Latest / The Steve Harvey Morning Show / Financial Tips: Her interview educates people on entrepreneurship, financial literacy, credit repair, estate planning.

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Financial Tips: Her interview educates people on entrepreneurship, financial literacy, credit repair, estate planning. · The Steve Harvey Morning Show

• 0:00
  Speaker 1: Welcome to my show.
• 0:01
  Speaker 2: I'm Rashon McDonald, a host of Money Making Conversations Masterclass,
• 0:04
  Speaker 2: where we encourage people to stop reading other people's success
• 0:07
  Speaker 2: stories and start planning your own. Now, you don't want
• 0:10
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• 0:12
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• 0:16
  Speaker 1: It's free.
• 0:17
  Speaker 2: You can follow me on iHeartRadio, app, Spotify, Apple Podcasts,
• 0:21
  Speaker 2: or wherever you listen to your podcast. New money Making
• 0:24
  Speaker 2: Conversations Masterclass episodes drop daily. I want to keep you
• 0:28
  Speaker 2: on alert because my guests provide tips on how you
• 0:30
  Speaker 2: can uplift your community, improve your financial planning, motivation, or
• 0:34
  Speaker 2: advice on how to be a successful entrepreneur. Now, let's
• 0:38
  Speaker 2: get this podcast started. My guest is the CEO of
• 0:41
  Speaker 2: Legacy Building LLC, a financial literacy firm dedicated to helping
• 0:47
  Speaker 2: clients improve credit, manage debt, and make strategic investment decisions
• 0:51
  Speaker 2: through personalized coaching workshops and boot camps. She began her
• 0:55
  Speaker 2: career as a securities attorney before shifting her focus to
• 0:59
  Speaker 2: empower individal jews and small businesses through financial education. It's
• 1:04
  Speaker 2: called financial literacy. Please welcome to Money Making Conversation Master Class.
• 1:08
  Speaker 2: I'm gonna call her a differend because I couldn't wait
• 1:11
  Speaker 2: to get her back on the show.
• 1:12
  Speaker 1: Lisa Morain, how are you doing, Lisa?
• 1:14
  Speaker 3: I'm well, how are you?
• 1:15
  Speaker 1: Rashan?
• 1:16
  Speaker 2: Well, you know this is your second time on the show.
• 1:19
  Speaker 2: Can you tell me all these the reaction and the
• 1:22
  Speaker 2: sense of excitement that came from being on Money Making
• 1:26
  Speaker 2: Conversation master Class.
• 1:27
  Speaker 3: Absolutely, I want to thank you for hosting me a
• 1:31
  Speaker 3: second time on Money Making Masterclass. It has been in
• 1:35
  Speaker 3: my honor. The sentiment from the listeners of your show
• 1:41
  Speaker 3: has been tremendous edge and every time the show aired,
• 1:46
  Speaker 3: I received numerous calls and some of those calls actually
• 1:50
  Speaker 3: converted into clients. So it has been a world one experience.
• 1:55
  Speaker 3: Being on your podcast has totally been in a exciting
• 2:02
  Speaker 3: and profitable venture for Legacy Building LLC.
• 2:08
  Speaker 1: Cool. Would that be said?
• 2:10
  Speaker 2: Thank you for taking the time to come back on
• 2:12
  Speaker 2: my show since I seem according to you, I made
• 2:14
  Speaker 2: you pretty busy, which is all good.
• 2:17
  Speaker 1: Uh. What is Legacy Building LLC? What is it?
• 2:21
  Speaker 3: Absolutely? Legacy Building LLC is an outgrowth from experience growing
• 2:30
  Speaker 3: up in the urban area and Boston. I lived through
• 2:35
  Speaker 3: lots of challenging situations where there wasn't always money, food
• 2:41
  Speaker 3: resources for all of the friends and all of the
• 2:44
  Speaker 3: folks who I knew in the neighborhood, and I was
• 2:48
  Speaker 3: always curious about, Hey, how could how could we all
• 2:51
  Speaker 3: change our our financial projection right? What can we do
• 2:57
  Speaker 3: to change this scene around us and actually help communities?
• 3:04
  Speaker 3: Which led me into one wanting to become an attorney,
• 3:08
  Speaker 3: and then and practicing law led me to finance. I
• 3:12
  Speaker 3: wanted to get involved into finance because I found out
• 3:16
  Speaker 3: that that was the one central factor that made the
• 3:20
  Speaker 3: difference between the haves and the have nots.
