EYL #158 The Real Deal: Getting Real About Taboo Money Questions

Episode Transcript
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Speaker 1 (00:00):
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Speaker 2 (00:03):
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Speaker 1 (00:09):
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Speaker 5 (00:32):
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Speaker 4 (00:36):
Bag drop, Mike drop back drop b drop.

Speaker 2 (00:50):
Have you shared in this episode of Personal Opinions and
Not endorsed by Google or Google Pay?

Speaker 6 (00:55):
Thanks to Google Pay for sponsoring this episode. Alright, guys,
welcome to a very special episode of Early a Lisia.
So you know, this is something that we haven't done
in the past, but we're looking forward to where we're
going to talk about some real topics related to finance
that you know people have questions about, people always ask,

(01:18):
but nobody really ever touches these things. So we're gonna
get into it. And you know, we got some familiar
faces that's joining us today.

Speaker 3 (01:30):
So legends in the game for sure.

Speaker 6 (01:32):
So the first one. If you're watching Lisia, if you
have watched Lidia, I'm pretty sure you get very, very
familiar with Kizzia. She has been on market Monday, she's
been on Earn Alesia, and she was a start investvest
So yeah, the Holy Trilogy. So yeah, I'm pretty sure

(01:55):
you know Professor Keys if you're on Instagram, if you
follow Earn a Lisia, it's just killing the game. A
brilliant entrepreneur, extremely gifted and talented. Uh you know, one
of the best speakers that we have come across, and
she really really knows her stuff. So teaching, teaching, entrepreneur,
teaching financial literacy, there's no one better in the game

(02:18):
than Professor Keys. So uh, Professor.

Speaker 3 (02:21):
Keyese, it's gonna be fun.

Speaker 6 (02:23):
Welcome, Welcome back to e y l Hi, guys.

Speaker 7 (02:27):
It is a pleasure to be here with the ghosts
the greatest of all time. Y'all know, I absolutely love
you you guys, and I love giving you all hugs,
hugging your nack in Atlanta. Congratulations on all of your
success you already know, I mean your stories, I mean
your timeline, I mean your feed. So thank you so
much for having me back on the show. I can't

(02:48):
wait to have conversations about taboo topics related to money.

Speaker 3 (02:52):
Yeah, this is going to be fun, and we brought
some folks along with us.

Speaker 2 (02:55):
So I wanted to give a quick shout out to
the good folks at Google pay for sponsoring this episode
and your Lidia. Y'all know if you don't Google pay,
is it safe and simple and helpful way to manage money?
And since we always talk about ways of making money
and how to earn money right earn your Lesia, it's
the most important that we know how to manage that money.
So Google pay is an app that can definitely help
you with that. It gives you insight into your spending

(03:16):
through features like weekly summaries, tracking trends over time, and
showing what you spent at every business so you can
do what you really want to do with your money.

Speaker 3 (03:24):
I remember you come from the days of where you
kept every receipt after you spend none of those days.

Speaker 2 (03:27):
Yeah, so when you got to app like Google pay,
do all that and one another thing that it does
track is obviously you're spending.

Speaker 3 (03:34):
Since we're on the.

Speaker 2 (03:34):
Road a lot and we eat out all the time,
you get to see what the money is really going.

Speaker 3 (03:38):
Man, So remember what we got to come back on
them spending for our food and we got to fix
our eyes.

Speaker 6 (03:46):
You get to track everything that you spend, So shout
out the shop to Google. The Google always decided the time,
So yeah, yeah, a Google pay. So let's get into this.
So all right, we're going to talk about a variety
of different things today and it's going to be a
free flowing conversation. So the first thing we want to
talk about is financial etiquette as far as like what's

(04:06):
table right, because this is something that's extremely important not
only for adults, but for adults that's teaching their children.
And I feel like children learn about financial literacy through us,
through adults, through their parents. So sometimes I feel like
we're teaching children bad habits without even actually realizing. So

(04:29):
I'm going to talk about a couple of different things.
I want to get your opinion, and I want you
to rate these things on the taboo scale, one being
not tabled at all, ten being extremely table, and then
I'm going to ask you, you know, if it's the
wrong way to actually phrase the question, what will be
the right way to phrase the question? So the first
one that I want to ask you is this.

Speaker 3 (04:50):
We got to see if she's ready?

Speaker 8 (04:51):
You ready, I'm ready.

Speaker 7 (04:54):
I feel like this is double Dutch and I'm on
the outside. Just kind of do it like this like
tack me in, guys on.

Speaker 3 (05:00):
That was a rhetorical question.

Speaker 6 (05:02):
We always the first one. This is something that I
actually recently gave a Ted talk about this. I used
to always ask adult this all the time and I
got I never really got a real answer. How much
money do you make? This is extremely important question. I'm
going to explain is why this is important because I

(05:22):
feel like, especially for children, in order for them to
aspire to be something, it's good to actually have a
gauge of what to expect. So it's like, all right,
you might want to be an architect, but how much
money does an architect make? Depending on how much money
an architect makes, that might determine if you actually want
to be an architect or not. So it's easy to
find out how much a sports player makes because we

(05:46):
could just look and see how Hey, Lebron James makes
forty million dollars a year, so that's easy. But you
know a lot of these other professions are not listed
and you don't know. So when I used to ask
these questions a lot, you know, sometimes people tell you,
but a lot of times they'd be like, you know,
that's rule, don't ask adults, and even as adults sometimes,

(06:06):
like being a financial advisor, I used to have to
sit down with clients and I would ask them, you
know how much money you made? After a while, people
started telling me. But a couple of times people would
get a little nervous and they'd be like they were
it was weird. So I could tell that they were
wired from a young age to not not to discuss

(06:28):
how much money they make. So how do you feel
about that? Is that a taboot question to ask or not?

Speaker 7 (06:34):
Okay, So I'm gonna write this guys, and Rashad you've
already kind of tap into it. On a scale from
one ten, I would rate this like an ad like
a nine, maybe nine.

Speaker 8 (06:47):
And a half.

Speaker 7 (06:48):
And the reason why I say that is some of
the reasons that you already alluded to, and it's that
I think that society sometimes erroneously associates someone's personal wealth
but the economic value that they create specifically in the workforce,
and we know that this correlation is absolutely incorrect.

Speaker 3 (07:08):
Right.

Speaker 7 (07:08):
People can create value in many different ways, both inside
and outside the workplace. So when we enter into conversations
and we know that this is very much a taboo topic,
I think we enter into what some folks call the
numbers game, right, where the person who has the highest
number is somehow perceived as being the winner, that number

(07:29):
being your wage and your salary, and those folks who
have the lower number, right, those folks feel a little shame,
maybe you feel a little disappointment because you feel like
you can't compete with that individual. But here's the thing, right,
there are so many different ways in which salary and
earning can be influenced.

Speaker 8 (07:46):
One of those things is negotiation.

Speaker 7 (07:48):
But there's also a few things that you can't really
control to a certain extent.

Speaker 8 (07:52):
Office politics.

Speaker 7 (07:53):
We know offices have their own little political ideologies and
the ways that people operate.

Speaker 8 (07:58):
There's also the wage gain.

Speaker 7 (08:00):
So people of color and also women specifically are affected
by that. I'm a black woman, I've been affected by that.
But then also company budgets. So when you think about
the social sector, there are people who create maximum value
in really phenomenal ways, but the way in which the
budget is set up, perhaps they can't be compensated to
the extent to which is they contribute. So when we're

(08:21):
talking about the numbers game, one of the things that
I think is it becomes taboo because people are trying
not to.

Speaker 8 (08:27):
Quote unquote lose.

Speaker 7 (08:29):
On the other hand, though, I think it's important that
we absolutely have those conversations. I was reading or report
by Society of Human Resource Managers and one of the
things that they said is women negotiate their salary. Only
forty five percent of women negotiate their salary.

Speaker 8 (08:44):
And when you're talking about.

Speaker 7 (08:45):
Men, sixty eight percent of men negotiate their salary. And
the way that you come in at a job, that
starting salary can influence the ways in which you earn
over the years.

