285: [Dr. Constance Craig Mason] Ai Review

>> Ai Sarah: Welcome back, everybody. Today we're going to be taking a deep dive, you know, um, into this fascinating conversation between Anthony Weaver and Dr. Constance Craig Mason on episode 285, the about that Wallet podcast. >> Ai Sarah: Okay. >> Ai Sarah: And, um, I think you're going to be, you know, like, really interested in what Dr. Craig Mason has to say, especially about your own personal journey, you know, from poverty to financial empowerment.

>> Ai Sarah: Yeah. What really struck me right away was her story. Growing up in poverty in Baltimore, uh, she knows firsthand the challenges so many people face. But she didn't let that you hold her back. >> Ai Sarah: Right. >> Ai Sarah: She turned it into a driving force to help others achieve financial freedom. >> Ai Sarah: Yeah. And that leads right into her central message, this idea that wealth is not what you

hold, it's what you heal. And that's a pretty powerful shift in perspective. >> Ai Sarah: Yeah, it really is. I mean, when you think about it, we often focus on the practical steps, you know, saving, investing, budgeting. >> Ai Sarah: Right. >> Ai Sarah: But Dr. Crir Mason, she reminds us that our mindset are our emotional well being. They play a huge role.

>> Ai Sarah: Yeah. And, you know, it makes me think about how those early experiences with money can really shape our beliefs. Mhm. Anthony. Dr. Craig Mason both talked about growing up in poverty and how it can create this feeling of scarcity. Have you ever noticed that, like in your own life, that feeling of never having enough, no matter how much you earn?

>> Ai Sarah: Oh, yeah, absolutely. It's that scarcity mindset that can lead to, you know, bad financial decisions like overspending or avoiding investments. >> Ai Sarah: So how do we break free from that? >> Ai Sarah: Well, Dr. Craig Mason really emphasizes the importance of recognizing those beliefs, those deeply ingrained beliefs, and working to heal from past financial traumas. >> Ai Sarah: Right.

>> Ai Sarah: It might involve therapy, journaling, or even just having open and honest conversations about money, you know, with people you trust. >> Ai Sarah: This is where it gets really interesting. >> Ai Sarah: Okay. >> Ai Sarah: Dr. Craig Mason talks a lot about the importance of options as a key part of wealth. >> Ai Sarah: Yes. And it's a much broader view than, you know,

just having money in the bank. It's about having the freedom to choose how you spend your time and resources. Financial freedom opens up possibilities, allows you to live a life that aligns with your values. >> Ai Sarah: She also highlights the importance of mentorship. >> Ai Sarah: Yeah. >> Ai Sarah: Specifically how an early mentor encouraged her to start her own financial planning business. Do, uh, you think finding a mentor is essential for financial success?

>> Ai Sarah: I think it can be incredibly valuable. You know, a good mentor offers guidance, support, a different perspective. They've been there, done that, and can help you navigate the challenges, the uncertainties of your financial journey. >> Ai Sarah: Yeah. But it's inspiring to see how Dr. Craig Mason pays it forward by mentoring others. Mhm. Helping them break free from the cycles of financial trauma that she herself overcame.

>> Ai Sarah: It really speaks volumes about her character and her desire to make a real difference in the lives of others. She understands firsthand the power of mentorship and its potential to create a ripple effect of positive change. >> Ai Sarah: Now, let's talk about a topic thateah, uh, many people find difficult to discuss. Life insurance. Anthony even asks Dr. Craig Mason for advice on how to approach parents about it.

>> Ai Sarah: It's a conversation a lot of people avoid because it forces us to confront our own mortality. >> Ai Sarah: Right. >> Ai Sarah: The potential financial burdens we might leave behind. But as Dr. Craig Mason points out, having these conversations, even though they're tough, is crucial for protecting your loved ones.

