November 10, 2023 • 26 mins
In this episode, Ross Mac delivers a wealth of financial wisdom, emphasizing the importance of investing and sharing his top five strategies to initiate positive life changes for building generational wealth. Tune in as he demystifies the world of stocks, provides insights into blockchain technology as a key to the future, and discusses his Netflix documentary, 'Get Smart with Money.' Don't miss this empowering conversation on smart financial moves and the path to building lasting wealth.
Host IG:@itstanyatime
Guest IG: @imrossmac
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Episode Transcript
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Speaker 1 (00:00):
Inflation is every year on average two to three percent, right,
So meaning if I just got one hundred dollars right
now man in my pocket next year, that one hundred
dollars really can only buy me ninety seven ninety eight
dollars worth of goods that was able to buy me
a year ago. And so at a bare minimum, you
need to be investing to outpace inflation. And so by
paying yourself first, you're putting that money and don't even
(00:22):
think about it.
Speaker 2 (00:23):
You're listening to Money Moves powered by Greenwood, a finance
podcast dedicated to dropping all the knowledge and gems from
the world's leading celebrities, entrepreneurs and experts, and tech, business
and more. I'm your host, angel investor, technology enthusiast, and
media personality Tanya Sam. Each week we talk with guests
who are making significant strides in their fields and learn
(00:43):
how they are making their money move. If you're someone
who's looking to make your money move, you're in the
right place, So open up your notes app and lock
us in, because this podcast will give you the keys
to the kingdom of financial stability, wealth and abundance you
so rightly deserve. Before we start the episode, i'd like
to remind you to check us out at Gogreenwood dot
com and follow us on social media at Greenwood and
(01:07):
me on all things social at it's Tanya time to
stay locked in too. New episode Money Movers, please give
a warm welcome to rossmag Hey, Ross.
Speaker 3 (01:19):
He Hello, Hello, thank you for having me all.
Speaker 2 (01:21):
Right, Ross between Macanomics, your new book, if you had
to school us on your four top tier principles that
you feel we this community, this money moving communities needs
to pay attention to right now, and if you've got
a fifth, I'll take it. But I like my core four.
I feel like you know, at five people stop maybe listening,
(01:43):
but give us your four that we need to pay
attention to, either on mecanomics or in the book.
Speaker 1 (01:49):
I love it all right. First things first, live below
your means right over over sixty percent of the world
live paycheck to pay over, almost two thirds of America
live paycheck to paycheck, well over fifty percent don't have
a thousand dollars save, right, But we're doing social media.
Everybody rich, right, And the reality is, rather than trying
(02:12):
to look rich, let's take the necessary steps to getting there,
and it starts off by living below your means literally,
spend less than you may next thing next, right, pay
yourself first, right. Way too often we pay bill collect
as we pay our rent, our Verizon cell phone bill,
our con note. But we aren't taught to pay ourselves first.
And I say that because by paying yourself first, you're
(02:34):
paying your future self because you ain't trying to work.
You know, going to a gig when you eighty is crazy. Right,
Let's start planning for retirement right now, and how do
you get there? You got a budget?
Speaker 3 (02:45):
Right? So another thing, you got a budget.
Speaker 1 (02:46):
It's not sexy, but it's a fact because by controlling
your inflows and outflows, you know, it's important to one
understand what money you got coming in. But also by budgeting,
you budget to say, because everybody like, oh, you don't
got to necessarily live off beans and rice your whole life.
You can budget to make that trip, right, You can
budget to do this and within that budget. And you
(03:08):
also want to make sure you have a fully funded
emergency fund. And what I mean by that is like,
if you use to lose your job and your next
thing is because you was living paycheck to paycheck, you
now got to take out a cash advanced loan or
you got to use your credit cards? You backwards, right,
let's make sure you get three months say that your
necessary expenses, right and within that budget, right, fifty thirty
(03:29):
twenty rule you want to be spending after take home taxes.
Fifty percent of that is on your necessities, right, those
are things you need your full walls, your mortgage, your
utility bills, your food, your groceries, et cetera. Thirty percent
on do the things you want to do. What that
could be traveling, and twenty percent is you know, paying
down debt, saving and investing. And then I'll say the
(03:51):
last step right when I talk about paying your future
self is set up investing on auto pilot.
Speaker 3 (03:58):
Right you want?
Speaker 2 (03:59):
Okay, this is what I wanted to ask you. What
does paying myself look like?
Speaker 1 (04:02):
Exactly? What I mean by that is investing for the future.
And the way you do that is the same way
you got direct deposit, same way you got auto pay.
You should have auto invest taking one hundred, two hundred,
three four hundred whatever you could afford. Right, once again,
by the budget is going to let you know, this
is how much I could afford every month to invest.
But that money should be automatically taken out of your
(04:23):
bank account and deposited into your investment account. And then
that money, in turn is automatically invested. And once again,
what do you want to invest in? The S and
P five hundred, He's a five hundred of America's best companies,
don'tkay if it's a Republican or Democrat in office. At
the end of the day, if you bet on America, your.
Speaker 3 (04:41):
Money will grow. Right.
Speaker 1 (04:42):
In thirty years, you put three hundred dollars every month,
you'll have over a million dollars. One average is going
to grow about ten percent each month. I'm sorry, I'm sorry.
On average is going to grow about ten percent each year. Right,
And once again why it's important to invest. Remember, inflation
is every year, on average is two to three percent.
Last year, June twenty twenty two, we saw inflation hit
(05:04):
the highest rate it's ever been and forty years, y'all
remember how expensive it was.
Speaker 3 (05:09):
It's about eggs.
Speaker 4 (05:10):
We were talking about eggs, bananas, guys, all of it.
Speaker 1 (05:14):
Yeah, exactly, And so you got to understand that that
was an extreme time. But understand this, inflation is every
year on average two to three percent, right, So meaning
if I just got one hundred dollars right now, man
in my pocket next year, that that one hundred dollars
really can only buy me ninety seven ninety eight dollars
worth of goods that it was.
Speaker 3 (05:33):
Able to buy me a year ago.
Speaker 1 (05:35):
And so at a bare minimum, you need to be
investing to outpace inflation. And so by paying yourself first,
you're putting that money and don't even think about it
auto invest. And once again, that's I would say, those
are the four or five steps to ensure you know
you're on your successful pathway to building you know, financial freedom.
Speaker 4 (05:52):
Ooh, I love those money movers.
Speaker 2 (05:54):
I hope you brought your notepad, but if you didn't,
you can rewind this episode and write those down paying
you And you know, I think the biggest, the hardest
one for people to start with is live within your means.
And you know, I feel like, above everything else, if
you feel like you can't do anything for your else
right now, just start by living within your means.
Speaker 1 (06:17):
It's so the thing is right, companies know that people right,
there was a Nielsen study that said African Americans, you know,
they interviewed a few people right, focus group, whatever it was.
They were saying African Americans are over index out to
overspending other racial groups in different categories to appear to
(06:38):
look wealthy. And the reality is right, we get it
right when you are told you don't get nothing right,
you don't have resources, you don't grow up rich. Quite
often we buy things we don't need to impress people.
