Latest / The Steve Harvey Morning Show / Financial Tips: She's bridging the financial literacy gap for minority communities, emerging professionals, and small business owners.

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Financial Tips: She's bridging the financial literacy gap for minority communities, emerging professionals, and small business owners. · The Steve Harvey Morning Show

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  Speaker 1: Hi, I'm Rashaan McDonald, a host this weekly money Making
• 0:02
  Speaker 1: Conversation Masterclass show for you. The interviews and information that
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  Speaker 1: other people's success stories and start living your own now.
• 0:13
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  Speaker 1: Money Making Conversations Masterclass, please visit our website, Moneymakingconversations dot
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  Speaker 1: com and click to be a guest button. If you're
• 0:23
  Speaker 1: a small business owner, entrepreneur, motivational speaker, influencer, or nonprofit
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  Speaker 1: my guests, let's get rolling. My guest is a finance
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  Speaker 1: attorney turned financial literacy advocate, entrepreneur, and head of a
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  Speaker 1: law practice based in Washington, DC. Her company, Legacy Building, LLC,
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  Speaker 1: mission is the bridge the financial literacy gap, particularly for
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  Speaker 1: emerging professionals, minority communities, and small business owners, promoting lasting
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  Speaker 1: economic confidence and stability. Please welcome to the Money Making
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  Speaker 1: Conversation Masterclass. Lisa Morain. How you doing, Lisa?
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  Speaker 2: Well?
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  Speaker 3: Are you pretty good? Lisa? It's great.
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  Speaker 1: Senior Again, I saw you in DC at the Generational
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  Speaker 1: Wealth Conference.
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  Speaker 3: Why did you attend that conference?
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  Speaker 2: Absolutely well.
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  Speaker 4: Generational Wealth is right up my alley. It's what we
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  Speaker 4: focus on with Legacy building, and I figured it's local.
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  Speaker 4: It seemed amazing, the panelists seemed amazing. I needed to
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  Speaker 4: be in the building.
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  Speaker 3: Great.
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  Speaker 1: I was there and I would definitely come back next
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  Speaker 1: year because I felt that the people it was like
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  Speaker 1: a feed good plants that needed water. That's what I
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  Speaker 1: felt like when I was in that room. And I
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  Speaker 1: want to continue to provide that as you do financial
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  Speaker 1: literacy nourishment, and that's what this interview is about.
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  Speaker 3: Now, let's talk about being a finance attorney. What exactly
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  Speaker 3: is a finance attorney?
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  Speaker 4: Absolutely well, for me, specifically, I worked in public finance.
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  Speaker 4: I served as a senior executive over the legal team
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  Speaker 4: for the Government National Mortgage Association. Also referred to is
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  Speaker 4: Genny May. Genny May essentially provides liquidity for loder modern
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  Speaker 4: income loans. So your your FHA loans, your VA loans,
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  Speaker 4: your RD loans, all of those loans that are geared
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  Speaker 4: towards load and modern income families typically end up in
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  Speaker 4: Genya securities. That provides the financing for the lenders to
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  Speaker 4: continue to offer those loan products.
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  Speaker 3: Okay, so you were right there.
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  Speaker 1: They said that epicenter of low and modern income people.
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  Speaker 1: What is consistent when you had to deal with that
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  Speaker 1: community on the regular basis, What stood out the most
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  Speaker 1: is saying is not set up to win.
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  Speaker 2: Absolutely.
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  Speaker 4: What consistently showed up to me was desperate treatment. Those
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  Speaker 4: communities typically did not have the same resources. Those communities
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  Speaker 4: typically were preyed upon and were given loans that they
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  Speaker 4: really couldn't afford. Those communities when they needed appraisal for
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  Speaker 4: their homes, their praised value typically wasn't coming in as
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  Speaker 4: their white counterpart appraised values were coming in.
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  Speaker 2: So you just consistently saw.
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  Speaker 4: Underrepresentation system that was set up in designed for them
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  Speaker 4: not to prosper.
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  Speaker 3: Wow, I will tell you this.
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  Speaker 1: When we sold our house, we removed all the fact
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  Speaker 1: that you didn't know who lived in that house. All
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  Speaker 1: of our family pictures were moved, all black art world
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  Speaker 1: were moved.
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  Speaker 3: So that's a real thing. So if anybody believes, oh,
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  Speaker 3: you know, Rishon, she's just selling hype, Nope.
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  Speaker 1: Our realtor, who was white, recommended we do this as
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  Speaker 1: well for to get the right buyers in there and
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  Speaker 1: for they can understand that you see the house for
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  Speaker 1: the value in the community, for the value where we stayed,
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  Speaker 1: versus making the stereotypes about the people who lived in there.
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  Speaker 1: So definitely, definitely that's a true statement. Now, going from
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  Speaker 1: financial attorney to financial literacy expert, that's what you are now,
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  Speaker 1: you said thirty years so you've.
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  Speaker 3: Been juggling numbers.
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  Speaker 1: How did you make that transition and why is it
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  Speaker 1: is it important to you to be an advocate?
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  Speaker 4: Absolutely well, seeing what was happening, it just boiled my blood.
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  Speaker 2: Right. It's like I happen to.
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  Speaker 4: Be a minority, right, and these are people from my
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  Speaker 4: community that's being impacted this way. And at the end
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  Speaker 4: of the day, I'm not a person that talks the talk.
