# Financial Motivator: Financial Literacy company promoting wealth building and entrepreneurship founded by a CPA and Financial Analyst.

An episode of [Money Making Conversations Master Class](https://invisiblenetwork.ai/podcast/1264705641), 17 Oct 2024, 26 min.

Audio: https://podtrac.com/pts/redirect.mp3/traffic.omny.fm/d/clips/e73c998e-6e60-432f-8610-ae210140c5b1/b1db7263-d1a3-4d00-8976-af62012aab44/30cef554-8c32-4105-9238-b1b900db313f/audio.mp3?utm_source=Podcast&in_playlist=35a10561-3e1b-4d05-a529-af62012aab6a

Listen and subscribe to Money Making Conversations on iHeartRadio, Apple Podcasts, Spotify, www.moneymakingconversations.com/subscribe/ or wherever you listen to podcasts. New Money Making Conversations episodes drop daily. I want to alert you, so you don’t miss out on expert analysis and insider perspectives from my guests who provide tips that can help you uplift the community, improve your financial planning, motivation, or advice on how to be a successful entrepreneur. Keep winning! Two-time Emmy and three-time NAACP Image Award-winning, television Executive Producer, Rushion McDonald interviewed George Acheampong, a wealth advisor, and Carter Cofield, a CPA and tax strategist. The founders of Melanin Money. The organization is dedicated to increasing financial literacy, building wealth in underserved communities, and helping Black families achieve financial freedom. The discussion focuses on closing the wealth gap, investing, tax strategies, wealth-building psychology, entrepreneurship, financial education, and innovative approaches to helping people build and preserve wealth. Purpose of the Interview The purpose of the interview was to: • Explain the mission behind Melanin Money. • Discuss strategies for reducing the racial wealth gap. • Educate listeners on wealth creation, investing, and tax planning. • Highlight the importance of representation in financial services. • Promote financial literacy within underserved communities. • Introduce the Melanin Money Wealth Weekend and Wealth Builder Awards. • Demonstrate how strategic investing and tax planning can accelerate wealth creation. Key Takeaways 1. Representation Matters in Wealth Building George explained that when he entered the financial advisory industry, he rarely saw advisors who looked like him. This lack of representation often causes people to believe that certain professions, industries, or levels of wealth are not accessible to them. Key Point: Seeing successful professionals who look like you can expand what people believe is possible for their own lives. 2. Wealth Building Must Become Part of the Culture Melanin Money was created to normalize conversations around: • Investing • Saving • Tax planning • Net worth growth • Financial independence Their goal is to make wealth-building as visible and celebrated as sports or entertainment success. Key Point: Financial success should be celebrated and discussed openly. 3. Their Mission Is to Close the Wealth Gap George shared Melanin Money's long-term objective: Goal: Help 100,000 people of color achieve a net worth of at least $1 million. Impact Goal: Reduce the wealth gap by $100 billion. Rather than focusing only on financial education, the organization aims to create measurable economic outcomes. 4. People Respond to Recognition One of Melanin Money's most innovative ideas is the Wealth Builder Awards. Instead of celebrating luxury purchases, the awards recognize people for: • Building net worth • Fully funding retirement accounts • Hitting wealth milestones • Making sound financial decisions Examples include: • $100,000 net worth • $500,000 net worth • $1 million net worth • Multi-million-dollar wealth milestones Key Point: What gets celebrated gets repeated. 5. Financial Education Must Be Paired with Community The founders emphasized that wealth building is not just about information. Their events create opportunities for: • Networking • Mentorship • Community support • Accountability • Shared learning Their own partnership started after meeting at a conference, demonstrating how meaningful relationships can create major opportunities. 6. Tax Planning Is One of the Fastest Ways to Build Wealth Carter Cofield stressed that many people focus only on earning more money while ignoring taxes. He believes building wealth requires: • Making money • Keeping money • Investing money Without tax planning, a significant portion of wealth is lost over time. Key Point: Keeping…

## Transcript

[0:05] Speaker 1: Welcome to the show.
[0:06] Speaker 2: I'm Rashwan McDonald, the host of Money Making Conversations Masterclass,
[0:10] Speaker 2: where we encourage people to stop reading other people's success
[0:13] Speaker 2: stories and.
[0:14] Speaker 1: Start planning their own.
[0:16] Speaker 2: Listen up as I interview entrepreneurs from around the country,
[0:19] Speaker 2: talk to celebrities and ask them how they are running
[0:22] Speaker 2: their companies, and speak with dog profits who are making
[0:25] Speaker 2: a difference in their local communities. Now, sit back and
[0:28] Speaker 2: listen as we unlock the secrets to their success on
[0:31] Speaker 2: Money Making Conversations Masterclass.
[0:35] Speaker 3: The interviews and information that this show provides are for everyone.
[0:38] Speaker 1: It really is.
[0:39] Speaker 3: It's time to stop reading other people's success stories and
[0:42] Speaker 3: start living your own. If you want to be on
[0:44] Speaker 3: a guest want to be a guest on my show?
[0:45] Speaker 3: Now invite anyone who's changing people's lives, who has information,
[0:49] Speaker 3: who's motivating the change and telling people they can be successful.
[0:53] Speaker 3: Please go to Moneymaking Conversation dot com and click to
[0:56] Speaker 3: be a guest button and you can make a difference.
[0:59] Speaker 3: Because guess what, that's what I wanted my show. My
[1:01] Speaker 3: guests created the melan melon, the money melon, the money.
