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All right, guys, welcome back episode thirteen thirteen weeks in unbelievable. So first and foremost, we want to thank you guys for your continued support. Our growth is tremendous on our audio platforms and his YouTube as well. Don't forget to subscribe to our YouTube channel. And yes, yes, yes, don't forget. We got the merch up as well. Our merch shop is doing well. We have some new items, crap top hoodies for the ladies. We have dad hats. You got a whole collection.
It's like an on demand service. Tell us what you wanted, We'll make it for you.
Yes, yes, yeah, so all right, Uh, you know this is kind of like a school college almost in a sense. Yeah, better than so, you know, we we want to give you guys all the tools that you need to be successful in business. And what's been coming up recently we posted on Instagram is, uh, you know, intellectual property cases. Right, So we look at card E B and she trademarked her signature line you want to say.
The line I gotta say it, so she trademarke.
She trademarked that. Then we had the Jordan logo, the
jump Man logo. That was an interesting situation where the original photographer of that photo sued Nike because they pretty much kind of copied his photo some people think they did, yeah, and he lost the lawsuit on that, and then we also have the Fortnite case right where Fortnite, if anybody is not familiar, it's the most popular video game in the world right now, and they do all these different dances and the creators of these dances were never converensated
for it, so they sued Fortnite and it's actually still in litigation, but it's pretty complicated. So it's one thing to be a creative and to create, right it's another thing to actually own what you create and to be able to make money off of it. So we're going to talk about today is intellectual property, licensing, copyright, trademark, all that stuff. So we thought what better way to go into this conversation but to bring an expert in the field. So we have an attorney to being Franco.
Thank you for coming. Yes, she is a superstar attorney. She has her own law firm. She has her own law firm called the Franco Law Firm. And that's another thing we do with the show too. We want to bring like the best of the best and professional and to highlight them and to give We don't want to just talk, we want to actually, you know, bring people that are experts in the field and let them, you know,
add into the conversation. So that's what we're doing. And then she's also fresh off tour with dj MV.
All right, I'm gonna take you everywhere I go.
Yes. So, if anybody doesn't know, dj MV is heavy in real estate right now, and he has real estate courses that he offers all throughout the country, and he's put together a real estate dream team of mortgage brokers, attorneys, all kinds of different people that are related to the real estate industry. And she is one of the people that are on tour. So you are very lucky to have her give you some free game today. So thank you for coming.
We appreciate thank you so much.
Yes. Yes, so we're gonna jump right into it. Troy Willing, So.
I mean, obviously you're gonna share your expertise, and a lot of.
Us are novices in this field, so pretty much.
What is the difference between a pat a copyright, and a trademark.
Let's start there, Okay, So patent, copyrights, and trademarks are all intellectual property.
And what intellectual property is. It's like something that you.
Create with your mind, right, It's like a creative expression, and those different areas are areas that you could create you could protect your your creative expression, right. So a patent is a protection that you get for an invention. So if you have something that's new, that's innovative, that's going to change the way that people you know, live and work technology, those things are patentable and they're very technical, right, so you actually need to be a patent attorney to
practice patent law. But those things are going to patent are going to protect inventions. Copyrights are going to protect literary works. So certain things that you that you create, but it has to be expressed so it can be an idea. So intellectual property can't be an idea. You can't protect an idea, so you have to like express it. So if it's a writing a story, you got to write it down. If it's a song, you have to
write the lyrics or you could record the music. If it's art, you got to draw, you know, it has to be drawn or whatever. It has to be expressed so somebody.
Could that's that's for trademarks, that's for copy copyright, trademarks.
And trademark is basically it's gonna gonna bring somebody.
Back to the source of a good or service, right, So it.
Represents your business, your brand, and it's gonna put the public on notice to know like where to go for that particular product or item. So there's two reasons. One, you want to protect your your sort of like your work. Right, So you create something, you have a business, you put all the sweat equity into it, and you have like goodwill. You know, as your brand grows, they expect a certain quality,
is a certain standard from your brand. So you want that to be protected so you can make money off of it. And then the government, the Copyright Trademark Office, they want to make sure that somebody gets hurt from your product on your service, that they know who to go to for that, right.
So like the Fortnite when they were trying to do the dance moves, that's a copyright issue, right, yes, And it's a copyright issue because I just want everybody to understand because legal jargon can be a little confusing, yeah, right, and even for like I'm in business and I'm kind of confused by like copyrights and trademarks. So all right, So well, the dance moves is a copyright because that's something that it's like a physical thing that they made up, right.
So they like they created it and it's yeah, something like physical that they did.
