An evening with Ro$$ Mac of Maconomic$

After my first financial seminar this year, I'm more inspired than ever.

Ro$$ Mac (left) and Darnell Mayberry at the Black Wealth Summit in Chicago, Ill., on March 1, 2023.

Wednesday night felt surreal.

For two weeks I couldn’t wait for March 1, and when the evening arrived it didn’t disappoint. In fact, it greatly exceeded my expectations.

I attended my first financial literacy seminar of 2023, the Black Wealth Summit with Ro$$ Mac of Maconomic$.

Before I began this journey in earnest six months ago, spending my free time listening to someone talk about money would have struck me as cruel and unusual punishment. Now, I’m searching for as many money talks as I can find. I was fortunate this one all but met me at my doorstep. Best of all, the man of the hour, the expert who received my undivided attention, is someone who inspired me early in my walk.

Shareef “Ross Mac” McDonald is a Chicago native who has 15 years experience as an investor and former Wall Street professional. His aim is to increase access to financial education and spread a fundamental understanding of financial freedom from an urban perspective. When I learned he was speaking at a charter school on the city’s south side, I immediately signed up.

It was the exact type of event I’m actively looking to attend as often as possible this year. In order to understand money, I need to surround myself with people who are comfortable having the conversation. Events with experts on the subject are even better. This is what excites me these days. As I sat in the third row of the arranged folding chairs spread across the school’s gymnasium floor, eyes glued to Mac’s every move, I couldn’t believe my good fortune.

Mac was a co-star of the hit Netflix documentary “Get Smart With Money.” He joined three other financial experts as they each coached an individual or family through difficult money matters. Mac guided NFL safety Teez Tabor, who played for the Chicago Bears from 2020-21.

Me and Parker watched the documentary together on Dec. 1, a Thursday afternoon after school. We both loved it. Eight days later, I stumbled across Mac appearing as a guest on “Your Money, Your Life,” Black Enterprises’ financial podcast. Hearing him have a free-flowing conversation was more impressive. He captured my attention and kicked open the gates of my imagination.

The episode was about creating a culture of multi-generational wealth. Mac provided his expertise on the mindset, priorities and habits necessary to transition from conversation to cultural change. Everything about the discussion resonated with me. It also affirmed my growing feelings of financial insecurity. I knew I needed a better way, and hearing Mac on that podcast episode was a pivotal early inflection point that helped change my life.

Ro$$ Mac presenting during his Black Wealth Summit in Chicago, Ill., on March 1, 2023.

If the podcast was a step, Wednesday night marked a giant leap. Here I was, in the proverbial room — just six months into my journey and only three months to the day since watching Mac’s Netflix special. The event was free, a community service provided by the school for employees, staff and their families. Although I’m thankful, being the tightwad I am, Mac’s knowledge, patience and care in explaining everything from the basic to the complex is well worth paying for.

For approximately 90 minutes, I had the privilege of watching Mac, basically in his backyard, spread love and financial literacy to his community. It was one of the most inspiring ways I could have spent a mundane Wednesday night on the first of March.

Here are some takeaways from Mac’s presentation.

1. Why you should invest: Investing ensures a financially healthy retirement. It creates another source of income. It fights against inflation. And investing allows us to take advantage of compound interest.

2. Do this before investing: Eliminate “bad” debt, or debt that is high-interest bearing such as credit cards. Also, make sure you have an emergency fund to cover at least three to six months of living expenses.

3. Pay debt with a plan: There is the avalanche method and the snowball method. The avalanche method requires making minimum payments on all debt and using excess funds to pay the debt with the highest interest rate. The snowball method requires making minimum payments on all debt and paying off the smallest debts first before attacking larger debts.

4. Budget using the 50-30-20 rule: A smart and sustainable way to disperse after-tax income is to funnel 50 percent to necessities, 30 percent to wants and 20 percent to savings and debt.

5. Start investing for your children: A 529 Plan is a tax-advantaged account that can help with the cost of college. Investing in the stock market can be done for the child using custodial accounts. Stocks also can be gifted or transferred to children using sites such as Stockpile and Earlybird.

6. Take action: You don’t need much to get started. Just open a brokerage account. Popular brokerages include Fidelity, TD Ameritrade, E-Trade and J.P. Morgan, among others. Many offer promotional cash or stocks just for signing up. From there, begin investing in an index fund like the S&P 500 that tracks the 500 leading publicly traded companies in the U.S. That’s it. You’re an investor.

Mac talked about many more topics, including credit scores and how to improve them, life insurance and why it’s “one of the biggest cheat codes in creating generational wealth” and retirement.

I could have listened to him all night.

But as I told Mac, we’ll be in the same room again. I never imagined I’d come this far this soon into my voyage. Who knows what doors will open next? Wednesday night, however, was an important reminder.

When we plant seeds, they most certainly will grow.

Disclaimer: The information contained on “Money Talks” is not intended as, and should not be understood or construed as financial advice. I am not an attorney, accountant or financial advisor. These are my personal experiences, and this Website is not a substitute for advice from a qualified professional.