[1:05] Speaker 3: Their mission is to empower the black community through financial
[1:08] Speaker 3: literacy and wealth building. They have been recognized for their
[1:11] Speaker 3: innovative approach to bridging the wealth gap, which I talk
[1:14] Speaker 3: about allowing the show. So we're going to really find
[1:16] Speaker 3: out what is that wealth gap, you know, and fostering
[1:19] Speaker 3: a culture financial empowerment. Please welcome to the Money to
[1:22] Speaker 3: Money Making Conversation Masterclass. George and Carter, owners of Melon
[1:26] Speaker 3: the Money and they want to share the inspiring stories.
[1:29] Speaker 1: Welcome to the show, my friends, Thank you for having us.
[1:31] Speaker 3: Well, you know, I always like having people in the
[1:33] Speaker 3: studio because I can look, there's always a cat and
[1:36] Speaker 3: mouse game on the radio. You can't really know how
[1:38] Speaker 3: people are feeling about it. So let's get this started here.
[1:42] Speaker 3: Tell me about you a little bit, my quick brother.
[1:44] Speaker 4: Yeah, so I have been a financial advisor and wealth
[1:47] Speaker 4: manager for the past twelve years. And when I started
[1:51] Speaker 4: in the industry, there wasn't a lot of advisors that
[1:53] Speaker 4: looked like me.
[1:54] Speaker 1: And which why is that?
[1:55] Speaker 5: Why is that?
[1:56] Speaker 1: Why is that? I think because well, for several reasons.
[2:00] Speaker 4: Right, I think if you don't see a representation in
[2:03] Speaker 4: a space, then you assume that it's not for you. Right,
[2:06] Speaker 4: So because of that, it's not a pure career path
[2:08] Speaker 4: that people pursue they pursue being rappers, they pursue being athletes,
[2:11] Speaker 4: they pursue being entertainers because they believe that's what's for them,
[2:14] Speaker 4: because that's what they see. There wasn't a lot of representation,
[2:17] Speaker 4: and so a lot of our movement is to create
[2:19] Speaker 4: that representation so that people know that they're worthy of wealth,
[2:21] Speaker 4: right And so what I realized there wasn't a lot
[2:23] Speaker 4: of people in the space. I wanted to figure out
[2:25] Speaker 4: how I could serve and reach more people. And that's
[2:27] Speaker 4: when we started, you know, creating content online, creating podcasts
[2:30] Speaker 4: and things of that nature, so that we could really
[2:32] Speaker 4: impact and just show the world that, you know, building
[2:35] Speaker 4: wealth as a personal color is something that's possible for
[2:37] Speaker 4: you too.
[2:38] Speaker 1: That's a person of color. You know.
[2:41] Speaker 3: We talk about money, you know, the first level of
[2:44] Speaker 3: money if you can buy a house, and then when
[2:47] Speaker 3: you start talking about stocks, it it becomes like Spanish really,
[2:51] Speaker 3: you know, And I wish I was being comical because
[2:53] Speaker 3: even I'm a person, I still don't know what crypto is.
[2:57] Speaker 5: So, you know, a on you really got a brother
[3:02] Speaker 5: over here here.
[3:03] Speaker 1: I got a show called money Cake.
[3:05] Speaker 3: Money making comes they master, but I don't master that conversation. Right,
[3:08] Speaker 3: So that's me and I supposed to know. So with
[3:11] Speaker 3: that being said, you guys became partners. How did that
[3:14] Speaker 3: world happen for you?
[3:16] Speaker 6: Well, Carter Coofield, Okay, yeah, So I'm in CPA and
[3:19] Speaker 6: I've been in CPA for about ten years and we
[3:22] Speaker 6: met at the conference and he had clients he was
[3:24] Speaker 6: helping make a lot of money and they needed to
[3:26] Speaker 6: help saving on taxes. I had a bunch of clients
[3:29] Speaker 6: I was helping saving on taxes and they need to
[3:31] Speaker 6: know what to do with the extra money. Right, So
[3:33] Speaker 6: we eventually came together. Because if you want to build wealth,
[3:36] Speaker 6: I think it's two major things you have to do.
[3:37] Speaker 6: Keep Uncle saying you saving tax Oh yeah, I was
[3:40] Speaker 6: helping them save in taxes, and he was helping them
[3:42] Speaker 6: take that money and invested.
[3:43] Speaker 1: Oh I love that relationship.
[3:44] Speaker 6: Yeah, keeping them money in circle wise man was told me,
[3:47] Speaker 6: if you want to make a lot of money, teach
[3:48] Speaker 6: people how to keep Uncle saying out they pocket, and
[3:50] Speaker 6: teach them how to make money and they sleep.
[3:52] Speaker 1: If you do those two things, you that mailbox money.
[3:54] Speaker 1: Mailbox money.
[3:55] Speaker 7: Loved it.
[3:55] Speaker 1: You gotta love it.
[3:56] Speaker 6: So it was a perfect partnership because those are the
[3:59] Speaker 6: two things you need to do to build wealth. And
[4:00] Speaker 6: we came together so we can have a one stop
[4:02] Speaker 6: shot where people can save one taxes, make money from
[4:05] Speaker 6: investments so they can build a legacy for their family.
[4:09] Speaker 3: Now, when you say, I hear that a lot little
[4:11] Speaker 3: legacy for the family, you know, because you know, in
[4:14] Speaker 3: the black community, the community of color, you know, you
[4:17] Speaker 3: they tell you about a little savings account, you know,
[4:19] Speaker 3: and the savers account. Nowadays, the percentage is like you
[4:22] Speaker 3: really just got money just sitting there.
[4:24] Speaker 1: You cannot save yourself to wealth, brother, right, you.
[4:26] Speaker 3: Can only Mber put it in a mattress, you know,
[4:29] Speaker 3: you know, right right right, you know I can feed
[4:31] Speaker 3: my money, baby, I can feel my money, you know,
[4:34] Speaker 3: like my mom used to do.
