Dr. Lynn Richardson w/ MC Lyte | It's Time To Take Control Of Your Finances

Hello, I'm M.C Light. Over the years I have done almost everything. I have been a rapper and actor. Announcer. Producer. I have earned multiple streams of income for decades, but it wasn't until I met myself.

lynn

richardson

that I learned how to grow my small business into a booming empire. I'm sitting here with my sister, Dr. Lynn Richardson, right now hello hello hello, it's a pleasure to see you, I know I've been a part of

your

journey. with

your

unwavering message that people get their businesses in order yeah so I just wanted to ask you where your passion comes from when you say everyone should have a home business oh my goodness so passion comes from truth and the truth.

Did I fail at everything? Okay, I failed at all. I was born and raised in Chicago. In fact, my grandmother was 75 years old cleaning the houses of rich people who helped me go to university. She taught me everything that grandmothers teach their children. school get a good education get a good job go to church on sunday wear clean another webcast get hit by a bus right? I wonder why you're so obsessed with underwear and if I get hit by a bus, will they even have underwear? when I got fired uh so she taught me all that stuff but she didn't teach me about money my grandmother had an 8th grade education the wisest woman I've ever met and um she knew we weren't rich but I didn't I feel poor so If grandma told me you know, go get some money, if she said I need some money for an outing, she told me to look in the room, on top of the shelf, behind the box, inside my bag, inside of a zipper wrapped in a piece of paper towel, that's twenty dollars, Jesus, lady, come on, how did they hide the money so many

time

s and remember it?

So when I finished college I knew a lot about money, all I knew was that I needed something and I grew up. a bit of a fashionista i wore gloria vanderbilt i wore veda outside soon i wore jordan ash i always had good shoes with a nice backpack to match you know all that stuff so i had to keep it up when i got to college now i was at a prestigious college with a scholarship full, so you know, I didn't have any money, so I decided there was a big room the first week of college and they had all the credit card people around the room and I decided I saw people looking and making decisions I said oh, I'm not going to just buy one, I'm going to

take

one of each of the right crazy ones, so of course I loaded up the credit cards and couldn't pay anyone when the creditors called and said, Lynn, can you? borrow the money, I would say, can I borrow it?

He had all kinds of funny and sophisticated answers. As you can see, I have the gift of gab, but it wasn't as fun when I graduated. My credit increased. My furniture arrived. from the rental center and I thought: wow, this is my entry into the world of adults. Now I'm a supposedly educated young black man and this is the problem. I didn't know what to do differently and I didn't think I needed to change anything. There are a lot of people right now who are struggling financially and who have financial habits, financial beliefs that they developed when they were little children because of whatever their circumstances were or because of their need for fulfillment and they don't know what to do. differently and they don't even think they need to change, well that was me, you see, check to check is a blessing, people complain about checking the check, let me tell you son, you're doing it right, that means when they pay you they pay you on Friday and the following Friday is when you are running out of money or they pay you and two weeks later you start to run out of money you call Big Mom and ask her for some money for gas, that's one thing, but check Monday is a completely different game you get paid on Friday you leave it on the weekend you pay your overdue bills because in your mind your current bills aren't due yet Can I get a man from someone else?

Okay, so I spend my life helping. people understand that more money doesn't solve a money problem if it did millionaires wouldn't go bankrupt if more money could solve a money problem you would never have a bankrupt millionaire you would never have a bankrupt billionaire so again I said yes No I know what to do differently and I didn't think I needed to change so to everyone who is struggling with this my message is and the reason I'm so passionate about it is that change comes from within you have to make the decision for yourself that you are sick. and tired of being sick and tired, so I started living by the book I wrote live on Monday, the first 10 of every dollar you tithe, the next 10 you save and not just for a rainy day, you save to make it to this.

The pandemic, the 2008 recession and all previous recessions have taught us that when you come out of the recession you will be a millionaire, billionaire or witness, you can choose the last recession now, I was a penny ear, the next 30 are cash in your pocket , okay, cash in your pocket, I had to have cash in my pocket, why to help you avoid a spending addiction, a spending addiction is what you have when you go to the supermarket to buy toothpaste and you come out with things worth 179.47 that you don't have. I need to talk about that was on sale, it wasn't on sale for you now the remaining 50 percent stays in your checking account for your bills and you have one of two situations: you have more than enough money or you don't have enough money.

If you have more than enough money, that is not a license to go buy a bigger house, a bigger car and more things. What happens is that every

time

we get a raise, then we go and increase our expenses so that you don't have any more freedom. Now you have more slavery, more debt, more headaches, so now is the time to pay your debt. Why is there an intermediary between you and your wealth and it is called interest? And if you're letting someone else make money off your interest, that means you're not making money off it and it means you're working for your creditors, so you want to try to eliminate your debt, you want to treat yourself to a vacation, or whatever. whatever, but here's the deal, if you decide to go on vacation, you don't have money you're not on vacation the vacation is on you that 50 if you have more than enough money you want to be strategic about it if you don't have enough it's time to subtract you should disconnect subtract what subtract whatever, because here's the deal, money is an exact science, so one plus one equals two, if your stuff adds up to ten, it will never be divided into two.

