1 00:00:00,040 --> 00:00:02,760 Speaker 1: Hi, I'm Rashaan McDonald, a host this weekly money Making 2 00:00:02,800 --> 00:00:06,840 Speaker 1: Conversation Masterclass show for you. The interviews and information that 3 00:00:06,920 --> 00:00:10,040 Speaker 1: this show provides offer everyone. It's time to stop reading 4 00:00:10,080 --> 00:00:13,120 Speaker 1: other people's success stories and start living your own now. 5 00:00:13,240 --> 00:00:14,800 Speaker 1: If you want to be a guest on my show, 6 00:00:14,880 --> 00:00:20,680 Speaker 1: Money Making Conversations Masterclass, please visit our website, Moneymakingconversations dot 7 00:00:20,720 --> 00:00:23,320 Speaker 1: com and click to be a guest button. If you're 8 00:00:23,320 --> 00:00:28,800 Speaker 1: a small business owner, entrepreneur, motivational speaker, influencer, or nonprofit 9 00:00:29,480 --> 00:00:32,559 Speaker 1: my guests, let's get rolling. My guest is a finance 10 00:00:32,560 --> 00:00:37,360 Speaker 1: attorney turned financial literacy advocate, entrepreneur, and head of a 11 00:00:37,440 --> 00:00:42,160 Speaker 1: law practice based in Washington, DC. Her company, Legacy Building, LLC, 12 00:00:42,800 --> 00:00:46,360 Speaker 1: mission is the bridge the financial literacy gap, particularly for 13 00:00:46,479 --> 00:00:51,960 Speaker 1: emerging professionals, minority communities, and small business owners, promoting lasting 14 00:00:52,040 --> 00:00:55,720 Speaker 1: economic confidence and stability. Please welcome to the Money Making 15 00:00:55,720 --> 00:00:59,960 Speaker 1: Conversation Masterclass. Lisa Morain. How you doing, Lisa? 16 00:01:00,120 --> 00:01:00,279 Speaker 2: Well? 17 00:01:00,400 --> 00:01:02,600 Speaker 3: Are you pretty good? Lisa? It's great. 18 00:01:02,600 --> 00:01:06,120 Speaker 1: Senior Again, I saw you in DC at the Generational 19 00:01:06,200 --> 00:01:07,000 Speaker 1: Wealth Conference. 20 00:01:07,200 --> 00:01:08,640 Speaker 3: Why did you attend that conference? 21 00:01:09,240 --> 00:01:10,160 Speaker 2: Absolutely well. 22 00:01:10,240 --> 00:01:13,080 Speaker 4: Generational Wealth is right up my alley. It's what we 23 00:01:13,200 --> 00:01:17,440 Speaker 4: focus on with Legacy building, and I figured it's local. 24 00:01:17,680 --> 00:01:20,920 Speaker 4: It seemed amazing, the panelists seemed amazing. I needed to 25 00:01:20,920 --> 00:01:21,680 Speaker 4: be in the building. 26 00:01:22,319 --> 00:01:22,639 Speaker 3: Great. 27 00:01:22,880 --> 00:01:26,240 Speaker 1: I was there and I would definitely come back next 28 00:01:26,319 --> 00:01:29,280 Speaker 1: year because I felt that the people it was like 29 00:01:29,319 --> 00:01:31,920 Speaker 1: a feed good plants that needed water. That's what I 30 00:01:31,920 --> 00:01:33,560 Speaker 1: felt like when I was in that room. And I 31 00:01:33,600 --> 00:01:37,560 Speaker 1: want to continue to provide that as you do financial 32 00:01:37,560 --> 00:01:40,759 Speaker 1: literacy nourishment, and that's what this interview is about. 33 00:01:41,040 --> 00:01:44,600 Speaker 3: Now, let's talk about being a finance attorney. What exactly 34 00:01:44,680 --> 00:01:46,360 Speaker 3: is a finance attorney? 35 00:01:46,920 --> 00:01:52,480 Speaker 4: Absolutely well, for me, specifically, I worked in public finance. 36 00:01:53,040 --> 00:01:57,080 Speaker 4: I served as a senior executive over the legal team 37 00:01:57,120 --> 00:02:00,160 Speaker 4: for the Government National Mortgage Association. Also referred to is 38 00:02:00,280 --> 00:02:05,800 Speaker 4: Genny May. Genny May essentially provides liquidity for loder modern 39 00:02:05,920 --> 00:02:09,640 Speaker 4: income loans. So your your FHA loans, your VA loans, 40 00:02:09,720 --> 00:02:13,360 Speaker 4: your RD loans, all of those loans that are geared 41 00:02:13,360 --> 00:02:17,079 Speaker 4: towards load and modern income families typically end up in 42 00:02:17,160 --> 00:02:21,600 Speaker 4: Genya securities. That provides the financing for the lenders to 43 00:02:21,680 --> 00:02:23,840 Speaker 4: continue to offer those loan products. 44 00:02:24,360 --> 00:02:25,680 Speaker 3: Okay, so you were right there. 45 00:02:26,120 --> 00:02:30,320 Speaker 1: They said that epicenter of low and modern income people. 46 00:02:30,560 --> 00:02:33,920 Speaker 1: What is consistent when you had to deal with that 47 00:02:33,960 --> 00:02:36,600 Speaker 1: community on the regular basis, What stood out the most 48 00:02:36,639 --> 00:02:39,440 Speaker 1: is saying is not set up to win. 49 00:02:40,040 --> 00:02:40,760 Speaker 2: Absolutely. 50 00:02:41,280 --> 00:02:46,720 Speaker 4: What consistently showed up to me was desperate treatment. Those 51 00:02:46,760 --> 00:02:50,960 Speaker 4: communities typically did not have the same resources. Those communities 52 00:02:51,040 --> 00:02:54,799 Speaker 4: typically were preyed upon and were given loans that they 53 00:02:54,880 --> 00:02:59,720 Speaker 4: really couldn't afford. Those communities when they needed appraisal for 54 00:02:59,760 --> 00:03:04,160 Speaker 4: their homes, their praised value typically wasn't coming in as 55 00:03:04,200 --> 00:03:07,400 Speaker 4: their white counterpart appraised values were coming in. 56 00:03:07,760 --> 00:03:10,040 Speaker 2: So you just consistently saw. 57 00:03:11,400 --> 00:03:17,720 Speaker 4: Underrepresentation system that was set up in designed for them 58 00:03:17,840 --> 00:03:18,680 Speaker 4: not to prosper. 59 00:03:19,160 --> 00:03:20,760 Speaker 3: Wow, I will tell you this. 60 00:03:21,160 --> 00:03:25,760 Speaker 1: When we sold our house, we removed all the fact 61 00:03:25,800 --> 00:03:27,680 Speaker 1: that you didn't know who lived in that house. All 62 00:03:27,720 --> 00:03:31,200 Speaker 1: of our family pictures were moved, all black art world 63 00:03:31,280 --> 00:03:31,920 Speaker 1: were moved. 64 00:03:31,960 --> 00:03:34,920 Speaker 3: So that's a real thing. So if anybody believes, oh, 65 00:03:35,280 --> 00:03:37,520 Speaker 3: you know, Rishon, she's just selling hype, Nope. 66 00:03:38,640 --> 00:03:43,600 Speaker 1: Our realtor, who was white, recommended we do this as 67 00:03:43,600 --> 00:03:46,880 Speaker 1: well for to get the right buyers in there and 68 00:03:46,920 --> 00:03:49,280 Speaker 1: for they can understand that you see the house for 69 00:03:49,320 --> 00:03:52,000 Speaker 1: the value in the community, for the value where we stayed, 70 00:03:52,080 --> 00:03:57,160 Speaker 1: versus making the stereotypes about the people who lived in there. 71 00:03:57,280 --> 00:04:01,839 Speaker 1: So definitely, definitely that's a true statement. Now, going from 72 00:04:01,920 --> 00:04:06,880 Speaker 1: financial attorney to financial literacy expert, that's what you are now, 73 00:04:06,920 --> 00:04:08,760 Speaker 1: you said thirty years so you've. 74 00:04:08,640 --> 00:04:09,720 Speaker 3: Been juggling numbers. 75 00:04:10,000 --> 00:04:12,320 Speaker 1: How did you make that transition and why is it 76 00:04:12,360 --> 00:04:14,200 Speaker 1: is it important to you to be an advocate? 77 00:04:14,920 --> 00:04:20,600 Speaker 4: Absolutely well, seeing what was happening, it just boiled my blood. 