Episode Transcript
[00:00:12] Speaker A: Welcome to Guided Legacy, where we have real conversations about purpose, alignment and the kind of legacy you're building, starting with the choices you make today. I'm your host, Dion Tracy Duckett.
Today's episode is for anyone who's ever felt stressed, ashamed, overwhelmed or stuck when it comes to money. Because financial pain is real and it shows up in more places than your bank account.
It can show up in your relationships, your decisions, your confidence, and the future you're trying to build. Joining me is someone who helps people treat money like what it really is, a system you can understand, improve and master.
Dr. Wendy Labatt, known as the Financial Healer, is the CEO of the Financial Cures LLC, creator of the Financial Cure system, and a best selling author of the Financial Cures book series focused on diagnosing and optimizing financial health.
She also produces and hosts the award winning global streaming production Financial Cures with Dr. Wendy Labatt.
Dr. Wendy, welcome to the show.
[00:01:28] Speaker B: Well, thank you for having me. I'm glad to be here today.
[00:01:31] Speaker A: All right, we're excited you could be here. To start off, when you say financial healing, what does that mean and why do so many people ignore the symptoms and until it becomes a crisis?
[00:01:44] Speaker B: Well, financial healing is just like physical healing.
I use that synonymously because if you don't do what you're supposed to do physically, you suffer consequences. If you don't do what you're supposed to do financially, you suffer the consequences.
And people confuse and conflate financial health with financial literacy. But the difference is you can be financially literate, which is knowing what to do, and still have poor financial health, even fatal financial health, which is not doing what you know you should do. So I like to, you know, equate those because people kind of understand the health aspect and I want them to understand that their financial aspect is the same kind of thing. You know, it's the same.
[00:02:31] Speaker A: Yeah. And I, and I, and I agree with you there. Cause just like I know what to do when I go to the gym.
[00:02:36] Speaker B: But if you don't go to the gym and you go there, just socialize,
[00:02:40] Speaker A: you're not going to. What are some of the common symptoms you see when someone is someone's finances are unhealthy?
[00:02:52] Speaker B: Well, the main symptom is their thinking, their mindset. Most people that have issues with finances have that mindset of I can't do it or I can't afford it versus how can I? Because when you say I can't do it, that means you're basically shutting the door and not looking for any ways to do it. But if you say, how can I? It really opens up a myriad of opportunities. And, you know, things kind of start coming to you when you start looking at it from that perspective.
[00:03:22] Speaker A: Okay. Okay. So you talk about inflation, pain and anorexic income or obese debt. How do these show up in everyday life?
[00:03:34] Speaker B: Well, the pain of inflation is when you go to the grocery store and you used to paying, I like this pre cooked bacon. At first I was paying like $6 for a big old pack. Now it's like $16. That's the pain of to me.
[00:03:48] Speaker A: Right. And in such a short amount of time.
[00:03:52] Speaker B: And anorexic income is when you say, okay, you're going to pay your bills and you don't have quite enough money.
And the obese debt is looking at your credit card statement and seeing it's not a zero balance every month like you're used to having, but you got, you're almost maxed out. So that's obese debt.
[00:04:09] Speaker A: Okay, I like those analogies. That really drives it home. So, so then, so where should someone start if they feel embarrassed or behind?
[00:04:21] Speaker B: Well, for one mindset, don't be embarrassed because, you know, what are you embarrassed about? Everybody been through just what you've been through. I've been there, done that, and sometimes go back there. So don't be embarrassed about it. Those are lessons that, you know, you need to learn from. They're not mistakes. Unless you don't learn from it, there's no reason to feel guilty about it. So you have to change your thinking. You know, how can I get out of this debt? Or how can I change my financial situation Instead of saying, oh, I can't do it or I can't afford it. So forget the pity party, get out of that pity party and go in there where you got encouragement and looking, you know, forward and saying, how can I?
[00:05:01] Speaker A: Okay, sometimes we have to just do it.
[00:05:03] Speaker B: Yeah. All right.
[00:05:04] Speaker A: So. So what would you say is the biggest myth people believe about building wealth?
[00:05:12] Speaker B: I think the biggest myth is, again, I can't build wealth. You know, they think they can't do it because they may not have enough, but they don't realize the myth is that, you know, staying the same will get you different results. You know, they call it insanity. And I think a lot of people fall into that category where they don't. They want to improve their situation or they want to, you know, create generational wealth, but they don't know where to start, for one. But they think, I can't do it. So I think changing that mindset and saying, how can I? And looking for those ways to do
[00:05:47] Speaker A: it, and that applies to so many things. But I like your analogies with the health applying, and it is health applying to your finances. And so along that same line, what does diagnosing your finances look like in a practical way?
