# Uplift: Discussing mental and emotional toll of being the financial “savior” for family and friends.

An episode of [Money Making Conversations Master Class](https://invisiblenetwork.ai/podcast/1264705641), 6 Oct 2025, 27 min.

Audio: https://podtrac.com/pts/redirect.mp3/traffic.omny.fm/d/clips/e73c998e-6e60-432f-8610-ae210140c5b1/b1db7263-d1a3-4d00-8976-af62012aab44/ee20023f-b4a3-4f71-87f7-b30a01227e83/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 Troy Hudson. A deeply personal and insightful interview with former NBA player and author Troy “T-Hud” Hudson. Here's a breakdown of the key highlights and takeaways: 🔑 Key Themes & Takeaways 1. First-Generation Wealth • Troy Hudson’s book, First Generation Rich, explores the emotional and financial complexities of being the first in a family to acquire significant wealth. • He distinguishes between being “rich” (temporary, income-based) and “wealthy” (long-term, legacy-building). 2. From Humble Beginnings to the NBA • Raised in public housing in Carbondale, Illinois. • Came from a tight-knit, low-income family where needs were prioritized over wants. • Basketball became his vehicle to travel, grow, and eventually earn a $36 million contract with the Minnesota Timberwolves in 2003. 3. The Pressure of Sudden Wealth • Hudson discusses the mental and emotional toll of being the financial “savior” for family and friends. • He coined the term “media lock-in” to describe how public knowledge of his contract changed how people treated him. • Many relationships became transactional, leading to isolation and stress. 4. Financial Lessons & Mistakes • Worst investment: launching a music label using his own money. • Learned the importance of using other people’s money (OPM) and having a financial advisor. • Even with an advisor, he sometimes made impulsive decisions due to youth and pressure. 5. The Athlete’s Dilemma • Athletes often receive large sums of money at a young age with little financial education. • Unlike team owners who collaborate, athletes often operate independently, missing opportunities for collective wealth-building. 6. Why He Wrote the Book • To document his journey and help others—especially future first-generation earners—navigate the emotional and financial challenges of sudden wealth. • Aims to break generational curses and preserve relationships strained by money. 💬 Notable Quotes • “Rich is temporary. Wealth is legacy.” • “It’s lonely at the top—especially when you’re not getting along with family and friends.” • “We don’t operate like the owners. The owners work together. The athletes don’t.” 📘 About the Book • Title: First Generation Rich • Author: Troy Hudson • Available on: Amazon (Kindle & paperback) and 1GRich.com #SHMS #STRAW #BEST #AMI 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…

## Transcript

[0:00] Speaker 1: Hi, this is Rashaan McDonald, a host this weekly Money
[0:03] Speaker 1: Making Conversation Masterclass show. The interviews and information that this
[0:07] Speaker 1: show provides off for everyone. It's time to stop reading
[0:10] Speaker 1: other people's success stories and start living your own. If
[0:14] Speaker 1: you want to be a guest on my show, please
[0:16] Speaker 1: visit our website, Moneymakingconversations dot com and clip the be
[0:21] Speaker 1: a Guest button and then submit your information. If you
[0:24] Speaker 1: want to be a guest on the show. Now, let's
[0:26] Speaker 1: get this show started. I'm working on the documentary, and
[0:29] Speaker 1: the documentary is about wealth. I write an article that
[0:32] Speaker 1: said two point three million. Charles Swabs does his annual
[0:37] Speaker 1: wealth article, the two point three million dollars you'll be
[0:41] Speaker 1: defined as wealthy or rich. Now that's based on Houston,
[0:45] Speaker 1: Texas polls. Now, that might go on different areas of
[0:49] Speaker 1: the country, but I felt there was appropriate to bring
[0:51] Speaker 1: that up that I'm working on documentary because my next
[0:54] Speaker 1: guest delves in the direction of wealth. Let me introduce
[0:57] Speaker 1: them to you. My guess is a basketball enthusiasts with
[1:01] Speaker 1: thirty five years of plan experience. He has played at
[1:04] Speaker 1: every major level, including ten years in the world's best league,
[1:08] Speaker 1: the NBA. He's written a book and titles First Generation Rich.
[1:13] Speaker 1: His book delves into the unique challenges and opportunities faced
[1:16] Speaker 1: by individuals who are first generational rich. He offers insights
[1:21] Speaker 1: and strategies to cultivate deeper, more meaningful connections with your
[1:25] Speaker 1: loved one. Please work with the Money Making Conversation Masterclass
[1:28] Speaker 1: Troy as I call him t Hood Hudson.
[1:31] Speaker 2: Now you're doing, my brother, I'm pretty good? How about you?
