1 00:00:00,080 --> 00:00:00,960 Speaker 1: Welcome to my show. 2 00:00:01,240 --> 00:00:04,640 Speaker 2: I'm Rashon McDonald, a host of Money Making Conversations Masterclass, 3 00:00:04,840 --> 00:00:07,360 Speaker 2: where we encourage people to stop reading other people's success 4 00:00:07,360 --> 00:00:10,440 Speaker 2: stories and start planning your own. Now, you don't want 5 00:00:10,440 --> 00:00:12,800 Speaker 2: to miss an episode, so please take a moment right 6 00:00:12,840 --> 00:00:16,400 Speaker 2: now to follow or subscribe to Money Making Conversations Masterclass. 7 00:00:16,600 --> 00:00:17,239 Speaker 1: It's free. 8 00:00:17,440 --> 00:00:21,400 Speaker 2: You can follow me on iHeartRadio, app, Spotify, Apple Podcasts, 9 00:00:21,520 --> 00:00:24,439 Speaker 2: or wherever you listen to your podcast. New money Making 10 00:00:24,440 --> 00:00:28,120 Speaker 2: Conversations Masterclass episodes drop daily. I want to keep you 11 00:00:28,160 --> 00:00:30,720 Speaker 2: on alert because my guests provide tips on how you 12 00:00:30,720 --> 00:00:34,839 Speaker 2: can uplift your community, improve your financial planning, motivation, or 13 00:00:34,880 --> 00:00:38,440 Speaker 2: advice on how to be a successful entrepreneur. Now, let's 14 00:00:38,479 --> 00:00:40,680 Speaker 2: get this podcast started. My guess is honored with the 15 00:00:40,720 --> 00:00:44,800 Speaker 2: Wells Fog Living History Makers Award. Doctor Wallace is also 16 00:00:44,880 --> 00:00:49,560 Speaker 2: recognized in the Contemporary Black Biography series, which it documents 17 00:00:49,600 --> 00:00:54,240 Speaker 2: the lives of African Americans who are reshaping economic, cultural, 18 00:00:54,520 --> 00:00:58,400 Speaker 2: and social narratives. Please welcome to Money Making Conversation Master Class, 19 00:00:58,640 --> 00:01:00,800 Speaker 2: doctor Jaquim Wallace. 20 00:01:00,840 --> 00:01:03,120 Speaker 1: How you doing, sir, I'm doing great. Thanks for having 21 00:01:03,120 --> 00:01:04,840 Speaker 1: me on. I gota acknowledge it. 22 00:01:05,000 --> 00:01:08,520 Speaker 2: He's a divine nine mere powerful brother lived his whole 23 00:01:08,600 --> 00:01:09,640 Speaker 2: life on the West because I. 24 00:01:09,600 --> 00:01:13,279 Speaker 1: Don't know why he ain't moved travel. I'm down there Atlanta, 25 00:01:13,280 --> 00:01:13,560 Speaker 1: I've been. 26 00:01:13,920 --> 00:01:16,560 Speaker 2: I've been in New York, I've been in Chicago, I've 27 00:01:16,600 --> 00:01:21,240 Speaker 2: been in the last LA and born in Houston. But 28 00:01:21,280 --> 00:01:24,280 Speaker 2: you're still out there. Now, what's going on? Cap averaside? 29 00:01:24,360 --> 00:01:24,840 Speaker 1: West Coast? 30 00:01:24,880 --> 00:01:27,039 Speaker 3: You just hold it down the fort over the West Coast. Listen, 31 00:01:27,080 --> 00:01:29,400 Speaker 3: I'm trying to hold down the fort. But listen, I've 32 00:01:29,400 --> 00:01:31,800 Speaker 3: been off. I've been out the country several times though, 33 00:01:31,880 --> 00:01:33,920 Speaker 3: So you know, you can't limit you can't limitate me 34 00:01:34,040 --> 00:01:34,280 Speaker 3: like that. 35 00:01:34,319 --> 00:01:36,600 Speaker 1: You know what I'm saying. Don't try to hold me in. 36 00:01:37,360 --> 00:01:40,640 Speaker 4: Tell me I love it, you know, because in the 37 00:01:40,680 --> 00:01:44,520 Speaker 4: world we live in experiences is the key doctor Wallace 38 00:01:45,000 --> 00:01:47,840 Speaker 4: and I know in our community, and that's what his 39 00:01:47,920 --> 00:01:49,200 Speaker 4: interview is about. 40 00:01:49,400 --> 00:01:51,560 Speaker 2: You know, it's like probably about six percent of my 41 00:01:51,560 --> 00:01:55,080 Speaker 2: autist African American twenty percent is white and west breaks 42 00:01:55,120 --> 00:01:58,480 Speaker 2: down in Asia and Latino. But as an African American, 43 00:01:58,880 --> 00:02:02,040 Speaker 2: there's so many of us who want to achieve success 44 00:02:02,600 --> 00:02:03,840 Speaker 2: but can't achieve it. 45 00:02:04,360 --> 00:02:07,400 Speaker 1: Why is that? Well, I think it's a combination of 46 00:02:07,440 --> 00:02:08,200 Speaker 1: a couple of things. 47 00:02:08,480 --> 00:02:12,240 Speaker 3: What helped me was I have an athletic background, so 48 00:02:12,280 --> 00:02:15,400 Speaker 3: I played sports in college. I coach college basketball as 49 00:02:15,440 --> 00:02:16,800 Speaker 3: well as a head coach. 50 00:02:17,080 --> 00:02:18,640 Speaker 1: So I understand discipline. 51 00:02:18,680 --> 00:02:20,000 Speaker 3: You know, one of the things that we have a 52 00:02:20,040 --> 00:02:23,840 Speaker 3: hard time with is discipline, discipline to do something. And 53 00:02:23,919 --> 00:02:28,239 Speaker 3: oftentimes we have unrealistic expectations we place on ourselves as well, 54 00:02:28,320 --> 00:02:30,880 Speaker 3: so if we're not able to achieve those, we quickly quit. 55 00:02:31,560 --> 00:02:33,560 Speaker 1: We don't see things through. 56 00:02:34,040 --> 00:02:37,000 Speaker 3: So it's important you know that you give yourself, provide 57 00:02:37,000 --> 00:02:41,600 Speaker 3: yourself some realistic expectations. But most importantly, I do believe 58 00:02:41,720 --> 00:02:44,839 Speaker 3: that you have to find those individuals that you resonate with, 59 00:02:45,760 --> 00:02:48,520 Speaker 3: that you can touch, that you can actually communicate with 60 00:02:48,600 --> 00:02:51,760 Speaker 3: and talk to on the phone, that you can identify with, 61 00:02:52,200 --> 00:02:54,720 Speaker 3: that looks like you, talk like you, talk like you, 62 00:02:54,760 --> 00:02:57,280 Speaker 3: act like you, but at the same time can carry 63 00:02:57,280 --> 00:03:01,040 Speaker 3: themselves in a professional manner. I feel when you when 64 00:03:01,080 --> 00:03:04,160 Speaker 3: you're able to do that, especially for marginalized communities, people 65 00:03:04,160 --> 00:03:07,200 Speaker 3: look like you and I, it makes a huge difference. 66 00:03:07,200 --> 00:03:09,120 Speaker 3: If you're able to say, hey, you know, this is 67 00:03:09,120 --> 00:03:11,520 Speaker 3: a person that I recognize with, but then when I 68 00:03:11,560 --> 00:03:14,079 Speaker 3: speak to them, they make me feel they don't you know. 69 00:03:14,120 --> 00:03:16,880 Speaker 3: They make me feel comfortable in my own skin. But 70 00:03:16,960 --> 00:03:19,520 Speaker 3: most importantly, they encourage me at the same time. 71 00:03:20,320 --> 00:03:23,480 Speaker 2: And that encouragement is important, especially when if it comes 72 00:03:23,480 --> 00:03:26,040 Speaker 2: to a young age, because that's what we can be 73 00:03:26,080 --> 00:03:30,040 Speaker 2: shut down. Now, you're a motivator, you articulate your coach. 74 00:03:30,520 --> 00:03:33,560 Speaker 2: So you're a builder and a leader of young men 75 00:03:33,720 --> 00:03:37,240 Speaker 2: to men, talk about that journey and the important role 76 00:03:37,320 --> 00:03:39,680 Speaker 2: that you play and also a role that I can 77 00:03:39,720 --> 00:03:43,520 Speaker 2: play and making young men to be better prepared. 78 00:03:44,160 --> 00:03:45,160 Speaker 1: You know, that's a great question. 79 00:03:45,240 --> 00:03:46,760 Speaker 3: So I always say, I'm gonna go back to the 80 00:03:46,880 --> 00:03:49,560 Speaker 3: educational aspect of it all. You know, it's three levels 81 00:03:49,600 --> 00:03:53,560 Speaker 3: of education. I think that we have responsibility for Your 82 00:03:53,600 --> 00:03:57,080 Speaker 3: first level is your bachelor's degree, and that degree is 83 00:03:57,120 --> 00:04:01,000 Speaker 3: for your parents. Your second level, that's your master's degree, 84 00:04:01,000 --> 00:04:03,720 Speaker 3: and that degree is for you because you decide to say, hey, listen, 85 00:04:04,120 --> 00:04:07,040 Speaker 3: I enjoyed my bachelor's degree, but I found something I'm 86 00:04:07,040 --> 00:04:11,320 Speaker 3: really passionate about, so I'm now pursue my master's degree. 