78 00:04:20,800 --> 00:04:22,880 Speaker 2: Right. It's like I happen to. 79 00:04:22,800 --> 00:04:25,760 Speaker 4: Be a minority, right, and these are people from my 80 00:04:25,920 --> 00:04:29,040 Speaker 4: community that's being impacted this way. And at the end 81 00:04:29,120 --> 00:04:31,679 Speaker 4: of the day, I'm not a person that talks the talk. 82 00:04:32,200 --> 00:04:34,280 Speaker 4: I walk the walk, Like what are you going to 83 00:04:34,360 --> 00:04:37,440 Speaker 4: do to make a difference? And So seeing what was 84 00:04:37,480 --> 00:04:38,800 Speaker 4: happening in two thousand and. 85 00:04:38,760 --> 00:04:40,839 Speaker 2: Eight and many years before then. 86 00:04:41,120 --> 00:04:44,320 Speaker 4: I was seeing people entering into these mortgages that they 87 00:04:45,279 --> 00:04:48,839 Speaker 4: balloon payments. You're paying these small amounts in the very beginning, 88 00:04:49,200 --> 00:04:51,680 Speaker 4: and at the end of that balloon, it's going to 89 00:04:52,160 --> 00:04:57,960 Speaker 4: jump to a much larger number that your income can't sustain. 90 00:04:58,440 --> 00:05:00,360 Speaker 2: How are you going to pay for that? Right? 91 00:05:00,839 --> 00:05:03,840 Speaker 4: And more importantly, why did you enter into this loan 92 00:05:03,880 --> 00:05:08,600 Speaker 4: to begin with? You didn't know better? And my goal 93 00:05:08,680 --> 00:05:11,240 Speaker 4: then became I need to teach people better. I need 94 00:05:11,279 --> 00:05:13,359 Speaker 4: to show them this is what you need to be 95 00:05:13,480 --> 00:05:17,080 Speaker 4: looking for when you're entering to any financial contractual agreement. 96 00:05:17,400 --> 00:05:19,760 Speaker 4: What the terms are requiring of you. And that's just 97 00:05:19,800 --> 00:05:23,240 Speaker 4: not limited to mortgages, that's also credit cards. That's also 98 00:05:23,839 --> 00:05:27,400 Speaker 4: at loans for vehicles. Why are you getting these high 99 00:05:27,760 --> 00:05:31,760 Speaker 4: twenty percent interest rate on a vehicle that depreciates as 100 00:05:31,800 --> 00:05:32,640 Speaker 4: soon as you drive. 101 00:05:32,480 --> 00:05:34,640 Speaker 2: It off the lot? What sense is that? Do you 102 00:05:34,680 --> 00:05:37,479 Speaker 2: fully understand what you're doing right now? 103 00:05:37,560 --> 00:05:40,680 Speaker 1: There's two different assets, there are two different worlds we're 104 00:05:40,680 --> 00:05:42,920 Speaker 1: living in here right now. Or this is money Making 105 00:05:42,920 --> 00:05:47,680 Speaker 1: Conversation Master class small business entrepreneurs, the homeownership the cards 106 00:05:47,839 --> 00:05:52,279 Speaker 1: that feels like more of a domestic homeowner usage now 107 00:05:52,360 --> 00:05:55,840 Speaker 1: from an entrepreneur small business owner, how do you play 108 00:05:55,839 --> 00:05:59,479 Speaker 1: a role in advocating for them through financial literacy? 109 00:06:00,040 --> 00:06:03,880 Speaker 4: Absolutely, financial small business owners also get preyed upon. 110 00:06:04,000 --> 00:06:05,680 Speaker 2: Right You usually don't know. 111 00:06:05,760 --> 00:06:09,040 Speaker 4: These types of loans that you're entering into. So, say 112 00:06:09,120 --> 00:06:13,560 Speaker 4: you're a small business owner and you have a store, 113 00:06:13,920 --> 00:06:17,680 Speaker 4: you have supplies, you have peaks and valleys. You'll have 114 00:06:17,760 --> 00:06:22,080 Speaker 4: times when you're selling lots of merchandise and times when 115 00:06:22,120 --> 00:06:26,920 Speaker 4: you're not, and these loans that you may be offered 116 00:06:27,000 --> 00:06:30,159 Speaker 4: or you may seek out, may have terms that are very, 117 00:06:30,279 --> 00:06:34,320 Speaker 4: very unfavorable to you and your business. And particularly if 118 00:06:34,320 --> 00:06:37,520 Speaker 4: you're in a business that has a seasonality to it 119 00:06:37,839 --> 00:06:41,000 Speaker 4: where you have high peaks low peaks, you need to 120 00:06:41,080 --> 00:06:44,200 Speaker 4: know what you're signing up for and you need to 121 00:06:44,320 --> 00:06:48,400 Speaker 4: be advised, which you're not always right. The lenders are 122 00:06:48,400 --> 00:06:50,240 Speaker 4: there to provide you with the loan, but they're not 123 00:06:50,279 --> 00:06:53,320 Speaker 4: going to go over the intricacies of the loan and 124 00:06:53,400 --> 00:06:55,920 Speaker 4: what happens if you miss a payment? 125 00:06:56,520 --> 00:06:56,640 Speaker 3: Right? 126 00:06:57,040 --> 00:07:01,400 Speaker 4: How is that going to then spiral into either a 127 00:07:01,440 --> 00:07:05,440 Speaker 4: call on the debt or higher rates that you have 128 00:07:05,520 --> 00:07:08,839 Speaker 4: to pay on the debt. So essentially you'll never catch up, 129 00:07:08,920 --> 00:07:12,480 Speaker 4: You'll never catch back up, and things happen right, You're 130 00:07:12,520 --> 00:07:14,440 Speaker 4: not always going to be able to say that I'll 131 00:07:14,480 --> 00:07:18,400 Speaker 4: make this payment every month. So being literate and conscious 132 00:07:18,440 --> 00:07:22,000 Speaker 4: about those types of financial agreements impact small business owners, 133 00:07:22,040 --> 00:07:24,920 Speaker 4: and as you know with Sean, most times small business 134 00:07:24,920 --> 00:07:27,800 Speaker 4: owners don't survive beyond the one to five year period. 135 00:07:28,520 --> 00:07:31,480 Speaker 1: I'm speaking to, uh farmer, should I say farm or 136 00:07:31,560 --> 00:07:33,080 Speaker 1: just are you still a financial attorney? 137 00:07:33,120 --> 00:07:33,480 Speaker 3: Correct? 138 00:07:33,640 --> 00:07:36,280 Speaker 4: I'm still a senior executive with the federal government. 139 00:07:36,320 --> 00:07:37,520 Speaker 2: Absolutely cool. 140 00:07:37,760 --> 00:07:40,560 Speaker 1: I turn but you turned to be a financial literacy 141 00:07:40,600 --> 00:07:44,280 Speaker 1: advocate and that's what this interviewer about helping that entrepreneurs 142 00:07:44,320 --> 00:07:46,920 Speaker 1: and which you're and you're in the DC area, but 143 00:07:46,960 --> 00:07:50,160 Speaker 1: people can reach out to you outside of the DC area. 144 00:07:50,280 --> 00:07:52,120 Speaker 3: Correct? How can one get in touch with you? 145 00:07:52,600 --> 00:07:53,280 Speaker 2: Absolutely? 146 00:07:53,480 --> 00:07:57,160 Speaker 4: Well, one could locate me on all the different social 147 00:07:57,200 --> 00:08:02,680 Speaker 4: media platforms. On Instagram, it's Legacy Building l E G 148 00:08:03,200 --> 00:08:07,080 Speaker 4: A C Y b U I L D I N 149 00:08:07,160 --> 00:08:09,480 Speaker 4: G Underscore LLC. 150 00:08:10,840 --> 00:08:12,040 Speaker 2: That's at Instagram. 151 00:08:12,480 --> 00:08:17,600 Speaker 4: You can find me online at ww dot Legacy Building 152 00:08:18,640 --> 00:08:22,880 Speaker 4: LLC dot com. You can also reach out to me 153 00:08:23,240 --> 00:08:27,720 Speaker 4: at two zero two four zero nine eight five one three. 154 00:08:28,240 --> 00:08:31,600 Speaker 3: Well, let's get busy here. Tips. Let's go to. 155 00:08:31,600 --> 00:08:34,920 Speaker 1: The homeowner, the person out there trying to get out 156 00:08:34,960 --> 00:08:37,920 Speaker 1: of there, the low income and modern income world. 