Two-time Emmy and Three-NAACP Image Award-winning television Executive Producer Rushion McDonald interviewed Dr. Lynn Richardson. Financial planning executive and fan-favorite Dr. Lynn Richardson returns to dispense invaluable information for the listeners! This time, she brings with her information on how to manage debt properly, how the Black community’s skepticism of the finance sector will only hurt them in the end, and the secret tax write-off that every family with a home-based business rarely takes advantage of employing their children in their business. That’s right, child labor is perfectly legal if you follow the right steps! Curious? Skeptical? Both? Well then, there is no better solution than listening to this episode of Money Making Conversations Master Class.
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Episode Transcript
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Speaker 1 (00:05):
Welcome to the show.
Speaker 2 (00:06):
I'm Rashwan MacDonald, the host of Money Making Conversations Masterclass,
where we encourage people to stop reading other people's success
stories and.
Speaker 1 (00:14):
Start planning their own.
Speaker 2 (00:16):
Listen up as I interview entrepreneurs from around the country,
talk to celebrities and ask them how they are running
their companies, and speak with nod profits who are making
a difference in their local communities. Now, sit back and
listen as we unlock the secrets to their success on
Money Making Conversations Masterclass.
Speaker 1 (00:34):
I always say this, recognize that we all have different
definitions of success. My next guest truly defines that statement.
She's been a friend of mine a long time. I've
been fortunate to see her and hear her just give
advice throughout this country and on national TV, on streaming networks.
Because for more than two decades of leading roles in
the banking and real estate sales industry, she's been a genius.
(00:57):
Most notably, she's had books called Most of the Living,
Check to Monday, The Real Deal about Money, Credit and
Financial Security, which achieved bestseller status at the Congressional Black
Carcass Conference. Book Pavilion Lynn, that's doctor Lynn richards A.
Richard was a featured regular on the Steve Harvey TV
talk show Access Hollywood Live. She's been a regular on
(01:18):
That Almost Challenge, Home and Family, BT Networks, has appearance
on Essence Jet Upscale. I saw Good Morning America giving
out advice on get up in the Morning with mcgirl
Erica Campbell and many many outlets nationwide. And that's why
it's been difficult for me to get her, because I
really wanted on the first Monday this year. But when
you have a schedule like that, just feel blessed that
(01:39):
I got her now. She is an entertainment and executive
celebrity financial coach who usually a quick wit and she
is funny and humorous presentation style to help others face
their money issues and achieved personal, professional and spiritual harmony.
My friends, I call all of you my friends, please
welcome with the Money Making Conversation Masterclass Doctor Lynn Richardson,
(02:00):
How you doing, Doctor lynnon.
Speaker 3 (02:02):
Happy New You? Happy do you now? You know they
should have tracked me down for that first Monday of
the year.
Speaker 1 (02:10):
We tried. Oh then so you do not have that
many credits, Doctor Lynn, and then be available that way.
See this is a blessing right now that I got you.
You know, we just wrapped up January. We're going into
Black History Month, and you know that this is the
first quarter or you got to get your taxes right.
This is when people start applying for the you know,
two years ago we were about to go into you know,
(02:31):
a pandemic. You know, in twenty twenty, Marsh's when they
shut us all down. Now this year we're going in.
They're not shutting this country down. So if you're struggling
with financial issues, we got to get it fixed. And
that's why I wanted you on the show to try
to help. And I think it was better that we
did wait because people got they got to see what
what's this government's going to offer. They got to see
(02:52):
that they're cutting things, they're trying to get back to normal,
and if you fall along the side of the road,
they might just drive past you and leave you there.
Speaker 4 (03:02):
For do you think, Yeah, you.
Speaker 3 (03:03):
Know, I'm excited too, because I think everybody thought, with
this year being so many twos, you know, two to
two twenty two, everybody just kind of thought everything from
the past two years was just going to be wiped away.
But the truth is, we still have work to do.
Inflation is at an all time high, but hope it's
(03:23):
also at an all time high. So I think this
master class is exactly what people need to get to
the next level.
Speaker 1 (03:29):
You know, it's really interesting, doctor Lenvert. I remember when
they you know, when they pushed the income tax date
in twenty twenty and and uh, you know, but they
pushed from April fifteenth, and they went to May and June,
and then they didn't push the October fifteenth date. That
stayed there, and I still had to pay my tax
bill and it was a huge tax bill now, and
I was frustrated because I didn't make any money to
(03:50):
generate to be able to pay that off. And so
so it was at the point where this government said
enough is enough. You know, either you're gonna be on
one side of the winners, you're gonna be one side
of the losers. How did you see that whole twenty
twenty playout for you personally and people that you representing
financially and also accounting wise as well.
Speaker 3 (04:10):
Well. Twenty twenty was an interesting year because you know,
I always speak about getting your money back. I have
three basic principles for building wealth. Spend less money, get
a budget, get more money, go get multiple streams of income.
But you know, when you get more money, the more
you make, the more the irs will take. So then
you have to get your money back by living your
(04:33):
entire life like a business. So if you drive your
car for personal reasons, you don't get your money back,
but if you drive your car for business, you do.
So for twenty twenty, for the pandemic in general, I
found that people were able to save more money. So
those of us who were able to, you know, stick
through depression, because I think everybody had about with depression
(04:55):
and fear and so on and so forth. But for
those who were able to stick through and stick together,
they were able to save more money. We save more
money than ever as a country and as a people.
Speaker 5 (05:07):
In twenty twenty, more billionaires were made last year than
in any other time in the history of the world.
Speaker 1 (05:18):
That's right, something like four.
Speaker 3 (05:20):
Hundred and ninety three billionaires were made. And so I
often say you're either going to be a millionaire, a billionaire,
or a witness, And we want to make teach the
people are not just witnesses, that they actually get in
the game.
