Ep.11 | Why Aren't We Financially Literate feat. Ish - Selective Ignorance with Mandii B

Episode Transcript
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Speaker 1 (00:00):
All right, y'all. This week we're having a bit of
a more mature conversation. Right, Since my lovely producers love
to dig into my pockets and other podcasters like pocket watching,
I thought we would talk about the means of creating
generational wealth, but also black consumerism and how we view capitalism. Now,

(00:21):
if you are on the Patreon, we had a very
heated discussion around the existence of billionaires and whether you
can become a billionaire ethically or not. I believe in billionaires.
I believe in back black billionaires, and I believe in
expounding and as much wealth as humanly possible while you
live on this earth, because why the fuck not? Money

(00:41):
is success, goddamn it. And I do believe that money
can buy happiness. I do want to talk about as well,
being thirty four years old and currently amassing the wealth
that I have me coming into the crossroads of realistically
feeling kind of pressured to buy real estate and leaning

(01:01):
into home ownership as someone who, as you guys may
have heard, does not want to be married, does not
want to family plan, and so the idea of buying
a home to live in it and then having to
pay for if the faucet breaks or mote the lawn,
or the HOA fees or the taxes on the land,
all of those things become an expense to where I'm
just like, but isn't rent just the cheaper route to go?

(01:26):
And then I want to talk about too, in this episode,
if we're talking about building generational wealth, what that really
looks like and if reparations would have helped us at all.
We're going to dig into some financial literacy, but also
I want to go ahead and state that I do
not believe that any of our community should see reparations.
That's right. We'll also talk about how Trump thinks that

(01:49):
white people are owed reparations for whatever reason. Anyways, Guys,
I am joined today by Ish from the Joe Button podcast,
who has been shaking his head and like, bitch, we
talked too much about this shit for you to still
be here with these thoughts. But I'm excited to have
this conversation because we do talk a lot about investment.

(02:10):
We do talk about money and where it should be
getting placed. And I think the more money I am
asked probably the further away I'm I'm looking at home ownership,
and we can kind of start there. Because you are
in real estate. But I also want to lean into
the fact that at this moment of me amassing this well,

(02:31):
I do feel as though this is the absolute worst
time to be a home like a home buyer, to
buy a home with the interest rates with where we're at.
I could also just keep saying I'm waiting for the
bubble to burst like eight But will it ever come?
I don't know, Or will I have the money by
the time that bubble burst? I don't know. So welcome

(02:51):
ish Based on that opening statement in our many conversations,
do you call bullshit on anything I said? Or disagree
eighty and you you disagree with eighty percent?

Speaker 2 (03:04):
I disagree with your stance is always on home ownership,
especially from a financial standpoint. I think that we've been
lied to so much. I think we got to put
Google down. I think we need to do our own
research and a bunch of this shit.

Speaker 3 (03:18):
Where do you want to start? We could, we could, we.

Speaker 1 (03:19):
Could, Oh you want you? We just want to?

Speaker 3 (03:22):
I think, Okay, so.

Speaker 1 (03:23):
We'll start ownership and then we'll get into all.

Speaker 2 (03:25):
The other stair home Ownership is more expensive than renting.

Speaker 3 (03:29):
Yes, you live in Manhattan, live in New York.

Speaker 1 (03:33):
Oh no, not anymore. I live in Atlanta, Georgia.

Speaker 2 (03:35):
Oh cool, stay in Atlanta. Okay, a one bedroom apartment
in downtown Atlanta as well.

Speaker 1 (03:41):
I mean a good twenty more than No. If you
want to high rise, it might be, but a one
bedroom is not. I was looking at two bedrooms, and
I was easily finding anything between twenty.

Speaker 3 (03:51):
Eight to four thousand, thirty five hundred.

Speaker 2 (03:54):
We're going we can go ahead thirty five thirty ft.

Speaker 3 (03:58):
That rent increases that roughly five percent a year.

Speaker 2 (04:01):
Okay, Right, you can go buy a home for twenty
eight hundred dollars a month. You're gonna get all the
tax benefits from the home on the right offs. Especially
when people start making money. You need as many white
offfs as you possibly can get. Well, rental, you don't
get right offs. What home ownership?

Speaker 1 (04:17):
I mean you if you so as as a renter,
and I will say, and also someone who is really
knowledgeable regarding the tax code. If I am renting and
I am an entrepreneur or business owner, as long as
there is a door on the room, I can absolutely
write off portion of abortion of my ranch as an
office space. So yes, I can get a deduction for

(04:39):
when I'm paying.

Speaker 3 (04:39):
You're gonna try to play a game? Cool?

Speaker 1 (04:42):
No, say hey, I think we should.

Speaker 2 (04:45):
Okay, jay Z and Beyonce just bot ae hundred million
dollar house in California. Okay, they can now go borrow
ninety million dollars back off of that house purchase. They
are now not getting taxed one hundred million dollars worth
of income that they made.

Speaker 3 (05:00):
Do you know what the taxes.

Speaker 2 (05:01):
Would have been on one hundred million dollars borrow income?

Speaker 3 (05:05):
Borrow money is not taxable.

Speaker 2 (05:08):
So now I just got ninety million dollars of my
money back that I'm not going to pay taxes on
at all. The closing cost of this, this to this
is all going to be a tax deduction. They could
use that shit Damnar as a vacation home.

Speaker 1 (05:19):
I mean, I get that. I think that's my thing.
And doing the extremes of even bringing in a Beyonce
and jay z and one hundred million dollar home, I.

Speaker 3 (05:26):
Went as high as I possibly.

Speaker 1 (05:28):
I get that about the reality and maybe majority of
either single men and single women or people within their
thirties realistically. We also had a conversation about the median
income and average income of an American being fifty thousand dollars,
I think that's the that's the reality that's setting in.
Hold on, that's the reality that's setting in for me.

(05:49):
And looking at homes that literally four years ago were
half of what they're going for now, and then being
in a place where interest rates are anywhere between five
and seven. So to see interest rates that I to
know that the mortgage that we're talking about to be
this low is on a thirty year mortgage. So say
I buy a five hundred thousand dollars home, after the

(06:11):
interest that goes onto that, I really ended up spending
maybe eight hundred and fifty thousand dollars on it, maybe
more than that. And again, being an owner of a studio,
we don't sit here and think about all of the
things that if a storm comes and a roof needs
to be done, that's on me. If something breaks, that's
on me. Let's be very clear. I grew up in
a family as well, in a family where if the

(06:34):
alternative blue, we were always one emergency away from not
having everything else and being completely behind, which is the
reality of where we're at in this economy right now.
And so even though yes, my money is well off
and in a place where I feel financially secure. Home
ownership to me looks not as promising as maybe it
did back in the day. For people. Yes, yes, you're talk.

Speaker 3 (06:58):
Are we going to talk about normal people?

Speaker 2 (07:00):
Then you can't bring in I could shut the door
on right off my studio if you're gonna talk about
normal people, because normal people don't have a small business
where they can use that tax advantage. If we're gonna
keep it apples and apples, keeping apples and apples. You
just said four years ago, you could have bought a
house four years ago in twenty twenty for three hundred
grand that is now selling for six hundred grand.

Speaker 3 (07:20):
Where's the benefit in that?

Speaker 2 (07:22):
From the rental perspective, there's not one, because rents are going.

Speaker 3 (07:25):
Up every single year.

Speaker 2 (07:26):
That man that bought that house for three hundred grand,
his mortgage is staying the same.

Speaker 3 (07:31):
He's not getting rental increases every year.

Speaker 2 (07:34):
And to your other point, when the roof blow off,
nigga got insurance for that, They're gonna come put a
brand new roof on my shit, which is gonna push
my value up even more. And again, the tax benefits
that came along for the last four years of that rental,
I mean of that home you didn't get as a renter.
So in ten years, that thirty five hundred dollars apartment
is now fifty five hundred, and the.

Speaker 3 (07:53):
Way we're going it might be six or seven grand.

Speaker 1 (07:55):
So would you so then your advice right now would
be then, in this current me, in this market, would
you give the advice for someone to purchase absolutely.

Speaker 3 (08:06):
As opposed to renting. Absolutely.

Speaker 2 (08:08):
What's gonna happen is in my opinion, because it's all
of my opinion. Even when the interest rates go low,
house price is gonna rise. It's an inverse relationship. So
let's say Mandy's looking for a house. Mandy can spend
five grand a month. That's what she can spend per month.
So now under existing six percent interest you can only
afford a four hundred and fifty thousand dollar I'm making

(08:30):
these numbers up. You go four four to fifty cool
when the interest rates dropped to two percent, No, you're
gonna now be looking for a seven hundred thousand dollars
house because your bottom line is the same of what
you can spend per month. That doesn't change. Now you
could just get a bigger house or a better house
because the interest rates fail, it's still the same buying power,

(08:51):
you just getting a bigger house at your top dollar point.

