INTERVIEW: Alex Rodriguez & John Hope Bryant Talk Money Mindset, Yankees Baseball, Ownership, New Podcast +More

The Breakfast Club Sits Down With Alex Rodriguez & John Hope Bryant To Discuss Money Mindset, Yankees Baseball, Ownership, And New Podcast. Listen For More!

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Episode Transcript

Speaker 1 (00:00):
Wake that ass up in the morning.

Speaker 2 (00:02):
The Breakfast Club Morning, everybody is DJ Envy just hilarious,
Charlamagne the God. We are to Breakfast Club. Jess is
on maternity leave, so Lon LaRosa is filling in. And
we got some special guests joining us back in the building.
And the brother John Holt Brian he's back.

Speaker 3 (00:17):
Welcome, rock, honor to be here. And also a rod.

Speaker 1 (00:20):
Alex Rodriguez, welcome, great to be here.

Speaker 4 (00:23):
A lot of money, a lot of intelligence between y'all two.

Speaker 5 (00:26):
Okay, how did this happen? This connection?

Speaker 3 (00:29):
Well, whatever you try to make smart sexy, you know
in the tracks, you know like attracts like you know
on mindset. You know this is all of us are
up from nothing. By the way, all of this story
is the same thing that you can go from the
bottom to the top legally, ethically, honestly, pay your taxes,
do your stuff, go from cashing a check to write

(00:50):
in the check. And so Alex's story and mine are
very similar. Like we had very strong mothers who are
great influences our lives. We're both extremely nosy, you know,
Quincy Jones, how'd you get so smart? I'm just nosy
as hell. I want to know everything about everything, so
you know, we're nosy. And when he got his first check,

(01:11):
you know, in baseball, he went to ask magic like, Okay,
how do I how do I turn this from a
check to some to some wealth? And so we started
talking to the folks on the front row at the
team at the games were business people, and he would
trade his influence for lunch. I'll go to lunch with you.
I just need to ask you a bunch of questions.

(01:32):
That's what Madgie used to do that you saw him
last week and it was just brilliant because he gained
a business acumen from that, got the basic the NBA
while he's playing baseball, and use that to then buy
some real estate and then buy some more. I think
you worked the first piece of real estate yourself.

Speaker 1 (01:49):
Did, yeah, duplex, duplex for two hundred and fifty thousand.

Speaker 3 (01:52):
So we did a financial literacy episode on money and wealth,
which you know something about us on the black of Network.

Speaker 5 (02:00):
That's right, make sure you subscribed to that.

Speaker 3 (02:02):
It's actually the episodes out this week. We did this
episode together on financial literacy because we both leave it's
a civil rights issue of this generation. You know better,
you do better, and we're talking about black and brown wealth.
You how do you how does black and brown create
some green and at at scale? And it's a conversation
that many folks don't have. Most athletes go broke. By

(02:22):
the way, seventy wow of all NBA and NFL players
bankrupt within five years of retirement and divorced. So this
brother just defying all the odds. He's cool, he's a
he's a humble dude. He wanted to meet you, guys,
you've been a bit before, a man before.

Speaker 1 (02:39):
Yeah.

Speaker 3 (02:39):
Yeah, but he wanted to get into it. He wanted to.

Speaker 1 (02:41):
He wanted to.

Speaker 3 (02:42):
Yeah, he wanted to get into it, go to another level.
And so it's a it's a it's a beautiful family
re reunion. Well let's let's jump right into it.

Speaker 2 (02:49):
So you know what gave you the mindset to say
I want to learn more about investing in making sure
that I have wealth after retirement. Was it the fact
that you've seen so many athletes go bro Was it
the fact that you said I'm never going back to
where I was? What was it that said I want
to be different from seventy percent of those other athletes?

Speaker 1 (03:05):
Yeah? Thank you? I would say, you know, I was
a kid here born in Washington Heights nineteen seventy five
July twenty seventh, and I grew up right in the
block right by Yeshiva University. And my father was a
baseball player and an entrepreneur, and both my parents are Dominican.
I'm first generation immigrant. And I had this great appetite

(03:28):
for two things, baseball and business because I my father
was a money guy. And then my father left my
mom and my two siblings when he was when I
was ten.

Speaker 5 (03:37):
What'd your father do if you don't, mammy y?

Speaker 1 (03:38):
So he was in our apartment in Washington Heights. We
had a shoe store and just before iPhones, obviously it
was like late nineteen seventies, and they used to call
him like the human calculator because obviously we didn't have
the phone, the calculator and all that. So you know,
women would come up get four shoes and he'll be
like boom boo, boom plus tax minus ten percent boom,

(04:00):
and every time he was right, because then they will
get the calculator out. But he usually had a calculator out,
but it wasn't for him, it was for usually the
women so they can count and make sure that other
numbers were right. So I always had that. And then
once he left, I saw My mother worked at General
Mortars for about twelve years. She would have the early
shift at three o'clock in the morning to two, come
home now for two hours, and then go serve tables

(04:21):
at night at midnight. And I saw this for years
and years and years, and I think my life changed.

Speaker 3 (04:26):
One day.

Speaker 1 (04:26):
We're at Publix, which is a supermarket down in Miami.
I was about twelve years old, and the bill is
about seventy five dollars, and I see her grab some
of her tip money and she's got like fifty six
dollars or whatever, and I see that she's missing like
twenty twenty five bucks. And she goes into another pocket
and purse and grabs what I call funny money. And
I said, Mom, what is that funny money? It's like

(04:49):
red I've never seen money like that, only monopoly. And
she kind of with shame in her face, looked down
and she goes son, the government is helping us out
a little bit this month. And it changed my life,
and I can feel it today, and I know so
many families out there have felt this and that's kind
of where my ambitious grew.

Speaker 3 (05:06):
We used to call food stamps.

Speaker 1 (05:07):
Yeah, yeah, yeah, food stamps. Remember there were paper, but
I never seen it ring right, And I think she
would hide it for me. We were probably in food
stamps for years. She just never you know, disclosed that
with me. And then, like John said, I met with
one of my heroes and mentors and great friend now
Magic Johnson, about thirty years ago, and he was going
out to dinner with Cookie and it was near at

(05:28):
l Abraeldale Drive, I think Mastro or something, and it
was supposed to be a thirty minute you know. We
were in the back room, supposed to be like a
little thirty minute meeting. We met for three hours. He
called Cook and said, I'm not coming home. And years
later I said, Magic, why'd you give me like three hours?
And I left with nine notes of paper that I
still have today. He said, because you're one of the
few athletes that came in all business on time, no phone,

(05:51):
and you were taking notes, so you were engaged, So
I engaged with you. So that's my message to the
next generation. It's just like the reason why I played
baseball for so long is the fundamentals. Whether it's Jordan
or Tiger or Lebron or Magic or Bird whoever, it's
fundamentally and sports that makes you great. The same thing
as in business, you got to know the rules of engagement,

(06:11):
and our young folks, while they're getting better, there's a
lot of room for growth. To understand the way that
money works and the relationship with money in financial literacy.

Speaker 4 (06:19):
So from day one, did you blow any money? Like
like when you first got your first your first big check,
did you blow any of it?

Speaker 1 (06:25):
I was fortunate that I played for almost twenty five years,
so I would say from age twenty to thirty, I
made a bunch of mistakes. And then when I realized,
like sports, when we won the championship with the Yankees
and O nine, we had a squad and we were
as solid as anyone. And in business the same thing.
You got to create an incredible team that are way
smarter than you, that have complimentary set of skills. But

(06:46):
at the end of the day, you're the quarterback of
that team. So then I put my lessons behind me
and it's been pretty good ever since.

