Africa's richest man just made a major move

0:00Good morning, everybody. Good morning. Welcome to Monday the morning, aka economic elevation, aka financial consciousness. My name is Dr. Boyce Watkins, and I hope everybody's doing well today. Today, I wanted to dive into some really cool stuff related to something that you guys have been asking me about. A lot of you have been asking me about Aliko Dangolte, I want to make sure I say it, right? Aliko Dangolte, who I hope that you heard about it. He's a really extraordinary guy. He's rich as hell, and he just took his company public on the Nigerian Stock Exchange, which has been a really exciting thing to watch. His company's worth billions and billions of dollars. He's worth a lot of money. I want to go in and just do a little bit of a deep dive on that in terms of talking to you about what's going on with that, what we can learn from that, the pros and the cons of that, as well as how you might want to participate if you want to jump in and be a part of what's going on.

1:05I'm really excited. I don't know Dangolte. I got invited to an event that he was going to be at in New York. I could not make it because my more house responsibilities kept me in Atlanta, but I did get asked to go to Nigeria to tour his factory or his refinery, which I was kind of mad I couldn't do that, but I can't go overseas. I've got to go be there for my more house guys. That's really important for me. At some point, maybe I'll meet him or meet someone that's working with him because I really impress with what he's doing. Plus, I told you, I'm 43% Nigerian, so that's kind of a flex and Nigerian culture rocks, right? I think Nigerians run the world, but then maybe I'm biased because shout out to the rest of the evil tribe. Right. With that being said, let me, let me start off as we begin really quickly with a quick shout out to some of you have been super consistent. I just want to say this James Keller literally in the last year and a half has come to class for 500 straight hours. So shout out to James Keller, clap for his man. He's amazing.

2:14James Keller Gary Hayden is right there with him. This is just adding up total number of hours that you spend in this class. Gary Hayden is up there. Lisa Jackson, Daniel got a bachie, royal Calhoun, Angela McKinney, James Brown, Jr. Stephen Gordon, Tamer Galloway, Ricardo, stalwart, Marissa Boyer, Wanda Henderson, Shantay Moore, Veronica, Ganny. I just want to shout you out Justin Pender in Elijah Williams and Louis Stevenson and Terrem Turnbull. Because without you, the engine can't roar without you. There is no me without without you. All there is no us. And I just want to take a moment and acknowledge those of you who are truly dedicated to black economic development. Because this is not for the faint of heart. This idea of black people obtaining economic power. It's going to be hard. It's going to require hard conversations. It's going to require us to confront unhealthy habits. Tell me if you agree. It's going to require discipline. It's going to require consistency. You can't build wealth of that consistency.

3:15You got a whole lot of fast talking Negroes out here. A whole lot of people doing a whole lot of talking. I was having lunch with some colleagues in Morehouse. Really, really smart guys. One was his name was Rod Baptiste. And he's a portfolio manager, super smart guy. And the other one was a guy named Kenneth Torrance. Kenneth Torrance, who is a he was an attorney and he teaches business law. And his dad was a giant at Tuskegee University in the previous generation. Unfortunately, his father died a little under he was under the age of 60, but he was on track to be the next president of Tuskegee. At least that was in the cards for him. And I was just telling them, I said, you know, I think when you're talking about wealth and black people, there's a lot of wealth out here to be had. And I'll be damned if we don't have what it takes to get what we want. But you get a whole lot of people out here talking. Kenneth teaches a class on leadership. And I said, I said, we have a big problem with leadership. He said there is no leadership. I said exactly.

4:20I said, I think everybody needs to just lead their own families. I said, that's the only leadership you can trust because we have too many leaders out here that have been co opted. Then I hear line to you that are out here basically serving someone else, right? They represent someone else's interest. And they say, Hey, if you if you follow me because I gave a great speech, then you should go and give your money to this person or give your vote to that person or whatever it is. And I don't like any of it. I don't know if you're about to forgive me for sounding radical, but I don't like any of it. So so lead yourself. You know, just just just too many shenanigans, too many people out here talking too much stuff, too much yapping, ain't nothing getting done. And ain't nobody got time for that. Right. So I'm going to go through a dango, T and discuss what's going on with this. And for those of you that don't know, you're going to you're going to you're going to learn today. Because I'm going to break it down. By the way, give me a quick yes in the chat if you can hear me. Can everybody tell me am I coming through all right. You know how my you know how my Atlanta Wi-Fi gets. I love ATL, but y'all when this neighborhood y'all got to get some better Wi-Fi. Come on now. All right. So anyway. So here. And I don't know if I told you all that, but my friend. He's a rapper killer Mike. My buddy. He told he got a he got a chastised me because I went to TGI Fridays. I think I got to out there.

5:38I tell you what they charge me $9 for a late check out fee. It was on Camp Creek Road. If you're from Atlanta, you know what Camp Creek Road is. They charged me $9 for the late check out fee. And he told me he said you shouldn't have been there the first place. You should have you should have came to bank has seafood. And I was like, okay, okay. T.I. Apparently, he and T.I. run bank has seafood. And so I'm going to be a bank has seafood. Shady and John whole Brian, another friend of mine. He was in the chat saying, yeah, I go to bank has seafood next time. So I'm going to. I'm going to go check out bank has seafood. I'm learning. Y'all got to forgive me. Forgive me for I know not what I do. But but yeah, that was wild. That was like, like, wow, Atlanta such a fascinating place. So anyway, let me break down some of the story behind Dan Goethe. I think he's interesting enough that all of our children should understand who he is and what he did. I don't know how complicated he is. I imagine Nigerian economics and Nigerian politics are incredibly complex. He probably has some complex relationships. I'm sure at some point someone will go out of their way to make sure that they smear him properly. So that you don't look up to him too much. And and and I I don't know I don't know what to say about that. I'll know is is that I think that you can.

6:52Can I know that you can just take the good and then decide what you want to do with the bad because eventually they go, you know, you can't be in his spot, you know, for too long without at some point somebody stepping out and really coming to smear you that's going to happen right and some people hate you just because you're rich. Anybody ever seen that we're just because you're winning just because you're successful. There's somebody who's like, oh, she slept our way to the top or old and Negro. He ain't nothing. Oh, they they're stingy or old. You know, just like it's going to happen right. I think I told somebody about that. They were upset because people were talking bad about it was one of my friends who became really popular and people were talking bad about it. I said, yeah, get used to it. It's going to happen when you succeed. Believe me, haters really are a sign of success. If you ain't got no haters and you got to get more, you should collect haters because haters will make you better. And haters are reflections like when you become the shit shit attracts flies. So so don't become the shit unless you expect flies to be around you. So for all the flies that want to attach themselves to my body, that's okay. You're welcome because that's what flies do and and maybe I am the shit and I'm just going to sit around here and be stinky. How about that? How about that? How about we stick out the place? I'm playing. I didn't mean to cut, but I think that's funny. All right. So here's the deal with Dan go. Let's talk about this man. I think he's worth knowing about.

