Participants: Yvonne Lewis (Host), Ryan Mack
Series Code: DAS
Program Code: DAS000008S
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00:01 What is money for?
00:03 Is it a helpful resource to use for good, 00:05 or is the love of it the root of all evil? 00:08 Actually it's both, 00:10 but God may have a different definition of success. 00:13 Real success doesn't come overnight. 00:16 It takes hard work and faithful planning. 00:20 To use your dollars well, 00:22 it takes more than a little sense. 00:27 Hi, and welcome to Dollars and Sense, 00:29 I am co-host Yvonne Lewis 00:31 and our primary host is Ryan Mack, 00:34 financial literacy expert, author, teacher, speaker. 00:38 All right. 00:39 Everything, just everything, everything 00:41 Proud to be here. 00:42 Yeah, we are so glad to have you 00:44 and love the information you've been bringing, 00:48 I know that our Dare to Dream viewers 00:50 are being so blessed by this information. 00:53 Share this with your friends, 00:54 tell your friends to watch this program. 00:57 We need it in our communities desperately. 00:59 So we are so glad that you are doing this 01:01 and tying it all to scripture. 01:02 Absolutely. 01:04 Tying all these principles into these financial, 01:07 economic principles into biblical principles. 01:09 Right, well, it's easy to do 01:11 because everything in your life is related to scripture. 01:15 And scripture supports every aspect, 01:17 there's nothing that you can do 01:19 whether it be sleeping and breathing, 01:21 all of that, everything our daily activities, 01:23 what we do, how we think, how we feel, 01:26 and especially everything good is supported by scripture. 01:29 So it is very simple to do and on this show, 01:33 it's one of my favorite shows because of programs rather, 01:38 essentially because we want to really support 01:42 and really put our arms around our entrepreneurs. 01:46 These entrepreneurs are out there every single day 01:49 and they are having that these ideas 01:52 and they are trying to create 01:53 something that's a product or service for themselves 01:57 and I wanted to just really, 01:59 well, I wanted to highlight a scripture 02:00 that to me resonates 02:02 when you are wanting to start a business 02:05 and I read it, it's out of Colossians 3:23, 02:09 it says "And whatever, whatsoever ye do, 02:13 do it heartily, as to the Lord, and not unto men." 02:17 And I think that every business owner 02:20 should really just take heed 02:21 of what the Word is saying here, 02:23 because when you're starting a business, 02:26 you have to ask yourself a question, 02:28 why are you doing this and is this for money? 02:33 Is this for fame or is this for power? 02:35 Is this for a recognition? 02:38 Is this to feel like you are validated as a person 02:42 or you're doing this 02:43 because Christ has led you to do this? 02:45 Is this of the flesh or the spirit? 02:48 Good question. 02:49 We have to go through that question 02:50 and many times businesses rise and fail 02:53 or many businesses are successful 02:57 according to the world, 02:59 but not according to what Christ has wanted to do 03:01 and we know, we all know that those businesses 03:03 that are worldly successful are not necessarily successful 03:06 in the eyes of that individual, 03:08 especially with internal struggles, 03:09 you might get all the money in the world. 03:11 But what does that money mean when you have lost yourself? 03:14 That's right, 03:16 you know, I've looked at people on TV 03:18 and especially a lot of these rappers and stuff 03:21 and they are so rich financially 03:25 and they look so miserable. 03:26 Right. 03:28 I mean, I don't, I never see real joy in their faces, 03:31 you know, they might smile sometimes, 03:34 but they just look so miserable. 03:36 Because financial wealth does not... 03:40 A man's life Jesus say 03:42 "Consists of more than what he possesses." 03:45 So it's not just about what you have, 03:47 it's no sin to have a lot, it's a blessing to have a lot. 03:50 But it's what you do 03:52 and is it of the flesh as you said 03:54 or is it of the spirit? 03:55 I mean, and we have to ask these questions, 03:58 I mean, and these questions 03:59 are so pertinent and so critical 04:01 because we wanna make sure 04:02 and that we are one joyous in our lives. 04:06 We wanna make sure 04:08 that we are content with what we have 04:10 and with our sedan in our estate 04:12 and we wanna get to that level of prosperity, 04:15 and prosperity doesn't mean 04:17 have all the money in the world, 04:19 you know, you can be spiritually prosperous. 