1 00:00:00,000 --> 00:00:05,250 When I started thinking about estate planning, I wasn't thinking so much in 2 00:00:05,250 --> 00:00:09,539 numbers of what I want for retirement, but I was thinking about my nieces, my nephew. 3 00:00:09,930 --> 00:00:12,830 God forbid I go before my parents, what would they have? 4 00:00:13,150 --> 00:00:14,530 My sister and my brother in law. 5 00:00:14,530 --> 00:00:17,080 So I was thinking about all of those things. 6 00:00:17,158 --> 00:00:21,188 I just want to be so wealthy and just put it in an account where I could 7 00:00:21,188 --> 00:00:22,608 just make as much money as possible. 8 00:00:22,618 --> 00:00:25,353 So I don't have to Feel limited. 9 00:00:25,403 --> 00:00:29,263 I just wanted to make sure that I had things in place that could give me a 10 00:00:29,263 --> 00:00:34,193 sense of freedom instead of a sense of anxiety about what I had or didn't have. 11 00:00:35,023 --> 00:00:38,753 This is the Harmonious Wealth Podcast, where we're breaking online business 12 00:00:38,753 --> 00:00:43,823 owners free from chasing every next revenue milestone and instead prioritizing 13 00:00:43,893 --> 00:00:48,003 lifestyle and legacy goals so you can finally have the personal wealth 14 00:00:48,023 --> 00:00:49,663 to show for your business success. 15 00:00:49,993 --> 00:00:54,133 I'm your host, Iyanna Vaughn, fractional CFO and bookkeeper here to guide you. 16 00:00:54,593 --> 00:00:57,193 Now let's start building your financial legacy. 17 00:00:58,471 --> 00:01:00,691 welcome to another episode of Harmonious Wealth. 18 00:01:00,711 --> 00:01:05,351 My name is Ayanna Vaughn, and I have an incredibly special guest, 19 00:01:05,421 --> 00:01:07,521 none other than Maya Elias. 20 00:01:07,521 --> 00:01:09,121 She is the messaging queen. 21 00:01:09,151 --> 00:01:12,111 She helps women of faith master their message so that they 22 00:01:12,111 --> 00:01:14,311 can monetize their expertise. 23 00:01:14,711 --> 00:01:16,191 Thank you so much for coming on, Maya. 24 00:01:16,711 --> 00:01:18,681 I'm excited. 25 00:01:18,781 --> 00:01:18,881 Yes. 26 00:01:18,881 --> 00:01:19,191 Yes. 27 00:01:19,191 --> 00:01:22,061 If anyone lives under a rock and doesn't know about you tell the 28 00:01:22,061 --> 00:01:23,701 people a little bit about yourself. 29 00:01:23,894 --> 00:01:28,774 First of all, I'm going to describe myself as a client of lovely financials. 30 00:01:29,159 --> 00:01:31,249 For the past, what, seven years. 31 00:01:31,249 --> 00:01:32,739 And you've been in business for eight years. 32 00:01:32,749 --> 00:01:34,419 So pretty much since your beginning. 33 00:01:34,859 --> 00:01:38,839 And it's such a pleasure to talk to you and not talk about money right now. 34 00:01:38,839 --> 00:01:42,079 And do you remember the first few years I hated talking to you because 35 00:01:42,079 --> 00:01:43,459 it meant we had to dissect the money. 36 00:01:44,524 --> 00:01:48,194 I'm so grateful, but professionally, I am a business coach, a brand 37 00:01:48,194 --> 00:01:52,054 strategist, and the CEO of Built to Impact, which is a coaching company 38 00:01:52,054 --> 00:01:56,614 that helps women of faith package up their expertise and build a six figure 39 00:01:56,614 --> 00:01:59,144 business as efficiently as possible. 40 00:01:59,464 --> 00:02:01,244 So I'm really excited to be here. 41 00:02:01,391 --> 00:02:04,881 Thank you so much for coming on and gracing the people. 42 00:02:04,881 --> 00:02:06,731 So we're going to talk about something a little bit different. 43 00:02:06,781 --> 00:02:11,031 Maya was saying, not about the money, but about a money story that I think 44 00:02:11,041 --> 00:02:17,441 all of us can really learn from, because I like to think as a first generation 45 00:02:17,441 --> 00:02:21,229 entrepreneur, You're really vouching for three generations in your family, 46 00:02:21,229 --> 00:02:25,229 like the people behind you, your parents, yourself, and then the future 47 00:02:25,239 --> 00:02:27,379 generations, like the children coming up. 48 00:02:27,429 --> 00:02:32,209 What I do love about you, Maya, is that you came equipped with Not having 49 00:02:32,209 --> 00:02:34,199 a lot of negative money mindset. 50 00:02:34,219 --> 00:02:37,209 There was a little bit of avoidance with the numbers, like looking at it, but 51 00:02:37,209 --> 00:02:42,359 overall you were really clear on where you wanted your business to go and grow. 52 00:02:42,679 --> 00:02:47,029 And then also being comfortable with your numbers so that you can empower 53 00:02:47,029 --> 00:02:49,769 yourself to create the business that you have for yourself and the 54 00:02:49,769 --> 00:02:51,389 wealth that you have for yourself. 55 00:02:51,819 --> 00:02:56,079 And a story that I want, us to talk about is how you created 56 00:02:56,139 --> 00:02:58,459 a legacy plan for your family. 57 00:02:58,503 --> 00:02:59,373 How did that go for you? 58 00:02:59,373 --> 00:03:02,965 Right, 59 00:03:03,146 --> 00:03:03,326 my 60 00:03:03,386 --> 00:03:05,821 family and I, we got our estate planning done. 61 00:03:05,871 --> 00:03:09,901 I paid for mine and then I paid for my parents and it was something that 62 00:03:09,901 --> 00:03:11,611 my mom was always like down for. 63 00:03:11,611 --> 00:03:14,851 But I think my dad was just, an African father who just wants to 64 00:03:14,871 --> 00:03:17,961 take things into his own hands and thinks that he knows everything. 65 00:03:17,961 --> 00:03:21,261 And it's sir, writing down what you want to leave behind on a napkin is not a will. 66 00:03:21,461 --> 00:03:21,961 And we. 67 00:03:23,266 --> 00:03:23,886 You know what I mean? 68 00:03:23,886 --> 00:03:24,726 Like, Bro, come on. 69 00:03:24,726 --> 00:03:29,734 And Even with a will it like you still have to, go through the probate process 70 00:03:29,734 --> 00:03:33,094 and all of that and so when I had talked to an estate planning lawyer, 71 00:03:33,094 --> 00:03:35,474 she was like, here's what it looks like if we can set up your estate. 72 00:03:35,524 --> 00:03:40,604 Typically what I like to do in order to convince either one of my parents that, 73 00:03:40,654 --> 00:03:44,094 to do something or to make them feel more comfortable is I do it for myself 74 00:03:44,104 --> 00:03:46,244 first, or I say, this is what I'm doing. 75 00:03:46,704 --> 00:03:49,414 And I think that's with almost everything that we do in life. 76 00:03:49,414 --> 00:03:54,734 It's if I can normalize it in one area and they see that it's normal and not harmful, 77 00:03:54,754 --> 00:03:56,664 then it makes them feel safe to do it. 78 00:03:56,724 --> 00:04:01,094 Once they knew I signed up for myself, my dad, actually, I had him on the call 79 00:04:01,094 --> 00:04:03,194 with me with my estate planning lawyer. 80 00:04:03,194 --> 00:04:07,034 When we went over all of the things in my estate plan stuff 81 00:04:07,034 --> 00:04:10,374 that like my health directives, like who has access to my health. 82 00:04:10,604 --> 00:04:14,744 And if you were brain dead, but you were pregnant, what would you have to do? 83 00:04:14,744 --> 00:04:19,974 And so he got to see the intricacies of what it really looks like to 84 00:04:20,314 --> 00:04:24,584 plan your life and do it in a way that is like really meaningful. 85 00:04:24,594 --> 00:04:26,374 So I'm really glad that he was able to see that. 86 00:04:26,374 --> 00:04:27,974 And then we all got it done. 87 00:04:28,311 --> 00:04:33,281 That's beautiful because it's rarely talked about overall, especially 88 00:04:33,576 --> 00:04:38,129 As entrepreneurs, and especially as black women of color entrepreneurs, 89 00:04:38,129 --> 00:04:40,049 because we don't talk about that. 90 00:04:40,049 --> 00:04:41,029 We don't talk about death. 