The Terrifying Signs that confirms Real Economy Is Crashing

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• 1:47Speaker 04

  How do you know? What's some signs to know that the economy is bad?

• 1:55Speaker 05

  Um, one, crime rates are going up. Like in light of, you know, of everything that's going on. We talked about the Q50 thing last week. But if you look cities, major cities, the crime rates are going up. And I talked to somebody yesterday. They're like, even in juvenile detentions, more kids are stealing.

• 2:16Speaker 05

  Not out of joy, but out of necessity.

• 2:18Speaker 04

  Well, New York crime rates are down.

• 2:20Speaker 05

  Shot to my diamond.

• 2:21Speaker 04

  Shot.

• 2:22Speaker 05

  Shot to my diamond. But in other cities, crime is going up. Robberies are going up. Burglaries are going up. That's a sign. Also for me, I keep saying that the work ethic of the elite and billionaires, it's scary. I keep talking to one or two people, maybe every other week in the NFL or NBA, who keep telling me they're not making enough money. And they're at 35 and 36 and 39. These aren't journey men. These are the second player on the team or they're going to be first this year. Not making enough money. They're in deals. They're investing. They are not under invested. And they're saying, well, I'm not making enough. Scary as hell to see.

• 3:09Speaker 05

  And lastly, I talked about it Monday, but to see McDonald's down, Lowe's down, Netflix is down. Like the retail sector is getting smacked. And everyone acting like everything is okay and it's not. And there's no recovery period being given. It's scary. Like Under Armour, even though it may not be a fan in our culture, that's a mega business.

• 3:33Speaker 05

  Under Armour has been underwater for five years. Bond market's been down five years. As much as they keep saying the yields go up. If you look at the long-term chart of the 10-year or the 30-year, it's been down. It's been in a half-decade recession. We're almost entering a lost decade for the bond market. But what about you?

• 3:54Speaker 04

  You brought up a lot of good points. I'll say this, I don't wanna.

• 3:59Speaker 04

  This is a little, this is a little.

• 4:00Speaker 05

  The hot take.

• 4:01Speaker 04

  It's a hot take.

• 4:04Speaker 04

  I was talking to somebody that owns a clothing store. And they were saying that the clientele not really spending like how they used to spend a lot. Look, I'll tell you this.

• 4:17Speaker 04

  This is controversial hot take.

• 4:18Speaker 05

  I got a hot take after you go. Go ahead.

• 4:22Speaker 04

  When, when the street money is dried up.

• 4:25Speaker 05

  Yes, it's a sign.

• 4:26Speaker 04

  So when you see

• 4:29Speaker 04

  the street luxury spending slowdown.

• 4:31Speaker 05

  Yes.

• 4:32Speaker 04

  When you see the bottle service dry up. The strip clubs empty.

• 4:36Speaker 05

  Yep.

• 4:38Speaker 04

  It's a trickle-down effect. When you saw the, this goes back to the 80s, right? When the high-flying 80s, when all the Wall Street, everybody, they trickled down and they were buying.

• 4:50Speaker 05

  They were a bunch of things, a bunch of different alternative assets.

• 4:53Speaker 04

  They were buying alternative assets. And it was money flowing in Miami and New York.

• 4:58Speaker 05

  Yep, Chicago.

• 4:59Speaker 04

  DC.

• 5:02Speaker 04

  During COVID. You seen, you know, however they was getting their PPP money, but like.

• 5:11Speaker 04

  When you start to see that level.

• 5:15Speaker 05

  Yep.

• 5:16Speaker 04

  Be more fiscally responsible.

• 5:20Speaker 05

  It's scary.

• 5:20Speaker 04

  Early, early indicator.

• 5:22Speaker 05

  Yes.

• 5:24Speaker 04

  There's a street economy.

• 5:25Speaker 05

  For sure.

• 5:26Speaker 04

  There's an actual street economy.

• 5:28Speaker 05

  It keeps a lot of America going.

• 5:29Speaker 04

  No, it built Miami.

• 5:31Speaker 05

  For sure.

• 5:31Speaker 04

  That's something that nobody really wants to talk about. You should watch Cocaine Cowboys if you're interested.

• 5:38Speaker 04

  Cocaine Cowboys lays out how that street economy built Miami. Miami skyline was built off of that.

• 5:45Speaker 05

  And regardless of the criticism of dude being at InvestFest, they built a lot of Atlanta.

• 5:50Speaker 04

  A hundred percent.

• 5:51Speaker 05

  They built a lot of.

• 5:52Speaker 04

  They helped out a lot.

• 5:54Speaker 05

  A lot.

• 5:54Speaker 04

  They helped out a lot.

• 5:55Speaker 05

  They raised the value of Buckhead dramatically. Brookhaven, it's a bunch of value that they created over there, but that's another conversation for another day.

