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Black Entrepreneur Experience
BEE 531 Dr. Joaquin Wallace: 7 Stages of Generational Wealth & The Welfare to Work Model
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- [00:00]
Dr. Frances Arlene
Foreign.
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Podcast Host Intro/Outro
Welcome to the Black Entrepreneur Experience Podcast Inside the business buzz and brilliance of Black Entrepreneurs. Here is your host, Dr. Francis Arlene.
- [00:22]
Podcast Host/Interviewer
Before we dive into today's conversation about building a resilient and successful business, let's talk about the foundation. Every high growth venture require a plan for the unexpected. Is your family structure as protected as your business plan? The best contingency plan for your home life is our DIY Legacy planning toolkit. Grab this simple roadmap right now at the link in the show notes and let's secure your legacy. Now on to the show. What happens in Vegas goes all over the world on Black Entrepreneurs Entrepreneur experience, episode number 531.
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Dr. Frances Arlene
Thank you for joining us as we elevate the Black Entrepreneur experience by interviewing CEOs, thought leaders, innovative thinkers and black entrepreneurs across the globe. I'm your host, Dr. Frances Arlene. Get ready for an inspiring episode. Today we're joined by Dr. Wallace, a Wells Fargo living history Maker award winner and the creator of a life changing welfare to work model that's helping thousands move from public assistance to thriving white collar careers. He's also the bestselling author of Generational Wealth Begins with Generational Knowledge and today he's here to share powerful insights on building wealth, breaking generational cycles, generational cycles, and changing your family future. Starting right now. You don't want to miss this one. Welcome Dr. Wallace.
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Dr. Joaquin Wallace
Thanks for having me. Looking forward to the podcast interview.
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Dr. Frances Arlene
I've given our audience such a brief bio. Why don't you fill in the gaps and share with us what you'd like them to know about you and your business?
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Dr. Joaquin Wallace
Well, I'm a very passionate individual. I'm all about the community. I feel it's very important. Servant leadership is something that's my credo, if you will. Always trying to empower our community with knowledge and information. I think that's so important in today's environment and that's something I look forward to doing that consistently. I enjoy teaching. I feel like I'm an educator first and that's pretty much me. I mean, I just love helping people and giving back to my community.
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Dr. Frances Arlene
Dr. Wallace, give us your backstory. When you speak about financial literacy, when you think about generational wealth, generational knowledge, how did you get there?
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Dr. Joaquin Wallace
I think for me it was pretty much just an epiphany that I had being a financial planner working in the industry for so but also having my nonprofit I created in 1997, Project Transition, seeing how individuals who were on government subsidy programs, Welfare to Work at the time was Something that was initiated by former President Bill Clinton, the Personal Responsibility at Work Act. We created a program helping those individuals move from government subsidy programs to white collar employment. And as you mentioned earlier, through that I was able to see just how much your environment does play in regards to your relationship with money. Fast forward becoming a financial planner, having an opportunity to work with lower income individuals, higher income individuals, you really start seeing that generational wealth begins with generational knowledge is true. And you find out within our communities itself, the times we read about individuals who've passed on have created so many assets, so to speak, was not able to successfully transfer for those to those their inheritors, inheritance, so to speak beneficiaries. And so, you know, once I was able to kind of determine that knowledge was important, it put me on this crusade, so to speak, to be more of an educational individual trying to provide that knowledge base. And I was able to create a model which is the seven stage generational wealth model that really focuses on the inherited financial narratives, our behavior with money first, which does have a profound impact on our ability to even think about transferring wealth, so to speak. And as you know, within African American community anyway, we know we are one of the most, the least individuals who transfer wealth. And why is that? And that was simply because of our inherited financial narratives, our encoded financial behavior which created our financial genetic code which is part of my seven stage generational wealth model.
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Dr. Frances Arlene
Who's your ideal client today?
