MC Lyte Reflects On Performing For Obama + Talks Financial Literacy w/ Lynn Richardson

sathru 5k – good morning your girl's CC Romeo hanging out with you we have a special treat today we do know we're talking about we got MC Lyte in the building we got MC Lyte in the building and of course we got Lynn here dr. Lynn but she said we could just call her lid money yeah so man we're here we're gonna talk about lots of things real quick I gotta say this a few months ago I had Kurtis Blow in studio right right a lot of firsts in hip-hop yeah and now I have the queen of a lot of firsts they're popping out presents hey hey now I mean when you look back on what you've accomplished over the years do you have a chance to embrace that MC Lyte like what do you think yeah I think you know in this this era specifically I'm able to see things sort of in slow motion you know things are moving a lot slower and I can or either I'm just slower you know just eat more easy and goes cotrona yeah there you go and so I'm able to you know look at things in a whole different way so I'm just blessed to have you know second third fourth fifth go around got God sees me some yeah just have a purpose and so with that alone I'm able to see things clearer yeah and we were talking about off there before you guys got up here like to perform at the White House like I mean okay so let's do the back story cuz I'm like yo she is the first you know artist to be at the White House and he was like I wonder what time and I said well I think that's Barack Obama time I don't think it's anybody else when he won a saxophone or something we know now I mean but what did that like what did that feel like the White House well I mean it felt great and understand that anything that I do in front of the camera there's like a team of people that make the thing run behind us right so it was just excited as exciting for everyone on the team as it was for me so when we got the email or the call you know they reached out to Lynn who Helms the management side of things you know she was which is super excited because you know it's Barack and it's the first lady who will always be our first lady that will always be my president my president is Barack Obama I completely understand but it was exciting you know we found out why it's called the green room before you go on to the show because there the room before you perform for the president is actually green so I mean that's where they got the term from so when we say the green room that's what it's from is that I said enough what is that bongo idea yeah and so you know we the Smokey Robinson was there James Taylor Carol Burnett you quite sure was there to perform for that evening and it was fantastic so all those people were in the house that day that day and you're there with them and it just says everything about you and what you've accomplished you know me you take that moment at least think about that yeah yeah totally I know you you've got a funny story about the introduction well here's the deal they you don't get to pick your titles your titles come to you when they come and so they wanted to introduce her as the godmother of hip hop so she texts she's like what do you want it I don't think I just said I said let me tell you something you gonna take that title and it was actually Queen Latifah who introduced her you know before she performed so she called her the godmother of hip hop and she gave her her props and you know be in the first but not just the first cuz there are a lot of people who are first but MC Lyte is like the coldest competition I mean you guys have been a team for how long now she came we met by way of Russell Simmons and she reached out and asked that I want to start a foundation and I said sure mm-hm and we went we had some meetings with one of our other co-founders felicia shaw who happens to be my soror and four months later we have 501c3 status and we were given away to $100,000 scholarships later no excuse me for months so since 2012 we haven't presented over 1 million dollars in scholarship among the Soul Train Awards for young women have graduated with $100,000 scholarships in 2014 when Ferguson and all of that stuff was happening we decided to our response to what was happening to black men was to educate them so we started hashtag educate our men we put young men through school our first two just graduated one is valedictorian yeah I mean and so you know looking at light what I tell people is she really is like behind the scenes and what you see in front of the camera it's the same person and so you know she's rapping she's deejaying she's doing voiceover she's running a management company she's mine mentoring and she's a philanthropist she's also giving back so it's a it's a pleasure to be able to see her really spread her wings and and yeah and the beautiful thing is every time I've ran into light I get the same light every time it's never different cuz you are who you are you know I'm saying hey and you know we're talking together but there be times with my boy DJ when we to go fellas we interview back in the day we walk when we like life we know her like I still had those moments because it's all about hip-hop I grew up here Papa so when I think about that I think about MC Lyte I think about Queen Latifah you know I think about how movies just how about you just bumping the brand-new remixes that yes first for that cuz all three y'all came with ya everybody wrote their own but who set