Dollars and Sense

Take the Leap!

Three Angels Broadcasting Network

Program transcript

Participants: Yvonne Lewis (Host), Ryan Mack

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Series Code: DAS

Program Code: DAS000008A


00:01 What is money for?
00:03 Is it a helpful resource to use for good,
00:05 or is the love of it the root of all evil?
00:08 Actually it's both,
00:10 but God may have a different definition of success.
00:13 Real success doesn't come overnight.
00:16 It takes hard work and faithful planning.
00:20 To use your dollars well,
00:22 it takes more than a little sense.
00:27 Hi, and welcome to Dollars and Sense,
00:29 I am co-host Yvonne Lewis
00:31 and our primary host is Ryan Mack,
00:34 financial literacy expert, author, teacher, speaker.
00:38 All right.
00:39 Everything, just everything, everything
00:41 Proud to be here.
00:42 Yeah, we are so glad to have you
00:44 and love the information you've been bringing,
00:48 I know that our Dare to Dream viewers
00:50 are being so blessed by this information.
00:53 Share this with your friends,
00:54 tell your friends to watch this program.
00:57 We need it in our communities desperately.
00:59 So we are so glad that you are doing this
01:01 and tying it all to scripture.
01:03 Absolutely.
01:04 Tying all these principles into these financial,
01:07 economic principles into biblical principles.
01:09 Right, well, it's easy to do
01:11 because everything in your life is related to scripture.
01:15 And scripture supports every aspect,
01:17 there's nothing that you can do
01:19 whether it be sleeping and breathing,
01:21 all of that, everything our daily activities,
01:23 what we do, how we think, how we feel,
01:26 and especially everything good is supported by scripture.
01:30 So it is very simple to do and on this show,
01:33 it's one of my favorite shows because of programs rather,
01:38 essentially because we want to really support
01:42 and really put our arms around our entrepreneurs.
01:46 These entrepreneurs are out there every single day
01:49 and they are having that these ideas
01:52 and they are trying to create
01:53 something that's a product or service for themselves
01:57 and I wanted to just really,
01:59 well, I wanted to highlight a scripture
02:00 that to me resonates
02:02 when you are wanting to start a business
02:05 and I read it, it's out of Colossians 3:23,
02:09 it says "And whatever, whatsoever ye do,
02:13 do it heartily, as to the Lord, and not unto men."
02:17 And I think that every business owner
02:20 should really just take heed
02:21 of what the Word is saying here,
02:23 because when you're starting a business,
02:27 you have to ask yourself a question,
02:28 why are you doing this and is this for money?
02:33 Is this for fame or is this for power?
02:36 Is this for a recognition?
02:38 Is this to feel like you are validated as a person
02:42 or you're doing this
02:43 because Christ has led you to do this?
02:45 Is this of the flesh or the spirit?
02:48 Good question.
02:49 We have to go through that question
02:51 and many times businesses rise and fail
02:53 or many businesses are successful
02:57 according to the world,
02:59 but not according to what Christ has wanted to do
03:01 and we know, we all know that those businesses
03:03 that are worldly successful are not necessarily successful
03:06 in the eyes of that individual,
03:08 especially with internal struggles,
03:09 you might get all the money in the world.
03:11 But what does that money mean when you have lost yourself?
03:14 That's right,
03:16 you know, I've looked at people on TV
03:18 and especially a lot of these rappers and stuff
03:21 and they are so rich financially
03:25 and they look so miserable.
03:26 Right.
03:28 I mean, I don't, I never see real joy in their faces,
03:31 you know, they might smile sometimes,
03:34 but they just look so miserable.
03:36 Because financial wealth does not...
03:41 A man's life Jesus say
03:42 "Consists of more than what he possesses."
03:45 So it's not just about what you have,
03:47 it's no sin to have a lot, it's a blessing to have a lot.
03:50 But it's what you do
03:52 and is it of the flesh as you said
03:54 or is it of the spirit?
03:55 I mean, and we have to ask these questions,
03:58 I mean, and these questions
03:59 are so pertinent and so critical
04:01 because we wanna make sure
04:02 and that we are one joyous in our lives.
04:06 We wanna make sure
04:08 that we are content with what we have
04:10 and with our sedan in our estate
04:12 and we wanna get to that level of prosperity,
04:15 and prosperity doesn't mean
04:17 have all the money in the world,
04:19 you know, you can be spiritually prosperous.
