September 7, 2025 • 33 mins
Two-time Emmy and Three-time NAACP Image Award-winning, television Executive Producer Rushion McDonald interviewed Dr. Lynn Richardson.
A financial expert, author, and speaker. Here’s a breakdown of the key topics and highlights:
Key Themes & Highlights
-
Financial Mindset & Money Management
- Richardson emphasizes the importance of financial literacy and shifting one's mindset about money.
- She discusses how spending habits and financial discipline impact long-term wealth.
-
Multiple Streams of Income
- She explains the necessity of diversifying income sources to achieve financial stability.
- Richardson shares strategies for entrepreneurs to maximize earnings through various business ventures.
-
Estate Planning & Generational Wealth
- Richardson stresses the importance of estate planning to protect assets and ensure financial security for future generations.
- She highlights common mistakes people make when failing to plan for their financial legacy.
-
Tax Strategies & Business Ownership
- She provides insights on tax deductions, particularly for home-based businesses.
- Richardson explains how proper business structuring can lead to financial advantages.
-
Financial Education & Community Impact
- She advocates for financial education in underserved communities.
- Richardson discusses her mission to empower individuals through financial coaching and mentorship.
About Dr. Lynn Richardson
Dr. Lynn Richardson is a financial guru, ordained minister, and best-selling author specializing in wealth-building strategies. She has been featured on The Steve Harvey Show and has helped thousands of individuals break the cycle of living paycheck to paycheck. Through her W.E.A.L.T.H. University, she provides resources on budgeting, investing, and entrepreneurship to help people achieve financial freedom.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Hi.
Speaker 2 (00:00):
I am Rashaan McDonald host the weekly Money Making Conversation
Masterclass show. The interviews and information that this show provides
are for everyone. It's time to stop reading other people's
success stories and start living your own.
Speaker 1 (00:13):
If you want to be a guest on my.
Speaker 2 (00:14):
Show, please visit our website, Moneymaking Conversations dot com and click.
Speaker 1 (00:19):
To be a guest.
Speaker 2 (00:20):
Button press submit and information will come directly to me.
Speaker 1 (00:24):
Now let's get this show started.
Speaker 2 (00:26):
Every day is a chance to reflect upon your spend
it and improve your finances. Please walk with the Money
Making Conversations Masterclass. One of the top financial experts in
the country, Doctor Lynn Richardson. Like Lynn, Hey, happy, Happy,
All the Florida have first half of the year Mother's Day.
Speaker 1 (00:49):
We're gonna get them all a lot. Because I don't
see you. You look fantastic. How's life treating you?
Speaker 3 (00:57):
You know, I really cannot complained.
Speaker 4 (01:01):
I realize that I recognize right now what you just
said is so so important. And it doesn't matter if
you've been making money for a long time or if
you've just started. If it's frustrating you, if money is
funny and you change is strange. I'm thankful for another
day to tell somebody else how to get it right.
And every single time I get a chance to have
(01:23):
a conversation with you money making conversations. I mean, I've
never heard that terminology anywhere else on the planet, and
I'm everywhere except Antarctica, and so I think it's so
important for us to you know, just money making conversations
isn't just a snanzy title of a show.
Speaker 3 (01:42):
I think it's a movement.
Speaker 4 (01:44):
I think it's a lifestyle, and I think it needs
to be something that particularly, you know, our generations right now,
what are you over fifty, under forty, over sixty, are
you in your teens, your twenties? Money making conversations needs
to be as pervasive in our lifestyle as prayer, as eating,
(02:04):
as breathing.
Speaker 3 (02:05):
You need to breathe every day.
Speaker 4 (02:06):
Right, So we need to be having money making conversations
every day. And so anytime I get a chance to
do that with you, Rashaan, it's just an absolute pleasure.
Speaker 1 (02:16):
You know, thank you for the compliment.
Speaker 2 (02:17):
And that's really the tone that I try to create
every day when people go to my podcast. It's about information,
not about me, about something I want to share from
outstanding guests. I'm able to get on my show like
you when I use to worry financial expert. A lot
of responsibility comes with that title. Tell everybody, what do
you do?
Speaker 1 (02:36):
Lynn?
Speaker 3 (02:36):
Oh my goodness. You know.
Speaker 4 (02:38):
The bottom line is, well, let me just tell you
what they call me. The people in my life they
call me the minister preacher gainst the teacher.
Speaker 3 (02:46):
Now, I don't know.
Speaker 4 (02:48):
That sounds like a little bit of ouch and a man.
You know, they say I'm the Medea of money. You know,
you might have to it might hurt a little bit,
but it's going to get you to the next level.
But you know, I always have to tell the very beginnings.
I was born and raised in Chicago. My grandmother was
seventy five years old cleaning homes for walking white people,
putting me through college. She taught me to go to school,
(03:10):
get a good education, get a good job, go to
church on Sunday where clean other wedb caasch get hit
by bus, right, you don't get hit by bus. I'm like,
why don't have to get hit by bus? And I
didn't know a lot about money. So when I got
off to college, I got a lot of credit cards.
Like many people do. I was at one of the
world's top academic institutions. I was on one hundred percent scholarship,
(03:32):
and whenever I needed money prior to that, I'd say, Grandma,
I need fifteen dollars.
Speaker 3 (03:37):
For outfit for a field trip.
Speaker 4 (03:39):
She teld me to look in the room, on top
of the shelf, behind the box, inside of my pocketbook,
inside a zippa wrapped up in the piece of paper
towelers twenty dollars. By the time you found the money,
you forgot what you needed it for. So when I
got to college, I got all these credit cards. I
couldn't pay anybody. Rashan, I couldn't pay anybody. When the
creditors will call and say, Lindy, can you borrow the money,
I'd say, can I from you? I had all kind
(04:01):
of funny answers until I got out into the real world.
My credit was jacked up. My furniture was from rent
a Center, y'all remember rent a Center on the first
car that I bought was was I think it broke
down before I drove it off the lot.
Speaker 3 (04:16):
Then I fast forward.
Speaker 4 (04:18):
I get married, I'm successful, I'm a radio show host.
I'm helping people get approved for mortgages. I helped the
lady with four bankruptcies and two foreclosures overcome her credit issues.
She got into a house with a low down payment,
low interest rate. But I was not practicing what I preached.
I was living check to Monday. You see, check to
check is a blessing that means you get paid on
(04:40):
Friday and by the next payday you're broke. But check
the Monday is a whole nother game. You get paid
on Friday, you kick it on the weekend, you pay
on your past do bills okay, and by Monday you're broke.
And I was living that lifestyle, making twenty thousand, fifty thousand,
eighty thousand a month, not a a month. I could
(05:02):
make eighty thousand dollars a month and still be broke
on payday. Right, so I spend my life. You asked me,
what do I do helping people understand this? More money
doesn't solve a money problem. If it did, millionaires wouldn't
go bankrupt. Rich people stay rich because they act poor,
and poor people stay poor because they act rich, and
(05:23):
poor people stay poor acting rich in front of other
poor people, which is real crazy, and I think for
all of us We are not dumb when it comes
to money. We just need a mindset adjustment. And I
think with shows like Money Making Conversations, we can work
together to make that happen.
Speaker 2 (05:40):
Wow powerful And can I say amen, Amen? Because I'd
say that because every time I talk to you, I
always say I'm gaining knowledge. And that's the first admission
that you don't know at all, because that's when people
run into the trap these financial mistakes. Unfortunately, some people
are homeless because they didn't listen. They will know it
(06:03):
all the writing was on the wall. Make the adjustments
when people need to get in these financial binds. What
are the initial adjustments they need to start looking at.
Is it putting down a monthly budget to see their bills?
Speaker 1 (06:17):
How does that play out there?
Speaker 4 (06:19):
Doctor Lynn, let me tell you the very first adjustment
that any of us needs to make, because we've all
been there. I say everybody has either had a money problem.
