Two-time Emmy and Three-time NAACP Image Award-winning, television Executive Producer Rushion McDonald, interviewed Dr. Lynn Richardson.
This episode focuses on financial literacy, wealth-building strategies, and empowering underserved communities to take control of their financial futures. Dr. Lynn Richardson shares practical advice on budgeting, life insurance, investing, and creating multiple income streams.
🧠 Key Takeaways 1. Three Pillars of Wealth Building
Dr. Richardson outlines her core financial philosophy:
- Spend less money through budgeting and debt elimination.
- Get more money via wise investments and multiple income streams.
- Get your money back through tax education and strategic planning.
“Spend less money, get more money, get your money back. And make your money grow.”
2. Life Insurance as a Wealth Tool
- Life insurance is a guaranteed way to build generational wealth.
- She urges listeners to stop using GoFundMe as a substitute for proper financial planning.
“I want us to stop using GoFundMe as a life insurance strategy.”
3. Types of Life Insurance
Dr. Richardson explains the differences:
- Term Life: Affordable, temporary coverage ideal for early financial planning.
- Whole Life: Lifetime coverage with a built-in savings component.
- Universal Life: Tied to stock market indices like the S&P 500, offering growth potential.
“A trust is a business plan for what happens to your money and assets after you die.”
4. Multiple Income Streams
- Losing a job shouldn’t mean losing financial security.
- Everyone should consider starting a home-based business or monetizing their skills.
“One stream of income is hazardous to your wealth.”
5. Financial Discipline & Mindset
- Rashawn and Dr. Richardson emphasize the importance of financial education, action, and consistency.
- Technology (like smartphones) removes excuses for not learning or managing finances.
“Knowledge is not power until it is put into action.”
6. Community Empowerment
- Dr. Richardson encourages listeners to think beyond themselves—supporting family, community centers, and future generations.
“Other cultures make sure the next group doesn’t have to start over.”
💬 Notable Quotes
- “When I was on food stamps, I was worth more dead than alive.”
- “You don’t have to be rich to leave wealth—you just have to be smart.”
- “If you have a cell phone, you have the ability to compete.”
📲 How to Connect with Dr. Lynn Richardson
- Website: AskLynn.org
- Social Media: @LynnRichardson
- YouTube: Lynn Richardson TV
#AMI
#BEST
#STRAW
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:05):
Welcome to the show. I am Rashawn McDonald, the host
of Money Making Conversations Masterclass, where we encourage people to
stop reading other people's success stories and start planning their own.
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 dog prophits who are making
(00:25):
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 2 (00:34):
Well, my guest today is doctor Lynn Richardson. She is
by far my most popular guest that calls on this show.
If you consider yourself in need of advice in terms
of financing, then you are not alone. You've heard Kurt,
you heard Miss Evans. She would call her about the
funnel creative and she dove open to that conversation. You've
heard my personal testimony. It does not matter if you
(00:54):
had just started earning or have been earning for a
long time. Every day's a chance to reflect upon your
spending and improve your financing. Here's some notes about doctor
Lynn Richardson. Please that the way to build wealth is
to spend less money. By implementing proper budgeting and debt
elimination strategies. Get more money by implementing wise investment strategies,
(01:15):
and by developing multiple streams of income including owning a
home based business. And three, get your money back through
proper tax education. Please welcome the Money Making Conversation Masterclass. Again,
she's a financial guru. I call our financial genius, doctor
Lynn Richardson. Welcome back.
Speaker 3 (01:36):
Well well Wealth, then, thank you so much, rather be
no place. Thank you so much, mister McDonald.
Speaker 2 (01:42):
Well, I would tell you so whenever. This show has
been on fire since it started. You know, I had
a one person calling my bragging segment, and he noted
that he has an app stockification where you know, you
invest third fifty dollars a day, one hundred dollars a day,
and that the market would always correct yourself over ten
(02:04):
fifteen to twenty year period. And he was saying that
that the average black person when they die leaving wealth
to a relative is four thousand dollars. The average white
person when they die leaving wealth is one hundred and
four thousand dollars. You have been educating us this whole process.
What is frustrated you much? Maybe not frustrated you, but
(02:26):
disappointed you are that you believe that how can we
as a community do better about our financial literacy?
Speaker 3 (02:32):
Doctor Lynn, you know that's such a great question, and
I would have to say that the number one place
or the number one area that would that frustrates me,
and I would say that to frustrate anybody is the
one area where we have absolute one hundred percent control.
You see, we wake up every day. We have no
control over the weather. You have no control over your friends.
(02:55):
You have no control over your family members. Sometimes people
are coming and going, sometimes that people are shady, The
weather is crazy, Your money can be funny, and your
change can be strange. But the one thing we all
have control over, every last one of us, is how
much wealth we leave when we die. And Rashan, I
want us to stop using go fund me as a
(03:18):
life insurance strategy. I want us to stop using go
fund me and crowdfunding because here's the real deal. There
is one guaranteed way to build wealth. Because every last
one of us has to do two things. We have
to pay taxes and one day we have to leave
up out of here. And when we leave here, we
have the ability to get enough life insurance to not
(03:40):
just take care of our last rights and rights of
passage and the funeral and the repasses, all of those things,
but we have the ability to carry on wealth to
future generations. Rashan, When I was on food stamps, I
was worth more dead than alive. I'm not you know,
that just is what it is. Most people are anyway.