• 3:23
  Speaker 2: And the haves and have nots. So are you motivated
• 3:28
  Speaker 2: to make people successful or are you motivated to create a
• 3:32
  Speaker 2: business that can change people's lives both.
• 3:35
  Speaker 3: I'm helping people has always been at my core. As
• 3:39
  Speaker 3: you mentioned, I was with the federal government for over
• 3:43
  Speaker 3: thirty years, so I am a full time I look
• 3:47
  Speaker 3: at public servant where I took great pleasure in serving
• 3:52
  Speaker 3: the public and working for the American taxpayers and working
• 3:56
  Speaker 3: for the community to make our communities better. And so
• 4:00
  Speaker 3: I think in order to have a successful, thriving business
• 4:05
  Speaker 3: in the community, you actually need community members who are
• 4:09
  Speaker 3: able to participate in that business, who are able to
• 4:12
  Speaker 3: use their financial dollars to support the business. So I
• 4:16
  Speaker 3: feel like it is a circular impact.
• 4:20
  Speaker 2: Now, Lisa, you just said thirty years from a government
• 4:25
  Speaker 2: government position and you left to I'm assuming that you
• 4:31
  Speaker 2: didn't exactly leave immediately. Did you kind of like balance
• 4:35
  Speaker 2: the two before you made a decision become a full
• 4:37
  Speaker 2: time entrepreneur.
• 4:39
  Speaker 3: Absolutely, it's always been you know, growing up, my parents
• 4:47
  Speaker 3: always instilled in us, go to school, get good grades,
• 4:50
  Speaker 3: to get a job.
• 4:51
  Speaker 1: Right.
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  Speaker 3: Even though my dad was an entrepreneur, the message was
• 4:55
  Speaker 3: very clear, get a job. And so to take that
• 5:00
  Speaker 3: leap after having the job of becoming a full time
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  Speaker 3: entrepreneur took a lot of prayer, a lot of talking
• 5:07
  Speaker 3: to God, and a lot of belief in what I
• 5:12
  Speaker 3: have to offer and the benefit that I could bring
• 5:16
  Speaker 3: as an entrepreneur working completely for myself.
• 5:19
  Speaker 2: Which right did do you teach to help clients build or
• 5:21
  Speaker 2: repair their credit, especially a little starting from financial hardship.
• 5:25
  Speaker 3: For me, it's a in legacy building. It's a more
• 5:29
  Speaker 3: wholesome approach. I think it is shortsighted to just say
• 5:33
  Speaker 3: this is the things that you need to do to
• 5:34
  Speaker 3: repair your credit. The question is why did you even
• 5:38
  Speaker 3: get to this point where you thought it was appropriate
• 5:41
  Speaker 3: to put a bill in your child's name, You thought
• 5:43
  Speaker 3: it was appropriate to get a credit card, add all
• 5:46
  Speaker 3: these things to that credit card that you could not
• 5:48
  Speaker 3: afford to pay, and so it begins by first, let's
• 5:53
  Speaker 3: examine your money mindset. So part of my practice is
• 5:59
  Speaker 3: the kind of hone in on what are your money beliefs?
• 6:03
  Speaker 3: Like a lot of times when we grow up with lack,
• 6:09
  Speaker 3: we adopt that lack mentality. So we already stop from
• 6:12
  Speaker 3: a place of we don't have it, we can't get it,
• 6:14
  Speaker 3: we have to take any means necessary to get what
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  Speaker 3: we want, which is not true. We have all that
• 6:20
  Speaker 3: we need. God never leaves us undone. We just have
• 6:24
  Speaker 3: to have a better view and a better outlook as
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  Speaker 3: to our financial abilities, capabilities and steps to implement to
• 6:33
  Speaker 3: stop you from getting into that position later on. It's
• 6:37
  Speaker 3: important to get your credit cleaned up, but it's also
• 6:39
  Speaker 3: important to understand what to do to avoid getting in
• 6:43
  Speaker 3: that situation again.
• 6:44
  Speaker 2: You know, it's really I've heard about consolidation loans or
• 6:47
  Speaker 2: consolidating your credit card. What is the best approach to
• 6:52
  Speaker 2: cleaning up your credits.
• 6:53
  Speaker 3: Well, I think it really depends on what your situation is.
