December 30, 2024 • 51 mins
Previously Recorded
In this episode, John breaks down how money works and ranks different countries in order of their market values.
To learn more about John's Operation Hope initiative, visit: https://operationhope.org/how-we-help/credit-money-management/
See omnystudio.com/listener for privacy information.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Welcome the Money in Wealth with John Hobryant, a production
of The Black Effect Podcast Network and iHeartRadio. Yeah, I'm
quickly becoming a Mike Epps fan. Here my brother comes
again with some straight talk, like real wisdom. This is
(00:22):
John Hobriyant talking about money and wealth and it's also mindset.
This is about getting your mind right, because whether you
believe you can or you believe you can't, you're absolutely right.
Success is going from failure to failure without loss of enthusiasm.
As I said repeatedly, and I'm gonna pound it into
your brain. If you hang around nine broke people, I
(00:43):
guarantee you you'll be the tenth. Your environment matters. And
Mike Epps talks some truth. Look a lot of black people,
African Americans in particular. I'm gonna do a whole podcast
on blacks and Africans, Blacks and Caribbeans, African American blacks
and Caribbean blacks, and African American and African African blacks
because we are all from the same root of the
(01:05):
same tree. In fact, all human beings are from Africa,
but the cultural differences matter because of our experiences are different.
All that matters and changes the endorphins in our brain,
and some of us are in a sub hriving mindset,
some of us are in a thriving and some of
us are in a winning and building mindset. So but
those who are in a surviving mindset, who grew up
(01:26):
in the hood, Mike Apps is talking about that experience,
and I can relate to a growing up in Compton, California,
in south central Los Angeles. Mike is talking about. You know,
folks are not necessarily rooting for your success because a
lot of us are depressed. Real talk now here that
maybe seventy eighty percent this I cannot confirm this to
be a fact. I'm just telling you seventy eight percent
of black people before the pandemic, African Americans, I think,
(01:49):
were clinically undiagnosed depressed. And you can be the most
loving person in the world. But if I'm depressed, I
don't like me. So if I don't like me, I'm
not gonna like you. If I don't feel good about me,
I'm not gonna feel goo you. If I don't respect me,
don't expect me to respect you. If I don't love me,
I don't have a clue how to love you, and
if I don't have a purpose in my life, I'm
gonna make your life a living hell. Whatever goes around
(02:13):
comes around. And Mike is talking about growing up in
the community community he's now helped to revide lies reinvested in,
and he's talking about experiences he's had where folks are
not necessarily happy about his success. They love it when
he fails. They love it when he's on drugs. They
love it when coming back off of drugs. They love
it when he's down. They love it when he's had
(02:34):
some kind of something that is befalling in his life.
He's tripped and fail and he's not feeling good. They're like, oh, man,
come on, man, I'm with you. Brother gets you back
on track because they can relate to his pain, but
they cannot relate to his gain. They're not rooting for
him when he's doing well. They're like, Man, you sold out.
What the heck does that mean? Man? You're talking like
(02:54):
you white? What the heck does that mean? It's English,
you're talking Japanese. You're speaking Japanese or you're not. When
you're speaking Spanish, you're either speaking Spanish or you're not.
Speaking Russian, either speaking Russian or you're not speaking French.
You're either speaking French or you're not. When you're speaking English,
you're either speaking English or you're not. When you're speaking capitalism,
(03:15):
same thing applies. So what I don't understand this craziness right,
Like you can be bilingual, I can be down with
my community in the streets and able to cut a
business deal in the suites. You better be able to
do that or you're going to be broke. Real talk,
And I'm not trying to hang around a bunch of
broke people and other than to visit maybe my neighborhood
(03:35):
and try to inspire them to be better, to try
to inspire them to come up from nothing. My last
book Up from Nothing of a new book coming out
soon called Financial Literacy for All, which is a civil
rights issue with this generation. But I want to inspire
you to come up. But I'm not trying to sit
around and let that toxicity jump on me, that depression
jump on me. Just real talk, like I'm not trying
(03:56):
to hang around people who are bringing me down. I
can't guarantee you being positive is gonna make you a success,
but I absolutely guarantee you that being negative will make
you fail. And nobody wants to be around somebody who's
depressed and talking down all the time. We want encouragement.
Listen to my podcast on relationship, listen to that episode
(04:17):
and on marriage. If you're not better together, two plus
two does not equal more than four, what are you doing?
You can do that all by yourself. So Mike is talking,
real talking, He's pouring his heart out. And we've got
to admit that four hundred years of well mostly for
the years of being repressed in this country. Certainly two
hundred or three hundred years is being repressing in this
(04:37):
country as African Americans, and ill treatment until the late
twentieth century, structurally and legally has messed with our head,
mess with our heart, mess with our spirit. And maybe
we don't feel good about ourselves. And maybe as a
result of that we have crab in the barrel. Maybe
we're trying to bring other people's down. You can't solve
something unless you deal with it first. We are a
beautiful people. We've been doing so much with so little
(04:58):
for so long. We can almost do anything with nothing.
Over the rounded through it, We're gonna get to it
like we are experts at surviving. But I don't want
you surviving. I want you thriving, all right. I want
you winning. I want you to be a winner builder.
I want you to have a mindset that says I
am somebody, and I want you to be somebody too.
If I'm talking positively about something about my successes and
(05:20):
I don't, I don't do it around a lot of
people because they don't want to hear it. I know
they don't want to hear it. They say they what's
going on? They don't really want to hear it because
see he just bragging. Now who says that? Think about
that's like crazy? Why wouldn't you just be saying, my God,
that's fantastic. Maybe that's sen some encouragement for me. Maybe
I can learn from what's going on with what John's doing.
(05:41):
But I know that a lot of people. I hang
around a lot of people. I am around educated. This
is not poor people now, sorry, not financially poor people.
I'm talking about people who have done well, but psychologically
they're messed up. I can read people in a minute.
I can meet you in two minutes. I have read
your spirit, and I can tell whether whether you're a
hurt person or not, and whether you got attitude in
your bones or at least attitude in your head and
(06:02):
your spirit, and whether you mean me no good? You
looking at me, you're smiling, but really you're sneering underneath
your breath, because, oh John, why is he success? Why
is he didn't go to the fraternity, He didn't go
to this college, he didn't do this, he didn't do that.
I paid these dues. He's not part of the club.
I don't want to be part of your club. Man.
I never sought membership in your club. I'm focused on
(06:25):
trying to get to my objective and I want to
bring you with me. Why don't you want to bring
me with you? Why don't you root for my success?
Irrespective of how I got it? Maybe you can learn
something from that. God gave us two ears and one mouth,
so we listened twice as much as we talk. But
hurt people, hurt people, just real talk. We have got
to move the toxicity out of our lives. God bless you.
(06:47):
Mike Epps, keep going, brother, and I'm glad you are
sober now and you are speaking your truth. Hopefully all
this causes all of us in the black community to
begin to deal with our stuff. What is a church
in the black community, in a low until black community,
an unofficial psychologist or shrink, it's our therapist. Oh you know,
I don't want to go to a therapist. Somebody might
(07:08):
think I'm crazy. If you're black in America and you
don't think you're crazy, you are actually a little crazy. Hey, hey,
this is John O'Brien. This is money and wealth. Don't
(07:29):
you just hate it when folks talk over your head
and you think it's silly to ask intelligent questions because
you think somebody's going to try to embarrass you or
think bad of you. There's no stupid questions. Look, God
gave you two ears in one mouth, so you listen
(07:50):
twice as much as you talk. So I want you
to ask Quincy Jones, a brother in a mentor of mine,
one of the impresarios of the world in music and entertainment,
the guy who essentially helped to create the global brand
of Michael Jackson and so many others. I asked his brother,
(08:10):
how'd you get so smart? He said, I'm just nosy
as hell. I want to know everything about everything. So
I want you nosy right, Saint as a sinner that
got up. Just keep getting up, keep asking questions. So
I knocks you down, get back up, take no for vitamins,
and never be embarrassed ever. So we're going to unpack
the economy. We're going to explain things that people say
(08:32):
to you and around you that you may not have
a clue about and you've just been too uncomfortable to
ask the question. But we live in a free enterprise democracy.
When you get up in the morning, if your day's
not about God or love, your days about money. So
it's all around you, but you're not talking about it,
you're not asking questions about it because maybe you're uncomfortable
(08:54):
about it. So let's demystify it. Let's explain how all
this stuff works. Unpacking the economy. Here we go. Take notes.
Listen to this several times if you must. It's the
my ministry of finance. This is my weekly pulpit breaking
down how the economy in finance and money and capitalism
(09:16):
actually works. Just for you. We're going to be PhDs
and phdus to take notes. Take this to your weekly
fraternity and sorority meeting. Take this podcast to your weekly
discussion groups. Start a weekly discussion Group on Silver Rights
si l V er not protesting in the streets, but
(09:40):
creating opportunity in the suites, the business suites. As Malcolm
X said, we've been bamboozo we've been tricked, We've been fooled.
Let's stop that right now, and here we go. There
are over two hundred countries in the world legitimate democracies,
(10:00):
the lard Is economy in the world. Amongst those democracies,
about eight billion people, give or take. The lard Is
economy is the United States of America. Somebody told you
it's China. That is wrong. Somebody lie and told you
is Russia. Not even close. It's just not even close.
(10:21):
Russia is a a rounding era from a GDP gross
domestic product. That's you've heard that phrase bantied around, banted
about GDP. GDP means gross domestic product. Basically, think about
the revenue. If you own a store, it's the gross receipts,
(10:42):
the gross economic output, gross economic activity for your store
or for your barbershop. It is your income that comes
into your household. You get it gross domestic product. So
if you have these two hundred plus nations in the
(11:03):
world creating about one hundred one hundred and five trillion
dollars of GDP gross domestic product estimated for twenty twenty four.
What are the largest economies? About one hundred trillion dollars
in twenty twenty three is projected to be one hundred
and five trillion. They'reabouts in twenty twenty four. So I
want you to guess. See if you can figure this out.
(11:27):
The first thing I think people are you will definitely
get wrong is that people tell me all the time
China is bigger than the United States. Not true. They
have the biggest population one point five plus billion people.
