Two-time Emmy and three-time NAACP Image Award-winning television Executive Producer Rushion McDonald interviewed Dr. George C. Fraser. He is back and bringing another bottle of medication for your financial ills in the form of the “7 Main Streams of Income. "It's not how you start, it's how you finish, that God has great plans for each of us, we must simply listen for his voice, follow directions, overcome the obstacles, and stay the course. He is the Chairman and C.E.O. of FraserNet, Inc., a global networking movement that brings together diverse human resources to increase opportunities for people of African descent. He is also a renowned networking guru, entrepreneur, and motivational speaker. He will discuss action plans for success and tips on developing your plans for success that you can use in your personal and business world through networking. 1. Help Black people build wealth that can be transferred inter-generationally. 2. Help Black people become the #1 employer of Black people in the 21st century 3. To facilitate the building of a global network of Africans throughout the diaspora whose focus is personal and business excellence and to use it to build partnerships, joint ventures, and strategic alliances.
Don’t see the importance of financial literacy as an African American? Have thoughts about quitting your job? Are you confused about how High-Yield Savings Accounts and investing in Stocks can benefit you? Don’t understand the importance of supporting Black-owned businesses as an African American? No problem! Dr. Fraser is here to help you build your Black wealth checklist here on the Money Making Conversations Master Class podcast.
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:05):
Welcome to the show. 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 2 (00:14):
Start planning their own.
Speaker 1 (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.
Speaker 2 (00:35):
My next guest, happy to having back on the show,
has always believed this it's not how you start, it
is how you finish. That God has great plans for
each of us. We must simply listen for his voice,
follow directions, overcome the obstacles and stay the course. He
is the chairman the CEO of Fraser net Inc. A
global networking movement that brings together diverse human resource to
(00:58):
increase opportunities for people of African descent. He's also now
networking guru, entrepreneur and motivational speaker speaker. Happy to have
him back on Money Making Conversation. Please welcome George Fraser.
Speaker 3 (01:12):
So good to hear you.
Speaker 4 (01:13):
Man I wish I had that voice. I wish I
had that boy. So blessed man and a beautiful mind
to and a beautiful spirit.
Speaker 2 (01:23):
I appreciate it first of all, fit for you know,
like I said that, thank you. You know I always
wanted to read your quotes. Uh, you came on my
show man. It was a blessing. Now, the mission of
your Fraser Net is to produce products and services that
teach and promote excellence and effective networking, to facilitate business
to business, business to consumer mentoring and role modeling for
(01:45):
people of African descent. That is important when you when
not hear you speak of it because you've been doing
it all your life and I've seen it and now
I've been able to catch fire and start doing it
myself because you have mentored me through direction and because
it's always been a part of your DNA. Talk about it, George.
Speaker 3 (02:07):
Uh, you know. And I want to say this to
our people and still beloved Rashaan. We are not suffering
because we cannot resolve our problems. We are suffering because
we cannot see our problems clearly and discinctly that we
have been hurt more by what we don't know than
why what we can't do? Okay, that we want progress.
(02:29):
Black people want progress without execution. It's execution, execution, execution. Yes,
you have to. We have to protest, and even writing
has its own place in the movement. At the end
of the day, you when the protesting ends, you have
to organize and you have to execute. Okay. And and
that requires now knowledge, That requires knowledge that enables you
(02:54):
to rally our people and point in the proper direction
to get them inspired. But there's a beautiful passage in
the Bible that all black people know, and they quote
right and Sosiah four versus six. My people perish for
the lack of knowledge. Now everybody, every Black person in
America knows that way. But what you never hear rashon
(03:17):
is the rest of that passage. My people perish for
the lack of knowledge. And because thou hast rejected knowledge,
I also reject thee Thou shalt be no priest to me.
So this is God telling his people. If you do
(03:37):
not skill up, seek knowledge, improve your mind, improve your relationships,
improve your ability to handle the money that I allow
you to make. Right, I reject you, and you cannot
be no priest to me. You can't say nothing to
me because you have refused to learn. This is one
(03:59):
of the beautiful things I love about your progress. You
are constantly teaching knowledge and bringing knowledge keepers to the
microphone to help teach and enrich our people. So this
is what we are all about. Phraser Net and Phraser Nation.
