Dont Keep it a Secret!

The speaker expresses gratitude to the listeners for their support of the podcast. They discuss the importance of sharing financial knowledge within the black community and criticize the low interest rates offered by major banks. They emphasize the need to start saving early and encourage opening educational funds for children. The speaker also highlights the benefits of life insurance policies and their potential to generate wealth for starting businesses and other expenses. They share their personal experience of growing up in financial scarcity and being exposed to wealth in college. Overall, the speaker aims to empower their community to take control of their finances and build generational wealth. Welcome back, guys, to another episode of Sweet Millionaire Formula. If y'all are sticking with me through episode three, y'all are real ones, okay? Because this is an experience that I never got to experience before creating a podcast, and I just thank you guys for all of your subscriptions and guys listening thus far. We have so much to look forward to. 2024 is going to be explosive with new guests, new community leaders, new influencers, and things of that nature, so I just thank you guys for tuning in so far, and I cannot wait to see where we take Sweet Millionaire Podcast. Let's go, guys. So today I wanted to talk to y'all about why our finance is a secret in the black family. I feel like when we keep things that are a secret or if we know information and don't share information with our fellow family members or friends and things like that, then it only keeps us stuck and have an equality in our finances when we should be able to share information that we know that makes us richer and make us more wealthy. We should be sharing those secrets, and I feel like it's a shame when you feel like, oh, I don't want nobody else to get what I got. That is not okay. If you feel like you giving the secrets away to somebody else is going to take money out of your pocket, I wouldn't even want to be around you, and you shouldn't want to be around anybody who is not going to be truthful and share the secrets of wealth with you. One of the secrets for generating generational wealth that I feel like needs to take place currently in your finances would be putting money aside in your savings account, in a high-yield savings account, whether it be an Apple account, whether it be Navy Federal. Don't put your money in a Chase account that is generating 0.10%, because that's offensive, first of all, to even put money in an account, and it's 0.01%. 0.01% is nothing, okay? So you'll be saving money for 50 years and will just be turning a dollar when you can put your money into a high-yield savings account and yield at least hundreds of dollars more in the long term with your savings account than you would just a typical savings account from a major bank, Key Bank, Chase Bank. If anything, I would use Chase Bank or Key Bank for business credit, but I would not use them for a savings account. There's no purpose of using Chase or Wells Fargo or any of those companies for a savings account, and I think people blindly put their money in a savings account just so they won't spend it, but that is ridiculous, and it makes no sense to put your money in an account that is not yielding you any savings, any long-term savings. The goal is to plan now in your 20s and your 30s and your teens. If I could have started saving at two years old, I would be successful right now, and that's the thing you need to make sure that you're opening up educational funds for your children. By the time they're 10 years old, there should be about $20,000 in their educational fund, and that may sound oblivious or impossible, but you never know what you putting away $100 a month for 10 years in a high-yield savings account can do for your child in the long run. By the time they're 18, they're not starting at zero. They're not starting college with no credit. You add them as an authorized user on your credit card. By the time they're 10, 11, 12 years old, they have 10 years of credit history, so by the time they are 18, they'll get approved for major credit, and they can start their business credit and things of that nature. One of the things, too, that I wanted to hit you guys on and that I don't know if people are talking about this like they should is the life insurance and it being your own bank. I'm throwing so many gems at you all right now. I am throwing gems right now, y'all. One of the things that's important about a life insurance policy is that you become your own bank, so if you're looking to, and it's better to start early with a life insurance policy. The earlier, the less conditions you have, the less sickness you have, is the best time to start your life insurance policy. There's whole life insurance. There's universal life insurance. There's term life insurance, and these are created and they are designed different ways and they have different benefits, but I'm not going to tell you specifically. We'll get into that on the next episode, but you should definitely look into mutual, alma mutual life insurance policies or different. There's many different companies that offer life insurance policies, but I believe that if you do the proper research and you take the Sweet Millionaire Life Insurance Policy course, you will be more likely set up to set your life insurance tailored to maximize the living benefits, which will give you, I would say, at least $100,000 minimum in five to seven years, eight years to start your own business. This money is tax deferred, so the more payments that you make and the more payments that you are consistent with in the long term that you're persistent and consistent with your payments, you're more likely to have a living benefit access to this money that can generate you business. You can open up a business. You can send your children to school. You can buy a house. You can have that wedding. Whatever it is that you would want to use your money on, that's your free will, but yes, I would highly suggest life insurance policy. Y'all see what happens when you open up and have the conversation. Thank y'all for staying with me this long. Today I am on fire because I have to make sure that my community and I pour back into my community. When you pour back into your community, the abundance is ten times, and I'm not going to continue to let you guys live life. The whole point of Sweet Millionaire Formula is to know what the mess is, give you the formulas to clean it up, speak prosperity over your mindset, change your financial inequality, and build generational wealth generation after generation, but you take each and every small step that you take, each and every small step that you make, each thing that you cut back on and each thing that you have more knowledge on, you're more likely and more prone to make the decision to save your money and build