February 28, 2025 • 27 mins
Two-time Emmy and Three-time NAACP Image Award-winning television Executive Producer Rushion McDonald interviewed Troy Hudson.
The former NBA player is set to make waves, focusing on the enhancement of familial and friendship bonds specifically for minority millionaires. This book delves into the unique challenges and opportunities faced by individuals in this demographic, offering insights and strategies to cultivate deeper, more meaningful connections with loved ones. Hudson draws from his own experiences, both on and off the court, to provide a relatable and impactful narrative that resonates with readers seeking to strengthen their personal relationships.
In this compelling work, Hudson emphasizes the importance of nurturing relationships in a world where financial success can sometimes create barriers rather than bridges. He explores the dynamics of wealth within families and friendships, addressing common pitfalls that can arise when financial disparities exist. Through a combination of personal anecdotes, practical advice, and thought-provoking reflections, the book serves as a guide for minority millionaires who aspire to foster a supportive and loving environment for themselves and their families.
Hudson's approach is not just about financial success; it’s about building a legacy of love and connection that transcends wealth. He encourages readers to prioritize emotional intelligence and open communication, highlighting how these elements can lead to stronger, more resilient relationships. This book not only a testament to Hudson's journey but also a valuable resource for anyone looking to enhance their interpersonal connections while navigating the complexities of wealth and identity.
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Hi, this is Rashaan McDonald, a host this weekly Money
Making Conversation Masterclass show. The interviews and information that this
show provides off for everyone. It's time to stop reading
other people's success stories and start living your own. If
you want to be a guest on my show, please
visit our website, Moneymakingconversations dot com and clip the be
(00:21):
a Guest button and then submit your information. If you
want to be a guest on the show. Now, let's
get this show started. I'm working on the documentary, and
the documentary is about wealth. I write an article that
said two point three million. Charles Swabs does his annual
wealth article, the two point three million dollars you'll be
(00:41):
defined as wealthy or rich. Now that's based on Houston,
Texas polls. Now, that might go on different areas of
the country, but I felt there was appropriate to bring
that up that I'm working on documentary because my next
guest delves in the direction of wealth. Let me introduce
them to you. My guess is a basketball enthusiasts with
thirty five years of plan experience. He has played at
(01:04):
every major level, including ten years in the world's best league,
the NBA. He's written a book and titles First Generation Rich.
His book delves into the unique challenges and opportunities faced
by individuals who are first generational rich. He offers insights
and strategies to cultivate deeper, more meaningful connections with your
(01:25):
loved one. Please work with the Money Making Conversation Masterclass
Troy as I call him t Hood Hudson.
Speaker 2 (01:31):
Now you're doing, my brother, I'm pretty good? How about you?
Speaker 1 (01:34):
Well, you know, it was just some perfect time in
about this book's first Generation Rich because I am working
on a documentary by Wealth and trying to get understanding
what wealth means to different people and how they value
it and how they achieve it. Now, if I make
this statement to you, you have this book off and
Charles Swarp did a survey in Houston textas they said,
if you have two point three million dollars, you can
(01:57):
consider yourself rich. What are your thoughts on that?
Speaker 2 (02:02):
I believe, So, you know, two point three million dollars
to the You know, the the avid citizen is a
is a lot of money and and the key term
there is rich. Uh. It's something that you can you
can turn into wealth, but you have to you have
to make sure you make you know, the right decisions
with that those riches in order for them, uh, to
(02:22):
to accumulate wealth.
Speaker 1 (02:25):
Right, you talk about long term and I know you
use two words there you can do. You say the
word rich and wealth, And I'm assuming rich can be
defined as temporary. Wealth feels like a legacy? Are long term?
Am I correct in as assumption?
Speaker 2 (02:38):
Uh, You're you're absolutely one hundred percent correct. You know,
I think a lot of times we don't understand that
those two differences. And rich in wealth, you know, there's
a lot of rich people in the world and there's
only you know, a few wealthy people and in terms
of the amount of people that's on the earth, so
(03:00):
you know, trying to turn those riches into wealth is
easier said than done. There's a lot of you know,
stumbles that that go along. Sometimes it happens, sometimes it doesn't.
Sometimes there's gambles that you have to take in order
to to accumulate wealth. But I mean there's a lot
of principles that can allow you to remain rich for
(03:22):
the rest of your life, which is fine, but if
you want to you know, be wealthy, you have to
be very prodent in your approaches to the money.
Speaker 1 (03:30):
Well, it's really important that people understand what he's saying. Leon,
I mean Elon Musk. He's wealthy, he's he's the richest
man in the world. You put to a rich and
wealthy they him and we all know Leon Eon I
want to call Leon. I don't know why. I yeah,
I know, he probably go crazy. I'm calling him Leon.
(03:50):
But he's a wealthy guy. So as Warren Buffett wealthy
guy gates wealthy people, uh tilm and Fatida and he
hous to Texas wealthy. These people are buying items and
what you consider a higher rental or high rates, kind
of like uber rates for them when they go out
and live their lifestyle, private jets, you know, large planes.
(04:14):
Security because people can kidnap these type of people if
they allow themselves to be exposed like that. Now, your
wealth basketball player, tell us about that before we get
into the book. Your journey from your minority some assuming
you were not born into wealth, but you came into
it because the NBA interest you introduce you to a
(04:36):
higher income. Back, talk about that initial journey of where
you came from so we can establish the conversation we're
gonna have about your book.
Speaker 2 (04:45):
Well, I'm from a southern Illinois, which is when I
tell people are from Illinois, they automatically as from Chicago.
But I'm from southern Illinois, which is actually closer to
Saint Louis. Is an hour to a half from Saint Louis,
three and a half hours from Memphis, and I'm actually
five hours south of Chicago. So I'm in the southern
part of Illinois. And i was born in public housing.