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Dr. Joaquin Wallace
Oh, that's interesting. My ideal client is basically when I wrote the book it was based on two types of clients. One was the financial professionals. It was five financial professionals that I identify in the book. And then the regular person, person like you and I, the thousandaire, the hundred heir, the millionaire, the billionaire, the no heir, you know those individuals as well. And most importantly, when you, when you look at the book itself, you is a self inventory. It's a roadmap on how to help you create generational wealth. But as we do know the way that it's finance process and my model basically suggests that it can't be a linear process, it has to be more holistic. And if you're able to identify the inherited financial narratives, as I mentioned earlier, the stages where we're at within our lives, you have a better chance to at least educate them to create those financial footprints that I indicate in stage six of my model.
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Dr. Frances Arlene
Someone is interested in purchasing the book. How would they purchase the book? Dr. Wallace?
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Dr. Joaquin Wallace
Amazon. Yeah, you just go right on Amazon, type in. Generational wealth begins with generational knowledge. It's Right there we have. It was a bestseller at one point. It was released 7 June, and it received bestseller status within one month and over three categories. So it's doing. It's done well. Obviously. We've got some really positive testimonials and reviews on the book as well. So it's really being received well in the community.
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Dr. Frances Arlene
What impact do you make daily in reference to financial literacy and the transfer of generational wealth and.
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Dr. Joaquin Wallace
Well, I think in terms of financial literacy, again, as, as I was mentioning, within financial literacy itself, the impact that you make is basically suggesting that it's a holistic process. You know, oftentimes and not financial literacy can also be financial shaming as well, because it's a cookie cutter to believe everyone can they fit in this category. But we know that's not the case. You know, as I always say, you know, what's rational for one person may be irrational for me, but it's rational for them. Until we know what their inherited financial narratives are, the encoded financial behaviors which created their financial genetic code, it doesn't allow us to really know who the person is because they're hardwired to make decisions. We need to pull back the COVID so to speak, to kind of look under the hood to see exactly why they're making their decisions. Most financial literacy is the way it's being taught today doesn't suggest that they believe that it's a cookie cutter process. Everyone falls in the same category. And with that being said, it really doesn't have any lasting impact on your clients or on people.
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Dr. Frances Arlene
And someone's listening to this interview, Dr. Wallace, and they're saying, I need to unpack my money story, my narrative, my. The, the genetic code that you're talking about, why they are the behavior behind the money. Where would they start? What should they do?
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Dr. Joaquin Wallace
Well, the first and foremost, you have to acknowledge that there are some issues that we all go through, right? And so the models basically suggest there's seven stages to the model. Stage one of the model is our internal and external ecosystem internally, which I refer to as walls in. Externally is walls out. Many of our behavior is based upon our walls in and walls out. What we hear inside, learn helplessness, self sabotage, and it may be good as well too. But those are your first lessons with money itself. Walls out is what we see outside the door, which actually shapes us as well too. Our community, safety, fear of missing out, mass laws, five hierarchy of needs, education, health care system, housing, all of those things have an impact on who we are. And that's what shapes and creates our inherited financial narra is the why and the encoded financial behaviors which is the action which creates your financial genetic code. So first and foremost we need to recognize what those are. Now we have to pursue the healing aspect of it all. Stage two of the model is financial genetic code which focuses on your financial anxieties and financial traumas. We all have them. That's the past. Stage three of the model is financial healing. Financial healing suggests that we have to reprogram our financial genetic code. Stages two and one and, and what the book does, it lays out the opportunity for you to have self assessments. You be able to identify what your terms, your encoded financial behaviors are so you can make better choices, so to speak. Understand the why, understand the action. But first and foremost we have to be open to actually become to the healing process. And again, we know that money is a topic, it's so personal, so emotional is something that we basically do not share with, with anyone.
- [09:44]
Dr. Frances Arlene
Why do you do what you do?
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Dr. Joaquin Wallace
Again, I mean I think it's in terms of education, it's lacking within the community itself. Again, we look at financial literacy as being taught more in the vacuum versus looking at the holistic aspect. And I think that doesn't bode well in the community itself. You have a perpetual cycle that's continuing to permeate within the community itself. Yes, it may be a band aid, I believe financial literacy, the way it's being taught today, is that more of a band aid versus a long term solution.
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Podcast Host/Interviewer
Talk about your top two influencers and what lessons did they teach you?
