Operation HOPE CEO shares tips for building wealth - Yahoo Finance

Growing wealth can feel daunting in a high inflationary environment. Operation HOPE CEO John Hope Bryant shares insights on the importance of financial literacy and practical money tips to navigate these times.

"Well first, you have to address the thing that's addressing you," Bryant emphasizes. "If you don't deal with your money, your money is going to deal with you, and it's not gonna deal with you in a positive way."

To foster financial stability and growth, Bryant recommends several key strategies. First, he advises engaging in open conversations about finances, emphasizing the need to confront financial challenges head-on. Additionally, he emphasizes the significance of boosting one's credit score, tracking expenses, and easing unnecessary spending.

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This post was written by Angel Smith

Video Transcript

And so a lot of people right now are trying to figure out, even with an inflationary environment, how they can continue to build wealth, how they can prioritise wealth building as part of a regular practise for themselves.

What, what is the first step that they can take with that regard right now?

Well, first of all, you got to address the thing that's addressing you.

If you don't deal with your money, your money is gonna deal with you.

And it's not gonna deal with you in a positive way, because if you have low self esteem and low confidence, you're gonna end up using your credit card for therapy.

All right, so first thing we gotta do is understand that money is emotional.

It's not a math class and and that we live in a free enterprise democracy.

And so you gotta get you gotta be obsessed with financial literacy like you were the right to vote.

It is.

This is a civil rights issue of this generation.

Every week sit down.

Uh, and of course, I would encourage you to take my book, sit down with your family once a week at the kitchen table and unpack the the money conversation.

The lights will come on by themselves.

The car note, the the the rent, every everything going on in our lives.

Let's talk about that.

So we understand, Uh, where that is, get your credit score up because that's the cost of living.

That's the cost of literally doing business.

If you have an 18% auto loan, uh, in a secondary car dealership because your credit score stinks, that's not That's not a Mercedes anymore.

It's a Mercedes payments, and it's gonna implode on you.

So if we can get your we get our credit scores up at Operation 54 points in six months.

The debt down $3800.

Savings up $2000 for somebody making $48,000 a year.

That means now I can walk you into the bank branch.

We're the only nonprofit allowed to operate out of a bank branch in US history and get the bank to say yes to you for access to capital.

When they were, we're gonna say no.

So the issue that used to be racial, maybe in the 20th century, you're not be decline, you're gonna be declined because I don't like you.

Now, the computer at midnight doesn't know what rates you are.

Get your credit score above 700 which is what we're doing.

And the computer just says yes.

And by the way, at prime interest rates, so become a homeowner.

Don't rent as soon as possible.

Get a life insurance policy when you're in good health in your twenties and thirties.

Uh, for you need a million dollar policy at, uh, you know, a few, uh, like less than 100 bucks a month, 50 bucks a month.

If you're in good health, uh, get, uh, uh, get get the earning income tax credit if you're listening.

If you're watching this and somebody in your family makes $60,000 or less, the government owes you a check.

If you make $38,000 and you have three Children, the government owes you $6500 give or take, and it's retroactive for three years if you never filed.

So if so, for somebody watching this, they might have fallen off their seat because that's almost $20,000 of money that the government owes you as a as it's not a handout It's a reward for working called the Earned income tax credit.

So my coaches work with you to get your to get your budget straight.

Stop going to Starbucks and I love Starbucks.

But I mean, it's a $9 latte.

I got a machine at home.

Somebody's gotta cut that out after after amount of time.

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