(05:10):
You know, I was raised by my my mother, my grandmother,
aunts and uncles. You know, it was It's one of
those things where it takes a village, right. But you know,
I'm from public housing in southern Illinois. You know, we
we came from, you know, things that we needed, not
things that we wanted. You know, you you ate what
was on the table, you know, ate whatever your mama
(05:32):
or grandmother had. Right. We all slept in one room,
right and you know, here and there you have cable
TV sometimes you do sometimes, you know, so a very
humble beginning, and and you know, I just found the
love for sports right in my hometown, Carbondale, Illinois is
(05:53):
only it's only probably thirty thousand residents at that time,
and that was including students, so prominent. Residencies were probably
fifteen thousand people in Carbondale when the students wasn't there
at Southern Law University. So very very small town, not
a lot of infrastructure. Growing up, we didn't have a
(06:16):
lot of outlets. So sports was a way for me
to really be able to you know, travel the world,
travel the state and play the game that I loved.
And it took me a long way. It took me
from those humble beginnings across the world to where I
was playing in Madison Square Garden, the Staples Center and
(06:38):
all across the United States and able to garner a
you know, successful career in a large contract. When I
was here with the Minnesota Timberwolves in two thousand and
three was my biggest contract. The only one that I
signed for multi years was here with the Timberwolves in
two thousand and three two thousand and four, which was
(06:59):
for thirty six minusion dollars, and at that time the NBA,
that was considered a pretty decent contract. Right now, thirty
six million dollars in the NBA.
Speaker 1 (07:12):
Hey, hey, Troy, let's talk about where you signed it. Okay,
that's a different error. Okay, we talking about people being
traded and being mad making sixty million dollars a year. Okay,
now we're talking about thirty six million. What you said
two thousand and three, Yes, two thousand and three. I you know,
I sat up in my chair when I heard that contract.
I'm just gonna let you know that right now. I
(07:32):
sat up in my chair. But when people hear that number,
I always tell people, because you are an you are
an athlete, I call that working wealthy. And people said, well,
you here, you rashan. It means as long as he
can perform a task that's tied to that number, he's
a rich man. But as soon as he cannot perform
(07:52):
that task, that thirty six million dollar contract will go away.
So his work and his income are tied one on one.
That's not the case with Musk, that's not the case
with Warren Buffett. They make money while they sleep. They
make what I call mailbox money. They go to their
mailbox check sitting in there. He has to make his
money when he went between the lines between those two
(08:14):
goals on that court and practice. That's how you made
your money. Did you understand that at the time when
you signed that contract, Troy.
Speaker 2 (08:23):
You know what, I really didn't because at the time
I signed it, I think I was twenty five years old, right,
and it was it was, it was. It was a
large amount of money at twenty five years old. And
when you when you when you're young, you think you're
gonna be doing something for the rest of your life.
You're not counting to your days. At twenty five, I'm like, hey,
(08:43):
i'ma be hooping for the rest of my life. And
not understanding that said that the needs are gonna go bad,
the hips are gonna go bad, ankles are gonna be shattered,
I'm not understanding that. So at that time, and like
I said, being the first generation rich, I didn't really
under stand that. You know that you have to really be,
(09:05):
you know, careful with their spending and you know, and
I was never an extravagant spender, but even to the
point where you have to really start taking money serious
at that point. And the hardest thing for us is
we're always playing. We always have to be on the court,
we always have to be in the gym, so you
(09:26):
almost have to rely on someone else to do that
for you.
Speaker 1 (09:30):
Well, you know, let's let's talk about that, because let's
talk about your time. And people don't understand that when
you are fatigued and when you are rushed, and that's
what an athlete is. They're always fatigued, they have to play.
They always feel like they're rushing, rush Russian. You have
a general tendency out of boredom to spend money just
to keep your keep you active, can keep you focused.
(09:51):
You know, I knew I had that bad habit. You know,
I just buy shoes, buy shoes, just go buy something
that because I was just so fatigued. I'm not saying
I was an athlete, but I was always traveling. I
was always staying in a hotel bed. And so that's
what he's talking about. You know, you can you have
all this money, but you never have to go in
(10:11):
the grocery store and say how much that costs? And
that's that's not smart. You should always know how much
something costs. When you lose that context, that's when you're
spending too much money. Am I correct?
Speaker 2 (10:24):
Troy? No, You're you're you're one hundred percent correct. Like
like you said, when you when you have a certain
amount of money, especially when you're young, right, you may
you may look at your grandmother and she she's clipping
off q pons because she probably was young at one
time and she probably was spending like that. But as
she got older and wiser, she's like, you know what,
I know, I got a lot of money, but why
(10:44):
not say this ten cents? Right? And you know, and
when you have a lot of money, you like, I
ain't thinking about ten cents. You know, I got thirty
six million, I go ahead and spend you know, a
dollar on some eggs rather than ninety cent, right, So
you're you're not really not looking at it in the
ways that you should be looking at as far as
longevity is concerned. Right.
Speaker 1 (11:01):
You know, That's what I'm excited by bringing on the show.
Troy talking to Troy Hudson, former NBA star his book
First Generational Rich. Because as you go through that book,
his test chapters are simple before money, after money, family
and friends, my desires, their desires because it's just talking
about and it was about I think it was about
(11:23):
chapter five when it actually started talking about him his desires. Okay,
because let's talk about we kind of talked about before money.
You talked about where you grew up in southern Illinois,
traveling the world and then in two thousand and three,
you was making some checks. Now, but in two thousand
and three, when that thirty six million dollar contract came out,
(11:43):
your life had the change amongst your friends and your family.
Talk about that, Oh.
Speaker 2 (11:49):
Yeah, definitely. In the book, I call the media locke
in right, right, that's when you know you signed that
contract and it's on ESPN. You can you can type
in Troy Hutson and all on the internet, and all
my finances and everything comes up, and they tell you
how much I'm making year one, year two, year three.
