Latest / The Steve Harvey Morning Show / Financial Motivator (s): Techniques on bridging the wealth gap and fostering financial empowerment.

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Financial Motivator (s): Techniques on bridging the wealth gap and fostering financial empowerment. · The Steve Harvey Morning Show

0:05
Speaker 1: Welcome to the show. I'm Rashwan MacDonald, the host of
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Speaker 1: Money Making Conversations Masterclass, where we encourage people to stop
0:12
Speaker 1: reading other people's success stories and start planning their own.
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Speaker 1: Listen up as I interview entrepreneurs from around the country,
0:19
Speaker 1: talk to celebrities and ask them how they are running
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Speaker 1: their companies, and speak with dog profits who are making
0:25
Speaker 1: a difference in their local communities. Now, sit back and
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Speaker 1: listen as we unlock the secrets to their success on
0:31
Speaker 1: Money Making Conversations Masterclass. My guests created the Mellan Melon
0:37
Speaker 1: of Money, Melon the Money. Their mission is to empower
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Speaker 1: the Black community through financial literacy and wealth building. They
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Speaker 1: have been recognized for their innovative approach to bridging the
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Speaker 1: wealth gap, which I talk about allowing this show. So
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Speaker 1: we're going to really find out what is that wealth gap,
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Speaker 1: you know, and fostering a culture financial empowerment. Please welcome
0:56
Speaker 1: to the Money to Money Making Conversation Master Class. George
0:59
Speaker 1: and Carter, owner of Melon the Money, and they want
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Speaker 1: to share the inspiring stories. Welcome to the show, my friends.
1:04
Speaker 1: Thank you for having us. Well, you know, I always
1:07
Speaker 1: like having people in the studio because I can look
1:09
Speaker 1: it's always a cat and mouse game on the radio,
1:11
Speaker 1: you can't really know how people are feeling about it.
1:15
Speaker 1: So let's get just started here. Tell me about you
1:17
Speaker 1: a little bit, my quick brother.
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Speaker 2: Yeah, So, I have been a financial advisor and wealth
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Speaker 2: manager for the past twelve years and when I started
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Speaker 2: in the industry, there wasn't a lot of advisors that
1:27
Speaker 2: looked like me.
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Speaker 3: And which why is that?
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Speaker 1: Why is that?
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Speaker 3: Why is that? I think because well, for several reasons, right.
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Speaker 2: I think if you don't see representation in a space,
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Speaker 2: then you assume that it's not for you, right, So
1:40
Speaker 2: because of that, it's not a career path that people pursue.
1:43
Speaker 2: They pursue being rappers, they pursue being athletes, they pursue
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Speaker 2: being entertainers because they believe that's what's for them, because
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Speaker 2: that's what they see. There wasn't a lot of representation,
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Speaker 2: and so a lot of our movement is to create
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Speaker 2: that representation.
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Speaker 3: So that people know that they're worthy of wealth.
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Speaker 1: Right.
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Speaker 2: And so what I realized there wasn't a lot of
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Speaker 2: people in the space. I wanted to figure out how
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Speaker 2: I can serve and reach more people, and that's when
2:02
Speaker 2: we started, you know, creating content online creating podcasts and
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Speaker 2: things of that nature so that we could really impact
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Speaker 2: and just show the world that, you know, building wealth
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Speaker 2: does a personal color is something that's possible for you too.
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Speaker 1: That's a person of color. You know. We talk about money,
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Speaker 1: you know, the first level of money if you can
2:20
Speaker 1: buy a house, and then when you start talking about stocks,
2:23
Speaker 1: it it becomes like Spanish really, you know, And I
2:26
Speaker 1: wish I was being comical because even I'm a person,
2:29
Speaker 1: I still don't know what crypto is, so you know,
2:33
Speaker 1: a big, bigcoin. You really got a brother over here here.
2:38
Speaker 1: I got a show called money, Money Making comes. They
2:40
Speaker 1: master colors, but I don't master that conversation, right, So
2:43
Speaker 1: that's me and I supposed to know. So with that
2:46
Speaker 1: being said, you guys became partners. How did that world happen?
2:49
Speaker 1: For your full night?
2:51
Speaker 4: Carter Coolefield Okay, yeah, So I'm a CPA and I've
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Speaker 4: been a CPA for about ten years and we met
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Speaker 4: at the conference and he had clients he was helping
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Speaker 4: make a lot of money and they needed to help
3:01
Speaker 4: saving on taxes. I had a bunch of clients I
3:03
Speaker 4: was helping saving on taxes and they need to know
3:06
Speaker 4: what to do with the extra money.
