Latest / The Steve Harvey Morning Show / Info You Can Use: "1st Generation Rich" explores the dynamics of wealth within families and friendships.

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Info You Can Use: "1st Generation Rich" explores the dynamics of wealth within families and friendships. · The Steve Harvey Morning Show

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  Speaker 1: Hi, this is Rashaan McDonald, a host this weekly Money
• 0:03
  Speaker 1: Making Conversation Masterclass show. The interviews and information that this
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  Speaker 1: show provides off for everyone. It's time to stop reading
• 0:10
  Speaker 1: other people's success stories and start living your own. If
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  Speaker 1: you want to be a guest on my show, please
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  Speaker 1: a Guest button and then submit your information. If you
• 0:24
  Speaker 1: want to be a guest on the show. Now, let's
• 0:26
  Speaker 1: get this show started. I'm working on the documentary, and
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  Speaker 1: the documentary is about wealth. I write an article that
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  Speaker 1: said two point three million. Charles Swabs does his annual
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  Speaker 1: wealth article, the two point three million dollars you'll be
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  Speaker 1: defined as wealthy or rich. Now that's based on Houston,
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  Speaker 1: Texas polls. Now, that might go on different areas of
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  Speaker 1: the country, but I felt there was appropriate to bring
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  Speaker 1: that up that I'm working on documentary because my next
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  Speaker 1: guest delves in the direction of wealth. Let me introduce
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  Speaker 1: them to you. My guess is a basketball enthusiasts with
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  Speaker 1: thirty five years of plan experience. He has played at
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  Speaker 1: every major level, including ten years in the world's best league,
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  Speaker 1: the NBA. He's written a book and titles First Generation Rich.
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  Speaker 1: His book delves into the unique challenges and opportunities faced
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  Speaker 1: by individuals who are first generational rich. He offers insights
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  Speaker 1: and strategies to cultivate deeper, more meaningful connections with your
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  Speaker 1: loved one. Please work with the Money Making Conversation Masterclass
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  Speaker 1: Troy as I call him t Hood Hudson.
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  Speaker 2: Now you're doing, my brother, I'm pretty good? How about you?
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  Speaker 1: Well, you know, it was just some perfect time in
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  Speaker 1: about this book's first Generation Rich because I am working
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  Speaker 1: on a documentary by Wealth and trying to get understanding
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  Speaker 1: what wealth means to different people and how they value
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  Speaker 1: it and how they achieve it. Now, if I make
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  Speaker 1: this statement to you, you have this book off and
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  Speaker 1: Charles Swarp did a survey in Houston textas they said,
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  Speaker 1: if you have two point three million dollars, you can
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  Speaker 1: consider yourself rich. What are your thoughts on that?
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  Speaker 2: I believe, So, you know, two point three million dollars
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  Speaker 2: to the You know, the the avid citizen is a
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  Speaker 2: is a lot of money and and the key term
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  Speaker 2: there is rich. Uh. It's something that you can you
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  Speaker 2: can turn into wealth, but you have to you have
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  Speaker 2: to make sure you make you know, the right decisions
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  Speaker 2: with that those riches in order for them, uh, to
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  Speaker 2: to accumulate wealth.
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  Speaker 1: Right, you talk about long term and I know you
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  Speaker 1: use two words there you can do. You say the
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  Speaker 1: word rich and wealth, And I'm assuming rich can be
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  Speaker 1: defined as temporary. Wealth feels like a legacy? Are long term?
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  Speaker 1: Am I correct in as assumption?
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  Speaker 2: Uh, You're you're absolutely one hundred percent correct. You know,
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  Speaker 2: I think a lot of times we don't understand that
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  Speaker 2: those two differences. And rich in wealth, you know, there's
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  Speaker 2: a lot of rich people in the world and there's
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  Speaker 2: only you know, a few wealthy people and in terms
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  Speaker 2: of the amount of people that's on the earth, so
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  Speaker 2: you know, trying to turn those riches into wealth is
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  Speaker 2: easier said than done. There's a lot of you know,
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  Speaker 2: stumbles that that go along. Sometimes it happens, sometimes it doesn't.
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  Speaker 2: Sometimes there's gambles that you have to take in order
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  Speaker 2: to to accumulate wealth. But I mean there's a lot
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  Speaker 2: of principles that can allow you to remain rich for
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  Speaker 2: the rest of your life, which is fine, but if
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  Speaker 2: you want to you know, be wealthy, you have to
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  Speaker 2: be very prodent in your approaches to the money.
