1 00:00:00,560 --> 00:00:00,720 Speaker 1: Hi. 2 00:00:00,800 --> 00:00:03,200 Speaker 2: I am Rashan McDonald, a host of weekly Money Making 3 00:00:03,240 --> 00:00:06,800 Speaker 2: Conversation Masterclass show. The interviews and information that this show 4 00:00:06,840 --> 00:00:10,119 Speaker 2: provides are for everyone. It's time to stop reading other 5 00:00:10,160 --> 00:00:13,280 Speaker 2: people's success stories and start living your own. If you 6 00:00:13,320 --> 00:00:15,760 Speaker 2: want to be a guest on my show, please visit 7 00:00:15,760 --> 00:00:20,560 Speaker 2: our website, Moneymakingconversations dot com and click to be a guest. 8 00:00:20,560 --> 00:00:24,360 Speaker 2: Button press submit and information will come directly to me. Now, 9 00:00:24,480 --> 00:00:25,640 Speaker 2: let's get this show started. 10 00:00:26,239 --> 00:00:26,720 Speaker 1: Before I go. 11 00:00:26,720 --> 00:00:29,000 Speaker 2: Into my first guest, I want to share a card. 12 00:00:29,040 --> 00:00:30,680 Speaker 2: I got a thank you card I got from my 13 00:00:31,480 --> 00:00:35,360 Speaker 2: pastor Jenkins and Boston. I dropped in surprised him. He 14 00:00:35,440 --> 00:00:37,920 Speaker 2: was doing a real estate conference up in Boston a 15 00:00:38,000 --> 00:00:40,479 Speaker 2: couple of weekends ago, a couple of weekends ago, and 16 00:00:40,520 --> 00:00:42,120 Speaker 2: he sent a card and he asked me to do an 17 00:00:42,120 --> 00:00:43,000 Speaker 2: impromptu speech. 18 00:00:43,000 --> 00:00:45,240 Speaker 1: He said, Rishad, you're here, can you talk? Well? You 19 00:00:45,280 --> 00:00:47,280 Speaker 1: know I love to talk, so wasn't a hard push. 20 00:00:47,960 --> 00:00:50,839 Speaker 2: He said, thank you Rashaan for the inspiration and practical 21 00:00:50,880 --> 00:00:55,920 Speaker 2: wisdom you share your words. If you don't start dreaming 22 00:00:55,920 --> 00:01:00,120 Speaker 2: about what you want today, you will not get it tomorrow. 23 00:01:00,640 --> 00:01:01,000 Speaker 1: He said. 24 00:01:01,040 --> 00:01:05,360 Speaker 2: I said that. He said that statement right there. Change 25 00:01:05,400 --> 00:01:07,959 Speaker 2: the whole outlook of the weekend. If you don't start 26 00:01:08,040 --> 00:01:10,840 Speaker 2: dreaming about what you want today, you will not get 27 00:01:10,880 --> 00:01:14,240 Speaker 2: it tomorrow. It reminded everybody and gave him clarity about 28 00:01:14,600 --> 00:01:17,399 Speaker 2: if you don't have action in hand, then your dreams 29 00:01:17,400 --> 00:01:20,200 Speaker 2: won't come true. And that's what Money Making Conversation is 30 00:01:20,200 --> 00:01:23,440 Speaker 2: all about, bringing people on my show to help you 31 00:01:23,920 --> 00:01:27,280 Speaker 2: reach your goals. I'm just a storyteller. I bring on 32 00:01:27,360 --> 00:01:30,520 Speaker 2: subject matter experts, and my first guess is definitely a 33 00:01:30,560 --> 00:01:35,800 Speaker 2: subject matter expert, she said. Winning certified financial planner professional 34 00:01:35,840 --> 00:01:38,640 Speaker 2: with over twenty five years of experience, she leads a 35 00:01:38,720 --> 00:01:43,600 Speaker 2: multi million dollar financial planning practice specializing in empowering women 36 00:01:44,080 --> 00:01:48,760 Speaker 2: to overcome financial challenges and increase their financial literacy. We 37 00:01:48,800 --> 00:01:51,760 Speaker 2: will be discussing her career and her new book, Women 38 00:01:51,920 --> 00:01:55,800 Speaker 2: and Wealth. Please weapon the Money Making Conversations Masterclass for 39 00:01:55,800 --> 00:01:56,360 Speaker 2: the first time. 40 00:01:56,800 --> 00:01:58,720 Speaker 1: Carrie Cabernaro, Hi. 41 00:01:58,640 --> 00:02:01,760 Speaker 3: Dog, carry, Thank you, Rushan. Great. 42 00:02:02,040 --> 00:02:04,440 Speaker 2: We're talking about women on this show today. We're talking 43 00:02:04,480 --> 00:02:09,280 Speaker 2: about empowering women, the culture that is out there for women. 44 00:02:10,120 --> 00:02:12,840 Speaker 2: Your book, Women and Wealth. Tell us why you wrote 45 00:02:12,880 --> 00:02:13,760 Speaker 2: that book, Carrie. 46 00:02:14,960 --> 00:02:19,760 Speaker 3: Sure, so, it's actually my second book, but I wanted 47 00:02:19,800 --> 00:02:23,400 Speaker 3: to get out all the experiences I've had in my 48 00:02:23,480 --> 00:02:26,360 Speaker 3: twenty five years of working with women. My first book 49 00:02:26,360 --> 00:02:29,040 Speaker 3: actually came out about a decade ago, and this is 50 00:02:29,080 --> 00:02:32,360 Speaker 3: my second book. And also I wanted to I'm older 51 00:02:32,400 --> 00:02:36,359 Speaker 3: and wiser, and I wanted to really share my knowledge 52 00:02:36,360 --> 00:02:40,120 Speaker 3: with the world and also with my industry. What's really 53 00:02:40,200 --> 00:02:42,760 Speaker 3: interesting in my industry. I'm going to give you some 54 00:02:42,880 --> 00:02:45,040 Speaker 3: stats that are going to pretty much blow your mind 55 00:02:45,080 --> 00:02:48,400 Speaker 3: and probably blow your audience's mind as well, because most 56 00:02:48,400 --> 00:02:51,920 Speaker 3: people don't know it, and certainly the world doesn't know it, 57 00:02:51,960 --> 00:02:55,120 Speaker 3: and barely my industry knows it. And it's my industry. 