the bar like who went first I went first okay right and I said I want to be the first verse as well oh my god was in the studio everybody recorded their verses at different times mm-hmm but I was the first one to record my verse and I also said that I wanted to be first okay yeah and they definitely honor that I mean yo that track feel that still it's still bummed yes I mean I feel like I'll be rapping your part speaking I'm you MC Lyte so we're in this business they entertain you know we need money to survive to take care of our family and then when we talk about money we got to talk about Lynn right here because how to make sure the midea money we make it we save it we do the right things with it yeah when did that become your passion well I was born and raised in Chicago my grandmother was 75 years old cleaning home so wealthy people putting me through college and she taught me what every grandmother teaches their children go to school get a good education get a good job go to church on Sunday we're cleaning under wind cage get hit by a bus why I got to get hit by a bus and so I get to college and there's a room I get all these credit cards I didn't just get one I got a bunch of them couldn't pay anybody when the creditors will call and say Lynn can you borrow the money I'd say can I borrow it from you I had all these funny answers but when I got out in the real world my credit was jacked up it was just terrible fast-forward many years later I was making a lot of money I'm married white picket fence three children big house in the suburbs but I was broke I was living check to Monday check the check is a blessing that means you get paid on Friday by the next pay day you broke but check the Monday as a whole nother game you get paid on Friday you kick it on the weekend you pay on your pastor bills rockin your man your current bills ain't due yet and by Monday you broke ya check to Monday a lot of years oh my and I was a radio show host in and one of my callers called and said with Lynn what about check the two o'clock I said let me tell you something I ain't got time for that cuz you know that's when you get paid at eight o'clock and by two o'clock before you get off work your check is gone it's gone and I was making 70 80 90 thousand dollars a month not a year I said a month whoa so I spend my life helping people understand this more money doesn't solve a money problem if it did millionaires wouldn't go bankrupt so you know I say that in our community we got to stop buying stuff to impress people rich people stay rich because they act poor and poor people stay poor because they act rich and poor people stay poor acting rich in front of other poor people which is real crazy do you understand you know you want to wear certain clothes you want to drive a certain car but wealthy people understand how to put our money in the right places and so that's what I spend my life doing and I had to really take a look at myself I'm a member of a ordy I was in Jack and Jill and I was trying to keep up with the other people and once I just started saying no it was like once I said nope I'm not doing this nope I'm not doing that it will everybody stop and it was like everybody took off their body magic and we even got free and so what's happening is we are trying to follow up behind an image and the truth is there's three ways to get your money spend less money if you only got two dollars and you spent ten you gonna be crying right if you got two hundred thousand dollars and you spent four hundred thousand you gonna be in trouble if you got ten million and you spend twenty million it's the same thing let me be on your means living beyond your means so you spend less money number to get more money everybody should have multiple streams of income why because in America there are two systems one for employees one for businesses if you're an employee and you make a hundred thousand dollars they gonna take thirty five thousand off the top you got to figure out how to live off the remaining sixty five thousand pay your car note rent gas all of that stuff but if you have a business and you make a hundred thousand dollars first you get to expense your cell phone you use it for business your cardinal because you drive for business your gas your mileage when you travel you travel on business dinner dates you hire yes that I I have three children the IRS says you can hire your kids to work in your home-based business you could pay each tile up to twelve thousand dollars a year that's now a tax write-off now the money that you pay them that's what they use for school clothes school supplies soccer ballet and football all the stuff you were gonna pay for anyway yeah but now it's a tax write-off so you spend less money you get more money but then the number one thing is you gotta learn how to get your money back wealthy people pay less taxes than poor people there are over 475 tax deductions and we usually only get about seven or eight so really that's the name of the game and when you start to learn how to move your money to the next column or to the proper column you keep more of it in your pocket but it's so real I got a question how young can the kids be before they start working in the house I love those questions so the IRS Publication 15 says the maximum age is 18 okay so the rule is as long as the child can do a job that any other child could do so I tell people you can hire your infant infants can model just like the Gerber baby or the