Speaker 1 (05:36):
And that's what this whole show is about. Because I
get frustrated. I have a segment at the top of
the show I call bragging. I'm encouraging people to promote
themselves because for some reason within the black community, especially
in the black community, in my monument community of color,
you know, we're told not to promote our said, we're
not to told to talk about our success. And I
tell everybody, what target does it? You know? For it?
(05:56):
Does it? Any major corporation does it? That's the way
you market. And you just said that right there, Rashan.
You can eat personally or you can eat smartly business wise.
If you smartly business wise, you can write that off.
And so we have to create our lives and create
a business model for our lives. And we create a
business model for our lives, and we could take advantage
(06:17):
and move up that little thousand dore millionaire and billionaire club,
because that's how they live every day.
Speaker 3 (06:23):
Correct, This is how they are living every single day.
They are watching every single dollar. You know, some say
money talk, but I say money walks away from the quietly,
and you don't know where it wents. Do what I'm
about to roll? Bounce up out of here, and when
you come find me, I won't be there. It will
be nice if it did talk, but it doesn't. And
(06:44):
I say that with last and humor, but it's the truth.
We say money talks, but it actually walks. And the
other thing that happens, but Rashan, which is why they
show us so important, is because people say, it's just
it's just ten dollars, it's just twelve dollars, it's just
one hundred dollars. And by the time you add up
all of those, it's just that's where your wealth is.
(07:07):
And so we have to keep preaching. We have to
keep teaching because the truth is. And the other part
of this is that we're doing right now. We're doing
a state planning. Unfortunately, we've seen many suicides. Unfortunately, we've
seen many deaths, and so now is the time for
everybody to understand that you have in a state your
(07:27):
life insurance, you're checking the savings accounts, the car you drive,
your clothing and all of those things need to be
in a proper plan when you read here. So there's
so many things that this masterclass is just perfect for.
Speaker 1 (07:42):
Now, let's talk about one of the great stories you
always tell me about employing your kids because we are
you know, we got families out here with children. They
don't know what to do with them. But you have
a strategy on how you can take advantage of employing
your kids and being able to write it off of
your taxes.
Speaker 3 (08:01):
Correct, absolutely, IRS Publication fifteen Pay thirteen. And I have
to say that because here's what happens when you start
to teach what the wealthy do? You know? Unfortunately, sometimes
in our community we don't believe anything. We think everything
is a scam. You that haters may say blockers and
(08:21):
craft barrel legs pullers. So whenever I quote this, I
say go to IRS Publication fifteen Pay thirteen, and the
IRS says that a child can work for parents in
their home based business. You can pay each child up
to twelve five hundred dollars a year. That's a complete
(08:42):
tax write off to you. Now, if you have two children,
that's twenty five thousand dollars. If you have three children,
that's thirty seven thousand, five hundred dollars and tax right
offs every year. That money is tax free to the child.
They pay no taxes on it. And now because you
haven't trast rite off, they can now go and buy
(09:03):
all the things that you were gonna pay for anyway.
You were gonna pay for tuition, you were gonna pay
for school clothes, you were gonna pay for that new
I pant, You're gonna pay for that video game. You
were gonna pay for football lessons. You were gonna pay
for all those things. But the difference now you get
your money back.
Speaker 1 (09:21):
Oh okay, Now I'm mad at you now because you
know I've been paying my daughter teach twenty five now
she's out of college. You know I am not home
I mean, we've had home based businesses and I'm not
giving her one check. And I know I could have
what's a pamp of fifteen, page thirteen. I need somebody.
I need to rip that out and put it on
my wall and E laminated because twelve thousand, five hundred
(09:45):
is so smart what you just said, Because you know
it's so smart, it's so smart. But because of the
fact that here I am, were sending kids to private school, okay,
and they can. It's a part time job, that's what
we call. It's just a part time job, and they're
paying they're doing part time work. That money, like you said,
it's not taxable. They can go and buy their clothes,
(10:07):
they can eat, they can they can even start paying
for their car, down payment for their education. Really, how
did you, I'm just going to say this, how did you?
And you said that when you give advice like this,
the first thing people give you the little squnch eyes.
How could that be you? You got to be nobody
does anything like that. How do you overcome those naysayers,
(10:27):
those haters, those disbelievers that think that something that everybody's
taking advantage of they don't think is real.
Speaker 3 (10:36):
Well, the first thing is if you show them the
successful people who are doing it. Because we're so afraid
to get ahead because we think we're going to be
aut of it by the I R S. So we
think something is illegal and so on and so forth,
and so do you have to tell the truth? Yes?
Do you have to document every single thing? Yes? And
(10:56):
then people say, well live that's hard work. I said
with yes, yes, yes, And you could be the CEO
of company. So now you're gonna take the hard work
and put it on getting your money back. But really,
for Shawn, and you know this, some people can't be told,
(11:17):
they have to be shown. And when people don't want
to follow suit, I say, if that's working for you,
keep doing it. And what we do is we make
sure that we develop good networks. Your network determines your network.
So I surround myself with people who are already who've
already been where I'm trying to go, and who are
(11:38):
trying to get to where I've been.
Speaker 1 (11:39):
So so that's how we're doing, Doctor Lanne. When you
call the show, are you? Every time you call you,
you make a dant into this city, like my producers
came around the corner man. She's just dropping some information
because that we normally don't get. And I think that's
a that's a tragic thing to say, because that's that's
the truth. Were the last to get the information? You know?
We the last or no about the COVID shot, We
(12:00):
the last to know about the COVID test. Were the
last or know about taxable tax deductions? How can we
break that cycle of being the last? Or that's too
large a question to ask you to even answer.
