking for people of color in their workforce, and I think every tech company will admit that diversity is somewhat of an issue, especially when it comes to management.
You brought us in some cities.
I want to talk about one that you did mention, but I'm sure you can speak on, and that's Austin, Texas.
Obviously, we're seeing a lot of tech.
Ey shout to friend of the show, John Henry, who has this business out there, talk about the expansion of tech inside of Austin. I mean, obviously, we know Texas is a state that has no state tax. We've heard Elon talking about moving tell Us headquarters there, I'm sure for that reason, amongst others. But let's talk about Austin, Texas as one of those other cities that most people probably traditionally are thinking about.
It in a tech hub, but over.
The next five to ten years potentially could pass all everyone.
Yeah, I mean, just big culture there for tech man.
A lot of tech companies are moving to Texas because the tech benefit tax benefits and then like you know, you hear slogans like keep Austin weird.
People just like the culture.
So right now, one of the big things that's driving a lot of tech interest there is a conference south by Southwest. I'm sure everybody's heard of that's bringing a lot of tech minds there. And then they're also having that social aspect, which is why there's a lot of black business in Atlanta because you go down there, you can have a good time and then you can also do your business, you know what I mean. And so
that's what's definitely kind of fostering that relationship. The question is can black people really find their place there and can we carve out our own niche? And I think that's something that's that's yet to be determined, and people like you can write that chapter in the story.
Going up.
Yeah, going off the last point, what are like the top three jobs in tech in Atlanta specifically? You think people should start aim metors if they're looking to make a transition or start their career.
I mean, it really depends on interest. But I think what you were saying earlier is actually absolutely true. You got to look at a merging tech like how do you get into metaverse like the metaverse. There's another story I'm actually doing tomorrow on building the black metaverse. A lot of these companies, including Meta or Facebook however you want to call it, and also Roadblocks, they're really making efforts to create more black interest in the metaverse, whether
it be games. Meta aka Facebook gave about one hundred of their Mediquest Oculus headsets. Again they change the name that's Mediquest now used to be Oculous to ron Clock Academy, a predominantly black private school now in Atlanta, and they're doing a lot of these different initiatives around the country. They actually have some pretty robust Black history h programming on the Oculus headset because they want to bring us in. They want us to develop games, develop you know, music worlds,
whatever else. When you look at hip hop, how that's become a mainstream thing, imagine if someone create the hip hop or the metaverse. So companies like Redblocks and Meta really trying to bring people in. Also, they say, you know,
of course, to close the tech gap. But their businesses, the publicly traded companies, one of their key roles here is obviously generate profits for their shareholders and the more people you can bring, especially black people, Latino people, people who generally wouldn't be involved in emergent tech.
The faster you can bring them in, the more revenues you can bring.
And it's also a thing of being able to move culture. It's just like Clubhouse, like, you know, they got a billion dollar evaluation after Meek Mill and every other rappist to talk about how great Clubhouse is. So at some point, you know, even with the metaverseus like, you know, it's great that all of these companies want to, you know, encourage diversity, but it would be better if we had a own company like that was actually black owned.
Yeah. Yeah, I think with the who has the fan base.
We are doing something with fan base. Shout out to him.
I spoke to him, I spoke to I spoke to him a couple of days ago. But yeah, I mean, I just feel like at a certain point in time, it's like, you know, you're still relying on somebody else to do something. And it's one of these things that just goes back to like sports and entertainment, where you know, you can't always be talent.
You have to be an owner at some point.
Right equity, I mean, it's a word that people throw around all the time, and Beyonce said, I need equity. But equity is a powerful thing.
Man.
When you have equity in your home, you give you all types of things. You can take a little bit out, you know what I mean. You can leverage it to buy another property and equity and other things, whether it be your career, you know, your church, whatever it is, can be a powerful tool.
Yeah.
And in Atlanta, they you know, Paul Judge is leading the charge and that Paul Judge, think Greenwood think he's he's really really big in the tech space. We gotta we gotta talk to him. He doesn't really talk a lot publicly, but Paul Judge is a very very smart guy, and he is one of the probably the leader in that whole tech revolution in Atlanta. And then of course the mayor shout out to Andre Dickens. He is the new mayor of Atlanta. Obviously he's black.
It's Atlanta. They always have a black mayor, so you know, it's all.
The Atlanta scene is something that you know, I think can be the same way they took over hip hop, they can have that same effect in the tech world. So hopefully, you know, we'll see a lot of uh tech superstars, the next Elon Musk, the next Jeff Besos.
I feel like Atlanta's a perfect place, not just Atlanta, but you know, Atlanta's a perfect place for you know that they have the HBC used there, they have the politic they have the political support there, they have the entrepreneurs there, they have you know, and they have an infrastructure in place better than anybody else has it. So you know, that's that's something that I think could be something to be encouraged about.