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  Speaker 1: Well, it's really important that people understand what he's saying. Leon,
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  Speaker 1: I mean Elon Musk. He's wealthy, he's he's the richest
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  Speaker 1: man in the world. You put to a rich and
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  Speaker 1: wealthy they him and we all know Leon Eon I
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  Speaker 1: want to call Leon. I don't know why. I yeah,
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  Speaker 1: I know, he probably go crazy. I'm calling him Leon.
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  Speaker 1: But he's a wealthy guy. So as Warren Buffett wealthy
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  Speaker 1: guy gates wealthy people, uh tilm and Fatida and he
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  Speaker 1: hous to Texas wealthy. These people are buying items and
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  Speaker 1: what you consider a higher rental or high rates, kind
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  Speaker 1: of like uber rates for them when they go out
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  Speaker 1: and live their lifestyle, private jets, you know, large planes.
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  Speaker 1: Security because people can kidnap these type of people if
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  Speaker 1: they allow themselves to be exposed like that. Now, your
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  Speaker 1: wealth basketball player, tell us about that before we get
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  Speaker 1: into the book. Your journey from your minority some assuming
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  Speaker 1: you were not born into wealth, but you came into
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  Speaker 1: it because the NBA interest you introduce you to a
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  Speaker 1: higher income. Back, talk about that initial journey of where
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  Speaker 1: you came from so we can establish the conversation we're
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  Speaker 1: gonna have about your book.
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  Speaker 2: Well, I'm from a southern Illinois, which is when I
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  Speaker 2: tell people are from Illinois, they automatically as from Chicago.
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  Speaker 2: But I'm from southern Illinois, which is actually closer to
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  Speaker 2: Saint Louis. Is an hour to a half from Saint Louis,
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  Speaker 2: three and a half hours from Memphis, and I'm actually
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  Speaker 2: five hours south of Chicago. So I'm in the southern
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  Speaker 2: part of Illinois. And i was born in public housing.
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  Speaker 2: You know, I was raised by my my mother, my grandmother,
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  Speaker 2: aunts and uncles. You know, it was It's one of
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  Speaker 2: those things where it takes a village, right. But you know,
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  Speaker 2: I'm from public housing in southern Illinois. You know, we
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  Speaker 2: we came from, you know, things that we needed, not
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  Speaker 2: things that we wanted. You know, you you ate what
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  Speaker 2: was on the table, you know, ate whatever your mama
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  Speaker 2: or grandmother had. Right. We all slept in one room,
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  Speaker 2: right and you know, here and there you have cable
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  Speaker 2: TV sometimes you do sometimes, you know, so a very
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  Speaker 2: humble beginning, and and you know, I just found the
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  Speaker 2: love for sports right in my hometown, Carbondale, Illinois is
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  Speaker 2: only it's only probably thirty thousand residents at that time,
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  Speaker 2: and that was including students, so prominent. Residencies were probably
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  Speaker 2: fifteen thousand people in Carbondale when the students wasn't there
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  Speaker 2: at Southern Law University. So very very small town, not
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  Speaker 2: a lot of infrastructure. Growing up, we didn't have a
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  Speaker 2: lot of outlets. So sports was a way for me
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  Speaker 2: to really be able to you know, travel the world,
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  Speaker 2: travel the state and play the game that I loved.
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  Speaker 2: And it took me a long way. It took me
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  Speaker 2: from those humble beginnings across the world to where I
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  Speaker 2: was playing in Madison Square Garden, the Staples Center and
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  Speaker 2: all across the United States and able to garner a
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  Speaker 2: you know, successful career in a large contract. When I
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  Speaker 2: was here with the Minnesota Timberwolves in two thousand and
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  Speaker 2: three was my biggest contract. The only one that I
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  Speaker 2: signed for multi years was here with the Timberwolves in
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  Speaker 2: two thousand and three two thousand and four, which was
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  Speaker 2: for thirty six minusion dollars, and at that time the NBA,
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  Speaker 2: that was considered a pretty decent contract. Right now, thirty
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  Speaker 2: six million dollars in the NBA.
