1 00:00:05,160 --> 00:00:06,080 Speaker 1: Welcome to the show. 2 00:00:06,240 --> 00:00:10,360 Speaker 2: I'm Rashawn McDonald, the host of money Making Conversations Masterclass, 3 00:00:10,480 --> 00:00:13,400 Speaker 2: where we encourage people to stop reading other people's success 4 00:00:13,440 --> 00:00:14,200 Speaker 2: stories and. 5 00:00:14,200 --> 00:00:15,520 Speaker 1: Start planning their own. 6 00:00:16,079 --> 00:00:19,560 Speaker 2: Listen up as I interview entrepreneurs from around the country, 7 00:00:19,800 --> 00:00:22,640 Speaker 2: talk to celebrities and ask them how they are running 8 00:00:22,680 --> 00:00:25,560 Speaker 2: their companies, and speak with dog profits who are making 9 00:00:25,560 --> 00:00:28,600 Speaker 2: a difference in their local communities. Now, sit back and 10 00:00:28,680 --> 00:00:32,360 Speaker 2: listen as we unlock the secrets to their success. 11 00:00:31,640 --> 00:00:34,479 Speaker 1: On Money Making Conversations Masterclass. 12 00:00:35,479 --> 00:00:39,960 Speaker 2: My guess is Sonny Fears of the Morgan Stanley Group 13 00:00:40,240 --> 00:00:41,800 Speaker 2: is right within Morgan Stanley. 14 00:00:41,840 --> 00:00:43,360 Speaker 1: She's one of the leading financial. 15 00:00:43,040 --> 00:00:48,040 Speaker 2: Experts in discussing stocks, saving programs, come bound and interest portfolios, 16 00:00:48,320 --> 00:00:51,120 Speaker 2: name image and likeness, as well as lines of credit. 17 00:00:51,560 --> 00:00:54,680 Speaker 2: Sonya built her career and her family practice at Morgan 18 00:00:54,760 --> 00:00:58,920 Speaker 2: Stanley along with her two daughters. They provide alternative investment opportunities, 19 00:00:58,960 --> 00:01:02,840 Speaker 2: retirement plans and taming and sports financial consultations. Please welcome 20 00:01:02,880 --> 00:01:06,000 Speaker 2: to Money Making Conversation Master Class. Sign your fears. 21 00:01:06,400 --> 00:01:09,399 Speaker 3: Good evening, Good evening. Thank you so much for having 22 00:01:09,440 --> 00:01:12,040 Speaker 3: me on your show, Sean, It's always a pleasure. 23 00:01:12,480 --> 00:01:15,120 Speaker 1: Well, I appreciate you being on the show. Appreciate you 24 00:01:15,160 --> 00:01:15,720 Speaker 1: being those show. 25 00:01:15,840 --> 00:01:18,800 Speaker 2: Now tell me being on the show, you have a 26 00:01:18,880 --> 00:01:23,000 Speaker 2: family and you got together and that is nothing greater 27 00:01:23,080 --> 00:01:25,399 Speaker 2: I have to assume than to be in business with 28 00:01:25,480 --> 00:01:26,080 Speaker 2: your family. 29 00:01:26,400 --> 00:01:27,080 Speaker 1: Tell us about that. 30 00:01:27,480 --> 00:01:31,880 Speaker 3: You're right, nothing greater. It is the greatest accomplishment I 31 00:01:31,959 --> 00:01:35,319 Speaker 3: must say of my career, my adult life, my career 32 00:01:36,200 --> 00:01:40,399 Speaker 3: to be able to build a legacy, build a business. 33 00:01:41,080 --> 00:01:43,600 Speaker 3: And I have to say, this industry is one of 34 00:01:43,640 --> 00:01:47,200 Speaker 3: the few industries that you can build up a practice 35 00:01:47,319 --> 00:01:50,520 Speaker 3: and turn it over to your children and you know, 36 00:01:50,680 --> 00:01:54,480 Speaker 3: just create a legacy that one day they can then 37 00:01:54,520 --> 00:01:57,320 Speaker 3: turn it over to their children, hopefully if they can 38 00:01:57,320 --> 00:02:01,200 Speaker 3: get one or two interested in being in the financial 39 00:02:01,240 --> 00:02:02,280 Speaker 3: services industry. 40 00:02:02,480 --> 00:02:04,040 Speaker 2: Well, you know, one of the reasons, you know, I 41 00:02:04,040 --> 00:02:07,440 Speaker 2: brought you on the show, Sonya, is about that legacy 42 00:02:07,640 --> 00:02:10,959 Speaker 2: that you're talking about, that knowledge, that information that you're 43 00:02:11,000 --> 00:02:14,239 Speaker 2: talking about that's so important to I feel, the black 44 00:02:14,240 --> 00:02:18,040 Speaker 2: community and in conversations because we've talked. 45 00:02:17,720 --> 00:02:20,519 Speaker 1: About this a lot about blacks. 46 00:02:20,800 --> 00:02:23,680 Speaker 2: You know, with the the you know, last hired, first fired, 47 00:02:23,800 --> 00:02:25,960 Speaker 2: or first laid out, you know, the last to get 48 00:02:25,960 --> 00:02:29,480 Speaker 2: the information on the housing with the last to get 49 00:02:29,520 --> 00:02:34,640 Speaker 2: the information on our economic opportunities in your world. You're 50 00:02:34,639 --> 00:02:38,760 Speaker 2: in that financial sector. What is stopping the black community 51 00:02:39,200 --> 00:02:40,959 Speaker 2: from moving to the front of the line, or can 52 00:02:41,000 --> 00:02:42,480 Speaker 2: we move to the front of the line. 53 00:02:43,960 --> 00:02:47,920 Speaker 3: Absolutely we can. All it takes and we know that 54 00:02:48,400 --> 00:02:50,240 Speaker 3: is for one of us to get in the door. 55 00:02:50,840 --> 00:02:53,600 Speaker 3: And once you're in the door, you know you profit 56 00:02:53,720 --> 00:02:56,960 