Speaker 1: Welcome to Money Making Conversations. It's the show that she
Speaker 1: is the secrets of success experience firsthand by Marketing and
Speaker 1: Brandon expert Rashan McDonald. I will know he's giving me
Speaker 1: advice on many occasions. And in case you didn't notice,
Speaker 1: I'm not broke. You know he'll be interviewing celebrity CEOs,
Speaker 1: entrepreneurs and industry decision make because it's what he likes
Speaker 1: to do, it's what he likes to share. Now it's
Speaker 1: time to hear from my man, Rashan McDonald money Making Conversations.
Speaker 2: Here we go. Hi, everybody, you know me.
Speaker 3: I'm the host of the show Rashan McDonald Money Making
Speaker 3: Conversation Masterclass. The interviews and information that this show provides
Speaker 3: are for everyone. I say this all the time. It's
Speaker 3: time to stop reading other people's success stories and start
Speaker 3: living your own. Now listen to me. It does not
Speaker 3: matter if you have just started earning or I've been
Speaker 3: earning for a long time. Every day is a chance
Speaker 3: to reflect upon your spend it and improve your finances.
Speaker 3: Please work when the Money Making Conversations Masterclass. One of
Speaker 3: the top financial experts in the country, doctor Lynn Richardson, like.
Speaker 4: Len Hey, happy, Happy, all of.
Speaker 2: That Florida had first half of the year. We're gonna
Speaker 2: get them all in Loine because Christmas. Thanks. You look fantastic.
Speaker 2: How's life treating you?
Speaker 4: You know, I really cannot complain. I realize that I
Speaker 4: recognize right now what you just said is so so important.
Speaker 4: And it doesn't matter if you've been making money for
Speaker 4: a long time or if you've just started, if it's
Speaker 4: frustrating you, if money is funny and your change is strange.
Speaker 4: I'm thankful for another day to tell somebody else how
Speaker 4: to get it right. And every single time I get
Speaker 4: a chance to have a conversation with you, money making conversations.
Speaker 4: I mean, I've never heard that terminology anywhere else on
Speaker 4: the planet, and I'm everywhere except article, and so I
Speaker 4: think it's so important for us to, you know, just
Speaker 4: money making conversations. Isn't just a snanzy title of a show.
Speaker 4: I think it's a movement. I think it's a lifestyle,
Speaker 4: and I think it needs to be something that particularly,
Speaker 4: you know, our generations right now, what are you over fifty,
Speaker 4: under forty, over sixty, are you in your teens, your twenties?
Speaker 4: Money making conversations needs to be as pervasive in our
Speaker 4: lifestyle as prayer, as eating, as breathing. You need to
Speaker 4: breathe every day, right, so we need to be having
Speaker 4: money making conversations every day. And so anytime I get
Speaker 4: a chance to do that with you, Rashaan, it's just
Speaker 4: an absolute pleasure.
Speaker 2: You know, thank you for the compliment.
Speaker 3: And that's really the tone that I try to create
Speaker 3: every day when people go to my podcast, it's about information,
Speaker 3: not about me, about something I want to share from
Speaker 3: outstanding guests. I'm able to get on my show like
Speaker 3: you when I use to Worry Financial Expert.
Speaker 2: A lot of responsibility comes with that title. Tell everybody,
Speaker 2: what do you do with Lynn?
Speaker 4: Oh my goodness? You know. The bottom line is, well,
Speaker 4: let me just tell you what they call me, the
Speaker 4: people in my life. They call me the minister, preacher,
Speaker 4: gangst the teacher. Now, I don't know, that sounds like
Speaker 4: a little bit of ouch and a man. You know.
Speaker 4: They say I'm the Medea of money. You know, you
Speaker 4: might have to it might hurt a little bit, but
Speaker 4: it's going to get you to the next level. But
Speaker 4: you know, I always have to tell the very beginnings.
Speaker 4: I was born and raised in Chicago. My grandmother was
Speaker 4: seventy five years old, cleaning homes for walking white people,
Speaker 4: putting me through college. She taught me to go to school,
Speaker 4: get a good education, get a good job, go to
Speaker 4: church on Sunday where clean other wed catch get hit
Speaker 4: by bus. Right, you don't get hit by bus. I'm like,
Speaker 4: why don't I have to get hit by bus? And
Speaker 4: I didn't know a lot about money. So when I
Speaker 4: got off to college, I got a lot of credit cards,
Speaker 4: like many people do. I was at one of the
Speaker 4: world's top academic institutions. I was on one hundred percent scholarship,
Speaker 4: and whenever I needed money prior to that, I'd say, Grandma,
Speaker 4: I need fifteen dollars for outfit for a field trip.
