Madre Harper 0:00

People don't know how to file taxes. They don't even know how to register their car. They don't know how to do simple things that we call being an adult and giving these college kids a lot of money at one time is either going to go one or two ways. Some kids are going to have good families and good backgrounds. They're going to be able to help them with their money, take care of it and prosper. And the harsh reality of it, some kids are going to get this money and they're never going to see it again.

Seth Harrison 0:28

You are tuned in to the Money Script Podcast. Today we will share strategies to help you grow your financial literacy and improve your Money Script. I'll be back with some important announcements. Until then, enjoy the show.

Yohance Harrison 0:49

Welcome back to the Money Script podcast. It's your host, Johans Harrison. It's been a minute. Yeah, we took a short hiatus. I was on some side quests. No, side quests are still going. So thank you to all the new listeners of our brand new podcast, Only Human, which is for advisors. So if you're listening to this, you're like, what is that one? It's for advisors. We're talking about AI and how we incorporate into financial planning. And then to all my docs out there that have been tuning in to our new favorite podcast, Becoming an attending. And shout out to all the docs that I saw in Chicago at nma, the National Medical Association. It was the biggest display of black excellence I've ever seen since the Essence Fest, but kind of different because, I mean, Earth, Wind and Fire wasn't there, but they had the fans. The fans were there anyways. But my point is, it was a great time. Shout out to all you docs. It was good to meet all of you. But the Money Script podcast, we are back, we are live, and we are kicking off our new season with someone who I would say is someone I admire tremendously. For those who watch on YouTube, you see him there already and I know him because of my wonderful Carolina Panthers. Yes. Still a fan. This is our year. We say it every year and I'm gonna say it every year after that. But I want to introduce everyone to the undrafted free agent from 2020 has been with the Raiders, been with the Giants, of course, my Panthers, the Steelers, and the United Football League. He's been out there, man. He's. He's probably still out there running routes. He's probably running routes. As soon as we're done with this. Madre Harper. Welcome to the Money Script podcast. How are you, my good man.

Madre Harper 2:21

Thank you. Thank you, man. I appreciate it. I'm great. Can't complain. Happy to be on here. Talk some great topics. So I'm excited.

Yohance Harrison 2:27

Oh, so speaking of which, we were talking before the show got started. We, I had had this whole plan of what we were going to talk about and some of the unknowns as it deals with nil and, and college players getting paid and how athletes tend to go broke. And then we wake up this morning to a new executive order being signed. And now for those of you that are keeping up with the news, he, he's, he's on a roll right now. Go watch south park if you want to laugh. But so he signed. So, so the president signed a new executive order this morning called Saving College Sports. So we're going to dig into that a little bit because I've got my opinions. Madre has his opinions. But the, the bigger, the bigger topic here that we want to dig into and why I asked Madrid to be on the show today is because I was following him on Instagram and he was going off about players that are going on all these side quests with their finances where they're, you know, dabbling in businesses they don't know nothing about, that they're not hiring the right people to help them and how they're going broke and how they got to, how they have to have better financial literacy. And I said, yo, I need to get him on the podcast. And you were a. Yes, I appreciate you for that. So. But let's, let's start. We're going to come back to this new bill, but let's just start with just, let's just level set a bit how the industry has changed with players getting paid while they're in college, because I believe that didn't happen until after you already in the league.

Madre Harper 3:59

Yeah, unfortunately. So.

Yohance Harrison 4:02

So as someone that, I mean, you came in the league the year before it happened. That make you feel as a pro athlete, I mean, did you feel like you missed out on something?

Madre Harper 4:06

Yeah.

Madre Harper 4:12

I mean, absolutely. I mean, missing out on money. I feel like, you know, me going Oklahoma State, I probably could have got some money out of them, etc. Etc. But at the same time, I was happy for my counterpoints, you know, counterparts that are able to live a little bit better, get some money. The colleges make a lot of money. There's no reason that players shouldn't be paid. From women's to men, it doesn't really matter. But. So, I mean, obviously, yes, I wish I would have had it but it's okay. At the same time, that grind, I still had that grind, so it was okay.

Yohance Harrison 4:38

No, you still have that grind to this day. I see. So tell me when. When we think about the players that are now able to make that money at a high school level. One of my concerns with that is that most colleges still don't have financial literacy as a requirement for graduation. I mean, me, I was a business major. And even as a business major, there was no personal finance. It was one or two chapters while I was in accounting or one of those courses, one or two chapters that covered it. But still, I mean, even if you think about someone like a physician, as I spoke about earlier, they take a lot of science classes, they come out making hundreds of thousands, if not millions of dollars and don't know the difference in a W2 and a 1099. So how then? I mean, aren't we, in my opinion, aren't we just creating more financial problems for these athletes? It's like we're throwing money at the problem, which solves one thing. But doesn't that just create more problems, in your opinion?

