Latest / The Steve Harvey Morning Show / Sonia Fears of The Fears Group at Morgan Stanley is one of the leading financial experts in discussing savings plans, compounded interest portfolios, and lines of credit.

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Sonia Fears of The Fears Group at Morgan Stanley is one of the leading financial experts in discussing savings plans, compounded interest portfolios, and lines of credit. · The Steve Harvey Morning Show

• 0:05
  Speaker 1: Welcome to money Making Conversations.
• 0:06
  Speaker 2: It's the show that she is the secrets of success
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  Speaker 2: experience firsthand by marketing and Brandon expert Rashan McDonald. I
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  Speaker 2: will know he's giving me advice on many occasions. And
• 0:14
  Speaker 2: in case you didn't notice, I'm not broke. You know
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  Speaker 2: he'll be interviewing celebrity CEOs, entrepreneurs and industry.
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  Speaker 1: Decision make because it's what he likes to do. It's
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  Speaker 1: what he likes to share.
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  Speaker 2: Now it's time to hear from my man, Rashan McDonald
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  Speaker 2: money making Conversations.
• 0:29
  Speaker 1: Here we go. Thank you, David A. Smith.
• 0:30
  Speaker 3: I always appreciate you let me in on my show, brother,
• 0:34
  Speaker 3: because you are a big time Welcome to money Making
• 0:37
  Speaker 3: conversation masterclass. My guess is Sonny Fears of the Morgan
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  Speaker 3: Stanley Group is right within Morgan Stanley. She's one of
• 0:45
  Speaker 3: the leading financial experts in discussing stocks, saving programs, come
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  Speaker 3: doun to interest portfolios, name, image and likeness. That's where
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  Speaker 3: there's lines of credit. Sonya built her career and her
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  Speaker 3: family practice at Morgan Stanley along with her two daughters.
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  Speaker 3: Alternative investment opportunities, retirement plans and entertainment and sports, financial
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  Speaker 3: consults consultations. Please welcome to Money Making Conversation master Class.
• 1:08
  Speaker 3: Sign your fears.
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  Speaker 4: Good evening, Good evening. Thank you so much for having
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  Speaker 4: me back on your show, Sean. It's always a pleasure.
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  Speaker 3: Well, I appreciate you being on the show. Appreciate you
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  Speaker 3: being those show. Now tell me being on the show.
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  Speaker 3: You have a family and you got together, and that
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  Speaker 3: is nothing greater I have to assume than to be
• 1:28
  Speaker 3: in business with your family. Tell us about that.
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  Speaker 4: You're right, nothing greater. It is the greatest accomplishment I
• 1:35
  Speaker 4: must say of my career, my adult life, my career
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  Speaker 4: to be able to build a legacy, build a business.
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  Speaker 4: And I have to say, this industry is one of
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  Speaker 4: the few industries that you can build up a practice
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  Speaker 4: and turn it over to your children, and you know,
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  Speaker 4: just create a legacy that one day they can then
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  Speaker 4: turn it over to their children. Hope if they can
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  Speaker 4: get one or two interested in being in the financial
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  Speaker 4: services industry.
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  Speaker 3: Well, you know, one of the reasons you know, I
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  Speaker 3: brought you on the show, Sonya, is about that legacy
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  Speaker 3: that you're talking about, that knowledge, that information that you're
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  Speaker 3: talking about that's so important to I feel the Black
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  Speaker 3: community and in conversations because we've talked about this a
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  Speaker 3: lot about blacks, you know with the the you know,
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  Speaker 3: last hired, first fired, or first laid out, you know,
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  Speaker 3: the last to get the information on the housing or
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  Speaker 3: the last to get the information on our economic opportunities
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  Speaker 3: in your world, you're in.
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  Speaker 1: That financial sector.
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  Speaker 3: What is stopping the black community from moving to the
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  Speaker 3: front of the line, or can we move to the
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  Speaker 3: front of the line.
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  Speaker 4: Absolutely we can. All it takes and we know that
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  Speaker 4: is for one of us to get in the door.
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  Speaker 4: And once you're in the door, you know you profit
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  Speaker 4: open and let others through. It's all of about getting
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  Speaker 4: the information about the education. For years decades in this industry,
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  Speaker 4: you see many people that look like you and I
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  Speaker 4: attain immense wealth, and many people that look like you
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  Speaker 4: and I end up losing that wealth. Education to get
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  Speaker 4: the information, that's what keeps you in the door. That's
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  Speaker 4: what helps our community understand that this is an incredible
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  Speaker 4: industry and an incredible way to build a legacy financial education.
