1 00:00:00,040 --> 00:00:01,760 Speaker 1: Thank you for coming on my listening to my show. 2 00:00:01,800 --> 00:00:04,400 Speaker 1: First of all, I am row Shawn McDonald. I host 3 00:00:04,480 --> 00:00:07,920 Speaker 1: the weekly Money Making Conversation Masterclass show. The interviews and 4 00:00:07,960 --> 00:00:11,399 Speaker 1: information that this show provides are for everyone. It's time 5 00:00:11,440 --> 00:00:14,319 Speaker 1: to start reading other people's success stories and start living 6 00:00:14,400 --> 00:00:16,400 Speaker 1: your own. If you want to be a guest on 7 00:00:16,440 --> 00:00:21,280 Speaker 1: my show, please visit our website, Moneymakingconversations dot com and 8 00:00:21,320 --> 00:00:23,520 Speaker 1: click the b a Guest button. Now let's get this 9 00:00:23,560 --> 00:00:28,240 Speaker 1: show started. My guest is the co founder of Melanin Money. 10 00:00:28,240 --> 00:00:30,960 Speaker 1: Melanon Money, He's gonna correct it if I'm saying is wrong, 11 00:00:31,280 --> 00:00:36,080 Speaker 1: and also a CPA who empowers individuals to achieve financial freedom. 12 00:00:36,440 --> 00:00:39,239 Speaker 1: He's recognized as one of the top financial planners for 13 00:00:39,400 --> 00:00:43,400 Speaker 1: millennials by showing them how to live tax free. His 14 00:00:43,520 --> 00:00:47,600 Speaker 1: mission is to help the black community become financially independent 15 00:00:47,840 --> 00:00:52,400 Speaker 1: and build generational wealth. Please welcome to Money Making Conversation Masterclass. 16 00:00:52,720 --> 00:00:54,560 Speaker 1: Carter Cofield. How you doing, Carter? 17 00:00:56,080 --> 00:00:58,520 Speaker 2: Amazing brother. Thank you so much for having me. I'm 18 00:00:58,560 --> 00:00:59,440 Speaker 2: excited to be here. 19 00:01:00,840 --> 00:01:03,400 Speaker 1: Please announciate the name of your company that you co founded. 20 00:01:04,319 --> 00:01:06,880 Speaker 2: Yeah, melon In Money, you said it correctly, Okay, cool? 21 00:01:07,120 --> 00:01:09,399 Speaker 1: Now why did you co found that company. 22 00:01:11,760 --> 00:01:14,760 Speaker 2: Yeah, so a few reasons. So number one is we 23 00:01:15,720 --> 00:01:18,520 Speaker 2: wanted to super serve our community and people that look 24 00:01:18,600 --> 00:01:20,600 Speaker 2: like us. Right when I was working in Corporate America, 25 00:01:20,680 --> 00:01:23,440 Speaker 2: I was doing taxes for like, well see people in 26 00:01:23,480 --> 00:01:26,560 Speaker 2: Fortune five hundred companies, which was cool, but it wasn't fulfilling, 27 00:01:26,920 --> 00:01:28,440 Speaker 2: especially as a kid that grew up on the South 28 00:01:28,440 --> 00:01:32,440 Speaker 2: Side of Chicago. So I had a friend of mine 29 00:01:32,440 --> 00:01:34,640 Speaker 2: who's not my business partner, and he was an amazing 30 00:01:34,800 --> 00:01:38,280 Speaker 2: financial advisor and I'm an amazing CPA. And we kept 31 00:01:38,319 --> 00:01:40,319 Speaker 2: sending clients back and forth to each other. Like, my 32 00:01:40,400 --> 00:01:42,200 Speaker 2: clients save on taxes, they would want to learn how 33 00:01:42,240 --> 00:01:44,240 Speaker 2: to invest it. His clients was investing. They want to 34 00:01:44,280 --> 00:01:46,559 Speaker 2: learn how to save on taxes. So instead up sending 35 00:01:46,560 --> 00:01:48,600 Speaker 2: clients back and forth to each other, we just decided 36 00:01:48,640 --> 00:01:51,640 Speaker 2: to come together and come up with a financial services 37 00:01:51,680 --> 00:01:54,400 Speaker 2: firm that helps business owner to save on taxes and 38 00:01:54,440 --> 00:01:55,160 Speaker 2: invest their money. 39 00:01:55,400 --> 00:01:58,040 Speaker 1: Now, now you like, I'm just telling everybody it. He's 40 00:01:58,080 --> 00:02:01,320 Speaker 1: like a superstar, y'all. He's like this got He's not 41 00:02:01,400 --> 00:02:04,280 Speaker 1: a regular CPA. And I say that in a very complimented, 42 00:02:04,360 --> 00:02:08,320 Speaker 1: complimentary manner because I've seen him he's very uh, he's uh, 43 00:02:08,440 --> 00:02:12,400 Speaker 1: he's very People gravitate to him. He's very articulate. He's like, 44 00:02:12,639 --> 00:02:17,000 Speaker 1: it's a clear understanding of his business model. Why why 45 00:02:17,000 --> 00:02:20,280 Speaker 1: why is that happening for you? You know, because your 46 00:02:20,320 --> 00:02:25,280 Speaker 1: CPA boring, you know, adding up numbers? How did you 47 00:02:25,360 --> 00:02:28,519 Speaker 1: build your brand to become what I see it as 48 00:02:28,520 --> 00:02:33,079 Speaker 1: today and promote the success stories of finance of people 49 00:02:33,080 --> 00:02:34,959 Speaker 1: who want to make money, because that's what you do. 50 00:02:36,800 --> 00:02:42,680 Speaker 2: Yeah. So I had to look myself in the mirror 51 00:02:43,240 --> 00:02:48,079 Speaker 2: and have the courage to be authentically myself. Okay, And 52 00:02:49,360 --> 00:02:51,120 Speaker 2: it didn't start out that way because I worked in 53 00:02:51,120 --> 00:02:52,960 Speaker 2: corporate America and I was told to cut off my 54 00:02:53,000 --> 00:02:55,000 Speaker 2: face you of here, I was told to have my tattoos. 