November 30, 2025 • 58 mins
Failure isn’t a dead end; it’s the draft version of your winning playbook. Rob Brown sits with Michael Woods L to unpack how a flopped car dealership became the foundation for a profitable electrical company, a decade of business plan and grant writing, and a repeatable system for money that actually sticks. The conversation moves from early influences and community examples to hard truths about cash flow, lifestyle creep, and the difference between looking successful and being solvent.
We get tactical about wealth building: why real estate shows up in nearly every wealthy portfolio, how to use index funds as a simple starting point, and the clear line between assets that pay you and liabilities that drain you. Michael lays out the daily disciplines—separate business and personal accounts, pay yourself a set percentage, and track cash weekly—that keep founders from going “business broke.” He also breaks down how the wealthy use debt to create income, turning mortgages and even cars into cash‑flowing tools when paired with a plan.
If you’re launching or leveling up, you’ll hear a nuanced take on business planning in the age of AI: use it for a roadmap, not a substitute for market research. We explore grants versus sponsorships, when a pitch deck beats a proposal, and where to find investors who respond to clear numbers and a credible path to return. Then we get into the operator’s toolbox—automate lead intake, schedule emails and voicemails, and adopt a CRM by year one so you never lose a prospect to chaos. We close with business credit fundamentals, hiring at the right time, and the simple relocations that turn the same income into more freedom.
If this sparked ideas, share it with a builder you respect, subscribe for more candid playbooks, and drop a review with your biggest takeaway so we can go deeper next time.
NYPTALKSHOW EP.1 HOSTED BY RON BROWNLMT & MIKEY FEVER
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
SPEAKER_03 (00:12):
What's going on out there, everybody?
What's going on out there,everybody?
It's Rob Brown LMT, the People'sFitness Professional, aka Soul
Brother Number One, reportingfor duty.
Today you gotta do theknowledge.
That's my name, my main thingfrom now on.
Do the knowledge.
Do the knowledge to this uh umentrepreneurship one-on-one,
master your money and build yourbusiness with the brother
(00:36):
Michael Woods L.
Uh, before we go into today'stoday's topic, we gotta throw
the commercial up there.
SPEAKER_00 (00:43):
Peace family, welcome to NYP Talk Show.
This is more than a podcast,it's a conscious platform rooted
in truth and culture from the 5%nation, Nation of Islam, Morris
Movement, and Mason River.
Our mission is to reclaim ournarrative and uplift the African
diaspora with real stories andreal conversations.
(01:07):
Support us through SuperChatduring live show, donations on
Cash App, GoFundMe, Patreon, orBugSprout.
And by refing our officialmerch, available on our website
and right here on YouTube'smerch shelf.
Every dollar, every super chat,every hoodie builds the
(01:27):
movement.
This is NYP Talk Show.
SPEAKER_03 (01:33):
All right, all right.
What's going on, everybody outthere?
We are building on masteringyour money.
Build your own business.
Building your business.
Brother Michael Woods L is inthe building.
I want I want you to give them abrief history before we go into
today's build.
And uh we go right into today'sbuild, but let's talk about it.
(01:53):
Where were you born and raised?
SPEAKER_02 (01:56):
I am a Jersey boy.
I was born and raised in a placecalled Willenborough, New
Jersey.
It's um not too far fromPhiladelphia, maybe about 30
minutes outside of Philadelphia.
And uh it's a for me, it was theperfect place for me to grow up.
SPEAKER_03 (02:15):
Okay.
Now, why why why do you say it'sthe perfect place for you to
grow up?
SPEAKER_02 (02:19):
Because it was a so-called African American
community that was amiddle-class community where you
know people had front yards,backyards, your neighbors were
traditional workmen, you know,they had the the blue-collar
jobs, you had a few doctors, etcetera, that were in the
(02:40):
community, but it gave me theopportunity to be around people
that look like me while alsoseeing some of the um potential
of our people.
And that was one of the biggestthings for me was being around
some examples.
SPEAKER_03 (03:00):
Right, right.
So, can you give me an exampleof those examples?
SPEAKER_02 (03:05):
So the biggest example, of course, I gotta keep
it in the family, would be myolder brother.
So, my older brother was thatfirst example for me when it
comes to entrepreneurship,business, etc.
Um, since we were uh we havelike an age difference.
So he's 12 years older than me.
(03:26):
So when I was young, everythingthat he was doing, anything that
he was a part of was what Iwanted to do and what I wanted
to be a part of.
So he, you know, oftentimeswould tell me, like, hey, you
gotta find side work, you haveto, you know, do your own lane
as far as what it is that you'regonna be in in business.
And eventually him and I umlater on would actually start an
(03:51):
electrical company.
SPEAKER_03 (03:54):
That's peace.
So, what age was your brotherwhen he what age were you guys
when you started the electricalcompany?
SPEAKER_02 (04:00):
I was 22 years old.
22.
Um, and that was actually mysecond business at the time, uh,
because before we actually didthe electrical company, we
started a car dealership.
And the car dealership, itcompletely flopped.
It was, it was a way, not to saya waste of money, um, but we
(04:21):
didn't make any money throughoutthis entire business
transaction.
The biggest thing that we gainedfrom owning the car dealership
was the experience and thelessons that we learned on how
to run a business and then makebetter business decisions.
SPEAKER_03 (04:40):
See, I like that you said that because one thing
about business is failure.
You have to fail.
You gotta fail.
If you don't fail, you won'tlearn and you won't grow and you
won't be successful.
So that's one thing I learnedabout business myself, you know.
So yeah.
(05:00):
So so you had the cardealership, that didn't that
didn't work, that didn't panout.
Um, how did you fund thebusiness?
SPEAKER_02 (05:09):
Good question.
So the car dealership was awell, like the majority of the
businesses that I've been a partof, was a group effort.
So it was myself, my olderbrother, and two of his friends.
Unfortunately, one of hisfriends had passed away right
before we launched the actualcar dealership.
And then it was just three ofus, but we literally put our
(05:32):
money together.
I think we ended up puttingaround a thousand to fifteen
hundred dollars a piecetogether.
And we uh got all of the generalLLCs, uh, bonding insurance.
We um got our dealership cardealership license out of the
state of Indiana because it wasa little bit cheaper for us as
(05:52):
far as like the taxes and someof the restrictions um compared
to New Jersey, which is where wework, and that's kind of what
you know got it rolling, likejust us coming together, putting
our money together, and saying,all right, we're gonna start a
dealership and go from there.
SPEAKER_03 (06:09):
Okay.
So, how long did it take for youguys to say, all right, this is
not working?
SPEAKER_02 (06:16):
That's a good question.
So some of us came to thatconclusion faster than others.
Um, some of us tried to continueto make it happen despite the
financial side of it not goingaccording to plan.
Um, so I'll probably say thatbusiness started in 2009.
(06:38):
I was 19 at the time.
I think by the time uh 2012 camearound when we started the
electrical company, I was prettymuch like officially the end of
the uh car dealership by thatpoint.
SPEAKER_03 (06:52):
Okay, and then you guys did you guys lose a lot of
money?
SPEAKER_02 (06:56):
We lost all of the money that we put into it
because we didn't make we maderevenue, but not enough to cover
all of our expenses that we hadput into it up until that point.
SPEAKER_03 (07:07):
Gotcha, gotcha.
All right.
So now the the car dealershipfails, okay, and then how do you
rebound from that point?
SPEAKER_02 (07:16):
We actually pivoted right into the electrical
company.
So while we were doing the cardealership, all three of us were
electricians.
We worked for a company in NewJersey, um, and we would
literally talk strategy all dayat work and then try to
implement that after work forthe car dealership.
(07:37):
But once that fell, we ended upgetting laid off from the
electrical company that we wereworking at, and they pretty much
motivated us to say, all right,well, let's jump right into
starting our own electricalbusiness.
And this was also something thatmy older brother was pursuing
for years prior to this.
This has always been somethingthat was on his list of goals
(08:01):
and things to do.
And like I said earlier, I wasthe younger brother just
following along.
So whatever he said we weredoing, I'm like, all right,
let's let's figure out how's thebest way we can do that.
SPEAKER_03 (08:13):
Okay, okay.
And your older brother, how oldis he?
He's he got what five years onyou?
12 years.
12 years.
Okay, okay, okay, cool.
So now, this electrical company,you pivot off into the
electrical company.
And um, so before we see, wewe're jumping right into
business, which is cool, right?
(08:34):
But before we go deeper into thebusiness questions, I just want
to talk about mastering yourmoney.
Okay.
Now, I don't know if that isyour specialty, um, but uh, you
know, if not, then we could justyou just keep going with the
business.
SPEAKER_02 (08:50):
I mean, we could definitely, we can definitely
talk about it.
Um, I'm an amazing saver, andthat's really one of the reasons
why I've been able to do a lotof the things business-wise that
I've been able to do, because Iwould say I'm a master saver
when it comes to money.
SPEAKER_03 (09:09):
Okay.
So now, um, growing up, uh, whatwere your what were you taught
about money and how did thatshape you?
SPEAKER_02 (09:18):
That's a good question.
Um I think the biggestprinciples that my mother and
father probably taught me aboutmoney was that you had to work
for it.
And I think that was due to, youknow, the era that they were
brought up in.
Um, and I not to say that Idisagree with that or agree with
it, but I do say that thingshave changed over the past 10
(09:42):
years or so where you may nothave to put as much effort into
it as before.
But uh, for the most part, Iwould say, you know, I was
taught that if you wantsomething financially, you work
for it.
SPEAKER_03 (09:55):
Okay.
And so so that shapes you to bea person who, you know, doesn't
mind, you know, pulling up thesleeves and getting to work.
SPEAKER_02 (10:04):
Always.
I started, I started on the onthe money hustle young.
I was the one selling candy inschool.
Um, probably by the time I was14 or 15, I was going on
construction sites with mybrother or my father, and you
know, not really doing muchother than you know, picking up
(10:25):
trash, going to go get people'slunches, you know, whatever they
needed me to do, whatever theyneeded me to pick up or do,
that's essentially what my jobwas when I first started.
And I would make$80 a day and Iwould save$70 every week that I
went and did that because uhearly I knew, like, all right,
(10:47):
if you want money, you save it,and then you can invest into
something else or buy somethingelse that you really want later.
SPEAKER_03 (10:54):
Right.
This is this is uh almost uh Iwould say this is a great
beginning because what you justsaid is important for people to
like really get a clear pictureabout.
So you said you're not afraid towork for it.
You went out there, you wentjust to construction sites.
(11:15):
You know, that's likegrassroots, grassroots, right?
You didn't go ask for a job andfill out an application right to
a construction site and you madea deal.
You brokered a deal with thisconstruction site.
SPEAKER_02 (11:34):
I mean, it was easy because my my brother had the
connection, so it was reallyjust him saying, Hey, do you do
you want this type ofopportunity?
And me saying, Yes, I want thattype of opportunity, and then
going to fulfill it and doexactly what you know they're
asking me to do.
Right.
So without his connection, Iprobably wouldn't, not probably,
(11:55):
without my brother's connection,I would not have been able to
get into the industry as youngas I did.
But that's where I learned mybusiness foundation by watching
other people and what they weredoing.
SPEAKER_03 (12:08):
Gotcha.
What what is uh what's thebiggest mindset shift people
need to build wealth?