Speaker 4: She teld me to look in the room, on top
Speaker 4: of the shelf, behind the box, inside of my pocketbook,
Speaker 4: inside a zippa wrapped up in the piece of paper towels,
Speaker 4: twenty dollars. By the time you found the money, you
Speaker 4: forgot what you needed it for. So when I got
Speaker 4: to college, it got all these credit cards. I couldn't
Speaker 4: pay anybody. Rashan, I couldn't pay anybody when the creditors
Speaker 4: will call and say, Lindy, can you borrow the money?
Speaker 4: I'd say, can I borrow it from you? I had
Speaker 4: all kind of funny answers until I got out into
Speaker 4: the real world. My credit was jacked up. My furniture
Speaker 4: was from rent a Center. Y'all remember rent a Center.
Speaker 4: On the first car that I bought was I think
Speaker 4: it broke down before I drove it off the lot.
Speaker 4: Then I fast forward. I get married, I'm successful, I'm
Speaker 4: a radio show host. I'm helping people get approved for mortgages.
Speaker 4: I helped the lady with four bankruptcies and two foreclosures
Speaker 4: overcome her credit issues. She got into a house with
Speaker 4: a low down payment, low interest rate. But I not
Speaker 4: practicing what I preach. I was living check to Monday.
Speaker 4: You see, check to check is a blessing that means
Speaker 4: you get paid on Friday and by the next payday
Speaker 4: you're broke. But check to Monday is a whole nother game.
Speaker 4: You get paid on Friday, you kick it on the weekend,
Speaker 4: you pay on your pass, do bills okay, and by
Speaker 4: Monday you're broke. And I was living that lifestyle, making
Speaker 4: twenty thousand, fifty thousand, eighty thousand a month, not a year.
Speaker 4: A month. I could make eighty thousand dollars a month
Speaker 4: and still be broke on payday. R So I spend
Speaker 4: my life. You ask me, what do I do helping
Speaker 4: people understand this? More money doesn't solve a money problem.
Speaker 4: If it did, millionaires wouldn't go bankrupt. Rich people stay
Speaker 4: rich because they act poor, and poor people stay poor
Speaker 4: because they act rich, and poor people stay poor acting
Speaker 4: rich in front of other poor people, which is real crazy.
Speaker 4: And I think for all of us, we are not
Speaker 4: dumb when it comes to money. We just need a
Speaker 4: mindset adjustment. And I think with shows like Money Making Conversations,
Speaker 4: we can work together to make that happen.
Speaker 2: Wow powerful And can I say amen? Amen?
Speaker 3: Because I say that because every time I talk to you,
Speaker 3: I always say I'm gaining knowledge. And that's the first
Speaker 3: admission that you don't know it all, because that's when
Speaker 3: people run into the trap these financial mistakes.
Speaker 2: Unfortunately, some people are homeless because they didn't listen.
Speaker 3: They will know it all. The writing was on the wall.
Speaker 3: Make the adjustments when people need to getting in these
Speaker 3: financial binds, What are the initial adjustments they need to
Speaker 3: start looking at? Is it putting down a monthly budget
Speaker 3: to see their bills.
Speaker 2: How does that play out there? Doctor Lynn?
Speaker 4: Let me tell you the very first adjustment that any
Speaker 4: of us needs to make, because we've all been there.
Speaker 4: I say everybody has either had a money problem, it's
Speaker 4: having a money problem right now, or will have a
Speaker 4: money at some time in the future. And our culture
Speaker 4: in particular has told us we don't air our dirty laundry.
Speaker 4: What goes on in this house stays in this house.
Speaker 4: We don't have conversations about private things, and I often
Speaker 4: say is it private or is it a secret? So
Speaker 4: the first adjustment that we need to make is to
Speaker 4: open our mouths, speak up, talk to someone. Shame and
Speaker 4: fear and blame and pride keep us from opening our mouths.
Speaker 4: So in many situations, we stay stuck in a financial
Speaker 4: financially depleted situation because we don't want to admit that
Speaker 4: we messed up, because we don't want to admit that
Speaker 4: the reality that we're in is actually here, because we
Speaker 4: don't want to acknowledge that maybe that significant other actually
Speaker 4: was cheating and left. Maybe something did happen at the job,
Speaker 4: something happened with me. Maybe I was spending too much
Speaker 4: money and it got out of control and now I
Speaker 4: cannot get it back in control. Whatever the situation is.