Madre Harper 5:34

No, absolutely. Well, for me, you got to remember that college is a business. So they're not in the business of educating people properly because they are taking a lot of money. I mean, yes, I'm not saying college is not necessary. Whether you want to go to college or not is up to you, but it is a business because they do make money. They make a lot of money from sports, from advertising, to look at ut. UT has their own network. I mean, they make a lot of money from donors, different things like that. But you are correct. They should be providing some type of class to these athletes, to students, to people that are going to go off in life, you know, and make money. People don't know how to file taxes. They don't even know how to register their car. They don't know how to do simple things that we call being an adult and giving these college kids a lot of money at one time, you're going to go one or two ways. Some kids are going to have good families and good backgrounds. They're going to be able to help them with their money, take care of it and prosper. And the harsh reality of it, some kids are going to get this money and they're never going to see it again. They're going to spend it, they're going to get out of college. They're not going to make it to the league, or they may make it to league, however it goes, and they May never make the money again. And it's just unfortunate, but it's kind of what's going to happen. And I don't know. Is the program, the coach that you're under going to force financial literacy? I think it's upon him, necessarily school, but the program that you're under to kind of force that upon them. They bring people in all the time to speak, to talk, to share life advice. Other players come back. Why do we not bring somebody in to help with finance and not just sit in front of me, how we're sitting and just talk about it. I'm talking about sitting down with each student saying, hey, if you need help with your finances, you. We have this resource to help you go through everything and create a budget, a plan, you know, X, Y and Z.

Yohance Harrison 7:04

So funny you mentioned that. I teach financial literacy courses on a few college campuses, and one of. One of the parts of the workshop that I provide with every student, no matter, freshman, sophomore, junior. One of the first workshops we do is I have them all. You had to bring your computer to class. They all go and pull up their credit reports. And some scary things have come from that. We had absolutely. That found out that their parents were stealing their identity. Yeah. Cars in their name, houses in their name, and the students were completely oblivious to it. So we had students pulling up and they had 840 credit scores and students pulling up with five 50s, and they didn't even know how it happened.

Madre Harper 7:42

Yep.

Madre Harper 7:51

Right. So.

Yohance Harrison 7:52

And that was the thing for some of those. It was their first time ever looking at their credit report. And some of them were senior, 21, 22 years old, going into the real world. Like, you got to go get an apartment in a few months, and you've never seen your credit report. It's terrifying. Oh, that was you? Okay.

Madre Harper 8:04

Yeah, that's me.

Madre Harper 8:08

I didn't have bad credit, but I didn't have no credit. So my parents never. Thank the Lord. They never opened up anything. They never opened up, use my security for nothing. So I didn't have any credit, but they never talked to me about credit because I guess my mom was like, you don't need any credit. You don't have any discipline right now in college. So it was good and bad. It was a good thing that she knew her child knowing that me having a credit card, I wouldn't have had the discipline. I just wouldn't have. So instead of ruining my credit, let's just not get him any credit at all. But at the bad side of it, I didn't Talk about it. So when I got to the league, you know, I got my signing bonus. I was making money and I couldn't get an approved for an apartment. I couldn't get a loan for a car. My mom had to coastline, wow.

Yohance Harrison 8:45

No way.

Madre Harper 8:47

I had half a million dollars in my, in my bank account and I couldn't get a, I couldn't get a phone.

Yohance Harrison 8:51

That is insane.

Madre Harper 8:53

And it was crazy. Now, it's not. Like I said, I'm not blaming my parents because they knew their child, but I was like, dang, I never thought about, I don't know, opening up a credit card and then, you know, using it for gas when I get out of college. But see, like you said, that takes real discipline. You know, my parents are not going to just do that for me without telling me, not knowing, you know, what could happen in life. Like you said, I've had friends in high school whose credit has been ruined since high school because their parents had apartments in their name, credit cards, and ruined them. And they get to college and they get the car had no clue. And they're still paying for it to this day. And I'm 27. I had friends that still have stuff from a credit report from their parents when we was in high school. And they're still paying for it to this day.

Yohance Harrison 9:30

And they may continue to pay for it many years in the future because when you have poor credit, the banks charge you higher interest rates. So you're paying for. Even though you may have learned your lesson, you continue to pay for that mistake over and over. So what we're talking about here, Madre, are what are known as money scripts. So these are the unconscious and sometimes conscious lessons that we learn from money. And most of us learn these lessons from the people that we're raised with, whether it's our parents, our grandparents, or siblings. We see their relationship with money and we create our own identities with money. Whether it's around scarcity or if it's around the plethora of money that's out there. When we pick those, those ideas up, we also develop our own relationship with how we're going to act within our finances, whether we're going to have that abundance mindset or that scarcity mindset, whether we're going to understand how taxes work, understand how our credit works, et cetera. So do you feel that you mentioned that the coaches should have some sort of obligation to take care of their players financially? But who else do you think the responsibility should, should lie with in order to improve the financial literacy of these college students.

Madre Harper 10:47

Well, it's going to have to go back to the parents. I mean, to be honest with you, do you really expect the school to step in when they're obviously requesting money from the kids to go to school? Yes, it'd be nice if the school would have some type of finance literacy program. But we all know people do like more of like a soft approach when it comes to money or finance. They say, hey, we have a free class, but nobody took it. Well when it comes to football players and athletes and I'm sure, you know, you've worked with some, you kind of have to put it in their schedule. Like I don't think people understand that you have to put it a part of the routine. Yes, you should take it upon yourself to go do it and learn it. But everybody's not, doesn't have that personality. They may not be like us. We're going to go research, we're going to go sought out the information. Some people, you have to put it in their schedule. If you put it in their schedule, mandatory finance classes, they have no choice but to go and learn because they're going to be in the room. So that's why I say either the parents or the coaches. But let's be honest, most parents that I play with, at least I can't speak really. They never made 100, they never made a hundred thousand. They never had a million dollars, they never made six figures a year. They may have a good job, but getting 300k at 18, 19, 20, like my young bull, you know what I'm saying? Yeah. Oh, you, you know, he's making a million dollars. So it's like most parents are not going to have that literacy right there. So how do they help? But they have to go seek the information and then provide it for their kids. But we all know that some parents are not going to know how to act and they feel like since their child is paid, they're paid.

