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October 20, 2020 28 mins
My next guest is Dr. George C Fraser. He is the Chairman and CEO of FraserNet, Inc., a company he founded over 30 years ago. Dr. George C. Fraser is a renowned networking guru, business leader, author, and entrepreneur, who is regarded as one of the foremost respected authorities on entrepreneurship and building generational wealth and economic empowerment for the Black community. He will be talking about his annual PowerNetworking Conference and advising us on the next steps to success. Please welcome to Money Making Conversations Dr. George Fraser.
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Episode Transcript

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Speaker 1 (00:00):
My next Welcome to everybody. My next guest is George Fraser,
called him Dr George C. Fraser. He's a chairman and
CEO Frasier Net, a company founded over thirty years ago.
Dr GEORGI. Fraser renowned networking guru, business leader, author and
entrepreneur who was regarded as one of those foremost respected
authorities on entrepreneurship and building generational wealth and economic empowerment

(00:24):
for the black community. He will be talking about his
annual Power Networking conference plus give us some great value
about how we can be successful in our own everyday life.
Please welcome back to money Making Conversation. Dr George C. Fraser.
Oh God, bless you. Good to hear you. I love
the I've always I've always loved the energy and your voice. Uh. Hell,

(00:45):
you motivate me and I'm a motive there. Well you
know that's always a company because you know you It's like,
you know, I'm sure when Michael Jordan got on the court,
and I call you, Michael Jordan did every shot McDonald,
I just thought myself to be a little bit Uh.
I'm not even gonna say lebron are and I'm not
even lebro But you Michael Jordan, John Fraser understand that
we are respected in this business of entrepreneurship because you

(01:09):
all know, like now entrepreneurs are some almost become a fad,
just like the worry branding has become a fad. But
you know you started this whole networking in a relationship
before it was even vogue. Talk about the high wars
when we started the Fraser networking and now how it
is now, especially with social media being so prevalent in

(01:29):
the process of networking. Yeah, that that's an excellent point,
ra Shan. Social media has helped all of us to
stay connected, to get connected, uh and to leverage more
effectively our collective resources and intellectual capital and uh so
I love it. It has really helped to spread the

(01:50):
word about economic development and wealth creation. That helped us,
in fact, to understand the rules for for financial success.
I mean, actually, there are three basic rules. There are
three basic rules, uh that will if you're looking for
financial freedom. If you follow these three basic rules, there's

(02:11):
no way that you can go wrong. Rule number one,
your rent or mortgage should be less than what you
make in a week. I cannot tell you how many
black people are house for your rent or mortgage should
be no more than you make in a week. So
if you have a two household income, you combine the
income for a week, and your rent or mortgage should

(02:32):
be no more than that. That's number one. Number two.
Only borrow money to make money. So yes, you can
borrow money to buy a house because if you keep
your house, it is going to make money. There's nothing
wrong with that. If you're borrowing money to buy a car,
unless you're turning that car into a useful and utilitarian

(02:55):
tool to help you make money, get back and forth
to work or do whatever you need to do. Uh,
that's a good thing, but it's a depreciating asset Rashaan
because the moment you buy that car, if you turn
that car around and try to take it back to
the dealer to get what you paid for, you would
not get it on the floor. That's right, exactly. Anything

(03:18):
with diamonds or shan. You can buy you a beautiful
diamond bracelet if you turned around and try to sell
it back to the jeweler, but what you just paid
for it, you will not get it. So borrow money
to make more money and figure out whatever you're borrowing
money for. How are you going to get something in
return for your investment, and that's what you expect. You

(03:40):
expect a return on your investment. That's number two and
number three this is d. As your income increases, your
cost of living should decrease or stay the same. Stop
living brothers and sisters above your means. Stop living which

(04:01):
means you're spending more than your earn, Stop believing even
within your means, which means you're spending everything you earn
um and live below your means, and invest the rest
right So, as your income increases, your cost of living
should either decrease or stay the same. Do not raise

(04:25):
your costs of living, be couse you've got to raise.
Take that difference between what you were earning and what
you're now earning and invested. Don't spend it. And the
first person you invest in is you. Ties to you first,

(04:45):
take the money off the top, don't spend what you
have to spend to pay your bills, and then invest
what you got left. No no, no, no no no no,
invest in you first. And then uh. If you follow
these three rule, there's no way that you cannot land
on financial freedom. So that's that's what we are talking about.