[4:35] Speaker 5: Now.
[4:35] Speaker 3: But when you talk about that wealth gap, you know,
[4:39] Speaker 3: how does that work for you, George.
[4:41] Speaker 4: Thinking about the wealth gap as a whole, Yes, sir,
[4:44] Speaker 4: So our mission is to decrease the wealth gap by
[4:47] Speaker 4: one hundred billion dollars, right, and that's a big number.
[4:50] Speaker 1: It's a big number right back. And we're going to
[4:51] Speaker 1: back into so we start big in the we back
[4:53] Speaker 1: you know, because.
[4:53] Speaker 3: John Hods Brian talking about doing a million jobs by
[4:56] Speaker 3: a year twenty thirty, I got two powerful black men
[4:59] Speaker 3: out there talking about millions.
[5:01] Speaker 4: Okay, yeah, yeah, So so our goal, our goal is
[5:04] Speaker 4: the Christal wealth gap by one hundred billion dollars by
[5:07] Speaker 4: helping one hundred thousand people of color achieve their first
[5:10] Speaker 4: one million in networth.
[5:11] Speaker 1: Right, But here's the thing, right to your point, absolutely
[5:14] Speaker 1: absolutely right.
[5:15] Speaker 4: Here's the thing that we realize, right, Like, we realized
[5:17] Speaker 4: that marketing and society typically use marketing tactics to exploit
[5:23] Speaker 4: this tactic, but we used it for a good right,
[5:24] Speaker 4: and that tactic is people would do more for recognition
[5:26] Speaker 4: than they will for money. The reason why people buy
[5:28] Speaker 4: the Louis Vauton, they buy the fancy cars because of
[5:31] Speaker 4: the perceived status that that gives them to the world.
[5:35] Speaker 4: So we said, well, hey, we don't want people to
[5:36] Speaker 4: spend money, but how can we how can we hack
[5:38] Speaker 4: that psychology?
[5:39] Speaker 1: Right?
[5:39] Speaker 4: And so we every year we have an annual award
[5:42] Speaker 4: show where we're literally celebrating our clients.
[5:45] Speaker 3: Okay, okay, award show. I had nothing about an awards
[5:48] Speaker 3: What award show?
[5:49] Speaker 5: You got?
[5:49] Speaker 3: It's happening you The good news is no, no, no, no, no, no, no,
[5:54] Speaker 3: I ain't know nothing about this award show.
[5:56] Speaker 5: Okay, I got my show.
[5:59] Speaker 3: Yeah with the wards, you gotta award your awarding people.
[6:03] Speaker 4: We got an award show celebrating people for their wealth, billding milestones.
[6:06] Speaker 1: Right.
[6:07] Speaker 4: So, like so if you have one hundred thousand, a networth,
[6:10] Speaker 4: a half a million, a million, five million, whatever, Right,
[6:12] Speaker 4: So now what happens is this?
[6:13] Speaker 1: Right?
[6:13] Speaker 4: He's the crazy part. When we launched this, my Financial
[6:16] Speaker 4: Advisor first thought, I was crazy. No one's gonna feel
[6:18] Speaker 4: comfortable talking about their numbers or their money. Yes, they
[6:21] Speaker 4: will if you celebrate them for it. Because here's the reality. Well,
[6:24] Speaker 4: most people leave high school. Everybody doesn't go to college.
[6:26] Speaker 4: When's the last time they walk across the straight stage
[6:28] Speaker 4: to get celebrated. When's the last time somebody is honoring
[6:31] Speaker 4: them for something that they're doing. Now, imagine you get
[6:34] Speaker 4: you get celebrated for fully funding your rought iray, you
[6:36] Speaker 4: get celebrated for having one hundred thousand plus network. Now
[6:39] Speaker 4: people are literally racing to like get those investment accounts
[6:43] Speaker 4: funded so they can be up on stage. So now
[6:45] Speaker 4: here's the good news. We're not giving you awards for
[6:47] Speaker 4: how much money you made. We're not giving you awards
[6:49] Speaker 4: for how much money you spent to flex on a
[6:51] Speaker 4: society where you can only get an award from us
[6:53] Speaker 4: if you actually have it, if you kept it right,
[6:56] Speaker 4: and so we have hacked psychology when it comes to
[6:58] Speaker 4: helping people build.
[6:59] Speaker 3: Well, I'm not just over get back to you.
[7:04] Speaker 5: That little program, little thing called the Hoodie Awards.
[7:06] Speaker 1: Okay, Hoodie Awards.
[7:07] Speaker 3: That was me and it's Steve Harbor and we celebrated
[7:10] Speaker 3: small businesses, barbershops, churches, and school This feels like the
[7:15] Speaker 3: hoodie of wards on steroids, something like something.
[7:18] Speaker 4: Like, hey, listen, you hearing it from us. I'm not
[7:20] Speaker 4: sure what you got going on uh this weekend, but
[7:23] Speaker 4: we love to have you check it out. We'll make
[7:24] Speaker 4: you get out the information for a complimentary ticket. We
[7:26] Speaker 4: love to have you in the building. Okay, now, complimentary ticket.
[7:28] Speaker 4: Now you know I'm a backstage guy.
[7:30] Speaker 1: I can't that, brother. I just mean you don't have
[7:36] Speaker 1: to pay anything. That's what I mean. You with us, brother.
[7:40] Speaker 1: You know, I'm.
[7:41] Speaker 3: Excited because of the fact that you're doing something that
[7:44] Speaker 3: people say cannot be done these type of award shows,
[7:48] Speaker 3: because of the fact that you're recognizing people of color,
[7:52] Speaker 3: because that's not done normally.