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Dr. Joaquin Wallace
Well, I think just being in the business itself was a mentor, being a young apprentice in terms of life insurance salesman, so to speak, agent. I learned a lot from the professionals, the, the, the OGs, as they say, on how they approach their business. Oftentimes than not you can look at the industry of being a life insurance agent as one. I would always say this. If you want to clear a room, mention that you're a life insurance agent and then everyone will leave. Right. So from that perspective I would look at how they would go about their business and how they was very open, how they listened to their clients, but they never forced anything onto their clients and it allowed their clients to make the decisions that was best for them. Being able to listen, being able to hear, understand is so important. And I think this also going through as becoming a doctor. Obviously I was able to, to learn from a lot of estee academics, so to speak, in the academia world and I think that was important too. Because what it did, it allowed me to open my mind, do research, understand theorists and I think the understanding theory was important and who actually stated the theories because oftentimes and not as you know, as a doctor, we practice, we, we regurgitate information but we often don't know where it came from. Right. But having an idea of knowing who actually said this, that and the other know what the theories mean and how they seamlessly intertw story definitely was something that helped me. So I would say mentorship in regards to being going from becoming a. Getting my terminal degree as well as working as an insur a young insurance agent in the industry many moons ago pretty much helped shape me in, in terms of where I'm at today.
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Podcast Host/Interviewer
Speaking of that journey, did financial planning, being that insurance agent, did you marry the profession or did the profession marry you?
- [12:14]
Dr. Joaquin Wallace
I think that the profession married me because I didn't, I didn't roll out of bed basically saying I want to be a financial planner. I think that's something that came over time and I do believe that's why it's important that as a consumer that we understand the five financial professionals that there are. You have the financial advisor, the planner, the educator, the counselor and the therapist. Those are your five financial professionals that's out, that's in the market today. And you can also add in a financial coach. And once you're able to understand that those five plus one which is the financial coach, I think it better serves you because it allows you to say okay, where am I exactly at? What do I need first? And oftentimes I think individuals, they believe they need advice and planning, but maybe they need therapy, maybe they need education. Just understanding exactly what's in what these specific terms mean, you know, how they actually operate. Because then it provides you an opportunity to when you do actually meet a financial planner and or advisor, you can, you can ask the, the most educated questions. You have a game plan going in versus relying specifically on what you know their knowledge base is. I firmly believe that if you have some sort of game plan, some understanding it would help you make better decisions going forward and you know exactly what's right and what's wrong. Because oftentimes they're not one of those financial professionals can unbeknownst to them, transfer their financial genetic code onto you. Making decisions that may not be in your best interest, but in their best interest again, because what they see as irrational may be rational to you, but they're not, they don't understand exactly, you know, why you're making these decisions.
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Podcast Host/Interviewer
Dr. Wallace, if you lost everything and you had 30 days to rebuild, in what industry and why?
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Dr. Joaquin Wallace
Well, today I'll probably get into AI. That's the industry that's growing, coding and AI. That's basically what I would do because the education, you can always educate yourself. You're never too old to learn, so to speak. But definitely AI coding and also, you know, one area, one business that is recessionary proof is the insurance business. Property and casualty, is it recessionary proof? So I probably, I have my license, but I definitely, probably delve into that a little bit more as well too, too.
- [14:41]
Podcast Host/Interviewer
I like that. I want you to talk about, specifically when you talk about financial literacy and generational wealth and also generational knowledge, someone is listening to you and they are looking at and one of the things that we've heard is that in the next two to five years is going to be the biggest transfer wealth. In reference to the boomers. Someone's listening, they're a boomer. What advice would you give them in reference to not only transferring their wealth, but transferring the knowledge with the wealth?
