Speaker 1: What's up, guys. It's Brown Ambition Episode five.
Speaker 2: So Mandy said, I can't say hey, hey hey anymore.
Speaker 1: I just suggested nicely that perhaps she'd like to explore
Speaker 1: a different way of introducing herself to the podcast we're on.
Speaker 3: But I like, hey hey.
Speaker 2: So if you don't want me to say hey hey anymore, then,
Speaker 2: or if you do want me to say it, then
Speaker 2: tweet us at the BA podcast on Twitter at the
Speaker 2: BA podcast, and we're gonna take a vote.
Speaker 3: Yay, hey, hey, hey, nay, hey hey.
Speaker 1: Hey, Okay, fine, it's the democracy Twitter democracy. Well, let's
Speaker 1: start to show you guys today. We have an amazingly
Speaker 1: special show for you. This is not the Brown Ambition
Speaker 1: you would come to.
Speaker 3: Know so far.
Speaker 1: We have a special guest you're not just gonna keep
Speaker 1: hearing from us today. And her name what we call
Speaker 1: her our fairy money godmother. Yes, she truly is Lynette
Speaker 1: Califani Cox, aka the Money Coach. She is an amazing
Speaker 1: personal finance expert. She's all over the television, she's all
Speaker 1: over radio. She's authored more than a dozen books, including
Speaker 1: a New York Times bestseller called Zero Debt, The Ultimate
Speaker 1: Guide to Financial Freedom. Lynette has come back from having
Speaker 1: one hundred thousand dollars in credit card debt to paying
Speaker 1: it all up in three years. She now owns her
Speaker 1: own company. She's owned it for well over a decade now.
Speaker 1: She was a former correspondent at Wall Street Journal and
Speaker 1: for CNBC.
Speaker 2: She's been on opwah, The Big Oh of course, Yes, uh,
Speaker 2: Steve Harvey, The Today Show, Good Morning America, Doctor Phil,
Speaker 2: Doctor Oz. I mean, honestly, this is a woman who
Speaker 2: has hit all of the benchmarks.
Speaker 1: She is our hero, she's our Shiro, and we are
Speaker 1: sharing her with you today and we just want this,
Speaker 1: We want this podcast to be all about Lynette, because
Speaker 1: she has so much wisdom and so much guidance, and
Speaker 1: she literally gave us life, yes for these forty five
Speaker 1: minutes that she was generous enough to speak with us. So,
Speaker 1: without further ado, here's our interview with Lynette called Fani.
Speaker 2: Cox Brown Ambition Family. We have an extra special guest
Speaker 2: on today's.
Speaker 1: Show, our fairy money godmother.
Speaker 2: Yes, my mentor in my head, the awesome, the amazing,
Speaker 2: the extraordinary, Lynette Califani Cox.
Speaker 3: I'll pay you guys one hundred dollars, I promised later. Okay,
Speaker 3: so you.
Speaker 4: Know, it's so super fun what I do as a
Speaker 4: money coach because I get to kind of geek.
Speaker 3: Out about my favorite topic. I'm talking about money.
Speaker 4: All day long and doing it through a variety of
Speaker 4: different platforms. A huge part of what I do to
Speaker 4: teach people about personal finances is to make it understandable
Speaker 4: and fun and engaging and.
Speaker 3: Just like the kind of stuff you talk to your
Speaker 3: sister or your friend or your mom about.
Speaker 4: And the media in all its you know, various formats
Speaker 4: is one way that I can do just that.
Speaker 1: So, Lenna, I know that you wound up at the
Speaker 1: Wall Street Journal, and you were there for several years.
Speaker 1: You were you had a recurring spot on CNBC as
Speaker 1: their personal finance correspondent for a long time, and then
Speaker 1: what happened you? Somehow, at some point you segued into
Speaker 1: being this money mogul and owning your own business, building
Speaker 1: your own brand, writing a dozen books. But can you
Speaker 1: walk us back to how you transition from a nine
Speaker 1: to five into the empire that you're building today?
Speaker 3: Sure, what happened was that I got fired?
Speaker 4: I mean, is there a delicate I mean, so I
Speaker 4: was with dal Jones for about ten years.
