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I am Rashawn McDonnell, 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 non-profits who are making a difference in their local communities.
Now sit back and listen as we unlock the secrets to their success on Money-Making Conversations Masterclass. My guest today is Dr. 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 Ms.Evans.She was calling about the funnel creative and she dove open to that conversation.You've heard my personal testimony.
It does not matter if you have just started earning or have been earning for a long time.Every day is a chance to reflect upon your spending and improve your financing. Here's some notes about Dr. Len Richardson.
Believes 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 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 to Money-Making Conversation Masterclass again.She's a financial guru.I call her financial genius, Dr. Lynn Richardson.Welcome back.
Well, well, well, thank you.Thank you so much.I would rather be no place.Thank you so much, Mr. McDonald.
Well, I would tell you so whenever this, this show has been on fire, uh, since it started, you know, I, I had a guy, I had a one person calling my bragging segment and he noted that he has a app called stop stockification where, you know, you invest $30, $50 a day, a hundred dollars a day.
And that the market would always correct itself over 10, 15, 20 year period. And he was saying that the average black person, when they die, leaving wealth to a relative is $4,000.The average white person, when they die, leaving wealth is $104,000.
You have been educating us this whole process.What has frustrated you much?Maybe not frustrated you, but disappointed you or that you believe that how can we as a community do better about our financial literacy, Dr. 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 frustrate me.And I would say that should frustrate anybody. is the one area where we have absolute 100% control.
You see, we wake up every day, we have no control over the weather.You have no control over your friends.You have no control over your family members.Sometimes people are coming and going, sometimes they're not.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 Rashad, I want us to stop using GoFundMe as a life insurance strategy.
I want us to stop using GoFundMe 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.
We have the ability to get enough life insurance to not just take care of our last rites and rites of passage and the funeral and the repass and all of those things, but we have the ability to carry on wealth to future generations.
Rashaun, when I was on food stamps, I was worth more dead than alive.I'm not, you know, that just is what it is.
And most people are anyway, 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 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 to a certain degree, be able to continue their education, and then pass that wealth on to their children and their children's children.
The Bible says that a good man, a good woman, leaves an inheritance to his children's children.And if I could just say anything about spend less money, get your money back, make your money spend less money, 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.
You know, I have to agree. But it's just so much, though, Dr. Lynn.Like you said, the GoFundMe is really cute.You say, I'm down on my luck, or I'm struggling.If you could just put some money in my GoFundMe account, they're gonna take a fee.
When you put it in, that's not 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 where there'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 plan.
And that's what people are doing with these GoFundMe accounts.Cause 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, a quick death in their family.
The news is always saying, go fund me, set up a GoFundMe, go set up a GoFundMe account.And that's not the way it goes in the real world of trying to get your life straight financially, correct?
You know, no one has passed on generational wealth by way of a GoFundMe account.And what people need to also understand is that those GoFundMe accounts can be shut down.
So if there is any, yeah, if there's any kind of hint of impropriety, if there's, when you set up a GoFundMe account, it has to be used for 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 Ziglar said, money is like oxygen.You gotta have it.
I don't care where you go, what you do, and you look up, down, or 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, Rashawn, 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 we just take the money that we spend on Uber Eats, I'm just going to throw that in there.Uber Eats is a limited sum.
Uber Eats, if you add up all of the money that's spent on Uber Eats and on all of the, you know, Grubhub and everything else, the delivery places that deliver you your $10 hamburger for $27.22.
If you, if we take that money, the average 35 to 40 year old young man or young woman could have at least a million dollars, a million dollars. and life insurance, just with your grub hub money, just with your overeat money.
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 fry.I said, let me just take the delivery fee that we are spending on those things and allocated elsewhere.
So, you know, that, that was, I'm, I'm so passionate as you know, we're talking about so many areas and finances and all of them require grit. All of them require grind.
You've said it so many times and the way you've helped others to build wealth and build their careers.You got to stick in there.You got to stay in there.But life insurance, you don't have to stick to 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 win.
Life insurance.We've talked about that.Go fund me. Stop using that.Stop using these Grubhub apps and all these apps.
Not saying it's negative, just talking about, you know, go there and get the food versus spending the fee to have the food brought to you.We had a call here, Michael in Atlanta.How you doing, Michael?