And what happens is a lot of people don't understand
(12:11):
that first and foremost, you're getting paid on the first
and fifteen. So that right there alone means you have
to budget, right, And whenever you're getting paid like that,
you have to budget. You have to budget anyway, But
when you getting paid like that, you have to budget.
They didn't just say, you know what, he go thirty
six million dollars, put it in the bank and now
you can just spend how you want to spend. Right.
(12:32):
So when money is coming like that, it's easier to
start giving away to people's requests. And when I say request,
I'm not talking Hey, can I ball fifty dollars I'm
talking about people were expecting fifty thousand, one hundred thousand.
(12:52):
Some were even said, you can give all of us
a million dollars, right, And it's like, I don't even
have a million dollars in the bank account right now,
you know. So people wasn't understanding that, and so right then,
that's when my life drastically started changing. And not because
of any dwelling of money or whatever. It was the
(13:12):
relationships I had, you know, the relationships that I had
with family and friends that had been unconditional because I
didn't have anything to give them, right, so they were
always unconditional. And the moment when you're twenty five years
old and maybe a year or two start goes away
and you start realizing white people around and whether it
(13:33):
was some conscious on their part or knowingly, and I
believe it was some conscious in most cases. I mean,
I'm the only person with money money, so I think
it was some conscious.
Speaker 1 (13:44):
An your bedroom, people just standing around your bed.
Speaker 2 (13:50):
Exactly. And when you're twenty five years old and you're
trying to navigate this thing called life and wealth with
no people that you really think that are there conditionally.
That's where I think the hardship starts to happen. That's
when the initial hardship starts to happen, because now it's
(14:11):
mental first, it's mental before it becomes a financial physical hardship.
And when you start losing people for the sense of
you know, I went weeks without answering to anybody's phone
call because I got tired of you know. We'll talk
for about twenty thirty minutes and then at last two
minutes is you know what? I hate to say it,
(14:32):
I hate to ask you, but I'm like dank. So
this whole conversation was really a setup for the act.
And maybe it wasn't, but I start feeling that way.
Speaker 3 (14:41):
Please don't go anywhere. We'll be right back with more
Money Making Conversations Masterclass. Welcome back to the Money Making
Conversations Masterclass hosted by Rashaan McDonald. Money Making Conversations master
Class US continues online at Moneymakingconversations dot com and follow
(15:04):
money Making Conversations Masterclass on Facebook, Twitter, and Instagram.
Speaker 1 (15:08):
Now Troy and writing this book, you always talk about money,
and before we talk about the financial advisor, where are
what was your worst investment?
Speaker 2 (15:21):
My My worst investment, I would say, was probably in
the music industry, creating a regulabel uh and and and
the bad part of that that investment was I use
my own money. You know, just as you get older,
(15:41):
you realize to use someone else's money, or thanks money,
or an investor. But I always, you know, I always
was just confident in myself to to the point where
you know, I wanted to, you know, go out on
the limb. I didn't want to have to prove anybody
that I could do something. So if I had the finances,
I say, you know what I'm gonna I'm gonna jump
out and I'm going to try to make it happen
(16:03):
on my own. So I would say that was probably
the worst investment. But and it's a it's a it
was a bad investment as far as in the sense
of finances and things of that nature. But I did
help a lot of people, and I invested in people
in that venture, so I got some gratification out of,
(16:24):
you know, seeing people smile and trying to help others
dreams come true. But as far as financially, that probably
was the worst one.
Speaker 1 (16:32):
Let me ask you this on that whole music side,
because a lot of celebrities, a lot of especially athletes,
they want the nightclubs. You know, it feels like it's excitement,
quick money. It feels like they get caught up in
the videos, the what ifs.
Speaker 2 (16:47):
You know.
Speaker 1 (16:48):
The income seems like it can be made overnight versus
the stock market. You know, that's what I would say,
go over to the stock market versus investing in in
the music industry. Where was you at right there with
your financial advisor? Was a financial advisor in your life
at that time or you were turning to one.
Speaker 2 (17:07):
Well, when I initially started to get into the music industry,
I didn't have a financial advice. But then when I
did get one, what we and he understood my dreams.
He understood my aspilations and my drive.
Speaker 3 (17:23):
Right.
Speaker 2 (17:23):
So even though you get a financial advisor, you still
got the last say, right. And I've always been the
type of guy like, no, I stealed this, I believe
in it, I'm gonna do it. So what he was
able to do was make sure that I did it
in a more wise way. So I actually built a studio.
In building the studio, I was able to, you know,
(17:45):
get certain of write offs. Then I was able to
lease the space out, and so I was able to,
you know, get some of that money back and at
the same time pursue my dream. We actually had two.
We had ones. I had studio. I would have the
blue side, and I had the green side. So my
green side was where I can make money, and that
(18:06):
was a different tax credit and benefit than my blue side.
So once I did get a financial advisor, I was
able to make, you know, sounding decisions. I still made
some decisions without him knowing, because that's what a young
a young person does, right. It wasn't smart, but I was,
you know, I would do some things because I knew
he would say, no, that's not wise, you shouldn't do that.
(18:28):
So those are some of the mistakes I made, even
after I got an advisor, sometimes not being.
Speaker 1 (18:33):
Advised right when you when you were talking about first
generation rich your book, and you're talking about, like I said,
working wealthy physically, everything you do is your money is
tied to what you can do on the court. When
you make these mistakes, you don't have anybody to turn
to other than your fellow athlete. How does that work
(18:54):
itself out when you're dealing with a lot of more
young people a lot of young individuals in the NBA.
They are just like you, sometimes twenty twenty two, maybe
twenty six, maybe a year older than you at the time.
What do you How does that world that you co
mingle with deal with all that revenue? And do you
have mentors?