Yohance Harrison 12:10

Yeah, no, that's the whole thing right there. I, I've dealt with it with, with a, I have a nephew that went to the NFL. I have player I worked with a second first round pick 20 years ago. And man, talk about everyone being in this guy's pockets, man. That's actually why I stopped working. He was one of the key reasons I stopped working with professional athletes is because I couldn't deal with the, I couldn't deal with it because a lot. Well, that was the thing. He came to me and said, I want you to be my financial advisor. I'm going to hire you, help me manage my money. But then he wouldn't listen. Then it turns, they listen. Yeah.

Madre Harper 12:29

Everybody knows that they're entitled.

Madre Harper 12:48

And then they don't.

Madre Harper 12:51

Arguments, battles.

Yohance Harrison 12:53

His mom is calling me, telling me what to do with his money. His brother or his cousin's calling me, tell him to do the money. The uncle's calling, like, who are all these people? Like, who's the financial advisor? Is it me or is it them? Oh, well, that's my mom. I'm like, yeah, but your mom never seen this guy. Mom made 50, 60 grand. It's like she's never seen this.

Madre Harper 13:09

He's going to bleed you dry. You don't know how many dudes I play with. I'm talking about, not the rich dudes. I'm talking about the lower round guys. Like me. Mama quit their job, he's paying for her rent, he's paying his rent. And obviously we try to stay at each other's business, but this is like my dog. We grew up together out here. We both met the league and I'm telling him, I'm like, bro, if you keep paying your mama's rent, you're going to be broke, bro. Like, we undrafted. We have no idea what each year holds. Your mama needs to go to work. And I know that sounds crazy, guys talking about somebody's mama, but this was my dog because. And it ended up happening. We only made it so far. And then, you know, the money starts going away. You know, things start piling up, things start happening. I'm just like, I don't know, man. I mean, you gotta, you gotta, you gotta reel it back. You're not, I'm not saying, guys, not to help out your family, but you got to help you. If you, if you go downhill, who's.

Yohance Harrison 13:58

Going to help you secure your own oxygen mask first? I say it all the time, come on now. You will pass out trying to help your. Even if it's your child. And I've, you know, I, I've brought this phrase up often, if you're a fan of the podcast, you've heard me say it before, but I've, I fly all over the country with my 8 year old daughter in tow and they make that announcement every single time. Be sure to secure your own oxygen mask before securing that of others. And some airlines would say, including young children, because they're reminding you. And I could not imagine those oxygen masks dropping and having to have the, the, the discipline to say, before I help my 8 year old baby girl, I gotta put mine on first or I may pass out trying to help her. And then who can I save at that point? And you got to look at your money the same way. If you don't get your financial literacy down pat, if you're not understanding how all these different investment accounts and 401ks and IRAs and annuities and player contract. If you don't understand that you can't help anyone else. You will die trying financially, that is. So speaking of, let's transition because let's go to the. To a crucial topic and this is, this is probably one of the most prolific topics when it comes to money in professional sports. There's been dozens of papers and documentaries on it. 30 for 30 has done something on it. ESPN went, really did well, that is ESPN. But there's many different outlets, pretty deep on the topic. And the most recent statistics state that 78% of NFL players report financial distress or bankruptcy within a few years of retirement. 78%. That's a large majority. And NBA isn't as bad, but it's still a majority. And the same is true with the wnba.

Madre Harper 15:04

Absolutely.

Madre Harper 15:50

They got a better group. Yeah. Mlb, M A got a better group. They talk about, they talk money amongst each other. More. More than NBA.

Yohance Harrison 15:57

You know those NBA stands for never broke again. So.

Madre Harper 15:59

Yeah.

Yohance Harrison 16:02

And most recently NFL, the players association, one of the leaders of players association just had to resign.

Madre Harper 16:10

I ain't mad at him.

Madre Harper 16:14

Player engagement

Madre Harper 16:16

now you should have did it a different way. But if the players are with you and you're going to having a good time, I see no wrong. But that's just me, guys. I'm sorry. I mean, hey, they're having a good time. But you can't do that. You can't do that. It's bad.

Yohance Harrison 16:27

It's bad. Bad. Shame. Shame on you. Pick a different club or. Introduce you to this place called atmosphere,

Madre Harper 16:30

Shame.

Madre Harper 16:32

Yeah.

Yohance Harrison 16:37

meaning one at the bank. You go there first. You go to the bank. I'm not telling you how to break the rules. I'm just telling you how to do things in a more eloquent manner. So let's talk a little bit about these. These players that are. That are going broke after having their hands on all of these hundreds of thousands of dollars and millions. Just out of curiosity for you specifically, and you touched on this a little bit. But when you first hit the league, you mentioned you had almost a half a million. Your bank account still had poor credit. What was your relationship with money prior to having it? Like what was your Money script broke as a joke.

Madre Harper 16:40

Yep.

Madre Harper 16:47

There you go.

Madre Harper 17:15

I was broke as a joke in college. Once I left Oklahoma State, went to siu, I was the janitor, was working hard. We only got like 700amonth. So I was just thankful just to have some money. But my parents, my mom is really good with money, but they're on the, I guess the old school spectrum of it where you work a lot, you save your money, you try not to have any debt and you really don't do nothing. You cook at home, you don't really go anywhere, you take trips maybe every so slightly. And that's pretty much it. So my relationship with money was okay, I know I need to save, don't get anything that I can't pay in cash and I need to live like I, whatever I get or whatever I accumulate, I need to be able to pay for it with a regular job. That was my whole process.

Yohance Harrison 17:58

Man, that's a good money script. That's good.

