Two-time Emmy and Three-time NAACP Image Award-winning, television Executive Producer Rushion McDonald interviewed Kevin Cohee.
He is the owner, Chairman and Chief Executive Officer of OneUnited Bank, the largest Black owned bank and the first Black owned internet bank in America. In the aftermath of the protest against police brutality in 2016, Mr. Cohee created and spearheaded the Bank Black movement resulting in Black people transferring tens of millions of dollars into Black owned banks as a form of social protest. Through Mr. Cohee’s visionary leadership, OneUnited Bank has exceeded industry averages year after year regarding asset growth and profitability. From 1996 to the present, OneUnited assets have grown from $56 million to over $650 million. The Bank has consistently been profitable and achieved a compound growth rate on its common equity of over 35%. A successful business executive and entrepreneur for almost 20 years, Mr. Cohee founded a consulting firm in 1979 specializing in acquisition of radio and television stations by minorities. After obtaining his JD/MBA in 1985, Mr. Cohee became an investment banker at Salomon Brothers, Inc.
Company Description *
OneUnited Bank is the premier bank for urban communities, the largest Black-owned bank, the first Black internet bank and a Community Development Financial Institution (CDFI). Its mission is to provide affordable financial services to support economic development in urban communities and maintain superior financial performance to maximize shareholder value. OneUnited is an FDIC insured bank and an equal housing lender.
He is the CEO of OneUnited Bank, America’s largest Black-owned bank. Discover how OneUnited is transforming financial access through artificial intelligence technology and innovation, offering tools to help underserved communities build wealth and financial literacy. Cohee shares powerful insights on breaking down barriers in banking, leveraging technology for financial empowerment, and creating opportunities for a brighter economic future. Tune in to learn how you can take control of your financial journey with resources tailored to uplift and empower!
#STRAW
#BEST
#SHMS
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 (00:05):
Welcome to the show. I am Rashan McDonald, the host
of Money Making Conversations Masterclass, where we encourage people to
stop reading other people's success stories and start planning their own.
Listen up as I interview entrepreneurs from around the country,
talk to celebrities and ask them how they are running
their companies, and speak with nod profits who are making
(00:25):
a difference in their local communities. Now, sit back and
listen as we unlock the secrets to their success on
Money Making Conversations Masterclass. Hi, I'm Rushan McDonald, our host
of weekly Money Making Conversation Masterclass show. The interviews and
information that this show provides are for everyone. It's time
to stop reading other people's success stories and start living
(00:47):
your own. I'm here to help you reach your American dream.
If you want to be a guest on my show,
please visit Moneymakingconversations dot com and click the be a
Guest button.
Speaker 2 (00:58):
My next guest.
Speaker 1 (00:59):
He's the owner, chairman, and chief executive officer of One
United Bank, the largest black owned bank and the first
black owned internet bank in America. The bank has consistently
been profitable and achieved a compound growth rate on this
common equity of over thirty five percent. Please welcome to
the Money Making Conversations Masterclass. Kevin coohe how you doing.
Speaker 3 (01:22):
Kevin, great man? Thanks for having me.
Speaker 1 (01:25):
First of all, you know when I heard an opportunity
to being able to interview you. We met way back
when I was managing Steve Harvey and the Los Angeles
and between two thousand and two thousand and five, I
was aware of the United Bank brand, and as we've
grown over the years, Talker, tell us about that journey,
(01:45):
because it's something you launched in nineteen ninety six and
then in twenty sixteen, it.
Speaker 2 (01:51):
Kind of like jumped off.
Speaker 1 (01:53):
Now we know for a fact that in the brown
and black communities banks don't exist.
Speaker 4 (02:03):
Tell me your story, yes, okay, Well my story is
really a story.
Speaker 3 (02:08):
Of Black America.
Speaker 4 (02:10):
The concept of creating a national black on bank is
not something that I created. Far greater men than me
came up with this idea of going all the way
back to slavery, people like Booker T. Wasshington as an example,
WB du Bois. As different as they were as leaders,
they both talked about the importance of a national Black
(02:34):
on bank. No less than Martin Luther King in his
I Have a Dream speech, talked about the importance of
a national Black on bank. These leaders recognized and believed
that one of the very important elements of successfully integrating
Black Americans into a capitalistic society was to have an
(02:56):
institution that had access to the payment system that can
serve this central role of what they would call garnering
the economic spending power of both Black America and its
allies and then re channeling those resources, those economic resources
into our communities to help us grow. So this, this concept,
(03:18):
this mission literally has existed since slavery. We're just a
group of people who who were chosen, if you will,
to execute this mission of creating a national black owned bank.
The original concept of the bank was to buy up
all the small black owed banks around the country and
(03:40):
pull them together and create one United bank. So we
bought a bank in Boston, bought a bank in Miami,
bought two banks in Los Angeles, and we're four acquisitions
deep into what an investment banker would call a roll up.
And then we had this epiphany, or maybe this epiphany
had at us, depending on how you want to think
(04:01):
about it. But we looked up and said, oh man,
this thing called technology is going to completely change financial
services as we know it. Why these things, okay, phones,
so cell phone, computers, period. In other words, starting with
the way people want to receive their financial services these days.
(04:24):
They don't want to drive down the street and around
the corner and stand in line, no matter how good
you don't not save. They have an expectation of getting
all their financial information right now, seven days a week,
twenty four hours a day, and they expect to be
able to spend money all across the world and get
it back for free anywhere in the United States. So
(04:47):
that's one part of it, how banking services are delivered,
in people's expectation, how they get them. And then the
second thing is this thing called technology, whether it's that
aggregation where it's artificial intelligence, have allowed for the creation
of a whole new generation of banking products that are
completely different than anything that has existed previously. For example,
(05:10):
what we're doing is we're moving from what they call
utilitarian banking products, something like a checking account as an example.
It's a utilitarian product. And what that does is it facilitation.
You spend the money by writing checks. But you take
like one United Banks lead product, which is called wise one.
What wise one does is it users data aggregation technology
(05:32):
to pull together all of a person's financial information, no
matter where it is, not just what's in the bank,
but all their financial information.
Speaker 3 (05:40):
So for the first.
Speaker 4 (05:41):
Time, many people actually understand on a real time basis
where they are, what their assets are, what their liabilities are,
what their network they're like there is, what the revenues are,
what their spenses are, so what the surplus and definity
that the case may be. And most importantly, we've gamified
them understanding how the cash loans, so in other words,
(06:03):
when is the money coming in, when is the money
going out, and what that means. And so if you
think about what I just described to you, for the
first time people have the ability to actually understand where
they are. Then our artificial intelligence technology takes that information.
And by the way, we've been working on AI for
over a decade, right okay, takes that You're not just coming.
Speaker 2 (06:27):
To the party right now, you've been ahead of the party.
Speaker 3 (06:30):
Man. We try to say we are at the party.
Speaker 2 (06:35):
Come on, Garrett, tell the truth. One United Bank.
