Exploring the Myth of Broke Millionaires

Welcome back to the Event Tv Podcast, I'm your host, Dr. Shanna Scott, and today we're diving deep into the real cost of success with the insightful Dr Omai Kofi. Have you ever heard the term "broke millionaire"? Well, Dr Omai's here to debunk myths and shed light on the often unseen financial struggles that even the wealthy face. We'll explore the concept of finding your own "money number" and learn why knowing this figure is critical for your financial future.

Dr Omai, a retired wealth strategist and founder of the Board of Literacy, brings her rich background in finance, media, and modeling to the table, offering a unique perspective on building wealth and avoiding poverty. She'll share why she's motivated to help others navigate their financial journey and how she's planning to open up about the hidden side of having wealth in her upcoming series "Wealth Confessions."

Plus, we'll talk about the larger abundance in the world and the mindset shift that's required to tap into it. It's a conversation full of practical wisdom and actionable insights for anyone looking to manage their wealth wisely, and it all culminates with how you can. 

Transcript

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Welcome, everyone, to yet another amazing episode of Event TV. I am Dr. Shauna Scott, your million dollar events strategist. And I'm so excited again today I get to meet the most amazing people on earth because today we have an amazing wealth strategist here, and I'm excited about sharing with you all her and her story and her amazing event and how you can connect with her. So I'm going to go ahead and bring her. Hello. Hello. Dr. Scott. I am amazing. Yes, you are amazing. And I'm so glad that you're here today. All the way hailing from Dallas, Texas. Yes, indeed. Yeah. And so it's stormy out there, huh? You were. Is, it is. It's stormy. It started last night. It's kind of rolling through the day, so we're letting it pass through, which let me be able to stay at home all day. All right, good, good. So I'm so glad that you're here today and you're sharing with us. So, Dr. O, introduce yourself to us all. Tell us who you are and all of your amazingness. Got it. My name is oh, my coffee. I'm based in Dallas, Texas. I am retired, but when I come out of retirement, my favorite, favorite thing to do is wealth strategies. I love talking all things finance, all things economics, but a lot of that comes from a spiritual pathway and an emotional pathway. So I'm considered a spiritual wealth strategist because I definitely tap into what we would call your spiritual realms to get to our subconscious programming aspect of our wealth. But either way, I've been doing that for a very long time. I started in the area of finance technically around the year 2009, when I realized realeyes that when I was in media, I come from a background of media. So that's marketing and promotions, guerrilla marketing, branding, brand awareness, brand ambassadorship. I was a promotional model. I was a television radio model. I've been on reality television with NBC and TLC and all the letters. I was a commercial model forever. But what I noticed was when these studios or these production companies or these television networks do not have money, they have to contact their investor relations folks. So I started working in the investor relations department and started understanding more behind the scenes information and things. I became an executive producer for a small talk show in the DFW, Dallas, Texas Fort Worth metroplex. And I took that information and that training onto Atlanta, Georgia, where all things are media to me. And it's an excellent platform, especially for those people of color who want to get started. So I got my training ground in Atlanta while I was in Atlanta from 2006 to 2009. I had to learn about the money. And with that being stated, that's been a home space for me, a home run for me, which is the way that I was able to retire through investing, learning about investments, and bringing other people into that world. So that's who I am. A little bit of my story and what I do. Wow, that's a lot, and that's pretty impressive. We're so excited about having you here today and diving into your story. So one of the things that you stated that was a little extremely interesting is that you said that you are retired. About that. So I had this mindset around the age of 20 something. I was probably about 27, 28, and I worked at the time before I dove into the world of modeling completely, meaning that was my full time gig. I was at city Financial, and at City Financial, I was making $7 million a year, but I obviously wasn't receiving the $7 million a year, but I was receiving a lot of money. Right. I was getting paid a good deep five figures to six figures on average, around 26 and so on and so forth. Wait, I'm sorry. You were making 7 million, but you were only getting six figures of that? Yeah. Because welcome to corporate America, where we give you a badge and a title, and we pay you what we pay you because you're on salary, you're not an investor of the company, you're not an owner of the company. So when I found that out, because I was doing assessments and records and things of that nature, and I stumbled upon that, I was like, I'm a millionaire. And it was a light bulb that came on in my head, and I had a lot of money in the bank at the time as well. I had a lot of cash flow come in. And so at that