8:11He started in his early 20s and this was a generational well story. Looks like he got a nice loan from his uncle is a big one is says here 500,000 dollars. Maybe more, maybe less. And he started trading rice, sugar and cement. And I thought that was really interesting. Okay. Angel says I'm breaking up. Am I breaking up? If I'm breaking up, then I if I start breaking up, let me know. And if I see it more than once or twice, then I will I'll make an adjustment. Okay. Thank you. I only saw it one time. So but if I see it over and over, then I'll know. All right. So let's keep going. His commodity trading business became so profitable. He said he was making about $10,000 a day at its peak. Okay. That's good money. His major shift though. This is where he leveled up $10,000 a day does not make you a billionaire. His major shift was when he went from importing products to manufacturing products. And what they refer to, they refer to that economics as vertical integration. If you want to know, he's kind of like the black, he's doing the black version of what Elon Musk is doing with SpaceX. Right. Elon Musk. The reason that it was very difficult. Remember when Musk became very political, a lot of people wanted to knock him off his porch. They're like, we're going to, you know, destroy Tesla's and you know rule in his reputation all that. And if you recall, when he jumped into politics, Musk was worth a quarter of a trillion dollars.

9:28After all the attacks, he was worth a trillion dollars. So everything that they said that would reduce his wealth and destroy him actually made him economically stronger. And a lot of that was because he built a business that was created in a specific way. It was heavily vertically integrated. So he didn't have a lot of dependence on external suppliers to give him what he needed. One pathway in dangolte does the same thing. He does the same thing. He went from sort of having a supplier give him what he needed to sell to him, saying, let me just manufacture it from for myself. Do for self do for self. When you are dependent on others to give you what you need, then you have a vulnerability in your supply chain. Let me, let me just say that slowly black people who depend on white people to give you jobs. Let me just say this black people who don't, who've never been trained on how to grow our own food. Let me say this black people to those of us who have not been trained on what it means to start a business or own assets or make investments.

10:33That when you depend on someone else to give you things that critical things that you need, you have a vulnerability. And so what dangolte did the thing that made him incredibly rich is he said, okay, instead of importing what I need, I'm going to manufacture it. I'm going to do for self. So dangolte sugar, they eventually build capacity. They made investments. He may sacrifice. If you listen, I listen to an interview with him and I watch people closely when they did the interviews because I want to know who you are. I want to know what made how do you think how do you take what do you do with your day every day. And I was, I was so impressed. And you know, he is like, wow, he is, his routine still a little bit like mine actually. He said, I get up in the morning, I work out. And he said, I, he said, I work up all day. And I say, yeah, I get up in the morning. I work out to him in the five AM club sometimes. And then he says, he says, yeah, and I just like to work all day because it's not. Really work. I'm like, I guess I said, I'm winning right now. This is so cool. Right. Because I can do that. Like I can just go from six AM until 11. And it's like, like, you work so hard. When do you talk about work? I had a job since I worked at RB's girl. What you talking about?

11:45And then he said something else. I thought I just thought was so cool. Was he said, um, he said, I can't, I make my life simple. He said, I had money. You know, he said, I have mansions here and mansions there. And because you're a billionaire, right. A lot of people become get that rich and think about, imagine, think about some of the ignorant friends you have. And imagine how they would act. If they had three billion, five billion, ten billion dollars, this man's once fifty billion dollars, think about how much flexing you could do. Like you can literally OD on fleck. He can flex so much it would kill him on the spot. Right. Like, like, think about how many people will do that. He said, no, no, he said, I sold my mansions because I wanted to focus. And he said something. I was like, wow, he said, having all this stuff is a distraction. I really related to that. When I went and took that position at Syracuse University, the reason that I take the position as Syracuse is because I wanted to spend all my time working. I wanted to reach my goals. So I literally picked Syracuse because I said, there's nothing to do here.

12:49I live 13 minutes away from my job. And I only have to go in two days a week. That means I'm not distracted by the little things. There's so many people. You have no idea how much time you lose from being stuck in traffic, arguing with people to not trying to accomplish nothing, dealing with small minded people in your world, getting distracted by gossip and celebrity culture and just Netflix. Like, there's so many things that will distract you. Young guys get distracted chasing women. Right. There was one. There was one guy in a Chris Rock movie. Young, remember that quote when he said, he said, he said, you can lose money chasing women, but you'll never lose women chasing money. So he's like, just go get the money. And then the women will be chasing you around, you know, because they want to go. You know, like, like, like, don't you doing it the other way around. So, so, so, so, so, dang, go to him. So here's the deal. Here's what I want to get to two things that you can observe with him that that self made. Now, the part about having the loan from his uncle, that's more generational wealth. That's what you're going to do for your kids. That's what you're going to do for your grandkids.

13:53That's what I told the more house guys. I said, every single one of you is not going to have a child that's going to have to struggle the way you did. I don't know if you struggled or didn't struggle. Some of your wealth is some of you are not, but your children are not going to have the same struggle you have because we're not doing this over again. We done did this in 2026. We're not going to do it in 2056. Okay. So, so, so, so the generational wealth stepped in and believed me. Africans, Nigerians, et cetera, are better at generational wealth because they understand the value of family. Family is really important in Nigeria. So basically, he had an uncle that paid it forward and loaned it money and became one of his first investors. So that's a privileged thing. But you should be manufacturing black privilege in your family. Privileges not just something only white people can have. You can have privilege. You just have to earn it. You have to somebody got to do to work, make the sacrifice. So that was privileged, but then there's two other pieces there. One was investment.

14:53He invested heavily. He leveled up. He didn't say, okay, I'm making 10 grand a day. I'm here. I've accomplished everything. I'm the man. He said, no, there's another level to go to and it's going to require an investment. So he made substantial capital investments to begin the manufacturing of his core products. So he became vertically integrated as a result of that, which strengthened his power. And I bet you this man has crazy war stories to tell you about how hard that was. He didn't take that $10,000 a day business and say, let me go flex and buy private jet and and and 10 mansions and hang out with a bunch of women. No, he said, let me go. Let me see if I go to another level. So he made another capital investment and the reason I compare him to Elon Musk and I know musk is politically complicated, right? He's he's an African or so he's kind of one of them in a way, but but I but I don't care. I don't care. The person is I learned from everybody. And if you look at Musk's history, there was a point where Musk made $100 million from selling his company. And I think he and I'm getting a divorce because this he invested 99 million out of the 100 million to try to start space X.

16:02That's insanity. I'm not even that that's so insane. I wouldn't even recommend doing it. Like that's because I could easily go bad. He was two weeks away from not being able to make payroll. That's how that's where space X was born. Right. So so there's a lot of times as a trial by fire. That typically occurs when you're trying to really level up to the highest levels is it's it just there's a sort of blood sacrifices made. There's stuff that you feel like you miss out on. I didn't you know in my 20s I wasn't clubbing and party and doing all the fun stuff. I was building I wasn't I was reinvesting and in my and I didn't have any money. I didn't have an inheritance. Nobody gave me any money. But I had my brain and I had my time. And I said you are not going to waste my time. How me going out building somebody else's stuff. I'm going to invest it in something that is going to be where I'm going to have some equity in this thing. All right. So then go take that. This so that's the first thing that the heavy investment which requires discipline and sacrifice and then also the fact that he simplified his life.

