Confessions of a fatphobic capitalist who hates poor people
Published: Mon, 03/02/20
On that note:
Meet the brilliant entrepreneur and investor A.R. Morton.
He was one of a small handful of people whose tweets I used to go out of my way to read back when I was on social media. And his methods showing people how to go from broke and in debt to having assets and, eventually, wealth, are some of the best I’ve ever seen. Especially for people who want to be in business, but are struggling to stay afloat, much less are able to invest in even a low cost online-based business.
Anyway, here goes:
elBENBO: Tell us about who you are, and what you do?
A.R. MORTON: My name is A.R Morton. I’m a Husband, Father, Serial Entrepreneur, Investor, and teach Financial Literacy to the masses.
elBENBO: With the huge glut of "financial gurus” and books out there, why should anyone listen to you about getting out of debt while building wealth at the same time?
A.R. MORTON: Great question. My short answer is life experience. While I’m not totally against the new wave of “Financial Gurus” coming up, a lot of them are just parroting things they’ve read or heard others say. Something I always say is that I don’t practice what I preach, I preach what I practice. Everything I teach, I’ve done myself first and THEN shared it with others.
elBENBO: What do you mean when you say you are a “Fatphobic capitalist who hates poor fat people”? What’s the story behind that?
A.R. MORTON: LOL! That title was partly inspired by your technique in grabbing audiences with a gripping subject line in emails. In practice, it means that I am against hyper consumption and indulgence to the point that it negatively affects your health and wealth.
No one should be going broke or into debt to buy the latest iPhone. No one should be morbidly obese even though food in America is plentiful and cheap. By the very definition, if you’re eating too much that means you’re spending too much as well.
I’m invested in the Stock Market, so I understand and can appreciate the gains I make due to American Consumption. However, when you’re spending your last on material goods that won’t enhance your life in any meaningful way, I have to intervene and advise against it.
elBENBO: Is it really possible to build wealth while getting out of debt simultaneously? And how could that work, exactly?
A.R. MORTON: Absolutely, I’ve done it and have helped others do the same. I created a new income stream when my Wife and I opened up Lola & Doe in 2015. We reinvested 80% of the profits back into the business and used the remaining 20% to pay off debts and bills.
In 2016, I wrote Black America Inc., A Trillion Dollar Nation and use(d) those profits to acquire assets. These 2 new sources of income came on top of the money we were already making at our day jobs.
All of this was done in conjunction with cutting out almost 100% of my unnecessary expenses. If it didn’t make me healthy or wealthy, I wouldn't buy it. I saved my money and dedicated it to an Emergency Fund, a Brokerage Account, and debt & bill payments.
After researching further, I began investing almost all of my income from the book. REITs and Real Estate, Stocks, Precious Metals, Crypto, Startups, etc. It was around this time that I wrote the Stop Being Poor 1st & 2nd Editions, sharing my experience.
A lot of people tend to advise doing one over the other. I simply tell people to do both, simultaneously. Get out of debt AND build wealth at the same time. It is entirely possible to multitask financially.
elBENBO: What’s a simple game plan for someone reading this who wants to build wealth but is currently broke & in debt, confused about what to do next, and doesn’t know where to turn?
A.R. MORTON: I always advise that people start with the things they control and can immediately change. This means taking a deep breath and going over and budgeting your finances, all of it. Download a Budgeting App like Mint or TrueBill. Increase income, decrease expenses. Cut out all bad habits and their accompanying price tags.
Create an Emergency Fund of at least a year’s salary. Apply Debt Snowballing (or Debt Avalanching) to clear your debts. Create an additional income stream that matches or exceeds your primary source of income. Use those profits to invest in income producing assets, and reinvest those profits.
You apply these simple methods, I can almost guarantee you will be financially secure within 12 months.
elBENBO: What are some simple side businesses people can start with little or no money, to get cash flow coming in immediately?