[7:53] Speaker 1: Because we're not supposed to be doing that. We're not.
[7:55] Speaker 3: You know, like I said, you live with the with
[7:58] Speaker 3: the entertainment, the athletics is those are the areas that
[8:01] Speaker 3: you know. That's why Lebron James said, don't call my
[8:05] Speaker 3: business partners a crew, you know, when people tell him
[8:09] Speaker 3: stay just dribble a basketball. No, I do more than that.
[8:12] Speaker 3: Don't stereotype me. And so I consider this event a
[8:16] Speaker 3: non stereotypical event, which means it's worthy of promotion. It's
[8:22] Speaker 3: worthy of television stations showing up, it's worthy of sitting
[8:26] Speaker 3: on NBC Today, it's worthy sitting on Good Morning in America.
[8:30] Speaker 3: Because we get stereotypes so much about what we cannot do.
[8:34] Speaker 3: It's annoying to me. So I get mad. I create
[8:39] Speaker 3: this show. I created this show, and I don't know
[8:42] Speaker 3: why I did it. Initially, when I started in twenty seventeen, Carter,
[8:45] Speaker 3: it was about celebrities. Okay, you know, I say, I
[8:49] Speaker 3: bring the celebrities on and they talk about this success.
[8:52] Speaker 3: Then I realized they're kind of boring, you know, yeah,
[8:58] Speaker 3: because they are not talking about out to everyday person's success.
[9:01] Speaker 1: And if people can't relate, yeah, you.
[9:03] Speaker 3: Know, because In other words, they have using their brand
[9:07] Speaker 3: to access something that the everyday person can't access. They
[9:10] Speaker 3: might get a loan because they're famous. They might they
[9:13] Speaker 3: might get a T shirt deal because they're famous. So
[9:16] Speaker 3: they've skipped a lot of steps that the basic everyday
[9:20] Speaker 3: person doesn't know anything about. So that's why it's important
[9:23] Speaker 3: when I bring individuals like you on the show, talk
[9:25] Speaker 3: about your role in all this.
[9:27] Speaker 6: Yeah, so he had this idea before I came on,
[9:29] Speaker 6: and I just wanted to help magnify the CPA. It's
[9:32] Speaker 6: a CPA, right, because we know client's making all this money.
[9:34] Speaker 6: It was like, how can we make this money tax free?
[9:36] Speaker 6: How can we find creative strategies to help our clients
[9:38] Speaker 6: build wealth without having to give fifty percent of their
[9:41] Speaker 6: money to Uncle Sam?
[9:42] Speaker 1: Right?
[9:42] Speaker 6: Because most people, but they don't realize that when you
[9:45] Speaker 6: pay federal tax, state tax, city tax, self deployment tax,
[9:49] Speaker 6: property tax, you're giving fifty percent of money to the
[9:51] Speaker 6: government over your lifetime. Right, And so if I can
[9:54] Speaker 6: help them keep that money, because some people actually say, like,
[9:57] Speaker 6: if I make more money, they have to pay more
[9:59] Speaker 6: taxes potentially, but don't stop making the money first, you
[10:02] Speaker 6: know what I'm saying, so I think that our goal
[10:04] Speaker 6: was just really to come together and teach people that
[10:07] Speaker 6: you can make more money and save on taxes at
[10:09] Speaker 6: the same time.
[10:10] Speaker 3: One of the questions that was put submitted to me
[10:13] Speaker 3: was like milestones and journeys because we all you know,
[10:16] Speaker 3: I always tell people I basically am the same guy
[10:19] Speaker 3: at eighteen. I just had to learn that when I
[10:21] Speaker 3: became forty. Yeah, you know, you know, because I because
[10:24] Speaker 3: now I'm making all the tools and all the vision
[10:27] Speaker 3: I had when I was eighteen, then I'm actually making
[10:30] Speaker 3: money with it. I was an inspirational guy. I was
[10:33] Speaker 3: telling people people listen to me when I talk. I
[10:36] Speaker 3: would do events, they would show up, they will give
[10:38] Speaker 3: me money. So let me know, at a very early age,
[10:40] Speaker 3: I had some skill set that people went, Okay, here's
[10:43] Speaker 3: five dollars. So now I'm looking at two young men,
[10:47] Speaker 3: which excite me because you're my future, you know. And
[10:51] Speaker 3: I always tell people, you hit fifty, you know, there's
[10:54] Speaker 3: a fifty, there's no guarantee the next fifty. First fifty,
[10:58] Speaker 3: there was no guarantee there, but I made it a fit.
[11:00] Speaker 5: There you go.
[11:01] Speaker 1: Yeah, so that's the.
[11:02] Speaker 3: Journey that I can tell you about. So what's your
[11:05] Speaker 3: journey because you have not hit fifty yet.
[11:07] Speaker 1: Yeah.
[11:07] Speaker 6: Yeah, so my journey is pretty missed. CPA talking, I'm
[11:11] Speaker 6: called CPA.
[11:12] Speaker 5: That's money man over there.
[11:13] Speaker 1: Yeah yeah, CPA. Yeah, yeah, for sure.
[11:17] Speaker 6: Unfortunately, so fortunately, unfortunately, I had a traumatic childhood. My
[11:21] Speaker 6: mom and dad at fourteen, my dad dad at sixteen,
[11:23] Speaker 6: so I was sixteen with no parents. But it also
[11:25] Speaker 6: told me to take my own life and my own
[11:27] Speaker 6: financial literacy into my own hands. Right, So, very early on,
[11:30] Speaker 6: I realized that we didn't have money, and I went,
[11:32] Speaker 6: so why because the people around me that have money,
[11:35] Speaker 6: but that we don't have it. So my curiosity for
[11:38] Speaker 6: money stemmed from a lack and instead of saying I
[11:41] Speaker 6: scarcely the mindset we're you know, we don't have it,
[11:43] Speaker 6: I had an abundance mindset, So how can we achieve it?