Speaker 2 (19:16):
It's at that time, you really don't. You really don't
have mentors at that time. And there's something that should
have been implemented. And I'm not around the game as
much anymore on that side, so I don't know if
they're if they have that now. But one thing I
would say is everyone was doing the same thing when
I when I was playing in two thousand and three,
(19:38):
from ninety nine to probably two thousand and ten or whatever,
everyone was doing the same thing. You either had a
record label, you either had a studio, a production studio.
Everyone was doing the same thing. So we don't operate
in the way that the owners, right, the owners work together,
the athletes don't work together, right, you know? Do you
(20:00):
have enough influence and finances to where if we wanted
to create our own independent record label, we should have
did or distribution company, we should have did it all
together as a team. As a team means the friends
are the artists, right, but we don't. We all we
work independently. And we watched the owners, all thirty owners
(20:21):
work together to own the NBA, and so the athletes
don't do the same thing as the owners do. And
I think that's one one area that has to be
you know correct. Lebron does it in a way. You know,
he has his it called the Banana Boat Crew and
they're kind of paving a way to show you how
to do it. But it's not collected.
Speaker 1 (20:43):
Right, and that's important. Lebron has just a genius, is
how he outlined his life. Because he came into the
NBA with a plan and he's stuck to that plan.
That's why he's a billionaire. And most of his very
close friends who we sent to college by the way,
a million multi millionaire as as well, from Maverick to
Rich Paul. The most powerful basketball agent. Maverick, which is
(21:06):
his right hand man, handles all of his deals, just
signed another big deal to create a European basketball league.
And then you have incredible Magic Johnson excuse me, Lebron
James himself. But when I look at you in comparison
and you being able to have an honest book. Because
the book was honest and they talking about your journey
(21:26):
as being first generation rich by Troy Hudson. Compare yourself
to how you were living then and how you living now,
and what would you have done as a bridge between
back then two thousand and three and what you're living
at right now.
Speaker 2 (21:46):
I probably would have. And it's tough to say it
because you don't know how that would have turned out, right, Yes, sir,
my thing is having a family, Like I'm married with
three kids now, what I didn't have a wife or
any kids at the time that I was making money.
I think you know that that kind of shields you
(22:07):
from making certain mistakes that you would make when you
have no kids or or wife or family to take
care of. In that sense, I think if I would
have had something like that in place, then I probably
would have made, you know, better decisions, you know, I'd
have made better decisions, more prodent decisions, things that can
(22:28):
can create generational wealth, because at that point I would
have had a generation to be thinking about. Right. But
when you're when you're alone and it's just you and
you're just young, and you're just running around, and that's
the thing for athletes and some entertainers. We get a
front load of money at a young age, right, and
so by the time we learn the things to do,
(22:52):
it's it's almost too late right now.
Speaker 1 (22:54):
When you talk about the importance of this book and
why you wrote this book is a definitely I feel
a lot of the information is relatable. It was relatable
to me, whether I am successful or not, because he
talks to you about, you know, pressure and how family
exchanges and reacts to you based on your success. Your
success would be a college graduate they were in maybe
(23:17):
the first college graduate from your family, you're going to
get a different reaction, you know, the first one who
might work at a what they consider a high profile
job that you're going to get a different reaction. But
no matter once you moved up a different economic ladder.
That was my biggest take from the book. You're going
to be treated differently. Is that correct?
Speaker 2 (23:36):
Try? Oh, that's definitely correct. And that's the reason why
I wrote the book. And it's funny because you know,
I was going through so many pressures, so many relationships
family and friends that were going sour because of you
know me at certain points saying no, I can't do this.
I can't you know, loan you this. I can't give
(23:57):
you this. You know that it started. It started putting pressure,
you know, on my life because you know, I really
want to see people be successful. I really don't want
to see people struggling and stuffering. But I'm only one person.
I can't save everyone. So with me having a heart
that I have, he used to wear on me. So
what I would start doing is I would start just writing,
(24:19):
jotting it down in my BlackBerry. I was just starting
to drive it down my BlackBerry and one of my
teammates who used to sit next to me, he was like, man,
what you writing there, BlackBerry? And you're writing rhymes because
he knew I used to write rhymes, right. So I
was like, no, man, I'm going through it with my
you know, with a family member. And he like's real
and I'm like, yeah, man, can you believe it? Man?
(24:40):
He said this, He said that. He was like, brother,
I'm going through the same thing. And then so I
started talking to some of my other teammates and people
were going through the same thing, and I said, you
know what, this has to be documented. It has to
be written down because I want people to know that
they're not, you know, the only ones going through this.
And also I want to write the book so that
(25:02):
future family members, future athletes or entertainers, or just lawyers
and doctors who would be the first generation rich people
in their family. I want this to be kind of
a guide to say, you know what this is, what
this is, what this causes, this is what this person
may be going through, so that they won't subconsciously, you know,
put them through that. You know, so it's it's it's
(25:23):
one of those things that you know, I really want
to say people's family and fan relationships because it's it's
lonely at the top at certain times in your life
and when you're not, you know, getting along with family
members and friends the way you used to as a kid.
It's I consider the generational curse. You know, it's one
(25:44):
of those things.
Speaker 1 (25:46):
How can we find this book?
Speaker 2 (25:49):
You can go to Amazon dot com First Generation Rich
and under Troy E. Hudson. And then I also have
a website first the number one st G Rich dot
com and you can get it on there as well.
And you know, we'll have an address on there where
you can mail in copies and I'll sign them and
(26:11):
mail them back to you, but yeah, it's on the
Kendle Amazon Network.
Speaker 1 (26:17):
Hey, my man, T Hood, thank you for calling in
on my show money Making Conversation. Very very excellent conversation
about your life experiences that you've shared on my show.