• 6:05Speaker 04

  So when you saw, and it's slowed down.

• 6:08Speaker 05

  Dramatically.

• 6:09Speaker 04

  And this, I'm hearing this from club owners, clothing store, cuz these are the people that these people frequent, right? Clubs, restaurants, clothes. When that element starts to be more financially, fiscally responsible because they don't have the money.

• 6:28Speaker 05

  Yeah.

• 6:29Speaker 04

  It's a telltale sign. Everything else you said, gas prices, of course, everything else that you said, a hundred percent. But um, the street index is.

• 6:40Speaker 05

  Is real. I'm gonna be super real. This year I've had more nightlife baddies than ever.

• 6:49Speaker 05

  Normally you come to, yo, I'm in New York, yo, you wanna come through? Now it's, could you look at my portfolio? What do you think? I'm like, when the fuck you start investing? The second one, on every plane ride now, there's a devout MAGA Republican who's asking me for financial advice. Like, I'm in Texas. Normally if you live in, like Houston is Houston, but it's still in Texas, it's still divided. I'm getting a lot of devout David Duke MAGA Republicans asking me, hey, where should I put my money?

• 7:23Speaker 05

  Random, and I have no clue who they are. Scary as hell. When the Republicans come to Negro Cito, it's tight, boy. The economy is tight. You're not going to Fidel or Schwab, you coming to me? What? Okay, got you. Got three years. Do what you wanna do.

• 7:40Speaker 04

  Three years.

• 7:41Speaker 05

  You got three years.

• 7:42Speaker 04

  That's a fact.

• 7:43Speaker 05

  If you have to between Puerto Rico and Dominican and Lillia, which country put in since we're doing beaches?

• 7:49Speaker 04

  You wanna stay on this PRDR thing, huh?

• 7:52Speaker 05

  It's a, well, media training, it's called a hook. You know, call and respond.

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• 12:29Speaker 05

  I was hooked, so next subject, back to you, Rashad.

• 12:34Speaker 05

  I'm gonna get the text, not you.

• 12:38Speaker 05

  Oh, speaking of Miami, real quick ad break. October 3rd, I will be in Miami with my brother Bilal Little at Legacy Con with Black Professionals Network. I love y'all. I saw my brother Bilal today at the exchange. So on October 3rd, we will be doing an event at the Hard Rock in Hollywood, Florida, in Miami.

• 12:59Speaker 03

  Congratulations.

• 13:00Speaker 05

  Thank you, brother. I appreciate it.

• 13:01Speaker 03

  Shout out to Bilal Little.

• 13:02Speaker 05

  Yeah, that's my guy. Y'all got some events coming up too.

• 13:08Speaker 03

  Yeah, we'll wait. We got time. But we will be AfroTech though. Now, I want to support her. Shout out to Morgan. She a real one. AfroTech, Houston, Texas. Pull up, man. Support the real. Morgan is one of the smartest people. She's one of the smartest people and she's one of the realest people. Like, you know, they say like, look. She's realest than a lot of dudes.

• 13:31Speaker 05

  Oh, for sure.

• 13:32Speaker 03

  5'2" is crazy.

• 13:35Speaker 05

  Smart.

• 13:35Speaker 03

  5'2" woman is realest than a lot of these dudes.

• 13:41Speaker 05

  For sure.

• 13:42Speaker 03

  100% by the way.

• 13:44Speaker 05

  Another person.

• 13:45Speaker 03

  100%.

• 13:46Speaker 05

  Increasing her output like crazy. I watch all our content. New series coming out. Kevin on stage, the interview y'all did with him was fire. All the creative, Mojo Brooks, Mojo selling out like crazy. Everyone's creating and doubling down and tripling and quadrupling down on everything because everybody is getting the same message about three years. I told you, when I get back to the suit, I own a suit in blackout. It's all business, sure. Money season.

• 14:13Speaker 03

  When you see Ian in the suit, that's an indicator.

• 14:15Speaker 05

  I told you.

• 14:16Speaker 03

  That's an indicator.

• 14:17Speaker 05

  Made my round A, go to GTS, Trade Box. I made all the rounds today. Kristin, cool. ETF central, everywhere. Cool. Make the rounds.

• 14:27Speaker 03

  That's a fact. Troy said she's actually 410.

• 14:32Speaker 05

  Oh, really?

• 14:33Speaker 03

  Yo, she's short. She's short, but like I said, stand up. Stand up, man. Shout out to Morgan, man. Stand up person right there. Can we show the clip? All right, now, Mike, now we can show the clip.

• 14:49Speaker 06

  I stopped paying on everything. I stopped paying on credit cards. I stopped everything.

• 14:57Speaker 06

  I stopped everything.

• 14:58Speaker 07

  Was it from a money perspective or you just?

• 15:01Speaker 06

  I had probably 8,000 to my name.

