Build Wealth In 2023: Here’s What You Need To Start Investing In NOW!

do you know what your financial Independence number is I'm talking about the number you need in order to retire comfortably well in today's show we are going to be learning the keys to creating keeping and transferring well I think we got to Define what net worth is Right break it down you see a lot of people in our community middle class poor class talk about credit scores there's nothing wrong with having a high credit score but it has nothing to do with your net right so somebody could have a high credit score they could have certain things in place but they could still have a negative net worth you can have a 850 credit score right don't have 850 000 in the bank now before we hop into Today's Show don't forget to like comment and subscribe now let's jump into the video [Music] hey fam so I want to ask you this question and started from the very beginning 3.5 million black people today today and we're watching this right now have a negative net worth and there are some studies out there saying that by 2020 by 2053 to 2055 they're estimating the average black person will have zero to negative net worth as financial advisors who've been in this game for decades y'all have helped people get out of negative Network to positive net worth to now be not become a millionaires right I mean you all are on a mission with the keys to Black wealth to help more black people seen as that hearing that step why are we there today mindset seriously mindset and lack of Education lack of financial education mindset is key you know we work with people we meet with people every single day and sometimes even convincing we have to convince people that this is something that we need to tackle convincing people that you need life insurance convincing people that you need to invest your money that's the first step is just getting them to be aware you know that's the first key to Building Wealth is awareness right and I think we got to Define what net worth is Right break it down you see a lot of people in our community middle class poor class talk about credit scores there's nothing wrong with having a high credit score but it has nothing to do with your net worth come on man worth this assets mine is liabilities right so we need to Define what net worth is and need to know what what our assets and what our liabilities right so somebody could have a high credit score they can have certain things in place but they could still have a negative net worth you can have a 850 credit score right don't have 850 in the bank [Music] you need a positive Network that part exactly you know what I'm saying and and and and I can say this now you know what I'm saying but it's like I got an 800 credit score okay I got a mortgage you know what I'm saying but it's like that didn't really bother me though yeah because y'all know me I don't do that but I'm just saying it's like if I ever want to go out there and get more real estate my credit score is cool yeah but here's what I've learned though everyone always asks me every time I go into the bank what's your net worth what assets exactly do you have and what liabilities do you have and then when they see like wow he doesn't have any debt but he got you know two or three homes wow exactly because you can leverage you can leverage that exactly so I'm like man so name some because I really want to make sure that we're we're dropping facts uh we're dropping some information on today's show you guys and not y'all I got my book out y'all I I'm taking notes you know I'm a money guy I'm taking notes so if you're not taking notes um then uh you don't want to be wealthy but let's let's name what are some positive assets that people should be accumulating uh when it comes to a net worth and so I'll start you know 95 of people work at jobs okay right now right so I know we hear all about this entrepreneurship going on but 95 of people work at jobs right are you even signing up for your 401k plan your employer sponsored plans right I mean that's that one that people kind of skip over a lot of times right if your job is offering you an employer sponsored plan that's part of the benefit package right right we talked to so many people who don't even participate in that benefit package right so that can give you a positive net worth just by signing up for that benefit package and starting to contribute monthly all right cool so start off with your 401k that's an asset yeah okay um what is a what is a good example Brandy of a liability yeah so I would say a liability is debt you know overspending um getting deep into that credit card debt you know right now a lot of influencers are pushing debt it's a debt Society but at the end of the day when you look at your net worth we already talked about is assets minus liabilities and that liability that debt is a liability even home ownership great way to build wealth but in the beginning that's a debt that's a debt you don't own the home right and we really got to be uh really aware about home ownership and how we actually leverage that well I love these two way they at the table topping that facts and it's not me you know what I'm saying because that's what I tell people people say man well I have good debt and I'm like what's bad though like to me My Philosophy is this debt is dead yeah you know what I'm saying I am Consumer Debt free but I still have debt in a form of mortgages for sure for sure I'm not saying it's a good debt or it's a bad debt it is a an asset that is growing income yeah but until I pay it off it is still debt and it's not a part of your net worth your home that you live in your residential home is not a part of your network say that again Brian it is not a part of your net worth so if you think net worth it's not liquid net worth yeah say that one most I don't think people understand that so when you think about net worth you think about liquid net worth and that liquid is what you can actually get your hands on cash flow immediately so when you think about a home you can't just use that home and go purchase something that has to be liquidated now now now stay right there because it's what I hear people say well I have equity in a home right so that is that towards their positive net worth yeah yep okay definitely I think people need to understand the difference between capital gains and cash flow is me buying something wanting the value to go up on it and eventually I can now leverage it like your your equity in your home right but it's not cash flowing you right now right investment properties can right but you know if money's coming out of my pocket for it that's not cash flow so it might be capital gain so I think a lot of times people just aren't really explaining the difference between capital gains and cash flow all right cool so I have an investment property right and so I am paying a mortgage on that investment property I got the investment property not for the cash flow monthly I wanted it for the equity game okay so that will be capital gains right right cash flow is I'm not making any payments and it's paying me 100 or yeah or maybe your payment is only 800 but you're getting 1400 right from it right so that's a positive that's a flow yeah so on my investment property I am getting a positive you know uh cash flow but I didn't buy for that because I mean if I'm paying 800 yeah and I'm only getting 1400 yeah yeah exactly it ain't the end of the world you know what I'm saying like really I'm hot I'm parking at money for the house like if something goes wrong with it it's like boom it's like me I'm like all right cool let me let someone else pay it off yeah and then that's Equity I could pass down to my kids exactly that's capital gains that's capital gains I want the equity to build yeah right and so now your capital gains and cash flow that that goes towards your net worth correct correct but is it your liquid net worth like brandy was saying because or is it you know a network that you're thinking about hey later on right yeah cashing out getting Equity from it so we're not against home ownership at oh exactly we just need to know is it cash flow are using the cash flow or is it capital gains right and I think it's strategy as well because what you just explained is strategy um so everybody has when you think about financial advising and financial planning there is no blanket statements we've been in the industry for a long time and I've never done an identical financial plan so sometimes when you get the social media and the