# Financial Tips: Managing your monthly budgets, build partnerships, joint ventures, and strategic alliances.

An episode of [Money Making Conversations Master Class](https://invisiblenetwork.ai/podcast/1264705641), 15 Aug 2024, 18 min.

Audio: https://podtrac.com/pts/redirect.mp3/traffic.omny.fm/d/clips/e73c998e-6e60-432f-8610-ae210140c5b1/b1db7263-d1a3-4d00-8976-af62012aab44/95a1c7d3-c3b9-493a-a9d1-b1cc0144f00f/audio.mp3?utm_source=Podcast&in_playlist=35a10561-3e1b-4d05-a529-af62012aab6a

Listen and subscribe to Money Making Conversations on iHeartRadio, Apple Podcasts, Spotify, www.moneymakingconversations.com/subscribe/ or wherever you listen to podcasts. New Money Making Conversations episodes drop daily. I want to alert you, so you don’t miss out on expert analysis and insider perspectives from my guests who provide tips that can help you uplift the community, improve your financial planning, motivation, or advice on how to be a successful entrepreneur. Keep winning! Two-time Emmy and three-time NAACP Image Award-winning television Executive Producer Rushion McDonald interviewed Dr. George C. Fraser. He is back and bringing another bottle of medication for your financial ills in the form of the “7 Main Streams of Income. "It's not how you start, it's how you finish, that God has great plans for each of us, we must simply listen for his voice, follow directions, overcome the obstacles, and stay the course. He is the Chairman and C.E.O. of FraserNet, Inc., a global networking movement that brings together diverse human resources to increase opportunities for people of African descent. He is also a renowned networking guru, entrepreneur, and motivational speaker. He will discuss action plans for success and tips on developing your plans for success that you can use in your personal and business world through networking. 1. Help Black people build wealth that can be transferred inter-generationally. 2. Help Black people become the #1 employer of Black people in the 21st century 3. To facilitate the building of a global network of Africans throughout the diaspora whose focus is personal and business excellence and to use it to build partnerships, joint ventures, and strategic alliances. Don’t see the importance of financial literacy as an African American? Have thoughts about quitting your job? Are you confused about how High-Yield Savings Accounts and investing in Stocks can benefit you? Don’t understand the importance of supporting Black-owned businesses as an African American? No problem! Dr. Fraser is here to help you build your Black wealth checklist here on the Money Making Conversations Master Class podcast. #SHMS #STRAW Money Making Conversations Master Class with Rushion McDonald is America's premier entrepreneurship, business leadership, financial literacy, and wealth-building podcast featuring successful entrepreneurs, executives, founders, celebrities, and industry experts sharing actionable insights for professional and financial success. Business Podcast Entrepreneurship Small Business Business Growth Financial Literacy Wealth Building Black Entrepreneurs Minority Business Leadership Executive Leadership Business Funding Marketing Strategies Personal Development Startup Advice Sales Training CEO Interviews Founder Stories Professional Development Economic Empowerment Business Success Networking Brand Building Innovation How to start a business Small business funding Entrepreneur success stories Business leadership podcast Wealth building strategies Black entrepreneur podcast Minority business development Marketing for small businesses Business growth strategies Startup funding opportunities Executive leadership training Financial literacy education Success mindset podcast See omnystudio.com/listener for privacy information.

## Transcript

[0:05] Speaker 1: Welcome to the show. I am Rashawn McDonald, the host
[0:07] Speaker 1: of Money Making Conversations Masterclass, where we encourage people to
[0:11] Speaker 1: stop reading other people's success stories and start planning their own.
[0:16] Speaker 1: Listen up as I interview entrepreneurs from around the country,
[0:19] Speaker 1: talk to celebrities and ask them how they are running
[0:22] Speaker 1: their companies and speak with nonprofits who are making a
[0:25] Speaker 1: difference in their local communities. Now sit back and listen
[0:29] Speaker 1: as we unlock the secrets to their success on Money
[0:32] Speaker 1: Making Conversations Masterclass. My next guest, happy to have him
[0:37] Speaker 1: back on the show, has always believed this. It's not
[0:40] Speaker 1: how you start, it's how you finish. That God has
[0:43] Speaker 1: great plans for each of us. We must simply listen
[0:46] Speaker 1: for his voice, follow directions, overcome the obstacles, and stay
[0:50] Speaker 1: the course. He is the chairman and CEO of FrazierNet, Inc.,
[0:54] Speaker 1: a global networking movement that brings together diverse human resources
[0:58] Speaker 1: to increase opportunities for people of African descent. He's also
[1:02] Speaker 1: a renowned networking guru, entrepreneur and motivational speaker. Happy to
[1:07] Speaker 1: have him back on Money Making Conversation. Please welcome George Frazier.