87 00:04:11,680 --> 00:04:14,200 Speaker 3: But when you get to the terminal degree, the PhDs, 88 00:04:14,560 --> 00:04:19,520 Speaker 3: the doctorals, the jds, the the mds, things that nature 89 00:04:20,040 --> 00:04:23,080 Speaker 3: your job. At that point, I firmly believe is to 90 00:04:23,160 --> 00:04:27,600 Speaker 3: change generations. You know, it's my opportunity now to say, listen, 91 00:04:27,680 --> 00:04:31,920 Speaker 3: I'm transferring knowledge. I'm transferring information because you as you know, 92 00:04:32,240 --> 00:04:34,960 Speaker 3: within the African American community itself, it's only four I 93 00:04:35,000 --> 00:04:38,480 Speaker 3: think it's four point two percent of all PhDs who 94 00:04:38,520 --> 00:04:43,080 Speaker 3: are African American men, and so oftentimes and not we 95 00:04:43,160 --> 00:04:45,760 Speaker 3: don't believe that that's something that we can aspire to. 96 00:04:46,320 --> 00:04:49,440 Speaker 3: And the ones that do have those degrees in some 97 00:04:49,520 --> 00:04:52,680 Speaker 3: cases may not relate to the common person. So you 98 00:04:52,800 --> 00:04:54,719 Speaker 3: have to make sure that you're able to relate to 99 00:04:54,760 --> 00:04:57,280 Speaker 3: the common person as well. I always say I don't 100 00:04:57,279 --> 00:05:00,160 Speaker 3: wear my degree or my sleeves unless you add ask 101 00:05:00,320 --> 00:05:03,119 Speaker 3: me or you reference me as doctor Wallace. It's something 102 00:05:03,160 --> 00:05:05,760 Speaker 3: that I don't really talk about and kind of you know, 103 00:05:05,760 --> 00:05:06,839 Speaker 3: put before myself. 104 00:05:07,440 --> 00:05:10,400 Speaker 1: Now, education is key, but money is the winner. 105 00:05:10,760 --> 00:05:14,520 Speaker 2: Now, when you talk about why financial healing is essential 106 00:05:14,560 --> 00:05:18,760 Speaker 2: before financial growth can occur, well, you say financial healing, 107 00:05:18,839 --> 00:05:19,799 Speaker 2: what are you referencing? 108 00:05:20,279 --> 00:05:24,000 Speaker 3: Well in my book that I have this generational wealth 109 00:05:24,040 --> 00:05:26,599 Speaker 3: begins with generational knowledge. You know, I firmly believe that 110 00:05:27,400 --> 00:05:31,360 Speaker 3: within my seventh stage generational wealth model, we often don't 111 00:05:31,440 --> 00:05:35,560 Speaker 3: look at our internal external ecosystem, and so we have right, 112 00:05:35,600 --> 00:05:39,040 Speaker 3: So we have these internal inherited financial narratives and encoded 113 00:05:39,120 --> 00:05:43,480 Speaker 3: financial behaviors, which creates your financial genetic code. Your financial 114 00:05:43,480 --> 00:05:47,680 Speaker 3: genetic code is something that you can reshape that code itself, 115 00:05:47,720 --> 00:05:50,320 Speaker 3: but for the most part, we need healing and if 116 00:05:50,320 --> 00:05:52,599 Speaker 3: we don't have the healing, when we don't have the healing, 117 00:05:52,640 --> 00:05:55,440 Speaker 3: becomes a challenge to actually get to stage five and 118 00:05:55,480 --> 00:05:58,440 Speaker 3: model my model, which is financial well being, but most 119 00:05:58,480 --> 00:06:02,560 Speaker 3: importantly to move forward stage four, which is financial edification, 120 00:06:02,600 --> 00:06:06,039 Speaker 3: which is literacy and inclusion. So I firmly believe that 121 00:06:06,360 --> 00:06:09,479 Speaker 3: we have to first acknowledge that we do carry inherited 122 00:06:09,520 --> 00:06:13,279 Speaker 3: financial narratives, which creates our encoded financial behaviors. So you 123 00:06:13,360 --> 00:06:16,040 Speaker 3: have the inherited financial narrative which is the why, and 124 00:06:16,120 --> 00:06:20,039 Speaker 3: encoded financial behaviors. It's the action which creates your financial 125 00:06:20,080 --> 00:06:23,880 Speaker 3: genetic code. And everyone has a unique financial genetic code 126 00:06:24,000 --> 00:06:26,279 Speaker 3: that first they have to recognize that they even have. 127 00:06:27,240 --> 00:06:29,760 Speaker 2: Now let mention because when I start thinking about my 128 00:06:29,880 --> 00:06:33,680 Speaker 2: genetic code or I look at my score, you know, 129 00:06:34,279 --> 00:06:36,839 Speaker 2: I try to keep my score above seven hundred because 130 00:06:37,080 --> 00:06:40,280 Speaker 2: at least that allows people to acknowledge that I am 131 00:06:40,520 --> 00:06:45,240 Speaker 2: very good credit worthy status. Now in the financial world, 132 00:06:45,520 --> 00:06:48,719 Speaker 2: is that score as important? What are the things in 133 00:06:48,760 --> 00:06:51,560 Speaker 2: the financial world I just mentioned the score that will 134 00:06:52,000 --> 00:06:57,039 Speaker 2: enable a person to consistently be able to compete in 135 00:06:57,080 --> 00:06:59,720 Speaker 2: the financial space. Well, I'm going to talk about buying 136 00:06:59,720 --> 00:07:01,600 Speaker 2: a car, I'm talking about buying a home. I'm talking 137 00:07:01,640 --> 00:07:04,320 Speaker 2: about living the life, start getting the right apartment. That's 138 00:07:04,360 --> 00:07:06,040 Speaker 2: the financial space I'm talking about. 139 00:07:06,480 --> 00:07:08,680 Speaker 3: Yeah, Well, first and foremost, you have to have a 140 00:07:08,800 --> 00:07:12,080 Speaker 3: very competitive credit score. I mean, it is what it 141 00:07:12,160 --> 00:07:15,080 Speaker 3: is because you are your credit score, right. So when 142 00:07:15,120 --> 00:07:18,280 Speaker 3: people see your credit score, they have an assumption, and 143 00:07:18,320 --> 00:07:21,000 Speaker 3: we know what they say about assumption, but they do 144 00:07:21,040 --> 00:07:23,320 Speaker 3: have a picture, a snapshot of who you are. 145 00:07:23,680 --> 00:07:24,320 Speaker 1: What they see. 146 00:07:24,400 --> 00:07:26,960 Speaker 3: Now that may not be who you are, but those 147 00:07:27,080 --> 00:07:31,640 Speaker 3: may be decisions, irrational decisions that you've made throughout your lives. Because, 148 00:07:32,000 --> 00:07:34,640 Speaker 3: let's face it, many of this information we don't know. 149 00:07:35,080 --> 00:07:37,640 Speaker 3: We don't understand the power of credit. We don't understand 150 00:07:37,680 --> 00:07:41,040 Speaker 3: how mispayments can affect your credit reports, so to speak. 151 00:07:41,200 --> 00:07:43,800 Speaker 3: So with that being said, again, it goes back to 152 00:07:44,400 --> 00:07:47,000 Speaker 3: when I talk about in terms of my book, it 153 00:07:47,040 --> 00:07:50,560 Speaker 3: talks about you inherited financial narratives, those are things that 154 00:07:50,600 --> 00:07:53,920 Speaker 3: we just don't recognize that we carry because many of 155 00:07:54,000 --> 00:08:01,640 Speaker 3: our first financial fiduciaries were our parents, cousins, uncles, friends, family, neighbors, 156 00:08:01,680 --> 00:08:05,920 Speaker 3: so to speak, and they provided us information or education 157 00:08:06,080 --> 00:08:10,880 Speaker 3: in regards to money, unsolicited information and oftentimes and not 158 00:08:11,200 --> 00:08:15,160 Speaker 3: without our permission, and we carry that on for years 159 00:08:14,800 --> 00:08:18,560 Speaker 3: and for generations. So when you're looking at credit or 160 00:08:18,600 --> 00:08:20,920 Speaker 3: things of that nature, which is stage four of my model, 161 00:08:20,920 --> 00:08:25,160 Speaker 3: which is financial edification, financial literacy, and financial inclusion, oftentimes 162 00:08:25,160 --> 00:08:29,160 Speaker 3: and not we're not prepared to participate because we just 163 00:08:29,240 --> 00:08:32,280 Speaker 3: don't know exactly what to do and the ramifications if 164 00:08:32,280 --> 00:08:35,160 Speaker 3: we're not able to do it in the correct manner. 165 00:08:35,760 --> 00:08:38,319 Speaker 2: Now, it's important that people understand what's going on here. 166 00:08:38,360 --> 00:08:41,640 Speaker 2: There's a path to success and it doesn't start in 167 00:08:41,720 --> 00:08:45,200 Speaker 2: one day. In other words, you can't get good credit overnight. 168 00:08:45,679 --> 00:08:48,040 Speaker 2: You see those commercials, ooh, my credit is growing with 169 00:08:48,120 --> 00:08:51,600 Speaker 2: up forty points. Well you probably it was at such 170 00:08:51,640 --> 00:08:54,560 Speaker 2: a low state with your credit score, it would go 171 00:08:54,720 --> 00:08:57,400 Speaker 2: up that quick when you start getting into the seven 172 00:08:57,480 --> 00:09:00,560 Speaker 2: hundred and eight hundreds, you and our like to say, 173 00:09:00,840 --> 00:09:03,160 Speaker 2: a gold medal country right up there. 174 00:09:03,480 --> 00:09:06,000 Speaker 1: But again, like you just said, sometimes my. 175 00:09:06,080 --> 00:09:09,960 Speaker 2: Score will go down, doctor Wallace, and they'll say something like, well, 176 00:09:10,000 --> 00:09:14,480 Speaker 2: you're not spending enough, or your are your credit your account, 177 00:09:14,559 --> 00:09:16,680 Speaker 2: you need to spend more on your account, or you 178 00:09:16,760 --> 00:09:19,520 Speaker 2: close the account. That's what you're talking about is the 179 00:09:19,559 --> 00:09:22,360 Speaker 2: confusing part. You ain't even understand how you can keep 180 00:09:22,400 --> 00:09:24,840 Speaker 2: your score up. Sometimes it'll go down and you think 181 00:09:24,840 --> 00:09:26,520 Speaker 2: you're doing all the right things correct. 