1 00:00:05,120 --> 00:00:06,720 Speaker 1: Welcome to money Making Conversations. 2 00:00:06,800 --> 00:00:08,559 Speaker 2: It's the show that she is the secrets of success 3 00:00:08,600 --> 00:00:12,119 Speaker 2: experience firsthand by marketing and Brandon expert Rashan McDonald. I 4 00:00:12,200 --> 00:00:14,520 Speaker 2: will know he's giving me advice on many occasions. And 5 00:00:14,560 --> 00:00:17,560 Speaker 2: in case you didn't notice, I'm not broke. You know 6 00:00:17,640 --> 00:00:21,120 Speaker 2: he'll be interviewing celebrity CEOs, entrepreneurs and industry. 7 00:00:20,800 --> 00:00:23,040 Speaker 1: Decision make because it's what he likes to do. It's 8 00:00:23,079 --> 00:00:24,040 Speaker 1: what he likes to share. 9 00:00:24,480 --> 00:00:27,480 Speaker 2: Now it's time to hear from my man, Rashan McDonald 10 00:00:27,640 --> 00:00:28,840 Speaker 2: money making Conversations. 11 00:00:29,120 --> 00:00:30,920 Speaker 1: Here we go. Thank you, David A. Smith. 12 00:00:30,960 --> 00:00:34,480 Speaker 3: I always appreciate you let me in on my show, brother, 13 00:00:34,520 --> 00:00:37,040 Speaker 3: because you are a big time Welcome to money Making 14 00:00:37,040 --> 00:00:42,320 Speaker 3: conversation masterclass. My guess is Sonny Fears of the Morgan 15 00:00:42,320 --> 00:00:45,120 Speaker 3: Stanley Group is right within Morgan Stanley. She's one of 16 00:00:45,159 --> 00:00:49,599 Speaker 3: the leading financial experts in discussing stocks, saving programs, come 17 00:00:49,640 --> 00:00:53,199 Speaker 3: doun to interest portfolios, name, image and likeness. That's where 18 00:00:53,200 --> 00:00:56,360 Speaker 3: there's lines of credit. Sonya built her career and her 19 00:00:56,360 --> 00:00:59,640 Speaker 3: family practice at Morgan Stanley along with her two daughters. 20 00:01:00,200 --> 00:01:04,280 Speaker 3: Alternative investment opportunities, retirement plans and entertainment and sports, financial 21 00:01:04,280 --> 00:01:07,959 Speaker 3: consults consultations. Please welcome to Money Making Conversation master Class. 22 00:01:08,280 --> 00:01:09,479 Speaker 3: Sign your fears. 23 00:01:09,920 --> 00:01:12,919 Speaker 4: Good evening, Good evening. Thank you so much for having 24 00:01:12,959 --> 00:01:15,840 Speaker 4: me back on your show, Sean. It's always a pleasure. 25 00:01:16,240 --> 00:01:18,880 Speaker 3: Well, I appreciate you being on the show. Appreciate you 26 00:01:18,920 --> 00:01:21,840 Speaker 3: being those show. Now tell me being on the show. 27 00:01:22,280 --> 00:01:25,000 Speaker 3: You have a family and you got together, and that 28 00:01:26,040 --> 00:01:28,480 Speaker 3: is nothing greater I have to assume than to be 29 00:01:28,520 --> 00:01:30,920 Speaker 3: in business with your family. Tell us about that. 30 00:01:31,240 --> 00:01:35,640 Speaker 4: You're right, nothing greater. It is the greatest accomplishment I 31 00:01:35,720 --> 00:01:39,080 Speaker 4: must say of my career, my adult life, my career 32 00:01:39,959 --> 00:01:44,160 Speaker 4: to be able to build a legacy, build a business. 33 00:01:44,880 --> 00:01:47,400 Speaker 4: And I have to say, this industry is one of 34 00:01:47,400 --> 00:01:51,000 Speaker 4: the few industries that you can build up a practice 35 00:01:51,120 --> 00:01:54,280 Speaker 4: and turn it over to your children, and you know, 36 00:01:54,440 --> 00:01:58,240 Speaker 4: just create a legacy that one day they can then 37 00:01:58,320 --> 00:02:01,080 Speaker 4: turn it over to their children. Hope if they can 38 00:02:01,120 --> 00:02:04,960 Speaker 4: get one or two interested in being in the financial 39 00:02:05,000 --> 00:02:06,040 Speaker 4: services industry. 40 00:02:06,240 --> 00:02:07,800 Speaker 3: Well, you know, one of the reasons you know, I 41 00:02:07,840 --> 00:02:11,240 Speaker 3: brought you on the show, Sonya, is about that legacy 42 00:02:11,440 --> 00:02:14,720 Speaker 3: that you're talking about, that knowledge, that information that you're 43 00:02:14,760 --> 00:02:18,000 Speaker 3: talking about that's so important to I feel the Black 44 00:02:18,040 --> 00:02:22,200 Speaker 3: community and in conversations because we've talked about this a 45 00:02:22,240 --> 00:02:25,880 Speaker 3: lot about blacks, you know with the the you know, 46 00:02:26,040 --> 00:02:28,920 Speaker 3: last hired, first fired, or first laid out, you know, 47 00:02:29,080 --> 00:02:32,600 Speaker 3: the last to get the information on the housing or 48 00:02:32,760 --> 00:02:37,079 Speaker 3: the last to get the information on our economic opportunities 49 00:02:37,440 --> 00:02:38,640 Speaker 3: in your world, you're in. 50 00:02:38,560 --> 00:02:39,640 Speaker 1: That financial sector. 