internet these blanket statements people like oh let me go get this let me get into investment well how does that fit into your personal strategy what is your plan of action for yourself and that's a big part that we're missing as it relates to financial education and Building Wealth is a customized process it's individualized that's why it's called personal finance yeah yeah it has to be personal according to recent stats only about half of African Americans have some form of estate planning put into place this includes important documents like your Wills your trust and your power of attorneys additionally only about 60 percent of all people have life insurance coverage but why is it so important for not just black people but all of us to have these things put into place you see life insurance can provide financial protection for your loved ones in the event of your Unexpected death it can help cover funeral and burial expenses uh payoff debts and even your mortgages but here's what I really want you to consider it can provide income for your loved ones to build wealth with you see estate planning on the other hand can help ensure that your assets are distributed according to your wishes after your death and that your loved ones are taken care of if you truly love and I mean this if you truly truly love your loved ones don't leave their Financial Security a chance I want you to get life insurance today you can get a free quote with my friends over at ethos by visiting anthonyoneal.com forward slash life insurance or by clicking the link in today's show notes protect your family's future and give yourself peace of mind don't be in heaven and you're full of joy and your family is here on Earth struggling and stressed get life insurance today with my friends over at ethos hey now let's get back to Today's Show I know it's a good one man listen man listen y'all see them shaking their keys because you know the name of their uh organization's keys to Blackwell right and so they shake their keys every time we talk about building Blackwell okay I need to get my keys because here in here dropping strategy notes because I've been very big this year on what's the strategy for sure you know if you can't go into Building Wealth without a strategy correct you know you see maybe one blue moon story of it happen overnight the majority of the millionaires that I've been around they put in they combine their gift their skills with strategy for sure and their strategy Excel them into where they are today absolutely and it's like y'all are saying that's financial advisors that it's very important to sit down and look at the strategy up front which is why it's very important for people like myself and all of us watching and listening to sit down with you all often because you all built the strategy for us absolutely exactly why why do you think black wealth is important I mean it's you know you think about the United States of America and you think about our country the country is built off of power right yeah and wealth is power you know when you want to get things done you know you got people in the streets you got people in the Suites but at the end of the day it's all about the wealth right it's all about money talks and my mom used to say BS well cuss on the show but Money Talks BS walks and to be able to get things done right Legacy right building our families our community you think about black people we got the highest crime rate incarceration rate poverty rate and for mortality rate but the least tangible wealth in any social economic group here in the U.S so black wealth is the key to be able to solve a lot of those issues that we see uh taking place in our community I got my keys I got my keys but it doesn't matter if your keys regardless you know I would definitely say like over the last three years I've really really been on a mission to to specifically speak to the black community around the areas of personal finance okay around the areas of Building Wealth and eliminating debt I love I love all people like white people I love Hispanic people I just want to help us minorities get that message because you start off saying mindset yeah you start off saying mindset and then also the lack of Education yeah and when I go back to an I was raised when I was growing up with my family my parents didn't sit down and have a conversation with me about investing they didn't sit down and have a conversation with me about how to start a business right they didn't tell me to avoid that they told me to go out there and utilize that maximize the credit score um and it's like for me it's like man but then when I look at my white counterparts while the black kids are driving Honda Accords with barely one tire on it no AC in it my white counterparts are pulling up with BMW's Mercedes paid for now I know that's not the case for all white people right I'm not saying that at all but what I am saying is we are seeing an advantage within that that Community compared to our community and I think it is because they have more access to the average African-American and when I connected with you all um actually about a month ago and you guys we're going to be doing something very very special in Ohio um at the end of February uh probably the first event that I've done specifically for black people um and when they reached out to me man I was like yo I want to be a part of this uh because what they're doing in Ohio which is probably one of the lowest States when it comes to wealth for black people um I said yo I want to come and help you all Impact that community in Ohio so stay tuned because we're going to talk about that a little bit later on uh but I want to talk about what are the things we in the black community have to start doing now to start Building Wealth because 2054 is right around the corner let's be honest yeah okay was it 2023 today I mean this year yes and like oh that's 20 years I'm gonna be different you know what man 20 years ago I was 18. that went by quick yeah you know what I'm saying like I I'm like dang I felt like I just graduated high school yeah but 20 I'm I'm 38. yeah I was like dang has my 10-year anniversary in high school okay exactly man that was 10 years ago right and I think a lot of people think I got time yep when you do not have time yeah you got to maximize the time you have now yeah so with you all in the space as financial advisors man and I want I want to lay out like what are the key strategies yeah where do we start when it comes to wealth because I think a lot of people watching right now do not know how to invest yeah they do not know where to start yeah right let's be real they don't trust people in the financial area because it's like well I'm gonna give them my money exactly you know what I'm saying like I don't know them I don't know if I can trust them right you know and and I'm like no man as a personal finance guy they'll tell you they know my financial advisor right I I talk to her every month right and I'm a money guy but I still have a financial advisor that's teaching me and educating me and also investing my money because I want to know some things and I was telling them just beforehand I was like man she called me said hey we're going to move you money over here and we're going to max out yourself I was like oh really that's what we're doing wait excuse me then we're gonna we're gonna Max it out we maxing it out she said yeah because it's gonna adapt to a tax deduction and and um um um you get the compound interest for sure okay and then she taught me something with the chef oh let me go back to my notes we're gonna talk about it y'all we're going to talk let's get into it I would say so how are we investing and she was like what are we gonna do three areas 30 in Balance 40 in uh large cap and then 30 in mid cap okay I was like break that down for me hold on wait right there so what I'm saying is you guys I trust financial advisors I need financial advisors here's why because I study money every day but they are in everything every single day yeah yeah you know they're studying 10 times more to me because it's their job to make sure that they advise People Like Us uh the right way and so what I'm going to be doing is I'm going to drop their information in today's show notes um to where you all can do that and I'll drop my financial advisor you can choose uh but in Ohio y'all need to be an event um how many tickets can we sell for Ohio 250 tickets oh man y'all yeah yeah yeah so y'all might want to jump on this road yeah we're gonna do some more