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Dr. Joaquin Wallace
Great question. So if we look at a 10%, so if looking at first generation, so first generation, let's say I'm first generation. The numbers suggest that 10% of the earnings that I have amassed will reach my grand, my grandchildren. 30% of my earnings will reach my children. So you're talking about 90% of all earnings that I've amassed, me and my wife have amassed will reach my grandchildren and 30% will reach my children. Well, why is that? Simply because accumulate the assets. But I firmly believe it's probably more important to understand the knowledge, understand estate planning, irrevocable trust, revocable trust, knowing exactly what they do, how they operate, power of attorney, long term life insurance. Those are critical pieces that are typically missed. And so when those are missed, they're losing the opportunities to transfer to wealth successfully. But when you look at the way the society is, is trending, so to speak, you look what they're specifically suggesting nowadays is financial literacy and generational wealth. That's the two things that you hear about. That's what's sexy, so to speak. But most importantly, I firmly believe if we go back to my model, stage one of the model again, our internal external ecosystem. Stage two is our financial genetic code. Anxiety and trauma. That's the past. Stage three is financial healing, that's the present. Stage four, which is probably the most critical stage of them all, is financial edification. We're looking at financial inclusion and we're Also looking at financial literacy, inclusion is so important because oftentimes we are not participating in the vehicles that are out there. So as I mentioned earlier, long term care, life insurance, 401k, 403b Roth, also disability insurance, investing, purchasing them homes, creating passive income. That is critical because if I, if I don't participate in those vehicles, it would be virtually impossible for me to get to stage five which is the future, which is financial well being. Well, financial well being basically this is your soft landing. This is what financial health is, wealth. Because if I don't have the assets, if I am not in position of financial well being, there is nothing to transfer. So I was always looking at generational wealth as the end all. Creating your financial footprints. Stage six of the model is generational knowledge which creates the financial footprints to get to stage seven which is generational wealth. If we do not successfully negotiate the model, get through the healing aspect of it all, understanding our traumas, understanding our financial genetic code, then participating in those in stage four financial edification, terms of literacy which is a small piece and inclusion which is a bigger piece, there is no stage five. There is no stage five, there is no stage six in terms of generational knowledge. Because I don't have the assets to transfer, I can't create those financial footprints to get to stage seven which is generational wealth.
- [18:33]
Podcast Host/Interviewer
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- [19:28]
Dr. Joaquin Wallace
Well the rationale were getting my doctorate degree was first and foremost when I was, when I headed my non profit, I knew that in order for me to be a major player in terms of the validity of the the non profit, so to speak, a doctorate degree would be paramount. I had a bachelor's in economics, I had a master's in marketing. But as you know in the non profit world academia takes a precedence over practical right? So we know that and so it was important for me to pursue and to achieve and to get that degree, secure that degree as well. But that degree pretty much shaped me on who I am today because I firmly believe that education is within three phases. Your bachelor's degree, that's. That's for your parents. Your parents have the bachelor's degree. Most kids give their bachelor degrees to their parents, and their parents have them hoisted in their home somewhere. That's the first degree. The second degree, your master's degree, that one's typically for you because you basically said, okay, I went through my bachelor's degree, I know what I like. Now I'm going to focus specifically on this career with my master's degree. The third degree, the terminal degree, the final degree, basically suggests that now I've amassed all of this knowledge, if you will. My job is to transfer knowledge, transfer information, and impact generations. Once I was able to achieve that, that's the role that I have taken so far in terms of education. My job is to transfer knowledge, impact generations, because again, servant leadership is so paramount. It allows us to give back to the community and have more of a lasting impact, if you will, going forward for years to come.
- [21:11]
Podcast Host/Interviewer
What problem, Dr. Wallace, exists in the world today that you would like to solve?
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Dr. Joaquin Wallace
Well, obviously, hunger. I believe that when you see a lot of homelessness, I think that's a major problem with a country such as United States of America. All the resources we do have that should be resolved. And I don't know why that's not resolved, but that's something I think that can be resolved. In particular, all the resources that we have. I mean, we do some amazing things in this country, but one of the. That we're lacking is homelessness and hunger.
- [21:42]
Podcast Host/Interviewer
Thank you for that. What is the first wound that you experienced as a boss or leader?
