The Millionaire Mogul: Dr. Jewel Tankard's Gems on Financial & Entrepreneurial Prosperity
When it comes to financial literacy and entrepreneurial success, Dr. Jewel Tankard is an expert and has the knowledge that will help you take your brand to the next level! You may recognize her from Bravo's hit reality series, "Thicker Than Water" where she shows the world how she holds down her family and her businesses while continuing to slay. She is also a part of the reality show "Amateur Millionaires Club."
Off-screen, Dr. Jewel has built an empire as a pastor, business mogul, author, mentor and so much more. Her core foundation was built on the importance of having God in the center of your life to have a strong family, successful career and thriving finances. In order to extend her knowledge to women on a global scale, Dr. Jewel created the Millionairess Club. Through this club, she empowers and mentors women by teaching them financial strategies that will help them prosper in their fields while also building generational wealth.
On January 20, 2018, she is hosting the first ever Millionairess Conference right here in Atlanta! I had the opportunity to speak to Dr. Jewel before the event and of course she dropped some gems (pun definitely intended, haha). Here's what she had to say:
ADOM: So let’s dive right in. Can you first give me a little background information on what inspired you to get into entrepreneurship and financial strategy?
Dr. Jewel Tankard: Yea, sure! I’m actually a fourth-generation entrepreneur – I come from a family of entrepreneurs, so it’s kind of in my blood and it was great. I loved growing up as a child of an entrepreneur; my aunts and uncles and just a lot of people in my family were entrepreneurs. So, I kind of got it honestly, seeing that behavior. But I learned quickly that there’s a difference between entrepreneurs and investors. Most entrepreneurs unfortunately never become wealthy and so, it kind of led me on this path to take entrepreneurship to the next level so you’re not just working so hard for yourself and never really achieving your dreams or goals. So, that’s how it got started.
What do you think is the number one issue that women run into when attempting to grow their capital as entrepreneurs?
JT: Most people have a good idea for a product or service and the thing is the cost of goods, the cost of service or operations, compliance, the list goes on…marketing. So, what happens is most entrepreneurs are so passionate about what they’re doing which is great, they should be, but if they’re not careful, they end up putting all of the money back into the business and I don’t think that’s smart to do. I think you should pay yourself. Take out a percentage of the kind of income that you make and pay yourself. Should you invest in your business? Absolutely, because no one else is going to do it. But take that money and put it in investing in oil wells; invest in foreign currency, invest in cryptocurrency, invest in other things that will make your money grow exponentially outside of your business alone.
ADOM: For someone who is fresh out of college, like myself, with an interest in becoming an entrepreneur, what are some tips that you would share that you feel would help that person succeed?
JT: Understand that you have to treat your goals and your dreams like a baby. Think about a toddler; if a toddler is about to start walking, you celebrate the fact that he is going from crawling to walking, right? You would never just take your hand away from them right away; you maneuver them. So, realize that your dreams have to be cultivated every day. There should be daily activity to where you invest in your dreams every day. If you work for your dreams on Monday and walk away, then come back to it on Friday, think about what would happen to that baby. If you did a baby that way, it would probably starve, get hurt, stink and in some cases, it would probably even die. So, I think most people don’t realize that if you’re really serious and passionate about your dreams, you have to build with a sense of urgency. You can’t build passively.
ADOM: As a wife and a mother, what advice would you give a woman who wants to start her own business, but feels she doesn’t have the funds to do so because she is raising a family?
JT: I think that women sometimes put themselves last way too often. That’s how you end up with guilt unnecessarily. I think that your children need you to succeed and need to see that kind of example. I think your husband…the level of respect that he’ll have for you will go up. Even if he thinks you don’t have to work and… okay, yea that’s cute, but what kind of personal development does that give you? None really. So, I think women just have to dig on the inside which is why I created the Millionairess Club because I think with women, to be successful, we battle so much with “am I still being a good mother,” “am I still being a good wife.” Being a good mom and a good wife is also about how you do personal development and what you achieve outside of your husband and your children. Otherwise, everything becomes about them and now all your dreams die. Then, I think that as time goes on, hopefully you’ll get to a point where you’re making enough money and you can get a housekeeper, you can get a nanny, you can get a cook to have a support system to help you further your dreams and at the same time not make you feel like you’re neglecting anything.