17:06My advice to anybody out here who's trying to do something different is I encourage you to look at your life as it's as if it's a portfolio of this is an it's it's an asset. And I want you to figure out which which what areas you have to divest. Some areas you should be invested in because it's losing the ROI is negative that relationship the ROI is negative that distraction the ROI is negative that habit that you have the ROI is negative get get rid of the bad stuff and you keep the good stuff. So I like that. I like the focus idea. I guarantee you that if he didn't do if he didn't do those things then he wouldn't he wouldn't there's no way he'd be where he is now right. And the crazy part is there's no guarantee you're going to be worth 50 billion dollars. It's hard to do. So you had to probably get lucky a couple of times and I'm sure somebody hooked him up good things happen. But you have no chance of this happening if you're not able to focus most regular people are not trained this way most of the American educational system especially is designed to treat to teach you to be a worker be.

18:11And then this is designed to teach you to go to school get good grades so you can get a good job. And then somebody else is having the dream somebody else is building building the power off of your labor that that's how the system works. In fact, I'm going to show you guys a video that actually exemplifies this. It's first thing I want to mention really quickly is don't forget that the all black national convention is going to happen. It's going to happen the weekend of October 16th October 18th through the 18th through the sorry 8th sorry October 15th through the 18th I got it wrong. And it's going to be a Jersey City and it's going to be lit. It's going to be amazing. We get together every year and we plan our future as a community. This is not brought to you by McDonald's not brought to you by the Democrat or the Republican party. This is our people doing our thing. This is our vertical integration. We invested to build this we own this. So Dan Goldie has his refinery. We got our convention and we own the we run this we make the decisions and so one man who's going to come in.

19:12He's been a great supporter of what we do is the amazing brother Nuri Muhammad. If you haven't seen Nuri speak. You have to listen to him speak he speaks intelligently and eloquently on all issues involving black people. He can he can he can level you up when he comes to love and relationships. He can level you up when he comes to your economics. I love listening to Nuri Nuri is a great friend. And if they ever did a story about my life they would have to put brother Nuri in it because you know he is he is in my mind at that level of among the greatest leaders of all time. I say that with respect to minutes of fire because I know he's part of the nation of Islam and you have to make sure you respect that but but I also respect Nuri and so another thing I want to show you is Tiana Von Johnson is going to be speaking there as well. She's she's a global business strategist. So if you're goal is to elevate your business and to do things economically that allow you to. And in fact by the time we're done I'm going to go through some industries that you may want to look into that are not capital intensive that that black people should be taking over.

20:12Tiana is a person that that can help you with that she works a lot with master P and has helped him make millions of dollars in terms of what he does with his brand and stuff like that. And she's going to be speaking at the convention as well. There's so many other people but I just wanted to show respect to these individuals. Now let me show you this video that I saw and it really breaks down how American capitalism works Americanized capitalism. This is not an indictment of all the capitalism but it was really I just thought it was green. I thought I was entertaining and I thought it was someone accurate and then we're going to get back to Dan Goetay. But I really wanted to show you this video. So let me play it. Here it goes. Imagine being a leader. Wait hold on.

21:20Okay. Okay. Well you all able to hear it. There's a little bit of background noise. I was playing it. You know they call the reaction video. I was doing the while I was in the car coming home from where I saw it and I said holy crap. This is so accurate because what it talks about is the pimping of the capitalist system in America. I'm not anti capitalism but I am not a pro capitalism at all costs. I believe in business ownership as a pathway to power ownership is a key to power. I believe in access to capital control of capital.

22:21But capitalism in this extreme is what you get in America right you you know you yourself they're sell the unhealthy food until it kills you and you're paying for that. Then when it starts to kill you they sell you the medicine. They helps to manage whatever illness you get from eating the unhealthy food. And then there's there's a whole economy around war right and it always comes wrapped in freedom like you know if you serve your country then you're your patriot right so they lean on your loyalty right they lean on your loyalty to make a profit. You know whenever these wars happen go check out the stocks of rating on and Boeing and these weapons manufacturers they go they shoot to the roof right then and and it's so unfortunate because there's so many good people that really are committed to this. Like I don't I don't I don't have a problem with people that are patriotic I think that's actually a good thing I'm not I don't I don't know I kind of understand it like I think that America has as a country it's our country you know I want our country to be the best it can be. But my gosh like the way they will manipulate that is is highly unfortunate like in fact Michael Michael more did a funny trick where he went to Capitol Hill and he walked up to all these politicians who have voted for the Iraq Iran war.

23:34And he said well your your child is military age so would you would you sign your child for the draft and he put the form in front of the politician they they ran away they're like no I don't want my kids time enough for that so so that's what it is like they'll send your child but they won't send their own and I have no respect for that right how would you why is it that it's okay for me but an okay for you that's interesting right. And I'm and actually I was telling guys about something that affected my dad I think it was in Vietnam they called it project 100,000 I had this really cool white history teacher when I was back in the university Kentucky. And he he told me about it he said project 100,000 came about when secretary Maconamera and in the crew could not figure out how to get people to come to Vietnam anymore because everybody the word had gotten back like okay you go here. You know you get your legs bone off your face bone off you come back with a heroin addiction so a lot of people just not interested in going. So they said okay let's go to black men let's go to the inner city and let's we're going to recruit 100,000 black men and what we're going to do is we're going to lie to them we're going to we're going to we're going to take advantage of the hopes and dreams of their mothers for their son so we're going to basically come in and promise them that their son is going to be this distinguished military man and and and get this wonderful job.

24:54And have these great skills that are going to add value to his family in the community but really the plan at least according to this history teacher the plan was to put them in infantry just drop them in infantry and if you know infantry is you know you're most likely to be killed so you're going to think and I'm going to learn how to work on tanks I'm going to learn how to I'm going to learn how to fly airplanes whatever whatever it is right. And you're like you get in there once you sign the dotted line then moral hazard kicks in right meaning that basically they're like no you're going to do what we tell you to do and and so it's it affected a lot of people and it offends me because my father's still affected by Vietnam Vietnam was a terrible experience for a lot of people not everybody before a lot of people but but but thank you for those of you who have served your country in this way I have so much respect for you so long story short I like that video because what it kind of really says is that I'm going to be able to do that. What it kind of really says is that capital systems don't work very well for people who can't think for themselves right if you can't think for yourself you're going to get eaten up by this thing.

25:55Like it's going to it's literally it's literally the the the wolves eating the sheep the sharks eating the eating the fish eating the guppies so don't be a guppy don't don't just follow the crowd you got it you got to have your own plan if you don't have a plan for yourself somebody definitely has a plan for you right. If you don't own yourself then someone else will try to own you and so so by the way so if you want to go to the convention and join us in Jersey City you can go to all black. National Convention dot com that's all black national convention dot com we still have some vendor spots if you want one of those there are some other hotel I think the hotel is a hotel spots are somewhat limited I think that they we sold out of those but but you can still get a space I don't I think our block though was sold out and all. And also if you have a business and you want your business expose on this platform or at the convention there are lots and lots of people there who buy black support black on businesses so it's a great place to expose your business so there's room for sponsorship view if you want to sponsor I don't know like the Wi-Fi or something and it helps us to it helps us get things done so you're you're helping certainly appreciate it 100%

27:06All right so let's get back to Dan go today now with Dan go today so we talked about how he his power moves when he went into manufacturing his own stuff right when you when you own in control your needs of production you have level up in your power right and so this is why someone argue that before integration black people have more economic power than they do now a lot of people think that they have power you got to be rich that's not true it's not about being rich it's about being able to secure. Being able to securely get the things that you need right securely getting the things that you need in fact I'm actually going to pull up and maybe this is a different conversation but I actually made something for class yesterday I teach a financial seminar at more house and and I we talk about power dynamics principles and stuff like the entertainment's a black economic power the book that I wrote and one thing that we went into was how do you measure the progress. Of a community how do you measure communities. Strath and and so when I did the research on it basically you measure through ownership right do you own your businesses do you own the land in your community do you own homes do you own assets right the more ownership you have the more community power you have.

