In this episode Terence discusses wealth building. No matter where you are you can improve your status and impact those close to you for generations if you start now. Wealth building is more than just the bottom line. It is about creating a financial foundation that will last beyond your existence and more importantly allows your family to start ahead of where you began.
Terence talks about how his definition of success and "hard" work limited his ability to succeed. A paradigm shift was necessary to get the ball rolling and that may be what is needed in the community to ensure access to a mindset and the resources that can lift people out of poverty.
In this episode Terence discusses wealth building. No matter where you are you can improve your status and impact those close to you for generations if you start now. Wealth building is more than just the bottom line. It is about creating a financial foundation that will last beyond your existence and more importantly allows your family to start ahead of where you began.
Terence talks about how his definition of success and "hard" work limited his ability to succeed. A paradigm shift was necessary to get the ball rolling and that may be what is needed in the community to ensure access to a mindset and the resources that can lift people out of poverty.
He came a long way I could do a long way.
Terence Shigg:Hello, welcome back to the peace project with Terence Shigg. Today we are going to be discussing wealth building and creating financial, I guess sustenance or a foundation or backbone. And when I talk about creating wealth and financial backbone or success, I'm not just talking about earning money, and pursuing money in the pursuit of money. That's not the idea that I have in mind when I when I discuss this topic. I'm really, really focusing on and learning that wealth building is more than income. It's more than the gross and the net that you see at the bottom of your paycheck when you still wondering what the what happened. Like the the rest of us are when we see that, but I'm, I'm really talking about creating a financial foundation that will last beyond your existence. So think about that. Creating a financial foundation that will last beyond your existence. All right, and before we get to it, before we get to work, we're going to take a break and go through a couple of our sponsors. And I'll have some some more news for you as far as some new sponsors coming online, and some new products coming. So stand by and go ahead and get your coffee, get your feet up, kick back or put car on cruise control. Pay attention to what you're doing, though, and we'll be right back after this message.
Dwayne E. Shigg:Let your legacy begin today drink mongoose water mongoose water gets his name from legendary Light Heavyweight Champion Archie Moore. He was called the mongoose because of his agility and stamina. Do you have trouble staying hydrated and energized during your workouts? Does it always seem like you're thirsty, tried mongoose water, it is refreshing and rejuvenating. It has an alkaline level of 8.5 to 9.5 train like the best drink the best mongoose water coming soon to a store near you go to WWW mongoosewater.com. That's www. ongoosewater.com.
Terence Shigg:Okay, we're back. Today, I wanted to discuss wealth building and creating that financial foundation as I said before, but I really want you to start thinking about this as a different, differently different in a different way than you've thought about it before. A lot of people like to refer to it as a paradigm shift in creating wealth, to most of us really means just increasing that paycheck, working harder, getting more finances, getting that bottom line to at the end of the year to be higher and higher. And that's what I really want you to start thinking about. And what really got me thinking about it was I have started to diversify, meaning not only depending on the income that I have, but started investing in stocks and crowdsourcing Angel loans, those types of things that just kind of diversify, starting my own businesses. And as I do these things, and by no means am I a financial whiz kid, plenty of people around me will let you know that I beg to differ. But I'm learning as I go. And I've learned to be open minded and to be on the lookout for those that are that are out there that are experts that have done these things before and that are willing to share their information with me. And I've been blessed to to run into several people that have been like that, that have been very successful and have given me some some assistance along the way. And I along and I with that have tried to do the same to others as as I meet other people. So as we talk about it and like I said, what really got me going was I wrote a book probably 10 years ago. And the name of the book was what if and the idea was, what if we got beyond what we knew to be or thought to be our purpose and actually I discovered our true identity and our true purpose. And if you really think about it, that was the really the beginning of this piece project, it hadn't been solidified and broken down as clearly as it is now to me, meaning having the different components and working those different components to not only provide success, and happiness, and love and joy for yourself on a personal level, but being able to affect society as a whole, which is the peace project does. So the the politics, the individual section, the education, the community, and the economic, all those together, our way to affect our communities in our society as a whole. But before I had come up with that concept, I came up with an idea. Like I said, What if, and what if we got beyond the grind in the eyes idea that we just got to work harder and harder and harder. And we just got to do this, this thing that people expect us to do, and we'll be successful. And one of the chapters in there, I talked about how we could, how we needed to break the ties that we had with certain definitions and ideas. So for example, for me, hard work and success have been tied had been tied together. And I take that all the way back to my father and my mother. They both work hard, most of their lives. My mom is still she's retired now. But she worked hard. Her entire career. She worked 35 years for the federal government. And I follow that line, and we're 27 years for the federal government. But specifically, I really broke