Latest / The Steve Harvey Morning Show / Financial Tips: Morgan Stanley's Sonia Fears uses simple formulas to grow your money and build family wealth.

Transcript

Financial Tips: Morgan Stanley's Sonia Fears uses simple formulas to grow your money and build family wealth. · The Steve Harvey Morning Show

• 0:05
  Speaker 1: Welcome to the show. I'm Rashawn McDonald, the host of
• 0:08
  Speaker 1: money Making Conversations Masterclass, where we encourage people to stop
• 0:12
  Speaker 1: reading other people's success stories and start planning their own.
• 0:16
  Speaker 1: Listen up as I interview entrepreneurs from around the country,
• 0:19
  Speaker 1: talk to celebrities and ask them how they are running
• 0:22
  Speaker 1: their companies, and speak with dog profits who are making
• 0:25
  Speaker 1: a difference in their local communities. Now, sit back and
• 0:28
  Speaker 1: listen as we unlock the secrets to their success on
• 0:31
  Speaker 1: Money Making Conversations Masterclass. My guess is Sonny Fears of
• 0:38
  Speaker 1: the Morgan Stanley Group is right within Morgan Stanley. She's
• 0:42
  Speaker 1: one of the leading financial experts in discussing stocks, saving programs,
• 0:46
  Speaker 1: come bound and interest portfolios, name image and likeness, as
• 0:50
  Speaker 1: well as lines of credit. Sonya built her career and
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  Speaker 1: her family practice at Morgan Stanley along with her two daughters.
• 0:56
  Speaker 1: They provide alternative investment opportunities, retirement plans and taming and
• 1:00
  Speaker 1: sports financial consultations. Please welcome to Money Making Conversation Master Class.
• 1:04
  Speaker 1: Sign your fears.
• 1:06
  Speaker 2: Good evening, Good evening. Thank you so much for having
• 1:09
  Speaker 2: me on your show, Sean, It's always a pleasure.
• 1:12
  Speaker 1: Well, I appreciate you being on the show. Appreciate you
• 1:15
  Speaker 1: being those show. Now tell me being on the show,
• 1:18
  Speaker 1: you have a family and you got together and that
• 1:22
  Speaker 1: is nothing greater I have to assume than to be
• 1:24
  Speaker 1: in business with your family. Tell us about that.
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  Speaker 2: You're right, nothing greater. It is the greatest accomplishment I
• 1:31
  Speaker 2: must say of my career, my adult life, my career
• 1:36
  Speaker 2: to be able to build a legacy, build a business.
• 1:41
  Speaker 2: And I have to say, this industry is one of
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  Speaker 2: the few industries that you can build up a practice
• 1:47
  Speaker 2: and turn it over to your children and you know,
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  Speaker 2: just create a legacy that one day they can then
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  Speaker 2: turn it over to their children, hopefully if they can
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  Speaker 2: get one or two interested in being in the financial
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  Speaker 2: services industry.
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  Speaker 1: Well, you know, one of the reasons, you know, I
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  Speaker 1: brought you on the show, Sonya, is about that legacy
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  Speaker 1: that you're talking about, that knowledge, that information that you're
• 2:11
  Speaker 1: talking about that's so important to I feel, the black
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  Speaker 1: community and in conversations because we've talked about this a
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  Speaker 1: lot about blacks. You know, with the the you know,
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  Speaker 1: last hired, first fired, or first laid out, you know,
• 2:25
  Speaker 1: the last to get the information on the housing, we
• 2:29
  Speaker 1: the last to get the information on our economic opportunities
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  Speaker 1: in your world. You're in that financial sector. What is
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  Speaker 1: stopping the black community from moving to the front of
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  Speaker 1: the line, or can we move to the front of
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  Speaker 1: the line.
• 2:43
  Speaker 2: Absolutely we can. All it takes and we know that
• 2:48
  Speaker 2: is for one of us to get in the door.
• 2:50
  Speaker 2: And once you're in the door, you know you profit
• 2:53
  Speaker 2: open and let others through. It's all about getting the
• 2:57
  Speaker 2: information about the education. For years decades in this industry,
• 3:03
  Speaker 2: you see many people that look like you and I
• 3:08
  Speaker 2: attain immense wealth, and many people that look like you
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  Speaker 2: and I end up losing that wealth. Education to get
• 3:18
  Speaker 2: the information, that's what keeps you in the door. That's
• 3:24
  Speaker 2: what helps our community understand that this is an incredible
• 3:31
  Speaker 2: industry and an incredible way to build a legacy financial education.
