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Luxury Unapologetic: Embrace Wealth and Celebrate Success · The Boujee Multipreneur

• 0:16
  SPEAKER_00: Welcome back to the Bougie Multipreneur.
• 0:19
  SPEAKER_00: I'm your host, Hillary.
• 0:20
  SPEAKER_00: Today I want to talk about embracing wealth and also maybe embracing your inner bouginess, if that's a word.
• 0:29
  SPEAKER_00: I don't know.
• 0:29
  SPEAKER_00: We'll see.
• 0:30
  SPEAKER_00: So if you've been following me on the bougie multipreneur, I'd like to talk a lot about mindset, um, you know, bringing in money, envisioning money.
• 0:40
  SPEAKER_00: And then, you know, I talk a little bit about my bouginess of my purchases and things I like to do in the vacations and trips.
• 0:48
  SPEAKER_00: So today I want to talk a little bit about wealth and kind of get into maybe a little the psychology of why it's okay to buy things and spend money on luxury items.
• 0:59
  SPEAKER_00: And if you agree with me, great.
• 1:01
  SPEAKER_00: If not, at least you heard my point of view.
• 1:04
  SPEAKER_00: And I can't say that everything I say is maybe always correct or right.
• 1:08
  SPEAKER_00: It's just my inner thoughts and thank you for listening to them.
• 1:12
  SPEAKER_00: So, you know, why are we creating wealth?
• 1:16
  SPEAKER_00: Or why do you want to create wealth, right?
• 1:19
  SPEAKER_00: Is it more than just paying our bills?
• 1:21
  SPEAKER_00: It's about like accumulating the money so we have like a solid foundation for the life that we want, right?
• 1:28
  SPEAKER_00: And what about our loved ones and all the support and like the causes that we care about that we want to donate to, right?
• 1:37
  SPEAKER_00: Um, building wealth is having, you know, everything paid for, but emergency fund, that safety net, right?
• 1:44
  SPEAKER_00: Creating wealth like that makes it so we don't have to get, we don't have to worry about things that that happen, about medical emergencies or job loss or repairs on our house or our roof, right?
• 1:57
  SPEAKER_00: I mean, I literally just had like so many roof issues with my commercial building where my chiropractic office is.
• 2:05
  SPEAKER_00: And luckily I budget for that all the time.
• 2:08
  SPEAKER_00: I have these emergency funds set up because I enjoy creating wealth and I enjoy the comfort it gives me having that.
• 2:18
  SPEAKER_00: Um, building financial wealth, you know, there's some risk, right?
• 2:22
  SPEAKER_00: Um, it allows us also to have insurance policies.
• 2:26
  SPEAKER_00: We can now have insurance policies for our health, our life, our disability, and property.
• 2:32
  SPEAKER_00: Creating this wealth allows for us to just pad everything and make sure that we're protected and that our families protected, right?
• 2:41
  SPEAKER_00: Um also with wealth and creating wealth more is um more passive income streams.
• 2:48
  SPEAKER_00: I know that I have talked on this podcast about my love for passive income, and maybe it's not 100% passive, but I love like rental houses and different businesses that can maybe give us like passive income.
• 3:01
  SPEAKER_00: Like the least I have to do, the better for me.
• 3:05
  SPEAKER_00: But real estate, um, the stocks and bonds and buying other businesses to have people work in those businesses where you are just the owner and you are bringing in a paycheck.
• 3:18
  SPEAKER_00: To me, that seems like an amazing passive income strategy.
• 3:22
  SPEAKER_00: Um, with wealth, we get to eliminate our debt, right?
• 3:26
  SPEAKER_00: We're not always like thinking about all the debt looming where it could be credit cards, it could be house, cars, or those dreaded student loan debts.
• 3:35
  SPEAKER_00: So wealth and creating wealth really just gives us what, would you say, like maybe peace of mind, if you will?
• 3:41
  SPEAKER_00: Those are the things I think of.
• 3:43
  SPEAKER_00: But long term, we're looking at like even retirement, having wealth and creating wealth so that way when we get older, we are comfortable, we have everything taken care of and we don't have to rely on others.
• 3:55
  SPEAKER_00: And then really, um, if you're like me and in your 40s, do we really think Social Security is gonna be around by the time we retire?
• 4:03
  SPEAKER_00: Probably not.
• 4:04
  SPEAKER_00: I mean, I don't count that into my retirement planning at all as even being an option because I'm not gonna wait around for the government to decide whether or not I'm gonna get any Social Security money.