Someone asking the other day.
Speaker 2 (04:19):
Doctor Fraser, you know they need to be teachert Fraser Nation.
Fraser Nation, that gotta be a that got to be
a capra nation, citizens.
Speaker 3 (04:28):
Of generational wealth where our citizens are committed to demonstrated excellence,
equity and investment and entrepreneurial thinking. Rashon, I just say entrepreneurship.
I said, entrepreneurial thinking. That is taking responsibility, taking ownership
and for your own life. That's really what we need.
(04:50):
And once we begin to think that way, Rashon, then
that can morph into entrepreneurship, and then that can morph
into a building and creating work and jobs for our people.
Because by the end of the twenty first century, black
people have to be the number one employer of black
people and every imagery group that has ever come to
this country. Rashan has understood that for black people, Jews
(05:11):
are the number one employee of Jews. Asians are the
number one employee of ations. East Indians are the number
one employer of East Indians. Arabs are the number one
employer of Arabs. Ultimately, we too must become the number
one employee of our people. But that requires knowledge, that
requires sacrifice. You know, there's a little piece that I
do all the time is don't quit your job until
(05:32):
that's what it's called. Don't quit your job until your
side and covers twice as much as your monthly expensive
don't quit your job until your advergency fund can cover
one year of expenses. Don't quit your job until you
are skilled enough to make your side hustle your main business.
And don't quit your job until you're ready to work
twelve to sixteen hours a day like you and I do.
Speaker 2 (05:56):
Amen, you know, Tay some Joed.
Speaker 3 (05:57):
I appreciate it.
Speaker 2 (05:58):
You know, I just love the fact that there's always
a sense of direction when you talk.
Speaker 3 (06:04):
So we have to stop this notion when we cover
the principles of the seven main streams of income. Right,
there's seven main streams of income, and a black person
need to be doubling their streams of income every single years.
One of the things we teach at the Power Networking conference.
You to come with a single stream of income, we
teach you how to have two. To come with two
(06:25):
streams of income, we teach you how to have four.
To come with four streams of income, we teach you
how to have eight. Okay, but there's seven fundamental streams
of income. But let me say this first, black people
are in an existential crisis. We are at an existentral crisis.
Until a black America puts Black America first, Black America
will always be last. To be black and beautiful means
(06:48):
nothing unless you're black and powerful, Okay, white, most and
planning for three generations. And we're planning for Saturday Night.
The goal is to win, not to look like we're winning. Right.
It is an interesting thing to me, Rashan, that the
rich stay rich by pretending to be poor and the
poor stay poor by pretending to be rich. Let's help
(07:09):
with that, right at It's a mindset. It's the same
the mindset, So we have to fix that mindset.
Speaker 5 (07:16):
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 3 (07:33):
A Black wealth check list. What is it, doctor Fraser? Well,
simple tomorrow to posit one hundred dollars, Just one hundred
dollars into a high interest savings account. Okay, because money
attracts money, plea, just put one hundred. If you don't
(07:53):
know it, you don't have a high interest savings account,
just go put one hundred dollars in and watch the magnet.
The magnetism of you investing that one hundred dollars in
a savings account is calling for more money and you're
and that's going to seed you to have better saving habits.
That's one number two. Buy five shares of stocks from
(08:16):
a brokerage account. Okay. Uh, We black people on a
percentage basis have the lowest number of people in our
community investing in stocks and bonds and mutual punts. All
kinds of studies have been done on that. Now you say, well, doctor,
bring what stap should I buy it? Well? Whatever you eat,
(08:36):
whatever shoes you wear, and you wear nineties, buy some
ninety stock you eat McDonald's, buy some McDonald's stock, whatever
you're using, buy the stock.
Speaker 2 (08:45):
By depot stock.
Speaker 3 (08:49):
Depot right, and they no better time right now than
to buy some stock. So we we're putting together your
black well list. Now, open a four oh one K
if you don't already have one, or a full one
three or an IRA and product. Calculate how to retire
with a million dollars by time you're the age sixty,
and ask your employer to match what you put in.