51 00:02:40,080 --> 00:02:43,680 Speaker 3: What is stopping the black community from moving to the 52 00:02:43,680 --> 00:02:45,400 Speaker 3: front of the line, or can we move to the 53 00:02:45,400 --> 00:02:46,240 Speaker 3: front of the line. 54 00:02:47,720 --> 00:02:51,680 Speaker 4: Absolutely we can. All it takes and we know that 55 00:02:52,200 --> 00:02:54,000 Speaker 4: is for one of us to get in the door. 56 00:02:54,639 --> 00:02:57,359 Speaker 4: And once you're in the door, you know you profit 57 00:02:57,480 --> 00:03:00,639 Speaker 4: open and let others through. It's all of about getting 58 00:03:00,639 --> 00:03:07,000 Speaker 4: the information about the education. For years decades in this industry, 59 00:03:07,440 --> 00:03:11,760 Speaker 4: you see many people that look like you and I 60 00:03:11,800 --> 00:03:17,440 Speaker 4: attain immense wealth, and many people that look like you 61 00:03:17,520 --> 00:03:22,600 Speaker 4: and I end up losing that wealth. Education to get 62 00:03:22,600 --> 00:03:27,760 Speaker 4: the information, that's what keeps you in the door. That's 63 00:03:27,840 --> 00:03:33,880 Speaker 4: what helps our community understand that this is an incredible 64 00:03:34,880 --> 00:03:40,280 Speaker 4: industry and an incredible way to build a legacy financial education. 65 00:03:40,600 --> 00:03:46,960 Speaker 4: And it's out there with Sean. It's not banned or 66 00:03:47,160 --> 00:03:52,200 Speaker 4: it's not relegated to the people who have high degrees 67 00:03:52,480 --> 00:03:55,560 Speaker 4: and multiple degrees. It's out there for all of us. 68 00:03:55,600 --> 00:03:59,800 Speaker 4: This wonderful thing called the Internet makes it more available 69 00:03:59,840 --> 00:04:03,040 Speaker 4: to day than it's ever been before. And I dare 70 00:04:03,120 --> 00:04:08,280 Speaker 4: say financial advisors in this industry also make it more 71 00:04:08,320 --> 00:04:12,880 Speaker 4: available and able to disseminate it to the massive more 72 00:04:12,920 --> 00:04:13,800 Speaker 4: than ever before. 73 00:04:13,920 --> 00:04:16,080 Speaker 3: Okay, I mentioned the fact that the Fears Group, which 74 00:04:16,120 --> 00:04:20,240 Speaker 3: is your last name, Sonia Fears, is ed Morgan Stanley. 75 00:04:20,360 --> 00:04:21,279 Speaker 1: How does that work? 76 00:04:21,320 --> 00:04:25,440 Speaker 3: So my audience can understand that you built your business 77 00:04:25,480 --> 00:04:27,520 Speaker 3: inside of the Morgan Stanley brand. 78 00:04:29,200 --> 00:04:32,559 Speaker 4: That's exactly how that works. So I've been doing wealth 79 00:04:32,640 --> 00:04:36,560 Speaker 4: management now for seventeen years. I was at mary Lynch 80 00:04:36,600 --> 00:04:40,960 Speaker 4: for fifteen At Mary Lynch, my daughter, my oldest daughter, 81 00:04:41,000 --> 00:04:45,000 Speaker 4: and I started the very first African American mother daughter 82 00:04:45,080 --> 00:04:48,159 Speaker 4: team that Mari Lynch has ever had in its history. 83 00:04:48,640 --> 00:04:51,880 Speaker 4: I moved over to Morgan Stanley. I've been with Morgan 84 00:04:51,960 --> 00:04:55,440 Speaker 4: Stanley two and a half years now and I now 85 00:04:55,520 --> 00:05:00,479 Speaker 4: have two daughters that joined me at Morgan Stanley. It's 86 00:05:01,560 --> 00:05:05,960 Speaker 4: you know, it's It wasn't the easiest thing, but again, 87 00:05:06,240 --> 00:05:11,400 Speaker 4: I can't say the more enough times I've been blessed 88 00:05:11,600 --> 00:05:15,040 Speaker 4: and it's the greatest accomplishment that I've had to date 89 00:05:15,080 --> 00:05:16,400 Speaker 4: in my career, So. 90 00:05:16,320 --> 00:05:19,640 Speaker 3: How can one get in touch with you? 91 00:05:19,680 --> 00:05:20,039 Speaker 1: Call me? 92 00:05:20,640 --> 00:05:25,320 Speaker 4: My number is four to seven zero four four nine 93 00:05:26,120 --> 00:05:32,000 Speaker 4: zero eight one two and my email sonya so and 94 00:05:32,279 --> 00:05:38,560 Speaker 4: I a dot Fears f E A R S at 95 00:05:38,640 --> 00:05:42,039 Speaker 4: Morgan Stanley dot com. Call or email me. 96 00:05:42,240 --> 00:05:44,320 Speaker 1: I will respond absolutely, thank you. 97 00:05:44,440 --> 00:05:47,400 Speaker 3: Does it get into telling people how you how you 98 00:05:47,480 --> 00:05:50,600 Speaker 3: w how this business works from financial situation? Now, it 99 00:05:50,680 --> 00:05:52,040 Speaker 3: was a couple of programs I want to bring to 100 00:05:52,040 --> 00:05:54,719 Speaker 3: everybody's attention that I found out about, and I felt 101 00:05:54,720 --> 00:05:56,760 Speaker 3: that these are type of programs that need to be 102 00:05:56,839 --> 00:05:59,320 Speaker 3: heard on my show. You have what you call a 103 00:05:59,440 --> 00:06:04,159 Speaker 3: preferred savings program over a mortgage Stanley that you oversee 104 00:06:04,440 --> 00:06:09,080 Speaker 3: the Fears Group does where your mortgage with the savings 105 00:06:09,120 --> 00:06:12,640 Speaker 3: interest rate, which to me, I think is ridiculously low. 106 00:06:12,760 --> 00:06:13,839 Speaker 1: That's just my thought. 107 00:06:14,360 --> 00:06:16,960 Speaker 3: But you're saying that it can be offered at a 108 00:06:17,080 --> 00:06:20,040 Speaker 3: higher interest rate at Morgan Stanley. Can you explain that 109 00:06:20,080 --> 00:06:20,840 Speaker 3: to my listeners? 