58 00:02:55,520 --> 00:02:58,600 Speaker 3: So this is why I wrote the book. So by 59 00:02:58,720 --> 00:03:02,680 Speaker 3: twenty thirty, women are going to control two thirds of 60 00:03:02,720 --> 00:03:07,600 Speaker 3: the nation's wealth, which is thirty trillion dollars with a T, 61 00:03:08,200 --> 00:03:11,639 Speaker 3: which is the same as the GDP of the United States. 62 00:03:11,919 --> 00:03:13,519 Speaker 3: That's how much wealth is going to be in the 63 00:03:13,560 --> 00:03:16,720 Speaker 3: hands of women. And we are five short years away 64 00:03:16,720 --> 00:03:21,000 Speaker 3: from that, and we are not ready for it. My industry, unfortunately, 65 00:03:21,240 --> 00:03:23,840 Speaker 3: has been built by men for men, and that's okay 66 00:03:23,880 --> 00:03:26,960 Speaker 3: because that's who the clients were. But guess what the 67 00:03:27,000 --> 00:03:31,120 Speaker 3: clients are changing the future and the future clients of 68 00:03:31,160 --> 00:03:34,600 Speaker 3: wealth management are women, and the industry is not ready 69 00:03:34,600 --> 00:03:38,360 Speaker 3: for that. So I want to change the trajectory of 70 00:03:38,480 --> 00:03:41,080 Speaker 3: the industry to make it female friendly. And that's why 71 00:03:41,080 --> 00:03:44,080 Speaker 3: I wrote this book. And then in addition, it also 72 00:03:44,240 --> 00:03:47,720 Speaker 3: has jam packed with advice strategies for women to build 73 00:03:47,760 --> 00:03:51,920 Speaker 3: wealth as well in the book. So it's all about that. 74 00:03:52,560 --> 00:03:57,119 Speaker 2: The messager Scarret. You know your financial planner, now, I'm 75 00:03:57,160 --> 00:04:00,200 Speaker 2: sure you know. I want to let people know what 76 00:04:00,240 --> 00:04:02,840 Speaker 2: you do in your website and all those good things. 77 00:04:03,120 --> 00:04:05,560 Speaker 2: What are some of the hands on strategy and tools 78 00:04:05,880 --> 00:04:09,800 Speaker 2: that you promote to your clients that would allow people 79 00:04:09,800 --> 00:04:13,320 Speaker 2: to understand what the services that you offer are nationwide 80 00:04:13,400 --> 00:04:16,400 Speaker 2: and people should at least consider what you're doing at 81 00:04:16,440 --> 00:04:18,039 Speaker 2: your practice. 82 00:04:18,440 --> 00:04:20,520 Speaker 3: Sure, Well, you know it's funny when you got on 83 00:04:20,640 --> 00:04:23,520 Speaker 3: the call before the first thing you said was the 84 00:04:23,880 --> 00:04:27,480 Speaker 3: thank you letter you got talking about dreaming for today. 85 00:04:28,080 --> 00:04:30,880 Speaker 3: If you don't dream for today, it won't happen tomorrow. Well, 86 00:04:31,000 --> 00:04:35,480 Speaker 3: I say, pretty similar to that, planning today. How can 87 00:04:35,480 --> 00:04:38,320 Speaker 3: you get where you're going without a plan if you 88 00:04:38,360 --> 00:04:42,960 Speaker 3: fail to plan, if you plan to fail, And it's 89 00:04:43,000 --> 00:04:46,760 Speaker 3: the same type of thing planning for today will get 90 00:04:46,760 --> 00:04:51,599 Speaker 3: you there tomorrow. So I think everybody on the planet 91 00:04:52,040 --> 00:04:55,240 Speaker 3: deserves a financial plan because think about it, if you 92 00:04:55,800 --> 00:04:58,960 Speaker 3: don't know what you need to do to get to 93 00:04:59,000 --> 00:05:03,120 Speaker 3: your financial freedom goal, whatever that looks like for you, 94 00:05:03,200 --> 00:05:07,000 Speaker 3: and everybody's is different because everybody's completely different. So you know, 95 00:05:07,120 --> 00:05:12,920 Speaker 3: if ifits you know, retiring at sixty and spending I 96 00:05:13,000 --> 00:05:17,200 Speaker 3: don't know, ten thousand dollars a month, and you know, 97 00:05:17,640 --> 00:05:21,159 Speaker 3: living in a house in Florida, and you know, having 98 00:05:21,200 --> 00:05:24,360 Speaker 3: two cars and going on vacations once a year, whatever 99 00:05:24,440 --> 00:05:28,480 Speaker 3: it looks like. Whatever your freedom looks like to you, 100 00:05:28,560 --> 00:05:31,279 Speaker 3: whatever that looks like, you have to be able to 101 00:05:31,920 --> 00:05:35,440 Speaker 3: know what it takes to get there. So that's where 102 00:05:35,480 --> 00:05:37,920 Speaker 3: I come in. So on a what a financial plan 103 00:05:38,000 --> 00:05:41,280 Speaker 3: or a certified financial planner does, and let's make aplan. 104 00:05:41,360 --> 00:05:44,120 Speaker 3: Dot org is actually where you can find a certified 105 00:05:44,160 --> 00:05:47,360 Speaker 3: financial planner. And so what that does is we look 106 00:05:47,400 --> 00:05:50,960 Speaker 3: at every single aspect of your financial life. So we 107 00:05:50,960 --> 00:05:54,040 Speaker 3: look at risk management, we look at cash flow management, 108 00:05:54,320 --> 00:05:57,320 Speaker 3: we look at tax management. Today's tax day, that's one 109 00:05:57,320 --> 00:06:01,520 Speaker 3: of our little little spokes. We look at investment planning, 110 00:06:01,760 --> 00:06:05,080 Speaker 3: we look at retirement planning, we look at a state planning, 111 00:06:05,839 --> 00:06:09,719 Speaker 3: and all of it working together. So it's a complete 112 00:06:09,760 --> 00:06:12,080 Speaker 3: circle where you know if you don't know. Let's say, 113 00:06:12,080 --> 00:06:14,520 Speaker 3: for example, I see this a lot where somebody does 114 00:06:15,040 --> 00:06:19,039 Speaker 3: you know, an insurance something in insurance or risk management 115 00:06:19,440 --> 00:06:22,400 