Two-time Emmy and Three-time NAACP Image Award-winning, television Executive Producer Rushion McDonald interviewed Dr. George C. Fraser.
A renowned networking expert and CEO of FraserNet. Here's a breakdown of the key insights and themes:
🔑 Key Highlights & Takeaways 🧠 Financial Wisdom & Wealth Building
Dr. Fraser shares three foundational rules for financial freedom:
- Rent/Mortgage ≤ Weekly Income – Live within your means.
- Borrow Money Only to Make Money – Avoid debt for depreciating assets.
- As Income Increases, Cost of Living Should Stay the Same or Decrease – Invest the difference.
He also outlines six habits that keep people broke:
- Not talking about money
- No emergency fund
- Impulse purchases
- Buying unnecessary sale items
- Paying bills late
- Improper use of credit cards
🏛️ WINDS Wealth Building Centers
- Created to combat financial illiteracy in Black America.
- Focus on mindset, habits, values, and solutions.
- Curriculum includes:
- Psychology and emotions around money
- Delayed gratification
- Four pillars of intergenerational wealth:
- Wealth management
- Real estate ownership
- Business development
- Entrepreneurship
🌍 Power Networking Conference & Fraser Nation
- A virtual nation concept launched before the pandemic.
- Offers access to:
- Black professionals and business owners
- Intellectual capital
- Products and services across the Pan-African diaspora
- Promotes virtual workshops, summits, and coaching.
💼 Entrepreneurship & Passive Income
- Encourages Black Americans to sell, not just buy.
- Suggests a multi-stream income strategy:
- Use 9–5 income to fund a side hustle.
- Use side hustle profits to invest.
- Let investments eventually replace your job income.
💬 Quotes & Wisdom
“Stop living above your means. Stop living within your means. Live below your means and invest the rest.”
“If you bake cookies, put them in a box, put your name on it, and sell it.”
“There should not be a Black person in America with a single stream of income.”
#SHMS #STRAW #BEST
See omnystudio.com/listener for privacy information.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Hi.
Speaker 2 (00:00):
I am Rashan McDonald host the 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 your own. If you want
to be a guest on my show, please visit our website,
Moneymakingconversations dot com and click the be a Guest button.
(00:21):
Priss submit and information will come directly to me. Now
let's get this show start. Doctor Georgie Fraser, renowned networking guru,
business leader, author and entrepreneur who is regarded as one
of the most foremost respected authorities on entrepreneurship and building
generational wealth and economic empowerment for the Black community. He
will be talking about his annual Power Networking conference, plus
(00:44):
give us some great value about how we can be
successful in our.
Speaker 3 (00:47):
Own everyday life.
Speaker 2 (00:48):
Please welcome to Money Making Conversation, Doctor George C. Fraser.
Speaker 1 (00:53):
Oh God, bless you. Good to hear you. I love
the always I've always loved the energy and your voice.
You motivate me and I'm a motivator.
Speaker 2 (01:02):
Well you know that always a company because you know
it's like you know, I'm sure when Michael Jordan got
on the court and I call you Michael Jordan.
Speaker 3 (01:08):
Now it ain'tvery Sean McDonald. I just thought myself to
be a little bit.
Speaker 1 (01:12):
Uh.
Speaker 3 (01:13):
I'm not even gonna say Lebron. I'm not even Lebron.
Speaker 2 (01:16):
But you, Michael Jordan, Jeorge Fraser, understand that we'll respected
in this business of entrepreneurship because you all know, like now,
entrepreneurs almost become a fad, just like the word branding
has become a fad. But you know you started this
whole networking in a relationship before it was even vogue.
Speaker 3 (01:35):
Talk about how it was.
Speaker 2 (01:37):
When we started the Fraser networking and not how it
is now, especially with social media being so prevalent in
the process of networking.
Speaker 1 (01:46):
Yeah, that's an excellent point for Sean. Social media has
helped all of us to stay connected, to get connected,
and to leverage more effectively our collective resources and intellectual capital,
and so I love it. It has really helped to
spread the word about economic development and wealth creation. Has
(02:07):
helped us, in fact, to understand the rules for financial success.
I mean, I say there are three basic rules. There
are three basic rules that will if you're looking for
financial freedom if you follow these three basic rules. There's
no way that you can go wrong. Rule Number one,
(02:29):
your rent or mortgage should be less than what you
make in a week. I cannot tell you how many
black people are house for Your rent or mortgage should
be no more than you make in a week. So
if you have a two household income, you combine the
income for a week, and your rent or mortgage should
be no more than that. That's number one. Number two,
(02:51):
only borrow money to make money. So yes, you can
borrow money to buy a house, because if you keep
your house, it is going to make money. Is nothing
wrong with that. If you're borrowing money to buy a car,
unless you're turning that car into a useful and utilitarian
tool to help you make money get back and forth
(03:13):
to work or do whatever you need to do. That's
a good thing, but it's a depreciating asset. Rashon because
the moment you buy that car, if you turn that
car around and try to take it back to the
dealer to get what you paid for, you would not
get it.