It's like a creative expression.
Like choreography, you know, dance moves, And there's going to be an issue even with that when they go to copyright those because from what I understand, all fonds of very so he already got denied because they said it's only three moves, like it's not enough to be choreography.
And I I think that's gonna that's gonna sort of.
Change the way the law is because like now everything is media, everyone has a camera, everyone's like creating dances, doing all this type of stuff that has to be protected somehow.
So like when black Boy JB he does that move and the kids just recreated that's not really choreography what they're saying.
Yeah, so that that that's going to be an it' I think that's an issue that's up for discussion.
And then all right, so then so then so then the trademark, like the Jordan logo, that's a trademark, right.
So in that case they sued for copyright because the person who took it was a photographer, So photography, it's it's a picture that's going to be something that's going to be copyrightable, so they're suing for the photo that that what was it that Nike did the comparable comparable photo, but also comes into question because now they use that as a logo. Right, But he lost because they said it's really not substantially.
Yeah, And it's interesting. I think they said that the tracksuit, it was the backdrop in the picture. The track suit and the photos are slightly different. And it's interesting too because people were saying, well, you can't take credit for an image, but you actually can though, because I remember when Cameron had the album. I don't know if you're
a Cameron fan, but we're Cameron fans. Yeah, an album called SDE a while ago, and the logo was the NBA logo, which is Jerry West, but instead of like the basketball, it actually had like a firearm in his hands. So the NBA wasn't too happy about that, so they shut it down and he couldn't use it. So it's just interesting to see that. You know, somebody can come up with an idea, but if they don't actually do the right legal steps to somebody else can kind of take the idea and now they own it.
Right, And that's what's been happening for years.
Like people who are ignorant to this type of protection that it exists. They just create stuff and people who know they take it. And you know, just like all of the artists that came like you know in the eighties, nineties, sixties, like they didn't know that they had an actual, you know, asset that someone else is making money off.
And that's what we want to really because especially in our community, like we're very creative, we're creative people, but we don't always understand the business side of things and how to monetize it in the legal steps to take. So like you said, I mean, we'll make it and create it and then somebody else will take it and
now they actually own it, right. So if somebody wants to actually go about setting it up right, like what's the steps of legally copywriting something or trademarking or if they don't know the difference, should they do it via a lawyer? Can they do it themselves online? What's your advice?
Okay, So, well, one, I have to give a disclaimer, so for anybody who's listening, what I say is.
For information only. I'm not your lawyer unless.
You've hired me.
Let's have to say that. But so if they want to.
So the thing is, you should always hire a lawyer because just with anything, like if there's somebody who's an expert in the field, you want to kind of rely on that person's expertise for nuances and things like that.
But that being said, you can do it yourself.
Like for copyrights, you could go on copyright dot Gov and you kind of they make it really easy for you. So they kind of lay out what are you trying to copyright? Is it you know, music, is it a book or something?
Is it?
So they give you the options and then you select and they kind of walk you through the application process and you could kind of click on stuff that will give you like explanations like if you're confused as to what they're asking.
So that's that with copyright.
With trademark it's a little bit more technical. So again I do think you should get a lawyer, but their website has tons of videos on how to do it.
It gets overwhelming.
But if you feel like, you know, I want to protect my stuff and I just don't have the money to invest in an attorney, they have videos that you could look at, and it's also sort of like you could you could be walked through the process, but the search is a little more tricky because it's just so much to go through and their website is not really set up to give you like comprehensive results, like you could type in Starbucks with two s two s's at the end, you know, two s's at the end, and
nothing will come up, you know what I mean. So, but if you put it you know exactly how it's spelled. Of course tons of stuff will come up, but you know, so that's how you can see how it's not that, you know, it's not that easy for someone who is just a lay person to do it, but it's possible, you know what I mean.
Okay, speaking speaking of a trademarks, we actually behind the scenes, we're talking about a trademark case that people may be not familiar with, but it involves some like a high profile person, Jay Z versus Iconics And for those who don't know what who are Iconics brand is? They're actually the company he sold Rockaway too. You want to touch on that a little bit.
Yeah, sure, So Jay Z sold his Rockaway brand, his clothing brand to Iconics, right, and they're like a big clothing company.
They own a bunch of different you know, clothing lines.
And so they ended up suing jay Z because he has rock Nation and they're like, well, you sold us this, you know, it hadds some value to it, and now you're still using it essentially like you're using rock Nation, so and that that brand is already associated with you, so it's diminishing our value.
And so they.
Had a lawsuit, you know, and they were going back and forth and they actually.
