[Music] Our friend Eyo alumni Um Arguably The greatest athlete of all time Uh gentleman and a scholar And uh Ambassador For the country of Jamaica yeah Usain Bolt very unfortunate situation yeah Um heartbreaking very unfortunate Situation and uh we wish him the best And everybody else that's involved in This situation we wish him the best Um But from my understanding He had a retirement account that was Invested in Jamaica yeah stocks and Securities limited the firm base in Kingston 14 million dollars 12.8 And uh it just disappeared 12 000 is Left 12 000. so talk about that and then talk About no no it's not funny no I'm not Laughing at it yeah that's crazy yes uh So talk about that and then let's talk About how that could be a learning Experience for anybody else Um You're true you want to go first I mean It's unfortunate Um and when I think of it it thinks
About I think about the history we've Had with banks and investing and this Doesn't help it Um the government is really is is the Issue here and I think that's what a lot Of the citizens of Jamaica are saying Like why are they not outraged why is More being done to a National Treasure Because if it can happen to him at that Level it can happen to anybody Um yeah but it's interesting to see I Mean that's one of those things Especially when you're dealing with Banks there's only a certain amount that Can be insured and so we know that so to Have that amount of money in one place Um yeah it's just a very unfortunate Situation now they said it was his life Savings which makes it made it even Worse I don't think it was Lifesaver Because I know they I mean his net worth They say is 80 million but they said That this was the largest amount of Money liquid liquid Maybe like 12 million so I mean to be Down to 12 000 is I mean you can't even Fathom that so It's I mean unfortunate and really Disheartening is the only two words I Can think for somebody who is just a Good dude man like like we had some time Um in Jamaica and we spent with him Humble dude gracious with his time very Smart uh his business savvy obviously he
Has plenty of businesses in Jamaica is Trying to be an entrepreneur on the Music side so to see this happen to him Like I said this is a national this Isn't the everyday person this is a National Treasure to the island of Jamaica so we gotta we gotta get this Right man I saw a sham shout out to Sham Who you know we linked up with as well You know putting out songs about it to Make sure that things get done and this Is one of the things we talked about When we were in Jamaica you know Sometimes you know the government Doesn't you know act in the best way or In the best uh purpose of the people I Don't want to put it on the gov I'm not Sure if it's private sector we can't Necessarily bring the government well They're speaking on behalf of it now They're saying like they're going to do Everything that they can now and they're Going to turn every stone that they can To make sure that this is rectified and Nobody else is take taking advantage of In this way so Shouts out to you soon Okay Hopefully everything works out Usain Bolt great guy solid how can people how All right how can you avoid not getting Uh Cool I don't know what the situation is So I don't want to speak about it but
How can you get caught and not avoid Avoid not getting caught in a Ponzi Scheme or avoid getting your money taken In a type of scam situation What are some things that you should uh Always look out for There's no beautiful answer here Um when I put this out when I heard the Rumbles like two weeks ago people was Like why didn't he have his money in America This too can happen in America Um the only real answer is to manage Your own money Like I don't trust anyone with my Capital people make fun of me all the Time they're like yo you're the only Person I know that'll still write a Check why don't you just wire and let This per I'm like you let too many People have access to be able to wire Funds out or write checks they will go Very fast any athlete Entertainer I Would tell you never give anyone power Of attorney over your finances Um this is heartbreaking To hear and then to see what's happening With Bank of America and Chase and a Couple days ago money was missing a lot Of these Banks were heavily invested in Crypto took some losses had margin loans They have to pay the money back I won't form or fashion this is one of The things that we talked about also in
2020 during the recession Uh domestic abuse goes up death goes up Positive schemes implode levered Accounts pull up money goes missing you Have to be very mindful that's why I say You have to check your accounts every Single day Um and also been telling people on red Panda like there's tears of freedom but Truly like there is no Real Freedom the more money you get the More protection mechanisms you need to Have them play Um so check your accounts every day Ideally manage your own I don't care who The advisor is who the investors you Have to know how to be able to do this On your own So you don't know what's fun and don't Get P of a POA to anybody Um this is heartbreaking though because He will probably never get that money Back Yeah Why'd you lower my mind Totally pick up the speaker Um What speaker good shot we got to get can We get Rashad like an award for like Best mean moments real subtle though Boy little confused uh confused of the Situation Um Yes
Um do you have any advice insights if he Was your client or if you had a chance To talk to him like what would you tell Him to do what course of actions you Have to take well the thing the thing About it is this and um this is why You know it's a few different things That go into to play here right and he Had his money in like in a bank so it Wasn't even like his money was just Randomly in some place that you would Think would be insecure but you have to Um fully vet everything that you do Absolutely you've got everything that You do Um and that includes Banks that includes Credit Unions that Includes investment firms that includes Stocks Forex Whatever you're doing you have to fully Fully vet it right that's that's the First thing because um Sometimes you just take things for Granted and uh When you start taking things for granted That's when bad things usually start to Happen So you know that's that's the first Thing and uh of course it's always good To diversify right like Looking back on it it probably wasn't The best decision to have just 12 Million in one account Hindsight is 2020 but um especially like
If that's the majority of your liquid You might want to have a few different You know accounts and a few different Things like even me I have three bank Accounts with three I have a bunch of Different bank accounts but I have three Banks So I I have three different banks Um For a variety of different reasons but Anything can happen You're saying like anything could happen Like it's just real and it's like you Know so if all three Banks go down then It doesn't even matter anyway because The whole world is going to collapse at That point but you know you you just Gotta always diversify I have two Brokerage accounts my son has a Different brokerage account I have three Banks like I'm just you know you got to Be just careful because um Here's the here's the thing Monologue it's my monologue time Um Here's the here's the discouraging thing The odds of becoming a millionaire In America is a one out of one every 32 People will become a millionaire that's Uh three percent That's not encouraging But what is encouraging Is that so it's especially if you're Black let's just be honest right it's
Almost impossible to become a Millionaire But once you become a millionaire The odds of you hitting 10 million Is is inevitable Because just think about it once you Have a million how hard is it to get to It not very that difficult you just got To flip that You can just put in index funds might Take seven years might take ten years You'll get you'll double your money at Some point Yeah yeah and then once you get two Million Then you just got to flip that to four Million so once you get four million you Just gotta flip that to eight million And then once no lifestyle it's gonna Flip that to 10 to 12 million It's almost inevitable You know why A lot of people don't do it Is because they start doing stupid Things Once you get money now you start now you Start becoming stupid And it's like this is something that This is just the old school Rule now This is just the old school rule where It's like come on Don't buy anything That can't be sold [Music]