Madre Harper 18:00

Yeah. So for me, don't get nothing off of this salary because can I maintain this salary if I wasn't in the league? And for 90 of guys. And that's why most guys go broke. It's obviously yes, it's, it's one third. Okay, guys obviously just spending too much. Okay. We, that's the basics of it. Don't have a budget, spending too much. It's one third. They just can't make the same income outside the league, which we all know is hard to do. And then three, they just didn't play long enough to get generational money. So they had they we call it. Why tell other dudes in the league? Like it's just your get ahead money. It's just startup money. This is get you a little head in life. You didn't make life changing money, but you got to do something with it. And as long as you don't work, the money's still going to go away. Yeah. So you got to do something. And then, you know, bad investments, et cetera, et cetera. So that was kind of my thing in the league. How do I live like a regular job. If I got a job that was 60k a year, could I still afford to do this? And obviously, guys, I'm not perfect. I bought chains, I bought dumb stuff, I went out, I've done dumb stuff. Yeah, I'm not exempt, but by no means. But you know, I always knew, my mom always told me, you better save, you better have a savings, you better have savings.

Yohance Harrison 18:56

I've heard some of your stories about that.

Yohance Harrison 19:06

So, so do you think that part of the problem also is the peer pressure to the. Keeping up with the Kardashians Joneses? Do you think that that's a pro, still a problem in the. The NFL and some of the other sports leagues?

Madre Harper 19:20

Well, absolutely. Think about it. A lot of us were broke, so we want nice things. And you see guys in nice things. And it's not a jealousy factor. It's a. Well, I work hard, too. I go out to practice. Just.

Yohance Harrison 19:32

I won, too. Yeah, I won that game, too.

Madre Harper 19:34

You see what I'm saying? But I think dudes have to realize, yeah, he drives a Rolls Royce, but He's been playing 10 years. He's Christian McCaffrey, he's Cam Newton. He made M's. He can drive that. You may be able to afford that now, but are you gonna be on track 10 years now? And a lot of guys are gonna say, yeah, I'm gonna play 10 years. I'm gonna play eight years. I'm gonna go get 50 million. But as we both know, it doesn't work like that. We all know that you can be as good as you want in the league, but if the people upstairs don't believe that, you'll never get paid. I don't care what you do. I don't care how many picks you catch. I don't care how well you do in practice. I don't care how healthy you are. If the people upstairs don't believe in you, they'll never pay you. And that's just the reality of it. It's unfortunate, but that's just how it goes.

Yohance Harrison 20:07

You.

Yohance Harrison 20:14

Now, you took an interesting turn, and I think it has a lot to do with your financial literacy, as we discussed. And you're not just a football player or former football player, actually. Are you still looking? Are you still.

Madre Harper 20:28

We just. Hey, man, they called. I'm ready to go at all times.

Yohance Harrison 20:31

Hey, there we go. You never know what can happen because, you know, after the first and it's been a hot summer.

Madre Harper 20:39

Yeah, absolutely.

Yohance Harrison 20:41

Okay. So if you. If you have to take that call while we're going, I understand if you need to step away, but I'm curious. When did you make the turn into becoming an entrepreneur, and how did you know that that was something to do?

Madre Harper 20:55

Well, I always wanted to be an entrepreneur, even since college, I guess, maybe like me being broke in college and wanting to create income. And I was always told that a hustler worries about paying for his bills. A businessman just worries about growing his.

Yohance Harrison 21:09

Business, because, again, for the people in the Back.

Madre Harper 21:12

Say it again. A hustler worries about paying his bills. A businessman worries about growing his business because he has assets that pays his bills he doesn't have. He doesn't have to worry about bills because his assets pay for it. So I knew that I wanted to own my own thing, and I had no problem working. You can still get wealthy by having a 9 to 5, but that's a whole nother thing. But I knew I wanted to have a business. I know I want to do certain things. And I guess honestly, me just getting cut, you know, I played the Giants. I thought, okay, I'm undrafted. I didn't made the team. I'm making good money, man. After this, I know I'm gonna handle everything. Then the politics get in there, things start happening. I'm getting cut, and I'm like, dang, okay, I need to figure something out. I need to do something else to create my money. And I still wanted to play football, but I need my money to make money. And not every business worked out, which, you know, everything doesn't always work out. I lost some money in every businessman. What was your first.

Yohance Harrison 21:58

What was your first entrepreneur was Airbnbs.

Madre Harper 22:01

I had, like, five Airbnbs out here in Dallas. Okay, so they were doing well at first, but then Dallas was passing these laws of, like, you know.

Yohance Harrison 22:11

Like, wait a minute.

Madre Harper 22:12

So then people started just undercutting people. You know, doing. Doing Airbnbs for really cheap. Didn't make no sense because, you know, I know you're not making money. And then I end up getting kicked out of my apartment complex. Not because I did anything wrong, but they end up getting a diff. They end up selling the apartments. So a new team came in. Obviously, they saw I had these units. They're like, why do you have three, four units? And I was like, do Airbnb? I had a previous agreement. They're like, well, we don't want to honor that agreement. Still to get out now, that was obviously a bad thing on two for me because I did some cash for the furniture and some on credit cards and some of the business credit cards that I had. The revenue from the Airbnb was paying for the business credit cards. So me not having that revenue anymore, now I have to pay out of pocket to pay those cards off and pay them down. And that was like my first lesson in business. Like, dang, maybe. Maybe I stretched myself too thin. Maybe I should have waited a little bit. And then I'm getting cut that year, too. So now I don't have any Income. So now I'm paying my bills, this rent, and still trying to live. And that's where it got a whole world. But that happened in business. You know, I kept fighting through. I've paid it off since then and just kept fighting. But that was with then. Obviously I wanted to get in the private security business and ended up investing in a gym and different things like that. But, you know, that was kind of how my, my transition went and me being undrafted and getting cut, I knew I needed to make money outside of football and I knew that I needed assets. So I don't have to worry about bills anymore or those. Take care of my bills, I should say.