Speaker 3 (06:37):
There you go.
Speaker 4 (06:38):
So so we we you know, a lot of times
people don't think about black owned companies as participating in
technologies like artificial intelligence. We fully implemented our official intelligence
and to vote our operation and our products.
Speaker 3 (06:51):
But just to finish this point quickly, so.
Speaker 4 (06:54):
What we used AI to do is to take people's
information and to help them make their decisions. So that's
really the key to it. So you know, as you know,
as you talked about, we live in a society that
is challenged from a financial literacy standpoint. Ninety percent of
our population is not financially literate unfortunately. I mean, we
(07:18):
know why. We don't teach financial literacy in schools, so
K through twelve we don't teach financial literacy. So it'd
be like if we didn't teach reading. If we didn't
teach reading, well, guess what, we have a bunch of
people who can't read. Instand which we have most of
our population is not capable of making financially literate decisions.
(07:39):
The good news, technology, in particularly artificial intelligence, creates the
opportunity to now for anybody to get to effectively make
the decisions like they were an expert or a profession.
Speaker 1 (07:55):
You brought up the concept from one day United Bank
buying up black banks around the an't you the same
format and no different than the Bank of America, no
different than the World's Foggo or any of your competitors,
not being a black bank. It's a trust factor, is
a brand awareness factor. How do you break that battery?
As one United Bank when you're trying to bring in
customers and your new start or a new kid on
(08:17):
the block.
Speaker 4 (08:19):
Well, you're starting with you have. Okay, what we like
to say those banks that you mentioned, uh, Chase and
Wells Fargo and all them, what we say is we're
fdic ensued commercial bank like them. The only difference is
we're smarter and we have better technology.
Speaker 3 (08:38):
There you go.
Speaker 4 (08:39):
Other than that, they just like us. We're just smarter
than so and so and so forth. So our products
start with our products. And one of the reasons we
have really good relationships with banks, and banks love One
United Bank is because they know they can't do the
kind of things we can do. For exam, one of
(09:00):
our lead products is called cass Please. Now, what cash
Please does is for those situations where where some kind
of the average American only has four hundred dollars in
emergency savings. Right, Okay, So let's start with that. So
let's say something happens, you're driving your truck to work,
you hit a pothole. Bang, you got an eight hundred
and fifty dollars bills in here.
Speaker 3 (09:22):
You need this truck to get to work. So you
you need what what do you need?
Speaker 4 (09:26):
You need an emergency small balance short term loan at
affordable prices. In other words, you don't you need to
be able to get your truck fixed without being goalsed
and taken in by some kind of financial trap. Well,
one United Bate can deliver that loan on a nationwide
basis and uses alternative credit criterion other than just these
(09:52):
these these credit bureaus and stuff, which are dated technology. Right,
So if base aren't build to solve the kind of
problems that people have, what do I mean a people problem?
You stuck in check systems? You need a second chance
to get a check in account. That's the one United
Bate product. You messed up your credit things having the people,
(10:15):
particularly when you have low amounts of resources, so you
need to rebuild your credit.
Speaker 3 (10:20):
That's the one United Bank product.
Speaker 4 (10:22):
You need to build emergency savings, perhaps on a collaborative
basis with somebody like your employer, which is one of
our big areas expertise to help you build savings accounts.
So what I'm saying to you is we have completely
different financial products than mainstream base and we have the
products that people actually need to function in day to
(10:44):
day's society. Like I just told you about a product,
a black owned business created a product that utilizes artificial
intelligence to help people, and we're designed in particularly for
black people to make better financial.
Speaker 2 (11:00):
Is i'ma tell you something. You're fired up now.
Speaker 1 (11:02):
I like that, Carvin, because you you get frustrated like
me and this I wouldn't say the word frustrated, but
it's about the information because of the fact that Blacks
are always viewed as being behind the curve on technology,
being hind the curve on financial literacy. You said, Rashaan,
we got the model. We're winning with one United Bank. Now,
because you go to any black community and those check
(11:24):
cashing places are still dominant.
Speaker 2 (11:27):
How can you help.
Speaker 1 (11:27):
The black community with one United Bank to avoid those
outrageous fees and how can they do banking with one
United Bank?
Speaker 4 (11:36):
You go, you go to one United dot com. It's
that O N E U N.
Speaker 2 (11:41):
I T E any anywhere you can be down.
Speaker 4 (11:45):
D C d C Detroit, Philadelphia, Boise, Idaho, which, by
the way, we have a lot of customersis for reasons.
L Paso, Texas, Dallas, Texas, Los Angeles, GOP. It doesn't matter.
There you are and I'll give you just just because
here again, you know, you know, hopefully it doesn't seem
(12:07):
like frustration. But but we want people to understand you
you don't have to go to these check cashers and
get ripped off. You just go to my United but
dot com we are set up to be able to
accommodate these types of situations and so and so and
so here again.
Speaker 2 (12:26):
Let me ask you this.
Speaker 1 (12:26):
Let me ask you this, Kevin, because I don't want
to put the word frustration in it, but you know
you're trying to get the worried out. You have something
available that people are not using because they're not aware
of the brand that you're offering at one United one
United Bank. Now, how does this as an individual who's
been doing this way going to these high check cashing places,
you know, got a buzz to get in, You get in,
(12:47):
they treat you like a criminal even though they cash
in your check. How does one in that community deposit
their money using one United Bank even though they're not
going into a bank or check cash your location. I'm
just trying to simplify so people can understand how your
technology works.
Speaker 4 (13:06):
Okay, well, why not start by asking you a question? Yes, Sir,
if I said to you, Rashid, if you had to
guess what bank in the United States has the largest
number of surcharged free at ms, what bank would you get?
Now before you before you answer that, let's just say
(13:28):
you don't CEO right right right, right, right, right, right right.
Speaker 3 (13:31):
And it's just a good looking black guy.
Speaker 2 (13:33):
Right, we're beautiful teeth. We're beautiful teeth. I want to
say one year, Nited Bank, Sir, we have the.
Speaker 4 (13:48):
Largest number joint free ATMs from any bank. Now it's
because of the network we we have built. So we're
tied into a number of institutions like you can use
any your one United Bank customer, you can use like
city based ATMs, you can use JP Morgan's ATMs, as
well as the whole host of of everything from dollar
(14:12):
store type type situations to too many retailers. Because we
we created collaborations. See where we have created the bank.
Speaker 3 (14:21):
Of the future.
Speaker 4 (14:22):
Right, So, so the banking the bank is built on collaborations,
it's built on technology, and and so and so it's
in the modern day world. Here again, banking was this
thing we grew up with which was based before technology.
So it was physical. You have a physical facility, you
(14:46):
place physical bills into the thing, you go sit there
and you talk to the tellers and all of that. Well,
technology technology like so many things, and it's one of
the more important things for us as a people is
to recognize how technology has changed business opportunity.
Speaker 3 (15:05):
Look at you.