• 6:55
  Speaker 3: If you have tons of charge ofs that the company,
• 7:00
  Speaker 3: the credit card company has already said, this person is
• 7:03
  Speaker 3: not paid the debt to charge it off, it's hit
• 7:05
  Speaker 3: your accounts, So now you have to go about getting
• 7:07
  Speaker 3: those charge offs off of your credit report. If you
• 7:12
  Speaker 3: have a lot of high interest credit cards, which is
• 7:16
  Speaker 3: often the case these days, interest rates in excess of
• 7:21
  Speaker 3: twenty percent, which is outrageous. You're trying to make minimum
• 7:26
  Speaker 3: payments and have this high interest rate, you're not going
• 7:30
  Speaker 3: to be able to make a debt in the underlying debt.
• 7:34
  Speaker 3: So in that case, it may be more advantageous to
• 7:38
  Speaker 3: take it a loan to pay it all off, depending
• 7:42
  Speaker 3: on the loan terms. If you have a lower interest rate,
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  Speaker 3: you're saving yourself from those high finance charges, allowing yourself
• 7:50
  Speaker 3: a more realistic way to pay off the debt and
• 7:54
  Speaker 3: get back in the green.
• 7:56
  Speaker 2: And that's really important there. But as a minority you
• 8:00
  Speaker 2: said it earlier, you know, sometimes we can defeat our
• 8:03
  Speaker 2: own opportunities and or we just fall in line with
• 8:08
  Speaker 2: the stereotypes that bank is not going to give me
• 8:10
  Speaker 2: a loan or I just have to bootstrap my way
• 8:15
  Speaker 2: to success. When people come to you, come to marine law,
• 8:19
  Speaker 2: come to legacy building. You know, when we're talking about
• 8:22
  Speaker 2: all these different opportunities, what is the number one or
• 8:26
  Speaker 2: there are three factors you can tell people think about
• 8:29
  Speaker 2: this before you contact me.
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  Speaker 3: Sure, the three factors that I recommend thinking about before
• 8:36
  Speaker 3: you contact me is examine your situation. Don't just call
• 8:41
  Speaker 3: and say hey, I need help, and it's help with
• 8:43
  Speaker 3: what and what have you done? It's helpful for you
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  Speaker 3: to first try to see what A what's happened to
• 8:54
  Speaker 3: get you into the situation you're in? B What have
• 8:59
  Speaker 3: you done yourself to try to rectify that situation? I eat,
• 9:04
  Speaker 3: have you reached out to your creditors? The creditors are
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  Speaker 3: not the boogeyman right at the end of the day.
• 9:09
  Speaker 3: They just want to get paid and in some cases
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  Speaker 3: you may be able to negotiate a lower payoff right
• 9:14
  Speaker 3: because they don't want to have to take you to port.
• 9:17
  Speaker 3: They don't want to have to because that cost them
• 9:19
  Speaker 3: legal expenses, they have to hire attorneys, they have to
• 9:23
  Speaker 3: shell out more money to collect from you. So oftentimes
• 9:26
  Speaker 3: they're willing to work with you, and that may require
• 9:29
  Speaker 3: you to call them multiple times, but there are steps
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  Speaker 3: that you can take as an individual before you come
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  Speaker 3: to people like me and say, look, I need help.
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  Speaker 3: If you haven't done anything, you're starting at ground zero
• 9:44
  Speaker 3: and it's only going to make your journey that much longer.
• 9:48
  Speaker 1: Working with anyone, Lisa, how can one get in touch
• 9:51
  Speaker 1: with you?
• 9:52
  Speaker 3: Absolutely, there's multiple ways to get in contact with me.
• 9:56
  Speaker 3: You can call Legacy Building at nine two five two
• 10:00
  Speaker 3: one seven eight four eight zero. You can reach out
• 10:03
  Speaker 3: to us on social media. On Instagram it's Legacy Building
• 10:09
  Speaker 3: all one word Underscore LLC. And for Mulrain Law it's
• 10:14
  Speaker 3: Mulrain m ul r Ai N Underscore Law on Instagram.
• 10:19
  Speaker 3: And then you could just email me Lisa dot Mulrain
• 10:22
  Speaker 3: m ul r Ai N at gmail dot com.
