Michelle Richburg, Billboard CEO, Talks About Building Sustainable Wealth

Michelle Richbourg was recognized as a best billboard business manager for two years. She has spent the past 30 years helping artists, athletes and executives manage their finances and build lasting wealth.

For many years, Richburg has supported its clients as a banking executive. But in the early 2000s, Moses Michael Levi Barrow, formerly rapper Timid and now elected leader of the Belize Opposition Party, provided her with the opportunity to launch a side activity. He asked Richburg to manage his finances while he went to jail. For the next eight years, she became his sales manager and subsequently took on other clients.

Today, the Richburg-based firm, Richburg Enterprises, serves more than 50 leading artists and sports clients, providing business and tax management services, as well as financial planning services. In an interview with BLACK COMPANY, she shared the most important lessons anyone who aspires to build lasting wealth should learn.

Pay yourself first

The Richburg firm teaches clients to save money for the future by saving and investing first. She encourages clients to open investment accounts and automate their investment process.

Budgeting is necessary

“Anyone can benefit from a budget regardless of income. So we budget for our clients with a fixed discretionary spending line to prevent them from randomly spending $ 200,000 on jewelry or $ 50,000 on Valentine’s Day gifts without proper planning, ”said Richburg. BLACK COMPANY.

“We educate and advise our clients so that they understand the importance of living below their income level,” she added.

Learn About Taxes

When you’re a new business owner, you don’t always know you need to save money for taxes.

“We provide tax projections to help our clients get a feel for their estimated tax liability for the year,” Richburg said.

Take advantage of credit efficiently

“Paying your bills on time is essential. For a lot of people, especially if they were in trouble before and have the money now, it’s not easy to understand how the system works. Understanding what constitutes a credit score, paying bills on time and not having a balance makes a huge difference. She also noted the many conversations she has had with her clients about the importance of keeping their credit usage below 30% of credit limit for a higher credit score.

Have your estate plan in order

“Every year artists die for some reason. We therefore emphasize the importance of estate planning. You must have a will in place, especially if you have children, a spouse, or assets. Everyone needs life insurance and in some cases you may also need a trust, ”Richburg said.

Richburg shared a tip she gives to any potential client. “Having a great team around you is essential. Along with hiring a business owner, you need a good CPA, lawyer, and manager who will work together on your behalf. A team that can collectively think about things that you don’t have time to think about will set you up for success.

To learn more about Michelle Richburg’s history and journey as a business leader, click here.

Anne-Lyse Wealth is a writer, heritage educator and chartered accountant. She is the founder of Plutus Award nominated Dreamoflegacy.com, a platform dedicated to inspiring millennials to build wealth with purpose.

Anne-Lyse is the author of “Dream of Legacy, Raising Strong and Financially Secure Black Kids” and the host of The Dreamers podcast.

His work has been featured in publications such as Business Insider, NextAdvisor, Time, among others.

Mary H. Martino