Speaker 3 (03:28):
It'd be a fought on the showroom floor.
Speaker 1 (03:31):
That's right, exactly same thing with diamonds, Rashan. You can
buy you a beautiful diamond bracelet. If you turned around
and try to sell it back to the jeweler, but
what you just paid for it, you will not get it.
So borrow money to make more money and figure out
whatever you're borrowing money for. How are you going to
get something in return for your investment? And that's what
(03:54):
you expect. You expect a return on your investment.
Speaker 3 (03:56):
That's so.
Speaker 1 (03:57):
That's number two and number three is deep. As your
income increases, your cost of living should decrease or stay
the same. Stop living brothers and sisters above your means.
Stop living which means you're spending more than you earn.
(04:18):
Stop living even within your means, which means you're spending
everything you earn, and live below your means, and invest
the rest right So, as your income increases, your cost
of living should either decrease or stay the same. Do
(04:38):
not raise your cost of living. Of course, you got
to raise. Take that difference between what you were earning
and what you're now earning and invest it. Don't spend it,
and the first person you invest in is you. Tithes
to you first. Take the money off the top. Don't
(05:02):
spend what you have to spend to pay your bills.
And then invest what you got left. No no, no no
no no. Invest in you first, and then if you
follow these three rules, there's no way that you cannot
land on financial freedom.
Speaker 2 (05:19):
So, and that's what we're all talking about, financial freedom.
Speaker 1 (05:21):
We're suing. There's six habits that will keep us broke.
There's six habits that will keep you broke. Right, not
talking about money, right, we don't talk about it in school.
We generally don't talk about it around the family table.
That'll keep you broke. You've got to talk about money,
Understand capitalism, understand money. So talking about money will help
(05:44):
prevent you from keeping broke. Talking about it around the
family table, talking about it among your friends is more
important than what's happening on Real Housewives of Atlanta. Okay,
Number two failing to build and emerging see fund. Now,
we've all been taught that we need to save some
money for a rainy day. So failing to build an
(06:07):
emergency fund for more than six months, I would look
at it now, for at least a year, what does
it take for you to live to re maintain your
standard of living for at least twelve months? Right, and
make sure that you have that as cash available to you.
Number three making impulse purchases. Let me say it a
(06:28):
different way. I would rather carry a plastic bag with
five thousand dollars in it than to carry a five
thousand dollars Louis Vu tombag with one hundred dollars in it.
Stop making impulse purchases, right, because that's going to drain
you of your cash available. Number four Buying items you
don't need because they are on sale. Now. I have
(06:51):
to chastise my wife often about this dollar.
Speaker 3 (06:54):
Why do you buy?
Speaker 1 (06:54):
Well, what was on sale? I said, but you already
got three of them? Yes, right, So buying that you
don't need. Manage your impulse buying. And Number five paying
bills late because of the exorbitant interest rates. When you
pay your bills late, especially those credit cards. Man, you
(07:15):
look at the annual interest rate on these credit cards,
and if you're paying the minimum that you have to
pay each month on the you will never pay that
credit card.
Speaker 3 (07:23):
Off the minimum interest.
Speaker 1 (07:27):
Move that's right, absolutely, you'll never pay it off, all right.
So don't pay your bills late, don't pay the minimums.
Always pay more. I try to pay double to triple
the minimum five month I'm like, I might pay twenty
five percent of what I owe. So that's number five.
(07:50):
Don't pay bills late and don't pay minimums is the
beautiful point you made. And number six and the improper
use of credit cards. The improper use of credit cards.
Fifteen years ago, I cut up all of my I
have no credit cards. What I have are debit cards
that are attached to my bank account for Sean, and
(08:12):
I cannot spend any more than I have in my
damn checking account. So you know, I'm thinking about every
time I use my debit card. And I got three
or four of them because I have various banks for
various needs. But I can never spend any more than
I have available right now, so improper use of So
(08:36):
these are habits that keep us broke. And we are
also the most financially illiterate people in America. We are
at the bottom of every single statistic that matters in
this country economically, and so we need to educate ourselves,
educate our children. This is related to talking about money,
(08:56):
and as a result of that, as a response sable
leader in this country as you are, we started our
Wins Wealth Building Centers to address financial illiteracy in Black
America because if the business of America is business, it
is dangerous, rashawan, and self defeating to be financially illiterate. Therefore,
(09:20):
education is the answer. The key to a well rounded
financial education is to align people's mindsets, their habits, their
values and solutions with the importance of the overall goals
of Black America, or according to numerous analytical statistics and
studies and predictions, we will ultimately if we don't fix
(09:45):
our financial badass habits right, we will be relegated to
permanent second class citizenry and we will end up in
a second slavery. So we develop in twenty eighteen the
Winds Wealth Building Centers and curriculum to address, among other things,
the psychology, the emotions, and our relationship with money in
(10:08):
both the secular and non secular Black organizations, both the
church and other Black organizations. And we're softly focusing on
our deep seat to struggle with instant versus delayed gratifications,
one of the very bad habits that we have, and
we're struggling with the basics of financial growth to include,
(10:30):
but is not limited to, the four pillars for the
intergenerational transfer of wealth. That is the essence of our
Wins Financial Centers. And we've got over twenty churches already
involved with our curriculum and with our program. But the
four pillars very simply are the proper management of accumulated
wealth so that we can stop reading about entertainers and
(10:52):
athletes that earned one hundred million dollars in their career
and within five years they're either broke or in bankruptcy.