157 00:08:37,920 --> 00:08:40,400 Speaker 3: What tips can you give them? At least three to 158 00:08:40,480 --> 00:08:41,840 Speaker 3: five tips? You can number them. 159 00:08:41,960 --> 00:08:45,000 Speaker 1: That's important to people who come to you seeking a 160 00:08:45,120 --> 00:08:47,200 Speaker 1: change in their financial life. 161 00:08:48,000 --> 00:08:48,760 Speaker 2: Absolutely. 162 00:08:49,280 --> 00:08:54,920 Speaker 4: Tip number one, take stock of your finances. Take stock 163 00:08:55,040 --> 00:08:57,760 Speaker 4: of how much money you have going out every month, 164 00:08:57,880 --> 00:09:01,880 Speaker 4: how much money you have coming in month, and if 165 00:09:01,920 --> 00:09:04,600 Speaker 4: the amount that you have going out exceeds the amount 166 00:09:04,600 --> 00:09:07,600 Speaker 4: that you have to coming in. There's a problem, right, 167 00:09:08,080 --> 00:09:11,360 Speaker 4: and so you really need to focus on budgeting. A 168 00:09:11,360 --> 00:09:14,600 Speaker 4: lot of times we get pulled in by all the 169 00:09:14,640 --> 00:09:20,280 Speaker 4: fancy things the Louis, the name brand designer wear, and 170 00:09:20,840 --> 00:09:24,079 Speaker 4: we pay money, we buy things on credit that we 171 00:09:24,200 --> 00:09:29,120 Speaker 4: really can't afford. Right, So budgeting is number one. Number two, 172 00:09:29,840 --> 00:09:34,199 Speaker 4: you gotta have multiple streams of income, Like I had 173 00:09:34,200 --> 00:09:38,640 Speaker 4: a nine to five right, which provided me with the 174 00:09:38,640 --> 00:09:43,640 Speaker 4: financial means to acquire other assets. But you also need 175 00:09:43,679 --> 00:09:46,440 Speaker 4: to have those other assets. What do those other assets 176 00:09:46,480 --> 00:09:46,840 Speaker 4: look like? 177 00:09:47,120 --> 00:09:47,760 Speaker 2: Real estate? 178 00:09:48,480 --> 00:09:53,640 Speaker 4: Real estate appreciates nine times out of ten investing in 179 00:09:53,640 --> 00:09:56,160 Speaker 4: a stock market. I teach how to invest in the 180 00:09:56,200 --> 00:10:00,320 Speaker 4: stock market. That's a critical component too. You can't don't 181 00:10:00,320 --> 00:10:02,360 Speaker 4: be afraid of the stock market. A lot of people 182 00:10:02,520 --> 00:10:06,440 Speaker 4: have lots of negative things to stay about losing everything 183 00:10:06,760 --> 00:10:10,880 Speaker 4: and how the stock market isn't good for you. Well, 184 00:10:10,920 --> 00:10:16,720 Speaker 4: guess what, the stock market helped me become a millionaire period, right, 185 00:10:17,280 --> 00:10:20,559 Speaker 4: not even looking at the asset, not even looking at 186 00:10:20,559 --> 00:10:24,960 Speaker 4: the real estate, I should say, right, So don't be afraid. 187 00:10:25,040 --> 00:10:28,720 Speaker 4: There are investment vehicles that you can enter into in 188 00:10:28,760 --> 00:10:32,080 Speaker 4: the stock market, like exchange traded funds. Some good ones 189 00:10:32,120 --> 00:10:39,560 Speaker 4: are voo VTI Spy. These are funds that are have 190 00:10:39,720 --> 00:10:43,320 Speaker 4: multiple stocks in it. The ones that I mentioned have 191 00:10:43,440 --> 00:10:47,040 Speaker 4: tech stocks in it, and it's been appreciating, giving you 192 00:10:47,080 --> 00:10:51,760 Speaker 4: anywhere from seven plus percent return every year. You're not 193 00:10:51,800 --> 00:10:53,920 Speaker 4: getting that in a bank account. 194 00:10:53,920 --> 00:10:56,160 Speaker 1: And like you said, would you mentioned these things, Lisa? 195 00:10:56,400 --> 00:10:59,000 Speaker 1: We always tell people that show do to research. You'll 196 00:10:59,080 --> 00:11:02,079 Speaker 1: call Lisa direct. Our contacts are directly to get a 197 00:11:02,120 --> 00:11:05,040 Speaker 1: lot more information because at the end, you need to 198 00:11:05,120 --> 00:11:08,720 Speaker 1: understand where your money's going, and then you can appreciate 199 00:11:08,960 --> 00:11:12,400 Speaker 1: the growth and also look at the history of the 200 00:11:12,480 --> 00:11:16,160 Speaker 1: growth because that's key because history tells you what the 201 00:11:16,200 --> 00:11:17,560 Speaker 1: future may look like. 202 00:11:17,800 --> 00:11:21,680 Speaker 3: There are no guarantees but going to an expert. 203 00:11:21,679 --> 00:11:24,480 Speaker 1: And that's what you are, your financial leaders expert over 204 00:11:24,559 --> 00:11:28,760 Speaker 1: thirty years as a finance attorney. Now, what's that third one? 205 00:11:28,840 --> 00:11:30,960 Speaker 3: Right there? You hit us, we're too strong. What's that 206 00:11:31,000 --> 00:11:31,559 Speaker 3: third one? 207 00:11:31,840 --> 00:11:36,960 Speaker 4: Absolutely? The third one is credit. Credit is important, right, 208 00:11:37,280 --> 00:11:42,000 Speaker 4: Credit is important. We don't get taught enough about credit, right, 209 00:11:42,559 --> 00:11:46,000 Speaker 4: we just get to a certain age. And usually these 210 00:11:46,040 --> 00:11:48,679 Speaker 4: credit card companies, particularly for those of us who are 211 00:11:48,720 --> 00:11:51,240 Speaker 4: in college, whatever they sit on the college campus is 212 00:11:51,520 --> 00:11:54,400 Speaker 4: they're there, They're throwing these credit cards at you. No 213 00:11:54,440 --> 00:11:56,800 Speaker 4: one's given you any kind of education as to what 214 00:11:56,840 --> 00:11:59,320 Speaker 4: you should be doing, how much credit you should take out, 215 00:11:59,640 --> 00:12:02,840 Speaker 4: monitor your credit, make sure that you keep up with 216 00:12:03,120 --> 00:12:06,920 Speaker 4: any payments. Don't charge anything that you can't afford to repay. 217 00:12:07,400 --> 00:12:12,120 Speaker 4: That is important. Wow, this credit is critical. 218 00:12:12,480 --> 00:12:14,520 Speaker 1: Listen, I know I want to you got so much 219 00:12:14,520 --> 00:12:16,360 Speaker 1: information I want to get out to it. We won't 220 00:12:16,400 --> 00:12:18,800 Speaker 1: move down to small business owners. You know you work 221 00:12:18,840 --> 00:12:21,040 Speaker 1: closed with small business owners. I saw your in action. 222 00:12:21,520 --> 00:12:25,160 Speaker 1: What common financial mistakes do you see them make and 223 00:12:25,200 --> 00:12:26,600 Speaker 1: how can they avoid them? 224 00:12:27,200 --> 00:12:30,280 Speaker 4: Absolutely, for small business owners, one of the very common 225 00:12:30,840 --> 00:12:34,920 Speaker 4: mistakes that I see is getting themselves in a lot 226 00:12:34,960 --> 00:12:35,880 Speaker 4: of debt early. 227 00:12:36,840 --> 00:12:37,839 Speaker 3: What do you mean when you say that? What do 228 00:12:37,880 --> 00:12:38,600 Speaker 3: you mean to say that? 229 00:12:38,679 --> 00:12:38,800 Speaker 2: So? 230 00:12:38,920 --> 00:12:42,600 Speaker 4: What I mean when I say that is taking out 231 00:12:42,840 --> 00:12:47,080 Speaker 4: credit cards for the business, buying up lots of things, 232 00:12:47,120 --> 00:12:52,120 Speaker 4: merchandise and big quantities for the business starting out, for example, 233 00:12:53,520 --> 00:12:56,679 Speaker 4: First you need to drill down on what it is 234 00:12:56,760 --> 00:12:59,400 Speaker 4: that you are delivering as a small business owner, and 235 00:12:59,480 --> 00:13:04,120 Speaker 4: if it is merchandise, stop to scale up gradually. Don't 236 00:13:04,160 --> 00:13:08,800 Speaker 4: go and buy large quantities at once. That's going to 237 00:13:08,840 --> 00:13:12,160 Speaker 4: take you a while to sell before you're able to replenish. 