(09:11):
Most employers will do that. Just started. If you haven't
already started. Now, maybe you've already started something like that,
all right, figure out how much you're going to have
to continue to put in over what period of time,
so that you'll have at least a million dollars by
time you are sixty or ready to retire. Now another thing, Now,
I don't have to I don't want to tell you
(09:32):
that we got bad credit, all right, So move your
credit court, brothers and sisters, and plan on how to
raise your score at least by twenty points every six months,
all right until you get over seven hundred. Right, because
we know that the lower your credit score is anything
you buy, uh, you are going to pay the highest
(09:56):
interest rates on the planet, whether it's your credit cards,
whether you're buying a new home, whatever, whether you're buying
a new car. You want to get your credit right right,
and it may take you a year or two, but
that is going to save you more money over the
long haul than almost any single thing that you can do.
Now number six, we're building a black loss. A checklist
(10:21):
ed okay, checklist. I want you, brothers and sisters who
are listening, I want you to pay about fifty dollars
above your minimum on your credit cards and your student loans.
That means that you can reduce the payoff period when
you do this by at least twenty five to thirty percent.
Speaker 2 (10:45):
Right there, you pay at fifty dollars anterest.
Speaker 3 (10:47):
There you go. That's right. There you go, there you go.
There you got it. You got it.
Speaker 2 (10:51):
That's right.
Speaker 3 (10:52):
So this is now number six. Research term and hole
life insurance and decide what's best for you to get
A brother who was in the insurance businesses one of
the four pillars, but the intergenerational transfer of wealth Proverb
thirteen twenty two. A good man leaves an inherance to
(11:12):
his children's children. One of the four pillars for Sean
is proper insurance. Sixty percent of all wealth is transferred
through tactical and strategic placement of proper insurance. The New
York Times that have major article on black people in
their cell phones, and what they discovered about us is
that there were more black people had insurance on their
cell phones than on their lives or the lives of
(11:35):
their children by a factor of kin. So we value
our cell phones, whether we value our lives. Get properly
insured so that you can transfer your wealth when it's time,
tax free using insurance strategies. Very very important. Now. Number seven,
open a rough ira for your child, or open a
(11:57):
five twenty nine college plan for your child so it
can be used to pay for college if you want to,
or you can use it to pay for trade school
or community college. Right, put some money away for your
child's education. Open it up now. If you have not
done that, I'm down to the last two. Gift a
(12:17):
US Treasury bond to new babies in your family.
Speaker 2 (12:24):
Slow down on that. When we were growing up, that's right, dude.
Speaker 3 (12:31):
That's right.
Speaker 2 (12:33):
Her bought that for you.
Speaker 3 (12:37):
I don't know, that's right. That's right. It worked then
and it still works all right. A twenty five dollars
Now what I did for my my have two granddaughters,
two three granddaughters. I have two beautiful sons, blessed me
with three beautiful granddaughters the moment they were born, Rashan,
I've purchased them in this universal life policy see right,
(13:01):
nor Agin, and I pay for those policies every month.
It costs us about sixty dollars a month in each
of our grandchildren. And by time they retire, this is
the God's honest truth. There is no height, no exaggeration.
By time don't my three grand daughters retired, they will
have five million dollars available to them free.
Speaker 2 (13:23):
Yes, absolutely the truth.
Speaker 3 (13:26):
Okay, absolutely, So that's another thing. So either either give
give your grandchildren a savings bond, but give them something
and let them know that it's there. Right that can
begin to seed their their desire to want to see
it grow in the desire to save, and desire to
invest in and and and finally start every year, you
(13:49):
should start a new stream of income. There should not
be a negro in America with the single stream of income. Hopefully,
brothers and sisters, you have learned that since COVID nineteen, Okay,
you should be skilling up. That's what you should be doing.
