Thrifty Thinking: Getting Ahead Financially - Tips from Marlo Richardson

 Financial expert, investor and entrepreneur Marlo Richardson left her 9-5 to pursue entrepreneurship. She learned most of her financial knowledge through business and practice -- not in a classroom. She now has multiple successful businesses, invests in real estate and crypto, has a license to grow and operate a cannabis grow op, and has hospitality businesses.

She went through the hard part of trial and error towards her success and wants to share how she gained financial freedom.

I had a chance to interview her to learn more.

It can be hard for people who are struggling financially to get ahead. If people are strapped for time, how can they still fit in learning about financial literacy and responsibility to improve their situation?

While everyone’s time is limited, I find that the best time to learn about financial literacy is anytime you have downtime. Listening to podcasts on the go is what I typically to.  It allows me the ability to listen while I’m driving in my car or even shopping at the grocery store. 

Having the ability to understand finances are essential to success.  Even if you hire the best bookkeeper and accountant, you need to have a basic understanding of financial literacy to make sure that you are prepared for business, investment and even planning for your families future. 

When I first began creating passive income through investing, I used my jobs 401(k) plan and deferred compensation plan. While not all jobs have these compensation plans; technology has made it very easy to start investing using Websites and Apps. 

How can people get started with passive income, especially if they don't have a lot of money to spare?

If you’re strapped for cash, there are several platforms that allow you to purchase fractional shares of stocks that would otherwise be unaffordable. There are other areas of those same platforms that allow you to continue to make investments by adding your bank account and choosing how often and how much you would like to invest continuously.  

I understand that for some, this almost seems impossible to do. However, I like to make a list of all of my expenses and see what areas of my spending I could spend less, and re-allocate that money to investing. For example, if I see that I’m spending a lot of money eating out, I would cut that in half, and designate the other half to my investment account.

The key to seeing these investments as passive income would be to start as early, or as soon as possible. There’s never going to be a right time to start investing. Even if you start small, you can always increase your contributions or decrease them if extremely necessary. 

Mutual funds are some of the best investment vehicles around.  They allow you to invest in multiple stocks within the same general type of businesses, allowing you to manage both wins and losses by having several stocks simultaneously working in your favor.

What are some things that beginner investors need to know?

What beginning investors need to know, and understand is that investing is not a get rich quick instrument. It takes time in order to grow. There are some stocks that have been known to skyrocket overnight. But, that is not the general practice. New investors need to be able to make small continuous contributions and understand that overtime, their investment value increases when their stocks grow, in addition to compounding interest. 

It’s essential to not move money in an out of a stock account like you would do in a checking or savings bank account. New investors should understand that going in that this money is there to grow and not to be borrowed against with the exception of an emergency.

Marlo is known as a dynamic leader, business professional and as someone who has made her mark in many industries. She is a regular disrupter, often carrying the title “First African American Woman to”. Marlo has been a Keynote Speaker, business advisor, and is often invited to speak with local business groups and universities regarding her personal story and experiences in the business world.

As a young girl, Marlo knew she had an interest in helping others. She was able to accomplish this through roles within charitable organizations, law enforcement, and politics. After facing gender and racial discrimination when working for the LAWAPD, Marlo decided she wanted more financial freedom and to be her own boss. She transitioned out of working the traditional 9-5, overcoming various hurdles in the process and took a leap of faith into entrepreneurship. She knew doing so would also create generational wealth which was important for her.

Richardson has owned business franchises, restaurants, a home health care agency, a real estate investment company, insurance agency, retail clothing, travel agency, security company, production company, distribution company, manufacturing company, marketing company and has created several successful brands.

She is the founder of Business Bullish, a website and resource that seeks to train people in the areas of financial literacy and entrepreneurship. She is a dynamic business woman and leader and is also a keynote speaker and business advisor who shares with local businesses her success stories in hopes that they can replicate her growth.

She also takes time to speak before many organizations, universities, and corporations. She speaks on topics such as leadership, motivation, work, entrepreneurship, and innovation. The business advisor and speaker regularly accepts bookings to some of the most prestigious institutions and organizations in the country.

Business Bullish comes as a passion project of Richardson, after realizing the lack of resources that help people invest and grow businesses. Moreover, the resource is completely free, as the business guru looks to help as many entrepreneurs as she possibly can. In the future, she hopes to create a strong community and network of business owners who can share insights and ideas to help each other flourish in their respective fields. She hopes to create an avenue where people can share business ideas and get feedback from the Business Bullish community.