04:22 You know, if you are walking in the line 04:26 what God has for your life, 04:27 you can attain spiritual prosperity, 04:30 you can attain physical prosperity, 04:33 and I am trying to attain that right now. 04:35 There are many entrepreneurs out there like yourself, 04:38 who teach about health and awareness, 04:41 so that's a weakness of mine, 04:43 so I'll use your services to help me get more healthy. 04:47 Anytime. 04:48 Socially prosperous and making sure 04:49 that we can try to make sure 04:51 that we are aligned with what is going on 04:53 in our communities, mentally prosperous, 04:55 and making sure that our mindset is strong. 04:57 So all these things together 04:59 we can achieve a certain level of prosperity 05:00 we want in life, 05:02 and there are entrepreneurs out their 05:04 who have businesses that can really just attach 05:08 and really direct us 05:10 and use their products and services 05:12 that we can buy and purchase and sometime for free 05:14 if it's through a non-profit or what have you, 05:17 that they certainly say, 05:19 let me assist you and fulfill the need in society 05:21 and where our passion intersects 05:24 with our need in society. 05:26 That's where we're gonna have the most happiness 05:28 and the most joy 05:30 because we are passionate about something 05:32 and we are fulfilling a need about something as well. 05:34 That is so true, for those 05:36 who don't know what an entrepreneur is, 05:39 what is an entrepreneur? 05:40 An entrepreneur quite frankly is just someone 05:41 who said, "Hey, I have a skill, I have a talent, 05:45 and I want to spend all my time creating something 05:49 whether it be a service, whether it be a product, 05:52 and I want to offer this 05:54 for other individuals to purchase." 05:56 Okay. 05:58 One of my favorite civil rights leaders 05:59 was Madam C. J. Walker, 06:01 she started out as a slave, 06:05 she worked her way up to cleaning out tubs 06:07 and after she got out of cleaning out tubs, 06:09 she started to say, 06:11 "Let me make this beauty care and hot combs." 06:14 And she was selling her beauty care 06:16 and their hot combs and her husband said, 06:18 "You know what, 06:19 I think you're making enough money, 06:21 we are making about, 06:22 you know, $10 to $20 a week, 06:24 back in those days was a lot of 06:25 money, we're making enough money, 06:27 and we're making, 06:28 you know, lets just be content with what we have here 06:30 and she said no, no, no, I have to do something more 06:33 because the more money I make, the more people I can help. 06:36 And so her drive was not just to make the products 06:40 as she was very good at making products, 06:42 but her drive was to say that 06:43 if she can build this enterprise 06:46 and be successful at building this enterprise, 06:49 then I can employ people, and I can put people to work, 06:52 and I don't have to wait on the government, 06:54 I don't have to wait on anything, 06:56 I can create this entity 06:58 and a lot of people are going to be blessed by essentially 07:01 what I have been able to put together 07:03 and this is what Christ wants us to do. 07:06 He wants us to be fruitful and multiply 07:08 and make sure that we can use the skills and talent 07:11 that He has provided us 07:12 to create benefit for other individuals. 07:15 When I was first starting my business, 07:18 I remember the trials I went through. 07:20 I remember all those things that I had to do, 07:22 the connection, 07:23 so what I did is I put together four steps, 07:26 that future entrepreneurs, 07:29 people who just have something in their mind 07:31 that I would love to get individuals 07:32 to just write down, 07:34 and these four steps 07:36 are for those individuals out there, 07:37 you don't know exactly what you want to do yet, 07:39 you don't know if entrepreneurship is for you, 07:41 and I actually do these steps every six months or so. 07:45 And I write these steps down and I meditate 07:48 and I think about, hey, 07:49 what is God trying to tell me through these. 07:51 What is He trying to let me know 07:54 about these particular steps. 07:56 So the first step is purpose. Okay, purpose and passion. 08:02 The two most precious days of your life 08:04 are the day you were born 08:06 and the second day is a day 08:07 you know why you were born, right. 08:09 So we have to figure out why we're here, 08:13 and when you figure out why we are here 08:16 and, you know, God knows why we are here. 08:18 Right. 08:19 Before we were even created in the womb, 08:20 He knew exactly what was happening, 08:22 He knew this is the reason I am putting this person, 08:26 I am designing an individual 08:28 that's gonna be uniquely tailored to this world. 