91 00:04:41,029 --> 00:04:42,529 Why would we talk about that, right? 92 00:04:42,829 --> 00:04:45,249 But if we plan for the future and just switch the language, like 93 00:04:45,259 --> 00:04:49,429 how you were saying, it's really solidifying your legacy for the future. 94 00:04:49,449 --> 00:04:52,329 And how does your family benefit from what you've worked so 95 00:04:52,329 --> 00:04:54,519 hard to do in your business? 96 00:04:54,714 --> 00:04:58,574 Yeah, and I think it's so interesting, you know the things that we If you 97 00:04:58,574 --> 00:05:01,394 create your estate plan, it doesn't mean you're going to die any sooner. 98 00:05:01,464 --> 00:05:02,964 But remember, like it doesn't 99 00:05:03,559 --> 00:05:03,769 Right, 100 00:05:03,874 --> 00:05:05,144 ensure specific things. 101 00:05:05,194 --> 00:05:08,274 If you are a control person, this is the perfect thing for you to do because 102 00:05:08,274 --> 00:05:11,724 you actually get to now, not only do you get to control things while you're 103 00:05:11,724 --> 00:05:13,274 alive, but you get to control things. 104 00:05:13,964 --> 00:05:15,864 Once, once you pass on. 105 00:05:15,904 --> 00:05:16,724 So I love it. 106 00:05:16,887 --> 00:05:19,547 And I heard this pastor years ago. 107 00:05:19,547 --> 00:05:20,847 I don't even remember who it was. 108 00:05:20,847 --> 00:05:24,767 If I heard it online, if I heard it in person, it might've been Myles Monroe, 109 00:05:24,797 --> 00:05:27,547 but he said one in one people die. 110 00:05:28,227 --> 00:05:29,487 And it was just clear. 111 00:05:29,487 --> 00:05:31,877 And it was like, I'm going to die anyway. 112 00:05:31,877 --> 00:05:35,707 I might as well figure out what I want to happen once I'm gone. 113 00:05:35,727 --> 00:05:39,257 So that ain't nothing afraid of, at least we know who we going to. 114 00:05:40,012 --> 00:05:41,002 Exactly. 115 00:05:41,392 --> 00:05:44,922 And once you mentioned that, I was thinking of the book of Ecclesiastes and 116 00:05:44,922 --> 00:05:48,682 the Bible and King Solomon was talking about like, all this is worthless. 117 00:05:48,922 --> 00:05:50,952 When you make your riches, it goes to someone else. 118 00:05:50,952 --> 00:05:52,572 But if you have an estate plan, 119 00:05:52,672 --> 00:05:52,972 Right. 120 00:05:53,877 --> 00:05:57,417 if you have an estate plan, you're able to like control where that goes. 121 00:05:58,017 --> 00:05:59,497 Right, Exactly. 122 00:05:59,507 --> 00:06:02,312 So it's like, oh, it's kind of sort of worthless unless 123 00:06:03,282 --> 00:06:04,512 Right, unless there's an estate 124 00:06:04,892 --> 00:06:06,252 Right, exactly. 125 00:06:06,262 --> 00:06:06,642 Exactly. 126 00:06:07,572 --> 00:06:08,122 Yes. 127 00:06:08,492 --> 00:06:11,782 And speaking of family, how did you feel about money growing up? 128 00:06:11,782 --> 00:06:14,482 How was like money discussed in your family as you were coming along? 129 00:06:14,582 --> 00:06:17,482 Honestly, it wasn't discussed that much. 130 00:06:17,582 --> 00:06:21,852 But I think it wasn't discussed in a way that it was a benefit to me. 131 00:06:21,852 --> 00:06:24,315 Like I think when I have kids, I'll probably want to talk 132 00:06:24,315 --> 00:06:25,555 to them more about money. 133 00:06:25,585 --> 00:06:29,935 But I think the beauty is we didn't have to talk about money in terms of lack 134 00:06:29,975 --> 00:06:32,682 because seemed like we always had it. 135 00:06:32,682 --> 00:06:35,022 I've never really seen my parents struggle. 136 00:06:35,302 --> 00:06:39,062 The only money conversation I can ever remember is I wanted to go 137 00:06:39,062 --> 00:06:41,882 to the movies with my friends in like middle school or high school. 138 00:06:42,212 --> 00:06:45,072 And my parents didn't give me like the 10 to go. 139 00:06:45,072 --> 00:06:48,952 And I was so pissed off.because you know how dramatic 14 and 16 year olds are. 140 00:06:48,952 --> 00:06:50,602 And I'm like, are we poor? 141 00:06:50,602 --> 00:06:56,822 Do we know how offended and I can understand why, little girl, you 142 00:06:56,822 --> 00:06:59,832 got me messed up because the fact that we came to this country to 143 00:06:59,842 --> 00:07:03,552 give your raggedy behind a good life and you could ask us if we're poor? 144 00:07:03,792 --> 00:07:08,032 Ma'am, we live in a six figure house where you don't pay any bills, you 145 00:07:08,032 --> 00:07:10,882 don't have to worry about food, you have the clothes that you need, you have 146 00:07:10,882 --> 00:07:12,502 your own what do you mean are we poor? 147 00:07:12,582 --> 00:07:14,872 That was the only time money was ever mentioned and I 148 00:07:14,872 --> 00:07:16,552 ain't even try it ever again. 149 00:07:16,552 --> 00:07:18,072 That is so funny. 150 00:07:18,392 --> 00:07:21,457 Of course, We all experienced like a portion of that. 151 00:07:21,507 --> 00:07:23,007 Don't count my pockets. 152 00:07:23,017 --> 00:07:24,297 So you'll get what you need. 153 00:07:24,297 --> 00:07:25,517 Do you ask for anything? 154 00:07:25,527 --> 00:07:26,637 Do you need for anything? 155 00:07:26,647 --> 00:07:28,327 No, hush your mouth. 156 00:07:29,552 --> 00:07:29,912 right. 157 00:07:30,012 --> 00:07:33,382 And I think that goes into an adulthood is you've been told to 158 00:07:33,382 --> 00:07:35,412 hush, stay in a child's place. 159 00:07:35,712 --> 00:07:39,592 How do you really understand how to navigate money as an adult? 160 00:07:39,602 --> 00:07:43,242 Because they weren't taught that we weren't taught that as much. 161 00:07:43,272 --> 00:07:45,489 And they Dang sure don't teach that in school. 162 00:07:45,689 --> 00:07:50,229 How has your money mindset shifted into adulthood as you were growing up? 163 00:07:50,344 --> 00:07:51,934 I mean I think it has shifted a lot. 164 00:07:51,974 --> 00:07:55,044 I think there were sparingly money conversations, like now that it's 165 00:07:55,044 --> 00:07:56,354 starting to come to me a little bit. 166 00:07:56,404 --> 00:07:58,674 I remember being really young, like six years old and this little 167 00:07:58,674 --> 00:08:01,274 kid being like, do you know that a hundred dollars isn't a lot of money? 168 00:08:01,294 --> 00:08:02,634 And I was like, what, really? 169 00:08:02,974 --> 00:08:06,304 And it was crazy when you think a hundred dollars means rich, which is 170 00:08:06,574 --> 00:08:10,184 mind blowing because a hundred thousand dollars is barely cutting it these 171 00:08:10,184 --> 00:08:11,574 days, the way inflation is set up. 172 00:08:11,924 --> 00:08:14,443 But so just learning about money from like random places. 173 00:08:14,443 --> 00:08:15,973 But I do remember one time. 174 00:08:16,073 --> 00:08:19,563 In high school, I think maybe I was considering like college 175 00:08:19,563 --> 00:08:20,263 or something like that. 176 00:08:20,263 --> 00:08:24,013 And I remember my dad saying something like 23 to 25 an 177 00:08:24,023 --> 00:08:25,703 hour was not a lot of money. 178 00:08:25,713 --> 00:08:32,213 And in my mind, I was making Maybe 8 an hour. 179 00:08:32,213 --> 00:08:35,603 And to me, like I was on the high end of being in high school. 180 00:08:36,223 --> 00:08:37,733 And it's just so interesting. 