YouSaid · the spoken record

John Hope Bryant

lines on the record: 123
first: 2023-05-26
most recent: 2023-05-26
sittings or episodes: 1
sources: podcast

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“So, you shouldn't pursue money To control other people's freedom, slavery. But you should understand that if you have money, that no one can control yours.”
2023-05-26 · Masters in Business · John Hope Bryant on Financial Literacy · IDENTIFIED FROM THE TRANSCRIPT · source
“Marriage was originally about unions, different royal houses or whatever, depending on what part of the world you're talking about. They were trying to protect their economic interest. That's why they got married. They didn't even sleep in the same beds or the same houses back in those days. It was, you know, families trying to protect each other's interests. Love is important, but alignment is also important. Money is, I mean, church, church needs donation. Catholic church is one of the largest owners of land, by the way, in financial services in the world. This is not a criticism, it's a critique. I'm just saying my observation is that whatever you want requires money and or an understanding of same in order to live a life that's free. Freedom today is self-determination. You cannot have self-determination unless you have some level of economic, all money is his freedom. That's what I'm saying.”
2023-05-26 · Masters in Business · John Hope Bryant on Financial Literacy · IDENTIFIED FROM THE TRANSCRIPT · source
“You may have to burn the ships behind you and hit that beach and like a laser beam and never give up. I am consciously oblivious of all things around me that don't matter. I am very focused on what I think is super relevant. If you're hyper focused, you're resilient and you never give up, you actually don't have to be the smartest guy in the room. You just outrun failure. And at some point, you will succeed because failure is lazy and the devil's lazy and fraudsters are lazy. And if you're just not lazy, you'll succeed. Be curious. God gave you two ears and one mouth to listen twice as much as you talk. Be fascinated. Be super nosy. Be respectful. Be kind. You never know the toe you step on. Maybe connect to the rear end. You got to kiss tomorrow. Just be gracious. If you want to have a little grace, show a little mercy.”
2023-05-26 · Masters in Business · John Hope Bryant on Financial Literacy · IDENTIFIED FROM THE TRANSCRIPT · source
“Ignore the noise. There's been a lot of noise around you There will be a lot of people around you who are not good role models, who want to party all the time, who want to have fun. There's nothing wrong with having fun, but only in the dictionary does the word success come before the word work because it's alphabetical. Eagles don't fly in packs. I mentioned that earlier. So you can't expect everybody to get you or understand your path. So particularly if you're a person of color and listening to this podcast, you're going to need to hyper focus because your white friend with a trust fund can make all kind of mistakes and still land on their feet.”
2023-05-26 · Masters in Business · John Hope Bryant on Financial Literacy · IDENTIFIED FROM THE TRANSCRIPT · source
“I believe actually it's even a PBS document or you can find it on Amazon's platform, but it is fascinating. And as much as I think I understand money, it really unpacked what happened in the last 20 years. And I just saw that. Sometimes you got to watch things two or three times. The men who build America in eight-part series, everybody needs to watch that. The only problem I have with it is there's no blacks or browns or it's just a bunch of industrious white people and that's just a misnomer that only white men built this country. That's a whole another podcast for another time. You even can't get an elevator in this building without a black man invention who built the elevator. We all had a place. But these are sources of inspiration for me”
2023-05-26 · Masters in Business · John Hope Bryant on Financial Literacy · IDENTIFIED FROM THE TRANSCRIPT · source
“Mere Christianity is something I read once a year by C.S. Lewis. It's from the 1940s. Book The Power of Now by Eckert Toll is something I try to, some books I read continuously over and over again. The seven spiritual laws of success by Deepak Chopra is something I read. It's only 70 pages. It's a great primer. It's worth reading over and over again. I'm reading a book by Greenspan right now on capitalism that I think is really, really very good. I encourage everybody to read it. By the way, Eden asked me this, but it's a documentary that could be a great book called Easy Money that just came out”
