How to Survive the Recession with Dominique Broadway | Episode 93

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Girl, stop playing.

Welcome back to another episode of the Girl Stop Playing podcast. It's your favorite homegirl Corielle, here to encourage you to stop playing with your potential and start working for what you want in life and in love. Y'all already know that I'm here to bring you the information and the conversation to help you make the money and get the honey, because I believe You can have it all as long as you are willing to work. Today I have the pleasure of plugging you in with Dominique Broadway. She is a top millennial money expert and the founder of Finances Demystified. I had to put on my little money attire for y'all for this conversation because we got a whole lot of money in this mug. Okay, Dominique, welcome to the show.

Thank you, thank you so much. I'm so excited to be here with you.

I'm excited to have this conversation. I love being able to plug my people in with the people who aren't just talking about it, but they really are about it. Um, and so I'm gonna jump right in. I love to start by just taking you back to like life before becoming a boss. So what were you doing before you got into entrepreneurship?

Yeah, good question. So I feel like I've always been into entrepreneurship. You know, I was at that 5-year-old selling bracelets and then selling candy, and I had a a business. I was the COO of a business when I was 14, teaching kids how to use computers. So I feel like I've always been an entrepreneur. But, um, I would say after college or before college— after college, my career was— I was a licensed financial planner and advisor for high net worth individuals. So I did money management, um, stock advising, investment management, and wealth planning for those high net— high net worth individuals. So I worked at companies like UBS Financial Services, Element Financial Services, United Capital. That was my life before. I was, I was a traditional stockbroker and financial planner.

You always been about that money. I love it. And, and, and what I love about what you've been able to do is that you're literally taking these principles, taking your experience from people who are already wealthy, and showing, you know, our community how they can use some of those same principles to build wealth for themselves. Um, so one of the things that I saw, you know, I was like scrubbing your Instagram to see like what is new in your world, what can we talk about. And one of your posts just cracked me up because the caption started with, it's okay to get a BJ. And I'm like, what is it? Wait a minute, wait a minute, wait a minute, wait a minute, what is she talking about? But after further, after further research, your BJ was a bridge job. And I just thought that that is one of the conversations that we don't have enough because people are out here, and I'm gonna have you define what a bridge job is, but people are out here with these bridge jobs and feeling some type of way about it, like not wanting to talk about it. Um, so define what a, what a bridge job is and talk about the importance of, you know, being okay if that's your situation.

Yeah, so a bridge job is literally that. It's like a job that I— that is a bridge, right? That's bridging you from, from one place to wherever you're trying to be. And it is something that people are ashamed to talk about, ashamed to admit that they may need. And I know when I went into and went through my financial hardships, which I about all the time, you know, basically, you know, going completely broke. That was— that bridge job was the thing that got me to like where I am today, right? Being able to say, listen, I'm gonna still work on my business, but my business ain't doing what I needed to do, so I'm gonna need to go and use my skills and talents to consult, to get a job. And for my situation, I ended up getting a consulting job. I got a consulting job with a nonprofit that focused on financial education. So I was still in my space, still able to make connections in my space my passion for financial literacy, but I was able to get a retainer that created stability in my life and it gave me the financial resources and stability to have more resources and time to put into my business. That's literally what it is. So I like to think of my bridge job as my investor, right? It was that thing that gave me that, that capital that I needed to, to just feel more financially confident and to not have to stress about bills, to not have to stress about getting my business where I needed it to be at the time. Um, and, and lacking in other areas. So that's literally what, what it is. And I think that more people need to— you know, everybody wants to be the boss, everybody want to be the CEO. Let me tell you something, you can speak on this too. This, this CEO life is very, very hard. This life I have now, I have way more money, but as they say, more money, more problems. Um, there's a lot more that comes with it, right? So sometimes I wish— I missed the simplicity of, you know, just having a small business and a bridge job, but That's essentially what a bridge job is. It's just that thing that's going to give you those financial resources to create financial stability in your life so you can focus on all the other things that you want to focus on.

And again, kudos to you for— and I mean, you know, it's easy to talk about what we've been through when we ain't going through it no more. You know, it's easy to say, you know, well, these are some of the struggles and this is what helped me to, you know, rebuild. But I can only imagine having to have that tough conversation with yourself, having to get real about your revenue, like what's really going on. And so many people will literally like find themselves homeless or find themselves really living above their means because we're trying to keep up with this title or we're trying to keep up with social media and appearances and trying to, trying to seem like we have it all together when it's hard. Like entrepreneurship has its, it has its seasons, you know, and every season— some of these are some rainy seasons, okay? And I'm not talking about raining dollars. Like some of these seasons is gray. Right? It's like, I don't know, it's right, it's dry out here. Okay, you're right, I should say some of these seasons is dry. It's real dry out here when you just don't know like what tomorrow brings. And those are the conversations that I love being able to have because the truth in entrepreneurship is, first of all, entrepreneurship is not for everybody, you know. This is hard, um, and being willing to have those tough conversations. Yeah, really being able to boss up because that's real. That's real boss life.