182 00:09:26,840 --> 00:09:29,840 Speaker 3: Yeah, absolutely, And there's two ways you want to look 183 00:09:29,880 --> 00:09:31,240 Speaker 3: at in terms of credit itself. 184 00:09:31,280 --> 00:09:34,280 Speaker 1: You have the. 185 00:09:33,080 --> 00:09:35,960 Speaker 3: Credit that is when when they run your credit report, 186 00:09:36,080 --> 00:09:41,240 Speaker 3: which is not which is not the like mortgages and 187 00:09:41,320 --> 00:09:44,200 Speaker 3: things of that nature, which is doesn't hit your account. 188 00:09:44,640 --> 00:09:49,640 Speaker 3: So you have those credit applications, credit apps so to speak, 189 00:09:49,679 --> 00:09:52,439 Speaker 3: that you can look at, what is it credit assessing 190 00:09:52,520 --> 00:09:57,280 Speaker 3: me experience all those that are not the ones that 191 00:09:57,400 --> 00:10:00,680 Speaker 3: actually businesses actually use, and so it's always going to 192 00:10:00,679 --> 00:10:03,120 Speaker 3: be a difference in terms of score as well too. 193 00:10:03,160 --> 00:10:04,280 Speaker 3: So when I used to work with a lot of 194 00:10:04,320 --> 00:10:05,959 Speaker 3: my clients, they will say, well, you know, I was 195 00:10:06,000 --> 00:10:08,280 Speaker 3: trying to apply for this card, this car, a loan 196 00:10:08,320 --> 00:10:12,400 Speaker 3: so to speak. My credit was six forty fives, but 197 00:10:12,559 --> 00:10:15,800 Speaker 3: on experience on my consumer app it was seven hundred, 198 00:10:15,800 --> 00:10:17,680 Speaker 3: and I would say, well, it's a big difference because 199 00:10:18,320 --> 00:10:21,400 Speaker 3: they do more of a a more in depth look 200 00:10:21,480 --> 00:10:24,240 Speaker 3: at your credits, so to speak. You have consumer which 201 00:10:24,280 --> 00:10:26,559 Speaker 3: is totally different. But the biggest thing that you want 202 00:10:26,600 --> 00:10:28,800 Speaker 3: to do in regards to credit is to make sure 203 00:10:28,840 --> 00:10:31,000 Speaker 3: that you're at thirty percent. You have thirty percent in 204 00:10:31,120 --> 00:10:35,160 Speaker 3: terms of utilization rate. That's important. So again, as you 205 00:10:35,200 --> 00:10:38,360 Speaker 3: mentioned earlier, oftentimes and now, well let's see. 206 00:10:38,160 --> 00:10:41,120 Speaker 2: You're a professional. I'm just a regular, everyday dude. Now 207 00:10:41,120 --> 00:10:44,720 Speaker 2: I say thirty percent of a utilization rate. Now help 208 00:10:44,760 --> 00:10:48,160 Speaker 2: a common thinking guy like me and my listeners. What 209 00:10:48,160 --> 00:10:52,920 Speaker 2: does that mean? Thirty percent utilization rate? 210 00:10:53,360 --> 00:10:54,800 Speaker 1: So, so look at it this way. 211 00:10:54,840 --> 00:10:56,920 Speaker 3: If you have a credit card of one thousand dollars, 212 00:10:56,960 --> 00:10:59,160 Speaker 3: that's your life. You want to be somewhere in the 213 00:10:59,160 --> 00:11:02,400 Speaker 3: neighborhood of three hundred dollars in below in regards to 214 00:11:02,520 --> 00:11:05,360 Speaker 3: utilization rate. But if you look at your entire portfolio, 215 00:11:05,520 --> 00:11:07,959 Speaker 3: that's what the entire portfolio looks like. So if you 216 00:11:08,000 --> 00:11:10,920 Speaker 3: have a forty thousand dollars portfolio in terms of credit, 217 00:11:11,160 --> 00:11:12,959 Speaker 3: you need to be a thirty percent of that because 218 00:11:12,960 --> 00:11:16,880 Speaker 3: that's pretty much driving your credit report. That and thirty 219 00:11:16,880 --> 00:11:20,360 Speaker 3: five percent is your your length of time you've had 220 00:11:20,400 --> 00:11:22,880 Speaker 3: your credit, your payments being on time, and things of 221 00:11:22,880 --> 00:11:26,240 Speaker 3: that nature. All of those things do really affect what 222 00:11:26,320 --> 00:11:28,400 Speaker 3: you have in terms of your credit. So sixty five 223 00:11:28,400 --> 00:11:32,600 Speaker 3: percent is between making timely payments right, thirty five percent 224 00:11:32,640 --> 00:11:36,480 Speaker 3: and thirty percent of utilization utilization rate, and that's where 225 00:11:36,480 --> 00:11:39,840 Speaker 3: we kind of missed the boat in regards to payment. Now, 226 00:11:39,840 --> 00:11:42,439 Speaker 3: there's ways to get around it is hacked, so to speak, 227 00:11:42,440 --> 00:11:44,600 Speaker 3: but the bottom line is that you want to make 228 00:11:44,640 --> 00:11:50,160 Speaker 3: sure that you're paying timely. That's important, paying timely and 229 00:11:50,200 --> 00:11:53,920 Speaker 3: making sure that your credit utilization rate is under thirty 230 00:11:53,920 --> 00:11:57,960 Speaker 3: percent and reducing the amount of inquiries on your credit 231 00:11:58,000 --> 00:12:01,600 Speaker 3: report because those those can last two years on your 232 00:12:01,600 --> 00:12:04,960 Speaker 3: credit report as well, and it can impact you immediately. Now, 233 00:12:05,040 --> 00:12:07,920 Speaker 3: if you do get the credit card itself, then it 234 00:12:08,000 --> 00:12:11,640 Speaker 3: will eventually increase your credit score. But let's say hypothetically 235 00:12:11,720 --> 00:12:14,640 Speaker 3: that you do not get approved for that credit card, Well, 236 00:12:14,640 --> 00:12:18,040 Speaker 3: now you're taking a hit as well for one and 237 00:12:18,080 --> 00:12:19,680 Speaker 3: it's going to be on We don't know the length 238 00:12:19,720 --> 00:12:21,200 Speaker 3: of time and so on, but we know it's going 239 00:12:21,280 --> 00:12:23,959 Speaker 3: to make a direct impact on your credit report immediately 240 00:12:24,000 --> 00:12:27,760 Speaker 3: as soon as you that you actually apply for that 241 00:12:27,920 --> 00:12:31,280 Speaker 3: particularoids of a credit card, and or I don loan. 242 00:12:31,640 --> 00:12:34,679 Speaker 2: Now, doctor talk to doctor will KEM Wallace. He's been 243 00:12:34,679 --> 00:12:38,400 Speaker 2: honored with the Wells Fogo Living History Makers Award. He's 244 00:12:38,440 --> 00:12:41,760 Speaker 2: also been recognized in the Contemporary Black Biography series with 245 00:12:41,840 --> 00:12:45,640 Speaker 2: documents the lives of African Americans who are reshaping economic, 246 00:12:45,760 --> 00:12:47,479 Speaker 2: cultural and social narratives. 247 00:12:47,960 --> 00:12:51,199 Speaker 1: Dr Wallace, I'm a black man. I got money in 248 00:12:51,240 --> 00:12:54,000 Speaker 1: the bank. I gotta I like to believe in an 249 00:12:54,000 --> 00:12:55,760 Speaker 1: excellent score. I pay stuff on time. 250 00:12:55,800 --> 00:12:59,199 Speaker 2: In fact, I do the trick of always a lot, 251 00:12:59,360 --> 00:13:02,240 Speaker 2: my automatic payment, the minimum being paid. That way, I 252 00:13:02,240 --> 00:13:05,079 Speaker 2: won't miss any I'm never late. But I gotta tell 253 00:13:05,080 --> 00:13:09,680 Speaker 2: you sometimes I get I feel I'm being rejected because 254 00:13:09,679 --> 00:13:13,080 Speaker 2: of the color of my skin. Is that a false statement? 255 00:13:13,200 --> 00:13:16,360 Speaker 2: Or I'm just I'm just selling myself short? Or to 256 00:13:17,440 --> 00:13:20,360 Speaker 2: say that because my wife she gets mad. She was sure, 257 00:13:20,400 --> 00:13:21,760 Speaker 2: I don't know. We got money in the bank. We 258 00:13:21,840 --> 00:13:24,040 Speaker 2: got all this, why each other? Is we need more? 259 00:13:24,760 --> 00:13:27,120 Speaker 1: Why do I feel that way? Dr Wallace? 260 00:13:27,200 --> 00:13:29,800 Speaker 3: Well, I mean, I'm not gonna say that's not true. 261 00:13:29,880 --> 00:13:32,520 Speaker 3: We don't know that there's really. 262 00:13:32,280 --> 00:13:33,040 Speaker 1: No rick. 263 00:13:34,440 --> 00:13:37,800 Speaker 2: Money make it cover the massaclint feel that way that 264 00:13:37,920 --> 00:13:40,680 Speaker 2: can't have zip codes can play a factor in that 265 00:13:40,760 --> 00:13:44,520 Speaker 2: as well. Okay, cool, that's good, Okay my audience, Like 266 00:13:44,559 --> 00:13:47,640 Speaker 2: you said, zip co, what can pay play a factor 267 00:13:47,760 --> 00:13:51,840 Speaker 2: in those rejections? Because I feel like I hit all the marks, 268 00:13:52,120 --> 00:13:54,600 Speaker 2: money in the bank, been at the bank a long time, 269 00:13:54,679 --> 00:13:58,240 Speaker 2: ten years, credit score over eight hundred, and then when 270 00:13:58,240 --> 00:14:00,600 Speaker 2: I try to get along, then they want to equity 271 00:14:01,000 --> 00:14:03,080 Speaker 2: or what you're gonna put up against that loan. I'm 272 00:14:03,080 --> 00:14:08,000 Speaker 2: going like, we're in the game, doctor Wallace. Does all 273 00:14:08,080 --> 00:14:11,400 Speaker 2: this hard work, and I just can't get a loan 274 00:14:11,520 --> 00:14:12,680 Speaker 2: based on my hard work. 275 00:14:13,080 --> 00:14:15,360 Speaker 1: Why is it I always feel I got to put 276 00:14:15,400 --> 00:14:18,480 Speaker 1: something up for you to hold so I can get 277 00:14:18,520 --> 00:14:19,000 Speaker 1: some money. 