November 11, 2025 • 38 mins
Two-time Emmy and Three-time NAACP Image Award-winning, television Executive Producer Rushion McDonald interviewed Dr. Joaquin Wallace.
🎯 Purpose of the Interview
To explore Dr. Wallace’s groundbreaking work in financial literacy, particularly his concept of the “financial genetic code”, and to promote his book Generational Wealth Begins with Generational Knowledge. The interview aims to empower marginalized communities with tools for financial healing, literacy, and long-term wealth building.
🗝️ Key Takeaways 1. Background & Recognition
- Dr. Wallace is a recipient of the Wells Fargo Living History Makers Award.
- Featured in the Contemporary Black Biography series.
- Former college basketball coach and educator with a strong focus on discipline and mentorship.
2. Seven-Stage Generational Wealth Model
Outlined in his book, the model includes:
- Internal/External Ecosystem – influences from family, community, and environment.
- Financial Genetic Code – inherited financial narratives and behaviors.
- Financial Healing – reprogramming harmful financial habits.
- Financial Edification – literacy and inclusion.
- Financial Well-being – stability and health.
- Generational Knowledge – estate planning, insurance, long-term care.
- Generational Wealth – successful transfer of assets.
“Without financial well-being, there is no generational wealth.”
3. Financial Genetic Code
- A trademarked concept by Dr. Wallace.
- Unlike DNA, it can be rewritten through education and therapy.
- Influenced by early experiences, family habits, and community norms.
- Examples include “scar tissue narratives” (trauma from past financial events).
4. Credit & Financial Literacy
- Credit score is critical but misunderstood.
- Utilization rate should be under 30%.
- Payment history and inquiries significantly affect scores.
- Many people are unaware of the difference between consumer scores and business scores.
5. Barriers to Financial Growth
- Lack of trust in financial systems due to past trauma.
- Misinformation passed down from family and community.
- Zip codes and overleveraging can impact loan approvals.
- Financial professionals may unknowingly transfer their own biases to clients.
6. Role of Financial Professionals
Dr. Wallace identifies five key roles:
- Financial Educator
- Financial Counselor
- Financial Therapist
- Financial Advisor
- Financial Planner
He emphasizes matching individuals with the right professional based on their needs and emotional readiness.
7. Book Insights
- Generational Wealth Begins with Generational Knowledge is an Amazon bestseller.
- Includes self-assessments after each chapter.
- Designed for both professionals and everyday readers.
- Encourages readers to identify their financial stage and take actionable steps.
💬 Notable Quotes
- “You are your credit score.”
- “Inherited financial narratives create encoded financial behaviors.”
- “Any answer sounds correct if you don’t ask the right question.”
- “Consistency creates consistent outcomes.”
- “Financial literacy is not the end-all—it’s just one piece of the puzzle.”
- “We do what we know. If we don’t know, we just continue to do.”
📌 Final Thoughts
Dr. Joaquin Wallace offers a transformative framework for understanding and improving financial behavior, especially in underserved communities. His concept of the financial genetic code bridges psychology, education, and economics, making financial wellness more accessible and actionable.
#SHMS #STRAW #BEST
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:04):
It's that time for another episode of Money Making Conversations Masterclass,
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(00:25):
their dreams, and build their own success stories with proper
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to keep winning.
Speaker 2 (00:34):
Hi.
Speaker 3 (00:35):
I'm Rashan McDonald. I host this weekly Money Making Conversation
Masterclass show. The interviews and information that this show provides
off for everyone. It's time to start reading other people's
success stories and start living your own now. If you
want to be a guest on my show, Money Making
Conversation Masterclass, please visit our website, Moneymakingconversations dot com and
(00:56):
click to be a guest button. If you're a small
business owner, entrepreneur, motivational speaker, influencer or nonprofit now let's
get started. My guess is honored with the Wells Fogo
Living History Makers Award. Doctor Wallace is also recognized in
the contemporary Black biography series which he documents the lives
of African Americans who are reshaping economic, cultural, and social narratives.
(01:21):
Please welcome to the Money Making Conversation Masterclass, Doctor Joaquin E.
Speaker 2 (01:25):
Wallace. How you doing, sir, I'm doing great. Thanks for
having me on.
Speaker 3 (01:29):
I got acknowledge it. He's a divine nine mare powerful brother.
Lived his whole life on the West because I.
Speaker 2 (01:34):
Don't know why he ain't moved travel. I'm down there
atlant I've been.
Speaker 3 (01:39):
I've been in New York, I've been in Chicago, I've
been in the last.
Speaker 2 (01:44):
LA and born in Houston. But you're still out there. Now.
Speaker 4 (01:48):
What's going on? Cap averside, West Coast? You just hold
it down a fort over the West Coast. Listen, I'm
trying to hold down the fort. But listen, I've been on.
I've been out the country several times though. So you know,
you can't limit you can't limitate me like that. You know,
I don't try.
Speaker 2 (02:01):
To hold me in.
Speaker 4 (02:02):
Tell me I love it, you know, because in the
world we live in experiences is the key, Doctor Wallace,
and I know in our community, and that's what the
interview is about.
Speaker 3 (02:14):
You know, it's like probably about six percent of autist
African American, twenty percent is white and west breaks down
in Asia and Latino. But as an African American, there
are so many of us who want to achieve success
but can't achieve it.
Speaker 4 (02:29):
Why is that, well, I think it's a combination of
a couple of things. What helped me was I have
an athletic background, so I played sports in college. I
coached college basketball as well as a head coach, so
I understand discipline. You know, one of the things that
we have a hard time with is discipline, discipline to
do something. And oftentimes we have unrealistic expectations we place
(02:52):
on ourselves as well, so if we're not able to
achieve those, we quickly quit.
Speaker 2 (02:56):
We don't see things through.
Speaker 4 (02:59):
So it's important you know that you give yourself, provide
yourself some realistic expectations. But most importantly, I do believe
that you have to find those individuals that you resonate with,
that you can touch, that you can actually communicate with
and talk to on the phone, that you can identify with,
that looks like you, talk like you, talk like you,
(03:20):
act like you, but at the same time can carry
themselves in a professional manner.
Speaker 2 (03:24):
And I feel when you able.
Speaker 4 (03:26):
When you're able to do that, especially for marginalized communities,
people look like you and I, it makes a huge
difference if you're able to say, hey, you know, this
is a person that I recognize with But then when
I speak to them, they make me feel they don't
you know, they make me feel comfortable in my own skin.
But most importantly, they encourage me at the same time.
Speaker 3 (03:45):
And that encouragement is important, especially when if it comes
at a young age, because that's where we can be
shut down. Now, you're a motivator, you articulate your coach,
so you're a builder and a leader of young men
to men talk about that journey and the important role
that you play and also a role that I can
play and making young men to be better prepared.
Speaker 2 (04:09):
You know, it's a great question.
Speaker 4 (04:10):
So I always say, I'm gonna go back to the
educational aspect of it all. You know, it's three levels
the education I think that we have responsibility for. Your
first level is your bachelor's degree, and that degree is
for your parents. Your second level that's your master's degree,
and that that.
Speaker 2 (04:26):
Degree is for you.
Speaker 4 (04:27):
Because you decided to say, hey, listen, I enjoyed my
bachelor's degree, but I found something I'm really passionate about.
So I'm going to now pursue my master's degree. But
when you get to the terminal degree, the PhDs, the doctorals,
the JD's, the the mds, things of that nature. Your
job at that point, I firmly believe is to change generations.
(04:49):
You know, it's my opportunity now to say, listen, I'm
transferring knowledge. I'm transferring information because you as you know,
within the African American community itself, it's only for I
think it's four point two percent of all PhDs who
are African American men, and so oftentimes and not we
don't believe that that's something that we can aspire to.
Speaker 2 (05:11):
And the ones that do have.
Speaker 4 (05:13):
Those degrees in some cases may not relate to the
common person. So you have to make sure that you're
able to relate to the common person as well. I
always say, I don't wear my degree on my sleeves
unless you ask me or you reference me as doctor Wallace.
It's something that I don't really talk about and kind of,
you know, put before myself.
Speaker 2 (05:32):
Now, education is key, but money is the winner.
Speaker 3 (05:36):
Now when you talk about why financial healing is essential
before financial growth can occur. Well, you say financial healing,
what are you referencing.
Speaker 4 (05:45):
Well, in my book that I have, this generational wealth
begins with generational knowledge. You know, I firmly believe that
within my seventh stage generational wealth model, we often don't
look at our internal external ecosystem and so right, so
we have these internal inherited financial narratives and encoded financial behaviors,
which creates your financial genetic code. Your financial genetic code
(06:09):
is something that you can reshape that code itself. But
for the most part, we need healing and if we
don't have the healing, when we don't have the healing,
becomes a challenge to actually get to stage five and
model my model, which is financial wellbeing, but most importantly
to move forward stage four, which is financial edification, which
is literacy and inclusion. So I firmly believe that we
(06:31):
have to first acknowledge that we do carry inherited financial
narratives which creates our encoded financial behaviors. So you have
the inherited financial narrative, which is the why encoded financial behaviors.
It's the action which creates your financial genetic code. And
everyone has a unique financial genetic code that first they
have to recognize that they even have.