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  Speaker 4: And it's out there with Sean. It's not banned or
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  Speaker 4: it's not relegated to the people who have high degrees
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  Speaker 4: and multiple degrees. It's out there for all of us.
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  Speaker 4: This wonderful thing called the Internet makes it more available
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  Speaker 4: to day than it's ever been before. And I dare
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  Speaker 4: say financial advisors in this industry also make it more
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  Speaker 4: available and able to disseminate it to the massive more
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  Speaker 4: than ever before.
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  Speaker 3: Okay, I mentioned the fact that the Fears Group, which
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  Speaker 3: is your last name, Sonia Fears, is ed Morgan Stanley.
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  Speaker 1: How does that work?
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  Speaker 3: So my audience can understand that you built your business
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  Speaker 3: inside of the Morgan Stanley brand.
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  Speaker 4: That's exactly how that works. So I've been doing wealth
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  Speaker 4: management now for seventeen years. I was at mary Lynch
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  Speaker 4: for fifteen At Mary Lynch, my daughter, my oldest daughter,
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  Speaker 4: and I started the very first African American mother daughter
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  Speaker 4: team that Mari Lynch has ever had in its history.
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  Speaker 4: I moved over to Morgan Stanley. I've been with Morgan
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  Speaker 4: Stanley two and a half years now and I now
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  Speaker 4: have two daughters that joined me at Morgan Stanley. It's
• 5:01
  Speaker 4: you know, it's It wasn't the easiest thing, but again,
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  Speaker 4: I can't say the more enough times I've been blessed
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  Speaker 4: and it's the greatest accomplishment that I've had to date
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  Speaker 4: in my career, So.
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  Speaker 3: How can one get in touch with you?
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  Speaker 1: Call me?
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  Speaker 4: My number is four to seven zero four four nine
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  Speaker 4: zero eight one two and my email sonya so and
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  Speaker 4: I a dot Fears f E A R S at
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  Speaker 4: Morgan Stanley dot com. Call or email me.
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  Speaker 1: I will respond absolutely, thank you.
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  Speaker 3: Does it get into telling people how you how you
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  Speaker 3: w how this business works from financial situation? Now, it
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  Speaker 3: was a couple of programs I want to bring to
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  Speaker 3: everybody's attention that I found out about, and I felt
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  Speaker 3: that these are type of programs that need to be
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  Speaker 3: heard on my show. You have what you call a
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  Speaker 3: preferred savings program over a mortgage Stanley that you oversee
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  Speaker 3: the Fears Group does where your mortgage with the savings
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  Speaker 3: interest rate, which to me, I think is ridiculously low.
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  Speaker 1: That's just my thought.
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  Speaker 3: But you're saying that it can be offered at a
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  Speaker 3: higher interest rate at Morgan Stanley. Can you explain that
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  Speaker 3: to my listeners?
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  Speaker 4: Absolutely? And I dare say that Morgan's Stanley Preferred Savings
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  Speaker 4: program offers one of the highest rate out there for cash.
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  Speaker 4: So in most banking accounts that you have, even your
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  Speaker 4: preferred banking accounts. If it's sitting there in a traditional
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  Speaker 4: banking account and a savings account, you may be earning
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  Speaker 4: point zero five percent on your money, even in high
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  Speaker 4: interest times like this. In our preferred savings program we
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  Speaker 4: pay four point six percent on cash. Your money is safe,
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  Speaker 4: you know.
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  Speaker 1: For there's a lot of excuse me, excuse me, excuse me.
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  Speaker 1: You know you did you're.
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  Speaker 3: Dealing with numbers. All you could say something like that.
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  Speaker 3: Maybe you said, you said the going rate is what
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  Speaker 3: out there?
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  Speaker 1: And what is Morgan Stanley offering?
