In this episode, John breaks down how money works and ranks different countries in order of their market values.
To learn more about John's Operation Hope initiative, visit: https://operationhope.org/how-we-help/credit-money-management/
Welcome the Money in Wealth with John Hobryant, a production of The Black Effect Podcast Network and iHeartRadio. Yeah, I'm quickly becoming a Mike Apps fan. Here my brother comes again with some straight talk like real wisdom. This is John Hobriant talking about money and wealth as also mindset. This is about getting your mind right because whether you believe you can or you believe you can't, you're absolutely right. Success is going from failure to failure without loss of enthusiasm. As I said repeatedly, and I'm gonna pound it into your brain. If you hang around nine broke people, I guarantee you you'll be the tenth. Your environment matters. And Mike Epps talks some truth. Look a lot of black people, African Americans in particular. I'm gonna do a whole podcast on Blacks and Africans, Blacks and Caribbeans, African American blacks and Caribbean blacks, and African American and African African blacks because we are all from the same root of the same tree. In fact, all human beings are from Africa, but the cultural differences matter because of our experiences are different. All that matters and changes the endorphins in our brain, and some of us are in a suburhriving mindset, some of us are in a thriving and some of us are in a winning and building mindset. So for those who are in a surviving mindset who grew up in the hood, Mike EPs is talking about that experience, and I can relate to a growing up in Comptin, California, in south central Los Angeles, Mike is talking about. You know, folks are not necessarily rooting for your success because a lot of us are depressed. Real talk now here that maybe seventy eighty percent this that I cannot confirm this to be a fact. I'm just telling you seventy eight percent of black people before the pandemic African Americans. I think we're clinically undiagnosed depressed. And you can be the most loving person in the world. But if I'm depressed, I don't like me. So if I don't like me, I'm not gonna like you. If I don't feel good about me, I'm not gonna feel goo you. If I don't respect me, don't expect me to respect you. If I don't love me, I don't have a clue how to love you, and if I don't have a purpose in my life, I'm gonna make your life a living hell. Whatever goes around comes around. And Mike is talking about growing up in the community community he's now helped to revide lies reinvested in, and he's talking about experiences he's had where folks are not necessarily happy about his success. They love it when he fails. They love it when he's on drugs. They love when coming back off of drugs. They love it when he's down. They love it when he's had some kind of something that's befalling in his life. He's tripped and fail and he's not feeling good. They're like, oh, man, come on, man, I'm with you brother. It mis gets you back on track because they can relate to his pain, but they cannot relate to his gain. They're not rooting for him when he's doing well. They're like, Man, you sold out. What the heck does that mean? Man? You're talking like you white? What the heck does that mean? It's English, you're talking Japanese. You're speaking Japanese or you're not. When you're speaking Spanish, you're either speaking Spanish or you're not speaking Russian, either speaking Russian or you're not speaking French. You're either speaking French or you're not. When you're speaking English, you're either speaking English or you're not. When you're speaking capitalism, same thing applies. So what I don't understand this craziness right, Like you can be bilingual, I can be down with my community in the streets and able to cut a business deal in the suites. You better be able to do that or you're going to be broke. Real talk, And I'm not trying to hang around a bunch of broke people and other than to visit maybe my neighborhood and try to inspire them to be better, to try to inspire them to come up from nothing. My last book up from Nothing of a new book coming out soon called Financial Literacy for All, which is a civil rights issue with this generation. But I want to inspire you to come up. But I'm not trying to sit around and let that toxicity jump on me, that depression jump on me. Just real talk, like I'm not trying to hang around people who are bringing me down. I can't guarantee you it being positive is gonna make you a success, but I absolutely guarantee you that being negative will make you fail. And nobody wants to be around somebody who's depressed and talking down all the time. We want encouragement. Listen to my podcast on relationship, listen to that episode and on marriage. If you're not better together, two plus two does not equal more than four? What are you doing? You can do that all by yourself. So Mike is talking, real talking, He's pouring his heart out. And we've got to admit that four hundred years of well mostly forty years of being repressed in this country. Certainly two hundred to three hundred years is being repressed in this country as African Americans, and ill treatment until the late twentieth century, structurally and legally has messed with our head, mess with our heart, mess with our spirit. And maybe we don't feel good about ourselves. And maybe as a result of that we have crab in the barrel. Maybe we're trying to bring other people's down. You can't solve something unless you deal with it first. We are a beautiful people. We've been doing so much with so little for so long. We can almost do anything with nothing. Over the rounded through it, We're going to get to it like we are experts at surviving. But I don't want you surviving. I want you thriving, all right. I want you winning. I want you to be a winner builder. I want you to have a mindset that says I am somebody, and I want you to be somebody too. If I'm talking positively