You're speaking to Dr. Lynn Richardson on Money Making Conversation Masterclass.What is your question?
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 to do now.
Yeah, that's an excellent question.And first of all, you know, my, my prayers are with you as you figure out how to regroup, regroup.Um, the number two thing in the overall financial strategy is to get more money, build multiple streams of income.
And so to that piece of it, I would say, um, start right now, uh, thinking about what you can do to start your own business, your own home-based business, because one stream of income is hazardous 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 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 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 don't care how many jobs you have.
It is important for you to have your own life insurance policy independent 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 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, um, to remember that this, the word 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 stamps.
I was, uh, you know, degrees in finance, mathematics, business master's degree.I had been the vice president of a, of a major financial institution and I could not find a job, but let me tell you what I had.I had food stamps.
I had a roof over my head and I had some life insurance. Because here's what I know, 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.
So you get me past those two things, go live with my grandmother, whatever it takes to do to get there.Now I'm gonna grind and I'm gonna make sure I have 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 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 $50, $60 or whatever it is a month to figure out a way to get some life insurance and to maintain it.
Please don't go anywhere.We'll be right back with more Money-Making Conversations Masterclass.
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Welcome back to the Money-Making Conversations Masterclass hosted by Rashaun McDonald.
Money-Making Conversations Masterclass continues online at MoneyMakingConversations.com and follow Money-Making Conversations Masterclass on Facebook, Twitter, and Instagram.
Great.Let me ask you this question because 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 very familiar with.Then you have whole and universal.
Are you averse enough to tell us the difference and why won't you go with the other there, Dr. Lynn 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 20 or 30 year term policy.
Um, that is temporary life insurance.Um, but instead of you only having, let's say a hundred thousand, you may have 500,000 or a million, particularly if you have children, if you have more than one child.Um, if you have a parent, a grandparent,
You see Rashawn, I had enough life insurance, not just to take care of my children, but my grandmother raised me.You've heard me talk about grandma.She was important to me.
And if something happened to me, I wanted to make sure that there was enough money to take care of her, to put her into a, 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 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'd have to come back from Dick and kill everybody. Because that's how we think.
We'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 insurance that will last you a lifetime.
You may have to pay it until you're 65 years old, but you may pay it until you're 75 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 savings plan.
So 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 that whole life savings portion.And then finally, universal.
There are many different ways that you can use a universal policy, but the number one way is to have it following one of the top indexes and indices in the stock market.
So if you have a universal life policy, and it is outperforming the S&P 500, then what you can expect over time is that your savings portion will grow, just like the stock market.
So there are multiple ways, but I say to everyone, at least get started with an inexpensive term policy, and then upgrade your policy as you go along.
Yeah, upgrade.And I would agree.Like I said, I have a universal policy, and the interest rate has been no lower than 4% in the last 15 years.
So that means when it was zero or 1% or no percent, I've always had 4% minimum guaranteed on my money that I had in my universal or whole policy.So she's telling the absolute truth.
Yeah.And that's about a hundred times better than what you're going to get in a savings 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's growing with the stock market.I love it.
Yeah, and another note she can tell you is that 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 can borrow against your own money and just keep living a great life instead of sitting over there paying a high interest rate or not being able to do anything because you're frustrated because you didn't think out the process.
My relationship with Dr. Len Richardson goes back over 10 years. 15 years when she was a regular, a regular on Steve Harvey's talk show as a financial expert.You've seen her many times on Good Morning America.
So you're getting a person who's giving advice that's nationally 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 bent up.She's like ready to just jump in and just tell you, shake you, listen to me.You can do this.And that's really what drives her.And that's what makes me really enjoy listening to you.I just sit back because when you're in the,
Blessed to be a part of something unique.And that's when I have these conversations with you, Dr. Lynn Richardson.You're a unique and very special talent.And what you're doing is just not normal.
And I really appreciate you coming on the show, talking like this.
Wow, 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 the body, the mind of the people 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, Rashawn, 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 wishes.It's about freedom.
Right.We got Eric on the line.Eric from College Park.How are you doing, Eric?
I'm fine, Ms.McDonald.I'm glad I caught you.I didn't think I would, but I heard Dr. Lynn Richardson speak, and I thought she was talking to me.So I headed down to Denver,
Well, what question do you have for the incredible Dr. Levinson?Speak, speak my friend, speak.
