Jay-Z's Warning The $6 Trillion Wealth Opportunity Most People Miss

0:00This is an iHeart Podcast. Guaranteed Human Earners, what's up? Look, building wealth isn't just about making money. It's about knowing where your money is working for you. That's why we partnered with Empower. Empower is all about helping you invest well so you can go out and live a little. Their free Empower personal dashboard gives you a complete view of your financial life in one place. Track your net worth, monitor your budget, analyze your investments, set retirement goals, and more. You've worked hard for your money. Now make sure it's working hard for you. Download the Empower personal dashboard or visit Empower.com.

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3:03It's time to get Brex AF. Learn more at brex.com slash AF. Let's talk about, okay. Hold on real quick. Speaking of something we got to talk about, that insurance post you made on IG. Yeah. Caught my attention. Can you give me your thought and break down on that and why that's a great solution? Yeah, for sure. Let's get into it. Actually, let me just look at it just to make sure I got the right numbers. So I just get random thoughts sometimes. So I said the fastest way to create black wealth is not stocks, real estate or crypto. That doesn't mean that we're not champions of stocks, real estate and crypto.

3:44Obviously, we have a show called Market Monday where we talk about stocks all the time. but if 6 million black men ages 40 to 60, each had$1 million life insurance policy that would create$6 trillion in tax free wealth transfer to the next generation, the average policy costs less than a car note, 6 trillion. And the reason why I said it's just the easiest because it doesn't take, you've got to be a genius to do it. And to Ross max point, the killing that happens in our community the insurance companies will stop will make sure that we don't get killed at a certain clip because it's going to cost them a certain amount to pay that shit out it's an economic decision even like when you guys at the episode about the police bonds like if an officer does something they already have investments in place to cover the lawsuits if all of us are insured they're going to thwart some of the issues that are happening now the other conversation is well they raise the premiums up and try and price us out but let's act really quick to to get covered and why did i just sit why did i just say men of course women should get insurance also but i always thought a good campaign would be every black man in america needs at least a million dollars of life insurance at least a million dollars like that should be a goal that should be a goal what if every and like i said did ages 40 to 60 because that's that's prime those are prime ages what if every black man in america or in that case six million black men which i don't think that's every single black man but what if six million black men or every adult black man had a million dollars life insurance policy that would literally within the course of probably 30 to 40 years change the wealth trajectory of black people in america like i said that's six trillion dollars of wealth transfer tax-free let alone retirement plans stock portfolio real estate we're not talking about none of that because like i said that's why i said like you don't you don't have to have any level of brilliance intelligence sophistication yeah investigation anything anything and that's shooting for the stars hey even if you don't get a million a half a million whatever but think about the wealth transfer that that would create in in a relatively short period of time and like you said it's cheaper than the car note like uh if you want a permanent policy i think it's 400 to a thousand a month for that coverage or if you term it's like 80 to 250 but just knowing even in that like that certain things are covered even in like my first invest fest presentation i talked about like a business matrix of like 24 assets that you want to have that was probably fourth on the list it's needed even and if you want to go up even higher like a 10 million dollar policy it's not as much as you think it's not as much as you think so i i thought it was a brilliant assessment because a lot of course with investing and you know i always get the what stock how do i know it lasts it's like this is an easy asset to buy that's really cheap and cheaper than most cost per share of any company that i would love so um i definitely think it's a win-win and okay so and the black men why specifically black men well if you're the leaders if you're if we're going to be leaders in our community and leaders of our family we have to start with us so women should get life insurance also but what i saw But unfortunately, a lot of times in a black community, when I used to be in insurance, I used to be in the world of insurance.

7:34Oh, oh, women were getting insured more, more than men. Women, women, black women were getting life insurance at higher rates than black men. That's disturbing. So it's like. If we're going to leave, you got to you have you got to actually leave. Right. So set an example. Set an example. and now everybody can participate in it. But it has to start somewhere. So we did the Million Man March. We did the Million Man March. That was great. Let's have a new Million Man. Let's have a Million Man. Policy March, yeah. A Million Policy. Yes. Because that's what's going to happen. Shout out to the minister, right?