(04:01):
But I had enough life insurance to ensure that my
three children could graduate from college, could live the lifestyles
that I envisioned for them. And that's not to say
that they would have just been wealthy and footloose and
fancy free. They would have had a trust fund, and
they still would have had to work to help sustain themselves,
but they would have had enough wealth to sustain themselves
(04:24):
to a certain degree, be able to continue their education,
and then pass that wealth onto their children and their
children's children. The Bible says that a good man a
good woman leads an inheritance to a children's children. And
if I could just say anything about spend less money,
get your money back, make your money very, spend less money,
(04:45):
get more money, get your money back, I would also
say make your money grow through proper investments, and insurance
is one of those investments.
Speaker 2 (04:53):
You know, I have to agree, but it's just so
much though, doctor Lenn. You you know, like you said,
the go fund me is really cute. You know, you say,
you see, I'm trying to I'm down on my luck
or I'm struggling. If you can just put some money
in my go fund me account. You know they're gonna
take a fee when you put it in. That's not
(05:16):
all your money. They're gonna take a fee a percentage
of that, so know that going in. So anytime you
think you're trying to get over and think you're getting
something easy, somebody's taking a percentage of that. And that's
what you're saying. Do it right and establish a relationship,
whether it's an app, do your homework, or with a
small brokerage firm so you can have a long term
plan instead of this quick get over playing. And that's
(05:38):
what people are doing with these go fund me accounts
because you see them on the news all the time.
Immediately after if somebody has done something or some tragedy
or a house burned down or unfortunate death and meet
quick depth in their family. The news is always saying
go fund me, set up a go fund me, Go
set up a go fund me account, And that's not
the way it goes in the real world of trying
to get your life straight financially correct.
Speaker 3 (06:01):
You know, no one has passed on generational wealth by
way of a goalfunding me account. And what people need
to also understand is that those gofunding accounts can be
shut down. So if there is any yes, there's any
kind of tant of impropriety when you set up a
goal funder me account, it has to be used for
(06:22):
the purposes for which it was created. And so if
the whole idea is, for example, and we don't like
to talk about death, we'll talk about everything else. People
talk about sex, they talk about drugs, they talk about
everything else, but they don't want to talk about death.
And we don't want to talk about money. And as
zig Ziggler said, money is like oxygen. You gotta have it.
(06:42):
I don't care where you go, what you do, when
you look up down, all the way around, we're gonna
have to talk about money. We're spending money every single
time we go outside, every single time we wake up,
every single time you get in your car and drive
gas money. Can anybody say gas money? So we have
to talk about it. And the truth is, if we
make the decision. You see, this is a choice, Rashan,
(07:05):
this is a choice. I am going to choose to
spend my money on something. For some of us, that
may be furniture. For some of us, that may be jewelry.
For some of us that may be clothing. It may
be our favorite meal. There's one study that says, particularly
as African Americans, we are eating our wealth away. If
(07:25):
we just take the money that we spend on Uber eats,
I'm just gonna throw that in there, overeat and a
limita something over eat. If you order all of the
money that's spent on Uber Eats and on all of
the you know, grub hub and everything else, the delivery
(07:46):
places that deliver you your ten dollars Hamburger for twenty
seven dollars and twenty two cents, if you if we
take that money, the average thirty five to forty year
old young man or young woman could have at least
a million dollars a million dollars in life insurance just
with your grub up money, just with your over ease money.
(08:09):
I didn't take away your sandwich. I didn't take away
the pizza. I didn't take away the submarine sandwich. I
didn't take away the French fries. I said, let me
just take the delivery. These that we are spending on
those things and allocated elsewhere. So you know that was
I'm so passionate. As you know, we're saying about so
many areas and finances and all of them require grits,
(08:31):
All of them require grinds. You said it so many times,
and the way you helped others to build wealth and
build their careers. You got to stick in there. You
gotta stay in there. But life and simes you have
to just anything, just keep on living, pay the money
and then watch and see what happens when you transition.
So it's one of those things. It's an easy win
for us as a community, an easy.
Speaker 1 (08:52):
Win life insurance.
Speaker 2 (08:53):
We talked about that go fund me, stop using that,
stop using these glove HUDs apps and all these apps,
and not saying it's negative, just talking about you know,
go there and get the food versus spending the feed
and have the food brought to you. We had a
call here Michael Linn Atlanta. How are you doing, Michael,
you're speaking to doctor Lynn Richardson on Money Making Conversation Masterclass.
Speaker 1 (09:14):
What is your question?
Speaker 4 (09:17):
I'm doing absolutely fine. Thank you so much for having
me on the show. My question actually was about life insurance.
I actually ended up losing my job not too long ago,
and I just wanted to understand how do I keep
investing in my life insurance plan when well, I mean,
with this economy and everything going on, I really don't
know how to maintain it. I don't really know what
(09:39):
to do now.
Speaker 2 (09:41):
Doctor Lynn, you know that.
Speaker 3 (09:43):
Yeah, that's an excellent question. And first of all, you
know my prayers are with you as you figure out
how to regroup. The number two thing and the overall
financial strategy is to get more money, build multiple streams
of income, and so to that piece of it, I
would say, start right now thinking about what you can do.
Start your own business, your own home based business, because
(10:06):
one stream of income has haasing to your wealth. And
one of the things I often say, it doesn't matter
if you're a doctor, a lawyer, or a teacher, you
can still be an entrepreneur. A doctor can teach health
classes and tutor and things like that. A lawyer can
also teach legal clinics and teach people how not to
get shot if they get pulled over. A teacher can
(10:27):
set up tutoring and so depending on what your skill
set is, whether it's your professional skill set and or
something that you have passion about or that you are
or or that you enjoy doing, you set up another
stream of income in terms of your life insurance. You
just hit a very key point. It is important for
every single one of us, and I'm saying everybody. I
(10:47):
don't care how many jobs you have. It is important
for you to have your own life insurance policy independence
of your job, because if you lose your job, you
will also lose that life insurance. And by the time
you lose that job, you may be older. You will
be older. I mean even if it's just one day,
you'll be older, and you may not be in the
(11:10):
best health that you were in when you first got
the job or got the life insurance policy. So the
number one thing I say to you is to remember
that the word is here is life. This is your life.