time, with that current husband, we're divorced now, we went into logistics, and then I was like, oh, I'm a real millionaire. For real. Logistics will make you a millionaire. Okay. It's tough, it's rough. There's a lot of expenses and things of that nature. I'm not saying that it's super sexy or anything like that, but it is very well paid, very well to do. So. Anyway, I took my investing mindset and I took that cash from city financial, and I put it towards logistics. And then I recognized that not only was I a millionaire, that how do you get a million dollars? Right? So when I found out that I was making the company that much money from my accounts, from my trading, I'm doing what we call financial account management on billion dollar accounts. So these weren't some little accounts. At first. I started off in the auto section, and then I migrated up to the commercial section. When I migrated to that commercial money, I was like, oh, no, I've got to be doing something different. So here's a date for the audience, because this is very important. Trust me, this date alone will change your life. May 27, 2005. It's coming up, right? It'll be an anniversary for me. That was the day that I heard clearly as I'm talking to Dr. Scott right now. Get up. Put in your two week notice. You're done with corporate America. And I knew that that was the devil talking to me, Dr. Scott. I knew that was the voice of Satan. There's no way you want me to walk off my job. And I'm a new wife, I'm a new mother. There's no way you want me to walk off my job. And I just started ministry, and there's absolutely no way you want me to walk off my job when my job is paying for my education. I'm in school, right? So anyway, put in my two weeks notice, and shortly thereafter, Sears went out of business, and we lost the account. Anyway. And that entire department of the company shut down. Anyway, it was an opportunity. So that's when I went into modeling full time and promotions and marketing and branding and television, film and radio and all that stuff right after that. And I got paid very well with that, was still making six figures on my own, and then moved up. So anyway, I said all that to say from all of that, what I recognized during that time frame was retirement is not an age. Retirement is a strategy. And because retirement is not an age and it is a strategy, you don't have to be gray haired and burnt out and overworked and underpaid until you get to a certain age and then you get to leave your job. Retirement is a strategy. And that's what I was learning. I didn't know that then, but I know it now, Dr. Scott. Right. No, that is so important. And I'm telling you, that is very profound, because again, even when you said to me, hey, I'm retired, I'm like, girl, you look younger than me. What are you doing? Retired. But definitely that's a huge mindset shift. Retirement is not an age. It is a strategy. So I'm so glad that you stated that. So with that being said, retirement is a strategy. You were able to retire yourself, take care of your family, your babies and all the things, and made yourself a millionaire. Yes. Right? Yes. So with that, I'm 45, by the way. I will be 46 September the 6th. So everybody, don't send me cash app, send me cryptocurrency. Thank you. I'll send my wallet address. I know you love me when you buy me crypto. I wanted to retire at an early age because I wanted to not have to work. Right. I didn't want to have to do that anyway. So I said all that to say that. Yes. So you have to have a money number. So this is an educational moment, how I learned. I'm not saying you have to do this. Yeah. Money number means whatever age you are at this moment. 25, 45, 65, whatever age you are at this moment. How much money would it take for you to never have to ever work again in your life? And if that amount was in your bank account or your trust fund or wherever you're going to put your money to safeguard it in your wealth portfolio, how much would that be? So how you determine your money number is you determine. They do it a lot in the insurance industry where they can actually determine the date that you're going to pass away. And the reason why that's so critical is because obviously they have to cut a check, right? So they know it to the science. So by the time they do your labs, your blood work, and things of that nature, they actually have your death date. That death date gives you a certain amount of time that they're aware of how long you have to live, therefore, how they can get themselves together, least that they can't recover when they start paying out these payments. Right. Right. So I said all that to say that I had to think like that. So that's where I got the information from, by the way. So people want to know, how did you come up with that? I came up with that through the life insurance industry. It taught me how to get a money number together. Well, when you calculate your current bills, Dr. Scott, you think about your current lifestyle, right. It typically is going to either stay the same and or decline on your needs. You know, what kind of lifestyle you live, how much mortgage might be, inflation, things of that nature. So you kind of put that into a projection mode. So, for example, my money number is $5 million. So this is an example. My money number is $5 million because I have the lifestyle that's going to require$5 million for the next 45 years. Right. So the next 50 years. So I plan on living like my grandmother