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Ash Cash On The Most Common Financial Mistakes Black People Make | SWAY’S UNIVERSE
Oct 3, 2021
Ash Cash with financial tips on Sway In The Morning.
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Ash Cash On The Most Common Financial Mistakes Black People Make
Sway’s Universe
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0:00
giving so much credit to tangible
0:02
rewards that WE'RE NOT HAVING FAITH IN
0:05
WHAT WE'RE SUPPOSED TO BE.
0:08
AH.
0:09
That's our brother.
0:12
That's a clip from the Ask Ash Cash
0:15
Show. Every Monday through Friday, 8:00
0:18
a.m. to 9:00 a.m. Eastern on IG Live and
0:22
Ash Cash TV.com.
0:26
The author of the new book from the
0:28
block to the bank,
0:30
how to make the most of your
0:31
circumstance
0:33
to maximize your full potential.
0:36
This is Ash Cash, one of the nation's
0:38
top financial educators. I say it every
0:41
time because I need you to remember
0:44
this.
0:45
The financial motivator has another
0:48
book.
0:49
The portions of this book, portions of
0:51
the proceeds will be donated to a Mind
0:54
Right Money Right Philanthropic
0:57
Partnership.
0:59
Ash Cash is back, citizens. I'm opening
1:03
up the phone lines. If you got $2,000 in
1:07
your savings account and you don't know
1:09
how to make it turn into something a
1:11
bigger number, call up. If you don't
1:14
know how to budget the money that you
1:16
have that based on your income, call up.
1:20
If you've been successful with the money
1:22
that you do have and looking for other
1:24
revenue streams, a way to make your
1:26
money work for you, call up. If you're
1:28
just simply broke and need some
1:30
motivation on how to get to the cash,
1:33
888-742-334-5334-5,
1:38
Ash Cash is back.
1:40
ASH CASH, WHAT UP?
1:41
PEACE.
1:42
WOAH, WOAH, WOAH, WOAH, WOAH.
1:43
Peace and blessings, family. I
1:44
appreciate you.
1:46
I got it.
1:47
for having me. I appreciate you.
1:49
They talk about being a millionaire.
1:52
They might even dress the part.
1:55
They might even take a picture like they
1:57
got the million.
1:58
But they don't walk the way a
2:00
millionaire walks.
2:02
Facts.
2:03
Talk about that.
2:04
Facts.
2:05
Yeah, I think I think people got it
2:07
backwards, you know, I think a lot of
2:08
times people believe that if they just
2:12
think about what they what they want
2:13
that they'll they'll become that person
2:16
you know, once once that the actual
2:18
money gets there.
2:20
But but what we got to realize is that
2:22
you have to become whatever it is,
2:24
whether it's a millionaire, whether you
2:26
want a promotion at your job, whether
2:28
you want to be
2:30
whatever you want whatever you want to
2:32
be stop looking at the future to be it
2:35
and start creating the habits now that
2:38
will eventually bring you closer to that
2:40
thing and so you know, we specifically
2:42
said a million dollars, right? So that
2:44
the same things or the same person that
2:47
you are
2:48
running a five-figure business, a
2:50
six-figure business, you have to be
2:53
someone different in order to run a
2:55
seven-figure business or become a
2:58
millionaire and so find out what what
3:01
are those things, right? Like how does a
3:03
millionaire move, how do they talk, who
3:05
are their team, what you know, what what
3:07
do they eat even, right? You know, what
3:10
are their daily habits and when you
3:11
start to create those daily habits, then
3:14
you'll start to realize that the
3:16
opportunities start to open up for you
3:18
to not only attract from a law of
3:20
attraction perspective, but just from a
3:22
practical perspective, you'll start to
3:24
to to realize that your income starts to
3:26
increase, the opportunities start to
3:28
increase, people start taking you more
3:30
seriously. You just got to start to
3:32
become and so I suggest anybody who has
3:35
any dream or aspiration to do anything
3:38
in life, you need to start walking,
3:40
talking, becoming that thing right now
3:43
at this moment and then you'll you'll
3:45
notice that that it'll become more
3:47
tangible for you to live that life.