110 00:06:21,880 --> 00:06:26,080 Speaker 4: Absolutely? And I dare say that Morgan's Stanley Preferred Savings 111 00:06:26,120 --> 00:06:31,120 Speaker 4: program offers one of the highest rate out there for cash. 112 00:06:31,600 --> 00:06:36,360 Speaker 4: So in most banking accounts that you have, even your 113 00:06:36,440 --> 00:06:40,200 Speaker 4: preferred banking accounts. If it's sitting there in a traditional 114 00:06:40,240 --> 00:06:43,400 Speaker 4: banking account and a savings account, you may be earning 115 00:06:43,520 --> 00:06:46,800 Speaker 4: point zero five percent on your money, even in high 116 00:06:46,920 --> 00:06:51,359 Speaker 4: interest times like this. In our preferred savings program we 117 00:06:51,560 --> 00:06:56,560 Speaker 4: pay four point six percent on cash. Your money is safe, 118 00:06:56,760 --> 00:06:56,960 Speaker 4: you know. 119 00:06:57,000 --> 00:06:59,520 Speaker 1: For there's a lot of excuse me, excuse me, excuse me. 120 00:07:00,360 --> 00:07:01,279 Speaker 1: You know you did you're. 121 00:07:01,120 --> 00:07:02,880 Speaker 3: Dealing with numbers. All you could say something like that. 122 00:07:03,040 --> 00:07:07,160 Speaker 3: Maybe you said, you said the going rate is what 123 00:07:07,320 --> 00:07:07,760 Speaker 3: out there? 124 00:07:07,960 --> 00:07:09,760 Speaker 1: And what is Morgan Stanley offering? 125 00:07:09,920 --> 00:07:13,920 Speaker 4: So in your traditional bank account and you know, again 126 00:07:14,040 --> 00:07:16,520 Speaker 4: the internet is there, you can google it. You will 127 00:07:16,600 --> 00:07:22,360 Speaker 4: get point zero five percent on your savings account in 128 00:07:22,400 --> 00:07:27,760 Speaker 4: your bank, your traditional bank and our preferred savings programs 129 00:07:28,000 --> 00:07:33,040 Speaker 4: we offer four point six percent on cash right now, 130 00:07:33,080 --> 00:07:35,400 Speaker 4: savings account, right now today. 131 00:07:36,800 --> 00:07:38,920 Speaker 1: The next question I guess someone who say, how is 132 00:07:38,920 --> 00:07:39,520 Speaker 1: that possible? 133 00:07:40,880 --> 00:07:46,080 Speaker 4: And that's a great question. Thank you for asking. In 134 00:07:46,120 --> 00:07:48,960 Speaker 4: our community, you know, we talk about it all the time, 135 00:07:49,040 --> 00:07:51,200 Speaker 4: and you know, people know it and they say it, 136 00:07:51,240 --> 00:07:54,840 Speaker 4: but they don't really realize it's real. So the banks 137 00:07:55,440 --> 00:08:00,160 Speaker 4: are using your money and it's called overnight sweep. So 138 00:08:00,320 --> 00:08:05,040 Speaker 4: most banks are part of the Federal Open Market Commission 139 00:08:05,160 --> 00:08:09,080 Speaker 4: and their member banks. Right, so there's an overnight SUITEP 140 00:08:09,080 --> 00:08:13,400 Speaker 4: where your money that's deposited is being loaned and the 141 00:08:13,440 --> 00:08:17,200 Speaker 4: banks are being paid to lend your money at a 142 00:08:17,400 --> 00:08:19,360 Speaker 4: much greater rate than they're paying you. 143 00:08:21,240 --> 00:08:22,440 Speaker 5: So if you. 144 00:08:22,600 --> 00:08:26,720 Speaker 4: Don't need that daily liquidity, you know, if it's not 145 00:08:26,880 --> 00:08:30,480 Speaker 4: in a checking or a savings account, especially a checking 146 00:08:30,520 --> 00:08:34,520 Speaker 4: account that you're using that money every day, we suggest 147 00:08:34,559 --> 00:08:37,000 Speaker 4: you put it in a savings program. And what we're 148 00:08:37,040 --> 00:08:39,559 Speaker 4: hoping is that this is money that you're going to 149 00:08:39,679 --> 00:08:44,880 Speaker 4: leave in there. Right, it's available to you at any time, 150 00:08:45,080 --> 00:08:48,559 Speaker 4: any minute, any day. But if you leave it in there, 151 00:08:49,160 --> 00:08:52,880 Speaker 4: then we are batting that. Okay, it'll benefit us. So 152 00:08:52,960 --> 00:08:56,000 Speaker 4: why not give you the benefit that you deserve on 153 00:08:56,120 --> 00:08:59,680 Speaker 4: that money, because again, if it's in the bank, they're 154 00:08:59,679 --> 00:09:01,640 Speaker 4: going to be using it, whether or not you think 155 00:09:01,679 --> 00:09:03,559 Speaker 4: they are, they are fantastic. 156 00:09:03,559 --> 00:09:05,559 Speaker 3: I'm talking to son your Fears of the Fears group 157 00:09:06,080 --> 00:09:09,280 Speaker 3: within the Morgan Stanley brand. Sonya is one of the 158 00:09:09,360 --> 00:09:13,679 Speaker 3: leading financial experts in discussing stocks, savings programs, which he 159 00:09:13,840 --> 00:09:18,000 Speaker 3: just discussed right there, Compounded interest portfolios which we will 160 00:09:18,040 --> 00:09:20,520 Speaker 3: go to in ad minute, name image and likeness, which 161 00:09:20,520 --> 00:09:22,560 Speaker 3: we will discuss later on the show, as well as 162 00:09:22,640 --> 00:09:25,760 Speaker 3: lines of credit. I just popped out the big word, 163 00:09:26,280 --> 00:09:27,680 Speaker 3: compounded interest. 164 00:09:27,800 --> 00:09:30,120 Speaker 1: I hear that a lot. Can you tell my. 165 00:09:30,200 --> 00:09:35,120 Speaker 3: Listeners what exactly does compounded interest means? Because that's used 166 00:09:35,120 --> 00:09:37,959 Speaker 3: a lot in the stop game in stock market gaming, 167 00:09:38,280 --> 00:09:40,040 Speaker 3: especially compounding interest. 