This morning I woke up at 5am and did what I always do. I scrolled through social media. I came across a post of someone who was cooking dinners as a fund raiser for a funeral. Whenever I see a fundraiser following a death I know that this person didn’t have life insurance. We should probably stop broadcasting our lack of planning and forethought via social media. Maybe they don’t know any better. Life insurance, not Jordans and vacations, needs to become a priority in the black community.
When I was doing financial planning we structured your personal financial plan as a pyramid. Life insurance is the base of the pyramid. Everything lays on top of that foundation but that isn’t the point of this post. The point of this post is that, if you can make money for a funeral, why not make money for the purpose of making money? Why not just turn it into a business and do it every weekend?
Most of the people in our community are sitting on business opportunities that we fail to execute. In the era of Donald Trump, a pro business President, that has to end. We need to start building not just doing one off events just so we have enough to tackle an unplanned expense.
Paycheck to paycheck
I recently saw a study that said about 64% of the population lives paycheck to paycheck. I think this staggering number exists because we have a cultural problem where we spend to the level of our income. We also tend to work only enough to pay for our bills.
This is something I see with the car washes and fund raisers. These people raise enough funds to pay for the funeral, and then they go back to watching Game of Thrones. If the culture were to turn their hustle into a business they wouldn’t need to fund-raise for unplanned experiences. If they were to make so much money that their reserves exceeded any of the issues that could arise, they would learn that they have less problems.
Instead of working JUST enough, work for legacy, work for wealth, work for permanent money.
I bring this up because if what you are doing has the ability to bring in thousands, you can scale it to bring in hundreds of thousands or millions. If people like your food, sell as much of it as you can, not just enough to pay for a burial. If people like your car washes or your whatever, you can scale it, you MUST scale it.
You are sitting on a business that can liberate your family financially if you are just consistent with executing it. When you execute on that business not only will you get the cash, but you can also generate cash to buy the land and property you operate out of. It is part business and cash flow and part real estate play. You create a double whammy just like Ray Kroc with McDonalds.
I have seen this personally with the family I work with on weekends. Their business allowed them to own the land and multiple structures free and clear. They live out of one, rent out another and run the business out the last. They also own the land it all sits on as well as excess land that could be developed. This is all in Los Angeles, none of that is cheap. I am not telling you what I think I know, I am telling you what I have seen work.
The key to America is that you have the ability to solve all your issues if you are willing to do what it takes. We have to be intentional about building our greatness via business and not waiting for the government to come and save us. If you have an idea that you need help executing and refining I would love to work on you one on one as a consultant. I specialize in building businesses.
I dragged this entire post out but the key is really that whatever we can use to make money on a one off could be and should be expanded upon. Also, we have to get out of the culture that lives rich and dies with no life insurance. It is selfish, and not line with scripture, to die without leaving wealth to your heirs. Be great.