3:49
Ash Cash, ladies and gentlemen. When you
3:52
look at some of our
3:54
especially, you know, when you look at
3:56
the younger generation right now,
3:59
or any generation, let's just say um
4:03
And you know, we you can't really tell
4:05
where reality is by checking social
4:07
media, but you somebody who actually
4:08
sits and consults with folks, people
4:11
contract you to help, you know, look
4:13
over their finances, the the financial
4:16
portfolio, the whole nine. What are some
4:18
of the common mistakes you see us making
4:21
with money?
4:22
Uh from our community.
4:24
a great question. Yeah, that's a great
4:25
question. I think I think I think number
4:27
one,
4:28
um you know, we're not investing fast
4:31
enough.
4:32
Um you know, I think that that number
4:34
one, a lot of us are focused on making
4:37
money.
4:38
Um and because, you know, a lot of us
4:41
might be living paycheck to paycheck, a
4:43
lot of us probably trying to figure
4:44
things out, that we don't start to
4:46
invest immediately. We wait. We say,
4:48
"You know what? You know, I got all this
4:50
debt, so I'm going to pay off this debt
4:51
first." Or, "You know, my bills are too
4:53
high, so let me make sure I get a handle
4:55
on these bills. Let me get some more
4:56
money." Whatever the case may be. And
4:58
so, we never start that investing. Um
5:00
and what happens is that we're losing
5:01
money by not investing because, um you
5:04
know, we're we're we're perpetuating the
5:05
cycle
5:06
of working hard for money. Um and and
5:09
the the truth of the matter, in order to
5:10
be financially free, in order to have
5:12
real wealth, uh you have to invest. And
5:15
so, regardless of how much, even, right?
5:18
Like, if you could only invest $10 a
5:20
month, then start to invest $10 a month
5:22
because that $10 will now potentially
5:25
grow to 100. And and and the longer you
5:28
keep it in, the more opportunity you
5:31
have your money to grow. Um and then you
5:33
don't have to work that as hard. Um and
5:35
so, I think that's the biggest mistake
5:36
that we make. We, you know, we're we're
5:37
we're working hard, we make our money,
5:40
and we're using our money to buy things
5:42
instead of using our money uh to invest
5:45
in assets and let the assets, you know,
5:47
pay us and that way we could, you know,
5:50
buy things with our assets and not with
5:52
our actual physical work.
5:54
Ash Cash, the new book from The Block to
5:56
the Bank, How to Make the Most of Your
5:58
Circumstance to Maximize Your Full
6:00
Potential is out now. Ash B.
6:04
Yo.
6:06
Have a question for Ash Cash. Ash,
6:08
what's up? It's Heather. How you doing?
6:09
Thank you for joining us on this
6:11
Thursday. We appreciate you so much. You
6:14
too, man. Thanks. So, for a lot of
6:16
folks, like we've been blessed. I I I I
6:19
definitely recognize that. I give God
6:21
thanks and praise every day to be able
6:23
to be in an industry like this for over
6:25
30 30 years. You know what that means?
6:27
So, what you're saying to me or to
6:29
somebody like Sway or some folks, it
6:31
doesn't sound foreign at all. Like we
6:33
get it. But for the person right now who
6:35
may be listening to you and can say,
6:37
"Yo, all right. I I hear what you're
6:39
saying. I know what you're saying, but I
6:42
got $500. I got $500. I want to invest.
6:46
Where do I start first?" Like can you
6:48
break this down to the person with the,
6:50
you know, everyday average whatever
6:52
whatever, got $500 and don't want to
6:55
feel like you're just speaking a foreign
6:56
language right now.
6:58
Yeah, and so I you know, and I'm glad
7:00
you asked that because I think that
7:02
that's the number one question I get,
7:04
which is a big mistake in my in in our
7:06
community, right? The biggest mistake
7:08
is, "Hey yo, I got $500. Where can I put
7:09
this?"