It's having a money problem right now, or we'll have
a money problem at some time in the future. And
our culture in particular has told us we don't air
our dirty laundry. What goes on in this house stays
(06:41):
in this house. We don't have conversations about private things,
and I often say is it private or is it
a secret? So the first adjustment that we need to
make is to open our mouths, speak up, talk to someone.
Shame and fear and blame and pride keep us from
opening our mouths. So in many situations, we stay stuck
(07:05):
in a financial financially depleted situation because we don't want
to admit that we messed up, because we don't want
to admit that the reality that we're in is actually here,
because we don't want to acknowledge that maybe that significant
other actually was cheating and left. Maybe something did happen
at the job, Maybe something happened with me. Maybe I
(07:27):
was spending too much money and it got out of
control and now I cannot get it back in control.
Whatever the situation is, And you just spoke about homelessness, Rashan,
let me explain this to you. One of the key ways,
one of the quickest ways to homelessness homelessness is homeowners.
I tell every homeowner out there, the first time you're
(07:48):
going to make a late payment, call me. Don't wait
until the payment is already late. You know you don't
have the money to pay it. When it's due. You know,
you don't have the money want its due. And there
is not going to be a pot of goal that
in the rainbow. There is probably not going to be
a winning lottery ticket. And there is no sugar Daddy
or sugar Mama down the street that's gonna help you.
(08:08):
So deal with the reality. Open your mouth and talk
to someone. I tell everybody there was never a reason
to be ashamed around me because I've been there and
done it all. So open your mouth. That's the first
adjustment that needs to be made. And then yes, Rashawn
from there. Once you open your mouth, you can actually
(08:29):
embrace the reality for what it is and start to
do the math. You see, money is more predictable than anything.
It keeps us in bondage. We feel like we're hostage,
we feel like.
Speaker 3 (08:41):
We're not free.
Speaker 4 (08:42):
But money is a simple function of mathematics. One plus
one equals two. If your stuff adds up to ten,
it'll never get into two.
Speaker 3 (08:51):
So the job is to.
Speaker 4 (08:52):
Reduce everything down so that your math adds up. And
even if you have to give up some things, and
give up some pride and give up some people, it's worth.
Speaker 1 (09:02):
It in the end. Well, you know, thank you for that. Again,
another amen.
Speaker 2 (09:10):
Because I'm gonna say amen a lot because as we
go through this process, one of the things that you
taught me was children can be more than just that
typical deduction that we put on our tax form, because
everybody saying, make sure you put your child down as
a deduction, but there are other platforms that children can
be used for on and that is that resonates so
(09:35):
prominent in past interviews I've done with you. Can you
break it down and let everybody know that I'm not
telling everybody go out there and just have kids so
you can get tax reduction. But if you have children
and they're smart and they're willing to put in the work,
this is their asset and this is the way you
could use them.
Speaker 4 (09:52):
Correct well, if you have children, nieces, nephews, grandchildren, godchildren,
little cousins, play cousins. You know how we do know
folks that we have taken on as family. If you
have any people in your life like that, and I say,
even if they're not smart, make them smart.
Speaker 3 (10:11):
If they're not ready, then get them ready.
Speaker 4 (10:13):
I'm going to keep going back to what this show
is money making conversations, and we're not having conversations about
money with each other, and we're not having conversations about
money with our kids. All our kids know is they
want the latest video game, They want to go to soccer, football, ballet,
they want to do all these things. But they truly
(10:35):
have no concept of where the money comes from or
how the exchange takes place. So one of the best
things anybody could do. You're having a money making conversation
every day, every time you wake that child up to
go to school, to feed that child, to take them
to an extracurricular activity. Money and the conversation around it
is either taking place or not taking place.
Speaker 3 (10:56):
So guess what the IRS says.
Speaker 4 (10:58):
You can hire your child, cousin, niece, nephew, grandchild, you know, god, daughter,
god son. You can hire that child to work in
your home based business. You can pay each child up
to thirteen thousand, two hundred dollars tax free.
Speaker 2 (11:15):
That's tax cree, Okay, thirteen thousand, two hundred dollars tax free,
tax free.
Speaker 3 (11:21):
To the child and tax free to you.
Speaker 4 (11:24):
Because now that you're paying that as a salary to
the child, it's now a write off as salaries in
your home based business, and it's tax free one hundred
percent to the child the first thirteen thousand, two hundred dollars.
Most people are thinking, well, I don't have thirteen thousand,
two hundred dollars. I'm not telling you to go find
a new thirteen thousand, hundred, two hundred dollars. I'm telling
(11:47):
you to add up the existing money you're already spending.
If you're spending two fifty a week on daycare, that
already exceeds thirteen thousand dollars.
Speaker 3 (11:56):
Okay.
Speaker 4 (11:57):
If you are spending money on tuition, you're spending money
on piano lessons or karate class, or school clothes, or
Christmas toys or birthday presents, or going to Disneyland or vacations.
All that money that you're spending, you're spending it anyway.
The only difference between you and me is you spend
the money and it's gone. I spend the money and
(12:20):
I get it back. You have to spend less money,
you have to get more money, but you also have
to get your money back through the legal tax deductions
that the IRS has made available to you. And the
best thing about having a child work in your business
is there gaining skills.
Speaker 3 (12:37):
They're probably doing things that you can't do.
Speaker 4 (12:40):
You don't know how to launch that business on social
media and TikTok and snapchat and.
Speaker 3 (12:44):
Ig, but your child does.
Speaker 4 (12:47):
You're giving them an opportunity to be entrepreneurs at an
early age.
Speaker 2 (12:51):
And that's important to say that now before we go
in there. Further, I know you have a podcast, just
you know, we cross pollination here. You know you see
me I seed you tell us about your podcast. Tell
us where we can find it at Lynn Richardson podcast.
Speaker 4 (13:04):
Well, if you go to Lynrichardson dot com, you can download,
you can gain access to episodes. I'm on Monday through Friday,
every single day, Monday through Friday, every single day of
the week at noon live in California and at noon
live in Chicago.
Speaker 3 (13:23):
You can also watch the replays.
Speaker 4 (13:24):
You can watch the replays at Lynmillionaire dot com Lenmillionaire
dot com.
Speaker 5 (13:31):
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 Rashan McDonald. Moneymaking Conversations Masterclass continues
online at Moneymakingconversations dot com and follow Moneymaking Conversations Masterclass
(13:56):
on Facebook, Twitter, and Instagram.
Speaker 2 (13:58):
We know our relationship is always written by uplifting and
uplifted part because this is tax season, we're being interviews
happening between January and April rush where you got a
file from personal standpoint then a business standpoint. Let's talk personal.
What people need to look out for, what mistakes they've
been making.
Speaker 1 (14:16):
Are there any new tax law changes that.
Speaker 2 (14:18):
We all look out focus all those deductions we should
get for COVID.
Speaker 1 (14:22):
They're going now, they want their money in that upfront.
Speaker 4 (14:25):
Yes, yes, there are so many things that have changed
since COVID. During COVID, people had higher savings rates during COVID,
interest rates for low. Post COVID people's reserves are being depleted.
Post COVID interest rates are high. Post COVID. We are
in inflation. In post COVID, we are in a renter crisis.
It's easier to buy a home right now than it
(14:48):
is to rent a home. The credit guidelines for renters
have made it almost impossible for the average American to
get a decent place to live for a decent amount
of rental income.
Speaker 3 (15:00):
I would say personally, it is.
