Two-time Emmy and Three-time NAACP Image Award-winning Executive Television Producer Rushion McDonald interviews Dr. Lynn Richardson. Named by Urban Influence Magazine as one of the 20 Hottest Influencers in America, Lynn Richardson is an ordained minister, certified Chaplain, author, entertainment executive, and celebrity financial coach who uses her quick wit and humorous presentation style to help others face their money issues and achieve personal, professional and spiritual harmony. With almost three decades of leading roles in the financial services industries, Lynn’s vision is best portrayed in her books, most notably Living Check to Monday: The Real Deal About Money, Credit and Financial Security, which achieved Best Seller status at the 2008 Congressional Black Caucus Conference Book Pavilion. Lynn is featured regularly on Good Morning America, Fox Business, Access Live, The Steve TV Show, The Hallmark Channel's Home & Family Show, BET Networks and has appeared in Essence, Jet, Upscale, on Get Up Mornings with Erica Campbell, The Tom Joyner Morning Show, and in countless media outlets nationwide. She is currently the Chaplain and President/CEO of MC Lyte's Hip Hop Sisters Foundation, President/COO of MC Lyte's Sunni Gyrl entertainment and celebrity management firm, and Head of Global Business Affairs for hip hop mogul Russell Simmons -- where she oversees empowerment programs that impact the globe.
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Episode Transcript
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Speaker 1 (00:05):
Welcome to Money Making Conversations. It's the show that she
is the secrets of success experience firsthand by Marketing and
Brandon expert Rashan McDonald. I will know he's giving me
advice on many occasions. And in case you didn't notice,
I'm not broke. You know he'll be interviewing celebrity CEOs,
entrepreneurs and industry decision make because it's what he likes
to do, it's what he likes to share. Now it's
time to hear from my man, Rashan McDonald money Making Conversations.
Speaker 2 (00:28):
Here we go. Hi, everybody, you know me.
Speaker 3 (00:32):
I'm the host of the show Rashan McDonald Money Making
Conversation Masterclass. The interviews and information that this show provides
are for everyone. I say this all the time. It's
time to stop reading other people's success stories and start
living your own. Now listen to me. It does not
matter if you have just started earning or I've been
earning for a long time. Every day is a chance
(00:54):
to reflect upon your spend it and improve your finances.
Please work when the Money Making Conversations Masterclass. One of
the top financial experts in the country, doctor Lynn Richardson, like.
Speaker 4 (01:07):
Len Hey, happy, Happy, all of.
Speaker 2 (01:12):
That Florida had first half of the year. We're gonna
get them all in Loine because Christmas. Thanks. You look fantastic.
How's life treating you?
Speaker 4 (01:25):
You know, I really cannot complain. I realize that I
recognize right now what you just said is so so important.
And it doesn't matter if you've been making money for
a long time or if you've just started, if it's
frustrating you, if money is funny and your change is strange.
I'm thankful for another day to tell somebody else how
(01:46):
to get it right. And every single time I get
a chance to have a conversation with you, money making conversations.
I mean, I've never heard that terminology anywhere else on
the planet, and I'm everywhere except article, and so I
think it's so important for us to, you know, just
money making conversations. Isn't just a snanzy title of a show.
(02:10):
I think it's a movement. I think it's a lifestyle,
and I think it needs to be something that particularly,
you know, our generations right now, what are you over fifty,
under forty, over sixty, are you in your teens, your twenties?
Money making conversations needs to be as pervasive in our
lifestyle as prayer, as eating, as breathing. You need to
(02:33):
breathe every day, right, so we need to be having
money making conversations every day. And so anytime I get
a chance to do that with you, Rashaan, it's just
an absolute pleasure.
Speaker 2 (02:43):
You know, thank you for the compliment.
Speaker 3 (02:45):
And that's really the tone that I try to create
every day when people go to my podcast, it's about information,
not about me, about something I want to share from
outstanding guests. I'm able to get on my show like
you when I use to Worry Financial Expert.
Speaker 2 (02:59):
A lot of responsibility comes with that title. Tell everybody,
what do you do with Lynn?
Speaker 4 (03:04):
Oh my goodness? You know. The bottom line is, well,
let me just tell you what they call me, the
people in my life. They call me the minister, preacher,
gangst the teacher. Now, I don't know, that sounds like
a little bit of ouch and a man. You know.
They say I'm the Medea of money. You know, you
might have to it might hurt a little bit, but
(03:25):
it's going to get you to the next level. But
you know, I always have to tell the very beginnings.
I was born and raised in Chicago. My grandmother was
seventy five years old, cleaning homes for walking white people,
putting me through college. She taught me to go to school,
get a good education, get a good job, go to
church on Sunday where clean other wed catch get hit
by bus. Right, you don't get hit by bus. I'm like,
why don't I have to get hit by bus? And
(03:47):
I didn't know a lot about money. So when I
got off to college, I got a lot of credit cards,
like many people do. I was at one of the
world's top academic institutions. I was on one hundred percent scholarship,
and whenever I needed money prior to that, I'd say, Grandma,
I need fifteen dollars for outfit for a field trip.
She teld me to look in the room, on top
(04:08):
of the shelf, behind the box, inside of my pocketbook,
inside a zippa wrapped up in the piece of paper towels,
twenty dollars. By the time you found the money, you
forgot what you needed it for. So when I got
to college, it got all these credit cards. I couldn't
pay anybody. Rashan, I couldn't pay anybody when the creditors
will call and say, Lindy, can you borrow the money?
I'd say, can I borrow it from you? I had
(04:28):
all kind of funny answers until I got out into
the real world. My credit was jacked up. My furniture
was from rent a Center. Y'all remember rent a Center.
On the first car that I bought was I think
it broke down before I drove it off the lot.
Then I fast forward. I get married, I'm successful, I'm
a radio show host. I'm helping people get approved for mortgages.
(04:52):
I helped the lady with four bankruptcies and two foreclosures
overcome her credit issues. She got into a house with
a low down payment, low interest rate. But I not
practicing what I preach. I was living check to Monday.
You see, check to check is a blessing that means
you get paid on Friday and by the next payday
you're broke. But check to Monday is a whole nother game.
(05:12):
You get paid on Friday, you kick it on the weekend,
you pay on your pass, do bills okay, and by
Monday you're broke. And I was living that lifestyle, making
twenty thousand, fifty thousand, eighty thousand a month, not a year.
A month. I could make eighty thousand dollars a month
and still be broke on payday. R So I spend
(05:36):
my life. You ask me, what do I do helping
people understand this? More money doesn't solve a money problem.
If it did, millionaires wouldn't go bankrupt. Rich people stay
rich because they act poor, and poor people stay poor
because they act rich, and poor people stay poor acting
rich in front of other poor people, which is real crazy.
And I think for all of us, we are not
(05:58):
dumb when it comes to money. We just need a
mindset adjustment. And I think with shows like Money Making Conversations,
we can work together to make that happen.
Speaker 2 (06:08):
Wow powerful And can I say amen? Amen?
Speaker 3 (06:14):
Because I say that because every time I talk to you,
I always say I'm gaining knowledge. And that's the first
admission that you don't know it all, because that's when
people run into the trap these financial mistakes.
Speaker 2 (06:26):
Unfortunately, some people are homeless because they didn't listen.
Speaker 3 (06:29):
They will know it all. The writing was on the wall.
Make the adjustments when people need to getting in these
financial binds, What are the initial adjustments they need to
start looking at? Is it putting down a monthly budget
to see their bills.
Speaker 2 (06:44):
How does that play out there? Doctor Lynn?
Speaker 4 (06:47):
Let me tell you the very first adjustment that any
of us needs to make, because we've all been there.