Speaker 3: open and let others through. It's all about getting the 57 00:02:57,040 --> 00:03:03,239 Speaker 3: information about the education. For years decades in this industry, 58 00:03:03,680 --> 00:03:08,000 Speaker 3: you see many people that look like you and I 59 00:03:08,040 --> 00:03:13,640 Speaker 3: attain immense wealth, and many people that look like you 60 00:03:13,760 --> 00:03:18,799 Speaker 3: and I end up losing that wealth. Education to get 61 00:03:18,840 --> 00:03:24,000 Speaker 3: the information, that's what keeps you in the door. That's 62 00:03:24,080 --> 00:03:30,119 Speaker 3: what helps our community understand that this is an incredible 63 00:03:31,120 --> 00:03:36,520 Speaker 3: industry and an incredible way to build a legacy financial education. 64 00:03:36,840 --> 00:03:43,200 Speaker 3: And it's out there with Sean. It's not banned or 65 00:03:43,400 --> 00:03:48,440 Speaker 3: it's not relegated to the people who have high degrees 66 00:03:48,720 --> 00:03:51,800 Speaker 3: and multiple degrees. It's out there for all of us. 67 00:03:51,840 --> 00:03:56,080 Speaker 3: This wonderful thing called the Internet makes it more available 68 00:03:56,120 --> 00:03:59,600 Speaker 3: today than it's ever been before, and I dare say 69 00:04:00,120 --> 00:04:05,200 Speaker 3: financial advisors in this industry also make it more available 70 00:04:05,640 --> 00:04:09,320 Speaker 3: and able to disseminate it to the massive more than 71 00:04:09,360 --> 00:04:10,000 Speaker 3: ever before. 72 00:04:10,160 --> 00:04:12,320 Speaker 2: Okay, I mentioned the fact that the Fears Group, which 73 00:04:12,360 --> 00:04:16,479 Speaker 2: is your last name, Sonya Fears, is ed Morgan Stanley. 74 00:04:16,600 --> 00:04:17,520 Speaker 1: How does that work? 75 00:04:17,560 --> 00:04:21,680 Speaker 2: So my audience can understand that you built your business 76 00:04:21,680 --> 00:04:23,760 Speaker 2: inside of the Morgan Stanley brand. 77 00:04:25,440 --> 00:04:28,799 Speaker 3: That's exactly how that works. So I've been doing wealth 78 00:04:28,880 --> 00:04:32,800 Speaker 3: management now for seventeen years. I was at mary Lynch 79 00:04:32,839 --> 00:04:37,200 Speaker 3: for fifteen at Mary Lynch, my daughter, my oldest daughter, 80 00:04:37,240 --> 00:04:41,239 Speaker 3: and I started the very first African American mother daughter 81 00:04:41,320 --> 00:04:44,400 Speaker 3: team that Mari Lynch has ever had in its history. 82 00:04:44,880 --> 00:04:48,120 Speaker 3: I've moved over to Morgan Stanley. I've been with Morgan 83 00:04:48,200 --> 00:04:51,680 Speaker 3: Stanley two and a half years now and I now 84 00:04:51,760 --> 00:04:56,680 Speaker 3: have two daughters that joined me at Morgan Stanley. It's 85 00:04:57,760 --> 00:05:02,520 Speaker 3: you know, it wasn't the easiest thing, but again I 86 00:05:02,880 --> 00:05:07,960 Speaker 3: can't say the more enough times. I've been blessed and 87 00:05:08,000 --> 00:05:11,400 Speaker 3: it's the greatest accomplishment that I've had to date in 88 00:05:11,440 --> 00:05:12,000 Speaker 3: my career. 89 00:05:12,400 --> 00:05:15,880 Speaker 2: So how can one get in touch with you? 90 00:05:15,920 --> 00:05:20,719 Speaker 3: Call me? My number is four to seven zero four 91 00:05:20,839 --> 00:05:27,600 Speaker 3: four nine zero eight one two and my email Sonya 92 00:05:27,880 --> 00:05:33,480 Speaker 3: so An I A dot sears f E A R. 93 00:05:33,680 --> 00:05:38,240 Speaker 3: S at Morgan Stanley dot com. Call or email me. 94 00:05:38,480 --> 00:05:40,480 Speaker 1: I will respond absolutely, thank you. 95 00:05:40,640 --> 00:05:43,599 Speaker 2: Does it get into telling people how you how you 96 00:05:43,720 --> 00:05:46,960 Speaker 2: how this business works from financial situation? Now, it was 97 00:05:46,960 --> 00:05:48,719 Speaker 2: a couple of programs I want to bring to everybody's 98 00:05:48,760 --> 00:05:51,039 Speaker 2: attention that I found out about, and I felt that 99 00:05:51,360 --> 00:05:53,359 Speaker 2: these are type of programs that need to be heard 100 00:05:53,400 --> 00:05:56,240 Speaker 2: on my show. You have what you call a preferred 101 00:05:56,440 --> 00:06:00,480 Speaker 2: savings program over at Mortgage Stanley that you over see 102 00:06:00,680 --> 00:06:05,320 Speaker 2: the Fears Group does where your mortgage with the savings 103 00:06:05,360 --> 00:06:08,880 Speaker 2: interest rate, which to me I think is ridiculously low. 104 00:06:08,960 --> 00:06:11,719 Speaker 2: That's not just my thought, But you're saying that it 105 00:06:11,760 --> 00:06:15,279 Speaker 2: can be offered at a higher interest rate at Morgan Stanley. 106 00:06:15,360 --> 00:06:17,080 Speaker 1: Can you explain that to my listeners? 