55 00:02:55,040 --> 00:02:58,480 Speaker 2: I was told to not drive my nice car to 56 00:02:58,560 --> 00:03:01,600 Speaker 2: work because it made the other cowork feel uncomfortable because 57 00:03:01,639 --> 00:03:03,160 Speaker 2: my car was better than theirs and I was younger 58 00:03:03,160 --> 00:03:06,200 Speaker 2: than them. So I dealt with a lot of imposter 59 00:03:06,280 --> 00:03:09,520 Speaker 2: syndrome in my early years in my career because I 60 00:03:09,600 --> 00:03:15,040 Speaker 2: wasn't allowed to be myself. And I just woke up 61 00:03:15,080 --> 00:03:17,400 Speaker 2: one day and said I would rather be hated for 62 00:03:17,520 --> 00:03:20,040 Speaker 2: being me than be loved for being someone I'm not, 63 00:03:21,160 --> 00:03:23,840 Speaker 2: and I decided to leave my firm and start my 64 00:03:23,880 --> 00:03:26,520 Speaker 2: own business and really just be myself. And I am 65 00:03:26,560 --> 00:03:32,799 Speaker 2: a really fun, energetic, extroverted extrovert who loves teaching people 66 00:03:33,160 --> 00:03:38,520 Speaker 2: about finances and taxes and in a really really boring industry, 67 00:03:38,720 --> 00:03:42,720 Speaker 2: I decided to show my personality. And it was scary 68 00:03:42,760 --> 00:03:46,680 Speaker 2: at first because you know, people don't really think those 69 00:03:46,720 --> 00:03:49,040 Speaker 2: cvah should be funny and cool, and people think the 70 00:03:49,040 --> 00:03:51,040 Speaker 2: CVA should be stuffy and wear glasses and look a 71 00:03:51,120 --> 00:03:54,080 Speaker 2: certain way. So it was nerve wrecking at first. But 72 00:03:54,360 --> 00:03:56,240 Speaker 2: like I said, I would just rather be myself than 73 00:03:56,560 --> 00:03:58,120 Speaker 2: have the people who are for me before me, and 74 00:03:58,120 --> 00:04:01,560 Speaker 2: they have the people who are not not be You know, I. 75 00:04:01,600 --> 00:04:03,960 Speaker 1: Smile when I hear you talk because I know who 76 00:04:04,000 --> 00:04:06,920 Speaker 1: you are as an individual. I've seen you, and you're 77 00:04:06,920 --> 00:04:10,000 Speaker 1: absolutely correct. I've worked in the corporate space and you 78 00:04:10,080 --> 00:04:12,520 Speaker 1: are limited on what you can do. They asked you 79 00:04:12,560 --> 00:04:15,400 Speaker 1: to be successful, but you don't want to show your success, 80 00:04:15,760 --> 00:04:18,400 Speaker 1: and will you show your success? It gets what the 81 00:04:18,440 --> 00:04:22,159 Speaker 1: opportunities for you to be more successful can be stopped, 82 00:04:22,640 --> 00:04:25,960 Speaker 1: can be halted. You know, a lot of corporate spaces 83 00:04:26,000 --> 00:04:28,560 Speaker 1: don't want you driving a better car than your supervisor. 84 00:04:28,960 --> 00:04:32,920 Speaker 1: Supervisor sees that they can stop giving you opportunities or 85 00:04:32,960 --> 00:04:36,360 Speaker 1: stop promoting you. That's a difficult space to live in. 86 00:04:36,720 --> 00:04:39,960 Speaker 1: But youre courageous enough to look in the mirror without fear, 87 00:04:40,320 --> 00:04:43,520 Speaker 1: because fear stops a lot of people. Carter, how did 88 00:04:43,600 --> 00:04:47,440 Speaker 1: you make understand that I'm not gonna walk through that fear? 89 00:04:47,720 --> 00:04:49,560 Speaker 1: I want my listeners to hear that. 90 00:04:51,440 --> 00:04:55,000 Speaker 2: Yeah, well, I believe that you know, you have really 91 00:04:55,080 --> 00:04:59,359 Speaker 2: two choices in life. You can make a living or 92 00:04:59,400 --> 00:05:02,120 Speaker 2: you can desig life, right, And if you're going to 93 00:05:02,160 --> 00:05:03,960 Speaker 2: take the second route and design a life, you have 94 00:05:04,040 --> 00:05:06,600 Speaker 2: to understand that you're going to have to do things 95 00:05:06,680 --> 00:05:10,520 Speaker 2: that makes you uncomfortable. And one of my favorite definitions 96 00:05:10,520 --> 00:05:17,000 Speaker 2: for fear is finally exiting average reality. Right, So that 97 00:05:17,080 --> 00:05:19,240 Speaker 2: always replays in the back of my mind. Anytime I'm 98 00:05:19,279 --> 00:05:21,880 Speaker 2: about to do something that's scary, I'm like, oh, I'm 99 00:05:21,960 --> 00:05:25,599 Speaker 2: scared because I'm finally exiting this average season in my 100 00:05:25,640 --> 00:05:29,440 Speaker 2: life and I'm about to go leave extraordinary and inter extraordinary. 101 00:05:29,440 --> 00:05:32,640 Speaker 2: I'm about to lead familiar and into phenomenal. So anytime 102 00:05:32,640 --> 00:05:36,640 Speaker 2: something gets scary for me, which still happens today, I 103 00:05:36,720 --> 00:05:39,640 Speaker 2: just understand that that's the part of growth. And the 104 00:05:39,720 --> 00:05:43,200 Speaker 2: scariest thing for is not. The scariest thing is getting 105 00:05:43,200 --> 00:05:45,440 Speaker 2: to the end of your life and waking up and 106 00:05:45,520 --> 00:05:49,120 Speaker 2: realizing that you never truly live. That's the scariest thing, 107 00:05:49,960 --> 00:05:50,120 Speaker 2: you know. 108 00:05:50,120 --> 00:05:52,240 Speaker 1: It's really interesting when I was reading your story and 109 00:05:54,360 --> 00:05:57,280 Speaker 1: the backstory, We're going to turn to some dark moments 110 00:05:57,279 --> 00:06:00,279 Speaker 1: in your life emotionally when you will youth and you 111 00:06:00,360 --> 00:06:03,760 Speaker 1: lost your parents, but that laid a foundation for you. 112 00:06:04,640 --> 00:06:10,000 Speaker 1: How you looked at money, how you looked at your future. 