July 17, 2025 • 28 mins
George Acheampong and Carter Cofield, the dynamic co-founders of Melanin Money, a nationally-recognized financial education platform share gems and details ahead of their highly anticipated Wealth Weekend events
Host: @alexandriaikomoni on IG/Tik Tok
Host: @alexandriaikomoni on IG/Tik Tok
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Episode Transcript
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Speaker 1 (00:00):
What's up, guys. It's a girl Alexandria Ikamoni in the
studio with melan In Money Weekend happening very very soon.
But I have the co founders here, George and Chiampong. Yes,
how are you doing?
Speaker 2 (00:11):
I'm doing better than amazing. How are you?
Speaker 1 (00:13):
I am doing well. Happy to have you back, by
the way, hapy to be back perfect. I also have
Carter Cookefield, how are you amazing?
Speaker 3 (00:19):
Happy to be here again.
Speaker 1 (00:20):
Happy to be here. We did this same time last year.
Now we're back again for another year of the Money
Wealth Weekend that we have coming up with melan In Money.
Tell us more about it and what people can expect.
Speaker 2 (00:31):
Yeah, absolutely so. Wealth Weekend is all in the name right.
Speaker 4 (00:34):
It's a weekend where we want to bring the best
and rightest thought leaders, experts who have actually done the
work and achieve wealth to then pass that information now
to people who are trying to do the same thing.
So Day one full of education, some amazing speakers, we
got Pinky Cold, we got Morgan Debond, a bunch of
other of our friends that are also local in the
market who just do amazing things. And in day two
(00:55):
we have a breakout workshops, right, because it's like, hey,
most of times you go to conferences and it's like
you get a lot of you walk away with a
lot of notes, you walk away overwhelmed, right, And so
we want to give people a tangible framework so they
can take the information they learned here.
Speaker 2 (01:07):
And then go back home and actually implement it. So
we're really really excited.
Speaker 4 (01:10):
The workshop part is actually for our first time doing it,
because we do stuff like that for our clients internally
all the time.
Speaker 2 (01:15):
We sayt's everybody else experience it.
Speaker 4 (01:17):
Right, And so that's happening, and then of course on
top of that, there are some vibes and some other things.
So we have an award show that's happening Saturday night,
which is a two part award show. So number one,
we're recognizing our clients who have achieved various networth milestones
from one hundred thousand all the way to five million,
to show people that every day people are achieving real
results right when it comes to building wealth, and also
(01:38):
celebrating our peers who we feel are you know, marching
with us towards this narrative of closing the wealth gap.
So Entrepreneur of the Year Stock Market Educator of the Year,
real Estate Investor of the Year, and so on and
so forth.
Speaker 2 (01:49):
So we're really excited.
Speaker 1 (01:50):
Yes, absolutely, anything else you want to add to that, No,
he just.
Speaker 3 (01:53):
Gave the whole weekend. We're super excited.
Speaker 5 (01:58):
It's going to be a phenomenon event and we feel,
you know, even more prepared this year than were last year.
Speaker 1 (02:03):
Absolutely just bigger and better. Every single year's compounding it.
Absolutely love it. So let's talk about it. Because you
did mention the workshops that's different this year. What else
can people expect that will be different than previous years.
Speaker 2 (02:15):
That's a great question.
Speaker 4 (02:16):
I think that is one of the number one thing
I would say, is the workshops really having that tangible
framework and it's more intimate, right because there'll be multiple
breakout rooms and you move from room to room. That's
different the level of talent that we've invited. Obviously we've
up to town and it cost us, right, So also
if you so, if you want to benefit from that
on for a fraction of the costs, that's that's cool.
(02:38):
Just being able to be in the in the room
with those folks, I think it's really amazing. And then
we have a few more ancillary events, so people really
have an opportunity to really be engulfed in the entire weekend.
There's a brunch on Sunday that people can tap in
with there. We partnered up with Jerking Jael for the
evening event on Saturday. We got a mixer before that
on Friday night. I seem that's both of those are
Friday Jerkings lost late Friday night, and then we have
(03:00):
an earlier mixer for those who like. Now, I got
to get back in the room for the workshop, so
I'm gonna just go to That's a lot of different
activations and experiences and yeah, I'm just really really excited.
Speaker 3 (03:09):
And we did We did it Tans Jay to host
our award show.
Speaker 2 (03:13):
Yes, yeah, the host's all hosts.
Speaker 3 (03:15):
So that was that was that was big.
Speaker 5 (03:16):
We really will take it to the next level and
really show people that this will be the official celebration.
There's the official celebration of Black Wealth, and this will
be competing with the Grammys for one of the biggest
award show lif Hello, we.
Speaker 1 (03:28):
Love to see it, super excited for it to continue
to compound and grow.
Speaker 2 (03:32):
So super excited what we.
Speaker 1 (03:33):
Do in real life, right compound interest, right, absolutely we
love that. Okay, so let's back it up though for
those who do not know, how did Melanin Money get
started and why did it get started? Yeah?
Speaker 2 (03:45):
Yeah, so I'm trying to give you the quick version.
Speaker 4 (03:48):
But so twenty seventeen or I actually think twenty sixteen
really had I had a spinal fusion surgery earlier that year,
couldn't sleep was one of those restless nights, and it
kind of sparked for me. I was like, how can
this movement? How can would I care about live on
even if I couldn't do it right? And so I
was ide eating, I was like, I'm a black man,
I'm a financial advisor, and I was like, and I
(04:09):
want to help them with money. Black meiling the money
right Google domain was available, said thank you, got late,
later got the trademark, didn't get that immediately, and then
ultimately fast forward, you know that's happening behind the scenes.
Started as an e commerce brand, right, we just wanted
to spread the word right of what we were doing.
And in twenty nineteen, I went to a financial advisor
conference and at the time, and even still like on
(04:30):
the advisory side, for people actually have licenses, there's not
a lot of people that look like us, right, So
me and Carter were both of that event and we
stuck out like sore thumbs, you know, two black men
facial hair in a conference with you know, it's like.
Speaker 2 (04:41):
Okay, well that's interesting.
Speaker 4 (04:42):
So we connected and then just stay connected from that
event and met every other Monday for two years just
ideas share. At the time, he was a one man
shop with his business. I was a one man shop,
and so you know, we didn't have a team, right,
So Monday I was CEO, Tuesday I was a sales
guy and same thing in his business.
Speaker 2 (04:59):
So we just collaborated and shared ideas for a couple
of years. That went well.
Speaker 4 (05:03):
To say, we said, hey, people should hear these conversations
out loud, started a podcast, and to say that's going well,
we should just combine businesses. Right, you're helping people save
a lot of money on taxes, and my people are
looking to invest the money that they have. How can
we collaborate in a meaningful way. And then meiling the
money as a firm right as an entity was born,
and then we just continue to do all the amazing
(05:24):
things that we did before, expanded the podcast and then
also decided to do in person events. We do some
for our clients internally that are just for our clients,
and wealth we can is an event that's.
Speaker 2 (05:34):
Available to everybody.
Speaker 4 (05:35):
And so that is the quickest version I could possibly
give of what has happened in the last three to
five years. But we're just excited and we're just honored
to be stewarding this mission that God has given us.
Speaker 1 (05:45):
Anything else said to that, again, he didn't leave me much.
Speaker 5 (05:50):
But nah, it's been an amazing journey because entrepreneurship could
be lonely, especially two black men. It's usually they have
a lot of ego, right, because this is my thing,
this is your thing. But how can we make something
that's bigger than both of our names could ever be?
Speaker 2 (06:04):
Right?
Speaker 5 (06:04):
And so Melon in Money is on the trajectory to
being bigger than anything that we could have done individually.
And the mission is so big that people can find
their own mission within our mission, right, which is why
we have so many great strategic partners that are helping
us really close that wealth gap of one hundred billion dollars,
which is.
Speaker 2 (06:20):
A mission yep, exactly.
Speaker 4 (06:22):
So yeah, we want to help one hundred thousand people
of color achieve their first or next one million in networks.
Speaker 2 (06:27):
Some of you already got it. I should to get
another one r.
Speaker 4 (06:28):
Yeah, yeah, yeah, But that's that's the mission, and it's
so big that it gives it wakes us up every
single day pushing towards it. Last year, we announced that
our clients improved in that work by one hundred million
dollars in the first five months of last year, and
we will release the new numbers for this year wealth wekend.
Speaker 2 (06:43):
So you got to be there to hear it.
Speaker 1 (06:44):
Absolutely. Okay, So let's talk about it because you mentioned
the mission. So what would you guys say, is another
goal that you have for melon in money? What do
you what else do you want to see come from
this business?