Speaker 4 (15:01):
Time to get your house in order, and get your
house in order one room at a time. You know,
I remember back in the day, Grandma be used to
make me clean up, and if we had to clear
up the whole house, it was a bit much. But
if I could go and just do the dishes, and
then if I could mop the floor, and then if
I could do one thing at a time, it made
an enormous job of that much more bearable. So I'm
(15:23):
gonna say to you, just think about the one thing
you want to do. Maybe it's just getting your budget
under control. You want to control your spending. You want
to end your spending addiction. The spending addictions what you
have when you go to the grocery store for toothpaste
and walk out with one hundred and seventy nine thousand
and forty seven cent stuff you don't need, and you
do that three or four times.
Speaker 3 (15:42):
A week, or worse, you go online.
Speaker 4 (15:46):
And start shopping and the boxes are just coming in
every other day from all the major places that deliver online.
I'm not going to say what their names are, but
I want us to just focus on one thing personally,
and if you can focus on that one, then you
can take the steps necessary to master the next thing.
Speaker 2 (16:04):
Now that's on the personal side, because I agree with
the rent.
Speaker 1 (16:07):
I was just watching news today and they was.
Speaker 2 (16:09):
Talking about there's living amount of spaces to rent nowadays,
and if you failable to rent, you don't want to
live there. You don't want to live there. You just
a step away from the robbery. So it's important to
understand that the dynamics of housing has changed so much
that people are homeless not because they want to.
Speaker 1 (16:29):
They might not get into a place where.
Speaker 2 (16:32):
They want to live properly or safely, and things like that.
Now from a small business, so we've been with small businesses,
we're entrepreneurs. I really talked to a lot of entrepreneurs
on this show. A lot of people tune in. And
the number one thing that I made mistakes. I always
tell people my mistakes. My first business that opened up
was a co partnership and I didn't even have a budget.
(16:52):
I knew how much I was charging people. I was
a comedy club that ten dollars I was getting it
was sold out, but I forgot about the tax on
the ticket. I forgot about the unemployment tax. I forgot
about all these little taxes. So when it came down,
I really wasn't getting ten dollars a person. I was
getting like seven dollars a person, So that wasn't even
(17:15):
calculating correctly in my head what I was really making.
What are the primary mistakes other than a budget, and
you can actually bring up the budget that we as
young entrepreneurs are veteran entrepreneurs continue to make.
Speaker 1 (17:27):
Well.
Speaker 4 (17:28):
The number one mistake that we make is we don't
get an education. If you want to be a mechanic,
you may have some natural ability, but at some point
you may want to go to school to learn more
about how to fix an engine or a transmission.
Speaker 3 (17:42):
Or whatever part of the car.
Speaker 4 (17:43):
If you are going to help people get well and
you want to be in the medical profession, then you're
going to go learn about the body and physiology and
all of those things. And what we fail to recognize
as entrepreneurs is we.
Speaker 3 (17:56):
May have the talent. We may have the talent. We
may be able to do the thing.
Speaker 4 (18:00):
We may be able to write the book or make
the people laugh, or make the recipe for the restaurant
or whatever it is, but do we have the knowledge
for the business. And so I would say the number
one thing is to get the knowledge about the business Rashan.
You have heard me talk about this, but do you
know how many janky businesses are running around? I mean,
(18:20):
every other person I wanted to has an LLC, but
that LLC has no corporate book. There are no resolutions
in the book, there are no certificates of membership in
the book, and therefore the business run is running out
of order. So the very veil of protection that the
business was formed to provide, meaning if something happens in
(18:42):
your business and you get sued, then they won't come
after your personal assets because we're not running our business
like a business, we're running it like a personal hobby.
Speaker 3 (18:53):
Then you don't get the veil of protection.
Speaker 4 (18:55):
And if you go to court and the judge asks
for your record book and your resolution, most people nine
out of ten, especially in our community, don't even know
what I'm talking about. You don't even know what I'm
talking about. They said a record book, what is that?
I fold my LLC with the system online that you
(19:15):
know what that system is. Didn't go get an attorney,
You did not get a CPA. We did not get
financial advice. So we're making all those mistakes that you're
talking about, ra Sean, and we don't have to, so
get an education. At the Entrepreneurs Academy, I'm teaching everything
about running a business, from how to market it, how
to brand it, how to grow it, how to scale it,
(19:38):
how to hire the right people, how to have a
profited proper profit and loss analysis, how to project revenues,
all the things that you need to be successful in
the business.
Speaker 2 (19:48):
We know you're an interest, and thank you for that advice,
because really, when we make mistakes, they kind of be
they're kind of obvious, but we ignore it.
Speaker 1 (19:57):
In other words, a lot of.
Speaker 2 (19:59):
People, and I'm not saying this, nigga, a lot of
people put a lot of pressure on prayer. I want
to pray their way out of it. Faith go out
on faith without a plan. I said, I you're gonna
jump out on faith, make sure that plan is in
front of your jump and prayer is a lot of
pressure on that. But it's something I've been hearing a
lot lately. It's been annoying me.
Speaker 1 (20:20):
Go fund me. Oh my goodness, it free. Please.
Speaker 2 (20:24):
Time I talked to somebody, well, you know, I'm gonna
I'm gonna do a vote go fund me campaign. I
basically have hung up on people because that's not a plan.
Speaker 1 (20:34):
Go fun me. What you mean You're gonna go out
there ask people to invest in you and you have
a plan for the plan. Come on, have you heard
that a lot?
Speaker 2 (20:43):
I'm just I'm just saying on my show Money Making
Conversations Master Class, I've heard go frond me a lot,
and I've just had to discontinue that conversation.
Speaker 4 (20:52):
Let me let me just say this, and this is
with no due respect to whatever people do. We will
spend money on the outfit for the biggest concert that's
coming to town. We will spend thousands of dollars on
that thing. We will go get our hair done, our
nails done. We will spend money on cigarettes, on legalized mayriorul.
We will spend money on everything. Accept ourselves. We will
(21:15):
spend money on things that do not grow in value.
Accept ourselves. Go fund me is not a life insurance policy, people.
Go fund me is not a business plan. Go fundme
is not in a state plan. Go fund me, when
and if used, should be a strategic method. It should
(21:35):
be a strategic method to expand and already thriving or
on the verge of thriving business to provide an opportunity
for others to potentially invest.
Speaker 3 (21:49):
And to share in capital and growth of.
Speaker 4 (21:51):
The company, not to just randomly raise funds so you
can go get your LLC that you're not going to
protect and have the business end up right.
Speaker 3 (22:01):
So it's like, I go sit with the attorney.
Speaker 4 (22:05):
I know I need funds for my LLC and my trademark,
so I'm gonna go do a fund go fund me
account to pay for the stuff, but that I'm not
gonna run the business properly. And so again I'm not
discounting those methods in and of themselves, I'm just saying
we should use them strategically. The Bible says that plans
fail for lack of counsel, but with many advisors they succeed.
(22:26):
We got to stop picking the scriptures that we think
work for us. We talk about faith, but faith without
work is dead. My T shirt says knowledge is power
when it's put into action. Stop talking about knowledge is power, No,
it's not. There are too many people running around who
know a whole bunch of stuff but aren't doing anything.
We have to put that knowledge to power. The only
(22:48):
place where work becomes, but where success comes before work.
Speaker 3 (22:53):
Is in the dictionary. We've got to do the work,
and I think we can do it together and.
Speaker 2 (22:58):
We all And that's why I'm just saying making sure
that you know I'm based in Atlanta, She's based in
Los Angeles. Okay, thousands of dollars mill apart, but people
say the same bad language coming onto Lenn Richardson podcast,
coming over the money making conversation Mascacois podcast.
Speaker 1 (23:14):
We're just sharing information, not charging you no money.
Speaker 2 (23:17):
We're just trying to invite you into our world, into
our plan of action.
Speaker 1 (23:21):
And that's what she just said. Action.