Is that self-realization? That is really important. Like, if you're not able to like have self-realization of like where you are and where you're actually at, you're not— you're never going to be able to get to crossover to honestly to making the millions, to having the team, if that's something that you want to do. Now, a lot of people— some people, that's not even what they want to do. Some people just want to have their small business. You know, they're fine with making a few hundred thousand a year, which is great. On their own terms. But if you really do want to go to the next level, that self-realization is going to be key. Because I don't know about you, but I feel like I'm having to look at some of the worst things about myself every single day as I'm growing, right? As I'm growing and I'm expanding and taking on different, different initiatives, I'm having to address those areas where I may not be good at, um, and things like that.

And those are, again, hard, hard conversations to have because a lot of times we We want to go hire a coach, we want to take a course, we want to do the things, but we aren't willing. We're willing to do all the things, we're willing to pay all the money, but we're not always willing to pay attention to what's really going on with us, you know, and what we're putting out that may be hindering us or why we may be running into these constant roadblocks. And a lot of times it is, you know, taking a step back and being willing to have that tough conversation, even if it's with yourself. And so you mentioned, you know, being able to go from the small business to like really leading this company. And I know that you can't really do that as a solopreneur. And so one of the toughest transitions that, again, we don't talk about enough is building that team. It's learning how to delegate. It's learning how to go from entrepreneur to leader, which is not natural for a lot of people. We don't have experience doing those things.

That's a different job.

So talk about it. Like, help me out personally, because this leading of a team, you know, this delegating How?

Like, yeah, you know, honestly, it's, it's really difficult. And, you know, I think a lot of times when you, when you start as an entrepreneur, you're like, you have your little, your, your goal and you're in your business and, you know, just you and maybe one other person, and it's easy. But as you start growing, you realize that you, you end up having two jobs. You're managing people and you're managing the business, growth of the business, the vision, the strategy, all the things. Um, so for me, my first full-time, my first full-time, I had contract hires. My first full-time hire was a chief staff. I realized that, listen, I love my team, I love people, but I'm a true ambivert, right? So ambivert is the mix of an introvert and an extrovert, right? I'm the kind of person, when you see me, I'm on stage, I am on. When I am done, like, I'm— listen, don't see me.

Like, I need to start saying that because that is me, but I just say I'm an introvert. But when I'm on, I'm on.

But see, you think about it, because anyone who meets you be like, you're not an introvert, look at you. So that's it. We're on when we're on, but when we're done, like, I, you know, did I was speaking engagement yesterday. I got off that stage, I am zapped. Like, I have nothing else for the world for the rest of the day, right? Um, and so because of that, that can translate over to your business, right? It makes it a little bit harder to manage people. It makes it hard to happy— to be happy and go lucky all day long and to get on and be, you know, and be on and be this personality and be talent. Because we're the talent, we're the salespeople, we're all the things in our business. And so for me, my first full-time hire was my chief staff, and because I needed someone that could lead and manage people better than me, because I realized that was not my thing. I'm the kind of person where when I bring you on my team, I want you to come on, just do what you're good at, but I ain't trying to be talking to you every day. Just, just get your work done, right? And people need a little bit more accountability than that. So for me, that chief of staff was that first person, um, my first full-time hire that helped me to, um, find train, hire everyone else on, on my team, because that's not something that I was really great at, to be honest.

And again, self-awareness, because even knowing your personality— like, I'm all for like the quizzes, the personality tests, like all of the things, because you think that you can just have the skill set to be able to do the thing. But what I have found is like, it's really mindset. It's really like how you're thinking, how you it's all mindset. And so, you know, people love to skip past that. People don't want to spend time really talking about that. They're like, well, let's make the money. But it's going to be hard for you to maintain it.

That's why you don't succeed.

That is, that is it. That's the key. So I love that you, you know, were— are honest in talking about it, but you were able to be honest with yourself around what you needed to be able to scale your business and to be able to, you know, really get to those goals that you saw for yourself. Um, so Your business, Finances Demystified, what is your overall mission and goal?

