Latest / The Steve Harvey Morning Show / Financial Tip: He educates aspiring millionaires—on financial planning, wealth management, and risk mitigation strategies.

Transcript

Financial Tip: He educates aspiring millionaires—on financial planning, wealth management, and risk mitigation strategies. · The Steve Harvey Morning Show

• 0:00
  Speaker 1: Welcome to my show. I'm Rashon McDonald, a host of
• 0:02
  Speaker 1: Money Making Conversations Masterclass, where we encourage people to stop
• 0:06
  Speaker 1: reading other people's success stories and start planning your own. Now,
• 0:10
  Speaker 1: you don't want to miss an episode, so please take
• 0:12
  Speaker 1: a moment right now to follow or subscribe to Money
• 0:14
  Speaker 1: Making Conversations Masterclass. It's free. You can follow me on iHeartRadio, app, Spotify,
• 0:20
  Speaker 1: Apple Podcasts, or wherever you listen to your podcast. New
• 0:23
  Speaker 1: Money Making Conversations Masterclass episodes drop daily. I want to
• 0:27
  Speaker 1: keep you on alert because my guests provide tips on
• 0:30
  Speaker 1: how you can uplift your community, improve your financial planning, motivation,
• 0:34
  Speaker 1: or advice on how to be a successful entrepreneur. Now,
• 0:38
  Speaker 1: let's get this podcast started. My guest Wall Street experience
• 0:41
  Speaker 1: spans more than fifteen years, including investment consulting for some
• 0:45
  Speaker 1: of the largest asset managers in North America. He is
• 0:49
  Speaker 1: a profit wealth consultant for Haven Wealth Advisors, is a
• 0:53
  Speaker 1: leading national firm dedicated to helping clients grow and protect
• 0:57
  Speaker 1: assets while minimizing risk and maximizing multi generation of wealth.
• 1:02
  Speaker 1: Please welcome to Money Making Conversations Masters Class. Mark Mascarenas,
• 1:06
  Speaker 1: how you doing sir.
• 1:07
  Speaker 2: I'm doing well, Rashaan, thank you for having me.
• 1:10
  Speaker 1: Well. You know, when I see multi generation, I see wealth,
• 1:13
  Speaker 1: I see millionaires. You know, this is money making conversations
• 1:16
  Speaker 1: massic class. So, Mark, I don't know what shows you've
• 1:18
  Speaker 1: done before, but I think you're on the right show today,
• 1:20
  Speaker 1: my brother, I feel like.
• 1:22
  Speaker 2: I'm there, So I appreciate you having me.
• 1:24
  Speaker 1: Well. First of all, you know, we are every year.
• 1:26
  Speaker 1: You know, everybody wants to win the lottery, everybody wants
• 1:31
  Speaker 1: to get wealth immediately. But what we're talking about is
• 1:37
  Speaker 1: a plan. And with that being said, tell us a
• 1:40
  Speaker 1: little bit about your background. Mark.
• 1:42
  Speaker 2: Yeah, so I grew up in Atlanta, Georgia, and my
• 1:47
  Speaker 2: dream was really always to work on Wall Street. And
• 1:50
  Speaker 2: I had the opportunity to play college soccer at a
• 1:53
  Speaker 2: university called Buckdale University up in Pennsylvania, and I did
• 1:58
  Speaker 2: know that a lot of alumnially ended up on Wall Street,
• 2:01
  Speaker 2: and so spent four years there. And my first job
• 2:06
  Speaker 2: was at a firm called Lehman Brothers.
• 2:08
  Speaker 1: Rashon.
• 2:08
  Speaker 2: I don't know if you remember that firm from the
• 2:10
  Speaker 2: financial I do, and it was quite an experience. I
• 2:16
  Speaker 2: was on the trading desk during the whole financial crisis,
• 2:20
  Speaker 2: and so as a young professional, you know, I learned
• 2:24
  Speaker 2: risk very quickly seeing it happen in real time. And
• 2:29
  Speaker 2: after the financial crisis, I continued my work with a
• 2:32
  Speaker 2: firm called Barclay's Capital that purchased Lehman's assets and worked
• 2:38
  Speaker 2: in Toronto. In our office, I was advising pension funds,
• 2:41
  Speaker 2: hedge funds, what we call smart money quote unquote, that's
• 2:46
  Speaker 2: moving the markets every day. But it was always my
• 2:49
  Speaker 2: dream really to work with high net worth individuals, and
• 2:53
  Speaker 2: so moved back to Atlanta in twenty fifteen and joined
• 2:58
  Speaker 2: Haven Wealth Advisor as really the CIO investment consultant, working
• 3:04
  Speaker 2: with a lot of self made millionaires, business owners. And
• 3:09
  Speaker 2: really I've been able to utilize my background on the
• 3:12
  Speaker 2: investment side and incorporate that into financial planning and providing
• 3:16
  Speaker 2: sound advice to individuals.
• 3:19
  Speaker 1: Well, ask me, is Mark, are you are a person
• 3:22
  Speaker 1: who conversation in the world or ventures in the world
• 3:24
  Speaker 1: of cryptocurrency and bigcoins.
• 3:27
  Speaker 2: I am familiar with it, yes, And in fact, our
• 3:30
  Speaker 2: firm is now allowing bitcoin and advisory accounts, and so
• 3:38
  Speaker 2: you know, I am I'm well versed in it, and
• 3:40
  Speaker 2: I could, you know, speak a little bit about that
• 3:42
  Speaker 2: as well.
• 3:43
  Speaker 1: Well, let's let's start there, because I'm going to be
• 3:45
  Speaker 1: honest with you, I'm a person that's confused when it
• 3:47
  Speaker 1: comes to that world. I'm a traditionalist. I know what
• 3:51
  Speaker 1: an IBM stock he is. I know what a target
• 3:53
  Speaker 1: stock is, I know what a own depot stock is.
