Walk Diva Walk
Walk Diva Walk
EP 33: Managing Your Money with Finesse
It's time to change the narrative of black women in business. Join me, Dr. Mary L. Boy, as I reveal how black women can shatter those income glass ceilings and turn savings into wealth that lasts into retirement. There's a difference between saving and investing, and I'm giving you the strategies to manage those finances with finesse, so you can make sure your golden years are filled with joy, not a continued daily grind.
This episode is far more than financial advice; it's about starting a movement of empowerment and community for black women. We'll also get into the world of life insurance policies with me, and becoming your own bank. Join me on this journey, and let's walk together diva!
Hey y'all. Hey, it's your girl, dr Mary L Boy, the reposition specialist. You are listening to the Walk Deva Walk podcast. This podcast is for you, the woman, specifically the black woman, who's had enough. Enough of saying no to your kids because you can't afford it. How about robbing Peter to pay Paul, working two or three jobs just to make ends meet? Enough of running from your God-given purpose and enough of just being sick and tired of being sick and tired. On this journey. With the Walk Deva Walk podcast, I will help you overcome your past, face your present and walk into your God-given, purposed future, so you can support your family the way that you desire, live in abundance and overflow. Live birth to that God-given purpose, giving birth to your dreams and desires. How about travel and experience the world in ways that you and your family will never forget? Have joy and peace so you can live. Are you ready? Let's walk. Hey Deva, hey Listen, we are still talking about money.
Speaker 1:I call it money talks. And we have already talked about making your money, your shmoney, your mula right. Yes, you know what to do to get it done. And then we have talked about managing the money that you make. But after you've done that? What about saving? Right? How do you save your money? Because you sit here and you work hard. You work nine to five and your problem is that you turn around and say, where did the money go? I'm not saving anything. I don't have anything for the future. Oh God, I have to work until I'm 110, right, because I'm not going to be able to afford to retire. I'm 30 years old, I'm 40 years old, I'm 50 years old and retirement is nowhere in the future, and that's a problem. I have 401K, but that's up and down and it really isn't doing anything. Like what am I going to do? And just putting some money in a savings account in a bank that's earning me.0001%? What is that going to do for me? I know that's you. I know it's going through your mind because it went through mine.
Speaker 1:In early 20s, early 30s. I was already saying I do not want to work for nobody for the rest of my life. I do not want to be 70 years old and no shade, but a Walmart greeter right after retirement. I had to retire to get a job at Walmart because my retirement wasn't enough, because I didn't save or I didn't invest my money so my money could make money for me. Like, what are we doing? And I knew stuff like that. I'm telling you that hairs on the back of my neck would stand up straight, because I just had to sit and in my profession at that time, when I was doing recruiting, I was just like do I really want to do this for the next 30 years? Do I want to do this for the next 40 years? And what's my plan? Is my 401k going to get it done? No, right. Do I have money anywhere else? No, I don't. So what's the answer? What is the answer? Everything. Everybody tells you oh, open the bank account, put some money in there, but really, what is it doing for you? Nothing.
Speaker 1:And so when we talked about managing money, if you have not listened to that episode, go and listen to it. Okay, it's going to change your life. And when we talked about managing money, we talked about how to understand and know your numbers, know where they are, know how much you're making, know what your expenses are, know what you have left over and know what you're doing with it. And so that left over money that you have just like do I save it? Don't I save it? Do I spend it? Do I invest it, what do I do?
Speaker 1:And there's a difference between saving and investing, two totally different things. But because when you invest, you expect a return. Who doesn't? When you invest, you expect a return and the idea what we have been sold, the idea that we have been sold is you make your money. You put your money in a bank account, your money sits there, it earns.0001% interest and you know it's your rainy day fund, they would call it. And everybody should have something in the bank money that they can get to quickly for an emergency, okay, but not for you to save money. That's going to take you into retirement.
Speaker 1:That's not what it is and unfortunately, a lot of people don't know what to do. Hear me and hear me. Well, you have to listen to me on this, diva. You cannot just save money. I know I said we're talking about saving, but saving in a different manner is going to take your mind somewhere else in order for you to be able to do this. But you have to do it Because if you don't, you're not going to be able to retire and you are going to work forever, until the day you die.