Speaker 3 (06:50):
We don't like.
Speaker 4 (06:52):
Oh my gosh, that's not a word. And the truth,
where do we get that from?
Speaker 1 (06:57):
And I mean it's a function of society, right, we
are we literally companies know that they're going to market
to us for that, right. I remember it was a fact.
I remember fashion Nova sent out a text message. Somebody
in my economics investment club was like, sent the screenshot
like fashion Nova, I sent out a text message at
the exact time people was getting their stimulus checks.
Speaker 4 (07:16):
I remember that, and they.
Speaker 1 (07:18):
Was like, it's the stimulus for me, and here's fifty
percent off sales. And it's like, bro, companies know that
they know that we are terrible with our money, and
as a result, it's predatory, right, And so that's what
the education is about. That's what mecanomics is about, right,
It's helping educate our community that bro you don't need that?
Do you really need that? Or write what's what's real?
Do I need to buy a new aphone that they
(07:41):
just put.
Speaker 4 (07:41):
Out time it comes out for right?
Speaker 3 (07:44):
Or should I buy Apple stock?
Speaker 4 (07:46):
So I have a question for you.
Speaker 2 (07:47):
We talk a lot about stocks on here, and for
someone who's completely new to investing in stocks that they're
listening in a barbershop, I hope something walk us through,
like you know, because it comes back to your second tenant,
which is like pay yourself first, the small little pieces
that you can start to invest or put away money
and say first. And you talk a lot about stocks,
(08:08):
is that how you would suggest someone's start.
Speaker 1 (08:10):
Stock market has the lowest barrier to entry to allow
your money to grow.
Speaker 3 (08:14):
Right. People talk about real estate.
Speaker 1 (08:15):
Oh you only need to put three and a half
percent down, YadA, YadA. Look, ain't no credit checks. You
don't need like there's nothing. Want to come to the
stock market.
Speaker 3 (08:23):
Right.
Speaker 1 (08:24):
The best part about the stock market is this you
get to have the smartest people in the world in
turn work for you.
Speaker 3 (08:30):
So stock what is a stock? Right?
Speaker 1 (08:32):
A stock is a small sliver of ownership in a
publicly traded company. So if I buy Apple stock, today,
Apple CEO works for me. The CEO is an elected
official that works for the shareholders.
Speaker 4 (08:45):
Yep.
Speaker 1 (08:46):
If I buy Tesla stock, Elon Musk works for me,
you know what I mean? Tim cook at Apple works
for me.
Speaker 4 (08:51):
Yeah.
Speaker 3 (08:51):
Right, And so at the end of the day, that
is the.
Speaker 1 (08:54):
Awesome part about the stock market, because one by buying
one share stock, you are an owner of that company.
Speaker 2 (09:00):
Right, the CEO work crazy thought, you know, people don't
really that is true.
Speaker 4 (09:05):
Like that is facked, you know, And people are like, wow,
it doesn't matter.
Speaker 2 (09:08):
I can't call Tim Cooker, but that is true, and
that is fack.
Speaker 1 (09:12):
And they and so the amazing part right, And I
tell people you don't got to be a rocket scientist
because on average, by buying the S and P five hundred,
you're gonna make roughly ten percent on average a year.
Speaker 3 (09:24):
Right.
Speaker 1 (09:25):
More importantly, if you by buying like in a room
of one hundred professional investors, only twenty out of one hundred,
only twenty of them will do better than the S
and P five hundred. These are professionals, right, They're managing
billions of dollars. They get access to all crazy information,
YadA YadA, YadA. They calling up the CEOs of companies. Well,
(09:46):
guess what you ain't gotta be that you're gonna do.
You're gonna do better than eighty percent of them by
purely just buying the S and P five hundred and
what's the sp five hundred, five hundred of America's best companies,
every company you can think of that you used, whether
it's Apple, Amazon, Netflix, Google, Microsoft, Home Depot, Walmart, Costco.
Speaker 4 (10:05):
Pocusola, the list is endless.
Speaker 2 (10:07):
Look around and look at the tallest buildings in your
city and know that it's probably up there.
Speaker 3 (10:11):
Wow, I love it. I love it.
Speaker 2 (10:13):
So I want to start off by because you know,
I think back to the days when you're at U Penn,
you're looking the guys sitting beside you. And it's also
been so much more accessible for people. Tell me some
of your favorite apps or tools that you use to
start investing, because now I think a lot of banking
apps have it. But and I you know, no one's
really paying for this on this podcast, but I want
(10:35):
people to get the information. So tell me some of
your favorites that you use to invest. You can do
it now from the path from your bed. You don't
have to go to a specific stockbroker. It is so
easy and accessible.
Speaker 1 (10:46):
Democratization, right, the access to gaining wealth is a lot easier.
When I started investing, I started with each trade, and
it cost me a commission fee twelve ninety nine thirteen
dollars in order for them to buy this stock for me.
And it'd be another thirteen dollars for them to sell
a stock for me. And so now it costs zero dollars. Right,
(11:07):
they found ways to allow it. So people have heard
of Robinhood, but I'm always staying I recommend each trade.
Morgan Stanley bought e Trade. That is the app of
choice that I use. But there are several, right, Like
I want people to once again, I don't want you
to overthink it. If you got money in your cash hat,
you can buy stocks in your cash hat.
Speaker 3 (11:27):
It was you know what I'm saying.
Speaker 1 (11:29):
So you know, if you get acorns whatever, fidelity, but
you know, from a technology standpoint, e trade is the best.
Speaker 2 (11:35):
So I always recommend to people too, Like each trade
is great. There's so many out there. I use Robinhood,
I use Coinbase, I've definitely done things, threw cash app, PayPal,
so there's tons and you know, for those of you
who are looking to get hurt. The beauty of it
is is like you might go in there and like,
I don't know what apple stock is today, or I
can't even I don't know. But the nice thing about
(11:56):
it is is buying the stock doesn't mean you have
to You can buy a tiny little fraction if you
have one hundred dollars that you want to put into it.
And once you dip your toe into buying the stock,
you're invested. Like I wake up, I look at my
stock portfolio. Is stuff going up and down, and you
can watch it grow, and I feel like it becomes
you teach yourself as you go along, and you've got
a little bit of skin in the game. So I
(12:17):
think the number one rule of investing is also, don't
put in more that you can afford to lose. And
when I say that to people, I think they laugh
and they go, well, like, I can't afford to lose anything,
None of us can. But don't lose your kids shirts
over trying to make some fast money quick that never works.
That never works. Any other tips that you have for
people trying to get into investing in the stock market.
Speaker 1 (12:38):
The biggest question I get to that point is how
much should I start with?
Speaker 3 (12:42):
How much should I start with? Oh, I need to
save up to start.
Speaker 1 (12:45):
I need a thousand, ten thousand, And I tell them
the exact response all the time is not how much
you need to start, but how much you can afford
to invest every month, because once again, this isn't I'm
gonna start with one thousand dollars and run that up
to a million.