278 00:14:19,240 --> 00:14:23,880 Speaker 3: Well, sometimes you have to collaborize some things as well, right, 279 00:14:24,040 --> 00:14:27,320 Speaker 3: So it might be it may be zip codes. Maybe 280 00:14:27,360 --> 00:14:29,560 Speaker 3: you may be over leveraged. I mean that may be 281 00:14:29,680 --> 00:14:32,200 Speaker 3: something as well too. I mean, if you're doing everything correct, 282 00:14:32,240 --> 00:14:34,800 Speaker 3: like you said, you're making your payments in a timely manner, 283 00:14:35,520 --> 00:14:38,480 Speaker 3: that may be the case that part. I don't know why, 284 00:14:38,560 --> 00:14:41,920 Speaker 3: but there is some history difference, but there is some 285 00:14:42,040 --> 00:14:46,960 Speaker 3: history that does suggest that does happen, in particular with 286 00:14:47,000 --> 00:14:49,360 Speaker 3: the zip codes, kind of like Redlining's the same thing. 287 00:14:49,480 --> 00:14:53,720 Speaker 3: So zip codes can play a part possibly in you 288 00:14:53,880 --> 00:14:57,520 Speaker 3: being rejected, and you may be overleveraged as well too. 289 00:14:57,800 --> 00:14:59,880 Speaker 3: But that's something that that's some of the metrics that 290 00:15:00,040 --> 00:15:02,960 Speaker 3: they that those financial institutions use. 291 00:15:03,400 --> 00:15:06,040 Speaker 1: That's something I'm not really too aware of. But I've 292 00:15:06,080 --> 00:15:07,880 Speaker 1: heard of that before, because. 293 00:15:07,640 --> 00:15:09,720 Speaker 2: Just on my shorter day, that was the first time 294 00:15:09,720 --> 00:15:13,600 Speaker 2: I heard about there's a business score and there's a 295 00:15:13,680 --> 00:15:17,400 Speaker 2: consumer score, and so I didn't even I'd never heard 296 00:15:17,440 --> 00:15:20,800 Speaker 2: that before in my life. So what exactly is your 297 00:15:20,960 --> 00:15:24,880 Speaker 2: role in the financial literacy community, Dr Wallace, That's. 298 00:15:24,720 --> 00:15:27,720 Speaker 3: A great question. So again, as I stated earlier, I 299 00:15:27,760 --> 00:15:30,560 Speaker 3: created a book. I wrote a book, Generational Wealth Begins 300 00:15:30,560 --> 00:15:33,560 Speaker 3: with Generational Knowledge, as an Amazon bestseller with. 301 00:15:33,560 --> 00:15:34,640 Speaker 1: That, why did you do that book? 302 00:15:34,640 --> 00:15:36,760 Speaker 2: First of all, we're going to take our time on 303 00:15:36,800 --> 00:15:38,720 Speaker 2: this book. Why did you feel the need to do 304 00:15:38,760 --> 00:15:41,000 Speaker 2: this book? You articulate, you're smart. I'm sure you do 305 00:15:41,000 --> 00:15:45,320 Speaker 2: a lot of speaking engagements. Was it frustration or people 306 00:15:45,440 --> 00:15:47,840 Speaker 2: just didn't understand how to be successful? 307 00:15:48,680 --> 00:15:49,720 Speaker 1: Well, I wrote the book. 308 00:15:49,720 --> 00:15:53,640 Speaker 3: It was a self inventory of myself for what because 309 00:15:54,720 --> 00:15:57,560 Speaker 3: you know, although I was in the business. Again, as 310 00:15:57,640 --> 00:16:01,240 Speaker 3: I mentioned earlier, you know we have these this relationship 311 00:16:01,280 --> 00:16:03,720 Speaker 3: with money and we don't know why we have it. 312 00:16:04,680 --> 00:16:08,720 Speaker 3: And so based upon that, I created a model which 313 00:16:08,760 --> 00:16:12,120 Speaker 3: is the seventh stage generational wealth Model. Stage one of 314 00:16:12,160 --> 00:16:15,640 Speaker 3: the model is our internal and external ecosystem walls in 315 00:16:15,680 --> 00:16:19,120 Speaker 3: and walls out, which creates our inherited financial narrators and 316 00:16:19,240 --> 00:16:23,480 Speaker 3: encoded financial behaviors. Stage two is our financial genetic code, 317 00:16:23,480 --> 00:16:26,640 Speaker 3: what focuses on financial trauma and anxiety, which is a 318 00:16:26,720 --> 00:16:32,840 Speaker 3: byproduct of stage one. Stage three is financial healing, reprogramming 319 00:16:32,840 --> 00:16:36,480 Speaker 3: our financial genetic code stages two and one. Stage four 320 00:16:36,520 --> 00:16:40,520 Speaker 3: is financial edification, which focuses on financial literacy and inclusion. 321 00:16:41,080 --> 00:16:45,000 Speaker 3: Stage five is financial well being. Financial health is financial wealth. 322 00:16:45,200 --> 00:16:48,320 Speaker 3: This is where our soft landing is. Stage six is 323 00:16:48,400 --> 00:16:51,960 Speaker 3: generational knowledge. This is where we create our financial footprints 324 00:16:52,000 --> 00:16:55,400 Speaker 3: to reach stage seven. The model is broken into three stages. 325 00:16:55,440 --> 00:16:57,880 Speaker 3: Stages one and two is the past, Three and four 326 00:16:58,000 --> 00:17:01,920 Speaker 3: is the present, five, six and seven is the future. However, 327 00:17:02,000 --> 00:17:04,920 Speaker 3: it's where you're at at that moment, where your feet 328 00:17:04,960 --> 00:17:07,040 Speaker 3: are at at that particular time. You may be in 329 00:17:07,080 --> 00:17:10,080 Speaker 3: financial wellbeing, but things can happen that can take you 330 00:17:10,160 --> 00:17:13,439 Speaker 3: back to stages one and two. Because again many of 331 00:17:13,440 --> 00:17:17,040 Speaker 3: these traumas and anxieties that we're inherited that we have 332 00:17:17,720 --> 00:17:20,560 Speaker 3: is unbeknownst to us. So a lot of our decisions 333 00:17:20,560 --> 00:17:22,560 Speaker 3: that we make in terms of credit and things of 334 00:17:22,600 --> 00:17:24,600 Speaker 3: that nature, we just don't know. But a lot of 335 00:17:24,640 --> 00:17:26,840 Speaker 3: it is based upon what we've seen in our home, 336 00:17:26,880 --> 00:17:29,560 Speaker 3: which are called walls and walls out. So I felt 337 00:17:29,600 --> 00:17:33,400 Speaker 3: it was very important for us to first identify these 338 00:17:33,440 --> 00:17:36,840 Speaker 3: inherited financial narratives for us to move forward because in 339 00:17:36,840 --> 00:17:40,800 Speaker 3: our community, especially in marginalized communities, we just don't know. 340 00:17:41,119 --> 00:17:43,600 Speaker 3: We don't know why we make these decisions. And remember, 341 00:17:43,800 --> 00:17:47,320 Speaker 3: our inherited financial narratives and in coded financial behaviors have 342 00:17:47,440 --> 00:17:50,480 Speaker 3: been given to us without our prescription. 343 00:17:50,640 --> 00:17:53,560 Speaker 1: But it's been decades and decades and decades, so we 344 00:17:53,640 --> 00:17:57,160 Speaker 1: may have learned. We learn how to deal with money 345 00:17:57,240 --> 00:17:58,960 Speaker 1: or not how to deal with money. Right. 346 00:17:59,200 --> 00:18:02,239 Speaker 3: It's based upon on our intern external ecosystem, which is 347 00:18:02,320 --> 00:18:05,640 Speaker 3: extremely important because each of us has our own unique 348 00:18:05,720 --> 00:18:09,280 Speaker 3: financial genetic code, which is important because when you're talking 349 00:18:09,280 --> 00:18:13,720 Speaker 3: about marriage or partnership with an individual, each of us 350 00:18:13,760 --> 00:18:17,080 Speaker 3: have a unique financial genetic code for one, which we 351 00:18:17,160 --> 00:18:20,199 Speaker 3: know that we don't know the exact number, but we 352 00:18:20,320 --> 00:18:24,560 Speaker 3: do know that money can ruin marriages and friendships simply 353 00:18:24,640 --> 00:18:28,000 Speaker 3: because of our financial genetic code. So it's important. It 354 00:18:28,080 --> 00:18:31,640 Speaker 3: was important for me to first identify that because many 355 00:18:31,640 --> 00:18:35,879 Speaker 3: of the clients, as I was working with, thousandaires, billionaires, billionaires, 356 00:18:35,880 --> 00:18:38,960 Speaker 3: one hundred years no airs, a lot of them basically 357 00:18:39,040 --> 00:18:42,080 Speaker 3: were dealing with a lot of inherited financial narratives that 358 00:18:42,119 --> 00:18:46,000 Speaker 3: they didn't know that they were dealing with. Therefore, they 359 00:18:46,000 --> 00:18:49,280 Speaker 3: had analysis by paralysis, not being able to move forward 360 00:18:49,280 --> 00:18:51,600 Speaker 3: and take advantage of the vehicles that were out there 361 00:18:51,720 --> 00:18:54,760 Speaker 3: to get to stage five, which was financial wellbeing. 