Speaker 4 (15:06):
You communicating to the to the whole world rightly, and
you certainly communicating to the whole United States. And this
isn't about where Rashad is at this moment. Frankly, where
Rashad is at this moment is not. What's important is
the content right that you're providing and understanding how to
(15:27):
distribute that contest on a widespread basis. Here again, the
thing about what United Bank other things that makes it
youth unique is one United Bank affects tens of millions
of people.
Speaker 2 (15:40):
I want to hear.
Speaker 3 (15:41):
That's why you see it's.
Speaker 4 (15:42):
It's it's The reason is it's an important institution in
Black America is because of both its brand recognition, but
it's reach.
Speaker 3 (15:53):
It can reach anybody anywhere.
Speaker 4 (15:56):
So when something happens like the George Floyd thing, you
think he's inundated with phone calls because we got we're
Black America's banks, So we have to sit there and
hold people's hands, water, sit there and hold their hands
through moments of crisis, that kind of thing, and so
and so. So it's not just us having the problem
using technology to create this new generation of products that
(16:19):
meets people's knees. It's also our ability to communicate effective
related to hundreds of millions of people to reach that.
Speaker 5 (16:27):
Please don't go anywhere. We'll be right back with more
Money Making Conversations Masterclass. Welcome back to the Money Making
Conversations Masterclass, hosted by Rashaan McDonald.
Speaker 1 (16:46):
Well, you know it's important people here. What Kevin is
trying to say, oh is saying. He's not trying, He's
motivated to tell you how you can change your life
through technology. That was one United Bank was at the
forefront of that, at the forefront of AI. More importantly,
what I wanted him to say, and he said it
very accurately, is if you are in a community and
(17:07):
you don't have a bank. You now have a bank,
and it's called One United. That bank is available to you.
Just go online. You can upload your checks, you can
have an ATM car, you can have a debit card,
you can have all these things that you may not
have right now and start you on a path of
building credit, building credibility with a bank, and also taking
(17:31):
you to the next stage of life, which is equity.
And I think that's one of the major reasons why
I wanted One United. Like I said, he's a gentleman.
I met when I was manager of Steve Harvey and
Los Angeles way back in two thousand. So I'm very
aware of the One United brand in the early stages
because there was a business that he launched in nineteen
ninety six, and it's a vision. It's a vision is
(17:52):
tied to success. But the beauty of Kevin is that
his legacy is tied to success. Your grandfather was tied
to the original or the real Black Wall Street.
Speaker 4 (18:01):
Correct, Oh, absolutely right, great great great, three greats and
two grades were intricately involved in the creation of Black
Wall Street. I mean here again, you know the connection
accords because a lot of people, you know what kind
of what you're getting at.
Speaker 3 (18:21):
They say, well, why would black.
Speaker 4 (18:23):
Wall Street be in Tulsa, Oklahoma, Why would they be
in New York or Philadelphia or some industrial city.
Speaker 3 (18:30):
Well, the reason is is because that is one.
Speaker 4 (18:33):
Of the only, if not the only, place where black
people and Indians by the way, got the proverbia forty
acres and a mule.
Speaker 3 (18:44):
As you know, slavery ended.
Speaker 4 (18:46):
It wasn't like white people were gonna say, oh, slavery ended, Hey,
why don't we all sing Kumbai Yai and come together
and live together and all that. They were just saying,
you free. But then then then we were separated to
different groups, and one of the groups was Oklahoma. One
of the ideals of what to do with slaves in
Indians was to send them to Oklahoma. That group of
(19:09):
people then ultimately negotiated a deal with the United States government,
which was that negotiation was led by my great great grandfather,
that resulted in them getting forty acres, getting the proverbial
forty acres at the mule. And at that point in
a in a argarian society, that land was what you
(19:31):
could feed yourself off your land. You could you could
make some access, you can make some profits by selling
your access goods that you grow on the land, and
so so so think of it and land as being
the center of wealth creation. And it's that wealth that
allowed for the building of this of this of this
(19:54):
area of this town we now called black Wall Street.
That's why we could afford to have stores, can have
Rashank could have a store.
Speaker 3 (20:02):
If I got some land where.
Speaker 4 (20:04):
I'm growing corn and then I grow, you know, more
corn than I need to beat my family, then I
can take it down the Russian store, and then Roshine
can sul it to somebody else who is doing you know,
who's in some other kind of business but needs the corn.
Speaker 3 (20:19):
That's example.
Speaker 4 (20:20):
So so you know, my family is really proud of
that legacy of being able to communicate with the leaders
of this country even back then and and and be
able to form a bridge between Europeans, Native Americans and
black people and facilitate this this thing.
Speaker 3 (20:40):
That we now call black Ball Street.
Speaker 1 (20:41):
Well, you know, I want to send this carrying a
lot of people need to understand, Like you know, that's
that old rumor that everybody got forty acres a mule.
As soon as April on Lincoln was assassinated, the next
president killed it.
Speaker 2 (20:54):
They stopped it.
Speaker 1 (20:55):
And so that's why forty acres Murro was not distributed
to all African Americans time. And it was fortunate in Opahomer,
his great great grandfather negotiated an opportunity because the opportunities
was not being being made available and it was being
denied once Abraham Lincoln was assassinated. Now, when we move
forward to today, you're doing your own version of forty
(21:18):
acres and through technology, that technology, your cell phone, your
laptop can create a lasting financial literacy of opportunity for individuals.
They just got to be believe in it and also
understand that your bank is ahead of the curve and
providing it for everybody.
Speaker 2 (21:37):
Correct, Kevin One United that that.
Speaker 4 (21:40):
That's right and you're exact, and that that technology can
allow for you to create unprecedented businesses.
Speaker 3 (21:47):
See now everybody had you could, you could.
Speaker 4 (21:51):
You don't even have to make the product anymore, right,
you could you could get the product like like many
you know, you hear about black people, business people who
are billionaires. As an example, they may not be making
the perfume or the clothing items they're selling. Most times
they're not. They're getting them from one place, and then
(22:12):
they're using their brands to sell them all over the world.
So technology creates the opportunity to create businesses in ways
that have never existed before. As I said, you don't
even have to meet the product anymore. That's the marketing opportunity,
that's the ability to take advantage and understand this new
(22:35):
age's There's never been a better opportunity to build a
substantial business enterprice than there is right now.
Speaker 1 (22:43):
Absolutely, as we go through this process, Kevin, you're on
my show and obviously on my show to tell.
Speaker 2 (22:50):
Everybody about one United Bank.
Speaker 1 (22:52):
Tell everybody about how I don't care where you live
in this country. Like you said the morning Hour of Boise, Idaho, Miami, Florida,
you can be a customer with one United Bank. Just
go to one United dot com and follow the registration process.
As you get the worried out, how can I help
(23:13):
you sustain that consistency of people understanding the value and
the banking opportunities for entrepreneurs, because I shore it's about
small business owners, entrepreneurs, people are trying to change their careers,
future homeowners. Talk to us about my listening audience and
(23:33):
what value one United Bank will bring to them.