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  Speaker 4: I walk the walk, Like what are you going to
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  Speaker 4: do to make a difference? And So seeing what was
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  Speaker 4: happening in two thousand and.
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  Speaker 2: Eight and many years before then.
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  Speaker 4: I was seeing people entering into these mortgages that they
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  Speaker 4: balloon payments. You're paying these small amounts in the very beginning,
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  Speaker 4: and at the end of that balloon, it's going to
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  Speaker 4: jump to a much larger number that your income can't sustain.
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  Speaker 2: How are you going to pay for that? Right?
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  Speaker 4: And more importantly, why did you enter into this loan
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  Speaker 4: to begin with? You didn't know better? And my goal
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  Speaker 4: then became I need to teach people better. I need
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  Speaker 4: to show them this is what you need to be
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  Speaker 4: looking for when you're entering to any financial contractual agreement.
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  Speaker 4: What the terms are requiring of you. And that's just
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  Speaker 4: not limited to mortgages, that's also credit cards. That's also
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  Speaker 4: at loans for vehicles. Why are you getting these high
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  Speaker 4: twenty percent interest rate on a vehicle that depreciates as
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  Speaker 4: soon as you drive.
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  Speaker 2: It off the lot? What sense is that? Do you
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  Speaker 2: fully understand what you're doing right now?
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  Speaker 1: There's two different assets, there are two different worlds we're
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  Speaker 1: living in here right now. Or this is money Making
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  Speaker 1: Conversation Master class small business entrepreneurs, the homeownership the cards
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  Speaker 1: that feels like more of a domestic homeowner usage now
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  Speaker 1: from an entrepreneur small business owner, how do you play
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  Speaker 1: a role in advocating for them through financial literacy?
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  Speaker 4: Absolutely, financial small business owners also get preyed upon.
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  Speaker 2: Right You usually don't know.
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  Speaker 4: These types of loans that you're entering into. So, say
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  Speaker 4: you're a small business owner and you have a store,
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  Speaker 4: you have supplies, you have peaks and valleys. You'll have
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  Speaker 4: times when you're selling lots of merchandise and times when
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  Speaker 4: you're not, and these loans that you may be offered
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  Speaker 4: or you may seek out, may have terms that are very,
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  Speaker 4: very unfavorable to you and your business. And particularly if
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  Speaker 4: you're in a business that has a seasonality to it
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  Speaker 4: where you have high peaks low peaks, you need to
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  Speaker 4: know what you're signing up for and you need to
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  Speaker 4: be advised, which you're not always right. The lenders are
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  Speaker 4: there to provide you with the loan, but they're not
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  Speaker 4: going to go over the intricacies of the loan and
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  Speaker 4: what happens if you miss a payment?
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  Speaker 3: Right?
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  Speaker 4: How is that going to then spiral into either a
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  Speaker 4: call on the debt or higher rates that you have
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  Speaker 4: to pay on the debt. So essentially you'll never catch up,
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  Speaker 4: You'll never catch back up, and things happen right, You're
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  Speaker 4: not always going to be able to say that I'll
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  Speaker 4: make this payment every month. So being literate and conscious
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  Speaker 4: about those types of financial agreements impact small business owners,
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  Speaker 4: and as you know with Sean, most times small business
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  Speaker 4: owners don't survive beyond the one to five year period.
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  Speaker 1: I'm speaking to, uh farmer, should I say farm or
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  Speaker 1: just are you still a financial attorney?
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  Speaker 3: Correct?
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  Speaker 4: I'm still a senior executive with the federal government.
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  Speaker 2: Absolutely cool.
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  Speaker 1: I turn but you turned to be a financial literacy
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  Speaker 1: advocate and that's what this interviewer about helping that entrepreneurs
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  Speaker 1: and which you're and you're in the DC area, but
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  Speaker 1: people can reach out to you outside of the DC area.
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  Speaker 3: Correct? How can one get in touch with you?
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  Speaker 2: Absolutely?
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  Speaker 4: Well, one could locate me on all the different social
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  Speaker 4: media platforms. On Instagram, it's Legacy Building l E G
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  Speaker 4: A C Y b U I L D I N
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  Speaker 4: G Underscore LLC.
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  Speaker 2: That's at Instagram.
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  Speaker 4: You can find me online at ww dot Legacy Building
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  Speaker 4: LLC dot com. You can also reach out to me
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  Speaker 4: at two zero two four zero nine eight five one three.
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  Speaker 3: Well, let's get busy here. Tips. Let's go to.
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  Speaker 1: The homeowner, the person out there trying to get out
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  Speaker 1: of there, the low income and modern income world.
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  Speaker 3: What tips can you give them? At least three to
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  Speaker 3: five tips? You can number them.
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  Speaker 1: That's important to people who come to you seeking a
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  Speaker 1: change in their financial life.
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  Speaker 2: Absolutely.
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  Speaker 4: Tip number one, take stock of your finances. Take stock
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  Speaker 4: of how much money you have going out every month,
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  Speaker 4: how much money you have coming in month, and if
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  Speaker 4: the amount that you have going out exceeds the amount
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  Speaker 4: that you have to coming in. There's a problem, right,
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  Speaker 4: and so you really need to focus on budgeting. A
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  Speaker 4: lot of times we get pulled in by all the
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  Speaker 4: fancy things the Louis, the name brand designer wear, and
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  Speaker 4: we pay money, we buy things on credit that we
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  Speaker 4: really can't afford. Right, So budgeting is number one. Number two,
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  Speaker 4: you gotta have multiple streams of income, Like I had
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  Speaker 4: a nine to five right, which provided me with the
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  Speaker 4: financial means to acquire other assets. But you also need
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  Speaker 4: to have those other assets. What do those other assets
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  Speaker 4: look like?