about something about my successes and I don't talk, I don't do it around a lot of people because they don't want to hear it. I know they don't want to hear it. They say they what's going on? They don't really want to hear it because see he just bragging. Now, who says that? Think about? That's like crazy? Why wouldn't you just be saying, my god, that's fantastic. Maybe that sence some encouragement for me. Maybe I can learn from what's going on with what John's doing. But I know that a lot of people. I hang around a lot of people. I am around educated. This is not poor people now, sorry, not financially poor people. I'm talking about people who have done well, but psychologically they're messed up. I can read people in a minute. I can meet you in two minutes. I have read your spirit, and I can tell whether whether you're a hurt person or not, and whether you got attitude in your bones or at least attitude in your head and your spirit, and whether you mean me no good? You looking at me, you're smiling, but really you're sneering underneath your breath because oh John did Why Why is he success? Why is he didn't go to the fraternity, He didn't go to this college, He didn't do this, he didn't do that. I paid these dues. He's not part of the club. I don't want to be part of your club man. I never sought membership in your club. I'm focused on trying to get to my objective and I want to bring you with me. Why don't you want to bring me with you? Why don't you root for my success? Irrespective of how I got it? Maybe you could learn something from that. God gave us two ears and one mouth, so we listened twice as much as we talk. But hurt people, hurt people, just real talk. We have got to move the toxicity out of our lives. God bless you. Mike Epps. Keep going, brother, and I'm glad you are sober now and you are speaking your truth. Hopefully all this causes all of us in the black community to begin to deal with our stuff. What is the church in the black community in a low until black community, an unofficial psychologists or shrink? It's our therapist. Oh you know, I don't want to go to a therapist. Somebody might think I'm crazy. If you're black in America and you don't think you're crazy, you are actually a little crazy. Hey, hey, this is John O'Brien. This is money and wealth. Don't you just hate it when folks talk over your head and you think it's silly to ask intelligent questions because you think somebody's going to try to embarrass you or think bad of you. There's no stupid questions. Look, God gave you two ears in one mouth, so you listen twice as much as you talk. So I want you to ask Quincy Jones, a brother in a mentor of mine, one of the impresarios of the world in music and entertainment, the guy who essentially helped to create the global brand of Michael Jackson and so many others. I asked his brother, how'd you get so smart? He said, I'm just nosy as hell. I want to know everything about everything. So I want you nosy, right, Saint as the siner that got up, just keep getting up, keep get asking questions. So I knocks you down, get back up, take no for vitamins, and never be embarrassed ever. So we're going to unpack the economy. We're going to explain things that people say to you and around you that you may not have a clue about and you've just been too uncomfortable to ask the question. But we live in a free enterprise democracy. When you get up in the morning, if your day's not about God or love, your days about money. So it's all around you, but you're not talking about it, you're not asking questions about it, because maybe you're uncomfortable about it. So let's demystify it. Let's explain how all this stuff works. Unpacking the economy. Here we go. Take notes. Listen to this several times if you must. It's the my ministry of finance. This is my weekly pulpit breaking down how the economy in finance and money and capitalism actually works. Just for you. We're gonna be PhDs and pH ds to take notes. Take this to your weekly fraternity and sorority meeting. Take this podcast to your weekly discussion groups. Start a weekly Discussion Group on Silver Rights SI l v E er not protesting in the streets, but creating opportunity in the suites, the business suites. As Malcolm X said, we've been bamboozled, we've been tricked, We've been fooled. Let's stop that right now, and here we go. There are over two hundred countries in the world legitimate democracies, the lard Is economy in the world. Amongst those democracies, about eight billion people, give or take. The lard Is economy is the United States of America. Somebody told you it's China. That is wrong. Somebody lie and told you is Russia. Not even close. It's just not even close. Russia is a a rounding era from a GDP gross domestic products. You've heard that phrase banted around, banted about GDP. GDP means gross domestic product. Basically, think about the revenue. If you own a store, it's the gross receipts, the gross economic output, gross economic activity for your store or for your barbershop. It is your income that comes into your household. You get it gross domestic product. So if you have these two hundred plus nations in the world creating about one hundred one hundred and five trillion dollars of GDP gross domestic product estimated for twenty twenty four. What are the largest economies? About one hundred trillion dollars in twenty twenty three is projected to be one hundred and five trillion thereabouts in twenty twenty four. So I want you to guess. See if you can figure this out. The first thing I think people are you will definitely get wrong is that people tell me all the time China is bigger than the United States. Not true. They have the biggest population one point five plus billion people. I think it's more than that, but they have the second largest economy in the world United States number one at twenty three trillion twenty four trillion. Some people say it's twenty six trillion, but I'm gonna give you conservative numbers. China about seventeen