04:22 You know, if you are walking in the line
04:26 what God has for your life,
04:27 you can attain spiritual prosperity,
04:31 you can attain physical prosperity,
04:33 and I am trying to attain that right now.
04:36 There are many entrepreneurs out there like yourself,
04:38 who teach about health and awareness,
04:41 so that's a weakness of mine,
04:43 so I'll use your services to help me get more healthy.
04:47 Anytime.
04:48 Socially prosperous and making sure
04:49 that we can try to make sure
04:51 that we are aligned with what is going on
04:53 in our communities, mentally prosperous,
04:55 and making sure that our mindset is strong.
04:58 So all these things together
04:59 we can achieve a certain level of prosperity
05:00 we want in life,
05:02 and there are entrepreneurs out their
05:04 who have businesses that can really just attach
05:08 and really direct us
05:10 and use their products and services
05:12 that we can buy and purchase and sometime for free
05:14 if it's through a non-profit or what have you,
05:17 that they certainly say,
05:19 let me assist you and fulfill the need in society
05:21 and where our passion intersects
05:24 with our need in society.
05:26 That's where we're gonna have the most happiness
05:28 and the most joy
05:30 because we are passionate about something
05:32 and we are fulfilling a need about something as well.
05:34 That is so true, for those
05:36 who don't know what an entrepreneur is,
05:39 what is an entrepreneur?
05:40 An entrepreneur quite frankly is just someone
05:42 who said, "Hey, I have a skill, I have a talent,
05:45 and I want to spend all my time creating something
05:49 whether it be a service, whether it be a product,
05:53 and I want to offer this
05:54 for other individuals to purchase."
05:56 Okay.
05:58 One of my favorite civil rights leaders
05:59 was Madam C. J. Walker,
06:01 she started out as a slave,
06:05 she worked her way up to cleaning out tubs
06:07 and after she got out of cleaning out tubs,
06:09 she started to say,
06:11 "Let me make this beauty care and hot combs."
06:14 And she was selling her beauty care
06:16 and their hot combs and her husband said,
06:18 "You know what,
06:19 I think you're making enough money,
06:21 we are making about,
06:22 you know, $10 to $20 a week,
06:24 back in those days was a lot of
06:25 money, we're making enough money,
06:27 and we're making,
06:28 you know, lets just be content with what we have here
06:30 and she said no, no, no, I have to do something more
06:33 because the more money I make, the more people I can help.
06:36 And so her drive was not just to make the products
06:40 as she was very good at making products,
06:42 but her drive was to say that
06:43 if she can build this enterprise
06:46 and be successful at building this enterprise,
06:49 then I can employ people, and I can put people to work,
06:52 and I don't have to wait on the government,
06:54 I don't have to wait on anything,
06:56 I can create this entity
06:58 and a lot of people are going to be blessed by essentially
07:01 what I have been able to put together
07:03 and this is what Christ wants us to do.
07:06 He wants us to be fruitful and multiply
07:08 and make sure that we can use the skills and talent
07:11 that He has provided us
07:12 to create benefit for other individuals.
07:15 When I was first starting my business,
07:18 I remember the trials I went through.
07:20 I remember all those things that I had to do,
07:22 the connection,
07:23 so what I did is I put together four steps,
07:26 that future entrepreneurs,
07:29 people who just have something in their mind
07:31 that I would love to get individuals
07:33 to just write down,
07:34 and these four steps
07:36 are for those individuals out there,
07:37 you don't know exactly what you want to do yet,
07:39 you don't know if entrepreneurship is for you,
07:41 and I actually do these steps every six months or so.
07:45 And I write these steps down and I meditate
07:48 and I think about, hey,
07:49 what is God trying to tell me through these.
07:51 What is He trying to let me know
07:54 about these particular steps.
07:56 So the first step is purpose. Okay, purpose and passion.
08:02 The two most precious days of your life
08:04 are the day you were born
08:06 and the second day is a day
08:07 you know why you were born, right.
08:09 So we have to figure out why we're here,
08:13 and when you figure out why we are here
08:16 and, you know, God knows why we are here.
08:18 Right.