SPEAKER_02 (12:15):
To build wealth, I would say if you're building
wealth, it's rarely going tocome from one stream of income,
or it's rarely going to comefrom what would people would
consider a typical nine to five.
SPEAKER_01 (12:34):
Okay.
SPEAKER_03 (12:34):
So can you give me some examples like stocks and
that's what you treat me, right?
SPEAKER_02 (12:39):
Exactly.
So a lot of uh let me start withthis.
One thing that all of thewealthy people in the world have
in common is that they have someform of real estate, whether
that be just a simple home, uhsingle-family home, multifamily
home, apartment complexes,buildings, etc.
(13:01):
Having some form of uh realestate is one of the key things
that pretty much all people ofwealth have.
So if you're looking to buildwealth, real estate, of course,
is one of the necessary routes,I would say, to doing that.
And then in conjunction withthat, you have stocks, you have
(13:24):
bonds, you have mutual funds,etc.
Um, all of which it's going todepend on what you personally,
uh your risk level, like whattype of risk you want to have.
You know, stocks may have thethe highest risk depending on
what type of stocks you'redoing, um, or if you're trading
options within those stocks.
(13:45):
So uh essentially understandingthat having multiple streams of
income, some passive, some uhthat you actually have to work
for will actually be thebeginning stages for developing
wealth.
But understanding that you wantto do what the wealthy people
(14:05):
do.
And a lot of those things arereal estate, stocks, bonds,
insurance.
SPEAKER_03 (14:11):
Okay.
Ah man, I mean, we could unpackthat, just that we could go into
that.
Um, that's like another class.
Um, okay, so why do so manybusiness owners fail financially
even when their sales look good?
(14:31):
Would you know that?
SPEAKER_02 (14:33):
There we go.
They didn't properly, theydidn't properly plan before they
started spending.
Most people have sales, theyhave income coming into their
business, but they're spendingtoo much money.
They're spending too much moneyon literally running the
business, the costs and expensesof running the business, and
(14:53):
then they're taking out profitsand then using those oftentimes
to run their lifestyle.
And then when you do those atthe same time, it oftentimes
makes your overall income uhthrough your business not as
high or as well as you wouldlike it.
SPEAKER_03 (15:12):
Gotcha.
Okay.
What's the difference betweenbeing rich and being wealthy?
SPEAKER_02 (15:17):
Are we talking about like a number?
SPEAKER_03 (15:20):
I mean, if you have a number, yeah.
I wanna, yeah, if you got anumber.
SPEAKER_02 (15:24):
I mean, I don't have like any official uh data that I
would say I would point to, butI would say, and then it also
depends on what state you livein, but I would say, you know,
rich is probably between 150,000and maybe 180,000, and then
wealthy would probably beanything over that.
And then you got the superwealthy, which is, you know,
(15:47):
millions every year, and thenthe ultra wealthy, which is the
billionaires.
SPEAKER_01 (15:52):
Right, right.
SPEAKER_03 (15:53):
Now I've read um I've read uh a place where um
I've read that uh the middleclass now is it's I think it's
um uh don't don't quote me onthis, I guess.
So but it's like 150,000 anddown.
SPEAKER_02 (16:12):
I could see that depending on where you live.
I mean, you live in New YorkCity.
I'm a person that lived in NewYork City.
$150,000 in New York City willnot get you as far as$150,000 a
year in North Carolina or SouthCarolina or Virginia or West
Virginia.
SPEAKER_03 (16:32):
Right now, where you live right now, uh is$150,000
would that cut it?
Absolutely.
SPEAKER_02 (16:40):
That's why I moved out of New York.
Okay.
All right, so that's anothertip.
SPEAKER_03 (16:47):
Move.
SPEAKER_02 (16:49):
Yeah, move.
If uh if your income isn't tiedto your location where you're
at, go ahead and move to a placewhere it doesn't cost as much to
live.
Then you end up having that sameamount of money, but you have
more room to utilize it becauseyou're not spending it all on
your living expenses.
SPEAKER_01 (17:09):
Right.
SPEAKER_03 (17:10):
Okay, now um how does understanding taxes change
the wealth building thing?
SPEAKER_02 (17:18):
Well, the more money you make, the more you're going
to want to avoid paying taxes.
It's as simple as that.
SPEAKER_03 (17:29):
Right.
Now, I don't know if you want togo into how to do that on this
on this channel right now.
SPEAKER_02 (17:35):
You know, because that is not necessarily my
specialty.
Um, I do know uh the basicsabout it, but that wouldn't be
something I would want to speakon confidently.
SPEAKER_03 (17:46):
Actual fact.
Okay.
So um my thing about tax is isuh communication.
If you know anything, want togive me any tips about
communicating with the IRS.
I mean, you know, you give thema call and it takes like a two
hours to get someone on thephone.
Like, what's the best mode ofcommunication if you know?
SPEAKER_02 (18:07):
Yeah, I have no idea about that.
I experienced that.
All I know is it takes time.
Yeah.
Uh that's where it starts andstarts and ends with me.
SPEAKER_03 (18:18):
Right.
Now, um, let's go into umentrepreneurship.
Uh, for someone starting abusiness today, what's the
smartest first step?
SPEAKER_02 (18:28):
A plan.
Business plan.
A business plan is the first andonly step that anybody starting
a business or thinking aboutstarting a business should
consider.
If you skip over the businessplan, you're going to regret it
later.
Whether you realize it directlyor indirectly, you're going to
regret it.
SPEAKER_03 (18:47):
So now, in this new world of AI, um, you could, what
do you think about it?
Uh, like back in the days when Iwanted to get into business when
I was younger, uh, you had to goto the library, you had to do
research, you had to really putin work to uh uh uh for to to
create a business plan.
(19:08):
Now you can uh just go on ChatGPT, a business plan spit out
right at you, or you can hiresomeone online to do the
business plan.
What are some uh drawbacks fromthat, you know, and or pros and
cons for the for uh you know foruh the new world versus the old
(19:28):
world?
Right.
SPEAKER_02 (19:29):
So I'm a business plan and grant writer with over
a decade worth of experience.
AI can only do but so much whenit comes to creating your
business plan.
And if you're looking for asimple, what I would what I call
(19:50):
a robe roadmap style businessplan where it's just telling you
uh some of the things that youneed to be doing and taking care
of and taking care of, uh,that's that's a perfect type of
business plan that you can makewith AI.
But if you're looking to have athoroughly market research
(20:12):
business plan, AI can only do somuch, especially if you're not
trained on how to uh ask the theAI the correct questions or
input the correct prompts to getthe accurate results you want
for your actual business plan.
SPEAKER_03 (20:31):
Okay.
SPEAKER_02 (20:32):
And I see that, you know, I see it all the time.
I see people, you know, askingabout, you know, well, I can
just go on Chat GPT and justtell it to make me a business
plan.
Or I've I've literally hadpeople tell me and send me their
business plan that was createdon ChatGPT, and then I end up
having to tell them a list ofthings that ChatGPT did not put
(20:53):
into your business plan that's arequirement for you to actually
know what it is that you need todo for your business.
SPEAKER_03 (21:04):
Okay, okay.
Now, um, you said you're abusiness, business plan writer
and grant writer.
Uh, I'm just asking for myself.
I guess we could talk about thatoff off there.
You know, like I I need I needhelp, man.
SPEAKER_02 (21:20):
I need help.
I'm there for it, man.
That is something that I've beendoing for over a decade.
Something that I got intobecause I couldn't afford to pay
a business plan writer.
So I actually had to figure outhow to do it myself.
And then during that process, Irealized that I actually had a
love for creating businessplans.
(21:41):
And then that's really where mybusiness plan journey started.
And then uh maybe two or threeyears ago, I uh partnered with a
young lady who is an expert atgrant writing, and she was like,
Well, if you're a business planwriter, you can write a grant.
It's easier to write a grantthan it is the business plan.
And I'm like, no way, it can'tbe easier for a grant than a
(22:04):
business plan.
And once she kind of showed meher strategy and how she does
it, it was easier, just like shesaid.
SPEAKER_03 (22:14):
Now, writing a grant, right?
Now, when you write thesegrants, what's the uh what's who
would I would be giving thesegrants to?
Like, uh, is it the government?
Is it like sponsors?
Is it like how what who am Igiving these grants uh um papers
(22:36):
to?
SPEAKER_02 (22:37):
So it could be either.
It could be a regular uhnonprofit organization or a
for-profit organization.
It could be a state entity, itcould be a federal entity, it
could be a local governmententity, so it could be anything
between your local firedepartment who has some sort of
program that they set up forgrants.
(22:59):
Um, so for somebody like you,your fire department or the
state fire department may have afitness program that they want
to keep the firefighters inphysical shape, and you would
apply for that grant with yourbusiness information and then
explaining in that um that grantuh proposal why you're a good
(23:21):
fit and how you'll be able toactually allow the firefighters
to achieve the goal that they'retrying to reach on a fitness
tip.
SPEAKER_03 (23:29):
Okay, now let's say if I'm a podcast, right?
Like this one, and uh, you know,I'm looking for sponsors.
Would you be able to write agrant for sponsorship?
SPEAKER_02 (23:40):
So for sponsors, you may not want to have a grant.
You may be, it may be more oflike a pitch, a pitch deck may
be more of what you need, whereit essentially it tells them who
you are as a podcaster, um, whatyour podcast has done over the
time that it's been uh started,your subscribers, your view
(24:03):
counts, and then you want to letthem know okay, well, based off
of this, this is what I canoffer you as a sponsor.
I can offer you a one-minute uhad on my show.
And because I get you know10,000, 20,000, 30,000 views a
month, this is how many peoplewill see your ad.
So sponsors, you may want toapproach on more of a
(24:25):
partnership direction versus agrant.
It's normally based off of youperforming some sort of task,
unless it's a grant based off ofsomething you're already doing.
SPEAKER_03 (24:36):
Gotcha.
Makes sense.
That makes sense.
Okay, uh, how can entrepreneurskeep more profit instead of
living uh instead of living uhbusiness broke?
Business broke.
SPEAKER_02 (24:51):
I have never heard that term, but I love it.
I know a lot about it too.
It comes with the territory, soI know a lot about that one.
But the best thing I'm gonnasay, and some people may not
like it or may not agree, but Iwould say work a nine to five
while you work your business.
(25:12):
That is the best way to haveconsistent income, ensure that
your lives' expenses are goingto be paid for while also
growing your business.
A lot of people, myselfincluded, we go into 100%
business ownership or 100%entrepreneurship, and we don't
(25:39):
give ourselves a backup uh planor any type of financial leadway
to actually leave room formistakes.
And when that mistake comes, youkind of get pushed in a position
where you may have to resign oror or stop your business, or you
may be in a position whereyou're in too deep, and now you
(26:02):
have to force things to happenwithin your business, and which
also causes mistakes, delays,etc.
SPEAKER_03 (26:10):
Yeah, you know, um I can I I have some I know th I I
could see what people do outthere in the world, and uh I I I
can look at some examples ofthat, where um, you know, they
try to go head first and forgetthe nine to five, and then now
they're just doing whatever theyhave to do to make their
(26:31):
business growth.