I think it's more than that. But they have the
second largest economy in the world United States number one
(11:49):
at twenty three trillion twenty four trillion. Some people say
it's twenty six trillion, but I'm gonna give you conservative numbers.
China about seventeen eighteen trillion, Germany for trillion and chain,
Japan four Trade and change, India three point seven trillion,
United Kingdom that's Britain three point three trillion, France three trillion,
Italy two point two trillion, Brazil two Trade and change,
(12:12):
Canada to trade and change, and then it sort of
goes on from there. I'm sitting in the city of Atlanta,
by the way, with four hundred plus billion dollars in
annual in GDP, it's one of the largest economies in
the world if it was a country at the tenth
largest economy in the United States. Are you following me?
(12:33):
So I'm giving you the basics the global economy. It
gave you that. I gave you where the United States is.
I told you even there's about eight billion people, give
our take in the world. I've now told you that
the largest economies were. I gave you the top ten
of the large economies in the world. Right, So, now
let's break down the US economy where most of my
(12:56):
listeners live. So you have as part of this economy
three hundred and fifty million people, give or take about
thirty million plus businesses. Of those businesses, how many of
them have ten thousand employees or more? Well, you have
the fortune five hundred companies. You have about one thousand
companies with about ten thousand employees or more. That's a sideline.
(13:17):
We all come to that another time. But most employment,
my point is, comes from small business. Most employment comes
from small business in this country. So if the economy
is twenty plus trillion dollars a year. Is it come
from rich people? No, Seventy percent of the US economy
is consumer spending. That's right, seventy percent of the US
(13:41):
economy is consumer spending, and seventy percent of all Americans
are living from paycheck to paycheck. Everybody, whether you're white, black, red, brown,
or yellow, you want to have some more green? Can
I get an amen? Now? For those who listening to
this thinking that I'm talking about so called poor people,
it's time for you to wake up. Half of those
(14:03):
who make one hundred thousand dollars a year are living
from paycheck to paycheck. Am I hitting home? Yet? You
should be nodding your head. If your household has a
combined income of one hundred thousand dollars and you feel
that you're failing, you're not. So What about the very wealthy?
What about those who've got great incomes? And by the way,
(14:24):
there's difference between getting rich and building wealth. You make
money during the day, you build wealth in your sleep.
It's called compounding. Stocks, bonds, home ownership, businesses, investments, education
I think qualifies. But things that compound while you're sleeping
your income. You can have a contract. This is why
you can have a contract for one hundred million dollars
(14:46):
in the NBA or whatever and go broke because you're rich,
but you may not be wealthy. So when your outflow
exceed your inflow, then your overhead will be your downfall.
Am I going too fast? Third of those who make
two hundred and fifty thousand dollars a year are living
from paycheck to paycheck. That's right. Even the wealthy are
(15:10):
getting hit over the head. A third of those who
make two hundred and fifty thousand dollars a year are
living from paycheck to paycheck. Now, somebody's sitting here saying
I don't care about them. I don't like the rich. Yeah,
everybody hates rich people until they become rich. People say
I hate rich people. No, you don't. You hate rich
people until you become rich. You hate a game? System
(15:30):
is what you hate. You hate a system that you
believe is rigged against you so that you cannot succeed.
You cannot compete, you cannot make any money or build
any wealth because somebody's locked you out. As soon as
you know that you and others you care about can succeed,
you want all in on that, because you want prosperity
(15:50):
in the way that you define it. Maybe you want
to make the money and give it away, but you
still want to be able to make the money. Can
I get a name? Man? Even if you want to
distribute money like a social you got to first collect
it like a capitalist. Drop the mic. If you're living
in New York City and you're making one hundred thousand
dollars a year, it feels like thirty nine thousand dollars
(16:13):
a year because the cost of living in New York
City is higher. That's why a lot of folks move
to the Southern States, because the cost of living is
much lower. Even though you may be making less than
you make in New York City or in Los Angeles,
if you move into a southern state, your cost of
living is lower, your housing, transportation, all that stuff is lower,
(16:35):
and your income may not be the same as it
was where you moved from, but it's high enough so
that your standard or living is better. Did you follow
me on that? If you're spending two dollars in New
York and spending two point one dollars more than you make,
but you moved to Atlanta and or you moved to
wherever Nashville and you're spending one dollar, but you made
(17:00):
one point three dollars. Hello, you're better off even though
you made less. Let me break some eggs around here. Now.
I just talked about the larger economy. I'm going to
talk now about why, why this is everybody's issue, whether
(17:21):
you're black, white, bread, brown, you want some more green.
About sixty four percent, this number vacillates between fifty seven
and sixty four percent of all Americans don't have four
hundred dollars for an unplanned event. Not poor people, everybody. Hello.
(17:42):
So when we work with Delta Airlines at operation, hope
to design a program to give financial coaching and counseling
to every one of their employees and anybody that will
raise or credit score fifty four points in six months,
lower their debt thirty eight hundred dollars in the first year,
increase their savings for twenty two hundred dollars on average.
(18:04):
For somebody making sixty thousand dollars a year, fifty dollars
a year, sixty thousand dollars a year that radically changes
their life and they get a reward of a thousand
dollars emergency savings account for doing that, it goes in
their account at Delta and everybody wins. Well, that's program
has become radically successful, amazingly successful. In the first year.
(18:28):
Half of the employees are taken to the program and
are actively in it, and it's changed their their their mindset,
their mentality, their motivation, has made them less stressed. I've
had brothers walking to me at the in the plane
and just you know, almost with tears in their eyes,
saying that they're not arguing with their wives, wife anymore,
(18:48):
not wives, hello, their wife anymore? You know. Number one
calls a divorce in America. Money. Number one calls for
heart attack. Stress. Number one costs for stress. Money, nember
what it calls for? Domestic abuse? Money? Right? What's a
long protracted divorce about money? That did a whole podcast
(19:11):
just on that. Go and watch that and listen to
that episode. Why is a woman dealing with an abusive man? Money?
I can go on and on and on. We don't
want to talk about it, we want to deal with it.
But it's all around us. So money has a relationship
with you, which you don't have a very good relationship
(19:33):
with money, and so it's taking advantage of you, and
you should be managing it. It should not be managing you,
but you have to understand how this system actually works
so that you can work it. So half of black
people in America, African Americans have a credit score below
six twenty. Let that sink in for a moment. We
(19:57):
have the Hope Financial Wellness Index and Operation Hope. You
can go to the index on the internet, type in
your zip code and we'll tell you what your credit
score is. You tell me your zip code, I'll tell
you how you live in. You lived at sixty one
years old in a five eighty credit score neighborhood. You
lived at eighty one years old in a seven hundred
credit score neighborhood. Twenty year delta, twenty year difference fifteen
(20:18):
minutes apart, all across America. Doesn't matter whether you're black
and brown, urban or white rural. It's the same rules
that apply. If you live in a five eighty credit
score neighborhood. You have a check casher next to a
payday loan lender, next to a rent to own store,
next to a title lender, next to a liquor store,
next to a pawn shop, and a church down the street,
(20:39):
try to make you feel a little bit better once
a week. That's your neighborhood therapist. And meanwhile, and in
single parent of households and a lot of obesity and
high crime rates and low hol ownership rates, easiest way
to build wealth's home ownership. By the way, biggest business
in the world is real estate. In the world, high
school graduation rates in a five ety CIT score. Neighborhood
(21:01):
crimes off the chart, off the chain, violent crimes off
the chain, obeasts everywhere because too many fast food restaurants
where I don't have anything problem with fast food. I
love my share of McDonald's or whatever, but you should
need it every day three times a day. Need fruits
and vegetables and healthy food. If you got to go
to a fast food restaurant, order as salad every now
(21:22):
and then. So because we're eating bad cheaply, we inflate,
we inflame. Your body is inflamed, you know not most
people aren't fat, they're inflamed. A lot of these things
proliferate in communities. We have low levels of relative education
and financial literacy and high levels of depression. So literally,
(21:42):
when I say, if you want to change America, race
credit score is one hundred points neighborhood by neighborhood. I
know it sounds crazy, but it's not about the credit score.
It's about the trending indicators of wealth of hope, well being, faith, confidence, belief, trust,
all the things that parallel a rising credit score. Then
you get higher access to capital, lower cost of capital
(22:02):
in higher credit score neighborhoods seven hundred credit scord. Neighborhoods
don't riot. You never seen a riot in a seven
undre credit card neighborhood in America's history. They don't riot.
They go shopping. So now let me break some real
eggs here. And it sounds like I'm picking on my
black and brown brothers and sisters, but I really want
(22:24):
us to get out of this these bad habits. So
I just talked to you about the largest economy in
the world, the US economy. There's three and fifty million
people in America. Is amazing that the US is this bohemoth,
This amazing economy on the planet is US, and we
are just killing it with a very small population. It's
(22:46):
just a great story of what freedom can do. With
all our problems, and we have plenty of them. We
still are Beacon and a Light on the Hill. I
talked about thirty million businesses. About within that, you know about
three million black businesses. Three point one million black busines
is within that group, but ninety per cent of them
don't have an employee. Hello, I'll do a separate podcast
just on that. Operation Hope, through our partnership with Shopifies,
(23:08):
Creating and others are creating one million black business initiatives
creating black businesses. We've helped, nurtured support it created over
four hundred thousand, as twelve percent of all black businesses
in America. So I'm proud of that. But most of
the companies don't have employees or self employment projects. And
I've already mentioned that the credit score or average credit
score for African Americans is six to twenty, which means
(23:30):
half of us wake up in the morning locked out
of the free enterprise system. You can't get a decent
car loan at six ' twenty. If you get a Mercedes,
it's not a Mercedes's Mercedes payments. You can't get a
decent mortgage at six twenty. It needs to be about
seven hundred. You definitely can't get a small business loan
below seven hundred credit score because it's considered risky credit.
You can't get unsecured credit lines of credit in the
(23:53):
low six hundreds. You need a proper credit score if
you have a seven hundred to an eight hundred credit score.