it down to the idea and the concept that I learned from my father, my father was a very hard working man didn't have the formal education of many people, didn't go to college, didn't go to high school, started working at an early age, moved to California from from Georgia and started working and earning a living in and supporting a family at a at a very young age in a time where jobs weren't always as readily available to people of color as they are now and we're still working to increase that. And never complained about that never said okay, blamed it on the man or blamed. He just worked hard. And he worked hard in every job that I ever knew that he had. And the last job that he had is he worked at a church. And at that church, he did many, many different jobs. And they said after he left, they had to hire four or five people to do just what he did. Because he not only was the cook for the church and ran the kitchen, he also gathered food and distributed food food to the families. He also did the maintenance on any properties owned by by the church. He also did the the manager duties of those those properties for the church. He also ran security for the church. He also ran the the parking lot when the church was in session. He also was a deacon and sang in the choir, and had a family. So all of these things that he did, I grew up seeing my father work so many different jobs and, and provide for me and many other families. And what really brought this up for me fresh was this Christmas season this holiday season. I work for a nonprofit. And the nonprofit is called anybody can use foundation you should be recognized the commercials that that come along with the podcast every once in a while. And this Christmas, we provided food for some of our families. So we went to food distribution center, they provided the food and then we distribute it to our families that come to the gym and participate in boxing. And as you know now with the new pandemic, we haven't been able to have the after school programs like we did when everything was opened up because the gym is in. I'm in California and we're at a level where our gyms are open right now. So providing this, this service to our families in this time was very important to us to stay connected to our families and to let them know that we're not just here to teach boxing but we're here to assist them with light as as needed. And so part of that gathering that food and redistributed redistributing it reminded me so much of what my father did, because that was one of the things that he did at the church, he would go to the different places in the community, he would go to the different places in the community, collect the food, and then distribute it to the families, and he would distribute food, clothing, whatever resources that he came across, he would make sure that he distributed distributed them, I don't know why I'm having such a hard time saying that word, distributed them. And anybody that knows me knows I'm a word person, which I get from my mom. So I have to, if you keep hearing me repeat things until I get it right, then that's why you can blame that on my mama. Okay, so anyway, so in this book, I talk about how we tie things together. So with those examples that I had in my life, I had tied work with success. And the definition of work that I had tied to success was hard work, labor work intensive work. And it took me years to recognize that I don't have to work so hard to be successful. And I don't have to define work as labor intensive, it could be just as well. And just as productively done with your mind as it is, with your hands. And don't get me wrong, I'm not saying anything negative about working with your hands. Those are all and as we've learned, people that do those work are just are very essential, as we've learned during this time, that those are the essential workers that we need out there. So I'm not saying anything against that. But I want you to change your paradigm. And I want you to really think about what is your definition of work? Is it a nine to five, because like I said, my mom worked for the federal government for 35 years. And I know that that influenced my desire to go into federal service, and to stay there as a career, and to use that as a means to support my family. So that was my, my definition of work. My definition of success was created by the environment and the examples that I had. And I really, in that in my book, and really got me thinking about is that connection? Is that definition, the most beneficial one to me. And I realized, after years and years of No, it's not, there's nothing wrong with it again. And I keep saying that, because I don't want people to think that I am saying that you shouldn't look for careers that you shouldn't work for the government or work for a corporation for many years. I'm just saying that I want you to recognize and be aware if the reason you're doing that is because that is the only way that you think that you will be successful, then it is working against you rather than for you. Because the new paradigm. And I think that is the the shift that we're going into. And that is the the difficulty that we're trying to adjust to as a society is recognizing that our young people don't have that same mindset. They don't have people and people put it off as Okay, well, they, the new generation, they don't have the work ethic that we had. I don't think that's what it is, I really think that they don't have the same definition of work that we have had in the past. That idea that you have to stay with a certain company for 25 years, 30 years until you retire is a bygone idea. And the reason why I believe is a bygone ideas, because now there are so many more venues and ways to do it and things that are accessible for you to be able to support yourself and your family. And the thing is those things have always been there, but they haven't been as accessible as they are now. And the idea is to make them more and more accessible. So what am I talking about? So the idea that our our younger generation is beginning to understand, and I don't even know if they've made that whole connection. I don't think anyone would really made that connection. But the idea is having more control over not just your finances, but your life and recognizing that work and success. Although they are tied together. Work is not strictly defined as nine to five