Business manager

Michelle Richburg, Chief Commercial Officer of Billboard, talks about building lasting wealth

Michelle Richbourg has been recognized as a top 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 clients as a banking executive. But in the early 2000s, Moses Michael Levi Barrow, formerly known as Rapper shyne and now elected leader of Belize’s opposition party, gave her the opportunity to launch parallel agitation. He asked Richburg to manage his finances while he was incarcerated. For the next eight years, she became his business manager and then took on additional clients.

Today, Richburg’s company, Richburg Enterprises, serves more than 50 entertainers and high-level sports clients, offering business and tax management services, as well as financial planning services. In an interview with BLACK BUSINESS, she shared the most important lessons anyone who aspires to build lasting wealth should learn.

Pay yourself first

The Richburg company teaches customers 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 build budgets for our clients with a fixed discretionary line item to prevent them from randomly spending $200,000 on jewelry or $50,000 on Valentine’s Day gifts without proper planning,” Richburg said. BLACK CORPORATE.

“We educate and counsel our clients so 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 that you need to set aside money for taxes.

“We provide tax projections to help our clients get an idea of ​​their estimated tax liability for the year,” Richburg said.

Leverage credit effectively

“It is essential to pay your bills on time. For many people, especially if they were in trouble before and have money now, it is not easy to understand how the system works. Understanding what constitutes a credit score, paying bills on time and having no balance makes a huge difference. She also noted the many conversations she’s had with her clients about the importance of keeping their credit utilization below 30% of the credit limit for a superior credit score.

Get your estate plan in order

“Every year artists die for whatever 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 piece of advice she gives to any potential client. “It’s essential to have a great team around you. Along with hiring a business owner, you need a good CPA, a lawyer, and a manager who will work together on your behalf. A team that can think collectively about things you don’t have time to think about will set you up for success.

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

Anne-Lyse Wealth is a writer, wealth management educator and certified public accountant. She is the founder of Plutus Award-nominated, 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 host of The Dreamers podcast.

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