This literally is your life. And I'm going to tell
you from my own experience, it did not matter I
was on food fare. I was, you know, degreed in finance, mathematics,
(11:35):
business master degree. I had been the vice president of
a major financial institution and I could not find a job.
But let me tell you what I had. I had
food fair I had a roof over my head, and
I had some life insurance. Because here's what I knew.
As long as I have a roof over my head
and I have food on the table, I will not
be homeless and I will not be hungry. But you
(11:57):
get me passed those two things. Live with my grandmother.
Whatever it takes to do to get there. Now, I'm
gonna grind and I'm gonna make sure I hav enough
life insurance because just in case I don't wake up,
then my children would not feel the fallout of my mishap.
My children would not feel the fallout my community, my generation.
Some people say, well, I don't have children. Don't you
(12:20):
care about something? Is there a community center you'd like
to build in your old neighborhood. Is there something you'd
like to donate to a school? Is there a church,
is there a center? See what other cultures do is
they make sure that the next group doesn't have to
start over. And so my blessings and my prayers are
with you as you figure that out and you find
fifty dollars, sixty dollars or whatever. It is a month
(12:42):
to figure out a way to get some life insurance
and to maintain it.
Speaker 5 (12:46):
Please don't go anywhere. We'll be right back with more
money Making Conversations Masterclass. Welcome back to the money Maker
Conversations Masterclass, hosted by Rashaan McDonald's money Making Conversations Masterclass
continues online at Moneymakingconversations dot com and follow money Making
(13:10):
Conversations Masterclass on Facebook, Twitter, and Instagram.
Speaker 2 (13:15):
Great, let me ask you this question because you have
I'm not trying to get into the life insurance expert conversation,
but there are different versions of life insurance. You have
the term life that I'm fear familar with, then you
have whole and universal. Are you a verse enough to
tell us the difference and why once you go with
the other there, Doctor Liam.
Speaker 3 (13:35):
Richardson, Absolutely so. In the early days, if you're financially,
if you're struggling financially, if you're trying really hard to
make ends meet, what I recommend in your early days
of getting your financial plan in order is to get
as much term life insurance as you can get a
twenty or thirty year term policy that is temporary life insurance.
(14:00):
But instead of you only having let's say one hundred thousand,
you may have five hundred thousand or a million, particularly
if you have children, if you have more than one child,
if you have a parent, a grandparent. You see what, Sean,
I had enough life insurance not just to take care
of my children, but my grandmother raised me. You heard
me talk about grandma to me, and if something happened
(14:22):
to me, I wanted to make sure that there was
enough money to take care of her, to put her
into not just a nursing home, but a skilled facility
that would be able to support her comfortably during her
last days. And so when you get the life insurance policy,
you also set up a trust. The trust explains what
(14:43):
to do. The trust says, give each child tuition money
once a month, or enough money for rent. It says,
pay grandma's nursing home bill, or whatever it does. Because
what we don't want to do is leave this money
for people to just mess it up, right, because we
have to do that, dig and kill everybody. That's just
(15:04):
you know, because that's how we think you're thinking, Well,
I don't want to just leave it to them because
then they're going to mess it up, and so we
don't do anything. No, a trust is a business plan
for what happens to your money and to your assets
after you die. So that's term life. As you get
a little more seasoned, you may want to convert some
of your insurance to whole life. Whole life is life
(15:25):
insurance that will last you a lifetime. You may have
to pay it until you're sixty five years old, but
you may pay it until you're seventy five or whatever
your particular contract says. But then that life insurance is
in place until you pass on. And the good thing
about whole life Rashaan is it's an automatic, built in
(15:46):
savings plan. If you find yourself in a situation where
you need money to buy a house, to handle an
emergency to live off of, you can pull down the
money that has been placed into the whole life saving
portions and then finally universal There are many different ways
that you can use a universal policy, but the number
(16:07):
one way is to have it following one of the
top indexes inducees in the stock market. So if you
have a universal life policy and it is outperforming the
S and P five hundred. Then what you can expect
over time is that your saving portion will grow, just
like the stock market. So there are multiple ways, but
I say to everyone, at least get started with an
(16:29):
inexpensive term policy and then agree your policy, you know,
as you go along.
Speaker 2 (16:36):
And I would agree, like I said, I've had the
I have, I've not had I have a universal policy,
and the interest rate has been no lower than four
percent in the last fifteen years. So that means when
it was zero or one percent or no percent, I've
always had four percent minimum guaranteed on my money that
I had in my universal a whole policy. So she's
(17:01):
telling the absolute truth.
Speaker 3 (17:03):
Yeah, and that's about one hundred times better than what
you're going to get in a stage's account at the bank.
It's about three times better than what you're going to
get buying bonds. And it's a great, great way to
have something stable, but also that that's growing with the
stock market. I love it. Yeah.
Speaker 2 (17:18):
And another note she can tell you is that if
you could actually do a loan against the money that
you have there, so you actually can use your money
and not take it out, just take a loan against it,
and so it's just so many ways why this is
important to have a conversation because we as a community
have to understand you don't have to always you know,
you can bar against your own money and just keep
(17:40):
living a great life instead of sitting over there paying
high interest rate or not being able to do anything
because you're frustrated because you didn't think out the process.