Yeah, and uh, you know, that'sthat's uh you don't want to be,
you don't want to become as aswe say in a five percent nation,
a savage in the pursuit ofhappiness, you know, which I see
that happening in and I've beenthere, so I'm not I'm telling
people from experience.
SPEAKER_02 (26:49):
You know, when we started the electrical company
in 2012, that was that was thatexperience of jumping in 100%,
no backup plan.
It's we were either we had themindset of either this is gonna
work or it's not, and we'regoing to pivot to something
else.
So part of that mindset was goodbecause we, you know, we had a
(27:09):
get it done or or or else typeof mindset.
But for people that want to growa business and not necessarily a
hustle, you want to make surethat you have those back-end
things already organizedbeforehand, if possible.
SPEAKER_03 (27:27):
Right.
All right.
What is cash flow cash flowready?
Uh what is cash flow flowreally, and how should owners
track it weekly?
SPEAKER_02 (27:40):
So, cash flow is basically how much income is
coming into your business,whether it's on a weekly,
bi-weekly, or or a monthlybasis.
And you want to there's a lot ofapps out there that will
literally track your cash flow.
It will take all of your incomeand it will tell you where to
put it or where you could putit, give you a list of options
(28:02):
as far as your business taxes,your marketing, your
advertising, um, promotion,employees, etc.
And you can uh don't want topromote any right now, but what
we can do is get you a referrallink so you can promote it on
the next episode that we workon, and then we'll uh add
(28:25):
another uh revenue stream to thepodcast through that.
Oh, we're okay.
SPEAKER_03 (28:30):
That's what's up.
There we go.
Yeah, that's what's up.
All right, so now um, shouldevery entrepreneur separate
business, personal, and businessaccounts?
SPEAKER_02 (28:42):
Absolutely, all the time, 100%.
Okay, why?
So the first and most importantreason is taxes.
So you need to basically be ableto show that separation when
you're filing your taxes.
Your business's money belongs toyour business, your personal
money belongs to you.
(29:04):
So when you mix those, which alot of business owners, myself
included, have done in the past,it messes up your taxes, it
messes up your incomestatements, and it also messes
up your cash flow.
So most business owners uh willeither pay them pay themselves
(29:25):
first or they'll pay themselveslast.
But normally when they use thatpay your first, pay yourself
first or last technique, theyset a percentage of how much
they're going to pay themselves,and then they proceed pre paying
themselves that percentage everyweek or every uh bi weekly.
So now they know if we made$10,000 this week, I'm taking
(29:47):
10% out of that$10,000, which is$1,000, and putting it into my
personal account because that'swhat I'm paying myself for the
week.
Versus what we oftentimes do,which is have one account.
Account or two accounts, and wehave these accounts, and we're
using it to pay our card note,to pay our phone bills, to pay
our business expenses, ourbusiness insurance, and
(30:09):
everything else, and it's allbeing taken out of the same
account.
And then, of course, when you goto file your taxes, or if you're
using um a tax professional,they have to go through all of
these transactions to kind oftell what your what your
transaction types were.
And if you have a lot ofpersonal transactions in there,
you're actually making their jobharder, which could make it more
(30:33):
expensive for them to file yourtaxes for you.
SPEAKER_03 (30:37):
Check.
Okay.
All right, investing.
When uh when should businessowners start investing outside
of their business?
Um, could you be more specific?
I want to make sure I answerthat directly.
So uh, when should businessowners start investing outside
of their business?
So, like, of course, you make aprofit and you invest back into
(31:00):
your own business.
The question is asking whenshould the business owner start
investing in other thingsoutside of their own business?
Maybe uh another business.
SPEAKER_02 (31:12):
Uh so personally or through that business?
Uh through that business.
Uh only when it's uhgrowth-related, I would say, if
you're going to invest intosomething else outside of your
business, um, it would make themost sense if it's something
(31:35):
that's going to help yourbusiness grow.
So, for example, um withfitness.
If you wanted to make a businesspurchase, uh, let's say you
wanted to purchase a printingpress company that is printing
hats and shirts and workout gearalready.
(31:56):
It's not what you do.
You're not a printing press, butyou could utilize the assets
that that business has to nowexpand your business and grow
your business further byexpanding your your brand, if
you will, with fitness by nowhaving access, direct access to
a printing press where you canprint your own shirts, hats,
(32:19):
etc.
Gotcha.
So in those types of cases,that's where it makes the most
sense.
SPEAKER_03 (32:26):
Gotcha.
What are the four main types ofincome streams everyone should
know?
SPEAKER_02 (32:32):
Uh the four types of income streams?
Like, like passive, passive,yep.
Okay, right.
So, yes, you got passive income,you got residual income.
Um, what else do you have?
Passive, residual.
Um man, I'm drawing a blank onthe other two.
SPEAKER_03 (32:54):
Um passive, passive, residual, and of course, uh tax,
tax wages.
Yes, tax wages you're nine tofive.
Yep, that's income.
That's uh another form ofincome.
Uh yeah, I'm I'm I'm I'm I'm I'mlike lost on that.
(33:14):
What was I thinking?
Anyway.
Anyway, yeah.
Let's let's move on to the nextone.
If someone only had$500 to startinvesting, uh, what should they
do?
SPEAKER_02 (33:27):
Investing or starting a business?
Because those aren't necessarilythe two two of the same.
SPEAKER_03 (33:33):
Uh, I'm gonna go with investing.
SPEAKER_02 (33:37):
Um now this isn't financial advice.
I would say uh if I had$500 andI want to start investing, I
would put it into the SP 500 andlet it sit.
The SP 500 is basically a groupof the 500 most popular
companies on the stock market.
(33:59):
And when one uh company fallslower than the the bracket, a
new company is put in, and ithas one of the most consistent
um interest-gaining uh profitmargins for probably the last 40
years, I would say, or maybeeven longer, however long it's
(34:20):
been around.
But if I had$500 that I wantedto start investing, the first
thing I would do would probablybe put$500 in an SP account and
let it sit from there.
SPEAKER_03 (34:32):
Okay.
So now to talk about business,right?
You know, I wanted to go intothis.
Um when it comes to buildingbusiness credit, how do you
separate the personal creditfrom the business credit?
Because that's something thatI've been trying to do.
And uh, I don't know.
(34:53):
I don't know if I've beensuccessful at doing it or not.
You know what I'm saying?
Because every time I go for acredit card for my businesses,
they ask for my own, my um my mysocial.
SPEAKER_02 (35:06):
Yeah.
Um, that's normally because yourbusiness hasn't been in business
long enough for whatever theircredit requirements are.
Ah.
Or that could also mean thatyour business hasn't developed a
score for itself where they canutilize only your business's
(35:28):
score.
SPEAKER_03 (35:29):
I love that, brother.
Okay.
So how do you build that scorethrough through uh nav in uh the
um Dungs and Brad Street?
SPEAKER_02 (35:40):
Yes.
So basically, um those are thecredit boroughs, if you will,
for a business, um, and they'refree to register.
You go onto those websites, youregister, you set up everything
as far as it's maybe a four-pageapplication.
They want all of your generalbusiness information, your name,
(36:01):
your business name, address, etcetera.
And once they have all of that,once you uh you could once you
apply for a credit card or uh ifyou applied for a line of credit
or something along those lines,they'll now be reported to those
agencies, which will now growyour credit score, your
business's credit score the sameway your personal credit score
(36:23):
grows.
And once your business creditscore is high enough and your
business income is high enough,they'll only look at those two
things, especially once you'vebeen in business for whatever
their criteria is as far as theamount of time.
SPEAKER_03 (36:39):
Ah, okay.
Hold on a second.
We cooking right now.
Peace, uh, peace uh Ben, what'sgoing on?
A B the light in the building,my brother.
Peoria in the building.
Um now, okay.
Business credit and personalcredit, they are similar, but
(37:01):
they are different at the sametime.
Correct.
Okay.
I just don't understand how tobuild the business credit as
much as I know how to build apersonal credit.
SPEAKER_02 (37:13):
It's literally the same concept.
Okay.
Anything anything that you knowabout building personal credit,
you would pretty much apply thatto your business credit.
Except the the so your yourpersonal credit could have, you
know, you can go up to an 800credit score.
(37:34):
With your business credit, youcan go up to 100, which is
perfect uh credit score.
That's probably one of the onlymain differences as far as like
the numbers go, but everythingelse is pretty much the same.
You want to show that you'repaying things on time, you want
to make sure you have, you know,at least three to five different
credit lines open at a at a at agiven time.
(37:57):
Um, all anything that you prettymuch probably heard that's
reasonable when it when dealingwith your personal credit are
the same things that you want toapply for your business credit.
SPEAKER_03 (38:08):
Well, the the the uh business credit, the nav
business credit, and the done'sbusiness credit number, those
are two different ones, right?
SPEAKER_02 (38:17):
They do have different criteria and different
numbers, uh, especially the Dunand Brass Street, which has
recently changed, I thinkprobably in the last two or
three years, maybe a little bitlonger.
So, yeah, they they definitelyhave um, as far as how they
score your credit, they havedifferent um settings, if you
(38:38):
will.
But what it takes to actuallygain the scores are the same
across across both.
They're both looking for thesame type of criteria to give
you your score.
So these are just two differentcompanies giving you a score.
SPEAKER_03 (38:54):
Okay, that makes sense.
All right.
So now um let's go into thisnext one.
Uh how do you how do you how doyou tell the difference between
a good asset and a liability?
SPEAKER_02 (39:10):
A good asset is gonna make you money, a
liability is gonna drain youwith money.
SPEAKER_03 (39:16):
So they you know, I hear this online sometime.
A house is a is a liability.
SPEAKER_02 (39:23):
Uh your own personal house.
Your own personal house as aliability.
I would disagree.
Because on average, homes, uhthe property value of your homes
normally stay at rate withinflation.
Um, let's say prior to 2020.
(39:46):
So if you owned a home prior to2020, because that's when things
got a little bit weird, butprior to that, the market would
basically say that if you own ahome, it's the value of it is
going to increase withinflation.
So if that's the case, you don'treally lose any money uh as far
as it.
Now, what people may beconsidering a liability is the
(40:10):
maintenance that you have to putinto your property to keep it
up.
But that's also going to bebased off of the purchase of the
property.
So if you purchased a new home,it's going to be less likely
that you have to do maintenanceover the first, let's say, five
years of that property versus aproperty that may have been
(40:32):
remodeled, where you know theymay not have uh taken all of the
inners of that house uh out andstarted over.
They may have just put somefresh paint and made it look
good.
So now you have to deal with themechanical issues and updates
that come with it.
So in that case, then it wouldmake it more of a liability if
you're spending more than thehouse value is going up.
SPEAKER_03 (40:58):
Check man.
Oh man.
That's okay, brother.
You got you you got it.
All right.
Uh, how do the wealthy use debtuh differently than the average
person?
SPEAKER_02 (41:14):
That's a good that's a great question.
So when you're wealthy or evenrich or have a good business
strategy, you use debt to makeincome.
So we'll stay on a real estate.
So for example, and I'm justthrowing out numbers, you
purchase a home for$100,000, andthen once you put the uh$50,000
(41:35):
investment into rehabbing it,that house is now worth$250,000.
You got a mortgage or a loan ofsome sort to pay for that.
And let's say that mortgage is$1,000 a month.