Speaker 3: I was I went through a whole bunch of jobs.
Speaker 3: I was a bureau chief, I was a special writer
Speaker 3: and reporter. I was a.
Speaker 4: Deputy managing editor and Wall Street Journal reporter for CNBC.
Speaker 4: So my last couple of years I was on air
Speaker 4: at CNBC and my official title was Wall Street Journal
Speaker 4: Report or for CNBC. But long story short, you know,
Speaker 4: it was one of the first waves of downsizing in
Speaker 4: the media business. And one day my boss came to
Speaker 4: me and to you know, two hundred other people and said,
Speaker 4: all you, you know, kind of six figure way journers, we
Speaker 4: can't afford you anymore.
Speaker 3: You gotta go buy figures.
Speaker 1: Oh my god, this was a different era.
Speaker 4: Yeah, it totally was so but you know, the long
Speaker 4: and short of it is, I was like, oh.
Speaker 3: It's not right, it's not fair. Hey wait, why me?
Speaker 3: You know, I went through that whole thing.
Speaker 4: And then one of my friends who's still at the
Speaker 4: Journal today, Melanie Trumpman, and she was like, she was
Speaker 4: like ever so gingerly trying to tell me, well, Lynette,
Speaker 4: did you kind of always want to do your own
Speaker 4: thing and maybe this is you know, a cue for
Speaker 4: you to be an entrepreneur. And I was like, but
Speaker 4: I didn't want it this way, you know, I wanted
Speaker 4: to leave on my own terms, you know. So now
Speaker 4: I tell people that, you know, when you leave corporate America,
Speaker 4: it's typically with a feather or a baseball bat.
Speaker 3: You know.
Speaker 4: The feather is the nice party, the going away thing,
Speaker 4: and like, oh, she's going on to greener pastures or
Speaker 4: to retire, or to spend time with family or bigger
Speaker 4: project whatever. But the baseball bat is kind of like bam,
Speaker 4: they just hit you upside the head. You know, it's
Speaker 4: like goodbye. So but long story short, I really loved
Speaker 4: my time at Dawd Jones. And now I don't have
Speaker 4: any complaints. I mean, you see me, I go on
Speaker 4: CNBC all the time. Now, I did it probably about
Speaker 4: five times this year. I'm still great friends over there,
Speaker 4: no problems. But I transitioned because I was forced to,
Speaker 4: and it turned out.
Speaker 3: To be a blessing in disguise.
Speaker 4: And I had my last day on air as a
Speaker 4: full time correspondent. I was a daily television reporter at CNBC.
Speaker 4: My last day on air was March first, two thousand
Speaker 4: and three, and that very same month I started my company,
Speaker 4: and so I made it work, you know, where's the
Speaker 4: wood for me to knock on?
Speaker 3: You know?
Speaker 4: And I just really never looked back. It's been a
Speaker 4: great ride ever since. And the twelve years now that
Speaker 4: I've owned my business have been so much fun, so
Speaker 4: amazingly surprising to me in terms of the opportunities that
Speaker 4: I've had, the fun that I've had, and the freedom
Speaker 4: that I've had, which is what I enjoyed most of all.
Speaker 1: Now that sounds very nice, but I feel like starting
Speaker 1: a business must be difficult. Was there anything that can
Speaker 1: you take us, like to some real talk and what
Speaker 1: were some of the challenges that you found. I know Tiffany,
Speaker 1: obviously she's an entrepreneur, and you know she makes it
Speaker 1: look easy, as you both do, but I know there
Speaker 1: must be something. It can't be that easy.
Speaker 3: A lot of ram and noodle nights.
Speaker 4: And I'm not suggesting that there weren't hardships and that
Speaker 4: it wasn't difficult at times, because frankly, it very much was.
Speaker 4: In my case, I rated my four O one K,
Speaker 4: which I would obviously not recommend that anybody do in
Speaker 4: order to start a business and kind of get things going.
Speaker 4: I was in an unhappy marriage at the time, and
Speaker 4: I was you know, anticipating divorce, and I did obviously
Speaker 4: in fact divorced later and I.
