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Speaker 1: Welcome to the show. I'm Rashawn McDonald, the host of

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Speaker 1: money Making Conversations Masterclass, where we encourage people to stop

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Speaker 1: reading other people's success stories and start planning their own.

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Speaker 1: Listen up as I interview entrepreneurs from around the country,

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Speaker 1: talk to celebrities and ask them how they are running

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Speaker 1: their companies, and speak with dog profits who are making

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Speaker 1: a difference in their local communities. Now, sit back and

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Speaker 1: listen as we unlock the secrets to their success on

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Speaker 1: Money Making Conversations Masterclass. My guess is Sonny Fears of

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Speaker 1: the Morgan Stanley Group is right within Morgan Stanley. She's

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Speaker 1: one of the leading financial experts in discussing stocks, saving programs,

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Speaker 1: come bound and interest portfolios, name image and likeness, as

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Speaker 1: well as lines of credit. Sonya built her career and

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Speaker 1: her family practice at Morgan Stanley along with her two daughters.

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Speaker 1: They provide alternative investment opportunities, retirement plans and taming and

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Speaker 1: sports financial consultations. Please welcome to Money Making Conversation Master Class.

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Speaker 1: Sign your fears.

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Speaker 2: Good evening, Good evening. Thank you so much for having

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Speaker 2: me on your show, Sean, It's always a pleasure.

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Speaker 1: Well, I appreciate you being on the show. Appreciate you

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Speaker 1: being those show. Now tell me being on the show,

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Speaker 1: you have a family and you got together and that

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Speaker 1: is nothing greater I have to assume than to be

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Speaker 1: in business with your family. Tell us about that.

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Speaker 2: You're right, nothing greater. It is the greatest accomplishment I

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Speaker 2: must say of my career, my adult life, my career

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Speaker 2: to be able to build a legacy, build a business.

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Speaker 2: And I have to say, this industry is one of

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Speaker 2: the few industries that you can build up a practice

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Speaker 2: and turn it over to your children and you know,

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Speaker 2: just create a legacy that one day they can then

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Speaker 2: turn it over to their children, hopefully if they can

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Speaker 2: get one or two interested in being in the financial

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Speaker 2: services industry.

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Speaker 1: Well, you know, one of the reasons, you know, I

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Speaker 1: brought you on the show, Sonya, is about that legacy

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Speaker 1: that you're talking about, that knowledge, that information that you're

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Speaker 1: talking about that's so important to I feel, the black

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Speaker 1: community and in conversations because we've talked about this a

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Speaker 1: lot about blacks. You know, with the the you know,

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Speaker 1: last hired, first fired, or first laid out, you know,

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Speaker 1: the last to get the information on the housing, we

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Speaker 1: the last to get the information on our economic opportunities

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Speaker 1: in your world. You're in that financial sector. What is

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Speaker 1: stopping the black community from moving to the front of

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Speaker 1: the line, or can we move to the front of

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Speaker 1: the line.

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Speaker 2: Absolutely we can. All it takes and we know that

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Speaker 2: is for one of us to get in the door.

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Speaker 2: And once you're in the door, you know you profit

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Speaker 2: open and let others through. It's all about getting the

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Speaker 2: information about the education. For years decades in this industry,

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Speaker 2: you see many people that look like you and I

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Speaker 2: attain immense wealth, and many people that look like you

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Speaker 2: and I end up losing that wealth. Education to get

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Speaker 2: the information, that's what keeps you in the door. That's

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Speaker 2: what helps our community understand that this is an incredible

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Speaker 2: industry and an incredible way to build a legacy financial education.

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Speaker 2: And it's out there with Sean. It's not banned or

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Speaker 2: it's not relegated to the people who have high degrees

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Speaker 2: and multiple degrees. It's out there for all of us.

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Speaker 2: This wonderful thing called the Internet makes it more available

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Speaker 2: today than it's ever been before, and I dare say

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Speaker 2: financial advisors in this industry also make it more available

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Speaker 2: and able to disseminate it to the massive more than

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Speaker 2: ever before.

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Speaker 1: Okay, I mentioned the fact that the Fears Group, which

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Speaker 1: is your last name, Sonya Fears, is ed Morgan Stanley.

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Speaker 1: How does that work? So my audience can understand that

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Speaker 1: you built your business inside of the Morgan Stanley brand.