2023-05-26 · Masters in Business · John Hope Bryant on Financial Literacy · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh my God, no particular order. Pastor Andrew Young, Bishop TD Jakes, Quincy Jones, this is the moral side of my life on the business side, again, in no particular order, microarrigetti, Tony Rester, Bill Rogers of Truist. I think Charlie Sharf at Wales Fargo wouldn't call him a mentor, but I call him an inspired friend, Jamie Diamond. We don't spend a lot of time together, but I love what he's built, great guy. I've got so many heroes and she-ros that have that I actually had to go sort of like find the roadmap because it didn't exist for me where I grew up. So I have these surrogate fathers and mothers, surrogate family that I have literally put around me so I could map out what success looked like. I probably have 50. Of these mentors and mentees, sorry, heroes and heroes who are mentors that have guided my”
2023-05-26 · Masters in Business · John Hope Bryant on Financial Literacy · IDENTIFIED FROM THE TRANSCRIPT · source
“There you go. It unpacks the F1 racing. That is genius. My sport is auto racing. Actually, I have a professional, and I'm sorry, a competitive auto racing license. So that is one of my passions. Car driving, actually, that he was a great actor, but his passion was auto racing. The only sport he was elegant at. He said, So anyway, I talk about things I love to watch all day and all night.”
2023-05-26 · Masters in Business · John Hope Bryant on Financial Literacy · IDENTIFIED FROM THE TRANSCRIPT · source
“succession used to be billions. eighteen twenty eight, I think his name is the show, Yellowstone. The latest, I mean, I keep watching the Matrix movies, IP-man, which most people don't listening to your show probably won't know it's a bit of a coat film, but I think everybody needs to watch I-Man, which supposedly is a martial arts movie, but really it's a movie about really moral decision-making and ethical. Martial arts genius who train Bruce Lee never wanted to fight. You have to force him to fight. Now, he'd whip your rear in if you forced him, but he never wanted to fight. When you have the power, you don't need to use it. I spent a lot of time late at night on a sort of a mental vacation. I will turn on something online and have my brain completely fantasized. There's an F1, there's a series on Netflix that”
2023-05-26 · Masters in Business · John Hope Bryant on Financial Literacy · IDENTIFIED FROM THE TRANSCRIPT · source
“Who's not hiring or will fire you at the moment that there is an economic glitch where most of the businesses, sorry, most of the jobs in this country come from employers with less than 100 employees. Most businesses in LA 95% of all businesses have less than 100 employees. Let's drive down Manhattan and look up in the skyscrapers. That's the dentist office for people. That's an architect, eight people. That's a law firm, 20 people. That's an analyst firm. These are small businesses. I called a chiropractor yesterday. He's got him and his secretary. This is what's driving the economy. So you're either going to become the business person or you're going to work for that small business owner who probably is going to pay you more. You have more social mobility in that place than you will in some huge corporate. I'm not saying don't go work for the big company. I'm saying that that's not way to make America.”
2023-05-26 · Masters in Business · John Hope Bryant on Financial Literacy · IDENTIFIED FROM THE TRANSCRIPT · source
“But celebrity was our desire to have something that sparkled. The real merril of this country was the first corporation, sorry, the first entity created in this country was a corporation. He was a trading corporation that then created democracy, not the other way around. Municipalities came out of trading corporations. So we are in our bones, traders, financiers, business people, entrepreneurs, hustlers. That is in our DNA. And every, I think, 20, 30, 50, certainly every 100 years, you need a generation of strivers who own something, own, create something. And by the way, create jobs. So have we become over-dependent upon less than a thousand companies? That employed 10,000 people or more, Fortune 500. Yes. You have all these folks going through college wanting to go work at, we're picking Google or whatever the thing is.”