I say everybody has either had a money problem, it's
having a money problem right now, or will have a
money at some time in the future. And our culture
in particular has told us we don't air our dirty laundry.
What goes on in this house stays in this house.
(07:09):
We don't have conversations about private things, and I often
say is it private or is it a secret? So
the first adjustment that we need to make is to
open our mouths, speak up, talk to someone. Shame and
fear and blame and pride keep us from opening our mouths.
(07:29):
So in many situations, we stay stuck in a financial
financially depleted situation because we don't want to admit that
we messed up, because we don't want to admit that
the reality that we're in is actually here, because we
don't want to acknowledge that maybe that significant other actually
was cheating and left. Maybe something did happen at the job,
(07:52):
something happened with me. Maybe I was spending too much
money and it got out of control and now I
cannot get it back in control. Whatever the situation is.
And you just spoke about homelessness, Rashaan, let me explain
this to you. One of the key ways, one of
the quickest ways to homelessness homelessness is homeowners. I tell
(08:12):
every homeowner out there, the first time you're gonna make
a late payment, call me. Don't wait until the payment
is already late. You know you don't have the money
to pay it when it's due. You know you don't
have the money when it's due. And there is not
gonna be a pot of gold at the end of
the rainbow. There is probably not gonna be a winning
lottery ticket, and there is no sugar daddy or sugar
(08:33):
Mama down the street that's gonna help you. So deal
with the reality. Open your mouth and talk to someone.
I tell everybody there was never a reason to be
ashamed around me because I've been there and done it all.
So open your mouth. That's the first adjustment that needs
to be made. And then, yes, Rashaan, from there, once
(08:54):
you open your mouth, you can actually embrace the reality
for what it is and start to do the moth.
You see, money is more predictable than anything. It keeps
us in bondage. We feel like we're hostage, we feel
like we're not free. But money is a simple function
of mathematics. One plus one equals two. If your stuff
(09:15):
as up to ten, it'll never get into two. So
the job is to reduce everything down so that your
math adds up. And even if you have to give
up some things and give up some pride and give
up some people, it's worth it in the end.
Speaker 2 (09:31):
Well, you know, thank you for that.
Speaker 3 (09:32):
Again, another amen, because I would say amen a lot
because as we go through this process, one of the
things that you taught me was children can be more
than just that typical deduction that we put on our
tax form because everybody's say, make sure you put your
(09:53):
child down as a deduction.
Speaker 2 (09:55):
But there are other platforms that children can be usedful on.
Speaker 3 (09:59):
And that that is that resonates so prominent in past
interviews I've done with you. Can you break it down
and let everybody know that I'm not telling everybody to.
Speaker 2 (10:09):
Go out there and just have kids so you get
tax reduction.
Speaker 3 (10:12):
But if you have children and they're smart and they're
willing to put in the work, this is their asset,
and this is the way you can use them.
Speaker 4 (10:19):
Correct Well, if you have children, nieces, nephews, grandchildren, godchildren,
little cousins, play cousins. You know how we do. You know,
folks that we have taken on as family. If you
have any people in your life like that, and I say,
even if they're not smart, make them smart. If they're
not ready, then get them ready. I'm gonna keep going
(10:42):
back to what this show is money making conversations. And
we're not having conversations about money with each other, and
we're not having conversations about money with our kids. All
our kids know is they want the latest video game,
They want to go to soccer, football, ballet, they want
to do all these things. But they truly have no
(11:03):
concept of where the money comes from or how the
exchange takes place. So one of the best things anybody
could do. You're having a money making conversation every day,
every time you wake that child up, to go to school,
to feed that child, to take them to an extracurricular activity.
Money and the conversation around it is either taking place
or not taking place. So guess what the IRS says.
(11:25):
You can hire your child cousin niece, nephew, grandchild, you know,
god daughter, god son. You can hire that child to
work in your home based business. You can pay each
child up to thirteen thousand, two hundred dollars tax free.
Speaker 3 (11:42):
That's taxi okay, thirteen thousand, two hundred dollars, tax free.
Speaker 4 (11:48):
Tax free to the child, and tax free to you.
Because now that you're paying that as a salary to
the child, it's now a write off as salaries in
your home based business, and it's tax free one hundred
percent to the child. The first thirteen thousand, two hundred dollars.
Most people are thinking, well, I don't have thirteen thousand,
(12:08):
two hundred dollars. I'm not telling you to go find
a new thirteen hundred two hundred dollars. I'm telling you
to add up the existing money you're already spending. If
you're spending two fifty a week on daycare, that already
exceeds thirteen thousand dollars, okay. If you are spending money
on tuition, if you're spending money on piano lessons or
(12:29):
karate class, or school clothes or Christmas toys or birthday presents,
or going to Disneyland or vacations. All that money that
you're spending, you're spending it anyway. The only difference between
you and me is you spend the money and it's gone.
I spend the money and I get it back. You
have to spend less money, you have to get more money,
(12:52):
but you also have to get your money back through
the legal tax deductions that the IRS has made available
to you. And the best thing about having a child
work in your business is there gaining skills. They're probably
doing things that you can't do. You don't know how
to launch that business on social media and TikTok and
snapchat and ig, but your child does. You're giving them
(13:15):
an opportunity to be entrepreneurs at an early age.
Speaker 3 (13:18):
And that's important to say that now before we go
in there. Further, I know you have a podcast this
you know we crossed pollination here.
Speaker 2 (13:25):
You know you see me I seed you.
Speaker 3 (13:27):
Tell us about your podcast. Tell us where we can
find it, the Lynn Richardson podcast.
Speaker 4 (13:31):
Well, if you go to Lynnrichardson dot com, you can download,
you can gain access to episodes. I'm on Monday through Friday,
every single day, Monday through Friday, every single day of
the week at noon live in California and at noon
live in Chicago. You can also watch the replays. You
(13:52):
can watch the replays at Lynmillionaire dot com Lendmillionaire dot com.
So any information that you want to get about money,
But I have to say, I want to come back
to Money Making Conversations because this is what we get
to specifically focus on topics for your beautiful audience.
Speaker 5 (14:10):
Money Making Conversations Masterclass continues online at Moneymakingconversations dot com
and follow Money Making Conversations Masterclass on Facebook, Twitter, and Instagram.
Ladies and gentlemen, it's time you stop reading other people's
success stories and start writing your own. Welcome back to
(14:32):
the Money Making Conversations Masterclass hosted by Rishan McDonald.
Speaker 2 (14:37):
Absolutely, and you know, but I gotta share that. You know,
if I shared a little my success, your success. And
that's how a relationship is of year, we go way back.
Speaker 3 (14:45):
You know, our relationship has always beten by uplifting and
uplifting part because this is tax season, we're being interviews
happening between January and April. That's where you got a
file from personal standpoint then a business standpoint. Let's talk
personal what people need to look out for what mistakes
they've been making. Are there any new tax law changes
that we all look out for because all those deductions
(15:07):
we should get for COVID they gone.
Speaker 2 (15:09):
Now they want their money in that upfront.
Speaker 4 (15:11):
Yes, yes, there are so many things that have changed
since COVID. During COVID people had higher savings rates during
COVID interest rates for low. Post COVID people's reserves are
being depleted. Post COVID interest rates are high. Post COVID.
We are in inflation. In post COVID, we are in
a renter crisis. It's easier to buy a home right
(15:34):
now than it is to rent a home. The credit
guidelines for renters have made it almost impossible for the
average American to get a decent place to live for
a decent amount of rental income. So I would say, personally,
it is time to get your house in order, and
get your house in order, one room at a time.