Yeah, so our overall mission is really just demystifying money, right? Demystifying the conversation around money, making people more financially confident, making more— making people more financially literate is really the goal. We're really just trying to make people more financially confident. I feel like the topic of money is something that should be talked about all the time, just like We talk about sex or drugs or all these other things we're open to talking about. When it comes to money, it's like, oh no, girl, don't talk about that. Don't ask me how much I paid for my house. And it's silly, right? And I realized that the one thing that everyone in the world has in common is money, right? If you got a lot of money or a little bit of money, if you are in a remote part of the world or not, you have some form of currency that you have to use to transact. Even if we're bartering, we're using some sort of currency to transact. Right? So with that being said, it's, it's a thing that we all have in common. So why are we not talking about it? It's just like we all have blood running through our veins. We all have to use money for something. So I am on a mission to just make people more financially confident, financially literate, and make, um, giving people— just empowering people to know that if they want to build wealth, they can, and that they should not be scared to talk about money at all.

So speaking of being more financially confident, we are like officially, I guess, is what they've been saying, we are officially in a recession, right? Scary to us specifically because we were kind of too young to really know what was going on in the last recession. Like, we heard about it.

I was in it. I don't know about you.

Listen, I was about to say, you, you was a COO at 14, so let me just speak for myself, okay?

Yeah, I'm a little older than you, so I was actually head on.

I don't know if you're a little older than me, but you you are a little more seasoned. You're a little more seasoned for sure, and experienced in this space, because I was side hustling but I wasn't COOing. That's like next level entrepreneurship. But, um, so, so for, for people who are like scared out of their mind right now around, you know, what they should be doing, what they should stop doing, what is some advice or wisdom or tips that you can share to help us feel more financially confident for like getting through this season?

Yeah. So, you know, all the financial experts say, you know, prepare for that rainy day, have your emergency savings. I think we learned in the pandemic that ended up lasting 2 years that that's what you're saving for. You're saving for those times, those types of economic downturns. And now we're heading into a recession. And this is my second recession that I remember living through. The first recession was in '08-'09. I graduated college in '07.

I bought my first house. Girl, I knew you weren't older than me.

I bought my first house in '07. Um, I started working my corporate job in '07 in the stock market, so that's probably why I remember even more because I was very much in it on the day-to-day. We had clients losing millions of dollars a day. They were halting trading. You know, I was— that's why I just got licensed to trade, so I was actually doing— so I was very involved in the stock market. One of the things I will tell you, I am a little excited, actually very excited about this recession.

It—

all of us should be, because millionaires are made in recessions, just like millionaires were made in the pandemic. The one thing about an entrepreneur, right, we thrive in these types of times because it allows us to get scrappy. It allows us to really like, what products and services can we create to truly impact people, right? And I was doing some research and looking at the stock market, right? I know I'm a stock market girl. And looking at the returns that people were seeing, the people that were not, um, as, let's say, as financially educated— when the last— when the stock market tanked in '08, '09, they pulled their money out, which means that meant that they ended up losing a lot of money, locking in the losses, right? Stock market tanked and they were locking in the losses. The wealthy people that I was working with were doing the complete opposite. They were doubling down. They were doubling down, right? And if you go look at any chart, you will see there was this big dip, right, with all the stocks, um, during the recession. And then there's this big uptrend after. That's the ride that I want all of us to ride going forward— the uptrend. This is literally an opportunity for us to make tens, if not hundreds, if not millions of dollars as the economy starts to rebound over the next probably year and a half or two, and as the stock market rebounds. I was doing some research and looking to see that the S&P 500 did like a 570% average— or 570% on average increase from the last, um, recession to now. So that means that any money that you had still sitting in there probably increased over 500%, over 500%. That's insane. There's no investments right now that are giving us that. So everyone's getting freaked out about, oh my God, get your money to the stock market. I'm doing the complete opposite. I'm doubling down with my kids' investments. I'm doubling down with my investments because things are literally on sale, right? Me and our students looking at some investments the other day, we're finding investments that are literally like 70, 80% off what they were last year, this— last year this time. Now you see that in the stock market, you get scared. But if you walk up in, um, in, in Target and you see something 80% off, you're like, oh girl, let me buy 5 of them. Treat the stock market the same way. It's the same thing, right? So that's why I'm actually really excited about it. But I would say, you know, look into investment opportunities. This is— there's literally so many investment opportunities surrounding us right now. But from a personal finance standpoint, also just making sure that you got your cash ready. This is not the time to, you know, to, to be overspending and living beyond your means as we are preparing or if we're in the recession or wherever what's happening right now. This is a really great time to make sure you have your finances together, make sure you can handle life in the event that you don't make any money for 6 months. Right. But also making sure that we are taking advantage of all the things that are happening. So when things do start to rebound, you're not the person that is like a lot of people last time. Oh man, I missed it. I missed it, man. I missed it. Please stop being the I missed it person. We've already told you, you listening to this podcast, we're like, listen, this is what happened last time. It's happening again.