By relationship with doctor Lynn Richardson goes back over ten
years fifteen years which he was a regular, a regular
on Steve Harvey's talk show as a financial expert, seeing
her many times on Good Morning America. So you're getting
(18:03):
a person who's giving advice that's naturally recognized and also
a voice that cares about the community. And that's why
it's important when she gives this advice that you can
hear that little extra passion in her back because it's
all bit up. She's like ready to just just jump
in and just tell you shake you listen to me,
(18:24):
you can do this. And that's really what drives her,
and that's what makes me really enjoyed listening to you.
I just sit back because when you when you're in
the blessed to be a part of something unique, and
that's when I have these conversations with you, doctor Lynn
richardson your unique and very special talent and what you're
doing is just not normal. And I really appreciate you
(18:46):
coming on the show talking like this.
Speaker 4 (18:48):
Wow.
Speaker 3 (18:49):
Let me tell you when you said, it's that little
passion like I just want to jump, I do. I
want to just jump in mind and just say go.
If I had a remote control and I could use
it to help every last one of us make the
decisions that we need to make to be free, you see, Wellshan,
(19:11):
this is not just about money and what I want
people to understand. It's about the freedom that you have
when you have the resources to make choices that are
in alignment with God's will and your wishing. It's about freedom. Right.
Speaker 2 (19:28):
We got Eric on the line, Eric and from College Park.
Speaker 1 (19:31):
How you doing, Eric, I'm fine.
Speaker 3 (19:33):
It's McDonald. I'm glad I caught you. I didn't think
I would, but I heard doctor Lynn Richards from Streak.
She was talking to me, so I had a dollar do.
Speaker 2 (19:45):
Well, what Quesse did you have for the incredible doctor
Livitz because speak my friend's beat.
Speaker 4 (19:51):
Well, she spoke about the S and P and that
I could invest, say fifty bucks a month or whatever.
Speaker 3 (19:58):
I need to hear that one more. Absolutely, Yes, you
can choose a license a universal whole life insurance policy
that is connected to an index. So if you choose
a fund, let's just say, for example, you have a
brokerage account at Fidelity or Charles Wyb or TVA Marror
(20:20):
Trade or each any one of them, go into the
research section and choose a fund that outperforms the S
and P five hundred. So if you have a four
to oh one K or if you have a life
insurance policy, then you have the ability to invest your money.
You're gonna see a list of funds. Most of us
(20:42):
don't know what that list means. It may see that
it may say the Fidelity fund, it may say the
Vanguard fund, and it'll have three or four letters. You
take those three or four letters, you put them into
your research box in on the website, on your platform,
and then you compare compare to what you compare to
(21:04):
the S and P five hundred. If your fund performs
better than the S and P five hundred over the
past twenty years. So I'm not just giving you quick advice.
Look at what it's done. Over the past twenty years.
If that fund outperforms the S and P five hundred,
what it means is it's going to increase in value
over time. Now we're making a decision between two funds.
(21:28):
Look at both funds and see which one perform the best.
So that's a very simple way for anybody. I don't
care who you are. You don't have to have any
investment knowledge to be able to decide which fund should
I choose, Because Rashaan, that's one of the things that
gets most of us. We don't know what funds to
choose for our four to one case or whole reversal
(21:50):
life and so on.
Speaker 2 (21:51):
Yeah, right, wow, Eric, you know, just getting that information.
If there is some work, you gotta go online. There's
but what she's showing it. There's no magic bullet here.
The information is there. You just have to compare. And
that's the that's the part that really drives us maddening
(22:14):
and maybe angry because of the fact that we are
we all have cell phones. You know that cell phone.
Just go just go to a uh, just go to
r L you can look at it.
Speaker 4 (22:26):
Looks into it.
Speaker 2 (22:27):
Now because we're in a mobile society, so there's no excuse. Now,
I don't have a computer. I don't have a laptop.
You have a cell phone, and that cell phone allows
you to do all the research. That cell phone allows
you to download apps, that cell phone allows you to
actually run your financial enterprise. Let's think that big. You
(22:47):
are a financial enterprise. And if you think that way,
then guess what your mindset would change. And that's what
Lynd Richardson is telling us. But I'm just telling you
the excuse of the old days out of I don't
have the technology to compete. I don't have the ability
to do the research.
Speaker 3 (23:05):
Yes you do.
Speaker 2 (23:06):
If you called me on your mobile phone, if you
listening to me on your Mobo phone, if you use
your mobile phone, you have the ability to compete. There
are no excuses. Do what she's asking. All she's doing
is asking the listeners, asking you eric to do this. Okay,
this is so intant.
Speaker 3 (23:26):
Most of the time, when people ask me a question,
I give them a class and people say, well, ma'am,
why can't you just answer the question? Rashaun, you know,
there's no such thing as just answering the questions. You
have to learn how to get your money straight, and
then you have to learn how to keep your money straight. Okay,
because more money doesn't solve a money problem. If it did,
(23:48):
millionaires would go bankrupt. There are too many stories of
people who get money and they'll lose it because they
did not do the work to get it, nor did
they do the work to keep it. So education is
the key and need to move from knowledge to action
because knowledge is not power. People say knowledge is power. No,
knowledge is not power until it is put into action.
(24:11):
Whoo you are?
Speaker 2 (24:14):
How do okay? They listened to you on my show
once a quarter? How can they reach out to you?
Do you have a website? How what's your social media?
Because your information is sustainable and they need to know
how to reach out to you. Got one minute left
filling in on all the closing details about how they
can reach out to doctor Len Richardson and what format
(24:36):
you have available to change their lives.
Speaker 3 (24:39):
Well, first of all, I'm more than happy to come
back as much as you like, so we could turn
once a quarter to once a month. That's number one.
