WEBVTT 00:00:00.480 --> 00:00:34.030 Have you ever wondered about the racial wealth gap in America? It's a thing. The Federal Reserve says the median white family holds about $250,000 in wealth, but the median black family only holds about $45,000 of wealth. Put another way, for every $100 of wealth that the typical white family owns, a typical black family owns only about $16. Did you hear that? 00:00:34.350 --> 00:00:55.450 $16. That's a real gap. But it does not have to decide your destiny. You see, my guest today became a millionaire anyway, starting from a job that paid him less than $40,000 a year. And his name is Cedric Nash. 00:00:55.450 --> 00:01:25.380 And he wrote the book, Why Should White Guys Have All the Wealth? I'm coach Lee Jenkins. This is the Stewardship Coach Podcast. Let's get started. Cedric, welcome to The Stewardship Coach Podcast. 00:01:25.380 --> 00:01:26.820 Hey. Happy to be here. Thank you. 00:01:26.820 --> 00:01:41.455 Man, it's so good to be here. You know, I have been following you for years, kinda stalking you online, man, because I loved your content. I love your story. I love your journey. And then I believe you spoke at Invest Fest last year. 00:01:41.535 --> 00:01:55.310 I heard you speak, even more impressed with you, and then I was gonna meet you. I stood in a line. It was you were doing a book signing. And, man, that line was so long, I just gave up. So I wanted to meet you, but I said, you know what? 00:01:55.310 --> 00:02:11.075 God, you're just gonna have to allow another time for us to meet. And lo and behold, a few months later, you and I met backstage at a conference. So I just want you to know how much of an honor it has been for me to get to know you. And, man, we've been hanging out lately. 00:02:11.075 --> 00:02:13.955 Yeah. Exactly. Yeah. Thank you. I know, the feeling's mutual. 00:02:13.955 --> 00:02:20.540 I I I saw you on social media. Your content's amazing and was always looking forward to meet you as well. 00:02:20.700 --> 00:02:26.540 Thank you. Well, you and I hung out just a few weeks ago Yes. In Miami. Yes. Yeah, man. 00:02:26.540 --> 00:02:31.485 And I brought my family down and my sons and I joined you and your sons on your yacht. 00:02:31.485 --> 00:02:32.125 Yeah. Yeah. 00:02:32.125 --> 00:02:48.720 And by the way, that was my first time ever being on a yacht, man. I've been on cruise ships, and I've been on little bitty rowboats, man, cheap boats. So I've either been, like, on a big ship or a little bitty thing, but that was my first time being on a yacht. Man, what a great experience. 00:02:48.720 --> 00:02:58.480 Yeah. We enjoyed you and your sons. It was a great time. We went out to Miami, went out and had dinner and pulled the boat up at a restaurant and had a good young gentleman's evening, you know? 00:02:58.480 --> 00:03:10.055 Yeah, man. So both of our sons are in their late twenties or early thirties. So you and I, man, we were just kinda pouring some wisdom on them and they were asking us questions. That was a special time. 00:03:10.055 --> 00:03:11.895 Yes. Yes. It was. Well, thank 00:03:11.895 --> 00:03:40.795 you for being on the podcast. I can't wait to to just dive into our conversation. But before we talk about your life as a business person, as a multi multimillionaire, as an investor, I want you to tell us a little bit about you and and your journey. Where or how did you get to where you've gotten? So where did you grow up, and then what were some of the inspirations, and who were some of the people who inspired you? 00:03:40.795 --> 00:03:43.755 How did Cedric Nash become Cedric Nash? 00:03:44.280 --> 00:04:19.310 Yeah. You know, I grew up in a little town called Seaside, California and Seaside's an interesting town because there's a lot of retired military folks there, but it was right next to an area called Carmel Valley, Pebble Beach, where I was born in Carmel. Now Carmel was a completely different thing. A lot of very wealthy folks lived there. A lot of folks from San Francisco, the elites from San Francisco had vacation homes there on the golf course of Pebble Beach and Seaside was a town of retired military African Americans who ended up settling there like my dad did, but it was a very rich community. 00:04:19.310 --> 00:04:37.580 You know, my parents were very much involved in the church. We were raised Holiness Church of God in Christ. Wow. And church was at the foundation of our family because our parents were so rooted in it. But not only that, my dad was really well known in the community and he opened up his relationships to his family. 00:04:37.580 --> 00:04:52.975 So I had a lot of mentors in my community of which I had four millionaire mentors that really poured into me. And so that was really kind of my foundation. Just being inspired by these mentors that were entrepreneurs. They own apartment buildings. They own businesses. 00:04:52.975 --> 00:05:01.615 One was a big developer and kind of watching them and hear my dad talk about them and be able to have access to them. Kind of really shaped my mindset at an early age. 00:05:01.615 --> 00:05:18.495 Wow. So did you ever set a goal to become a millionaire? I mean, did you have a vision that you could do what some of your mentors did? And then, I believe I either read or heard you say this, it took about seven years maybe after you set that goal. Tell us about how you were inspired. 00:05:18.655 --> 00:05:28.335 Yeah. You know, it's it's interesting. My brother tells me this story, and I kinda remember that he said that I told my mom when I was a young child that I was always gonna be rich. I was gonna buy her a big house. Wow. 00:05:28.335 --> 00:05:51.875 That's what he said. So I don't know, maybe there was just this rich mindset inside of me or this desire and I never really was concerned about money or how I was gonna get there. I just felt like it was just gonna happen. When I went to college, I studied computer science. I continue to add, mentors to my repertoire, which is really the, it's about the foundation of my story, and they were so insightful. 00:05:51.875 --> 00:06:20.725 Spent a lot of time with older folks learning from them and watching them and as I continue to do that, they kept introducing me to more and more successful ones and they kept pouring, you know, more into me. In fact, I was very entrepreneurial even in college. In fact, I had a little business in college. I actually wrote software because I was a computer science major and sold it to some of the civic organizations at the school. At the same time, I was buying computers from a guy out of in San Jose and selling them to students. 00:06:21.365 --> 00:06:44.115 And so I was very entrepreneurial at that time making and saving money. In fact, my journey to Destination Millionaire started out of college because my first condo I bought was literally out of college. I went from college into my own condo, from working as a consultant, putting in systems for plastic surgeons, and just saving my money all because of the inspiration of my my mentors and the reading that I was doing in in my last year few years of college. 00:06:44.115 --> 00:06:55.980 Man, they must have really inspired you. So what did you see in their life that might have been different than your family or your friends? Yeah. Yeah. What did you see? 00:06:55.980 --> 00:07:05.180 I love that. What what I saw in them more than anything, it wasn't the flash. It was the peace. Right? And it was the sense of giving back to the community. 00:07:05.180 --> 00:07:20.395 Mhmm. You know, I talk about my four millionaire mentors, Gus Martin, who was a white guy. He was an electrical engineer, inspired me to study engineering and science. You know, Al Glover was a big real estate developer, retired colonel. He was an alpha brother, so inspired me to pledge alpha alpha. 00:07:20.395 --> 00:07:42.365 At the same time, I was in ROTC. He came down and commissioned me as a lieutenant in in the military. Then it went on to mister Gilbert Bruce who owned a sandwich shop, hotels, apartment buildings. He inspired me to do those things. And then last but not least, Robert Taylor who owned banks and owned land up in wine country, but they were so low key. 00:07:42.365 --> 00:08:08.685 You would have no idea that they were as wealthy as they were. In fact, Robert Taylor's son and I went to high school together, and Robert Taylor's son went took his dad's green BMW to the prom. And I'll never forget this because today, Robert still owns that green BMW. This is, like, thirty years or forty years later, and it was just a mindset that they had and they built real wealth, but it wasn't flashy wealth. 00:08:08.765 --> 00:08:30.490 So you saw people building wealth, I'm assuming, and and growing up in California who were black, who were white, who were, you know, multi ethnicities Mhmm. Building wealth. Unlike me, I grew up in an area, and I was never around a lot of black business people. Mhmm. Now they were there. 00:08:30.490 --> 00:08:50.670 I just was not exposed to them. So the first time I was exposed to very successful black business people was probably when I got in college or maybe even a young adult. Mhmm. I learned things from different people, but was your learning experience very diversified in in terms of culturally diverse? 00:08:50.670 --> 00:09:25.200 I love that. You know, I think early on, like I said, I had 3,000,000 inventors that were black and one was white, and that was Gus Martin, who was the engineer. The interesting thing about Gus was Gus was an electrical engineer for who I call and this is a story I wrote in my book for uncle AJ, who was my dad's best friend, who wasn't our uncle, but we called him uncle AJ. And so these were Christian people and uncle AJ would always throw parties at his house, Christian parties Yeah. While Gus worked for AJ's boss who was worth over a $100,000,000 who had who was who inherited lots of oil out of Texas. 