And I wish you, wish you a tremendous amount of
success in the future and good luck. Thank you for
coming on Money Making Conversation Mastic Class.
Speaker 3 (26:34):
All.
Speaker 2 (26:34):
I appreciate you, Thank you.
Speaker 1 (26:35):
Thank you to your hood. This has been another edition
of Money Making Conversation Masterclass posted by me Rashaun McDonald.
Thank you to our guests on the show today and
thank you listening to audience now. If you want to
listen to any episode I want to be a guest
on the show, visit Moneymaking Conversations dot com. Our social
media handle is money Making Conversation. Join us next week
(26:56):
and remember to always leave with your gifts, keep winning.
Speaker 2 (27:01):
Plan more to be p
Hi, this is Rashaan McDonald, a host this weekly Money
Making Conversation Masterclass show. The interviews and information that this
show provides off for everyone. It's time to stop reading
other people's success stories and start living your own. If
you want to be a guest on my show, please
visit our website, Moneymakingconversations dot com and clip the be
(00:21):
a Guest button and then submit your information. If you
want to be a guest on the show. Now, let's
get this show started. I'm working on the documentary, and
the documentary is about wealth. I write an article that
said two point three million. Charles Swabs does his annual
wealth article, the two point three million dollars you'll be
(00:41):
defined as wealthy or rich. Now that's based on Houston,
Texas polls. Now, that might go on different areas of
the country, but I felt there was appropriate to bring
that up that I'm working on documentary because my next
guest delves in the direction of wealth. Let me introduce
them to you. My guess is a basketball enthusiasts with
thirty five years of plan experience. He has played at
(01:04):
every major level, including ten years in the world's best league,
the NBA. He's written a book and titles First Generation Rich.
His book delves into the unique challenges and opportunities faced
by individuals who are first generational rich. He offers insights
and strategies to cultivate deeper, more meaningful connections with your
(01:25):
loved one. Please work with the Money Making Conversation Masterclass
Troy as I call him t Hood Hudson.
Speaker 2 (01:31):
Now you're doing, my brother, I'm pretty good? How about you?
Speaker 1 (01:34):
Well, you know, it was just some perfect time in
about this book's first Generation Rich because I am working
on a documentary by Wealth and trying to get understanding
what wealth means to different people and how they value
it and how they achieve it. Now, if I make
this statement to you, you have this book off and
Charles Swarp did a survey in Houston textas they said,
if you have two point three million dollars, you can
(01:57):
consider yourself rich. What are your thoughts on that?
Speaker 2 (02:02):
I believe, So, you know, two point three million dollars
to the You know, the the avid citizen is a
is a lot of money and and the key term
there is rich. Uh. It's something that you can you
can turn into wealth, but you have to you have
to make sure you make you know, the right decisions
with that those riches in order for them, uh, to
(02:22):
to accumulate wealth.
Speaker 1 (02:25):
Right, you talk about long term and I know you
use two words there you can do. You say the
word rich and wealth, And I'm assuming rich can be
defined as temporary. Wealth feels like a legacy? Are long term?
Am I correct in as assumption?
Speaker 2 (02:38):
Uh, You're you're absolutely one hundred percent correct. You know,
I think a lot of times we don't understand that
those two differences. And rich in wealth, you know, there's
a lot of rich people in the world and there's
only you know, a few wealthy people and in terms
of the amount of people that's on the earth, so
(03:00):
you know, trying to turn those riches into wealth is
easier said than done. There's a lot of you know,
stumbles that that go along. Sometimes it happens, sometimes it doesn't.
Sometimes there's gambles that you have to take in order
to to accumulate wealth. But I mean there's a lot
of principles that can allow you to remain rich for
(03:22):
the rest of your life, which is fine, but if
you want to you know, be wealthy, you have to
be very prodent in your approaches to the money.
Speaker 1 (03:30):
Well, it's really important that people understand what he's saying. Leon,
I mean Elon Musk. He's wealthy, he's he's the richest
man in the world. You put to a rich and
wealthy they him and we all know Leon Eon I
want to call Leon. I don't know why. I yeah,
I know, he probably go crazy. I'm calling him Leon.
(03:50):
But he's a wealthy guy. So as Warren Buffett wealthy
guy gates wealthy people, uh tilm and Fatida and he
hous to Texas wealthy. These people are buying items and
what you consider a higher rental or high rates, kind
of like uber rates for them when they go out
and live their lifestyle, private jets, you know, large planes.
(04:14):
Security because people can kidnap these type of people if
they allow themselves to be exposed like that. Now, your
wealth basketball player, tell us about that before we get
into the book. Your journey from your minority some assuming
you were not born into wealth, but you came into
it because the NBA interest you introduce you to a
(04:36):
higher income. Back, talk about that initial journey of where
you came from so we can establish the conversation we're
gonna have about your book.
Speaker 2 (04:45):
Well, I'm from a southern Illinois, which is when I
tell people are from Illinois, they automatically as from Chicago.
But I'm from southern Illinois, which is actually closer to
Saint Louis. Is an hour to a half from Saint Louis,
three and a half hours from Memphis, and I'm actually
five hours south of Chicago. So I'm in the southern
part of Illinois. And i was born in public housing.
(05:10):
You know, I was raised by my my mother, my grandmother,
aunts and uncles. You know, it was It's one of
those things where it takes a village, right. But you know,
I'm from public housing in southern Illinois. You know, we
we came from, you know, things that we needed, not
things that we wanted. You know, you you ate what
was on the table, you know, ate whatever your mama
(05:32):
or grandmother had. Right. We all slept in one room,
right and you know, here and there you have cable
TV sometimes you do sometimes, you know, so a very
humble beginning, and and you know, I just found the
love for sports right in my hometown, Carbondale, Illinois is
(05:53):
only it's only probably thirty thousand residents at that time,
and that was including students, so prominent. Residencies were probably
fifteen thousand people in Carbondale when the students wasn't there
at Southern Law University. So very very small town, not
a lot of infrastructure. Growing up, we didn't have a
(06:16):
lot of outlets. So sports was a way for me
to really be able to you know, travel the world,
travel the state and play the game that I loved.