Speaker 1 (08:54):
I also just think the reality is the responsibility for us,
and that's the point.

Speaker 4 (08:57):
But what I have a question too, is because she's saying,
because her phrase was, it's cheaper to rent versus homeowner homeownership,
and you're talking about the expensive but also a lot
of people talk about the down payment.

Speaker 3 (09:11):
Because it don't make anything can happen.

Speaker 4 (09:13):
But to get to the point where you're saying, what
the advantages, you also have to have the front Is
that the thing that makes it cheaper.

Speaker 1 (09:19):
It's the upfront money, it's the closing costs, it's the renovations.
And then it is having the credit, which a lot
of people do not because unfortunately we are not taught
credit back. You know, back to my thoughts on financial literacy,
you have to have good enough credit in sustainable w two,
like you have to have proof of income for the
last two years. There are a lot of people over

(09:39):
the last couple of years who have been laid off
that don't have constant income coming in. I think that
that's the problem with me talking to a lot of
my friends.

Speaker 2 (09:46):
I'm keeping apples to apples. Yes, so let's keep it
apples to apples. If you're talking about apples to apples.
And we brought up Manhattan, we brought up Atlanta, Yo.
To move into a house apartment in Manhattan, you gotta
come out of pocket with fits a short You can
go get a house with three percent down.

Speaker 3 (10:03):
Faha.

Speaker 2 (10:04):
There are other programs where you don't have to pull
a dime out of your pocket now, because if you
have bad credentials, whether you are lacking capital, whether you
are lacking credit, there are things that we have to
do to now circumvent those things that are available with
the click of some buttons. Fam us in our community,
and I'm gonna speak for our community because I'm not
overwhelmingly knowledgeable on other communities. We got to stop making

(10:27):
excuses for our shortcomings and do the shit that we
do for stuff that we want. Everybody got rolexes, niggas,
got Benz's niggas. Go find Balenciaga money. If you can
find Balenciaga money, you can find down payment money.

Speaker 1 (10:39):
I don't like you calling out my jewelry, my Fannie pack.

Speaker 3 (10:42):
I wasn't even talking to you. Okay, I don't even know.

Speaker 2 (10:45):
So what I'm saying is those are things that we
prioritize in our communities and we see it every fucking day.

Speaker 1 (10:50):
Is it due to the lack of financial literacy.

Speaker 2 (10:53):
Yes, But I don't think financial literacy is just something
that's being taught nowhere in the world.

Speaker 1 (10:58):
I think that financial liwhere.

Speaker 2 (11:01):
I think financial literacy is being taught by people that
are financial literary literate.

Speaker 3 (11:05):
Pardon me.

Speaker 2 (11:06):
I don't think that it's just this over abundance of
financially literate people in the United States with regardless to color.
Most Americans are broke. And that's regardless of color. We
could pull up the stats. It's just like white people
are just getting taught financial literacy in their schools. Know
the fuck they not because they broke. So my thing
is it's up to us. Niggas spend two and three

(11:27):
and four hours a day on a gram right on
my Instagram algorithms, I said seven to eight hours.

Speaker 3 (11:34):
But on my Instagram algorithms, I follow all of the
real estate niggas.

Speaker 2 (11:40):
I follow the bad bitches too, but I follow the
real estate niggas, so they keep feeding shit to my
algorithms of young black kids, especially in the land that
these kids are killing them telling you, yo, with this program,
you don't have to put no money down. It's a
new program. A girl tells you, yo, you could go
take this specific loan. They'll give you the loan. Once
you get the loan in nine days, that's your down

(12:01):
payment now for your home. So if you really wanted
to earn a learn a parton me, if you really
wanted to acquire real estate, you'll do the math that
it takes in which to acquire real estate, the same
way we do when we don't have no credit and
we pop up with the A S class niggas find
out what it takes to get these things done.

Speaker 3 (12:22):
It's the law of attraction. Family. Whatever you're thinking about
a lot, it's going to come to you.

Speaker 1 (12:26):
Yeah.

Speaker 2 (12:26):
And so I think that we make excuses for why
we don't want to do these things while were not
doing these things. It's not cheaper the rent, I'm telling
you right now, it's not cheaper the rent. Maybe in
the short term, but over a ten year spend. Look
at the money that the renters are spending, and look
at the money that the homeowners are spending. The homeowners
are happy as fuck that they bought these houses ten
years ago.

Speaker 1 (12:46):
I get the ten years ago. I'm still talking about
buying in today's market as well though, any.

Speaker 3 (12:50):
Market, in any market. Yo.

Speaker 2 (12:53):
The interest rates are a thing that they use to
trick you to stay away from buying houses.

Speaker 3 (12:57):
People's buying housing and interest rates with eighteen people.

Speaker 4 (12:58):
Go ahead, go on that, go down on that.

Speaker 3 (13:03):
Okay. What you can afford is what you can afford.

Speaker 2 (13:07):
Yes, If I know I can only afford three grand
a month or grand a month with the current interest rates,
I'm gonna do the numbers and say this is my
highest buying point. If it's three hundred thousand, I'm looking
for houses in that buying point.

Speaker 1 (13:24):
Okay.

Speaker 3 (13:24):
The interest rates are it don't matter because once you
run your numbers, you run your.

Speaker 4 (13:29):
Numbers, just like if he was buying a car, Just
like if he.

Speaker 2 (13:31):
Was buying a car, or a pocketbook or any other
big ticket item.

Speaker 3 (13:34):
Yo.

Speaker 2 (13:34):
If I can't buy a twenty thousand dollars burkin, I'm
gonna go ahead and buy the six thousand dollars, Shanail.

Speaker 3 (13:38):
It's no difference. You get what I'm saying.

Speaker 2 (13:40):
So when when we use these things in these tricky
terms to kind of dissuade us from doing some shit.
And then the benefit is if the interest rates ever
do drop, I got my same house that's worth more
money than when I bought it. Now I'm a refinance
and get the two percent interest rate, so now my
mortgage drops even lower. So now it's win win win

(14:01):
across the board. Okay, you can't leave an apartment to
your kids. We want to talk about black wealth, and
it's a good transition, right, we want to talk about
black well even that, and I love that you even
say that with the leaving the house to children again
without financial literacy, which we are saying is not being taught.

Speaker 1 (14:17):
You leaving a home to a financially illiterate child literally
creates a liability for them, not the asset.

Speaker 3 (14:28):
That's not true.

Speaker 1 (14:30):
Do you know how many people like that I know
had homes within their family and when it came down
to them having to either keep it or they got
rid of it for whatever, didn't know how to, just
needed to get rid of it to have any level
of money because it became well because then if they kept.

Speaker 2 (14:46):
Up with it, what if you put protections on by
way of trust.

Speaker 3 (14:48):
It don't even matter by way of a trust. You
sold it. You ain't know what to do.

Speaker 2 (14:52):
You sold it it was worth a half a mil
a Nigga sweet talked to you, and you got it
for three hundred grand. You sold it for three hundred.
You got beat for two hundred. Tell me what you
make three hundred thousand dollars off of rental?

Speaker 3 (15:04):
It's not an asset. Have you died written some shit?
Would you make any money off the rental? No?

Speaker 1 (15:11):
But then I guess that comes back to me. I
ain't got nobody to leave shit too.

Speaker 2 (15:14):
My point is this, you can leave our shit to
your god kids, You could leave it to your school,
You can leave it to whomever the fuck you want
to leave it to. We start talking about the disparities
between black wealth and white wealth, Right, two of the
main things that from my summation, that create this.

Speaker 3 (15:29):
Big ass divide one is homeowner shit.

Speaker 2 (15:33):
Okay, and we know redlining and all the bullshit that
they did back in the day.

Speaker 3 (15:39):
Made that gap wider, right, But also life insurance.

Speaker 2 (15:43):
So when you start talking about these two things, it
could be we watch fucking all these shows on TV.

Speaker 3 (15:48):
They'd be like, oh, Yeah, here comes Karen. What do
you do?

Speaker 2 (15:51):
Oh, I'm a home ch teacher at a high school.
And here comes Jim. Jim, what do you do? All
a part time staff accountant?

Speaker 1 (15:57):
Oh?

Speaker 2 (15:58):
What's your budget? One point seven? You like, what the fuck?
Where did you get this amount of money from? My
father died in twenty nineteen? Right, my father left me
a house in twenty nineteen.

Speaker 3 (16:10):
The house was damn near paid off.

