August 13, 2024 • 24 mins
Two-time Emmy and three-time NAACP Image Award-winning television Executive Producer Rushion McDonald interviewed Dr. George C. Fraser.
Dr. George C. Fraser is the Chairman and CEO of FraserNet, Inc., a company he founded over 35 years ago. He is a renowned networking guru, business leader, author, and entrepreneur who is regarded as one of the foremost respected authorities on entrepreneurship and building generational wealth and economic empowerment for the Black community.
Got financial ills and in need of healing? Well look no further because Doctor George C. Fraser is in the house and ready to administer a prescription in money management! From the trap of only paying off your monthly minimum balance on your credit card to the pitfalls of buying things on sale and borrowing money, Dr. Fraser debunks many financial myths that can ruin your financial future while providing easy-to-swallow methods on how to build generational wealth. The information train doesn’t just stop there though. Dr. Fraser is also here to introduce us to the Power Networking Conference, a conference that he started 23 years ago to connect African American business across the diaspora and increase the value of Black dollars.
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:05):
Welcome to the show.
Speaker 2 (00:06):
I'm Rashwan MacDonald, the host of Money Making Conversations Masterclass,
where we encourage people to stop reading other people's success
stories and.
Speaker 1 (00:14):
Start planning their own.
Speaker 2 (00:16):
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 god profits who are making
a difference in their local communities. Now, sit back and
listen as we unlock the secrets to their success on
Money Making Conversations Masterclass. My next guest is George Fraser,
(00:37):
called him Doctor George C.
Speaker 1 (00:38):
Fraser.
Speaker 2 (00:39):
He's a chairman and CEO of Fraser Net, a company
founded over thirty years ago. Doctor George Fraser renowned networking guru,
business leader, author and entrepreneur who is regarded as one
of the 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 give
(01:03):
us some great value about how we could be successful
in our own everyday life. Please welcome to Money Making Conversation,
Doctor George C.
Speaker 1 (01:10):
Fraser.
Speaker 3 (01:11):
Oh God bless you. Good to hear you.
Speaker 4 (01:14):
I love it.
Speaker 3 (01:15):
I always I've always loved the energy and your voice. Hell,
you motivate me, and I'm a motivator.
Speaker 2 (01:20):
Well you know that always a company because you know
you It's like, you know, I'm sure when Michael Jordan
got on the court and I call you Michael Jordan, Now.
Speaker 1 (01:27):
It ain't U, Sean McDonald.
Speaker 2 (01:29):
I just thought myself to be a little bit.
Speaker 5 (01:31):
Uh.
Speaker 1 (01:32):
I'm not even gonna say Lebron. I'm not even Lebron.
Speaker 2 (01:35):
But you Michael Jordan, Doctor George Fraser, understand that man
well 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 volgue talk about how it was when we started
(01:57):
the Fraser networking and not how it is now, especially
with social media being so prevalent in the process of networking.
Speaker 3 (02:04):
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 helped us,
(02:27):
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, your rent
(02:49):
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 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, only borrow money to make money.
(03:12):
So yes, you can borrow money to buy a house,
because if you keep your house, it is going to
make money. There's 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 to work or do whatever
(03:33):
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 2 (03:45):
It'd be a fot on the showroom floor.
Speaker 3 (03:50):
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 jewel for
what you just stay 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
(04:12):
you expect. You expect a return on your investment.
Speaker 5 (04:15):
That's so.
Speaker 3 (04:15):
That's number two and number three. This 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 your earn.
(04:37):
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
not raise your cost of living. In course, you got
(05:00):
to raise take that difference between what you were earning
and what you're now earning and invest in, 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
(05:21):
spend what you have to spend to pay your bills,
and then invest what you got left. No 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 1 (05:38):
And that's what we're all talking about, financial freedom.
Speaker 3 (05:40):
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
(06:03):
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 an emergency fund. Now, we've
all been taught that we need to save some money
for a rainy day, So failing to build an emergency fund,
(06:27):
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 different way.
(06:48):
I would rather carry a plastic bag with five thousand
dollars in it than to carry a five thousand dollars
Louis VI Tom bag with one hundred dollars in it.
Stop making impulse purchases, right, 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 to
(07:10):
chastise my wife often about this dollard. Why do you buy? Well,
it was on sale, I said, but you already got
three of them, right, So buying stuff 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
(07:30):
bills late, especially those credit cards, Man, you 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 off.