Number two. Ask linn dot org. Go to ask lynn
a s k o y n n no EA dot org.
Submit your question. You get an immediate reply, and then
(25:00):
follow me on social media at Lynn Richardson. If you
want to boatload of knowledge and education, go to my
YouTube page which is Leonardson dot tv. But asplan dot
org is the gateway to your freedom.
Speaker 2 (25:12):
My friend again, you're so special, You're such a you know,
it's always you know, I've done a lot of good
things in my life.
Speaker 3 (25:21):
Borr.
Speaker 2 (25:21):
When you come on my show, you have me fired up,
you have me thinking all the right things. But more important,
you change people's lives. We'll talk soon again. This is
doctor Lynn Richardson. She's blessed us with another another great
episode on Money Making Conversation Masterclass.
Speaker 5 (25:39):
Thank you for joining us for this edition of Money
Making Conversations Masterclass. Money Making Conversations Masterclass with through Sean
McDonald is produced by thirty eight to fifteen Media Inc.
More information about thirty eight to fifteen Media Inc. Is
available at thirty eight to fifteen media dot com. And
always remember to lead with your gifts.
Welcome to the show. I am Rashawn McDonald, the host
of Money Making Conversations Masterclass, where we encourage people to
stop reading other people's success stories and start planning their own.
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 dog prophits who are making
(00:25):
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 2 (00:34):
Well, my guest today is doctor Lynn Richardson. She is
by far my most popular guest that calls on this show.
If you consider yourself in need of advice in terms
of financing, then you are not alone. You've heard Kurt,
you heard Miss Evans. She would call her about the
funnel creative and she dove open to that conversation. You've
heard my personal testimony. It does not matter if you
(00:54):
had just started earning or have been earning for a
long time. Every day's a chance to reflect upon your
spending and improve your financing. Here's some notes about doctor
Lynn Richardson. Please that the way to build wealth is
to spend less money. By implementing proper budgeting and debt
elimination strategies. Get more money by implementing wise investment strategies,
(01:15):
and by developing multiple streams of income including owning a
home based business. And three, get your money back through
proper tax education. Please welcome the Money Making Conversation Masterclass. Again,
she's a financial guru. I call our financial genius, doctor
Lynn Richardson. Welcome back.
Speaker 3 (01:36):
Well well Wealth, then, thank you so much, rather be
no place. Thank you so much, mister McDonald.
Speaker 2 (01:42):
Well, I would tell you so whenever. This show has
been on fire since it started. You know, I had
a one person calling my bragging segment, and he noted
that he has an app stockification where you know, you
invest third fifty dollars a day, one hundred dollars a day,
and that the market would always correct yourself over ten
(02:04):
fifteen to twenty year period. And he was saying that
that the average black person when they die leaving wealth
to a relative is four thousand dollars. The average white
person when they die leaving wealth is one hundred and
four thousand dollars. You have been educating us this whole process.
What is frustrated you much? Maybe not frustrated you, but
(02:26):
disappointed you are that you believe that how can we
as a community do better about our financial literacy?
Speaker 3 (02:32):
Doctor Lynn, you know that's such a great question, and
I would have to say that the number one place
or the number one area that would that frustrates me,
and I would say that to frustrate anybody is the
one area where we have absolute one hundred percent control.
You see, we wake up every day. We have no
control over the weather. You have no control over your friends.
(02:55):
You have no control over your family members. Sometimes people
are coming and going, sometimes that people are shady, The
weather is crazy, Your money can be funny, and your
change can be strange. But the one thing we all
have control over, every last one of us, is how
much wealth we leave when we die. And Rashan, I
want us to stop using go fund me as a
(03:18):
life insurance strategy. I want us to stop using go
fund me and crowdfunding because here's the real deal. There
is one guaranteed way to build wealth. Because every last
one of us has to do two things. We have
to pay taxes and one day we have to leave
up out of here. And when we leave here, we
have the ability to get enough life insurance to not
(03:40):
just take care of our last rights and rights of
passage and the funeral and the repasses, all of those things,
but we have the ability to carry on wealth to
future generations. Rashan, When I was on food stamps, I
was worth more dead than alive. I'm not you know,
that just is what it is. Most people are anyway.
(04:01):
But I had enough life insurance to ensure that my
three children could graduate from college, could live the lifestyles
that I envisioned for them. And that's not to say
that they would have just been wealthy and footloose and
fancy free. They would have had a trust fund, and
they still would have had to work to help sustain themselves,
but they would have had enough wealth to sustain themselves
(04:24):
to a certain degree, be able to continue their education,
and then pass that wealth onto their children and their
children's children. The Bible says that a good man a
good woman leads an inheritance to a children's children. And
if I could just say anything about spend less money,
get your money back, make your money very, spend less money,
(04:45):
get more money, get your money back, I would also
say make your money grow through proper investments, and insurance
is one of those investments.
Speaker 2 (04:53):
You know, I have to agree, but it's just so
much though, doctor Lenn. You you know, like you said,
the go fund me is really cute. You know, you say,
you see, I'm trying to I'm down on my luck
or I'm struggling. If you can just put some money
in my go fund me account. You know they're gonna
take a fee when you put it in. That's not
(05:16):
all your money. They're gonna take a fee a percentage
of that, so know that going in. So anytime you
think you're trying to get over and think you're getting
something easy, somebody's taking a percentage of that. And that's
what you're saying. Do it right and establish a relationship,
whether it's an app, do your homework, or with a
small brokerage firm so you can have a long term
plan instead of this quick get over playing. And that's
(05:38):
what people are doing with these go fund me accounts
because you see them on the news all the time.