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  Speaker 2: Real estate?
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  Speaker 4: Real estate appreciates nine times out of ten investing in
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  Speaker 4: a stock market. I teach how to invest in the
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  Speaker 4: stock market. That's a critical component too. You can't don't
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  Speaker 4: be afraid of the stock market. A lot of people
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  Speaker 4: have lots of negative things to stay about losing everything
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  Speaker 4: and how the stock market isn't good for you. Well,
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  Speaker 4: guess what, the stock market helped me become a millionaire period, right,
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  Speaker 4: not even looking at the asset, not even looking at
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  Speaker 4: the real estate, I should say, right, So don't be afraid.
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  Speaker 4: There are investment vehicles that you can enter into in
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  Speaker 4: the stock market, like exchange traded funds. Some good ones
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  Speaker 4: are voo VTI Spy. These are funds that are have
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  Speaker 4: multiple stocks in it. The ones that I mentioned have
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  Speaker 4: tech stocks in it, and it's been appreciating, giving you
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  Speaker 4: anywhere from seven plus percent return every year. You're not
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  Speaker 4: getting that in a bank account.
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  Speaker 1: And like you said, would you mentioned these things, Lisa?
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  Speaker 1: We always tell people that show do to research. You'll
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  Speaker 1: call Lisa direct. Our contacts are directly to get a
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  Speaker 1: lot more information because at the end, you need to
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  Speaker 1: understand where your money's going, and then you can appreciate
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  Speaker 1: the growth and also look at the history of the
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  Speaker 1: growth because that's key because history tells you what the
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  Speaker 1: future may look like.
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  Speaker 3: There are no guarantees but going to an expert.
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  Speaker 1: And that's what you are, your financial leaders expert over
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  Speaker 1: thirty years as a finance attorney. Now, what's that third one?
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  Speaker 3: Right there? You hit us, we're too strong. What's that
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  Speaker 3: third one?
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  Speaker 4: Absolutely? The third one is credit. Credit is important, right,
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  Speaker 4: Credit is important. We don't get taught enough about credit, right,
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  Speaker 4: we just get to a certain age. And usually these
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  Speaker 4: credit card companies, particularly for those of us who are
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  Speaker 4: in college, whatever they sit on the college campus is
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  Speaker 4: they're there, They're throwing these credit cards at you. No
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  Speaker 4: one's given you any kind of education as to what
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  Speaker 4: you should be doing, how much credit you should take out,
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  Speaker 4: monitor your credit, make sure that you keep up with
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  Speaker 4: any payments. Don't charge anything that you can't afford to repay.
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  Speaker 4: That is important. Wow, this credit is critical.
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  Speaker 1: Listen, I know I want to you got so much
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  Speaker 1: information I want to get out to it. We won't
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  Speaker 1: move down to small business owners. You know you work
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  Speaker 1: closed with small business owners. I saw your in action.
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  Speaker 1: What common financial mistakes do you see them make and
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  Speaker 1: how can they avoid them?
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  Speaker 4: Absolutely, for small business owners, one of the very common
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  Speaker 4: mistakes that I see is getting themselves in a lot
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  Speaker 4: of debt early.
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  Speaker 3: What do you mean when you say that? What do
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  Speaker 3: you mean to say that?
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  Speaker 2: So?
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  Speaker 4: What I mean when I say that is taking out
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  Speaker 4: credit cards for the business, buying up lots of things,
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  Speaker 4: merchandise and big quantities for the business starting out, for example,
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  Speaker 4: First you need to drill down on what it is
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  Speaker 4: that you are delivering as a small business owner, and
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  Speaker 4: if it is merchandise, stop to scale up gradually. Don't
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  Speaker 4: go and buy large quantities at once. That's going to
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  Speaker 4: take you a while to sell before you're able to replenish.
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  Speaker 4: For example, don't get credit cards that you are going
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  Speaker 4: to have to pay because typically for businesses, your interest,
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  Speaker 4: your finance charges on those credit cards are a lot
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  Speaker 4: higher than for personal credit cards. Right, and if you
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  Speaker 4: accumulate lots of debt, this is I've seen a lot
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  Speaker 4: of businesses as a lot some of my clients accumulate
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  Speaker 4: a lot of this debt on credit cards that the
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  Speaker 4: business is not generating enough income to pay off.
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  Speaker 2: Wow, do not do that.
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  Speaker 5: Please don't go anywhere. We'll be right back with more
• 13:45
  Speaker 5: Money Making Conversations Master Class. Welcome back to Money Making
• 13:53
  Speaker 5: Conversation Mastered Class with me Rashaun McDonald.