• 4:15
  SPEAKER_00: You know, I'm gonna create this now, this life for me, this life for my family and for my future.
• 4:21
  SPEAKER_00: So I'm gonna work my butt off to get it going, to, to create the wealth, because I also want the luxury.
• 4:27
  SPEAKER_00: And we're gonna talk a little bit about that too.
• 4:29
  SPEAKER_00: But um, if you didn't grow up with even like generational wealth, this is like the point where we start to think about that is um, what's our legacy gonna be for our children and our grandchildren?
• 4:40
  SPEAKER_00: I did not grow up with generational wealth, so I find this very intriguing.
• 4:44
  SPEAKER_00: Like, what can I do now?
• 4:46
  SPEAKER_00: What can I provide for them as far as like education or future like homeownership or future businesses?
• 4:54
  SPEAKER_00: I'm I mean, I have a couple of chiropractic offices.
• 4:56
  SPEAKER_00: Are one of my kids going to want to take over that?
• 4:59
  SPEAKER_00: Am I gonna sell that?
• 5:00
  SPEAKER_00: Like, what's gonna be the generational wealth?
• 5:03
  SPEAKER_00: Um, and so I'm sure you've you've thought about that too.
• 5:05
  SPEAKER_00: Like, what's this legacy that you were building that we're working so hard for?
• 5:09
  SPEAKER_00: Who's that gonna help?
• 5:11
  SPEAKER_00: And why are we doing it?
• 5:12
  SPEAKER_00: Is it something that you even care about?
• 5:15
  SPEAKER_00: Maybe for someone like me that didn't have that, I find it fascinating.
• 5:19
  SPEAKER_00: Like, what could I do to help out my future offspring and their offspring, right?
• 5:25
  SPEAKER_00: What about you know, creating wealth for um education, you know, furthering your education, right?
• 5:33
  SPEAKER_00: Like there's always so much more that we can do and learn and get degrees, but the more money we have and expendable money that we can put in investing in our education and our own self, you know, investing in our families and our kids' education.
• 5:50
  SPEAKER_00: And then also, like I said, investing in what about other businesses?
• 5:54
  SPEAKER_00: When once you have wealth, you have some more money to play around with starting another business, purchasing a business, making that business like a passive income stream for you.
• 6:06
  SPEAKER_00: You just having wealth gives you that capital to start these things, it gives you that freedom, if you will, to to maybe do something that you've always wanted to do, but you didn't know if you could, like some passion.
• 6:18
  SPEAKER_00: I don't know.
• 6:18
  SPEAKER_00: Let's say you always wanted to do photography.
• 6:21
  SPEAKER_00: Well, once you've been building wealth, you can start looking at these like passions and things that you want to do.
• 6:28
  SPEAKER_00: It's also as far as building wealth, I like to think about what am I gonna do?
• 6:33
  SPEAKER_00: Who am I gonna give back and what kind of impact do I want to make with that?
• 6:37
  SPEAKER_00: So, like charitable giving, right?
• 6:41
  SPEAKER_00: One thing that I and my husband we love to do is we love to go to these like charitable like galas and golf events, anything like that where we can give back and support a cause that we believe in.
• 6:53
  SPEAKER_00: Even if it's a new cause, we didn't even know about it.
• 6:56
  SPEAKER_00: We were recently at a charity golf event, we didn't actually know what it was about, but it doesn't matter.
• 7:01
  SPEAKER_00: We really enjoy giving back, we enjoy doing something like golf to be around others, to give money back, and uh to really dig that's what we work hard for is to do things.
• 7:14
  SPEAKER_00: Work hard, play hard.
• 7:16
  SPEAKER_00: Uh, with extra money and financial resources, you know, you have more power to even influence change in your area in your community or advocate for issues that matter to you.
• 7:29
  SPEAKER_00: So, you know, maybe it's a school issue, maybe it's a health like with healthcare, maybe it's like a local government issue, things that like matter to you that now you can start pushing money at that you can maybe make a better difference versus just complaining about it on social media, right?
• 7:49
  SPEAKER_00: Um, actually getting to do something, get involved in it, whether or not you can maybe like for instance, I rarely have extra time to donate, but I love giving money to an organization for those maybe that it will help further their cause.
• 8:06
  SPEAKER_00: And maybe there's other people that can donate time, but I'm more of a donate in the form of a check kind of girl.
• 8:13
  SPEAKER_00: Um, so I really enjoy having like that extra money to do those things with.
• 8:18
  SPEAKER_00: Again, work hard, play hard, maybe give hard.