238 00:13:12,240 --> 00:13:16,160 Speaker 4: For example, don't get credit cards that you are going 239 00:13:16,200 --> 00:13:19,839 Speaker 4: to have to pay because typically for businesses, your interest, 240 00:13:19,920 --> 00:13:22,200 Speaker 4: your finance charges on those credit cards are a lot 241 00:13:22,280 --> 00:13:26,120 Speaker 4: higher than for personal credit cards. Right, and if you 242 00:13:26,200 --> 00:13:28,559 Speaker 4: accumulate lots of debt, this is I've seen a lot 243 00:13:28,600 --> 00:13:31,960 Speaker 4: of businesses as a lot some of my clients accumulate 244 00:13:32,000 --> 00:13:34,719 Speaker 4: a lot of this debt on credit cards that the 245 00:13:35,120 --> 00:13:37,760 Speaker 4: business is not generating enough income to pay off. 246 00:13:39,360 --> 00:13:41,640 Speaker 2: Wow, do not do that. 247 00:13:42,600 --> 00:13:45,000 Speaker 5: Please don't go anywhere. We'll be right back with more 248 00:13:45,040 --> 00:13:53,400 Speaker 5: Money Making Conversations Master Class. Welcome back to Money Making 249 00:13:53,400 --> 00:13:56,120 Speaker 5: Conversation Mastered Class with me Rashaun McDonald. 250 00:13:57,000 --> 00:13:58,800 Speaker 1: We know, I think that a lot of people think 251 00:13:58,840 --> 00:14:02,040 Speaker 1: that whenever whatever type of businesses they start. I found 252 00:14:02,280 --> 00:14:06,160 Speaker 1: Lisa's like, if they have a sore front, they think 253 00:14:06,200 --> 00:14:07,920 Speaker 1: when they open it, put the sign out that open 254 00:14:08,000 --> 00:14:10,319 Speaker 1: the door, people are gonna come in. They forget about 255 00:14:10,320 --> 00:14:13,920 Speaker 1: the marketing aspect as well as the in debt side 256 00:14:13,960 --> 00:14:16,560 Speaker 1: of it, and they don't realize that when you go 257 00:14:16,679 --> 00:14:19,640 Speaker 1: in business, you got to have money set aside when 258 00:14:19,680 --> 00:14:23,080 Speaker 1: the revenue isn't there to pay the bills, and so 259 00:14:23,360 --> 00:14:26,640 Speaker 1: you can't open even you know what I'm saying, you 260 00:14:26,680 --> 00:14:29,320 Speaker 1: got to open with at least six maybe a year 261 00:14:29,440 --> 00:14:32,480 Speaker 1: worth of revenue in your account to adjust to that, 262 00:14:32,520 --> 00:14:35,560 Speaker 1: because even if you have it in an account, something 263 00:14:35,640 --> 00:14:38,880 Speaker 1: might happen that throw off what you have in your account. 264 00:14:38,960 --> 00:14:41,200 Speaker 1: So if you have nothing in your account and you 265 00:14:41,280 --> 00:14:45,000 Speaker 1: open up, then that's just that's just opening disaster. But 266 00:14:45,560 --> 00:14:49,160 Speaker 1: being at you are an attorney, Lisa, what makes how 267 00:14:49,200 --> 00:14:52,840 Speaker 1: does that make you unique in the field of finance? 268 00:14:53,280 --> 00:14:54,000 Speaker 2: Absolutely? 269 00:14:54,320 --> 00:15:00,640 Speaker 4: I refer to myself as a unicorn. Do I have 270 00:15:00,680 --> 00:15:04,119 Speaker 4: the legal expertise in the legal background as an attorney, 271 00:15:04,680 --> 00:15:09,280 Speaker 4: but I also have the business experience in the business background, 272 00:15:09,400 --> 00:15:14,200 Speaker 4: And so when you're looking at anything finance, it's not 273 00:15:14,280 --> 00:15:17,800 Speaker 4: only what are the financial terms, but what are the 274 00:15:17,840 --> 00:15:24,360 Speaker 4: legal implications? Right, And having that legal experience allows me 275 00:15:24,440 --> 00:15:27,880 Speaker 4: to be able to weigh in on consider this or 276 00:15:27,960 --> 00:15:31,600 Speaker 4: consider that, and this is what's legally required. And so 277 00:15:32,360 --> 00:15:35,720 Speaker 4: a lot of times I know individuals want to just 278 00:15:35,840 --> 00:15:41,120 Speaker 4: jump in, right And for example, trust Trust is one 279 00:15:41,160 --> 00:15:44,600 Speaker 4: of the things that I do in my legal capacity. 280 00:15:44,640 --> 00:15:48,440 Speaker 4: I do a state planning and you hear a lot 281 00:15:48,480 --> 00:15:50,760 Speaker 4: of these folks talk about oh, you need to put 282 00:15:50,760 --> 00:15:52,400 Speaker 4: everything in a trust and put this in a trust 283 00:15:52,440 --> 00:15:55,440 Speaker 4: and that in a trust, and they don't fully understand trust, 284 00:15:56,040 --> 00:15:59,120 Speaker 4: and they don't fully understand what trust is designed to 285 00:15:59,200 --> 00:16:02,800 Speaker 4: do and how they designed to protect assets and how 286 00:16:02,840 --> 00:16:07,400 Speaker 4: to properly structure the trust. And having that legal experience, 287 00:16:07,480 --> 00:16:10,200 Speaker 4: I'm able to not only help you with you need 288 00:16:10,240 --> 00:16:13,040 Speaker 4: to gain assets, Here's how you can gain assets, and 289 00:16:13,080 --> 00:16:16,400 Speaker 4: then here's how you can protect those assets. Because it's 290 00:16:16,440 --> 00:16:20,040 Speaker 4: wonderful if you have all of these houses and cars 291 00:16:20,080 --> 00:16:20,760 Speaker 4: and this and that. 292 00:16:21,280 --> 00:16:22,560 Speaker 2: It's not so nice if. 293 00:16:22,480 --> 00:16:25,720 Speaker 4: You haven't protected it and someone pursues a lawsuit, agets 294 00:16:25,800 --> 00:16:26,320 Speaker 4: you and. 295 00:16:26,280 --> 00:16:30,720 Speaker 3: Wins mention this. How how does the trust protect you? 296 00:16:30,920 --> 00:16:32,760 Speaker 1: I want my listeners to hear that, because I hear 297 00:16:32,880 --> 00:16:35,560 Speaker 1: a lot of people come on my show talking about 298 00:16:35,640 --> 00:16:40,960 Speaker 1: trust financial literacy experts, but not from a legal standpoint 299 00:16:41,040 --> 00:16:44,960 Speaker 1: like you are. So why should I I got a home, 300 00:16:45,080 --> 00:16:47,280 Speaker 1: I got a car, I got some money in the bank. 301 00:16:47,840 --> 00:16:49,480 Speaker 3: Why should I put money in the trust? 302 00:16:49,560 --> 00:16:51,760 Speaker 1: And how does it protect me or stop people from 303 00:16:51,800 --> 00:16:53,000 Speaker 1: taking it in a lawsuit? 304 00:16:53,560 --> 00:16:54,280 Speaker 2: Absolutely? 305 00:16:54,360 --> 00:16:57,080 Speaker 4: So, that home and that car that you refer to, 306 00:16:57,320 --> 00:16:59,560 Speaker 4: that's what you want to put in the trust. You 307 00:16:59,600 --> 00:17:04,520 Speaker 4: want to those assets because they have value in a 308 00:17:04,560 --> 00:17:08,639 Speaker 4: trust that protects you against creditors. 309 00:17:09,640 --> 00:17:12,480 Speaker 2: Say you are sued. 310 00:17:12,160 --> 00:17:16,080 Speaker 4: By I don't know, a slip and fall someone's on 311 00:17:16,119 --> 00:17:18,560 Speaker 4: your property. They slip, they fall, they harm themselves. They 312 00:17:18,600 --> 00:17:20,480 Speaker 4: are like, oh, yeah, Rashan got some money. I'm gonna 313 00:17:20,480 --> 00:17:21,320 Speaker 4: get some money. Right. 314 00:17:21,320 --> 00:17:23,159 Speaker 2: Look at this big house he lives in. 315 00:17:25,320 --> 00:17:28,720 Speaker 4: That house is in a trust, and unless you're able 316 00:17:28,760 --> 00:17:31,680 Speaker 4: to prove that the trust did something to harm you, 317 00:17:33,040 --> 00:17:34,720 Speaker 4: then you can't collect. 