- [21:51]
Dr. Joaquin Wallace
I think loyalty. When you have a business, no one could have the sweat equity and the passion that you have. And I recall when I first opened my nonprofit, we would have our employees, and I mean, we'll pour into them, we'll make sure they're paid correctly, if you will, above market rate. And then all of a sudden, that person will come to you and say, hey, listen, I'm looking for another job. And in the beginning, that hurt my feelings, say, why would you do something like that? But then I had to realize that that's good too, because you don't. In my opinion, you don't want to have someone just working for you in one position for the rest of their lives. You want them to be able to experience whatever it is they want to experience as well too because they have families, they have aspirations, because we do it right, we're working and we have an opportunity, then we're going to go out and purs that opportunity. Well, when you own a business, it was very difficult to say, you know, why would you want to leave what we have right now? I mean, you were here in the beginning. But then I had to realize it wasn't personal. It wasn't personal as they were looking to grow as well too. Maybe they want to relocate back home. We have to take those things in consideration. And once I was able to kind of detach the difference between the two, it made me a better, made me a better, I guess, leader, if you will, because I wasn't really looking at it as a personal decision against me. It was a personal decision for them because they will.
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Podcast Host/Interviewer
What is one valuable lesson you wish you knew before starting your business?
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Dr. Joaquin Wallace
I'm a big fan of consistency. If you're consistently consistent, your outcome will consistently be consistent. I've always been consistent with what everything that did in life. But I guess the biggest thing was just to have a better understanding of how money works. Because as you probably know, as you're aware of, we go through a lot of money throughout our lives. Proper information. Many of those decisions that we made when we were younger were ill advised decisions. As we look back today, we know I could have done this different, but it's just the lack of awareness, not knowing exactly how money works, our relationship with money, what that looks like, that is so important. Knowing what your relationship with money is again, coming back to understanding what your financial genetic code is, what it's all about, how it was formed, would allow you to make better decision, more prudent decisions. But without knowing that back when we were younger and I were young, when I was younger anyway, I really didn't realize and understand the importance of that. So the decisions I was making was not thought out decisions, they were reactionary decisions. There was basically fear of missing out, keeping up with the Joneses, as we all have done at some point in our lives, but not understanding and realizing the importance of planning today, living for tomorrow, right? Have fun today, but you, you know, plan for tomorrow as well. We were all living today, not planning for tomorrow. Because before you know it, you're 25 today and next thing you know you're 55, right? It seems like it happens overnight, but it doesn't. That's 30 years that's kind of progressed through your lives. He's like, wow, that happened. It Was like Yesterday I was 25. No, that was 30 years ago you were 25, but it seems like yesterday because we were not making the most prudent decisions.
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Podcast Host/Interviewer
Speaking of money and finances, how did you finance your business?
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Dr. Joaquin Wallace
Which is because it was nonprofit. And so again, when I first started the Personal Responsibility of Work act, we were funded by the State of California, county of Alameda. Alameda county of California. And we were funded with our first group. It was a hundred thousand dollar demonstration project in 1998. And then from there we was able to get philanthropic contributions as well as grants within the state of California at that time. And so that allowed us to fund the business, so to speak. Today is pretty much work that we do, if you will, grants and or private sector funds. But most of the work that we do so far today.
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Podcast Host/Interviewer
Now do you still have the nonprofit?
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Dr. Joaquin Wallace
We still have the nonprofit, rebranded it, so to speak. We're not focused on the welfare to work community. No longer. We're focused on mentorship and financial. Financial edification and share the name of.
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Podcast Host/Interviewer
The nonprofit, if you don't mind.
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Dr. Joaquin Wallace
Project Transition Incorporated.
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Podcast Host/Interviewer
Thank you for that. What is working well right now for your business?
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Dr. Joaquin Wallace
I think just the mentorship is doing extremely well. We have a podcast as well in regards to that within Project Transition podcast. The mentorship is extremely well. And we're branching more into the financial edifications, P7 obviously with the book itself, but I do a lot of, a lot of public speaking, if you will, at this point. Right now, today I'm really 10 toes down in regards to promoting of the book. So I've taken that step back from the financial planning. I'm not affiliated with any broker dealer as of right now and not our ria. I still have my license. I'm looking at some opportunities to get back into that. But I kind of stepped away in June, July of this year because I really wanted to focus on the growth in the ascension of the book.
- [27:00]
Podcast Host/Interviewer
What is something that you need that you don't have that we can do to help you move the needle forward?