Speaker 3 (06:52):
Then that mention because when I start thinking about my
genetic code or I look at my score, you know,
I try my score above seven hundred because at least
that allows people to acknowledge that I am very good
credit worthy status. Now in the financial world, is that
score as important? What are the things in the financial
(07:14):
world I just mentioned the score that will enable a
person to consistently be able to compete.
Speaker 2 (07:22):
In the financial space.
Speaker 3 (07:23):
Well, I'm go I talk about buying a car, I'm
talking about buying a home. I'm talking about living a life,
start getting the right apartment.
Speaker 2 (07:29):
That's the financial space I'm talking about. Yeah.
Speaker 4 (07:32):
Well, first and foremost, you have to have a very
competitive credit score. I mean, it is what it is
because you are your credit score. Right, So when people
see your credit score, they have an assumption and we
know what they say about assumption, but they do have
a picture, a snapshot of who you are.
Speaker 2 (07:48):
What they see.
Speaker 4 (07:49):
Now that may not be who you are, but those
may be decisions, irrational decisions that you've made throughout your lives. Because,
let's face it, many of this information we don't know.
We don't understand the power of credit. We don't understand
how mispayments can affect your credit reports, so to speak.
So with that being said again, it goes back to
when I talk about in terms of my book, it
(08:12):
talks about inherited financial narratives. Those are things that we
just don't recognize that we carry because many of our
first financial fiduciaries were our parents, cousins, uncles, friends, family, neighbors,
so to speak, and they provided us information or education
in regards to money, unsolicited information and oftentimes and not
(08:36):
without our permission, and we carry that on for years
and for generations. So when you're looking at credit or
things of that nature, which is stage four of my model,
which is financial edification, financial literacy, and financial inclusion, oftentimes
and not we're not prepared to participate because we just
don't know exactly what to do and the ramifications if
(08:57):
we're not able to do it in the correct matter.
Speaker 3 (09:01):
Now, it's important that people understand what's going on here.
There's a path to success and it doesn't start in
one day. In other words, you can't get good credit overnight.
You'll see those commercials ooh, my credit is going with
up forty points. Well, you probably it was at such
a low state with your credit score, it would go
up that quick when you start getting into the seven
(09:22):
hundred and eight hundreds, you and I'd like to say
a gold medal country right up there.
Speaker 2 (09:28):
But again, like you just said, sometimes my.
Speaker 3 (09:31):
Score will go down, Dr Wallace, and they'll say something like,
well you're not spending enough, or are your credit your
account You need to spend more on your account, or
you close the account. That's what you're talking about is
the confusing part. You don't even understand how you can
keep your score up. Sometimes it'll go down and you
think you're doing all the right things correct.
Speaker 4 (09:52):
Yeah, absolutely, And there's two ways you want to look
at in terms of credit itself. You have the credit
that is, they run your credit report, which is not
which is not the like mortgages and things of that nature,
which is it doesn't hit your account. So you have
those credit applications, credit app so to speak, that you
(10:15):
can look at, what is it credit assessing me experience
all those that are not the ones that actually businesses
actually use. And so it's always going to be a
difference in terms of score as well too. So when
I used to work with a lot of my clients.
They would say, well, you know, I was trying to
apply it for this car, this car loan, so to speak.
My credit was six forty five's process, but on experience
(10:38):
on my consumer app it was seven hundred. And I
would say, well, it's a big difference because they do
more of a more in depth look at your credit,
so to speak. You have consumer which is totally different.
But the biggest thing that you want to do in
regards to credit is to make sure that you're at
thirty percent thirty percent in terms of utilization rate.
Speaker 2 (10:58):
That's important.
Speaker 4 (10:59):
So again, as you mentioned earlier, oftentimes and now, well
let's see, you're a professional. I'm just a regular everyday dude.
Now I say thirty percent of a utilization rate.
Speaker 3 (11:09):
Now help a common thinking guy like me and my listeners.
Speaker 4 (11:13):
What does that mean? Thirty percent utilization rate? So, so
look at it this way. If you have a credit
card of one thousand dollars, that's your life. You want
to be somewhere in the neighborhood of three hundred dollars
in below incauds the utilization rate. But if you look
at your entire portfolio, that's what the entire portfolio looks like. So,
if you have a forty thousand dollars portfolio in terms
(11:35):
of credit, you need to be a thirty percent of
that because that's pretty much driving your credit report that
and thirty five percent is your your length of time
you had your credit, your payments being on time, and
things of that nature. All of those things do really
affect what you have in terms of your credit. So
sixty five percent is between making timely payments right, thirty
(11:57):
five percent and thirty percent of utilization utilization rate, And
that's where we kind of missed the boat in regards
to payment. Now, there's ways to get around it is hacked,
so to speak, But the bottom line is that you
want to make sure that you're paying timely. That's important,
paying timely and making sure that your credit utilization rate
(12:18):
is under thirty percent and reducing the amount of inquiries
on your credit report because those those can last two
years on your credit report as well, and it can
impact you immediately. Now, if you do get the credit
card itself, then it will eventually increase your credit score.
But let's say hypothetically that you do not get approved
(12:38):
for that credit card. Well, now, you're taking a hit
as well for one, and it's going to be on.
We don't know the length of time it's on, but
we know it's going to make a direct impact on
your credit report immediately as soon as you that you
actually apply for that particularoids of a credit card and
or auto loan.
Speaker 2 (12:56):
Now, doctor talking to Doctor Wakem Wallace.
Speaker 3 (12:59):
He's been on it with the Wells Fogo Living History
Makers Award. He's also been recognized in the Contemporary Black
Biography series with documents the lives of African Americans who
are reshaping economic, cultural and social narratives. Dr Wallace, I'm
a black man. I got money in the bank. I
gotta I like to believe in an excellent score. I
(13:20):
pay stuff on time. In fact, I do the trick
of always a lot of my automatic payment the minimum
being paid. That way, I won't miss any that I'm
never late. But I gotta tell you sometimes I get
I feel I'm being rejected because of the color of
my skin.
Speaker 2 (13:36):
Is that a false statement.
Speaker 3 (13:38):
Or I'm just I'm just selling myself short, or to
say that because my wife she gets mad.
Speaker 2 (13:45):
I don't know.
Speaker 3 (13:46):
We got money in the bank, we got all this.
Why are the each other? Is we need more? Why
do I feel that way? Dr Wallace?
Speaker 4 (13:52):
Well, I mean I'm not gonna say that's not true.
We don't know that.
Speaker 2 (13:57):
There's really make it cover the massaclint that feel that way?
Speaker 4 (14:02):
That can have zip codes can play a factor in
that as well.
Speaker 3 (14:06):
Okay, cool, that's good, Okay, audio, Like you said, zip code,
what can pay play a factor in those rejections because
I feel I hit all the marks, money in the bank,
been at the bank a long time, ten years, credit
score over eight hundred, and then when I try to
get aloan, then they want an equity of what you're
(14:26):
gonna put up against that loan. I'm going like where
we're in the game, Doctor Wallace. Does all this hard work,
and I just can't get a loan based on my
hard work. Why is it I always feel I got
to put something up for you to hold so I
can get some money.
Speaker 4 (14:44):
Well, sometimes you have to collaborize some things as well.
I don't know, right, So it might be it may
be zip codes. Maybe you may be over leveraged. I
mean that may be something as well too. I mean,
if you're doing everything correct, like you said, you're making
your payments in a timely manner.
Speaker 2 (15:00):
That may be the case that part.
Speaker 4 (15:02):
I don't know why, but there is some history difference,
but there is some history that does suggest that does happen,
in particular with the zip codes.
Speaker 2 (15:13):
Kind of like redlining's the same thing.
Speaker 4 (15:14):
So zip codes can play a part possibly in you
being rejected, and you may be overleveraged as well too.
But that's something that that's some of the metrics that
they that those financial institutions use.
Speaker 2 (15:28):
That's something I'm not really too aware of. But I've
heard of that before.
Speaker 3 (15:32):
Because just on my shorter day, that was the first
time I heard about there's a business score and there's
a consumer score, and so I didn't even I'd never
heard that before in my life. So what exactly is
your role in the financial literacy community, Dr Wallace, That's.
Speaker 4 (15:50):
A great question. So again, as I stated earlier, I
created a book. I wrote a book I released on
the twenty seventh of June, Generational Wealth Begins with Generational
Knowledge as an Amazon I'm bestseller with that.
Speaker 2 (16:01):
Why did you do that book?
Speaker 3 (16:02):
First of all, we're going to take our time on
this book. Why did you feel the need to do
this book? You articulate you're smart. I'm sure you do
a lot of speaking engagements. Was it frustration or people
just didn't understand how to be successful?
Speaker 2 (16:16):
Well, I wrote the book.
Speaker 4 (16:17):
It was a self inventory of myself for what because
you know, although I was in the business. Again, as
I mentioned earlier, you know, we have these this relationship
with money and we don't know why we have it.
And so based upon that, I created a model which
is the seventh stage generational wealth Model. Stage one of
(16:40):
the model is our internal and external ecosystem walls in
and walls out, which creates our inherited financial narrators and
encoded financial behaviors. Stage two is our financial genetic code.