[1:34] Speaker 1: Well, you know, it was just a perfect time in
[1:37] Speaker 1: about this book's first Generation Rich because I am working
[1:40] Speaker 1: on a documentary by Wealth and trying to get understanding
[1:43] Speaker 1: what wealth means to different people and how they value
[1:46] Speaker 1: it and how they achieve it. Now, if I make
[1:48] Speaker 1: a statement to you, you have this book off and
[1:51] Speaker 1: Charles Swarp did a survey in Houston textas they said,
[1:54] Speaker 1: if you have two point three million dollars, you can
[1:57] Speaker 1: consider yourself rich. What are your thoughts on that?
[2:02] Speaker 2: I believe, So, you know, two point three million dollars
[2:04] Speaker 2: to the You know, the the avid citizen is a
[2:07] Speaker 2: is a lot of money and and the key term
[2:11] Speaker 2: there is rich. Uh. It's something that you can you
[2:14] Speaker 2: can turn into wealth, but you have to you have
[2:17] Speaker 2: to make sure you make you know, the right decisions
[2:19] Speaker 2: with that those riches in order for them, uh, to
[2:22] Speaker 2: to accumulate wealth.
[2:25] Speaker 1: Right, you talk about long term and I know you
[2:26] Speaker 1: use two words there you can do. You say the
[2:28] Speaker 1: word rich and wealth, And I'm assuming rich can be
[2:32] Speaker 1: defined as temporary. Wealth feels like a legacy? Are long term?
[2:36] Speaker 1: Am I correct in as assumption?
[2:38] Speaker 2: Uh, You're you're absolutely one hundred percent correct. You know,
[2:41] Speaker 2: I think a lot of times we don't understand that
[2:46] Speaker 2: those two differences. And rich in wealth, you know, there's
[2:49] Speaker 2: a lot of rich people in the world and there's
[2:52] Speaker 2: only you know, a few wealthy people and in terms
[2:57] Speaker 2: of the amount of people that's on the earth, so
[3:00] Speaker 2: you know, trying to turn those riches into wealth is
[3:03] Speaker 2: easier said than done. There's a lot of you know,
[3:06] Speaker 2: stumbles that that go along. Sometimes it happens, sometimes it doesn't.
[3:11] Speaker 2: Sometimes there's gambles that you have to take in order
[3:14] Speaker 2: to to accumulate wealth. But I mean there's a lot
[3:18] Speaker 2: of principles that can allow you to remain rich for
[3:22] Speaker 2: the rest of your life, which is fine, but if
[3:24] Speaker 2: you want to you know, be wealthy, you have to
[3:27] Speaker 2: be very prodent in your approaches to the money.
[3:30] Speaker 1: Well, it's really important that people understand what he's saying. Leon,
[3:34] Speaker 1: I mean Elon Musk. He's wealthy, he's he's the richest
[3:39] Speaker 1: man in the world. You put to a rich and
[3:40] Speaker 1: wealthy they him and we all know Leon Eon I
[3:43] Speaker 1: want to call Leon. I don't know why. I yeah,
[3:47] Speaker 1: I know he probably go crazy. I'm calling him Leon,
[3:50] Speaker 1: But uh, he's a wealthy guy. So as Warren Buffett
[3:54] Speaker 1: wealthy guy gates wealthy people, uh tilm and Fatida and
[3:59] Speaker 1: he hous to Texas wealthy. These people are buying items
[4:03] Speaker 1: and what you consider a higher rental or high rates.
[4:06] Speaker 1: It kind of like uber rates for them when they
[4:08] Speaker 1: go out and live their lifestyle, private jets, you know,
[4:12] Speaker 1: large planes. Security because people can kidnap these type of
[4:17] Speaker 1: people if they allow themselves to be exposed like that. Now,
[4:21] Speaker 1: your wealth basketball player, tell us about that before we
[4:25] Speaker 1: get into the book. Your journey from your minority some
[4:29] Speaker 1: assuming you were not born into wealth, but you came
[4:32] Speaker 1: into it because the NBA in you introduce you to
[4:36] Speaker 1: a higher income. Back, talk about that initial journey of
[4:40] Speaker 1: where you came from so we can establish the conversation
[4:43] Speaker 1: we're gonna have about your book.
[4:45] Speaker 2: Well, I'm from a southern Illinois, which is when I
[4:50] Speaker 2: tell people are from Illinois, they automatically as from Chicago.
[4:54] Speaker 2: But I'm from southern Illinois, which is actually closer to
[4:57] Speaker 2: Saint Louis. Is an hour to a half from Saint Louis,
[5:00] Speaker 2: three and a half hours from Memphis, and I'm actually
[5:02] Speaker 2: five hours south of Chicago. So I'm in the southern
[5:05] Speaker 2: part of Illinois. And i was born in public housing.
