Recently, Rihanna became a billionaire. What I found so interesting about this development was the muted reaction to her reaching this milestone. I even read a tweet that said “Billionaires are problematic even when they are Rihanna.” My guests Kevin L. Matthews II and Saundra Davis and I have a conversation about billionaires and their place in current society. Is it time to eat the rich?
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Show Notes:
- What’s going on with the anti-billionaire sentiment that is coming up in day to discourse. Are all billionaires problematic?
- Guest Saundra Davis, financial coach and educator with a focus on financial behavior. She is a resident of northern California and there is privilege
- Kevin L. Matthews II, founder of Building Bread. Born and raised in Tulsa, Oklahoma
- What’s the first thing that comes to mind when you hear the word “Billionaire?”
- Saundra introduces us to the concept of money scripts that may impact our reaction to the word “Billionaire”
- Kevin thinks of the concept of “ownership” when the word “billionaire” comes up
- I touch on the 1920s-1930s and “billionaires” from that time. Are we repeating past mistakes?
- Access and billionaire wealth
- “When the people shall have no more to eat, they will eat the rich” Rousseau
- Are billionaires actually good for society?
- Income inequality is a huge problem currently at the same time that we have more millionaire growth.
- Is there something messed up with the system?
- I ask if billionaires have an obligation to society? I make a point about how billionaires show up in current pop-culture.
- Why is Jeff Bezos sending a giant peen into space instead of helping his workers. Is that giant peen going into space helping society? Will the poor inherit the earth while the rich leave?
- 1970-Milton Friedman “The social responsibility of business is to increase its profits” Business is beholding to the shareholders.
- 1970 the song Whitey On the Moon by Gil Scott-Heron was released at the same time
- Saundra shares that a home in her town sold for $1 million above asking price.
- Kevin is an economist and shares some insight into corporate responsibility.
- Costco paid their workers more, investors were rewarded and Costco made the most that they’ve ever made
- Should Jeff Bezos pay all of his workers $100,000? He would still be a billionaire. Kevin shares some of the unexpected impacts that could occur if he chose to do that?
- Rockefeller Sanitation Commission, Vanderbilt developed the Metropolitan Opera, and Carnegie built 3,000 libraries. What are current billionaires doing to create legacy and society impact?
- Mansa Musa “The Wealthiest Man Who Ever Lived” A man from Africa. He used to pass out gold to the point where he crashed the price of gold and harmed Egypt’s economy for years.
- We’re at the whims at what billionaires deem is most important in society when we eliminate government obligations.
- I make the point that the US government struggles to create policy that serves society as a whole. Politicians impact policy around societal good
- Kevin points out that society is also part of the problem “NIMBYs” Not in my back yard. Citizens are also our own worst enemies. We all have to pay a cost to solve a problem. He notes that we are looking for solutions to societal problems that we don’t want to deal with.
- Saundra wonders if there’s a middle-ground?
- What’s going on with the billionaire space race between “Bezos, Branson and Musk?”
- “Are the rich preparing to leave the poor on the planet?’
- Kevin is hilarious when he answers this question. He finds the space race annoying.
- Is Rihanna evil now that she’s a billionaire? Was she ok at $999,999,999 these generalizations can also be flipped the opposite way.
- Money Scripts come from numerous places Saundra reminds us and impacts our reaction to other people’s money.
- We’re asked an interesting question “Who has done more for society? Mother Teresa or Bill Gates?” Both Kevin and I share thoughtful answers. Saundra gets us to realize that perspective is important
- What is the societal obligation of Black and Brown billionaires? Is this the same thing as the family member who has to help everyone else?
- “How are we going to uplift each other together?”
- Mackenzie Scott has donated an incredible amount of money to HBCUs.
- The responsibility of Black billionaires is to uplift the people around them. Jay Z who helped Rihanna and Kanye become billionaires. The compound affect.
- If you were a billionaire Saundra/Kevin what would you do? I love their answers and share mine.
- Why do billionaires piss people off? We share our final thoughts. Kevin leaves us with an incredible closing thought.
Episode Guests
Kevin L. Matthews II founder of Building Bread. Author of from Burning to Blueprint: Rebuilding Black Wall Street after a Century of Science
Financial Fitness Coach Saundra Davis of Sage Financial Solutions
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