Speaker 3: that hurts their either that hurts their cash flow or 116 00:06:22,480 --> 00:06:26,000 Speaker 3: hurts their investments, or something that you do in investments 117 00:06:26,040 --> 00:06:28,520 Speaker 3: that hurts your taxes, or something that you do in 118 00:06:28,600 --> 00:06:31,599 Speaker 3: taxes that hurts your state, or so I see this 119 00:06:31,720 --> 00:06:34,400 Speaker 3: all the time, Like I see all this, So when 120 00:06:34,400 --> 00:06:37,840 Speaker 3: they're not working in concert or somebody doesn't know how 121 00:06:37,839 --> 00:06:41,280 Speaker 3: you're pulling them all together, usually there's mistakes along the way, 122 00:06:41,320 --> 00:06:44,720 Speaker 3: and so really you just want to get a roadmap 123 00:06:45,560 --> 00:06:47,720 Speaker 3: to create your own financial future of where you want 124 00:06:47,720 --> 00:06:50,160 Speaker 3: to go. I mean, everybody on the planet deserves that. 125 00:06:51,600 --> 00:06:54,960 Speaker 3: It's funny because I think most people believe that it's 126 00:06:55,000 --> 00:06:57,920 Speaker 3: only for the you know, super rich or you know, 127 00:06:57,960 --> 00:07:00,719 Speaker 3: but it's not. I don't know where that somehow that 128 00:07:00,760 --> 00:07:04,760 Speaker 3: got lost along the way. What happens is wealthy people 129 00:07:04,880 --> 00:07:08,440 Speaker 3: hire us because they know how important it is to 130 00:07:08,560 --> 00:07:12,240 Speaker 3: preserve and grow and make all the right moves with money. 131 00:07:12,680 --> 00:07:17,240 Speaker 3: So it seems like that's what the only people that 132 00:07:17,280 --> 00:07:20,680 Speaker 3: we work with. However, the reality is everybody should have one. 133 00:07:21,480 --> 00:07:23,440 Speaker 2: Now, you know your last chapter, I think this chapter 134 00:07:23,480 --> 00:07:25,720 Speaker 2: twenty and three is about how do you make the 135 00:07:25,800 --> 00:07:28,920 Speaker 2: industry female friendly? You know, I grew up with six sisters, 136 00:07:29,120 --> 00:07:32,360 Speaker 2: so I grew up around women. And so when you 137 00:07:32,400 --> 00:07:34,560 Speaker 2: make that statement like that, you know most people will 138 00:07:34,600 --> 00:07:36,600 Speaker 2: push back, go, what do you mean? Are you trying 139 00:07:36,600 --> 00:07:39,400 Speaker 2: to say we live in a chauvinistic society? What are 140 00:07:39,440 --> 00:07:41,760 Speaker 2: you saying when you say the industry? What is the industry? 141 00:07:41,800 --> 00:07:44,360 Speaker 2: First of all, and then making it female friendly? 142 00:07:45,560 --> 00:07:49,480 Speaker 3: Sure? So the industry is wealth management. Okay, So if 143 00:07:49,520 --> 00:07:53,680 Speaker 3: anybody has ever worked with a certified financial planner or 144 00:07:53,720 --> 00:08:00,160 Speaker 3: a financial planner, or an insurance salesperson, or a banker 145 00:08:00,840 --> 00:08:05,400 Speaker 3: or a broker or you know, anything related to that, 146 00:08:05,800 --> 00:08:11,400 Speaker 3: anything related to either selling products, getting advice, something to 147 00:08:11,440 --> 00:08:15,080 Speaker 3: build your wealth whatever that means. Right, So that's a 148 00:08:15,240 --> 00:08:23,240 Speaker 3: very large industry. And broker dealers, registered investment advisors, certified 149 00:08:23,280 --> 00:08:27,040 Speaker 3: financial planners, that whole that is my industry, that whole 150 00:08:27,120 --> 00:08:32,360 Speaker 3: kitten koboodle. Right. So making it female friendly is so 151 00:08:32,559 --> 00:08:36,120 Speaker 3: again created by men for men. So there's so many 152 00:08:36,160 --> 00:08:38,520 Speaker 3: things that we need to change to make it so 153 00:08:38,600 --> 00:08:41,120 Speaker 3: that it's welcoming to women. So Another stat I'll give 154 00:08:41,160 --> 00:08:44,480 Speaker 3: you is Harvard Business Review came out with a study 155 00:08:44,520 --> 00:08:49,320 Speaker 3: in two thousand and nine saying that financial services industry 156 00:08:49,760 --> 00:08:54,400 Speaker 3: is the least sympathetic to women and has the most 157 00:08:54,480 --> 00:08:58,880 Speaker 3: to gain if they get it right. So we already 158 00:08:58,960 --> 00:09:01,120 Speaker 3: know that they're doing it wrong, and then I have 159 00:09:01,160 --> 00:09:03,440 Speaker 3: a million other stats of why they're doing it wrong. So, 160 00:09:03,520 --> 00:09:07,920 Speaker 3: for example, when a couple of spouse dies, usually it's 161 00:09:07,960 --> 00:09:12,800 Speaker 3: the man, because women have longevity. The women live, by 162 00:09:12,880 --> 00:09:15,800 Speaker 3: the way, she doesn't to ten years longer than a man. 163 00:09:15,960 --> 00:09:17,760 Speaker 3: You know, she's going to be a widow. You know 164 00:09:17,960 --> 00:09:20,920 Speaker 3: she's going to outlive you. It's very rare when it 165 00:09:20,960 --> 00:09:22,960 Speaker 3: goes the other way. I say that all the time. 166 00:09:23,000 --> 00:09:25,520 Speaker 3: I'm like, I'm going to be living forever and my 167 00:09:25,640 --> 00:09:28,839 Speaker 3: husband's going to be gone. And he always gets upset 168 00:09:28,840 --> 00:09:30,480 Speaker 3: when I say that, and I'm like, honey, there's just 169 00:09:30,520 --> 00:09:32,320 Speaker 3: no way it's going to happen. Plus he's older than 170 00:09:32,320 --> 00:09:34,719 Speaker 3: me