What does it mean to honor your roots in a meaningful way? Discover Kyrie Irving's heartwarming act of securing an endorsement deal for his father, gifting him a signature shoe as a Father's Day surprise. We dive into the profound significance behind this gesture, exploring the legacy and values passed down from father to son. Additionally, we break down the financial projections and contractual intricacies of endorsement deals, reflecting on how such legacy acts can inspire future generations and serve as a powerful testament to selflessness and respect for one's heritage.
In another captivating segment, we discuss the inspiring story of a young couple, only 28 years old, who are already laying the groundwork for their baby's financial future. From setting up college 529 plans to crafting a comprehensive financial strategy, their proactive steps highlight the importance of early financial planning and generational wealth-building within the Black community. We address the common hurdles of a survival mindset and the reluctance to seek professional financial advice, while also shining a light on the emerging field of financial therapy. Join us for an episode that blends heartfelt personal stories with actionable insights for building a strong financial future.
What does it mean to honor your roots in a meaningful way? Discover Kyrie Irving's heartwarming act of securing an endorsement deal for his father, gifting him a signature shoe as a Father's Day surprise. We dive into the profound significance behind this gesture, exploring the legacy and values passed down from father to son. Additionally, we break down the financial projections and contractual intricacies of endorsement deals, reflecting on how such legacy acts can inspire future generations and serve as a powerful testament to selflessness and respect for one's heritage.
In another captivating segment, we discuss the inspiring story of a young couple, only 28 years old, who are already laying the groundwork for their baby's financial future. From setting up college 529 plans to crafting a comprehensive financial strategy, their proactive steps highlight the importance of early financial planning and generational wealth-building within the Black community. We address the common hurdles of a survival mindset and the reluctance to seek professional financial advice, while also shining a light on the emerging field of financial therapy. Join us for an episode that blends heartfelt personal stories with actionable insights for building a strong financial future.
Right, we can sit up here and try to avoid the money conversation. Real moves when I see it, I want it, I get it.
Speaker 2:
Let's build an empire, baby. I know that you with it Can't nobody stop this. They call it watch this. It's time to talk life balance, love and marriage. All the trend topics no off days come up the hard way. Never no shortcuts. I took the long way.
Speaker 1:
Gotta leave treasure for my kids Welcome back you guys to the On your. Keys Podcast way gotta leave treasure for my keys. No, but I'm just playing. Well, I don't know, maybe she did, but that's your thing, so I guess she hating on me y'all. I'm definitely not. I'm just saying, like you know, we might need to spice it up a little bit. Oh, it's spicy it is.
Speaker 3:
Yes, that's the most spicy you you gonna get out of me.
Speaker 1:
What's up you guys? So Jay sent me a Article, yeah, and the article basically was about Kyrie Irving, which you can include right here and we're gonna we're gonna actually link it to the podcast, but he.
Speaker 3:
Actually got an endorsement deal for his dad right. He actually basically made, he basically gave his dad, you know, a signature shoe.
Speaker 1:
Okay, yeah, so it was. It was a. So when I read it, I saw that it was a company that he was already working with.
Speaker 3:
Okay, okay yeah, so, like normally, you know, athletes will, they will be the signature shoe, you know the shoe will be like their name. Michael Shady. Yeah, he did this for his dad, who actually has a father's day gift.
Speaker 1:
Oh, that's what. Okay, so I agree all of that. I didn't see that. I thought that when they said that they were gifting, he may was gifting that to him. I didn't know that it was necessarily for a particular holiday or not.
Speaker 3:
He presented it to him on father's day, so it was a father, wow so whenever?
Speaker 1:
so let me ask you this so whenever um athletes have endorsement deals or they do endorsement deals, do they already know the uh, the net value of the deal?
Speaker 3:
um, not all the time I mean.
Speaker 1:
I just get based on like sales yeah, they have, they have a projection.
Speaker 3:
I mean they're working with a lot of professionals that you know to help them get with. That would get the idea of what that actual endorsement can do, you know, financially. But um, I don't think they really.
Speaker 1:
Yeah, I mean, I mean you have your agents, you have you know analysts, that's, that's so you, so someone can say oh, I just want you to just do this endorsement for this germax, and then they don't know what, what the value of it is or how much they're going to make oh, I didn't know, that's what you was asking.