• 8:21
  SPEAKER_00: That should be like a new slogan, so to speak.
• 8:25
  SPEAKER_00: But I want to talk a little bit about um luxury as far as like the bouginess that I talk about in the bougie multipreneur.
• 8:32
  SPEAKER_00: Like once we've got this wealth, there are quite a few of us, myself, with friends and family included, that we work hard and we enjoy the luxury side of things.
• 8:43
  SPEAKER_00: So when someone asks, or they might say, let's say negatively, maybe you've heard it like, well, I don't need that, or I don't need those type of items, you know, and that is totally fine.
• 8:55
  SPEAKER_00: But some of us we do.
• 8:56
  SPEAKER_00: So let's talk about maybe some of the psychological reasonings, like why we reward ourselves with luxury items.
• 9:03
  SPEAKER_00: You know, is it the um for me it's motivation?
• 9:06
  SPEAKER_00: I'm not gonna lie.
• 9:07
  SPEAKER_00: Like the I never I didn't grow up wearing and getting some of these like high-end things, and I always liked them.
• 9:13
  SPEAKER_00: I like pretty things, I like things that sparkle and shine and glitter and are bright and pretty and the great texture.
• 9:21
  SPEAKER_00: So that's motivation for me.
• 9:23
  SPEAKER_00: I set goals with motivation at the end of usually an item or a trip.
• 9:29
  SPEAKER_00: And once I hit that and I get that item, like my Louis Vuitton purse, my Gucci shoes, I do feel like I've achieved something.
• 9:38
  SPEAKER_00: And I think that goes a long way psychologically for me to keep going and doing because it's like, see what I accomplished and what I got.
• 9:47
  SPEAKER_00: Let's keep doing it.
• 9:48
  SPEAKER_00: And it doesn't have to be an item per se.
• 9:51
  SPEAKER_00: It could be that I reward myself with a weekend off or an extra day off or something else.
• 9:56
  SPEAKER_00: Or sometimes I really just love to layer on and read a book.
• 10:00
  SPEAKER_00: But I like that motivation, the reward and the the achievement that I did from whatever it was.
• 10:07
  SPEAKER_00: Usually it's something to do with work, right?
• 10:09
  SPEAKER_00: So the achievement, sometimes buying those items like my purses and my Gucci shoes, like I feel like that was a sense of achievement.
• 10:18
  SPEAKER_00: Like, oh, I got I accomplished that.
• 10:21
  SPEAKER_00: And I remember when I thought Nike shoes were too expensive for me.
• 10:27
  SPEAKER_00: And so it's just like, huh, look at all the hard work and where I've come, right?
• 10:31
  SPEAKER_00: I set the goal, I've attained it.
• 10:33
  SPEAKER_00: It makes me work harder and stay focused, really.
• 10:36
  SPEAKER_00: This is why I print off pictures and I put pictures on my phone and computer of the things that I want.
• 10:41
  SPEAKER_00: And then my goals, like I do this, I get this.
• 10:45
  SPEAKER_00: You know, it makes my journey of the goal like more exciting.
• 10:49
  SPEAKER_00: You know, um, buying items, um, setting those goals and rewards, you know, is it, you know, gives you like the affirmation of success, right?
• 10:59
  SPEAKER_00: Like you did this, you're capable.
• 11:02
  SPEAKER_00: It boosts self-esteem and confidence too.
• 11:05
  SPEAKER_00: Um, some people might use the the luxury items and luxury trips and stuff as like a social thing or like a status and achievement.
• 11:13
  SPEAKER_00: And that's fine too.
• 11:15
  SPEAKER_00: Um, especially when you're around other people in your peer group where you guys all want those same things.
• 11:20
  SPEAKER_00: Like you want the luxury items, you are all bougie, if you will.
• 11:24
  SPEAKER_00: You know, you like the trips, you fly in first class, you like VIP, you want the special rooms, like that type of stuff.
• 11:32
  SPEAKER_00: It's nice to be around other people like-minded because you guys we all work that hard.
• 11:38
  SPEAKER_00: We all want to be together and share in those successes too.
• 11:42
  SPEAKER_00: But um, rewarding yourself, even with luxury items or not, you know, it really does give you like that positive um emotion aspect to it with as far as like the happiness, the satisfaction that you've contributed, um, your overall happiness and well-being, you know, kind of increases, right?
• 12:03
  SPEAKER_00: Reduces the stress of the daily life, especially when you can get that item that you've always wanted and you've worked so hard to achieve.