And every month you got to pay$1,000 mortgage, plus you got to
pay your property taxes, plusyou have to pay your property
(41:58):
insurance.
Let's say all together that's$1,300 a month.
But that property that you justgot a loan on and went in debt,
you can now rent that propertyout for$2,000 a month or$2,500 a
month.
So now you have a$700 to$1,000um uh investment spread in
(42:21):
between, where the debt isactually making you$1,000 every
month in the form of rental uhpayments via the property.
So it makes sense that you gotthe debt because the debt is now
making you more money than itwould have if it if you just
used it on a on a liability uhuh side, as far as like if you
(42:45):
purchase a vehicle and you'rejust using that vehicle for your
day-to-day travel or forentertainment, that vehicle is
losing its value and it's notactually gaining you anything.
But with that same thought, ifyou purchase a vehicle, let's
say you get a luxury car, youpay$100,000 for your car.
(43:06):
If you take that same car andyou put it on rental platforms,
you may be able to get$500 to$1,000 per day for that ride,
which would mean that car needsanywhere between 100 and 200
days of being rented before youmake your money back on it.
And then everything else afterthat is now profit.
(43:29):
So now it takes something thatwould normally be a liability
and turned into a liability anda debt and turns it into a form
of income.
SPEAKER_03 (43:39):
Okay.
Now I want to rewind, you know,and talk about getting funded
for businesses.
Okay, uh we kind of like wentpast that.
So, you know, what are ways ofgetting funded for businesses?
I mean, grants, that's one ofthem.
And you mentioned that you, yourbrother, and other people put
(44:02):
like$1,300 or$1,000 together.
Right.
You know what I mean?
Like how what other ways you canget your business funded?
SPEAKER_02 (44:10):
So one of the most popular ways that people kind of
see that um, you know, you'llsee the big headlines uh are
investors.
So you'll see, you know,headlines.
This investor invested$2 millioninto this startup business so
they could grow their whateverit is that they're growing.
(44:31):
So investors are probably one ofthe oftentimes in our community,
I would say overlooked avenuesfor actually funding your
business.
Investors.
Investors, private investors.
So a person that has an extra,well, depending on the type of
(44:52):
business, it could be a thousanddollars, it could be five
thousand, ten thousand,depending on what the business
needs and its and its goals,finding an investor that fits
within that bracket of what theycan afford to give your
business, and then showing themthe return on their investment.
A lot of people would, if thebusiness plan is right and they
(45:12):
can see in plain language theinvestment, the results from the
investment, and the proposedincome from that investment,
people will be willing to say,okay, well, yeah, I'll invest
into your business to help youfund whatever uh part or
strategy or situation you're inuh regarding your business.
SPEAKER_03 (45:34):
Okay, now how do you find these investors?
SPEAKER_02 (45:37):
That's for some people is the hard part.
So they are oftentimes notpromoting themselves as, hey,
I'm an investor.
So you probably know people thatinvest into businesses and you
didn't know that they were aninvestor because they're
probably not on social media,they're not out there promoting
(45:58):
it.
It's just something that they dowith the additional income or
the investment income that theypersonally have.
Um, so there are different typesof groups that have investor
meetings, um, especially inmajor cities.
So if you're in New York,Philadelphia, Atlanta, uh DC,
(46:20):
there are groups that hostinvestor meetings where
investors come to a pitchcompetition.
And for example, you get onstage and you pitch your
business to everyone that'sessentially there, but the
person or the investor that youknow resonates with your
business idea will now approachyou and say, Hey, I seen your
(46:43):
pitch.
I liked what you have to offer.
Let's talk more about meinvesting into your business.
SPEAKER_03 (46:49):
Wow.
Okay, so I guess you Googlethat.
SPEAKER_02 (46:54):
Yes, you can just simply Google pitch
competitions.
Um there used to be a uh a groupcalled Meet the Lenders, and
this was hosted by uh, I want tosay the Better Business Bureau,
but I may be incorrect, it maynot have been the best better
(47:17):
business bureau.
But you could Google Meet theLenders, and if that program is
still around, um, essentiallyyou would go to a meeting, and
there would be anywhere between15 to 22 investors at that
meeting, and you would have theopportunity um and a networking
(47:38):
setting to kind of tell themabout what you have going on and
how much uh investment you'relooking for, and you know, the
basics of your your pitch andwhat it is that you need, and
then they would kind of say,Hey, yes, this is something that
I'll be interested in hearingmore about, or no, this isn't
something that's in myinvestment thesis.
SPEAKER_03 (47:58):
Gotcha.
Okay.
Now we're gonna go into uh holdon a second.
Sorry.
Pardon me.
No worries.
All right, what should abusiness automate first as it
(48:19):
grows?
What should it automate first?
I'm gonna say social media,social media.
SPEAKER_02 (48:29):
Social media is a great thing to automate.
unknown (48:33):
Yeah.
SPEAKER_02 (48:35):
If you're a social media-based business, then I
would say that that would beone.
But if you're a business that isrun off of phone calls, I would
say having some sort of AIassistant that handles your
phone calls would be the firstthing that you uh want to
(48:56):
automate.
So if you're in the real estateand um industry, or even if
you're in the investmentindustry and you make a lot of
calls throughout the day, havingan automated system that can
either um do ringless phone mailor ringless voicemail drops or
just ringless voicemails,period.
Um, like those would be thethings that, you know, depending
(49:19):
on your industry, you may wantto automate first.
Or if you're email heavy, youwant to automate your emails.
So I think it's gonna be basedoff of how you game your
clients.
So however you game yourclients, you want to find a way
to automate a portion of that tomake sure that you can have a
consistent amount of clientscoming in on a month-to-month
(49:42):
basis.
SPEAKER_03 (49:43):
Man, there's so much to automate, right?
For like as I'm thinking aboutit, right?
Like uh people reaching out formerch, that's another set of a
different set of clientele.
People reaching out for programsfor personal training, that's
another set of clientele.
People reaching out for videosthat they want, you know, that's
(50:03):
another set of clientele.
So, how do you separate theautomation, you know?
SPEAKER_02 (50:09):
With something like that, if they're if they're
incoming questions, I would havean AI system that is trained on
your business or businesses soit could answer all of the
standard questions and anythingthat required a conversation,
the AI would be trained to nowsay, let me schedule uh an
(50:30):
appointment with this person soyou they can talk to a real
person.
SPEAKER_03 (50:35):
Gotcha.
All right, all right.
And um those um AI systems, Iguess I I don't want you to give
too much sauce, you know what Imean?
I guess, you know, uh, becausethere's a lot of uh automation
systems out there, like it'shard to figure out which one to
pick from, you know.
SPEAKER_02 (50:54):
Um always say try to find one that is already based
on the industry that you're in,because it's going to normally
be a shorter learning curve thanjust picking a broad or overall
one.
So if you're in the fitnessindustry, see if there are
fitness-based AIs that arealready created and then go from
(51:16):
there.
You don't want to just find likea general one and then you have
to teach it everything.
Because if you're not, you know,if you're not trained on how to
actually teach an AI um how toessentially answer questions in
a human-like form, you're notgonna like the results that the
AI is giving you, essentially.
unknown (51:37):
Right.
SPEAKER_03 (51:37):
Yeah, I'm learning that you have to teach the AI.
Now, what's your experience withteaching the AI?
Do you yell at the AI?
SPEAKER_02 (51:45):
You know, I'm gonna be honest, sometimes I have
gotten really upset, but it'sreally about having the right
prompts to train it on.
So AI more or less learnsthrough prompts.
And a prompt is just a way ofexecuting a task.
(52:05):
So the more detailed your yourprompt is, and the better is
written for the AI system thatyou're actually using, the
better results that you get, andthe quicker results that you get
for an AI.
So, as far as training them,that is something that I do have
a lot of experience in and Ispend a lot of time doing.
(52:26):
Um, I'm probably always trainingsome form of AI, whether it's
for one of my businesses orsomebody else I'm working with.
SPEAKER_03 (52:36):
Okay.
Um how well um okay, we'll gowith this question.
How do you know when it's timeto hire?
SPEAKER_02 (52:47):
When the time no longer allows you to continue
not hiring, and when you'relosing money by not having a
person that can take on whatevertask that may be.
But when you do hire, you wantto hire smart.
Some people hire prematurely.
They hire because they want tofeel like the boss, they want to
(53:10):
feel like the person that's youknow given the orders and etc.
That's not the reason or the orthe mindset you want to be in
when it comes to hiring.
When it comes to hiring, youwant to be thinking, if I want
to make more money, I need tohave this person complete this
task.
If I want to have more time, uhmore bandwidth, if I want to be
(53:33):
more accurate, I need to hirethis person to do this task.
That's when you want to reallythink about um hiring.
Don't want to hire too soonbecause hiring and employees are
always the most expensive thingon your uh uh on your in your
business operation.
SPEAKER_03 (53:51):
All right, what's a system that every business must
have by year one?
SPEAKER_02 (53:57):
A CRM system, customer relationship
management.
If you don't have a CR CRMsystem, then you're going to be
missing leads, you're not goingto be able to track your leads,
you're not going to be able totell where your leads are coming
from or where the bottlenecksare within your business.
And essentially, you're going tobe um not running your business
(54:23):
as efficiently as possible.
SPEAKER_01 (54:26):
Customer relationship management.
Nice.
SPEAKER_03 (54:37):
Dope, dope, dope.
Man, you really got your stufftogether, brother.
I'm I'm impressed, man.
SPEAKER_02 (54:44):
And a lot of it is from being a business plan
writer for over 10 years.
I've literally written probablyhundreds of business plans for
different types of businesses.
Um, so I'm thoroughlyexperienced on a lot of
different levels, and I'mperfectly fine to say when I'm
(55:06):
not experienced in a level ordon't know uh a certain uh
business information.
SPEAKER_03 (55:12):
Gotcha, gotcha.
Well, um, we're out of timeright now.
Um we will have you back againto build on this.
Um, I got way more questions foryou.
I'm ready for it.
I got way more questions, but asyou know, most of the time, this
uh uh platform, we only do likean hour with each guest, except
(55:32):
for one group, because they theyuh been asking for it for a
while.
That's Abdullah and Israel,Yesrael.
Peace out to them, Islam.
Islam to them.
They're like, we gotta do twohours, brother.
Two hours, two hours.
They've been saying that.
They've been saying that for awhile.
So I said, all right, let's dothe two hours.
Uh but anyway, uh, we'll comeback and build on this subject
(55:55):
again.
And uh thank you for coming upthis evening.
I really appreciate you.
If you missed the podcast today,I want you to rewind this.
Uh bring up bring out your penand pad and write some stuff
down because this brotherdefinitely dropped a lot of
jewels on this podcast.
Uh, thank you, Michael Woods,for joining us.
I really appreciate you.
(56:16):
If if you want to let peopleknow where to find you and give
your social medias and thingslike that.
Absolutely.
SPEAKER_02 (56:23):
I'm Michael Woodsell on all social media platforms.
Michael Woods, that's all yougot?
That's where I'm at.
Any platform you want to findme, I'm Michael Woodsell.
If you're looking for umbusiness plan services, it's
Diamond Business Plan Writing.
If you're looking for um estateplanning, then it's a Mexim
(56:47):
Estate Planning.
And if you're looking for a CRMsystem, then it's Oxcho
Marketing System.