Speaker 3 (23:37):
Well, we can change your listening audience since life.
Speaker 4 (23:41):
Okay, our financial products and services literally change people's lives
in the positive way. So amongst many things here getting
I want to cut back this, but you know, when
you bank, companies are recognizing the value of one United
based product set and delivering that as an employee benefit
(24:03):
as an example. So so, so what I'm saying is
people understand that people that having the opportunity to have
this type of services really affects people's lives in a
positive way. What I'm seeing is you're an expert communicator,
right and and the communication of that message to particularly
(24:24):
the communication of that message is scale. Is how you
sell product and service, particularly in this technology driven age.
So so that's what I'm thinking about, is i'm doing
this interview, I'm like, man, it's is a master communicator, Yes,
and and and so and so that is certainly a
(24:46):
skill set that that is very important to my business.
Right so, so, so you know, it was interesting.
Speaker 2 (24:55):
I'm a biteress with you. Man. What you do is
I'm a fan.
Speaker 1 (25:00):
I'm a fan, I'm a believer, and that's important for
you to hear that because I can't take it anymore
with our community not knowing how they can bank, how
they can compete, how it can be on the same level.
And that's what One United Bank is offering them. Just
because you're getting on the bus in the neighborhood don't
(25:20):
mean you can't financially compete with other neighborhoods. And sometimes
we feel trapped, and I've lived that. One United Bank
allows us out of that financial trap. And that's what
I want to keep saying over and over again. And
I hope I'm not overstepping when I talk about one
United Bank and what it can do and change financial
(25:42):
outlooks within the community and outside the community.
Speaker 2 (25:45):
I'm not saying it's just available for people in the neighborhood,
but throughout the life.
Speaker 1 (25:50):
If you're trying to buy cars, buy homes, start small
business loans, one United Bank offers you that. But more importantly,
there's a structure and there's community that does not understand
they can participate financially because they're trapped in an environment
where a bank does not exist and they don't think
and check cashing places dominate. That is a message I
(26:13):
want to deliver to them. The other message, Kevin, I
want to deliver to the small business owners and the
entrepreneurs and the future homeowners people trying to do business
with equity Opportunities. One Nation One United Bank offers that
as well. And I don't want like I say again,
I'm excited that you chose my format to bring this
(26:34):
information on because of the fact that people need to
hear their options where they can win. And that's what
I was so excited when you chose to give me
time to speak to you, because I can't talk to
anybody who can't tell me the truth. And that's all
you do, Kevin, is tell the truth.
Speaker 3 (26:53):
Yeah, man.
Speaker 4 (26:53):
And the thing is, as a people, we're so creative
that this to the stint that we could start to
understand how to utilize technology. I get example, that that
shirt you got on right there, it's so floped. Okay,
you can sell them shirts. I'm not even joking with you. Okay,
(27:19):
this is something I spent a great deal of time.
I'm around every every level of fashion that is available.
And what I'm saying to you is our people are
so talented in so many ways that that that that
that there's all kinds of products and services that we
could easily be selling if we took the time to
(27:43):
understand something like the internet, but what it really goes to,
and and going back to this connection to to my
my great grapes grandfathers is even then they one of
the main things they came away with what they created,
something called Dogs Academy and what it was because they
(28:03):
understood even then our real challenges is lack of education,
in particularly financial literacy. Okay, So in the eighteen hundreds,
the leaders of my family were talking about that and
how that was the main thing holding black people back
even then, and so and so, so this legacy that
(28:26):
that that my family has of understanding the importance of
financial literacy because see, so much of what you just
talked about goes to the person being financially literate enough
to understand what you just said so that they get Okay,
(28:47):
one of our biggest problems we systematically overpay for mortgages. Yes,
we just pay too much. Yes, why because we're not
financially literate? Okay, And so what so this challenge has
existed for Black Americans.
Speaker 3 (29:06):
Going back to the eighteen hundreds, man, and.
Speaker 4 (29:08):
Now our opportunity but our generation has it, has it
has technology, and we have the ability to be effective communicators.
So this thing that you and me are talking about
right now could change society. Okay if we could, okay,
(29:30):
use artificial intelligence so that people can make better financial decisions.
We're communicating that information to people so that they can
actually understand where they are financially and then understand, oh,
these are the decisions I need to be making that
I'm not currently making.
Speaker 3 (29:46):
That's literally building that word.
Speaker 4 (29:49):
And then you start to come together and for us
guys like you and me, frankly, what we should be
saying is, look, okay, we are going to make you.
We're not going to ask you, We're gonna meet you.
Speaker 3 (30:02):
Okay.
Speaker 4 (30:03):
Every state in this country should have a requirement where
they teach financial literacy in the school system K through
twelve and it's and it's a mandatory requirement to graduate
to be to have taken the course of financial literacy.
Speaker 3 (30:21):
If we just did that one thing, because we have standing.
Speaker 4 (30:24):
Look, okay, we've been oppressed, suppressed, held back for generations.
Speaker 3 (30:33):
Okay.
Speaker 4 (30:34):
The least we deserve, okay, is to have the opportunity
to effectively participate in the capitalist and system. It's not
okay for you not to teach our kids to be
financially literate. If that's not okay, okay, okay, we got
this education system, So what do we do. We go
(30:55):
state by state and you have legislation passed at a
state level to create these mandatory financial literacy classes. That alone,
that alone, when you talk about the racial wealth gap.
I'll give you an example the financial literacy program. This
one was designed for this county outside of Los Angelesco,
Riverside County. When it was when they did studies on
(31:18):
what was the economic impact of having this course of
study in financial literacy as part of the graduation requirements,
It's worked one hundred and twenty six thousand dollars per
kid over their lifetime. So, in other words, going from
a network of some people used numbers like eight dollars
to just doing this one thing, having them when they
(31:38):
go to school, having to take these courses and financial
literacy as a requirement to graduate will create over one
hundred thousand dollars in network or that person over their life.
Speaker 2 (31:48):
Wow.
Speaker 3 (31:49):
So that's the kind of thing and so and so
here again, you're master communicator. Man, I'm amazing.
Speaker 2 (31:58):
I'm like this, you know, Kivid, I appreciate you. You know.
I just don't want everybody to know.
Speaker 1 (32:04):
One United Bank is the premier bank for urban communities,
the largest black owned bank, the first black inter of
that bank. One United is an FDIC insured bank and
an equal housing lender bank. More importantly, I'm speaking to
the owner, chairman, chiefs ex officer of One United Bank,
my brother.
Speaker 2 (32:24):
It's been twenty two years since we've said hello.
Speaker 1 (32:28):
Please, please don't make it be another twenty two years
before we speak again, because I know we're talking now
in the fourth quarter of twenty twenty four. I want
to talk early early first quarter twenty twenty five. And
let's put a plan together, man, I find financial literacy
plan together about letting people know there's a bank out
(32:49):
there that's available for them that will change their lives.