At the computer on balance that you're applying for just
says yes, it is killer. What color you are, where
you live. It's like, yes, I want you to be
my client. It just the computer just says yes, No,
the color's green. Hello. So go to operation and get
(24:15):
a whole financial coach. It's free. Sixteen trillion dollars. The
whole economy is only twenty three trillion. Racism against blacks
alone corridor, a City Group report, costs the US economy
sixteen trillion dollars. And if we just knocking off, we
stop it, the US economy would surge a trillion dollars
a year. That's a big bump. So here's the egg
(24:38):
I'm going to break now, going in the other direction
of how we shoot ourselves in the foot in the
black community, you have this twenty three trillion dollar economy,
this rocket ship. African Americans call it. Forty million black people,
give or take trying to be three thousand rappers and
three thousand football and basketball players, and I mean, it's
(24:59):
just the numbers don't work. Yes, we're brilliant, we're talented,
but I can't scale an entertainment icon. I can't scale
a sports icon. I can't scale Lebron. I can't scale
Magic Johnson. I can't scale Ti and Killer Mike and
all these people, Chris Tucker. I can't scale these are
iconic Oprah, these are individuals and maybe the employee twenty
(25:20):
thirty forty people. Maybe how do you get forty million
people into the economy. Here's what we've done. We've micro
focused on things like entertainment and sports. All good, I'm
not telling you not to do it, but here are
the numbers. I like to quote melody hops and I
like math because it doesn't have an opinion. Here's the
(25:44):
math of the matter. And here's why I keep telling you.
I want you to have a backup plan to your dreams,
and I need your backup plan to be your primary plan. Okay,
twenty three trillion, I've said this enough to drive it
into your brain. Twenty three trillion dollars US economy. What
part of that do you think is music? Not Black music? Country, blues,
(26:06):
rock and roll, R and B. You know, all genres
of music, all of them, everything, everything rolled up together
of a twenty three trillion dollars economy. I want you
to tell me he would talk about this all day,
all night. Everybody I know, not everybody. All the young
people I know, lots of them wants to be rappers, singers,
whatever they want to be in. They want to be
rocking the mic. They want to they want to, you know,
(26:27):
they want to be a star. Okay, you're a smart person.
What part of that which you guess is the US
part of the US economy twenty three trillion dollars. I'll wait,
think about it now. There's no there's no shame, there's
no embarrassment here a right, you ready about sixteen billion dollars.
Sixteen billion dollars is zero point zero seven percent, So
(26:52):
one percent would be one point zero zero, just to
give you a hits right, ten percent would be one
zero dot zero zero. The music business, all genres, all music, white, black,
lat they know, Asian, everything, zero point zero seven percent.
And then they say, well, the impact of the music
business has this knock on effect of ten x ten
(27:15):
times because of all the industries that feed off the
music business. So it's one hundred and sixty billion. Okay,
that number is not large. So that's the music business.
The entertainment business is also about one hundred and sixty
billion dollars right. Another business that is is at that
same range is professional sports. Now this is not just football, basketball, baseball, soccer.
(27:40):
The ones you watch all levels of professional sports together
combined is you know, one hundred and sixty billion dollars
a year. That's zero point seven zero percent. Again one
percent would be one point zero zero. This is less
than the So you have everybody, I know, all young
(28:04):
people try to push all their dreams into something that's
a micro biicro micro fraction of the annual US economy.
So where is all the money. And by the way,
and even in those areas, who's getting the money? It's lawyers,
you know, accountants, business managers. Oh okay, I'm glad uh
(28:26):
we said that rental companies. I'm gonna get the if
if you're going to be in the entertainment business, rent lenses, yes,
I said, lenses like the when you go to a
video shoot. They don't buy all that equipment they rented.
There are cameras that are worth two hundred thousand dollars,
seventy thousand dollars, fifty thousand dollars, there are lenses worth
(28:48):
seventy thousand dollars. Anyway, these are very precise, uh you know,
all the way down to five ten thousand dollars. Just
rent those things because those companies buy rent those on
a regular basis. All these companies doing shoots of videos
and movies and whatever and TV shows, they most of
those companies, and they show a big studio, they rent
that equipment, they rent that gear. I want to be
in the rental business. I want to rent the mic,
(29:10):
rent the video cameras that I own to these companies.
That's a business of being right, rent the think about
everything on a movie set. Yeah, be in that business.
Being a support the catering businesses, the trailer ownership and
rental businesses, the trailer truck pulling business. I mean, think
about it now, the engineers, all the business that support
(29:34):
the entertainment and sports sectors. I don't want to rock
a mic on the stage. I want to own the
dang on stage. Can I get a named man? So
let's look at a group that actually has done this
in reverse. So you have forty million people trying to
get in. These three thousand jobs are going to turn
over it three to five years. By by the way,
(29:54):
seventy percent of all those in NFL bankrupt five years
after retirement. Seventy percent give or take, of those in
the NBA, the numbers are about the same. Bankrupt are
running the financial difficulties five years after retirement. Don't trust me,
look up the numbers yourself. And I'm not hating on
these roads. I love that we are we have these jobs.
But once you are a professional athlete, are a rapper,
(30:15):
and that that runs out, and you don't have a
degree in the things that drive to you as economy,
what do you do for the rest of your life.
You're an athlete from twenty twenty to age twenty three,
we hope you live to one hundred at least to
seventy or eighty. What do you do for the other
the other forty to fifty years? Be a postman if
you want to work at Starbucks. If you want to,
(30:36):
I mean, what do you qualify for? You need a
degree in something that has you know, technical skills tied
to it. That's not easy to replace. That gives you
a middle class or a middle class lifestyle when the
party is over, of the exciting thing that you want
to grab a hold of in the here and now.
Because anyway, enough on that, I've been obsessing about that.
(30:59):
Let me back up for a minute and give a
wider lens. So if you have forty people black people
trying to do these micro jobs that don't last very long,
then what's a group that has the opposite of that. Well,
you have my Jewish brothers and sisters, seven and a
half million of them in America who are in these
broad based professions and industries. Entertainment, yes, but they're typically
(31:23):
the back room of the entertainment, finance, banking, real estate, medical,
creative spaces. So let me tell you what's driving the economy, right,
and then my Asian brothers and sisters, Indians trying to
be a lot of them are engineers in the technical spaces. Okay,
So in the vast portion of mainstream whites who are
(31:44):
middle class or more are in the category I'm about
to tell you about. So the big buckets of American
economy healthcare ten percent of the US economy or more.
If you want to talk about health care, wellness, medical
broadly based. Then that's probably a third of the US economy. Finance,
in banking, real estate I just gave you. And if
(32:07):
you say the professionals services area like accountants and lawyers
and bankers and financiers and engineers and business managers, hello,
all those professional expertise groups, computer technicians, etc. That's the
vast majority of the economy. Real estate, banking, finance, and
healthcare and professional services represent seventy percent seven d percent
(32:32):
of the entire economy. And people say, oh, man, that's boring.
Is broke boring, because that's what you'll be if you
don't understand what you see. And then you have other
groups that are larger than entertainment in sports, but are
smaller than professional services banking, real estate, finance, and healthcare.
And they include goods producing industries like agriculture, manufacturing, mining,
(32:57):
and construction, amongst others. So we're demystifying the economy here,
we're unpacking this. I'm telling you how the economy works
and who and what is driving the economy. I'm telling
you how you can participate in it and where you
should look. By the way, the biggest industry in the
(33:20):
world real estate. So if you want to build generational wealth,
there are two industry sectors that have never gone down
in the history of America. Real estate in the stock market. Now,
somebody's going to say, John, I got you now. Stock
market crashed in nineteen twenty nine, and market crashed again
(33:43):
this time and that time, and the market was down
even after the pandemic. John, real estate crash in two
thousand and eight. What rock were you under? And what
do you know? This is now? We got you John,
This is wrong. Hey, real estate goes up, there's a
market correction, recession, even dips, stabilizes, corrects above the line.
(34:04):
Get that market where state goes up and the stock
market goes up. Market correction, recession maybe to recede. That's
what a recession means for an economy to receive, to
go backwards. Market goes up, recedes, recession, balances out, catches itself,
catches its breath, and then corrects above the line on
(34:25):
its rebound. And when it corrects above that line, that's
when people go from doing well to doing incredibly well.
That's where wealth comes from. You build wealth in your sleep.
You have to own equities. You've got to own stocks, bonds,
business ownership, real estate. You got to own something that
is tangible, and real income is during the day. You
(34:47):
build wealth in your sleep. You make your money during
the day. You make your money work for you at night. Okay,
I think I've done a good job of summarizing the
overall economy. You'll tell me if I didn't. Here are
the largest economies in the world. I'm gonna run through them.
(35:08):
So America is the sole superpower in the world. There's
never been a superpower in the world that wasn't at
the same time the leading economic power in the world. So,
Spain was a superpower. France was a superpower. Germany was
a superpower. Hello, Argentina was a superpower. Latin America giving
(35:29):
it its props. I'm doing this by memory. And at
the same time they were the political superpower, the UK
Britain was a superpower. People were to start trying to
correct me. Now you missed this one, John, I'm doing
this for memory. How about you. How's your memory? All
this whole podcast was basically by memory. I'm just telling
you what, tell you what I know. But when their
(35:52):
economy tripped up, they tripped up. Okay, and America is
now the sole superpower in the world. We're also the
leading economy in the world, and so we got to
keep this party going. And the only way you do
that is with all of us. Are put another way,
my poor friends do better if only to stay rich.
Even a racist needs a black man to succeed so
(36:13):
that he prospers or she prospers. Because when the economy grows,
all boats rise. When GDP gross domestic product increases. Here
are the largest economies in the world ready, and I
already mentioned this was number one. Hello, the United States, two, China, three,
Germany for Japan, they keep changing places. By the way,
(36:35):
Germany and Japan they're in the four trillion dollar club
above That is big jumps China seventeen trillion, America at
twenty three to twenty six trillion, depending on which numbers
you look at, India three point seven trillion, United Kingdom
Britain three point three trillion, France three trillion, Italy two
point one trillion, Brazil two point one trillion, Americas in
(36:58):
Latin America, I think I've hit every continent here in
the top ten Canada two point one trade, in Russia
one point eight trade. Remember I told you Russia was
a rounding era America's twenty plus trade in Russia's one
point eight trade and hello, they just make a lot
of noise through threats and terrorism and barbarism. There are
(37:18):
four troublemakers in the world. Leading troublemakers Russia with all
due respect, China, Iran and North Korea. And I'll give
China it's props if it's just, If China would just
simply give us people freedom and stop cheating a capitalism
I might like and started saying nice things about them
(37:38):
to stop trying to undermine America. But through disinformation and
cheating at the game of success. We don't mind a
fair fight, but you can't win. I'm convinced that what
can beat America in a fair fight you got to cheat.