anyway, so it's kind of funny. But anyway, So 171 00:09:36,640 --> 00:09:40,560 Speaker 3: what happens is in a couple when the spouse dies, 172 00:09:40,600 --> 00:09:45,120 Speaker 3: which is a man, in most cases, the woman who's 173 00:09:45,240 --> 00:09:49,480 Speaker 3: left leaves their financial advisor. Eighty percent of the time, 174 00:09:49,960 --> 00:09:53,520 Speaker 3: and that's stat has not changed in decades. So the 175 00:09:53,600 --> 00:09:59,320 Speaker 3: reason being is she's not heard, she's ignored, she's you know, 176 00:09:59,559 --> 00:10:05,319 Speaker 3: lack of personal connection, poor communication, doesn't feel empowered, feels 177 00:10:05,400 --> 00:10:08,640 Speaker 3: lost or pressured or pitched to. So there's like a 178 00:10:08,720 --> 00:10:11,800 Speaker 3: million reasons why this happens, and it just keeps happening 179 00:10:11,880 --> 00:10:15,320 Speaker 3: over and over. So that's a great stat for me 180 00:10:15,600 --> 00:10:19,000 Speaker 3: to say, hey, guys, you're not getting it right. Let's 181 00:10:19,080 --> 00:10:21,400 Speaker 3: let's figure out what to do to make it right. 182 00:10:21,640 --> 00:10:23,800 Speaker 1: Well, what I hear I talked like this, Carrie. 183 00:10:23,840 --> 00:10:27,560 Speaker 2: You know, women making in roads, and one of the 184 00:10:27,679 --> 00:10:31,439 Speaker 2: things that the new administration came in was really chop 185 00:10:31,559 --> 00:10:35,480 Speaker 2: on DEI. And we know DEI has been a very 186 00:10:35,679 --> 00:10:37,920 Speaker 2: strong empowering tool for women. 187 00:10:38,760 --> 00:10:40,000 Speaker 1: Now is that. 188 00:10:40,040 --> 00:10:43,280 Speaker 2: Part of the bro culture that you're talking about? You know, 189 00:10:43,360 --> 00:10:47,520 Speaker 2: this this chopping opportunities for women and not allowing them 190 00:10:47,600 --> 00:10:51,640 Speaker 2: to grow when you see people attacking programs like DEI. 191 00:10:53,240 --> 00:10:56,040 Speaker 3: Well, so it's so interesting because I get this question 192 00:10:56,280 --> 00:11:01,760 Speaker 3: all the time, and in my opinion, this is actually 193 00:11:01,920 --> 00:11:04,480 Speaker 3: not a de and I issue, believe it or not, 194 00:11:04,880 --> 00:11:08,880 Speaker 3: It is actually a dollars and cents issue because think 195 00:11:08,920 --> 00:11:12,400 Speaker 3: about it, what other industry would you say to them, 196 00:11:12,840 --> 00:11:17,080 Speaker 3: here is a trillion dollar opportunity and they don't do 197 00:11:17,160 --> 00:11:20,040 Speaker 3: anything about it. 198 00:11:20,200 --> 00:11:22,640 Speaker 2: Kind of interesting, right, Well, I think I think that 199 00:11:23,200 --> 00:11:25,920 Speaker 2: people when they when they're when they're rolling down. Like 200 00:11:25,960 --> 00:11:29,160 Speaker 2: for instance, we just came off from the space where 201 00:11:29,200 --> 00:11:31,320 Speaker 2: there was an all female space. 202 00:11:32,120 --> 00:11:33,560 Speaker 1: I don't know what you call space flight. 203 00:11:33,600 --> 00:11:35,120 Speaker 2: They just go up there for a couple of seconds, 204 00:11:35,200 --> 00:11:36,000 Speaker 2: they come back down at you. 205 00:11:37,840 --> 00:11:39,480 Speaker 1: I don't know what that was. I don't know. 206 00:11:40,000 --> 00:11:42,040 Speaker 2: You know, people get nervous. I get nervous I get 207 00:11:42,080 --> 00:11:44,040 Speaker 2: on the regular airplane. So I think if I go 208 00:11:44,080 --> 00:11:46,000 Speaker 2: out there and I saw what the Earth looked like 209 00:11:46,040 --> 00:11:47,880 Speaker 2: on the other side, I think I'd be super nervous 210 00:11:47,880 --> 00:11:51,000 Speaker 2: too it, especially if I'm floating. But I think that 211 00:11:51,480 --> 00:11:56,000 Speaker 2: we oftentimes on stereotype and glamorizing women, because I would 212 00:11:56,000 --> 00:11:58,959 Speaker 2: say this. The one thing I took away from that 213 00:11:59,679 --> 00:12:04,040 Speaker 2: was that how the women would just made up, you know, 214 00:12:04,120 --> 00:12:08,040 Speaker 2: every every photo they took it seemed like it was glamorized, 215 00:12:08,120 --> 00:12:11,400 Speaker 2: where the ones that didn't have all the women were 216 00:12:11,440 --> 00:12:13,560 Speaker 2: not so much glamorized, didn't look it looked like they 217 00:12:13,559 --> 00:12:16,800 Speaker 2: should be on the cover of Vogue or Essence or 218 00:12:17,240 --> 00:12:21,480 Speaker 2: Ale or something like that that I was saying, Uh, 219 00:12:21,840 --> 00:12:24,679 Speaker 2: that's interesting how they are approaching this with the with 220 00:12:24,720 --> 00:12:28,439 Speaker 2: the female all female crew. Is that the society that 221 00:12:28,520 --> 00:12:30,920 Speaker 2: we are living in now that women are gonna always 222 00:12:30,960 --> 00:12:32,760 Speaker 2: be even though there are the true You're gonna control 223 00:12:32,800 --> 00:12:36,560 Speaker 2: the trillion dollar industry, but stereotypes are gonna keep winning. 224 00:12:38,040 --> 00:12:40,720 Speaker 3: Oh I hope not. But but I have to admit 225 00:12:41,040 --> 00:12:44,200 Speaker 3: I I am. I looked at those photos. It's funny. 226 00:12:44,240 --> 00:12:46,360 Speaker 3: I didn't even notice the makeup on the on the women. 227 00:12:46,400 --> 00:12:49,280 Speaker 3: I just noticed the outfits were blue. That's so funny 228 00:12:49,280 --> 00:12:50,640 Speaker 3: from from your perspective. 