Black Representation in Finance, The Cost of Kids & Leaving A Legacy - John (Prof MiMS) | EP 126

Watch Mr. Money Jar and the insightful John aka Prof Mims, a qualified financial advisor and dynamic content creator, for an inspiring discussion on harnessing financial power, building genuine wealth, and prioritizing ownership within the Black community.

Prof Mims shares essential strategies for dramatically increasing your income (stressing the power of a personal brand) and demystifies the world of investing, explaining how to beat inflation and why seeing investment as gambling is a mistake. He provides practical, actionable advice on achieving homeownership, managing money as a new parent, and utilizing collaborative saving methods like Susu. Ultimately, John reveals why robust life insurance and widespread ownership are the critical keys to securing Black generational wealth.

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TIMESTAMPS 

0:00 Introduction

0:34 Prof Mims: Who he is and his mission to explain finance and careers to lower socio-economic backgrounds.

3:00 Growth as a content creator; balancing TikTok, Instagram, and YouTube.

4:09 Why his most popular video is about Strep A (background in biology).

5:48 Why UK wages are unfair: The decline of Unions.

8:43 The impact of inflation and frozen tax thresholds on salary.

11:27 Leveraging Content Creation and Ownership to Increase Income.

13:42 Tips for growing quickly on social media: consistency and perseverance.

16:50 Property: Why "Shared Ownership is a Scam."

19:15 Prof Mims' tips for getting on the property ladder (saving discipline, avoiding materialism).

23:36 Parenting: The financial commitment of having a first child (£1,000 disposable income rule).

26:15 The emotional toll and health implications of parenting.

27:32 Raising a child in a blended culture (Caribbean/Nigerian).

30:26 Investing: Barriers to entry (jargon, fear of loss).

32:25 Simplifying investing: It's putting your money to work (vs. gambling).

34:10 The double standard of financial warnings (consumerism vs. investing).

36:12 Life Insurance as a tool for generational wealth.

38:50 How to get life insurance and customizing policies to your budget.

39:48 Understanding SuSu (Partners/Ajo): A cultural saving method.

41:43 Final Question: What does Black Wealth mean to you? (Focus on Ownership).

44:48 Outro.

---PLEASE FOLLOW 

Jonathan  

Instagram: https://www.instagram.com/prof_mims/

TikTok: https://www.tiktok.com/@prof_mims

Youtube: https://www.youtube.com/@prof_mims

Mr MoneyJar

Instagram: instagram.com/mrmoneyjar 

TikTok: tiktok.com/mrmoneyjar 

YouTube: youtube.com/@mrmoneyjar  

Website: mrmoneyjar.com

And if you enjoyed this week's episode, please SUBSCRIBE: youtube.com/@themrmoneyjarshow