Yeah, I also think the international space is as far as techs as well. I know, you know, we talked about Afrotech all the time, and we visited the continent and plan to go back. I want to know your thoughts, like, what did you think about investing internationally, especially the continent of Africa, which we spoke about maybe two weeks ago about how much of the population is very young, very eager,
and just lacked resources right now. But with the you know, obviously the expansion of technology and infrastructure, they can have access to Ernialisia and other people who are providing education. What are your thoughts about on an international front?
We number one man, I've been dying to go to Africa.
Actually had a trip plan right before the pandemic, and the pandemic just canceled it.
If I was going to go to Tanzania. I've been wanting to go to Tanzania, so I.
Did a report in fourth grade and one of the reason I wanted to go is because it's just so diverse. They have an island off Tanzania is a sidebar an island off Tanzania called Zanzabar with like beautiful beaches, and they have a big city called Dara Salaam, and then they have all those amazing nature preserves. I want to go pedo real elephant, you know what I mean, not a circus elephant. But just to your point, man, you know, in developing countries, and that's what you're talking about. We
talked about Africa. That's the term of developing countries. They have more access to mobile phones. They're already using fintech more than we are, so they're already kind of at the tip of the spear of some of these things. Because if you can imagine, if you're a merchant, I'm just going to throw it out our salon. It's probably easier to use fintech and tap and go and whatever else than it is to have a real credit card swiper.
So they're already jumping on that and mobile payments, and in other countries not developed like China, they're already on mobile payments and digital currencies and things like that. So absolutely, man, if you have the opportunity to create infrastructure internationally for any of this kind of thing, whether it be Internet five G payments, of course it's a great investment. What companies at the forefront, I got to be honest, I
don't know personally, but a great line of thinking. And that's why you've seen people like Jack Dorsey go over to Africa and look for investments, the founder of Twitter. And also you see a lot of people or a lot of companies in China investing in Africa. A lot of industrial things like mining and steel, precious metals and things like that, but also tech.
There's a lot of opportunity in Africa.
Going back to when you were eighteen, if you can do it all over again, I'm thirty nine. You look incredibly young, but I know we grew up in the same era. What are like the three things you wish you would have learned back then that would have helped you propel to be even better than you are now.
Man.
The number one thing is some of my mom always told me, don't tell yourself now, just go for it. Let other people tell you now, you know what I mean. She kind of gave me three things Chris growing up, and as I got older, it got shorter and she just kind of paraphrased it. But the things I would do different are things I do now. But I mean, I would.
Always dream big, but even bigger.
You know what I'm saying, like, don't contain your dreams to your situation to which you know, dream about things that you can't even imagine. That's how you got to start. And I would even work harder man, like everybody else. Man, you know I got sidetracked by this and that I took my own trip to him. You know what I'm saying again, I never speak from a high horst. I took my trip to Dominican Republic or wherever else and got sidetracked.
Man.
And just pray every day, man, Seriously, I get on my knees and I talk to the man every day.
You a reggo. You look like you got stomach pain. Atlanta, you are not full. Stop. Stop the rhetoric. I hate that saying we're full.
Because what it does is it's a negative connotation and it's discouraging people that can actually add value to the ecosystem from coming there and like we come there and this is it's like I know, it's like a joke and it's a playful thing, but it's like we're talking about how the Black network is twenty eight thousand dollars and we're talking about how you collaborated and work. Yeah, that is hot, and it's like you're saying things like
Atlanta's full. We don't want any more people like as you don't understand, like this is this is a race that we're losing, and you're not helping by saying stuff like that, Like it's not it's not it's not something that is helpful and it's not something that's beneficial. And ultimately, the more divided that we are, we're still going to be in last place. The only way that we're ever going to achieve anything is through unity and working together in collaboration.
And we see that in Atlanta too.
No, we seen it in Atlanta all the time. Like I said, it's like we literally, like are in Atlanta all the time. It's just I just don't understand where that's coming from, because when we're in Atlanta, we never get that sentiment.
It's always love and we add value.
Of course, nobody wants somebody to go there and take away from it. But if you're going somewhere and you're adding value, why would you not want somebody to come and add value to a place that doesn't make any sense?
Oh, Atlanta, Atlanta is not love.
Man. I'm from up North, Man, I get none beloved and I get down Atlanta. People always trying to help me out and trust me, somebody. I want to send a shout out to my man somebody. If you haven't had him on the show, you should. John Hope, Brian from Operation Hope.
Yeah, we had a zoom call with him.
It was probably one of the most inspirational twenty five to thirty minutes we've had in a long time.
All man, all like bolbamot. I'm like a kiddingwich. That's good. That's my brother.
Man.
Like seriously, I call him man like everybody else. Man, I get frustrated with this or frustrated with that, get him a call. Man, it's like, let me bounce this off you, then me run a couple of ideas by you.
Just a great brother.
Last point, I didn't want to make real quick of hearn.
I just want you guys, wh we are moving to these different cities and you're learning these different skills, making sure that you get equity or royalties and perpetuity because if not, it would be the similar things like you being a construction worker and building the house but not getting equity in the block.
And also a lot of you did the friends and families.