Speaker 6 (08:55):
Well, let me just follow up on that, because that
actually fly a follow up. So negotiation of job this
is also a very awful conversation. I want to ask
you a two part questions. The first one is going
to be from an employee standpoint. So when you're at
a job, interview and you get through all of this
situation and all of that, at what point should you

(09:20):
ask how much you're going to be paid? Or should
you say this is how much I would like to
be paid, because this is something that's real. You know,
everybody's kind of nervous with their job, so a lot
of people are going in and they're scared to say
how much they want to be paid. They don't even
ask how much, and then it's like you just take

(09:40):
whatever is offered to you. So at what point should
you bring up salary and how should you bring that up?

Speaker 3 (09:49):
And then we got to rate that because that's a
great question. But on one to ten, what are we
going with this?

Speaker 7 (09:54):
Yeah, well, I mean I think it's a not for
a table conversation, but we have to rate the extent
to which you should be asking the question. It should
be an absolute ten. And I think that's where the
research comes into play. And you always like to say,
don't swim in the ocean of knowledge and drowning ignorance.
You want to make sure that you're doing your research
about that particular position even as you're applying to the job.

(10:15):
But you also want to find people who are in
that industry and you want to have a courageous conversation.
Maybe you don't approach it like young ershad and you say, hey,
how much money you do?

Speaker 8 (10:25):
You may, but you.

Speaker 7 (10:26):
Say in context, I'm trying to enter into your industry, right,
and I see the position that you work.

Speaker 8 (10:33):
I aspire to be where you are.

Speaker 7 (10:35):
Can you give me the range in which people in
this position make in regard to salary. What I've learned
is sometimes people are more comfortable to give you a range.
Remember they're making one hundred thousand dollars, but they don't
want to tell you that, and they'll say you can
make between ninety one hundred and fifteen. You pair that
up with the research that you find on the internet,
and I think that sets you up in a good
position so that when you go into the interview, you

(10:57):
can ask what are they offering?

Speaker 8 (10:59):
And you know, at least from your negotiation position, what
may be fair or not.

Speaker 2 (11:04):
Yeah, I'm going to go back to the beginning question
because twenty years ago, that's exactly how I got into
the professional teaching. I asked the teacher, my favorite phys
that teacher, I said, how much you make? He told
me one hundred and fifty thousand. I said, you.

Speaker 3 (11:16):
Can make that as a teacher, and he told me
again he had a whole plan.

Speaker 9 (11:21):
This was it.

Speaker 3 (11:22):
He had base salary, which is one hundred and twenty.
He had been working for twenty five years.

Speaker 2 (11:26):
And then he coached sports that he thought nobody really
cared about at the school. So he was the golf
coach in our community. People weren't really playing golf. He
was the bowling coach. We didn't even know we had
a bowling team, and ye had soccer coach, and so
he combined all those salaries, and I said, that's what
I want to be. And so I'm glad that you
asked that shot, that you asked that question and the
way your answered perfect. But I'm going to ask you

(11:47):
one and you can rate this one to ten on
taboo because how much you make is important, But how
much do you owe is another conversation that we really
have and it can be a little country and be
a little embarrassed. But how you rate it and how
do we ask this in a more comforment.

Speaker 7 (12:04):
Yeah, that's a really good question. I would say I
would rate that up at a nine or ten. A
lot of us experience a lot of anxiety, you know,
as it relates to money, right, And a lot of
that anxiety is triggered by life experiences.

Speaker 2 (12:18):
Right.

Speaker 7 (12:18):
Maybe you're going through a divorce. You're trying to figure
out how much just separation is going to cause. Maybe
you spend all the way up to your credit limit. Right,
maybe you're behind on your car payments. And a lot
of this has to do with, right, the money that
you owe or that you could owe, And a lot
of people feel a lot of embarrassment around that because
they think that people might judge them. I think the
way in which you approach that conversation is going to

(12:40):
go back to the C word that I mentioned earlier,
and that has to do with contexts.

Speaker 8 (12:45):
Why are you asking me?

Speaker 7 (12:47):
Like when you ask that question to another individual, is
it because you're asking that question because you want to
support them? Are you asking that question because you would
like to share information? Are you asking that question for
real practical things like maybe you're in a relationship and
you're about to move in together. Right, you're thinking that
you're about to get into a relationship get married to somebody,
but you're marrying them and you're marrying their earning And

(13:08):
also their debt and so having that type of conversation
can help sex you up with the type of financial
plan to platform you in a position where you can
be successful. I think context around the ways in which
we manage currency is the best ways in which we
can have these conversations.

Speaker 6 (13:26):
Let me ask you this for business owners, this is
another awkward conversation to have when people ask how much
are their services? And I see this all the time.
People kind of get nervous. Some people say, you can
give me what you think is worth. People they'll say, like, well,

(13:48):
it's cost this, but for you, I'll do this. Like
I feel like this is extremely important for entrepreneurs to
be confident in their in their price points. So how
do you develop confidence in your price points? And how
do you know? Because I know why people short change
themselves because they're thinking that they're going to say a

(14:10):
number that's too high and people are going to walk
away and they'll rather take some money than no money.
But doing that actually compromising the business and technrituy. Really,
what's your advice for business owners?

Speaker 7 (14:24):
Listen you speaking my language. Now, that's entrepreneurship. I always
tell folks, if you are selling a product or service,
then nobody wants to buy.

Speaker 8 (14:34):
You don't have a business, you have a hib B.

Speaker 7 (14:37):
But on the other hand, sometimes you absolutely do have
a business, but you have the wrong customer. As an entrepreneur,
it is absolutely important that you price the product according
to what it took for you to craft that product.
What are all the materials, right? What are all the
services that you have to pay for in order for
you to bring that product to market. After you do that,

(14:59):
you have to the type of customer for which your
product or service is a solution. And when you find
that person, it's important for you to understand this. You
need to charge what it costs, unapologetically, and they need
to pay what it's absolutely worth. I heard you mentioned, Hey,
you know, I know these individuals right pay you know

(15:20):
whatever it is because we have a relationship.

Speaker 8 (15:22):
But here's the thing with friends and family discounts.

Speaker 7 (15:25):
Right one, there's a lot of people asking for the
friends and family discount and they're not even related to you.

Speaker 8 (15:31):
And number two, when it comes out for.

Speaker 7 (15:33):
Friends and family discounts and people pricing out products, they
weren't there when you started your t shirt business and
you had to figure out whether it was going to
be direct to government print, whether you had to get
an envelope, whether you was going to stamp it, whether
it was going to be a drop ship. They weren't
there looking at your cash flow statements, cash and cash out,
So asking them to make a business decision as a consumer,

(15:56):
it's just not the right entrepreneurial approach.

Speaker 3 (16:00):
You professor keys for nothing.

Speaker 8 (16:04):
What I had to fend the family discount.

Speaker 7 (16:06):
I was like, listen, I just grewen these and just
that y'all trying to, you know, snatch them out.

Speaker 6 (16:10):
Listen, crazy family they just met yesterday exactly.

Speaker 3 (16:18):
We passed that segment with flying colors.

Speaker 2 (16:20):
We're going to move on to our next sevent It's
called best move, worst move, And so a lot of
times we have a relationship with money.

Speaker 3 (16:27):
Could be positive, it could be negative.

Speaker 2 (16:29):
But everybody's gonna have a relationship with it, and everybody's
gonna have a journey that comes along with it. So
I want to start with what is the best move
somebody can have in the beginning or in the middle
part of their financial journey.

Speaker 7 (16:43):
I always tell people that you have to put your
money to work. I like to think of my money
as a person. Right in my financial life. And what
that means is that money can't live in my house
and not go get yourself a job. What what I
mean by that? That means that your money needs to
be going to work for you and your savings account. Right,

(17:06):
are you saving money in an account that accrues interest?

Speaker 8 (17:10):
Right?

Speaker 7 (17:11):
Your money needs to be going to work for you
in investments, however, that looks like whether you're investing in
real estate or whether you're investing through.