Ended up in the arbitration.
Yeah.
So the arbitration the arbitration process is like the really crazy part of the story because during that process he finds out that hey, there's no diversity in the arbitrators and he like files a suit.
For that and he wins yes, and yeah so.
He so so okay, arbitration process is sort of like an outside of court process.
I was going to say, because people that might not know what arbitration is.
Yeah, so in most contracts, especially like when it comes to business, there's going to be an arbitration clause. So they don't want to have to go to court like the normal avenue go to court and have a judge aside. They just they rather go to like basically like a boardroom and have someone who's an arbitrator sit and listen to everybody who's like specializes in that area or whatever.
So the parties get to choose who that.
Arbitrator is going to be, right, they get a list, they get to vet and agree on who that person is going to be, or maybe a few people they'll choose. And so what jay Z said is that, wait, there's nobody of color on this list. There was like I think there were like two people of a hundred, yeah, something like that. And so he was like, no, I'm
not doing this. So he basically said I'm not going to go forward with the arbitration, went to court, and actually before the judge made of decision, the company was like, you know what, We're going to make sure that we do right and go out and get more you know, African American and other people of color to be able to.
Make indirectly providing opportunities for people.
Of absolutely like he changed the game, like he does.
Every time we j to the rescue. Again, We've kept our streak. I'm talking about everything. We've been consistent, mandatory. Yeah, yeah, all right, Well one other thing before we go to the next segment, can you just briefly talk about licensing with that.
So when you own these different types of intellectual property, patent, copyright, trademarks, the way that most people kind of really make money from him is that they license them to other people to use them. So as you build your brand, your brand kind of has cloud, you know, like for instance, who was it, Jeff Bezos just brought the Washington Washington Yeah, so we know newspapers are dying, right, so you can get news everywhere now, so but that name has a
certain amount of status. So like if something's in the Washington Post, you believe it, right, So that's what people you know, once their brand creates value or has a value to it, you could license that to other people because like say if they put out a story on now on the Washington Post, say it was a license and they licensed the name to him, he puts out
a story, people are gonna believe it. So that's why people want a license established brands, And so you can do it in terms of allowing them just to use it for a certain purpose or in a certain area, or to do you know, in connection with something specific, So you could do it broad or narrow, and you could get royalties from it, or you could just charge your fee for it.
And that's going to be through like a contract.
Okay, all right, all right, well okay, so now you have one oh one of intellectual property. So the next segment, we are going to go into my favorite part of the show, which is Storytime. All right, boys and girls, So we are back for another edition of story Time. So usually storytime is the last segment of the show if you're a loyal follower. But the good thing about having your own show is that you can do whatever
you want. So we decided to push it up. So we're going to follow up with the explanation of trademarking, and we're going to tell you, guys a story. So we're going to go into storytime.
Here's a little story that must be told. Listen up, gangsters and honeys, with your head done.
The best storytellers now right down must say pray down, its gray down, its free down.
All right. So this is a very interesting story, right, So it involves the Beatles in Apple right. Two things you may know a thirty year a thirty year court case between the Beatles in Apple right. Crazy? So the Beatles right and seventies, mid seventies, nineteen seventy eight, Well, I think before that they started a company called Apple Corp. Right. Apple Corp. Was a holding company. It had a couple different uh uses, but the main thing it was like
there in house record label. Right. They I don't know why they decided to name Apple, but that was the named Apple Corp.
That's interesting.
So in nineteen seventy seven, George Harrison you know what George Harrison is the Beatles, of course, well nobody really knows him. He's the Beatle that you never heard of, right, most people never heard of him. So he hits ironic because nobody's heard of him, and he heard of a company that nobody's heard of that's just started out in nineteen seventy seven around that time, called Apple Inc. So he says, okay, this is pretty interesting. Is a company
called Apple? Right, So he goes to Apple Corp. The Beatles company, and he tells them about a company called Apple Inc. Right, So the Beatles' Apple Corp. Suits Apple Inc. Because they're using the trademark name Apple. They already trademarked the name Apple can't use it. So in nineteen eighty one they settled a lawsuit for eighty thousand dollars. Right. An interesting thing is that part of the settlement is that Apple Corp. The Beatles Company, agreed to never go
into the computer business. Apple Inc. Steve Jobs Company agreed to never go into the music business.
We're gonna to stay in your lane. Close in your lane is all.
They could both use Apple, but they have to stay in there in your lane. Okay. So it's going pretty good for a couple of years, and then nineteen eighty six Apple comes out with musical instrument Digital Interface. Right, Yes, I was good.
