455 | She Lost Everything Then Built A Finance Empire

May 13

[00:00:00] Janine Jennings: My financial independence or financial freedom journey, grew from a tragic event. I had my daughter, she was born on Christmas day. A few months after she was born, took her to the ER. They told me the most devastating news ever. My daughter wasn't going to live until tomorrow, and that she needed a heart transplant today.
[00:00:22] Janine Jennings: The entrepreneur that is at rock bottom, just know your greatness is on the other side of that brokenness. I started over with $40.00
[00:00:32] Chaz Wolfe: this quintillionaire number, knowing you're a quintillionaire, you've even got it on your shirt. Tell us,
[00:00:38] Janine Jennings: what is this
[00:00:39] Chaz Wolfe: quintillionaire number that I'm supposed to know?
[00:00:44] Chaz Wolfe: Welcome back to gathering the King's podcast. I am your host Chas Wolf. And today on the show, I have Janine Jennings. She's the president of JP tax service and accounting, and she's a queen on a mission to be able to help business owners get their taxes and their spending on point.
[00:01:00] Chaz Wolfe: Here are the three things that we discuss. One turning tragedy into blessings and incredible story to starting over from nothing. And three, knowing your quintillionaire number, please subscribe. If you haven't already liked this video, comment down below on how you organize your spending, or maybe you don't.
[00:01:21] Chaz Wolfe: And you're going to hear from Janine on how you can get that changed. Enjoy the show.
[00:01:25] Chaz Wolfe: Janine J nine J J Jennings. How are we doing Janine?
[00:01:30] Janine Jennings: I am so dynamic today and You like that word?
[00:01:35] Chaz Wolfe: I do, but I've never had anybody described themselves as being dynamic today, like, Whoa, can you give me just a little bit more on that?
[00:01:43] Chaz Wolfe: What, how do you feel dynamic?
[00:01:45] Janine Jennings: I just feel, I just got the chills too. I just feel thankful to be on your show and I feel very blessed to be able to help someone and give them one nugget. From our conversation that can take them from here to there.
[00:02:08] Chaz Wolfe: We're going to make some impact here today. Janine, you have,~ um,~ a super unique business. Actually, I guess multiple businesses. Your background kind of comes from two worlds that have combined together, but you work with entrepreneurs in all different fields.
[00:02:20] Chaz Wolfe: Tell us, tell us what you do.
[00:02:21] Janine Jennings: I am the president
[00:02:23] Janine Jennings: of JP tax service and accounting and the president of cultural differences salon.
[00:02:29] Janine Jennings: And I help entrepreneurs,~ um,~ organize their spending, save more money on their taxes. and help them calculate,~ um,~ and start simple retirement plans.
[00:02:40] Chaz Wolfe: yeah. And if anybody's listening, uh, thought that tax strategy or organizing your spending, maybe sounds stressful at all. That smooth buttery voice from J nine over there is going to just make sure everything's cool, calm, and collected for you when it comes tax season.~ Uh,~ but in all seriousness,~ um,~ organized spending, what do you mean by that?
[00:03:01] Janine Jennings: What I mean by that is really just understanding where you're spending your money. And so you can make informed decisions about your future, about your business, about your family, about how you want to retire.~ Um, ~because a lot of people don't know that. So, ~um, ~if you organize your spending and have a clear picture of what you're spending your money on,
[00:03:28] Chaz Wolfe: Yeah.
[00:03:30] Janine Jennings: making informed decisions about your life is the best Thing.
[00:03:35] Chaz Wolfe: Okay. So here we are. I'm listening right now. You're talking about organizing my spending. So I know where my money's going. Well, I mean, I'm spending it. Don't I know where my money's going? Why wouldn't I know where my money's going? Janine.
[00:03:47] Janine Jennings: This something that you have to look at every day. Like we look at our phones every day. We have to look at what we're spending every day
, look at our net worth every day. , we haven't been trained to do that,
Still working.
[00:04:00] Chaz Wolfe: That's right. Okay. So the long term value obviously is making good decisions, but you're talking about pretty practically looking every day at transactions, looking every day at the amount of money. You said net worth. Like that's a big thing that I'm about, but describe to our listeners. What is net worth?
[00:04:19] Chaz Wolfe: How do I calculate that? Why should I look at it every day? Give us some information there.
[00:04:22] Janine Jennings: your net worth is
[00:04:24] Janine Jennings: your gross income minus your expenses. And that equals your net worth as a simple,~ um,~ breakdown of it. Knowing what that is helps you to make quality, quality decisions about your future. And how do you want to live when, when you get older, because that is inevitable. And then when do you plan on retiring?