107 00:06:18,080 --> 00:06:22,320 Speaker 3: Absolutely? And I dare say that Morgan's Stanley Preferred Savings 108 00:06:22,360 --> 00:06:27,359 Speaker 3: program offers one of the highest rate out there for cash. 109 00:06:27,800 --> 00:06:32,599 Speaker 3: So in most banking accounts that you have, even your 110 00:06:32,680 --> 00:06:36,400 Speaker 3: preferred banking accounts, if it's sitting there in a traditional 111 00:06:36,440 --> 00:06:39,640 Speaker 3: banking account and a savings account, you may be earning 112 00:06:39,760 --> 00:06:43,080 Speaker 3: point zero five percent on your money, even in high 113 00:06:43,120 --> 00:06:47,599 Speaker 3: interest times like this. In our Preferred Savings program, we 114 00:06:47,800 --> 00:06:52,800 Speaker 3: pay four point six percent on cash. Your money is safe. 115 00:06:53,000 --> 00:06:55,200 Speaker 3: You know for there's a lot of excuse me, excuse me, 116 00:06:55,279 --> 00:06:55,760 Speaker 3: excuse me. 117 00:06:56,600 --> 00:06:58,440 Speaker 2: You know, as you're dealing with numbers, all you could 118 00:06:58,480 --> 00:07:02,279 Speaker 2: say something like that. Maybe you said, you said the 119 00:07:02,440 --> 00:07:03,960 Speaker 2: going rate is what out there? 120 00:07:04,200 --> 00:07:06,000 Speaker 1: And what is Morgan Stanley offering? 121 00:07:06,160 --> 00:07:10,160 Speaker 3: So in your traditional bank account and you know, again 122 00:07:10,280 --> 00:07:12,760 Speaker 3: the internet is there, you can google it. You will 123 00:07:12,800 --> 00:07:19,200 Speaker 3: get pointzer five percent on your savings account in your bank, 124 00:07:19,400 --> 00:07:24,840 Speaker 3: your traditional bank and our preferred savings programs we offer 125 00:07:25,000 --> 00:07:30,920 Speaker 3: four point six percent on cash right savings account right 126 00:07:30,960 --> 00:07:31,640 Speaker 3: now today. 127 00:07:33,040 --> 00:07:35,120 Speaker 1: The next question, I guess someone who say, how is 128 00:07:35,160 --> 00:07:35,760 Speaker 1: that possible? 129 00:07:37,120 --> 00:07:40,280 Speaker 3: And that's a great question, thank you for asking. So 130 00:07:42,200 --> 00:07:44,760 Speaker 3: in our community, you know, we talk about it all 131 00:07:44,800 --> 00:07:47,000 Speaker 3: the time, and you know, people know it and they 132 00:07:47,080 --> 00:07:50,040 Speaker 3: say it, but they don't really realize it's real. So 133 00:07:50,360 --> 00:07:55,320 Speaker 3: the banks are using your money and it's called overnight sweep. 134 00:07:56,200 --> 00:08:00,679 Speaker 3: So most banks are part of the Federal Open Market 135 00:08:00,720 --> 00:08:04,840 Speaker 3: Commission and they're member banks. Right, So there's an overnight 136 00:08:04,960 --> 00:08:09,480 Speaker 3: suitep where your money that's deposited is being loaned and 137 00:08:09,520 --> 00:08:13,280 Speaker 3: the banks are being paid to lend your money at 138 00:08:13,320 --> 00:08:17,560 Speaker 3: a much greater rate than they're paying you are. So 139 00:08:18,200 --> 00:08:22,640 Speaker 3: if you don't need that daily liquidity. You know, if 140 00:08:22,640 --> 00:08:26,320 Speaker 3: it's not in a checking or a savings account, especially 141 00:08:26,360 --> 00:08:29,600 Speaker 3: a checking account that you're using that money every day, 142 00:08:30,120 --> 00:08:32,720 Speaker 3: we suggest you put it in a savings program. And 143 00:08:32,800 --> 00:08:35,559 Speaker 3: what we're hoping is that this is money that you're 144 00:08:35,559 --> 00:08:40,040 Speaker 3: going to leave in there. Right, it's available to you 145 00:08:40,240 --> 00:08:43,679 Speaker 3: at any time, any minute, any day. But if you 146 00:08:43,840 --> 00:08:47,560 Speaker 3: leave it in there, then we are batting that, Okay, 147 00:08:47,840 --> 00:08:50,880 Speaker 3: it'll benefit us. So why not give you the benefit 148 00:08:51,320 --> 00:08:55,240 Speaker 3: that you deserve on that money, because again, if it's 149 00:08:55,240 --> 00:08:57,200 Speaker 3: in the bank, they're going to be using it, whether 150 00:08:57,280 --> 00:08:58,280 Speaker 3: or not you think they are. 151 00:08:58,360 --> 00:09:01,120 Speaker 2: They are fantastic talking to son your Fears of the 152 00:09:01,160 --> 00:09:05,360 Speaker 2: Fears group within the Morgan Stanley brand. Sonya is one 153 00:09:05,400 --> 00:09:09,640 Speaker 2: of the leading financial experts in discussing stocks, savings programs 154 00:09:09,679 --> 00:09:13,920 Speaker 2: which you just discussed right there, compounded interest portfolios which 155 00:09:13,960 --> 00:09:16,520 Speaker 2: we will go to in a minute, name image and likeness, 156 00:09:16,520 --> 00:09:18,559 Speaker 2: which we will discuss later on the show, as well 157 00:09:18,600 --> 00:09:22,200 Speaker 2: as lines of credit. I just popped out the big word, 158 00:09:22,520 --> 00:09:23,920 Speaker 2: compounded interest. 159 00:09:24,040 --> 00:09:26,360 Speaker 1: I hear that a lot. Can you tell my. 160 00:09:26,440 --> 00:09:31,319 Speaker 2: Listeners what exactly does compounded interest means? Because that's used 161 00:09:31,360 --> 00:09:34,199 Speaker 2: a lot in the stop game in stock market gaming. 