Latest / The Steve Harvey Morning Show / Financial Tips: How to manage your debt. Simple family tax write offs for a home-based business rarely taken advantage of, Dr. Lynn Richarson.

Transcript

Financial Tips: How to manage your debt. Simple family tax write offs for a home-based business rarely taken advantage of, Dr. Lynn Richarson. · The Steve Harvey Morning Show

• 0:05
  Speaker 1: Welcome to the show.
• 0:06
  Speaker 2: I'm Rashwan MacDonald, 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 nod 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.
• 0:34
  Speaker 1: I always say this, recognize that we all have different
• 0:37
  Speaker 1: definitions of success. My next guest truly defines that statement.
• 0:41
  Speaker 1: She's been a friend of mine a long time. I've
• 0:43
  Speaker 1: been fortunate to see her and hear her just give
• 0:46
  Speaker 1: advice throughout this country and on national TV, on streaming networks.
• 0:50
  Speaker 1: Because for more than two decades of leading roles in
• 0:53
  Speaker 1: the banking and real estate sales industry, she's been a genius.
• 0:57
  Speaker 1: Most notably, she's had books called Most of the Living,
• 1:00
  Speaker 1: Check to Monday, The Real Deal about Money, Credit and
• 1:03
  Speaker 1: Financial Security, which achieved bestseller status at the Congressional Black
• 1:07
  Speaker 1: Carcass Conference. Book Pavilion Lynn, that's doctor Lynn richards A.
• 1:12
  Speaker 1: Richard was a featured regular on the Steve Harvey TV
• 1:15
  Speaker 1: talk show Access Hollywood Live. She's been a regular on
• 1:18
  Speaker 1: That Almost Challenge, Home and Family, BT Networks, has appearance
• 1:23
  Speaker 1: on Essence Jet Upscale. I saw Good Morning America giving
• 1:26
  Speaker 1: out advice on get up in the Morning with mcgirl
• 1:29
  Speaker 1: Erica Campbell and many many outlets nationwide. And that's why
• 1:33
  Speaker 1: it's been difficult for me to get her, because I
• 1:35
  Speaker 1: really wanted on the first Monday this year. But when
• 1:37
  Speaker 1: you have a schedule like that, just feel blessed that
• 1:39
  Speaker 1: I got her now. She is an entertainment and executive
• 1:42
  Speaker 1: celebrity financial coach who usually a quick wit and she
• 1:45
  Speaker 1: is funny and humorous presentation style to help others face
• 1:48
  Speaker 1: their money issues and achieved personal, professional and spiritual harmony.
• 1:53
  Speaker 1: My friends, I call all of you my friends, please
• 1:56
  Speaker 1: welcome with the Money Making Conversation Masterclass Doctor Lynn Richardson,
• 2:00
  Speaker 1: How you doing, Doctor lynnon.
• 2:02
  Speaker 3: Happy New You? Happy do you now? You know they
• 2:06
  Speaker 3: should have tracked me down for that first Monday of
• 2:08
  Speaker 3: the year.
• 2:10
  Speaker 1: We tried. Oh then so you do not have that
• 2:12
  Speaker 1: many credits, Doctor Lynn, and then be available that way.
• 2:15
  Speaker 1: See this is a blessing right now that I got you.
• 2:18
  Speaker 1: You know, we just wrapped up January. We're going into
• 2:20
  Speaker 1: Black History Month, and you know that this is the
• 2:23
  Speaker 1: first quarter or you got to get your taxes right.
• 2:26
  Speaker 1: This is when people start applying for the you know,
• 2:28
  Speaker 1: two years ago we were about to go into you know,
• 2:31
  Speaker 1: a pandemic. You know, in twenty twenty, Marsh's when they
• 2:34
  Speaker 1: shut us all down. Now this year we're going in.
• 2:37
  Speaker 1: They're not shutting this country down. So if you're struggling
• 2:40
  Speaker 1: with financial issues, we got to get it fixed. And
• 2:43
  Speaker 1: that's why I wanted you on the show to try
• 2:45
  Speaker 1: to help. And I think it was better that we
• 2:46
  Speaker 1: did wait because people got they got to see what
• 2:49
  Speaker 1: what's this government's going to offer. They got to see
• 2:52
  Speaker 1: that they're cutting things, they're trying to get back to normal,
• 2:55
  Speaker 1: and if you fall along the side of the road,
• 2:58
  Speaker 1: they might just drive past you and leave you there.
• 3:02
  Speaker 4: For do you think, Yeah, you.
• 3:03
  Speaker 3: Know, I'm excited too, because I think everybody thought, with
• 3:07
  Speaker 3: this year being so many twos, you know, two to
• 3:10
  Speaker 3: two twenty two, everybody just kind of thought everything from
• 3:13
  Speaker 3: the past two years was just going to be wiped away.
