Google that shit 4 investments we can make to close the wealth gap

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hello hello hello

how you guys doing out there i’m

constance carter

and uh i am a black woman with a phd

a public high school diploma give it up

and i’m super proud about that because a

lot of the things that i’ve been able to

accomplish i’m a ceo of the largest

african-american owned real estate firm

in california

and i’m an investor and i’ve made some

really great i’ve had some really great

accomplishments

but it’s been done primarily because of

god

i mean i wouldn’t be where i am today

without without him

the other thing is i hang out with some

really really smart people like i am not

the smartest tool in the show

i hang out with some really great people

i’m also a fervent learner so i’m

always at somebody’s workshop training

some type of conference but the thing

that i do most

one of the things that’s most that i i

run to very very often

is the power of the internet anybody

ever heard of google university

well that’s where i got my phd i call it

gts does anybody know what gts is

google that so every time i need to

figure out something

anytime that i i’m doing some research

on anything or

i built my business by doing gts

i you know if my if my agent sees

something or my kids need something

first thing i tell them is the gts so

what’s gts y’all

tell me one more time all right so

i’m gonna tell you i’m gonna talk about

a few things as an investor i’m going to

tell you how to invest

but i don’t want you to just take my

word for it i want you to gts

all right so when i was

four years old my mom bought me a baby

alive doll

now this was after months and months of

her me asking her over and over again

it actually was probably weeks it may

have been days but in my four-year-old

mine

it was months and months and months and

i remember just as vividly as it was

yesterday she came home with this

toys r us bag and she said i got

something for you

and i was so excited i seen this bag and

i seen this box peeking through and i

opened

it up and i pulled it out and i was so

excited i pulled out this doll

and i immediately started to cry i’m

almost like well what’s wrong this is

the baby alive dog

maybe a live doll that you wanted i said

this doll is ugly i hate it

and she said you asked for this baby

alive doll

i said this is ugly well that baby alive

doll was black

and the one that i wanted it was white

and somehow in my four-year-old mind i

knew

at that age that somehow black was bad

i knew at that age that somehow this

black doll was inferior to the white dog

and i don’t know how i learned it it

might have been tv i have no idea

but that was further punctuated and

confirmed when i went to elementary

school

when i learned about being black i

learned that i was inferior

i learned the only thing that i learned

about being black was that we were

slaves

and that we were oppressed i learned

nothing more i learned about the

struggle of black people

and it wasn’t until i got out of high

school when i started to

with the power of the internet and i

used google university

and i started to gts tell me what gts is

again

yes and i learned that we were

so much more than that i learned that

there were we had civilizations african

civilizations thousands of years

before slavery i learned that there was

the the richest man

that ever lived was an african name

mansa musa

i learned that after the civil war and

after reconstruction there were towns

that sprawled up

all across the united states all black

towns

that were prosperous and there was one

in particular

it was uh it was uh in tulsa oklahoma

it was so prosperous that it was called

black wall street

now tulsa isn’t that big and this was

only like 32 square blocks or 35 square

blocks

and there were over 600 businesses and

most americans still don’t know about

this town to this day

over 600 businesses they had grocery

stores they had a bus system

they had law offices libraries movie

theaters they even had planes you guys

and it took the dollar a year to

circulate before it actually left the

community

and even in the most close-knit

communities today it takes the dollar

at least like in the in the asian

community it takes a dollar

uh 30 days to circulate before it leaves

a community

in the jewish community it takes the

dollar 20 days to circulate before it

leaves the community

in the white community it takes a dollar

uh 17 days

before it leaves a community but in the

black community today

six hours and so here you have this

community that that was so prosperous

and it was thriving

and it was during a time that it was

most dangerous to be black in america

look at red summer gts that

it’s when the black people were were

lynched at record numbers and

and even in this small town as they did

all across the towns all over the

country

they bombed it and they burned it down

because they were jealous

not only did they do that but they went

in and they stole the people’s things

from their houses

and they would say things like well how

does this end have more than what we

have

and then i read in an article just a few

years ago

uh by gts it said by the year

2053 that median black income

was going to be a zero and not far

after that hispanic income was going to

be a zero as well

and i thought to myself i’m like well

how is it that nearly a hundred years

after

such a prosperous time as black wall

street are we here

where we’re headed to a zero how is that