162 00:09:34,480 --> 00:09:39,400 Speaker 3: Especially compounding interest. So I'm going to first tell you 163 00:09:39,480 --> 00:09:42,160 Speaker 3: what it is, and then I'm going to give you 164 00:09:42,200 --> 00:09:47,079 Speaker 3: an example of how it works. Right right, So, compounding 165 00:09:47,200 --> 00:09:51,120 Speaker 3: interest is say you saved one thousand dollars and you're 166 00:09:51,160 --> 00:09:56,240 Speaker 3: earning ten percent on one thousand dollars. That ten percent 167 00:09:56,800 --> 00:10:00,160 Speaker 3: gets you to one thousand, one hundred dollars, right right. 168 00:10:00,960 --> 00:10:05,600 Speaker 3: You continue to earn that ten percent, so you're now 169 00:10:05,640 --> 00:10:09,880 Speaker 3: earning one thousand, ten percent on one thousand, one hundred, 170 00:10:10,040 --> 00:10:13,400 Speaker 3: which gets you to be one thousand, two hundred and 171 00:10:13,480 --> 00:10:17,920 Speaker 3: ten dollars ten percent on that one thousand, three hundred 172 00:10:17,960 --> 00:10:22,679 Speaker 3: and thirty one dollars. So that's how compounding interest works. Now, 173 00:10:22,840 --> 00:10:29,280 Speaker 3: for an example, if you had two people, two people right, 174 00:10:29,480 --> 00:10:31,600 Speaker 3: twenty years old, each same. 175 00:10:31,440 --> 00:10:34,400 Speaker 1: Age, same age, twenty years, twenty years old each. 176 00:10:34,280 --> 00:10:39,360 Speaker 3: Okay, twenty years old. We have a young woman who 177 00:10:39,920 --> 00:10:43,360 Speaker 3: she said she can't afford to save for retirement. She 178 00:10:43,520 --> 00:10:47,840 Speaker 3: has an apartment, new cars. Starting out is challenging. So 179 00:10:47,880 --> 00:10:51,360 Speaker 3: we say, okay, just save two hundred and fifty dollars 180 00:10:51,400 --> 00:10:55,320 Speaker 3: a month. That's three thousand dollars a year. And we 181 00:10:55,400 --> 00:10:57,959 Speaker 3: talked to her. She said, okay, I'm going to do it. 182 00:10:58,440 --> 00:11:02,280 Speaker 3: And she says three thousand dollars a year for ten years, 183 00:11:02,280 --> 00:11:05,760 Speaker 3: thirty thousand dollars. We have a young man, Terry, and 184 00:11:05,840 --> 00:11:06,320 Speaker 3: she stopped. 185 00:11:06,360 --> 00:11:09,480 Speaker 1: She stops right there. I'm assuming, okay, at ten years 186 00:11:09,520 --> 00:11:09,960 Speaker 1: he stopped. 187 00:11:09,960 --> 00:11:12,640 Speaker 3: Stop, he stops. He stopped after ten years. 188 00:11:12,720 --> 00:11:16,400 Speaker 2: But he's still compounding. Though he's still compounding, is still compounding. 189 00:11:17,360 --> 00:11:21,160 Speaker 3: It's still compounded. Example I just gave you is doing 190 00:11:21,200 --> 00:11:25,440 Speaker 3: that right? And so we have someone else, Terry, you know, 191 00:11:25,679 --> 00:11:29,080 Speaker 3: he is. He said, I'm going to wait because i 192 00:11:29,120 --> 00:11:31,000 Speaker 3: want to live my best life and I'm going to 193 00:11:31,040 --> 00:11:33,680 Speaker 3: buy that brand new car, and I'm going to travel 194 00:11:33,720 --> 00:11:36,280 Speaker 3: a little bit, and I'm young, so I'm just going 195 00:11:36,360 --> 00:11:41,280 Speaker 3: to take advantage of you know, going to Dubai. I'm 196 00:11:41,320 --> 00:11:47,200 Speaker 3: just so. He started saving at thirty years old, and 197 00:11:47,320 --> 00:11:50,679 Speaker 3: he did the same thing. He saved two hundred and 198 00:11:50,720 --> 00:11:53,839 Speaker 3: fifty dollars a month a year, so three thousand dollars 199 00:11:53,920 --> 00:11:58,439 Speaker 3: a year, and instead instead of saving for ten years, 200 00:11:58,480 --> 00:12:02,400 Speaker 3: he's you know, he's fine. Antheley savvy, he understands the market. 201 00:12:02,720 --> 00:12:07,079 Speaker 3: He's going to serve save for thirty years. So he 202 00:12:07,120 --> 00:12:12,840 Speaker 3: does that. So Terry saves from thirty till he is sixty. 203 00:12:13,880 --> 00:12:19,800 Speaker 3: They both retire at sixty five, and the question is, 204 00:12:20,520 --> 00:12:24,800 Speaker 3: at sixty five, after Terry saved his ninety thousand dollars 205 00:12:25,040 --> 00:12:29,160 Speaker 3: and Astley saved her thirty thousand dollars, who has the 206 00:12:29,160 --> 00:12:29,840 Speaker 3: most money? 207 00:12:30,920 --> 00:12:35,480 Speaker 1: Drumroll please please, And. 208 00:12:35,800 --> 00:12:41,800 Speaker 3: The answer is, our dear darling, Ashley has the most money? 209 00:12:43,040 --> 00:12:43,400 Speaker 1: How much? 210 00:12:43,400 --> 00:12:47,559 Speaker 3: At sixty five she has seven hundred and eighteen thousand, 211 00:12:47,640 --> 00:12:51,720 Speaker 3: four hundred and seventy three dollars estimated rate of return 212 00:12:51,840 --> 00:12:57,559 Speaker 3: nine percent. At sixty five, Terry, who saved ninety thousand dollars, 213 00:12:57,760 --> 00:13:02,160 Speaker 3: has four hundred and eighty nine thousand, one hundred eleven 214 00:13:02,240 --> 00:13:06,920 Speaker 3: dollars same estimated greater return of nine percent. Wow, she's 215 00:13:07,160 --> 00:13:11,120 Speaker 3: almost doubled the money that he had, and he tripled 216 00:13:11,120 --> 00:13:12,880 Speaker 3: the amount of money she saved. 