Speaker 2 (23:24):
Everything she ended a conversation was action. You can pray,
you can find a scripture, but what's the action, what's
the plan, what's the goal? There's a dream tied to
a reality. Those are all the things that we're trying
to get and trying to accomplish. But as we wrap
this interview up, we always talk about I want the
two things I want to talk about multiple streams are
(23:45):
income and then I want to slide over to a
state planning, because now that's a whole conversation. People may
never make it to the state planning, but we always
hear multiple streats in the car and I'm going to
share y'all something I managed. Steve Harvey and I managed
and my goal with him was to create multiple streams
(24:05):
of income and I did books, radio, TV shows, tour
speaking engagement, personal appearances. What I did realize is that
I did not do it for myself. I was just
getting one check from him. So the platform of multiple
streams of income work one dred percent for him, but
it wasn't working for me. Not there was a negative.
(24:27):
But you have to understand what plan are you working.
I was not working the plan that I thought I
was working. I saw all his checks, but all those
checks weren't my checks. And so when we hear multiple
streams of income, I want people to understand how you
evaluate how.
Speaker 1 (24:45):
The income comes to you.
Speaker 2 (24:46):
Is it coming through one portal or is it coming
through multiple That's when it's really multiple streams of income.
Speaker 3 (24:52):
Correct, absolutely?
Speaker 4 (24:54):
I mean, and your testimony, with all the great work
that you've done, you know you're absolutely right. It's a
wake up call for all of us to take a
look at what we're really doing. My situation is similar,
except that with all the things that I help, for example,
MC like to do, whether it be DJing and you know, radio,
and she does TV. She's acting, she's producing and directing
(25:16):
TV and film all of those things. So that's an
income stream. She's got multiple income streams. She's like a
serial entrepreneur. Then I come in and I've got streams
of income there. But then I'm also speaking. I've also
got my real estate stream of income, my mortgage stream
of income, my insurance stream of income. I've got a
whole new wealth university, and then speaking engagements. So all
(25:38):
the things that I am actually helping her to do,
I can teach and preach about and then sometimes we
do those things together. So, yes, one stream of income
is hazardous to your wealth. Let me repeat, one stream
of income is hazardous to your wealth. The story that
we were told that we could go to school, get
a good education, and retire in forty years from one job,
(26:02):
I just have to say this, with all due respect,
it's a lie.
Speaker 3 (26:06):
It is not the truth.
Speaker 4 (26:07):
It is not It is almost impossible for anybody from
the from after the Baby Boomers on through now to
be able to go get a job and work it
for forty years and retire. But above the poverty line,
you may be able to retire. But you're gonna you're
gonna be broke, Okay, So in order for us to
(26:27):
really be able to take advantage of the opportunities, and
I still say it's opportunities. And listen, everybody, get up now.
Whenever you see money making conversations, come on, do something
in that hour. Go grab your calendar. I have mine
right here. I've been wanting to stop and write some
of the things I heard Forshan say, Write do something,
put a plan in place, an aha moment, write it
(26:50):
down and do something and create those streams of income
so that you too can be in position to have
to make decisions and to exercise your choice when you
want to do something, when you did when you don't
want to do something. When the pandemic hit, mc Light
didn't have to worry about doing a concert or a
TV show. Everything was shut down. There were other streams
(27:11):
of income coming in to support not only the lifestyle,
but really to expand the business.
Speaker 3 (27:17):
And that's what we want for everyone.
Speaker 2 (27:19):
Yeah, and that lends itself to estate planning, a terminology
that very few people understand, especially when you're doing forty
hour week employment. Especially it's us out there trying to
think that that that goal watch is waiting on them
for forty years of employment, and that really doesn't happen.
Like my father, like your father or your grandfather. It's
about being a serial entrepreneur. What exactly is just state planning?
Speaker 3 (27:43):
Well, a state planning.
Speaker 4 (27:45):
So we talked about a business plan, we talked about,
you know, a financial plan. Now we're talking about a
life plan, a generational wealth plan.
Speaker 3 (27:53):
And that's what the state planning is.
Speaker 4 (27:55):
And unfortunately, again in our community, we don't want to
talk about death.
Speaker 2 (27:59):
As we wrapped up up. The word planning is a
prominent term that's used in all success stories. Football Players
planned to win, athletes trained to win through a plan
of action. We plan to go to college, you get
a degree, you know, we plan hopefully a successful marriage.
Speaker 1 (28:19):
But somehow when it comes to.
Speaker 2 (28:21):
Our money, we don't plan, especially in the black community,
we just spend.
Speaker 1 (28:25):
We just spent. And so when you start getting that
state planning.
Speaker 2 (28:30):
Level, what's that journey like, what is that journey all about?
Speaker 4 (28:37):
Well, the first thing to understand is, no matter how
much money you have or don't have, you have in
a state, I was on food stamps in this century.
Do you understand? So when I tell you, I've been there,
done that. I've had foreclosure, bankruptcy. This recession of two
thousand and eight got me like it got so many people,
and so during this century, I was on food stamps.
(28:58):
But let me tell you what I did have when
I didn't have money. When I didn't have money, and
I still had my husband, my three children, my grandmother
and people in my life that I loved. I had
life insurance, and I had an estate plan. And what
it did for me is it provided me with the
comfort of knowing that every single day I would wake
(29:21):
up and I could grind, I could figure out how
to get out of this situation, get to the next level.
But what gave me comfort every night was if I
did not wake up tomorrow, my plans would not be
defeated because my estate plan would kick in, and my
children would be taking care for the rest of their lives.
My grandmother would still have financial assistance in her old age.
(29:44):
She'd be able to have private duty care. My husband
would be able to still go on with the businesses,
and if he grieved for an extended amount of time,
he wouldn't lose everything financially. So everybody has an estate
plan if you are a single mother a single father,
you having a state plan, the question is who's in
control of it. If you actually sit down with an
(30:08):
attorney and write your state plan, you're in control of it.
You get to say, if something happens to me and
I've got a million dollar life insurance policy, all of
it isn't going to go to my significant other or
to my children for them to spend it up, and
so I'd have to come back and get everybody right.
They're gonna get x amount to take care of the funeral,
They're gonna get X amount to pay the bills in
(30:30):
the house. They're gonna get x amount when they go
to college. They'll get x amount to start the business.
They'll get x amount. You can put a plan in
place so that your wealth can actually be useful for
your heirs for generations to come. If you don't have
a plan, then the state, state, the government has a plan.
(30:51):
We all were devastated when our beloved Chadwick Bosemen passed
who were devastated didn't know he was sick.
Speaker 3 (30:59):
When he passed. He did not have a will.
Speaker 4 (31:01):
His wife and his parents were in agreement, they were
in harmony. They just wanted to split everything, but it
didn't go down like that. His wife got one point
six million. I think the number is somewhere between one
point three and one point six His parents got between
one point three and one point six million, and the
probate courts got one point six or one point seven million.
(31:23):
The probate court got more than the heirs. And that's
the danger of not having an estate plan. The government
actually getting your resources and dispersing them throughout the legal
system as opposed to you dispersing it to your heirs.
So that's why we all need to start with our
state planning today. It doesn't matter if you have a dollar,
(31:44):
one hundred of them, a thousand of them, or a
million of them.
Speaker 3 (31:47):
Start to a state plan.
Speaker 2 (31:48):
Now, wow again, doctor Lenn Richards and the education and
knowledge of coming on money making conversations master class.
Speaker 1 (31:55):
Because you are a masterclass.
Speaker 2 (31:56):
That's why I added that whole portion of the conversation
on the conversation about not only money, but like and
what you said most important, we all have to start
having that money making conversation with your children, with your spouse,
with your partner, with your loved ones.
Speaker 1 (32:16):
Are people in general, because we go to church. We donate.
Speaker 2 (32:21):
Some people don't even write that donation off. They just
give it up, write a check instead of cash. All
that can amount to some type of deduction. But your
biggest gift to me is that the knowledge. Because I
can't do what you do, Doctor Larry, I cannot do
what you do.