Gussie. Grandma Gussie died at 108. I plan on living to 108. I'm 45 right now. So I subtract those amount of years and I say, how much year over year do I need to live off of to get me to 108? Like grandma Gussie and most of our relatives live past 90, so I'm going past 90 based off of my genetic code. Okay. Right. So just project 100 just to keep it simple. Just round it off to 100. And how much money would you need to live? And so that's how you come up with your money number. So typically it's going to be around 2.5 million to $5 million if you are anywhere between 30 and 50 years old. Nice. Love that. Typically. Right. And that could be way less. It's really up to each individual. But how you find that money number is look at your now and think about your current lifestyle, towards your future lifestyle. So living off of$60,000 a year, my bills were, Dr. Scott, about $1,200 a month. And you're talking about Raymond noodles, peanut butter and cracker lifestyle. Okay, I am extremely frugal. I'm now just regular frugal because extremely frugal is bad too. It's not good. And so now I just say, okay, I'm not spending more than, let's say $5,000 a month on anything, no matter what, home, all that stuff. I don't want to have debt more than this amount. And so I had to start regulating my money because when you're on retirement, you're always on a budget. There's nothing else. Now for me, I generate new income every day because I still trade in the market. I still take on new clients that need wealth strategies. I'm still selling ebooks and doing events and getting paid to speak and blah, blah, blah. So when I say retired, I mean simply not having to nine to five it out while I'm in debt. I still do special projects to clear down some credit cards, stuff like that. But anyway, my point in that is you've got to sit down with yourself and have this meeting with yourself and talk to yourself, talk to your money, because she has ears, she can hear you. And you're going to have to have a meeting with your legacy and that's going to come from the inside of you. So anyway, that's my retirement story. Love it, love it. So with that being said, there's a part in your brand where you are speaking about the broke millionaire. Yeah. I'm like, that is an oxymoron of all oxymorons. Right. But typically I want to hear what your viewpoint is on the broke millionaire. Okay? So in these Internet streets, people have this habit of putting this front on for validation, and we're all seeking some form of validation in some kind of way. It's just we don't need to be validated from every single person. And so basically, there's a lot of fakery going on out in these streets. So my point of broke millionaire was there have been plenty of times where I had no cash. I am asset rich. There's been plenty of times that I've worked with other billionaires and millionaires and multimillionaires, and they're strapped for cash because their cash is tied up in a project or investments. Their cash may be tied up in debt, their cash may be all gone from taking care of their employees, so on and so forth. Right? So you've got this social economic status of millionaire on paper, but then also you have a lifestyle to where you might be eating roman noodles for real. Right. And so I'm joking about it, but it's very serious. Right, right. Well, there was this lady that made a comment because she knew that there was a personal situation, a financial personal situation I was going through because I'd lent out some money and didn't get that back, and other things fell through. So I was in a bind at that time, but it didn't mean that I didn't have the assets. I didn't want to liquidate my stock, my crypto, so on and so forth. So I wanted to keep the paper, million dollar paper, but I didn't have a million dollars in my account. And she made this comment, and I caught it. Be careful about people who make those backwards comments, those backwards compliments. But she said something about broke millionaires running around here, blah, blah, blah. And when she said that, I was like, oh, you're talking to me, but it's okay. I wasn't mad at all. I was like, actually, this is an opportunity to confront why a lot of people don't understand the cost to be the boss. The millionaire lifestyle is a lifestyle. It is a facade. Right? There's a lot of things that go in play for you to have liquid millions in your account. This is going to cause for skill and wisdom. Right? So when she said that, I said, oh, you know me. I confront. I don't run. Right. I confront the situation. And since you want to talk about it, let's talk about it. Here's how you can be a broke millionaire. And here's all of Dr. O's failures or lessons, whatever you want to call them? Here's the side that a lot of people don't want to have to go through to get to this bag. So let me go ahead and put it out there. It cost me about$30,000 in the market to make $4,000 profit. You want to know, how did Dr. O make $4,000 in a day? She risked someone's annual salary. Right? You want to know how do you not have any money? But you're a millionaire? Because I'm not liquidating my assets. Not doing it. You want to know, like, oh, well, how did you lose$50,000 and the girl ran off with your$50,000 cash money. How did you even get $50,000? Like people want to know the truth about. Okay, I see you with your Rollsroyce. I see you in your mansion. I see you going to travel to Bora Bora. But what's the cost? Oh, I can make you a millionaire in 30 days. Oh, I can boost your sales in 20 seconds. Buy my course for 99. 