285: [Dr. Constance Craig Mason] Unlocking Legacy: Budgeting for Intergenerational Wealth

enjoy your money with confidence. And today I have the awesome opportunity to bring on Dr. Constance Craig Mason, an award winning financial planner and a, uh, visionary behind the Money Talks movement with over 16 years of experiences transform lives by addressing financial trauma, fostering holistic wealth creation and empowering undeserved communities to reclaim their financial futures. So how are you doing today? Dr. Constance Craig Mason: I'm doing wellself, Anthony.

Uh, today it's a, uh, new year. Same me. Dr. Constance Craig Mason: That sa me. Okay, that's new. Yeah. Well, I'm trying to change things this year to kind of cut back on a lot of things. So that's what I'm trying to say. Like it's the same me, but I'm gonna uh, cut little things out the way. Dr. Constance Craig Mason: I love that perspective. Yeah. How about you for this year?

Dr. Constance Craig Mason: I think it's a little bit of new me. I think I am shifting some things around, uh, mostly within my own well

being. And that's why I feel like I'm so passionate about other people's wellbe being. But, um, also scaling my business and building teams. So I feel like the inner me is shifting a little bit, but for the better. Nice. Yeahuse. One of the things that you have as your mantra, which I really love, is called, uh, wealth isn't what you hold is what you heal. It's very powerful thing. So can you actually explain what does that mean? Dr. Constance Craig Mason: Absolutely. Wealth is not just

what you hold, it's what you heal. Because oftentimes working in this space and you know this to be true, people are always excited about the numbers. You know, how much savings, how much are they investing? What's the new stock tip? Everything is about quantifying numbers. But I believe that there are some financial traumas that might be tied to how we arrive to those numbers. Right. What we have experienced in our lifetime, what we have watched our parents and grandparents and guardians

experience about Money. And that kind of transcends over to us. And so I believe that, you know, once we begin to heal some of those spaces, our assets will continue to grow. Actually, they might even accelerate. Right. Because we're not triggered emotionally, eating, emotionally, spending, or overextending ourselves. So it just goes so far beyond the numbers that I just believe once we get to the inner selves, we'll be able to magnify not just for ourselves, but for our generations to come.

And speaking of generations, because you have children that you'also taken care of and obviously a loving husband. And, um, so what does it mean to have options with your family? Because options is one of the things that came up a lot, uh, in your lifesty. So can you say a little bit about that? Dr. Constance Craig Mason: I'm so glad you touched on that word. Uh, I believe that wealth is also options. Because even when I grew up in the inner city of Baltimore and poverty, we didn't have any

options. Every basic thing that we would get to do, from going to school to, um, going to high school to getting our first cars, things like that, it wasn't modeled before us. And so it was either this or this. This is it. And, um, when I started learning more about money in my young adult life, it really transcended itself to be like, hey, if you learn more about money, you could create options. So you could have a myriad of choices of cars or homes or schools that you send your kids

to. So it's not just about the tangible things. It's also about what you choose to spend your time on, who you choose to spend your time with. And oftentimes people say, right, like, even if you have a, uh, hectic work schedule and or home life, by the time you get home, you're kind of tired, right? You don't want to go out and go do some leisurely things which could actually bring you joy towards your well being,

but you don't feel like it. And so I believe that options are, uh, the thing we should be chasing. Not money, but we should be chasing options, because that's where the peiece comes from. Man, I'm so glad you brought that up because I also grew up in Baltimore, you know, inoverished neighborhood. So your story is definitely a reflection of, uh, what it's like in the poverty, because obviously not everybody in Baltimore grew up that

way. But it's just for a lot of us who have experienced that, U m, you know, we live up in that scarcity mindset because that's all we knew. You know, we Watch our parents struggle, you know, so. Dr. Constance Craig Mason: And it was, it was normal and it shouldn't necessarily be normal. Right, right. So, you know, because you grew up in that. I know. You know, some. It's almost feel like, uh, we both can resonate on that term. We know how to stretch a penny. Dr. Constance Craig Mason: Yes, yes.

Yeah. So how did. Go ahead. Dr. Constance Craig Mason: I was saying stretch it. Stretch the pennies. Yeah. Um, because one of the things that we try to do, obviously in the financial realm and one of the things that you're currently doing, which is breaking those cycles of financial trauma, um, it seems to be such a bold goal that you have going on. Can you talk about how did you change or broke through some of those traumas?