You should be skilling up. You should be learning new
strategies and tactics around investment. I just went through a
(14:11):
little shortlist on how to get wealth. Now let's go
through a real shortlist on how to give wealth? Right,
how to give well? Because where morally ground is spiritually
rooted people, and we know that too much is given,
as much as expected, and much is required. How do
you give wealth? Buy from a black owned business, right
dying at a black owned restaurant. Get your nails and
(14:32):
hair done at a black salon. Hire black denders for
your events. Okay, buy your hair product from a black
owned business. Buy from a black author. Some brothers Sisters
has written a book by the damn book all Right,
buy from your friend's business. Why not right? Tie to
the black church, Volunteer at a black led nonprofit. Tell
(14:54):
a black man that you're proud of them. Tell a
black child that they're destined for greatness. Tell a black
woman she is necessary and donate to it as start
as your black college and university. That's how you give wealth.
But you do it all within the context of your
ability to get right. Absolutely, so that's how you give wealth.
(15:14):
Now you know how to get wealth. That's a short
checklist on each one of those things. Each year you
can you can write write this down when you when
you hear this recording, stop it and then write it down,
and then check and play it back. There you go,
there you go, play it back right now. Seven streams
of income you should have you in your lifetime. You
(15:34):
should be able to accumulate wealth using at least four
of these streams. What is the first stream of income?
Earned income, that's income from working from a job. But
you can actually earn two streams of income from working
from a job if you're working two different jobs. Okay,
that's that's number one. There's profit income, income from buying
(15:55):
and selling stuff. That's profit income. Third is in income
income from lending money. For this dividend income income from
owning stocks and bonds and mutual funds. The fifth one
is rental income. I made my first fortune income from
renting a house. I had seven of them. There were
(16:17):
two and three family homes on one block in the
inner city of Cleveland, Ohio, back in the day, in
the seventies. I made a fortune, all right, bought them
dependents on a dollar, kept them for ten or fifteen years.
Tournament to section eight. But first class Section eight and
made a fortune and then sold them back to the renters.
The sixtes capital gain assets from increasing in values and finally,
(16:40):
royalty income. That's income from others using your ideas, whether
it's books, whether it's music, whether it's online webinars, that
kind of thing.
Speaker 2 (16:51):
My man. I appreciate you. You know this is a
journey of knowledge, journey of information. Appreciate you.
Speaker 3 (16:58):
Brother.
Speaker 2 (16:59):
We talked soon and you will hear from you soon.
You know you gotta come back, come on now, talk
about it because you don't believe I'm gonna do. You're
not gonna believe what I'm gonna do. I'm about to
blast you. George Fraz, doctor.
Speaker 5 (17:11):
George Fra.
Speaker 3 (17:12):
God, bless you, Thank God, bless love you. Bye bye,
love you man, keep doing God's work.
Speaker 1 (17:17):
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 Moneymaking Conversations
dot com. Our social media handle is money Making Conversations.
Join us next week and remember to always leave with
(17:39):
your gifts. Keep winning,
Welcome to the show. 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 2 (00:14):
Start planning their own.
Speaker 1 (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.
Speaker 2 (00:35):
My next guest, happy to having back on the show,
has always believed this it's not how you start, it
is how you finish. That God has great plans for
each of us. We must simply listen for his voice,
follow directions, overcome the obstacles and stay the course. He
is the chairman the CEO of Fraser net Inc. A
global networking movement that brings together diverse human resource to
(00:58):
increase opportunities for people of African descent. He's also now
networking guru, entrepreneur and motivational speaker speaker. Happy to have
him back on Money Making Conversation. Please welcome George Fraser.
Speaker 3 (01:12):
So good to hear you.
Speaker 4 (01:13):
Man I wish I had that voice. I wish I
had that boy. So blessed man and a beautiful mind
to and a beautiful spirit.
Speaker 2 (01:23):
I appreciate it first of all, fit for you know,
like I said that, thank you. You know I always
wanted to read your quotes. Uh, you came on my
show man. It was a blessing. Now, the mission of
your Fraser Net is to produce products and services that
teach and promote excellence and effective networking, to facilitate business
to business, business to consumer mentoring and role modeling for
(01:45):
people of African descent. That is important when you when
not hear you speak of it because you've been doing
it all your life and I've seen it and now
I've been able to catch fire and start doing it
myself because you have mentored me through direction and because
it's always been a part of your DNA. Talk about it, George.