7:10
Um
7:12
what I what I teach and what I think
7:14
everybody should get into is the habit
7:16
of savings. I need you to get in the
7:18
habit of investing. So, even if you have
7:20
$500 right now, I would I wouldn't tell
7:23
you to invest that. I'll tell you keep
7:25
that in your savings account, you know,
7:26
continue to to you know, you know, to
7:28
build a financial freedom fund so that
7:30
if there's any emergencies, you can you
7:32
can you can handle that. But from an
7:34
investing if investment perspective, uh
7:36
there's a couple of things that that I
7:37
need you to do, right? I need you to
7:39
create that habit. So, number one, uh it
7:41
could be a app like Acorn, right? Acorns
7:45
um allows you to um you know, attach
7:48
your debit card. Every time you make a a
7:50
a payment or you buy something, uh it
7:53
rounds up your money to the nearest
7:55
dollar. Um and then it it it uh
7:58
passively invests it for you, right? So,
8:00
let's say you buy a cup of coffee for
8:02
$2.50,
8:04
uh it's you know,
8:05
Takes out the 50.
8:06
Acorns is going to round it to $3 and
8:07
that 50 cents is going to you know, is
8:10
going to go towards your investing and
8:12
in that way, you're passively investing.
8:14
Um if you work a 9-5 and you have a
8:17
401k, uh which is a retirement account,
8:19
if your employer uh is offering you a
8:23
match, make sure you're taking advantage
8:24
of that. So, every time, you know, you
8:26
invest money into that 401k, which comes
8:29
before you even see the money, um
8:31
they're going to they're going to
8:31
provide you with a match, I would say
8:34
take advantage of that. Uh if you are
8:36
entrepreneur or if you don't have access
8:38
to a 401k, I would say open up a
8:40
brokerage account. Uh you got Robinhood,
8:43
you got TD Ameritrade, uh you got
8:45
Charles Schwab, you got all these
8:47
different um you know, folks that offer
8:50
uh brokerage accounts and even, you
8:52
know, a lot of them have zero uh
8:54
commission to to to buy stocks, bonds,
8:57
mutual funds, things of that nature. Uh
8:59
I would open one and it it it's a
9:00
minimum amount. You don't you don't need
9:03
$500, you know, some of them you need
9:05
$5, some of them you need $100. Do your
9:08
research so you can you know which which
9:09
one is the right one for you to do. Um
9:12
and I would say start
9:14
with an index fund or ETF. So, most
9:16
people are like, "Nah, I like Apples.
9:18
I'm going to get an Apple stock. I'm
9:19
going to get I like Amazon. I'm going to
9:21
get Amazon. I'm going to bet on these
9:23
individual companies." That's good if
9:26
you are researching the market, you're
9:28
understanding what's happening with
9:29
these companies, then that's a good good
9:31
way to go. But, I would personally say
9:34
uh to start with an index fund and what
9:36
an index fund is, um it is it is a a
9:39
fund that is investing in more than one
9:42
company. And so let's say the S&P 500.
9:45
S&P 500 is 500 of the top companies in
9:49
the US. And so when you when you have
9:51
when you invest in sort of like a index
9:54
fund or ETF electronic trade fund, it
9:57
diversifies your money and then you as
9:59
you're investing a weekly or monthly,
10:02
you do what's called dollar cost average
10:04
and you lower your risk. You lower the
10:06
risk of you losing money because your
10:09
your money is diversified and that's
10:11
what I would tell somebody to do so that
10:13
way they get into the habit of saving,
10:15
they get into the habit of investing and
10:17
eventually they'll watch their money
10:19
grow.
10:20
Ash Cash is here. Come on, you hear this
10:22
game.
10:23
Something I thought of you
10:25
and I took a
10:27
a
10:27
photocopy of this
10:29
post I saw and citizens, hear this out.
10:31
This was about a two weeks a week and a
10:33
half ago.
10:35
The US stock market
10:37
is was up 35% this year.
10:41
That that was at maybe a week and a half
10:43
two weeks ago when I took this. The
10:44
housing market is up 15%.
10:48
At that time, Bitcoin was up 340%.
10:53
Meanwhile, your bank account is up to
10:56
.0100%.
11:00
This is why you can't just save money,
11:03
you need to invest it.
11:05
Absolutely.
11:06
It's right there. The numbers right?
11:09
And
11:10
Sway, you know it's a great point you
11:12
bring that up because
11:14
you know we talk about our community,
11:15
right? I think that's the other thing is
11:16
that we like we hold on to old news,
11:18
right?
11:19
Mhm.