So they're trying to undermine America because we are only
better together. Another podcast for another time. But God blessed
the success of the Chinese people, who I want to
(38:00):
be successful. The twelfth largest economy in the world. You'll
be surprised to hear this. Mexico right behind Russia one
point eight trillion, South Korea one point seven trillion, Australia
one point six trillion, Spain one point five trillion, Indonesia
one point four trillion, Turkey one point one trillion, Saudi
Arabia one point one trillion. Thought that were larger, didn't
(38:23):
You thought Saudi Arabia was larger than that. I was
in Saudi Arabia when it was eight hundred billion. They've
jumped a few steps now the Netherlands one trillion. Now
we're jumping into the billions now, Switzerland nine hundred billion,
Poland this position twenty one eight hundred and forty billion,
Taiwan seven hundred and fifty billion, Belgium six hundred and
(38:44):
twenty seven billion, Argentina this was the largest economy in
the world at one point six hundred and twenty billion.
They've got all kind of problems now they're working through them.
Sweden five hundred and ninety billion, Ireland five eighty nine billion,
Norway love that place. My friend Crown Prince Hocken helps
run that place. The future King five hundred and fifty billion,
(39:07):
Austria five hundred and twenty six billion, Israel five hundred
and twenty one billion, Thailand five hundred and twelve billion.
And by the way, that Israel there's only like fifteen
million Jews in the world. It's amazing what they've done.
Seven and a half millions Jews outside the US and
and a half millions Jews here. Don't hate on their success.
Follow their business plan for creating business and economic growth.
(39:29):
I have goes so far as to say, I think
black folks need a Black Jewish business plan with regard
to getting you know, how do you come up when
you're an oppressed people? I think it's a good template.
By the way, half of the whites who supported Doctor
King and the civil rights movement were Jewish. Hello, in
the ego it goes from there. You know number thirty
Thailand five hundred billion. Now when you get down into
(39:51):
the mid four hundred billions, Vietnam fortuyd and thirty three billion,
Philippines forty to thirty five billion. Guess what country is
at that same level? John, did you just mention these
are countries? Yes? I did. Good catch. It's a city.
It's Atlanta, the metro area of Atlanta. The seven counties
represent four hundred plus billion dollars in annual revenue. The
(40:16):
moral capital of America and a place where we've proven
the diversity works for everybody. Inclusive capitalism for everybody. The
tenth lars economy in the US, if it was a nation,
will be the largest economy in the world. And out
in with what is the GDP for black people? What
is African American GDP? You know what is our economic
(40:36):
spending power? For last year? The one point six trillion
dollars was the GDP. If we were a nation of
one point six trillion dollars, so we'd be almost larger
than Russia. Unfortunately, the black dollar doesn't circulate in the
black community. Unfortunately, ninety percent plus of what we make
(40:57):
we spend on consumption. Unfortunately, we only owned only forty
five percent of us own a home, and the easiest
way to build wealth is home ownership. Unfortunately, ninety six
percent of us our black businesses don't have an employees
I mentioned earlier. So you see, we're not dumb and
we're not stupid. We're brilliant. When the rules of published
and the playing fielders level, we kill it. Professional sports, athletes, entertainment,
(41:22):
public office. With the rules of published and the playing
fielders level, we absolutely succeed. But because the Freedman's Bank
was created after the Civil War by Abraham Lincoln and
ran by Frederick Douglass, a free slave who became a
brilliant businessman who owned six million dollars with the real
estate in Baltimore, Maryland during the Civil War period and
(41:43):
rented it out to working class blacks. By the way,
the same business that I'm in with one of my companies,
the Promise Homes Company, affordable single family rental homes. I
sold the company by still im a shareholder in it.
That's the business of Frederick Dunns was in. And that bank,
the Freeman's Bank chartered marched through ID eighteen sixty five
to quote teach free slaves about money. That bank failed
(42:05):
after Lincoln was assassinated a month after he signed it.
In the law and Blacks when never talk about the
free enterprise system, we're not dumb and we're not stupid,
is what we don't know. That we don't know, but
we think we know because no one ever gave us
the memo. That's my fourth book I think on how
the free enterprise system and capitalism works. That's why I
say that financial literacy is a civil rights issue of
(42:27):
this generation. And we've got to move from protesting in
the streets to cutting business deals in the business suites.
The new color is not a white, black, red, brown,
or yellow. It's green. Hello, all right, I've talked enough
for one day. This is the Ministry of Hope, the
Ministry of Finance. This is the Silver or Rights Movement.
This is the third Reconstruction. This is how we all
(42:50):
come up. This is my weekly pulpit for all of us.
This is me trying to unpack how things work. This
is me and hacking the overall economy. If I miss something,
you want me to focus on and just tell me
what it is and I will break it down for you.
By the way, I got one number wrong. The entertainment
industry is about one trillion dollars a year in annual GDP.
(43:16):
About four point four percent of all GDP professional sports
was I got this right, point zero or zero point
seven zero percent. It was one hundred and sixty billion,
and music, all genres of music was zero point zero
seven percent. That's about sixteen billion with a knock on effect.
(43:38):
If you will, of all the if you want to
say of how it's healthy for all the other businesses
that support music, really liberal about it. You can say
it's one hundred billion plus, but it's still a small number,
but entertainment, which is really tourism, and there's a lot
of hospitalities, a lot of things in that number, not
just rocking a mic. Entertainment in quotation marks is the
(44:01):
largest of the industries we actually obsess on for but
it's still four percent of GDP for the nation. So
be an engineer. You'll never go broke. Get in real
estate unless your brain dead or not paid attention. You
can't help, but do well. It'll go up by itself
over time. Buy it, rehabit, rent it, or live in it,
don't sell it, and things should work out for you.
(44:22):
So on a little bit of bonds and stocks, and
have an insurance policy for you and your family. You know,
I mean, it's some basic stuff. If you have an
insurance policy. By the way, as get an insurance policy
twenty thirty forty years of age when you get you know,
when you get married or stay out in life, you
know when you pass. Get it for a million dollars.
You can get one pretty easily at a young age.
Won't cost you much. And when you kick and we
(44:45):
don't know how long we're going to live, we all
know we're going to die. When you kick and have
a will that becomes something you can pass the proceeds,
pass on to your heirs, your children, your spouse and
give them some generational wealth on the way out the door.
I hope this is helpful. This is just O'Bryant money
and wealth. Let's go change the world. Hey aa, this
(45:15):
is money and Wealth with John O'Briant on the Black
Effect Podcast Network. At iHeart this is a fan question.
This is from A H. S A A N M
I T C H E L L underscore at Instagram
(45:37):
A son Michael. I believe I'm saying that properly from Instagram.
What is an intellectual properties financial relevancy in creating wealth?
A great question. I would go one step further and
say what was an intellectual property rights financial relevancy in
(45:57):
creating wealth? Or just what's his an intellectual property rights value? Well,
if you want to find the value of a Stevie Wonder,
then look at his intellectual property rights, his music, his brand,
his image, his likeness. What is the value of doctor
King today his intellectual property rights, his his speeches, his recordings,
(46:21):
his image. What's an intellectual property rights of my brother Charlemagne,
the founder of the Black Effect Network same his radio program,
the Breakfast Club and all the other stuff that he does.
What's an intellectual property right of Michael Jackson or whoever
your favorite artist is. But also, intellectual property rights are
not just creative. You have an intellectual property that's well,
(46:46):
a brand, it's intangibly tangible. Coca Cola is an intellectual property,
the brand of Coca Cola. They've created value in the name.
I think I've created an intellectual property value in the
things that I've been associated with. I'm gonna make this
really simple. Uh, if you want to find a growing economy,
economy is really really doing well, you'll find a lot
(47:08):
of patents. All a patent is is a monetized idea.
A monetized idea is an intellectual property. It's it's a thought,
it's an idea, it's a creative that's been structured and
been then codified in protections. In this particular case, a patent.
You also have copyrights. You can have all kinds of
(47:29):
ways of protecting n f T s or you can
you can you know, you can have digital kind of
digital and other ways of protecting intellectual properties. Uh. But
the easiest way to describe understand this is the biggest
economies in the world have the most patents and the smallest,
most destitute places in the world have almost no patents
because they're they're war torn and people are not don't
(47:51):
have the In order to be creative and to have
the kind of environment where you create things and you
then monetize things, well, you need a legal structure, you
need a government, you need fair play, you need laws,
you need the rule of law, and you need peace
of mind. Well that doesn't work very well in places
of a warrant tory, and that does it. So I
hope I explain in a thumbnail what an intellectual property
(48:15):
is and how it creates and can create financial relevancy
and is a form of wealth creation at some point,
A mutual fund, before it was a mutual fund, was
an intellectual property. A car before it was a car
was an intellectual property. Collection of those which are patents
(48:36):
in other rights that came together to manufacture that car.
The axle, the wheel, the tire, all those were inventors
that created those things and put them together ultimately through
a manufacturer and a car designer who has intellectual property rights,
who then created this car which ultimately becomes a physical
asset or liability, but a physical thing right, a real
(49:00):
piece of property, real property. They call it something you
can touch, which you know, but it started with an
intellectual property. Most great things started with intellectual property. Music
is as old as the world itself is amazing, maybe
the original language. Those are intellectual in my opinion, intellectual properties. Okay,
(49:20):
I can go on and on about this, but tired
to hear myself talk and so are you. So there
we go. Hope this has been helpful and thank you
for the fan question from Asan Michelle at Instagram. John O'Brien,
this is money and Wealth. I'm out. Money and Wealth
(49:50):
with John O'Brien is a production of the Black Effect
podcast Network. For more podcasts from the Black Effect Podcast Network,
visit the iHeartRadio app, Apple Podcasts, or wherever you listen
to your favorite shows.
