Understanding the Four Pillars of Wealth with Ray’Chel Wilson | Ep. 340

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You know what it is. That's right. It's time to talk money with your money,

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nerd and financial coach. Now, tighten those purse strings

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and open those ears. It's the money talk with Tiff

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podcast.

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Hey, everyone. I am so excited because I have Raquel Wilson

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on the line, and Raquel is here to talk to us about

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stewardship. And before we jump right in,

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a lot of people are probably thinking, well, what is stewardship? So,

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Raquel, what is stewardship? Taking good care of what

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we have been given. We've been given our lovely bodies. We've been

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given our lovely surroundings. And even though they may be a

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little funny, I can sometimes. We've been given these institutions around

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us. So I really like to talk about stewardship from an internal to

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external, individual to institutional way. Awesome.

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Awesome. And I couldn't have said it better myself. So let's

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hop right in. Let's start with internal. Let's start

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in and work our way out. So when we're talking about

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internal stewardship, what do we mean by that? Yes, well, when

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we think about internal stewardship, I always like to think about my

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interfaith background, my preacher's kid background. Thank God

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for church healing. But I always like to think about our body being a

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temple. Right? So how can we treat our bodies well?

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How can we give our bodies the vitamins and minerals that are not only good

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for ourselves, but good for our beauties? Hello, ladies. Right?

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And not in a vain sense, but how can we do what makes

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us feel good so we can then do more good for others? I personally

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believe that we all have value. And with everyone being

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created with value, we have the opportunity to engage in

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value exchange. Right? So of course we're talking about

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value exchange. Let's talk about change. Let's talk about money. How can we steward our

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money? A lot of folks know me as the personal finance

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educator, especially from our personal finance series, the

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Black Wealth Freedom series, which has now reached seven countries

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and 2000 plus readers. Thank you. Thank you. If I had, like a

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bomb sound, I dropped that.

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Exactly. Exactly. Because I feel like when you have holistic,

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relevant education, it empowers you to do good for

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yourself and others. And that's what the series has done. That's the way

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that I teach holistic personal finance and the four pillars of wealth,

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so we can steward our personal finances, the finances

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we decide to give to our local charities or churches, as well as how we

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engage with the ecosystems and institutions around

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us. Yes, yes. And you just like, it

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seems like you summed it all up in a nutshell, because

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we talked about internal, we talked about money steward,

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you know, having good, being a good steward over your money. You talked

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about being good steward over your

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institutions that you support or are involved in

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and so on and so forth. So I'm like, you kind of hit on all

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of them. So let's talk about those four pillars

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that you just mentioned. Because when you said that, I said, wait a minute. That

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I love being asked about the four pillars of wealth building because it comes from

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what I talk about in the Black Wealth Freedom series. So let's get into it.

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Number one, healthy money mindset. We

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all have had experiences with money growing up, even

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as adults. Hello to those that recently got laid off. These

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things impact our money mindset. I remember growing up hearing a lot

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about, you know, we ain't got McDonald's money for that. So I had to heal

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and from a scarcity mindset. So we have to have a healthy money mindset,

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not only in the beginning of our wealth journey, but also throughout.

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Number two, value based budgeting. It's one thing to

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budget. You can find that information on Google 30 70.

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There's so many different ways to balance your budget. Even the

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30 50, 20 method is very popular, for example. But I

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like to say, take it a step further, go from good to great by actually

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including your values in your budgeting. So if you value family,

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do you actually see funds being allocated towards this family

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value? If you value education, do you actually see

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funds and time being allocated to this

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education value? So not only can this be applied to, say, for

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example, your budget, but also your calendar. Number three,

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upskilling for higher earned income. There's a really

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interesting fact. I saw Dell did some research recently, and they said

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that over 75% of jobs that will be available

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in 2030 are not even available yet. They haven't even been

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created. So we have to continue to

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upskill. We have to be open to learning more about things that might

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scare us, like artificial intelligence or machine learning, or even other

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areas of high impact and high income, as I like to say,

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for the future. And pillar number four, I like to say these are

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pillars because they are all connected and there also is an order. So

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pillar number four is investing for wealth creation. Once

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you've worked on the healthy skills of a healthy money mindset,

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once you've built in the sustainable practices of value based

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budgeting, and once you've built in the desire and practices to upskill for

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higher earned income, now you have the perfect environment to actually

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invest for wealth creation, whether that is in the stock market,

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index funds, ETF's, whether that's in real estate, or even

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whether it's in your own business. These four pillars of wealth building that I talk

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about in the Black Wealth Freedom series and even show a little bit throughout our

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upcoming app, are really the key for us first generation wealth

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builders to do it and build wealth for our last names.