Would focus on financial trauma and anxiety, which is a
byproduct of stage one. Stage three is financial healing, reprogramming
(17:00):
our financial genetic code stages two and one. Stage four
is financial edification, which focuses on financial literacy and inclusion.
Stage five is financial well being. Financial health is financial wealth.
This is where our soft landing is. Stage six is
generational knowledge. This is where we create our financial footprints
to reach stage seven. The model is broken into three stages.
(17:23):
Stages one and two is the past three and four
is the present, five six and seven is the future. However,
it's where you're at at that moment, where your feet
are at at that particular time. You may be in
financial well being, but things can happen that can take
you back to stages one and two. Because again, many
of these traumas and anxieties that we're inherited that we
(17:44):
have is unbeknownst to us. So a lot of our
decisions that we make in terms of credit and things
of that nature, we just don't know. But a lot
of it is based upon what we've seen in our home,
which are called walls and walls out. So I felt
it was very important for us to first idea identify
these inherited financial narratives for us to move forward, because
in our community, especially in marginalized communities, we just don't know.
(18:08):
We don't know why we make these decisions. And remember,
our inherited financial narratives and in code of financial behaviors
have been given to us without our prescription. But it's
been decades and decades and decades, so we may have learned,
we learn how to deal with money or not how
to deal with money, right, it's based upon our internal
external ecosystem, which is extremely important because each of us
(18:32):
has our own unique financial genetic code, which is important
because when you're talking about marriage or partnership with an individual,
each of us have a unique financial genetic code for one,
which we know that we don't know the exact number,
but we do know that money can ruin marriages and
friendships simply because of our financial genetic code.
Speaker 2 (18:54):
So it's important.
Speaker 4 (18:55):
It was important for me to first identify that because
many of the client answers I was working with thousandaires, millionaires, billionaires,
one hundred airs, no airs, A lot of them basically
were dealing with a lot of inherited financial narratives that
they didn't know that they were dealing with. Therefore, they
had analysis by paralysis, not being able to move forward
(19:17):
and take advantage of the vehicles that were out there
to get to stage five, which was financial well being. Also,
keep this in mind, we have been told that financial
literacy is the end all, which is not is a
small piece of the puzzle. The way they're teaching financial
literacy is in a linear process versus more of a whole.
Let's take a point of view and generational wealth wire.
(19:38):
Generational wealth isn't for you and I. What we're trying
to get to is financial well being. But most importantly,
we have to first identify stages one, two and three
to get the stage four, five and six. So I
thought that was very important having dealt with a lot
of my clients over the years.
Speaker 2 (19:55):
Don't go anywhere.
Speaker 3 (19:56):
We will be right back with more insights from money
Making Conversations master Class. Welcome back to money Making Conversations
master Class hosted by me Rashaan McDonald. Money Making Conversation
master Class continues online at Moneymaking Conversations dot com and
follow money Making Conversations master Class on Facebook, X and Instagram.
Speaker 4 (20:20):
Why seven stages well, because when you look at the
model itself, it's just broken down in seven stages. So again,
Stage one is internal external ecosystem. Stage two is your
financial genetic code, which is the past. Stage three is
financial healing, which now we have to reprogram stages two
and one. Stage four is financial edification, literacy and inclusion.
(20:41):
Stage five is financial wellbeing soft landing financial health. Stage
six is generational knowledge, which is important because I'll get
to this, which is important because ten just think of
yourself as first generation ten percent of the moneys that
you've amassed over time will be left for your grandchildren.
Based on the numbers, thirty percent would be left for
(21:01):
your immediate children. Well, why is that because of generational knowledge?
We put so much focus on generational wealth, but we
put less folks on generational knowledge. It should be life insurance,
which should be a state planning, which would be long
term care. All of the things that we need to
successfully transfer our assets we just don't do. And in
particular within the African American community, we have a low
(21:23):
rate of a state plan and things of that nature, insurance,
long term care and things of that nature. So oftentimes
not we're not able to transfer our assets. And we
see it a lot with a lot of our celebrities
that passed away. We didn't have things in place, so
although they had the assets, the knowledge wasn't there the
success we transfer. So that's why I firm that's my
argument is that we're focusing on the wrong thing. We
(21:45):
need to focus on more of a holistic approach. Therefore
we can actually get to generational wealth. But for you
and I, we are trying to get to financial well being,
because without financial well being, there is no generational wealth.
Right when you really look at it, right, right, So
that's important, right, because.
Speaker 3 (22:02):
You mentioned financial genetic code, which is switch stage two
I believe correct stage two.
Speaker 2 (22:08):
Yeah, and what exactly is that is in.
Speaker 3 (22:12):
Your book and I want to drive people to read
your book and gain all this knowledge.
Speaker 2 (22:17):
But why is that so important?
Speaker 3 (22:20):
Because when you say the word genetic code, it feels
like there's something that's inherited and not learned.
Speaker 2 (22:26):
Talk to us about that. Absolutely, I'm glad you asked
that question.
Speaker 4 (22:29):
So I trademarked the phrase financial genetic code simply because
I firmly believe that that's language that hasn't been used before.
And the code is something that you can rewrite versus
DNA that you can't. So you can rewrite the code
and inherited financial narratives as you mentioned, that's your why,
and then the action is in code of financial behaviors.
(22:52):
In my book, I tabled twenty essentially inherited financial narratives,
but there are more than that. But for instance, you
have the scar tention narrative. But scar tention narratives basically
suggests that something may have happened financially during your lifetime
that you've seen or witnessed. Therefore, you are now not
apt to trust the system, so to speak. And so
(23:13):
if you're not able to trust the system, what do
you do? You don't do anything at all. And it
may be in a situation that you've seen in your home.
So those are kind of narratives that we that has
been again given to us without our permission, unsolicited, so
to speak.
Speaker 2 (23:29):
And then it may be trans but but it's been trained,
that's been trained.
Speaker 3 (23:33):
No money and the mattress exactly your grandma money and
a brad exactly.
Speaker 4 (23:41):
Money is long trees, right, you know. So that means
you the money you get, you hold it absolutely, and
so to distribute it for opportunities that you don't understand
lack this pock market and vest So this, this, this
is great.
Speaker 2 (23:58):
I understand this.
Speaker 3 (24:00):
This is like a green light, I know for me
because I understand where you're going now. Because we in
the financial world we do what we know.
Speaker 4 (24:11):
Absolutely, we do exactly what we know and we do
and that's the thing. If we don't know, we're just
going to continue to do, right, I mean, it is
what it is. And so that's why the book is
so important. You know what I'm really excited about is
that I look at the comments or the testimonials and
the reviews on the book itself, and everything is positive,
(24:32):
Sam saying is one of the best books that have
been written.
Speaker 2 (24:36):
I wrote the book for two specific markets.
Speaker 4 (24:39):
One was the financial professionals and the regular person like
you and I. And the financial professionals there are five
of them. You have the financial educator, the counselor the therapist,
the advisor, and the planner. I firmly believe that oftentimes
and not, we transfer our own financial genetic code to
our clients without knowing subconsciously.
Speaker 2 (25:03):
So understand that.
Speaker 4 (25:04):
So if I whatever my financial genetic code is, I'm
transferring that to you, and oftentimes and not. That's why
you have a lot of individual who don't trust financial planners,
advisors and things of that nature, because they're transferring their
own inherited financial narratives and financial meetic code to you
as the client.
Speaker 2 (25:22):
That's where the trust comes into play.
Speaker 3 (25:24):
Right, And that's where you know, Wow, this is really
interesting because of the fact that you know, as you
go through life, you know, when I came up, you know,
the goal was to go to college. Now people just
are comfortable with getting certificates and becoming certified, and they're
making salaries that I didn't make when I came out
of college for a four year degree. Now with that
(25:47):
new knowledge, with the websites, the YouTube and all that,
when you see that how people are gaining financial knowledge,
what do you say to that, it's the financial genetic code.
Speaker 4 (25:58):
Well, I think that the information. One thing is we're
talking about it, right. I mean, now we're talking about it,
which is good. That was years ago we never talked
about it. Do research on it, right, So we're doing
more research. We're becoming more educated, so to speak. But again,
I do believe that each person needs to understand where
(26:19):
they fit on the in terms of the five financial professionals,
because think of it this way. You may come to
me and say, hey, I want you to provide me
a financial plan, but you have so many inherited financial narratives,
You have so much trauma and anxiety that whatever I
say or do, you're not going to do it anyway.
Is analysis by paralysis. So what you may need initially
(26:42):
is a financial therapist to flush all of that out first,
or just in terms of education, oftentimes were we don't
know what we're talking about because we're not educated though,
we don't know the difference between long term care, disability
insurance life insurance. There is several life insurance that are
out there for one k's four three b's four fifty
(27:02):
sevens qualified non qualified ross traditional iras.
Speaker 2 (27:07):
We don't know what they are.
Speaker 4 (27:09):
Therefore, if I meet with someone who is a financial
advisor a planner, I can't ask the most educated questions.
Speaker 2 (27:16):
So what happens?
Speaker 4 (27:17):
Oftentimes that's when they get burned or they're not getting
the expectations, and that's where the frustration comes in.
Speaker 2 (27:25):
Let me ask you this question, Dr Wallace. I've talked
to doctor Wallace.