Speaker 2 (16:12):
It was like fifteen grand left or some shit like that. Right, boom,
it's a true story. I took the fifteen grand. I
paid the house off. So the house is only clear
at that point it was worth two forty This was
twenty nineteen. The same exact property is now worth three
hundred and eighty thousand dollars. I didn't touch it. I
didn't do shit to it. It's worth three to eighty.
That's one hundred and forty thousand dollars net worth jump

(16:35):
for me. Right, I didn't do it. I ain't have
to know what I was doing. You understand what I'm saying.
So these be some of the shit that we used
to dissuade ourselves from moving forward, Like we put the
negative out there as a roadblock. And I think that
that we do ourselves a disservice in that. So my
father left me some insurance money. My father, So even
if I didn't have the money to pay it off,
the money that he left me in a life insurance policy,

(16:57):
I could have paid off the house for.

Speaker 3 (16:58):
Me and my mom and we would have been fine.

Speaker 1 (17:00):
So do you then, I do want to lean into
what generational wealth with that? Right? Would you say that
our community is hindered by seeing that because we're not
homeowners or getting life insurance, those two things could create
both generate You think those two things by themselves simultaneously
they are.

Speaker 2 (17:18):
Very big, very very big catalysts in that conversation.

Speaker 3 (17:23):
They are very huge. Listen, if a mother and father.

Speaker 2 (17:27):
So let's just we're gonna put redlining in it so
I can make it real big. In New Jersey, there
are communities where they are predominantly white communities. Right, New
Jersey is one of the most expensive states in the country.
So let's say back back and everybody's familiar with because
it's regional. Well, I'm gonna just throw a city out
so any of y'all could google Edgewater in New Jersey. Okay, Okay,
twenty years ago in Edgewater, New Jersey, you could have

(17:49):
bought a house for little is nothing. Today those houses
are three and four and five million dollars. So let's
just say a family bought one of those houses in
the early eighties. They passed away, they got two kids.
They now, the kids don't know what the fuck they're doing.
Like I said, we're gonna use some example. They getting robbed,

(18:11):
They sell the house for two million dollars. Sally got
a million dollar wealth jump, Johnny million dollar wealth jump.

Speaker 3 (18:19):
They don't know what they're doing.

Speaker 2 (18:21):
They networth just went up by a million dollars apiece,
that's off the house sale.

Speaker 3 (18:25):
Right.

Speaker 2 (18:25):
Let's say the mother had five hundred thousand dollars insurance policy,
the father had a five hundred thousand dollars insurance policy.
They also just got an additional five hundred thousand dollars.
She teaches Jim, he don't do he don't have he
mta guy. I'm I don't want shit on him.

Speaker 3 (18:41):
He has.

Speaker 1 (18:42):
They made a decent job.

Speaker 3 (18:43):
He has a decent job.

Speaker 2 (18:45):
I'm saying it's not an overwhelmingly you know, a high
paying job.

Speaker 3 (18:50):
It's a good job.

Speaker 2 (18:51):
What I'm telling you though, is their lives have now
been transformed by one point five million dollars each and
they don't know what the fuck they're doing.

Speaker 3 (18:59):
And just imagine even thee even if they get beat.
So imagine if they know what they're doing.

Speaker 2 (19:04):
Now, if I say, yo, nope, I'm not selling that house,
I'm gonna pull a line of credit on that house,
and I'm gonna go buy three more houses with that
two million dollars.

Speaker 3 (19:10):
I'm gonna go buy four more houses. That's the best
case scenario.

Speaker 2 (19:13):
We talk about worst case scenario, each one of them
still just got a one point five million dollar wealth
jump in their network.

Speaker 1 (19:20):
Well, but I think that goes back to what we
were saying as well, the education to know what to
do with it, which is why are we gonna use
that as a But it's so, then let me ask you,
because I know we agree, why do you not think
our community deserves reparations? Because to to what you're even saying, though,
receiving those amounts of wealth one point whatever, whatever the

(19:44):
money you're giving, right, let's let's lean into reparations. Then
you get that money, you don't know what to do
with it? What type of generational wealth happens if it
stops there because you're not educated on what to do
with it. So my question to you is, why then
are you against our community seeing reparation.

Speaker 3 (20:03):
It's layered, Okay, so tell me to layers. I think
that one.

Speaker 2 (20:11):
One for them to give every black person in the
United States reparations, it'll cripple the financial system in America.

Speaker 3 (20:17):
That's okay.

Speaker 2 (20:19):
We're talking from a technical standpoint, not an emotional standpoint.

Speaker 1 (20:23):
Can I ask you a question on that during the pandemic,
damn near the entire country got whatever that twelve hundred
dollars check, the one that people still excited about. Right,
Black people only make up thirteen percent of the country.
If we were able to during the pandemic get all
of these people, mind you, multiple people in households as well.

(20:44):
As long as you were over a certain age and
had a job, you my sister got it, and my
mom got it, am I and they were all under
the same If you were a working citizen, you got
that twelve hundred dollars stimulus check, and then unemployment somehow
was also able to tax on an additional six hundred
dollars a week to those people who were unemployed during

(21:05):
the pandemic. How do you reckon that thirteen percent of
the country receiving reparations would cripple a country that was
able to give out air quotes if you're watching this
much money and not cripple essentially, And it didn't cripple us,
because let's be very clear, we're still sending money to Ukraine.
We send them money to them niggas over there and

(21:26):
these niggas over everybody else getting money except for here.
So I would like to know.

Speaker 3 (21:31):
That answer one, They ain't give a shit.

Speaker 2 (21:34):
That's number one. Number two, and we're paying for it
right now. As you can say, the economy right now
is in a shitter. We are paying that money back.
You think they gave something, but America gave somebody something.
We're paying for it right now. And dog people don't understand.
They even that was a tax. You had to pay
that on your taxes. That was income that you had
to claim on your taxes. That twelve hundred dollars was income.

(21:55):
That wasn't a free gift.

Speaker 1 (21:57):
No, I know, it wasn't a free so you didn't
get no money from the gun.

Speaker 2 (22:01):
If you had to claim that money is income and
pay taxes on it. It was, it was they loaned
you some money, and you now gotta paying.

Speaker 1 (22:09):
Just become income. Just because income is tax doesn't make
it a loan. We work jobs and pay taxes on it.
It doesn't make our What.

Speaker 2 (22:16):
I'm saying is they fronted you twelve hundred dollars, right,
that money is now being made up in the economy. Right,
those things they gave you money. What they do is
give you money to so you can spend more money.
Because the more money you spend.

Speaker 1 (22:31):
It makes its circular's circular.

Speaker 2 (22:33):
Right, So now you're getting free money. You're gonna go
buy crab legs. And now all here we wake it up,
Wake it up.

Speaker 3 (22:40):
We're gonna go by.

Speaker 2 (22:41):
No, look, we're gonna go buy crab legs. Right, so
now all the crab legs going bro. This is a
cycle and the most simplistic of turn you've seen it.
So now we gotta pay these niggas extra money to
go be on the boats to get more crabs that
the crab is selling out. We got And now we
be bitching about inflation and ship like that. All of
those things lend to inflation.

Speaker 4 (23:02):
So you're and you're saying reparations would overstimulate the economy
to the point that.

Speaker 3 (23:06):
Could potentially overstimulate the economy.

Speaker 2 (23:08):
To be honest with you, I just I just think
that based on where we are as a demo and
as a people, we wouldn't do positive ship with the
money anyway. Most of us, my nigga, we are riding
around blaming whites and blaming the educational system for us
having a lack of financial literacy.

Speaker 3 (23:30):
Dog, you've touched seven figures for a long time now.

Speaker 2 (23:35):
If you don't know how to buy a house, now,
if you don't know how to invest your money.

Speaker 1 (23:39):
Now, whoa like?

Speaker 3 (23:42):
I'm sorry?

Speaker 2 (23:44):
Look if you don't know how to do those things
because you did not apply yourself.

Speaker 3 (23:49):
To learn those things. You know what I'm saying. We
are not prioritizing shit. We prioritizing material shit.

Speaker 2 (23:55):
We're prioritizing cars, were prioritizing chains, were prioritizing watches, We're
prioritizing bags, We're prioritizing shoes and all of this bullshit
material stuff that does not build wealth.

Speaker 3 (24:07):
We are addicted with shit that don't build wealth.

Speaker 1 (24:10):
I guess I have and maybe I want to add
because I do feel like I speak for some of
the people, especially ones who don't care what the fuck happens,
like Nigga I fly planes. If I could do a PJ,
I would I think that the idea that we have
to live this life to what's here after we're gone.

(24:32):
I guess maybe I don't live that way. I am
going to spend my money now and enjoy it now,
because again, I don't plan to have children. I don't like.
I don't plan to see when all of the icebergs
melt and everything gets flooded, and now the day after
tomorrow's happened, because I don't want to outlive that. I
don't want to run out run the zombies. I am fine.
That's why I got my vaccine shot. If it turns

(24:55):
me into a zombie, fine, I don't like. I think
the idea too, that we live in this this place
where we have to also be in scarcity for what
we leave behind is just not the way that I exist.