Dr. Constance Craig Mason: You know, it's funny and it's one of the smaller things that most people don't even pay attention to. But when I, I got married a young age. Right. I married, um, well, seven years after. So I got married around 27 years old. Uh, and my husband's older than I am and so I grew up in poverty. He did it, he grew up in the middle income family and he used to try to go window shopping with me. And I would be so frustrated. I would be so frustrated, like, why are we going

and looking at things that I can't afford to buy? And it was like torture to me. But that just gave me a glimpse later on, looking back at those experiences. He was trying to, you know, have some quality time, trying to dream and envision ourselves in a different place. And I'm just like, I don't have money for this type of car or home or, you know, neighborhood and all this kind of stuff. And it let me know that I had a poverty mentality. And a lot of that was rooted in childhood

trauma. Right. Financial traumas. But I didn't know that that was a thing. I just thought that this is a waste of time. You know, I didn't see myself as worthy of these experiences. And now since I'm healing those things, I'm able to easily identify when it's just something that I'm triggered by and I can push past it, or

if it's something that I'm still hung up on, you know, and I need to work through it. So it often comes up when I'm talking with clients because of course they think I'm just going to jump right into the numbers and the financial statements and I'm asking them about their life, I'm asking them about what they want to do versus what they have to do. And that's A difference, uh, of mindset. It's a, it's a different way to care

about your clients. And I find that I attract people who not necessarily are traumatized, but I do attract people who want more and just don't know how to get it. Yeah. So how does that work with your children now? Because though he did that with you. Do you do that now with your children? Dr. Constance Craig Mason: I do. And I have one daughter. She's kind of like the middle child. Um, and she has really pressessed on to the whole I got to get a handle on my

finances earlier rather than later. She's watched me grow my business in terms of being a black woman in business at a young age, and she kind of went along in that journey with me. So she's been able to see the dry moments in business and she's been see me have some really successful months. Um, and it has added to who she believes she can be and what she believes she can do with her money. Now, my boy is the youngest one. He's really starting to get into it now. He's about 24 and he's very

regimented like his dad. So any type of systems, processes and things he can put his hands on, tangibly he's with it. And then we have some older boys who, you know, they're still trying to figure it out. I don't think they necessarily believe the things that we've been telling them. They're like, I'm going to find out for myself. And I'm like, okay. But that's just the point. Like, it's almost like your own village doesn't always necessarily believe the

things that you're trying to say. But strangers are like, hey, give me the information and I'm ready for it. So it's just interesting how, you know, your kids and even family and friends, you know, not chomping at the bit to really take your advice per se. Yeah. Because one of the things that I, uh, notic in your story, you are not giving up on the people that are around you. You seem like to always reach back. Um, and what is the significance of January 1st of 2009 to you?

Dr. Constance Craig Mason: Well, actually, it was around that time in a few months past that I had some significant medical issues that had come out m of nowhere. It seemed to come around the time that I turned 40, and I was super excited about turning 40 because a lot of people had said, oh, your life's go going to change. You not playing these games anymore. Like, you're going to be grown up. And I Was like, I'm here for it. And so I had a young, uh, grandson

on the way, my business was fine. And all of a sudden I started having chest pains out of nowhere. And I was just like, okay, this could be anxiety. You know, it could be gerd, as they say. It could be anything. And so it kept happening for me. At the same token, I started having some depression to come down, and I was like, well, where is this coming from? Because again, like I said,

everything seemed to be okay. But I feel like once I started trying to attack the mental health component and say, let me dig deeper to see what this is. It literally feels like a cycle of, uh, mental health affecting your physical health, aff your mental healthecting your physical health. And that's what was happening. I was cycling in these spaces, and I was being vocal about it. I was sharing like, hey, you know, I'm doing well

in business. I don't know where this came from. Um, but it was one of those times where you have to really sit back and assess. Like, are you overextending yourself? Are you, uh, a people pleaser? A lot of these things come from childhood trauma. So you're living your life in a way that you feel like, okay, this is just how I am. But in actuality, you're just acting out your own ways of coping with things. And those things might not be a good way to cope, you know, but

it's all, you know. And so at that point, I had several hundred thousands of dollars of racked up of medical tests and appointments and specialists, and they were running me through all these things to try and figure out what was going on. And they figured out some of it. But I believe the root of it was me trying to get to my most positive mental health state. Because a lot of things had to be burned off. A lot of systems and processes had to be implemented in

my business. I had to allow my kids to start taking on some more independence for themselves. Like, there was a lot of things that I had to do for me that was in actuality affecting my pocketbook. Because when you sit down and you're depressed or you're not fully functioning at your best, how can you go and get that next client? How can you save and invest and pay down debts and all the things that you talked about doing, it's like you, you

have to deal with self first in order to move forward. So that was like, really the start of when I started looking at the cycles that I was going through.