• 10:25
  Speaker 1: Let's talk about areas of concern here. You know, when
• 10:29
  Speaker 1: I come to you, I come to you for advice,
• 10:31
  Speaker 1: but there are areas where people are typically struggle. You know,
• 10:36
  Speaker 1: I'm gonna say I'm out front financial coaching, creatit building, investing,
• 10:41
  Speaker 1: and in state planning. Let's start with something that people
• 10:44
  Speaker 1: rarely bring up in the conversation. It's state planning. Talk
• 10:47
  Speaker 1: to us.
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  Speaker 3: Absolutely, listen, at the end of the day, whatever you've
• 10:53
  Speaker 3: accumulated during your working career life in whatever fashion, that
• 10:59
  Speaker 3: is a value, i e. It appreciates. It can be
• 11:03
  Speaker 3: For many of us in the minority community, it could
• 11:06
  Speaker 3: be home ownership. We saved up our money, we were
• 11:10
  Speaker 3: able to buy a home. Thankfully, right now our home
• 11:13
  Speaker 3: is appreciating in value because that's what homes typically do.
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  Speaker 3: But we don't have any plan. We don't have an
• 11:20
  Speaker 3: estate plan. Something happens, we have a heart attack, a stroke,
• 11:26
  Speaker 3: whatever the case may be, and we've never set up
• 11:29
  Speaker 3: a plan for what happens if that eventuality takes place.
• 11:34
  Speaker 3: And the reality is, it's not uncommon to just get ill.
• 11:41
  Speaker 3: And sometimes you get ill and you immediately die. And
• 11:45
  Speaker 3: you have worked so hard to buy your house, buy
• 11:49
  Speaker 3: whatever assets you have, and now that that you've worked
• 11:55
  Speaker 3: so hard for is going to be disposed of based
• 11:58
  Speaker 3: on how the state law read. Right. So, in some
• 12:03
  Speaker 3: more public instances we've seen like these big entertainers prints,
• 12:08
  Speaker 3: Michael Jackson who didn't read the Franklin who died without
• 12:12
  Speaker 3: proper estate plans in place, and so it took years.
• 12:17
  Speaker 3: It goes, it sends your stuff into probate. It can
• 12:20
  Speaker 3: take years for it to go through probate, and then
• 12:23
  Speaker 3: your ears and your loved ones don't necessarily get what
• 12:27
  Speaker 3: you've worked so hard for. But the other thing is
• 12:31
  Speaker 3: estate planning doesn't only benefit your hears and loved ones
• 12:36
  Speaker 3: when you pass, it benefits you because while you're living,
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  Speaker 3: right for you to have a trust that dictates your
• 12:46
  Speaker 3: wishes how you want your assets managed, and you can
• 12:49
  Speaker 3: have a revocable trust where you are the one managing
• 12:52
  Speaker 3: your assets. So you're saying, this is how I want
• 12:57
  Speaker 3: these different assets that I've acquired over time managed during
• 13:00
  Speaker 3: my life, and that's how you manage it. It allows
• 13:03
  Speaker 3: for very effective management of your assets and tracking of
• 13:09
  Speaker 3: all the things that you've accumulated and how you want
• 13:12
  Speaker 3: those things to be managed. I also plug it there
• 13:17
  Speaker 3: all these accounts, bank accounts that you may have, you
• 13:22
  Speaker 3: got to make sure that there's provisions for those right.
• 13:25
  Speaker 3: So that's the other thing. What if something happens to you,
• 13:29
  Speaker 3: you know, God forbid, and you can't speak, you're immobile.
• 13:37
  Speaker 3: A lot of our loved ones may have a dementia
• 13:40
  Speaker 3: or something that they really can't articulate what they want
• 13:45
  Speaker 3: to have happen to their assets and you've done nothing,
• 13:50
  Speaker 3: They've done nothing to prepare for that eventuality.
• 13:53
  Speaker 1: Then what Well, it's really important that you say that.
• 13:55
  Speaker 2: That's why I started with a state planning because people
• 13:58
  Speaker 2: won't even think about that. You know, the car, your jewelry,
• 14:02
  Speaker 2: your house, all your bank accounts, all that should be
• 14:06
  Speaker 2: tied into you know.
• 14:08
  Speaker 1: No, I'm not saying that in the state planning.
• 14:10
  Speaker 2: Is a whill, but at least it protects you your
• 14:15
  Speaker 2: assets and you can say this is where they should
• 14:18
  Speaker 2: go if you have a proper state plan right, and now,
• 14:22
  Speaker 2: a will is something you definitely should have.
• 14:25
  Speaker 1: Should we talk about that now?