28:23And we own more before integration that we do now also income stability which is connected to ownership so stability is basically I can you endure an economic shock if some if Trump comes along and cut 600,000 jobs are you still going to be okay or is everybody going to just go straight to hell and just be scared to death and and traumatize income stability the ability to have a backup plan in case things go wrong really important also you look at health things like life experience. There's a lot of respect and is the infant brutality rates it's not acceptable that I can name 20 or 30 black neighborhoods across the country where young black men are being murdered in in a very high rate I can't I'm gonna be quite honest with you I can't think of any white neighborhoods where. With a lot of when your chances of being shot are really really high I just don't I know people say no no white people are nameless is ok I believe you I just I mean they make nuclear weapons we know so I get Where is that neighborhood? I don't see that neighborhood, right?

29:24And it's interesting to me that when you say that, people are like, oh, you're a cune. I'm like, no, I'm not a cune. I'm just a truth teller right now. And the fact that you're calling me a name tells me you don't have a response to my question. So you're resorting to name calling, which reveals that you don't have a counter argument, right? Because if you had a counter argument, you would just provide the data and say, this is where you're wrong. But instead, it's like, oh, I'm going to name call you because that's my way of shutting down ideas that challenge my preexisting narrative. It is entirely unacceptable. There's another rapper that just got shot at a gas station this week of Bloodhound or something like that. He's out of Chicago. They're just shooting each other. It's crazy. It doesn't make sense. Q50 was a Q50 or I thought it was Bloodhound, Q50. I don't know something like that. And it makes me sad because he's 22. It shouldn't be happening like this, right? So anyway, mental physical health, things like that, that's the way you measure the strength of a community. How healthy are Black people? Physically and mentally, I don't know how healthy we are, right?

30:27We have high rates of anxiety and depression. Most of it comes from working for your oppressor. It would stretch your stress out about your job. You stressed out about money. So mastering money would go a long way toward dealing with that. And then you go into education. Are Black kids getting educated at the highest levels? Are we ready for the future? I don't know if we are. If 70% of Black children can't read a grade level then what the hell kind of future you really think these kids have? How competitive can they be? How many illegal dangotees? I hope I said his name right. If I mispronounced it, forgive me. You know, send me an email, correct me. I gotta go do more research because I don't wanna say it wrong. But how many dangotees are we producing in our school systems? I mean, I imagine when he was a child, he could read and read well, right? And then we get into it like rather than solving the problem, we get into the blame game. Well, it's the parents or it's the teachers. It's the system, it's the music. Okay, what it is.

31:28I mean, I know it's got to be all those things because it really does take a village to destroy kids that much. Like you got to have a real coordinated effort from multiple parties to be able to ruin your kids that much. So yeah, it's all those things. Is it the parents? Yeah, broadly. Is it the school system? Yeah, it is. Is it the music? Yeah, that don't help calling each other negative all day and wrapping about killing each other. That probably is not the healthiest thing to put into the mind of a 12 year old child. So let's get that off the table and now let's get to something that requires grown up thinking which is how do you solve the problem? You know, I think it's so fascinating how there's so much energy spent in articulating the problem and blaming people for the problem that there's no effort to solve the problem. I go through this with sometimes with my team, when people that work for me, I'm like, if something goes wrong, I don't really want you to spend all your time explaining to me why it's not your fault.

32:28I said, the longer you spend time blaming someone else, the more I'm looking at you funny because you're not actually helping us to accomplish anything. You're what you're doing, you're saving your job. That's what you're doing. And I get it, I understand. But that you saving your job and going to help this organization get better. Right? So but if you collaborate with me and say, okay, here's how we're going to fix this, then I feel like I have a partner, I have a teammate. But if you just play in the blame game, then I'm sitting here with all these problems that haven't been solved because everybody is becoming tribal. You don't do that. So let's move on. Let's talk more about Dan Gote instead of me telling y'all about the things that piss me off on a daily basis. All right. The Dan Gote group, so eventually his cement became the engine of his fortune. So he had Dan Gote cement. They have, they actually have about 55 metric tons of annual capacity across Africa. And they generate more than three billion in revenue, which is awesome.

33:28So he supplies a lot of the cement across Africa. The entire Dan Gote group has more than 30,000 employees and generate an 18 billion in revenue in 2025. Ooh, buddy, this man's, he's doing it. Or his company's doing, it's not just him. You know, this, always remember that too. You have the figurehead, but then you've got the whole team, right? And I think it's very important to give credit to the whole team. And I'm sure he would agree with that. He made his biggest bet, roughly $20 billion to build a legos oil refinery capable of producing 700,000 barrels a day. And I remember hearing him say that his goal was to increase the capacity. So he did the IPO, which everyone was talking about, to increase the capacity of the oil refinery, which I think is just extraordinary. I think kids should have a week to just study that process because it would be really cool to have 100,000 youth around the nation, around the world, or half a million that understand the process well enough that a few thousand of them are going to do the same thing. Maybe they're not going to be worth $55 billion

34:29or $51 billion. Maybe they'll be worth $5 billion. Maybe someone that will be worth $1 billion. Some of them will be worth $100 million, right? But this, but the idea is, I mean, pay attention now. The man's wealth comes from scale. They come from scale. So if your goal is black wealth and you want to see black economic power happen, then you want to study scale. How do we scale? How do we, you know, in his problem, we don't really study scale like that. We get so entranced with one charismatic figure, one dude who's like amazing, right? Like Dan Gote is one guy, that's awesome. But I'm like, well, how do we produce a, how do we get a, like a, well, a 200,000 Dan Gote's? How about that? Could you imagine if we had 200,000 young black men and women around the world, who think just like he does? Do you all see what I'm saying? Do you understand why I took the time to go teach at Morehouse?