Um, okay, that is really good because Some of the people who are actually thinking about getting into this business of, uh, well, say if they even have a business of their own and they doing more of a customer service aspect and you talk beyond the dollars, uh, more so your self worth and self care, um, what are the strategies that you will give somebody who is starting out to kind of keep their emotions in check by separating themselves from their business?

Dr. Constance Craig Mason: It's kind of hard to separate yourself from your business in the beginning, right? Because usually when you are, uh, launching a business, whether it's service based or product based,

it's usually based on something you really care about. And oftentimes it's tied to some type of hardship or some type of experience we've had in life. We don't want anyone else to go through that particular thing. And so you develop this service of this product to solve that particular problem because you know firsthand how this thing plays out if you don't get those resources or that help. And so it's kind

of hard to differentiate the two in the beginning. But I would say self awareness is one of the main things that have helped me on my journey to healing. And it is really, and I hate to say it this way, looking in the mirror, right? Not just looking at the outward aesthetics of what's going on, but like really knowing if there are cycles such as you'll be doing fine and then all of a sudden you're not and you can't really pick what is

really happening. And so I tell people, I said, sometimes you might have to, you know, listen to friends and family around you. You know, sometimes they will be telling you, hey, you're a little snippy. You know, I noticed that you seem a little frustrated. You know, is it me? And we don't want to look at this as someone judging us because oftentimes there's some truth in what these people are

saying. And if they really care about you, they're trying to get you to a place where you can deal with that thing and move on, right? And so that helps with your relationships with the people you care about. You're probably even able to serve better. Since you want to start this great business, you're probably even able to serve better. If you're able to take a look at yourself and say, okay, maybe I procrastinate, but there's a reason why you're

procrastinating. Is there some fear tied to it? Is there some imposter syndrome tied to it? Are you afraid of failing? Are you afraid of success because you don't have a team to sustain that. Right. So the procrastination that you might be experiencing is not necessarily related to laziness. It's usually related to something else in you. So these are the things that I would say if you're starting a business to really start digging

into who you are. Because uh, even if you get people who really want your product or service, you don't want to let those people down by being all over the place and not being able to keep up with the customer service level that you had envisioned for your business. So being able to really be honest with yourself about where am I really in my

life? And if I can make tweaks, if I can get the uh, support from the people around me, like, are there mentors that I look up to that have been there, done that, got the T shirt and they can kind of pour into me and give me those what to dos and what not to do'and that could kind of save you some heartache and some money and time. O, um, man, um, I'm glad you brought up mentorship is because one of the things that I love about your story is that you had a mentor starting out with your business.

Um, you're just super excited, bright eyed, bushy tail, like, yes, I gotta make this work. Uh, can you take us back to that moment when you decided to take that deep, that leap into starting this whole journey? Dr. Constance Craig Mason: It's true. I was actually just about to turn 30 at the time. And this was a young lady who was my kids godmother. She's still in financial

services to this day. And we were actually living together because, you know, sometimes you got to pull it together and help each other out. And um, she had found this financial services company and she'd been watching me, you know, Google stuff and improve my own life. And she's like, you love this stuff, you know this stuff like the back of your hand. She was like, you know, you could make money from helping people with their finances. And I was like, I never thought about that, right?

And at the time I had a lot going on. But I was married when she finally approached me nearly seven years later because she stayed on me about doing this business and it just wasn't the right time, you know. And once I got married, she came right on back and she was like, listen, now you married, now you got support at the house. You can't keep telling me you can't come and check this out. And so sure enough, I go and check it out and at this point I'M like, I have

a full time job. I was working in healthcare at the time. And I said, if I'm going to be away evenings, weekends, things like that, I need to know exactly what I'm doing. You know, how quickly can I earn income? Like, what am I going to be doing with these people? And sure enough, like, she was a very aggressive and poignant, um, I don't want to say salesperson, but she was really good at being able to get people to see the big

picture and make changes. And so we would go out, you know, every evening, dog on there and on the weekends and we would sit across the table from families, people just like ourselves, and we would teach them about how money was working. And a lot of times, unfortunately, these people didn't have life insurance, which is one of the basic financial fundamentals that you could put in place. And so as I was learning, I was also able to

help these people. So it was like I was a newbie, but I was making good money and I was feeling passionate and empowered by doing that at the same time because these people look just like me. A lot of them were in my age group and I felt like we could learn and grow together. But she was somebody who I never saw myself as a business owner. She implemented, hey, this is not just something that you're doing. Like you actually have a

business here, so you want to treat it like a business. You want to have your write offs, you want to be able to, you know, help people and grow a team so that you don't burn out. And these are the things that she taught me early on. And I was just so super grateful. So I'll always credit her for being kind of like one of my first mentors in the financial services space. And then I try to be that for the young ladies that are coming up behind me