08:19 Before we were even created in the womb,
08:20 He knew exactly what was happening,
08:22 He knew this is the reason I am putting this person,
08:26 I am designing an individual
08:28 that's gonna be uniquely tailored to this world.
08:31 And this person is gonna have these skill sets
08:33 and if they follow My word and My will,
08:35 then they are going to be the,
08:37 they are able to use these skill sets
08:38 to do fill in the blank, what is that?
08:41 For me my skill set was financial literacy
08:45 and I knew that I was called to teach financial literacy,
08:48 to help individuals to understand
08:50 the value of money and why we have to use money.
08:53 So the exercise I would like to give
08:55 for finding your purpose and passion in step one,
08:58 I would love everyone to take some time,
09:01 take some time to do this,
09:03 maybe you can find a buddy if you like to figure out,
09:06 hey, you know what, do this exercise with me,
09:08 because you might see something in me
09:09 that I didn't even see in myself.
09:11 So write down 20 skills, talents, or hobbies
09:15 that you possess, at least 20.
09:18 It might be challenging,
09:19 but just work your way through it
09:21 and may be you can complement some of these skills, talents,
09:25 maybe get to 10 or 12 or may be 15.
09:27 But then the other additional ones
09:29 may be write down things that you get mad at,
09:32 things that you get upset about.
09:33 When you're watching television and you argued about something,
09:36 what is tapping into that passion?
09:40 What was the last time you have argued with someone
09:42 and you just couldn't stop,
09:44 you didn't want to break it away.
09:45 Was it about sports?
09:46 Was it about politics? Was it about law?
09:49 Was it about health, strategy, whatever it really was,
09:52 because that one thing that you can't break yourself away from,
09:55 that could be tapping into your passion.
09:58 So after the 20 things that you write down,
10:01 you then want to essentially get,
10:04 that's gonna give you a picture,
10:05 it's gonna start forming a picture
10:07 that things that relate to one another
10:09 and that might give you an indication that
10:11 hey, maybe this is something that I should look into,
10:13 maybe I should look into being a journalist,
10:16 maybe I should look into being a lawyer,
10:18 maybe I should look into being an accountant,
10:20 or maybe I should look into being a caterer,
10:22 whatever that is, you're gonna start seeing things,
10:25 a picture that comes together,
10:26 so that's step one finding your purpose and passion.
10:29 For step two, we want to make sure vision,
10:33 you wanna achieve that vision,
10:34 where there is no vision, the people perish.
10:35 Right.
10:37 One of my favorite scripture in the Word because it says,
10:40 "Where there is no vision, the people perish."
10:42 Now many people will say,
10:43 you know, they will take that to me
10:45 that where there is no vision,
10:47 I will perish meaning personally.
10:50 Well, your vision is not for you,
10:52 your vision is for other individuals
10:54 to bless someone else.
10:56 So when it says that people will perish, meaning this.
11:00 Let's just say we have a community
11:02 or someone has a vision of being a lawyer,
11:06 five years from now.
11:08 Someone has a vision of being an accountant,
11:09 five years from now.
11:10 Someone has a vision of being a caterer, five years from now.
11:14 If they all live in the same community in ideal world
11:17 when you start those businesses,
11:19 a lawyer, an accountant, and a caterer,
11:22 they will all be able to circulate their dollar
11:24 amongst one another.
11:26 They have their vision
11:27 they'll be able to spend their vision,
11:28 they achieve their vision,
11:30 they'll be able to take their money.
11:31 That lawyer can get their taxes done at the accountant,
11:34 then an accountant can buy food at the caterer,
11:36 the caterer can use that lawyer for legal services
11:39 and so forth
11:40 and that's how we create the circulation of our dollar.
11:43 Now, what if that lawyer
11:45 decides to not achieve their vision,
11:48 what if that not to pursue it,
11:50 I don't want to go to law school.
11:51 What if that accountant says,
11:53 I don't wanna be a tax accountant,
11:55 I don't wanna go to be an accountant,
11:57 I don't wanna get my CPA, they decided not to do it.
12:00 What if that caterer says,
12:02 I don't wanna open up a catering business?
12:03 Well, where's the lawyer gonna eat?
12:06 They gonna have to go outside the community.
12:09 Where's the accountant gonna get their legal service done?
12:12 Have to go outside the community.
12:14 Where's the caterer gonna get
12:16 their legal services done or get their taxes done?
12:19 Outside the community.