181 00:08:37,733 --> 00:08:43,063 Our relation to how we perceive money, like 14 year old, my making 8 an hour. 182 00:08:43,063 --> 00:08:44,033 It's you can't tell me nothing. 183 00:08:44,083 --> 00:08:45,103 That's a lot of money. 184 00:08:45,513 --> 00:08:48,363 I remember seeing this meme one time that was like, it don't 185 00:08:48,383 --> 00:08:50,183 take no hour to make no 12. 186 00:08:50,243 --> 00:08:50,953 Like I'm going to quit. 187 00:08:54,123 --> 00:08:55,873 I'm like, yo, that's so real. 188 00:08:55,903 --> 00:08:56,113 That's. 189 00:08:57,280 --> 00:08:57,570 Wild. 190 00:08:58,105 --> 00:09:00,535 A whole 16 minutes to create 12 191 00:09:02,315 --> 00:09:02,655 right? 192 00:09:02,995 --> 00:09:04,965 We thought we were lit back then too in high school! 193 00:09:05,705 --> 00:09:06,125 right? 194 00:09:06,130 --> 00:09:09,815 And I'm like, don't let it have been 16-year-old mind making $12 an hour. 195 00:09:10,085 --> 00:09:12,795 But I remember when my dad said that, and I'm like, dang, 196 00:09:12,795 --> 00:09:14,565 how much is this guy making? 197 00:09:14,575 --> 00:09:16,585 $23 isn't a lot of money? 198 00:09:16,885 --> 00:09:19,405 And he was making a comparison of when you get a degree, you'll 199 00:09:19,405 --> 00:09:20,425 make more money or whatever. 200 00:09:20,475 --> 00:09:26,868 I think I had a high standard of what I wanted to make based 201 00:09:26,868 --> 00:09:30,738 on how I saw my parents living and how I saw, my dad working. 202 00:09:30,738 --> 00:09:34,068 Yeah. 203 00:09:34,198 --> 00:09:38,788 you had positive role models growing up and that turned into you having a 204 00:09:38,788 --> 00:09:41,278 more secure relationship with money. 205 00:09:41,588 --> 00:09:44,918 I like to relate like our relationship with money to how 206 00:09:44,928 --> 00:09:46,338 we show up in relationships. 207 00:09:46,798 --> 00:09:51,618 And if anything like me, my attachment style was very disorganized and it 208 00:09:51,618 --> 00:09:54,058 showed up in how I manage my money. 209 00:09:54,298 --> 00:09:55,488 In my twenties, right? 210 00:09:55,498 --> 00:09:58,368 Because it was give or take, I knew it, but I took it away. 211 00:09:58,568 --> 00:10:02,338 And it's how I showed up and having a secure attachment style allows 212 00:10:02,338 --> 00:10:06,228 you to be able to grow into wealth and you're from your business and 213 00:10:06,228 --> 00:10:07,688 for your personal life as well. 214 00:10:08,341 --> 00:10:09,081 That is so good. 215 00:10:09,081 --> 00:10:12,321 I feel like I referenced that a little bit too at Impact Weekend, where no one 216 00:10:12,321 --> 00:10:13,631 cares how to be secure with your money. 217 00:10:14,011 --> 00:10:14,381 I love it. 218 00:10:15,091 --> 00:10:16,981 I need to be clingy to me. 219 00:10:16,981 --> 00:10:20,151 I want my man to be clinging on to me. 220 00:10:20,181 --> 00:10:22,121 So that's how I want my money to be. 221 00:10:23,711 --> 00:10:24,561 exactly. 222 00:10:24,591 --> 00:10:25,541 Exactly. 223 00:10:25,541 --> 00:10:27,601 So when you started your business. 224 00:10:28,076 --> 00:10:31,226 Did you have a legacy goal or what comes to mind when it 225 00:10:31,226 --> 00:10:33,226 comes to like legacy planning? 226 00:10:33,326 --> 00:10:37,051 When I started my business, I didn't really have any goals. 227 00:10:37,161 --> 00:10:40,941 I thought that it was cool that people were willing to pay me to do what I 228 00:10:40,941 --> 00:10:42,841 was already doing for fun and for free. 229 00:10:43,202 --> 00:10:47,199 And then I think it probably wasn't until maybe four to five years into 230 00:10:47,199 --> 00:10:50,399 my business when I'm like, Ooh, I want to have a six figure business. 231 00:10:50,429 --> 00:10:52,489 And, trying to figure out what does that even look like? 232 00:10:52,489 --> 00:10:52,949 Okay. 233 00:10:52,949 --> 00:10:54,509 8, 333. 234 00:10:54,549 --> 00:10:56,049 How am I going to make that money? 235 00:10:56,439 --> 00:11:01,129 And then it wasn't until years after that I'm like, I really made up in my mind. 236 00:11:01,129 --> 00:11:02,939 No way I want to have a seven figure business. 237 00:11:02,939 --> 00:11:06,579 I'm like, how on earth am I going to make 83, 333? 238 00:11:08,679 --> 00:11:13,069 And so I think it's like, before we can even get to legacy for me, at 239 00:11:13,069 --> 00:11:16,509 least there's different iterations and milestones that we have to see 240 00:11:16,769 --> 00:11:20,546 of what's possible for us, because To me, when I do think about legacy, 241 00:11:20,546 --> 00:11:25,026 I think we have to have created something worth leaving behind, right? 242 00:11:25,026 --> 00:11:26,056 If I don't have any kids. 243 00:11:26,056 --> 00:11:27,026 I don't own anything. 244 00:11:27,026 --> 00:11:30,556 I don't really have assets outside of my little Wachovia account back 245 00:11:30,556 --> 00:11:32,686 then turned Wells Fargo account. 246 00:11:32,796 --> 00:11:37,046 Unless we can actually build assets that we're genuinely proud of, typically 247 00:11:37,046 --> 00:11:38,656 we're not really thinking legacy. 248 00:11:38,706 --> 00:11:39,976 No, that's absolutely true. 249 00:11:40,008 --> 00:11:43,168 Where was the point in your business where you're like, okay, let me get 250 00:11:43,168 --> 00:11:48,628 really clear on where I want my life to be as I got older.because I know you 251 00:11:48,628 --> 00:11:53,648 like to work hard, live soft, but you want that future for yourself, right? 252 00:11:54,128 --> 00:11:55,578 What was that time where you're like, okay. 253 00:11:56,073 --> 00:11:59,203 I made that seven figures in business, or even before you started 254 00:11:59,203 --> 00:12:03,273 making seven figures in business, thinking about your future self. 255 00:12:03,429 --> 00:12:05,939 I honestly think it was when I had. 256 00:12:06,050 --> 00:12:09,440 My highest revenue year and my most profitable year, which were the 257 00:12:09,440 --> 00:12:13,760 same year in 2021, because it was also the most challenging year. 258 00:12:13,760 --> 00:12:18,810 And I think, stuff gets real clear, when you go through challenging times, right? 259 00:12:19,020 --> 00:12:22,650 And so I think maybe for other people, it's I was down to my last dollar and 260 00:12:22,650 --> 00:12:27,375 I really needed No, I had all of the money and I was still really stressed 261 00:12:27,375 --> 00:12:31,065 out and I was still really angry and I was still really hurt by a lot of the 262 00:12:31,065 --> 00:12:32,475 things that were going on in business. 263 00:12:32,945 --> 00:12:34,125 And it was at that moment. 264 00:12:34,125 --> 00:12:37,595 I realized I might not want to do this ish forever. 265 00:12:38,005 --> 00:12:41,375 And I posted a clip about entrepreneurs usually don't think 266 00:12:41,375 --> 00:12:43,795 about retirement because they think they want to do it forever. 267 00:12:43,795 --> 00:12:44,845 This is my passion. 268 00:12:44,845 --> 00:12:45,535 It's my calling. 269 00:12:45,695 --> 00:12:49,065 I'm like, and I saw somebody post the other day. 270 00:12:49,115 --> 00:12:51,865 In 20 years, will you still be doing the same thing? 271 00:12:51,875 --> 00:12:54,595 And I think she was trying to get a gauge of who really loves what they're doing. 272 00:12:54,595 --> 00:12:58,785 I'm like, let me tell you who you ain't go see on anybody's webinar in 20 years. 