Speaker 3 (27:28):
The inspiration behind the book The Creation of the Seventh
Stage Generational Wealth Model. It's a book I came out
in the twenty twenty five in June June twenty seven
selling book now financial literatary person.
Speaker 2 (27:44):
Are you a financial therapist for me? Personally? What I am?
Speaker 4 (27:49):
I'm a therapist, I'm a planner, advisor, I'm an educator
as well and literacy, so I pretty much can do
all five. I have the certifications to do all the
five as well. I have all my life to do that.
Yes I am. But for the most part, what I
try to do is align an individual with the right person,
so to speak. Am I therapist, Yes to some degree,
(28:11):
but I would refer you to someone who is a
financial therapist. I try to stay in my lane because
that's the best way to be effective. I don't want
to be all jack of all trades, master of none,
so I try to concentrate on what I specifically do
because that brings more credibility.
Speaker 2 (28:27):
Do I do a state planning.
Speaker 4 (28:28):
I can give you some information about state planning, but
I refer you to an a state planner because that's
the most effective way of doing it.
Speaker 2 (28:36):
We can talk about taxes, yes, but.
Speaker 4 (28:37):
I'm gonna refer you to a CPA, someone that can
best handle you, a business tax strategist and specialist, because
that's my job.
Speaker 2 (28:45):
I'm a con do it.
Speaker 4 (28:46):
But for the most part, I'm more into the educational
piece of it now as ever before. And that's why
the book was written, because I want to make sure
that I'm providing the tools for everyone to reach. Actually
write Stage five, which is financial well being, but for
the most part, give you the tools that you can understand, recognize, identify.
(29:07):
This is where I'm at on the model. Therefore, I
can make changes and or I can go out and
seek the right person to best assist me going forward.
Speaker 3 (29:15):
Because for the first time I saw the value of
a financial therapist and your journey and the conversation because
I never thought from a standpoint of your financial genetic
code is that you are as through natural education. You know,
if you're educated, you learn how to read, you learn
how to write, and learn how to talk. Same thing
(29:36):
with finances. If you know, at the earliest, my mom
got me a savings bond, didn't know what that meant, okay,
and struck it in a drawer and I was supposed
to get it at a certain age. But that was
but that was not how you win. You went through
consistent training. And in order to go through this training process,
like you said, you have to trust, but you also
(29:58):
have to educate yourself through the process of what you're trusting.
So you want to appear in an episode of Greed
being scammed.
Speaker 4 (30:06):
Talk about this, well, that's again, that's why when you
look at it from that perspective, it's so important because
you have to know you have to ask the right
questions first and foremost right. Without asking the right questions
any answer sounds correct, And I like how you just
talking about consistency in the book, I say, if you're
consistently consistent, your outcome will consistently be consistent. Oftentime, we're
(30:27):
consistently inconsistent. Therefore our outcome is inconsistent consistently right, And
so from that perspective, now it's from from you used
to coach. I used to tell my athletes that. But
for the most part, you have to be consistent in
whatever you do. So education is important. You can't believe
everything you hear read, but you can you can do
the due dillance to find out. The due dillis to
(30:49):
find out what's comfortable to you. For that reason, yes,
YouTube is there. You have a lot of individuals doing Instagram.
And one thing that you want to think about is
that this genre is becoming oversaturated and it's a fragmented market.
Speaker 2 (31:05):
The barriers to entry are low.
Speaker 4 (31:07):
So if you look at the product life cycle, we're
now at the maturity stage, maybe going through the declination.
Speaker 2 (31:12):
We have to do something. They extend the products, so
to speak.
Speaker 4 (31:14):
So you have a lot of people in this market
now saying and doing the same thing. And so what
I made sure that I did in regards to my book,
I made sure I use no language that is that
this trendy language. So the language that you read is
totally my language. And for instance, the financial genetic code,
(31:35):
that's totally my language. That's why we trade mark the
phrase because now I would be synonymous with that throughout.
And it's a purpose because many people don't look at
and think about what, you know, what is my financial
genetic code. What's great is when I talk to people say,
you know, my financial genetic code is X. Well that's
something they never thought ABOUTX. They never heard of it.
But when you really look at it and break it down,
(31:55):
look under the hoods, so to speak, it does make
sense because you're inherited financial narratives and you're encoded financial behaviors.
That creates who you are. But unlike a DNA, like
I said earlier, you have the ability to rewrite that.
And rewriting that is having therapy, talking it out, understanding
(32:15):
what your triggers are, what your flash part flash points
is right. Knowing what that looks like, now I can
make decisions because you may be at stage five and
financial wellbeing, but something that can happen, that can trigger,
you back to stage one and two.
Speaker 2 (32:29):
We see it all the time.
Speaker 4 (32:31):
Then you go back, but now you have the tools
to say, Okay, here are some things that I can do.
After each chapter in the book, we have self assessments.
So you go through the self assessments and you answer
the questions and what people are saying to me, that's
read the book anyway. They're using it as an opportunity
as a work in progress consistently, so it's not a
(32:51):
one time read. You can read and come back to
it over and over again. Hey, I'm gonna go back
to step one. Look at this. Okay, why is this
happening again? And it's really good with families as well
to have these conversations with their kids. You know, one
of the questions maybe what's your first uh when you
what's your first idea with money?
Speaker 2 (33:07):
Asking that to your your your teenager.
Speaker 4 (33:09):
Well, it's be interesting to hear what they have to say,
you know, having these conversations, talking them through it. Because
in the book we talk about financial passengers, which is important,
and the financial drivers or the financial passenger is someone
that's been in the as a passenger while you're driving
the car for for their lives right for a long
period of time. Eventually you give them the keys to
(33:31):
the car. When you give them the keys of the car,
they're going to drive really well or really bad. It's
the same thing about finances as well, because they're watching
you and when you give them when they on their own, well,
they watch what you've been able to do and they're
kind of mimicking that.
Speaker 2 (33:46):
Can mimic that, and or they may not.
Speaker 4 (33:49):
Based on their head of financial narratives, they're gonna say, well,
I'm not going to do things the same way that
my parents did things. But they but they wasn't educated
again right, not knowing what credit looks like, not knowing investments,
and like understanding what a state planning looks like. You know,
my daughter, she's thirty years of age and the person
that refer my clients to her the state planning, she
(34:09):
had an estate plan at thirty years of age. He
was like, this is the youngest person ever written in
the state plan for I had a firefighter that's thirty one,
thirty two.
Speaker 2 (34:17):
He has an estate plan. Because it's great.
Speaker 4 (34:20):
To start early as well too, because it's important. But
we know in our community that we don't do with
state plans, right, revocal trust, revocal trust, things that nature,
power of attorneys.
Speaker 2 (34:30):
We don't do those things.
Speaker 4 (34:32):
And so at the end of the day, you hear
stories within our community, the one percent who actually have
made it had at heart what does not actually do
not do a good job of transferring their assets.
Speaker 2 (34:43):
That's the one percent.
Speaker 4 (34:44):
But what about the other ninety nine percent, the neighbor,
the cousin that lives around the corner. That we hear about,
relatives that lost properties so to speak, to have infighting
within the families. All of those things do occur because
of the scarcity of resources what they've encountered during their lifetimes.
Speaker 2 (35:01):
And we know that many of those.
Speaker 4 (35:03):
Individuals who have ascertained lots of money from inheritance or
wind falls have lost a lot of it as well,
simply because their financial genetic code and they really didn't
have a true understanding of their inherited financial narratives and
the encoded financial behaviors.
Speaker 3 (35:19):
Excellent, He's the creative of the seven stage generational wealth model.
The core message, the core message of generational wealth begins
with generational knowledge and wires more than the financial guard
guide financial guide Doctor kin E. Wallace My brother new
cap apal Psi divine nine.
Speaker 2 (35:39):
Man, this is outstanding, man, outstanding.
Speaker 3 (35:41):
You know we're going to talk again and you're gonna
get your picture on this wall, I promise you.
Speaker 2 (35:47):
Because this wall used to be celebrity with is self leverage.
Speaker 3 (35:50):
I just want to feel it with people who are
change in everyday people's lives through financial education, small business knowledge,
nonprofit influencers, because that's what we need. We need people
within the community that can change our financial genetic code.
I hope, I hope you realize I got the message
(36:11):
and you educated me on my own show.
Speaker 4 (36:13):
Brother, there it is. There's a shirt right now. Yeah,
we got the shirts going on everything. We're gonna start
selling those. We have the definite website.
Speaker 2 (36:24):
What's your website?
Speaker 4 (36:25):
Doctor J Wallace dot com, d r J Wallace dot com.
You can hit me on Instagram as well, Doctor J.
Wallace and LinkedIn Doctor Joaquin Wallace. But most importantly, you know,
buy the book. But when you purchase the book, make
sure that you get a paperback and or a hard copy,
(36:45):
not the kindle, because there again you can do the
exercise on the back, which is paramount, is that you
leave a review. That's so important because that gets it
in the eyes of other individuals. And that's the one
thing that I would say to anyone who purchased the book,
prefer the book, make sure.
Speaker 2 (37:05):
You read it for one obviously, but then make.
Speaker 4 (37:08):
Sure that you leave a nice review because that's what
drives the algorithms in Amazon.