eighteen trillion, Germany for trillion and chain, Japan four trade and change, India three point seven trillion, United Kingdom that's Britain three point three trillion, France three trillion, Italy two point two trillion, Brazil to trade and change, Canada to trade and change, and then it sort of goes on from there. I'm sitting in the city of Atlanta, by the way, with four hundred plus billion dollars in annual in GDP, it's one of the largest economies in the world if it was a country, the tenth largest economy in the United States. Are you following me? So I'm giving you the basics the global economy. It gave you that. I gave you where the United States is. I told you even there's about eight billion people, give our take, in the world. I've now told you that the largest economies were. I gave you the top ten of the large economies in the world. Right, So, now let's break down the US economy where most of my listeners live. So you have as part of this economy three hundred and fifty million people, give or take about thirty million plus businesses. Of those businesses, how many of them have ten thousand employees or more? Well, you have the fortune five hundred companies. You have about one thousand companies with about ten thousand employees or more. That's a sideline. We all come to that another time. But most employment, my point is, comes from small business. Most employment comes from small business in this country. So if the economy is twenty plus trillion dollars a year. Is it come from rich people? No, Seventy percent of the US economy is consumer spending. That's right, seventy percent of the US economy is consumer spending, and seventy percent of all Americans are living from paycheck to paycheck. Everybody, whether you're white, black, red, brown, or yellow, you want to have some more green? Can I get an amen? Now? For those listening to this thinking that I'm talking about so called poor people, it's time for you to wake up. Half of those who make one hundred thousand dollars a year are living from paycheck to paycheck. Am I hitting home? Yet? You should be nodding your head. If your household has a combined income of one hundred thousand dollars and you feel that you're failing, you're not. So What about the very wealthy? What about those who've got great incomes? And by the way, there's difference between getting rich and building wealth. You make money during the day, you build wealth in your sleep. It's called compounding. Stocks, bonds, home ownership, businesses, investments, education I think qualifies. But things that compound while you're sleeping your income. You can have a contract. This is why you can have a contract for one hundred million dollars in the NBA or whatever and go broke because you're rich, but you may not be wealthy. So when your outflow exceed your inflow, then your overhead will be your downfall. Am I going too fast? Third of those who make two hundred and fifty thousand dollars a year are living from paycheck to paycheck. That's right. Even the wealthy are getting hit over the head. A third of those who make two hundred and fifty thousand dollars a year are living from paycheck to paycheck. Now, somebody's sitting here saying I don't care about them. I don't like the rich. Yeah, everybody hates rich people until they become rich. People say I hate rich people. No, you don't. You hate rich people until you become rich. You hate a game? System is what you hate. You hate a system that you believe is rigged against you so that you cannot succeed. You cannot compete, you cannot make any money or build any wealth because somebody's locked you out. As soon as you know that you and others you care about can succeed, you want all in on that because you want prosperity in the way that you define it. Maybe you want to make the money and give it away, but you still want to be able to make the money. Can I get a name? Man? Even if you want to distribute money like a so you got to first collect it like a capitalist. Drop the mic. If you're living in New York City and you're making one hundred thousand dollars a year, it feels like thirty nine thousand dollars a year because the cost of living in New York City is higher. That's why a lot of folks move to the Southern States, because the cost of living is much lower. Even though you may be making less than you make in New York City or in Los Angeles, if you move into a southern state, your cost of living is lower, your housing, transportation, all that stuff is lower, and your income may not be the same as it was where you moved from, but it's high enough so that your standard of living is better. Did you follow me on that? If you're spending two dollars in New York and spending two point one dollars more than you make, but you moved to Atlanta and or you moved to wherever Nashville, and you're spending one dollar, but you made one point three dollars. Hello, you're better off even though you made less. Let me break some eggs around here. Now. I just talked about the larger economy. I'm going to talk now about why, why this is everybody's issue, whether you're black, white, bread, brown, you want some more green. About sixty four percent, this number vacillates between fifty seven and sixty four percent of all Americans don't have four hundred dollars for an unplanned event. Not poor people, everybody. Hello. So when we work with Delta Airlines at operation, hope to design a program to give financial coaching and counseling to every one of their employees and anybody that will raise a credit score fifty four points in six months, lower their debt thirty eight hundred dollars in the first year, increase their savings for twenty two hundred dollars on average. For somebody making sixty thousand dollars a year, fifty dollars a year, sixty thousand dollars a year that radically changes their life and they get a reward of a thousand dollars emergency savings account for doing that, it goes in their account at Delta and everybody wins. Well, that's