113 00:06:10,320 --> 00:06:12,440 Speaker 1: Talk about those moments if you don't mind sharing it 114 00:06:12,480 --> 00:06:15,279 Speaker 1: on my show, Because I think that everybody deals with 115 00:06:16,120 --> 00:06:19,440 Speaker 1: sadness or death differently. I know I deal with it differently. 116 00:06:20,000 --> 00:06:20,120 Speaker 3: You know. 117 00:06:20,200 --> 00:06:23,680 Speaker 1: I tell everybody, if everybody, if I'm alive, I'm gonna 118 00:06:23,680 --> 00:06:27,039 Speaker 1: do the eulogy for everybody in my family. I'm gonna 119 00:06:27,080 --> 00:06:30,760 Speaker 1: do it despite that tough assignment. I do it. And 120 00:06:30,800 --> 00:06:33,719 Speaker 1: I've been unfortunate able to do it for both my 121 00:06:33,839 --> 00:06:38,400 Speaker 1: parents and two of my sisters. So I've had depth 122 00:06:38,400 --> 00:06:41,320 Speaker 1: in your life at a young age, much younger than mine. 123 00:06:41,520 --> 00:06:43,840 Speaker 1: Talks to that experience and how it impacted you and 124 00:06:43,880 --> 00:06:44,400 Speaker 1: your family. 125 00:06:46,440 --> 00:06:48,920 Speaker 2: Yeah, well, how I look at it now different? How 126 00:06:48,960 --> 00:06:52,440 Speaker 2: look at it back then, right, And one thing I, 127 00:06:52,720 --> 00:06:56,440 Speaker 2: of course I live by is there is a gift 128 00:06:56,839 --> 00:07:00,800 Speaker 2: in all adversity if for a willing to open the package. 129 00:07:01,720 --> 00:07:04,480 Speaker 2: So when my parent I all off my parents are 130 00:07:04,480 --> 00:07:09,880 Speaker 2: six fourteen and sixteen, it was absolutely devastating, absolutely devastating. However, 131 00:07:10,840 --> 00:07:12,480 Speaker 2: because I didn't know how to deal with my emotions, 132 00:07:12,840 --> 00:07:17,440 Speaker 2: I buried my self in my students because the only 133 00:07:17,480 --> 00:07:20,280 Speaker 2: way that I cannot think about not having my parents 134 00:07:20,360 --> 00:07:24,280 Speaker 2: is to put my head in books. So I became 135 00:07:24,680 --> 00:07:27,880 Speaker 2: really smart from age sixteen on when I wasn't good 136 00:07:27,880 --> 00:07:31,000 Speaker 2: at school before then, but from age sixteen onwards I 137 00:07:31,080 --> 00:07:33,040 Speaker 2: became an excellent student because the only way I can 138 00:07:33,080 --> 00:07:35,560 Speaker 2: get away from my emotions is to bury myself with 139 00:07:35,640 --> 00:07:38,480 Speaker 2: my books. And so what ended up happening for me 140 00:07:38,520 --> 00:07:42,560 Speaker 2: as I reflect on it, the gift in that adversity 141 00:07:42,720 --> 00:07:46,280 Speaker 2: was I got to grow up at age sixteen. Most 142 00:07:46,320 --> 00:07:48,920 Speaker 2: people don't grow up to their twenty one, twenty twenty 143 00:07:48,960 --> 00:07:50,800 Speaker 2: three years old. So with the way I look at 144 00:07:50,840 --> 00:07:53,320 Speaker 2: it now, I had like a seven or eight year 145 00:07:53,480 --> 00:07:56,880 Speaker 2: head start on all of my peers when it came 146 00:07:57,000 --> 00:07:59,480 Speaker 2: to being a successful a dough So by the time 147 00:07:59,520 --> 00:08:02,840 Speaker 2: I was a co at nineteen, everybody's partying. I'm already like, 148 00:08:03,600 --> 00:08:07,840 Speaker 2: I'm focused, you know, right. Yeah, for me, it was 149 00:08:07,920 --> 00:08:11,200 Speaker 2: it was like okay, cool, So you know, it really 150 00:08:11,280 --> 00:08:14,440 Speaker 2: was tough in the moment, But I always looked for 151 00:08:14,600 --> 00:08:17,040 Speaker 2: lessons and that they're like, what was God trying to 152 00:08:17,080 --> 00:08:20,320 Speaker 2: teach me? Oh? He was trying to teach me that. 153 00:08:22,080 --> 00:08:25,040 Speaker 2: You know, the earlier you start, the better chances you 154 00:08:25,040 --> 00:08:28,320 Speaker 2: are being successful. Oh, when you lose your parents at sixteen, 155 00:08:28,320 --> 00:08:30,400 Speaker 2: guess what. Guess what, You're not scared to do. You're 156 00:08:30,440 --> 00:08:32,640 Speaker 2: not scared to quit your job and start a business 157 00:08:32,679 --> 00:08:36,080 Speaker 2: because you already had the worst possible thing happened to 158 00:08:36,120 --> 00:08:40,000 Speaker 2: you already, which is losing your parents. Everything else is 159 00:08:40,080 --> 00:08:44,679 Speaker 2: table stakes. So my ability to take on risk is 160 00:08:44,760 --> 00:08:48,120 Speaker 2: so much higher than most people because I've already lived 161 00:08:48,160 --> 00:08:50,839 Speaker 2: the worst case scenario. 162 00:08:51,080 --> 00:08:51,440 Speaker 1: Wow. 163 00:08:51,559 --> 00:08:53,760 Speaker 2: And so when I approached when I approach life, like 164 00:08:53,880 --> 00:08:56,560 Speaker 2: things like, oh, that's risky, but like, nothing's risky than 165 00:08:56,600 --> 00:08:58,680 Speaker 2: like losing your parents, So I don't have to go 166 00:08:58,679 --> 00:09:01,560 Speaker 2: through that again. So whatever whatever failure that could come 167 00:09:01,600 --> 00:09:03,160 Speaker 2: from taking this risk, it's not gonna be worse than 168 00:09:03,160 --> 00:09:06,680 Speaker 2: what I've already been through. So I just would encourage 169 00:09:06,679 --> 00:09:11,960 Speaker 2: people who have been through parental losses or tough childhood experiences, 170 00:09:12,120 --> 00:09:15,880 Speaker 2: like you can't change the experience, right, but you can 171 00:09:16,080 --> 00:09:18,560 Speaker 2: change the effect of that experience on your future. 