Right.

And, you know, Black folks, we love to miss something and miss something about it. And talk about it and be like, oh, next time we'll be there, next time we'll be there. I don't know if you'll be there next time, right? But I know what's happening this time. I know what happened last time. And if history keeps repeating itself the way that it has always done, act right, act accordingly, get in.

Don't—

next time is now. Yes, it's now. It is now. So that's my advice. This is, this is, this is an opportunity.

So you are heavy in the stock market Tell me, because I got a little money in stock market, girl, but I promise you, I don't know what I'm doing, okay? I just be out here on a prayer, like, Lord, and I'll be making a couple dollars, but I just be getting lucky. What is the difference between trading stock and trading options? And if I'm saying that wrong, please correct me for the people.

Yeah, yeah. So, um, so, well, I guess let's talk about what a stock is, what an option is, right? So if you're buying a stock, a stock is essentially you, um, purchasing, um, or investing into the company and owning shares in that company. So if you're trading the stock, you're typically— most people, you're buying it at one price and selling it at a higher price, right? That's typically what you're doing. So you're buying it at $5 and hoping to sell it when it gets to $6 or $7 or $8 or $10 or whatever, right? So that's essentially trading a stock. You're investing into a company, buying shares of it, and then hoping that the price goes up and selling it, okay? Um, when it comes to options, options are when you are purchasing an option or a contract on a company. So you are not actually buying the stock, you're not buying the shares, you're not buying the stock. You are buying the ability to control these shares, right? So when you're buying an option contract, right, each option contract equals one—

that's not my confusion. I'm trying to stay with you. Okay.

Each option contract, okay, allows you to control 100 shares. For example, you can go to Apple right now and buy one share for, um, I don't know, I think it's trading like $150 a share, right? So you can say, hey, I'm gonna go buy one share of Apple for $150. Cool. Or you can buy one option call, a call option on Apple stock Now that means that you are controlling— how many shares does it equal?

100.

Okay, so now you're controlling 100 shares of Apple stock instead of buying just one. One, exactly. Okay, so if we're buying a call on Apple stock, that means that I am anticipating Apple stock price to go up. So there's two types of options: there's calls and there's puts. So if we're anticipating a stock price to go up we buy calls. If we're anticipating a stock price to go down, we buy puts. Okay, I always say call up, put down. Call—

okay, I'm with you.

Okay, well, you're saying, hey, I think Apple stock is going to go up, but I don't want to just buy the stock, right? That's going to cost me a lot of money. Instead, I want to control hundreds of shares and make a profit when the stock goes up via the premium price. So when you buy an option contract, you're not paying the price of the stock, you are paying the premium price, similar to an insurance policy, right? So if the, uh, let's say if it's a dollar per share to buy an option on Apple times 100 shares, your investment is $100. Okay, now you're investing or, or controlling 100 shares of Apple for almost the same price to buy one share. So the way that we make money is when the price of the Apple stock goes up, that causes the Apple, uh, call option, the premium price, to go up as well. So that price may go up from $1 to $1.50, and now I can go and sell that call option on Apple for $1.50. So I paid a dollar for it, so I paid $100.

Okay, okay.

And now I'm selling it at $450. So that has given me the ability to control and still play option Apple, Apple stock without actually having to control, to own all of the stocks. So let's say if you bought that one share of Apple Paid $150 and it went up to, you know, $155, right?

You only made $5.

This episode is brought to you by Glorify, the number one Christian daily devotional app. Everything around us changes. God doesn't. That's why I love Glorify's 21-day challenge. It helps me build a simple habit of meeting with God every day. No pressure, just consistency. With Glorify, you can start your morning by reading the Bible passage of the day, diving into Glorify's daily devotional, and wrapping up with an immersive experience called Daily Walk with God. And if you need to take a few minutes to yourself in the middle of a busy day, try one of Glorify's guided meditations or listen to their curated worship playlists for some quiet reflection. To end the day, enjoy Glorify's sleep meditations to help you wind down and put your mind and heart at ease. Whether you're a committed Christian or simply curious about faith, Glorify has something for you. Join over 20 million people who have downloaded the Glorify app and deepened their relationship with God. Listeners to the show can get full access to Glorify for just $29.99 for the entire year. That's Glorify's lowest price ever when you download the Glorify app now at glorify-app.com/redcircle. Feel closer to God this year with Glorify. Get full access all year for just $29.99 at glorify-app.com/redcircle. That's glorify-app.com/redcircle.

Yes, but if we bought the option on it, right, we made $50 with a smaller investment.

So with the options, it just requires more due diligence with like the research because you're predicting basically with all things you're predicting.