Or what do you want to do when you get older?
[00:04:51] Chaz Wolfe: Okay. So you're talking about 40 years from now. I'm, I'm 20. I just started my business or maybe I'm 40 and I'm like, Oh, I'm going to be a hundred years old. Like, I'll think about that later. Why is it important for me to literally stop what I'm doing and go, okay, maybe I should start calculating a few things here, paying attention to my net worth.
[00:05:12] Chaz Wolfe: Just easier for me just to, I mean, I go out, I can eat a nice dinner. I pay for my phone. I can buy a nice car now. Like I can just don't have all the fun now and that'll sort of stuff out later. Right. That's what people think.
[00:05:24] Janine Jennings: That's what people think. A lot of people outlive their
[00:05:28] Janine Jennings: money. Wanted to give one little tidbit, kind of Three steps first,~ um,~ pick a date that you're going to die, then pick a date. You're going to retire, then go to ssa. gov and figure out how much you're going to be able to pull down when you do retire. You need 40 credits to be able to pull social security.
[00:05:50] Janine Jennings: If you don't have that 40 credits, then you need to pay into social security. And then once you pick a date, you're retire, figure out where you're going to live, if you're going to have a house and pay a house note, if you're going to pay a car note,~ Um,~ kind of have a, a gauge doesn't have to all be figured out.
[00:06:08] Janine Jennings: And then,~ um,~ you can start a simple retirement plan by going to acorns. com and putting as little as 10 a week in to a Roth IRA. Until you are able to,~ um,~ put more in and then you can open up a Vanguard account for free. All this is free. And,~ um,~ I like the S and P 500 because that is 500 of the most,~ um, ~
[00:06:31] Janine Jennings: ~um, ~secure stocks that perform well, and you can put as little as 50 a month in or As much as 1, 500 a month in to grow your money because you need a vehicle to grow your money while you're still working.
[00:06:46] Chaz Wolfe: Yeah. Well, as you're, as you're talking to entrepreneurs here, I mean, obviously I'm an entrepreneur thought for a long time about, you know, taking care of my money and I'm not a penny pincher by any means at all. Okay. There's a couple of pennies that go here. A couple of pennies that go there. Okay, fine.
[00:07:03] Chaz Wolfe: But I will tell you, I look at the bank accounts every single day. I look at financial reports every single month.~ Um,~ I'm, I'm usually somehow, some way trying to,~ uh,~ save up some money and make an investment, whether it's in real estate or in some sort of a business,~ uh,~ growth,~ uh, uh,~ play, but, but not everybody thinks like that.
[00:07:21] Chaz Wolfe: And I didn't necessarily get raised in a, in a, in a home that thought like that.~ Uh,~ and so how does someone like me, I'll tell you maybe how I came to that conclusion here in a minute, but from your experience, how can I learn to do these things, especially if I didn't grow up in a scenario where someone was teaching me, probably like you teach your kids and how I'm going to teach my kids.
My, my financial independence or financial freedom journey grew from a tragic event.
[00:07:50] Janine Jennings: So, ~um, ~mine just grew out of sheer desperation.
[00:07:54] Janine Jennings: , I already had a son and I had my daughter, she was born on Christmas day. And,~ um,~ a few months after she was born, she, I noticed for a week, she wasn't herself. And so, ~um, ~by that Saturday, I, took her to the ER. And so when we were in the ER, they took one look at her and rushed us up to ICU.
[00:08:20] Janine Jennings: Well, I was bewildered because I took her to the doctor all that week. And so they told me the most devastating news ever, which was,~ um,~ my daughter wasn't going to live until tomorrow and that she needed a heart transplant today. And I'm like, boy, what? I don't. What is ? I don't, I was mystified and so I just fell to the floor because that was the worst news that you can ever hear and you, you didn't even think that was gonna happen,
[00:08:57] Janine Jennings: And so we spent, that was April, may, June, July, four months in ICU. And mind you, I had a son who was three, and I had a career as a hairstylist. And spending four months in the ICU, it's like, how am I going to afford a heart transplant? I still have to parent my son who goes to preschool. It was, it was a lot.
[00:09:25] Janine Jennings: So like spending all of my money, not having any money, having to still work to be able to afford rent, lights, gas, water.~ Um, ~that was a whole lot. And so, ~um, ~she was placed number two in the country for heart transplant. And in October, she was able to get a heart. Well, ~um, ~the transplant was a success, but through that whole time, she had caregivers and nurses, and I still had to work.