217 00:13:12,760 --> 00:13:16,320 Speaker 2: Because she started her because she started early compounded that 218 00:13:16,480 --> 00:13:20,640 Speaker 2: team stopped at ten years. He started after her and 219 00:13:20,679 --> 00:13:25,079 Speaker 2: did thirty years, but his compounding started later, and now 220 00:13:25,280 --> 00:13:27,440 Speaker 2: she's at seven he's at seven hundred thousand, she's at 221 00:13:27,440 --> 00:13:29,839 Speaker 2: four hundred Thout again, I'm talking to son you, fear sony, 222 00:13:30,000 --> 00:13:32,400 Speaker 2: before we go to break, what's your contact information so 223 00:13:32,600 --> 00:13:33,320 Speaker 2: we can go to break. 224 00:13:33,320 --> 00:13:34,480 Speaker 1: After that, it's. 225 00:13:34,400 --> 00:13:39,240 Speaker 3: Four to seven zero four four nine zero eight one two. 226 00:13:40,520 --> 00:13:43,680 Speaker 4: Please don't go anywhere. We'll be right back with more 227 00:13:43,760 --> 00:13:55,959 Speaker 4: money Making Conversations Masterclass. Welcome back to the money Making 228 00:13:56,000 --> 00:14:01,719 Speaker 4: Conversations Masterclass hosted by Rashaan McDonald. Money Making Conversations Masterclass 229 00:14:01,760 --> 00:14:06,360 Speaker 4: continues online at Moneymakingconversations dot com and follow money Making 230 00:14:06,400 --> 00:14:11,199 Speaker 4: Conversations Masterclass on Facebook, Twitter and Instagram. 231 00:14:11,520 --> 00:14:14,320 Speaker 2: Miss Fears, thank you for coming on money Making Conversations. 232 00:14:14,320 --> 00:14:15,560 Speaker 2: Why are you on the show today? 233 00:14:15,720 --> 00:14:17,480 Speaker 1: Why are you? Why are you coming on talking about 234 00:14:17,760 --> 00:14:18,959 Speaker 1: finances and. 235 00:14:18,800 --> 00:14:22,320 Speaker 2: Talking about what you can do and engage in my 236 00:14:22,440 --> 00:14:25,640 Speaker 2: audience And what's the bigger picture here? 237 00:14:27,200 --> 00:14:31,320 Speaker 3: The bigger picture. So, my daughter, one of my daughters, 238 00:14:31,360 --> 00:14:36,000 Speaker 3: at twenty five years old, bought her first home. She 239 00:14:36,480 --> 00:14:42,040 Speaker 3: bought a townhouse. My oldest daughter at twenty seven, she 240 00:14:42,240 --> 00:14:46,280 Speaker 3: bought her first home. She is now twenty nine and 241 00:14:46,840 --> 00:14:51,960 Speaker 3: just bought her second home. It's about being empowered. It's 242 00:14:52,000 --> 00:14:56,560 Speaker 3: about starting and building a legacy, and it's about our 243 00:14:56,640 --> 00:15:02,560 Speaker 3: community being able to particu and all the wealth that's 244 00:15:02,600 --> 00:15:05,720 Speaker 3: surrounding us. And how do you do that? You have 245 00:15:05,800 --> 00:15:09,080 Speaker 3: to be educated that we can do it too, and 246 00:15:09,200 --> 00:15:12,440 Speaker 3: how do we do it? Let's talk about it right now. 247 00:15:13,120 --> 00:15:16,760 Speaker 3: Let me share the knowledge that I've attained to help 248 00:15:16,840 --> 00:15:18,040 Speaker 3: others do the same thing. 249 00:15:18,200 --> 00:15:20,560 Speaker 2: Well, we have a caller who wants to hear the knowledge. 250 00:15:20,640 --> 00:15:24,040 Speaker 2: Miss Fears, please welcome to the show, Jennie Jeannie. I 251 00:15:24,040 --> 00:15:26,600 Speaker 2: thank you for calling Money Making Conversation master Class. You're 252 00:15:26,600 --> 00:15:29,840 Speaker 2: speaking to Rashon McDonald and sign your fears from the 253 00:15:29,840 --> 00:15:31,200 Speaker 2: Fears group on Morgan Stanley. 254 00:15:31,240 --> 00:15:31,840 Speaker 1: What's your question? 255 00:15:32,720 --> 00:15:34,600 Speaker 5: First of all, I want to say this is absolutely 256 00:15:34,640 --> 00:15:38,160 Speaker 5: a great show today because I've actually been looking for 257 00:15:39,080 --> 00:15:47,000 Speaker 5: someplace to actually save money. So niece that I'm raising, 258 00:15:47,600 --> 00:15:51,840 Speaker 5: and she's money's coming in that are from you know, 259 00:15:51,920 --> 00:15:55,000 Speaker 5: her dad on his Social Security. So I want to 260 00:15:55,040 --> 00:15:59,640 Speaker 5: make sure that she's financially set up in a really 261 00:15:59,640 --> 00:16:04,280 Speaker 5: good way. And now she's fourteen right now, So and 262 00:16:04,360 --> 00:16:07,960 Speaker 5: it's about let's say, say about maybe sixty eight hundred dollars. 263 00:16:08,440 --> 00:16:12,480 Speaker 5: What would be the best way to save would it 264 00:16:12,520 --> 00:16:14,800 Speaker 5: be to put it in the compound interest or the 265 00:16:14,840 --> 00:16:18,760 Speaker 5: savings account? But four point six is like amazing because 266 00:16:18,760 --> 00:16:22,120 Speaker 5: everything I've been finding has been online has been you know, 267 00:16:22,240 --> 00:16:23,840 Speaker 5: definitely less than that. 268 00:16:24,400 --> 00:16:26,520 Speaker 3: But what would be the best way? So when she 269 00:16:26,680 --> 00:16:27,480 Speaker 3: does get. 270 00:16:27,240 --> 00:16:30,960 Speaker 5: Out of high school or and she you know, wants 271 00:16:31,000 --> 00:16:34,160 Speaker 5: to go to school or whatever, that she has those 272 00:16:34,240 --> 00:16:35,040 Speaker 5: money for her. 273 00:16:35,400 --> 00:16:36,440 Speaker 3: Oh, that's incredible. 