The second pillar is real estate ownership, both residential and
commercial real estate. It's a corner stone for the intergenerational transfer. Well,
the fourth food is business development. We are the consumption
class in this country, white folks, or the merchant class.
(11:16):
They make stuff and we buy. Stop doing that, brothers
and sisters. If you sell something, sell something in America,
two things are going when twenty four to seven, somebody's
buying and somebody selling. Right, we're doing all the day.
I'm buying. So if you're bake cookies, you'll put them
in a box, put your name on it, and sell
it to somebody. Right, if you live on a farm,
(11:36):
take the manure, put it in a bag, put your
name on it, and sell it to somebody. You can
become an entre manure. Okay, stop doing all the day
I'm buying and sell something. This is extremely important. On
this I'll give one final little quote by Bishop Tutor,
Bishop Tudor Bismark. He wrote a wonderful book called Kingdom Economics,
(12:00):
and I'm going to quote you, and he says, as
black people, we have embarked upon a new millennium, and
this millennium brings momentous change. We see differences in every
facet of society, cultural ships, economic upheavals, political changes, and more.
As believers, it is imperative not only must we be
(12:22):
spiritually sound, but we must also establish a firm kingdom
economic foundation. We must now unlock the keys to economic
empowerment well. And to quote, I concur with that. And
so I'm recommending that the brothers and sisters out there,
(12:43):
if you belong to a church family, talk to your
pastor get in touch with us and put a wins
Walth building center. It's a little license agreement, and use
our curriculum and start educating your congregation. You'll have a
better congregation. You will have a more a financial free congregation.
They'll be better tides, they'll be better givers.
Speaker 3 (13:05):
Please don't go anywhere.
Speaker 4 (13:07):
We'll be right back with more money Making Conversations Masterclass.
Welcome back to Money Making Conversations master Class hosted by
me Rashaan McDonald. Money Making Conversations master Class continues online
at Moneymaking Conversations dot com and follow money Making Conversations
Masterclass on Facebook, x and Instagram.
Speaker 3 (13:26):
Fourbes voted has voted.
Speaker 2 (13:28):
It as one of the top five conferences in the
world for entrepreneurs. They pride themselves on unique philosophy of
network and building a financial legacy for your grandchildren.
Speaker 3 (13:37):
And this is about the future.
Speaker 1 (13:38):
And the reason I love it is because we launched
at our conference the first virtual nation, called Fraser Nation.
It was a virtual and this is before the pandemic.
So I'm not you know, I'm not a soothsayer. I
can't predict the future. I was not predicting a pandemic
that would make everything go virtual. But I said, I
(14:00):
think we could have a virtual nation, right And it's
very simply provide access to overall training and coaching and
modeling that is needed by our citizens and therefore help
improve the recycling of black dollars and intellectual capital among
(14:21):
our citizens and allies. It's this massive database of pop
black professionals, business owners and community leaders right access the
intellectual capital, access the products and services that black people
sell around the world, right and the entire Pan African diaspora.
(14:42):
When you look at the businesses that we own and
we're not supporting like we should support. So this helped
the connectivity of that and provide this kind of database
and virtual meetings and virtual conferences and virtual summits and
(15:04):
virtual workshops right because virtual ain't going away.
Speaker 2 (15:09):
That's why I just said, because a lot of people
don't understand that is that you can't look at it
as being negative and being negative because there's a brick
and mortar. And the goals of Fraser net are simple.
Help black people build wealth that can be transferred into
generational wealth opportunity for the future. Help black people become
the number one employee of black people in the twenty
first century. To facilitate building a global network of Africans
(15:31):
throughout the diaspora who focus is personal and business excellent
and using it to build partnerships, joint ventures, and strategic alliances.
Speaker 3 (15:40):
That's very key right now. Now networking, right now, the whole.
Speaker 1 (15:44):
Virtual thing has been normalized, right, yes, normally.
Speaker 3 (15:48):
That's why I love it, George. I'm so excited.