I was good.
So that you want to talk about that?
Now I can briefly touch on it those or not in So that's just a sound chip in the computer. So this is before you gotta think with eighties now, so like this is like computers. They're not even in color. It's just like the green typing. So he's putting a sound chip in the computer. They're looking at it like wait, sound that could be music.
It could be music because the music it's about to say something I was going to say.
I think it also allowed them to the computers to communicate with music land.
Yes, yes, yes, yes it did, so it allowed it. It's kind of like the beginning stages of putting music on a computer. So say, hey, you're not so fast. You you promise, you promised not to do. Oh, you got your problems. So now they suit them again, right, nineteen eighty six, they suit them. So in nineteen ninety one they settled for twenty six million dollars. Right, but they did something that was very petty at the time, So they the nineteen ninety one Macintosh alert. The name
is Sumo and it's pronounced so sue me. So it's like a kind of like you know, and it predicts what's going to happen in the future, right, like saying like soon.
So that was part of the sampling of sound on an operating system. So like they had a new operating system. Now you can sample sound again that sounds like music. We're gonna have to suit yeah.
No, So then this is where the big cakes comes in, right. Two thousand and three, the launch of Itol. So they just said, okay, we're not even gonna play around anymore. We're going in the music business right soon. Too much money out here not to be get We're not going to be stopped by the Beatles, right, so they go into full fledged with iTunes. So of course Apple Corp. The Beetle company, right.
But they suit them this time because of the logo.
So like, their logo is an actual green apple, and the iTunes logo was an Apple that had like a little piece bitten out of it.
So it was like, wait, that looks like our.
Logo partially the logo but also the music is well yeah yeah. So but that case lasted to two thousand and seven and Apple actually won that case, right, So now Apple Inc. Owns the trademarks to Apple, right, but they licensed out a certain you know, they licensed out trademarks back to Apple Corp. Nobody really knows the terms of the deal, but it's said that they settled for five hundred million dollars. So Apple Ink paid Apple Corp. Five hundred million dollars and they finally were done with
it after thirty years. And it's ironic because now the Beatles when so when Steve Jobs, he used he was a big Beatles fan, right, huge, and he was disappointed that they couldn't get the Beatles on iTunes because of this thirty year case. Right. So now when I think it was his two thousand and seven speech.
It's Keno address in two thousand and seven. He intros it by coming into the Beatles music. So the crowd is like, oh wait, we're about to get Beatles music.
He has Paul McCartney.
February two thousand and seven. They settle and they released Beatles Music, but as a solo artist. So Joege Harrison's solo music. John Lennon Paul McCartney. I don't think Ringo had it out. Did Ringle have al I don't know.
He might, I don't know.
So their solo catalogs were released, and then three years later, in twenty and ten, I believe November twenty ten, the Beatles catalog comes to iTunes, which is like a big moment because that catalog is ridiculous.
You know, Michael Jackson owned the Beatles logev. It's another conversation, So why are we telling your story? Because it's interested in a and also it is highlights the power of trademarks. Right, So the Beatles made almost six hundred million dollars they made between the three cases, they made five hundred and twenty nine million, right, kind of by accident because they just randomly picked the name Apple, I'm pretty sure, right, And they didn't really have any intentions of Apple Corp.
To like be a multi billion dollar company. They was like the in house thing, right.
I'm not sure what music came out on Apple Records.
I don't think any music came out.
I think they just ended up owning all the Beatles' music, And like you said, they had other businesses underneath their like tax shelter exactly.
Yeah, So just from having the luck of the draw and picking and picking a good name. But more importantly than picking a good name, they trademarked the name, right, because they could have picked the name and then trade, like, so how many businesses and companies and we're going back to the fortite. We have good ideas, but that one step changes the dynamic five hundred million dollars, right, So people say a lot of times it's like, well it's
expensive to trademark, or I don't have the money. Well, you either spend five hundred dollars to trademark or five hundred million recorder could do that you could have gotten if you did trademarket, right.
I think like that's what we saw fifty did that. When he started to get the Strap campaign, it was like, wait, this episode is brought to you by P and C Bank. A lot of people think podcasts about work are boring, and sure they definitely can be, but understanding a professionals routine shows us how they achieve their success little by little, day after day. It's like banking with P and C Bank.
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Oh people really like this. I'm trade money. Yeah, this is mine.
Yeah, somebody want to use it.
Going back to Cameron, he's notorious for that. He trademarks everything. Remember when him and Jim.
Jones had to you know what that that that's a sad story.
Well they made it, they rectified it.
Yeah, it was over Burgag.