your wealth, guys. I'm super excited for this episode. I'm super excited. Yes, why is it that we don't share? Why is it that we live in financial secrecy as far as black families? Because it's no way that I should have known. I should not have known that wealth and black wealth was a real tangible thing. For 18 years living in the projects with families, I never had a family's account. My parents, my mom used to bash me when I asked for child support. I got paid about $200 a month or something like that in high school because I was wearing the same clothes, no new shoes, barely could do my hair, and it felt so bad in high school when you see all these kids coming in, fresh J's, fresh LeBrons, the name belts, and here I am at the thrift store with the same pair of pants for four or five months until I get new pairs of pants. I don't know if that was because I didn't request, but when you grow up with scarcity, it's no need to request because you already know this is the condition that I'm living in. There's no point in asking when I'm not going to get it. You just like to take yourself out of this equation. I think that's another thing about being successful and shifting your mindset is when you're exposed to better, it's hard to go back to being normal. When I was exposed to all the black excellence on Howard University, when I got to Howard University and seen big-bodied black trucks, Rolls Royces, Bentleys, parents hopping out looking so clean like the movies, I was just like, wait, these people are rich? Like, what? That was the first time when I rode up on campus and seen all these different black families and AKAs and Deltas and this legacy of success. You saw legacy of success. Their grandmother came out with her Delta, the grandfather, the parent, and now they're sending their children. I didn't know that I wanted that. I didn't even know what it was until I experienced it. Once I experienced it, it was hard for me to be like, oh, I just want to just get by. No, I want to own the company. I'm around people who families have, like, estates. I'm going to tell you all this one story. I was at Howard campus, and we had spring break. And so this was like my second year at campus. I know people now. I'm doing my thing, you know, with the ballers. I'm talking about babies. My lifestyle went from, like, low to high, if that makes sense. It just went from irregular to superb. And I started to meet and mingle with different groups. So my friend invited me to her parents' estate, okay, an estate. Boat, yachts in the back. This is Atlanta, like an estate in Atlanta now. I've been to Atlanta before for spring break the year prior, and we really had a ball. Like when we got there, one of my friends, her parents, they had a living condo that they just had. They let us stay in their condo for seven days. I'm talking about it wasn't just, like, a little. It was a penthouse condo, and we got groceries. We packed up the refrigerator and things like that. And we were able to live in a condo from her parents. I don't know how they owned it or whatever the case, but I know we had keys. We had access, and we had access to a full, furnished, nice two-bedroom condo to stay in just for our leisure. And to live in such type of fluency and wealth, that to me was surprising, and it felt so good. It felt like this was the life that I want for myself. This is the life that I'm going to have for myself. And I just generally have it in the same sense, these experiences. But back to the estate, whoo, okay, that was a time, okay, because her parents pretty much were like, y'all got the house. You know, we're going down to the boats. We're going to the boathouse. We're going to be down here for the weekend. So when we got to the house and I pulled up to the house, I was just in disbelief. You know, the driveway to the house itself was just like, who? Like, the president lives here with y'all? Like, who? This is your house? So can you imagine, like, being baffled at black people? And she's like, but you don't know how to act. Have you ever been somewhere before? I'm probably sure that's what she was thinking. But if she was or if she wasn't, I was in pure shock, okay? But I was like, I could lose you. Like, I had already experienced stuff like this. But in my mind, I'm like, oh, my God. Look at this here. But, yeah, so, yeah, just spending spring break on my friend's family estate and, you know, just seeing how the parties and the things that we got invited to, we were on a guest list. We just walked in. We go to the house and penthouse suites and things like that. Like, the people, the students were not just living the poor lives. Like, these students were living an upper echelon lives. And I just loved the fact that I got exposed to that at Howard. Not just the partying and space and spring breaks and stuff like that, but just in general, I have never been the same since. And I think that my success today is accredited to the experience that I had at Howard University. So shout out to Howard University. Shout out. Shout out. Yeah, HU. Yes, guys. So that's my point of view from just living outside of secrecy. Like, it's okay to talk to your parents about finances now. I'm going to just be frank. Okay? Probably the reason why we didn't discuss finances was we had no finances to talk about. But that doesn't mean or we probably wasn't even literate in finances because I don't take anything away, but my family didn't give me anything to work with as far as finances. So it's just like now that I'm in my 30s and I'm this generation, number one generational wealth coach, period. Number one generational wealth coach, period. Now that I'm the number one generational wealth coach, I feel the honor and I feel the duty to not rest until 1 million women, black women, have contributed $10 billion into this economy within the next 10 years. That's the goal, okay? Yeah, these are the goals. The goals are beyond regular goals. And I just love the fact that I have the tenacity and the resilience that I've overcame everything that was meant to kill me, set me back, financial illiterate, everything that was set up for me to fail in America, I have overcame it. And you can do the same thing. And I know that you're going to do the same thing. That's why you're tuned in to this number one podcast, the Sweet Millionaire Formula. It's a formula to make sure that you're breaking that curse of financial illiteracy and setting yourself up for generational wealth, okay? Guys, leave your comments, leave your stories, leave your opinion on why is it that families live in secrecy and what can we do to make strides to expose our family and have family meetings where we discuss finances at least once or twice a month so that everybody is on the right track and that we're exposing each other to the secrets that we're learning along the way. Leave your comments. Thank you for another amazing episode. See you later.