Speaker 2 (32:53):
They just need to know about it. Thank you Kevin
for coming on.
Speaker 3 (32:55):
The show right. Appreciate you man. Thank you very much.
Speaker 1 (32:59):
This has been another edition of Moneymaking Conversation Masterclass hosted
by me Rushaun McDonald. Thank you to our guests on
the show today, and thank you our listening to the
audience now. If you want to listen to any episode,
I want to be a guest on the show. Visit
Moneymakingconversations dot com. Our social media handle is money Making Conversation.
Join us next week and remember to always leave with
(33:21):
your gifts.
Speaker 2 (33:21):
Keep winning.
Welcome to the show. I am Rashan McDonald, the host
of Money Making Conversations Masterclass, where we encourage people to
stop reading other people's success stories and start planning their own.
Listen up as I interview entrepreneurs from around the country,
talk to celebrities and ask them how they are running
their companies, and speak with nod profits who are making
(00:25):
a difference in their local communities. Now, sit back and
listen as we unlock the secrets to their success on
Money Making Conversations Masterclass. Hi, I'm Rushan McDonald, our host
of weekly Money Making Conversation Masterclass show. The interviews and
information that this show provides are for everyone. It's time
to stop reading other people's success stories and start living
(00:47):
your own. I'm here to help you reach your American dream.
If you want to be a guest on my show,
please visit Moneymakingconversations dot com and click the be a
Guest button.
Speaker 2 (00:58):
My next guest.
Speaker 1 (00:59):
He's the owner, chairman, and chief executive officer of One
United Bank, the largest black owned bank and the first
black owned internet bank in America. The bank has consistently
been profitable and achieved a compound growth rate on this
common equity of over thirty five percent. Please welcome to
the Money Making Conversations Masterclass. Kevin coohe how you doing.
Speaker 3 (01:22):
Kevin, great man? Thanks for having me.
Speaker 1 (01:25):
First of all, you know when I heard an opportunity
to being able to interview you. We met way back
when I was managing Steve Harvey and the Los Angeles
and between two thousand and two thousand and five, I
was aware of the United Bank brand, and as we've
grown over the years, Talker, tell us about that journey,
(01:45):
because it's something you launched in nineteen ninety six and
then in twenty sixteen, it.
Speaker 2 (01:51):
Kind of like jumped off.
Speaker 1 (01:53):
Now we know for a fact that in the brown
and black communities banks don't exist.
Speaker 4 (02:03):
Tell me your story, yes, okay, Well my story is
really a story.
Speaker 3 (02:08):
Of Black America.
Speaker 4 (02:10):
The concept of creating a national black on bank is
not something that I created. Far greater men than me
came up with this idea of going all the way
back to slavery, people like Booker T. Wasshington as an example,
WB du Bois. As different as they were as leaders,
they both talked about the importance of a national Black
(02:34):
on bank. No less than Martin Luther King in his
I Have a Dream speech, talked about the importance of
a national Black on bank. These leaders recognized and believed
that one of the very important elements of successfully integrating
Black Americans into a capitalistic society was to have an
(02:56):
institution that had access to the payment system that can
serve this central role of what they would call garnering
the economic spending power of both Black America and its
allies and then re channeling those resources, those economic resources
into our communities to help us grow. So this, this concept,
(03:18):
this mission literally has existed since slavery. We're just a
group of people who who were chosen, if you will,
to execute this mission of creating a national black owned bank.
The original concept of the bank was to buy up
all the small black owed banks around the country and
(03:40):
pull them together and create one United bank. So we
bought a bank in Boston, bought a bank in Miami,
bought two banks in Los Angeles, and we're four acquisitions
deep into what an investment banker would call a roll up.
And then we had this epiphany, or maybe this epiphany
had at us, depending on how you want to think
(04:01):
about it. But we looked up and said, oh man,
this thing called technology is going to completely change financial
services as we know it. Why these things, okay, phones,
so cell phone, computers, period. In other words, starting with
the way people want to receive their financial services these days.
(04:24):
They don't want to drive down the street and around
the corner and stand in line, no matter how good
you don't not save. They have an expectation of getting
all their financial information right now, seven days a week,
twenty four hours a day, and they expect to be
able to spend money all across the world and get
it back for free anywhere in the United States. So
(04:47):
that's one part of it, how banking services are delivered,
in people's expectation, how they get them. And then the
second thing is this thing called technology, whether it's that
aggregation where it's artificial intelligence, have allowed for the creation
of a whole new generation of banking products that are
completely different than anything that has existed previously. For example,
(05:10):
what we're doing is we're moving from what they call
utilitarian banking products, something like a checking account as an example.
It's a utilitarian product. And what that does is it facilitation.
You spend the money by writing checks. But you take
like one United Banks lead product, which is called wise one.
What wise one does is it users data aggregation technology
(05:32):
to pull together all of a person's financial information, no
matter where it is, not just what's in the bank,
but all their financial information.
Speaker 3 (05:40):
So for the first.
Speaker 4 (05:41):
Time, many people actually understand on a real time basis
where they are, what their assets are, what their liabilities are,
what their network they're like there is, what the revenues are,
what their spenses are, so what the surplus and definity
that the case may be. And most importantly, we've gamified
them understanding how the cash loans, so in other words,
(06:03):
when is the money coming in, when is the money
going out, and what that means. And so if you
think about what I just described to you, for the
first time people have the ability to actually understand where
they are. Then our artificial intelligence technology takes that information.
And by the way, we've been working on AI for
over a decade, right okay, takes that You're not just coming.
Speaker 2 (06:27):
To the party right now, you've been ahead of the party.
Speaker 3 (06:30):
Man. We try to say we are at the party.
Speaker 2 (06:35):
Come on, Garrett, tell the truth. One United Bank.
Speaker 3 (06:37):
There you go.
Speaker 4 (06:38):
So so we we you know, a lot of times
people don't think about black owned companies as participating in
technologies like artificial intelligence. We fully implemented our official intelligence
and to vote our operation and our products.
Speaker 3 (06:51):
But just to finish this point quickly, so.
Speaker 4 (06:54):
What we used AI to do is to take people's
information and to help them make their decisions. So that's
really the key to it. So you know, as you know,
as you talked about, we live in a society that
is challenged from a financial literacy standpoint. Ninety percent of
our population is not financially literate unfortunately. I mean, we
(07:18):
know why. We don't teach financial literacy in schools, so
K through twelve we don't teach financial literacy. So it'd
be like if we didn't teach reading. If we didn't
teach reading, well, guess what, we have a bunch of
people who can't read. Instand which we have most of
our population is not capable of making financially literate decisions.
(07:39):
The good news, technology, in particularly artificial intelligence, creates the
opportunity to now for anybody to get to effectively make
the decisions like they were an expert or a profession.
Speaker 1 (07:55):
You brought up the concept from one day United Bank
buying up black banks around the an't you the same
format and no different than the Bank of America, no
different than the World's Foggo or any of your competitors,
not being a black bank. It's a trust factor, is
a brand awareness factor. How do you break that battery?