You know. I remember back in the day, Grandma be
(15:56):
used to make me clean up, and if we had
to clip the whole house, it was a big money much.
But if I could go and just do the dishes,
and then if I could mop the floor, and then
if I could do one thing at a time. It
made an enormous job of that much more bearable. So
I'm gonna say to you, just think about the one
thing you want to do. Maybe it's just getting your
budget under control. You want to control your spending. You
(16:18):
want to end your spending addiction. The spending addictions what
you have when you go to the grocery store for
toothpaste and walk out with one hundred and seventy nine
thousand and forty seven cent with the stuff you don't need,
and you do that three or four times a week
or worse, you go online and start shopping and the
boxes are just coming in every other day from all
the major places that deliver online. I'm not going to
(16:39):
say what their names are, but I want us to
just focus on one thing personally, and if you can
focus on that one thing, then you can take the
steps necessary to master the next thing.
Speaker 3 (16:51):
Now that's on the personal side, because I agree with
the rent. I was just watching news today and they
was talking about there's living amount of faces the rent nowadays,
and if you failable to rent, you don't want to
live there.
Speaker 2 (17:04):
You don't want to live there.
Speaker 3 (17:05):
You just a step away from the robbery so it's
important to understand that the dynamics of housing has changed
so much that people are homeless not because they want
to They might not get into a place where they
want to live properly or safely, and things like that.
Not from a small business. So we've been with small businesses.
We're entrepreneurs. I really talked to a lot of entrepreneurs
(17:27):
on this show. A lot of people tune in, and
the number one thing that I made mistakes. I always
tell people my mistakes. My first business that opened up
was a co partnership and I didn't even have a budget.
I knew how much I was charging people. I was
a comedy club that ten dollars I was getting it
was sold out, but I forgot about the tax on
the ticket. I forgot about the unemployment tax. I forgot
(17:51):
about all these little taxes. So when it came down,
I really wasn't getting ten dollars a person. I was
getting like seven dollars a person. So that wasn't even
calculating correctly in my head what I was really making.
What are the primary mistakes other than a budget, And
you can actually bring up the budget that we as
young entrepreneurs are better than entrepreneurs continue to make well.
Speaker 4 (18:14):
The number one mistake that we make is we don't
get an education. If you want to be a mechanic,
you may have some natural ability, but at some point
you may want to go to school to learn more
about how to fix an engine or transmission or whatever
part of the car. If you are going to help
people get well, and you want to be in the
medical profession, then you're going to go learn about the
(18:36):
body and physiology and all of those things. And what
we fail to recognize as entrepreneurs is we may have
the talent. We may have the talent. We may be
able to do the thing. We may be able to
write the book or make the people laugh, or make
the recipe for the restaurant or whatever it is, but
do we have the knowledge for the business. And so
(18:56):
I would say the number one thing is to get
the knowledge about the business. Rashan, you have heard me
talk about this, But do you know how many yanky
businesses are running around? I mean, every other person I
wanted to has an LLC. But that LLC has no
corporate book. There are no resolutions in the book, there
are no certificates of membership in the book. And therefore
(19:19):
the business run is running out of order. So the
very veil of protection that the business was formed to provide,
meaning if something happens in your business and you get sued,
then they won't come after your personal assets because we're
not running our business like a business, we're running it
like a personal hobby. Then you don't get the veil
(19:41):
of protection. And if you go to court and the
judge asks for your record book and your resolutions, most people,
nine out of ten, especially in our community, don't even
know what I'm talking about. You don't even know what
I'm talking about. They said, a record book? What is that?
I file my LLC with the the system online that
(20:02):
you know what that system is. You didn't go get
an attorney, you did not get a CPA, we did
not get financial advice. So we're making all those mistakes
that you're talking about with Sean, and we don't have to.
So get an education. At the Entrepreneurs Academy, I'm teaching
everything about running a business, from how to market it,
how to brand it, how to grow it, how to
(20:24):
scale it, how to hire the right people, how to
have a profited proper profit and loss analysis, how to
project revenues, all the things that you need to be
successful in the business.
Speaker 3 (20:35):
We you know, it's an interest, and thank you for
that advice, because really, when we make mistakes, they kind
of be they're kind of.
Speaker 2 (20:42):
Obvious, but we ignore it.
Speaker 3 (20:44):
In other words, a lot of people, and I'm not
saying this niggai, a lot of people put a lot
of pressure on prayer. I want to pray their way
out of it. Faith go out on faith without a plan.
I said, if you're going to jump out on faith,
make sure that plans in front of your jump. Prayer
is a lot of pressure on that. But it's something
I've been hearing a lot lately. It's been annoying me.
(21:07):
Go fund me.
Speaker 4 (21:09):
Oh my goodness, ever free please.
Speaker 3 (21:11):
Time I talked to somebody, well, you know, I'm gonna
I'm gonna do a vote go fund me campaign. I
basically have hung up on people because that's not a plan.
Speaker 2 (21:21):
Go fron me.
Speaker 3 (21:22):
What you mean You're gonna go out there ask people
to invest in you and you don't even have a
plan for the plan?
Speaker 2 (21:29):
Come on? Have you heard that a lot? I'm just
I'm just saying.
Speaker 3 (21:31):
On my show Money Making Conversations Master Class I've heard
go from me a lot, and I've just had to
discontinue that conversation.
Speaker 4 (21:38):
Let me let me just say this, and this is
with no due respect to whatever people do. We will
spend money on the outfit for the biggest concert that's
coming to town. We will spend thousands of dollars on
that thing. We will go get our hair done, our
nails done. We will spend money on cigarettes, on a
legalized marior. We will spend money on everything except ourselves.
(22:01):
We will spend money on things that do not grow
in value, accept ourselves. Go fund me is not a
life insurance policy, people. Go fund me is not a
business plan. Go fund me is not in a state plan.
Go fund me, when and if used, should be a
strategic method. It should be a strategic method to expand
(22:24):
and already h you know, thriving or or on the
verge of thriving business, to provide an opportunity for others
to potentially invest and to share in capital and growth
of the company. Not to just randomly raise funds so
you can go get your LLC that you're not gonna
protect and have the business end up being janking. Right,
(22:48):
So it's it's it's like I go sit with the attorney.
I know I need funds for my LLC and my trademark,
so I'm gonna go do a fund go fund me
account to pay for the stuff, but that I'm not
gonna run the business properly. And so again, I'm not
discounting those methods in and of themselves. I'm just saying
we should use them strategically. The Bible says that plans
(23:09):
fail for lack of counsel, but with many advisors they succeed.
We got to stop picking the scriptures that we think
work for us. We talk about faith, but faith without
work is dead. My t shirt says knowledge is power
when it's put into action. Stop talking about knowledge is power. No,
it's not. There are too many people running around who
(23:29):
know a whole bunch of stuff but aren't doing anything.
We have to put that knowledge to power. The only
place where work becomes, but where success comes before work
is in the dictionary. We've got to do the work,
and I think we can do it together.
Speaker 2 (23:44):
And we are.
Speaker 3 (23:45):
And that's why I'm just saying making sure that you
know I'm based in Atlanta. She's based in Los Angeles, Okay,
thousands of dollars all the part. But people say the
same bad language coming on to Lynn Richard's and podcast,
coming over the money making conversation. Mastercos, Okay, we're just
sharing information, not charging you no money. We're just trying
to invite you into our world, into our plan of action.
(24:08):
And that's what she just said.
Speaker 2 (24:10):
Action. Everything she ended the conversation was action.
Speaker 3 (24:13):
You can pray, you can find a scripture, but what's
the action, what's the plan, what's the goal?
