Flashback Friday Ep 43 - The Triple Threat To Wealth Building: Taxes, Wall St and Debt

In this Flashback Friday episode, we have Jamilah N. McCluney. She started Black Wealth Financial after learning some very important money lessons the hard way. Being completely clueless as to how credit cards, mortgages, or 401ks worked, she found herself making horrible money moves and financial decisions, which would ultimately impact her financial future in a very real way. The process of dealing with money is very personal to Jamilah and she often sees a similarity and feels a connection with her clients no matter where they are along their financial path. She earned a Bachelor of Science degree in Psychology from Howard University and believes that her background in behavioral science helps her understand how people think and feel in regards to their personal debt and finances. Jamilah's goal is to eliminate her clients' anxiety around money and to proactively and quickly get them out of debt, and on the path to living their best financial lives. She's been dedicated to this pursuit for nearly a decade and sees herself more as a financial coach and strategist. Her action plans are very hands-on and she's not afraid to speak the hard truths and realities when it comes to you and your money. ________________________________ Interested in investing in small multifamily? Learn more about The Microfamily Mavericks mentorship program here: ⁠https://www.microfamilymavericks.com/casestudy⁠ Check out our podcast website! Thesharethewealthshow.com Want to leave feedback or suggestions on our show? Take our survey: https://s.surveyplanet.com/c1xu5qdv ________________________________ [1:00 - 15:31] Escaping the Racial Wealth Gap and Building an Abundant Life How she started her own business, Black Wealth Financial, after learning some important money lessons the hard way How her business focuses on teaching people how to build and protect their wealth through strategies such as buying and selling commercial properties, investing, and diversifying their portfolios Why clients should be their own bank, so they can earn their own interest [15:32 - 29:37] The Power of Life Insurance The benefits of life insurance, including the ability to use it to reduce taxes paid over one's lifetime and to invest in assets that will provide tax advantages One of the key benefits of life insurance is that it allows you to borrow against the policy, which can be useful for real estate or other cash-producing investments The current market conditions are causing many people to rethink their retirement plans and invest elsewhere [29:38 - 41:34] How to Handle When Your Money Goes Down Quickly in the Stock Market There are a variety of ways banks can make money from selling life insurance policies There are also advanced strategies where people sell off their life insurance and then use the money to invest in other assets, such as real estate or stocks Why it is recommended to save 15-20% of one's income to benefit oneself in the long term, whether that be in the form of real estate or other investments [41:35 - 48:49] Closing Segment The final questions Why ignorance will make you miss out on opportunities Jamilah shares her strategy in choosing between Baltic Avenue and Boardwalk with the Monopoly game What’s next for Jamilah? Connect with Jamilah! Key Quotes “To have the ability to pay cash is a flex.” - Jamilah N. McCluney “The biggest thing you wanna do is grow first yourself.” - Jamilah N. McCluney Connect with Jamilah N. McCluneythrough . Follow her on