362 00:18:55,480 --> 00:18:56,600 Speaker 1: Please don't go anywhere. 363 00:18:56,760 --> 00:18:59,840 Speaker 2: We'd be right back with more money Making Conversations Masterclass. 364 00:19:00,400 --> 00:19:02,960 Speaker 2: No need for you to do me a favor right 365 00:19:03,000 --> 00:19:06,640 Speaker 2: now to follow our subscribe to money Making Conversation. It's 366 00:19:06,720 --> 00:19:10,720 Speaker 2: free and you can find it on the iHeartRadio app, Spotify, 367 00:19:11,040 --> 00:19:14,959 Speaker 2: Apple Podcasts, or wherever you get your podcasts. Please do 368 00:19:15,000 --> 00:19:22,879 Speaker 2: me that favor follow a subscribe money Making Conversations. Welcome 369 00:19:22,880 --> 00:19:26,800 Speaker 2: back to Money Making Conversations Masterclass hosted by me Rashaun McDonald. 370 00:19:27,119 --> 00:19:31,520 Speaker 2: Money Making Conversation Masterclass continues online at Moneymaking Conversations dot 371 00:19:31,560 --> 00:19:35,920 Speaker 2: com and follow money Making Conversations masterclass on Facebook X 372 00:19:36,000 --> 00:19:38,359 Speaker 2: and Instagram one seven stages. 373 00:19:39,880 --> 00:19:42,199 Speaker 3: Well, because when you look at the model itself, it's 374 00:19:42,240 --> 00:19:45,200 Speaker 3: just broken down in seven stages. So again, Stage one 375 00:19:45,280 --> 00:19:49,040 Speaker 3: is internal external ecosystem. Stage two is your financial genetic code, 376 00:19:49,080 --> 00:19:52,160 Speaker 3: which is the past. Stage three is financial healing, which 377 00:19:52,240 --> 00:19:55,440 Speaker 3: now we have to reprogram stages two and one. Stage 378 00:19:55,480 --> 00:19:59,080 Speaker 3: four is financial edification, literacy and inclusion. Stage five is 379 00:19:59,160 --> 00:20:03,720 Speaker 3: financial wellbeing soft landing financial health. Stage six is generational knowledge, 380 00:20:03,920 --> 00:20:06,280 Speaker 3: which is important because I'll get to this, which is 381 00:20:06,320 --> 00:20:09,640 Speaker 3: important because ten just think of yourself as first generation. 382 00:20:10,080 --> 00:20:13,200 Speaker 3: Ten percent of the moneies that you've amassed over time 383 00:20:13,280 --> 00:20:16,160 Speaker 3: will be left for your grandchildren. Based on the numbers, 384 00:20:16,400 --> 00:20:20,840 Speaker 3: thirty percent will be left for your your immediate children. Well, 385 00:20:20,840 --> 00:20:23,840 Speaker 3: why is that because of generational knowledge? We put so 386 00:20:23,920 --> 00:20:26,520 Speaker 3: much focus on generational wealth, but we put less folks 387 00:20:26,600 --> 00:20:29,840 Speaker 3: on generational knowledge. It should be life insurance, which should 388 00:20:29,840 --> 00:20:31,760 Speaker 3: be a state planning, which would be long term care. 389 00:20:31,840 --> 00:20:34,480 Speaker 3: All of the things that we need to successfully transfer 390 00:20:35,040 --> 00:20:37,840 Speaker 3: our assets we just don't do. And in particular within 391 00:20:37,880 --> 00:20:40,719 Speaker 3: the African American community, we have a low rate of 392 00:20:40,760 --> 00:20:43,159 Speaker 3: a state plan and things of that nature, insurance, long 393 00:20:43,240 --> 00:20:45,439 Speaker 3: term care and things of that nature. So oftentimes not 394 00:20:45,480 --> 00:20:47,760 Speaker 3: we're not able to transfer our assets, and we see 395 00:20:47,760 --> 00:20:49,639 Speaker 3: it a lot with a lot of our celebrities that 396 00:20:49,680 --> 00:20:53,719 Speaker 3: passed away. We didn't have things in place. So although 397 00:20:53,720 --> 00:20:56,880 Speaker 3: they had the assets, the knowledge wasn't there. The success 398 00:20:57,000 --> 00:20:59,840 Speaker 3: we transfer. So that's why I firm that's my argument 399 00:20:59,920 --> 00:21:02,400 Speaker 3: is that we're focusing on the wrong thing. We need 400 00:21:02,400 --> 00:21:05,520 Speaker 3: to focus on more of a holistic approach. Therefore we 401 00:21:05,560 --> 00:21:08,840 Speaker 3: can actually get to generational wealth. But for you and I, 402 00:21:09,080 --> 00:21:11,840 Speaker 3: we are trying to get to financial well being because 403 00:21:12,000 --> 00:21:15,520 Speaker 3: without without financial well being, there is no generational wealth, right. 404 00:21:15,440 --> 00:21:16,800 Speaker 1: When you really look at it, right, right. 405 00:21:16,960 --> 00:21:21,480 Speaker 2: So that's important, right, Because you mentioned financial genetic code, 406 00:21:21,560 --> 00:21:25,080 Speaker 2: which is switch stage two. I believe correct stage two. Yeah, 407 00:21:25,119 --> 00:21:29,520 Speaker 2: and uh, what exactly is that is in your book? 408 00:21:29,640 --> 00:21:31,920 Speaker 2: And I want to drive people to read your book 409 00:21:32,240 --> 00:21:33,600 Speaker 2: and gain all this knowledge. 410 00:21:33,600 --> 00:21:36,679 Speaker 1: But why does why is that so important? 411 00:21:36,720 --> 00:21:39,320 Speaker 2: Because when you say the word genetic code, it feels 412 00:21:39,320 --> 00:21:42,440 Speaker 2: like there's something that's inherited and not learned. 413 00:21:43,080 --> 00:21:45,640 Speaker 1: Talk to us about that. Absolutely, I'm glad you asked 414 00:21:45,680 --> 00:21:46,159 Speaker 1: that question. 415 00:21:46,320 --> 00:21:50,560 Speaker 3: So I trademarked the phrase financial genetic code simply because 416 00:21:50,680 --> 00:21:54,240 Speaker 3: I firmly believe that that's language that hasn't been used before. 417 00:21:55,160 --> 00:21:58,359 Speaker 3: And the code is something that you can rewrite versus 418 00:21:58,480 --> 00:22:01,560 Speaker 3: DNA that you can't. So you can rewrite the code 419 00:22:01,800 --> 00:22:05,200 Speaker 3: and inherited financial narratives as you mentioned, that's your why, 420 00:22:05,720 --> 00:22:08,159 Speaker 3: and then the action is in code of financial behaviors. 421 00:22:08,440 --> 00:22:12,840 Speaker 3: In my book, I tabled twenty essentially inherited financial narratives, 422 00:22:13,000 --> 00:22:16,560 Speaker 3: but there are more than that. But for instance, you 423 00:22:16,560 --> 00:22:19,639 Speaker 3: have the scar tissue narrative where scar tention narratives basically 424 00:22:19,720 --> 00:22:23,160 Speaker 3: suggests that something may have happened financially during your lifetime 425 00:22:23,160 --> 00:22:27,080 Speaker 3: that you've seen or witnessed. Therefore you are now not 426 00:22:27,160 --> 00:22:30,040 Speaker 3: apt to trust the system, so to speak. And so 427 00:22:30,080 --> 00:22:31,720 Speaker 3: if you're not able to trust the system, what do 428 00:22:31,760 --> 00:22:34,600 Speaker 3: you do? You don't do anything at all. And it 429 00:22:34,640 --> 00:22:36,879 Speaker 3: may be in a situation that you've seen in your home. 430 00:22:37,359 --> 00:22:40,520 Speaker 3: So those are kind of narratives that we that has 431 00:22:40,600 --> 00:22:45,200 Speaker 3: been again given to us without our permission, unsolicited, so 432 00:22:45,240 --> 00:22:45,719 Speaker 3: to speak. 433 00:22:45,920 --> 00:22:49,080 Speaker 1: And then it may be changed, but it's been trained, 434 00:22:49,160 --> 00:22:50,040 Speaker 1: that's been trained. 435 00:22:50,320 --> 00:22:56,399 Speaker 2: No money and the mattress exactly your grandma money and abra. 436 00:22:56,640 --> 00:23:01,960 Speaker 1: Exactly money is the long trees, right, So that means 437 00:23:02,000 --> 00:23:04,600 Speaker 1: you the money you get, you hold. 438 00:23:04,400 --> 00:23:08,679 Speaker 5: It absolutely, and so to distribute it for opportunities that 439 00:23:08,760 --> 00:23:13,240 Speaker 5: you don't understand, like this pock market and vest So 440 00:23:13,280 --> 00:23:14,399 Speaker 5: this is great. 441 00:23:14,480 --> 00:23:16,720 Speaker 1: I understand this. 442 00:23:16,720 --> 00:23:19,480 Speaker 2: This is like a green light, I know for me 443 00:23:19,880 --> 00:23:23,879 Speaker 2: because I understand where you're going now. Because we in 444 00:23:23,920 --> 00:23:27,199 Speaker 2: the financial world we do what we know. 445 00:23:27,920 --> 00:23:31,640 Speaker 3: Absolutely, we do exactly what we know and we do 446 00:23:31,920 --> 00:23:33,639 Speaker 3: and that's the thing. If we don't know, we're just 447 00:23:33,680 --> 00:23:35,520 Speaker 3: going to continue to do, right, I mean, it is 448 00:23:35,560 --> 00:23:38,520 Speaker 3: what it is. And so that's why the book is 449 00:23:38,520 --> 00:23:41,679 Speaker 3: so important. You know, what I'm really excited about is 450 00:23:41,720 --> 00:23:44,639 Speaker 3: that I look at the comments or the testimonials and 451 00:23:44,680 --> 00:23:49,000 Speaker 3: the reviews on the book itself and everything is positive, 452 00:23:49,119 --> 00:23:51,239 Speaker 3: Sam saying is one of the best books that ever 453 00:23:51,280 --> 00:23:51,760 Speaker 3: been written. 