08:31 And this person is gonna have these skill sets 08:33 and if they follow My word and My will, 08:35 then they are going to be the, 08:37 they are able to use these skill sets 08:38 to do fill in the blank, what is that? 08:41 For me my skill set was financial literacy 08:44 and I knew that I was called to teach financial literacy, 08:48 to help individuals to understand 08:50 the value of money and why we have to use money. 08:53 So the exercise I would like to give 08:55 for finding your purpose and passion in step one, 08:58 I would love everyone to take some time, 09:01 take some time to do this, 09:03 maybe you can find a buddy if you like to figure out, 09:06 hey, you know what, do this exercise with me, 09:08 because you might see something in me 09:09 that I didn't even see in myself. 09:11 So write down 20 skills, talents, or hobbies 09:15 that you possess, at least 20. 09:18 It might be challenging, 09:19 but just work your way through it 09:21 and may be you can complement some of these skills, talents, 09:25 maybe get to 10 or 12 or may be 15. 09:27 But then the other additional ones 09:29 may be write down things that you get mad at, 09:32 things that you get upset about. 09:33 When you're watching television and you argued about something, 09:36 what is tapping into that passion? 09:40 What was the last time you have argued with someone 09:42 and you just couldn't stop, 09:44 you didn't want to break it away. 09:45 Was it about sports? 09:46 Was it about politics? Was it about law? 09:49 Was it about health, strategy, whatever it really was, 09:52 because that one thing that you can't break yourself away from, 09:55 that could be tapping into your passion. 09:58 So after the 20 things that you write down, 10:01 you then want to essentially get, 10:03 that's gonna give you a picture, 10:05 it's gonna start forming a picture 10:07 that things that relate to one another 10:09 and that might give you an indication that 10:11 hey, maybe this is something that I should look into, 10:13 maybe I should look into being a journalist, 10:16 maybe I should look into being a lawyer, 10:18 maybe I should look into being an accountant, 10:20 or maybe I should look into being a caterer, 10:22 whatever that is, you're gonna start seeing things, 10:25 a picture that comes together, 10:26 so that's step one finding your purpose and passion. 10:29 For step two, we want to make sure vision, 10:33 you wanna achieve that vision, 10:34 where there is no vision, the people perish. 10:35 Right. 10:37 One of my favorite scripture in the Word because it says, 10:40 "Where there is no vision, the people perish." 10:42 Now many people will say, 10:43 you know, they will take that to me 10:45 that where there is no vision, 10:47 I will perish meaning personally. 10:50 Well, your vision is not for you, 10:52 your vision is for other individuals 10:54 to bless someone else. 10:56 So when it says that people will perish, meaning this. 11:00 Let's just say we have a community 11:02 or someone has a vision of being a lawyer, 11:06 five years from now. 11:08 Someone has a vision of being an accountant, 11:09 five years from now. 11:10 Someone has a vision of being a caterer, five years from now. 11:14 If they all live in the same community in ideal world 11:17 when you start those businesses, 11:19 a lawyer, an accountant, and a caterer, 11:22 they will all be able to circulate their dollar 11:24 amongst one another. 11:25 They have their vision 11:27 they'll be able to spend their vision, 11:28 they achieve their vision, 11:30 they'll be able to take their money. 11:31 That lawyer can get their taxes done at the accountant, 11:34 then an accountant can buy food at the caterer, 11:36 the caterer can use that lawyer for legal services 11:39 and so forth 11:40 and that's how we create the circulation of our dollar. 11:43 Now, what if that lawyer 11:45 decides to not achieve their vision, 11:48 what if that not to pursue it, 11:50 I don't want to go to law school. 11:51 What if that accountant says, 11:53 I don't wanna be a tax accountant, 11:55 I don't wanna go to be an accountant, 11:57 I don't wanna get my CPA, they decided not to do it. 12:00 What if that caterer says, 12:02 I don't wanna open up a catering business? 12:03 Well, where's the lawyer gonna eat? 12:06 They gonna have to go outside the community. 12:09 Where's the accountant gonna get their legal service done? 12:12 Have to go outside the community. 12:14 Where's the caterer gonna get 12:16 their legal services done or get their taxes done? 12:19 Outside the community. 