2023-05-26 · Masters in Business · John Hope Bryant on Financial Literacy · IDENTIFIED FROM THE TRANSCRIPT · source
“And now they're saying, wait a minute, do I need to go back to that job? Do I need to go back and be a waiter again and have people coughing on me and I don't have health care and I'm not getting good tips and the owner doesn't really care about me. Do I really need to go to that dead end job? Do I need to go to that boss that doesn't care? Maybe I'll create be my own boss. Maybe I'll create my own way. And so now you have this surge, this super surge of the thing that made America different from Europe in the first place, Barry, which was business creation. The reason we have celebrity in America is because it was our answer to bling in Europe. Europe had royalty. That was their bling. We didn't have royalty here. We didn't want it.”
2023-05-26 · Masters in Business · John Hope Bryant on Financial Literacy · IDENTIFIED FROM THE TRANSCRIPT · source
“What's the largest super group amongst all other groups? So now you have a group that was thought to be left back, left behind, ignored, who couldn't get the job, couldn't get the promotion, ignored in their corporate suite. Now they're not going to the corporate suite for two years. They were at home. They got some stimulus money, which they call venture capital.”
2023-05-26 · Masters in Business · John Hope Bryant on Financial Literacy · IDENTIFIED FROM THE TRANSCRIPT · source
“Because small business starts stalled in 2004. And they didn't actually pick up again until after the pandemic. That's, I mean, that's almost 20 years. And by the way What's the largest group starting businesses post pandemic?”
2023-05-26 · Masters in Business · John Hope Bryant on Financial Literacy · IDENTIFIED FROM THE TRANSCRIPT · source
“You can come up from nothing in the greatest economy, and I think the greatest creation of democracy, open source democracy in the world, which is America, we're not perfect, but she's a country, she's an idea, not a country. We can make her anything we want, and we can be part of that remaking process up from nothing. I could never be me in Germany. France or China or Japan. Culturally, I just would not have gone from the bottom”
2023-05-26 · Masters in Business · John Hope Bryant on Financial Literacy · IDENTIFIED FROM THE TRANSCRIPT · source
“Just not. So, why am I spending all my time trying to impress somebody who I do not know with money I do not have in the places they do not want me, with philosophies and things of theirs that don't work? They're broke, they're unhappy, they're miserable, and I want to be like them. I want to impress them. Why are we spending our time trying to impress somebody we actually even don't want to be like? All these lessons of wasting time, I don't mind wasting money every now and then. I don't want you to abuse and waste my time. I'm trying in this book to short circuit time wasting and energy wasting and depression-inducing activity and give you legitimate hope.”
2023-05-26 · Masters in Business · John Hope Bryant on Financial Literacy · IDENTIFIED FROM THE TRANSCRIPT · source
“That bird a lesson, and the pig will find you out, and the pig pen and throw some mud on your wing and get that ego down into the mud pit. And now the turkey and the buzzard and the pig look at you and say, now we got you right where we've always wanted you down here with us. You got to step over mess and not in it. You got to stay above the fray. You got to understand that the philosophy for success is talk without being offensive. Listen without being defensive and always leave even your adversary with their dignity. Because if you don't, they'll spend the rest of their life trying to make you miserable. It becomes personal. It is not their interpretation of you that matters. It is your interpretation of you that matters. Not one ounce of my self-esteem is dependent upon your acceptance of me”
2023-05-26 · Masters in Business · John Hope Bryant on Financial Literacy · IDENTIFIED FROM THE TRANSCRIPT · source
“That was my message. And I'm just trying to get a whole generation of leaders to understand that just because somebody, the lack of preparation in somebody else's life does not constitute an emergency in yours. And just because you don't respect me doesn't mean I don't respect myself. And your interpretation of my value is not my reality of my value. And when we start understanding that we are unique in this world and we are powerful in that uniqueness, in that eagles don't fly in packs, Barry, you've never seen a flock of eagles. But buzzers love packs and turkeys got wings and can't fly. And if you're not careful, you'll get so offended by what turkey, what Buzzard says about you, or you'll be so distracted by what turkeys are laughing at you and saying about you and your family that you'll get distracted, get out of your ego altitude, and you'll go down to try to show that.”