• 14:27
  Speaker 3: Yeah, at least talk about will.
• 14:28
  Speaker 1: Or should we talk about investment?
• 14:30
  Speaker 2: Yeah?
• 14:32
  Speaker 1: People, you know you can.
• 14:33
  Speaker 2: You can have a will in your twenties, your thirties,
• 14:36
  Speaker 2: your forties, your fifties. There's no set date. I got
• 14:39
  Speaker 2: to be in my fifties and my sixties and seventies
• 14:41
  Speaker 2: to start considering a whill. A will outlines your your
• 14:47
  Speaker 2: wealth that you you've accumulated and where it should go
• 14:50
  Speaker 2: properly and not to the state.
• 14:52
  Speaker 3: That's right, Oh, Rashaan, you just hit the nail on
• 14:55
  Speaker 3: the head because you know in your twenties you're working
• 14:59
  Speaker 3: your cube things in your thirties and forties. You don't
• 15:02
  Speaker 3: have to wait until a particular age in the distant
• 15:06
  Speaker 3: future to set up a will right because you are
• 15:10
  Speaker 3: properly planning. You are outlining what happens if something happens
• 15:16
  Speaker 3: to me. Would you technically are not too young to
• 15:20
  Speaker 3: do in your twenties.
• 15:21
  Speaker 1: Please don't go anywhere.
• 15:22
  Speaker 2: We'll be right back for more Money Making Conversations Masterclass.
• 15:26
  Speaker 2: No need for you to do me a favor right
• 15:28
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• 15:46
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• 16:00
  Speaker 3: Now, when you have a will, the way that I
• 16:03
  Speaker 3: structure it in my firm is we use a will
• 16:06
  Speaker 3: as sort of like a secondary backup document, meaning we're
• 16:10
  Speaker 3: focusing in on the trust. Your trust is that main
• 16:13
  Speaker 3: document that it has covers all of your assets. And
• 16:17
  Speaker 3: that trust. The will we use as a pore over will,
• 16:21
  Speaker 3: which anything that we may have missed in the trust
• 16:23
  Speaker 3: goes in that will, right because not only do you
• 16:27
  Speaker 3: have to create that trust, but you have the fund.
• 16:30
  Speaker 2: Bit now that we talked about two proper things that
• 16:33
  Speaker 2: you should be incorporating in your financial plan up front,
• 16:37
  Speaker 2: it's state planning and will, let's talk about investing.
• 16:40
  Speaker 1: Wo I love it.
• 16:41
  Speaker 3: Yes, investing advice. Since we started off with trust and
• 16:46
  Speaker 3: wills and estate planning for investing advice, my first item
• 16:51
  Speaker 3: that I like to touch on is that four one
• 16:53
  Speaker 3: K plan. For many of us who have nine to
• 16:56
  Speaker 3: five jobs, the usually the state law depending on your jurisdiction,
• 17:02
  Speaker 3: requires the employer to have a full one K plan
• 17:05
  Speaker 3: for you. Many folks don't really focus on that, particularly
• 17:10
  Speaker 3: my younger folks, my twenty year olds, my thirty year olds.
• 17:13
  Speaker 3: You think, oh, I don't have to worry about that. No,
• 17:17
  Speaker 3: you max out the investment, your investment in those four
• 17:21
  Speaker 3: and one case if your company or government agency or
• 17:26
  Speaker 3: wherever you work provides a match to your investment, maybe
• 17:29
  Speaker 3: it's a one percent match, a three percent match. I
• 17:32
  Speaker 3: know in the federal government, it was a four percent match.
• 17:36
  Speaker 3: You need to be contributing at least four percent of
• 17:39
  Speaker 3: your income. I don't care what your income is, how big,
• 17:42
  Speaker 3: how small. You need to be contributed in four percent
• 17:45
  Speaker 3: of your income so you can get that match. You
• 17:47
  Speaker 3: are leaving money on the table if you don't do that.
• 17:51
  Speaker 3: That's free money your employer is putting towards your retirement.
• 17:55
  Speaker 3: So let's get that out the way. The other investment
• 17:57
  Speaker 3: that I would say is, if you don't our already
• 18:00
  Speaker 3: have one roth iray, open the wrong IRA. Make sure
• 18:04
  Speaker 3: that you're making whatever contributions you can. Ideally, whatever the
• 18:09
  Speaker 3: max is if you're over I think fifty or above.