273 00:12:59,495 --> 00:13:00,655 They ain't going to be me. 274 00:13:00,815 --> 00:13:01,395 Okay. 275 00:13:01,905 --> 00:13:06,925 And so I think going through that challenging season, it required me to 276 00:13:06,925 --> 00:13:11,715 be much more intentional about, yes, you have proven to yourself that you can 277 00:13:11,715 --> 00:13:13,235 make a lot of money in your business. 278 00:13:13,690 --> 00:13:14,790 Now what? 279 00:13:15,200 --> 00:13:19,350 And that is when I started thinking about the concept of profitable living 280 00:13:19,350 --> 00:13:24,300 and having your most profitable year in terms of not just measuring profit in 281 00:13:24,310 --> 00:13:29,370 monetary terms, but measuring profit and peace and fulfillment and joy and health. 282 00:13:29,577 --> 00:13:31,787 Since then, I've been so much more intentional about 283 00:13:31,837 --> 00:13:33,257 is this bringing me peace? 284 00:13:33,287 --> 00:13:34,447 Is it creating impact? 285 00:13:34,457 --> 00:13:35,487 Is it bringing joy? 286 00:13:35,517 --> 00:13:39,527 Because if it's only bringing in money, then it's actually costing me too much. 287 00:13:39,627 --> 00:13:40,207 I love that. 288 00:13:40,237 --> 00:13:43,567 As you were going through those hard times and you were thinking, okay, in 289 00:13:43,567 --> 00:13:47,327 20 years, I will not be on anyone's webinar, no one's social media, nothing. 290 00:13:47,327 --> 00:13:48,027 I'll be laid up. 291 00:13:48,027 --> 00:13:52,707 Was there a figure in which like, you're like, okay, if I were to retire 292 00:13:52,727 --> 00:13:58,407 or in 20 years have net worth of X, Y, and Z, this is what I want to do. 293 00:13:58,407 --> 00:13:59,837 What was that thought process? 294 00:13:59,847 --> 00:14:00,167 Yeah. 295 00:14:00,222 --> 00:14:02,367 Mm. 296 00:14:02,542 --> 00:14:05,552 clear concept of what retirement looked like. 297 00:14:05,552 --> 00:14:09,602 I started to understand it a little bit more, but then I remember also during 298 00:14:09,602 --> 00:14:14,982 that season, or even, I think, honestly, previously I had asked myself if I 299 00:14:15,022 --> 00:14:18,942 didn't work for six weeks and I didn't make any more money in my business 300 00:14:18,942 --> 00:14:20,222 and things just stayed how they were. 301 00:14:20,222 --> 00:14:22,552 And I just went on a six week vacation. 302 00:14:22,977 --> 00:14:25,127 Would my business be able to survive? 303 00:14:25,597 --> 00:14:29,267 And I remember I was actually having this conversation with George, 304 00:14:29,267 --> 00:14:30,787 who you know, I had tweeted it. 305 00:14:30,787 --> 00:14:35,587 And then we had talked about it in person and we deemed it like our freedom number. 306 00:14:35,637 --> 00:14:38,747 We created this concept called like forecaster freedom, right? 307 00:14:38,747 --> 00:14:40,857 If you wanted a six week vacation. 308 00:14:41,232 --> 00:14:44,472 What would that need to look like in your bank account where 309 00:14:44,472 --> 00:14:46,062 it's not affecting your business? 310 00:14:46,062 --> 00:14:48,582 You're still able to pay your team, all of that. 311 00:14:48,652 --> 00:14:51,392 And so I didn't know exactly what that number was. 312 00:14:51,422 --> 00:14:55,202 I don't even think I had a concept then of how to calculate it, but I knew I 313 00:14:55,202 --> 00:14:59,772 wanted to figure out how can I create as much freedom as possible in my business 314 00:14:59,802 --> 00:15:01,761 without jeopardizing my business or my. 315 00:15:01,891 --> 00:15:02,631 bank account 316 00:15:03,645 --> 00:15:04,425 I love that. 317 00:15:04,731 --> 00:15:07,691 When it comes to creating a legacy goal, of course we have to protect it. 318 00:15:07,834 --> 00:15:12,534 How long did it take you to know, okay, let me create a plan for my death. 319 00:15:12,584 --> 00:15:16,064 Let me create a plan so that it could impact my family. 320 00:15:16,234 --> 00:15:17,004 What was that like? 321 00:15:17,004 --> 00:15:17,234 Okay. 322 00:15:17,234 --> 00:15:20,124 Now I know what I want for retirement or at least have an idea 323 00:15:20,124 --> 00:15:21,404 of what I want it to look like. 324 00:15:21,674 --> 00:15:24,634 Now I want to protect what I have had and what I've grown. 325 00:15:24,769 --> 00:15:25,359 Yeah. 326 00:15:25,486 --> 00:15:29,776 I mean, I think when I started thinking about estate planning, I 327 00:15:29,786 --> 00:15:33,596 wasn't thinking so much in numbers of what I want for retirement, but I was 328 00:15:33,596 --> 00:15:35,846 thinking about my nieces, my nephew. 329 00:15:36,236 --> 00:15:39,136 God forbid I go before my parents, what would they have? 330 00:15:39,456 --> 00:15:40,836 My sister and my brother in law. 331 00:15:40,836 --> 00:15:43,386 So I was thinking about all of those things. 332 00:15:43,526 --> 00:15:46,266 And even when it came to the retirement number, I'm like, 333 00:15:46,456 --> 00:15:47,736 can I even trust this number? 334 00:15:47,746 --> 00:15:50,386 Because the way inflation is set up, this could really like, 335 00:15:50,396 --> 00:15:51,896 screw me, we had the pandemic. 336 00:15:52,271 --> 00:15:57,071 Then we're in, a time where inflation and everything is so expensive. 337 00:15:57,501 --> 00:16:00,431 And so I wanted to just make sure that I had more than enough. 338 00:16:00,431 --> 00:16:03,541 I didn't want it to be like, okay, I have this set number and then I'm 339 00:16:03,551 --> 00:16:07,651 living off of this budget, which you and I are working on the budgeting, I 340 00:16:07,651 --> 00:16:11,551 just want to be so wealthy and just put it in an account where I could 341 00:16:11,551 --> 00:16:12,971 just make as much money as possible. 342 00:16:12,981 --> 00:16:18,436 So I don't have to Feel limited, and I know the purpose of budgeting and 343 00:16:18,436 --> 00:16:21,986 planning, especially for retirement is so you don't have to live with 344 00:16:22,466 --> 00:16:25,856 super strict limits, but I just wanted to make sure that I had things in 345 00:16:25,856 --> 00:16:30,726 place that could give me a sense of freedom instead of a sense of anxiety 346 00:16:30,726 --> 00:16:32,766 about what I had or didn't have. 347 00:16:32,916 --> 00:16:35,976 This makes me think of my philosophy of profit focus. 348 00:16:35,976 --> 00:16:39,666 You increasing your profit for a particular purpose in a season. 349 00:16:39,799 --> 00:16:44,059 I like to say the first one is to at least have at least enough cash flow to maintain 350 00:16:44,059 --> 00:16:48,859 operations and then you're able to pay off debt if you have that, pay yourself more, 351 00:16:49,199 --> 00:16:51,339 get into retirement, all those things. 352 00:16:51,569 --> 00:16:54,229 And you've built that, your business to a point where 353 00:16:54,229 --> 00:16:55,819 you're at level five where like. 354 00:16:56,094 --> 00:16:59,554 Okay, now I can invest my money because I've accumulated this wealth, this 355 00:16:59,594 --> 00:17:04,574 business and maintain profits or really had the foresight to retain profits 356 00:17:05,204 --> 00:17:07,084 so that you have healthy cash on hand. 357 00:17:07,261 --> 00:17:11,681 How did you get into making your money, make money for you because 358 00:17:11,681 --> 00:17:15,011 your business was like the number one vehicle for wealth in your life? 359 00:17:15,082 --> 00:17:18,102 I think there were two factors that had me starting to think about it. 360 00:17:18,102 --> 00:17:20,382 I had lunch with somebody here in Atlanta. 361 00:17:20,482 --> 00:17:22,712 She plays like a mentor figure to a lot of people. 362 00:17:23,122 --> 00:17:24,952 And so she and I were having a conversation. 