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Speaker 1: Right.
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Speaker 4: So we eventually came together because if you want to
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Speaker 4: build wealth, I think there's two major things you have
3:11
Speaker 4: to do. Keep Uncle saying you saving tax Now, yeah,
3:14
Speaker 4: I was helping them save in taxes, and he was
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Speaker 4: helping them take that money and invest it.
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Speaker 5: Oh.
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Speaker 1: I love that relationship.
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Speaker 3: Yeah, keeping them money in the circle.
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Speaker 4: Wise man was told me, if you want to make
3:22
Speaker 4: a lot of money, teach people how to keep Uncle
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Speaker 4: saying out they pocket, and teach them how to make
3:25
Speaker 4: money and they sleep. If you do those two things,
3:27
Speaker 4: you mailbox money, mailbox money. Loved it, gotta love it.
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Speaker 4: So it was a perfect partnership because those are the
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Speaker 4: two things you need to do to build wealth. And
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Speaker 4: we came together so we can have a one stop
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Speaker 4: shot where people can save on taxes, make money from
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Speaker 4: investments so they can build a legacy for their family.
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Speaker 1: Now, when you say, I hear that a lot little
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Speaker 1: legacy for the family, you know, because you know, in
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Speaker 1: the black community, the community of color, you know, they
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Speaker 1: tell you about a little savings account, you know, and
3:53
Speaker 1: the saves account nowadays, the percentage is like you really
3:56
Speaker 1: just got money just sitting there. You cannot save yourself
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Speaker 1: to wealth, right, put it in a mattress, you know, right, right, right?
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Speaker 1: You know, I can feed my money, baby, I can
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Speaker 1: feel my money, you know, like my mom used to do. Now.
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Speaker 1: But when you talk about that wealth gap, you know,
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Speaker 1: how does that work for you, George?
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Speaker 2: Thinking about the wealth gap as a whole, Yes, sir, So,
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Speaker 2: our mission is to decrease the wealth gap by one
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Speaker 2: hundred billion.
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Speaker 1: Dollars, right, and that's a big number.
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Speaker 3: That's a big number.
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Speaker 1: Yeah.
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Speaker 2: So so our goal, our goal is to decrease the
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Speaker 2: wealth gap by one hundred billion dollars by helping one
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Speaker 2: hundred thousand people of color achieve their first one million
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Speaker 2: in networth.
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Speaker 1: Right.
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Speaker 2: But here's the thing, right to your point, absolutely absolutely right. Here,
4:38
Speaker 2: here's the thing that we realize, right, Like, we realized
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Speaker 2: that marketing and society typically use marketing tactics to exploit
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Speaker 2: this tactic, but we used it for a good, right,
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Speaker 2: and that tactic is people would do.
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Speaker 3: More for recognition than they will for money.
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Speaker 2: The reason why people buy the Louis Vauton, they buy
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Speaker 2: the fancy cars because of the perceived status that that
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Speaker 2: gives them to the world. So we said, well, hey,
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Speaker 2: we don't want people to spend money, but how can
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Speaker 2: how can we hack that psychology?
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Speaker 1: Right?
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Speaker 2: And so we every year we have an annual award
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Speaker 2: show where we're literally celebrating our clients.
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Speaker 1: Okay, okay, award show. I had nothing about an awards.
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Speaker 1: What award show you got? You should lad with the
5:13
Speaker 1: ward show. You gotta ward show awarding people.
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Speaker 2: We got an award show celebrating people for their wealth fillding milestones. Right, So, like,
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Speaker 2: so if you have one hundred thousand, a networth, a
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Speaker 2: half a million, a million, five million, whatever, right, So
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Speaker 2: now what happens is this? Right, here's a crazy part.
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Speaker 2: When we launched this, my financial advisor friends though I
5:30
Speaker 2: was crazy. No one's gonna feel comfortable talking about their
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Speaker 2: numbers or their money. Yes they will if you celebrate
5:35
Speaker 2: them for it. Because here's the reality. Well, most people
5:37
Speaker 2: leave high school. Everybody doesn't go to college. When's the
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Speaker 2: last time they walk across the straight stage to get celebrated.