Speaker 2 (06:52):
What was the dumbest thing you bought you when you
first became and made all that money in Major League Baseball.

Speaker 1 (06:57):
I'm from Miami, so.

Speaker 5 (07:00):
A rolex.

Speaker 1 (07:01):
If you're from Miami, you need a rolex.

Speaker 3 (07:03):
And that's the relics is not done. So by the way, me,
him and Don Peeples was been on to show a
few weeks ago the three black men, I know, black
and brown, same thing. We're we're all the same family
who have a couple hundred million dollars in loan facility
for real estate on as you know, this non recourse basis,

(07:26):
which means it's no personal guarantees. That's credibility, and that's
where we need to go. Like you make money during
the day, you build wealth in your sleep. And and
too many of us hooked on that. I want to
need that dollar and get that cash. When we get
that buck, when we get that bag, it's useless. It's
it's called literally cash flow. Cash will flow. And if

(07:46):
your outfloaks at your inflows and your overhead will be
your downfall. And if you don't understand financial literacy, somebody's
going to separate you from your wallet. And this is
this is just more zero's attached to it. The first year,
every athlete spends everything they got. Yeah, right, every you know,
it's just it's natural.

Speaker 1 (08:02):
If you look at baseball. To answer your first question,
I was eighteen, nineteen years old and this article came
out called broke, and then I think thirty thirty, did
I remember that? Chot right, and you saw the guys
were having a bunch of kids, and it was really sad,
right to see. And when you looked at the data
and baseball, three numbers that jumped off the page was one,
the average career in baseballs five and a half years.

(08:25):
You make ninety percent of your money from age twenty
to thirty, So then what happened from thirty one to
eighty And then the last one is less than five
percent of almost eight hundred players in the big leagues,
less than five percent have a college degree. So when
you look at those three data points, I was short
the stock, meaning that I would bet that most guys
would run into financial problem most people men and women,

(08:45):
So that was a big issue. And then one of
the biggest mistakes John, I know we've talked about this,
whether it's athletes or just people like my mom and
my dad that grew up. I would say, more like
my mom, they don't really understand the difference between an
asset and liability. So when you say what was the
first stupid thing you bought? I mean one of them
will be a plane, aboat, you know cars. You know,

(09:05):
assets would be multifamily apartments, a business that throws off cash,
and things that are going to appreciate over time.

Speaker 2 (09:12):
I was going to ask me when I jump into
what you were saying. You know, growing up in Queens,
there was nobody around me making money, right, we were
all the same. We didn't know anything about financial literacy.

Speaker 1 (09:22):
Right.

Speaker 2 (09:22):
My son goes to University of Miami, calls me yesterday
him and his friends about to buy a restaurant, which
is crazy to me because at twenty years old, I
wasn't thinking about that at all. But it's the mindset
and the people that he's around. So for people listening,
and they might not have somebody around him that is
knowledgeable in business, they might not have somebody around him
that knows where to put money or what to invest

(09:43):
in or how to do it. What do you tell
those individuals coming from you know, Washington Heights. I'm sure
that besides heeing your dad, there wasn't too many people
around you that you could get advice from. So what
do you tell those people to say, Okay, I'm in
this situation. I don't I don't have a magic to
speak to you know what I mean. I don't have
a Rod to say, let me sit down, which I
don't have a John to say, this is what I
have and what I do. So what do you tell

(10:03):
those ye.

Speaker 1 (10:04):
First, I know this is one includes John. It's the
power of proximity to greatness or proximity to intelligence is
so powerful in baseball, I wanted to be around cal Ripken,
Keith Hernandez dot Good and Strawberry because they had sets
of skills that I needed and I wanted. And great
athletes can copy and paste better than anyone in baseball

(10:26):
skills in baseball. Now you go over now to business
and it's the same exact dro. I want to be
around John Hope because every time I'm around him, I
get better. He inspires me, He gives me more hope,
He gives me no pun intended, he gives my self
esteem rises. Our community black and brown, the number one
issue is self esteem issue. And they don't want to engage.
They don't want to engage in a business conversation because

(10:47):
they don't want to be embarrassed. We're some of the
most prideful people in the world, but we pay around
on time. We're hard working people, we have tremendous heart
and grit, but we don't want to be embarrassed. That's
why Shark Tank works so well. You get an education
while getting entertainment, and America gets an NBA from Shark Tank.
That's why people say when I walk around, oh, there's
a Shark Tank guy. I love sharll Tak s Tak
is amazing, right, they learned so early. So your job

(11:11):
as an American citizen, as a youngster, right man, boy,
whatever you are, is to be around proximity of greatness.
So if you find a great mentor from age twenty
to thirty, forget about the money. Twenty to thirty, go
work for John, Go do an internship at a Rock Corp.
Go work for Magic, pay nothing, pay whatever you got,
get a roommate. But twenty thirty is your extended education.
And then once you get into the thirties you open

(11:32):
up that that black book. How we say your ladyships right,
because when you're eighty five, right, you look back, your
net worth is going to resemble your network. Amen. Right,
So start, I had a mentor save you don't have
a breakfast, lunch, and dinner every single day to talk
about money. You're falling behind because your competition's doing it.

Speaker 4 (11:49):
And another thing too, you said when you said you
sat with Magic and you just did with notes for
three hours, don't be too don't be too proud to
ask questions, questions.

Speaker 5 (11:57):
If I'm around somebody that's.

Speaker 4 (11:58):
Doing more than me and got way more than me,
I want to know about everything in that part.

Speaker 1 (12:01):
But you know what happened with Magic, It was I
still have his notes, and I saw him last week
at the Dodger game, and I mean, he's such a goat.
I love that guy so much and he's done so
much for our communities. But it was the proximity where
I can touch him. I can touch him. But here's
a man who's great on the court and then put
on a business suit and it was a Hall of
Famer also, And I said, well, wait a minute, if

(12:23):
Magic can do it, why can I?

Speaker 5 (12:25):
We look alike?

Speaker 1 (12:26):
And I can't do that just with a general white
guy because I don't look like that guy.

Speaker 3 (12:31):
So to answer your question very specifically, great answer, I
loved all that. By the way, my job is to
become the public's capitalists. That's my job. You know that
black lives matter, but black capitalists matter. Right. We got
to make smart sexy. We got to make this. That's
what you guys are doing. By the way, ladies, guys

(12:51):
are doing on this show. You're making intelligent thought interesting
and fascinating by putting over people can relate to it.
And that's book Financial Literacy that I introduced when where
you introduced when we was on the show last it's
still number one. That's black and brown people buying that book.
It's number one in business finance, not black history, business

(13:11):
finance nationwide of all books. That makes me very proud
when I go to the airport like last night, TSA
agent six seventy wow. Credit scoring yo yo man, six
seventy eight hundred. The people taking this stuff seriously, we're
starting to change the game. So one, get the book,
mark it up, write make comments, have a family meeting

(13:33):
once a week with your family, talk about I joke
about this, but I'm serious. You go to club and
you meet somebody, she's fine, he's handsome. That's cool. Oh yeah,
what's your credit score? And I'm only partially kidding, because
if you get serious about that person, that's your business
partner for life. Right, the looks are gonna fade, the
body's gonna drop, right, But that person's better have common sense.