things so let's talk about it where do we start yeah in the black community when it comes to investing let's say let's create a narrative this person watching us right now um just paid off their debt okay right and they're ready to start thinking about today in their future okay what's the first thing yeah so I definitely think you like what Brandi was saying earlier you gotta have a strategy right you gotta have a strategy and you were talking about financial advisors I want to make it very clear go to brokercheck.com brokercheck.com that's how you could tell if somebody is actually a licensed registered financial advisor there is a lot of people on social media saying that their advisors brokercheck.com will tell you is if that person's advisor what firm they're with if they have any disclosures as anybody's ever complained against them anybody ever had to do anything like a bankruptcy or anything like that so you actually there's a profile I want every advisor right so when I go to brokercheck.com we're going to put this in today's show notes when I go to brokercheck.com what information do I type in to confirm if my financial person's name all you gotta do is type in there type in their name and it will break it every break it all down for you so I wanted to make that distinguish right quick because a lot of times people are saying hey I'm an advisor hey I'm this sorry I'm that you can actually do real research real research they gotta have a license to be able to build wealth in this country you know essentially will it tell me how long like my uh advisors been in the game yeah sure how long they've been in the game is with this particular licenses it'll tell you how many firms they're with some people have been with like 15 different firms so do you even believe in your own products that you yeah that you're doing they'll tell you if they have disclosures if they ever had to file like I said bankruptcy or if they had their own financial problems if anybody's ever complained against them any lawsuits that's all listed right there on their broker checks I always just say just the same way you could get better results having a personal trainer at a gym kind of just going in there and just fit you see all those videos people using the equipment wrong right right right right right they don't have a uh you know a personal trainer showing them right same way I uh you know I study criminal justice in the college and wanted to be an attorney I worked in a courthouse I usually some people come in there represent themselves I knew right away it was over with me that I don't know what you don't know yeah it's like are you gonna perform surgery on yourself and you won't go get a professional a doctor or a surgeon but same thing with your money especially when you don't know the language okay money is a language just like speaking French or German or whatever and you got to have that strategy and then I also think since the urgency is important time and contribution right time and contribution are two things that you always got to be thinking about as it relates to investing there is a book well two books I want to drop number one The Compound Effect okay that is a great book and it really breaks down what happens it gives an example of a 24 year old who started investing 200 250 a month versus somebody who was 41 who started investing 200 and 250 50 a month million dollars versus two hundred and eighty thousand dollars so timing is so important and then also you can invest according to your budget you can just get started you know you may not be able to max out you know like Anthony is doing right now you know but you can start where you are your financial advisor should be able to put up a strategy that's specific to where you are in your budget so you don't have to feel overwhelmed what's that other book uh the wealth Choice by Dr Dennis Kimbrell that book is so interesting and he interviews uh over what 700 700 millionaires right black millionaires and one of the common threads that they had as far as them hitting their wealth status 70 of them believed in financial advisors they all had 70 percent and you're talking about research so you know a lot of people don't know how to research either but this is a qualitative book qualitative research meaning that it's a fact it can't be disputed over 70 percent of these millionaires said that I had a financial advisor and that's how I was able to accumulate my wealth you know what's so funny when I hear people say I don't trust the banks I don't trust financial advisors what I hear them saying is you don't want to be wealthy yeah because it's like when I started my health journey I didn't walk into the gym it's just random and just randomly go do this thing right no I I sat down with a pro yeah and here's the thing too and I don't want to offend nobody I didn't go to the trainer that was fat yeah hey that's a key that's a key right there you know what I'm saying I'm just going to be real yeah because it's like how are you gonna tell me to get a six-pack yeah well you carrying around like you know what I'm saying what no yeah um I even went to a woman trainer you know what I'm saying because hold up how you doing because I want a woman like you yeah so it was like if you look good and if you were here you could tell me yeah what you want to see yeah and how to do what I'm gonna do exactly so I was like okay so whenever people say I don't wanna I don't want a financial advisor you don't want to be wealthy you don't because you you said it you don't know what you don't know and so how are you going to invest and then you don't even know what you don't know exactly I learned something last week with my financial advisor love you sis and I'm like okay okay now we talking like I didn't know about she taught me see y'all been gonna be playing I've been taking notes uh she taught me about the death the donor advisory fund okay and I was like wait what so wait like because I I give a lot of money away okay that's one thing one of my goals is like I want to be a generous person and um last year it was like all right cool we want to give six figures away to my local church and then we wouldn't do twenty thousand dollars towards you know single parents and just single people I mean we did that this year I want to be able to give away double to Triple to my church uh but I also want to give back more and more right I love it but it's like I don't know who I want to give it to yeah yeah and so she was like oh that's easy I said what do you mean who's opening up a daff account I was like a dab ago what do you mean she's like well you're transfer this you transfer this money into that account boom right ain't it's gone yeah it's like a foundation yeah you know what I'm saying but you get to write it all off and then whenever you find that non-profit you want to donate to you cut it from the daf account I said well shut the off right I was like can we move that into the now from 2022 yeah she was like nope can't do that and you're just talking about your church the Bible says lean on not your own understanding so it's like there has to be a strategy yeah put in place it has to be that's where you start yeah that's where you start strategy the same way if you were just going to go across country the first thing you're looking at putting in the GPS right you're not just going to cop in the car just start heading west come on you're right you're gonna put that pilot ain't gonna just start flying and just start heading west right you gotta you know where you're going it has to be uh and they're assessing the strategy what's the quickest way exactly to get there yeah exactly and sometimes they tell you if you're doing a pilot what's not just the quickest yeah what's the safest exactly you want to avoid turbulence right yeah and so when you get with a financial advisor they're going to tell you what's the quickest and what's the safest way safe is how do you avoid issues with the IRS exactly how do you avoid missing missing money and losing money exactly but then also while we're doing it the Safeway how do we get you there quick exactly this is called a risk profile right come on be more risk-averse than the other person right or you might want to take more risks but you got to know here's the risks involved with what you're doing right so yeah you can get there quicker but you you got to go through this turbulence do you want to right and suitability is important as well and that's why again just going back I think it's so important that we emphasize