Speaker 3: Subsequently remarried in two thousand and seven.
Speaker 4: But for me, it was sort of financial pressures, you know,
Speaker 4: loss of salary, going through a ton of money in
Speaker 4: terms of my retirement savings, going through a crumbling marriage.
Speaker 3: And trying to hold it all together. And I was
Speaker 3: the only breadwinner in.
Speaker 4: My family at the time because my ex husband, he
Speaker 4: was still in school. What was frankly supposed to be
Speaker 4: you know, kind of a five year program turned into
Speaker 4: six years and seven and eight and nine and ten
Speaker 4: and then eleven long years before he got his PhD.
Speaker 4: So I was the only one working during that time period.
Speaker 4: So yes, you know, the hardest part for me initially
Speaker 4: was the transition from having a big brand name behind you.
Speaker 4: Because let me tell you, when you say I'm coming
Speaker 4: from the Wall Street Journal, people are gonna take your call.
Speaker 4: When you you know, pick up the phone and say
Speaker 4: you want to be interviewed on CNBC, it's like, how
Speaker 4: quickly can I get there? And so after that, because
Speaker 4: I knew I wanted to do the very same exact
Speaker 4: things that I had been doing. I wanted to talk
Speaker 4: about money. I wanted to write. I wanted to write books.
Speaker 4: I wanted to teach people about money. I wanted to
Speaker 4: be on TV and leverage my journalism background. It's easier
Speaker 4: to do that when you have a big name behind
Speaker 4: you and a brand and that kind of platform than
Speaker 4: it is to establish the platform on your own. So
Speaker 4: for me, that was probably the biggest challenge of it all.
Speaker 4: And even through that, you know, there were trial and
Speaker 4: many trials and errors. I feel like the first couple
Speaker 4: books that I published, well, certainly the first one when
Speaker 4: I did investing success, oh my god, I spent so
Speaker 4: much money. I wasted, frankly, so much money. And I'm
Speaker 4: glad that I learned the lessons though, because it really
Speaker 4: made me appreciate having both sides of the equation, knowing
Speaker 4: the traditional public world and knowing the self publishing world.
Speaker 4: And again I looked out and that my husband happens
Speaker 4: to be a book agent, and so he taught me
Speaker 4: a lot of the ropes and showed me the things
Speaker 4: that I was doing incorrectly and that could be modified
Speaker 4: and improved upon, and the things that I could really
Speaker 4: do well that would leverage my own skill set and
Speaker 4: the things that I was, you know, just already kind
Speaker 4: of passionate about where I had connections and how I
Speaker 4: could sort of make one plus one equal three or four.
Speaker 2: So you mentioned Earl. You know that he's your manager
Speaker 2: as well as your husband. Mandy and I were just
Speaker 2: both talking. We're both in long term relationships, and we
Speaker 2: were both just fantasizing on how how that would look
Speaker 2: with our booze and I just don't see it. I'm like,
Speaker 2: how because when I first met this is a whole.
Speaker 3: New This is how much ty we have. This is
Speaker 3: a segment unto itself.
Speaker 2: Ladies, Okay, what struck me when I first first met
Speaker 2: you a few years ago is that when you mentioned
Speaker 2: Earl then and even now, your faith lights up, you know,
Speaker 2: And I just love that. And I'm like, wow, not
Speaker 2: to say my face doesn't light up with boo but
Speaker 2: it's been two years, so you know, we're still new.
Speaker 3: So how do you maintain that?
Speaker 2: How do you work together and still maintain this amazing relationship.
Speaker 4: Earl is truly my best friend, I mean, and we
Speaker 4: started off in a business capacity and I trusted him
Speaker 4: with a lot of things to kind of manage some
Speaker 4: things on the brand. Side for me to consult with me,
Speaker 4: to teach me what I didn't know, and I was
Speaker 4: always sort of attracted to the intellectual and creative side
Speaker 4: of him, and I always felt like, Gosh, this is
Speaker 4: somebody who I can and I like to learn a lot,
Speaker 4: and so I'm sort of more naturally attracted to people who.