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Speaker 2: When's the last time somebody is honoring them for something
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Speaker 2: that they're doing. Now, imagine you get you get celebrated
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Speaker 2: for fully funding your wrought iray, you get celebrated for
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Speaker 2: having one hundred thousand plus network. Now people are literally
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Speaker 2: racing to like get those investment accounts funded so they
5:57
Speaker 2: can be up on stage. So now here's the good news.
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Speaker 2: We're not giving you awards for how much money you made.
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Speaker 2: We're not giving you awards for how much money you
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Speaker 2: spent to flex on the society. You can only get
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Speaker 2: an award from us if you actually have it, if
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Speaker 2: you kept it right. And so we have hacked psychology
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Speaker 2: when it comes to helping people build.
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Speaker 1: Well, so I'm not just over get back to you.
6:17
Speaker 1: That little program, little thing called the Hoodie Awards, Okay,
6:20
Speaker 1: Hoodie Awards. That was meaning's Steve Harbor and we celebrated
6:24
Speaker 1: small businesses, barbershops, churches, and school This feels like the
6:28
Speaker 1: Hoodie Awards on steroids, something like something.
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Speaker 2: Like, hey, listen, you hearing it from us. I'm not
6:33
Speaker 2: sure what you got going on, but we love to
6:36
Speaker 2: have you check it out. We'll let you get all
6:37
Speaker 2: the information for a complimentary ticket. We love to have
6:39
Speaker 2: you in the building.
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Speaker 1: Okay, now, complimentary ticket. Now you know I'm a backstage guy.
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Speaker 1: I can't that, Brotherary.
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Speaker 3: I just mean you don't have to pay anything. That's
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Speaker 3: what I mean.
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Speaker 1: You with us, brother, You know, I'm excited because of
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Speaker 1: the fact that you're doing something that people say cannot
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Speaker 1: be done these type of award show because of the
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Speaker 1: fact that you're recognizing people of color, because that's not
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Speaker 1: done normally, because we're not supposed to be doing that.
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Speaker 1: We're not you know, like I said, you live with
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Speaker 1: the with the entertainment, the athleticism, those are the areas
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Speaker 1: that you know. That's why Lebron James said, don't call
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Speaker 1: my business partners a crew, you know when people tell
7:21
Speaker 1: him stay just dribble a basketball. No, I do more
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Speaker 1: than that. Don't stereotype me, And so I consider this
7:28
Speaker 1: event a non stereotypical event, which means it's worthy of promotion.
7:34
Speaker 1: It's worthy of television stations showing up, it's worthy of
7:38
Speaker 1: sitting on NBC Today, it's worthy sitting on Good Morning America.
7:42
Speaker 1: Because we get stereotypes so much about what we cannot do.
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Speaker 1: It's annoying to me. So I get mad. I created
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Speaker 1: this show. I created this show, and I don't know
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Speaker 1: why I did it. Initially, when I started in twenty seventeen, Carter,
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Speaker 1: it was about celebrities. Okay, you know, I say, I
8:02
Speaker 1: bring the celebrities on and they talk about their success.
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Speaker 1: Then I realize they're kind of boring, you know, Yeah, yeah, yeah,
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Speaker 1: because they are not talking about the everyday person's success
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Speaker 1: and people can't relate. Yeah right, you know, because, in
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Speaker 1: other words, they have using their brand to access something
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Speaker 1: that the everyday person can't access. They might get a
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Speaker 1: loan because they're famous. They might they might get a
8:26
Speaker 1: T shirt deal because they're famous. They so, so they've
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Speaker 1: skipped a lot of steps that the basic everyday person
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Speaker 1: doesn't know anything about. So that's why it's important when
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Speaker 1: I bring individuals like you on the show, talk about
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Speaker 1: your role in all this.
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Speaker 3: Yeah.
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Speaker 4: So he had this idea before I came on, and
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Speaker 4: I just wanted to help magnify it.
8:44
Speaker 1: The CPA.
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Speaker 4: It's a CPA, right, because you know, client's making all
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Speaker 4: this money. It was like, how can we make this
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Speaker 4: money tax free? How can we find creative strategies to
8:50
Speaker 4: help our clients build wealth without having to give fifty
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Speaker 4: percent of their money to Uncle Sam?
8:55
Speaker 1: Right?