>> Ai Sarah: Sheiban gets into the, you know, nitty gritty of different types of policies, explaining that some, like whole life insurance, offer a unique feature called a cash value component. >> Ai Sarah: Mhm. >> Ai Sarah: It's like a savings account built into the policy that, that you can potentially borrow from during tough times.

>> Ai Sarah: Right. It's important to remember that borrowing against your life insurance policy has its own implications and potential drawbacks. >> Ai Sarah: Sure. >> Ai Sarah: But it's definitely an option worth exploring and understanding fully before making any decisions. >> Ai Sarah: Anthony also brings up the common misconception that you need a ton of money to start building generational wealth. Yeah. And Dr. Craig Mason debunks that myth beautifully.

>> Ai Sarah: She breaks it down to a simple formula. Money plus time plus rate of return minus inflation and taxes. Takeaways. You dont need a windfall to build wealth. Its about consistency, patience and leveraging the power of compounding. >> Ai Sarah: And thats where the rule of 72 comes in. >> Ai Sarah: Right. >> Ai Sarah: It's a handy tool for estimating how long it takes for your investments to double.

>> Ai Sarah: Yeah. Let's say you get an average annual return of 7%. Divide 72 by 7 and you get roughly 10 years for your investment to double. The matic of compounding is that your earnings are continuously reinvested, generating even more earnings over time. >> Ai Sarah: So it really highlights the importance of starting early, even if it's with small amounts. >> Ai Sarah: Oh absolutely. Time is your greatest ally when it comes to

investing. The sooner you start, the more time your money has to grow. >> Ai Sarah: Now Dr. Craig Mason is also a big advocate for self care, delegation and having systems in place, especially for entrepreneurs. >> Ai Sarah: Right. >> Ai Sarah: It's so easy to get caught up in the hustle and burn out. >> Ai Sarah: You know, it's a common trap. And she speaks from experience. You know, building a Successful business doesn't

mean sacrificing your well being. Delegating tasks, creating efficient systems can free up your time and energy so you can focus on what truly matters. >> Ai Sarah: It's about working smarter, not harder. Right. And creating a sustainable model for success. >> Ai Sarah: Exactly. And this ties back to her focus on options and financial freedom. >> Ai Sarah: Right. >> Ai Sarah: When you have a solid foundation in place, you have more choices and flexibility in your life.

>> Ai Sarah: One thing that really stood out to me was Dr. Craig Mason's emphasis on utilizing resources like public libraries. >> Ai Sarah: Oh ye. >> Ai Sarah: She even hosted financial empowerment events at libraries. >> Ai Sarah: I love that she highlights this often overlooked resource. You know, libraries offer a wealth of knowledge and support for entrepreneurs and anyone seeking financial education. >> Ai Sarah: Right.

>> Ai Sarah: It's a reminder that you don't need a lot of money to start a business or make a positive impact. >> Ai Sarah: It's about being resourceful. Right. And tapping into the opportunities available in your community. >> Ai Sarah: Absolutely. >> Ai Sarah: Speaking of making an impact. >> Ai Sarah: Yeah. >> Ai Sarah: Dr. Craig Mason is also a best sellling author and speaker. >> Ai Sarah: Yes.

>> Ai Sarah: Her work goes beyond just financial advice. It's about empowering people to recognize their own significance and value. >> Ai Sarah: Mhm. >> Ai Sarah: She wants people to understand that they have the potential to create a positive ripple effect in the world. >> Ai Sarah: Right. And she doesn't shy away from sharing her own struggles and setbacks. >> Ai Sarah: Right.