Speaker 4 (12:59):
No.
Speaker 1 (13:00):
The true blueprint to building true wealth it's saying, all right,
this is a bill. I got my rent, I got
my car note. But no, before all that, I'm paying
my future self. And my bill to pay my future
self is three hundred dollars. So every month I'm putting
three hundred dollars in the stock market, and that is
my thing. So whatever you could afford to invest, that's
how much you should invest every month. Just keep working
(13:22):
your way up to putting more and more to getting
so you'd be like, man, I don't want to have
wait thirty years. Maybe you only got to wait twenty years,
but just continue or ten years. Right, just as much
as you can.
Speaker 2 (13:32):
Afford, I think that's a great strategy. As much as
you can afford and know that this is a long.
Speaker 4 (13:37):
Term Gamely, what is one of the.
Speaker 2 (13:40):
Biggest mistakes or misconceptions that you hear, you know, maybe
on you know folks that are writing you on the internet,
Or what's one of the biggest mistakes that people make.
Speaker 3 (13:52):
Waiting too long to start thinking about retirement.
Speaker 2 (13:54):
Oh, that's such a good one.
Speaker 1 (13:58):
The one thing that's going to happen is that the
cost of living is going to continue to increase.
Speaker 3 (14:03):
And and what I mean by that is inflation. Right.
Speaker 1 (14:06):
It's the reason that the United Auto Workers on strike
because inflation is so high. They realized and yo, we
got to make more money.
Speaker 3 (14:13):
Right.
Speaker 1 (14:13):
The reason ups workers were gonna go on strike, the
reason the writers and the actors and like, they need
more money. And as a result, the earlier you understand
that you need to start putting money aside and preparing
for that, because you know, by the by putting money
aside today, you will live a better life tomorrow. And
so right, that's that's a common mistake. And the other thing,
(14:36):
like you say, is people trying to get rich quick, right,
Like there was a time when everybody was buying game
stop and you know she but.
Speaker 2 (14:45):
Whoever, the folks that made up with money on GameStop.
More power to you those of us who didn't. You know,
like everybody to make money, but.
Speaker 3 (14:53):
There's always wolves and sheep clothing. People got to understand that.
Speaker 1 (14:57):
They're like I tell people all this time, right, just
because you're good and your LA fitness, just because you
can play ball at LA Fitness, don't mean you can
step on the court with Lebron and Kat and Steph Curry.
The stock market is real professionals. And just because you
(15:17):
was in the Instagram saw somebody post this on Instagram
or on Reddit. When you step into that wallter trying
to outsmart people, right, you often become to pray, right,
and so that so when and I tell us all
the time, brother, it is wolves and sheep clothing, there
are stock promoters that are preying on us as smaller
(15:40):
investors by saying, oh, like there was a time when
when games stop, everybody saying game stop, gonna go to
a thousand. That's when people was putting their life savings
in and buying the stock at two three hundred dollars,
one hundred dollars, right, That's just not the case. Back
when people doge coin, finna go to a dollar, people
putting their life. The reality is when people give you
that stock target you already You've about to be dinner,
(16:03):
you fool, right, Like that's what's.
Speaker 2 (16:05):
So hard about it, you know, especially with doachecoin all
those like I know a lot of people who made
a lot of money, and I know a lot of
people who lost a lot of money. Yes, so this
game is definitely not for the faint of hearts. It's
not a game either. It is exactly like you said,
it's not a game.
Speaker 1 (16:20):
Continue to buy the companies you use, and you the
companies and the services that you use. The products and services. Right,
if you got Apple, if you got I phone, you
should own Apple. If you own your kids on YouTube
watching Gracie Corner, it's.
Speaker 3 (16:34):
Your own Google. Yeah, it just don't.
Speaker 1 (16:38):
It's that simple, right by what you know, not because
you've seen it on TikTok boy. What you use the
easiest way if you shop at Walmart, own some Walmart.
Speaker 2 (16:48):
Okay, So let's talk about risk here because I feel like,
you know, we've come out and I was have been
a strong proponent of blockchain cryptocurrencies NFTs as well, and
I know you sort of definitely follow along that.
Speaker 4 (17:00):
How do you feel.
Speaker 2 (17:01):
Now we're in twenty twenty three, we're coming out of
you know, a lot of people jumped on many of
these bandwagons, lost some money. I feel like I lost
a lot of money. Where do you feel like crypto
and blockchain is going in the future.
Speaker 1 (17:16):
Anything you buy, you should understand what it does and
you should understand the use case of it.
Speaker 3 (17:20):
Right, what is crypto?
Speaker 1 (17:22):
Crypto just democratize, you know, it democratized access to capital
and took away the power of middleman banks, et cetera. Right,
and so the fastest way back in the day to
get a million dollars from Chicago to London, it's not
(17:42):
a wire. It's literally go to the bank, get a
million dollars, a hop on a plant.
Speaker 3 (17:46):
Right now you.
Speaker 1 (17:47):
Can get instant access with understanding, you know, a bitcoin transfer,
et cetera. So what people need to understand is that
it could be a store value. Over the past ten years,
the best investment has still been bitcoin. It's not Tesla,
it's not apples in bitcoin. And so I think that
what people need to understand, understand what you're buying, understand
the risk associated with it, because over the past ten
(18:08):
years you've seen the price of bitcoin go down over
fifty percent eight times, right, However it's going on to
recover each time and make new highs. And we're, you know,
currently in the a time, right, we're in that eighth
inning trying to see if it does it again. But
what you need to understand what you're buying and understand
the risk associated with you shouldn't buy bitcoin if you're
not able to stomach the fact that they could go
(18:28):
down sixty seventy percent.
Speaker 4 (18:30):
Yeah, right, Yeah?
Speaker 3 (18:31):
Do I think.
Speaker 1 (18:32):
Bitcoin is a revolutionize, revolutionize technology?
Speaker 3 (18:35):
Right?
Speaker 1 (18:36):
What is blockchain? Absolutely? Do I think it recovers it
go higher? Yeah, but that's my opinion, right, But to
that point, once again, a lot of people get sucked
in buying things at the wrong time. And that's the thing, right,
there's certain assets that are good investments. However, you could
just buy it at the wrong time.
Speaker 2 (18:55):
And you know, again, guys, this is a podcast. You
have to this is not financial do your own research.
We always say that, don't come after me and ross.
Speaker 4 (19:06):
But you know what I really.
Speaker 2 (19:08):
Want to emphasize about that is I truly believe in
the technology of blockchain to how to how it's going
to change our lives right. So yes, there are waves
and ebbs and flows of you know, people put putting
a lot of money and creating products that maybe did
not turn out how they wanted to. But what I
think is really interesting in the parallel that's going on
(19:29):
right now as well with AI, is that we as
black people need to be like ahead of the curb
and understanding the technology and how we can therefore use
it to create.
Speaker 4 (19:39):
Like we are the ones driving the culture.