You need to start making small venture capital firms together or small family offices together, and to buy property because even in Atlanta, as black as it is, go look at the data of ownership that is in Atlanta. It is dramatically different from two thousand and seven, two thousand and eight.
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A lot of areas that were traditionally hood or doing is the ghetto.
Some Whole Foods and Starbucks popping up over there and people are getting pushed out.
What's yeah, So please, as you're going in to build, I want you all to have fun in a and have a blast, but make sure.
You're actually building. Yeah, I mean, we saw it happened.
We went there one year and we came back the next year we saw a Microsoft building at at Land Station.
I'm like, where did this just come from?
Didn't tell Microsoft? They was full right, They're not.
Tell Microsoft salesforce ses exactly.
Just going up like that, you know, real quick.
That's your question man.
The other the other thing, I would say, buy yourself some property, Like buy yourself a house, you know what I mean?
Like, No, houses don't always appreciate. It's not always the safe. This's investment.
We saw the financial crisis where people lost money in our house. But it's one of those investments where it might lose value, but you can live in, you know what I mean, You and your family can live there. So I'm not somebody who advocates housing over everything else, but it is an asset that as many purposes you can go to Queen and you can take the equity out. You don't want to live there anymore. You decide you want to move up, or you want to move some
rush and rent it out. I just think it's a really versatile asset, you know.
What I mean.
So, Frank, this is the part of the show where we go to question and answers. I know you've been on for a while, so you want to stay.
On with us.
I want TV every day. And I'm not even kidding. Y'all think I'm kid. I'm not blowing smoke.
I'm fan like love what I apprepreciate it.
I appreciate it.
Thank you.
Brother.
Likewise, yeah, we're gon.
We'll get to the hip hop debate at the end of the show.
I'm from Philly, man, so like start there.
I got you, Yes, Jay, it's got to plan.
What's up? What's going on?
Hey, guys, look at this Hell.
Valentine's Day got the hearts in the.
Background all loved doing.
Hello.
Hello, how are you good?
Hi?
Ian?
Hey? How are you?
I'm good?
Thank you?
So let's get into questions.
Are you guys want me to give an update?
I don't know. High earners, Yes.
Give you what's going on.
Well, I don't really don't have that much, but I will say today we had midday market updates with Lawrence and we talked about option strategies. One was pre market highs and lows and if you get a breakthrough one of those, maybe a call or put you know, going that way. So I really like that little tip droped some fire in the chat for the earners, if you thought that was really helpful this morning. And then we were preparing the earners for a paper trading challenge that
starts in a couple of weeks. And although today's markin Valentine's also say Martin Luther King, Valentine's Day's also Black History Month. And we started a new book called Paranomics by Claude Anderson's.
Oh, we're really excited.
About that too.
Shout out to the book those that's actually perfect. We got to talk offline about that. That's actually I didn't know. I didn't know he was reading that book, but that's that's actually.
Yes, that's our new book for the month.
So shout out to the earners.
That's perfect.
Now I'm going to go to Arthur Andrews.
He's the president of our political science had to ask a question today.
So we're gonna go there first.
Oh yeah, yeah, he gets he gets peace.
Peace was good, fellas, My brother, man, how you doing?
How you're doing?
Hey, fellas, I'm gonna seey'all in London, man, he and I promise not to attack you.
Man, Just give me a dapt I'll leave you alone.
Brother, I love you.
We can talk forever.
Frank Man.
I appreciate having you on here, you know, appreciate the report and you uh exposing everybody to what's going on in our community. One of the questions that I wanted to ask, and you know, the earners are very familiar about this because this is something that I harp on a lot, is that that spending, that spending stat isn't something that's new, you know, it's something that we've seen.
If you go back to two thousand, we had our spending was very high, and we were still very low in terms of our assets, so on and so forth.
I think what's part of the issue is the.
Way that it's framed UH to our people is often misleading, and so in a sense it's framed as though we're irresponsible with our spending right and mass right, and so however, when you look at how we actually spend our money, we actually spend our money very similar to everyone else. I always say the top five things that we spend our money on are housing, which is at thirty seven percent, transportation sixteen percent, food sixteen percent, savings and investments at
ten percent, and then healthcare at five percent. So literally eighty five percent of our spending goes to what I call essential living needs. That we get a check, we have to pay for where we leave, we live, We got to pay to get the work. We have to feed ourselves. We save our money, and then we you know, take care of ourselves. We go to the doctor if and when we can. The difference that I find isn't
necessarily that we're spending irresponsibly. It's not, it's that the our asset class, our upper black asset class, we don't own any of those things that provide our essential needs. So our black upper class doesn't own the masses of affordable housing. We don't own any car companies, we don't own any grocery stores, you know, we don't own any major healthcare companies, and we don't own any major financial investment institutions. So as a result, when we spend our money,
we're forced to spend our money with other people. Because you see what I'm saying and now at the same time, at the same time, and I'm not here to knock anybody, kudos to the success of those of those of us who are able to make it to the upper class. However, rather than trying to buy football teams, I would rather see a starter car company rather than us try to buy an NBA team.
I would rather see.