318 00:17:34,320 --> 00:17:35,600 Speaker 2: Against that trust. 319 00:17:36,960 --> 00:17:37,160 Speaker 5: Right. 320 00:17:37,640 --> 00:17:42,560 Speaker 4: So if Rashaan is only controlling the trust but he's 321 00:17:42,640 --> 00:17:46,680 Speaker 4: not owner of the property, then you are not getting 322 00:17:46,720 --> 00:17:49,119 Speaker 4: anything related to that house from Rashon. 323 00:17:50,640 --> 00:17:50,920 Speaker 3: Wow. 324 00:17:52,359 --> 00:17:54,960 Speaker 2: Accident, same thing with a car accident. 325 00:17:55,560 --> 00:17:58,440 Speaker 4: They are coming after Withshawan. They are coming after those 326 00:17:58,480 --> 00:18:01,520 Speaker 4: bank accounts titled in rashan name. They're coming after any 327 00:18:01,560 --> 00:18:08,080 Speaker 4: assets titled in Rashwan's name. Is Rashon hit them right? 328 00:18:08,119 --> 00:18:11,080 Speaker 4: And so now I'm coming after Rashaw. When you have 329 00:18:11,480 --> 00:18:17,760 Speaker 4: your assets in a trust, for example, they are not 330 00:18:17,800 --> 00:18:20,480 Speaker 4: going to be able to get to those assets the 331 00:18:20,520 --> 00:18:22,840 Speaker 4: same way they can if you was not in a trust. 332 00:18:23,320 --> 00:18:28,680 Speaker 1: Wow, I understand now, Now what does lasting economic confidence 333 00:18:28,760 --> 00:18:31,240 Speaker 1: and stability mean to you, and how do you help 334 00:18:31,320 --> 00:18:32,600 Speaker 1: your clients achieve it? 335 00:18:33,760 --> 00:18:36,200 Speaker 2: A lasting economic confidence to. 336 00:18:36,240 --> 00:18:42,959 Speaker 4: Me means that you can sustain yourself and your family, right, 337 00:18:43,560 --> 00:18:48,600 Speaker 4: and so again, having a job, owning a business, whatever 338 00:18:48,680 --> 00:18:51,360 Speaker 4: it is that's generating sources of income for you. 339 00:18:51,960 --> 00:18:54,359 Speaker 2: What happens if something happens to you? 340 00:18:55,000 --> 00:18:55,240 Speaker 3: Right? 341 00:18:55,720 --> 00:18:57,639 Speaker 2: What happens if you lose that job? 342 00:18:58,160 --> 00:19:00,359 Speaker 4: Will you be able to say in yourself or do 343 00:19:00,520 --> 00:19:01,959 Speaker 4: you have to go follow unemployment? 344 00:19:02,560 --> 00:19:02,720 Speaker 1: Right? 345 00:19:02,840 --> 00:19:04,040 Speaker 3: Let me let me ass you this lids. 346 00:19:04,560 --> 00:19:08,720 Speaker 1: Then how big a role does insurance pay play in 347 00:19:08,760 --> 00:19:11,320 Speaker 1: your financial literacy advocacy? 348 00:19:12,320 --> 00:19:16,000 Speaker 4: It's part of the two kit, right you? Everyone should 349 00:19:16,000 --> 00:19:18,920 Speaker 4: have insurance? We know not everyone does though, right? 350 00:19:19,160 --> 00:19:19,360 Speaker 3: Right? 351 00:19:20,280 --> 00:19:23,800 Speaker 4: And also in addition to happen that won't buy insurance. 352 00:19:23,840 --> 00:19:26,400 Speaker 4: I know you're I'm referring to life insurance right, right, 353 00:19:27,560 --> 00:19:30,760 Speaker 4: So everyone should have a life insurance policy. And you 354 00:19:30,800 --> 00:19:34,960 Speaker 4: should have a life insurance policy that is there that 355 00:19:35,040 --> 00:19:38,400 Speaker 4: will protect your family if something were to happen to you, 356 00:19:38,800 --> 00:19:42,919 Speaker 4: but also protect you if you acquire a disability. What 357 00:19:43,080 --> 00:19:46,800 Speaker 4: happens if you become injured and unable to work? There 358 00:19:46,840 --> 00:19:51,040 Speaker 4: should be disability coverage, right? Lots of us don't think 359 00:19:51,080 --> 00:19:53,879 Speaker 4: about it. Fortunately for many of us we don't have 360 00:19:53,960 --> 00:19:56,760 Speaker 4: to think about it, but we should, right. 361 00:19:57,000 --> 00:20:01,280 Speaker 1: But you know when you think about that window, you 362 00:20:01,320 --> 00:20:04,359 Speaker 1: know how much insurance you have? Is there a number 363 00:20:04,520 --> 00:20:08,200 Speaker 1: like who you know you should not have fifty thousand 364 00:20:08,240 --> 00:20:10,960 Speaker 1: dollars for insurance or a million dollars worth for insurance? 365 00:20:11,840 --> 00:20:15,080 Speaker 3: What is that number that says? How do you figure out? 366 00:20:15,560 --> 00:20:17,720 Speaker 1: Do I come to you and what do you say? 367 00:20:17,880 --> 00:20:20,359 Speaker 1: And break down the means that Rashwan, you should have 368 00:20:20,400 --> 00:20:21,520 Speaker 1: this amount of insurance? 369 00:20:21,920 --> 00:20:24,159 Speaker 3: What's that? What's that model? What is that? 370 00:20:24,920 --> 00:20:25,760 Speaker 2: What does that look like? 371 00:20:26,280 --> 00:20:29,040 Speaker 4: So I am not a licen insurance agent, so no, 372 00:20:29,200 --> 00:20:31,280 Speaker 4: you wouldn't. You wouldn't come to me for life. 373 00:20:31,040 --> 00:20:34,399 Speaker 2: Insurance, Okay, you would go to a life insurance agent. 374 00:20:34,440 --> 00:20:38,840 Speaker 4: Now, my understanding is that you would want to have 375 00:20:38,880 --> 00:20:43,160 Speaker 4: at least three times your income, okay, right, So whatever 376 00:20:43,200 --> 00:20:46,360 Speaker 4: that income is, you want to have three times that 377 00:20:46,520 --> 00:20:51,000 Speaker 4: in life insurance because this is going to be replacing that, right, 378 00:20:51,200 --> 00:20:57,120 Speaker 4: particularly when you pass. And also you want to have 379 00:20:57,359 --> 00:20:59,680 Speaker 4: a product that a lot. 380 00:20:59,680 --> 00:21:02,040 Speaker 2: There's different insurance. 381 00:21:01,520 --> 00:21:05,000 Speaker 4: Types, and there's term and there's whole life, and there's 382 00:21:05,040 --> 00:21:06,959 Speaker 4: other products, and there's cash value. 383 00:21:07,200 --> 00:21:07,400 Speaker 2: Right. 384 00:21:08,080 --> 00:21:12,639 Speaker 4: I'm an advocate of a cash value whole life insurance policy. Why, 385 00:21:13,080 --> 00:21:15,840 Speaker 4: because you want something for the entirety of your life. 386 00:21:15,880 --> 00:21:19,720 Speaker 4: These term policies are great for the term, but unless 387 00:21:19,760 --> 00:21:23,719 Speaker 4: you're using that coupled with a whole life policy, I 388 00:21:23,760 --> 00:21:26,240 Speaker 4: feel like you're throwing good money away from that because 389 00:21:26,520 --> 00:21:29,640 Speaker 4: unless you passed during that term, then all the money 390 00:21:29,640 --> 00:21:33,000 Speaker 4: you've paid into that insurance policy is gone. 391 00:21:33,320 --> 00:21:34,920 Speaker 2: And you know that I have a policy wants the 392 00:21:35,040 --> 00:21:35,800 Speaker 2: term expires. 