[00:09:57] Janine Jennings: I would have loved to be off, and I would have loved to have a surplus of money where I could just focus on her, but that didn't happen. I didn't have that. And so, ~um, ~after the transplant, she, she didn't make it, but,~ um,~ it, it just taught me a, a real valuable lesson of, wow, I need a retirement. I need to have extra savings.
[00:10:20] Janine Jennings: This is a one time tragic event that if I would have loved to just have been there for it completely, instead of having to work a lot and then go to the hospital. So,~ um, ~I learned about retirements for self employed people, how to save money, how to spend my money, how to know not to just spin, spin, spin.
[00:10:44] Chaz Wolfe: For you in that moment, it was like, obviously like the, like the water, you know, had just shut, been shut off, like possibly your literal water, but I just mean this figurative, Situation in life, like things stopped and just the music got turned off and you started thinking differently.
[00:11:00] Chaz Wolfe: How did you keep from like hyper fear and like overthinking and giving up more than, I mean, cause what the pressure pushed you into thinking about retirement for,~ uh,~ self employed people and how to, how to not spend as much and like an amazing result, but. I see it happening the other way for so many other people, if they've been in that scenario, why, why did you go that way?
[00:11:28] Janine Jennings: Because I knew there was, there was more from, for to my life and for my life. I just knew that was a moment and that was a tragic moment.~ Um, ~but it was. God doesn't do things for no reason. ~Um, ~so I just knew he had me and even though I was real, you know, like broken, I was broken. It, it literally, so that was in 2004. So just like really now, 20 years later, I'm able to really speak upon it and not get choked up and just, you know, heal myself and know that.
[00:12:12] Janine Jennings: I, I honor her by doing different things on Christmas day,~ um,~ like letting off some balloons, but
[00:12:19] Chaz Wolfe: ~right.~
[00:12:19] Janine Jennings: it just, I just knew there was more for, for me than just being heartbroken and broken period.
[00:12:27] Chaz Wolfe: Yeah. What would you say for the person? Maybe they haven't had that same circumstance, right? Happened, but they're, they're listening right now and they're broken male or female. Like I, I'm going to encourage the dudes right now. They're listening. I mean, they're broken. Just looks different. Right. And so what, what would you suggest for that person?
[00:12:45] Chaz Wolfe: Who's at that very, very bottom, like you were just talking about, like where you probably didn't even feel like you could move, but you knew that you needed to, what, what do they need to do? Or what do they need to think?
[00:12:57] Janine Jennings: Well, they need to
[00:12:59] Janine Jennings: give themselves permission to proceed. For one and forgive yourself for it not being your fault because a lot of people think, Oh, if I would have done this, if I would have done that, it's not your fault. It's not your fault. Give yourself, you know, forgive yourself
[00:13:20] Chaz Wolfe: Yeah.
[00:13:21] Janine Jennings: for one. Then,~ um,~ thirdly, what, what do you want for your life?
[00:13:27] Janine Jennings: You know, what do you want? But I, since I was young, first grade, I, I knew what I wanted for my life. I just was headstrong. Like I knew first grade I was going to be a hairstylist and a neurosurgeon.
[00:13:42] Chaz Wolfe: Oh, okay. We're going to, we're going to make sure your brain works and then put some nice hair on you.
[00:13:47] Janine Jennings: Why those two completely different
[00:13:51] Chaz Wolfe: Oh, I mean, let's be honest here. Janine, like Taxes and hair. I mean, they might as well be neuros, neuroscience and hair, you know?
[00:13:58] Janine Jennings: Right. So,~ um,~ I just knew I had a
[00:14:02] Janine Jennings: design. And I liked helping people and I couldn't give up on the people that I was supposed to, that I'm destined to help.
[00:14:11] Chaz Wolfe: I love that.~ ~
[00:14:11] Janine Jennings: ~Um, ~ the entrepreneur that is at rock bottom, just know your greatness is on the other side. of that brokenness,~ um~
[00:14:20] Janine Jennings: Believe in yourself that, you know, you can provide goodness to someone else. Someone else that is in your same situation and they, they will get inspiration from you and you can save somebody else's life.
[00:14:33] Chaz Wolfe: Yeah. Yeah. I mean, belief belief is the bedrock. If we're going to use this, this rock bottom type language is the bedrock for everything.~ Um,~ and.~ Uh,~ that crosses over backgrounds that crosses over industries, situations that you've been a part of, or that I have been a part of you. We, we do have to have belief like actual faith is
[00:14:58] Chaz Wolfe: the works that are happening after the belief has taken root.