Us buy a started grocery train because those are the things that then we could go in and support, because those are where we're spending the majority of our money. So when we spend our money and it leaves our community, and so as they say in six hours, it's not because we don't want to spend it with black people. It's literally there's no one there black for us to spend it with. And that's not the fault of a lower class citizen, that's not the fault of the middle
class citizen. That's the fault of the upper class that have to channel their money and buy those assets that really matter, as opposed to buying a football team and then say support black because I got a football team and then we're going to do that because our next thing that we spend our money on is entertainment. However, when we spend money on entertainment, we spend it on black people. We support black people when the opportunity is there.
And so I think that part of the issue that we're having is the way it's framed, is that it's put out there and you're a low income or your middle class person. You could feel like, wow, what am I doing wrong? But you're looking around, You're like, man, I just paid my rent. You know, I want to alone, But there's the black The white bank won't give me a loan, but there's no black guys who are willing
to give me a loan. And in addition to that, the black people are reluctant to even rent me a house. The black guys who get houses, they're reluctant to accept my section eight. They're reluctant to accept the single family mom because they think, you know, they look down upon them like the welfare clean, just like everyone else does. And so I would say to you, or my question is to you, how can we convince or how can
we change that narrative? Because in your segment, you know, we have Rob Johnson, and kudos to him because Rob Johnson is a major affordable housing owner, as well as Brian Hope, so on and so forth. But there are others out there that you know, it's they're in the
position to do those things. And it's always say, hey, man, I wish you guys would go buy more stocks, I wish you guys would go buy a house, and it's like you're in the position to provide that infrastructure, much like other communities, whether they were whether they did it by force through redlining, so on and so forth, but that was their upper class forcing the situation for the middle class to be able to participate.
The upper white class.
Instituted the redlining so that the lower white class would be able to participate and become middle class. And I think that if we want to have these changes, if we continue to simply harp to our middle and lower class that you need to change your behavior, what we're gonna ultimately do is you're going to drive very risky behavior from our middle and lower class citizens because now
they're gonna say, well, I'm doing the responsible thing. However, you're telling me the responsible thing isn't working, and so now I'm gonna go and I'm just gonna throw all of my money in a meme stop because that's what the rich guys do, they invest.
Can I asked a follow up question for you and you my brother Saw. I love that we get to have this dialogue when people don't think we're debating the same with me and Matt.
Yes, you know, I love you.
Before you respond in because people like this is King Authen when we talk about day one eu y L That's who he is, right, so you can put a crown in the chat.
This is King out.
There ain't no guidelines when it comes to this. This is our brother when you talk about anywhere we go, these all our conversations too. He's the first person to show up. He's the first person to give god extremely intelligence, extremely intelligent. If you don't know do the research on Wall Street. He used to be a risk analysis what did you do on Wall Street?
Author?
Now we're at mark from market makers market maker. He was a market maker.
The largest market maker when when ets first started was le Branch structured products. We're on the American Stock Exchange. We are the largest market maker for ETFs.
Yeah, but I I we're gonna say.
I and I understand that point. And but when I'm just be honest, yep, let's do a poll, put yes in chat. If you guys that are watching tonight, blank bank black. I've had bank owners cry to me why the hell do they support those coin and even black people have been convinced to buy apes from board Ape Yarch Club, which is a racist artistic structure.
But then won't bank black.
Most of the entertainers that we support, they're not black owned. Even the ones that say they're black owned, we get a chance to sit in some of these meetings, they're.
Not black owned. So what is a solution?
Because even with that, I don't want to pit the upper class versus lower But if we are connectively, and this is my thing where I'm like, hey, let's just start with indexes because if we can do that, then we can go And I'm gonna be real.
Most people don't buy y'all buy Gucci more than y'all do you? Why own merch? Why? I don't get that. That's weird because people actually vote.
So I get to the point and a perspective, and this data comes out and people are upset and we're mad for that moment, right, kind of like when your girl go off on You're like, you didn't buy many flowers that See, we'll see what Troy did. He got off the plane and took his wife right to then there. You should do that, right, you get mad for a day and make a change. I'm a classic man, Come on, right, but what do you do with your dollars?
I'm gonna be real.
Most people are not investing half of their money in the market or into the asset. And I think we have the power to do so. You know what, I think, Yeah, I think we had a power to do so. But we want the feeling of being okay or free versus the work.
That actually takes to then be free.
And I'm one of the person who came from the bottom bottom like, and it took me years to.
Get to where I am now.
It took me fourteen fifteen years to get to be able to sit at this peak and give this shit easily away. Most people don't want to say they're seeing us out in LA and I think we're partying. I am exhausted. It's all meetings. So what is the actual solutions outside of even having this bourgeoise class versus lower because I don't even like that, that's not the way I answer, but we're not investing enough.
Left.
Let me let me chime in real quick, because I think what the question to Frank was like, how can it be framed in the in the mainstream media a little differently? And it is a valid he actually made.