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  Speaker 1: We know, I think that a lot of people think
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  Speaker 1: that whenever whatever type of businesses they start. I found
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  Speaker 1: Lisa's like, if they have a sore front, they think
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  Speaker 1: when they open it, put the sign out that open
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  Speaker 1: the door, people are gonna come in. They forget about
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  Speaker 1: the marketing aspect as well as the in debt side
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  Speaker 1: of it, and they don't realize that when you go
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  Speaker 1: in business, you got to have money set aside when
• 14:19
  Speaker 1: the revenue isn't there to pay the bills, and so
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  Speaker 1: you can't open even you know what I'm saying, you
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  Speaker 1: got to open with at least six maybe a year
• 14:29
  Speaker 1: worth of revenue in your account to adjust to that,
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  Speaker 1: because even if you have it in an account, something
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  Speaker 1: might happen that throw off what you have in your account.
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  Speaker 1: So if you have nothing in your account and you
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  Speaker 1: open up, then that's just that's just opening disaster. But
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  Speaker 1: being at you are an attorney, Lisa, what makes how
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  Speaker 1: does that make you unique in the field of finance?
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  Speaker 2: Absolutely?
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  Speaker 4: I refer to myself as a unicorn. Do I have
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  Speaker 4: the legal expertise in the legal background as an attorney,
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  Speaker 4: but I also have the business experience in the business background,
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  Speaker 4: And so when you're looking at anything finance, it's not
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  Speaker 4: only what are the financial terms, but what are the
• 15:17
  Speaker 4: legal implications? Right, And having that legal experience allows me
• 15:24
  Speaker 4: to be able to weigh in on consider this or
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  Speaker 4: consider that, and this is what's legally required. And so
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  Speaker 4: a lot of times I know individuals want to just
• 15:35
  Speaker 4: jump in, right And for example, trust Trust is one
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  Speaker 4: of the things that I do in my legal capacity.
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  Speaker 4: I do a state planning and you hear a lot
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  Speaker 4: of these folks talk about oh, you need to put
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  Speaker 4: everything in a trust and put this in a trust
• 15:52
  Speaker 4: and that in a trust, and they don't fully understand trust,
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  Speaker 4: and they don't fully understand what trust is designed to
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  Speaker 4: do and how they designed to protect assets and how
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  Speaker 4: to properly structure the trust. And having that legal experience,
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  Speaker 4: I'm able to not only help you with you need
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  Speaker 4: to gain assets, Here's how you can gain assets, and
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  Speaker 4: then here's how you can protect those assets. Because it's
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  Speaker 4: wonderful if you have all of these houses and cars
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  Speaker 4: and this and that.
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  Speaker 2: It's not so nice if.
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  Speaker 4: You haven't protected it and someone pursues a lawsuit, agets
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  Speaker 4: you and.
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  Speaker 3: Wins mention this. How how does the trust protect you?
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  Speaker 1: I want my listeners to hear that, because I hear
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  Speaker 1: a lot of people come on my show talking about
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  Speaker 1: trust financial literacy experts, but not from a legal standpoint
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  Speaker 1: like you are. So why should I I got a home,
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  Speaker 1: I got a car, I got some money in the bank.
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  Speaker 3: Why should I put money in the trust?
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  Speaker 1: And how does it protect me or stop people from
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  Speaker 1: taking it in a lawsuit?
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  Speaker 2: Absolutely?
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  Speaker 4: So, that home and that car that you refer to,
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  Speaker 4: that's what you want to put in the trust. You
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  Speaker 4: want to those assets because they have value in a
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  Speaker 4: trust that protects you against creditors.
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  Speaker 2: Say you are sued.
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  Speaker 4: By I don't know, a slip and fall someone's on
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  Speaker 4: your property. They slip, they fall, they harm themselves. They
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  Speaker 4: are like, oh, yeah, Rashan got some money. I'm gonna
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  Speaker 4: get some money. Right.
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  Speaker 2: Look at this big house he lives in.
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  Speaker 4: That house is in a trust, and unless you're able
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  Speaker 4: to prove that the trust did something to harm you,
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  Speaker 4: then you can't collect.
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  Speaker 2: Against that trust.
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  Speaker 5: Right.
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  Speaker 4: So if Rashaan is only controlling the trust but he's
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  Speaker 4: not owner of the property, then you are not getting
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  Speaker 4: anything related to that house from Rashon.
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  Speaker 3: Wow.
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  Speaker 2: Accident, same thing with a car accident.
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  Speaker 4: They are coming after Withshawan. They are coming after those
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  Speaker 4: bank accounts titled in rashan name. They're coming after any
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  Speaker 4: assets titled in Rashwan's name. Is Rashon hit them right?
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  Speaker 4: And so now I'm coming after Rashaw. When you have
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  Speaker 4: your assets in a trust, for example, they are not
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  Speaker 4: going to be able to get to those assets the
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  Speaker 4: same way they can if you was not in a trust.
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  Speaker 1: Wow, I understand now, Now what does lasting economic confidence
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  Speaker 1: and stability mean to you, and how do you help
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  Speaker 1: your clients achieve it?
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  Speaker 2: A lasting economic confidence to.
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  Speaker 4: Me means that you can sustain yourself and your family, right,
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  Speaker 4: and so again, having a job, owning a business, whatever
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  Speaker 4: it is that's generating sources of income for you.
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  Speaker 2: What happens if something happens to you?
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  Speaker 3: Right?
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  Speaker 2: What happens if you lose that job?
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  Speaker 4: Will you be able to say in yourself or do
• 19:00
  Speaker 4: you have to go follow unemployment?
• 19:02
  Speaker 1: Right?