Speaker 4: And you just spoke about homelessness, Rashaan, let me explain
Speaker 4: this to you. One of the key ways, one of
Speaker 4: the quickest ways to homelessness homelessness is homeowners. I tell
Speaker 4: every homeowner out there, the first time you're gonna make
Speaker 4: a late payment, call me. Don't wait until the payment
Speaker 4: is already late. You know you don't have the money
Speaker 4: to pay it when it's due. You know you don't
Speaker 4: have the money when it's due. And there is not
Speaker 4: gonna be a pot of gold at the end of
Speaker 4: the rainbow. There is probably not gonna be a winning
Speaker 4: lottery ticket, and there is no sugar daddy or sugar
Speaker 4: Mama down the street that's gonna help you. So deal
Speaker 4: with the reality. Open your mouth and talk to someone.
Speaker 4: I tell everybody there was never a reason to be
Speaker 4: ashamed around me because I've been there and done it all.
Speaker 4: So open your mouth. That's the first adjustment that needs
Speaker 4: to be made. And then, yes, Rashaan, from there, once
Speaker 4: you open your mouth, you can actually embrace the reality
Speaker 4: for what it is and start to do the moth.
Speaker 4: You see, money is more predictable than anything. It keeps
Speaker 4: us in bondage. We feel like we're hostage, we feel
Speaker 4: like we're not free. But money is a simple function
Speaker 4: of mathematics. One plus one equals two. If your stuff
Speaker 4: as up to ten, it'll never get into two. So
Speaker 4: the job is to reduce everything down so that your
Speaker 4: math adds up. And even if you have to give
Speaker 4: up some things and give up some pride and give
Speaker 4: up some people, it's worth it in the end.
Speaker 2: Well, you know, thank you for that.
Speaker 3: Again, another amen, because I would say amen a lot
Speaker 3: because as we go through this process, one of the
Speaker 3: things that you taught me was children can be more
Speaker 3: than just that typical deduction that we put on our
Speaker 3: tax form because everybody's say, make sure you put your
Speaker 3: child down as a deduction.
Speaker 2: But there are other platforms that children can be usedful on.
Speaker 3: And that that is that resonates so prominent in past
Speaker 3: interviews I've done with you. Can you break it down
Speaker 3: and let everybody know that I'm not telling everybody to.
Speaker 2: Go out there and just have kids so you get
Speaker 2: tax reduction.
Speaker 3: But if you have children and they're smart and they're
Speaker 3: willing to put in the work, this is their asset,
Speaker 3: and this is the way you can use them.
Speaker 4: Correct Well, if you have children, nieces, nephews, grandchildren, godchildren,
Speaker 4: little cousins, play cousins. You know how we do. You know,
Speaker 4: folks that we have taken on as family. If you
Speaker 4: have any people in your life like that, and I say,
Speaker 4: even if they're not smart, make them smart. If they're
Speaker 4: not ready, then get them ready. I'm gonna keep going
Speaker 4: back to what this show is money making conversations. And
Speaker 4: we're not having conversations about money with each other, and
Speaker 4: we're not having conversations about money with our kids. All
Speaker 4: our kids know is they want the latest video game,
Speaker 4: They want to go to soccer, football, ballet, they want
Speaker 4: to do all these things. But they truly have no
Speaker 4: concept of where the money comes from or how the
Speaker 4: exchange takes place. So one of the best things anybody
Speaker 4: could do. You're having a money making conversation every day,
Speaker 4: every time you wake that child up, to go to school,
Speaker 4: to feed that child, to take them to an extracurricular activity.
Speaker 4: Money and the conversation around it is either taking place
Speaker 4: or not taking place. So guess what the IRS says.
Speaker 4: You can hire your child cousin niece, nephew, grandchild, you know,
Speaker 4: god daughter, god son. You can hire that child to
Speaker 4: work in your home based business. You can pay each
Speaker 4: child up to thirteen thousand, two hundred dollars tax free.
Speaker 3: That's taxi okay, thirteen thousand, two hundred dollars, tax free.
Speaker 4: Tax free to the child, and tax free to you.
Speaker 4: Because now that you're paying that as a salary to
Speaker 4: the child, it's now a write off as salaries in
Speaker 4: your home based business, and it's tax free one hundred
Speaker 4: percent to the child. The first thirteen thousand, two hundred dollars.
Speaker 4: Most people are thinking, well, I don't have thirteen thousand,
Speaker 4: two hundred dollars. I'm not telling you to go find
Speaker 4: a new thirteen hundred two hundred dollars. I'm telling you
Speaker 4: to add up the existing money you're already spending. If
Speaker 4: you're spending two fifty a week on daycare, that already
Speaker 4: exceeds thirteen thousand dollars, okay. If you are spending money
Speaker 4: on tuition, if you're spending money on piano lessons or
Speaker 4: karate class, or school clothes or Christmas toys or birthday presents,
Speaker 4: or going to Disneyland or vacations. All that money that
Speaker 4: you're spending, you're spending it anyway. The only difference between
Speaker 4: you and me is you spend the money and it's gone.