Speaker 3 (37:14):
I heard that again. Thank you with Dr Wallach for
coming on my show. Brother, you are special and do
my favor sending us a JPEG so we can promote
it on my platforms. That's what I you know, that's
what I do. I'm here to promote people are changing
people's lives, and the information that you have conveyed to
me on this show, you are definitely changing people's lives.
Speaker 2 (37:35):
You opened my eyes.
Speaker 3 (37:36):
That made me realize that I am who I am
because that's how I was raised. My parents gave me
this sense of financial education and it took me years
to kind of trust the process. But when the process
was never shown to me as a kid, I didn't
have any foundation.
Speaker 4 (37:55):
Right, and now you know your financial genetico, We're gonna
look at it right.
Speaker 2 (37:58):
Yeah you brother, appreciate you, man, appreciate you. Thanks lot.
Speaker 3 (38:02):
This has been money making Conversations Masterclass with me Rashaun McDonald.
Thanks to our guests and our audience, Visit Moneymakingconversations dot
com to listen or register to be a guest on
my show. Keep leading with your gifts, keep winning,
It's that time for another episode of Money Making Conversations Masterclass,
a show that is dedicated to promoting your success and
spotlighting the journeys of accomplished celebrities, entrepreneurs, small business owners,
nonprofits and influencers. Money Making Conversations Masterclass foster's a vibrant
community who are inspired to lead with their gifts, pursue
(00:25):
their dreams, and build their own success stories with proper
planning and mentorship. Our goal is to always motivate you
to keep winning.
Speaker 2 (00:34):
Hi.
Speaker 3 (00:35):
I'm Rashan McDonald. I host this weekly Money Making Conversation
Masterclass show. The interviews and information that this show provides
off for everyone. It's time to start reading other people's
success stories and start living your own now. If you
want to be a guest on my show, Money Making
Conversation Masterclass, please visit our website, Moneymakingconversations dot com and
(00:56):
click to be a guest button. If you're a small
business owner, entrepreneur, motivational speaker, influencer or nonprofit now let's
get started. My guess is honored with the Wells Fogo
Living History Makers Award. Doctor Wallace is also recognized in
the contemporary Black biography series which he documents the lives
of African Americans who are reshaping economic, cultural, and social narratives.
(01:21):
Please welcome to the Money Making Conversation Masterclass, Doctor Joaquin E.
Speaker 2 (01:25):
Wallace. How you doing, sir, I'm doing great. Thanks for
having me on.
Speaker 3 (01:29):
I got acknowledge it. He's a divine nine mare powerful brother.
Lived his whole life on the West because I.
Speaker 2 (01:34):
Don't know why he ain't moved travel. I'm down there
atlant I've been.
Speaker 3 (01:39):
I've been in New York, I've been in Chicago, I've
been in the last.
Speaker 2 (01:44):
LA and born in Houston. But you're still out there. Now.
Speaker 4 (01:48):
What's going on? Cap averside, West Coast? You just hold
it down a fort over the West Coast. Listen, I'm
trying to hold down the fort. But listen, I've been on.
I've been out the country several times though. So you know,
you can't limit you can't limitate me like that. You know,
I don't try.
Speaker 2 (02:01):
To hold me in.
Speaker 4 (02:02):
Tell me I love it, you know, because in the
world we live in experiences is the key, Doctor Wallace,
and I know in our community, and that's what the
interview is about.
Speaker 3 (02:14):
You know, it's like probably about six percent of autist
African American, twenty percent is white and west breaks down
in Asia and Latino. But as an African American, there
are so many of us who want to achieve success
but can't achieve it.
Speaker 4 (02:29):
Why is that, well, I think it's a combination of
a couple of things. What helped me was I have
an athletic background, so I played sports in college. I
coached college basketball as well as a head coach, so
I understand discipline. You know, one of the things that
we have a hard time with is discipline, discipline to
do something. And oftentimes we have unrealistic expectations we place
(02:52):
on ourselves as well, so if we're not able to
achieve those, we quickly quit.
Speaker 2 (02:56):
We don't see things through.
Speaker 4 (02:59):
So it's important you know that you give yourself, provide
yourself some realistic expectations. But most importantly, I do believe
that you have to find those individuals that you resonate with,
that you can touch, that you can actually communicate with
and talk to on the phone, that you can identify with,
that looks like you, talk like you, talk like you,
(03:20):
act like you, but at the same time can carry
themselves in a professional manner.
Speaker 2 (03:24):
And I feel when you able.
Speaker 4 (03:26):
When you're able to do that, especially for marginalized communities,
people look like you and I, it makes a huge
difference if you're able to say, hey, you know, this
is a person that I recognize with But then when
I speak to them, they make me feel they don't
you know, they make me feel comfortable in my own skin.
But most importantly, they encourage me at the same time.
Speaker 3 (03:45):
And that encouragement is important, especially when if it comes
at a young age, because that's where we can be
shut down. Now, you're a motivator, you articulate your coach,
so you're a builder and a leader of young men
to men talk about that journey and the important role
that you play and also a role that I can
play and making young men to be better prepared.
Speaker 2 (04:09):
You know, it's a great question.
Speaker 4 (04:10):
So I always say, I'm gonna go back to the
educational aspect of it all. You know, it's three levels
the education I think that we have responsibility for. Your
first level is your bachelor's degree, and that degree is
for your parents. Your second level that's your master's degree,
and that that.
Speaker 2 (04:26):
Degree is for you.
Speaker 4 (04:27):
Because you decided to say, hey, listen, I enjoyed my
bachelor's degree, but I found something I'm really passionate about.
So I'm going to now pursue my master's degree. But
when you get to the terminal degree, the PhDs, the doctorals,
the JD's, the the mds, things of that nature. Your
job at that point, I firmly believe is to change generations.
(04:49):
You know, it's my opportunity now to say, listen, I'm
transferring knowledge. I'm transferring information because you as you know,
within the African American community itself, it's only for I
think it's four point two percent of all PhDs who
are African American men, and so oftentimes and not we
don't believe that that's something that we can aspire to.
Speaker 2 (05:11):
And the ones that do have.
Speaker 4 (05:13):
Those degrees in some cases may not relate to the
common person. So you have to make sure that you're
able to relate to the common person as well. I
always say, I don't wear my degree on my sleeves
unless you ask me or you reference me as doctor Wallace.
It's something that I don't really talk about and kind of,
you know, put before myself.
Speaker 2 (05:32):
Now, education is key, but money is the winner.
Speaker 3 (05:36):
Now when you talk about why financial healing is essential
before financial growth can occur. Well, you say financial healing,
what are you referencing.
Speaker 4 (05:45):
Well, in my book that I have, this generational wealth
begins with generational knowledge. You know, I firmly believe that
within my seventh stage generational wealth model, we often don't
look at our internal external ecosystem and so right, so
we have these internal inherited financial narratives and encoded financial behaviors,
which creates your financial genetic code. Your financial genetic code
(06:09):
is something that you can reshape that code itself. But
for the most part, we need healing and if we
don't have the healing, when we don't have the healing,
becomes a challenge to actually get to stage five and
model my model, which is financial wellbeing, but most importantly
to move forward stage four, which is financial edification, which
is literacy and inclusion. So I firmly believe that we
(06:31):
have to first acknowledge that we do carry inherited financial
narratives which creates our encoded financial behaviors. So you have
the inherited financial narrative, which is the why encoded financial behaviors.
It's the action which creates your financial genetic code. And
everyone has a unique financial genetic code that first they
have to recognize that they even have.
Speaker 3 (06:52):
Then that mention because when I start thinking about my
genetic code or I look at my score, you know,
I try my score above seven hundred because at least
that allows people to acknowledge that I am very good
credit worthy status. Now in the financial world, is that
score as important? What are the things in the financial
(07:14):
world I just mentioned the score that will enable a
person to consistently be able to compete.
Speaker 2 (07:22):
In the financial space.
Speaker 3 (07:23):
Well, I'm go I talk about buying a car, I'm
talking about buying a home. I'm talking about living a life,
start getting the right apartment.
Speaker 2 (07:29):
That's the financial space I'm talking about. Yeah.
Speaker 4 (07:32):
Well, first and foremost, you have to have a very
competitive credit score. I mean, it is what it is
because you are your credit score. Right, So when people
see your credit score, they have an assumption and we
know what they say about assumption, but they do have
a picture, a snapshot of who you are.
Speaker 2 (07:48):
What they see.
Speaker 4 (07:49):
Now that may not be who you are, but those
may be decisions, irrational decisions that you've made throughout your lives. Because,
let's face it, many of this information we don't know.
We don't understand the power of credit. We don't understand
how mispayments can affect your credit reports, so to speak.
So with that being said again, it goes back to
when I talk about in terms of my book, it
(08:12):
talks about inherited financial narratives. Those are things that we
just don't recognize that we carry because many of our
first financial fiduciaries were our parents, cousins, uncles, friends, family, neighbors,
so to speak, and they provided us information or education
in regards to money, unsolicited information and oftentimes and not
(08:36):
without our permission, and we carry that on for years
and for generations. So when you're looking at credit or
things of that nature, which is stage four of my model,
which is financial edification, financial literacy, and financial inclusion, oftentimes
and not we're not prepared to participate because we just
don't know exactly what to do and the ramifications if
(08:57):
we're not able to do it in the correct matter.