Speaker 2 (19:41):
So whether it's in the arts or music or this,
all these pieces are going to influence us.
Speaker 4 (19:45):
And you know, as someone who's been in technology for so.
Speaker 2 (19:47):
Long, where we've come along and we're like, well, you know,
we're we're trying to make diversity funds in this like
right now, if we understand how the technology will work,
we're at the head of the game, right And so
that's why I want people to like do their own
research and understand the technology so that you can figure
out how we can build on it and be at
the forefront.
Speaker 4 (20:06):
So this is do your own research. So if you still.
Speaker 2 (20:10):
Haven't understood how blockchain works, or how AI can work,
or how you can put AI into your businesses, like
we are not doing you.
Speaker 4 (20:19):
We are doing you with disservice. So do your homework, y'all,
do your homework.
Speaker 2 (20:22):
Ross, I'd be remiss if I didn't shout out your
Netflix documentary. If you guys are sitting at home and
you're sick of listening to podcasts and you want to
flip on a little visual stimulation, let's talk about this
documentary on Netflix. Please tell us what it's called and
how this came about.
Speaker 1 (20:38):
Absolutely, man, make sure you call your boot thing over
in Netflix and chill with your boy.
Speaker 3 (20:43):
It's like that. It's called Get Smart with Money. Right.
Speaker 1 (20:47):
We were in the top one percent when it came out.
It came out about a year ago. Now, Get Smart
with Money is an amazing documentary. Is going to help
you transform your relationship with money.
Speaker 3 (20:58):
Right.
Speaker 1 (20:58):
What happened was there a four families partner with four
financial coaches, and I happened to be one of the
financial coaches. And it's amazing because it touched on It
touched on something that everybody may or may not be
a little insecure about.
Speaker 3 (21:14):
Right. And so let me give you the stories of
four people. Right.
Speaker 1 (21:17):
You got a waitress that's working a job where she's
living paycheck to paycheck.
Speaker 3 (21:22):
You have a nurse.
Speaker 1 (21:25):
Who's over one hundred thousand dollars in debt, right, so
paycheck to paycheck over in debt. It you have a
family that's making good money, but they spending crazy, right,
they living beyond their means, and they're not ready to retire,
but they want to retire soon. And then you got
an athlete who I'm working with. You got an athlete
which is the prototypical like, oh, you rich, but he's
spending a lot of money in here, and at that
(21:47):
moment he had never invested. So you get, you know,
living paycheck to paycheck, a whole lot of debt, living
beyond your means, not retirement planning, and never investing.
Speaker 3 (21:56):
And so.
Speaker 1 (21:57):
One of the best things was that it touch millions
of lives around the world, not just the United States,
but any country, any continent you can think of. Everybody
was able to see it and it was just life changing.
I'm working with a young gentleman by the name of
Mattease Tabor.
Speaker 3 (22:12):
I love him.
Speaker 1 (22:12):
That's like my little brother naw in the NFL. And
one of the things he realizes that the NFL career
is about three years, right, and you get a lot
of money real quick. But if you're not planning for
your last day day one, you're doing exactly you got
a plan for your last day day one. And so
what we did was start changing his relationship with money.
We start making it a priority to start investing, and
(22:34):
as a result, he you know, changed his life and
his family's trajectory when it started to you know, build
generational wealth. Well, once again, it's a documentary. We're working
with these families over the course of a year, and
the audience gets to go along on that journey and
also find tips on how to change their relationship with money.
Speaker 2 (22:51):
I love this, And you know what's really fascinating is, like,
you know, you often look at other people and go, oh,
they're doing so good. And there's the spectrum of people
that you included on you know, I'm I'm in deep
in debt, I'm living check to check all the way
to these athletes. We all need help, we all need help,
and so some of this is all so applicable to
(23:12):
so many people. What's also very interesting to me is
that this is mainstream. This is what we should be
Netflix and chilling too. This is how you know, you
get your like, this is what I love because now
the conversations are just out there. It's incredible, and we're
talking about how we can make our money move and
just how we can save you know, over a bowl
of popcorn. This is like makes me very very happy.
(23:34):
I want to close out by talking a little bit
about your book. I want you to tell us where
we can find it and what we should look for
in the book, because I want people to make sure
they pick up this book.
Speaker 1 (23:46):
Yeah, well, listen people, once again, it's your boy, Rossmack
and I'm going to be your wealth connect. That's the
name of the book, right, the Wealth Connect, right, your
pathway to financial freedom and once again is going to
help you. Channel is going to help you change relationship
with money. It's important to us as a community understand
the pillars of building true wealth. Other cultures have the
(24:07):
blueprint and now it's our time to have it. And
so you can get it on Amazon. You can get
it on Apple, Apple Books, right, It's it's everywhere. But
I want you to understand that in a very short read,
you're gonna find ways and better understanding the importance of budgeting.
Speaker 3 (24:22):
You know, how to get.
Speaker 1 (24:23):
Out of debt, how and why you need to start
investing the empower the powers of you know, being selfless
and started thinking about the accounts you need for your kids, right,
whether that's life insurance, whether that's custodial accounts, and five
twenty nine's et cetera, and so and then your overall retirement.
And so it's gonna take you through the journey. And
what I feel is though it's the blueprint to you
(24:46):
becoming financially free.
Speaker 2 (24:49):
Well, I love this, Ross, thank you so much for
giving us the blueprint to financial freedom and our money
moving into outer space. I am so all about this
money movers. That's all the time we have for today.
But before we leave, Ross, make sure you tell us
where folks can follow you on social. We figured out
where to get your book, and also make sure you
check him out on Netflix.
Speaker 4 (25:09):
But tell us where to find you.
Speaker 1 (25:10):
On social absolutely on all social platforms. It's at I'm Rossmack,
the letter I the letter m R O S S
m AC, I'm Rossmac. And just stay in tune, man,
shoot me a DM if you need it or you know,
we're gonna just continue to go on this journey of
trying to help empower and enrich our community.
Speaker 4 (25:31):
Oh, Ross, we love that so much. Thank you so much,
money Movers.
Speaker 2 (25:33):
That's all the time we have for today, but we
are all about enriching and empowering.
Speaker 4 (25:38):
Our wallet, spirits and hearts. So thank you so much. Ross.
It was a pleasure to have you.
Speaker 3 (25:43):
I love it, I appreciate you, and that's.
Speaker 4 (25:45):
All we have for today.
Speaker 2 (25:47):
We're listening to today's episode. If we helped you make
your money move, please share it with your community, Subscribe
and leave us a review on iHeartRadio and Apple podcasts.
Follow us on social media at Greenwood and visit us
at go green for more financial tips and remember, money Movers,
if this were.
Speaker 4 (26:04):
Easy, everyone would do it.
Speaker 2 (26:06):
So take the lessons you've learned from this episode and
apply it to your life. Money Moves is an iHeartRadio
podcast powered by Greenwood Executive produced by Sunwise Media, Inc.