12:20 So every service that they would have been provided 12:22 before in the community, 12:24 spinning the money in the community, 12:25 circulating their dollar effectively, 12:27 they don't have to go outside the community 12:29 taking their money outside the community, 12:31 making the community 12:32 and when they are taking their dollars rich and richer, 12:35 but the community in which their dollars 12:36 are coming from becomes poor and poor. 12:38 So it was that lack of... 12:40 So what made that dollar circulate? 12:42 Well people say well, 12:44 product and services the availability of them. 12:45 Well if you go deeper than that, 12:47 it was vision that made the dollar circulate. 12:49 If those people didn't have their vision, 12:52 then essentially they wouldn't have had anybody 12:54 to spend their money with. 12:56 So it was the vision that made the dollar circulate, 12:58 it was their vision that empowered the community, 13:00 and where there is no vision, the people perish. 13:03 So that's what I feel that we really are, 13:06 that resonates with me when I think about that. 13:08 So your vision, 13:09 we need your vision to be successful. 13:12 We need your vision to be pursued, 13:13 because at the end of that vision 13:15 there's someone waiting on you to bless them. 13:17 I need to spend my money with you, 13:18 if you are in my community, 13:20 I need to spend my money 13:21 with you to make sure our community is successful. 13:24 So we need to have exercise for that 13:26 and that's for the vision 13:28 I want you to write down where do you think 13:30 you'll be 1, 5, 10 and 20 years from today. 13:35 This is our step two, vision, 13:37 1, 5, 10 and 20 years from today and be specific, 13:42 write a budge for your 5 and 10 year vision 13:45 and that means take a budget out. 13:47 Where do you think 13:48 your mortgages gonna be or your rents gonna be? 13:50 Or you're gonna have anymore children 13:52 for the young millennials out there? 13:54 Are you gonna be in school, you're going back to school? 13:56 How much money you gonna be making from this job 13:58 that you gonna have 13:59 or this entrepreneurial this businesses 14:01 that you're gonna start? 14:02 Where's your budget gonna be? 14:04 'Cause when you start to write budgets down 14:05 and I call them forecasting budgets 14:07 and where you think you're gonna walk in life, 14:09 things start to come together and they start to gel, 14:12 and write that budget down 14:14 and start marching towards that, that's step two. 14:16 Now step three, it's called resources. 14:20 Now for step three we have to understand 14:22 the four precious resources that we have, our time, money 14:27 and everybody knows about time and money, 14:29 you know, I mean time is more precious than money 14:32 'cause I can make a million dollars 14:33 and lose a million dollars and make it back. 14:35 But if you take my time, I can never get it back. 14:38 So time is, time and money, now then, 14:41 can't forget about knowledge and people. 14:44 So many times individuals forget 14:45 about knowledge and people. 14:47 So the only one person away from achieving your blessing 14:50 in terms of people that one person that you meet, 14:52 that you come across with, that you network with, 14:55 so you never know how they gonna bless you 14:57 as you walk across their path, 14:58 as God places that one specific person 15:01 for you to connect with. 15:03 So treat everybody with love, 15:04 treat everybody with respect, be kind with everyone. 15:07 You never going to meet someone 15:09 from now for the rest of your life 15:11 that doesn't know something that you don't know, right. 15:14 So everyone is unique in that fashion 15:18 that everyone has that in their walk, 15:20 so you should treat everyone with respect, 15:21 because they know something that you don't. 15:23 They have knowledge about something you don't 15:24 and that's with everyone, 15:26 there's nobody on the face of the planet 15:28 that you know exactly the same thing. 15:33 So again treat everyone with respect, 15:35 you never know what you are going to get from them, 15:37 you never know what you are going to give to them, 15:39 so I need you to write down especially five people 15:43 that you need to connect with, 15:45 that can help you achieve your vision 15:47 and I'll give you 30 days to do it. 15:50 So this person, these are people 15:51 that can help you start a business, 15:53 these are people that can give you insight and guidance, 15:55 but please consider Dare to Dream network 15:57 as a part of those individuals. 15:59 Absolutely. 16:00 And write us down, 16:01 reach out to us on our Facebook page, 16:03 we want to connect with those individuals. 16:05 So I want people to write down five people 16:07 that they want to connect with, 16:08 whether in the next 30 days 16:10 they can help achieve their vision 16:11 that you haven't connected with before. 