172 00:09:18,880 --> 00:09:21,440 Speaker 1: It's really amazing now. When I was reading in the 173 00:09:21,559 --> 00:09:24,400 Speaker 1: part about your life and there was this story about 174 00:09:24,400 --> 00:09:27,160 Speaker 1: a life insurance and how much it was, I woud 175 00:09:27,160 --> 00:09:30,160 Speaker 1: think it was fifteen thousand dollars and it had to 176 00:09:30,200 --> 00:09:32,439 Speaker 1: be used. And I don't want to detail out the 177 00:09:32,440 --> 00:09:34,080 Speaker 1: story because I want you to share with my autists 178 00:09:34,080 --> 00:09:37,079 Speaker 1: from your aunist standpoint, and that's when it really that's 179 00:09:37,080 --> 00:09:40,800 Speaker 1: when you first started understanding what a life insurance policy is. 180 00:09:40,840 --> 00:09:42,120 Speaker 1: Can you share us with that story? 181 00:09:43,720 --> 00:09:46,320 Speaker 2: Yeah. So when my father passed away, he had his 182 00:09:46,640 --> 00:09:49,280 Speaker 2: like W two job life insurance, which if you all 183 00:09:49,320 --> 00:09:51,280 Speaker 2: don't know the life insurance through it your job is 184 00:09:51,800 --> 00:09:53,679 Speaker 2: not a lot of money for it to take care 185 00:09:53,720 --> 00:09:55,280 Speaker 2: of your family. So it was a twenty five thousand 186 00:09:55,320 --> 00:09:59,720 Speaker 2: dollar life insurance policy. And after his funeral, couse, we 187 00:09:59,800 --> 00:10:03,880 Speaker 2: had about fifteen thousand dollars left divide between me, my brother, 188 00:10:03,960 --> 00:10:07,000 Speaker 2: and my sister. So that means after our father, who 189 00:10:07,040 --> 00:10:09,920 Speaker 2: was the breadwinner of our family is gone, all we 190 00:10:09,960 --> 00:10:12,760 Speaker 2: got is five thousand dollars each to figure it out. 191 00:10:13,160 --> 00:10:18,600 Speaker 2: And I just remember like that was when my money 192 00:10:19,080 --> 00:10:23,320 Speaker 2: learning journey started because I was like, Yo, this five thousand, 193 00:10:23,440 --> 00:10:27,480 Speaker 2: This five thousand dollars is my broke, right, Like, I 194 00:10:27,520 --> 00:10:30,440 Speaker 2: don't consider broke being at zero. I consider broke being 195 00:10:30,520 --> 00:10:33,360 Speaker 2: at this five thousand dollars level because I don't have 196 00:10:33,400 --> 00:10:36,040 Speaker 2: a fallback plan. So that was like my first understanding 197 00:10:36,320 --> 00:10:38,800 Speaker 2: of what an emergency fund. What emergency fund was. I 198 00:10:38,800 --> 00:10:40,240 Speaker 2: didn't know that was a name for it, but I'm like, 199 00:10:40,559 --> 00:10:43,240 Speaker 2: this is my last five thousand dollars. I don't like, 200 00:10:43,760 --> 00:10:46,000 Speaker 2: if this ever goes to four thousy, eight hundred and something, 201 00:10:46,120 --> 00:10:49,080 Speaker 2: I'm beyond broke. So that was kind of my first 202 00:10:49,120 --> 00:10:52,600 Speaker 2: financial literacy lesson. And although it wasn't a lot, it's 203 00:10:52,640 --> 00:10:56,120 Speaker 2: still was something. And that is just the value of 204 00:10:56,160 --> 00:11:00,400 Speaker 2: life insurance because when you're going through a death in 205 00:11:00,480 --> 00:11:04,520 Speaker 2: the family, the last thing you wanted, the last thing 206 00:11:04,600 --> 00:11:06,040 Speaker 2: you want to have to deal with on top of 207 00:11:06,120 --> 00:11:11,360 Speaker 2: that is worrying about paying bills. Death is enough, right, 208 00:11:11,400 --> 00:11:13,360 Speaker 2: So the value of life insurance in the way I 209 00:11:13,440 --> 00:11:16,120 Speaker 2: see the power of vice assurance now it's so much 210 00:11:16,720 --> 00:11:19,720 Speaker 2: more profound because I actually had an experience where the 211 00:11:19,760 --> 00:11:22,880 Speaker 2: life insurance proceeds did have a significant effect on my life, 212 00:11:22,880 --> 00:11:24,760 Speaker 2: even though it wasn't that much, right. 213 00:11:24,679 --> 00:11:26,679 Speaker 1: You know. But the whole thing about your story is 214 00:11:26,760 --> 00:11:31,040 Speaker 1: that each each time you talk is about moving forward, 215 00:11:31,559 --> 00:11:33,840 Speaker 1: you know. And I never heard the term you know, 216 00:11:34,040 --> 00:11:36,680 Speaker 1: just waddled there, you kept you always talk about moving forward, 217 00:11:36,720 --> 00:11:40,360 Speaker 1: moving forward, moving forward. And that's key, isn't it. Because 218 00:11:40,400 --> 00:11:44,520 Speaker 1: some people they can to just stay there and remain stuck, 219 00:11:44,559 --> 00:11:47,439 Speaker 1: as they say in that moment, and they can't. How 220 00:11:47,480 --> 00:11:49,080 Speaker 1: do you keep moving forward? 