Speaker 3 (02:07):
Uh, you know. And I want to say this to
our people and still beloved Rashaan. We are not suffering
because we cannot resolve our problems. We are suffering because
we cannot see our problems clearly and discinctly that we
have been hurt more by what we don't know than
why what we can't do? Okay, that we want progress.
(02:29):
Black people want progress without execution. It's execution, execution, execution. Yes,
you have to. We have to protest, and even writing
has its own place in the movement. At the end
of the day, you when the protesting ends, you have
to organize and you have to execute. Okay. And and
that requires now knowledge, That requires knowledge that enables you
(02:54):
to rally our people and point in the proper direction
to get them inspired. But there's a beautiful passage in
the Bible that all black people know, and they quote
right and Sosiah four versus six. My people perish for
the lack of knowledge. Now everybody, every Black person in
America knows that way. But what you never hear rashon
(03:17):
is the rest of that passage. My people perish for
the lack of knowledge. And because thou hast rejected knowledge,
I also reject thee Thou shalt be no priest to me.
So this is God telling his people. If you do
(03:37):
not skill up, seek knowledge, improve your mind, improve your relationships,
improve your ability to handle the money that I allow
you to make. Right, I reject you, and you cannot
be no priest to me. You can't say nothing to
me because you have refused to learn. This is one
(03:59):
of the beautiful things I love about your progress. You
are constantly teaching knowledge and bringing knowledge keepers to the
microphone to help teach and enrich our people. So this
is what we are all about. Phraser Net and Phraser Nation.
Someone asking the other day.
Speaker 2 (04:19):
Doctor Fraser, you know they need to be teachert Fraser Nation.
Fraser Nation, that gotta be a that got to be
a capra nation, citizens.
Speaker 3 (04:28):
Of generational wealth where our citizens are committed to demonstrated excellence,
equity and investment and entrepreneurial thinking. Rashon, I just say entrepreneurship.
I said, entrepreneurial thinking. That is taking responsibility, taking ownership
and for your own life. That's really what we need.
(04:50):
And once we begin to think that way, Rashon, then
that can morph into entrepreneurship, and then that can morph
into a building and creating work and jobs for our people.
Because by the end of the twenty first century, black
people have to be the number one employer of black
people and every imagery group that has ever come to
this country. Rashan has understood that for black people, Jews
(05:11):
are the number one employee of Jews. Asians are the
number one employee of ations. East Indians are the number
one employer of East Indians. Arabs are the number one
employer of Arabs. Ultimately, we too must become the number
one employee of our people. But that requires knowledge, that
requires sacrifice. You know, there's a little piece that I
do all the time is don't quit your job until
(05:32):
that's what it's called. Don't quit your job until your
side and covers twice as much as your monthly expensive
don't quit your job until your advergency fund can cover
one year of expenses. Don't quit your job until you
are skilled enough to make your side hustle your main business.
And don't quit your job until you're ready to work
twelve to sixteen hours a day like you and I do.
Speaker 2 (05:56):
Amen, you know, Tay some Joed.
Speaker 3 (05:57):
I appreciate it.
Speaker 2 (05:58):
You know, I just love the fact that there's always
a sense of direction when you talk.
Speaker 3 (06:04):
So we have to stop this notion when we cover
the principles of the seven main streams of income. Right,
there's seven main streams of income, and a black person
need to be doubling their streams of income every single years.
One of the things we teach at the Power Networking conference.
You to come with a single stream of income, we
teach you how to have two. To come with two
(06:25):
streams of income, we teach you how to have four.
To come with four streams of income, we teach you
how to have eight. Okay, but there's seven fundamental streams
of income. But let me say this first, black people
are in an existential crisis. We are at an existentral crisis.
Until a black America puts Black America first, Black America
will always be last. To be black and beautiful means
(06:48):
nothing unless you're black and powerful, Okay, white, most and
planning for three generations. And we're planning for Saturday Night.
The goal is to win, not to look like we're winning. Right.
It is an interesting thing to me, Rashan, that the
rich stay rich by pretending to be poor and the
poor stay poor by pretending to be rich. Let's help
(07:09):
with that, right at It's a mindset. It's the same
the mindset, So we have to fix that mindset.