Speaker 6 (07:44):
Interest move that's right, absolutely, You'll never pay it off, right,
So don't pay your bills late, don't pay the minimums.
Speaker 3 (07:56):
Always pay more. I try to pay double to triple
the minimum. Five months, I'm I might pay twenty five
percent of what I owe. So that's number five. Don't
pay bills late and don't pay minimums is the beautiful
point you made. And number six the improper use of
credit cards. The improper use of credit cards. Fifteen years ago,
(08:20):
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 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
(08:42):
because I have various banks for various needs. But I
can never spend any more than I have available right now, right,
So improper use of So 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
(09:04):
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, and as a result of that,
as a responsible leader in this country as you are,
we started our Wins Wealth Building Centers to address financial
(09:29):
illiteracy in Black America because if the business of America
is business, it is dangerous, rashwan and self defeating to
be financially illiterate. Therefore, 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
(09:52):
the overall goals of Black America, or according to numerous
analytical statistics and studies and addictions, we will ultimately if
we don't fix 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
(10:17):
twenty eighteen the Winds Wealth Building Centers and curriculum to address,
among other things, the psychology, the emotions, and our relationship
with money in 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
(10:39):
delayed gratifications one of the very bad habits that we have,
and we're struggling with the basics of financial growth to include,
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 Church is
(11:00):
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 athletes that earn 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
(11:22):
commercial real estate. It is a hornys stone for the
intergenerational transfer wealth. The fourth food is business development. We
are the consumption class in this country, white folks, or
the merchant class. 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
(11:43):
to seven somebody's buying and somebody selling. We're doing all
the day I'm buying. So if you bake cookies, you know,
put them in a box put your name on it
and sell it to somebody. Right, if you live on
a farm, take them manure. Put it in a bag,
put your name on it, and sell it to somebody.
That you can become an entre manure. Okay, stop doing
all the day I'm buying and sell something. This is
(12:06):
extremely important. On this I'll give one final little quote
by Bishop Tutor, Bishop Tutor Bismarck. He wrote a wonderful
book called Kingdom Economics, 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, receive
(12:30):
differences in every facet of society, cultural shifts, economic upheavals,
political changes, and more. As believers, it is imperative not
only must we be spiritually sound, but we must also
establish a firm kingdom economic foundation. We must now unlock
(12:51):
the keys to economic empowerment well and to quote, I
can quote with that. And so I'm recommending that brothers
and sisters out there, if you belong to a church family,
talk to your pastor get in touch with us and
put a wins wealth building center. It's a little license
agreement and use our curriculum and start educating your congregation.
(13:15):
You'll have a better congregation. You will have a more
financial free congregation. They'll be better tithes, they'll be better givers.
So this is a very, very big and important idea
that must be sustained over at least three or the
next three or four generations.
Speaker 1 (13:32):
So that's that's important.
Speaker 4 (13:34):
Yeah, 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 2 (13:51):
The Power Networking Conference has been the home of black
entrepreneurs looking to connect. That's important when I say connect,
grow and prosper. Forbes voted as voted 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 1 (14:08):
And this is about the future.
Speaker 3 (14:09):
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
(14:31):
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
(14:53):
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 then the entire Pan
African diaspora when you look at the businesses that we
(15:16):
own and we're not supporting like we should support. So
this helped the connectivity of that. And they provide this
kind of database and virtual meetings and virtual conferences and
virtual summits and virtual workshops, right because virtual ain't going away.
Speaker 2 (15:40):
That's why I'm saying, 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 frasing that 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 employer of black people in the twenty first century.
Facility building a global network of Africans throughout the diaspora
(16:04):
whose focus is personal and business excellent and using it
to build partnerships, joint ventures, and strategic alliances. That's very
key right now now networking, right now.
Speaker 3 (16:15):
The whole virtual thing has been normalized, right, yes, normally.
Speaker 1 (16:20):
That's what I love it, George.
Speaker 2 (16:21):
I'm so excited. 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.
Speaker 1 (16:33):
We didn't know, we didn't know. You know, we were
just doing what everybody do.
Speaker 2 (16:36):
You know, IBM does it, all the big corporation do
these brick and mortar. But you had to be trained,
and the pandemic trained people to look at TV to zoom,
Instagram live, Facebook live.