Speaker 3: Teach me stuff.
Speaker 4: But even beyond that, I would say, we really do
Speaker 4: actively work at what is no question about it. The
Speaker 4: number one thing to strengthen any relationship, and certainly any
Speaker 4: romantic relationship, which is communication. So I've had so many
Speaker 4: friends tell us because we have a home office and
Speaker 4: we literally sit side by side, we have our two
Speaker 4: macs set up, and some people have told me, in
Speaker 4: no uncertain terms, I would jump off the roof, Okay,
Speaker 4: I would slit my wrists if I had to work
Speaker 4: with my husband or my boyfriend in business all day long.
Speaker 4: And they were like, you guys are like in the house,
Speaker 4: like all like twenty four to seven, you see each
Speaker 4: other in your work, And I'm like, yeah, pretty much,
Speaker 4: you know, so you really do.
Speaker 3: Have to like the person.
Speaker 4: But I will say this that since we were both
Speaker 4: previously married, Earl was married like in the I don't know,
Speaker 4: late eighties or nineties or something. You know, well before
Speaker 4: I met him in two thousand and three, two thousand
Speaker 4: and four time period. But he was in a bad marriage.
Speaker 4: I frankly was in an unhappy marriage. And we have
Speaker 4: so much gratitude now for having had a previous sort
Speaker 4: of negative experience that we can appreciate each other. And
Speaker 4: we were you know, we were older when we got married.
Speaker 4: We you know, second time around.
Speaker 3: Teaches you a lot.
Speaker 4: You learn about yourself, You're a lot more mature. You
Speaker 4: understand what you can tolerate and what you can't. You
Speaker 4: know what your needs are, and you.
Speaker 3: Learn a lot of lessons.
Speaker 4: So I certainly don't put you know, everything for a
Speaker 4: failed marriage in the past on my ex because I
Speaker 4: know so much of what I did that contributed to
Speaker 4: the deterioration of the marriage, et cetera. But I also
Speaker 4: know now that I know what it takes to keep
Speaker 4: a marriage together and to keep it healthy and strong,
Speaker 4: And for us, a lot, a lot, a lot of
Speaker 4: it is about communication. So many times, like when I
Speaker 4: talk to my mother on the phone if I'm tired,
Speaker 4: I'm like, oh, you know, Earl and I were up
Speaker 4: it was like two o'clock in the morning, but we
Speaker 4: were talking.
Speaker 3: We were just talking in the bed and.
Speaker 4: She's like, mmmm, y'all are talking and I'm like, no,
Speaker 4: we were seriously like talking, you know. But we're like
Speaker 4: always like bouncing off the you know, off the walls
Speaker 4: with ideas, and you know, the passion is there because
Speaker 4: we have the love interests, we have the partnership and
Speaker 4: the sort of affinity factor for one another. There's a
Speaker 4: tremendous amount of respect and we try to stay in
Speaker 4: our own lanes. So you know, I had a photographer
Speaker 4: once who met us, and you know, after he kind
Speaker 4: of dealt with us for a couple of hours and
Speaker 4: he asked.
Speaker 3: Us a lot about our business.
Speaker 4: He said, ah, I get it. He said, Lynnette you're
Speaker 4: the Wow, and Earl you're the haw. And we were like, yeah,
Speaker 4: that's pretty much it.
Speaker 1: Well, I feel like as a writer and I run
Speaker 1: into this too, I so very little want to acknowledge
Speaker 1: that people may be underestimating, underestimating my abilities as a
Speaker 1: woman of color, because I just you know, it's like
Speaker 1: you said, when people tell you not to do something,
Speaker 1: you just want to strive forward improve them wrong. And
Speaker 1: I never really think, well, are they not believing in
Speaker 1: me because of my color or is it just because
Speaker 1: of my gender? Have you ever you know, when you
Speaker 1: were going.