12:20 So every service that they would have been provided
12:22 before in the community,
12:24 spinning the money in the community,
12:25 circulating their dollar effectively,
12:27 they don't have to go outside the community
12:29 taking their money outside the community,
12:31 making the community
12:32 and when they are taking their dollars rich and richer,
12:35 but the community in which their dollars
12:36 are coming from becomes poor and poor.
12:38 So it was that lack of...
12:40 So what made that dollar circulate?
12:42 Well people say well,
12:44 product and services the availability of them.
12:45 Well if you go deeper than that,
12:47 it was vision that made the dollar circulate.
12:49 If those people didn't have their vision,
12:52 then essentially they wouldn't have had anybody
12:54 to spend their money with.
12:56 So it was the vision that made the dollar circulate,
12:58 it was their vision that empowered the community,
13:00 and where there is no vision, the people perish.
13:03 So that's what I feel that we really are,
13:06 that resonates with me when I think about that.
13:08 So your vision,
13:09 we need your vision to be successful.
13:12 We need your vision to be pursued,
13:13 because at the end of that vision
13:15 there's someone waiting on you to bless them.
13:17 I need to spend my money with you,
13:18 if you are in my community,
13:20 I need to spend my money
13:21 with you to make sure our community is successful.
13:24 So we need to have exercise for that
13:26 and that's for the vision
13:28 I want you to write down where do you think
13:30 you'll be 1, 5, 10 and 20 years from today.
13:35 This is our step two, vision,
13:37 1, 5, 10 and 20 years from today and be specific,
13:42 write a budge for your 5 and 10 year vision
13:45 and that means take a budget out.
13:47 Where do you think
13:48 your mortgages gonna be or your rents gonna be?
13:50 Or you're gonna have anymore children
13:52 for the young millennials out there?
13:54 Are you gonna be in school, you're going back to school?
13:56 How much money you gonna be making from this job
13:58 that you gonna have
14:00 or this entrepreneurial this businesses
14:01 that you're gonna start?
14:02 Where's your budget gonna be?
14:04 'Cause when you start to write budgets down
14:05 and I call them forecasting budgets
14:07 and where you think you're gonna walk in life,
14:09 things start to come together and they start to gel,
14:12 and write that budget down
14:14 and start marching towards that, that's step two.
14:16 Now step three, it's called resources.
14:20 Now for step three we have to understand
14:22 the four precious resources that we have, our time, money
14:27 and everybody knows about time and money,
14:29 you know, I mean time is more precious than money
14:32 'cause I can make a million dollars
14:33 and lose a million dollars and make it back.
14:35 But if you take my time, I can never get it back.
14:38 So time is, time and money, now then,
14:41 can't forget about knowledge and people.
14:44 So many times individuals forget
14:46 about knowledge and people.
14:47 So the only one person away from achieving your blessing
14:50 in terms of people that one person that you meet,
14:52 that you come across with, that you network with,
14:55 so you never know how they gonna bless you
14:57 as you walk across their path,
14:59 as God places that one specific person
15:01 for you to connect with.
15:03 So treat everybody with love,
15:04 treat everybody with respect, be kind with everyone.
15:07 You never going to meet someone
15:09 from now for the rest of your life
15:11 that doesn't know something that you don't know, right.
15:14 So everyone is unique in that fashion
15:18 that everyone has that in their walk,
15:20 so you should treat everyone with respect,
15:21 because they know something that you don't.
15:23 They have knowledge about something you don't
15:24 and that's with everyone,
15:26 there's nobody on the face of the planet
15:28 that you know exactly the same thing.
15:33 So again treat everyone with respect,
15:35 you never know what you are going to get from them,
15:37 you never know what you are going to give to them,
15:39 so I need you to write down especially five people
15:43 that you need to connect with,
15:45 that can help you achieve your vision
15:47 and I'll give you 30 days to do it.
15:50 So this person, these are people
15:51 that can help you start a business,
15:53 these are people that can give you insight and guidance,
15:55 but please consider Dare to Dream network
15:57 as a part of those individuals.
15:59 Absolutely.
16:00 And write us down,
16:01 reach out to us on our Facebook page,
16:03 we want to connect with those individuals.
16:05 So I want people to write down five people
16:07 that they want to connect with,
16:08 whether in the next 30 days
16:10 they can help achieve their vision
16:11 that you haven't connected with before.