• 3:56
  Speaker 1: I've been I've had enough experts on this show in
• 4:00
  Speaker 1: a big corn arena. And then we knowed our current
• 4:03
  Speaker 1: president is always talking about cryptocurrency. So how does that
• 4:07
  Speaker 1: work for the investor and how does one get into
• 4:10
  Speaker 1: the conversation with somebody like you.
• 4:14
  Speaker 2: Yeah, so I think like every asset class, bitcoin is
• 4:18
  Speaker 2: considered digital currency. And so when we think about how
• 4:21
  Speaker 2: we build portfolios, we want to stay diversified. No one
• 4:25
  Speaker 2: wants to put all their money in one asset class,
• 4:27
  Speaker 2: whether that's an individual stock a cryptocurrency, and so when
• 4:31
  Speaker 2: we think about the place in the portfolio for digital assets,
• 4:36
  Speaker 2: it's really for I would call sophisticated investors that have
• 4:41
  Speaker 2: a high risk tolerance, that have stable net worth. A
• 4:45
  Speaker 2: lot of those are the millionaires, and then we typically
• 4:48
  Speaker 2: don't want to put more than two or three percent
• 4:50
  Speaker 2: of someone's investment portfolio in this type of an asset.
• 4:54
  Speaker 2: It's just very hot, it's very highly volatile, as you
• 4:58
  Speaker 2: could look at the charts historically, and it's not a
• 5:01
  Speaker 2: great fit for most of our clients. But I understand
• 5:05
  Speaker 2: the individuals that do want to invest in it. So
• 5:07
  Speaker 2: that's what I would say about that.
• 5:09
  Speaker 1: Well, you know, Mark, like anybody, when they see it rising,
• 5:12
  Speaker 1: they see it. How do you how do you protect
• 5:16
  Speaker 1: your clients? You know, like I said, they you know,
• 5:18
  Speaker 1: like you said two percent, they see the growth, then
• 5:21
  Speaker 1: they want to put more. How do you stop them
• 5:24
  Speaker 1: from like, Okay, okay, we're winning here, but you don't
• 5:27
  Speaker 1: want to see the downslair outside of the laws? How
• 5:30
  Speaker 1: do you protect your clients?
• 5:31
  Speaker 2: Yes, it's great question. So it's hard to explain to
• 5:35
  Speaker 2: an individual. You know, fear and greed really drive the markets,
• 5:39
  Speaker 2: and that's that's in the stock markets, it's in every
• 5:43
  Speaker 2: asset class. And so what we try and do with
• 5:46
  Speaker 2: our clients is create a mindset around Okay, you could
• 5:50
  Speaker 2: potentially double your money, but you could also potentially lose
• 5:54
  Speaker 2: seventy percent of it, And so that risk parameter helps
• 5:59
  Speaker 2: them understand is this a good fit for me? Can
• 6:02
  Speaker 2: I stomach losing seventy percent of my money in this
• 6:06
  Speaker 2: one asset class. And once you frame it like that,
• 6:09
  Speaker 2: a lot of people view it as almost the you know, gambling,
• 6:13
  Speaker 2: you know, And so I think that helps to frame
• 6:17
  Speaker 2: the conversation. And you know, if someone is still wanting
• 6:21
  Speaker 2: to own it, we will, you know, make sure that
• 6:25
  Speaker 2: the rest of the portfolio takes a little bit less
• 6:28
  Speaker 2: risk or lowers the volatility to offset what we're doing
• 6:31
  Speaker 2: in the digital currency side. So it's all relative, and
• 6:35
  Speaker 2: you really have to stress the downside when you're talking
• 6:39
  Speaker 2: about digital assets and cryptocurrencies.
• 6:41
  Speaker 1: Let me reintroduce everybody. I'm talking to Mark. He's a
• 6:44
  Speaker 1: private wealth consultant for Haven Wealth Advisors. Mark, we have
• 6:48
  Speaker 1: a year. Can you tell my audience are do you
• 6:52
  Speaker 1: advise people per quarter, per month, what they do at
• 6:56
  Speaker 1: the top of the year, what they do in the
• 6:57
  Speaker 1: middle of the year, what they do at the end
• 6:59
  Speaker 1: of the year. How does that work with you? And
• 7:01
  Speaker 1: you're sitting down with various clients, are being introduced to
• 7:05
  Speaker 1: a new client who wants to advise and to come
• 7:07
  Speaker 1: into your firm.
• 7:09
  Speaker 2: Yes, great question. So our motto with Haven Wealth Advisors
• 7:13
  Speaker 2: is helping clients live a great life financially and achieve
• 7:17
  Speaker 2: their definition of success and success is different to everyone.
• 7:20
  Speaker 2: Some people with financial success, others it's health success. For us,
• 7:25
  Speaker 2: we really want to work with our clients from a
• 7:27
  Speaker 2: holistic perspective. So to answer your question, we believe financial
• 7:31
  Speaker 2: planning or having a written financial plan, is the first
• 7:35
  Speaker 2: step towards anything. We won't even build an investment portfolio
• 7:40
  Speaker 2: until we've established a written financial plan with our client,
• 7:43
  Speaker 2: and we will review that plan at the beginning of
• 7:45
  Speaker 2: every calendar year just to make sure there's no changes,
• 7:48
  Speaker 2: any big expenses, anything that we need to know about.
• 7:51
  Speaker 1: For the year.
• 7:52
  Speaker 2: Throughout the course of the year, though, they will interact
• 7:54
  Speaker 2: with various partners on our team. So I'm the investment specialist.