Speaker 2 (15:51):
I am so excited for your brand because you know,
we stumbled upon because of the COVID nineteen the real
purpose because you know, not that we didn't know, we
didn't know, you know, we were just doing what everybody do.
Speaker 3 (16:05):
You know, IB does it.
Speaker 2 (16:06):
All the big corporation do these brick and mortar. But
you had to be trained in the pandemic, trained people
to look at TV to zoom, Instagram live, Facebook lives.
Speaker 3 (16:16):
So everybody's there. Now your brand is you go there.
Speaker 1 (16:21):
You go, there, you go there, you go, no question
about it. And with brothers like you promoting it, I'm
telling you this is very important what you're doing, what
you're saying, your reach or your credibility, uh, the way
people trust you. I mean, this is this is this
is this is the gold standard for how we get
(16:41):
this out and used by our people. We've got to
have people like you talking about it. And you talk
about it better than I do. I mean you know
why because you see it.
Speaker 3 (16:55):
You see it, Yeah, you see it.
Speaker 1 (16:57):
You're a visionary. You see it. You know what the
possible abilities are. You know that we have to do this.
We don't have any choice.
Speaker 2 (17:04):
That's I'm yeah.
Speaker 1 (17:08):
What we have to do is create the instruments, the
vessels and the tools for us to do it, and
then move it through uh the marketing and advertising, radio, television,
social media system that is so targeted and so effectively
(17:29):
utilized by black people. And it will happen. It will work,
There's no question about it.
Speaker 2 (17:33):
I want everybody to understand that that means that you
can be in Africa, you can be in English, you
can be in France, you can be in Mexico, you
can be in Canada, and now you can participate in
this conference.
Speaker 3 (17:46):
And that's why is so important that we tell everybody this.
Speaker 2 (17:50):
I want you to take off your little narrow hats
by how can I participate?
Speaker 3 (17:55):
You don't have to get on the plane.
Speaker 2 (17:57):
This has been conceptualized to be very network friendly for
all the things that he's always talked about, meet millionaires,
potential partners, investors, and build your network. Workshop speaks, all
these days, registration, student registration, all VP registration, ultra VP registration,
all these things, seminars.
Speaker 3 (18:15):
All these things are available virtually. That's amazing to me.
You know, you don't fight up.
Speaker 1 (18:21):
I mean, just think about that. I mean, when's the
last time Black people from all over the diaspora were
able to come together around a common vision right with instruction,
motivation some of the best and baddest speakers and preachers
on the planet. If you want to know more about
the virtual Power Networking comperence, just go to www. Powernetworking
(18:47):
Conference dot com. Www. Powernetworkingconference dot com. If in fact
you can't find a link or something that, just email me.
Just emails me very simply a Gphraser fr Ass and
Sam v r at frasernet dot com. G. Fraser at
frasernet dot com and I'll make sure you get everything
(19:08):
you need to know to.
Speaker 3 (19:10):
In fact, doctor George C.
Speaker 2 (19:13):
Fraser, He's a renowned networking Gurule chairman and CEO. You're
never emailing just anybody, not an assistant, Doctor George C. Fraser.
That's who you're internet. Renowned networking Gurule chairman and CEO.
Fraser Net, a company he founded over thirty two years
ago to lead global networking and economic development movement for
people of African descent.
Speaker 3 (19:34):
That's Frasernet.
Speaker 2 (19:35):
A belief that we should be in the game, not
as buyers, but as sellers people product, put your name
on something, become an entrepreneur, telling you how you can
become an entrepreneur, putting a plan in place so you
can win. Not only is just short term long term,
because that's what this is all about. Because everybody go
out there, they want to do something, they'll have a
plan in place. That's short term success. We're trying to
(19:58):
create long term success. That's why it's virtual. That's why
he's always on my show. Is when I feel blessed
I'm able to bring somebody of his caliber on my show.
Speaker 3 (20:07):
He always be hyping me up.
Speaker 5 (20:08):
I be hyped because he's one of the few people
I just let him talk. I just interrupt periodically, just
drop some dives. Remind everybody how gifted it is to
even hear him talk like this, because your beliefs and your.
Speaker 3 (20:21):
Values means something to people.
Speaker 2 (20:23):
What I like to always say is that that's why
I'm excited about the virtual event phrasing net because you
just a hiding gym. Your network's not saying that you're
not not known something like that. But this virtual platform
allows more people to participate.
Speaker 3 (20:39):
Such a blessing, such a blessing, such a blessing.
Speaker 1 (20:42):
God bless you, Sean, God bless you, and God bless
all that you mean to us and your servant leadership.
