For my 3rd Guest Interview I bring to you, Lawrence Cain Jr.! I was talking with one of my best friends one day and we were talking about different personal financial topics and how financial literacy should be taught in schools. He then talked about a guy on LinkedIn who posted a lot about this topic and said that I should look into what he was doing. I decided to follow him and then a couple months after that, I decided to reach out to him and see if he would be interested in doing an interview for my blog. He said yes, and now I'm able to bring you guys another great interview that is packed with great knowledge and advice!
Lawrence Cain, Jr. is a Cincinnati native. Since earning his business degree in 2010, Lawrence has worked in banking, financial aid, and private lending. In 2015, he created Abundance University, a financial education company that provides financial coaching, credit repair, and workshops. Lawrence is a Youth Leader at Corinthian Baptist Church and serves as a board member of 3 non-profit organizations. Recently, he released his 1st book entitled Money Seeds: 30 Financial Principles. Check out our interview below!
What were your experiences and teachings like about money as a young kid?
I grew up around entrepreneurs. However, none of them really sat me down to explain finances or business. Also, when I was 18 years old, I found myself in a situation where I was working 2 jobs and had no money. I didn't even have a bank account! That's what really started my journey to be better with money and that has fueled me in my current business.
When did learning and becoming a self-proclaimed "money nerd" become important to you?
Once I decided to start work in finances back in 2010, I wanted to know the ins and outs of what financial freedom was. Whether it was a book, an article, or an app, I wanted to learn more about how it affects the consumer.
You worked in banking, financial aid, and private lending, what made you create your company Abundance University?
I had reached a point in my career that most people reach: I wasn't getting paid what I felt like I was worth, while at the same time being in a position that didn't fulfill me. That's when I decided to start Abundance University.
What is the goal of Abundance University?
Our goal with Abundance University is to teach the youth early what we learned late and teach adults strategies on creating sustainable income while building wealth.
You wrote your first book called Money Seeds: 30 Financial Principles. Did you ever see yourself becoming an author and what was that process like?
Writing a book has been a dream of mine since I was in college. The challenge was writing something that added value to others. Once I got the idea for Money Seeds, it took me 3 months to get it written and published. The actual process was liberating and I'm proud of how it's being received from the people.
Why is it so important for financial literacy to be taught in the black community?
Simply put: our people deserve financial freedom. The statistics in our communities regarding our finances has been horrible for a long time, and it's time to change that.
How does your faith play into your finances and what do you believe about the principle of tithing?
It plays a big part in my finances. There's more scriptures about money than there are about heaven, so I believe God wants us to be great with our money no matter the amount. To tithe, you must believe that you will receive more money, so I get excited when I am able to pour back into the kingdom.
Obviously, there is a lack of financial education taught in the school system all the way from elementary school to college. What would you do to fix the system and fill the gap?
First, I would make financial literacy mandatory in all 50 states, starting in 1st grade. Second, I'd have parents involved in the lessons. Third, banks within a 10-mile radius of the school should be sponsoring the school's financial literacy curriculum.
What are some of the challenges you've faced not only as an entrepreneur but also being a black entrepreneur as well?
The biggest challenges for me has been building a team and getting the average person to see and act on my calls to action. Financial education is a need, but we know that people will buy wants over needs. Since I know that, I spend a lot of time getting people ready to buy into our programs. As far as the team, I'm currently recruiting great individuals to help expand our reach.
You work full time, coach basketball, are involved in the church, are a husband and have 3 kids! How do you go about prioritizing, making time for the people close to you, while also still making time for yourself and not losing track of your goals?
I'm a big believer in taking my life one day at a time. Being organized and waking up at 5:30am every day helps me manage my lifestyle. When you're an entrepreneur, time seems to always be against you. On the contrary, time is with you. The secret is just knocking out the business responsibilities early and knowing how to shut the world off when you're around your family. I still have to work on that myself!.
What is the ultimate goal for you to accomplish and what steps are you going to take to achieve it?
The big picture is teaching 1 million people how to achieve a 6-figure net worth. Right now we're in the process of creating an online platform that will host self-paced courses for individuals to learn about credit, cash flow management, and how to create multiple streams of income. Once we launch it, we'll use a marketing strategy of partnering with whole communities and community organizations to execute our plan.
What are 3 Steps for someone who is just starting out on their personal finance journey and want to learn more and get their finances right?
1. Have real goals with real action steps.
2) Get around the right people.
3) Focus on income producing activities.
Bonus: Have PATIENCE!
Where can people find out more about you and what you are doing?
I'm on all social media platforms @LawrenceCainJr, my websites are Abundanceuniversity.net and Lawrencecainjr.com.
Thank you to Lawrence for taking the time out to do this interview. I hope you guys enjoyed what we discussed and apply some of his financial tips to your life in the future! If you have an entrepreneur that you think is doing good work and you would like to see them featured on a future guest post, let me know in the comments below!