2023-05-26 · Masters in Business · John Hope Bryant on Financial Literacy · IDENTIFIED FROM THE TRANSCRIPT · source
“It's my failures It's everything, it's all my trips, my failings, my fallings, my people who laughed at me, people who rolled their eyes at me, folks who dismiss me. First, the world will ignore you, then they'll criticize you, then they'll try to copy you, then you win.”
2023-05-26 · Masters in Business · John Hope Bryant on Financial Literacy · IDENTIFIED FROM THE TRANSCRIPT · source
“You can't succeed if there's a hole in my end of our boat, like we're in the same boat. So we need the bottom of the pyramid to be rehabilitated and engaged in the economy to grow GDP by an extra 2% to 3% sustainably. And black folks are a $1.5 trillion consumer spending force, Barry. That's one of the largest economies in the world. But we don't own anything. We spend. We've got to move from just being a consumer to a wealth creator.”
2023-05-26 · Masters in Business · John Hope Bryant on Financial Literacy · IDENTIFIED FROM THE TRANSCRIPT · source
“Need other people to grow into the economy in a sustainable way in order to keep this thing, this party and this beautiful story of America going and so that China does not get its way of illegitimately becoming the leader of the world by cheating at capitalism and free enterprise with their partner Russia, which is, by the way, a rounding era economically and a bunch of thugs. Can't do anything legitimately, but China and Russia together want our way of life. They want to be us. And they can't do it with a fair fight. We, if we realize we're better together, probably my next book, by the way, this topic, if we realize we're better together and that 2 plus 2 has to equal more than four, I mean, that's every good marriage, is that 2 plus 2 equals 6, 8, or 10, you're better together, then you can realize that...”
2023-05-26 · Masters in Business · John Hope Bryant on Financial Literacy · IDENTIFIED FROM THE TRANSCRIPT · source
“Everything's frozen because the average human being was not out engaging in the economy. So rich people cannot on their own sustain the largest economy on the planet. We literally need each other. So whether you're a consumer or whether you're a stakeholder and a builder, you have a role to play. And I'll say something else is maybe shocking to me it's common sense. Demographics are destiny. The reason I believe in this business plan today that it's about mission and money and morals today, there's not enough college-educated white men to grow the economy for the next 30 or 40 years. It's just mathematically impossible. So you need minorities. You need women.”
2023-05-26 · Masters in Business · John Hope Bryant on Financial Literacy · IDENTIFIED FROM THE TRANSCRIPT · source
“70% of the US economy is consumer spending That's the guy who's cleaning this office building, paying rent, paying a car note, buying some food in the corner, paying for a parking ticket, going to a restaurant every now and then with his wife. If without this activity, the economy comes to a grinding stop. Think about the pandemic. Think about what happened in March of 2020.”
2023-05-26 · Masters in Business · John Hope Bryant on Financial Literacy · IDENTIFIED FROM THE TRANSCRIPT · source
“I'll go one step further. My rich friends need my poor friends in order to stay rich. My rich friends need my poor friends to do better.”
2023-05-26 · Masters in Business · John Hope Bryant on Financial Literacy · IDENTIFIED FROM THE TRANSCRIPT · source
“So they had to go create their own job because no one would hire them for an existing job. And that created an institution today that people think is hottie-tadi and hard to access called Goldman Sachs. But whether it's UPS and I think his name was Kelly, I think it's his name, who founded UPS with a bicycle messenger service, or whether it's Coca-Cola, which was a pharmacist and his son who created that business, and they were dead broke, sold it for $500, by the way. So the pharmacy formula, you can go on and on and on, Black Enterprise was created by a hard scrabble black entrepreneur, Ebony magazine, the guy borrowed a few books from his mother. So his black entrepreneurs, Latino entrepreneurs, white entrepreneurs, it doesn't matter all legitimate wealth came from nothing who built something into something. And these are big companies were once small ones. And that's just a historical fact.”