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Dr. Joaquin Wallace
Great question. More sales. Obviously, you know, the sales would help and the recommendations, the testimonials are critical in particular simply because it moves the algorithm with Amazon, because it's being sold on Amazon. And it's a book really that is focused towards the marginalized communities, the black and brown communities. It was written for us. The model itself is colorblind. The book is from my lens. Obviously, I'm a person of color, so I'm gonna look at things a little bit different, but it's from my lens in our community, from a servant leadership perspective. And the more people I firmly believe that would read the book would be impacted. And I know that's the case simply because reading the testimonials on Amazon pretty much says the same thing. And so it's just a matter of getting the book in the eyes of more people, so to speak, which would be great. I believe that it should be in every person's home because it's broken down in three phases, the past, present and the future, which follows my model. After each chapter, there's self assessment exercises that you do to kind of get to know yourself, do self inventory on yourself as well. Because most importantly, it's critical before we even think about trying to in terms of generational wealth and financial literacy, I think it's paramount that we know exactly who we are. And for couples it's really essential as well too. Simply because you understand you have two people in a relationship and they have two different financial genetic codes. Therefore now you able to unpack what's your financial genetic code? What's your financial genetic code. Now you understand the financial triggers, you know, the decisions that are being made between each individual. Because as you know, money is a, it can break up a lot of friendships, it can destroy business relationships and we know it can destroy marriages as well.
- [29:08]
Podcast Host/Interviewer
Speaking of marriage, talk about money marriage and managing a business.
- [29:15]
Dr. Joaquin Wallace
Well, money manage and marriage managing a business. So money and marriage important simply because as I mentioned earlier, you have two individuals from two different internal external ecosystems. Right. So if you really don't know where that person comes from, why the decisions they make are made, it's because of the lessons that they learned, it's where they've come from. And so if I need to have a better understanding of first myself. Right, which is important, then you, because now we can get on the same page and have realistic expectations. And in particular too, when you look at couples in terms of being together for long, for long periods of time, Stage five is where we all want to be. And I really believe that the way, again against the way financial literacy is being taught today, it's more of in a vacuum. But most importantly, you and I know that what we're trying to get to together or individually is stage five, which is financial well being. That's our ultimate goal. And so if you have two people in a relationship, it's important to know what is your state, age 5, what do you want out of life? When we get to that point of retirement, many couples don't know that. Many business partners don't know that as well. So once you're able to understand that, you can all be aligned together to get there. Now, I'm not saying that you don't have your separate accounts. Yeah, you can have separate accounts, but oftentimes than not you have what they have called, you know, financial infidelities, where we don't know exactly the accounts that we have until something actually does happen. Right. So you have to be upfront, honest about those. Now we can work together to get to the end goal. My goal may be I want to live on a boat and dial it in. Your goal, maybe you know, you want to be, you want to be a, a millionaire trillionaire. Okay, well let's figure out what's realistic and then we can work together to get to that goal because we may be out of alignment. And you find that when you meet couples in terms of financial planning meetings, in regards to business, it's the same thing. Having a true understanding of what is your end goal. What are you trying to do? Are you trying to transfer the business? Yes or no? Do you have someone to transfer the business to? Yes or no? Do you have, if you're in terms of being in partnership with in business, do you have a buy sell agreement? What kind of insurance policies that you do have? What do you have place? Because at the end of the day when you pass on, does the business stop? Does the business continue on? What is your transfer strategy? You know, what's your legacy strategies, those are so important. But most importantly, what you find with individuals who do own their own business, they do a poor job of planning for retirement, their financial well being because oftentimes than not they're living in scarcity of resources in regards to their business itself. And who you are in your personal life is who you will be in your business life as well. So that's why it's important to understand what your financial genetic code is.
- [32:23]
Podcast Host/Interviewer
Speaking of legacy, Dr. Wallace, when it's all said and done, how do you want to be remembered?
- [32:29]
Dr. Joaquin Wallace
Well, I want to be remembered as a servant leader. I think this book pretty much says it all. I think the work that I've done in the community kind of lays that out, so to speak. I've done numerous things, I can Google me if you will. There's a lot of information out there about myself. But you know, someone that left left footprints in the model, in the book I talk about financial footprints. But in life I always wanted to leave footprints. I always wanted to be remembered by leaving the footprints, impacting individuals and I think by the work I've done in regards to my non profit work, my financial planning work. I used to be a basketball coach. I coached college basketball for nine years as well. So I think I've impacted so many individuals. So at the end of the day, you know, my obituary, I think it could be, I think it's some good information that could be listed sitting there.