00:09:25.885 --> 00:10:03.795 So mister Walton was really into music in the radio station, so he came to Carmel to open up a radio station. Gus was his electrical engineer that would come in and services radio stations, but as opposed to staying in the hotel, Gus wanted to stay with my uncle AJ. So he was over uncle AJ's house all the time, so that's how I got exposure to Gus. And Gus is the one that really inspired me to go into engineering and to and because he made me feel like I was brilliant. I told that story about how he made the stupidest ideas seem like it was brilliant because he was really pouring into me this sense of I can do anything. 00:10:03.795 --> 00:10:04.115 Yeah. 00:10:04.115 --> 00:10:18.250 And so that was very, very pivotal to me. And so that was really what I was exposed to. And and, you know, a lot of times we're exposed to a lot of this, but we don't kind of kinda latch onto it. Mhmm. Somehow it latched onto me. 00:10:18.250 --> 00:10:34.235 Somehow, you know, wanting to know more about what they were doing was important to me while maybe other younger folks were kind of into other things. I was into sports and that stuff too, but at a certain time in my life or that time of my life, I was really setting the stage for really what I really wanted to do in life. 00:10:34.235 --> 00:10:37.035 Wow. Well, I heard one thing you said engineering. 00:10:37.290 --> 00:10:37.690 Mhmm. 00:10:37.690 --> 00:10:59.975 So I like to teach people a lot about multiple streams of income and and diversifying, but I always say that most people who are diversified, who have multiple businesses, multiple streams, they had to be good or master one thing. They usually became an expert or at least very competent in one thing before they branched off. 00:10:59.975 --> 00:11:00.375 Yes. 00:11:00.535 --> 00:11:10.500 What was that tree trunk for you? What was that that thing? And I'm assuming it was engineering. Yes. And if it was, how did that help you to become an entrepreneur? 00:11:10.500 --> 00:11:40.010 You know, it's funny. That one thing was that I, you know, I started into electrical engineering because Gus was there, but I took one class in computer science and when I took that one class in computer science and I was programming, it didn't feel like work. Right? It felt like I was getting paid to basically do something that I thought was fun. So once I learned the power of programming, and I could create my own programs that solve various problems, it was a time where there wasn't much software written out there. 00:11:40.555 --> 00:12:13.635 So I was able to dibble and dabble and do those things. So I came pretty good at writing code and solving problems with computers, which opened up the doors to me writing code for the different civic organizations on my college to also being able to go work for doctor Sal who was a plastic surgeon who was looking for a student to kind of set up his systems. It was a competition between me and a Hispanic young lady, and I wrote an incredible proposal and said my rate is $25 an hour. This is a long time ago, and he took my my proposal. Wow. 00:12:13.635 --> 00:12:24.320 So it was really that thing that really catapult me into that, and that's where my focus was before I expanded my other streams of income, was in real estate. 00:12:24.320 --> 00:12:37.705 Yes. Wow. So that you focusing and becoming sort of a master of of of something in terms of building a business foundation help you to diversify into real estate. 00:12:37.705 --> 00:12:38.265 Mhmm. 00:12:38.265 --> 00:12:49.545 I wanna ask you a question. You know, as I've dealt with younger people, one of the things I love about the younger generation and by the way, it's it's funny saying the younger generation because I remember when I was the younger generation. Exactly. Do you, man? 00:12:49.545 --> 00:12:50.185 I sure do. 00:12:50.185 --> 00:12:57.920 I remember when was the youngest guy in every room. Yeah. Now I'm the oldest guy in every room. I'm I'm the OG now, man. Right. 00:12:57.920 --> 00:13:15.995 But but I love it. I just I every season of life, I just embrace it. So I'm at a season right now where I'm giving back. I'm pouring into people. I'm I'm I'm allowing people to learn from my experiences so they don't have to experience some of those bumps. 00:13:15.995 --> 00:13:16.235 Yes. 00:13:16.235 --> 00:13:38.105 But one of the things I've noticed about the the younger generation is some of them want to jump right into entrepreneurial ship, right into being a millionaire. Now I will say they have more tools than you and I have. Mhmm. Their mindset might even be a little different. When I came out of college, you know, in the eighties, it was get a good job, get a good career. 00:13:38.345 --> 00:13:46.345 And for many of our young people, it's like, get your own job. I mean, meaning, build your own job. Exactly. Build your own company. A little different mindset. 00:13:47.010 --> 00:14:16.255 But I think there is a principle, and I think it's important to be good at something. And sometimes it's not wise to just jump out into entrepreneurial ship. So talk to us about that. Did your engineering career make you better? If you could do it all over again, would you jump right into real estate, or do you are you appreciative of that journey of being in the corporate world? 00:14:16.460 --> 00:15:17.520 Well, you know, like I said, I I eventually started my own company, but it was interesting because I I ran into a a glass ceiling, so to speak, with my computer skills when I came out of college because I was still dibbling and dabbling as an entrepreneur servicing banks and stuff like that, but I really at the time, you know, a lot of people were developing those same skills, so I had nothing unique to offer, right? And so I was finding it harder to basically find deals and then I get this opportunity to work in consulting. Now mind you, Gus was a consultant and so when I came out of college, all I wanted to do was to be a consultant, potentially open a consulting firm following in Gus footsteps. So I get an opportunity to work for Deloitte and Touche and I've worked in a system that was in such demand and there were so few people that had that skill set. And so it was getting into that that gave me that unique skill that allowed me to go into the business that I'm in now. 00:15:17.520 --> 00:15:55.635 The interesting thing about that is that that decision to go into that software has allowed me to, over the next last thirty years, continue to make money. In fact, I made a I won a $130,000,000 contract in that same software. So what's interesting is two things I think you'll appreciate. Number one, I talk about being raised in the church, one of the things I learned growing up is that to ask God for direction, right, because we make decisions today that get manifested way down the line, and so we never know how those decisions are gonna be made. So all we can do is trust and have faith that the decisions that we make today will be manifested in the right direction later on. 00:15:55.635 --> 00:15:55.875 Yeah. 00:15:55.875 --> 00:16:24.665 You have no way of knowing how it's gonna determine, how it's gonna come out, and so me making the decision to work for this company in this software has allowed me to continue to make money for thirty years plus because of that one decision. Right? So that was pretty a amazing thing. And as it relates to your question, that software allowed me to specialize in something that was in great demand. One of the challenges with young people today, most of them want to be social media influencers. 00:16:24.665 --> 00:16:47.285 They want to open up a podcast. Right? They want to do a thing that, you know, maybe 1% of the people are doing extremely well at, and there's a lot of people trying to do that, and they haven't developed a particular skill that is in high demand. Mhmm. My recommendation is to focus on a niche area that is in great demand and will be in great demand in the future, and it takes time to figure that out. 00:16:47.285 --> 00:16:53.925 You can't make that decision overnight. You have to introspect, think about it, study, research, and find out where that where you should go with that. 00:16:53.925 --> 00:16:59.525 Most multimillionaires and billionaires started off with one thing 00:16:59.685 --> 00:17:00.005 Yes. 00:17:00.005 --> 00:17:03.750 And one industry, and then they diversified from there. 00:17:03.990 --> 00:17:07.670 One thing about that is often they worked in it for many years. 00:17:07.670 --> 00:17:08.150 Yes. 00:17:08.150 --> 00:17:20.835 Do you understand? I mean, I got the chance of meeting Robert Smith, billionaire Robert Smith. Right? He's an alpha brother, and he's in the IT field, and what he does, he buys enterprise software companies. Well, we implement enterprise software. 00:17:21.075 --> 00:17:38.190 And so I joked with them saying, man, I should be doing what you're doing. Your degree was in in chemistry. Right? His undergrad is in chemistry, his master's in business, but he worked in Goldman Sachs. And at Goldman Sachs, his specialty was gobbling up enterprise software companies, helping them acquire other businesses. 00:17:38.430 --> 00:18:05.990 So then when he left Goldman Sachs, what did he end up doing? What he did for Goldman Sachs, and it turned him into a billionaire because he mastered acquiring software companies and getting them to grow faster and growing bigger to grow their valuation and eventually selling them. So, you know, that's where I think our young people need to really go back and think that they gotta go work in some corporate structure to basically master a skill and to understand that market, then find a way to take it outside. 00:18:06.275 --> 00:18:21.075 So I wanna jump to your book. Mhmm. Why should white guys have all the wealth? Man, when I first saw your book come out, I was like, man, I should have written that book. Man, I said, a great title. 