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