For more podcasts on iHeartRadio, visit the iHeartRadio app, Apple Podcasts,
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tune in Monday, Wednesday and Friday and subscribe to the
(26:27):
Money Moves podcast powered by Greenwood so that you too
can have the keys to financial freedom you so rightly deserve.
Speaker 4 (26:34):
Until next time,
Inflation is every year on average two to three percent, right,
So meaning if I just got one hundred dollars right
now man in my pocket next year, that one hundred
dollars really can only buy me ninety seven ninety eight
dollars worth of goods that was able to buy me
a year ago. And so at a bare minimum, you
need to be investing to outpace inflation. And so by
paying yourself first, you're putting that money and don't even
(00:22):
think about it.
Speaker 2 (00:23):
You're listening to Money Moves powered by Greenwood, a finance
podcast dedicated to dropping all the knowledge and gems from
the world's leading celebrities, entrepreneurs and experts, and tech, business
and more. I'm your host, angel investor, technology enthusiast, and
media personality Tanya Sam. Each week we talk with guests
who are making significant strides in their fields and learn
(00:43):
how they are making their money move. If you're someone
who's looking to make your money move, you're in the
right place, So open up your notes app and lock
us in, because this podcast will give you the keys
to the kingdom of financial stability, wealth and abundance you
so rightly deserve. Before we start the episode, i'd like
to remind you to check us out at Gogreenwood dot
com and follow us on social media at Greenwood and
(01:07):
me on all things social at it's Tanya time to
stay locked in too. New episode Money Movers, please give
a warm welcome to rossmag Hey, Ross.
Speaker 3 (01:19):
He Hello, Hello, thank you for having me all.
Speaker 2 (01:21):
Right, Ross between Macanomics, your new book, if you had
to school us on your four top tier principles that
you feel we this community, this money moving communities needs
to pay attention to right now, and if you've got
a fifth, I'll take it. But I like my core four.
I feel like you know, at five people stop maybe listening,
(01:43):
but give us your four that we need to pay
attention to, either on mecanomics or in the book.
Speaker 1 (01:49):
I love it all right. First things first, live below
your means right over over sixty percent of the world
live paycheck to pay over, almost two thirds of America
live paycheck to paycheck, well over fifty percent don't have
a thousand dollars save, right, But we're doing social media.
Everybody rich, right, And the reality is, rather than trying
(02:12):
to look rich, let's take the necessary steps to getting there,
and it starts off by living below your means literally,
spend less than you may next thing next, right, pay
yourself first, right. Way too often we pay bill collect
as we pay our rent, our Verizon cell phone bill,
our con note. But we aren't taught to pay ourselves first.
And I say that because by paying yourself first, you're
(02:34):
paying your future self because you ain't trying to work.
You know, going to a gig when you eighty is crazy. Right,
Let's start planning for retirement right now, and how do
you get there? You got a budget?
Speaker 3 (02:45):
Right? So another thing, you got a budget.
Speaker 1 (02:46):
It's not sexy, but it's a fact because by controlling
your inflows and outflows, you know, it's important to one
understand what money you got coming in. But also by budgeting,
you budget to say, because everybody like, oh, you don't
got to necessarily live off beans and rice your whole life.
You can budget to make that trip, right, You can
budget to do this and within that budget. And you
(03:08):
also want to make sure you have a fully funded
emergency fund. And what I mean by that is like,
if you use to lose your job and your next
thing is because you was living paycheck to paycheck, you
now got to take out a cash advanced loan or
you got to use your credit cards? You backwards, right,
let's make sure you get three months say that your
necessary expenses, right and within that budget, right, fifty thirty
(03:29):
twenty rule you want to be spending after take home taxes.
Fifty percent of that is on your necessities, right, those
are things you need your full walls, your mortgage, your
utility bills, your food, your groceries, et cetera. Thirty percent
on do the things you want to do. What that
could be traveling, and twenty percent is you know, paying
down debt, saving and investing. And then I'll say the
(03:51):
last step right when I talk about paying your future
self is set up investing on auto pilot.
Speaker 3 (03:58):
Right you want?
Speaker 2 (03:59):
Okay, this is what I wanted to ask you. What
does paying myself look like?
Speaker 1 (04:02):
Exactly? What I mean by that is investing for the future.
And the way you do that is the same way
you got direct deposit, same way you got auto pay.
You should have auto invest taking one hundred, two hundred,
three four hundred whatever you could afford. Right, once again,
by the budget is going to let you know, this
is how much I could afford every month to invest.
But that money should be automatically taken out of your
(04:23):
bank account and deposited into your investment account. And then
that money, in turn is automatically invested. And once again,
what do you want to invest in? The S and
P five hundred, He's a five hundred of America's best companies,
don'tkay if it's a Republican or Democrat in office. At
the end of the day, if you bet on America, your.
Speaker 3 (04:41):
Money will grow. Right.
Speaker 1 (04:42):
In thirty years, you put three hundred dollars every month,
you'll have over a million dollars. One average is going
to grow about ten percent each month. I'm sorry, I'm sorry.
On average is going to grow about ten percent each year. Right,
And once again why it's important to invest. Remember, inflation
is every year, on average is two to three percent.
Last year, June twenty twenty two, we saw inflation hit
(05:04):
the highest rate it's ever been and forty years, y'all
remember how expensive it was.
Speaker 3 (05:09):
It's about eggs.
Speaker 4 (05:10):
We were talking about eggs, bananas, guys, all of it.
Speaker 1 (05:14):
Yeah, exactly, And so you got to understand that that
was an extreme time. But understand this, inflation is every
year on average two to three percent, right, So meaning
if I just got one hundred dollars right now, man
in my pocket next year, that that one hundred dollars
really can only buy me ninety seven ninety eight dollars
worth of goods that it was.
Speaker 3 (05:33):
Able to buy me a year ago.
Speaker 1 (05:35):
And so at a bare minimum, you need to be
investing to outpace inflation. And so by paying yourself first,
you're putting that money and don't even think about it
auto invest. And once again, that's I would say, those
are the four or five steps to ensure you know
you're on your successful pathway to building you know, financial freedom.
Speaker 4 (05:52):
Ooh, I love those money movers.
Speaker 2 (05:54):
I hope you brought your notepad, but if you didn't,
you can rewind this episode and write those down paying
you And you know, I think the biggest, the hardest
one for people to start with is live within your means.
And you know, I feel like, above everything else, if
you feel like you can't do anything for your else
right now, just start by living within your means.
Speaker 1 (06:17):
It's so the thing is right, companies know that people right,
there was a Nielsen study that said African Americans, you know,
they interviewed a few people right, focus group, whatever it was.
They were saying African Americans are over index out to
overspending other racial groups in different categories to appear to
(06:38):
look wealthy. And the reality is right, we get it
right when you are told you don't get nothing right,
you don't have resources, you don't grow up rich. Quite
often we buy things we don't need to impress people.
Speaker 3 (06:50):
We don't like.
Speaker 4 (06:52):
Oh my gosh, that's not a word. And the truth,
where do we get that from?