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Speaker 4: Because most people, but they don't realize that when you
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Speaker 4: pay federal tax, state tax tax, self employment tax, property tax,
9:02
Speaker 4: you're giving fifty percent of money to the government over
9:05
Speaker 4: your lifetime. Right, and so if I can help them
9:07
Speaker 4: keep that money, because some people actually say, like if
9:10
Speaker 4: I make more money, they'll have to pay more taxes potentially,
9:13
Speaker 4: But don't stop making the money first, you know what
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Speaker 4: I'm saying. So I think that our goal was just
9:17
Speaker 4: really to come together and teach people that you can
9:20
Speaker 4: make more money and save on taxes at the same time.
9:22
Speaker 5: Please don't go anywhere. We'll be right back with more
9:25
Speaker 5: Money Making Conversations Masterclass. Welcome back to the Money Making
9:36
Speaker 5: Conversations Masterclass hosted by Rashaan McDonald.
9:39
Speaker 1: One of the questions that was put submitted to me
9:43
Speaker 1: was like milestones and journeys because we all you know,
9:45
Speaker 1: I always tell people I basically am the same guy
9:49
Speaker 1: at eighteen. I just had to learn that when I
9:51
Speaker 1: became forty. Yeah, you know, you know, because I because
9:54
Speaker 1: now I'm making all the tools and all the vision
9:56
Speaker 1: I had when I was eighteen, then I'm actually making
10:00
Speaker 1: money with it. I was an inspirational guy. I was
10:03
Speaker 1: telling people people listen to me when I talk. I
10:06
Speaker 1: would do events, they will show up, they will give
10:08
Speaker 1: me money. So let me know, at the very early age,
10:10
Speaker 1: I had some skill set that people went Okay, here's
10:13
Speaker 1: five dollars. So now I'm looking at two young men,
10:17
Speaker 1: which excite me because you're my future, you know. And
10:21
Speaker 1: I always tell people you hit fifty, you know, there's
10:24
Speaker 1: a fifty, there's no guaranteed the next fifty, first fifty,
10:28
Speaker 1: there was no guarantee there, but I made the past fifty.
10:30
Speaker 1: There you go. Yeah, so that's the journey that I
10:33
Speaker 1: can tell you about. So what's your journey because you
10:35
Speaker 1: have not hit fifty yet. Yeah, yeah, so my journey
10:39
Speaker 1: is pretty just missed CPA talking calling CPA. That's money
10:42
Speaker 1: man over there, yeah, CPA.
10:44
Speaker 3: Yeah, yeah, for sure.
10:46
Speaker 4: Unfortunately, so fortunately, unfortunately, I had a traumatic childhood. My
10:51
Speaker 4: mom dad at fourteen. My dad died at sixteen, so
10:53
Speaker 4: I was sixteen with no parents. But it also told
10:55
Speaker 4: me to take my own life and my own financial
10:57
Speaker 4: literacy into my own hands. Right, So, very early on,
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Speaker 4: I realized that we didn't have money, and I went
11:02
Speaker 4: to know why because the people around me that have money,
11:05
Speaker 4: but that we don't have it. So my curiosity for
11:08
Speaker 4: money stem from a lack. And instead of saying a
11:11
Speaker 4: scarcity of mindset, we you know, we don't have it,
11:13
Speaker 4: I had an abundance mindset, so how can we achieve it?
11:15
Speaker 4: So that's where my curiosity for money came from, and
11:17
Speaker 4: I studied it all through college and I became one
11:21
Speaker 4: of the top CPAs in the country. And my goal
11:23
Speaker 4: is simple. If I made it this far, I was
11:25
Speaker 4: able to make money in my business and save a
11:27
Speaker 4: lot of money on taxes. I have an obligation to
11:30
Speaker 4: teach my own people how they can do it as well.
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Speaker 1: Well. You know, when you say your own people, who
11:35
Speaker 1: are you talking about?
11:36
Speaker 4: I'll talk with people of color, specifically black people, because
11:39
Speaker 4: we're underserved. Right again, if somebody who's not black listens
11:42
Speaker 4: to me, fine, I'm targeting my community to who has
11:45
Speaker 4: been underserved with information intentionally for a very long time.
11:49
Speaker 4: So I feel like a personal obligation to give us
11:52
Speaker 4: the skills and the assets and the information and resources
11:55
Speaker 4: for us to just not take our family to the
11:57
Speaker 4: next level, but us take our friends and around us
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Speaker 4: as well.