8:16But that coverage is important. Challenge. Y 'all want to do all these challenges. Why don't you challenge? Let's start that challenge. let's start that challenge let's start the life insurance challenge let's start the life insurance challenge and like i said term is not even a lot bro i'm not even a lot too even if you get a 200 like a million is great but for the person i can't afford that you can get a 250 000 policy for little or nothing 40 bucks right and that's that's if your habits are messed up like and it's like it's like it's like anything if we have a if we have a thing amongst men it's like look the goal is to lose 50 pounds.

8:56That's the bar. Everybody might not lose 50 pounds. Some people physically can't lose 50 pounds, but you might lose 10. So it's like, if you have a goal of say, okay, everybody, my goal is a million dollars life insurance. No matter where you fall, even if you fall a little bit short of that, it's still more than you had. So even if it's not 6 trillion that gets transferred, well, what if 1 trillion, what if 1 trillion, what if 1 trillion, not billion, trillion what if what if one trillion dollars gets transferred from black from this generation this generation yeah this generation of black men what if this generation of black men transfers one trillion dollars in tax-free by the way yeah life insurance is tax-free tax-free assets to the next generation that's that's something that's actually that can happen this isn't like a sophisticated we don't have to have an economic form we don't gotta have you don't gotta work for certain prices right exactly this is something that's a realistic we're laying we're laying out a simple realistic economic plan that can actually add one trillion dollars to the black ecosystem over the next 30 to 40 years that actually this this actually can happen yeah life-changing it is a life-changing and the level of uh not that you want to think you know because i know some people like well i want my family to be worried about if i die and try and kill me it's like it's not that but often you leave too much debt behind and then they're struggling it's a great feeling to know that that stuff is going to be just as a man to know that that's going to be covered and life is going to be great for them even if you're not there not that money is everything but it does take some pressure off, especially with inflation going up the way that they're pushing it up as a result of all the spending that's been happening over the last year and a half, two years.

10:51So yeah, I think this is a great challenge for sure. Yeah. Get covered. Please, please get yourself covered, please. Ah, okay. Okay. Um, Griselda or no. Yeah. Let's talk about Griselda. Let's, let's show this clip, please.

11:16main reasons why there was a split in griselda is because west side gun didn't want to give benny and conway five percent of griselda so ten percent and let them split ten percent which is something that jay-z had suggested in a meeting with them which to me was shocking as far as what jay-z told him to give them each five percent of a company i feel like that that wasn't considered at the moment there's better longevity and collaboration in situations like this as opposed to keeping everything to yourself. So allegedly what happens, if you're a hip hop fan, you know Griselda, Buffalo, Westside, Gunn, Conway the Machine, and Benny the Butcher.

11:56They're all related. I think Westside and Conway are actually brothers. And I think Benny is the cousin. But they're all related. They're family members. and they come from Buffalo. So apparently the group is split and what they're saying is the reason why it is split is because Jay-Z, so maybe when Drake said y 'all weren't to hold for advice, maybe he wasn't totally wrong with that assessment. Apparently they had the dinner and Jay-Z told Westside Gunn to give 10 % equity to Conway and Benio Butchers to keep morale. and apparently i don't so i don't know the details of this i'm not sure if it's true it's not i don't know no but that's the rumor that's out there right now um you know it's unfortunate situation because i hate to see groups break up and it's almost inevitable it seems like at this point who hasn't broken up um i mean you got the rockefeller breakup you got the dip set breakup you got the Griselda breakup you got the NWA breakup, the Westside Connection breakup, the Dog Pound breakup, I see one more with Gaz and Snoop and they're cousins actually except for the locks locks still together the locks is the only exception to the rule but everybody breaks up it's inevitable, all these people break up it's unfortunate it's unfortunate because i really feel like um yeah they're brothers actually which is even more crazy i i just like i like the whole thing i like the i like the result the thing benny benny the butcher is my favorite out of the three mine too shout out to benny kind of way tough too but yeah but i like the whole upstate new york thing i like i do too 38 spesh um i like um what's the kid from Syracuse um light-skinned dude um with the braids cool uh uh I'll be from Jersey right no no no he's from Jersey no the other one the other one put it in chat I'm having to bring for it um man what is his name he's from Syracuse he's he's part of that whole upstate movement He's with West Side.

