Peer to Peer Conversations

INTRODUCING PEER-TO-PEER CONVERSATIONS PODCAST - TODAY’S GUEST: MARK MILLER

Disclaimer: Good Day, Readers.  WealthBuildingPowers blog is a financial literacy/competency blog and does not provide specific investment recommendations.

PEER-TO-PEER CONVERSATIONS PODCAST interviews people on the road to FINANCIAL FREEDOM, sharing their lessons.

My first guest is Mark Miller.

Have you ever wanted to play the piano?  Today’s guest, Mark Miller, is my former piano instructor and, using his revolutionary piano teaching method, had me playing popular songs after a few days of practice.  Mark teaches around the world using technology, and students learn from the comfort of their homes.

Today, you will learn about his approach to playing using chords, and I assure you it is faster and easier than traditional music lessons.

To give back, Mark uses his innovative teaching approach and positive attitude to help blind and one-handed students fulfill their dreams of playing the piano.

“If you love what you do, you'll never work a day in your life.”

Reginald Lewis was the first black businessman to pull off a billion-dollar leveraged buyout. He ran the largest black-owned U.S. company, the first to generate sales of more than a billion dollars a year. A building at Harvard Law School, his alma mater, is the Reginald FB. Lewis International Law Center.

Yet today the public hardly knows his name, and that’s a shame. Lewis broke racial barriers. Ken Frazier, executive chairman of Merck, said, “Reg Lewis opened up a world of possibilities for an entire generation of black business leaders.” Financier and philanthropist Michael Milken called Lewis “the Jackie Robinson of American business.”

This episode is also available as a blog post: https://wealthbuildingpowers.com/2022/02/22/black-history-month-role-models-reginald-lewis-february-22-2022/

Black History Month (BHM) was started 52 years ago. In 2022, I wonder if it is necessary to set aside one month to focus on Black History.  Does this imply that we, “Black Americans,” are “less-than” because we must concentrate on our History in February?  Is there a White, Hispanic, Jewish American history month, etc.?

I struggled to embrace another black history month until I read an article by Laura Robbins that reminded me just how blessed I am.

I included a few paragraphs below and the link to the full article. episode is also available as a blog post: 

https://wealthbuildingpowers.com/2022/02/21/what-black-history-month-means-to-me/

Jamie and Jilea Hemmings opened the first autonomous grocery store with robotic delivery in the United States during the COVID pandemic and say their plan is to have hundreds of them across the country. 

This episode is also available as a blog post: https://wealthbuildingpowers.com/2022/02/25/black-history-month-role-models-james-and-jilea-hemmings-become-first-african-americans-owners-of-an-autonomous-grocery-store-february-25-2022/

This episode is also available as a blog post: https://wealthbuildingpowers.com/2021/11/15/achieving-your-financial-freedom-with-the-401-k-great-news-contribution-limits-increase-in-2022-what-are-you-waiting-for/

I am a YUGEEEEEEE fan of the 401-K and other similar plans.  I GUARANTEE YOU WILL NEVER REGRET FUNDING YOUR 401-K!  And if you do, I am happy to take some of your MILLIONS off your hands!  I know how annoying those taxes can be!

This episode is also available as a blog post: https://wealthbuildingpowers.com/2021/11/22/should-you-take-a-gamble-on-rivian-automotive-stock/

Rivian designs and manufactures Electric Vehicle (EV)-powered trucks and SUVs. As of October 31, 2021, the company delivered about 156 R1Ts trucks, the company’s main product. Most of the 156 trucks produced went to employees.   Management plans to start selling SUVs by December 2021.

This episode is also available as a blog post: https://wealthbuildingpowers.com/2021/12/01/own-the-company-that-makes-and-sells-the-toys-part-two-of-three-holiday-gifts-for-the-kids-buy-the-toy-company-not-the-toys-guest-author-george-wong/

So here we were at Christmas 2005.   The stock market was into the next bull (up) market that started in 2003.  From 2000 to 2003, there was a bear (down) market because of the “dot com bust.”  The Standard & Poor’s 500 Index (S & P Index) was at approximately 1270.