16:13 These are not people that you've already talked to, 16:15 these are brand new people. 16:16 It's good. 16:17 I want you to expand your network. 16:19 If you are the smartest person in your circle, 16:20 you need to find a new circle. 16:22 And we have to think about this way 16:24 because I know a lot of folks that are way smarter than me 16:27 and I thank God for them all the time, 16:28 because they give me so much intellect 16:30 and so much ability to just think bigger, 16:32 and better, and broader, 16:34 and better than I ever had before. 16:35 And then for knowledge, 16:37 I need you to write down five books 16:38 that you want to read, over the next 6 months, 16:41 that are gonna help you. 16:42 When I started Optimum Capital Management, 16:44 my financial planning company, 16:46 I read four books how to start a financial planning company 16:50 and I spent less than $10 16:51 on Amazon to start this, to buy those books, 16:54 they helped me start a business. 16:55 So starting a business is easier than it's ever before 16:59 and we need to be very deliberate on doing that. 17:01 And in final the step four is a plan of action. 17:05 We want you to write down five steps 17:08 with dates and times attached to them. 17:11 When you're going to get the first three steps 17:13 that you wrote down accomplished. 17:15 When you're gonna get that vision accomplished. 17:17 When you're gonna write down your vision. 17:18 When you're gonna get that budget together. 17:20 When you're gonna buy those books. 17:21 When you're gonna meet up with those individuals 17:23 who can connect you with and expand your network. 17:25 When you're gonna sit down and write out your 20 skills, 17:29 talents, or hobbies that you haven't possessed. 17:31 So these four steps of success are for people out there, 17:34 if you do this every, I do this every six months. 17:36 It helps individuals to just get centered on 17:39 exactly what they are good at and it gives them a picture, 17:42 an indication of exactly where they wanna go 17:45 and you might already have a business. 17:47 And I'll tell you when I started a non-profit, 17:50 I did this exercise, let's say we know what, 17:52 I think God is pulling me in a different direction 17:54 and this is giving me an outline 17:55 that's showing me, I need to, 17:57 maybe move in a different direction, 17:59 maybe I need to do a non-profit because I had four profit, 18:02 maybe a non-profit will be better suited for that, 18:04 start the non-profit, got fully funded 18:07 and that helped me get my book tour, 18:09 I traveled over 40 cities from funding 18:11 that I got from my non-profit, 18:13 that I wouldn't have able 18:14 to attain had I not done this exercise. 18:16 So that's what people should do before they start the business. 18:19 That is so rich, it's so good 18:23 because especially as I was listening 18:25 that whole idea of the plan of action, 18:27 'cause now you linked yourself to some dates, 18:31 you've said, okay, if you don't, 18:34 if you just say I wanna do this, 18:37 I wanna do this, I wanna do that, 18:39 then that's just a dream, 18:42 it's just a dream because you're not, 18:43 you have nothing to tie action to it. 18:47 But if you say, okay, I want to do this 18:50 by this day and this by that day, 18:52 then now you got, you've tied it to a day 18:57 and now the expectation is even deeper on you 19:00 because you have a time 19:02 in which to fulfill this, don't we? 19:04 We have to force ourselves, 19:05 we have to be deliberate and making sure 19:07 that we are moving in that right direction. 19:10 We have to make sure that we are writing down 19:14 and we are not stagnant, okay, 19:16 because what sometimes individuals do 19:18 as entrepreneurs or prospective entrepreneurs, 19:20 people that want to get into starting their own business, 19:23 they are stagnant and setting their mind 19:26 again I've said this before, 19:28 the number one place where you can find 19:29 most of your dreams is in the graveyard 19:31 because people die with them, and what happens is 19:33 if you don't fulfill your dreams, 19:35 if you don't pursue these dreams, 19:38 then all the blessings that were going to come 19:40 from those dreams for other people 19:42 God gave you these visions for a reason, 19:45 and He want you to fulfill them 19:46 because there are someone waiting out 19:48 and hey, we now what, hey, I need a job right now. 19:51 Wouldn't have had unless you started that company 19:53 or you have a business right now, 19:55 so I have some additional chips 19:57 that I can provide that for individuals 19:59 to just kind of help individuals navigate 20:01 to starting that business. 