Latest / The Steve Harvey Morning Show / Financial Tips: Managing your monthly budgets, build partnerships, joint ventures, and strategic alliances.

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Financial Tips: Managing your monthly budgets, build partnerships, joint ventures, and strategic alliances. · The Steve Harvey Morning Show

• 0:05
  Speaker 1: Welcome to the show. I'm Rashwan MacDonald, the host of
• 0:08
  Speaker 1: Money Making Conversations Masterclass, where we encourage people to stop
• 0:12
  Speaker 1: reading other people's success stories and.
• 0:14
  Speaker 2: Start planning their own.
• 0:16
  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
• 0:22
  Speaker 1: their companies, and speak with God profits who are making
• 0:25
  Speaker 1: a difference in their local communities. Now, sit back and
• 0:28
  Speaker 1: listen as we unlock the secrets to their success on
• 0:31
  Speaker 1: Money Making Conversations Masterclass.
• 0:35
  Speaker 2: My next guest, happy to having back on the show,
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  Speaker 2: has always believed this it's not how you start, it
• 0:41
  Speaker 2: is how you finish. That God has great plans for
• 0:44
  Speaker 2: each of us. We must simply listen for his voice,
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  Speaker 2: follow directions, overcome the obstacles and stay the course. He
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  Speaker 2: is the chairman the CEO of Fraser net Inc. A
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  Speaker 2: global networking movement that brings together diverse human resource to
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  Speaker 2: increase opportunities for people of African descent. He's also now
• 1:02
  Speaker 2: networking guru, entrepreneur and motivational speaker speaker. Happy to have
• 1:07
  Speaker 2: him back on Money Making Conversation. Please welcome George Fraser.
• 1:12
  Speaker 3: So good to hear you.
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  Speaker 4: Man I wish I had that voice. I wish I
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  Speaker 4: had that boy. So blessed man and a beautiful mind
• 1:22
  Speaker 4: to and a beautiful spirit.
• 1:23
  Speaker 2: I appreciate it first of all, fit for you know,
• 1:26
  Speaker 2: like I said that, thank you. You know I always
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  Speaker 2: wanted to read your quotes. Uh, you came on my
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  Speaker 2: show man. It was a blessing. Now, the mission of
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  Speaker 2: your Fraser Net is to produce products and services that
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  Speaker 2: teach and promote excellence and effective networking, to facilitate business
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  Speaker 2: to business, business to consumer mentoring and role modeling for
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  Speaker 2: people of African descent. That is important when you when
• 1:48
  Speaker 2: not hear you speak of it because you've been doing
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  Speaker 2: it all your life and I've seen it and now
• 1:53
  Speaker 2: I've been able to catch fire and start doing it
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  Speaker 2: myself because you have mentored me through direction and because
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  Speaker 2: it's always been a part of your DNA. Talk about it, George.
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  Speaker 3: Uh, you know. And I want to say this to
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  Speaker 3: our people and still beloved Rashaan. We are not suffering
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  Speaker 3: because we cannot resolve our problems. We are suffering because
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  Speaker 3: we cannot see our problems clearly and discinctly that we
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  Speaker 3: have been hurt more by what we don't know than
• 2:24
  Speaker 3: why what we can't do? Okay, that we want progress.
• 2:29
  Speaker 3: Black people want progress without execution. It's execution, execution, execution. Yes,
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  Speaker 3: you have to. We have to protest, and even writing
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  Speaker 3: has its own place in the movement. At the end
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  Speaker 3: of the day, you when the protesting ends, you have
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  Speaker 3: to organize and you have to execute. Okay. And and
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  Speaker 3: that requires now knowledge, That requires knowledge that enables you
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  Speaker 3: to rally our people and point in the proper direction
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  Speaker 3: to get them inspired. But there's a beautiful passage in
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  Speaker 3: the Bible that all black people know, and they quote
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  Speaker 3: right and Sosiah four versus six. My people perish for
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  Speaker 3: the lack of knowledge. Now everybody, every Black person in
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  Speaker 3: America knows that way. But what you never hear rashon
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  Speaker 3: is the rest of that passage. My people perish for
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  Speaker 3: the lack of knowledge. And because thou hast rejected knowledge,
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  Speaker 3: I also reject thee Thou shalt be no priest to me.