• 3:16
  Speaker 3: But the truth is, we still have work to do.
• 3:19
  Speaker 3: Inflation is at an all time high, but hope it's
• 3:23
  Speaker 3: also at an all time high. So I think this
• 3:25
  Speaker 3: master class is exactly what people need to get to
• 3:28
  Speaker 3: the next level.
• 3:29
  Speaker 1: You know, it's really interesting, doctor Lenvert. I remember when
• 3:31
  Speaker 1: they you know, when they pushed the income tax date
• 3:33
  Speaker 1: in twenty twenty and and uh, you know, but they
• 3:36
  Speaker 1: pushed from April fifteenth, and they went to May and June,
• 3:40
  Speaker 1: and then they didn't push the October fifteenth date. That
• 3:43
  Speaker 1: stayed there, and I still had to pay my tax
• 3:45
  Speaker 1: bill and it was a huge tax bill now, and
• 3:47
  Speaker 1: I was frustrated because I didn't make any money to
• 3:50
  Speaker 1: generate to be able to pay that off. And so
• 3:53
  Speaker 1: so it was at the point where this government said
• 3:55
  Speaker 1: enough is enough. You know, either you're gonna be on
• 3:58
  Speaker 1: one side of the winners, you're gonna be one side
• 4:00
  Speaker 1: of the losers. How did you see that whole twenty
• 4:02
  Speaker 1: twenty playout for you personally and people that you representing
• 4:06
  Speaker 1: financially and also accounting wise as well.
• 4:10
  Speaker 3: Well. Twenty twenty was an interesting year because you know,
• 4:14
  Speaker 3: I always speak about getting your money back. I have
• 4:16
  Speaker 3: three basic principles for building wealth. Spend less money, get
• 4:20
  Speaker 3: a budget, get more money, go get multiple streams of income.
• 4:24
  Speaker 3: But you know, when you get more money, the more
• 4:26
  Speaker 3: you make, the more the irs will take. So then
• 4:29
  Speaker 3: you have to get your money back by living your
• 4:33
  Speaker 3: entire life like a business. So if you drive your
• 4:36
  Speaker 3: car for personal reasons, you don't get your money back,
• 4:38
  Speaker 3: but if you drive your car for business, you do.
• 4:41
  Speaker 3: So for twenty twenty, for the pandemic in general, I
• 4:44
  Speaker 3: found that people were able to save more money. So
• 4:48
  Speaker 3: those of us who were able to, you know, stick
• 4:51
  Speaker 3: through depression, because I think everybody had about with depression
• 4:55
  Speaker 3: and fear and so on and so forth. But for
• 4:57
  Speaker 3: those who were able to stick through and stick together,
• 5:02
  Speaker 3: they were able to save more money. We save more
• 5:04
  Speaker 3: money than ever as a country and as a people.
• 5:07
  Speaker 5: In twenty twenty, more billionaires were made last year than
• 5:16
  Speaker 5: in any other time in the history of the world.
• 5:18
  Speaker 1: That's right, something like four.
• 5:20
  Speaker 3: Hundred and ninety three billionaires were made. And so I
• 5:25
  Speaker 3: often say you're either going to be a millionaire, a billionaire,
• 5:29
  Speaker 3: or a witness, And we want to make teach the
• 5:32
  Speaker 3: people are not just witnesses, that they actually get in
• 5:34
  Speaker 3: the game.
• 5:36
  Speaker 1: And that's what this whole show is about. Because I
• 5:38
  Speaker 1: get frustrated. I have a segment at the top of
• 5:40
  Speaker 1: the show I call bragging. I'm encouraging people to promote
• 5:43
  Speaker 1: themselves because for some reason within the black community, especially
• 5:46
  Speaker 1: in the black community, in my monument community of color,
• 5:49
  Speaker 1: you know, we're told not to promote our said, we're
• 5:51
  Speaker 1: not to told to talk about our success. And I
• 5:53
  Speaker 1: tell everybody, what target does it? You know? For it?
• 5:56
  Speaker 1: Does it? Any major corporation does it? That's the way
• 5:58
  Speaker 1: you market. And you just said that right there, Rashan.
• 6:01
  Speaker 1: You can eat personally or you can eat smartly business wise.
• 6:06
  Speaker 1: If you smartly business wise, you can write that off.
• 6:08
  Speaker 1: And so we have to create our lives and create
• 6:11
  Speaker 1: a business model for our lives. And we create a
• 6:14
  Speaker 1: business model for our lives, and we could take advantage
• 6:17
  Speaker 1: and move up that little thousand dore millionaire and billionaire club,
• 6:21
  Speaker 1: because that's how they live every day.