168 00:09:40,440 --> 00:09:43,840 Speaker 4: So I'm going to first tell you what it is, 169 00:09:44,280 --> 00:09:47,200 Speaker 4: and then I'm going to give you an example of 170 00:09:47,280 --> 00:09:52,120 Speaker 4: how it works. Right, right, So, compounding interest is, say 171 00:09:52,200 --> 00:09:56,040 Speaker 4: you saved one thousand dollars and you're earning ten percent 172 00:09:56,200 --> 00:10:01,160 Speaker 4: on one thousand dollars. That's ten percent gets you to 173 00:10:01,360 --> 00:10:06,679 Speaker 4: one thousand, one hundred dollars, right. You continue to earn 174 00:10:06,760 --> 00:10:11,520 Speaker 4: that ten percent, so you're now earning one thousand, ten 175 00:10:11,559 --> 00:10:14,800 Speaker 4: percent on one thousand, one hundred, which gets you to 176 00:10:14,880 --> 00:10:19,040 Speaker 4: be one thousand, two hundred and ten dollars. Ten percent 177 00:10:19,120 --> 00:10:22,760 Speaker 4: on that one thousand, three hundred and thirty one dollars. 178 00:10:22,840 --> 00:10:27,800 Speaker 4: So that's how compounded interest works. Now, for an example, 179 00:10:28,440 --> 00:10:34,120 Speaker 4: if you had two people, two people right, twenty years old, 180 00:10:34,240 --> 00:10:35,439 Speaker 4: each same. 181 00:10:35,200 --> 00:10:38,160 Speaker 1: Age, same age, twenty years, twenty years old each. 182 00:10:38,040 --> 00:10:43,079 Speaker 4: Okay, twenty years old. We have a young woman who 183 00:10:43,679 --> 00:10:47,120 Speaker 4: she said she can't afford to save for retirement. She 184 00:10:47,280 --> 00:10:51,640 Speaker 4: has an apartment, new cars. Starting out is challenging. So 185 00:10:51,679 --> 00:10:55,120 Speaker 4: we say, okay, just save two hundred and fifty dollars 186 00:10:55,200 --> 00:10:59,040 Speaker 4: a month. That's three thousand dollars a year. And we 187 00:10:59,160 --> 00:11:01,719 Speaker 4: talked to her. She's said, okay, I'm gonna do it, 188 00:11:02,200 --> 00:11:06,040 Speaker 4: and she saved three thousand dollars a year for ten years, 189 00:11:06,040 --> 00:11:09,520 Speaker 4: thirty thousand dollars. We have a young man, Terry and 190 00:11:09,600 --> 00:11:10,080 Speaker 4: she stops. 191 00:11:10,120 --> 00:11:13,280 Speaker 1: She stops right there. I'm assuming. Okay, at ten years 192 00:11:13,280 --> 00:11:13,720 Speaker 1: he stopped. 193 00:11:13,720 --> 00:11:16,400 Speaker 4: Stop, he stops. He stopped after ten years. 194 00:11:16,480 --> 00:11:20,200 Speaker 1: But he's still compounding though he's still compounding, is still compounding. 195 00:11:21,120 --> 00:11:24,920 Speaker 4: It's still compounded. Example I just gave you is doing 196 00:11:24,960 --> 00:11:29,040 Speaker 4: that right? And so we have someone else, Terry, you 197 00:11:29,080 --> 00:11:32,880 Speaker 4: know he is. He said, I'm gonna wait because i 198 00:11:32,920 --> 00:11:34,760 Speaker 4: want to live my best life and I'm going to 199 00:11:34,800 --> 00:11:37,480 Speaker 4: buy that brand new car, and I'm going to travel 200 00:11:37,480 --> 00:11:40,240 Speaker 4: a little bit, and I'm young, so I'm just gonna 201 00:11:40,240 --> 00:11:45,200 Speaker 4: take advantage of you know, going to Dubai. I'm just 202 00:11:46,040 --> 00:11:51,240 Speaker 4: so he started saving at thirty years old, and he 203 00:11:51,280 --> 00:11:54,800 Speaker 4: did the same thing. He saved two hundred and fifty 204 00:11:54,840 --> 00:11:58,080 Speaker 4: dollars a month a year, so three thousand dollars a year, 205 00:11:58,720 --> 00:12:02,920 Speaker 4: and instead instead of saving for ten years, he's you know, 206 00:12:03,160 --> 00:12:07,079 Speaker 4: he's financially savvy. He understands the market. He's going to 207 00:12:07,120 --> 00:12:11,959 Speaker 4: serve save for thirty years, so he does that. So 208 00:12:12,080 --> 00:12:18,199 Speaker 4: Terry saves from thirty till he is sixty. They both 209 00:12:18,320 --> 00:12:25,360 Speaker 4: retire at sixty five. And the question is at sixty five, 210 00:12:25,559 --> 00:12:30,040 Speaker 4: after Terry saved his ninety thousand dollars and Astley saved 211 00:12:30,080 --> 00:12:33,600 Speaker 4: her thirty thousand dollars, who has the most money? 212 00:12:34,720 --> 00:12:39,240 Speaker 1: Drumroll please please, And. 213 00:12:39,559 --> 00:12:45,600 Speaker 4: The answer is, our dear darling, Ashley has the most money? 214 00:12:46,840 --> 00:12:47,160 Speaker 1: How much? 215 00:12:47,160 --> 00:12:51,320 Speaker 4: At sixty five she has seven hundred and eighteen thousand, 216 00:12:51,400 --> 00:12:55,480 Speaker 4: four hundred and seventy three dollars estimated rate of return 217 00:12:55,600 --> 00:13:01,160 Speaker 4: nine percent. At sixty five, Terry, who saved twenty thousand dollars, 218 00:13:01,520 --> 00:13:05,920 Speaker 4: have four hundred and eighty nine thousand, one hundred eleven 219 00:13:06,000 --> 00:13:10,439 Speaker 4: dollars same estimated greater return of nine percent. Wow, she 220 00:13:10,600 --> 00:13:14,120 Speaker 4: has almost doubled the money that he had, and he 221 00:13:14,360 --> 00:13:16,880 Speaker 4: tripled the amount of money she saved. 222 00:13:16,520 --> 00:13:20,040 Speaker 3: Because she started her because she started early, compounded that 223 00:13:20,240 --> 00:13:24,400 Speaker 3: team stopped at ten years. He started after her and 224 00:13:24,480 --> 00:13:28,880 Speaker 3: did thirty years but his compounding started later and now 225 00:13:29,040 --> 00:13:31,200 Speaker 3: she says seven he's at seven hundred thousand, she's at 226 00:13:31,200 --> 00:13:33,120 Speaker 3: four hundred thous Again, I'm talking to son you for 227 00:13:33,240 --> 00:13:35,360 Speaker 3: a sonye before we go to break. What's your contact 228 00:13:35,440 --> 00:13:37,080 Speaker 3: information so we can go to break. 