00:18:21.360 --> 00:18:54.430 And the reason I I I was so excited about it because when I've got in the investment business in 1987, the wealthiest guy, I believe, in The United States at that time was a guy named Reginald Lewis. And Reginald Lewis was the first African American to ever head up a billion dollar corporation, Beatrice TLC. He he bought it with a leveraged buyout. And, man, I followed this guy's career. His net worth I don't believe his net worth was 1,000,000,000 yet. 00:18:54.430 --> 00:18:54.990 Nope. Nope. 00:18:54.990 --> 00:19:00.430 But his company was worth 1,000,000,000, and his net worth might have been close to a 500,000,000 or something like that. 00:19:00.430 --> 00:19:00.910 400,000,000? 00:19:00.910 --> 00:19:03.165 The guy was incredibly wealthy 00:19:03.405 --> 00:19:03.725 Mhmm. 00:19:03.725 --> 00:19:05.325 And kind of an unknown. 00:19:05.325 --> 00:19:05.725 Yes. 00:19:05.725 --> 00:19:22.500 You know? During the eighties, most of the wealthy people who were profiled were athletes and entertainers, and people didn't know about Reginald Lewis. I knew about him. Mhmm. And then I heard he was sick, and then I heard he passed away. 00:19:22.500 --> 00:19:33.125 And he passed away at 50 years old. Yes. So his story never got told. But a book was written about him, and it was called why should white guys have all the fun. Exactly. 00:19:33.125 --> 00:19:35.445 And I read the book and the premise of 00:19:35.445 --> 00:19:35.845 the book 00:19:35.845 --> 00:19:59.775 was other ethnic groups, let's just say in America, the predominant culture is white, Other ethnic groups, white people have built tremendous wealth. Mhmm. And he was like, we can too. Exactly. Why why can't we use some of those principles, which he did with the whole leverage buyout industry, which hardly any black people were in that industry in the eighties. 00:19:59.775 --> 00:20:14.780 So his book was called Why Should White Guys Have All the Fun, which means building wealth. Right. And then I see your book, Why Should White Guys Have All the Wealth? And so I'm assuming that you were inspired by Reginald Lewis' book. No doubt. 00:20:14.780 --> 00:20:15.580 Yeah, man. 00:20:15.580 --> 00:20:15.900 No doubt. 00:20:15.900 --> 00:20:22.300 Tell us about that inspiration and and what your book is all about. 00:20:22.300 --> 00:20:40.380 Yeah. I read his book probably it was, in the early nineties because I think he died back in 1993. He was the first African American to grace the Forbes 400, the 400 richest people in America. He was the first African American on that list. His net worth at that time was about $400,000,000. 00:20:40.540 --> 00:20:59.735 The story in the book was so inspirational, and not only that, it was so relatable. It was relatable to any young African American that dreamed to do something big and to kinda watch his journey. And what was amazing about him was he was an average c student. Mhmm. He went to Virginia State on a football scholarship. 00:20:59.735 --> 00:21:00.295 He did. 00:21:00.295 --> 00:21:31.150 He's from Baltimore. He was I got a chance to meet his mom and his wife, believe it or not, and, he, you know, attended Harvard University. I think the only person that was self that was admitted without having to really apply to Harvard University. There's a library there named after him, and early on after he finished law school, he helped a lot of minority businesses kinda get certified and do minority business stuff before he got into the business acquisition game. So I read that book years ago, and I still remember it verbatim. 00:21:31.150 --> 00:21:44.270 But what how my book end up being titled that is I was talking to a friend, and I was having this conversation. I said and I was I'm one of my rants. You know how we get on our rants about things? I said, why? I said, black people act like only white people should be getting rich. 00:21:44.270 --> 00:21:56.785 Mhmm. And so that I started playing around with that, playing around with that coming out. I said, wow. That should be a title. And I landed on this title, and I was afraid to use it because it's almost like singing the national anthem after Whitney Houston just kind of tore it up. 00:21:56.785 --> 00:22:06.850 Right? You just don't touch, you know, touch the Mona Lisa. Right? So but I had to go with it. And, fortunately, his his wife embraced me and told me that we're keeping his legacy alive. 00:22:07.170 --> 00:22:22.535 But the point is my book is not about race. It's not about white versus black. It's about the fact that 84% of wealth in this country is in white households and that 4% is in black households. It's about expressing to African Americans how to build wealth despite the odds. Yes. 00:22:22.535 --> 00:22:31.690 And the fact that we can have wealth and we can build significant wealth if we if we follow and we focus on basic principles of wealth building. 00:22:31.690 --> 00:22:51.465 Absolutely. Well, I wanna go over a few statistics that I have here. The white the typical white family has roughly six times the wealth of the typical black family. And so, there are many reasons why. I mean, we would have to go back to the sixteen hundreds Exactly. 00:22:51.465 --> 00:23:04.090 And talk about chattel slavery and and then talk about, Jim Crow, all of that. You know, a lot of the things were certainly stacked against 00:23:04.330 --> 00:23:04.810 Exactly. 00:23:04.890 --> 00:23:17.305 Black people building wealth throughout the history of America. Mhmm. Many of those barriers have been removed, but there are still barriers. 00:23:17.305 --> 00:23:17.945 Yes. 00:23:18.425 --> 00:23:19.785 But not enough barriers 00:23:20.025 --> 00:23:20.665 Exactly. 00:23:20.905 --> 00:23:31.320 That you can't overcome Exactly. And become extremely wealthy. Exactly. You have proved that. I have proved that, and many other people have have proven that. 00:23:31.320 --> 00:23:39.480 Right. Why do you think there's such a large wealth gap? And there are multiple reasons. Exactly. I would just love to hear a few from you. 00:23:39.480 --> 00:23:54.285 Yeah. I mean, I think there are three factors that really contribute to it. Obviously, you know, slavery and the impact of slavery, and bigger than that, the impact that slavery's had on our mindset, you know, and how we respond to it. You follow me? Yeah. 00:23:54.285 --> 00:24:26.710 The other piece of it is is continued racism and systemic racism in policies within the government. And, you know, another piece is there's a there's this thing called the relationship gap. Mean, business is done. You know, I read a book some time ago that business is a contact sport. And so what happens is because whites, you know, run corporations, they run commerce, they run money, and the people who they associate with happen to be white, at the same time, the people who get the benefit from those opportunities and those relationships happen to be white as well. 00:24:26.710 --> 00:24:36.310 It's because of close proximity to them. Right? And so that has something to do with it, but there's a fourth component, and these are the things that we have control over. Mhmm. Right? 00:24:36.310 --> 00:24:57.770 We have control over what we do with what we have. And so it's been proven time and time again from generation upon generation that if we're good stewards with what we have Mhmm. That we can build wealth too. Now the reality is we won't build wealth to the level that they will, but we can get to the point where we're financially independent, where we're millionaires, where we're even billionaires. Right? 00:24:57.770 --> 00:25:09.065 But we have to just change our mindset around what we do with what we have. The game is never gonna be fair. It didn't start off that way, but we have to leverage what we have that we can make the situation better. 00:25:09.065 --> 00:25:30.050 No doubt about it. Well, there have certainly been some barriers Mhmm. To building wealth over the last few centuries. In fact, most ethnic groups came to America for one of three or two or three or maybe three out of three reasons. They either came for political freedom 00:25:30.290 --> 00:25:30.610 Mhmm. 00:25:30.610 --> 00:25:42.415 Religious freedom, or economic freedom. Yes. African Americans, we were the only people who came here and we were not coming here for freedom. Right. We came here to be a part of a system called slavery Yes. 00:25:42.415 --> 00:25:46.490 Where we were anything but free. We were wealth. Yeah. We were wealth. Yeah. 00:25:46.490 --> 00:25:47.610 We were the product. 00:25:47.610 --> 00:25:48.650 Yeah. We were the product. 00:25:48.650 --> 00:26:06.345 And then America became a economic juggernaut. Mhmm. There's a reason America became really the wealthiest country in the world, and a lot of that was 250 of slavery Yes. Which was free labor. 00:26:06.345 --> 00:26:06.985 Right. 00:26:07.305 --> 00:26:26.040 And and the South produced cotton and and sugar and and a lot of the thing, tobacco. Mhmm. You know? And and so a lot of this wealth in America was built on the backs of black people Exactly. Who worked for free. 00:26:26.040 --> 00:26:26.280 Yep. 00:26:27.415 --> 00:26:41.320 Well, we didn't work for free. We didn't have any choice. Exactly. But during that time, we didn't have a chance to build wealth. And then, of course, it gradually came, you know, through the Emancipation Emancipation Proclamation. 00:26:41.320 --> 00:27:04.275 Then, of course, we had Reconstruction, which should have been the beginning of our wealth building opportunities, that got shut down by president Andrew Johnson. And then after that came probably the most evil system, you know, was Jim Crow. Exactly. And and these systems were set up legally. These were not just bad people. 00:27:04.275 --> 00:27:08.435 Right. This was the supreme court. I believe it was Plessy versus Ferguson 00:27:08.675 --> 00:27:08.835 Mhmm. 00:27:08.835 --> 00:27:11.590 That legalized racial segregation. 00:27:11.590 --> 00:27:12.150 Yes. 00:27:12.150 --> 00:27:18.550 So we couldn't live in certain parts of certain cities. We couldn't buy certain houses. Exactly. We couldn't go to certain schools. 00:27:18.550 --> 00:27:19.030 Mhmm. 00:27:19.110 --> 00:27:35.835 But through all of that, there was still wealth building taking place. It just took a little longer. It was harder. Mhmm. And who are some of the people, if you can remember, who inspired you when you look back on our history and you say, wow. 00:27:35.835 --> 00:27:37.195 Thank God for that person. 