by: Towanna Freeman
“The Money Mentor,” Lorillia Brown-Phillips, spoke with Dr. Towanna Freeman about building wealth by expanding your financial literacy and money mindset. Mrs. Brown-Phillips is a Financial Literacy Educator, public speaker, and author.
Highlights of the Interview
- Knowing how money works – financial literacy – is the critical foundation to building wealth. Before attempting to build wealth, people need to understand the basics of money. How does money work? What is saving? How do you create a workable, realistic budget? What are credit and debt management? When people first have a grasp on the basics of financial literacy, then they can begin to elevate into other areas such as investing or real estate.
- Many people have self-sabotaging belief systems that keep them in the poor man’s “paycheck to paycheck” mentality. Working successfully with the money we have requires that we change our mindset about spending, saving, and living above our means. It is common for people to try to “skip before they can crawl,” such as trying to upgrade their lifestyles without the financial background to do so.
- There is a difference between being a millionaire and having a millionaire mindset. Many people believe that the wealth they can achieve is based on how much money they have. Mrs. Brown-Phillips says that your money cannot grow until your mind grows. You must believe that you can create wealth for yourself. Wealth is not just money, it is the ability to recognize and monetize your talents, skills, and abilities.
- Often, entrepreneurs focus entirely on “active income” – the income they earn when actively working with clients. A wealth-building concept that these entrepreneurs need to embrace is the idea of creating a “passive income stream.” They need to create and market a product that can continue to earn income through sales in addition to that earned by their work with clients.
- Mrs. Brown-Phillips has developed a money life skills workshop, in the form of both webinars and public speaking engagements, designed to educate groups in financial literacy. She offers this workshop to adults or as a program for school assemblies.
Mrs. Brown-Phillips has recently published her new book, “Jump Start Your Credit: How to Negotiate and Settle Your Debts in 10 Steps”. Visitors to her Brown and Associates, Llc website can sign up to receive a free excerpt from this new book. Visit her at www.brownassocllc.com.