• 7:58
  Speaker 2: I meet with all of our clients once twice three
• 8:01
  Speaker 2: times a year to talk about portfolio strategy. How have
• 8:05
  Speaker 2: we built the portfolio to align with your financial plan,
• 8:09
  Speaker 2: and how what changes are we making throughout the year
• 8:11
  Speaker 2: to you know, work with what's going on, say interest
• 8:15
  Speaker 2: rates or inflation, or trade or tariffs. These things impact
• 8:21
  Speaker 2: their portfolios and so my role is to constantly adapt
• 8:25
  Speaker 2: and evolve as these things happen. And so we think
• 8:28
  Speaker 2: of the client holistically. Between financial planning investments. And then
• 8:33
  Speaker 2: the last thing is really risk, and we category as
• 8:37
  Speaker 2: risk really on the insurance side, and that's protecting gets
• 8:40
  Speaker 2: the unknown, whether that's life, you know, a sudden death
• 8:44
  Speaker 2: in the family disability insurance, if you get in a
• 8:48
  Speaker 2: car accident that's not your control and you can't work anymore.
• 8:51
  Speaker 2: And then what's what's become more prevalent lately is this
• 8:54
  Speaker 2: idea of long term care insurance. We're living longer as humans,
• 8:58
  Speaker 2: and we're starting to see that maybe some things are
• 9:02
  Speaker 2: going to impact us and that we have to be
• 9:04
  Speaker 2: in long term care facilities. And unfortunately, Rashan, these facilities
• 9:08
  Speaker 2: are expensive and they're getting more and so we have
• 9:11
  Speaker 2: to plan for that, which maybe we didn't have to
• 9:13
  Speaker 2: plan for twenty thirty years ago.
• 9:16
  Speaker 1: I'm glad you brought that up, Mark, because that's the
• 9:19
  Speaker 1: rollover dice that I didn't expect. And how's that happening?
• 9:24
  Speaker 1: You know, growing up, all you heard was social security.
• 9:28
  Speaker 1: Get sixty five, you know, and retire. Now you get
• 9:32
  Speaker 1: to sixty five, you realize there's nothing to live off
• 9:35
  Speaker 1: of at sixty five that the government will give you.
• 9:38
  Speaker 1: Then I'm looking at parents, my parents that need my assistant,
• 9:43
  Speaker 1: But I didn't see that coming. It's almost I was
• 9:45
  Speaker 1: planning for my retirement but not planning for their care.
• 9:49
  Speaker 1: That's a shock that we're all living with right now.
• 9:52
  Speaker 1: How did that happen? Mark?
• 9:54
  Speaker 2: Yeah, I mean there's various things that have taken place
• 9:58
  Speaker 2: over the last twenty or thirty that have led to
• 10:01
  Speaker 2: where we are today. But I think when we work
• 10:03
  Speaker 2: with our millionaires, the questions that they're asking are a
• 10:06
  Speaker 2: little bit different than what I guess the average American
• 10:09
  Speaker 2: is asking these days. So let me just give you
• 10:11
  Speaker 2: an example. Our high net worth clients are typically asking
• 10:15
  Speaker 2: questions like, is it possible that I could outlive my savings?
• 10:19
  Speaker 2: How will taxes impact me in retirement? And then how
• 10:22
  Speaker 2: can I plan for potential long term care needs? So
• 10:25
  Speaker 2: I would summarize all three of those questions. Is taking
• 10:28
  Speaker 2: control of your own financial situation? I'm in control? How
• 10:32
  Speaker 2: do I adapt to these areas? The flip side is
• 10:36
  Speaker 2: most Americans are really worried about exactly what you said.
• 10:39
  Speaker 2: Will social Security be there when I qualify for it?
• 10:43
  Speaker 2: How much money do I actually need a retirement? Because
• 10:45
  Speaker 2: inflation keeps going up and my paycheck isn't necessarily keeping
• 10:49
  Speaker 2: up with it. And so those are things I would
• 10:52
  Speaker 2: say are out of your control and that you would
• 10:54
  Speaker 2: worry about. And so I think getting back to what
• 10:57
  Speaker 2: makes a self made millionaire, it's taking control of your
• 11:01
  Speaker 2: own financial destiny. It's having clarity and discipline around what
• 11:06
  Speaker 2: it really takes to be retired and how do I
• 11:09
  Speaker 2: get there.
• 11:10
  Speaker 1: Well, here's the question, what is the millionaire to you?
• 11:13
  Speaker 1: And what because you know you have insurance policy million dollars,
• 11:17
  Speaker 1: you can be a millionaire. To have this conversation with you,
• 11:20
  Speaker 1: let's define what a millionaire When you say, and I'm
• 11:23
  Speaker 1: not trying to give away asset reports here, but when
• 11:27
  Speaker 1: you say it and my clients hear it, are my
• 11:29
  Speaker 1: listeners here? They need to have a clear understanding when
• 11:32
  Speaker 1: they contact you. This is the parameter.
• 11:36
  Speaker 2: So most of the what I would call millionaires are
• 11:40
  Speaker 2: really defined as not outliving your savings. And so I
• 11:44
  Speaker 2: would say it's a different number for everyone. It really
• 11:48
  Speaker 2: depends on your spending. And our senior partner, Mac likes
• 11:52
  Speaker 2: to say, you know, every dollar needs a job description
• 11:57
  Speaker 2: and we have to, you know, make sure we build
• 12:00
  Speaker 2: the portfolios that will be there and be able to
• 12:03
  Speaker 2: provide the rates of return for your spending habits. Everyone
• 12:07
  Speaker 2: talked about the four percent withdrawal rule, but if you're
• 12:10
  Speaker 2: withdrawing seven or eight percent, you're eventually gonna round of money.