A.R. MORTON: I break increasing income into 3 categories: Sell a Skill, a Product, and/or Information. I’ll give a few suggestions for each.
Service or Skill: House Cleaning, Yard Work, Handywork, Delivery & Ride Sharing, Dog Walking, Parking Lot Cleaning, Tutoring. From cutting hair to babysitting, if you have the ability to do it, you can charge for it. I used to clean apartment complex units with my mother as a teen.
Products: House Clutter, Homemade Food, Handmade Crafts, Yard Sales, eBay Flipping. You can get into eCommerce or Dropshipping as well. There’s an infinite amount of physical products you can sell as a side hustle. We chose Handmade Organic Soaps and Socks.
You can also help a business, friend, or family member sell their goods for a percentage of the sales. This is called Affiliate Marketing and I use it for all of my businesses and products.
Information: Books, Walkthroughs, Tutorials, Webinars, eBooks, Guides, Courses. If you’re knowledgeable about something, then you should package and sell it to people.
Even if you just simply wanted to write/teach your life’s story or an area of interest you have, I can assure you people will enjoy it. There are Live Stream Gamers and YouTube channels that earn nice side money from what they do.
Of course you want to make sure you’re providing high quality information and content when you do, but data put into consumable content is a huge money maker in this era.
Whether you choose one or all 3, you can be successful.
elBENBO: What are some of the kinds of assets and businesses you like to invest in?
A.R. MORTON: Solid Stocks & ETFs, Real Estate & REITs, Precious Metals, Crypto, and Startups. I’m going to be getting into more Alternative Investments like Art, Wine, Watches, and other appreciating luxury items.
I want to get into Peer to Peer Lending, but it’s not allowed in Pennsylvania.
elBENBO: What is angel investing, and how did you first get into doing it?
A.R. MORTON: I first learned about Angel Investing when I was researching different asset classes available to retail investors. Sites like SeedInvest and Republic allows the average joe to invest in solid Startups for as little as $100.
I invested in my first startup in late 2018 when a friend of mine told me about his Hemp farm and CBD line he was bringing to market. He manages my Crypto portfolio, so he took some profits from there and invested it in his farm. I currently have 150 shares valued at $25,000 and things are going great.
elBENBO: What does “own nothing and control everything” means, and what can even someone just starting out do to start to make that happen in their life?
A.R. MORTON: Let’s say I have $1,000,000 in liquid cash, and I give it to you to hold for me. I no longer have possession or “own” the money, but I can still spend it how I please because I still control it. If someone wanted to sue me or seize my money, they wouldn’t be able to. This is essentially what Asset Protection is.
Every family should have the following: a registered entity like an LLC, a Brokerage Account via the LLC, a Trust Fund, and a Will. These are bare minimum requirements that everyone should have and it’s to protect your assets from being taken from you.
Here’s how this works. You register an LLC. You then open up a Brokerage account through your LLC so you can buy stocks and other securities with it. If you acquire or own assets, you would transfer titles over to your LLC. You transfer the title of the LLC over to your Trust Fund. Finally, draft a Will that dictates what you want done with your wealth after you die.
This is the exact strategy that billionaires like Sam Walton and Bill Gates use, and what I use for my family’s wealth.
elBENBO: Tell us about your 2 eBook bundle for “Stop Being Poor” and what it teaches people.
A.R. MORTON: My Wealth Building and Money Management Guides are essentially my personal finance journey and how anyone can duplicate it. I go into depth about all the things I’ve mentioned in this Q&A.
How to organize your finances and budget. How to create new income streams. How to invest in different asset classes and build wealth. How to protect your assets. I even teach different lifestyle choices that go right along with becoming wealthy.
If you follow my teachings, I have zero doubt that you will be financially free, successful, and happy. The only thing my guides require is that you actually act on the information I’ve shared. These are tried and true methods that have not only helped me, but hundreds of others who’ve bought a copy.
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Speaking of his 2 eBook bundle "Stop Being Poor” offer:
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Ben Settle