229 00:13:37,080 --> 00:13:38,200 Speaker 1: After that, it's. 230 00:13:38,160 --> 00:13:50,559 Speaker 4: Four to seven zero four four nine zero eight one two. 231 00:13:51,480 --> 00:13:55,080 Speaker 5: We'll be right back with more Money Making Conversations Masterclass 232 00:13:55,080 --> 00:14:00,000 Speaker 5: with Rashawn McDonald. You are now tuned into the Money 233 00:13:59,880 --> 00:14:01,120 Speaker 5: Making Conversations. 234 00:14:01,360 --> 00:14:03,760 Speaker 1: Minute of Inspiration with Rashawn McDonald. 235 00:14:03,840 --> 00:14:08,200 Speaker 3: Tamaori to star our family Reunion, recall spending years being 236 00:14:08,280 --> 00:14:13,080 Speaker 3: incorrectly treated for her debilitating abdominal pain. This experience inspired 237 00:14:13,120 --> 00:14:15,439 Speaker 3: Tia to sell healthy vitamin supplements. 238 00:14:15,559 --> 00:14:18,200 Speaker 6: I decided to come out with a supplement line called 239 00:14:18,240 --> 00:14:22,200 Speaker 6: Answer to encourage and to inspire women to take back 240 00:14:22,280 --> 00:14:26,320 Speaker 6: and charge of their health. It's called Answer, insinuating you 241 00:14:26,600 --> 00:14:30,560 Speaker 6: are the Answer. And after my surgeries with indometriosis, my 242 00:14:30,600 --> 00:14:32,800 Speaker 6: doctor was like, yo, Tia, there's nothing I can do. 243 00:14:32,880 --> 00:14:35,040 Speaker 6: You kind of have to start looking at your lifestyle. 244 00:14:35,120 --> 00:14:37,120 Speaker 6: And that's exactly what I did, and I want to 245 00:14:37,200 --> 00:14:39,680 Speaker 6: encourage other women and people to do the same. We 246 00:14:39,760 --> 00:14:42,440 Speaker 6: have a Women's Multia. We have an Elderberry, we have 247 00:14:42,520 --> 00:14:45,120 Speaker 6: a kid's gummy, we have a men's line. We're going 248 00:14:45,160 --> 00:14:49,840 Speaker 6: to be coming out with several other amazing supplement. 249 00:14:49,680 --> 00:14:52,320 Speaker 3: If you want to hear this full interview with Tiamaori, 250 00:14:52,480 --> 00:14:54,560 Speaker 3: visit Moneymakingconversation dot com. 251 00:14:54,680 --> 00:14:55,240 Speaker 1: Keep winning. 252 00:14:57,720 --> 00:15:03,840 Speaker 5: Now, let's return to Money Making Conversationations Masterclass with Rashaun McDonald. 253 00:15:03,320 --> 00:15:06,080 Speaker 3: MSS fears. Thank you for coming on Money Making Conversations. 254 00:15:06,120 --> 00:15:07,360 Speaker 3: Why are you on the show today? 255 00:15:07,520 --> 00:15:07,880 Speaker 1: Why are you? 256 00:15:07,920 --> 00:15:10,880 Speaker 3: Why are you coming on talking about finances and talking 257 00:15:10,880 --> 00:15:14,880 Speaker 3: about what you can do and engage in my audience and. 258 00:15:16,320 --> 00:15:17,440 Speaker 1: What's the bigger picture here? 259 00:15:18,960 --> 00:15:23,040 Speaker 4: The bigger picture. So, my daughter, one of my daughters, 260 00:15:23,120 --> 00:15:27,800 Speaker 4: at twenty five years old, bought her first home. She 261 00:15:28,280 --> 00:15:33,840 Speaker 4: bought a townhouse. My oldest daughter at twenty seven, she 262 00:15:34,000 --> 00:15:38,080 Speaker 4: bought her first home. She is now twenty nine and 263 00:15:38,600 --> 00:15:43,760 Speaker 4: just bought her second home. It's about being empowered. It's 264 00:15:43,760 --> 00:15:48,320 Speaker 4: about starting and building a legacy, and it's about our 265 00:15:48,400 --> 00:15:54,360 Speaker 4: community being able to participate in all the wealth that's 266 00:15:54,360 --> 00:15:57,520 Speaker 4: surrounding us. And how do you do that? You have 267 00:15:57,600 --> 00:16:00,880 Speaker 4: to be educated that we can do it too, and 268 00:16:01,000 --> 00:16:04,000 Speaker 4: how do we do it? Let's talk about it right 269 00:16:04,040 --> 00:16:07,760 Speaker 4: you No, let me share the knowledge that I've attained 270 00:16:08,080 --> 00:16:09,800 Speaker 4: to help others do the same thing. 271 00:16:09,960 --> 00:16:12,360 Speaker 3: Well, we have a caller who wants to hear the knowledge, 272 00:16:12,400 --> 00:16:13,720 Speaker 3: Miss Fears. 273 00:16:13,240 --> 00:16:14,200 Speaker 1: Please welcome to show. 274 00:16:14,320 --> 00:16:18,040 Speaker 3: Jennie Jeannie, I thank you for calling Money Making Conversation Masterclass. 275 00:16:18,240 --> 00:16:21,040 Speaker 3: You're speaking to Rasha McDonald and sign your fears from 276 00:16:21,040 --> 00:16:23,000 Speaker 3: the Fears group on Morgan Stanley. 277 00:16:23,000 --> 00:16:23,600 Speaker 1: What's your question? 278 00:16:24,480 --> 00:16:26,400 Speaker 7: First of all, I want to say this is absolutely 279 00:16:26,440 --> 00:16:29,960 Speaker 7: a great show today because I've actually been looking for 280 00:16:30,840 --> 00:16:33,400 Speaker 7: someplace to actually save money. 281 00:16:33,440 --> 00:16:34,640 Speaker 4: So I. 282 00:16:37,600 --> 00:16:42,240 Speaker 7: Niece that I'm raising, and she's her money's coming in 283 00:16:42,440 --> 00:16:45,560 Speaker 7: that are from you know, her dad, from his social security. 284 00:16:46,000 --> 00:16:49,560 Speaker 7: So I want to make sure that she's financially set 285 00:16:49,680 --> 00:16:55,000 Speaker 7: up in a really good way. And she's fourteen right now, 286 00:16:55,960 --> 00:16:59,720 Speaker 7: and it's about let's say, about maybe sixty eight hundred dollars. 