274 00:16:37,080 --> 00:16:37,320 Speaker 5: One. 275 00:16:37,480 --> 00:16:42,360 Speaker 3: I am really really super excited that at fourteen your 276 00:16:42,400 --> 00:16:46,080 Speaker 3: thing is thinking about it for her and she wants 277 00:16:46,360 --> 00:16:51,520 Speaker 3: to save because again compound and interest. If she saved now, 278 00:16:51,560 --> 00:16:55,320 Speaker 3: she has four years to college. So we could start. 279 00:16:56,240 --> 00:16:59,600 Speaker 3: I'd rather her start earlier for five twenty nine plan, 280 00:16:59,720 --> 00:17:04,160 Speaker 3: but a nine plan in which you can save for college. 281 00:17:04,440 --> 00:17:06,919 Speaker 3: And what a lot of people don't know these days, 282 00:17:06,960 --> 00:17:09,760 Speaker 3: a five to twenty nine plan with the new secure 283 00:17:10,560 --> 00:17:15,280 Speaker 3: APT two point Oh. If your child is brilliant, which 284 00:17:15,400 --> 00:17:18,639 Speaker 3: we know many of our children are, they get scholarships 285 00:17:18,960 --> 00:17:21,480 Speaker 3: and they have money in a five to twenty nine plan, 286 00:17:21,560 --> 00:17:25,040 Speaker 3: which is a college savings plan, and they don't use it. 287 00:17:25,960 --> 00:17:29,320 Speaker 3: This is an opportunity to roll that money into a 288 00:17:29,440 --> 00:17:34,879 Speaker 3: roth ira. With the wroth Ira, that money you put 289 00:17:35,400 --> 00:17:38,160 Speaker 3: six hundred dollars in there. We just gave the example 290 00:17:38,440 --> 00:17:42,760 Speaker 3: of two hundred and fifty dollars a month for ten years. 291 00:17:43,040 --> 00:17:45,439 Speaker 3: You start with the six hundred dollars, you add one 292 00:17:45,520 --> 00:17:48,760 Speaker 3: hundred dollars to it, you get to one thousand dollars 293 00:17:48,800 --> 00:17:50,760 Speaker 3: for the year. Or whatever you want to get to. 294 00:17:51,160 --> 00:17:57,280 Speaker 3: But that thousand dollars will grow free until she retires 295 00:17:57,400 --> 00:18:01,080 Speaker 3: if it is turned over into a roth ira. And 296 00:18:01,080 --> 00:18:04,240 Speaker 3: that's the beauty of for roth ira. Again, if thirty 297 00:18:04,280 --> 00:18:07,560 Speaker 3: thousand dollars is going to grow to be seven hundred 298 00:18:08,480 --> 00:18:14,680 Speaker 3: thousand approximately, right, that's six hundred and seventy thousand dollars 299 00:18:14,720 --> 00:18:17,440 Speaker 3: that you would not pay taxes on if that money 300 00:18:17,520 --> 00:18:20,119 Speaker 3: was sitting in a roth irs. Wow, now that's a 301 00:18:20,200 --> 00:18:22,160 Speaker 3: powerful so. 302 00:18:21,800 --> 00:18:24,560 Speaker 5: Yeah, So if we just say one thousand dollars in 303 00:18:24,640 --> 00:18:29,159 Speaker 5: the rough iron eight just sitting there until she's at 304 00:18:29,280 --> 00:18:34,199 Speaker 5: retirement age. So what about say we set one thousand 305 00:18:34,280 --> 00:18:39,200 Speaker 5: dollars there and then what hundred place else? 306 00:18:40,720 --> 00:18:44,280 Speaker 2: Hey, Genie, Genie, how Genie you're breaking up? Can you 307 00:18:44,280 --> 00:18:46,439 Speaker 2: give her your number so she can call you at 308 00:18:46,440 --> 00:18:49,840 Speaker 2: the office? Sonya, because the genie's breaking up? 309 00:18:50,920 --> 00:18:55,840 Speaker 3: Absolutely, it's four to seven zero four four nine zero 310 00:18:56,000 --> 00:19:00,040 Speaker 3: eight one two. Please call me Genie. But okay, we 311 00:19:00,080 --> 00:19:03,240 Speaker 3: aren't with the five twenty nine plan again because that's 312 00:19:03,280 --> 00:19:06,960 Speaker 3: saving for college and if she doesn't use it, then 313 00:19:07,119 --> 00:19:10,359 Speaker 3: we would convert it to say a roth ira. But 314 00:19:10,400 --> 00:19:12,960 Speaker 3: there are many options. Would love to discuss them with you. 315 00:19:13,160 --> 00:19:15,600 Speaker 2: Yeap, So thank you Genie for calling. And really, you know, 316 00:19:15,960 --> 00:19:18,720 Speaker 2: I always tell people knowledges everything. If you if you're 317 00:19:18,800 --> 00:19:21,240 Speaker 2: quiet about this information we're trying to give you on 318 00:19:21,320 --> 00:19:23,959 Speaker 2: this show. Every week I'm trying to bring guests on. 319 00:19:24,040 --> 00:19:26,320 Speaker 2: I'm not trying. I am bringing guests on that I 320 00:19:26,320 --> 00:19:28,320 Speaker 2: believe can change your life, put you in a position 321 00:19:28,359 --> 00:19:30,480 Speaker 2: where you can have a better life. That's what we're 322 00:19:30,480 --> 00:19:34,359 Speaker 2: doing today with this interview. We're doing this interview. She's 323 00:19:34,640 --> 00:19:37,160 Speaker 2: a reputable for Morgan Stanle, you know who they are, 324 00:19:37,560 --> 00:19:40,760 Speaker 2: and she had built with her daughters a business within 325 00:19:40,840 --> 00:19:44,360 Speaker 2: that of respected business within that and that's what we're 326 00:19:44,359 --> 00:19:44,879 Speaker 2: talking about. 