14:23Stove God. Oh, Stove God tough. Stove God. I didn't know if he was from Syracuse. And I like it too because they're all from different parts. He's from Syracuse. 38 Specials from Rochester. And Griselda, they're from Buffalo. They kind of hit all of the upstate New York corners. They just need somebody from Albany at this point.

14:49Okay. From a business standpoint, what do you think about this

14:56especially in that industry the industry is so predatory that often we want to end up being the predator and not the prey and I think this is a selfish move kudos to him I don't know the brother personally shout to Maul who also brought this up I know he had clapped back and said Maul clout chasing but then you go on to brag about spending a million dollars on Louis Vuitton who don't give a fuck about you at all that's not a flex like respectfully to spend a million with a brand who does not like you know about you won't endorse you wwe wouldn't endorse you and then you won't give like your relatives five percent if we're gonna be honest if you just raise the prices up on everything that you offered ten percent it'll offset the five percent equity that was giving away i hate it i hate it but also this is why investing and knowing business is so important so the little crumbs that they would have got off the five percent split they'd make that in the market and be a okay i think there's a lot more power going back to the next thing there's a lot more power in having a bunch of dope ass people on a squad and it running forever then you trying to do everything on your own Vince McMahon tried that model it did not work long term right and then he got his company snatched from him by Hunter who he could have gave equity to but didn't want to so he went and got his daughter and then got the equity whoever you rob at some point ends up robbing you that's why I like to just do business a good way pay a premium split things properly and if you mess up so be it but I think we have to get out of this mind state that we have to own everything give no opportunity that it's the only way

16:53especially if there's value there they have value on their own it's not like Benny's sitting around not doing anything Conway's not sitting around doing anything and also Jay has the hindsight of saying and looking and like i've been down this road before i know how this goes and now if he told him give me give up 51 i would understand five percent ten percent i i think it's absolutely selfish what do you think well yeah let's look at it from two different perspectives from a business case study standpoint west side guns started uh griselda you know griselda was a fashion brand at first. That's why it's called Fashion Rebels.

17:35Result of Fashion Rebels. Because that, it started as a fashion brand that he started. He's the pioneer. He took the risk. He had the vision. He's the result of this whole situation. He put it together. So

17:55talent is not necessarily obligated to have equity. They're not obligated to have equity. Now, we can debate. It's good business. It makes sense. I'm 100%. I agree with you on this. And you can argue they're hotter than him. You can argue it. Sometimes you can lose your talent. I said it with Belichick. Everybody said I was crazy. Without Tomas, that shit looks different on the field. Sometimes you can lose, even with Shug. Simon, hold your head. How he handled Snoop was wrong, and he got lucky that he wouldn't have got Tupac. You're not always going to be able to replace talent. And it's better to keep all that talent in-house.

18:46Like, when Apple got rid of the Lisa to Apple II, they didn't just discard the IP. They kept the rights to it. So I think there's ways to work it out where even if you are talent, to still keep them under that umbrella, but incentivize them or have a certain deal structure where equity or royalties can be earned opposed to just being like, well, get out. You mean nothing because your talent underneath me. Yeah, yeah, not for sure. And then, like I always say, me personally, every day I try to figure out how to make somebody else money. The win. What's the win-win? and get 50 of them. That's my goal.