When she spoke about the S&P and that I could invest say 50 bucks a month or whatever, I need to hear that one more time.
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 Schwab or TD Ameritrade or each, any one of them go into the research section and choose a fund that outperforms the S&P 500.
So if you have a 401k or if you have a life insurance policy and you have the ability to invest your money, you're going to see a list of funds.Most of us don't know what that list means.
Uh, it may seem 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 and on the website, on your platform, and then you compare, compare to what you compare to the S and P 500.
If your fund performs better than the S and P 500 over the past 20 years, So I'm not just giving you quick advice.Look at what it's done over the past 20 years.
If that fund outperforms the S and P 500, what it means is it's going to increase in value over time.Now we're making a decision between two funds.Look at both funds and see which one performed 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 funds should I choose?Because we're Sean, that's one of the things that gets most of us.
We don't know what funds to choose for our 401k, our whole life and so on.Yeah.
Wow, Eric, you know, just getting that information.There is some work, you gotta go online, you know.But what she's showing, there's no magic bullet here.The information is there, you just have to compare.
And that's the part that really drives us maddening and maybe angry because of the fact that we all have cell phones, you know, That cell phone, just go to a URL.You can look at it, listen to it 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 are a financial enterprise. And if you think that way, then guess what?Your mindset will change.And that's what Lynn Richardson is telling us.
But I'm just telling you the excuse of the old days.I don't have the technology to compete.I don't have the ability to do the research. Yes, you do.
If you call me on your mobile phone, if you're listening to me on the phone, the phone, if you use your mobile phone, you have the ability to compete and there are no excuses.Do what she's asking.
All she's doing is asking the listeners asking you, Eric, to do this.Okay.
Most of the time when people ask me a question, I give them a class. And people say, well, man, why can't you just answer the question?Well, Sean, you know, there's no such thing as just answering the question.
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, millionaires wouldn't go bankrupt.
There are too many stories of people who get money and they 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 we 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.
Woo!You are, how do, okay, they listen to you on my show once a quarter.How can they reach out to you?Do you have a website?What's your social media?Because your information is sustainable and they need to know how to reach out to you.
You got one minute left.Fill them in on all the closing details about how they can reach out to Dr. Len Richardson and what format you have available to change their lives.
Well, first of all, I'm more than happy to come back as much as you like.So we could turn once a quarter into once a month.That's number one.Number two, AskLynn.org.Go to AskLynn, A-S-K-L-Y-N-N, no E, .org.Submit your question.
You'll get an immediate reply.And then follow me on social media, at Lynn Richardson. If you want a boatload of knowledge and education, go to my YouTube page, which is lynnrichson.tv.But AskLynn.org is the gateway to your freedom.
My friend, again, you are so special.You're such a, you know, I've done a lot of good things in my life.
Bar, when you come on my show, you have me fired up, you have me thinking all the right things, but more importantly, you're changing people's lives.We'll talk soon.Again, this is Dr. Len Richardson.
She's blessed us with another, another great episode of Money Making Conversation Masterclass.
Thank you for joining us for this edition of Money-Making Conversations Masterclass.Money-Making Conversations Masterclass with Rushawn McDonald is produced by 3815 Media Inc.More information about 3815 Media Inc.is available at 3815media.com.
And always remember to lead with your gifts.
Bank of America employee volunteers like Dominique are making Better Money Habits a part of everyday conversation.
Maybe you start discussing some things like goals, maybe it's travel, maybe it's buy a house.Those things require money, so you can back into the money conversation by first discussing, you know, what goals do you have?
Bank of America is a proud founding partner of the Black Information Network.For more money-saving tips and resources, visit BetterMoneyHabits.com.Bank of America and a member FDIC Equal Credit Opportunity Lender.
Did you know that Amazon ads can help your small businesses grow by connecting you with Amazon customers who want what you offer?And did you also know that goes for services that don't sell products on Amazon too?
So now your gym, painting service, car dealership, or even cafe can use Amazon ads to help find new customers. Whatever you sell, match with the right customers right now with Amazon Ads.Ads that work as hard as you do.
Visit advertising.amazon.com forward slash start now and get $500 in ad credits when you launch on Amazon Ads Sponsored TV.Terms and conditions apply.
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