In this episode, Katina Burks and I talk about the importance of creating a family legacy and why she decided to get life insurance for her four boys. 

Katina is passionate about making a difference and enhancing people’s lives. She has a B.A. in Human Development and is currently working on a Master’s in Social Work with a concentration in community, administration and policy practice at Howard University. Katina loves working specifically with youth and hopes to open a group home for teen boys with mental and emotional disorders, as well as start a transition house for men.

Listen on Apple Podcasts | Google Podcasts | Spotify Podbean | Pandora

In this episode you will learn:

  • How you can use life insurance to create a legacy
  • Why life insurance is a great gift
  • What can happen when you work with me on your finances
  • What the Bible says about leaving an inheritance, and more

Katina Burks 0:00

You put the wheels in motion basically, because I was all over the place. I was like, "I want to do this, I want to do that I want to..." And you-you checked me at the front door. She was like you were like, "you're not in a position to do all of that now." And one of the things that I always tell my kids, everything in life has an order. And you kind of like did that without saying it. "Listen, let's start with the life insurance because you can build from the life insurance."

Acquania Escarne 0:30

You are listening to The Purpose of Money Podcast, a podcast where we talk about ways to build wealth and create more freedom in your life today. I am your host Acquania Escarne. Hey guys! Welcome to the Purpose of Money. Today, I'm so excited to have Katina Burks on this show. She is going to share her story on how she is creating a legacy for her family. Now let's hop right into this interview. Hey Katina, how are you?

Katina Burks 1:01

I'm good. How are you?

Acquania Escarne 1:03

I'm doing great. Before we jump into the conversation about how you're creating a legacy, I'd like for you to share a little bit more about yourself with our guests.

Katina Burks 1:11

All right, I'm Katina, I am from Florida actually born and raised in Florida. I moved to Maryland two and a half years ago, December, will make three years. I came here when I first got here, I put 8 goals on my refrigerator. And one of those goals was to go to Howard University, the Howard University HU! It was so I am taking up social work. I am getting a Master's in Social Work the tap with community community organizing and policy and procedures. So I'm excited about that. I have two more semesters. After I graduate, my goal- or let me go back. Before I graduate, I have already implemented starting three different businesses. And the first one is Public Turning Table and that is going to teach court mandated classes that been ordered by a judge like in domestic violence, anger management, and so forth. The second business will be a Group Home for teen boys that have emotional and behavioral disorders. And I can focus in on that age group, because of the pipeline to prison, sometimes behaviors get criminalized versus treated. And the third one is my big my big baby it's going to be a Transition House, The Woman House for returning male citizens back into the community. So that's what I'm working on. That's what I'm all about the helping profession and enhancing other people lives.

Acquania Escarne 2:36

I love that mission. And I love your purpose. I want to be transparent with everyone though. So you and I met and now we're working together. You're actually one of my clients, correct?

Katina Burks 2:47

That is correct.

Acquania Escarne 2:49

Awesome.

Katina Burks 2:49

It's a crazy story because I was very interested in the Delta Sorority so I seen an event that they were having and it was a Financial Workshop 101 and it was actually last year, and I already kind of had in my mind what I wanted to do with my finances in the future. But when I went to the workshop, you were the presenter and you, you really kept on it. And I wasn't in a position to get started right away. But I still had in the back of my mind of what I wanted to do. So I just held onto your information. In one day, I was just laying in the bed, and I'm like, "God, just give me the resources and the avenue." The very next morning, you sent out an email, like a follow up from the workshop just to say, "Hey, if you're still interested in x, y, z..." I don't remember what it said in detail. And I was like, "You know what, God always he right on time, all the time."

Acquania Escarne 3:46

All the time! I love that. I didn't even know that. So, new story for me. Thanks for sharing that. So one of the first things that we talked about when we started working on your finances was that you wanted to get life insurance for your sons. Tell me a little bit more about why was that one of your goals and what made you do it now?

Katina Burks 4:08

Um, I'm getting up there in age. And I'm not always going to be here. So I want to make sure that I teach them and give them the wisdom about finances and how you can draw from certain products to create a revenue for yourself. My mom when I was growing up, she always had life insurance always. I'll never forget this stubby old man named Benny, Mr. Benny used to come to the house he had, he was bald and he would collect my mom's premium every month and he came so often and so on the regular like, it was like clockwork. He became family. He was no longer a big insurance man. "Mama Mr. Benny at the door." Mr. Benny ended up passing away. So my mom kept up her insurance. We got a new insurance guy. His name was Trenton and Trenton was just full of full of life. So always my mom's thing is, "you got to have life insurance, you got to have life insurance." So for my boys, I know that some of them had life insurance through their job. But that wasn't good enough because that's just like the basic life insurance. And one of the things that I learned from your workshop was, when you take out life insurance, you want to take out enough life insurance to cover all of your debt. And that's not what we were taking out life insurance for when my mom was living, it was just enough for burial. And so I just want to make sure that my boys when if when and if they have to bury me, they understand, "Okay, mom has this set in place." I don't have to go through trying to raise money like I did for my mom because all those years my mom had insurance, the year before she died, she cashed it out. Nobody knew. We didn't find out until she died. So we had to scramble and get donations to actually have her funeral. I don't want to put my sons through that, because death alone is going to bring you a lot of grief. So it's kind of overwhelming to try to bury somebody and still have to come up with funds to do so. And then so and I just want them to build this generational wealth and understand that that's another avenue versus putting in a lot of hard work for a company.