Because you are a servant, I mean, you just are
incredible in how you manage that and how you focus
on that. Emphasize that it's all in your voice and
in your spirit. And so I'm going to close with
(21:03):
giving the brothers and sisters out here a little tip
on how to build your passive income, how to build
your position. Should not be a black person in America
with a single stream of income, right like all of
us should have multiple streams of income and coach. So
we call a passive income. So take your nine to
five income, if you work, you've got a job. Ninety
(21:23):
seven percent of us have a job. Take you nine
to five income, and use that to fuel your side hustle. Okay,
whatever that may be. Sell someone that's your side hustle.
Then use your side hustle to fuel the money you
get from that to fuel your investments, because you're going
(21:45):
to get extra money and you're going to invest that money.
I don't care if it's scripto, currencies, box bonds, whatever
it is. Whatever, vote your vote, invest your side, hustle
money and then take your investments and over time, your
investments will replace your nine to five.
Speaker 4 (22:04):
This has been Money Making Conversations Masterclass with me Rashaun McDonald.
Thanks to our guests and our audience. Visit Moneymakingconversations dot
com to listen or register to be a guest on
my show. Keep leading with your gifts, keep winning,
Hi.
Speaker 2 (00:00):
I am Rashan McDonald host the 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 your own. If you want
to be a guest on my show, please visit our website,
Moneymakingconversations dot com and click the be a Guest button.
(00:21):
Priss submit and information will come directly to me. Now
let's get this show start. Doctor Georgie Fraser, renowned networking guru,
business leader, author and entrepreneur who is regarded as one
of the most foremost respected authorities on entrepreneurship and building
generational wealth and economic empowerment for the Black community. He
will be talking about his annual Power Networking conference, plus
(00:44):
give us some great value about how we can be
successful in our.
Speaker 3 (00:47):
Own everyday life.
Speaker 2 (00:48):
Please welcome to Money Making Conversation, Doctor George C. Fraser.
Speaker 1 (00:53):
Oh God, bless you. Good to hear you. I love
the always I've always loved the energy and your voice.
You motivate me and I'm a motivator.
Speaker 2 (01:02):
Well you know that always a company because you know
it's like you know, I'm sure when Michael Jordan got
on the court and I call you Michael Jordan.
Speaker 3 (01:08):
Now it ain'tvery Sean McDonald. I just thought myself to
be a little bit.
Speaker 1 (01:12):
Uh.
Speaker 3 (01:13):
I'm not even gonna say Lebron. I'm not even Lebron.
Speaker 2 (01:16):
But you, Michael Jordan, Jeorge Fraser, understand that we'll respected
in this business of entrepreneurship because you all know, like now,
entrepreneurs almost become a fad, just like the word branding
has become a fad. But you know you started this
whole networking in a relationship before it was even vogue.
Speaker 3 (01:35):
Talk about how it was.
Speaker 2 (01:37):
When we started the Fraser networking and not how it
is now, especially with social media being so prevalent in
the process of networking.
Speaker 1 (01:46):
Yeah, that's an excellent point for Sean. Social media has
helped all of us to stay connected, to get connected,
and to leverage more effectively our collective resources and intellectual capital,
and so I love it. It has really helped to
spread the word about economic development and wealth creation. Has
(02:07):
helped us, in fact, to understand the rules for financial success.
I mean, I say there are three basic rules. There
are three basic rules that will if you're looking for
financial freedom if you follow these three basic rules. There's
no way that you can go wrong. Rule Number one,
(02:29):
your rent or mortgage should be less than what you
make in a week. I cannot tell you how many
black people are house for Your rent or mortgage should
be no more than you make in a week. So
if you have a two household income, you combine the
income for a week, and your rent or mortgage should
be no more than that. That's number one. Number two,
(02:51):
only borrow money to make money. So yes, you can
borrow money to buy a house, because if you keep
your house, it is going to make money. Is nothing
wrong with that. If you're borrowing money to buy a car,
unless you're turning that car into a useful and utilitarian
tool to help you make money get back and forth
(03:13):
to work or do whatever you need to do. That's
a good thing, but it's a depreciating asset. Rashon because
the moment you buy that car, if you turn that
car around and try to take it back to the
dealer to get what you paid for, you would not
get it.
Speaker 3 (03:28):
It'd be a fought on the showroom floor.
Speaker 1 (03:31):
That's right, exactly same thing with diamonds, Rashan. You can
buy you a beautiful diamond bracelet. If you turned around
and try to sell it back to the jeweler, but
what you just paid for it, you will not get it.
So borrow money to make more money and figure out
whatever you're borrowing money for. How are you going to
get something in return for your investment? And that's what
(03:54):
you expect. You expect a return on your investment.
Speaker 3 (03:56):
That's so.
Speaker 1 (03:57):
That's number two and number three is deep. As your
income increases, your cost of living should decrease or stay
the same. Stop living brothers and sisters above your means.
Stop living which means you're spending more than you earn.