(13:56):
If two plus two does not equal six, eight or
ten in a relationship, what the heck are you doing?
If you're not better together, what are you doing? I
could do better all by myself, doctor King once said,
he said, I refuse to fin answer my own oppression.
And Quincy Jones court again, the only worse than being
alone is wishing that you were. So if you're not
in a relationship with somebody who adds to you, even

(14:18):
if it's a casual relationship, what are you doing? Get
the toxicity out of your life. If you hang around
nine broke people, you'll be the tenth. Understand you're an
eagles surrounded by buzzes and turkeys. Eagles don't fly in packs.
So start looking at you, your posse, your group, and
then be really nosy. When you walk down the street
in Manhattan, all these buildings those are not that's not

(14:39):
JP Morgan Chase. That's a dentist's office, that's an attorney's office.
That's an account's office. You can get to those people. Go.
I know it sounds crazy, go knock on a door.
I'd love to be an intern. I love fifteen minutes.
Who's gonna give you, who's gonna deny you? Fifteen minutes?
And all you want to do is listen. God gave
you two ears and one mouse. You listen to twice
as much as you talk. I'm nosy as hell. I
don't want to know everything about everything. You know?

Speaker 6 (15:02):
Uh uh.

Speaker 3 (15:02):
You know my man Charlotte, and he's nosy. I call,
I call him, asking him about stuff. He'll call me, Okay,
tell me about this. So and so you know we're
not we're not afraid of the facts. We're not afraid
of knowledge. Right. You know he's talking about he's mainstreaming
mental health right now, that's a topic we all need
to be talking about. Right, So bye bye by a
ride making this talking about his family, talking about everything,

(15:24):
and go well talking being humble at having a humility
about it. Well that it allows everybody else to have
permission to begin to role model that. Right, So we
need to we model what we see. We need to
start row modeling. Folks who have the capacity to write
a check, not just cash it. Who build wealth, not
just make some money, making a living, it's literally making

(15:46):
a living, is what is It's all you're doing. You're
not building a life. So this stuff is so easy,
But no one's ever taught us. There's nothing wrong with us.
We're not dumb and we're not stupid. When the rules
are publishing a plainfielders level, we kill it. Professional sports,
the arts, politics, music, music, entertainment, music, church. Well, we're

(16:09):
starting with business. But where the rules of publish and
playing thools level, we kill it. We have not been
told the rules on free enterprise and capitalism. That has
to become all of our roles. And when you write there,
you get this book. If you finished with it, go
donate it into your family's name, to the local library.
Go to a title I school. Your name's in the
book now and you donated to that, and you're going
to teach in that classroom. And now you're the role

(16:30):
model in the Hero and she row. We can start
a whole new movement, not in the streets, in the suite.

Speaker 1 (16:34):
My favorite question to your point is about asking questions.
I'll stop a meeting and I'll say wait, wait, stop,
explain that to me slowly, like I'm a third grader.
That's right, and you should not be embarrassed as that
that's right. You should be embarrassed if you don't ask that.
And if a business plan I can't really understand that
in five minutes, then I'm out. I want simplicity. Simplicity

(16:55):
is your best friend.

Speaker 4 (16:56):
And what's crazy is the person you're talking to they
know you don't know. So I feel Dan act like
because I asked the question, like what that means? Like
why not who got you into the franchise game?

Speaker 1 (17:08):
Well?

Speaker 4 (17:08):
The room now is that you know y'all got the
cash ready, the body Minnesota Timberwolves full owner shit.

Speaker 3 (17:14):
So by the way, there's some things that he can't
talk about today, legal situation. He'll answer the question. He
can answer by the way I loved by the way
there was like which franchise us? Like what you want?
But there are some things he won't be able to
talk about today.

Speaker 1 (17:31):
Just high level, I mean, just kind of my passion
for sports. I think if you talk to most athletes
and you do a secret poll, probably ninety percent or
more will tell you I would love to own part
of a team someday who doesn't want to convert from
player to owner? Right that that's the American way. We
took a long run at the Mets and we came
in second to Steve Cohen, Thank god, because he's doing
a phenomenal job. And we're having a great time with

(17:52):
the Timberwolves and the Links. Links almost won a championship
a couple of days ago. Came up a little short,
but very part of our young women. Look, this is
the the ultimate dream. To be in room with Adam
Silver and you know, thirty other owners. It's pretty spectacular.
And look at that and talk about imposter syndrome. You're

(18:13):
seeing more Cuban, You're seeing Jim Dolan, seeing Tony Wrestler.
You've seen guys like Mark Lazerie, people that I've looked
up and admired and studied my whole kind of adult life.
And now you're in the room with them as colleagues.
It's really an incredible feat And uh yeah, I've been
dreaming about it, probably for a long time, and finally
made the move. I just got to ask the sport
questions Sins were on sports, How about them? Damn Yankees? Man?

Speaker 2 (18:37):
How does it feel to see what what's taking so
long to get back to?

Speaker 1 (18:41):
And what do you think about the Yankees now?

Speaker 2 (18:43):
It seems like the Yankee not Yankees. The base Baseball
is more exciting now, it's it's I'm watching the games more.
The games are a lot faster, it's fast pacing. So
what is your what is your your thoughts on baseball now?

Speaker 1 (18:54):
Yeah, I'm I'm so excited this is I can go
on and on about the but I keep it tight.
I would say that baseball has needed this moment for
at least a decade. I'm so tired of people saying
baseball was born and old. Then look, we went through
a little bit. They got born, but give Commissioner Rob
Manford and Tony Clark, the head of the Union of

(19:15):
the players, and they came up with the clock right
and made it a lot better pace, made the bigger basis.
Now they look like Domino's Pizza right a base And
it's a game that's driven by markets and superstars in
tradition and history and this world series here has it all.
This is two franchises that have the two richest franchises

(19:36):
in revenue and star power global Yankee may be the
number one franchise in the world. Dodgers may be top five,
and I'm talking about allive sports, football, soccer, name you know, yeah, yeah,
number one cowboy fan. The Yankees are in that top five,
right and when you look at the Yankees conglomerate, it
is well worth over ten billion. When you look at
the Dodgers, well worth over ten billion. Okay, I would

(20:00):
say there's Otani and Judge are two biggest stars as
you can have. You're gonna have probably fifteen million people
watching Japan, another fifteen or twenty watching here. The fan
bases very interestingly, It's interesting when you go to Dodger Stadium,
there's three type of fan bases. You have the corporate
financial institutions in Hollywood, you have the Mexicans that you know,

(20:22):
God likes Fernando vel Azuell who died, he was a
big pioneer in that movement. And then the other third
is now Japanese and they're printing money like is no
one's business. Because Otani and obviously the success they've had
with Mark Walters Todd Bowley to have an incredible ownerships,
but they've had one championship in thirty seven years. The

(20:44):
Yankees have one championship in twenty four years, so both
franchise are going to be starving. Tickets that told John
today are going for forty thousand dollars behind home played
one ticket, so if you want to that's eighty grand
eighty rand beers probably four thousand. So it's it's gonna
be the most watched World Series since the Cubs, and
will you want you won? The last one was nine,

(21:07):
so we haven't been there in fifteen years, so bring
the glory days back to the Bronx.

Speaker 2 (21:11):
Yeah, it's old Tuney, the best baseball player ever. And
let me let me let me say why. I have
never seen in my life that I watched baseball a
pitcher as a designated hitter, to hit that many home runs,
to steal that many bases, and a manager allowing the.