program has become radically successful, amazingly successful. In the first year. Half of the employees are taken to the program and are actively in it, and it's changed their their their mindset, their mentality, their motivation, has made them less stressed. I've had brothers walking to me at the in the plane and just you know, almost with tears in their eyes, saying that they're not arguing with their wives, wife anymore, not wives, hello, their wife anymore? You know. Number one calls a divorce in America. Money. Number one calls for heart attack. Stress. Number one costs for stress. Money, nemverer what it calls for domestic abuse? Money? Right? What's a long protracted divorce about money? I did a whole podcast just on that. Go and watch that and listen to that episode. Why is a woman dealing with an abusive man? Money? I can go on and on and on. We don't want to talk about it, we want to deal with it. But it's all around us. So money has a relationship with you, which you don't have a very good relationship with money. And so it's taking advantage of you, and you should be managing it. It should not be managing you. But you have to understand how this system actually works so that you can work it. So half of black people in America, African Americans have a credit score below six point twenty. Let that sink in for a moment. We have the Hope Financial Wellness Index that operation Hope Hope. You can go to the index on the internet, type in your zip code and we'll tell you what your credit score is. You tell me your zip code, I'll tell you how you're living. You lived at sixty one years old in a five eighty credit score neighborhood. You lived at eighty one years old in a seven hundred credit score neighborhood. Twenty year delta, twenty year difference fifteen minutes apart. All across America. It doesn't matter whether you're black and brown, urban or white rural. It's the same rules that apply if you live in a five eighty credit score neighborhood. You have a check casher next to a payday loan lender, next to a rent to own store, next to a title lender, next to a liquor store, next to a pawn shop and a church down the street trying to make you feel a little bit better once a week. That's your neighborhood therapist. And meanwhile, and in single parent of households and a lot of obesity and high crime rates and low hol ownership rates, easiest way to build wealth's home ownership. By the way, biggest business in the world is real estate. In the world, high school graduation rates in a five eighty score, neighborhood crimes off the chart, off the chain, violent crimes, off the chain, obasis everywhere because too many fast food restaurants where I don't have anything problem with fast food. I love my share of mcdonald' or whatever, but you should need it every day three times a day. Need fruits and vegetables and healthy food. And you got to go to a fast food restaurant order a salad every now and then. So because we're eating bad cheaply, we inflate, we inflame. Your body is inflamed. You know, most people aren't fat, they're inflamed. A lot of these things proliferate in communities. We have low levels of relative education and financial literacy and high levels of depression. So literally, when I say if you want to change America race credit score is one hundred points neighborhood by neighborhood. I know it sounds crazy, but it's not about the credit scores, about the trending indicators of wealth of hope, well being, faith, confidence, belief, trust, all the things that parallel a rising credit score. Then you get higher access to capital, lower cost of capital in higher credit score neighborhoods. Seven hundred credit scorred neighborhoods don't riot. You never seen a riot in a seven hundre credit card neighborhood in America's history. They don't riot. They go shopping. So now let me break some real eggs here. And it sounds like I'm picking on my black and brown brothers and sisters, but I really want us to get out of this these bad habits. So I just talked to you about the largest economy in the world, the US economy. There's three hundred and fifty million people in America. Is amazing that the US is this bohemoth, This amazing economy on the planet is US, and we are just killing it with a very small population. It's just a great story of what freedom can do with all our problems and we have plenty of them. We still are beacon and a light on the hill. I talked about thirty million businesses. About within that, you know about three million black businesses. Three point one million black busines is within that group, but ninety cent of them don't have an employee. Hello, I'll do a separate podcast just on that. Operation Hope, through our partnership with Shopifies, Creating and others are creating one million black business initiatives creating black businesses. We've helped, nurtured support it created over four hundred thousand, as twelve percent of all black businesses in America. So I'm proud of that. But most of the companies don't have employees or self employment projects. And I've already mentioned that the credit score AVERAG credit score for African Americans is six to twenty, which means half of us wake up in the morning locked out of the free enterprise system. You can't get a decent car loan at six twenty. If you get a Mercedes, it's not a Mercedes's mercy these payments. You can't get a decent mortgage at six twenty. It needs to be about seven hundred. You definitely can't get a small business loan below seven hundred credit score because it's considered risky credit. You can't get unsecured credit lines of credit in the low six hundreds. You need a proper credit score if you have a seven hundred to an eight hundred credit score. Or the computer on balance that you're applying for just says yes, it is killer. What color you are, where you live. It's like, yes, I want you to be my client. It just the computer just says yes, no, the color's green. Hello. So go to operation and get a whole financial