221 00:11:49,280 --> 00:12:07,120 Speaker 2: Card I understood that there was other people's other people's 222 00:12:07,160 --> 00:12:10,640 Speaker 2: future was tied into my obedience of doing the things 223 00:12:10,720 --> 00:12:13,000 Speaker 2: I was put on this plan to do. Okay, And 224 00:12:14,080 --> 00:12:21,800 Speaker 2: I feel like as tough as things get, the worst 225 00:12:21,840 --> 00:12:26,040 Speaker 2: thing that you can do is let that situation break you. 226 00:12:26,040 --> 00:12:29,040 Speaker 2: Because these situations are situations. You have two choices. You 227 00:12:29,040 --> 00:12:31,520 Speaker 2: can let the situation break you, or you can allow 228 00:12:31,520 --> 00:12:35,720 Speaker 2: the situation to make you right. So if you can't 229 00:12:35,840 --> 00:12:39,440 Speaker 2: change the past, the only thing you can change is 230 00:12:39,440 --> 00:12:44,200 Speaker 2: the future. So living in the past will not allow 231 00:12:44,320 --> 00:12:49,120 Speaker 2: you to change the future. So for me, it was 232 00:12:49,200 --> 00:12:51,480 Speaker 2: like I just didn't want to be as statistic and 233 00:12:51,600 --> 00:12:54,040 Speaker 2: I'm a control freak, and I don't believe that anybody 234 00:12:54,080 --> 00:12:56,800 Speaker 2: has more control of them. That's that's the reality. I'm 235 00:12:56,840 --> 00:12:59,559 Speaker 2: a control for I don't I don't believe anything else 236 00:13:00,679 --> 00:13:03,440 Speaker 2: have more control over my life than me. So I'm 237 00:13:03,480 --> 00:13:06,600 Speaker 2: going to put myself in position to try to change things, 238 00:13:06,600 --> 00:13:12,560 Speaker 2: because if I can't change it, then like, what's the 239 00:13:12,600 --> 00:13:14,800 Speaker 2: point of it? All right? So for me, it's just 240 00:13:15,280 --> 00:13:18,440 Speaker 2: move forward because you can't change the past, right as 241 00:13:18,520 --> 00:13:20,240 Speaker 2: you always have the ability to change your future. 242 00:13:20,320 --> 00:13:22,600 Speaker 1: Wow. Talking to car to Kolefil, he's recognized as one 243 00:13:22,640 --> 00:13:26,040 Speaker 1: of the top financial planners for millennials. 244 00:13:26,080 --> 00:13:29,240 Speaker 3: Please don't go anywhere. We'll be right back with more 245 00:13:29,320 --> 00:13:39,600 Speaker 3: money Making Conversations Masterclass. Welcome back to the Money Making 246 00:13:39,640 --> 00:13:45,400 Speaker 3: Conversations Masterclass, hosted by Rashaan McDonald. Money Making Conversations Masterclass 247 00:13:45,400 --> 00:13:50,040 Speaker 3: continues online at Moneymakingconversations dot com and follow money Making 248 00:13:50,080 --> 00:13:54,920 Speaker 3: Conversations Masterclass on Facebook, Twitter, and Instagram. 249 00:13:55,160 --> 00:13:58,400 Speaker 1: One of his theories is which I enjoyed talking to him, 250 00:13:58,880 --> 00:14:02,880 Speaker 1: is that finances, if you don't have it together, can 251 00:14:02,960 --> 00:14:08,080 Speaker 1: literally impact your health. How is that, Carter? So I 252 00:14:08,120 --> 00:14:11,360 Speaker 1: can make sure my audience don't die because they don't 253 00:14:11,360 --> 00:14:14,520 Speaker 1: have their accounts together, or they have bad credit. Help 254 00:14:14,600 --> 00:14:16,800 Speaker 1: us out, because this is one of the staples to 255 00:14:16,880 --> 00:14:19,920 Speaker 1: how you think and has motivated people to follow you 256 00:14:20,200 --> 00:14:23,280 Speaker 1: and invest in your vision to help them out. Talk 257 00:14:23,320 --> 00:14:23,800 Speaker 1: to its carter. 258 00:14:25,600 --> 00:14:28,240 Speaker 2: Yeah, So I believe that health is wealth and wealth 259 00:14:28,320 --> 00:14:32,400 Speaker 2: is health. Right, So if your finances are not in order, 260 00:14:32,480 --> 00:14:35,840 Speaker 2: number one, the stress of not having money to do 261 00:14:35,920 --> 00:14:38,800 Speaker 2: day to day things obviously can have a huge negative 262 00:14:38,800 --> 00:14:43,080 Speaker 2: effect on your day to day health. And they take 263 00:14:43,120 --> 00:14:46,680 Speaker 2: it deeper than that, Like a lot of people make 264 00:14:46,720 --> 00:14:49,600 Speaker 2: poor health decisions based on poor financial decisions. 265 00:14:49,640 --> 00:14:50,240 Speaker 1: That's true, right. 266 00:14:50,320 --> 00:14:54,480 Speaker 2: Some people only eat fast food because that's what they 267 00:14:54,480 --> 00:14:57,720 Speaker 2: can afford, because to eat healthier food it's more expensive. 268 00:14:58,000 --> 00:15:03,760 Speaker 2: So they're literally deteriorating their only asset that they have, 269 00:15:03,880 --> 00:15:06,360 Speaker 2: which is their bodies that would be long lasting. They're 270 00:15:06,400 --> 00:15:11,600 Speaker 2: they're the depleting their biggest asset because of financial concerns. 271 00:15:11,920 --> 00:15:13,960 Speaker 2: So again, as a kid a groupment in the South 272 00:15:13,960 --> 00:15:17,760 Speaker 2: touch Chicago, my parents used to order McDonald's all the 273 00:15:17,760 --> 00:15:20,200 Speaker 2: time because that's all we could afford, right, And so 274 00:15:20,320 --> 00:15:23,480 Speaker 2: some some people literally make their health decisions based on 275 00:15:23,680 --> 00:15:29,200 Speaker 2: their wealth standpoint and functionality, which is which is tough 276 00:15:29,240 --> 00:15:31,200 Speaker 2: to see Now. 277 00:15:31,040 --> 00:15:33,280 Speaker 1: It's really interesting when I when I listen to you 278 00:15:33,400 --> 00:15:36,680 Speaker 1: talk the motivation now the award show, I want to 279 00:15:36,680 --> 00:15:39,440 Speaker 1: go back to the award show because is he coming 280 00:15:39,480 --> 00:15:41,040 Speaker 1: back to Atlanta? First of all, I want to ask 281 00:15:41,040 --> 00:15:41,520 Speaker 1: that question. 