Speaker 1 (32:36):
You are a blessing and.
Speaker 2 (32:37):
Thank you for coming on Money Making Conversation master Class.
Speaker 4 (32:41):
Thank you, thank you for having me, and please welcome
me back for more conversations around taxes and everything else
you will.
Speaker 1 (32:48):
Thank you again.
Speaker 2 (32:49):
This has been another edition of Money Making Conversation Masterclass
posted by me Rashaun McDonald. Thank you to our guests
on the show today and thank you listening to audience now.
If you want to listen to it the episode. I
want to be a guest on the show, Visit Moneymaking
Conversations dot com. Our social media handle is money Making Conversation.
Join us next week and remember to always leave with
(33:10):
your gifts. Keep winning.
Hi.
Speaker 2 (00:00):
I am Rashaan McDonald host the weekly Money Making Conversation
Masterclass show. The interviews and information that this show provides
are for everyone. It's time to stop reading other people's
success stories and start living your own.
Speaker 1 (00:13):
If you want to be a guest on my.
Speaker 2 (00:14):
Show, please visit our website, Moneymaking Conversations dot com and click.
Speaker 1 (00:19):
To be a guest.
Speaker 2 (00:20):
Button press submit and information will come directly to me.
Speaker 1 (00:24):
Now let's get this show started.
Speaker 2 (00:26):
Every day is a chance to reflect upon your spend
it and improve your finances. Please walk with the Money
Making Conversations Masterclass. One of the top financial experts in
the country, Doctor Lynn Richardson. Like Lynn, Hey, happy, Happy,
All the Florida have first half of the year Mother's Day.
Speaker 1 (00:49):
We're gonna get them all a lot. Because I don't
see you. You look fantastic. How's life treating you?
Speaker 3 (00:57):
You know, I really cannot complained.
Speaker 4 (01:01):
I realize that I recognize right now what you just
said is so so important. And it doesn't matter if
you've been making money for a long time or if
you've just started. If it's frustrating you, if money is
funny and you change is strange. I'm thankful for another
day to tell somebody else how to get it right.
And every single time I get a chance to have
(01:23):
a conversation with you money making conversations. I mean, I've
never heard that terminology anywhere else on the planet, and
I'm everywhere except Antarctica, and so I think it's so
important for us to you know, just money making conversations
isn't just a snanzy title of a show.
Speaker 3 (01:42):
I think it's a movement.
Speaker 4 (01:44):
I think it's a lifestyle, and I think it needs
to be something that particularly, you know, our generations right now,
what are you over fifty, under forty, over sixty, are
you in your teens, your twenties? Money making conversations needs
to be as pervasive in our lifestyle as prayer, as eating,
(02:04):
as breathing.
Speaker 3 (02:05):
You need to breathe every day.
Speaker 4 (02:06):
Right, So we need to be having money making conversations
every day. And so anytime I get a chance to
do that with you, Rashaan, it's just an absolute pleasure.
Speaker 1 (02:16):
You know, thank you for the compliment.
Speaker 2 (02:17):
And that's really the tone that I try to create
every day when people go to my podcast. It's about information,
not about me, about something I want to share from
outstanding guests. I'm able to get on my show like
you when I use to worry financial expert. A lot
of responsibility comes with that title. Tell everybody, what do
you do?
Speaker 1 (02:36):
Lynn?
Speaker 3 (02:36):
Oh my goodness. You know.
Speaker 4 (02:38):
The bottom line is, well, let me just tell you
what they call me. The people in my life they
call me the minister preacher gainst the teacher.
Speaker 3 (02:46):
Now, I don't know.
Speaker 4 (02:48):
That sounds like a little bit of ouch and a man.
You know, they say I'm the Medea of money. You know,
you might have to it might hurt a little bit,
but it's going to get you to the next level.
But you know, I always have to tell the very beginnings.
I was born and raised in Chicago. My grandmother was
seventy five years old cleaning homes for walking white people,
putting me through college. She taught me to go to school,
(03:10):
get a good education, get a good job, go to
church on Sunday where clean other wedb caasch get hit
by bus, right, you don't get hit by bus. I'm like,
why don't have to get hit by bus? And I
didn't know a lot about money. So when I got
off to college, I got a lot of credit cards.
Like many people do. I was at one of the
world's top academic institutions. I was on one hundred percent scholarship,
(03:32):
and whenever I needed money prior to that, I'd say, Grandma,
I need fifteen dollars.
Speaker 3 (03:37):
For outfit for a field trip.
Speaker 4 (03:39):
She teld me to look in the room, on top
of the shelf, behind the box, inside of my pocketbook,
inside a zippa wrapped up in the piece of paper
towelers twenty dollars. By the time you found the money,
you forgot what you needed it for. So when I
got to college, I got all these credit cards. I
couldn't pay anybody. Rashan, I couldn't pay anybody. When the
creditors will call and say, Lindy, can you borrow the money,
I'd say, can I from you? I had all kind
(04:01):
of funny answers until I got out into the real world.
My credit was jacked up. My furniture was from rent
a Center, y'all remember rent a Center on the first
car that I bought was was I think it broke
down before I drove it off the lot.
Speaker 3 (04:16):
Then I fast forward.
Speaker 4 (04:18):
I get married, I'm successful, I'm a radio show host.
I'm helping people get approved for mortgages. I helped the
lady with four bankruptcies and two foreclosures overcome her credit issues.
She got into a house with a low down payment,
low interest rate. But I was not practicing what I preached.
I was living check to Monday. You see, check to
check is a blessing that means you get paid on
(04:40):
Friday and by the next payday you're broke. But check
the Monday is a whole nother game. You get paid
on Friday, you kick it on the weekend, you pay
on your past do bills okay, and by Monday you're broke.
And I was living that lifestyle, making twenty thousand, fifty thousand,
eighty thousand a month, not a a month. I could
(05:02):
make eighty thousand dollars a month and still be broke
on payday. Right, so I spend my life. You asked me,
what do I do helping people understand this? More money
doesn't solve a money problem. If it did, millionaires wouldn't
go bankrupt. Rich people stay rich because they act poor,
and poor people stay poor because they act rich, and
(05:23):
poor people stay poor acting rich in front of other
poor people, which is real crazy, and I think for
all of us We are not dumb when it comes
to money. We just need a mindset adjustment. And I
think with shows like Money Making Conversations, we can work
together to make that happen.
Speaker 2 (05:40):
Wow powerful And can I say amen, Amen? Because I'd
say that because every time I talk to you, I
always say I'm gaining knowledge. And that's the first admission
that you don't know at all, because that's when people
run into the trap these financial mistakes. Unfortunately, some people
are homeless because they didn't listen. They will know it
(06:03):
all the writing was on the wall. Make the adjustments
when people need to get in these financial binds. What
are the initial adjustments they need to start looking at.
Is it putting down a monthly budget to see their bills?
Speaker 1 (06:17):
How does that play out there?
Speaker 4 (06:19):
Doctor Lynn, let me tell you the very first adjustment
that any of us needs to make, because we've all
been there. I say everybody has either had a money problem.
It's having a money problem right now, or we'll have
a money problem at some time in the future. And
our culture in particular has told us we don't air
our dirty laundry. What goes on in this house stays
(06:41):
in this house. We don't have conversations about private things,
and I often say is it private or is it
a secret? So the first adjustment that we need to
make is to open our mouths, speak up, talk to someone.
Shame and fear and blame and pride keep us from
opening our mouths. So in many situations, we stay stuck
(07:05):
in a financial financially depleted situation because we don't want
to admit that we messed up, because we don't want
to admit that the reality that we're in is actually here,
because we don't want to acknowledge that maybe that significant
other actually was cheating and left. Maybe something did happen
at the job, Maybe something happened with me. Maybe I
(07:27):
was spending too much money and it got out of
control and now I cannot get it back in control.