[5:10] Speaker 2: You know, I was raised by my my mother, my grandmother,
[5:14] Speaker 2: aunts and uncles. You know, it was It's one of
[5:16] Speaker 2: those things where it takes a village, right. But you know,
[5:20] Speaker 2: I'm from public housing in southern Illinois. You know, we
[5:24] Speaker 2: we came from, you know, things that we needed, not
[5:27] Speaker 2: things that we wanted. You know, you you ate what
[5:30] Speaker 2: was on the table, you know, ate whatever your mama
[5:32] Speaker 2: or grandmother had. Right. We all slept in one room,
[5:38] Speaker 2: right and you know, here and there you have cable
[5:42] Speaker 2: TV sometimes you do sometimes, you know, so a very
[5:45] Speaker 2: humble beginning, and and you know, I just found the
[5:48] Speaker 2: love for sports right in my hometown, Carbondale, Illinois is
[5:53] Speaker 2: only it's only probably thirty thousand residents at that time,
[5:58] Speaker 2: and that was including students, so prominent residencies were probably
[6:03] Speaker 2: fifteen thousand people in Carbondale when the students wasn't there
[6:07] Speaker 2: at Southern Law University. So very very small town, not
[6:12] Speaker 2: a lot of infrastructure. Growing up, we didn't have a
[6:16] Speaker 2: lot of outlets. So sports was a way for me
[6:20] Speaker 2: to really be able to, you know, travel the world,
[6:24] Speaker 2: travel the state, and play the game that I loved.
[6:28] Speaker 2: And it took me a long way. It took me
[6:30] Speaker 2: from those humble beginnings across the world to where I
[6:33] Speaker 2: was playing in Madison Square Garden, the Staples Center and
[6:38] Speaker 2: all across the United States and able to garner a
[6:42] Speaker 2: you know, successful career in a large contract. When I
[6:46] Speaker 2: was here with the Minnesota Timberwolves in two thousand and
[6:49] Speaker 2: three was my biggest contract. The only one that I
[6:53] Speaker 2: signed for multi years was here with the Timberwolves in
[6:56] Speaker 2: two thousand and three two thousand and four, which was
[6:59] Speaker 2: for thirty six minusion dollars, and at that time the NBA,
[7:03] Speaker 2: that was considered a pretty decent contract. Right now, thirty
[7:08] Speaker 2: six million dollars in the NBA.
[7:12] Speaker 1: Hey, hey, Troy, let's talk about where you signed it. Okay,
[7:15] Speaker 1: that's a different error. Okay, we talk about people being
[7:17] Speaker 1: traded and being mad making sixty million dollars a year. Okay,
[7:21] Speaker 1: now we're talking about thirty six million. Well you said
[7:23] Speaker 1: two thousand.
[7:24] Speaker 2: And three, Yes, two thousand and three.
[7:27] Speaker 1: I you know, I sat up in my chair when
[7:29] Speaker 1: I heard that contract. I'm just gonna let you know
[7:31] Speaker 1: that right now. I sat up in my chair. But
[7:34] Speaker 1: when people hear that number, I always tell people, because
[7:37] Speaker 1: you are an you are an athlete, I call that
[7:40] Speaker 1: working wealthy. And people said, well, you here, you rashan.
[7:44] Speaker 1: It means as long as he can perform a task
[7:48] Speaker 1: that's tied to that number, he's a rich man. But
[7:50] Speaker 1: as soon as he cannot perform that task, that thirty
[7:53] Speaker 1: six million dollar contract will go away. So his work
[7:57] Speaker 1: and his income are tied one on one. That's not
[8:00] Speaker 1: the case with Musk, that's not the case with Warren Buffett.
[8:04] Speaker 1: They make money while they sleep. They make what I
[8:06] Speaker 1: call mailbox money. They go to their mailbox check sitting
[8:09] Speaker 1: in there. He has to make his money when he
[8:12] Speaker 1: went between the lines between those two goals on that
[8:15] Speaker 1: court and practice. That's how you made your money. Did
[8:18] Speaker 1: you understand that at the time when you signed that contract?
[8:21] Speaker 2: Troy you know what, I really didn't because at the
[8:25] Speaker 2: time I signed it, I think I was twenty five
[8:28] Speaker 2: years old, right, and it was it was, it was.
[8:31] Speaker 2: It was a large amount of money at twenty five
[8:34] Speaker 2: years old. And when you when you when you're young,
[8:36] Speaker 2: you think you're gonna be doing something for the rest
[8:38] Speaker 2: of your life. You're not counting to your days. At
[8:42] Speaker 2: twenty five, I'm like, hey, i'ma be hooping for the
[8:44] Speaker 2: rest of my life. I'm not understanding that. Said that
[8:47] Speaker 2: the needs are gonna go bad, the hips are gonna
[8:49] Speaker 2: go bad, ankles are gonna be shattered, I'm not understanding that.