11:19
Because I know when I was coming up they
11:21
like listen, you know get a good job,
11:24
put your money in the bank, it's safe,
11:26
it's FDIC insured, you'll get good good
11:28
interest.
11:29
You literally today if you keep your
11:32
money in a savings account, you are
11:33
literally losing money. You're throwing
11:36
money away because guess what the bank
11:37
is doing? The bank is using that same
11:40
money
11:41
and they're investing your money.
11:43
They're lending your money out and
11:44
they're making big returns while they're
11:46
paying you nothing on it. So, I'm glad
11:48
you brought that up.
11:48
Yeah. They're taking your money and
11:50
buying Bitcoin.
11:55
They're creating their own coins.
11:57
Um
11:58
Why
11:59
Why you sit there and your money
12:01
dwindles. You put $10 in and find out
12:04
scratch it out find out you got $9 when
12:06
you go, "Well, why didn't they even TAKE
12:07
NO MONEY OUT?" YOU KNOW.
12:11
THANK YOU FOR putting your money in our
12:13
bank.
12:14
Um let's go to the phone lines. A lot of
12:17
folks,
12:18
please quick question and then ask if
12:20
you can quick answer, but we'll tell
12:21
them to get your book if they want to
12:22
learn more, okay?
12:24
You see what we did right there.
12:26
Ashanti's on the line from the A. What
12:28
up, Ashanti? Ground risers.
12:29
Hey.
12:31
Hi. Good day, slave of the day. How does
12:33
the day oscillate
12:34
Good day.
12:36
So, I have a question. I'm an
12:38
entrepreneur. Um opportunities have
12:40
never been an issue um due to, you know,
12:44
just networking and being able to have
12:46
that. But now the problem becomes being
12:48
able to have a team or build a team to
12:51
bring that to the next fruition to
12:53
really close that circle so that the
12:54
revenue can come from these
12:56
opportunities. And my question is, how
12:58
do you build a working team? Um not just
13:01
a networking team that can really help
13:03
build your vision so that you can all
13:06
essentially get the most out of the
13:07
opportunities that are coming your way.
13:10
I love that question because like as we
13:12
said as we stated earlier, you know,
13:14
what what gets you to a six-figure
13:15
business is not going to get you that to
13:17
that seven-figure business. So, I So, I
13:19
say first, um you know, start off by
13:22
finding people
13:23
um who, you know, the the type of skill
13:26
sets that that's necessary, um start
13:28
them off on a contract basis, right? So,
13:30
work-for-hire type of basis, uh where
13:32
like if you need a graphic designer,
13:34
whatever whatever you're you're looking
13:36
for, if you need somebody to plan
13:37
events, if you need someone to do PR,
13:39
really start them off um with a small
13:42
project here and there just to kind of
13:44
see their work ethic, their habits,
13:46
things of that nature. Um and as you
13:47
start building that relationship with
13:49
them, uh you'll know who you can give
13:51
more work to, who you can expand to,
13:53
who's going to be the leader to manage
13:56
the other people within that group that
13:57
you need. Um you know, this is your
13:59
business, this is your baby, this is
14:01
something that uh you worked hard for.
14:03
Um and so, regardless of, you know, you
14:05
don't want to start off just giving
14:07
somebody the keys to your house. Maybe,
14:08
you know, uh you know, test them out a
14:10
little bit, see what they do on some of
14:11
the smaller projects, and then increase,
14:14
you know, the the you know, what you
14:15
give them uh periodically, so that way
14:18
eventually you get to know, you know,
14:20
know them, like them, trust them, um and
14:22
then that's that's how you build that
14:23
that long-term team.
14:25
Okay. Thank you.
14:26
Okay. Okay. All right, Shanti. Hey,
14:28
Shanti.
14:29
Yes.
14:29
Did
14:30
You know, Ask Cash has a new book.
14:33
Yes.
14:34
It's called From From the Block to the
14:35
Bank. Let's get it.
14:37
Block to the Bank. I'm definitely going
14:38
to cop that. Thank you, guys. Have a
14:40
good one, productive day.
14:41
You, too. Thank you. Citizen, citizen.
14:43
Sway in the morning, morning, morning.