[11:45] Speaker 6: So that's where my curiosity for money came from. And
[11:48] Speaker 6: I studied it all through college and I became one
[11:51] Speaker 6: of the top CPAs in the country. And my goal
[11:53] Speaker 6: is simple, like, if I made it this far, I
[11:55] Speaker 6: was able to make money in my business and save
[11:57] Speaker 6: a lot of money on taxes. I have an obligation
[12:00] Speaker 6: to teach my own people how they can do it
[12:03] Speaker 6: as well. Well, you know, when you see your own
[12:05] Speaker 6: people who you're talking about, I'll talk with people of color,
[12:08] Speaker 6: specifically black people, because we're underserved. Right again, if somebody's
[12:12] Speaker 6: not black, listens to me, fine, I'm targeting my community
[12:15] Speaker 6: to whose has been underserved with information intentionally for a
[12:18] Speaker 6: very long time. So I feel like a personal obligation
[12:21] Speaker 6: to give us the skills and the assets and the
[12:24] Speaker 6: information and resources for us to just not take our
[12:27] Speaker 6: family to the next level, but us take our friends
[12:29] Speaker 6: and people around us as well.
[12:31] Speaker 3: Before we go to break I'll be remiss not to
[12:33] Speaker 3: complete the conversation about the award show. Tell us about
[12:36] Speaker 3: the war show when it's happening, but also how can
[12:39] Speaker 3: one participate it in next year?
[12:41] Speaker 4: Absolutely, So, the award Show is a part of a
[12:43] Speaker 4: broader experience called Wealth Weekend. And on Friday this Friday,
[12:47] Speaker 4: upcoming Friday, we have a educational conference, right because we
[12:50] Speaker 4: don't we want to make sure people get the actual
[12:51] Speaker 4: information to learn how to hit those milestones. Because this
[12:54] Speaker 4: is an event for our clients as well as it's
[12:55] Speaker 4: open to the public. So to your point, if you're
[12:57] Speaker 4: not our client, you might not yet know the strategies
[12:59] Speaker 4: and insights on how to improve your network. So if
[13:02] Speaker 4: we first start with the education, right, we have some
[13:04] Speaker 4: powerhouse speakers, myself and Carter will be some of them,
[13:07] Speaker 4: but also some other speakers on Friday, and then after
[13:09] Speaker 4: people get a chance to get out that information, right,
[13:12] Speaker 4: we want to give them a chance to digest it,
[13:14] Speaker 4: get a chance to connect with other people who were
[13:16] Speaker 4: in the room. Because the reason why this started and
[13:18] Speaker 4: evolved to the next level is we invested in ourselves
[13:20] Speaker 4: and we went to a conference, right, and we met
[13:22] Speaker 4: at that conference, and then that compounded into a friendship,
[13:25] Speaker 4: a business partnership, and our brotherhood. Right, So we want
[13:28] Speaker 4: to get people an opportunities to connect in a meaningful ways.
[13:30] Speaker 1: We have a mixer after the conference.
[13:33] Speaker 4: Then that Saturday is when we have the award show,
[13:36] Speaker 4: So early evening we have the award show, and it's
[13:39] Speaker 4: a two part award show, So we're celebrating our clients
[13:42] Speaker 4: who have achieved the milestones, but then also other pillars
[13:45] Speaker 4: of the community. Had we known about you probably would
[13:47] Speaker 4: have been celebrated as well. But pillars of the community
[13:49] Speaker 4: who are helping us in this mission. Because we know
[13:52] Speaker 4: that we're not the only two guys in the financial
[13:55] Speaker 4: literacy space pushing this narrative forward.
[13:57] Speaker 1: So we want to let them know that we see
[13:58] Speaker 1: them too.
[13:59] Speaker 4: Right, So, who are educated about stocks, people who educate
[14:01] Speaker 4: about real estate and all the other different categories.
[14:04] Speaker 1: They also get celebrated.
[14:05] Speaker 4: And amplified as a part of this experience because it's
[14:07] Speaker 4: not for us hitting that one hundred thousand Peape Parson target.
[14:11] Speaker 4: And we don't care if it all comes through Melon
[14:13] Speaker 4: and Money. We just want to be the conduit to
[14:15] Speaker 4: make it happen. Right, And then at the end of that,
[14:18] Speaker 4: we have another celebration, a sneaker ball, right, so everybody
[14:22] Speaker 4: comes suited and booted, they're all dressed up. They can
[14:24] Speaker 4: take off the shoes that were hurting their feet, they
[14:25] Speaker 4: can pop on the sneakers and have a good time
[14:27] Speaker 4: for the rest of the evening. And if if you're
[14:30] Speaker 4: in Atlanta area or you're in the surrounding area, we
[14:32] Speaker 4: have tickets available on melonimoney dot com.
[14:34] Speaker 1: All you have to do is go to the website.
[14:36] Speaker 4: I think we have some tickets left, tw tickets left
[14:39] Speaker 4: to attend tickets, a few tickets left to attend the event.
[14:42] Speaker 1: And if you do miss it, for whatever reason.
[14:43] Speaker 4: If you can't make it or we're sold out by
[14:44] Speaker 4: the time you get to the site, visit melonomoney dot com.
[14:47] Speaker 4: Stay tuned in what we have going on. Visit our
[14:49] Speaker 4: YouTube channel. We post a couple of episodes every single week.
