Two-time Emmy and Three-time NAACP Image Award-winning, television Executive Producer Rushion McDonald interviewed Dr. George C. Fraser.

Chairman & CEO of FraserNet, Inc.

Purpose of the Interview

The interview aimed to:

• Promote financial literacy, wealth-building strategies, and entrepreneurial thinking within the Black community.
• Share actionable steps for creating generational wealth and economic empowerment.
• Highlight FraserNet’s mission to foster networking, education, and business development for people of African descent.

Key Takeaways

1. Knowledge & Execution Are Critical

   • “My people perish for lack of knowledge”—Dr. Fraser emphasizes that progress requires knowledge and execution, not just protest.
   • Rejecting knowledge leads to stagnation; skill-building and financial education are essential.

2. Entrepreneurial Thinking vs. Entrepreneurship

   • Focus on taking ownership and responsibility for your life.
   • Entrepreneurial thinking can evolve into entrepreneurship, creating jobs and wealth for the community.

3. Black Economic Empowerment

   • By the end of the 21st century, Black people must become the #1 employer of Black people, mirroring other ethnic groups.
   • This requires sacrifice, planning, and multiple income streams.

4. Practical Wealth-Building Steps

   • Open a high-interest savings account and start with $100.
   • Buy stocks in companies you use (Nike, McDonald’s, Home Depot).
   • Open or maximize 401(k), IRA, or Roth IRA contributions.
   • Improve credit score by 20 points every six months until above 700.
   • Pay $50 above minimum payments on credit cards and loans to reduce payoff time.
   • Research term vs. whole life insurance—insurance is key for wealth transfer.
   • Start a 529 college plan or Roth IRA for children.
   • Gift U.S. Treasury bonds or indexed universal life policies for grandchildren.

5. Generational Wealth & Insurance

   • 60% of wealth transfer occurs through proper insurance planning.
   • Example: Indexed universal life policies can yield millions tax-free for future generations.

6. Seven Streams of Income

   • Earned income (jobs), Profit income (buying/selling), Interest income, Dividend income, Rental income, Capital gains, Royalty income.
   • Goal: Add a new income stream every year.

7. Mindset Shift

   • “The rich stay rich by pretending to be poor; the poor stay poor by pretending to be rich.”
   • Focus on winning, not looking like you’re winning.

8. Giving Wealth

   • Support Black-owned businesses, restaurants, salons, authors.
   • Volunteer, tithe, and donate to HBCUs.
   • Encourage and uplift Black men, women, and children.

Notable Quotes

• “We are suffering because we cannot see our problems clearly.”
• “Execution, execution, execution—protest without execution is meaningless.”
• “To be gifted, Black, and beautiful means nothing unless you are Black and powerful.”
• “Don’t quit your job until your side income covers twice your monthly expenses.”
• “White folks plan for three generations; we plan for Saturday night.”
• “Money attracts money—start with $100 in a savings account.”
• “There should not be a Negro in America with a single stream of income.”

#SHMS #STRAW #BEST