[00:06:04] Speaker B: It means taking a realistic look and putting it on paper. You know, a lot of people think, oh, okay, I get paid here and I pay my bills or I get paid and I can do this or do that. But if something happens, you know, do you have that reserve? You know, so you have to diagnose by taking a realistic look at your income, your expenses, and especially your spending. And that's where that money is to pay for the things you think you can't afford. So you have to take. Just like when you go to the doctor, they run tests, you know, they look at your vital signs, and then they diagnose what the problem is. So you have to do the same thing with your finances.
[00:06:40] Speaker A: All right, and so how far have you seen people come, you know, when they start this process?
[00:06:47] Speaker B: Well, it depends on the person. Now, people that are serious about making a change, I've seen them. I've seen people come from struggling bankruptcy, you know, feeling like they didn't have enough to being able to pay off debt, purchase homes, you know, build businesses, and move all the way to where they want to be. So I've seen all the myriad. I've seen people that, you know, start the first day they quit, you know, they end up where they were. So, you know, it just depends on who I'm working with.
[00:07:16] Speaker A: All right. All right. And so coming up next, we're going to talk about how do you stop the leak, stabilize the foundation, and start building financial strength without feeling overwhelmed?
Stay with us.
[00:07:55] Speaker B: Yeah, I'd like to share my story because I think it's. It's a powerful story. And now that I look back at it, I started my entrepreneurial journey almost four, over four decades ago. I can't believe I'm saying four decades. I was only five back then, and I didn't have any business experience and very limited financial resources.
And back then, there was, you know, no Internet, social media or ChatGPT or Google search or any of that. And the only thing you do with a cell phone was make an expensive phone call. But my clients were major corporations and government agencies. Now, in order to be considered a viable vendor for them, you had to project a certain image. And that meant, you know, brick and mortar office carry employees and im inventory and all the overhead that goes with it. And, you know, the overhead you had to pay whether you made sales or not. So I projected that image and it was tight for a minute because like I said, I was a rookie entrepreneur. I didn't know what the heck I was doing. But eventually I did get the business, I did get the contracts. And, you know, I started feeling the pain not of inflation, but, you know, feeling the pain of anorexic income because I had sales on the books, but I didn't have the money in the bank. So when I had to pay my bills, I was struggling, I had to borrow. So I had obese debt. And then I finally found my financial healer who ended up looking at my situation and all my financial vital signs for my company. And he said, look, you got these sales on the books. You need to collect this money for your clients. Because in corporate America and government agencies, you get your business from the purchasing department, but you get paid from the accounts payables department. And they're not necessarily communicating. And I didn't realize that because I was a rookie entrepreneur. I didn't know how all that stuff worked. But when, you know, I was afraid to go to them like he suggested and tell them they need to pay on time according to my terms because I'm a small business and I have to, you know, maintain.
So I did that, but I was afraid to because I thought they were going to take my business. But he said, there are two kinds of business people. There are people that are play business and people that are about business. He said, right now you're playing business. I said, well, I didn't think I was. All this debt and everything, I ain't playing business. But, you know, I really was because I wasn't doing what a business person would do in that situation.
So I did, you know, talk to them. And to my surprise, when I talked to the people in the purchasing department, they, you know, they were, okay, then we're not going to take the business away or anything. But when I talked to people in accounts payables department, they were sympathetic. They're like, okay, well, but we didn't realize, you know, because they got their own system, they gonna put you in the system and if it says pay you in 30 days, even though your terms are net 10, that's what it's gonna be, 30, unless they reprogram. So they ended up changing it. And not only did I get more business, but I would get sometimes check with businesses with the order and then sometimes get paid before the term. So it worked out really good, makes
[00:11:09] Speaker A: things work a lot better.
[00:11:10] Speaker B: So I, you know, my finances went from the ICU on life support into, you know, a profit.
So it worked out really well. But that's one story. So we'll go ahead on.
[00:11:23] Speaker A: We gotta, but really quickly.
I like the analogy. How did you come up with the health financial cures concept?
[00:11:33] Speaker B: Well, I was diagnosed. Well back in 2014 when the government mandated that everybody have health insurance, I expanded my business to include insurance and financial services.
And in 2017, I was diagnosed with a very aggressive form of breast cancer. So I'm like, okay, breast cancer, you gonna be aggressive? I'm gonna be more aggressive. Cause I'm kicking your butt.
So I ended up, you know, taking the most aggressive form of treatment so that I could conquer the disease. But that meant chemotherapy every three weeks for a year, five surgeries, all the CAT scans, PET scans, all the labs and everything it took to monitor the disease. And, and you know, my body took a beating in my mind because I had chemo brain. I ended up losing all my hair, my nails, and my toenails, fingernails and toenails, brows, lashes and all that.
