Two-time Emmy and Three-time NAACP Image Award-winning, television Executive Producer Rushion McDonald interviewed Dr. Cameka Smith.

Founder of The BOSS Network, from Money Making Conversations Masterclass:

Purpose of the Interview

The interview aimed to:

• Highlight The BOSS Network’s mission to empower women of color through entrepreneurship, career development, and community support.
• Share Dr. Smith’s personal journey from layoff to leadership, inspiring others to embrace entrepreneurship.
• Discuss strategies for business success, funding opportunities, and mentorship for Black female founders.

Key Takeaways

1. Origin of The BOSS Network

   • Founded in 2009 during the recession after Dr. Smith was laid off from Chicago Public Schools.
   • Initially started as local events in Chicago; now a digital community reaching 200,000 women nationwide.
   • Mission: Bringing Out Successful Sisters (BOSS)—promoting small business spirit and career growth.

2. Impact & Achievements

   • Invested in 100 Black female founders through grants.
   • Trained 50,000 women on business strategies.
   • Coached 10,000 women on starting businesses.
   • Created Boss Business University, offering mentorship and digital programs.

3. Pivot During COVID

   • Shifted from 35% event-based revenue to 75% digital.
   • Launched Boss Impact Fund and Invest in Progress Grant:
     • $10,000 grants + 4-year scholarships for recipients.
     • Combined funding, mentorship, and marketing support for sustainability.

4. Challenges & Mindset

   • Entrepreneurship requires planning, resilience, and community support.
   • Dr. Smith saved money before leaving her job and leveraged relationships for growth.
   • Quote: “Entrepreneurs will work 80 hours for themselves but don’t want to work 40 hours for someone else.”

5. Top 3 Mistakes Entrepreneurs Make

   • Lack of research: Understand your industry, competitors, and market.
   • No revenue model: If you’re not making money, it’s a hobby, not a business.
   • Ignoring relationships: Networking and partnerships are key to success.

6. Unique Marketing & Partnerships

   • Dr. Smith built direct relationships with brands, bypassing agencies that offered “pennies on the dollar.”
   • Created a dual revenue model: B2B (corporate partnerships) + B2C (community engagement).

7. Core Philosophy

   • Motto: Believe, Plan, Win.
   • Quote: “Those that show up, go up.”
   • Success is rooted in faith, persistence, and leveraging community.

Notable Quotes

• “I was born to be an entrepreneur. My mother told me, until you become your own boss, you have to follow the rules.”
• “Less than 1% of Black women get VC funding—so we created our own fund.”
• “Relationships are your key to success. When social media goes away, your audience remains.”
• “If you have a business and you don’t have money, you’ve got a hobby.”
• “God will not birth anything inside of you that He will not give you the tools to deliver.”

#SHMS #STRAW #BEST

See omnystudio.com/listener for privacy information.

Two-time Emmy and Three-time NAACP Image Award-winning, television Executive Producer Rushion McDonald interviewed Dr. George C. Fraser.

Chairman & CEO of FraserNet, Inc.

Purpose of the Interview

The interview aimed to:

• Promote financial literacy, wealth-building strategies, and entrepreneurial thinking within the Black community.
• Share actionable steps for creating generational wealth and economic empowerment.
• Highlight FraserNet’s mission to foster networking, education, and business development for people of African descent.

Key Takeaways

1. Knowledge & Execution Are Critical

   • “My people perish for lack of knowledge”—Dr. Fraser emphasizes that progress requires knowledge and execution, not just protest.
   • Rejecting knowledge leads to stagnation; skill-building and financial education are essential.

2. Entrepreneurial Thinking vs. Entrepreneurship

   • Focus on taking ownership and responsibility for your life.
   • Entrepreneurial thinking can evolve into entrepreneurship, creating jobs and wealth for the community.

3. Black Economic Empowerment

   • By the end of the 21st century, Black people must become the #1 employer of Black people, mirroring other ethnic groups.
   • This requires sacrifice, planning, and multiple income streams.

4. Practical Wealth-Building Steps

   • Open a high-interest savings account and start with $100.
   • Buy stocks in companies you use (Nike, McDonald’s, Home Depot).
   • Open or maximize 401(k), IRA, or Roth IRA contributions.
   • Improve credit score by 20 points every six months until above 700.
   • Pay $50 above minimum payments on credit cards and loans to reduce payoff time.
   • Research term vs. whole life insurance—insurance is key for wealth transfer.
   • Start a 529 college plan or Roth IRA for children.
   • Gift U.S. Treasury bonds or indexed universal life policies for grandchildren.