you can't take these blanket statements you know this is what the wealthy's been doing this is what the you know Rockefeller has been doing well you're a Smith and his suitability says it right now this is what we need to be safe exactly so those are things that we just got to be practical we can't operate in a state of delusion exactly all right cool let's break down the strategy three quick things that should be in your strategy to building well yeah I think we were talking about it earlier with you right you know taxes you got to understand there are just two parts of investing right it's the tax is the tax part of it but then it's also the growth the risk part of it right it has to be a combination of the two right so it's like you're looking at do I want to pay taxes now do I want to defer my taxes do I want to pay taxes later do I want to pay taxes at all right right so you need to know that piece of it then you also need to know your risk profile right some people say hey I'm young I have many years to go I could take more risks than somebody who's 60 years old and they can't take a downturn in the market right so you need to you know weigh those two things as part of your uh you know your strategy no that's real good I would say the next thing that you know to have as far as your wealth profile is your life insurance and I know that's a bad word to our community but life insurance is key it's one of the most quickest cost efficient immediate ways to create wealth for your family see life insurance is so interesting because it is 100 chance of death it's all the insurances it's the one that you know you're going to use you may not ever get into an auto accident right you may not ever use that but life insurance you will use that life insurance and it's an immediate for sure way to create an estate so you need to have that into your wealth plan period now as financial advisors some people argue with me when I say this I really don't care and if y'all argue with me I really don't care um but I I prefer term life as financial advisors what do you all advise your people yeah so uh we believe 99 of the time term life is going to be your best case scenario like we uh why is that as financial advisors I'm curious I didn't know that but yeah yeah so it's funny we're talking about black uh wealth writing if you actually do your research black people weren't even allowed to purchase term and one point in time they only sold his whole life in burial policies that wait what yeah that's true yeah do some research do some research I've never heard that before yeah yeah because it's too big of a payout in little cost right I unfortunately had a client pass away 34 years old uh died of blood clots but uh husband's gonna receive 420 000 of uh insurance right that is a that'll change your life versus a 25 000 burial policy or a whole life policy right right so you think about we say hey most cost efficient and but you know a lot of times you hear people saying other products because you got to think about it they get paid on commission what would you rather sell somebody a forty dollar product that's right or a 400 right right at times and I think one thing we need to distinguish it is actual law that you cannot Market life insurance as an investor big tax let's say you're the Department of Insurance yes go to the disclosures on your policies it tells you right there life insurance is not an investment it's not even regulated so whole life universal life infinite banking be your own bank that is not an investment yes there are two different financial instruments you got multiple financial instruments in your financial tool chest life insurance and Investments are two different instruments term life insurance is a very simplified product when you start getting into other type of life insurances they're very complex so first of all if you're not going to read the fine print do the research and again suitability and strategy does this fit you yes right do you have the means are you in a position right now to need these type of products 99 of the time term life is what our people need I want to drop another book on you everybody should read it's called getting rich how to avoid being ripped off by the insurance industry getting rich how to avoid being ripped off by the insurance industry written by two guys Yale Harvard degrees Princeton degrees and they uh they actually did a study of all the life insurance products and they specifically said in their 99 percent of the time term like so this isn't an opinion based thing right we're just looking at numbers we're looking at the facts and numbers Norman dacey also wrote a book what's wrong with your life insurance which talks about this so this isn't you know opinion you know opinion Bank you need to know is somebody's selling something to you you need to know how they're compensated that's true yeah and that's true bro and you need to know if they're actually go to broker check if they're trying to sell you a life insurance are they also in a financial advisor because you could be a life insurance agent and not be a financial advisor which is why oh I'm gonna sell you this product because I can't offer you you different exactly when you look at the difference between the products like the whole lives and things like that these are just the numbers on a competitive standpoint that rate of return is going to be significantly lower than your SEP IRA your Roth IRA your traditional IRA so do you want a two percent rate of return or do you want a nine percent rate of return we're just talking math here and those are the questions that we have to start asking right right which is why you need your financial advisors because how do you even know what questions to ask yeah yeah man see yeah I mean I hold infinite banking I'm gonna be my own bank and I'm like I was just on Live with Kelly and Ryan um a couple of weeks ago and we was talking about estate planning a huge part of my passion this year has been to create uh and bring the education to the importance of estate planning a pardon take you a key for that statement because that's big it's big yeah and so I partnered with the company called ethos and we'll put them in today's description to where they're offering estate planning uh for 400 okay and then they'll waive the 400 if you just get a term life insurance policy okay so if you get a term life insurance policy with ethos I got a two million dollar term life insurance policy uh for my family and I'm not even spending 60 bucks exactly you know and no blood work you know what I'm saying there's no blood work no doubt to work up until 2 million we'll just go past two million you got to get blood work and stuff and uh and it's a term life see I did 20 years on that one okay I'm thinking about going back and upping it to 30. yeah you know what I'm saying just maxing it off for sure yeah but it's like I've learned that the average black person we leave our families with bills and a little bit of benefits and a little bit of benefits are not even enough to take care of the bills right that we're leaving our family with so we're leaving it with stress we're leaving them with with bondage we're leaving them with pain yeah and I'm like man and so I was talking to my attorney beginning this year and I was Upstate updating my estate and uh the question that he was asking me were hard now yeah I was emotional yeah I got cried I got halfway through the form to update it because we were doing like my power of attorney yeah my medical stuff and updating my uh my trust my irrevocable trust and okay um I went from 1 million to a two million dollar life insurance policy and it was like Hey how you want to do this and yeah I had to stop yeah because I said yo I'm talking about my death yeah but it hit me I I'm going to use this you're going to use it I need to do it get it out the way it's better to have it and not needed than it is to need it and not have it that's what I'm saying and I've I've had family members pass and they didn't have an estate plan we have to and that doesn't feel good it doesn't feel good but here's what I do love to me knows my family yeah that's going to change though exactly exactly and I'm like they're gonna be like Papa Anthony right let us know you know that's Legacy though that's Legacy and to me it's like I heard Steve Harvey say this was a while ago I think it was like six years ago seven years ago he was on the Oprah Winfrey Show and he said something that shook my whole life and it was a rerun on Oprah Winfrey