327 00:19:45,080 --> 00:19:46,720 Speaker 1: Her knowledge being transferred to you. 328 00:19:46,960 --> 00:19:49,800 Speaker 2: Because if someone calls you, you're not charging love fee, 329 00:19:49,880 --> 00:19:50,520 Speaker 2: are you, Sonia? 330 00:19:50,600 --> 00:19:53,800 Speaker 1: This is let abolutely not okay. 331 00:19:53,760 --> 00:19:57,760 Speaker 3: I'm not. I will call to anyone for an hour, 332 00:19:57,960 --> 00:20:01,119 Speaker 3: two hours, whatever you need if because I want the 333 00:20:01,240 --> 00:20:04,320 Speaker 3: information to get out there. We need to be educated 334 00:20:04,440 --> 00:20:08,280 Speaker 3: financially on how to set ourselves up for success, how 335 00:20:08,320 --> 00:20:11,199 Speaker 3: to leave a legacy, how to set an example for 336 00:20:11,280 --> 00:20:11,920 Speaker 3: our children. 337 00:20:12,119 --> 00:20:15,080 Speaker 2: Right, cool, listen one thing before before you get out 338 00:20:15,080 --> 00:20:16,960 Speaker 2: of here. I wanted to talk about something that is 339 00:20:17,040 --> 00:20:18,480 Speaker 2: dancing out there a lot. 340 00:20:18,760 --> 00:20:20,080 Speaker 1: In the athletic world. 341 00:20:20,440 --> 00:20:22,359 Speaker 2: And we have a lot of call listeners I know 342 00:20:22,400 --> 00:20:25,760 Speaker 2: who may have a nephew, maybe their own child or 343 00:20:26,160 --> 00:20:30,800 Speaker 2: grandchild who in the world of sports, name, image and likeness. 344 00:20:30,800 --> 00:20:34,040 Speaker 2: They call it NIL for short, where young men coming 345 00:20:34,040 --> 00:20:37,680 Speaker 2: out of high school can now get get sponsorship dollars, 346 00:20:37,680 --> 00:20:40,720 Speaker 2: whether it's from major Fortune five hundred companies or local 347 00:20:40,760 --> 00:20:44,520 Speaker 2: businesses and make money. You guys in your organization, the 348 00:20:44,560 --> 00:20:48,200 Speaker 2: Fears Group, you guys are in the NIL game, correct, Yes. 349 00:20:48,080 --> 00:20:52,440 Speaker 3: We are so. I'm a global sports and Entertainment director 350 00:20:53,040 --> 00:20:56,080 Speaker 3: with Morgan Stanley, have a lot of clients in the 351 00:20:56,160 --> 00:21:00,720 Speaker 3: sports and entertainment sector along with other sectors. And with 352 00:21:00,840 --> 00:21:05,560 Speaker 3: the NIL A few things that's really important. These are 353 00:21:05,640 --> 00:21:10,880 Speaker 3: young men and women middle school, high school that are 354 00:21:11,040 --> 00:21:16,439 Speaker 3: now being offered a great deal of money, right and 355 00:21:16,520 --> 00:21:19,400 Speaker 3: so a few things that they need to know. This 356 00:21:19,640 --> 00:21:24,760 Speaker 3: money that they're getting can help fund their vision, family vision, 357 00:21:25,119 --> 00:21:29,040 Speaker 3: can help start a business even at that age, can 358 00:21:29,200 --> 00:21:34,320 Speaker 3: start saving so that they can have that compounding interest 359 00:21:34,640 --> 00:21:38,760 Speaker 3: when they get older. Because again, some of them will 360 00:21:38,880 --> 00:21:45,320 Speaker 3: make it to be in the NFL or NBA, or 361 00:21:46,119 --> 00:21:51,159 Speaker 3: even to drive for NASCAR, but many most will not 362 00:21:51,520 --> 00:21:55,679 Speaker 3: because the percentage of athletes that truly make it to 363 00:21:55,760 --> 00:21:59,359 Speaker 3: be professionals are very very small. A lot of people, 364 00:21:59,400 --> 00:22:02,119 Speaker 3: a lot of peop don't realize that. And so these 365 00:22:02,280 --> 00:22:06,200 Speaker 3: young men and women, they have an opportunity to capture 366 00:22:06,960 --> 00:22:11,560 Speaker 3: that well, so now and use it. But again they 367 00:22:11,640 --> 00:22:14,359 Speaker 3: need to be educated and their families need to be 368 00:22:14,600 --> 00:22:17,480 Speaker 3: educated to make sure that they hold on to the 369 00:22:17,560 --> 00:22:23,200 Speaker 3: swealth and not getting into contract that is not really 370 00:22:23,600 --> 00:22:25,920 Speaker 3: profitable more beneficial for them. 371 00:22:26,080 --> 00:22:28,520 Speaker 2: Yeah, so you're under the Fears group at Morgan Stanley. 372 00:22:28,560 --> 00:22:32,040 Speaker 2: You provide financial education reading here, financial education for the athlete, 373 00:22:32,480 --> 00:22:35,719 Speaker 2: provide financial education for the family, and then educate them 374 00:22:35,760 --> 00:22:38,960 Speaker 2: both about the nil opportunities exactly. 375 00:22:39,280 --> 00:22:40,480 Speaker 3: That's exactly what we do. 376 00:22:40,800 --> 00:22:43,240 Speaker 1: Let's see that. I'm a little inside information about when 377 00:22:43,280 --> 00:22:44,720 Speaker 1: you're when when young. 