Speaker 4: I spend the money and I get it back. You
Speaker 4: have to spend less money, you have to get more money,
Speaker 4: but you also have to get your money back through
Speaker 4: the legal tax deductions that the IRS has made available
Speaker 4: to you. And the best thing about having a child
Speaker 4: work in your business is there gaining skills. They're probably
Speaker 4: doing things that you can't do. You don't know how
Speaker 4: to launch that business on social media and TikTok and
Speaker 4: snapchat and ig, but your child does. You're giving them
Speaker 4: an opportunity to be entrepreneurs at an early age.
Speaker 3: And that's important to say that now before we go
Speaker 3: in there. Further, I know you have a podcast this
Speaker 3: you know we crossed pollination here.
Speaker 2: You know you see me I seed you.
Speaker 3: Tell us about your podcast. Tell us where we can
Speaker 3: find it, the Lynn Richardson podcast.
Speaker 4: Well, if you go to Lynnrichardson dot com, you can download,
Speaker 4: you can gain access to episodes. I'm on Monday through Friday,
Speaker 4: every single day, Monday through Friday, every single day of
Speaker 4: the week at noon live in California and at noon
Speaker 4: live in Chicago. You can also watch the replays. You
Speaker 4: can watch the replays at Lynmillionaire dot com Lendmillionaire dot com.
Speaker 4: So any information that you want to get about money,
Speaker 4: But I have to say, I want to come back
Speaker 4: to Money Making Conversations because this is what we get
Speaker 4: to specifically focus on topics for your beautiful audience.
Speaker 5: Money Making Conversations Masterclass continues online at Moneymakingconversations dot com
Speaker 5: and follow Money Making Conversations Masterclass on Facebook, Twitter, and Instagram.
Speaker 5: Ladies and gentlemen, it's time you stop reading other people's
Speaker 5: success stories and start writing your own. Welcome back to
Speaker 5: the Money Making Conversations Masterclass hosted by Rishan McDonald.
Speaker 2: Absolutely, and you know, but I gotta share that. You know,
Speaker 2: if I shared a little my success, your success. And
Speaker 2: that's how a relationship is of year, we go way back.
Speaker 3: You know, our relationship has always beten by uplifting and
Speaker 3: uplifting part because this is tax season, we're being interviews
Speaker 3: happening between January and April. That's where you got a
Speaker 3: file from personal standpoint then a business standpoint. Let's talk
Speaker 3: personal what people need to look out for what mistakes
Speaker 3: they've been making. Are there any new tax law changes
Speaker 3: that we all look out for because all those deductions
Speaker 3: we should get for COVID they gone.
Speaker 2: Now they want their money in that upfront.
Speaker 4: Yes, yes, there are so many things that have changed
Speaker 4: since COVID. During COVID people had higher savings rates during
Speaker 4: COVID interest rates for low. Post COVID people's reserves are
Speaker 4: being depleted. Post COVID interest rates are high. Post COVID.
Speaker 4: We are in inflation. In post COVID, we are in
Speaker 4: a renter crisis. It's easier to buy a home right
Speaker 4: now than it is to rent a home. The credit
Speaker 4: guidelines for renters have made it almost impossible for the
Speaker 4: average American to get a decent place to live for
Speaker 4: a decent amount of rental income. So I would say, personally,
Speaker 4: it is time to get your house in order, and
Speaker 4: get your house in order, one room at a time.
Speaker 4: You know. I remember back in the day, Grandma be
Speaker 4: used to make me clean up, and if we had
Speaker 4: to clip the whole house, it was a big money much.
Speaker 4: But if I could go and just do the dishes,
Speaker 4: and then if I could mop the floor, and then
Speaker 4: if I could do one thing at a time. It
Speaker 4: made an enormous job of that much more bearable. So
Speaker 4: I'm gonna say to you, just think about the one
Speaker 4: thing you want to do. Maybe it's just getting your
Speaker 4: budget under control. You want to control your spending. You
Speaker 4: want to end your spending addiction. The spending addictions what
Speaker 4: you have when you go to the grocery store for
Speaker 4: toothpaste and walk out with one hundred and seventy nine
Speaker 4: thousand and forty seven cent with the stuff you don't need,
Speaker 4: and you do that three or four times a week
Speaker 4: or worse, you go online and start shopping and the
Speaker 4: boxes are just coming in every other day from all
Speaker 4: the major places that deliver online. I'm not going to
Speaker 4: say what their names are, but I want us to
Speaker 4: just focus on one thing personally, and if you can
Speaker 4: focus on that one thing, then you can take the
Speaker 4: steps necessary to master the next thing.