• 12:14
  Speaker 2: And so our goals is really really to have you
• 12:17
  Speaker 2: live the same, if not better life in retirement that
• 12:21
  Speaker 2: you do today while you're working. That that would be
• 12:23
  Speaker 2: my definition of successfully retired is living a same or
• 12:27
  Speaker 2: better lifestyle in retirement that you do today while you're working.
• 12:31
  Speaker 1: Well, you know, the interesting thing about living a life
• 12:34
  Speaker 1: is in retirement is a living life? Are you living today?
• 12:39
  Speaker 2: You know?
• 12:39
  Speaker 1: Because again if you if you live in a life
• 12:42
  Speaker 1: especially you have eight million dollars in the bank and
• 12:43
  Speaker 1: you live in all of four percent of that, Well,
• 12:45
  Speaker 1: guess what when you retire, you go away or you
• 12:48
  Speaker 1: die that eight million dollars. So I kind of want
• 12:51
  Speaker 1: to live my life. I want to like I would
• 12:53
  Speaker 1: like I want to put a little bit more than
• 12:55
  Speaker 1: that four percent. I'm the seven percent guy, seven percent
• 12:58
  Speaker 1: guy Mark. So with that being said, I want to
• 13:02
  Speaker 1: know how I can balance that, And that's what we're
• 13:04
  Speaker 1: talking about on this interviews. That balance. Let's talk about taxes,
• 13:08
  Speaker 1: because that's my that's my enemy, you know, my enemy
• 13:11
  Speaker 1: is the tax man. And when I come to you,
• 13:14
  Speaker 1: how do you protect me from the tax man because
• 13:16
  Speaker 1: he's killing me every year?
• 13:18
  Speaker 2: Mark Yes, and uh Rushawan just to tell you, I
• 13:22
  Speaker 2: haven't met one person that likes to pay taxes, So
• 13:24
  Speaker 2: you're not You're not the only person. You know. I
• 13:27
  Speaker 2: think there's things that you can control every day. And
• 13:30
  Speaker 2: when we build portfolios, we're really conscious around where we
• 13:35
  Speaker 2: put the put the investment assets based off of are
• 13:38
  Speaker 2: they taxed this dividend income, do they get capital gains treatment?
• 13:42
  Speaker 2: We do a lot of tax loss harvesting and non
• 13:45
  Speaker 2: qualified accounts. So these are things that we would say
• 13:48
  Speaker 2: are in our control every day to help you offset taxes. Now, millionaires,
• 13:54
  Speaker 2: the biggest question is really the estate tax and transferring
• 13:59
  Speaker 2: that wealth to their kids and grandkids in a tax
• 14:02
  Speaker 2: efficient manner. And so that really goes back to having
• 14:05
  Speaker 2: a financial plan. There's various tools and products that we
• 14:09
  Speaker 2: utilize that can help you, you know, move some of
• 14:13
  Speaker 2: those assets out of your state from a tax perspective,
• 14:17
  Speaker 2: and so that is really something that over the last
• 14:20
  Speaker 2: five years we've really been working a lot more with clients.
• 14:23
  Speaker 2: Is this whole idea of how do I transfer my
• 14:26
  Speaker 2: wealth in a tax efficient manner. So I think that's
• 14:29
  Speaker 2: a great question.
• 14:31
  Speaker 1: Well, you know the thing about it is that you know,
• 14:33
  Speaker 1: I will send a series of questions, and they were
• 14:35
  Speaker 1: a really good questions. I want to ask some of
• 14:37
  Speaker 1: them because I think they are reflective of my thought process,
• 14:40
  Speaker 1: because people who have money think a certain way, and
• 14:43
  Speaker 1: people who don't have money or want to have money
• 14:45
  Speaker 1: thinks a certain way. And one of the questions is
• 14:47
  Speaker 1: that's start off was seventy percent, seventy four percent of
• 14:51
  Speaker 1: millionaires collaborate with financial advisors compared to just thirty four
• 14:56
  Speaker 1: percent of the general population, which I'll tell you thirty
• 14:59
  Speaker 1: four percent was shockingly high. I didn't believe that was
• 15:02
  Speaker 1: that high. So let's explain to everybody what a financial
• 15:05
  Speaker 1: advisor is and why is it such a disparity between
• 15:09
  Speaker 1: people who have money and people who don't have money
• 15:12
  Speaker 1: but aspire to get money.
• 15:15
  Speaker 2: Yes, I think it goes back to really the mindset
• 15:19
  Speaker 2: of millionaires. They're very clear, they're disciplined, they like advice,
• 15:24
  Speaker 2: and they're optimistic. And so when we think about that
• 15:28
  Speaker 2: number that you threw out, the seventy four percent working
• 15:31
  Speaker 2: with advisors, they view us as part of their team.
• 15:35
  Speaker 2: We're basically the CFOs and they're the CEOs. To put
• 15:38
  Speaker 2: it another way, and you know, successful people they utilize
• 15:44
  Speaker 2: fitness coaches, all kinds of self help needs because they
• 15:48
  Speaker 2: know they can't do it on their own. And I
• 15:49
  Speaker 2: would say financial planning is one of those areas that
• 15:53
  Speaker 2: it's probably not most people's core competence. They are very
• 15:57
  Speaker 2: good at other things. They've obviously been able to make
• 16:00
  Speaker 2: a lot of money being skilled and talented in something,
• 16:03
  Speaker 2: but not everyone's good at everything. And so I think
• 16:06
  Speaker 2: having retirement confidence, being able to put your you know,
• 16:11
  Speaker 2: wealth in someone else's hands that has done this. It's
• 16:14
  Speaker 2: scary at first, but I think that the data shows
• 16:18
  Speaker 2: you that over time it builds confidence, and it's repetition
• 16:22
  Speaker 2: and it's disciplined, it's savings, and so I think, you know,
• 16:26
  Speaker 2: that's the most valuable part of an advisor is we
• 16:28
  Speaker 2: are that coach or part of your team, and we're
• 16:31
  Speaker 2: helping you not make mistakes. And so that's how I
• 16:34
  Speaker 2: would I would do you a financial advisor.