00:27:37.420 --> 00:27:52.665 It's amazing because I, you know, when I go and speak sometime, I'll do trivia questions and I ask people if they know a guy by the name of John H. Johnson, right? And a lot of times they don't know. I asked them. Do they know a guy by the name of Dennis Kimbrough, Right? 00:27:52.665 --> 00:27:57.625 And they don't know this guy's name. I asked them, do they knew George c Fraser? Mhmm. And they don't know his name. Yeah. 00:27:57.625 --> 00:28:19.810 They might know EYL, nothing in good CYL, but they don't know these other guys. Now these guys were the black titans, right, of the eighties and of the seventies. John h Johnson, Ebony magazine, right, wrote a book, Success Runs in Our Race, another alpha brother. Another brother, Dennis Kimbrough, right here in Atlanta. 00:28:19.810 --> 00:28:20.290 That's right. 00:28:20.290 --> 00:28:32.585 Professor over at Atlanta Clark University wrote a book called the what makes the great great and thinking the original black choice. Great books. These are the books that I read. Right? George c. 00:28:32.585 --> 00:28:33.305 Fraser. Right? 00:28:33.305 --> 00:28:33.465 Yes. 00:28:35.080 --> 00:29:00.405 Those are the books that I read back in the day and I took my time to read them. They inspired me. I had the privilege of meeting Dennis Kimbrough in one of his classrooms because the young lady who works with me in social media says, you know, would you like to meet doctor Kimbrough? I said, of course, I would. I met him and I had a book that that he had read, what makes the great great, and I heard him come speak in Oakland, California when I started my business in 1997. 00:29:00.565 --> 00:29:33.420 He signed the book and he marked 1997. I had the privilege of going to his class. He allowed me to teach a lecture in one of his classes, and I was able to sign over my book to him and show him the book that he signed for me back in 1997. So it's come full circle, and so I think those people laid the foundation and made a person like myself believe it was possible. I'm hoping that people like you and I can share to our community that it is possible despite the odds, But the whole point is we've got to go back to these basic principles of living below your means 00:29:33.580 --> 00:29:33.820 Yes. 00:29:33.820 --> 00:29:47.145 Of saving as much as possible, getting invested in securities real estate as early as possible and allow that wealth to grow because it's just not gonna happen overnight and despite the odds we can't build both. 00:29:47.145 --> 00:30:12.315 Absolutely. I was thinking back, my great great grandfather was a farmer, and his farm got burned down because his wife, who was beautiful, she was approached by a rich white guy in South Georgia who wanted my great great grandmother to work as a domestic in in order to work in his house. Well, really, it was a little bit more than that. 00:30:12.315 --> 00:30:12.715 Right. Right. 00:30:12.715 --> 00:30:34.760 He wanted her to work, he also wanted her available to him Mhmm. You know, physically, sexually. So she obviously said no, and they got mad at my great great grandfather and decided to retaliate, and they burned down his farm. And he was eventually lynched. Wow. 00:30:34.760 --> 00:31:02.300 K? So I thought about that story. It's been one of my inspirations that the wealth that should have been in my family from all of that real estate did not get compounded Mhmm. Because it was taken from our family. It was stolen from us, and that happened to hundreds, if not thousands, of black families in the South back in the early nineteen hundreds all the way really up to the nineteen fifties or sixties. 00:31:02.725 --> 00:31:20.600 So I say all that to say, I think I've heard you use this term financial trauma. Mhmm. Okay? A lot of black families, a lot of black people, a lot of people period, regardless of their ethnicity, but I'm gonna say especially black people when you look at our history, we have experienced some financial trauma. 00:31:20.600 --> 00:31:21.160 Mhmm. 00:31:21.320 --> 00:31:38.595 Trauma can either drive you towards success Mhmm. Or it can be a crutch Mhmm. Where you lean on it Right. And you make up excuses. What do you think about how should we deal with financial trauma if there has been financial trauma in our families or individually? 00:31:39.235 --> 00:31:42.435 And how have you dealt with it if you have seen it? 00:31:42.435 --> 00:32:28.050 It's interesting because all black families and some white families have dealt with financial trauma, like not having enough, right, not being able to earn enough. And that trauma passes from generation to generation because the mindset of the previous generation is viewed by the next generation and that kind of sets the tone for how they look at money, how they think, and how they act around money. The challenge about the trauma that the African American community faces, it's never been treated. And so there's a there's studies that says adults who experience childhood trouble trauma suffer from four things. They suffer from cognitive issues, feelings of inadequacy, difficulties forming meaningful relationships, and chronic health issues. 00:32:28.325 --> 00:32:56.220 Those are the four things that plague the black community because it's gone untreated, and it's really about how we respond to it. So how do we respond to this trauma? Overcompensation by basically buying things that make us feel wealthy, buying things that bring certain amount of attention to us. I call it faking it until we make it because people look at us as wealthy and therefore we feel wealthy, right? So that kind of trauma, but that kind of response doesn't make you wealthy, it just makes you look wealthy. 00:32:56.220 --> 00:32:56.540 Yeah. 00:32:56.540 --> 00:33:18.970 Right? And then there's also this inability to form meaningful relationships whether or not it's in the household or even business relationships, the lack of trust, the lack of the ability to pool our resources together to build. All of this is a byproduct of trauma. Right? And so what's what's and that's what we're facing and that's what we're struggling with. 00:33:18.970 --> 00:33:46.390 The sad reality is is building wealth in this climate where you need significant capital to really make a dent in things, we have to come together. Mhmm. And it's that trauma that's and that untreated trauma that's preventing us to come together and build together, right, to build these partnerships and to build these types of businesses that even serves our own community. So that's how it's impacting us. The only way to treat that trauma is through mentorship. 00:33:46.390 --> 00:33:50.470 Wow. That's the only way. You have to be mentored out of it. Mhmm. Right? 00:33:50.470 --> 00:34:16.180 And what I mean by that is that the trauma impacts our mindset. Yes. It does. And it dispositions our mindset to function in a particular way and the way best way to describe that is that the reason why our money outcomes are the way that they are is because our money behaviors are the way that they are, but you can't fix the money behaviors unless you fix the mindset that drives the behaviors because your behaviors are the shadow to the mindset. 00:34:16.180 --> 00:34:16.900 Yes. It is. 00:34:16.900 --> 00:34:34.135 Right? So if you change the mindset, and that's really the heart of what my book is about. If I could shift that mindset, now I can shift the money behaviors. If I can shift the money behaviors, now we can shift the outcomes. And so that's where we find ourselves today and why it feels like we're stuck. 00:34:34.135 --> 00:34:58.715 It feels like we're stuck because we've never treated the trauma. And that trauma requires the kind of coaching that you're doing, kind of coaching that I'm doing, the kind of coaching that EYL is doing, and all these other platforms that are responsibly working with us on shaping that mindset. And I know this is a long answer, but I wanna close with this. In my book, I talk about the four stages of changing your mindset. It first starts with changing the environment. 00:34:58.795 --> 00:35:05.995 Right? You know the old saying that if you wanna sow like eagles, you can't hang with turkeys. Right? Show me your friends. I'll show you your future. 00:35:05.995 --> 00:35:17.050 You gotta change the environment. You gotta have people in your circle, in your community, in your group that is trying to do better with their money. Yes. Right? You can't hang with shoppers that expect you to be a saver. 00:35:17.050 --> 00:35:26.505 It's just not gonna happen. Right? You can't hang with dudes that are, you know, into rims and fancy cars if you're trying to buy real estate. Right? So first of all, you gotta change that environment. 00:35:26.505 --> 00:35:28.425 The second thing is you gotta change the programming. 00:35:28.425 --> 00:35:28.585 Yeah. 00:35:28.585 --> 00:35:40.680 We've all been prepositioned and programmed to think and function in a particular way. We've gotta change that. How do you do that? By what you read. By the information you allow into your mind, by what you watch on television. 00:35:40.680 --> 00:35:47.000 Are you watching CNBC? Are you watching Kramer? Are you watching love and hip hop? Nothing against love and hip hop. Yeah. 00:35:47.000 --> 00:36:07.255 But But those things shape your mindset. The second thing is you gotta change your practices. Now you gotta put these new principles into practice. Over time, which is the fourth thing, you start seeing a different result and it submits a different mindset. You have to change the old mindset with a new mindset based on evidence and based on the fact that things are working in the right direction. 00:36:07.710 --> 00:36:29.525 Now you kind of rinse and repeat. But if you don't do that, if you stay in the same environments, right, if you keep your programming right where it is, you're never gonna practice anything different and you're never gonna see anything result, and you're gonna be stuck into that same rut, and that's what's happening in our community, and that's the work that you and I Yeah. Have to continue to do. Sorry for such a long answer, but that's Beautiful answer. 