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Speaker 2: That's exactly how that works. So I've been doing wealth

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Speaker 2: management now for seventeen years. I was at mary Lynch

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Speaker 2: for fifteen at Mary Lynch, my daughter, my oldest daughter,

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Speaker 2: and I started the very first African American mother daughter

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Speaker 2: team that Mari Lynch has ever had in its history.

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Speaker 2: I've moved over to Morgan Stanley. I've been with Morgan

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Speaker 2: Stanley two and a half years now and I now

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Speaker 2: have two daughters that joined me at Morgan Stanley. It's

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Speaker 2: you know, it wasn't the easiest thing, but again I

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Speaker 2: can't say the more enough times. I've been blessed and

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Speaker 2: it's the greatest accomplishment that I've had to date in

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Speaker 2: my career.

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Speaker 1: So how can one get in touch with you?

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Speaker 2: Call me? My number is four to seven zero four

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Speaker 2: four nine zero eight one two and my email Sonya

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Speaker 2: so An I A dot sears f E A R.

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Speaker 2: S at Morganstanley dot com. Call or email me.

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Speaker 1: I will respond absolutely, thank you. Does it get into

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Speaker 1: telling people how you how you how this business works

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Speaker 1: from financial situation? Now, it was a couple of programs

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Speaker 1: I want to bring to everybody's attention that I found

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Speaker 1: out about, and I felt that these are type of

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Speaker 1: programs that need to be heard on my show. You

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Speaker 1: have what you call a preferred savings program over at

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Speaker 1: Mortgage Stanley that you over see the Fears Group does,

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Speaker 1: where your mortgage with the savings interest rate, which to

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Speaker 1: me I think is ridiculously low. That's not just my thought,

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Speaker 1: but you're saying that it can be offered at a

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Speaker 1: higher interest rate at Morgan standing. Can you explain that

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Speaker 1: to my listeners?

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Speaker 2: Absolutely? And I dare say that Morgan's Stanley Preferred Savings

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Speaker 2: program offers one of the highest rate out there for cash.

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Speaker 2: So in most banking accounts that you have, even your

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Speaker 2: preferred banking accounts, if it's sitting there in a traditional

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Speaker 2: banking account and a savings account, you may be earning

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Speaker 2: point zero five percent on your money, even in high

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Speaker 2: interest times like this. In our Preferred Savings program, we

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Speaker 2: pay four point six percent on cash. Your money is safe,

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Speaker 2: you know, for there's.

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Speaker 1: A lot of excuse me, excuse me, excuse me. You know,

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Speaker 1: as you're dealing with numbers, all you could say something

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Speaker 1: like that. Maybe you said, you said, the going rate

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Speaker 1: is what out there? And what is Morgan Stanley offering?

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Speaker 2: So in your traditional bank account and you know, again

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Speaker 2: the internet is there, you can google it. You will

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Speaker 2: get point zero five percent on your savings account in

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Speaker 2: your bank, your traditional bank and our preferred savings programs

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Speaker 2: we offer four point six percent on cash right savings

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Speaker 2: account right now today.

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Speaker 1: The next question, I guess someone who say, how is

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Speaker 1: that possible?

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Speaker 2: And that's a great question, thank you for asking. So

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Speaker 2: in our community, you know, we talk about it all

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Speaker 2: the time, and you know, people know it and they

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Speaker 2: say it, but they don't really realize it's real. So

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Speaker 2: the banks are using your money and it's called overnight sweep.

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Speaker 2: So most banks are part of the Federal Open Market

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Speaker 2: Commission and they're member banks. Right, So there's an overnight

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Speaker 2: suitep where your money that's deposited is being loaned and

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Speaker 2: the banks are being paid to lend your money at

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Speaker 2: a much greater rate than they're paying you. So if

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Speaker 2: you don't need that daily liquidity. You know, if it's

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Speaker 2: not in a checking or a savings account, especially a

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Speaker 2: checking account, that you're using that money every day, we

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Speaker 2: suggest you put it in a savings program. And what

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Speaker 2: we're hoping is that this is money that you're going

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Speaker 2: to leave in there. Right, it's available to you at

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Speaker 2: any time, any minute, any day. But if you leave

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Speaker 2: it in there, then we are batting that, Okay, it'll

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Speaker 2: benefit us. So why not give you the benefit that

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Speaker 2: you deserve on that money, because again, if it's in

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Speaker 2: the bank, they're going to be using it, whether or

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Speaker 2: not you think they are.