14:46
We got author and big Art from Boston.
14:47
What up, Art? What it do, Art?
14:50
Yo, what's going on, people? Uh I
14:53
appreciate you guys taking the time to
14:54
hear me out. Um I had just had a
14:56
question for Ask Cash. Um
14:58
so, I'm trying to save up for my first
15:01
property.
15:02
Um I think I
15:04
my mom showed me a way to just like save
15:06
my money as far as saving up about 10
15:09
grand every like 6 months. So, I got She
15:13
just handed me 10, but I'm She was like,
15:16
"Throw it in a CD, you know what I
15:17
mean?" And I was just like, "All right,
15:19
cool." But I know there's better ways I
15:22
can
15:24
I can put that money to work. So, like I
15:26
just wanted your opinion on it. Like,
15:28
you know what I mean? Like, my my whole
15:30
plan was to throw it in a CD, save up
15:32
another 10, keep doing it for a few more
15:34
times, and then see if I can um cop a
15:37
home, but I just I if I can make that
15:41
money work for me, it would be a great
15:42
thing. It's just I don't really know
15:44
where to start.
15:46
Yeah, that's a great question. So, all
15:47
right. First First and foremost, that
15:49
first home needs to be a multi-family
15:51
home, so that way you could achieve rent
15:54
and mortgage freedom forever, right? And
15:56
so,
15:57
um look into that FHA loan uh to make
16:00
sure that you could put 3% down. And And
16:02
if you have the 10, depending on where
16:04
you looking, that might be a good amount
16:06
to start. So, I would start that process
16:08
of knowing what is it it's actually
16:10
going to take. Um as far as investing
16:12
that money, um I would be careful, to be
16:14
honest with you, because when you think
16:16
about investing, investing is more
16:18
uh you know, more so a a long-term
16:20
thing, right? And so, you know, you
16:22
know, uh Bitcoin and and and
16:24
cryptocurrency, it is a um you know,
16:27
it's volatile. So, I you know, I know
16:29
someone um you know, fast shout-out to
16:31
the OG Dr. George Fraser, you know, in
16:33
in 8 months put $10,000 in
16:36
cryptocurrency and was able to you know,
16:38
to make 200,000 in just 9 to 10 months,
16:41
right? But, that's somebody who is like,
16:44
all right, this is my only you know,
16:45
this is not my only $10,000. I'm you
16:48
know, I can lose this 10,000, so I'm
16:50
willing to I'm willing to risk it. Uh if
16:52
if this is money that you're you know
16:54
you're going to use uh in the next you
16:56
know, 12 you know, 12 to 24 months, uh I
16:59
wouldn't necessarily you know, put it in
17:01
like sort of like the markets or
17:02
anything like that, um only because
17:05
you're going to need access to it. And
17:06
so, I would look at some type of
17:08
short-term uh things like so maybe like
17:10
treasuries, you know, maybe something
17:12
that's that's in the markets, but more
17:14
but more liquid. Um do your research.
17:17
They're They're a little more safer
17:18
than, you know, actually like putting in
17:20
the market you could might could get
17:21
like 3 4% um, but I yeah, I would I
17:24
wouldn't uh, look into I wouldn't lock
17:26
it in into into a CD cuz again the CD is
17:29
not really going to pay you much, um,
17:31
but there might be some sort of like
17:32
treasury bonds or things that are a
17:34
little more liquid that are are like uh,
17:37
you know, a little more secure. There's
17:38
still a little bit of risk with it but
17:40
not not as much as putting it in like
17:42
the stock market or putting it into uh,
17:45
cryptocurrency.
17:47
All right, Arc.
17:48
Okay.
17:48
A- A- in Arc.
17:50
you guys.
17:51
All right, I got I got a great
17:52
investment. I I normally don't give my
17:54
investment secrets because in case it
17:55
didn't go well, I don't want you to
17:57
blame me, but if you want to take this
17:59
I- this investment secret I got, I'll
18:01
give it to you live on air.
18:04
Okay, perfect.
18:05
Okay.
18:06
All right, invest in this book from the
18:08
block to the bank, how to make the most
18:11
of your circumstances to maximize your
18:13
full potential. I I guarantee you get to
18:16
dividends on your return, brother, okay?
