Ep 53 - In this episode of the Share The Wealth Show, we welcome back Dexter Jenkins as he expounds on the importance of having multiple streams of income. He also emphasizes the significance of 💣The SHIP Method (StewardSHIP, OwnerSHIP, and EntrepreneurSHIP) 💣having savings readily available when an opportunity arises as it can lead to generate more income 💣 Develop a strategy for augmenting your current resources and increasing your source of income. 💣Inner and Outer Game of Wealth Dexter B. Jenkins is a faith-based financial mentor who spent more than two decades in the financial services industry. He is passionate about helping families build generational wealth with easy-to-implement steps. Jenkins inspires and instructs hundreds of people with his podcast, programs, online courses, and books. A popular speaker on the topic of wealth building God’s way, he is an authority on faith and finance. As Senior Pastor of Fellowship Christian Church in Boston and Managing Partner of Dominion Real Estate Holding, LLC, he sensed early in life that teaching financial literacy was his calling. Through what he coins the “SHIP Method,” Jenkins shows people how to get out of debt through stewardship; create a legacy through entrepreneurship, and learn strategies on real estate ownership. There’s no question that his integrity, wisdom, and wealth-building philosophy is a voice needed today. ________________________________ FREE Discovery call for The Microfamily Investing Accelerator https://calendly.com/noirvest/microfamilymavericks ________________________________ [1:44 - 7:02] Equity out of Properties - Dexter talks about the Dominion Real Estate Holding - He also shares a story of one of his clients, who pulled equity out of properties and used this to acquire more properties. - even without the actual capital to start, you can still get deals by using loans if both parties saw the worth you are investing. [7:04 - 10:32] SHIP Method - Stewardship is the successful handling of your finances, or the budget or spending plan - Ownership is the assets that they need to create - Entrepreneurship is starting your own enterprise where you are leveraging. - Good debt VS bad debt [12:22 - 14:53] Life Strategy - by using the example of building a house, Dexter explains the levels needed to have to form a good strategy in life - the foundation of the house is life insurance, the second level is having a debt elimination plan, the next is having an investment strategy, and the last is having an income generation strategy - He also explains that people should focus on having a strategy to generate more income. - He mentions that most wealthy people don't much think about budgeting, but they think about how to get other streams of income. [15:45 - 21:33] Save for Opportunities - the question, "How can I generate more income?" - for him, save money for opportunities. - when opportunities come, you should always have the cash ready to make more -Nicole explains the Law of attraction when it comes to naming your accounts. calling "savings account" to "investment account", and "emergency fund" is like waiting for emergencies. - Being there for other people is also one other reason to build your wealth, so that you can help when they are in need. [22:50 - 34:51] Closing Segment - Diversification is if people do well in any area, they go deep first before they go wide - going deeper until you build competence in one area, then you can branch off to other things. - Dexter explains what wealth means to him - He also mentions that being wealthy in relationships can also get you what you want - to take his business to the next level is to have more support from people - his question to the next guest is, "What is the biggest challenge they had to overcome in their business?" - how to connect/get in touch with Dexter - the inner...