Speaker 3: Now that's on the personal side, because I agree with
Speaker 3: the rent. I was just watching news today and they
Speaker 3: was talking about there's living amount of faces the rent nowadays,
Speaker 3: and if you failable to rent, you don't want to
Speaker 3: live there.
Speaker 2: You don't want to live there.
Speaker 3: You just a step away from the robbery so it's
Speaker 3: important to understand that the dynamics of housing has changed
Speaker 3: so much that people are homeless not because they want
Speaker 3: to They might not get into a place where they
Speaker 3: want to live properly or safely, and things like that.
Speaker 3: Not from a small business. So we've been with small businesses.
Speaker 3: We're entrepreneurs. I really talked to a lot of entrepreneurs
Speaker 3: on this show. A lot of people tune in, and
Speaker 3: the number one thing that I made mistakes. I always
Speaker 3: tell people my mistakes. My first business that opened up
Speaker 3: was a co partnership and I didn't even have a budget.
Speaker 3: I knew how much I was charging people. I was
Speaker 3: a comedy club that ten dollars I was getting it
Speaker 3: was sold out, but I forgot about the tax on
Speaker 3: the ticket. I forgot about the unemployment tax. I forgot
Speaker 3: about all these little taxes. So when it came down,
Speaker 3: I really wasn't getting ten dollars a person. I was
Speaker 3: getting like seven dollars a person. So that wasn't even
Speaker 3: calculating correctly in my head what I was really making.
Speaker 3: What are the primary mistakes other than a budget, And
Speaker 3: you can actually bring up the budget that we as
Speaker 3: young entrepreneurs are better than entrepreneurs continue to make well.
Speaker 4: The number one mistake that we make is we don't
Speaker 4: get an education. If you want to be a mechanic,
Speaker 4: you may have some natural ability, but at some point
Speaker 4: you may want to go to school to learn more
Speaker 4: about how to fix an engine or transmission or whatever
Speaker 4: part of the car. If you are going to help
Speaker 4: people get well, and you want to be in the
Speaker 4: medical profession, then you're going to go learn about the
Speaker 4: body and physiology and all of those things. And what
Speaker 4: we fail to recognize as entrepreneurs is we may have
Speaker 4: the talent. We may have the talent. We may be
Speaker 4: able to do the thing. We may be able to
Speaker 4: write the book or make the people laugh, or make
Speaker 4: the recipe for the restaurant or whatever it is, but
Speaker 4: do we have the knowledge for the business. And so
Speaker 4: I would say the number one thing is to get
Speaker 4: the knowledge about the business. Rashan, you have heard me
Speaker 4: talk about this, But do you know how many yanky
Speaker 4: businesses are running around? I mean, every other person I
Speaker 4: wanted to has an LLC. But that LLC has no
Speaker 4: corporate book. There are no resolutions in the book, there
Speaker 4: are no certificates of membership in the book. And therefore
Speaker 4: the business run is running out of order. So the
Speaker 4: very veil of protection that the business was formed to provide,
Speaker 4: meaning if something happens in your business and you get sued,
Speaker 4: then they won't come after your personal assets because we're
Speaker 4: not running our business like a business, we're running it
Speaker 4: like a personal hobby. Then you don't get the veil
Speaker 4: of protection. And if you go to court and the
Speaker 4: judge asks for your record book and your resolutions, most people,
Speaker 4: nine out of ten, especially in our community, don't even
Speaker 4: know what I'm talking about. You don't even know what
Speaker 4: I'm talking about. They said, a record book? What is that?
Speaker 4: I file my LLC with the the system online that
Speaker 4: you know what that system is. You didn't go get
Speaker 4: an attorney, you did not get a CPA, we did
Speaker 4: not get financial advice. So we're making all those mistakes
Speaker 4: that you're talking about with Sean, and we don't have to.
Speaker 4: So get an education. At the Entrepreneurs Academy, I'm teaching
Speaker 4: everything about running a business, from how to market it,
Speaker 4: how to brand it, how to grow it, how to
Speaker 4: scale it, how to hire the right people, how to
Speaker 4: have a profited proper profit and loss analysis, how to
Speaker 4: project revenues, all the things that you need to be
Speaker 4: successful in the business.
Speaker 3: We you know, it's an interest, and thank you for
Speaker 3: that advice, because really, when we make mistakes, they kind
Speaker 3: of be they're kind of.
Speaker 2: Obvious, but we ignore it.
Speaker 3: In other words, a lot of people, and I'm not
Speaker 3: saying this niggai, a lot of people put a lot
Speaker 3: of pressure on prayer. I want to pray their way
Speaker 3: out of it. Faith go out on faith without a plan.