and i have these i do these lectures all

over the country and i talk to my

friends

and and i ask this very question and

some of the things that i hear

is black people we like to wear our

wealth we like to have gucci belts

nice shoes we like to buy the most

expensive cars

and while that’s true in some cases

that’s not by and large the entire case

there are things that have happened

systemic laws that were put into place

that

that created this this wealth gap

right after black wall street was

destroyed in about 1935

uh the federal government said we are

going to make homeownership a

possibility for

everyone from all walks of life

everyone except people of color

so they came out with this fha home loan

that was supposed to be accessible to

everybody

and but they didn’t allow african

americans hispanics or other people of

color to take part in that

so eighty percent of wealth in this

country is generated through real estate

did you know that

ninety percent of wealth in this country

is passed intergenerationally

and so if we’re not able to take

advantage of these wealth building

opportunities and how are we able to

build wealth

and so these laws that were put into

place it they prevented

us from being able to purchase and if

they did give us loans

they gave us predatory loans and

predatory loans is just

is part of the american fabric you guys

wells fargo

was just sued two years ago for offering

predatory loans

to minorities so it’s very very common

and it hasn’t stopped

but what happened is you had these areas

that they subjected

people of color to it’s called redlining

i don’t know if you know but if you look

at this map here this is the city that i

live in this is the city of stockton

right and in the east part in the south

part

these areas were red line now red

lighting happened all over the country

these areas in particular were redlined

areas

and these these areas in particular were

mostly black and hispanics live

and this redlining has far surpassed

anything that it did back in the in the

third because red lighting was outlawed

in 1968

but it far surpassed that because even

today

these communities don’t have any real

real economies

there’s no big box stores there’s no

major retailers you won’t see a walmart

in sight but what you will see

are some check cashing places some

liquor stores

some payday loans and some churches

but no really no real contribution into

the

the communities so if we don’t have an

opportunity to build wealth well then

how do how are we supposed to close the

wealth gap

well let me share a couple of ways

because i am an investor

and i’m going to show you a few ways at

least four ways

that you could things that you could

invest in so that you can close the

wealth gap because i don’t really

believe

what forbes said i don’t believe that

has to be our story

i believe not only can we close the

wealth gap but we could exceed it

so number one the first investment we

have to start making

is we have to invest in real estate

now i’m super proud that even with the

systemic issues that we’ve had

over 40 of hispanic and black households

are homeowners

even with the predatory loans even with

the fallout of the foreclosure market

over 40 of us are homeowners so that’s

not bad considering there were laws

putting

us in place put in place for that

prevented us from owning homes

but over 75 to 80 percent of our white

counterparts are so we can close the

wealth gap

so again 80 of wealth in this country is

generated through real estate

now i own one of the largest

african-american owned real estate firms

in california

and the reason why we are so successful

is because we’re not just putting people

in homes

we’re not just saying hey we’re just

going to sell you a home we’re going to

sell somebody else at home

we actually sit down with you and help

you develop a wealth plan

what does that mean we’re saying okay

we’re going to put you in a home in the

next three to five years we’re going to

help you to start creating your wealth

portfolio

so not only are we going to put you in a

home we’re going to help you to

start purchasing multi-unit properties

and then possibly apartment buildings

and then we’re going to buy the block so

we do things like

like credit parties where we show people

how to increase their credit

and use it as leverage to start building

wealth

it’s called opm does anybody know what

opm is

other people’s money absolutely right so

we show them how to use opm

so that they can start building wealth

and just yesterday you guys no

no joke one of my clients called me the

other day somebody that i put on a

wealth plan

and she said constance i’m ready to buy

my next home now this was a young single

mother

she had bought her first home a few

years ago and then she had used the

leverage and

equity from that home and bought another

home a multi-unit

and then she used equity and the

leverage from that home and she bought

another home

that was another multi-unit now she’s

ready to buy her fourth

property which is another multi-unit so

now she’s up to eight

units single mother this is the type of

thing that we do for

our people and it’s so important that

we’re utilizing real estate because

again

80 percent of the wealth in this country

is generated through real estate

the second thing that we need to do to

start investing in guys

is we need to start investing in stock

okay another one of the reasons why the

wealth gap is so

wide is because when when people of

color do invest they only invest in real