Speaker 1 (06:57):
And I mean it's a function of society, right, we
are we literally companies know that they're going to market
to us for that, right. I remember it was a fact.
I remember fashion Nova sent out a text message. Somebody
in my economics investment club was like, sent the screenshot
like fashion Nova, I sent out a text message at
the exact time people was getting their stimulus checks.
Speaker 4 (07:16):
I remember that, and they.
Speaker 1 (07:18):
Was like, it's the stimulus for me, and here's fifty
percent off sales. And it's like, bro, companies know that
they know that we are terrible with our money, and
as a result, it's predatory, right, And so that's what
the education is about. That's what mecanomics is about, right,
It's helping educate our community that bro you don't need that?
Do you really need that? Or write what's what's real?
Do I need to buy a new aphone that they
(07:41):
just put.
Speaker 4 (07:41):
Out time it comes out for right?
Speaker 3 (07:44):
Or should I buy Apple stock?
Speaker 4 (07:46):
So I have a question for you.
Speaker 2 (07:47):
We talk a lot about stocks on here, and for
someone who's completely new to investing in stocks that they're
listening in a barbershop, I hope something walk us through,
like you know, because it comes back to your second tenant,
which is like pay yourself first, the small little pieces
that you can start to invest or put away money
and say first. And you talk a lot about stocks,
(08:08):
is that how you would suggest someone's start.
Speaker 1 (08:10):
Stock market has the lowest barrier to entry to allow
your money to grow.
Speaker 3 (08:14):
Right. People talk about real estate.
Speaker 1 (08:15):
Oh you only need to put three and a half
percent down, YadA, YadA. Look, ain't no credit checks. You
don't need like there's nothing. Want to come to the
stock market.
Speaker 3 (08:23):
Right.
Speaker 1 (08:24):
The best part about the stock market is this you
get to have the smartest people in the world in
turn work for you.
Speaker 3 (08:30):
So stock what is a stock? Right?
Speaker 1 (08:32):
A stock is a small sliver of ownership in a
publicly traded company. So if I buy Apple stock, today,
Apple CEO works for me. The CEO is an elected
official that works for the shareholders.
Speaker 4 (08:45):
Yep.
Speaker 1 (08:46):
If I buy Tesla stock, Elon Musk works for me,
you know what I mean? Tim cook at Apple works
for me.
Speaker 4 (08:51):
Yeah.
Speaker 3 (08:51):
Right, And so at the end of the day, that
is the.
Speaker 1 (08:54):
Awesome part about the stock market, because one by buying
one share stock, you are an owner of that company.
Speaker 2 (09:00):
Right, the CEO work crazy thought, you know, people don't
really that is true.
Speaker 4 (09:05):
Like that is facked, you know, And people are like, wow,
it doesn't matter.
Speaker 2 (09:08):
I can't call Tim Cooker, but that is true, and
that is fack.
Speaker 1 (09:12):
And they and so the amazing part right, And I
tell people you don't got to be a rocket scientist
because on average, by buying the S and P five hundred,
you're gonna make roughly ten percent on average a year.
Speaker 3 (09:24):
Right.
Speaker 1 (09:25):
More importantly, if you by buying like in a room
of one hundred professional investors, only twenty out of one hundred,
only twenty of them will do better than the S
and P five hundred. These are professionals, right, They're managing
billions of dollars. They get access to all crazy information,
YadA YadA, YadA. They calling up the CEOs of companies. Well,
(09:46):
guess what you ain't gotta be that you're gonna do.
You're gonna do better than eighty percent of them by
purely just buying the S and P five hundred and
what's the sp five hundred, five hundred of America's best companies,
every company you can think of that you used, whether
it's Apple, Amazon, Netflix, Google, Microsoft, Home Depot, Walmart, Costco.
Speaker 4 (10:05):
Pocusola, the list is endless.
Speaker 2 (10:07):
Look around and look at the tallest buildings in your
city and know that it's probably up there.
Speaker 3 (10:11):
Wow, I love it. I love it.
Speaker 2 (10:13):
So I want to start off by because you know,
I think back to the days when you're at U Penn,
you're looking the guys sitting beside you. And it's also
been so much more accessible for people. Tell me some
of your favorite apps or tools that you use to
start investing, because now I think a lot of banking
apps have it. But and I you know, no one's
really paying for this on this podcast, but I want
(10:35):
people to get the information. So tell me some of
your favorites that you use to invest. You can do
it now from the path from your bed. You don't
have to go to a specific stockbroker. It is so
easy and accessible.
Speaker 1 (10:46):
Democratization, right, the access to gaining wealth is a lot easier.
When I started investing, I started with each trade, and
it cost me a commission fee twelve ninety nine thirteen
dollars in order for them to buy this stock for me.
And it'd be another thirteen dollars for them to sell
a stock for me. And so now it costs zero dollars. Right,
(11:07):
they found ways to allow it. So people have heard
of Robinhood, but I'm always staying I recommend each trade.
Morgan Stanley bought e Trade. That is the app of
choice that I use. But there are several, right, Like
I want people to once again, I don't want you
to overthink it. If you got money in your cash hat,
you can buy stocks in your cash hat.
Speaker 3 (11:27):
It was you know what I'm saying.
Speaker 1 (11:29):
So you know, if you get acorns whatever, fidelity, but
you know, from a technology standpoint, e trade is the best.
Speaker 2 (11:35):
So I always recommend to people too, Like each trade
is great. There's so many out there. I use Robinhood,
I use Coinbase, I've definitely done things, threw cash app, PayPal,
so there's tons and you know, for those of you
who are looking to get hurt. The beauty of it
is is like you might go in there and like,
I don't know what apple stock is today, or I
can't even I don't know. But the nice thing about
(11:56):
it is is buying the stock doesn't mean you have
to You can buy a tiny little fraction if you
have one hundred dollars that you want to put into it.
And once you dip your toe into buying the stock,
you're invested. Like I wake up, I look at my
stock portfolio. Is stuff going up and down, and you
can watch it grow, and I feel like it becomes
you teach yourself as you go along, and you've got
a little bit of skin in the game. So I
(12:17):
think the number one rule of investing is also, don't
put in more that you can afford to lose. And
when I say that to people, I think they laugh
and they go, well, like, I can't afford to lose anything,
None of us can. But don't lose your kids shirts
over trying to make some fast money quick that never works.
That never works. Any other tips that you have for
people trying to get into investing in the stock market.
Speaker 1 (12:38):
The biggest question I get to that point is how
much should I start with?
Speaker 3 (12:42):
How much should I start with? Oh, I need to
save up to start.
Speaker 1 (12:45):
I need a thousand, ten thousand, And I tell them
the exact response all the time is not how much
you need to start, but how much you can afford
to invest every month, because once again, this isn't I'm
gonna start with one thousand dollars and run that up
to a million.
Speaker 4 (12:59):
No.