[8:52] Speaker 2: So at that time, and like I said, being the
[8:56] Speaker 2: first generation rich, I didn't really under stand that. You
[9:01] Speaker 2: know that you have to really be, you know, careful
[9:06] Speaker 2: with their spending and you know, and I was never
[9:09] Speaker 2: an extravagant spender, but even to the point where you
[9:13] Speaker 2: have to really start taking money serious at that point.
[9:19] Speaker 2: And the hardest thing for us is we're always playing.
[9:22] Speaker 2: We always have to be on the court, we always
[9:24] Speaker 2: have to be in the gym, so you almost have
[9:27] Speaker 2: to rely on someone else to do that for you.
[9:30] Speaker 1: Well, you know, let's let's talk about that because let's
[9:32] Speaker 1: talk about your time. And people don't understand that when
[9:36] Speaker 1: you are fatigued and when you are rushed, and that's
[9:39] Speaker 1: what anathlete is. They're always fatigued, they have to play.
[9:42] Speaker 1: They always feel like they're rushing and rush Russian. You
[9:44] Speaker 1: have a general tendency out of boredom to spend money
[9:47] Speaker 1: just to keep your keep you active, can keep you focused.
[9:51] Speaker 1: You know, I knew I had that bad habit. You know,
[9:54] Speaker 1: I just buy shoes, buy shoes, just go buy something
[9:57] Speaker 1: that gets because I was just so fatigued. I'm not
[10:00] Speaker 1: saying I was an athlete, but I was always traveling.
[10:02] Speaker 1: I was always staying in a hotel bed. And so
[10:06] Speaker 1: that's what he's talking about. You know, you can you
[10:09] Speaker 1: have all this money, but you never have to go
[10:11] Speaker 1: in the grocery store and say how much that costs?
[10:14] Speaker 1: And that's that's not smart. You should always know how
[10:18] Speaker 1: much something costs. When you lose that context, that's when
[10:22] Speaker 1: you're spending too much money. Am I correct?
[10:24] Speaker 2: Troy? No, You're you're you're one hundred percent correct. Like
[10:27] Speaker 2: like you said, when you when you have a certain
[10:29] Speaker 2: amount of money, especially when you're young, right, you may
[10:32] Speaker 2: you may look at your grandmother and she she's clipping
[10:35] Speaker 2: off q pons because she probably was young at one
[10:38] Speaker 2: time and she probably was spending like that. But as
[10:40] Speaker 2: she got older and wiser, she's like, you know what,
[10:42] Speaker 2: I know, I got a lot of money, but why
[10:44] Speaker 2: not say this ten cents? Right? And you know, and
[10:46] Speaker 2: when you have a lot of money, you like, I
[10:48] Speaker 2: ain't thinking about ten cents. You know, I got thirty
[10:50] Speaker 2: six million. I go ahead and spend you know, a
[10:52] Speaker 2: dollar on some eggs, whether than ninety cent, right, So
[10:55] Speaker 2: you're you're not really not looking at it in the
[10:58] Speaker 2: ways that you should be looking at as far as
[10:59] Speaker 2: longevity is concerned. Right.
[11:01] Speaker 1: You know, That's what I'm excited by bringing on the show.
[11:04] Speaker 1: Troy talking to Troy Hudson, former NBA star his book
[11:09] Speaker 1: First Generational Rich, Because as you go through that book
[11:13] Speaker 1: is his test chapters are simple before money, after money,
[11:17] Speaker 1: family and friends, my desires, their desires because it's just
[11:20] Speaker 1: talking about and it was about I think it was
[11:22] Speaker 1: about chapter five when it actually started talking about him
[11:26] Speaker 1: his desires. Okay, because let's talk about we kind of
[11:29] Speaker 1: talked about before money. You talked about where you grew
[11:32] Speaker 1: up in southern Illinois, traveling the world. And then in
[11:35] Speaker 1: two thousand and three you was making some checks. Now,
[11:38] Speaker 1: but in two thousand and three, when that thirty six
[11:41] Speaker 1: million dollar contract came out, your life had the change
[11:45] Speaker 1: amongst your friends and your family. Talk about that, Oh.
[11:49] Speaker 2: Yeah, definitely. In the book, I call the media locke
[11:52] Speaker 2: in right, right, that's when you know you signed that
[11:56] Speaker 2: contract and it's on ESPN. You can you can type
[11:59] Speaker 2: in Troy Hutson and all on the internet, and all
[12:01] Speaker 2: my finances and everything comes up and they tell you
[12:06] Speaker 2: how much I'm making year one, year two, year three.