Speaker 3:
Yeah, that's why I said like it's a. It's a. I thought you thought you were saying like, with the overall evaluation of what, that endorsement, oh no, okay, so that's what I was saying.
Speaker 1:
So I'm saying when someone does an endorsement deal, do they know the person that's actually doing it right, the celebrity or or athlete or whatever right? Do they know how much they're gonna actually make? Yeah, they want it's in their contract oh, okay, yeah, so that's why I was asking. So basically he gave his dad the you know the endorsement, right, yeah, I mean so big.
Speaker 3:
So basically, from what the article is saying is that, instead of like, instead of this being Kyrie's signature shoe, this is this is that it's his signature name. So so the deal is basically for his dad to have the shoe signature name behind him wow, and so that also means that to me.
Speaker 1:
So when I look, so when I look at that, I automatically Thought about like legacy right because you know, we may not know what his dad's legacy is Like.
Speaker 1:
You know so, but but for him to do that for his dad, and so you know, when you think about a shoe, you know, regardless if the shoe I don't know how those, but I'm, and so you know. When you think about a shoe, you know, regardless if the shoe I don't know how it goes, but I'm thinking about, you know, you have an endorsement deal. You probably have campaigns or things like that you have to release, and so we're thinking about that. I'm like, just think you know about. You know, 20 years from now they may have only know kairi.
Speaker 1:
You see what I'm saying, but now the legacy because kairi is who he is because of his dad. You kind of said I'm saying but now the legacy, because Kyrie is who he is because of his dad. You kind of see what I'm saying, meaning that the values, the work ethic and things like that that his dad may have instilled in him is the reason why he's where he is right now, and I just think that that's what I, when you sent it to me, and I was reading it.
Speaker 1:
That's what I immediately thought about. I was like Dawn. I say he cares about his dad's legacy, you know, and that's the thing you know, we don't know.
Speaker 3:
Kyrie personally, with his personal relationship with his dad, is, and it could have not been that you know. We don't know what kind of it, but what.
Speaker 1:
I'm assuming, because to do something like that, you know this. I mean, yeah, we are.
Speaker 3:
we are assuming, because I mean even less, let's say, hypothetically they might not have had a great relationship growing up, we don't know but it shows that whatever the past was, whether it was good or bad, the now relationship is showing that what he did was such an unselfish act you know that that was the first thing that I came to my mind like that was so unselfish for him to have a signature shoe deal but to but to give it to his dad. You know, when he's the, he's the one of the the biggest faces of the NBA right now.
Speaker 1:
Yeah, and just, imagine if he did have Trauma, our childhood trauma, just whatever he may have dealt with that. What you know was not. That wasn't good trauma just whatever he may have dealt with that, what you know was not, um, that wasn't good. The fact that he forgave his dad and still was able to do that.
Speaker 1:
If that is the case, yeah, so because we don't know, you know, so I guess we I guess I really understand what you're saying, just looking at it from both ways. Right, you know um you can really, yeah, you can look at I guess I'm a little bit trigger right now.
Speaker 1:
So I was trying to I was trying to you know, grasp what I was actually saying, because I actually kind of got a little bit emotional when you said that, because I'm, when you say unselfish act and you know, just even even the if there was forgiveness that was tied to that we'll never know behind the scenes, we'll never know what really happened behind the scenes yes, but it's the fact that that you did that for your dad.
Speaker 3:
You know right, because, regardless of what the what their relationship was like, I said good or bad that that act shows that it's not just about me, it's about our family. You know it's about family. It's about, like you said, legacy and it's about moving everything me, it's about our family. You know it's about family, it's about, like you said, legacy and it's about moving everything forward.
Speaker 3:
You know, from this moment, you know it's like you know you have, you know that goes into like you have so many parents that you know have children that play sports and they and some parents push their kids to play sports yeah against their own will. You know, they may not really want to play this sport, or they may not even be fully um engaged in it.
Speaker 3:
They may be talented in it, but they may not be fully engaged right and how many parents actually have an expectation once that child makes it to a certain level where they go pro. You know, or they they going through high school or going through college and they got nil deals. And there's so many parents that try to live their lives through their kids and they have an expectation an expectation of them.
Speaker 1:
Taking care of them, yeah, taking care of them. Expectation that.