393 00:21:36,119 --> 00:21:40,119 Speaker 1: Right, there's a good interview because I do. I'm not 394 00:21:40,160 --> 00:21:43,600 Speaker 1: trying to recommend anybody doing anything, but you can do term. 395 00:21:43,760 --> 00:21:46,399 Speaker 1: It's cheaper, but it is the word term, and it 396 00:21:46,560 --> 00:21:49,320 Speaker 1: is tied. You see these commercials on TV all the 397 00:21:49,359 --> 00:21:52,760 Speaker 1: time basically selling you term insurance. But if you want 398 00:21:52,800 --> 00:21:56,359 Speaker 1: an invest money, that usually tied to an interest rate. 399 00:21:56,680 --> 00:21:59,080 Speaker 1: Four point zero is my interest rate. I've been having 400 00:21:59,080 --> 00:22:02,320 Speaker 1: that interest rate Lord and that all these years. And 401 00:22:02,400 --> 00:22:05,760 Speaker 1: so I have money in my insurance policy that I 402 00:22:05,800 --> 00:22:09,720 Speaker 1: can withdraw, I can loan against, I can put it back, 403 00:22:09,880 --> 00:22:12,720 Speaker 1: all that good stuff. So that's what she's talking about 404 00:22:12,760 --> 00:22:16,840 Speaker 1: when she's saying versus cash value and these insurance policies, 405 00:22:16,960 --> 00:22:18,600 Speaker 1: and that's what we're talking about on the show today. 406 00:22:18,600 --> 00:22:21,439 Speaker 1: I'm talking to a financial literature expert. Her name is 407 00:22:21,480 --> 00:22:25,520 Speaker 1: Lisa Morain and she's a a finance attorney. This is 408 00:22:25,520 --> 00:22:26,040 Speaker 1: what she do. 409 00:22:26,640 --> 00:22:26,920 Speaker 3: Now. 410 00:22:27,480 --> 00:22:31,280 Speaker 1: We all make mistakes with our money, Lisa, but one 411 00:22:31,359 --> 00:22:35,560 Speaker 1: financial truth, you wish everybody, regardless of age or background, 412 00:22:35,720 --> 00:22:38,200 Speaker 1: understood and lived by one, just one. 413 00:22:40,240 --> 00:22:41,760 Speaker 2: One financial truth. 414 00:22:42,040 --> 00:22:48,520 Speaker 4: I would say, I'm a woman of God, and God 415 00:22:48,640 --> 00:22:52,320 Speaker 4: gives us an abundance. And I want to say, you 416 00:22:52,520 --> 00:22:58,160 Speaker 4: have absolutely everything you need to acquire any finances that 417 00:22:58,240 --> 00:23:02,520 Speaker 4: you desire, whatever your financial desire is. If it's a 418 00:23:02,520 --> 00:23:05,639 Speaker 4: million dollars, two million dollars, you have everything you need 419 00:23:05,960 --> 00:23:09,240 Speaker 4: to get that million dollars. Believe in yourself. 420 00:23:10,720 --> 00:23:13,720 Speaker 2: And do not fall prey to. 421 00:23:15,760 --> 00:23:18,920 Speaker 4: All of the flashing lights and people trying to sell 422 00:23:18,960 --> 00:23:22,399 Speaker 4: you things. If you don't understand what it is that 423 00:23:22,480 --> 00:23:24,920 Speaker 4: someone is trying to sell you and you are interested 424 00:23:24,960 --> 00:23:27,520 Speaker 4: in it, Like we're talking about whole life insurance policies, 425 00:23:27,560 --> 00:23:31,040 Speaker 4: we're talking about cash value policies, and you decide I'm 426 00:23:31,040 --> 00:23:32,639 Speaker 4: going to go call an agent and try to get 427 00:23:32,680 --> 00:23:35,920 Speaker 4: a policy. If you don't understand what they're saying, research it. 428 00:23:37,920 --> 00:23:41,520 Speaker 4: There's lots of sites out here, chat, GPT, CLAUDE, AI, 429 00:23:41,960 --> 00:23:42,679 Speaker 4: look into it. 430 00:23:42,840 --> 00:23:44,600 Speaker 2: You can call me. I'm here. 431 00:23:45,119 --> 00:23:49,520 Speaker 4: That's what I do. I help, I pride, education, coaching, guidance. Right, 432 00:23:50,160 --> 00:23:53,159 Speaker 4: but do not just blindly hand your money over to 433 00:23:53,200 --> 00:23:57,840 Speaker 4: someone because you think that's the right product if you 434 00:23:57,840 --> 00:23:59,879 Speaker 4: don't fully understand what you're investing in. 435 00:24:00,280 --> 00:24:03,760 Speaker 2: So from the one thing, educate yourself. 436 00:24:03,880 --> 00:24:07,880 Speaker 1: Now on the legacy building LLC. You know, Lisa Moraen, Lisa, 437 00:24:08,040 --> 00:24:10,840 Speaker 1: you said it called me. So when somebody calls you 438 00:24:10,880 --> 00:24:13,520 Speaker 1: a contact you, what's the process because you don't want 439 00:24:13,520 --> 00:24:17,840 Speaker 1: everybody just calling you asking questions that are just asking nine. 440 00:24:17,880 --> 00:24:21,000 Speaker 1: You want questions that really drive the point as to 441 00:24:21,560 --> 00:24:22,760 Speaker 1: taking them to the next. 442 00:24:22,560 --> 00:24:24,440 Speaker 3: Level, like how can I get a million dollars by 443 00:24:24,600 --> 00:24:26,359 Speaker 3: next year? That's a crazy question. 444 00:24:26,840 --> 00:24:32,040 Speaker 1: So what is the experience of people contacting you and 445 00:24:32,080 --> 00:24:35,080 Speaker 1: what are the procedures you do to protect yourself from 446 00:24:35,119 --> 00:24:38,040 Speaker 1: dealing with people who are just maybe wasting your time? 447 00:24:38,480 --> 00:24:41,840 Speaker 4: That's right, thank you, That's that's a great question. So 448 00:24:42,119 --> 00:24:44,719 Speaker 4: because we offer a service, what I do is I 449 00:24:44,760 --> 00:24:49,720 Speaker 4: offer free fifteen minute consultation. So you can reach out 450 00:24:49,760 --> 00:24:52,760 Speaker 4: to me at the two zero two four zero nine 451 00:24:52,800 --> 00:24:56,200 Speaker 4: eight five one three. We'll get back to you and 452 00:24:57,400 --> 00:24:59,360 Speaker 4: provide you with a short survey to kind of see 453 00:24:59,440 --> 00:25:01,760 Speaker 4: what it is you want to discuss. So you need 454 00:25:01,840 --> 00:25:04,040 Speaker 4: to know what you want to discuss. If it's credit, 455 00:25:04,880 --> 00:25:08,760 Speaker 4: if it's investing, if it's buying a home, you need 456 00:25:08,880 --> 00:25:11,359 Speaker 4: or identify on that short form what it is that 457 00:25:11,400 --> 00:25:14,119 Speaker 4: you want to discuss, and we'll call back and have that. 458 00:25:14,359 --> 00:25:15,600 Speaker 2: Fifteen minute consultation. 459 00:25:16,119 --> 00:25:17,719 Speaker 4: So I don't want you to just call and say, well, 460 00:25:17,720 --> 00:25:19,600 Speaker 4: what do I need to do to get a million dollars? No, 461 00:25:19,960 --> 00:25:24,320 Speaker 4: you have to give that spot right like that, And 462 00:25:24,680 --> 00:25:28,639 Speaker 4: that's critical. We cannot just sit there and rely on anyone. 463 00:25:28,720 --> 00:25:32,520 Speaker 4: I see story after story of individuals turning over their 464 00:25:32,560 --> 00:25:36,240 Speaker 4: finances to a financial advisor, leaving it to them to 465 00:25:36,320 --> 00:25:39,800 Speaker 4: handle and just turning their head and get swindled. 466 00:25:40,520 --> 00:25:42,760 Speaker 2: That's not what that's I don't want you to do that. 467 00:25:42,880 --> 00:25:45,239 Speaker 4: So you need to stay engaged. And part of that 468 00:25:45,280 --> 00:25:47,840 Speaker 4: engagement is you need to know what you want to discuss. 469 00:25:48,440 --> 00:25:48,720 Speaker 2: You need. 470 00:25:48,760 --> 00:25:49,720 Speaker 3: These scams are out there. 471 00:25:49,800 --> 00:25:52,200 Speaker 1: I am so I'm telling you they got they got 472 00:25:52,320 --> 00:25:54,840 Speaker 1: just just people know they Bank of America look like 473 00:25:54,880 --> 00:25:56,919 Speaker 1: Bank of America. They got the American Express looking like 474 00:25:57,359 --> 00:26:00,960 Speaker 1: American Express, and you got to look click those emails, 475 00:26:01,440 --> 00:26:07,040 Speaker 1: it's say Gmail, run if it says if it says secure, 476 00:26:07,400 --> 00:26:11,000 Speaker 1: it doesn't look like it belongs to American Express. Before 477 00:26:11,040 --> 00:26:14,400 Speaker 1: the dot com run, all these things are out there. 