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  Speaker 3: So this is God telling his people. If you do
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  Speaker 3: not skill up, seek knowledge, improve your mind, improve your relationships,
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  Speaker 3: improve your ability to handle the money that I allow
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  Speaker 3: you to make. Right, I reject you, and you cannot
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  Speaker 3: be no priest to me. You can't say nothing to
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  Speaker 3: me because you have refused to learn. This is one
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  Speaker 3: of the beautiful things I love about your progress. You
• 4:03
  Speaker 3: are constantly teaching knowledge and bringing knowledge keepers to the
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  Speaker 3: microphone to help teach and enrich our people. So this
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  Speaker 3: is what we are all about. Phraser Net and Phraser Nation.
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  Speaker 3: Someone asking the other day.
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  Speaker 2: Doctor Fraser, you know they need to be teachert Fraser Nation.
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  Speaker 2: Fraser Nation, that gotta be a that got to be
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  Speaker 2: a capra nation, citizens.
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  Speaker 3: Of generational wealth where our citizens are committed to demonstrated excellence,
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  Speaker 3: equity and investment and entrepreneurial thinking. Rashon, I just say entrepreneurship.
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  Speaker 3: I said, entrepreneurial thinking. That is taking responsibility, taking ownership
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  Speaker 3: and for your own life. That's really what we need.
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  Speaker 3: And once we begin to think that way, Rashon, then
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  Speaker 3: that can morph into entrepreneurship, and then that can morph
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  Speaker 3: into a building and creating work and jobs for our people.
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  Speaker 3: Because by the end of the twenty first century, black
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  Speaker 3: people have to be the number one employer of black
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  Speaker 3: people and every imagery group that has ever come to
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  Speaker 3: this country. Rashan has understood that for black people, Jews
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  Speaker 3: are the number one employee of Jews. Asians are the
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  Speaker 3: number one employee of ations. East Indians are the number
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  Speaker 3: one employer of East Indians. Arabs are the number one
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  Speaker 3: employer of Arabs. Ultimately, we too must become the number
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  Speaker 3: one employee of our people. But that requires knowledge, that
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  Speaker 3: requires sacrifice. You know, there's a little piece that I
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  Speaker 3: do all the time is don't quit your job until
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  Speaker 3: that's what it's called. Don't quit your job until your
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  Speaker 3: side and covers twice as much as your monthly expensive
• 5:38
  Speaker 3: don't quit your job until your advergency fund can cover
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  Speaker 3: one year of expenses. Don't quit your job until you
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  Speaker 3: are skilled enough to make your side hustle your main business.
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  Speaker 3: And don't quit your job until you're ready to work
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  Speaker 3: twelve to sixteen hours a day like you and I do.
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  Speaker 2: Amen, you know, Tay some Joed.
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  Speaker 3: I appreciate it.
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  Speaker 2: You know, I just love the fact that there's always
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  Speaker 2: a sense of direction when you talk.
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  Speaker 3: So we have to stop this notion when we cover
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  Speaker 3: the principles of the seven main streams of income. Right,
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  Speaker 3: there's seven main streams of income, and a black person
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  Speaker 3: need to be doubling their streams of income every single years.
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  Speaker 3: One of the things we teach at the Power Networking conference.
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  Speaker 3: You to come with a single stream of income, we
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  Speaker 3: teach you how to have two. To come with two
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  Speaker 3: streams of income, we teach you how to have four.
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  Speaker 3: To come with four streams of income, we teach you
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  Speaker 3: how to have eight. Okay, but there's seven fundamental streams
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  Speaker 3: of income. But let me say this first, black people
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  Speaker 3: are in an existential crisis. We are at an existentral crisis.
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  Speaker 3: Until a black America puts Black America first, Black America
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  Speaker 3: will always be last. To be black and beautiful means
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  Speaker 3: nothing unless you're black and powerful, Okay, white, most and
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  Speaker 3: planning for three generations. And we're planning for Saturday Night.
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  Speaker 3: The goal is to win, not to look like we're winning. Right.
