The African American Business Owner, Building True Wealth

“The person that is doing the job that you have, do they have the right experience?  Do they have the right qualification or it's just a body?” - Ron Escoffery.  In today's episode of African-American Busines Owners Podcast: Building True Wealth with your host, Ron Escoffery. He's gonna talk about why and how you should choose the right people for your business.Tune in to this podcast and learn the importance of employees, teams, and systems in your company. And see how it will help you become a financially successful business owner and build personal wealth for yourself! Episode Highlights[02:26] Biggest Challenge in Entrepreneurs [02:43] Reasons why we want to be Entrepreneurs [05:23] People, System, and Money: The Three Biggest Challenges for Minority Business [11:05] Why it is Important to train our Employees[15:31] No Man is an Island: Ron's Thought on Team and Business Owners with Mentors[17:51] Questions that you should start asking yourself Links:Website: www.ronescoffery.comEmail: ronescoffery@gmail.comLinkedIn: Ron EscofferyFacebook: Ronald EscofferyTwitter: Ron Escoffery

Episode Highlights[00:45] Wealth Inequality: Why do the gaps keep getting wider?[05:40] Why you should unfollow the Joneses and the Gurus[10:30] Being clear of your lifestyle and what you really want[11:58] The Difference Between ‘Buying' and ‘Affording'[13:37] The Truth Behind Saving Money[17:36] What does it really mean to be WEALTHY or just acting rich?[18:53] How can you tell if it's working?[24:07] The Reason Behind this Podcast Links:Website: www.ronescoffery.comEmail: ronescoffery@gmail.comLinkedIn: Ron EscofferyFacebook: Ronald EscofferyTwitter: Ron Escoffery

Topics Covered:Those that came before us put in the work. [0:36]Opening remarks [1:24]Putting in the work allows you to make progress. [2:44]What does the destination look like? [4:26]Most of us are busy putting together information to start preparing our taxes. [5:17]Some of us may not have a person to keep us on track. [6:55]You want a business that supports your lifestyle. [7:45]The first step is to get clear on why you are in business. [9:00]The second step is to determine today what resources you have and what you need. [10:54]The third step is to decide what business you want to get into. [12:15]What business can become a self-managing business? [13:55]Every time you read about wealthy people, you can't avoid hearing that real estate is a big part of their portfolio [15:15]Closing remarks [16:06]Connect with Ron Escoffery:ronescoffery.comronescoffery@gmail.com(404) 626 1425Don't miss the next episode! Subscribe to the African-American Business Owners Podcast on SimpleCast or register here https://bit.ly/SubscribetoRonEscoffery.

Topics Covered:The wealthy get wealthier, the poor get poorer. [1:17]We want you to become aware of what's happening. [2:14]Why are we not making progress? [3:33]Look at yourself before your business. [3:45]Last year we had to pivot because of the pandemic. [4:25]Do you have a business or a job? [5:17]$40,258 is the average income for African-American households. [6:17]The biggest problem for African-American business owners is mentorship. [7:35]As entrepreneurs, we know that we will have challenges. [10:00]If we are already skilled, why are we still failing? [10:54]Entrepreneurship is a lonely occupation. [11:51]Mentorship is not an expense, but an investment. [12:50]Sometimes you just have to be honest and open with people. [13:55]It's a new day. [15:15]A lifestyle is what you desire. [16:06]Track your progress. [16:36]We can develop strategies. [17:55]Let 2021 be your transformation year. [19:00]You can be very successful this year. [19:51]If all you do is think, that's all you will do. [20:31]Closing remarks [21:34]Connect with Ron Escoffery:ronescoffery.comronescoffery@gmail.com(404) 626 1425Don't miss the next episode! Subscribe to the African-American Business Owners Podcast on SimpleCast or register here https://bit.ly/SubscribetoRonEscoffery.

Topics Covered:As business owners, we must decide what kind of future we want. [1:17]This is a good time to start becoming a lifestyle entrepreneur. [2:14]Sometimes, we still live paycheck to paycheck. [3:00]Look at yourself before your business. [3:45]We're working on our future lives. [4:43]Avoid get-rich-quick schemes. [5:27]Look at what worked for you in 2020. [6:04]Be careful when deciding the type of business you will establish. [6:58]Do you have consistent cash flow? [7:55]Real estate is a good way of starting out. [8:51]Take a look at adding real estate to your portfolio. [9:48]Real estate investments really helped me. [11:15]Where does the money for all these big apartment buildings come from? [12:34]How much return have you had on your 41K/IRA? [13:30]You are worried about your retirement. [15:27]Adding real estate to your portfolio is a wise decision. [16:19]Don't do the same things and expect different results. [17:20]Closing remarks [20:00]Connect with Ron Escoffery:ronescoffery.comronescoffery@gmail.com(404) 626 1425Don't miss the next episode! Subscribe to the African-American Business Owners Podcast on SimpleCast or register here https://bit.ly/SubscribetoRonEscoffery.