But then I said one good thing about that period was that I saved a fortune on going to the hairdresser, manicures and pedicures. So it was a blessing in one sense. Okay.
I ended up just saying, you know, that aggressive treatment cost almost a million and a half dollars. So I said, thank God I practiced what I preached because I bought all the products and services I was selling to my clients. So my insurance paid all of that. And not only did they pay all the medical bills, I ended up getting multiple six figure, tax free financial shots in the arm that allowed me to focus on my recovery without having to worry about money.
Because you can imagine having that kind of medical expense hanging over you and having your personal and business expenses being, you know, coming at you too. So it worked out really well.
[00:13:21] Speaker A: Okay, Healer. Healer.
[00:13:22] Speaker B: That's what I said. Hey. So I became the financial healer. And then the spirit led me to that financial cures. And then I met a guy who was a branding expert and he's, you know, I hired him and he called me the financial healer. And at first I'm like, I don't like that financial healer. That don't even make no sense. But I started putting it out there and people were like, okay, yeah, I like it, I like it. So it works.
[00:13:44] Speaker A: And I think people can relate to it.
And so we're going to take a pause. And so coming up next, we're going to talk about how do you stop the leak, stabilize the foundation and start building financial strength without feeling overwhelmed. So stay with us.
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Ready whenever you are. Welcome Back to Guided Legacy. I'm here with Dr. Wendy LaBatte, the financial healer. And in this segment, we're going to get practical.
A lot of people don't need another motivational quote. They need a clear plan.
Let's say that again.
A lot of people don't need another motivational quote.
They need a clear plan.
You created the financial cure system, which is results based and structured for financial mastery.
Walk us through how it works and what a real transformation actually looks like.
[00:15:46] Speaker B: Okay, There are six, what I call six ways to stop hemorrhaging money. And each, you know, step has sub steps. The first one is mindset transformation. Like I said, that's the most important because I don't care if you're talking about your finances, losing weight, having some kind of addiction, you got to have the right mindset in order to conquer it. So you got to go from the I can't thought pattern to the how can I? The second one is taking control over your finances, which means you have to plan where your money goes instead of wondering where it went. And there are some sub steps under that. The third thing is proper protection. And my story tells you why you have to have proper protection. And people take that for granted. You know, I, and I say have the health care and insurance business and people like I don't get sick. You know, it's like just because you don't get sick or haven't been sick don't mean you won't get sick. So you got to protect yourself not just with your health, but your life, your assets and everything.
Then you've got your tax strategies. You got to have a strategy. You don't want to just go and give your information to somebody that's going to do data entry and come up with whatever the computer says it is. You have to have a strategy to minimize your tax liability or maximize your Refund, if you're getting one, and then global economic impact. You have to understand how things are impacting you personally, financially, when it comes to what's happening across the seas. And I think Covid taught a lot of people that. And then the last thing is taking action. You've got to have those action steps. You gotta implement the plan, because faith without works is dead.
[00:17:27] Speaker A: Right, and so would you say those are the.
The financial. The core parts of the financial system?
[00:17:35] Speaker B: Yes.
[00:17:36] Speaker A: All right. And so then what would you say is the first move someone should make, like, in the first seven to 14 days?
[00:17:43] Speaker B: Well, what I have, my clients do and what I'm offering to your audience is to take my spending challenge, because the spending challenge basically helps you find money to pay for things you think you can't afford. And the spending challenge will help you define what your needs are versus your wants. And that's a key thing because you got to know what your needs are versus what your wants are, because some people confuse their wants with the needs, and that's not good. And you got to track every. For seven days, track every penny you spend. Whether you buy a stick of gum or whatever. You track it by either logging it in, getting the receipts, write down, you know, what you bought, how much you paid, did you pay cash, or did you pay with a credit card? Because if you pay with a credit card, that price. If you don't pay that credit card off within 30 days, then that price that you paid is going to be more because of compound interest.
So, you know, you have to track and see realistically where your money's going.
[00:18:43] Speaker A: Okay, and do you think there's an easy way to do that tracking?
[00:18:48] Speaker B: Well, there are apps out there, but I'm old school, so I say, hey, get your receipt. I've got. I give my clients a journal, a pen, and an envelope, and put those receipts in there, or, you know, write it down in the journal, still put your receipts in there so you can, you know, kind of double check and, you know, tally it up. And you'll be surprised that people, you know, what they realize that they're spending and don't have to spend and how much they're spending on those things.
