SKST Radio Network -Dr Ron Smith Investigate Show Season III, Episode #5, “The Talk,

Dr Ron Smith Investigate Show

Season III, Episode #5, “The Talk, (conversations I wish I had) Financial Literacy 101”

Introduction: I really believe” people don’t plan to fail; they fail to plan.” Most of us do want
to live healthy, wealthy and wise.” What I have found though out my conversations with my
peers, church members, other professionals as well as my podcasters, they didn’t have
the talk or had some limited conversations at home. So, let’s get to the basics so we’ll have
a foundation to build on.
Topic# 1 Mindset:
There are three different economic groups in the U.S. the poor, middle-class and wealthy. I
purposefully didn’t use the term rich because you can be rich living pay check to pay
check. The difference is the so much the number of zeros behind their income but what
they know to be the purpose of money.
The poor believe the primary purpose of money is to work, pay bills and hand their money
over to someone else. The middle-class believe the primary purpose of money is to earn
money to establish good credit, buy things they can’t afford and pay if off on time. The rich
can make money, spend, live large until the next pay check. The wealthy primary purpose
is to establish a money maternity ward, cause money pregnancy, to make more money.

Topic #2 The Plan (you have to be SMART)
Specific-You have to have a target, a particular area for improvement
Measurable-It has to be quantifying, has an indicator of progress.
Attainable-It to be defining responsibility clearly
Realistic- It has to attainable with available resources.
Time-bound-You has to put a time-line of it accomplishment, expected result.