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  Speaker 4: So in your traditional bank account and you know, again
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  Speaker 4: the internet is there, you can google it. You will
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  Speaker 4: get point zero five percent on your savings account in
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  Speaker 4: your bank, your traditional bank and our preferred savings programs
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  Speaker 4: we offer four point six percent on cash right now,
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  Speaker 4: savings 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 4: And that's a great question. Thank you for asking. In
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  Speaker 4: our community, you know, we talk about it all the time,
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  Speaker 4: and you know, people know it and they say it,
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  Speaker 4: but they don't really realize it's real. So the banks
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  Speaker 4: are using your money and it's called overnight sweep. So
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  Speaker 4: most banks are part of the Federal Open Market Commission
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  Speaker 4: and their member banks. Right, so there's an overnight SUITEP
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  Speaker 4: where your money that's deposited is being loaned and the
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  Speaker 4: banks are being paid to lend your money at a
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  Speaker 4: much greater rate than they're paying you.
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  Speaker 5: So if you.
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  Speaker 4: Don't need that daily liquidity, you know, if it's not
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  Speaker 4: in a checking or a savings account, especially a checking
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  Speaker 4: account that you're using that money every day, we suggest
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  Speaker 4: you put it in a savings program. And what we're
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  Speaker 4: hoping is that this is money that you're going to
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  Speaker 4: leave in there. Right, it's available to you at any time,
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  Speaker 4: any minute, any day. But if you leave it in there,
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  Speaker 4: then we are batting that. Okay, it'll benefit us. So
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  Speaker 4: why not give you the benefit that you deserve on
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  Speaker 4: that money, because again, if it's in the bank, they're
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  Speaker 4: going to be using it, whether or not you think
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  Speaker 4: they are, they are fantastic.
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  Speaker 3: I'm talking to son your Fears of the Fears group
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  Speaker 3: within the Morgan Stanley brand. Sonya is one of the
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  Speaker 3: leading financial experts in discussing stocks, savings programs, which he
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  Speaker 3: just discussed right there, Compounded interest portfolios which we will
• 9:18
  Speaker 3: go to in ad minute, name image and likeness, which
• 9:20
  Speaker 3: we will discuss later on the show, as well as
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  Speaker 3: lines of credit. I just popped out the big word,
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  Speaker 3: compounded interest.
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  Speaker 1: I hear that a lot. Can you tell my.
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  Speaker 3: Listeners what exactly does compounded interest means? Because that's used
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  Speaker 3: a lot in the stop game in stock market gaming,
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  Speaker 3: especially compounding interest.
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  Speaker 4: So I'm going to first tell you what it is,
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  Speaker 4: and then I'm going to give you an example of
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  Speaker 4: how it works. Right, right, So, compounding interest is, say
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  Speaker 4: you saved one thousand dollars and you're earning ten percent
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  Speaker 4: on one thousand dollars. That's ten percent gets you to
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  Speaker 4: one thousand, one hundred dollars, right. You continue to earn
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  Speaker 4: that ten percent, so you're now earning one thousand, ten
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  Speaker 4: percent on one thousand, one hundred, which gets you to
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  Speaker 4: be one thousand, two hundred and ten dollars. Ten percent
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  Speaker 4: on that one thousand, three hundred and thirty one dollars.
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  Speaker 4: So that's how compounded interest works. Now, for an example,
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  Speaker 4: if you had two people, two people right, twenty years old,
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  Speaker 4: each same.
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  Speaker 1: Age, same age, twenty years, twenty years old each.
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  Speaker 4: Okay, twenty years old. We have a young woman who
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  Speaker 4: she said she can't afford to save for retirement. She
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  Speaker 4: has an apartment, new cars. Starting out is challenging. So
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  Speaker 4: we say, okay, just save two hundred and fifty dollars
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  Speaker 4: a month. That's three thousand dollars a year. And we
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  Speaker 4: talked to her. She's said, okay, I'm gonna do it,
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  Speaker 4: and she saved three thousand dollars a year for ten years,
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  Speaker 4: thirty thousand dollars. We have a young man, Terry and
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  Speaker 4: she stops.