287 00:17:00,240 --> 00:17:04,240 Speaker 7: What would be the best way to save would it 288 00:17:04,320 --> 00:17:06,600 Speaker 7: be to put it in the compound interest or the 289 00:17:06,640 --> 00:17:10,560 Speaker 7: savings account? But four point six is like amazing because 290 00:17:10,560 --> 00:17:13,919 Speaker 7: everything I've been finding has been online has been you know, 291 00:17:14,040 --> 00:17:15,640 Speaker 7: definitely less than that. 292 00:17:16,160 --> 00:17:16,960 Speaker 4: But what would be. 293 00:17:16,920 --> 00:17:19,320 Speaker 7: The best way? So when she does get out of 294 00:17:19,440 --> 00:17:22,919 Speaker 7: high school or and she you know, wants to go 295 00:17:22,960 --> 00:17:26,800 Speaker 7: to school or whatever, that she has those money for her. 296 00:17:27,200 --> 00:17:31,399 Speaker 4: Oh, that's incredible. One. I'm really really super excited that 297 00:17:32,040 --> 00:17:36,480 Speaker 4: at fourteen your thing, you're thinking about it for her 298 00:17:36,840 --> 00:17:41,639 Speaker 4: and she wants to save because again compound and interest. 299 00:17:41,760 --> 00:17:45,000 Speaker 4: If she saved now, she has four years to college, 300 00:17:45,920 --> 00:17:50,119 Speaker 4: so we could start. I'd rather her start earlier for 301 00:17:50,280 --> 00:17:52,320 Speaker 4: five to twenty nine plan, but a five to twenty 302 00:17:52,400 --> 00:17:56,320 Speaker 4: nine plan in which you can save for college and 303 00:17:56,440 --> 00:17:58,800 Speaker 4: what a lot of people don't know these days, a 304 00:17:58,880 --> 00:18:02,560 Speaker 4: five to twenty nine plan with the new secure at 305 00:18:02,600 --> 00:18:07,320 Speaker 4: two point zho. If your child is brilliant, which we 306 00:18:07,400 --> 00:18:10,399 Speaker 4: know of many of our children are. They get scholarships 307 00:18:10,760 --> 00:18:13,280 Speaker 4: and they have money in a five to twenty nine plan, 308 00:18:13,320 --> 00:18:16,840 Speaker 4: which is a college savings plan, and they don't use it. 309 00:18:17,760 --> 00:18:21,080 Speaker 4: This is an opportunity to roll that money into a 310 00:18:21,200 --> 00:18:26,679 Speaker 4: roth ira. With a roth ira, that money you put 311 00:18:27,160 --> 00:18:29,960 Speaker 4: six hundred dollars in there. We just gave the example 312 00:18:30,240 --> 00:18:34,560 Speaker 4: of two hundred and fifty dollars a month for ten years. 313 00:18:34,800 --> 00:18:37,240 Speaker 4: You start with the six hundred dollars, you add one 314 00:18:37,320 --> 00:18:40,560 Speaker 4: hundred dollars to it, you get to one thousand dollars 315 00:18:40,600 --> 00:18:42,560 Speaker 4: for the year or whatever you want to get to. 316 00:18:42,960 --> 00:18:49,080 Speaker 4: But that thousand dollars will grow free until she retires 317 00:18:49,160 --> 00:18:52,840 Speaker 4: if it is turned over into a roth ira, And 318 00:18:52,880 --> 00:18:56,480 Speaker 4: that's the beautier for roth ira. Again. If thirty thousand 319 00:18:56,480 --> 00:19:02,639 Speaker 4: dollars is going to grow to be seven hundred thousand approximately, right, 320 00:19:03,240 --> 00:19:07,000 Speaker 4: that's six hundred and seventy thousand dollars that you would 321 00:19:07,080 --> 00:19:09,840 Speaker 4: not pay taxes on if that money was sitting in 322 00:19:09,880 --> 00:19:12,840 Speaker 4: a roth irs. Wow, now that's a powerful. 323 00:19:12,520 --> 00:19:16,240 Speaker 7: So yeah, So if we just say one thousand dollars 324 00:19:16,280 --> 00:19:20,000 Speaker 7: in the rough iron eight, just sit it there until 325 00:19:20,000 --> 00:19:25,480 Speaker 7: she's at retirement age. So what about say we set 326 00:19:25,520 --> 00:19:31,000 Speaker 7: one thousand dollars there and then what one hundred place else? 327 00:19:32,520 --> 00:19:36,280 Speaker 3: Hey, Genie, Genie, Genie, you're breaking up? Can you give 328 00:19:36,320 --> 00:19:40,040 Speaker 3: her your number so she can call you at the office? Sonya, 329 00:19:40,400 --> 00:19:41,600 Speaker 3: because the genie's checking up. 330 00:19:42,720 --> 00:19:47,600 Speaker 4: Absolutely, it's four to seven zero four four nine zero 331 00:19:47,760 --> 00:19:52,040 Speaker 4: eight one two. Please call me Genie. But okay, start 332 00:19:52,119 --> 00:19:55,440 Speaker 4: with the five twenty nine plan again because that's saving 333 00:19:55,560 --> 00:19:59,000 Speaker 4: for college. And if she doesn't use it, then we 334 00:19:59,040 --> 00:20:02,320 Speaker 4: would convert it to say a roth ira. But there 335 00:20:02,320 --> 00:20:04,680 Speaker 4: are many options. Would love to discuss them with you. 336 00:20:04,920 --> 00:20:07,399 Speaker 3: Yes, thank you Jenie for calling and really, you know, 337 00:20:07,760 --> 00:20:10,480 Speaker 3: I always tell people knowledges everything. If you if you're 338 00:20:10,560 --> 00:20:13,040 Speaker 3: quiet about this information we're trying to give you on 339 00:20:13,119 --> 00:20:15,760 Speaker 3: this show. Every week I'm trying to bring guests on. 340 00:20:15,800 --> 00:20:18,080 Speaker 3: I'm not trying. I am bringing guests on that I 341 00:20:18,119 --> 00:20:20,119 Speaker 3: believe can change your life, put you in a position 342 00:20:20,160 --> 00:20:22,240 Speaker 3: where you can have a better life. That's what we're 343 00:20:22,280 --> 00:20:26,160 Speaker 3: doing today with this interview. We're doing this interview. She's 344 00:20:26,640 --> 00:20:29,439 Speaker 3: reputable for Morgan Stanle, you know who they are, and 345 00:20:29,480 --> 00:20:32,760 Speaker 3: she had built with her daughters a business within that 346 00:20:33,200 --> 00:20:36,639 Speaker 3: of respected business within that and that's what we're talking about. 