• 12:11
  SPEAKER_00: So I'm a huge fan of like setting the goals and the rewards.
• 12:14
  SPEAKER_00: And I really don't like it when people don't set those and take it.
• 12:20
  SPEAKER_00: Like, for instance, let's say I'm like, I want a new Gucci purse, and I here's my goal and I hit the goal.
• 12:28
  SPEAKER_00: Like, I have to do the reward in my mind.
• 12:31
  SPEAKER_00: Like, if I don't get that, then I'm telling myself that I wasn't good enough for some reason to get it, even though I hit that goal.
• 12:40
  SPEAKER_00: So maybe my mind won't try to hit the goal again, you know, it all these like little psychological aspects that come into play.
• 12:47
  SPEAKER_00: And I realize I'm just like skimming this for everyone.
• 12:50
  SPEAKER_00: Um, there's probably like so many books that you could go into detail, but we don't have time.
• 12:55
  SPEAKER_00: You know, I like these short podcasts for a reason, things to think about, hit make the goals, hit the goal, get the reward.
• 13:03
  SPEAKER_00: You have to keep doing that over and over.
• 13:05
  SPEAKER_00: And um, it will just like it just reduces the stress.
• 13:10
  SPEAKER_00: It gives you like the break from the life, helps you kind of like recharge and rejuvenate.
• 13:14
  SPEAKER_00: I mean, that's why I like to set goals that are even vacations and uh usually without the kids, to be honest.
• 13:21
  SPEAKER_00: So um setting the rewards, you know, we're looking at like your work-life balance.
• 13:27
  SPEAKER_00: Like I was telling you, work hard, play hard.
• 13:29
  SPEAKER_00: I'm gonna say spend hard, maybe that might be my new, my new thing that I say.
• 13:33
  SPEAKER_00: But prevent like burnout, prevent um, you know, well, short lifespan, even for that, right?
• 13:40
  SPEAKER_00: I mean, we we need to enjoy what we have.
• 13:43
  SPEAKER_00: I feel enjoy life right now.
• 13:45
  SPEAKER_00: Um, because honestly, we don't know how long our life is, right?
• 13:48
  SPEAKER_00: So appreciating and then valuing the things that we have now and valuing how hard we work now to achieve those things.
• 13:58
  SPEAKER_00: So it uh buying luxury items, setting the goals can, you know, even inspire us for future goals.
• 14:05
  SPEAKER_00: Like how many of you sit around and talk to uh friends about their future goals and what they do with that money and you know what their next goal and item is, you know, like do you know your best friend's goal right now with her work, her life?
• 14:22
  SPEAKER_00: Do you know what her reward is when she hits that goal?
• 14:25
  SPEAKER_00: These are some great things to think about.
• 14:27
  SPEAKER_00: And you know, it could be your spouse, best friend, you know, a family member, but like really learning what other people are doing, and maybe that will even kind of push you forward a little bit and like wow, if she can do that and she's envisioning, you know, a 20-day trip across Europe, flying first class everywhere, maybe I can do that too, right?
• 14:49
  SPEAKER_00: So things to think about how the um the wealth pushes you for even like continuous growth.
• 14:57
  SPEAKER_00: But on the flip side, you also need to be around those types of people.
• 15:00
  SPEAKER_00: And I've shared that in another podcast about make sure making sure you are surrounding yourself with people like-minded and honestly people uh maybe even like a level up than you, if you will, so to speak, people that have been there already, because maybe you don't know what you can achieve, or maybe you don't know what your end goal could be until you hear about something else.
• 15:23
  SPEAKER_00: There are so many luxury items and trips that we have bought this year and taken or going to take that I wouldn't actually have thought was imaginable five years ago, if you will.
• 15:36
  SPEAKER_00: So let's also talk a little bit about maybe some criticism that we hear.
• 15:42
  SPEAKER_00: So if you are bougie like me, you probably hear some of this and you'll laugh as we go through this.
• 15:46
  SPEAKER_00: But some people talk about, well, it's a wasteful, right?
• 15:51
  SPEAKER_00: They see um buying luxury items as wasteful.
• 15:55
  SPEAKER_00: But a lot of things, like for instance, um one of my one of my top things and goals that I want to get is a Rolex.
• 16:03
  SPEAKER_00: You know, something like that, those like those items that are super luxury, they actually are more of an investment too.
• 16:11
  SPEAKER_00: So some of these things could be an investment where I don't have to buy a new watch every so many years because they break down.
• 16:20
  SPEAKER_00: When something's made quality, that's an investment, and there's less items, you know, less metal out there being thrown away because it stopped working.