ADOM: What do you think has contributed the most to your professional achievements as a businesswoman who now has the platform to empower other businesswomen?
JT: It’s definitely the grace of God; I’m super-duper clear on that. Then, I would have to say having parents who work so diligently and still work. My parents have the top construction company in Tennessee and it blows my mind. Their work ethic is just unwavering and seeing that kind of work ethic and also marrying a man who is an overachiever and both of us work about 10-14 hours in a day. We stop at about 11 o’clock at night and watch Netflix for an hour or two. But his work ethic is crazy. My friends have crazy work ethics as well. So, I think that all of those together kind of attributed to me being inspired to continue to do what I do and made me who I am today.
ADOM: Let’s talk about your Millionairess Club Conference which is only days away, how exciting! What is the story behind the conference?
JT: Growing up and seeing my parents have crazy stuff; his and her Roll Royce, his and her Mercedes, housekeepers, cooks, suburban homes, the whole thing...really having a pretty fabulous upbringing, but we lost everything. When we lost everything, I was dumbfounded because how in the world do you go from having all of this to losing everything? So, I was asking my mom all these questions and her answers to everything was "your father did this, your father did this," and I'm thinking "mom, what were you thinking? I know you weren't in agreement with some of these financial decisions that were being made." So, I just gotta believe that she would stop it and she really was in a lot of these areas, "I don't like it, we need to stop, we shouldn't spend that, we should invest it or we should take that out, we shouldn't use a credit card, we shouldn't go out and get a loan for this." Maybe when she did, he kind of overshadowed it, I'm like you should've put your foot down. I've seen so many stories like that and sometimes with the mother, the house doesn't have anything in her name...none of the insurance, she doesn't own the house. So, now everything is going to their children and unless those children have compassion, there she is in her late fifties and has nothing. Now I think there are amazing men out there, amazing husbands out there and amazing boyfriends out there who really mean well. It's just not smart for a woman to turn over her entire financial situation just because he's an amazing husband. You taking a hold of your finances doesn't mean he's not good, it just means you're smart. The conference is just to get women to think again. I wanted the conference to be designed for women to take back the power; not to become men, not to become domineering or anything like that...just for them to say, "I can think on my own and I don't need anybody's permission to succeed."
ADOM: I know people are super excited about the conference. What can attendees expect from the conference this year?
JT: I think they can definitely leave expecting to think again and hopefully leaving out with investing because it takes these things to become wealthy. You gotta make a decision and choose...you gotta start, so start where you are. Hopefully 2018 will put them in position for 2018 to really be empowered, not to wait for anybody else's permission and hopefully take that $50, take that $200, take that $1000 and make it grow because it's not growing in a savings account if it's getting 1% a year. You're actually losing money – you need to become an investor.
ADOM: I see that one of your sessions is entitled "Girl Bosses Winning in Every Industry." How would you define a "girl boss"? In other words, what do you think it takes to be a "girl boss"?
JT: I think that it takes a support system for sure. I think women need validation and it's okay. Women need to know that they can have it all; they can be amazing moms, amazing wives and amazing businesswomen. It just brings tears to my eyes every time my kids come and say, "Mom, you are off the chain, you're a great mom" because it is important to me that I'm a great mother and that my husband thinks that I'm a great wife. I think also learning how to balance because I think sometimes when women become successful, they become these mean tyrants at home, overpowering and overshadowing their husbands. You don't have to do that, you don’t have to compromise your femininity or your strength because those play a role together, so we'll be talking about that.
ADOM: Do you have any upcoming projects that my female readers who are interested in entrepreneurship can be on the lookout for? If so, tell us a little bit about what we can expect.
JT: I would strongly recommend that they join the Millionairess Club for $29 a month, monthly webinars, and I'm not just saying that just because I want people to join. I think that as women, we need to be serious about developing wealth. Ask yourself, "am I in business because I just want this or am I in business because I want to become successful and I want to become a multi-millionaire?" I think women have to get to that point...if they can own that, then the club is for them. We're definitely going to provoke and invoke and push and put a little pressure on them to continue to develop and rise up. I think all of us need a little bit of pressure on us and some of us need a lot of pressure on us to push us away from being comfortable and normal.
I want to encourage all of you to allow Dr. Jewel to help you take your empire to the next level by joining the Millionairess Club! Sign up here.