Okay, because you think about it, that's why I be messing up. So this is the— see, this is the thing. So it depends on what your goal is. That's where people get confused. Now, is your goal to trade it? Now, trading it means I'm gonna just maybe buy this today and sell it today, or buy it today, sell it tomorrow, right? Or is your goal to invest? If your goal is to invest, you're like, hey, I'm going to invest in Apple today and I'm going to just save these for my son. For later, right? I'm just gonna keep money in, keep putting money in. With that, you're not necessarily trying to predict anything because you're like, this is long term. Now there's a couple ways with options, right? With options you can— like, I do a lot of option trading, right? So you can buy an option in the morning, maybe sell it in the evening, or sell it the next day for, for a profit. But you can also buy LEAPS, right, which have a longer time period where you're holding those for maybe a year or 2 years and making profit there. So those have a longer time frame. So that's why there's levels to it, but it kind of depends on what your goal is. So if you came to me and said, hey Dominique, I want to do two things, I want to make money every day, cool, got to do that, but I also want to create a portfolio for my son that is a long-term portfolio, okay, well cool. For the long-term portfolio, we're going to start picking a couple investments, setting it on, um, set it and forget it, doing what we call dollar cost averaging, putting money in consistently every month not even thinking about it, okay, and let that ride out. Or, I mean, and you gotta say, hey, okay, cool, but I also want to trade. There's a couple ways you could trade. You can buy stocks, and if you have larger amounts of money, buy stock, purchase them, sell them when they go up. But to do that, you're typically going to need larger amounts of capital, right, because you're buying all of the shares. But with the options, why we love them, they allow you to control hundreds of shares of stock back at a fraction of the cost. So you can buy those call options. One of the things I know a lot of our students do, we trade based on like earnings, right? So I think it was like Palantir, like a week ago I did a trade for showing my students a trade, and we bought Palantir's call options because I was like, I think their stock price is about to go up. I was correct, the stock price went up, which triggered the option call price to also increase. right? And we made like $1,000 in 30 minutes or something like that, right? But that's a quick trade, you see what I'm saying? So that's a long explanation, but that's the difference between the two. Hopefully that makes a little bit—

that does make sense. And it made me feel like I am doing it backwards because I was thinking you had to have more money to invest up front with options, but really it's the other way around.

It's the other way around.

Okay, so is this Is this a situational— is this question a situational question? Um, because my husband is always like, you playing around with these stocks, you didn't buy one share this and one share that. Is this— and your answer might be like, it just depends. But does it make sense to buy a share here and a share there, or is it more— does it make more sense to have, you know, 20 shares in this one thing versus one share of 20 different stocks?

So I would say this, it depends on your financial situation, right? So I think, listen, I think it's great if people just invest in something, right? So my thing is just do something versus nothing. So if that means you buy one share here, buy one share here until you get your feet wet, go for it. But the long-term goal is for you to have a hopefully $100,000, multi-million dollar portfolio. So you'll get away from just buying one share at a time. You'll start to— your goal is to start accumulating shares. The easiest way to start accumulating shares is to do it consistently, right? So like, even for my kids, right, we have a set amount that goes, I think, like the third of the month. Third of the month, a few thousand dollars goes and buys them shares in Apple and Amazon, all these companies that I think ain't going nowhere, literally. So I don't— Dawson don't got to think about it, Demi don't got to think about it, I don't have to think about it. It's just happening. And I look in their account and it's growing. you know, from 10 shares to 20 shares to 50 shares, 100 shares, 200 shares, 300 shares, but I'm not even having to think about it. So your goal is to start accumulating lots of shares in these companies. So I want to have thousands and thousands and thousands of shares in Apple, thousands and thousands and thousands of shares in Amazon, right? I remember working with my high net worth clients, this is what they would have. They would literally have, oh, they have $1.5 million worth of Apple stock. $800,000 worth of Amazon stock, $400,000 worth of Google stock. That's how the big boys do it, okay? Let's— we all, we all can do it. I'm playing little girl games over here, you know, but, but we all start somewhere. So just keep accumulating. That's why I always say just kind of dollar cost average. Don't feel like you need to be sitting here picking stocks if that's not what you want to do. If you want to long-term invest, set a day. So you may say, hey, on the 15th of every month, I'm gonna take $250 have it automatically go and buy me more Apple, more Apple, more Apple, more Apple. You'll look up in a few months and boom, you have a nice portfolio of stocks. The other benefit to that is you get dividend payments, right? I love that. Every week or so I'm getting a— or every couple weeks I'm getting a dividend payment from a company.

So how does that happen? Because I do see people talking about that, but I ain't never got no dividend payment.