(04:18):
Stop living even within your means, which means you're spending
everything you earn, and live below your means, and invest
the rest right So, as your income increases, your cost
of living should either decrease or stay the same. Do
(04:38):
not raise your cost of living. Of course, you got
to raise. Take that difference between what you were earning
and what you're now earning and invest it. Don't spend it,
and the first person you invest in is you. Tithes
to you first. Take the money off the top. Don't
(05:02):
spend what you have to spend to pay your bills.
And then invest what you got left. No no, no no
no no. Invest in you first, and then if you
follow these three rules, there's no way that you cannot
land on financial freedom.
Speaker 2 (05:19):
So, and that's what we're all talking about, financial freedom.
Speaker 1 (05:21):
We're suing. There's six habits that will keep us broke.
There's six habits that will keep you broke. Right, not
talking about money, right, we don't talk about it in school.
We generally don't talk about it around the family table.
That'll keep you broke. You've got to talk about money,
Understand capitalism, understand money. So talking about money will help
(05:44):
prevent you from keeping broke. Talking about it around the
family table, talking about it among your friends is more
important than what's happening on Real Housewives of Atlanta. Okay,
Number two failing to build and emerging see fund. Now,
we've all been taught that we need to save some
money for a rainy day. So failing to build an
(06:07):
emergency fund for more than six months, I would look
at it now, for at least a year, what does
it take for you to live to re maintain your
standard of living for at least twelve months? Right, and
make sure that you have that as cash available to you.
Number three making impulse purchases. Let me say it a
(06:28):
different way. I would rather carry a plastic bag with
five thousand dollars in it than to carry a five
thousand dollars Louis Vu tombag with one hundred dollars in it.
Stop making impulse purchases, right, because that's going to drain
you of your cash available. Number four Buying items you
don't need because they are on sale. Now. I have
(06:51):
to chastise my wife often about this dollar.
Speaker 3 (06:54):
Why do you buy?
Speaker 1 (06:54):
Well, what was on sale? I said, but you already
got three of them? Yes, right, So buying that you
don't need. Manage your impulse buying. And Number five paying
bills late because of the exorbitant interest rates. When you
pay your bills late, especially those credit cards. Man, you
(07:15):
look at the annual interest rate on these credit cards,
and if you're paying the minimum that you have to
pay each month on the you will never pay that
credit card.
Speaker 3 (07:23):
Off the minimum interest.
Speaker 1 (07:27):
Move that's right, absolutely, you'll never pay it off, all right.
So don't pay your bills late, don't pay the minimums.
Always pay more. I try to pay double to triple
the minimum five month I'm like, I might pay twenty
five percent of what I owe. So that's number five.
(07:50):
Don't pay bills late and don't pay minimums is the
beautiful point you made. And number six and the improper
use of credit cards. The improper use of credit cards.
Fifteen years ago, I cut up all of my I
have no credit cards. What I have are debit cards
that are attached to my bank account for Sean, and
(08:12):
I cannot spend any more than I have in my
damn checking account. So you know, I'm thinking about every
time I use my debit card. And I got three
or four of them because I have various banks for
various needs. But I can never spend any more than
I have available right now, so improper use of So
(08:36):
these are habits that keep us broke. And we are
also the most financially illiterate people in America. We are
at the bottom of every single statistic that matters in
this country economically, and so we need to educate ourselves,
educate our children. This is related to talking about money,
(08:56):
and as a result of that, as a response sable
leader in this country as you are, we started our
Wins Wealth Building Centers to address financial illiteracy in Black
America because if the business of America is business, it
is dangerous, rashawan, and self defeating to be financially illiterate. Therefore,
(09:20):
education is the answer. The key to a well rounded
financial education is to align people's mindsets, their habits, their
values and solutions with the importance of the overall goals
of Black America, or according to numerous analytical statistics and
studies and predictions, we will ultimately if we don't fix
(09:45):
our financial badass habits right, we will be relegated to
permanent second class citizenry and we will end up in
a second slavery. So we develop in twenty eighteen the
Winds Wealth Building Centers and curriculum to address, among other things,
the psychology, the emotions, and our relationship with money in
(10:08):
both the secular and non secular Black organizations, both the
church and other Black organizations. And we're softly focusing on
our deep seat to struggle with instant versus delayed gratifications,
one of the very bad habits that we have, and
we're struggling with the basics of financial growth to include,
(10:30):
but is not limited to, the four pillars for the
intergenerational transfer of wealth. That is the essence of our
Wins Financial Centers. And we've got over twenty churches already
involved with our curriculum and with our program. But the
four pillars very simply are the proper management of accumulated
wealth so that we can stop reading about entertainers and
(10:52):
athletes that earned one hundred million dollars in their career
and within five years they're either broke or in bankruptcy.