My wife and I funded each of five accounts with $200 each.  We got the kids’ grandmother and one uncle to up the total cash gift to $550 each year through 2020.    The $550 turned out to be a convenient number as it was an easy proxy and repeatable theme of investing $10 a week.

This episode is also available as a blog post: https://wealthbuildingpowers.com/2021/11/29/holiday-gifts-for-the-kids-buy-the-toy-company-not-the-toys-three-part-series-guest-blogger-george-wong/

Introducing a three-part series authored by my friend, George Wong. George and his wife embarked on a 56-year Financial Literacy case study working with FOUR generations of family members. George’s motivation is to increase family members of all ages financial literacy and lay the groundwork for achieving legacy wealth.  I hope you learn, enjoy and REPLICATE!

This episode is also available as a blog post: https://wealthbuildingpowers.com/2021/10/28/we-need-more-stem-majors-and-legacies-like-myles-johnson/

Imagine I decided to invest 100% of my money in one new Cryptocurrency.  Sound stupid?  Too many young people are believing they have the same odds of reaching the NBA.  Myles Johnson has a reasonable shot at one day playing in the NBA.  But his legacy will be opening the possibility of STEM for people of all colors!  An impressive young man! Take a listen.

This episode is also available as a blog post: https://wealthbuildingpowers.com/2021/10/05/great-teachers-open-doors-to-possibilities/

Mrs. Robinson was my fifth-grade teacher.  She taught me when Duplin County, North Carolina (N.C.)  schools were racially segregated.  Mrs. Robinson not only told me she believed in me (numerous times), she demonstrated that faith to the point, I BELIEVED!  A child’s confidence can be strengthened or damaged by a teacher.  Mrs. Robinson was one of my early mentors.

This episode is also available as a blog post: https://wealthbuildingpowers.com/2021/10/25/an-opportunity-for-a-40000-00-stem-scholarship-at-an-hbcu/

$40,000.00 SCHOLARSHIP OPPORTUNITY

Recognizing a lack of diversity throughout the Science, Technology, Engineering and Mathematics (STEM) workforce, the American Chemistry Council (ACC), American Institute of Chemical Engineers (AIChE), Chemours, and HBCU Week Foundation partnered to establish the Future of STEM Scholars Initiative (FOSSI). This national program seeks to increase the number of underrepresented professionals in the STEM workforce by providing $40,000.00 scholarships to students pursuing STEM degrees at Historically Black Colleges and Universities (HBCUs).

This episode is also available as a blog post: https://wealthbuildingpowers.com/2021/10/18/helping-your-kids-achieve-a-lifetime-of-financial-freedom/

Years ago, my daughter Amanda and I had a bedtime routine that I cherished.  She would climb in the bed, and we would read.  Initially I did the reading, but my little genius quickly learned to read!  We would sit at the end of the day and enjoy adventures we found in books. Like my mom, we are avid readers.  I enjoyed setting that example.

Amanda told me a few years ago she was confident I would prepare her before I departed this earth.  I found that comment enlightening and maybe a wee bit frightening.  One preparation has been building her financial literacy.

This episode is also available as a blog post: https://wealthbuildingpowers.com/2021/10/11/while-family-is-a-blessing-well-sometimes-we-must-carefully-choose-our-friends/

Pick out associates whose behavior you admire and want to emulate.  Warren Buffett “taught a life lesson for all of us about absorbing the very qualities and traits of successful people who will elevate us and make us better as leaders, workers, and human beings. The people you choose to be around truly matter for your career progression. When you choose to surround yourself with better and smarter individuals and learn from their success habits, you absorb their knowledge and become better and smarter yourself. Consciously choose to engage people further down the path you desire so you can pick up their positive habits of success.”