• 3:36
  Speaker 2: And it's out there with Sean. It's not banned or
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  Speaker 2: it's not relegated to the people who have high degrees
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  Speaker 2: and multiple degrees. It's out there for all of us.
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  Speaker 2: This wonderful thing called the Internet makes it more available
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  Speaker 2: today than it's ever been before, and I dare say
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  Speaker 2: financial advisors in this industry also make it more available
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  Speaker 2: and able to disseminate it to the massive more than
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  Speaker 2: ever before.
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  Speaker 1: Okay, I mentioned the fact that the Fears Group, which
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  Speaker 1: is your last name, Sonya Fears, is ed Morgan Stanley.
• 4:16
  Speaker 1: How does that work? So my audience can understand that
• 4:20
  Speaker 1: you built your business inside of the Morgan Stanley brand.
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  Speaker 2: That's exactly how that works. So I've been doing wealth
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  Speaker 2: management now for seventeen years. I was at mary Lynch
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  Speaker 2: for fifteen at Mary Lynch, my daughter, my oldest daughter,
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  Speaker 2: and I started the very first African American mother daughter
• 4:41
  Speaker 2: team that Mari Lynch has ever had in its history.
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  Speaker 2: I've moved over to Morgan Stanley. I've been with Morgan
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  Speaker 2: Stanley two and a half years now and I now
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  Speaker 2: have two daughters that joined me at Morgan Stanley. It's
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  Speaker 2: you know, it wasn't the easiest thing, but again I
• 5:02
  Speaker 2: can't say the more enough times. I've been blessed and
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  Speaker 2: it's the greatest accomplishment that I've had to date in
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  Speaker 2: my career.
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  Speaker 1: So how can one get in touch with you?
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  Speaker 2: Call me? My number is four to seven zero four
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  Speaker 2: four nine zero eight one two and my email Sonya
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  Speaker 2: so An I A dot sears f E A R.
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  Speaker 2: S at Morganstanley dot com. Call or email me.
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  Speaker 1: I will respond absolutely, thank you. Does it get into
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  Speaker 1: telling people how you how you how this business works
• 5:44
  Speaker 1: from financial situation? Now, it was a couple of programs
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  Speaker 1: I want to bring to everybody's attention that I found
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  Speaker 1: out about, and I felt that these are type of
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  Speaker 1: programs that need to be heard on my show. You
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  Speaker 1: have what you call a preferred savings program over at
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  Speaker 1: Mortgage Stanley that you over see the Fears Group does,
• 6:02
  Speaker 1: where your mortgage with the savings interest rate, which to
• 6:06
  Speaker 1: me I think is ridiculously low. That's not just my thought,
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  Speaker 1: but you're saying that it can be offered at a
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  Speaker 1: higher interest rate at Morgan standing. Can you explain that
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  Speaker 1: to my listeners?
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  Speaker 2: Absolutely? And I dare say that Morgan's Stanley Preferred Savings
• 6:22
  Speaker 2: program offers one of the highest rate out there for cash.
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  Speaker 2: So in most banking accounts that you have, even your
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  Speaker 2: preferred banking accounts, if it's sitting there in a traditional
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  Speaker 2: banking account and a savings account, you may be earning
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  Speaker 2: point zero five percent on your money, even in high
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  Speaker 2: interest times like this. In our Preferred Savings program, we
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  Speaker 2: pay four point six percent on cash. Your money is safe,
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  Speaker 2: you know, for there's.
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  Speaker 1: A lot of excuse me, excuse me, excuse me. You know,
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  Speaker 1: as you're dealing with numbers, all you could say something
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  Speaker 1: like that. Maybe you said, you said, the going rate
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  Speaker 1: is what out there? And what is Morgan Stanley offering?
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  Speaker 2: So in your traditional bank account and you know, again
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  Speaker 2: the internet is there, you can google it. You will
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  Speaker 2: get point zero five percent on your savings account in
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  Speaker 2: your bank, your traditional bank and our preferred savings programs
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  Speaker 2: we offer four point six percent on cash right savings
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  Speaker 2: account right now today.
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  Speaker 1: The next question, I guess someone who say, how is
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  Speaker 1: that possible?
