SPEAKER_00 0:12

Ready to get the inside scoop on equity funding? Tune in to TDJ Equity Funding Insiders Podcast for an in-depth look at what it takes to access financial capital and maximize your investment. Hear from experienced professionals, including bankers, underwriters, loan officers, and industry experts, as they share their unfiltered stories and valuable lessons on securing funds.

Jacquelyn Jackson 0:45

Okay, we want to thank you all for joining us again for our Giving Power to the Business Owner series. And we want to welcome you all as being a part of our audience. You all have been wonderful. We have gotten a lot of feedback on certain things that people would like to have for us, topics, and everything. And so we kind of listened to you all on what topics we need to have. So one of the topics that was actually mentioned was more of understanding uh the financial world of business. You know, how do we kind of control that? How do we have more of an understanding of what it is? So we had a special guest that came in today that's willing to talk to us a little bit about that. Uh, and I want to introduce you to her. Uh, she is Selena Purell, and Selena actually um has um earned her bachelor's degree degree in finance from Southern University and AM College in Baton Rouge. Now, she specialized in risk management and insurance, as well as she got a master's degree as well in business administration. Now, she is as, and and Selena, you get to correct me, she's the director of the J.E. Cohen Financial Advisor Development Program. Am I correct? All right, so we're gonna learn a little bit about that so everybody can kind of understand that. Matter of fact, I think you gotta spare head, you spearheaded that, and that's a program which fosters, and I love this, it fosters mentorship through hands-on experience to inspire the next generation of wealth and investment management professionals. So that alone let us know that our heart is into what she does, and that's what this show is about. We're about giving power to the business owner, but we're also about dealing with those people and the entities that can actually come in and give us the true understanding of what's going on. And I feel that Selena Horrell is definitely that. So let's welcome you to the show, Selena. And I want to start off with you first of all, letting us know a little bit more about you personally, if you don't mind, so we can kind of understand you. But thank you for being here today.

SPEAKER_02 2:51

Yes. Well, first, thank you for having me. I'm really excited to be here. Uh, when I think about the work that I do, it really comes down to helping people feel more confident and in control of their money, especially for business owners. There's just so much uh focus on making money, but not always enough guidance on what it is that you actually need to be doing with it once you have it. So, my goal in conversations like this is to really assist in simplifying things, making it feel accessible, and help individuals understand that building wealth is not out of reach and that it is something that you can start right exactly where you are now.

Jacquelyn Jackson 3:35

Exactly. That's why we wanted you here. So if you don't mind, can you tell us about your journey into the finance and what led you to the current role as a financial advisor is J.E. Cohen right now?

Why Business Owners Lose Leverage

SPEAKER_02 3:47

Yes. So I actually got into finance from a very personal place. Um, as a first-generation college graduate, I didn't grow up with a whole lot of exposure into financial literacy or wealth building strategies. I am, of course, the first to do it. Um I had to learn a lot on my own. And through that process, I realized how many people, especially people who look like me, are navigating money without guidance. Um that's what pushed me into this field. I wanted to not only understand money for myself and my family, but to be in a position where I can help others in helping others make more informed and confident decisions.

Jacquelyn Jackson 4:36

Right.

SPEAKER_02 4:37

Now, in my role at JE Coin, I get to do exactly that. I work with individuals, families, and business owners like you all, to build strategies that align with whether where they are today and where they want to go long term.

Jacquelyn Jackson 4:56

Okay, so that's something what we want to actually. Hopefully, everybody can pick up some things as we go through this as well. So let me ask you a little bit more about um your clients. When you think about your clients, where do you see the business owners? Because this is mainly what we want to talk about today for our business owner, losing the most financial power or leverage.

SPEAKER_02 5:18

That's a great question. So when I think about business owners, I don't think that they lack income potential. I think that it's often the lack of structuring. Um, a lot of them are making money, but it is not being allocated intentionally. There's a mix between the personal and business finances, there's no clear tax strategy in place and no real plan for investing or scaling that income. And that is where the loss of power happens. Because if you don't have a system in place, your money ends up controlling you instead of the other way around.

Start Wealth Planning From Day One

Jacquelyn Jackson 6:01

Exactly. Now, let me say that, let me add to that part because I think what happens when we start business, when people do startups, let's say startups, I don't think we think structure, like what you're saying. And so what happens is I think as a startup, if I start, even if you start, I tell people, even if you start an Avon business, it doesn't matter. Everything has to have structure. So I totally agree. But I think what we do is take that how I started the first year, I kind of keep that mindset going the same way. So I don't bring uh think about you or even getting structured uh until something actually happens. So I'm looking at this and seeing how important it is to have that type of information. So my question I do want to ask you, it's a little bit different than what we said, but is it is it better to start with you starting off with my business or give my business like first year of taxes or something before I reach out to somebody like you? Say it one more time. Is it best for me to start off when I first start my business, or should I wait like a year after I file my taxes or something like that before I get with you? When do you think I should get with you? It's a business owner. No, you should start immediately when I first start, okay. And and why do you say that?

