I arrived at the Obama Presidential Center on Saturday, August 29, to cover the fourth annual Maconomics Wealth Summit and capture as much footage as possible for my Compliment Magazine audience.
I left not just with footage, but with a notebook full of pointers on expanding business ideas, accessing capital, and financial dos and don’ts. Panelists included Kaleidoscope Hair Products founder and CEO Jesseca “Judy” Harris-Dupart, Salt.xo’s owner Jhalesa Seymour, BMO’s CEO/President Darrel Hackett, plus Ross Mac’s one-on-one conversations with BET’s President Louis Carr and Grammy-winning artist Kandi Burruss.
While taking in all the summit had to offer, my key takeaways include delaying self-gratification, remembering your business money isn’t personal money, not borrowing what you can’t repay, living below your means, and using social media to build an audience and sell products.
Here’s a recap of my favorite discussions (I missed Chicago Bears legend Matt Forte later in the day talking about managing money as an athlete).
“Do You Got McDonald’s Money?” with Derrick Taylor and Toni Williams
Owning a McDonald’s franchise requires a hefty investment, hands-on unpaid in-restaurant training, business curriculum, and more. According to Derrick Taylor and Toni Williams, who own several McDonald’s restaurants, it’s attainable and worth the lengthy process.
Fireside Chat — Ross Mac’s one-on-one with Louis Carr, Darrel Hackett and Kandi Burruss
Between panels, Maconomics Founder and Yahoo Finance Contributor Ross Mac spoke with Louis Carr about BET, Darrel Hackett about BMO and financial accounts, and Kandi Burruss about the business side of music and life insurance.
Carr on the future of media and the rise of creators: “If you’re a content creator, you got to think scale. It’s not good enough to influence just your friends and family. You have to think about how this content [will] scale. In our community and outside our community… the second thing is: who can I strategically partner with [to make that] happen?”
He also talked about Druski’s first time hosting the BET Awards, revealing that it was a win for the network and the comedian. In terms of what he wished his younger self knew, he said, “Delay self-gratification. We all see things that we want every single day, but do I have to have it today, or could I wait a year from now?”
During the conversation with Hackett, Ross got BMO’s CEO to reveal the financial accounts everyone should have: Savings, high-yield savings, Roth IRA, 401K, and more.
Kandi Burruss mainly talked about the benefits of life insurance but briefly touched on music royalties, partnerships, various income streams, and financial lessons from early in her career. She knew focusing solely on music was risky since musicians come and go. At 19, she was inspired by Queen Latifah winning an award for her work in management, production, and more. “The next day I went home and said, ‘Okay, what can I do to be like Queen Latifah?’ I’m gonna manage somebody. I called my homeboy from school and said, ‘You still in that group?’ I’m gonna manage y’all. And that was Jagged Edge.”
‘Beauty & Entrepreneurship’ with Resa Luster-Mac, Jesseca Harris-Dupart, Jhalesa Seymour, and Darrell Spencer
The beauty industry is evolving, with brands rising and falling within years, sometimes months. Many lack proper structure, while others achieve longevity that is hard to attain.
From Luster Products, Inc.’s Resa Luster-Mac, Kaleidoscope’s Jesseca Dupart-Harris, Salt.xo’s owner Jhalesa Seymour, and Crowned Skin’s Darrell Spencer, these are companies with founders who focused on standing out, being unique, and offering a solution to consumers.
Hosted by ABC 7’s Val Warner, this panel was full of “write that down” tips, including where to sell products, how to listen to consumers, being cautious about expanding too fast, using TikTok and its shop, and more.
Header image credit: Lashaunta Moore/Compliment Magazine