- [33:18]
Podcast Host/Interviewer
Dr. Wallace, talk to a younger you. What advice would you give to a younger Dr. Wallace?
- [33:25]
Dr. Joaquin Wallace
Don't put a lot of pressure on materialistic things. One of the things we looked at when I was growing up, you know, I wanted to be a professional athlete simply because I looked at rich becoming rich. Rich is transactional understanding versus wealth. I wish I would have a couple things done different. One, one, valued education more, very important. Two, I would have went to an hbcu. Those are the two things that I would have done different. If I could talk to myself and I'm an advocate of HBCUs as well as education. Didn't have either of those. Education came later on with me not making it professionally. Didn't understand the importance of HBCUs. I think that's so important as well because you see the track record, you see the legacy that that those institutions have provided as well as those who's graduated from the HBCUs that are out there. So those are two things. As speaking to myself, a younger version of myself definitely value an education more. And going to an hbcu, we're going.
- [34:29]
Podcast Host/Interviewer
To step back a little bit. You had talked about AI, artificial intelligence, talk about how you use it in your business or your professional life.
- [34:42]
Dr. Joaquin Wallace
Well, I think it's good for planning, I think it's great for giving you an idea. I love the fact that you can have an idea and you can type it in prompted into Google, Gemini and or chat GBT5 and you put the idea in and it gives you opportunities to say, hey listen, here's some things that you can do to help streamline the process itself. We have to embrace AI and I think that we are especially the younger generation, don't run from it. Obviously AI is going to be very impactful when taking jobs and things that nature. We know that, but we've seen that within the United States when the industrial revolution came along, the sharecropping industrial revolution, the digital revolution revolution came along. There's always been something that's been done and you have to stay prevalent in the times. And so AI is just another one of those tools you have to be able to use it to your advantage, not let it take advantage of you, but have a true understanding of how to utilize it.
- [35:39]
Dr. Frances Arlene
It.
- [35:40]
Dr. Joaquin Wallace
I believe if you're a great writer already, then AI can help you as well because it gives you ideas. I mean, not saying use it to write whatever you're going to write, but you know, now they have the ability to do that as well. But at the same time use it as a tool to help you become successful. And that's what I do.
- [35:58]
Podcast Host/Interviewer
Talk about mental health and managing your business.
- [36:02]
Dr. Joaquin Wallace
Well, mental health is something that obviously within the marginalized communities that are not. Not talked about enough, but it's important, I mean, to take your mental health and. And basically that's what I've done. When I've stepped away from the financial planning piece of it this year, July of this year, once the book was released, it was more of a mental break for me as well too, to kind of get recharged, recalibrate myself, so to speak, kind of figure out what direction I want to go in. So it allowed me to kind of step back, which was extremely important because there is a lot of stress and anxieties that go on, especially when you're dealing with people's monies.
- [36:37]
Dr. Frances Arlene
Right.
- [36:37]
Dr. Joaquin Wallace
Retirement, things of that nature. So I need an opportunity to step back. Let's let me focus on my book, if you will, to kind of help those individuals and educate those individuals. But at the same time, later on, then we'll figure out what path I want to go down. And if I'm going to do an ria, which most likely I'm going to do that beginning of the year, then I'll get back in 10 toes down, but not work as hard as I once did. I don't want to be a person that has all the clients. I just want to be in a position where I can help particular clients. More of a boutique, if you will, for more of the clients that are closer to me in helping them achieve the generational wealth. But for the most part, the main goal is to assist them to get the financial well being. Stage five of my model.
- [37:21]
Podcast Host/Interviewer
Dr. Wallace, if you conducted this interview, what is the one question you would have asked yourself? I'd like you to ask the question and answer.