16:13 These are not people that you've already talked to,
16:15 these are brand new people.
16:16 It's good.
16:17 I want you to expand your network.
16:19 If you are the smartest person in your circle,
16:20 you need to find a new circle.
16:22 And we have to think about this way
16:24 because I know a lot of folks that are way smarter than me
16:27 and I thank God for them all the time,
16:28 because they give me so much intellect
16:30 and so much ability to just think bigger,
16:32 and better, and broader,
16:34 and better than I ever had before.
16:35 And then for knowledge,
16:37 I need you to write down five books
16:38 that you want to read, over the next 6 months,
16:41 that are gonna help you.
16:42 When I started Optimum Capital Management,
16:44 my financial planning company,
16:46 I read four books how to start a financial planning company
16:50 and I spent less than $10
16:51 on Amazon to start this, to buy those books,
16:54 they helped me start a business.
16:56 So starting a business is easier than it's ever before
16:59 and we need to be very deliberate on doing that.
17:01 And in final the step four is a plan of action.
17:05 We want you to write down five steps
17:08 with dates and times attached to them.
17:11 When you're going to get the first three steps
17:13 that you wrote down accomplished.
17:15 When you're gonna get that vision accomplished.
17:17 When you're gonna write down your vision.
17:18 When you're gonna get that budget together.
17:20 When you're gonna buy those books.
17:21 When you're gonna meet up with those individuals
17:23 who can connect you with and expand your network.
17:25 When you're gonna sit down and write out your 20 skills,
17:29 talents, or hobbies that you haven't possessed.
17:31 So these four steps of success are for people out there,
17:34 if you do this every, I do this every six months.
17:36 It helps individuals to just get centered on
17:39 exactly what they are good at and it gives them a picture,
17:42 an indication of exactly where they wanna go
17:45 and you might already have a business.
17:47 And I'll tell you when I started a non-profit,
17:50 I did this exercise, let's say we know what,
17:52 I think God is pulling me in a different direction
17:54 and this is giving me an outline
17:55 that's showing me, I need to,
17:57 maybe move in a different direction,
17:59 maybe I need to do a non-profit because I had four profit,
18:02 maybe a non-profit will be better suited for that,
18:04 start the non-profit, got fully funded
18:07 and that helped me get my book tour,
18:09 I traveled over 40 cities from funding
18:11 that I got from my non-profit,
18:13 that I wouldn't have able
18:14 to attain had I not done this exercise.
18:16 So that's what people should do before they start the business.
18:19 That is so rich, it's so good
18:23 because especially as I was listening
18:25 that whole idea of the plan of action,
18:27 'cause now you linked yourself to some dates,
18:31 you've said, okay, if you don't,
18:34 if you just say I wanna do this,
18:37 I wanna do this, I wanna do that,
18:39 then that's just a dream,
18:42 it's just a dream because you're not,
18:43 you have nothing to tie action to it.
18:47 But if you say, okay, I want to do this
18:50 by this day and this by that day,
18:52 then now you got, you've tied it to a day
18:57 and now the expectation is even deeper on you
19:00 because you have a time
19:02 in which to fulfill this, don't we?
19:04 We have to force ourselves,
19:05 we have to be deliberate and making sure
19:07 that we are moving in that right direction.
19:10 We have to make sure that we are writing down
19:14 and we are not stagnant, okay,
19:16 because what sometimes individuals do
19:18 as entrepreneurs or prospective entrepreneurs,
19:20 people that want to get into starting their own business,
19:23 they are stagnant and setting their mind
19:26 again I've said this before,
19:28 the number one place where you can find
19:29 most of your dreams is in the graveyard
19:31 because people die with them, and what happens is
19:33 if you don't fulfill your dreams,
19:35 if you don't pursue these dreams,
19:38 then all the blessings that were going to come
19:40 from those dreams for other people
19:42 God gave you these visions for a reason,
19:45 and He want you to fulfill them
19:46 because there are someone waiting out
19:48 and hey, we now what, hey, I need a job right now.
19:51 Wouldn't have had unless you started that company
19:54 or you have a business right now,
19:55 so I have some additional chips
19:57 that I can provide that for individuals
19:59 to just kind of help individuals navigate
20:01 to starting that business.