454 00:23:52,240 --> 00:23:56,200 Speaker 1: I written. I wrote the book for two specific markets. 455 00:23:56,280 --> 00:23:59,840 Speaker 3: One was the financial professionals and the regular person like 456 00:23:59,880 --> 00:24:02,600 Speaker 3: you and I. And the financial professionals there are five 457 00:24:02,640 --> 00:24:05,960 Speaker 3: of them. You have the financial educator, the counselor, the therapist, 458 00:24:06,000 --> 00:24:10,320 Speaker 3: the advisor, and the planner. I firmly believe that oftentimes 459 00:24:10,320 --> 00:24:14,520 Speaker 3: and not we transfer our own financial genetic code to 460 00:24:14,680 --> 00:24:20,760 Speaker 3: our clients without knowing subconsciously. So understand that, so if 461 00:24:20,800 --> 00:24:25,040 Speaker 3: I whatever my financial genetic code is, I'm transferring that 462 00:24:25,080 --> 00:24:27,560 Speaker 3: to you and oftentimes and not That's why you have 463 00:24:27,680 --> 00:24:30,560 Speaker 3: a lot of individuals who don't trust financial planners, advisors 464 00:24:30,560 --> 00:24:34,119 Speaker 3: and things of that nature, because they're transferring their own 465 00:24:34,320 --> 00:24:38,399 Speaker 3: inherited financial narratives and financial medicode to you as the client. 466 00:24:39,320 --> 00:24:41,040 Speaker 3: That's where the trust comes into play. 467 00:24:41,240 --> 00:24:44,520 Speaker 2: Right, And that's where you know, Wow, this is really 468 00:24:44,560 --> 00:24:46,800 Speaker 2: interesting because of the fact that you know, as you 469 00:24:46,920 --> 00:24:49,440 Speaker 2: go through life. You know, when I came up, you know, 470 00:24:49,680 --> 00:24:52,520 Speaker 2: the goal was to go to college. Now people just 471 00:24:52,600 --> 00:24:57,159 Speaker 2: are comfortable with getting certificates and becoming certified, and they 472 00:24:57,240 --> 00:24:59,920 Speaker 2: are making salaries that I didn't make when I came 473 00:25:00,080 --> 00:25:03,280 Speaker 2: out of college for a for your degree. Now with 474 00:25:03,359 --> 00:25:06,960 Speaker 2: that new knowledge, with the websites, do YouTube and all that, 475 00:25:07,320 --> 00:25:10,800 Speaker 2: when you see that how people are gaining financial knowledge, 476 00:25:11,080 --> 00:25:14,320 Speaker 2: what do you say to that, it's the financial genetics code. 477 00:25:14,840 --> 00:25:16,600 Speaker 1: Well, I think that the information. 478 00:25:17,320 --> 00:25:19,640 Speaker 3: One thing is we're talking about it, right, I mean 479 00:25:19,680 --> 00:25:21,520 Speaker 3: now we're talking about it, which is good. That was 480 00:25:21,600 --> 00:25:26,040 Speaker 3: years ago we never talked about it do research on it, right, 481 00:25:26,119 --> 00:25:29,200 Speaker 3: So we're doing more research. We're becoming more educated, so 482 00:25:29,240 --> 00:25:33,920 Speaker 3: to speak. But again I do believe that each person 483 00:25:34,200 --> 00:25:37,840 Speaker 3: needs to understand where they fit on the in terms 484 00:25:37,840 --> 00:25:41,080 Speaker 3: of the five financial professionals, because think of it this way. 485 00:25:41,560 --> 00:25:43,440 Speaker 1: You may come to me and say. 486 00:25:43,280 --> 00:25:46,240 Speaker 3: Hey, I want you to provide me a financial plan, 487 00:25:47,000 --> 00:25:49,960 Speaker 3: but you have so many inherited financial narratives, you have 488 00:25:50,040 --> 00:25:53,240 Speaker 3: so much trauma and anxiety that whatever I say or do, 489 00:25:53,359 --> 00:25:54,439 Speaker 3: you're not going to do it anyway. 490 00:25:54,480 --> 00:25:57,280 Speaker 1: Is analysis by paralysis. So what you may. 491 00:25:57,160 --> 00:26:01,439 Speaker 3: Need initially is a financial therapist the flush all of 492 00:26:01,440 --> 00:26:06,520 Speaker 3: that out first, or just in terms of education oftentimes 493 00:26:06,880 --> 00:26:09,600 Speaker 3: where we don't know what we're talking about because we're 494 00:26:09,600 --> 00:26:12,560 Speaker 3: not educated. Though we don't know the difference between long 495 00:26:12,640 --> 00:26:15,960 Speaker 3: term care disability insurance life insurance. There are several life 496 00:26:15,960 --> 00:26:18,760 Speaker 3: insurance that are out there for one k's four three b's, 497 00:26:18,800 --> 00:26:23,320 Speaker 3: four fifty sevens, qualified, non qualified roths, traditional iras. 498 00:26:23,480 --> 00:26:25,040 Speaker 1: We don't know what they are. 499 00:26:25,640 --> 00:26:28,560 Speaker 3: Therefore, if I meet with someone who is a financial 500 00:26:28,600 --> 00:26:33,360 Speaker 3: advisor applanner, I can't ask the most educated questions. So 501 00:26:33,440 --> 00:26:37,320 Speaker 3: what happens Oftentimes that's when they get burned or they're 502 00:26:37,359 --> 00:26:40,800 Speaker 3: not getting the expectations, and that's where their frustration comes in. 503 00:26:41,760 --> 00:26:44,040 Speaker 2: Let me ask you this question, Dr Wallace, I've talked 504 00:26:44,040 --> 00:26:47,440 Speaker 2: to doctor Wallace. The inspiration behind the book the creation 505 00:26:47,720 --> 00:26:51,040 Speaker 2: of the seven stage Generational Wealth Model. It's a book 506 00:26:51,080 --> 00:26:55,080 Speaker 2: I came out in the twenty twenty five in June 507 00:26:55,119 --> 00:26:59,920 Speaker 2: twenty seven selling book Now financial literaty person. 508 00:27:01,160 --> 00:27:05,720 Speaker 1: Are you a financial therapist for me? Personally? What I am? 509 00:27:06,080 --> 00:27:10,000 Speaker 3: I'm a therapist, I'm a planner, advisor, I'm an educator 510 00:27:10,280 --> 00:27:12,240 Speaker 3: as well and literacy, so I pretty much can do 511 00:27:12,320 --> 00:27:14,679 Speaker 3: all five. I have the certifications to do all the 512 00:27:14,680 --> 00:27:17,040 Speaker 3: five as well. I have all my license to do that. 513 00:27:17,920 --> 00:27:20,479 Speaker 3: Yes I am. But for the most part, what I 514 00:27:20,520 --> 00:27:23,520 Speaker 3: try to do is align an individual with the right person, 515 00:27:23,600 --> 00:27:27,439 Speaker 3: so to speak. Am I a therapist, Yes to some degree, 516 00:27:27,600 --> 00:27:29,919 Speaker 3: but I would refer you to someone who is a 517 00:27:29,960 --> 00:27:33,399 Speaker 3: financial therapist. I try to stay in my lane because 518 00:27:33,440 --> 00:27:35,040 Speaker 3: that's the best way to be effective. 519 00:27:35,080 --> 00:27:36,360 Speaker 1: I don't want to be all. 520 00:27:36,560 --> 00:27:38,640 Speaker 3: Jack of all trades master of none, so I try 521 00:27:38,640 --> 00:27:42,200 Speaker 3: to concentrate on what I specifically do because that brings 522 00:27:42,240 --> 00:27:43,160 Speaker 3: more credibility. 523 00:27:43,440 --> 00:27:44,639 Speaker 1: Do I do a state planning? 524 00:27:44,800 --> 00:27:47,720 Speaker 3: I can give you some information about state planning, but 525 00:27:47,800 --> 00:27:50,680 Speaker 3: I refer you to an a state planner because that's 526 00:27:50,720 --> 00:27:52,280 Speaker 3: the most effective way of doing it. 527 00:27:52,480 --> 00:27:54,240 Speaker 1: We can talk about taxes, yes, but. 528 00:27:54,240 --> 00:27:57,240 Speaker 3: I'm gonna refer you to a CPA, someone that can 529 00:27:57,280 --> 00:28:00,639 Speaker 3: best handle you, a business tax strategist and specialist, because 530 00:28:00,640 --> 00:28:01,359 Speaker 3: that's my job. 531 00:28:01,400 --> 00:28:02,359 Speaker 1: I'm a con do it. 532 00:28:02,600 --> 00:28:05,959 Speaker 3: But for the most part, I'm more into the educational 533 00:28:06,040 --> 00:28:08,800 Speaker 3: piece of it now as ever before. And that's why 534 00:28:08,840 --> 00:28:10,760 Speaker 3: the book was written, because I want to make sure 535 00:28:10,800 --> 00:28:15,080 Speaker 3: that I'm providing the tools for everyone to reach. Actually 536 00:28:15,320 --> 00:28:18,720 Speaker 3: write stage five, which is financial well being, but for 537 00:28:18,800 --> 00:28:23,399 Speaker 3: the most part, give you the tools that you can understand, recognize, identify. 538 00:28:23,560 --> 00:28:25,320 Speaker 1: This is where I'm at on the model. 539 00:28:25,520 --> 00:28:28,159 Speaker 3: Therefore, I can make changes and or I can go 540 00:28:28,200 --> 00:28:30,760 Speaker 3: out and seek the right person to best assist me 541 00:28:30,840 --> 00:28:31,800 Speaker 3: going forward. 