Whatever the situation is, And you just spoke about homelessness, Rashan,
let me explain this to you. One of the key ways,
one of the quickest ways to homelessness homelessness is homeowners.
I tell every homeowner out there, the first time you're
(07:48):
going to make a late payment, call me. Don't wait
until the payment is already late. You know you don't
have the money to pay it. When it's due. You know,
you don't have the money want its due. And there
is not going to be a pot of goal that
in the rainbow. There is probably not going to be
a winning lottery ticket. And there is no sugar Daddy
or sugar Mama down the street that's gonna help you.
(08:08):
So deal with the reality. Open your mouth and talk
to someone. I tell everybody there was never a reason
to be ashamed around me because I've been there and
done it all. So open your mouth. That's the first
adjustment that needs to be made. And then yes, Rashawn
from there. Once you open your mouth, you can actually
(08:29):
embrace the reality for what it is and start to
do the math. You see, money is more predictable than anything.
It keeps us in bondage. We feel like we're hostage,
we feel like.
Speaker 3 (08:41):
We're not free.
Speaker 4 (08:42):
But money is a simple function of mathematics. One plus
one equals two. If your stuff adds up to ten,
it'll never get into two.
Speaker 3 (08:51):
So the job is to.
Speaker 4 (08:52):
Reduce everything down so that your math adds up. And
even if you have to give up some things, and
give up some pride and give up some people, it's worth.
Speaker 1 (09:02):
It in the end. Well, you know, thank you for that. Again,
another amen.
Speaker 2 (09:10):
Because I'm gonna say amen a lot because as we
go through this process, one of the things that you
taught me was children can be more than just that
typical deduction that we put on our tax form, because
everybody saying, make sure you put your child down as
a deduction, but there are other platforms that children can
be used for on and that is that resonates so
(09:35):
prominent in past interviews I've done with you. Can you
break it down and let everybody know that I'm not
telling everybody go out there and just have kids so
you can get tax reduction. But if you have children
and they're smart and they're willing to put in the work,
this is their asset and this is the way you
could use them.
Speaker 4 (09:52):
Correct well, if you have children, nieces, nephews, grandchildren, godchildren,
little cousins, play cousins. You know how we do know
folks that we have taken on as family. If you
have any people in your life like that, and I say,
even if they're not smart, make them smart.
Speaker 3 (10:11):
If they're not ready, then get them ready.
Speaker 4 (10:13):
I'm going to keep going back to what this show
is money making conversations, and we're not having conversations about
money with each other, and we're not having conversations about
money with our kids. All our kids know is they
want the latest video game, They want to go to soccer, football, ballet,
they want to do all these things. But they truly
(10:35):
have no concept of where the money comes from or
how the exchange takes place. So one of the best
things anybody could do. You're having a money making conversation
every day, every time you wake that child up to
go to school, to feed that child, to take them
to an extracurricular activity. Money and the conversation around it
is either taking place or not taking place.
Speaker 3 (10:56):
So guess what the IRS says.
Speaker 4 (10:58):
You can hire your child, cousin, niece, nephew, grandchild, you know, god, daughter,
god son. You can hire that child to work in
your home based business. You can pay each child up
to thirteen thousand, two hundred dollars tax free.
Speaker 2 (11:15):
That's tax cree, Okay, thirteen thousand, two hundred dollars tax free,
tax free.
Speaker 3 (11:21):
To the child and tax free to you.
Speaker 4 (11:24):
Because now that you're paying that as a salary to
the child, it's now a write off as salaries in
your home based business, and it's tax free one hundred
percent to the child the first thirteen thousand, two hundred dollars.
Most people are thinking, well, I don't have thirteen thousand,
two hundred dollars. I'm not telling you to go find
a new thirteen thousand, hundred, two hundred dollars. I'm telling
(11:47):
you to add up the existing money you're already spending.
If you're spending two fifty a week on daycare, that
already exceeds thirteen thousand dollars.
Speaker 3 (11:56):
Okay.
Speaker 4 (11:57):
If you are spending money on tuition, you're spending money
on piano lessons or karate class, or school clothes, or
Christmas toys or birthday presents, or going to Disneyland or vacations.
All that money that you're spending, you're spending it anyway.
The only difference between you and me is you spend
the money and it's gone. I spend the money and
(12:20):
I get it back. You have to spend less money,
you have to get more money, but you also have
to get your money back through the legal tax deductions
that the IRS has made available to you. And the
best thing about having a child work in your business
is there gaining skills.
Speaker 3 (12:37):
They're probably doing things that you can't do.
Speaker 4 (12:40):
You don't know how to launch that business on social
media and TikTok and snapchat and.
Speaker 3 (12:44):
Ig, but your child does.
Speaker 4 (12:47):
You're giving them an opportunity to be entrepreneurs at an
early age.
Speaker 2 (12:51):
And that's important to say that now before we go
in there. Further, I know you have a podcast, just
you know, we cross pollination here. You know you see
me I seed you tell us about your podcast. Tell
us where we can find it at Lynn Richardson podcast.
Speaker 4 (13:04):
Well, if you go to Lynrichardson dot com, you can download,
you can gain access to episodes. I'm on Monday through Friday,
every single day, Monday through Friday, every single day of
the week at noon live in California and at noon
live in Chicago.
Speaker 3 (13:23):
You can also watch the replays.
Speaker 4 (13:24):
You can watch the replays at Lynmillionaire dot com Lenmillionaire
dot com.
Speaker 5 (13:31):
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 Rashan McDonald. Moneymaking Conversations Masterclass continues
online at Moneymakingconversations dot com and follow Moneymaking Conversations Masterclass
(13:56):
on Facebook, Twitter, and Instagram.
Speaker 2 (13:58):
We know our relationship is always written by uplifting and
uplifted part because this is tax season, we're being interviews
happening between January and April rush where you got a
file from personal standpoint then a business standpoint. Let's talk personal.
What people need to look out for, what mistakes they've
been making.
Speaker 1 (14:16):
Are there any new tax law changes that.
Speaker 2 (14:18):
We all look out focus all those deductions we should
get for COVID.
Speaker 1 (14:22):
They're going now, they want their money in that upfront.
Speaker 4 (14:25):
Yes, yes, there are so many things that have changed
since COVID. During COVID, people had higher savings rates during COVID,
interest rates for low. Post COVID people's reserves are being depleted.
Post COVID interest rates are high. Post COVID. We are
in inflation. In post COVID, we are in a renter crisis.
It's easier to buy a home right now than it
(14:48):
is to rent a home. The credit guidelines for renters
have made it almost impossible for the average American to
get a decent place to live for a decent amount
of rental income.
Speaker 3 (15:00):
I would say personally, it is.
Speaker 4 (15:01):
Time to get your house in order, and get your
house in order one room at a time. You know,
I remember back in the day, Grandma be used to
make me clean up, and if we had to clear
up the whole house, it was a bit much. But
if I could go and just do the dishes, and
then if I could mop the floor, and then if
I could do one thing at a time, it made
an enormous job of that much more bearable. So I'm
(15:23):
gonna say to you, just think about the one thing
you want to do. Maybe it's just getting your budget
under control. You want to control your spending. You want
to end your spending addiction. The spending addictions what you
have when you go to the grocery store for toothpaste
and walk out with one hundred and seventy nine thousand
and forty seven cent stuff you don't need, and you
do that three or four times.
Speaker 3 (15:42):
A week, or worse, you go online.
Speaker 4 (15:46):
And start shopping and the boxes are just coming in
every other day from all the major places that deliver online.
I'm not going to say what their names are, but
I want us to just focus on one thing personally,
and if you can focus on that one, then you
can take the steps necessary to master the next thing.
Speaker 2 (16:04):
Now that's on the personal side, because I agree with
the rent.
Speaker 1 (16:07):
I was just watching news today and they was.