Speaker 3 (25:08):
It's not even what you leave behind. But your point
is granted. Cool. You can say, dog, I'm getting fat.

Speaker 1 (25:16):
But I love sweets, okay.

Speaker 3 (25:19):
And I'm okay with that.

Speaker 2 (25:20):
I'm accepting what comes along with eating a dozen donuts
every day. You now can't bitch though, and say, yo,
they not giving us literacy on what it takes to
maintain physical health.

Speaker 3 (25:32):
The two things are contradictory.

Speaker 1 (25:34):
Hey, when you get into these analogies, because I'm really
trying to, I don't think we were ready for the health.

Speaker 4 (25:42):
Yeahs.

Speaker 2 (25:47):
You know what I'm saying is we can't bitch about
being in a certain financial position if we are not
doing the things to put ourselves in better financial positions.
If you want to party in bullshit and be on
a PJ and go rock out, catch a cab across
the street, do your thing, but you now can't bitch
about not having no money. And Sam, be clear, niggas

(26:09):
be balling in their thirties and forties. Your fifties is coming.
I'm knocking on the door right now. Your fifties is coming.
I was standing on couches in Greenhouse. It seemed like yesterday,
and fam niggas was spending three and four and five
thousand dollars at ninety six and seven thousand dollars a week,
eight ten thousand dollars a week on liquor.

Speaker 1 (26:27):
I told you the fact that the millionaires that were
I was partying with and flying out to to see that.
They all saying here trying to make money with the
podcast coins that I do like. It's interesting because, yeah,
you're right, bring athletes, athletes.

Speaker 3 (26:42):
Have all touched a lot of aunt money they have.

Speaker 2 (26:45):
You're right and bro, and now these dudes are no
disrespect to anybody, I promise you, and talking about I'm
not disrespecting nobody. A lot of athletes that have touched
five and ten and twenty million dollars in their lifetime,
they now are making forty seven thousand dollars a year
a teaching physics at a local high school and being
a football coach.

Speaker 1 (27:03):
That is not as that is very particularly.

Speaker 2 (27:05):
I'm not nothing wrong with it. No, I don't know nobody,
I'm not it's nothing wrong with that. What I'm saying
is if they would have gotten educational, got took priority
in getting education on how to spend and manage and
protect that money, they wouldn't they was.

Speaker 1 (27:24):
The question question Because we had this conversation and I
want to get into it. So speaking of athletes that
do that, right, I want to bring up Lebron who
is a billionaire at this point, and where Ish and
I both believe that people should be able to work
as hard as they fucking want and become billionaires. I

(27:46):
am for billionaires existing, Jason is not king. What is
your your take on billionaires? Do you do you believe
that it's okay for us to have billionaires.

Speaker 4 (27:57):
Not the sidew long I.

Speaker 2 (27:59):
Think, I think perfect. The short answer is I think
is yes. But the way this ship is set up,
I don't see how fundamentally it can be done. As
we were talking off off, you know, early on, with
good practice.

Speaker 1 (28:15):
So can I ask Lebron James, then is that example?
Because we talked about.

Speaker 2 (28:19):
Athlete Lebron endorsement Lebron.

Speaker 1 (28:23):
So as that billionaire right who we know came from Akron, Ohio,
who we saw used his strengths as an athlete but
also educated himself to get to amass the wealthy as
outside of sports, because it's been all of these other
businesses too. If we were talking about and I know

(28:43):
Mouse just left, So we talked about the ethics of it,
which are you guys against this little black boy from Akron,
Ohio being a billionaire?

Speaker 3 (28:52):
Do you know what? No?

Speaker 2 (28:52):
Because as you mentioned that, I think about Antoine Walker,
his story and he blew all his fu off, all
his money and gambling.

Speaker 3 (28:58):
Yea, I think over one.

Speaker 2 (29:00):
Hundred and undred something million dollars and he has nothing
to show for it. And I also think about when
you think about Lebron, you think about Rich Paul, you
think about he's in a circle. Even if he didn't
know they helped him, I'm assuming they contributed to the
education of Yo. You need to put money here and
put money there and whatever the case may be.

Speaker 3 (29:20):
So no, I think that there's a place for it.

Speaker 1 (29:24):
So you just changed your mind. So your first game.

Speaker 3 (29:27):
Remember, but.

Speaker 4 (29:30):
He's also saying athlete.

Speaker 3 (29:33):
Because he's an athlete, right, I'm saying ye, because of
the lack of education.

Speaker 2 (29:42):
No, I mean I'm saying lack of education, lack of
pursuit of the education because it's there right especially now
now in these days. You can't compare Lebron to you
KNOWLS in Brownsville.

Speaker 4 (29:56):
Why because exceptionist, he's exception to what he uses to.

Speaker 2 (30:03):
Lebron is ten thousand steps ahead of that because of
his right now gifts.

Speaker 3 (30:10):
Because like you said, you can smade listen to this
as Charles climbs that social letter.

Speaker 2 (30:18):
Yeah, when Charles went from five hundred thousand to a million.

Speaker 3 (30:22):
You are in different rooms.

Speaker 2 (30:24):
Education comes along in those rooms, alliances come along in
those rooms. You don't go from ten million dollars to
a billion dollars without some education, without meeting some motherfuckers,
without doing some deals, without talking, without educating yourself. Rihanna
couldn't go from Rihanna of Umbrella to finy Rihanna. You

(30:46):
would have threw her in that fenty office. She would
have fucking crumbled. No, it was steps along that way
and the steps that come along with everybody's growth. There's
a level of ascension and that comes in a trajectory
that's on an upward slope that gets education at every
step you go up, it's more education.

Speaker 3 (31:03):
So you know Lebron, James mav Carter.

Speaker 1 (31:06):
But also than Jason. No, but on this conversation, do
you change your sense? Then?

Speaker 4 (31:11):
No, I don't change my SATs. But I think, I
think what we're saying with the comparisons, because again we're
referencing a lot of apples and apples and and we're
mixing kind of metaphors. But this idea like so Lebron right,
like Lebron is an exception and so but the money
he's making also grants him to different rooms, different people.
They did get educated himself. So then when we're talking
about the idea of repretations, right, like, would that not

(31:31):
grant a community the same opportunities because now they're making
more money. To your point the phrasing you use, they've
raised their income level.

Speaker 2 (31:38):
Right.

Speaker 4 (31:38):
Even if you get beat, you still raise your income level.

Speaker 3 (31:40):
Right.

Speaker 4 (31:40):
So even if you have people who you say or man,
do you two, they don't know what to do with
the money, right, But you now have the money, You've
raised your income level. Right, So now you have opportunities
to go seek financial advisors. No, you maybe not how
to do before.

Speaker 1 (31:52):
Go buy out all the crab legs in the ground.

Speaker 4 (31:54):
Sure, but these are also but those are also a
wide assumptions that fit your right. So I can also say,
now with this money, it's changed their life, right because
because again you're saying, if you have ten thousand dollars,
that projects you to make this much money. To make
this money, because it gives you opportunities and you enter
different spaces.

Speaker 3 (32:11):
You didn't earn it, So.

Speaker 2 (32:14):
That earned money and money given are treated differently. Sure,
your kids don't look at money the way you look
at money with him, it's a very I that's my
don't let's wait wait, wait, let me finish.

Speaker 3 (32:29):
So the educational.

Speaker 4 (32:30):
Piece, I said, that's Cuddy off Air by the way,
hanging out, hanging out with us.

Speaker 2 (32:36):
No, the educational piece that he speaks of when you're
trying to earn more money. And I walked in this
room and they introduced me to Blah blah blah and
were running this deal by him. You getting an education
in that, because that education is vital to earn that
other money. When you get given money people when niggas
hit the lotto, Google the percentage of people that hit

(32:57):
the lotto from where they are the day before and
to where they are now. It's an example, Yo, you
run through that money because it's not earned. Right, So
I think that that But if.

Speaker 4 (33:09):
You get an inheritance, isn't that the same thing? But
I don't think sometimes also, but sometimes keyword is sometimes no,
because guess what you said. Sometimes I know if Bill.

Speaker 3 (33:18):
Gates was my dad, education came in that.

Speaker 4 (33:21):
Yeah, sureation. But that's also that's also very like max exam.
You can use these mass examples. The guy whose father
is an accountant and he leaves him and he leaves
on something carpenter.

Speaker 2 (33:35):
Look me, I never nobody ever taught me construction. My
uncle was a plumber and a contractor. Me in the summertimes,
having to go there, I adopted some of that. So
when I got introduced to home renovation, it wasn't foreign
to me. I took to it for like a fish
to water. That was an education and living in that
household with my uncle.

Speaker 3 (33:56):
Right. So if you look up the history of.