[00:19:16] Speaker A: Okay. And you know, what I saw during COVID when we were locked in? We spent a lot less. And coming out of COVID I realized I could do without a lot of things that I was spending on. So I think, you know, what you just said is really key.
So, you know, how do you help people increase income without burning out?
[00:19:41] Speaker B: Well, There are ways to increase your income without getting a second job or without burning out.
And the way that I, you know, get my clients and the way I live is that you use points, rewards and miles. Because no matter what you do, where you go, where you spend your money, they got some kind of loyalty program and you need to be involved in that. You need to sign up for that because that gets you money. I'm going to give you an example. I'm an American Express queen, that's what I call myself. And I pay everything with American Express, so I get points for that.
And I have rental properties and when I need something, I can, you know, cash in some of those points, get whatever I want. I just bought like two refrigerators, a couple of stoves with points I didn't have to come out of my pocket. So that's what I'm talking about. You know, I like to travel first class. So when I go over two mile, a two hour flight, I'm going first class. So I've got points to pay for that because the ticket could be like $2,500 and I'm not paying that kind of money. But, you know, that helps you save the 2,500 and put it to you somewhere else. So that's what I'm talking about, increasing your income.
[00:20:53] Speaker A: Okay, And I see that because I've started using points a lot myself. I didn't have accumulated points, especially with my business expenses, and I've been able to acquire a lot more with the business, you know, expenses. Just use those points.
So my next question is, what is your approach to eliminating debt while still building a future?
[00:21:19] Speaker B: Well, debt elimination, like I said, has to be a conscious choice and a conscious effort. And you want to, you know, make sure that, say, I say pay off. You know, I'm a, I've learned from some of the other financial gurus, you know, pay the smaller debts first because that makes you feel like you accomplished something. If you could pay off a $200 credit card and not use it again for a while, you don't want to close it out. You just want to pay it off, take whatever that payment would have been and apply it to the next high, you know, next lowest balance account until it's paid off. But you still have your investment or your savings or your reserve, whatever you want to call it, you have to contribute to that as well. So you don't just pay off the debt and not have, you know, pay other things, pay yourself or your reserve fund. You have to, you know, plan where Your money is going in all those areas.
[00:22:19] Speaker A: So how does that work? If your larger debts, you're talking about paying off the smaller debts first. What if your larger debts have the higher interest rates?
[00:22:28] Speaker B: Well, at that point, when you first start out, it's not really about the interest rates. You know, it's about just the sense of satisfaction and accomplishment that you paid this off, you know, feel like you've done something. Now if you get a large sum of money and you can pay off that high interest, then do it. But otherwise just, you know, that.
I forgot what they call snowball effect or whatever Dave Ramsey calls. I'm advocate of his in certain areas. But, you know, you have to not worry about the interest rates. You know, you want to worry about the money that you're putting out, which at that point, that's the priority. As you get to, you know, where that's the main debt you have, then, you know, you worry about interest rates. If you can refinance that to a lower rate or consolidate and get a lower rate, then that's fine.
[00:23:17] Speaker A: And so do you, do you look at things like, I used to be in higher education and they say student loan debt is good debt versus other types of debt. So do you recommend, you know, you know, no debt is great.
So.
[00:23:34] Speaker B: But student loan debt is not good debt. I got plenty. I got four, two boys that came out of Morehouse College and they ain't good debt. But, you know, it's.
I'm not going to knock student loans because it gives you a chance to get to college and do what you need to do. But if you have it, try to work it out. But I'm not an advocate. If you can go debt free, that's fine, but it's not good debt. Good debt is like owning a home or an asset that has some value and appreciates. That's good debt. And even that kind of debt you don't want to have forever. But, you know, student loan is not good debt.
[00:24:15] Speaker A: It's an investment in yourself, though.
[00:24:17] Speaker B: Yeah, but, you know, I mean, you see what I'm saying.
And if it was those old student loans back in the day, like when I went to college, that's one thing. But now people are doctors, are, you know, graduate with student loans that put them in a whole different income category. So that's not good debt.
[00:24:37] Speaker A: Okay. Okay. Well, that's definitely helpful to know.
What protection do people forget, like insurance, legal financial safeguards that can prevent financial ruin?
[00:24:52] Speaker B: Well, one is health insurance, you know, because like I said, my story is A perfect example of that, life insurance. And I don't mean just whole life or anything like that. There's types of life insurance now that have what they call living benefits so that you can, you know, pull money out of it while you're still living and still leave your beneficiaries some money.
And then there are also types of coverage for, like your car insurance for home warranties. Like I said, I have a lot of rental properties and I'm an advocate of home warranties because that hits when you don't expect it and when you don't have to come out of your pocket for everything. It really is a plus. But also investments.