00:36:29.605 --> 00:36:47.555 That's that's where we are. No doubt about it. Looks like you grew up in an environment, I'm I'm assuming, that was conducive for entrepreneurial ship. I didn't. Most of my family, they were in education, and just about everybody I knew. 00:36:47.555 --> 00:37:06.070 By the way, I grew up in an all black area. Mhmm. Alright. I didn't I wasn't around white people until I got to college. And, actually, I didn't even really have any relationships with white people until I started getting recruited as an athlete coming out of high school, and then all of these successful white businessmen were trying to get me to go to their alma mater. 00:37:06.070 --> 00:37:39.470 And and this was back in the days, man, where they could offer you some stuff, you know. It was illegal, but they still offered it to me. Right. But but the beautiful thing about it, it was my first time getting out of a predominantly black, I'm gonna say, I wouldn't call it low low income, but I had never seen BMWs and Mercedes Benzes and big houses, and I've never heard the language of entrepreneurial ship. And so I got a chance through relationships to get out of my environment Mhmm. 00:37:39.950 --> 00:37:42.590 And it just just changed 00:37:42.830 --> 00:37:43.070 Yes. 00:37:43.070 --> 00:37:44.190 Everything about me. 00:37:44.190 --> 00:37:44.510 Yep. 00:37:44.510 --> 00:38:04.960 Now it was the business environment. Now all the other things I learned in that black environment were were great. I mean, my faith Mhmm. The importance of family, integrity, hard work, education, all of that was there. But I still needed to stretch my mind. 00:38:05.440 --> 00:38:30.095 And so that's when I first heard about the stock market and and investing, and it was through a white mentor of mine who is still I call him my white dad. He's still living. He's in his eighties, and he was my mentor, and it was one of the best things that ever happened to me. This guy was my mentor, and he taught me about business. Mhmm. 00:38:30.095 --> 00:38:38.300 And it so two of those things, my environment Yep. And my relationship Change that mindset. It changed my mindset. 00:38:38.300 --> 00:38:38.620 Yeah. 00:38:38.620 --> 00:38:39.900 Man, that's so important. 00:38:39.900 --> 00:38:40.460 Yes. 00:38:40.620 --> 00:38:51.535 So important. So you and I, what we have been trying to do is to just pour into people and teach them, and and and we've been able to stretch people's minds 00:38:51.695 --> 00:38:51.935 Yeah. 00:38:52.015 --> 00:38:55.455 And not let barriers that some of them are systemic 00:38:55.695 --> 00:38:55.935 Yes. 00:38:56.015 --> 00:38:57.695 Some of them are imagined. 00:38:57.695 --> 00:38:58.415 Exactly. 00:38:58.735 --> 00:39:25.095 For instance, and I would love for you to comment on this, when I got into the investment business, I was told by some well meaning people that I probably would have a hard time being a successful stockbroker. And it was because I was young, I didn't have any experience in business, and because I was black. And our a person told me that white people aren't gonna do significant business with you. 00:39:25.095 --> 00:39:25.335 Mhmm. 00:39:25.335 --> 00:39:29.255 They told me that. Yeah. And I didn't believe it. 00:39:29.255 --> 00:39:29.575 Mhmm. 00:39:30.820 --> 00:39:47.085 And I went after people. I don't care how you look. You could have been a Martian as far as I was concerned. If you have money, I'm gonna prospect you, and I'm gonna assume that I had a chance to get your business. Now was it more difficult 00:39:47.325 --> 00:39:47.965 Mhmm. 00:39:48.685 --> 00:39:57.485 Outside of my black community to to get business and build relationships? Yes. Mhmm. But I was able to to break the cold. Right. 00:39:57.485 --> 00:40:20.715 Right. And so I say all that to to say that you and I, we've had to overcome some of those barriers. Mhmm. Can you talk to me about maybe something that yet you had to overcome even from a racial standpoint? Meaning, somebody told you you couldn't do this or that Right. 00:40:20.715 --> 00:40:21.995 Because you were black. 00:40:22.155 --> 00:40:59.870 You know, I think that as a black man in a white man's world, we all experience that and, you know, I don't believe there's anything that when anybody told me specifically that I couldn't do it Mhmm. But when you read the tea leaves, that's what you're experiencing. I mean, the fact when I first started working for Deloitte and then for Ernst and Young, it was almost like there was a plateau, like they wouldn't for the software that I was an expert at, you know, they would always kind of keep you in this area and not allow you to say, wanna manage the entire project. I wanna manage the entire thing. They would say, you wanna manage want you to manage the tech team, but not the entire project. 00:41:00.110 --> 00:41:33.430 And so I saw this happening and unfolding and so what I did is I ended up, you know, joining a partnership of a group of German guys that changed my life and I wrote about it in my book because you know, they were just getting started. I just finished my MBA and I wrote a business plan to take their business to another level and, they end up accepting me as a partner becoming a COO and then I started managing these larger projects. And so the whole point of that is that a lot of times we're going to hit these glass ceilings and people aren't going to believe in us. We've got to find a way to do it anyway. 00:41:33.430 --> 00:41:33.750 Yes. 00:41:33.750 --> 00:41:53.120 Right? I think the one thing that I was really blessed with is a certain amount of confidence to take a chance and to step out there. And I think about that because having three boys, you could see when you have multiple kids that certain of certain of us are born with a certain amount of confidence. Mhmm. See, confidence is not one of those things where you it's not an absolute. 00:41:53.200 --> 00:42:03.575 It's a spectrum. You get what I mean? So I have one son that is probably the smartest, but is not as confident. Mhmm. I have one in the middle that is the second smartest, but a little bit more confident. 00:42:03.575 --> 00:42:19.120 Mhmm. And I have the younger son, I'm I'm calling him out now, the younger son who's not as intellectually as smart as the other two, but has all the confidence in the world. You get what I mean? Yeah. So we're not born with an equal dose of confidence. 00:42:19.120 --> 00:42:42.955 It's one of those things that you have to build through stepping out, learning, and kind of stepping forward. You have to kind of, in the words of John C. Maxwell, learn how to fail forward. And one of the things I was blessed with was a lot of this confidence so that when I started my business, I could step out and try some things and and know that if I failed that I was gonna figure it out. And so that was that was how I overcame that. 00:42:42.955 --> 00:42:58.925 Wow. Well, let's talk about some of your success. Mhmm. And I believe you've built a business probably close to a $100,000,000 in revenues that you've been able to build. And what risk did you have to take? 00:42:58.925 --> 00:43:01.645 Like, you you I I know it happened gradually 00:43:01.885 --> 00:43:02.205 Uh-huh. 00:43:02.205 --> 00:43:17.620 But there had to be a time in your life where you say, lord, if this doesn't work, I'm done. Has there ever been a decision in your business journey where you had to take a lot of risk and you weren't sure it was going to work? 00:43:17.620 --> 00:43:44.850 Oh, yeah. I mean, when I first got started, when I left those German business partners, I found out my shares were inferior to theirs. Mhmm. So I never signed the paperwork to make myself officially a partner with them, which was good and bad because it was bad because now they were trying to take those, the partnership away and make me a regular employee after I build up the business. But my mindset and my confidence was such that I can't do that. 00:43:44.850 --> 00:44:26.305 I can't build these guys up and then all of a sudden become an employee. So I started all over again by myself and at that time, I was married, had two sons, two baby boys, and a third one on the way building a house up in Oakland Hills and now I gotta step out from this partnership where I was on track to making $600,000 that year to go start a business while I'm building a house. And so I just had to do it, but I'm telling you, was the most scariest thing ever. And every day, I doubted myself and didn't think I was gonna make it, and I just took one step at a time. A lot of prayer, lot of faith, lot of just kinda like, you know, just believing in yourself, but the tricky part was it was very lonely. 00:44:26.465 --> 00:44:54.445 A lot of people don't understand the feeling of entrepreneurship and how lonely it is, And it's because you're the only one going through it and you don't know too many people that really understand what you're going through. That's right. It was also at a time when the whole .com thing was happening. So a lot of my frat brothers and buddies that were working in tech were becoming overnight millionaires because all of sudden their stock was going up and they were rich. I'm saying, here I am trying to start this business, and I can go work at a tech firm and become a millionaire like them. 00:44:54.605 --> 00:45:12.720 Well, years later, a lot of them can't retire. They're not millionaires and the opposite happened for me. So the whole point is that you have to step out on faith and just believe that you're gonna figure it out. You just have faith. You know, I think of one of my favorite quotes by Steve Jobs that says, you can't connect the dots looking forward. 