Speaker 2 (24:19):
That's a dream tied to a reality.
Speaker 3 (24:22):
Those are all the things that we're trying to get
and trying to accomplish. But as we wrap this interview up,
we always talk about I want the two things.
Speaker 2 (24:30):
I want to talk about multiple streams of income.
Speaker 3 (24:32):
And then I want to slide over to his state planning,
because now that's a whole conversation. People may never make
it to the state planning, but we always hear multiple
streats of income. And I'm going to share y'all something
I managed, Steve Harvey and I managed and my goal
with him was to create multiple streams of income. And
(24:52):
I did books, radio, TV shows, tour speaking engagement, personal appearances.
What I did realize is that I did not do
it for myself. I was just getting one check from him.
So the platform of multiple streams of income work one
hundred percent for him, but.
Speaker 2 (25:12):
It wasn't working for me. Not there was a negative.
Speaker 3 (25:14):
But you have to understand what plan are you working.
I was not working the plan that I thought I
was working. I saw all his checks, but all those
checks weren't my checks. And so when we hear multiple
streams of income, I want people to understand how you
evaluate how the income comes to you. Is it coming
through one portal or is it coming through multiple That's
(25:37):
when it's really multiple streams of income.
Speaker 2 (25:39):
Correct, absolutely?
Speaker 4 (25:41):
I mean, and your testimony, with all the great work
that you've done, you know, you're absolutely right, and it's
a it's a wake up call for all of us
to take a look at what we're really doing. My
situation is similar, except that with all the things that
I helped. For example, MC liked to do, whether it
be DJing and you know radio, she does TV. She's acting,
(26:01):
she's producing and directing TV and film all those things,
so that's an income stream. She's got multiple income streams.
She's like a serial entrepreneur. Then I come in and
I've got streams of income there, But then I'm also speaking.
I've also got my real estate stream of income, my
mortgage stream of income, my insurance stream of income. I've
got a whole new wealth university, and then speaking engagements.
(26:24):
So all the things that I am actually helping her
to do, I can teach and preach about, and then
sometimes we do those things together. So, yes, one stream
of income is hazardous to your wealth. Let me repeat,
one stream of income is hazardous to your wealth. The
story that we were told that we could go to school,
get a good education, and retire in forty years from
(26:46):
one job, I just have to say this, with all
due respect, It's a lie. It is not the truth.
It is not It is almost impossible for anybody from
the baby boomers on through now to be able to
go get a job and work it for forty years
and retire. But above the poverty line you may be
(27:08):
able to retire, but gonna you're gonna be broke, Okay,
So in order for us to really be able to
take advantage of the opportunities, and I still say it's opportunities,
And listen, everybody, get up now. Whenever you see money
making conversations. Come on, do something in that hour. Go
grab your calendar. I have mine right here. I've been
wanting to stop and write some of the things I
(27:30):
heard Forshan say, Write do something, put a plan in place,
an aha moment, write it down and do something and
create those streams of income so that you too can
be in position to have to make decisions and to
exercise your choices when you want to do something, when
you did, when you don't want to do something. When
the pandemic hit, mc light didn't have to worry about
(27:53):
doing a concert or a TV show. Everything was shut down.
There were other streams of income coming in to support
not only the lifestyle, but really to expand the business.
And that's what we want for everyone.
Speaker 3 (28:06):
Yeah, and that lends itself to estate planning. Terminolo is
that very few people understand, especially when you're doing forty
hour week employment. Especially it's us out there trying to
think that that that goal watch is waging on for
forty years of employment, and that really doesn't happen. Like
my father, like your father, your grandfather. It's about being
(28:26):
a serial entrepreneur. What exactly is the state planning well?
Speaker 4 (28:30):
A state planning. So we talked about a business plan,
we talked about, you know, a financial plan. Now we're
talking about a life plan, a generational wealth plan. And
that's what the state planning is. And unfortunately, again in
our community, we don't want to talk about death.
Speaker 3 (28:45):
As we wrapped as up. The word planning is a
prominent term that's used in all success stories. Football Players
plan to win, athletes trained to win through a plan
of action. We plan to go to college and get
a degree, you know, we plan hopefully a successful marriage.
(29:06):
But somehow when it comes to our money, we don't plan,
especially in black community, we just spend.
Speaker 2 (29:12):
We just spent.
Speaker 3 (29:13):
And so when you start getting to that state planning level, what's.
Speaker 2 (29:20):
That journey like, what is that journey all about?
Speaker 4 (29:23):
Well, the first thing to understand is, no matter how
much money you have or don't have, you have in
a state, I was on food stamps in this century.
Do you understand? So when I tell you I've been there,
done that, I've had foreclosure, bankruptcy, This recession of two
thousand and eight got me like it got so many people.
And so during this century I was on food stamps.
(29:44):
But let me tell you what I did have when
I didn't have money. But I didn't have money, and
I still had my husband, my three children, my grandmother,
and people in my life that I loved. I had
life insurance, and I had an estate plan. And what
it did for me is it provided me with the
comfort of knowing that every single day I would wake
(30:08):
up and I could grind I could figure out how
to get out of this situation, get to the next level.
But what gave me comfort every night was if I
did not wake up tomorrow, my plans would not be
defeated because my estate plan would kick in and my
children would be taking care for the rest of their lives.
My grandmother would still have financial assistance in her old age.
(30:31):
She'd be able to have private duty care. My husband
would be able to still go on with the businesses,
and if he grieved for an extended amount of time,
he would lose everything financially. So everybody has an estate plan.
If you are a single mother a single father, you
have an a state plan. The question is who's in
control of it. If you actually sit down with an
(30:54):
attorney and write your state plan, you're in control of it.
You get to say if something happens to me, and
I've got a million dollar life insurance policy. All of
it isn't gonna go to my significant other or to
my children for them to spend it up, and so
I'd have to come back and get everybody right. They're
gonna get X amount to take care of the funeral.
They're gonna get x amount to pay the bills in
(31:16):
the house. They're gonna get x amount when they go
to college. They'll get x amount to start the business.
They'll get x amount. You can put a plan in
place so that your wealth can actually be useful for
your heirs for generations to come. If you don't have
a plan, then the state, state, the government has a plan.
(31:37):
We all were devastated when our beloved Chadwick Bozeman passed.
We were devastated. Didn't know he was sick. When he passed.
He did not have a will. His wife and his
parents were in agreement. They were in harmony. They just
wanted to split everything. But it didn't go down like that.
His wife got one point six million, I think the
(31:58):
number is or somewhere between one point three and one
point six His parents got between one point three and
one point six million, and the probate courts got one
point six or one point seven million. The probate court
got more than the airs. And that's the danger of
not having an estate plan. The government actually getting your
resources and dispersing them throughout the legal system as opposed
(32:22):
to you dispersing it to your heirs. So that's why
we all need to start with our state planning today.
It doesn't matter if you have a dollar, one hundred
of them, a thousand of them, or a million of them.
Start you a state plan.
Speaker 2 (32:35):
Now, wow again, doctor Lenn Richards.
Speaker 3 (32:38):
And the education and knowledge of coming on money making
conversations master class, because you are a masterclass. That's why
I added that whole portion of the conversation. We have
a conversation about not only money, but like and what
you said most important, we all have to start having
that money making conversation with your children, what your spouse,
(32:58):
what you part with your loved ones are people in general.
Because we go to church, we donate. Some people don't
even write that donation off.
Speaker 2 (33:10):
Did you give it up?
Speaker 3 (33:11):
Write a check instead of cash? All that can amount
to some type of deduction. But your biggest gift to
me is that the knowledge because I can't do what
you do, doctor Land, I cannot do what you do.
