Dr. Pamela Jolly is the Founder and CEO of Torch Enterprises. She's helped 1000s of entrepreneurs, national non-profits, trade organizations, the Federal Government, foundations and financial institutions.
She's a smart and committed woman who's developing data-driven strategies that will help lead us to wealth as a legacy in the African American Community.
In today's conversation, we talked about her meaning of the term legacy wealth and why it is important to the black community. We discuss what needs to happen to shift us from looking at this gratification of the now to a perspective further down the road. Lastly, she walks us through the steps involved to chart our path toward legacy wealth and ownership.
- Twitter: @pamelajolly
- Black Male Equity Initiative
- The Legacy Wealth Initiative
- The NarrowRoad™: A Guide to Legacy Wealth by Pamela C.V. Jolly
- Value: The Four Cornerstones of Corporate Finance
- The Fourth Turning: An American Prophecy – What the Cycles of History Tell Us About America's Next Rendezvous with Destiny
- Dangerous Dreamers: The Financial Innovators from Charles Merrill to Michael Milken
A few of the questions we asked Dr. Jolly:
- How did you decide that you wanted to start Torch Enterprises as this mission-driven company?
- How did studying theology impact your vision and what's driving you in the work that you're doing today?
- What exactly does ‘legacy wealth' mean? Why is legacy wealth important to the black community?
- How do we shift our gratification for the now to a perspective further down the road?
- What are a few of the steps that we need to take to begin charting a path toward legacy wealth and ownership?
Quotes from today's episode:
- Wealth looks different across generations. We need generation after generation passing the torch, so that one is doing better than the other
- Just about anybody, when faced with a financial uncertainty, problem or crisis, closes their eyes and believes in something. It is blind faith that leads to uber-religiosity in times of business and financial situations
- I went to seminary because I wanted to build a systematic theology around money, so that I could educate the faith community around wealth creation, ownership and finances.
- Wealth for too many people is just financial, but it is so much more than money.
- When you put legacy in front of wealth, you change it dramatically by converting it from an individual pursuit to a collective pursuit across generations.
- Legacy wealth is a cross-generational business narrative that builds, grows and expands ,if you connect the dots.
- Be good stewards! It takes three generations to build legacy wealth and only one generation to lose it.
- Words of wisdom today: “A good man leaves an inheritance for his children’s children.”
- We have to value what we have in a culturally relevant way, so that we can define wealth for ourselves and it becomes more attainable.
- A word for the African-American Community: We must start to build standards of wealth and benchmarks to hold each other accountable to, or else, we will constantly try to consume ourselves to a point that we cannot afford.
- We have to raise awareness about what wealth is, and for too many of us, it’s uncharted territory.
- Your mind is the most independent thing you own.
- Want to chart your path to legacy, wealth and ownership? Look further down the road, beyond consumption, to the importance of savings, investments, the return on investments and the importance of transfer.
- There are five steps along the road to wealth: Vision, Thought, Action, Speech and Outcome.
- Here’s a hard financial truth: We spend $1.2 Trillion per year, and we only earn $947 Billion per year. This means that $253 Billion is short-term, high-interest credit card debt to live for today and leverage tomorrow.
- The three statements that your life makes are your balance sheet, your income statement and your statement of cash flow.
- Finance is the stewardship of capital. Understanding how to be a better steward is one of the cornerstones of wealth.
One Action To Blaze Your Trail:
Get real focused on what you want to do differently with your relationship with money this year and who you need to share that goal with to make sure that they can keep you accountable.
Thanks for Listening!
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