• 6:23
  Speaker 3: Correct, This is how they are living every single day.
• 6:28
  Speaker 3: They are watching every single dollar. You know, some say
• 6:31
  Speaker 3: money talk, but I say money walks away from the quietly,
• 6:34
  Speaker 3: and you don't know where it wents. Do what I'm
• 6:38
  Speaker 3: about to roll? Bounce up out of here, and when
• 6:40
  Speaker 3: you come find me, I won't be there. It will
• 6:42
  Speaker 3: be nice if it did talk, but it doesn't. And
• 6:44
  Speaker 3: I say that with last and humor, but it's the truth.
• 6:47
  Speaker 3: We say money talks, but it actually walks. And the
• 6:50
  Speaker 3: other thing that happens, but Rashan, which is why they
• 6:52
  Speaker 3: show us so important, is because people say, it's just
• 6:57
  Speaker 3: it's just ten dollars, it's just twelve dollars, it's just
• 7:00
  Speaker 3: one hundred dollars. And by the time you add up
• 7:03
  Speaker 3: all of those, it's just that's where your wealth is.
• 7:07
  Speaker 3: And so we have to keep preaching. We have to
• 7:10
  Speaker 3: keep teaching because the truth is. And the other part
• 7:13
  Speaker 3: of this is that we're doing right now. We're doing
• 7:15
  Speaker 3: a state planning. Unfortunately, we've seen many suicides. Unfortunately, we've
• 7:20
  Speaker 3: seen many deaths, and so now is the time for
• 7:23
  Speaker 3: everybody to understand that you have in a state your
• 7:27
  Speaker 3: life insurance, you're checking the savings accounts, the car you drive,
• 7:31
  Speaker 3: your clothing and all of those things need to be
• 7:34
  Speaker 3: in a proper plan when you read here. So there's
• 7:38
  Speaker 3: so many things that this masterclass is just perfect for.
• 7:42
  Speaker 1: Now, let's talk about one of the great stories you
• 7:44
  Speaker 1: always tell me about employing your kids because we are
• 7:48
  Speaker 1: you know, we got families out here with children. They
• 7:51
  Speaker 1: don't know what to do with them. But you have
• 7:53
  Speaker 1: a strategy on how you can take advantage of employing
• 7:58
  Speaker 1: your kids and being able to write it off of
• 8:00
  Speaker 1: your taxes.
• 8:01
  Speaker 3: Correct, absolutely, IRS Publication fifteen Pay thirteen. And I have
• 8:08
  Speaker 3: to say that because here's what happens when you start
• 8:11
  Speaker 3: to teach what the wealthy do? You know? Unfortunately, sometimes
• 8:15
  Speaker 3: in our community we don't believe anything. We think everything
• 8:18
  Speaker 3: is a scam. You that haters may say blockers and
• 8:21
  Speaker 3: craft barrel legs pullers. So whenever I quote this, I
• 8:25
  Speaker 3: say go to IRS Publication fifteen Pay thirteen, and the
• 8:30
  Speaker 3: IRS says that a child can work for parents in
• 8:34
  Speaker 3: their home based business. You can pay each child up
• 8:38
  Speaker 3: to twelve five hundred dollars a year. That's a complete
• 8:42
  Speaker 3: tax write off to you. Now, if you have two children,
• 8:45
  Speaker 3: that's twenty five thousand dollars. If you have three children,
• 8:49
  Speaker 3: that's thirty seven thousand, five hundred dollars and tax right
• 8:51
  Speaker 3: offs every year. That money is tax free to the child.
• 8:57
  Speaker 3: They pay no taxes on it. And now because you
• 9:00
  Speaker 3: haven't trast rite off, they can now go and buy
• 9:03
  Speaker 3: all the things that you were gonna pay for anyway.
• 9:06
  Speaker 3: You were gonna pay for tuition, you were gonna pay
• 9:08
  Speaker 3: for school clothes, you were gonna pay for that new
• 9:11
  Speaker 3: I pant, You're gonna pay for that video game. You
• 9:14
  Speaker 3: were gonna pay for football lessons. You were gonna pay
• 9:16
  Speaker 3: for all those things. But the difference now you get
• 9:19
  Speaker 3: your money back.
• 9:21
  Speaker 1: Oh okay, Now I'm mad at you now because you
• 9:23
  Speaker 1: know I've been paying my daughter teach twenty five now
• 9:26
  Speaker 1: she's out of college. You know I am not home
• 9:28
  Speaker 1: I mean, we've had home based businesses and I'm not
• 9:31
  Speaker 1: giving her one check. And I know I could have
• 9:34
  Speaker 1: what's a pamp of fifteen, page thirteen. I need somebody.