[00:15:02] Chaz Wolfe: And so
[00:15:04] Janine Jennings: Yes.
[00:15:04] Chaz Wolfe: truly actually things don't actually happen really until the principle of faith is in place, whether that's again in yourself or, or in a creator., what we're talking about here, we could, we could do it, we could go the rest of the show on, but I think that your message is clear that,~ um,~ belief.
[00:15:20] Chaz Wolfe: I mean, I was just, I was just recording with, with another,~ uh, uh,~ guest earlier today and we ended with,~ uh,~ don't stop believing, you know, the song from journey , in that moment, what other option did you have other than
[00:15:33] Chaz Wolfe: quitting? And you already knew you weren't going to do that. You had already decided back in first grade. I'm not, I'm not a quitter. I'm not going to
[00:15:39] Chaz Wolfe: roll
[00:15:40] Janine Jennings: a quitter.
[00:15:40] Chaz Wolfe: you know?
[00:15:41] Janine Jennings: Yeah, I'm not a quitter. ~Um, ~
[00:15:44] Janine Jennings: that just taught me from that experience that just taught me I can withstand ti thing
[00:15:51] Chaz Wolfe: That's right. Get anything, it's ti thing
[00:15:56] Chaz Wolfe: a little Tyler Perry in here.
[00:15:57] Chaz Wolfe: Hey Kings and Queens, Chaz Wolf. I want to talk to you about something that's super important to me. We put a lot of time and effort, we meaning myself and my team into this podcast, into the content that goes out every single day. And if you have been getting any sort of value or insight from this, we want it to be able to reach other business owners too.
[00:16:16] Chaz Wolfe: So we would love if you would like comment, share, leave a review, post, share again, all of the things. On social media on all the different platforms or even on the podcast mediums of apple and spotify We would love to be able to get our content into more hands more entrepreneurs So they can grow their business as quick as possible together We are building a community of like minded entrepreneurs who are committed to growing their businesses to new heights So let's do this.
[00:16:43] Chaz Wolfe: Let's help each other grow
[00:16:44] Janine Jennings: ~Um, ~so I was married to her father and so after like we couldn't, we got divorced just. We just couldn't get back right from that experience. Was at the hospital.~ Um, ~like 12 hours, then I would, I would go after work, stay all night, go home, take my son,~ um,~ to, to school, go to work, pick my son up, do his homework.
[00:17:15] Janine Jennings: Go to the hospital. So it was a,~ um,~ it was like a whole system. And so after me and my ex during that time, he didn't have the capacity to do anything. He was just so devastated.
[00:17:30] Chaz Wolfe: Yeah. He's grieving.
[00:17:31] Janine Jennings: Yeah. So, ~um, ~you know, the divorce, I'm like, I just walked, it's like, Oh, okay.
[00:17:37] Janine Jennings: We're getting divorced. All right. You know, my daughter passed away. I can't handle anything, you know,
[00:17:43] Janine Jennings: sir.
[00:17:44] Chaz Wolfe: how has that served you today? Like in business, multiple businesses now,~ uh,~ older kids now, and they're starting to prepare for their lives. And have this bulletproof vest on now where you walk in and you're like, come at me, bro.~ Uh,~ how does that help you?
[00:18:01] Janine Jennings: it's helped me to just
[00:18:04] Janine Jennings: stay consistent and people like a consistency in any business. When you go to Chick fil A, you know, you're going to consistently get, I like sun Joyce. It's going to taste the same every time I get it.
[00:18:18] Chaz Wolfe: Yeah,
[00:18:19] Janine Jennings: People like consistency and that breeds,~ um,~ that just breeds referrals where people know that what they can expect from you.
[00:18:28] Janine Jennings: ~Um, ~and I feel the worst has already happened.
[00:18:32] Chaz Wolfe: yeah,
[00:18:33] Janine Jennings: You yeah, it really can't get any worse than that. Losing a child is
[00:18:40] Janine Jennings: one of the most devastating things that you can ever do or could ever happen to you. And so, ~um, ~that's how I look at it. Like, I was already hurt. I was already broken. So I can muster when, when I got divorced, I was also going to college.
[00:18:57] Janine Jennings: ~Um, ~so let me backtrack after my first daughter's funeral, I got pregnant. So I had another daughter. So I think that also helped me. Kind of deal with what happened as well.~ Um, ~so I had my son and then my daughter who was four years,~ um,~ they are four years apart.