229 00:12:50,840 --> 00:12:54,000 Speaker 4: Please don't go anywhere. We'll be right back with more 230 00:12:54,080 --> 00:13:02,720 Speaker 4: money Making Conversations Masterclass. Welcome back to the Money Making 231 00:13:02,760 --> 00:13:08,520 Speaker 4: Conversations Masterclass, hosted by Rashaan McDonald. Money Making Conversations Masterclass 232 00:13:08,559 --> 00:13:13,160 Speaker 4: continues online at Moneymakingconversations dot com and follow money Making 233 00:13:13,200 --> 00:13:17,520 Speaker 4: Conversations Masterclass on Facebook, Twitter, and Instagram. 234 00:13:17,840 --> 00:13:21,600 Speaker 3: So, as a woman in this in this world who 235 00:13:21,800 --> 00:13:25,840 Speaker 3: is a speaker and a writer and you know, entrepreneur, 236 00:13:25,920 --> 00:13:27,840 Speaker 3: I have my own business all that, all of that stuff, 237 00:13:28,200 --> 00:13:30,560 Speaker 3: I actually do feel I do feel this is like 238 00:13:30,679 --> 00:13:33,079 Speaker 3: not in my book, but I do feel pressure to 239 00:13:33,760 --> 00:13:37,360 Speaker 3: look attractive with my hair and makeup done, and my 240 00:13:37,480 --> 00:13:40,080 Speaker 3: nails done and all, and my lash is done and 241 00:13:40,120 --> 00:13:43,200 Speaker 3: all that stuff. So I guess that is still around, 242 00:13:43,600 --> 00:13:47,440 Speaker 3: But I feel like that's more of me succumbing to 243 00:13:47,520 --> 00:13:50,400 Speaker 3: that I want to look good rather than a stereotype 244 00:13:50,400 --> 00:13:51,360 Speaker 3: that I have to look good. 245 00:13:51,679 --> 00:13:55,559 Speaker 1: Well, you know that's honest stereotype. Now. You know, women 246 00:13:55,200 --> 00:13:56,800 Speaker 1: have been have been. 247 00:13:58,360 --> 00:14:02,600 Speaker 2: Hazed on TV by the body shapes, you know, body shamed. 248 00:14:02,960 --> 00:14:07,679 Speaker 2: Celebrities have undergone that tremendously because they're on the forefront 249 00:14:07,760 --> 00:14:12,720 Speaker 2: of the world. Also, men allowed when they age. It's 250 00:14:12,760 --> 00:14:17,240 Speaker 2: called dignified aging. Where women get old they want to like, 251 00:14:17,760 --> 00:14:20,360 Speaker 2: can you get somebody younger in there? So there are 252 00:14:20,680 --> 00:14:23,400 Speaker 2: so I guess when you say we're not even dealing 253 00:14:23,400 --> 00:14:26,320 Speaker 2: with money, women have to deal with this the basic 254 00:14:26,360 --> 00:14:30,480 Speaker 2: stereo types of a look. And I'm assuming that when 255 00:14:30,520 --> 00:14:33,960 Speaker 2: it comes to dealing with money, the women are also stereotype. 256 00:14:34,000 --> 00:14:37,320 Speaker 2: Well can they handle that amount of money or they 257 00:14:37,440 --> 00:14:40,600 Speaker 2: qualified to handle that type of money? So you are 258 00:14:40,680 --> 00:14:44,360 Speaker 2: financial planner? You certified financial planner, Carrie? How have you 259 00:14:44,480 --> 00:14:46,480 Speaker 2: done it for twenty five years? How have you been 260 00:14:46,520 --> 00:14:49,120 Speaker 2: able to knock off, you know, open these doors and 261 00:14:49,160 --> 00:14:51,280 Speaker 2: be able to let people know that, hey, I'm not 262 00:14:51,360 --> 00:14:54,920 Speaker 2: taking this. I am smart, I am an experienced I 263 00:14:54,960 --> 00:14:59,560 Speaker 2: am a successful entrepreneur. I run a multi million dollar business. 264 00:15:00,320 --> 00:15:03,760 Speaker 3: Right. Well, it's so interesting because so let me tell 265 00:15:03,800 --> 00:15:07,320 Speaker 3: you my story of how I got into this, right So, 266 00:15:07,400 --> 00:15:11,160 Speaker 3: because it's definitely not a lot of women in my 267 00:15:11,360 --> 00:15:16,280 Speaker 3: industry right now, it's about eighty percent men, twenty percent females, 268 00:15:16,840 --> 00:15:21,480 Speaker 3: and actually the exact number of females in the certified 269 00:15:21,480 --> 00:15:26,920 Speaker 3: financial planners we are twenty three point nine percent. However, 270 00:15:27,120 --> 00:15:30,480 Speaker 3: out of those twenty three point nine not all of 271 00:15:30,520 --> 00:15:37,600 Speaker 3: them are business owners and you know CEOs and rain 272 00:15:37,720 --> 00:15:42,160 Speaker 3: makers and the ones going out getting the clients some 273 00:15:42,240 --> 00:15:44,560 Speaker 3: of them, and a lot of them are in the 274 00:15:44,600 --> 00:15:49,000 Speaker 3: back office or in support positions or you know, junior 275 00:15:49,040 --> 00:15:56,760 Speaker 3: advisors or customer service professionals or teachers or professors and 276 00:15:56,840 --> 00:16:01,160 Speaker 3: so not necessarily in the money making part of the business, 277 00:16:01,320 --> 00:16:06,320 Speaker 3: right because it's so difficult, and it's so difficult period, 278 00:16:06,760 --> 00:16:10,880 Speaker 3: let alone being a woman. It's even like ten times 279 00:16:10,880 --> 00:16:14,120 Speaker 3: more difficult doing this profession as a woman. So what's 280 00:16:14,160 --> 00:16:17,880 Speaker 3: interesting is I started to like I was raised by 281 00:16:17,920 --> 00:16:21,480 Speaker 3: my dad, who was who worked in the in the 282 00:16:21,480 --> 00:16:24,720 Speaker 3: finance business he worked. He was a SVP for JP 283 00:16:24,840 --> 00:16:28,040 Speaker 3: Morgan Chase, And