Speaker 2 (34:01):
It's not the Rockefellers, it's one of the other rich
families I forgot.

Speaker 4 (34:03):
Which is still still family.

Speaker 2 (34:05):
One of no. One of the families, the Kennedy's. When
they were young, they got allowance. They got an allowance,
and what they had to do with that allowance was
keep a detailed book of their allowance. They had to
give away ten percent, they had to save ten percent
the other eighty percent. If they bought bubblegum with it,

(34:26):
if they bought transformers with it, they.

Speaker 3 (34:28):
Had to account for it and how you just allocated
your bread.

Speaker 2 (34:33):
Those lessons some of the brothers attributed to their successes today.
So that education that they got, even at a small age,
showed them how to balance books.

Speaker 4 (34:43):
That's still money that they were giving annance outside of.

Speaker 2 (34:46):
The education showed them how to take care of the.

Speaker 1 (34:52):
I want to go back to. Clearly a king couldn't
stand on his point too much. He folded really quickly,
So I want to go back.

Speaker 3 (34:58):
I don't look at it like a full.

Speaker 2 (35:02):
I don't think people should get monetary reparations because I
don't think there's a value of number that you can
equate to what happened to our ancestors. The reparations should
come in form of land.

Speaker 3 (35:13):
That's just my take.

Speaker 1 (35:16):
I want to ask, no matter, no matter if you
earn it and work for it, or if it was
given to you, why do you not believe that billionaires
should exist?

Speaker 4 (35:27):
I think my problem with the idea of and again
I'm pro for entrepreneurialism. People making money is great, that's
all that. So I think sometimes people don't understand just
to share difference between a million dollars and a billion
dollars a huge, huge, huge difference, right, And it's like
that joke where it's like, uh, you know, athletes are rich,

(35:47):
but the owners of the team are wealthy. Because the
grand scale of what's happening in the difference, it's just tremendous, right,
and so the idea to attain the money, that's a billionaire.
And I'll even come back to sports with the point
to land it. It's people who are billionaires. It's not
like they And again everything we're saying is generalizations, right,
because how Lebron earns his billions much different than you know,

(36:10):
the examples of people I'm talking about, right, And so
Elon is a good one too, right, Like Elon inherited
wealth from his father, right, or Trump inherited weal from
their father. So now they're starting on third base, right.
And so then it's not that they're like great businessmen, right,
it's through this idea of policy failures and lobbied regulation
that benefits them or lobbied deregulation that benefits them, earned

(36:34):
this amount of wealth and then also using laphole loopholes
and a tax code.

Speaker 5 (36:38):
Right.

Speaker 4 (36:39):
So so so now so now they're doing all this
with the idea of that they're they've mastered the free market.
But anyway, my problem is it's not it's not like
I have a problem with an individual billionaire. I think
a billionaire is a it is a symptom to a
larger ailment, which is sort of this idea of the

(37:00):
free market not actually being free. So it's not like
if somebody has a billion, to issues point that he
made earlier, whether it was off air or on, if
somebody has nine hundred ninety nine million, I'm not going
to be like, yo, we'll just stop, you know what
I mean. But it's this idea of this system that's
predicated on things that may be a moral like Mouse
was saying off air, But also it's just not this

(37:22):
idea that they've mastered the free market, because it's not free, right,
and then the land it right. And then you have
billionaires who often buy at that they buy teams, right,
they buy teams, and then suddenly they turn socialists because
they want cap they want money from the TV to
be spread back. In this they have like the team
like the Redskins, right, who has this billionaire owner previously

(37:43):
but he didn't spend any money, wanted to have money
come back to him for not spending money, and so
essentially he wanted ecadomic welfare. Right, But he puts his
chest out like on this titan of business who's mastered
the system. But when he runs his team and he
has to do it. Without the help of these loopholes,
he can't do it, and now he becomes a socialist.

Speaker 1 (38:01):
I just I just hate that. I ain't gonna hold you.
I'll be mad that we'd be so mad that people
want loopholes and people want tax breaks or people want likes.
I know when I see here and talk about like
us being mad at loopholes. We find loopholes to cheat
in our relationships, We find loopholes to cheat on tests
in school.

Speaker 4 (38:21):
To Mouse's point, cheating is cheating.

Speaker 1 (38:23):
We find less for our groceries by going and spending
time getting coupons. I don't know why in terms of
a billionaire, it's the only time in which we're like,
they're unethical, awful people.

Speaker 5 (38:35):
For wanting loopholes or not wanting to But I'm not
saying when I say awful people.

Speaker 1 (38:40):
But a lot of people say that there's no way
to becoming No, that is a lot of people's argument
is that there's no way to become a billionaire as
an ethical, big person, like basically the people. It's a
lot of people, a lot of people that the insinuation
is that to be to have become a billionaire, you

(39:01):
had to ship on people on your way there. You
had to do bad business practices to get there. And
so the problem is, well, if you were a better person,
you would distribute that wealth more to the people in
need to where then you wouldn't.

Speaker 4 (39:15):
Be not necessary in need and better practice. Mouse is saying,
so listen.

Speaker 3 (39:20):
To this, and mouse is wrong, and mouse saying here, listen.

Speaker 1 (39:23):
You don't want to hear more, go to the Patreon Take.

Speaker 3 (39:26):
This, yo. The market is the market, right? One person
doesn't set a market, sure.

Speaker 4 (39:31):
Okay, But but also saying the market of the market
is a wild generalization that's going to help your point.
Let me because because it ignores what the systems are
towards the market. That's like me saying, like yo, a
relationships of relationships, people are gonna cheat. Right, that's a
broad station, I know. But your examples already gonna be
fault because you're you're excusing the system as it exists.

(39:53):
You are saying the market and the market that's the
default of what it is.

Speaker 3 (39:56):
Listen to this. The market is the market. Right.

Speaker 2 (39:59):
So if I own Walmart and the greeter that greets
the people when you walk in the door because Walmart
makes a gazillion dollars, right, People's theoretical point is you
can afford to pay the greeter fifty dollars an hour,
you're paying them fifteen dollars an hour.

Speaker 3 (40:21):
That's fucked up.

Speaker 2 (40:23):
And what I tell people is on a macro business level,
that maintains order because Walmart can afford to pay the
greeter fifty dollars.

Speaker 3 (40:33):
If they paid the greeter fifty dollars an hour, you
know what happened. There would be no Mom and pop
ever in the world.

Speaker 4 (40:39):
What is the order that you're talking about maintaining.

Speaker 2 (40:42):
If Walmart, because they could afford to pay everybody a
higher wage, paid everybody this absorbing amount of money to
do menial tasks, Nobody will work at the local cleaners.
Nobody will look at the local McDonald's. Nobody will work
at the local mechanic shop. Nobody will work nowhere else
because Walmart has the ability to pay these people this
crazy amount of money, and mister Johnson can't.

Speaker 3 (41:04):
So mister Johnson can't get nobody to work.

Speaker 4 (41:06):
Mister Johnson doesn't have to be an entrepreneur. He can
go walk up Walmart for the fair wages that you're saying, cool.

Speaker 2 (41:11):
So now again society ceases to exist because you need
all of these things working in a balance.

Speaker 1 (41:18):
Well, no, that's also going to say not everybody wants
to be a worker. There are people that want to create.

Speaker 4 (41:23):
Like like the it's just to success to be able
to be a businessman. And if you can't, well, no, the.

Speaker 1 (41:28):
People that are business people are not successful at all.
But I mean, but if we're talking about the pecking order,
now you have workers, and you have the.

Speaker 4 (41:36):
Point of the order existing right where you need all
these other systems that you're then referring to a free
market being established, right because otherwise if there's a monopoly,
then they could do price scouting right, And so, mister
Johnson doesn't exist.

Speaker 1 (41:49):
The example of just paying people more because.

Speaker 3 (41:52):
You can't well, because nobody does that well.

Speaker 1 (41:54):
But the reality of it is like your bottom line
may not be met. There are also you have lost prevation.

Speaker 4 (42:03):
In this specific example we're talking about Walmart, I'm taking
I understand how they can know with like the ten
richest Americans, seven of them.

Speaker 1 (42:14):
Walmart bought the trademark for June. See, y'all bitches can't
even use June teeth on the ice cream. But yeah,
they did buy juneteth ice cream.

Speaker 3 (42:23):
You got it.

Speaker 1 (42:24):
Look it up. But look at you could just say
I'm a liar without.

Speaker 3 (42:28):
It being you could be mistaken. They don't got to
be a liar.

Speaker 1 (42:31):
Someone from Walmart got the trademark. Keep going ahead and.

Speaker 2 (42:34):
Say go back to what I was saying, right, Yo,
So listen to this. This is this is what I
don't like. I don't like all of these negative things
that come along with money, getting money, and we as
black people adopt them like more money, more problems, money,
Uh grant.