working for a company working for a government or a government entity. And once I realized that that was the connection that I had that hard work was the only way to success in my career. Definition of hard work was working a lot of hours doing a lot of things. I was able to, to start looking for other things to recognize that if you look at it and and think of it, this is something that I realized in, like I said, I've started to diversify. And I'll break down why that's important. But one of the things I realized and looking at stocks, is that people that are well off, will say, rich, and I'm not, I'm not hating on rich people, I'm just saying that people that are well off and rich, have learned to have learned the value of their time, have learned how to make sure that the things that they are doing are, are amplified to the level that they are most effectively accomplishing what their goal is. For example, I was dabbling in stocks, as I said, and I looked up some stocks. And one of the stocks that I looked up one stock was at the value of $340,000. That's one stock one stock was$340,000. And that's the price of a home and in most places in the country, you could buy a home for one stock. And if you would have bought that stock at the right time in 2019, when it was at about 226,000. And by the end of the year, it ended up at about 345,000. So you would have made $126,000 for not doing absolutely for doing nothing besides buying that one stock at the right time. And if you want to know what that stock is Berkshire Hathaway, Berkshire Hathaway has two stocks, they have an A and a B, I believe the one that I'm talking about is the beat. So you look it up on the stock, look up Berkshire Hathaway B. And it is at last I checked, it was checking it was trading at 340,000. And then there's a way to check to see how many times that stock was traded per day. And on average, that's one stock trades about 200 times a day. So that's 200 people buying a $300,000 stock per day. And are they working hard when they buy that stock and it goes up $3,000 in one day, because it happens. So they've made $3,000 in one day by simply clicking a button. Now let's back that up a little bit. Because if it was that easy, we'd all do it right? If we all walk around with $345,000, you know what, today, I'll invest in Berkshire Hathaway because I got it like that. But we don't all have those resources. So we have to build to that level. And that's what I'm talking about. When I say wealth building. It's about creating that financial foundation that backbone, if you will, that creates income that creates wealth, well beyond your existence. So I'm talking about money so that your children and your grandchildren start off at a level way beyond where you started off, so that they have the access. And they have the awareness to start doing this thing that I'm talking about as far as diversification early on. And so there are lots of things that we can do, even the the average and I use the air quotes the average person can do, and that's looking into getting into stocks and investments, that's looking at starting your own businesses. And that's looking at talking to your local representatives and finding out what policies and laws are in effect that benefit small businesses and help entrepreneurs in in these areas. So that's how the peace project falls in line with this because all of those things will help you in this area of wealth building, such as the politics as I spoke of is going to talk and finding out what are the laws in your area? What are the rules as far as starting a company as far as buying and selling in your area? And then what do they need to be to make it easier for you to access the resources that you need to to start your own business? And with that said, so what I've even done is I've started, started an LLC, and learning how to grow that business is part of this process. And it's it really is a learning process. And getting into that with the idea of it It's not just about the earning money, but it's about building a foundation. And that foundation may be successful in your lifetime. But if it has a foundation, let me check that, that that organization, that company that you build will be successful if you build it and develop it on the idea that I am building something, and starting a foundation and a backbone that will outlast me, and will be something that my family can use for generations to build upon. And getting that concept and having that idea makes it a lot easier to get into these things. And to learn about these things, and to figure out what your passion is. And as I said, in that, in my first book, what if the idea of finding your purpose, and then using that purpose, to filter whatever else that you're doing, and that could that goes as far as your business is also? So going into those business ideas and going, Okay, this is what I enjoy doing. I enjoy helping people. So what type of businesses can I use my ability to connect with and assist others and help them to improve their lives? How can I use that, in this, this new world. And so that's when I say, I want you to start thinking about your paradigm and how you think about work and your definition of work. I really want you to start challenging your comfort level. And this is the perfect time to do it. Because this is the new year and is the year, the new year is when we start all these new programs. And we have our lists of goals and things like that. And I say that tongue in cheek because we should always have goals in I'm not a big list person. But yes, I have to write them down sometimes. Or I have to write them down, I should say, so that I can reflect and go back and look at him. So this is the perfect time to start examining. What is your idea of success? Is it just the bottom line is it just the the growth that you make? Is it just the amount of money that you have? Is it just the things that you own, my daughter was watching a YouTube video today and she was excited. And she's telling me about this hotel room that these people in their video are, are staying in. And she tells me he says it costs $240,000 a day to stay in this hotel room. And the hotel room has a basketball court and a pool and a hot tub and all these things. And, and I think about it, and to some just again, that's one night in a hotel, is the cost of a house in some communities. one share of a stock is a home, in