Welcome the Money in Wealth with John Hobryant, a production
of The Black Effect Podcast Network and iHeartRadio. Yeah, I'm
quickly becoming a Mike Epps fan. Here my brother comes
again with some straight talk, like real wisdom. This is
(00:22):
John Hobriyant talking about money and wealth and it's also mindset.
This is about getting your mind right, because whether you
believe you can or you believe you can't, you're absolutely right.
Success is going from failure to failure without loss of enthusiasm.
As I said repeatedly, and I'm gonna pound it into
your brain. If you hang around nine broke people, I
(00:43):
guarantee you you'll be the tenth. Your environment matters. And
Mike Epps talks some truth. Look a lot of black people,
African Americans in particular. I'm gonna do a whole podcast
on blacks and Africans, Blacks and Caribbeans, African American blacks
and Caribbean blacks, and African American and African African blacks
because we are all from the same root of the
(01:05):
same tree. In fact, all human beings are from Africa,
but the cultural differences matter because of our experiences are different.
All that matters and changes the endorphins in our brain,
and some of us are in a sub hriving mindset,
some of us are in a thriving and some of
us are in a winning and building mindset. So but
those who are in a surviving mindset, who grew up
(01:26):
in the hood, Mike Apps is talking about that experience,
and I can relate to a growing up in Compton, California,
in south central Los Angeles. Mike is talking about. You know,
folks are not necessarily rooting for your success because a
lot of us are depressed. Real talk now here that
maybe seventy eighty percent this I cannot confirm this to
be a fact. I'm just telling you seventy eight percent
of black people before the pandemic, African Americans, I think,
(01:49):
were clinically undiagnosed depressed. And you can be the most
loving person in the world. But if I'm depressed, I
don't like me. So if I don't like me, I'm
not gonna like you. If I don't feel good about me,
I'm not gonna feel goo you. If I don't respect me,
don't expect me to respect you. If I don't love me,
I don't have a clue how to love you, and
if I don't have a purpose in my life, I'm
gonna make your life a living hell. Whatever goes around
(02:13):
comes around. And Mike is talking about growing up in
the community community he's now helped to revide lies reinvested in,
and he's talking about experiences he's had where folks are
not necessarily happy about his success. They love it when
he fails. They love it when he's on drugs. They
love it when coming back off of drugs. They love
it when he's down. They love it when he's had
(02:34):
some kind of something that is befalling in his life.
He's tripped and fail and he's not feeling good. They're like, oh, man,
come on, man, I'm with you. Brother gets you back
on track because they can relate to his pain, but
they cannot relate to his gain. They're not rooting for
him when he's doing well. They're like, Man, you sold out.
What the heck does that mean? Man? You're talking like
(02:54):
you white? What the heck does that mean? It's English,
you're talking Japanese. You're speaking Japanese or you're not. When
you're speaking Spanish, you're either speaking Spanish or you're not.
Speaking Russian, either speaking Russian or you're not speaking French.
You're either speaking French or you're not. When you're speaking English,
you're either speaking English or you're not. When you're speaking capitalism,
(03:15):
same thing applies. So what I don't understand this craziness right,
Like you can be bilingual, I can be down with
my community in the streets and able to cut a
business deal in the suites. You better be able to
do that or you're going to be broke. Real talk,
And I'm not trying to hang around a bunch of
broke people and other than to visit maybe my neighborhood
(03:35):
and try to inspire them to be better, to try
to inspire them to come up from nothing. My last
book Up from Nothing of a new book coming out
soon called Financial Literacy for All, which is a civil
rights issue with this generation. But I want to inspire
you to come up. But I'm not trying to sit
around and let that toxicity jump on me, that depression
jump on me. Just real talk, like I'm not trying
(03:56):
to hang around people who are bringing me down. I
can't guarantee you being positive is gonna make you a success,
but I absolutely guarantee you that being negative will make
you fail. And nobody wants to be around somebody who's
depressed and talking down all the time. We want encouragement.
Listen to my podcast on relationship, listen to that episode
(04:17):
and on marriage. If you're not better together, two plus
two does not equal more than four, what are you doing?
You can do that all by yourself. So Mike is talking,
real talking, He's pouring his heart out. And we've got
to admit that four hundred years of well mostly for
the years of being repressed in this country. Certainly two
hundred or three hundred years is being repressing in this
(04:37):
country as African Americans, and ill treatment until the late
twentieth century, structurally and legally has messed with our head,
mess with our heart, mess with our spirit. And maybe
we don't feel good about ourselves. And maybe as a
result of that we have crab in the barrel. Maybe
we're trying to bring other people's down. You can't solve
something unless you deal with it first. We are a
beautiful people. We've been doing so much with so little
(04:58):
for so long. We can almost do anything with nothing.
Over the rounded through it, We're gonna get to it
like we are experts at surviving. But I don't want
you surviving. I want you thriving, all right. I want
you winning. I want you to be a winner builder.
I want you to have a mindset that says I
am somebody, and I want you to be somebody too.
If I'm talking positively about something about my successes and
(05:20):
I don't, I don't do it around a lot of
people because they don't want to hear it. I know
they don't want to hear it. They say they what's
going on? They don't really want to hear it because
see he just bragging. Now who says that? Think about
that's like crazy? Why wouldn't you just be saying, my God,
that's fantastic. Maybe that's sen some encouragement for me. Maybe
I can learn from what's going on with what John's doing.
(05:41):
But I know that a lot of people. I hang
around a lot of people. I am around educated. This
is not poor people now, sorry, not financially poor people.
I'm talking about people who have done well, but psychologically
they're messed up. I can read people in a minute.
I can meet you in two minutes. I have read
your spirit, and I can tell whether whether you're a
hurt person or not, and whether you got attitude in
your bones or at least attitude in your head and
(06:02):
your spirit, and whether you mean me no good? You
looking at me, you're smiling, but really you're sneering underneath
your breath, because, oh John, why is he success? Why
is he didn't go to the fraternity, He didn't go
to this college, he didn't do this, he didn't do that.
I paid these dues. He's not part of the club.
I don't want to be part of your club. Man.
I never sought membership in your club. I'm focused on
(06:25):
trying to get to my objective and I want to
bring you with me. Why don't you want to bring
me with you? Why don't you root for my success?
Irrespective of how I got it? Maybe you can learn
something from that. God gave us two ears and one mouth,
so we listened twice as much as we talk. But
hurt people, hurt people, just real talk. We have got
to move the toxicity out of our lives. God bless you.
(06:47):
Mike Epps, keep going, brother, and I'm glad you are
sober now and you are speaking your truth. Hopefully all
this causes all of us in the black community to
begin to deal with our stuff. What is a church
in the black community, in a low until black community,
an unofficial psychologist or shrink, it's our therapist. Oh you know,
I don't want to go to a therapist. Somebody might
(07:08):
think I'm crazy. If you're black in America and you
don't think you're crazy, you are actually a little crazy. Hey, hey,
this is John O'Brien. This is money and wealth. Don't
(07:29):
you just hate it when folks talk over your head
and you think it's silly to ask intelligent questions because
you think somebody's going to try to embarrass you or
think bad of you. There's no stupid questions. Look, God
gave you two ears in one mouth, so you listen
(07:50):
twice as much as you talk. So I want you
to ask Quincy Jones, a brother in a mentor of mine,
one of the impresarios of the world in music and entertainment,
the guy who essentially helped to create the global brand
of Michael Jackson and so many others. I asked his brother,
(08:10):
how'd you get so smart? He said, I'm just nosy
as hell. I want to know everything about everything. So
I want you nosy right, Saint as a sinner that
got up. Just keep getting up, keep asking questions. So
I knocks you down, get back up, take no for vitamins,
and never be embarrassed ever. So we're going to unpack
the economy. We're going to explain things that people say
(08:32):
to you and around you that you may not have
a clue about and you've just been too uncomfortable to
ask the question. But we live in a free enterprise democracy.
When you get up in the morning, if your day's
not about God or love, your days about money. So
it's all around you, but you're not talking about it,
you're not asking questions about it because maybe you're uncomfortable
(08:54):
about it. So let's demystify it. Let's explain how all
this stuff works. Unpacking the economy. Here we go. Take notes.
Listen to this several times if you must. It's the
my ministry of finance. This is my weekly pulpit breaking
down how the economy in finance and money and capitalism
(09:16):
actually works. Just for you. We're going to be PhDs
and phdus to take notes. Take this to your weekly
fraternity and sorority meeting. Take this podcast to your weekly
discussion groups. Start a weekly discussion Group on Silver Rights
si l V er not protesting in the streets, but
(09:40):
creating opportunity in the suites, the business suites. As Malcolm
X said, we've been bamboozo we've been tricked, We've been fooled.
Let's stop that right now, and here we go. There
are over two hundred countries in the world legitimate democracies,
(10:00):
the lard Is economy in the world. Amongst those democracies,
about eight billion people, give or take. The lard Is
economy is the United States of America. Somebody told you
it's China. That is wrong. Somebody lie and told you
is Russia. Not even close. It's just not even close.
(10:21):
Russia is a a rounding era from a GDP gross
domestic product. That's you've heard that phrase bantied around, banted
about GDP. GDP means gross domestic product. Basically, think about
the revenue. If you own a store, it's the gross receipts,
(10:42):
the gross economic output, gross economic activity for your store
or for your barbershop. It is your income that comes
into your household. You get it gross domestic product. So
if you have these two hundred plus nations in the
(11:03):
world creating about one hundred one hundred and five trillion
dollars of GDP gross domestic product estimated for twenty twenty four.
What are the largest economies? About one hundred trillion dollars
in twenty twenty three is projected to be one hundred
and five trillion. They'reabouts in twenty twenty four. So I
want you to guess. See if you can figure this out.
(11:27):
The first thing I think people are you will definitely
get wrong is that people tell me all the time
China is bigger than the United States. Not true. They
have the biggest population one point five plus billion people.
I think it's more than that. But they have the
second largest economy in the world United States number one
(11:49):
at twenty three trillion twenty four trillion. Some people say
it's twenty six trillion, but I'm gonna give you conservative numbers.