2023-05-26 · Masters in Business · John Hope Bryant on Financial Literacy · IDENTIFIED FROM THE TRANSCRIPT · source
“All of the creators of wealth in this country, legitimate wealth. Came from poverty in the 20th century. You think about all these innovators who created companies. I mentioned earlier, this is a good example because it's visual here in Manhattan, you have a tower that says Goldman Sachs. Well, the 100 plus years ago, there was a guy who was an immigrant named Goldman and another guy who was an immigrant named Sax. And they literally were walking door to door selling financial services. I'll have a briefcase because they couldn't get a job in the office towers that day because of discrimination.”
2023-05-26 · Masters in Business · John Hope Bryant on Financial Literacy · IDENTIFIED FROM THE TRANSCRIPT · source
“Number four, be entrepreneurial. Don't just get a job. Maybe create one. So you can write that check, not just cash it. Number four, spiritual capital is a start of true wealth. Own your power. So I would say. We're not human beings having a spiritual experience where spiritual beings having a human experience, energy matters, and the most important thing in life probably is becoming reasonably comfortable in your own skin. When I met you instantly, I could tell that Barry was cool with Barry. Well, if you're cool with you, then you'll be cool with me.”
2023-05-26 · Masters in Business · John Hope Bryant on Financial Literacy · IDENTIFIED FROM THE TRANSCRIPT · source
“Is you live in a free enterprise system in braces that's not playing this stupid game that somehow we don't. Number two, are these kids who are railing against capitalism and free enterprise, these rich kids who are only able to do that on a college campus because their parents are capitalists and could send them the best colleges in the world? It's absolutely fascinating to me. Number two, so it's not just poor people who are under a misnomer. It's rich kids too. Number two, Your mind set makes you lose money or build wealth. You choose. Number three, relationships are investments. Build relationship capital with yourself first. That's that self-esteem piece.”
2023-05-26 · Masters in Business · John Hope Bryant on Financial Literacy · IDENTIFIED FROM THE TRANSCRIPT · source
“Rule number one you live in a free enterprise system embraces so people say oh I hate rich people no you don't you hate rich people until you become rich Oh, we're socialists. No, no, no, no. It's my friend, the late Shimone Perez said to me. He said, John, even if folks want to distribute money like a socialist, they have to first collect money like a capitalist. So we're all living in a capitalist system. If you're going to work and using your talents to get a paycheck, you're using your human capital. So let's stop playing a game. Let's understand that our freedoms aren't free and we live in a free enterprise democracy.”
2023-05-26 · Masters in Business · John Hope Bryant on Financial Literacy · IDENTIFIED FROM THE TRANSCRIPT · source
“When you don't know better, you can't do better. So we just found that you had to. Literally go back to the drawing board and deliver. Business plan for a free enterprise success story to successive generations of people who were not giving direction or guidance. And my goal at Operation Hope was to do that through coaching, but also my goal in the books was to provide literal Training grounds, if you want to call it that, so that There was no guesswork anymore around success. Each of the books are a bit of touch tones. Maybe obvious, but common sense is not so common.”
2023-05-26 · Masters in Business · John Hope Bryant on Financial Literacy · IDENTIFIED FROM THE TRANSCRIPT · source
“Who didn't get the memo? I mean, what is a memo? I mean, when you think about being at Bloomberg, are we open on Christmas or are we open on Thanksgiving? That's a memo that goes around. Everybody's on the same page. What happens if no one sends that memo? Do you either show up for work or don't know? No, there's no direction of what the leadership wants to do or not to do. And so you're sort of on your own. So everybody needs a memo and everybody needs a business plan for their life. And what we found is that after slavery We were told African Americans we were free. But nobody gave us a memo. On the rules of freedom in a free enterprise democracy. A free enterprise system. And so. What you don't know that you don't know that's killing you. And a blind towel to one-eyed man's king.”