Speaker 2 (16:09):
Talking about there's living amount of spaces to rent nowadays,
and if you failable to rent, you don't want to
live there. You don't want to live there. You just
a step away from the robbery. So it's important to
understand that the dynamics of housing has changed so much
that people are homeless not because they want to.
Speaker 1 (16:29):
They might not get into a place where.
Speaker 2 (16:32):
They want to live properly or safely, and things like that.
Now from a small business, so we've been with small businesses,
we're entrepreneurs. I really talked to a lot of entrepreneurs
on this show. A lot of people tune in. And
the number one thing that I made mistakes. I always
tell people my mistakes. My first business that opened up
was a co partnership and I didn't even have a budget.
(16:52):
I knew how much I was charging people. I was
a comedy club that ten dollars I was getting it
was sold out, but I forgot about the tax on
the ticket. I forgot about the unemployment tax. I forgot
about all these little taxes. So when it came down,
I really wasn't getting ten dollars a person. I was
getting like seven dollars a person, So that wasn't even
(17:15):
calculating correctly in my head what I was really making.
What are the primary mistakes other than a budget, and
you can actually bring up the budget that we as
young entrepreneurs are veteran entrepreneurs continue to make.
Speaker 1 (17:27):
Well.
Speaker 4 (17:28):
The number one mistake that we make is we don't
get an education. If you want to be a mechanic,
you may have some natural ability, but at some point
you may want to go to school to learn more
about how to fix an engine or a transmission.
Speaker 3 (17:42):
Or whatever part of the car.
Speaker 4 (17:43):
If you are going to help people get well and
you want to be in the medical profession, then you're
going to go learn about the body and physiology and
all of those things. And what we fail to recognize
as entrepreneurs is we.
Speaker 3 (17:56):
May have the talent. We may have the talent. We
may be able to do the thing.
Speaker 4 (18:00):
We may be able to write the book or make
the people laugh, or make the recipe for the restaurant
or whatever it is, but do we have the knowledge
for the business. And so I would say the number
one thing is to get the knowledge about the business Rashan.
You have heard me talk about this, but do you
know how many janky businesses are running around? I mean,
(18:20):
every other person I wanted to has an LLC, but
that LLC has no corporate book. There are no resolutions
in the book, there are no certificates of membership in
the book, and therefore the business run is running out
of order. So the very veil of protection that the
business was formed to provide, meaning if something happens in
(18:42):
your business and you get sued, then they won't come
after your personal assets because we're not running our business
like a business, we're running it like a personal hobby.
Speaker 3 (18:53):
Then you don't get the veil of protection.
Speaker 4 (18:55):
And if you go to court and the judge asks
for your record book and your resolution, most people nine
out of ten, especially in our community, don't even know
what I'm talking about. You don't even know what I'm
talking about. They said a record book, what is that?
I fold my LLC with the system online that you
(19:15):
know what that system is. Didn't go get an attorney,
You did not get a CPA. We did not get
financial advice. So we're making all those mistakes that you're
talking about, ra Sean, and we don't have to, so
get an education. At the Entrepreneurs Academy, I'm teaching everything
about running a business, from how to market it, how
to brand it, how to grow it, how to scale it,
(19:38):
how to hire the right people, how to have a
profited proper profit and loss analysis, how to project revenues,
all the things that you need to be successful in
the business.
Speaker 2 (19:48):
We know you're an interest, and thank you for that advice,
because really, when we make mistakes, they kind of be
they're kind of obvious, but we ignore it.
Speaker 1 (19:57):
In other words, a lot of.
Speaker 2 (19:59):
People, and I'm not saying this, nigga, a lot of
people put a lot of pressure on prayer. I want
to pray their way out of it. Faith go out
on faith without a plan. I said, I you're gonna
jump out on faith, make sure that plan is in
front of your jump and prayer is a lot of
pressure on that. But it's something I've been hearing a
lot lately. It's been annoying me.
Speaker 1 (20:20):
Go fund me. Oh my goodness, it free. Please.
Speaker 2 (20:24):
Time I talked to somebody, well, you know, I'm gonna
I'm gonna do a vote go fund me campaign. I
basically have hung up on people because that's not a plan.
Speaker 1 (20:34):
Go fun me. What you mean You're gonna go out
there ask people to invest in you and you have
a plan for the plan. Come on, have you heard
that a lot?
Speaker 2 (20:43):
I'm just I'm just saying on my show Money Making
Conversations Master Class, I've heard go frond me a lot,
and I've just had to discontinue that conversation.
Speaker 4 (20:52):
Let me let me just say this, and this is
with no due respect to whatever people do. We will
spend money on the outfit for the biggest concert that's
coming to town. We will spend thousands of dollars on
that thing. We will go get our hair done, our
nails done. We will spend money on cigarettes, on legalized mayriorul.
We will spend money on everything. Accept ourselves. We will
(21:15):
spend money on things that do not grow in value.
Accept ourselves. Go fund me is not a life insurance policy, people.
Go fund me is not a business plan. Go fundme
is not in a state plan. Go fund me, when
and if used, should be a strategic method. It should
(21:35):
be a strategic method to expand and already thriving or
on the verge of thriving business to provide an opportunity
for others to potentially invest.
Speaker 3 (21:49):
And to share in capital and growth of.
Speaker 4 (21:51):
The company, not to just randomly raise funds so you
can go get your LLC that you're not going to
protect and have the business end up right.
Speaker 3 (22:01):
So it's like, I go sit with the attorney.
Speaker 4 (22:05):
I know I need funds for my LLC and my trademark,
so I'm gonna go do a fund go fund me
account to pay for the stuff, but that I'm not
gonna run the business properly. And so again I'm not
discounting those methods in and of themselves, I'm just saying
we should use them strategically. The Bible says that plans
fail for lack of counsel, but with many advisors they succeed.
(22:26):
We got to stop picking the scriptures that we think
work for us. We talk about faith, but faith without
work is dead. My T shirt says knowledge is power
when it's put into action. Stop talking about knowledge is power, No,
it's not. There are too many people running around who
know a whole bunch of stuff but aren't doing anything.
We have to put that knowledge to power. The only
(22:48):
place where work becomes, but where success comes before work.
Speaker 3 (22:53):
Is in the dictionary. We've got to do the work,
and I think we can do it together and.
Speaker 2 (22:58):
We all And that's why I'm just saying making sure
that you know I'm based in Atlanta, She's based in
Los Angeles. Okay, thousands of dollars mill apart, but people
say the same bad language coming onto Lenn Richardson podcast,
coming over the money making conversation Mascacois podcast.
Speaker 1 (23:14):
We're just sharing information, not charging you no money.
Speaker 2 (23:17):
We're just trying to invite you into our world, into
our plan of action.
Speaker 1 (23:21):
And that's what she just said. Action.
Speaker 2 (23:24):
Everything she ended a conversation was action. You can pray,
you can find a scripture, but what's the action, what's
the plan, what's the goal? There's a dream tied to
a reality. Those are all the things that we're trying
to get and trying to accomplish. But as we wrap
this interview up, we always talk about I want the
two things I want to talk about multiple streams are
(23:45):
income and then I want to slide over to a
state planning, because now that's a whole conversation. People may
never make it to the state planning, but we always
hear multiple streats in the car and I'm going to
share y'all something I managed. Steve Harvey and I managed
and my goal with him was to create multiple streams
(24:05):
of income and I did books, radio, TV shows, tour
speaking engagement, personal appearances. What I did realize is that
I did not do it for myself. I was just
getting one check from him. So the platform of multiple
streams of income work one dred percent for him, but
it wasn't working for me. Not there was a negative.
(24:27):
But you have to understand what plan are you working.
I was not working the plan that I thought I
was working. I saw all his checks, but all those
checks weren't my checks. And so when we hear multiple
streams of income, I want people to understand how you
evaluate how.