18:19
Okay, perfect perfect. The book's out
18:20
now?
18:21
Yes.
18:22
It's available now, yes, sir. Amazon and
18:25
uh, from the blocktobank.com.
18:27
Okay. Go get it. That's your first
18:29
investment today, man. You're citizen.
18:34
Nikki, what we doing? Nicole in North
18:36
Carolina, grand rising.
18:39
Grand rising. I'm so happy I got
18:41
through. I love y'all.
18:43
Love you too.
18:44
years old. I work check to check. I got
18:46
being broke down pat. I know I need the
18:49
book and I need help.
18:53
Okay, that's pretty good.
18:55
my money.
18:56
Like
18:56
very straight forward. This is what I
18:58
This is what I would say. I think I
18:59
think
19:00
first and foremost, um, I'm glad you
19:02
know, I'm glad that you're able to uh,
19:04
recognize where you are, uh, but going
19:07
forward I need you to only affirm where
19:09
you the to be. Right? And so, you know,
19:13
I I want you to start affirming, right?
19:15
Really decide, where is it that you want
19:17
to be? You know, you know, I am
19:18
financially free. I am a
19:20
multi-millionaire. You know, my you
19:22
know, I make my money work for me. Start
19:23
affirming some of these things. Number
19:25
one. Number two, uh I need you to create
19:27
a create a vision for yourself, right?
19:30
And whatever that vision is, I need you
19:32
to understand what what is it going to
19:34
take for you to reach that vision. And
19:35
so, if is the vision making more money?
19:38
Is the vision living in a better house?
19:40
Is the vision, you know, buying your
19:41
dream car? Whatever that vision is, I
19:43
need you to be able uh to to tangibly
19:45
write this vision down, and then start
19:48
to start to ask yourself, you know, what
19:50
are what are the the actions that you
19:52
need to take in order to to get to that
19:55
vision. And then, once you know those
19:57
actions, I need you to start start doing
19:59
those actions, and start being the
20:01
person that needs to do those actions
20:03
immediately. Because the truth of the
20:05
matter is that it's really about your
20:07
mindset. Um and then, once you expand
20:09
your mind to be able to see it, though,
20:11
right? Okay, great. Yes. You know, you
20:13
you are not your current circumstance,
20:15
right? You you you you might be living
20:16
paycheck to paycheck now, but what does
20:18
that ideal life look like? And I need
20:20
you to focus on that ideal life. I need
20:23
you to write it down, and I need you to
20:24
start becoming that ASAP.
20:27
Thank you so much. And what's the name
20:28
of your book? I want to write it down
20:30
right now.
20:32
Yep, it's called from the block to the
20:33
bank.
20:35
From the block to the bank. Yo, what's
20:38
the price point on your book?
20:40
And so, the the hard cover right now is
20:42
uh it's 40 principles, so the hard cover
20:44
is 40 uh $44. Uh but, I have the the
20:48
Kindle version, which is $9.99. Uh and I
20:51
have the paperback version, which is
20:52
$14.99.
20:54
Nicole, you could put Right, you do $44
20:58
and get that hard book,
21:00
you know, which I would probably
21:01
recommend, because I think once you buy
21:03
his book, it's going to be a change in
21:04
your life, in your financial life. And
21:07
then want to you want to commemorate
21:09
that what happened that hard book so you
21:10
could tell that story. I remember
21:12
talking with that Ash Cash and I and I
21:14
got this book right here and it helped
21:16
put me on that path. But rather it's $44
21:19
at $9, it's the best investment you can
21:22
make today.
21:24
Guarantee you that.
21:24
Thank you so much and I'm so honored to
21:27
speak to y'all. I love y'all.
21:29
Oh, love you, too.
21:30
The honor is
21:31
that I got through with this topic
21:32
today.
21:33
There you There you go. And the honor is
21:35
ours, Nicole. You a super citizen. You a
21:38
super
21:39
in the morning.
21:42
Every time I hear the name name Nicole
21:44
Ash, I think of the song Darling Nikki.
21:48
That horny Prince song?
21:52
He was horny singing about Nikki.
21:53
Ooh, let's let's queue that up. I think
21:55
we going to do that before the show end
21:57
today.