so I grew up learning about money 284 00:16:28,600 --> 00:16:32,440 Speaker 3: like people learn about you know, sports or whatever, and 285 00:16:32,520 --> 00:16:36,720 Speaker 3: so I didn't know that people didn't know about money, 286 00:16:36,800 --> 00:16:40,560 Speaker 3: and I didn't know that I was a privileged few 287 00:16:40,640 --> 00:16:43,720 Speaker 3: to learn about money at a young age and always 288 00:16:43,760 --> 00:16:46,600 Speaker 3: talking about money with my family and my dad and 289 00:16:46,640 --> 00:16:49,640 Speaker 3: me and my dad went to foreclosure auctions together and 290 00:16:49,720 --> 00:16:53,000 Speaker 3: we went to see you know, speakers about money. We 291 00:16:53,360 --> 00:16:56,560 Speaker 3: went to see straight straight talk with the Dolans, which 292 00:16:56,640 --> 00:16:59,400 Speaker 3: is way back in the day. And my dad to work. 293 00:17:00,120 --> 00:17:02,440 Speaker 3: Oh yeah, my dad took me to work before there 294 00:17:02,520 --> 00:17:05,720 Speaker 3: was take your daughter to work day, so in the seventies, 295 00:17:06,400 --> 00:17:09,280 Speaker 3: and so I just thought it was super cool and 296 00:17:09,320 --> 00:17:11,000 Speaker 3: I just loved what he did and I was very 297 00:17:11,000 --> 00:17:13,440 Speaker 3: interested in it, and I learned everything about money. So 298 00:17:13,480 --> 00:17:16,879 Speaker 3: by the time I was in college, I was you know, balancing, 299 00:17:16,920 --> 00:17:19,359 Speaker 3: I was doing my girlfriend's budgets, and I was like 300 00:17:19,440 --> 00:17:23,919 Speaker 3: always just doing money stuff for everybody just because I could, 301 00:17:23,960 --> 00:17:25,720 Speaker 3: and I knew it and I loved it and it 302 00:17:25,760 --> 00:17:27,359 Speaker 3: was really fun. And I didn't even know it was 303 00:17:27,359 --> 00:17:30,639 Speaker 3: a profession back then. I literally had no idea and 304 00:17:30,680 --> 00:17:34,119 Speaker 3: then I just fell into it and I said, wow, 305 00:17:34,280 --> 00:17:36,199 Speaker 3: I can't believe I get paid to do this, like 306 00:17:36,280 --> 00:17:38,240 Speaker 3: I would do this for fun because I love it 307 00:17:38,280 --> 00:17:41,760 Speaker 3: so much. And then and then I wound up being 308 00:17:41,880 --> 00:17:43,920 Speaker 3: very good at it because I love it so much, 309 00:17:43,960 --> 00:17:47,639 Speaker 3: because it's my life's passion and work. And then I 310 00:17:47,760 --> 00:17:51,080 Speaker 3: just clients just started women because I knew I wanted 311 00:17:51,080 --> 00:17:53,119 Speaker 3: to work with women just started to come to me, 312 00:17:53,280 --> 00:17:56,320 Speaker 3: and it just started to balloon over time, and everyone 313 00:17:56,440 --> 00:17:58,840 Speaker 3: was like, you know, I didn't do the typical mail 314 00:17:58,960 --> 00:18:06,280 Speaker 3: things like seminars and playing golf and you know, advertising, 315 00:18:06,359 --> 00:18:08,239 Speaker 3: and just I didn't do any of that stuff. I 316 00:18:08,359 --> 00:18:11,040 Speaker 3: just helped myself out as a financial advisor for women. 317 00:18:11,640 --> 00:18:15,879 Speaker 3: I spoke, I wrote, I did you know TV interviews 318 00:18:15,920 --> 00:18:19,320 Speaker 3: and things like that, and I always just put myself 319 00:18:19,359 --> 00:18:22,040 Speaker 3: out of who I am, what I believe in that 320 00:18:22,080 --> 00:18:25,399 Speaker 3: I believe women should be financially independent, that women should 321 00:18:25,400 --> 00:18:29,680 Speaker 3: control their own destiny, that women need money, that money 322 00:18:29,680 --> 00:18:32,800 Speaker 3: equals power, and women need more of both. And then 323 00:18:33,080 --> 00:18:39,520 Speaker 3: my practice just evolved over time to become this incredible business. 324 00:18:39,840 --> 00:18:43,760 Speaker 2: My guess is an award winning certified financial planner professional 325 00:18:44,040 --> 00:18:47,000 Speaker 2: for twenty five years of experience. She leads a multi 326 00:18:47,000 --> 00:18:51,280 Speaker 2: million dollar financial planning practice where she specializes in empowering 327 00:18:51,440 --> 00:18:55,840 Speaker 2: women to overcome financial challenges and increase their financial literacy. 328 00:18:56,200 --> 00:18:58,520 Speaker 2: She has a second book out. Her first book was 329 00:18:58,560 --> 00:19:00,879 Speaker 2: out ten years ago. She put, now there's a new 330 00:19:00,880 --> 00:19:03,040 Speaker 2: book out called Women and Wealth. 331 00:19:03,520 --> 00:19:03,840 Speaker 1: Carrie. 332 00:19:04,600 --> 00:19:07,840 Speaker 2: In your book, you talk about AI, and you talk 333 00:19:07,880 --> 00:19:12,960 Speaker 2: about how there's a description about a man with long hair. 334 00:19:13,840 --> 00:19:16,800 Speaker 2: This description comes out and then you do it a 335 00:19:16,880 --> 00:19:19,560 Speaker 2: question with AI about a woman with long hair. 336 00:19:20,880 --> 00:19:23,719 Speaker 3: Well, no, actually, so what it was was we asked 337 00:19:23,760 --> 00:19:27,560 Speaker 3: AI give us a picture of a financial planner, and 338 00:19:27,600 --> 00:19:30,879 Speaker 3: they okay, I apologize, and then and no, it's okay. 339 00:19:30,920 --> 00:19:32,520 Speaker 3: And then they said and then we said, give us 340 00:19:32,520 --> 00:19:37,760 Speaker 3: a picture of a financial planner with long hair, and 341 00:19:37,800 --> 00:19:40,240 Speaker 3: they gave us a picture of a man with long hair. 342 00:19:40,760 --> 00:19:43,359 Speaker 3: So a woman didn't even come into the into the mix. 343 00:19:43,760 --> 00:19:44,520 Speaker 3: How do you like that? 344 00:19:45,359 --> 00:19:46,680 Speaker 1: Right? Right? Right right? 