2023-05-26 · Masters in Business · John Hope Bryant on Financial Literacy · IDENTIFIED FROM THE TRANSCRIPT · source
“It's a guy who went to Africa selling shoes. He wired back three weeks later. Boss, please send me home. No one here wears shoes. Then they bring Barry and John out there, and we get lost in the bush and no one hears from us because we're exploring the culture and all that stuff. And then three weeks later, There you go, Bar”
2023-05-26 · Masters in Business · John Hope Bryant on Financial Literacy · IDENTIFIED FROM THE TRANSCRIPT · source
“Traffic was not onerous and moved away. Now traffic is painting the Gazanga beans and young people are not afraid of minorities. So young people are moving into inner cities at low rates, rehabbing these properties, building businesses, and creating new neighborhoods and communities. And what I want to make sure that happens is if there's going to be gentrification, let it be diverse and inclusive gentrification of folks who actually live in these neighborhoods and not just those who can afford to be in these neighborhoods. So basically you have every inner city in America with the exception of Manhattan. Is a gold mine waiting to be tapped? And these are all these neighborhoods, inner city, Detroit, I mean, you pick one. It's right near jobs or at least economic opportunity and energy waiting to be explored. I see opportunity everywhere”
2023-05-26 · Masters in Business · John Hope Bryant on Financial Literacy · IDENTIFIED FROM THE TRANSCRIPT · source
“So you just, I'm smiling because you just hit on a genius part of America's untapped business plan. And it comes from discrimination. Where's the inner city in France? Paris, where is an inner city in the UK, London? You can go, you can do this all day. Where's an inner city? In Los Angeles, South Central, 15 minutes from the port, 15 minutes from the beach, 15 minutes from downtown, 10 minutes from jobs, but who lives there? We put inner city, poor struggling people, because in the 50s and 60s and 40s, people wanted to get away from these folks. They built suburbs.”
2023-05-26 · Masters in Business · John Hope Bryant on Financial Literacy · IDENTIFIED FROM THE TRANSCRIPT · source
“Like, if you don't own it, if you're the property management company, you don't own it. So you're not going to have the same care for these residents as I would as the owner of the property. It's myself. And so you may let that resident call you six or eight or ten times and not go out to them. You may overcharge on maintenance because you can. So the property management company is really a key part of delivering and keeping the promise to these communities. And if you get lucky, you get a great property manager. If not, you need to do it yourself. So I will roll out in areas when I can keep the promise to my communities and my residents. And we have a formula for that.”
2023-05-26 · Masters in Business · John Hope Bryant on Financial Literacy · IDENTIFIED FROM THE TRANSCRIPT · source
“No, I think it's both. If you're buying portfolios, you may find that you bought homes in six cities. So now as long as you have enough cities to have property management, that's really the key. You want to have centralized property management in a city so you can keep the promises to the residents. And I've learned a lot in this business. One thing I've learned is that no one washes rental cars.”
2023-05-26 · Masters in Business · John Hope Bryant on Financial Literacy · IDENTIFIED FROM THE TRANSCRIPT · source
“Can you help us? Oh my God, sure. And you buy it, right? You rehab it with minority vendors, which is what we're doing. And you then either put it back into inventory as affordable rent or you sell it to somebody in the neighborhood. We have all those relationships. We have the credibility. We've got the street cred and the institutional cred to get that done. And we're trusted. We're the honest broker in these neighborhoods because they know me. They've seen me there for 30 plus years. So I'm not selling wolf tickets, as they say.”
