>> Ai Sarah: Welcome back, everybody. Today we're going to be taking a deep
dive, you know, um, into this fascinating
conversation between Anthony Weaver and Dr. Constance
Craig Mason on episode 285, the about that Wallet
podcast.
>> Ai Sarah: Okay.
>> Ai Sarah: And, um, I think you're going to be, you know, like, really
interested in what Dr. Craig Mason has to say, especially about your own
personal journey, you know, from poverty to
financial empowerment.
>> Ai Sarah: Yeah. What really struck me right away was her story. Growing
up in poverty in Baltimore,
uh, she knows firsthand the challenges so
many people face. But she didn't let that you
hold her back.
>> Ai Sarah: Right.
>> Ai Sarah: She turned it into a driving force to help others achieve
financial freedom.
>> Ai Sarah: Yeah. And that leads right into her central
message, this idea that wealth is not what you
hold, it's what you heal. And that's a pretty
powerful shift in perspective.
>> Ai Sarah: Yeah, it really is. I mean, when you think about it, we often
focus on the practical steps, you know, saving, investing,
budgeting.
>> Ai Sarah: Right.
>> Ai Sarah: But Dr. Crir Mason, she reminds us that
our mindset are our emotional well being.
They play a huge role.
>> Ai Sarah: Yeah. And, you know, it makes me think about how those early
experiences with money can really shape our beliefs.
Mhm. Anthony. Dr. Craig Mason both talked about
growing up in poverty and how it can create
this feeling of scarcity. Have you ever noticed that, like in
your own life, that feeling of never having
enough, no matter how much you earn?
>> Ai Sarah: Oh, yeah, absolutely. It's that scarcity mindset that can lead
to, you know, bad financial decisions like
overspending or avoiding investments.
>> Ai Sarah: So how do we break free from that?
>> Ai Sarah: Well, Dr. Craig Mason really emphasizes the
importance of recognizing those beliefs, those
deeply ingrained beliefs, and working to heal
from past financial traumas.
>> Ai Sarah: Right.
>> Ai Sarah: It might involve therapy, journaling, or even just having open and
honest conversations about money, you know, with people you
trust.
>> Ai Sarah: This is where it gets really interesting.
>> Ai Sarah: Okay.
>> Ai Sarah: Dr. Craig Mason talks a lot about the importance
of options as a key part of
wealth.
>> Ai Sarah: Yes. And it's a much broader view than, you know,
just having money in the bank. It's about having the
freedom to choose how you spend your time and resources.
Financial freedom opens up possibilities,
allows you to live a life that aligns with your values.
>> Ai Sarah: She also highlights the importance of mentorship.
>> Ai Sarah: Yeah.
>> Ai Sarah: Specifically how an early mentor encouraged her to start
her own financial planning business.
Do, uh, you think finding a mentor is essential
for financial success?
>> Ai Sarah: I think it can be incredibly valuable. You know, a good
mentor offers guidance, support, a different
perspective. They've been there, done that, and can
help you navigate the challenges, the uncertainties
of your financial journey.
>> Ai Sarah: Yeah. But it's inspiring to see how Dr. Craig Mason
pays it forward by mentoring others.
Mhm. Helping them break free from the cycles of
financial trauma that she herself overcame.
>> Ai Sarah: It really speaks volumes about her character and her desire to
make a real difference in the lives of others. She
understands firsthand the power of mentorship
and its potential to create a ripple effect of positive
change.
>> Ai Sarah: Now, let's talk about a topic thateah, uh, many people find difficult
to discuss. Life insurance.
Anthony even asks Dr. Craig Mason for advice on how to
approach parents about it.
>> Ai Sarah: It's a conversation a lot of people avoid because it forces
us to confront our own mortality.
>> Ai Sarah: Right.
>> Ai Sarah: The potential financial burdens we might leave behind.
But as Dr. Craig Mason points out, having
these conversations, even though they're tough, is
crucial for protecting your loved ones.
>> Ai Sarah: Sheiban gets into the, you know, nitty gritty of different types
of policies, explaining that some,
like whole life insurance, offer a unique feature called a
cash value component.