some communities. And so our idea of wealth, and success really needs to I think be redefined. And don't get me wrong. Again, I keep saying don't get me wrong, because I don't want you to think I'm I'm banging on rich people are knocking those who can't afford those things out of their extra income. But I want you to realize that there is a gap, there's a wealth gap between those that have these things and those that don't. And the only way to bridge that gap is for those of us that don't have to recognize that they are clues to success. As they say there are things that successful people are doing that aren't just exclusive to them, that we can do also. And we can build that foundation in that backbone so that a generation from now two generations from now, there will be someone in our line that is of that magnitude and has that level of wealth that can help others and if we build this ladder, so to speak, that we are constantly reaching back and pulling others up. It would be such a a powerful thing for those of us who have felt that we've been we've been not we have not been included in this, this race and not been included in this opportunity not been included in and being allowed to have access to these resources. And that is the debate today that really what people are talking about. People are talking about about pulling yourself up from your own bootstraps. And others are saying that, well, I need a boot to have a bootstrap to. And if I don't have a boot, how am I supposed to pull myself up. And the truth is both camps are correct. And that may sound like a cop out or a, a negotiation technique, but it really is true, both camps are true, you should, and you can lift yourself up by your bootstraps. Now, I'm not a big person on doing everything yourself. So I'll just go with the, with the saying for now. But to me, that really means helping others and others helping you. But for the sake of argument, we can make changes that will positively impact us so that we can be more successful. And on the other hand, in order for us to be successful, and when I say that, as I said, in this piece project, I am speaking, and I'm talking about the black and brown people, for a specific group, and then the community and the poor poverty impoverished in poverty communities as a whole. Because those are the communities that really are in need of this type of assistance of this type of information. So as I said, not knocking on those that aren't in the community. But I want those that are in the community to know this information so that they can recognize that there is, and there are resources out there. And there are options to get there. Besides what the common line of information is, which is, again, this idea that you either have to pull yourself up by your bootstraps, and do it all on your own, or it's impossible to do because the man won't let you and you're not going to get access to all of those things that everybody else has. I'm saying both of those things are true. But they're not exclusive. The overgeneralization that you cannot have and get those resources, and you will not. And you must pull yourself up by your bootstraps all on your own are not true. Those that are exclusive, those are saying the only way to do it, or these two are the only reasons you won't be able to do it as because of this or you never will be able to get it because of that. What I'm saying is, if you get it into your paradigm, that hard work is not defined solely as the number of hours in a day you put in the amount of sweat and tears you put in. But it's also defined as the amount of learning and growth that you are accomplished in the amount of focus that you have. And the ability to to effectively and increase the effectiveness of your time is what it is all about. Because if you are able to do because how long do you think it takes it took someone to buy one of those stocks, or sell one day in that hotel room didn't take a lot of time, but those resources, those things as they are utilized, create wealth for those people. Now, a lot of people will say, Okay, well, I don't have $345,000 to buy a Berkshire Hathaway stock, or I don't have $10 million dollars to buy a hotel and trick it out so that I can have people sell it are rented for, you know,$200,000 a day. Yes, and I understand that, neither do I. But what I am saying is, the phrase that comes to my mind is getting where you fit in. So you, you decide that this is something that you want to do. And then you find a way a vehicle to get started. And if that's getting into a a fund, that you pull your resources and then invest. There's those types of funds that will do that. If that's getting into one of these crowdsourcing funds where you can invest in something for the$100 and it's a startup and that has the potential to grow from just buying one single stock of something that is a great a stock like an at&t or Netflix, that is at a reasonable price. And that you can buy one a month, and build that up so that at some point, when you are accumulated enough that you can use it to move into your next venture. So there are lots of ideas out there lots of ways out there. And I really believe it begins at the individual piece, which figuring out what is that connection that you have? What is that? What is that definition that you have of work and that definition vary so widely. I remember talking with my brother, who actually quit, not coincidentally, but his was my father's name, say my father was Benjamin and my brother has been as this podcast goes, it's just how they both come together at two extremes. Because my brother Benjamin, I remember speaking to him one day, and he was trying to find a job and he was trying to make ends meet. And I'd help him out when I could. But one time, and then during this conversation, it clicked to me that as I talked to him about, you know, trying to find a job, and what did he want to do? His mind wasn't in that, that mode of expansion, his mind was in the mode of survival, meaning I need to figure out what I need to do to put food on the table today. I can't think about the future, if I can't survive today, and I call that survival mode. On the other extreme of that wealth building, is the recognize and that connection that I talked about with work, and success is the recognize Are you in survival mode, are you at a place where just like my brother was okay, I have to figure