Money Mindfulness: An eye opening conversation with money mogul Dr. Jewel Tankard!

Money Mindfulness: A eye opening conversation with money mogul Dr. Jewel Tankard!
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Often when we hear the word jewel, we think of a precious stone. This definition is the exact moment I had speaking with Dr. Jewel Tankard. You may know Dr. Tankard from Bravos hit TV show “Thicker Than Water”, but she’s also the “Renaissance” woman. Jewel is a wife, mother, businesswoman & mogul. Born to the parents of Earthel & June LaGreen in Detroit, Michigan, Dr. Tankard grew up in a household where finances played a major role. Not only being born to the first African American parents to have a business in downtown Detroit, she also experienced the ups & downs of living an abundant life. I got to chat with Dr. Tankard where we discussed what it takes to have a wealthy mindset, investing, & much more.

Allynn: What led you to become a financial expert?

Dr. Tankard: Growing up I saw my parents be amazing serial entrepreneurs even until this day & they are well into their 70s. I’m just so proud of what they’ve been able to accomplish & what they’re doing in the construction industry. But growing up, I saw them do very well - they were the first African Americans to have a business in downtown Detroit. I saw them make millions of dollars & become very good producers, but they weren’t good managers or investors. At 19, we lost everything. The His & Her Rolls Royce. The His & Her Mercedes & Volvo. They lost the businesses & had to file bankrupt & I was just devastated. My mom really didn’t have real answers except “your father thought this, he said this,” but I felt like “What were you thinking?” I felt like something was going off in her financial gut, but she just didn’t trust it. As I traveled across the world I noticed a lot of women don’t trust their financial gut. They refer everything to their husband. So it made me think that I need to educate myself & help educate others, because I never want to be in this situation ever, so that’s what really led me to it.

Allynn: Wow that was really powerful! So with that being said, what was the single most important choice that you made that contributed to your success?

Dr. Tankard: I think it was after my parents losing everything, while I tried to recreate the lifestyle that I became accustomed to living. I started dating the wrong people & that’s when I decided to give my life to the Lord. After that I said to myself “You need to really learn how to take care of yourself & live the dream that you always wanted because of what you do,” & that’s when I changed my major and graduated from University of Michigan with an Economics degree. I became an economist by profession & then started surrounding myself around other multi-millionaires, because I realized mentorship was probably one of the single best things I could do. I learned from my parents a good strong work ethic & how to produce money, but I needed to get around people who understood how to grow money exponentially & investing the money so that you don’t have to always live off the principle, but eventually you could live off the interest.

Allynn: Beautiful, so I guess this would tie in with that, but what was one major failure or setback that allowed you to grow & become the person that you are today?

Dr. Tankard: In my first marriage I married someone who loved the Lord & wanted a lot out of life, but it didn’t work out that way. He was abused growing up, so he became very abusive verbally, emotionally & physically on some occasions, so I lived with that for about two years, so it had a devastating impact on my self-esteem & my self-confidence. At times I felt like I was losing my mind, I definitely was not my best & I was very broken. Also he was a bad money manager & I found myself having to hide what I was making because I was making more than him, I didn’t talk about certain accounts because I know he would spend it. So one day I got a call from him saying he is not coming back home & we just had a beautiful baby girl. She was about 9 months at the time. I was like “wow!” So that was another eye wakening situation. I had to move out our two-bedroom apartment we lived in & had to move back with my parents. So that was another place to say you really need to make sure you do better in your relationships because that relationship could’ve cost me. It ended up working out in my good because it made me stronger & better, but that was definitely a major setback for me.

Allynn: Wow! You are truly such a strong person! So Jewel if you could advise people to make only one change to lead them to financial freedom, what would that be?

Dr. Tankard: To start! They just have to start. I think most people feel “once my baby gets done with basketball” or “I get my tax return” “once I pay off this debt”. You have to start because most people really procrastinate really badly when it comes to money matters & they put it off. My biggest advice would be to start. Do it scared, it’s not about doing it big. Just start where you are including investing & not just saving, because saving is losing money. You’re just putting money into an account & you’re not even getting 1% interest back & your losing money. So you have to grow your money & start where you are. It really only takes a couple hundred of dollars you don’t need to have thousands & thousands of dollars to start growing your wealth. You just need a couple hundred of dollars.

“Do it scared, it’s not about doing it big”

Allynn: So it seems like what you’re saying is it’s about the mindset & learning how to invest like you said & starting. So would you say obtaining wealth starts with our mindset?

Dr. Tankard: Yeah, I believe it’s all an inside job, that is one of the things I’m really, really, really, big on. I think what you have to do every single day is put your biggest dream before you. You have to realize there are going to be distractions that come, seemingly setbacks that may come & there are going to be challenges at times & if you’re not careful those challenges are going to cause you to stop dreaming, so you have to put your biggest dream before you, everyday at the start of your day. At my prayer times with the Lord, meditating on his word & worshiping him, I ask & seek to him what do you want me to do today? Who do I need to talk to today? Where do I need to go? Who do I need to connect to? Ask him because he is the ultimate CEO, the ultimate connector. Then from there, it’s okay, God you showed this to me. You showed me having my family empire, having a net worth of 5 billion dollars or 100 million dollars or whatever you can stretch to believe for. Doing that is going to help build the foundation for your mindset.

Allynn: Wow!! That was a word right there thank you for telling me that I needed to hear it.

Dr. Tankard: laughs Amen girl, we all do!

Allynn: So for my last question, I wanted to ask what’s the difference between old rules vs new rules about money?

Dr. Tankard: Old rules is like your traditional 410k, 403b, your annuities, your mutual funds, they’re only paying you 4-8% per year & unless your making at least a minimum of 20-25% per year on your money, you’re not growing your money, all you’re doing is keeping up with inflation. So you have to make over 20-25% per year in order to hedge against inflation, because inflation is about 11% over the year. So what’s happening is those 4-8% financial products that are paying you are causing you to break even. Which is why when people get to retirement if they don’t retire they wont have enough money because their money wasn’t growing with inflation & it’s not enough for your money to grow with inflation, your money needs to outgrow inflation. Now we’re getting to an overflow. So those are the old rules of money. The new rules of money, I would say one of the smartest things a person could do is to start trading foreign currency. That’s what I do, I travel all over the world teaching people how to trade foreign currency, how to trade gold, how to trade oil, how to trade the Great Britain pound, the Japanese Yin & I teach them how to buy tax liens. if you have about $25,000 to buy a tax lien, you can turn around & sell it on the market for $200,000, thats a six figure profit. I also teach how to buy gold & silver bullion, not the gold certificate, or gold stocks, but actual gold & silver. So those are the new rules of money & the reason is it is the new rules of money because all of those have a significant return. Your ROI is going to be way over 20% every single year, now we’re getting into making real money & getting into cash flow so that you can stop eating all of your principles & money that you make, but take the money that you make, grow your money & live off the return.

For more information to keep up with Dr. Tankard & you can visit her website at http://www.jeweltankard.com/com.

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