• 19:02
  Speaker 3: Let me let me ass you this lids.
• 19:04
  Speaker 1: Then how big a role does insurance pay play in
• 19:08
  Speaker 1: your financial literacy advocacy?
• 19:12
  Speaker 4: It's part of the two kit, right you? Everyone should
• 19:16
  Speaker 4: have insurance? We know not everyone does though, right?
• 19:19
  Speaker 3: Right?
• 19:20
  Speaker 4: And also in addition to happen that won't buy insurance.
• 19:23
  Speaker 4: I know you're I'm referring to life insurance right, right,
• 19:27
  Speaker 4: So everyone should have a life insurance policy. And you
• 19:30
  Speaker 4: should have a life insurance policy that is there that
• 19:35
  Speaker 4: will protect your family if something were to happen to you,
• 19:38
  Speaker 4: but also protect you if you acquire a disability. What
• 19:43
  Speaker 4: happens if you become injured and unable to work? There
• 19:46
  Speaker 4: should be disability coverage, right? Lots of us don't think
• 19:51
  Speaker 4: about it. Fortunately for many of us we don't have
• 19:53
  Speaker 4: to think about it, but we should, right.
• 19:57
  Speaker 1: But you know when you think about that window, you
• 20:01
  Speaker 1: know how much insurance you have? Is there a number
• 20:04
  Speaker 1: like who you know you should not have fifty thousand
• 20:08
  Speaker 1: dollars for insurance or a million dollars worth for insurance?
• 20:11
  Speaker 3: What is that number that says? How do you figure out?
• 20:15
  Speaker 1: Do I come to you and what do you say?
• 20:17
  Speaker 1: And break down the means that Rashwan, you should have
• 20:20
  Speaker 1: this amount of insurance?
• 20:21
  Speaker 3: What's that? What's that model? What is that?
• 20:24
  Speaker 2: What does that look like?
• 20:26
  Speaker 4: So I am not a licen insurance agent, so no,
• 20:29
  Speaker 4: you wouldn't. You wouldn't come to me for life.
• 20:31
  Speaker 2: Insurance, Okay, you would go to a life insurance agent.
• 20:34
  Speaker 4: Now, my understanding is that you would want to have
• 20:38
  Speaker 4: at least three times your income, okay, right, So whatever
• 20:43
  Speaker 4: that income is, you want to have three times that
• 20:46
  Speaker 4: in life insurance because this is going to be replacing that, right,
• 20:51
  Speaker 4: particularly when you pass. And also you want to have
• 20:57
  Speaker 4: a product that a lot.
• 20:59
  Speaker 2: There's different insurance.
• 21:01
  Speaker 4: Types, and there's term and there's whole life, and there's
• 21:05
  Speaker 4: other products, and there's cash value.
• 21:07
  Speaker 2: Right.
• 21:08
  Speaker 4: I'm an advocate of a cash value whole life insurance policy. Why,
• 21:13
  Speaker 4: because you want something for the entirety of your life.
• 21:15
  Speaker 4: These term policies are great for the term, but unless
• 21:19
  Speaker 4: you're using that coupled with a whole life policy, I
• 21:23
  Speaker 4: feel like you're throwing good money away from that because
• 21:26
  Speaker 4: unless you passed during that term, then all the money
• 21:29
  Speaker 4: you've paid into that insurance policy is gone.
• 21:33
  Speaker 2: And you know that I have a policy wants the
• 21:35
  Speaker 2: term expires.
• 21:36
  Speaker 1: Right, there's a good interview because I do. I'm not
• 21:40
  Speaker 1: trying to recommend anybody doing anything, but you can do term.
• 21:43
  Speaker 1: It's cheaper, but it is the word term, and it
• 21:46
  Speaker 1: is tied. You see these commercials on TV all the
• 21:49
  Speaker 1: time basically selling you term insurance. But if you want
• 21:52
  Speaker 1: an invest money, that usually tied to an interest rate.
• 21:56
  Speaker 1: Four point zero is my interest rate. I've been having
• 21:59
  Speaker 1: that interest rate Lord and that all these years. And
• 22:02
  Speaker 1: so I have money in my insurance policy that I
• 22:05
  Speaker 1: can withdraw, I can loan against, I can put it back,
• 22:09
  Speaker 1: all that good stuff. So that's what she's talking about
• 22:12
  Speaker 1: when she's saying versus cash value and these insurance policies,
• 22:16
  Speaker 1: and that's what we're talking about on the show today.
• 22:18
  Speaker 1: I'm talking to a financial literature expert. Her name is
• 22:21
  Speaker 1: Lisa Morain and she's a a finance attorney. This is
• 22:25
  Speaker 1: what she do.
• 22:26
  Speaker 3: Now.
• 22:27
  Speaker 1: We all make mistakes with our money, Lisa, but one
• 22:31
  Speaker 1: financial truth, you wish everybody, regardless of age or background,
• 22:35
  Speaker 1: understood and lived by one, just one.
• 22:40
  Speaker 2: One financial truth.
• 22:42
  Speaker 4: I would say, I'm a woman of God, and God
• 22:48
  Speaker 4: gives us an abundance. And I want to say, you
• 22:52
  Speaker 4: have absolutely everything you need to acquire any finances that
• 22:58
  Speaker 4: you desire, whatever your financial desire is. If it's a
• 23:02
  Speaker 4: million dollars, two million dollars, you have everything you need
• 23:05
  Speaker 4: to get that million dollars. Believe in yourself.