Speaker 3:
I need to recoup something off of this investment that I made, yeah you know all of these years, all the sacrifices that I made, driving you to practice every day, to the games, being like all the money that was spent, and you know what's so funny there's parents that probably well, I'm saying probably there are parents.
Speaker 1:
But you know what's so funny about me? Because you guys know, you know, when my daughter running track and things of that nature, I you know the fact that I know what she's about to go off and be able to do, I've never had an expectation. It's almost kind of like not to say that your kids are bad, but I'm. It's kind of like money that you just that, you just like when you buy, when you buy clothes and you know you may only get to wear them like one time.
Speaker 3:
You know it's like yeah, so are you equating, uh, being a parent and the investment you make is equivalent to how you buy clothes?
Speaker 1:
no, y'all know what I'm saying, though I'm saying like, sometimes you know you buy, you know maybe not quality code. When you don't, when you the clothes you buy is not quality, and you may only get one wear out of them, you know you just like oh, that was just money spent you know, but it's not.
Speaker 3:
There's a liability, not an asset and you know so.
Speaker 1:
So when I feel like so, it's safe to say y'all when your kids are a potential liability, it's a 50-50 chance that they may turn into an asset.
Speaker 3:
In Kyrie's case, he has become an asset.
Speaker 1:
Yeah, and that's amazing. But, think about even on the financial side of that. You know what he was able to do for his you know, cause I'm sure his dad's pretty old.
Speaker 3:
You see what I'm saying Well, you know, because I'm sure his dad's pretty old you said.
Speaker 1:
I'm saying, well, yeah, I mean, he wasn't like he's not. Oh yeah, that's what I mean. So I'm saying, think about what that's actually going to do, because I'm sure that the dad is not going to be able to spend all of that money.
Speaker 3:
You kind of see what I'm saying yeah, yeah, so do you understand what I'm saying, because you you didn't seem like it was like he he can spend all the money, but we want to say that he probably has some good financial habits, because I think that he's a businessman as well. Yeah, so that's so.
Speaker 1:
I'm, that's what I was, that's what I'm saying. I know we're speaking hypothetically, right, but I want to. I want to speak hypothetically in a way to where you know we're talking about them, right, and we're making this podcast um about them and about the act of what he's done right, and we we're always talking about financial wellness. We're always talking about, you know, just having good financial habits, which is financial wellness. You know fan, the family dynamic, you know just all those things. You know money, emotional, spiritual, you know all of those things right. And so I want to talk about this like hypothetically, in a good way. Let's say that, you know, the dad is what I'm saying is he's not going to be able to spend all the money, is that? I mean, he's probably he's getting old, you know he's getting older, and so for me, thinking about this and, uh, and the act of them doing something of this magnitude, it goes to me again. The first thing I think was legacy, generational wealth. So so hit.
Speaker 1:
So Kyrie's kids, kids, kids you know his great, great, great, great grandkids are probably gonna be able to reap the benefits of that act that he's done. You see what I'm saying. So that's what I was basically trying to say and I just think that that's amazing, even with me being in my in my externship for my CFP right now. It was so crazy One of the videos that I was watching, with client engagement from a CFP. This guy is 28 years old. He actually said him and his wife. The fact that him and his wife get to live the life that they get get to live now is because of the act that their grandparents actually did, which was investing in them college 529. Seriously, these people are putting together their, their kids were gifted college 529s and their kids aren't even here. Their baby is three months old. From the, from the girl's mom, his wife's mom what?
Speaker 3:
you said was like so, that was, that was so, so key yeah, can you? Tell, tell everyone, what a college 529 is.
Speaker 1:
So you, shouldn't ask me that, because you know we're not really supposed to give financial advice on here, but I can talk about the names and what that is, but it's a college fund, you know, for your kids, that is set up for them. You know you can set it up. Anyone can actually set it up for, you know, for your child, but it's set up for them. You know, and this is the thing, they don't even have to use the money for college, but it's a fund that's actually set up for you know them to be able to use it for college if they wanted to go to college. And there's other things that you know I can't.
Speaker 1:
And you can contribute to it up until they're 18 years old and you can contribute to it up until they're 18 years old. Yes, yes, you can contribute to it up until they're 18 years old. But it's the fact that you know, it's the fact to me. When I thought about that, I was laying in the bed listening to the videos and I just was like it's amazing that they're thinking about this at 28 years old with a three-month-old baby and they know that they want to have multiple kids, know that they want to have multiple kids and so, as a CFP was was building their plan. You know, the college, the college 529, was actually outside of what what they were doing because someone else was gifted it to their kids.