20:03 And the first thing individuals have to do
20:06 is when you're starting a business
20:07 is get your personal finances in order.
20:10 That's the first step of any small business
20:12 when you create.
20:14 Before you even get started.
20:15 We have to do so, we have to make sure
20:18 we are getting our personal finances in order.
20:19 We have to make sure that
20:21 we are getting our credit together.
20:22 We have to make sure that we are forming a budget
20:24 for those individuals out there who are working,
20:27 I mean, thank God for that job, okay.
20:29 Use that job as a bridge job,
20:31 because as you're making enough money to pay your bills,
20:35 you need to work your nine to five,
20:36 so you can work your five to nine, okay.
20:39 And that is when you go to nine to five,
20:41 you're doing your job and you're reporting,
20:43 but then from five to nine,
20:45 that's when you do your research
20:46 on your other job,
20:48 that you wanna start in our second career,
20:49 that you wanna start
20:51 because you wanted to start this business
20:52 and you wanted to get all those types of things done.
20:54 So get your personal finances in order,
20:56 get your credit together.
20:58 Here's a few steps on building up your credit,
21:00 have to be again making sure
21:02 that you're paying your bills on time.
21:04 You know, one thing with that, Ryan,
21:06 is for me like for a while
21:08 that my credit was really messed up
21:10 because I was self employed,
21:12 sometimes when you're self employed,
21:15 if you don't work you don't get paid,
21:17 and if certain things happen and you don't work,
21:19 you don't get paid, so you can't pay your bills.
21:21 But now praise the Lord, I am employed
21:24 and I have regular, regular pay checks
21:27 so I do automatic bill pay
21:32 and all my bills, praise God are paid on time
21:36 because I do automatic bill pay.
21:38 If I had to rely on myself to remember,
21:40 oh, this is due the 1st
21:42 and this is due the 12th and this is due the 16th,
21:45 I'll never do that, set it up one time,
21:47 set up automatic bill pay one time and then that's it,
21:51 automatically it comes out of your check
21:53 and you don't have to, you don't worry
21:57 and that has changed my credit score,
21:59 it's been a blessing
22:01 because when you do it that way,
22:02 you get your credit score goes up
22:05 so I was really blessed to be able to do that.
22:09 And I only did it once
22:10 and it just handles itself after that.
22:13 Absolutely, and a few other steps
22:15 that I would like to give here are,
22:17 well, again get your credit together.
22:20 You wanna figure out what type of structure
22:21 you gonna form with your business.
22:24 When you start a business, a lot of individuals
22:25 that I worked with over the years
22:27 have essentially said
22:28 they're not gonna form a structure
22:29 and they've been getting paid in cash,
22:32 or they've been trying to get paid under the table,
22:34 which essentially doesn't allow them to file any taxes
22:37 and what happens is that and then I get it,
22:39 you don't wanna have any one catch up to you,
22:42 okay that's fine
22:43 but when you form the right structure,
22:45 you know, whether it be an LLC or a corporate corporation
22:49 or an S corporation or levied in partnership
22:52 for those individuals in real estate
22:53 especially out there.
22:55 When you form that right structure,
22:56 what allows you to do is,
22:57 now it allows you to get deductions, okay.
23:01 Every time you form a business entity,
23:04 you get an additional 300 tax deductions
23:07 available to you that you didn't have,
23:09 if you didn't have a business entity.
23:12 So again, form that right structure,
23:14 get a business mentor,
23:16 that's the first thing we have to do
23:17 is get someone who's been there done that.
23:19 As a matter of fact I would even advise individuals
23:21 to get an advisory council
23:23 of at least three or four people
23:25 who, you know, they could be your mother,
23:27 I mean, my mother helped me out tremendously
23:30 when I started Optimum Capital Management
23:32 and she was right there,
23:33 so she was an unofficial advisory or council.
23:36 But other people who are knowledgeable
23:37 about the industry
23:39 who can provide guidance and insight to you
23:42 about whatever it is you're trying to get into.
23:45 Form, I mean, talk to sba.gov score,
23:49 all these organizations SBDC.
23:52 Sba.gov is a great website,
23:53 you go there, they have a business template.
23:56 Write out your business plan
23:58 and again it's invaluable.
24:00 So here are eight quick steps
24:03 that we can do to write down and make sure that we,
24:06 after you've gone over your personal finances
24:08 and put your budget together,
24:09 eight things you should do to make sure
24:11 that your businesses are structured appropriately.