People use insurance as a way to build generational wealth.
So a lot of folks don't look at it like that. So you have to realize that you don't want to be a liability to your family. You want to be an asset. You want to build generational wealth so when you die, you don't leave them with a bunch of medical bills, debt, and that kind of thing. You want to leave them with assets and generational wealth.
[00:25:57] Speaker A: Okay, okay. And so what would you say is one daily habit that improves financial health fast?
[00:26:06] Speaker B: Well, one daily habit is getting up and saying, thanking the Lord for what?
But also just, you know, making it a conscious effort to not spend that on money. Things that you don't, you know, need, you know, don't go out just spending, you know, if you go out every day and buy, you know, a cup of coffee that costs you $7 a cup, that. That's where that spending challenge will wake you up about that. Because if you calculate how much you spend on that, you can pay, you know, a util or pay that health insurance premium, you know, so that's one thing I just say consciously be aware of where your money is going, planning where it goes, and not wondering where it went.
[00:26:49] Speaker A: Okay. This is all good information. So, Dr. Wendy, for people watching who want to learn your method and start this process, what's the best way to connect with you and the Financial Cures llc?
[00:27:03] Speaker B: Okay, well, I have a, I'm gonna say my website because that has everything on it, has all my, you know, the Spending Challenge, which you can do for free. A seven day spending challenge is available there. Has all my seminars and workshops and, you know, my podcast guest appearances, but go to the Financial Cures with an s dot com, the Financial Cures, and that has everything.
[00:27:32] Speaker A: Okay, well, great.
So up next, we're going to talk about legacy, because financial healing isn't just about today's. Bills. It's about tomorrow's family story. So stay with us.
Welcome back to guided legacy.
Dr. Wendy Wonderful. One of the most powerful lines you share is when you think right, speak right, and do right, things will flow right to optimize your financial health. Health.
Let's talk about that.
Because for many people, the real battle isn't math. It's identity. It's what they believe they deserve, what they repeat to themselves and what they tolerate.
[00:28:37] Speaker B: Well, when you think right, it gets, you know, your mind flowing. Like I said, you think you get rid of the word can't. And so that's out of your vocabulary. And how can I? But when you think it, you have to speak it because what you say, like I said, life and death is in the power of the tongue. So if you're saying negative things, you know, you're attracting negative things. So we want to speak right, think right, then want to speak right, and then we want to do right because you have to take action in order to make things happen. And when I say things will flow right, I'm not just talking about money. I'm talking about discernment. I'm talking about relationships. I'm talking about opportunities. Those things start flowing right. And then you optimize your financial health. So. So that's my strategy and thinking behind that mantra.
[00:29:24] Speaker A: Okay. All right. So what does anorexic income look like in mindset and decision making?
[00:29:31] Speaker B: Well, anorexic income is like when you see someone anorexic, they're all thin and frail.
As far as mindset is that I can't, you know, that means, you know, you can't eat, you can't gain weight, you can't be healthy. So it's the same kind of thing. It's that I can't perspective, and that's what makes your income look lean. Okay.
[00:29:55] Speaker A: Okay. All right.
[00:29:57] Speaker B: I don't know if I put that right.
[00:29:58] Speaker A: All right. No, no, I get it.
So then along those lines, how does spending addictions and emotional spending get triggered?
[00:30:12] Speaker B: Well, spending addiction, and I've been through that myself, where you just buy just because you can or you buy just because it's on sale. You and you buy for no reason that's beneficial to what you're trying to do. And then you do it and do it and you don't realize you're doing it until you realize, man, I spent all this money on that and now what do I have to show for one of my clients? It was so funny. I gave him the spending challenge and you know, my clients do it for 30 days. And he said, Dr. Wendy, I did that spending challenge, and I spent $600 eating out. I'm like, well, okay, you're a businessman. You took some clients or what? He said, no, it's just me, my wife, and sometimes the grandkids. And he only thing I got to show for is a few extra pounds. So it wasn't that he couldn't afford it, but it was an aha moment for him, saying, Dad, $600. I could have done something, you know, productive with it. So that's where those addictions come when you find yourself, you know, spending where you really know you don't need to.
[00:31:11] Speaker A: Okay, okay. And so what are some common phrases that people say that keep them stuck financially?
[00:31:19] Speaker B: I can't. That's the main thing. Get can't out of your, you know, vocabulary and just.
Just thinking, having those limiting beliefs, saying that, you know, to themselves, you know, they're thinking wrong because they're saying, well, I can't do that. I'll never make it. Or I, you know, those opportunities aren't coming my way, or I'm not good enough. You know, you can't think like that. You have to think positive. And that's, you know, where it has those limited beliefs because you're not thinking right.