• 23:10
  Speaker 2: And do not fall prey to.
• 23:15
  Speaker 4: All of the flashing lights and people trying to sell
• 23:18
  Speaker 4: you things. If you don't understand what it is that
• 23:22
  Speaker 4: someone is trying to sell you and you are interested
• 23:24
  Speaker 4: in it, Like we're talking about whole life insurance policies,
• 23:27
  Speaker 4: we're talking about cash value policies, and you decide I'm
• 23:31
  Speaker 4: going to go call an agent and try to get
• 23:32
  Speaker 4: a policy. If you don't understand what they're saying, research it.
• 23:37
  Speaker 4: There's lots of sites out here, chat, GPT, CLAUDE, AI,
• 23:41
  Speaker 4: look into it.
• 23:42
  Speaker 2: You can call me. I'm here.
• 23:45
  Speaker 4: That's what I do. I help, I pride, education, coaching, guidance. Right,
• 23:50
  Speaker 4: but do not just blindly hand your money over to
• 23:53
  Speaker 4: someone because you think that's the right product if you
• 23:57
  Speaker 4: don't fully understand what you're investing in.
• 24:00
  Speaker 2: So from the one thing, educate yourself.
• 24:03
  Speaker 1: Now on the legacy building LLC. You know, Lisa Moraen, Lisa,
• 24:08
  Speaker 1: you said it called me. So when somebody calls you
• 24:10
  Speaker 1: a contact you, what's the process because you don't want
• 24:13
  Speaker 1: everybody just calling you asking questions that are just asking nine.
• 24:17
  Speaker 1: You want questions that really drive the point as to
• 24:21
  Speaker 1: taking them to the next.
• 24:22
  Speaker 3: Level, like how can I get a million dollars by
• 24:24
  Speaker 3: next year? That's a crazy question.
• 24:26
  Speaker 1: So what is the experience of people contacting you and
• 24:32
  Speaker 1: what are the procedures you do to protect yourself from
• 24:35
  Speaker 1: dealing with people who are just maybe wasting your time?
• 24:38
  Speaker 4: That's right, thank you, That's that's a great question. So
• 24:42
  Speaker 4: because we offer a service, what I do is I
• 24:44
  Speaker 4: offer free fifteen minute consultation. So you can reach out
• 24:49
  Speaker 4: to me at the two zero two four zero nine
• 24:52
  Speaker 4: eight five one three. We'll get back to you and
• 24:57
  Speaker 4: provide you with a short survey to kind of see
• 24:59
  Speaker 4: what it is you want to discuss. So you need
• 25:01
  Speaker 4: to know what you want to discuss. If it's credit,
• 25:04
  Speaker 4: if it's investing, if it's buying a home, you need
• 25:08
  Speaker 4: or identify on that short form what it is that
• 25:11
  Speaker 4: you want to discuss, and we'll call back and have that.
• 25:14
  Speaker 2: Fifteen minute consultation.
• 25:16
  Speaker 4: So I don't want you to just call and say, well,
• 25:17
  Speaker 4: what do I need to do to get a million dollars? No,
• 25:19
  Speaker 4: you have to give that spot right like that, And
• 25:24
  Speaker 4: that's critical. We cannot just sit there and rely on anyone.
• 25:28
  Speaker 4: I see story after story of individuals turning over their
• 25:32
  Speaker 4: finances to a financial advisor, leaving it to them to
• 25:36
  Speaker 4: handle and just turning their head and get swindled.
• 25:40
  Speaker 2: That's not what that's I don't want you to do that.
• 25:42
  Speaker 4: So you need to stay engaged. And part of that
• 25:45
  Speaker 4: engagement is you need to know what you want to discuss.
• 25:48
  Speaker 2: You need.
• 25:48
  Speaker 3: These scams are out there.
• 25:49
  Speaker 1: I am so I'm telling you they got they got
• 25:52
  Speaker 1: just just people know they Bank of America look like
• 25:54
  Speaker 1: Bank of America. They got the American Express looking like
• 25:57
  Speaker 1: American Express, and you got to look click those emails,
• 26:01
  Speaker 1: it's say Gmail, run if it says if it says secure,
• 26:07
  Speaker 1: it doesn't look like it belongs to American Express. Before
• 26:11
  Speaker 1: the dot com run, all these things are out there.
• 26:14
  Speaker 3: My favorite tool now in my email is the block feature. Yes,
• 26:19
  Speaker 3: I block email.
• 26:21
  Speaker 1: I block about five to six emails a day because
• 26:25
  Speaker 1: they will not stop. They will keep asking, and they'll
• 26:28
  Speaker 1: keep creating a conversation with you like you've spoken to
• 26:30
  Speaker 1: them in the past, and next thing, you know, you
• 26:33
  Speaker 1: respond back not knowing, and then you that's how the
• 26:37
  Speaker 1: swindle starts.
• 26:38
  Speaker 4: That's that's exactly how the swindle starts. And you know,
• 26:40
  Speaker 4: they call you and they sound authentic on the line.
• 26:43
  Speaker 4: They sound like they're calling you from the bank and
• 26:45
  Speaker 4: that somebody is committing a fraud on your account, and
• 26:49
  Speaker 4: then you hand over your account information only to find
• 26:51
  Speaker 4: out that they're the fraudsters.