363 00:17:24,952 --> 00:17:27,072 She's like, how are things going in business, all of that. 364 00:17:27,082 --> 00:17:28,792 And then she asked me about retirement. 365 00:17:29,142 --> 00:17:31,902 And I was like, I actually don't even really know how retirement works. 366 00:17:31,902 --> 00:17:33,132 I don't know about investing. 367 00:17:33,152 --> 00:17:34,162 And I didn't have a concept of. 368 00:17:34,912 --> 00:17:38,662 compound interest, I didn't know anything about retirement accounts. 369 00:17:38,662 --> 00:17:40,442 I hadn't worked in corporate. 370 00:17:40,782 --> 00:17:42,812 I just had no idea how it worked. 371 00:17:42,812 --> 00:17:46,122 And so she explained it you put your money in an investment account 372 00:17:46,142 --> 00:17:47,812 and then you accrue interest. 373 00:17:47,812 --> 00:17:50,272 And then eventually you want to be able to live off of that interest. 374 00:17:50,272 --> 00:17:51,142 And I'm like, Oh, wow. 375 00:17:51,142 --> 00:17:54,392 I'm mind blown at how, this concept works. 376 00:17:54,552 --> 00:17:57,362 And so once I understood that, I'm like clearly I need to start getting 377 00:17:57,362 --> 00:17:58,932 my money in some investment accounts. 378 00:17:59,272 --> 00:18:02,439 But then I was intimidated because I'm like what brokerage do I go with? 379 00:18:02,439 --> 00:18:05,429 And am I like a big deal enough to be able to have this? 380 00:18:05,429 --> 00:18:08,819 You just think you have to look a certain way or be a certain thing to do things. 381 00:18:08,819 --> 00:18:11,459 And it's no, girl, you just log on and you put money in the account. 382 00:18:12,009 --> 00:18:15,384 I ended up downloading the Stash app because it just felt Far less 383 00:18:15,384 --> 00:18:19,134 intimidating, Oh, if you don't have enough money to buy a whole 384 00:18:19,144 --> 00:18:20,974 stock, you can get partial stock. 385 00:18:20,974 --> 00:18:23,214 And I'm like, that seems more my jam. 386 00:18:23,214 --> 00:18:24,554 I don't know if I could really do it. 387 00:18:24,894 --> 00:18:29,184 And so I remember just auto investing like 25 a week into 388 00:18:29,184 --> 00:18:31,094 four to five different companies. 389 00:18:31,494 --> 00:18:32,954 And it just kept growing. 390 00:18:32,954 --> 00:18:33,854 I looked at it the other day. 391 00:18:33,854 --> 00:18:34,834 It's at 50, 000. 392 00:18:34,834 --> 00:18:36,214 I was like, look at God, 393 00:18:36,259 --> 00:18:36,489 Okay! 394 00:18:38,009 --> 00:18:38,649 Okay! 395 00:18:38,799 --> 00:18:38,819 Bye! 396 00:18:38,819 --> 00:18:39,381 Hee hee 397 00:18:39,654 --> 00:18:44,206 I was just so proud to just see it grow because I started it in 2018 398 00:18:44,206 --> 00:18:46,106 or 2019 and just left it, right? 399 00:18:46,176 --> 00:18:48,026 So I'm like, I honestly don't really know what to do with it 400 00:18:48,026 --> 00:18:49,756 besides let it keep growing. 401 00:18:49,756 --> 00:18:51,526 And, I continue to self fund. 402 00:18:51,526 --> 00:18:53,876 I think I spend 85 a week. 403 00:18:53,886 --> 00:18:57,206 Like investing and just seeing like planting that small seed 404 00:18:57,256 --> 00:18:58,856 can produce so much fruit. 405 00:18:58,896 --> 00:19:00,736 And so I just love it. 406 00:19:00,836 --> 00:19:05,186 I'm glad you said planting that small seed because we have a lot of misconception 407 00:19:05,186 --> 00:19:08,726 of if you're going to start investing or start your retirement account you 408 00:19:08,726 --> 00:19:12,366 have to max out immediately but it's if you don't miss a hundred dollars a 409 00:19:12,366 --> 00:19:17,166 month start there if you could just put a little by little the compound interest 410 00:19:17,166 --> 00:19:21,306 will One, you could see it grow, but then also you can grow from there. 411 00:19:21,886 --> 00:19:24,606 So let's stop this right now. 412 00:19:24,606 --> 00:19:28,096 If you're thinking I need to max out everything, I need to have thousands 413 00:19:28,096 --> 00:19:32,716 of dollars at once, at least getting in the habit of putting something towards 414 00:19:32,716 --> 00:19:34,686 your future will help you so much. 415 00:19:34,686 --> 00:19:37,966 And especially it alleviates some of that nervousness of thinking, 416 00:19:37,966 --> 00:19:39,336 okay, what happens if I need it? 417 00:19:39,396 --> 00:19:40,256 Or what happens. 418 00:19:40,586 --> 00:19:42,376 Just being scared to do it at first. 419 00:19:42,436 --> 00:19:45,876 I wasn't even putting in enough where it's if I had an emergency, it would 420 00:19:45,876 --> 00:19:47,026 make sense to go get that money. 421 00:19:47,116 --> 00:19:50,456 It's girl, you better have a legit emergency fund.because this 422 00:19:50,456 --> 00:19:54,626 little 85 a week, it ain't going to cover your tires, baby girl. 423 00:19:54,626 --> 00:19:55,006 Okay. 424 00:19:55,006 --> 00:19:57,276 So yeah. 425 00:19:57,286 --> 00:20:00,126 So put in money that you're not missed, but be intentional about 426 00:20:00,126 --> 00:20:01,716 having a schedule with investing. 427 00:20:01,816 --> 00:20:05,860 And that goes into the point of what I love to talk about paying yourself. 428 00:20:06,355 --> 00:20:09,855 In your business so that you're not borrowing money here and there, 429 00:20:09,855 --> 00:20:12,885 you're like paying yourself a full salary so that you can not only 430 00:20:12,885 --> 00:20:16,735 survive, but thrive when it comes to paying yourself from your business. 431 00:20:16,735 --> 00:20:18,235 How has that been for you? 432 00:20:18,475 --> 00:20:20,155 These paths, of course it changed, right? 433 00:20:21,205 --> 00:20:23,025 And you're laughing preemptively because. 434 00:20:23,755 --> 00:20:34,654 We know So 435 00:20:37,410 --> 00:20:38,930 I just like to keep it real, right? 436 00:20:38,930 --> 00:20:42,170 Because it's once you learn money mindset and all that you know all of the answers, 437 00:20:42,170 --> 00:20:44,780 and it's you learn as you go, okay? 438 00:20:44,780 --> 00:20:47,540 First I would like always underpay myself and you guys would be like 439 00:20:47,590 --> 00:20:50,060 you have to pay yourself enough or else you're going to get taxed. 440 00:20:50,060 --> 00:20:54,250 What's the term where all y'all be yelling at us like, reasonable pay or whatever? 441 00:20:54,250 --> 00:20:56,370 And it's it's reasonable for me, okay? 442 00:20:56,370 --> 00:20:58,925 I only want to pay myself 50, 000. 443 00:20:58,925 --> 00:21:00,937 Ha ha ha ha. 444 00:21:00,937 --> 00:21:04,737 What she's talking about is, she has an LLC taxed as an S corp. 445 00:21:04,737 --> 00:21:06,557 So she is an employee of her company. 446 00:21:06,557 --> 00:21:10,444 So when we nag her about reasonable compensation, if you're a CEO of 447 00:21:10,444 --> 00:21:13,274 your company and you're like the main marketing person, you're not going 448 00:21:13,274 --> 00:21:15,214 to be paying yourself 30, 000 a year. 449 00:21:15,214 --> 00:21:15,474 Okay. 450 00:21:17,214 --> 00:21:17,754 No, no, no, ma'am. 451 00:21:19,854 --> 00:21:24,044 However having an S corp is a great way to leverage the tax code because 452 00:21:24,054 --> 00:21:26,384 you can really have a strategy of okay. 453 00:21:26,480 --> 00:21:32,747 If I pay myself what I need and do a draw, like a distribution quarterly 454 00:21:32,747 --> 00:21:37,117 of a little bit extra for cash, then I can dictate how much I pay in taxes, as 455 00:21:37,117 --> 00:21:38,957 long as it's quote unquote reasonable. 