99 and month. Right. All this stuff comes with some other stuff. There's a cost. So when you see a trillion dollar company, Dr. Scott, or a billion cap company, they spend a lot of money to get there. I want to talk from the broke millionaire side on what it cost to get to the status that if you want it. And some people find out they don't. Want this life when they get. Right. Right. But anyway. So broke millionaire is an oxymoron to confront people that don't understand. How do rich people have a struggle? They got upset with Taraji P. Henson for what they thought was a complaint, and they're like, she's a millionaire. What's her problem? You don't understand having to pay salaries to people. And, yes, I get this huge check, but I also have this huge level of expenses. So I wouldn't call Taraji P. Henson a broke millionaire by far. She's so glorious, and I love her. But that circumstance can be seen as a broke millionaire circumstance when you get a $7 million check and you have$6,000,999.99 worth of expenses after you get that $7 million check. A lot of people don't understand how that works out. And they say, well, she could just live in a cheaper lifestyle. Well, she would have to downgrade and process, and it's a lot of stuff that goes into it. So, anyway, my point in broke millionaire is to expose the behind the scenes things that some people don't want to talk about. And I like talking about them since someone tried to call me a broke millionaire. Let's talk about it. And my next series is the answer to that. And it's called get wealth confessions. So now instead of me talking about broke millionaire and confronting that, now I'm going to have wealth confessions on how I came from four generations of welfare, great grandmother, grandmother and mother, and now my fourth generation, we were all on food stamps, we were all on Medicaid. We were all relying on the government system. How do four generations of women have the same story and they don't even live in the same time frame? Right. So, anyway, with wealth confessions, now I show you why some people get $40 billion in the lottery and they end up filing for bankruptcy two months later. Right. So now I'm going to confront it from a different perspective. Absolutely. And thank you for that. And that is very important and powerful because there are lots of coaches, entrepreneurs, and first gen millionaires that are coming from poverty. I myself. So with that being said, we basically are looking to build our empires, build wealth. But we need the knowledge. And you're out here sharing the knowledge. What's the real? Real? Yeah. It's six figure, multi six figure earners. But these bills got commas. The checks got commas, and the bills got commas. That's what I like to say. And so you're also sharing with individuals, right. How to ensure that they get that flow of money, they actually have that cushion and be able to get to their money number correct in the marketplace. And that's important work, very important work. And this is your purpose work, and it is a ministry. So I want to ask you this question. What's up? Why are you doing all this? Why are you helping people build wealth? What? To this moment, why are you not a chef or a dancer? Why are you a wealth strategist? I know I'm playing devil's advocate here. No, I love it. A lot of people don't know their why. And I think that the first way that you find your why is, what are your natural inclinations? What are your natural tendencies? What is in your natural nature that you do in your sleep? What do you dream about? How do you feel about certain things? What are your causes that make you extremely aggravated? And so I'll start there, Dr. Scott, the one thing that gets under my skin more than anything that has really brought me pause is poverty. Like, I just don't understand it at all. There's a scripture that states, for the poor, you will have with you always. And I'm like, what? Invoke that sounds like a curse. None of that. This is Yeshua speaking to the disciples, saying, no, don't worry about this woman spending this expensive perfume and anointing me before I go and get murdered, right? Don't worry about her. And they said, well, we could have taken this perfume and give charity to the poor. And Yeshua says, you'll have the poor with you always. And I'm like, what? Why? There's another scripture that says, there will be no poor among you in deuteronomy. So I'm like, whatever it was, I didn't like it, okay? I was a little girl, and I didn't like it. And so I never understood lack. I just am anti lack. I don't understand. It's too much abundance in every area to have lack. So one way to see it in the visual is I want people to consider what I'm about to say scientifically to remove religion and spirituality and even our human existence. Dr. Scott, is the sun always up in the universe? Is the sun always in the galaxy? Yes. So no matter if it's dark, no matter if it's light, no matter if it's raining, storming, if it's happy go lucky, if it's sunny, bright, cloudless, that sun is always shining. And so I had to look to that kind of mindset that even when I see darkness, even when the storm is brewing around the house, that sun is still up there, out there, doing something like shining 24/7 days, billions of years, shining, shining, shining. And if the sun can shine for a billion years, Dr. Scott, can I shine for a billion years? So