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Speaker 1: They are fantastic talking to son your Fears of the

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Speaker 1: Fears group within the Morgan Stanley brand. Sonya is one

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Speaker 1: of the leading financial experts in discussing stocks, savings programs

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Speaker 1: which you just discussed right there, compounded interest portfolios which

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Speaker 1: we will go to in a minute, name image and likeness,

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Speaker 1: which we will discuss later on the show, as well

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Speaker 1: as lines of credit. I just popped out the big word,

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Speaker 1: compounded interest. I hear that a lot. Can you tell

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Speaker 1: my listeners what exactly does compounded interest means? Because that's

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Speaker 1: used a lot in the stop game in stock market gaming,

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Speaker 1: especially compounding interest.

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Speaker 2: So I'm going to first tell you what it is,

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Speaker 2: and then I'm going to give you an example of

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Speaker 2: how it works. Right right, So, compounding interest is say

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Speaker 2: you saved one thousand dollars and you're earning ten percent

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Speaker 2: on one thousand dollars. That ten percent gets you to

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Speaker 2: one thousand, one hundred dollars, right right. You continue to

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Speaker 2: earn that ten percent, so you're now earning one thousand,

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Speaker 2: ten percent on one thousand, one hundred, which gets you

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Speaker 2: to be one thousand, two hundred and ten dollars ten

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Speaker 2: percent on that one thousand, three hundred and thirty one dollars.

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Speaker 2: So that's how compounding interest works. Now, for an example,

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Speaker 2: if you had two people, two people right, twenty years old,

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Speaker 2: each same.

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Speaker 1: Age, same age, twenty years twenty years old each.

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Speaker 2: Okay, twenty years old. We have a young woman who

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Speaker 2: she said she can't afford to save for retirement. She

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Speaker 2: has an apartment, new cars. Starting out is challenging. So

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Speaker 2: we say, okay, just save two hundred and fifty dollars

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Speaker 2: a month. That's three thousand dollars a year. And we

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Speaker 2: talked to her. She said, okay, I'm going to do

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Speaker 2: it and She says, three thousand dollars a year for

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Speaker 2: ten years, thirty thousand dollars. We have a young man, Terry,

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Speaker 2: and she stopped.

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Speaker 1: She stops right there. I'm assuming, Okay, at ten years

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Speaker 1: he stopped.

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Speaker 2: Stop, he stops. He stopped after ten years.

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Speaker 1: But he's still compounding. Though he's still compounding, is still compounding.

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Speaker 2: It's still compounded. Example I just gave you is doing

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Speaker 2: that right? And so we have someone else, Terry, you know,

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Speaker 2: he is. He said, I'm going to wait because i

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Speaker 2: want to live my best life and I'm going to

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Speaker 2: buy that brand new car, and I'm going to travel

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Speaker 2: a little bit, and I'm young, so I'm just going

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Speaker 2: to take advantage of you know, going to Dubai. I'm

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Speaker 2: just so. He started saving at thirty years old, and

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Speaker 2: he did the same thing. He saved two hundred and

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Speaker 2: fifty dollars a month a year, so three thousand dollars

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Speaker 2: a year, and instead instead of saving for ten years,

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Speaker 2: he's you know, he's fine. Antheley savvy, he understands the market.

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Speaker 2: He's going to serve save for thirty years. So he

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Speaker 2: does that. So Terry saves from thirty till he is

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Speaker 2: sixty they both retire at sixty five, and the question is,

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Speaker 2: at sixty five, after Terry saved his ninety thousand dollars

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Speaker 2: and Astley saved her thirty thousand dollars, who has the

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Speaker 2: most money?

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Speaker 1: Drumroll please please, And.

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Speaker 2: The answer is, our dear darling, Ashley has the most money?

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Speaker 1: How much?

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Speaker 2: At sixty five she has seven hundred and eighteen thousand,

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Speaker 2: four hundred and seventy three dollars estimated rate of return

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Speaker 2: nine percent. At sixty five, Terry, who saved ninety thousand dollars,

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Speaker 2: has four hundred and eighty nine thousand, one hundred eleven

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Speaker 2: dollars same estimated greater return of nine percent. Wow, she's

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Speaker 2: almost doubled the money that he had, and he tripled

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Speaker 2: the amount of money she saved.