Speaker 3 (09:01):
Now, it's important that people understand what's going on here.
There's a path to success and it doesn't start in
one day. In other words, you can't get good credit overnight.
You'll see those commercials ooh, my credit is going with
up forty points. Well, you probably it was at such
a low state with your credit score, it would go
up that quick when you start getting into the seven
(09:22):
hundred and eight hundreds, you and I'd like to say
a gold medal country right up there.
Speaker 2 (09:28):
But again, like you just said, sometimes my.
Speaker 3 (09:31):
Score will go down, Dr Wallace, and they'll say something like,
well you're not spending enough, or are your credit your
account You need to spend more on your account, or
you close the account. That's what you're talking about is
the confusing part. You don't even understand how you can
keep your score up. Sometimes it'll go down and you
think you're doing all the right things correct.
Speaker 4 (09:52):
Yeah, absolutely, And there's two ways you want to look
at in terms of credit itself. You have the credit
that is, they run your credit report, which is not
which is not the like mortgages and things of that nature,
which is it doesn't hit your account. So you have
those credit applications, credit app so to speak, that you
(10:15):
can look at, what is it credit assessing me experience
all those that are not the ones that actually businesses
actually use. And so it's always going to be a
difference in terms of score as well too. So when
I used to work with a lot of my clients.
They would say, well, you know, I was trying to
apply it for this car, this car loan, so to speak.
My credit was six forty five's process, but on experience
(10:38):
on my consumer app it was seven hundred. And I
would say, well, it's a big difference because they do
more of a more in depth look at your credit,
so to speak. You have consumer which is totally different.
But the biggest thing that you want to do in
regards to credit is to make sure that you're at
thirty percent thirty percent in terms of utilization rate.
Speaker 2 (10:58):
That's important.
Speaker 4 (10:59):
So again, as you mentioned earlier, oftentimes and now, well
let's see, you're a professional. I'm just a regular everyday dude.
Now I say thirty percent of a utilization rate.
Speaker 3 (11:09):
Now help a common thinking guy like me and my listeners.
Speaker 4 (11:13):
What does that mean? Thirty percent utilization rate? So, so
look at it this way. If you have a credit
card of one thousand dollars, that's your life. You want
to be somewhere in the neighborhood of three hundred dollars
in below incauds the utilization rate. But if you look
at your entire portfolio, that's what the entire portfolio looks like. So,
if you have a forty thousand dollars portfolio in terms
(11:35):
of credit, you need to be a thirty percent of
that because that's pretty much driving your credit report that
and thirty five percent is your your length of time
you had your credit, your payments being on time, and
things of that nature. All of those things do really
affect what you have in terms of your credit. So
sixty five percent is between making timely payments right, thirty
(11:57):
five percent and thirty percent of utilization utilization rate, And
that's where we kind of missed the boat in regards
to payment. Now, there's ways to get around it is hacked,
so to speak, But the bottom line is that you
want to make sure that you're paying timely. That's important,
paying timely and making sure that your credit utilization rate
(12:18):
is under thirty percent and reducing the amount of inquiries
on your credit report because those those can last two
years on your credit report as well, and it can
impact you immediately. Now, if you do get the credit
card itself, then it will eventually increase your credit score.
But let's say hypothetically that you do not get approved
(12:38):
for that credit card. Well, now, you're taking a hit
as well for one, and it's going to be on.
We don't know the length of time it's on, but
we know it's going to make a direct impact on
your credit report immediately as soon as you that you
actually apply for that particularoids of a credit card and
or auto loan.
Speaker 2 (12:56):
Now, doctor talking to Doctor Wakem Wallace.
Speaker 3 (12:59):
He's been on it with the Wells Fogo Living History
Makers Award. He's also been recognized in the Contemporary Black
Biography series with documents the lives of African Americans who
are reshaping economic, cultural and social narratives. Dr Wallace, I'm
a black man. I got money in the bank. I
gotta I like to believe in an excellent score. I
(13:20):
pay stuff on time. In fact, I do the trick
of always a lot of my automatic payment the minimum
being paid. That way, I won't miss any that I'm
never late. But I gotta tell you sometimes I get
I feel I'm being rejected because of the color of
my skin.
Speaker 2 (13:36):
Is that a false statement.
Speaker 3 (13:38):
Or I'm just I'm just selling myself short, or to
say that because my wife she gets mad.
Speaker 2 (13:45):
I don't know.
Speaker 3 (13:46):
We got money in the bank, we got all this.
Why are the each other? Is we need more? Why
do I feel that way? Dr Wallace?
Speaker 4 (13:52):
Well, I mean I'm not gonna say that's not true.
We don't know that.
Speaker 2 (13:57):
There's really make it cover the massaclint that feel that way?
Speaker 4 (14:02):
That can have zip codes can play a factor in
that as well.
Speaker 3 (14:06):
Okay, cool, that's good, Okay, audio, Like you said, zip code,
what can pay play a factor in those rejections because
I feel I hit all the marks, money in the bank,
been at the bank a long time, ten years, credit
score over eight hundred, and then when I try to
get aloan, then they want an equity of what you're
(14:26):
gonna put up against that loan. I'm going like where
we're in the game, Doctor Wallace. Does all this hard work,
and I just can't get a loan based on my
hard work. Why is it I always feel I got
to put something up for you to hold so I
can get some money.
Speaker 4 (14:44):
Well, sometimes you have to collaborize some things as well.
I don't know, right, So it might be it may
be zip codes. Maybe you may be over leveraged. I
mean that may be something as well too. I mean,
if you're doing everything correct, like you said, you're making
your payments in a timely manner.
Speaker 2 (15:00):
That may be the case that part.
Speaker 4 (15:02):
I don't know why, but there is some history difference,
but there is some history that does suggest that does happen,
in particular with the zip codes.
Speaker 2 (15:13):
Kind of like redlining's the same thing.
Speaker 4 (15:14):
So zip codes can play a part possibly in you
being rejected, and you may be overleveraged as well too.
But that's something that that's some of the metrics that
they that those financial institutions use.
Speaker 2 (15:28):
That's something I'm not really too aware of. But I've
heard of that before.
Speaker 3 (15:32):
Because just on my shorter day, that was the first
time I heard about there's a business score and there's
a consumer score, and so I didn't even I'd never
heard that before in my life. So what exactly is
your role in the financial literacy community, Dr Wallace, That's.
Speaker 4 (15:50):
A great question. So again, as I stated earlier, I
created a book. I wrote a book I released on
the twenty seventh of June, Generational Wealth Begins with Generational
Knowledge as an Amazon I'm bestseller with that.
Speaker 2 (16:01):
Why did you do that book?
Speaker 3 (16:02):
First of all, we're going to take our time on
this book. Why did you feel the need to do
this book? You articulate you're smart. I'm sure you do
a lot of speaking engagements. Was it frustration or people
just didn't understand how to be successful?
Speaker 2 (16:16):
Well, I wrote the book.
Speaker 4 (16:17):
It was a self inventory of myself for what because
you know, although I was in the business. Again, as
I mentioned earlier, you know, we have these this relationship
with money and we don't know why we have it.
And so based upon that, I created a model which
is the seventh stage generational wealth Model. Stage one of
(16:40):
the model is our internal and external ecosystem walls in
and walls out, which creates our inherited financial narrators and
encoded financial behaviors. Stage two is our financial genetic code.
Would focus on financial trauma and anxiety, which is a
byproduct of stage one. Stage three is financial healing, reprogramming
(17:00):
our financial genetic code stages two and one. Stage four
is financial edification, which focuses on financial literacy and inclusion.
Stage five is financial well being. Financial health is financial wealth.
This is where our soft landing is. Stage six is
generational knowledge. This is where we create our financial footprints
to reach stage seven. The model is broken into three stages.
(17:23):
Stages one and two is the past three and four
is the present, five six and seven is the future. However,
it's where you're at at that moment, where your feet
are at at that particular time. You may be in
financial well being, but things can happen that can take
you back to stages one and two. Because again, many
of these traumas and anxieties that we're inherited that we
(17:44):
have is unbeknownst to us. So a lot of our
decisions that we make in terms of credit and things
of that nature, we just don't know. But a lot
of it is based upon what we've seen in our home,
which are called walls and walls out. So I felt
it was very important for us to first idea identify
these inherited financial narratives for us to move forward, because
in our community, especially in marginalized communities, we just don't know.
(18:08):
We don't know why we make these decisions. And remember,
our inherited financial narratives and in code of financial behaviors
have been given to us without our prescription. But it's
been decades and decades and decades, so we may have learned,
we learn how to deal with money or not how
to deal with money, right, it's based upon our internal
external ecosystem, which is extremely important because each of us
(18:32):
has our own unique financial genetic code, which is important
because when you're talking about marriage or partnership with an individual,
each of us have a unique financial genetic code for one,
which we know that we don't know the exact number,
but we do know that money can ruin marriages and
friendships simply because of our financial genetic code.
Speaker 2 (18:54):
So it's important.