As one United Bank when you're trying to bring in
customers and your new start or a new kid on
(08:17):
the block.
Speaker 4 (08:19):
Well, you're starting with you have. Okay, what we like
to say those banks that you mentioned, uh, Chase and
Wells Fargo and all them, what we say is we're
fdic ensued commercial bank like them. The only difference is
we're smarter and we have better technology.
Speaker 3 (08:38):
There you go.
Speaker 4 (08:39):
Other than that, they just like us. We're just smarter
than so and so and so forth. So our products
start with our products. And one of the reasons we
have really good relationships with banks, and banks love One
United Bank is because they know they can't do the
kind of things we can do. For exam, one of
(09:00):
our lead products is called cass Please. Now, what cash
Please does is for those situations where where some kind
of the average American only has four hundred dollars in
emergency savings. Right, Okay, So let's start with that. So
let's say something happens, you're driving your truck to work,
you hit a pothole. Bang, you got an eight hundred
and fifty dollars bills in here.
Speaker 3 (09:22):
You need this truck to get to work. So you
you need what what do you need?
Speaker 4 (09:26):
You need an emergency small balance short term loan at
affordable prices. In other words, you don't you need to
be able to get your truck fixed without being goalsed
and taken in by some kind of financial trap. Well,
one United Bate can deliver that loan on a nationwide
basis and uses alternative credit criterion other than just these
(09:52):
these these credit bureaus and stuff, which are dated technology. Right,
So if base aren't build to solve the kind of
problems that people have, what do I mean a people problem?
You stuck in check systems? You need a second chance
to get a check in account. That's the one United
Bate product. You messed up your credit things having the people,
(10:15):
particularly when you have low amounts of resources, so you
need to rebuild your credit.
Speaker 3 (10:20):
That's the one United Bank product.
Speaker 4 (10:22):
You need to build emergency savings, perhaps on a collaborative
basis with somebody like your employer, which is one of
our big areas expertise to help you build savings accounts.
So what I'm saying to you is we have completely
different financial products than mainstream base and we have the
products that people actually need to function in day to
(10:44):
day's society. Like I just told you about a product,
a black owned business created a product that utilizes artificial
intelligence to help people, and we're designed in particularly for
black people to make better financial.
Speaker 2 (11:00):
Is i'ma tell you something. You're fired up now.
Speaker 1 (11:02):
I like that, Carvin, because you you get frustrated like
me and this I wouldn't say the word frustrated, but
it's about the information because of the fact that Blacks
are always viewed as being behind the curve on technology,
being hind the curve on financial literacy. You said, Rashaan,
we got the model. We're winning with one United Bank. Now,
because you go to any black community and those check
(11:24):
cashing places are still dominant.
Speaker 2 (11:27):
How can you help.
Speaker 1 (11:27):
The black community with one United Bank to avoid those
outrageous fees and how can they do banking with one
United Bank?
Speaker 4 (11:36):
You go, you go to one United dot com. It's
that O N E U N.
Speaker 2 (11:41):
I T E any anywhere you can be down.
Speaker 4 (11:45):
D C d C Detroit, Philadelphia, Boise, Idaho, which, by
the way, we have a lot of customersis for reasons.
L Paso, Texas, Dallas, Texas, Los Angeles, GOP. It doesn't matter.
There you are and I'll give you just just because
here again, you know, you know, hopefully it doesn't seem
(12:07):
like frustration. But but we want people to understand you
you don't have to go to these check cashers and
get ripped off. You just go to my United but
dot com we are set up to be able to
accommodate these types of situations and so and so and
so here again.
Speaker 2 (12:26):
Let me ask you this.
Speaker 1 (12:26):
Let me ask you this, Kevin, because I don't want
to put the word frustration in it, but you know
you're trying to get the worried out. You have something
available that people are not using because they're not aware
of the brand that you're offering at one United one
United Bank. Now, how does this as an individual who's
been doing this way going to these high check cashing places,
you know, got a buzz to get in, You get in,
(12:47):
they treat you like a criminal even though they cash
in your check. How does one in that community deposit
their money using one United Bank even though they're not
going into a bank or check cash your location. I'm
just trying to simplify so people can understand how your
technology works.
Speaker 4 (13:06):
Okay, well, why not start by asking you a question? Yes, Sir,
if I said to you, Rashid, if you had to
guess what bank in the United States has the largest
number of surcharged free at ms, what bank would you get?
Now before you before you answer that, let's just say
(13:28):
you don't CEO right right right, right, right, right, right right.
Speaker 3 (13:31):
And it's just a good looking black guy.
Speaker 2 (13:33):
Right, we're beautiful teeth. We're beautiful teeth. I want to
say one year, Nited Bank, Sir, we have the.
Speaker 4 (13:48):
Largest number joint free ATMs from any bank. Now it's
because of the network we we have built. So we're
tied into a number of institutions like you can use
any your one United Bank customer, you can use like
city based ATMs, you can use JP Morgan's ATMs, as
well as the whole host of of everything from dollar
(14:12):
store type type situations to too many retailers. Because we
we created collaborations. See where we have created the bank.
Speaker 3 (14:21):
Of the future.
Speaker 4 (14:22):
Right, So, so the banking the bank is built on collaborations,
it's built on technology, and and so and so it's
in the modern day world. Here again, banking was this
thing we grew up with which was based before technology.
So it was physical. You have a physical facility, you
(14:46):
place physical bills into the thing, you go sit there
and you talk to the tellers and all of that. Well,
technology technology like so many things, and it's one of
the more important things for us as a people is
to recognize how technology has changed business opportunity.
Speaker 3 (15:05):
Look at you.
Speaker 4 (15:06):
You communicating to the to the whole world rightly, and
you certainly communicating to the whole United States. And this
isn't about where Rashad is at this moment. Frankly, where
Rashad is at this moment is not. What's important is
the content right that you're providing and understanding how to
(15:27):
distribute that contest on a widespread basis. Here again, the
thing about what United Bank other things that makes it
youth unique is one United Bank affects tens of millions
of people.
Speaker 2 (15:40):
I want to hear.
Speaker 3 (15:41):
That's why you see it's.
Speaker 4 (15:42):
It's it's The reason is it's an important institution in
Black America is because of both its brand recognition, but
it's reach.
Speaker 3 (15:53):
It can reach anybody anywhere.
Speaker 4 (15:56):
So when something happens like the George Floyd thing, you
think he's inundated with phone calls because we got we're
Black America's banks, So we have to sit there and
hold people's hands, water, sit there and hold their hands
through moments of crisis, that kind of thing, and so
and so. So it's not just us having the problem
using technology to create this new generation of products that
(16:19):
meets people's knees. It's also our ability to communicate effective
related to hundreds of millions of people to reach that.
Speaker 5 (16:27):
Please don't go anywhere. We'll be right back with more
Money Making Conversations Masterclass. Welcome back to the Money Making
Conversations Masterclass, hosted by Rashaan McDonald.