Speaker 2 (06:55):
Yeah? I think so.
Speaker 4 (06:57):
For me, it's actually impacting the advisory industry. So the
reason so that we can help even more people use.
For us, it's not about like do one hundred thousand
people have to be underneath the melon the money and
bro That doesn't matter to us. We just care that
the mission gets fulfilled. So for me, it's like, how
do we show the world that you can be authentic?
Speaker 2 (07:13):
Right?
Speaker 4 (07:13):
Like I just got this guy to start wearing suits
again like two weeks ago, right, because you know, we
came from an industry where it's just like you had
to wear a suit, right, and then when you break out,
do your own things like I don't want to wear
a suit, right, and so like showing people you can
be your authentic self and still win at the highest level.
How many more people could we help if they could
see themselves in you? Right, Like it wasn't until we
(07:36):
took off the proverbial suit or the mask and said
we're going to still be in this industry that's not
designed for us to move this way, move how we
want to move, and that's.
Speaker 2 (07:43):
Why we're impacting more people than they ever could. Right.
So being able to show our counterparts and our peers like.
Speaker 4 (07:48):
Look, you know, does it have to be stuffy, doesn't
have to be boring, listening to saving money on taxi
doesn't have to sound like paint drying.
Speaker 2 (07:54):
It can be fun, it can be cool, and the
most importantly, you can be you.
Speaker 4 (07:57):
You don't have to put on like we left corporate
America to not have the coach switch, to not be
put in a box. And so being able to show
more people that a's possible that you don't have to
play that game, and you can play your game. I
think that's what's next for us, because I think people
are starting to pick up on it. So the way
that we're going to do that is by showing people like,
I hope you didn think we weren't still helping all
the people behind the scenes. We still have an advisory firm,
we're helping hundreds on the way that thousands of clients
(08:19):
achieve their financial goals, and we're doing all this other
cool stuff on top of it. Right, So you're going
to see a lot more from us, just bringing the
credibility back to the forefront so it doesn't get lost
in translation. In doing so, we help we believe that
our industry peers in the industry at large will start
to take a better look at like, oh, well, let's
see what they're doing. Because they're helping lots of people,
they're doing it in a way that it's unconventional. Maybe
(08:40):
we should pay attention to that.
Speaker 1 (08:42):
Absolutely absolutely. Now, I do want to ask a question,
because we are talking about helping a bunch of people,
let's talk about the wealth gap that is present within
the black community. What are your thoughts both of you
guys on that and what can be done to close
that gap.
Speaker 5 (08:55):
Yeah, I think it at us with conversations, right, because
one of the reasons that the wealth gap is so
large is because our people don't think that's possible for them.
And one thing that we both believe in is that
you cannot be what you cannot see. So the reason
I can't fathom a million dollars, I don't know a
millionaire yet, you know what I'm saying. So the more
we can normalize black wealth hence one of our shirts,
(09:16):
the more that we can believe that it's possible. So
I think it starts with leading from the forefront, us
being the one for our family, the legends that's going
to leave the legacy for our family, and let them
know that not only can you become that millionaire, but
you can set at foundation.
Speaker 3 (09:31):
So just because you got out of the mud.
Speaker 5 (09:33):
Your family doesn't have to get out the mud either, Right.
There's nothing wrong with being a trust fund, baby, you
have to create the trust trust fund. So I just
think that it starts with giving them someone to look
at it, and then having those conversations and then giving
them the education to execute on so they know what
to do First, you have to believe that you can
do it.
Speaker 3 (09:50):
Then you have to know how to do it.
Speaker 4 (09:52):
And that's why we tease so much, and that's why
we you know, we were so close to like not
like just being the talking heads online. Right, there's nothing
wrong with right, Providing massive amounts of education for free
is great, right. But the gap that we continue to
see is like, once you get to a certain point,
you need help, right, You need a money team, you
need somebody who can help do it. And we were
so close to being like, let's just do that, but
(10:13):
realizing that if we if not us, and who who's
going to help people implement the trust, who's going to
help people secure the life insurance, who's going to help
people open up their investment account, Who's going to help
people implement the tax strategy? And so even though it
would have been an easier path to just educate, we
knew that we still had to help people execute. And
I think that's I think that's what makes us unique, right,
and in this space that we're able to play in
(10:33):
both worlds of having a relatability of your favorite financial influencer,
but the credibility of the middle aged white guy who
has all the creditionals behind his name, right, and so
we're really excited to just continue to do that work
and let that part be more known, because I think
we've done such a great job of amplifying our voice
that maybe people don't realize that we still do the work.
Speaker 1 (10:52):
And you do such a great job ad really giving
tips and information to the masses. So I do have
to ask what has been the best advice you guys
have each received, only one, each.
Speaker 3 (11:06):
One each about Yeah, I'll let you go first. I've
made you a first a couple of seconds an answer,
So I.
Speaker 5 (11:17):
Guess I will take this one.
Speaker 3 (11:21):
The best piece of money advice right now?
Speaker 2 (11:23):
It's not business.
Speaker 5 (11:27):
I would have to say that you can't save yourself
to wealth, right, and because wealth weekends come, I think
it's on par if you if you if you save,
and I want to do the math because I don't
have it written down, but you cannot save yourself to wealth.
If you put money in save as account, it will
not grow. And so if you don't find ways to
(11:48):
make money while you sleep, you will work until you die,
right the famous words of Warren buff And I think
our people, because our parents didn't understand investing. They were
scared to invest, like put your money under a mattress,
like my Still, I'm like, you.
Speaker 3 (12:01):
Got to let that go, right, We have to let
those we have to let go of the laws.
Speaker 2 (12:05):
Right.
Speaker 5 (12:06):
So I believe that you can't save yourself to wealth.
So how do we do that? We it's a must
that we invest. We invest everything that we have. We
need to invest our time and entertaining skills. We need
to invest our money and entertaining assets, right, and if
we do those things, that is how you build true wealth.
And that's one thing I want our people to understand more.
Speaker 2 (12:21):
Yeah.
Speaker 4 (12:22):
Yeah, I would say that wealth is made through concentration,
is preserved through diversification. I think there's this idea of like,
you know, I want to invest and diversify and do
all those things. But I think the first thing you
have to do is you got to come become world
class at something, right, because then when you do that right,
you're going to get paid well for And then once
you do that, you can take those profits, take that
(12:42):
income and then buy investment. So we look at the
richest people in the world, you know, the elon musks,
whether you like them or not, Like we can still
pay attention to successfull these clues and most of their
net worth is tied up into the thing that they built.
Speaker 2 (12:53):
Right.
Speaker 4 (12:53):
I think we've been told this live about seven streams
of income and all the things. It's like, No, you
have to build something great first, take the profits.
Speaker 2 (13:01):
And then invest in. Right.
Speaker 4 (13:02):
Sometimes you have to give up a stream to create
a waterfall. I think some people miss that mark. It's
just thinking I'm I'm gonna do hair, I'm gonna sell
bean pods, I'm gonna do all the things because I
need all the streams. But no, you need to become
world class at one thing and then use your money
to buy income.
Speaker 2 (13:17):
So that's the best advice I got.
Speaker 1 (13:18):
That's a real gem. Actually I haven't heard that heard
it that way, you know, give up a stream for
the waterfall Like that makes a huge difference. So that's
the best advice. One piece if you can put into
words that you guys have received. How you guys have
both started financial advisor and also a tax experts. So
what is one piece of advice you want to give
to people that you want to make sure they know
(13:38):
and understand from your backgrounds.
Speaker 2 (13:40):
Sure that last time.
Speaker 3 (13:44):
You knew that would come okay.
Speaker 4 (13:48):
So for me, it's getting multiple uses out of the
same dollar.
Speaker 2 (13:52):
Right.
Speaker 4 (13:53):
So most people, they might invest their money into a
brokerage account or a retirement account and they let that
money sit and hopefully.
Speaker 2 (13:59):
Grow over of course in the next twenty thirty years. Right.
Speaker 4 (14:01):
Well, most people don't realize is you can invest the
money in a retirement account or brokerage account and you
can actually leverage that account to buy more investments. Right, So,
if your brokerage account is growing at ten percent a year,
you borrow twenty thirty to fifty percent of that money
to then go acquire real estate and know you like
real estate, you know, buy some real estate, and then
the real gym there is that real estate is going
to produce cash flow. Right, you can take that cash
(14:22):
flow reinvest it into the portfolio, all while never having
a taxable event because the IRS does not view borrow
money as income. So that's a that's a quintessential part
of our strategy that allows our clients to pay less
taxes and build more wealth at an accelerated rate. So
that's one thing that we tell every single client that
we come across.