[12:09] Speaker 2: And what happens is a lot of people don't understand
[12:11] Speaker 2: that first and foremost you're getting paid on the first
[12:15] Speaker 2: and fifteen. So that right there alone means you have
[12:19] Speaker 2: to budget. Right, Whenever you're getting paid like that, you
[12:22] Speaker 2: have to budget. You have to budget anyway, But when
[12:24] Speaker 2: you getting paid like that, you have to budget. They
[12:26] Speaker 2: didn't just say, you know what, he go thirty six
[12:28] Speaker 2: million dollars, put it in the bank and now you
[12:30] Speaker 2: can just spend how you want to spend. Right, So
[12:32] Speaker 2: when money is coming like that, it's easier to start
[12:37] Speaker 2: giving away to people's requests. And when I say request.
[12:42] Speaker 2: I'm not talking hey, can I ball fifty dollars? I'm
[12:45] Speaker 2: talking about people were expecting fifty thousand, one hundred thousand.
[12:52] Speaker 2: Some were even said, you can give all of us
[12:54] Speaker 2: a million dollars, right, And it's like, I don't even
[12:57] Speaker 2: have a million dollars in the bank account right now,
[12:58] Speaker 2: you know. So people wasn't understanding that, and so right then,
[13:03] Speaker 2: that's when my life drastically started changing. And not because
[13:09] Speaker 2: of any dwelling of money or whatever. It was the
[13:12] Speaker 2: relationships I had, you know, the relationships that I had
[13:16] Speaker 2: with family and friends that had been unconditional because I
[13:19] Speaker 2: didn't have anything to give them, right, so they were
[13:21] Speaker 2: always unconditional. And the moment when you're twenty five years
[13:25] Speaker 2: old and maybe a year or two start goes away
[13:29] Speaker 2: and you start realizing white people around and whether it
[13:33] Speaker 2: was some conscious on their part or knowingly, and I
[13:36] Speaker 2: believe it was some conscious in most cases. I mean,
[13:39] Speaker 2: I'm the only person with money money, so I think
[13:42] Speaker 2: it was some conscious.
[13:44] Speaker 1: Around your bedroom, people just standing around your bed.
[13:50] Speaker 2: Exactly. And when you're twenty five years old and you're
[13:54] Speaker 2: trying to navigate this thing called life and wealth with
[13:57] Speaker 2: no people that you really think that are there conditionally.
[14:01] Speaker 2: That's where I think the hardship starts to happen. That's
[14:08] Speaker 2: when the initial hardship starts to happen, because now it's
[14:11] Speaker 2: mental first, it's mental before it becomes a financial physical hardship.
[14:17] Speaker 2: And when you start losing people for the sense of
[14:20] Speaker 2: you know, I went weeks without answering to anybody's phone
[14:23] Speaker 2: call because I got tired of you know, We'll talk
[14:27] Speaker 2: for about twenty thirty minutes and then at last two minutes,
[14:29] Speaker 2: is you know what? I hate to say it, I
[14:32] Speaker 2: hate to ask you, but I'm like dank. So this
[14:35] Speaker 2: whole conversation was really a setup for the act. And
[14:38] Speaker 2: maybe it wasn't, but I start feeling that way.
[14:41] Speaker 3: Please don't go anywhere. We'll be right back with more
[14:45] Speaker 3: Money Making Conversations Masterclass. Welcome back to the Money Making
[14:54] Speaker 3: Conversations Masterclass, hosted by Rashaan McDonald. Money Making Conversations Masterclass
[15:00] Speaker 3: US continues online at Moneymakingconversations dot com and follow Money
[15:04] Speaker 3: Making Conversations Masterclass on Facebook, Twitter, and Instagram.
[15:08] Speaker 1: Now Troy and writing this book, you always talk about money,
[15:13] Speaker 1: and before we talk about the financial advisor, where are
[15:17] Speaker 1: what was your worst investment.
[15:21] Speaker 2: My My worst investment, I would say, was probably in
[15:26] Speaker 2: the music industry, creating a regulabel uh and and in
[15:33] Speaker 2: the bad part of that that investment was I use
[15:37] Speaker 2: my own money. You know, just as you get older,
[15:41] Speaker 2: you realize to use someone else's money, or thanks money,
[15:45] Speaker 2: or an investor. But I always, you know, I always
[15:48] Speaker 2: was just confident in myself to to the point where
[15:52] Speaker 2: you know, I wanted to, you know, go out on
[15:55] Speaker 2: the limb. I didn't want to have to prove anybody
[15:56] Speaker 2: that I could do something. So if I had the finances,
[15:59] Speaker 2: I say, you know what I'm gonna I'm gonna jump
[16:01] Speaker 2: out and I'm going to try to make it happen
[16:03] Speaker 2: on my own. So I would say that was probably
[16:06] Speaker 2: the worst investment. But and it's a it's a it
[16:11] Speaker 2: was a bad investment as far as in the sense
[16:13] Speaker 2: of finances and things of that nature. But I did
[16:16] Speaker 2: help a lot of people, and I invested in people
[16:20] Speaker 2: in that venture, so I got some gratification out of,
[16:24] Speaker 2: you know, seeing people smile and trying to help others
[16:27] Speaker 2: dreams come true. But as far as financially, that probably
[16:31] Speaker 2: was the worst one.