Speaker 4: My god, totally, you know, Mandy, I experienced what you feel,
Speaker 4: probably threefold because of the area of financial writing that
Speaker 4: I was doing. Can you imagine me being, you know,
Speaker 4: twenty seven years old writing for a Wall Street Journal
Speaker 4: and Dow Jones and going to interview some investment bankers
Speaker 4: on Wall Street from Merrill Lynch, JP, Morgan, Chase, Solomon Brothers,
Speaker 4: talking to traders, investors, money managers, stockbrokers, investment analysts, and
Speaker 4: nine times out of ten I walked in the room,
Speaker 4: I was the only person of color, certainly frequently the
Speaker 4: only woman. And I could just see, Okay, are they thinking, Hey,
Speaker 4: who is this woman?
Speaker 3: Who is this black woman? Who is this young black woman?
Speaker 3: You know?
Speaker 4: So in my head as a professional, I kind of
Speaker 4: always wanted to be older than I was, just to
Speaker 4: like eliminate that part of it, that part of the
Speaker 4: trifecta that was like a negative, you know. And so
Speaker 4: it was so funny because when I started, you know,
Speaker 4: when I dated Earle and I, you know, we got
Speaker 4: married and everything, and I was like, oh, you know.
Speaker 4: I was telling him things like oh, I can't wait
Speaker 4: to turn forty, and he was like, Lynette, slow your role,
Speaker 4: trust me, he said, I'm five years ahead of you.
Speaker 4: I know you're saying this right now, but it gets
Speaker 4: different and you're gonna And it didn't happen until I
Speaker 4: was about maybe forty three forty four that I was like, oh, okay,
Speaker 4: I see what he's talking about. I was like, gosh,
Speaker 4: my eyes. I was like, I've never worn glasses. Do
Speaker 4: I like need glasses now? And I was like, what's
Speaker 4: going on with my body?
Speaker 1: Come?
Speaker 3: My body is changing so much?
Speaker 1: And you know, I so identify though with that feeling
Speaker 1: like you just want you wish you were older, Like
Speaker 1: when I was just starting on as a reporter and
Speaker 1: I was you know, you know, I so identified talking
Speaker 1: to the stockburgers and traders and even now wealth managers.
Speaker 3: YEP.
Speaker 1: I wish my voice was deeper. I wish that I
Speaker 1: were older. I wish I sounded more professional, and eventually
Speaker 1: I just you know, I'm still working on it, but
Speaker 1: I just try and tell myself to just stop thinking
Speaker 1: about it, fake it.
Speaker 3: Time, make it, and honestly, that's what you have to do.
Speaker 4: You just have to kind of get over yourself and
Speaker 4: understand that if somebody is going to have those kind
Speaker 4: of preconceived notions and prejudices and sort of misconceptions about
Speaker 4: your capabilities, all you need to do is shine.
Speaker 3: All you need to do is be excellent. All you
Speaker 3: need to.
Speaker 4: Do is write copy that is so flawless that they're like,
Speaker 4: oh my god, this was a good story.
Speaker 3: I can't I want her to interview me again.
Speaker 4: I have never, ever once in my entire career had
Speaker 4: somebody come to me and say, oh, oh my god,
Speaker 4: this was so awful, this was bad, this was this
Speaker 4: was you know, this was totally wrong.
Speaker 3: This was you know, have I had.
Speaker 4: A correction ever or something that was a typo or something, Well, yes,
Speaker 4: I'm not gonna, you know, say, I'm like, you know,
Speaker 4: Christine perfect that kind of thing. But I'm saying substantively,
Speaker 4: nobody's ever been able to pick holes in my work ever,
Speaker 4: and so and it's because I hold myself to an
Speaker 4: extremely high standard of excellence and my sister Debbie and
Speaker 4: among the other people you know, taught me that. And
Speaker 4: after a while, it's like, what can they do? They
Speaker 4: can't mess with you when you just you know when
Speaker 4: you're when you're when you're just doing you, and just
Speaker 4: so you just have to kind of put that stuff
Speaker 4: in the back of your mind, just go about your
Speaker 4: work and just do you. And honestly, Mandy, before you
Speaker 4: know it, you're gonna be like thirty two and you'll
Speaker 4: be thirty seven.
Speaker 3: Then you'd be like, ooh, I remember Lene told me
Speaker 3: I'm thirty five and nine. I'm like, whoa, what did
Speaker 3: this happen?