345 00:19:46,720 --> 00:19:48,720 Speaker 2: And that's what Because you know, I got the book 346 00:19:48,760 --> 00:19:50,800 Speaker 2: today and I wanted to make sure I got as 347 00:19:50,880 --> 00:19:53,440 Speaker 2: much information in and because you're such a great read, 348 00:19:53,800 --> 00:19:55,639 Speaker 2: and because you had me going back flipping page and 349 00:19:55,680 --> 00:19:58,280 Speaker 2: four and forth, I was like, this is this book 350 00:19:58,520 --> 00:20:00,960 Speaker 2: really captures because it's a journey for you. You talk 351 00:20:01,000 --> 00:20:03,879 Speaker 2: about the bread winner, they talk about you talk about 352 00:20:03,920 --> 00:20:05,400 Speaker 2: the behavior. 353 00:20:06,119 --> 00:20:06,359 Speaker 3: You know. 354 00:20:06,760 --> 00:20:08,560 Speaker 2: It's it's a couple of things in your book that 355 00:20:08,680 --> 00:20:12,080 Speaker 2: really hit me. It's almost like we're still in the 356 00:20:12,240 --> 00:20:14,879 Speaker 2: Leave It to Beaver. If anybody's familiar with that sitcom, 357 00:20:14,960 --> 00:20:17,359 Speaker 2: you know what the what the wife comes home, she 358 00:20:17,440 --> 00:20:20,360 Speaker 2: has the apron on, and the man comes on, he's 359 00:20:20,400 --> 00:20:23,720 Speaker 2: the bread winner. Women are advancing, but they still not 360 00:20:23,800 --> 00:20:26,720 Speaker 2: be respected for the advances they are to be made. 361 00:20:26,800 --> 00:20:28,080 Speaker 2: Am I correctness saying. 362 00:20:27,880 --> 00:20:31,560 Speaker 3: That, Yeah, oh my gosh, you are so and and 363 00:20:31,560 --> 00:20:34,280 Speaker 3: and actually one of the things you just exactly touched 364 00:20:34,280 --> 00:20:39,360 Speaker 3: on is what's called the generator of the wealth gap, right, 365 00:20:39,400 --> 00:20:42,640 Speaker 3: which everybody knows about the pay wage gap that women make, 366 00:20:42,680 --> 00:20:44,520 Speaker 3: you know, eighty two cents on the dollar. But the 367 00:20:44,560 --> 00:20:47,960 Speaker 3: wealth gap is exactly what you just described, which is 368 00:20:48,000 --> 00:20:50,600 Speaker 3: the woman not not having to carry all the burden 369 00:20:50,640 --> 00:20:54,159 Speaker 3: at home. So because the woman is out caregiving for 370 00:20:54,440 --> 00:20:58,160 Speaker 3: you know, having children, then caregiving for the children, then 371 00:20:58,240 --> 00:21:00,720 Speaker 3: taking care of the parents, they call that the good 372 00:21:00,800 --> 00:21:05,560 Speaker 3: daughter spouse penalty. And so that all of that over 373 00:21:05,600 --> 00:21:09,880 Speaker 3: her lifetime costs her a million dollars. 374 00:21:10,200 --> 00:21:16,280 Speaker 2: Mmod No, but what is that perception we hear that. 375 00:21:16,320 --> 00:21:17,000 Speaker 1: I have heard that a lot. 376 00:21:17,119 --> 00:21:19,840 Speaker 2: I grew up with six erses, okay, my financial planner, 377 00:21:19,960 --> 00:21:23,119 Speaker 2: she's female. So I'm very familiar with a lot of 378 00:21:23,160 --> 00:21:27,040 Speaker 2: the trappings of negativity or stereotyping that you are saying 379 00:21:27,080 --> 00:21:30,280 Speaker 2: on my show today. The average person go, so, what 380 00:21:30,720 --> 00:21:34,040 Speaker 2: what's the big deal when you hear that? How do 381 00:21:34,080 --> 00:21:36,399 Speaker 2: you respond to those people? Because those are the people 382 00:21:36,840 --> 00:21:39,200 Speaker 2: who are not opening their doors. Those are the people 383 00:21:39,200 --> 00:21:42,800 Speaker 2: who feel they I like the way things are, Why 384 00:21:42,880 --> 00:21:45,520 Speaker 2: did I Why should I change it? I like my personality. 385 00:21:45,520 --> 00:21:48,199 Speaker 2: I don't think I'm chaupinistic. What do you say to 386 00:21:48,240 --> 00:21:48,720 Speaker 2: that care. 387 00:21:48,720 --> 00:21:51,399 Speaker 3: Well, I would say I would say to them, what's 388 00:21:51,400 --> 00:21:53,560 Speaker 3: going to happen when you die? And what's going to 389 00:21:53,600 --> 00:21:58,399 Speaker 3: happen to your to your wife, m h, you're going 390 00:21:58,440 --> 00:22:04,080 Speaker 3: to be okay? Or mom or your daughter? Are you 391 00:22:04,160 --> 00:22:07,280 Speaker 3: okay with that? Because I so. The other thing is 392 00:22:07,320 --> 00:22:10,200 Speaker 3: that ninety percent of women are going to be responsible 393 00:22:10,359 --> 00:22:13,080 Speaker 3: at one point in their life for their own financial future. 394 00:22:13,640 --> 00:22:17,879 Speaker 3: So why would they do it? And most of the 395 00:22:17,960 --> 00:22:21,920 Speaker 3: time it's when something terrible happens, a death, a divorce, 396 00:22:22,160 --> 00:22:25,760 Speaker 3: a disability, a job loss, something terrible that rocks their 397 00:22:25,800 --> 00:22:29,560 Speaker 3: world is when I get a call from a female client. 