coach. It's free sixteen trillion dollars. The whole economy is only twenty three trillion. Racism against blacks alone corridor, a City Group report, costs the US economy sixteen trillion dollars. And if we just knocking off, we stop it, the US economy would surge a trillion dollars a year. That's a big bump. So here's an egg I'm going to break now going the other direction of how we shoot ourselves in the foot. In the black community, you have this twenty three trillion dollar economy, this rocket ship. African Americans call it. Forty million black people, give or take trying to be three thousand rappers and three thousand football and basketball players. And I mean, it's just the numbers don't work. Yes, we're brilliant, we're talented, but I can't scale an entertainment icon. I can't scale a sports icon. I can't scale Lebron, I can't scale Magic Johnson. I can't scale Ti and Killer Mike and all these people, Chris Tucker. I can't scale these are iconic Oprah, these are individuals, and maybe they employee twenty thirty forty people. Maybe how do you get forty million people into the economy. Here's what we've done. We've micro focused on things like entertainment and sports. All good, I'm not telling you not to do it, but here are the numbers. I like to quote melody hops and I like math because it doesn't have an opinion. Here's the math of the matter. And here's why I keep telling you. I want you to have a backup plan to your dreams, and I need your backup plan to be your primary plan. Okay, twenty three trillion, I've said this enough to drive it into your brain. Twenty three trillion dollars US economy. What part of that you think is music not black music, country, blues, rock and roll, R and B. You know, all genres of music, all of them, everything, everything rolled up together of a twenty three trillion dollar economy. I want you to tell me he would talk about this all day, all night. Everybody I know, not everybody. All the young people I know, lots of them wants to be rappers, singers, whatever they want to be in. They want to be rocking the mic. They want to they want to you know, they want to be a star. Okay, you're a smart person. What part of that which you guess is the US part of the US economy twenty three trillion dollars. I'll wait, think about it now. There's no there's no shame, there's no embarrassment here, right you ready about sixteen billion dollars. Sixteen billion dollars is zero point zero seven percent, So one percent would be one point zero zero, just to give you a hits, right, ten percent would be one zero dot zero zero. The music business, all genres, all music, white, black, let they know, Asian, everything, zero point zero seven percent. And then they say, well, the impact of the music business has this knock on effect of ten x ten times because of all the industries that feed off the music business. So it's one hundred and sixty billion. Okay, that number is not large. So that's the music business. The entertainment business is also about one hundred and sixty billion dollars. Right. Another business that is is at that same range is professional sports. Now this is not just football, basketball, baseball, soccer. The ones you watch all levels of professional sports together combined is you know, one hundred and sixty billion dollars a year. That's zero point seven zero percent. Again one percent would be one point zero zero. This is less than the So you have everybody, I know, all young people try to push all their dreams into something that's a micro bicro micro fraction of the annual US economy. So where is all the money? And by the way, and even in those areas, who's getting the money? It's lawyers, you know, accountants, business managers. Oh okay, I'm glad. Uh we said that rental companies. I'm gonna get the if if you're gonna be in the entertainment business, rent lenses, yes, I said, lenses like the when you go to a video shoot. They don't buy all that equipment they rented there are cameras that are worth two hundred thousand dollars, seventy thousand dollars, fifty thousand dollars, there are lenses worth seventy thousand dollars. Anyway, these are very precise, uh you know, all the way down to five ten thousand dollars. Just rent those things because those companies buy rent those on a regular basis. All these companies doing shoots of videos and movies and whatever and TV shows. They most of those companies, and they shore a big studio. They rent that equipment, they rent that gear. I want to be in the rental business. I want to rent the mic, rent the video cameras that I own to these companies. That's a business of being right, rent the think about everything on a movie set. Yeah, be in that business. Being a support the catering businesses, the trailer ownership in rental businesses, the trailer truck pulling business. I mean, think about it now, the engineers, all the business that support the entertainment and sports sectors. I don't want to rock a mic on the stage. I want to own the dang on stage. Can I get a named man? So let's look at a group that actually has done this in reverse. So you have forty million people trying to get in. These three thousand jobs are going to turn over it three to five years. By by the way, seventy percent of all those in NFL bankrupt five years after retirement. Seventy percent give or take, of those in the NBA, the numbers are about the same. Bankrupt are running the financial difficulties five years after retirement. Don't trust me, look up the numbers yourself. And I'm not hating on these roads. I love that we are we have these jobs. But once you are a professional athlete, are a rapper, and that that runs out, and you don't have a degree in the things that drive to you as economy, what do you do for the rest of your life. You're an athlete from twenty twenty to age twenty three, we hope you live to one hundred at least to seventy or eighty. What do you do for the other the other forty to fifty years? Be a postman if you want to work at