347 00:20:36,840 --> 00:20:40,359 Speaker 3: Her knowledge being transferred to you because if someone calls you, 348 00:20:40,359 --> 00:20:42,240 Speaker 3: you're not charging the love for you are your son you. 349 00:20:42,359 --> 00:20:43,520 Speaker 1: This is let. 350 00:20:43,760 --> 00:20:48,320 Speaker 4: Absolutely not okay, I'm not I will call to anyone 351 00:20:48,560 --> 00:20:52,280 Speaker 4: for an hour, two hours, whatever you need because I 352 00:20:52,440 --> 00:20:55,280 Speaker 4: want the information to get out there. We need to 353 00:20:55,320 --> 00:20:59,520 Speaker 4: be educated financially on how to set ourselves up for success, 354 00:21:00,200 --> 00:21:03,000 Speaker 4: to leave a legacy, how to set an example for 355 00:21:03,040 --> 00:21:03,680 Speaker 4: our children. 356 00:21:03,880 --> 00:21:06,560 Speaker 3: Right cool, listen, I have one thing before before you 357 00:21:06,600 --> 00:21:08,520 Speaker 3: get out of here. I wanted to talk about something 358 00:21:08,520 --> 00:21:10,200 Speaker 3: that is dancing out there A lot. 359 00:21:10,520 --> 00:21:13,119 Speaker 1: In the athletic world. And we have a lot of 360 00:21:13,160 --> 00:21:13,800 Speaker 1: called listeners. 361 00:21:13,880 --> 00:21:17,320 Speaker 3: I know who may have a nephew, maybe their own child, 362 00:21:17,440 --> 00:21:21,960 Speaker 3: a grandchild who in the world of sports, name, image 363 00:21:22,000 --> 00:21:25,320 Speaker 3: and likeness. They call it NIL for short, where young 364 00:21:25,400 --> 00:21:28,240 Speaker 3: men coming out of high school can now get get 365 00:21:28,280 --> 00:21:32,040 Speaker 3: sponsorship dollars, whether it's from major Fortune five hundred companies 366 00:21:32,119 --> 00:21:33,679 Speaker 3: or local businesses. 367 00:21:33,160 --> 00:21:33,960 Speaker 1: And make money. 368 00:21:34,480 --> 00:21:37,280 Speaker 3: You guys in your organization, the Fears Group, you guys 369 00:21:37,359 --> 00:21:39,080 Speaker 3: are in the NIL game. 370 00:21:38,920 --> 00:21:42,760 Speaker 4: Correct, Yes, we are so. I'm a global sports and 371 00:21:43,000 --> 00:21:47,600 Speaker 4: Entertainment director with Morgan Stanley have a lot of clients 372 00:21:47,640 --> 00:21:52,040 Speaker 4: in the sports and entertainment sector along with other sectors, 373 00:21:52,240 --> 00:21:56,320 Speaker 4: and with the NIL A few things that's really important. 374 00:21:56,880 --> 00:22:01,760 Speaker 4: These are young men and women middle school, high school 375 00:22:02,080 --> 00:22:07,680 Speaker 4: that are now being offered a great deal of money, right, 376 00:22:08,080 --> 00:22:10,680 Speaker 4: and so a few things that they need to know. 377 00:22:11,000 --> 00:22:15,119 Speaker 4: This money that they're getting can help fund their vision, 378 00:22:15,720 --> 00:22:20,080 Speaker 4: family vision, can help start a business even at that age, 379 00:22:20,600 --> 00:22:25,520 Speaker 4: can start saving so that they can have that compounding 380 00:22:25,680 --> 00:22:29,879 Speaker 4: interest when they get older. Because again, some of them 381 00:22:30,280 --> 00:22:36,119 Speaker 4: will make it to be in the NFL or NBA, 382 00:22:36,840 --> 00:22:42,760 Speaker 4: or even to drive for NASCAR, but many most will 383 00:22:42,880 --> 00:22:47,360 Speaker 4: not because the percentage of athletes that truly make it 384 00:22:47,400 --> 00:22:51,119 Speaker 4: to be professionals are very very small. A lot of people, 385 00:22:51,320 --> 00:22:53,879 Speaker 4: a lot of people don't realize that. And so these 386 00:22:54,080 --> 00:22:58,000 Speaker 4: young men and women, they have an opportunity to capture 387 00:22:58,760 --> 00:23:03,600 Speaker 4: that wealth out and use it. But again they need 388 00:23:03,640 --> 00:23:06,879 Speaker 4: to be educated and their families need to be educated 389 00:23:07,119 --> 00:23:09,800 Speaker 4: to make sure that they hold on to the swellth 390 00:23:10,560 --> 00:23:16,040 Speaker 4: and not getting into contract that is not really profitable 391 00:23:16,400 --> 00:23:17,720 Speaker 4: more beneficial for them. 392 00:23:17,880 --> 00:23:20,280 Speaker 3: Yeah, so you're under the Fears group at Morgan Stanley. 393 00:23:20,320 --> 00:23:23,840 Speaker 3: You provide financial education reading here, financial education for the athlete, 394 00:23:24,240 --> 00:23:27,479 Speaker 3: provide financial education for the family, and then educate them 395 00:23:27,520 --> 00:23:30,720 Speaker 3: both about the nil opportunities exactly. 