Immediately after if somebody has done something or some tragedy
or a house burned down or unfortunate death and meet
quick depth in their family. The news is always saying
go fund me, set up a go fund me, Go
set up a go fund me account, And that's not
the way it goes in the real world of trying
to get your life straight financially correct.
Speaker 3 (06:01):
You know, no one has passed on generational wealth by
way of a goalfunding me account. And what people need
to also understand is that those gofunding accounts can be
shut down. So if there is any yes, there's any
kind of tant of impropriety when you set up a
goal funder me account, it has to be used for
(06:22):
the purposes for which it was created. And so if
the whole idea is, for example, and we don't like
to talk about death, we'll talk about everything else. People
talk about sex, they talk about drugs, they talk about
everything else, but they don't want to talk about death.
And we don't want to talk about money. And as
zig Ziggler said, money is like oxygen. You gotta have it.
(06:42):
I don't care where you go, what you do, when
you look up down, all the way around, we're gonna
have to talk about money. We're spending money every single
time we go outside, every single time we wake up,
every single time you get in your car and drive
gas money. Can anybody say gas money? So we have
to talk about it. And the truth is, if we
make the decision. You see, this is a choice, Rashan,
(07:05):
this is a choice. I am going to choose to
spend my money on something. For some of us, that
may be furniture. For some of us, that may be jewelry.
For some of us that may be clothing. It may
be our favorite meal. There's one study that says, particularly
as African Americans, we are eating our wealth away. If
(07:25):
we just take the money that we spend on Uber eats,
I'm just gonna throw that in there, overeat and a
limita something over eat. If you order all of the
money that's spent on Uber Eats and on all of
the you know, grub hub and everything else, the delivery
(07:46):
places that deliver you your ten dollars Hamburger for twenty
seven dollars and twenty two cents, if you if we
take that money, the average thirty five to forty year
old young man or young woman could have at least
a million dollars a million dollars in life insurance just
with your grub up money, just with your over ease money.
(08:09):
I didn't take away your sandwich. I didn't take away
the pizza. I didn't take away the submarine sandwich. I
didn't take away the French fries. I said, let me
just take the delivery. These that we are spending on
those things and allocated elsewhere. So you know that was
I'm so passionate. As you know, we're saying about so
many areas and finances and all of them require grits,
(08:31):
All of them require grinds. You said it so many times,
and the way you helped others to build wealth and
build their careers. You got to stick in there. You
gotta stay in there. But life and simes you have
to just anything, just keep on living, pay the money
and then watch and see what happens when you transition.
So it's one of those things. It's an easy win
for us as a community, an easy.
Speaker 1 (08:52):
Win life insurance.
Speaker 2 (08:53):
We talked about that go fund me, stop using that,
stop using these glove HUDs apps and all these apps,
and not saying it's negative, just talking about you know,
go there and get the food versus spending the feed
and have the food brought to you. We had a
call here Michael Linn Atlanta. How are you doing, Michael,
you're speaking to doctor Lynn Richardson on Money Making Conversation Masterclass.
Speaker 1 (09:14):
What is your question?
Speaker 4 (09:17):
I'm doing absolutely fine. Thank you so much for having
me on the show. My question actually was about life insurance.
I actually ended up losing my job not too long ago,
and I just wanted to understand how do I keep
investing in my life insurance plan when well, I mean,
with this economy and everything going on, I really don't
know how to maintain it. I don't really know what
(09:39):
to do now.
Speaker 2 (09:41):
Doctor Lynn, you know that.
Speaker 3 (09:43):
Yeah, that's an excellent question. And first of all, you
know my prayers are with you as you figure out
how to regroup. The number two thing and the overall
financial strategy is to get more money, build multiple streams
of income, and so to that piece of it, I
would say, start right now thinking about what you can do.
Start your own business, your own home based business, because
(10:06):
one stream of income has haasing to your wealth. And
one of the things I often say, it doesn't matter
if you're a doctor, a lawyer, or a teacher, you
can still be an entrepreneur. A doctor can teach health
classes and tutor and things like that. A lawyer can
also teach legal clinics and teach people how not to
get shot if they get pulled over. A teacher can
(10:27):
set up tutoring and so depending on what your skill
set is, whether it's your professional skill set and or
something that you have passion about or that you are
or or that you enjoy doing, you set up another
stream of income in terms of your life insurance. You
just hit a very key point. It is important for
every single one of us, and I'm saying everybody. I
(10:47):
don't care how many jobs you have. It is important
for you to have your own life insurance policy independence
of your job, because if you lose your job, you
will also lose that life insurance. And by the time
you lose that job, you may be older. You will
be older. I mean even if it's just one day,
you'll be older, and you may not be in the
(11:10):
best health that you were in when you first got
the job or got the life insurance policy. So the
number one thing I say to you is to remember
that the word is here is life. This is your life.
This literally is your life. And I'm going to tell
you from my own experience, it did not matter I
was on food fare. I was, you know, degreed in finance, mathematics,
(11:35):
business master degree. I had been the vice president of
a major financial institution and I could not find a job.
But let me tell you what I had. I had
food fair I had a roof over my head, and
I had some life insurance. Because here's what I knew.
As long as I have a roof over my head
and I have food on the table, I will not
be homeless and I will not be hungry. But you
(11:57):
get me passed those two things. Live with my grandmother.
Whatever it takes to do to get there. Now, I'm
gonna grind and I'm gonna make sure I hav enough
life insurance because just in case I don't wake up,
then my children would not feel the fallout of my mishap.
My children would not feel the fallout my community, my generation.