Speaker 3 (12:13):
No, I think it's a very fair question, and I
think we have to adjust and ship what we're paying
attention to because let's be clear, as black people, we
have wealth, now we are spending it on design of gym, shoes,
design of person. We're spending on cars, furniture, jewelry. We'll
(12:33):
go spend hundreds and hundreds of dollars for a concert ticket,
and another several hundred dollars on an outfit, another couple
hundred dollars on a pair of shoes. We will. We
have wealth.
Speaker 4 (12:46):
We have it.
Speaker 3 (12:48):
It's about what we are doing with it. And if
we're going to pay attention to the advice from people
like yourself. Quite frankly, and I think you know, there's
a saying that if you wants people to if you
want to hide something, put in a book because people
aren't going to read it. And I think, unfortunately for us,
(13:09):
we do not realize that. In the same way, we
can plan a baby shower, we can plan a bridal shower,
we plan the biggest weddings. We have all thirteen hundred
of our cousins there eat up all of food. But
if we put that planning in our finances, we could
be just as successful. So I think we just have
to keep saying it and keep putting it out there,
(13:31):
and keep making it available to people.
Speaker 4 (13:33):
Please don't go anywhere, We'll be right back with more money.
Making Conversations Masterclass. Welcome back to the Money Making Conversations
Masterclass hosted by Rashaan McDonald.
Speaker 1 (13:51):
Well, you know the interesting thing when you say that,
I'm always I always tell people like you know, I
can remember when you know, I was struggling to buy
two pasties. I made a little money and guess what
instead of instead of maintaining that money income and maintaining
that lifestyle, I started accelerating it. I made little money,
got a better apartment. I made a little more money,
got a better car. You know, those are the things
(14:12):
you naturally do. You tend to reward yourself for your efforts,
which is a natural way to do. But you also
have to remember saving setting aside. And you just said,
don't spend it all. Just don't go out there and
don't have a plan to do as we say those
rainy days. And one of the great principles that you
talk about is that eliminate everything possible, live below your means.
(14:36):
Act if you have lost an income. Can you talk
about that? Just give some people drop some old nuggets
that you can live a great life, but act like
it like you've lost your income and you can live
a longer great life.
Speaker 3 (14:48):
First of all, this is so good. Thank you for
this question. People do not understand that money will work
harder for you than you can have a work for it.
I want everybody who's listening right now to think about
how hard you work, how many days a week you
have to work to produce the income, and some hopefully
(15:10):
it's enough, but many times it's not. Money is saying
if you respect me, if you learn about me, and
if you protect me, then I will work harder for you,
then you can work for me. We are not protecting
our money when it's in sitting in a bank account,
(15:30):
or sitting in a savings account, or we're constantly going
out and sending it. But money says, if you pay
attention to me, then I will go out and duplicate
and multiply and triple and quadruple. I earned eighty six
eighty six percent return on my investment last year, Rashaan,
(15:51):
and I didn't even do any I didn't do any cryptocurrency,
I didn't have any of the wild investments. I didn't
even buy when the stock market first crash. But because
we implemented a strategy, and what everybody needs to know,
if you can implement a strategy. So the first thing
you do is spend less money. I say, live by
(16:11):
the ten, ten, thirty fifty. The first ten percent of
every dollar you get you tied, the next ten percent
you saved. The next thirty percent is cash on a
separate desert card for incidentals like grocery, gas, hair nails.
If it doesn't fit, get rid of it. Do not
spend more money than you have available to spend, And
the remaining fifty percent save in your checking account for
(16:34):
your bill. If you have more than enough money, that's
not a license to go get a bigger house, a
bigger car, or bigger everything else. Because if you get
a raise and raise your expenses, you have more debt
and less friends. You should first attack your debt, pay
off your credit cards, and so on and so forth.
Take a portion of your extra money, you know, save
(16:56):
for a vacation, which really I say a business trip
where I can they on the business ship, so now
I can get that money back. So let's just try
to be in place for the extra money. And if
you don't have enough money to pay your bills, then
you must subtract. Wow, you might have to take those
kids out of private school. I did it. You might
have to take them out of ballet I did. You
(17:18):
might have to put them in free programs at the
search I did. You might have to get a smaller
place to live. So that's what we do. And then
when we can start to make our money work for us, Rashawan,
I love my money working for me.
Speaker 4 (17:32):
I love it.
Speaker 6 (17:32):
We'll be right back with more Money Making Conversations Masterclass
with Rashawn McDonald. Now, let's return to Money Making Conversations
Masterclass with Rashaan McDonald.
Speaker 1 (17:45):
We have Lawrence on the call here, Lawrence, welcome to
a Reverend doctor Lynn Richardson.
Speaker 3 (17:52):
Hi, do Lawrence, Come on now, Lawrence.
Speaker 1 (17:55):
He's preaching today, Lawrence, he's preaching, so welcome to the altar.
Speaker 3 (17:59):
Brother.
Speaker 1 (18:00):
You're not asking for no money, but were given advice.
Speaker 3 (18:02):
What'd you got?
Speaker 1 (18:02):
What's your question?
Speaker 3 (18:05):
You're speaking of hiring your children for your home based business.
What's the age limits? What's the maximum age limit? Tends
to do that? I absolutely love this question because there
has been a debate about the age limit. People say, well,
they have to be no younger than seven years old,
(18:26):
and I say that is completely untrue because the IRS
says that your child can do any job that any
other child can do for a reasonable age. So tell
me what does the Hudgie's baby do, What does the
Pamp's baby do? What does the Gerber baby do? Those
babies model and they appear in commercials. The Department of
(18:51):
Labor also says that a child of any age, It
specifically says any age can work in tea fell as
a babysitter and their parents home based business without violating
any labor laws. So as long as the work isn't dangerous.
Speaker 4 (19:10):
They can do it.