[16:32] Speaker 1: Let me ask you this on that whole music side,
[16:34] Speaker 1: because a lot of celebrities, a lot of especially athletes,
[16:38] Speaker 1: they want the nightclubs. You know, it feels like it's excitement,
[16:42] Speaker 1: quick money. It feels like they get caught up in
[16:45] Speaker 1: the videos, the what ifs.
[16:47] Speaker 2: You know.
[16:48] Speaker 1: The income seems like it can be made overnight versus
[16:51] Speaker 1: the stock market. You know, that's what I would say,
[16:53] Speaker 1: go over to the stock market versus investing in in
[16:57] Speaker 1: the music industry. Where was you at right there with
[17:00] Speaker 1: your financial advisor? Was a financial advisor in your life
[17:03] Speaker 1: at that time or you were turning to one.
[17:07] Speaker 2: Well, when I initially started to get into the music industry,
[17:12] Speaker 2: I didn't have a financial advice. But then when I
[17:16] Speaker 2: did get one, what we and he understood my dreams,
[17:20] Speaker 2: He understood my aspilations and my drive.
[17:23] Speaker 3: Right.
[17:23] Speaker 2: So even though you get a financial advisor, you still
[17:26] Speaker 2: got the last say, right. And I've always been the
[17:29] Speaker 2: type of guy like no, I stealed it, I believe
[17:32] Speaker 2: in it, I'm gonna do it. So what he was
[17:34] Speaker 2: able to do was make sure that I did it
[17:37] Speaker 2: in a more wise way. So I actually built a studio.
[17:41] Speaker 2: In building the studio, I was able to, you know,
[17:45] Speaker 2: get certain of write offs. Then I was able to
[17:49] Speaker 2: lease the space out, and so I was able to
[17:53] Speaker 2: you know, get some of that money back and at
[17:55] Speaker 2: the same time pursue my dream. We actually had two
[17:59] Speaker 2: We had ones. I had studio. I would have the
[18:01] Speaker 2: blue side, and I had the green side. So my
[18:03] Speaker 2: green side was where I can make money, and that
[18:06] Speaker 2: was a different tax credit and benefit than my blue side.
[18:11] Speaker 2: So once I did get a financial advisor, I was
[18:14] Speaker 2: able to make, you know, sounding decisions. I still made
[18:17] Speaker 2: some decisions without him knowing, because that's what a young
[18:20] Speaker 2: a young person does, right. It wasn't smart, but I was,
[18:24] Speaker 2: you know, I would do some things because I knew
[18:25] Speaker 2: he would say, no, that's not wise, you shouldn't do that.
[18:28] Speaker 2: So those are some of the mistakes I made, even
[18:30] Speaker 2: after I got an advisor, sometimes not being advised.
[18:34] Speaker 1: Right when you when you were talking about first generation
[18:36] Speaker 1: rich your book, and you're talking about, like I said,
[18:40] Speaker 1: working wealthy physically, everything you do is your money is
[18:44] Speaker 1: tied to what you can do on the court. When
[18:47] Speaker 1: you make these mistakes, you don't have anybody to turn
[18:51] Speaker 1: to other than your fellow athlete. How does that work
[18:54] Speaker 1: itself out? When you're dealing with a lot of more
[18:56] Speaker 1: young people, a lot of young individuals in the NBA.
[19:00] Speaker 1: They are just like you, sometimes twenty twenty two, maybe
[19:03] Speaker 1: twenty six, maybe a year older than you at the time.
[19:06] Speaker 1: What do you How does that world that you co
[19:09] Speaker 1: mingle with deal with all that revenue? And do you
[19:12] Speaker 1: have mentors?
[19:16] Speaker 2: It's at that time, you really don't. You really don't
[19:19] Speaker 2: have mentors at that time. And there's something that should
[19:23] Speaker 2: have been implemented. And I'm not around the game as
[19:25] Speaker 2: much anymore on that side, so I don't know if
[19:28] Speaker 2: they're if they have that now. But one thing I
[19:32] Speaker 2: would say is everyone was doing the same thing when
[19:36] Speaker 2: I when I was playing in two thousand and three,
[19:38] Speaker 2: from ninety nine to probably two thousand and ten or whatever,
[19:41] Speaker 2: everyone was doing the same thing. You either had a
[19:44] Speaker 2: record label, you either had a studio, a production studio.