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  Speaker 3: It is an interesting thing to me, Rashan, that the
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  Speaker 3: rich stay rich by pretending to be poor and the
• 7:04
  Speaker 3: poor stay poor by pretending to be rich. Let's help
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  Speaker 3: with that, right at It's a mindset. It's the same
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  Speaker 3: the mindset, So we have to fix that mindset.
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  Speaker 5: Please don't go anywhere. We'll be right back with more
• 7:19
  Speaker 5: Money Making Conversations, Masterclass. Welcome back to the Money Making
• 7:29
  Speaker 5: Conversations Masterclass. Hosted by Rashaan McDonald.
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  Speaker 3: A Black wealth check list. What is it, doctor Fraser? Well,
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  Speaker 3: simple tomorrow to posit one hundred dollars, Just one hundred
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  Speaker 3: dollars into a high interest savings account. Okay, because money
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  Speaker 3: attracts money, plea, just put one hundred. If you don't
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  Speaker 3: know it, you don't have a high interest savings account,
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  Speaker 3: just go put one hundred dollars in and watch the magnet.
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  Speaker 3: The magnetism of you investing that one hundred dollars in
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  Speaker 3: a savings account is calling for more money and you're
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  Speaker 3: and that's going to seed you to have better saving habits.
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  Speaker 3: That's one number two. Buy five shares of stocks from
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  Speaker 3: a brokerage account. Okay. Uh, We black people on a
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  Speaker 3: percentage basis have the lowest number of people in our
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  Speaker 3: community investing in stocks and bonds and mutual punts. All
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  Speaker 3: kinds of studies have been done on that. Now you say, well, doctor,
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  Speaker 3: bring what stap should I buy it? Well? Whatever you eat,
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  Speaker 3: whatever shoes you wear, and you wear nineties, buy some
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  Speaker 3: ninety stock you eat McDonald's, buy some McDonald's stock, whatever
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  Speaker 3: you're using, buy the stock.
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  Speaker 2: By depot stock.
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  Speaker 3: Depot right, and they no better time right now than
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  Speaker 3: to buy some stock. So we we're putting together your
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  Speaker 3: black well list. Now, open a four oh one K
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  Speaker 3: if you don't already have one, or a full one
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  Speaker 3: three or an IRA and product. Calculate how to retire
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  Speaker 3: with a million dollars by time you're the age sixty,
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  Speaker 3: and ask your employer to match what you put in.
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  Speaker 3: Most employers will do that. Just started. If you haven't
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  Speaker 3: already started. Now, maybe you've already started something like that,
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  Speaker 3: all right, figure out how much you're going to have
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  Speaker 3: to continue to put in over what period of time,
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  Speaker 3: so that you'll have at least a million dollars by
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  Speaker 3: time you are sixty or ready to retire. Now another thing, Now,
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  Speaker 3: I don't have to I don't want to tell you
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  Speaker 3: that we got bad credit, all right, So move your
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  Speaker 3: credit court, brothers and sisters, and plan on how to
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  Speaker 3: raise your score at least by twenty points every six months,
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  Speaker 3: all right until you get over seven hundred. Right, because
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  Speaker 3: we know that the lower your credit score is anything
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  Speaker 3: you buy, uh, you are going to pay the highest
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  Speaker 3: interest rates on the planet, whether it's your credit cards,
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  Speaker 3: whether you're buying a new home, whatever, whether you're buying
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  Speaker 3: a new car. You want to get your credit right right,
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  Speaker 3: and it may take you a year or two, but
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  Speaker 3: that is going to save you more money over the
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  Speaker 3: long haul than almost any single thing that you can do.
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  Speaker 3: Now number six, we're building a black loss. A checklist
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  Speaker 3: ed okay, checklist. I want you, brothers and sisters who
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  Speaker 3: are listening, I want you to pay about fifty dollars
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  Speaker 3: above your minimum on your credit cards and your student loans.
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  Speaker 3: That means that you can reduce the payoff period when
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  Speaker 3: you do this by at least twenty five to thirty percent.
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  Speaker 2: Right there, you pay at fifty dollars anterest.
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  Speaker 3: There you go. That's right. There you go, there you go.
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  Speaker 3: There you got it. You got it.
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  Speaker 2: That's right.