Topics Covered:When we reflect, we often dwell on the negative (3:27)Most resolutions don't come true because we didn't believe that we could achieve them (4:11)You need to have the mindset that it is possible (5:12)Why are you doing this? (6:48)What really makes resolutions work are our habits and systems (7:37)Don't make resolutions this year unless you're committed to keeping them (9:03)Connect with Ron Escoffery:ronescoffery.comronescoffery@gmail.com(404) 626 1425Don't miss the next episode! Subscribe to the African-American Business Owners Podcast on SimpleCast or register here https://bit.ly/SubscribetoRonEscoffery.

Topics Covered:You have to see progress in business and life (1:32)Having abundances in financial life while relaxing (1:50)This year has been different due to the pandemic (3:28)We've had to endure many challenges that we weren't ready for (3:51)What is one thing you can tell yourself that you've learned this year? (5:12)You just have to do the work (8:54)Set different goals for 2021 (9:27)Be the person you were meant to be (9:56)Don't overthink about your debts and compare yourself to others (13:01)It's a new you, a new day, you have to be different (13:43)Be serious about your goals, and leave the rest alone (14:54)Connect with Ron Escoffery:ronescoffery.comronescoffery@gmail.com(404) 626 1425Don't miss the next episode! Subscribe to the African-American Business Owners Podcast on SimpleCast or register here https://bit.ly/SubscribetoRonEscoffery.

Topics Covered:December is the month of ambitious plans [1:53]If you do not start with the “Why”, you're going to fail.. [3:56]I want more financial abundance [6:13]Money doesn't give you joy and happiness. [7:41]Change the way you think [9:14]First reason why people fail in reaching their goals... [9:57]Ask yourself “Who am I?” [11:00]Second reason why we fail is choosing the wrong business model [13:05]Depend on your training [14:15]What you bought was information with no implementation [15:08]You are unique and different from everyone else [16:00]Story of my friend and his trucking business [16:40]Do not follow your friends into business [17:38]Don't be a loner [18:45]You need some help [20:28]If you are not failing, you are not trying hard enough [21:20]Write down your 2021 goals [22:55]Start working on yourself [23:43]Closing remarks [24:27]Connect with Ron Escoffery:ronescoffery.comronescoffery@gmail.com(404) 626 1425Don't miss the next episode! Subscribe to the African-American Business Owners Podcast on SimpleCast or register here https://bit.ly/SubscribetoRonEscoffery.

Topics Covered:Thinking about the change that you want to happen in your life [0:48]Ron's personal approach towards speaking to his audience as a coach and mentor [1:59]December is planning month [3:43]92% of people fail as they try to achieve their goals [4:13]Be intentional about being a lifestyle entrepreneur [5:40]What is life all about? [6:28]The right age to start a business [8:02]Setting short-term, realistic goals and enjoying the journey [9:46]Have fun reaching your goals before it's too late [11:40]50-year-olds who believe they have failed [12:32]The biggest challenge for African American business owners [13:06]The importance of getting outside help to move forward [13:23]December is not just about setting goals but also about being intentional with those goals [15:11]Start taking smaller steps towards your goal [16:20]Closing remarks [19:17] Connect with Ron Escoffery:ronescoffery.comronescoffery@gmail.com(404) 626 1425 Don't miss the next episode! Subscribe to the African-American Business Owners Podcast on SimpleCast or register here to subscribe to the newsletter. https://bit.ly/SubscribetoRonEscoffery.

Topics Covered:On Thanksgiving [1:22]Christmas is on its way [2:37]Thinking past the holidays [3:42]Maintaining the entrepreneur lifestyle [4:40]Having a business that runs no matter how you're feeling [6:10]The pandemic as the pivot to how your business will be in the future [7:20]What do you really want in life? [8:22]Review your life plan [9:51]The Month of December is a month of planning for all business owners [11:40]What is a self-managed business? [12:45]A self-managed business starts with a team [14:15]Most African-American business owners need marketing [15:50]A self-managed business must have systems in place [17:53]Manuals run the company [20:00]Evaluate your business [21:15]Think about your business running like a business [22:05]Asking for help [22:50]Closing remarks [23:45]Connect with Ron Escoffery:ronescoffery.comronescoffery@gmail.com(404) 626 1425Don't miss the next episode! Subscribe to the African-American Business Owners Podcast on SimpleCast or register here to subscribe to the newsletter -https://bit.ly/SubscribetoRonEscoffery.

Topics Covered:Intro [01:02]Ron shares the three questions [01:30]What kind of lifestyle do I want as an entrepreneur or as a person? [01:50]Why do I want it? [02:13]The logical third question [03:58]A lifestyle entrepreneur is a business model [04:53]Perfect is a synonym for procrastination [06:18]Why are we still in the same place? [07:06]The muscle of achievement [07:13]A high income is not wealth [08:45]Why a lot of high earners end up broke [09:50]Do not stay in the past too long [13:48]Importance of a written life plan [15:24]How to increase your income so that you stop living paycheck to paycheck [16:25]Not all debt is bad [16:50]Closing Remarks [17:02]Get in touch with Ron [18:02]Connect with Ron Escoffery:ronescoffery.comronescoffery@gmail.com404 626 1425Don't miss the next episode! Subscribe to the Building True Wealth podcast on SimpleCast.