456 00:21:39,177 --> 00:21:42,490 And how we determine that is for our clients, there's like a survey 457 00:21:42,490 --> 00:21:45,170 that we do based on everything that you do in your business, how many 458 00:21:45,180 --> 00:21:46,470 hours you work in your business. 459 00:21:46,905 --> 00:21:48,175 What is your skill set? 460 00:21:48,555 --> 00:21:49,885 How would you rate your skill set? 461 00:21:49,885 --> 00:21:52,955 And then it computes like a number for a reasonable compensation and we 462 00:21:52,955 --> 00:21:55,615 can have that on our backhand like, Girl, why did you pay yourself this? 463 00:21:55,805 --> 00:21:57,455 Because it said so, okay? 464 00:21:57,555 --> 00:22:01,045 we've had some times where I've had to learn or like paying myself. 465 00:22:01,315 --> 00:22:04,115 I think the beauty is I've had enough money in my company 466 00:22:04,135 --> 00:22:05,475 to be able to pay myself. 467 00:22:05,575 --> 00:22:09,335 Many times I underpaid myself in terms of it wasn't reasonable pay. 468 00:22:09,605 --> 00:22:13,445 Other times I underpaid myself in terms of looking at your personal expenses. 469 00:22:13,445 --> 00:22:15,175 It doesn't match what your salary is. 470 00:22:15,235 --> 00:22:19,805 So I think the beauty is that the money in the business is there. 471 00:22:19,805 --> 00:22:21,155 So we just thank God for that. 472 00:22:21,365 --> 00:22:23,285 And we just going to start there. 473 00:22:23,435 --> 00:22:24,255 Exactly. 474 00:22:24,305 --> 00:22:28,305 As we were saying, you paying yourself from your business and navigating 475 00:22:28,305 --> 00:22:32,675 that to now being able to contribute to your retirement, your future 476 00:22:32,675 --> 00:22:34,485 self and creating that estate plan. 477 00:22:34,585 --> 00:22:37,435 Can you tell us a little bit about what's your estate plan entails 478 00:22:37,445 --> 00:22:40,635 so that if anyone's going in there I don't know what that means. 479 00:22:40,635 --> 00:22:43,955 I don't know what I would add, but from a consumer standpoint, because it's one 480 00:22:43,955 --> 00:22:47,555 thing to hear about it from an attorney, because it's okay, here's this, that, 481 00:22:47,555 --> 00:22:48,895 and a third, but from your experience. 482 00:22:49,430 --> 00:22:53,200 How it feels to have an estate plan or what are some things that you 483 00:22:53,200 --> 00:22:57,490 would recommend someone have in it that they probably didn't consider. 484 00:22:57,799 --> 00:23:03,585 I will share like literally what is inside of it, because I knew that 485 00:23:03,805 --> 00:23:08,235 I got the estate plan to protect whatever assets that I have, Right 486 00:23:08,235 --> 00:23:13,185 now, the first thing that I would look into is, do you know who are the 487 00:23:13,195 --> 00:23:15,495 beneficiaries for all of your accounts? 488 00:23:15,545 --> 00:23:19,615 When I purchased my home, I got a life insurance plan and they asked 489 00:23:19,615 --> 00:23:21,485 me who's the beneficiary if you pass? 490 00:23:21,535 --> 00:23:24,345 And that is what started to get me thinking like, Oh wait, like 491 00:23:24,399 --> 00:23:25,999 something has to go to somebody. 492 00:23:26,019 --> 00:23:30,609 And so knowing okay, my house will go to my oldest niece and she's not around, 493 00:23:30,609 --> 00:23:33,689 then it'll go to my youngest niece and I want to have more control of that, right? 494 00:23:33,689 --> 00:23:37,219 And the state plan allows you to say okay, if you pass before she's the 495 00:23:37,219 --> 00:23:39,449 age of 18, then who does it go to? 496 00:23:39,459 --> 00:23:42,429 Or how do you want, money to be released to her or whatever it is? 497 00:23:42,502 --> 00:23:43,852 And so there's so many different. 498 00:23:44,025 --> 00:23:48,305 things inside of an estate plan that you might not even be considering. 499 00:23:48,445 --> 00:23:51,525 my estate planning lawyer just asked a lot of really great questions, but 500 00:23:51,525 --> 00:23:56,715 looking at it here, so we have a last will and testament, which is essentially 501 00:23:56,715 --> 00:24:01,489 just everything that you would have in Your will just distributing of okay, 502 00:24:01,489 --> 00:24:03,299 where do I want all of my property to go? 503 00:24:03,299 --> 00:24:05,059 Who do I want to have my assets? 504 00:24:05,069 --> 00:24:06,189 What are these things look like? 505 00:24:06,209 --> 00:24:08,299 And then you can even put like little stipulations. 506 00:24:08,349 --> 00:24:09,359 I think I put something like. 507 00:24:09,779 --> 00:24:12,549 If my nieces and nephew are on drugs don't give them more than a 508 00:24:12,549 --> 00:24:13,729 thousand dollars a month or something. 509 00:24:13,749 --> 00:24:14,279 You know what I mean? 510 00:24:14,279 --> 00:24:16,639 I don't want the money towards their drug habit. 511 00:24:16,689 --> 00:24:18,929 Put them in wherever the drug people go. 512 00:24:18,939 --> 00:24:22,109 Rehab, you know, little things like that. 513 00:24:22,209 --> 00:24:24,719 We have the advanced healthcare directive. 514 00:24:24,799 --> 00:24:27,519 Is there anybody that we're allowed to share your health records with? 515 00:24:27,609 --> 00:24:29,999 I think I only shared one person, which is my best friend, 516 00:24:29,999 --> 00:24:32,469 Christina, and I only shared it because she's in the health space. 517 00:24:32,749 --> 00:24:33,259 I need somebody. 518 00:24:33,779 --> 00:24:37,459 My records that actually know what hemoglobin means, so just 519 00:24:37,639 --> 00:24:39,049 like a a little like that. 520 00:24:42,039 --> 00:24:43,169 You know what's a funny story. 521 00:24:43,199 --> 00:24:46,249 I'm not sure if you know this about me, but in college, I worked at an 522 00:24:46,249 --> 00:24:48,229 emergency room as a medical scribe. 523 00:24:48,289 --> 00:24:51,519 I learned so much about medical terminology. 524 00:24:52,184 --> 00:24:54,234 All at once, and then college. 525 00:24:54,234 --> 00:24:55,314 Ah! 526 00:24:55,399 --> 00:24:55,679 hilarious. 527 00:24:55,949 --> 00:24:57,539 I might add you to that thing while you play. 528 00:24:58,094 --> 00:25:04,330 You're so s things that we've done before business So like, oh that's 529 00:25:04,380 --> 00:25:07,790 random, it feels random But it could be transferable, it could be helpful maybe 530 00:25:08,629 --> 00:25:12,439 You might just need to know these random terms one day and the rare diseases. 531 00:25:12,719 --> 00:25:12,769 Right? 532 00:25:14,164 --> 00:25:15,524 yeah but just so many different things. 533 00:25:15,524 --> 00:25:19,244 And of course, like power of attorney, who actually has access to your accounts. 534 00:25:19,564 --> 00:25:24,099 And this is really important Again without your estate plan it's going to go through 535 00:25:24,099 --> 00:25:27,329 the courts and people are going to be trying to fight over, who has access 536 00:25:27,329 --> 00:25:30,779 to what and you want to just be able to have a level of control over that. 537 00:25:30,989 --> 00:25:34,399 And your estate plan isn't just good for if you die, it could be like, God 538 00:25:34,399 --> 00:25:38,924 forbid, if you end up in the hospital and you're, you unable to speak for yourself. 539 00:25:38,974 --> 00:25:44,254 I needed to feel a level of security that there would be somebody on my 540 00:25:44,254 --> 00:25:45,794 side who would handle these things. 541 00:25:45,804 --> 00:25:48,884 And I have listed my sister and my mom. 542 00:25:48,884 --> 00:25:50,204 I'm like, they make good decisions. 543 00:25:50,204 --> 00:25:51,664 They have kids, they've raised humans. 