Speaker 8 (17:18):
A brokerage account. Inflation is real.

Speaker 7 (17:21):
I mean this year, I think they're estimateing that inflation
is going to be between four percent and six percent.
And that means that your dollar today is not worth
the same as your dollar last year.

Speaker 8 (17:31):
So how is your money going to work?

Speaker 7 (17:32):
In investments where the returns can be much higher than
what inflations could be ten percent, twelve percent? That is
money going to work. Finally, you need to be thinking
about how your money could be going to work in
multiple streams of income. I have perhaps a similar story
to you, Troy.

Speaker 2 (17:48):
I don't know, but.

Speaker 8 (17:49):
I was working a job for a little bit.

Speaker 7 (17:51):
I got hired into the job as an events manager,
and I inherited a really talented administrative assistant we work
together for two years.

Speaker 8 (18:00):
She went and she found another position, another job.

Speaker 7 (18:04):
But when she left, she said, now I'm going to
make sixty thousand dollars. It's ten thousand more than what
I'm making now, which would have been fifty thousand. Well,
the crazy thing about it is at that time I
was making forty two thousand dollars. My administrative assistant was
making more than me for two years. And when I
heard that conversation, one of the promises that I made
to myself. One, I would be having a courageous conversation

(18:27):
as it relates to negotiations. But two, I need to
make sure that I put the money that I'm earning
to work in a side business, in a side hustle.
The thing that I want people to realize and understand
when it comes down to best money moves is that
if your money is in your house, eating up all
your food, drinking up all your water, leaving your lights on,
running your life, buila, then your money is proverbally under

(18:50):
your mattress.

Speaker 3 (18:51):
So all right, so those are the best moves.

Speaker 2 (18:54):
What are some of the worst moves that people can
make and have made in their financial journce.

Speaker 7 (19:01):
I would say this not getting all up in your
money's business. And I don't know how y'all grew up
in your household, but this is how I grew up.
We don't lock no doors in my house because when
you lock a door in your house, when you a child.

Speaker 8 (19:14):
Gets taken off the hinges.

Speaker 2 (19:15):
Right.

Speaker 7 (19:16):
When it comes down to privacy, of course, you want
to respect the privacy of your child. But if you're
you know, paying all the bills in your house, let
me tell you something, there's not going to be too
many secrets up in that house. I think sometimes when
it comes down to money, people make guestiments when it
comes to spending and also when it comes to earning.
And so I'd like to tell people you need to

(19:37):
get all up in your money's business.

Speaker 8 (19:39):
What does that look like?

Speaker 7 (19:40):
So we're talking about savings, people say, okay, you need
to have three to six months worth of emergency savings.
In order to calculate that, you need to understand how
much you make each month.

Speaker 8 (19:52):
Have you taken a critical look.

Speaker 7 (19:54):
At your earnings, at your deposits and also looked at
what you spend so cash in and cash oh, and gotten.

Speaker 8 (20:01):
Down to that bottom number.

Speaker 7 (20:02):
That's a big reason why like Google pay because you
can see the money that you spent. You can also
search like deposits, and it lets you know how many
deposits have come in and you can also see what
you spent. The other thing is I think it's important
for you to understand if you're investing in let's say
you're retirement, so an individual retirement account of four one K,
four three B. Have you opened up that account and

(20:25):
started asking yourself critical questions about the mutual funds or
the securities in which you selected, right, So that's getting
into your money's business, like do you know why you
chose that mutual fund?

Speaker 8 (20:35):
Do you know why you want.

Speaker 7 (20:36):
To invest in a specific index? Also, separately, as it
relates to a side business, as I've brought up earlier,
you need to make sure that you're understanding how much
money your side hustle is bringing in and also how
much your side hustle or your side business is costing you.
And I think the applications work very well in helping
you understand the ways of which you can manage your finances.

Speaker 3 (20:59):
Every dollar as a worker.

Speaker 8 (21:00):
What better way to say, yeah, you can't set up now.

Speaker 6 (21:07):
All y'all work in I'm gonna just follow up on
that real quick before we leave this segment. You have
mentioned something that was very important. You said that it's
important for people to know like what they're invested in,
and you mentioned the four one K, and that's something
that's extremely important because most people, the average person, that
the majority of their investment portfolio is in retirement accounts

(21:30):
and that most of their net worth is in a
retirement account or their home. That's the average Americans network
is tied up in those two things. But a lot
of people don't have any idea what they're invested in
their four one K. They don't even know, like you know,
what their options are. They just money just comes out
of their paycheck and that's all they know. Can you
just give them a little like education on how to

(21:52):
actually go about investing properly in a retirement plan?

Speaker 7 (21:56):
Absolutely first, though I want to I'm going to talk
of then in a second. One particular rule that I
think is of importance and relevance to this conversation that
brings a little more structure and parameters in.

Speaker 8 (22:07):
The ways of what you manage your money.

Speaker 7 (22:09):
Is a rule that I follow that has helped me
get to the financial place that I'm in now, and
that is the fifty to thirty twenty rule. Fifty percent
of your money should absolutely go towards what your needs are.
So those are the bills that you have to pay,
making at least the minimum contribution on your credit card,
or the payment on your credit card, that's paying.

Speaker 8 (22:30):
Your rent or your mortgage.

Speaker 7 (22:32):
Thirty percent of your resources should go to whatever your
wants are.

Speaker 8 (22:37):
So what are those ones? Is that a subscription you.

Speaker 7 (22:40):
Know that you're paying for, Is that you want to
go turn up at brunch with your friends every other week?
And then the final twenty percent is exactly what you
just asked about with Shad, and that is your savings.
And when you hear savings, you automatically think of a
savings account. You should absolutely have one of those, but
it also relates to your.

Speaker 8 (22:58):
Retirement account as well.

Speaker 7 (23:00):
With your retirement account, you can look at your four
one K, your four O three B, your TSP which
is your third savings plan, and also your i R
which is your individual retirement account as the vehicle, but
what fuels the vehicle are the mutual funds that you select.
So there's two ways that you can look at that
you can look at perhaps investing in a fund that

(23:23):
tracks your age, right, so that specific.

Speaker 8 (23:26):
Fund, a target date fund.

Speaker 7 (23:32):
You invest in that fund, and the fund managers as
you get older, your investments in that fund become more conservative.
When you're younger, it's a little more aggressive, so the
fund ages with you. Perhaps when you're younger's investing in
equities and stops, but when you're older, they're investing in
more conservative assets like bonds. But you can also invest
in funds that follow major indices.

Speaker 2 (23:53):
A whole lot of game, profess, we got one more set,
and you got some time.

Speaker 3 (23:59):
For us a whole so I do.

Speaker 6 (24:01):
Yeah, it is.

Speaker 9 (24:03):
You got here.

Speaker 3 (24:04):
We're gonna call this questions for Keys. That's what we're
gonna call this segment.

Speaker 10 (24:07):
Questions You're a little bit, A little bit so we
don't go with some scenarios and case studies, and I
want you to point a pinpoint some important questions that
people should be asking if they're in those situations.

Speaker 2 (24:22):
I'm gonna start with one that's near and dear to me,
and that's understanding your student loans. If we're in this situation,
what are the questions we should be asking in the scenario.

Speaker 7 (24:33):
Okay, so that is near and dear to my heart
as well. I think it's important for you to know
whether you have a federal loan or whether you have
a private loan, because the ways in which you pay
back those loans may have different parameters. Right, So, if
you have a federal loan, perhaps there are some assistance
available to you, like right now with headlining in the

(24:55):
news the public student loan forgiveness. If you have a
federal loan, a specific for or a loan, you may
be able to work at a nonprofit organization, You may
be able to work for the government, and if you
make one hundred and twenty qualifying payments that could be
used towards.

Speaker 8 (25:09):
Potentially getting your student loans forgiven.

Speaker 7 (25:12):
One of the things you should also understand is what
type of repayment plans are available to you.

Speaker 8 (25:18):
You can repay based off.