[1:11] Speaker 2: So, John, so good to hear you, man. I wish
[1:14] Speaker 2: I had that voice. I wish I had that voice.
[1:17] Speaker 2: I have almost as much money as you. You are
[1:20] Speaker 2: so blessed, man. And a beautiful mind, too, and a
[1:23] Speaker 2: beautiful spirit.
[1:23] Speaker 1: I appreciate it. First of all, you know, like I said,
[1:26] Speaker 1: thank you. You know, I always want to read your quotes.
[1:31] Speaker 1: You came on my show, man.
[1:32] Speaker 2: It was a blessing.
[1:33] Speaker 1: Now, the mission of FrazierNet is to produce products and
[1:36] Speaker 1: services that teach and promote excellence and effective networking to
[1:40] Speaker 1: facilitate business to business, business to consumer, mentoring and role
[1:44] Speaker 1: modeling for people of African descent. Now, that's important when
[1:48] Speaker 1: I hear you speak of it because you've been doing
[1:50] Speaker 1: it all your life. And I've seen it, and now
[1:53] Speaker 1: I've been able to catch fire and start doing it
[1:56] Speaker 1: myself because you have mentored me through direction.
[2:00] Speaker 2: Yeah.
[2:01] Speaker 1: Because that's always been a part of your DNA.
[2:03] Speaker 2: Talk about it, George. Yeah. You know, and I want
[2:09] Speaker 2: to say this to our people and still be loved. Rashawn,
[2:13] Speaker 2: we are not suffering because we cannot resolve our problems.
[2:16] Speaker 2: We are suffering because we cannot see our problems clearly
[2:19] Speaker 2: and succinctly, that we have been hurt more by what
[2:22] Speaker 2: we don't know than by what we can't do. OK,
[2:27] Speaker 2: that we want progress. Black people want progress. It's progress
[2:30] Speaker 2: without execution. It's execution, execution, execution. Yes, we have to protest.
[2:36] Speaker 2: And even rioting has its own place in the movement.
[2:39] Speaker 2: At the end of the day, when the protesting ends,
[2:42] Speaker 2: you have to organize and you have to educate. execute, okay?
[2:47] Speaker 2: And that requires now knowledge. That requires knowledge that enables
[2:53] Speaker 2: you to rally out people and point in the proper
[2:57] Speaker 2: direction to get them inspired. But there's a beautiful passage
[3:01] Speaker 2: in the Bible that all black people know and they quote, right?
[3:05] Speaker 2: And it's Hosea 4, verses 6. My people perish for
[3:10] Speaker 2: the lack of knowledge. Now, everybody, every black person in
[3:13] Speaker 2: America knows that one. But what you never hear, Rishon,
[3:17] Speaker 2: is the rest of that passage. My people perish for
[3:22] Speaker 2: the lack of knowledge. And because thou has rejected knowledge,
[3:28] Speaker 2: I also reject thee. Thou shall be no priest to me.
[3:38] Speaker 2: Skill up, seek knowledge, improve your mind, improve your relationships,
[3:44] Speaker 2: improve your ability to handle the money that I allow
[3:48] Speaker 2: you to make, right? I reject you. And you cannot
[3:53] Speaker 2: be no priest to me. You can't say nothing to
[3:56] Speaker 2: me because you have refused to learn. This is one
[3:59] Speaker 2: of the beautiful things I love about your program. You
[4:03] Speaker 2: are constantly teaching knowledge and bringing knowledge knowledge keepers to
[4:09] Speaker 2: the microphone to help teach and enrich our people. So
[4:13] Speaker 2: this is what we are all about at FraserNet and
[4:16] Speaker 2: Fraser Nation. Someone asked me the other day, Dr.
