If you’ve ever seen the show POWER, you’ve seen an interesting example of financial empowerment. Don’t believe me? Ghost and Tommy grew up in the gutter. They knew that if they wanted to make something of themselves, they were going to need money to do so. Then came along Kanan.
He took both of them under his wing and schooled them not only on the drug game, but on how to hustle and handle business as well. Although unorthodox (and illegal), their methods for building an empire were calculated and lucrative.
Now, I’m by no means supporting drug trafficking, but I do believe in free enterprise and becoming empowered financially. And with season three of POWER upon us in mid-July, it’s the perfect time to discuss five steps to take to become financially empowered through lessons learned from watching the show.
Step 1: Go from nothing to something
See, we all want to build an enterprise for us and our families. Whether you come from the streets in New York City like Ghost, Tasha and Tommy; or from Bel-Air like Hillary, Carlton and Ashley Banks, we all want something to call our own. So to build your legacy, you have to know how to go from nothing to something.
Maybe you want to sell clothes or start a brand consulting business. Better yet, you have the next phone app that’s going to change the way people share life experiences. No matter what it is, you have to start at ground zero and work your way to greatness.
To do that, you’ll first want to check out these “10 Steps to Launch and Grow Your Business.” Even if your business is already in the beginning stages, there are still great tips within those 10 steps to help you flourish.
Another way to start from nothing is to make a budget and develop a financial plan to help save, pay off debt and invest so your financial future will become more secure. If you start directing your dollars with purpose, then you’ll know how to establish wealth goals.
Step 2: Once you get right, stay ‘clean’
As Ghost and Tommy turn nothing into something, Ghost is trying to leave the drug game and become 100 percent legit through other business ventures, mainly nightclubs. Neither Tommy nor his wife Tasha are feeling it and love living the dangerous life of luxury. However, Ghost sees the bigger picture.
Whenever you’re trying to get your money right or oversee business operations, you want to make sure your actions are on the straight and narrow. There’s nothing wrong with trying to get your money right quickly or have your business excel ahead of schedule, but you have to make sure you’re doing everything correctly and legally.
This means paying your debts on time, saving according to your budget allocations, investing in financial markets and real estate while paying the taxes you owe, etc. Keep your actions and books in order if you plan to achieve financial empowerment.
Step 3 – Be careful who you take advice from
As you continue to build to your money chest and become ‘cleaner’ in your actions, there are going to be plenty of times that outside influences will try tell you what to do with your finances and business ventures. The key is to be knowledgeable enough in that you know which advice is good and which isn’t.
Ghost is constantly torn between the advice he is given throughout the show. His wife Tasha wants him to think about the family business more than being legit and Tommy consistently lets Ghost know that he’s getting soft when it comes to their illegal endeavors. Angela warns Ghost about associating with Tommy as she gets deeper into the case against Felipe Lobos. And let’s not forget about Simon Sterns input about how to run a successful club empire.
When it’s all said and done, Ghost trusts his instincts and the knowledge he’s gained along the way. He doesn’t always make the most ethical decisions (see Step 2), but he doesn’t just take advice as truth without some due diligence.
I have 6 tips for sticking to your budget as well 7 keys to your investment budget and I am interested to know your thoughts on the advice given in both.
Step 4 – Spread your money around
Now that you’ve cleaned up your finances and have a successful business up and running, you’ve learned how to make the right moves, even with all the expert advice thrown your way. But you begin to feel you’re becoming stagnant in your money moves and want to really grow your bank account and portfolio. That’s a natural feeling because now you know it’s time to start speeding your money around in different areas.
Ghost and Tommy have been spreading their money around since season one between banks and businesses.
A bank will only insure each account type (e.g. checking, certificate of deposit, business, etc.) up to $250,000 according to the Federal Deposit Insurance Corporation (FDIC). That means putting $1 million in a single bank account is neither lucrative nor safe. Ghost and Tasha keep money in banks, in their home, in businesses, luxurious items like jewelry, and the list goes on. Diversification is key.
To help your spread our money around, here are 5 ways to save for investing and be sure to revisit these 7 keys to your investment budget.
Step 5 – Make sure your money is secure
As you seal your mark on financial empowerment, the last step you must take is securing your finances for today and the future.
Yes, the FDIC is one way as mentioned in Step 4, but there are other ways to as well. These ways include life insurance, trusts and wills, which all fall under the general category of estate planning.
As Ghost steps out on his wife Tasha for his high school sweetheart Angela, Tasha catches on begins to plan for her future and her children. Not only is she worried about her marriage, but also Ghost getting caught up with jail time, which could have a direct effect in the money they have. Although not testimonial estate planning, Tasha takes action to secure her future.
For more information on estate planning, check out this article on money lessons learned from Empire.
As you can see, financial empowerment is extremely important, but doesn’t take many steps to get there. Turn your finances into something of substance and make sure your records are on the up and up. Be careful of advice you take and make sure to spread your money around by diversifying your portfolio. Lastly, secure your finances today as well as in the future. After all, this is a big, rich town. You not getting your part is nonsense.