China about seventeen eighteen trillion, Germany for trillion and chain,
Japan four Trade and change, India three point seven trillion,
United Kingdom that's Britain three point three trillion, France three trillion,
Italy two point two trillion, Brazil two Trade and change,
(12:12):
Canada to trade and change, and then it sort of
goes on from there. I'm sitting in the city of Atlanta,
by the way, with four hundred plus billion dollars in
annual in GDP, it's one of the largest economies in
the world if it was a country at the tenth
largest economy in the United States. Are you following me?
(12:33):
So I'm giving you the basics the global economy. It
gave you that. I gave you where the United States is.
I told you even there's about eight billion people, give
our take in the world. I've now told you that
the largest economies were. I gave you the top ten
of the large economies in the world. Right, So, now
let's break down the US economy where most of my
(12:56):
listeners live. So you have as part of this economy
three hundred and fifty million people, give or take about
thirty million plus businesses. Of those businesses, how many of
them have ten thousand employees or more? Well, you have
the fortune five hundred companies. You have about one thousand
companies with about ten thousand employees or more. That's a sideline.
(13:17):
We all come to that another time. But most employment,
my point is, comes from small business. Most employment comes
from small business in this country. So if the economy
is twenty plus trillion dollars a year. Is it come
from rich people? No, Seventy percent of the US economy
is consumer spending. That's right, seventy percent of the US
(13:41):
economy is consumer spending, and seventy percent of all Americans
are living from paycheck to paycheck. Everybody, whether you're white, black, red, brown,
or yellow, you want to have some more green? Can
I get an amen? Now? For those who listening to
this thinking that I'm talking about so called poor people,
it's time for you to wake up. Half of those
(14:03):
who make one hundred thousand dollars a year are living
from paycheck to paycheck. Am I hitting home? Yet? You
should be nodding your head. If your household has a
combined income of one hundred thousand dollars and you feel
that you're failing, you're not. So What about the very wealthy?
What about those who've got great incomes? And by the way,
(14:24):
there's difference between getting rich and building wealth. You make
money during the day, you build wealth in your sleep.
It's called compounding. Stocks, bonds, home ownership, businesses, investments, education
I think qualifies. But things that compound while you're sleeping
your income. You can have a contract. This is why
you can have a contract for one hundred million dollars
(14:46):
in the NBA or whatever and go broke because you're rich,
but you may not be wealthy. So when your outflow
exceed your inflow, then your overhead will be your downfall.
Am I going too fast? Third of those who make
two hundred and fifty thousand dollars a year are living
from paycheck to paycheck. That's right. Even the wealthy are
(15:10):
getting hit over the head. A third of those who
make two hundred and fifty thousand dollars a year are
living from paycheck to paycheck. Now, somebody's sitting here saying
I don't care about them. I don't like the rich. Yeah,
everybody hates rich people until they become rich. People say
I hate rich people. No, you don't. You hate rich
people until you become rich. You hate a game? System
(15:30):
is what you hate. You hate a system that you
believe is rigged against you so that you cannot succeed.
You cannot compete, you cannot make any money or build
any wealth because somebody's locked you out. As soon as
you know that you and others you care about can succeed,
you want all in on that, because you want prosperity
(15:50):
in the way that you define it. Maybe you want
to make the money and give it away, but you
still want to be able to make the money. Can
I get a name? Man? Even if you want to
distribute money like a social you got to first collect
it like a capitalist. Drop the mic. If you're living
in New York City and you're making one hundred thousand
dollars a year, it feels like thirty nine thousand dollars
(16:13):
a year because the cost of living in New York
City is higher. That's why a lot of folks move
to the Southern States, because the cost of living is
much lower. Even though you may be making less than
you make in New York City or in Los Angeles,
if you move into a southern state, your cost of
living is lower, your housing, transportation, all that stuff is lower,
(16:35):
and your income may not be the same as it
was where you moved from, but it's high enough so
that your standard or living is better. Did you follow
me on that? If you're spending two dollars in New
York and spending two point one dollars more than you make,
but you moved to Atlanta and or you moved to
wherever Nashville and you're spending one dollar, but you made
(17:00):
one point three dollars. Hello, you're better off even though
you made less. Let me break some eggs around here. Now.
I just talked about the larger economy. I'm going to
talk now about why, why this is everybody's issue, whether
(17:21):
you're black, white, bread, brown, you want some more green.
About sixty four percent, this number vacillates between fifty seven
and sixty four percent of all Americans don't have four
hundred dollars for an unplanned event. Not poor people, everybody. Hello.
(17:42):
So when we work with Delta Airlines at operation, hope
to design a program to give financial coaching and counseling
to every one of their employees and anybody that will
raise or credit score fifty four points in six months,
lower their debt thirty eight hundred dollars in the first year,
increase their savings for twenty two hundred dollars on average.
(18:04):
For somebody making sixty thousand dollars a year, fifty dollars
a year, sixty thousand dollars a year that radically changes
their life and they get a reward of a thousand
dollars emergency savings account for doing that, it goes in
their account at Delta and everybody wins. Well, that's program
has become radically successful, amazingly successful. In the first year.
(18:28):
Half of the employees are taken to the program and
are actively in it, and it's changed their their their mindset,
their mentality, their motivation, has made them less stressed. I've
had brothers walking to me at the in the plane
and just you know, almost with tears in their eyes,
saying that they're not arguing with their wives, wife anymore,
(18:48):
not wives, hello, their wife anymore? You know. Number one
calls a divorce in America. Money. Number one calls for
heart attack. Stress. Number one costs for stress. Money, nember
what it calls for? Domestic abuse? Money? Right? What's a
long protracted divorce about money? That did a whole podcast
(19:11):
just on that. Go and watch that and listen to
that episode. Why is a woman dealing with an abusive man? Money?
I can go on and on and on. We don't
want to talk about it, we want to deal with it.
But it's all around us. So money has a relationship
with you, which you don't have a very good relationship
(19:33):
with money, and so it's taking advantage of you, and
you should be managing it. It should not be managing you,
but you have to understand how this system actually works
so that you can work it. So half of black
people in America, African Americans have a credit score below
six twenty. Let that sink in for a moment. We
(19:57):
have the Hope Financial Wellness Index and Operation Hope. You
can go to the index on the internet, type in
your zip code and we'll tell you what your credit
score is. You tell me your zip code, I'll tell
you how you live in. You lived at sixty one
years old in a five eighty credit score neighborhood. You
lived at eighty one years old in a seven hundred
credit score neighborhood. Twenty year delta, twenty year difference fifteen
(20:18):
minutes apart, all across America. Doesn't matter whether you're black
and brown, urban or white rural. It's the same rules
that apply. If you live in a five eighty credit
score neighborhood. You have a check casher next to a
payday loan lender, next to a rent to own store,
next to a title lender, next to a liquor store,
next to a pawn shop, and a church down the street,
(20:39):
try to make you feel a little bit better once
a week. That's your neighborhood therapist. And meanwhile, and in
single parent of households and a lot of obesity and
high crime rates and low hol ownership rates, easiest way
to build wealth's home ownership. By the way, biggest business
in the world is real estate. In the world, high
school graduation rates in a five ety CIT score. Neighborhood
(21:01):
crimes off the chart, off the chain, violent crimes off
the chain, obeasts everywhere because too many fast food restaurants
where I don't have anything problem with fast food. I
love my share of McDonald's or whatever, but you should
need it every day three times a day. Need fruits
and vegetables and healthy food. If you got to go
to a fast food restaurant, order as salad every now
(21:22):
and then. So because we're eating bad cheaply, we inflate,
we inflame. Your body is inflamed, you know not most
people aren't fat, they're inflamed. A lot of these things
proliferate in communities. We have low levels of relative education
and financial literacy and high levels of depression. So literally,
(21:42):
when I say, if you want to change America, race
credit score is one hundred points neighborhood by neighborhood. I
know it sounds crazy, but it's not about the credit score.
It's about the trending indicators of wealth of hope, well being, faith, confidence, belief, trust,
all the things that parallel a rising credit score. Then
you get higher access to capital, lower cost of capital
(22:02):
in higher credit score neighborhoods seven hundred credit scord. Neighborhoods
don't riot. You never seen a riot in a seven
undre credit card neighborhood in America's history. They don't riot.
They go shopping. So now let me break some real
eggs here. And it sounds like I'm picking on my
black and brown brothers and sisters, but I really want
(22:24):
us to get out of this these bad habits. So
I just talked to you about the largest economy in
the world, the US economy. There's three and fifty million
people in America. Is amazing that the US is this bohemoth,
This amazing economy on the planet is US, and we
are just killing it with a very small population. It's
(22:46):
just a great story of what freedom can do. With
all our problems, and we have plenty of them. We
still are Beacon and a Light on the Hill. I
talked about thirty million businesses. About within that, you know about
three million black businesses. Three point one million black busines
is within that group, but ninety per cent of them
don't have an employee. Hello, I'll do a separate podcast
just on that. Operation Hope, through our partnership with Shopifies,
(23:08):
Creating and others are creating one million black business initiatives
creating black businesses. We've helped, nurtured support it created over
four hundred thousand, as twelve percent of all black businesses
in America. So I'm proud of that. But most of
the companies don't have employees or self employment projects. And
I've already mentioned that the credit score or average credit
score for African Americans is six to twenty, which means
(23:30):
half of us wake up in the morning locked out
of the free enterprise system. You can't get a decent
car loan at six ' twenty. If you get a Mercedes,
it's not a Mercedes's Mercedes payments. You can't get a
decent mortgage at six twenty. It needs to be about
seven hundred. You definitely can't get a small business loan
below seven hundred credit score because it's considered risky credit.
You can't get unsecured credit lines of credit in the
(23:53):
low six hundreds. You need a proper credit score if
you have a seven hundred to an eight hundred credit score.