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  Speaker 1: Hey, hey, Troy, let's talk about where you signed it. Okay,
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  Speaker 1: that's a different error. Okay, we talking about people being
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  Speaker 1: traded and being mad making sixty million dollars a year. Okay,
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  Speaker 1: now we're talking about thirty six million. What you said
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  Speaker 1: two thousand and three, Yes, two thousand and three. I you know,
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  Speaker 1: I sat up in my chair when I heard that contract.
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  Speaker 1: I'm just gonna let you know that right now. I
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  Speaker 1: sat up in my chair. But when people hear that number,
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  Speaker 1: I always tell people, because you are an you are
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  Speaker 1: an athlete, I call that working wealthy. And people said, well,
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  Speaker 1: you here, you rashan. It means as long as he
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  Speaker 1: can perform a task that's tied to that number, he's
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  Speaker 1: a rich man. But as soon as he cannot perform
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  Speaker 1: that task, that thirty six million dollar contract will go away.
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  Speaker 1: So his work and his income are tied one on one.
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  Speaker 1: That's not the case with Musk, that's not the case
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  Speaker 1: with Warren Buffett. They make money while they sleep. They
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  Speaker 1: make what I call mailbox money. They go to their
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  Speaker 1: mailbox check sitting in there. He has to make his
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  Speaker 1: money when he went between the lines between those two
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  Speaker 1: goals on that court and practice. That's how you made
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  Speaker 1: your money. Did you understand that at the time when
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  Speaker 1: you signed that contract, Troy.
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  Speaker 2: You know what, I really didn't because at the time
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  Speaker 2: I signed it, I think I was twenty five years old, right,
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  Speaker 2: and it was it was, it was. It was a
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  Speaker 2: large amount of money at twenty five years old. And
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  Speaker 2: when you when you when you're young, you think you're
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  Speaker 2: gonna be doing something for the rest of your life.
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  Speaker 2: You're not counting to your days. At twenty five, I'm like, hey,
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  Speaker 2: i'ma be hooping for the rest of my life. And
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  Speaker 2: not understanding that said that the needs are gonna go bad,
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  Speaker 2: the hips are gonna go bad, ankles are gonna be shattered,
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  Speaker 2: I'm not understanding that. So at that time, and like
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  Speaker 2: I said, being the first generation rich, I didn't really
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  Speaker 2: under stand that. You know that you have to really be,
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  Speaker 2: you know, careful with their spending and you know, and
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  Speaker 2: I was never an extravagant spender, but even to the
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  Speaker 2: point where you have to really start taking money serious
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  Speaker 2: at that point. And the hardest thing for us is
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  Speaker 2: we're always playing. We always have to be on the court,
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  Speaker 2: we always have to be in the gym, so you
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  Speaker 2: almost have to rely on someone else to do that
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  Speaker 2: for you.
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  Speaker 1: Well, you know, let's let's talk about that, because let's
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  Speaker 1: talk about your time. And people don't understand that when
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  Speaker 1: you are fatigued and when you are rushed, and that's
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  Speaker 1: what an athlete is. They're always fatigued, they have to play.
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  Speaker 1: They always feel like they're rushing, rush Russian. You have
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  Speaker 1: a general tendency out of boredom to spend money just
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  Speaker 1: to keep your keep you active, can keep you focused.
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  Speaker 1: You know, I knew I had that bad habit. You know,
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  Speaker 1: I just buy shoes, buy shoes, just go buy something
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  Speaker 1: that because I was just so fatigued. I'm not saying
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  Speaker 1: I was an athlete, but I was always traveling. I
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  Speaker 1: was always staying in a hotel bed. And so that's
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  Speaker 1: what he's talking about. You know, you can you have
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  Speaker 1: all this money, but you never have to go in
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  Speaker 1: the grocery store and say how much that costs? And
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  Speaker 1: that's that's not smart. You should always know how much
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  Speaker 1: something costs. When you lose that context, that's when you're
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  Speaker 1: spending too much money. Am I correct?
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  Speaker 2: Troy? No, You're you're you're one hundred percent correct. Like
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  Speaker 2: like you said, when you when you have a certain
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  Speaker 2: amount of money, especially when you're young, right, you may
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  Speaker 2: you may look at your grandmother and she she's clipping
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  Speaker 2: off q pons because she probably was young at one
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  Speaker 2: time and she probably was spending like that. But as
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  Speaker 2: she got older and wiser, she's like, you know what,
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  Speaker 2: I know, I got a lot of money, but why
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  Speaker 2: not say this ten cents? Right? And you know, and
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  Speaker 2: when you have a lot of money, you like, I
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  Speaker 2: ain't thinking about ten cents. You know, I got thirty
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  Speaker 2: six million, I go ahead and spend you know, a
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  Speaker 2: dollar on some eggs rather than ninety cent, right, So
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  Speaker 2: you're you're not really not looking at it in the
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  Speaker 2: ways that you should be looking at as far as
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  Speaker 2: longevity is concerned. Right.