Speaker 1 (16:48):
So everybody's there. Now your brand is.
Speaker 3 (16:51):
You go there, 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. 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 goal standard for how we get
(17:13):
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
what because you see it, you see it, You see it.
You're a visionary, you see it. You know what the
possibilities are. You know that we have to do this.
(17:34):
We don't have any choice. Have to do Yeah, 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 that our marketing and advertising, radio, television,
(17:55):
social media system that is so targeted and so actively
utilized by black people. Man, it will it will work.
There is some question about it.
Speaker 2 (18:05):
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 1 (18:18):
And that why is so important that we tell everybody this.
Speaker 2 (18:22):
I want you to take off your little narrow hats
by how can I participate?
Speaker 1 (18:27):
You don't have to get on the plane.
Speaker 2 (18:28):
This has been conceptionalized 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 registration, student registration, all VP registration, Ultra VIP registration,
all these things, seminars, all these things are available virtually.
(18:49):
That's amazing to me that you know you don't fire up.
Speaker 3 (18:53):
I mean, just think about that. I mean, when is
the last time Black.
Speaker 5 (18:57):
People from all over the diaspora we're able to come
together around a common vision right with instruction, motivation. Some
of the best and baddest speakers and preachers on the planet,
The Reverend of Freddie Hayes coastes our talk every year.
Jamal Bryant opens the talk every year, and and I
(19:18):
mean we can just voice Watkins, it will be there
so we can go down the list.
Speaker 3 (19:24):
It's just incredible. If you want to know more about
the Virtual Power Networking Conference, just go to uh www
Power Networking Conference dot com. Www Powernetworking Conference dot com.
If if in fact you can't find a link or
something that, just email me. Just email me very simply
(19:45):
a gphraser F R A S S and sam E
r f frasernet dot com Gfraser F frasernet dot com
and I'll make sure you get everything you need to
know to.
Speaker 2 (19:57):
In fact, C Phraser, he's a renowned networking Gurul chairman
and CEO. You're never emailing just anybody, not an assistant doctor.
Speaker 1 (20:07):
George C. Fraser, that's who you're internet.
Speaker 2 (20:09):
Renowned networking Gurule chairman and CEO of 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 1 (20:20):
That's fraser Net.
Speaker 2 (20:22):
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
(20:44):
create long term success a fraser Net.
Speaker 1 (20:47):
That's why it's virtual.
Speaker 2 (20:48):
That's why he's always on my show is one I
feel blessed I'm able to bring somebody of his caliber
on my show.
Speaker 1 (20:54):
He always be hyping me up.
Speaker 2 (20:55):
I be hyped because he's one of the few people
I just let him talk. You interrupt periodically, just drop
some dimes.
Speaker 1 (21:02):
Remind everybody how.
Speaker 2 (21:03):
Gifted it is to hear him talk like this, because
your beliefs and your values means something to people. What
I like to always say is that that's why I'm
excited about the virtual event, phrasing that because you just
a hiding gym. Your network's not saying that you're not
not known something like that.
Speaker 1 (21:21):
But this virtual platform allows more people to participate. Such
a blessing, such a blessing, such a blessing.
Speaker 3 (21:29):
God bless you with 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
(21:50):
giving the brothers and sisters out here a little tip
on how to build your passident, to build your position.
Not be a black person in America with a single
stream of income right like all of us should have
multiple streams of income. Coach so we call a passive income.
So take your nine to five income, if you you've
got a job. Ninety seven percent of us have a job.
(22:11):
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 to get extra money and
(22:33):
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. That's the goal.
Speaker 1 (22:54):
That's the goal.
Speaker 3 (22:55):
That's the goal.
Speaker 1 (22:56):
That's right. I want to appreciate you, but again, thank you.
Come on the show now. I gotta do my job now, Jack.
Speaker 2 (23:03):
See see you always give me instructions, but you don't
even know it. See when you come on my show,
doctor Fraser, you put me to work in a positive
manner because I said.
Speaker 1 (23:11):
Okay, I said okay.
Speaker 2 (23:13):
You know it's like it's like, you know, you the
Pope of entrepreneurship to me, you the pope.
Speaker 1 (23:17):
Now you know the pope became the town. He then
blessed everybody with information.