Some people say, well, I don't have children. Don't you
(12:20):
care about something? Is there a community center you'd like
to build in your old neighborhood. Is there something you'd
like to donate to a school? Is there a church,
is there a center? See what other cultures do is
they make sure that the next group doesn't have to
start over. And so my blessings and my prayers are
with you as you figure that out and you find
fifty dollars, sixty dollars or whatever. It is a month
(12:42):
to figure out a way to get some life insurance
and to maintain it.
Speaker 5 (12:46):
Please don't go anywhere. We'll be right back with more
money Making Conversations Masterclass. Welcome back to the money Maker
Conversations Masterclass, hosted by Rashaan McDonald's money Making Conversations Masterclass
continues online at Moneymakingconversations dot com and follow money Making
(13:10):
Conversations Masterclass on Facebook, Twitter, and Instagram.
Speaker 2 (13:15):
Great, let me ask you this question because you have
I'm not trying to get into the life insurance expert conversation,
but there are different versions of life insurance. You have
the term life that I'm fear familar with, then you
have whole and universal. Are you a verse enough to
tell us the difference and why once you go with
the other there, Doctor Liam.
Speaker 3 (13:35):
Richardson, Absolutely so. In the early days, if you're financially,
if you're struggling financially, if you're trying really hard to
make ends meet, what I recommend in your early days
of getting your financial plan in order is to get
as much term life insurance as you can get a
twenty or thirty year term policy that is temporary life insurance.
(14:00):
But instead of you only having let's say one hundred thousand,
you may have five hundred thousand or a million, particularly
if you have children, if you have more than one child,
if you have a parent, a grandparent. You see what, Sean,
I had enough life insurance not just to take care
of my children, but my grandmother raised me. You heard
me talk about grandma to me, and if something happened
(14:22):
to me, I wanted to make sure that there was
enough money to take care of her, to put her
into not just a nursing home, but a skilled facility
that would be able to support her comfortably during her
last days. And so when you get the life insurance policy,
you also set up a trust. The trust explains what
(14:43):
to do. The trust says, give each child tuition money
once a month, or enough money for rent. It says,
pay grandma's nursing home bill, or whatever it does. Because
what we don't want to do is leave this money
for people to just mess it up, right, because we
have to do that, dig and kill everybody. That's just
(15:04):
you know, because that's how we think you're thinking, Well,
I don't want to just leave it to them because
then they're going to mess it up, and so we
don't do anything. No, a trust is a business plan
for what happens to your money and to your assets
after you die. So that's term life. As you get
a little more seasoned, you may want to convert some
of your insurance to whole life. Whole life is life
(15:25):
insurance that will last you a lifetime. You may have
to pay it until you're sixty five years old, but
you may pay it until you're seventy five or whatever
your particular contract says. But then that life insurance is
in place until you pass on. And the good thing
about whole life Rashaan is it's an automatic, built in
(15:46):
savings plan. If you find yourself in a situation where
you need money to buy a house, to handle an
emergency to live off of, you can pull down the
money that has been placed into the whole life saving
portions and then finally universal There are many different ways
that you can use a universal policy, but the number
(16:07):
one way is to have it following one of the
top indexes inducees in the stock market. So if you
have a universal life policy and it is outperforming the
S and P five hundred. Then what you can expect
over time is that your saving portion will grow, just
like the stock market. So there are multiple ways, but
I say to everyone, at least get started with an
(16:29):
inexpensive term policy and then agree your policy, you know,
as you go along.
Speaker 2 (16:36):
And I would agree, like I said, I've had the
I have, I've not had I have a universal policy,
and the interest rate has been no lower than four
percent in the last fifteen years. So that means when
it was zero or one percent or no percent, I've
always had four percent minimum guaranteed on my money that
I had in my universal a whole policy. So she's
(17:01):
telling the absolute truth.
Speaker 3 (17:03):
Yeah, and that's about one hundred times better than what
you're going to get in a stage's account at the bank.
It's about three times better than what you're going to
get buying bonds. And it's a great, great way to
have something stable, but also that that's growing with the
stock market. I love it. Yeah.
Speaker 2 (17:18):
And another note she can tell you is that if
you could actually do a loan against the money that
you have there, so you actually can use your money
and not take it out, just take a loan against it,
and so it's just so many ways why this is
important to have a conversation because we as a community
have to understand you don't have to always you know,
you can bar against your own money and just keep
(17:40):
living a great life instead of sitting over there paying
high interest rate or not being able to do anything
because you're frustrated because you didn't think out the process.
By relationship with doctor Lynn Richardson goes back over ten
years fifteen years which he was a regular, a regular
on Steve Harvey's talk show as a financial expert, seeing
her many times on Good Morning America. So you're getting
(18:03):
a person who's giving advice that's naturally recognized and also
a voice that cares about the community. And that's why
it's important when she gives this advice that you can
hear that little extra passion in her back because it's
all bit up. She's like ready to just just jump
in and just tell you shake you listen to me,
(18:24):
you can do this. And that's really what drives her,
and that's what makes me really enjoyed listening to you.
I just sit back because when you when you're in
the blessed to be a part of something unique, and
that's when I have these conversations with you, doctor Lynn
richardson your unique and very special talent and what you're
doing is just not normal. And I really appreciate you
(18:46):
coming on the show talking like this.
Speaker 4 (18:48):
Wow.
Speaker 3 (18:49):
Let me tell you when you said, it's that little
passion like I just want to jump, I do. I
want to just jump in mind and just say go.
If I had a remote control and I could use
it to help every last one of us make the
decisions that we need to make to be free, you see, Wellshan,
(19:11):
this is not just about money and what I want
people to understand. It's about the freedom that you have
when you have the resources to make choices that are
in alignment with God's will and your wishing. It's about freedom. Right.