282 00:15:42,720 --> 00:15:46,400 Speaker 2: Yes, it is coming back to Atlanta July eighteenth through 283 00:15:46,440 --> 00:15:50,520 Speaker 2: the twentieth, So yes, it is coming to Atlanta. 284 00:15:50,800 --> 00:15:53,160 Speaker 1: I would not describe it, but I would tell you 285 00:15:53,360 --> 00:15:56,920 Speaker 1: it is fun. They come down the aisle, the music 286 00:15:57,040 --> 00:15:59,680 Speaker 1: is blaring him and it's part to George. They'd be 287 00:15:59,800 --> 00:16:02,680 Speaker 1: dam answering if people be standing up rocking to them. 288 00:16:02,720 --> 00:16:06,320 Speaker 1: They hit that stage, they are the host of the event, 289 00:16:06,720 --> 00:16:11,560 Speaker 1: and it's all celebrating success, black success, people of color 290 00:16:11,680 --> 00:16:15,200 Speaker 1: success in the financial community. Am I correct when I 291 00:16:15,240 --> 00:16:16,280 Speaker 1: say that? Carter? 292 00:16:16,880 --> 00:16:18,920 Speaker 2: Absolutely, You're absolutely correct? 293 00:16:19,200 --> 00:16:23,680 Speaker 1: And what caused you two? Now I'm only talking to you, 294 00:16:23,760 --> 00:16:25,880 Speaker 1: so I'm gonna just say you to come up with 295 00:16:25,920 --> 00:16:29,280 Speaker 1: this idea and to grow this vision, which is a 296 00:16:29,640 --> 00:16:32,160 Speaker 1: celebration of what you're trying to get people to see. 297 00:16:33,000 --> 00:16:36,520 Speaker 1: Make this money, share your success, and then people see 298 00:16:36,520 --> 00:16:39,240 Speaker 1: that success and maybe they're motivated to want to be 299 00:16:39,280 --> 00:16:42,760 Speaker 1: successful too by operating through the right tools. 300 00:16:42,800 --> 00:16:48,120 Speaker 2: Correct, Absolutely, absolutely so. The thesis of the Award Show 301 00:16:48,760 --> 00:16:51,680 Speaker 2: is based on the thesis of black culture. Right. We 302 00:16:51,920 --> 00:16:56,800 Speaker 2: love being celebrated for our accomplishments, which is why we 303 00:16:56,840 --> 00:16:59,160 Speaker 2: buy nice clothes, which is why we buy nice cars, 304 00:16:59,160 --> 00:17:03,000 Speaker 2: because we want to say, hey, show people, Hey, I'm successful. Right, 305 00:17:03,360 --> 00:17:05,199 Speaker 2: And so what we decided to do was kind of 306 00:17:05,200 --> 00:17:09,119 Speaker 2: flip the narrative on its head. Right, instead of being 307 00:17:09,240 --> 00:17:14,320 Speaker 2: rewarded or applauded for buying nice things, why don't you 308 00:17:14,359 --> 00:17:18,640 Speaker 2: get awarded or applauded for investing in nice things? Right, 309 00:17:18,720 --> 00:17:21,919 Speaker 2: Because the problem with investing is wealth is what you 310 00:17:22,040 --> 00:17:25,320 Speaker 2: cannot see. You can't see that somebody has a million 311 00:17:25,400 --> 00:17:28,480 Speaker 2: dollar IRA, you can't see that somebody has a multi 312 00:17:28,560 --> 00:17:31,120 Speaker 2: million dollars for one K. You can't see that somebody 313 00:17:31,119 --> 00:17:34,359 Speaker 2: has a forty million dollar like insurance policy. Those things 314 00:17:34,359 --> 00:17:36,920 Speaker 2: you can't wear them on a T shirt. Right. So, 315 00:17:37,480 --> 00:17:40,000 Speaker 2: all those people are doing the right thing, they rarely 316 00:17:40,000 --> 00:17:43,199 Speaker 2: get celebrated for doing the right thing financially. So with 317 00:17:43,280 --> 00:17:46,840 Speaker 2: the Award Show, we said we're going to award and 318 00:17:46,960 --> 00:17:50,639 Speaker 2: celebrate those people who are doing the right things financially. 319 00:17:50,680 --> 00:17:52,760 Speaker 2: So we have awards people hitting it at first, one 320 00:17:52,840 --> 00:17:55,080 Speaker 2: hundred thousand dollars in net worth half a million dollars 321 00:17:55,080 --> 00:17:58,400 Speaker 2: in networth, million dollars in networth. Our highest client got 322 00:17:58,440 --> 00:18:01,760 Speaker 2: awarded last year for having a ten million dollar network, 323 00:18:01,960 --> 00:18:04,960 Speaker 2: and she said that was her first time being celebrated 324 00:18:05,280 --> 00:18:09,359 Speaker 2: since college. You imagine that you've been doing everything right 325 00:18:09,400 --> 00:18:12,240 Speaker 2: you're supposed to do financially, you accumulated a ten million 326 00:18:12,280 --> 00:18:14,359 Speaker 2: dollar networth and you have it. The last time you 327 00:18:14,400 --> 00:18:17,800 Speaker 2: were celebrated was in college. So the thesis of the 328 00:18:17,840 --> 00:18:20,280 Speaker 2: award show came about said, we're going to celebrate people 329 00:18:20,600 --> 00:18:23,440 Speaker 2: for building wealth and have this is the biggest celebration 330 00:18:23,480 --> 00:18:26,480 Speaker 2: of black wealth that the United States has ever seen. 331 00:18:26,720 --> 00:18:28,679 Speaker 1: Well, it shows and that's why I want to make 332 00:18:28,720 --> 00:18:31,040 Speaker 1: sure I bring up so month of July. How can 333 00:18:31,080 --> 00:18:33,760 Speaker 1: they find out information about the event if they want 334 00:18:33,800 --> 00:18:37,639 Speaker 1: to attend and see why I'm so excited why I 335 00:18:37,640 --> 00:18:39,360 Speaker 1: have you on this show because of the fact that 336 00:18:39,560 --> 00:18:41,439 Speaker 1: I'm gonna let them say where it's going to be at, 337 00:18:41,480 --> 00:18:43,639 Speaker 1: and then I'm gonna come back