out how to put food on the table today. And if that's the case, that does not exclude you from this process, it just means that your priority list is going to have that survival at the number one spot, and until we can figure out how to, to move that nothing else will be able to be put in that spot. You know what, I hope you getting what I'm saying if someone is in and this is not just for those of us that are in survival mode, but that's for those of us that are dealing with family members, or friends or co workers or someone that we're trying to help that's in survival mode. And we're wondering, why won't they just take my advice, because you're talking to them from a totally different level than they're at, you're talking to them from a level of maybe where you're at, which is okay, I know where I'm going to eat and sleep for the next few days, or for the next month. So I can start thinking about investing in stock or I can start thinking about starting my own business. But if someone isn't there, they can't think about that yet. So. So this is not just for them, it's for you. So that conversation has to begin with Okay, how do we put food on the table today? Be it Okay, I know a pantry, I can get you some stuff, you need some clothes, I can get you some of that. Let's figure out how to do that. And if it's you, okay, let's go on the internet. Figure out how we can find someplace to get you some food. That's where you start. As I said, you get in when you fit in, you start where you are. But you have to be aware of that's what's holding you up. If you are aware that you're in survival mode, and you need to figure out a way to survive before you can start venturing into how to invest and how to grow, then you have to be aware of that. Otherwise, you're going to your mind will start looking for excuses to keep you where you are. Meaning you can't do XYZ because the man will let you do XYZ rather than Okay, I need to figure out how to get XYZ now. So that tomorrow, I can start working on 123. And I hope that makes sense. Because what I'm saying is you got to deal with that first. And there's lots of ways to deal with that. So I want to take this from the big level to the small level. And even at that small level. There's nothing that prevents you from going to your local either Chamber of Commerce, your local city council member, anybody in the local government and saying are dialing what is the number I think the number is 211 in most areas and going okay, I need some resources. And I need some assistance right now are calling one of your local nonprofits and saying I need some assistance so that I can get out of state Survival mode so that I can expand, and I can be successful, I can create wealth, that creates a financial foundation that will last beyond me, because I don't want my family, my children to start where I've started. Like I said, this is really about just learning what our definition of work is, what our definition of success is, and trying to define things in a way that works with who we are. And that really is my purpose in this. Because we are all in this together. And if we work, I really believe that if we work at our purpose, it will benefit society, as a whole. And as it benefits society as a whole, it will impact our families, it will impact our children or brothers or sisters, or mothers or fathers, cousins, uncles, and will lift up each and every one of us and lift up our communities, which is the goal, right? Isn't that the goal, be it Republican or Democrat, be it Trump can be at whoever isn't the goal to improve? Isn't it to improve society and improve life for each other, even if it's just for yourself, it's the idea is improvement. And so there should be no argument about that, about making access to the resources accessible for everybody. No matter what your designation is. I think I'll leave you with that. But I really also wanted to touch on some of the ventures that are coming up. So as I said, I started the business. And we are starting to go into water and sports nutrition. And by the time we're done, we'll have coffees teas, a clothing line, shoe line, fitness gear, as far as bags, look forward to some exciting things coming up this year. So the name of our product, one is mongoose water. And then the other one is cross guard sports nutrition. So we will have weight loss, oxy burn, tablets, we'll have vanilla and chocolate whey protein. And we'll have a pre and a post workout, drink. And all of those are going to be available on our website that's at www dot mambu swatter.com. That's www dot mongoose, water.com. And those should be available by the end of the month. So we're pushing to get all this stuff up by the end of the month. And then by March, we should have our coffee and tea drinks. So we're just going to keep pushing the ball forward. I'm going to keep putting out these podcasts and hopefully someone, some people that it will just open up your mind hopefully inspire you to start trying some new things. Because this is the time. And this is the day that as the saying go this is the day that the Lord has made. And in every opportunity that within every day we have an opportunity to to do something different to change the way we think and act and to improve ourselves and society as a whole. And that's really what the peace project is about. So today's episode was kind of all encompassing, and I hope you saw all the pieces in the puzzle and then I hope they come together for you. Until next time, be well and be blessed.
Dwayne E. Shigg:Anybody can use foundation teaches our youth to step off into life with their best foot forward without cowardice but with courage and dignity. ABC was founded by legendary Light Heavyweight Champion Archie Moore in 1957. He had a heart and passion for helping the youth. He believed if we went into the business of prevention, we could save billions of dollars and millions of lives. He started ABC to teach us the basic ABCs of life. Are you concerned about the world today? Do you want to help train our youth to be the change needed in the world? Join us in the fight for equality in the fight for justice in the fight for our youth. If you would like to help go to WWW.ABCyouthfound tion.org that's www.ABCyouthf undation.org be well and be b essed.
Lyrics:If I can do to do all I can do all I can do. I'm not afraid of the moment. I'm not afraid I can't hold it the morning