12:01
Speaker 1: GOT be remiss not to complete the conversation about the
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Speaker 1: award show. Tell us about the war show when it's happening,
12:07
Speaker 1: but also how can one participate it in.
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Speaker 2: Absolutely so, the award show is a part of a
12:12
Speaker 2: broader experience called wealth weekend and on Friday, this upcoming Friday,
12:16
Speaker 2: we have a educational conference, right, because we don't we
12:18
Speaker 2: want to make sure people get the actual information to
12:21
Speaker 2: learn how to hit those milestones. Because this is an
12:22
Speaker 2: event for our clients as well as it's open to
12:24
Speaker 2: the public. So to your point, if you're not our client,
12:26
Speaker 2: you might not yet know the strategies and insights on
12:29
Speaker 2: how to improve your network. So if we first start
12:31
Speaker 2: with the education, right, we have some powerhouse speakers, myself
12:34
Speaker 2: and Carter will be some of them, but also some
12:35
Speaker 2: other speakers on Friday, and then after people get a
12:39
Speaker 2: chance to get all that information, right, we wanted to
12:41
Speaker 2: give them a chance to digest it, get a chance
12:43
Speaker 2: to connect with other people who were in the room.
12:45
Speaker 2: Because the reason why this started and evolved to the
12:47
Speaker 2: next level is we invested in ourselves and we went
12:49
Speaker 2: to a conference, right, and we met at that conference,
12:51
Speaker 2: and then that compounded into a friendship, a business partnership,
12:55
Speaker 2: and our brotherhood. Right, So we want to get people
12:56
Speaker 2: an opportunities to connect in a meaningful ways.
12:59
Speaker 3: We have a mixer after the conference.
13:02
Speaker 2: Then that Saturday is when we have the award show,
13:04
Speaker 2: So early evening we have the award show, and it's
13:08
Speaker 2: a two part award show, So we're celebrating our clients
13:11
Speaker 2: who have achieved the milestones, but then also other pillars
13:13
Speaker 2: of the community. Had we known about you, you probably would
13:15
Speaker 2: have been celebrated as well. But pillars of the community
13:18
Speaker 2: who are helping us in this mission. Because we know
13:21
Speaker 2: that we're not the only two guys in the financial
13:23
Speaker 2: literacy space pushing this narrative forward, so we want to
13:26
Speaker 2: let them know that we see them too. Right, So
13:28
Speaker 2: people who are educated about stocks, people who educate about
13:30
Speaker 2: real estate and all the other different categories, they also
13:33
Speaker 2: get celebrated and amplified as a part of this experience
13:35
Speaker 2: because it's not for us hitting that one hundred thousand
13:38
Speaker 2: peat Parson target. And we don't care if it all
13:41
Speaker 2: comes through melon the money. We just want to be
13:43
Speaker 2: the conduit to make it happen. Right, And then at
13:46
Speaker 2: the end of that, we have another celebration, a sneaker ball, right,
13:50
Speaker 2: so everybody comes suited and booted, they're all dressed up.
13:52
Speaker 3: They can take off the shoes that were hurting their feet.
13:54
Speaker 3: They can pop on the sneakers and have a good
13:55
Speaker 3: time for the rest of the evening.
13:57
Speaker 1: At I'm both these brothers in shape.
13:59
Speaker 5: You know.
14:00
Speaker 1: One of them guys look like he walked in with
14:01
Speaker 1: a weight kit, health Way, health and Wealth. Well arm's gun.
14:08
Speaker 1: That's gun, so he can't let me touch this better?
14:10
Speaker 1: Oh boy, stock? How did this organization start the name that?
14:13
Speaker 1: What does that name mean? It's important that we understand
14:16
Speaker 1: their birth, understand their journey and all those during their future.
14:20
Speaker 1: But you know, when I was reading your resume, it
14:23
Speaker 1: was talking about innovative. When I hear that word innovative,
14:26
Speaker 1: I don't know what that means, you know, invative ways
14:29
Speaker 1: that you can build your wealth. Because let's be honest.
14:34
Speaker 1: I got a credit card, I know about CDs, I
14:38
Speaker 1: know about stock, I know about insurance. What's innovative? What
14:43
Speaker 1: are I missing? George?
14:44
Speaker 3: Yeah, that's a great question.
14:46
Speaker 1: Right.
14:46
Speaker 2: So you know, I have this tagline that I like
14:49
Speaker 2: to help people achieve financial freedom three times faster than
14:52
Speaker 2: traditional financial advice, right, And it sounds like a good tagline.