Yeah, so you're— so one, probably because you own like one of some of these stocks, you may not be noticing but you also want to accumulate some of the stocks, right? So that's— so the benefit to that, or how that happens, is a dividend is when a company says, hey, we've done so great, we want to share in our earnings with you. So some companies have set dividend schedules, um, like Apple stock. They have a— they do a quarterly dividend payment. Their last few dividends were about 22 cents per share. So for every single share of Apple stock that I own, they gave me an extra payment of 22 cents. So that 22 cents can do a couple things. You can have it set to reinvest and buy more Apple stock, which is what I do, or you can have that payment set to just go in cash and you can, um, take it out, live off of it, whatever. So that's where the longer term play— you're hoping to get your portfolio to a place where it's literally just generating money for you. I am literally getting paid by companies for holding my stock, for holding their stock. So I'm getting paid when they make money, but I'm also getting an extra check just for owning their stock. So that's how that works.

Okay, so I'm definitely going to look at my accounts when we finish this because I got to stop playing around. Um, I feel like— and this is probably because, like you said, money is like such a taboo topic for some reason. It's one that we're not always comfortable talking about. And I just feel like someone in your position where you're not just investing on your behalf, on your children's behalf, but you're having these conversations, you're leading this community of people who look to you for this wisdom and for this advice. Is there pressure to, like, not be perfect personally, but is there pressure to, like, have all the answers and make the right calls? Because people are— no, no, I'm just—

no pressure for me. You know why? I used to feel a lot of pressure, but I realized I'm not gonna always have all the answers. Like, I am very okay with saying, like, I don't know. Like, I'll be on something like, y'all, I don't know. This something new, I just heard about it, let me go check it out.

I don't know everything, right?

Nobody knows everything. Um, anyone says they do know everything, run away from them. So no, I don't, I don't feel any pressure whatsoever. I think we're all learning, right? I may know a little bit more in one area than some people, but someone may hit me with something, I'm like, oh, that's super cool, I didn't know about that. So that's what I think life and learning is all about, right? You know, being open to growing and getting additional knowledge.

And one of the best ways that I've definitely, um, learned over the years, and especially as an entrepreneur, one of the best ways to learn is from having people around you who are adding value, right? And not being, you know, not being the smartest person in the room, not being the wealthiest person in the room. Like, having somebody that you can learn from, somebody who's been there, you know, and, and can share their wisdom, their lessons learned, their, their, you know, horror stories, so that you don't have to go through those things as well. And I know that you have like your crew, your circle of— I call them rich friends, but rich in more ways than just money, right? People who are evolving and people who have elevated to a certain point. What would you say is like the biggest value and benefit of surrounding yourself with those rich relationships?

Yeah, it's, it's— man, the value is there. You can't even put a value on it. It really is, it really is priceless. I think I think having— being surrounded by people who are thinking just as big as you, who are thinking bigger than you, allow you to think bigger, allow you to dream bigger. It allows you to— it allows you to get exposed to things that you may not even be— excuse me— thinking about or dreaming about, right? Always say— people, you know, say, oh, why would I buy this? Why would I buy that? I can just— I can just go to Google. Totally, you can. But what if you don't know what to Google, right? Have you ever got to the Google screen? You like, I don't know how to put this in.

What do I—

what do I— what do I type? So that to me is that value, like even knowing what to Google. I've learned certain concepts with people, I'm like, I never even knew this was a thing. So that alone has helped me. I feel like that alone has helped me to, to become a multi-millionaire, to build now an 8-figure business by surrounding myself with like-minded people who are thinking of ways ways that I may not even be, even be thinking, right? Um, I'm actually about to do a deal now that one of my friends was like, hey, you can do this and raise evaluation. And I'm like, oh my God, I didn't even think about that, right? And now this is going to turn into another huge, like, multi-hundred thousand dollar opportunity just because I wasn't thinking this way and someone else in my circle was like, yo, you should do this thing, I saw someone else do it. That's priceless, right? I didn't have to pay them for that or anything. So I think it's very important to make sure that Like you said, you don't want to be the, the richest friend. You don't even— richest person in the room. You also don't want to be the, the, the, um, when you're the client of someone, you don't want to be their wealthiest client either, right? I mean, you need to go somewhere else because they probably don't even have the strategies that can help get you to the next level. Um, so that alone is priceless. I think people need to start investing more in their circles and investing more into themselves. I think that we spent a lot of time, and we waste a lot of time with this, like, we waste a lot of money, we waste a lot of energy trying to figure stuff out on our own. I can do it by myself, I don't need nobody. I-N-D-E-N-P-E-N-T. I can spell it out, you know what I'm saying? That whole independence thing is cute, but it's not, it's not going to get you where you want to go, right? Um, and so I think it's more people really need to spend that time learning from people that have already been here. And some of the best investments I made, like, it will help save you hundreds of thousands of dollars just learning from someone that could be like, oh, just do it this way. Yeah. Oh, why not do it like— come on now, we all want a shortcut, right? But it's like, people want the shortcut, they don't want to do the work. Um, so I think it's, it's just, it's super priceless. And especially where, where this— where this— where, where the world is headed now, and we are so online, just even the value of being in person person and making those connections is becoming more and more priceless than before, for sure.

