Business

4 Priceless Wealth Building Lessons

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Wealth Building Tip of the Day:

Last month, I took an important step in investing in my own wealth building journey: I attended a live business workshop hosted by Rosetta Thurman. It was an incredibly empowering event. When I went, I set out to get the most I could out of the event. It was one of the few paid business events that I’ve attended over the last year. It also turned out to be the one of the most valuable I’ve ever gone to. When I was considering why it was this past week, I discovered four lessons from it, which are equally important for wealth building:

#1. You Get What You Pay For

Compared to other local Black women entrepreneur events I’ve attended, I paid a bit more for this event than I usually do. And the event turned out to be higher level than any of the other ones I’ve attended. From Rosetta, to the event space, to the other attendees, there was a higher level of seriousness and focus surrounding the entire event.

Lesson: Just like with wealth building, the more money you invest in getting the services and help you need, the higher the level of service you’ll receive.


#2. To Move to the Next Level, Be Around Others at that Level

In the past, I have received business coaching and support from Rosetta. I truly admire her and she has always been amazingly supportive and honest. And as a business woman, I aspire to have an impact and achieve a level of success similar to hers. So I bought my ticket with the intention of immersing myself among others who are at the level that I aim to reach.

But to be completely honest, I had fears about attending the event. For a brief moment, I almost made an excuse not to go. I know that Rosetta is an utmost professional and an excellent, non-judgmental coach. But the thought of meeting her in person did elicit feelings of “less-than.” I don’t buy into the belief that anyone is better than me. I do accept that others may be better at doing something than me. However, they are not better than me, no matter what they’ve accomplished. So, after getting my mind right, I courageously went with the intention of being open to learning and receiving, no matter how vulnerable or uncomfortable I felt (which I certainly did at points).

Lesson: Wealth building requires the same things: actively seeking out others at the next level to elevate, and enduring feeling uncomfortable in light of your positive financial goal.


#3. A Higher Level of Investing Results in Connecting with Like Minded Individuals

As I mentioned, the cost of this event was more than I have previously paid for live business events for Black women. I ended up making 3 meaningful networking connections with 3 ladies. And guess what? Out of 3 of the ladies I met, 2 reached out to me immediately after the event to seriously connect. I reached out to the 3rd sista. With all 3 ladies, we have already moved forward in setting up a conversation or follow-up meeting.

To compare, I went to another networking event, where I met many more sista entrepreneurs. At one event, I brought home about 10 business cards and emailed all of them. Of the 10 sistas, only 2 sistas replied to my email, expressing no definitive plans to build a business relationship. I was very surprised by this, because at the events they seemed eager to connect as potential collaborators.

It dawned on me that the cost of that other event was far less. And the bottom line is, that the more “skin in the game” people invest, the more seriously they will view an opportunity and act upon it. So the ladies at Rosetta’s event—like me—were more serious about making the most of the money and time we invested in the event, and were more eager to act on it.

Lesson: It is the same with wealth building. If you’re only willing to attend “free” or low-cost events, you are only going to connect with those who are only willing to commit only so much time and money to their financial success. They have not yet learned the valuable lesson that to make “real” money, you have to first spend “real” money.


#4.The Greater the Potential Gain, The Higher the Risk—and the Scarier it Feels

Because I am dead serious about becoming a multi-millionaire and controlling my financial destiny, I made a major investment to get business support from Rosetta. I invested money in working with her. MORE money than I have ever invested for any business coaching. I want the Best.

But that doesn’t mean I wasn’t scared paying that much. My stomach was churning with fear, even as I submitted the payment. I’m CONVINCED that Rosetta is the best coach to help me in my business, and I am COMMITTED to my own success.

But it still felt incredibly scary. Why?