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  Speaker 2: And that's a great question, thank you for asking. So
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  Speaker 2: in our community, you know, we talk about it all
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  Speaker 2: the time, and you know, people know it and they
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  Speaker 2: say it, but they don't really realize it's real. So
• 7:50
  Speaker 2: the banks are using your money and it's called overnight sweep.
• 7:56
  Speaker 2: So most banks are part of the Federal Open Market
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  Speaker 2: Commission and they're member banks. Right, So there's an overnight
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  Speaker 2: suitep where your money that's deposited is being loaned and
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  Speaker 2: the banks are being paid to lend your money at
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  Speaker 2: a much greater rate than they're paying you. So if
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  Speaker 2: you don't need that daily liquidity. You know, if it's
• 8:22
  Speaker 2: not in a checking or a savings account, especially a
• 8:26
  Speaker 2: checking account, that you're using that money every day, we
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  Speaker 2: suggest you put it in a savings program. And what
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  Speaker 2: we're hoping is that this is money that you're going
• 8:35
  Speaker 2: to leave in there. Right, it's available to you at
• 8:40
  Speaker 2: any time, any minute, any day. But if you leave
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  Speaker 2: it in there, then we are batting that, Okay, it'll
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  Speaker 2: benefit us. So why not give you the benefit that
• 8:51
  Speaker 2: you deserve on that money, because again, if it's in
• 8:55
  Speaker 2: the bank, they're going to be using it, whether or
• 8:57
  Speaker 2: not you think they are.
• 8:58
  Speaker 1: They are fantastic talking to son your Fears of the
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  Speaker 1: Fears group within the Morgan Stanley brand. Sonya is one
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  Speaker 1: of the leading financial experts in discussing stocks, savings programs
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  Speaker 1: which you just discussed right there, compounded interest portfolios which
• 9:13
  Speaker 1: we will go to in a minute, name image and likeness,
• 9:16
  Speaker 1: which we will discuss later on the show, as well
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  Speaker 1: as lines of credit. I just popped out the big word,
• 9:22
  Speaker 1: compounded interest. I hear that a lot. Can you tell
• 9:26
  Speaker 1: my listeners what exactly does compounded interest means? Because that's
• 9:31
  Speaker 1: used a lot in the stop game in stock market gaming,
• 9:34
  Speaker 1: especially compounding interest.
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  Speaker 2: So I'm going to first tell you what it is,
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  Speaker 2: and then I'm going to give you an example of
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  Speaker 2: how it works. Right right, So, compounding interest is say
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  Speaker 2: you saved one thousand dollars and you're earning ten percent
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  Speaker 2: on one thousand dollars. That ten percent gets you to
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  Speaker 2: one thousand, one hundred dollars, right right. You continue to
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  Speaker 2: earn that ten percent, so you're now earning one thousand,
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  Speaker 2: ten percent on one thousand, one hundred, which gets you
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  Speaker 2: to be one thousand, two hundred and ten dollars ten
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  Speaker 2: percent on that one thousand, three hundred and thirty one dollars.
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  Speaker 2: So that's how compounding interest works. Now, for an example,
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  Speaker 2: if you had two people, two people right, twenty years old,
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  Speaker 2: each same.
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  Speaker 1: Age, same age, twenty years twenty years old each.
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  Speaker 2: Okay, twenty years old. We have a young woman who
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  Speaker 2: she said she can't afford to save for retirement. She
• 10:43
  Speaker 2: has an apartment, new cars. Starting out is challenging. So
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  Speaker 2: we say, okay, just save two hundred and fifty dollars
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  Speaker 2: a month. That's three thousand dollars a year. And we
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  Speaker 2: talked to her. She said, okay, I'm going to do
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  Speaker 2: it and She says, three thousand dollars a year for
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  Speaker 2: ten years, thirty thousand dollars. We have a young man, Terry,
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  Speaker 2: and she stopped.
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  Speaker 1: She stops right there. I'm assuming, Okay, at ten years
• 11:09
  Speaker 1: he stopped.
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  Speaker 2: Stop, he stops. He stopped after ten years.
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  Speaker 1: But he's still compounding. Though he's still compounding, is still compounding.