He actually made a lot of valid points. You made a lot of goalid points because even for me being being a financial advisor and once again going back to my my career as a financial advisor, and all of the clients that I worked with, the clients that you know were just you know, they didn't really have millions
of dollars or even hundreds of thousands of dollars. They might not even have had a couple of hundred dollars a month, but they wanted to do something, and the common denominator was that, yeah, they just wasn't making enough money. That's the conversation that we need to have as well. It's because you're you're right. You know a lot of people rent, and the rents a lot of times are
more expensive than a mortgage. And then you know, we have inflation, right, and it's like, I don't think the vast majority of black people are foolishly wasting the vast majority of their money because they don't really even have
an option. They're literally living, Like if you're living paycheck to paycheck, you might be making some foolish decisions, but you're right, most of the money is going to your beare necessities, and you just don't have enough money left over at the end of the month, and then your income is not increasing enough to really keep up and you're just making less money as well. Hold on ian. So that's that's and that goes back to skilled being
a highly skilled worker, being an entrepreneur, different things. So it's a it's a multi faceted conversation, but it is something that is you do bring up a good point. The data might be true, but it can possibly be reported a little differently to to really highlight. Okay, how do we get people to make more money?
Absolutely? I mean Kingarth, disrespect man, get correct, you know what I mean.
Two things to it. Number One, it's a TV story. You know, it can't get all the way down to the fine print on TV.
No, no, no, yeah.
But no, But it's a fair question. One thing I think you want to consider is then why have the why has Latino community been able to to build more wealth than us because they face a lot of the same hurdles. So some of it does come down to decisions. And you know, and again don't know you that well, man, I grew up poor, you know what I'm saying. But it costs money to be poor, and people always forget that.
And just like compounding, you put a little bit of money and it grows one financial one bad financial decision snowballs. You make one decision with a credit card, your credit's bad. Now you got to pay more for everything, you know what I mean. So some of it is decision making, but is the is the probably the biggest single factor systemic you know, racism, systemic issues. Absolutely, there's gonna be a story you're gonna hear next month about the gender
pay gap. You're gonna hear that it takes into twenty twenty two, into March of twenty twenty two for the average woman to make what a man makes in twenty twenty one. One number that a couple numbers that don't really get talked about, is that's the average for a black women.
It takes them to August. That's a systemic issue.
Now true, indeed, Chu, Indeed, one of the things to your point about the Latino community, one of the differences between the Latino community and the Black community is that many of many, much of the growth in the Latino community comes from the fact that they have a base from back home, so they can come here. Much like with the Asians. They when they come to the community, they don't have to go to a bank to get a loan. They can go to their Asian community and
literally get a loan from their Asian community. That's how Chinatown in New York grew and took over Little Italy. It wasn't that the Chinese were coming in and they were getting loans from Bank of America. They were coming in and because they have a base back home in China, that base provides a lot of the loans and things.
Black Americans don't have that with the.
Exception of if you look at the difference, if you look at the difference between Black Americans here versus Africans. Africans that come here they tend to generate a little bit more wealth as well because they tend to have a base Caribbean Caribbean families when they move here, they also tend to have a base. It's not as significant as white families and Asian families, but they have a base that's stronger than the typical black family to be able to get loans from so on and so forth.
So that I believe is part of the reason why you see the difference between us and why those other communities are able to advance. And just to make the point Ian, I don't think it's about picking on the upper black class, because it's not just their responsibility. It's just something about like we always say, it's a collaboration over competition, right, and so, but I think that I think that our upper class is just as miseducated as
the lower class as well. And so if the upper class see that the lower class is making bad decisions because they just keep hearing that they're gonna treat them that way, and then they won't make the decision that they can make to be able to go on and be able to and and and and and be able to help them because they think in their mind, they think that the lower class is just making bad decisions. Because sometimes there is a disconnect even within our own community.
Just one thing I.
Wanted to let me, let me, let me just let me just you're making up. We gotta we gotta give him a podcast. That's why.
Yeahs King authors Court.
You already got the name.
Yeah, it's not deal. We gotta get this deal done. You make up.
But that's a that's you make a lot of valid points. Go ahead, go ahead, you try to raise your hands.
Yeah, two points basics.
I want you guys to google who came up with the advertising, the marketing campaign for there to be a central spending and sales in the nineteen thirties. Go talk to great grandma there as essential or basics. Same way for those you to love bacon ks. For those who don't know, I was an advertising the marketing pride of this at We're Brene's, which is relatively of Sigma Freid created their structure.
Go look and see who made it.
Like that for you to not work together, not collaborate, and then go spend your money because they even though centials and the basics that you buy, there is a for profit, publicly traded corporation that benefits off of their brainwashing. Secondly, we are the only community that elects our entertainers and athletes to be the top tier to make decisions from us, and they're brainwashed by their ownership.
So we have a trickle down effect.
So as you guys begin to champion other people and more intellectuals, you can see a shift to would then educate our community in in ten to fifty fifteen years. We can't as a person that was broke as hell, like I would go to small and lows medebic car and boy if they boss up on their they practicing nothing's on there, go ahead.
I'm not even gonna call it in. Right.
