What comes to mind when you think about wealth? Vacations upon vacations? A well-decorated estate home? Luxury cars and jets? A bank account with so much money it’s there for generations? Or maybe just a large and beautiful closet with a few of your favorite brands hanging ever so neatly?
Talk show host and financial expert Dr. Jewel Tankard is the star and matriarch of Bravo’s hit reality series “Thicker Than Water.” The wife of Gospel Jazz Musician Ben Tankard, Tankard is a pastor and business mogul who desires to see women and families live their dreams by obtaining financial freedom. She created “The Millionaire’s Club” an online resource for women to help them achieve financial success as well as other tools to help create financial freedom. Today she is sharing some of her tips on how you can start building wealth now and for generations to come.Dr @Jeweltankard shares tips on how you can start building wealth now & for generations to come. Click To Tweet
Where should you start regarding investing?
Start with developing cash flow and making passive income. The easiest way is to start by trading foreign currency. There is $5.3 trillion a day moving through the nation. My company helps people with trading gold, oil, silver and more right from their phone. Literally, you can start making $50, $100 even $1,000 a day.
Most people who are working a job, the reason they are not avid investors is that they are making just enough money to pay bills and nothing else. So the first order of business in developing wealth is to increase cash flow and not to live off of transactional income – that means I go work I get paid a certain amount a month (or week). Unless that transaction happens you are not getting paid.
How can a person who makes just enough money to pay their bills find money left over to save and invest it?
Turn off your cable. If you are not making at least $10,000 a month you have no business watching someone else dream – unless it’s the Tankards (lol). Cable is a dangerous thing because you are not creating when you are sitting there watching someone else dream. Also if you have renters or homeowners insurance, car insurance, all of those insurances you can call to negotiate a lower price, especially if they think you are going to cancel. Call and say, “hey are there any new rate quotes?”.
Also if you have renters or homeowners insurance, car insurance, all of those insurances you can call to negotiate a lower price, especially if they think you are going to cancel. Call and say, “hey are there any new rate quotes?”.
You can call your cell phone company and negotiate a lower price. Between all of those entities, you can probably find $100 a month to save. Call and ask your credit card company if you can get a lower rate. There is money there, you just have to do your due diligence.
Can you identify self-sabotaging behavior that can threaten your financial growth?
Most people get paid and swipe (meaning when they get paid they just start buying things with their card). Write down your income, write down your expenses. Pull money out of your account and put it in an investment that’s growing your money that you don’t have access to. Some people cannot have money and NOT spend it. Rather than purchase Louis Vuitton or Gucci when you get a large check, why not see what their stock is going for? You self-sabotage if you buy things and don’t have the income to do it.
What are your thoughts on buying new cars?
I never buy new cars. I had an ’03 and I just upgraded my car to an ’09. My Range Rover ’09. All of our vehicles are pre-owned but they all have titles in the safe. New cars are a horrible decision unless your net worth if over $20 million dollars, you really don’t have a business buying a new car because it’s a depreciating asset.
What should a person do to increase their credit score?
Get credit assistance to do that, don’t do it alone. It can take you years to get old things off of your credit. We work with a company where you pay a one time fee to help you clean up your credit over a three month period. Go to JewelTankard.com and there is a link on my website for this service.
Does the career you choose dictate your financial potential?
Teachers, I love them, but they don’t make any money. Whether a teacher or if you have chosen another career that doesn’t make a great deal of money, find a way to make more money at your career. If you are a teacher, is there a webinar or e-book that you can create on the side to make more money?
What are some tips on creating generational wealth?
Talk to your children about it and make sure they get the mindset. That’s the conversation Ben and I have a lot: do the kids understand the diligence that it takes to do everything that we do? Making sure they are talking to the people that were are in business with whether it’s the accountant, attorney, tax strategist, real estate investor or filling them in on where we bought our oil well.
The big thing is to make sure that you are having those conversations with your children and even if they don’t seem interested, still be passionate when talking to them. Statistics show that most second and third generation wealthy descendants, they are not keeping it. They just experience the fruit but don’t understand the sweat equity. In some cases, we have spoiled our children but we are mindful to not give them too much because we want to make sure they maintain it and even grow it.
At what age would you recommend starting to teach your children money management.
At five years old. You think your kids are too young but they catch it. The reason I’m an entrepreneur today is that I grew up seeing my mother and father, who were the first African Americans to own a business in downtown Detroit, make transactions and business deals and collaborations. I grew up seeing their sweat equity and worth ethic and seeing them get up early and go to bed late. Because of that, once I had to do it at 19 when we lost everything, what I thought was hard became easy because I grew up in a great environment.
Let your children sit in on your business deal. Even if it seems like they are not paying attention, they are seeing the behavior. The success of some people is behavioral. If a parent is struggling, the worst thing you can do is constantly talk to your children about the struggle instead of how you are going to overcome it. How you handle that is going to greatly impact their ability to handle financial pressure and life in general. So it’s all about the behavior that you see growing up that your children will pick up.
For more on Jewel Tankard or to get information on her talk show and other programs and services she offers, visit her website.