19:31There's always new opportunity. I mean, us, we just got into two new companies this week. No, but I'm just saying as far as like... Damn, Takashi. No, but that's important, right? If you're not... If you're not innovating, you're declining. For sure. and the only way you could fully innovate is to see how can i network relationship this whole relationship you turn to trump you can't hold water bro well i didn't say i didn't say the exact details yeah yeah you know what i'm saying so it's like um you gotta figure out a way to take care of every and you know who does it the best i hate lucian with the exception of what he went through with drake after him and drake started getting into it he went to find a way to go find deals and partnerships with everybody in UMG, son included.

20:32Let me go place you with this fashion house. Let me take you to this tech company. Find a way and I'm going to be honest because I like the brother and I think he's a creative genius in his own right but you don't have to rob in order to get rich. That's some street mentality, you bullshit. You should have been gave Benny his own situation. Cool. because that's all umg is gonna do give conaway his own situation make a derivative fashion house make a this and just joint venture with him along the way and dane was rockwell was a great example the armadale even you can argue if the liquid was good or not but the joint venture is there that's that's a better way hey create a product create a line create a company let's figure something else.

21:21I'm a devil advocate. If they sign to Def Jam directly, would they be asking Universal for equity? I've never heard that request being made before. Would you sign to the black man? Oh my God. No, we got to have this conversation though, right? Because when you sign to the black man, you automatically look at it differently. You look at it like your old equity. you should be giving me a percentage of your company. I've never heard an artist ask universal records for a percentage of their company. The boy just did. That's what the fucking lawsuit was about. Well, okay. Drake, I don't know his situation, but I'm just saying on average, I have never seen, this goes back to the Gucci push icy situation.

22:09I've never seen a white executive get robbed at gunpoint and get their earrings taken out of their ears. no matter how bad of business that they've done to them. Simon did some damage in that priority building back in it. That's why he got that reputation. Now I don't know about the earrings taken out. But is there a different expectation when it's the homie? When it's the homie. When it's the homie. For sure. But not to cut you off. This is the other part that's never talked about in that equation. In black business, there's a lot of build this with me and we going to bust this down. you're my brother we grew up together sandbox and then a good time for the paperworkness i built this you just with me worker that's like you don't even make enough money to talk that boss worker shit i'm gonna be real so a lot of it is come with me along for the ride to help me build because i can't build no shit on my own and as soon as it's time to bust down any money and I'm speaking from experience from, because I'll bust down the money.

23:17Anybody who ever fell out with me that was paid on a fallout prior to but they'll say me and you, we're a team. We got this together 50-50 partners. We brother there's no employee talk on the come up and then as soon as the money rolling, well this is my shit this is my IP. Ernest, what's up? Look, building wealth isn't just about making money. It's about knowing where your money is working for you. That's why we partner with Empower. Empower is all about helping you invest well so you can go out and live a little. Their free Empower personal dashboard gives you a complete view of your financial life in one place.

23:54Track your net worth, monitor your budget, analyze your investments, set retirement goals, and more. You've worked hard for your money. Now make sure it's working hard for you. Download the Empower personal dashboard or visit Empower.com. Not an Empower client paid or sponsored. I'm U.S. Transportation Secretary Sean Duffy. We all get distracted when we drive, whether it's from our phones or kids in the backseat bickering. But how we handle these distractions can be a matter of life or death. Before you get in the road for your next road trip, please put your phones on silent and take a mental note to focus on driving.

24:40Paid for by NHTSA. Hi, it's Karen in Georgia from My Favorite Murder. We cruised around LA in the Hyundai Ioniq 5 and dove into the fascinating life of actress and inventor Hedy Lamarr. Want the full story? Take a listen. She starts dating Howard Hughes. And in fact, she helps him design a faster plane. So she finds the fastest bird and the fastest fish and sketches out a drawing of what the two would look like as a plane. And that becomes the plane that we know today. And he calls her a genius. Check out our new episode spotlighting groundbreaking innovators like Hedy and Lamar and Billie Jean King.

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