The second reason I'm so passionate about this is because we've really lost ourselves. the most important ingredient in the money game, so the first thing I talked about is spending less money. There is no way to be financially free if you keep spending more money than you earn. The next thing you have to do is get more money on multiple streams. of income why because one stream of income is dangerous to your wealth, but here's the problem: the more money you make, the more the IRS will

take

, so if you go from making seventy-five thousand to one hundred and fifty thousand dollars, you won't see seventy-five thousand divided by twelve on your paycheck.

In fact, I know people who get a raise from 100,000 at their job to 200,000 and they've actually seen less in their check because the more money they make, the more tax brackets they go into. I remember my first check went from ten thousand to twenty thousand. per pay period. I was looking for this check now, let's be clear. I was living off the check on Monday, so I had already spent the money. Well, I knew the check. was coming in, so when I got the ten thousand dollar check, my take-home pay was 8,500. I was married, had three kids, five exemptions, so I had five allowances on my W-4.

I thought that's how it worked, so when I got this twenty thousand dollars. commission I thought I would have sixteen seventeen thousand dollars let me tell you something I received the check the check was like nine thousand dollars let me tell you I almost fainted right there in the office I got dizzy and then I said boy, you can Don't die because you need your money. I said you were right, so I went to the office and called the IRS. People said, "Well, why did you call the IRS? Because they had my money. Who else are you going to call?

I call the HR people. They don't." I have my money I'm looking at the check it says ficonam so that's what I'm calling so I called the IRS and I got on the phone I told them my situation I didn't even know who to call what to say everything I know half my check is gone and I need it back, so they heard my story and said, "Oh, we'll put you with a retention agent," I thought, "woo, girl," I have someone named that. Okay, you have a withholding agent, so I was ready, I was already counting the minutes, so what was I going to get my money?

Then the retention agent showed up and she started asking me all these questions like question number 10 or 11. I started getting nervous, she put me on hold. back and her calculation was only two cents different from my check, that's when I discovered that the more money you make, the more the IRS will take. I didn't think that when you grow up in life you make more money and get less, that just wasn't the case. It seems fair to me, so the first thing is to spend less money, the next thing is yes, get more money, multiple streams of income or increase your work, do some extra shifts, but the third ingredient is the most important and that is that you have to recover your money well guess what the irs says the irs says if you drive your car for business you can get your money back if you just go and drive for personal reasons you don't if you have a business dinner or business lunch you can get your money back if Taking a business trip can get your money back The IRS says this hundreds and hundreds of times, so what everyone needs to know about having a home business is that you, as a sole proprietor, do whatever it is you're doing, As a sole proprietor, it's just as important and you're in the same category as any other business, so think about the department stores you see on the highway, think about where you shop, they treat you.

In the eyes of the government, like any other business as a sole proprietor, now this pandemic has shown us all exactly how the government treats money. There are two systems in the United States. There is a system for employees. There is another system for companies. The employee system under the pandemic basically said. wait for your 2000 stimulus check or your 600 stimulus check get your unemployment and move on now first of all I need a few more zeros on my check if you're going to stimulate me it's not stimulating right me too but guess what they told him to the companies. owners people with home business owners said send us your income we will give you a percentage of that so you can keep your business running so I know sole proprietors independent contractors I know a stylist because she ran her business as a business with the intention of making a profit when the pandemic hit and everything closed, she got over fifty thousand dollars to keep her business going, while the other stylist in the same store who did not run her business like a business got nothing and Unemployment had to wait for companies to be the engine of the economy, the IRS says it hundreds of times and that is why in my classes I teach people how to recover their money.

I help them identify tax deductions that they never actually knew about. I wrote a book, get your money back, tax deductions you never knew about, right, very simple, right, that's why I'm so passionate about it. The third reason I am so passionate about it is because there are no secure jobs. they taught you to go to school to get a good education get a good job and then you could work at that job and retire into the sunset that doesn't happen anymore we are no longer an industrial society we are a service society and a technological society and therefore Therefore, if a company can replace a person with a computer program or a robot, even their job can end.

We have seen in recent history where government workers were laid off. Can you believe the idea was to get a good government job? Unsure teachers who should be the highest paid of everyone everywhere. God bless the teachers, but they are on strike over working conditions, salaries and pensions. Teacher pensions are in jeopardy across the country. Vaccines were not on the list of essential workers, so teachers are not. even secure and since there is no secure job we have to create our own jobs and therefore not having security when it comes to being able to support ourselves gives us the energy we need to escape we want to go on vacation but if You don't have money, you're not on vacation, the vacation is on you, so what's wrong?