Starbucks. If you want to, I mean, what do you qualify for? You need a degree in something that has you know, technical skills tied to it. That's not easy to replace that gives you a middle class or a middle class lifestyle when the party is over, of the exciting thing that you want to grab a hold of in the here and now. Because anyway, enough on that, I've been obsessing about that. Let me back up for a minute and give a wider lens. So if you have forty million people black people trying to do these micro jobs that don't last very long, then what's a group that has the opposite of that. Well, you have my Jewish brothers and sisters, seven and a half million of them in America who are in these broad based professions and industries. Entertainment, yes, but they're typically the back room of the entertainment, finance, banking, real estate, medical, creative spaces. So let me tell you what's driving the economy, right, And my Asian brothers and sisters, Indians trying to be a lot of them are engineers in the technical spaces. Okay, So in the vast portion of mainstream whites who are middle class or more in the category I'm about to tell you about. So the big buckets of American economy healthcare ten percent of the US economy or more. If you want to talk about health care, wellness, medical broadly based. Then that's probably a third of the US economy. Finance and banking, real estate I just gave you. And if you say the professionals services area like accountants and lawyers and bankers and financiers and engineers and business managers, hello, all those professional expertise groups, computer technicians, etc. That's the vast majority of the economy. Real estate, banking, finance, and healthcare and professional services represent seventy percent seven d percent of the entire economy. And people say, oh, man, that's boring. Is broke boring, because that's what you'll be if you don't understand what you see. And then you have other groups that are larger than entertainment in sports, but are smaller than professional services banking, real estate, finance, and healthcare. And they include goods producing industries like agriculture, manufacturing, mining, and construction, amongst others. So we're demystifying the economy here, we're unpacking this. I'm telling you how the economy works and who and what is driving the economy. I'm telling you how you can participate in it and where you should look. By the way, the biggest industry in the world real estate. So if you want to build generational wealth, there are two industries sectors that have never gone down in the history of America. Real estate in the stock market. Now, somebody's gonna say, John, I got you Now. Stock market crashed in nineteen twenty nine, and market crashed again this time and that time, and the market was down even after the pandemic. John, real estate crashed in two thousand and eight. What rock were you under? And what do you know? This is now? We got you, John, This is wrong. Hey, real estate goes up, there's a market correction, recession, even dips, stabilizes, corrects above the line. Get that market. Real estate goes up, and the stock market goes up. Market correction, recession maybe to recede. That's what a recession means for an economy to received to go backwards. Market goes up, recedes, recession, balances out, catches itself, catches its breath, and then corrects above the line on its rebound. And when it corrects above that line, that's when people go from doing well to doing incredibly well. That's where wealth comes from. You build wealth in your sleep. You have to own equities. You've got to own stocks, bonds, business ownership, real estate. You got to own something that is tangible, and real income is during the day. You build wealth in your sleep. You make your money during the day. You make your money work for you at night. Okay, I think I've done a good job of summarizing the overall economy. You'll tell me if I didn't. Here are the largest economies in the world. I'm gonna run through them. So America is the sole superpower in the world. There's never been a superpower in the world that wasn't at the same time the leading economic power in the world. So, Spain was a superpower. France was a superpower. Germany was a superpower. Hello, Argentina was a superpower. Latin America giving it its props. I'm doing this by memory. And at the same time they were the political superpower, the UK Britain was a superpower. People were started trying to correct me. Now you missed this one, John, I'm doing this for memory. How about you. How's your memory? All this whole podcast is basically my memory. I'm just telling you what tell you what I know. But when their economy tripped up, they tripped up. Okay, and America is now the sole superpower in the world. We're also the leading economy in the world, and so we got to keep this party going. And the only way you do that is with all of us. Are put another way, my poor friends do better if only to stay rich. Even a racist needs a black man to succeed so that he prospers or she prospers. Because when the economy grows, all boats rise. When GDP gross domestic product increases. Here are the largs economies in the world ready, and I already mentioned this was number one. Hello, the United States, two, China three, Germany for Japan, they keep changing places. By the way, Germany and Japan they're in the four trillion dollar club above that is big jumps China at seventeen trillion, America at twenty three to twenty six trillion, depending on which numbers you look at, India three point seven trillion, United Kingdom Britain three point three trillion, France three trillion, Italy two point one trillion, Brazil two point one trillion. America's in Latin America. I think I've hit every continent here in the top ten. Canada two point one tree, in Russia one point eight tree. Remember I told you Russia was a rounding era America's twenty plus trade in Russia's one point eight trade and hello, they just make