• 16:36
  Speaker 3: Please don't go anywhere, We'll be right back with more
• 16:39
  Speaker 3: money making conversations, masterclass. No need for you to do
• 16:42
  Speaker 3: me a favor, right, now to follow our subscribe to
• 16:46
  Speaker 3: Money Making Conversation. It's free and you can find it
• 16:49
  Speaker 3: on the iHeartRadio app, Spotify, Apple Podcasts, or wherever you
• 16:54
  Speaker 3: get your podcasts. Please do me that favor, follow or
• 16:57
  Speaker 3: subscribe money Making Conversation. Welcome back to Money Making Conversation
• 17:05
  Speaker 3: Master Lass with me Rashaun McDonald.
• 17:07
  Speaker 1: I remember when I went from just a regular tax
• 17:11
  Speaker 1: person to an actual CPA and I freaked out on
• 17:17
  Speaker 1: the tax bill. You know, but in this business, you
• 17:21
  Speaker 1: have to spend money to keep money, just not make money,
• 17:26
  Speaker 1: just to keep your money. And then the process of
• 17:28
  Speaker 1: keeping you money, then you go and make more money,
• 17:31
  Speaker 1: or you invest, or you collaborate in situations that spend
• 17:35
  Speaker 1: your spend, allow you to spend your money wisely. And
• 17:38
  Speaker 1: when I did, you know what keeps getting missed in
• 17:41
  Speaker 1: this whole operation is that is people want to make money,
• 17:46
  Speaker 1: but they tend to block out. And I think that's
• 17:49
  Speaker 1: what the thirty four percent is. They don't understand the
• 17:52
  Speaker 1: value of a financial advisor. What cost you but he
• 17:57
  Speaker 1: will benefit you? And that keeps that to four percent
• 18:00
  Speaker 1: numbers so low. And like I said, that number is
• 18:03
  Speaker 1: shockingly high to me. I thought it'd being the low teens,
• 18:06
  Speaker 1: be honest with you because of the fact that how
• 18:09
  Speaker 1: do you make that next step? Mark, How does one
• 18:12
  Speaker 1: make a next step to call you to contact you?
• 18:14
  Speaker 1: So that percentage that want to be in the millionaire
• 18:17
  Speaker 1: club is stuck on the financial commitment that they have
• 18:20
  Speaker 1: to make to be in that club.
• 18:23
  Speaker 2: Yes, I think it's a two way street. And so,
• 18:27
  Speaker 2: like with anything, you have to want to commit. We
• 18:30
  Speaker 2: have most of our clients, so we meet with probably
• 18:34
  Speaker 2: thousands of prospects throughout the year, but we don't on
• 18:37
  Speaker 2: board all of those to become clients because one of
• 18:40
  Speaker 2: the things that we don't want is someone that comes
• 18:43
  Speaker 2: on board, works with our team and doesn't listen to
• 18:46
  Speaker 2: any of our advice. And as fiduciaries, we have to
• 18:50
  Speaker 2: do with in your best interest, and so we really
• 18:52
  Speaker 2: want to work with clients that we can be equally
• 18:55
  Speaker 2: yoked to and help them over time. And so I think,
• 19:00
  Speaker 2: you know, how can you get in touch with us?
• 19:02
  Speaker 2: I would say online, if you look at Haven Wealth
• 19:05
  Speaker 2: Advisors in my name, Mark Mascarinus, that takes you to
• 19:09
  Speaker 2: our website. So that would be the first step and
• 19:11
  Speaker 2: then I'd be happy, you know, to schedule an introduction
• 19:15
  Speaker 2: meeting and tell you the various ways that we work
• 19:18
  Speaker 2: with clients, and it can be in different ways. Our
• 19:21
  Speaker 2: business owners we have a different relationship with then say
• 19:25
  Speaker 2: high net worth clients that have inherited their money from
• 19:29
  Speaker 2: their parents or grandparents. It's a totally different financial plan
• 19:33
  Speaker 2: and the way we work with them. And so we're
• 19:36
  Speaker 2: open to all successful people. But I think the key
• 19:38
  Speaker 2: thing with all of our clients is they trust us
• 19:41
  Speaker 2: and they appreciate what we do. And I think that's
• 19:44
  Speaker 2: really important when we think about a client relationship.
• 19:48
  Speaker 1: And the words you just say that, I think it's
• 19:49
  Speaker 1: really important that we need to bring to the fuductioniary
• 19:52
  Speaker 1: because that means that you, the client win. That's how
• 19:55
  Speaker 1: you win. Explain everybody what that means.
• 19:59
  Speaker 2: Yes, and so if the client, so, the way our
• 20:04
  Speaker 2: relationship works is, you know, we make more money when
• 20:07
  Speaker 2: the client makes more money. You know, as a fiduciary,
• 20:11
  Speaker 2: we have to do what's in your best interest. So,
• 20:13
  Speaker 2: going back to your bitcoin question at the beginning, it's
• 20:16
  Speaker 2: not a good idea to put more than two or
• 20:19
  Speaker 2: three percent in your money, even though the client says
• 20:22
  Speaker 2: I want to do that, because I don't look at
• 20:24
  Speaker 2: an orange, and I don't want to go to jail,
• 20:26
  Speaker 2: so I have to do what's in my best interest.
• 20:29
  Speaker 2: You know, what's what's in the client's best interest, and
• 20:31
  Speaker 2: so I think that mindset, establishing that trust is really important.