We have to have one collective thing, just like how we support little Baby and QC shout out them right, how we support We have to get behind one movement of investing in one asset class and then move That's why I say it's not real estate or stocks, it's both both.
But if we keep.
Fighting about why and systemic racism is the issue, we get that that's the umbrella that covers everything. Right, but what is the one action that we are going to take tonight to then say I'm going to work my ass off and then now I'm gonna have my friends and family and you got to see this do it every week. This why I give away this information free when every hedge on the earth that I talked to is like, why do you.
Still do the show because I'm black?
But that's what I don't I don't even want to discount the one action that people haven't taken. I think they have taken action by being here tonight. I think you got seventy six eight thousand people, thirteen thousand people tooing on a Monday when they geld be doing anything else.
You got on Valentine's Day.
Right while you sip in that dawn p sorry, ace of Spade, while you sipp in that ace of Spade, you're watching this. So the first part is that we're educating ourselves and we are coming together, right like we're together right now. Yeah, we're having a conversation. The king off this part of this conversation. But every monthday that people are here.
Well this is this is the first sis.
And I like this conversation because it's it's more intellectual than just saying, oh, that's not true that they're lion.
He's actually bringing up valid points.
I mean, he's actually backing up information and it actually makes sense. And another thing that he said that makes sense is there is a disconnect between the upper echelan, a lot of the upper echelon wealthy black, and the vast majority of the And this is why E y L has really excelled to the level that it has excelled, because we created a ladder for having high level conversations for the vast majority on equal and that is something that there is even to this day.
We won't name any names.
Well, we'll talk to you know, people that are worth undreds of millions of dollars and they're black, and they don't they have a different level of the way that they, you know, are understanding, a different understanding, a different understanding.
So that's a real problem, it is.
But the problem I think that the reason why I think that that is is because they're so disconnected.
It's like Lil Wayne saying that there's no racism.
I don't think that the reason why he said that there's no racism is because he's been a star since he was eleven years old. He's not really black. He's little wing. It's like ojay, it's an ojay. He wasn't black. Oh he's ojay. He got the guy got he got like thirty tattoos on his face, like anywhere he goes in the world, everything stops for Little Wayne. So he's like, the way I'm getting treated is royalty. I can't if I'm getting treated like this and I'm black, how can there be racism?
And I mean those comments he's based off of the people who he sees it from the people who come support as he's that's his world. It's a disconnects the world.
I mean, that's also when you're when you're half a million, half a billion up and you know you're around every single person doesn't look anything like you, then you can start to have a certain disconnect and distain. You can you got the real conversation you have, you can have a certain level of disdain for your own people because you're like, oh, you didn't work hard enough, pull yourself
up by the same rhetoric that's been run. Because now you start to actually believe it yourself, because you don't really look at yourself like that.
You look at yourself like you're above the rest of these people.
But that's why I said this is a financial revolution.
But I'm just saying it's still a beginning stage.
But that's what I'm saying.
It's been.
But we live by that right, there's more people that are like us than are sitting up here and no respect that inviody with the shot.
People used the race card when it's convenient, Like you see you'll see Clarence Thomas talking about being black when he was going through that case.
He doesn't say anything about being black, sinse.
But back to the Wayne point, the other side of it too, Wayne is an asset to a music entity that still believes in the slave model. That so it's the only industry where your intellectual property is called your masters and we openingly are gonna take it from you because now you're our slave. At the time, we ain't put out his own music. That had nothing to do with Birdman, who releases music on behalf of Birdman. Let's go there. Your favorite quote from Dick Gregory who runs Universal,
that was Godfather, right. My favorite quote from Dick Gregory is it's not the crabs in the barrel that causes the fighting us the hot water that is poured on top of them. The reason I have an issue with some of these conversations go look these were playing in nineteen eighty three. I gotta give a credit and Charlemagne had a two on this podcast see The Lord's Tucker and all and back in the day.
They were really right about how to use rap to misinform us. Once again, we're the only community where the music is our primary educational platform.
That's a mistake. But who designs that? And now we get a chance to sit into the meetings and see some of the planning.
It's gonna get worse. It's a worse I agree for three.
It's not going with you in a beef conversation. Same way like the other day. It was twenty six years since All Eyes on Me was released. Damn, we're getting all right. But these conversations were created in the same way that East Coast West Coast narrative got pushed by Vibe and all them these talking points that got brought up because look, they were not there probably of the nineteen fifty eight.
Go Look, there's a.
Person that studied advertising since the fourteen hundreds. This shit was planning in our community.
Even I really.
Argue about but there's a few dudes every generation that wasn't supposed to pick it out. And the code, the matrix and when they get to speak, and it's like a spoken language, right, and so that's our role.
Like we said, everybody got a roll, We're gonna do this.
But the people that are listening right now, the people that are watching people tune in, they got to roll into two, right, They gotta spread the message.
They gott to feed what they've learned to the next person.