Speaker 1 (24:45):
The income comes to you.
Speaker 2 (24:46):
Is it coming through one portal or is it coming
through multiple That's when it's really multiple streams of income.
Speaker 3 (24:52):
Correct, absolutely?
Speaker 4 (24:54):
I mean, and your testimony, with all the great work
that you've done, you know you're absolutely right. It's a
wake up call for all of us to take a
look at what we're really doing. My situation is similar,
except that with all the things that I help, for example,
MC like to do, whether it be DJing and you know, radio,
and she does TV. She's acting, she's producing and directing
(25:16):
TV and film all of those things. So that's an
income stream. She's got multiple income streams. She's like a
serial entrepreneur. Then I come in and I've got streams
of income there. But then I'm also speaking. I've also
got my real estate stream of income, my mortgage stream
of income, my insurance stream of income. I've got a
whole new wealth university, and then speaking engagements. So all
(25:38):
the things that I am actually helping her to do,
I can teach and preach about and then sometimes we
do those things together. So, yes, one stream of income
is hazardous to your wealth. Let me repeat, one stream
of income is hazardous to your wealth. The story that
we were told that we could go to school, get
a good education, and retire in forty years from one job,
(26:02):
I just have to say this, with all due respect,
it's a lie.
Speaker 3 (26:06):
It is not the truth.
Speaker 4 (26:07):
It is not It is almost impossible for anybody from
the from after the Baby Boomers on through now to
be able to go get a job and work it
for forty years and retire. But above the poverty line,
you may be able to retire. But you're gonna you're
gonna be broke, Okay, So in order for us to
(26:27):
really be able to take advantage of the opportunities, and
I still say it's opportunities. And listen, everybody, get up now.
Whenever you see money making conversations, come on, do something
in that hour. Go grab your calendar. I have mine
right here. I've been wanting to stop and write some
of the things I heard Forshan say, Write do something,
put a plan in place, an aha moment, write it
(26:50):
down and do something and create those streams of income
so that you too can be in position to have
to make decisions and to exercise your choice when you
want to do something, when you did when you don't
want to do something. When the pandemic hit, mc Light
didn't have to worry about doing a concert or a
TV show. Everything was shut down. There were other streams
(27:11):
of income coming in to support not only the lifestyle,
but really to expand the business.
Speaker 3 (27:17):
And that's what we want for everyone.
Speaker 2 (27:19):
Yeah, and that lends itself to estate planning, a terminology
that very few people understand, especially when you're doing forty
hour week employment. Especially it's us out there trying to
think that that that goal watch is waiting on them
for forty years of employment, and that really doesn't happen.
Like my father, like your father or your grandfather. It's
about being a serial entrepreneur. What exactly is just state planning?
Speaker 3 (27:43):
Well, a state planning.
Speaker 4 (27:45):
So we talked about a business plan, we talked about,
you know, a financial plan. Now we're talking about a
life plan, a generational wealth plan.
Speaker 3 (27:53):
And that's what the state planning is.
Speaker 4 (27:55):
And unfortunately, again in our community, we don't want to
talk about death.
Speaker 2 (27:59):
As we wrapped up up. The word planning is a
prominent term that's used in all success stories. Football Players
planned to win, athletes trained to win through a plan
of action. We plan to go to college, you get
a degree, you know, we plan hopefully a successful marriage.
Speaker 1 (28:19):
But somehow when it comes to.
Speaker 2 (28:21):
Our money, we don't plan, especially in the black community,
we just spend.
Speaker 1 (28:25):
We just spent. And so when you start getting that
state planning.
Speaker 2 (28:30):
Level, what's that journey like, what is that journey all about?
Speaker 4 (28:37):
Well, the first thing to understand is, no matter how
much money you have or don't have, you have in
a state, I was on food stamps in this century.
Do you understand? So when I tell you, I've been there,
done that. I've had foreclosure, bankruptcy. This recession of two
thousand and eight got me like it got so many people,
and so during this century, I was on food stamps.
(28:58):
But let me tell you what I did have when
I didn't have money. When I didn't have money, and
I still had my husband, my three children, my grandmother
and people in my life that I loved. I had
life insurance, and I had an estate plan. And what
it did for me is it provided me with the
comfort of knowing that every single day I would wake
(29:21):
up and I could grind, I could figure out how
to get out of this situation, get to the next level.
But what gave me comfort every night was if I
did not wake up tomorrow, my plans would not be
defeated because my estate plan would kick in, and my
children would be taking care for the rest of their lives.
My grandmother would still have financial assistance in her old age.
(29:44):
She'd be able to have private duty care. My husband
would be able to still go on with the businesses,
and if he grieved for an extended amount of time,
he wouldn't lose everything financially. So everybody has an estate
plan if you are a single mother a single father,
you having a state plan, the question is who's in
control of it. If you actually sit down with an
(30:08):
attorney and write your state plan, you're in control of it.
You get to say, if something happens to me and
I've got a million dollar life insurance policy, all of
it isn't going to go to my significant other or
to my children for them to spend it up, and
so I'd have to come back and get everybody right.
They're gonna get x amount to take care of the funeral,
They're gonna get X amount to pay the bills in
(30:30):
the house. They're gonna get x amount when they go
to college. They'll get x amount to start the business.
They'll get x amount. You can put a plan in
place so that your wealth can actually be useful for
your heirs for generations to come. If you don't have
a plan, then the state, state, the government has a plan.
(30:51):
We all were devastated when our beloved Chadwick Bosemen passed
who were devastated didn't know he was sick.
Speaker 3 (30:59):
When he passed. He did not have a will.
Speaker 4 (31:01):
His wife and his parents were in agreement, they were
in harmony. They just wanted to split everything, but it
didn't go down like that. His wife got one point
six million. I think the number is somewhere between one
point three and one point six His parents got between
one point three and one point six million, and the
probate courts got one point six or one point seven million.
(31:23):
The probate court got more than the heirs. And that's
the danger of not having an estate plan. The government
actually getting your resources and dispersing them throughout the legal
system as opposed to you dispersing it to your heirs.
So that's why we all need to start with our
state planning today. It doesn't matter if you have a dollar,
(31:44):
one hundred of them, a thousand of them, or a
million of them.
Speaker 3 (31:47):
Start to a state plan.
Speaker 2 (31:48):
Now, wow again, doctor Lenn Richards and the education and
knowledge of coming on money making conversations master class.
Speaker 1 (31:55):
Because you are a masterclass.
Speaker 2 (31:56):
That's why I added that whole portion of the conversation
on the conversation about not only money, but like and
what you said most important, we all have to start
having that money making conversation with your children, with your spouse,
with your partner, with your loved ones.
Speaker 1 (32:16):
Are people in general, because we go to church. We donate.
Speaker 2 (32:21):
Some people don't even write that donation off. They just
give it up, write a check instead of cash. All
that can amount to some type of deduction. But your
biggest gift to me is that the knowledge. Because I
can't do what you do, Doctor Larry, I cannot do
what you do.
Speaker 1 (32:36):
You are a blessing and.
Speaker 2 (32:37):
Thank you for coming on Money Making Conversation master Class.
Speaker 4 (32:41):
Thank you, thank you for having me, and please welcome
me back for more conversations around taxes and everything else
you will.
Speaker 1 (32:48):
Thank you again.
Speaker 2 (32:49):
This has been another edition of Money Making Conversation Masterclass
posted by me Rashaun McDonald. Thank you to our guests
on the show today and thank you listening to audience now.
If you want to listen to it the episode. I
want to be a guest on the show, Visit Moneymaking
Conversations dot com. Our social media handle is money Making Conversation.
Join us next week and remember to always leave with
(33:10):
your gifts. Keep winning.
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Thomas "Nephew Tommy" Miles
Carla Ferrell
Kier "Junior" Spates
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