Speaker 3:
Wow, but just you know, for him to say that that's exposure. Yeah, he wanted, he made sure it was important. For that he set up those college 529 plans and even just developing a financial plan.
Speaker 3:
Right because, of what his parents and his grandparents was yeah outline for them Right and what so like he said I'm able to live this life because of what they put, what they established for for me. Yeah, so I need to make sure I do the same thing for my kids. So my kids and my great great can live the same type of life, or better for what I'm setting up for them and that's exposure.
Speaker 3:
You know a lot, of a lot of our families in the black community if they're not exposed to that type of information. Or, and I'm not even gonna say exposed to that kind of information, because in today's age we're exposed to a lot of information but it are, but it's about, it's about the application of the information applying the information and understanding that you can actually do the things that you're, that you're being exposed to you can, but it takes.
Speaker 1:
But but the thing about exposure is you know it's belief too.
Speaker 3:
You have to believe that you can actually have that and you have to.
Speaker 1:
And another thing, too, that too, that hinders us as a community, is when we reach a certain age. Age is a big thing for us, and when we reach a certain age, sometimes we feel as though we're more behind than we are ahead and just being the generational clock. Yes, the generational clock.
Speaker 1:
Yes, and so, ben, when you have that mentally, you'll just continue to live how you're living, because how you're living not that you're living the life that you want to live you may just be accustomed to just surviving.
Speaker 1:
Survival is a mindset. You know what I'm saying, and so, with that being said, you know you may be exposed to this information and you feel like I'm gonna have to work too hard to get there and I'm gonna have to sacrifice some things that I'm not ready to sacrifice. You know which the thing is is, when you think about it, right, anything in life and I've said this multiple times on this podcast anything in life that you want and that is worth it, you it's not gonna come to you easy, but being financially stable, being in a place to where you don't have to think about, you know, every paycheck that you have coming in that is already spent, I was listed. Another thing, too, is when I thought about that, I also thought about the habits that him and his wife had. You know that the wife has, you know, twenty thousand dollars just set up you know, just in a camp I thought about the.
Speaker 1:
You know him, he doesn't let his checking account get under ten thousand dollars. You know what I'm saying like we, we get ten thousand dollars come in. You know I'm saying as it. You know as a.
Speaker 1:
General in our community that money is already spent before we even deposit the check you said. I'm saying they only been married three months, but they've made a priority to get up and go and get financial planning because they know that, at the end of the day, now we need to combine our finances. You know, even if we don't combine our finances, we need to combine the plan that we're going to have for our life because at the end of the day we got to make money to live regardless of people think that we don't
Speaker 1:
right we can sit up here and try to avoid the money conversation, but at the end of the day, how much you avoided is going to show you the quality of your life, because the quality of your life is what you're living every single day exactly even having, but even having the discipline to get financial help yeah, to understand that we're not the experts in this yeah, so why?
Speaker 3:
are we going to try to advise ourselves on how to combine our finances and how to grow you know a legacy and build generational wealth when we're not the professionals?
Speaker 1:
And there's so many dynamics that go with building a financial plan Like now we're getting more into now just used to be you, you go to a CFP, or you go to someone a financial advisor, so forth and so on, and you get all of these different financial you know.
Speaker 1:
You get all these financial things set up for yourself, but now, when you think about your habits right, that's that's where a financial therapy actually comes into play. Is, you know, a practice that was developed about 2009 and me, being a certified financial therapist, I'm able to really look at the depths and the dynamics of why people families, you know cannot Combine their finances. And it goes back to just what you said it are even be able to save money. If you never, ever Save money, there's no way that you're gonna be able to save money. You don't understand why you can't save money If there's literally a disconnect and you would have to teach yourself how to save, just as somebody would have to teach they still have a wall. Yes, you know what I'm saying and so, even with that, right, they were, they were ex. You said the this couple was exposed to this information.
Speaker 1:
They were literally exposed they were literally exposed to good a good a family function. Right they were, they were. They were exposed to having good financial habits.