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  Speaker 1: You know, That's what I'm excited by bringing on the show.
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  Speaker 1: Troy talking to Troy Hudson, former NBA star his book
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  Speaker 1: First Generational Rich. Because as you go through that book,
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  Speaker 1: his test chapters are simple before money, after money, family
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  Speaker 1: and friends, my desires, their desires because it's just talking
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  Speaker 1: about and it was about I think it was about
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  Speaker 1: chapter five when it actually started talking about him his desires. Okay,
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  Speaker 1: because let's talk about we kind of talked about before money.
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  Speaker 1: You talked about where you grew up in southern Illinois,
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  Speaker 1: traveling the world and then in two thousand and three,
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  Speaker 1: you was making some checks. Now, but in two thousand
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  Speaker 1: and three, when that thirty six million dollar contract came out,
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  Speaker 1: your life had the change amongst your friends and your family.
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  Speaker 1: Talk about that, Oh.
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  Speaker 2: Yeah, definitely. In the book, I call the media locke
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  Speaker 2: in right, right, that's when you know you signed that
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  Speaker 2: contract and it's on ESPN. You can you can type
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  Speaker 2: in Troy Hutson and all on the internet, and all
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  Speaker 2: my finances and everything comes up, and they tell you
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  Speaker 2: how much I'm making year one, year two, year three.
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  Speaker 2: And what happens is a lot of people don't understand
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  Speaker 2: that first and foremost, you're getting paid on the first
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  Speaker 2: and fifteen. So that right there alone means you have
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  Speaker 2: to budget, right, And whenever you're getting paid like that,
• 12:22
  Speaker 2: you have to budget. You have to budget anyway, But
• 12:24
  Speaker 2: when you getting paid like that, you have to budget.
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  Speaker 2: They didn't just say, you know what, he go thirty
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  Speaker 2: six million dollars, put it in the bank and now
• 12:29
  Speaker 2: you can just spend how you want to spend. Right.
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  Speaker 2: So when money is coming like that, it's easier to
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  Speaker 2: start giving away to people's requests. And when I say request,
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  Speaker 2: I'm not talking Hey, can I ball fifty dollars I'm
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  Speaker 2: talking about people were expecting fifty thousand, one hundred thousand.
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  Speaker 2: Some were even said, you can give all of us
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  Speaker 2: a million dollars, right, And it's like, I don't even
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  Speaker 2: have a million dollars in the bank account right now,
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  Speaker 2: you know. So people wasn't understanding that, and so right then,
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  Speaker 2: that's when my life drastically started changing. And not because
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  Speaker 2: of any dwelling of money or whatever. It was the
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  Speaker 2: relationships I had, you know, the relationships that I had
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  Speaker 2: with family and friends that had been unconditional because I
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  Speaker 2: didn't have anything to give them, right, so they were
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  Speaker 2: always unconditional. And the moment when you're twenty five years
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  Speaker 2: old and maybe a year or two start goes away
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  Speaker 2: and you start realizing white people around and whether it
• 13:33
  Speaker 2: was some conscious on their part or knowingly, and I
• 13:36
  Speaker 2: believe it was some conscious in most cases. I mean,
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  Speaker 2: I'm the only person with money money, so I think
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  Speaker 2: it was some conscious.
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  Speaker 1: An your bedroom, people just standing around your bed.
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  Speaker 2: Exactly. And when you're twenty five years old and you're
• 13:54
  Speaker 2: trying to navigate this thing called life and wealth with
• 13:57
  Speaker 2: no people that you really think that are there conditionally.
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  Speaker 2: That's where I think the hardship starts to happen. That's
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  Speaker 2: when the initial hardship starts to happen, because now it's
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  Speaker 2: mental first, it's mental before it becomes a financial physical hardship.