SPEAKER_02 7:16

Because the sooner that you start, the earlier that you start, the better off ultimately that you would be, you know.

Jacquelyn Jackson 7:24

So we want to count, and that makes sense to start off like that. We just don't think it, and like you said, you just mentioned it, we think it's out of our reach, and you're trying to say no, it's not out of your reach. Okay, so let's see. So a question I have now there are gaps in financial literacy, okay? And I think you and I have had this conversation off the off the record on it, that there are gaps in the literacy, um, financial literacy, but do you see most often among entrepreneurs or small business owners, what do you see for those gaps?

SPEAKER_02 7:57

Um, so one of the biggest gaps that I see is understanding how to make money work beyond just earning it. Um, a lot of business owners know how to generate the income, but they're unsure how to invest consistently, um, planning for taxes, like I mentioned, or build long-term wealth outside of their business. And another gap is not knowing where to start. Um, so like I mentioned, starting as soon as you decide you want to open up that business. There is so much information out there that it can become overwhelming, but at the end of the day, you don't want to just not do anything at all. You have to start somewhere.

Jacquelyn Jackson 8:43

Right, exactly. So I noticed, well, I'm gonna say this. I think we've talked about it that I believe that um wealth management at some point was like for the rich and the rich and the wealthy, right? And you and I have talked about that. So I know Joey Cohen positions itself as a wealth management as for everyone. How do you translate that philosophy into a practical strategy for founders and who may feel they're starting late or starting too small?

SPEAKER_02 9:11

Yes. For me, whenever we say wealth management is for everyone, that means meeting people exactly where they are and not where they think they should be. A lot of founders feel that they are too early or just don't have enough yet. But the truth is, the earlier you start, the more leverage that you'll actually have. And so practically that looks like starting with small consistent investments, building a cash reserve, and putting basic systems in place before things start getting complicated, which is why I mentioned starting as soon as you decide you want to open up that business, as opposed to waiting a year after you've filed your first year's taxes, because then things might just be complicated at that point. Right, right. Um, and so you do not need to have everything all figured out right now. You just need to be able to start with that intention.

Three Questions Every Owner Answers

Jacquelyn Jackson 10:10

Intention, exactly. That and which which makes a world of a sense, you know, uh to Catalog, especially with everything coming to us. We need to have some type of structure. And this is an area that most business owners do not know. We may know our craft, you know, we might know how to do our services and and what and our product, but when it comes to the numbers and the financial and the structure, we don't. So we need and we encourage that to get that help. Like I said, Selena's here. I mean, you all have access to her, which I told you she'll be on our referral page. You guys can reach out, get an appointment with us so you can see what's going on with you, just to kind of don't do it alone. That's why I tell everybody, just know that you have that help. So when a business owner first comes to you, okay, um, what are the top three financial questions you want them to be able to answer about their personal and a business finance?

SPEAKER_02 11:05

That is also a great question. So when it comes, when it comes down to someone um wanting to meet with me as a discovery meeting, um, I want them to be able to answer three things. So, first, where is your money currently going, both on the personal side and within your business structure? Okay. Secondly, what is your plan for taxes? Not just this year, but long term.

Jacquelyn Jackson 11:34

Okay.

SPEAKER_02 11:34

Um, and lastly, how are you building wealth outside of your business income? And if you can't answer those, that is where we need to start.

Tax Strategy And Business Structure

Jacquelyn Jackson 11:45

Now, now I think those are great questions and answers we all should have. So let me ask you this. Let's talk about taxes because you know we've had discussion, business don't feel like taxes just for your CPA and your accountant. It has nothing to do with me. And we know now that is wrong. So when you say plan for your taxes, what type of plan? Give me an example, or what do you mean when you say they should know the plan for their taxes?

SPEAKER_02 12:08

Yes. So, like looking at your business structuring, you know, the LLC, the S Corp, um, however, your business is already structured, making sure that you have a tax advisor that can help you walk through that. I am not a tax advisor, um, but we do planning around that on the investment front of things, um, where we might allocate your assets into specific investments so that it can help with your tax liability or things like that.