And it took me a long way. It took me
from those humble beginnings across the world to where I
was playing in Madison Square Garden, the Staples Center and
(06:38):
all across the United States and able to garner a
you know, successful career in a large contract. When I
was here with the Minnesota Timberwolves in two thousand and
three was my biggest contract. The only one that I
signed for multi years was here with the Timberwolves in
two thousand and three two thousand and four, which was
(06:59):
for thirty six minusion dollars, and at that time the NBA,
that was considered a pretty decent contract. Right now, thirty
six million dollars in the NBA.
Speaker 1 (07:12):
Hey, hey, Troy, let's talk about where you signed it. Okay,
that's a different error. Okay, we talking about people being
traded and being mad making sixty million dollars a year. Okay,
now we're talking about thirty six million. What you said
two thousand and three, Yes, two thousand and three. I you know,
I sat up in my chair when I heard that contract.
I'm just gonna let you know that right now. I
(07:32):
sat up in my chair. But when people hear that number,
I always tell people, because you are an you are
an athlete, I call that working wealthy. And people said, well,
you here, you rashan. It means as long as he
can perform a task that's tied to that number, he's
a rich man. But as soon as he cannot perform
(07:52):
that task, that thirty six million dollar contract will go away.
So his work and his income are tied one on one.
That's not the case with Musk, that's not the case
with Warren Buffett. They make money while they sleep. They
make what I call mailbox money. They go to their
mailbox check sitting in there. He has to make his
money when he went between the lines between those two
(08:14):
goals on that court and practice. That's how you made
your money. Did you understand that at the time when
you signed that contract, Troy.
Speaker 2 (08:23):
You know what, I really didn't because at the time
I signed it, I think I was twenty five years old, right,
and it was it was, it was. It was a
large amount of money at twenty five years old. And
when you when you when you're young, you think you're
gonna be doing something for the rest of your life.
You're not counting to your days. At twenty five, I'm like, hey,
(08:43):
i'ma be hooping for the rest of my life. And
not understanding that said that the needs are gonna go bad,
the hips are gonna go bad, ankles are gonna be shattered,
I'm not understanding that. So at that time, and like
I said, being the first generation rich, I didn't really
under stand that. You know that you have to really be,
(09:05):
you know, careful with their spending and you know, and
I was never an extravagant spender, but even to the
point where you have to really start taking money serious
at that point. And the hardest thing for us is
we're always playing. We always have to be on the court,
we always have to be in the gym, so you
(09:26):
almost have to rely on someone else to do that
for you.
Speaker 1 (09:30):
Well, you know, let's let's talk about that, because let's
talk about your time. And people don't understand that when
you are fatigued and when you are rushed, and that's
what an athlete is. They're always fatigued, they have to play.
They always feel like they're rushing, rush Russian. You have
a general tendency out of boredom to spend money just
to keep your keep you active, can keep you focused.
(09:51):
You know, I knew I had that bad habit. You know,
I just buy shoes, buy shoes, just go buy something
that because I was just so fatigued. I'm not saying
I was an athlete, but I was always traveling. I
was always staying in a hotel bed. And so that's
what he's talking about. You know, you can you have
all this money, but you never have to go in
(10:11):
the grocery store and say how much that costs? And
that's that's not smart. You should always know how much
something costs. When you lose that context, that's when you're
spending too much money. Am I correct?
Speaker 2 (10:24):
Troy? No, You're you're you're one hundred percent correct. Like
like you said, when you when you have a certain
amount of money, especially when you're young, right, you may
you may look at your grandmother and she she's clipping
off q pons because she probably was young at one
time and she probably was spending like that. But as
she got older and wiser, she's like, you know what,
I know, I got a lot of money, but why
(10:44):
not say this ten cents? Right? And you know, and
when you have a lot of money, you like, I
ain't thinking about ten cents. You know, I got thirty
six million, I go ahead and spend you know, a
dollar on some eggs rather than ninety cent, right, So
you're you're not really not looking at it in the
ways that you should be looking at as far as
longevity is concerned. Right.
Speaker 1 (11:01):
You know, That's what I'm excited by bringing on the show.
Troy talking to Troy Hudson, former NBA star his book
First Generational Rich. Because as you go through that book,
his test chapters are simple before money, after money, family
and friends, my desires, their desires because it's just talking
about and it was about I think it was about
(11:23):
chapter five when it actually started talking about him his desires. Okay,
because let's talk about we kind of talked about before money.
You talked about where you grew up in southern Illinois,
traveling the world and then in two thousand and three,
you was making some checks. Now, but in two thousand
and three, when that thirty six million dollar contract came out,
(11:43):
your life had the change amongst your friends and your family.
Talk about that, Oh.
Speaker 2 (11:49):
Yeah, definitely. In the book, I call the media locke
in right, right, that's when you know you signed that
contract and it's on ESPN. You can you can type
in Troy Hutson and all on the internet, and all
my finances and everything comes up, and they tell you
how much I'm making year one, year two, year three.
And what happens is a lot of people don't understand
(12:11):
that first and foremost, you're getting paid on the first
and fifteen. So that right there alone means you have
to budget, right, And whenever you're getting paid like that,
you have to budget. You have to budget anyway, But
when you getting paid like that, you have to budget.
They didn't just say, you know what, he go thirty
six million dollars, put it in the bank and now
you can just spend how you want to spend. Right.
(12:32):
So when money is coming like that, it's easier to
start giving away to people's requests. And when I say request,
I'm not talking Hey, can I ball fifty dollars I'm
talking about people were expecting fifty thousand, one hundred thousand.