• 15:07Speaker 06

  That's it. I had a run with that.

• 15:10Speaker 06

  I mean, his dad definitely been coming through, helping out or whatever, but. Yeah, think about it. You ain't got nothing coming in. You ain't got, you don't got no room to be putting nothing out.

• 15:19Speaker 07

  Right. Nah, I feel it. How's the relationship with the family now and like?

• 15:26Speaker 06

  Um, we're fine. We don't talk every day.

• 15:31Speaker 06

  His dad reach out the most or whatever.

• 15:33Speaker 07

  Shout out, yeah, shout out to Cory.

• 15:34Speaker 06

  Yeah, Cory definitely reach out the most. He get the kids out of time. Make sure they straight, they need anything. He called every, every day last week.

• 15:46Speaker 03

  Okay, so that was Rich Homie Kwan's, uh, mother of his child and his girlfriend. Late, his girlfriend, who is also the mother of his child.

• 15:55Speaker 05

  Okay.

• 15:56Speaker 03

  His family, they, you know.

• 15:57Speaker 05

  Yeah.

• 15:58Speaker 03

  Essentially, it was like his wife.

• 16:00Speaker 05

  Yeah.

• 16:01Speaker 03

  But they weren't married.

• 16:04Speaker 03

  Unfortunate situation. She said that she wasn't even thinking about life insurance. She said that she was left with $8,000. This is a multi-platinum, multi-platinum selling artist, right? Lifestyle.

• 16:17Speaker 05

  Yeah.

• 16:18Speaker 03

  Different, multiple records. Left with $8,000.

• 16:22Speaker 05

  That's hard work.

• 16:22Speaker 03

  And she had to stop. She said she just stopped paying bills.

• 16:25Speaker 05

  They have a choice.

• 16:26Speaker 03

  So.

• 16:29Speaker 03

  Once again, unfortunate situation, but there's a few lessons here.

• 16:36Speaker 03

  Okay, of course, hate to beat a dead horse, but estate planning is important.

• 16:41Speaker 05

  For sure.

• 16:43Speaker 03

  Estate planning is important. And nobody, nobody thinks they're gonna die. Especially if you in your twenties, you in your thirties. You in your forties, really. You're not, the first thought in your head is not, I'm going to die.

• 16:55Speaker 05

  Yeah.

• 16:55Speaker 03

  It's like, I have time to do this. Everybody thinks that they have time until you don't have time.

• 17:01Speaker 05

  And then you don't.

• 17:02Speaker 03

  Right? So, and then you don't.

• 17:05Speaker 05

  Yeah.

• 17:06Speaker 03

  So estate planning, vitally important. Estate planning is extremely vitally important. A will, a trust.

• 17:14Speaker 05

  Is very important. I was just talking about this today. Very important.

• 17:19Speaker 03

  Because where'd the money go? I'm pretty sure he had more than $8,000 to his name.

• 17:24Speaker 05

  You would hope so, but given the industry that he's in and how predatory. When I sat down with Surf, he said an artist has four major moments in his life to sell an album. One is when you die and two, if you kill somebody. So if this is the business model of, uh, who said a dare rappers get better promotion? Was it J.D. Ross styles? If this is a part of the system that's been going on for 25 years, I wouldn't be surprised if on the contract side, he didn't have more than that. It's a predatory business.

• 17:56Speaker 03

  More than $8,000?

• 17:58Speaker 05

  You'll be surprised, bro. A lot of artists don't have.

• 18:06Speaker 05

  Why you think they still be in the streets and scamming?

• 18:13Speaker 05

  Yeah.

• 18:15Speaker 05

  Even if he had, let's say a hundred grand. To move a million units, talk about rivalry.

• 18:22Speaker 03

  Earners, what's up? Look, every purchase is a financial decision. So it's worth asking, what am I getting out of this? If you're using the Chase Freedom Flex Card, you can maximize your cash back on things you need. Groceries and gas, cash back. Dinner, cash back on that too. More ways to earn, more ways to get rewarded. Sign up for the Chase Freedom Flex Card. Learn more at chase.com/getflex. This is a paid collaboration with Chase Freedom Flex. Cards issued by JP Morgan Chase, N.A., member FDIC. Subject to credit approval, offer subject to change. Terms apply.

• 18:58Speaker 03

  Earners, what's up? Look, building wealth isn't just about making money. It's about knowing where your money is working for you. That's why we partner with Empower. Empower is all about helping you invest well so you can go out and live a little. Their free Empower Personal Dashboard gives you a complete view of your financial life in one place. Track your net worth, monitor your budget, analyze your investments, set retirement goals, and more. You've worked hard for your money. Now make sure it's working hard for you. Download the Empower Personal Dashboard or visit empower.com. Not an Empower client, paid or sponsored.

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• 20:33Speaker 00

  This is an iHeart Podcast. Guaranteed human.