Huggies baby or the Pampers baby my youngest daughter I have three she's on her way to Howard University 18 19 to 23 they been my youngest been working for me since she was four really four six four oh yeah baby let me tell you something two-year-olds I see two year olds with iPads they had a iPad let me tell you something that child can work they could go on there what you got you social media you need to find all the blue flags whatever it is that you do in your business so the kids can they can do chores around the household as a part of their job duties they can file they can do social media they can do graphics all the children my older children run the company they run her company they run the company they do travel they do spreadsheets they do bookkeeping they do so but if you hire your kids so how many people even know that most people don't even know I never knew I did not know I love that one because you know like you said you get the tax breaks but also to the way I'm looking at it and I'm listening to you I love it because you're preparing your children there you go and they go out in the real road they know what time it is you know you're like listen baby I'm preparing you for when you go get a job and you work you're working that much harder and you already know and I've made mistakes I filed bankruptcy I've been in foreclosure like I've made every mistake possible and the other thing that happens with our people people of color we get embarrassed and I tell people you know here's the deal everybody has either had a money problem is having a money problem or will have a money problem at some time in the future it's nothing to be ashamed of and so the first step that I tell everybody is to start tracking your expenses every single penny that you spend because what we do is we say well it's just $10 it's just $20 some say money talks but I say money walks away from you quietly you don't know where it went it would be nice roll bounce up out of here don't talk at all and so it's all the it's just all of you well if you go back and look at your it's just for the net last ninety days most of it won't even mean anything most I want even me anything you'll be like why did I spend money on that so it you know here's the deal everybody has the power to be financially free because it's a simple function of mathematics that we learned in first grade one plus one equals two right if your stuff add up to ten you got a problem yeah so that's how you make the adjustment and then you stay away from people who you think you need to spend more money around so when I hit rock bottom now first of all I had a whole bunch of money everybody came over they come to my house they eat they didn't take home a plate they took home a trough they take home a big honey everybody will have food for two weeks but when I didn't have anything everybody was gone family members turned against me I was paying people's mortgages I was and that's my fault they aren't responsible for that I was making those choices and that's the other thing a lot of times we find ourselves in money situations because we trying to help family we feel guilty we wanna let me tell me right now that's me right now like I was struggling for a long time mmm-hmm years ago man but my mom helped me out a lot as she stepped up to the plate and now that I have it I give ilan she tells me we have baby you don't have to do that but I have this guilt like no you helped me when I needed it and I want to give so I buy luxury stuff my mom's like I'm simple I don't need it yeah I do it yes I remember that time and I I'm so grateful but I just keep lavishing and you like stop and it's not doing that way to be strategic because here's what you want to do it for your mom you want to make sure she has long-term care my grandmother is 97 I spent a lot of money keeping her alive and well and healthy and comfortable because at that age whether it's assisted living or nursing home the general population is not going to take care of her so I tell everybody especially our age get your parents long some long term care so when they lose to activities of daily living whether it be baby or eating or they can't go to the restroom by themselves and it doesn't have to be because they're old they could get into an accident make a break a leg we have disability insurance we have insurance on every single thing her voice me if something happened to me it would be difficult to replace me she'd have to go pay somebody a whole lot of money I've been a vice president at JPMorgan Chase so there's a lot that comes to the table so we have life insurance business insurance disability insurance claim energy man insurance like every single thing that could possibly go wrong because every day that you wake up it's like I'm out here grinding everybody in this room everybody who's listening you're grinding you're trying to get it but what happens if you don't wake up what happens if something goes wrong are you protected so give to your mom we'll be strategic buy real estate buy her a piece of property that's gonna generate income and then she can go buy the stuff and go on trips and stuff like that so it's all good it's just it's about it's a learning process and I love my people and I love helping to change the mindset so we can just start doing our second that mindset when we're in that position we almost feel obligated in a way yeah you know I'm saying I mean I actually taking my mom and my sister and