Speaker 2: Well.
Speaker 1: One of the things that you said at FENCN that
Speaker 1: was so striking was at this conference we were all
Speaker 1: at last week was that you should never use someone
Speaker 1: else's success as your own bar of excellence. But I
Speaker 1: feel like I want to break that rule because I
Speaker 1: don't think I'll be doing myself a disservice if I
Speaker 1: make you my bar. Oh really down. I think I
Speaker 1: think I'll just keep reaching and maybe if I hit
Speaker 1: that level, I'll be even if I don't have If
Speaker 1: I get one level below that, I'll bet.
Speaker 3: That's so so flattering. I'm so humble to hear you
Speaker 3: say that.
Speaker 4: But you know what, I read the ten X rule
Speaker 4: by Grant Cardone and he was talking about competition and
Speaker 4: just different things. And he's like, crush the competition, you
Speaker 4: just dominate, you know. But his philosophy is in large
Speaker 4: part outwork everybody be willing to do ten times as much.
Speaker 4: And I'm like, I totally identify with that because I'm
Speaker 4: a hustler and I believe in hard work, and I
Speaker 4: have a tremendous work ethic. But he also said something
Speaker 4: that was I think very relevant when he said if
Speaker 4: you must, he was like, if you must benchmark yourself
Speaker 4: against somebody, make make it somebody that's so epically beyond
Speaker 4: your plane. And and and Mandy, I am not epically
Speaker 4: beyond your plane. Don't don't say oh I want to
Speaker 4: be you know still and that I'm I want you
Speaker 4: to like go to like Oprah level. Okay, here, something
Speaker 4: that's the that's ten x thinking. It's the it's the
Speaker 4: idea that you go well, well way beyond your kind
Speaker 4: of wildest imagination. So for the person who said, you
Speaker 4: know what, yeah, I'm making one hundred thousand dollars and
Speaker 4: my goal is to make five hundred thousand dollars a year,
Speaker 4: why not say my goal is to make five million
Speaker 4: a year, Because then it's sort of like that expression
Speaker 4: you've heard, you know, kind of you know, reach.
Speaker 3: For the moon or or the sun or the stars
Speaker 3: or whatever, and at least you'll fall among the stars
Speaker 3: or whatever the expression is.
Speaker 4: It's to get you to go way, way, way out
Speaker 4: of your comfort zone and to just go for enormous
Speaker 4: stretch goals and then you'll surprise yourself. You'll see like,
Speaker 4: holy cow, this actually you know, this actually worked.
Speaker 3: And what's the worst that could happen if it doesn't work?
Speaker 4: You know, for the person who says, for example, or
Speaker 4: I want to make five hundred thousand, if they could
Speaker 4: have said, oh, I want to make one hundred and
Speaker 4: fifty thousand, But if their creativity, efforts, hard work pushes
Speaker 4: them to say five hundred thousand is the goal, even
Speaker 4: if they fall short and they come up with three
Speaker 4: hundred thousand dollars, that's better than them having benchmark themselves
Speaker 4: to say, oh, I want to make one fifty because
Speaker 4: now they actually got a result that was twice as
Speaker 4: much as they thought they could achieve.
Speaker 3: So I believe in just like going for it for
Speaker 3: the max.
Speaker 4: And like I said, I never if somebody tells me
Speaker 4: I can't do something, Oh, that's that's like.
Speaker 3: You know, it's on.
Speaker 4: You know, people told me, oh, you know, you need
Speaker 4: reviews for your books, and you know, especially if you
Speaker 4: want to get on New York Times Bestsellers. Listen, they
Speaker 4: would tell me this one and that one, and they
Speaker 4: were saying, you know, get in USA today, and I said, okay,
Speaker 4: well USA today it is. And then people started saying
Speaker 4: to me, well, you know, USA today they don't review
Speaker 4: self published books. And I was like, watch, and don't
Speaker 4: you know zero Debt was reviewed in USA today as well.
Speaker 4: So so just they're all these artificial barriers. Don't let
Speaker 4: other people's limited thinking or other people's success be your benchmark,
Speaker 4: because nobody knows what you're capable of, and frankly, even
Speaker 4: you don't even know until you try, until you go
Speaker 4: for it.