• 18:13
  Speaker 3: I think the max was eight thousand, and may have
• 18:16
  Speaker 3: jumped to eight thousand, five hundred and twenty twenty six,
• 18:19
  Speaker 3: make sure you look into that. And if you're under fifty,
• 18:22
  Speaker 3: I think it's set either seven thousand and seven thousand,
• 18:24
  Speaker 3: five hundred. Divide up what that looks like for you.
• 18:28
  Speaker 3: If you can make monthly payments that meet whatever threshold
• 18:32
  Speaker 3: amount to that roth IRA, do it. Roth Iray is
• 18:38
  Speaker 3: a sort of a type of retirement account. It's after
• 18:43
  Speaker 3: tax money, meaning that you don't have to pay taxes
• 18:48
  Speaker 3: on it, providing you comply with the requirements. Some of
• 18:52
  Speaker 3: the requirements are that you leave that money in there
• 18:54
  Speaker 3: until you're fifty nine and a half. Now, let me
• 18:57
  Speaker 3: say you if you have an emergency you need to
• 19:01
  Speaker 3: access that money, you can take out the principle without
• 19:04
  Speaker 3: any tax consequences, even if you're not fifty nine and
• 19:07
  Speaker 3: a half. So some people use it as a savings
• 19:09
  Speaker 3: account because you are able to invest in the market
• 19:13
  Speaker 3: but still get access to your money if you need it,
• 19:16
  Speaker 3: even if you're not fifty nine and a half. But
• 19:20
  Speaker 3: part of investing is tax strategy, and with roth IRA,
• 19:25
  Speaker 3: because it's after tax dollars, you're not taxed on that money,
• 19:29
  Speaker 3: and that's a big deal. So again along that theme
• 19:33
  Speaker 3: of taking advantage of sort of free money that's given
• 19:37
  Speaker 3: to you. That's like tax free money. You usually don't
• 19:41
  Speaker 3: have many options where the government is not taxing you
• 19:45
  Speaker 3: on your gains, right, so you can let your money
• 19:47
  Speaker 3: grow accumulate over years in a roth IRA and as
• 19:52
  Speaker 3: long as you comply with the requirements for withdrawal, you
• 19:55
  Speaker 3: can have tax free investment. The other thing is open
• 19:58
  Speaker 3: a brokerage account that would be third on my list
• 20:02
  Speaker 3: if you haven't already done so, I like to say,
• 20:06
  Speaker 3: like these more prominent brokerages. No, no knock against the
• 20:11
  Speaker 3: newer guys like Robin Hood or any of the newer brokerages,
• 20:17
  Speaker 3: but I like to go with those who've been around
• 20:20
  Speaker 3: for like seventy five one hundred years. Because they've been
• 20:23
  Speaker 3: around for a while, that's a good sign of their
• 20:27
  Speaker 3: ability to weather the storm. Is not per you know,
• 20:30
  Speaker 3: I'm not saying that they nothing can happen to them,
• 20:32
  Speaker 3: But if I had to, like Gamble, that's that's where
• 20:35
  Speaker 3: I'm going. In some of those companies as Chaos Schwab
• 20:40
  Speaker 3: Fidelity and open a brokerage account there. Both of them
• 20:45
  Speaker 3: allow you to do fractional investment. So if you can't afford,
• 20:52
  Speaker 3: say if you want to buy a share of Microsoft,
• 20:54
  Speaker 3: which was at four hundred and something dollars, but you
• 20:57
  Speaker 3: don't have four hundred and something dollars, those brokerages allow
• 21:01
  Speaker 3: you to buy ten dollars of it, fifteen dollars of it,
• 21:04
  Speaker 3: and you keep doing it. The trick with investing in
• 21:09
  Speaker 3: any asset is consistency. Don't time the market. You cannot
• 21:14
  Speaker 3: time the market like we don't have the tools that
• 21:17
  Speaker 3: these hedge funds and then investment bankers have to time
• 21:20
  Speaker 3: anything right as a retail investor, so it's time in
• 21:25
  Speaker 3: the market. Put your money in.
• 21:27
  Speaker 2: If you let special lines they've laid yes exactly.
• 21:32
  Speaker 3: People put you a little five dollars, a little ten dollars.
• 21:35
  Speaker 3: Trust me, it accumulates over time. You can go in AI,
• 21:38
  Speaker 3: whether it be Chat, GPT, Claude Perplexity, you Gemini three.