Speaker 7 (25:20):
Of the income that you earn, but you could also
repay based off of other methodologies. Another question that I
would ask in regard to student loans or what are
some ways that you can pay off your student loans early.
I was able to pay off my student loans before
ten years and a big reason for that is I
started a nonprofit organization and a for profit business. Two

(25:41):
years after I graduated from school and the money that
I earned, I specifically asked my loan service provider if
I can make those contributions towards the principle balance of
my student loan, and that helped me reduce my balance
in a more significant and sustainable way so that I
paid off a little bit earlier.

Speaker 2 (26:02):
Yeah, I'm glad that you brought up that point about
one hundred and twenty qualifying payments because if you have
been paying attention, that has now changed.

Speaker 3 (26:08):
The literature has changed on it.

Speaker 2 (26:10):
The way that they now define qualifying payments has differentiated
from how it used to be. Whereas when people were
applying a couple of years ago, no one was getting accepted. Right,
So now you got one D twelve, one hundred and
twenty qualified payments and plus ten years of service. Like
you said, depend on your profession, you can be forgiven.
So keep me so with that point.

Speaker 6 (26:31):
Yeah, So another big one. What question should you ask
or what should you know when you are in the
process of buying a car? Extremely extremely important.

Speaker 7 (26:42):
The first question you should ask is what is your
credit score? I think that that is one hundred percent important.
And one of the things that I didn't know until
I was in a market to buy a home and
also a new vehicle. Shout out to Asada, that's the
name to my car rip. She died a couple of
weeks ago.

Speaker 3 (27:00):
But I've heard.

Speaker 7 (27:04):
Is that there are different credit scores assigned to different
assets like your car and also lack, your home. And
so when I was going car shoping, just like when
I was going house shop, and I went and looked
for the specific fight folks score that was associated with
that particular asset.

Speaker 8 (27:19):
And one of the things that people.

Speaker 7 (27:20):
Don't know is sometimes that score might be a little
higher than the score that you might see and experience equifacts,
et cetera on just a general level.

Speaker 8 (27:30):
So that would be one question I would ask.

Speaker 7 (27:33):
Second question I would ask, is is this something that
you could really afford comfortably? So we talked about the
fifty to thirty twenty rule, right, so fifty percent is
dedicated towards your your needs. And so are you buying
a car because you want to flex, right, and so
you're trying to buy at the top of your budget?
Are you buying a car that you absolutely can afford?

(27:55):
And a way which you can determine that is making
sure again that you get all in your money business
and you know the cash coming in and also the
cash going out.

Speaker 2 (28:04):
Yeah, I'm saving the best for last. And we spoke
about kind of sharing with other people. So what are
the questions you should be asking when you're sharing your
expenses with someone a spouse, a girlfriend, like when when
and when's the appropriate time to do it? What are
the questions we should be asking?

Speaker 7 (28:21):
You know, that's something that I'm still exploring, you know,
out here, Sigle in these streets. When I have a
conversation with someone who I'm getting serious about, I think
it's important to make sure that your financial philosophy is
as compatible as you are as people. Right, So perhaps
your values around money may differ from the person with

(28:44):
whom you're dating, and I think the ways in which
you can have that conversation a lot of it has
to do with what I think is again contextualizing conversations.
If you want to move in together, you want to
have a conversation about how much you're earning, but you
also want to have a conversation about who's can distributing,
and then how much is it going to be fifty
to fifty, Is it going to be sixty forty? Is
it going to be a seventy thirty split. You want

(29:06):
to have a conversation about credit scores, you know, I
think that that's important. A lot of people leverage credit
in order to buy assets, right, But if one person
has an excellent credit score and the other person does not,
then that means perhaps you're only leveraging one person's credit
score over the other, unless.

Speaker 8 (29:24):
Of course, you add them as an authorized user to
your account.

Speaker 7 (29:27):
I think the other thing is you want to have
conversations perhaps about some of the different things happening in
the news, right, So instead of it seeming like a
Q and A like an interview, perhaps you can look
at what's happening on some of these major network and
when you have those conversations, sometimes the values come out.

Speaker 6 (29:45):
So then you have it. Ladies and gentlemen, pess the
keys always a pleasure certified gym drop plas.

Speaker 8 (30:01):
Thank you so much.

Speaker 9 (30:01):
For having me.

Speaker 7 (30:02):
Guys, you already know I want one hundred percent support
are your leisure Thank you Google pay for having us
for a real deal conversation and I look forward to
continue conversations you.

Speaker 2 (30:15):
Have, Thank you, thank you amazing.

Speaker 6 (30:18):
Yes, yes, so for the second half of this show,
we are bringing on another heavy hited. This is a
highly inticispendable situation. Yes, it was only amount of time.
Anthony O nil for a long, long time number one

(30:40):
bestseller killing the podcast game. That's why I used to
I used to see him as a competition on the podcast.
So it's not the word time, first time that I
got familiar with him, but really dynamic business leader, thought leader,
and he also has a very good way with words,

(31:02):
very good.

Speaker 3 (31:03):
Or accomplished speaker.

Speaker 11 (31:05):
Yes, oh yeah, this is this is like I said,
I know people have been anticipating in this collaboration for
a while, so I'm glad that we're able to, you know,
do this and hopefully this could be the startup a
lot of other things that.

Speaker 6 (31:19):
We can do together. So first and foremo Anthony, how
are you, brother? Thank you for joining us. Appreciate it.

Speaker 12 (31:25):
Man, earn your leisures man. There's no competition, brother. You
know what I'm saying, y'all are earned your leisure. So y'all,
y'all are the goats right now. I'm coming for you.
But you know what I'm saying, I respect the generals
in the space. Man, such an honor to be on
y'all platform.

Speaker 3 (31:37):
Bro, we appreciate you being. Congratulations on everything man.

Speaker 12 (31:41):
Man, thank you all so much. Man, appreciate what y'all
doing for the community. Uh, invest fast was off the chain, man,
so again, solute, thank.

Speaker 6 (31:48):
You, thank you, thank you, brother, appreciate that. So all right,
so let's jump into this, Troy. Yeah, first segment.

Speaker 2 (31:54):
So we had a few segments with the Professor Keezier
Williams prior to you coming on, and we got a
couple of seid is you want to do with you now?

Speaker 3 (32:01):
The first one I'll call this cannot afford this right now?
All right? So exactly that's what's it.

Speaker 13 (32:11):
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(32:31):
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Speaker 13 (35:03):
We start right away, so we're gonna be discussing how
to determine whether or not.

Speaker 2 (35:08):
You can afford different financial commitments by taking on honest
look at your expenses.

Speaker 3 (35:13):
Are you cool with that?

Speaker 12 (35:14):
Yeah, let's do it, man, let's do it. That's hand
some fun. I'm gonna be real. Now, y'all may not agree,
but I'm gonna be real. I'm gonna keep it real
since it is a real deal.

Speaker 3 (35:21):
All right.

Speaker 6 (35:22):
So first one that I want to start with. This
is probably the most common thing anybody is faced with.
Vacation trips just happens all the time. You know, whether
it's college kids a spring break, but it's adults going
on a destination wedding that they really can't afford but
they don't want to. You know, financial pair pressure is

(35:43):
a very real thing. So how do you feel about
vacations that you may not be able to afford?

Speaker 12 (35:50):
I mean, here's the truth. I love vacations. I'm gonna
keep it real with you. You know I love them,
But I also love staycations. Now, staycations is when you
know I may not have the financial means to go
out of state, to go out of the country because
I'm focused on my vision for my life. So if
your vision is to get out of debt, if you're
married watching this and your vision is to build your

(36:12):
first home, or maybe you're single and you're like, yo,
my vision is to pay off my student loans. Well,
you may need to step back and look at your
budget and see, all right, cool, can I go on
this vacation or should I stay on this staycation? Maybe
just go to the hotel downtown and save me three
grand and put that towards my debt.

Speaker 4 (36:29):
So you got to really ask yourself can you afford it?

Speaker 3 (36:32):
Now?