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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 4: 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 4: It's still compounded. Example I just gave you is doing
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  Speaker 4: that right? And so we have someone else, Terry, you
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  Speaker 4: know he is. He said, I'm gonna wait because i
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  Speaker 4: want to live my best life and I'm going to
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  Speaker 4: buy that brand new car, and I'm going to travel
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  Speaker 4: a little bit, and I'm young, so I'm just gonna
• 11:40
  Speaker 4: take advantage of you know, going to Dubai. I'm just
• 11:46
  Speaker 4: so he started saving at thirty years old, and he
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  Speaker 4: did the same thing. He saved two hundred and fifty
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  Speaker 4: dollars a month a year, so three thousand dollars a year,
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  Speaker 4: and instead instead of saving for ten years, he's you know,
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  Speaker 4: he's financially savvy. He understands the market. He's going to
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  Speaker 4: serve save for thirty years, so he does that. So
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  Speaker 4: Terry saves from thirty till he is sixty. They both
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  Speaker 4: retire at sixty five. And the question is at sixty five,
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  Speaker 4: after Terry saved his ninety thousand dollars and Astley saved
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  Speaker 4: her thirty thousand dollars, who has the most money?
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  Speaker 1: Drumroll please please, And.
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  Speaker 4: The answer is, our dear darling, Ashley has the most money?
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  Speaker 1: How much?
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  Speaker 4: At sixty five she has seven hundred and eighteen thousand,
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  Speaker 4: four hundred and seventy three dollars estimated rate of return
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  Speaker 4: nine percent. At sixty five, Terry, who saved twenty thousand dollars,
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  Speaker 4: have four hundred and eighty nine thousand, one hundred eleven
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  Speaker 4: dollars same estimated greater return of nine percent. Wow, she
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  Speaker 4: has almost doubled the money that he had, and he
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  Speaker 4: tripled the amount of money she saved.
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  Speaker 3: Because she started her because she started early, compounded that
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  Speaker 3: team stopped at ten years. He started after her and
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  Speaker 3: did thirty years but his compounding started later and now
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  Speaker 3: she says seven he's at seven hundred thousand, she's at
• 13:31
  Speaker 3: four hundred thous Again, I'm talking to son you for
• 13:33
  Speaker 3: a sonye before we go to break. What's your contact
• 13:35
  Speaker 3: information so we can go to break.
• 13:37
  Speaker 1: After that, it's.
• 13:38
  Speaker 4: Four to seven zero four four nine zero eight one two.
• 13:51
  Speaker 5: We'll be right back with more Money Making Conversations Masterclass
• 13:55
  Speaker 5: with Rashawn McDonald. You are now tuned into the Money
• 13:59
  Speaker 5: Making Conversations.
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  Speaker 1: Minute of Inspiration with Rashawn McDonald.
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  Speaker 1: Keep winning.
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  Speaker 5: Now, let's return to Money Making Conversationations Masterclass with Rashaun McDonald.
• 15:03
  Speaker 3: MSS fears. Thank you for coming on Money Making Conversations.
• 15:06
  Speaker 3: Why are you on the show today?
• 15:07
  Speaker 1: Why are you?
• 15:07
  Speaker 3: Why are you coming on talking about finances and talking
• 15:10
  Speaker 3: about what you can do and engage in my audience and.
• 15:16
  Speaker 1: What's the bigger picture here?
• 15:18
  Speaker 4: The bigger picture. So, my daughter, one of my daughters,
• 15:23
  Speaker 4: at twenty five years old, bought her first home. She
• 15:28
  Speaker 4: bought a townhouse. My oldest daughter at twenty seven, she
• 15:34
  Speaker 4: bought her first home. She is now twenty nine and
• 15:38
  Speaker 4: just bought her second home. It's about being empowered. It's
• 15:43
  Speaker 4: about starting and building a legacy, and it's about our
• 15:48
  Speaker 4: community being able to participate in all the wealth that's
• 15:54
  Speaker 4: surrounding us. And how do you do that? You have
• 15:57
  Speaker 4: to be educated that we can do it too, and
• 16:01
  Speaker 4: how do we do it? Let's talk about it right
• 16:04
  Speaker 4: you No, let me share the knowledge that I've attained
• 16:08
  Speaker 4: to help others do the same thing.
• 16:09
  Speaker 3: Well, we have a caller who wants to hear the knowledge,
• 16:12
  Speaker 3: Miss Fears.
• 16:13
  Speaker 1: Please welcome to show.
• 16:14
  Speaker 3: Jennie Jeannie, I thank you for calling Money Making Conversation Masterclass.
• 16:18
  Speaker 3: You're speaking to Rasha McDonald and sign your fears from
• 16:21
  Speaker 3: the Fears group on Morgan Stanley.
• 16:23
  Speaker 1: What's your question?