Speaker 1 (14:40):
I love it, I love it I'm ready now, ready.
Speaker 2 (14:44):
Listen long enough to try to top mind. I'm gonna
get that. I'm gonna do this right now.
Speaker 5 (14:50):
The biggest advice I have to give people is to
help them give the clarity of what their biggest tax is.
Speaker 2 (14:56):
Right.
Speaker 5 (14:56):
The most expensive tax that most people pay is not
federal tax, which has been the money focusing on it.
It's not state tax because they think it's expensive. It's
not property tax, which in Texas is really expensive. The
most expensive tax is none of those. Most of the
expensive tax that most of us pay is what I
call the ignorance tax, the tax for not knowing how.
Speaker 3 (15:13):
To legally avoid paying taxes.
Speaker 2 (15:15):
Right.
Speaker 5 (15:15):
Donald Trump just passed a massive tax bill, and unfortunately
a lot of people are ignorant of how to take
advantage of that tax bill. They're more focused on political policy.
Then how do they take advantage of something that's already here?
Speaker 3 (15:29):
Right?
Speaker 5 (15:29):
So I think getting the education and learning about how
do I reduce my number one expense, which is that
ignorant tax, and how do I buy down the time
to learn it?
Speaker 2 (15:39):
Right?
Speaker 5 (15:39):
You learn it yourself, well, you can hire an expert
that already knows it. Because every tax strategist should work for.
Speaker 2 (15:45):
You for free.
Speaker 5 (15:45):
If I'm not saving you more than I cost you,
then that's a problem. And I think that if more
people knew that they would save hire a tax strategist
or at least learn about taxes and say they can
say this are saving money.
Speaker 2 (15:57):
So that's a business lesson in general.
Speaker 4 (15:59):
If you have clients like how can you what the
value you provide right surpass what it costs them to
be You're never selling anything at that point. It's a
it's a disproportionate value exchange. And and that's why our
clients choose us.
Speaker 1 (16:10):
I love it. I am happy, though, Carter, you talked
and touched on that big, beautiful bill, because I do
want to get your opinion on the biggest I guess
piece of information that people are missing that can be
beneficial to them from this bill. Actually, both of you, guys,
what would you think people might be ignorant to from
your perspective on what's happening in that bill that can
(16:30):
really benefit somebody.
Speaker 5 (16:32):
This bill is made to help entrepreneurs win at a
higher level. And the reason I say that is number one,
because it's true. And number two, most of the tax
changes are trying to increase spending, and the way that
you help people increase spending is you give those people
tax deductions.
Speaker 2 (16:50):
Right.
Speaker 5 (16:51):
So one of the biggest changes was the return of
one hundred percent bonus appreciation.
Speaker 3 (16:55):
What is that going to do.
Speaker 5 (16:55):
That's gonna make business owner to go buy more equipment,
go buy more vehicles, and go buy more commercial liis
state to build offices. So then therefore they're going to
increase the spending, hopefully to reduce what could be a recession.
So the tax call was made to benefit entrepreneurs and
business owners. The questions are you on the right team
to even benefit on these tax strategies, right, So if
(17:16):
you haven't started a business or found a way to
make money outside of your job, I think now is
the best time to do so.
Speaker 4 (17:21):
Yeah, I mean Carter is the resident tax expert for
our company. Obvious, some of the investment experts, I think
he hit the nail on the head. But I think
the derivative of that. The reason why our relationship works
so well is the more money you stay up on taxes,
the more money you have to invest. And when you
really plan the game at the highest level, you can
save money on taxes.
Speaker 2 (17:37):
Why you're investing.
Speaker 4 (17:38):
Yeah, right, So thinking about bonus appreciation and different tax
strategies that you can take advantage of. It doesn't mean
you just have to spend money. These things can be
investments as well. And so I think understanding that domino
is what's going to make everybody build more wealth by
taking advantage of this bill.
Speaker 1 (17:52):
Absolutely, And I'm happy you're mentioning like you're the investment guy,
because I really want to ask, really both of you guys,
if you guys can go back and do would all
again with the limited funds, what would be your first
investment to really make a life changing situation for you
and your family would what would that be if you
can do it again.
Speaker 4 (18:11):
I hate to be cliche, but I would find the
person who was the most successful at the thing that
I wanted to do. So in this case, let's say
a world class investor, right who had the receipts.
Speaker 2 (18:20):
And I would ask and I would pay that.
Speaker 4 (18:23):
Person him or her to collapse the time so that
I wouldn't have to get I would get the lesson
without the car. I guess it's the concise way to
say it, right, And the only way to do that
is to go find somebody who's already gotten all those
cars and then get the lesson from that. I would
invest at the highest level. I would borrow money to
pay someone who already went through it and already got
the results. That's what I would do first, because anything else,
(18:43):
you're just playing a guessing game and you're learning through experience, which.
Speaker 2 (18:46):
I don't believe is life's highest teacher.
Speaker 4 (18:48):
I think it's like the most painful one, the one
you remember, the most touched the stuff. Oh I'll never
get I got that experience, but it's not the best.
Speaker 2 (18:55):
The best one that you know. I think that's level three.
Speaker 4 (18:58):
Level two is the vinral relations and ships, right, people
that you've been fortunate enough to be connected to who
can tell you, hey, don't do that. And the number one,
of course, is getting a direct download from God himself, right,
And so the only thing I can do to hack
that is a course, continue to be a man of
God and get as close as I can, and or
see somebody who has done at the highest level and
be willing to vote with my dollars that.
Speaker 2 (19:16):
I actually want to achieve the thing.
Speaker 1 (19:18):
Yeah, yeah, that's really good, really good.
Speaker 5 (19:20):
Yeah, And I'll actually harp on that point, because the
question is how do you find that person to pay
to invest in? And for me, it'll be getting in
the rooms earlier, right, because you might not know the
best investor to even pay to turn those skills. So
I remember I was and my business was stuck at
ten thousand dollars a month for a.
Speaker 3 (19:39):
Very long time. Well this was long for me, and
I wanted to break that ceiling. I just couldn't.
Speaker 5 (19:45):
And I went to a conference and I never forget
out sid at a round table like this, and everybody
at that table was making at least one hundred thousand
dollars a month, and nobody at that table gave me
any advice outside of why do you think ten thousand
dollars a.
Speaker 3 (19:58):
Month is a lot of money?
Speaker 5 (20:00):
And so the moment that I stopped thinking that ten
thousand thousand a month was a lot of money, I
got home from that conference. Again no piece of advice
was given from those people. But I crossed it the
next month because my standard for a lot of money
had changed. My standard for a lot of money was
now one hundred and so I breezed past ten without
a thought. So I think getting in the right rooms
(20:20):
to get around people that can expand your thinking. It's
one of the best things that I would do. And well,
you know, we have wealth Weekend coming up this weekend
to get in the right rooms with people that can
expand your mind, because that's only way you can expand
your perspective. It's just seeing that it's possible and then
you'll believe it.
Speaker 1 (20:34):
Absolutely. Those are good, good gems that you guys are dropping,
So I won't ask for too much more. We'll wait
for weeks to.
Speaker 3 (20:42):
Get the whole.
Speaker 2 (20:43):
It's all good.
Speaker 4 (20:46):
Instead of bottom bottomless most is the bottomless backge gym,
I'll take it.
Speaker 1 (20:50):
I'll take you even last year, I was like, I'll
take whatever I can the gem masters themselves. But I
am curious because actually, Carter saw this on your Instagram.
You said, I'm not going to put your flat costs
out there, but you said, if my flight costs this
amount of money and I make this amount of money
on the flight, was that you or was yeah that guy,
it's free, like basically free. So I need some more
(21:10):
guy math gems, Like what else would you say from
each of you guys if you do this and you
make this and it's basically free.
Speaker 2 (21:15):
Yeah, here's here's one one that I like.
Speaker 4 (21:17):
So, for example, I'm renovating decorating my.
Speaker 3 (21:22):
Definitely, it's more than renovating decorating.
Speaker 2 (21:26):
Yeah, I kind of have an event at some point
at the crib.
Speaker 4 (21:28):
But so my my math is, I mean, we always
hear this quote like you can't buy it twice, don't
buy it, right? What does that really mean? Because you
would you literally buy everything by the thing twice. No,
you probably wouldn't. To me what that means as long
as I invest this exact same dollar amount in an
asset that I'm about to spend on a liability or
something that maybe isn't producing me income, it's impossible for
me to go broke, right because I'm still investing at
(21:49):
the same rate that I'm spending, right, and it's never
and I'm never letting the spending out pace. Whenever I
buy something that's a non essential item, I look at
how much money IM supposed to invest for the month,
and as long as.