Speaker 4 (18:55):
It was important for me to first identify that because
many of the client answers I was working with thousandaires, millionaires, billionaires,
one hundred airs, no airs, A lot of them basically
were dealing with a lot of inherited financial narratives that
they didn't know that they were dealing with. Therefore, they
had analysis by paralysis, not being able to move forward
(19:17):
and take advantage of the vehicles that were out there
to get to stage five, which was financial well being. Also,
keep this in mind, we have been told that financial
literacy is the end all, which is not is a
small piece of the puzzle. The way they're teaching financial
literacy is in a linear process versus more of a whole.
Let's take a point of view and generational wealth wire.
(19:38):
Generational wealth isn't for you and I. What we're trying
to get to is financial well being. But most importantly,
we have to first identify stages one, two and three
to get the stage four, five and six. So I
thought that was very important having dealt with a lot
of my clients over the years.
Speaker 2 (19:55):
Don't go anywhere.
Speaker 3 (19:56):
We will be right back with more insights from money
Making Conversations master Class. Welcome back to money Making Conversations
master Class hosted by me Rashaan McDonald. Money Making Conversation
master Class continues online at Moneymaking Conversations dot com and
follow money Making Conversations master Class on Facebook, X and Instagram.
Speaker 4 (20:20):
Why seven stages well, because when you look at the
model itself, it's just broken down in seven stages. So again,
Stage one is internal external ecosystem. Stage two is your
financial genetic code, which is the past. Stage three is
financial healing, which now we have to reprogram stages two
and one. Stage four is financial edification, literacy and inclusion.
(20:41):
Stage five is financial wellbeing soft landing financial health. Stage
six is generational knowledge, which is important because I'll get
to this, which is important because ten just think of
yourself as first generation ten percent of the moneys that
you've amassed over time will be left for your grandchildren.
Based on the numbers, thirty percent would be left for
(21:01):
your immediate children. Well, why is that because of generational knowledge?
We put so much focus on generational wealth, but we
put less folks on generational knowledge. It should be life insurance,
which should be a state planning, which would be long
term care. All of the things that we need to
successfully transfer our assets we just don't do. And in
particular within the African American community, we have a low
(21:23):
rate of a state plan and things of that nature, insurance,
long term care and things of that nature. So oftentimes
not we're not able to transfer our assets. And we
see it a lot with a lot of our celebrities
that passed away. We didn't have things in place, so
although they had the assets, the knowledge wasn't there the
success we transfer. So that's why I firm that's my
argument is that we're focusing on the wrong thing. We
(21:45):
need to focus on more of a holistic approach. Therefore
we can actually get to generational wealth. But for you
and I, we are trying to get to financial well being,
because without financial well being, there is no generational wealth.
Right when you really look at it, right, right, So
that's important, right, because.
Speaker 3 (22:02):
You mentioned financial genetic code, which is switch stage two
I believe correct stage two.
Speaker 2 (22:08):
Yeah, and what exactly is that is in.
Speaker 3 (22:12):
Your book and I want to drive people to read
your book and gain all this knowledge.
Speaker 2 (22:17):
But why is that so important?
Speaker 3 (22:20):
Because when you say the word genetic code, it feels
like there's something that's inherited and not learned.
Speaker 2 (22:26):
Talk to us about that. Absolutely, I'm glad you asked
that question.
Speaker 4 (22:29):
So I trademarked the phrase financial genetic code simply because
I firmly believe that that's language that hasn't been used before.
And the code is something that you can rewrite versus
DNA that you can't. So you can rewrite the code
and inherited financial narratives as you mentioned, that's your why,
and then the action is in code of financial behaviors.
(22:52):
In my book, I tabled twenty essentially inherited financial narratives,
but there are more than that. But for instance, you
have the scar tention narrative. But scar tention narratives basically
suggests that something may have happened financially during your lifetime
that you've seen or witnessed. Therefore, you are now not
apt to trust the system, so to speak. And so
(23:13):
if you're not able to trust the system, what do
you do? You don't do anything at all. And it
may be in a situation that you've seen in your home.
So those are kind of narratives that we that has
been again given to us without our permission, unsolicited, so
to speak.
Speaker 2 (23:29):
And then it may be trans but but it's been trained,
that's been trained.
Speaker 3 (23:33):
No money and the mattress exactly your grandma money and
a brad exactly.
Speaker 4 (23:41):
Money is long trees, right, you know. So that means
you the money you get, you hold it absolutely, and
so to distribute it for opportunities that you don't understand
lack this pock market and vest So this, this, this
is great.
Speaker 2 (23:58):
I understand this.
Speaker 3 (24:00):
This is like a green light, I know for me
because I understand where you're going now. Because we in
the financial world we do what we know.
Speaker 4 (24:11):
Absolutely, we do exactly what we know and we do
and that's the thing. If we don't know, we're just
going to continue to do, right, I mean, it is
what it is. And so that's why the book is
so important. You know what I'm really excited about is
that I look at the comments or the testimonials and
the reviews on the book itself, and everything is positive,
(24:32):
Sam saying is one of the best books that have
been written.
Speaker 2 (24:36):
I wrote the book for two specific markets.
Speaker 4 (24:39):
One was the financial professionals and the regular person like
you and I. And the financial professionals there are five
of them. You have the financial educator, the counselor the therapist,
the advisor, and the planner. I firmly believe that oftentimes
and not, we transfer our own financial genetic code to
our clients without knowing subconsciously.
Speaker 2 (25:03):
So understand that.
Speaker 4 (25:04):
So if I whatever my financial genetic code is, I'm
transferring that to you, and oftentimes and not. That's why
you have a lot of individual who don't trust financial planners,
advisors and things of that nature, because they're transferring their
own inherited financial narratives and financial meetic code to you
as the client.
Speaker 2 (25:22):
That's where the trust comes into play.
Speaker 3 (25:24):
Right, And that's where you know, Wow, this is really
interesting because of the fact that you know, as you
go through life, you know, when I came up, you know,
the goal was to go to college. Now people just
are comfortable with getting certificates and becoming certified, and they're
making salaries that I didn't make when I came out
of college for a four year degree. Now with that
(25:47):
new knowledge, with the websites, the YouTube and all that,
when you see that how people are gaining financial knowledge,
what do you say to that, it's the financial genetic code.
Speaker 4 (25:58):
Well, I think that the information. One thing is we're
talking about it, right. I mean, now we're talking about it,
which is good. That was years ago we never talked
about it. Do research on it, right, So we're doing
more research. We're becoming more educated, so to speak. But again,
I do believe that each person needs to understand where
(26:19):
they fit on the in terms of the five financial professionals,
because think of it this way. You may come to
me and say, hey, I want you to provide me
a financial plan, but you have so many inherited financial narratives,
You have so much trauma and anxiety that whatever I
say or do, you're not going to do it anyway.
Is analysis by paralysis. So what you may need initially
(26:42):
is a financial therapist to flush all of that out first,
or just in terms of education, oftentimes were we don't
know what we're talking about because we're not educated though,
we don't know the difference between long term care, disability
insurance life insurance. There is several life insurance that are
out there for one k's four three b's four fifty
(27:02):
sevens qualified non qualified ross traditional iras.
Speaker 2 (27:07):
We don't know what they are.
Speaker 4 (27:09):
Therefore, if I meet with someone who is a financial
advisor a planner, I can't ask the most educated questions.
Speaker 2 (27:16):
So what happens?
Speaker 4 (27:17):
Oftentimes that's when they get burned or they're not getting
the expectations, and that's where the frustration comes in.
Speaker 2 (27:25):
Let me ask you this question, Dr Wallace. I've talked
to doctor Wallace.
Speaker 3 (27:28):
The inspiration behind the book The Creation of the Seventh
Stage Generational Wealth Model. It's a book I came out
in the twenty twenty five in June June twenty seven
selling book now financial literatary person.
Speaker 2 (27:44):
Are you a financial therapist for me? Personally? What I am?
Speaker 4 (27:49):
I'm a therapist, I'm a planner, advisor, I'm an educator
as well and literacy, so I pretty much can do
all five. I have the certifications to do all the
five as well. I have all my life to do that.
Yes I am. But for the most part, what I
try to do is align an individual with the right person,
so to speak. Am I therapist, Yes to some degree,
(28:11):
but I would refer you to someone who is a
financial therapist. I try to stay in my lane because
that's the best way to be effective. I don't want
to be all jack of all trades, master of none,
so I try to concentrate on what I specifically do
because that brings more credibility.
Speaker 2 (28:27):
Do I do a state planning.
Speaker 4 (28:28):
I can give you some information about state planning, but
I refer you to an a state planner because that's
the most effective way of doing it.
Speaker 2 (28:36):
We can talk about taxes, yes, but.
Speaker 4 (28:37):
I'm gonna refer you to a CPA, someone that can
best handle you, a business tax strategist and specialist, because
that's my job.
Speaker 2 (28:45):
I'm a con do it.
Speaker 4 (28:46):
But for the most part, I'm more into the educational
piece of it now as ever before. And that's why
the book was written, because I want to make sure
that I'm providing the tools for everyone to reach. Actually
write Stage five, which is financial well being, but for
the most part, give you the tools that you can understand, recognize, identify.
(29:07):
This is where I'm at on the model. Therefore, I
can make changes and or I can go out and
seek the right person to best assist me going forward.