[00:19:18] Chaz Wolfe: there's components that, that make up how we cope or how we, how we move on.~ ~
[00:19:25] Chaz Wolfe: ~Um,~ and I think that just to kind of, you know, put a nice little bow on this is that every entrepreneur, and even at later stages, I've, I have been categorized as successful and had a thought like, what if I lose it all? You know, and I think everybody listening has had that thought, no matter how successful they've gotten, we all know that, you know, it could just be like a couple of decisions away from the edge. Not that I actually feel like I'm a couple of decisions from the edge, but
[00:19:55] Chaz Wolfe: what if, and I'm always playing that game, not out of fear, but out of like, I don't know
[00:20:01] Janine Jennings: Because it could
[00:20:02] Chaz Wolfe: What would I do exactly like in that scenario losing the child or losing the business or whatever? How do I react to that? How do I how do I deal and I think what?
[00:20:12] Chaz Wolfe: The message that you're given is the same that I would tell a young entrepreneur or somebody listening here today Who's maybe not even a young entrepreneur is? The resilient factor of look, I don't know what's gonna come at me this year next year But I'm going to figure it out a big, what you and I are similar in this way, because I know God's got me.
But secondarily, I've done the work. I'm not a perfect person. I'm not by far,~ uh, uh,~ of who I'm supposed to be yet, but I've done some work to where it doesn't really matter. What comes this way.
[00:20:42] Janine Jennings: Yeah.
[00:20:43] Chaz Wolfe: I'm not even ready, but I'm going to figure it out. There's not going to be anything that keeps me down for too long.
[00:20:49] Chaz Wolfe: All right. Maybe for a little bit, but not forever for sure. Would you add anything to that as we're kind of putting a bow on this little piece?
[00:20:55] Janine Jennings: Well,~ ~
[00:20:57] Janine Jennings: ~um, ~I had nothing after,
[00:20:58] Janine Jennings: after,~ um,~
[00:20:59] Janine Jennings: her funeral, like nothing, no money. And so I had to just think like, okay, I still had clientele, but who wants to do clients after, you know, you just lost your daughter. No one, nobody, but I just. forced myself to take appointments. So I just started with one client, one client who came in, it was a 40 service. She tipped me in from that tip. I was like, okay, I can do this. I can, I can do this. I started over with 40.
[00:21:37] Chaz Wolfe: Yeah. Wow.
[00:21:38] Janine Jennings: And just was able to know how it can serve someone and, and provide value to their life.
[00:21:47] Chaz Wolfe: A lot of times entrepreneurs that, that is resilience. It's dwindling it down, not overthinking the whole situation, but dwindling it down to what's right in front of me. And what do I need to do next?
[00:22:00] Janine Jennings: Yes.
[00:22:01] Chaz Wolfe: You know, for, for you in that moment, it was do this person's tax return or whatever that, or a hair rather.~ Uh,~ and I'm going to, I'm going to make it the greatest hair. And she, and she gave me a tip. And then. And then I'm going to get another person in my chair. I remember,~ um,~ this was, this was,
[00:22:14] Chaz Wolfe: many years ago, but I had seven locations of edible arrangements franchise. I still own a couple of those, but,
[00:22:19] Chaz Wolfe: ~uh,~ we're getting ready for Valentine's day and it's the biggest day of the year.
[00:22:23] Chaz Wolfe: And I also,~ um,~ had gone back to work in my sales. Profession. And so, which might sound a little odd. You owned seven companies, millions of dollars in sales, but I had systems and everything was on, you know, like really working and good except Valentine's day. And that year I'm working full time. I'm a top, if not the top producer that year,~ uh,~ in my job and running these seven businesses and we're having our second kid and I'm getting ready for Valentine's day.
[00:22:54] Chaz Wolfe: And I literally remember sitting there. And I think if my hair would have come out, it would have, I would have been bald because I was, I didn't know what else to do. There was just, I had, I had crammed the calendar and my plate so full and I was
[00:23:10] Chaz Wolfe: stuffed.
[00:23:11] Janine Jennings: Mhm.
[00:23:12] Chaz Wolfe: I had to keep moving. And for me in that moment, it was just, I got, I got to get through Valentine's day.
[00:23:17] Chaz Wolfe: I got to get, and, and then even broken that down. It was. I got to find 10 more drivers for this store. Okay, great. I'm going to, let me do that. And then let me move to the next store. Let me find, I got to find 15 more folks for inside the store at that location. Okay, great. Like check, like just check, check, and you just got to keep moving down the line at the end of the day, go to bed tomorrow, work on the list again until you can build a little bit of a rhythm until you can, I mean, you had multiple clients probably then now have multiple chairs.