and talk about the 338 00:18:43,680 --> 00:18:46,919 Speaker 1: fact that you guys are at an age, a millennial age, 339 00:18:46,960 --> 00:18:50,119 Speaker 1: where I was nowhere thinking like that, but shares that 340 00:18:50,160 --> 00:18:54,520 Speaker 1: information so we can participate at the event if we 341 00:18:54,560 --> 00:18:55,920 Speaker 1: have time in the month of July. 342 00:18:57,160 --> 00:19:00,480 Speaker 2: Yeah, if you go to Meloninmoney Awards dot com melton 343 00:19:00,520 --> 00:19:04,800 Speaker 2: in Money Awards dot com, you'll see the website where 344 00:19:05,440 --> 00:19:10,560 Speaker 2: tickets are available for purchase, or they can justly see 345 00:19:10,560 --> 00:19:12,040 Speaker 2: what to see when the warshow was going to be 346 00:19:12,520 --> 00:19:14,040 Speaker 2: and yeah, that's it. 347 00:19:14,359 --> 00:19:16,199 Speaker 1: Now here's the cool thing about it. You go to 348 00:19:16,240 --> 00:19:19,560 Speaker 1: their website. Young people, just young people. Just I'm gonna 349 00:19:19,560 --> 00:19:21,800 Speaker 1: tell you something. May I joined the fraternity and makasif 350 00:19:21,920 --> 00:19:25,000 Speaker 1: five love. It changed my whole life. But I was 351 00:19:25,040 --> 00:19:28,640 Speaker 1: not thinking about investing in the stock market. I wasn't invested. 352 00:19:28,680 --> 00:19:31,160 Speaker 1: I wasn't investing in nothing. I may have a savings 353 00:19:31,160 --> 00:19:32,760 Speaker 1: account that of trying to pull the money out as 354 00:19:32,800 --> 00:19:37,040 Speaker 1: fast as I put it in. What what encourages you 355 00:19:37,320 --> 00:19:41,480 Speaker 1: when you see the people surrounding you, card your age 356 00:19:41,480 --> 00:19:43,760 Speaker 1: group or maybe a little bit younger, a little bit older, 357 00:19:44,400 --> 00:19:48,600 Speaker 1: understanding the value of the stock market and how to 358 00:19:48,720 --> 00:19:51,160 Speaker 1: invest money. 359 00:19:52,160 --> 00:19:58,840 Speaker 2: It's very empowering to watch my tears and my colleagues 360 00:19:58,960 --> 00:20:03,600 Speaker 2: get excited about investing and doing the right things with 361 00:20:03,760 --> 00:20:06,720 Speaker 2: their money. Actually had a call with a friend of mine. 362 00:20:07,520 --> 00:20:09,719 Speaker 2: He checked his investment account because he hasn't checked it 363 00:20:09,720 --> 00:20:12,160 Speaker 2: since I helped him set it up, and he's like, dude, 364 00:20:12,760 --> 00:20:15,240 Speaker 2: like he's I opened my account and it said thirty 365 00:20:15,240 --> 00:20:17,320 Speaker 2: three thousand dollars and it was green, and so what 366 00:20:17,320 --> 00:20:19,679 Speaker 2: does that mean? I said, that means that your money 367 00:20:19,720 --> 00:20:22,720 Speaker 2: made you thirty three thousand dollars. He did, Wait, so 368 00:20:22,760 --> 00:20:25,000 Speaker 2: you mean to tell me I did nothing in the 369 00:20:25,040 --> 00:20:27,800 Speaker 2: past few months and my money made me thirty three 370 00:20:27,800 --> 00:20:31,959 Speaker 2: thousand dollars. Absolutely, that is the power of investing. And 371 00:20:31,960 --> 00:20:34,119 Speaker 2: one of my favorite quotes to tell new investors is 372 00:20:34,160 --> 00:20:38,440 Speaker 2: that it's okay to sleep in late when your money 373 00:20:38,640 --> 00:20:42,920 Speaker 2: woke up early. And I love it. As a T 374 00:20:43,040 --> 00:20:50,960 Speaker 2: shirt brother, as a T shirt man, I love it. 375 00:20:50,960 --> 00:20:54,119 Speaker 2: It's just amazing to see that, you know, people that 376 00:20:54,160 --> 00:20:58,000 Speaker 2: look like us are understanding the value of their money, 377 00:20:58,280 --> 00:21:00,800 Speaker 2: and I understand the value of making their money work 378 00:21:00,840 --> 00:21:02,040 Speaker 2: harder for them than they work for it. 379 00:21:02,440 --> 00:21:04,560 Speaker 1: Well, you know, when we talk about money, we talk 380 00:21:04,600 --> 00:21:06,639 Speaker 1: about the word. It's a word that gets thrown around 381 00:21:06,680 --> 00:21:08,760 Speaker 1: a lot card. If you could really help my audience 382 00:21:08,800 --> 00:21:13,240 Speaker 1: out the word generational wealth. I hear a lot of 383 00:21:13,320 --> 00:21:16,200 Speaker 1: this show. Can you explain to me, maybe help me out? 384 00:21:16,240 --> 00:21:18,320 Speaker 1: I hear it a lot. Nobody explains to me what 385 00:21:18,359 --> 00:21:20,760 Speaker 1: it really is and also help out my audience when 386 00:21:20,760 --> 00:21:24,320 Speaker 1: people are throwing out around those two words generational wealth. 