Speaker 3 (29:15):
Because for the first time I saw the value of
a financial therapist and your journey and the conversation because
I never thought from a standpoint of your financial genetic
code is that you are as through natural education. You know,
if you're educated, you learn how to read, you learn
how to write, and learn how to talk. Same thing
(29:36):
with finances. If you know, at the earliest, my mom
got me a savings bond, didn't know what that meant, okay,
and struck it in a drawer and I was supposed
to get it at a certain age. But that was
but that was not how you win. You went through
consistent training. And in order to go through this training process,
like you said, you have to trust, but you also
(29:58):
have to educate yourself through the process of what you're trusting.
So you want to appear in an episode of Greed
being scammed.
Speaker 4 (30:06):
Talk about this, well, that's again, that's why when you
look at it from that perspective, it's so important because
you have to know you have to ask the right
questions first and foremost right. Without asking the right questions
any answer sounds correct, And I like how you just
talking about consistency in the book, I say, if you're
consistently consistent, your outcome will consistently be consistent. Oftentime, we're
(30:27):
consistently inconsistent. Therefore our outcome is inconsistent consistently right, And
so from that perspective, now it's from from you used
to coach. I used to tell my athletes that. But
for the most part, you have to be consistent in
whatever you do. So education is important. You can't believe
everything you hear read, but you can you can do
the due dillance to find out. The due dillis to
(30:49):
find out what's comfortable to you. For that reason, yes,
YouTube is there. You have a lot of individuals doing Instagram.
And one thing that you want to think about is
that this genre is becoming oversaturated and it's a fragmented market.
Speaker 2 (31:05):
The barriers to entry are low.
Speaker 4 (31:07):
So if you look at the product life cycle, we're
now at the maturity stage, maybe going through the declination.
Speaker 2 (31:12):
We have to do something. They extend the products, so
to speak.
Speaker 4 (31:14):
So you have a lot of people in this market
now saying and doing the same thing. And so what
I made sure that I did in regards to my book,
I made sure I use no language that is that
this trendy language. So the language that you read is
totally my language. And for instance, the financial genetic code,
(31:35):
that's totally my language. That's why we trade mark the
phrase because now I would be synonymous with that throughout.
And it's a purpose because many people don't look at
and think about what, you know, what is my financial
genetic code. What's great is when I talk to people say,
you know, my financial genetic code is X. Well that's
something they never thought ABOUTX. They never heard of it.
But when you really look at it and break it down,
(31:55):
look under the hoods, so to speak, it does make
sense because you're inherited financial narratives and you're encoded financial behaviors.
That creates who you are. But unlike a DNA, like
I said earlier, you have the ability to rewrite that.
And rewriting that is having therapy, talking it out, understanding
(32:15):
what your triggers are, what your flash part flash points
is right. Knowing what that looks like, now I can
make decisions because you may be at stage five and
financial wellbeing, but something that can happen, that can trigger,
you back to stage one and two.
Speaker 2 (32:29):
We see it all the time.
Speaker 4 (32:31):
Then you go back, but now you have the tools
to say, Okay, here are some things that I can do.
After each chapter in the book, we have self assessments.
So you go through the self assessments and you answer
the questions and what people are saying to me, that's
read the book anyway. They're using it as an opportunity
as a work in progress consistently, so it's not a
(32:51):
one time read. You can read and come back to
it over and over again. Hey, I'm gonna go back
to step one. Look at this. Okay, why is this
happening again? And it's really good with families as well
to have these conversations with their kids. You know, one
of the questions maybe what's your first uh when you
what's your first idea with money?
Speaker 2 (33:07):
Asking that to your your your teenager.
Speaker 4 (33:09):
Well, it's be interesting to hear what they have to say,
you know, having these conversations, talking them through it. Because
in the book we talk about financial passengers, which is important,
and the financial drivers or the financial passenger is someone
that's been in the as a passenger while you're driving
the car for for their lives right for a long
period of time. Eventually you give them the keys to
(33:31):
the car. When you give them the keys of the car,
they're going to drive really well or really bad. It's
the same thing about finances as well, because they're watching
you and when you give them when they on their own, well,
they watch what you've been able to do and they're
kind of mimicking that.
Speaker 2 (33:46):
Can mimic that, and or they may not.
Speaker 4 (33:49):
Based on their head of financial narratives, they're gonna say, well,
I'm not going to do things the same way that
my parents did things. But they but they wasn't educated
again right, not knowing what credit looks like, not knowing investments,
and like understanding what a state planning looks like. You know,
my daughter, she's thirty years of age and the person
that refer my clients to her the state planning, she
(34:09):
had an estate plan at thirty years of age. He
was like, this is the youngest person ever written in
the state plan for I had a firefighter that's thirty one,
thirty two.
Speaker 2 (34:17):
He has an estate plan. Because it's great.
Speaker 4 (34:20):
To start early as well too, because it's important. But
we know in our community that we don't do with
state plans, right, revocal trust, revocal trust, things that nature,
power of attorneys.
Speaker 2 (34:30):
We don't do those things.
Speaker 4 (34:32):
And so at the end of the day, you hear
stories within our community, the one percent who actually have
made it had at heart what does not actually do
not do a good job of transferring their assets.
Speaker 2 (34:43):
That's the one percent.
Speaker 4 (34:44):
But what about the other ninety nine percent, the neighbor,
the cousin that lives around the corner. That we hear about,
relatives that lost properties so to speak, to have infighting
within the families. All of those things do occur because
of the scarcity of resources what they've encountered during their lifetimes.
Speaker 2 (35:01):
And we know that many of those.
Speaker 4 (35:03):
Individuals who have ascertained lots of money from inheritance or
wind falls have lost a lot of it as well,
simply because their financial genetic code and they really didn't
have a true understanding of their inherited financial narratives and
the encoded financial behaviors.
Speaker 3 (35:19):
Excellent, He's the creative of the seven stage generational wealth model.
The core message, the core message of generational wealth begins
with generational knowledge and wires more than the financial guard
guide financial guide Doctor kin E. Wallace My brother new
cap apal Psi divine nine.
Speaker 2 (35:39):
Man, this is outstanding, man, outstanding.
Speaker 3 (35:41):
You know we're going to talk again and you're gonna
get your picture on this wall, I promise you.
Speaker 2 (35:47):
Because this wall used to be celebrity with is self leverage.
Speaker 3 (35:50):
I just want to feel it with people who are
change in everyday people's lives through financial education, small business knowledge,
nonprofit influencers, because that's what we need. We need people
within the community that can change our financial genetic code.
I hope, I hope you realize I got the message
(36:11):
and you educated me on my own show.
Speaker 4 (36:13):
Brother, there it is. There's a shirt right now. Yeah,
we got the shirts going on everything. We're gonna start
selling those. We have the definite website.
Speaker 2 (36:24):
What's your website?
Speaker 4 (36:25):
Doctor J Wallace dot com, d r J Wallace dot com.
You can hit me on Instagram as well, Doctor J.
Wallace and LinkedIn Doctor Joaquin Wallace. But most importantly, you know,
buy the book. But when you purchase the book, make
sure that you get a paperback and or a hard copy,
(36:45):
not the kindle, because there again you can do the
exercise on the back, which is paramount, is that you
leave a review. That's so important because that gets it
in the eyes of other individuals. And that's the one
thing that I would say to anyone who purchased the book,
prefer the book, make sure.
Speaker 2 (37:05):
You read it for one obviously, but then make.
Speaker 4 (37:08):
Sure that you leave a nice review because that's what
drives the algorithms in Amazon.
Speaker 3 (37:14):
I heard that again. Thank you with Dr Wallach for
coming on my show. Brother, you are special and do
my favor sending us a JPEG so we can promote
it on my platforms. That's what I you know, that's
what I do. I'm here to promote people are changing
people's lives, and the information that you have conveyed to
me on this show, you are definitely changing people's lives.
Speaker 2 (37:35):
You opened my eyes.
Speaker 3 (37:36):
That made me realize that I am who I am
because that's how I was raised. My parents gave me
this sense of financial education and it took me years
to kind of trust the process. But when the process
was never shown to me as a kid, I didn't
have any foundation.
Speaker 4 (37:55):
Right, and now you know your financial genetico, We're gonna
look at it right.
Speaker 2 (37:58):
Yeah you brother, appreciate you, man, appreciate you. Thanks lot.
Speaker 3 (38:02):
This has been money making Conversations Masterclass with me Rashaun McDonald.
Thanks to our guests and our audience, Visit Moneymakingconversations dot
com to listen or register to be a guest on
my show. Keep leading with your gifts, keep winning,
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Are You A Charlotte?
In 1997, actress Kristin Davis’ life was forever changed when she took on the role of Charlotte York in Sex and the City. As we watched Carrie, Samantha, Miranda and Charlotte navigate relationships in NYC, the show helped push once unacceptable conversation topics out of the shadows and altered the narrative around women and sex. We all saw ourselves in them as they searched for fulfillment in life, sex and friendships. Now, Kristin Davis wants to connect with you, the fans, and share untold stories and all the behind the scenes. Together, with Kristin and special guests, what will begin with Sex and the City will evolve into talks about themes that are still so relevant today. "Are you a Charlotte?" is much more than just rewatching this beloved show, it brings the past and the present together as we talk with heart, humor and of course some optimism.