You are a blessing and thank you for coming on
Money Making Conversation Masterclass.
Speaker 4 (33:27):
Thank you, thank you for having me, and please welcome
me back for more conversations around taxes and everything.
Speaker 2 (33:33):
Else and you will. Thank you again.
Speaker 5 (33:39):
Thank you for joining us for this edition of Money
Making Conversations Masterclass. Money Making Conversations Masterclass with rough Shan
McDonald is produced by thirty eight to fifteen Media Inc.
More information about thirty eight to fifteen Media Inc. Is
available at thirty eight to fifteen media dot com. And
always remember to lead with your gift.
Speaker 4 (34:00):
Some
Welcome to Money Making Conversations. It's the show that she
is the secrets of success experience firsthand by Marketing and
Brandon expert Rashan McDonald. I will know he's giving me
advice on many occasions. And in case you didn't notice,
I'm not broke. You know he'll be interviewing celebrity CEOs,
entrepreneurs and industry decision make because it's what he likes
to do, it's what he likes to share. Now it's
time to hear from my man, Rashan McDonald money Making Conversations.
Speaker 2 (00:28):
Here we go. Hi, everybody, you know me.
Speaker 3 (00:32):
I'm the host of the show Rashan McDonald Money Making
Conversation Masterclass. The interviews and information that this show provides
are for everyone. I say this all the time. It's
time to stop reading other people's success stories and start
living your own. Now listen to me. It does not
matter if you have just started earning or I've been
earning for a long time. Every day is a chance
(00:54):
to reflect upon your spend it and improve your finances.
Please work when the Money Making Conversations Masterclass. One of
the top financial experts in the country, doctor Lynn Richardson, like.
Speaker 4 (01:07):
Len Hey, happy, Happy, all of.
Speaker 2 (01:12):
That Florida had first half of the year. We're gonna
get them all in Loine because Christmas. Thanks. You look fantastic.
How's life treating you?
Speaker 4 (01:25):
You know, I really cannot complain. I realize that I
recognize right now what you just said is so so important.
And it doesn't matter if you've been making money for
a long time or if you've just started, if it's
frustrating you, if money is funny and your change is strange.
I'm thankful for another day to tell somebody else how
(01:46):
to get it right. And every single time I get
a chance to have a conversation with you, money making conversations.
I mean, I've never heard that terminology anywhere else on
the planet, and I'm everywhere except article, and so I
think it's so important for us to, you know, just
money making conversations. Isn't just a snanzy title of a show.
(02:10):
I think it's a movement. I think it's a lifestyle,
and I think it needs to be something that particularly,
you know, our generations right now, what are you over fifty,
under forty, over sixty, are you in your teens, your twenties?
Money making conversations needs to be as pervasive in our
lifestyle as prayer, as eating, as breathing. You need to
(02:33):
breathe every day, right, so we need to be having
money making conversations every day. And so anytime I get
a chance to do that with you, Rashaan, it's just
an absolute pleasure.
Speaker 2 (02:43):
You know, thank you for the compliment.
Speaker 3 (02:45):
And that's really the tone that I try to create
every day when people go to my podcast, it's about information,
not about me, about something I want to share from
outstanding guests. I'm able to get on my show like
you when I use to Worry Financial Expert.
Speaker 2 (02:59):
A lot of responsibility comes with that title. Tell everybody,
what do you do with Lynn?
Speaker 4 (03:04):
Oh my goodness? You know. The bottom line is, well,
let me just tell you what they call me, the
people in my life. They call me the minister, preacher,
gangst the teacher. Now, I don't know, that sounds like
a little bit of ouch and a man. You know.
They say I'm the Medea of money. You know, you
might have to it might hurt a little bit, but
(03:25):
it's going to get you to the next level. But
you know, I always have to tell the very beginnings.
I was born and raised in Chicago. My grandmother was
seventy five years old, cleaning homes for walking white people,
putting me through college. She taught me to go to school,
get a good education, get a good job, go to
church on Sunday where clean other wed catch get hit
by bus. Right, you don't get hit by bus. I'm like,
why don't I have to get hit by bus? And
(03:47):
I didn't know a lot about money. So when I
got off to college, I got a lot of credit cards,
like many people do. I was at one of the
world's top academic institutions. I was on one hundred percent scholarship,
and whenever I needed money prior to that, I'd say, Grandma,
I need fifteen dollars for outfit for a field trip.
She teld me to look in the room, on top
(04:08):
of the shelf, behind the box, inside of my pocketbook,
inside a zippa wrapped up in the piece of paper towels,
twenty dollars. By the time you found the money, you
forgot what you needed it for. So when I got
to college, it got all these credit cards. I couldn't
pay anybody. Rashan, I couldn't pay anybody when the creditors
will call and say, Lindy, can you borrow the money?
I'd say, can I borrow it from you? I had
(04:28):
all kind of funny answers until I got out into
the real world. My credit was jacked up. My furniture
was from rent a Center. Y'all remember rent a Center.
On the first car that I bought was I think
it broke down before I drove it off the lot.
Then I fast forward. I get married, I'm successful, I'm
a radio show host. I'm helping people get approved for mortgages.
(04:52):
I helped the lady with four bankruptcies and two foreclosures
overcome her credit issues. She got into a house with
a low down payment, low interest rate. But I not
practicing what I preach. I was living check to Monday.
You see, check to check is a blessing that means
you get paid on Friday and by the next payday
you're broke. But check to Monday is a whole nother game.
(05:12):
You get paid on Friday, you kick it on the weekend,
you pay on your pass, do bills okay, and by
Monday you're broke. And I was living that lifestyle, making
twenty thousand, fifty thousand, eighty thousand a month, not a year.
A month. I could make eighty thousand dollars a month
and still be broke on payday. R So I spend
(05:36):
my life. You ask me, what do I do helping
people understand this? More money doesn't solve a money problem.
If it did, millionaires wouldn't go bankrupt. Rich people stay
rich because they act poor, and poor people stay poor
because they act rich, and poor people stay poor acting
rich in front of other poor people, which is real crazy.
And I think for all of us, we are not
(05:58):
dumb when it comes to money. We just need a
mindset adjustment. And I think with shows like Money Making Conversations,
we can work together to make that happen.
Speaker 2 (06:08):
Wow powerful And can I say amen? Amen?
Speaker 3 (06:14):
Because I say that because every time I talk to you,
I always say I'm gaining knowledge. And that's the first
admission that you don't know it all, because that's when
people run into the trap these financial mistakes.
Speaker 2 (06:26):
Unfortunately, some people are homeless because they didn't listen.
Speaker 3 (06:29):
They will know it all. The writing was on the wall.
Make the adjustments when people need to getting in these
financial binds, What are the initial adjustments they need to
start looking at? Is it putting down a monthly budget
to see their bills.
Speaker 2 (06:44):
How does that play out there? Doctor Lynn?
Speaker 4 (06:47):
Let me tell you the very first adjustment that any
of us needs to make, because we've all been there.
I say everybody has either had a money problem, it's
having a money problem right now, or will have a
money at some time in the future. And our culture
in particular has told us we don't air our dirty laundry.
What goes on in this house stays in this house.
(07:09):
We don't have conversations about private things, and I often
say is it private or is it a secret? So
the first adjustment that we need to make is to
open our mouths, speak up, talk to someone. Shame and
fear and blame and pride keep us from opening our mouths.
(07:29):
So in many situations, we stay stuck in a financial
financially depleted situation because we don't want to admit that
we messed up, because we don't want to admit that
the reality that we're in is actually here, because we
don't want to acknowledge that maybe that significant other actually
was cheating and left. Maybe something did happen at the job,
(07:52):
something happened with me. Maybe I was spending too much
money and it got out of control and now I
cannot get it back in control. Whatever the situation is.