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  Speaker 2: It's still compounded. Example I just gave you is doing
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  Speaker 2: that right? And so we have someone else, Terry, you know,
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  Speaker 2: he is. He said, I'm going to wait because i
• 11:29
  Speaker 2: want to live my best life and I'm going to
• 11:31
  Speaker 2: buy that brand new car, and I'm going to travel
• 11:33
  Speaker 2: a little bit, and I'm young, so I'm just going
• 11:36
  Speaker 2: to take advantage of you know, going to Dubai. I'm
• 11:41
  Speaker 2: just so. He started saving at thirty years old, and
• 11:47
  Speaker 2: he did the same thing. He saved two hundred and
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  Speaker 2: fifty dollars a month a year, so three thousand dollars
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  Speaker 2: a year, and instead instead of saving for ten years,
• 11:58
  Speaker 2: he's you know, he's fine. Antheley savvy, he understands the market.
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  Speaker 2: He's going to serve save for thirty years. So he
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  Speaker 2: does that. So Terry saves from thirty till he is
• 12:12
  Speaker 2: sixty they both retire at sixty five, and the question is,
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  Speaker 2: at sixty five, after Terry saved his ninety thousand dollars
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  Speaker 2: and Astley saved her thirty thousand dollars, who has the
• 12:29
  Speaker 2: most money?
• 12:30
  Speaker 1: Drumroll please please, And.
• 12:35
  Speaker 2: The answer is, our dear darling, Ashley has the most money?
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  Speaker 1: How much?
• 12:43
  Speaker 2: At sixty five she has seven hundred and eighteen thousand,
• 12:47
  Speaker 2: four hundred and seventy three dollars estimated rate of return
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  Speaker 2: nine percent. At sixty five, Terry, who saved ninety thousand dollars,
• 12:57
  Speaker 2: has four hundred and eighty nine thousand, one hundred eleven
• 13:02
  Speaker 2: dollars same estimated greater return of nine percent. Wow, she's
• 13:07
  Speaker 2: almost doubled the money that he had, and he tripled
• 13:11
  Speaker 2: the amount of money she saved.
• 13:12
  Speaker 1: Because she started her because she started early compounded that
• 13:16
  Speaker 1: team stopped at ten years. He started after her and
• 13:20
  Speaker 1: did thirty years, but his compounding started later. And now
• 13:25
  Speaker 1: she's at seven he's at seven hundred thousand, she's at
• 13:27
  Speaker 1: four hundred Thout again, I'm talking to son you, fear sony.
• 13:30
  Speaker 1: Before we go to break, what's your contact information so
• 13:32
  Speaker 1: we can go to break. After that, it's.
• 13:34
  Speaker 2: Four to seven zero four four nine zero eight one two.
• 13:40
  Speaker 3: Please don't go anywhere. We'll be right back with more
• 13:43
  Speaker 3: money Making Conversations Masterclass. Welcome back to the Money Making
• 13:56
  Speaker 3: Conversations Masterclass hosted by Rashaan McDonald. Money Making Conversations Masterclass
• 14:01
  Speaker 3: continues online at Moneymakingconversations dot com and follow money Making
• 14:06
  Speaker 3: Conversations Masterclass on Facebook, Twitter and Instagram.
• 14:11
  Speaker 1: Miss Fears, thank you for coming on money Making Conversations.
• 14:14
  Speaker 1: Why are you on the show today? Why are you?
• 14:16
  Speaker 1: Why are you coming on talking about finances and talking
• 14:19
  Speaker 1: about what you can do and engage in my audience
• 14:22
  Speaker 1: And what's the bigger picture here?
• 14:27
  Speaker 2: The bigger picture. So, my daughter, one of my daughters,
• 14:31
  Speaker 2: at twenty five years old, bought her first home. She
• 14:36
  Speaker 2: bought a townhouse. My oldest daughter at twenty seven, she
• 14:42
  Speaker 2: bought her first home. She is now twenty nine and
• 14:46
  Speaker 2: just bought her second home. It's about being empowered. It's
• 14:52
  Speaker 2: about starting and building a legacy, and it's about our
• 14:56
  Speaker 2: community being able to particu and all the wealth that's
• 15:02
  Speaker 2: surrounding us. And how do you do that? You have
• 15:05
  Speaker 2: to be educated that we can do it too, and
• 15:09
  Speaker 2: how do we do it? Let's talk about it right now.
• 15:13
  Speaker 2: Let me share the knowledge that I've attained to help
• 15:16
  Speaker 2: others do the same thing.
• 15:18
  Speaker 1: Well, we have a caller who wants to hear the knowledge,
• 15:20
  Speaker 1: Miss Fears, please welcome to the show, Jennie Jeannie. I
• 15:24
  Speaker 1: thank you for calling Money Making Conversation master Class. You're
• 15:26
  Speaker 1: speaking to Rashon McDonald and sign your fears from the
• 15:29
  Speaker 1: Fears group on Morgan Stanley. What's your question?