24:13 One, structure your business appropriately again
24:16 LLC corporation, S corporation, talk to an accountant
24:19 if you need additional assistance.
24:21 Two, obtain an EIN number.
24:24 You can go to irs.gov website
24:27 that I use a lot is inkednow.com
24:29 that helps me to file within my state,
24:31 we pay $200 whatever the fee is,
24:34 but obtain that EIN number
24:35 because we wanna make sure that you are filing taxes,
24:38 you get available all those tax deductions
24:40 available to you.
24:41 That's a corporate ID number, right?
24:42 Absolutely, yes.
24:44 Three, open a separate account.
24:46 You want to keep your personal finances
24:48 separate from your business finances.
24:50 You wanna make sure there's no liability
24:52 just think of piercing the corporate veil,
24:54 you get sued in case something happens to you
24:56 in your day to day business... And you can lose everything.
24:58 Absolutely.
24:59 Four, listed.
25:00 Make sure you listed your business address,
25:02 people wanna be able to find you.
25:04 Five, obtain all the required permits,
25:06 license and registrations that you need.
25:09 Hopefully there's business plan should be able to obtain that.
25:12 And six, establish a profile with Dun and Bradstreet,
25:16 dnb.com, this is business credit,
25:18 you know, it's different from personal credit,
25:20 you want your personal credit to be up-to-date,
25:22 but you want your business credit
25:23 to be up-to-date as well.
25:25 And then lastly, apply for personal line
25:28 or business line of credit
25:29 with different organizations like Office Depot,
25:31 Staples, Fedex, T-Mobile, all these organizations
25:35 will essentially allow you to build your business credit
25:37 with products that you are purchasing any way.
25:39 So you wanna make sure that your business credit
25:41 gets built up-to-date as well.
25:43 That's some good, that's some great info.
25:45 You're really giving us some good stuff
25:47 and you have a takeaway, of course.
25:48 I sure do, I want folks to be successful.
25:51 All right.
25:59 Wake up early, you find an oyster,
26:01 wake up late you will only find the shell.
26:04 What God has created for you to receive
26:06 because you decided to sleep late,
26:07 was received by somebody else
26:09 who is ready to receive the blessing.
26:11 The successful entrepreneur understands this.
26:13 We need more successful entrepreneurs.
26:16 We need more people to step up to the plate
26:18 and take the ideas
26:19 God has given them in their head,
26:21 to make them come to fruition.
26:22 To the current entrepreneur, thank you.
26:25 I know your pain.
26:26 We spent all of our time focused on politicians,
26:29 when you are the one's out there doing the real work,
26:31 making the economy run.
26:32 Politicians support economic growth
26:35 but you create it.
26:36 For this you are never fully appreciated enough.
26:39 You took the leap of faith
26:41 and because of that now
26:42 you are the reason we have jobs to go to,
26:44 products to purchase for our families
26:46 and services we can use to help us navigate
26:48 through our lives.
26:49 Keep up the good fight
26:51 to not only keep your doors open,
26:52 but to work, and grow, and expand
26:53 as all of us will benefit.
26:55 As a fellow business owner, I understand your journey
26:58 and the many blessings it entails.
27:00 To that person who is out there debating,
27:02 whether or not they have what it takes to be an entrepreneur,
27:05 you must understand the longings of your heart
27:07 are not incidental.
27:08 Those dreams that you have when you are asleep or awake
27:11 are not purely happenstance,
27:13 but critical messages from God.
27:15 The desires of your heart are not to be ignored
27:18 but consulted.
27:19 God is too gracious to ask you to do anything that you hate,
27:22 too merciful to ask you to do anything that you despise.
27:26 Choose God and follow your passion
27:27 and you'll find yourself having to make provisions
27:30 for the abundant blessings coming your way.
27:32 Whether you're current or future business owner,
27:35 we at Dollars and Sense support your endeavors.
27:37 Email us at dollarsandsense@3abn.org
27:40 with any questions or chat with me
27:42 on the Dare to Dream network Facebook page.
27:45 In the meanwhile, be the change you want to see
27:47 and remember, the purpose of life
27:49 is a life of purpose.
27:50 Till next time Dollars and Sense signing off.


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Revised 2017-07-06