Speaker 1 (16:46):
Well, you know it's important people here. What Kevin is
trying to say, oh is saying. He's not trying, He's
motivated to tell you how you can change your life
through technology. That was one United Bank was at the
forefront of that, at the forefront of AI. More importantly,
what I wanted him to say, and he said it
very accurately, is if you are in a community and
(17:07):
you don't have a bank. You now have a bank,
and it's called One United. That bank is available to you.
Just go online. You can upload your checks, you can
have an ATM car, you can have a debit card,
you can have all these things that you may not
have right now and start you on a path of
building credit, building credibility with a bank, and also taking
(17:31):
you to the next stage of life, which is equity.
And I think that's one of the major reasons why
I wanted One United. Like I said, he's a gentleman.
I met when I was manager of Steve Harvey and
Los Angeles way back in two thousand. So I'm very
aware of the One United brand in the early stages
because there was a business that he launched in nineteen
ninety six, and it's a vision. It's a vision is
(17:52):
tied to success. But the beauty of Kevin is that
his legacy is tied to success. Your grandfather was tied
to the original or the real Black Wall Street.
Speaker 4 (18:01):
Correct, Oh, absolutely right, great great great, three greats and
two grades were intricately involved in the creation of Black
Wall Street. I mean here again, you know the connection
accords because a lot of people, you know what kind
of what you're getting at.
Speaker 3 (18:21):
They say, well, why would black.
Speaker 4 (18:23):
Wall Street be in Tulsa, Oklahoma, Why would they be
in New York or Philadelphia or some industrial city.
Speaker 3 (18:30):
Well, the reason is is because that is one.
Speaker 4 (18:33):
Of the only, if not the only, place where black
people and Indians by the way, got the proverbia forty
acres and a mule.
Speaker 3 (18:44):
As you know, slavery ended.
Speaker 4 (18:46):
It wasn't like white people were gonna say, oh, slavery ended, Hey,
why don't we all sing Kumbai Yai and come together
and live together and all that. They were just saying,
you free. But then then then we were separated to
different groups, and one of the groups was Oklahoma. One
of the ideals of what to do with slaves in
Indians was to send them to Oklahoma. That group of
(19:09):
people then ultimately negotiated a deal with the United States government,
which was that negotiation was led by my great great grandfather,
that resulted in them getting forty acres, getting the proverbial
forty acres at the mule. And at that point in
a in a argarian society, that land was what you
(19:31):
could feed yourself off your land. You could you could
make some access, you can make some profits by selling
your access goods that you grow on the land, and
so so so think of it and land as being
the center of wealth creation. And it's that wealth that
allowed for the building of this of this of this
(19:54):
area of this town we now called black Wall Street.
That's why we could afford to have stores, can have
Rashank could have a store.
Speaker 3 (20:02):
If I got some land where.
Speaker 4 (20:04):
I'm growing corn and then I grow, you know, more
corn than I need to beat my family, then I
can take it down the Russian store, and then Roshine
can sul it to somebody else who is doing you know,
who's in some other kind of business but needs the corn.
Speaker 3 (20:19):
That's example.
Speaker 4 (20:20):
So so you know, my family is really proud of
that legacy of being able to communicate with the leaders
of this country even back then and and and be
able to form a bridge between Europeans, Native Americans and
black people and facilitate this this thing.
Speaker 3 (20:40):
That we now call black Ball Street.
Speaker 1 (20:41):
Well, you know, I want to send this carrying a
lot of people need to understand, Like you know, that's
that old rumor that everybody got forty acres a mule.
As soon as April on Lincoln was assassinated, the next
president killed it.
Speaker 2 (20:54):
They stopped it.
Speaker 1 (20:55):
And so that's why forty acres Murro was not distributed
to all African Americans time. And it was fortunate in Opahomer,
his great great grandfather negotiated an opportunity because the opportunities
was not being being made available and it was being
denied once Abraham Lincoln was assassinated. Now, when we move
forward to today, you're doing your own version of forty
(21:18):
acres and through technology, that technology, your cell phone, your
laptop can create a lasting financial literacy of opportunity for individuals.
They just got to be believe in it and also
understand that your bank is ahead of the curve and
providing it for everybody.
Speaker 2 (21:37):
Correct, Kevin One United that that.
Speaker 4 (21:40):
That's right and you're exact, and that that technology can
allow for you to create unprecedented businesses.
Speaker 3 (21:47):
See now everybody had you could, you could.
Speaker 4 (21:51):
You don't even have to make the product anymore, right,
you could you could get the product like like many
you know, you hear about black people, business people who
are billionaires. As an example, they may not be making
the perfume or the clothing items they're selling. Most times
they're not. They're getting them from one place, and then
(22:12):
they're using their brands to sell them all over the world.
So technology creates the opportunity to create businesses in ways
that have never existed before. As I said, you don't
even have to meet the product anymore. That's the marketing opportunity,
that's the ability to take advantage and understand this new
(22:35):
age's There's never been a better opportunity to build a
substantial business enterprice than there is right now.
Speaker 1 (22:43):
Absolutely, as we go through this process, Kevin, you're on
my show and obviously on my show to tell.
Speaker 2 (22:50):
Everybody about one United Bank.
Speaker 1 (22:52):
Tell everybody about how I don't care where you live
in this country. Like you said the morning Hour of Boise, Idaho, Miami, Florida,
you can be a customer with one United Bank. Just
go to one United dot com and follow the registration process.
As you get the worried out, how can I help
(23:13):
you sustain that consistency of people understanding the value and
the banking opportunities for entrepreneurs, because I shore it's about
small business owners, entrepreneurs, people are trying to change their careers,
future homeowners. Talk to us about my listening audience and
(23:33):
what value one United Bank will bring to them.
Speaker 3 (23:37):
Well, we can change your listening audience since life.
Speaker 4 (23:41):
Okay, our financial products and services literally change people's lives
in the positive way. So amongst many things here getting
I want to cut back this, but you know, when
you bank, companies are recognizing the value of one United
based product set and delivering that as an employee benefit
(24:03):
as an example. So so, so what I'm saying is
people understand that people that having the opportunity to have
this type of services really affects people's lives in a
positive way. What I'm seeing is you're an expert communicator,
right and and the communication of that message to particularly
(24:24):
the communication of that message is scale. Is how you
sell product and service, particularly in this technology driven age.
So so that's what I'm thinking about, is i'm doing
this interview, I'm like, man, it's is a master communicator, Yes,
and and and so and so that is certainly a
(24:46):
skill set that that is very important to my business.
Right so, so, so you know, it was interesting.
Speaker 2 (24:55):
I'm a biteress with you. Man. What you do is
I'm a fan.
Speaker 1 (25:00):
I'm a fan, I'm a believer, and that's important for
you to hear that because I can't take it anymore
with our community not knowing how they can bank, how
they can compete, how it can be on the same level.