• 26:53
  Speaker 2: Right, So you gotta be you gotta be uber careful
• 26:56
  Speaker 2: on who you're giving information to. You know, hang up.
• 27:01
  Speaker 4: If someone calls and they sound authentic, say Okay, what's
• 27:04
  Speaker 4: the dial back number?
• 27:06
  Speaker 2: Hang up by them call back because.
• 27:09
  Speaker 4: If they're calling from your financial institution when you call back,
• 27:12
  Speaker 4: then you should hear you're calling chase you're calling. If
• 27:17
  Speaker 4: you don't, you know it's a hoax. But there's you
• 27:20
  Speaker 4: just got to be super careful. And unfortunately, I think
• 27:23
  Speaker 4: they pray on those who don't know better, right, and
• 27:28
  Speaker 4: they pray on a lot of seniors.
• 27:31
  Speaker 3: You know, they're good, they are good, They're real good.
• 27:35
  Speaker 3: I got clothes.
• 27:36
  Speaker 1: I mean, if somebody called me and I thought I
• 27:38
  Speaker 1: owed money to the irs, yep, I called. I had
• 27:42
  Speaker 1: to call my CPA, he said, Rashaan, that sounds like
• 27:45
  Speaker 1: a scam to me. But at least that person made me,
• 27:47
  Speaker 1: made another make another call. That's how deep they got
• 27:50
  Speaker 1: me in because I thought I owed money, you know,
• 27:53
  Speaker 1: And so I understand what you're talking about because I don't.
• 27:57
  Speaker 1: Just I don't want anybody on this call to say,
• 28:00
  Speaker 1: oh oh that's not me, simple minded, that's not me.
• 28:04
  Speaker 3: Oh no, no, no.
• 28:05
  Speaker 1: Rashan McDonald has clicked on my social media.
• 28:09
  Speaker 3: I always do two factor on all my accounts.
• 28:12
  Speaker 1: Now I tell them my employees, hey, come get the
• 28:15
  Speaker 1: code from me. You know, all those things have to
• 28:19
  Speaker 1: be done and be consistent about because scams do happen.
• 28:23
  Speaker 1: Nobody protects your identity or your brand better than you do.
• 28:28
  Speaker 1: If if anybody's frustrated with the system system you have
• 28:31
  Speaker 1: in place, let them stay frustrated, because the mistake you
• 28:36
  Speaker 1: make can cost you hundreds, maybe thousands, maybe millions of
• 28:41
  Speaker 1: dollars correct list.
• 28:43
  Speaker 4: Correct, absolutely correct, and cost you your identity right, cost
• 28:47
  Speaker 4: you your Social Security number if you willingly give it
• 28:50
  Speaker 4: up thinking that it's a legitimate business contacting you for
• 28:55
  Speaker 4: your information.
• 28:55
  Speaker 2: You just have to guard it very carefully. And on
• 28:57
  Speaker 2: that point, if you.
• 28:59
  Speaker 4: Reach out to me and any response that you get back,
• 29:02
  Speaker 4: I never ask you for money over the phone or
• 29:06
  Speaker 4: over you know, email.
• 29:09
  Speaker 2: We will have a conversation. I discussed my fees. I
• 29:12
  Speaker 2: just depending on the type of service that you're interested.
• 29:15
  Speaker 4: In, and then you will receive an email from me
• 29:19
  Speaker 4: with a verified link right to do a verified payment,
• 29:24
  Speaker 4: so you will see it coming from my payment processor.
• 29:28
  Speaker 4: So you know, there's a lot of people who also
• 29:31
  Speaker 4: try to seize company's accounts and then tell send out
• 29:37
  Speaker 4: emails indicating that oh, this is you know Lisa, or
• 29:40
  Speaker 4: this is legacy building.
• 29:41
  Speaker 3: Now Lisa, let me ask you this.
• 29:43
  Speaker 2: Now.
• 29:43
  Speaker 1: You know, you said Rashan, you know I have a
• 29:46
  Speaker 1: really good job, right, you have a You could just
• 29:48
  Speaker 1: go home and just relax.
• 29:50
  Speaker 3: Now, you out here.
• 29:51
  Speaker 1: Trying to do multiple stream income. What do you say
• 29:55
  Speaker 1: to people who say you're doing too much? You need
• 29:57
  Speaker 1: to calm down, you're doing too much thoughts back to
• 30:00
  Speaker 1: those people.
• 30:01
  Speaker 2: What does that mean? Doing too much?
• 30:04
  Speaker 4: I don't even know how to respond to that, because
• 30:07
  Speaker 4: at the end of the day, no one's coming to
• 30:09
  Speaker 4: save us, no one's coming to help us. And you know,
• 30:12
  Speaker 4: we think we're working jobs and we could just retire
• 30:15
  Speaker 4: from that job and we'll be fine. No, not in
• 30:18
  Speaker 4: the current inflationary environment we're living in now. And what's
• 30:23
  Speaker 4: the likelihood that costs the things.
• 30:24
  Speaker 2: That going down? Not great? Right?