[00:23:46] Chaz Wolfe: Now I have a whole salon, like it eventually looking back, you can, you can go, wow. Like this, this worked, but in the moment, your head down and you're just like trumpsing through the, like, just one step after the other. Right?
[00:23:59] Janine Jennings: Yeah. Exactly. Exactly. Exactly. Exactly. And so. Me wanting to be a hairstylist since first grade. Then when I was having my son,~ um,~ I Ohio, it is cold in the winter, January, February, March. It's slow doing,~ uh,~ during the hair. And I'm like, okay, well, What can I do to supplement my income for a short amount of time?
[00:24:24] Janine Jennings: And so it just, as soon as I said that to myself, H& R Block had came on the TV and said, you can become a tax preparer and work from January to April 15th. I said,
[00:24:36] Chaz Wolfe: Ding.
[00:24:37] Janine Jennings: okay, well that's what I needed.
[00:24:39] Janine Jennings: We'll offer the free course and you pass your exam and you become a tax preparer. So, okay, we'll do that. And so that's what I did.
[00:24:51] Janine Jennings: And so I had already knew how to. Be in someone's personal space doing, doing hair. And so I was able to transfer that,~ um,~ care to being in someone's personal financial space. And so the clients left me, but back then they only paid 5 an hour.
[00:25:09] Chaz Wolfe: Yep.
[00:25:11] Janine Jennings: I said, I don't know who's working for, for you all. For 5 an hour. I said, no, I'll finish out the season. This is what I told myself. I'll finish out the season and that's it. I just needed to make some extra money because I was having my first kid. And,~ um,~ so that next tax season rolled around and the people that I had,~ um,~ who I prepared their taxes, they called me because they knew I was a hairstylist.
[00:25:35] Janine Jennings: So they found my number and they said, are you, are you doing taxes this year? And I said,~ um,~ yeah, yeah, sure.
[00:25:44] Chaz Wolfe: I sure am. Just opened up.
[00:25:46] Janine Jennings: I sure am. So I,~ um,~ got some tax software and
[00:25:51] Janine Jennings: started preparing taxes and it started with just one phone call. And so I would do both from January to April 15th. It was already slow doing hair. So I was able to manage my time.
[00:26:05] Janine Jennings: And then after April 15th, it, I was able to do hair,~ um,~ full time. So. After that, I really liked,~ um,~ because I had already,~ um,~ knew how to do my own, I guess, housekeeping and financial stuff. So I was practicing on my hairstylist friends and telling them about tax strategies that they can do throughout the year, telling them how to be able to write off things or what things they could write off.
[00:26:34] Janine Jennings: And it just grew from there. And eventually it's spiraled into me getting a degree. ~Uh, ~John Carroll is one of the best schools ever. I love John Carroll University in University Heights, Ohio. ~Um, ~I go back there and judge entrepreneurship contra competitions all the time. And,~ um,~ so it, it spiraled into a full time tax business.
[00:27:00] Janine Jennings: Firm, I should say.
[00:27:02] Chaz Wolfe: Well, let's use that as a little springboard here. Got a couple of questions for you around tax and just finances and stuff. Before we wrap up the, the show you, you've got in here,~ um,~ this, this quintillionaire number, knowing your quintillionaire, you've even got it on your shirt.
[00:27:16] Chaz Wolfe: Tell us.
[00:27:17] Janine Jennings: have it on my
[00:27:18] Chaz Wolfe: What is this quintillionaire number, that I'm supposed to know?
[00:27:21] Janine Jennings: Well, your quintillionaire number
[00:27:24] Janine Jennings: is your number that you need to know for when you retire. I had to put a unique word on it because people have a survival number or they have a, like a freedom number. I said, well, okay, why don't I just call it something different? It's quintillionaire.~ Um, ~because that is a, Above a billionaire, above a trillionaire.
[00:27:50] Janine Jennings: And it is something unique. Like people ask me all the time, what's the, what's the. A quintillionaire said it's a word that's above trillionaire. That's 18 zeros.
[00:28:02] Chaz Wolfe: Yeah. Yeah.
[00:28:04] Janine Jennings: And so just knowing it's just knowing a retirement number,~ um,~ that you need to know, or for when you retire, what does that look like to you?