a lot of noise through threats and terrorism and barbarism. There are four troublemakers in the world. Leading troublemakers Russia with all due respect, China, Iran and North Korea. And I'll give China's props if it's just. If China would just simply give us people freedom and stop cheating a capitalism, I might like and start saying nice things about them to stop trying to undermine America. But through disinformation and cheating at the game of success. We don't mind a fair fight, but you can't win. I'm convinced that what can beat America in a fair fight you got to cheat. So they're trying to undermine America because we are only better together. Another podcast for another time. But God blessed the success of the Chinese people, who I want to be successful. The twelfth largest economy in the world. You'll be surprised to hear this. Mexico right behind Russia one point eight trillion, South Korea one point seven trillion, Australia one point six trillion, Spain one point five trillion, Indonesia one point four trillion, Turkey one point one trillion, Saudi Arabia one point one trillion. Thought that were larger, didn't You thought Saudi Arabia was larger than that. I was in Saudi Arabia when it was eight hundred billion. They've jumped a few steps to the Netherlands one trillion. Now we're jumping into the billions now. Switzerland nine hundred billion, Poland this position twenty one eight hundred and forty billion, Taiwan seven hundred and fifty billion, Belgium six hundred and twenty seven billion, Argentina this was the largest economy in the world at one point six hundred and twenty billion. They've got all kind of problems now they're working through them. Sweden five hundred and ninety billion, Ireland five eighty nine billion, Norway love that place. My friend Crown Prince Hocken helps to run that place. The future King five hundred and fifty billion, Austria five hundred and twenty six billion, Israel five hundred and twenty one billion, Thailand five hundred and twelve billion. And by the way, that Israel, there's only like fifteen million Jews in the world. It's amazing what they've done. Seven and a half million Jews outside the US and and a half millions Jews here. Don't hate on their success. Follow their business plan for creating business and economic growth. I have go so far as to say, I think black folks need a Black Jewish business plan with regard to getting you know, how do you come up when you're an oppressed people? I think it's a good template. By the way, half of the whites who supported Doctor King and the civil rights movement were Jewish. Hello, in the ego it goes from there. You know, number thirty Thailand five hundred billion. Now when you get down into the mid four hundred billions, Vietnam forty and thirty three billion, Philippines forty to thirty five billion. Guess what country is at that same level? John, did you just mention these are countries? Yes? I did, good catch. It's a city. It's Atlanta, the metro area of Atlanta. The seven counties represent four hundred plus billion dollars in annual revenue. The moral capital of America and a place where we've proven the diversity works for everybody. Inclusive capitalism for everybody. The tenth largest economy in the US, if it was a nation, will be the largest economy in the world. And out in with what is the GDP for black people? What is African American GDP? You know what is our economic spending power for last year? The one point six trillion dollars was the GDP. If we were a nation of one point six trillion dollars, so we'd be almost larger than Russia. Unfortunately, the black dollar doesn't circulate in the black community. Unfortunately, ninety percent plus of what we make we spend on consumption. Unfortunately, we only owned only forty five percent of us own a home, and the easiest way to build wealth is home ownership. Unfortunately, ninety six percent of us our black businesses don't have an employees I mentioned earlier. So you see, we're not dumb and we're not stupid. We're brilliant. When the rules of published and the playing fielders level, we kill it. Professional sports, athletes, entertainment, public office. With the rules of published and the playing fielders level, we absolutely succeed. But because the Freedman's Bank was created after the Civil War by Abraham Lincoln and ran by Frederick Douglass, a free slave who became a brilliant businessman who owned six million dollars with the real estate in Baltimore, Maryland during the Civil War period and rented it out to working class blacks. By the way, the same business that I'm in with one of my companies, the Promised Homes Company, affordable single family rental homes. I sold the company by still am a shareholder in it. That's the business of Frederick Dulles was in. And that bank, the Freeman's Bank chartered marched the eighteen sixty five to quote teach free slaves about money. That bank failed after Lincoln was assassinated a month after he signed it in the law. And blacks would never talk about the free enterprise system. We're not dumb and we're not stupid. Is what we don't know. That we don't know, but we think we know because no one ever gave us the memo. That's my fourth book I think on how the free enterprise system and capitalism works. That's why I say that financial literacy is a civil rights issue of this generation. And we've got to move from protesting in the streets to cutting business deals in the business suites. The new color is not a white, black, red, brown, or yellow. It's green. Hello, all right, I've talked enough for one day. This is the Ministry of Hope, the Ministry of Finance. This is the Silver or Rights Movement. This is the third Reconstruction. This is how we all come up. This is my weekly pulpit for all of us. This is me trying to unpack how things work. This is me and hacking the overall economy. If I miss something, you want me to focus on and just tell me what it is and I will break it down for you. By the way, I got one number