• 15:32
  Speaker 4: First of all, I want to say this is absolutely
• 15:34
  Speaker 4: a great show today because I've actually been looking for
• 15:39
  Speaker 4: someplace to actually save money. So niece that I'm raising,
• 15:47
  Speaker 4: and she's money's coming in that are from you know,
• 15:51
  Speaker 4: her dad.
• 15:52
  Speaker 2: From his social security.
• 15:54
  Speaker 4: So I want to make sure that she's financially set
• 15:57
  Speaker 4: up in a really good way. And now she's fourteen
• 16:02
  Speaker 4: right now, so and it's about let's say, say about
• 16:06
  Speaker 4: maybe sixty eight hundred dollars. What would be the best
• 16:09
  Speaker 4: way to save would it be to put it in
• 16:13
  Speaker 4: the compound interest or the savings account? But four point
• 16:17
  Speaker 4: six is like amazing because everything I've been finding has
• 16:20
  Speaker 4: been online has been you know, definitely less than that.
• 16:24
  Speaker 2: But what would be the best way? So when she
• 16:26
  Speaker 2: does get.
• 16:27
  Speaker 4: Out of high school or and she you know, wants
• 16:31
  Speaker 4: to go to school or whatever, that she has those
• 16:34
  Speaker 4: money for her.
• 16:35
  Speaker 2: Oh, that's incredible.
• 16:37
  Speaker 4: One.
• 16:37
  Speaker 2: I am really really super excited that at fourteen, your
• 16:42
  Speaker 2: thing is thinking about it for her and she wants
• 16:46
  Speaker 2: to save because again compound and interest. If she saved now,
• 16:51
  Speaker 2: she has four years to college, so we could start.
• 16:56
  Speaker 2: I'd rather her start earlier for five twenty nine plan,
• 16:59
  Speaker 2: but a nine plan in which you can save for college.
• 17:04
  Speaker 2: And what a lot of people don't know these days,
• 17:06
  Speaker 2: a five to twenty nine plan with the new secure
• 17:10
  Speaker 2: APT two point ZHO. If your child is brilliant, which
• 17:15
  Speaker 2: we know many of our children are, they get scholarships
• 17:18
  Speaker 2: and they have money in a five to twenty nine plan,
• 17:21
  Speaker 2: which is a college savings plan, and they don't use it.
• 17:25
  Speaker 2: This is an opportunity to roll that money into a
• 17:29
  Speaker 2: wroth Ira. With the wroth Ira, that money you put
• 17:35
  Speaker 2: six hundred dollars in there. We just gave the example
• 17:38
  Speaker 2: of two hundred and fifty dollars a month for ten years.
• 17:43
  Speaker 2: You start with the six hundred dollars, you add one
• 17:45
  Speaker 2: hundred dollars to it, you get to one thousand dollars
• 17:48
  Speaker 2: for the year. Or whatever you want to get to.
• 17:51
  Speaker 2: But that thousand dollars will grow free until she retires
• 17:57
  Speaker 2: if it is turned over into a roth ira. And
• 18:01
  Speaker 2: that's the beauty of for roth ira. Again, if thirty
• 18:04
  Speaker 2: thousand dollars is going to grow to be seven hundred
• 18:08
  Speaker 2: thousand approximately, right, that's six hundred and seventy thousand dollars
• 18:14
  Speaker 2: that you would not pay taxes on if that money
• 18:17
  Speaker 2: was sitting in a roth irs. Wow, now that's a powerful.
• 18:20
  Speaker 4: So yeah, So if we just say one thousand dollars
• 18:24
  Speaker 4: in the rough iron eight just sitting there until she's
• 18:29
  Speaker 4: at retirement age. So what about say we set one
• 18:33
  Speaker 4: thousand dollars there and then what hundred place else?
• 18:40
  Speaker 1: Hey, Genie, Genie, how Genie you're breaking up? Can you
• 18:44
  Speaker 1: give her your number so she can call you at
• 18:46
  Speaker 1: the office? Sonya, because the genie's breaking up?