387 00:21:26,000 --> 00:21:28,480 Speaker 2: Yeah, I just think most people don't have the best 388 00:21:28,480 --> 00:21:32,639 Speaker 2: definition for generational wealth. They think that leaving money for 389 00:21:32,760 --> 00:21:37,480 Speaker 2: their kids is generational wealth. And my definition is your 390 00:21:38,240 --> 00:21:40,960 Speaker 2: generational wealth is having your money last for more than 391 00:21:41,040 --> 00:21:44,520 Speaker 2: just one generation, right, Like, I don't want to do 392 00:21:44,560 --> 00:21:47,679 Speaker 2: all this work and then my kids get to see it, 393 00:21:47,840 --> 00:21:50,600 Speaker 2: but then their kids never get to see it, right, right, 394 00:21:50,880 --> 00:21:54,280 Speaker 2: So generational wealth is having the wealth that you've accumulated 395 00:21:54,320 --> 00:21:58,359 Speaker 2: during your lifetime set your family up for generations and 396 00:21:58,440 --> 00:22:02,320 Speaker 2: generations and generations to come so that your great grandkids 397 00:22:02,320 --> 00:22:05,239 Speaker 2: they might not never meet you. They're like, yo, I 398 00:22:05,320 --> 00:22:07,479 Speaker 2: have this trust set up that when I turn eighteen 399 00:22:07,520 --> 00:22:11,680 Speaker 2: to automatically a half a million dollars from my great 400 00:22:11,680 --> 00:22:14,919 Speaker 2: great grandfather. I never met him, but he made sure that, 401 00:22:15,160 --> 00:22:17,159 Speaker 2: you know, by the time I turned eighteen, I had 402 00:22:17,200 --> 00:22:20,639 Speaker 2: an option of paying for college through that or starting 403 00:22:20,680 --> 00:22:23,480 Speaker 2: my own business and not needing anybody else's money. So 404 00:22:23,840 --> 00:22:26,520 Speaker 2: I believe the generational wealth is having your money last 405 00:22:26,840 --> 00:22:30,000 Speaker 2: for multiple generations based off the work that you did 406 00:22:30,000 --> 00:22:30,639 Speaker 2: while you're alive. 407 00:22:31,119 --> 00:22:34,240 Speaker 1: Ladion Jenlemen, my guess is a superstar. He's a superstar 408 00:22:34,320 --> 00:22:38,320 Speaker 1: in this business, a CPA who empowers individual to achieve 409 00:22:38,480 --> 00:22:42,159 Speaker 1: financial freedom. Between now and the award show, what are you? 410 00:22:42,359 --> 00:22:44,679 Speaker 1: What are you gonna be doing now? Card? Where are 411 00:22:44,680 --> 00:22:45,560 Speaker 1: you going? Where you traveling? 412 00:22:45,600 --> 00:22:45,760 Speaker 3: Man? 413 00:22:45,840 --> 00:22:47,960 Speaker 1: Who are you making rich? Talk to me, bro, talk 414 00:22:48,000 --> 00:22:48,159 Speaker 1: to me. 415 00:22:49,440 --> 00:22:52,920 Speaker 2: Well, I'm not traveling for a little while, I lived 416 00:22:52,920 --> 00:22:55,280 Speaker 2: in other countries. I'm happy to be sitting down. But 417 00:22:55,320 --> 00:22:57,800 Speaker 2: one thing that we are doing is we're hosting a 418 00:22:57,800 --> 00:23:01,080 Speaker 2: absolutely free class, a money class, everywhere every Wednesday night, 419 00:23:01,680 --> 00:23:04,760 Speaker 2: seven o'clive Eastern. Probably write this for the next two months. 420 00:23:05,240 --> 00:23:09,520 Speaker 2: And if you simply go to my Instagram page, which 421 00:23:09,560 --> 00:23:14,720 Speaker 2: is Cofield Underscore Advisor on all social media platforms, the 422 00:23:14,760 --> 00:23:16,320 Speaker 2: link in my bio will take you to the free 423 00:23:16,359 --> 00:23:18,679 Speaker 2: class and then you can simply join us. I learn 424 00:23:18,720 --> 00:23:20,240 Speaker 2: about money for free on a Wednesday. 425 00:23:20,280 --> 00:23:24,000 Speaker 1: So, my brother, I really appreciate, appreciate you taking you know. 426 00:23:24,160 --> 00:23:26,600 Speaker 1: I've reached out to you in Chicago. Coach Chicago, So 427 00:23:26,640 --> 00:23:28,560 Speaker 1: can you come on with show car you said, I'm 428 00:23:28,600 --> 00:23:32,520 Speaker 1: there because you're all a special talent. Brother, and thank 429 00:23:32,560 --> 00:23:35,400 Speaker 1: you for allowing me to share your honest story and 430 00:23:35,520 --> 00:23:37,960 Speaker 1: continue to grow and I will see you in July. 431 00:23:38,280 --> 00:23:40,800 Speaker 2: Okay, yes, sir, thank you for having me brother, have 432 00:23:40,800 --> 00:23:41,280 Speaker 2: a great day. 433 00:23:41,320 --> 00:23:44,760 Speaker 1: We talked soon again. That's money Making Conversation master Class 434 00:23:45,000 --> 00:23:47,680 Speaker 1: and I as we close out another edition of Money 435 00:23:47,680 --> 00:23:51,600 Speaker 1: Making Conversation Master Class hosted by me Rashaan McDonald. Thank 436 00:23:51,600 --> 00:23:53,400 Speaker 1: you to our guess on the show today and thank 437 00:23:53,480 --> 00:23:56,680 Speaker 1: you our listening audience now. If you want to listen 438 00:23:56,720 --> 00:23:58,560 Speaker 1: to any episode I want to be a guest on 439 00:23:58,640 --> 00:24:03,159 Speaker 1: the show, visit our will website Moneymaking Conversations dot com. 440 00:24:03,200 --> 00:24:06,719 Speaker 1: Our social media handle is money Making Conversations. Join us 441 00:24:06,760 --> 00:24:09,600 Speaker 1: next week and remember to always lead with your gifts, 442 00:24:09,960 --> 00:24:13,000 Speaker 1: Keep winning. This has been another edition of Money Making 443 00:24:13,040 --> 00:24:17,000 Speaker 1: Conversation Masterclass posted by me Rashaun McDonald. Thank you to 444 00:24:17,040 --> 00:24:19,480 Speaker 1: our guests on the show today and thank you for 445 00:24:19,680 --> 00:24:20,920 Speaker 1: listening to audience now. 446 00:24:20,920 --> 00:24:22,920 Speaker 4: If you want to listen to any episode I want 447 00:24:22,920 --> 00:24:26,119 Speaker 4: to be a guest on the show, visit Moneymaking Conversations 448 00:24:26,160 --> 00:24:29,680 Speaker 4: dot com. Our social media handle is money Making Conversation. 449 00:24:30,119 --> 00:24:32,520 Speaker 4: Join us next week and remember to always lead with 450 00:24:32,600 --> 00:24:33,160 Speaker 4: your gifts. 451 00:24:33,480 --> 00:24:34,080 Speaker 1: Keep winning.