478 00:26:14,800 --> 00:26:19,440 Speaker 3: My favorite tool now in my email is the block feature. Yes, 479 00:26:19,960 --> 00:26:21,000 Speaker 3: I block email. 480 00:26:21,000 --> 00:26:25,000 Speaker 1: I block about five to six emails a day because 481 00:26:25,000 --> 00:26:27,920 Speaker 1: they will not stop. They will keep asking, and they'll 482 00:26:28,000 --> 00:26:30,639 Speaker 1: keep creating a conversation with you like you've spoken to 483 00:26:30,680 --> 00:26:33,280 Speaker 1: them in the past, and next thing, you know, you 484 00:26:33,440 --> 00:26:37,320 Speaker 1: respond back not knowing, and then you that's how the 485 00:26:37,320 --> 00:26:38,159 Speaker 1: swindle starts. 486 00:26:38,520 --> 00:26:40,840 Speaker 4: That's that's exactly how the swindle starts. And you know, 487 00:26:40,920 --> 00:26:43,600 Speaker 4: they call you and they sound authentic on the line. 488 00:26:43,720 --> 00:26:45,879 Speaker 4: They sound like they're calling you from the bank and 489 00:26:45,920 --> 00:26:49,080 Speaker 4: that somebody is committing a fraud on your account, and 490 00:26:49,119 --> 00:26:51,960 Speaker 4: then you hand over your account information only to find 491 00:26:51,960 --> 00:26:53,240 Speaker 4: out that they're the fraudsters. 492 00:26:53,480 --> 00:26:56,880 Speaker 2: Right, So you gotta be you gotta be uber careful 493 00:26:56,920 --> 00:27:00,800 Speaker 2: on who you're giving information to. You know, hang up. 494 00:27:01,400 --> 00:27:04,760 Speaker 4: If someone calls and they sound authentic, say Okay, what's 495 00:27:04,800 --> 00:27:06,199 Speaker 4: the dial back number? 496 00:27:06,400 --> 00:27:09,320 Speaker 2: Hang up by them call back because. 497 00:27:09,080 --> 00:27:11,880 Speaker 4: If they're calling from your financial institution when you call back, 498 00:27:12,080 --> 00:27:17,200 Speaker 4: then you should hear you're calling chase you're calling. If 499 00:27:17,200 --> 00:27:20,560 Speaker 4: you don't, you know it's a hoax. But there's you 500 00:27:20,800 --> 00:27:23,920 Speaker 4: just got to be super careful. And unfortunately, I think 501 00:27:23,960 --> 00:27:28,640 Speaker 4: they pray on those who don't know better, right, and 502 00:27:28,680 --> 00:27:30,840 Speaker 4: they pray on a lot of seniors. 503 00:27:31,240 --> 00:27:35,520 Speaker 3: You know, they're good, they are good, They're real good. 504 00:27:35,680 --> 00:27:36,639 Speaker 3: I got clothes. 505 00:27:36,640 --> 00:27:38,879 Speaker 1: I mean, if somebody called me and I thought I 506 00:27:38,960 --> 00:27:42,439 Speaker 1: owed money to the irs, yep, I called. I had 507 00:27:42,480 --> 00:27:45,480 Speaker 1: to call my CPA, he said, Rashaan, that sounds like 508 00:27:45,520 --> 00:27:47,879 Speaker 1: a scam to me. But at least that person made me, 509 00:27:47,960 --> 00:27:50,640 Speaker 1: made another make another call. That's how deep they got 510 00:27:50,680 --> 00:27:53,359 Speaker 1: me in because I thought I owed money, you know, 511 00:27:53,480 --> 00:27:57,440 Speaker 1: And so I understand what you're talking about because I don't. 512 00:27:57,600 --> 00:28:00,159 Speaker 1: Just I don't want anybody on this call to say, 513 00:28:00,320 --> 00:28:04,520 Speaker 1: oh oh that's not me, simple minded, that's not me. 514 00:28:04,680 --> 00:28:05,359 Speaker 3: Oh no, no, no. 515 00:28:05,520 --> 00:28:09,600 Speaker 1: Rashan McDonald has clicked on my social media. 516 00:28:09,680 --> 00:28:12,480 Speaker 3: I always do two factor on all my accounts. 517 00:28:12,560 --> 00:28:15,760 Speaker 1: Now I tell them my employees, hey, come get the 518 00:28:15,800 --> 00:28:19,800 Speaker 1: code from me. You know, all those things have to 519 00:28:19,840 --> 00:28:22,879 Speaker 1: be done and be consistent about because scams do happen. 520 00:28:23,560 --> 00:28:28,440 Speaker 1: Nobody protects your identity or your brand better than you do. 521 00:28:28,800 --> 00:28:31,840 Speaker 1: If if anybody's frustrated with the system system you have 522 00:28:31,920 --> 00:28:36,080 Speaker 1: in place, let them stay frustrated, because the mistake you 523 00:28:36,240 --> 00:28:41,760 Speaker 1: make can cost you hundreds, maybe thousands, maybe millions of 524 00:28:41,840 --> 00:28:43,440 Speaker 1: dollars correct list. 525 00:28:43,400 --> 00:28:47,680 Speaker 4: Correct, absolutely correct, and cost you your identity right, cost 526 00:28:47,720 --> 00:28:50,360 Speaker 4: you your Social Security number if you willingly give it 527 00:28:50,440 --> 00:28:54,920 Speaker 4: up thinking that it's a legitimate business contacting you for 528 00:28:55,000 --> 00:28:55,720 Speaker 4: your information. 529 00:28:55,880 --> 00:28:57,880 Speaker 2: You just have to guard it very carefully. And on 530 00:28:57,920 --> 00:28:59,080 Speaker 2: that point, if you. 531 00:28:59,080 --> 00:29:01,960 Speaker 4: Reach out to me and any response that you get back, 532 00:29:02,680 --> 00:29:06,880 Speaker 4: I never ask you for money over the phone or 533 00:29:06,960 --> 00:29:09,160 Speaker 4: over you know, email. 534 00:29:09,440 --> 00:29:12,760 Speaker 2: We will have a conversation. I discussed my fees. I 535 00:29:12,880 --> 00:29:16,000 Speaker 2: just depending on the type of service that you're interested. 536 00:29:15,520 --> 00:29:18,680 Speaker 4: In, and then you will receive an email from me 537 00:29:19,240 --> 00:29:24,320 Speaker 4: with a verified link right to do a verified payment, 538 00:29:24,400 --> 00:29:27,880 Speaker 4: so you will see it coming from my payment processor. 539 00:29:28,240 --> 00:29:31,400 Speaker 4: So you know, there's a lot of people who also 540 00:29:31,480 --> 00:29:37,080 Speaker 4: try to seize company's accounts and then tell send out 541 00:29:37,080 --> 00:29:40,040 Speaker 4: emails indicating that oh, this is you know Lisa, or 542 00:29:40,080 --> 00:29:41,240 Speaker 4: this is legacy building. 543 00:29:41,320 --> 00:29:43,479 Speaker 3: Now Lisa, let me ask you this. 544 00:29:43,600 --> 00:29:43,760 Speaker 2: Now. 545 00:29:43,840 --> 00:29:46,000 Speaker 1: You know, you said Rashan, you know I have a 546 00:29:46,040 --> 00:29:48,440 Speaker 1: really good job, right, you have a You could just 547 00:29:48,520 --> 00:29:50,600 Speaker 1: go home and just relax. 548 00:29:50,840 --> 00:29:52,040 Speaker 3: Now, you out here. 549 00:29:51,880 --> 00:29:54,600 Speaker 1: Trying to do multiple stream income. What do you say 550 00:29:55,000 --> 00:29:57,440 Speaker 1: to people who say you're doing too much? You need 551 00:29:57,480 --> 00:30:00,680 Speaker 1: to calm down, you're doing too much thoughts back to 552 00:30:00,720 --> 00:30:01,600 Speaker 1: those people. 553 00:30:01,720 --> 00:30:03,720 Speaker 2: What does that mean? Doing too much? 554 00:30:04,800 --> 00:30:07,160 Speaker 4: I don't even know how to respond to that, because 555 00:30:07,200 --> 00:30:08,960 Speaker 4: at the end of the day, no one's coming to 556 00:30:09,000 --> 00:30:12,600 Speaker 4: save us, no one's coming to help us. And you know, 557 00:30:12,960 --> 00:30:15,600 Speaker 4: we think we're working jobs and we could just retire 558 00:30:15,640 --> 00:30:18,200 Speaker 4: from that job and we'll be fine. No, not in 559 00:30:18,240 --> 00:30:23,040 Speaker 4: the current inflationary environment we're living in now. And what's 560 00:30:23,080 --> 00:30:25,000 Speaker 4: the likelihood that costs the things. 