Speaker 3 (19:12):
So if you are in a business and you need
to promote your business on social media, then your younger
children can model. You are five and six years old
year old, they can help you with social media. Your eight,
nine and ten year olds can help you with your databases.
Your older children can help you at events and plan
and so on and so forth. So in my class
(19:33):
how to Hire your kids and get your Money Back,
I go through job descriptions for children of every age
and different things that they can do to not only
help you in your home based business, but also learn
important entrepreneurial skills.
Speaker 1 (19:48):
Lawrence did to help you out? Did the Reverend help
you out? Reverend doctor Lynn Richardson, did you help you out? Well,
that's what we thought, that money making conversation master class
because of the fact that you didn't notice she's said
that right, correct, And that's the that's the problem. We
don't know. And w c OK has giving me an
opportunity that's based in Atlanta, Georgia. That's where the home
and the headquarters of what I do is. We broadcast
(20:11):
from the campus of Clark Atlanta University every every week.
And the beauty of this information that she's sharing with
it is because she's helped that thousands on national TV.
And she's right on my show right now helping out us,
giving us information because she's that well respected, a regular
(20:32):
on the Steve Harvey Talk Show, a regular you know
on B E T, a regular on Erica Campbell's show,
a regular on Essence B E T. You can turn
on the TV, turn on a podcast and you hear
her preaching the gospel of how the hair live a
valued life. Doctor Linny. I can't get enough of praising you.
This is only a small and I'm just telling you
(20:54):
this is just a small nugget of her life that
she's sharing with us. You know she's that unique, and
I think to get on the show. You know, when
when she comes my way, it's always got to do
more because I always feel like, Wow, she's blessed me
with this opportunity to share this information because like Lawrence
just said, and a lot of you guys driving around,
sitting at the home, you didn't know what she was
(21:16):
talking about. You don't believe. And then I asked you
to call y'are sitting around debating should I call her?
Speaker 6 (21:21):
Uh?
Speaker 1 (21:21):
Maybe maybe we're gonna embarrass We're not trying to embarrass you.
We just trying to share you value the information. Also
to get you to trust us, to trust doctor Lynn
richards the trust Roseean McDonald. Just trust this radio program
that every week. You know that we're trying to give
you advice, so you do your research. Understand it's how
it works. Now, I want you to google doctor Lynn
(21:43):
Richardson google her and you will see it's just the
page is just gonna go. You just gonna keep pressing down,
pressing down, pressing down, and you're gonna see it with stars,
You're gonna see it with regular people. You're gonna see
it with young kids. You're gonna see it with every
walk of life. You wanna see charity organization does. With
mc light, she gives back.
Speaker 3 (22:02):
Amen, we give back a million dollars over the past
ten years. Yes, we have listen to her.
Speaker 1 (22:09):
Now she's giving back with advice on Money Making Conversation
master Class. Tell them how to reach you because like
I said, I wouldn't be here. I'm gonna tell you
something I would not be able to promote what I'm saying,
money Makingation. Money Making Conversation master Class is the number
one syndicated We can't show on black radio without a doctor.
Lynn Richardson believing in Rashon McDonald.
Speaker 3 (22:32):
Well, I want to say this. I want to make
sure that we stay connected and maybe we come up
with a curriculum for twelve months or something to that effect,
because I'll be a Good Morning America tomorrow talking about
a state planning in the black community and Rashaun, you know,
life insurance of state planning, having a proper trust. We
(22:53):
don't understand that we can create trust on for our
children on minimum age. A lot of people don't understand
you're worth more, unfortunately dead than alive. Well, when you
pass on, if you put those funds into an annuity
inside of a trust, your child will have an income
(23:16):
for life and they will then be able to pass
that income down to their children and so on and
so forth. And this pandemic, because you mentioned it, has
taken a rehabit on our community. If I get one mode,
go fund me requests to stay for.
Speaker 1 (23:37):
A funeral, right right, right right, mm hmmm.
Speaker 3 (23:44):
So we we have to do this work and we
have to keep educating our people, and a state planning
is where we get to create wealth for future generations. Listen, Rashaan,
I was on full stamps in this century. When I
was on phone stamps, I still had enough life insurance
(24:04):
to make sure that if I didn't make it to
the next day to live out my dream, then my children,
my husband, my parents, my grandparents were still taking care
of in my access. And that's the power of this
master class and this kind of information for our people.
Speaker 1 (24:25):
Wow, if you have to give like closing advice to
my listeners because you're going to be back. And also,
I'm launching a money making conversations actually not money making conversation.
I am going to be launching a national podcast network.
And doctor Lynn Richardson I want to know. Will you
be a part of that? If you if you allow
(24:45):
yourself to be part of my growing brand out there,
doctor Lynn, doctor le Richardson, Here we go.
Speaker 3 (24:58):
I am just excited about it all. I am ready
to take each person by the hand, this man who
want help.
Speaker 1 (25:08):
There you go.
Speaker 3 (25:09):
I'm training a group of life coaches.
Speaker 1 (25:11):
Now, there you go.
Speaker 3 (25:12):
I see we are not magicians.
Speaker 1 (25:14):
There you go.
Speaker 3 (25:17):
I am not a psychiatric counselor. I'm not any of that.
I am a change agent for people who want help
and act like it.
Speaker 1 (25:32):
Well, my friend, you are special. You'll be on Good
Morning America tomorrow. Correct, yes, yes, that would be wednesday.
Please check her out, Doctor Lenn, I will be calling
you this week. I got a fan club that I
send out one hundred thousand fan club members every week.
I want us to start doing five minute video segments
(25:53):
with you doing your thing and dropping my fan dropping it.
It's all about you, It's all about your whole your
whole brand. You try to change people's lives with information.
So we'll talk all fair. But I want to thank you,
doctor land Richardson. If you don't believe she's real, google her.
But coming on money making, Conversation master Class and I'll
be calling you personally this week.