• 14:17
  Speaker 2: And when you start losing people for the sense of
• 14:20
  Speaker 2: you know, I went weeks without answering to anybody's phone
• 14:23
  Speaker 2: call because I got tired of you know. We'll talk
• 14:27
  Speaker 2: for about twenty thirty minutes and then at last two
• 14:29
  Speaker 2: minutes is you know what? I hate to say it,
• 14:32
  Speaker 2: I hate to ask you, but I'm like dank. So
• 14:35
  Speaker 2: this whole conversation was really a setup for the act.
• 14:38
  Speaker 2: And maybe it wasn't, but I start feeling that way.
• 14:41
  Speaker 3: Please don't go anywhere. We'll be right back with more
• 14:45
  Speaker 3: Money Making Conversations Masterclass. Welcome back to the Money Making
• 14:54
  Speaker 3: Conversations Masterclass hosted by Rashaan McDonald. Money Making Conversations master
• 14:59
  Speaker 3: Class US continues online at Moneymakingconversations dot com and follow
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• 15:08
  Speaker 1: Now Troy and writing this book, you always talk about money,
• 15:13
  Speaker 1: and before we talk about the financial advisor, where are
• 15:17
  Speaker 1: what was your worst investment?
• 15:21
  Speaker 2: My My worst investment, I would say, was probably in
• 15:26
  Speaker 2: the music industry, creating a regulabel uh and and and
• 15:33
  Speaker 2: the bad part of that that investment was I use
• 15:37
  Speaker 2: my own money. You know, just as you get older,
• 15:41
  Speaker 2: you realize to use someone else's money, or thanks money,
• 15:45
  Speaker 2: or an investor. But I always, you know, I always
• 15:48
  Speaker 2: was just confident in myself to to the point where
• 15:52
  Speaker 2: you know, I wanted to, you know, go out on
• 15:55
  Speaker 2: the limb. I didn't want to have to prove anybody
• 15:56
  Speaker 2: that I could do something. So if I had the finances,
• 15:59
  Speaker 2: I say, you know what I'm gonna I'm gonna jump
• 16:01
  Speaker 2: out and I'm going to try to make it happen
• 16:03
  Speaker 2: on my own. So I would say that was probably
• 16:06
  Speaker 2: the worst investment. But and it's a it's a it
• 16:11
  Speaker 2: was a bad investment as far as in the sense
• 16:13
  Speaker 2: of finances and things of that nature. But I did
• 16:16
  Speaker 2: help a lot of people, and I invested in people
• 16:20
  Speaker 2: in that venture, so I got some gratification out of,
• 16:24
  Speaker 2: you know, seeing people smile and trying to help others
• 16:27
  Speaker 2: dreams come true. But as far as financially, that probably
• 16:31
  Speaker 2: was the worst one.
• 16:32
  Speaker 1: Let me ask you this on that whole music side,
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  Speaker 1: because a lot of celebrities, a lot of especially athletes,
• 16:38
  Speaker 1: they want the nightclubs. You know, it feels like it's excitement,
• 16:42
  Speaker 1: quick money. It feels like they get caught up in
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  Speaker 1: the videos, the what ifs.
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  Speaker 2: You know.
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  Speaker 1: The income seems like it can be made overnight versus
• 16:51
  Speaker 1: the stock market. You know, that's what I would say,
• 16:53
  Speaker 1: go over to the stock market versus investing in in
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  Speaker 1: the music industry. Where was you at right there with
• 17:00
  Speaker 1: your financial advisor? Was a financial advisor in your life
• 17:03
  Speaker 1: at that time or you were turning to one.
• 17:07
  Speaker 2: Well, when I initially started to get into the music industry,
• 17:12
  Speaker 2: I didn't have a financial advice. But then when I
• 17:16
  Speaker 2: did get one, what we and he understood my dreams.
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  Speaker 2: He understood my aspilations and my drive.
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  Speaker 3: Right.
• 17:23
  Speaker 2: So even though you get a financial advisor, you still
• 17:26
  Speaker 2: got the last say, right. And I've always been the
• 17:29
  Speaker 2: type of guy like, no, I stealed this, I believe
• 17:32
  Speaker 2: in it, I'm gonna do it. So what he was
• 17:34
  Speaker 2: able to do was make sure that I did it
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  Speaker 2: in a more wise way. So I actually built a studio.