Speaker 1: I wondered if you could offer some just general advice
Speaker 1: to anyone who's listening out there, who is at a
Speaker 1: point of transition in their life and they're maybe thinking
Speaker 1: of branching out and tapping into that entrepreneurial spirit. What
Speaker 1: would you, you know, what kind of advice would you
Speaker 1: give them?
Speaker 4: For anybody who's thinking about making the transition from employee
Speaker 4: to business owner, I really would encourage them to go
Speaker 4: for it, but to do so in a strategic fashion.
Speaker 4: I'm not one of those entrepreneurs who kind of poo
Speaker 4: poos people who work in corporate America or the person
Speaker 4: who has a nine to five. On the contrary, I
Speaker 4: think that a lot of people should stay put and
Speaker 4: should kind of make it work and should learn from
Speaker 4: the positions that they currently occupy. But if you have
Speaker 4: that kind of passionate fire in your belly and you
Speaker 4: just know that you're meant to run your own show,
Speaker 4: I think that you have to be strategic about planning
Speaker 4: your escape.
Speaker 3: And so you need to do things like thinking through your.
Speaker 4: Finances and you know how long it'll be before you're profitable.
Speaker 4: You need to make sure that you have a good
Speaker 4: potential client base some body out there who wants to
Speaker 4: pay for the products and services that you might offer.
Speaker 3: And I don't.
Speaker 4: Feel that entrepreneurs should just kind of, you know, willing
Speaker 4: nelly roll the dice and gamble and kind of say,
Speaker 4: you know, bet the farm, so to speak, and say
Speaker 4: I'm just going to hope and pray that it happens.
Speaker 4: That to me is an imprudent way to go about entrepreneurship.
Speaker 4: You know, we hear all the stats about you know,
Speaker 4: six out of ten or seven out of ten, depending
Speaker 4: on who's numbers. You believe six out of ten businesses
Speaker 4: failing within the first five years. And frankly, you don't
Speaker 4: want to be a statistic so try to do everything
Speaker 4: upfront to stack the deck in your favor and to
Speaker 4: reduce the odds that if you don't want to go
Speaker 4: back to a nine to five or to corporate America,
Speaker 4: that you won't have to do so because you're forced
Speaker 4: into it for financial reasons.
Speaker 1: Lynette, you are our money fairy, our fairy money godmother.
Speaker 1: I really feel that way. Thank you so much. Yeah
Speaker 1: for taking the time and joining our little podcast and
Speaker 1: spreading that beautiful entrepreneurial gospel sounds good.
Speaker 3: Thank you ladies, and continue success to you both.
Speaker 1: Thank you, Thanks Lynette.
Speaker 3: Byebye bye bye.
Speaker 2: No, didn't we tell you how amazing Lynette was. Honestly,
Speaker 2: me and Manny don't even have anything to add.
Speaker 1: Except please let us know what you think about this
Speaker 1: week's podcast. You can hit us up on Twitter at
Speaker 1: the BA Podcast, email us at Brown Ambition Podcast at
Speaker 1: gmail dot com, and please leave us a review It
Speaker 1: helps people find us on iTunes. It makes sure that
Speaker 1: we can keep on doing this. Just go to iTunes
Speaker 1: find the Brown Ambition Podcast leave a review. It takes
Speaker 1: literally just a few seconds of your time. And we're
Speaker 1: also doing a really fun giveaway. We're gonna pick one
Speaker 1: lucky winner this month who leaves the iTunes review, and
Speaker 1: the prize is an amazing tote bag courtesy of the
Speaker 1: Finance Bar Miss Marsha Barnes. Thank you so much. It's
Speaker 1: super cute. You can see a picture of it on
Speaker 1: our website right now, Brown Ambition podcast dot com. And
Speaker 1: also Tiffany a copy of Tiffany's best selling book, The
Speaker 1: Live Richer Challenge.
Speaker 2: Yes, so we will see you on the flip side.
Speaker 1: Bye, guys, see you guys next week. Buye