Speaker 1:So if you retire, you're not going to be able to live the life that you want to live during your retirement age. And the way that age is happening now, right, it's like 50s, the new 40s, 60s, the new 50s everything is 10 years back, because people are feeling younger in their senior years. Like you see, people that are 70 years old, they don't look 70 anymore, right, and that's because the life that they're living some people aren't. They're like I'm not working, just the work. I want to do more. My health is more important, people are dying off and I have to do better, and so they're living a different type of life. Well, if you want to live a different type of life as well in retirement, you have to learn how to save differently. Okay, you have to learn how to save differently, and there are so many different avenues.
Speaker 1:But I'm going to talk to you about one, and in the black community, it's one that we shy away from. We feel we don't need it, we feel like we're throwing our money away with it and we're so wrong, and it's life insurance. I bet you didn't think I was going to say that it is life insurance and you like married life insurance. Yeah, see, in the black community, y'all know when people start talking about life insurance, the old folk, they were like oh, I ain't talking about that, that's death insurance, that's death insurance. Oh, as soon as you talk about that, you're going to kill over and die, like, really, is this what we're doing right now? No, you're not, and this conversation is not had in our families at all, and the only life insurance that we may have is the one through our jobs, that our jobs pay for. But what happened when you lose your job? What happens when your job is no longer there?
Speaker 1:So then we say, well, I'm going to buy the cheapest thing possible and I'm going to get term life insurance and I'm going to pay $20 a month, and that's it. $25 a month, $30 a month, and I'm going to be good. Well, most term life insurance is the 30 years is the standard. But what happens if you live past that 30 years? So you've just paid for 30 years worth of life insurance. You didn't die, you didn't use it, it's termed, which means it expires and you have nothing to show for it. Now you have to get more insurance. Well, now you're 30 years older, the qualifications are a little different. You got to be testing. Your health is not as great as it was 30 years prior.
Speaker 1:And so here you are and you may or may not be able to get it, so you need to save through avenues like whole life insurance or universal index life insurance. There are two different ends of the spectrum. I'm going to for my parents out there that are parents to newborns y'all have infants and toddlers get you an IUL index universal life insurance policy now for your baby. You are going to save yourself so much grief, so much stress when it comes to when your child gets older and need to go to college, need a car, the different things. If you start now, you can potentially get an IUL for your baby at $50 a month. By the time that they're 18, you could have a half a million dollars of cash that you can take out of that policy. That policy will help you get that car you wanted. That policy can help pay for college. That policy can help pay for room and board if they're going away to school. It can help with so much.
Speaker 1:These are things that's never talked about and that we don't know about. And then we find ourselves as single moms Again. I was that single mom before I got married and I didn't know better. Nobody told me better. Let me tell you I worked for a company for 10 years and probably three maybe my second year there, because I remember my son was about three years old my second year there and they had this company come in and they brought us all in a room and talked about 401K and they presented the 401K options that the company was going to be having and they were matching. The company was matching 100 percent. You know what? I walked out of that room and said I can't do no 401K. I need my money, I need all my money. I don't have it to give them anything. I worked for 10 years for that company and never got 401K because I didn't know any better.
Speaker 1:Now I only would advise anybody to. Let me say this I am not a financial advisor. This is just what my experience is. I'm telling you my experience. I only would advise anybody to so into a 401k, if you will. If your company is matching 100% of their not matching 100%, then I wouldn't even worry about it, because there are so many other products out there that can do you better. And no, I'm not an insurance agent either. I just have learned so much in this money game that we are not taught, we're just not taught it. I am determined to teach our community, our sisters, because it's a lot of us that are single, that have children, that are trying to make it and we just don't know what to do.
Speaker 1:But again, it's the shift in mindset Because even though I said that I couldn't afford $50, even $50 or $100 a month in paying into this 401k, but yet I could go out and buy the next new outfit, then those days I was clubbing, so I could go out to the club and spend $100. I can do all the other things to spend money that don't bring me any type of return, but my mindset wasn't to invest money so my money can make money for me. And when I left that job I could have easily, over 10 years, I could have had about $40, $50,000, even more if I was going to put more. But if I would have stayed at that $50 a paycheck or $100 a paycheck I could have been at $40 to $50,000. Well, when I left, that could have rolled over into something else. And I'm telling you this was from 1995 through 2004. 1995 to 2004. Yeah, that was like nine years, it was almost 10 years. And imagine if I would have taken that money and put it in something else in 2004,. We're here now. What, 19 years later, what that $40,000 could have potentially turned into 19 years later? But I didn't know and nobody told me.