This episode is also available as a blog post: https://wealthbuildingpowers.com/2021/09/20/relax-already-yes-inflation-is-higher-than-in-the-past-13-years-but-its-transitory/

At least that is what the Federal Reserve {FED} which bats < 50 percent accuracy and the Biden team are saying.  Yes, it is high, but it's not a big deal!  The FED and Biden's talking heads say today's high inflation is TRANSITORY {Our word for the day -TRANSITORY - sounds like a bad transmission- NOT}

WHAT ON EARTH IS TRANSITORY?

Transitory means not permanent or temporary.  Now why these people who claim big brains cannot bring themselves to say temporary, is beyond me.  For Americans who need to purchase little things like food, gas, pay rent and utilities, kids' clothing and shoes, etc., this "temporary" inflation is taking HARD-EARNED MONEY many Americans simply do NOT have!.

This episode is also available as a blog post: https://wealthbuildingpowers.com/2021/10/04/great-teachers-open-doors-to-possibilities/

Yes – I dare utilize a bell curse- I’m a GEEK!  A bell curve is an excellent tool for predicting and graphing human performance.   Most teachers are average performers.  Typically, you expect ~16 percent to be Below Par/Average and ~16 percent to be Super Stars.  Unfortunately, based on U.S. student’s test scores, I believe we can significantly increase the below-average percentage.

Today’s blog is about one of my five SUPERSTAR teachers! I owe much of my success to these five teachers.

How many below-average teachers are working?  A lot more than we can afford.

This episode is also available as a blog post: https://wealthbuildingpowers.com/2021/09/27/even-the-goat-warren-buffett-sells/

Today’s blog is a DO-OVER! I was asked at a Zoom meeting, “When do you sell your stocks?” Have you ever heard a politician trying to answer a question where they are CLUELESS {which is a majority of the time, so they have practice}?  I fumbled, mumbled, rambled, and gave DUMB answers.   My wife said she did not notice I was faking it.  Is that a compliment or insult?  Maybe I have a future in politics!

• Nothing – No Movement
• Move Up – Making You a Profit – When you sell
• Drop like a rock – HURTS!

This episode is also available as a blog post: https://wealthbuildingpowers.com/2021/08/23/what-the-heck-are-memes/

A meme stock's price is driven by social media talk versus the company's value.   One platform at the center of the meme stock rallies is Reddit's – WallStreetBets. WallStreetBets has over 10.2 million readers and is growing!   {Yes, I have a Reddit - WallStreetBets account and sometimes look at the crazies; sorry, traders stock picks.}  The platform results in hundreds of thousands of people following trends in a rallying stock, and many buy or trade the stock.  Will define traders below.

As the momentum in the stock price builds, more people start talking about this super, fabulously delicious stock that is about to attach to a SpaceX rocket, so more people buy the stock.  Next, the television Talking Heads (excellent paying job, I want one) start spouting off about the stock every five minutes.  Now you have a Meme Stock!

This episode is also available as a blog post: https://wealthbuildingpowers.com/2021/06/30/podcast-4-dads-who-raised-me-to-be-more-than-i-could-be/

One of the most critical decisions I made in life was choosing my best friends.   I trust and rely on my FEW best friends 100 percent.

Another critical choice is who we spend our work and free time with.  If your friends enjoy alcohol or drugs, you may fall into that trap. On the other hand, if you spend time with business professionals, entrepreneurs, stock investors, or just intelligent people, you will learn.  The choice is 100% yours!

Belated Happy Father's Day to all the Dads! I've mentioned the importance of dads in my blogs, and to celebrate 2021 Father's Day, I will tell you about four important Dads in my life who have left an unforgettable influence.

·  Leslie Boney - Maternal Grandfather

·  William  Powers Sr. – Dad

·  Nathaniel Boney - Uncle & Second Dad

·  William  Powers, Jr. - Brother & Best Friend

This episode is also available as a blog post: https://wealthbuildingpowers.com/2021/07/12/learning-from-intelligent-minds-mandatory/

Thomas Sowell is one of the great social theorists of our age. He wrote a remarkable 36 books in a career spanning more than a half-century, covering economic history and social inequality to political theory, race, and culture. Jason Riley's latest book, Maverick, showcases Sowell's most significant writings and traces the life events that shaped his ideas and resulted in a Black orphan from the Jim Crow South becoming one of our foremost public intellectuals.