00:45:12.935 --> 00:45:31.580 You can only connect them looking backwards. Mhmm. So you have to believe in something, karma, faith, or whatever to keep connecting these dots, and that's really how it works. Right? It's almost like walking by faith and not by sight, believing that you're going to find a path to success, But the reality is you just have to have that inner confidence in yourself. 00:45:31.580 --> 00:45:39.420 Keep believing, keep yourself motivated, keep yourself reading, and and you'll find out that you that that that that you'll make it. 00:45:39.420 --> 00:45:52.965 Yeah. How did you deal with fear? Fear of failure, fear that it may not work and you might be embarrassed. What role did fear play in your life? 00:45:52.965 --> 00:45:59.540 Oh, fear with fear was powerful. It was scary. I mean, was, you know, I think that the how I dealt with fair is I kept reading. Mhmm. Yeah. 00:45:59.540 --> 00:46:28.125 I look at it today and I was talking to my community about how people are falling for these programs and every program they wanna sign up and I you know, to learn all these things. I said, you know, you guys gotta just pick up a book and start reading. Yeah. Everything you wanna know, can find in a book. And so I was reading, and today, the generation is so distracted by what's happening on social media and with all the stuff that's going on and that they're not taking the time to reading, absorbing the information, and learning from that. 00:46:28.125 --> 00:47:15.475 So I was reading, and it was the reading of What Makes The Great Great that kept me inspired, that kept me believing because when you're out there doing something that's scary, that's difficult, you have to have faith in something, and so that's where the reading kind of calms the nerves and and kind of allows you to kind of function. But there was a lot of, you know, I built this big beautiful house, pastor, and I was, living less next door to doctors. My my neighbor across the street was the CFO of restoration hardware store, just took it in public, you know, neighbors across the street, all these super wealthy people. Here I am, thirty two years old, living in this multifamily multimillion dollar house, traveling East Coast, West Coast, working my tail off, not knowing if one day I fly into New Jersey to my client, they basically say, you know, we don't need you anymore. Wow. 00:47:15.475 --> 00:47:38.815 So it was very, very scary not knowing when I was gonna be able to take a breather and feel the the the the the sense of success. But it took me about ten years to get to that point where I didn't have to worry anymore. Yeah. But I just had to keep pushing and pushing and pushing, and that's what this generation has not experienced yet and hopefully through you and me, can encourage them to to take that walk. 00:47:38.815 --> 00:47:42.975 Yeah. So you hit the multimillionaire status before you were 40. 00:47:43.055 --> 00:47:50.735 Yeah. I I I became a millionaire by age 32. I couldn't stop working. Yeah. But before 40, yeah, it was multimillion dollar status. 00:47:50.735 --> 00:47:51.135 Yeah. 00:47:51.215 --> 00:48:02.760 So what are some of the things that struggling people do or ways that they think versus wealthy people? What are some of the different mindsets? 00:48:02.760 --> 00:48:29.040 One of the biggest mindsets, and I talk about this often, is that their attitude towards debt. Right? And and and we, in our community, we look at debt in such ways and it's and it's so twisted and I I've been working hard even without my own community to get us to think about debt differently. Mhmm. You know, I talk often about stop tripping on your debt and the reason why I say this, and you you will understand this, you know it takes a long time for compounding to happen and for you to build wealth. 00:48:29.040 --> 00:48:47.680 That's right. It takes years for that to happen, but if we spend all of our time paying down our debt and never get investing to work in our behavior in our in our we never build any really well. So my philosophy, even as I talk in in the book, is to, yeah, address your debt. Prevent your debt from going up. Right? 00:48:47.680 --> 00:49:22.030 Put it on an accelerated debt pay down program using the avalanche approach or using the snowball approach. But that excess cash, you've gotta get busy investing because from the time of 2009 to 2022, right, after after the great recession, the market grew over 500%. So while we're sitting there playing debt, paying down debt, we're ignoring the growth of the market and the kind of growth that could cover all your debt. Mhmm. Now some of my critics will say, well, your your debt is, at 22%, and you're only compounding about maybe 10%. 00:49:22.110 --> 00:49:41.055 Yeah. I get that. Theoretically, you want your snowball to be big enough to where it's bigger than your debt. And not only that, there's a study that shows that when you come out of debt quickly, you know what you tend to do? Go right back into debt, and you stay into this constant path to this constant cycle of going into debt and going out of debt. 00:49:41.135 --> 00:49:54.830 If you pay your debt off slowly over time as you're building wealth over time Mhmm. As you see that wealth grows, it cements a whole different mindset. Right? And you continue to pay down the debt, but you get really excited about the wealth that you're building up. Yeah. 00:49:54.830 --> 00:50:04.775 People never experienced that, and I consider that an investor's high. It's kind of the high that you get when you're running Mhmm. And you get to the point where you're just kind of floating. Mhmm. Right? 00:50:04.775 --> 00:50:12.230 You're not even feeling the effort. We never experienced that if we still spend our entire lives going into debt and going out of debt 00:50:12.390 --> 00:50:12.710 Man. 00:50:12.710 --> 00:50:14.070 Because we never built any wealth. 00:50:14.070 --> 00:50:14.870 That's amazing. 00:50:14.870 --> 00:50:18.550 And that's what's plaguing our community. We're never experiencing that. 00:50:18.550 --> 00:50:27.825 Wow. So you're saying the way we look at debt could be one of the, differences between a wealthy person and a struggling person. 00:50:27.825 --> 00:50:28.705 Yes. Yes. 00:50:28.705 --> 00:50:32.225 Give us a few more things that we need to look at. 00:50:32.225 --> 00:50:43.190 Yeah. A few a few more things are just is that a lot of our focus seems to be mostly on income and not wealth. Right? So a lot of the things that we're focusing on is really about how do I make more income? Yeah. 00:50:43.190 --> 00:51:01.075 How do I make more income? And we're not thinking about how do I accumulate more assets because wealth is really about assets. And eventually, you wanna get to the point where your assets do the job of generating the income that you need. But in order to do that, you have to translate or convert that income into assets. Right? 00:51:01.075 --> 00:51:24.755 And so we never get to play that game. And, you know, it's almost like you're you're you're playing a game and all you're doing is playing defense, but you never score any points. Mhmm. And so those are the kind of things that mindset things that I work on and that we wanna continue to work on. It's kinda hard because we're so stuck in a certain mindset, it's hard for people to trust the process, and you gotta trust the process if you're ever gonna experience, you know, this. 00:51:24.755 --> 00:51:33.795 That's a good point because I read that where black spending power, black income Yes. I think it's a couple of trillion 00:51:33.795 --> 00:51:34.035 dollars Yes. 00:51:34.035 --> 00:51:42.190 It is. $2,000,000,000,000 and people look at that. I mean, look at this spending power. Look how much money we are making right now. 00:51:42.190 --> 00:51:42.510 Yes. 00:51:42.510 --> 00:51:46.270 That's a good thing. It's it's worthy of of of compliment. 00:51:46.270 --> 00:51:46.830 Yes. 00:51:47.550 --> 00:51:55.065 It has little to nothing to do with wealth building if you don't do the right things with the income. 00:51:55.065 --> 00:52:19.545 Yeah. We we brag about that. Nielsen does this study and they've been doing it forever because I don't know if you know that after doctor Martin Luther King down in in Memphis, Tennessee, right before he was murdered, he did the I've been to the mountaintop speech and he talked about how our spending power ranked us ninth, the ninth largest economy in the world, the ninth. Wow. At 2,000,000,000,000, we're the thirteenth. 00:52:19.545 --> 00:52:33.960 Wow. So the power of our spending is equivalent to nations. We're ahead of Spain in terms of our spending power, so we brag about it as if it's something. Mhmm. What if we can convert 25% of that into investment power? 00:52:33.960 --> 00:52:35.480 Do you follow me? 00:52:35.480 --> 00:52:36.600 Yes. I do. Martin Luther 00:52:36.600 --> 00:52:51.025 King was calling for us to do a bank in Yeah. To use black banks and use black insurance companies. He was about to change his message to be more of an economic message. Not only that, even before Martin Luther King talked about it, Malcolm x talked about it. 00:52:51.025 --> 00:52:51.345 Yeah. 00:52:51.345 --> 00:52:57.345 The same thing in the same way. We've been talking about it for a long time. You know what's stopping us? What? The trauma. 00:52:57.750 --> 00:53:10.545 The inability for us to partner, to work together, to trust one another, to start building it. And I did an opening at the Black Pole Summit, my event, and I said that we have to now take a black first agenda. 00:53:10.545 --> 00:53:10.865 Yes. 00:53:10.865 --> 00:53:11.265 Right? 00:53:11.265 --> 00:53:11.665 Yes. 00:53:11.665 --> 00:53:21.185 Black first, even if it hurts, black first until it works. Right? So we have to kinda keep working that thing because we're not used to partnering. Yeah. We're not used to working with each other. 00:53:21.185 --> 00:53:34.110 We're gonna stumble. But regardless, we gotta find a way to continue to find the ones we can partner with. That's right. If this guy treats me wrong, I'm not dealing with him. I'm only dealing with the ones that will treat me right and that will that wants to 00:53:34.110 --> 00:53:35.285 build. Amazing. 