That's why I said it's more of a revolution, right, because it's more people that's gonna be like us, that can relate to us. And so when they see us as sin, they not only are they watching us a send, they're ascending with us. Rather than saying, look how far he can go or look how far she can go. I wish I could do that. Now we all rising together. You see what I'm saying. So I agree with you in that's a great point.
Yeah, all right, let's get one more question in often that was excellent.
Thank you?
Wait really quick for are you got king, Arthur.
King?
Arth?
You's so there one quick point. Great great points about grocery stores and auto companies. But a grocery store is really fin margin business, Like a four or five percent margin is amazing for a grocery store.
That means it's easy to fail. It's a really hard business. Succeed. You got to keep putting toilet paper on the shelf.
It costs money to get to truck it in, it costs money for the person to put it on there. I mean, it's just it's a very intense, hard to make money business. And then the auto business is on the other side, you know what I mean, Like it's a big cap ex capital expenditure business. You got to create a factory to create a car, you got to do research and development for a few years. So those two things are just on the opposite end, but two very difficult businesses.
Like and I'm just throwing out an idea. I'm you know, I don't own any businesses. I'm full disclosure. I don't own a bus.
This, I don't own like a plan to do this. But a lotion company will be in just a natural fit. It's a very low end entry to get into the business. Who doesn't use lotion? And if we all made or you all came up with a lotion and toil all your follows use it, what will be the difference between this lotion and the other?
All lotion does the same stuff.
Shah, that's like Shae moisturized. It not Carol's daughter, Carol's doing it, but they sold. They sold the company.
Yeah, and the and and and I and I definitely, I definitely agree with you. The contention I would make with that is that when it comes to personal care, we while they talk about the when they so when they talk about how much we spend on those things personal care, clothing, and those times, they'll just they'll state the raw number, like the dollar number. However, we spend less than three percent of our spending on those things.
So even if we spent every single dollar that we did on personal care and on clothing, that would be three percent of our total spending that we would be able to capture. I think, to my to our point, I think to your point, obviously, transportation is very difficult because the capex is very high.
Food is very difficult because it's a thin margin.
However, what we're talking about is a very difficult situation, and we're gonna have to take a major risk if we.
Want that major change.
And the only people who are in the position to take that major risk, even though I don't want to, like I said, it's not about picking, they're the ones who are most in the position to be able to take that major risk are those with the most money, you know what I mean.
And so the easiest spot, I think is real estate.
That's the easiest and obvious place to be able to do it, to be able to capture our money. And also that's where we still spend the most of our money, you.
Know what I mean.
And in addition to that, the US government gives the black community ten billion dollars every year in housing vouchers, ten billion, and the overwhelming majority of that goes to black women, you know what I mean. And however, I think made less than two billion of that gets captured back into our community, in large part because those of us who do own the housing that can rent are reluctant to relate to rent to their aunts and cousins.
I give a very obvious answer to most people don't think about I'm gonna talk about tech all the time. Building the tech company does not cost as much as you think. To get an MVP. I'll say that I want to go into must deeper detail, but I want to get another question in. But I will say for those of you that are promoting brands and go look to see what a scalable MVP cost if you get a built let's just say in Australia, it doesn't not cost as much as you think.
I'll say that, Well, you.
Have to have a courage to stop going for long hanging businesses and long hunging fruit and go for the businesses that can really matter.
I can't want to be free.
And when you don't know what, when you don't know what to do, you do what you know. And that's one of the things with businesses, like you know, we we know how to do a barbershop, we know how to do a restaurant, we know how to do that, and that's something that we've seen we don't really we haven't really seen too many high level tech companies that have taken off.
So that's why exposure. That's why we're e y L this year.
We're highlighting tech companies so we can actually give that you know, aid to information, but also the exposure because you're right, but you know, part of that is the exposure. The other part of it is information. The other part of it is relationships. The other part of it is capital.
So you know, it's part of the execution because people execute the capital.
So I'm gonna come back on a ramp side real quick, build faster. You guys know sound called Apple Music, Netflix, Hulu. OnlyFans build build. Those who don't have dates enjoy. Kesha's not going to see you tonight at twelve thirty.
She's not. She's busy.
Go build some tech and quit talking if you really want to be free. And for those of you in Atlanta, part of I love Atlanta, especially those of you from from their shat of dom.
Is a warrior spirit La Bay Area warriors spirit. Quit talking about it.
We're the only group of people on earth to talk about our community problems on open platforms.
The answers to go and build.
I didn't like the commentary that I saw on the market, so I approached it. These are the ones to invest in. These are trash fill Its very clear, these are the prices. If it don't work, I'll give you my money. If I made you money, please put yes and chet. Nobody did that. Pride of me, excluding nobody, go build.
Yeah, you got you have to build, and I think that that's I mean, if you look at eyl right, we built the media company. So but we also have to have a certain level of understanding, compassion, and we have to you know, we have to have a certain level of empathy too, because people a have been beating down for a long period of time mentally, and people don't have confidence. So part of having the part of one of the major parts of education is that it
gives you confidence. You're not really confident if you're not fully educated. So this is why we create a platform to actually educate people so they could become more confident, and then with that confidence, then they can execute.