• 18:50
  Speaker 2: Absolutely, it's four to seven zero four four nine zero
• 18:56
  Speaker 2: eight one two. Please call me Genie. But okay, we
• 19:00
  Speaker 2: aren't with the five twenty nine plan again because that's
• 19:03
  Speaker 2: saving for college and if she doesn't use it, then
• 19:07
  Speaker 2: we would convert it to say a roth ira. But
• 19:10
  Speaker 2: there are many options. Would love to discuss them with you.
• 19:13
  Speaker 1: Yeap, So thank you Genie for calling. And really, you know,
• 19:15
  Speaker 1: I always tell people knowledges everything. If you if you're
• 19:18
  Speaker 1: quiet about this information we're trying to give you on
• 19:21
  Speaker 1: this show. Every week I'm trying to bring guests on.
• 19:24
  Speaker 1: I'm not trying. I am bringing guests on that I
• 19:26
  Speaker 1: believe can change your life, put you in a position
• 19:28
  Speaker 1: where you can have a better life. That's what we're
• 19:30
  Speaker 1: doing today with this interview. We're doing this interview. She's
• 19:34
  Speaker 1: a reputable for Morgan Stanle, you know who they are,
• 19:37
  Speaker 1: and she had built with her daughters a business within
• 19:40
  Speaker 1: that of respected business within that and that's what we're
• 19:44
  Speaker 1: talking about. Her knowledge being transferred to you. Because if
• 19:47
  Speaker 1: someone calls you, you're not charging love fee, are you, Sonia?
• 19:50
  Speaker 1: This is let abolutely not okay.
• 19:53
  Speaker 2: I'm not. I will call to anyone for an hour,
• 19:57
  Speaker 2: two hours, whatever you need if because I want the
• 20:01
  Speaker 2: information to get out there. We need to be educated
• 20:04
  Speaker 2: financially on how to set ourselves up for success, how
• 20:08
  Speaker 2: to leave a legacy, how to set an example for
• 20:11
  Speaker 2: our children.
• 20:12
  Speaker 1: Right, cool, listen one thing before before you get out
• 20:15
  Speaker 1: of here. I wanted to talk about something that is
• 20:17
  Speaker 1: dancing out there a lot in the athletic world. And
• 20:20
  Speaker 1: we have a lot of call listeners I know who
• 20:22
  Speaker 1: may have a nephew, maybe their own child or grandchild
• 20:27
  Speaker 1: who in the world of sports, name, image and likeness.
• 20:30
  Speaker 1: They call it NIL for short, where young men coming
• 20:34
  Speaker 1: out of high school can now get good sponsorship dollars,
• 20:37
  Speaker 1: whether it's from major Fortune five hundred companies or local
• 20:40
  Speaker 1: businesses and make money. You guys in your organization, the
• 20:44
  Speaker 1: Fears Group, you guys are in the NIL game, correct, Yes.
• 20:48
  Speaker 2: We are so. I'm a global sports and Entertainment director
• 20:53
  Speaker 2: with Morgan Stanley, have a lot of clients in the
• 20:56
  Speaker 2: sports and entertainment sector along with other sectors. And with
• 21:00
  Speaker 2: the NIL A few things that's really important. These are
• 21:05
  Speaker 2: young men and women middle school, high school that are
• 21:11
  Speaker 2: now being offered a great deal of money, right and
• 21:16
  Speaker 2: so a few things that they need to know. This
• 21:19
  Speaker 2: money that they're getting can help fund their vision, family vision,
• 21:25
  Speaker 2: can help start a business even at that age, can
• 21:29
  Speaker 2: start saving so that they can have that compounding interest
• 21:34
  Speaker 2: when they get older. Because again, some of them will
• 21:38
  Speaker 2: make it to be in the NFL or NBA, or
• 21:46
  Speaker 2: even to drive for NASCAR, but many most will not
• 21:51
  Speaker 2: because the percentage of athletes that truly make it to
• 21:55
  Speaker 2: be professionals are very very small. A lot of people,
• 21:59
  Speaker 2: a lot of peop don't realize that. And so these
• 22:02
  Speaker 2: young men and women, they have an opportunity to capture
• 22:06
  Speaker 2: that well, so now and use it. But again they
• 22:11
  Speaker 2: need to be educated and their families need to be
• 22:14
  Speaker 2: educated to make sure that they hold on to the
• 22:17
  Speaker 2: swealthand and not getting into contract that is not really
• 22:23
  Speaker 2: profitable more beneficial for them.
• 22:26
  Speaker 1: Yeah, so you're under the Fears group at Morgan Stanley.