[4:19] Speaker 1: Fraser, what business are you in? You know they need
[4:21] Speaker 1: to be a t-shirt, Fraser Nation.
[4:23] Speaker 2: FraserNet Nation. That got to be a t-shirt. That got
[4:26] Speaker 2: to be a cap now. We're Fraser Nation, citizens of
[4:28] Speaker 2: generational wealth, where our citizens are committed to demonstrated excellence,
[4:35] Speaker 2: Equity and investment and entrepreneurial thinking, Rashawn. I didn't say entrepreneurship.
[4:41] Speaker 2: I said entrepreneurial thinking. That is taking responsibility, taking ownership
[4:47] Speaker 2: for your own life. That's really what we need. And
[4:50] Speaker 2: once we begin to think that way, Rashawn, then that
[4:54] Speaker 2: can morph into entrepreneurship. And then that can morph into business.
[4:59] Speaker 2: of building and creating work and jobs for our people.
[5:02] Speaker 2: Because by the end of the 21st century, black people
[5:04] Speaker 2: have to be the number one employer of black people.
[5:06] Speaker 2: And every immigrant that has ever come to this country, Rashawn,
[5:09] Speaker 2: has understood that. Asians are the number one employer of Asians.
[5:15] Speaker 2: East Indians are the number one employer of East Indians.
[5:17] Speaker 2: Arabs are the number one employer of Arabs. Ultimately, we
[5:20] Speaker 2: too must become the number one employer of our people.
[5:23] Speaker 2: But that requires knowledge. That requires sacrifice. You know, a
[5:29] Speaker 2: little piece that I do all the time is don't
[5:31] Speaker 2: quit your job until that's what it Don't quit your
[5:34] Speaker 2: job until your side income covers twice as much as
[5:37] Speaker 2: your monthly expenses. Don't quit your job until your emergency
[5:41] Speaker 2: fund can cover one year of expenses. Don't quit your
[5:44] Speaker 2: job until you are skilled enough to make your side
[5:47] Speaker 2: hustle your main business. And don't quit your job until
[5:51] Speaker 2: you're ready to work 12 to 16 hours a day
[5:54] Speaker 2: like you and I do. Absolutely. Amen.
[5:56] Speaker 1: You know, I'm going to tell you something, George.
[5:57] Speaker 2: I appreciate it.
[5:58] Speaker 1: You know, I just love the fact that there's always
[6:01] Speaker 1: a sense of direction when you talk.
[6:04] Speaker 2: So we have to stop this notion. When we cover
[6:08] Speaker 2: the principles of the seven main streams of income, right?
[6:14] Speaker 2: There's seven main streams of income and a black person
[6:16] Speaker 2: need to be doubling their streams of income every single year.
[6:19] Speaker 2: That's one of the things we teach at the Power
[6:21] Speaker 2: Networking Conference. If you come with a single stream of income,
[6:23] Speaker 2: we teach you how to have two. If you come
[6:25] Speaker 2: with two streams of income, we teach you how to
[6:26] Speaker 2: have four. If you come with four streams of income,
[6:28] Speaker 2: we teach you how to have eight, okay? But there's
[6:31] Speaker 2: seven fundamental streams of income. But let me say this first.
[6:36] Speaker 2: Black people are in an existential crisis. We are in
[6:39] Speaker 2: an existential crisis. Until a black America puts black America first,
[6:43] Speaker 2: black America will always be last. To be black and
[6:47] Speaker 2: beautiful means nothing unless you're black and powerful. White folks
[6:52] Speaker 2: are planning for three generations and we're planning for Saturday night.
[6:55] Speaker 2: The goal is to win, not to look like we're winning.
[6:58] Speaker 2: It is interesting to me, Rashawn, that the rich stay
[7:02] Speaker 2: rich by pretending to be poor and the poor stay
[7:05] Speaker 2: poor by pretending to be rich. What's up with that?
[7:10] Speaker 2: It's a mindset. It's a mindset. So we have to
[7:15] Speaker 2: fix that mindset.
[7:16] Speaker 3: Please, don't go anywhere. We'll be right back with more
[7:19] Speaker 3: Money Making Conversations Masterclass. Welcome back to the Money-Making Conversations Masterclass,
[7:31] Speaker 3: hosted by Rashawn McDonald.