20:03 And the first thing individuals have to do 20:06 is when you're starting a business 20:07 is get your personal finances in order. 20:10 That's the first step of any small business 20:12 when you create. 20:14 Before you even get started. 20:15 We have to do so, we have to make sure 20:17 we are getting our personal finances in order. 20:19 We have to make sure that 20:21 we are getting our credit together. 20:22 We have to make sure that we are forming a budget 20:24 for those individuals out there who are working, 20:27 I mean, thank God for that job, okay. 20:29 Use that job as a bridge job, 20:31 because as you're making enough money to pay your bills, 20:34 you need to work your nine to five, 20:36 so you can work your five to nine, okay. 20:39 And that is when you go to nine to five, 20:41 you're doing your job and you're reporting, 20:43 but then from five to nine, 20:45 that's when you do your research 20:46 on your other job, 20:47 that you wanna start in our second career, 20:49 that you wanna start 20:50 because you wanted to start this business 20:52 and you wanted to get all those types of things done. 20:54 So get your personal finances in order, 20:56 get your credit together. 20:58 Here's a few steps on building up your credit, 21:00 have to be again making sure 21:02 that you're paying your bills on time. 21:04 You know, one thing with that, Ryan, 21:06 is for me like for a while 21:08 that my credit was really messed up 21:10 because I was self employed, 21:12 sometimes when you're self employed, 21:15 if you don't work you don't get paid, 21:17 and if certain things happen and you don't work, 21:19 you don't get paid, so you can't pay your bills. 21:21 But now praise the Lord, I am employed 21:24 and I have regular, regular pay checks 21:27 so I do automatic bill pay 21:32 and all my bills, praise God are paid on time 21:36 because I do automatic bill pay. 21:38 If I had to rely on myself to remember, 21:40 oh, this is due the 1st 21:42 and this is due the 12th and this is due the 16th, 21:45 I'll never do that, set it up one time, 21:47 set up automatic bill pay one time and then that's it, 21:51 automatically it comes out of your check 21:53 and you don't have to, you don't worry 21:57 and that has changed my credit score, 21:59 it's been a blessing 22:01 because when you do it that way, 22:02 you get your credit score goes up 22:05 so I was really blessed to be able to do that. 22:09 And I only did it once 22:10 and it just handles itself after that. 22:13 Absolutely, and a few other steps 22:15 that I would like to give here are, 22:17 well, again get your credit together. 22:20 You wanna figure out what type of structure 22:21 you gonna form with your business. 22:24 When you start a business, a lot of individuals 22:25 that I worked with over the years 22:27 have essentially said 22:28 they're not gonna form a structure 22:29 and they've been getting paid in cash, 22:32 or they've been trying to get paid under the table, 22:34 which essentially doesn't allow them to file any taxes 22:37 and what happens is that and then I get it, 22:39 you don't wanna have any one catch up to you, 22:42 okay that's fine 22:43 but when you form the right structure, 22:45 you know, whether it be an LLC or a corporate corporation 22:49 or an S corporation or levied in partnership 22:52 for those individuals in real estate 22:53 especially out there. 22:54 When you form that right structure, 22:56 what allows you to do is, 22:57 now it allows you to get deductions, okay. 23:01 Every time you form a business entity, 23:04 you get an additional 300 tax deductions 23:07 available to you that you didn't have, 23:09 if you didn't have a business entity. 23:11 So again, form that right structure, 23:14 get a business mentor, 23:16 that's the first thing we have to do 23:17 is get someone who's been there done that. 23:19 As a matter of fact I would even advise individuals 23:21 to get an advisory council 23:23 of at least three or four people 23:25 who, you know, they could be your mother, 23:27 I mean, my mother helped me out tremendously 23:30 when I started Optimum Capital Management 23:31 and she was right there, 23:33 so she was an unofficial advisory or council. 23:36 But other people who are knowledgeable 23:37 about the industry 23:39 who can provide guidance and insight to you 23:42 about whatever it is you're trying to get into. 23:44 Form, I mean, talk to sba.gov score, 23:49 all these organizations SBDC. 23:52 Sba.gov is a great website, 23:53 you go there, they have a business template. 23:56 Write out your business plan 23:58 and again it's invaluable. 