35:34Don't tell nobody, but I'm kind of building my, building the army right now. And I, and you can't stop it. So if the CIA is listening, just no, it's not, you can assassinate my character or kill me, but you ain't gonna stop it now because I've been doing this for too long. Every single day for 17, 18 years. So if you kill me tomorrow, it's okay. You can't stop it. It's happening. I love those guys, but Michael's not, Michael, it was to not be, to be irrelevant, right? I want it to, I want it to be significant enough that I can eventually become insignificant and diluted by the sheer volume of how many millions and millions of people are gonna be thinking differently about their economics because of something that I was able to help them with along the way. I don't, I don't need to be celebrating. I don't need to be written about, I don't,

36:34I've gotten enough accolades. My ego has been fed properly. It's been over a fit. What I, what I want to see, I want to see, I want to see the rush. I want to see the power. I want to see the army marching down the hill. Hundreds of thousands of our people, understanding economics at a high level and executing on that. That's how you get power. That's how you win. Just like Dan Goldie achieved scale when it comes to oil refineries, we must achieve scale when it comes to black economics. And where it is already happening, the more house thing is just the latest part of it. If you wanted to stop it, you probably should have gotten me back in 2008. Let's keep going. Couple more things about Dan Goldie. His biggest bet was 20 billion in the oil refiner. I mentioned that. And also his September 2026 IPO is the largest ever in Africa. It's expected to be at about 1.6 billion

37:36of shares offered to the public at a company valuation of 47 billion. So he wants to use this money to expand capital to double refinery capacity to 1.4 million barrels a day. I'm all for it. I'm cheering for it for all of this. I think it's absolutely amazing. So a few things we can pick up from this. Let's talk about what we can learn from this. First off, the vertical integration piece really important. The more you can take yourself down the supply chain, the more power you have, then by see the Denzel Washington movie American gangster. Remember that? Now for him, he was getting in the drug game, right? We don't drugs are bad. Drugs are very harmful to black people. So let's put that to the side for a minute, even though you can't put drugs to the side completely. But what gave him his power? It was vertical integration. He was like, well, instead of me buying from the guy who got the stuff from Vietnam, let me just fly over there and get it directly from the source.

38:38So you drop in your cost and now you become the connect. And so black economic powers achieve the same way. When you're raised in train to believe that the only way you can make money is to get a job, then what you're doing is you're inserting a middleman into your economic system. And you're putting risk in your supply chain. So you're like, okay, hey, Mr. White, man, can you hire me and pay me money to work every day? And no one ever explained you how the supply chain worked. They don't explain to you where he gets the money to pay you. They just know if you just know, okay, if I do my work, someone's gonna pay me because I did a good job because I worked hard. And the reality is that when you understand economics, the way you should, which you will, which I hope that you do, you know that people don't pay you to work hard, nobody pays you for work. There's a lot of things you could be doing that are really hard that no one will pay you for, you could pay because you add value. That's what you could pay for. Like if I wanted to go outside and count how many blades of grass there were in my backyard,

39:40that would be really hard. That would take a lot of work. It could probably take me a year to do, I don't know, a long time. But no one's gonna pay me to do that. There's no value being added from that work. So you don't get paid for work, you get paid because you add value, right? So the other thing too is if you understand the chain, then you can get rid of the vulnerabilities. The vulnerability is, man, this guy is feeding my whole family and I'm living paycheck to paycheck. If he decides he don't wanna give me money anymore, I'm cooked, I'm done, my kids won't eat anymore. That's scary, that's anxiety inducing, right? Cause I'm scared to death, I'm staying up and nice sweating because if I lose this job, I wanna be in trouble. And so that vulnerability gets fixed partly by understanding the whole process, which would then give you the option and the ability to remove the middleman. You get rid of the plug and you become the plug, right? You go back to the source, you say, oh, the reason that you're paying me money to work at Taco Bell every day is because somebody is marketing tacos and people and they're getting customers

40:40who are coming in and giving money to buy tacos and then I get my cut because I helped you to in your manufacturing process or in your production process. Okay, well, I know a lot about making tacos. Maybe I can open me a food truck now and I can go find my customers. I ain't gotta find as many as you, but because I'm getting such a big piece of the pie, then I can probably make 10 times more money now because now I'm running a food truck. I know where my customers are at. We, you know, over here we doing summer fest, we having the backyard family, the black barbecue and I'm most roll out with my food truck and I'm gonna sell the food directly and I'm gonna keep all the profits for myself, right? So it's really that straightforward in every single child, every child in our community should understand the basics of that very simple idea. How to become the plug? You know, because when you become the plug and you are the power source, then that is what true power looks like.

41:42The problem is that you get lied to. We think shiny Negroes are the powerful ones, right? Like I compare to this lamp, this lamp I'm using to give me light and if I, you know, this lamp looks like it's powerful. Like if I didn't know electricity, I would say, wow, that lamp is really powerful. Look at how bright it is. But if you turn that thing off or you unplug it, then it has no power. So the lamp is not powerful, the lamp. It appears powerful because it's plugged into power. The real power comes from the electric company or whoever's actually given the electrical signals that are turning that lamp on. So you have shiny black people, you have these so-called fake leaders, these individuals you see on TV and movies. And we really think those people have power. And the reality is they don't. And it's a process, it's a conversation. You know, I remember talking to the students and I was like, well, okay, so I was like, who controls the NBA? And they were like, well, it's just, you know, LeBron and it's like this, you know, it's Steph Curry and I'm like, no, I said, okay.

42:44So if the NBA decided that they were gonna create a new team in, I don't know, in some city they doesn't have, like they were gonna expand and create the Louisville renegades. You know, we love basketball and Louisville. I said, would LeBron be the person that would make that decision? Like who makes the decision? Like, well, they wanted to market more in Africa and create it like NBA Africa or build, I think they already have it, but they're like, invest another 20 billion to spread basketball in Africa. Who would make that decision? Like do you think they call Steph Curry? I mean, I'm sure he has a say, he has a voice because he's Steph Curry and he's wealthy, he's not powerless, but there's levels to this, right? There's different, you know, like there's a guy named, what's the name, I forgot his name, he plays defensively well, he got caught up in a situation with the team owner, Steve Barmer owned the team, y'all gotta help me remember who this name was. It wasn't Fashon, it wasn't Fashon Leonard. That name is in my head, but that's not the name. Help me remember who it was. Anyway, so they had a whole scandal

43:45where basically he was getting paid off the table, a choir Leonard, that's right, choir Leonard, yeah. And so, so choir gets fined, he had to get fined very much, but they find Steve Barmer, the owner of the team, like $40 million, I think, it was something big like that. And then man barely blinked an eye, like for him $40 million, it's like, oh wow, that's gonna be my income for the week. You know, like it wasn't, if you look at how much money some of these people have, how much economic power they have, you know, like think about this, like when an athlete gets a $300, $400 million contract, my question isn't like, like wow, that's an amazing, like how did you get that money? My question is, who in the hell has enough money to pay somebody three or four hundred million dollars? So who's that person? Who's the one that signs that they check that big? And what was it, they're like the Cleveland Browns. If you follow football, you'll know about the sheer hilarity of the Cleveland Browns. They gave $400 million,

44:46or I think to this guy named Dishon Watson, I think. And I remember seeing that and I was like, wow, they gave him like three or four hundred million, and it was all like guarantee money, like he did not even play another down, and he would get all this money. And when they did that, I said, and if you know anything about sports, you know, this guy has a track record. He was a very controversial person to add to the team to say the least, was it 230 million? I thought it was more than that, but 200, so okay, a quarter billion, my apologies, I got it wrong. And I remember thinking that is insane. And it turns out that a lot of things happen the way we kind of thought, like it hasn't worked out at all. And it ends up looking like the worst trade ever, the worst expense ever. And I'm gonna just say to you, think about this. Most of us in here, if we were to go and waste a quarter of a billion dollars, spinning us somebody who has already shown you, what got a person he might be,