Speaker 3 (26:11):
Okay, okay, Amen, thank you so much for good luck.
Speaker 1 (26:16):
We talked sent on, appreciate you.
Speaker 6 (26:21):
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 fifteen Media Inc. More
information about thirty eight fifteen Media Inc. Is available at
thirty eight fifteen media dot com. And always remember to
lead with your gifts
Welcome to the show.
Speaker 2 (00:06):
I'm Rashwan MacDonald, the host of Money Making Conversations Masterclass,
where we encourage people to stop reading other people's success
stories and.
Speaker 1 (00:14):
Start planning their own.
Speaker 2 (00:16):
Listen up as I interview entrepreneurs from around the country,
talk to celebrities and ask them how they are running
their companies, and speak with nod profits who are making
a difference in their local communities. Now, sit back and
listen as we unlock the secrets to their success on
Money Making Conversations Masterclass.
Speaker 1 (00:34):
I always say this, recognize that we all have different
definitions of success. My next guest truly defines that statement.
She's been a friend of mine a long time. I've
been fortunate to see her and hear her just give
advice throughout this country and on national TV, on streaming networks.
Because for more than two decades of leading roles in
the banking and real estate sales industry, she's been a genius.
(00:57):
Most notably, she's had books called Most of the Living,
Check to Monday, The Real Deal about Money, Credit and
Financial Security, which achieved bestseller status at the Congressional Black
Carcass Conference. Book Pavilion Lynn, that's doctor Lynn richards A.
Richard was a featured regular on the Steve Harvey TV
talk show Access Hollywood Live. She's been a regular on
(01:18):
That Almost Challenge, Home and Family, BT Networks, has appearance
on Essence Jet Upscale. I saw Good Morning America giving
out advice on get up in the Morning with mcgirl
Erica Campbell and many many outlets nationwide. And that's why
it's been difficult for me to get her, because I
really wanted on the first Monday this year. But when
you have a schedule like that, just feel blessed that
(01:39):
I got her now. She is an entertainment and executive
celebrity financial coach who usually a quick wit and she
is funny and humorous presentation style to help others face
their money issues and achieved personal, professional and spiritual harmony.
My friends, I call all of you my friends, please
welcome with the Money Making Conversation Masterclass Doctor Lynn Richardson,
(02:00):
How you doing, Doctor lynnon.
Speaker 3 (02:02):
Happy New You? Happy do you now? You know they
should have tracked me down for that first Monday of
the year.
Speaker 1 (02:10):
We tried. Oh then so you do not have that
many credits, Doctor Lynn, and then be available that way.
See this is a blessing right now that I got you.
You know, we just wrapped up January. We're going into
Black History Month, and you know that this is the
first quarter or you got to get your taxes right.
This is when people start applying for the you know,
two years ago we were about to go into you know,
(02:31):
a pandemic. You know, in twenty twenty, Marsh's when they
shut us all down. Now this year we're going in.
They're not shutting this country down. So if you're struggling
with financial issues, we got to get it fixed. And
that's why I wanted you on the show to try
to help. And I think it was better that we
did wait because people got they got to see what
what's this government's going to offer. They got to see
(02:52):
that they're cutting things, they're trying to get back to normal,
and if you fall along the side of the road,
they might just drive past you and leave you there.
Speaker 4 (03:02):
For do you think, Yeah, you.
Speaker 3 (03:03):
Know, I'm excited too, because I think everybody thought, with
this year being so many twos, you know, two to
two twenty two, everybody just kind of thought everything from
the past two years was just going to be wiped away.
But the truth is, we still have work to do.
Inflation is at an all time high, but hope it's
(03:23):
also at an all time high. So I think this
master class is exactly what people need to get to
the next level.
Speaker 1 (03:29):
You know, it's really interesting, doctor Lenvert. I remember when
they you know, when they pushed the income tax date
in twenty twenty and and uh, you know, but they
pushed from April fifteenth, and they went to May and June,
and then they didn't push the October fifteenth date. That
stayed there, and I still had to pay my tax
bill and it was a huge tax bill now, and
I was frustrated because I didn't make any money to
(03:50):
generate to be able to pay that off. And so
so it was at the point where this government said
enough is enough. You know, either you're gonna be on
one side of the winners, you're gonna be one side
of the losers. How did you see that whole twenty
twenty playout for you personally and people that you representing
financially and also accounting wise as well.
Speaker 3 (04:10):
Well. Twenty twenty was an interesting year because you know,
I always speak about getting your money back. I have
three basic principles for building wealth. Spend less money, get
a budget, get more money, go get multiple streams of income.
But you know, when you get more money, the more
you make, the more the irs will take. So then
you have to get your money back by living your
(04:33):
entire life like a business. So if you drive your
car for personal reasons, you don't get your money back,
but if you drive your car for business, you do.
So for twenty twenty, for the pandemic in general, I
found that people were able to save more money. So
those of us who were able to, you know, stick
through depression, because I think everybody had about with depression
(04:55):
and fear and so on and so forth. But for
those who were able to stick through and stick together,
they were able to save more money. We save more
money than ever as a country and as a people.
Speaker 5 (05:07):
In twenty twenty, more billionaires were made last year than
in any other time in the history of the world.
Speaker 1 (05:18):
That's right, something like four.
Speaker 3 (05:20):
Hundred and ninety three billionaires were made. And so I
often say you're either going to be a millionaire, a billionaire,
or a witness, And we want to make teach the
people are not just witnesses, that they actually get in
the game.
Speaker 1 (05:36):
And that's what this whole show is about. Because I
get frustrated. I have a segment at the top of
the show I call bragging. I'm encouraging people to promote
themselves because for some reason within the black community, especially
in the black community, in my monument community of color,
you know, we're told not to promote our said, we're
not to told to talk about our success. And I
tell everybody, what target does it? You know? For it?