Christmas is coming and we want to escape during the holiday season, so you spend your last penny of next month's rent on Christmas toys and the kids don't. You didn't play with the toys and now you got irritated twice the day after Christmas and in the whole house all the creatures were hurt, even the mouse, all the toysThey were broken, their batteries were dead, and Santa passed out with ice on his head. The point is that we tried to escape and the only thing we can escape is the brilliance that God has given us to create the power that we need to start our own businesses, so when we start our own businesses, when we start our own businesses from home, then no.

We can just make more money, we can get our money back and then we have a little bit of

control

. The fourth reason I am so passionate about everyone having a home business is because of what I just said. You want

control

I want control We want control We don't want to go to sleep worrying about how we're going to pay our bills We don't want to dodge repo man We don't want to have to hide our car at our cousin's house in the garage to try to figure out how we got there, we don't want to do that we actually want control but what it feels like when money is tight when the ends are not met when money is fun and change is strange it feels like money has control but the truth is that money wants to give you control money says I'm trustworthy and here's the truth about money one plus one equals two money is more trustworthy than anything else because it's based on simple math what we learned in first grade money is more reliable than your friends money is more reliable than weather money is more reliable than your boo who became who what when where why and how money is more reliable money says I just need you to respect my money says I need you to let me work the way I was designed to work money says I want to help you multiply money says I will work harder for you than you can ever work for me that's called investing that's called creating passive income streams that's called being wise and making wise decisions that's called getting an education that's called surrounding yourself with people who understand how money works if you have five broke friends you'll be number six if you have nine broke friends you'll be number 10 so your network really determines your net worth and when we give money the power to do what it does by honoring it, we put ourselves in the driver's seat, we are in control and now we say to money, go here in this investment and do that , we tell money, okay, now I want to take a vacation, but it will be a business trip, we start telling money what to do when we understand you cannot develop a relationship with anything or anyone that you understand is not a relationship that is going to be powerful and sustainable money says you can control me but here's the deal if you can't control a dollar what what are you going to do with 10 if you can't control 10 what are you going to do with a thousand if you can't control a thousand what are you going to do with a hundred thousand If you can't control a hundred thousand, what are you going to do with a million?

I found my power in 2008, when the economy collapsed and I had nothing. My 401k was reduced to zero. I left my job to pursue my dream of being in the entertainment industry and helping celebrities with their businesses. and their businesses, I figure well and here I am today, but that's when I found the power. I found power when I didn't have dollars because when you don't have money you have no choice every time I don't want to spend money, no I don't have anything right so we have to learn how to have power over money when it's in our hands not just when It's in a disappearing act phase, when you get a dollar, what are you going to do with it?

So I always tell people here. the real thing about money some say money talks but i say money silently walks away from you and you don't know where it went it would be nice if a dollar said i'm about to leave here and when you come family i won't be there, it would be nice if they talked, but it's not cool and then we just spend money here and there and say it's only ten dollars, it's only two dollars, I just dare you to go look. in your es solo from 2020. I dare you to go see your es solo from 2019.

I dare you to go look at your es from any year and you will see that that is where your wealth is, so if we respect money we will honor money if we just listen to its basic and simple first grade principle that one plus one equals two which means you can't spend ten then we can have power and control over money so Lynn you have a new college of wealth and within that you have the entrepreneur academy now. I wish I had that when I was a kid, but instead I can come along and learn all these tools as we go, but what would you say are the educational tools that someone needs to do things differently? in their businesses, in their lives, in their businesses, in their

finances

and in their minds, if you want to do everything you can, the entrepreneur academy is for you, it is affordable, there is a monthly subscription fee, with that subscription fee monthly low, you get a whole bunch of books, you get webinars, you get live Q&As, you get tax talks on Thursdays, we take a spiritual path to wealth and prosperity, we have master classes, literally it's a limitless plethora of different classes, from how to start a business from home. to Passive Income Streams for Self-Employed Business Owners How to Repair and Protect Your Credit How to Be a Real Estate Investor Manage Your Money Mindset 21 Days to Financial Freedom The classes and opportunities are endless, so for those who say I don't know what do differently, but now I know that I need to do something different, then the entrepreneurship academy is for you and the truth is that the entrepreneurship academy is literally a university.

The entrepreneur academy is packed with classes, webinars and online training, some of the trainings are one-on-one training with me where you hear my voice every day you receive an assignment others are live webinars where you can ask questions others are self-paced without getting a grade and I grade the assignments correctly and I am involved for those who are interested in really diving into the entrepreneurship academy it could last three, four or five years and even then there will be more classes because of this fact the money is always changing policies are always changing we have classes on practically every single topic one could imagine in the entrepreneurship academy now for those who, if they think about swimming, don't want to dive, maybe they don't have enough resources but they do want to get their feet wet and they want to have access to more than one or two classes, then the Beyond 2020 online financial counseling program is for you, it's paid, you get three very important books and then you get online counseling.