• 17:42
  Speaker 2: In building the studio, I was able to, you know,
• 17:45
  Speaker 2: get certain of write offs. Then I was able to
• 17:49
  Speaker 2: lease the space out, and so I was able to,
• 17:53
  Speaker 2: you know, get some of that money back and at
• 17:55
  Speaker 2: the same time pursue my dream. We actually had two.
• 17:59
  Speaker 2: We had ones. I had studio. I would have the
• 18:01
  Speaker 2: blue side, and I had the green side. So my
• 18:03
  Speaker 2: green side was where I can make money, and that
• 18:06
  Speaker 2: was a different tax credit and benefit than my blue side.
• 18:11
  Speaker 2: So once I did get a financial advisor, I was
• 18:14
  Speaker 2: able to make, you know, sounding decisions. I still made
• 18:17
  Speaker 2: some decisions without him knowing, because that's what a young
• 18:20
  Speaker 2: a young person does, right. It wasn't smart, but I was,
• 18:24
  Speaker 2: you know, I would do some things because I knew
• 18:25
  Speaker 2: he would say, no, that's not wise, you shouldn't do that.
• 18:28
  Speaker 2: So those are some of the mistakes I made, even
• 18:30
  Speaker 2: after I got an advisor, sometimes not being.
• 18:33
  Speaker 1: Advised right when you when you were talking about first
• 18:35
  Speaker 1: generation rich your book, and you're talking about, like I said,
• 18:40
  Speaker 1: working wealthy physically, everything you do is your money is
• 18:44
  Speaker 1: tied to what you can do on the court. When
• 18:47
  Speaker 1: you make these mistakes, you don't have anybody to turn
• 18:51
  Speaker 1: to other than your fellow athlete. How does that work
• 18:54
  Speaker 1: itself out when you're dealing with a lot of more
• 18:56
  Speaker 1: young people a lot of young individuals in the NBA.
• 19:00
  Speaker 1: They are just like you, sometimes twenty twenty two, maybe
• 19:03
  Speaker 1: twenty six, maybe a year older than you at the time.
• 19:06
  Speaker 1: What do you How does that world that you co
• 19:09
  Speaker 1: mingle with deal with all that revenue? And do you
• 19:12
  Speaker 1: have mentors?
• 19:16
  Speaker 2: It's at that time, you really don't. You really don't
• 19:19
  Speaker 2: have mentors at that time. And there's something that should
• 19:23
  Speaker 2: have been implemented. And I'm not around the game as
• 19:25
  Speaker 2: much anymore on that side, so I don't know if
• 19:28
  Speaker 2: they're if they have that now. But one thing I
• 19:32
  Speaker 2: would say is everyone was doing the same thing when
• 19:36
  Speaker 2: I when I was playing in two thousand and three,
• 19:38
  Speaker 2: from ninety nine to probably two thousand and ten or whatever,
• 19:41
  Speaker 2: everyone was doing the same thing. You either had a
• 19:44
  Speaker 2: record label, you either had a studio, a production studio.
• 19:48
  Speaker 2: Everyone was doing the same thing. So we don't operate
• 19:52
  Speaker 2: in the way that the owners, right, the owners work together,
• 19:57
  Speaker 2: the athletes don't work together, right, you know? Do you
• 20:00
  Speaker 2: have enough influence and finances to where if we wanted
• 20:04
  Speaker 2: to create our own independent record label, we should have
• 20:08
  Speaker 2: did or distribution company, we should have did it all
• 20:10
  Speaker 2: together as a team. As a team means the friends
• 20:13
  Speaker 2: are the artists, right, but we don't. We all we
• 20:17
  Speaker 2: work independently. And we watched the owners, all thirty owners
• 20:21
  Speaker 2: work together to own the NBA, and so the athletes
• 20:25
  Speaker 2: don't do the same thing as the owners do. And
• 20:28
  Speaker 2: I think that's one one area that has to be
• 20:32
  Speaker 2: you know correct. Lebron does it in a way. You know,
• 20:35
  Speaker 2: he has his it called the Banana Boat Crew and
• 20:38
  Speaker 2: they're kind of paving a way to show you how
• 20:40
  Speaker 2: to do it. But it's not collected.
• 20:43
  Speaker 1: Right, and that's important. Lebron has just a genius, is
• 20:47
  Speaker 1: how he outlined his life. Because he came into the
• 20:49
  Speaker 1: NBA with a plan and he's stuck to that plan.