Speaker 5 (21:29):
Pitcher to do it.

Speaker 2 (21:30):
Because usually you're scared because you don't want the pitcher
to get hit by a pitch. You don't want him
to hurt his own while he's sliding. You don't want
him to hurt his leg while he's running. But he
does it all and he's amazing doing it.

Speaker 1 (21:39):
You know what's amazing. He's also six foot five and
is the fastest guy on the field, and he also
throws one hundred miles an hour. But I would say
this he's I don't know if he's the best because
it's too early. I mean, Barry Bonds was the baddest
son of a bitch I've ever seen on a field.
I mean, he is one bad sucker, right, And the
uniqueness about Otani is he's Barry Bonds, married with Roger

(22:00):
Clemens and he's won. So is he the best hitter?
I would still put Barry Bonds probably a bit ahead
of him. Is he a better picture? I will still
put Clements on top of him. But combined it's only
a class of two Otani and Babe Ruth Jesus.

Speaker 6 (22:14):
My question, I don't know much about the players. It's
not about the players. My question is about it's back
to the family stuff you were talking about. My first
thought was, so that moment with your mom changed your
thoughts on money and building money in family. How do
you keep now you got all these franchises and all
this stuff, how do you keep Like you take care
of a lot of people, but how do you set

(22:35):
your boundaries where it's like no, because you got to
keep the money to make the money. But you also
grew up watching so many people not have, Like, what's
that battle like for you?

Speaker 5 (22:43):
Yeah?

Speaker 1 (22:43):
You from uptown, so you yeah, it's a great question.
So in our company, look, we started with one little
duplex about twenty plus years ago, and then we bought
a four plex and an aplex, and over the last
twenty years we bought about five billion dollars of multi
family apartments, hotel, single family houses. So we've gone from
little mom and pop to mid cap to institutional level.

(23:04):
I have five direct reports in my company, and the
good news about them, they're always smarter than I am.
So we vet things and we talk about what are
the things that are important to us. We only play
in places where we bring more than capital, right well,
as an example, baseball would be a place that we
bring more than capital because we have a certain expertise there.
Basketball is just another you know sports, right, So we

(23:26):
we were good there, but the circle of competence is
very small, and if it doesn't hit that bullseye, we're
not looking at it. Because the number one thing you
have to have in business is discipline. Understand who you
are and what you do, and do it over and
over and over and over again onto your border.

Speaker 4 (23:39):
With itout family I'm talking about.

Speaker 6 (23:46):
I'm talking about personally, like with grandma or you know
today like you're you're you're also the celebrity right right,
and people your family your booze. They don't understand what
you're saying the discipline. They just see what they need
and they call you. How do you be Like, no,
I can't do that. That makes no sense my discipline.

Speaker 1 (24:06):
So first of all, I'm almost fifty now, so I've
had a lot of learning experience. I would say when
I was in my twenties and thirties, that was a
lot more challenging, right, But now when you're running businesses,
you can give people opportunities where they can win. So
as an example, my sister does on my personal real estate.
So if I'm buying a house for you know, a dollar,
she's making you know, three percent of that or six

(24:27):
percent of that, and my brother does.

Speaker 3 (24:29):
But they got to be they have to be competent.

Speaker 1 (24:33):
They know my I don't play that game. You got
to be by the book. There's no nepotism. I'm a
very tough boss, I would say that. But here are
the rules. Rules of engagement and you played by them,
You're gonna get first bid, and if you perform, I'm
going to come back to you over and over again.
If you don't perform, I have no problem quickly pivoting quickly,
And it's not personal. It's business. That's right now, when

(24:54):
my mom calls.

Speaker 5 (24:58):
Or whatever.

Speaker 4 (24:59):
But was there ever a time where you had to
explain the people of the business meaning like they just
reported I was Robert gets one hundred million dollar contract
and somebody comes to you and ask you for something like, bro,
I got to pay taxes, I gotta pay manage.

Speaker 5 (25:11):
You have to explain that.

Speaker 1 (25:11):
Oh yeah, yeah, Now, thank God for me. I guess
is I don't have a huge family. It's really worth
family of five, right, my mom, cousin and the three
of us. We're all the siblings. So we keep it
tight and they've grown with me, and they do great
work and they work hard. And I'm really blessed to
have people that really understand money and they have great work.

(25:34):
Comes from my mom, and on that aspect, I've been
pretty fortunate.

Speaker 5 (25:38):
Can you expound on something John? With that that a
Rod said?

Speaker 4 (25:40):
He said, bringing to the situation more than capital, he
want to be with situations.

Speaker 5 (25:44):
You want to be involved in situations where you bring
more than capital.

Speaker 3 (25:47):
Yeah, well most. I mean the word capital comes from
the work the Latin root word copy tass knowledge in
the head. The word credit comes from the latter word
credit though, which is credibility has nothing to do with money.
Banking actually is a trust business. It's about do I
trust you do? Do you have credibility? And do you
have the knowledge? You have the understanding relationship capital is

(26:08):
really the real capital. I mean, what's a country club?
Why do you go to Harvard? Is Harvard is gonna
make you smarter than the state university? Maybe maybe not.
The relation the glass of twenty twenty four is gonna
hook each other up for the next forty years. So
that's why you go to a country club. That's why
you go to a private club. That's why that's why
any any hook any small group is. That's why you

(26:29):
go to college other than the education. Is that that
So you got to figure out what your capital is.
You got to figure out who your circle is. That's
why I said earlier. If you hang around nine bro people,
you're gonna be the tenth. So you've got to you know,
you look at who who it runs hanging around. He
didn't mention a bunch of people he mentioned. We both mentioned.
We both saw him last week. Magic Magic is working

(26:50):
a business suit these days. Anybody in sports or entertainment
now now with your canvas, everybody who comes through here,
anybody in sports, entertainment, where it being from? Of them?
Billion did it in business? They translated, you can't sell enough.
You cannot sell enough concert tickets, You cannot get enough
a big enough contract to become a billionaire. That's not

(27:11):
the way income works. You got to translate that into business.
Every literally every athlete and every entertainer. Jay Z business,
Michael Jordan, Michael Jordan business doctor, Dre beats beat the business.
My man has got a billion dollar portfolio. That's why
he can just be so cool and just you know, understated.

(27:32):
Don't need to scream in Holly, you got the power,
you don't need to use it right. So it is
about getting your mind right. All poverty, Charlemagne, beyond sustenance, poverty,
roof over your head, food on the table, reasonable healthcare,
all other poverty's mindset. That's why I say there's a
difference between being broken being poor being broken is economic,

(27:53):
but being poor is a disabling frame of mind, a
depressed condition of your spirit. You must vow never to
be poor again. We need. The first thing you have
to do is get your mind right, and then the
money will follow.

Speaker 2 (28:03):
Now for parents listening, and now, when is a good
time to start getting your kids involved in financial literacy?