Speaker 2 (19:28):
We got Eric on the line, Eric and from College Park.
Speaker 1 (19:31):
How you doing, Eric, I'm fine.
Speaker 3 (19:33):
It's McDonald. I'm glad I caught you. I didn't think
I would, but I heard doctor Lynn Richards from Streak.
She was talking to me, so I had a dollar do.
Speaker 2 (19:45):
Well, what Quesse did you have for the incredible doctor
Livitz because speak my friend's beat.
Speaker 4 (19:51):
Well, she spoke about the S and P and that
I could invest, say fifty bucks a month or whatever.
Speaker 3 (19:58):
I need to hear that one more. Absolutely, Yes, you
can choose a license a universal whole life insurance policy
that is connected to an index. So if you choose
a fund, let's just say, for example, you have a
brokerage account at Fidelity or Charles Wyb or TVA Marror
(20:20):
Trade or each any one of them, go into the
research section and choose a fund that outperforms the S
and P five hundred. So if you have a four
to oh one K or if you have a life
insurance policy, then you have the ability to invest your money.
You're gonna see a list of funds. Most of us
(20:42):
don't know what that list means. It may see that
it may say the Fidelity fund, it may say the
Vanguard fund, and it'll have three or four letters. You
take those three or four letters, you put them into
your research box in on the website, on your platform,
and then you compare compare to what you compare to
(21:04):
the S and P five hundred. If your fund performs
better than the S and P five hundred over the
past twenty years. So I'm not just giving you quick advice.
Look at what it's done. Over the past twenty years.
If that fund outperforms the S and P five hundred,
what it means is it's going to increase in value
over time. Now we're making a decision between two funds.
(21:28):
Look at both funds and see which one perform the best.
So that's a very simple way for anybody. I don't
care who you are. You don't have to have any
investment knowledge to be able to decide which fund should
I choose, Because Rashaan, that's one of the things that
gets most of us. We don't know what funds to
choose for our four to one case or whole reversal
(21:50):
life and so on.
Speaker 2 (21:51):
Yeah, right, wow, Eric, you know, just getting that information.
If there is some work, you gotta go online. There's
but what she's showing it. There's no magic bullet here.
The information is there. You just have to compare. And
that's the that's the part that really drives us maddening
(22:14):
and maybe angry because of the fact that we are
we all have cell phones. You know that cell phone.
Just go just go to a uh, just go to
r L you can look at it.
Speaker 4 (22:26):
Looks into it.
Speaker 2 (22:27):
Now because we're in a mobile society, so there's no excuse. Now,
I don't have a computer. I don't have a laptop.
You have a cell phone, and that cell phone allows
you to do all the research. That cell phone allows
you to download apps, that cell phone allows you to
actually run your financial enterprise. Let's think that big. You
(22:47):
are a financial enterprise. And if you think that way,
then guess what your mindset would change. And that's what
Lynd Richardson is telling us. But I'm just telling you
the excuse of the old days out of I don't
have the technology to compete. I don't have the ability
to do the research.
Speaker 3 (23:05):
Yes you do.
Speaker 2 (23:06):
If you called me on your mobile phone, if you
listening to me on your Mobo phone, if you use
your mobile phone, you have the ability to compete. There
are no excuses. Do what she's asking. All she's doing
is asking the listeners, asking you eric to do this. Okay,
this is so intant.
Speaker 3 (23:26):
Most of the time, when people ask me a question,
I give them a class and people say, well, ma'am,
why can't you just answer the question? Rashaun, you know,
there's no such thing as just answering the questions. You
have to learn how to get your money straight, and
then you have to learn how to keep your money straight. Okay,
because more money doesn't solve a money problem. If it did,
(23:48):
millionaires would go bankrupt. There are too many stories of
people who get money and they'll lose it because they
did not do the work to get it, nor did
they do the work to keep it. So education is
the key and need to move from knowledge to action
because knowledge is not power. People say knowledge is power. No,
knowledge is not power until it is put into action.
(24:11):
Whoo you are?
Speaker 2 (24:14):
How do okay? They listened to you on my show
once a quarter? How can they reach out to you?
Do you have a website? How what's your social media?
Because your information is sustainable and they need to know
how to reach out to you. Got one minute left
filling in on all the closing details about how they
can reach out to doctor Len Richardson and what format
(24:36):
you have available to change their lives.
Speaker 3 (24:39):
Well, first of all, I'm more than happy to come
back as much as you like, so we could turn
once a quarter to once a month. That's number one.
Number two. Ask linn dot org. Go to ask lynn
a s k o y n n no EA dot org.
Submit your question. You get an immediate reply, and then
(25:00):
follow me on social media at Lynn Richardson. If you
want to boatload of knowledge and education, go to my
YouTube page which is Leonardson dot tv. But asplan dot
org is the gateway to your freedom.
Speaker 2 (25:12):
My friend again, you're so special, You're such a you know,
it's always you know, I've done a lot of good
things in my life.
Speaker 3 (25:21):
Borr.
Speaker 2 (25:21):
When you come on my show, you have me fired up,
you have me thinking all the right things. But more important,
you change people's lives. We'll talk soon again. This is
doctor Lynn Richardson. She's blessed us with another another great
episode on Money Making Conversation Masterclass.
Speaker 5 (25:39):
Thank you for joining us for this edition of Money
Making Conversations Masterclass. Money Making Conversations Masterclass with through Sean
McDonald is produced by thirty eight to fifteen Media Inc.
More information about thirty eight to fifteen Media Inc. Is
available at thirty eight to fifteen media dot com. And
always remember to lead with your gifts.
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