wrong. The entertainment industry is about one trillion dollars a year in annual GDP. About four point four percent of all GDP professional sports was I got this right, point zero or zero point seven zero percent. That was one hundred and sixty billion. And music, all genres of music was zero point zero seven percent. That's about sixteen billion with a knock on effect. If you will, of all the if you want to say of how it's healthy for all the other businesses that support music, really liberal about it. You can say it's one hundred billion plus, but it's still a small number, but entertainment which is really tourism, and there's a lot of hospitalities, a lot of things in that number, not just rocking the mic. Entertainment in quotation marks is the largest of the industries we actually obsess on for but it's still four percent of GDP for the nation. So be an engineer. You'll never go broke. Get in real estate unless your brain dead or not paid attention. You can't help, but do well. It'll go up by itself over time. Buy it, rehabit, rent it, or live in it, don't sell it, and things should work out for you. So on a little bit of bonds and stocks, and have an insurance policy for you and your family. You know, I mean there's some basic stuff if you have an insurance policy. By the way, as get insurance policy twenty thirty forty years of age. When you get you know, when you get married or stay out in life, you know when you pass. Get it for a million dollars. You can get one pretty easily at a young age. Won't cost you much. And when you kick and we don't know how long we're going to live, we all know we're going to die. When you kick and have a will that becomes something you can pass the proceeds, pass on to your heirs, your children, your spouse and give them some generational wealth on the way out the door. I hope this is helpful. This is just O'Bryant money and wealth. Let's go change the world. Hey aa, this is money and Wealth with John O'Briant on the Black Effect Podcast Network. At iHeart this is a fan question. This is from A H. S A N M I T C H E L L underscore at Instagram A son Michael. I believe I'm saying that properly from Instagram. What is an intellectual properties financial relevancy in creating wealth? A great question. I would go one step further and say it was an intellectual property rights financial relevancy in creating wealth? Or just what's his an intellectual property rights value? Well, if you want to find the value of a Stevie Wonder, then look at his intellectual property rights, his music, his brand, his image, his likeness. What is the value of doctor King today his intellectual property rights, his his speeches, his recordings, his image. What's an intellectual property rights of my brother Charlemagne, the founder of the Black Effect Network? Same his radio program, the Breakfast Club, and all the other stuff that he does. What's an intellectual property right of Michael Jackson or whoever your favorite artist is. But also, intellectual property rights are not just creative. You have an intellectual property that's well, a brand, it's intangibly tangible. Coca Cola is an intellectual property, the brand of Coca Cola. They've created value in the name. I think I've created an intellectual property value in the things that I've been associated with. I'm gonna make this really simple. Uh, if you want to find a growing economy, economy is really really doing well, you'll find a lot of patents. All a patent is is a monetized idea. A monetized idea is an intellectual property. It's it's a thought, it's an idea, it's a creative that's been structured and been then codified in protections. In this particular case, a patent. You also have copyrights. You can have all kinds of ways of protecting n f T s or you can you can you know, you can have digital kind of digital and other ways of protecting intellectual properties. Uh. But the easiest way to describe understand this is the biggest economies in the world have the most patents, and the smallest, most destitute places in the world have almost no patents because they're they're war torn and people are not don't have the in order to be creative and to have the kind of environment where you create things and you then monetize things, well, you need a legal structure, you need a government, you need fair play, you need laws, you need the rule of law, and you need peace of mind. Well that doesn't work very well in places of a warrant tory, and that does it. So I hope I explained in a thumbnail what an intellectual property is and how it creates and can create financial relevancy and is a form of wealth creation. At some point, A mutual fund, before it was a mutual fund, was an intellectual property. A car before it was a car was an intellectual property. A collection of those which are patents in other rights that came together to manufacture that car. The axle, the wheel, the tire, all those were inventors that created those things and put them together ultimately through a manufacturer and a car designer who has intellectual property rights, who then created this car which ultimately becomes a physical asset or liability, but a physical thing right, a real piece of property, real property. They call it something you can touch, which you know, but it started with an intellectual property. Most great things started with intellectual property. Music is as old as the world itself, is amazing, maybe the original language. Those are intellectual in my opinion, intellectual properties. Okay, I can go on and on about this, but tired to hear myself talk, and so are you. So there we go. Hope this has been helpful and thank you for the fan question from Asan Michelle at Instagram. John O'Brien this is money and Wealth. I'm out. Money and Wealth with John O'Brien is a production of the Black Effect podcast Network. For more podcasts from the Black Effect Podcast Network, visit the iHeartRadio app, Apple Podcasts, or wherever you listen to your favorite shows. The