it's like one o'clock in the morning I was sleeping I heard him say that and I stood up and y'all know how you know back then that's when the uh DVRs was real good I was hosting and recorded that thing he said Oprah asked him like how did it feel to lose your grandma or something like that and he said you know the last conversation I had with my grandma and I'm paraphrased it's not exact words but uh his grandma asked him do you do you remember your great great grandpa's name he said no she said do you know why he said no mama she said because he didn't leave me nothing it's unfortunate yeah and Steve said man I don't want to die and my great great grandkids don't know my name exactly that's that's it and I'm like I I stood up and I said dang I got I didn't have a will at that time I didn't have a trust I mean I was I was making some good money and I wasn't thinking about life after me yeah you know what I'm saying I was so focused on building a dynasty not a legacy two different things you know what I'm saying because Dynasty is all about me for sure Legacy is about something bigger than me exactly Legacy is about the kids and my kids my kids and I'm like dang I'm sitting here trying to be this this Grand guy and it's all like oh I built this dynasty but it's like dang I'm gonna build all this for me and my grandkids won't even know my name yeah so this is why I I want you all at the table and this is why I'm going to Ohio to be with them because we have to get the keys to Blackwell yes because our children are are are are counting on us our families are counting on us and it's like when we get the strategy are we teaching a strategy to our kids and to our loved ones and so they're going to be giving away to some strategy game um at this event in Ohio tell them a little bit about this event and let's get back into the content but how can it go where can they go to register and Bob we about to sell out so I'm telling y'all right now don't think about it we only do 250 people you know what I'm saying so if you're in Ohio if you want to come to Ohio you better go register today and get the ticket today because we're going to sell out we're gonna sell out how can they get the info yep so they can go right to the website which is www.keys toblackwealth.com or then go right on Instagram we're on all social media so go on Instagram keys to Blackwell so that's a Teo Blackwell then go right to the website and purchase their ticket right there February 25th 6 p.m in the evening we're gonna be in Columbus Ohio it's going to be an edutainment event uh the celebration of black history culture also all black ladies gonna be there it's gonna be some fine women up in there single two yeah single yes yes [Laughter] how you doing man we're looking forward to having you too you know coming to bless our community um and drop some keys and your wealth of knowledge so it's gonna be a good vibe yeah now what are we gonna be talking about at this event yeah we're gonna talk about the seven keys to building the sustaining a generation of wealth yes yes so awareness is the first key if you don't even know what's going on how could you even get started right awareness is the first key we have income people income and taxes right they go hand in hand people need to learn how to raise their income we got insurances make sure you get all your insurances together we got home we got ownership home ownership business we got credit in debt making sure you got those aligned together we got a policy involved yeah because investing yeah probably saying a lot of people need to like think about it you people aren't reading the terms and conditions they're just signing up for products and services right my grandmother had four life insurance policies three of them did not pay out when she died because they were accidental death and dismemberment policies that she bought from her local bank and it says right in the terms of conditions there's only going to pay out if you die in a certain kind of way in the accidents she died in natural causes was paying on those policies for over 30 years it's right there in the description right yeah right so those are what we're going to be talking about and obviously it's edutainment so we got a sax B which is a saxophonist so we got Steven strings was a violinist so you know or his party with a purpose it's financing fun business sexy is the theme the theme is healthy and well Healthy and Wealthy is our theme and the business sexy is our dress uh attire okay so you don't have to wear all black no no we're all black you don't I'm still gonna come in all black well you got to be there yeah I mean it may change the jacket yeah get into it okay uh so all right cool so we got the strategy we have the sense of urgency um and part of this strategy is really understanding taxes in the growth part and also including life insurance and that all right so let's say someone right now has let's say they have ten thousand dollars to invest this is going to be outside of their 401K so that they're investing into the 401K gotcha uh they're they're they say they're best they're investing up into the match right and so okay we got the 401K knocked out because that's what you said in the beginning maximize 401K they got another ten thousand dollars to invest where do they go number one you got to find a financial advisor okay that's the first step find yoga financial advisor we talked about broker check uh.com and then after that you got to put together a plan of action think about your financial plan just like a GPS system where you're going somewhere you put that in address first right you and you start with the end address yeah and then you built the strategy on how to get there so we got to figure out what's your goals okay so you always start with the end result in mind what's your vision what's your goals right let's talk about it my goal is to retire by 55 and let's say I'm I'm 30 today so that means I'm I got 25 years to invest that's the end goal what's next so and go now you got to put together the plan so now you put together the plan and there's no blanket statement you know I don't know if you need a Roth IRA I don't know what you need because it's all going to be about suitability your wrist tolerance different things that we always that we already talked about so there's not a blanket statement it has to be a customized plan we need to know what your budget is your cash flow analysis your debt to income ratio all of those different things do we look needed to look at a debt strategy first yeah um and then the financial uh Independence number is important as well so what number do we need to end what do you need when you reach that age are we trying to grow the financial Independence number are we looking to grow you a million dollars are we looking to grow you do you need two million dollars how old are you when you retire you know so all of those things come into play when we're developing that financial plan and that's why it's so important that you have a plan and not just take a blanket statement it's all customized So when you say that your your financial number I think people will hear a million dollars let's break it down for that everyday person that's a million dollars total but I also think what you're saying correct me from our own Financial numbers like what do you need a month to live off of yeah so if I'm retiring at the age of 60 and life expectancy is let's just say 80 90. so you know you're going to need about 30 40 years of income outside of retirement how much each month do you need that's a number yeah that's a real number and when you total that whole number up that becomes your Independence number and now the plan is designed to be able to help you to reach that number one of my um wealthy people wealthy friends um her goal was to put 16 million dollars into a some account I don't know what it is is she's with a big firm because when you move on that kind of money yeah he would have real big firm and she hit it and she said by the time she turns 45 it should be generating if it does 10 return it should be generating her writer between 800 to a million dollars a year and she said I will live off of the interest there you go and don't trust don't touch the principle and pass that and through to my estate when I passed that's the key right there that's a big key is that possible yeah anything is possible Right but is it uh looking at your budget right somebody could say I want a Lamborghini dollars a year I don't know if that's possible right so we