[14:52] Speaker 4: Haven't missed the week since twenty twenty one. Because we
[14:55] Speaker 4: always want to educate regardless. If people can tap in
[14:58] Speaker 4: with our community and deepened meaning ways, we want to
[15:00] Speaker 4: make sure that we provide a platform that people can
[15:02] Speaker 4: learn from.
[15:02] Speaker 3: I'm going to tell you something. Both these brothers in shape,
[15:05] Speaker 3: you know, one of them got look like he walked
[15:06] Speaker 3: in with a weight kit helping wave health and wealth.
[15:12] Speaker 3: You well, there's arms, there's gun. That's gun, so he
[15:14] Speaker 3: can't let me touch this.
[15:15] Speaker 1: But oh boy, stop.
[15:17] Speaker 3: When we come back, we will learn more about them.
[15:19] Speaker 3: How did this organization start the name that? What does
[15:21] Speaker 3: that name mean? It's important that we understand their birth,
[15:25] Speaker 3: understand their journey and all those during their future. That's
[15:28] Speaker 3: all gonna happen when you come back to Money Making
[15:30] Speaker 3: Conversation master Class. Whoa boor Glad you're own the studio
[15:34] Speaker 3: because you learned something today.
[15:37] Speaker 7: Please don't go anywhere. We'll be right back with more
[15:40] Speaker 7: money Making Conversations Masterclass. Welcome back to the Money Making
[15:50] Speaker 7: Conversations Masterclass, hosted by Rashaan McDonald. Money Making Conversations Masterclass
[15:56] Speaker 7: continues online at Moneymakingconversations dot com and follow money Making
[16:00] Speaker 7: Conversations Masterclass on Facebook, Twitter, and Instagram.
[16:05] Speaker 3: Oh thank you all for just listening. Thank y'all for
[16:08] Speaker 3: encouraging me to continue with this show.
[16:10] Speaker 5: Not like I won't stop. You know what I'm saying.
[16:12] Speaker 5: I won't keep doing it anyway. I won't do it
[16:14] Speaker 5: in my house, in my batesment.
[16:15] Speaker 3: You know, I have two laps, two video gaests right now,
[16:18] Speaker 3: George and Carter, and they are gonna be talking about
[16:22] Speaker 3: their business. But you know, when I was reading your resume,
[16:26] Speaker 3: it was talking about innovative. When I hear that word innovative,
[16:29] Speaker 3: I don't know what that means, you know, invative ways
[16:32] Speaker 3: that you can build your wealth. Because let's be honest.
[16:37] Speaker 3: I got a credit card, I know about CDs, I
[16:41] Speaker 3: know about stock, I know about insurance.
[16:44] Speaker 1: What's innovative? When am I missing? George? Yeah, that's a
[16:48] Speaker 1: great question, right.
[16:49] Speaker 4: So you know I have this tagline that I like
[16:52] Speaker 4: to help people achieve financial freedom. Three times faster than
[16:55] Speaker 4: traditional financial advice, right, And it sounds like a good tagline.
[16:58] Speaker 4: But to your point, if I don't unpack that, you
[16:59] Speaker 4: might not know what that means. So the first thing
[17:02] Speaker 4: that comes with that is number one, understanding you know,
[17:05] Speaker 4: how anybody can invest in the stock market?
[17:07] Speaker 1: Right, Like, how what does that look like?
[17:09] Speaker 4: And so for me, I've always helped people understand what
[17:12] Speaker 4: I like to call the Burger King investment strategy and
[17:14] Speaker 4: what I mean by that. What I mean is McDonald
[17:16] Speaker 4: spends millions of dollars a year figuring out where they
[17:18] Speaker 4: want to put their next location. Right there in the
[17:20] Speaker 4: real estate business as well, so they put a lot
[17:21] Speaker 4: of thought into where the next location is going to go. Right,
[17:23] Speaker 4: So the question becomes, well, how does Burger King decide
[17:26] Speaker 4: where they want to put.
[17:26] Speaker 1: Their next location?
[17:28] Speaker 4: Well, they probably put it across the street or in
[17:30] Speaker 4: proximity to McDonald's, right, because if someone wants McDonald's, they
[17:32] Speaker 4: probably are also okay with Burger King.
[17:34] Speaker 1: So what does that mean with investing? What that means
[17:37] Speaker 1: is there's companies.
[17:38] Speaker 4: Like Vanguard, black Rock, right, these really big companies that
[17:41] Speaker 4: spend multimillion dollars on deciding the right companies and investments
[17:47] Speaker 4: that need to go in these things called index funds
[17:49] Speaker 4: and ETFs, right, And I'll explain what that means in
[17:51] Speaker 4: a second. And so instead of me, even though I'm
[17:54] Speaker 4: well researched and I understand how the stock market works,
[17:56] Speaker 4: an average investor might not. So what they can do
[17:58] Speaker 4: is they can piggyback right the research that these big
[18:02] Speaker 4: companies have already done and simply select the fund like
[18:06] Speaker 4: a VOO which is an index fund, or QQQ, and
[18:10] Speaker 4: all the research has already been done on if this
[18:13] Speaker 4: fund makes sense. Right. And so when people know that,
[18:16] Speaker 4: now they don't have to be experts in the stock market.
[18:18] Speaker 4: They don't necessarily have to know everything about the inner
[18:20] Speaker 4: workings of the stock market. They know that Vanguard has
[18:22] Speaker 4: spent millions of dollars on research, they manage tradings dollars
[18:26] Speaker 4: in assets, and they're gonna do their due diligence on
[18:29] Speaker 4: picking the right companies.
[18:30] Speaker 1: Right.