Speaker 1 (13:00):
The true blueprint to building true wealth it's saying, all right,
this is a bill. I got my rent, I got
my car note. But no, before all that, I'm paying
my future self. And my bill to pay my future
self is three hundred dollars. So every month I'm putting
three hundred dollars in the stock market, and that is
my thing. So whatever you could afford to invest, that's
how much you should invest every month. Just keep working
(13:22):
your way up to putting more and more to getting
so you'd be like, man, I don't want to have
wait thirty years. Maybe you only got to wait twenty years,
but just continue or ten years. Right, just as much
as you can.
Speaker 2 (13:32):
Afford, I think that's a great strategy. As much as
you can afford and know that this is a long.
Speaker 4 (13:37):
Term Gamely, what is one of the.
Speaker 2 (13:40):
Biggest mistakes or misconceptions that you hear, you know, maybe
on you know folks that are writing you on the internet,
Or what's one of the biggest mistakes that people make.
Speaker 3 (13:52):
Waiting too long to start thinking about retirement.
Speaker 2 (13:54):
Oh, that's such a good one.
Speaker 1 (13:58):
The one thing that's going to happen is that the
cost of living is going to continue to increase.
Speaker 3 (14:03):
And and what I mean by that is inflation. Right.
Speaker 1 (14:06):
It's the reason that the United Auto Workers on strike
because inflation is so high. They realized and yo, we
got to make more money.
Speaker 3 (14:13):
Right.
Speaker 1 (14:13):
The reason ups workers were gonna go on strike, the
reason the writers and the actors and like, they need
more money. And as a result, the earlier you understand
that you need to start putting money aside and preparing
for that, because you know, by the by putting money
aside today, you will live a better life tomorrow. And
so right, that's that's a common mistake. And the other thing,
(14:36):
like you say, is people trying to get rich quick, right,
Like there was a time when everybody was buying game
stop and you know she but.
Speaker 2 (14:45):
Whoever, the folks that made up with money on GameStop.
More power to you those of us who didn't. You know,
like everybody to make money, but.
Speaker 3 (14:53):
There's always wolves and sheep clothing. People got to understand that.
Speaker 1 (14:57):
They're like I tell people all this time, right, just
because you're good and your LA fitness, just because you
can play ball at LA Fitness, don't mean you can
step on the court with Lebron and Kat and Steph Curry.
The stock market is real professionals. And just because you
(15:17):
was in the Instagram saw somebody post this on Instagram
or on Reddit. When you step into that wallter trying
to outsmart people, right, you often become to pray, right,
and so that so when and I tell us all
the time, brother, it is wolves and sheep clothing, there
are stock promoters that are preying on us as smaller
(15:40):
investors by saying, oh, like there was a time when
when games stop, everybody saying game stop, gonna go to
a thousand. That's when people was putting their life savings
in and buying the stock at two three hundred dollars,
one hundred dollars, right, That's just not the case. Back
when people doge coin, finna go to a dollar, people
putting their life. The reality is when people give you
that stock target you already You've about to be dinner,
(16:03):
you fool, right, Like that's what's.
Speaker 2 (16:05):
So hard about it, you know, especially with doachecoin all
those like I know a lot of people who made
a lot of money, and I know a lot of
people who lost a lot of money. Yes, so this
game is definitely not for the faint of hearts. It's
not a game either. It is exactly like you said,
it's not a game.
Speaker 1 (16:20):
Continue to buy the companies you use, and you the
companies and the services that you use. The products and services. Right,
if you got Apple, if you got I phone, you
should own Apple. If you own your kids on YouTube
watching Gracie Corner, it's.
Speaker 3 (16:34):
Your own Google. Yeah, it just don't.
Speaker 1 (16:38):
It's that simple, right by what you know, not because
you've seen it on TikTok boy. What you use the
easiest way if you shop at Walmart, own some Walmart.
Speaker 2 (16:48):
Okay, So let's talk about risk here because I feel like,
you know, we've come out and I was have been
a strong proponent of blockchain cryptocurrencies NFTs as well, and
I know you sort of definitely follow along that.
Speaker 4 (17:00):
How do you feel.
Speaker 2 (17:01):
Now we're in twenty twenty three, we're coming out of
you know, a lot of people jumped on many of
these bandwagons, lost some money. I feel like I lost
a lot of money. Where do you feel like crypto
and blockchain is going in the future.
Speaker 1 (17:16):
Anything you buy, you should understand what it does and
you should understand the use case of it.
Speaker 3 (17:20):
Right, what is crypto?
Speaker 1 (17:22):
Crypto just democratize, you know, it democratized access to capital
and took away the power of middleman banks, et cetera. Right,
and so the fastest way back in the day to
get a million dollars from Chicago to London, it's not
(17:42):
a wire. It's literally go to the bank, get a
million dollars, a hop on a plant.
Speaker 3 (17:46):
Right now you.
Speaker 1 (17:47):
Can get instant access with understanding, you know, a bitcoin transfer,
et cetera. So what people need to understand is that
it could be a store value. Over the past ten years,
the best investment has still been bitcoin. It's not Tesla,
it's not apples in bitcoin. And so I think that
what people need to understand, understand what you're buying, understand
the risk associated with it, because over the past ten
(18:08):
years you've seen the price of bitcoin go down over
fifty percent eight times, right, However it's going on to
recover each time and make new highs. And we're, you know,
currently in the a time, right, we're in that eighth
inning trying to see if it does it again. But
what you need to understand what you're buying and understand
the risk associated with you shouldn't buy bitcoin if you're
not able to stomach the fact that they could go
(18:28):
down sixty seventy percent.
Speaker 4 (18:30):
Yeah, right, Yeah?
Speaker 3 (18:31):
Do I think.
Speaker 1 (18:32):
Bitcoin is a revolutionize, revolutionize technology?
Speaker 3 (18:35):
Right?
Speaker 1 (18:36):
What is blockchain? Absolutely? Do I think it recovers it
go higher? Yeah, but that's my opinion, right, But to
that point, once again, a lot of people get sucked
in buying things at the wrong time. And that's the thing, right,
there's certain assets that are good investments. However, you could
just buy it at the wrong time.
Speaker 2 (18:55):
And you know, again, guys, this is a podcast. You
have to this is not financial do your own research.
We always say that, don't come after me and ross.
Speaker 4 (19:06):
But you know what I really.
Speaker 2 (19:08):
Want to emphasize about that is I truly believe in
the technology of blockchain to how to how it's going
to change our lives right. So yes, there are waves
and ebbs and flows of you know, people put putting
a lot of money and creating products that maybe did
not turn out how they wanted to. But what I
think is really interesting in the parallel that's going on
(19:29):
right now as well with AI, is that we as
black people need to be like ahead of the curb
and understanding the technology and how we can therefore use
it to create.
Speaker 4 (19:39):
Like we are the ones driving the culture.
Speaker 2 (19:41):
So whether it's in the arts or music or this,
all these pieces are going to influence us.
Speaker 4 (19:45):
And you know, as someone who's been in technology for so.