Yohance Harrison 23:34

Got it. So what, what was the aha moment for you where you realized that as an entrepreneur, you, you, you get to do things a little bit differently? Or when you started real learning more about having the assets? Because you mentioned with the Airbnb, those were just assets you were renting and then renting them out for a greater cost. When did you realize, wait, I need to own the asset, own the business?

Madre Harper 23:56

What was that moment when I ended up getting kicked out of the apartment complex? I told myself, I'm never going to rent from nobody ever again. I'm going to own everything 100% because they dictated my income. A lot of businesses out here are dictated by certain factors, but the fact is that they were to take my income away, take me paying off, you know, debt, business debt, because they own the asset. And that's where I was like, okay, that was like 20, 23. I was like, okay, that's never going to happen again. I need to start owning my stuff and really being diligent and maybe just taking some more time about, okay, maybe I need to be more cautious about when I get into stuff, what is my backup plan? Having a better reserves, having better contingencies, and just learning, you know, learning things that way.

Yohance Harrison 24:36

Got it. So what would be your advice then? Now that we have going back to the nil, we have these student athletes that are getting access to capital that again, they face the same thing. Who knows if they're going to the league, who knows if they have that, that career limiting injury, etc, the politics of it all, etc. You know, and we've seen it, we see it all the time where people we think have great, you know, talent and skill and draft day by draft day by draft day, and it's like, wait, now I'm signed, You know, free agent. What would be your advice to those nil athletes that are starting to get Some access to some capital to preserve that capital and improve their. Their money script.

Madre Harper 25:21

Well, one, obviously having a budget, but two, they still get a stipend check. A lot of them could live off the stipend check. Now, I know that's not as glamorous, that's not as advantageous. The people that's driving the G wagons and have. I'm not saying not to get a car and have some clothes, whatever, but maybe you don't need that big chain yet. Maybe you need to just live off the stipend checking a little bit of your nil money. Put that away. Buy some stocks. When I tell you to buy stocks. You know, I just want to get ETFs because it's easy doo, you know?

Madre Harper 25:51

Yeah. We're not watching the market enough to buy individual stocks. Get some of that. And then honestly, get together with a couple of your teammates and go buy a crib out there, because a lot of people need places to live. I told them, I tell my young bulls, if you got enough money, bro, ask your parents, hey, can you co sign? And we can rent a house out here and I can have a house where I can live in. Your roommates pay rent. You know, they get money every month. You know for a fact, let's not. Now, some of these NI dudes are living paycheck to paycheck, but, you know, they get a stipend check every month to pay rent. They live in this house. When you graduate, you keep. You get a good relationship with the school, and the school keeps sending you clients for life.

Yohance Harrison 26:27

One of the greatest investments one of my other clients ever made is when her daughter went to Baylor. Her daughter was dead set on Baylor, so we're gonna make it happen. And she said, I don't want her to live on campus. Let's go find a house in what they call bubble. And we found a house in the bubble. And by the time her daughter was done with school, that house had almost doubled in value. And the roommates paid the mortgage the whole time.

Madre Harper 26:43

Yep.

Madre Harper 26:50

Yep. Absolutely.

Madre Harper 26:53

Yep. Whole time. They gotta pay rent. It's part of life. They have to. They had to live somewhere.

Yohance Harrison 26:59

They have to. I. I had to have. I was helping out with managing. I had to have a couple conversations with some parents, like, hey, look, of course not paying his rent. Help him out for it. You know, and then they write the check for the whole year. It's like, you should have led with that. All right, he's good. That was a great investment. That that that house, at the end of the day, did not cost my client, her daughter anything.

Madre Harper 27:01

I was.

Madre Harper 27:10

Yeah.

Madre Harper 27:14

Perfect. Yeah, that was.

Madre Harper 27:23

Right? Absolutely.

Yohance Harrison 27:24

The tenant, and we could have kept it going, but she just decided she was like, ah, we're not going. We're only gonna go to Baylor to go to football games. We'll go get an investment somewhere else closer to home. That was that. But that's good advice. I like that. I like that.

Madre Harper 27:33

Absolutely.

Madre Harper 27:36

All right, the fourth one, obviously spending money on your brand, but brand. One reason I didn't mention the brand, because everybody's different and some guys are not going to be able to, or women to. The women are, to me, the women are crushing it. The WNBA and the women's basketball, they're crushing brand deals because they have personality. They're posting, they're being themselves. Lot of football players and basketball, well, basketball players doing good, too. Football players think they're too cool for school. They don't want to post, they don't want to do the deal. They don't want to make the, you know, the tick tocks and all this stuff. But I'd be like, why? If you develop a brand throughout your whole college career, whether you make it to league or not, people will remember you. People remember that. And you'll still be able to get those brand deals after. That's why Angela, Reese and Clark and all them girls are able to make so much more money, because they're showing their true personality through their brand deals and, and they're crushing it and obliging by the obligations. I've seen dudes pass up on so much money in the league because, oh, I forgot to post. Oh, I forgot to make a video about it. I mean, one dude, he was getting like 10k a month to post about this backpack that they were giving him. He's like, he just. I don't like posting on Instagram, so I'm not gonna post it. I don't really need the money.