• 16:24
  Speaker 7: First of all, I want to say this is absolutely
• 16:26
  Speaker 7: a great show today because I've actually been looking for
• 16:30
  Speaker 7: someplace to actually save money.
• 16:33
  Speaker 4: So I.
• 16:37
  Speaker 7: Niece that I'm raising, and she's her money's coming in
• 16:42
  Speaker 7: that are from you know, her dad, from his social security.
• 16:46
  Speaker 7: So I want to make sure that she's financially set
• 16:49
  Speaker 7: up in a really good way. And she's fourteen right now,
• 16:55
  Speaker 7: and it's about let's say, about maybe sixty eight hundred dollars.
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  Speaker 7: What would be the best way to save would it
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  Speaker 7: be to put it in the compound interest or the
• 17:06
  Speaker 7: savings account? But four point six is like amazing because
• 17:10
  Speaker 7: everything I've been finding has been online has been you know,
• 17:14
  Speaker 7: definitely less than that.
• 17:16
  Speaker 4: But what would be.
• 17:16
  Speaker 7: The best way? So when she does get out of
• 17:19
  Speaker 7: high school or and she you know, wants to go
• 17:22
  Speaker 7: to school or whatever, that she has those money for her.
• 17:27
  Speaker 4: Oh, that's incredible. One. I'm really really super excited that
• 17:32
  Speaker 4: at fourteen your thing, you're thinking about it for her
• 17:36
  Speaker 4: and she wants to save because again compound and interest.
• 17:41
  Speaker 4: If she saved now, she has four years to college,
• 17:45
  Speaker 4: so we could start. I'd rather her start earlier for
• 17:50
  Speaker 4: five to twenty nine plan, but a five to twenty
• 17:52
  Speaker 4: nine plan in which you can save for college and
• 17:56
  Speaker 4: what a lot of people don't know these days, a
• 17:58
  Speaker 4: five to twenty nine plan with the new secure at
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  Speaker 4: two point zho. If your child is brilliant, which we
• 18:07
  Speaker 4: know of many of our children are. They get scholarships
• 18:10
  Speaker 4: and they have money in a five to twenty nine plan,
• 18:13
  Speaker 4: which is a college savings plan, and they don't use it.
• 18:17
  Speaker 4: This is an opportunity to roll that money into a
• 18:21
  Speaker 4: roth ira. With a roth ira, that money you put
• 18:27
  Speaker 4: six hundred dollars in there. We just gave the example
• 18:30
  Speaker 4: of two hundred and fifty dollars a month for ten years.
• 18:34
  Speaker 4: You start with the six hundred dollars, you add one
• 18:37
  Speaker 4: hundred dollars to it, you get to one thousand dollars
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  Speaker 4: for the year or whatever you want to get to.
• 18:42
  Speaker 4: But that thousand dollars will grow free until she retires
• 18:49
  Speaker 4: if it is turned over into a roth ira, And
• 18:52
  Speaker 4: that's the beautier for roth ira. Again. If thirty thousand
• 18:56
  Speaker 4: dollars is going to grow to be seven hundred thousand approximately, right,
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  Speaker 4: that's six hundred and seventy thousand dollars that you would
• 19:07
  Speaker 4: not pay taxes on if that money was sitting in
• 19:09
  Speaker 4: a roth irs. Wow, now that's a powerful.
• 19:12
  Speaker 7: So yeah, So if we just say one thousand dollars
• 19:16
  Speaker 7: in the rough iron eight, just sit it there until
• 19:20
  Speaker 7: she's at retirement age. So what about say we set
• 19:25
  Speaker 7: one thousand dollars there and then what one hundred place else?
• 19:32
  Speaker 3: Hey, Genie, Genie, Genie, you're breaking up? Can you give
• 19:36
  Speaker 3: her your number so she can call you at the office? Sonya,
• 19:40
  Speaker 3: because the genie's checking up.
• 19:42
  Speaker 4: Absolutely, it's four to seven zero four four nine zero
• 19:47
  Speaker 4: eight one two. Please call me Genie. But okay, start
• 19:52
  Speaker 4: with the five twenty nine plan again because that's saving
• 19:55
  Speaker 4: for college. And if she doesn't use it, then we
• 19:59
  Speaker 4: would convert it to say a roth ira. But there
• 20:02
  Speaker 4: are many options. Would love to discuss them with you.