(05:56):
Does it? Any major corporation does it? That's the way
you market. And you just said that right there, Rashan.
You can eat personally or you can eat smartly business wise.
If you smartly business wise, you can write that off.
And so we have to create our lives and create
a business model for our lives. And we create a
business model for our lives, and we could take advantage
(06:17):
and move up that little thousand dore millionaire and billionaire club,
because that's how they live every day.
Speaker 3 (06:23):
Correct, This is how they are living every single day.
They are watching every single dollar. You know, some say
money talk, but I say money walks away from the quietly,
and you don't know where it wents. Do what I'm
about to roll? Bounce up out of here, and when
you come find me, I won't be there. It will
be nice if it did talk, but it doesn't. And
(06:44):
I say that with last and humor, but it's the truth.
We say money talks, but it actually walks. And the
other thing that happens, but Rashan, which is why they
show us so important, is because people say, it's just
it's just ten dollars, it's just twelve dollars, it's just
one hundred dollars. And by the time you add up
all of those, it's just that's where your wealth is.
(07:07):
And so we have to keep preaching. We have to
keep teaching because the truth is. And the other part
of this is that we're doing right now. We're doing
a state planning. Unfortunately, we've seen many suicides. Unfortunately, we've
seen many deaths, and so now is the time for
everybody to understand that you have in a state your
(07:27):
life insurance, you're checking the savings accounts, the car you drive,
your clothing and all of those things need to be
in a proper plan when you read here. So there's
so many things that this masterclass is just perfect for.
Speaker 1 (07:42):
Now, let's talk about one of the great stories you
always tell me about employing your kids because we are
you know, we got families out here with children. They
don't know what to do with them. But you have
a strategy on how you can take advantage of employing
your kids and being able to write it off of
your taxes.
Speaker 3 (08:01):
Correct, absolutely, IRS Publication fifteen Pay thirteen. And I have
to say that because here's what happens when you start
to teach what the wealthy do? You know? Unfortunately, sometimes
in our community we don't believe anything. We think everything
is a scam. You that haters may say blockers and
(08:21):
craft barrel legs pullers. So whenever I quote this, I
say go to IRS Publication fifteen Pay thirteen, and the
IRS says that a child can work for parents in
their home based business. You can pay each child up
to twelve five hundred dollars a year. That's a complete
(08:42):
tax write off to you. Now, if you have two children,
that's twenty five thousand dollars. If you have three children,
that's thirty seven thousand, five hundred dollars and tax right
offs every year. That money is tax free to the child.
They pay no taxes on it. And now because you
haven't trast rite off, they can now go and buy
(09:03):
all the things that you were gonna pay for anyway.
You were gonna pay for tuition, you were gonna pay
for school clothes, you were gonna pay for that new
I pant, You're gonna pay for that video game. You
were gonna pay for football lessons. You were gonna pay
for all those things. But the difference now you get
your money back.
Speaker 1 (09:21):
Oh okay, Now I'm mad at you now because you
know I've been paying my daughter teach twenty five now
she's out of college. You know I am not home
I mean, we've had home based businesses and I'm not
giving her one check. And I know I could have
what's a pamp of fifteen, page thirteen. I need somebody.
I need to rip that out and put it on
my wall and E laminated because twelve thousand, five hundred
(09:45):
is so smart what you just said, Because you know
it's so smart, it's so smart. But because of the
fact that here I am, were sending kids to private school, okay,
and they can. It's a part time job, that's what
we call. It's just a part time job, and they're
paying they're doing part time work. That money, like you said,
it's not taxable. They can go and buy their clothes,
(10:07):
they can eat, they can they can even start paying
for their car, down payment for their education. Really, how
did you, I'm just going to say this, how did you?
And you said that when you give advice like this,
the first thing people give you the little squnch eyes.
How could that be you? You got to be nobody
does anything like that. How do you overcome those naysayers,
(10:27):
those haters, those disbelievers that think that something that everybody's
taking advantage of they don't think is real.
Speaker 3 (10:36):
Well, the first thing is if you show them the
successful people who are doing it. Because we're so afraid
to get ahead because we think we're going to be
aut of it by the I R S. So we
think something is illegal and so on and so forth,
and so do you have to tell the truth? Yes?
Do you have to document every single thing? Yes? And
(10:56):
then people say, well live that's hard work. I said
with yes, yes, yes, And you could be the CEO
of company. So now you're gonna take the hard work
and put it on getting your money back. But really,
for Shawn, and you know this, some people can't be told,
(11:17):
they have to be shown. And when people don't want
to follow suit, I say, if that's working for you,
keep doing it. And what we do is we make
sure that we develop good networks. Your network determines your network.
So I surround myself with people who are already who've
already been where I'm trying to go, and who are
(11:38):
trying to get to where I've been.
Speaker 1 (11:39):
So so that's how we're doing, Doctor Lanne. When you
call the show, are you? Every time you call you,
you make a dant into this city, like my producers
came around the corner man. She's just dropping some information
because that we normally don't get. And I think that's
a that's a tragic thing to say, because that's that's
the truth. Were the last to get the information? You know?
We the last or no about the COVID shot, We
(12:00):
the last to know about the COVID test. Were the
last or know about taxable tax deductions? How can we
break that cycle of being the last? Or that's too
large a question to ask you to even answer.
Speaker 3 (12:13):
No, I think it's a very fair question, and I
think we have to adjust and ship what we're paying
attention to because let's be clear, as black people, we
have wealth, now we are spending it on design of gym, shoes,
design of person. We're spending on cars, furniture, jewelry. We'll
(12:33):
go spend hundreds and hundreds of dollars for a concert ticket,
and another several hundred dollars on an outfit, another couple
hundred dollars on a pair of shoes. We will. We
have wealth.