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Speaker 1: Because she started her because she started early compounded that

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Speaker 1: team stopped at ten years. He started after her and

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Speaker 1: did thirty years, but his compounding started later. And now

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Speaker 1: she's at seven he's at seven hundred thousand, she's at

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Speaker 1: four hundred Thout again, I'm talking to son you, fear sony.

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Speaker 1: Before we go to break, what's your contact information so

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Speaker 1: we can go to break. After that, it's.

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Speaker 2: Four to seven zero four four nine zero eight one two.

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Speaker 3: Please don't go anywhere. We'll be right back with more

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Speaker 3: money Making Conversations Masterclass. Welcome back to the Money Making

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Speaker 3: Conversations Masterclass hosted by Rashaan McDonald. Money Making Conversations Masterclass

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Speaker 3: continues online at Moneymakingconversations dot com and follow money Making

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Speaker 3: Conversations Masterclass on Facebook, Twitter and Instagram.

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Speaker 1: Miss Fears, thank you for coming on money Making Conversations.

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Speaker 1: Why are you on the show today? Why are you?

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Speaker 1: Why are you coming on talking about finances and talking

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Speaker 1: about what you can do and engage in my audience

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Speaker 1: And what's the bigger picture here?

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Speaker 2: The bigger picture. So, my daughter, one of my daughters,

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Speaker 2: at twenty five years old, bought her first home. She

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Speaker 2: bought a townhouse. My oldest daughter at twenty seven, she

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Speaker 2: bought her first home. She is now twenty nine and

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Speaker 2: just bought her second home. It's about being empowered. It's

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Speaker 2: about starting and building a legacy, and it's about our

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Speaker 2: community being able to particu and all the wealth that's

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Speaker 2: surrounding us. And how do you do that? You have

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Speaker 2: to be educated that we can do it too, and

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Speaker 2: how do we do it? Let's talk about it right now.

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Speaker 2: Let me share the knowledge that I've attained to help

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Speaker 2: others do the same thing.

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Speaker 1: Well, we have a caller who wants to hear the knowledge,

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Speaker 1: Miss Fears, please welcome to the show, Jennie Jeannie. I

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Speaker 1: thank you for calling Money Making Conversation master Class. You're

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Speaker 1: speaking to Rashon McDonald and sign your fears from the

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Speaker 1: Fears group on Morgan Stanley. What's your question?

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Speaker 4: First of all, I want to say this is absolutely

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Speaker 4: a great show today because I've actually been looking for

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Speaker 4: someplace to actually save money. So niece that I'm raising,

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Speaker 4: and she's money's coming in that are from you know,

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Speaker 4: her dad.

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Speaker 2: From his social security.

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Speaker 4: So I want to make sure that she's financially set

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Speaker 4: up in a really good way. And now she's fourteen

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Speaker 4: right now, so and it's about let's say, say about

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Speaker 4: maybe sixty eight hundred dollars. What would be the best

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Speaker 4: way to save would it be to put it in

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Speaker 4: the compound interest or the savings account? But four point

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Speaker 4: six is like amazing because everything I've been finding has

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Speaker 4: been online has been you know, definitely less than that.

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Speaker 2: But what would be the best way? So when she

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Speaker 2: does get.

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Speaker 4: Out of high school or and she you know, wants

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Speaker 4: to go to school or whatever, that she has those

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Speaker 4: money for her.

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Speaker 2: Oh, that's incredible.

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Speaker 4: One.

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Speaker 2: I am really really super excited that at fourteen, your

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Speaker 2: thing is thinking about it for her and she wants

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Speaker 2: to save because again compound and interest. If she saved now,

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Speaker 2: she has four years to college, so we could start.

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Speaker 2: I'd rather her start earlier for five twenty nine plan,

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Speaker 2: but a nine plan in which you can save for college.

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Speaker 2: And what a lot of people don't know these days,

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Speaker 2: a five to twenty nine plan with the new secure

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Speaker 2: APT two point ZHO. If your child is brilliant, which

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Speaker 2: we know many of our children are, they get scholarships

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Speaker 2: and they have money in a five to twenty nine plan,

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Speaker 2: which is a college savings plan, and they don't use it.