Speaker 12 (36:32):
If you were on my show and you telling me
you're drowning in a bunch of debt, I'm gonna tell
you now you really can't afford to do nothing, No dates,
no ice cream shops, pretty much nothing.

Speaker 3 (36:42):
Man.

Speaker 12 (36:42):
But you know, right now, the key thing is what's
your vision and make sure that everything that you're doing
is aligning to your vision and helping you get there
and not slowing you down or preventing you from getting there.

Speaker 3 (36:53):
Yeah.

Speaker 2 (36:53):
I'm glad we're having this segment with Google pay because
obviously that's going to help everybody see the financial situations
a lot clearer.

Speaker 3 (37:00):
And I know you're a death free guy. You don't
like living death free, you like living death free. You
don't like having debt as part as the portfolio.

Speaker 2 (37:07):
So this is another key one, right, Like vacations are important,
but deciding when to buy or can I afford to buy?

Speaker 3 (37:16):
Versus am I going to have to rent? You know what?

Speaker 12 (37:19):
Man, I think one thing that we really got to
have a conversation about, especially within our culture, is that
there's nothing wrong with renting. You know, I think buying
is is very important because ownership is very important. I
want to be clear up front, owning your home, ownership
in general, owning your business, et cetera, is very very important.
But you want to make sure that you're not house poor.
And what I mean is you go out there and

(37:40):
you get this great mortgage, this huge mortgage, this beautiful home,
but you can't afford to put a bed in your bedroom,
You can't afford to put a couch inside of the
living room, you can't afford to cut the grass. You
are scared to cut on the water because you're already
maxed out. And so what I tell people is again,
step back and look at your budget. And what I
teach people is make sure that your mortgage is less
than twenty five percent of your take home pay. Now

(38:03):
if you're going to stretch it a little bit past that.

Speaker 4 (38:05):
That's cool. I'm with it, but ballpark even with me.

Speaker 12 (38:07):
I'm right at about twenty two percent with my personal mortgage,
but that is the only debt that I actually rock with.
But there's nothing one with renting. Rent until you are
ready to purchase a home.

Speaker 3 (38:17):
You know.

Speaker 12 (38:17):
One of the key things I'll tell people is how
do you know you're ready to purchase a home? Key
thing is do you have twenty percent to put down
on your home? You guys know this because if we
can put down twenty percent, we'll avoid a p and
mind that's a private mortgage insurance. So if we avoid
that p and mind, that can save you anywhere from
one hundred up to five hundred dollars if you're going
through the FAHA route.

Speaker 4 (38:36):
So that's one key. Number Two key is you know,
do you have enough money.

Speaker 12 (38:41):
To at least get you into the home and you
have six months on reserve to where if you lost
your job during the transition, if the pandemic hit again,
at least you have something to get you and your
family through. So there's nothing wrong with renting, y'all. To
be real with you, I've been making my kind of
money now for about six seven, about seven years. I
just for purchased my first home about four years ago

(39:02):
because I wanted to make sure when I got in
my home, I had the bread and I can afford it,
and I was at peace every time I walked into
my home.

Speaker 6 (39:09):
So let me just follow up on that real quick.
So you said you said twenty percent.

Speaker 4 (39:12):
Right, twenty five percent of your take home pay, so
all right?

Speaker 6 (39:16):
So, and take on pay is extremely important because you
could be getting paid ten thousand dollars a month, but
your take on pay is seven thousand, so maybe.

Speaker 4 (39:27):
Yeah, yeah.

Speaker 12 (39:28):
And they keep in mind too, the banks, y'all know,
if you use worked for the bank man, they're going
to approve you off of your gross income. They're not
going to approve you off of your net income. So
that's why it's very important for you. Before you get
your pre approval, you sit down, you look at your
budget and say, no, what I can afford three thousand
dollars a money. You take that to the bank, tell
them send me a pre approval based upon that right there,

(39:49):
nothing more, because if you can, if you know you
can afford three thousand and let's say your gross is
eight thousand, they're going to approve you at forty five
hundred to five thousand dollars mortgage payment and you don't
want that.

Speaker 6 (39:59):
Yeah, that's extremely that's a gym right there. I just
want to take one minute to just let that soak
in because I shot to our part of MBO mortgage.
He always talked about that old time. Don't be house
rich in cash poor, and a lot of people are
over extending themselves for their dream home but they really
can't afford it. And what you said is extremely important.
You get a mortgage based off of your gross, not
your net. But you don't live off of growth, you

(40:20):
live off of net. So it's up to you to
actually have enough financial responsibility, enough education to understand that
even though you're getting a mortgage for one hundred thousand,
if you're only taking home sixty five thousand, you got
to work off the sixty five thousand, not one hundred thousand.

Speaker 3 (40:34):
All that's a big fan.

Speaker 4 (40:35):
Well, that's big facts, man, big facts.

Speaker 2 (40:38):
And I want to go to one because this one's personal.
It's there and there I actually went through it. Can
I afford a new car?

Speaker 3 (40:46):
Right now?

Speaker 2 (40:46):
I'll tell you and Rashade was there when I did it.
I said, how much of the payment that kill me?
Five hundred and seventy four dollars a month? I said, man,
I'm only making twelve hundred a month.

Speaker 3 (40:56):
Let's do it. So if I can I afford this
right now, a new car, that's a scenario.

Speaker 12 (41:06):
Hey man, Now this is where people may hate me
when I say this. Listen, if you have to finance it,
you can't afford the car. My own personal opinion is
if I can pay cash for it, I got a
fully funded emergency fund. I can afford whatever I can
pay cash for. You know, I just purchased my dream car.
Maybe about what's February February sixteenth is when I purchased

(41:29):
my my dream car. The cars is a depreciating asset
in my in my personal opinion, and so if I
have to finance it, if I have to finance it,
then I can't afford the car.

Speaker 4 (41:39):
So I went financial freedom.

Speaker 2 (41:41):
That was the wise word. They said, if you can't
buy it twice, you can't afford it.

Speaker 4 (41:44):
Yeah, jay Z is the man.

Speaker 6 (41:47):
So you don't believe at least in cars at all.

Speaker 12 (41:49):
No, I don't, man, And I know on the business side.
I know Professor Keys would probably go off on me,
you know, but you know, I understand. I understand the
business method, and I don't knock people who who belie
even that method. That's totally totally cool, you know. But
for me, I just believe in ownership. I believe in
owning everything that I have. I don't do any debt.
I pay cash for it that you have it?

Speaker 6 (42:11):
All right, let's move on.

Speaker 3 (42:12):
Yeah, man, And this one I haven't experienced in about
ten years because I've been a married man. But let's
talk about dating.

Speaker 4 (42:20):
Oh nah, man, let me all right. End of the show, brother,
end of the show.

Speaker 3 (42:27):
Will we face out of dating? Can we afford it? Now?
What's going on? Give us some advice?

Speaker 4 (42:33):
If you just started dating, can you afford to date? Man?
You know, here's my thing.

Speaker 12 (42:39):
Man, If you can't afford to pay your bills at home,
then you can't afford to day. If you're struggling to
pay your life bill, if you're struggling to you know,
put food on your table personally by yourself, then not
you can't afford to day. If you can't afford to
even feed yourself, now you can't afford today. But if
you got it, man, go out there, get you a date.

(43:00):
I'm trying to get me a date, to be honest,
So I want you to date. I want you to
find someone. You know, we all need our helpmate, we
all need our soulmate. I just want to make sure though,
like when we do actually find the person, especially as
a man, we're brothers. I'm gonna keep it real here
as a brother, let's just make sure we're in a
good place, at least a stable place financially when we

(43:20):
do start dating.

Speaker 6 (43:22):
Let's let's talk about moving on from a dating conversation
to the wedding conversation. And that's something that This is
something that's extremely important because etiquette is something that I
realize not everybody has because not everybody is taught etiquette,
and unfortunately a lot of people just don't know. So

(43:44):
when you don't know what to do, you do what
you know. So this is a big issue. It's a
big issue. So okay, let me ask you this question.
If you can't afford a wedding gift or in a
appropriate wedding gift, should you go to the wedding? Should

(44:04):
give a bogus gift? And I'll give it to you
later when I have it. What's the etiquette for that man?