And that's what One United Bank is offering them. Just
because you're getting on the bus in the neighborhood don't
(25:20):
mean you can't financially compete with other neighborhoods. And sometimes
we feel trapped, and I've lived that. One United Bank
allows us out of that financial trap. And that's what
I want to keep saying over and over again. And
I hope I'm not overstepping when I talk about one
United Bank and what it can do and change financial
(25:42):
outlooks within the community and outside the community.
Speaker 2 (25:45):
I'm not saying it's just available for people in the neighborhood,
but throughout the life.
Speaker 1 (25:50):
If you're trying to buy cars, buy homes, start small
business loans, one United Bank offers you that. But more importantly,
there's a structure and there's community that does not understand
they can participate financially because they're trapped in an environment
where a bank does not exist and they don't think
and check cashing places dominate. That is a message I
(26:13):
want to deliver to them. The other message, Kevin, I
want to deliver to the small business owners and the
entrepreneurs and the future homeowners people trying to do business
with equity Opportunities. One Nation One United Bank offers that
as well. And I don't want like I say again,
I'm excited that you chose my format to bring this
(26:34):
information on because of the fact that people need to
hear their options where they can win. And that's what
I was so excited when you chose to give me
time to speak to you, because I can't talk to
anybody who can't tell me the truth. And that's all
you do, Kevin, is tell the truth.
Speaker 3 (26:53):
Yeah, man.
Speaker 4 (26:53):
And the thing is, as a people, we're so creative
that this to the stint that we could start to
understand how to utilize technology. I get example, that that
shirt you got on right there, it's so floped. Okay,
you can sell them shirts. I'm not even joking with you. Okay,
(27:19):
this is something I spent a great deal of time.
I'm around every every level of fashion that is available.
And what I'm saying to you is our people are
so talented in so many ways that that that that
that there's all kinds of products and services that we
could easily be selling if we took the time to
(27:43):
understand something like the internet, but what it really goes to,
and and going back to this connection to to my
my great grapes grandfathers is even then they one of
the main things they came away with what they created,
something called Dogs Academy and what it was because they
(28:03):
understood even then our real challenges is lack of education,
in particularly financial literacy. Okay, So in the eighteen hundreds,
the leaders of my family were talking about that and
how that was the main thing holding black people back
even then, and so and so, so this legacy that
(28:26):
that that my family has of understanding the importance of
financial literacy because see, so much of what you just
talked about goes to the person being financially literate enough
to understand what you just said so that they get Okay,
(28:47):
one of our biggest problems we systematically overpay for mortgages. Yes,
we just pay too much. Yes, why because we're not
financially literate? Okay, And so what so this challenge has
existed for Black Americans.
Speaker 3 (29:06):
Going back to the eighteen hundreds, man, and.
Speaker 4 (29:08):
Now our opportunity but our generation has it, has it
has technology, and we have the ability to be effective communicators.
So this thing that you and me are talking about
right now could change society. Okay if we could, okay,
(29:30):
use artificial intelligence so that people can make better financial decisions.
We're communicating that information to people so that they can
actually understand where they are financially and then understand, oh,
these are the decisions I need to be making that
I'm not currently making.
Speaker 3 (29:46):
That's literally building that word.
Speaker 4 (29:49):
And then you start to come together and for us
guys like you and me, frankly, what we should be
saying is, look, okay, we are going to make you.
We're not going to ask you, We're gonna meet you.
Speaker 3 (30:02):
Okay.
Speaker 4 (30:03):
Every state in this country should have a requirement where
they teach financial literacy in the school system K through
twelve and it's and it's a mandatory requirement to graduate
to be to have taken the course of financial literacy.
Speaker 3 (30:21):
If we just did that one thing, because we have standing.
Speaker 4 (30:24):
Look, okay, we've been oppressed, suppressed, held back for generations.
Speaker 3 (30:33):
Okay.
Speaker 4 (30:34):
The least we deserve, okay, is to have the opportunity
to effectively participate in the capitalist and system. It's not
okay for you not to teach our kids to be
financially literate. If that's not okay, okay, okay, we got
this education system, So what do we do. We go
(30:55):
state by state and you have legislation passed at a
state level to create these mandatory financial literacy classes. That alone,
that alone, when you talk about the racial wealth gap.
I'll give you an example the financial literacy program. This
one was designed for this county outside of Los Angelesco,
Riverside County. When it was when they did studies on
(31:18):
what was the economic impact of having this course of
study in financial literacy as part of the graduation requirements,
It's worked one hundred and twenty six thousand dollars per
kid over their lifetime. So, in other words, going from
a network of some people used numbers like eight dollars
to just doing this one thing, having them when they
(31:38):
go to school, having to take these courses and financial
literacy as a requirement to graduate will create over one
hundred thousand dollars in network or that person over their life.
Speaker 2 (31:48):
Wow.
Speaker 3 (31:49):
So that's the kind of thing and so and so
here again, you're master communicator. Man, I'm amazing.
Speaker 2 (31:58):
I'm like this, you know, Kivid, I appreciate you. You know.
I just don't want everybody to know.
Speaker 1 (32:04):
One United Bank is the premier bank for urban communities,
the largest black owned bank, the first black inter of
that bank. One United is an FDIC insured bank and
an equal housing lender bank. More importantly, I'm speaking to
the owner, chairman, chiefs ex officer of One United Bank,
my brother.
Speaker 2 (32:24):
It's been twenty two years since we've said hello.
Speaker 1 (32:28):
Please, please don't make it be another twenty two years
before we speak again, because I know we're talking now
in the fourth quarter of twenty twenty four. I want
to talk early early first quarter twenty twenty five. And
let's put a plan together, man, I find financial literacy
plan together about letting people know there's a bank out
(32:49):
there that's available for them that will change their lives.
Speaker 2 (32:53):
They just need to know about it. Thank you Kevin
for coming on.
Speaker 3 (32:55):
The show right. Appreciate you man. Thank you very much.
Speaker 1 (32:59):
This has been another edition of Moneymaking Conversation Masterclass hosted
by me Rushaun McDonald. Thank you to our guests on
the show today, and thank you our listening to the
audience now. If you want to listen to any episode,
I want to be a guest on the show. Visit
Moneymakingconversations dot com. Our social media handle is money Making Conversation.
Join us next week and remember to always leave with
(33:21):
your gifts.
Speaker 2 (33:21):
Keep winning.
Popular Podcasts
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations.
Monster: BTK
'Monster: BTK', the newest installment in the 'Monster' franchise, reveals the true story of the Wichita, Kansas serial killer who murdered at least 10 people between 1974 and 1991. Known by the moniker, BTK – Bind Torture Kill, his notoriety was bolstered by the taunting letters he sent to police, and the chilling phone calls he made to media outlets. BTK's identity was finally revealed in 2005 to the shock of his family, his community, and the world. He was the serial killer next door. From Tenderfoot TV & iHeartPodcasts, this is 'Monster: BTK'.
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.