• 20:53
  Speaker 1: That's why he's a billionaire. And most of his very
• 20:55
  Speaker 1: close friends who we sent to college by the way,
• 20:58
  Speaker 1: a million multi millionaire as as well, from Maverick to
• 21:02
  Speaker 1: Rich Paul. The most powerful basketball agent. Maverick, which is
• 21:06
  Speaker 1: his right hand man, handles all of his deals, just
• 21:09
  Speaker 1: signed another big deal to create a European basketball league.
• 21:13
  Speaker 1: And then you have incredible Magic Johnson excuse me, Lebron
• 21:18
  Speaker 1: James himself. But when I look at you in comparison
• 21:21
  Speaker 1: and you being able to have an honest book. Because
• 21:23
  Speaker 1: the book was honest and they talking about your journey
• 21:26
  Speaker 1: as being first generation rich by Troy Hudson. Compare yourself
• 21:33
  Speaker 1: to how you were living then and how you living now,
• 21:36
  Speaker 1: and what would you have done as a bridge between
• 21:40
  Speaker 1: back then two thousand and three and what you're living
• 21:43
  Speaker 1: at right now.
• 21:46
  Speaker 2: I probably would have. And it's tough to say it
• 21:50
  Speaker 2: because you don't know how that would have turned out, right, Yes, sir,
• 21:54
  Speaker 2: my thing is having a family, Like I'm married with
• 21:57
  Speaker 2: three kids now, what I didn't have a wife or
• 22:00
  Speaker 2: any kids at the time that I was making money.
• 22:02
  Speaker 2: I think you know that that kind of shields you
• 22:07
  Speaker 2: from making certain mistakes that you would make when you
• 22:11
  Speaker 2: have no kids or or wife or family to take
• 22:14
  Speaker 2: care of. In that sense, I think if I would
• 22:17
  Speaker 2: have had something like that in place, then I probably
• 22:20
  Speaker 2: would have made, you know, better decisions, you know, I'd
• 22:23
  Speaker 2: have made better decisions, more prodent decisions, things that can
• 22:28
  Speaker 2: can create generational wealth, because at that point I would
• 22:31
  Speaker 2: have had a generation to be thinking about. Right. But
• 22:35
  Speaker 2: when you're when you're alone and it's just you and
• 22:37
  Speaker 2: you're just young, and you're just running around, and that's
• 22:40
  Speaker 2: the thing for athletes and some entertainers. We get a
• 22:44
  Speaker 2: front load of money at a young age, right, and
• 22:47
  Speaker 2: so by the time we learn the things to do,
• 22:52
  Speaker 2: it's it's almost too late right now.
• 22:54
  Speaker 1: When you talk about the importance of this book and
• 22:57
  Speaker 1: why you wrote this book is a definitely I feel
• 23:01
  Speaker 1: a lot of the information is relatable. It was relatable
• 23:03
  Speaker 1: to me, whether I am successful or not, because he
• 23:06
  Speaker 1: talks to you about, you know, pressure and how family
• 23:11
  Speaker 1: exchanges and reacts to you based on your success. Your
• 23:14
  Speaker 1: success would be a college graduate they were in maybe
• 23:17
  Speaker 1: the first college graduate from your family, you're going to
• 23:19
  Speaker 1: get a different reaction, you know, the first one who
• 23:22
  Speaker 1: might work at a what they consider a high profile
• 23:25
  Speaker 1: job that you're going to get a different reaction. But
• 23:27
  Speaker 1: no matter once you moved up a different economic ladder.
• 23:31
  Speaker 1: That was my biggest take from the book. You're going
• 23:34
  Speaker 1: to be treated differently. Is that correct?
• 23:36
  Speaker 2: Try? Oh, that's definitely correct. And that's the reason why
• 23:40
  Speaker 2: I wrote the book. And it's funny because you know,
• 23:44
  Speaker 2: I was going through so many pressures, so many relationships
• 23:47
  Speaker 2: family and friends that were going sour because of you
• 23:52
  Speaker 2: know me at certain points saying no, I can't do this.
• 23:54
  Speaker 2: I can't you know, loan you this. I can't give
• 23:57
  Speaker 2: you this. You know that it started. It started putting pressure,
• 24:01
  Speaker 2: you know, on my life because you know, I really
• 24:03
  Speaker 2: want to see people be successful. I really don't want
• 24:06
  Speaker 2: to see people struggling and stuffering. But I'm only one person.