He trademark Bergen just in case, Yes, just in case. So if anybody's a Diplomat fan, you know.
What, anybody's from the early two thousands, so it was like something.
That they were just saying. It was like it wasn't like an official thing because they would Dipset diplomat. Then the burg game was like just something that they just came up with. Right. But then Jim Jones actually had a crew, like a offset of Dipset that he was calling burg Gang, right. I think he had like bird Gang records and oh he's going full Fletchers and Cameron without actually notifying him.
Catches windows.
It trademarks the name. So Jesus, he's no longer allowed to use burg Gang unless he pays Cameron.
That's what friends are for, exactly when something of It's also rumored that he trademarked jelly fan.
That's yeah, yeah, yeah recently recently.
I'm not sure if that's true or not.
Shout the jelly fan. He just actually transferred from Minnesota when he's going I don't know yet. He just left. He did two years at Minnesota and now he's.
Transferring Isaiah Washington. If anybody is not a basketball fan New York City street ball legend, not even a street ball legend, no, not just a legend. Saint Raymond's basketball basketball legend who he he he had a crew called Jellyfan, huge.
Trademark by his the move man that layup that opening finger rolled layup.
Yeah, well people might not be basketball fans, but I heard that Kim On because the interesting thing about that, So the kid was in high school, right, and he created a huge buzz for himself in high school, like all throughout the city. Then it went national. Now what social media went all over the world where you got kids saying jelly famine. It's like a finger roll and
it's like it just went viral. So then Nike started printing up shirts with the jelly Fan right, and of course he's not getting paid for he's in high school.
I think Nike might be a sponsor for Saint Raymonds, so like they felt like we had a connection.
He plays with Saint Raymonds.
Yeah, but he came up with the idea. So it's all going back to Apple, right, whereas we can relate this on small level, like that's a perfect example jelly fan. Right. I don't know the rules if he could actually trademarket not since he's in high school and his rules against the basketball players. But long story short, Nike did that and they made money off of it, right, so if.
He didn't protect it, then he can't really do that until police.
Again, now it's too late.
Well if he can, if they didn't protect it, he could still protect it and then they would still have to pay him for using it if they're still continuing to make money off of it. Right, But if you don't protect it, then you have no way of really so what what registration does.
It allows you to basically sue and be able to recover.
So like with the Fortnite case, how they had to pull out of the case because they didn't copyright anything, and so it's like, Okay, the government's like or the federal court is like, well, if you didn't copyright it, then you can't police against it, so you need to go do that, and so they pulled out. But if they do, if they are successful with their copyright, then they will be able.
To sue them for you see, like celebrities are doing that like when they have children. Now it's like the person thing they do is I'm copyrighting that name, I think. But they lost that because there was an event planning company called Blue Ivy.
They're still fight it.
Though they're still fighting doesn't. There's an event planner. She she has a company named Blue Ivy, and so you know, Beyonce's a beast.
With her.
She has she has her own company that just has her trademarks and that's the best way to do it.
Yeah, well, there you have it, the power of trademarks. You have to understand the law of people is one thing. To play the game is another thing. To play the game smart and efficiently. You don't have to be the smartest player to win, but you have to know who to work with, who to contact, and you have to know opportunities when you see it. And I'm sure these guys that made these dances up before they never knew.
They just doing their neighbors, especially Culton things. I don't know, that's shame on him, but the Millie Rocket, this is they're just doing it in their community, like they're not thinking this is going to go viral to the world. But you never know you have so yeah, well we'll see.
All right.
So for our final segment, we're going to talk about something that we don't have to look too fartify it and that is a life insurance. We recently posted that series had canceled ninety thousand life insurance policies for its employees, and it begs the question like, should people be going through their jobs to gain life insurance? Over the past I guess twenty to thirty years, America has kind of switched.
One hundred and eight million people have gone through the group route, while one hundred and two million people have gone through the private method of life insurance, which is like.
The first time that that's happened in history. So we have our own expert and two thousand give me if I'm wrong with the.
Year two thousand and six, I think two thousand and seven.
Two thousand and seven, I sat down with a financial planner who was starting in the business. He needed a client, and he looked across and he said, Detroit, you gotta get life insurance now. At twenty five, I'm thinking, come on, man, why do I life insurance? And then we had a deeper conversation. I'm like, oh, with shot, it's pretty serious about this.
So we went through the process and I got life insurance.
And maybe you could talk to people why it's so valuable and so that's really important and how we've seen some cases where people didn't have life insurance and the outcome of what it left their family with, right, because it's not really for the people who dies, for the people who remain living, right.