5. Generational Wealth & Insurance

   • 60% of wealth transfer occurs through proper insurance planning.
   • Example: Indexed universal life policies can yield millions tax-free for future generations.

6. Seven Streams of Income

   • Earned income (jobs), Profit income (buying/selling), Interest income, Dividend income, Rental income, Capital gains, Royalty income.
   • Goal: Add a new income stream every year.

7. Mindset Shift

   • “The rich stay rich by pretending to be poor; the poor stay poor by pretending to be rich.”
   • Focus on winning, not looking like you’re winning.

8. Giving Wealth

   • Support Black-owned businesses, restaurants, salons, authors.
   • Volunteer, tithe, and donate to HBCUs.
   • Encourage and uplift Black men, women, and children.

Notable Quotes

• “We are suffering because we cannot see our problems clearly.”
• “Execution, execution, execution—protest without execution is meaningless.”
• “To be gifted, Black, and beautiful means nothing unless you are Black and powerful.”
• “Don’t quit your job until your side income covers twice your monthly expenses.”
• “White folks plan for three generations; we plan for Saturday night.”
• “Money attracts money—start with $100 in a savings account.”
• “There should not be a Negro in America with a single stream of income.”

#SHMS #STRAW #BEST

See omnystudio.com/listener for privacy information.

Two-time Emmy and Three-time NAACP Image Award-winning, television Executive Producer Rushion McDonald interviewed Teri Williams.

President & COO (and owner) of OneUnited Bank, from Money Making Conversations Masterclass:

Purpose of the Interview

The interview aimed to:

• Showcase OneUnited Bank’s role as the largest Black-owned bank and its commitment to financial empowerment.
• Educate listeners on digital banking solutions, financial literacy, and generational wealth strategies.
• Promote OneUnited Bank’s services and initiatives, including its youth financial literacy contest and “One Transaction” wealth-building concept.

Key Takeaways

1. Origins & Growth of OneUnited Bank

   • Started as a community bank in Boston, later acquired four Black-owned banks (Miami, LA, Boston) and merged into OneUnited.
   • Became the first Black-owned digital bank and now serves customers nationwide.

2. Digital Banking & Accessibility

   • Customers can open accounts online in minutes.
   • Features include:
     • Mobile check deposit (take a photo of your check).
     • Direct deposit with early pay (up to 2 days early, no fees).
     • Largest surcharge-free ATM network (100,000 ATMs, including Walgreens, 7-Eleven, Chase, Citibank).

3. Combatting Financial Deserts

   • Addresses lack of brick-and-mortar banks in Black communities and reliance on predatory check-cashing services.
   • Emphasizes that check-cashing services never improve credit scores and often harm financial health.

4. Financial Literacy & Wealth Building

   • Advocates automatic savings as a key wealth-building habit.
   • Introduced WiseOne, a tool that aggregates financial data to:
     • Track net worth, income, expenses.
     • Identify duplicate charges and suggest savings.
     • Provide debt-reduction strategies.

5. Youth Financial Literacy Initiative

   • “I Got Bank” Contest for ages 8–12:
     • Read a financial literacy book (free download available).
     • Submit an essay or artwork on what they learned.
     • 10 winners receive $1,000 savings accounts.

6. One Transaction Concept

   • Six key transactions to build generational wealth:
     • Homeownership (OneUnited offers $25K–$50K down payment assistance).
     • Life Insurance (affordable way to transfer wealth).
     • Investments (automatic contributions).
     • Profitable Business (entrepreneurship or side gigs).
     • Credit Score Improvement.
     • Savings (automatic transfers).
   • Focus on one transaction at a time for sustainable progress.

7. Economic Advice for Uncertain Times

   • Anticipates stagflation (inflation + rising unemployment).
   • Recommendations:
     • Hold on to your job (avoid unnecessary job changes).
     • Save more, spend less.

Notable Quotes

• “We were the first Black-owned digital bank—and now the largest Black-owned bank in the country.”
• “Check cashers only report to credit bureaus when you don’t pay them. That’s crazy.”
• “If it goes in your pocket, you’re more likely to spend it. Wealthy people automate savings.”
• “One transaction can make the difference between being wealthy or not.”
• “We have the largest surcharge-free ATM network in the country—100,000 ATMs.”
• “Hold on to your job. Start saving more and spending less.”

#SHMS #STRAW #BEST

See omnystudio.com/listener for privacy information.