[00:28:14] Janine Jennings: You know, for you, what is your, when are you going to retire? How much are you going to need when you retire? ~Um, ~because you're going to. You're going to retire.
[00:28:25] Janine Jennings: You're not going to work forever and you're going to die someday. I mean, I, that's very blunt, but that's the truth because we aren't immortal.
[00:28:33] Chaz Wolfe: that's right. Well, you've got entrepreneurs listening right now. They're there, you know, their ears are tickled by quintillion air, but what you're saying at some point is that the game is going to slow down and that they won't be able to produce at the same level. Obviously, if they are, you know, build a big enough business, then that's part of that lifestyle number of quintillion air.
[00:28:54] Chaz Wolfe: But some of the strategies that you're talking about are being prudent now. Going back to some of our conversations before is like, how do I make good decisions now about money? And so as an entrepreneur, what are some of these things,~ um,~ that, that make up this quintillionaire number? So we got the, got a guy's, you know, 30 or a gal listening.
[00:29:14] Chaz Wolfe: They're 30 years old. They've got a good little business. Maybe they're making a hundred or 200, 000 a year. And you're going to help, you're going to help them come up with their quintillionaire number. Let's, let's walk through the exercise.
[00:29:27] Janine Jennings: Okay. It is a formula.
[00:29:29] Janine Jennings: It's on my website under resources and it should say survival number. Now for your freedom number, let me look at this. You would take your income and you would minus your expenses and you would get a number.
[00:29:46] Janine Jennings: For example sake, say you make 200, 000 you will minus your expenses of 36, 000. And then that. You would come to 164, 000. Okay. Now that, that is your total net income. You would add your side hustle, which would be about, let's say 10, 000. So 164, 000 plus 10, 000 is 174, 000. All right. So you would add 3 percent for inflation because everything inflates. We're
[00:30:18] Chaz Wolfe: Sometimes a little bit more.
[00:30:20] Janine Jennings: a little bit more. Yes. And then you would times that number by 2. 5, which is your freedom price. Like you need to make 2. 5 over what that number is. Okay. So that is 174, 000 plus 3 percent for inflation, which is 5, 220. And you would times it by 2. 5, which you would get 179, 220 times 2. 5, which comes out to be 448, 050. So that's an example of your freedom price of what you would need to make in order for you to be, I don't, I don't want to say, I don't want to use the word comfortable, but in order for you to make quality decisions about the quality of your
[00:31:16] Chaz Wolfe: Yeah. I had to make the same amount of money in a future circumstance.~ Um,~ and we can get in, we can get into good decision making,
[00:31:23] Chaz Wolfe: right? Because there's some people who make 200, 000 that
[00:31:26] Chaz Wolfe: spend 205, 000 and that is
[00:31:30] Chaz Wolfe: That equation doesn't
[00:31:31] Chaz Wolfe: work.
[00:31:32] Janine Jennings: see it all the time.
[00:31:33] Chaz Wolfe: But in that example, you just gave the 200, 000 and you're only spending 36, 000 that, that equation can work.
[00:31:38] Chaz Wolfe: ~Uh,~ I've seen that equation on my own sheet of paper years ago. I was like, let's, let's, let's increase this number and keep this number the same or decrease it. And,~ uh,~ take this middle piece and start, you know, putting it to good work.~ Um,~ okay. So, so I've got this idea of whether it's retirement or being comfortable being able to continue my lifestyle at some point.
[00:31:58] Chaz Wolfe: Again, give me just one last piece here. Cause I'm young. I'm, I'm like, ah, you know, I'll get to it. Give me one more urgency piece of like, why should I really be thinking about this? Why should I even stop this podcast? Reach out to you and help me. Have you helped me work through this right now, even though I'm only 30 in this example?
[00:32:16] Janine Jennings: If you're only 30 in
[00:32:17] Janine Jennings: this example, why don't you just take the time to know?~ Um, ~I, I use an app called mint. com, which it's, it's changing over to karma, credit karma, but mint. com you put your bills in. And it gives you your net worth. If you just do that one thing, maybe you don't want to do anything else, but if you just look and see what you're bringing in and what's going out and you can have a net worth, you'll then start thinking about, Oh, okay, well, how can I make more money?
[00:32:49] Janine Jennings: I want to increase this number. I want to have this number plus more.
[00:32:54] Chaz Wolfe: Yeah. I think, I think that the, the message here is look, you're either drifting. Life is happening to you, or you are creating your own circumstances.~ Uh,~ and, and I, I don't know of any, you know, people that,~ uh,~ are, are winning in finance or in tax by just drifting. so it's, it's gotta be pretty intentional and well thought out.