Speaker 2 (23:21):
Now, I guess what, we gotta get busy and spread
the word, so that my mission right now is to
spread the word of Fraser Nick my friend.
Speaker 1 (23:27):
We talked soon.
Speaker 3 (23:28):
Okay.
Speaker 2 (23:29):
This has been another edition of Money Making Conversation Masterclass
hosted by me Rushaun McDonald. Thank you to our guests
on the show today and thank you listening to 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 your gifts.
Speaker 1 (23:51):
Keep winning.
Welcome to the show.
Speaker 2 (00:06):
I'm Rashwan MacDonald, the host of Money Making Conversations Masterclass,
where we encourage people to stop reading other people's success
stories and.
Speaker 1 (00:14):
Start planning their own.
Speaker 2 (00:16):
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 god profits who are making
a difference in their local communities. Now, sit back and
listen as we unlock the secrets to their success on
Money Making Conversations Masterclass. My next guest is George Fraser,
(00:37):
called him Doctor George C.
Speaker 1 (00:38):
Fraser.
Speaker 2 (00:39):
He's a chairman and CEO of Fraser Net, a company
founded over thirty years ago. Doctor George Fraser renowned networking guru,
business leader, author and entrepreneur who is regarded as one
of the 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 give
(01:03):
us some great value about how we could be successful
in our own everyday life. Please welcome to Money Making Conversation,
Doctor George C.
Speaker 1 (01:10):
Fraser.
Speaker 3 (01:11):
Oh God bless you. Good to hear you.
Speaker 4 (01:14):
I love it.
Speaker 3 (01:15):
I always I've always loved the energy and your voice. Hell,
you motivate me, and I'm a motivator.
Speaker 2 (01:20):
Well you know that always a company because you know
you It's like, you know, I'm sure when Michael Jordan
got on the court and I call you Michael Jordan, Now.
Speaker 1 (01:27):
It ain't U, Sean McDonald.
Speaker 2 (01:29):
I just thought myself to be a little bit.
Speaker 5 (01:31):
Uh.
Speaker 1 (01:32):
I'm not even gonna say Lebron. I'm not even Lebron.
Speaker 2 (01:35):
But you Michael Jordan, Doctor George Fraser, understand that man
well 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 volgue talk about how it was when we started
(01:57):
the Fraser networking and not how it is now, especially
with social media being so prevalent in the process of networking.
Speaker 3 (02:04):
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 helped us,
(02:27):
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, your rent
(02:49):
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 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, only borrow money to make money.
(03:12):
So yes, you can borrow money to buy a house,
because if you keep your house, it is going to
make money. There's 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 to work or do whatever
(03:33):
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 2 (03:45):
It'd be a fot on the showroom floor.
Speaker 3 (03:50):
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 jewel for
what you just stay 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
(04:12):
you expect. You expect a return on your investment.
Speaker 5 (04:15):
That's so.
Speaker 3 (04:15):
That's number two and number three. This 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 your earn.
(04:37):
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
not raise your cost of living. In course, you got
(05:00):
to raise take that difference between what you were earning
and what you're now earning and invest in, 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
(05:21):
spend what you have to spend to pay your bills,
and then invest what you got left. No 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 1 (05:38):
And that's what we're all talking about, financial freedom.
Speaker 3 (05:40):
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
(06:03):
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 an emergency fund. Now, we've
all been taught that we need to save some money
for a rainy day, So failing to build an emergency fund,
(06:27):
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 different way.
(06:48):
I would rather carry a plastic bag with five thousand
dollars in it than to carry a five thousand dollars
Louis VI Tom bag with one hundred dollars in it.
Stop making impulse purchases, right, 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 to
(07:10):
chastise my wife often about this dollard. Why do you buy? Well,
it was on sale, I said, but you already got
three of them, right, So buying stuff 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
(07:30):
bills late, especially those credit cards, Man, you 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 off.
Speaker 6 (07:44):
Interest move that's right, absolutely, You'll never pay it off, right,
So don't pay your bills late, don't pay the minimums.