2023-05-26 · Masters in Business · John Hope Bryant on Financial Literacy · IDENTIFIED FROM THE TRANSCRIPT · source
“You go into existing inner city neighborhoods and you find bum properties. You find property with a tree in the roof or where's the worst house or houses on the best blocks? They're crime infested or they're a magnet for problems. Partner with the city. And say, hey, city council person, hey, you know, we want to”
2023-05-26 · Masters in Business · John Hope Bryant on Financial Literacy · IDENTIFIED FROM THE TRANSCRIPT · source
“Tightening of institutions, business plans, focusing on their sweet spot. Their sweet spot, to be blunt, Barry, is somebody like you and me who has multiples of income over their expenses. They're looking for that renter. They don't want a renter who has three times rent, which is a low-income, low wealth renter. They don't want somebody who's a doctor. I'm not doctor, a Walmart manager or the McDonald's manager or the police officer, but I do. I love these communities. I love these residents as my occupants. I love these neighborhoods that are untapped, underserved, and unseen. And I think my passion for these neighborhoods matches with the strategic interest of institutions who hit their bogey. They've hit their number. And the homes are not deferred. They've been rehabbed.”
2023-05-26 · Masters in Business · John Hope Bryant on Financial Literacy · IDENTIFIED FROM THE TRANSCRIPT · source
“And institutions that did not really think this was a sweet spot for their portfolio. So you had the 2008, 2009 economic crisis. They had investors come into their funds to buy assets in a downtown five to seven years later, the investor wants out. It's not that they don't like the asset, but they're like, we've hit our We hit our bogey. We're done. I was at the door 2016, knocking on the door, saying it. Good timing, and I bought some of these assets at a decent rate when they were trying to exit. And even if they didn't want to exit their whole portfolio, the one part that they were willing to get rid of was this bottom section. I think we're at that point again. I think where the economy is right now, the next two years, there'll be a pruning, a refinement.”
2023-05-26 · Masters in Business · John Hope Bryant on Financial Literacy · IDENTIFIED FROM THE TRANSCRIPT · source
“Want to get rid of these? Well, frankly, that's how Operation Help, sorry. That's how the Promised Homes Company got started in the first part.”
2023-05-26 · Masters in Business · John Hope Bryant on Financial Literacy · IDENTIFIED FROM THE TRANSCRIPT · source
“So, what I want to do is buy the homes that have less than a $2,000 a month rent from these institutions. I want to own them. And I want to buy or build homes in other neighborhoods that have sub $2,000 rents.”
2023-05-26 · Masters in Business · John Hope Bryant on Financial Literacy · IDENTIFIED FROM THE TRANSCRIPT · source
“national i'll go every place but those places that are literally unaffordable for uh for rents uh i'm not you know you can't do it in manhattan uh but you can do it in some of the boroughs uh you can you can't do it in la proper but you can do it in some of the cities around that beyond that is almost every place in america does have slots for affordable housing. What I want to do, I mean, there's only half, it's about 500,000 homes that are owned institutionally out of 17,000 rental homes. So the concept that institutions or Wall Street's owning Main Street is in and of itself a fallacy, but is it true that most of the sales in the last few years have been from institutions? That is true in these underserved neighborhoods.”
2023-05-26 · Masters in Business · John Hope Bryant on Financial Literacy · IDENTIFIED FROM THE TRANSCRIPT · source
“company now with new partners Sean Horowitz and Clayton Wyatt we're going to now scale this company from 700 homes to 10,000 and I want to own all of these affordable housing homes that are in the institutional portfolios I want them to sell those homes to me let me treat them as a priority as these are the communities that I love and I think you can do well and do good too in fact I know you can so here we have a philanthropic model with Operation Hope financial coaching and you have a wealth creation and a job creation and home ownership model affordable choice model with Promise Homes Company and at some point I'll get into access to capital that's another conversation for another day but this is my mechanism Uplift the bottom of the economic pyramid.”