[00:31:50] Speaker A: Okay, okay. And then how do you rebuild their confidence after mistakes?
You know, bankruptcy, debt, or financial setback? How do you rebuild your confidence?
[00:32:02] Speaker B: Well, for one, bankruptcy is not a sin. You know, it's a tool that people use to help control the debt. You know, when you're overwhelmed with debt, it's nothing wrong. That's why they created bankruptcy. You know, the laws have changed. And I. I see. When I first started business, I think I filed for bankruptcy a few times. And I'm not saying I'm proud to say it, but I'm proud to say that was a major lesson for me, to be able to take that tool and release myself from all the pressure that was on me, from the debt that I was accumulating. So it's not a, you know, don't be ashamed of your situation. Whether it's good or bad, be ashamed if you don't learn a lesson from it. If you go through something and you're doing the same thing again and again, you haven't learned, you're gonna that class a whole lot of time. So learn from your mistakes. And it's really not a mistake unless you don't learn from. It's a lesson. Just look at those things as Lessons because you move forward. It's like being in the Valley. But you're not going to be in the Valley forever. You're going to start climbing that mountain.
[00:33:03] Speaker A: Okay. And do you find that sharing your experiences helps motivate people you're working with?
[00:33:12] Speaker B: Well, I think it more makes them feel comfortable because, you know, you have to be transparent with yourself and with me. You know, I don't want somebody coming to me fronting and acting like they got it going on. And they really don't, because, hey, I already know, you know, when I look at your paperwork that you don't have it going on. And don't be ashamed of it. You know, we all have been there and done that, and, you know, it's just part of the process. So I would say, you know, be transparent with yourself first and take that realistic look when you diagnose your financial health and then be real with me so I can actually help you, because, you know, I can't help you if you're hiding things or you're trying to deny things. You know, be realistic.
[00:33:53] Speaker A: Okay. And do you think, you know, you said. You said, we've all been there, done that, but do people often feel like they're the only one?
[00:34:03] Speaker B: A lot of times.
And they don't want to talk about it because they don't want people to know they're there and it's okay. Now, I do have one colleague, rest his soul. You know, he's a credit guy. He used to do my credit sessions for me at Faith and Finance. He passed away. But, you know, he's had perfect credit. You know, he worked for Equifax. He always had 850 and above. But, you know, like I told him, you can't really relate to folks that got 500, 450 credit scores. It's easy for you to say, but you have to realize that, you know, it's. It's part of the process, part of the learning. If you're fortunate enough to have an 850 score most of your life, that's great. But most people aren't in that position, you know. So
[00:34:52] Speaker A: what would you say the difference between being busy and being financially effective is?
[00:34:59] Speaker B: Well, being busy means you're just doing stuff with no real results. Being financially effective means that you've got a plan and a strategy that you're implementing and you're seeing the results, you know, the positive results.
[00:35:12] Speaker A: Are there other aspects of this that you think are really key that people should think about?
[00:35:19] Speaker B: I think they should. It's a whole big picture thing. But I would say the two most important aspects is your mindset and your taking action. Because all that stuff in between don't mean nothing if you're not thinking right and not doing right. So those are the key factors.
[00:35:37] Speaker A: Yeah. And I think that mindset that can get you bogged down and you just can't move. And so.
And what do you think helps? What do you think you have found helpful in getting people to move from that negative mindset to the more positive?
Let's just get to work.
[00:35:56] Speaker B: Well, I'm a spiritual person, so, you know, I believe in spirituality. I believe in alignment with my purpose. And, you know, everybody ain't there yet. But you have to move in that direction. You have to, to take a step in a positive direction and not, you know, so negative all the time. You know, I don't let negativity come into my circle because I've had some people. It's so funny that it's like, look, if you in a pity party, don't come over here because we ain't taking pity party people.
And matter of fact, the lady came up to me as one of my church members and she said, wendy, she got a job and she said, I remember what you said.
Don't be all negative and all that. And I've changed my thinking and changed my attitude and now I'm, you know, people kind of like being around me. It's like, yeah, because nobody wants that, you know, nobody wants to hear your poor you, poor you, because, hell, I can give you just as many poor me stories as you got, you know, So I think that's one of the key things.
[00:36:56] Speaker A: Yeah. And it does wear on you. People don't realize how it can wear on you physically. You know, just your mind state.
And so these are good concepts, good advice.
If someone wants a legacy and they need more than money, they need a financial identity that can sustain it. And so coming up in our final segment, we're going to talk about generational wealth, financial legacy, and what it really takes to create a future that outlives you. Stay tuned.