Speaker 2 (21:57):
It exceeds that, I feel okay about.
Speaker 4 (21:59):
You can't say that I'm not a best teller, right,
So just make sure that you are prioritizing building wealth
at the same time.
Speaker 2 (22:04):
That's my guy math to never going broke.
Speaker 1 (22:06):
I love it. I love it all right, card, I
need one more since you already gave us one on
the plane.
Speaker 5 (22:09):
Okay, Yeah, that's how I look at flights because I
love to travel. Mine is not looking at debt as
debt is. Looking at debt is arbitrage. So if I
can borrow, let's say, say I can borrow ten thousand
dollars at ten percent interest rate. If I know I
can make twenty percent off that money, I'm borrowing it
seven days a week and twice on Sunday. Right, Because
you can get wealthy by using your own money, but
(22:32):
you can get super wealthy can use somebody else's money.
Because the wealthy people understand the purpose of debt is
to use debt to buy income or assets, to use
the money from the asset to pay off the debt.
Speaker 3 (22:40):
So the moment I stopped.
Speaker 5 (22:41):
Looking at borrowing money as debt and started looking at
it as arbitrage as long as I know that I
can beat that interest rate, and key.
Speaker 3 (22:49):
Knowing that you can beat the interest.
Speaker 2 (22:51):
Rate if you can't leave it alone.
Speaker 5 (22:53):
Of course, if I know I can beat that interest rate,
I'm going to take that that debt seven days a
week and twice on Sunday. So what I do is,
I know I get a huge return on skill set,
so I will borrow money to buy a new skill
and let's call that marketing, to learn how to be
a better marketer. I know I'm gonna make ten X
on that investment, so I'll borrow whatever money it takes
(23:14):
to get there. So I think more people look at
debt as leverage and arbitrage, they wouldn't be as scared
to borrow money. But I think most people use debt
to buy liability, so they should to be scared to.
Speaker 4 (23:24):
Borrow money, right, Yeah, liabilities and lifestyle that people most
people use it for.
Speaker 1 (23:28):
Yes, And we got to make the change mentally in
order to really get to the next level. So I
love that, appreciate that. I'm not going to bother you
on the gems anymore. But the personal question, sure, are
you talking about all this traveling? Where do you want
to go next? Because I feel like you are all
over the world typically, So what's what's up? What's coming
up for you as far as vacations.
Speaker 3 (23:45):
Go, Singapore, Bali Obydbai.
Speaker 2 (23:51):
And I'll read all those places too.
Speaker 3 (23:52):
Yeah, with me. You're getting this work too.
Speaker 5 (23:56):
Absolutely, probably those three coming up fairly soon at least
are the big trips, and it's gonna be free because
we have.
Speaker 2 (24:05):
Other cheat code, but you have to borrow money to
get it.
Speaker 3 (24:07):
Yeah, yeah, yeah, yeah.
Speaker 4 (24:09):
So all of our our business expenses, of course we
use you know, American Express things of that nature, and
so we have a lot of points because we have
a lot of business expensess. And so we actually hired
all the gyms are coming together, hired an expert who
knows how to really maximize the points. So now make
all those trips we just mentioned are going to be
completely free. The log lodging and travel at least, yes,
will be completely.
Speaker 5 (24:28):
We're talking about the front of the plane, top of
the planet with the door that closes.
Speaker 1 (24:33):
The first class first class tickets are.
Speaker 2 (24:39):
Yeah.
Speaker 4 (24:39):
But but again if you don't, if you are carrying
interest or the math doesn't make sense, then it's not
going to make it.
Speaker 2 (24:44):
That that's the thing that people go wrong.
Speaker 4 (24:46):
Like, the credit card industry is a multi multi billion
dollar industry, right, so most people are not winning that game, right,
they're not winning that game. So like you just got
to make sure you're actually winning that game and you
can get some cool stuff.
Speaker 1 (24:57):
Out of it. I love my credit card, especially my
am credit card. There is too good for the points.
And I have the Delta one now the sky Miles one.
So it's beautiful. It's definitely beautiful. All Right, you're talking
about all this money being spent now, Jordan, I know
you're married, so let's talk about this whole house that
we are renovating decorated. Now. You moved from the East
Coast a year ago. Now you're in. I'm not going
(25:19):
to say where, but address how's everything going where you
are now?
Speaker 2 (25:29):
Yeah?
Speaker 4 (25:30):
Yeah, so moved out in October, hired an interior designer.
Initially she dropped the ball, just leave it at that.
So I to take matters in my own hands. And
it's been a really great fun, passion problem.
Speaker 5 (25:39):
I've never seen it this happy as far as doing
activity outside of work.
Speaker 3 (25:44):
He's so happy.
Speaker 2 (25:45):
Yeah.
Speaker 4 (25:45):
Maybe maybe another life, you know, I'll be an interior designer. Hello,
but yeah, just you know, just really making home a
place that I can just enjoy. Right, I think that
I have moment I had. We actually took a trip
to what's the team trip to last year and this
is an amazing destination. Right. I had just about the
house like a month before, and I walked in the
house and I was like, oh, like, my house is
like this is not the flex of right aha, I'm
(26:05):
to have for me is better than the vacation house.
So now I don't have to escape anymore. My house
could just be the vacation Yeah. And so at that
point I started getting really intentional about curating the space
in a way this like, man, I can I'm just
really gonna enjoy being here. So we had to us
and our media team with at the house past Sunday.
We grilled out, playing some golf in the backyard, and
so I'm just really excited just make it a space
that I enjoy, you know what I'm saying.
Speaker 2 (26:26):
Because here's the thing. A house that you live in is.
Speaker 4 (26:29):
Not the best investment generally speaking, right, or most people
didn't even consider it an investment. But if we look,
if we broaden the definition of investment in terms of
relational equity, a place I feel so comfortable in biting
people over to give them a world class experience and
just really enjoying family time, it is an investment at
the highest level.
Speaker 2 (26:45):
When you look at it from that land. That's what
I'm up to these I love it.
Speaker 3 (26:48):
I love it.
Speaker 1 (26:48):
Or would you ever leave the high rise or you're
staying with the high rise? Carter?
Speaker 5 (26:52):
I just just got to like, you know what I'm saying.
The secondary guest room. The secondary guest room is my room,
and we run a.
Speaker 2 (26:59):
Guest house in the other the yards.
Speaker 1 (27:01):
You got your spot already decorating everything. Assuming I love it.
Speaker 3 (27:05):
I love it.
Speaker 1 (27:05):
By any last words or jams you want to leave
with the people before we get out of here.
Speaker 4 (27:10):
I would just say that bet on yourself because it's
the best investment you could ever make. That's all we did, right,
We're no different than anybody else. Like that's when people
always like connect with us in person.
Speaker 2 (27:22):
It's like, oh, yeah, it's.
Speaker 4 (27:23):
Just cool, y'all are Yeah, it's regularly like the only
thing we did is we just bet on ourselves and
we chose something that was bigger than us at the
same time, so better yourself, but choose something that's bigger
than you and you can't lose. And that's and that's
what we did, and we're excited to keep running towards
that mission.
Speaker 1 (27:37):
Absolutely, I love it. I love it. Anything you want
to add to that.
Speaker 5 (27:41):
No, Just for those of you are that we will
see at both weekend, see y'all very very soon. And
those of you are that we don't, we'll see you
there next year because we're gon be doing this.
Speaker 2 (27:52):
Through the recap until next year.
Speaker 3 (27:55):
How they live?
Speaker 1 (27:55):
What are the social media handles so they can kind
of see what's going on if they can't attend.
Speaker 2 (27:59):
Yeah, yeah, company stuff.
Speaker 4 (28:00):
You want to see all things meling and money, smelling
money on all platforms.
Speaker 3 (28:03):
Our YouTube is really yeah, so.
Speaker 2 (28:06):
That's our real focus right now.
Speaker 5 (28:07):
Yeah, so meiling the money on YouTube, co Fit Advisor
on Instagram, and.
Speaker 2 (28:11):
George ashm Pong Jr. On It's on Instagram.
Speaker 1 (28:14):
Yeah, I love it. I love it. I love it.
So George and Carter, thank you guys so much for
coming into the studio.
Speaker 2 (28:19):
Thanks for having us again.