• 9:39
  Speaker 1: I need to rip that out and put it on
• 9:40
  Speaker 1: my wall and E laminated because twelve thousand, five hundred
• 9:45
  Speaker 1: is so smart what you just said, Because you know
• 9:48
  Speaker 1: it's so smart, it's so smart. But because of the
• 9:52
  Speaker 1: fact that here I am, were sending kids to private school, okay,
• 9:56
  Speaker 1: and they can. It's a part time job, that's what
• 9:58
  Speaker 1: we call. It's just a part time job, and they're
• 10:01
  Speaker 1: paying they're doing part time work. That money, like you said,
• 10:03
  Speaker 1: it's not taxable. They can go and buy their clothes,
• 10:07
  Speaker 1: they can eat, they can they can even start paying
• 10:10
  Speaker 1: for their car, down payment for their education. Really, how
• 10:13
  Speaker 1: did you, I'm just going to say this, how did you?
• 10:16
  Speaker 1: And you said that when you give advice like this,
• 10:18
  Speaker 1: the first thing people give you the little squnch eyes.
• 10:21
  Speaker 1: How could that be you? You got to be nobody
• 10:24
  Speaker 1: does anything like that. How do you overcome those naysayers,
• 10:27
  Speaker 1: those haters, those disbelievers that think that something that everybody's
• 10:31
  Speaker 1: taking advantage of they don't think is real.
• 10:36
  Speaker 3: Well, the first thing is if you show them the
• 10:39
  Speaker 3: successful people who are doing it. Because we're so afraid
• 10:42
  Speaker 3: to get ahead because we think we're going to be
• 10:45
  Speaker 3: aut of it by the I R S. So we
• 10:47
  Speaker 3: think something is illegal and so on and so forth,
• 10:50
  Speaker 3: and so do you have to tell the truth? Yes?
• 10:53
  Speaker 3: Do you have to document every single thing? Yes? And
• 10:56
  Speaker 3: then people say, well live that's hard work. I said
• 10:59
  Speaker 3: with yes, yes, yes, And you could be the CEO
• 11:06
  Speaker 3: of company. So now you're gonna take the hard work
• 11:11
  Speaker 3: and put it on getting your money back. But really,
• 11:14
  Speaker 3: for Shawn, and you know this, some people can't be told,
• 11:17
  Speaker 3: they have to be shown. And when people don't want
• 11:21
  Speaker 3: to follow suit, I say, if that's working for you,
• 11:24
  Speaker 3: keep doing it. And what we do is we make
• 11:27
  Speaker 3: sure that we develop good networks. Your network determines your network.
• 11:31
  Speaker 3: So I surround myself with people who are already who've
• 11:35
  Speaker 3: already been where I'm trying to go, and who are
• 11:38
  Speaker 3: trying to get to where I've been.
• 11:39
  Speaker 1: So so that's how we're doing, Doctor Lanne. When you
• 11:42
  Speaker 1: call the show, are you? Every time you call you,
• 11:44
  Speaker 1: you make a dant into this city, like my producers
• 11:47
  Speaker 1: came around the corner man. She's just dropping some information
• 11:51
  Speaker 1: because that we normally don't get. And I think that's
• 11:53
  Speaker 1: a that's a tragic thing to say, because that's that's
• 11:56
  Speaker 1: the truth. Were the last to get the information? You know?
• 11:58
  Speaker 1: We the last or no about the COVID shot, We
• 12:00
  Speaker 1: the last to know about the COVID test. Were the
• 12:02
  Speaker 1: last or know about taxable tax deductions? How can we
• 12:07
  Speaker 1: break that cycle of being the last? Or that's too
• 12:09
  Speaker 1: large a question to ask you to even answer.
• 12:13
  Speaker 3: No, I think it's a very fair question, and I
• 12:16
  Speaker 3: think we have to adjust and ship what we're paying
• 12:19
  Speaker 3: attention to because let's be clear, as black people, we
• 12:23
  Speaker 3: have wealth, now we are spending it on design of gym, shoes,
• 12:28
  Speaker 3: design of person. We're spending on cars, furniture, jewelry. We'll
• 12:33
  Speaker 3: go spend hundreds and hundreds of dollars for a concert ticket,
• 12:38
  Speaker 3: and another several hundred dollars on an outfit, another couple
• 12:41
  Speaker 3: hundred dollars on a pair of shoes. We will. We
• 12:44
  Speaker 3: have wealth.
• 12:46
  Speaker 4: We have it.