45:48you wouldn't recover from that. You could not recover. I'm like, who the hell can waste $230 million is still be okay? I don't know anybody like that, right? So there's levels to it, right? There's levels to this type of economic power. I'm sure Dan Goethe could lose 230 million and be fine, right? And so really when you're talking about wealth and power, you just sort of look at the top of the pile a little bit and kind of see how those people think differently. And if you're a Cleveland Browns fan, I hope I didn't hurt your feelings, just take consolation in the fact that I'm cursed by being a Dallas Cowboys fan, which means I'm gonna pretty much continue to watch my team lose until Jerry Jones goes to heaven and they decide to change their strategy. All right, so a couple more things. In terms of Dan Goethe, one thing I was looking up was I was looking at the different industries where black people spend the most money and saying, okay, how do we Dan Goethe are way into economic power? And if you wanna know the top areas

46:49where black people spend money, we spend number one is housing, number two is transportation, number three is food, four insurance and retirement, five healthcare, six entertainment, seven clothing and a peril. So if you look into housing, you're thinking about home building, property management, construction, HVAC, roofing, mortgages, title companies, things like that. So the ability to say get into the industry and build houses, that might be a little tough, right? This capital required, but those of you that value the trades and us really rushing toward the trades and really giving the kids that option, that's a real power. Especially with all these data centers being built and all that stuff, there's a shortage of people in those areas. If you talk about transportation, maybe you're talking about dealerships or auto repair, trucking logistics, car rentals, parts distribution, stuff like that. If you go into food, I think we've got food pretty good, right? From grocery stores to food processing, farming beverages, package foods, distribution,

47:51or just the food truck, right? Or just the restaurant. When you talk about insurance and retirement, you got insurance agencies, financial advisory firms, management of money, retirement plan administration, things like that. And by the way, we're doing a black retirement summit. It's gonna be online, it's gonna be the weekend of the 26th. So keep an eye out for that. I'll let you guys know what it happens. So if you want to go in, we're gonna spend the whole weekend just going through the in and out of retirement, just what it looks like to plan properly, how to correct mistakes. And you'll just understand all of it. And everything will be yours after we're done. So I'll let you guys know when that's gonna happen. It's gonna be the weekend of the 26th, but I'll send out a link in the day or two. So make sure you're on the text list. You can text the word morning to the number 8.7948. So it takes morning to 8.7948. Tasman says, how many classes do you teach? How often do you get back home? Maybe you're commuting like an airline pilot? Yeah, I don't count how many classes I teach.

48:54I just like to teach a lot. I mean, a PhD is really hard to get. So I figured I'd get the most out of it. So more outside teach three classes, and then the black business school I teach two or three. In fact, tonight I'll be teaching stock options. So if you want to learn how to generate income from stock options, it's really great. You know, it's a great way to make money. So feel free to join us. You can go to DrBoysPrime.com. There's DrBoysPrime.com. And make sure you go through Prime 101. When you get to the curriculum section, there's something called Prime 101. Go through that training. And then when you come to class, you will be able to get you going. Like I can show you exactly where money is and where I'm going to get my money. And you can just follow and if you want to or take your own path, it's up to you. But feel free to go to DrBoysPrime.com if that's of interest to you. All right, so it would meet tonight at 8.30. We meet everyone at 8.30. All right, so a few areas, before we get done, one more thing I want to mention is that there are a few areas that are business that I would say that black people may want to look into

49:55that will, I think, be like significant financial opportunities. They already are, right? So I'm thinking if you're talking about raising kids to have economic power, then to then go to their way through life where they are understanding vertical integration, controlling the supply chain, and not just having economic outcomes, but having economic power, right? Not just making the money, but controlling the financial process. Those are two levels. There's the level where you can benefit from the economic process, but then there's a level where you control the economic process. If you benefit from the process and have no control, it's like being in a car, but you're not the driver. Do you understand? Does that make sense? You're still going places, but you don't really get to decide which direction, how fast. Some might put you out to car, right? But if you're the driver and the owner of the car, those are, that's a different level. You still go into the same location,

50:56but you could say, ah, I think I want to go this way. Or I think I want to go that way. You understand, right? And so there's really three levels. There's the passenger, the driver and the owner. They all have different, they're all stakeholders in the process. They all have some relationship with the car. Who's the most vulnerable? Answer me in the chat. Who has, who's the, in that, with those three categories? Sometimes the driver and the owner can be the same person, right? Or the passenger and the owner can be the same. So who has the, who has the lease, how about, let's start, who has the lease power? It will be the passenger who's not, who doesn't own anything. You're not owning, you're in driving nothing, right? That's kind of like an employee. You don't, you don't decide nothing, you don't own nothing, you ain't running nothing up in here, that's it, right? Now let's go to the next level. Who, who might be the driver? How much power does the driver have? Well the driver does have some power. They decide to drive the car for Cliff, they can do that. And so they, or they just decide to go rogue and drive in a different direction, they can do that.

51:59But the driver always answers to who, they answer to the owner. So, so you would say, here's what's interesting, right? Who, what's the most powerful position you could be in, in that car? Driver, owner, or passenger, or what combination? Would you wanna be the owner and the passenger or the owner and the driver? Well, one answer would be the owner and the driver, right? But then you could say owner and passenger could be powerful as well. Walt Disney's daughter, I think, is like this activist share of, from not mistaken, I don't know if he says daughter, his niece or something. She talks mad shit about Disney, she can't stand that company and will say it publicly, but she makes like millions of dollars from Disney,

52:59like they were, at least they offered her millions. If I'm not mistaken, I don't know if she's still, if she, maybe she rejected the money, but she's in air, right? So she gets all this money, it doesn't have to do any work. So she ain't got the drive to car, right? So you know, it's like, you're sitting in the back, so you think about this a lot of times, you have an owner who doesn't wanna be the driver, right? Like, yeah, I know I could do work, I just don't want to. I could come to work every day and be the CEO and the boss, I don't wanna do all that. I'd rather tell the CEO what to do while I'm on the beach. So I don't know, I don't know. Some people would say I wanna be the owner and the driver, but do you have to actually, to have control, do you even have to drive the car? Driving takes time and attention and everything else. Maybe it's better to be the owner in the passenger, as long as you couldn't tell the driver what to do. And if the driver don't do what you want, you get a new driver. So do you see what I'm saying?

54:00Like there's levels to this. And my question to any of us who don't embrace wealth building as a core principle in our communities, I'd say, well, what are you teaching your kids? Are you just teaching them to be involved in situations where they have no equity at all? They have no say, they have no agency in their own economic outcome. You just get in the car with anybody, son. And just as long as they go and drive you somewhere, as long as they promise you they're gonna drive you where they plan to, because they'll be lying to you. And I'm thinking about this. Think about how often people get misled and disappointed by corporations and tricked. And maybe part of the reason people get misled and tricked is because nobody ever explains it to them. I remember my mama saying, when I was little, she said, she said, I yelled at you for something like, Coco, why did you do this?