398 00:22:30,080 --> 00:22:32,560 Speaker 3: So I always say it's they call me when it's 399 00:22:32,640 --> 00:22:36,280 Speaker 3: raining for them, like everything is terrible. I want to 400 00:22:36,480 --> 00:22:38,399 Speaker 3: I want it to be that a woman calls me 401 00:22:38,440 --> 00:22:42,160 Speaker 3: when when it's sonny out and everything's great, and that's 402 00:22:42,200 --> 00:22:44,600 Speaker 3: when they come to me. And honestly, that's when the 403 00:22:44,640 --> 00:22:47,640 Speaker 3: guys usually hire a financial planner, but it's not when 404 00:22:47,640 --> 00:22:50,159 Speaker 3: the women do. The women are under some sort of 405 00:22:50,440 --> 00:22:55,800 Speaker 3: you know, life changing, altering situation where they're completely overwhelmed 406 00:22:55,840 --> 00:22:57,480 Speaker 3: and they need help, and that's what usually when they 407 00:22:57,520 --> 00:23:01,160 Speaker 3: bring somebody in, but they should really bring it in earlier. 408 00:23:01,640 --> 00:23:04,840 Speaker 3: And also I just think that every woman should be 409 00:23:05,200 --> 00:23:08,639 Speaker 3: responsible for their own financial literacy and their own financial 410 00:23:08,720 --> 00:23:12,200 Speaker 3: future and also teach teach the next generation because that's 411 00:23:12,240 --> 00:23:15,160 Speaker 3: how we're going to create wealth over time. And also 412 00:23:15,480 --> 00:23:18,680 Speaker 3: the other thing is that wealth just gives you choices 413 00:23:18,760 --> 00:23:21,840 Speaker 3: in your life. It gives you choices to do what 414 00:23:21,880 --> 00:23:25,359 Speaker 3: you want to do. If you want to work or 415 00:23:25,400 --> 00:23:27,480 Speaker 3: take a take a lesser paying job, if you want 416 00:23:27,480 --> 00:23:29,400 Speaker 3: to stay home, if you want to work from home, 417 00:23:29,480 --> 00:23:32,680 Speaker 3: if you want to you know, buy a second house, 418 00:23:32,760 --> 00:23:34,200 Speaker 3: if you you know what kind of car you want 419 00:23:34,200 --> 00:23:37,159 Speaker 3: to drive, what you want to all, what church you 420 00:23:37,160 --> 00:23:38,600 Speaker 3: want to belong to, Where do you want to live, 421 00:23:38,640 --> 00:23:41,679 Speaker 3: what house you want to live in? Like, it's what neighborhood, 422 00:23:41,720 --> 00:23:45,320 Speaker 3: It's like, it's everything related to wealth gives you the 423 00:23:45,400 --> 00:23:49,320 Speaker 3: choices to make these decisions in your life that you 424 00:23:49,480 --> 00:23:52,000 Speaker 3: have control over. You know, there's so many things we 425 00:23:52,080 --> 00:23:55,399 Speaker 3: can't control in our lives. It's amazing that if you 426 00:23:55,560 --> 00:23:59,240 Speaker 3: have this money, you have all these choices. Right, everybody 427 00:23:59,280 --> 00:24:01,879 Speaker 3: should have one. Everybody should have a plan, and everybody 428 00:24:01,920 --> 00:24:04,280 Speaker 3: should know where they're going, and everybody should be making 429 00:24:04,280 --> 00:24:05,359 Speaker 3: all the right moves with money. 430 00:24:05,480 --> 00:24:07,679 Speaker 2: Well, you got a new book out, it's called Women 431 00:24:07,960 --> 00:24:10,800 Speaker 2: and Wealth and twenty five years. 432 00:24:10,960 --> 00:24:12,720 Speaker 1: Tell us how we can get in touch with you, Carrie. 433 00:24:13,880 --> 00:24:16,439 Speaker 3: Sure. So I am easy to find because I am 434 00:24:16,520 --> 00:24:20,960 Speaker 3: the only carry Corbinaro on the planet. So it's very 435 00:24:21,000 --> 00:24:23,480 Speaker 3: easy to find me. C A r y c R 436 00:24:23,560 --> 00:24:26,680 Speaker 3: b O n A ro o. My website is Carrycobinaro 437 00:24:26,800 --> 00:24:32,719 Speaker 3: dot com, LinkedIn Carriecobinaro, Facebook, Carry Cobinaro, Instagram, carriy Cobinaro 438 00:24:33,520 --> 00:24:37,359 Speaker 3: X Carrycobinaro. So I'm very very easy to find and 439 00:24:37,400 --> 00:24:39,199 Speaker 3: you can just google my name too and find me 440 00:24:39,240 --> 00:24:39,600 Speaker 3: that way. 441 00:24:39,760 --> 00:24:40,400 Speaker 1: She's amazing. 442 00:24:40,800 --> 00:24:44,600 Speaker 2: She leads a multimillion dollar financial planning service specializing and 443 00:24:44,720 --> 00:24:50,040 Speaker 2: empowering women to overcome financial challenges and increase their financial literacy, 444 00:24:50,280 --> 00:24:52,159 Speaker 2: a new book, Women and Wealth. 445 00:24:52,280 --> 00:24:54,520 Speaker 1: Thank you for compan on Money Making Conversation master Class. 446 00:24:54,520 --> 00:24:57,800 Speaker 3: Carry Thank you so much for having me. It was 447 00:24:57,840 --> 00:24:58,320 Speaker 3: a pleasure. 448 00:24:58,640 --> 00:25:00,000 Speaker 1: You're fantastic. Thank you. 449 00:25:00,400 --> 00:25:04,120 Speaker 2: This has been another edition of Moneymaking Conversation Masterclass hosted 450 00:25:04,160 --> 00:25:06,960 Speaker 2: by me Rushawn McDonald. Thank you to our guests on 451 00:25:07,000 --> 00:25:09,480 Speaker 2: the show today, and thank you for listening to the 452 00:25:09,520 --> 00:25:11,960 Speaker 2: audience now. If you want to listen to any episode 453 00:25:12,000 --> 00:25:14,040 Speaker 2: I want to be a guest on the show, visit 454 00:25:14,320 --> 00:25:19,080 Speaker 2: Moneymakingconversations dot com. Our social media handle is money Making Conversation. 455 00:25:19,520 --> 00:25:21,919 Speaker 2: Join us next week and remember to always leave with 456 00:25:21,960 --> 00:25:22,520 Speaker 2: your gifts. 457 00:25:22,840 --> 00:25:23,439 Speaker 1: Keep winning.