14:55
Speaker 2: But to your point, if I don't unpack that, you
14:56
Speaker 2: might not know what that means. So the first thing
14:59
Speaker 2: that comes with that is number one, understanding you know,
15:02
Speaker 2: how anybody can invest in the stock market.
15:04
Speaker 3: Right, Like, how what does that look like?
15:06
Speaker 2: And so for me, I've always helped people understand what
15:09
Speaker 2: I like to call the Burger King investment strategy and
15:11
Speaker 2: what I mean by that. What I mean is McDonald
15:13
Speaker 2: spends millions of dollars a year figuring out where they
15:15
Speaker 2: want to put their next location.
15:16
Speaker 1: Right.
15:16
Speaker 2: They're in the real estate business as well, so they
15:18
Speaker 2: put a lot of thought into where the next location
15:20
Speaker 2: is going to go. Right, So the question becomes, well,
15:22
Speaker 2: how does Burger King decide where they want to put
15:23
Speaker 2: their next location? Well, they probably put it across the
15:26
Speaker 2: street or in proximity to McDonald's, right, because if someone
15:28
Speaker 2: wants McDonald's, they probably are also okay with Burger King.
15:31
Speaker 2: So what does that mean with investing? What that means
15:34
Speaker 2: is there's companies like Vanguard, black Rock, Right, these really
15:37
Speaker 2: big companies that spend multimillion dollars on deciding the right
15:42
Speaker 2: companies and investments that need to go in these things
15:45
Speaker 2: called index funds and ETFs, right.
15:47
Speaker 3: And I'll explain what that means in a second.
15:49
Speaker 2: And so instead of me, even though I'm well researched
15:51
Speaker 2: and I understand how the stock market works, an average
15:53
Speaker 2: investor might not So what they can do is they
15:56
Speaker 2: can piggyback right the research that these big companies have
16:00
Speaker 2: already done and simply select the fund like a VOO
16:04
Speaker 2: which is an index fund, or QQQ, and all the
16:08
Speaker 2: research has already been done on if this fund makes sense, right,
16:12
Speaker 2: And so when people know that, now they don't have
16:13
Speaker 2: to be experts in the stock market. They don't necessarily
16:16
Speaker 2: have to know everything about the inner workings of the
16:17
Speaker 2: stock market. They know that Vanguard has spent millions of
16:20
Speaker 2: dollars on research, They manage tradings dollars in assets, and
16:24
Speaker 2: they're going to do their due diligence on picking the
16:26
Speaker 2: right companies.
16:27
Speaker 1: Right.
16:28
Speaker 2: So now anybody can become an investor. Now take it
16:30
Speaker 2: a step further, because you have the ability to look
16:33
Speaker 2: inside of those funds. You can see, well, what are
16:35
Speaker 2: the top five to ten companies in these funds? These
16:38
Speaker 2: funds have five hundred different investments in them, Well what
16:41
Speaker 2: are the top five to ten. Well I had this
16:43
Speaker 2: aha moment to say, well, what happens if I piggyback
16:46
Speaker 2: the research and invest in the index fund, but I
16:49
Speaker 2: also select some of those top companies outside of that,
16:52
Speaker 2: So now I get the performance of the top companies
16:54
Speaker 2: while still having the security of the fund and doing
16:57
Speaker 2: that strategy has allowed me to outperform the mart for
17:00
Speaker 2: the past seven years.
17:02
Speaker 5: Right.
17:02
Speaker 2: So that's kind of the foundational level of what makes
17:05
Speaker 2: the strategy innovative. Now beyond that, to Carter's point, a
17:10
Speaker 2: lot of people pay money in taxes. So I said, well, shoot,
17:12
Speaker 2: everybody talks about buying low and selling high. What they
17:15
Speaker 2: don't tell you is when you sell high, even though
17:17
Speaker 2: capital gains tax are lower than other ordinary income taxes.
17:20
Speaker 3: You might pay, it's still taxes.
17:22
Speaker 1: Yes, it is right.
17:23
Speaker 2: So what happens when you can have investments benefit from
17:26
Speaker 2: the growth and not have to sell right by leveraging
17:30
Speaker 2: that investment account and basically becoming your own bank borrowing
17:34
Speaker 2: against the value of the account. So, for example, if
17:36
Speaker 2: you had one hundred thousand dollars invested, a lot of
17:38
Speaker 2: people don't realize you can go to Charles Swab, you
17:40
Speaker 2: can go to Fidelity and say, hey, look, you see
17:42
Speaker 2: I have the money invested. Could you give me a
17:44
Speaker 2: lot of credit based upon the value of my account?