The second pillar is real estate ownership, both residential and
commercial real estate. It's a corner stone for the intergenerational transfer. Well,
the fourth food is business development. We are the consumption
class in this country, white folks, or the merchant class.
(11:16):
They make stuff and we buy. Stop doing that, brothers
and sisters. If you sell something, sell something in America,
two things are going when twenty four to seven, somebody's
buying and somebody selling. Right, we're doing all the day.
I'm buying. So if you're bake cookies, you'll put them
in a box, put your name on it, and sell
it to somebody. Right, if you live on a farm,
(11:36):
take the manure, put it in a bag, put your
name on it, and sell it to somebody. You can
become an entre manure. Okay, stop doing all the day
I'm buying and sell something. This is extremely important. On
this I'll give one final little quote by Bishop Tutor,
Bishop Tudor Bismark. He wrote a wonderful book called Kingdom Economics,
(12:00):
and I'm going to quote you, and he says, as
black people, we have embarked upon a new millennium, and
this millennium brings momentous change. We see differences in every
facet of society, cultural ships, economic upheavals, political changes, and more.
As believers, it is imperative not only must we be
(12:22):
spiritually sound, but we must also establish a firm kingdom
economic foundation. We must now unlock the keys to economic
empowerment well. And to quote, I concur with that. And
so I'm recommending that the brothers and sisters out there,
(12:43):
if you belong to a church family, talk to your
pastor get in touch with us and put a wins
Walth building center. It's a little license agreement, and use
our curriculum and start educating your congregation. You'll have a
better congregation. You will have a more a financial free congregation.
They'll be better tides, they'll be better givers.
Speaker 3 (13:05):
Please don't go anywhere.
Speaker 4 (13:07):
We'll be right back with more money Making Conversations Masterclass.
Welcome back to Money Making Conversations master Class hosted by
me Rashaan McDonald. Money Making Conversations master Class continues online
at Moneymaking Conversations dot com and follow money Making Conversations
Masterclass on Facebook, x and Instagram.
Speaker 3 (13:26):
Fourbes voted has voted.
Speaker 2 (13:28):
It as one of the top five conferences in the
world for entrepreneurs. They pride themselves on unique philosophy of
network and building a financial legacy for your grandchildren.
Speaker 3 (13:37):
And this is about the future.
Speaker 1 (13:38):
And the reason I love it is because we launched
at our conference the first virtual nation, called Fraser Nation.
It was a virtual and this is before the pandemic.
So I'm not you know, I'm not a soothsayer. I
can't predict the future. I was not predicting a pandemic
that would make everything go virtual. But I said, I
(14:00):
think we could have a virtual nation, right And it's
very simply provide access to overall training and coaching and
modeling that is needed by our citizens and therefore help
improve the recycling of black dollars and intellectual capital among
(14:21):
our citizens and allies. It's this massive database of pop
black professionals, business owners and community leaders right access the
intellectual capital, access the products and services that black people
sell around the world, right and the entire Pan African diaspora.
(14:42):
When you look at the businesses that we own and
we're not supporting like we should support. So this helped
the connectivity of that and provide this kind of database
and virtual meetings and virtual conferences and virtual summits and
(15:04):
virtual workshops right because virtual ain't going away.
Speaker 2 (15:09):
That's why I just said, because a lot of people
don't understand that is that you can't look at it
as being negative and being negative because there's a brick
and mortar. And the goals of Fraser net are simple.
Help black people build wealth that can be transferred into
generational wealth opportunity for the future. Help black people become
the number one employee of black people in the twenty
first century. To facilitate building a global network of Africans
(15:31):
throughout the diaspora who focus is personal and business excellent
and using it to build partnerships, joint ventures, and strategic alliances.
Speaker 3 (15:40):
That's very key right now. Now networking, right now, the whole.
Speaker 1 (15:44):
Virtual thing has been normalized, right, yes, normally.
Speaker 3 (15:48):
That's why I love it, George. I'm so excited.
Speaker 2 (15:51):
I am so excited for your brand because you know,
we stumbled upon because of the COVID nineteen the real
purpose because you know, not that we didn't know, we
didn't know, you know, we were just doing what everybody do.
Speaker 3 (16:05):
You know, IB does it.
Speaker 2 (16:06):
All the big corporation do these brick and mortar. But
you had to be trained in the pandemic, trained people
to look at TV to zoom, Instagram live, Facebook lives.
Speaker 3 (16:16):
So everybody's there. Now your brand is you go there.
Speaker 1 (16:21):
You go, there, you go there, you go, no question
about it. And with brothers like you promoting it, I'm
telling you this is very important what you're doing, what
you're saying, your reach or your credibility, uh, the way
people trust you. I mean, this is this is this
is this is the gold standard for how we get
(16:41):
this out and used by our people. We've got to
have people like you talking about it. And you talk
about it better than I do. I mean you know
why because you see it.