Generational Wealth For First Timers

Jacquelyn Jackson 12:41

Okay. So basically, like you said, plan your tax strategy. Then you've said something I know we don't really think of a lot as business owners is that how are you gonna be doing your taxes? Like you said, is it LLC? Are we gonna incorporate? Are we gonna ask corporate? Are we at this point, or should we not be? And that's and those are the words I'm gonna be honest. I'm just talking to you. We think that doesn't have anything to do with us as business owners. We really think those words, those terms have nothing, and that's why it's important to even start with somebody like you to give you an idea that hey, because like you said, you didn't filed your taxes, it may be a big mess now, which we could have prevented if you didn't start it out with you. I know you've ran into those types of situations before, right? Of course I have. So I I that's why I say I think we definitely want to bring attention to that. All right, so our next thing, our next question. All right, so you speak about building generation wealth. We've talked about that, and and so what does that look like specifically for first generation entrepreneurs, or even women of color? That's a big thing. But what does that look like for first generations?

SPEAKER_02 13:56

Opportunity. Um, so for first generation entrepreneurs and women of color like us, it looks like owning assets, investing consistently, protecting your income, and creating those systems that your family can ultimately build on once you're no longer here or want to pass that torch down. Um, it is also about education and making sure that the next generation does not have to start from scratch like we did.

Jacquelyn Jackson 14:27

That's great, that's great. I like that. I like that. So you're saying the biggest thing is one of them, let me make sure because it kind of cut off a little bit, is education. And so we need to educate each other of us doing this uh wealth leaving for everybody, but also what was the other one that you mentioned before that one before the education, because it cut off.

SPEAKER_02 14:47

Um, so I mentioned owning assets, okay, investing consistently, protecting income, and creating systems.

Jacquelyn Jackson 14:56

All right, and create right now.

SPEAKER_02 14:58

The logical part was education. So education.

Investing Myths That Hold People Back

Jacquelyn Jackson 15:01

That's how we got education. That was I ain't want to miss it because I knew you had some good stuff later. So we want to make sure we get it. All right, so let's go to our next questions. Okay, since we're talking on this, what are some common money or investment investing myths you have to debunk with business owners and professionals in any of your workshops you do?

SPEAKER_02 15:22

Yes. So one of the biggest myths that I hear is that you need a lot of money to start investing, and that's not even just with business owners, that's with a lot of individuals also. I don't know why people think that, but people are also scared to talk to financial advisors for that same reason. Right. But the truth is you really do not, you need consistency more than anything, having that structure. Um, and another myth is that your business is your retirement plan. That's risky. Your business is one set, but not the entire strategy. Um, and a big one is waiting for the perfect time. There is no perfect time. Right is when you are informed and intentional.

A Client Story Of Smart Allocation

Jacquelyn Jackson 16:12

Oh, informed and intentional. Oh, I love that. I love that. You know, I gotta write it down because you're right. We once we and you know, that's what I said about certain stocks and stuff. You know, some of the colleagues and friends we were around talking about different stuff to investigate, invest in, and they were like, name out some nice stuff, and it sounds real good. And they told about the cap and all that. What do you think? I said, I know nothing about it, and I'm not touching it until I learn. So that is something for you to say that I think that's great, and that's what you can come in with too, right? When they start talking about wanting some type of investment, and see that's what I want our business owners to know. Just reach out to her and make an appointment. I mean, it's nothing but to call and make an appointment or set up, you know, a book on your link, which we have your website where they can go and book for you guys. So at least you should do that. Um, the next question we have can you kind of share a story where clients shift their financial strategy and significantly change their wealth building trajectory?

SPEAKER_02 17:13

Yes, of course. Um let's see. Um, I had a client who was doing very well in their business with strong income and growth, but everything was just sitting in cash. Um, they were nervous about investing, and they just didn't have a tax strategy in place. And so we started working together to properly allocate their cash and start a consistent investment plan. Um, and that way we could structure things in a more tax-efficient way. And literally within a year, they weren't just making money, but they were actually building wealth and most importantly, they felt more confident and in control of their circumstances.

Simple Three Step Money Framework

Jacquelyn Jackson 18:04

Okay, so just by having that in place. And so I want to encourage everybody again, let's reach out and make that up. You're starting your business. Um, and and like a lot of us that have business, you got money coming in, and you think everything is running smooth. And and we don't want you to come with things or not, but if you do, she can help you. That's the time you need to reach out to her, you know. So Selena and her team can actually give you some idea of where you need to go, some type of roadmap where you can actually start. So at least start with her to get that appointment. And that's everybody in any business they need to reach out to you, or even individuals they can reach out to you. Because now somebody said this, Selena, and I think they're right. Someone said, But it's a lot of people that are W-2 employees that that don't that do not own their business that listens as well, and they made a comment. So you can help them as well. Individuals, um, nice job, you got money coming, especially these college kids. I know some that have started with some nice income that I didn't start when I went to college, and they do not think about financial advisors, but they should. They should. So we definitely you can help them as well and work with the individuals too. So we need everybody to understand that she's there for that. All right, for our business owners, and you know how we are, who feel so overwhelmed by investments and retirement and planning. What is one simple framework or the first step you recommend they take this quarter?