in the financial space. You know, there's things that, you know, we should be doing things that we should not go down that route. And um, I find that. And people are looking for that mentorship, even if that's not what they're calling it. They're really just looking for someone to see them in the stage that they're in and help them get to the next level. Yeah. And how would somebody saying that, hey, they see what you're doing, you're doing all these amazing

things. What would be the proper way to approach you, to ask you to be a mentor for them? Dr. Constance Craig Mason: O. Uh, let's say I'm asking for a. Friend just. Dr. Constance Craig Mason: All over social media. So a quick dm. Um, I will hop on a one one call. Um, I love collaborating with my peers in finance. Um, we've done quite a few events together, book projects, you name it. Um, so just send me a quick DM or email me and just let me know where you're at and what you're interested in

doing. And if I have the time to definitely pour in, I certainly will. Yeah. And when you're talking about those collaboration spaces, um, I know that you used to do the in person events at the library and I was like, why don't most people use the library anymore? Like they so convenient. It's so

convenient. Dr. Constance Craig Mason: Very convenient, very affordable. Right? And you have everything right there, AV equipment, plenty of tables and chairs. Like a lot of the commercial spaces that we go to, the host star events, conferences or what have you. It'like you have to pay a lot of money just to be in the space and then you have to pay to have the chairs and tables and

bring the screens in. And uh, it's just like by the time they I la carte you, you could have had it done and over with at the public library. And uh, again when you're starting out, you don't have a lot of money to pour into your business or to pour into an event like this, but you do need leads to be able to offer your services. And so if you're able to host it in a professional space during business hours where people know these places, most people know

where their library is. You know, you can go in there, show your expertise, show that you care and find a way to get those leads back to you. Whether it's a registration list and evaluation form, however, you need to get those leads so you can continue to build a relationship with these people that took the time to show up. Because that's part of the problem. I feel like uh, we all want to do the best for our potential clients,

but people have to be able to show up one not just for us. Uh, they ain't showing up for me like they're showing up for themselves. Whether it's a free ticket or a ticket that they have paid money for. That's part of the action steps, ah, is showing up, uh, and then once you show up, uh, you know, what are you learning? What can you take away from that experience?

Sometimes you have to pay money for the next level, but sometimes you don't and you just start having these conversations that are going to impact your life down the line. Yeah. And because I was sex actually thinking about doing an in person Event. And I was debating on, should I go to a restaurant, Just say, like, hey, everybody, just show up here. I'll work hand in hand with the restaurant owner or something like

that. Or like, and obviously, like, charge people like $30 or something like that just to kind of COVID the plates and so forth and the vini or do you do at the library? Don't charge everybody, Just kind of. The whole thing about it is because at the end of the day, we do need to put food on our tables too, as business owners. So do you look at it just like, hey, you do the library for the free one quarterly. Just to kind of say, like, hey,

I'm, um, here, I'm available. This is only a quarterly thing. I'm thinking about different business strategies to kind of help promote your business, uh, in real life versus doing like a podcast tourorro, uh, like you and I are doing now. So what was your thoughts on trying to get started? If somebody's looking to get started, I. Dr. Constance Craig Mason: Think quarterly is a good way to go because, again, if marketed appropriately, right? We were doing a

lot of word of mouth and like Facebook at the time. This was like early 2018, 2019. And, um, you know, we didn't want to pay a lot of money to host the event. And I brought a lot of my financial peers to speak on panels with me during those events. And so I wanted them to have an opportunity to get in front of the room so that they could share their expertise. But then I also wanted the attendees to be in a safe space where they could have these

uncomfortable conversations. They didn't even have to identify themselves as to what was their burning question. Like, you know, raise your hand and say, oh, this is what I want to know. Like, they would fill out index cards upon arrival and they would write down their anonymous question. And so the cards would be color coordinated based on topic. And so now my panelists know exactly what their color code is. So when they see that card, they know it's a question for them.

And then the attendees get to learn exactly what they came there for. Right. They don't have to identify themselves and say, hey, I'm filing bankruptcy. And I have this question. Like, uh, that question that they had a few other people probably had in that space. It was ashamed or, you know, a bit fearful to ask it. And so when I say safe space, I'm saying, come, learn and grow. Don't just get some brochures or take a couple of notes that you don't know who said what. Right?

You'have a Face with a name so that when this is over, you can go to that person that was on the panel because you, you vetted them, you got a vibe from them, they answered your specific question, and now you can follow up. So I believe quarterly gives you enough leads to where you can work it and not overwhelm yourself. But then it also allows you to say, I'm not, you know, every weekend I'm tied up doing something for business and not doing anything for self or family.