[19:48] Speaker 2: Everyone was doing the same thing. So we don't operate
[19:52] Speaker 2: in the way that the owners, right, the owners work together,
[19:57] Speaker 2: the athletes don't work together, right, you know, do you
[20:00] Speaker 2: have enough influence and finances to where if we wanted
[20:04] Speaker 2: to create our own independent record label, we should have
[20:08] Speaker 2: did or distribution company, we should have did it all together?
[20:11] Speaker 1: As a team as a team.
[20:12] Speaker 2: Means the friends are the artists, right, But we don't.
[20:16] Speaker 2: We all we work independently. And we watched the owners,
[20:20] Speaker 2: all thirty owners work together to own the NBA, and
[20:24] Speaker 2: so the athletes don't do the same thing as the
[20:26] Speaker 2: owners do. And I think that's one one area that
[20:31] Speaker 2: has to be you know correct. Lebron does it in
[20:34] Speaker 2: a way. You know, he has his it called the
[20:36] Speaker 2: Banana Boat Crew and they're kind of paving a way
[20:39] Speaker 2: to show you how to do it. But it's not collected.
[20:43] Speaker 1: Right, and that's important. Lebron has just a genius, is
[20:47] Speaker 1: how he outlined his life, because he came into the
[20:49] Speaker 1: NBA with a plan and he's stuck to that plan.
[20:53] Speaker 1: That's why he's a billionaire. And most of his very
[20:55] Speaker 1: close friends who we sent to college by the way,
[20:58] Speaker 1: a million multi millionaire as as well, from Maverick to
[21:02] Speaker 1: Rich Paul, the most powerful basketball agent. Maverick which is
[21:06] Speaker 1: his right hand man handles all of his deals, just
[21:09] Speaker 1: signed another big deal to create a European basketball league.
[21:13] Speaker 1: And then you have incredible Magic Johnson, excuse me, Lebron
[21:18] Speaker 1: James himself. But when I look at you in comparison
[21:21] Speaker 1: and you being able to have an honest book because
[21:23] Speaker 1: the book was honest and they talking about your journey
[21:26] Speaker 1: as being first generation rich by Troy Hudson. Compare yourself
[21:33] Speaker 1: to how you were living then and how you living now,
[21:36] Speaker 1: and what would you have done as a bridge between
[21:40] Speaker 1: back then two thousand and three and what you're living
[21:43] Speaker 1: at right now.
[21:46] Speaker 2: I probably would have. And it's tough to say it
[21:50] Speaker 2: because you don't know how that would have turned out, right, Yes, sir,
[21:54] Speaker 2: my thing is having a family, Like I'm married with
[21:57] Speaker 2: three kids now, what I didn't have a wife or
[22:00] Speaker 2: any kids at the time that I was making money.
[22:02] Speaker 2: I think you know that that kind of shields you
[22:07] Speaker 2: from making certain mistakes that you would make when you
[22:11] Speaker 2: have no kids or or wife or family to take
[22:14] Speaker 2: care of. In that sense, I think if I would
[22:17] Speaker 2: have had something like that in place, then I probably
[22:20] Speaker 2: would have made, you know, better decisions, you know, I'd
[22:23] Speaker 2: have made better decisions, more prodent decisions, things that can
[22:28] Speaker 2: can create generational wealth, because at that point I would
[22:31] Speaker 2: have had a generation to be thinking about.
[22:35] Speaker 1: Right.
[22:35] Speaker 2: But when you're when you're alone and it's just you
[22:37] Speaker 2: and you're just young, and you're just running around and
[22:40] Speaker 2: that's the thing for athletes and some entertainers. We get
[22:44] Speaker 2: a front load of money at a young age, right,
[22:47] Speaker 2: and so by the time we learn the things to do,
[22:52] Speaker 2: it's it's almost too late right now.
[22:54] Speaker 1: When you talk about the importance of this book and
[22:57] Speaker 1: why you wrote this book is a definitely I feel
[23:01] Speaker 1: a lot of the information is relatable. It was relatable
[23:03] Speaker 1: to me, whether I am successful or not, because he
[23:06] Speaker 1: talks to you about, you know, pressure and how family
[23:11] Speaker 1: exchanges and reacts to you based on your success. Your
[23:14] Speaker 1: success would be a college graduate they were in maybe
[23:17] Speaker 1: the first college graduate from your family, you're going to
[23:19] Speaker 1: get a different reaction, you know, the first one who
[23:22] Speaker 1: might work at a what they consider a high profile
[23:25] Speaker 1: job that you're going to get a different reaction. But
[23:27] Speaker 1: no matter once you moved up a different economic ladder.
[23:31] Speaker 1: That was my biggest take from the book. You're going
[23:34] Speaker 1: to be treated differently. Is that correct?