544 00:25:51,664 --> 00:25:53,694 They should be able to make good decisions on my behalf. 545 00:25:53,704 --> 00:25:55,964 So yeah, those are some examples of what's in there. 546 00:25:56,539 --> 00:25:59,749 Thank you so much for sharing.because a lot of us was like, what does that mean? 547 00:25:59,809 --> 00:26:02,339 From a consumer standpoint, how you experienced it. 548 00:26:02,339 --> 00:26:02,669 Right. 549 00:26:03,139 --> 00:26:04,279 So that's good to know. 550 00:26:04,499 --> 00:26:09,439 And I want to say you're embodying rich auntie, like literally you are embodying 551 00:26:09,469 --> 00:26:11,519 rich auntie, like the definition. 552 00:26:11,519 --> 00:26:11,789 Okay. 553 00:26:12,979 --> 00:26:14,879 I'm leaving things for my nieces and nephews, 554 00:26:15,129 --> 00:26:18,354 until my own children get here, and even then I might be able to help them. 555 00:26:18,354 --> 00:26:20,479 Y'all came after them, so I actually don't know what to tell you. 556 00:26:21,634 --> 00:26:22,624 It's above me now. 557 00:26:22,904 --> 00:26:23,744 It's in the plan. 558 00:26:24,199 --> 00:26:24,659 Okay, 559 00:26:25,042 --> 00:26:26,212 That is so funny. 560 00:26:27,182 --> 00:26:28,052 Oh, goodness. 561 00:26:29,322 --> 00:26:32,952 Makes me excited, too, is that I am now officially a Trust Fund baby, 562 00:26:33,042 --> 00:26:35,622 now that I've got their estate plan. 563 00:26:35,672 --> 00:26:37,012 After I did it, I hit up my sister. 564 00:26:37,012 --> 00:26:39,092 I'm like, we are officially Trust Fund babies. 565 00:26:39,092 --> 00:26:41,992 It ain't just your kids through my estate plan. 566 00:26:42,032 --> 00:26:42,962 It's us, too. 567 00:26:43,096 --> 00:26:44,466 I'm really excited about that. 568 00:26:44,466 --> 00:26:46,696 I'm like, okay, I got me a little something. 569 00:26:46,696 --> 00:26:48,236 I'm like, Dad, leave that for me. 570 00:26:48,236 --> 00:26:49,396 Mom, leave that for me. 571 00:26:49,396 --> 00:26:54,431 I know y'all are afraid of death, but I am grateful that, I can mourn 572 00:26:54,431 --> 00:26:59,211 you guys and that I also don't have to argue with anybody about mom's 573 00:26:59,261 --> 00:27:02,047 jewelry or the house or anything like 574 00:27:02,316 --> 00:27:03,336 Not the jewelry. 575 00:27:04,026 --> 00:27:07,106 I used to always steal my mom's jewelry growing up, so I know that. 576 00:27:07,841 --> 00:27:08,751 saying though, 577 00:27:08,761 --> 00:27:13,571 Yes, and then, so them knowing the process that you went through, and then 578 00:27:13,571 --> 00:27:17,391 them going through it for themselves, how do they feel after it was all 579 00:27:17,401 --> 00:27:19,071 done, after the estate plan was done? 580 00:27:19,256 --> 00:27:21,536 I think they felt probably like more empowered. 581 00:27:21,596 --> 00:27:25,701 I think my mom felt a sense of relief because I know she had been 582 00:27:25,701 --> 00:27:27,071 trying to get my dad to do it. 583 00:27:27,081 --> 00:27:27,931 He's so stubborn. 584 00:27:28,001 --> 00:27:31,011 And I think my dad probably felt responsible because that's what 585 00:27:31,021 --> 00:27:32,501 African fathers want to feel like. 586 00:27:32,501 --> 00:27:33,711 So I just love that for him. 587 00:27:33,711 --> 00:27:36,481 He had a, I think he had a sense of pride after doing it. 588 00:27:36,531 --> 00:27:38,001 So I really love that. 589 00:27:38,117 --> 00:27:42,047 And you mentioned something about your future, but then a lot of things 590 00:27:42,047 --> 00:27:45,757 that we don't consider is having insurances or things in the now 591 00:27:45,767 --> 00:27:49,917 for yourself and your business to protect you if anything happens. 592 00:27:49,927 --> 00:27:52,327 Do you have business insurance? 593 00:27:52,564 --> 00:27:53,494 On my things to do list. 594 00:27:53,494 --> 00:27:56,464 And I meant to ask you about it because you told me to use. 595 00:27:56,464 --> 00:28:00,519 And then of course I just, Didn't do it because it was one of those things that 596 00:28:00,519 --> 00:28:03,759 I overthought, even how you told me to get a high yield savings account years 597 00:28:03,759 --> 00:28:07,289 ago, another friend told me to do years ago, but it's we overthink the little 598 00:28:07,289 --> 00:28:11,239 things, even when it came to doing the investment account, like it literally 599 00:28:11,239 --> 00:28:15,239 doesn't matter that it's just not that deep, get the business insurance get 600 00:28:15,249 --> 00:28:18,829 your brokerage account, get the, whatever it is, the high yield savings account. 601 00:28:19,089 --> 00:28:19,689 It don't matter. 602 00:28:19,879 --> 00:28:20,569 Just get it. 603 00:28:20,729 --> 00:28:21,569 I'm like, I'm going to get it. 604 00:28:22,219 --> 00:28:22,459 Good. 605 00:28:22,459 --> 00:28:23,319 It's a hundred bucks a month. 606 00:28:23,319 --> 00:28:24,259 I think that you said that 607 00:28:24,459 --> 00:28:24,779 right. 608 00:28:24,779 --> 00:28:25,829 It's super minimal. 609 00:28:25,879 --> 00:28:29,379 And just for context for everyone, you should have insurances in 610 00:28:29,649 --> 00:28:31,199 your business and personal. 611 00:28:31,409 --> 00:28:34,459 So say for your business I have an insurance policy. 612 00:28:34,459 --> 00:28:37,699 I forget the name, but it covers if anything happens to me, it 613 00:28:37,699 --> 00:28:41,189 covers my overhead as well as finding my replacement as CEO. 614 00:28:41,409 --> 00:28:43,599 That way the business is protected. 615 00:28:43,599 --> 00:28:46,306 If anything happens to me and like any, Season, right? 616 00:28:46,686 --> 00:28:49,906 And then on the personal side, I have disability insurance. 617 00:28:49,906 --> 00:28:52,582 So again, if anything happens to me of course, it's going to 618 00:28:52,582 --> 00:28:54,002 impact the business and personal. 619 00:28:54,342 --> 00:28:57,092 There's a way for me to get paid a little some while. 620 00:28:57,587 --> 00:28:58,407 I can't work, right? 621 00:29:00,502 --> 00:29:05,079 so funny because I remember I run a group coaching programs and it's a five figure 622 00:29:05,079 --> 00:29:08,079 investment and I remember Before somebody signed the contract, they were like what 623 00:29:08,079 --> 00:29:09,759 happens if something happens to Maya? 624 00:29:09,839 --> 00:29:12,499 Basically what happens if this lady dies? 625 00:29:12,499 --> 00:29:12,949 Okay. 626 00:29:12,949 --> 00:29:16,479 And I was like, nobody has ever asked that before. 627 00:29:16,819 --> 00:29:18,599 That should have been why I tried to get the insurance 628 00:29:18,609 --> 00:29:19,659 so I could just flex on them. 629 00:29:19,659 --> 00:29:20,629 We were covered. 630 00:29:20,689 --> 00:29:21,339 We're covered. 631 00:29:21,689 --> 00:29:23,979 Actually the way my policy is set up. 632 00:29:24,019 --> 00:29:25,419 Yeah, that's hilarious. 633 00:29:26,044 --> 00:29:27,954 So let's stop overthinking everyone. 634 00:29:27,954 --> 00:29:30,714 Let's open the thing so that we have protection for both 635 00:29:30,714 --> 00:29:31,984 our business and ourselves. 636 00:29:32,031 --> 00:29:33,381 Ooh, I have a good one. 637 00:29:33,737 --> 00:29:36,037 Is your definition of harmonious wealth? 638 00:29:36,196 --> 00:29:37,506 Harmonious wealth. 639 00:29:37,817 --> 00:29:43,383 When I think of harmony and something being harmonious, I feel like it's like 640 00:29:43,483 --> 00:29:48,753 smooth and there's not turbulence, which I love when it comes to making money, 641 00:29:48,773 --> 00:29:51,253 because I'm like, I'm only here for peace. 