Man. Okay, so you get me excited about to do an in person event caus I was like, oh man, that sounds pretty cool. I don't know where to start. Um, um, but we obviously can talk offline. U uh, because I don't want to run the whole show about me asking my questions. Dr. Constance Craig Mason: By all means on that. Thank you. Um, um, now one of the things that, uh, has been coming up, at least with my clients that I'm working with, is dealing with having the parents as they're getting

older. And you mentioned earlier about life insurance, how everybody should have it. Um, when is it a good time to actually have that conversation with your parents about life insurance? Dr. Constance Craig Mason: About our parents getting it or if they have it? If they have it or getting it. Because a lot of people don't like to talk about death. We all know it's going to happen.

It's just a matter of when. But what do we do as the people that outlive them, what do we do and how do we actually start having that conversation with them? Dr. Constance Craig Mason: Yeah, I want to make it not taboo anymore to talk about money. Right? That's why we have the money talks. It's like uncomfortable conversations, but they're transformational in the aspect that we all know, our parents and our grandparents or our guardians, right. We know if they are

comfortable talking with us about money. Some of them are, right. They can't wait to tell us, oh, I've done this, I've done that. Or you get the house and you get the kitchen table and you get this and you get that. So it's like, if it's easy to talk to them, by all means, just go ahead and say, hey, you know, I was wondering, as I'm getting older, you know, I need to set up things for myself. What do you have in place? And it will allow them

to say what they already have. And they may even say, you're the beneficiary on that, or you and your brother are, or however it works. So now that gives you the idea that you don't have to worry about taking on somebody else's burden if God forbid, they would pass away because oftentimes you're grieving, right, and that you don't know how that's going to go or how long you're

going to be in that space. But then to have to abruptly stop what you're doing and take your savings to pay for parent, grandparents, something like that, and of course heartstrings, you're going to do it, you're going to take that money and you're going to take care of it. And then when the smoke clears, you're going to look back at your finances and say, now I got to start this all over again or now I got to start accelerating my 401, you know what I'm saying?

And so if we're able to find out what they already have, and again if they have it, they're going to tell you they have it. If they don't have it, they may say, well maybe you need to help me get some um. Now we do have some carriers out there who are really strict on pre existing conditions, but there are some nowadays that there's very minimal underwriting where you could get guaranteed issue coverage, you know, depending on your age and things like

that. But, but it's really no excuse nowadays because even people who have like hiv, aids, cancer, heart conditions, mental health, even people who smoke marijuana can get medical and health coverage and life insurance and it's usually at a reasonable rate, depending on how much coverage you need. So I just feel like, you know, we shouldn't be afraid to ask people who it's going to impact about those things. That's what they call

insurable. So if you have insurable interest in a person, it's usually somebody where if they would pass away there would be a financial burden to you. So in the aspect of spouses, children, young children, adult children, right. If you're, let's say your elderly parent doesn't earn a lot in retirement. So maybe if they don't have a policy that is kept pace with inflation, they got that thing 30 years ago and it's like 8,000 do, what is that going to

do for the cost of final expense today? So somebody stilln to have to come out of a pocket to support the coverage that they did keep in place. And if you don't have that kind of money laying around, well, maybe you can get a small final expense just to support what they already have in place. Right. So you're not caught trying to do this

in the midst of everything else. You're doing. You talk a lot about the sandwich generation. I'm definitely in that sandwich generation where I have kids and grandkids, but I also have my mom, who's in her six. And so it's like, you want to do what's best for you. You want to be a model for your children and grandchildren, and you also want to be that support to those who were, uh, of support to you when you were coming up. But it doesn't have to be burdensome.

So the conversations definitely need to be had, even if they're uncomfortable, because it's really all about care. Right. I care enough to inquire about what you have going on so that if it doesn't affect me, great. I'm happy to hear that it won't affect me

negatively. And sometimes there's legacy that's coming your way, there's assets that are coming your way, and you might need to know how that works, because maybe there's a tax consequence attached to that asset, or maybe there's money'coming that is not taxable coming your way. So you would want to know that sooner than later. Um, so one of the things that stuck out to me is when it comes to say you do have that $8,000 policy, but all of a sudden you want to adjust it to today's inflation rate.

Dr. Constance Craig Mason: It depends. It really depends on how the carrier has those plans set ah up. Oftentimes they will allow you to do, like, what they call a policy change. So a policy change form that you would complete is where you're taking it from X amount of coverage up, usually increasing that to a higher amount. And then, of course, now, yes, the premium that you're quoted is based on your current age and not the age you were when you got that $8,000 policy many years

ago. So now you have the premium price equivalent to your current age. But sometimes they might not take you through all the underwriting because you had that existing policy, but sometimes they will consider any new, uh, medical concerns that have come up. So you really got it. I would recommend that you have an agent so that that agent can let you know. Okay. Because sometimes you have a policy, you don't

know how to read all the jargon that's inside of it. So the agent can look at the jargon and say, oh, yes, they do allow you to make changes to this. If not, it's just like getting a new policy where you're going to have to be reassessed and see what you can qualify for. That is great info. Because I'm thinking about how can one person another utilize it today.