our kids phone bill dog fly guys out from st. Louis to come our home visit when I had that money right yeah before the 2006-2007 went bad everybody out and not thinking about the future yep yeah and that's where we lose yep sometimes that's what it is I mean the issue we got a deal with now is retirement who gonna take care you went you owe exactly I got three kids but I depended on them cuz I think one of them are beat me you know depending on millennial to take gaming of course let's talk about the book you guys that combine and put together too though let's talk about that we got a couple of this one here you're Manning your money how to get them and how to keep them you know we come from two different perspectives I've been married for 23 24 years now Wow and in light you know just starting out in the game and thank you you know dude should you have joint checking accounts what what do you think about okay so I have my boyfriend we've been together for five years the love of my life I love you babe yes he's amazing but we have separate bank accounts uh-huh what do you think about that Lynn is that where should be she said that's her boyfriend not her husband Yeah right this is my boyfriend now we want to get a house together uh-huh putting our money away together so that we have yeah and that's our savings and we saving together but huh we have our different you have you ever different bank accounts yeah well so how did old school my grandmother taught me that she said listen baby was yours was his is yours and what's yours is yours mm-hmm and then I had the big about I was like what she had a man in like 70 years oh yeah grab my feet that's my girl that's my girl but so I was it was a little different for me because even though we weren't married yet my husband he just gave me his whole check and I messed it up like I would spend the money he'd want to pay rent I'm like nah let's go to the comedy club so I made a lot of mistakes I signed everything if he went to the bacon sign his own name they'd probably arrest him because they can't recognize the signature cuz I signed everything but I think that couple should have separate accounts and then a joint account for the things that you're working on together but I think each person once you're married you should have access to the other person's account because I I'm just gonna say me he ain't about to go have another life and wife on me right right you know and he can have access to mine as well but you should still have something separate to you know baby when you marry something separate but still have access he'll have access no we do but and when we save we actually go together and we match it oh I like I put like my thousand and he puts his thousand in mmhmm yeah it has to be the same we have to match each other because that goes to match so we can save for a house and then you know when when light when you were dating and the whole thing is cuz a lot of times women make more money you know sometimes in the in the relationship and so what was your you know process or your thought process with that the prior to getting married um it was like he would have to meet me somewhere okay you know like if I was out on the road because I've always heard you never pay for a man to get anywhere because when they want to get somewhere they will come yeah yeah they go figure and so that was one thing and the other was you know I like nice things you know yes right I like to eat and you know I don't want to I don't want to have to be less of Who I am to kind of match up to something that isn't what I really want like and so it was important for me not that he have a whole lot of money or that he be you know loaded but should the degree that you can just keep up and if you want to see me you're gonna have to come out on the road so can you afford to come out on the road so it was it was things like that but I've always ended up at some point dating someone who made less money than I did yeah but it but it never seemed to be an issue maybe once yeah yeah they never got intimidated though because of that uh I think so I would think yeah I think so which I think is sometimes it's it's the fault of women as well I mean I've been married 20 some years and I'm strong and popular and successful but I am a wife and I look to my husband's leadership so I don't want to be the man in the relationship I don't want to be the aggressive one I don't want to be the one like it's all about I want I want him to take the lead I want him to take out the garbage I want you know chivalry is not dead I want to be you treated like a woman and I want to honor him in his masculinity as a man so I think a lot of times as women were stronger we're powerful and maybe you've been hurt in the past but let that go let that go and forgive and learn how to love and learn how to receive the love of a strong man who wants to be in your life I mean my queen had to hold me down for a few years but I still had to be that man that's right you know I'm so I had to hold it down I couldn't like just crawl up in the corner and like be less than what I was because that's not how we got together that's right and that's how you weather the storm so I totally agree with ya and that I mean my husband when I met him he had been on his job he had a 401k but then as my career grew you know I became the primary breadwinner however I tell people all the time I couldn't do what I do without him it now yes can I make it without