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  Speaker 3: So this is now number six. Research term and hole
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  Speaker 3: life insurance and decide what's best for you to get
• 11:04
  Speaker 3: A brother who was in the insurance businesses one of
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  Speaker 3: the four pillars, but the intergenerational transfer of wealth Proverb
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  Speaker 3: thirteen twenty two. A good man leaves an inherance to
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  Speaker 3: his children's children. One of the four pillars for Sean
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  Speaker 3: is proper insurance. Sixty percent of all wealth is transferred
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  Speaker 3: through tactical and strategic placement of proper insurance. The New
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  Speaker 3: York Times that have major article on black people in
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  Speaker 3: their cell phones, and what they discovered about us is
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  Speaker 3: that there were more black people had insurance on their
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  Speaker 3: cell phones than on their lives or the lives of
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  Speaker 3: their children by a factor of kin. So we value
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  Speaker 3: our cell phones, whether we value our lives. Get properly
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  Speaker 3: insured so that you can transfer your wealth when it's time,
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  Speaker 3: tax free using insurance strategies. Very very important. Now. Number seven,
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  Speaker 3: open a rough ira for your child, or open a
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  Speaker 3: five twenty nine college plan for your child so it
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  Speaker 3: can be used to pay for college if you want to,
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  Speaker 3: or you can use it to pay for trade school
• 12:06
  Speaker 3: or community college. Right, put some money away for your
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  Speaker 3: child's education. Open it up now. If you have not
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  Speaker 3: done that, I'm down to the last two. Gift a
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  Speaker 3: US Treasury bond to new babies in your family.
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  Speaker 2: Slow down on that. When we were growing up, that's right, dude.
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  Speaker 3: That's right.
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  Speaker 2: Her bought that for you.
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  Speaker 3: I don't know, that's right. That's right. It worked then
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  Speaker 3: and it still works all right. A twenty five dollars
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  Speaker 3: Now what I did for my my have two granddaughters,
• 12:47
  Speaker 3: two three granddaughters. I have two beautiful sons, blessed me
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  Speaker 3: with three beautiful granddaughters the moment they were born, Rashan,
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  Speaker 3: I've purchased them in this universal life policy see right,
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  Speaker 3: nor Agin, and I pay for those policies every month.
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  Speaker 3: It costs us about sixty dollars a month in each
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  Speaker 3: of our grandchildren. And by time they retire, this is
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  Speaker 3: the God's honest truth. There is no height, no exaggeration.
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  Speaker 3: By time don't my three grand daughters retired, they will
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  Speaker 3: have five million dollars available to them free.
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  Speaker 2: Yes, absolutely the truth.
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  Speaker 3: Okay, absolutely, So that's another thing. So either either give
• 13:31
  Speaker 3: give your grandchildren a savings bond, but give them something
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  Speaker 3: and let them know that it's there. Right that can
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  Speaker 3: begin to seed their their desire to want to see
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  Speaker 3: it grow in the desire to save, and desire to
• 13:45
  Speaker 3: invest in and and and finally start every year, you
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  Speaker 3: should start a new stream of income. There should not
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  Speaker 3: be a negro in America with the single stream of income. Hopefully,
• 13:57
  Speaker 3: brothers and sisters, you have learned that since COVID nineteen, Okay,
• 14:01
  Speaker 3: you should be skilling up. That's what you should be doing.
• 14:05
  Speaker 3: You should be skilling up. You should be learning new
• 14:07
  Speaker 3: strategies and tactics around investment. I just went through a
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  Speaker 3: little shortlist on how to get wealth. Now let's go
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  Speaker 3: through a real shortlist on how to give wealth? Right,
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  Speaker 3: how to give well? Because where morally ground is spiritually
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  Speaker 3: rooted people, and we know that too much is given,
• 14:24
  Speaker 3: as much as expected, and much is required. How do
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  Speaker 3: you give wealth? Buy from a black owned business, right
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  Speaker 3: dying at a black owned restaurant. Get your nails and
• 14:32
  Speaker 3: hair done at a black salon. Hire black denders for
• 14:36
  Speaker 3: your events. Okay, buy your hair product from a black
• 14:40
  Speaker 3: owned business. Buy from a black author. Some brothers Sisters
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  Speaker 3: has written a book by the damn book all Right,
• 14:46
  Speaker 3: buy from your friend's business. Why not right? Tie to
• 14:50
  Speaker 3: the black church, Volunteer at a black led nonprofit. Tell
• 14:54
  Speaker 3: a black man that you're proud of them. Tell a
• 14:56
  Speaker 3: black child that they're destined for greatness. Tell a black
• 14:59
  Speaker 3: woman she is necessary and donate to it as start
• 15:02
  Speaker 3: as your black college and university. That's how you give wealth.