Um, so say if they do come through financial times or financial hardship, is there ever a life insurance policy that you can actually withdraw from, um, to kind of live off of why you still living? Dr. Constance Craig Mason: There are, and I'm so glad you brought that up. So there are the permanent types of policies which are universal life or whole life. Most people have heard of those types. And then you got index universal, you got variable universal. But the gist of it is universal or whole

life. Those are the cash value building types of policies. And with that meaning as you're making your monthly premium payment, the entire payment is not going towards the case value. There's cost to insure us. So they take that off the top and then what's remaining goes inside that cash value. It's kind of like a savings inside the policy. And then either annually or monthly, they credit interest to that particular cash value account. So every year you're earning on

the cash value. Now, depending on whether it's a whole life or universal and how they are set up, you could choose to borrow from that cash value and then if you pay it back, great. If you don't, they subtract it off the end when you pass away minus the interest. The other thing is you could choose to withdraw from it. Usually universal, you can withdraw from it, which is different than borrowing. So with withdrawals you don't have to pay it back. With borrowing you

can pay it back. So there's the major difference. So a lot of times people are saying, hey, well if I'm doing what I'm supposed to do and I'm being responsible and I'm covering myself and or my family in the event that we pass away or in the event that we have some extended medical event and I have these hybrid living benefit attached to my policy. Okay, great. But what if I want to buy my first home and I need money for the down payment? Or what if my kid is going off to college

and I want to help them get their first car? Or what if I'm going to head and retire a little bit earlier than Social Security would like me to and I need a couple of years of income to supplement my lifestyle until I go ahead and claim that Social Security benef ###it so these things can build up over time. But again, consistency is key. You know, if you get covered and then you let it

lapse, well, there goes that. So then now you've got to go and start all over with your cash value building so most things as it relates to money, consistency is key to that. Yeah. And before we get to the third segment, I have one question, um, which is like, what are some common misconceptions of building that generational wealth? Uh, could people help redefine what it means for their families?

Dr. Constance Craig Mason: Yeah. So one of the main misconceptions that I come across is that people feel like they have to have a lot of money at any given point to build the wealth. So there's a basic formula called the wealth formula, right? It's very basic, but it gives you the components of what's required to build wealth. So for the wealth formula, you need money, any kind of money. $1000 doesn't matter, matter. Some kind of money. Then you need time. You need time

for this money to accumulate. Then you got a plus or minus whatever rate of return you're getting. So if you're putting your money someplace where you're getting interest, plus or minus, you put your money in the market, plus or minus, whatever the performance is. And then you got to offset inflation, which is eating away at our purchasing power, and of course, tax. So if I'm thinking about this as a formula, how many of these components do I have, right? Do I have an extra $25 per

pay? Maybe you do. Okay, great. So you've got

that I'm alive and hopefully well, so I have some time. Now where am I going to put this money that will accumulate over time? That's going to give me a great rate of return. When I say rate of return, that's great. I mean outpacing inflation, at least giving you more than 3%. So that could be high yield savings accounts if you're not ready to invest right now. But just something where you're earning a rate of return. Now when you gain this money, you're going to have some taxes at some

point, right? Whether it's, um, income taxes, you might have capital gains taxes, depending on where you put it, you might have, um, uh, a state inheritance taxes, depending on if you leave it to someone else. So the point is, you've got to be consistently over time, putting some amount of money somewhere where. Or you're earning at least 3 or more percent to outpaced inflation. And then eventually you're going to have

some taxes to pay on that. But I tell people I'd rather pay taxes on money that I have grown than to pay taxes, money that I have just earned and didn't really see the benefit of. Does that make sense? It makes total sense to me. Dr. Constance Craig Mason: Paycheck. The paycheck is not where it's at anymore. Like you got to take something from that payg and

start stocking it away. Now we know the younger we are and the more consistent we are, then we'll have something called the rule of 72 that's helping us along. Right? So the rule of 72 means that whatever your rate of return, you just divide that number by 72. So for example, over the last hundred years, The S&P 500 has earned about 10% on your money. So if you take 10, divide that by 72, that lets you know it would take

7.2 years for your money to double. So in 7.2 years, and I'm 45 now, how many doubling periods have I had in my own working life where every seven years the money that I put somewhere could have doubled at least three or four times by now? But that's what I mean. I don't have to have $50,000 to invest at one time, but I could have done dollar every week. I could have done $50 twice a

month. Because the rule of 72 means you're going to have that compounding of principle and interest and knowing that I also need to have time on my side. So the people who say I can't save or I just, I don't understand this investing stuff. Time is wasting away. And that is one of the biggest components of how you build wealth. I love that. I love that. O man.