Speaker 1:So I'm telling you you have to learn these things. You cannot be afraid of investing your money. You cannot, and so whole life policies Whole life policies give you a death benefit and a cash value to it. And because you are the way that the policy is set up and no policy is the same. It depends on your situation and you really need to talk to an agent to go through this process. However, as your policy accumulates cash value, you can take that money, borrow that money from yourself. You're here term infinite banking. You're here a term become your own bank. This is a path to wealth, and so you can borrow from yourself. So when you need that down payment for the house that you're trying to get, when you need the down payment for the car, when you need tuition, a house emergency, whatever it is, you become your own bank, and you borrow from yourself when you pay yourself back In interest. So not only have you made money through this type of product, but your money also made money for you, because the interest that you're paying yourself is yours.
Speaker 1:I know you like what, mary, you like? Wait, wait a minute. What are you saying to me right now? Yeah, and I can't give it all away right now to you we're going to do another episode and understanding this process, but I'm telling you it is amazing, and imagine setting your child up in a type of policy that they can have all the way, you know, forever, and you turn it over to them and they're making a payments on it because they're young adults now, and that policy now is a million dollar policy. It has a million dollar death benefit. It has, you know, six, seven hundred thousand dollar cash value and instead of renting an apartment paying $2,000 a month, they can actually buy their own home, a hundred percent debt free, $150,000, because they knew first home, they don't need a lot, right? A hundred and fifty thousand, two hundred thousand, and they're debt free and they own it all home.
Speaker 1:If I would have known then what I know now, things would be so different, and so that's why I'm determined to shout it from the rooftops to you the one that's working at a job can't figure it out, struggling, don't know what to do. Don't have anybody to really be straight with them and say stop spending your money on frivolous things. As far as investing your money until you can go back to spend your money on frivolous things because you have so much of it, it don't matter, right? We all want to get to that place, but that's where it starts. And so to you woman, black woman, mother this is what you need to do, this is what you need to have, this is what you need to start looking into and investing into. That's a different way of saving.
Speaker 1:So you see the difference from putting a hundred dollars two hundred dollars in a bank account Bank of America, wells Fargo, whoever and trying to hope that it builds up and at the end of the year you've earned sixty cents, versus paying two hundred dollars in a vehicle, where, in your first year, your cash value is three thousand dollars, in the second year, your cash value is ten thousand dollars in the third year, and now you can borrow money from yourself. Probably never heard of it, right? I know I was shocked when I heard of it too, but it's possible and it's there, and there are so many other ways to have the life that you want to live. So this is what I need you to do right now. I need you to. You're going to click the link below and it's going to take you to some resources where you can absolutely talk to a professional, look at your options and start your journey of the different type of savings. You're going to invest to save, not save in the old, traditional way. It's not going to work. You're going to do what the wealthy do. I have learned the tricks of the trade. Click the link below and find out more. So I love y'all. I want to see you wealthy. I want to see you on the other side of money. I'm telling you it is there for you for the taking. Let's go get it. I love y'all. Ain't nothing you can do about it. Be blessed, live on purpose and walk All right.
Speaker 1:Divas, what an episode. Did I hit you in the head with one of those bricks? Did you go out? Did you have the ducking cover? I know you went running around the house checking for cameras, looking under the bed, looking out the window to see if I was watching, because I was all in your business. I was on your street and in your lane. It's okay, though. It lets you know that you're not alone. I hope that something that you heard resonated with you and, as a result, you are starting to reposition your mind so you can have the life that you want to live. Now. That's not all I have for you guys. Not just what was in the podcast, but now I want to give you a gift. Go to wwwstopdrowningandwincom. Wwwstopdrowningandwincom. To receive the seven steps every black woman must take this year to break free and live her dreams once and for all. You will also have an opportunity to connect with our community Again. You are not alone. The work is just beginning. Are you ready? Let's walk.