Speaker 3 (07:56):
Always pay more. I try to pay double to triple
the minimum. Five months, I'm I might pay twenty five
percent of what I owe. So that's number five. Don't
pay bills late and don't pay minimums is the beautiful
point you made. And number six the improper use of
credit cards. The improper use of credit cards. Fifteen years ago,
(08:20):
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 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
(08:42):
because I have various banks for various needs. But I
can never spend any more than I have available right now, right,
So improper use of So 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
(09:04):
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, and as a result of that,
as a responsible leader in this country as you are,
we started our Wins Wealth Building Centers to address financial
(09:29):
illiteracy in Black America because if the business of America
is business, it is dangerous, rashwan and self defeating to
be financially illiterate. Therefore, 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
(09:52):
the overall goals of Black America, or according to numerous
analytical statistics and studies and addictions, we will ultimately if
we don't fix 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
(10:17):
twenty eighteen the Winds Wealth Building Centers and curriculum to address,
among other things, the psychology, the emotions, and our relationship
with money in 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
(10:39):
delayed gratifications one of the very bad habits that we have,
and we're struggling with the basics of financial growth to include,
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 Church is
(11:00):
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 athletes that earn 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
(11:22):
commercial real estate. It is a hornys stone for the
intergenerational transfer wealth. The fourth food is business development. We
are the consumption class in this country, white folks, or
the merchant class. 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
(11:43):
to seven somebody's buying and somebody selling. We're doing all
the day I'm buying. So if you bake cookies, you know,
put them in a box put your name on it
and sell it to somebody. Right, if you live on
a farm, take them manure. Put it in a bag,
put your name on it, and sell it to somebody.
That you can become an entre manure. Okay, stop doing
all the day I'm buying and sell something. This is
(12:06):
extremely important. On this I'll give one final little quote
by Bishop Tutor, Bishop Tutor Bismarck. He wrote a wonderful
book called Kingdom Economics, 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, receive
(12:30):
differences in every facet of society, cultural shifts, economic upheavals,
political changes, and more. As believers, it is imperative not
only must we be spiritually sound, but we must also
establish a firm kingdom economic foundation. We must now unlock
(12:51):
the keys to economic empowerment well and to quote, I
can quote with that. And so I'm recommending that brothers
and sisters out there, if you belong to a church family,
talk to your pastor get in touch with us and
put a wins wealth building center. It's a little license
agreement and use our curriculum and start educating your congregation.
(13:15):
You'll have a better congregation. You will have a more
financial free congregation. They'll be better tithes, they'll be better givers.
So this is a very, very big and important idea
that must be sustained over at least three or the
next three or four generations.
Speaker 1 (13:32):
So that's that's important.
Speaker 4 (13:34):
Yeah, 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 2 (13:51):
The Power Networking Conference has been the home of black
entrepreneurs looking to connect. That's important when I say connect,
grow and prosper. Forbes voted as voted 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 1 (14:08):
And this is about the future.
Speaker 3 (14:09):
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
(14:31):
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
(14:53):
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 then the entire Pan
African diaspora when you look at the businesses that we
(15:16):
own and we're not supporting like we should support. So
this helped the connectivity of that. And they provide this
kind of database and virtual meetings and virtual conferences and
virtual summits and virtual workshops, right because virtual ain't going away.
Speaker 2 (15:40):
That's why I'm saying, 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 frasing that 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 employer of black people in the twenty first century.
Facility building a global network of Africans throughout the diaspora
(16:04):
whose focus is personal and business excellent and using it
to build partnerships, joint ventures, and strategic alliances. That's very
key right now now networking, right now.
Speaker 3 (16:15):
The whole virtual thing has been normalized, right, yes, normally.
Speaker 1 (16:20):
That's what I love it, George.
Speaker 2 (16:21):
I'm so excited. 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.
Speaker 1 (16:33):
We didn't know, we didn't know. You know, we were
just doing what everybody do.
Speaker 2 (16:36):
You know, IBM does it, all the big corporation do
these brick and mortar. But you had to be trained,
and the pandemic trained people to look at TV to zoom,
Instagram live, Facebook live.
Speaker 1 (16:48):
So everybody's there. Now your brand is.
Speaker 3 (16:51):
You go there, 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. 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 goal standard for how we get
(17:13):
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
what because you see it, you see it, You see it.
You're a visionary, you see it. You know what the
possibilities are. You know that we have to do this.
(17:34):
We don't have any choice. Have to do Yeah, 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 that our marketing and advertising, radio, television,
(17:55):
social media system that is so targeted and so actively
utilized by black people. Man, it will it will work.