Speaker 3 (42:50):
What's the ship?

Speaker 1 (42:51):
Uh evil?

Speaker 2 (42:52):
Some money and evil connotation like all of those things
that's cut in the.

Speaker 3 (42:58):
Attach negativity the money.

Speaker 2 (43:02):
And they taught us bullshit like that during slavery times,
right to make us not want to strive for better shit.

Speaker 3 (43:09):
That's my opinion. Like, I don't buy into none of
that shit. Fam.

Speaker 2 (43:12):
If we talked about people not having financial literacy or
not having a discipline to put their money in the
right place. So let's just say me and me and
Jay own a business. We wasn't going to the club.
We didn't buy rolexes. He refinanced his house. I took
a loan from my wife, we bust our ass, and
we opened the business in the garage and for five

(43:34):
years we ate tuna fish and peanut butter and jelly,
and everybody else was in the club buying rolexes and
benzes and shit. You mean to tell me that once
we get up through them sacrifices and we get to
Amazon level, now we got to come back and give
our money to the niggas that was going to the club.
You out your fucking mind, nigga. Well, I'm not doing
none of that. I'm never doing that to get back. No,

(43:55):
it's not that fam I sacrificed and I bust my ass,
and I did the things that I had to do
to see a level of success. And the people that
were not willing to be disciplined to do that and sacrifice,
they're not gonna get in basket my riches.

Speaker 1 (44:08):
I'm not I agree with that.

Speaker 4 (44:10):
That's a billionaire level. So let's do this fact check though,
real quick. Technically both right to.

Speaker 3 (44:22):
It's your point.

Speaker 4 (44:22):
Nobody can own the trade bunk of town, but you
can't own trademarks related to Juneteenth products.

Speaker 3 (44:29):
And Walmart did that ice cream.

Speaker 2 (44:32):
Walmart did it for a company that had the juneteenth
ice cream. Some black people then said they got the
c S and desist to Walmart because they had already
put in the trademark request for June teenth to the
us P t O.

Speaker 3 (44:44):
But it was for different classes. You know.

Speaker 1 (44:47):
It was like they gave fifty they did for the
ice cream.

Speaker 3 (44:50):
I don't want to fight.

Speaker 1 (44:53):
I'm just saying that we were both right then, but
both wrong and both right.

Speaker 3 (44:56):
But to our point.

Speaker 2 (44:57):
I just think that I think that, yo, we have
to collectively come together.

Speaker 3 (45:02):
We got to work together. That's a big thing. Like
blacks don't not.

Speaker 1 (45:06):
Wanting to give back. You talk in your eyes, so please,
I know you're talking.

Speaker 2 (45:09):
I want to get I want to reference a book.
It's called The Destruction of the Black Civilization Chances Williams.
And one of the takeaways, if I can surmise, is
that he said we and I don't know when. He
don't remember off him when he published this book, but
let's just say it was it was late seventies. Maybe
it's white, black and red. So yes, yes, dope book
and had a horse. But he said, yo, look, we
don't have time afforded to us to keep dragging along

(45:33):
people in our community to get us to this level
that we need to do as far as nation building.
So he wrote that, I look at the context he
wrote that twenty plus years ago, and we in twenty
twenty five right where we're talking about this thing, the
trust or the information that we don't have the time
afforded to us. As you said, we need to come together,
and like we just have to pull along the people

(45:55):
who can who gets it or willing to get somewhere
to a point where we can have some trust to
understand about how do we get to a point of
financial freedom.

Speaker 3 (46:04):
So to me, you know what I've come to discover.

Speaker 2 (46:06):
Unfortunately, some of them people be white, some of them
people be Asian, some of them people be Hispanic. So
if I'm trying to beat this ship into my I
started buying houses in two thousand and three. I went
to every one of my friends. I left this seminar green, Yo,
we could do this ship. They said, we could do it. Yo,
it's easy.

Speaker 3 (46:25):
Boom boom.

Speaker 2 (46:26):
I went to every one of my friends, every one
of my fucking friends, and said, Yo, they said we
could do it. Look, I got the books. They said,
you do this. Y'all looked up on Google. They said
you could do this, and niggas looked at me and
was like, nah, I'm cool.

Speaker 1 (46:39):
Not only that, do you want to know what others now?

Speaker 3 (46:41):
Cool?

Speaker 1 (46:41):
Wait? Is you want to know what else? People are
are also have been talking about what is it? Shade, shade, moisture,
what else? There's?

Speaker 2 (46:51):
There's me all of them.

Speaker 1 (46:54):
There's a ton of black owned businesses getting the backlash
for even selling their companies two white people. And it's
the same conversation. These black people are mad that they
love that they decided to.

Speaker 3 (47:07):
Carol's daughter, all of them.

Speaker 1 (47:10):
And I personally don't see the problem.

Speaker 3 (47:13):
I lack of education.

Speaker 1 (47:15):
Again, it is a lack of education because I think
that you should sell a biess. You should build a
business enough to sell it and make your money off
of it, create another one. I think that that is
actually what most people do when they create a business,
It is to sell it. It's why even as podcasters
we talk we talked all this conversation about IP and
why it's so goddamn important that's literally it and so

(47:36):
that we can own something and be able to sell
it when it's a massive value that can make it
make sense.

Speaker 2 (47:41):
We don't examine the full case study of why these businesses.
So if I go to like Bevil, Tristan Walkers, shout
out to Tristan Walker when he came out of the
room the clipper and the headcare product for man. He
sold off the company to Johnson and Johnson, which allowed
him to be in target. Yep, right, he still runs
the creative But I'm.

Speaker 1 (48:02):
Not even business.

Speaker 3 (48:04):
Do something great? Do it again, jay Z.

Speaker 2 (48:07):
Jay Z owned one hundred percent of a space. Guess what,
I'm not getting distribution everywhere in the world. So let's
say I'm putting one thousand bottles on the shelf. They
my thousand bottles. But when I go team up with
LV ANDMH who Hennessy has distribution worldwide, Now I go
from putting a thousand bottles on the shelf to ten
million bottles on the shelf. So yeah, I might own

(48:30):
one hundred percent of a thousand bottles as opposed to
fifty percent of.

Speaker 3 (48:33):
Ten million bottles.

Speaker 2 (48:34):
My nigga, When you start taking some of the emotional
shit out of this and start talking about what's logical
and rational, these decisions are easy to.

Speaker 1 (48:42):
Say though, that that is the problem because of the
traumas associated with our history because of us even having
to discuss reparations of what we're owed. It's almost impossible
a bit for our community to remove emotion out of
actual business decisions.

Speaker 3 (49:00):
No, when they remove it when they start making money.

Speaker 1 (49:04):
Yeah, and then they get called mandosantus.

Speaker 3 (49:10):
A man agreed.

Speaker 1 (49:13):
Being a Republican, And I don't like that because I'm not.

Speaker 3 (49:15):
I vote.

Speaker 1 (49:16):
I voted for Kamala, I voted for Obama. You know,
I voted for Biden.

Speaker 2 (49:20):
I think even that all of that ship, Okay, have
not voted for Biden.

Speaker 1 (49:26):
I did vote for Obama. I don't think I voted
that election.

Speaker 3 (49:29):
To me, all that should is divisive.

Speaker 1 (49:32):
No, I did vote for Biden. I didn't vote in
the Hillary.

Speaker 3 (49:34):
Well, essentially, I remember growing when I was a kid.

Speaker 2 (49:37):
You know, when they talked politics in my house and
go to my aunt's uncles or whatever. They would talk
about politics, but you didn't know where they lean. It
was kind of like when COVID with the vaccine stuff. Right,
that's your personal business, that's hippo, right, you don't share
that ship. You don't what you're supposed to share your
political affiliations. Now, it was like what do I disagree
with you that shot too, Like the things that they

(50:01):
say are taboo for us not to discuss, I think
should be open discussions.

Speaker 1 (50:05):
I'm not gonna lie. I think all employees and this
this was my thing even when I worked in corporate America.
I hate that it's taboo to talk your salary. I
think right now I'm podcasting. The reason why so many
people don't know how to negotiate their deals is because
a podcasters aren't being truthful about peeing with each other
and they're all competing. They don't believe unfortunately, again a

(50:25):
problem within our own community. They don't believe that there
is enough wealth to be spread around.

Speaker 4 (50:30):
Or do you think do you think people have a
fear of speaking because they'll either because there's traditionally there's
a fear of talking about finances. Right, well, they're financially
We'll get to that in a second. But then the
idea of is there a fear that if I talk
about what I make, I'll get played because I undervalued myself.

Speaker 3 (50:48):
Yes, because you can hear to your point, if I.

Speaker 4 (50:50):
Did speak about it, I could find I'm.