Speaker 3 (16:55):
You see it, Yeah, you see it.
Speaker 1 (16:57):
You're a visionary. You see it. You know what the
possible abilities are. You know that we have to do this.
We don't have any choice.
Speaker 2 (17:04):
That's I'm yeah.
Speaker 1 (17:08):
What we have to do is create the instruments, the
vessels and the tools for us to do it, and
then move it through uh the marketing and advertising, radio, television,
social media system that is so targeted and so effectively
(17:29):
utilized by black people. And it will happen. It will work,
There's no question about it.
Speaker 2 (17:33):
I want everybody to understand that that means that you
can be in Africa, you can be in English, you
can be in France, you can be in Mexico, you
can be in Canada, and now you can participate in
this conference.
Speaker 3 (17:46):
And that's why is so important that we tell everybody this.
Speaker 2 (17:50):
I want you to take off your little narrow hats
by how can I participate?
Speaker 3 (17:55):
You don't have to get on the plane.
Speaker 2 (17:57):
This has been conceptualized to be very network friendly for
all the things that he's always talked about, meet millionaires,
potential partners, investors, and build your network. Workshop speaks, all
these days, registration, student registration, all VP registration, ultra VP registration,
all these things, seminars.
Speaker 3 (18:15):
All these things are available virtually. That's amazing to me.
You know, you don't fight up.
Speaker 1 (18:21):
I mean, just think about that. I mean, when's the
last time Black people from all over the diaspora were
able to come together around a common vision right with instruction,
motivation some of the best and baddest speakers and preachers
on the planet. If you want to know more about
the virtual Power Networking comperence, just go to www. Powernetworking
(18:47):
Conference dot com. Www. Powernetworkingconference dot com. If in fact
you can't find a link or something that, just email me.
Just emails me very simply a Gphraser fr Ass and
Sam v r at frasernet dot com. G. Fraser at
frasernet dot com and I'll make sure you get everything
(19:08):
you need to know to.
Speaker 3 (19:10):
In fact, doctor George C.
Speaker 2 (19:13):
Fraser, He's a renowned networking Gurule chairman and CEO. You're
never emailing just anybody, not an assistant, Doctor George C. Fraser.
That's who you're internet. Renowned networking Gurule chairman and CEO.
Fraser Net, a company he founded over thirty two years
ago to lead global networking and economic development movement for
people of African descent.
Speaker 3 (19:34):
That's Frasernet.
Speaker 2 (19:35):
A belief that we should be in the game, not
as buyers, but as sellers people product, put your name
on something, become an entrepreneur, telling you how you can
become an entrepreneur, putting a plan in place so you
can win. Not only is just short term long term,
because that's what this is all about. Because everybody go
out there, they want to do something, they'll have a
plan in place. That's short term success. We're trying to
(19:58):
create long term success. That's why it's virtual. That's why
he's always on my show. Is when I feel blessed
I'm able to bring somebody of his caliber on my show.
Speaker 3 (20:07):
He always be hyping me up.
Speaker 5 (20:08):
I be hyped because he's one of the few people
I just let him talk. I just interrupt periodically, just
drop some dives. Remind everybody how gifted it is to
even hear him talk like this, because your beliefs and your.
Speaker 3 (20:21):
Values means something to people.
Speaker 2 (20:23):
What I like to always say is that that's why
I'm excited about the virtual event phrasing net because you
just a hiding gym. Your network's not saying that you're
not not known something like that. But this virtual platform
allows more people to participate.
Speaker 3 (20:39):
Such a blessing, such a blessing, such a blessing.
Speaker 1 (20:42):
God bless you, Sean, God bless you, and God bless
all that you mean to us and your servant leadership.
Because you are a servant, I mean, you just are
incredible in how you manage that and how you focus
on that. Emphasize that it's all in your voice and
in your spirit. And so I'm going to close with
(21:03):
giving the brothers and sisters out here a little tip
on how to build your passive income, how to build
your position. Should not be a black person in America
with a single stream of income, right like all of
us should have multiple streams of income and coach. So
we call a passive income. So take your nine to
five income, if you work, you've got a job. Ninety
(21:23):
seven percent of us have a job. Take you nine
to five income, and use that to fuel your side hustle. Okay,
whatever that may be. Sell someone that's your side hustle.
Then use your side hustle to fuel the money you
get from that to fuel your investments, because you're going
(21:45):
to get extra money and you're going to invest that money.
I don't care if it's scripto, currencies, box bonds, whatever
it is. Whatever, vote your vote, invest your side, hustle
money and then take your investments and over time, your
investments will replace your nine to five.
Speaker 4 (22:04):
This has been Money Making Conversations Masterclass with me Rashaun McDonald.
Thanks to our guests and our audience. Visit Moneymakingconversations dot
com to listen or register to be a guest on
my show. Keep leading with your gifts, keep winning,
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