• 12:48
  Speaker 3: It's about what we are doing with it. And if
• 12:51
  Speaker 3: we're going to pay attention to the advice from people
• 12:56
  Speaker 3: like yourself. Quite frankly, and I think you know, there's
• 12:59
  Speaker 3: a saying that if you wants people to if you
• 13:03
  Speaker 3: want to hide something, put in a book because people
• 13:06
  Speaker 3: aren't going to read it. And I think, unfortunately for us,
• 13:09
  Speaker 3: we do not realize that. In the same way, we
• 13:12
  Speaker 3: can plan a baby shower, we can plan a bridal shower,
• 13:16
  Speaker 3: we plan the biggest weddings. We have all thirteen hundred
• 13:19
  Speaker 3: of our cousins there eat up all of food. But
• 13:23
  Speaker 3: if we put that planning in our finances, we could
• 13:26
  Speaker 3: be just as successful. So I think we just have
• 13:29
  Speaker 3: to keep saying it and keep putting it out there,
• 13:31
  Speaker 3: and keep making it available to people.
• 13:33
  Speaker 4: Please don't go anywhere, We'll be right back with more money.
• 13:37
  Speaker 4: Making Conversations Masterclass. Welcome back to the Money Making Conversations
• 13:47
  Speaker 4: Masterclass hosted by Rashaan McDonald.
• 13:51
  Speaker 1: Well, you know the interesting thing when you say that,
• 13:54
  Speaker 1: I'm always I always tell people like you know, I
• 13:56
  Speaker 1: can remember when you know, I was struggling to buy
• 13:58
  Speaker 1: two pasties. I made a little money and guess what
• 14:00
  Speaker 1: instead of instead of maintaining that money income and maintaining
• 14:05
  Speaker 1: that lifestyle, I started accelerating it. I made little money,
• 14:08
  Speaker 1: got a better apartment. I made a little more money,
• 14:10
  Speaker 1: got a better car. You know, those are the things
• 14:12
  Speaker 1: you naturally do. You tend to reward yourself for your efforts,
• 14:17
  Speaker 1: which is a natural way to do. But you also
• 14:19
  Speaker 1: have to remember saving setting aside. And you just said,
• 14:22
  Speaker 1: don't spend it all. Just don't go out there and
• 14:25
  Speaker 1: don't have a plan to do as we say those
• 14:29
  Speaker 1: rainy days. And one of the great principles that you
• 14:31
  Speaker 1: talk about is that eliminate everything possible, live below your means.
• 14:36
  Speaker 1: Act if you have lost an income. Can you talk
• 14:38
  Speaker 1: about that? Just give some people drop some old nuggets
• 14:41
  Speaker 1: that you can live a great life, but act like
• 14:43
  Speaker 1: it like you've lost your income and you can live
• 14:45
  Speaker 1: a longer great life.
• 14:48
  Speaker 3: First of all, this is so good. Thank you for
• 14:50
  Speaker 3: this question. People do not understand that money will work
• 14:56
  Speaker 3: harder for you than you can have a work for it.
• 15:00
  Speaker 3: I want everybody who's listening right now to think about
• 15:03
  Speaker 3: how hard you work, how many days a week you
• 15:06
  Speaker 3: have to work to produce the income, and some hopefully
• 15:10
  Speaker 3: it's enough, but many times it's not. Money is saying
• 15:14
  Speaker 3: if you respect me, if you learn about me, and
• 15:18
  Speaker 3: if you protect me, then I will work harder for you,
• 15:23
  Speaker 3: then you can work for me. We are not protecting
• 15:27
  Speaker 3: our money when it's in sitting in a bank account,
• 15:30
  Speaker 3: or sitting in a savings account, or we're constantly going
• 15:33
  Speaker 3: out and sending it. But money says, if you pay
• 15:35
  Speaker 3: attention to me, then I will go out and duplicate
• 15:40
  Speaker 3: and multiply and triple and quadruple. I earned eighty six
• 15:46
  Speaker 3: eighty six percent return on my investment last year, Rashaan,
• 15:51
  Speaker 3: and I didn't even do any I didn't do any cryptocurrency,
• 15:55
  Speaker 3: I didn't have any of the wild investments. I didn't
• 15:58
  Speaker 3: even buy when the stock market first crash. But because
• 16:02
  Speaker 3: we implemented a strategy, and what everybody needs to know,
• 16:06
  Speaker 3: if you can implement a strategy. So the first thing
• 16:09
  Speaker 3: you do is spend less money. I say, live by
• 16:11
  Speaker 3: the ten, ten, thirty fifty. The first ten percent of
• 16:14
  Speaker 3: every dollar you get you tied, the next ten percent
• 16:16
  Speaker 3: you saved. The next thirty percent is cash on a
• 16:20
  Speaker 3: separate desert card for incidentals like grocery, gas, hair nails.