• 30:28
  Speaker 4: And so my response would be, you have to do
• 30:32
  Speaker 4: all that you can do to get as much streams
• 30:36
  Speaker 4: of income, as much knowledge out there to the people,
• 30:40
  Speaker 4: because that's the other thing. I mean, at the end
• 30:42
  Speaker 4: of the day, with my background, Rashan and my experience,
• 30:46
  Speaker 4: I could be making lots of money on Wall Street
• 30:49
  Speaker 4: at one of these brokerage house firms. I don't have
• 30:52
  Speaker 4: to do this, right, I've gotten job offers for you know,
• 30:57
  Speaker 4: good shiny you know. But I know, right, And after
• 31:04
  Speaker 4: thirty years of working in this field and thirty years
• 31:08
  Speaker 4: of being in this industry, and technically I'll be retiring
• 31:11
  Speaker 4: in a matter of months. I can do what's passionate
• 31:15
  Speaker 4: to me, what I'm passionate about, and that's helping, right,
• 31:19
  Speaker 4: that's giving back. That's how my parents raised us. That's
• 31:23
  Speaker 4: what we know, and that's what we do, right, and.
• 31:26
  Speaker 2: So that this is more.
• 31:28
  Speaker 4: Of course, it's a business, but it's a business that's
• 31:31
  Speaker 4: an outgo from a passion that I have.
• 31:34
  Speaker 1: I got to ask you this, Lisa. You know your
• 31:38
  Speaker 1: finance attorney, a financial literary advocate, expert, been doing it
• 31:42
  Speaker 1: over thirty years. Can someone living consistently I'm talking about
• 31:48
  Speaker 1: They always make it like this is just black people
• 31:50
  Speaker 1: who are living in these low income and modern income facilities.
• 31:55
  Speaker 1: And you know the truth because you've been in the industry.
• 31:57
  Speaker 1: That's what makes me so mad about this business. How
• 32:00
  Speaker 1: they just just stereotype you and you can never get
• 32:04
  Speaker 1: ahead when the stereotype keeps keeps winning. Can a person
• 32:09
  Speaker 1: overcome those stereotypes in those environments A family I was
• 32:13
  Speaker 1: able to do it. I went to college and worked hard.
• 32:16
  Speaker 1: My parents moved from one neighborhood to another neighborhood. But
• 32:19
  Speaker 1: can at the average family overcome those stereotypes.
• 32:24
  Speaker 4: Not living in the not living in those communities. I mean,
• 32:27
  Speaker 4: it's it's very challenging you if you don't get up
• 32:33
  Speaker 4: and get out, it makes it that difficult, right, And
• 32:37
  Speaker 4: if you want to stay in the community, then you're
• 32:40
  Speaker 4: going to have to find out ways and mechanisms that
• 32:43
  Speaker 4: you are going to be able to elevate yourself in
• 32:45
  Speaker 4: your family within that community. So you have, you know,
• 32:51
  Speaker 4: lots of thriving minority communities throughout the country. But the
• 32:56
  Speaker 4: reality is it's still stereotypes right right, Still redlining is
• 33:03
  Speaker 4: no longer a thing, but it's what zip code are
• 33:07
  Speaker 4: you living in? Right that Dick tates what kind of
• 33:12
  Speaker 4: services you get?
• 33:13
  Speaker 3: Right right?
• 33:14
  Speaker 4: When you're trash getting picked up and when you're coming
• 33:16
  Speaker 4: out to service and maintain, you know, maintain the loans
• 33:19
  Speaker 4: over here? What's going on over here? Why this overgrown dilapidated?
• 33:25
  Speaker 4: I mean, I'm in the DC area and a house
• 33:28
  Speaker 4: fell down like somebody was constructing it for years, left
• 33:33
  Speaker 4: it just sitting there like that's not happening in certain.
• 33:36
  Speaker 2: Communities as right, And so it.
• 33:40
  Speaker 4: Makes it that much more challenging for you to keep
• 33:43
  Speaker 4: the value of your properties out.
• 33:45
  Speaker 3: Wow, she's Lisa Moraine. I saw the Generational Wealth Conference
• 33:50
  Speaker 3: and she changed my life. She can change your life too.
• 33:53
  Speaker 1: She's a finance attorney, urned financial literacy advocate for entrepreneurs,
• 33:57
  Speaker 1: head of a law firm, a lab practice and watching
• 34:00
  Speaker 1: in DC. Her company Legacy Building LLC. Their mission is
• 34:04
  Speaker 1: the bridge to financial liberty. As we go, give out
• 34:06
  Speaker 1: that number one more time.
• 34:07
  Speaker 2: Lisa absolutely to zero two for zero nine eighty five
• 34:11
  Speaker 2: one three.
• 34:13
  Speaker 3: Thank you for coming on Money Making Conversation Masterclass.
• 34:15
  Speaker 2: Lisa, You're welcome. Thank you for having me with Sean.
• 34:18
  Speaker 5: This has been another edition of Money Making Conversations Masterclass
• 34:22
  Speaker 5: hosted by me Rashawn McDonald. Thank you to our guests
• 34:26
  Speaker 5: on the show today and thank you our listening audience.
• 34:30
  Speaker 3: Now.
• 34:30
  Speaker 5: If you want to listen to any episode or want
• 34:33
  Speaker 5: to register to be a guest on my show, visit
• 34:36
  Speaker 5: Moneymakingconversations dot com. Our social media handle is money Making Conversations.
• 34:42
  Speaker 5: Join us next week and remember to always leave with
• 34:45
  Speaker 5: your gifts. Keep winning