Because:

  • I know that there will be no INSTANT results, which I want so badly, so I can "feel" like there is no risk involved

  • It felt extremely uncomfortable to do something that caused me to move beyond my own self-imposed limits (like how much I was willing to “safely” spend on business coaching)

  • I need to have faith and trust the process and that it will work—since there is no GUARANTEE that it will, no matter how badly I want one

  • I will need to do a lot of work: mentally, spiritually, and physically. Even though I definitely want different results, there is still the part of me that wants to cling to my old way of doing things---even if I KNOW they don’t work

Lesson: Just like the wealth building process, fear and conflicting feelings—along with excitement and hope— will arise when you decide to take the next step in taking control of your financial destiny. They will always be there, as long as you keep pressing forward to create financial independence. You can COUNT on it.

Anyway, I'm SO glad I attended the event and that I invested in my own financial success and wealth building. I’m putting in all, so I can get all that I’m working for. My financial destiny and future are so worth it.

What about you—which wealth building lesson most spoke to you?  

I’m Celebrating 2 Years in Business! Don’t Give Up!

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As this month of June comes to a close today, I am stopping to celebrate a major milestone. As of this June, I am celebrating the 2-year Anniversary of Yolanda Ransom Consulting, LLC in business!!!

Two years ago, I decided to start my business. Around that time, I was working full-time as a financial counselor at a non-profit. Due to some unexpected organizational changes beyond my control, I was not able to continue full-time in the position as desired.

During that time, I had come to see how much I loved the work that I was doing, even though I was not always able to serve those whom I was most passionate about serving. So when my desired position fell through, I summoned up my courage, and decided to start my own business: a business that reflected my own values.

When I had worked as a financial counselor for the nonprofit, I often felt like my hands were tied when my Black women clients would describe to me the very real economic and financial obstacles that they were encountering. Both they and I knew that these were almost often related to race (as well as gender). However, all I could do at the time was silently acknowledge what they were telling me, while feeling powerless to directly address it.

So I decided that when I created my business, I would serve those whom I cared most about, those whom I understood the most, those who I connected with most easily, and those who I could genuinely relate to—because in essence, THEY were ME.

I am extremely proud to have a business today that directly serves professional Black women by empowering them to take control of their money and their financial destinies, rather than leaving their destinies in the hands of someone else, or feeling like they have to leave it up to others because they have no control.

These past 2 years have been amazing ones:  full of both ups and downs, growth and setbacks. And no, I'm not where I'd like to be in my business. Both in terms of the amount of Black women that I've been able to serve and impact, as well as the income goals that I have for my business. But I am SO MUCH closer to the vision of my life that I am striving to create than I was just 2 years ago.

I know and believe that my goals are possible. And I KNOW that I will get there, by staying focused and dedicated in creating the vision of my business—and life—that I so greatly desire.

Over the next year, I look forward to serving and empowering more and more of you, and other professional Black women, to help you create your wealthy reality.

So I want to encourage you on this note: KEEP going!

Wealth-building is a process. A lifelong process.

And let's face it, the time is going to pass ANYWAY. What you do today is going to shape your tomorrow. What you do today will either bring you closer—or farther away—from the wealth and life that you want for yourself.

Each and every step that you take today to invest in your dreams, and in effective money management, will bring you that much closer to abundant wealth.

Don't give up!

Financial Companies Who Are Working With Employees Affected by the Shutdown

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Wealth Building Tip of the Day:

If you yourself are a Federal employee - or know someone that is - who is getting hard hit financially as a result of this government shutdown, you - or they - may find this information helpful.

Many financial institutions are working with people to help them navigate this difficult situation. Check out the list and/or pass it on to someone else who may appreciate it: How Banks and Lenders Are Helping Workers Affected by the Government Shutdown.

Are You Getting Ready for the Next Recession?

Are You Getting Ready for the Next Recession?

Financial Tip of the Day:

When the economy is doing “good” that's when we feel least like saving. When the money is flowing in, we start to feel like it's never going to end. Maybe we’re raking in the overtime, or our businesses are doing extremely well. And that’s when it feels like the money spigot will continue forever. But, the truth is, when your money is “good” is the time when you MOST need to save.