In the words.
Frank you learn in the words of the great Beanie Seagull.
What's your what's your what's your reply?
So you have.
I thought you was like catching the words I thought.
Question for you? Right last one.
If we're playing against Rock Nation, we got a red pand your wife a hooped team, and you passed me the ball and there's three seconds left and I let the clock run out. Are you're gonna have compassion that I lost the championship? You're gonna make the face right. So if we're in dire straits and we're down for our last three seconds, there's no room for compassion.
That was room for compassion with Jesse there Martin. Now there's no room for compassion now we're damning on death. Door step quit plan.
They can be the nice guys, but when you walk into these rooms, shut up.
Promise, oh go go.
Look who promises that he building with yay, that he's going to launch is going to destroy the financial industry? Brother like us, I say, hey, what you do to build it? I paid for it and built it myself to work on them for six years. What advice you got for people who really want to build? He said, people that really want to build on the advice that sounds cute, that sounds cut in them comments, Oh man, we need to be soft on each other. There is no room if you have kids, fellas you have a woman.
Look at your woman, asks her right now? Do I got enough money for you to never leave me? It ain't about the money, but ask heart. That's why they like them rants.
Because they know I'm doing what I'm talking about. There's no room for compassion. No room.
Yeah, man, I gotta I got a firmly.
Cut this out, bring off the back too, Raise your hand, bro.
Got raise my hand, My bad, This is good man. A man makes money. Money can never make a man.
I agree, But we need capital in order to help build each other My main thing is if you know ten people that need help, we shouldn't go to a bank.
They should come here.
That's why every week I'm like, hey, even people like hey, I need help them with my pitchtick. If the product is good and we have enough money, we should be able to fund our own things.
Yeah, but I mean that that could. It should.
There's a lot of reasons why. Some of that's not happening. Some of it is our fault. Some of its systemic. Some of it's just America, man, Like, everybody can't be rich. Capitalism creates inequality. Period, we enjoy the fruits of capitalism. I got a great phone right here, man. This is capitalism. I can watch movies on it. I can text y'all my computer craft that I hit y'all with a text in two seconds. Y'all saw the message two nanoseconds later.
That's capitalism. But some of that is also an equality. We got to understand. That's part of it. Every time you buy a stock and it goes up twenty percent, somebody else sold it and they lost the opportunity to learn that twenty percent of another stock went down twenty percent. It's to EBB and the flow of things. I think what you're saying is we're not playing on a level playing field. And why are we not playing a level playing field? There's multiple reasons. Are the things that we
can do to try to level it out a little bit? Absolutely? My man King Arthur, he was like, well, it's only three percent if we spend our money on personal care products, but it's three percent of one point six trillion dollars. And if we own it. It's also a high margin business. Lotion has incredible market up. I would imagine I don't notice for a fact, but I'm just gonna imagine it's some juices, some water, and some aloe in there, you
know what I mean. So I can't imagine. There's a lot of high input costs, but that would be a start. We got to start places like I got my lady's flowers behind me. I'm gonna be honest. I did not buy them from a black wall. I wish, I wish I would add, I shouldn't. You know what I'm saying. I'm gonna keep it realer with you though. When my mom passed away, I did buy flowers from a black forest. I went to a black mortician because That's how that girl was. You know what I'm saying. She told me,
we don't spend our money, but we're not welcome. We don't spend our money with people don't appreciate it, you know what I mean? Period, And I really try to live my life that way. It can be hard to always go to black businesses just because that's just the how life is. And we all have fast paced lives. And there is no black cell phone company, and there is no black ring.
Like met I got a ring here. But if you try, it makes a difference. It's small steps.
I'll say this in closing, and with you being from Philly, I think as a powerful as we are as consumers, I want us to stop being fiends for other corporations and be investors.
I think it's crazy.
That we helped build the career Beanie, Sigull, Meek mil Ludacris, Tupac, Biggie, all of the Chopped, Everybody of Death Jam. Don't change my meetings because of red Man, ll cooj Love Baby, the Baby Gunna and then the fans who help make these people get none of the money. But I just want us to switch from being fiends for consumerism to investors. I mean I delivered in the most polite way.
Wait, did you did you buy that nis n FT? Those people? Mm hmm, I mean other I don't know if you're NFT believer.
I am, and I am I'll see that. I called it.
Thank you and being from Philly, man, and being from Philly speaking of man like on a real man, dude.
I used to pray for times like this, the rhymes like.
This, like that, like you know what I mean? Like this took a minute, right with you. This didn't just happen overnight. I started out, he makes the last trust me. This did not start happen overnight.
That's a legend. That's actually Frank.
This is actually a very very h fun conversable man. It was dope to have so many different perspectives. Arthur came in with an m v P performance. That was he.
That will right there. Man came off the bench fire.
Like Bernion Maxwell.
He thought he's back at GW go watch all this highlights the.
Left twenty off the bench. That was an amazing off the bench performance.
My graduates from my school being forced bad drop bag drop my drop bad drop drops.
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