55:01Why did you do that? And she said, I looked up her hair when I was three or four. And I said, well, y'all never did teach to did me. And it's true. Maybe that's true with a lot of our kids. Like maybe they get screwed by the economic system because didn't nobody teach to did them nothing. You did teach to them. You didn't teach to them how the world works. And so a lot of times, what I think is really fun with the guys in Morehouse, the ones that wanna listen is I'm like, man, I just wanna tell you everything I can positively tell you that will help you to be ready for this game that you're about to play. It's gonna be hard. It's gonna be complicated. It's gonna be stressful and challenging. They're gonna come at you. There's no way you're gonna be succeeding and not have adversaries pile up to try to find some way to cause you to lose focus. Right, maybe they'll run up and call you to inward. And try to get you to go get sent to jail

56:03cause you wanna fight somebody cause they called you a name. Right, you know what, so really with Dan Goldie what I was impressed with is I liked how he's talking about how he's focused, man. Well, you're doing big things, you gotta focus. You can't be thrown off your approach just cause somebody said something or whatever. I'm sure I could say any terrible thing I want about him right now and he would not care. He could literally give, like there's a problem. There's some problem. I know people that know him. There's some probability that if I said something terrible enough, he could get back to him and I bet you anything he wouldn't even respond. Cause I do it. I'm making cement and oil and I gotta supply jet fuel to all of Europe. I ain't got time to be worried about what somebody said about me. But I could tell you I see a lot of people who get distracted by stuff like that. So focus, it's really focused. All right, so a few industries that we may wanna look at and I'll close out on this. And by the way, if you haven't seen our new web series, The Financial Godfather, you can actually watch all the episodes if you go to financialgodfather.com.

57:04It's really doing well. Still getting hundreds of thousands of views a day now. So apparently I think we're onto something. So we're gonna keep doing it. And so if you wanna watch all the episodes and you can learn from them. There's like, there's lessons there, but it's also a fun series to watch. Feel free to go to financialgodfather.com. So thank you all for being a part of that journey. I'm really excited. This is really fun. I'm really enjoying exploring the idea. Like, okay, what if we went into the entertainment? I don't know, I think it's kinda fun. All right, so anyway. So a few areas, I think black people may wanna start in terms of getting that money. And some of it's just money that we deserve. We should be claiming anyway. And we gotta train armies of young people to go get that money. Beauty and personal care, big time, right? Hair, barbering, nails, skin care, grooming, products, wigs, cosmetics, all that, right? And I mean, black women are just experts at this, either whether they're customers or producers. And I think that that's an industry they should own.

58:05And they black men should be right there with them in terms of us claiming that industry. I think that's gonna be a battle because they're people, when you go after something that other people believe belongs to them, that other people feel that they're entitled to, they're not gonna give it away easily. So you gotta go in there fight. You gotta be strategic, you gotta be skilled and prepared. So that's, I think that's ground zero. Black people should be owning black hair, period, period. Food services, meal prep, catering, food trucks, baked goods, specialty foods, subscription meals, things like that, right? So if I was into food and restaurants and all that, and I was 19, 20 years old, I would take every business class I could on how to do every single thing possible to understand every part of the process of producing, marketing, distributing, selling the product, right? And how do we find the customers? How do we offer them new things, whatever, all these things, I would assess myself with that. The third area might be home services.

59:07I think a lot of our kids, creating thousands of businesses in home services like cleaning, lawn care, painting, junk removal, handyman services, pressure washing, things like that. These are businesses that are awesome and you can generate recurring revenue in these businesses. That's another one might be childcare, tutoring, and education. These after school programs, tutoring, test prep, financial education, summer programs, online courses. Well, I mean, that's where the black business school came from. I have a PhD in finance, so I said, okay, well, I don't need a university to be a professor, just like a pastor don't need a church to preach. If you really, if you are a real pastor, then you should be preaching everywhere. If you carry God and faith in Jesus in your heart, then that should be a part of who you are, whether you are in a church or a brothel or on the street corner or in a basketball court. So that's what I did. I said, I find black wealth is my thing. That's my gospel and I'm carrying that with me everywhere I go.

1:00:08And so anyway, thinking about that, Dr. Kisha Jefferson, who's a really powerful pastor, I think she's out of Bowie, Maryland, or I think she's in the Maryland area. She's coming to the All Black National Convention also by the way. And Dr. Kisha Jefferson, I was impressed with her. She hosted a black wealth summit at, I think it was Bowie State. And she had me come in and speak, and that's why I got a chance to meet her. And I was super impressed with the fact that she didn't just understand the problem, but she was investing to fix the problem. And to me, when we see people that are out here trying to take on the battle, they need support. We should jump out and support them. The idea that we will just sit there and have somebody put their real money out to make something happen. And you know, and we don't support it nearly as much as we will support a Cardi B concert, is really a problem. Like that's a real problem. That's a real oppression issue. I think that we, we already know how much white people

1:01:10might try to oppress us. I think we should really be honest and study how much we choose to oppress ourselves. I really do. I think that that's a conversation that a lot of us won't have, but we need to have that conversation. What are you doing with your spare time? You know, what makes you, you know, are you picking up the book of the beer bottle? You know, are you, when you get time and you have resources, are you running straight to the mall and straight to vacation? Are you making capital investments? Do you invest as aggressively as you spend money? You know, we know we spend aggressively. When Christmas comes, we will get in line at the Walmart the night before to make sure we can go, you know, get that discounted TV or whatever. Are you equally aggressive when it comes to investing? Would you stand in line outside in the cold for an opportunity to be a part of an investor summit or to put your capital to work or whatever it is? Right? Because we know things that we get very excited about. But there's a cheerleading competition or a basketball game. You'll see black people on the stands screaming and hollering and standing lines

1:02:10spending all kinds of money. Do you get equally excited about the things that are gonna build your future? Are you equally passionate about making sure your child gets into the test prep program so they can have a high ACT score and be able to go to college? Like does that get you fired up? You know, and I don't, I just don't see it. I'm just beyond with you. I think culturally we got to really sort of look at that and observe our own behavior and kind of look in the mirror and re-elevate the consciousness and say, okay, what are we doing here? Like why am I even doing this? Because most of the things we do, we don't even think about it. They're just habits that are passed from one generation to the next. All right, so a couple more areas. Oh, and by the way, speaking of tutoring, I actually, that was how I made money in college. I used to, I didn't have no money. So I would, there was a computer science class I was taking and they would, it was like hundreds of people taking this class and so you take it either on Monday, Tuesday, Wednesday, et cetera. Mine was on Monday and we would always get an assignment that was due the following week.

1:03:11And what I would do is I would learn the assignment really fast. And then I would go hang out on the computer lab each day and look for confused people who were trying to figure out how to do it at the last minute because I observed even at 18 how college students don't, how they procrastinate, right? So I would literally walk around the lab and I would look for confused people. And most of them were like white kids because university can talk you, right? Very white. And I would just walk up and I would look over their shoulder and I would see they would be struggling with it. And I'd be like, I'll do your assignment for you to give me $5. And the white kids, they have money. They would just be like, here dude, you know, and they pay me and I do, do, do, do, do, do, do, do, do. Okay, there you go, you good. So yes, that was probably, you shouldn't do that, right? It's, you know, I'm sure I was breaking some rule. But still, you know, I was, hey, times were tough. So anyway, but then also one thing I also did was I remember just needing extra money. I remember setting up little flyers on campus for people to call me to tutor.