642 00:29:51,833 --> 00:29:54,293 Again, if it costs me my peace, then it costs me too much. 643 00:29:54,293 --> 00:29:57,683 So when I think of harmonious wealth, I think of a peaceful, 644 00:29:57,933 --> 00:30:03,417 intentional way of building wealth without it causing turbulence in 645 00:30:03,487 --> 00:30:04,837 The way you want to live your life. 646 00:30:05,452 --> 00:30:06,102 That's beautiful. 647 00:30:06,102 --> 00:30:06,792 I love that. 648 00:30:07,082 --> 00:30:08,082 Thank you for sharing. 649 00:30:08,202 --> 00:30:08,852 Yes. 650 00:30:09,495 --> 00:30:15,173 And speaking of peace, you have a podcast called Work Hard, Live Soft. 651 00:30:15,763 --> 00:30:19,183 How has that experience been with your podcast as you were making it? 652 00:30:19,223 --> 00:30:22,513 Because you're embodying what you practice in your business, right? 653 00:30:22,513 --> 00:30:24,823 And you're sharing with others how you got there. 654 00:30:25,338 --> 00:30:27,048 I think it's been so interesting. 655 00:30:27,068 --> 00:30:31,758 It's still really fresh and really new, but I think it's a fun outlet to 656 00:30:31,768 --> 00:30:35,738 just talk about how I want to live, I didn't want it to be just a business 657 00:30:35,748 --> 00:30:39,004 podcast and we're talking about strategy, but more so leaning into 658 00:30:39,004 --> 00:30:43,084 that philosophy again of profitable living, like how can you ensure you are 659 00:30:43,264 --> 00:30:46,954 profitable with your money, but also with your impact and your fulfillment, 660 00:30:46,994 --> 00:30:48,254 joy and peace and all of that. 661 00:30:48,314 --> 00:30:50,414 I love talking about, how I. 662 00:30:50,864 --> 00:30:55,934 Spend my day to day and how I live life, but my values, how I even figure out what 663 00:30:55,934 --> 00:30:57,854 my values are, like all of those things. 664 00:30:57,954 --> 00:31:00,644 I'm just really grateful to be able to have an outlet to 665 00:31:00,644 --> 00:31:01,964 just share my ideas on that. 666 00:31:01,964 --> 00:31:02,334 I love it. 667 00:31:02,334 --> 00:31:04,004 And I listened to the first couple episodes. 668 00:31:04,004 --> 00:31:05,174 I had to have my little bubble bath. 669 00:31:05,174 --> 00:31:07,184 I'm like, this is fitting to listen. 670 00:31:09,424 --> 00:31:09,954 Thanks. 671 00:31:10,244 --> 00:31:11,004 I love that. 672 00:31:11,204 --> 00:31:12,124 yes, yes. 673 00:31:12,241 --> 00:31:13,671 I know we talked about your podcast. 674 00:31:13,911 --> 00:31:16,831 How can people get in touch with you after this episode? 675 00:31:16,831 --> 00:31:20,161 Definitely listen to the podcast, workhardlivesoft. 676 00:31:20,201 --> 00:31:20,721 com. 677 00:31:20,961 --> 00:31:25,661 And I'm always on Instagram sharing my workouts, which it doesn't look like 678 00:31:25,661 --> 00:31:29,821 the soft life, but it's the body that I want to have while I'm living soft. 679 00:31:29,871 --> 00:31:33,651 So that is what like the new episode is going to be about. 680 00:31:33,674 --> 00:31:36,934 All of the hard work that you have to do in order to live soft, 681 00:31:36,944 --> 00:31:41,514 because like we said, live soft is a result of working hard. 682 00:31:41,864 --> 00:31:46,324 But anyhow, follow me on Instagram at Maya Elias and just reply to 683 00:31:46,324 --> 00:31:47,544 one of my stories, let's connect. 684 00:31:47,716 --> 00:31:48,986 Yes, yes, yes, yes. 685 00:31:49,033 --> 00:31:52,133 Thank you so much for coming on Harmonious Wild. 686 00:31:52,173 --> 00:31:56,293 You gave us so much information and really helping us understand that 687 00:31:56,293 --> 00:32:00,363 it's not so hard to set up our future selves, it's not hard to protect 688 00:32:00,383 --> 00:32:02,573 ourselves and making that investment. 689 00:32:02,963 --> 00:32:06,343 Is there anything else that you want to share with us before we hop off today? 690 00:32:06,483 --> 00:32:13,123 I would say the hardest part about building wealth is just not 691 00:32:13,123 --> 00:32:14,693 overthinking the process of it. 692 00:32:14,829 --> 00:32:20,149 And I think it's the overthinking and the ego of not wanting to start small that 693 00:32:20,149 --> 00:32:21,669 can hold us back from building wealth. 694 00:32:21,789 --> 00:32:27,189 So if you can shift your mindset into it's not that hard and I can start 695 00:32:27,189 --> 00:32:31,229 small to create something big, you're going to see a lot of success when it 696 00:32:31,229 --> 00:32:33,029 comes to our wealth building journey. 697 00:32:33,029 --> 00:32:34,239 Ooh, that's a great one. 698 00:32:34,369 --> 00:32:34,809 Thank you. 699 00:32:34,849 --> 00:32:35,199 Thank you. 700 00:32:35,209 --> 00:32:35,959 That's a great nugget. 701 00:32:35,959 --> 00:32:37,409 Hehehehe. 702 00:32:37,474 --> 00:32:38,414 so much for having me. 703 00:32:38,593 --> 00:32:41,763 It was so great to have Maya come on to share how her business became the 704 00:32:41,763 --> 00:32:44,473 number one wealth generator in her life. 705 00:32:44,993 --> 00:32:48,833 What is one aspect of implementing your legacy goal that you've been overthinking? 706 00:32:49,353 --> 00:32:52,213 Let me know in the comment section if you're watching the YouTube version. 707 00:32:52,269 --> 00:32:56,449 So Maya shared that she had to understand that she most definitely did not want 708 00:32:56,449 --> 00:33:00,369 to work in her business forever, which prompted her to get serious about 709 00:33:00,409 --> 00:33:03,039 planning for retirement and legacy. 710 00:33:03,039 --> 00:33:06,049 It first came with her understanding her financials and her business. 711 00:33:06,158 --> 00:33:09,458 Entrepreneurs make million dollar decisions based on their money story. 712 00:33:09,508 --> 00:33:12,918 If you're ready to make life changing decisions in your business, it's 713 00:33:12,918 --> 00:33:16,608 time to create a plan for profit that will allow you to accomplish 714 00:33:16,938 --> 00:33:19,368 or better yet create legacy goals. 715 00:33:19,668 --> 00:33:23,428 My fractional CFO services help entrepreneurs grow their profit, manage 716 00:33:23,428 --> 00:33:27,938 your cashflow so that you can pay yourself well and consistently from your business. 717 00:33:28,258 --> 00:33:29,378 Go to lovelyfinancials. 718 00:33:29,378 --> 00:33:31,408 com slash CFO to get started. 719 00:33:31,408 --> 00:33:35,818 If you're a woman growing your business and family, and you want to 720 00:33:35,818 --> 00:33:39,048 heal your relationship with money so that you can create personal wealth 721 00:33:39,048 --> 00:33:42,502 and create a legacy, subscribe on either YouTube or or wherever you 722 00:33:42,502 --> 00:33:43,952 listen to your favorite podcasts. 723 00:33:44,372 --> 00:33:47,742 I'm on a mission to help a hundred women reach at least 1 million in 724 00:33:47,742 --> 00:33:51,207 net worth to create generational wealth and break generational curses. 725 00:33:51,447 --> 00:33:54,667 If this aligns with you, I would love for you to be a part of the community. 726 00:33:54,687 --> 00:33:57,137 So tune in to more episodes on harmonious wealth. 727 00:33:57,287 --> 00:33:57,777 Thank you. 728 00:33:58,843 --> 00:34:01,993 Hey there girlfriend, if you're ready to finally have the lifestyle 729 00:34:01,993 --> 00:34:05,493 and legacy to show for your business success, I would love for you to 730 00:34:05,493 --> 00:34:09,283 click that subscribe button on your favorite podcast app or YouTube.