estate but they’re not

investing in stock they’re scared we are

because we think it’s like gambling

we’re scared to you know put our money

in and of course you know the market

the the stock market does like this the

other day i saw on facebook just

yesterday they were like hey the stock

market is on sale let’s buy buy buy

right so we need to start doing this and

i did a i did a an experiment a few

years ago with my kids these are my kids

up there aren’t they beautiful

so this was a few years ago and i tell

i bought the dr boyce walking stock

program

and i call it the parable the talents

and i told all my kids i said i’m going

to give you a thousand dollars a piece

if you take the stock program and you

start investing in stock

so the only one that did it at all four

of my kids is my oldest son

duders the one with the little circle

and the arrow

so this kid was so excited i gave him a

thousand dollars he opened up ameritrade

account

and he took that thousand dollars and he

made eight thousand dollars

you know how he did that gts

he googled everything now if a 12 year

old child

could utilize google to take a thousand

dollar investment and make eight

thousand dollars

why can’t we adults the information is

out there

just the other day now my son is on

robin hood and he told me

you know because he’s investing in robin

hood so he told me the other day he said

ma

i just made 480 on penny stocks

in one day and so we don’t need a whole

bunch of money to start investing

you can start investing pennies dollars

a couple of you know

50 25 100 just start investing and not

only that

teach your children how to invest

the third thing we need to invest in is

ourselves

we need to be more vigilant about

opening our own businesses

guys sometimes god has played something

on the inside of you

and you’re scared to step out there on

face

right now is the best time that you can

start investing in yourself

listen covet if covert hasn’t taught you

anything it should have taught you that

you cannot

depend on your job it should have told

you that you have to have multiple

revenue streams

42 percent of this economy is made up of

small businesses and it’s made up of

people who are willing to take the risk

to jump out there

and and do that in spite of their fears

now right now is the best time i promise

you in the history of this country in

the history of this world you know why

because we got the internet we can do

whatever we want to do we can be whoever

we want to be

we don’t have to worry about things like

discrimination because i don’t got to be

a black woman i could be anybody i can

sell any product i can do anything that

i want

via the power of the internet you ain’t

got to worry about high startup costs

you could just do it be like nike just

do it and don’t wait for it to be

perfect don’t wait for perfection

there’s a saying that says beta now

better later

perfected as you go and the fourth

investment and my final investment that

we need to start doing

is we have to invest in our children

these areas these red line areas are

still affected like i said today

city of stockton is where i live it was

the epicenter of the foreclosure market

they filed bankruptcy but one of the

biggest things for stock is they have

the lowest literacy rates

in california and these are reflective

of that

these test scores are reflective of the

the lack of investment in these

communities

think about this we spend 32 billion

dollars more

on affluent schools than we do on

impoverished schools

meaning we spend 32 billion dollars more

on white schools

than we do for children of color and the

test scores reflect that

black and brown kids aren’t inherently

dumber white kids aren’t inherently

smarter

they just have access to more resources

now judy talked about those those the

ways that we could we could uh

help these children and the things that

we have to do differently

but we need to have the resources each

state in this country

we spend more money on prisoners than we

do on pupils

imagine if we broke the mold and we

turned that around

and we spent that money on pupils and

not on prisoners

what would it do for the economy it

would take the burden off the prison

systems that’s for sure

i’m from the silicon valley originally

and over 72 percent of the tech

employees

are from other countries and it’s great

that america is just such a great

company that any country that anybody

could come in

and have opportunities and build well

that’s a beautiful thing

but why don’t we do the same thing for

our babies why don’t we invest in them

so that they can have those

opportunities so again listen

four things you could do to start

investing

so that we can close the wealth gap and

i believe it’s possible i don’t i do not

prescribe

to what forbes said about us being at a

zero in the year 2053.

number one invest in real estate

80 percent of wealth is generated in

real estate

two invest in the stock market

today right now i want you to go to your

apps

download acorns download robinhood and

start investing today

three invest in yourself

you are your biggest commodity you are

your biggest investor

and number four invest in our babies

because when we invest in the life of a

child it helps the community

it changes the economy and the whole

country is better because of it

and if there’s anything that i said that

you’re not familiar with i challenge you

all

to gts all right i’ll see you later

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you