Speaker 5 (07:16):
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 3 (07:33):
A Black wealth check list. What is it, doctor Fraser? Well,
simple tomorrow to posit one hundred dollars, Just one hundred
dollars into a high interest savings account. Okay, because money
attracts money, plea, just put one hundred. If you don't
(07:53):
know it, you don't have a high interest savings account,
just go put one hundred dollars in and watch the magnet.
The magnetism of you investing that one hundred dollars in
a savings account is calling for more money and you're
and that's going to seed you to have better saving habits.
That's one number two. Buy five shares of stocks from
(08:16):
a brokerage account. Okay. Uh, We black people on a
percentage basis have the lowest number of people in our
community investing in stocks and bonds and mutual punts. All
kinds of studies have been done on that. Now you say, well, doctor,
bring what stap should I buy it? Well? Whatever you eat,
(08:36):
whatever shoes you wear, and you wear nineties, buy some
ninety stock you eat McDonald's, buy some McDonald's stock, whatever
you're using, buy the stock.
Speaker 2 (08:45):
By depot stock.
Speaker 3 (08:49):
Depot right, and they no better time right now than
to buy some stock. So we we're putting together your
black well list. Now, open a four oh one K
if you don't already have one, or a full one
three or an IRA and product. Calculate how to retire
with a million dollars by time you're the age sixty,
and ask your employer to match what you put in.
(09:11):
Most employers will do that. Just started. If you haven't
already started. Now, maybe you've already started something like that,
all right, figure out how much you're going to have
to continue to put in over what period of time,
so that you'll have at least a million dollars by
time you are sixty or ready to retire. Now another thing, Now,
I don't have to I don't want to tell you
(09:32):
that we got bad credit, all right, So move your
credit court, brothers and sisters, and plan on how to
raise your score at least by twenty points every six months,
all right until you get over seven hundred. Right, because
we know that the lower your credit score is anything
you buy, uh, you are going to pay the highest
(09:56):
interest rates on the planet, whether it's your credit cards,
whether you're buying a new home, whatever, whether you're buying
a new car. You want to get your credit right right,
and it may take you a year or two, but
that is going to save you more money over the
long haul than almost any single thing that you can do.
Now number six, we're building a black loss. A checklist
(10:21):
ed okay, checklist. I want you, brothers and sisters who
are listening, I want you to pay about fifty dollars
above your minimum on your credit cards and your student loans.
That means that you can reduce the payoff period when
you do this by at least twenty five to thirty percent.
Speaker 2 (10:45):
Right there, you pay at fifty dollars anterest.
Speaker 3 (10:47):
There you go. That's right. There you go, there you go.
There you got it. You got it.
Speaker 2 (10:51):
That's right.
Speaker 3 (10:52):
So this is now number six. Research term and hole
life insurance and decide what's best for you to get
A brother who was in the insurance businesses one of
the four pillars, but the intergenerational transfer of wealth Proverb
thirteen twenty two. A good man leaves an inherance to
(11:12):
his children's children. One of the four pillars for Sean
is proper insurance. Sixty percent of all wealth is transferred
through tactical and strategic placement of proper insurance. The New
York Times that have major article on black people in
their cell phones, and what they discovered about us is
that there were more black people had insurance on their
cell phones than on their lives or the lives of
(11:35):
their children by a factor of kin. So we value
our cell phones, whether we value our lives. Get properly
insured so that you can transfer your wealth when it's time,
tax free using insurance strategies. Very very important. Now. Number seven,
open a rough ira for your child, or open a
(11:57):
five twenty nine college plan for your child so it
can be used to pay for college if you want to,
or you can use it to pay for trade school
or community college. Right, put some money away for your
child's education. Open it up now. If you have not
done that, I'm down to the last two. Gift a
(12:17):
US Treasury bond to new babies in your family.
Speaker 2 (12:24):
Slow down on that. When we were growing up, that's right, dude.
Speaker 3 (12:31):
That's right.
Speaker 2 (12:33):
Her bought that for you.