1:04:12And I would get a lot of business that way. And what I found was, was I noticed how, just literally having two or three clients a week made such a big difference in my financial situation. Like I always had like a little extra money in my pocket. I wasn't making a whole lot, you know, but it was like, sometimes that little extra bump makes a big difference. So I encourage you like, don't think you have to go out and make $100 million for your life to change. Sometimes making an extra thousand bucks, when now now you ain't got to worry about your car no more and half your rent or your mortgage is paid or whatever, that could go a long way. So you can literally have a mediocre business that ain't making a lot of money, making, you know, 3000 a month or 2000 a month. And that can be life changing. It can't, in fact, I even think about how we have this big psychological gap between like rich and poor middle class and rich, right? We look at rich people like they're just on some other planet

1:05:13and that they just got money to burn. And I laugh with my wife, I said, it's so funny that people might identify us as rich people and I'm not gonna disagree. I probably, you know, I'm doing okay. But I said, but when you look at what it costs to live our lifestyle, it's not more than what a lot of people, I see a lot of poor people paying a lot more money than that. Like, I like our house. Our house is, you know, it's got space. It's about 6000 square feet. But our mortgage is like 23, 2400 a month, right? I'm like, I know people in Atlanta will pay 2500 a month and my friends in New York pay more than that in rent. And we'll feel like they're just like in the struggle or like with the car. We both drive luxury cars. My car is very nice and so is hers. But the price she paid for her car was not more than it would cost to buy a new Toyota Corolla.

1:06:15She's just bougie. She wanted a Mercedes and I'm not gonna stop. I don't tell her what she can and can't do. So she got one that was like four or five years old. She didn't want the new Mercedes. She wasn't gonna pay 100 and whatever thousand. I think she paid 35 or something like that. And because the guy kept trying to distract her and get her to look at the other expensive cars. She's like, no, I already researched it. I know I want that one right there. Right? And that was it. And same thing when I got my truck, it was like three years old because they had shown us the expensive Cadillacs and they have like, I'm not paying them much. Do they show us the less expensive infinities? Only I'm not paying that either. And then I was like, oh, let's go and look at the cars at about three years old. That way we can get a little bit of what we want and what we need, right? We can get the new car smell. We can get the luxury. We can feel bougie. But we ain't gonna go broke trying to do it. And that's what we do. So my rule, not to say I'm the gospel on any of this, but in case it helps you, I don't really buy cars that are brand new. I buy cars at about three years old.

1:07:16I find that three years old is like the sweet spot because you let somebody else absorb the depreciation whoever bought it brand new is gonna pay that, you know, 30 thousand or whatever, right? Let them handle that. And then you get it with it's three years old. And it's still nice and you know, and you still get to feel good. So I don't think you have to deprive yourself. And I think a lot of times how you live really is mindset, you know, like I think you can live a really wonderful life and not spend a ton of money. So don't think that being an investor or being financially frugal means that you everything has to be raggedy. That there's no connection. You don't have to be raggedy to bill wealth, okay? All right, so one more thing too. One more area I want to mention is a professional financial services is a big area where black people can take over. I know tax prep. There's a lot of people doing tax prep. And by the way, if you run tax prep and all that, like feel free to reach out to us. You know, we'd love to get sponsors for what we do on our platform. And I know you guys had get plenty of business,

1:08:18especially when I'm tax time, bookkeeping, insurance brokerage, credit education, payroll marketing, business consulting, et cetera. And so I would say that these are some things that you might want to look into. If you're trying to figure out what their next business might look like. And again, at the convention of people there, like Tiana von Johnson and Dr. Lynn, Age of Et, that are really good at helping people figure out how to scale what they have. And what we have is black people is one of our greatest sources of capital. So we have a couple of trillion dollars in human capital. We're really good at going to school and learning the skills required to run companies or we'll run somebody's department or whatever. And all it takes is a little bit of a leveling up in terms of saying, you know, okay, what is required to actually control the infrastructure that I'm doing the work on right? Like I'm already trained on how to drive a car. How much more does it take to actually own the car

1:09:20that I'm already driving anyway? Since slavery, we've been running businesses for other people. Am I right or am I wrong? Since slavery, we've been running businesses. We're very good. We trust worthy managers. They will leave us in charge of the plantation and know that the plantation was going to get run well because we were good overseers. So why not own the land on which you stand? But ownership is a mindset. It's a mindset. It is like, if you think about it, you can compare it to like running the 100 meter dash. If you tell me that it's really a 80 yard race, I'm gonna stop at 80 yards. But if you tell me it's 100 yards, then I'm gonna run 100 yards, right? So run the 100 yards. Don't stop at 80. Right, don't stop at the income and the paycheck and the job. Run all the way to ownership. Because ownership and control of capital is how you win in a competitive economy. I don't care what country you live in.

1:10:21Those who control capital means a production. The businesses are the most powerful. But here's the thing. Again, don't forget, you don't have to be the big boss of everything. You don't have to control people. You just gotta have enough power to protect yourself from the predators. Capitalism is full of predators. That's why they have the term predatory capitalism. Predators take advantage of the weak. When animals hunt each other in the woods, they don't hunt the strongest and the fastest. They hunt the weakest link. The one who's not prepared. The one who's tired. The one who can't run. So some people, unfortunately, a lot of our children, and this is deliberately designed in the school system. They prepare our children to make sure that they can't run. So they become the weakest link and they become most vulnerable to the predators. I want you to think about that, process that. And then we'll come back and you can tell me how you feel.

1:11:21All right, so let's finish up. All right, so it's great to see everybody. Thank you so much for hanging out with me today. It's always a pleasure. And by the way, if you want to get started on your wealth building journey, and you're just new to this, blackmoney101.com is always up there. And there's a great black money sequence that we have that can get you going. Blackmoney101.com. And also there's wealth certifications that you can get inside the B1 Village. B1 Village is B1village.com. You can log in there and there's certifications. You can connect with classmates. There's all kinds of stuff there. And if you have any issues or any questions with anything you're doing in the black business school or you want to sponsor something, or maybe you're inspired again. If you are inspired and you want to support, and you're like, hey, I want to give them $10 million, email us. The email address is support at theblackbusinesschool.com. Support at theblackbusinesschool.com. All queries are welcome. We want to make sure you're happy. And again, I'm very open. I want to be very clear. I don't want to be as honestly vulnerable

1:12:23as I can be when I say that building an institution has required me to grow a lot. I had to learn leadership and all these other things. And I don't know. I don't always know everything that I'm doing. I didn't have family that ran businesses and were captains of industry. I'm figuring it out. So those of you that are able to support on some level, that means a lot. I cannot do this by myself. OK, and I don't want to pretend. I do have a great team and all that. But any help that's out there, we're always open to that. So anyway, have a good day, everybody. God bless you. And I look forward to seeing you soon. And I hope you have a wonderful day. Take care, everybody. Bye-bye.