Speaker 4 (12:46):
We have it.
Speaker 3 (12:48):
It's about what we are doing with it. And if
we're going to pay attention to the advice from people
like yourself. Quite frankly, and I think you know, there's
a saying that if you wants people to if you
want to hide something, put in a book because people
aren't going to read it. And I think, unfortunately for us,
(13:09):
we do not realize that. In the same way, we
can plan a baby shower, we can plan a bridal shower,
we plan the biggest weddings. We have all thirteen hundred
of our cousins there eat up all of food. But
if we put that planning in our finances, we could
be just as successful. So I think we just have
to keep saying it and keep putting it out there,
(13:31):
and keep making it available to people.
Speaker 4 (13:33):
Please don't go anywhere, We'll be right back with more money.
Making Conversations Masterclass. Welcome back to the Money Making Conversations
Masterclass hosted by Rashaan McDonald.
Speaker 1 (13:51):
Well, you know the interesting thing when you say that,
I'm always I always tell people like you know, I
can remember when you know, I was struggling to buy
two pasties. I made a little money and guess what
instead of instead of maintaining that money income and maintaining
that lifestyle, I started accelerating it. I made little money,
got a better apartment. I made a little more money,
got a better car. You know, those are the things
(14:12):
you naturally do. You tend to reward yourself for your efforts,
which is a natural way to do. But you also
have to remember saving setting aside. And you just said,
don't spend it all. Just don't go out there and
don't have a plan to do as we say those
rainy days. And one of the great principles that you
talk about is that eliminate everything possible, live below your means.
(14:36):
Act if you have lost an income. Can you talk
about that? Just give some people drop some old nuggets
that you can live a great life, but act like
it like you've lost your income and you can live
a longer great life.
Speaker 3 (14:48):
First of all, this is so good. Thank you for
this question. People do not understand that money will work
harder for you than you can have a work for it.
I want everybody who's listening right now to think about
how hard you work, how many days a week you
have to work to produce the income, and some hopefully
(15:10):
it's enough, but many times it's not. Money is saying
if you respect me, if you learn about me, and
if you protect me, then I will work harder for you,
then you can work for me. We are not protecting
our money when it's in sitting in a bank account,
(15:30):
or sitting in a savings account, or we're constantly going
out and sending it. But money says, if you pay
attention to me, then I will go out and duplicate
and multiply and triple and quadruple. I earned eighty six
eighty six percent return on my investment last year, Rashaan,
(15:51):
and I didn't even do any I didn't do any cryptocurrency,
I didn't have any of the wild investments. I didn't
even buy when the stock market first crash. But because
we implemented a strategy, and what everybody needs to know,
if you can implement a strategy. So the first thing
you do is spend less money. I say, live by
(16:11):
the ten, ten, thirty fifty. The first ten percent of
every dollar you get you tied, the next ten percent
you saved. The next thirty percent is cash on a
separate desert card for incidentals like grocery, gas, hair nails.
If it doesn't fit, get rid of it. Do not
spend more money than you have available to spend, And
the remaining fifty percent save in your checking account for
(16:34):
your bill. If you have more than enough money, that's
not a license to go get a bigger house, a
bigger car, or bigger everything else. Because if you get
a raise and raise your expenses, you have more debt
and less friends. You should first attack your debt, pay
off your credit cards, and so on and so forth.
Take a portion of your extra money, you know, save
(16:56):
for a vacation, which really I say a business trip
where I can they on the business ship, so now
I can get that money back. So let's just try
to be in place for the extra money. And if
you don't have enough money to pay your bills, then
you must subtract. Wow, you might have to take those
kids out of private school. I did it. You might
have to take them out of ballet I did. You
(17:18):
might have to put them in free programs at the
search I did. You might have to get a smaller
place to live. So that's what we do. And then
when we can start to make our money work for us, Rashawan,
I love my money working for me.
Speaker 4 (17:32):
I love it.
Speaker 6 (17:32):
We'll be right back with more Money Making Conversations Masterclass
with Rashawn McDonald. Now, let's return to Money Making Conversations
Masterclass with Rashaan McDonald.
Speaker 1 (17:45):
We have Lawrence on the call here, Lawrence, welcome to
a Reverend doctor Lynn Richardson.
Speaker 3 (17:52):
Hi, do Lawrence, Come on now, Lawrence.
Speaker 1 (17:55):
He's preaching today, Lawrence, he's preaching, so welcome to the altar.
Speaker 3 (17:59):
Brother.
Speaker 1 (18:00):
You're not asking for no money, but were given advice.
Speaker 3 (18:02):
What'd you got?
Speaker 1 (18:02):
What's your question?
Speaker 3 (18:05):
You're speaking of hiring your children for your home based business.
What's the age limits? What's the maximum age limit? Tends
to do that? I absolutely love this question because there
has been a debate about the age limit. People say, well,
they have to be no younger than seven years old,
(18:26):
and I say that is completely untrue because the IRS
says that your child can do any job that any
other child can do for a reasonable age. So tell
me what does the Hudgie's baby do, What does the
Pamp's baby do? What does the Gerber baby do? Those
babies model and they appear in commercials. The Department of
(18:51):
Labor also says that a child of any age, It
specifically says any age can work in tea fell as
a babysitter and their parents home based business without violating
any labor laws. So as long as the work isn't dangerous.
Speaker 4 (19:10):
They can do it.
Speaker 3 (19:12):
So if you are in a business and you need
to promote your business on social media, then your younger
children can model. You are five and six years old
year old, they can help you with social media. Your eight,
nine and ten year olds can help you with your databases.
Your older children can help you at events and plan
and so on and so forth. So in my class
(19:33):
how to Hire your kids and get your Money Back,
I go through job descriptions for children of every age
and different things that they can do to not only
help you in your home based business, but also learn
important entrepreneurial skills.