Speaker 1 (50:52):
Not even talking about speaking of it in the masses
to me. It's speaking with an issue, it's speaking to
my peers. I think there's been times where me and
Cuddy got hit up for the same deal and I'm like, oh,
and she's never not shared with me what she's gotten,
and I've seen more because she was honest, Like, girl,
don't ask for that, you can get more than that.
I know that. They're like and to me, that's how

(51:14):
we actually build up our own community is by sharing
what we're getting so that we can actually get what
are what worth. And what's unfortunate about that is we're.

Speaker 3 (51:21):
Not doing that.

Speaker 2 (51:22):
Wow, it doesn't exist because Cuddy don't got to be
at the top of the mountain boom in our neighborhoods.

Speaker 3 (51:28):
Everybody is commised.

Speaker 2 (51:29):
She want to be at the top, bring the top
in our neighborhoods. Everybody's competing. Fact, right, somebody could have
a nice car. Nigga be like, oh, yeah, that's shit, dope,
but that's a twenty twenty one. I got twenty twenty four.
You don't stand what I'm saying, Like, yo, if he
fucked oh, I know I could fuck her. We are
competing in every single facet of life. So if Mandy

(51:49):
could get twenty thousand from this place, and Cuddy got
them for thirty. Cutty just a real mom uncle saying, no,
get them for thirty, because I got them for thirty.
Some niggas can be like the stupid bitch took twenty
grand I hit them niggas for thirty.

Speaker 1 (52:02):
And that's that's unfortunately what we're seeing.

Speaker 3 (52:05):
That is what is going on with conversations.

Speaker 1 (52:09):
Financial literacy is one thing, but the idea that we
genuinely as a community do not like to talk real
about money in general.

Speaker 3 (52:17):
It's just it's been taught to us that it's taboo.
When you on the train and.

Speaker 2 (52:21):
You hear these two white ladies like, yeah, we sold
the house for one point six. I was so upset
because because Nancy and them got.

Speaker 4 (52:29):
One nine on the trainer east side, they.

Speaker 2 (52:33):
Talking about, y'all, I'm mad that I got one six
for the house. Yeah, they don't look at this taboo.
We'll tell motherfuckers yeah uh yeah, we yeah, I ate
that bitch out. Y'all ain't gonna lie my nigga Da
da da da girls talking about they take it in
the ass and they do this and they do that.
We're more free to talk about our sexual bedlams than
we are going to talk about Partey.

Speaker 1 (52:52):
I agree, and I think and I think though when
we lean into money can't buy happiness and all those things,
we lean into the other rope that I think is
damn it just lost me.

Speaker 3 (53:03):
Money is a bad thing.

Speaker 1 (53:04):
No, no, no, no millionaires or fake it till you make it.
That part like, there's there's an element of the competition
also showing a mass of wealth or showing that you
have something that you actually don't, which unfortunately then creates
people frauding about what they're getting and not sharing the
information that actually could help us pull us up by

(53:25):
our bootstraps to go out and get the money that
we desire, because.

Speaker 4 (53:29):
That obviously talks and tries to dismantle taboos.

Speaker 3 (53:33):
Yeah.

Speaker 4 (53:33):
Right, So the idea when I was but the idea
of money and that being a taboo, right, is that
is that something that is changing will change. Is there
a reason it's a taboo because it holds instructure.

Speaker 3 (53:47):
Listen to this.

Speaker 2 (53:48):
If I tell this girl that I make forty seven
thousand dollars a year, so it's a chance she might
want to not want to fuck with me. They just
said they're not fucking with the dude that brings home
four thousands, heymands down. So now the these dudes are
sitting around front and wearing fake jewelry in the club,
and I hope I could fuck her in three days
because I don't have to see in the daytime.

Speaker 3 (54:06):
Because I ain't wearing this jewelry in the daytime. I'm
mad at night. She'll never know, right. I know dudes
that work nine to five jobs. This is a real story.

Speaker 2 (54:14):
I know niggas that work nine to five jobs and
they go out and they pull they funds together to
buy bottle, and the bottle might be nine hundred dollars
two bottles because in New York clubs, if it's four
of us, we got buy two bottles.

Speaker 3 (54:27):
Yep. Right, So now that bill eighteen hundred. Niggas might
can't get to work the next week.

Speaker 1 (54:32):
Niggas won't eat for a week.

Speaker 2 (54:33):
You get what I'm saying, Like, yo, And that's all
to try to impress somebody so that I can look
like I live a better lifestyle than what I actually.

Speaker 1 (54:42):
To answer that, yeah, I agree with them. I don't
think we get to a position at all where money
becomes a comfortable conversation, and unfortunately it is easier to
talk about eating ass or being in a relationship with
two women because I can't keep my dick to myself.
So I want to open this up and be holly
like those conversations where I love where it's pushing.

Speaker 3 (55:04):
The sexual freedom and the sexual.

Speaker 1 (55:06):
Freedom and liberation and and reality of what our relationships
actually do entail. I think that that is leap years
ahead of even where we are in Turkey and talking finances.
I do want to real get it really quickly, get
into hypocritical me, because god damn it, Yeah, I have
a tweet that I don't like that. You just be
pulling my tweets like this either from December since twenty

(55:31):
twenty three. It says I ended up taking a break
on my house hunting this year, but I am very
proud to be close to my forty thousand dollars saving goal.
This is on top of reaching six figures in my
four oh one k this year. I spend slash, enjoy
my money, but not enough to not be prepared for
a rainy day? Does anyone else use ally.

Speaker 4 (55:52):
So the context of the context of this one being
and this is not you because you.

Speaker 1 (55:56):
Have a spas tree.

Speaker 3 (55:58):
This is a sponsor treetweet. I think this actually may
have come from honestly, does any want to.

Speaker 1 (56:04):
Give you back conversations? And also my accountant around the
interest like so where again, it was a lot for
me to have a savings account, right, and that's because
no one in my family me growing up, no one
had enough for any day. Savings was like, oh, I
finally made it. Hearing to just if you're just keeping
money in a regular Chase account or a savings account,

(56:26):
you're seeing point zero zero one percent interest on just
holding that money there, and you're not seeing agree with
all that is giving you four sometimes five percent return
on the money that you keep.

Speaker 4 (56:37):
Not sponsor, this is not She doesn't believe in black
banks because she doesn't like she can't trust new institutions
they're too new. But she likes Ally. But did you
know that Ally has mad lawsuits against it for discriminating
against black and Asian folks.

Speaker 1 (56:54):
Thank you every bank, every bank say at the end
of the day, I get five for my money. And
so yes, I mean when we're talking about again, that
goes into cancel culture of of our morals of who
we align with. I said on another episode, I still

(57:15):
drink fucking Starbucks and I'm pro palaesier.

Speaker 2 (57:18):
But there's a cheek Code's a cheat code in your tweet.
On top of reaching six figures in my four one
K this year, you tweeted that in twenty twenty three
you wasn't working corporate.

Speaker 1 (57:30):
So when you when you exit it, something you add
I moved it along still coming.

Speaker 3 (57:34):
But what I'm saying is you had the discipline enough
to just gonna let it cook.

Speaker 2 (57:42):
So called that finial literacy. You know what happens, it's
not it's just following what they told you is the
right thing to do. You are giving somebody your money. Yeah,
they are investing this money, and they are giving you
trash back on the money that they invested and made
zillions of dollars from in the form of a four
one K, and they sell you this rainbow that well five,

(58:06):
you're gonna have one point two million dollars.

Speaker 3 (58:08):
Nigga might not get the sixty five. I mean, I'm
not gonna lie.

Speaker 1 (58:11):
This is, however, however, no coming coming from point my
mom and my dad, I will say both in having
a four oh one K where you talked earlier about
being able to loan against a mortgage. This is what
I've actually been able to see both my mom and
dad do within their lifetime is loan against their fall

(58:32):
one k.

Speaker 3 (58:32):
They stopping that too. You said what they stopped it
in a bunch of companies.

Speaker 1 (58:36):
Now, oh, well, my my mom just did it and
she's paying back.

Speaker 3 (58:39):
They want to let my girl do it.

Speaker 1 (58:40):
Really, I mean, it's probably based on your company, nigga.
It's my company I'm saying I can loan against. But yeah,
it is changing that.

Speaker 2 (58:48):
That that yo, we could pull the money for college,
we could pull the money for a home purchase. They
are changing that ship, which means they are controlling how
you even take your money out. They told my girl
that the only way she could get the money out
is when she left. Oh wow, So what I'm telling
you is if you were to take your four one

(59:08):
K and you're to put your four one K.

Speaker 3 (59:10):
And bitcoin right now, you'll be up fifty x. Yeah.
The education I'm just giving.

Speaker 1 (59:19):
If you put it in you to put the niggas
that bought the NFTs a couple of years.

Speaker 3 (59:24):
Ago, that's a different That's okay.