[7:33] Speaker 2: A black wealth checklist. What is it, Dr. Fraser? Well, simple. Tomorrow,
[7:42] Speaker 2: deposit $ 100, just $ 100, into a high-interest savings account, okay?
[7:49] Speaker 2: Because money attracts money. If you don't have a high-interest
[7:55] Speaker 2: savings account, Just go put $ 100 in and watch the
[8:00] Speaker 2: magnetism of you investing that $ 100 in a savings account
[8:04] Speaker 2: is calling for more money and that's going to seed
[8:08] Speaker 2: you to have better saving habits. That's number one. Number two,
[8:13] Speaker 2: buy five shares of stocks From a brokerage account. OK,
[8:19] Speaker 2: we black people on a percentage basis have the lowest
[8:25] Speaker 2: number of people in our community investing in stocks and
[8:29] Speaker 2: bonds and mutual funds. All kinds of studies have been
[8:32] Speaker 2: done on that. Now, you say, well, Dr. Frazier, what
[8:34] Speaker 2: stock should I buy? Well, whatever you eat, whatever shoes
[8:37] Speaker 2: you wear, and you wear Nike, buy some Nike stock.
[8:40] Speaker 2: You eat McDonald's, buy some McDonald's stock. Whatever you're using,
[8:44] Speaker 2: buy the stock. Buy nails from Home Depot? Buy Home
[8:47] Speaker 2: Depot stock. A Wal-Mart Depot, right? There ain't no better
[8:51] Speaker 2: time right now than to buy some stock. So we're
[8:54] Speaker 2: putting together your Black Wealth List. Now, open a 401k
[8:57] Speaker 2: if you don't already have one or a 4013b or
[9:00] Speaker 2: an IRA and try to calculate How to retire with
[9:05] Speaker 2: a million dollars by time you're the age 60 and
[9:09] Speaker 2: ask your employer to match what you put in. Most
[9:12] Speaker 2: employers will do that. Just start it if you haven't
[9:15] Speaker 2: already started. Now, maybe you've already started something like that.
[9:18] Speaker 2: All right. Figure out how much you're going to have
[9:20] Speaker 2: to continue to put in over what period of time
[9:23] Speaker 2: so that you'll have at least a million dollars by
[9:26] Speaker 2: time you are 60 or ready to retire. Now, another thing.
[9:31] Speaker 2: I don't want to tell you that we got bad credit,
[9:34] Speaker 2: all right? So pull your credit report, brothers and sisters,
[9:37] Speaker 2: and plan on how to raise your score at least
[9:41] Speaker 2: by 20 points every six months, all right? Until you
[9:45] Speaker 2: get over 700, right? Because we know that the lower
[9:50] Speaker 2: your credit score is, anything you buy, you are going
[9:55] Speaker 2: to pay the highest interest rates on the planet, whether
[9:58] Speaker 2: it's your credit cards, whether you're buying a new home,
[10:01] Speaker 2: whether you're buying a new car, you want to get
[10:03] Speaker 2: your credit right, right? And it may take you a
[10:07] Speaker 2: year or two, but that is going to save you
[10:10] Speaker 2: more money over the long haul than almost any single
[10:14] Speaker 2: thing that you can do. Now, number six, building a
[10:20] Speaker 2: Blackwell checklist here, okay? Checklist. I want you... Brothers and
[10:26] Speaker 2: sisters who are listening, I want you to pay about
[10:30] Speaker 2: $ 50 above your minimum on your credit cards and your
[10:33] Speaker 2: student loans. That means that you can reduce the payoff
[10:39] Speaker 2: period when you do this by at least 25 to
[10:42] Speaker 2: 30 percent.
[10:43] Speaker 1: You're actually paying the interest right there. You pay that $ 50.
[10:47] Speaker 2: There you go. That's right. There you go. There you go.
[10:50] Speaker 2: You got it. You got it. That's right. So this
[10:53] Speaker 2: is now number six. research, turn and whole life insurance
[11:01] Speaker 2: and decide what's best for you. You get a brother
[11:05] Speaker 2: or sister who's in the insurance business. One of the
[11:07] Speaker 2: four pillars for the intergenerational transfer of wealth, Proverbs 13, 22,
[11:11] Speaker 2: a good man leaves an inheritance to his children's children.