Speaker 1 (28:20):
Absolutely happy to have you. We'll do it again next year,
same time next year, of course, so once again. Alexandra Kaimoni, iHeartRadio.
Speaker 2 (28:27):
Peace,
What's up, guys. It's a girl Alexandria Ikamoni in the
studio with melan In Money Weekend happening very very soon.
But I have the co founders here, George and Chiampong. Yes,
how are you doing?
Speaker 2 (00:11):
I'm doing better than amazing. How are you?
Speaker 1 (00:13):
I am doing well. Happy to have you back, by
the way, hapy to be back perfect. I also have
Carter Cookefield, how are you amazing?
Speaker 3 (00:19):
Happy to be here again.
Speaker 1 (00:20):
Happy to be here. We did this same time last year.
Now we're back again for another year of the Money
Wealth Weekend that we have coming up with melan In Money.
Tell us more about it and what people can expect.
Speaker 2 (00:31):
Yeah, absolutely so. Wealth Weekend is all in the name right.
Speaker 4 (00:34):
It's a weekend where we want to bring the best
and rightest thought leaders, experts who have actually done the
work and achieve wealth to then pass that information now
to people who are trying to do the same thing.
So Day one full of education, some amazing speakers, we
got Pinky Cold, we got Morgan Debond, a bunch of
other of our friends that are also local in the
market who just do amazing things. And in day two
(00:55):
we have a breakout workshops, right, because it's like, hey,
most of times you go to conferences and it's like
you get a lot of you walk away with a
lot of notes, you walk away overwhelmed, right, And so
we want to give people a tangible framework so they
can take the information they learned here.
Speaker 2 (01:07):
And then go back home and actually implement it. So
we're really really excited.
Speaker 4 (01:10):
The workshop part is actually for our first time doing it,
because we do stuff like that for our clients internally
all the time.
Speaker 2 (01:15):
We sayt's everybody else experience it.
Speaker 4 (01:17):
Right, And so that's happening, and then of course on
top of that, there are some vibes and some other things.
So we have an award show that's happening Saturday night,
which is a two part award show. So number one,
we're recognizing our clients who have achieved various networth milestones
from one hundred thousand all the way to five million,
to show people that every day people are achieving real
results right when it comes to building wealth, and also
(01:38):
celebrating our peers who we feel are you know, marching
with us towards this narrative of closing the wealth gap.
So Entrepreneur of the Year Stock Market Educator of the Year,
real Estate Investor of the Year, and so on and
so forth.
Speaker 2 (01:49):
So we're really excited.
Speaker 1 (01:50):
Yes, absolutely, anything else you want to add to that, No,
he just.
Speaker 3 (01:53):
Gave the whole weekend. We're super excited.
Speaker 5 (01:58):
It's going to be a phenomenon event and we feel,
you know, even more prepared this year than were last year.
Speaker 1 (02:03):
Absolutely just bigger and better. Every single year's compounding it.
Absolutely love it. So let's talk about it. Because you
did mention the workshops that's different this year. What else
can people expect that will be different than previous years.
Speaker 2 (02:15):
That's a great question.
Speaker 4 (02:16):
I think that is one of the number one thing
I would say, is the workshops really having that tangible
framework and it's more intimate, right because there'll be multiple
breakout rooms and you move from room to room. That's
different the level of talent that we've invited. Obviously we've
up to town and it cost us, right, So also
if you so, if you want to benefit from that
on for a fraction of the costs, that's that's cool.
(02:38):
Just being able to be in the in the room
with those folks, I think it's really amazing. And then
we have a few more ancillary events, so people really
have an opportunity to really be engulfed in the entire weekend.
There's a brunch on Sunday that people can tap in
with there. We partnered up with Jerking Jael for the
evening event on Saturday. We got a mixer before that
on Friday night. I seem that's both of those are
Friday Jerkings lost late Friday night, and then we have
(03:00):
an earlier mixer for those who like. Now, I got
to get back in the room for the workshop, so
I'm gonna just go to That's a lot of different
activations and experiences and yeah, I'm just really really excited.
Speaker 3 (03:09):
And we did We did it Tans Jay to host
our award show.
Speaker 2 (03:13):
Yes, yeah, the host's all hosts.
Speaker 3 (03:15):
So that was that was that was big.
Speaker 5 (03:16):
We really will take it to the next level and
really show people that this will be the official celebration.
There's the official celebration of Black Wealth, and this will
be competing with the Grammys for one of the biggest
award show lif Hello, we.
Speaker 1 (03:28):
Love to see it, super excited for it to continue
to compound and grow.
Speaker 2 (03:32):
So super excited what we.
Speaker 1 (03:33):
Do in real life, right compound interest, right, absolutely we
love that. Okay, so let's back it up though for
those who do not know, how did Melanin Money get
started and why did it get started? Yeah?
Speaker 2 (03:45):
Yeah, so I'm trying to give you the quick version.
Speaker 4 (03:48):
But so twenty seventeen or I actually think twenty sixteen
really had I had a spinal fusion surgery earlier that year,
couldn't sleep was one of those restless nights, and it
kind of sparked for me. I was like, how can
this movement? How can would I care about live on
even if I couldn't do it right? And so I
was ide eating, I was like, I'm a black man,
I'm a financial advisor, and I was like, and I
(04:09):
want to help them with money. Black meiling the money
right Google domain was available, said thank you, got late,
later got the trademark, didn't get that immediately, and then
ultimately fast forward, you know that's happening behind the scenes.
Started as an e commerce brand, right, we just wanted
to spread the word right of what we were doing.
And in twenty nineteen, I went to a financial advisor
conference and at the time, and even still like on
(04:30):
the advisory side, for people actually have licenses, there's not
a lot of people that look like us, right, So
me and Carter were both of that event and we
stuck out like sore thumbs, you know, two black men
facial hair in a conference with you know, it's like.
Speaker 2 (04:41):
Okay, well that's interesting.
Speaker 4 (04:42):
So we connected and then just stay connected from that
event and met every other Monday for two years just
ideas share. At the time, he was a one man
shop with his business. I was a one man shop,
and so you know, we didn't have a team, right,
So Monday I was CEO, Tuesday I was a sales
guy and same thing in his business.
Speaker 2 (04:59):
So we just collaborated and shared ideas for a couple
of years. That went well.
Speaker 4 (05:03):
To say, we said, hey, people should hear these conversations
out loud, started a podcast, and to say that's going well,
we should just combine businesses. Right, you're helping people save
a lot of money on taxes, and my people are
looking to invest the money that they have. How can
we collaborate in a meaningful way. And then meiling the
money as a firm right as an entity was born,
and then we just continue to do all the amazing
(05:24):
things that we did before, expanded the podcast and then
also decided to do in person events. We do some
for our clients internally that are just for our clients,
and wealth we can is an event that's.
Speaker 2 (05:34):
Available to everybody.
Speaker 4 (05:35):
And so that is the quickest version I could possibly
give of what has happened in the last three to
five years. But we're just excited and we're just honored
to be stewarding this mission that God has given us.
Speaker 1 (05:45):
Anything else said to that, again, he didn't leave me much.
Speaker 5 (05:50):
But nah, it's been an amazing journey because entrepreneurship could
be lonely, especially two black men. It's usually they have
a lot of ego, right, because this is my thing,
this is your thing. But how can we make something
that's bigger than both of our names could ever be?
Speaker 2 (06:04):
Right?
Speaker 5 (06:04):
And so Melon in Money is on the trajectory to
being bigger than anything that we could have done individually.
And the mission is so big that people can find
their own mission within our mission, right, which is why
we have so many great strategic partners that are helping
us really close that wealth gap of one hundred billion dollars,
which is.
Speaker 2 (06:20):
A mission yep, exactly.
Speaker 4 (06:22):
So yeah, we want to help one hundred thousand people
of color achieve their first or next one million in networks.
Speaker 2 (06:27):
Some of you already got it. I should to get
another one r.
Speaker 4 (06:28):
Yeah, yeah, yeah, But that's that's the mission, and it's
so big that it gives it wakes us up every
single day pushing towards it. Last year, we announced that
our clients improved in that work by one hundred million
dollars in the first five months of last year, and
we will release the new numbers for this year wealth wekend.
Speaker 2 (06:43):
So you got to be there to hear it.
Speaker 1 (06:44):
Absolutely. Okay, So let's talk about it because you mentioned
the mission. So what would you guys say, is another
goal that you have for melon in money? What do
you what else do you want to see come from
this business?
Speaker 2 (06:55):
Yeah? I think so.