• 21:43
  Speaker 3: You go there and you say what are the top
• 21:45
  Speaker 3: stocks in any particular industry and act chat GPT. I mean,
• 21:51
  Speaker 3: you know, again not investment advice, but again when you're
• 21:56
  Speaker 3: looking at where do I want to play some money?
• 21:59
  Speaker 3: Because has risk right? And if you're trying to contemplate,
• 22:05
  Speaker 3: like just a simple Bell Weather, if you're trying to
• 22:07
  Speaker 3: contemplate what company do I want to put my money in?
• 22:09
  Speaker 3: Follow the money? Where where's Nancy Pelosi putting her money?
• 22:13
  Speaker 1: Like we're where is black Rock? Where's Trump? Where's Trump
• 22:18
  Speaker 1: putting his money?
• 22:19
  Speaker 2: Okay, Okay, you know he's getting the top top financial advice.
• 22:25
  Speaker 3: Okay, follow him and he and you know what Trump
• 22:29
  Speaker 3: tell you what he about to do. He ain't hiding it,
• 22:32
  Speaker 3: so you ain't to scratch your head, like, what are
• 22:34
  Speaker 3: you gonna do next? He tell you what he's doing.
• 22:37
  Speaker 1: Right. Let me make sure people know this, Lisa. Research
• 22:41
  Speaker 1: is important.
• 22:42
  Speaker 2: They come to you because you know, because you mentioned
• 22:45
  Speaker 2: Ai and I want to always tell people any advice
• 22:49
  Speaker 2: is that it's given on this show.
• 22:51
  Speaker 1: Research research, research.
• 22:53
  Speaker 2: Do not jump out there because you heard somebody tell
• 22:57
  Speaker 2: you or somebody a little birdie told you a you woke.
• 23:00
  Speaker 1: Up and you had a dream about the stock. Research research, research,
• 23:05
  Speaker 1: also research over a year period, see how that stock
• 23:10
  Speaker 1: going up and down.
• 23:12
  Speaker 2: If it's staying flat, it's just low, and it's not
• 23:16
  Speaker 2: from a historical standpoint normally low. That means that that's
• 23:21
  Speaker 2: a stock that problem is going to have a comeback.
• 23:24
  Speaker 1: Do your research.
• 23:25
  Speaker 2: Are they laying off people or is it a strategy
• 23:28
  Speaker 2: as to why they're laying off people?
• 23:29
  Speaker 1: Because people lay off people, lay off employees. That's a strategy.
• 23:33
  Speaker 1: You know, they cut back.
• 23:35
  Speaker 2: They getting ready to make an announcement when they do
• 23:38
  Speaker 2: their tax earning calls to say, look we lay it
• 23:41
  Speaker 2: off ten thousand people and then a stock jump. Now,
• 23:45
  Speaker 2: if you see these people laying off people, that's part
• 23:47
  Speaker 2: of the research process that you have to go through
• 23:50
  Speaker 2: because these are the misconceptions that we have, Lisa. And
• 23:54
  Speaker 2: one of the things I do enjoy when I talk
• 23:56
  Speaker 2: to you, I talk about law, I talk about finances.
• 24:00
  Speaker 2: One advantage does that offer to you when a client
• 24:03
  Speaker 2: comes to you seeking advice?
• 24:06
  Speaker 3: Absolutely. I like to say that Maulraine Law is the
• 24:13
  Speaker 3: place where your financial education from legacy building is enhanced.
• 24:19
  Speaker 3: Legacy building, we educate people on how to acquire assets,
• 24:25
  Speaker 3: make money better themselves financially, and then once they've gotten
• 24:32
  Speaker 3: that knowledge, we and they're able to kind of get
• 24:35
  Speaker 3: going with that. Moull Rain Law offers the opportunity to
• 24:40
  Speaker 3: protect you've now created or what you have before when
• 24:45
  Speaker 3: you came to us. And that intersection isn't often seen,
• 24:51
  Speaker 3: right because usually if you protect assets, then you need
• 24:54
  Speaker 3: to find someone else to help you figure out how
• 24:57
  Speaker 3: to shield yourself, how to protect your assets. The beauty
• 25:01
  Speaker 3: of having both a financial literacy firm that provides that
• 25:04
  Speaker 3: financial education and a law firm is that you can
• 25:08
  Speaker 3: get everything in one place, particularly in the areas where
• 25:11
  Speaker 3: I'm licensed to practice law, which is Maryland, right, Massachusetts
• 25:17
  Speaker 3: and DC.