Speaker 3 (28:10):
When you start breathing. So when you start spending money,
I mean you spending money twenty four hours a day.
When you sleep, you're spending money. The bed shets. The
government did buy the bed sheets. The government did buy
the alarm clock. You did that. The governments not paying
for your life bill, right, So check this out. We
have a kid's account in Atlanta public schools Operation Hope.
By the way, everybody can go get financial coaching scholarship

(28:32):
from the compan of the breakfast club. Call Operation Hope
will give you a thousand dollars free scholarship just because
you mentioned breakfast club to get coaching accounts and get
your credit card right. So we have it with Mayor
Andre Dickens in Atlanta. We have a kid's account in
kindergarten U fifty bucks in the kids account. Now you
may say, what's the big deal of that. If you
have a bank account at kindergarten, you're fifty percent more

(28:55):
likely to go to college. All on a minute. Watch
check this out, did JMB You have fifty dollars in
that account in kindergarten, you're seventy five percent more likely
to graduate from college. Because now you're connecting education with aspiration.
The kid, the lights on the kid's head. Now you're
talking about stocks and bonds and investment, and I mean,
don't and don't put, don't create an investment account, don't

(29:16):
get a rod or me or you you know to come,
you know, don't DJ and be going and talking about cars,
you know, talking about because really is technology these days, right,
talk about it, But through that it's investment. Now. Now
now these kids, you hooked them, right, So it's about
role modeling. It's about the language of money at the
earliest age. Because it's the aspiration generation. We can literally

(29:39):
build the next generation of America. We have to, by
the way, because we're going to be a majority of minorities.
Literally if we don't do that, as country is done.
But we can do that at kindergarten with a fifty
dollars hope savings let.

Speaker 1 (29:53):
Me add to John's answer, and I agree with everything
he said. I'll give you a real life example. So
I remember I have two daughters, Hasha and Ella. Natasha
is a sophomore at Michigan today. Ella's a junior in
high school. I remember when they were in kindergarten and
second grade, and I said, all right, girls, here's the deal.
Every day Pop drives you to school, I'm going to

(30:15):
give you three business lessons, and on Friday, be ready
to pick your five companies for a portfolio. I'm going
to put one thousand dollars in each one of your accounts.
And they were confused, and I said, well, you're overthinking it.
Give me five products that you use every day while
I use my phone Apple. Are you on Instagram? Not yet,
but I know what that is, okay, meta social media

(30:36):
Google because I google things. They wanted to get cvs
because that's where mom takes them. And one more maybe
Disney and I put one thousand dollars every year. So
it's not really about big numbers. It's really about the
practice of the habit of honing your craft. You look
to today. Both their accounts got over one hundred and
fifty thousand, right, and they've all done the performance of

(30:57):
some of the smartest hedge fund people in the world
because they kind of didn't overthink it. They thought really
fundamentally about what they used. But they now, by the way,
by the time they were freshman in high school, like that,
no more business, we're done. We're sick. But now I
hear him, as you know, many adults, and they're repeating
my language that they learned first grade, second grade, third grade.

(31:17):
Although they were fighting it, they were absorbing it.

Speaker 4 (31:20):
You know.

Speaker 2 (31:20):
The biggest thing, I'm sorry, the biggest thing that my son,
who's nine, The thing that I love is my son
watches Shark Tank. So he's nine, so he doesn't know
you for baseball, he knows you from Shark And like
I was talking on the phone, was talking to business
to somebody, and he started asking me questions that I
know that he got from someplace else.

Speaker 5 (31:39):
I said this the other day.

Speaker 1 (31:40):
He was asking me, so, Dad, how much.

Speaker 5 (31:42):
Equity do you get in that deal? I'm like, where
you getting that from?

Speaker 3 (31:45):
And then he was like, well what about He was
like WHOA. I said, well, where did you.

Speaker 1 (31:48):
Hear about equity?

Speaker 2 (31:49):
And he's telling me Shark Tank, and he was like, yeah,
I want to know what royalty fees are and this,
that and the other and not. I was like, I
just want to play baseball. But you know, it was
just it was great that they have these type of
shows on and I know you got to go.

Speaker 1 (32:00):
I know you had a question.

Speaker 6 (32:01):
Yeah, I do have a question. So y'all are talking
about your families and y'all kids, and these two always
talk about how when they locked into their marriages, everything
like floors for them. You talk about your baby girls
a lot. Last time you were here, you were talking
engagement with j Lo. I know you're right now dating Jacqueline.
Is engagement? Marriage? Is that a conversation for you right now?

Speaker 1 (32:19):
Like?

Speaker 6 (32:19):
How does that? Where does that fit in all this
business in the portfolios?

Speaker 1 (32:23):
Well, I'm very lucky to have an incredible person in
my life. Jack's Canadian. She's right outside of Detroit, which
is very beneficial because my daughter goes to school Michigan.
So I got two for the price of one, already
cutting a good deal. So she's twenty minutes from Detroit.
She's a former nurse. She's transitioned her nursing to an

(32:44):
incredible business called Jack fit where she helps out. You know,
thousands of women online get a better life. I personally
lost thirty pounds because of her. I haven't really thought
about that. This is really the best place I've been
in my life. Fortunate, grate photo be where I am.
I'm helping out tons of people involved, like you said,

(33:05):
with the Timbles and the Links and doing my Fox
deal with the Yankees and the Dodgers, And I'm open
to anything. But right now, I'll let you know. If
there's some big announcement coming, maybe I come back.

Speaker 4 (33:18):
I would think it would be difficult for you to
trust anybody and really, like you know what I mean,
like romantically, just because you are a rod so the
celebrity within the money.

Speaker 1 (33:25):
Like it's hard. It's hard for sure, but you know,
you take your time, you try to surround yourself with
people that are better than you. And but there's no
question just it's difficult.

Speaker 5 (33:35):
Now that man is married John O'Brien.

Speaker 3 (33:37):
Oh yeah, Shade Room. And you know, I've known her
for twenty five years, we've been married for six. She
has no agenda. She just loves me, like and you
can feel it, right, And it's hard to trust people
because you know you're You're not a person to them,
You're just an opportunity to us. You're a cash register.
And I and I've I've had people like try to
take me down because they didn't get what they want.

(34:00):
So that makes you really skittish. But you know, if
you have the right relationship, as I said earlier, two
plus two equals six eight or ten, it really does
enhance your life and roots you and ground you, and
they love you no matter what ups and downs, by
the way, and so that. But that goes back to
Charlemagne what you said about your circle. You know, as

(34:21):
your world gets bigger, your circle should get smaller. As
your world gets bigger, your circle should get smaller. I
would love to talk about very quickly a mistake that
I made because people hear about all these winds and
we're doing this and doing that that we don't you know,
they can't relissarily relate to that. You know, I made
a mistake since I saw you last what you have

(34:45):
in business, I sow a company, so technically it wasn't
before I saw you, because I saw the Province Homes
Company two years ago. But I just realized I made
a mistake in the last month. So I invest just
real talk. I've never said before, but I invested three
and a han million dollars in an investment account. I
put in the market, and I tell people let it

(35:07):
sit there. And I messed up. I didn't take my
own advice, and market went crazy. January twenty twenty two,
interest rates started going up twenty By March and April,
the introt rate was still going up. Stocks were taking
a beating. I had just put my money in the account.
January twenty twenty two, I had lost five hundred thousand

(35:28):
dollars in three months. So what did I do? Hold
it out? I put it on and put it in
treasury bills. So I said it might take me to cash.
I took it all and put it in treasury bills
and just let it sit there. And so what happened?
I asked my broker, broker Rockefeller Caountal Management as a
family office. I asked him him two weeks ago. So

(35:48):
I'm just curious what would have happened if I had
left it in, Well, you would have lost another two
hundred thousand dollars. So I'd been down seven hundred thousand dollars,
which is you know, hold on to your butt cheeks. Right.
But if you but if you but dj envy, if
you kept it in, just let it sit there. This
is the magic of markets. If this is this, this.