There is some question about it.
Speaker 2 (18:05):
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 1 (18:18):
And that why is so important that we tell everybody this.
Speaker 2 (18:22):
I want you to take off your little narrow hats
by how can I participate?
Speaker 1 (18:27):
You don't have to get on the plane.
Speaker 2 (18:28):
This has been conceptionalized 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 registration, student registration, all VP registration, Ultra VIP registration,
all these things, seminars, all these things are available virtually.
(18:49):
That's amazing to me that you know you don't fire up.
Speaker 3 (18:53):
I mean, just think about that. I mean, when is
the last time Black.
Speaker 5 (18:57):
People from all over the diaspora we're able to come
together around a common vision right with instruction, motivation. Some
of the best and baddest speakers and preachers on the planet,
The Reverend of Freddie Hayes coastes our talk every year.
Jamal Bryant opens the talk every year, and and I
(19:18):
mean we can just voice Watkins, it will be there
so we can go down the list.
Speaker 3 (19:24):
It's just incredible. If you want to know more about
the Virtual Power Networking Conference, just go to uh www
Power Networking Conference dot com. Www Powernetworking Conference dot com.
If if in fact you can't find a link or
something that, just email me. Just email me very simply
(19:45):
a gphraser F R A S S and sam E
r f frasernet dot com Gfraser F frasernet dot com
and I'll make sure you get everything you need to
know to.
Speaker 2 (19:57):
In fact, C Phraser, he's a renowned networking Gurul chairman
and CEO. You're never emailing just anybody, not an assistant doctor.
Speaker 1 (20:07):
George C. Fraser, that's who you're internet.
Speaker 2 (20:09):
Renowned networking Gurule chairman and CEO of 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 1 (20:20):
That's fraser Net.
Speaker 2 (20:22):
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
(20:44):
create long term success a fraser Net.
Speaker 1 (20:47):
That's why it's virtual.
Speaker 2 (20:48):
That's why he's always on my show is one I
feel blessed I'm able to bring somebody of his caliber
on my show.
Speaker 1 (20:54):
He always be hyping me up.
Speaker 2 (20:55):
I be hyped because he's one of the few people
I just let him talk. You interrupt periodically, just drop
some dimes.
Speaker 1 (21:02):
Remind everybody how.
Speaker 2 (21:03):
Gifted it is to hear him talk like this, because
your beliefs and your values means something to people. What
I like to always say is that that's why I'm
excited about the virtual event, phrasing that because you just
a hiding gym. Your network's not saying that you're not
not known something like that.
Speaker 1 (21:21):
But this virtual platform allows more people to participate. Such
a blessing, such a blessing, such a blessing.
Speaker 3 (21:29):
God bless you with 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
(21:50):
giving the brothers and sisters out here a little tip
on how to build your passident, to build your position.
Not be a black person in America with a single
stream of income right like all of us should have
multiple streams of income. Coach so we call a passive income.
So take your nine to five income, if you you've
got a job. Ninety seven percent of us have a job.
(22:11):
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 to get extra money and
(22:33):
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. That's the goal.
Speaker 1 (22:54):
That's the goal.
Speaker 3 (22:55):
That's the goal.
Speaker 1 (22:56):
That's right. I want to appreciate you, but again, thank you.
Come on the show now. I gotta do my job now, Jack.
Speaker 2 (23:03):
See see you always give me instructions, but you don't
even know it. See when you come on my show,
doctor Fraser, you put me to work in a positive
manner because I said.
Speaker 1 (23:11):
Okay, I said okay.
Speaker 2 (23:13):
You know it's like it's like, you know, you the
Pope of entrepreneurship to me, you the pope.
Speaker 1 (23:17):
Now you know the pope became the town. He then
blessed everybody with information.
Speaker 2 (23:21):
Now, I guess what, we gotta get busy and spread
the word, so that my mission right now is to
spread the word of Fraser Nick my friend.
Speaker 1 (23:27):
We talked soon.
Speaker 3 (23:28):
Okay.
Speaker 2 (23:29):
This has been another edition of Money Making Conversation Masterclass
hosted by me Rushaun McDonald. Thank you to our guests
on the show today and thank you listening to 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 your gifts.
Speaker 1 (23:51):
Keep winning.
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