SPEAKER_02 19:34

Um, I always tell people to start with a simple three-step approach. So, first, that's getting clear on your numbers, knowing where everything is. Um second, build a cash foundation. And then third, start investing consistently, even if it's small. It doesn't matter. You have to start investing consistently. That is like one of the main things. Um and you don't have to do everything at once, just take things one step at a time this quarter, and that'll help move your needle significantly.

Jacquelyn Jackson 20:16

If we do that now, if you don't mind, hoping you can tell me what is your reason why you say let's do all those things. Number one, why should we do those?

SPEAKER_02 20:24

Do that one being clear on your numbers. Why? Um need to be clear on your numbers so that you know exactly where you have certain accounts at, um, knowing how much money you even have, period, that's liquid, as opposed to how much you have on a debt front as well. But that's also where that knowing where what you have going on on the personal side and then also what's going on on the business front will matter. Because you don't need everything to be all commingled. Unless, of course, you're a sole proprietor, but you even with that, you got some value.

Jacquelyn Jackson 21:01

You have right, okay. So talk about the cash flow. Why should we be with the cash flow?

SPEAKER_02 21:08

Um, building that cash foundation is important because you need to have that safety net for you outside of investing. You don't want to invest your whole life savings. You need to have, as a business owner, at least six months worth of emergency savings stashed away somewhere.

Jacquelyn Jackson 21:30

Yes. You recommend cash. Okay, gotcha.

SPEAKER_02 21:33

Yes, that's making sure you have that cash foundation. Um, and then also with being a business owner, you need to make sure you're putting amount putting aside um for taxes. If you haven't been paying throughout the year, you're gonna make sure you have that amount saved already so that you're not smacked in the face by the time it's tax season. Right. So those two cash foundations as business owner are very important. And then thirdly, with starting to invest consistently, that's where I would essentially come into play helping you with being diligent about the consistency and adding into your accounts, making sure that you're maxing out your retirement accounts and things like that. The more consistent that you are, it'll just become natural. Things that you won't forget about. And it's ultimately setting you up for the day that you decide you want to retire or the day that you pass and this money is going to be passed down to your heirs.

Jacquelyn Jackson 22:43

Right. So that that that's why they need that's the reason to do which is really great answers for you giving us for us to actually do that. So well I I think what you've given us is is a lot of information but like you said we could reach out to you and we'll have you on there. So let me ask you this what would be your takeaway you would like for the audience to get today from you if you would uh let us know what you want them to walk away with with you today.

SPEAKER_02 23:11

Yes. So if I were the one that was designing this episode I would want business owners to essentially walk away feeling empowered and no longer overwhelmed. You know I want them to realize that they don't have to have it all figured out right now.

Jacquelyn Jackson 23:32

Right.

SPEAKER_02 23:32

You're not behind and they can ultimately start building wealth with where they are and what they have right now. And most importantly that having the right strategy and guidance can completely change your financial trajectory.

Jacquelyn Jackson 23:53

That's true by having all of that. So all that sounds really good. So well I think that's great. You've given out some points that we definitely should be looking at and and you seem like I said you know seem you are open for uh people to reach out to you and that's what we actually wanted. So we will have you we want to thank you for being here today. And hopefully like I said if we need you to come back in the future hopefully you'll be available to come back for some more specific topics that we may have but we want to thank you for being here today. And if there's anything we could ever do for you on IN just let us know so much for being here today. Thank you.

SPEAKER_02 24:28

Thank you for having me again um this was great. And I would just say this you do not have to have everything all figured out just to get started. A lot of people feel like they're behind or that they have waited too long but the truth is once you get clear on your numbers and start being intentional things can change quickly. Just give yourself permission to start right where you are stay consistent and build from there. That is really how wealth is created over time.

Jacquelyn Jackson 24:59

Over time if you would they ask could you give some information on the air so people can reach out to you whether it's your number email IG account whatever you have for us we're still going to put it out there on print but we need you to say it today for us yes so my business number is 5049195566. And then on Instagram it is Selena Horel Plans S-E-L-I-N-A-H-A-R-R-E-L plans okay so that's the best way to reach you those two two ways are the best way to get with you right yes ma'am okay well you all have it and we'll have it as well on our podcast giving power to the business owner and our series but the podcast T Dj Equity Funding Insiders is where we would actually have this podcast uh set for you on link as well as to listen to as well as on YouTube where you can also watch the podcast we do have the video part of it on the YouTube under the same thing TDJ Equity Funding Insiders. So every that's have been great for today we want to thank everybody and you guys have a great day and take care.

SPEAKER_00 26:13

We hope you enjoyed this episode of TDJ Equity Funding Insiders Podcast. If you'd like to be a guest or get in touch with us please visit our website at TDJLC dot net forward slash podcast or email us at podcast at TDJ Equity Funding Insiders dot net. Until next time take care