At the computer on balance that you're applying for just
says yes, it is killer. What color you are, where
you live. It's like, yes, I want you to be
my client. It just the computer just says yes, No,
the color's green. Hello. So go to operation and get
(24:15):
a whole financial coach. It's free. Sixteen trillion dollars. The
whole economy is only twenty three trillion. Racism against blacks
alone corridor, a City Group report, costs the US economy
sixteen trillion dollars. And if we just knocking off, we
stop it, the US economy would surge a trillion dollars
a year. That's a big bump. So here's the egg
(24:38):
I'm going to break now, going in the other direction
of how we shoot ourselves in the foot in the
black community, you have this twenty three trillion dollar economy,
this rocket ship. African Americans call it. Forty million black people,
give or take trying to be three thousand rappers and
three thousand football and basketball players, and I mean, it's
(24:59):
just the numbers don't work. Yes, we're brilliant, we're talented,
but I can't scale an entertainment icon. I can't scale
a sports icon. I can't scale Lebron. I can't scale
Magic Johnson. I can't scale Ti and Killer Mike and
all these people, Chris Tucker. I can't scale these are
iconic Oprah, these are individuals and maybe the employee twenty
(25:20):
thirty forty people. Maybe how do you get forty million
people into the economy. Here's what we've done. We've micro
focused on things like entertainment and sports. All good, I'm
not telling you not to do it, but here are
the numbers. I like to quote melody hops and I
like math because it doesn't have an opinion. Here's the
(25:44):
math of the matter. And here's why I keep telling you.
I want you to have a backup plan to your dreams,
and I need your backup plan to be your primary plan. Okay,
twenty three trillion, I've said this enough to drive it
into your brain. Twenty three trillion dollars US economy. What
part of that do you think is music? Not Black music? Country, blues,
(26:06):
rock and roll, R and B. You know, all genres
of music, all of them, everything, everything rolled up together
of a twenty three trillion dollars economy. I want you
to tell me he would talk about this all day,
all night. Everybody I know, not everybody. All the young
people I know, lots of them wants to be rappers, singers,
whatever they want to be in. They want to be
rocking the mic. They want to they want to, you know,
(26:27):
they want to be a star. Okay, you're a smart person.
What part of that which you guess is the US
part of the US economy twenty three trillion dollars. I'll wait,
think about it now. There's no there's no shame, there's
no embarrassment here a right, you ready about sixteen billion dollars.
Sixteen billion dollars is zero point zero seven percent, So
(26:52):
one percent would be one point zero zero, just to
give you a hits right, ten percent would be one
zero dot zero zero. The music business, all genres, all music, white, black,
lat they know, Asian, everything, zero point zero seven percent.
And then they say, well, the impact of the music
business has this knock on effect of ten x ten
(27:15):
times because of all the industries that feed off the
music business. So it's one hundred and sixty billion. Okay,
that number is not large. So that's the music business.
The entertainment business is also about one hundred and sixty
billion dollars right. Another business that is is at that
same range is professional sports. Now this is not just football, basketball, baseball, soccer.
(27:40):
The ones you watch all levels of professional sports together
combined is you know, one hundred and sixty billion dollars
a year. That's zero point seven zero percent. Again one
percent would be one point zero zero. This is less
than the So you have everybody, I know, all young
(28:04):
people try to push all their dreams into something that's
a micro biicro micro fraction of the annual US economy.
So where is all the money. And by the way,
and even in those areas, who's getting the money? It's lawyers,
you know, accountants, business managers. Oh okay, I'm glad uh
(28:26):
we said that rental companies. I'm gonna get the if
if you're going to be in the entertainment business, rent lenses, yes,
I said, lenses like the when you go to a
video shoot. They don't buy all that equipment they rented.
There are cameras that are worth two hundred thousand dollars,
seventy thousand dollars, fifty thousand dollars, there are lenses worth
(28:48):
seventy thousand dollars. Anyway, these are very precise, uh you know,
all the way down to five ten thousand dollars. Just
rent those things because those companies buy rent those on
a regular basis. All these companies doing shoots of videos
and movies and whatever and TV shows, they most of
those companies, and they show a big studio, they rent
that equipment, they rent that gear. I want to be
in the rental business. I want to rent the mic,
(29:10):
rent the video cameras that I own to these companies.
That's a business of being right, rent the think about
everything on a movie set. Yeah, be in that business.
Being a support the catering businesses, the trailer ownership and
rental businesses, the trailer truck pulling business. I mean, think
about it now, the engineers, all the business that support
(29:34):
the entertainment and sports sectors. I don't want to rock
a mic on the stage. I want to own the
dang on stage. Can I get a named man? So
let's look at a group that actually has done this
in reverse. So you have forty million people trying to
get in. These three thousand jobs are going to turn
over it three to five years. By by the way,
(29:54):
seventy percent of all those in NFL bankrupt five years
after retirement. Seventy percent give or take, of those in
the NBA, the numbers are about the same. Bankrupt are
running the financial difficulties five years after retirement. Don't trust me,
look up the numbers yourself. And I'm not hating on
these roads. I love that we are we have these jobs.
But once you are a professional athlete, are a rapper,
(30:15):
and that that runs out, and you don't have a
degree in the things that drive to you as economy,
what do you do for the rest of your life.
You're an athlete from twenty twenty to age twenty three,
we hope you live to one hundred at least to
seventy or eighty. What do you do for the other
the other forty to fifty years? Be a postman if
you want to work at Starbucks. If you want to,
(30:36):
I mean, what do you qualify for? You need a
degree in something that has you know, technical skills tied
to it. That's not easy to replace. That gives you
a middle class or a middle class lifestyle when the
party is over, of the exciting thing that you want
to grab a hold of in the here and now.
Because anyway, enough on that, I've been obsessing about that.
(30:59):
Let me back up for a minute and give a
wider lens. So if you have forty people black people
trying to do these micro jobs that don't last very long,
then what's a group that has the opposite of that. Well,
you have my Jewish brothers and sisters, seven and a
half million of them in America who are in these
broad based professions and industries. Entertainment, yes, but they're typically
(31:23):
the back room of the entertainment, finance, banking, real estate, medical,
creative spaces. So let me tell you what's driving the economy, right,
and then my Asian brothers and sisters, Indians trying to
be a lot of them are engineers in the technical spaces. Okay,
So in the vast portion of mainstream whites who are
(31:44):
middle class or more are in the category I'm about
to tell you about. So the big buckets of American
economy healthcare ten percent of the US economy or more.
If you want to talk about health care, wellness, medical
broadly based. Then that's probably a third of the US economy. Finance,
in banking, real estate I just gave you. And if
(32:07):
you say the professionals services area like accountants and lawyers
and bankers and financiers and engineers and business managers, hello,
all those professional expertise groups, computer technicians, etc. That's the
vast majority of the economy. Real estate, banking, finance, and
healthcare and professional services represent seventy percent seven d percent
(32:32):
of the entire economy. And people say, oh, man, that's boring.
Is broke boring, because that's what you'll be if you
don't understand what you see. And then you have other
groups that are larger than entertainment in sports, but are
smaller than professional services banking, real estate, finance, and healthcare.
And they include goods producing industries like agriculture, manufacturing, mining,
(32:57):
and construction, amongst others. So we're demystifying the economy here,
we're unpacking this. I'm telling you how the economy works
and who and what is driving the economy. I'm telling
you how you can participate in it and where you
should look. By the way, the biggest industry in the
(33:20):
world real estate. So if you want to build generational wealth,
there are two industry sectors that have never gone down
in the history of America. Real estate in the stock market. Now,
somebody's going to say, John, I got you now. Stock
market crashed in nineteen twenty nine, and market crashed again
(33:43):
this time and that time, and the market was down
even after the pandemic. John, real estate crash in two
thousand and eight. What rock were you under? And what
do you know? This is now? We got you John,
This is wrong. Hey, real estate goes up, there's a
market correction, recession, even dips, stabilizes, corrects above the line.
(34:04):
Get that market where state goes up and the stock
market goes up. Market correction, recession maybe to recede. That's
what a recession means for an economy to receive, to
go backwards. Market goes up, recedes, recession, balances out, catches itself,
catches its breath, and then corrects above the line on
(34:25):
its rebound. And when it corrects above that line, that's
when people go from doing well to doing incredibly well.
That's where wealth comes from. You build wealth in your sleep.
You have to own equities. You've got to own stocks, bonds,
business ownership, real estate. You got to own something that
is tangible, and real income is during the day. You
(34:47):
build wealth in your sleep. You make your money during
the day. You make your money work for you at night. Okay,
I think I've done a good job of summarizing the
overall economy. You'll tell me if I didn't. Here are
the largest economies in the world. I'm gonna run through them.
(35:08):
So America is the sole superpower in the world. There's
never been a superpower in the world that wasn't at
the same time the leading economic power in the world. So,
Spain was a superpower. France was a superpower. Germany was
a superpower. Hello, Argentina was a superpower. Latin America giving
(35:29):
it its props. I'm doing this by memory. And at
the same time they were the political superpower, the UK
Britain was a superpower. People were to start trying to
correct me. Now you missed this one, John, I'm doing
this for memory. How about you. How's your memory? All
this whole podcast was basically by memory. I'm just telling
you what, tell you what I know. But when their
(35:52):
economy tripped up, they tripped up. Okay, and America is
now the sole superpower in the world. We're also the
leading economy in the world, and so we got to
keep this party going. And the only way you do
that is with all of us. Are put another way,
my poor friends do better if only to stay rich.
Even a racist needs a black man to succeed so
(36:13):
that he prospers or she prospers. Because when the economy grows,
all boats rise. When GDP gross domestic product increases. Here
are the largest economies in the world ready, and I
already mentioned this was number one. Hello, the United States, two, China, three,
Germany for Japan, they keep changing places. By the way,
(36:35):
Germany and Japan they're in the four trillion dollar club
above That is big jumps China seventeen trillion, America at
twenty three to twenty six trillion, depending on which numbers
you look at, India three point seven trillion, United Kingdom
Britain three point three trillion, France three trillion, Italy two
point one trillion, Brazil two point one trillion, Americas in
(36:58):
Latin America, I think I've hit every continent here in
the top ten Canada two point one trade, in Russia
one point eight trade. Remember I told you Russia was
a rounding era America's twenty plus trade in Russia's one
point eight trade and hello, they just make a lot
of noise through threats and terrorism and barbarism. There are
(37:18):
four troublemakers in the world. Leading troublemakers Russia with all
due respect, China, Iran and North Korea. And I'll give
China it's props if it's just, If China would just
simply give us people freedom and stop cheating a capitalism
I might like and started saying nice things about them
(37:38):
to stop trying to undermine America. But through disinformation and
cheating at the game of success. We don't mind a
fair fight, but you can't win. I'm convinced that what
can beat America in a fair fight you got to cheat.