Yohance Harrison 28:40

Wow.

Madre Harper 28:42

Now, obviously I couldn't get no deals like that because I'm gonna draft it. But I'm like, you can tell me you're not gonna post on Instagram for 10k a month. You're crazy. But, hey, teach his own, huh?

Yohance Harrison 28:50

I, I, it's for 10k a month. I'm going to hire someone and pay them 500amonth to post for me.

Madre Harper 28:57

Thank you. Done. No big deal. Take the pictures. He'll post. Done. That's what I say.

Yohance Harrison 29:01

Matter of fact, 500. Hey, come take the pictures. Here, give them to him. Post them.

Madre Harper 29:05

Yes, post them. That's it. But now at these not understanding the athletes brand deals are going to run out because we have influencers now. We don't need like before when I was coming out. Well, obviously that didn't get it because of COVID But you know, I used to give everybody that 10k Nike credit. You know, everybody's going to Nike store and get all that stuff. They don't do that no more. They don't need athletes anymore. You have to be a top athlete in a professional sport to get major brand deals, to actually get money from these brands. Because influencers are doing a better job. Why pay you? Who doesn't post, who has no Instagram presence, who has no tick tock, no YouTube presence, but I can go pay this influencer who has a million tick followers on Tick Tock.

Yohance Harrison 29:43

Yeah. And it's the off season, so you're not on TV every single week. Etc. Yeah. Yep. No, you're right.

Madre Harper 29:49

Why do you think every player, every basketball player, like, look at, like, look at Anthony Edwards. People love his YouTube channel. I love you to 10 too. The content they like to see the raw, the grittiness. Why is every athlete having a YouTube, having a tick tock and hiring brand people to do these things? Because that's going to keep you relevant. That's gonna keep the deals flowing in, that's going to keep you in the room. Just being a football player, just being a battle player, that's not enough anymore. They want to see you in Paris Fashion Week. They want to see if you do this, they want to see that. Everybody wants to see that. And it's not. We'll go the influencer route. We'll go to Costa Nats, we'll go to Duke Dennis's, we'll go to the Aiden Ross's. We'll go to them because they're posting every day. They're streaming every day.

Yohance Harrison 30:23

And now's a good time to remind you to like and subscribe because we are on YouTube as well. And don't just like and subscribe because you're doing it for me, you're doing it for Madre. Do it for the person that hasn't seen it yet. The more you like and subscribe and click, the higher it goes in the algorithm so other people can discover us. Don't keep us a secret because Madre's over here dropping gems. If you are a student athlete and you are listening to this right now and you didn't learn something. Pause, stop. Whatever it was you were doing that was distracting you, go get Your notebook, rewind it back about 28 minutes and hit play again. And take some notes and take some action. These are the things that are going to impact the rest of your financial life. It's the decisions that you make. Now the beauty about decisions is that we can make any decision we want. However, we don't get to choose the consequences of those decisions. If you want the right consequence, and I'm not saying consequences, good versus bad consequence, meaning the result of those decisions. If you want better consequences, make better decisions. And that's what we're here to help you do. So I want to get into where we began at the top of our show because like we said, a lot of news. I mean the news, the news is crazy in these days. It's changing every day. So just as we were preparing for this episode, the president signed a new executive order called. What did he call again? I don't know.

Madre Harper 31:44

Make a big beautiful bill. Whatever they make gradually. Great again.

Yohance Harrison 31:47

Yeah. Saving college. Here we go. Saving because college sports need to be saved. Right.

Madre Harper 31:53

Ish.

Yohance Harrison 31:54

Okay. I mean, yeah. So here's, here's a direct impasse. And because this is new family, I'm going to read this for those of you watching on, on, on, on YouTube, be like, oh, is he reading? Yes, he is. So the order explicitly bans third party pay for play payments to collegiate athletes while still allowing for legitimate fair market value compensation for brand endorsements.

Yohance Harrison 32:19

So I don't even quite understand that. You probably know more about that than me. What do you know what they're trying, what do you know what he's trying.

Madre Harper 32:25

To do there when he says third party? Because you know, okay, so like I don't know if you know about the college setup. There's a collective and then there's like the donor. So basically like the school has money. Exact ownership has money. Okay. Then a third party would be like, I guess if you're them trying to like some small school are trying to get money from, let's say outside sources.

Yohance Harrison 32:46

Like if I like me as money script, I can't come and pay you collegiate athlete directly. I got to go through, through the school.

Madre Harper 32:53

Yeah, he's trying to make it go, he's trying to make it go through the school. Yeah. Instead of having like that kind of.

Yohance Harrison 32:58

Levels the playing field. I don't think that's bad.

Madre Harper 33:01

It's not necessarily a bad thing, but it depends on the school. Some schools have better reach, you know, to get through.

Yohance Harrison 33:07

Yeah. If I think about our HBCUs, they, they, they, yeah, they're in trouble.

Madre Harper 33:11

Now you can still sponsor an athlete and do all that because that's an endorsement. You know, it's still different. But as far as like these big sums of money, they want people to go through the collective and go through the school because that's supposed to be a better delegation of the money, blah, blah, blah, blah. But who really knows? I mean, who knows where any of this money comes from? We all know it comes from donors in the school. But who knows? You know, who really knows? Nobody's, Nobody's checking their finances?

Yohance Harrison 33:31

No, no, not at all. So the order also states that any revenue sharing allowed between universities and athletes should be implemented in a manner that protects women's and non revenue sports.