(05:06):
Financial freedom, because we really, we really found out how
free we were not doing this covid NAT especially. We're
trying to the six habits that will keep us broke.
There's six habits that will keep you broke. Right? Not
talking about money? Right? Not? We don't talk about it

(05:27):
in school. We generally don't talking about it around the
family table. That will keep you broken. You've got to
talk about money, Understand capitalism, understand money. So talking about
money will help prevent you from keeping broke. Talking about
it around the family table, talking about it among your
friends is more important than what's happening on Real Housewives

(05:49):
of Atlanta. Number two failing to build an emergency fund. Now,
we've all been taught that we need to save some
money to a rainy day. Well, this is going to
be a rainy two years. This pandemic, Now, how everybody
can relate to this. This pandemic has changed our whole
financial mindset in terms of what we needed to have

(06:13):
put back for a long rainy day and what we
actually had put back. So failing to build an emergency
fund for more than six months, I would look at
it now for at least a year. What does it
take for you to live to and maintain your standard
of living for at least twelve months, right, and make

(06:34):
sure that you have that as cash available to you.
Number three making impulse purchases. Let me say it in
a different way. I would rather carry a plastic bag
with five thousand dollars in it and to carry a
five thousand dollar Louis via Tom bag with a hundred
dollars in it. Stop making impulse purchases, right, because that's

(06:55):
going to drain you of your cash available. Number four
buying items you don't need. Of course they on sale.
Now I have to chastise my wife often about this.
Don Why do you what was on to sale? I said,
but you already got three of them, right, So buying
stuff that you don't need. Manage your impulse buying. And

(07:19):
Number five pay bills late because of the exorbitant interest rates.
When you pay your bills late, especially those credit cards. Man,
you look at the annual interest rate on these credit cards,
and if you're paying the minimum that you have to
pay each month under you will never pay that credit
card off interest the minimum, guys, right, Absolutely, you'll never

(07:44):
pay at off, right, So don't pay your bills late.
Don't pay the minimums. Always pay more. I try to
pay double to triple the minimums I've paid month, I'm
I might pay five of what of what I owe.
So that's number five. Don't pay bills late and don't

(08:05):
pay minimums, as is the beautiful point you made. And
number six and the improper use of credit cards. The
improper use of credit cards. Fifteen years ago, I caught
up all of my I have no credit cards. What
I have are debit cards that are attached to my
bank account for Sean, and I cannot spend any more

(08:28):
than I have in my damn checking account. So you know,
I'm thinking about every time I use my debit card.
And I got I got three or four of them
because I have various banks and various needs, but I
could never spend any more than I have available right now,
right So improper use of So these are habits that

(08:51):
keep us broke. And we are also the most financially
illiterate people in America. We are at the bottom of
every single statistic that matters in this country economically, and
so we need to educate ourselves, educate our children. This
is related to talking about money, and as a result

(09:11):
of that, as a responsible leader UH in this country
as you are. We started our Winds Wealth Building Centers
UM to address financial illiteracy in Black America because if
the business of America is business, it is dangerous, rashan,
and self defeating to be financially illiterately. Therefore, education is

(09:35):
the answer. The key to a well round as financial
education is to align people's mindsets, their habits, their values
and solutions with the importance of the overall goals of
Black America, or according to numerous analytical statistics and studies
and predictions, we will ultimately if we don't fix our

(10:00):
financial badass habits right, we will be relegated to permanent
second class citizenry and we will end up in a
second slavery. So we develop UH twenty eighteen the Winds
Wealth Building Centers and Curriculum to address, among other things
of psychology, UH, the emotions and our relationship with money

(10:22):
in both the secular and non secular Black organizations, both
the church and other Black organizations. And we're sarftly focusing
on our deep seat of struggle with instant versus delayed gratifications,
one of the very bad habits that we have, and
we're struggling with the basics of financial growth. Uh, to include,

(10:44):
but it is not limited to the four pillars for
the intergenerational transport of wealth. That is the essence of
our Winds Financial Centers. And we've got over twenty churches
already involved with our curriculum and with our program, and
those four pillars for the intergenerational don't have time to
unpack them. This is what people are gonna learn at

(11:05):
the Virtual Power Networking Conference October through. But the fourth
killings very simply of the proper management of accumulated wealth,
so that we can stop reading about entertainers and athletes
that earn a hundred million dollars in their career and
within five years or either broker and bankruptcy. The second
pillar is real estate ownership, both residential and commercial real