• 16:25
  Speaker 3: If it doesn't fit, get rid of it. Do not
• 16:28
  Speaker 3: spend more money than you have available to spend, And
• 16:31
  Speaker 3: the remaining fifty percent save in your checking account for
• 16:34
  Speaker 3: your bill. If you have more than enough money, that's
• 16:39
  Speaker 3: not a license to go get a bigger house, a
• 16:41
  Speaker 3: bigger car, or bigger everything else. Because if you get
• 16:44
  Speaker 3: a raise and raise your expenses, you have more debt
• 16:46
  Speaker 3: and less friends. You should first attack your debt, pay
• 16:51
  Speaker 3: off your credit cards, and so on and so forth.
• 16:53
  Speaker 3: Take a portion of your extra money, you know, save
• 16:56
  Speaker 3: for a vacation, which really I say a business trip
• 16:59
  Speaker 3: where I can they on the business ship, so now
• 17:01
  Speaker 3: I can get that money back. So let's just try
• 17:04
  Speaker 3: to be in place for the extra money. And if
• 17:07
  Speaker 3: you don't have enough money to pay your bills, then
• 17:10
  Speaker 3: you must subtract. Wow, you might have to take those
• 17:13
  Speaker 3: kids out of private school. I did it. You might
• 17:16
  Speaker 3: have to take them out of ballet I did. You
• 17:18
  Speaker 3: might have to put them in free programs at the
• 17:21
  Speaker 3: search I did. You might have to get a smaller
• 17:23
  Speaker 3: place to live. So that's what we do. And then
• 17:26
  Speaker 3: when we can start to make our money work for us, Rashawan,
• 17:30
  Speaker 3: I love my money working for me.
• 17:32
  Speaker 4: I love it.
• 17:32
  Speaker 6: We'll be right back with more Money Making Conversations Masterclass
• 17:36
  Speaker 6: with Rashawn McDonald. Now, let's return to Money Making Conversations
• 17:42
  Speaker 6: Masterclass with Rashaan McDonald.
• 17:45
  Speaker 1: We have Lawrence on the call here, Lawrence, welcome to
• 17:48
  Speaker 1: a Reverend doctor Lynn Richardson.
• 17:52
  Speaker 3: Hi, do Lawrence, Come on now, Lawrence.
• 17:55
  Speaker 1: He's preaching today, Lawrence, he's preaching, so welcome to the altar.
• 17:59
  Speaker 3: Brother.
• 18:00
  Speaker 1: You're not asking for no money, but were given advice.
• 18:02
  Speaker 3: What'd you got?
• 18:02
  Speaker 1: What's your question?
• 18:05
  Speaker 3: You're speaking of hiring your children for your home based business.
• 18:09
  Speaker 3: What's the age limits? What's the maximum age limit? Tends
• 18:12
  Speaker 3: to do that? I absolutely love this question because there
• 18:18
  Speaker 3: has been a debate about the age limit. People say, well,
• 18:23
  Speaker 3: they have to be no younger than seven years old,
• 18:26
  Speaker 3: and I say that is completely untrue because the IRS
• 18:30
  Speaker 3: says that your child can do any job that any
• 18:34
  Speaker 3: other child can do for a reasonable age. So tell
• 18:39
  Speaker 3: me what does the Hudgie's baby do, What does the
• 18:42
  Speaker 3: Pamp's baby do? What does the Gerber baby do? Those
• 18:45
  Speaker 3: babies model and they appear in commercials. The Department of
• 18:51
  Speaker 3: Labor also says that a child of any age, It
• 18:56
  Speaker 3: specifically says any age can work in tea fell as
• 19:02
  Speaker 3: a babysitter and their parents home based business without violating
• 19:07
  Speaker 3: any labor laws. So as long as the work isn't dangerous.
• 19:10
  Speaker 4: They can do it.
• 19:12
  Speaker 3: So if you are in a business and you need
• 19:15
  Speaker 3: to promote your business on social media, then your younger
• 19:19
  Speaker 3: children can model. You are five and six years old
• 19:22
  Speaker 3: year old, they can help you with social media. Your eight,
• 19:25
  Speaker 3: nine and ten year olds can help you with your databases.
• 19:28
  Speaker 3: Your older children can help you at events and plan
• 19:30
  Speaker 3: and so on and so forth. So in my class
• 19:33
  Speaker 3: how to Hire your kids and get your Money Back,
• 19:36
  Speaker 3: I go through job descriptions for children of every age
• 19:40
  Speaker 3: and different things that they can do to not only
• 19:42
  Speaker 3: help you in your home based business, but also learn
• 19:45
  Speaker 3: important entrepreneurial skills.