And I think, um, not even I think, I know, like, the benefit of having you as a mother, you know, is for your children. Because, you know, I, I've heard the stories of people who say, you know, well, my mom— I have a friend whose mom gifted her with the 800 credit score, you know, as her 18th birthday gift, because she had been doing the things along the way, making the plans and preparing and What are some of the things that you're currently doing aside from obviously having these investment accounts for your children? But what are some of those like wealthy parenting, uh, principles that you are like living by? Because, you know, I got a little boy over here, his poor little stock account, we gonna work on it. But what are some other things that we should be considering, um, for our children?

Yeah, you know, I got little kids too, so I don't know if they're really listening, but I'm putting the stuff in place for them. But Um, you know, my kids are young, so I think just honestly little stuff right now. Like, I have a 1-year-old, almost 3-year-old. Just sharing, right? Like, I'm on some basic stuff. Like, you know, my 3-year-old ain't trying to share my 1-year-old. No, we're sharing, right? Or we're going through, we're giving away toys. Do you want these toys? I ain't seen you play with this toy. Maybe we can give it to someone in need. Like, even just little concepts, like teaching the concept of sharing and giving, right, early, right? That's a lot, a lot of there's only so much you can teach them at that age. But I would say as they get older, like, just trying to enforce that work ethic in them, right? I think we've all, you know, thankfully have put ourselves in these amazing situations where our children are going to have very different lives than we had, right? My daughter was on her first private jet at 1 and a half. I think I was 34, right? You know what I'm saying? So like, she's already at a different stage. So I think it's just making sure that we're putting that work ethic in— into them, right? Letting them know that this stuff didn't just come, that we had to work for it. And they're gonna have to do some work too, but working smart with their minds. It doesn't always have to be hard manual labor. Really promoting them using their minds and their brain skills and, and showing them how— all the different ways to make money. I think the biggest thing is also showing them that making money isn't just going out and getting a job. Making money can be, can be investing. Like, all these things, kids can start doing all this stuff now. I think also enforcing into them making their money work for them. These are all wealthy habits, right? Um, poor people are just raising their children to get jobs. Wealthy people are raising their children to understand how to make their money work for them, how to get people to work for them, right? As simple as that. That's a big, a huge difference. And so I think those are just some of the wealthy mindsets that I'm even noticing that I've seen my other wealthy friends, how their parents raised them versus maybe how I was raised, how we can start implementing into our children because we all trying to have these Black trust fund babies, right? But what does that mean? How is that going to impact them later on? That's where a lot of us, because we're new to this, we don't know yet, right? So we have to make sure that we're putting— we're also enforcing into them sharing, giving back, work ethic, like all those things as well. I think that's equally as important because if not, they'll just blow all the, all the wealth that we created anyway.

Because they say, well, wasted our time creating these trust funds and then they ain't even gonna take care of it.

They said most, most literally only last like 2 generations. The second generation usually blows it. So yeah, yep.

But having these conversations, thinking ahead, you know, even at such a young age, like you said, instilling morals, because in my opinion, that's what it's really going to take for you to be able to manage this wealth that Mommy is out here, um, is out here building. Okay, so my last question, again tied to your social media, because, girl, I was stalking— you put up a post that I thought was just, again, just a conversation that needs to be had, and it said, you're not a bad mom if you have a higher calling outside of your children. So how or who is helping you to be able to manage mogul life and mommy life?