So, so going into the third segment, which is the features, um, and this just kind of focusing on other, like yourself, your career and even with uh, dealing with family. So what areas, um, are you focusing on improving your own life or your career? Dr. Constance Craig Mason: So right now I am focusing on delegation, I am focusing on systems and processes and my well being.

Those are like the main things because again, if I'm able to have my systems and processes in place, then I can duplicate myself in another advisor or I can duplicate myself in an executive assistant or a director or somebody like that and then delegate to them the things that I know that they can do so that I can focus on the things that I do. Right? So I do the numbers for the people,

but you can create the experience for the people, right? You can help me with the email automation, you could help me with all the other things behind the scenes that allows me and them to maintain our well being where nobody is maxing out every day on these things that help us and help our clients to grow. And so I started that process last year and so I'M getting better and better, closer and closer, um, to my optimal schedule and you know, being able to maximize my revenue.

So when you did the book Money Talks, you actually were curated, um, or eliciting information from other financial uh, people and also a lot of couples doing that timeframe. And I had to first off, uh, say thank you for actually doing such a book like that because I've seen it but I've never seen it done like from the ground roots, if that makes sense. And you were the first person was like hey, everybody doing the book or what you got? Dr. Constance Craig Mason: Like, exactly.

Um, and you continue to still do that, um, in everything that you do and I really wish the best for you and nothing but the best. Um, and so as a best selling author and speaker, like, what are your top insights that you hope to take away from like that you hope that the audience really take away from all of the work that you'put in so far? Dr. Constance Craig Mason: Wow, that's an awesome question, Anthony.

Um, what I want people to take away from, like you said, the trilogy, all three of those Money Talks books is that they are significant in this world, right? Whether you're married, not married, whether you're a financial expert or you're just somebody in college trying to wing it and figure it out, you are significant in this world and you have some value to add. But we understand, understand that when life starts lifeing, it starts to chip

away at your self worth. It starts to chip away and what you believe you can contribute in this world and that can affect how you earn money, how you save, how you invest. If you're swiping all these credit cards, creating debt for yourself, like this has a lot to do. Our significance and how we navigate this world has a lot to do with how we build wealth. And so whether you're on this side of it or you're a financial

expert going through things as well. Because these financial coaches, advisors, insurance agents, they are all human and they go through things as well. Even though they have the knowledge, even though they have the experience, they still go through bankruptcies, they still go through divorces, they still have traumas that come up in their life that does not take away from their passion for what they do, but it is something that chips away at their self

worth. And so when you're thinking about platforms that we've been able to create for other experts to share their stories authentically in a saf safe space, you know, that's what I feel like I contribute to this world. I feel like I'm going to Forever create safe spaces for people to share their stories, whether in my office or in a book project or at some event space where you can feel like, hey, this person hears me, this person sees me.

And if I'm not happy with where I am in my life, there's somebody who could help me, take my hand and help me along on this journey and I don't have to be ashamed of it. So I feel like that's what I want people to take away from any of the projects that they may see me doing in person. Virtual, um, in any spaces that I see you, I hear you. And if you want to make changes, somebody's going to come up alongside you and help you do that.

Man, I thank you for being in this world and I'm glad to be alive while you're alive because you're doing so many great things and it's an honor to be in your space. Dr. Constance Craig Mason: I appreciate that. Any likewise. O thanks. Is there anything that you want to leave the audience before we dive into the final four questions? Dr. Constance Craig Mason: The one thing, if I could just state one thing, it would be to

assess. Now I know that people are in their feelings sometimes as it relates to money. We're in a new year now and this is the best time to ass what was going on in your finances last year where you felt like it wasn't, um, showing you the best possible way to not just

survive, but to thrive. And so when you're able to look back over what your income looked like, when you're able to look back over what your expenses were for last year, are those things the same for this year or are you able to do anything to shift that? Meaning if you have a heavy debt load, what can you do to get that debt load down? If you find that you can't really get the debt load down with the income that you have coming in, are there ways

for you to get extra income? Um, whether that's part time online remote work, you launch something, you sell something that you have at the house that you really don't need and you're just holding on to it like someone will buy it, right? And there you

could knock that credit card balance down. So the point I'm making with the assessment is really take a look at it and see where you were and see what it is that you would be able and willing to do for this year that will position you for joy, that will position you for gratitude, that will position you to be that go to person come the following year when they're saying, how did you do that.