a man absolutely but I don't want to and I prefer having the support and it's not about who makes what money all decisions still get made collectively right I'm not running around oh because I made it then I get to do this no it's a it's still a team effort it's a partnership and you know he has been you know from there for our children and my mom and my grandmother and my family and friends and stuff so I really honor that and I think you know at the end of the day we got to start looking at more than just money when it comes to what makes a successful relationship absolutely what's that next book you got right there oh this is living check the Monday this is easy to read is laugh-out-loud funny I should have brought y'all something I'll make sure I get something you don't live that far away and then this is the symphony and light wrote the foreword and it's a guide to creating and balancing multiple streams of income and once again I say everybody should have multiple streams of an income I don't if you go to school to be a teacher that's great but then what are you gonna do on the side consulting tutoring if you go to be a lawyer that's great that's fine what you're gonna do on the side what are the businesses that are you gonna have yeah because if you have just one stream of income again look what happened in 2008 mm-hmm you know if the economy crashes if your job no longer exists because they don't like you or because what you do no longer requires a human how many jobs have been in cuz you know it's scary actually it's a trip yeah so you better do something I don't know what you're gonna do white people's but to do some radio because I don't think they can get you know robots to do this get you a job that requires a human being attached to it because I'm tell you thank you for the few minutes that that's what they will do I love that you guys you know you you guys have these forms where you guys educate these women to on this because that's the problem is that we have this younger generation because I feel like it takes women like you to grab a younger woman to help her to be a better woman yes you understand yes and so these these girls they need their minds expanded and open because we do get stuck living paycheck to paycheck or paycheck to Monday you know what I'm saying and we don't have anybody to educate us because it's not that we're ignorant we just nobody told nobody told us like I don't remember you having these conversations when I was in my if somebody told me I would have listened had somebody told me and you know my situation is is as ridiculous as it can get because not only I was bad with money I was a math major I was a finance major at a really really great school I have degrees in money and finance and I didn't think it applied to me but that's how delusional we get as human beings when you're the ego and you think you smart and you think you and at some point it all comes tumbling down and we didn't have mentors and I think that's the biggest thing that we need to look out I look at the Millennials and I'm like okay great y'all smart y'all technology you technologically yeah but I think gonna spin out of control or something they don't even know phone numbers like I know phone numbers when I was a kid but I don't know many of them now the new ones that I get but it's just it's something to it and I think mentorship is really important which is why light and what she does with hip-hop sisters I was attracted to being able to help her build that and that's what we're doing and I love like that you you you never compromise you or and and you never unit I mean did anything were you dressing less to try to sell that you were always who you were yeah but I'm sure that you had to fight a lot for that too because I mean I'm just as a woman you didn't mean sometimes it's easier to take that path where you're just dressed less because you kind of get through the doors a little faster but then you don't last very long that's so funny dress less yeah because I will not do that you cannot compromise me you know people say oh she's a regular person I say no I'm a Christian who happens to be a radio personality I love the fact that that you you know and I wasn't always like that day I changed you know I will not compromise my integrity I refused to but it has been a lot harder because I won't do it yeah well you know I came up in an era where record labels just let you do you you know they didn't really have a way of sort of carp compartmentalizing people and labeling this is what that is this is what that is it was you came out and you were you you were free to speak about what you wanted to speak about dress how you wanted to dress I mean case in point all of the original you know the rock Kim's and the Big Daddy canes and Heavy D's enough all of these folks like you're never going to see or hear anyone like them they were original there's and you know I think there's something to be said for authenticity and so the record labels didn't tamper with me at all it was like you know do what you want and as a matter of fact there was one time where I had entered into my 20s and I want it to be a little sexier and the record label executives said no no no put your jeans on in your t-shirt get out there in the middle of the street and stay as young as you can yeah and I really appreciated that and and from that moment on I was just like okay I'm gonna take this nice and slow I think it's all about being you