>> Ai Sarah: Mhm.
>> Ai Sarah: It's like a savings account built into the policy that,
that you can potentially borrow from during tough times.
>> Ai Sarah: Right. It's important to remember that borrowing against your life insurance
policy has its own implications and
potential drawbacks.
>> Ai Sarah: Sure.
>> Ai Sarah: But it's definitely an option worth exploring and understanding
fully before making any decisions.
>> Ai Sarah: Anthony also brings up the common misconception that
you need a ton of money to start building generational wealth.
Yeah. And Dr. Craig Mason debunks that myth
beautifully.
>> Ai Sarah: She breaks it down to a simple formula. Money plus
time plus rate of return minus
inflation and taxes. Takeaways. You dont
need a windfall to build wealth. Its about consistency,
patience and leveraging the power of compounding.
>> Ai Sarah: And thats where the rule of 72 comes in.
>> Ai Sarah: Right.
>> Ai Sarah: It's a handy tool for estimating how long it takes for
your investments to double.
>> Ai Sarah: Yeah. Let's say you get an average annual return of
7%. Divide 72 by 7
and you get roughly 10 years for your investment to
double. The matic of compounding is that your earnings
are continuously reinvested, generating
even more earnings over time.
>> Ai Sarah: So it really highlights the importance of starting early, even if
it's with small amounts.
>> Ai Sarah: Oh absolutely. Time is your greatest ally when it comes to
investing. The sooner you start, the more time your money has to
grow.
>> Ai Sarah: Now Dr. Craig Mason is also a big advocate for self care,
delegation and having systems in place,
especially for entrepreneurs.
>> Ai Sarah: Right.
>> Ai Sarah: It's so easy to get caught up in the hustle and burn out.
>> Ai Sarah: You know, it's a common trap. And she speaks from
experience. You know, building a Successful business doesn't
mean sacrificing your well being. Delegating
tasks, creating efficient systems can free up your time and
energy so you can focus on what truly matters.
>> Ai Sarah: It's about working smarter, not harder. Right.
And creating a sustainable model for success.
>> Ai Sarah: Exactly. And this ties back to her focus on
options and financial freedom.
>> Ai Sarah: Right.
>> Ai Sarah: When you have a solid foundation in place, you have more choices and
flexibility in your life.
>> Ai Sarah: One thing that really stood out to me was Dr. Craig Mason's
emphasis on utilizing resources like
public libraries.
>> Ai Sarah: Oh ye.
>> Ai Sarah: She even hosted financial empowerment events at
libraries.
>> Ai Sarah: I love that she highlights this often overlooked resource.
You know, libraries offer a wealth of knowledge
and support for entrepreneurs and anyone seeking
financial education.
>> Ai Sarah: Right.
>> Ai Sarah: It's a reminder that you don't need a lot of money to start a business or
make a positive impact.
>> Ai Sarah: It's about being resourceful. Right. And tapping into
the opportunities available in your community.
>> Ai Sarah: Absolutely.
>> Ai Sarah: Speaking of making an impact.
>> Ai Sarah: Yeah.
>> Ai Sarah: Dr. Craig Mason is also a best sellling author and speaker.
>> Ai Sarah: Yes.
>> Ai Sarah: Her work goes beyond just financial advice. It's
about empowering people to recognize their own
significance and value.
>> Ai Sarah: Mhm.
>> Ai Sarah: She wants people to understand that they have the potential
to create a positive ripple effect in the world.
>> Ai Sarah: Right. And she doesn't shy away from sharing her own struggles and
setbacks.
>> Ai Sarah: Right.
>> Ai Sarah: She openly talks about her experience with bankruptcy,
emphasizing that even financial experts make
mistakes.
>> Ai Sarah: The makes her so relatable.
>> Ai Sarah: Yeah. It's refreshing to hear that honesty. It makes her
message so much more relatable and reminds
us that it's okay to make mistakes. The key
is to learn from them and keep moving forward.
>> Ai Sarah: She also encourages listeners to embrace a
mindset of gratitude. Mhm. Even when
facing financial challenges.