But you can find all of those ifyou just put me personally into
Google, Michael Woodsell.
You can put me in there and I'llpop up.
And then you'll most likely beled to my website, which has a
(57:08):
link to all of those things, uh,including some of the books that
I publish.
SPEAKER_03 (57:13):
All right, that's peace.
Thank you for coming out thisevening.
SPEAKER_00 (57:18):
And we are out of here, peace.
Peace family.
Welcome to NYP Talk Show.
This is more than a podcast,it's a conscious platform rooted
in truth and culture from the 5%nation, nation of Islam, Moorish
movement, and Masonry.
Our mission is to reclaim ournarrative and uplift the African
(57:41):
diaspora with real stories andreal conversations.
Support us through SuperChatduring live shows, donations on
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And by wrestling our officialmerch, available on our website
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(58:01):
Every dollar, every super chat,every hoodie builds the
movement.
This is NYP Talk.
What's going on out there, everybody?
What's going on out there,everybody?
It's Rob Brown LMT, the People'sFitness Professional, aka Soul
Brother Number One, reportingfor duty.
Today you gotta do theknowledge.
That's my name, my main thingfrom now on.
Do the knowledge.
Do the knowledge to this uh umentrepreneurship one-on-one,
master your money and build yourbusiness with the brother
(00:36):
Michael Woods L.
Uh, before we go into today'stoday's topic, we gotta throw
the commercial up there.
SPEAKER_00 (00:43):
Peace family, welcome to NYP Talk Show.
This is more than a podcast,it's a conscious platform rooted
in truth and culture from the 5%nation, Nation of Islam, Morris
Movement, and Mason River.
Our mission is to reclaim ournarrative and uplift the African
diaspora with real stories andreal conversations.
(01:07):
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(01:27):
movement.
This is NYP Talk Show.
SPEAKER_03 (01:33):
All right, all right.
What's going on, everybody outthere?
We are building on masteringyour money.
Build your own business.
Building your business.
Brother Michael Woods L is inthe building.
I want I want you to give them abrief history before we go into
today's build.
And uh we go right into today'sbuild, but let's talk about it.
(01:53):
Where were you born and raised?
SPEAKER_02 (01:56):
I am a Jersey boy.
I was born and raised in a placecalled Willenborough, New
Jersey.
It's um not too far fromPhiladelphia, maybe about 30
minutes outside of Philadelphia.
And uh it's a for me, it was theperfect place for me to grow up.
SPEAKER_03 (02:15):
Okay.
Now, why why why do you say it'sthe perfect place for you to
grow up?
SPEAKER_02 (02:19):
Because it was a so-called African American
community that was amiddle-class community where you
know people had front yards,backyards, your neighbors were
traditional workmen, you know,they had the the blue-collar
jobs, you had a few doctors, etcetera, that were in the
(02:40):
community, but it gave me theopportunity to be around people
that look like me while alsoseeing some of the um potential
of our people.
And that was one of the biggestthings for me was being around
some examples.
SPEAKER_03 (03:00):
Right, right.
So, can you give me an exampleof those examples?
SPEAKER_02 (03:05):
So the biggest example, of course, I gotta keep
it in the family, would be myolder brother.
So, my older brother was thatfirst example for me when it
comes to entrepreneurship,business, etc.
Um, since we were uh we havelike an age difference.
So he's 12 years older than me.
(03:26):
So when I was young, everythingthat he was doing, anything that
he was a part of was what Iwanted to do and what I wanted
to be a part of.
So he, you know, oftentimeswould tell me, like, hey, you
gotta find side work, you haveto, you know, do your own lane
as far as what it is that you'regonna be in in business.
And eventually him and I umlater on would actually start an
(03:51):
electrical company.
SPEAKER_03 (03:54):
That's peace.
So, what age was your brotherwhen he what age were you guys
when you started the electricalcompany?
SPEAKER_02 (04:00):
I was 22 years old.
22.
Um, and that was actually mysecond business at the time, uh,
because before we actually didthe electrical company, we
started a car dealership.
And the car dealership, itcompletely flopped.
It was, it was a way, not to saya waste of money, um, but we
(04:21):
didn't make any money throughoutthis entire business
transaction.
The biggest thing that we gainedfrom owning the car dealership
was the experience and thelessons that we learned on how
to run a business and then makebetter business decisions.
SPEAKER_03 (04:40):
See, I like that you said that because one thing
about business is failure.
You have to fail.
You gotta fail.
If you don't fail, you won'tlearn and you won't grow and you
won't be successful.
So that's one thing I learnedabout business myself, you know.
So yeah.
(05:00):
So so you had the cardealership, that didn't that
didn't work, that didn't panout.
Um, how did you fund thebusiness?
SPEAKER_02 (05:09):
Good question.
So the car dealership was awell, like the majority of the
businesses that I've been a partof, was a group effort.
So it was myself, my olderbrother, and two of his friends.
Unfortunately, one of hisfriends had passed away right
before we launched the actualcar dealership.
And then it was just three ofus, but we literally put our
(05:32):
money together.
I think we ended up puttingaround a thousand to fifteen
hundred dollars a piecetogether.
And we uh got all of the generalLLCs, uh, bonding insurance.
We um got our dealership cardealership license out of the
state of Indiana because it wasa little bit cheaper for us as
(05:52):
far as like the taxes and someof the restrictions um compared
to New Jersey, which is where wework, and that's kind of what
you know got it rolling, likejust us coming together, putting
our money together, and saying,all right, we're gonna start a
dealership and go from there.
SPEAKER_03 (06:09):
Okay.
So, how long did it take for youguys to say, all right, this is
not working?
SPEAKER_02 (06:16):
That's a good question.
So some of us came to thatconclusion faster than others.
Um, some of us tried to continueto make it happen despite the
financial side of it not goingaccording to plan.
Um, so I'll probably say thatbusiness started in 2009.
(06:38):
I was 19 at the time.
I think by the time uh 2012 camearound when we started the
electrical company, I was prettymuch like officially the end of
the uh car dealership by thatpoint.
SPEAKER_03 (06:52):
Okay, and then you guys did you guys lose a lot of
money?
SPEAKER_02 (06:56):
We lost all of the money that we put into it
because we didn't make we maderevenue, but not enough to cover
all of our expenses that we hadput into it up until that point.
SPEAKER_03 (07:07):
Gotcha, gotcha.
All right.
So now the the car dealershipfails, okay, and then how do you
rebound from that point?
SPEAKER_02 (07:16):
We actually pivoted right into the electrical
company.
So while we were doing the cardealership, all three of us were
electricians.
We worked for a company in NewJersey, um, and we would
literally talk strategy all dayat work and then try to
implement that after work forthe car dealership.
(07:37):
But once that fell, we ended upgetting laid off from the
electrical company that we wereworking at, and they pretty much
motivated us to say, all right,well, let's jump right into
starting our own electricalbusiness.
And this was also something thatmy older brother was pursuing
for years prior to this.
This has always been somethingthat was on his list of goals
(08:01):
and things to do.
And like I said earlier, I wasthe younger brother just
following along.
So whatever he said we weredoing, I'm like, all right,
let's let's figure out how's thebest way we can do that.
SPEAKER_03 (08:13):
Okay, okay.
And your older brother, how oldis he?
He's he got what five years onyou?
12 years.
12 years.
Okay, okay, okay, cool.
So now, this electrical company,you pivot off into the
electrical company.
And um, so before we see, wewe're jumping right into
business, which is cool, right?
(08:34):
But before we go deeper into thebusiness questions, I just want
to talk about mastering yourmoney.
Okay.
Now, I don't know if that isyour specialty, um, but uh, you
know, if not, then we could justyou just keep going with the
business.
SPEAKER_02 (08:50):
I mean, we could definitely, we can definitely
talk about it.
Um, I'm an amazing saver, andthat's really one of the reasons
why I've been able to do a lotof the things business-wise that
I've been able to do, because Iwould say I'm a master saver
when it comes to money.
SPEAKER_03 (09:09):
Okay.
So now, um, growing up, uh, whatwere your what were you taught
about money and how did thatshape you?
SPEAKER_02 (09:18):
That's a good question.
Um I think the biggestprinciples that my mother and
father probably taught me aboutmoney was that you had to work
for it.
And I think that was due to, youknow, the era that they were
brought up in.
Um, and I not to say that Idisagree with that or agree with
it, but I do say that thingshave changed over the past 10
(09:42):
years or so where you may nothave to put as much effort into
it as before.
But uh, for the most part, Iwould say, you know, I was
taught that if you wantsomething financially, you work
for it.
SPEAKER_03 (09:55):
Okay.
And so so that shapes you to bea person who, you know, doesn't
mind, you know, pulling up thesleeves and getting to work.
SPEAKER_02 (10:04):
Always.
I started, I started on the onthe money hustle young.
I was the one selling candy inschool.
Um, probably by the time I was14 or 15, I was going on
construction sites with mybrother or my father, and you
know, not really doing muchother than you know, picking up
(10:25):
trash, going to go get people'slunches, you know, whatever they
needed me to do, whatever theyneeded me to pick up or do,
that's essentially what my jobwas when I first started.
And I would make$80 a day and Iwould save$70 every week that I
went and did that because uhearly I knew, like, all right,
(10:47):
if you want money, you save it,and then you can invest into
something else or buy somethingelse that you really want later.
SPEAKER_03 (10:54):
Right.
This is this is uh almost uh Iwould say this is a great
beginning because what you justsaid is important for people to
like really get a clear pictureabout.
So you said you're not afraid towork for it.
You went out there, you wentjust to construction sites.
(11:15):
You know, that's likegrassroots, grassroots, right?
You didn't go ask for a job andfill out an application right to
a construction site and you madea deal.
You brokered a deal with thisconstruction site.
SPEAKER_02 (11:34):
I mean, it was easy because my my brother had the
connection, so it was reallyjust him saying, Hey, do you do
you want this type ofopportunity?
And me saying, Yes, I want thattype of opportunity, and then
going to fulfill it and doexactly what you know they're
asking me to do.
Right.
So without his connection, Iprobably wouldn't, not probably,
(11:55):
without my brother's connection,I would not have been able to
get into the industry as youngas I did.
But that's where I learned mybusiness foundation by watching
other people and what they weredoing.
SPEAKER_03 (12:08):
Gotcha.
What what is uh what's thebiggest mindset shift people
need to build wealth?
SPEAKER_02 (12:15):
To build wealth, I would say if you're building
wealth, it's rarely going tocome from one stream of income,
or it's rarely going to comefrom what would people would
consider a typical nine to five.
SPEAKER_01 (12:34):
Okay.
SPEAKER_03 (12:34):
So can you give me some examples like stocks and
that's what you treat me, right?
SPEAKER_02 (12:39):
Exactly.
So a lot of uh let me start withthis.
One thing that all of thewealthy people in the world have
in common is that they have someform of real estate, whether
that be just a simple home, uhsingle-family home, multifamily
home, apartment complexes,buildings, etc.
(13:01):
Having some form of uh realestate is one of the key things
that pretty much all people ofwealth have.
So if you're looking to buildwealth, real estate, of course,
is one of the necessary routes,I would say, to doing that.
And then in conjunction withthat, you have stocks, you have
(13:24):
bonds, you have mutual funds,etc.