And you just spoke about homelessness, Rashaan, let me explain
this to you. One of the key ways, one of
the quickest ways to homelessness homelessness is homeowners. I tell
(08:12):
every homeowner out there, the first time you're gonna make
a late payment, call me. Don't wait until the payment
is already late. You know you don't have the money
to pay it when it's due. You know you don't
have the money when it's due. And there is not
gonna be a pot of gold at the end of
the rainbow. There is probably not gonna be a winning
lottery ticket, and there is no sugar daddy or sugar
(08:33):
Mama down the street that's gonna help you. So deal
with the reality. Open your mouth and talk to someone.
I tell everybody there was never a reason to be
ashamed around me because I've been there and done it all.
So open your mouth. That's the first adjustment that needs
to be made. And then, yes, Rashaan, from there, once
(08:54):
you open your mouth, you can actually embrace the reality
for what it is and start to do the moth.
You see, money is more predictable than anything. It keeps
us in bondage. We feel like we're hostage, we feel
like we're not free. But money is a simple function
of mathematics. One plus one equals two. If your stuff
(09:15):
as up to ten, it'll never get into two. So
the job is to reduce everything down so that your
math adds up. And even if you have to give
up some things and give up some pride and give
up some people, it's worth it in the end.
Speaker 2 (09:31):
Well, you know, thank you for that.
Speaker 3 (09:32):
Again, another amen, because I would say amen a lot
because as we go through this process, one of the
things that you taught me was children can be more
than just that typical deduction that we put on our
tax form because everybody's say, make sure you put your
(09:53):
child down as a deduction.
Speaker 2 (09:55):
But there are other platforms that children can be usedful on.
Speaker 3 (09:59):
And that that is that resonates so prominent in past
interviews I've done with you. Can you break it down
and let everybody know that I'm not telling everybody to.
Speaker 2 (10:09):
Go out there and just have kids so you get
tax reduction.
Speaker 3 (10:12):
But if you have children and they're smart and they're
willing to put in the work, this is their asset,
and this is the way you can use them.
Speaker 4 (10:19):
Correct Well, if you have children, nieces, nephews, grandchildren, godchildren,
little cousins, play cousins. You know how we do. You know,
folks that we have taken on as family. If you
have any people in your life like that, and I say,
even if they're not smart, make them smart. If they're
not ready, then get them ready. I'm gonna keep going
(10:42):
back to what this show is money making conversations. And
we're not having conversations about money with each other, and
we're not having conversations about money with our kids. All
our kids know is they want the latest video game,
They want to go to soccer, football, ballet, they want
to do all these things. But they truly have no
(11:03):
concept of where the money comes from or how the
exchange takes place. So one of the best things anybody
could do. You're having a money making conversation every day,
every time you wake that child up, to go to school,
to feed that child, to take them to an extracurricular activity.
Money and the conversation around it is either taking place
or not taking place. So guess what the IRS says.
(11:25):
You can hire your child cousin niece, nephew, grandchild, you know,
god daughter, god son. You can hire that child to
work in your home based business. You can pay each
child up to thirteen thousand, two hundred dollars tax free.
Speaker 3 (11:42):
That's taxi okay, thirteen thousand, two hundred dollars, tax free.
Speaker 4 (11:48):
Tax free to the child, and tax free to you.
Because now that you're paying that as a salary to
the child, it's now a write off as salaries in
your home based business, and it's tax free one hundred
percent to the child. The first thirteen thousand, two hundred dollars.
Most people are thinking, well, I don't have thirteen thousand,
(12:08):
two hundred dollars. I'm not telling you to go find
a new thirteen hundred two hundred dollars. I'm telling you
to add up the existing money you're already spending. If
you're spending two fifty a week on daycare, that already
exceeds thirteen thousand dollars, okay. If you are spending money
on tuition, if you're spending money on piano lessons or
(12:29):
karate class, or school clothes or Christmas toys or birthday presents,
or going to Disneyland or vacations. All that money that
you're spending, you're spending it anyway. The only difference between
you and me is you spend the money and it's gone.
I spend the money and I get it back. You
have to spend less money, you have to get more money,
(12:52):
but you also have to get your money back through
the legal tax deductions that the IRS has made available
to you. And the best thing about having a child
work in your business is there gaining skills. They're probably
doing things that you can't do. You don't know how
to launch that business on social media and TikTok and
snapchat and ig, but your child does. You're giving them
(13:15):
an opportunity to be entrepreneurs at an early age.
Speaker 3 (13:18):
And that's important to say that now before we go
in there. Further, I know you have a podcast this
you know we crossed pollination here.
Speaker 2 (13:25):
You know you see me I seed you.
Speaker 3 (13:27):
Tell us about your podcast. Tell us where we can
find it, the Lynn Richardson podcast.
Speaker 4 (13:31):
Well, if you go to Lynnrichardson dot com, you can download,
you can gain access to episodes. I'm on Monday through Friday,
every single day, Monday through Friday, every single day of
the week at noon live in California and at noon
live in Chicago. You can also watch the replays. You
(13:52):
can watch the replays at Lynmillionaire dot com Lendmillionaire dot com.
So any information that you want to get about money,
But I have to say, I want to come back
to Money Making Conversations because this is what we get
to specifically focus on topics for your beautiful audience.
Speaker 5 (14:10):
Money Making Conversations Masterclass continues online at Moneymakingconversations dot com
and follow Money Making Conversations Masterclass on Facebook, Twitter, and Instagram.
Ladies and gentlemen, it's time you stop reading other people's
success stories and start writing your own. Welcome back to
(14:32):
the Money Making Conversations Masterclass hosted by Rishan McDonald.
Speaker 2 (14:37):
Absolutely, and you know, but I gotta share that. You know,
if I shared a little my success, your success. And
that's how a relationship is of year, we go way back.
Speaker 3 (14:45):
You know, our relationship has always beten by uplifting and
uplifting part because this is tax season, we're being interviews
happening between January and April. That's where you got a
file from personal standpoint then a business standpoint. Let's talk
personal what people need to look out for what mistakes
they've been making. Are there any new tax law changes
that we all look out for because all those deductions
(15:07):
we should get for COVID they gone.
Speaker 2 (15:09):
Now they want their money in that upfront.
Speaker 4 (15:11):
Yes, yes, there are so many things that have changed
since COVID. During COVID people had higher savings rates during
COVID interest rates for low. Post COVID people's reserves are
being depleted. Post COVID interest rates are high. Post COVID.
We are in inflation. In post COVID, we are in
a renter crisis. It's easier to buy a home right
(15:34):
now than it is to rent a home. The credit
guidelines for renters have made it almost impossible for the
average American to get a decent place to live for
a decent amount of rental income. So I would say, personally,
it is time to get your house in order, and
get your house in order, one room at a time.
You know. I remember back in the day, Grandma be
(15:56):
used to make me clean up, and if we had
to clip the whole house, it was a big money much.
But if I could go and just do the dishes,
and then if I could mop the floor, and then
if I could do one thing at a time. It
made an enormous job of that much more bearable. So
I'm gonna say to you, just think about the one
thing you want to do. Maybe it's just getting your
budget under control. You want to control your spending. You
(16:18):
want to end your spending addiction. The spending addictions what
you have when you go to the grocery store for
toothpaste and walk out with one hundred and seventy nine
thousand and forty seven cent with the stuff you don't need,
and you do that three or four times a week
or worse, you go online and start shopping and the
boxes are just coming in every other day from all
the major places that deliver online. I'm not going to
(16:39):
say what their names are, but I want us to
just focus on one thing personally, and if you can
focus on that one thing, then you can take the
steps necessary to master the next thing.