Speaker 2 (59:26):
What I'm saying is this the financial literacy piece. We
feel more comfortable investing with the whites than we do
with ourselves. If the white man say, yo, this four
one K is where it's at, we're gonna say, yes,
the boss, it's we're set, and we're gonna.

Speaker 3 (59:39):
Put our money there.

Speaker 2 (59:40):
Okay, I'm not you're not giving me one point two
million dollars back on my money that you've been investing.

Speaker 1 (59:45):
Okay, Well, I love that you've been so smart this
whole episode, because I want to shake the table just
a little bit, and I do want to give is
a financial literacy test right here on air. If you
don't mind us routing out this way, I would love
to see our financially literate you actually are. So here
we go by the way where this is not an AD.
But where are we pulling this quiz from?

Speaker 4 (01:00:05):
This is FINRA, it's the this is the Financial Financial
Industry Regulation Authority.

Speaker 1 (01:00:15):
Boom, there we go. Let's let's let's put let's put
it to the test real quick. How many questions? So
to live about seven seven questions? Let's go.

Speaker 4 (01:00:23):
I'll tell you the answers at the end.

Speaker 1 (01:00:25):
Okay, all right, So suppose you have one hundred dollars
in a savings account earning two percent interests a year.
After five years, how much have you earned more than
one hundred and two dollars? Exactly one hundred and two dollars,
less than one hundred and two, or you don't know,
more more than one hundred and two dollars. Okay. Imagine
that the interest rate on your savings account is one

(01:00:47):
percent a year and inflation is two percent a year.
After one year, would the money in the account buy
more than it does today? Exactly the same?

Speaker 4 (01:00:54):
Or less?

Speaker 1 (01:00:55):
Us? He said less.

Speaker 3 (01:00:58):
With confidence too.

Speaker 1 (01:00:59):
He's so if interest rates rise, what will typically happen
two bond prices rise, falls, stay the same, or there
is no relationship.

Speaker 3 (01:01:10):
No, it depends what it depends. Not one of the answers.
I know, asshole.

Speaker 2 (01:01:14):
What's happened now right now is the bomb market is
in the trash for one of the first times in
the United States history, the bond market is coca.

Speaker 3 (01:01:21):
Interest rates are higher.

Speaker 1 (01:01:25):
So there's a relationship.

Speaker 3 (01:01:26):
You're saying, yeah, but I'm gonna put.

Speaker 1 (01:01:31):
Multiple choice. You got two out of five fall? Okay?
True or false? Oh, this is fifty fifty. You better
get this. A fifteen year mortgage typically requires higher monthly
payments than a thirty year mortgage, but the total interest
over the life of the loan will be less. That's true,

(01:01:54):
all right. Three more questions, true or false?

Speaker 3 (01:01:56):
I love it.

Speaker 1 (01:01:57):
Buying a single company's stock usually provides a stay for
a return than a stock mutual false. False. I don't
like that. You like really? Think you just you better
have one hundred percent. Suppose you owe one hundred Suppose
you owe one thousand dollars on a loan and the
interest rate you are charged is twenty percent per year

(01:02:17):
compounded annually. Oh my god, this takes me back to
my accounting degree. If you didn't pay anything off at
this interest rate, how many years would it take for
the amount you owe to double?

Speaker 4 (01:02:28):
Give them?

Speaker 1 (01:02:29):
Give two years, two to five years? Wait, nope, because
there's two to five, five to nine, ten or more
or you don't know. So you saying five answers two
of them.

Speaker 3 (01:02:40):
No, I said five to nine. It's the rule of
seventy two. Okay, wait, wait, wait, let me fix that
divided by seventy two.

Speaker 1 (01:02:50):
Huh, look at you knowing rules and shit. Okay, okay,
keep going carrot to one.

Speaker 3 (01:03:00):
So stupid. It's two to four twoti four All right,
question wait, wait, oh.

Speaker 4 (01:03:09):
Hey, it's two to four's final answer.

Speaker 1 (01:03:12):
Final answer and last and hopefully y'all are following along
and answering these as well. Which of the following indicates
the highest probability of getting a particular disease? There is
one and twenty chance of getting the disease, two percent
of the population will get the disease, twenty five out
of every thousand people will get.

Speaker 4 (01:03:31):
The disease, the disease or you do not know, hold on,
let me do the math in my brain.

Speaker 1 (01:03:36):
One in twenty chance, one in twenty is five percent,
two percent of the population A lot of motherfuckers.

Speaker 3 (01:03:44):
Twenty five out of a thousand is I think two
point five zero point four. So what do you what?

Speaker 4 (01:03:55):
You can't be voting a friend.

Speaker 1 (01:03:58):
Which which of the following indicat it is the highest
probability then the first one, the first one, one and
twenty chance of getting the disease?

Speaker 4 (01:04:07):
All right, and the results will tell you kind.

Speaker 1 (01:04:09):
Of Let's go to the results to see if it's
just financially literate.

Speaker 3 (01:04:14):
Boom, yeah, really know you be talking about So we
need to give some of these other financial.

Speaker 1 (01:04:25):
Podcast classes all about the mask, but also real quick.

Speaker 4 (01:04:29):
So he got seven out of seven.

Speaker 3 (01:04:31):
Yes.

Speaker 4 (01:04:31):
National average with this test is people getting three point
two correct how much?

Speaker 3 (01:04:36):
Three? Yeah?

Speaker 1 (01:04:39):
Okay, so they're about almost halfway literate.

Speaker 3 (01:04:41):
There you go. If you want financial advice, how to
get your financial ideas?

Speaker 1 (01:04:50):
That okay? I will say, Now, what have I changed
my mind? Maybe just a little bit. On the home buying,
I will say, especially because we have conversations about multifamily
home purchases. Don't you.

Speaker 3 (01:05:06):
Been making this argument?

Speaker 1 (01:05:10):
Shut up?

Speaker 3 (01:05:11):
Shut out?

Speaker 1 (01:05:13):
So I have potentially changed my mind, And I wonder
if any of you guys have to So where are
we staying on all this you were saying? And I
like to do a quick recap of what you know?
My guests say, you say you're not giving back to
the community for them niggas anything to do with the
money they get.

Speaker 3 (01:05:30):
I didn't see anything of this sort.

Speaker 1 (01:05:33):
What hey, Ki, what else did you hear him saying that.

Speaker 3 (01:05:37):
We got work to do?

Speaker 1 (01:05:39):
Oh?

Speaker 3 (01:05:39):
That's what I guess. You got a lot of work
to do.

Speaker 2 (01:05:41):
And I'm glad he At first, I was like, damn,
it's gonna come in here and just light fire and ship.

Speaker 3 (01:05:46):
But he's we got work to do.

Speaker 2 (01:05:49):
Give us the tools too, and we gotta one of
the one of the biggest layers is we got to
remove the self sabotage of mistrust and we have to
seek information.

Speaker 1 (01:05:58):
And he said all skin folks can't folks. Well, yeah,
that part I mean, you know, and basically so I
do have a question for the audiences. Well, after our conversation,
has your mind changed? Do you think it's better to
buy than to rent, no matter the financial environment, or
do you think reparations won't help our community at all?
I want you all to share your answers and the

(01:06:19):
comments over on our social media page, especially the discord,
and over on our Patreon, where again we have more
of these very thought provoking conversations and we accept your
bullshit opinions, so you can lean into your selective ignorance
or choose to be educated. Either way, we will see
you next week and y'all can always catch ish dropping

(01:06:42):
these gems over on the job. But podcasts is thank
you for joining me, and next year I'll get a
goddamn house.

Speaker 5 (01:06:49):
Okay, fuck, thanks for tuning in the selective ignorance of
Mandy b. Selective ignorance. It's executive produced to Buy Mandy B.
And it's a Full Court Media studio production with lead
producers Jason Mondriguez.

Speaker 1 (01:07:05):
That's me and Aaron A.

Speaker 3 (01:07:07):
King Howard.

Speaker 5 (01:07:07):
Now, do us a favor and rate, Subscribe, comment and
share wherever you get your favorite podcasts, and be sure
to follow Selective Ignorance on Instagram at Selective Underscore Ignorance.
And of course, if you're not following our hosts Mandy B,
make sure you're following her at full Court Pump.

Speaker 1 (01:07:23):
Now.

Speaker 5 (01:07:23):
If you want the full video experience of Selective Ignorance,
make sure you subscribe to the Patreon It's patreon dot
com backslash Selective Ignorance

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Ep.11 | Why Aren't We Financially Literate feat. Ish

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.css-14f5ked{margin:0;word-break:break-word;display:-webkit-box;-webkit-box-orient:vertical;box-orient:vertical;-webkit-line-clamp:2;overflow:hidden;}Ep.11 | Why Aren't We Financially Literate feat. Ish