Don't allow your current way of thinking to stand in the way of your intellectual progress. "It is what we know already that often prevents us from learning." Claude Bernard

Final word, this summary is not a substitute for reading this book or, much better, Dr. Sowell's book.  This book is like a picture of a beautiful city—something you need to experience for yourself.  READ!  LEARN!  GROW!!

This episode is also available as a blog post: https://wealthbuildingpowers.com/2021/07/06/americas-millionaires-a-rainbow-of-colors/

I never dreamed growing up in a small town with 1,700 people and a HUGE NUMBER of chickens; I would become a millionaire.  It is embarrassing to admit, but the only millionaires I heard of – "The Beverly Hill-Billy's" television shop.  STOP LAUGHING.  That show was funny.

So maybe my starting point was a wee bit behind in understanding investments. However, I won the lottery in parents!  My mother, father and other cherished adults I admired old me numerous times, I WOULD achieve all things I worked hard enough.  I believed them!

I worked long hours to succeed in my career and utilized many of the privileges this country offers to achieve my financial freedom.

BECOMING A MILLIONAIRE IS ACHIEVABLE

After graduating college, I utilized my skills in math to calculate what earnings, savings percentages, and return of investment (ROI) would yield $1 million, preferably in my 40's. My early strategies have been revised tens of times as my financial competency/literacy increased.

This episode is also available as a blog post: https://wealthbuildingpowers.com/2021/07/01/eight-great-companies-and-stocks-but/

EIGHT GREAT COMPANIES AND STOCKS, BUT……YOU HAVE TO DO YOUR HOMEWORK!

I provided a summary of eight companies that made their founders multi-billionaires!  This is a great starting point for you to identify and study potentially good investments.  I own several and regret not owning more.

If you are interested in these companies, do your research before buying shares with YOUR HARD-EARNED MONEY!.  Happy Research/Hunting!

Summary: Today’s blog celebrates and recognizes the four men whose shoulders I stood.  These men, and Dads are my role models, mentors, and the men I owe my financial freedom.  Surround yourself with intelligent, ambitious, and good people.  When you spend time with business professionals, entrepreneurs, stock investors, or just intelligent people, you will learn.  The choice is 100% yours!

This episode is also available as a blog post: https://wealthbuildingpowers.com/2021/06/21/dads-who-raised-me-to-be-more-than-i-could-be/

This episode is also available as a blog post: https://wealthbuildingpowers.com/2020/08/03/anyone-can-buy-stocks-read-this-if-you-want-to-make-money/

In today’s low interest rate environment, you are not going to become wealthy by simply saving your money in a bank account or Certificate of Deposit (CD). Wealth is created when you save your money and invest it in good assets that appreciate in value.

A large/majority portion of your savings should be directed to your company’s 401K plan or your ROTH IRA.  Next comes nonretirement assets that you can place in: ETF’s, real estate investments, stocks, etc.  You select your investment assets based on your risk tolerance or ability to handle loss of your money.  If you CANNOT afford to lose your hard-earned cash - do not risk it.  Select low risk investments.

You are responsible for self-educating yourself on whatever asset you select for investing.

During Berkshire Hathaway's virtual annual meeting back in May, 2020, Warren Buffett stated, "For most people, the best thing to do is to own the S&P 500 index fund."  By investing in an S&P 500 index fund, you are investing in the 500 companies included in that index, achieving immediate diversification.

If a few of those businesses perform poorly or even go into bankruptcy it will not significantly change your returns. When you own one company and the stock prices goes to zero, you now have $0.00.  When you own the S&P 500 ETF and that same company goes to zero, you now have 499/500 or 99.80% of your hard-earned money!

In a recession, the S&P 500 ETF can lose 40% or more of it’s value!  NOTHING IS RISK FREE!