gotta imagine you know those uh your goals with your income that's why income is one of the seven keys right but we also got to look at facts like inflation right we gotta take an inflation we gotta talk about the policy and laws the rules behind certain accounts right yeah because if you're saying hey there's ten thousand dollars I need five years from now because I want to buy an investment property you would invest that the same way you would need say I want this I don't need this money to 30 years from now right right I might not be as aggressive and uh you know risky if I've needed in two years versus I needed in 20 years right huh you just you just brought something up that's let me write that down because it's like let's say these people are following my plan all right and let's say you know they want to purchase a house within the next two to three years so they're saving money would you suggest that they save their money in a regular savings account or where would you all say Hey you know this is a good account to get a little bit more interest what account should they be investing that money into if they're saving for a house for the next three years yeah we have a general rule of thumb if you need the money in one two three years you might not want to invest because you just see what happened in 2022 right so you're gonna look at an advisor like why'd you put me in this the market went down 15 right right I needed this money next year and money takes twice as long to come back as it does to go down right so we kind of have a general rule of thumb if it's three years or less you might just want to look for a high yield savings account it's just keeping your money you know somewhere where it's liquid and it's not uh you know in the market anything past that now we can just start getting it's more predictable right we can look over 10 time the market is predictable over time yes it is but it's not predictable year to year right right so if you need I say money that you need one two three years you might just want to just keep it unless once again you're more risk you want to take more risks and you say hey it's like hey I want to go for it I like Rich yeah I like what would you suggesting if I like Risk and I think also another thing when you if you like Risk when you think about those investment vehicles yeah all of those different type of vehicles you can put your money in think about it as IRS tax codes so that's another big key that you have to understand because there's rules around those Vehicles so even though you might like Risk you still have to know the rules behind how the instruments behave because policy and law because you don't want to get into taxation on some of those products right so you can't put you know a short-term investment in a you know a IRA you know you just can't do that because of the IRS tax codes the IRS allows us to utilize and Leverage The Market but there's some rules behind it as well Uncle Sam and nephews gonna get there absolutely so you got to be aware of that right so that's really important before you can determine you know what type of product you're going to put your money in but there's a lot of different things there's yeah there's Tod you know just short-term accounts you know you got Muni bonds there's all different kind of things you could put your money in you just have to make sure that vehicle and understanding those rules which is the IRS codes around the world you know what I like about y'all y'all y'all don't promote short shortcuts right thank you you know I'm sensing it there was like um Anthony we're gonna stick to the strategy yeah I mean we don't know like we need to look at the situation we'll give you the best thing for you when I see a lot of influencers this is what the wealthy people put a million dollars over here and do this yeah do that right here this is what other people when they're doing this DM me and I'm gonna give you a course on it like no I don't need no dag on court right because they don't have a fiduciary responsibility see when you got your license that's what a lot of people don't like checks and balances because then they could tell you anything without having anybody checks and balances right when you have a fiduciary responsibility to that client you're not going to just tell them anything without literally seeing laying it all out on the table and see this is what you got going on what is your goals what are your focus because then once we know the strategy then we get the product see like you said influencers are marketing products how can you Market a product if you don't even know the strategy [Music] oh my God you'll never see a licensed financial advisor like us putting out blanket statements you won't see that because we can't we can't yeah yeah yeah you get a hit with a fine and yeah tell your own broker check if that person did that right yeah so broke your chest yeah oh we're public yeah yeah brother check will let you disclosures yeah they will tell you if that person was fine for whatever reason for maybe making a blanket statement right saying you should do this and somebody lost their money and that wasn't their attention right so yeah so definitely you won't see us making just blanket statements we're always going to tell you lay everything out on the table get a strategy we need to know what's your goals how you want to pay your taxes because hey you say hey I got this money but I want to use it in less than a year you know capital gains taxes different short term for sure yes in a year then more than a year right so it's just those different things and a lot of people when Robin Hood was really popping in the beginning people didn't even understand and they were cashing out their Investments not realizing oh I'm gonna get hit with a you know a couple of games taxes yeah yeah and I didn't have anything longer than a year yeah hey you know as a financial advisor I was talking with I don't even say who I was talking with because you know this particular person watches my show and I love this particular person but this particular person said um they have not paid taxes in four years as a financial advisor what's your response so depends I mean that would be really hard to do making a lot of money so I know people who ain't paying taxes in four years I was like wait in in four years yeah but there is there are different things that you can do like there's different things that you can do everything when I'm talking about not paid okay haven't filed oh haven't filed have not filed in four years that's actually illegal yeah when that person comes to you and says yo I want to get my money right how do y'all what's the conversation looking like we're it's different say financial advisors and tax professionals so you can get two different things absolutely right so we stay in our land we would tell you first you probably need to know [Laughter] yeah listen go talk to your tax professional what is the relationship between your tax professional absolutely your financial advisor and your attorney absolutely that's a big you got to have an attorney um a part of your wealth management team as well this particular person is going to need an attorney yeah they're gonna need anything they're gonna need an attorney for a lot of different reasons this particular person was like I'm going to purchase a home next year and I was like uh so I'm going to file taxes this year uh one thing I do know about the IRS they slow yeah but they ain't dumb they're not gonna forget they're not they're gonna get you what's the Bible say it may not come when you want but he gonna come right on time IRS gonna come right there at the last minute IRS will go up in that bank account real quick like and I'm like nah nah nah I've been there yeah I've gone to McDonald's and swiped my card I was on a date and swipe my card I don't use that day to McDonald's this this was like in my 20s you know what I'm saying my young 20. I I didn't pay taxes when I was 18 19 20 and 21. okay and I I didn't foul I didn't file I got filed yeah you know what I'm saying I was like I really made the money like I ain't found yeah man I owe them jokers about 6 000 went to McDonald's decline decline I was like bro I know I got 10 bucks yeah I called the bank that's what I did I didn't even call the bank well I called you know back then we had the numbers we can call and check your balances you didn't really have the online people yeah yeah so I caught available balance 282 I was like I got 282 dollars declined again yeah something