• 20:36
  Speaker 2: And then once the client sees the process and starts
• 20:40
  Speaker 2: to see how the rates of return work, both in
• 20:42
  Speaker 2: good markets and bad markets, how we adjust the financial plan. Unfortunately,
• 20:47
  Speaker 2: we've had several death claims and long term care issues
• 20:52
  Speaker 2: that have come up this year, and just seeing how
• 20:54
  Speaker 2: we handle that. Clients really appreciate it, especially during their
• 20:58
  Speaker 2: worst periods of time when they've suffered a death in
• 21:01
  Speaker 2: the family or realize they have long term term care event.
• 21:05
  Speaker 2: They really depend on us and we don't want to
• 21:07
  Speaker 2: let them down.
• 21:09
  Speaker 1: Well, it was really important as we talked through this
• 21:11
  Speaker 1: conversation with Mark about financial planning financial live advisors, they
• 21:15
  Speaker 1: state planning. But the one thing I know is that
• 21:18
  Speaker 1: it's about clarity. And like one of your questions was,
• 21:21
  Speaker 1: eighty eight percent of American millionaires have good clarity on
• 21:24
  Speaker 1: exactly how much they can spend now versus what they
• 21:27
  Speaker 1: need to say for later. What are you saying that?
• 21:30
  Speaker 1: Explain it to me?
• 21:32
  Speaker 2: Yeah, So what that really means is those eighty eight
• 21:36
  Speaker 2: percent most likely have a written financial plan, and so
• 21:40
  Speaker 2: think of it as a glide path. And when we
• 21:43
  Speaker 2: run our financial plans, we're using relatively conservative rates of
• 21:47
  Speaker 2: return five six seven percent, and we can model that
• 21:51
  Speaker 2: out based off of what your anticipated spending habits are.
• 21:55
  Speaker 2: And so that visibility and that clarity is what tells
• 21:59
  Speaker 2: clients and given year, Okay, if I want to go
• 22:01
  Speaker 2: on this vacation, I know I can do it because
• 22:04
  Speaker 2: their financial plan says I can. In a bad financial year,
• 22:09
  Speaker 2: maybe they don't go on that cruise, maybe they drive
• 22:11
  Speaker 2: to the mountains, and so they get that clarity every year.
• 22:16
  Speaker 2: And so that would be what I would say for
• 22:18
  Speaker 2: the retired folks. And then the accumulators are the emerging
• 22:21
  Speaker 2: affluent as we call them. Saving is important, not spending
• 22:26
  Speaker 2: all your money, identifying how to save. Do I how
• 22:29
  Speaker 2: much do I put in an IRA A WROTH account?
• 22:32
  Speaker 2: How much do I put my four to OHO one
• 22:33
  Speaker 2: K taxable account? And so during the wealth accumulation stage,
• 22:37
  Speaker 2: it's really about telling them how much to save so
• 22:41
  Speaker 2: that they can get to that millionaire status and be
• 22:43
  Speaker 2: successfully retired.
• 22:45
  Speaker 1: Yeah, here's the interesting conversation. Mark is about because of
• 22:49
  Speaker 1: the era we live in, social media, YouTubers and all that,
• 22:53
  Speaker 1: millionaires a lot younger, Yeah, which means that when you're
• 22:58
  Speaker 1: a lot younger and you're getting money, you don't look
• 23:00
  Speaker 1: at forty and you don't actually see forty, You actually
• 23:03
  Speaker 1: don't see fifty or sixty. You can have a general
• 23:06
  Speaker 1: tendency to live your life today and not worry about
• 23:10
  Speaker 1: long term care. Now, with that being said, how do
• 23:14
  Speaker 1: you look at the new millionaire that you're dealing with
• 23:17
  Speaker 1: now versus the millionaire that was being born or created
• 23:21
  Speaker 1: ten years ago?
• 23:24
  Speaker 2: Great question, And Rashaan, I throw athletes in nil money
• 23:27
  Speaker 2: in there as well, because they're getting paychecks more than
• 23:33
  Speaker 2: a lot of people in the forties and fifties right now,
• 23:35
  Speaker 2: and they're in high school or college. So, you know,
• 23:39
  Speaker 2: I think it's a couple of things. So the first
• 23:41
  Speaker 2: is just getting money in an early age. It's tough
• 23:44
  Speaker 2: because they haven't had that education. A lot of universities
• 23:48
  Speaker 2: and colleges don't even teach how to save money and
• 23:51
  Speaker 2: manage money, and so I think it's a lack of
• 23:53
  Speaker 2: education at an early stage. But the second thing is
• 23:56
  Speaker 2: I feel like the next generation is really into experiences,
• 24:00
  Speaker 2: and that's what social media, you know, always comparing yourself
• 24:05
  Speaker 2: to people maybe you know in your social circle, or
• 24:07
  Speaker 2: maybe people that you don't know, and you just want
• 24:09
  Speaker 2: to be like them. And it's creating this dangerous lifestyle
• 24:13
  Speaker 2: creep where people keep spending more money and more money
• 24:16
  Speaker 2: and not saving because they want to keep up with
• 24:18
  Speaker 2: whoever they're following on Instagram. So I think those two
• 24:23
  Speaker 2: things are something that need to be addressed. And so
• 24:27
  Speaker 2: when we meet with our clients and their kids, the
• 24:31
  Speaker 2: number one question is can you provide some ideas or
• 24:34
  Speaker 2: meet with them on how they can, you know, be
• 24:36
  Speaker 2: financially disciplined. And that's so that's one area that we
• 24:41
  Speaker 2: work with the kids of our clients is just really
• 24:43
  Speaker 2: educating them on how to save money, why it's important,
• 24:47
  Speaker 2: the power of compounding, so that you know that one
• 24:50
  Speaker 2: hundred dollars thing you're about to buy, if you were
• 24:52
  Speaker 2: to compound that at five percent over twenty years, it
• 24:54
  Speaker 2: becomes a lot more expensive.