So yeah, and you want to talk about that, yeah for sure.
So yes, So anyway, that's not familiar. I'm a financial advisor. That's what I do for a living, right. So I started, you know, eleven years ago around that timeframe, and yes, my first week in the business, my first client was Troy Truly. Yes, I sold him a life insurance policy. That's my and then eleven years later, still got it. He's still a client of mine. So yeah, So I do. I do a few different things, you know. I help people in less money retirement, and life insurance is one
of the things that I do as well. So before I start, I'm not taking a side on any policy. Life insurance is very debatable people have They're very passionate about this. I've noticed online you have very strong opinions. So I'm not here to tell you which is the best policy, which you should do, just provide information. You can make your own decisions for yourself, right. But it is interesting that SEA has canceled ninety thousand policies for
retirees because it does highlight something that is important. Is you know, a lot of times people have insurance at their job and they think that that's sufficient. Right. Like most things when it comes to finance, people aren't properly educated a lot of times, right, so they don't really fully understand life insurance or even why it's important how to get it, you know, they don't really know, so they just say, Okay, I have it at my job, and whatever it is what it is.
Right.
So now is to say, okay, which is better the insurance at your job or the insurance that you can get privately through institution or company. Right, I always recommend both, right, Because the insurance at your job. The good thing about that is that it's usually very low as far as premiums are concerned, or sometimes it's even free, so it's not really costing you anything. So it's always good to have, right.
But the problem with having it as your only type of insurance is what we just saw, right, is that a lot of times it's not portable, meaning that you can't take it with you when you retire, or if you can take it with you, then the premium may go up because now you're no longer part of that group. It's like health insurance, right, Like if you leave your job now, you can still keep your health insurance for a certain amount of time, but you're on what's called cobra, right,
So now your health insurance premiums go up. So sometimes life insurance is the same, or even if the life insurance premiums stay the same, it's still subject to the company. You know, they can change it. So just like what Saias did, right. So okay, first of all, we need to talk about and understand why life insurance is important. Right.
So it's important for a few different reasons, but the main reason obviously, is that you want to provide a certain level of comfort, and you want to leave a legacy, and you want to be able to take care of your financial responsibilities when you're no longer here. I always say all the time, it's nobody's responsibility to take care of your family except for you, right. And that's men and women, right, because we live in a society where men and women work, and a lot of times women
make more money than the men. Right. They're the bread winners in the home, or they may be single parents on both sides, or even if you don't have a children, you still have responsibilities, right, so I equate. You know, it's unfortunate a lot of times, especially in our community, when somebody passes away and other people have to raise money for them, right, like go fund me pages and things like that. That would be kind of like, and this is no shame on anybody, because you have to
do what you have to do. But I'm just saying as far that that person didn't plant properly, right, that would be the equivalent of somebody coming into your home and having to pay your bills for you. Right, It's your responsibility to take care of that, right. So that's
what Life Insurance does, right. It allows your family to go on and to take care of your responsibility when you pass, as far as just the basics of burying yourself, but also you know, putting your kids in school and making sure that they have clothes to wear and that they can go to college and things of that nature.
Right.
So, and it's important that we start to think long term too, because when we talk about generational wealth, that's like a real popular term, but what does that really mean? Right? That means that you want to create wealth for generations. So One of the easiest ways to create wealth for generations is to have a life insurance policy, right, because
what you're doing is actually buying money, right. So that's one of the most efficient, one of the easiest ways to create generational wealth because it's it's a trendy term, but the average person doesn't have a multi million dollar business that they can leave. The average person doesn't have five million dollars in a bank that they can lead, right. The average person might not even have a home. They might not even own a home. But you can own
an insurance policy. You can have one hundred thousand dollars, half a million, a million dollars. That's realistic, right, So this is something that can actually be obtained in real life, not just to catchy phrase.
So at twenty five, when you told me that, and I was in my mind I'm not even thinking about life insurance, but when I saw how serious you were about it, I'm like, wait, this makes perfect sense. I mean you probably you detailed it it just like how you did now straight from me, and I was like, wow, I have to.
Get this as early as possible. And you planned for the future because when you got the insurance, you were single right, No, yep, But now you have a family, you have kids, you have a wife, you have a home, so now you really need it, right, it.
Makes more sense. I'm like, wow, I've had that's a good thing. I've had this for eleven years now, right, Like it meant so much. I just want to go back because you said the previous so low.
When you do it at your job, one of the things that studies are shown is that the assurance.
Amounts are a lot lower than when you do it with a group.