[00:33:16] Chaz Wolfe: Right.
[00:33:16] Janine Jennings: you do.
[00:33:17] Chaz Wolfe: Okay. Well, you, you have shared some,~ uh,~ not only practical stuff with us today, but also just some really heartfelt,~ uh,~ stuff about your story, but then also a message to entrepreneurs everywhere that if you can do it, they can do it, but also the resilience piece. I just think that that was really, really.
[00:33:31] Chaz Wolfe: Amazing. We had,~ um,~ another queen on the stage not that long ago. Her show just came out a couple of days ago.~ Uh,~ and she did a Ted talk on resilience, kind of
[00:33:39] Chaz Wolfe: the resilience queen, if you will. and I'm just seeing, yeah, you saw that,~ uh,~ Dr. Dr. T~ uh,~ anyway, the,~ um,~ The message is the same, right? No matter the circumstance, the message is,~ um,~ Keep going,~ um,~ be resilient, keep pushing.
[00:33:53] Chaz Wolfe: And so I,~ uh,~ you already gave your website, but give us, give it again. How can people find you? Where can they find you on social? Maybe they want to work with you. Maybe they want to pick your brain. How can they find you?
you
[00:34:01] Janine Jennings: can submit a contact form on my website, which is jptechservice. com. They can. Follow me on Instagram. ~Um, ~Jennings Payton tax service. ~Um, ~that's one long word.~ Um, ~they can follow me on YouTube, JP tax service and accounting.
[00:34:24] Chaz Wolfe: We'll put all that in the show notes as well, so that they can easily connect with you.~ Um,~ you have given a whole spectrum of value here today. So I just want to appreciate you. for that. Thank you for what you're doing in,~ uh,~ entrepreneurs lives. Not even just here on the show, but just as the people you're in tax season right now.
[00:34:39] Chaz Wolfe: Actually.~ Um,~
[00:34:40] Janine Jennings: tax season
[00:34:41] Chaz Wolfe: I'm surprised we're even on this call. I've got some, some really.~ Uh,~ great friends of mine and clients that are,~ uh, uh,~ in the tax space. And it is a, it is a sprint. So blessings to you and your family as they're putting up with
[00:34:53] Chaz Wolfe: you
[00:34:54] Chaz Wolfe: through all of this time and,~ uh,~ hopefully April 15th, we'll get here soon.
[00:34:57] Chaz Wolfe: Thank you for being here. We appreciate you miss J nine.
[00:35:01] Janine Jennings: Thank you. I appreciate being on the
[00:35:03] Janine Jennings: shOw.,
[00:35:04] Chaz Wolfe: just blessings to you and all that you're putting forth to entrepreneurs everywhere that we appreciate you
[00:35:08] Chaz Wolfe: being here.
[00:35:08] Janine Jennings: Thank you.
Thank you for listening to Gathering the Kings today. I hope that you were able to pull out a few nuggets to go apply into your business right away. More importantly, though, I hope that you're realizing that it takes more to be successful than just being by yourself, doing it all on your own, carrying the weight all by yourself.
What I have realized, not only in my own journey from multiple businesses and multiple different industries, and now interviewing over 200 or 300, I hope that you're Other very successful seven, eight, and nine figure business owners is that it's tough to do it alone. And so gathering the Kings exists to bring together successful entrepreneurs.
In fact, we are putting together 1000 Kings specifically who are grateful, but not done. We're intentionally assembling Kings who fight tooth and nail for their business, family, and communities. And here's what we believe that in the pursuit of excellence in those areas. That it ignites within us, the responsibility to govern power and forge a lasting legacy.
So if that relates and resonates with you, and you know, that you need people around you, sharp, qualified, other very successful business owners. I want you to go to gatheringthekings. com. Once you take a look at what we're doing and see if it makes sense for you to be part of our pursuit to 1000 Kings talk soon.

Host Chaz Wolfe welcomes Janine Jennings to the Queens Stage on episode 455 of Gathering The Kings Podcast. Janine, President at JP Tax Service and Accounting, shares how she turned personal tragedy into a thriving business and provides real life advice on starting over and organizing your finances. Learn Janine's formula to finding your "Quintillionaire number" and how it can transform your financial future.

Janine Jennings:

Website: https://www.jptaxservice.com/

Facebook: https://www.facebook.com/JPTaxServices

Instagram; https://www.instagram.com/jenningspeytontaxservice/

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