561 00:30:24,720 --> 00:30:27,240 Speaker 2: That going down? Not great? Right? 562 00:30:28,000 --> 00:30:32,040 Speaker 4: And so my response would be, you have to do 563 00:30:32,080 --> 00:30:36,360 Speaker 4: all that you can do to get as much streams 564 00:30:36,400 --> 00:30:40,520 Speaker 4: of income, as much knowledge out there to the people, 565 00:30:40,560 --> 00:30:42,320 Speaker 4: because that's the other thing. I mean, at the end 566 00:30:42,400 --> 00:30:45,720 Speaker 4: of the day, with my background, Rashan and my experience, 567 00:30:46,400 --> 00:30:49,320 Speaker 4: I could be making lots of money on Wall Street 568 00:30:49,800 --> 00:30:52,320 Speaker 4: at one of these brokerage house firms. I don't have 569 00:30:52,360 --> 00:30:57,240 Speaker 4: to do this, right, I've gotten job offers for you know, 570 00:30:57,440 --> 00:31:04,400 Speaker 4: good shiny you know. But I know, right, And after 571 00:31:04,480 --> 00:31:08,560 Speaker 4: thirty years of working in this field and thirty years 572 00:31:08,560 --> 00:31:11,760 Speaker 4: of being in this industry, and technically I'll be retiring 573 00:31:11,920 --> 00:31:15,640 Speaker 4: in a matter of months. I can do what's passionate 574 00:31:15,880 --> 00:31:19,880 Speaker 4: to me, what I'm passionate about, and that's helping, right, 575 00:31:19,920 --> 00:31:23,120 Speaker 4: that's giving back. That's how my parents raised us. That's 576 00:31:23,160 --> 00:31:26,400 Speaker 4: what we know, and that's what we do, right, and. 577 00:31:26,320 --> 00:31:28,240 Speaker 2: So that this is more. 578 00:31:28,840 --> 00:31:31,240 Speaker 4: Of course, it's a business, but it's a business that's 579 00:31:31,240 --> 00:31:33,160 Speaker 4: an outgo from a passion that I have. 580 00:31:34,080 --> 00:31:38,000 Speaker 1: I got to ask you this, Lisa. You know your 581 00:31:38,040 --> 00:31:42,560 Speaker 1: finance attorney, a financial literary advocate, expert, been doing it 582 00:31:42,560 --> 00:31:47,680 Speaker 1: over thirty years. Can someone living consistently I'm talking about 583 00:31:48,000 --> 00:31:50,560 Speaker 1: They always make it like this is just black people 584 00:31:50,920 --> 00:31:55,280 Speaker 1: who are living in these low income and modern income facilities. 585 00:31:55,320 --> 00:31:57,800 Speaker 1: And you know the truth because you've been in the industry. 586 00:31:57,840 --> 00:32:00,800 Speaker 1: That's what makes me so mad about this business. How 587 00:32:00,800 --> 00:32:04,120 Speaker 1: they just just stereotype you and you can never get 588 00:32:04,160 --> 00:32:08,800 Speaker 1: ahead when the stereotype keeps keeps winning. Can a person 589 00:32:09,400 --> 00:32:13,760 Speaker 1: overcome those stereotypes in those environments A family I was 590 00:32:13,800 --> 00:32:16,240 Speaker 1: able to do it. I went to college and worked hard. 591 00:32:16,280 --> 00:32:19,520 Speaker 1: My parents moved from one neighborhood to another neighborhood. But 592 00:32:19,600 --> 00:32:24,400 Speaker 1: can at the average family overcome those stereotypes. 593 00:32:24,680 --> 00:32:27,440 Speaker 4: Not living in the not living in those communities. I mean, 594 00:32:27,520 --> 00:32:33,239 Speaker 4: it's it's very challenging you if you don't get up 595 00:32:33,240 --> 00:32:36,960 Speaker 4: and get out, it makes it that difficult, right, And 596 00:32:37,040 --> 00:32:40,360 Speaker 4: if you want to stay in the community, then you're 597 00:32:40,400 --> 00:32:43,280 Speaker 4: going to have to find out ways and mechanisms that 598 00:32:43,400 --> 00:32:45,680 Speaker 4: you are going to be able to elevate yourself in 599 00:32:45,720 --> 00:32:51,160 Speaker 4: your family within that community. So you have, you know, 600 00:32:51,640 --> 00:32:56,680 Speaker 4: lots of thriving minority communities throughout the country. But the 601 00:32:56,680 --> 00:33:03,160 Speaker 4: reality is it's still stereotypes right right, Still redlining is 602 00:33:03,200 --> 00:33:07,800 Speaker 4: no longer a thing, but it's what zip code are 603 00:33:07,840 --> 00:33:12,000 Speaker 4: you living in? Right that Dick tates what kind of 604 00:33:12,000 --> 00:33:12,800 Speaker 4: services you get? 605 00:33:13,000 --> 00:33:13,520 Speaker 3: Right right? 606 00:33:14,320 --> 00:33:16,440 Speaker 4: When you're trash getting picked up and when you're coming 607 00:33:16,480 --> 00:33:19,760 Speaker 4: out to service and maintain, you know, maintain the loans 608 00:33:19,760 --> 00:33:24,800 Speaker 4: over here? What's going on over here? Why this overgrown dilapidated? 609 00:33:25,040 --> 00:33:28,600 Speaker 4: I mean, I'm in the DC area and a house 610 00:33:28,680 --> 00:33:33,120 Speaker 4: fell down like somebody was constructing it for years, left 611 00:33:33,160 --> 00:33:37,200 Speaker 4: it just sitting there like that's not happening in certain. 612 00:33:36,880 --> 00:33:40,040 Speaker 2: Communities as right, And so it. 613 00:33:40,120 --> 00:33:42,960 Speaker 4: Makes it that much more challenging for you to keep 614 00:33:43,000 --> 00:33:44,520 Speaker 4: the value of your properties out. 615 00:33:45,960 --> 00:33:50,320 Speaker 3: Wow, she's Lisa Moraine. I saw the Generational Wealth Conference 616 00:33:50,360 --> 00:33:52,920 Speaker 3: and she changed my life. She can change your life too. 617 00:33:53,280 --> 00:33:57,480 Speaker 1: She's a finance attorney, urned financial literacy advocate for entrepreneurs, 618 00:33:57,680 --> 00:33:59,920 Speaker 1: head of a law firm, a lab practice and watching 619 00:34:00,080 --> 00:34:04,360 Speaker 1: in DC. Her company Legacy Building LLC. Their mission is 620 00:34:04,400 --> 00:34:06,760 Speaker 1: the bridge to financial liberty. As we go, give out 621 00:34:06,760 --> 00:34:07,840 Speaker 1: that number one more time. 622 00:34:07,680 --> 00:34:11,839 Speaker 2: Lisa absolutely to zero two for zero nine eighty five 623 00:34:11,960 --> 00:34:12,439 Speaker 2: one three. 624 00:34:13,120 --> 00:34:15,360 Speaker 3: Thank you for coming on Money Making Conversation Masterclass. 625 00:34:15,400 --> 00:34:18,160 Speaker 2: Lisa, You're welcome. Thank you for having me with Sean. 626 00:34:18,800 --> 00:34:22,759 Speaker 5: This has been another edition of Money Making Conversations Masterclass 627 00:34:22,960 --> 00:34:26,680 Speaker 5: hosted by me Rashawn McDonald. Thank you to our guests 628 00:34:26,680 --> 00:34:29,920 Speaker 5: on the show today and thank you our listening audience. 629 00:34:30,239 --> 00:34:30,520 Speaker 3: Now. 630 00:34:30,680 --> 00:34:33,160 Speaker 5: If you want to listen to any episode or want 631 00:34:33,200 --> 00:34:35,840 Speaker 5: to register to be a guest on my show, visit 632 00:34:36,200 --> 00:34:42,040 Speaker 5: Moneymakingconversations dot com. Our social media handle is money Making Conversations. 633 00:34:42,320 --> 00:34:45,319 Speaker 5: Join us next week and remember to always leave with 634 00:34:45,400 --> 00:34:46,760 Speaker 5: your gifts. Keep winning