>> Ai Sarah: That's such an important point. It's easy to get caught up in the
negative. But shifting your focus to what you're grateful
for can make a world of difference in your overall
well being.
>> Ai Sarah: Now at the end of the episode, Anthony asks Dr. Craig Mason
his four signature questions. OK. First up, he
asks what does wealth mean to you?
>> Ai Sarah: And her answer perfectly encapsulates her
philosophy. Creating options. Um, it's not
just about money. It's about the freedom and possibilities that
come with financial security.
>> Ai Sarah: Next, Anthony asks about her worst money
mistake.
>> Ai Sarah: She admits that she wishes she had started saving and
investing earlier.
>> Ai Sarah: It's a common regret.
>> Ai Sarah: It is. And it highlights the power of compounding
over time.
>> Ai Sarah: For the third question, Anthony asked asked about her favorite book.
>> Ai Sarah: Okay.
>> Ai Sarah: And her response was quite touching.
>> Ai Sarah: Yeah. She shared that her favorite non financial
book is the Bible. Emphasizing Its profound
impact on her life and her sense of self worth.
>> Ai Sarah: And finally, to lighten things up, Anthony asks about
her favorite dish to make.
>> Ai Sarah: She keeps it simple and healthy with salmon and fresh
greens.
>> Ai Sarah: Okay.
>> Ai Sarah: It's a reminder that even amidst the complexities of
finance, it's important to enjoy the simple pleasures in
life.
>> Ai Sarah: It's a great reminder that, you know, wealth isn't just about
fancy meals or expensive possessions. It's about having
the resources to, you know, nourish yourself and live
a healthy life. Dr. Craig Mason's insights really
resonated with me.
>> Ai Sarah: Yeah, me too.
>> Ai Sarah: What stood out to you the most?
>> Ai Sarah: You know, her emphasis on healing financial
trauma. That really struck a chord with me. It's something we don't talk
about enough, but it can have a profound impact on
our financial decisions and our overall well being.
>> Ai Sarah: Absolutely.
>> Ai Sarah: Yeah.
>> Ai Sarah: It's not just about, you know, crunching numbers,
creating budgets. It's about understanding our relationship with
money.
>> Ai Sarah: Right.
>> Ai Sarah: Addressing the emotional baggage that might be holding us back.
>> Ai Sarah: And her message of empowerment is so important. You know,
she reminds us that we all have the potential to create a life
of abundance and make a positive impact
regardless of our financial background.
>> Ai Sarah: You know, it's easy to feel overwhelmed by the complexities of
Financeeah, but Dr. Craig Mason
breaks it down in a way that feels approachable and
inspiring. She reminds us that small steps
taken consistently over time can lead to big
results.
>> Ai Sarah: Exactly. It's not about trying to do everything at
once or get rich quick.
>> Ai Sarah: Right.
>> Ai Sarah: It's about building a solid foundation, making informed
decisions, and having the patience to let your wealth grow.
>> Ai Sarah: So what's one actionable step our listeners can take
today? To you start building a brighter financial
future?
>> Ai Sarah: I'd say start with Dr. Crrag Mason's call to
action. Assess. Take some time to
reflect on your current financial situation. What's working
well, what areas need improvement. From
there, you can start setting realistic goals and creating
a plan to achieve them.
>> Ai Sarah: And remember, it's okay to ask for help along the way.
>> Ai Sarah: Absolutely.
>> Ai Sarah: Find a mentor, connect with a financial advisor.
Or, you know, join a community of like minded
individuals who can offer support and guidance.
>> Ai Sarah: Yeah. And don't forget to celebrate your wins. No matter how
small they may seem, every step you take towards
financial empowerment is a victory worth acknowledging.
>> Ai Sarah: Well said. If you enjoy this deep dive
into Dr. Craig Mason's insights, be sure to check out
episode 285 of the about that Wallet
podcast to hear the full conversation.
>> Ai Sarah: Yeah, and dont forget to like subscribe and lib are review on your current
platform. If you want even more insight behind the scenes,
sign up for the about that wallet
newsletter@aboutthatwallet.com
Newsletter until next time, keep learning, keep
growing, and keep striving for a life of financial welling
and fulfillment.