• 20:04
  Speaker 3: Yes, thank you Jenie for calling and really, you know,
• 20:07
  Speaker 3: I always tell people knowledges everything. If you if you're
• 20:10
  Speaker 3: quiet about this information we're trying to give you on
• 20:13
  Speaker 3: this show. Every week I'm trying to bring guests on.
• 20:15
  Speaker 3: I'm not trying. I am bringing guests on that I
• 20:18
  Speaker 3: believe can change your life, put you in a position
• 20:20
  Speaker 3: where you can have a better life. That's what we're
• 20:22
  Speaker 3: doing today with this interview. We're doing this interview. She's
• 20:26
  Speaker 3: reputable for Morgan Stanle, you know who they are, and
• 20:29
  Speaker 3: she had built with her daughters a business within that
• 20:33
  Speaker 3: of respected business within that and that's what we're talking about.
• 20:36
  Speaker 3: Her knowledge being transferred to you because if someone calls you,
• 20:40
  Speaker 3: you're not charging the love for you are your son you.
• 20:42
  Speaker 1: This is let.
• 20:43
  Speaker 4: Absolutely not okay, I'm not I will call to anyone
• 20:48
  Speaker 4: for an hour, two hours, whatever you need because I
• 20:52
  Speaker 4: want the information to get out there. We need to
• 20:55
  Speaker 4: be educated financially on how to set ourselves up for success,
• 21:00
  Speaker 4: to leave a legacy, how to set an example for
• 21:03
  Speaker 4: our children.
• 21:03
  Speaker 3: Right cool, listen, I have one thing before before you
• 21:06
  Speaker 3: get out of here. I wanted to talk about something
• 21:08
  Speaker 3: that is dancing out there A lot.
• 21:10
  Speaker 1: In the athletic world. And we have a lot of
• 21:13
  Speaker 1: called listeners.
• 21:13
  Speaker 3: I know who may have a nephew, maybe their own child,
• 21:17
  Speaker 3: a grandchild who in the world of sports, name, image
• 21:22
  Speaker 3: and likeness. They call it NIL for short, where young
• 21:25
  Speaker 3: men coming out of high school can now get get
• 21:28
  Speaker 3: sponsorship dollars, whether it's from major Fortune five hundred companies
• 21:32
  Speaker 3: or local businesses.
• 21:33
  Speaker 1: And make money.
• 21:34
  Speaker 3: You guys in your organization, the Fears Group, you guys
• 21:37
  Speaker 3: are in the NIL game.
• 21:38
  Speaker 4: Correct, Yes, we are so. I'm a global sports and
• 21:43
  Speaker 4: Entertainment director with Morgan Stanley have a lot of clients
• 21:47
  Speaker 4: in the sports and entertainment sector along with other sectors,
• 21:52
  Speaker 4: and with the NIL A few things that's really important.
• 21:56
  Speaker 4: These are young men and women middle school, high school
• 22:02
  Speaker 4: that are now being offered a great deal of money, right,
• 22:08
  Speaker 4: and so a few things that they need to know.
• 22:11
  Speaker 4: This money that they're getting can help fund their vision,
• 22:15
  Speaker 4: family vision, can help start a business even at that age,
• 22:20
  Speaker 4: can start saving so that they can have that compounding
• 22:25
  Speaker 4: interest when they get older. Because again, some of them
• 22:30
  Speaker 4: will make it to be in the NFL or NBA,
• 22:36
  Speaker 4: or even to drive for NASCAR, but many most will
• 22:42
  Speaker 4: not because the percentage of athletes that truly make it
• 22:47
  Speaker 4: to be professionals are very very small. A lot of people,
• 22:51
  Speaker 4: a lot of people don't realize that. And so these
• 22:54
  Speaker 4: young men and women, they have an opportunity to capture
• 22:58
  Speaker 4: that wealth out and use it. But again they need
• 23:03
  Speaker 4: to be educated and their families need to be educated
• 23:07
  Speaker 4: to make sure that they hold on to the swellth
• 23:10
  Speaker 4: and not getting into contract that is not really profitable
• 23:16
  Speaker 4: more beneficial for them.
• 23:17
  Speaker 3: Yeah, so you're under the Fears group at Morgan Stanley.