Speaker 4 (36:10):
Hurts John, You got to stop that edit is gonna
be crazy because he said, hold on your budgets, dj vy, let.

Speaker 3 (36:27):
Children.

Speaker 1 (36:30):
It's gotta be another way to think.

Speaker 3 (36:32):
We understand what you said. If you don't know.

Speaker 5 (36:36):
They're gonna know. He hit the buet complete come out.

Speaker 3 (36:43):
So, uh, this really hurt because the guy told me,
if I had just done nothing, just let it sit there,
let the markets do his thing. I'd have made the
seven hundred thousand dollars back and another seven hundred thousand
dollars on top of it out of double my money
over the losses. If I did nothing, this is the magic.

(37:07):
So if I had had so by the way, I
don't lose it. I don't. I don't deny, I don't.
But I don't beat myself up about this decision because
if I had had money in the market in that account,
it had made some profits, so it wasn't house money.
I would have left it in there because if I
lost my profits, and that's fine. This was this was
core capital. My goal for this core capital was just

(37:27):
let it sit and it was the goal is money
was to be safe. So somebody might be thinking about
a four oh one K plan. They've got their employer,
or they got a thousand dollars in that Savis account.
They don't want anybody to touch that, right, So think
about that in that example. So this was for me
that so I didn't I didn't need to make any money.
I just didn't want to lose any on that particular investment.
If I had made something, I would have left it there.

(37:48):
So in hindsight, statistically I made a mistake. But from
from what my priority was, which was safety and security
and not return, I'm completely cool with it. I'm just saying.
I'm just saying that as an investor, I tell people
put it in the market what I said about homes,
buy it and don't sell it, right, It'll just go
up at value. I'm just giving I'm telling you, here's

(38:10):
a guy who is pretty good at the investment in
the business game, and here's an example were recently I
made a mistake and pay for it. And the magic
of markets. You make money during the day, you build
wealth in your sleep.

Speaker 1 (38:24):
Sleeve.

Speaker 6 (38:26):
I was going to ask, why would you put safe
money on the market like that, because they also tell
you too, if it's something that you want to keep
safe and to not let like you don't want to
lose it, you don't.

Speaker 3 (38:34):
Play with it. The three it is a great it's
a great conversation and a right if you have an
example or the police weigh in. There's three things that
have never gone down in American history. I'm so glad
you asked this. GDP gross domestic product of this country,
the income, real estate values, its stock market value. It
goes up, there's a recession. All recession means is it recedes.

(38:58):
It recedes, and if you stick with it, it corrects
above the line. What people who are financially illiterate do
is they get freaked out, and they are and they
sell it. Right. I had a townhouse in la I
bought it for two hundred and twenty thousand, went down
one hundred and some one thousand dollars in two thousand
and eight. You know, all my friends were telling me,

(39:18):
sal get rid of it, they're broke. So I'm I
didn't listening. An event, I kept it. It said seven
one two two lot to hair. Somebody listening to this
know exactly what I'm talking about. Lottier in Airport. I
kept it was fifteen hundred square feet.

Speaker 1 (39:30):
Oh yeah, what I say?

Speaker 3 (39:31):
You know there's that I rented out to a police
officer who didn't pay rent on time. But but I
but he paid ultimately, he paid me. I paid the
property taxes. I forgot about it. Five years later, I'm
trying to buy a property for seven hundred and fifty
thousand dollars, Like, where can I get seven fifty from?
I called my my my broker, black real estate broker
in LA. I want you to sell this condo for me.
Mind you, I bought it for two twenty it was

(39:52):
last time I checked, it was one fifty one eighty.
What can I get for that seven to fifty? All
I did was let it sit there and it just
went up in value. So I did a ten thirty
one tax free exchange, took the home and un allowed
to hear, sold up seven to fifty, bought the other
property for free with no tax impact. So you just

(40:13):
don't go wrong investing in the biggest economy, the sole
superpower in the world, the flight the quality people in
China talking mess about us. They're investing here, folks in
Russia talking messing about us. They're investing here, Iran, all
these places talking mess about us in front of the camera,
all of these folks, including Putin, investing in America. So

(40:35):
we have this great thing in front of us called
the soul, superpower in the world, the biggest economy, and
most of us are not taking advantage of it. So
I love the stock market. Everything that you love is
publicly traded. Iubly traded yet, but well maybe we can
take you public.

Speaker 1 (40:52):
Well, you know what I was gonna say is, like
you know, Lauren, to answer your question is money is
not emotional. That's it. Money doesn't care who or who
who What pockets in the emotional ones are the humans.
And what John Hope is talking about is something that
Americans do is they panic when things go down. But
when you see guys like Tony Wrestler, Warren Buffett, or

(41:14):
the greatest invest in the world, Tony Tony, when when
John is selling that situation one, but Warren Buffet is
buying and buying a lot of it. So if you
can remove your emotions from investing, which is really hard
to do, and counterintuitive. Money doesn't care about you as
long as you know that and you're playing the long

(41:35):
game and know that along the long way you're gonna
have some hiccups. How do emotion that you're going to
be prepared to do that and not overreact? Right? But
when things go down, do you have you know, the
guts to kind of go in and making sure you
understand the business and what you're doing, right, I would
suggest do this with a professional, but thinking about a
philosophy big picture, before it happens, it is being prepared.

(41:56):
It's like in baseball, I'm thinking, if this ball gets
hit to me, I'm gonna throw to Jeter on the
throw to c C or whatever. Same thing with markets.
If I have four four million dollars four hundred thousand
or four thousand and the market goes to three thousand,
what am I gonna do? Am I gonna You gotta
know that before it happens and anticipate and have a
little bit more of a proactive approach.

Speaker 3 (42:15):
Now, by the way, on that example, to what again,
he's a Hydress writings like doubled down on a good
investment the same time I pulled out of that investment
with the cash, I bought some real estate in another country,
Tucks and Kkos. I bought it for two million in
the same time period. It's now worth three point six million.
So I lost a little bit here on return, but

(42:37):
I gained over here, almost doubling my money on real
estate secured real estate, and so I achieved my objective,
just not in the way that Yeah, in different ways.

Speaker 2 (42:44):
I was going to ask for somebody listening, maybe possibly
thinking about buying their first property, their first investment property,
or even at first house, or even thinking about refinancing
the home that they have.

Speaker 3 (42:54):
What do you say to them?

Speaker 2 (42:55):
Do they wait until after the election, because a lot
of people are saying wait to have the election, this, that,
and the yether. What do you say somebody that's trying
to buy a home right now? Interest rates shot up
since COVID. I'm sure we're never going to get to
two point nine percent ever again in life. So what
do you say to those individuals listening right now that
thinking about buying their first investment property, their first home,
or even refinancing at home.

Speaker 3 (43:13):
I have a strong opinion, but go ahead.

Speaker 1 (43:15):
You go first, Well, I would say, look, I have
a different outlook when it comes to houses, I don't
think houses is necessarily an investment. Is an investment to
your lifestyle is an investment, and for a lot of Americans,
it is your biggest investment, right because it's the biggest
asset you own, and you got usually a seventy seventy
five percent mortgage or whatever it is. But I would say,
buy a home that you can afford. Buy a home

(43:38):
and locking your rates, so I like locking in for
five or seven years, so I know exactly I'm almost
renting the house. I know exactly what my well, my
nut's going to be every month, Right, that's really important.
And I would say, buy a house, are you going
to be happy in? They're gonna be able to raise
your kids, They're gonna be safe, and locking your interest
rates and understand that you have to be able to

(43:59):
afford these payments or what happens, right, and give yourself
a margin of error right of safety net. But I
do think that indust rates could lower, But I'm not
into timing markets when it comes to my personal houses.
But I defer to job.