Madre Harper 33:42

That's title nine. So guys, I love my women, I do. But let's be honest. I'm just trying to be quite frank. That's why we haven't got our nil payment yet. You know, the, you know, the whole suing the ncaa. Trying to get our back pay, whatever. Because some women are saying that the money is not evenly distributed. And I say to that football and basketball are the butter grossing sports. That's just a fact. That's not saying that their sports are not adequate. I'm not saying that. But let's be honest. Is track going to make as much money as football? No. So who should get more money now? Yes, they feel like it should distribute evenly, but at the same time, football generates a lot more money and everybody knows that football, basketball, the bigger sports, help pay scholarships for the smaller sports. That's just a fact.

Yohance Harrison 33:52

Yeah.

Yohance Harrison 34:26

But what about now? Hold on. Now, women's basketball has grown in tremendous popularity. Probably not since 2021, but yeah, it's.

Madre Harper 34:33

That'S more recently now. This is true. And they may have to revisit it every year, but they still have to track the growth. It's always going to be like, should the women's basketball or the women's that do track long distance, steeple change, things like that. Should they make as much as football players? I don't know. I don't think so. Just because of the money, revenue. And yes, when they get to a certain weight, WNBA is going crazy. They do deserve to get paid more. They just signed a big TV deal.

Yohance Harrison 34:58

Did you, did you see the shirts they were wearing?

Madre Harper 35:00

Yeah, they should. They just signed a huge tv.

Yohance Harrison 35:03

Oh. I was like, whoa. You know, I like how they, they lock together, stand together, they lost together.

Madre Harper 35:10

Because they know that they locked together. But they have this steady growth and I think people Talk so much about the NBA. I mean wnba, oh my God. They don't. The NBA pays for them. First of all, WNBA has only been around 30 years. The NBA was not successful at 30 year mark. Just. And they're making way better growth.

Yohance Harrison 35:15

Oh my God.

Yohance Harrison 35:25

Actually. No, at 30 year mark it was still the ABA. And the actually wasn't even the NBA. It was still ABA.

Madre Harper 35:30

Come on now. So I think people just don't know their history on that. That's why they're saying that. But they don't understand. They're only 30 years in. That's not that long. Yeah.

Yohance Harrison 35:39

So as a financial planner, shout out to all of my former WNBA players. I worked with about a dozen of them. So an agent back in my early years as a financial planner, I was working with other athletes. Started working with all of his WNBA players and we had so much fun. Those women were some of the best financial students I ever worked with.

Madre Harper 36:03

Telling you, women are. They're outdoing the men and everything. Financial brand deals, partnerships. I'm. They're crushing it. I'd be trying to tell the dude, we got to get like them. I'm trying to. We. They are taking full advantage and playing.

Yohance Harrison 36:16

And they would play in the states and take a month off, go play overseas. Right back to. I mean they were playing 11 out of 12 months.

Madre Harper 36:26

Yes, absolutely. To make that money. So to make that money, they deserve to be paid more. They just signed a new TV deal. The ratings are up. Pay them, raise it up.

Yohance Harrison 36:34

Indeed. Indeed. And as, as a, as a, a girl dad and a little girl that loves basketball. I'm all for it as well.

Madre Harper 36:42

So we got to see about college. We got to see about college. I don't know yet.

Yohance Harrison 36:45

Yes. Yeah. So another part of the, of the, the executive order orders the Secretary of Labor and National Labor Relations Board to clarify the status of student athletes in order to preserve non revenue sports and educational opportunities. What does that mean? Should these athletes be labeled as employees?

Madre Harper 37:08

No.

Yohance Harrison 37:10

Who was. Wait, who was it that just signed the deal that wanted the NFL to pay his llc? I thought that was cold.

Madre Harper 37:16

He. Caleb tried that. That's never gonna. He tried it.

Yohance Harrison 37:18

You can't do that because. Yeah. The NFL, that, that we're a W2.

Madre Harper 37:22

We are an employee. They run a business.

Yohance Harrison 37:24

Exactly. Exactly. So so then why do you think if, if the NFL players are employees, why aren't the college athletes?

Madre Harper 37:33

Well, because one, the NFL can continue to grow their business can continue to. Everything they do is a business.

Yohance Harrison 37:42

Oh, there's an end Date. Yeah, that's true.

Madre Harper 37:45

Yeah. There's no, there's, there's no, like, everything's a bit. At college, they're still in college. They're getting this money from donorships, from endorsements, from stuff that they're building on their own. If, if I'm a top college player in Joe's Crab Shack wants to pay me a million dollars, I'm not an employee of Joe's Crab Shack. I just have an endorsement. Because whatever contract we negotiate is going to be the length of. However it's going to be. It may only be two months. It may only be a year. I could transfer the next month. And am I going to keep having to reapply as an employee because I keep getting these type of endorsements or if the school's collective is paying me. Does the school, the schools are tax exempt. What, what taxes are they paying? Okay, athletes may pay taxes, but the school is tax exempt. So then the collective giving them the money and not paying taxes on. So I don't understand the reason to be an employee.

Yohance Harrison 38:33

Let me, let me, let me argue on that, though. So, but if you're an employee, you get certain rights as employee health insurance, unemployment insurance, workers comp. Insurance. And that's the thing. You get injured. If you get injured in the NFL and you have, depending on your contract, there can be some compensation for that. But in college, you're not in. If you're not an employee.