• 23:20
  Speaker 3: You provide financial education reading here, financial education for the athlete,
• 23:24
  Speaker 3: provide financial education for the family, and then educate them
• 23:27
  Speaker 3: both about the nil opportunities exactly.
• 23:31
  Speaker 4: That's exactly what we do.
• 23:32
  Speaker 3: Let's se that I'm a little inside information about when
• 23:35
  Speaker 3: you're when when young people are offered scholarships to attend
• 23:38
  Speaker 3: college for their athletic skills, a scholarship is only it.
• 23:42
  Speaker 1: May say it seems like it's four years, but it's not.
• 23:45
  Speaker 3: It's a one year scholarship and every year they renew it.
• 23:49
  Speaker 3: So you can get a scholarship to go to University
• 23:52
  Speaker 3: of Georgia or Alabama. That doesn't mean that doesn't say
• 23:56
  Speaker 3: that you will be there for four years under a
• 23:58
  Speaker 3: scholarship is at the option of the school. They can
• 24:01
  Speaker 3: take that scholarship away from you, they can renew it.
• 24:04
  Speaker 3: So the NIL program is put in place to help
• 24:07
  Speaker 3: young men and women to be able to earn income.
• 24:12
  Speaker 3: Just in case that does happen, or it doesn't happen,
• 24:13
  Speaker 3: you still in a position to work with a reputable company.
• 24:17
  Speaker 1: Is not your.
• 24:17
  Speaker 3: Cousin, not your homeboard down the street, but a company
• 24:21
  Speaker 3: that has relationships and also the financial know how and
• 24:25
  Speaker 3: order tell you what to do with the money when
• 24:26
  Speaker 3: the opportunities come.
• 24:28
  Speaker 1: Am I correct when I say that?
• 24:30
  Speaker 4: Son?
• 24:30
  Speaker 1: Youa f here?
• 24:30
  Speaker 4: Are absolutely correct? You are absolutely correct? And again who
• 24:36
  Speaker 4: is there? You know you have people who save that
• 24:39
  Speaker 4: their business managers. Who's there to advise you and educate
• 24:44
  Speaker 4: you on how to properly manage this money, save this money,
• 24:49
  Speaker 4: make this money last for you because we have to
• 24:52
  Speaker 4: make it last absolutely.
• 24:55
  Speaker 3: As we close out, there's an interview. Thank you for
• 24:57
  Speaker 3: taking the time to come on money money making. Come
• 25:00
  Speaker 3: say master class. What is your contact information? And any
• 25:02
  Speaker 3: closing thoughts or advice to people who are considering are
• 25:06
  Speaker 3: looking for financial experts to advise them on their their
• 25:10
  Speaker 3: future financial outlooks.
• 25:14
  Speaker 4: Yeah, so number is four to seven zero four four
• 25:18
  Speaker 4: nine zero eight one two and my final thoughts here
• 25:24
  Speaker 4: and again thank you. It is an absolute pleasure to
• 25:26
  Speaker 4: be on the show. Final thought is planning. So we
• 25:30
  Speaker 4: are certified financial planners as well, and you've heard the same.
• 25:37
  Speaker 4: If you don't, if you fail to plan, then you
• 25:41
  Speaker 4: plan to fail. And so financial planning is the key.
• 25:46
  Speaker 4: You have to put a plan in place. You have
• 25:48
  Speaker 4: to understand where you are, know where you want to
• 25:52
  Speaker 4: go and have a plan on how to get there.
• 25:55
  Speaker 4: And that's what we do. We help our clients with
• 25:58
  Speaker 4: planning on how to get there. And there are many
• 26:01
  Speaker 4: strategies that we have in our wheelhouse through the breath
• 26:06
  Speaker 4: and depth of Morgan Stanley to offer to our clients.
• 26:10
  Speaker 3: Wow, thank you for coming on Money Making Conversation. We
• 26:12
  Speaker 3: will talk soon. Thank you, son youa fears, thank you,
• 26:16
  Speaker 3: thank you for listening.
• 26:16
  Speaker 5: Bye bye, thank you for joining us for this edition
• 26:27
  Speaker 5: of Money Making Conversations Masterclass. Money Making Conversations Masterclass with
• 26:32
  Speaker 5: through Sean McDonald is produced by thirty eight to fifteen
• 26:35
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  Speaker 8: HBCUs represent Black X. If you attend or are an
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