Listen, it's a lot. It's— it is a lot. It's the one thing I feel like I've— this morning I got up, my flight— I was in Arkansas speaking, um, for Walmart and Procter Gamble executives yesterday, and I was supposed to be back at midnight, and my flight ended up getting in at 3 AM, and I was just like, oh my gosh, I'm so I'm tired. And I never forgot, I got up and everyone was like, how are you up? I kind of made the kids breakfast because my nanny came in late. And they're just like, how are you doing all the things? And I'm like, you just do them, right? You don't have a choice, you just do them. But I would say having that team is so important. I have an amazing support system. Like, I don't have a lot of family. Actually, we have two family members here in Miami— my sister, my dad. My sister is just absolutely hands-on with my daughters. My nanny is— I couldn't do any of this without her, right? Has been really, really instrumental. But also my team, right? I have an amazing director of marketing and chief of staff, all those, all of them. I have a team within my business that I can trust. I could disappear for 3, 4 days— I wouldn't do that— but I could disappear for 3, 4 days and I know they're gonna run this thing and we're still gonna make money just if I was there. There. And so I think those are the core, the core people for me. And my mom, you know, she's in another state, but just having those people who are constantly pouring into me, I think that's what's really important. And amazing friends. I have some just amazing friends who are constantly pouring into me because, you know, a lot of times as a mom and as a CEO, we're pouring into everybody all the time. But if no one's pouring into you, it can get bad because there's a lot of days where I'm sure you wake up and you feel like, listen, as soon as you wake up It's mommy, mommy, mommy, mommy, choreo this. Like, and it's like, oh my gosh, y'all, I brush my teeth. It can take you out. Yeah. So I would say just really surrounding yourself by people that love you. And I will also say just be very cognitive, you know, as you know, now I'm a single mom, right? So that's a new thing that I'm navigating.

I wasn't gonna talk about it.

Yeah, yeah. So that's a, that's a new thing that I'm navigating, but having those people that like really, really ride with you. That's the part too, because there's a lot of people that I've noticed that will just try to latch on, okay? They'll try to latch on, they want to ride your ride with you. And be very cognitive, just take a second and realize who is really around you because they, because they, they rock with you, because they support you, because they are, you know, they, they want you to win. They're not secretly hoping that, you know, that they want— that they can sabotage you or put you—

or that they want you to win so that they could be a part of it. Because that's the thing too, that part.

And so, you know, everyone on here, as you're listening, like, if you're a CEO or not, or whatever, whatever you're doing, as you're leveling up, just be conscious of who is around you and their intentions. Because not everyone's intentions are good. And just filter people out, you know what I'm saying? If you don't think they, they with you, let them go. But you're going to need a really good core team. You cannot do it by yourself. That's the most important thing, because women, we feel like we can do it all, and we can do a lot of things, but we'll just start doing it all but not well, and things will start to suffer. Um, and also, like, like that post is saying, it's okay to have a calling outside of your children. And I think a lot of times we become moms, or, or historically it's like once you have children, you stop what you're doing, you do nothing else, you stay home, you breastfeed your children, till they're 5 or whatever, you know, and that's cool. We've had our breastfeeding conversations, right? But I'm like, I'm gonna be here, I'm gonna be a girl.

He's still— he still ain't left me alone.

Update, I'm gonna go make me fly to Atlanta. I'm gonna come to Atlanta.

Send help, please.

Listen here, uh, but no, I think that's really important. Like, I, I have an equal— it almost probably— if almost not greater purpose to impact the lives of millions of people. I know that. But I also have an equally important role to raise these two women, that hopefully they'll go out and impact millions of lives. It's equally as important. God didn't just put me here to be a mom. He put me here to be a mom and also to impact other people. And I have to take both roles very seriously. And so any mom that's out there and, you know, trying to delay becoming a mom because they feel like they have to do this or they or, or, or, you know, not starting that thing because they are a mom. You can do both things, and you have to. You have to, because this is what—

let the mom guilt go, because it ain't gonna get you nowhere.

And they don't care. They do not care at all, because they're reaping the benefits. Yes, but they gonna grow up, they gonna be thinking about us anyway.

Yeah, true, true.

They turn 14, 15, they ain't checking for us.

They're gonna be like, peace out. Dominique Broadway Broadway, I have truly enjoyed this conversation, and I know that The people who are tuned in do not want it to end. So where can they find you online? How they can— how can they connect with you on social? And just how can they get more of, of what you got?

Yeah, for sure. Um, so on Instagram @DominiqueBroadway, our business is @FinancesDemystified, and the website is also Finances Demystified. But if you go to Dominique Broadway, you'll see all of our links. We have tons of free upcoming challenges. We're just educating people for free on all things money, all things wealth building. Um, just a lot of really amazing things coming down the pipeline. So just please make sure you go give us a follow, check out the links, check out all of our free classes. And I want to work with you on this wealth building journey.

Yes, wealth building journey. I appreciate you truly. I appreciate the work that you're doing because you could literally just ride off into the sunset with what you've been able to do for yourself.

But you are—

listen, Listen, and you could, but you are choosing to give back, um, and to really do it in an impactful way. So I appreciate you. I know that the lives, um, that are being changed, you know, are definitely appreciative of the work that you're doing. Thank you, y'all. Another game-changing, life-changing conversation here on the Girl Stop Playing podcast. Stop playing, get out there and get to work. I'll see you next week.