396 00:23:31,080 --> 00:23:32,280 Speaker 4: That's exactly what we do. 397 00:23:32,600 --> 00:23:35,000 Speaker 3: Let's se that I'm a little inside information about when 398 00:23:35,040 --> 00:23:38,439 Speaker 3: you're when when young people are offered scholarships to attend 399 00:23:38,440 --> 00:23:42,359 Speaker 3: college for their athletic skills, a scholarship is only it. 400 00:23:42,280 --> 00:23:45,240 Speaker 1: May say it seems like it's four years, but it's not. 401 00:23:45,760 --> 00:23:49,320 Speaker 3: It's a one year scholarship and every year they renew it. 402 00:23:49,600 --> 00:23:52,480 Speaker 3: So you can get a scholarship to go to University 403 00:23:52,480 --> 00:23:56,040 Speaker 3: of Georgia or Alabama. That doesn't mean that doesn't say 404 00:23:56,080 --> 00:23:58,320 Speaker 3: that you will be there for four years under a 405 00:23:58,359 --> 00:24:01,280 Speaker 3: scholarship is at the option of the school. They can 406 00:24:01,320 --> 00:24:03,960 Speaker 3: take that scholarship away from you, they can renew it. 407 00:24:04,119 --> 00:24:07,760 Speaker 3: So the NIL program is put in place to help 408 00:24:07,920 --> 00:24:11,440 Speaker 3: young men and women to be able to earn income. 409 00:24:12,040 --> 00:24:13,840 Speaker 3: Just in case that does happen, or it doesn't happen, 410 00:24:13,880 --> 00:24:17,200 Speaker 3: you still in a position to work with a reputable company. 411 00:24:17,280 --> 00:24:17,840 Speaker 1: Is not your. 412 00:24:17,720 --> 00:24:21,080 Speaker 3: Cousin, not your homeboard down the street, but a company 413 00:24:21,080 --> 00:24:24,879 Speaker 3: that has relationships and also the financial know how and 414 00:24:25,040 --> 00:24:26,800 Speaker 3: order tell you what to do with the money when 415 00:24:26,840 --> 00:24:27,720 Speaker 3: the opportunities come. 416 00:24:28,000 --> 00:24:29,320 Speaker 1: Am I correct when I say that? 417 00:24:30,040 --> 00:24:30,159 Speaker 4: Son? 418 00:24:30,200 --> 00:24:30,560 Speaker 1: Youa f here? 419 00:24:30,680 --> 00:24:36,680 Speaker 4: Are absolutely correct? You are absolutely correct? And again who 420 00:24:36,760 --> 00:24:39,760 Speaker 4: is there? You know you have people who save that 421 00:24:39,840 --> 00:24:43,960 Speaker 4: their business managers. Who's there to advise you and educate 422 00:24:44,040 --> 00:24:49,480 Speaker 4: you on how to properly manage this money, save this money, 423 00:24:49,720 --> 00:24:52,760 Speaker 4: make this money last for you because we have to 424 00:24:52,760 --> 00:24:55,159 Speaker 4: make it last absolutely. 425 00:24:55,280 --> 00:24:57,199 Speaker 3: As we close out, there's an interview. Thank you for 426 00:24:57,240 --> 00:24:59,840 Speaker 3: taking the time to come on money money making. Come 427 00:25:00,000 --> 00:25:02,880 Speaker 3: say master class. What is your contact information? And any 428 00:25:02,880 --> 00:25:06,359 Speaker 3: closing thoughts or advice to people who are considering are 429 00:25:06,440 --> 00:25:10,600 Speaker 3: looking for financial experts to advise them on their their 430 00:25:10,640 --> 00:25:12,720 Speaker 3: future financial outlooks. 431 00:25:14,359 --> 00:25:18,160 Speaker 4: Yeah, so number is four to seven zero four four 432 00:25:18,359 --> 00:25:23,960 Speaker 4: nine zero eight one two and my final thoughts here 433 00:25:24,000 --> 00:25:26,800 Speaker 4: and again thank you. It is an absolute pleasure to 434 00:25:26,840 --> 00:25:30,080 Speaker 4: be on the show. Final thought is planning. So we 435 00:25:30,119 --> 00:25:36,440 Speaker 4: are certified financial planners as well, and you've heard the same. 436 00:25:37,080 --> 00:25:41,520 Speaker 4: If you don't, if you fail to plan, then you 437 00:25:41,640 --> 00:25:45,960 Speaker 4: plan to fail. And so financial planning is the key. 438 00:25:46,359 --> 00:25:48,600 Speaker 4: You have to put a plan in place. You have 439 00:25:48,680 --> 00:25:52,000 Speaker 4: to understand where you are, know where you want to 440 00:25:52,040 --> 00:25:54,760 Speaker 4: go and have a plan on how to get there. 441 00:25:55,160 --> 00:25:58,199 Speaker 4: And that's what we do. We help our clients with 442 00:25:58,480 --> 00:26:00,960 Speaker 4: planning on how to get there. And there are many 443 00:26:01,080 --> 00:26:06,600 Speaker 4: strategies that we have in our wheelhouse through the breath 444 00:26:06,680 --> 00:26:10,240 Speaker 4: and depth of Morgan Stanley to offer to our clients. 445 00:26:10,640 --> 00:26:12,760 Speaker 3: Wow, thank you for coming on Money Making Conversation. We 446 00:26:12,800 --> 00:26:15,680 Speaker 3: will talk soon. Thank you, son youa fears, thank you, 447 00:26:16,040 --> 00:26:16,800 Speaker 3: thank you for listening. 448 00:26:16,840 --> 00:26:27,160 Speaker 5: Bye bye, thank you for joining us for this edition 449 00:26:27,200 --> 00:26:32,760 Speaker 5: of Money Making Conversations Masterclass. Money Making Conversations Masterclass with 450 00:26:32,800 --> 00:26:35,800 Speaker 5: through Sean McDonald is produced by thirty eight to fifteen 451 00:26:35,880 --> 00:26:39,840 Speaker 5: Media Inc. More information about thirty eight to fifteen Media Inc. 452 00:26:40,040 --> 00:26:43,480 Speaker 5: Is available at thirty eight to fifteen media dot com 453 00:26:43,520 --> 00:26:55,639 Speaker 5: and always remember to lead with your gifts. 454 00:26:57,960 --> 00:27:01,720 Speaker 8: HBCUs represent Black X. 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