Speaker 4 (44:11):
Go to the wedding, you know, really you know what
I'm saying.

Speaker 12 (44:15):
I mean my thing is, go to the wedding if
you have the right motives. You know, I don't want
you to be focused on like, well, I don't have
any I don't have any money, so.

Speaker 4 (44:22):
I don't want to go.

Speaker 12 (44:23):
No, go, because your prayers, your support, your mission to
help them win is more important. Now give them look
a bit of something something, give them a card. Don't
go there, you know, empty empty handed. But you don't
need to go there with a big old thousand dollars
gift or the big old box gift. Now give them
something that comes from your heart and they'll receive it. Well,

(44:43):
I remember I went to a wedding and I didn't
have any money. Actually made a card and a girlfriend
at the time who I was dating, she actually gave
me a very creative idea. And you'll believe it or not,
it costs me maybe seven dollars to do that whole gift.
And they sent both of us a letter saying thank
you so much because they really felt it came from
the heart.

Speaker 4 (45:01):
And it wasn't just a gift just to be a gift.

Speaker 2 (45:04):
I'm glad that with Sean, I'm glad you brought up
the word etiquette because we're gonna move right to our
next seven perfect segue.

Speaker 7 (45:09):
Man.

Speaker 2 (45:09):
The next seven we're gonna do, Anthony. It's called money manners, right,
So that's all about etiquette. So this segment, we're gonna
ask you some questions about etiquette when it comes to money.
So I'm gonna start with all, are you ready for this?

Speaker 4 (45:21):
Yeah, let's good.

Speaker 3 (45:22):
Okay. How late is it too late to pay someone back.

Speaker 4 (45:28):
On time? That's too late?

Speaker 12 (45:33):
I mean, if you pay me back on the date
that we agreed, I think that's too late. You know,
I think you should be focused on, you know, getting
me my money back or giving I don't really loan
out money.

Speaker 4 (45:42):
If I give you money, I'm giving it to you.

Speaker 12 (45:45):
I don't expect you to pay it back to me,
because I just believe that just messages up friendships and relationships.
So if I can't afford to give you the money,
I'm not going to give you the money. But if
you did agree to pay someone back, here's what I
want you to do.

Speaker 4 (45:59):
That's your number one assignment.

Speaker 12 (46:00):
Don't go by nothing to eat, don't be going out
on dates, don't be spending any extra money nowhere else.
If your friend loans you money, if your family loaned
you money, you know you agreed to pay them back
by X date. You'll try to pay them back before then.
If you cannot, then you need to have a clear
conversation with them, be like, Yo, I'm struggling. Here's where
I'm at. I just want to over and I want

(46:21):
to over communicate and be honest with you and just
let you know, Hey, this is where I'm at.

Speaker 3 (46:26):
I hope everyone's listening.

Speaker 2 (46:27):
I'm sure somebody has a friend right now that is
like I'm that person or this person owes.

Speaker 6 (46:32):
Me let me ask you this. As far as the
relationship conversation is concerned, I believe forty eight percent of
marriages that end in divorce are because of financial reasons.
It's like the number one cause divorce. A lot of
these issues are because the conversation was never brought up

(46:52):
at the beginning. So there's a lot of issues that
people have in relationships. Like some people want to have
joint bank account, some people are strung against that. Some
people believe that you should only pay cash for things
and have no debt. Some people believe that you can
have that and just use your credit card. So a
lot of issues come in relationships, but nobody ever really

(47:14):
talks about it until they actually get into it. So
what are some ways how do you start the conversation
about finances when you're courting somebody, when you're in a relationship,
At what stage should you start and how do you start?

Speaker 12 (47:27):
You're not so funny, man, I just did a show
on that, bro and I think the opinion is not popular,
But I believe before you get into any committed relationship,
you should have a serious conversation about finances. Because you're right,
nearly forty eight percent of them marriages in because of money.
Now check this out. It's not because of the lack
of money, it's because of the thought process behind the money.

(47:50):
And so it's very important to know upfront, do we
align with the same vision when it comes to our money.
You know, are we on the let's avoid debt track
or are on the I want to just use other
people's money to build wealth. Now, whatever side you on,
just make sure that you are aligned on the same
side when it comes to finances, when it comes to
raising your children, when it comes to your spiritual walk,

(48:12):
you know, you just got to really just have the
healthy conversation. So for me, I suggest, if you're dating
with the intent of settling into a committed relationship that
ultimately leads to a marriage, before you get into a
committed relationship, have the conversation, and the conversation is simple.
You know, can we just talk about your vision? What's
your vision for your life, what's your vision for your family,

(48:33):
what's your vision for your finances? What are some of
your goals. Do you want to build a home, do
you want to have multiple homes? Do you want to
pay for your kids college? I mean, do you want
to leave a legacy? And I think that's the easy
way to have the conversation without going into I know,
Professor Key said that talk about the credit score and
stuff like that. For me, I don't care about your
credit score. I don't know what's up here in your mind?
What exactly do you do? And then honestly, where do

(48:57):
you spend your money? You know, I would definitely ask
some do you have the Google pay app? Can we
look and see where do you spend your money? You know,
you know, But at the same time, I mean, I
just think the conversation has to happen because what you
don't want to do is get married. Then you have
the conversation, and then you find out that you're lin
aligned and going in the same direction.

Speaker 4 (49:19):
That's where the start of divorce starts happening.

Speaker 12 (49:22):
So before you get committed, before you fall in love,
before you all get deep into this thing, have the
important conversations. And one of that is and where do
we staying when it comes to our finances?

Speaker 2 (49:32):
Yeah, this sounds like a conversation that we're happening at
a nice restaurant, you know, in top of the line
of food, maybe some red wines on the table.

Speaker 3 (49:40):
My question is when we come to money, man, is
what's the out of care for? Who pays for the date? Man?

Speaker 4 (49:51):
Are we talking about the first day?

Speaker 3 (49:52):
Bro?

Speaker 4 (49:52):
We're talking about like any dates?

Speaker 13 (49:55):
What we're talking about, Well, let's start with the first
one and hopefully we get to some more.

Speaker 3 (49:59):
Right, this might be the reason we don't get number two.

Speaker 12 (50:03):
One of my godsister, she went out in the first
date with this guy and she didn't have any money.
I literally gave her some money and said, he listen,
he's going to pay for the date. But if something
goes down and you're uncomfortable, leave your half, call me
and I'll come get you. So I want to make
sure our queens are prepared. But at the same time, brothers, listen,
first date, take her out. Now, check this out. I'm

(50:23):
gonna be real and pot myself on blasts on earn
your leader's network, your.

Speaker 4 (50:27):
Boy, Anthony.

Speaker 12 (50:28):
I'm not spending no more than fifty dollars, two one
hundred dollars on the first day. I'm not dropping two
three four hundred dollars on the first day.

Speaker 4 (50:34):
Broft, fifty dollars.

Speaker 12 (50:37):
Man, We're going no, no, no, not See, That's what
I'm saying. It's like, I don't want to go for me.
I don't want to go to a restaurant on the
first date and we're sitting across the table and we're
a little uncomfortable with each other, just staring at each other,
eating food, having to talk loud over the people that's
in the restaurant. So I want to get creative and
I want to find something. What does she enjoy? What

(50:59):
is what is I want to see her personality. I
want to see Can she smile? Can she laugh? Can
she have a good time? I'm always serious. We're always serious.
We do this for a living. So I want to
go somewhere we can actually have fun. I can see
her character, I can see how she laughs, I can
see if she can have fun, and let's do that.
Then the second date. I'm a wined diner. But the
first day, I just wanted to get to know you.
I want to laugh, I want to smile. I want

(51:20):
to see can we vibe? And then we go from there.
Now we're talking about a fifty seventy five dollars a day.
That's fun, that's creative. I put effort into it. I'm
going to plan the whole thing out. I'll get a
second date. Don't get it twisted.