Speaker 2 (44:11):
But to say that, I would always say that to
people that are looking for their first property, if they
necessarily don't know enough scared. I always would say get
a multi unit, right, because that way they can rent
out other units and make sure that they can pay
their bills until their more successful, take the equity out
and get their own property. That's why I would say
multi unit. What's your thoughts on that?

Speaker 3 (44:28):
So the key, the key with what Alex you said
was he said houses, okay, So this is a whole
other situation, don't That's why he's not all in the
houses as an investment. He's got houses plural. That's a
different tax. Brackett. The average person listening to this, please
listen to me. As fast as you can buy a home.
The number one way you build was in America, it's homeownership.

(44:52):
The average African American with forty one forty forty three
percent of us own a home compared to seventy five
percent of our white counter parts that thirty percent delta.
That difference is massive home ownership and prices are not
going down when I started buying those seven hundred homes
from the Promise Homes Company. By the way, Tony Resler
was one of my partners in Michael Raghetti, who we've

(45:13):
been talking about a couple here a couple of times here,
good guys, I ran it up to one hundred and
fifty million dollars of assets under management of that particular
portfolio I bought for eighty eight thousand. I sold them
at three hundred and fifty thousand. No one moved the house.
It was no genius to it. It's the magic of compounding.
And so if these they're not growing anymore. Land a

(45:36):
lot most of the places where we live are inner cities.
What's an inner city in France, It's called Paris. What's
in inner city in Britain's called the UK. Like we
have centrally located real estate and we're walking away from
it to rent from somebody we don't know. To spend money.
We don't have to impress people we don't know, to
talk about stuff that don't matter, like knock it off
by the worst house and the best block in the hood,

(45:59):
d a hyphen hod the hood adjacent. Buy it near transportation, economy,
economic activity, activity, and a vibrant environment. Buy it, rehabit,
live in it, use equity in a couple of years
later and buy I know, you know what I'm talking
about here, DJMV by the second home three years later,
you do that three times over five to six years.

(46:19):
This is my mother's story, worked in an hourly job.
You're a millionaire, and you can get the down payment
through the Earn Income Tax Credit. Right. You can go
to Operation Hope that we can help you get Qualitifier EITC.
If you're making thirty eight thousand dollars and have three children,
the government owes you about seven thousand dollars cash. So
you just gave everybody listening to this who makes thirty
eight thousand dollars a check and it's retroactive for three years.

(46:40):
If you never filed, that's almost twenty thousand dollars. There's
your down payment right there, right, so we can and
to get your credit score up, get your debt down,
get your savings up, get into that house because it
costs just as much to rent as it doesn't pay
in mortgage payment. You're right. Interest rate to two percent
not coming back, that's fine. Four percent, five percent is
just fine. That's still very very low. But prices are

(47:01):
not coming down. I'm gonna wait, no, no, no, don't wait,
it's gonna get worse. Go get more expensive, buy right now,
let me go.

Speaker 1 (47:09):
Why would I add one thing to that, because I
think when it comes to finance, especially in our communities,
people get foggy, and the listeners they're so smart that
they don't even believe, they don't even understand how smart
they are. Problem is, America has kind of confused them
with all these acronyms and you know, ROI and all
these like fancy terms, you know, And what they have

(47:34):
to understand is their gut and their instincts is the
best asset. They have the best asset classes talent number one.
But I'm gonna do something here. What's your favorite basketball
player of all time?

Speaker 6 (47:44):
Me?

Speaker 1 (47:44):
Yeah, just name one? Lebron Lebron J. Okay, perfect? All right.
So in this case, if we were to say, all right,
we're gonna go to the park and play two on
two basketball. Pick your partner and you're gonna wint a
million dollars, Okay, you pay Lebron, you pick MJ, you
pick Iverson. You guys are all solid. Okay. Now we

(48:04):
say the same drill and we say, okay, now you
won a million dollars. Okay, who are you gonna give
it to? Oh? I grew up with a guy in
high school and I'm gonna give it to him. And
I don't understand how in one case you're so intelligent
by picking your partner, But when it comes to controlling
your personal finances, which is the single most important decision
you make besides your wife or your partner, right, is

(48:26):
you go pick some high school guy that you know,
or some one that is basically a guy that didn't
make it in Wall Street or didn't make it in
Goldman Sacks or JP Morgan. So taking the same approach
as going to play basketball and picking the best of
the best. Go find the very very best, and it's
okay if you pay him a little bit more, but
you can't go wrong when you pick the very best.
And I find too many times people don't pick the

(48:47):
Lebron James Michael Jordan or Allan Iverson to handle their
money or to partner with. I will tell your son,
son pausing that restaurant, who's the best restaurant people in
the world. I have a great platform. I'm your dad.
Let's go see if we can put five thousand, because
they're put it in five million, and put a shoulder
to shoulder and don't cover me fees. Just let me
and if that five thousand becomes fifteen thousand, then I

(49:07):
can run it back and run it back. So the
competitive advantage we all have to identify is, and with
complete self awareness, is what is my weakness, my blind spots,
and what are my assets. Well, for all three of you,
you have an incredible platform. So if I have a
company that needs eyeballs, I may come to you and say, hey,
you guys want to throw in twenty five grand don't
worry about big numbers. It really pisses me off because

(49:28):
it's what kept my mother out of investments, right, And
what we're trying to do is democratize this whole thing
and simplify it, both in opportunity and in verbiage. So
if you have two thousand dollars and somebody like Tony
Wrestlers put it in twenty million, say hey, Tony, can
I put in two thousand? And I guarantee you a
guy like Tony'll find a way right to bring you along.

Speaker 4 (49:46):
I want to ask a question because I think sometimes
we have these conversations, and we have these conversations from
our perspectives. Right, Well, y'all in a different tax bracket.
But I'm just saying, everybody here for the most part,
has money. What about people who have no money? People
from our communities? You have zero dollars? How do the
poor even get to the middle class?

Speaker 1 (50:04):
I got you there. I mean, he's the master, but
I'm just gonna give you like really simple, right, Money
is the easiest part to get. And I know this
sounds crazy to the folks listening. Right, money, there's over
a trillion dollars sit in the sidelines looking for great deals.
So if you don't have money, can you find deal flow?
Can you hustle? If you find me an asset that
costs ten million dollars and you bring me you bring

(50:25):
it to me for eight, you basically own two million
dollars of that one undred. So if you bring me
a ten million dollar deal, right, and I can buy
it for eight, you say, hey, give me a million
dollars on that, I'll give you because I'm still getting
a million dollar discount. I'm paying nine for ten million
dollar assets, so I'm getting a discount. So looking for opportunities,
understanding where the train is going, and you, as an entrepreneur, says,
how do I get in the way so when that

(50:46):
train goes by, I can jump on and jump in
that bandwagon, right. It's creating opportunities. If you find deals,
you got money.

Speaker 5 (50:52):
Is that possible for everyday people to yeah, yes, yes, yes,
you know.

Speaker 3 (50:56):
You can buy a You can open a fractional stock
account and put in twenty five dollars to buy some stock.
Now you spend that on Starbucks. You can do you
can do ten ducks, you can do five bucks a
fractional stock on any stock that you want. So there's
no excuse if you want to get in this game.
Operation Hope will help you again. If you're listening to
Breakfast Club, will give you a scholarship for coaching and counseling.

