Wealth building and financial literacy have been a major topic in our community and with the pandemic and a possible recession looming, people are looking for items from building a nest egg to building a legacy. For today’s “Money Monday” segment, Nicola Smith Jackson stopped by the show to give tips on how to start a financial strategy and the importance of starting a family bank.
Listen to the interview below:
Read the tips below:
Erica Campbell: Today is Money Monday and joining us to talk about building wealth and the importance of starting your own family bank is Nicola Smith Jackson. She’s the CEO of Success Strategic Partners, LLC. She’s also a licensed insurance and real estate professional and she recently opened a wealth builder boutique, where she educates families on how to create wealth strategies. So excited about this information and conversation. Good morning, Nicola Smith Jackson.
Nicola Smith Jackson: Thank you for having me, Eric and GRIFF. It’s great to be here.
Erica: Absolutely. Awesome. So let’s jump right in for people who want to create a wealth strategy, but they don’t know where to start, can you give us three good tips on creating a wealth strategy?
Nicola: Well, definitely gotta start with a vision is that’s the strong foundation. Don’t think about as much of the how a set of the what at this time. So your first step is you want to do is you want to face your finances. Take an honest inventory of your current financial situation, review your income, your emergency fund, and your monthly budget. And as well as you want to calculate your net worth, this is pretty much what you own, versus what you owe. And then you can also take note of any future financial needs, like education and things like that. So this is where you want to start to do is create a financial plan. Okay, that’s going to include a financial house, we have a proprietary money mansion that helps people to create a recession-proof, balanced portfolio with a combination of investments and strategies, where your return on your investment is predictable. Okay. And then the third thing you want to do is you want to fund investments, put money to work into what makes money versus what takes your money. The goal for this is to have your money working harder than you do at some point.
Erica: Wow, that is great. So let’s talk about creating a family bank. I know this is not a common conversation in the African American community. But I really love that we’re having these Money Mondays. So let’s talk about creating a family bank. What is a family bank? And what are some benefits to starting one?
Nicola: Well, a family bank is what people first have to know is that a bank is not a building, it’s a system. And these are things that anyone could start. So you want to get educated about opportunities assistant that you can do, it doesn’t matter how much money you’re getting started with. So it’s a place where you’ll be able to create cash flow, and you have control over your money and you do the same things you do with a traditional bank, you’re making deposits, and then these deposits are now being grown by interest. And then you will be able to take loans or also increase your investment. However, most people only use a “family do banks” only with traditional banking, but when you use vehicles like insurance, which is one of the guilty to use to start your family bank, it does not go by the same rules as a traditional bank.
Erica: It’s money Monday and we are talking to financial expert Nicola Smith Jackson. So tell the people how they can follow you on social media.
Nicola: Well, you can go to Facebook and you can search with Nicola Smith Jackson as well as Instagram @damenicola_official
GRIFF: You have a huge event this week in Atlanta, and I’m actually blessed to be a part of it briefly tell us about the Power & Money Conference and how people can get more information for us.
Nikola: Well, you definitely gotta get to the Power & Money Conference. It’s going to be Mother’s Day weekend. we will have none other than GRIFF in the house. This is a big event where we were going to get connecting the dots between the haves and the have-nots. You’re going to learn how you can literally borrow money without the many requirements of credit I will discuss how to grow your money tax-free pay off debt faster. You’re going to also learn how and what you should be investing in to become recession-proof and you will be learning exactly how to increase your income with businesses that fit your personality. So go to PowerandMondeyConference.com and get connected.