17:46
Speaker 3: Sure?
17:46
Speaker 2: Why wouldn't we see you have the money invested, So
17:49
Speaker 2: now your money gets to remain invested. You now get
17:51
Speaker 2: to avoid the taxes, and then we're we're gonna teach
17:54
Speaker 2: you to get that money, not to go buy.
17:55
Speaker 1: Stuff the interest they do charge you interest, get.
17:58
Speaker 4: Your fan back interest too yourself.
18:02
Speaker 1: Okay, right, thought I had your taxman came in exact thing, right,
18:08
Speaker 1: all the hoop, Right, So then you take that money.
18:10
Speaker 3: But here's the here's the kicker.
18:11
Speaker 2: Even if you weren't paying the interest back to yourself,
18:13
Speaker 2: you're only going to borrow the money once you've identified
18:15
Speaker 2: an investment opportunity that's going to exceed the interest that
18:19
Speaker 2: you would owe. That's the infinite money glitch.
18:21
Speaker 1: Right.
18:22
Speaker 2: If I can borrow money at six percent, right, go
18:24
Speaker 2: and buy investment property that's going to produce higher than
18:28
Speaker 2: the cost of that capital, and then take that cash
18:31
Speaker 2: flow and put it back in my investment accouncil can
18:33
Speaker 2: compound even further. That's that's what we like to call
18:35
Speaker 2: it infinite money glitch.
18:36
Speaker 1: Right.
18:37
Speaker 2: Most people are just so used to hearing the term
18:38
Speaker 2: borrowing and associating it with debt, buying clothes, buying cars,
18:44
Speaker 2: buying liabilities. Right, when you take that same equation but
18:47
Speaker 2: use it to buy investments, it's a totally different ball game.
18:50
Speaker 2: People just have to get on the right side of
18:52
Speaker 2: the equation.
18:52
Speaker 1: Wow, this relationship being a money man and being a CPA.
18:57
Speaker 1: So that's that's what I see here. You know, it's
19:00
Speaker 1: a good combo because in the end, you know, taxes
19:04
Speaker 1: kill us. All taxes can you know, can put you
19:09
Speaker 1: in jail if you don't follow them. We'll discover that
19:12
Speaker 1: famous actor plenty of them out there told us that.
19:15
Speaker 1: So when you do you have an innovative plan. He's
19:19
Speaker 1: told us an innovative plan when it comes to making money.
19:23
Speaker 1: Seven year plans, worked, strategized, UCPA highly rated, topping the class.
19:30
Speaker 1: Let's go what makes you special? Well?
19:32
Speaker 4: I teach entrepreneurs how to basically have the irs help
19:36
Speaker 4: pay their bills. Right, So, if you start a business,
19:39
Speaker 4: right podcast whatever, you buy that lab. If you don't
19:43
Speaker 4: have a business, you buy that laptop, that's a personal expense, absolutely.
19:46
Speaker 4: If you start a business and you buy that laptop,
19:48
Speaker 4: that's a business expense absolutely. So the IRS will now
19:51
Speaker 4: give you a tax deduction for you buying something you're
19:53
Speaker 4: already going to buy anyway. Right, So now you can
19:55
Speaker 4: now that you know that, you look around your house
19:57
Speaker 4: and say, what other personal expense can I turn into
20:00
Speaker 4: a legitimate tax deduction?
20:02
Speaker 3: If you have a business.