Topics Covered:Find one nugget that will slowly but surely transform your financial life [1:27]A lifestyle entrepreneur is... [2:50]The desire to become a lifestyle entrepreneur  [5:13]Have a vision of what you want that lifestyle to look like [5:34]I want you to write it down [6:10]The focus, the discipline, and the steps are important [7:45]Perfection is a synonym for procrastination. [9:29]Knowing where you are...where you're starting from [10:38]Do you have a clear vision of what the next small step should be? [12:09]We really haven't failed until we give up  [17:33]Failure is not a bad thing [18:00]Do not spare on your dreams when you're writing your lifestyle plan [19:20]Pick people who you want to associate with [21:10]It will be problematic at times, discouraging at times but… [27:09]I hope that every mistake I make is a building block to more clarity, more progress, more joy, and more peace of mind [28:51]Closing Remarks [30:19]Connect with Ron Escoffery:ronescoffery.comronescoffery@gmail.com(404) 626 1425

 Topics Covered:The challenges that we have in business and in life has that money component to it [2:10]Why do so many entrepreneurs fail at achieving this lifestyle that they so desire?  [3:46]What is a life plan? [6:29]Write it down—what is important to you? [8:04]What does taking care of my family mean in reality? [11:46]What is your exit plan? [13:40]The life plan makes the business plan more accurate because the business plan delivers what you want in your life plan. [18:28]There really is no get-rich-quick-scheme. [21:16]If you have your self-managed company operating, you can do a lot of things and still enjoy life. [22:08]Closing Remarks [24:46]Connect with Ron Escoffery:ronescoffery.comronescoffery@gmail.com(404) 626 1425Don't miss the next episode! Subscribe to the African-American Business Owners Podcast on  SimpleCast.

Topics Covered:Do you want to be rich or do you want to be wealthy? [0:52]Money does one thing very very well- it buys you options  [1:11]The important thing is what do you desire for yourself [2:49]Building wealth is a journey [3:35]If you're not moving forward, you're moving backward [4:25]Peace of mind is something that is priceless [5:03]What it means to be rich  [6:05]Why is networking so important [7:45]You really should only save until you get to the point that you can start investing [10:38]You have to invest  [11:24]We can't have everything we want at the same time [12:58]You deserve to celebrate your success but it is a journey. Don't fall asleep. [13:44]Calculate now what the lifestyle you desire in your golden years is going to cost. [14:42]A rule of thumb [17:09]Investing in real estate [23:59]Become conscious of what it will take to have peaceful, enjoyable, and happy golden years [26:37] Closing Remarks [27:05]Connect with Ron Escoffery:ronescoffery.comronescoffery@gmail.com(404) 626 1425Don't miss the next episode! Subscribe to the African-American Business Owners Podcast on SimpleCast.

On the fourth episode of the African-American Business Owners Podcast, Ron Escoffery discusses the importance of building a relationship with your bank, how to start understanding your business by making use of a financial management tool, and the added advantage of having a mentor.  Topics Covered:Today's podcast is called financing your business. [1:00]How to obtain financing for your business [1:35]Our mission is to transform you from where you are today to where you want to be in the future [1:53]Money gives you options. [2:11]Growing means taking a risk... means falling down a couple of times. [3:39]Building true wealth is a journey. It's not an easy journey. [4:23]Once you know what you're worth, you start on the journey to improve that. [6:11]Because money runs through everything [7:10]If it were easy, everyone would be financially well off [8:04]The financial system has been failing Black-owned businesses since the beginning [12:33]Credit is an integral part of the loan process [14:38]You don't want more information...You want an advocate. [14:58]Your financial statement is a good place to start [16:41]The big banks are not your friends. [19:46]Before you want to borrow a dime, start building a relationship. [20:36]It's always a plus if you tell them you're working with a mentor. [22:57]Closing Remarks [23:18]Connect with Ron Escoffery:ronescoffery.comronescoffery@gmail.com(404) 626 1425Don't miss the next episode! Subscribe to the African-American Business Owners Podcast on SimpleCast.

Owning a financially successful business is the surest way to build wealth. Each Thursday, join Ron Escoffery, a serial entrepreneur, real estate investor, speaker, and author as he interviews African American Business Owners who are on the path to BuildingTrue Wealth! If you are a business owner who wants financial security, less stress operating your business, and be able to exit your business on your own terms, This Podcast Is For YOU! Contact Ron Escoffery:Email: ronescoffery@gmail.comWebsite: www.ronescoffery.comLinkedIn: https://www.linkedin.com/in/ronescoffery/Facebook: https://www.facebook.com/ronald.escofferyTwitter: @RonEscoffery