• 15:06
  Speaker 3: But you do it all within the context of your
• 15:09
  Speaker 3: ability to get right. Absolutely, so that's how you give wealth.
• 15:14
  Speaker 3: Now you know how to get wealth. That's a short
• 15:17
  Speaker 3: checklist on each one of those things. Each year you
• 15:20
  Speaker 3: can you can write write this down when you when
• 15:23
  Speaker 3: you hear this recording, stop it and then write it down,
• 15:26
  Speaker 3: and then check and play it back. There you go,
• 15:28
  Speaker 3: there you go, play it back right now. Seven streams
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  Speaker 3: of income you should have you in your lifetime. You
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  Speaker 3: should be able to accumulate wealth using at least four
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  Speaker 3: of these streams. What is the first stream of income?
• 15:43
  Speaker 3: Earned income, that's income from working from a job. But
• 15:46
  Speaker 3: you can actually earn two streams of income from working
• 15:48
  Speaker 3: from a job if you're working two different jobs. Okay,
• 15:51
  Speaker 3: that's that's number one. There's profit income, income from buying
• 15:55
  Speaker 3: and selling stuff. That's profit income. Third is in income
• 16:00
  Speaker 3: income from lending money. For this dividend income income from
• 16:04
  Speaker 3: owning stocks and bonds and mutual funds. The fifth one
• 16:10
  Speaker 3: is rental income. I made my first fortune income from
• 16:15
  Speaker 3: renting a house. I had seven of them. There were
• 16:17
  Speaker 3: two and three family homes on one block in the
• 16:20
  Speaker 3: inner city of Cleveland, Ohio, back in the day, in
• 16:24
  Speaker 3: the seventies. I made a fortune, all right, bought them
• 16:26
  Speaker 3: dependents on a dollar, kept them for ten or fifteen years.
• 16:29
  Speaker 3: Tournament to section eight. But first class Section eight and
• 16:33
  Speaker 3: made a fortune and then sold them back to the renters.
• 16:36
  Speaker 3: The sixtes capital gain assets from increasing in values and finally,
• 16:40
  Speaker 3: royalty income. That's income from others using your ideas, whether
• 16:45
  Speaker 3: it's books, whether it's music, whether it's online webinars, that
• 16:50
  Speaker 3: kind of thing.
• 16:51
  Speaker 2: My man. I appreciate you. You know this is a
• 16:55
  Speaker 2: journey of knowledge, journey of information. Appreciate you.
• 16:58
  Speaker 3: Brother.
• 16:59
  Speaker 2: We talked soon and you will hear from you soon.
• 17:01
  Speaker 2: You know you gotta come back, come on now, talk
• 17:04
  Speaker 2: about it because you don't believe I'm gonna do. You're
• 17:07
  Speaker 2: not gonna believe what I'm gonna do. I'm about to
• 17:09
  Speaker 2: blast you. George Fraz, doctor.
• 17:11
  Speaker 5: George Fra.
• 17:12
  Speaker 3: God, bless you, Thank God, bless love you. Bye bye,
• 17:14
  Speaker 3: love you man, keep doing God's work.
• 17:17
  Speaker 1: This has been another edition of Money Making Conversation Masterclass
• 17:21
  Speaker 1: hosted by me Rushaun McDonald. Thank you to our guests
• 17:24
  Speaker 1: on the show today and thank you listening to audience now.
• 17:27
  Speaker 1: If you want to listen to any episode I want
• 17:29
  Speaker 1: to be a guest on the show, visit Moneymaking Conversations
• 17:32
  Speaker 1: dot com. Our social media handle is money Making Conversations.
• 17:36
  Speaker 1: Join us next week and remember to always leave with
• 17:39
  Speaker 1: your gifts. Keep winning,