- [37:31]
Dr. Joaquin Wallace
Wow. I mean that's. I've never been asked that question before. I would say the question is, you know, why did you write a book like this? What was your rationale behind it? And then I would answer the question by saying the rationale, the reason behind writing a book like this, the generational wealth begins with generational knowledge is again, I really believe that we have so many inherited financial narratives and encoded financial behaviors that would created our financial genetic code. Code. That's something that isn't talked about. What is your financial genetic code? And so it was so important for one to make sure that I. Because this market, this genre is very oversaturated and very fragmented market, the barriers to entry are low. Anyone can get into this genre. If you want to speak finance, you just get on a podcast or create your own podcast. It's extremely easy to do that. So I wanted to make sure that this book was written different, can stand on its own. More of an evergreen product that will be around for eons. You could take this book 20 years today. It'd be relevant. And it was important that we have to identify what our financial genetic code is because no one's the term. I've trademarked the term. No one's ever used that term before. And so it was something new bringing that to the table. And that was that term. This term, financial genetic code will be around long after I'm gone. And so when you talk about legacy, what I bring to the table is terms such as this that will always be referenced as we go forward.
- [39:04]
Podcast Host/Interviewer
Thank you for that. We've come to the part of our interview. It's called rapid fire questions. I'm going to ask you a series of questions and I'd like you to give me very quick answers. If there's something you desire not to answer, feel free to say pass. Are you ready for the rapid fire questions?
- [39:22]
Dr. Joaquin Wallace
We'll see.
- [39:24]
Podcast Host/Interviewer
What's the first thing you do every morning?
- [39:27]
Dr. Joaquin Wallace
Well, I get up and pray. You know, I'm just so blessed to wake up in the morning. I mean, waking up is. Is a blessing in itself. So I'm so excited to wake up in the morning. I'm praying and thanking God for the opportunity to see another day.
- [39:42]
Podcast Host/Interviewer
One book that has changed your life. Who moved my cheese, coffee or tea while building an empire? Definitely T. What's one app or tool that you can't live without?
- [39:58]
Dr. Joaquin Wallace
Espn. I'm on that app all the time.
- [40:02]
Podcast Host/Interviewer
If you had to pitch your business or your book in one sentence, what would it be?
- [40:10]
Dr. Joaquin Wallace
I would say it's a change agent.
- [40:11]
Podcast Host/Interviewer
Who is your favorite singer or rapper?
- [40:15]
Dr. Joaquin Wallace
Prince. I mean, come on, let's go.
- [40:17]
Dr. Frances Arlene
Go.
- [40:19]
Podcast Host/Interviewer
What food you eat every week, no matter what.
- [40:23]
Dr. Joaquin Wallace
I love chicken. Baked chicken. I love chicken.
- [40:26]
Podcast Host/Interviewer
Dr. Wallace, thank you so much for joining us on Black Entrepreneur Experience podcast. Before we let you go share with our audience the best way for them to connect and to do business with you. Feel free to leave all your social media handles and share again where they can purchase the book.
- [40:42]
Dr. Joaquin Wallace
Well, you can follow me on LinkedIn. Dr. Joaquin Wallace is and also on Instagram, Dr. J Wallace. I think that's what it is. I have a couple of Instagram but you can always look for me on Instagram. Just put my name and Dr. Joaquin Wallace in my podcast. My podcast, the New Wealth Wave Podcast. We've now eclipsed 1,000 subscribers, so we're really excited about that. We started the podcast January 2024. Within this last year, once the book was released on the 27th of June, we gained 800 subscribers in that point, so we was able to eclipse 1000. We have some really good content on there.
- [41:21]
Podcast Host/Interviewer
Thank you Dr. Wallace. That's a wrap. Thanks again to our incredible guests for sharing their insight on building a resilient business. And remember what we discussed. Resilience. Start at home. If you read Ready to protect the legacy you're building, not just the income, make sure to check out the DIY Legacy Planning Toolkit. You can find the direct link in the show notes. Go get your peace of mind now.
- [41:51]
Podcast Host Intro/Outro
Thank you for listening and subscribing to Black Entrepreneur Experience. We would love for you to leave a review and rating on itunes and share with your friends. For show notes and more episodes go to www.beepodcast.com. join us next Wednesday. And remember, green is the new Black, so keep your bank accounts and your business in the black.