20:03
Speaker 4: That you operate from home, the IRS lets you take
20:05
Speaker 4: advantage of the home office deduction, which will allow you
20:08
Speaker 4: to write off a portion of your rent or your
20:10
Speaker 4: mortgage every single month. Again, any utilities and utilities and internet,
20:14
Speaker 4: and these are things you're already paying for, So why
20:17
Speaker 4: not get the IRS to step in and help give
20:19
Speaker 4: you a tax deduction so you can lower the amount
20:21
Speaker 4: that you're trying to pay. So step number one is
20:23
Speaker 4: how can we turn our personal expenses into tax deductible
20:26
Speaker 4: business expenses? Step number two is how can we leverage
20:29
Speaker 4: assets to help us save on taxes. So now that
20:32
Speaker 4: we're saving on taxes, we might get a refund check
20:34
Speaker 4: because we turn we now increased our write offs. So
20:37
Speaker 4: you might get some money back from the IRS if
20:39
Speaker 4: you use some of that refund to, let's say buy
20:40
Speaker 4: a real estate property. Real estate allows you to earn
20:43
Speaker 4: money in your bank account while losing money on your
20:45
Speaker 4: tax return, so you can actually cast fow from that
20:48
Speaker 4: real estate and not pay any taxes. Not to mention,
20:51
Speaker 4: the losses on your tax return from your real estate
20:54
Speaker 4: property gets to get subtracted from other income you make
20:57
Speaker 4: at work or your other businesses. So you're making tax
21:00
Speaker 4: free money in real estate and you're lessening your tax
21:02
Speaker 4: bill and your W two job. And then the last
21:05
Speaker 4: step is like, all right, how are there other ways
21:07
Speaker 4: that we can invest in not pay the irs we use?
21:10
Speaker 4: So we take advantage of tax advantage accounts like iras
21:14
Speaker 4: roth iras, or we can lever strategies like George mentioned,
21:17
Speaker 4: by investing in our investment account and then borrowing from
21:19
Speaker 4: my assets to buy other assets. The wealthiest people in
21:22
Speaker 4: the country, they buy assets, they use that to buy assets,
21:28
Speaker 4: and they use the money from the assets to pay
21:30
Speaker 4: off the debts, and then they borrow from the debts
21:34
Speaker 4: tax free to go buy other assets.
21:37
Speaker 1: This is a wealth game, and if you're gonna.
21:38
Speaker 3: Play the game, you need to play the reals.
21:40
Speaker 1: I love it, you know. I smile because you know
21:44
Speaker 1: lots of the stuff I know naturally. It's always good
21:46
Speaker 1: to hear it come back at you and realize, hey,
21:49
Speaker 1: the model works. Stick to a rashan, you know, because
21:52
Speaker 1: there is a long term model. Because a lot of
21:53
Speaker 1: times we want to win the lotto, witch stock. It's
21:56
Speaker 1: the plan. The stock game, which is a plan and
21:59
Speaker 1: a goal or in its system. As we wrap up
22:02
Speaker 1: the call, and I will be at your war show. Okay, okay,
22:06
Speaker 1: let y'all know, okay, and I will yeah, pe access
22:08
Speaker 1: he got a step us one right now, this ain't
22:12
Speaker 1: even nothing worried worry, you said, sneakers, right, I gotta
22:16
Speaker 1: have a join you so much the regular shoes and
22:19
Speaker 1: then and then when the when the when the war
22:21
Speaker 1: show is over, then you can transition to your sneaker,
22:23
Speaker 1: same outfit. Though. This is all good, It's all good,
22:25
Speaker 1: I got it, he said. Let's I know the war
22:27
Speaker 1: shows happening, but tell us again about the website and
22:30
Speaker 1: so people can reach out to you in the.
22:31
Speaker 2: Future one hundred percent. So the website is meling money
22:34
Speaker 2: dot com. That's spelled m e l A n I
22:37
Speaker 2: N money. I hope you're not spelled money meling in
22:39
Speaker 2: money dot com.
22:41
Speaker 1: Uh.
22:41
Speaker 2: That's where you can find all our resources. And I
22:42
Speaker 2: also would encourage you to use that same name that
22:44
Speaker 2: searches on YouTube. Find our YouTube channel, subscribe. We dropping
22:47
Speaker 2: an amazing content every single week and we can't wait
22:50
Speaker 2: for you to be a part.
22:50
Speaker 3: Of the community.
22:51
Speaker 1: Guys, you're fantastic. Thank you for coming in my studio
22:53
Speaker 1: and we will talk soon. I appreciate y'all.
22:55
Speaker 3: Thank you.
22:56
Speaker 1: This has been another edition of Money Making Conversation Masterclass
22:59
Speaker 1: hosted by me Rushaun McDonald. Thank you to our guests
23:02
Speaker 1: on the show today, and thank you for listening to
23:05
Speaker 1: the audience now. If you want to listen to any
23:07
Speaker 1: episode I want to be a guest on the show,
23:09
Speaker 1: visit Moneymakingconversations dot com. Our social media handle is money
23:14
Speaker 1: Making Conversation. Join us next week and remember to always
23:17
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