So they're trying to undermine America because we are only
better together. Another podcast for another time. But God blessed
the success of the Chinese people, who I want to
(38:00):
be successful. The twelfth largest economy in the world. You'll
be surprised to hear this. Mexico right behind Russia one
point eight trillion, South Korea one point seven trillion, Australia
one point six trillion, Spain one point five trillion, Indonesia
one point four trillion, Turkey one point one trillion, Saudi
Arabia one point one trillion. Thought that were larger, didn't
(38:23):
You thought Saudi Arabia was larger than that. I was
in Saudi Arabia when it was eight hundred billion. They've
jumped a few steps now the Netherlands one trillion. Now
we're jumping into the billions now, Switzerland nine hundred billion,
Poland this position twenty one eight hundred and forty billion,
Taiwan seven hundred and fifty billion, Belgium six hundred and
(38:44):
twenty seven billion, Argentina this was the largest economy in
the world at one point six hundred and twenty billion.
They've got all kind of problems now they're working through them.
Sweden five hundred and ninety billion, Ireland five eighty nine billion,
Norway love that place. My friend Crown Prince Hocken helps
run that place. The future King five hundred and fifty billion,
(39:07):
Austria five hundred and twenty six billion, Israel five hundred
and twenty one billion, Thailand five hundred and twelve billion.
And by the way, that Israel there's only like fifteen
million Jews in the world. It's amazing what they've done.
Seven and a half millions Jews outside the US and
and a half millions Jews here. Don't hate on their success.
Follow their business plan for creating business and economic growth.
(39:29):
I have goes so far as to say, I think
black folks need a Black Jewish business plan with regard
to getting you know, how do you come up when
you're an oppressed people? I think it's a good template.
By the way, half of the whites who supported Doctor
King and the civil rights movement were Jewish. Hello, in
the ego it goes from there. You know number thirty
Thailand five hundred billion. Now when you get down into
(39:51):
the mid four hundred billions, Vietnam fortuyd and thirty three billion,
Philippines forty to thirty five billion. Guess what country is
at that same level? John, did you just mention these
are countries? Yes? I did. Good catch. It's a city.
It's Atlanta, the metro area of Atlanta. The seven counties
represent four hundred plus billion dollars in annual revenue. The
(40:16):
moral capital of America and a place where we've proven
the diversity works for everybody. Inclusive capitalism for everybody. The
tenth lars economy in the US, if it was a nation,
will be the largest economy in the world. And out
in with what is the GDP for black people? What
is African American GDP? You know what is our economic
(40:36):
spending power? For last year? The one point six trillion
dollars was the GDP. If we were a nation of
one point six trillion dollars, so we'd be almost larger
than Russia. Unfortunately, the black dollar doesn't circulate in the
black community. Unfortunately, ninety percent plus of what we make
(40:57):
we spend on consumption. Unfortunately, we only owned only forty
five percent of us own a home, and the easiest
way to build wealth is home ownership. Unfortunately, ninety six
percent of us our black businesses don't have an employees
I mentioned earlier. So you see, we're not dumb and
we're not stupid. We're brilliant. When the rules of published
and the playing fielders level, we kill it. Professional sports, athletes, entertainment,
(41:22):
public office. With the rules of published and the playing
fielders level, we absolutely succeed. But because the Freedman's Bank
was created after the Civil War by Abraham Lincoln and
ran by Frederick Douglass, a free slave who became a
brilliant businessman who owned six million dollars with the real
estate in Baltimore, Maryland during the Civil War period and
(41:43):
rented it out to working class blacks. By the way,
the same business that I'm in with one of my companies,
the Promise Homes Company, affordable single family rental homes. I
sold the company by still im a shareholder in it.
That's the business of Frederick Dunns was in. And that bank,
the Freeman's Bank chartered marched through ID eighteen sixty five
to quote teach free slaves about money. That bank failed
(42:05):
after Lincoln was assassinated a month after he signed it.
In the law and Blacks when never talk about the
free enterprise system, we're not dumb and we're not stupid,
is what we don't know. That we don't know, but
we think we know because no one ever gave us
the memo. That's my fourth book I think on how
the free enterprise system and capitalism works. That's why I
say that financial literacy is a civil rights issue of
(42:27):
this generation. And we've got to move from protesting in
the streets to cutting business deals in the business suites.
The new color is not a white, black, red, brown,
or yellow. It's green. Hello, all right, I've talked enough
for one day. This is the Ministry of Hope, the
Ministry of Finance. This is the Silver or Rights Movement.
This is the third Reconstruction. This is how we all
(42:50):
come up. This is my weekly pulpit for all of us.
This is me trying to unpack how things work. This
is me and hacking the overall economy. If I miss something,
you want me to focus on and just tell me
what it is and I will break it down for you.
By the way, I got one number wrong. The entertainment
industry is about one trillion dollars a year in annual GDP.
(43:16):
About four point four percent of all GDP professional sports
was I got this right, point zero or zero point
seven zero percent. It was one hundred and sixty billion,
and music, all genres of music was zero point zero
seven percent. That's about sixteen billion with a knock on effect.
(43:38):
If you will, of all the if you want to
say of how it's healthy for all the other businesses
that support music, really liberal about it. You can say
it's one hundred billion plus, but it's still a small number,
but entertainment, which is really tourism, and there's a lot
of hospitalities, a lot of things in that number, not
just rocking a mic. Entertainment in quotation marks is the
(44:01):
largest of the industries we actually obsess on for but
it's still four percent of GDP for the nation. So
be an engineer. You'll never go broke. Get in real
estate unless your brain dead or not paid attention. You
can't help, but do well. It'll go up by itself
over time. Buy it, rehabit, rent it, or live in it,
don't sell it, and things should work out for you.
(44:22):
So on a little bit of bonds and stocks, and
have an insurance policy for you and your family. You know,
I mean, it's some basic stuff. If you have an
insurance policy. By the way, as get an insurance policy
twenty thirty forty years of age when you get you know,
when you get married or stay out in life, you
know when you pass. Get it for a million dollars.
You can get one pretty easily at a young age.
Won't cost you much. And when you kick and we
(44:45):
don't know how long we're going to live, we all
know we're going to die. When you kick and have
a will that becomes something you can pass the proceeds,
pass on to your heirs, your children, your spouse and
give them some generational wealth on the way out the door.
I hope this is helpful. This is just O'Bryant money
and wealth. Let's go change the world. Hey aa, this
(45:15):
is money and Wealth with John O'Briant on the Black
Effect Podcast Network. At iHeart this is a fan question.
This is from A H. S A A N M
I T C H E L L underscore at Instagram
(45:37):
A son Michael. I believe I'm saying that properly from Instagram.
What is an intellectual properties financial relevancy in creating wealth?
A great question. I would go one step further and
say what was an intellectual property rights financial relevancy in
(45:57):
creating wealth? Or just what's his an intellectual property rights value? Well,
if you want to find the value of a Stevie Wonder,
then look at his intellectual property rights, his music, his brand,
his image, his likeness. What is the value of doctor
King today his intellectual property rights, his his speeches, his recordings,
(46:21):
his image. What's an intellectual property rights of my brother Charlemagne,
the founder of the Black Effect Network same his radio program,
the Breakfast Club and all the other stuff that he does.
What's an intellectual property right of Michael Jackson or whoever
your favorite artist is. But also, intellectual property rights are
not just creative. You have an intellectual property that's well,
(46:46):
a brand, it's intangibly tangible. Coca Cola is an intellectual property,
the brand of Coca Cola. They've created value in the name.
I think I've created an intellectual property value in the
things that I've been associated with. I'm gonna make this
really simple. Uh, if you want to find a growing economy,
economy is really really doing well, you'll find a lot
(47:08):
of patents. All a patent is is a monetized idea.
A monetized idea is an intellectual property. It's it's a thought,
it's an idea, it's a creative that's been structured and
been then codified in protections. In this particular case, a patent.
You also have copyrights. You can have all kinds of
(47:29):
ways of protecting n f T s or you can
you can you know, you can have digital kind of
digital and other ways of protecting intellectual properties. Uh. But
the easiest way to describe understand this is the biggest
economies in the world have the most patents and the smallest,
most destitute places in the world have almost no patents
because they're they're war torn and people are not don't
(47:51):
have the In order to be creative and to have
the kind of environment where you create things and you
then monetize things, well, you need a legal structure, you
need a government, you need fair play, you need laws,
you need the rule of law, and you need peace
of mind. Well that doesn't work very well in places
of a warrant tory, and that does it. So I
hope I explain in a thumbnail what an intellectual property
(48:15):
is and how it creates and can create financial relevancy
and is a form of wealth creation at some point,
A mutual fund, before it was a mutual fund, was
an intellectual property. A car before it was a car
was an intellectual property. Collection of those which are patents
(48:36):
in other rights that came together to manufacture that car.
The axle, the wheel, the tire, all those were inventors
that created those things and put them together ultimately through
a manufacturer and a car designer who has intellectual property rights,
who then created this car which ultimately becomes a physical
asset or liability, but a physical thing right, a real
(49:00):
piece of property, real property. They call it something you
can touch, which you know, but it started with an
intellectual property. Most great things started with intellectual property. Music
is as old as the world itself is amazing, maybe
the original language. Those are intellectual in my opinion, intellectual properties. Okay,
(49:20):
I can go on and on about this, but tired
to hear myself talk and so are you. So there
we go. Hope this has been helpful and thank you
for the fan question from Asan Michelle at Instagram. John O'Brien,
this is money and Wealth. I'm out. Money and Wealth
(49:50):
with John O'Brien is a production of the Black Effect
podcast Network. For more podcasts from the Black Effect Podcast Network,
visit the iHeartRadio app, Apple Podcasts, or wherever you listen
to your favorite shows.
Host
John Hope Bryant
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