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Yes, I love that all four of those pillars, and I

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really wanted to dive into number three, which was the upskilling,

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because that is like whether you're a

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business owner or you're working in, you know, working

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for someone, it still applies. Because when you said that, I thought

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about how I was for so long, I was scared of SEO.

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I didn't want to touch SEO. I didn't know what SEO was like, what is

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going on? And then when I finally started learning

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it and up upskilling, then I'm like, oh, this is not

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too bad. And so now it's a huge part of my business.

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But it wouldn't have gotten there had I not taken that first step.

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Absolutely. It's all about recognizing the value we have and then the steps

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we need to take. Right. And obviously, this is a business example, and

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you highlighted that upskilling is not just about the values

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and skills that are relevant to you as a person. It's also about your

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business opportunities. I saw another statistic. I can't remember

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the source, but they mentioned that of young black

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professionals, like over 70% of us want to

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start our own business or be entrepreneurs. So it's helpful for us to consider how

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can we upskill to build our professional life because our job

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is our first investor, but also how we can

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build skills for our business that are relevant in the entrepreneurial endeavors

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we like to engage in. You mentioned that you help

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people with this type of stuff. Can you tell us a little bit more

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about what you do and how people can get in contact with you if they

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wanted to? Absolutely. Well, I serve as

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a CEO, a consultant, and a keynote speaker for

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corporate teams and nonprofit teams. We really focus on

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productivity, on team communication, and on personal

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finance because we know when folks are financially well, they can

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exist with excitement and engagement in their workplaces and membership

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organizations. So for those that are looking to bring that extra

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spark to their team to get the professional development they would actually

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be excited about and can leverage or want to make sure those end of

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year goals are actually getting accomplished, allow me to bring some new strategies to your

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team. You can email

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us@adminakelwilson.com

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or if it's more difficult to spell my name, you can reach out to our

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business email at

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infohourlastnames

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IO. Yes. And

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Raquel, listen, when you just were saying that, I said

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this ties in perfectly to why we started here because it sounds

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like you help people be a good stewards.

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Yes, I do. Yes.

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And I would say I appreciate you saying that. Yes, I do.

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And not only do I have the opportunity to do that, but most importantly,

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I'm able to create products and systems that help people do it on their own.

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Which brings me to the for our last names app. I'm so excited about

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it. I know before we started recording here, I was

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telling you a little bit about our internship program and how we just

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closed out an amazing summer of eight amazing

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interns. But what that means beyond the technology

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is we are not only able to empower first generation wealth builders

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on the internal side with our teams, which is important for CEO's and

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education professionals and executives to think about empowering our teams

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and creating systems for that. But what's important for your listeners to know

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is that our waitlist is opening and this app will be

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available very, very, very soon. So all I've got to say, because I don't know

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when they'll see this, is to go to the for our last names website. If

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you want to know how to build generational wealth for your last name, they've got

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something special for you. Oh, I love that. For

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our last names. Hello. So I will make

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sure I have all of those links in the show notes and all that

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information for you all. So that way you can check it out. Cause it sounds

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pretty cool and I know I wanna get on the wait list, so yeah, let

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me know. But thank you so much. We've got a spot for you.

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Yes. Well, thank you so much, Raquel, for dropping

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these gems on the podcast today, and I hope you have a wonderful rest of

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your day. Thank you. Live in abundance, y'all. Bye.

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Thank you for listening, joining and being a part of the Money Talk with TIFF

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podcast this week. You can check Tiff out every Thursday for a

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new Money talk podcast. But if you just can't wait until next week,

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you can listen to previous podcast

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episodes@moneytalkwitht.com or

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follow TIFF on all social media platforms at

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moneytalkwitht. Until next time, spend wise

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by spending less than you make. A word to the money wise is

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always sufficient.