00:53:35.285 --> 00:53:41.765 And that's the mindset that our community has to take or else we're gonna continue to be in the same endless cycle. 00:53:41.765 --> 00:54:01.850 Wow. Well, as we come to a close, I wanna deal with this issue of how the dollar circulates within different ethnic groups. Now there have been some studies done and some numbers thrown out there, and and and some of that is not 100% accurate, but I believe the principles are. 00:54:01.975 --> 00:54:02.535 Mhmm. 00:54:02.535 --> 00:54:11.495 And that is, I believe, in the Asian community, the dollar circulates quite a bit. Yeah. Quite a few days, if not Like 00:54:11.495 --> 00:54:12.135 thirty days. 00:54:12.135 --> 00:54:24.780 Yes. Before it is spent outside of the Asian culture, the Jewish culture, the white culture. Then you look at the black culture. Our dollar circulates the least. 00:54:24.780 --> 00:54:25.100 Yep. 00:54:25.100 --> 00:54:28.620 Some people say in a few maybe a few hours. 00:54:28.620 --> 00:54:28.940 Yep. 00:54:28.940 --> 00:54:34.795 Okay? So this issue of keeping money, relationships 00:54:35.275 --> 00:54:35.675 Mhmm. 00:54:35.675 --> 00:54:41.035 Within a tighter circle strengthens the ethnic group economically. 00:54:41.035 --> 00:54:41.435 Yes. 00:54:41.435 --> 00:55:06.645 So I wanna talk about that because it's a it's a controversial subject because the last thing we want to be accused of is being racist Exactly. By by promoting doing business with black people Mhmm. More. Right. Why is it important that we circulate money more within the black community? 00:55:06.645 --> 00:55:18.090 I love that. This is an incredible question. The whole point is our whole ecosystem is broken because of that. The study showed that the dollar circulates in the black community just six hours. I think Ebony magazine reported that. 00:55:18.090 --> 00:55:39.345 So we we can debate about if it's six hours, if it's one day or two days, the reality is it's a short amount of time. And so I thought about that. Was like, how does that really happen? Like, live in Maryland and Prince George's County part time and I live in Florida. And in Maryland, see a lot of government workers, government contractors drive around in beautiful Mercedes going to different strip malls and they're going to buy groceries. 00:55:39.660 --> 00:55:48.620 They buy groceries from a store that's owned largely by either shareholders or somebody white. They go get their laundry service done, usually by somebody who's Asian. 00:55:48.620 --> 00:55:48.940 Yeah. 00:55:48.940 --> 00:55:59.995 Right? And that Asian guy doesn't live in Prince George's County. They live in either Howard County or they live in Annapolis. Right? Or you go to a gas station, you get gas, or you go to a liquor store. 00:55:59.995 --> 00:56:32.535 Now the Middle Easterns have bought up all the liquor stores in Prince George's County. Every last one of them. They don't live in the county. So the moment you get your paycheck and you go to take care of your services, getting gas, getting liquor, getting your laundry done, getting your grocery done, just basic common needs, they go to their communities and they go spend it in their community. And then the Asian guy goes to Montgomery County and he buys fish from a fish store, that's an Asian fish market, and that guy just circulates that dollar and it circulates, they say, like 20 to 30 times. 00:56:32.535 --> 00:56:44.800 Mhmm. That's how it really happens. Mhmm. And so the whole point is is that we shouldn't look at that as negative, we should look at it as opportunity. See, we always basically say that black people don't support black businesses but it's the other way around. 00:56:44.800 --> 00:56:53.185 You're in business to make a profit. Black businesses need to support black people. Wow. We need to support the needs of black people in the community. Mhmm. 00:56:53.185 --> 00:57:15.640 So black people need liquor. They need their their clothes done. If they need groceries, if they need gas, if they need all these basic services, why don't we own those businesses in our own community and provide services at the price and the service quality of common businesses? Mhmm. If we did that, we don't have to beg or have a campaign about buy black. 00:57:15.640 --> 00:57:16.200 Yeah. 00:57:16.200 --> 00:57:23.065 It's just natural. It's just organic. Yes. At the same time, don't just own the business. Why don't we own the real estate? 00:57:23.225 --> 00:57:35.785 Why don't we own the strip malls in our community? And I'm not just talking out the side of my mouth because I do buy properties in Prince George's County. I have several properties there. I own restaurants. I own a medical, office building. 00:57:36.240 --> 00:57:49.605 I own my own office building, and so tenants are paying me for rent. So the whole point is is that we can solve our problems ourselves. We have all the resources that we have. I have a famous saying at my summit. I said, we're all we got. 00:57:49.605 --> 00:58:02.725 The good news is we're all we need. Yes. And the whole point is we just have to look internally and find these solutions internally and provide our people with the right services. That's what business do. We don't create a business and beg you to come do business with us. 00:58:02.725 --> 00:58:07.410 We provide a business, and we provide you incredible service, so you wanna do business with us. 00:58:07.410 --> 00:58:13.410 Yes. Man, that's so good. So good. Boy, we could really dive into that subject a lot. Yes. 00:58:13.410 --> 00:58:24.525 Man, we could even go and I don't wanna really go there. Maybe the next time, we could even talk about how integration helped and hurt Mhmm. Black people Yes. Economically. Mhmm. 00:58:24.525 --> 00:58:40.020 Because now you have more choices, and those dollars flew out of the community, and it didn't circulate as much, and that created a problem. You know, so it created opportunities, but then it also created problems economically. 00:58:40.180 --> 00:58:59.895 But, you know, on that other point, like, we were talking about, but and and just when I grew up, you know, little businesses sponsored little league. Sometimes you don't have little league baseball in our black communities anymore. It's it's sponsored Pop Warner teams. Right? The whole point is if you had a strong black business ecosystem, now we're sponsoring programs for our youth. 00:59:00.295 --> 00:59:20.895 Right? And so now the youth grow up Mhmm. And they get to see the mister Glover's, the Robert Taylors that I saw that inspires them for entrepreneurship and for them for greatness. So the thing comes full circle, and the whole point is, yeah, I wrote the book, why Shabbat Guys Have All the World. My my god honest feeling is that we have the resources to do it ourselves. 00:59:21.055 --> 00:59:43.280 We just gotta think differently. I just gotta close on this one thought because I think about how how we're we're acting sometime and our mindset is about it. We're upset. We're frustrated by how things are working in America, and I get it because I'm just as equally frustrated. How we feel is we feel like that, white America gave us a boat to freedom, but the boat has a hole in it. 00:59:43.280 --> 01:00:08.800 And we're so busy focused on the fact that we got a boat with a hole in it that we're ignoring the resources inside of the boat that can fix the boat. Wow. We completely ignore the resources inside because we're so focused on the problems on the outside. Man. And so meanwhile, we're drowning and we're sinking because we're so focused on the problems on the outside and not paying attention to the solutions on the inside. 01:00:08.960 --> 01:00:12.560 And that's where we have to change our mindsets, and that's where we have to change our focus. 01:00:12.560 --> 01:00:27.545 Wow, man. What an incredible metaphor. Well, I wanna end with this. How important is faith in this whole process of of building wealth? You know, one of my verses, I would love to know what you think about it. 01:00:27.705 --> 01:00:53.665 It said, what shall it profit a man if he gain the whole world? It's not saying anything is wrong with profiting and getting better and even gaining the whole world. I just mean material things. Exactly. Say, but what shall it profit a man if he gains the whole world, becomes successful, builds wealth, but then loses soul, loses values, lose your direction, lose your family, lose your integrity. 01:00:53.665 --> 01:01:03.530 Exactly. Talk to us about the role faith has had in your life and how important it is to stay grounded in that area. 01:01:03.530 --> 01:01:20.575 I love that. You know, faith has become important to me in that whole process because I think of primarily two scriptures. One is I can do all things through Christ that strengthens me. But so people may look at that scripture and see it one way. The way I see it is that I can do Christ strengthens. 01:01:20.975 --> 01:01:29.480 Do you follow me? So the whole point is that sometimes I believe people are sitting there waiting for God to do certain things that he gives us power to do. Do you follow me? 01:01:29.480 --> 01:01:29.880 Yeah. I 01:01:29.880 --> 01:01:39.800 do. And so I believe that we are approaching sometimes faith in the wrong way asking for God to give us increase when he's giving us power to create the increase ourselves. 01:01:40.120 --> 01:01:40.440 So 01:01:40.600 --> 01:02:06.430 And so that's how I look at it. I don't think that they are, I know, you know, I heard somebody I read this in What Makes The Great Great. I think the woman astronaut back in the day talked about her grandmother told her never ask God for anything you could do for yourself. And so my whole point is I think that sometimes we're going and we're hurting and we're and we're asking God for a miracle and I'm not saying that God can't do miracles. I believe he can do miracles. 01:02:06.430 --> 01:02:10.110 I just believe that there's a lot of things we could solve ourselves. 01:02:10.110 --> 01:02:10.670 No doubt. 