542 00:28:32,160 --> 00:28:35,520 Speaker 2: Because for the first time I saw the value of 543 00:28:35,560 --> 00:28:39,680 Speaker 2: a financial therapist and your journey and the conversation because 544 00:28:39,720 --> 00:28:43,080 Speaker 2: I never thought from a standpoint of your financial genetic 545 00:28:43,160 --> 00:28:48,480 Speaker 2: code is that you are as through natural education. You know, 546 00:28:48,560 --> 00:28:50,600 Speaker 2: if you're educated, you learn how to read, you learn 547 00:28:50,640 --> 00:28:53,240 Speaker 2: how to write, and learn how to talk. Same thing 548 00:28:53,280 --> 00:28:57,080 Speaker 2: with finances, if you know. At the earliest, my mom 549 00:28:57,160 --> 00:29:00,920 Speaker 2: got me a savings bond, didn't know what that meant, okay, 550 00:29:01,440 --> 00:29:03,880 Speaker 2: and struck it in a drawer and I was supposed 551 00:29:03,920 --> 00:29:06,000 Speaker 2: to get it at a certain age, but that was 552 00:29:06,200 --> 00:29:08,920 Speaker 2: but that was not how you win. You win through 553 00:29:08,960 --> 00:29:12,800 Speaker 2: consistent training. And in order to go through that training process, 554 00:29:12,840 --> 00:29:14,920 Speaker 2: like you said, you have to trust, but you also 555 00:29:14,960 --> 00:29:18,840 Speaker 2: have to educate yourself through the process of what you're trusting, 556 00:29:18,960 --> 00:29:23,600 Speaker 2: so you wan't appear in an episode of greed being scammed. 557 00:29:23,320 --> 00:29:23,920 Speaker 1: Talk about this. 558 00:29:24,440 --> 00:29:26,320 Speaker 3: Well, that's again that's why when you when you look 559 00:29:26,360 --> 00:29:29,880 Speaker 3: at it from that perspective, it's so important because you 560 00:29:30,000 --> 00:29:32,440 Speaker 3: have to know you have to ask the right questions 561 00:29:32,600 --> 00:29:35,600 Speaker 3: first and foremost right. Without asking the right questions, any 562 00:29:35,680 --> 00:29:38,320 Speaker 3: answer sounds correct. And I like how you just talking 563 00:29:38,320 --> 00:29:41,000 Speaker 3: about consistency in the book. I say, if you're consistently consistent, 564 00:29:41,080 --> 00:29:45,320 Speaker 3: your outcome will consistently be consistent. All theentime, we're consistently inconsistent. 565 00:29:45,320 --> 00:29:50,040 Speaker 3: Therefore our outcome is inconsistent consistently right. And so from 566 00:29:50,120 --> 00:29:52,000 Speaker 3: that perspective, now it was from row you used to coach. 567 00:29:52,040 --> 00:29:53,959 Speaker 3: I used to tell my athletes that. But for the 568 00:29:53,960 --> 00:29:56,880 Speaker 3: most part, you have to be consistent in whatever you do. 569 00:29:57,240 --> 00:30:01,280 Speaker 3: So education is important. You can't believe everything you hear read, 570 00:30:01,720 --> 00:30:04,200 Speaker 3: but you can you can do the due dealings to 571 00:30:04,440 --> 00:30:06,920 Speaker 3: find out the due dilligs to find out what's comfortable 572 00:30:07,000 --> 00:30:11,160 Speaker 3: to you. For that reason, yes, YouTube is there. 573 00:30:11,760 --> 00:30:14,120 Speaker 1: You have a lot of individuals doing Instagram. 574 00:30:14,400 --> 00:30:17,000 Speaker 3: And one thing that you want to think about is 575 00:30:17,000 --> 00:30:21,360 Speaker 3: that this genre is becoming oversaturated and it's a fragmented market. 576 00:30:21,640 --> 00:30:23,440 Speaker 1: The barriers to entry are low. 577 00:30:23,720 --> 00:30:25,560 Speaker 3: So if you look at the product life cycle, we're 578 00:30:25,600 --> 00:30:28,160 Speaker 3: now at the maturity stage. Maybe going through the declination. 579 00:30:28,480 --> 00:30:30,600 Speaker 3: We have to do something. They extend the products, so 580 00:30:30,680 --> 00:30:32,680 Speaker 3: to speak. So you have a lot of people in 581 00:30:32,720 --> 00:30:36,040 Speaker 3: this market now saying and doing the same thing. 582 00:30:36,720 --> 00:30:38,400 Speaker 1: And so what I made sure. 583 00:30:38,200 --> 00:30:41,360 Speaker 3: That I did in regards to my book, I made 584 00:30:41,400 --> 00:30:45,280 Speaker 3: sure I use no language that is that this trendy language. 585 00:30:45,560 --> 00:30:48,360 Speaker 3: So the language that you read is totally my language. 586 00:30:49,480 --> 00:30:52,560 Speaker 3: And for instance the financial genetico, that's totally my language. 587 00:30:52,560 --> 00:30:55,160 Speaker 3: That's why we trade mark the phrase because now I 588 00:30:55,160 --> 00:30:58,840 Speaker 3: would be synonymous with that throughout. And it's a purpose 589 00:30:58,920 --> 00:31:01,240 Speaker 3: because many people pole don't look at and think about what, 590 00:31:01,560 --> 00:31:04,080 Speaker 3: you know, what is my financial genetic code. What's great 591 00:31:04,120 --> 00:31:05,520 Speaker 3: is when I talk to people say, you know, my 592 00:31:05,600 --> 00:31:07,840 Speaker 3: financial genetic code is X. Well that's something they never 593 00:31:07,880 --> 00:31:10,200 Speaker 3: thought ABOUTX. They never heard of it. But when you 594 00:31:10,240 --> 00:31:12,480 Speaker 3: really look at it and break it down, look under 595 00:31:12,480 --> 00:31:15,680 Speaker 3: the hoods, so to speak. It does make sense because 596 00:31:15,720 --> 00:31:19,760 Speaker 3: you're inherited financial narratives and you're encoded financial behaviors. That 597 00:31:19,840 --> 00:31:22,800 Speaker 3: creates who you are. But unlike a DNA, like I 598 00:31:22,840 --> 00:31:27,200 Speaker 3: said earlier, you have the ability to rewrite that. And 599 00:31:27,240 --> 00:31:32,200 Speaker 3: rewriting that is having therapy, talking it out, understanding what 600 00:31:32,240 --> 00:31:35,600 Speaker 3: your triggers are, what your flash part flash points is right, 601 00:31:35,720 --> 00:31:38,640 Speaker 3: knowing what that looks like. Now I can make decisions 602 00:31:38,680 --> 00:31:42,200 Speaker 3: because you may be at stage five and financial wellbeing, 603 00:31:42,400 --> 00:31:44,760 Speaker 3: but something that can happen that can trigger you back 604 00:31:44,800 --> 00:31:45,880 Speaker 3: to stage one and two. 605 00:31:46,080 --> 00:31:47,840 Speaker 1: We hear, we see it all the time. Then you 606 00:31:47,920 --> 00:31:48,400 Speaker 1: go back. 607 00:31:48,440 --> 00:31:50,760 Speaker 3: But now you have the tools to say, Okay, here 608 00:31:50,800 --> 00:31:53,760 Speaker 3: are some things that I can do. After each chapter 609 00:31:53,920 --> 00:31:56,600 Speaker 3: in the book, we have self assessments. So you go 610 00:31:56,640 --> 00:31:59,280 Speaker 3: through the self assessments and you answer the questions and 611 00:31:59,360 --> 00:32:00,880 Speaker 3: what people are saying to me. 612 00:32:01,000 --> 00:32:03,160 Speaker 1: That's read the book anyway. They're using it. 613 00:32:03,040 --> 00:32:07,440 Speaker 3: As an opportunity as a work in progress consistently, so 614 00:32:07,480 --> 00:32:09,600 Speaker 3: it's not a one time read. You can read and 615 00:32:09,640 --> 00:32:11,520 Speaker 3: come back to it over and over again. Hey, I'm 616 00:32:11,520 --> 00:32:13,320 Speaker 3: gonna go back to step one look at this? Okay, 617 00:32:13,360 --> 00:32:15,800 Speaker 3: why is this happening again? And it's really good with 618 00:32:15,920 --> 00:32:20,200 Speaker 3: families as well to have these conversations with their kids. 619 00:32:20,240 --> 00:32:22,040 Speaker 3: You know, one of the questions maybe what's your first 620 00:32:22,360 --> 00:32:24,200 Speaker 3: uh when you what's your first idea with money? 621 00:32:24,200 --> 00:32:26,040 Speaker 1: Asking that to your your your teenager. 