So it ranges from twenty five thousand dollars policy to maybe a fifty thousand dollars policy, whereas that might not even cover what you need as far as your financial responsibilities in the event that something happens to you.
So, like you want talk about the difference in the amounts.
Yeah, so I'll talk about the amount, but first I want to actually just talk about the different types of policy. There's different type of policy. So there's really a few different types of policies, but it comes down to two term policies and a permanent policy. Right, And there's different types of permanent policies. But a term policy is a policy that lasts a term right, So like ten to fifteen,
twenty year term, right, so you have life. This is what most people think abou when think about likee insurance. It's the most basic form of insurance where you have an insurance policy, you pay a premium, and if you die, somebody gets money. So it's a term. So let's say it's a twenty year term, right, So you're paying your premium for twenty years. If you die before that twenty
year mark is up, then your family gets money. You outlive that term that you can reapply for the insurance anymore, you can let it last you don't have it anymore, but it's just a certain period of time. That's the term. And then most group insurance is if your jobs for as long as you work at that job, or sometimes it could be extended in retirement. But so that's one form of it where it's just a premium a death benefit and that's it. Another the flip side to that
coin is what's called permanent insurance. Right, So permanent insurance most of the time most commonly known as what's called whole life insurance. There are different types of permanent but we'll just keep it basic. Whole life insurance right, whole life insurance lasts your whole life, you pay a premium, you have a death benefit, but it also builds what's called cash value. Cash values money that grows inside of
the life insurance policy. Right And the money that goes inside of the life insurance policy, now you can use that a line and you can borrow from the policy. Right Now, that's the benefit that you can use while you're alive.
So, and that's good for people who say, well, some people don't really care what they leave for their family or you know whoever else, if they're single, they have no.
Life, right Because so now you're actually saving money as well. So it's a double edged sword. Right. So now some people say, okay, well only by term insurance, don't buy whole life insurance, or some people say only buy whole
life insurance, don't buy term insurance. I'm of the mindset that no shoe is ever going to fit any all foots, right, so you have to, you know, see what's best for you and your family, because they both have advantages, and they both can be beneficial, and they both have things
that may not be attractive. Right. So, but one thing that I want to keep in mind for our listeners is that one of the bigges things why people say buy term and don't buy whole life is that it's what's called buy term and invest a difference, Whereas they're saying that, well, whole life isn't a good investment because if you invested your money in stock or an investment, it would earn more than the rate of return that it woul get in a whole life policy. That's true,
but it's not an investment. It's life and right. So it's like it's apples to orange. It's apples to orange in comparison. So you can do both. You don't have to do one or the other. Right, You can have an investment where you're actually growing money. You can have a life insurance policy where it's a permanent policy. Because the thing about the life insurance also is that hopefully you don't die in twenty years. I mean you have
term insurance. Most of the term policies don't pay out because most of the time people don't die within that term. So if I have a twenty year term policy, I don't want to die in twenty years, you know. I mean it's good to have just in case, But the whole life. Everybody's going to die eventually, so it doesn't matter whether I'm ninety or one hundred years or I can still leave a legacy for my family. So these are things that you know, people have to understand, and
a lot of times in our community it's unfortunate. Especially you know, we talk about like Aretha Franklin, right, she passed away last year and her state it was a mess because she never planned for her estate, right. And one of the things I don't know if this is true or not, but I heard that she said that she never really wanted to do a state planning because she didn't want to jinx herself. And it's like, you're gonna die, It's not yeah, nobody, Look newsflash, you're not.
It's going to happen, right, So either you plan for it or you don't plan for it, but it's going to happen either way. Right, So I just want to take like a couple of minutes. We talked about the state planning because part of it is on the financial side, like life insurance stuff like that, but it's also it's very important to plan on the legal side as well, right, So like a will. You're a lawyer, so what is a will? And why should people have a will? Because
I think that everybody should have a will. A lot of times people have the misconception that if they're not rich, they're not wealthy, they don't need to have a will, they can wait to have a will. I think that everybody should have a will, and a will can be revised as time goes along. Can you just briefly talk about like what a will is.
Yeah, So basically a will is just like a plan for what's going to happen when you pass away. So you're basically going to say, for all the stuff that I own, that's a value, I want it to be
given out according to this in this manner. And if you have small children, which is really really important, if you have small children, to have a will, you're gonna dictate who's going to take care of your child, because if you pass away and you don't have anyone in place to take care of your child, like a godparent is not a legal guardian. So some of us you appoint a godparent and you say this person, but that's not good.
Enough, you know.