(12:52):
Some were even said, you can give all of us
a million dollars, right, And it's like, I don't even
have a million dollars in the bank account right now,
you know. So people wasn't understanding that, and so right then,
that's when my life drastically started changing. And not because
of any dwelling of money or whatever. It was the
(13:12):
relationships I had, you know, the relationships that I had
with family and friends that had been unconditional because I
didn't have anything to give them, right, so they were
always unconditional. And the moment when you're twenty five years
old and maybe a year or two start goes away
and you start realizing white people around and whether it
(13:33):
was some conscious on their part or knowingly, and I
believe it was some conscious in most cases. I mean,
I'm the only person with money money, so I think
it was some conscious.
Speaker 1 (13:44):
An your bedroom, people just standing around your bed.
Speaker 2 (13:50):
Exactly. And when you're twenty five years old and you're
trying to navigate this thing called life and wealth with
no people that you really think that are there conditionally.
That's where I think the hardship starts to happen. That's
when the initial hardship starts to happen, because now it's
(14:11):
mental first, it's mental before it becomes a financial physical hardship.
And when you start losing people for the sense of
you know, I went weeks without answering to anybody's phone
call because I got tired of you know. We'll talk
for about twenty thirty minutes and then at last two
minutes is you know what? I hate to say it,
(14:32):
I hate to ask you, but I'm like dank. So
this whole conversation was really a setup for the act.
And maybe it wasn't, but I start feeling that way.
Speaker 3 (14:41):
Please don't go anywhere. We'll be right back with more
Money Making Conversations Masterclass. Welcome back to the Money Making
Conversations Masterclass hosted by Rashaan McDonald. Money Making Conversations master
Class US continues online at Moneymakingconversations dot com and follow
(15:04):
money Making Conversations Masterclass on Facebook, Twitter, and Instagram.
Speaker 1 (15:08):
Now Troy and writing this book, you always talk about money,
and before we talk about the financial advisor, where are
what was your worst investment?
Speaker 2 (15:21):
My My worst investment, I would say, was probably in
the music industry, creating a regulabel uh and and and
the bad part of that that investment was I use
my own money. You know, just as you get older,
(15:41):
you realize to use someone else's money, or thanks money,
or an investor. But I always, you know, I always
was just confident in myself to to the point where
you know, I wanted to, you know, go out on
the limb. I didn't want to have to prove anybody
that I could do something. So if I had the finances,
I say, you know what I'm gonna I'm gonna jump
out and I'm going to try to make it happen
(16:03):
on my own. So I would say that was probably
the worst investment. But and it's a it's a it
was a bad investment as far as in the sense
of finances and things of that nature. But I did
help a lot of people, and I invested in people
in that venture, so I got some gratification out of,
(16:24):
you know, seeing people smile and trying to help others
dreams come true. But as far as financially, that probably
was the worst one.
Speaker 1 (16:32):
Let me ask you this on that whole music side,
because a lot of celebrities, a lot of especially athletes,
they want the nightclubs. You know, it feels like it's excitement,
quick money. It feels like they get caught up in
the videos, the what ifs.
Speaker 2 (16:47):
You know.
Speaker 1 (16:48):
The income seems like it can be made overnight versus
the stock market. You know, that's what I would say,
go over to the stock market versus investing in in
the music industry. Where was you at right there with
your financial advisor? Was a financial advisor in your life
at that time or you were turning to one.
Speaker 2 (17:07):
Well, when I initially started to get into the music industry,
I didn't have a financial advice. But then when I
did get one, what we and he understood my dreams.
He understood my aspilations and my drive.
Speaker 3 (17:23):
Right.
Speaker 2 (17:23):
So even though you get a financial advisor, you still
got the last say, right. And I've always been the
type of guy like, no, I stealed this, I believe
in it, I'm gonna do it. So what he was
able to do was make sure that I did it
in a more wise way. So I actually built a studio.
In building the studio, I was able to, you know,
(17:45):
get certain of write offs. Then I was able to
lease the space out, and so I was able to,
you know, get some of that money back and at
the same time pursue my dream. We actually had two.
We had ones. I had studio. I would have the
blue side, and I had the green side. So my
green side was where I can make money, and that
(18:06):
was a different tax credit and benefit than my blue side.
So once I did get a financial advisor, I was
able to make, you know, sounding decisions. I still made
some decisions without him knowing, because that's what a young
a young person does, right. It wasn't smart, but I was,
you know, I would do some things because I knew
he would say, no, that's not wise, you shouldn't do that.
(18:28):
So those are some of the mistakes I made, even
after I got an advisor, sometimes not being.
Speaker 1 (18:33):
Advised right when you when you were talking about first
generation rich your book, and you're talking about, like I said,
working wealthy physically, everything you do is your money is
tied to what you can do on the court. When
you make these mistakes, you don't have anybody to turn
to other than your fellow athlete. How does that work
(18:54):
itself out when you're dealing with a lot of more
young people a lot of young individuals in the NBA.
They are just like you, sometimes twenty twenty two, maybe
twenty six, maybe a year older than you at the time.
What do you How does that world that you co
mingle with deal with all that revenue? And do you
have mentors?
Speaker 2 (19:16):
It's at that time, you really don't. You really don't
have mentors at that time. And there's something that should
have been implemented. And I'm not around the game as
much anymore on that side, so I don't know if
they're if they have that now. But one thing I
would say is everyone was doing the same thing when
I when I was playing in two thousand and three,
(19:38):
from ninety nine to probably two thousand and ten or whatever,
everyone was doing the same thing. You either had a
record label, you either had a studio, a production studio.