• 16:29
  SPEAKER_00: So my little time X, instead of buying that all the time, um, getting something nice, investing in quality, but also the resale on something like that later on, right?
• 16:39
  SPEAKER_00: Have we thought about that?
• 16:41
  SPEAKER_00: You know, when we're spending money on these luxury items, are you also thinking about the people that made them?
• 16:48
  SPEAKER_00: You know, those artists um that made and had to create certain things, and all the people in the factories that made that item, money is going towards them too.
• 17:00
  SPEAKER_00: So it's not that, you know, my$5,000 purse didn't help anyone out.
• 17:06
  SPEAKER_00: It is, it's supporting even the salespeople at the store, their families, etc.
• 17:11
  SPEAKER_00: Like they're making more per hour than um the sales clerk at Walmart.
• 17:16
  SPEAKER_00: So thinking about too, like we are supporting a lot of people and their families.
• 17:21
  SPEAKER_00: Um, and some of us would rather have high-end items over a plethora of low-end items, if you will.
• 17:31
  SPEAKER_00: Um, some people might say, as far as like criticism for um us bougie bougie people, is that it's um more of like materialistic kind of thinking.
• 17:43
  SPEAKER_00: And I'd like to say that, you know, enjoying luxury doesn't equal being materialistic.
• 17:50
  SPEAKER_00: We just appreciate things, we maintain like a life balance, we we focus on experiences, relationships, and growth just like anyone else.
• 18:00
  SPEAKER_00: Um, so the luxury items, you know, they reward us for our hard work and within reason, right?
• 18:07
  SPEAKER_00: It's not like um I'm purchasing items that I literally can't afford that is taking the food off the table for our kids, right?
• 18:15
  SPEAKER_00: So we're not we're not thinking like that.
• 18:16
  SPEAKER_00: We're thinking about you know, us using our extra wealth to purchase these luxury items, trips, houses, etc.
• 18:25
  SPEAKER_00: Um, another criticism about um being bougie and having extra wealth is that the um successful people maybe um can support more as far as like charitable causes, donations, community things like that's we call that like more like wealth distribution, right?
• 18:47
  SPEAKER_00: Um, we're using our money in the community for different events, and I love being able to do that.
• 18:52
  SPEAKER_00: I was talking about that with the golf outing.
• 18:54
  SPEAKER_00: I love going to the galas and dressing up and donating a lot of money, you know, bidding on auction items, things like that, because I really want to give back and I prefer to give back in money versus um my time.
• 19:09
  SPEAKER_00: Like for me, that's the better exchange right there.
• 19:12
  SPEAKER_00: So I do love, and back in the day when I didn't have money, I did give time, but um I love like giving back with our wealth and and things like that.
• 19:21
  SPEAKER_00: So there's a lot of like negative things we don't want to keep going drawn out about that, but um, I think there's a great way that we could shift things around, you know, wealth and luxury instead of feeling guilty about it and being um criticized about it to more of like an appreciation and a balance of it, where we we appreciate some of the finer things in life, we're balancing our work life, we're balancing our goals and our rewards, and we're celebrating more of this success with the luxury items because it still has to be like uh in a healthy manner, right?
• 19:57
  SPEAKER_00: We can't just keep buy, buy, buying.
• 20:00
  SPEAKER_00: Um, but it also, you know, it needs to align with like our current values and our our financial stability at the time, right?
• 20:08
  SPEAKER_00: So I like to think that, you know, luxury and wealth is not, you know, always negative.
• 20:14
  SPEAKER_00: It can be positive, it can be like motivating, and it definitely motivates me as an entrepreneur, a bougie multipreneur, if you will, um, to keep going and um seeing those those end results.
• 20:28
  SPEAKER_00: So I hope that you enjoyed my little um 20-some minutes of talking about luxury and wealth, and maybe it makes you feel a little bit better about it too.
• 20:39
  SPEAKER_00: I know my friends and I talk about this, but you know, just because we like the higher end things and we like to travel in style, if you will, uh doesn't mean that we aren't giving back all the time to our communities, to our PTOs, to nearly every organization that asks I give to.
• 20:58
  SPEAKER_00: So I hope that you are making your wealth.
• 21:03
  SPEAKER_00: I hope that money is dropping effortlessly into your lap.
• 21:06
  SPEAKER_00: I hope that you're setting your goals and rewards, and I hope you're also giving back.
• 21:12
  SPEAKER_00: Thank you for listening and have a wonderful day.