• 19:48
  Speaker 1: Lawrence did to help you out? Did the Reverend help
• 19:51
  Speaker 1: you out? Reverend doctor Lynn Richardson, did you help you out? Well,
• 19:56
  Speaker 1: that's what we thought, that money making conversation master class
• 19:58
  Speaker 1: because of the fact that you didn't notice she's said
• 20:00
  Speaker 1: that right, correct, And that's the that's the problem. We
• 20:03
  Speaker 1: don't know. And w c OK has giving me an
• 20:05
  Speaker 1: opportunity that's based in Atlanta, Georgia. That's where the home
• 20:08
  Speaker 1: and the headquarters of what I do is. We broadcast
• 20:11
  Speaker 1: from the campus of Clark Atlanta University every every week.
• 20:16
  Speaker 1: And the beauty of this information that she's sharing with
• 20:19
  Speaker 1: it is because she's helped that thousands on national TV.
• 20:23
  Speaker 1: And she's right on my show right now helping out us,
• 20:27
  Speaker 1: giving us information because she's that well respected, a regular
• 20:32
  Speaker 1: on the Steve Harvey Talk Show, a regular you know
• 20:34
  Speaker 1: on B E T, a regular on Erica Campbell's show,
• 20:37
  Speaker 1: a regular on Essence B E T. You can turn
• 20:41
  Speaker 1: on the TV, turn on a podcast and you hear
• 20:44
  Speaker 1: her preaching the gospel of how the hair live a
• 20:47
  Speaker 1: valued life. Doctor Linny. I can't get enough of praising you.
• 20:52
  Speaker 1: This is only a small and I'm just telling you
• 20:54
  Speaker 1: this is just a small nugget of her life that
• 20:56
  Speaker 1: she's sharing with us. You know she's that unique, and
• 20:59
  Speaker 1: I think to get on the show. You know, when
• 21:03
  Speaker 1: when she comes my way, it's always got to do
• 21:05
  Speaker 1: more because I always feel like, Wow, she's blessed me
• 21:08
  Speaker 1: with this opportunity to share this information because like Lawrence
• 21:12
  Speaker 1: just said, and a lot of you guys driving around,
• 21:13
  Speaker 1: sitting at the home, you didn't know what she was
• 21:16
  Speaker 1: talking about. You don't believe. And then I asked you
• 21:19
  Speaker 1: to call y'are sitting around debating should I call her?
• 21:21
  Speaker 6: Uh?
• 21:21
  Speaker 1: Maybe maybe we're gonna embarrass We're not trying to embarrass you.
• 21:24
  Speaker 1: We just trying to share you value the information. Also
• 21:27
  Speaker 1: to get you to trust us, to trust doctor Lynn
• 21:30
  Speaker 1: richards the trust Roseean McDonald. Just trust this radio program
• 21:35
  Speaker 1: that every week. You know that we're trying to give
• 21:37
  Speaker 1: you advice, so you do your research. Understand it's how
• 21:40
  Speaker 1: it works. Now, I want you to google doctor Lynn
• 21:43
  Speaker 1: Richardson google her and you will see it's just the
• 21:47
  Speaker 1: page is just gonna go. You just gonna keep pressing down,
• 21:50
  Speaker 1: pressing down, pressing down, and you're gonna see it with stars,
• 21:52
  Speaker 1: You're gonna see it with regular people. You're gonna see
• 21:54
  Speaker 1: it with young kids. You're gonna see it with every
• 21:57
  Speaker 1: walk of life. You wanna see charity organization does. With
• 22:00
  Speaker 1: mc light, she gives back.
• 22:02
  Speaker 3: Amen, we give back a million dollars over the past
• 22:07
  Speaker 3: ten years. Yes, we have listen to her.
• 22:09
  Speaker 1: Now she's giving back with advice on Money Making Conversation
• 22:12
  Speaker 1: master Class. Tell them how to reach you because like
• 22:15
  Speaker 1: I said, I wouldn't be here. I'm gonna tell you
• 22:16
  Speaker 1: something I would not be able to promote what I'm saying,
• 22:20
  Speaker 1: money Makingation. Money Making Conversation master Class is the number
• 22:24
  Speaker 1: one syndicated We can't show on black radio without a doctor.
• 22:28
  Speaker 1: Lynn Richardson believing in Rashon McDonald.