2023-05-26 · Masters in Business · John Hope Bryant on Financial Literacy · IDENTIFIED FROM THE TRANSCRIPT · source
“I love this experience. I've been paying rent on time. Can you help me become a homeowner? That caught the attention of the media. And so media starts saying, well, is this a model of going from rent to own? And can you actually treat people like residents and not just renters? And can this business be also a catalyst for social justice through living wage jobs and contracts? The answer to those questions were all yes. Those three things allowed me to access different kinds of capital pools than Wall Street were accessing that were cheaper. So without getting into a bunch of detail, I found another capital stack that was multiples less expensive than the hot money on Wall Street. And there's two ways to make money. You make more, you spend less. I was spending less. That allowed me to sell my business at a prime rate. And then I then became an advisor to KKR and their global real estate group because of the philosophy that I had at Promise Homes Company. And now I've sold that company into a partnership or I'm growing that.”
2023-05-26 · Masters in Business · John Hope Bryant on Financial Literacy · IDENTIFIED FROM THE TRANSCRIPT · source
“Financial literacy. If you made your payments on time, we rewarded you. If you had a credit score of 600 or 580, you had to go into financial counseling and coaching with my organization Operation Ho. If you raise your credit score to 700, I would reduce your rent by 10% as long as you kept the credit score above 700. We made sure that the vendors that did the work on maintenance, plumbing, heating, lighting, landscaping, roofing, et cetera, that we gave a shot to minority and women-owned businesses. So 55% of all of my merchants, my vendors were minority and women. If I was not a black guy owning this company, I don't think anybody else would have done that. I was sensitive to it because, of course, I am it. And then we gave a path to home ownership from rent to own for people who said,”
2023-05-26 · Masters in Business · John Hope Bryant on Financial Literacy · IDENTIFIED FROM THE TRANSCRIPT · source
“About a week later, I'm in New York and we're having a conference call. He said, I've thought about this. Why do three men when you can do 30 million? It's a great idea. Why do 30 million when you do 130 million? Let's do 130 million. And we built this company over five years from zero to 120 million. And I paid all the bankers off, all the Fairdie Max, City National Bank, these other banks, first Republic Bank. I paid Tony and Michael off plus their coupon. I was so proud to be a black man in America who came from nothing and I paid all of my debts off dollar for dollar under agreement. And I own the company. And I was teaching, and we did this honorably because I was doing financial literacy for the residents.”
2023-05-26 · Masters in Business · John Hope Bryant on Financial Literacy · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I mean Yeah, I shared my vision. In three minutes into it, he said, that makes sense to me. I'm in. I said, well, you can't be in. I already got a partner. Well, who's your partner? Tell him who it was. Well, he works with me. Tell him I'm in.”
2023-05-26 · Masters in Business · John Hope Bryant on Financial Literacy · IDENTIFIED FROM THE TRANSCRIPT · source
“A few million bucks to partner with me. I went to go see Tony about supporting Operation Hope and I asked him for $50,000. He said, yeah, yeah, yeah, yeah. What's in your other pocket? Excuse me. He said, look, you got $50,000 out of me philanthropically. But you're a smart guy. What are you making in the other pocket? Because you just took money out of my left pocket. So I said, well, I got this business idea. He said, I'm in.”
2023-05-26 · Masters in Business · John Hope Bryant on Financial Literacy · IDENTIFIED FROM THE TRANSCRIPT · source
“So I think that this can be a game changer. And I mean, some of this criticism is legitimate that a lot of folks who own these homes are sitting in office buildings pushing basically a financial formula. They're not connecting this to the emotions of somebody's most prized asset, which is where they live. They're not connecting this to the human experience. And they probably shouldn't be in the business of owning homes in low wealth neighborhoods unless they are fully committed beyond a balance sheet investment. You'll get your return, but really should you be, should this be the business that you're in if you don't really care? We care. And let me go back a little bit story because the origin story is a little interesting.”
2023-05-26 · Masters in Business · John Hope Bryant on Financial Literacy · IDENTIFIED FROM THE TRANSCRIPT · source