Nicola Smith Jackson Talks Financial Strategy and Starting a Family Bank | silver monday

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Wealth building and financial literacy has been a big topic in our community and with the pandemic and a possible recession looming, people are looking for things from building a nest egg to building a legacy. For today “silver monday“segment, Nicholas Smith Jackson stopped by the show to give advice on how to start a financial strategy and the importance of starting a family bank.

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Erica Campbell: Today is Money Monday and joining us to talk about wealth creation and the importance of starting your own family bank is Nicholas Smith Jackson. She is the CEO of Success Strategic Partners, LLC. She is also a licensed insurance and real estate professional and recently opened a Wealth Building Boutique, where she teaches families how to create wealth management strategies. So excited about this information and this conversation. Hello, Nicola Smith Jackson.

Nicholas Smith Jackson: Thanks for having me, Eric and GRIFF. It’s great to be here.

Erica: Absolutely. Awesome. So let’s get straight to people who want to create a wealth management strategy, but don’t know where to start. Can you give us three great tips for creating a wealth management strategy?

Nicholas: Well, I definitely have to start with a vision, that’s the solid foundation. Don’t think about the how so much as the what right now. So your first step is what you want to do is you want to deal with your finances. Take an honest inventory of your current financial situation, review your income, emergency fund and monthly budget. And just as you want to calculate your net worth, it’s roughly what you own, versus what you owe. And then you can also take note of any future financial needs, like education and things like that. So this is where you want to start doing is creating a financial plan. Okay this is going to include a financial house we have a proprietary money mansion that helps people create a balanced recession proof portfolio with a combination of investments and strategies, where your return on investment is predictable. OK. And then the third thing you want to do is you want to fund investments, invest money in what makes money versus what takes money from you. The goal is to make your money work harder than you do at any given time.

Erica: Wow that’s great. So let’s talk about creating a family bank. I know this is not a common conversation in the African American community. But I really like that we have these Money Mondays. So let’s talk about creating a family bank. What is a family bank? And what are the benefits of starting one?

Nicholas: Well, a family bank is what people need to know first is that a bank is not a building, it is a system. And these are things that anyone could start. So you want to learn about the opportunities you can make no matter how much money you start with. So it’s a place where you’ll be able to create cash flow, and you have control over your money and you do the same things that you do with a traditional bank, you make deposits, and those deposits are now augmented by the ‘interest. And then you can take out loans or increase your investment. However, most people only use a “family bank” with the traditional bank, but when you use vehicles like insurance, which is one of the culprits to use to start your family bank, it does not follow not the same rules as a traditional bank. bank.

Erica: It’s Money Monday and we’re talking to financial expert Nicola Smith Jackson. So tell people how they can follow you on social media.

Nicholas: Well you can go to Facebook and you can search with Nicola Smith Jackson as well as Instagram @damenicola_official

CLAW: You have a huge event this week in Atlanta, and I’m really lucky to be a part of it, tell us briefly about the Power & Money Conference and how people can get more information for us.

Nikola: Well, you absolutely have to go to the Power & Money Conference. It will be Mother’s Day weekend. we will have none other than GRIFF in the house. It’s a great event where we were going to connect the haves and the have-nots. You are going to learn how you can literally borrow money without the many credit requirements. I’ll discuss how to grow your money tax-free and pay off debt faster. You’ll also learn how and what you should invest in to become recession proof, and you’ll learn exactly how to grow your income with businesses that match your personality. So go to PowerandMondeyConference.com and log in.

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Don F. Davis