Speaker 4 (06:57):
For me, it's actually impacting the advisory industry. So the
reason so that we can help even more people use.
For us, it's not about like do one hundred thousand
people have to be underneath the melon the money and
bro That doesn't matter to us. We just care that
the mission gets fulfilled. So for me, it's like, how
do we show the world that you can be authentic?
Speaker 2 (07:13):
Right?
Speaker 4 (07:13):
Like I just got this guy to start wearing suits
again like two weeks ago, right, because you know, we
came from an industry where it's just like you had
to wear a suit, right, and then when you break out,
do your own things like I don't want to wear
a suit, right, and so like showing people you can
be your authentic self and still win at the highest level.
How many more people could we help if they could
see themselves in you? Right, Like it wasn't until we
(07:36):
took off the proverbial suit or the mask and said
we're going to still be in this industry that's not
designed for us to move this way, move how we
want to move, and that's.
Speaker 2 (07:43):
Why we're impacting more people than they ever could. Right.
So being able to show our counterparts and our peers like.
Speaker 4 (07:48):
Look, you know, does it have to be stuffy, doesn't
have to be boring, listening to saving money on taxi
doesn't have to sound like paint drying.
Speaker 2 (07:54):
It can be fun, it can be cool, and the
most importantly, you can be you.
Speaker 4 (07:57):
You don't have to put on like we left corporate
America to not have the coach switch, to not be
put in a box. And so being able to show
more people that a's possible that you don't have to
play that game, and you can play your game. I
think that's what's next for us, because I think people
are starting to pick up on it. So the way
that we're going to do that is by showing people like,
I hope you didn think we weren't still helping all
the people behind the scenes. We still have an advisory firm,
we're helping hundreds on the way that thousands of clients
(08:19):
achieve their financial goals, and we're doing all this other
cool stuff on top of it. Right, So you're going
to see a lot more from us, just bringing the
credibility back to the forefront so it doesn't get lost
in translation. In doing so, we help we believe that
our industry peers in the industry at large will start
to take a better look at like, oh, well, let's
see what they're doing. Because they're helping lots of people,
they're doing it in a way that it's unconventional. Maybe
(08:40):
we should pay attention to that.
Speaker 1 (08:42):
Absolutely absolutely. Now, I do want to ask a question,
because we are talking about helping a bunch of people,
let's talk about the wealth gap that is present within
the black community. What are your thoughts both of you
guys on that and what can be done to close
that gap.
Speaker 5 (08:55):
Yeah, I think it at us with conversations, right, because
one of the reasons that the wealth gap is so
large is because our people don't think that's possible for them.
And one thing that we both believe in is that
you cannot be what you cannot see. So the reason
I can't fathom a million dollars, I don't know a
millionaire yet, you know what I'm saying. So the more
we can normalize black wealth hence one of our shirts,
(09:16):
the more that we can believe that it's possible. So
I think it starts with leading from the forefront, us
being the one for our family, the legends that's going
to leave the legacy for our family, and let them
know that not only can you become that millionaire, but
you can set at foundation.
Speaker 3 (09:31):
So just because you got out of the mud.
Speaker 5 (09:33):
Your family doesn't have to get out the mud either, Right.
There's nothing wrong with being a trust fund, baby, you
have to create the trust trust fund. So I just
think that it starts with giving them someone to look
at it, and then having those conversations and then giving
them the education to execute on so they know what
to do First, you have to believe that you can
do it.
Speaker 3 (09:50):
Then you have to know how to do it.
Speaker 4 (09:52):
And that's why we tease so much, and that's why
we you know, we were so close to like not
like just being the talking heads online. Right, there's nothing
wrong with right, Providing massive amounts of education for free
is great, right. But the gap that we continue to
see is like, once you get to a certain point,
you need help, right, You need a money team, you
need somebody who can help do it. And we were
so close to being like, let's just do that, but
(10:13):
realizing that if we if not us, and who who's
going to help people implement the trust, who's going to
help people secure the life insurance, who's going to help
people open up their investment account, Who's going to help
people implement the tax strategy? And so even though it
would have been an easier path to just educate, we
knew that we still had to help people execute. And
I think that's I think that's what makes us unique, right,
and in this space that we're able to play in
(10:33):
both worlds of having a relatability of your favorite financial influencer,
but the credibility of the middle aged white guy who
has all the creditionals behind his name, right, and so
we're really excited to just continue to do that work
and let that part be more known, because I think
we've done such a great job of amplifying our voice
that maybe people don't realize that we still do the work.
Speaker 1 (10:52):
And you do such a great job ad really giving
tips and information to the masses. So I do have
to ask what has been the best advice you guys
have each received, only one, each.
Speaker 3 (11:06):
One each about Yeah, I'll let you go first. I've
made you a first a couple of seconds an answer,
So I.
Speaker 5 (11:17):
Guess I will take this one.
Speaker 3 (11:21):
The best piece of money advice right now?
Speaker 2 (11:23):
It's not business.
Speaker 5 (11:27):
I would have to say that you can't save yourself
to wealth, right, and because wealth weekends come, I think
it's on par if you if you if you save,
and I want to do the math because I don't
have it written down, but you cannot save yourself to wealth.
If you put money in save as account, it will
not grow. And so if you don't find ways to
(11:48):
make money while you sleep, you will work until you die,
right the famous words of Warren buff And I think
our people, because our parents didn't understand investing. They were
scared to invest, like put your money under a mattress,
like my Still, I'm like, you.
Speaker 3 (12:01):
Got to let that go, right, We have to let
those we have to let go of the laws.
Speaker 2 (12:05):
Right.
Speaker 5 (12:06):
So I believe that you can't save yourself to wealth.
So how do we do that? We it's a must
that we invest. We invest everything that we have. We
need to invest our time and entertaining skills. We need
to invest our money and entertaining assets, right, and if
we do those things, that is how you build true wealth.
And that's one thing I want our people to understand more.
Speaker 2 (12:21):
Yeah.
Speaker 4 (12:22):
Yeah, I would say that wealth is made through concentration,
is preserved through diversification. I think there's this idea of like,
you know, I want to invest and diversify and do
all those things. But I think the first thing you
have to do is you got to come become world
class at something, right, because then when you do that right,
you're going to get paid well for And then once
you do that, you can take those profits, take that
(12:42):
income and then buy investment. So we look at the
richest people in the world, you know, the elon musks,
whether you like them or not, Like we can still
pay attention to successfull these clues and most of their
net worth is tied up into the thing that they built.
Speaker 2 (12:53):
Right.
Speaker 4 (12:53):
I think we've been told this live about seven streams
of income and all the things. It's like, No, you
have to build something great first, take the profits.
Speaker 2 (13:01):
And then invest in. Right.
Speaker 4 (13:02):
Sometimes you have to give up a stream to create
a waterfall. I think some people miss that mark. It's
just thinking I'm I'm gonna do hair, I'm gonna sell
bean pods, I'm gonna do all the things because I
need all the streams. But no, you need to become
world class at one thing and then use your money
to buy income.
Speaker 2 (13:17):
So that's the best advice I got.
Speaker 1 (13:18):
That's a real gem. Actually I haven't heard that heard
it that way, you know, give up a stream for
the waterfall Like that makes a huge difference. So that's
the best advice. One piece if you can put into
words that you guys have received. How you guys have
both started financial advisor and also a tax experts. So
what is one piece of advice you want to give
to people that you want to make sure they know
(13:38):
and understand from your backgrounds.
Speaker 2 (13:40):
Sure that last time.
Speaker 3 (13:44):
You knew that would come okay.
Speaker 4 (13:48):
So for me, it's getting multiple uses out of the
same dollar.
Speaker 2 (13:52):
Right.
Speaker 4 (13:53):
So most people, they might invest their money into a
brokerage account or a retirement account and they let that
money sit and hopefully.
Speaker 2 (13:59):
Grow over of course in the next twenty thirty years. Right.
Speaker 4 (14:01):
Well, most people don't realize is you can invest the
money in a retirement account or brokerage account and you
can actually leverage that account to buy more investments. Right, So,
if your brokerage account is growing at ten percent a year,
you borrow twenty thirty to fifty percent of that money
to then go acquire real estate and know you like
real estate, you know, buy some real estate, and then
the real gym there is that real estate is going
to produce cash flow. Right, you can take that cash
(14:22):
flow reinvest it into the portfolio, all while never having
a taxable event because the IRS does not view borrow
money as income. So that's a that's a quintessential part
of our strategy that allows our clients to pay less
taxes and build more wealth at an accelerated rate. So
that's one thing that we tell every single client that
we come across.