Speaker 1:
Maybe they weren't excellent, but they saw good financial habits. Right now they're married with a three-month-old, and now guess what they're doing? Because of what was exposed to them and what their family showed them, valuing the value was in the family dynamic and was also in in finances. You see what I'm saying. And so we come back to us and this is where the disconnect is. This is why the value was in the family dynamic and was also in finances. You see what I'm saying?
Speaker 1:
And so we come back to us, and this is where the disconnect is. This is why we're greeters at 75 at. Walmart, you see what I'm saying. So where we're solely dependent on the SSI check, you know, and things of that nature you know, so when I think about again I know I'm talking a long time, but when I think about the Kyrie thing right Again, I automatically thought about that because I'm like he had to be exposed to something because that was a selfless act and you just don't become selfless. Yeah you see what I'm saying.
Speaker 3:
It's a practice. Yeah, and one of the things that made me think about that's the first in history that something like that has been done.
Speaker 1:
Yeah, and it's stated on that article, so it makes me wonder is that going to become?
Speaker 3:
are other athletes going to follow that? I think that you're going to see more of that, More people starting to do things. That includes their family, off of their namesake, off of things that they're able to accomplish in that realm.
Speaker 1:
And we need that in in our, you know, in our demographic. We really need more that. We need more of those selfless acts. We need more of those family dynamics and those family values really being pushed, because our kids are growing up and our kids are saying is this so amazing for kids to see a good marriage, you know, for kids to really see you, you know their dads out there, you know doing even the small things.
Speaker 1:
I know now, you know people don't really cut grass and things like that, but I'm saying just really even having, maybe like once a week having family dinners and things like that, and even talking about it's okay, one of my girlfriends, you know, and we're going to wrap after this you know she had my girlfriends you know and we're gonna wrap after this. You know she had to. Um, they, you know, they had to pull their kids out of their private school and they actually sat down and they told the kids why. You know, I'm knowing just because of my background, I'm knowing because of the way that the child went back to school and was telling everyone, basically the reason why they weren't coming back to school is because their family had to close their businesses and close their whatever, because they couldn't afford it anymore, right, even though the kids are resilient.
Speaker 1:
I told her. I said, when he gets older, I said a lot of things. A lot of things are going to play on that because, again, I can remember saying things, even when I was little. That was really trauma to me. But because as kids we don't understand what we are actually feeling, right, we can't articulate our emotions at that age and then if our emotions are not validated, you know, when we're children, a lot of those things we're going to carry into adulthood, right?
Speaker 3:
So I'm knowing that he's going gonna have some type of financial trauma and a financial trauma unchecked, it shapes the way financial trauma unchecked as a kid shapes the way you earn, spending and invest money as an adult and it will be a hindrance for how you actually are able to obtain financial stability.
Speaker 2:
You know so this is good, you know, I know we never we never stayed too long, you know.
Speaker 1:
So this is good, and I don't want to. I know we never. We never stay too long. You know, we always just want to make sure that we're, you know, having really good, dynamic conversations around finances, around family, around life, entrepreneurship, business, all of the things you know marriage, just because it's one thing you know to to, you know, have all of the the bells and whistles around conversations like this, but then it's also to have real people just having real conversations, you know, that are important to us and where we can create that space to continue the conversation. Continue the conversation. So we're signing off. This is all your keys podcast. Thank you, guys for listening. Y'all already know where to find us at At On your Keys, on Instagram, at being Simona and at J Goday underscore.
Speaker 1:
You dig yes, and make sure that y'all share this podcast With a friend with a friend, with a friend with a friend, and leave us a 5 star review, because it really Really does help us out. Thank you, guys, so much for y'all being here.
Speaker 2:
Love and no shortcuts. I took the long way, gotta leave treasure for my kids.
Speaker 1:
Kids pleasure.
Speaker 2:
Every loss been the lesson and the unexpected blessing. Plenty seeds showing up, small money growing up, accomplishing my goals, champagne bottle pouring up Name on everything I'm signing the dotted line. Money been working for me. I'm kicking back on recline. I own it, just like the moment. Everything I became my hustle could take the blame to let her find my name. Gotta walk through the rain. Gotta go through the pain. You gotta soak up the game. Create your own lane Switch gears. Never change, level up and gain. You can have everything, long as you do one thing you just gotta own your keys. You just gotta own your keys.