Acquania Escarne 6:19

Hey, guys, I hope you're enjoying this podcast episode. I just wanted to take a break and share a story about an amazing woman who has created freedom and wealth in her life. I promised I'd share these kinds of stories on the podcast, and this week I'm highlighting Teri Ijeoma of Trade and Travel how she went from being an Assistant Principal, making $40,000 a year to a Swing Trader making $100,000 a day in quarantine. Teri started out investing just a little bit of her money. She just wanted to replace her income so she could travel more and work less and is now teaching others how to trade too. Check out my website, ThePurposeofMoney.com/Invest to learn more about how Teri accomplished financial freedom through investing. Remember check out thePurposeofMoney.com/invest. Absolutely. And I'm so glad you shared that story because I although your mom had the right intentions, it was unfortunate that in the days and last years in which you really needed the money to help provide for her final expenses, she had already cashed it in. So I think it's very important that you're talking to your sons now, you're getting them life insurance, you're explaining to them why you provided them the greatest gifts you could...

Katina Burks 7:38

um, as a matter of fact, my granddaughter just turned six years old yesterday. And she was asking "Grandma, what what are you going to get me for my birthday?" And I was like a savings bond. And then I have to think, "Okay, she's still a kid. She's still wants little kid things, but I'm going to add to that and make sure that I labor something." Because in the Bible, the Bible tells you in Proverbs 13:22, "A good man will leave an inheritance for his children, not just your children, but your children's children." So nothing that I do now those three businesses, it's not for me, it's not for me at all. It's for my children and my children's children, to set them up to leave them with something, to let them know that in life, you can never do anything alone. It takes a village and it takes a community. So if I leave them with something, they can help somebody else behind them. And it doesn't necessarily have to be a family member or their children, but it's for them to help others and that's just glorifying God and that's what God wanted us to do all together. Okay. So Katina, I have one more question for you. What are some of the things that you've been able to do since we first started working together? You put the wheels in motion basically, because I was all over the place. I was like, "I want to do this. I want to do that. I want to..." And you, you checked me in the front door. She Like you were like, "You're not in a position to do all of that now. " And one of the things that I always tell my kids, everything in life has an order. And you kind of like did that without saying it. Listen, let's start with the life insurance because you can build from the life insurance because the lack of stress that you provided for my sons, it's not just a death benefit from that life insurance where they could use money for other situations that arise, whether it's buying a house, whether it's paying off school debt, so you set the wheels in motion to get me to my ultimate finance, financial destination insurance, stocks, bonds, franchises, businesses, etc. So you basically put me on the right path for everything that is destined for me and my children and my children's children.

Acquania Escarne 9:51

Thank you. That's amazing. I had no idea had that much of an impact, but I'm so glad I did. You've been amazing to work with and I enjoy getting to know you and your family. And as we build on this relationship, I want to continue to help you build wealth as well.

Katina Burks 10:07

Thank you so much. I really appreciate it.

Acquania Escarne 10:09

I want to thank you for sharing your story. And I want to encourage everyone out there that September is Life Insurance Awareness Month. And I want to make sure that you guys get covered. So if you need any help or want to create a legacy for your family, through life insurance, please connect with me using the information in the show notes. And don't forget to reach out. I'm here to help. I appreciate it. Thanks, Katina.

Katina Burks 10:33

You're welcome!

Acquania Escarne 10:35

Thank you for listening to the purpose of money podcast. For more resources and information, check out my website, thePurposeofMoney.com. And while you're there, please sign up for our newsletter so you have the latest information on new episodes and blog posts. Until next time, keep creating freedom in your life today.

Transcribed by https://otter.ai

Connect with Katina Burks:

Facebook

Twitter: @DrTBurks

Instagram: @phenomenally_unapologetic

This week the Purpose of Money Spotlight is on Teri Ijeoma. Teri was an assistant principal making $40,000 a year. Then she learned how to trade and now makes $100,000 a day in quarantine. Do you want to invest in the stock market and build wealth like Teri? Check out her story and course

Subscribe to the Purpose of Money Podcast and follow PoM on social media so you never miss an episode.

More Places to Listen to The Purpose of Money Podcast 

Do you have specific topics you want to hear on The Purpose of Money Podcast? Or would you like to be a guest? Let’s connect! Email info@thepurposeofmoney.com to discuss further.

Hi, I’m Acquania! I am a Wealth Strategist and my mission for The Purpose of Money is to help women build generational wealth one dollar at a time. If you need help with your finances or want a free consultation, contact me today.