Speaker 3: I said, if you're going to jump out on faith,
Speaker 3: make sure that plans in front of your jump. Prayer
Speaker 3: is a lot of pressure on that. But it's something
Speaker 3: I've been hearing a lot lately. It's been annoying me.
Speaker 3: Go fund me.
Speaker 4: Oh my goodness, ever free please.
Speaker 3: Time I talked to somebody, well, you know, I'm gonna
Speaker 3: I'm gonna do a vote go fund me campaign. I
Speaker 3: basically have hung up on people because that's not a plan.
Speaker 2: Go fron me.
Speaker 3: What you mean You're gonna go out there ask people
Speaker 3: to invest in you and you don't even have a
Speaker 3: plan for the plan?
Speaker 2: Come on? Have you heard that a lot? I'm just
Speaker 2: I'm just saying.
Speaker 3: On my show Money Making Conversations Master Class I've heard
Speaker 3: go from me a lot, and I've just had to
Speaker 3: discontinue that conversation.
Speaker 4: Let me let me just say this, and this is
Speaker 4: with no due respect to whatever people do. We will
Speaker 4: spend money on the outfit for the biggest concert that's
Speaker 4: coming to town. We will spend thousands of dollars on
Speaker 4: that thing. We will go get our hair done, our
Speaker 4: nails done. We will spend money on cigarettes, on a
Speaker 4: legalized marior. We will spend money on everything except ourselves.
Speaker 4: We will spend money on things that do not grow
Speaker 4: in value, accept ourselves. Go fund me is not a
Speaker 4: life insurance policy, people. Go fund me is not a
Speaker 4: business plan. Go fund me is not in a state plan.
Speaker 4: Go fund me, when and if used, should be a
Speaker 4: strategic method. It should be a strategic method to expand
Speaker 4: and already h you know, thriving or or on the
Speaker 4: verge of thriving business, to provide an opportunity for others
Speaker 4: to potentially invest and to share in capital and growth
Speaker 4: of the company. Not to just randomly raise funds so
Speaker 4: you can go get your LLC that you're not gonna
Speaker 4: protect and have the business end up being janking. Right,
Speaker 4: So it's it's it's like I go sit with the attorney.
Speaker 4: I know I need funds for my LLC and my trademark,
Speaker 4: so I'm gonna go do a fund go fund me
Speaker 4: account to pay for the stuff, but that I'm not
Speaker 4: gonna run the business properly. And so again, I'm not
Speaker 4: discounting those methods in and of themselves. I'm just saying
Speaker 4: we should use them strategically. The Bible says that plans
Speaker 4: fail for lack of counsel, but with many advisors they succeed.
Speaker 4: We got to stop picking the scriptures that we think
Speaker 4: work for us. We talk about faith, but faith without
Speaker 4: work is dead. My t shirt says knowledge is power
Speaker 4: when it's put into action. Stop talking about knowledge is power. No,
Speaker 4: it's not. There are too many people running around who
Speaker 4: know a whole bunch of stuff but aren't doing anything.
Speaker 4: We have to put that knowledge to power. The only
Speaker 4: place where work becomes, but where success comes before work
Speaker 4: is in the dictionary. We've got to do the work,
Speaker 4: and I think we can do it together.
Speaker 2: And we are.
Speaker 3: And that's why I'm just saying making sure that you
Speaker 3: know I'm based in Atlanta. She's based in Los Angeles, Okay,
Speaker 3: thousands of dollars all the part. But people say the
Speaker 3: same bad language coming on to Lynn Richard's and podcast,
Speaker 3: coming over the money making conversation. Mastercos, Okay, we're just
Speaker 3: sharing information, not charging you no money. We're just trying
Speaker 3: to invite you into our world, into our plan of action.
Speaker 3: And that's what she just said.
Speaker 2: Action. Everything she ended the conversation was action.
Speaker 3: You can pray, you can find a scripture, but what's
Speaker 3: the action, what's the plan, what's the goal?
Speaker 2: That's a dream tied to a reality.
Speaker 3: Those are all the things that we're trying to get
Speaker 3: and trying to accomplish. But as we wrap this interview up,
Speaker 3: we always talk about I want the two things.
Speaker 2: I want to talk about multiple streams of income.
Speaker 3: And then I want to slide over to his state planning,
Speaker 3: because now that's a whole conversation. People may never make
Speaker 3: it to the state planning, but we always hear multiple
Speaker 3: streats of income. And I'm going to share y'all something
Speaker 3: I managed, Steve Harvey and I managed and my goal
Speaker 3: with him was to create multiple streams of income. And
Speaker 3: I did books, radio, TV shows, tour speaking engagement, personal appearances.
Speaker 3: What I did realize is that I did not do
Speaker 3: it for myself. I was just getting one check from him.