21:58
I want to hear some of that.
21:59
a girl named
22:04
Prince was horny with it.
22:05
Boy, oh boy, man. Wasn't he? Uh,
22:08
what do you think about people who go to
22:10
strip clubs and throw money at dancers?
22:11
I love that the dancers are getting
22:13
paid.
22:14
What are your thoughts on that, Ash
22:15
Cash?
22:16
Man, I think I think I think as long as
22:18
it's not the money that you worked hard
22:20
for, if it's money that you were able to
22:23
obtain through buying an asset, whatever
22:26
you do with your money to make you
22:27
happy, to make you feel fulfilled, uh
22:30
that's what you do. But if you work hard
22:32
and then once you work hard, you go and
22:34
you throwing your money away, I think
22:35
it's the worst thing that you could
22:36
possibly do. So, I look at it the same
22:38
way as anybody who is just working and
22:41
then throwing their money away to bills,
22:43
to whatever, you know, make sure that
22:45
money is being spent through uh an asset
22:48
that you own that's that's giving you
22:50
some passive income.
22:52
Okay, Francis and Marilyn, go ahead. You
22:54
got a question? Big Francis.
22:57
Hey, good morning. Grand rising to
22:58
Grand rising.
23:00
Peace, friends.
23:01
Hey Ash,
23:02
uh this is my question. My question is
23:03
in reference to uh
23:05
kids. I'm trying to determine if I'm
23:07
doing enough. I'm 55 years old. I have
23:09
an 11-year-old,
23:11
20-year-old, and a 21-year-old. The
23:13
11-year-old, he has a green light
23:15
savings account for
23:16
where we put money on when he does his
23:18
chores, but he also has a bank account
23:20
where we use that $10 principle that you
23:22
were talking about, and over about 4
23:24
years, it's over $1,000 in there. So,
23:28
he's and what's showing him is a
23:29
counselor. He understands that. And the
23:31
other two,
23:32
last year, I opened up
23:34
a
23:35
Roth IRA with a credit union with an
23:38
aggressive growth fund and started it
23:40
with $250, and they put $20 in there per
23:43
month. Even though they're both in
23:45
college, I wanted to start teaching them
23:47
the principle
23:48
of saving and saving towards retirement
23:51
before they start working. And the
23:53
financial advisor works with them
23:54
through that program, but I'm wondering,
23:56
is there anything more that I could be
23:57
doing?
23:59
Man, uh friend First and foremost, hats
24:02
off to you
24:03
because you you've actually explained
24:05
everything that in real time everything
24:08
what I was saying just start where you
24:10
are. So, I would say you are doing a
24:12
phenomenal job. Keep up the great work.
24:15
I would potentially
24:17
you know, just start to introduce
24:19
entrepreneurship
24:21
and introduce investing in
24:24
other vehicles beyond you know, just the
24:27
Roth IRA or you know, the market. And
24:30
so, you know,
24:31
real estate is like I'm you know, I love
24:33
real estate. So, I I would say even if
24:34
they don't start investing in real
24:37
estate now, you know, start having those
24:39
conversations
24:40
about real estate because real estate
24:42
will if you do it the right way, can
24:45
create you know, passive income that's
24:48
beyond what you would get in the market.
24:50
And so, I would just start to introduce
24:52
some of those principles to them
24:54
as as entrepreneurship because the same
24:57
you know, methodologies it takes for you
24:59
to be successful as an entrepreneur will
25:02
help them in their career, but then will
25:04
also help them with their finances as
25:06
they build wealth. But other than that,
25:08
I think you you're doing a phenomenal
25:10
job. So, I would just introduce, you
25:12
know, some other
25:14
investment vehicles to them as well.
25:17
All right, thank you. Appreciate it and
25:18
I will get the book. Hey Francis, salute
25:21
to you. Salute to you.
25:23
Who do we have here, Heather?
25:25
Kevin O'Leary?
25:27
Uh-huh, from Shark Tank.
25:28
From Shark Tank and he had wrote a book,
25:30
Francis, and
25:32
I was very fortunate that early in life
25:34
because of my my great auntie,
25:37
who who passed when I was the last day
25:39
of eighth grade, I believe.