[11:13] Speaker 2: One of the four pillars for Sean is proper insurance. 60%
[11:18] Speaker 2: of all wealth is transferred through tactical and strategic placement
[11:22] Speaker 2: of proper insurance. The New York Times did a major
[11:25] Speaker 2: article on black people and their cell phones, and what
[11:27] Speaker 2: they discovered about us is that there were more black
[11:31] Speaker 2: people who had insurance on their cell phones than on
[11:33] Speaker 2: their lives or the lives of their children by a
[11:36] Speaker 2: factor of 10. So we value our cell phones more
[11:39] Speaker 2: than we value our lives. Get properly insured so that
[11:44] Speaker 2: you can transfer your wealth when it's time to. tax-free
[11:48] Speaker 2: using insurance strategies. Very, very important. Now, number seven, open
[11:54] Speaker 2: a Roth IRA for your child or open a 529
[11:58] Speaker 2: college plan for your child so it can be used
[12:01] Speaker 2: to pay for college if you want to, or you
[12:04] Speaker 2: can use it to pay for trade school or community college, right?
[12:07] Speaker 2: Put some money away for your child's education. Open it
[12:11] Speaker 2: up now if you have not done that. I'm down
[12:14] Speaker 2: to the last two. Gift a U.S. Treasury bond to
[12:20] Speaker 2: new babies in your family.
[12:22] Speaker 1: Let me slow down on that. When we were growing up,
[12:27] Speaker 1: the $ 25... That's right.
[12:30] Speaker 2: Dude, that was part of the M.O. Your parents bought
[12:34] Speaker 2: that for you. I don't care if you was in
[12:36] Speaker 2: the hood or out of the hood. That's right. That's right.
[12:39] Speaker 2: That's right. It worked then and it still works. All right.
[12:44] Speaker 2: A $ 25. Now, what I did for my two granddaughters,
[12:47] Speaker 2: three granddaughters, I have two beautiful sons. Bless me with
[12:51] Speaker 2: three beautiful granddaughters. The moment they were born, Rashawn, I purchased.
[12:56] Speaker 2: which is them, an index universal life policy, right? Nora
[13:01] Speaker 2: Jean and I pay for those policies every month. It
[13:04] Speaker 2: costs us about $ 60 a month for each of our grandchildren.
[13:10] Speaker 2: And by time they retire, this is the God's honest truth.
[13:13] Speaker 2: This is no hype, no exaggeration. By time my three
[13:17] Speaker 2: granddaughters retire, they will have $ 5 million available to them tax-free. Yes. Tax-free.
[13:25] Speaker 2: That's absolutely the truth. Okay, absolutely. So that's another thing.
[13:29] Speaker 2: So either give your grandchildren a savings bond, but give
[13:35] Speaker 2: them something and let them know that it's there, right?
[13:37] Speaker 2: That can begin to seed their desire to want to
[13:42] Speaker 2: see it grow and the desire to save and the
[13:44] Speaker 2: desire to invest. And finally... Start every year. You should
[13:50] Speaker 2: start a new stream of income. There should not be
[13:54] Speaker 2: a Negro in America with a single stream of income. Hopefully,
[13:57] Speaker 2: brothers and sisters, you have learned that since COVID-19. You
[14:01] Speaker 2: should be skilling up. That's what you should be doing.
[14:05] Speaker 2: You should be skilling up. You should be learning new
[14:07] Speaker 2: strategies and tactics around investment. I just went through a
[14:11] Speaker 2: little short list on how to get wealth. Now let's
[14:13] Speaker 2: go through a real short list on how to give wealth.
[14:16] Speaker 2: How to give wealth. Because we're morally grounded, spiritually rooted people.
[14:21] Speaker 2: And we know that too much is given, much is
[14:25] Speaker 2: expected and much is required. How do you give wealth?
[14:27] Speaker 2: Buy from a black-owned business, right? Dine at a black-owned restaurant.
[14:31] Speaker 2: Get your nails and hair done at a black salon.
[14:35] Speaker 2: Hire black dentists for your events, okay? Buy your hair
[14:39] Speaker 2: products from a black-owned business. Buy from a black author.