Um, all of which it's going todepend on what you personally,
uh your risk level, like whattype of risk you want to have.
You know, stocks may have thethe highest risk depending on
what type of stocks you'redoing, um, or if you're trading
options within those stocks.
(13:45):
So uh essentially understandingthat having multiple streams of
income, some passive, some uhthat you actually have to work
for will actually be thebeginning stages for developing
wealth.
But understanding that you wantto do what the wealthy people
(14:05):
do.
And a lot of those things arereal estate, stocks, bonds,
insurance.
SPEAKER_03 (14:11):
Okay.
Ah man, I mean, we could unpackthat, just that we could go into
that.
Um, that's like another class.
Um, okay, so why do so manybusiness owners fail financially
even when their sales look good?
(14:31):
Would you know that?
SPEAKER_02 (14:33):
There we go.
They didn't properly, theydidn't properly plan before they
started spending.
Most people have sales, theyhave income coming into their
business, but they're spendingtoo much money.
They're spending too much moneyon literally running the
business, the costs and expensesof running the business, and
(14:53):
then they're taking out profitsand then using those oftentimes
to run their lifestyle.
And then when you do those atthe same time, it oftentimes
makes your overall income uhthrough your business not as
high or as well as you wouldlike it.
SPEAKER_03 (15:12):
Gotcha.
Okay.
What's the difference betweenbeing rich and being wealthy?
SPEAKER_02 (15:17):
Are we talking about like a number?
SPEAKER_03 (15:20):
I mean, if you have a number, yeah.
I wanna, yeah, if you got anumber.
SPEAKER_02 (15:24):
I mean, I don't have like any official uh data that I
would say I would point to, butI would say, and then it also
depends on what state you livein, but I would say, you know,
rich is probably between 150,000and maybe 180,000, and then
wealthy would probably beanything over that.
And then you got the superwealthy, which is, you know,
(15:47):
millions every year, and thenthe ultra wealthy, which is the
billionaires.
SPEAKER_01 (15:52):
Right, right.
SPEAKER_03 (15:53):
Now I've read um I've read uh a place where um
I've read that uh the middleclass now is it's I think it's
um uh don't don't quote me onthis, I guess.
So but it's like 150,000 anddown.
SPEAKER_02 (16:12):
I could see that depending on where you live.
I mean, you live in New YorkCity.
I'm a person that lived in NewYork City.
$150,000 in New York City willnot get you as far as$150,000 a
year in North Carolina or SouthCarolina or Virginia or West
Virginia.
SPEAKER_03 (16:32):
Right now, where you live right now, uh is$150,000
would that cut it?
Absolutely.
SPEAKER_02 (16:40):
That's why I moved out of New York.
Okay.
All right, so that's anothertip.
SPEAKER_03 (16:47):
Move.
SPEAKER_02 (16:49):
Yeah, move.
If uh if your income isn't tiedto your location where you're
at, go ahead and move to a placewhere it doesn't cost as much to
live.
Then you end up having that sameamount of money, but you have
more room to utilize it becauseyou're not spending it all on
your living expenses.
SPEAKER_01 (17:09):
Right.
SPEAKER_03 (17:10):
Okay, now um how does understanding taxes change
the wealth building thing?
SPEAKER_02 (17:18):
Well, the more money you make, the more you're going
to want to avoid paying taxes.
It's as simple as that.
SPEAKER_03 (17:29):
Right.
Now, I don't know if you want togo into how to do that on this
on this channel right now.
SPEAKER_02 (17:35):
You know, because that is not necessarily my
specialty.
Um, I do know uh the basicsabout it, but that wouldn't be
something I would want to speakon confidently.
SPEAKER_03 (17:46):
Actual fact.
Okay.
So um my thing about tax is isuh communication.
If you know anything, want togive me any tips about
communicating with the IRS.
I mean, you know, you give thema call and it takes like a two
hours to get someone on thephone.
Like, what's the best mode ofcommunication if you know?
SPEAKER_02 (18:07):
Yeah, I have no idea about that.
I experienced that.
All I know is it takes time.
Yeah.
Uh that's where it starts andstarts and ends with me.
SPEAKER_03 (18:18):
Right.
Now, um, let's go into umentrepreneurship.
Uh, for someone starting abusiness today, what's the
smartest first step?
SPEAKER_02 (18:28):
A plan.
Business plan.
A business plan is the first andonly step that anybody starting
a business or thinking aboutstarting a business should
consider.
If you skip over the businessplan, you're going to regret it
later.
Whether you realize it directlyor indirectly, you're going to
regret it.
SPEAKER_03 (18:47):
So now, in this new world of AI, um, you could, what
do you think about it?
Uh, like back in the days when Iwanted to get into business when
I was younger, uh, you had to goto the library, you had to do
research, you had to really putin work to uh uh uh for to to
create a business plan.
(19:08):
Now you can uh just go on ChatGPT, a business plan spit out
right at you, or you can hiresomeone online to do the
business plan.
What are some uh drawbacks fromthat, you know, and or pros and
cons for the for uh you know foruh the new world versus the old
(19:28):
world?
Right.
SPEAKER_02 (19:29):
So I'm a business plan and grant writer with over
a decade worth of experience.
AI can only do but so much whenit comes to creating your
business plan.
And if you're looking for asimple, what I would what I call
(19:50):
a robe roadmap style businessplan where it's just telling you
uh some of the things that youneed to be doing and taking care
of and taking care of, uh,that's that's a perfect type of
business plan that you can makewith AI.
But if you're looking to have athoroughly market research
(20:12):
business plan, AI can only do somuch, especially if you're not
trained on how to uh ask the theAI the correct questions or
input the correct prompts to getthe accurate results you want
for your actual business plan.
SPEAKER_03 (20:31):
Okay.
SPEAKER_02 (20:32):
And I see that, you know, I see it all the time.
I see people, you know, askingabout, you know, well, I can
just go on Chat GPT and justtell it to make me a business
plan.
Or I've I've literally hadpeople tell me and send me their
business plan that was createdon ChatGPT, and then I end up
having to tell them a list ofthings that ChatGPT did not put
(20:53):
into your business plan that's arequirement for you to actually
know what it is that you need todo for your business.
SPEAKER_03 (21:04):
Okay, okay.
Now, um, you said you're abusiness, business plan writer
and grant writer.
Uh, I'm just asking for myself.
I guess we could talk about thatoff off there.
You know, like I I need I needhelp, man.
SPEAKER_02 (21:20):
I need help.
I'm there for it, man.
That is something that I've beendoing for over a decade.
Something that I got intobecause I couldn't afford to pay
a business plan writer.
So I actually had to figure outhow to do it myself.
And then during that process, Irealized that I actually had a
love for creating businessplans.
(21:41):
And then that's really where mybusiness plan journey started.
And then uh maybe two or threeyears ago, I uh partnered with a
young lady who is an expert atgrant writing, and she was like,
Well, if you're a business planwriter, you can write a grant.
It's easier to write a grantthan it is the business plan.
And I'm like, no way, it can'tbe easier for a grant than a
(22:04):
business plan.
And once she kind of showed meher strategy and how she does
it, it was easier, just like shesaid.
SPEAKER_03 (22:14):
Now, writing a grant, right?
Now, when you write thesegrants, what's the uh what's who
would I would be giving thesegrants to?
Like, uh, is it the government?
Is it like sponsors?
Is it like how what who am Igiving these grants uh um papers
(22:36):
to?
SPEAKER_02 (22:37):
So it could be either.
It could be a regular uhnonprofit organization or a
for-profit organization.
It could be a state entity, itcould be a federal entity, it
could be a local governmententity, so it could be anything
between your local firedepartment who has some sort of
program that they set up forgrants.
(22:59):
Um, so for somebody like you,your fire department or the
state fire department may have afitness program that they want
to keep the firefighters inphysical shape, and you would
apply for that grant with yourbusiness information and then
explaining in that um that grantuh proposal why you're a good
(23:21):
fit and how you'll be able toactually allow the firefighters
to achieve the goal that they'retrying to reach on a fitness
tip.
SPEAKER_03 (23:29):
Okay, now let's say if I'm a podcast, right?
Like this one, and uh, you know,I'm looking for sponsors.
Would you be able to write agrant for sponsorship?
SPEAKER_02 (23:40):
So for sponsors, you may not want to have a grant.
You may be, it may be more oflike a pitch, a pitch deck may
be more of what you need, whereit essentially it tells them who
you are as a podcaster, um, whatyour podcast has done over the
time that it's been uh started,your subscribers, your view
(24:03):
counts, and then you want to letthem know okay, well, based off
of this, this is what I canoffer you as a sponsor.
I can offer you a one-minute uhad on my show.
And because I get you know10,000, 20,000, 30,000 views a
month, this is how many peoplewill see your ad.
So sponsors, you may want toapproach on more of a
(24:25):
partnership direction versus agrant.
It's normally based off of youperforming some sort of task,
unless it's a grant based off ofsomething you're already doing.
SPEAKER_03 (24:36):
Gotcha.
Makes sense.
That makes sense.
Okay, uh, how can entrepreneurskeep more profit instead of
living uh instead of living uhbusiness broke?
Business broke.
SPEAKER_02 (24:51):
I have never heard that term, but I love it.
I know a lot about it too.
It comes with the territory, soI know a lot about that one.
But the best thing I'm gonnasay, and some people may not
like it or may not agree, but Iwould say work a nine to five
while you work your business.
(25:12):
That is the best way to haveconsistent income, ensure that
your lives' expenses are goingto be paid for while also
growing your business.
A lot of people, myselfincluded, we go into 100%
business ownership or 100%entrepreneurship, and we don't
(25:39):
give ourselves a backup uh planor any type of financial leadway
to actually leave room formistakes.
And when that mistake comes, youkind of get pushed in a position
where you may have to resign oror or stop your business, or you
may be in a position whereyou're in too deep, and now you
(26:02):
have to force things to happenwithin your business, and which
also causes mistakes, delays,etc.
SPEAKER_03 (26:10):
Yeah, you know, um I can I I have some I know th I I
could see what people do outthere in the world, and uh I I I
can look at some examples ofthat, where um, you know, they
try to go head first and forgetthe nine to five, and then now
they're just doing whatever theyhave to do to make their
(26:31):
business growth.
Yeah, and uh, you know, that'sthat's uh you don't want to be,
you don't want to become as aswe say in a five percent nation,
a savage in the pursuit ofhappiness, you know, which I see
that happening in and I've beenthere, so I'm not I'm telling
people from experience.
SPEAKER_02 (26:49):
You know, when we started the electrical company
in 2012, that was that was thatexperience of jumping in 100%,
no backup plan.
It's we were either we had themindset of either this is gonna
work or it's not, and we'regoing to pivot to something
else.
So part of that mindset was goodbecause we, you know, we had a
(27:09):
get it done or or or else typeof mindset.
But for people that want to growa business and not necessarily a
hustle, you want to make surethat you have those back-end
things already organizedbeforehand, if possible.
SPEAKER_03 (27:27):
Right.
All right.
What is cash flow cash flowready?
Uh what is cash flow flowreally, and how should owners
track it weekly?
SPEAKER_02 (27:40):
So, cash flow is basically how much income is
coming into your business,whether it's on a weekly,
bi-weekly, or or a monthlybasis.
And you want to there's a lot ofapps out there that will
literally track your cash flow.