Madre Harper 38:54

Well, well, well. As long as I don't speak for football, I don't know about the other sports, but for football, they take care of everything. If you go to a Power 5, I should say smaller schools obviously have a little less, but they, but let's talk about power five. If I get sick, I go to the team doctor. If I tear my acl, I go to the team doctor. If I'm not playing the season because I'm injured, I'm at the team doctor team rehab. I'm not losing my scholarship because I'm injured. You may lose some, you may reduce some nil money, but you're not going to be out on the streets. So I see what you're saying about benefits, but what benefits do you need? If I need to go to the dentist, they're going to take you to the dentist. If you need to go to the doctor, they're going to take you to the doctor. They're going to do anything you need them to do in college that those, those benefits have not went away. Okay.

Yohance Harrison 39:29

Okay.

Yohance Harrison 39:36

Got it? Okay. Fair enough. Fair enough. Look, I've had an amazing time with you, Madre. I really appreciate this. We're gonna have to do this again. And by the way, absolutely. We wanted to do this live, but we. We scheduled this in like the last two weeks. I was traveling around. You know what? Let's do the old fashioned way. We're going to do something live here soon. Have some fun. With every one of our guests that we have on the show, there is a question that we like to ask them about money scripts. And as I mentioned, the money script is, you know, the unconscious and sometimes conscious things we learn about money and develops our relationships. So we're curious to know if you could tell our listeners what is your first memory of money?

Madre Harper 39:54

Absolutely.

Madre Harper 40:16

My first memory of money. So I was always a kid who, who talk too much in school. Okay, guys? Cause I was. Maybe I was just too smart. So my mom used to give me a quarter a day for not wanting to get my planner signed, you know, at school. So I used to save up all those quarters so I could go to the book fair and I could go cash out at the book fair. And that's where I first really started figuring about saving, doing a task to earn money, saving it to go spend it. And that was my first. I know, guys, I'm sorry. I was talking too much in school, but yeah, elementary. Yeah, give me a quarter a day. That's.

Yohance Harrison 40:53

That's a new a. That's a new. We haven't heard that one yet. That's a new one. I love that. Hey, shout out to your mother for instilling that financial literacy in you, because it shows. Now, before we go, I know as an entrepreneur here in the dfw, you've got a couple of businesses. Why don't you go ahead and tell everyone what your businesses are and if they want to get in touch with you for your services, how they can find you guys.

Madre Harper 41:13

I got a private security and, you know, security transportation business. Infinite Protection on Instagram, LinkedIn, Facebook, Infant Protection LLC. Y' all can hit me up for anything. Security needs armed, unarmed black trucks. Whatever you guys need. Also invested in a performance gym, Ape Fitness and Grapevine, South Lake area. We train all kids from adults to high school to middle schools. Whatever, man. We got the best performance in the. In the city. Come out, get right, get fit. Everything's good to go.

Yohance Harrison 41:41

Indeed. And now I now this, this protection services. You also do transportation as well?

Madre Harper 41:47

Yes, sir. We do black trucks, Escalades, big box.

Yohance Harrison 41:50

So how about I. I'm ordering my Uber, getting off the plane and I'm just, you know, waiting, scrolling. And I see that. I was like. And I think the post you put is like, hey, request me and I'll come pick you up myself.

Madre Harper 42:01

I'll pick you up myself. I'm gonna get out there. I'll go pick you up myself. Airport pickup and drop off on a brand new Escalade. Man, oh, man.

Yohance Harrison 42:10

All right, well, next. Next trip, I'm hitting you.

Madre Harper 42:12

Yes, absolutely. I got you. I got you. I got you.

Yohance Harrison 42:15

Everyone, thank you for joining us for our premiere episode of season. I think it's like season seven. I lost count. But here we are again, back with the Money Script Podcast. Like I said, while I was on those side quests, those are running and going. If you are listening and you are a physician or medical student, please go check out becoming an attending. It's where I interview physicians and they talk about the money lessons they wish they had known when they were transitioning from medical school to residency, residency to attending. And for those of you in medical school, you know, you know, Donnie signed another. Or not just Donnie, whole congress signed a new tax law. They are reducing the amount of money that you can borrow from the government. As a medical student, you're usually borrowing somewhere from 40 to 80,000 a year. That's now capped at 30,500 and a lifetime cap. So if you're in medical school, if you're medical year one, year two, and you think that's going to be an issue for you, holla at me. Okay. I can, I can give you some strategies of how you're going to work around that. For those of you that are advisors, and you're still listening to the Money Script podcast. Hey, I appreciate you. We're in the same business. Our role is here to help people make better financial decisions. But no, I have another podcast specifically for you, Only Human. Let's talk about how AI is coming into our businesses and how we can use it, leverage it, and stay human at the same time. For everyone else, that's just a loyal Money Script podcast listener. I thank you. Bless you. Thank you for coming to spend some time with us. Remember, like, subscribe, share all that fun stuff. Tell a friend to. Tell a friend to. Tell a friend to come get some financial literacy today. Thank you, Madray, for joining us. We'll see you next time.

Madre Harper 43:47

Thank you.

Seth Harrison 43:55

I'm back. Wasn't that a great show? I hope you learned something. I know I did. Now, before you go trying anything you heard today, remember, it is not intended to be specific tax or legal advice. If you need that, go see a CPA or an attorney. If you would like any complimentary consultation with a knowledgeable advisor, visit moneyscript.com and schedule a 15 minute consultation. Want Johans to come speak at your next event? Go to the MoneyScript website for that too. Of course, if you're watching on YouTube, make sure to like comment, subscribe and click the bell for notifications. MoneyScript Wealth Management is a registered financial advisory service in multiple states. Want to learn more? Get the full disclosure on our website moneyscript. Com.