• 24:56
  Speaker 1: I tell you that that word was used to make
• 25:00
  Speaker 1: in my thirties and I didn't understand it. I wish
• 25:03
  Speaker 1: I would have heard it a lot clearer. Can you
• 25:05
  Speaker 1: explain to everybody who's listened to power of compounded interest?
• 25:10
  Speaker 2: Mark, Yes, the power of compounding is really how millionaires
• 25:15
  Speaker 2: become millionaires because they're disciplined. So they're putting money in,
• 25:19
  Speaker 2: they're saving, they're not pulling it out, and the market
• 25:22
  Speaker 2: just let the market do its thing. I think the
• 25:24
  Speaker 2: statistics are seventy four seventy two percent of the time
• 25:28
  Speaker 2: the stock market is higher in a given year. And
• 25:30
  Speaker 2: so if you were to go to a casino and
• 25:32
  Speaker 2: say I could win seventy two percent of the time,
• 25:34
  Speaker 2: would you play that game. Yes, you have to be patient,
• 25:38
  Speaker 2: you have to be disciplined, and during that other thirty
• 25:41
  Speaker 2: percent of the time when the market is down, you
• 25:43
  Speaker 2: still have to be patient, and you have to be
• 25:45
  Speaker 2: willing to add more money into the portfolio. And over time,
• 25:50
  Speaker 2: you let the rates of return five, six, seven, eight,
• 25:53
  Speaker 2: ninety ten just keep compounding, adding on to each other.
• 25:57
  Speaker 2: Where I think it gets a little bit dangerous is
• 26:01
  Speaker 2: people have a great year, they go and spend whatever
• 26:03
  Speaker 2: they made in their portfolios, and that's really set them back.
• 26:07
  Speaker 2: It's that is not compounding, That is spending what you gained.
• 26:10
  Speaker 2: And so we're trying to teach people just pretend like
• 26:13
  Speaker 2: that money doesn't exist, and just wake up twenty thirty
• 26:16
  Speaker 2: years from now and you'll be very surprised.
• 26:19
  Speaker 1: And that's why the discipline and that's word I've used
• 26:22
  Speaker 1: to You've used it a lot. And you know we
• 26:24
  Speaker 1: look at uh, we look at our age, you know.
• 26:27
  Speaker 1: I how we look at life at thirty is different
• 26:31
  Speaker 1: from fifties to sixty. And let's talk to as we
• 26:33
  Speaker 1: close out this interview, Let's start talking about age because
• 26:36
  Speaker 1: we use the word long term care, yes, and what
• 26:38
  Speaker 1: age do you start thinking about long term care? Because
• 26:42
  Speaker 1: that's a lifestyle that you plan for. You know, that's
• 26:45
  Speaker 1: not a lifestyle. Because I repeat this to everybody who's listening.
• 26:49
  Speaker 1: Social security is not an asset. It is a disappointment
• 26:54
  Speaker 1: if you if you think that is something out there
• 26:57
  Speaker 1: waiting for you when you hit a certain age in
• 26:59
  Speaker 1: this country, there's nothing. So this conversation I'm having with
• 27:02
  Speaker 1: Mark today is important because it's about planning and having
• 27:06
  Speaker 1: the discipline to plan. And with that being said, I'm
• 27:10
  Speaker 1: just trying to stay on this age curve because I
• 27:13
  Speaker 1: was told in my twenties what to do Mark, and
• 27:16
  Speaker 1: I didn't listen, and I did some partial investment in
• 27:20
  Speaker 1: Merrill Lynch and when I took my thirties, but it
• 27:23
  Speaker 1: was no discipline tied to it. You know, I removed
• 27:26
  Speaker 1: it when I needed it. And so that's a discipline
• 27:28
  Speaker 1: you were talking about the lack of consistency. If I
• 27:31
  Speaker 1: just kept it in there, my life would be different
• 27:34
  Speaker 1: if I would have just kept it in there. So
• 27:36
  Speaker 1: let's talk about that financial discipline mark, and also those
• 27:39
  Speaker 1: tent poles that come along every decade, ten years.
• 27:44
  Speaker 2: Yes, So what I would tell people starting, you know,
• 27:46
  Speaker 2: coming out of college or even before that, if you
• 27:50
  Speaker 2: have the ability to save and put money away, it's
• 27:53
  Speaker 2: really accumulating wealth in the investment accounts and you know,
• 27:57
  Speaker 2: just letting it, letting it ride, keep adding to it
• 28:00
  Speaker 2: every month or whatever frequency. That's what we call wealth accumulation. Now,
• 28:04
  Speaker 2: on the risk side of the insurance side, certain milestones,
• 28:08
  Speaker 2: if you will, on the age are pretty relevant. So
• 28:11
  Speaker 2: I would I always encourage all of our clients, you know,
• 28:14
  Speaker 2: even at the youngest, maybe twenty one, twenty two years old,
• 28:18
  Speaker 2: get some term life insurance policy. What that does is
• 28:21
  Speaker 2: it locks in your health at that age, and so
• 28:25
  Speaker 2: you have that policy, it stays with you. And so
• 28:29
  Speaker 2: if something were to happen. That's a way for a
• 28:32
  Speaker 2: death benefit to be paid to a loved one if
• 28:36
  Speaker 2: something were to happen. So getting term locked in early
• 28:39
  Speaker 2: while you're in good health is a really important step.
• 28:42
  Speaker 2: The other thing that's really important is disability insurance. I
• 28:45
  Speaker 2: think it's the statistics around thirty to thirty five percent
• 28:49
  Speaker 2: of people are likely to get in a disability type situation.