Speaker 3 (16:51):
Now that's on the personal side, because I agree with
the rent. I was just watching news today and they
was talking about there's living amount of faces the rent nowadays,
and if you failable to rent, you don't want to
live there.
Speaker 2 (17:04):
You don't want to live there.
Speaker 3 (17:05):
You just a step away from the robbery so it's
important to understand that the dynamics of housing has changed
so much that people are homeless not because they want
to They might not get into a place where they
want to live properly or safely, and things like that.
Not from a small business. So we've been with small businesses.
We're entrepreneurs. I really talked to a lot of entrepreneurs
(17:27):
on this show. A lot of people tune in, and
the number one thing that I made mistakes. I always
tell people my mistakes. My first business that opened up
was a co partnership and I didn't even have a budget.
I knew how much I was charging people. I was
a comedy club that ten dollars I was getting it
was sold out, but I forgot about the tax on
the ticket. I forgot about the unemployment tax. I forgot
(17:51):
about all these little taxes. So when it came down,
I really wasn't getting ten dollars a person. I was
getting like seven dollars a person. So that wasn't even
calculating correctly in my head what I was really making.
What are the primary mistakes other than a budget, And
you can actually bring up the budget that we as
young entrepreneurs are better than entrepreneurs continue to make well.
Speaker 4 (18:14):
The number one mistake that we make is we don't
get an education. If you want to be a mechanic,
you may have some natural ability, but at some point
you may want to go to school to learn more
about how to fix an engine or transmission or whatever
part of the car. If you are going to help
people get well, and you want to be in the
medical profession, then you're going to go learn about the
(18:36):
body and physiology and all of those things. And what
we fail to recognize as entrepreneurs is we may have
the talent. We may have the talent. We may be
able to do the thing. We may be able to
write the book or make the people laugh, or make
the recipe for the restaurant or whatever it is, but
do we have the knowledge for the business. And so
(18:56):
I would say the number one thing is to get
the knowledge about the business. Rashan, you have heard me
talk about this, But do you know how many yanky
businesses are running around? I mean, every other person I
wanted to has an LLC. But that LLC has no
corporate book. There are no resolutions in the book, there
are no certificates of membership in the book. And therefore
(19:19):
the business run is running out of order. So the
very veil of protection that the business was formed to provide,
meaning if something happens in your business and you get sued,
then they won't come after your personal assets because we're
not running our business like a business, we're running it
like a personal hobby. Then you don't get the veil
(19:41):
of protection. And if you go to court and the
judge asks for your record book and your resolutions, most people,
nine out of ten, especially in our community, don't even
know what I'm talking about. You don't even know what
I'm talking about. They said, a record book? What is that?
I file my LLC with the the system online that
(20:02):
you know what that system is. You didn't go get
an attorney, you did not get a CPA, we did
not get financial advice. So we're making all those mistakes
that you're talking about with Sean, and we don't have to.
So get an education. At the Entrepreneurs Academy, I'm teaching
everything about running a business, from how to market it,
how to brand it, how to grow it, how to
(20:24):
scale it, how to hire the right people, how to
have a profited proper profit and loss analysis, how to
project revenues, all the things that you need to be
successful in the business.
Speaker 3 (20:35):
We you know, it's an interest, and thank you for
that advice, because really, when we make mistakes, they kind
of be they're kind of.
Speaker 2 (20:42):
Obvious, but we ignore it.
Speaker 3 (20:44):
In other words, a lot of people, and I'm not
saying this niggai, a lot of people put a lot
of pressure on prayer. I want to pray their way
out of it. Faith go out on faith without a plan.
I said, if you're going to jump out on faith,
make sure that plans in front of your jump. Prayer
is a lot of pressure on that. But it's something
I've been hearing a lot lately. It's been annoying me.
(21:07):
Go fund me.
Speaker 4 (21:09):
Oh my goodness, ever free please.
Speaker 3 (21:11):
Time I talked to somebody, well, you know, I'm gonna
I'm gonna do a vote go fund me campaign. I
basically have hung up on people because that's not a plan.
Speaker 2 (21:21):
Go fron me.
Speaker 3 (21:22):
What you mean You're gonna go out there ask people
to invest in you and you don't even have a
plan for the plan?
Speaker 2 (21:29):
Come on? Have you heard that a lot? I'm just
I'm just saying.
Speaker 3 (21:31):
On my show Money Making Conversations Master Class I've heard
go from me a lot, and I've just had to
discontinue that conversation.
Speaker 4 (21:38):
Let me let me just say this, and this is
with no due respect to whatever people do. We will
spend money on the outfit for the biggest concert that's
coming to town. We will spend thousands of dollars on
that thing. We will go get our hair done, our
nails done. We will spend money on cigarettes, on a
legalized marior. We will spend money on everything except ourselves.
(22:01):
We will spend money on things that do not grow
in value, accept ourselves. Go fund me is not a
life insurance policy, people. Go fund me is not a
business plan. Go fund me is not in a state plan.
Go fund me, when and if used, should be a
strategic method. It should be a strategic method to expand
(22:24):
and already h you know, thriving or or on the
verge of thriving business, to provide an opportunity for others
to potentially invest and to share in capital and growth
of the company. Not to just randomly raise funds so
you can go get your LLC that you're not gonna
protect and have the business end up being janking. Right,
(22:48):
So it's it's it's like I go sit with the attorney.
I know I need funds for my LLC and my trademark,
so I'm gonna go do a fund go fund me
account to pay for the stuff, but that I'm not
gonna run the business properly. And so again, I'm not
discounting those methods in and of themselves. I'm just saying
we should use them strategically. The Bible says that plans
(23:09):
fail for lack of counsel, but with many advisors they succeed.
We got to stop picking the scriptures that we think
work for us. We talk about faith, but faith without
work is dead. My t shirt says knowledge is power
when it's put into action. Stop talking about knowledge is power. No,
it's not. There are too many people running around who
(23:29):
know a whole bunch of stuff but aren't doing anything.
We have to put that knowledge to power. The only
place where work becomes, but where success comes before work
is in the dictionary. We've got to do the work,
and I think we can do it together.
Speaker 2 (23:44):
And we are.
Speaker 3 (23:45):
And that's why I'm just saying making sure that you
know I'm based in Atlanta. She's based in Los Angeles, Okay,
thousands of dollars all the part. But people say the
same bad language coming on to Lynn Richard's and podcast,
coming over the money making conversation. Mastercos, Okay, we're just
sharing information, not charging you no money. We're just trying
to invite you into our world, into our plan of action.
(24:08):
And that's what she just said.
Speaker 2 (24:10):
Action. Everything she ended the conversation was action.
Speaker 3 (24:13):
You can pray, you can find a scripture, but what's
the action, what's the plan, what's the goal?
Speaker 2 (24:19):
That's a dream tied to a reality.
Speaker 3 (24:22):
Those are all the things that we're trying to get
and trying to accomplish. But as we wrap this interview up,
we always talk about I want the two things.
Speaker 2 (24:30):
I want to talk about multiple streams of income.
Speaker 3 (24:32):
And then I want to slide over to his state planning,
because now that's a whole conversation. People may never make
it to the state planning, but we always hear multiple
streats of income. And I'm going to share y'all something
I managed, Steve Harvey and I managed and my goal
with him was to create multiple streams of income. And
(24:52):
I did books, radio, TV shows, tour speaking engagement, personal appearances.
