By Aswad Walker
John Hope Bryant is a brother who knows a thing or two about money. Entrepreneur, author, philanthropist and prominent thought leader on financial inclusion, economic empowerment and financial dignity, Bryant is dedicated to educating anyone who will listen about steps to becoming more financially savvy and solvent.
The Defender asked Bryant, who Delta Air Lines CEO Ed Bastian described as the “conscience of capitalism,” to offer advice on money moves to avoid.
Renew Your Mindset
Without hesitation, Bryant offered his first suggestion regarding moves to stop making that damage your finances.
“Stop hanging around with broke people, first of all. If you hang around nine broke people, you’ll be the tenth,” Bryant said. “I don’t mean like some class-based, bougie thing. I mean, people who have broke mentalities, poverty mentalities.”
Bryant said aside from “sustenance poverty” (i.e., lacking food, shelter and healthcare), all other forms of poverty are a mindset.
“There’s a difference between being broke and being poor. Being broke is economic. Being poor is a disabling frame of mind, a depressed condition of your spirit,” he said. “And you must vow never, ever, ever to be poor again.”
Bryant said many people possess poor spirits and poor mindsets that keep them forever focusing on “the cash, the bag, the dollar, the short-term whatever.”
“And you forget that you make money during the day. You build wealth in your sleep. That’s why our ‘get up and go’ has got up and went,” said Bryant, chairman and CEO of Bryant Group Ventures and founder and principal of The Promise Homes Company, the largest minority-controlled owner of single-family rental homes in the country. “We’ve got ‘too much month at the end of our money.’ We’re looking for love in all the wrong places. So, avoid the noise, avoid the toxicity, avoid people with a negative ‘glass-half-empty mentality. Because whether you believe you can or whether you believe you can’t, you’re absolutely right.”
Stop D.C. Focus
Bryant’s second suggestion: Stop focusing on Washington, D.C.
“I don’t care about DEI. I mean, we’re fifth on the list,” said Bryant, who is the founder and CEO of Operation HOPE, Inc., the largest non-profit, best-in-class provider of financial literacy and economic empowerment services in the U.S. “We have become the poster child for diversity, equity and inclusion. That’s exactly what some people want; for us to be the poster child because then it triggers other biases.
“The reality is the biggest DEI, the biggest affirmative action, the biggest subsidy in this country goes to white farmers. White women are at the top of the list, [followed by] Hispanics, military personnel and those with disabilities. So, we need to stop obsessing with Washington altogether.”
Bryant suggested focusing that “federal government policy-watching” energy elsewhere.
“Get on with getting our credit score up. That’s worth $750 billion over the next 20 years,” said Bryant. “Becoming homeowners, that’s worth $800 billion over the next 20 years. Artificial intelligence is worth a trillion dollars. And buying businesses of these baby boomers that are retiring in the next 10 years is worth a trillion dollars.
“Take any part of that $3.5 trillion that I just mentioned. None of that requires the government. Not one dime of it.”
Adjust Your Spending
Bryant’s message resonates with people of all races across the country. His free podcast, “Money and Wealth,” is in the Top 100 for business and the Top 40 for entrepreneurship.
Derrick Morrow, general manager of the Hyatt Regency Atlanta, views Bryant as a financial transformer.
“John Hope Bryant embodies the ethos of empowerment through economics,” said Morrow. “His tireless efforts to eradicate poverty and spread hope inspire us all.”
To that point, Bryant says there are two ways to get healthier financially: make more money or spend less. Thus, he’s a big proponent of cutting down or out excessive spending.
“If you’re going to Starbucks and smoking every week, that’s $6,000 a year. If you make $36,000 a year, that’s 20% of your income. So, you’re complaining about this and that and the other thing. No, stop smoking. Stop going to Starbucks,” said Bryant. “I’m not against Starbucks, but go get a Keurig machine. Do it at home. Save $5,000 or $6,000. Go get your earned income tax credit, which, by the way, most Black people don’t know what that is, and have never applied for it.
“If you make $38,000 and you have three children, the government owes you $7,500 a year. If you never filed, it was retroactive for three years. That’s almost $20,000. Why are we obsessing about stuff we can’t control when we’re not even maximizing the stuff we can control?
“The DEI thing and the tariff thing are things that theoretically take from you. But there’s so much opportunity that we’re not even accessing. So just expand your territory.”