Speaker 2 (19:47):
Long, where we've come along and we're like, well, you know,
we're we're trying to make diversity funds in this like
right now, if we understand how the technology will work,
we're at the head of the game, right And so
that's why I want people to like do their own
research and understand the technology so that you can figure
out how we can build on it and be at
the forefront.
Speaker 4 (20:06):
So this is do your own research. So if you still.
Speaker 2 (20:10):
Haven't understood how blockchain works, or how AI can work,
or how you can put AI into your businesses, like
we are not doing you.
Speaker 4 (20:19):
We are doing you with disservice. So do your homework, y'all,
do your homework.
Speaker 2 (20:22):
Ross, I'd be remiss if I didn't shout out your
Netflix documentary. If you guys are sitting at home and
you're sick of listening to podcasts and you want to
flip on a little visual stimulation, let's talk about this
documentary on Netflix. Please tell us what it's called and
how this came about.
Speaker 1 (20:38):
Absolutely, man, make sure you call your boot thing over
in Netflix and chill with your boy.
Speaker 3 (20:43):
It's like that. It's called Get Smart with Money. Right.
Speaker 1 (20:47):
We were in the top one percent when it came out.
It came out about a year ago. Now, Get Smart
with Money is an amazing documentary. Is going to help
you transform your relationship with money.
Speaker 3 (20:58):
Right.
Speaker 1 (20:58):
What happened was there a four families partner with four
financial coaches, and I happened to be one of the
financial coaches. And it's amazing because it touched on It
touched on something that everybody may or may not be
a little insecure about.
Speaker 3 (21:14):
Right. And so let me give you the stories of
four people. Right.
Speaker 1 (21:17):
You got a waitress that's working a job where she's
living paycheck to paycheck.
Speaker 3 (21:22):
You have a nurse.
Speaker 1 (21:25):
Who's over one hundred thousand dollars in debt, right, so
paycheck to paycheck over in debt. It you have a
family that's making good money, but they spending crazy, right,
they living beyond their means, and they're not ready to retire,
but they want to retire soon. And then you got
an athlete who I'm working with. You got an athlete
which is the prototypical like, oh, you rich, but he's
spending a lot of money in here, and at that
(21:47):
moment he had never invested. So you get, you know,
living paycheck to paycheck, a whole lot of debt, living
beyond your means, not retirement planning, and never investing.
Speaker 3 (21:56):
And so.
Speaker 1 (21:57):
One of the best things was that it touch millions
of lives around the world, not just the United States,
but any country, any continent you can think of. Everybody
was able to see it and it was just life changing.
I'm working with a young gentleman by the name of
Mattease Tabor.
Speaker 3 (22:12):
I love him.
Speaker 1 (22:12):
That's like my little brother naw in the NFL. And
one of the things he realizes that the NFL career
is about three years, right, and you get a lot
of money real quick. But if you're not planning for
your last day day one, you're doing exactly you got
a plan for your last day day one. And so
what we did was start changing his relationship with money.
We start making it a priority to start investing, and
(22:34):
as a result, he you know, changed his life and
his family's trajectory when it started to you know, build
generational wealth. Well, once again, it's a documentary. We're working
with these families over the course of a year, and
the audience gets to go along on that journey and
also find tips on how to change their relationship with money.
Speaker 2 (22:51):
I love this, And you know what's really fascinating is, like,
you know, you often look at other people and go, oh,
they're doing so good. And there's the spectrum of people
that you included on you know, I'm I'm in deep
in debt, I'm living check to check all the way
to these athletes. We all need help, we all need help,
and so some of this is all so applicable to
(23:12):
so many people. What's also very interesting to me is
that this is mainstream. This is what we should be
Netflix and chilling too. This is how you know, you
get your like, this is what I love because now
the conversations are just out there. It's incredible, and we're
talking about how we can make our money move and
just how we can save you know, over a bowl
of popcorn. This is like makes me very very happy.
(23:34):
I want to close out by talking a little bit
about your book. I want you to tell us where
we can find it and what we should look for
in the book, because I want people to make sure
they pick up this book.
Speaker 1 (23:46):
Yeah, well, listen people, once again, it's your boy, Rossmack
and I'm going to be your wealth connect. That's the
name of the book, right, the Wealth Connect, right, your
pathway to financial freedom and once again is going to
help you. Channel is going to help you change relationship
with money. It's important to us as a community understand
the pillars of building true wealth. Other cultures have the
(24:07):
blueprint and now it's our time to have it. And
so you can get it on Amazon. You can get
it on Apple, Apple Books, right, It's it's everywhere. But
I want you to understand that in a very short read,
you're gonna find ways and better understanding the importance of budgeting.
Speaker 3 (24:22):
You know, how to get.
Speaker 1 (24:23):
Out of debt, how and why you need to start
investing the empower the powers of you know, being selfless
and started thinking about the accounts you need for your kids, right,
whether that's life insurance, whether that's custodial accounts, and five
twenty nine's et cetera, and so and then your overall retirement.
And so it's gonna take you through the journey. And
what I feel is though it's the blueprint to you
(24:46):
becoming financially free.
Speaker 2 (24:49):
Well, I love this, Ross, thank you so much for
giving us the blueprint to financial freedom and our money
moving into outer space. I am so all about this
money movers. That's all the time we have for today.
But before we leave, Ross, make sure you tell us
where folks can follow you on social. We figured out
where to get your book, and also make sure you
check him out on Netflix.
Speaker 4 (25:09):
But tell us where to find you.
Speaker 1 (25:10):
On social absolutely on all social platforms. It's at I'm Rossmack,
the letter I the letter m R O S S
m AC, I'm Rossmac. And just stay in tune, man,
shoot me a DM if you need it or you know,
we're gonna just continue to go on this journey of
trying to help empower and enrich our community.
Speaker 4 (25:31):
Oh, Ross, we love that so much. Thank you so much,
money Movers.
Speaker 2 (25:33):
That's all the time we have for today, but we
are all about enriching and empowering.
Speaker 4 (25:38):
Our wallet, spirits and hearts. So thank you so much. Ross.
It was a pleasure to have you.
Speaker 3 (25:43):
I love it, I appreciate you, and that's.
Speaker 4 (25:45):
All we have for today.
Speaker 2 (25:47):
We're listening to today's episode. If we helped you make
your money move, please share it with your community, Subscribe
and leave us a review on iHeartRadio and Apple podcasts.
Follow us on social media at Greenwood and visit us
at go green for more financial tips and remember, money Movers,
if this were.
Speaker 4 (26:04):
Easy, everyone would do it.
Speaker 2 (26:06):
So take the lessons you've learned from this episode and
apply it to your life. Money Moves is an iHeartRadio
podcast powered by Greenwood Executive produced by Sunwise Media, Inc.
For more podcasts on iHeartRadio, visit the iHeartRadio app, Apple Podcasts,
or wherever you get your podcasts from. Make sure to
tune in Monday, Wednesday and Friday and subscribe to the
(26:27):
Money Moves podcast powered by Greenwood so that you too
can have the keys to financial freedom you so rightly deserve.
Speaker 4 (26:34):
Until next time,
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