01:02:10.670 --> 01:02:14.405 And I think that we lose, we should use the faith to strengthen us 01:02:14.645 --> 01:02:14.885 Yeah. 01:02:14.885 --> 01:02:21.285 To encourage us Wow. Right, to keep us hoping and believing for better times to come, but we've gotta do the work. 01:02:21.285 --> 01:02:26.405 I like to say just because God can do anything 01:02:26.645 --> 01:02:26.885 Yes. 01:02:27.160 --> 01:02:31.480 Doesn't mean God is gonna do everything. Yes. God has a part to play 01:02:31.640 --> 01:02:31.880 Yes. 01:02:31.960 --> 01:02:39.640 And we have a part Our to part is stewardship. Yes. Stewardship and being faithful with what we know how to do. 01:02:39.640 --> 01:03:03.340 Yes. The second verse is faith without works is dead, and that is so powerful because we do the work, but it requires us to have faith in the works that we're doing. And so I just believe that often when we when we recite these scriptures, we put all the weight on God, but ignore responsibility of ourselves. Wow. We're doing the work. 01:03:03.500 --> 01:03:25.395 Right? I can do all things that through Christ that strengthens me, but I'm doing the work and phase without work is dead. I've got to do the work and if we can make that shift and and own the responsibility of having to do the work and rely on God to give us the faith and the strength to kind of carry us through like those times I wanted to quit. 01:03:25.395 --> 01:03:25.635 Yeah. 01:03:25.635 --> 01:03:29.390 You follow me? It's it that's that that makes the difference. 01:03:29.390 --> 01:03:46.765 Man, that's so profound, and that's so awesome. Man, I have a boatload of questions I would like to ask you, but I gotta ask you a few more, but we're gonna do it rapid fire. Alright? Mhmm. So I'm gonna pull my phone out because I got them right here, and you gotta answer them pretty quick. 01:03:46.765 --> 01:03:53.405 Alright? You don't have to elaborate, and if you do, just like a one sentence elaboration. Alright? You ready? I'm ready. 01:03:53.405 --> 01:03:58.370 Alright. Stocks or real estate? Oh, both. Both. Great. 01:03:58.370 --> 01:04:00.370 Which one do you like the most? 01:04:00.770 --> 01:04:02.610 I have to say both. I do them both 01:04:02.770 --> 01:04:08.210 Okay. Equally. Alright. Pay off debt or start investing? Start investing. 01:04:08.290 --> 01:04:15.505 I love it. Renting is throwing money away. True or false? True. Okay. 01:04:16.305 --> 01:04:23.265 6 figure salary or 6 figure business? 6 figure business. Alright. Why is that? 01:04:24.220 --> 01:04:30.780 Because you can grow a 6 figure business on your own, and the salary is dependent on somebody to decide if they're gonna pay you more or not. 01:04:30.780 --> 01:04:36.935 Oh, I like that, man. Alright. Own the building or lease the build? 01:04:36.935 --> 01:04:37.895 Own the building. 01:04:37.895 --> 01:04:39.495 I knew you were gonna 01:04:39.495 --> 01:04:40.295 say that. 01:04:40.455 --> 01:04:49.815 A guy who owns a whole lot of real estate. Alright. Alright. How about this one? Mindset or values, and you cannot say both. 01:04:49.815 --> 01:04:56.310 So is it is it the mindset that's important or or or your values if you had to pick one or the other? 01:04:56.310 --> 01:05:04.630 I have to elaborate. That's that's difficult because I believe that your values are a reflection of your mindset. Mhmm. So I think that they're kind of one in the same. Okay. 01:05:04.630 --> 01:05:11.795 But if you made me pick one, I would say values because your priorities are driven by what you value. 01:05:11.795 --> 01:05:19.235 That's so good. Alright. Teach your kids to earn it or hand them the head start. 01:05:19.870 --> 01:05:21.230 Teach them to earn it. 01:05:21.230 --> 01:05:42.935 Yes, man. Alright. How about this one? Keep the yacht and only fly commercial or sell the yacht and fly a private in a private plane for the rest of your life. So yacht, fly commercial, or no yacht and fly in a private plane Both. 01:05:43.015 --> 01:05:43.335 For you. 01:05:43.335 --> 01:05:44.855 I'm just Alright. 01:05:44.935 --> 01:05:47.200 Because you got the yacht. But, hey, man. 01:05:47.200 --> 01:05:53.920 Maybe If I had to pick one, I'd pick the plane because I could use the plane to make enough money to buy the yacht. Alright, man. Alright. So you 01:05:53.920 --> 01:06:01.200 could use the plane to do your deals, and then you can you can eventually Exactly. But alright. I never looked at it that way. I like that, man. I like that. 01:06:01.825 --> 01:06:05.345 Alright. The worst money you've ever spent. 01:06:05.505 --> 01:06:18.340 The yacht. The yacht. Although I The yacht was on I the tell people it is the worst investment ever because it depreciates in value Yeah. And you pay 10% of its value to maintain it. 01:06:18.340 --> 01:06:18.660 Wow. 01:06:18.660 --> 01:06:29.215 So it's the it's the steepest drop in your net worth, but you only do it if your wealth is going up and so you can counter it. 01:06:29.215 --> 01:06:35.615 Wow. That is great. Well, man, keep the yacht because I enjoy being on it. Okay? Alright. 01:06:35.615 --> 01:06:41.215 Please keep it, man. Alright. How about this one? Last question. The best investment you've ever made. 01:06:41.660 --> 01:06:51.980 Oh, the best investment I ever made was my business because it generates the income that allows me to invest in everything else that I've done. Man. It's been the it's been the best. 01:06:52.140 --> 01:07:09.695 That is awesome. Yes. Well, I like to end these episodes by asking my guests to ask me anything they want to ask me, to ask the Stewardship Coach anything, and you and I have gotten to know each other. Man, I'm so intrigued by your life. But but what is a question we can end on? 01:07:09.695 --> 01:07:11.270 Anything you wanted to ask me. 01:07:11.270 --> 01:07:33.525 I love that. So I would like to ask you, and you and I have had a little bit of conversation about this a little bit when we were talking about syndications and all that. What do you believe the church's role Wow. In assisting their members and the community, you know, to be better stewards financially. What is the church's role in fostering that and enabling that? 01:07:33.925 --> 01:07:52.590 I believe the church should be probably, maybe the primary institution teaching people, first and foremost, about faith, the bible. Yes. Okay? But secondarily, how to build wealth. Now why do I say that? 01:07:52.885 --> 01:08:22.780 Within the black context, the church has always been the institution that people came to to learn about politics, social activism, the importance of family, and obviously faith. But we've gotten away from churches really empowering people in in very practical areas. So I believe the church is probably the missing link 01:08:23.020 --> 01:08:23.420 Mhmm. 01:08:23.420 --> 01:08:44.500 In terms of educating, empowering, and encouraging people how to build wealth and how to handle money correctly. And so I'm trying to change that by bringing this message into the church, but but doing it through the word of God because the Bible talks about money a lot. 01:08:44.500 --> 01:08:44.820 Yes. 01:08:44.820 --> 01:09:05.735 And all of these principles we've talked about, it's right there in the word of God. Mhmm. Some of them are very clear, some of them are more subtle, but but it's right there. The principles are there. So I believe the church should play a great role in teaching, educating, encouraging, entrepreneurial ship. 01:09:05.815 --> 01:09:24.155 I believe churches ought to be buying land and and doing real estate deals Mhmm. And modeling out some of these principles. But we need people like you, myself, and many others to to come alongside the church and to help us to be all we could be. 01:09:24.155 --> 01:09:25.595 And I have one other question for you. 01:09:25.595 --> 01:09:25.915 Okay. 01:09:25.915 --> 01:09:40.550 And that is, when are you going to create the faith based summit around finances and take that leadership on? Because I do believe that faith based, you know, in its totality Yeah. Should have a say 01:09:40.790 --> 01:09:41.030 Yeah. 01:09:41.430 --> 01:09:44.630 About I agree. How we should build wealth responsibly. 01:09:44.630 --> 01:10:06.440 I agree. I want to do it. In 2027, I'm gonna do a conference, and it is going to be a faith based wealth building conference. We're gonna teach people how to manage money, how to how to make money, how to multiply money God's way. And you're gonna be one of our speakers. 01:10:06.440 --> 01:10:30.915 Look, man. I want you to know that. So I do think that my calling is to teach people how to do these things we've talked about, but through the lens of of the bible, through the lens of our faith. And I believe that is one of the missing links of our culture. We've gotten away from from the church. 01:10:30.915 --> 01:10:36.210 We've gotten away from faith playing a vital role. Mhmm. We've seen a lot of wealth built 01:10:36.450 --> 01:10:36.770 Yes. 01:10:36.930 --> 01:10:44.210 But we've seen a lot of people losing their soul, losing their way. And so I wanna bring that back and to marry the two. 01:10:44.545 --> 01:10:46.145 I love that. Love to be a part 01:10:46.145 --> 01:10:51.505 of it. Thank you, man. Well, you definitely will be, and you hold me accountable. Alright? We're gonna do a major conference. 01:10:51.505 --> 01:10:53.025 Hey. It's recorded now. Alright. 01:10:53.025 --> 01:11:13.575 I gotta do it now. Well, thank you for being on the Stewardship Coach Podcast for telling us about your journey and, man, dealing with some areas that a lot of people don't talk about. So I wanna say one more time, I love your book. I love the title. Tell us about the title again. 01:11:13.575 --> 01:11:18.215 It's Why Should White Guys Have All the Wealth? How You Can Become a Millionaire Starting From the Bottom. 01:11:18.215 --> 01:11:28.670 Well, well, that's what we're gonna help people do, start from the bottom and build millions and millions of dollars so they can be the person who God has called them to be. Thank you, man. 01:11:28.670 --> 01:11:31.150 Thank you. Appreciate it. Appreciate you so much.