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Speaker 2: This is an opportunity to roll that money into a

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Speaker 2: wroth Ira. With the wroth Ira, that money you put

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Speaker 2: six hundred dollars in there. We just gave the example

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Speaker 2: of two hundred and fifty dollars a month for ten years.

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Speaker 2: You start with the six hundred dollars, you add one

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Speaker 2: hundred dollars to it, you get to one thousand dollars

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Speaker 2: for the year. Or whatever you want to get to.

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Speaker 2: But that thousand dollars will grow free until she retires

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Speaker 2: if it is turned over into a roth ira. And

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Speaker 2: that's the beauty of for roth ira. Again, if thirty

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Speaker 2: thousand dollars is going to grow to be seven hundred

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Speaker 2: thousand approximately, right, that's six hundred and seventy thousand dollars

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Speaker 2: that you would not pay taxes on if that money

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Speaker 2: was sitting in a roth irs. Wow, now that's a powerful.

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Speaker 4: So yeah, So if we just say one thousand dollars

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Speaker 4: in the rough iron eight just sitting there until she's

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Speaker 4: at retirement age. So what about say we set one

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Speaker 4: thousand dollars there and then what hundred place else?

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Speaker 1: Hey, Genie, Genie, how Genie you're breaking up? Can you

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Speaker 1: give her your number so she can call you at

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Speaker 1: the office? Sonya, because the genie's breaking up?

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Speaker 2: Absolutely, it's four to seven zero four four nine zero

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Speaker 2: eight one two. Please call me Genie. But okay, we

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Speaker 2: aren't with the five twenty nine plan again because that's

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Speaker 2: saving for college and if she doesn't use it, then

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Speaker 2: we would convert it to say a roth ira. But

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Speaker 2: there are many options. Would love to discuss them with you.

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Speaker 1: Yeap, So thank you Genie for calling. And really, you know,

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Speaker 1: I always tell people knowledges everything. If you if you're

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Speaker 1: quiet about this information we're trying to give you on

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Speaker 1: this show. Every week I'm trying to bring guests on.

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Speaker 1: I'm not trying. I am bringing guests on that I

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Speaker 1: believe can change your life, put you in a position

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Speaker 1: where you can have a better life. That's what we're

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Speaker 1: doing today with this interview. We're doing this interview. She's

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Speaker 1: a reputable for Morgan Stanle, you know who they are,

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Speaker 1: and she had built with her daughters a business within

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Speaker 1: that of respected business within that and that's what we're

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Speaker 1: talking about. Her knowledge being transferred to you. Because if

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Speaker 1: someone calls you, you're not charging love fee, are you, Sonia?

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Speaker 1: This is let abolutely not okay.

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Speaker 2: I'm not. I will call to anyone for an hour,

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Speaker 2: two hours, whatever you need if because I want the

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Speaker 2: information to get out there. We need to be educated

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Speaker 2: financially on how to set ourselves up for success, how

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Speaker 2: to leave a legacy, how to set an example for

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Speaker 2: our children.

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Speaker 1: Right, cool, listen one thing before before you get out

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Speaker 1: of here. I wanted to talk about something that is

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Speaker 1: dancing out there a lot in the athletic world. And

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Speaker 1: we have a lot of call listeners I know who

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Speaker 1: may have a nephew, maybe their own child or grandchild

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Speaker 1: who in the world of sports, name, image and likeness.

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Speaker 1: They call it NIL for short, where young men coming

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Speaker 1: out of high school can now get good sponsorship dollars,

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Speaker 1: whether it's from major Fortune five hundred companies or local

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Speaker 1: businesses and make money. You guys in your organization, the

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Speaker 1: Fears Group, you guys are in the NIL game, correct, Yes.