this sun is constantly shining, no matter what's going on. That's my why. Right? I had to understand and overstand. Like, wait a minute. When it comes to abundance, and I'm speaking of the abundance of the sun. The sun is so abundant that no matter what is going on in your eyeline or what you can feel, see and perceive, it's still there shining. It's shining so much, Dr. Scott, that at night, the moon is reflecting the sun. The moon does not shine. It glows because it's getting its light from the sun. That's how important this thing that I'm talking about is. So even in the darkness of your life, there is a light somewhere. So that light within me tells me that poverty is the root to all evil. It may not be in scripture, but I'm still here operating as the physical manifestation of the created word. And I'm manifesting that and I started to recognize that, and I just never, and to this hour will never, don't want to ever understand or overstand lack. And so that comes from emotions, all the lack, but mainly in the financial sector. Absolutely. And you're spot on with that. Our world is abundant, and what we do in the marketplace and what we believe is to get the information out to ensure that people know how to build wealth. Just as when you were at the place where you were working and you were seeing all that money being generated, and then you were like, this is pennies. Based on what I'm generating for this company, pennies, this is absolutely very little. And you are able to utilize the knowledge that you learned there and turn it into your own business, and you made that money yourself and even more and have assets. So I am so proud of you. When I initially met you on Clubhouse, I'm like, oh, my gosh, she is so amazing. Super smart and super well put together. And so I'm so glad that we had an opportunity to get here and have this conversation, this very important conversation, to let people know out there that, yeah, there's a word call lack. But this world is truly abundant. And with me being here in rural South Carolina, I've experienced that firsthand when I was out in the marketplace making a lot of people a lot of money, and it takes that mindset shift. So I thank you, and I thank you for the work that you're doing. And I know that there are some people right now that listen to you and they're like, oh, my gosh, who is this lady? Who is this Dr. O? How can they get in contact with you? Because, for one, they need to connect with you so they can all get their money number. You all need your money number. Contact Dr. O for your money number. I think everybody should have that money number. And then two, you have an event coming up. Hey, go event tv. Yes. So again, we're going to be doing wealth confessions. Financial Literacy Month in the United States of America is in April. So the entire month of April is dedicated to financial literacy month. I am the founder and president of the board of literacy. We are a 501 state funded, 501 c three, and our role is to advance the financial quotient of our youth, ages six through 24, because your brain doesn't fully develop until you're 25. But either way, so we're there to help our youth with financial literacy, but we don't send rich children to broke homes. So, of course, we help out the community through our community economic opportunity, which is the acronym CEO. So we have a nonprofit sector that assists people with financial literacy and education and wealth development. So that's a way that always, you can always get a hold of me there. So again, that's theboard of literacy. So for that website, it is www.theboardofliteracy.org. So that is where I do my free wealth things for the community and for our youth. As far as my events that we have coming up, the wealth confessions that we're going to start is going to be April 4, 424. And that's going to run through June, the end of June. So we're going to do second quarter of 2024, the whole second quarter. We're going to be speaking

on Monday nights, 08: 29:41

00 p.m. Central Standard Time. I have a Facebook group called First Generation Millionaires and in that group we go live. And I will be hosting wealth confessions every Monday

08: 29:55

00 p.m. Central Standard Time in that group live. I do share it to IG as well. So we're going to be doing that event virtually. And so the information is in our group. But to find me to get my social handles, to get in the first generation millionaire group, to get with me on my nonprofit and things of that nature, email me all the fun things you can get my digital business card and it's very simple. It is www.meetdoctoro.com. So when you go to meetdoctoro.com, all the things, free ebooks, free wealth information, free strategies, all my social handles, some other free goodies, and even some of my events that I have coming up are on that digital business. Awesome. Awesome. And it'll also be here connected to the podcast too, so you won't have to be looking for it. It's right here. Dr. O, you are amazing, very much in all of your abundance as well. I love that too. So I appreciate you taking the time to come on event tv and share with us some of you and your amazing nuggets that you shared today. It was definitely eye opening and I know that we are going to remain connected. The audience is going to connect with you to find out more. Everyone, thank you again today for joining us here at event tv. Stay tuned for even more great information and we will be back with you soon. It.