(51:18):
We're going to get your credit score up. The average
credit scorer for black people, by the way, is six twenty.
Latinos are a little above that, notch more, but that
means half of us are locked out of the free
enterprise system. You can't get a decent home loan at
eating below seven hundred, you can't get a decent auto
loan below at six point fifty. You can't get a
business loan at all unless you're seven hundred better. It's

(51:39):
risky credit. So we think the issue is racism or
discrimination it might be, but it also might be that
you don't understand. There's a game, there's a credit box,
and you're not in it. So the bank is like,
you're just not a good credit risk. So what we've
done is we know to get your credit score up,
your debt down, your savings up with hope. So the
bank will say yes. At midnight, the bank, the computer
doesn't know what color you are, computer will say yes.

(52:01):
Somebody's listening to this and saying, is he talking about debt? Yes,
it's called good debt. Bad debt's financing jewelry. Good debt
is financing a home, mortgage, financing a business, right, going
into an investment with a rod to do a multifamily
apartment building, which is his bread and butter. So good
debt is tied to something that might appreciate. Bad debt
is tied to something that will depreciate. Every billionaire you

(52:23):
know has used good debt. Every city, our country that grows,
including this one, has used good debt. There's nothing wrong
with debt as long as you're intelligently using it. The
question about can any person win? I can make almost
anybody a millionaire if you follow again, he talked about
basically good habits, being disciplined. If you come to Operation

(52:44):
and Hope and you follow our plan, within five years,
you're a working class perkin making forty eight thousand dollars.
We will give you a plan and make you a
millionaire in five years is not complicated. But you have
to have discipline, you have to live below your means,
you have to understand this game. You've got to be
fine antally literate, and everybody can be a winner at

(53:04):
this game. I'd love to come back at some point.
We need to talk about a whole this whole thing
or a relationship capital which you talked about a little
bit like behind all of us is a backer, a
partner that we're not talking about magic has it. I
know who they are and I mentioned I love talking
about Tony Wrestler and Michaelreghetty. Right. They they backed me

(53:25):
eighty million dollars and I paid them back plus seven percent. Right.

Speaker 6 (53:29):
It's important because our community feel like capitalists. You said
talk about making smart sexy. They feel like that's a
bad thing. A lot of people, not everybody, but a
lot of people in our community feel like capitalism is
a horrible thing. Having people back you as a horrible
thing as well too.

Speaker 3 (53:40):
Yeah, so people say, let's go for and step further.
Oh I hate rich people. No, you don't. You hate
rich people to you become rich. What you hate is
a game system. To your point, what you hated, The
system is rigged so that you don't think you can succeed.
The money's not evil. It's the love of money that's evil.

(54:00):
It's the greed and bassiar. Andrew Jung says that men
and women fail for three reasons, arrogance, pride, and greed.
What did Malcolm X say. We've been bamboozled, We've been tricked,
We've been fooled, We've been hoodwinked. We've been hoodwinked. On
this topic black people. I'm picking on black people because
I'm Black. We have never had an economic infrastructure in

(54:21):
the history of of us being here. That's our problem.
God's not gonna save you. Even if you want to
distribute the money like a socialist, you gotta collect it
like a capitalist. So we have got to what's the
entertainment business? The business of entertainment. The sports business is
the business of sports. What we don't understand is the business.

(54:43):
I'm gonna give you an, I've never said this, and
it's builds on Alison what you were saying. I'm gonna
give everybody here free game. Jay Z's did basically a
financial literacy album called four four four You say I'm
gonna give you a min dollars with a game for
nine ninety nine. This is No.

Speaker 1 (54:58):
Ninety nine.

Speaker 3 (55:00):
There are about one hundred trillion dollars about to co
hit the market in the next ten years. All these
baby boomers are retiring at the same time. They're gonna
give their cash in their stock to their kids. They're
gonna give their house to their family. Kids don't want
the business. Those businesses have cash flow, client lists, real estate,

(55:21):
a brand, the city. What Alex say to you a
minute ago, bring me an asset for ten million that
I can get for eight million, uh, and you have
the upside between eight and ten. So these business So
if you come to me and say I have a
startup idea, give me a million dollars, I'm.

Speaker 1 (55:38):
To get out of here.

Speaker 3 (55:39):
Right. You come to me and say I've got a
business that's got a million dollars of cash flow, that's
got a that's got an evaluation of ten million, dollars.
Will you finance that the acquisition? So one time, one time,
so revenue, it's got ten million dollars in this example
says ten million dollars of revenue. Well you've someone answer

(55:59):
a nine million dollar acquisition. The answer to that is
absolutely yes. Non recourse mean no personal guarantee. Wall Street
does that all dan. It's called private equity. So you
got literally trains of dollars with businesses that are about
to hit the market, and people listening to this can
go become capitalists right now with an existing cash flow business,

(56:20):
existing assets, existing employees. Not no risk, but low risk
because it's already successful. So we need to stop being
self employment projects because ninety six percent of our black
businesses don't have an employee. I don't know what the
Latino numbers are, but you but again, you buill wealth
and your sleep is compounding. This is a huge opportunity.

Speaker 5 (56:40):
So if you have.

Speaker 1 (56:42):
In sports are so easy. I always use sports is
a great metaphor because the teachers are about life and business. Right,
If you say you know who's a better basketball player,
Shock or John, where they walk in the room, immediately
one hundred percent will say shot.

Speaker 3 (56:56):
Right.

Speaker 1 (56:56):
Business is exact opposite. Like, if let's say you have
four thousand millionaires in the world today, four thousand just
for a number, and you say, everyone pressed the lead,
everyone goes to zero, the math will tell us and
the signs will tell us, and that data would tell
us that in ten years you'll have basically the same
four thousand billionaires again. Because what it is, like shaq,

(57:17):
is a set of skills, and is an ear and
is a rewiring of the brain. So all of us
here walk into opportunities every single day, but it's taking
your eyeballs and your brain and your ears to think
about opportunities when you hear them. So you hear opportunities
all the time. You know, poor guy and a rich
guy go through a bad neighborhood. The poor guy goes, God,

(57:38):
what a terrible neighborhood. I wouldn't never want to live here.
The rich guy goes, let's try to see if we
can buy all this stuff on a cheap, because in
ten years you're going to be different. You go to
a barber shop and you hear through a terrible divorce,
and you hear this gossip all the time, and you
guys are here, man, what a terrible situation. I have
to sell their house, I have to sell the car.
If you're an entrepreneur in the ear, you hear, oh,
that might be an opportunity. Well maybe I can, not

(57:58):
to take advantage of anyone, but if you have to
sell your house quickly, maybe I can provide a quick
buy and sell for you off market. And there goes
that seven million dollars deal for ten Right, So it's
about rewiring of the brain and looking at opportunities and
not looking at problems, because problems is really opportunities.

Speaker 2 (58:14):
Well, ladies and gentlemen, John O'Brien.

Speaker 4 (58:18):
Is happening December ninth to the eleventh in Atlanta, Georgia.

Speaker 5 (58:21):
Man, i'll be there, that's right.

Speaker 1 (58:23):
We'll give you a minute last.

Speaker 2 (58:24):
I'm sure he'll come back before that. All right, Well
it's the Breakfast Club. Good morning, Wake that ass up
in the morning.

Speaker 1 (58:30):
Breakfast Club.