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from business to lifestyle to culture, Now Media TV is here 24 7. So welcome back to our Final segment of Guided Legacy. We've talked about financial symptoms, the system to heal, and the mindset that keeps people either stuck or moving forward.
Now let's talk legacy. Because the goal isn't just to make money. The goal is to protect it, grow it, and build something that creates options for the people who come after you. All right, Dr. Wendy so what's the difference between being financially stable and financially free?
[00:39:07] Speaker B: Well, being financially stable means that, you know, you're paying your bills, you can kind of do what you want, and, you know, you still have to, you know, kind of plan where your money goes. But being financially free means that you can do what you want, when you want, how you want, and money is not a factor.
[00:39:24] Speaker A: Nice place to be.
So what are the pillars, the pillars of generational wealth, Income, assets protection strategy, education. What would you say are the pillars?
[00:39:38] Speaker B: Well, there are four pillars of generational wealth.
One is understanding how to manage wealth, which is, you know, understanding how money works.
Secondly is, you know, owning real estate. You know, you have to own it because you can rent your apartment forever, but at the end, you don't own it. You just pay somebody else's mortgage.
The third one is entrepreneurship or business ownership, where you can, you know, write your own paycheck and create jobs and not have to worry about if your company's getting, you know, shutting down or anything. And then the last thing is proper protection, you know, with your life, health, assets, being able to, you know, have that protection in case something happens. So those are the four, you know, pillars. And I, like Robert Kiyosaki says, it's not about how much money you make, it's how much money you keep, how hard your money works for you, and how many generations you keep it for. And my friend Dr. George Frazier says, and he's so funny, most cultures plan three generations, but many cultures plan for three generations, but most people plan for Saturday night. So, you know, are you a Saturday night planner or are you a generational planner? So it's important to, you know, leave something for the folks behind you other than debt.
[00:41:01] Speaker A: All right, and how do you. How do you find it getting people to make that shift in mindset, thinking Saturday night, you know, three generations?
[00:41:12] Speaker B: Well, you plant that seed, you know, they have to start thinking, right? Because, you know, I look at myself now, this stage of life, and I'm like, I can't believe I'm saying 40 years in business. And, you know, I just can't believe that, you know, but then when you think back when you were 20, you know those things you didn't care about what was happening, you know, in the next year you are planning for Saturday night. But now people have to start earlier and you have to plant that seed earlier, where you can start planning earlier and implementing.
So, you know, you just have to plant the seed and you know, just let it grow.
[00:41:48] Speaker A: And it's funny you say that because it reminds me of my father who was he planned financially and I can remember being 20 and getting ready to graduate from law school and he always got me when I was in the car when you can't get away. How much do you think you need to retire?
Dad, I'm 20 thinking about retirement. But who knew those 40 years went by fast.
So yeah, I appreciate those concepts and talking about instilling it young and then
[00:42:20] Speaker B: things are different now. You know, when I was growing up it was about go to college, get a good education, get a good job, work 40 years, then retire. But that's not happening now. You know, now you create a company or, or some intellectual property or something and you build from there and you create the wealth versus just retirement. You got to have bigger thinking than retirement.
[00:42:45] Speaker A: Right. We get in these jobs and we get stuck in them happy or not.
[00:42:48] Speaker B: Or it gets snatched. Yeah, or gets things snatched and you ain't got a job because some government thing going on.
[00:42:57] Speaker A: So what mistakes do you think destroyed legacy the fastest?
[00:43:03] Speaker B: Well, you know, thinking a want is a need by, you know, I've got several of my colleagues who, you know, and back in the day, you know, old school people like my grandmother, you know, their people, they bought real estate, they had assets, you know, they didn't spend a lot of money.
And when they passed away, that generation that were their beneficiaries, the first thing they want to do is sell the property, you know, get the money and they don't even know where the money went.
But now you have to keep it going. I have a lot of my clients say, well, I got this house and you know, we bought, we're not going to live in it forever. And it's paid off. You know, should I sell it? Like, no, that's generational wealth. Pass it on, put it in a trust which is your area and keep people from, you know, you dictate what's going to happen that property well after you're gone. So that's what I recommend, you know, talk about generational wealth and implement it and put it in, in a system like a trust that you make sure that's what's going to happen.
[00:44:06] Speaker A: And Those are all good concepts. But what about especially, I think older generations, probably the younger generations, too.
They're so private and don't share with the children, you know, the finances. So, you know, we talk about planting those seeds young.
How do you deal with that? Or what do you recommend about that?