622 00:32:26,200 --> 00:32:28,400 Speaker 3: Well, it's be interesting to hear what they have to say, 623 00:32:28,640 --> 00:32:31,720 Speaker 3: you know, having these conversations, talking them through it. Because 624 00:32:32,080 --> 00:32:36,280 Speaker 3: in the book we talk about financial passengers, which is important, 625 00:32:36,520 --> 00:32:39,480 Speaker 3: and the financial drivers or the financial passenger is someone 626 00:32:39,520 --> 00:32:42,120 Speaker 3: that's been in the as a passenger while you're driving 627 00:32:42,160 --> 00:32:45,520 Speaker 3: the car for for their lives, right for a long 628 00:32:45,560 --> 00:32:48,160 Speaker 3: period of time. Eventually you give them the keys to 629 00:32:48,200 --> 00:32:50,280 Speaker 3: the car. When you give them the keys of the car, 630 00:32:50,320 --> 00:32:52,680 Speaker 3: they're going to drive really well or really bad. It's 631 00:32:52,720 --> 00:32:55,560 Speaker 3: the same thing about finances as well, because they're watching 632 00:32:55,680 --> 00:32:59,040 Speaker 3: you and when you give them when they on their own, well, 633 00:32:59,440 --> 00:33:01,440 Speaker 3: they watch what you've been able to do and they're 634 00:33:01,520 --> 00:33:05,000 Speaker 3: kind of mimicking that, can mimic that, and or they 635 00:33:05,040 --> 00:33:07,680 Speaker 3: may not based on in their headed financial narrative. They're 636 00:33:07,680 --> 00:33:08,960 Speaker 3: gonna say, well, I'm not going to do things the 637 00:33:09,000 --> 00:33:11,720 Speaker 3: same way that my parents did things. But they but 638 00:33:11,880 --> 00:33:14,960 Speaker 3: they wasn't educated again, right, not knowing what credit looks like, 639 00:33:15,240 --> 00:33:18,160 Speaker 3: not knowing the investments looking like, understanding what the state 640 00:33:18,200 --> 00:33:21,680 Speaker 3: planning looks like. You know, my daughter, she's thirty years 641 00:33:21,720 --> 00:33:24,840 Speaker 3: of age, and the person that refer my clients to 642 00:33:24,920 --> 00:33:27,000 Speaker 3: her the state planning, she having an estate plan at 643 00:33:27,000 --> 00:33:29,520 Speaker 3: thirty years of age. He was like, this is the 644 00:33:29,600 --> 00:33:32,400 Speaker 3: youngest person ever written in the state plan for I 645 00:33:32,440 --> 00:33:34,680 Speaker 3: had a firefighter that's thirty one, thirty two. He has 646 00:33:34,680 --> 00:33:37,560 Speaker 3: an estate plan because it's great to start early as 647 00:33:37,600 --> 00:33:41,320 Speaker 3: well too, because it's important. But we know in our 648 00:33:41,360 --> 00:33:44,640 Speaker 3: community that we don't do estate plans right, revocal trust, 649 00:33:44,720 --> 00:33:47,640 Speaker 3: revocal trust, things that nature, power of attorneys, we don't 650 00:33:47,680 --> 00:33:49,640 Speaker 3: do those things. And so at the end of the day, 651 00:33:50,120 --> 00:33:54,120 Speaker 3: you hear stories within our community, the one percent who 652 00:33:54,160 --> 00:33:57,040 Speaker 3: actually have made it had at heart, what does not 653 00:33:57,280 --> 00:34:00,000 Speaker 3: actually do not do a good job of transferring their assets. 654 00:34:00,120 --> 00:34:02,320 Speaker 3: That's the one percent, But what about the other ninety 655 00:34:02,400 --> 00:34:05,280 Speaker 3: nine percent, The neighbor, the cousin that lives around the corner, 656 00:34:05,280 --> 00:34:08,680 Speaker 3: that we hear about, relatives that lost properties so to speak, 657 00:34:08,680 --> 00:34:11,720 Speaker 3: to have infighting within the families. All of those things 658 00:34:11,760 --> 00:34:16,360 Speaker 3: do occur because of the scarcer resources what they've encountered 659 00:34:16,480 --> 00:34:17,719 Speaker 3: during their lifetimes. 660 00:34:17,920 --> 00:34:19,920 Speaker 1: And we know that many of those. 661 00:34:19,680 --> 00:34:24,200 Speaker 3: Individuals who have ascertained lots of money from inheritance or 662 00:34:24,239 --> 00:34:26,280 Speaker 3: wind falls have lost a lot of it as well, 663 00:34:26,560 --> 00:34:30,080 Speaker 3: simply because their financial genetic code and they really didn't 664 00:34:30,120 --> 00:34:33,360 Speaker 3: have a true understanding of their inherited financial narratives and 665 00:34:33,360 --> 00:34:35,080 Speaker 3: the encoded financial behaviors. 666 00:34:35,440 --> 00:34:39,200 Speaker 2: Excellent, He's the creative of the seven stage Generational Wealth Bottel. 667 00:34:39,440 --> 00:34:43,280 Speaker 2: The core message, the core message of generational wealth begins 668 00:34:43,320 --> 00:34:47,080 Speaker 2: with generational knowledge and wires more than the financial guard 669 00:34:47,360 --> 00:34:52,799 Speaker 2: Guide Financial guide. Doctor keene E Wallace, my brother new 670 00:34:53,239 --> 00:34:58,040 Speaker 2: cap Apital PSI Divine nine. Man, this is outstanding, man, outstanding. 671 00:34:58,320 --> 00:35:01,200 Speaker 2: You know we're going to talk again and you're gonna 672 00:35:01,200 --> 00:35:04,200 Speaker 2: get your picture on this wall, I promise you, because. 673 00:35:03,920 --> 00:35:06,240 Speaker 1: This wall used to be celebrity with your self leverage. 674 00:35:06,440 --> 00:35:08,080 Speaker 2: I just want to feel it with people who will 675 00:35:08,160 --> 00:35:13,400 Speaker 2: change in everyday people's lives through financial education, small business knowledge, 676 00:35:13,960 --> 00:35:18,760 Speaker 2: uh nonprofit influencers, because that's what we need. We need 677 00:35:18,800 --> 00:35:23,960 Speaker 2: people within the community that can change our financial genetic code. 678 00:35:24,280 --> 00:35:27,600 Speaker 2: I hope, I hope you realize I got the message 679 00:35:27,719 --> 00:35:29,759 Speaker 2: and you educated me on my own show. 680 00:35:29,800 --> 00:35:34,640 Speaker 1: Brother, there it is. There's a shirt right now. We 681 00:35:34,719 --> 00:35:35,960 Speaker 1: got Masterclass. 682 00:35:36,120 --> 00:35:38,479 Speaker 3: Yeah, we got the shirts going on everything. We're gonna 683 00:35:38,480 --> 00:35:40,680 Speaker 3: start selling those. We have the definite website. 684 00:35:40,719 --> 00:35:42,239 Speaker 1: What's your website? Doctor J. 685 00:35:42,440 --> 00:35:45,239 Speaker 3: Wallace dot com, d r J Wallace dot com. You 686 00:35:45,280 --> 00:35:47,920 Speaker 3: can hit me on Instagram as well, Doctor J. Wallace 687 00:35:48,080 --> 00:35:53,319 Speaker 3: and LinkedIn Doctor Joaquin Wallace. But most importantly, you know, 688 00:35:53,719 --> 00:35:59,000 Speaker 3: buy the book. But when you purchase the book, make 689 00:35:59,040 --> 00:36:01,920 Speaker 3: sure that you get a paperback and or a hard copy, 690 00:36:02,000 --> 00:36:03,719 Speaker 3: not the kindle because there again you can do the 691 00:36:03,760 --> 00:36:04,759 Speaker 3: exercise on the back. 692 00:36:06,080 --> 00:36:10,520 Speaker 1: Which is paramount. Is that you leave a review. 693 00:36:11,400 --> 00:36:14,400 Speaker 3: That's so important because that gets it in the eyes 694 00:36:14,440 --> 00:36:17,000 Speaker 3: of other individuals. And that's the one thing that I 695 00:36:17,040 --> 00:36:20,720 Speaker 3: would say to anyone who purchased the book. Prefer the book, 696 00:36:21,600 --> 00:36:24,440 Speaker 3: make sure you read it for one obviously, but then 697 00:36:24,520 --> 00:36:26,919 Speaker 3: make sure that you leave a nice review because that's 698 00:36:26,960 --> 00:36:30,560 Speaker 3: what drives the algorithms in Amazon. 699 00:36:31,120 --> 00:36:33,600 Speaker 2: I heard that again. Thank you with Dr Wallas for 700 00:36:33,640 --> 00:36:36,040 Speaker 2: coming on my show. Brother, you are special and do 701 00:36:36,160 --> 00:36:40,480 Speaker 2: my favor sending us a jpeg so we can promote 702 00:36:40,480 --> 00:36:43,319 Speaker 2: it on my platforms. That's what I you know, that's 703 00:36:43,320 --> 00:36:45,840 Speaker 2: what I do I'm here to promote people are changing 704 00:36:45,840 --> 00:36:49,120 Speaker 2: people's lives, and the information that you have conveyed to 705 00:36:49,160 --> 00:36:51,839 Speaker 2: me on this show, you are definitely changing people's lives. 706 00:36:51,920 --> 00:36:52,920 Speaker 1: You open my eyes. 707 00:36:53,200 --> 00:36:56,000 Speaker 2: That made me realize that I am who I am 708 00:36:56,120 --> 00:36:59,719 Speaker 2: because that's how I was raised. My parents gave me 709 00:36:59,760 --> 00:37:03,680 Speaker 2: this sen some financial education, and it took me years 710 00:37:03,719 --> 00:37:07,440 Speaker 2: to kind of trust the process. But when the process 711 00:37:07,520 --> 00:37:09,600 Speaker 2: was never shown to me as a kid, I didn't 712 00:37:09,640 --> 00:37:10,719 Speaker 2: have any foundations. 713 00:37:11,440 --> 00:37:13,600 Speaker 3: Right, and now you know your financial genetico, We're going 714 00:37:13,640 --> 00:37:14,399 Speaker 3: to look at it right. 715 00:37:15,120 --> 00:37:18,239 Speaker 2: Yeah, thank you, brother, appreciate you, Man, appreciate you, Thanks lot, 716 00:37:18,320 --> 00:37:19,600 Speaker 2: thank you for listening. 717 00:37:19,280 --> 00:37:20,160 Speaker 1: To this episode. 718 00:37:20,320 --> 00:37:21,960 Speaker 2: Now I need for you to do me a favor 719 00:37:22,680 --> 00:37:26,080 Speaker 2: right now to follow or subscribe to Money Making Conversation. 720 00:37:26,400 --> 00:37:30,680 Speaker 2: It's free and you can find it on the iHeartRadio app, Spotify, 721 00:37:31,000 --> 00:37:34,840 Speaker 2: Apple Podcasts, or wherever you get your podcasts. Please do 722 00:37:34,960 --> 00:37:39,120 Speaker 2: me that favor, follow or subscribe Money Making Conversations. 723 00:37:39,520 --> 00:37:40,080 Speaker 1: Keep winning