(11:29):
estate is honeers stone for the intergenerational transfer of wealth.
The fourth with his business development, we are the consumption
class in this country, UH, white folks, the merchant class.
They make stuff and we buy. Stop doing that, brothers
and sisters. If you sell something, sell something in America,
two things are going on seven somebody's buying and somebody selling. Right,

(11:52):
We're doing all the day I'm buying. So if you
make cookies something, you put them in a box with
your name on it and sell it to somebody. Right,
if you live on a farm, take the manua, put
it in a bag, push your name on it and
sell it to somebody. You can become an entree manua. Okay,
stop doing all the day am buying and sell something.
This is extremely important. On this I'll give one final

(12:15):
little quote by Bishop Tudor. Bishop Tudor Bismark. He wrote
a wonderful book called Kingdom Economics, and I'm going to
quote him, and he says, as black people, we have
embarked upon a new millennium, and this millennium brings momentous change.
We see differences in every fastt of society, cultural ships,

(12:39):
economic upheaples, political changes, and more. As believers, it is
imperative not only must we be spiritually sound, but we
must also establish a firm kingdom economic foundation. We must
now unlock the keys to economic empowerment. Well end u quote.

(13:02):
I concode with that. And so I'm recommending that the
brothers and sisters out there, if you belong to a
church family, talk to your pastor get in touch with
us and put a winds Walt Building center. It's a
little license agreement and use our curriculum and start educating
your congregation. You'll have a better congregation. You will have

(13:23):
a more uh financial free congregation. There will be better
at times, they will be better givers. So this is
a very very big and important idea that must be
sustained over at least three or the next three or
four generations. That's the that's important. Yeah, you know, you know,
for an eighteen years, the Power Networking Conference has been
the home of black entrepreneurs looking to connect. That's important

(13:46):
when I say connect, growing prosper Forbes voted has voted
it as one of the top five conferences in the
world for entrepreneurs. They pride themselves on unique philosophy of
network and building their financial legacy for your grandchildren. And
this is about the future. Now. The interesting thing about it,
I was just involved in something with ESPN and HBCU
week in tw and eighteen. I had it was a

(14:07):
live event, George and that thirty students attended live event
College Fair. This year it was virtual and uh and
I was concerned about the response last year with thirty
hundred attend HBCUE College Fair in twin and eighteen. This year,
six thousand, one hundred and twenty five pre registered and

(14:27):
four thousand, eight hundred and twenty three attended. I say
that because if now I went from like a regional
event a city event in Wilmington, Delaware too, I like
to believe a global event. And I feel that we
can look at the negative side of what covid is
doing to brick and mortar conferences, but I feel it's
going to be a blessing for your power networking that

(14:49):
it is now virtual. Correct If I was, if I
was in front of you, Rashaan, I want to hug you,
uh because he just snatched the thought and the words
right out of my mind. Yes, there's downsize and there's
upside to everything, and the pandemic has changed us a
bit prematurely into a virtual world. There's no question about it,

(15:13):
and it ain't going away when the pandemic is over.
Because this is so convenient and and and it's so easy.
You can learn, you can connect with people in your
bunny slippers and bathrobe, okay, virtually. So this is why
we couldn't give our live virtual conference in Houston, Texas.
Back in July. I mean I would be stoned if

(15:36):
I took people to Houston, Texas, UH and they were,
you know, in the red on the pandemic. So we
had to tune it into a virtual conference. And now
we are promoting it in sixty six countries around the
world and we have already already three thousand people that

(15:57):
have signed up for it. Okay, I mean, that's how
awesome this is. And you can we reach more people,
we can connect with more people, we can educate more people,
we can encourage more people, we can inspire more people.
It is awesome and it ain't going away. And the
reason I love it is because last year we launched

(16:21):
at our conference the first virtual nation, called Fraser Nation.
It was a virtual that this is before the pandemic.
So I'm not you know, I'm not a soothsayer. I
can't predict the future. I was not predicting a pandemic
that would make everything go virtual. But I said, I
think we can have a virtual nation, right, and so

(16:45):
what is this going to do. It's very simply, Um,
We're gonna provide access uh to overall training and coaching
and modeling that is needed by our citizens and therefore
help improve the rec icling of black dollars and intellectual
capital among our citizens and allies. It's going to be