378 00:22:44,560 --> 00:22:48,320 Speaker 2: People are offered scholarships to attend college for their athletic skills, 379 00:22:48,760 --> 00:22:52,359 Speaker 2: a scholarship is only it may say it seems like 380 00:22:52,400 --> 00:22:54,760 Speaker 2: it's four years, but it's not. It's a one year 381 00:22:54,840 --> 00:22:57,520 Speaker 2: scholarship and every year they renew it. 382 00:22:57,800 --> 00:22:58,639 Speaker 1: So you can get. 383 00:22:58,480 --> 00:23:02,719 Speaker 2: A scholarship to go to University of Georgia or Alabama. 384 00:23:02,840 --> 00:23:04,840 Speaker 2: That doesn't mean that doesn't say that you will be 385 00:23:04,880 --> 00:23:07,520 Speaker 2: there for four years under a scholarship is at the 386 00:23:07,600 --> 00:23:10,720 Speaker 2: option of the school. They can take that scholarship away 387 00:23:10,720 --> 00:23:14,240 Speaker 2: from you, they can renew you. So the NIL program 388 00:23:14,320 --> 00:23:17,240 Speaker 2: is put in place to help young men and women 389 00:23:18,000 --> 00:23:20,840 Speaker 2: to be able to earn income. Just in case that 390 00:23:20,840 --> 00:23:23,320 Speaker 2: does happen, or it doesn't happen, you still in a 391 00:23:23,359 --> 00:23:25,439 Speaker 2: position to work with a reputable company. 392 00:23:25,480 --> 00:23:26,080 Speaker 1: Is not your. 393 00:23:25,920 --> 00:23:29,280 Speaker 2: Cousin, not your homeboard down the street, but a company 394 00:23:29,320 --> 00:23:33,119 Speaker 2: that has relationships and also the financial know how and 395 00:23:33,280 --> 00:23:35,040 Speaker 2: or tell you what to do with the money when 396 00:23:35,040 --> 00:23:35,920 Speaker 2: the opportunities come. 397 00:23:36,240 --> 00:23:39,040 Speaker 1: Am I correct when I say that, son, you figures. 398 00:23:38,840 --> 00:23:44,920 Speaker 3: Were absolutely correct? You are absolutely correct? And again who 399 00:23:45,000 --> 00:23:47,960 Speaker 3: is there? You know you have people who save that 400 00:23:48,040 --> 00:23:52,160 Speaker 3: their business managers. Who's there to advise you and educate 401 00:23:52,240 --> 00:23:57,679 Speaker 3: you on how to properly manage this money, save this money, 402 00:23:57,960 --> 00:24:00,960 Speaker 3: make this money last for you because we have to 403 00:24:01,000 --> 00:24:03,399 Speaker 3: make it last absolutely. 404 00:24:03,480 --> 00:24:05,680 Speaker 2: As we close out there interview, thank you for taking 405 00:24:05,720 --> 00:24:09,159 Speaker 2: the time to come on Money Making Conversation master Class. 406 00:24:09,359 --> 00:24:12,359 Speaker 2: What is your contact information and any closing thoughts or 407 00:24:12,400 --> 00:24:16,159 Speaker 2: advice to people who are considering are looking for financial 408 00:24:16,280 --> 00:24:20,760 Speaker 2: experts to advise them on their their future financial outlooks. 409 00:24:22,600 --> 00:24:26,400 Speaker 3: Yeah, so number is four to seven zero four four 410 00:24:26,600 --> 00:24:32,199 Speaker 3: nine zero eight one two and my final thoughts here 411 00:24:32,240 --> 00:24:35,040 Speaker 3: and again thank you. It is an absolute pleasure to 412 00:24:35,040 --> 00:24:38,320 Speaker 3: be on the show. Final thought is planning. So we 413 00:24:38,359 --> 00:24:44,639 Speaker 3: are certified financial planners as well, and you've heard the same. 414 00:24:45,280 --> 00:24:49,720 Speaker 3: If you don't, if you fail to plan, then you 415 00:24:49,840 --> 00:24:54,160 Speaker 3: plan to fail. And so financial planning is the key. 416 00:24:54,560 --> 00:24:56,840 Speaker 3: You have to put a plan in place. You have 417 00:24:56,920 --> 00:25:00,280 Speaker 3: to understand where you are, know where you are to 418 00:25:00,320 --> 00:25:03,000 Speaker 3: go and have a plan on how to get there. 419 00:25:03,359 --> 00:25:06,439 Speaker 3: And that's what we do. We help our clients with 420 00:25:06,680 --> 00:25:09,280 Speaker 3: planning on how to get there. And there are many 421 00:25:09,320 --> 00:25:14,800 Speaker 3: strategies that we have in our wheelhouse through the breath 422 00:25:14,880 --> 00:25:18,440 Speaker 3: and depth of Morgan Stanley to offer to our clients. 423 00:25:18,840 --> 00:25:20,960 Speaker 1: Wow, thank you for coming on Money Making Conversation. We 424 00:25:21,040 --> 00:25:24,440 Speaker 1: will talk soon. Thank you, Sony Fears, thank you, thank 425 00:25:24,480 --> 00:25:25,400 Speaker 1: you for listening. Bye bye. 426 00:25:26,680 --> 00:25:29,920 Speaker 2: This has been another edition of Money Making Conversation Masterclass 427 00:25:29,960 --> 00:25:33,119 Speaker 2: posted by me Rashaun McDonald. Thank you to our guests 428 00:25:33,119 --> 00:25:35,680 Speaker 2: on the show today and thank you our listening to 429 00:25:35,680 --> 00:25:38,160 Speaker 2: the audience now if you want to listen to any episode, 430 00:25:38,240 --> 00:25:40,280 Speaker 2: I want to be a guest on the show, Visit 431 00:25:40,560 --> 00:25:45,320 Speaker 2: Moneymakingconversations dot com. Our social media handle is money Making Conversation. 432 00:25:45,760 --> 00:25:48,159 Speaker 2: Join us next week and remember to always leave with 433 00:25:48,240 --> 00:25:48,760 Speaker 2: your gifts. 434 00:25:49,119 --> 00:25:49,679 Speaker 1: Keep winning.