Like, how did you legit get out of this debt? How did you save that first thousand dollars when you were saying, hey, I just, I just can't save. So I want assess to be the word that they take away from this conversation. So, man. All right. You like a wealth of information? I love it. U uh, so you ready for the final four questions? Dr. Constance Craig Mason: I am. Alghty. Number one, what does wealth mean to you? Dr. Constance Craig Mason: O this is an easy one. We

touched on it. I believe wealth is creating options. However that looks for you. You know, if you want to make sure that your kids have a better way than you did when you grew up, then what do you have to implement so that they do? Right. If you want to make sure that, um, there's a name for the family that you have helped to create. Right. What types of impact are you going out here and doing so that that name can mean

something in the community? So I feel like creating options is very individualized, and that's what I love about it, because what I would create for me is very different than what you would create for you, but it's so significant to you, and that's what I love about it. Thanice, number two, what was your worst money mistake?

Dr. Constance Craig Mason: That's another good one. Uh, not getting started on my savings early enough, I feel like, because now we know time is a big component of how we build wealth. It's like if you keep living in this paycheck to paycheck cycle or there's always something traumatic happening in your life year over year, you're not

able to start putting that money away. Or if you do, then you end up having to go back and grab it for that emergency or that unforeseen thing, and then that makes you feel like you're incapable of getting it done. And so I feel like in my 40s, I'm just really getting to the idea of like, yes, I can do this and yes, I can be consistent and see results. Um, because I feel like the impact that I'm trying to make is way bigger than me. And so it takes way more money than just enough to

sustain me. So I wish that I was able, able to, you know, save a little something, even if it was five, ten dollars a lot sooner than I had started. Number three, what is your favorite financial or non financial book? Dr. Constance Craig Mason: My favorite non financial book is the Bible. I really feel like it changed

my life. I got saved at 19 years old, and I really feel like me reading that book and learning more about the higher power and learning what he said about me was a game changer because no dis to any family or friends coming up. But it was like, sometimes they didn't have the words to pour into you. Right? They didn't have the words. And so it's like, if no one's really pouring into you emotionally, spiritually, from that perspective,

where do you get it from? Sometimes you get it from the wrong places, and you end up being in some poor relationships. And so I found m that once I starteding that particular book, and it was sharing with me how valuable I was to the higher power. The higher power how valuable I was to him. And then I started reframing how I would speak about myself and how I would think about

myself. And then I would say, well, if he could do these things, and he says that I could do these things, then why not do these things, whatever these things are, Right? And so that's my favorite non financial book. I mean, ironically has a lot about money in it, to be honest. Um, and then I'll just plug my own book as the why not, why not trilogy. You know, um, the volume three really has a special place in my heart because it's my peers,

right. It's my other financial expert peers that came together, and they did such a phenomenal job of sharing their stories, but also relevant strategy that people could use. Yes, yes. That book was amazing, by the way. Um, I had the digital copy, uh, number four, which is what is your favorite dish to make? Dr. Constance Craig Mason: Oh, my goodness, it sounds so simple. But it is. Salmon and fresh greens. I love to make some fresh

greens. First of all, it's healthy for me. Um, but it's something about where you can make it and it's not in the can. It's something about, you know, I had can good back in my day, but to be able to put your own seasonings and let it marinade and do all the little healthy meat options you could choose. Yeah, I love that. So how do you season your salmon? I to ask that. Dr. Constance Craig Mason: It depends on really what I'm going for. Sometimes we'll do a

lemon pepper, sometimes we'll do a Cajun. It's a myriad of different ways, and that's the good part, because you could never get bored because change up the seasoning and it changes the whole dish. That is so true. You know, for the people who don't like to branch out the different seasonings besides salt and pepper, I mean, try something different. Some dill, maybe. Dr. Constance Craig Mason: You'd be surprised. You'll be feeling like, ooh, I didn't even know that I could do this

right. Yeah. So, Constance, this is the very last question of the show, which is where could people find out more about you. Dr. Constance Craig Mason: Online? I would say, um, m on all your favorite social media platforms as my name at C Craig Mason. C. Craig Mason. All right. Love it, love it, love it. So thank you so much, Constance, for taking your time and also your insights. Um, I have to say, enough people that you all have done amazing using work from the prior

years to make it to this year. And even if you feel like you're failing, it's okay. You can always reset assess from last year and actually continue on pushing forward. You have what it

takes. Dr. Constance Craig Mason: Dr. Uh, Constance told you where she came from. From the bottom to the top. Now she here. You know, I'SAYING wenna take it to the next level. Let's go. Right? Dr. Constance Craig Mason: Let's go. So, uh, I wish you all the the best, everybody. Y'all be safe way out. Peace.