>> Ai Sarah: She openly talks about her experience with bankruptcy, emphasizing that even financial experts make mistakes. >> Ai Sarah: The makes her so relatable. >> Ai Sarah: Yeah. It's refreshing to hear that honesty. It makes her message so much more relatable and reminds us that it's okay to make mistakes. The key is to learn from them and keep moving forward. >> Ai Sarah: She also encourages listeners to embrace a

mindset of gratitude. Mhm. Even when facing financial challenges. >> Ai Sarah: That's such an important point. It's easy to get caught up in the negative. But shifting your focus to what you're grateful for can make a world of difference in your overall well being. >> Ai Sarah: Now at the end of the episode, Anthony asks Dr. Craig Mason his four signature questions. OK. First up, he asks what does wealth mean to you? >> Ai Sarah: And her answer perfectly encapsulates her

philosophy. Creating options. Um, it's not just about money. It's about the freedom and possibilities that come with financial security. >> Ai Sarah: Next, Anthony asks about her worst money mistake. >> Ai Sarah: She admits that she wishes she had started saving and investing earlier. >> Ai Sarah: It's a common regret. >> Ai Sarah: It is. And it highlights the power of compounding over time.

>> Ai Sarah: For the third question, Anthony asked asked about her favorite book. >> Ai Sarah: Okay. >> Ai Sarah: And her response was quite touching. >> Ai Sarah: Yeah. She shared that her favorite non financial book is the Bible. Emphasizing Its profound impact on her life and her sense of self worth. >> Ai Sarah: And finally, to lighten things up, Anthony asks about her favorite dish to make.

>> Ai Sarah: She keeps it simple and healthy with salmon and fresh greens. >> Ai Sarah: Okay. >> Ai Sarah: It's a reminder that even amidst the complexities of finance, it's important to enjoy the simple pleasures in life. >> Ai Sarah: It's a great reminder that, you know, wealth isn't just about fancy meals or expensive possessions. It's about having the resources to, you know, nourish yourself and live a healthy life. Dr. Craig Mason's insights really resonated with me.

>> Ai Sarah: Yeah, me too. >> Ai Sarah: What stood out to you the most? >> Ai Sarah: You know, her emphasis on healing financial trauma. That really struck a chord with me. It's something we don't talk about enough, but it can have a profound impact on our financial decisions and our overall well being. >> Ai Sarah: Absolutely. >> Ai Sarah: Yeah. >> Ai Sarah: It's not just about, you know, crunching numbers,

creating budgets. It's about understanding our relationship with money. >> Ai Sarah: Right. >> Ai Sarah: Addressing the emotional baggage that might be holding us back. >> Ai Sarah: And her message of empowerment is so important. You know, she reminds us that we all have the potential to create a life of abundance and make a positive impact regardless of our financial background.

>> Ai Sarah: You know, it's easy to feel overwhelmed by the complexities of Financeeah, but Dr. Craig Mason breaks it down in a way that feels approachable and inspiring. She reminds us that small steps taken consistently over time can lead to big results. >> Ai Sarah: Exactly. It's not about trying to do everything at once or get rich quick. >> Ai Sarah: Right.

>> Ai Sarah: It's about building a solid foundation, making informed decisions, and having the patience to let your wealth grow. >> Ai Sarah: So what's one actionable step our listeners can take today? To you start building a brighter financial future? >> Ai Sarah: I'd say start with Dr. Crrag Mason's call to action. Assess. Take some time to reflect on your current financial situation. What's working

well, what areas need improvement. From there, you can start setting realistic goals and creating a plan to achieve them. >> Ai Sarah: And remember, it's okay to ask for help along the way. >> Ai Sarah: Absolutely. >> Ai Sarah: Find a mentor, connect with a financial advisor. Or, you know, join a community of like minded individuals who can offer support and guidance.

>> Ai Sarah: Yeah. And don't forget to celebrate your wins. No matter how small they may seem, every step you take towards financial empowerment is a victory worth acknowledging. >> Ai Sarah: Well said. If you enjoy this deep dive into Dr. Craig Mason's insights, be sure to check out episode 285 of the about that Wallet podcast to hear the full conversation. >> Ai Sarah: Yeah, and dont forget to like subscribe and lib are review on your current

platform. If you want even more insight behind the scenes, sign up for the about that wallet newsletter@aboutthatwallet.com Newsletter until next time, keep learning, keep growing, and keep striving for a life of financial welling and fulfillment.