if I could give people you know any advice number one is acknowledge God in all your ways he will direct your path and number two is be yourself when we started working together and you know she and Russell Simmons and a lot of them wanted me to do television and I wasn't ready you know I don't like people you know I don't want to say hi I don't want to put on makeup I know Alice I don't like I don't say I might not feel like it that day no but somebody told her that you know some of the things are not politically correct I was like I running for president I can't do it anyway it's too much to think about but I understood that I had a message and early on because I you know when people see me on The Steve Harvey Show helping families like the office people buy the books and then call anyone help and so I hope people are on national television but I also help the everyday woman who just calls my office and only makes $900 a month but she's been in 2000 and I get on the phone what I said no what were we gonna do with this you aren't that your phone bill is $300 like I talk to people I myself and early on like was like well you know tone it down a bit they don't work you're getting a really good shot down all day long what it is I'm gonna hug you up if you cry I'm gonna slap you upside the head if you don't do what I tell you and then I'm gonna get you back together so really all of that is whatever it is that you're doing just be yourself be yourself and I think going back to what you said women they think they have to wear less clothes to get the deal or they have to do something different to be and the truth is if you do something that's not yourself to get it how you gonna keep it right exposing minutes gonna come on be like oh okay yeah and then kind of set yourself up for what more are you gonna do to keep it now because you've sold yourself this way yeah you know I mean and know the world has literally tricked you into thinking that you have no worth outside of your body right right yeah yeah and sometimes like we always say okay you get it sometimes it's easier to get it but maintaining is a whole different story you gotta mean test yeah now that's a different story you don't say yeah that's the thing about success and you know really initially I was very comfortable being behind the scenes helping light expand expand her brand we work with little mama you know I've worked with Sheila E and Les Brown and you know folks from all walks of the entertainment business but the truth is the more successful you get the much the more responsibility you have you know to whom much is given much is required and yeah so knowledge like if they want to reach out to you how can they do that like if they were instagram number Hawkins yep Lynne Richardson calm or follow at Lynne Richardson and MC Lyte is at MC Lyte yeah and MC Lyte dot-com yeah yeah oh my god check it out man we appreciate y'all stopping by we need those books no thank you anything going on in LA that yes yes every year we do the wealth experience at the top of the year and it's all about you know coming together in the beginning of the year right after New Year's Eve so the first weekend after New Year's Eve so we have the wealth experience we're always doing something on money and business and relationships we're members at Cali worship we've got something coming up in a couple of weeks I'll let you know but yeah we're always doing something you know in terms of empowerment men women we do a men money in marriage versus women wealth in relationships and it's funny you know but it's also educational and entertaining so yeah we out here grinding out here we would love to be a part of a panel because we have stories we have testimonies that we would love to share to really before you dip I just want to ask you know we always talk about Katie and Katie is the first hip-hop station in the world yes you know and a lot of people know about Katie but as far as Katie is concerned I just want to hear your thoughts on the importance of this station and what it means to the city of La what it means to hip-hop in general oh goodness Katie means everything you know I remember coming out here and got a matter of fact I have a I think in 1989 outside sitting outside of the Katie van you know like this van that had the the letters what was it 1350 and I mean just to have the love and support that station really made cha-cha-cha out here on the west coast and so I definitely respect the brand and we didn't even have that back at home back on the East Coast supposedly where it all started we had these little hip-hop shows that lasted for two hours out of the day but to come to Kay day and just just have hip hop all day long is a whole another situation is unthinkable back then I saw the future the future has always been hip-hop to me but I love it yes and the fact that you're here thank you so much I don't know if you even realize what you mean to women in hip-hop so thank you but you mean would you stop it's been a struggle for women in hip-hop women in color too yes oh thank you thank you thank you but I really would like you to know the importance you have for people that you have this love for you thank you don't get to see it because you're just so busy shaking and moving and trying to the next project yes no here in LA this city embraces you and in love and they know what you've done for hip-hop thank you [Applause]

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