Basically, so a will is a legal document that as long as it's executed like signed in the proper manner, is gonna basically be able to say, this is what this person wanted, you know, when they passed away with their stuff, Okay.
And then also, I think it's important to have a living will, right, So a living will, from my understanding, you have a health care proxy and you have the power returney, yes, right, So can you just brief talk about that.
So the healthcare proxy, basically, if you get sick and you're in the hospital, your loved ones will not be able to make medical decisions for you, right, So the hospital is not going to really take their word for it. And it's also difficult even if you're a spouse, you may not be able to dictate what happens to that person or how the hospital takes care of her him or her.
And so the healthcare proxy will say, you know, if I'm sick, I.
Want this person to make the decision and I want them to be able to do these particular things. And a living will kind of goes even further into that. It gives like details of like treatment, like say, God forbid, you have cancer. It will say like you know, you know, I don't want chemo or you know, whatever the case. It you can detail exactly what type of treatments that you have and give direction to the person who you gave the health care proxy to so they have some
understanding on how to act on your behalf. So power of attorney is also extremely important because if you're incapacitated, like you're still alive, but you can't make decisions for yourself the healthcare I'm sorry, the power of attorney is going to allow you to appoint somebody to take all your finances, your insurance, your bank accounts, your homes, your real estate taxes, anything, and if you're taking care of somebody, it allows you to it allow that person who has
your power of attorney to continue giving like customary gifts that you normally give to somebody, or that you're taking care of somebody, so they can handle all those things to make sure that your affairs are in order. And so like sometimes people go God forbid into a coma, but they come out. You know, you're not necessarily going to die, but you can't make decisions or you're just sick, So that kind of covers that.
Now it's extremely important, and just so quick, I'll take a minute just to tell a personal story. So my grandmother. She had twelve kids, right, so she had Alzheimer's disease. So when she was in the last stages of her life and she was in a coma and she was in a hospital, so long story short, half of her kids wanted to keep her alive. The other half of the kids like, this isn't a quality of life, like you need to pull a plug. There fighting with each other.
Who really knows what she wanted, right, But if she would have done that and britten it out like look, I don't keep me alive like you know, or keep me, it wouldn't be an argument. So regardless of how you feel, you can't make a decision because it's already put in place.
This is just.
And also, she owned a home and once again she didn't have a will, right, So now you have twelve kids that have different ideas of what they want to do with the home. Someone to rent it out, someone to sell it. So now it just causes fights. You break up families, brothers and sisters stop speaking to each other. It happens all the time. It's pretty common, right, So this is an unfortunate situation and this is something that
we have to plan for. So thank you for coming and giving your expertise, because, like I said, it's important, especially in our communities where we don't know a lot off.
It's not a conversation would happened, we're not right, So it's like hopefully like this conversation and here open eyes, like, hey, this is something we should playful because like what you said, nobody uh is planning I mean doesn't, but we should right because like we said, it's not for the people who live. It's for the people, not for the people who die, for the people who live on with our legacies.
So thank you.
Can you can you tell the people your information how they can follow you on social media and your website and all that stuff.
Yes, So my website is Franco hyphen Law Firm dot com or Franco with the dash and Lawfirm dot com.
And my Instagram is Sabine s A.
B I N E.
Underscore the Purpose Lawyer.
All right, and before we go, don't forget our Patreon Patreon.
Yes, Patreon, we have some new members on there.
Like I said last week, we're going to be starting our home Town Hero series and we have a new series called.
The Blueprint Series.
Well, we're going to give how to do it and to do with things, whether it be uh in real estate, whether it be in just everyday job training or writing your resume, or what it looks like from a corporate side or a recruiting side.
So we're gonna give a how to a blueprint on how to do that.
Like a lot of people like that was so eleven with Derek came and gave a blueprint of the restaurant business, and I appreciate.
Shout Derek and homemade.
So we figured, you know what, let's do a series on blueprints of how to do things, you know, just the uplift and educate our community.
So check that out.
That will be on Patreon, it will also be on YouTube. Continue to subscribe to that, go to our website, our merchant up. We're gonna have a new line coming soon, so definitely keep supporting man.
Thank you.
And then before I go, always say a book that I've read or that I'm reading. So my book tip of this week is the Four Agreements. Yes change my Life. The book has changed my life. I read it a few years ago and one agreement, my favorite agreement is not taking anything personal. Yes, and domb is something that has changed my life. So I recommend anybody to check that.
Not an easy task, but definitely one that you actually passed that that book on to me as well.
So I was challenging to follow.
Ye.
So all right, guys, well we will see you next week. Peace.
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