(17:06):
this massive database of pop black professionals, business owners and
community leaders right that they will be able to access
the intellectual capital. There will be access of the products
and services that black people fell around the world, right
in the entire Pan African diaspora. When you look at

(17:28):
the businesses that we own, and and and and we're
not supporting like we should support. So this will help
the connectivity of that. And it's going to provide this
kind of database and virtual meetings and virtual conferences and
virtual uh summits and virtual workshops right because virtual ain't

(17:53):
going away. Now. That's why, because people will understand that
is that you can't look at that's being neaked and
being negative because it's a brick and mortar. And the
goals of Fraser that are simple. Help black people build
wealth that can be transferred into generational wealth opportunity for
the future. Help black people become the number one employer
black people in the century, to facilitate building a global

(18:16):
network of Africans throughout the diaspor who is personal and
business excellent and using it to build partnerships to adventures
and strategic alliances. That's very key right there. Networking and
now the whole virtual thing has been normalized normally. George,
I'm I was so excited. I am so excited for

(18:39):
your brand because you know, we stumbled up on because
of the cover and their team the real purpose because
you know, not that we didn't write, We didn't know.
You know, we were just doing what everybody to do.
You know, IBM does it. All the big corporations do
these brick and mortar, but you had to be trained
in the pandemic, trained people to look at TV to zoom, Instagram, live, Facebook, Glass.

(19:03):
So everybody's kind of like there now. And so now
your brand becomes what it's supposed to be, a global brand.
Joy you there you go, there you go, there you go,
no question about it. And with brothers like you promoting it,
I'm telling you this is very important what you're doing,
what you're saying, your reach or your credibility, uh, the

(19:26):
way people trust you. I mean, this is this is
this is this is the goal standard for how we
get this out and used by our people. We've got
to have people like you talking about it. And you
talk about it better than I do. I mean, you
know why because you see it. You see it, You

(19:48):
see it. You're a victionary, you see it. You know
what the possibilities are. You know that we have to
do this. We don't have any joy. Yeah, we What
we have to do is create the instruments of vessels
and two tools for us to do it and then
move it through uh the marketing and advertising, radio, television,

(20:16):
social media system that is so targeted and so effectively
utilized by black people. And it will it will work,
There's no question about it. You know. It's really interesting
because you know sometimes you know in God, that's all
this is about God and division and then building on
it because first it was in July brick and Mortar, right,

(20:36):
brick and Morton, because we talked about a year in advance.
You said, kind of Houston, I said, you know, and
you gotta be there for your joy. COVID hit in March.
Then we moved into October fourteen through the seventeen, still
in Houston at the Hilton America's Okay now okay, we
are virtual October twenty six through. That means that we

(20:57):
went from a Houston event to a global ben. I
want everybody to understand that that means you can be
in Africa, you can be in England, you can be
in France, you can be in Mexico, you can be
in Canada, and you now you can participate in this conference.
And that it's so important that we tell everybody this.

(21:18):
I want you to take off your little narrow hats
about how can I participate. You don't have to get
on the plane. This has been conceptualized to be very
network friendly for all the things that he's always talking about,
meet millionaires, potential partners, investors and build your network. Workshop speaks,
all these things, registration, student registrations, v IP registration, ultra

(21:39):
v IP registrations, all these things, seminars, all these things
are available now virtually. That's amazing to me. That's something
you know, you know, I'm fired up. I'm gonna tell
you something because this winds I got three wensdays and
the any thousand. I'm promoting every wins every two weeks.
I'm promoting this. You better sign up, your better sign up.

(21:59):
Better to sign up because we want to get dead. No,
that's right, I mean just think about that. I mean,
when's the last time, ten thousand black people from all
over the diaspora were able to come together around a
common vision right with instruction motivation. Some of the best
and baddest speakers and preachers on the planet, the Reverend

(22:24):
reverendever Freddie Haynes clostest Our talk every year. Jamal Bryant
opens the talk every year, and I mean we can
just voice Watkins will be it will be there. The doctor.
I just finished recording the interview with Dr Julius Scary,
the son of Marcus Coffey, right, an incredible interview that
I did within him. So we can go down the list.