• 24:10
  Speaker 2: I can't save everyone. So with me having a heart
• 24:13
  Speaker 2: that I have, he used to wear on me. So
• 24:16
  Speaker 2: what I would start doing is I would start just writing,
• 24:19
  Speaker 2: jotting it down in my BlackBerry. I was just starting
• 24:21
  Speaker 2: to drive it down my BlackBerry and one of my
• 24:24
  Speaker 2: teammates who used to sit next to me, he was like, man,
• 24:27
  Speaker 2: what you writing there, BlackBerry? And you're writing rhymes because
• 24:29
  Speaker 2: he knew I used to write rhymes, right. So I
• 24:31
  Speaker 2: was like, no, man, I'm going through it with my
• 24:34
  Speaker 2: you know, with a family member. And he like's real
• 24:38
  Speaker 2: and I'm like, yeah, man, can you believe it? Man?
• 24:40
  Speaker 2: He said this, He said that. He was like, brother,
• 24:43
  Speaker 2: I'm going through the same thing. And then so I
• 24:45
  Speaker 2: started talking to some of my other teammates and people
• 24:48
  Speaker 2: were going through the same thing, and I said, you
• 24:50
  Speaker 2: know what, this has to be documented. It has to
• 24:53
  Speaker 2: be written down because I want people to know that
• 24:56
  Speaker 2: they're not, you know, the only ones going through this.
• 24:59
  Speaker 2: And also I want to write the book so that
• 25:02
  Speaker 2: future family members, future athletes or entertainers, or just lawyers
• 25:06
  Speaker 2: and doctors who would be the first generation rich people
• 25:09
  Speaker 2: in their family. I want this to be kind of
• 25:11
  Speaker 2: a guide to say, you know what this is, what
• 25:14
  Speaker 2: this is, what this causes, this is what this person
• 25:16
  Speaker 2: may be going through, so that they won't subconsciously, you know,
• 25:20
  Speaker 2: put them through that. You know, so it's it's it's
• 25:23
  Speaker 2: one of those things that you know, I really want
• 25:25
  Speaker 2: to say people's family and fan relationships because it's it's
• 25:30
  Speaker 2: lonely at the top at certain times in your life
• 25:33
  Speaker 2: and when you're not, you know, getting along with family
• 25:37
  Speaker 2: members and friends the way you used to as a kid.
• 25:40
  Speaker 2: It's I consider the generational curse. You know, it's one
• 25:44
  Speaker 2: of those things.
• 25:46
  Speaker 1: How can we find this book?
• 25:49
  Speaker 2: You can go to Amazon dot com First Generation Rich
• 25:53
  Speaker 2: and under Troy E. Hudson. And then I also have
• 25:56
  Speaker 2: a website first the number one st G Rich dot
• 26:03
  Speaker 2: com and you can get it on there as well.
• 26:06
  Speaker 2: And you know, we'll have an address on there where
• 26:08
  Speaker 2: you can mail in copies and I'll sign them and
• 26:11
  Speaker 2: mail them back to you, but yeah, it's on the
• 26:14
  Speaker 2: Kendle Amazon Network.
• 26:17
  Speaker 1: Hey, my man, T Hood, thank you for calling in
• 26:19
  Speaker 1: on my show money Making Conversation. Very very excellent conversation
• 26:24
  Speaker 1: about your life experiences that you've shared on my show.
• 26:27
  Speaker 1: And I wish you, wish you a tremendous amount of
• 26:29
  Speaker 1: success in the future and good luck. Thank you for
• 26:31
  Speaker 1: coming on Money Making Conversation Mastic Class.
• 26:34
  Speaker 3: All.
• 26:34
  Speaker 2: I appreciate you, Thank you.
• 26:35
  Speaker 1: Thank you to your hood. This has been another edition
• 26:37
  Speaker 1: of Money Making Conversation Masterclass posted by me Rashaun McDonald.
• 26:42
  Speaker 1: Thank you to our guests on the show today and
• 26:44
  Speaker 1: thank you listening to audience now. If you want to
• 26:46
  Speaker 1: listen to any episode I want to be a guest
• 26:49
  Speaker 1: on the show, visit Moneymaking Conversations dot com. Our social
• 26:52
  Speaker 1: media handle is money Making Conversation. Join us next week
• 26:56
  Speaker 1: and remember to always leave with your gifts, keep winning.
• 27:01
  Speaker 2: Plan more to be p