Speaker 1 (19:48):
Lawrence did to help you out? Did the Reverend help
you out? Reverend doctor Lynn Richardson, did you help you out? Well,
that's what we thought, that money making conversation master class
because of the fact that you didn't notice she's said
that right, correct, And that's the that's the problem. We
don't know. And w c OK has giving me an
opportunity that's based in Atlanta, Georgia. That's where the home
and the headquarters of what I do is. We broadcast
(20:11):
from the campus of Clark Atlanta University every every week.
And the beauty of this information that she's sharing with
it is because she's helped that thousands on national TV.
And she's right on my show right now helping out us,
giving us information because she's that well respected, a regular
(20:32):
on the Steve Harvey Talk Show, a regular you know
on B E T, a regular on Erica Campbell's show,
a regular on Essence B E T. You can turn
on the TV, turn on a podcast and you hear
her preaching the gospel of how the hair live a
valued life. Doctor Linny. I can't get enough of praising you.
This is only a small and I'm just telling you
(20:54):
this is just a small nugget of her life that
she's sharing with us. You know she's that unique, and
I think to get on the show. You know, when
when she comes my way, it's always got to do
more because I always feel like, Wow, she's blessed me
with this opportunity to share this information because like Lawrence
just said, and a lot of you guys driving around,
sitting at the home, you didn't know what she was
(21:16):
talking about. You don't believe. And then I asked you
to call y'are sitting around debating should I call her?
Speaker 6 (21:21):
Uh?
Speaker 1 (21:21):
Maybe maybe we're gonna embarrass We're not trying to embarrass you.
We just trying to share you value the information. Also
to get you to trust us, to trust doctor Lynn
richards the trust Roseean McDonald. Just trust this radio program
that every week. You know that we're trying to give
you advice, so you do your research. Understand it's how
it works. Now, I want you to google doctor Lynn
(21:43):
Richardson google her and you will see it's just the
page is just gonna go. You just gonna keep pressing down,
pressing down, pressing down, and you're gonna see it with stars,
You're gonna see it with regular people. You're gonna see
it with young kids. You're gonna see it with every
walk of life. You wanna see charity organization does. With
mc light, she gives back.
Speaker 3 (22:02):
Amen, we give back a million dollars over the past
ten years. Yes, we have listen to her.
Speaker 1 (22:09):
Now she's giving back with advice on Money Making Conversation
master Class. Tell them how to reach you because like
I said, I wouldn't be here. I'm gonna tell you
something I would not be able to promote what I'm saying,
money Makingation. Money Making Conversation master Class is the number
one syndicated We can't show on black radio without a doctor.
Lynn Richardson believing in Rashon McDonald.
Speaker 3 (22:32):
Well, I want to say this. I want to make
sure that we stay connected and maybe we come up
with a curriculum for twelve months or something to that effect,
because I'll be a Good Morning America tomorrow talking about
a state planning in the black community and Rashaun, you know,
life insurance of state planning, having a proper trust. We
(22:53):
don't understand that we can create trust on for our
children on minimum age. A lot of people don't understand
you're worth more, unfortunately dead than alive. Well, when you
pass on, if you put those funds into an annuity
inside of a trust, your child will have an income
(23:16):
for life and they will then be able to pass
that income down to their children and so on and
so forth. And this pandemic, because you mentioned it, has
taken a rehabit on our community. If I get one mode,
go fund me requests to stay for.
Speaker 1 (23:37):
A funeral, right right, right right, mm hmmm.
Speaker 3 (23:44):
So we we have to do this work and we
have to keep educating our people, and a state planning
is where we get to create wealth for future generations. Listen, Rashaan,
I was on full stamps in this century. When I
was on phone stamps, I still had enough life insurance
(24:04):
to make sure that if I didn't make it to
the next day to live out my dream, then my children,
my husband, my parents, my grandparents were still taking care
of in my access. And that's the power of this
master class and this kind of information for our people.
Speaker 1 (24:25):
Wow, if you have to give like closing advice to
my listeners because you're going to be back. And also,
I'm launching a money making conversations actually not money making conversation.
I am going to be launching a national podcast network.
And doctor Lynn Richardson I want to know. Will you
be a part of that? If you if you allow
(24:45):
yourself to be part of my growing brand out there,
doctor Lynn, doctor le Richardson, Here we go.
Speaker 3 (24:58):
I am just excited about it all. I am ready
to take each person by the hand, this man who
want help.
Speaker 1 (25:08):
There you go.
Speaker 3 (25:09):
I'm training a group of life coaches.
Speaker 1 (25:11):
Now, there you go.
Speaker 3 (25:12):
I see we are not magicians.
Speaker 1 (25:14):
There you go.
Speaker 3 (25:17):
I am not a psychiatric counselor. I'm not any of that.
I am a change agent for people who want help
and act like it.
Speaker 1 (25:32):
Well, my friend, you are special. You'll be on Good
Morning America tomorrow. Correct, yes, yes, that would be wednesday.
Please check her out, Doctor Lenn, I will be calling
you this week. I got a fan club that I
send out one hundred thousand fan club members every week.
I want us to start doing five minute video segments
(25:53):
with you doing your thing and dropping my fan dropping it.
It's all about you, It's all about your whole your
whole brand. You try to change people's lives with information.
So we'll talk all fair. But I want to thank you,
doctor land Richardson. If you don't believe she's real, google her.
But coming on money making, Conversation master Class and I'll
be calling you personally this week.
Speaker 3 (26:11):
Okay, okay, Amen, thank you so much for good luck.
Speaker 1 (26:16):
We talked sent on, appreciate you.
Speaker 6 (26:21):
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 fifteen Media Inc. More
information about thirty eight fifteen Media Inc. Is available at
thirty eight fifteen media dot com. And always remember to
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