Have you ever looked at celebrities or athletes who were making millions at one point in their lives, and then a few years later you read or hear about them and they’re broke? This is because they didn’t save for the rainy days.

No matter who we are, our income IS going to drop at some point in our lives. We may have to take a pay cut, lose our jobs, retire, or our businesses may not make as much profit.

THIS is when savings come to the rescue as a buffer. Savings can help you maintain a (relatively uninterrupted) pleasurable and secure quality of life at these times.

If you don't have any savings in place, NOW is the time to make it happen. Get your savings plan together and start saving REGULARLY.

History has shown that recessions occur naturally and consistently in our economy. Remember the last one? And as Black women, WE tend to get hit quickest and hardest when these happen.

Get ready for the next one.

I Bet You'll Never Guess What MC Lyte Prayed for: What We Can Learn from Her...

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Last week, I attended the Black Enterprise 2018 Entrepreneurs Summit. And my absolute favorite session of all was the one I attended where MC Lyte spoke. 

I’ve always admired MC Lyte for her authenticity and for uncompromisingly representing herself with ultimate strength and class. So, I was eager to hear what she had to say.

To be honest, I was not prepared for what she shared with us during the session. What she shared was very surprising - and extremely hopeful at the same time.

Lyte explained that there was a point when she felt so lost and needed help so desperately in one area of her life that she prayed and asked God to send her someone.

And no. It was not a man.

She asked God to send her someone…to help her get her finances right.

She realized that she wasn’t able to figure out how to get to where she wanted to be financially. So she sought help.

This legendary, super successful, intelligent and self-evolving lady realized that she needed help with her money. She needed help reaching her big money goals.

And guess what? The help she sincerely asked for and desired showed up.

During that session we met Lyte and the financial expert who helped her transform her money and life in ways she had never imagined.

I was so excited to hear this because this is exactly what I help my clients do. I help them transform their lives and money journey.

Hearing MC Lyte’s story was so hopeful to me because it confirmed for me that there are more and more Black professional women just like Lyte who are willing to take action on their dreams.

She asked for help, and when it appeared, she participated by taking action towards her dreams of financial abundance and success. And Lyte listened to her financial coach.  

Lyte said that she could never give her coach enough credit for helping her turn her finances around and credited her coach’s guidance with creating her money and business transformations.

We can learn a lot from MC Lyte:

What about you? Are you doing everything you can to invest in your financial future?

The longer you wait to take action, the longer you will stay where you are and keep doing what you’re doing.

Or worse yet - you will fall even farther behind on your dreams.

Are you making excuses about money and time to avoid getting the coaching and support that you need?

The thing is, we always seem to find the money for that new pair of shoes, that new handbag, that new hairdo, etc., right? It really all boils down to a matter of priorities, doesn't it?

Each day that you make an excuse is another day that leaves you feeling increasingly more hopeless about ever achieving your big financial dreams.

Instead of making excuses, you could be taking actions towards – and living – your big dreams. Just like MC Lyte (and me).

It really is true: “Time waits for no one.”

My Summit Experience

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Last week I attended the Black Enterprise Entrepreneurs Summit and it was meaningful for me in so many ways. As a new business owner, I felt like it was important for me to attend the event. Several reasons were really clear to me, while others were not. They weren’t all spelled out to me, but I knew intuitively that this was an investment I should make in myself.

One reason that I was clear on was that it was an opportunity to meet fellow entrepreneurs that I would not meet under normal circumstances. And sure enough, I had the pleasure of meeting several amazing business owners, including this vibrant and enthusiastic sista named Demarra Gardner. She offers business and wellness retreats for Black women. Check her out at https://www.blackwomenaboutbiz.com/

I met many other business owners, gained life-changing inspiration, new business information and enjoyed some delicious meals during my trip. You can see my trip pics album on Facebook: My Black Enterprise Summit Experience.

(Make sure to follow me on Facebook while you’re there!)