[14:43] Speaker 2: Some brother or sister that's written a book, buy the
[14:45] Speaker 2: damn book, all right? Buy from your friend's business. Why not, right?
[14:50] Speaker 4: Tithe at a black church, volunteer at a black-led nonprofit,
[14:54] Speaker 4: tell a black man that you're proud of them, tell
[14:56] Speaker 4: a black child that they're destined for greatness, tell a
[14:59] Speaker 4: black woman she is.
[15:00] Speaker 2: Necessary, and donate to a historically black college and university.
[15:04] Speaker 2: That's how you give wealth. But you do it all
[15:07] Speaker 2: within the context of your ability to give, right? Absolutely.
[15:13] Speaker 2: So that's how you give wealth. Now you know how
[15:15] Speaker 2: to get wealth. That's a short checklist on each one
[15:18] Speaker 2: of those things. Each year, you can write this down.
[15:22] Speaker 2: When you hear this recording, stop it and then write
[15:26] Speaker 2: it down and then check and play it back. There
[15:28] Speaker 2: you go. There you go. Play it back, right? Now,
[15:30] Speaker 2: seven streams of income. In your lifetime, you should be
[15:35] Speaker 2: able to accumulate wealth using at least four of these streams.
[15:41] Speaker 2: What is the first stream of income? working from a job,
[15:45] Speaker 2: but you can actually earn two streams of income from
[15:48] Speaker 2: working from a job if you work in two different jobs, okay?
[15:51] Speaker 2: That's number one. There's profit income, income from buying and
[15:56] Speaker 2: selling stuff. That's profit income. Third is interest income, income
[16:01] Speaker 2: from lending money. Fourth is dividend income, income from owning
[16:05] Speaker 2: stocks and bonds and mutual funds. The fifth one is
[16:11] Speaker 2: rental income. my first fortune income from renting a house.
[16:16] Speaker 2: I had seven of them. They were two and three
[16:18] Speaker 2: family homes on one block in the inner city of Cleveland, Ohio.
[16:23] Speaker 2: Back in the day, in the 70s, I made a fortune.
[16:26] Speaker 2: I bought them for pennies on a dollar, kept them
[16:28] Speaker 2: for 10 or 15 years, turned them into Section 8,
[16:30] Speaker 2: but first class Section 8, and made a fortune, and
[16:33] Speaker 2: then sold them back to the renters. Number six is
[16:36] Speaker 2: capital gain, assets from increasing in value, and finally, royalty income.
[16:41] Speaker 2: That's income from others using your ideas, whether it's books,
[16:46] Speaker 2: whether it's music, whether it's online webinars, that kind of thing.
[16:51] Speaker 1: My man, I appreciate you.
[16:54] Speaker 2: You know.
[16:55] Speaker 1: This is a journey of knowledge, journey of information. Appreciate you, brother.
[16:59] Speaker 1: We talk soon, okay? And you will hear from me soon.
[17:01] Speaker 1: You know you got to come back.
[17:02] Speaker 2: Come on now. Let's do it.
[17:03] Speaker 3: You got a lot to talk about.
[17:04] Speaker 2: Anytime you want. Because you don't believe what I'm going
[17:05] Speaker 2: to do. Anytime you want.
[17:07] Speaker 1: You're not going to believe what I'm going to do.
[17:08] Speaker 1: I'm about to blast you, George Frazier, Dr.
[17:11] Speaker 2: George Frazier. God bless you. Thank you. God bless you.
[17:13] Speaker 2: Love you. Bye-bye. Love you, man. Keep doing God's work. Bye-bye. Bye-bye.
[17:17] Speaker 1: This has been another edition of Money-Making Conversation Masterclass, hosted
[17:21] Speaker 1: by me, Rashawn McDonald. Thank you to our guests on
[17:24] Speaker 1: the show today and thank you, our listening audience. Now,
[17:27] Speaker 1: if you want to listen to any episode or want
[17:29] Speaker 1: to be a guest on the show, visit MoneyMakingConversations.com. Our
[17:33] Speaker 1: social media handle is MoneyMakingConversations. Join us next week and
[17:38] Speaker 1: remember to always lead with your gifts.
[17:40] Speaker 3: Keep winning.

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