Speaker 3: So the platform of multiple streams of income work one
Speaker 3: hundred percent for him, but.
Speaker 2: It wasn't working for me. Not there was a negative.
Speaker 3: But you have to understand what plan are you working.
Speaker 3: I was not working the plan that I thought I
Speaker 3: was working. I saw all his checks, but all those
Speaker 3: checks weren't my checks. And so when we hear multiple
Speaker 3: streams of income, I want people to understand how you
Speaker 3: evaluate how the income comes to you. Is it coming
Speaker 3: through one portal or is it coming through multiple That's
Speaker 3: when it's really multiple streams of income.
Speaker 2: Correct, absolutely?
Speaker 4: I mean, and your testimony, with all the great work
Speaker 4: that you've done, you know, you're absolutely right, and it's
Speaker 4: a it's a wake up call for all of us
Speaker 4: to take a look at what we're really doing. My
Speaker 4: situation is similar, except that with all the things that
Speaker 4: I helped. For example, MC liked to do, whether it
Speaker 4: be DJing and you know radio, she does TV. She's acting,
Speaker 4: she's producing and directing TV and film all those things,
Speaker 4: so that's an income stream. She's got multiple income streams.
Speaker 4: She's like a serial entrepreneur. Then I come in and
Speaker 4: I've got streams of income there, But then I'm also speaking.
Speaker 4: I've also got my real estate stream of income, my
Speaker 4: mortgage stream of income, my insurance stream of income. I've
Speaker 4: got a whole new wealth university, and then speaking engagements.
Speaker 4: So all the things that I am actually helping her
Speaker 4: to do, I can teach and preach about, and then
Speaker 4: sometimes we do those things together. So, yes, one stream
Speaker 4: of income is hazardous to your wealth. Let me repeat,
Speaker 4: one stream of income is hazardous to your wealth. The
Speaker 4: story that we were told that we could go to school,
Speaker 4: get a good education, and retire in forty years from
Speaker 4: one job, I just have to say this, with all
Speaker 4: due respect, It's a lie. It is not the truth.
Speaker 4: It is not It is almost impossible for anybody from
Speaker 4: the baby boomers on through now to be able to
Speaker 4: go get a job and work it for forty years
Speaker 4: and retire. But above the poverty line you may be
Speaker 4: able to retire, but gonna you're gonna be broke, Okay,
Speaker 4: So in order for us to really be able to
Speaker 4: take advantage of the opportunities, and I still say it's opportunities,
Speaker 4: And listen, everybody, get up now. Whenever you see money
Speaker 4: making conversations. Come on, do something in that hour. Go
Speaker 4: grab your calendar. I have mine right here. I've been
Speaker 4: wanting to stop and write some of the things I
Speaker 4: heard Forshan say, Write do something, put a plan in place,
Speaker 4: an aha moment, write it down and do something and
Speaker 4: create those streams of income so that you too can
Speaker 4: be in position to have to make decisions and to
Speaker 4: exercise your choices when you want to do something, when
Speaker 4: you did, when you don't want to do something. When
Speaker 4: the pandemic hit, mc light didn't have to worry about
Speaker 4: doing a concert or a TV show. Everything was shut down.
Speaker 4: There were other streams of income coming in to support
Speaker 4: not only the lifestyle, but really to expand the business.
Speaker 4: And that's what we want for everyone.
Speaker 3: Yeah, and that lends itself to estate planning. Terminolo is
Speaker 3: that very few people understand, especially when you're doing forty
Speaker 3: hour week employment. Especially it's us out there trying to
Speaker 3: think that that that goal watch is waging on for
Speaker 3: forty years of employment, and that really doesn't happen. Like
Speaker 3: my father, like your father, your grandfather. It's about being
Speaker 3: a serial entrepreneur. What exactly is the state planning well?
Speaker 4: A state planning. So we talked about a business plan,
Speaker 4: we talked about, you know, a financial plan. Now we're
Speaker 4: talking about a life plan, a generational wealth plan. And
Speaker 4: that's what the state planning is. And unfortunately, again in
Speaker 4: our community, we don't want to talk about death.
Speaker 3: As we wrapped as up. The word planning is a
Speaker 3: prominent term that's used in all success stories. Football Players
Speaker 3: plan to win, athletes trained to win through a plan
Speaker 3: of action. We plan to go to college and get
Speaker 3: a degree, you know, we plan hopefully a successful marriage.
Speaker 3: But somehow when it comes to our money, we don't plan,
Speaker 3: especially in black community, we just spend.
Speaker 2: We just spent.
Speaker 3: And so when you start getting to that state planning level, what's.
Speaker 2: That journey like, what is that journey all about?