• 22:32
  Speaker 3: Well, I want to say this. I want to make
• 22:34
  Speaker 3: sure that we stay connected and maybe we come up
• 22:38
  Speaker 3: with a curriculum for twelve months or something to that effect,
• 22:41
  Speaker 3: because I'll be a Good Morning America tomorrow talking about
• 22:44
  Speaker 3: a state planning in the black community and Rashaun, you know,
• 22:49
  Speaker 3: life insurance of state planning, having a proper trust. We
• 22:53
  Speaker 3: don't understand that we can create trust on for our
• 22:58
  Speaker 3: children on minimum age. A lot of people don't understand
• 23:04
  Speaker 3: you're worth more, unfortunately dead than alive. Well, when you
• 23:09
  Speaker 3: pass on, if you put those funds into an annuity
• 23:13
  Speaker 3: inside of a trust, your child will have an income
• 23:16
  Speaker 3: for life and they will then be able to pass
• 23:19
  Speaker 3: that income down to their children and so on and
• 23:21
  Speaker 3: so forth. And this pandemic, because you mentioned it, has
• 23:27
  Speaker 3: taken a rehabit on our community. If I get one mode,
• 23:33
  Speaker 3: go fund me requests to stay for.
• 23:37
  Speaker 1: A funeral, right right, right right, mm hmmm.
• 23:44
  Speaker 3: So we we have to do this work and we
• 23:46
  Speaker 3: have to keep educating our people, and a state planning
• 23:51
  Speaker 3: is where we get to create wealth for future generations. Listen, Rashaan,
• 23:56
  Speaker 3: I was on full stamps in this century. When I
• 24:01
  Speaker 3: was on phone stamps, I still had enough life insurance
• 24:04
  Speaker 3: to make sure that if I didn't make it to
• 24:08
  Speaker 3: the next day to live out my dream, then my children,
• 24:13
  Speaker 3: my husband, my parents, my grandparents were still taking care
• 24:16
  Speaker 3: of in my access. And that's the power of this
• 24:21
  Speaker 3: master class and this kind of information for our people.
• 24:25
  Speaker 1: Wow, if you have to give like closing advice to
• 24:28
  Speaker 1: my listeners because you're going to be back. And also,
• 24:31
  Speaker 1: I'm launching a money making conversations actually not money making conversation.
• 24:35
  Speaker 1: I am going to be launching a national podcast network.
• 24:40
  Speaker 1: And doctor Lynn Richardson I want to know. Will you
• 24:43
  Speaker 1: be a part of that? If you if you allow
• 24:45
  Speaker 1: yourself to be part of my growing brand out there,
• 24:50
  Speaker 1: doctor Lynn, doctor le Richardson, Here we go.
• 24:58
  Speaker 3: I am just excited about it all. I am ready
• 25:03
  Speaker 3: to take each person by the hand, this man who
• 25:06
  Speaker 3: want help.
• 25:08
  Speaker 1: There you go.
• 25:09
  Speaker 3: I'm training a group of life coaches.
• 25:11
  Speaker 1: Now, there you go.
• 25:12
  Speaker 3: I see we are not magicians.
• 25:14
  Speaker 1: There you go.
• 25:17
  Speaker 3: I am not a psychiatric counselor. I'm not any of that.
• 25:24
  Speaker 3: I am a change agent for people who want help
• 25:30
  Speaker 3: and act like it.
• 25:32
  Speaker 1: Well, my friend, you are special. You'll be on Good
• 25:35
  Speaker 1: Morning America tomorrow. Correct, yes, yes, that would be wednesday.
• 25:40
  Speaker 1: Please check her out, Doctor Lenn, I will be calling
• 25:42
  Speaker 1: you this week. I got a fan club that I
• 25:47
  Speaker 1: send out one hundred thousand fan club members every week.
• 25:50
  Speaker 1: I want us to start doing five minute video segments
• 25:53
  Speaker 1: with you doing your thing and dropping my fan dropping it.
• 25:57
  Speaker 1: It's all about you, It's all about your whole your
• 25:59
  Speaker 1: whole brand. You try to change people's lives with information.
• 26:03
  Speaker 1: So we'll talk all fair. But I want to thank you,
• 26:05
  Speaker 1: doctor land Richardson. If you don't believe she's real, google her.
• 26:08
  Speaker 1: But coming on money making, Conversation master Class and I'll
• 26:10
  Speaker 1: be calling you personally this week.
• 26:11
  Speaker 3: Okay, okay, Amen, thank you so much for good luck.
• 26:16
  Speaker 1: We talked sent on, appreciate you.
• 26:21
  Speaker 6: Thank you for joining us for this edition of Money
• 26:23
  Speaker 6: Making Conversations Masterclass. Money Making Conversations Masterclass with rough Shan
• 26:29
  Speaker 6: McDonald is produced by thirty eight fifteen Media Inc. More
• 26:33
  Speaker 6: information about thirty eight fifteen Media Inc. Is available at
• 26:37
  Speaker 6: thirty eight fifteen media dot com. And always remember to
• 26:41
  Speaker 6: lead with your gifts