Episode Details

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Two-time Emmy and Three-time NAACP Image Award-winning, television Executive Producer Rushion McDonald interviewed Dr. Joaquin Wallace. 

🎯 Purpose of the Interview

To explore Dr. Wallace’s groundbreaking work in financial literacy, particularly his concept of the “financial genetic code”, and to promote his book Generational Wealth Begins with Generational Knowledge. The interview aims to empower marginalized communities with tools for financial healing, literacy, and long-term wealth building.

🗝️ Key Takeaways 1. Background & Recognition

• Dr. Wallace is a recipient of the Wells Fargo Living History Makers Award.
• Featured in the Contemporary Black Biography series.
• Former college basketball coach and educator with a strong focus on discipline and mentorship.

2. Seven-Stage Generational Wealth Model

Outlined in his book, the model includes:

1. Internal/External Ecosystem – influences from family, community, and environment.
2. Financial Genetic Code – inherited financial narratives and behaviors.
3. Financial Healing – reprogramming harmful financial habits.
4. Financial Edification – literacy and inclusion.
5. Financial Well-being – stability and health.
6. Generational Knowledge – estate planning, insurance, long-term care.
7. Generational Wealth – successful transfer of assets.

“Without financial well-being, there is no generational wealth.”

3. Financial Genetic Code

• A trademarked concept by Dr. Wallace.
• Unlike DNA, it can be rewritten through education and therapy.
• Influenced by early experiences, family habits, and community norms.
• Examples include “scar tissue narratives” (trauma from past financial events).

4. Credit & Financial Literacy

• Credit score is critical but misunderstood.
• Utilization rate should be under 30%.
• Payment history and inquiries significantly affect scores.
• Many people are unaware of the difference between consumer scores and business scores.

5. Barriers to Financial Growth

• Lack of trust in financial systems due to past trauma.
• Misinformation passed down from family and community.
• Zip codes and overleveraging can impact loan approvals.
• Financial professionals may unknowingly transfer their own biases to clients.

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