(22:45):
It's just incredible. If you want to know more about
the virtual power networking companies, just go to uh www
Power Networking Conference dot com. Www Power Networking Conference dot com.
If uh it's in fact you can't find a link
or something that, just email me you just email me

(23:06):
very simply A G. Fraser, F. R Ass and Samby
are at fraser net dot com. G. Fraser at fraser
net dot com and I'll make sure you get everything
you need to know to In fact, Dr George C. Fraser,
he's a renowned networking Gurgle chairman and see not emailing
just anybody, not an assistant. Dr George C. Fraser, that's

(23:29):
what you Internet renowned networking Gurgle chairman and CEO Frasier
Net a company he found it over thirty two years
ago to lead global networking and economic development movement for
people of African descent. That's Frasier. That a belief that
we should be in the game, not as buyers, but
as sellers people product. Put your name on something, become

(23:52):
an entrepreneur, telling you how you can becoming entreneur, putting
a plan in place so you can win. Not only
is the short term long term because that's what this
is all about. Because everybody go out there, they want
to do something that I have a plan in place
that's short term success. We're trying to create long term success.
And Frazier that that's why it's virtual. That's why October
twenty six, that's why he's always on my show. It's

(24:14):
when I feel blessed I'm able to bring somebody of
his caliber on my show. He always be hyping me up.
I'll be hyped because he's one of the few people
I just I just let him talk. I just interrupt periodically,
just drop some dimes remind everybody how gifted it is
to even hear him talking like this. I put three
of his life change and quotes on my Monday Motivation
with his picture. It was the highest like post of

(24:38):
the year on my Monday Motivation. Yes sir, Yes, sir,
I told you I was gonna do that. Remember I
told you I am going to promote you. I'm going
It was the most like post. It was incredible, incredible
because your release and your values means something to people.
What I like to always say is that that's why
I'm excited about the virtual uh event. Frasier that this year,

(25:01):
because you're just a hidden gym your networks. Not saying
that you're not notknown. I don't want was something like that.
But this virtual platform allows more people to participate. And
just like I said earlier about the HBCU Week we
did with ESPN Disney and thirty hundred students attended live
last year, six thousand, one hundred and twenty five pre

(25:24):
registered virtually four thousand, eight hundred twenty three came to
the virtual experience. People are ready for the change. You
are going to have an incredible experience. Mr Fraser, Such
a such a blessing such a God bless you, Shawan,
God bless you, and God bless all that you mean

(25:45):
to us and your servant leadership. Because you are a servant,
I mean, you just are incredible. And how you manage
that and how you've focused on that emphasize that it's
all in your voice and your spirit. And so I'm
gonna close with giving the prosence out here a little
tip on on how to build your passive incomes, the

(26:06):
build your position. Not be a black person in America
with a single stream of income, right like all of
us should have multiple streams of income and coding what
we call a passive income. So take your nine to
five income, if you've got a job, of us, have
a job, take you nine to five income and use

(26:27):
that to fuel your side us okay, whatever that may be.
Sell something that's your side hustle, and then use your
side hustle to fuel the money you get from that
to fuel your investments. Because you're gonna get extra money
and you're gonna invest that money. I don't care if
it's criptocurrency, stox bonds, or whatever it is. Whatever, vote

(26:50):
your vote, invest your side hustle money, and then take
your investments and over time, your investments will replace You're
nine to five. That's the goal. That's the goal. But
I want to appreciate you again. My newsletter goes out

(27:11):
this Wednesday. You will have a banner in net. I
got two more winsday before October twenty six through the
eight that's the Virtual phraser Net conference originally was held
in Houston, Nashill for the world to participate. I love
saying that it is now being held for the world
to be a participator. Like I said, that's a blessing.

(27:35):
Dr c It's a blessing. Come on die but again,
thank you. Come on the show and I I gotta
do my job now, Jack. See you always give me instructions,
but you don't even know it. See when you come
on my show, Dr Fraser, you put me to work
in a positive manner because I said okay, I said okay.
You know it's like it's like, you know, you're the
Pope of entrepreneurship. To me, you're the pope now you

(27:56):
know the popmer came the town. He didn't blessed everybody
if it aw I guess what we I get busy
and spread the word so that My mission right now
is to spread the word a Fraser that coming October
twenty six through you bet October. Well, I apologize. I've

(28:17):
been trading that out and I've said that a couple
of times from October through the thirties. October through the
thirties is the date that we're gonna do Frasier that
virtual worldwide. My friend, we talked soon. Okay, I love you,
Thank you. If you want to hear more money making Conversations,
please go to money Making Conversation dot com. I'm with

(28:38):
Sean McDonald. I'm your host. I need to replace
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