Speaker 1 (14:40):
I love it, I love it I'm ready now, ready.
Speaker 2 (14:44):
Listen long enough to try to top mind. I'm gonna
get that. I'm gonna do this right now.
Speaker 5 (14:50):
The biggest advice I have to give people is to
help them give the clarity of what their biggest tax is.
Speaker 2 (14:56):
Right.
Speaker 5 (14:56):
The most expensive tax that most people pay is not
federal tax, which has been the money focusing on it.
It's not state tax because they think it's expensive. It's
not property tax, which in Texas is really expensive. The
most expensive tax is none of those. Most of the
expensive tax that most of us pay is what I
call the ignorance tax, the tax for not knowing how.
Speaker 3 (15:13):
To legally avoid paying taxes.
Speaker 2 (15:15):
Right.
Speaker 5 (15:15):
Donald Trump just passed a massive tax bill, and unfortunately
a lot of people are ignorant of how to take
advantage of that tax bill. They're more focused on political policy.
Then how do they take advantage of something that's already here?
Speaker 3 (15:29):
Right?
Speaker 5 (15:29):
So I think getting the education and learning about how
do I reduce my number one expense, which is that
ignorant tax, and how do I buy down the time
to learn it?
Speaker 2 (15:39):
Right?
Speaker 5 (15:39):
You learn it yourself, well, you can hire an expert
that already knows it. Because every tax strategist should work for.
Speaker 2 (15:45):
You for free.
Speaker 5 (15:45):
If I'm not saving you more than I cost you,
then that's a problem. And I think that if more
people knew that they would save hire a tax strategist
or at least learn about taxes and say they can
say this are saving money.
Speaker 2 (15:57):
So that's a business lesson in general.
Speaker 4 (15:59):
If you have clients like how can you what the
value you provide right surpass what it costs them to
be You're never selling anything at that point. It's a
it's a disproportionate value exchange. And and that's why our
clients choose us.
Speaker 1 (16:10):
I love it. I am happy, though, Carter, you talked
and touched on that big, beautiful bill, because I do
want to get your opinion on the biggest I guess
piece of information that people are missing that can be
beneficial to them from this bill. Actually, both of you, guys,
what would you think people might be ignorant to from
your perspective on what's happening in that bill that can
(16:30):
really benefit somebody.
Speaker 5 (16:32):
This bill is made to help entrepreneurs win at a
higher level. And the reason I say that is number one,
because it's true. And number two, most of the tax
changes are trying to increase spending, and the way that
you help people increase spending is you give those people
tax deductions.
Speaker 2 (16:50):
Right.
Speaker 5 (16:51):
So one of the biggest changes was the return of
one hundred percent bonus appreciation.
Speaker 3 (16:55):
What is that going to do.
Speaker 5 (16:55):
That's gonna make business owner to go buy more equipment,
go buy more vehicles, and go buy more commercial liis
state to build offices. So then therefore they're going to
increase the spending, hopefully to reduce what could be a recession.
So the tax call was made to benefit entrepreneurs and
business owners. The questions are you on the right team
to even benefit on these tax strategies, right, So if
(17:16):
you haven't started a business or found a way to
make money outside of your job, I think now is
the best time to do so.
Speaker 4 (17:21):
Yeah, I mean Carter is the resident tax expert for
our company. Obvious, some of the investment experts, I think
he hit the nail on the head. But I think
the derivative of that. The reason why our relationship works
so well is the more money you stay up on taxes,
the more money you have to invest. And when you
really plan the game at the highest level, you can
save money on taxes.
Speaker 2 (17:37):
Why you're investing.
Speaker 4 (17:38):
Yeah, right, So thinking about bonus appreciation and different tax
strategies that you can take advantage of. It doesn't mean
you just have to spend money. These things can be
investments as well. And so I think understanding that domino
is what's going to make everybody build more wealth by
taking advantage of this bill.
Speaker 1 (17:52):
Absolutely, And I'm happy you're mentioning like you're the investment guy,
because I really want to ask, really both of you guys,
if you guys can go back and do would all
again with the limited funds, what would be your first
investment to really make a life changing situation for you
and your family would what would that be if you
can do it again.
Speaker 4 (18:11):
I hate to be cliche, but I would find the
person who was the most successful at the thing that
I wanted to do. So in this case, let's say
a world class investor, right who had the receipts.
Speaker 2 (18:20):
And I would ask and I would pay that.
Speaker 4 (18:23):
Person him or her to collapse the time so that
I wouldn't have to get I would get the lesson
without the car. I guess it's the concise way to
say it, right, And the only way to do that
is to go find somebody who's already gotten all those
cars and then get the lesson from that. I would
invest at the highest level. I would borrow money to
pay someone who already went through it and already got
the results. That's what I would do first, because anything else,
(18:43):
you're just playing a guessing game and you're learning through experience, which.
Speaker 2 (18:46):
I don't believe is life's highest teacher.
Speaker 4 (18:48):
I think it's like the most painful one, the one
you remember, the most touched the stuff. Oh I'll never
get I got that experience, but it's not the best.
Speaker 2 (18:55):
The best one that you know. I think that's level three.
Speaker 4 (18:58):
Level two is the vinral relations and ships, right, people
that you've been fortunate enough to be connected to who
can tell you, hey, don't do that. And the number one,
of course, is getting a direct download from God himself, right,
And so the only thing I can do to hack
that is a course, continue to be a man of
God and get as close as I can, and or
see somebody who has done at the highest level and
be willing to vote with my dollars that.
Speaker 2 (19:16):
I actually want to achieve the thing.
Speaker 1 (19:18):
Yeah, yeah, that's really good, really good.
Speaker 5 (19:20):
Yeah, And I'll actually harp on that point, because the
question is how do you find that person to pay
to invest in? And for me, it'll be getting in
the rooms earlier, right, because you might not know the
best investor to even pay to turn those skills. So
I remember I was and my business was stuck at
ten thousand dollars a month for a.
Speaker 3 (19:39):
Very long time. Well this was long for me, and
I wanted to break that ceiling. I just couldn't.
Speaker 5 (19:45):
And I went to a conference and I never forget
out sid at a round table like this, and everybody
at that table was making at least one hundred thousand
dollars a month, and nobody at that table gave me
any advice outside of why do you think ten thousand
dollars a.
Speaker 3 (19:58):
Month is a lot of money?
Speaker 5 (20:00):
And so the moment that I stopped thinking that ten
thousand thousand a month was a lot of money, I
got home from that conference. Again no piece of advice
was given from those people. But I crossed it the
next month because my standard for a lot of money
had changed. My standard for a lot of money was
now one hundred and so I breezed past ten without
a thought. So I think getting in the right rooms
(20:20):
to get around people that can expand your thinking. It's
one of the best things that I would do. And well,
you know, we have wealth Weekend coming up this weekend
to get in the right rooms with people that can
expand your mind, because that's only way you can expand
your perspective. It's just seeing that it's possible and then
you'll believe it.
Speaker 1 (20:34):
Absolutely. Those are good, good gems that you guys are dropping,
So I won't ask for too much more. We'll wait
for weeks to.
Speaker 3 (20:42):
Get the whole.
Speaker 2 (20:43):
It's all good.
Speaker 4 (20:46):
Instead of bottom bottomless most is the bottomless backge gym,
I'll take it.
Speaker 1 (20:50):
I'll take you even last year, I was like, I'll
take whatever I can the gem masters themselves. But I
am curious because actually, Carter saw this on your Instagram.
You said, I'm not going to put your flat costs
out there, but you said, if my flight costs this
amount of money and I make this amount of money
on the flight, was that you or was yeah that guy,
it's free, like basically free. So I need some more
(21:10):
guy math gems, Like what else would you say from
each of you guys if you do this and you
make this and it's basically free.
Speaker 2 (21:15):
Yeah, here's here's one one that I like.
Speaker 4 (21:17):
So, for example, I'm renovating decorating my.
Speaker 3 (21:22):
Definitely, it's more than renovating decorating.
Speaker 2 (21:26):
Yeah, I kind of have an event at some point
at the crib.
Speaker 4 (21:28):
But so my my math is, I mean, we always
hear this quote like you can't buy it twice, don't
buy it, right? What does that really mean? Because you
would you literally buy everything by the thing twice. No,
you probably wouldn't. To me what that means as long
as I invest this exact same dollar amount in an
asset that I'm about to spend on a liability or
something that maybe isn't producing me income, it's impossible for
me to go broke, right because I'm still investing at
(21:49):
the same rate that I'm spending, right, and it's never
and I'm never letting the spending out pace. Whenever I
buy something that's a non essential item, I look at
how much money IM supposed to invest for the month,
and as long as.