Speaker 3 (12:37):
I don't know, that's right. That's right. It worked then
and it still works all right. A twenty five dollars
Now what I did for my my have two granddaughters,
two three granddaughters. I have two beautiful sons, blessed me
with three beautiful granddaughters the moment they were born, Rashan,
I've purchased them in this universal life policy see right,
(13:01):
nor Agin, and I pay for those policies every month.
It costs us about sixty dollars a month in each
of our grandchildren. And by time they retire, this is
the God's honest truth. There is no height, no exaggeration.
By time don't my three grand daughters retired, they will
have five million dollars available to them free.
Speaker 2 (13:23):
Yes, absolutely the truth.
Speaker 3 (13:26):
Okay, absolutely, So that's another thing. So either either give
give your grandchildren a savings bond, but give them something
and let them know that it's there. Right that can
begin to seed their their desire to want to see
it grow in the desire to save, and desire to
invest in and and and finally start every year, you
(13:49):
should start a new stream of income. There should not
be a negro in America with the single stream of income. Hopefully,
brothers and sisters, you have learned that since COVID nineteen, Okay,
you should be skilling up. That's what you should be doing.
You should be skilling up. You should be learning new
strategies and tactics around investment. I just went through a
(14:11):
little shortlist on how to get wealth. Now let's go
through a real shortlist on how to give wealth? Right,
how to give well? Because where morally ground is spiritually
rooted people, and we know that too much is given,
as much as expected, and much is required. How do
you give wealth? Buy from a black owned business, right
dying at a black owned restaurant. Get your nails and
(14:32):
hair done at a black salon. Hire black denders for
your events. Okay, buy your hair product from a black
owned business. Buy from a black author. Some brothers Sisters
has written a book by the damn book all Right,
buy from your friend's business. Why not right? Tie to
the black church, Volunteer at a black led nonprofit. Tell
(14:54):
a black man that you're proud of them. Tell a
black child that they're destined for greatness. Tell a black
woman she is necessary and donate to it as start
as your black college and university. That's how you give wealth.
But you do it all within the context of your
ability to get right. Absolutely, so that's how you give wealth.
(15:14):
Now you know how to get wealth. That's a short
checklist on each one of those things. Each year you
can you can write write this down when you when
you hear this recording, stop it and then write it down,
and then check and play it back. There you go,
there you go, play it back right now. Seven streams
of income you should have you in your lifetime. You
(15:34):
should be able to accumulate wealth using at least four
of these streams. What is the first stream of income?
Earned income, that's income from working from a job. But
you can actually earn two streams of income from working
from a job if you're working two different jobs. Okay,
that's that's number one. There's profit income, income from buying
(15:55):
and selling stuff. That's profit income. Third is in income
income from lending money. For this dividend income income from
owning stocks and bonds and mutual funds. The fifth one
is rental income. I made my first fortune income from
renting a house. I had seven of them. There were
(16:17):
two and three family homes on one block in the
inner city of Cleveland, Ohio, back in the day, in
the seventies. I made a fortune, all right, bought them
dependents on a dollar, kept them for ten or fifteen years.
Tournament to section eight. But first class Section eight and
made a fortune and then sold them back to the renters.
The sixtes capital gain assets from increasing in values and finally,
(16:40):
royalty income. That's income from others using your ideas, whether
it's books, whether it's music, whether it's online webinars, that
kind of thing.
Speaker 2 (16:51):
My man. I appreciate you. You know this is a
journey of knowledge, journey of information. Appreciate you.
Speaker 3 (16:58):
Brother.
Speaker 2 (16:59):
We talked soon and you will hear from you soon.
You know you gotta come back, come on now, talk
about it because you don't believe I'm gonna do. You're
not gonna believe what I'm gonna do. I'm about to
blast you. George Fraz, doctor.
Speaker 5 (17:11):
George Fra.
Speaker 3 (17:12):
God, bless you, Thank God, bless love you. Bye bye,
love you man, keep doing God's work.
Speaker 1 (17:17):
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 Moneymaking Conversations
dot com. Our social media handle is money Making Conversations.
Join us next week and remember to always leave with
(17:39):
your gifts. Keep winning,
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