okay my car must be fraud call the fraud department I didn't get a text there's a Hey sir uh you need to call this particular number so I called the number that was like yeah um there is a uh freeze on your freeze yeah I was like a freezer yeah you need to call the IRS I said that yo my heart is rocked yeah I took old girl home [Applause] that's who you don't want to play what play with the boys Dave was like Hey sir um thank you for give us a call you uh you actually have a outstanding balance with the IRS for uh 2000 is 2000 now 2008 2008 so for a total of six thousand dollars how do you want to pay that today I was like I don't want to pay what six thousand dollars I said you froze my account only got 200 yeah I was like well sir you may need to go sit with a you know a tax person and get a lawyer because we can't let this account go yeah and I was like what yeah I was sweating I was nervous um and thankfully we had a person and a family member that worked for the IRS who walked me through on how to do things um and ever since then man I ain't missed the beat yeah can't play with the IRS I don't know when I started my own business I got a financial advisor a new one I got a black one amen um I got a black um CPA who is just really killing the game and I have a dope attorney I'm an attorney's wife I love him um and those three keep me legally ethically you know what I'm saying um and every time I ask a question I was like hey they asked me uh like five questions to let us know if this is legal and ethical um and then we pay our quarterly taxes and and we're always looking at okay what is the best thing to do and I just got to say man one of the keys to Building Wealth is just pay your pay your taxes yes yeah like and it bothers me when I find people looking for loopholes yeah and I get it like let's there are strategies put in place to where you can legally and ethically write it off for sure there are strategy in place where you can invest and get the tax benefits and get the growth from it for sure but I think we sometimes especially in the black community we're looking for ways to grow it yeah quickly yeah and I'm like y'all it's just not gonna it's not healthy if you're growing it quickly yeah and it's like today we've been able to build you know wealth to a point to where I feel very very confident uh that the company would do well my family will be well um but at the same time it's like hey let's do this thing right yeah right you know what I'm saying that's amazing congratulations to you for that that's big but it's strategy yeah for sure and I didn't can I be real with y'all be real with y'all and I hate to say it like this black people didn't teach me that yeah white people did yeah this is this is why I have y'all at the table Yeah because we need to expose more black people teaching us how to win financially absolutely black people didn't teach me how to invest yeah I'm gonna say what black people did teach me how to get the money yeah and we're gonna get the money you know what I'm saying black people we don't get that back yeah we are the most creative group of people on the planet of Earth but we don't own nothing yeah and we don't have a strategy on how to keep it all right we don't even have a strategy on how to multiply it but we will bust our butts to make it yeah but we will not sit down and get a strategy on how to multiply it right so there's four M's I live by I got I'm gonna make my money I'm gonna manage my money I'm gonna multiply my money and I'm Gonna Make That Money matter buyer we need to bring that to Columbus Ohio you just said a whole big key and if we got a couple seconds number one that's our mission of keys to Black wealth is to help black and brown people create sustain and transfer generation of wealth so it's yeah we gotta build it but then now can you keep it and then can you transfer it and we were very intentional about our mission took a lot of time like defining that mission and generational wealth is such a key Point can you keep it and then can you transfer to the Next Generation can you out you know can your money outlive you yeah you want your money to outlive you and that's just a big point that you made there so it's all about the transfer generation of wealth and the other point you made that I think is worth mentioning is about the financial industry uh you know you got about a million attorneys in the U.S 1.5 million doctors it's about 250 000 people with the type of licenses that we have Financial licenses and of that number less than five percent are black and less than one person are black women so you made that point and when you think about the industry what's happening in the black community we're talking about zero net worth by 2053 yeah you're talking about the highest debt ratio black people the highest college debt black women black women equal pay we're making a lesson at least on a totem pole but we're not even in an industry and the financial industry is one of the highest paid Industries in North America and we're not even represented but this is where the money flows so we need to get more people that looks like us with these licenses so that we can reach back to our community and teach them that's one of our mission is to get over a thousand licensed agents educated and licensed in this industry that's a big mission of ours ah man we got to do that yeah and especially because we got a few more minutes right um we normally shoot for a 30 minute show but it's gonna be an hour show today there's some good wisdom right here some good Keys [Music] um I was you know the rising entrepreneur is a black woman right and I love that yeah but you do know that black women also have the most debt absolutely and it's like while I celebrate our Queens for winning here's what I'm noticing our black sisters are gonna make it happen but they're not getting the strategy exactly all right and I'm like wow so there's a map so what I'm what I'm trying to tell people is everyone's like yo I need to make a million dollars it makes no sense for me to make a million dollars if you don't have a strategy exactly for that million dollars exactly you know what I'm saying exactly um I'll be talking to my team and it was like Hey man we need to do this ah it doesn't fit the strategy exactly we need to buy it it doesn't fit the strategy you know and then what what well CJ was saying somebody to Mike for something this weekend I was like it doesn't fit the strategy I just don't want to do it what's wrong with 30 bucks 30 bucks yeah the strategy right now you know the strategy is we need to build it yeah yeah you know that's the strategy because we could turn that and now it becomes another generator right yeah so to me I'm thinking strategy and we don't have enough black people like y'all yeah here's what we have we got a lot of black people teaching us how to get the money yeah oh man you want to do this you wanna make a million do this get my course yeah do this yeah you know what I'm saying and I'm like but that that's not a strategy yeah that's that's a maybe a way to get money yeah but it's not a strategy yeah you know and it's like and I'm not knocking courses because I teach people how to make a thousand dollars I ain't teaching how to make a million I ain't doing that because I hate it when I hear people say I'm gonna teach you how to make a million dollars yeah okay you made a million yeah like like she said earlier your name is Rockefeller my name my name is O'Neill it may not work for me yeah you know but it's like I hope you all heard this Today's show man it's it's really in the strategy of wealth building and I would definitely say I accidentally made my first million I would definitely say that it was a strategy no I'm sorry I accidentally made a half a million first year just me and my boy CJ just me and him working in my town home in Nashville Tennessee small man small just me and CJ working long hours and the next year I sat down with two mentors and I was like what's the strategy to get to a million so we just put together a shot g into a million yeah and we tripled that yeah because the strategy stayed to them yeah the courtship is a fast track to success yep and a part of my strategy plan you guys was a financial advisor was a CPA attorney and for me an amazing team yeah and I think that if you can get that right people those four people around you and then also I had the fifth one is just I have a maze I have an amazing spiritual Community yeah that helped me accountable from a spiritual perspective um and