Speaker 6 (51:35):
Let me ask you this. This is a big question
that once again, not a lot of people was taught tipping.
Tipping is extremely important and I was always taught, you
know twenty that's like will dump, but that tipping waiters
is only one part of tipping. Yeah, you tip your driver?
Do you tip your the guy that takes your your

(51:56):
trash out? Like at the end of the year, do
you get like do you tip? How do you go
about tipping, how do you know if it's the right
amount to tip? It becomes very complicated. Like even the
kid the bus drobbers for the kids, Yeah, they got
to get tipped.

Speaker 3 (52:10):
Yeah. At Christmas time, I tip the bus line.

Speaker 6 (52:12):
So so yeah, what's the etiquette on tipping?

Speaker 3 (52:16):
Man?

Speaker 12 (52:16):
Tipping is very important. Tipping for me is just showing
your your generosity spirit. I'm very big on being a giver.
I believe it's best to give than it is to receive.
So I tip. You know, I tip like crazy restaurants.
I try to do my goal depending on where I
go and how much money and much bread, I drops
about thirty to forty percent for me, because when you tip,

(52:37):
then every time you walk into that establishment, every time
you walk into that restaurant, now they're going to take
very good care of you because they know, hey, yo,
Anthony just tipped me thirty percent last time, right around
the holidays. I love to get about fifty percent, but
bare minim, like you all said, twenty percent. That's your barber,
that's your bus drivers, that's the guy who cuts your grass,
that's the young lady that's watching your kids, your babysitters.

(52:59):
You know, I have a dog, and so every time
I drop her off when I'm out of town, I
tip them. You know, I just want to show people that, hey,
I am grateful for you taking care good care of me.
And I know people who are living off of tips.
Their base pay is horrible, so let's help them out.
And let's that's be a good blessing. But really bare
minimum twenty percent. And any time you can tip within

(53:21):
your budget, make sure you're tipping. If you can't afford
to tip, man or a woman, just don't go to
that establishment.

Speaker 3 (53:27):
Oh man, that's some sound advice. Sound advice, man. So
if you can't hold it the stake in tip people
down on that dude. All right, we got a few
more mens with you. We're going to do a lightning round.

Speaker 4 (53:37):
All right, you ready for this? How how fast? How
fast you want me to go.

Speaker 3 (53:41):
With the answer as fast as you can? And then
we're just going to ask your next one. We're gonna
start the lightning around. Are you ready, my man? All right?
All right, here we go. All right, here's the first
question I'm throwing at you.

Speaker 2 (53:50):
All right, what are some options to start creating generational wealth?

Speaker 3 (53:54):
Man?

Speaker 4 (53:54):
Ownership?

Speaker 12 (53:55):
I mean, for me, it's going to be eliminating that.
Get you a fully funded emergency funds. That way you're
not going back into that and start taking advantage of
like your fro one cage, your your wroth I rays,
maxing out your some other growth mutual funds, and getting
into some land. You know, one of my mentors said, hey,
it's not just about actually buying property, it's also about
buying land. So if you're looking for wealth and true

(54:18):
wealth and long lasting wealth, purchase some land because you know, hey,
we can't make no more land. We can build buildings.
So if you get that land, let it sit, pass
it down to your kids. Now you're talking about true
generational wealth. So the key thing for me when it
come to building wealth, it's about eliminating that, making sure
you have a solid plan to fall on a case
of emergency and start ownership.

Speaker 6 (54:38):
Let me ask you this, how much money is wealth?
This is an interesting conversation because everybody gauges wealth differently,
but you know, we all have aspirations of being wealthy,
a lot of us so, but it's kind of hard
to do that if you don't have a measure in stake.
What is wealth?

Speaker 4 (54:53):
What is what is wealthy man. Wealth to me is
way more than just money.

Speaker 2 (54:57):
Man.

Speaker 12 (54:57):
I'm gonna keep it above with you actual, I'm gonna
keep it real since it is, it's a real deal.
Wealth to me is about options. Wealth to me is
about peace. Wealth to me is about education. Wealth to
me is about influence. But since we are talking about
money today, a simple basic understanding when it comes to wealth,
how long can you last without physically working or physically

(55:17):
having to make money. So, if you have enough money
in your savings account to last a year, you're wealthy
for one year from a financial perspective. But if you
have the education, if you mind your business, which is
our mind, you know, and your mind is your number
one asset your business, if you continue to grow this,
you'll be wealthy forever. If you continue to get the education,
if you continue to rock out with Google pay, if

(55:39):
you continue to watch earn your leisure and then come
check me out at the table, you know, we will
help you get the education and the information to build
long lasting wealth. And I just want people to hear
me when I say this, wealth from a financial perspective is, Hey,
how long can you live without physically working and doing
anything to make money. But when you really look at it, well,

(56:01):
for generational wealth is what are you passing down to
your kids, not just financially. You can give them a
million dollars, but if you don't give them the education
and the information and the opportunity to take that million
and flip it to two three million, you're not passing
them down wealth. You're just giving them opportunities that more
than likely they will lose it. When there was a
study that came out said the first generation makes it,

(56:22):
the second generation maintains it, then the third generation they
lose it. And why do they lose It's because they
didn't have the education. They didn't have the wealth of
knowledge to maintain it. So wealth is not just about money,
It's all just about the education and the information.

Speaker 3 (56:37):
I used that quote a lot.

Speaker 2 (56:38):
The first generation works hard, the second generation gets to
see the hard work. They add education plus experience to it.
The third generation never just see the hard work, so
they end up spandering money. And I'm glad you brought
up the word education because my next question is coming
directly from that topic.

Speaker 3 (56:52):
Why isn't financial literacy taught in schools? What's your thoughts? Man?

Speaker 12 (56:56):
You know, I'm frustrated about that because it's funny. Education
is teachers how to read, write, process information, and add
they're giving us this information so we can go off
to school, get an education, rack.

Speaker 4 (57:09):
Up in debt so we can get a job.

Speaker 12 (57:11):
So education from a school perspective is to get a job,
and a job and or business produces what income. So
it bothers me that our schools are not teaching us
how to be good stewards of the income that you're
giving us the education to get. But we got to
start changing that around. We got to start doing more
stuff like this with like what Google pay is doing today,

(57:32):
and start bringing education to the table.

Speaker 6 (57:35):
Let me gonna ask you this as far as for
parents allow I never had an allowance growing up. So
how do you feel about allowance? How do you feel
about chores? Should should children get paid for things that
they should already be doing, like making up their bed?
Is allowance a hindrance? Is chores good?

Speaker 3 (57:55):
Bad?

Speaker 6 (57:55):
What's your thoughts on that?

Speaker 12 (57:57):
You know, bro Man, I grew up in a very strong,
strong home man in a very spiritual home right, and
my mom and dad said, I remember going over to
my best friend's house and his Dad paid them twenty
dollars for keeping his room cleaned all week. So I
came home and I said, Mom and Dad, where's my
twenty dollars? My mom and dad said for what it
was like because I made up my bed all week,

(58:18):
and said, I'm not going to pay you for what
you need to be doing and what you should be doing.
But what I will do, go out there and cut
the grass. I'll pay you.

Speaker 4 (58:27):
As a matter of fact.

Speaker 12 (58:28):
Go out there, get the lawnmower, go across the street
and ask your neighbor can you cut their grass? And
you'll get paid. I think we got to start teaching
our young people, you know, commission base rather than chore base.
You know, what they do inside the house, that's just
part of them because the world's not going to pay
them for making up their bed when they turn twenty
five years old. The world's not going to pay them

(58:49):
for washing their own dishes. So we got to start
raising up our child, our children in the way that
they should go. So I'm commission based. Hey son, hey daughter,
I'm not going to pay to do this around here,
because I'm teaching you how to be an adult when
you get older, when you get your own home. But
let me teach you how to be a young teen entrepreneur.
Let's go get you a dog walking business. Let's go
get you a cutting grass business. Hey, you know what

(59:11):
you're real good at hair, Let's go get you a
hair business at fifteen years old. Let's start teaching our
young people that money doesn't grow on trees, and it
doesn't You don't get money just because you're my child. Now,
you do have privileges, and I will give you some
of those privileges, but I'm not going to make your
life easy simply because you're my child. You're going to
work for it because your mom and dad had to
work for it.

