A financial expert through hard-earned experience, Jewel Tankard is the star and matriarch of Bravo’s hit reality series Thicker Than Water. The wife of gospel/jazz musician Ben Tankard, Jewel is a pastor and business mogul who desires to see women and families live their dreams by obtaining financial freedom.
Equipped with a unique business message, she uses a Biblical foundation to help ordinary women lead extraordinary professional and personal lives. She seeks to lead by example, maintaining a positive and hopeful outlook on life that helps motivate others to reach their fullest potential. That message is at the core of the Jewel Tankard Brand and sets the tone for her television talk show and the wildly popular Millionairess Club.
Black Enterprise sat down with Jewel to discuss the new rules for making money and her Millionairess Club.
The New Rules For Making Money
“To start, that is key. Make a decision that I am going to start and learn something new because the new rules of money look nothing like the old rules of money. The old rules of money were to get a job, have a traditional 401(k), sit with an adviser from Edward Jones once a year and they tell you to get an annuity, CD, and mutual fund. Unfortunately, all of those products are only are only bringing in 4-8% per year and inflation is 11% per year. This is why no one is getting wealthy off their 401(k)s, and baby boomers are having to go back to work because they are not making enough money to retire and people are living longer.
Another new rule of money is to start trading foreign currency—you can produce cash flow every day and can start with minimal investment. Start by buying gold and silver bullion, an ounce of silver is only $20.
I also tell people to pay yourself out of everything that you get, and it doesn’t matter the amount, but the key is to develop the habit. Just like I pay my tithes and offerings, I also pay myself out of everything that I make. In paying myself, I can take that money and have money to invest. You can also invest in tax lien property where you can buy a property for $25,000 and turn around put it on the market and within six months sell it for six figures. Take that money and put it back into the market, now you can invest in apartment buildings and begin to generate passive income and not just “earned income” says Jewel.
About the Millionairess Club
“The club is so important because most people do not trust their financial gut. Everyone has a financial gut, so when I see a deal or see a person, before I know anything about the deal, I can sense if this is something that I need to do or not. The club is for women who are used to asking their husbands or boyfriends permission for things that they shouldn’t have to ask for permission for. If I have an instinct in my gut that I need to buy this apartment building, then I need to trust that, because maybe my husband doesn’t have the capacity to counsel me on it. So most of the time the answer is going to be no, just because they don’t understand it. So I have to be careful that I don’t allow somebody else’s lack of understanding to inhibit me trusting the gut, and trusting the gut is ultimately what’s going to bring me to my wealthy place” she explains.
Advice for Women Entrepreneurs
“A lot of women lose the fight in the process. At the end of the day, you may want to put the demand on your husband to make it happen for you, but you need to think about what you are going to do for yourself independently. You can control what you do.”