It will take all of your incomeand it will tell you where to
put it or where you could putit, give you a list of options
(28:02):
as far as your business taxes,your marketing, your
advertising, um, promotion,employees, etc.
And you can uh don't want topromote any right now, but what
we can do is get you a referrallink so you can promote it on
the next episode that we workon, and then we'll uh add
(28:25):
another uh revenue stream to thepodcast through that.
Oh, we're okay.
SPEAKER_03 (28:30):
That's what's up.
There we go.
Yeah, that's what's up.
All right, so now um, shouldevery entrepreneur separate
business, personal, and businessaccounts?
SPEAKER_02 (28:42):
Absolutely, all the time, 100%.
Okay, why?
So the first and most importantreason is taxes.
So you need to basically be ableto show that separation when
you're filing your taxes.
Your business's money belongs toyour business, your personal
money belongs to you.
(29:04):
So when you mix those, which alot of business owners, myself
included, have done in the past,it messes up your taxes, it
messes up your incomestatements, and it also messes
up your cash flow.
So most business owners uh willeither pay them pay themselves
(29:25):
first or they'll pay themselveslast.
But normally when they use thatpay your first, pay yourself
first or last technique, theyset a percentage of how much
they're going to pay themselves,and then they proceed pre paying
themselves that percentage everyweek or every uh bi weekly.
So now they know if we made$10,000 this week, I'm taking
(29:47):
10% out of that$10,000, which is$1,000, and putting it into my
personal account because that'swhat I'm paying myself for the
week.
Versus what we oftentimes do,which is have one account.
Account or two accounts, and wehave these accounts, and we're
using it to pay our card note,to pay our phone bills, to pay
our business expenses, ourbusiness insurance, and
(30:09):
everything else, and it's allbeing taken out of the same
account.
And then, of course, when you goto file your taxes, or if you're
using um a tax professional,they have to go through all of
these transactions to kind oftell what your what your
transaction types were.
And if you have a lot ofpersonal transactions in there,
you're actually making their jobharder, which could make it more
(30:33):
expensive for them to file yourtaxes for you.
SPEAKER_03 (30:37):
Check.
Okay.
All right, investing.
When uh when should businessowners start investing outside
of their business?
Um, could you be more specific?
I want to make sure I answerthat directly.
So uh, when should businessowners start investing outside
of their business?
So, like, of course, you make aprofit and you invest back into
(31:00):
your own business.
The question is asking whenshould the business owner start
investing in other thingsoutside of their own business?
Maybe uh another business.
SPEAKER_02 (31:12):
Uh so personally or through that business?
Uh through that business.
Uh only when it's uhgrowth-related, I would say, if
you're going to invest intosomething else outside of your
business, um, it would make themost sense if it's something
(31:35):
that's going to help yourbusiness grow.
So, for example, um withfitness.
If you wanted to make a businesspurchase, uh, let's say you
wanted to purchase a printingpress company that is printing
hats and shirts and workout gearalready.
(31:56):
It's not what you do.
You're not a printing press, butyou could utilize the assets
that that business has to nowexpand your business and grow
your business further byexpanding your your brand, if
you will, with fitness by nowhaving access, direct access to
a printing press where you canprint your own shirts, hats,
(32:19):
etc.
Gotcha.
So in those types of cases,that's where it makes the most
sense.
SPEAKER_03 (32:26):
Gotcha.
What are the four main types ofincome streams everyone should
know?
SPEAKER_02 (32:32):
Uh the four types of income streams?
Like, like passive, passive,yep.
Okay, right.
So, yes, you got passive income,you got residual income.
Um, what else do you have?
Passive, residual.
Um man, I'm drawing a blank onthe other two.
SPEAKER_03 (32:54):
Um passive, passive, residual, and of course, uh tax,
tax wages.
Yes, tax wages you're nine tofive.
Yep, that's income.
That's uh another form ofincome.
Uh yeah, I'm I'm I'm I'm I'm I'mlike lost on that.
(33:14):
What was I thinking?
Anyway.
Anyway, yeah.
Let's let's move on to the nextone.
If someone only had$500 to startinvesting, uh, what should they
do?
SPEAKER_02 (33:27):
Investing or starting a business?
Because those aren't necessarilythe two two of the same.
SPEAKER_03 (33:33):
Uh, I'm gonna go with investing.
SPEAKER_02 (33:37):
Um now this isn't financial advice.
I would say uh if I had$500 andI want to start investing, I
would put it into the SP 500 andlet it sit.
The SP 500 is basically a groupof the 500 most popular
companies on the stock market.
(33:59):
And when one uh company fallslower than the the bracket, a
new company is put in, and ithas one of the most consistent
um interest-gaining uh profitmargins for probably the last 40
years, I would say, or maybeeven longer, however long it's
(34:20):
been around.
But if I had$500 that I wantedto start investing, the first
thing I would do would probablybe put$500 in an SP account and
let it sit from there.
SPEAKER_03 (34:32):
Okay.
So now to talk about business,right?
You know, I wanted to go intothis.
Um when it comes to buildingbusiness credit, how do you
separate the personal creditfrom the business credit?
Because that's something thatI've been trying to do.
And uh, I don't know.
(34:53):
I don't know if I've beensuccessful at doing it or not.
You know what I'm saying?
Because every time I go for acredit card for my businesses,
they ask for my own, my um my mysocial.
SPEAKER_02 (35:06):
Yeah.
Um, that's normally because yourbusiness hasn't been in business
long enough for whatever theircredit requirements are.
Ah.
Or that could also mean thatyour business hasn't developed a
score for itself where they canutilize only your business's
(35:28):
score.
SPEAKER_03 (35:29):
I love that, brother.
Okay.
So how do you build that scorethrough through uh nav in uh the
um Dungs and Brad Street?
SPEAKER_02 (35:40):
Yes.
So basically, um those are thecredit boroughs, if you will,
for a business, um, and they'refree to register.
You go onto those websites, youregister, you set up everything
as far as it's maybe a four-pageapplication.
They want all of your generalbusiness information, your name,
(36:01):
your business name, address, etcetera.
And once they have all of that,once you uh you could once you
apply for a credit card or uh ifyou applied for a line of credit
or something along those lines,they'll now be reported to those
agencies, which will now growyour credit score, your
business's credit score the sameway your personal credit score
(36:23):
grows.
And once your business creditscore is high enough and your
business income is high enough,they'll only look at those two
things, especially once you'vebeen in business for whatever
their criteria is as far as theamount of time.
SPEAKER_03 (36:39):
Ah, okay.
Hold on a second.
We cooking right now.
Peace, uh, peace uh Ben, what'sgoing on?
A B the light in the building,my brother.
Peoria in the building.
Um now, okay.
Business credit and personalcredit, they are similar, but
(37:01):
they are different at the sametime.
Correct.
Okay.
I just don't understand how tobuild the business credit as
much as I know how to build apersonal credit.
SPEAKER_02 (37:13):
It's literally the same concept.
Okay.
Anything anything that you knowabout building personal credit,
you would pretty much apply thatto your business credit.
Except the the so your yourpersonal credit could have, you
know, you can go up to an 800credit score.
(37:34):
With your business credit, youcan go up to 100, which is
perfect uh credit score.
That's probably one of the onlymain differences as far as like
the numbers go, but everythingelse is pretty much the same.
You want to show that you'repaying things on time, you want
to make sure you have, you know,at least three to five different
credit lines open at a at a at agiven time.
(37:57):
Um, all anything that you prettymuch probably heard that's
reasonable when it when dealingwith your personal credit are
the same things that you want toapply for your business credit.
SPEAKER_03 (38:08):
Well, the the the uh business credit, the nav
business credit, and the done'sbusiness credit number, those
are two different ones, right?
SPEAKER_02 (38:17):
They do have different criteria and different
numbers, uh, especially the Dunand Brass Street, which has
recently changed, I thinkprobably in the last two or
three years, maybe a little bitlonger.
So, yeah, they they definitelyhave um, as far as how they
score your credit, they havedifferent um settings, if you
(38:38):
will.
But what it takes to actuallygain the scores are the same
across across both.
They're both looking for thesame type of criteria to give
you your score.
So these are just two differentcompanies giving you a score.
SPEAKER_03 (38:54):
Okay, that makes sense.
All right.
So now um let's go into thisnext one.
Uh how do you how do you how doyou tell the difference between
a good asset and a liability?
SPEAKER_02 (39:10):
A good asset is gonna make you money, a
liability is gonna drain youwith money.
SPEAKER_03 (39:16):
So they you know, I hear this online sometime.
A house is a is a liability.
SPEAKER_02 (39:23):
Uh your own personal house.
Your own personal house as aliability.
I would disagree.
Because on average, homes, uhthe property value of your homes
normally stay at rate withinflation.
Um, let's say prior to 2020.
(39:46):
So if you owned a home prior to2020, because that's when things
got a little bit weird, butprior to that, the market would
basically say that if you own ahome, it's the value of it is
going to increase withinflation.
So if that's the case, you don'treally lose any money uh as far
as it.
Now, what people may beconsidering a liability is the
(40:10):
maintenance that you have to putinto your property to keep it
up.
But that's also going to bebased off of the purchase of the
property.
So if you purchased a new home,it's going to be less likely
that you have to do maintenanceover the first, let's say, five
years of that property versus aproperty that may have been
(40:32):
remodeled, where you know theymay not have uh taken all of the
inners of that house uh out andstarted over.
They may have just put somefresh paint and made it look
good.
So now you have to deal with themechanical issues and updates
that come with it.
So in that case, then it wouldmake it more of a liability if
you're spending more than thehouse value is going up.
SPEAKER_03 (40:58):
Check man.
Oh man.
That's okay, brother.
You got you you got it.
All right.
Uh, how do the wealthy use debtuh differently than the average
person?
SPEAKER_02 (41:14):
That's a good that's a great question.
So when you're wealthy or evenrich or have a good business
strategy, you use debt to makeincome.
So we'll stay on a real estate.
So for example, and I'm justthrowing out numbers, you
purchase a home for$100,000, andthen once you put the uh$50,000
(41:35):
investment into rehabbing it,that house is now worth$250,000.
You got a mortgage or a loan ofsome sort to pay for that.
And let's say that mortgage is$1,000 a month.
And every month you got to pay$1,000 mortgage, plus you got to
pay your property taxes, plusyou have to pay your property
(41:58):
insurance.
Let's say all together that's$1,300 a month.
But that property that you justgot a loan on and went in debt,
you can now rent that propertyout for$2,000 a month or$2,500 a
month.
So now you have a$700 to$1,000um uh investment spread in
(42:21):
between, where the debt isactually making you$1,000 every
month in the form of rental uhpayments via the property.
So it makes sense that you gotthe debt because the debt is now
making you more money than itwould have if it if you just
used it on a on a liability uhuh side, as far as like if you
(42:45):
purchase a vehicle and you'rejust using that vehicle for your
day-to-day travel or forentertainment, that vehicle is
losing its value and it's notactually gaining you anything.
But with that same thought, ifyou purchase a vehicle, let's
say you get a luxury car, youpay$100,000 for your car.
(43:06):
If you take that same car andyou put it on rental platforms,
you may be able to get$500 to$1,000 per day for that ride,
which would mean that car needsanywhere between 100 and 200
days of being rented before youmake your money back on it.