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Speaker 2: We are so. I'm a global sports and Entertainment director

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Speaker 2: with Morgan Stanley, have a lot of clients in the

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Speaker 2: sports and entertainment sector along with other sectors. And with

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Speaker 2: the NIL A few things that's really important. These are

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Speaker 2: young men and women middle school, high school that are

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Speaker 2: now being offered a great deal of money, right and

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Speaker 2: so a few things that they need to know. This

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Speaker 2: money that they're getting can help fund their vision, family vision,

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Speaker 2: can help start a business even at that age, can

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Speaker 2: start saving so that they can have that compounding interest

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Speaker 2: when they get older. Because again, some of them will

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Speaker 2: make it to be in the NFL or NBA, or

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Speaker 2: even to drive for NASCAR, but many most will not

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Speaker 2: because the percentage of athletes that truly make it to

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Speaker 2: be professionals are very very small. A lot of people,

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Speaker 2: a lot of peop don't realize that. And so these

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Speaker 2: young men and women, they have an opportunity to capture

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Speaker 2: that well, so now and use it. But again they

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Speaker 2: need to be educated and their families need to be

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Speaker 2: educated to make sure that they hold on to the

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Speaker 2: swealthand and not getting into contract that is not really

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Speaker 2: profitable more beneficial for them.

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Speaker 1: Yeah, so you're under the Fears group at Morgan Stanley.

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Speaker 1: You provide financial education reading here, financial education for the athlete,

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Speaker 1: provide financial education for the family, and then educate them

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Speaker 1: both about the nil opportunities.

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Speaker 2: Exactly. That's exactly what we do.

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Speaker 1: Let's see that. I'm a little inside information about when

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Speaker 1: you're when when young people are offered scholarships to attend

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Speaker 1: college for their athletic skills, a scholarship is only it

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Speaker 1: may say it seems like it's four years, but it's not.

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Speaker 1: It's a one year scholarship and every year they renew it.

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Speaker 1: So you can get a scholarship to go to University

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Speaker 1: of Georgia or Alabama. That doesn't mean that doesn't say

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Speaker 1: that you will be there for four years under a

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Speaker 1: scholarship is at the option of the school. They can

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Speaker 1: take that scholarship away from you, they can renew you.

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Speaker 1: So the NIL program is put in place to help

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Speaker 1: young men and women to be able to earn income.

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Speaker 1: Just in case that does happen, or it doesn't happen,

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Speaker 1: you still in a position to work with a reputable company.

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Speaker 1: Is not your cousin, not your homeboard down the street,

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Speaker 1: but a company that has relationships and also the financial

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Speaker 1: know how and or tell you what to do with

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Speaker 1: the money when the opportunities come. Am I correct when

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Speaker 1: I say that, son, you figures.

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Speaker 2: Were absolutely correct? You are absolutely correct? And again who

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Speaker 2: is there? You know you have people who save that

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Speaker 2: their business managers. Who's there to advise you and educate

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Speaker 2: you on how to properly manage this money, save this money,

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Speaker 2: make this money last for you because we have to

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Speaker 2: make it last absolutely.

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Speaker 1: As we close out there interview, thank you for taking

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Speaker 1: the time to come on Money Making Conversation master Class.

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Speaker 1: What is your contact information and any closing thoughts or

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Speaker 1: advice to people who are considering are looking for financial

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Speaker 1: experts to advise them on their their future financial outlooks.

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Speaker 2: Yeah, so number is four to seven zero four four

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Speaker 2: nine zero eight one two and my final thoughts here

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Speaker 2: and again thank you. It is an absolute pleasure to

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Speaker 2: be on the show. Final thought is planning. So we

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Speaker 2: are certified financial planners as well, and you've heard the same.

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Speaker 2: If you don't, if you fail to plan, then you

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Speaker 2: plan to fail. And so financial planning is the key.

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Speaker 2: You have to put a plan in place. You have

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Speaker 2: to understand where you are, know where you are to

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Speaker 2: go and have a plan on how to get there.

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Speaker 2: And that's what we do. We help our clients with

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Speaker 2: planning on how to get there. And there are many

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Speaker 2: strategies that we have in our wheelhouse through the breath

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Speaker 2: and depth of Morgan Stanley to offer to our clients.

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Speaker 1: Wow, thank you for coming on Money Making Conversation. We

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Speaker 1: will talk soon. Thank you, Sony Fears, thank you, thank

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Speaker 1: you for listening. Bye bye. This has been another edition

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Speaker 1: of Money Making Conversation Masterclass posted by me Rashaun McDonald.

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Speaker 1: Thank you to our guests on the show today and

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Speaker 1: thank you our listening to the audience now if you

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Speaker 1: want to listen to any episode, I want to be

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Speaker 1: a guest on the show. Visit Moneymakingconversations dot com. Our

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Speaker 1: social media handle is money Making Conversation. Join us next

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Speaker 1: week and remember to always leave with your gifts. Keep winning.