[00:44:32] Speaker B: You have to be transparent with somebody. I ain't saying to all your business, but I'm saying somebody needs. And even if it's just the trust that knows, you know, put it in the trust, put it in writing in the trust, and then once it's set in stone, not in stone, but once it's set in the trust, then give them the trust so they can see if you do this, this is what you'll have, and that'll make a difference. Because they say, oh, wow, I got something, you know, going on here. You know, but you don't have to tell you, because sometimes, especially if you're telling your kids or grandkids, they think you got money, your pockets are deep, they want everything. But you have to teach them.
I taught mine when they were young, you know, they got an allowance. It's like, look, when your money is being spent, the sky's the limit. But when they got to spend their money, right, you know, they're more frugal about it. And that's where you start. Start them young, you know, give them that allowance, and when you take them to the store, make them spend their money, and you'll be surprised at how they learn how to make choices about what they're going to spend their money on.
[00:45:28] Speaker A: Okay. Okay. And so if someone wants to start building a legacy this month, what would you say the top three steps are?
[00:45:39] Speaker B: Well, the first thing is, you know, look at what you have and what your priorities are. You know, do you own a home and do you own other assets? And, you know, are they paid off free and clear? If not, when will they be paid off? Like I said, again, you have to diagnose your financial health, diagnose what you've got, and then from there, you can build on what you want to have and what you want to leave as a legacy.
[00:46:05] Speaker A: Okay, and how would you say you should protect the family from financial ruin before it happens? What do you think steps would be?
[00:46:18] Speaker B: Well, for one, get health insurance. There's all kind of stuff going on out there. And, you know, don't be pennywise and pound foolish where you don't want to spend a hundred dollars for a policy, health insurance policy, but yet you can go spend $200 and getting your Hair and nails done. So get them priorities straight. You know, get protection on your life, your health and your assets. You know, if you got a house, I know you got homeowners insurance, because if you got a mortgage, they gonna mandate that you have it. If you got a car, it's the law to have it. So don't, you know, try to go the cheap way out, because the cheap way isn't always the best way. But get that insurance and get the insurance with living benefits, because that's key. Because if something happens to you while you're living, you can pull from that, give some resources where you won't have to be struggling, you know, while you're
[00:47:06] Speaker A: ill.
And, and how often do you. You see that? A lot of times people don't start thinking about insurance and things until they're.
[00:47:15] Speaker B: It's too late.
[00:47:16] Speaker A: Right. They're older. And so how do you deal with that?
[00:47:21] Speaker B: Well, what I tell my clients, especially those that have, you know, younger kids and grandkids, get those policies for them now while they're young, while the premiums are cheap, while you can take, instead of buying them those video games and expensive gym shoes, put that money, you know, overfund that policy where it can, you know, build some assets. So by the time they start to college or by the time they want to buy a car or get married, you can pull from that insurance policy and pay for it. They'll have their own little nest egg building up.
[00:47:54] Speaker A: And I've heard of the family bank using life insurance to do.
Does that have something to do with that?
[00:48:06] Speaker B: Well, it depends. I think there are different. Different ways of looking at that and implementing that.
But people do use the policy as a bank because you basically are paying yourself. If you pull out from the loan, the rates are pretty reasonable, but you pay it back. You're paying yourself back. You're not paying an outside force. So that is a way to keep the money in your circle.
[00:48:30] Speaker A: Okay. Okay, well, this is good stuff. Good stuff.
Where can you be contacted, Dr. Wendy? To optimize financial health and build a true financial legacy.
[00:48:43] Speaker B: Okay, well, I have an email. You can reach me at infothefinancialcures. That's thefinancialcureswithan s.com and just reach out to me. I'm on social media, you know, all the social media. But the main thing I would say is just to, you know, contact me via the email or go to my, you know, website. It has all kind of ways to contact me.
[00:49:07] Speaker A: All right, so when you say social media, you on LinkedIn.
[00:49:12] Speaker B: I'm on LinkedIn, Facebook, and Instagram.
[00:49:15] Speaker A: Okay. All right. So we can find you there.
And, well, Dr. Wendy, I want to thank you for being here and thank you for the work that you do, because financial healing changes family, and I think you've seen that over your. How many years?
[00:49:32] Speaker B: Over 40 years.
[00:49:34] Speaker A: Wow.
[00:49:34] Speaker B: I can't believe I'm saying over 40.
[00:49:36] Speaker A: That is awesome.
And to everyone, watching your finances don't have to stay painful, confusing, or heavy. With the right system, the right support and consistent steps, you can build the life you desire and the legacy you want to leave. I'm Dionne Tracy Duff.
Thank you for joining us on Guided Legacy. We'll see you next time.