And then everything else afterthat is now profit.
(43:29):
So now it takes something thatwould normally be a liability
and turned into a liability anda debt and turns it into a form
of income.
SPEAKER_03 (43:39):
Okay.
Now I want to rewind, you know,and talk about getting funded
for businesses.
Okay, uh we kind of like wentpast that.
So, you know, what are ways ofgetting funded for businesses?
I mean, grants, that's one ofthem.
And you mentioned that you, yourbrother, and other people put
(44:02):
like$1,300 or$1,000 together.
Right.
You know what I mean?
Like how what other ways you canget your business funded?
SPEAKER_02 (44:10):
So one of the most popular ways that people kind of
see that um, you know, you'llsee the big headlines uh are
investors.
So you'll see, you know,headlines.
This investor invested$2 millioninto this startup business so
they could grow their whateverit is that they're growing.
(44:31):
So investors are probably one ofthe oftentimes in our community,
I would say overlooked avenuesfor actually funding your
business.
Investors.
Investors, private investors.
So a person that has an extra,well, depending on the type of
(44:52):
business, it could be a thousanddollars, it could be five
thousand, ten thousand,depending on what the business
needs and its and its goals,finding an investor that fits
within that bracket of what theycan afford to give your
business, and then showing themthe return on their investment.
A lot of people would, if thebusiness plan is right and they
(45:12):
can see in plain language theinvestment, the results from the
investment, and the proposedincome from that investment,
people will be willing to say,okay, well, yeah, I'll invest
into your business to help youfund whatever uh part or
strategy or situation you're inuh regarding your business.
SPEAKER_03 (45:34):
Okay, now how do you find these investors?
SPEAKER_02 (45:37):
That's for some people is the hard part.
So they are oftentimes notpromoting themselves as, hey,
I'm an investor.
So you probably know people thatinvest into businesses and you
didn't know that they were aninvestor because they're
probably not on social media,they're not out there promoting
(45:58):
it.
It's just something that they dowith the additional income or
the investment income that theypersonally have.
Um, so there are different typesof groups that have investor
meetings, um, especially inmajor cities.
So if you're in New York,Philadelphia, Atlanta, uh DC,
(46:20):
there are groups that hostinvestor meetings where
investors come to a pitchcompetition.
And for example, you get onstage and you pitch your
business to everyone that'sessentially there, but the
person or the investor that youknow resonates with your
business idea will now approachyou and say, Hey, I seen your
(46:43):
pitch.
I liked what you have to offer.
Let's talk more about meinvesting into your business.
SPEAKER_03 (46:49):
Wow.
Okay, so I guess you Googlethat.
SPEAKER_02 (46:54):
Yes, you can just simply Google pitch
competitions.
Um there used to be a uh a groupcalled Meet the Lenders, and
this was hosted by uh, I want tosay the Better Business Bureau,
but I may be incorrect, it maynot have been the best better
(47:17):
business bureau.
But you could Google Meet theLenders, and if that program is
still around, um, essentiallyyou would go to a meeting, and
there would be anywhere between15 to 22 investors at that
meeting, and you would have theopportunity um and a networking
(47:38):
setting to kind of tell themabout what you have going on and
how much uh investment you'relooking for, and you know, the
basics of your your pitch andwhat it is that you need, and
then they would kind of say,Hey, yes, this is something that
I'll be interested in hearingmore about, or no, this isn't
something that's in myinvestment thesis.
SPEAKER_03 (47:58):
Gotcha.
Okay.
Now we're gonna go into uh holdon a second.
Sorry.
Pardon me.
No worries.
All right, what should abusiness automate first as it
(48:19):
grows?
What should it automate first?
I'm gonna say social media,social media.
SPEAKER_02 (48:29):
Social media is a great thing to automate.
unknown (48:33):
Yeah.
SPEAKER_02 (48:35):
If you're a social media-based business, then I
would say that that would beone.
But if you're a business that isrun off of phone calls, I would
say having some sort of AIassistant that handles your
phone calls would be the firstthing that you uh want to
(48:56):
automate.
So if you're in the real estateand um industry, or even if
you're in the investmentindustry and you make a lot of
calls throughout the day, havingan automated system that can
either um do ringless phone mailor ringless voicemail drops or
just ringless voicemails,period.
Um, like those would be thethings that, you know, depending
(49:19):
on your industry, you may wantto automate first.
Or if you're email heavy, youwant to automate your emails.
So I think it's gonna be basedoff of how you game your
clients.
So however you game yourclients, you want to find a way
to automate a portion of that tomake sure that you can have a
consistent amount of clientscoming in on a month-to-month
(49:42):
basis.
SPEAKER_03 (49:43):
Man, there's so much to automate, right?
For like as I'm thinking aboutit, right?
Like uh people reaching out formerch, that's another set of a
different set of clientele.
People reaching out for programsfor personal training, that's
another set of clientele.
People reaching out for videosthat they want, you know, that's
(50:03):
another set of clientele.
So, how do you separate theautomation, you know?
SPEAKER_02 (50:09):
With something like that, if they're if they're
incoming questions, I would havean AI system that is trained on
your business or businesses soit could answer all of the
standard questions and anythingthat required a conversation,
the AI would be trained to nowsay, let me schedule uh an
(50:30):
appointment with this person soyou they can talk to a real
person.
SPEAKER_03 (50:35):
Gotcha.
All right, all right.
And um those um AI systems, Iguess I I don't want you to give
too much sauce, you know what Imean?
I guess, you know, uh, becausethere's a lot of uh automation
systems out there, like it'shard to figure out which one to
pick from, you know.
SPEAKER_02 (50:54):
Um always say try to find one that is already based
on the industry that you're in,because it's going to normally
be a shorter learning curve thanjust picking a broad or overall
one.
So if you're in the fitnessindustry, see if there are
fitness-based AIs that arealready created and then go from
(51:16):
there.
You don't want to just find likea general one and then you have
to teach it everything.
Because if you're not, you know,if you're not trained on how to
actually teach an AI um how toessentially answer questions in
a human-like form, you're notgonna like the results that the
AI is giving you, essentially.
unknown (51:37):
Right.
SPEAKER_03 (51:37):
Yeah, I'm learning that you have to teach the AI.
Now, what's your experience withteaching the AI?
Do you yell at the AI?
SPEAKER_02 (51:45):
You know, I'm gonna be honest, sometimes I have
gotten really upset, but it'sreally about having the right
prompts to train it on.
So AI more or less learnsthrough prompts.
And a prompt is just a way ofexecuting a task.
(52:05):
So the more detailed your yourprompt is, and the better is
written for the AI system thatyou're actually using, the
better results that you get, andthe quicker results that you get
for an AI.
So, as far as training them,that is something that I do have
a lot of experience in and Ispend a lot of time doing.
(52:26):
Um, I'm probably always trainingsome form of AI, whether it's
for one of my businesses orsomebody else I'm working with.
SPEAKER_03 (52:36):
Okay.
Um how well um okay, we'll gowith this question.
How do you know when it's timeto hire?
SPEAKER_02 (52:47):
When the time no longer allows you to continue
not hiring, and when you'relosing money by not having a
person that can take on whatevertask that may be.
But when you do hire, you wantto hire smart.
Some people hire prematurely.
They hire because they want tofeel like the boss, they want to
(53:10):
feel like the person that's youknow given the orders and etc.
That's not the reason or the orthe mindset you want to be in
when it comes to hiring.
When it comes to hiring, youwant to be thinking, if I want
to make more money, I need tohave this person complete this
task.
If I want to have more time, uhmore bandwidth, if I want to be
(53:33):
more accurate, I need to hirethis person to do this task.
That's when you want to reallythink about um hiring.
Don't want to hire too soonbecause hiring and employees are
always the most expensive thingon your uh uh on your in your
business operation.
SPEAKER_03 (53:51):
All right, what's a system that every business must
have by year one?
SPEAKER_02 (53:57):
A CRM system, customer relationship
management.
If you don't have a CR CRMsystem, then you're going to be
missing leads, you're not goingto be able to track your leads,
you're not going to be able totell where your leads are coming
from or where the bottlenecksare within your business.
And essentially, you're going tobe um not running your business
(54:23):
as efficiently as possible.
SPEAKER_01 (54:26):
Customer relationship management.
Nice.
SPEAKER_03 (54:37):
Dope, dope, dope.
Man, you really got your stufftogether, brother.
I'm I'm impressed, man.
SPEAKER_02 (54:44):
And a lot of it is from being a business plan
writer for over 10 years.
I've literally written probablyhundreds of business plans for
different types of businesses.
Um, so I'm thoroughlyexperienced on a lot of
different levels, and I'mperfectly fine to say when I'm
(55:06):
not experienced in a level ordon't know uh a certain uh
business information.
SPEAKER_03 (55:12):
Gotcha, gotcha.
Well, um, we're out of timeright now.
Um we will have you back againto build on this.
Um, I got way more questions foryou.
I'm ready for it.
I got way more questions, but asyou know, most of the time, this
uh uh platform, we only do likean hour with each guest, except
(55:32):
for one group, because they theyuh been asking for it for a
while.
That's Abdullah and Israel,Yesrael.
Peace out to them, Islam.
Islam to them.
They're like, we gotta do twohours, brother.
Two hours, two hours.
They've been saying that.
They've been saying that for awhile.
So I said, all right, let's dothe two hours.
Uh but anyway, uh, we'll comeback and build on this subject
(55:55):
again.
And uh thank you for coming upthis evening.
I really appreciate you.
If you missed the podcast today,I want you to rewind this.
Uh bring up bring out your penand pad and write some stuff
down because this brotherdefinitely dropped a lot of
jewels on this podcast.
Uh, thank you, Michael Woods,for joining us.
I really appreciate you.
(56:16):
If if you want to let peopleknow where to find you and give
your social medias and thingslike that.
Absolutely.
SPEAKER_02 (56:23):
I'm Michael Woodsell on all social media platforms.
Michael Woods, that's all yougot?
That's where I'm at.
Any platform you want to findme, I'm Michael Woodsell.
If you're looking for umbusiness plan services, it's
Diamond Business Plan Writing.
If you're looking for um estateplanning, then it's a Mexim
(56:47):
Estate Planning.
And if you're looking for a CRMsystem, then it's Oxcho
Marketing System.
But you can find all of those ifyou just put me personally into
Google, Michael Woodsell.
You can put me in there and I'llpop up.
And then you'll most likely beled to my website, which has a
(57:08):
link to all of those things, uh,including some of the books that
I publish.
SPEAKER_03 (57:13):
All right, that's peace.
Thank you for coming out thisevening.
SPEAKER_00 (57:18):
And we are out of here, peace.
Peace family.
Welcome to NYP Talk Show.
This is more than a podcast,it's a conscious platform rooted
in truth and culture from the 5%nation, nation of Islam, Moorish
movement, and Masonry.
Our mission is to reclaim ournarrative and uplift the African
(57:41):
diaspora with real stories andreal conversations.
Support us through SuperChatduring live shows, donations on
Cash App, GoFundMe, Patreon, orBugScrout.
And by wrestling our officialmerch, available on our website
and right here on YouTube'smerch shelf.
(58:01):
Every dollar, every super chat,every hoodie builds the
movement.
This is NYP Talk.
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