Everyone was doing the same thing. So we don't operate
in the way that the owners, right, the owners work together,
the athletes don't work together, right, you know? Do you
(20:00):
have enough influence and finances to where if we wanted
to create our own independent record label, we should have
did or distribution company, we should have did it all
together as a team. As a team means the friends
are the artists, right, but we don't. We all we
work independently. And we watched the owners, all thirty owners
(20:21):
work together to own the NBA, and so the athletes
don't do the same thing as the owners do. And
I think that's one one area that has to be
you know correct. Lebron does it in a way. You know,
he has his it called the Banana Boat Crew and
they're kind of paving a way to show you how
to do it. But it's not collected.
Speaker 1 (20:43):
Right, and that's important. Lebron has just a genius, is
how he outlined his life. Because he came into the
NBA with a plan and he's stuck to that plan.
That's why he's a billionaire. And most of his very
close friends who we sent to college by the way,
a million multi millionaire as as well, from Maverick to
Rich Paul. The most powerful basketball agent. Maverick, which is
(21:06):
his right hand man, handles all of his deals, just
signed another big deal to create a European basketball league.
And then you have incredible Magic Johnson excuse me, Lebron
James himself. But when I look at you in comparison
and you being able to have an honest book. Because
the book was honest and they talking about your journey
(21:26):
as being first generation rich by Troy Hudson. Compare yourself
to how you were living then and how you living now,
and what would you have done as a bridge between
back then two thousand and three and what you're living
at right now.
Speaker 2 (21:46):
I probably would have. And it's tough to say it
because you don't know how that would have turned out, right, Yes, sir,
my thing is having a family, Like I'm married with
three kids now, what I didn't have a wife or
any kids at the time that I was making money.
I think you know that that kind of shields you
(22:07):
from making certain mistakes that you would make when you
have no kids or or wife or family to take
care of. In that sense, I think if I would
have had something like that in place, then I probably
would have made, you know, better decisions, you know, I'd
have made better decisions, more prodent decisions, things that can
(22:28):
can create generational wealth, because at that point I would
have had a generation to be thinking about. Right. But
when you're when you're alone and it's just you and
you're just young, and you're just running around, and that's
the thing for athletes and some entertainers. We get a
front load of money at a young age, right, and
so by the time we learn the things to do,
(22:52):
it's it's almost too late right now.
Speaker 1 (22:54):
When you talk about the importance of this book and
why you wrote this book is a definitely I feel
a lot of the information is relatable. It was relatable
to me, whether I am successful or not, because he
talks to you about, you know, pressure and how family
exchanges and reacts to you based on your success. Your
success would be a college graduate they were in maybe
(23:17):
the first college graduate from your family, you're going to
get a different reaction, you know, the first one who
might work at a what they consider a high profile
job that you're going to get a different reaction. But
no matter once you moved up a different economic ladder.
That was my biggest take from the book. You're going
to be treated differently. Is that correct?
Speaker 2 (23:36):
Try? Oh, that's definitely correct. And that's the reason why
I wrote the book. And it's funny because you know,
I was going through so many pressures, so many relationships
family and friends that were going sour because of you
know me at certain points saying no, I can't do this.
I can't you know, loan you this. I can't give
(23:57):
you this. You know that it started. It started putting pressure,
you know, on my life because you know, I really
want to see people be successful. I really don't want
to see people struggling and stuffering. But I'm only one person.
I can't save everyone. So with me having a heart
that I have, he used to wear on me. So
what I would start doing is I would start just writing,
(24:19):
jotting it down in my BlackBerry. I was just starting
to drive it down my BlackBerry and one of my
teammates who used to sit next to me, he was like, man,
what you writing there, BlackBerry? And you're writing rhymes because
he knew I used to write rhymes, right. So I
was like, no, man, I'm going through it with my
you know, with a family member. And he like's real
and I'm like, yeah, man, can you believe it? Man?
(24:40):
He said this, He said that. He was like, brother,
I'm going through the same thing. And then so I
started talking to some of my other teammates and people
were going through the same thing, and I said, you
know what, this has to be documented. It has to
be written down because I want people to know that
they're not, you know, the only ones going through this.
And also I want to write the book so that
(25:02):
future family members, future athletes or entertainers, or just lawyers
and doctors who would be the first generation rich people
in their family. I want this to be kind of
a guide to say, you know what this is, what
this is, what this causes, this is what this person
may be going through, so that they won't subconsciously, you know,
put them through that. You know, so it's it's it's
(25:23):
one of those things that you know, I really want
to say people's family and fan relationships because it's it's
lonely at the top at certain times in your life
and when you're not, you know, getting along with family
members and friends the way you used to as a kid.
It's I consider the generational curse. You know, it's one
(25:44):
of those things.
Speaker 1 (25:46):
How can we find this book?
Speaker 2 (25:49):
You can go to Amazon dot com First Generation Rich
and under Troy E. Hudson. And then I also have
a website first the number one st G Rich dot
com and you can get it on there as well.
And you know, we'll have an address on there where
you can mail in copies and I'll sign them and
(26:11):
mail them back to you, but yeah, it's on the
Kendle Amazon Network.
Speaker 1 (26:17):
Hey, my man, T Hood, thank you for calling in
on my show money Making Conversation. Very very excellent conversation
about your life experiences that you've shared on my show.
And I wish you, wish you a tremendous amount of
success in the future and good luck. Thank you for
coming on Money Making Conversation Mastic Class.
Speaker 3 (26:34):
All.
Speaker 2 (26:34):
I appreciate you, Thank you.
Speaker 1 (26:35):
Thank you to your hood. This has been another edition
of Money Making Conversation Masterclass posted by me Rashaun McDonald.
Thank you to our guests on the show today and
thank you listening to audience now. If you want to
listen to any episode I want to be a guest
on the show, visit Moneymaking Conversations dot com. Our social
media handle is money Making Conversation. Join us next week
(26:56):
and remember to always leave with your gifts, keep winning.
Speaker 2 (27:01):
Plan more to be p
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