25:42
Was the last day of eighth grade? Well,
25:43
when she passed, I inherited a a piece
25:46
of property. So,
25:47
early on she started talking to me about
25:49
it and I started learning about
25:51
financial literacy a little earlier than
25:53
most of my friends did. It gave me an
25:55
advantage when dealing with money. So,
25:57
the fact that you're starting your kids
25:59
off so early, I think that's a remedy
26:02
for us in our community to help, you
26:04
know, improve our wealth, you know. And
26:06
so, that I think that's dope. Salute to
26:08
you, Francis. You super dad, man.
26:10
Appreciate you. You're a citizen. Guys a
26:13
citizen. He's a citizen.
26:14
Play the money.
26:15
Hey hey hey ask cash man, they getting
26:17
it all for free right now, man. It's
26:19
worth more than that. They got to buy
26:20
the book, brother. They got to buy the
26:22
book.
26:23
absolutely. Absolutely.
26:25
Yeah,
26:26
and and thank you, man, because I I I
26:27
think for for, you know, for the young
26:29
lady who called and said that she was
26:30
broke, you know, one of the things that
26:32
I I never want people to realize, you
26:34
know, think like I'm from the projects.
26:37
I I come from the St. Nicholas Housing
26:38
Projects in Harlem, New York. And, you
26:41
know, I have a story of, you know, just
26:43
being down, being broke. But what do you
26:45
do? How do you get from the block to the
26:47
bank? It's 40 principles. It teaches you
26:49
step-by-step how to change your mindset,
26:51
but then also practical things that you
26:53
can do in order to live your your your
26:55
best life regardless of your
26:56
circumstance.
26:57
There you go, man. Love it, man. Love
26:59
your story. The Ask Cash Show is every
27:03
Monday through Friday, 8:00 a.m. 9:00
27:05
p.m. 9:00 a.m. Eastern on IG Live.
27:08
Follow him on IG Live or go to
27:09
askcashtv.com
27:11
and the book is From the Block to the
27:13
Bank, How to Make the Most of Your
27:14
Circumstance to Maximize Your Full
27:16
Potential is out now. Thank you,
27:18
brother, once again. Hey, I'm sitting
27:20
I'm sitting on that 5K to start our
27:22
investment group. I'm waiting on you.
27:24
You got to do it.
27:25
Y'all ready Y'all I sent you a message,
27:27
though. Check your message. I know you
27:29
You get a lot of messages, but I But the
27:30
last time we was on, I sent you a
27:32
message, man. I'm ready. You know what
27:34
I'm saying? I got some new some new
27:35
tricks in the my in the my belt. So,
27:37
let's let's let's let's make it happen,
27:39
brother.
27:40
Oh, I might I might make it 10 then if
27:42
you feel that strong about it. Okay. All
27:44
right, let's make it happen. And And And
27:45
And And man, let me ask you this, too.
27:47
And I'm just talking out loud, citizens.
27:48
If we do Once we start this investment
27:51
group, it has to be a way
27:53
a safe way, a secure way
27:56
where perhaps we can incorporate some
27:58
citizens who are in the position where
28:00
they could be a part of it.
28:03
Is Is that feasible? You know, let's
28:05
think on it.
28:06
Absolutely.
28:06
Okay.
28:07
Yeah, absolutely.
28:08
Great.
28:08
Absolutely. I think I think I think that
28:09
there's there's been other models and
28:12
you know, things people have done
28:14
already in other communities uh you
28:17
know, ways to kind of you know, save
28:19
like you said, safe ways to kind of pool
28:20
money in order to grow it and you know,
28:23
definitely have some ideas. So, yeah,
28:24
let's let's let's definitely chat on
28:26
that.
28:26
My man, Ask Cash. Have a beautiful day.
28:28
Have a productive day, brother. Okay?
28:30
All right, appreciate y'all. All right,
28:31
peace.
28:32
man. All right, man. That guy is all
28:33
right with me, man. Uh before we go, I
28:35
got to dedicate this one to Nicole and
28:37
we're going to come right back Sway in
28:38
the Morning.
28:39
Sway in the Morning. Count blocks.
28:45
Woo!
28:47
Woo!
28:50
Woo!
28:53
Woo!
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