Speaker 6 (59:31):
That's very profound. I had just spoke about this all
the day, and I feel like that definitely can hurt
a child. And when I used to love when it
snowed because I used to shuffle my neighbors cars out.
And you make a couple hundred dollars on a good
on a good day, and I feel like stuff like
that you start developing an entrepreneurial mindset as opposed to

(59:51):
just being handed things that, like you said, in the
grand Scheme of things, are kind of like trivial things
that you already have to do in life anyway, like
wash the dishes, things of that nature. Yeah, so now
you're already kind of developing a dependent employee mindset as
opposed to a business own an entrepreneur mindset. So sometimes

(01:00:12):
when we think we're actually helping people, we can actually
be hurting them.

Speaker 4 (01:00:17):
Absolutely absolutely.

Speaker 12 (01:00:18):
You know one of my kids that I mentored, he
made five thousand dollars last summer just from walking dogs.

Speaker 4 (01:00:25):
Just from walking dogs.

Speaker 12 (01:00:27):
He made enough money in one summer to go buy
his dream car for his age, just simply because he said, Hey, you.

Speaker 4 (01:00:33):
Know what, I'm gonna go out here and walk dogs.

Speaker 12 (01:00:35):
And some of those people who are saying you can welcome,
they said, hey, can you watch my dog over the
weekend since we're going out of town. His mom and
dad turned their backyard into a kennel. But we got
to start teaching our young people at a young age
how to be entrepreneurs, how to think about ownership, so
this way they can start producing money.

Speaker 4 (01:00:52):
And I think we got to start doing that with
our young people.

Speaker 3 (01:00:54):
That's a great example.

Speaker 2 (01:00:55):
I'm glad that you that you used that right because
you said he saved the money to buy the card
that you want it. So what are some strategies What
can you do to save money when you don't make
much money?

Speaker 4 (01:01:08):
Number one, go make more money. You know what I mean.
Let's be real.

Speaker 12 (01:01:12):
You know, it's like, let's never say that we cannot
make any more money.

Speaker 4 (01:01:15):
We can make money.

Speaker 12 (01:01:16):
But one of the key things that I'm very very
big on is two things, budgeting and Google pay. I
want you to get on a straight, solid, zero based budget.
You can list all your money, list all of your expenses,
and it's your equals zero. When you're at your expenses,
go over to Google pay. Look at all of your
money that you've actually been spending. When it comes to
your debit card if you got a credit card, you know,

(01:01:38):
look at all the ways you're spending money. And so
that way you can see, okay, hey, where can I
cut off at? You know, I'm spending too much money
on food, I'm spending too much money on you know,
these particular apps. So how you can save money is
by looking at your detailed budget and see where where
can you eliminate some things from I do that often,
and I do it at least once a quarter person
with myself, really look at your budget.

Speaker 4 (01:01:58):
You can go from there.

Speaker 6 (01:01:59):
Let me ask you this before we rat. Everybody talks
about generational wealth all the time. It's a very catchy phrase.
But what are some practical steps that the average person
can take to start the path of creating generational wealth?

Speaker 4 (01:02:14):
Man? I think the first thing is education.

Speaker 3 (01:02:15):
Man.

Speaker 12 (01:02:16):
You know, I think oftentimes you want to jump in like, hey,
how do I get more money? How do I flip
this money? But the key thing is where there is
no wisdom, where there is no knowledge, that's where people perish.
And so I think that if we can honestly get
the if you really want to build true generational wealth,
you got to start, you know, listening to podcasts. You
got to start getting the education, reading the books. So
that way, when you do get the opportunity to start,

(01:02:38):
you know, investing into certain things, start a business, you
have the education and knowledge to keep what you actually are.

Speaker 4 (01:02:44):
Able to get.

Speaker 12 (01:02:45):
So I think number one is get the education. Number
two is I'm very big on it, y'all know me.
You got to eliminate that. You got to take debt
off of the table, so that way you're moving forward
not paying for your past. And when you start doing that,
A prime thing man is start investing, take advantage of
you know, your four to one k matches if they have,
you know, a wroth. There's three things when it comes

(01:03:05):
like to four one k. I always say, look at
the match, first, look at the wrath, then look at
the traditional you know, so max that out. I always
say to invest fifteen percent of your income you know,
so that can either go to your four one k,
then go over to like a wrath of wroth ira
or traditional ira, depending on where you are. You can
do that and then start looking at ownership, businesses, land

(01:03:27):
that kind of stuff. But the key thing I want
to tell you upfront is get the education. Get the information.
Because you can be watching er your leader, you can
watch myself, you can watch professor Keys, you can have
Google pay app and see where you're doing. But if
you don't have the information and the knowledge and continuing
to grow your business, which is your mind, your number
one asset, you'll never get there because you don't have
the information to get there.

Speaker 6 (01:03:49):
All for words, allords, did you have, ladies and gentlemen,
I appreciate it. Words of wisdom from the Great Anthony O'Neil.
We call that cough talk, thank you, thank you, And
like you said, it comes down to education. And I
think that you know, we're in the age now where

(01:04:10):
you can't really make an excuse, not like you know previously,
you know you could make an excuse for not knowing,
but now you know, we're in the information age where
everything is readily available to you on you know, YouTube, Google,
social media apps, podcast apps. It's just a matter of
how you use it. You can use to waste time

(01:04:31):
and do a lot of frivolous nonsense, or you can
use it to educate yourself. So you know, we just
have to make the right decisions. And you'd be surprised
how many doors education can actually open. It kind of
sounds stable, it's true. The more you know, it's just
like it's like mind blowing, you know what opportunities present itself,
because it's opportunities in front of you right now, but

(01:04:51):
you're just not able to take advantage of it because
you're not educated, so you don't even realize the opportunities
actually there.

Speaker 3 (01:04:56):
The more you know, the more you know, that is
a fact.

Speaker 6 (01:04:58):
That is a fat fact.

Speaker 2 (01:04:59):
Yeah yeah, And there was a lot of actual items
giving out today.

Speaker 3 (01:05:03):
I want to again thank Professor Keys Keysier Williams and
Anthony on Neil, but just delivering some powerful insight.

Speaker 2 (01:05:11):
And as we always say, man, we can give you
the information, but don't turn it into information overtle, don't
hoard it, actually.

Speaker 3 (01:05:17):
Apply it and execute on information. Right.

Speaker 2 (01:05:19):
We always say information is on us, executions on you,
and those words live true today and I want to
thank them again for come along.

Speaker 3 (01:05:26):
I appreciate you.

Speaker 6 (01:05:26):
Yeah, I feel like today was a very important day
because we always talk about a lot of complex stuff
like you know, stock marketing options and things that nature.
But these are like regular everyday issues, topics that get
looked over a lot, but they're extremely important. And you
can't build the house but not a solid foundation. So
all of this stuff is solid foundation work. So it's

(01:05:49):
extremely extremely important that we cover it.

Speaker 2 (01:05:51):
So yeah, and again I'm glad we got to do
it with Google pay because that is one of those
tools that can absolutely help you. And I know that's
one of the things that we work on ourselves, is
like being more organized, and so having all your financial
uh portfolio right in front of you and having it
done in a very helpful and simple way is extremely beneficial.

Speaker 3 (01:06:08):
Yeah, I want to thanks Google Pay for sponsoring this
episode of Anglesha. This is really fun, man. We gotta
do this again.

Speaker 6 (01:06:15):
For sure, for sure. Thank you guys for rocking with us.
We'll see you next week.

Speaker 5 (01:06:19):
Piece my graduates from my school being forced back drop
drop drop.

Speaker 9 (01:06:41):
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