I said all right cool you're making this money how is it mattering exactly how are you giving how are you being a blessing to the people yeah and um and then amazing CPA um that made sure that I was doing things correctly handling all of my books and that's another thing I wish we had more time because yeah the books yeah you know how many black people I'd be saying with businesses yeah and they don't have books I was like I went inside to um uh I'm looking at buildings and um I was with my my realtor he's a black guy one of the best ones in the DMV area um the Masons group and we went all the religion people was white and um it was like so how are your financials I was like good okay we we know you didn't hear it you know it's about how your financials are they audited you know do you have your books in place I was like yeah it's all right well just standing to make sure you qualify yeah he was like oh shoot because I got I got to be honest with you he was like seven out of 10 people um who come to me do not have their books exactly in order for sure because we see they make a lot of money but they don't have a profit and loss statement financial statement there's no finally statements and so because of that I track my books every single month I document every single thing with my CPA it's great yeah and then it's like on the personal side I'm at ease because it's like I'm I'm looking this and I'm with my financial advisors like hey what are we doing for the future yeah I sit down with a lot of self-employed people do not have nothing invested for sure do y'all know the numbers on that like how many self-employed people actually are investing is there like a ballpark number well I know that uh once that 67 percent of black people don't even own a retirement account or 401ks nothing nothing yeah and that pisses me off no I know because I guarantee you we look at those 67 black people who don't have a retirement account they got a they got a name brand car oh for sure eating at the finest restaurants same ones talking about he better take me out on that expensive hey yeah probably one I'd be wanting to cuss people out and I'm saying yeah and everyone right now talking about the whole Beyonce concert yeah you know what I'm saying you about to go spend a thousand dollars on the dag on a ticket yeah and you don't even have a thousand dollars in your savings account that was the whole case of black well we were tired of fighting it right the entertain you spending money on this entertainment okay come get entertained with us on the 25th but you're gonna get we're going to give you these Keys as well too we want you to take this and that's why we made the ticket affordable yeah and so that now people can take the remaining money and let's actually get you established let's get you established and usually dropping some great Keys about you know having a team around you and things and uh we got a great team in case of Blackwell you know Lamar Pugsley Frank case Tia Ramey shout them out but uh you know yeah yeah but you got to have a team around you you got people around you that can uh like I said where you're not gonna just lean on your own understanding you can leverage other people's knowledge well it's about leveraging money yeah I rarely hear people talk about leveraging people's knowledge bro that's that's it you know I mean it masterminds I mean yeah oh yeah for sure for sure and and I'll be honest with you I'm in a lot of masterminds that they don't look like me because and I'm not knocking masterminds within the black community but a lot of black communities again it's all about how to get the most yeah and I'm like yo getting the money for me is not hard yeah that's easy for me I'm trying to figure out how do I maximize the money that I have now right and multiply it without me even having to to lose sleep or put more work in come on so these so these white people are like yo hey you need to look into this hey you should do this this is the strategy for that and I'm in these groups I'm like why are we not talking about this yeah why are we not having this conversation about how to do this and how to do that yeah so it's like for me I'm like all right cool I'm always gonna be rocking with us because I'm like yo we gonna get that back yeah we are so imma get the bag yeah then I'm gonna go over here and be like okay what you doing right how are you doing that you know and it's like all right well I won't say that because I'll get in trouble I'll get in trouble you know what I'm saying because I mean I'ma say it I was not a fan of Donald Trump as a president okay but on this business strategy yeah yeah but you can separate the man and what he took from the strategy yeah right you could utilize people's strategies watch without you know saying I like this person man listen I don't care what people say I may even lose some photos of saying this but people say well how can you how can you how can you respect the man's business strategy if he had this this issue with with black people listen man listen man listen I'm I'm just trying to get the knowledge right in this area yeah okay outside of that area like I said I don't care if about 90 of something comes out of his mouth but here's what I do know that man is smart when it comes to the business strategy of things how can I get that wisdom that knowledge and come back over here to my community and teach that knowledge with integrity and character my pastor said true to hate spit out the sticks period man bottom line listen y'all we're going to be in Ohio the end of this month man I'm pretty sure by the end of this show we've already sold out all the tickets we only got 250 seats in the building I'm gonna be in the building I'm excited about it because within the black community we need more wealthier black people we need more wealthier young black people um and the keys to Black wealth that's where we're going to be at in Ohio we're going to drop the link in today's show notes please check it out meet me in the building I want to see you I want to hug you I want to talk about your future and after this event you guys they're going to be offering their services they want to sit down with you and give you a strategy on how to build wealth and so please make sure that you're in the building get this information um if you can't make it to the building uh please make sure that you share this show with someone because at the end of the day we as a people whether you're black or white watching this these were all keys for you too and I think that's important for us because we got to get out of debt we got to build wealth I mean I'm believing it and and just praying over us today that you know what uh we are going to eliminate the debt we're going to have more young millionaires we're going to have more black millionaires and and I'm rooting for our sisters who are the rising Rising um entrepreneur in America but I would love to see you all be the rising entrepreneur in America without that much debt as well right and I think we can definitely do that so we'll drop all the information Today Show notes we're going to drop those books in the show notes today as well click the link get the book share the book listen man when I start dating someone whoever whoever man I'm gonna make sure she that's that's gonna be an assignment you want to marry me and you got to read these books I'm not I'm not dating liabilities yeah I just can't do it it's probably one of the main reasons why I'm still single you know what I'm saying because I love my money yeah um and and I want to build something that is bigger and greater than me I'm not building a dynasty I'm building Legacy right and so uh love y'all man keys to Blackwell check them out we're gonna be doing some major stuff later on this year for sure uh to really bring this information around the world so we love you God bless you we'll see you next show peace out foreign [Music]

Channel: The Table With AO

Views: 182,328

Keywords: Anthony Oneal, Table Talk With AO, AO, The Table With AO, dr boyce watkins, black wealth 101, black group economics, yvette carnell, finance, business, how to make money, personal finance, investing, financial freedom, earn your leisure, wealth, black history month, how to save money, free investing, financial literacy, taxes, taxes explained, budget 2023 live, cpa, budget 2023 income tax, dave ramsey, finance podcast, financial education, robert kiyosaki, financial independence

Id: O_CiJgdQlEM

Length: 65min 56sec (3956 seconds)

Published: Mon Feb 13 2023