[18:31] Speaker 4: So now anybody can become an investor. Now take it
[18:33] Speaker 4: a step further, because you have the ability to look
[18:36] Speaker 4: inside of those funds. You can see, well, what are
[18:38] Speaker 4: the top five to ten companies in these funds? These
[18:41] Speaker 4: funds have five hundred different investments in them, but what
[18:44] Speaker 4: are the top five to ten. Well, I had this
[18:46] Speaker 4: aha moment to say, well, what happens if I piggyback
[18:49] Speaker 4: the research and invest in the index fund, but I
[18:52] Speaker 4: also select some of those top companies outside of that.
[18:55] Speaker 4: So now I get the performance of the top companies
[18:57] Speaker 4: while still having the security of the fund. Doing that
[19:00] Speaker 4: strategy has allowed me to outperform the market for the
[19:03] Speaker 4: past seven years, right, So that's kind of the foundational
[19:07] Speaker 4: level of what makes the strategy innovative. Now beyond that,
[19:12] Speaker 4: to Carter's point, a lot of people pay money in taxes,
[19:14] Speaker 4: So I said, well, shoot, everybody talks about buying low
[19:17] Speaker 4: and selling high. What they don't tell you is when
[19:19] Speaker 4: you sell high, even though capital gains tax are lower
[19:22] Speaker 4: than other ordinary income taxes you might pay, it's still taxes.
[19:25] Speaker 1: Yes, it is right.
[19:26] Speaker 4: So what happens when you can have investments benefit from
[19:29] Speaker 4: the growth and not have to sell right by leveraging
[19:33] Speaker 4: that investment account and basically becoming your own bank borring
[19:37] Speaker 4: against the value of the account. So, for example, if
[19:39] Speaker 4: you had one hundred thousand dollars invested. A lot of
[19:41] Speaker 4: people don't realize you can go to Charles Swab. You
[19:43] Speaker 4: can go to Fidelity and say, hey, look you see
[19:45] Speaker 4: I have the money invested. Could you give me a
[19:47] Speaker 4: lot of credit based upon the value of my account? Sure,
[19:49] Speaker 4: why wouldn't we? See you have the money invested. So
[19:52] Speaker 4: now your money gets to remain invested. You now get
[19:54] Speaker 4: to avoid the taxes, and then we're we're going to
[19:56] Speaker 4: teach you to get that money not to go buy stuff.
[19:58] Speaker 1: The interest you interest your fan back interest to so
[20:02] Speaker 1: to you who yourself?
[20:04] Speaker 3: Okay, right, I had your taxman came in exacting right
[20:11] Speaker 3: now the hoop, right, So then you take that money.
[20:13] Speaker 1: But here's the here's the kicker.
[20:14] Speaker 4: Even if you weren't paying the interest back to yourself,
[20:16] Speaker 4: you're only going to borrow the money once you've identified
[20:18] Speaker 4: an investment opportunity that's going to exceed the interest that
[20:22] Speaker 4: you would owe.
[20:23] Speaker 1: That's the infinite money glitch.
[20:24] Speaker 4: Right. If I can borrow money at six percent, right,
[20:27] Speaker 4: go and buy an investment property that's going to produce
[20:30] Speaker 4: higher than the cost of that capital, and then take
[20:33] Speaker 4: that cash flow and put it back in my investment
[20:35] Speaker 4: accouncil can compound even further. That's that's what we like
[20:38] Speaker 4: to call it infinite money glitch. Right, most people are
[20:40] Speaker 4: just so used to hearing the term borrowing and associating
[20:43] Speaker 4: it with debt, buying clothes, buying cars, buying liabilities. Right,
[20:48] Speaker 4: when you take that same equation but use it to
[20:51] Speaker 4: buy investments, it's a totally different ball game.
[20:53] Speaker 1: People just have to get on the right side of
[20:54] Speaker 1: the equation.
[20:55] Speaker 3: Wow, this relationship being a money man and being a CPA.
[21:00] Speaker 1: So that's that's what I see here.
[21:02] Speaker 3: You know, good combo is good combo because in the end,
[21:05] Speaker 3: you know, taxes kill us. All taxes can you know,
[21:11] Speaker 3: can put you in jail if you don't follow Them'll
[21:14] Speaker 3: discover that famous actor. Plenty of them out there told
[21:18] Speaker 3: us that. So when you do, you have an innovative plan.
[21:22] Speaker 3: He's told us an innovative plan when it comes to
[21:25] Speaker 3: making money. Seven year plans, worked, strategized, your CPA highly rated,
[21:33] Speaker 3: topping the class.
[21:33] Speaker 1: That's what makes you special.