• 22:28
  Speaker 1: You provide financial education reading here, financial education for the athlete,
• 22:32
  Speaker 1: provide financial education for the family, and then educate them
• 22:35
  Speaker 1: both about the nil opportunities.
• 22:38
  Speaker 2: Exactly. That's exactly what we do.
• 22:40
  Speaker 1: Let's see that. I'm a little inside information about when
• 22:43
  Speaker 1: you're when when young people are offered scholarships to attend
• 22:46
  Speaker 1: college for their athletic skills, a scholarship is only it
• 22:50
  Speaker 1: may say it seems like it's four years, but it's not.
• 22:53
  Speaker 1: It's a one year scholarship and every year they renew it.
• 22:57
  Speaker 1: So you can get a scholarship to go to University
• 23:00
  Speaker 1: of Georgia or Alabama. That doesn't mean that doesn't say
• 23:04
  Speaker 1: that you will be there for four years under a
• 23:06
  Speaker 1: scholarship is at the option of the school. They can
• 23:09
  Speaker 1: take that scholarship away from you, they can renew you.
• 23:12
  Speaker 1: So the NIL program is put in place to help
• 23:16
  Speaker 1: young men and women to be able to earn income.
• 23:20
  Speaker 1: Just in case that does happen, or it doesn't happen,
• 23:22
  Speaker 1: you still in a position to work with a reputable company.
• 23:25
  Speaker 1: Is not your cousin, not your homeboard down the street,
• 23:28
  Speaker 1: but a company that has relationships and also the financial
• 23:32
  Speaker 1: know how and or tell you what to do with
• 23:34
  Speaker 1: the money when the opportunities come. Am I correct when
• 23:37
  Speaker 1: I say that, son, you figures.
• 23:38
  Speaker 2: Were absolutely correct? You are absolutely correct? And again who
• 23:45
  Speaker 2: is there? You know you have people who save that
• 23:48
  Speaker 2: their business managers. Who's there to advise you and educate
• 23:52
  Speaker 2: you on how to properly manage this money, save this money,
• 23:57
  Speaker 2: make this money last for you because we have to
• 24:01
  Speaker 2: make it last absolutely.
• 24:03
  Speaker 1: As we close out there interview, thank you for taking
• 24:05
  Speaker 1: the time to come on Money Making Conversation master Class.
• 24:09
  Speaker 1: What is your contact information and any closing thoughts or
• 24:12
  Speaker 1: advice to people who are considering are looking for financial
• 24:16
  Speaker 1: experts to advise them on their their future financial outlooks.
• 24:22
  Speaker 2: Yeah, so number is four to seven zero four four
• 24:26
  Speaker 2: nine zero eight one two and my final thoughts here
• 24:32
  Speaker 2: and again thank you. It is an absolute pleasure to
• 24:35
  Speaker 2: be on the show. Final thought is planning. So we
• 24:38
  Speaker 2: are certified financial planners as well, and you've heard the same.
• 24:45
  Speaker 2: If you don't, if you fail to plan, then you
• 24:49
  Speaker 2: plan to fail. And so financial planning is the key.
• 24:54
  Speaker 2: You have to put a plan in place. You have
• 24:56
  Speaker 2: to understand where you are, know where you are to
• 25:00
  Speaker 2: go and have a plan on how to get there.
• 25:03
  Speaker 2: And that's what we do. We help our clients with
• 25:06
  Speaker 2: planning on how to get there. And there are many
• 25:09
  Speaker 2: strategies that we have in our wheelhouse through the breath
• 25:14
  Speaker 2: and depth of Morgan Stanley to offer to our clients.
• 25:18
  Speaker 1: Wow, thank you for coming on Money Making Conversation. We
• 25:21
  Speaker 1: will talk soon. Thank you, Sony Fears, thank you, thank
• 25:24
  Speaker 1: you for listening. Bye bye. This has been another edition
• 25:28
  Speaker 1: of Money Making Conversation Masterclass posted by me Rashaun McDonald.
• 25:32
  Speaker 1: Thank you to our guests on the show today and
• 25:34
  Speaker 1: thank you our listening to the audience now if you
• 25:36
  Speaker 1: want to listen to any episode, I want to be
• 25:38
  Speaker 1: a guest on the show. Visit Moneymakingconversations dot com. Our
• 25:42
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• 25:46
  Speaker 1: week and remember to always leave with your gifts. Keep winning.