Money Tips: He promotes financial literacy, wealth-building strategies, and entrepreneurial thinking within the Black community.
The Steve Harvey Morning Show14 Tammi

Money Tips: He promotes financial literacy, wealth-building strategies, and entrepreneurial thinking within the Black community.

Two-time Emmy and Three-time NAACP Image Award-winning, television Executive Producer Rushion McDonald interviewed Dr. George C. Fraser.

Chairman & CEO of FraserNet, Inc.

Purpose of the Interview

The interview aimed to:

  • Promote financial literacy, wealth-building strategies, and entrepreneurial thinking within the Black community.
  • Share actionable steps for creating generational wealth and economic empowerment.
  • Highlight FraserNet’s mission to foster networking, education, and business development for people of African descent.

Key Takeaways

  1. Knowledge & Execution Are Critical

    • “My people perish for lack of knowledge”—Dr. Fraser emphasizes that progress requires knowledge and execution, not just protest.
    • Rejecting knowledge leads to stagnation; skill-building and financial education are essential.

  2. Entrepreneurial Thinking vs. Entrepreneurship

    • Focus on taking ownership and responsibility for your life.
    • Entrepreneurial thinking can evolve into entrepreneurship, creating jobs and wealth for the community.

  3. Black Economic Empowerment

    • By the end of the 21st century, Black people must become the #1 employer of Black people, mirroring other ethnic groups.
    • This requires sacrifice, planning, and multiple income streams.

  4. Practical Wealth-Building Steps

    • Open a high-interest savings account and start with $100.
    • Buy stocks in companies you use (Nike, McDonald’s, Home Depot).
    • Open or maximize 401(k), IRA, or Roth IRA contributions.
    • Improve credit score by 20 points every six months until above 700.
    • Pay $50 above minimum payments on credit cards and loans to reduce payoff time.
    • Research term vs. whole life insurance—insurance is key for wealth transfer.
    • Start a 529 college plan or Roth IRA for children.
    • Gift U.S. Treasury bonds or indexed universal life policies for grandchildren.

  5. Generational Wealth & Insurance

    • 60% of wealth transfer occurs through proper insurance planning.
    • Example: Indexed universal life policies can yield millions tax-free for future generations.

  6. Seven Streams of Income

    • Earned income (jobs), Profit income (buying/selling), Interest income, Dividend income, Rental income, Capital gains, Royalty income.
    • Goal: Add a new income stream every year.

  7. Mindset Shift

    • “The rich stay rich by pretending to be poor; the poor stay poor by pretending to be rich.”
    • Focus on winning, not looking like you’re winning.

  8. Giving Wealth

    • Support Black-owned businesses, restaurants, salons, authors.
    • Volunteer, tithe, and donate to HBCUs.
    • Encourage and uplift Black men, women, and children.

Notable Quotes

  • “We are suffering because we cannot see our problems clearly.”
  • “Execution, execution, execution—protest without execution is meaningless.”
  • “To be gifted, Black, and beautiful means nothing unless you are Black and powerful.”
  • “Don’t quit your job until your side income covers twice your monthly expenses.”
  • “White folks plan for three generations; we plan for Saturday night.”
  • “Money attracts money—start with $100 in a savings account.”
  • “There should not be a Negro in America with a single stream of income.”

#SHMS #STRAW #BEST

Support the show: https://www.steveharveyfm.com/

See omnystudio.com/listener for privacy information.

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