[21:35] Speaker 6: Well, I teach entrepreneurs how to basically have the irs
[21:39] Speaker 6: help pay their bills. Right, So if you start a business,
[21:42] Speaker 6: right podcast whatever, you buy that lab. If you don't
[21:46] Speaker 6: have a business, you buy that laptop. That's a personal expense. Absolutely,
[21:49] Speaker 6: if you start a business and you buy that laptop,
[21:51] Speaker 6: that's a business expense, absolutely, So the IRS will now
[21:54] Speaker 6: give you a tax deduction for you buying something you're
[21:56] Speaker 6: already going to buy anyway, right, So now you can,
[21:58] Speaker 6: now that you know that, you look around your house
[22:00] Speaker 6: and say, what other personal expense can I turn into
[22:03] Speaker 6: a legitimate tax deduction? If you have a business that
[22:06] Speaker 6: you operate from home, the IRS is lets you take
[22:08] Speaker 6: advantage of the home office deduction, which will allow you
[22:11] Speaker 6: to write off a portion of your rent or your
[22:13] Speaker 6: mortgage every single month. Again, any utilities and utilities and internet,
[22:17] Speaker 6: and these are things you're already paying for, So why
[22:20] Speaker 6: not get the IRS to step in and help give
[22:22] Speaker 6: you a tax deduction so you can lower the amount
[22:24] Speaker 6: that you're trying to pay. So step number one is
[22:26] Speaker 6: how can we turn our personal expenses into tax deductible
[22:28] Speaker 6: business expenses? Step number two is how can we leverage
[22:32] Speaker 6: assets to help us save on taxes? So now that
[22:35] Speaker 6: we're saving on taxes, we might get a refund check
[22:37] Speaker 6: because we turn we now increased our write offs, So
[22:40] Speaker 6: you might get some money back from the IRS if
[22:41] Speaker 6: you use some of that refund to, let's say, buy
[22:43] Speaker 6: a real estate property. Real estate allows you to earn
[22:46] Speaker 6: money in your bank account while losing money on your
[22:48] Speaker 6: tax return, So you can actually cast for from that
[22:51] Speaker 6: real estate and not pay any taxes. Not to mention,
[22:54] Speaker 6: the losses on your tax return from your real estate
[22:57] Speaker 6: property gets to get subtracted from other income you make
[23:00] Speaker 6: at work or your other businesses. So you're making tax
[23:02] Speaker 6: free money in real estate and you're lessening your tax
[23:05] Speaker 6: bill and your W two job. And then the last
[23:08] Speaker 6: step is like, all right, how are there other ways
[23:10] Speaker 6: that we can invest in not pay the irs we use?
[23:13] Speaker 6: So we take advantage of tax advantage accounts like iras
[23:16] Speaker 6: roth iras, or we can lever strategies like George mentioned
[23:19] Speaker 6: by investing in our investment account and then borrowing from
[23:22] Speaker 6: my assets to buy other assets. The wealthiest people in
[23:25] Speaker 6: the country, they buy assets, they use that to buy assets,
[23:31] Speaker 6: and they use the money from the assets to pay
[23:33] Speaker 6: off the debts, and then they borrow from the debts tax.
[23:37] Speaker 1: Free to go buy other assets.
[23:39] Speaker 6: This is a wealth game, and if you're gonna play
[23:42] Speaker 6: the game, you need to learn the real I love it,
[23:43] Speaker 6: you know, I smile because you know a lot of
[23:47] Speaker 6: the stuff I know naturally It's always good to hear
[23:50] Speaker 6: it come back at you and realize, hey, the model works.
[23:53] Speaker 3: Stick to a rashan, you know, because there is a
[23:55] Speaker 3: long term model because a lot of times we want
[23:57] Speaker 3: to win the lotto, Witchdoc. This is a plan in
[24:00] Speaker 3: the stock game, which is a plan and a goal
[24:02] Speaker 3: or in in its system. As we wrap up the call,
[24:06] Speaker 3: and I will be at your war show.
[24:08] Speaker 6: Okay, okay, y'all know, okay, and I will yeah, pe
[24:11] Speaker 6: access He got a step us one right.
[24:12] Speaker 3: Now, this ain't even nothing worried worry sneakers, right, I gotta.
[24:19] Speaker 4: Have a join So you how much your regular shoes
[24:22] Speaker 4: and then and then when the when the when the
[24:24] Speaker 4: war show is over, then you can transition to your sneaker,
[24:26] Speaker 4: same outfit.
[24:27] Speaker 1: This is all good, It's all good, I got it,
[24:29] Speaker 1: he said.
[24:29] Speaker 3: Let's I know the war shows happening, but tell us
[24:31] Speaker 3: again about the website and so people can reach out
[24:34] Speaker 3: to you in the future one hundred percent.
[24:35] Speaker 4: So the website is meling in money dot com. That's
[24:37] Speaker 4: spelled et m E l A N I N money.
[24:40] Speaker 4: I hope you're not spelled money. Meling in money dot com.
[24:44] Speaker 4: That's where you can find all of our resources, and
[24:45] Speaker 4: I also would encourage you to use that same name
[24:47] Speaker 4: that searches on YouTube. Find our YouTube channel, subscribe, dropping
[24:50] Speaker 4: an amazing content every single week, and we can't wait
[24:53] Speaker 4: for you to be a part of the community.
[24:54] Speaker 3: Guys, you're fantastic. Thank y'all for coming in our studio
[24:56] Speaker 3: and we will talk soon. I appreciate y'all.
[24:58] Speaker 1: Thank you.
[24:59] Speaker 3: This has been another d money Making Conversation Masterclass hosted
[25:02] Speaker 3: by me Rashan McDonald. Thank you to my guests who
[25:05] Speaker 3: are talking today, and thank you to my listening audience.
[25:08] Speaker 7: Now.
[25:08] Speaker 3: If you want to listen to any episodes I want
[25:10] Speaker 3: to be guests on my show, visit Moneymaking Conversation dot com.
[25:13] Speaker 3: Our social media handler is money Making Conversations. Join us
[25:16] Speaker 3: next week and remember to always leave with your gifts.
[25:19] Speaker 1: Keep winning.
[25:20] Speaker 2: This has been another edition of Money Making Conversation Masterclass
[25:23] Speaker 2: hosted by me Rashaan McDonald. Thank you to our guests
[25:26] Speaker 2: on the show today and thank you our listening to
[25:29] Speaker 2: the audience now. If you want to listen to any
[25:31] Speaker 2: episode I want to be a guest on the show,
[25:33] Speaker 2: visit Moneymakingconversations dot com. Our social media handle is money
[25:38] Speaker 2: Making Conversation join us next week and remember to always
[25:41] Speaker 2: leave with your gifts.
[25:42] Speaker 1: Keep winning,

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