Speaker 2 (21:57):
It exceeds that, I feel okay about.
Speaker 4 (21:59):
You can't say that I'm not a best teller, right,
So just make sure that you are prioritizing building wealth
at the same time.
Speaker 2 (22:04):
That's my guy math to never going broke.
Speaker 1 (22:06):
I love it. I love it all right, card, I
need one more since you already gave us one on
the plane.
Speaker 5 (22:09):
Okay, Yeah, that's how I look at flights because I
love to travel. Mine is not looking at debt as
debt is. Looking at debt is arbitrage. So if I
can borrow, let's say, say I can borrow ten thousand
dollars at ten percent interest rate. If I know I
can make twenty percent off that money, I'm borrowing it
seven days a week and twice on Sunday. Right, Because
you can get wealthy by using your own money, but
(22:32):
you can get super wealthy can use somebody else's money.
Because the wealthy people understand the purpose of debt is
to use debt to buy income or assets, to use
the money from the asset to pay off the debt.
Speaker 3 (22:40):
So the moment I stopped.
Speaker 5 (22:41):
Looking at borrowing money as debt and started looking at
it as arbitrage as long as I know that I
can beat that interest rate, and key.
Speaker 3 (22:49):
Knowing that you can beat the interest.
Speaker 2 (22:51):
Rate if you can't leave it alone.
Speaker 5 (22:53):
Of course, if I know I can beat that interest rate,
I'm going to take that that debt seven days a
week and twice on Sunday. So what I do is,
I know I get a huge return on skill set,
so I will borrow money to buy a new skill
and let's call that marketing, to learn how to be
a better marketer. I know I'm gonna make ten X
on that investment, so I'll borrow whatever money it takes
(23:14):
to get there. So I think more people look at
debt as leverage and arbitrage, they wouldn't be as scared
to borrow money. But I think most people use debt
to buy liability, so they should to be scared to.
Speaker 4 (23:24):
Borrow money, right, Yeah, liabilities and lifestyle that people most
people use it for.
Speaker 1 (23:28):
Yes, And we got to make the change mentally in
order to really get to the next level. So I
love that, appreciate that. I'm not going to bother you
on the gems anymore. But the personal question, sure, are
you talking about all this traveling? Where do you want
to go next? Because I feel like you are all
over the world typically, So what's what's up? What's coming
up for you as far as vacations.
Speaker 3 (23:45):
Go, Singapore, Bali Obydbai.
Speaker 2 (23:51):
And I'll read all those places too.
Speaker 3 (23:52):
Yeah, with me. You're getting this work too.
Speaker 5 (23:56):
Absolutely, probably those three coming up fairly soon at least
are the big trips, and it's gonna be free because
we have.
Speaker 2 (24:05):
Other cheat code, but you have to borrow money to
get it.
Speaker 3 (24:07):
Yeah, yeah, yeah, yeah.
Speaker 4 (24:09):
So all of our our business expenses, of course we
use you know, American Express things of that nature, and
so we have a lot of points because we have
a lot of business expensess. And so we actually hired
all the gyms are coming together, hired an expert who
knows how to really maximize the points. So now make
all those trips we just mentioned are going to be
completely free. The log lodging and travel at least, yes,
will be completely.
Speaker 5 (24:28):
We're talking about the front of the plane, top of
the planet with the door that closes.
Speaker 1 (24:33):
The first class first class tickets are.
Speaker 2 (24:39):
Yeah.
Speaker 4 (24:39):
But but again if you don't, if you are carrying
interest or the math doesn't make sense, then it's not
going to make it.
Speaker 2 (24:44):
That that's the thing that people go wrong.
Speaker 4 (24:46):
Like, the credit card industry is a multi multi billion
dollar industry, right, so most people are not winning that game, right,
they're not winning that game. So like you just got
to make sure you're actually winning that game and you
can get some cool stuff.
Speaker 1 (24:57):
Out of it. I love my credit card, especially my
am credit card. There is too good for the points.
And I have the Delta one now the sky Miles one.
So it's beautiful. It's definitely beautiful. All Right, you're talking
about all this money being spent now, Jordan, I know
you're married, so let's talk about this whole house that
we are renovating decorated. Now. You moved from the East
Coast a year ago. Now you're in. I'm not going
(25:19):
to say where, but address how's everything going where you
are now?
Speaker 2 (25:29):
Yeah?
Speaker 4 (25:30):
Yeah, so moved out in October, hired an interior designer.
Initially she dropped the ball, just leave it at that.
So I to take matters in my own hands. And
it's been a really great fun, passion problem.
Speaker 5 (25:39):
I've never seen it this happy as far as doing
activity outside of work.
Speaker 3 (25:44):
He's so happy.
Speaker 2 (25:45):
Yeah.
Speaker 4 (25:45):
Maybe maybe another life, you know, I'll be an interior designer. Hello,
but yeah, just you know, just really making home a
place that I can just enjoy. Right, I think that
I have moment I had. We actually took a trip
to what's the team trip to last year and this
is an amazing destination. Right. I had just about the
house like a month before, and I walked in the
house and I was like, oh, like, my house is
like this is not the flex of right aha, I'm
(26:05):
to have for me is better than the vacation house.
So now I don't have to escape anymore. My house
could just be the vacation Yeah. And so at that
point I started getting really intentional about curating the space
in a way this like, man, I can I'm just
really gonna enjoy being here. So we had to us
and our media team with at the house past Sunday.
We grilled out, playing some golf in the backyard, and
so I'm just really excited just make it a space
that I enjoy, you know what I'm saying.
Speaker 2 (26:26):
Because here's the thing. A house that you live in is.
Speaker 4 (26:29):
Not the best investment generally speaking, right, or most people
didn't even consider it an investment. But if we look,
if we broaden the definition of investment in terms of
relational equity, a place I feel so comfortable in biting
people over to give them a world class experience and
just really enjoying family time, it is an investment at
the highest level.
Speaker 2 (26:45):
When you look at it from that land. That's what
I'm up to these I love it.
Speaker 3 (26:48):
I love it.
Speaker 1 (26:48):
Or would you ever leave the high rise or you're
staying with the high rise? Carter?
Speaker 5 (26:52):
I just just got to like, you know what I'm saying.
The secondary guest room. The secondary guest room is my room,
and we run a.
Speaker 2 (26:59):
Guest house in the other the yards.
Speaker 1 (27:01):
You got your spot already decorating everything. Assuming I love it.
Speaker 3 (27:05):
I love it.
Speaker 1 (27:05):
By any last words or jams you want to leave
with the people before we get out of here.
Speaker 4 (27:10):
I would just say that bet on yourself because it's
the best investment you could ever make. That's all we did, right,
We're no different than anybody else. Like that's when people
always like connect with us in person.
Speaker 2 (27:22):
It's like, oh, yeah, it's.
Speaker 4 (27:23):
Just cool, y'all are Yeah, it's regularly like the only
thing we did is we just bet on ourselves and
we chose something that was bigger than us at the
same time, so better yourself, but choose something that's bigger
than you and you can't lose. And that's and that's
what we did, and we're excited to keep running towards
that mission.
Speaker 1 (27:37):
Absolutely, I love it. I love it. Anything you want
to add to that.
Speaker 5 (27:41):
No, Just for those of you are that we will
see at both weekend, see y'all very very soon. And
those of you are that we don't, we'll see you
there next year because we're gon be doing this.
Speaker 2 (27:52):
Through the recap until next year.
Speaker 3 (27:55):
How they live?
Speaker 1 (27:55):
What are the social media handles so they can kind
of see what's going on if they can't attend.
Speaker 2 (27:59):
Yeah, yeah, company stuff.
Speaker 4 (28:00):
You want to see all things meling and money, smelling
money on all platforms.
Speaker 3 (28:03):
Our YouTube is really yeah, so.
Speaker 2 (28:06):
That's our real focus right now.
Speaker 5 (28:07):
Yeah, so meiling the money on YouTube, co Fit Advisor
on Instagram, and.
Speaker 2 (28:11):
George ashm Pong Jr. On It's on Instagram.
Speaker 1 (28:14):
Yeah, I love it. I love it. I love it.
So George and Carter, thank you guys so much for
coming into the studio.
Speaker 2 (28:19):
Thanks for having us again.
Speaker 1 (28:20):
Absolutely happy to have you. We'll do it again next year,
same time next year, of course, so once again. Alexandra Kaimoni, iHeartRadio.
Speaker 2 (28:27):
Peace,
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