Speaker 4: Well, the first thing to understand is, no matter how
Speaker 4: much money you have or don't have, you have in
Speaker 4: a state, I was on food stamps in this century.
Speaker 4: Do you understand? So when I tell you I've been there,
Speaker 4: done that, I've had foreclosure, bankruptcy, This recession of two
Speaker 4: thousand and eight got me like it got so many people.
Speaker 4: And so during this century I was on food stamps.
Speaker 4: But let me tell you what I did have when
Speaker 4: I didn't have money. But I didn't have money, and
Speaker 4: I still had my husband, my three children, my grandmother,
Speaker 4: and people in my life that I loved. I had
Speaker 4: life insurance, and I had an estate plan. And what
Speaker 4: it did for me is it provided me with the
Speaker 4: comfort of knowing that every single day I would wake
Speaker 4: up and I could grind I could figure out how
Speaker 4: to get out of this situation, get to the next level.
Speaker 4: But what gave me comfort every night was if I
Speaker 4: did not wake up tomorrow, my plans would not be
Speaker 4: defeated because my estate plan would kick in and my
Speaker 4: children would be taking care for the rest of their lives.
Speaker 4: My grandmother would still have financial assistance in her old age.
Speaker 4: She'd be able to have private duty care. My husband
Speaker 4: would be able to still go on with the businesses,
Speaker 4: and if he grieved for an extended amount of time,
Speaker 4: he would lose everything financially. So everybody has an estate plan.
Speaker 4: If you are a single mother a single father, you
Speaker 4: have an a state plan. The question is who's in
Speaker 4: control of it. If you actually sit down with an
Speaker 4: attorney and write your state plan, you're in control of it.
Speaker 4: You get to say if something happens to me, and
Speaker 4: I've got a million dollar life insurance policy. All of
Speaker 4: it isn't gonna go to my significant other or to
Speaker 4: my children for them to spend it up, and so
Speaker 4: I'd have to come back and get everybody right. They're
Speaker 4: gonna get X amount to take care of the funeral.
Speaker 4: They're gonna get x amount to pay the bills in
Speaker 4: the house. They're gonna get x amount when they go
Speaker 4: to college. They'll get x amount to start the business.
Speaker 4: They'll get x amount. You can put a plan in
Speaker 4: place so that your wealth can actually be useful for
Speaker 4: your heirs for generations to come. If you don't have
Speaker 4: a plan, then the state, state, the government has a plan.
Speaker 4: We all were devastated when our beloved Chadwick Bozeman passed.
Speaker 4: We were devastated. Didn't know he was sick. When he passed.
Speaker 4: He did not have a will. His wife and his
Speaker 4: parents were in agreement. They were in harmony. They just
Speaker 4: wanted to split everything. But it didn't go down like that.
Speaker 4: His wife got one point six million, I think the
Speaker 4: number is or somewhere between one point three and one
Speaker 4: point six His parents got between one point three and
Speaker 4: one point six million, and the probate courts got one
Speaker 4: point six or one point seven million. The probate court
Speaker 4: got more than the airs. And that's the danger of
Speaker 4: not having an estate plan. The government actually getting your
Speaker 4: resources and dispersing them throughout the legal system as opposed
Speaker 4: to you dispersing it to your heirs. So that's why
Speaker 4: we all need to start with our state planning today.
Speaker 4: It doesn't matter if you have a dollar, one hundred
Speaker 4: of them, a thousand of them, or a million of them.
Speaker 4: Start you a state plan.
Speaker 2: Now, wow again, doctor Lenn Richards.
Speaker 3: And the education and knowledge of coming on money making
Speaker 3: conversations master class, because you are a masterclass. That's why
Speaker 3: I added that whole portion of the conversation. We have
Speaker 3: a conversation about not only money, but like and what
Speaker 3: you said most important, we all have to start having
Speaker 3: that money making conversation with your children, what your spouse,
Speaker 3: what you part with your loved ones are people in general.
Speaker 3: Because we go to church, we donate. Some people don't
Speaker 3: even write that donation off.
Speaker 2: Did you give it up?
Speaker 3: Write a check instead of cash? All that can amount
Speaker 3: to some type of deduction. But your biggest gift to
Speaker 3: me is that the knowledge because I can't do what
Speaker 3: you do, doctor Land, I cannot do what you do.
Speaker 3: You are a blessing and thank you for coming on
Speaker 3: Money Making Conversation Masterclass.
Speaker 4: Thank you, thank you for having me, and please welcome
Speaker 4: me back for more conversations around taxes and everything.
Speaker 2: Else and you will. Thank you again.
Speaker 5: Thank you for joining us for this edition of Money
Speaker 5: Making Conversations Masterclass. Money Making Conversations Masterclass with rough Shan
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