• 25:19
  Speaker 2: Now let's talk about scaling. You hear that a lot
• 25:22
  Speaker 2: scaling five years from now, where do you see Legacy
• 25:27
  Speaker 2: Building LLC?
• 25:28
  Speaker 3: Five years from now? I see Legacy Building LLC and
• 25:32
  Speaker 3: mull Raining Law doing wonderful, wonderful things, ideally partnering with
• 25:38
  Speaker 3: a lot of small businesses as well as partnering with
• 25:42
  Speaker 3: the government as a public servant for many, many years.
• 25:48
  Speaker 3: I see need within the government walls of individuals who
• 25:52
  Speaker 3: are making pretty good salaries but don't have that financial
• 25:58
  Speaker 3: education to help them figure out the best approach right
• 26:03
  Speaker 3: and oftentimes when they compare their salaries against their pairs
• 26:08
  Speaker 3: in the private sector, there's that focus on we're not
• 26:10
  Speaker 3: making as much as them, or even given what's happening
• 26:14
  Speaker 3: in the economy today, with the cost of things are
• 26:16
  Speaker 3: so expensive, it's sort of you don't have a ton
• 26:19
  Speaker 3: of money to do much else, but it's sort of
• 26:24
  Speaker 3: re examining and refocusing where your money's going now, the
• 26:29
  Speaker 3: money that you're earning, that's coming out of your paycheck,
• 26:31
  Speaker 3: where is it going now? What are you doing? And
• 26:36
  Speaker 3: I see Legacy Building being a leader in that space
• 26:41
  Speaker 3: to get folks thinking, to get folks more financially literate,
• 26:46
  Speaker 3: and to get more folks into the market and investing
• 26:50
  Speaker 3: and acquiring assets and not being afraid to do so.
• 26:54
  Speaker 3: Oftentimes I'll hear, oh, we can't invest that we'll lose
• 26:58
  Speaker 3: all our money. No, that's that's not true. If you're gambling,
• 27:02
  Speaker 3: if you don't do as you said with Sean, you're
• 27:04
  Speaker 3: due diligence. If you don't keep on top of your investments,
• 27:08
  Speaker 3: then yes, you probably will lose it all. So you
• 27:11
  Speaker 3: need to make wise investments. I'm not suggesting that you
• 27:15
  Speaker 3: don't buy things that you like. You work hard, but
• 27:18
  Speaker 3: you just got to be smart about it and be diligent,
• 27:22
  Speaker 3: you know, with sort of partnering with the government, partnering
• 27:26
  Speaker 3: with small businesses and partnering with others. I see Legacy
• 27:32
  Speaker 3: Building being an international brand as well as also.
• 27:37
  Speaker 1: She's Lisa, she's least the Moraine Legacy Building LLC and
• 27:43
  Speaker 1: Moraine Law. She's practicing law right in Maryland. But guess what,
• 27:48
  Speaker 1: you can go online find out about it. You do
• 27:51
  Speaker 1: zoom calls with you, let her know that they It's
• 27:55
  Speaker 1: all about due diligence, ladies and gim there's no magic
• 27:58
  Speaker 1: pill or a wing out there to success. It's tied
• 28:03
  Speaker 1: to longelomity. We're not talking about playing the lottery. We're
• 28:06
  Speaker 1: talking about building your.
• 28:07
  Speaker 2: Life through sound advice, excellent decisions, having this state plan
• 28:12
  Speaker 2: put in place, having a will put in place. That way,
• 28:16
  Speaker 2: when you make these investments, purchase these items, it will
• 28:19
  Speaker 2: go to your family or who you wanted to go
• 28:22
  Speaker 2: to and not be arbitrated by the state. And believe
• 28:26
  Speaker 2: it when it gets there, they're going to take their
• 28:28
  Speaker 2: peace before they give it to you.
• 28:32
  Speaker 1: Awesome. Appreciate you coming on the show.
• 28:35
  Speaker 3: I appreciate you having me. Thanks so much for Sean.
• 28:37
  Speaker 3: You were awesome.
• 28:39
  Speaker 1: Thank you for listening to this episode.
• 28:41
  Speaker 2: No, I need for you to do me a favor
• 28:44
  Speaker 2: right now to follow or subscribe to Money Making Conversation.
• 28:47
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• 29:00
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