What I did realize is that I did not do
it for myself. I was just getting one check from him.
So the platform of multiple streams of income work one
hundred percent for him, but.
Speaker 2 (25:12):
It wasn't working for me. Not there was a negative.
Speaker 3 (25:14):
But you have to understand what plan are you working.
I was not working the plan that I thought I
was working. I saw all his checks, but all those
checks weren't my checks. And so when we hear multiple
streams of income, I want people to understand how you
evaluate how the income comes to you. Is it coming
through one portal or is it coming through multiple That's
(25:37):
when it's really multiple streams of income.
Speaker 2 (25:39):
Correct, absolutely?
Speaker 4 (25:41):
I mean, and your testimony, with all the great work
that you've done, you know, you're absolutely right, and it's
a it's a wake up call for all of us
to take a look at what we're really doing. My
situation is similar, except that with all the things that
I helped. For example, MC liked to do, whether it
be DJing and you know radio, she does TV. She's acting,
(26:01):
she's producing and directing TV and film all those things,
so that's an income stream. She's got multiple income streams.
She's like a serial entrepreneur. Then I come in and
I've got streams of income there, But then I'm also speaking.
I've also got my real estate stream of income, my
mortgage stream of income, my insurance stream of income. I've
got a whole new wealth university, and then speaking engagements.
(26:24):
So all the things that I am actually helping her
to do, I can teach and preach about, and then
sometimes we do those things together. So, yes, one stream
of income is hazardous to your wealth. Let me repeat,
one stream of income is hazardous to your wealth. The
story that we were told that we could go to school,
get a good education, and retire in forty years from
(26:46):
one job, I just have to say this, with all
due respect, It's a lie. It is not the truth.
It is not It is almost impossible for anybody from
the baby boomers on through now to be able to
go get a job and work it for forty years
and retire. But above the poverty line you may be
(27:08):
able to retire, but gonna you're gonna be broke, Okay,
So in order for us to really be able to
take advantage of the opportunities, and I still say it's opportunities,
And listen, everybody, get up now. Whenever you see money
making conversations. Come on, do something in that hour. Go
grab your calendar. I have mine right here. I've been
wanting to stop and write some of the things I
(27:30):
heard Forshan say, Write do something, put a plan in place,
an aha moment, write it down and do something and
create those streams of income so that you too can
be in position to have to make decisions and to
exercise your choices when you want to do something, when
you did, when you don't want to do something. When
the pandemic hit, mc light didn't have to worry about
(27:53):
doing a concert or a TV show. Everything was shut down.
There were other streams of income coming in to support
not only the lifestyle, but really to expand the business.
And that's what we want for everyone.
Speaker 3 (28:06):
Yeah, and that lends itself to estate planning. Terminolo is
that very few people understand, especially when you're doing forty
hour week employment. Especially it's us out there trying to
think that that that goal watch is waging on for
forty years of employment, and that really doesn't happen. Like
my father, like your father, your grandfather. It's about being
(28:26):
a serial entrepreneur. What exactly is the state planning well?
Speaker 4 (28:30):
A state planning. So we talked about a business plan,
we talked about, you know, a financial plan. Now we're
talking about a life plan, a generational wealth plan. And
that's what the state planning is. And unfortunately, again in
our community, we don't want to talk about death.
Speaker 3 (28:45):
As we wrapped as up. The word planning is a
prominent term that's used in all success stories. Football Players
plan to win, athletes trained to win through a plan
of action. We plan to go to college and get
a degree, you know, we plan hopefully a successful marriage.
(29:06):
But somehow when it comes to our money, we don't plan,
especially in black community, we just spend.
Speaker 2 (29:12):
We just spent.
Speaker 3 (29:13):
And so when you start getting to that state planning level, what's.
Speaker 2 (29:20):
That journey like, what is that journey all about?
Speaker 4 (29:23):
Well, the first thing to understand is, no matter how
much money you have or don't have, you have in
a state, I was on food stamps in this century.
Do you understand? So when I tell you I've been there,
done that, I've had foreclosure, bankruptcy, This recession of two
thousand and eight got me like it got so many people.
And so during this century I was on food stamps.
(29:44):
But let me tell you what I did have when
I didn't have money. But I didn't have money, and
I still had my husband, my three children, my grandmother,
and people in my life that I loved. I had
life insurance, and I had an estate plan. And what
it did for me is it provided me with the
comfort of knowing that every single day I would wake
(30:08):
up and I could grind I could figure out how
to get out of this situation, get to the next level.
But what gave me comfort every night was if I
did not wake up tomorrow, my plans would not be
defeated because my estate plan would kick in and my
children would be taking care for the rest of their lives.
My grandmother would still have financial assistance in her old age.
(30:31):
She'd be able to have private duty care. My husband
would be able to still go on with the businesses,
and if he grieved for an extended amount of time,
he would lose everything financially. So everybody has an estate plan.
If you are a single mother a single father, you
have an a state plan. The question is who's in
control of it. If you actually sit down with an
(30:54):
attorney and write your state plan, you're in control of it.
You get to say if something happens to me, and
I've got a million dollar life insurance policy. All of
it isn't gonna go to my significant other or to
my children for them to spend it up, and so
I'd have to come back and get everybody right. They're
gonna get X amount to take care of the funeral.
They're gonna get x amount to pay the bills in
(31:16):
the house. They're gonna get x amount when they go
to college. They'll get x amount to start the business.
They'll get x amount. You can put a plan in
place so that your wealth can actually be useful for
your heirs for generations to come. If you don't have
a plan, then the state, state, the government has a plan.
(31:37):
We all were devastated when our beloved Chadwick Bozeman passed.
We were devastated. Didn't know he was sick. When he passed.
He did not have a will. His wife and his
parents were in agreement. They were in harmony. They just
wanted to split everything. But it didn't go down like that.
His wife got one point six million, I think the
(31:58):
number is or somewhere between one point three and one
point six His parents got between one point three and
one point six million, and the probate courts got one
point six or one point seven million. The probate court
got more than the airs. And that's the danger of
not having an estate plan. The government actually getting your
resources and dispersing them throughout the legal system as opposed
(32:22):
to you dispersing it to your heirs. So that's why
we all need to start with our state planning today.
It doesn't matter if you have a dollar, one hundred
of them, a thousand of them, or a million of them.
Start you a state plan.
Speaker 2 (32:35):
Now, wow again, doctor Lenn Richards.
Speaker 3 (32:38):
And the education and knowledge of coming on money making
conversations master class, because you are a masterclass. That's why
I added that whole portion of the conversation. We have
a conversation about not only money, but like and what
you said most important, we all have to start having
that money making conversation with your children, what your spouse,
(32:58):
what you part with your loved ones are people in general.
Because we go to church, we donate. Some people don't
even write that donation off.
Speaker 2 (33:10):
Did you give it up?
Speaker 3 (33:11):
Write a check instead of cash? All that can amount
to some type of deduction. But your biggest gift to
me is that the knowledge because I can't do what
you do, doctor Land, I cannot do what you do.
You are a blessing and thank you for coming on
Money Making Conversation Masterclass.
Speaker 4 (33:27):
Thank you, thank you for having me, and please welcome
me back for more conversations around taxes and everything.
Speaker 2 (33:33):
Else and you will. Thank you again.
Speaker 5 (33:39):
Thank you for joining us for this edition of Money
Making Conversations Masterclass. Money Making Conversations Masterclass with rough Shan
McDonald is produced by thirty eight to fifteen Media Inc.
More information about thirty eight to fifteen Media Inc. Is
available at thirty eight to fifteen media dot com. And
always remember to lead with your gift.
Speaker 4 (34:00):
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