24:00 So here are eight quick steps 24:03 that we can do to write down and make sure that we, 24:06 after you've gone over your personal finances 24:08 and put your budget together, 24:09 eight things you should do to make sure 24:11 that your businesses are structured appropriately. 24:13 One, structure your business appropriately again 24:16 LLC corporation, S corporation, talk to an accountant 24:19 if you need additional assistance. 24:21 Two, obtain an EIN number. 24:24 You can go to irs.gov website 24:27 that I use a lot is inkednow.com 24:29 that helps me to file within my state, 24:31 we pay $200 whatever the fee is, 24:34 but obtain that EIN number 24:35 because we wanna make sure that you are filing taxes, 24:38 you get available all those tax deductions 24:39 available to you. 24:41 That's a corporate ID number, right? 24:42 Absolutely, yes. 24:44 Three, open a separate account. 24:46 You want to keep your personal finances 24:48 separate from your business finances. 24:50 You wanna make sure there's no liability 24:52 just think of piercing the corporate veil, 24:54 you get sued in case something happens to you 24:56 in your day to day business... And you can lose everything. 24:58 Absolutely. 24:59 Four, listed. 25:00 Make sure you listed your business address, 25:02 people wanna be able to find you. 25:04 Five, obtain all the required permits, 25:06 license and registrations that you need. 25:09 Hopefully there's business plan should be able to obtain that. 25:12 And six, establish a profile with Dun and Bradstreet, 25:16 dnb.com, this is business credit, 25:18 you know, it's different from personal credit, 25:20 you want your personal credit to be up-to-date, 25:22 but you want your business credit 25:23 to be up-to-date as well. 25:25 And then lastly, apply for personal line 25:28 or business line of credit 25:29 with different organizations like Office Depot, 25:31 Staples, Fedex, T-Mobile, all these organizations 25:35 will essentially allow you to build your business credit 25:37 with products that you are purchasing any way. 25:39 So you wanna make sure that your business credit 25:41 gets built up-to-date as well. 25:43 That's some good, that's some great info. 25:45 You're really giving us some good stuff 25:47 and you have a takeaway, of course. 25:48 I sure do, I want folks to be successful. 25:51 All right. 25:59 Wake up early, you find an oyster, 26:01 wake up late you will only find the shell. 26:04 What God has created for you to receive 26:06 because you decided to sleep late, 26:07 was received by somebody else 26:09 who is ready to receive the blessing. 26:11 The successful entrepreneur understands this. 26:13 We need more successful entrepreneurs. 26:16 We need more people to step up to the plate 26:18 and take the ideas 26:19 God has given them in their head, 26:21 to make them come to fruition. 26:22 To the current entrepreneur, thank you. 26:25 I know your pain. 26:26 We spent all of our time focused on politicians, 26:29 when you are the one's out there doing the real work, 26:31 making the economy run. 26:32 Politicians support economic growth 26:35 but you create it. 26:36 For this you are never fully appreciated enough. 26:39 You took the leap of faith 26:40 and because of that now 26:42 you are the reason we have jobs to go to, 26:44 products to purchase for our families 26:46 and services we can use to help us navigate 26:48 through our lives. 26:49 Keep up the good fight 26:51 to not only keep your doors open, 26:52 but to work, and grow, and expand 26:53 as all of us will benefit. 26:55 As a fellow business owner, I understand your journey 26:58 and the many blessings it entails. 27:00 To that person who is out there debating, 27:02 whether or not they have what it takes to be an entrepreneur, 27:05 you must understand the longings of your heart 27:07 are not incidental. 27:08 Those dreams that you have when you are asleep or awake 27:11 are not purely happenstance, 27:13 but critical messages from God. 27:15 The desires of your heart are not to be ignored 27:18 but consulted. 27:19 God is too gracious to ask you to do anything that you hate, 27:22 too merciful to ask you to do anything that you despise. 27:26 Choose God and follow your passion 27:27 and you'll find yourself having to make provisions 27:30 for the abundant blessings coming your way. 27:32 Whether you're current or future business owner, 27:34 we at Dollars and Sense support your endeavors. 27:37 Email us at dollarsandsense@3abn.org 27:40 with any questions or chat with me 27:42 on the Dare to Dream network Facebook page. 27:45 In the meanwhile, be the change you want to see 27:47 and remember, the purpose of life 27:49 is a life of purpose. 27:50 Till next time Dollars and Sense signing off. |
Revised 2021-06-15