[23:36] Speaker 2: Try, Oh, that's definitely correct. And that's the reason why
[23:40] Speaker 2: I wrote the book. And it's funny because you know,
[23:44] Speaker 2: I was going through so many pressures, so many relationships
[23:47] Speaker 2: family and friends that were going sour because of you
[23:52] Speaker 2: know me at certain points saying no I can't do this.
[23:54] Speaker 2: I can't you know, loan you this. I can't give
[23:57] Speaker 2: you this. You know that it started, It started putting pressure,
[24:01] Speaker 2: you know, on my life because you know, I really
[24:03] Speaker 2: want to see people be successful. I really don't want
[24:06] Speaker 2: to see people struggling and stuffering. But I'm only one person.
[24:10] Speaker 2: I can't save everyone. So with me having a heart
[24:13] Speaker 2: that I have, he used to wear on me. So
[24:16] Speaker 2: what I would start doing is I would start just writing,
[24:19] Speaker 2: jotting it down in my BlackBerry. I was just starting
[24:21] Speaker 2: to jot it down my BlackBerry and one of my
[24:24] Speaker 2: teammates who used to sit next to me, he was like, man,
[24:27] Speaker 2: what you writing there BlackBerry? And you're writing rhymes because
[24:29] Speaker 2: he knew I used to write rhymes, right. So I
[24:31] Speaker 2: was like, no, man, I'm going through it with my
[24:34] Speaker 2: you know, with a family member. And he like's real
[24:38] Speaker 2: and I'm like, yeah, man, can you believe it? Man?
[24:40] Speaker 2: He said this, He said that. He was like, brother,
[24:43] Speaker 2: I'm going through the same thing. And then so I
[24:45] Speaker 2: started talking to some of my other teammates and people
[24:48] Speaker 2: were going through the same thing, and I said, you
[24:50] Speaker 2: know what, this has to be documented. It has to
[24:53] Speaker 2: be written down because I want people to know that
[24:56] Speaker 2: they're not, you know, the only ones going through this.
[24:59] Speaker 2: And also I want to write the book so that
[25:02] Speaker 2: future family members, future athletes or entertainers, or just lawyers
[25:06] Speaker 2: and doctors who would be the first generation rich people
[25:09] Speaker 2: in their family. I want this to be kind of
[25:11] Speaker 2: a guide to say, you know what this is, what
[25:14] Speaker 2: this is, what this causes, this is what this person
[25:16] Speaker 2: may be going through, so that they won't subconsciously, you know,
[25:20] Speaker 2: put them through that. You know. So it's it's it's
[25:23] Speaker 2: one of those things that you know, I really want
[25:25] Speaker 2: to say people's family and fan relationships because it's it's
[25:30] Speaker 2: lonely at the top at certain times in your life
[25:33] Speaker 2: and when you're not, you know, getting along with family
[25:37] Speaker 2: members and friends the way you used to as a kid.
[25:40] Speaker 2: It's I consider the generational curse. You know, it's one
[25:44] Speaker 2: of those things.
[25:46] Speaker 1: How can we find this book?
[25:49] Speaker 2: You can go to Amazon dot com First Generation Rich
[25:53] Speaker 2: and under Troy E. Hudson. And then I also have
[25:56] Speaker 2: a website first the number one st G Rich dot
[26:03] Speaker 2: com and you can get it on there as well.
[26:06] Speaker 2: And you know, we'll have an address on there where
[26:08] Speaker 2: you can mail in copies and I'll sign them and
[26:11] Speaker 2: mail them back to you. But yeah, it's on the
[26:14] Speaker 2: Kendle Amazon Network.
[26:17] Speaker 1: Hey, my man t Hood, thank you for calling in
[26:19] Speaker 1: on my show money Making Conversation. Very very excellent conversation
[26:24] Speaker 1: about your life experiences that you've shared on my show.
[26:27] Speaker 1: And I wish you, wish you a tremendous amount of
[26:29] Speaker 1: success in the future and good luck. Thank you for
[26:31] Speaker 1: coming to Money Making Conversation Masteric Class.
[26:34] Speaker 3: All.
[26:34] Speaker 2: I appreciate you, Thank you.
[26:35] Speaker 1: Thank you to your hoo. This has been another edition
[26:37] Speaker 1: of Money Making Conversation Masterclass posted by me Rashaun McDonald.
[26:42] Speaker 1: Thank you to our guests on the show today and
[26:44] Speaker 1: thank you listening to audience now.
[26:46] Speaker 4: If you want to listen to any episode I want
[26:48] Speaker 4: to be a guest on the show, visit Moneymaking Conversations
[26:51] Speaker 4: dot com. Our social media handle is money Making Conversation.
[26:55] Speaker 4: Join us next week and remember to always leave with
[26:58] Speaker 4: your gifts. Keep winning
[27:02] Speaker 1: To moan to be Pan

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