That online coaching includes one-on-one coaching from me again, so I'm giving you an assignment daily and then you respond and submit your assignments and you're growing in the process and then there are webinar replays, masterclass replays, assignments, things specific things you can do to address your budget, your business, your

finances

. and your life for those who just want to get their feet wet you know sometimes you go to the beach all I want to do is get my feet wet and let me tell you I would tell people I went to the beach girl you're not getting that bunch of wet toes, but I went to the beach, okay, so come to the beach, get your feet wet and the freedom package the freedom package includes the 21 days to financial freedom and includes how to start a business from home, so if you're trying to overcome a spending addiction, you're trying to start your multiple streams of income, then the freedom bundle is an entry point and it's less than fifty dollars to get started, you get two books and you really have the opportunity to change your life, so Lynn.

I have a lot of home businesses. You've taught me this over the years, but can you give us some examples of what home businesses are? Starting a home business is a process and I always tell people if you do what you love the money will come now, you can't just go around saying I love everyone and think the money will come from that, in reality you will also have You have to work a little bit, but if you start where you are skilled, if you start with the things that you are good at if you start with the things that you are naturally capable of doing, there are some ideas there, so I teach you how to start a business from home, Now what I will say is one of the home businesses.

Businesses anyone can start are at New Weald University, become a wealth ambassador. As a wealth ambassador, you learn and you earn, so I remember one day I was on social media and someone had bought one of my books and they tagged me and I saw it and said. thank you and I instantly thought you needed to send them a check so that's what I did. I started creating a way for people to learn and earn while you are at New Wealth University and you share a class or a book with your friend, family member, coworker, then guess what you earn 50 from commission, last thing I want to say Regarding the types of home businesses that are available, there are things that people do that they don't know as home workers. business my grandmother cleaned houses for rich people that's a home business people drive for uber that's a home business um there are djs makeup artists uh putter eyelashes owners you know all kinds of things your people don't do eyelashes i' Like, wow , that's a whole industry, right, and those people, these people, us, the people who look like us every day, are actually in the business, but the reason why it's so important to get a financial education with that business is because people have lost thousands, about six.

Tens of thousands or six figures that have lost money during this economy during this economic downturn during the pandemic because they didn't understand, one, how not to run a failing business and two, they didn't understand the finances of their business, so our boss financial. officer ingrid lavonne who has managed billions of dollars for companies like Xerox and others, teaches at New Wealth University and teaches business finance 101 business finance 102 profit planning corepreneur how to keep your current job and start a new job start your own business like this that ingrid lavonne has really stepped up to teach self-employed home business owners how to avoid having a failing business.

Well then let's listen to ingrid lavonne, hey ingrid, hey lennon light, what a timely conversation, since Lynn has so passionately talked about having a house. Business based is simply not an option while growing up. I only saw my mother work two jobs as a single mother and only child. I have worked various jobs and maintained my own business for the past 10 years. You have to create and control your own economy. and boost your own income running a failing business should never be an option, there is a clear difference between making money and being profitable, anyone can sell something, you can go on social media right now and sell something, but how much of that price or income do you get?

In reality, to maintain what your bottom line is, you need to understand your costs and expenses in order to stay in business. It's your experience. Your experience. Your education is built into your prices. You must receive payment first. This leads to understanding your numbers. Being the boss has a cost. and you have to know things from the boss like profit and loss statements income statements balance sheets how to evaluate your company the first question the sharks ask in the shark tank is how much did you earn and what was your margin those are real things that you need to know how to be and stay in business and finally, once you know those things, you will be able to avoid the grand opening and grand closing syndrome.

You will know they are here today and tomorrow. Having strong financial insight and understanding ultimately gives you longevity and positions you to make decisions about your business. future and your family's financial future because after all, who wants to lose before you even start? Thank you and again to you Leiden Lin. Wow, thanks Ingrid. Thank you. That was incredible. The end. What I'm saying. Information is priceless. Yes. So start a house. Based business is imperative, it is a necessity, it is an absolute necessity, so at New Wealth University we will teach you how to start a home business, how to hire your children, so the idea is not just for you to learn the tactical things you can. what to do when starting a home business hire your children hire your cousin your brother your mother your father your sister your brother hire anyone but learn how to use these tax strategies that are legal and ethical for your benefit and at the same time build your empire expand your income streams by running a non-stop business we want to know crazy businesses around here okay, okay, run a profitable business and then be able to pass on what you are learning to your children, your community for generations to come, thank you very much, Lynn, by For more information on how to start a home business so you can change your money and your life like I did, visit

lynn

richardson

.com