• 28:54
  Speaker 2: And why that's important is that if you're disabled and
• 28:57
  Speaker 2: can't work, you've now taken away your income iterating years
• 29:01
  Speaker 2: between now and retirement, and how are you going to
• 29:03
  Speaker 2: cover that cash flow? And so disability insurance really covers
• 29:07
  Speaker 2: that if you can't do your job, and so that's
• 29:10
  Speaker 2: really the second thing. And then to answer your question
• 29:13
  Speaker 2: of long term care, I would say probably in the
• 29:16
  Speaker 2: fifties age fifties area, because that's when it's I think
• 29:21
  Speaker 2: still affordable and you're not having to pay a lot
• 29:25
  Speaker 2: of years of premiums until you were to have to
• 29:28
  Speaker 2: use it. So typically we're looking at long term care
• 29:31
  Speaker 2: when clients in their mid to late fifties. That's what
• 29:34
  Speaker 2: I would say around that.
• 29:35
  Speaker 1: Well, that was gonna be my last question mark, but
• 29:38
  Speaker 1: you hit the insurance. But know me, you said term
• 29:42
  Speaker 1: life insurance. I'm a whole guy. I'm a universal guy
• 29:46
  Speaker 1: because you know four percent. You know that was got
• 29:49
  Speaker 1: me in there. When when everything bottomed Eye of ver
• 29:52
  Speaker 1: Shawn's money was still making four percent, I was a
• 29:54
  Speaker 1: happy camper. Now did you hear people like I won't
• 29:59
  Speaker 1: say any name, tell you those may your money on
• 30:02
  Speaker 1: the Holy Universal is a waste of time. So I'm
• 30:06
  Speaker 1: coming to you. You've said the word. You said the
• 30:09
  Speaker 1: word term life insurance. I understand that. Well, is there
• 30:12
  Speaker 1: a scare tactic with people who tell you to stay
• 30:14
  Speaker 1: away from a hole or universal? Or can you educate me?
• 30:18
  Speaker 1: And when people come to you, how do you talk
• 30:20
  Speaker 1: to them about insurance? Is it tied just to state planning?
• 30:24
  Speaker 1: How is it done? Yeah?
• 30:26
  Speaker 2: So I think the way I look at TERM and
• 30:28
  Speaker 2: the way we work with our clients on term is
• 30:30
  Speaker 2: it's a low cost way to basically lock in good health.
• 30:34
  Speaker 2: And with all most term policies you have the conversion
• 30:39
  Speaker 2: period down the road, and so it gives you optionality
• 30:42
  Speaker 2: down the road. If you do want to convert to
• 30:44
  Speaker 2: a whole life policy, you have that and your health
• 30:47
  Speaker 2: class stays the same. When I think where whole life
• 30:50
  Speaker 2: comes in, and I personally have a whole life policy,
• 30:53
  Speaker 2: and so I'll just give you my own experience. I
• 30:56
  Speaker 2: view it as you know, a one of those break
• 30:58
  Speaker 2: glass in case of emergency, the type buckets. Not only
• 31:02
  Speaker 2: does the death benefit of the policy stay with me
• 31:05
  Speaker 2: beyond when the term would normally expire, but it provides
• 31:08
  Speaker 2: me with living benefit. And so I have cash values,
• 31:11
  Speaker 2: as you mentioned, that are compounding, you know, as long
• 31:15
  Speaker 2: as Northwestern Mutual pays the dividend, and so think of
• 31:19
  Speaker 2: that as you know, a stable asset and every year,
• 31:24
  Speaker 2: if they were to pay a dividend, it's just going
• 31:26
  Speaker 2: to compound and grow over time. And I personally like
• 31:29
  Speaker 2: it because when I look at bonds, they fluctuate. I mean,
• 31:33
  Speaker 2: look at twenty twenty two, bond market was down thirteen
• 31:36
  Speaker 2: fourteen to fifteen percent in a year. So it's hard
• 31:39
  Speaker 2: to in my experience, it's hard to argue against something
• 31:43
  Speaker 2: that has been pretty stable and continue to grow over time.
• 31:47
  Speaker 2: And oh, by the way, it provides me, my wife
• 31:50
  Speaker 2: and kid with a death benefit if something were to
• 31:52
  Speaker 2: happen to me. So I'm a proponent of it.
• 31:55
  Speaker 1: Absolutely. You keep dropping these little buzzwords. I'm trying to
• 31:59
  Speaker 1: end it as in view dividend payments now Prudential. My
• 32:05
  Speaker 1: best friend in college, he gave me a Prudential insurance
• 32:10
  Speaker 1: and he don't even work with Potential anymore. I think
• 32:12
  Speaker 1: he was just I was just a guy.
• 32:13
  Speaker 2: You know.
• 32:14
  Speaker 1: They say, when you do something, you sell to your
• 32:15
  Speaker 1: family members and your friends and then you just get
• 32:17
  Speaker 1: out And I'll be getting a diffidend payment at least
• 32:22
  Speaker 1: twice a year for least thirty years. What are the
• 32:27
  Speaker 1: benefits of that and how can one seek out those
• 32:31
  Speaker 1: opportunities when they come to talk to you.
• 32:33
  Speaker 2: Mark, Yeah, So when we meet with a prospect, we
• 32:36
  Speaker 2: do what's called a FactFinder, and so that is really
• 32:39
  Speaker 2: asking a lot of in depth questions around their personal
• 32:42
  Speaker 2: financial situation. What's important to them, what are their financial goals,
• 32:46
  Speaker 2: what are they concerned about? And that's where insurance really
• 32:49
  Speaker 2: comes in. A lot of people are concerned about early
• 32:51
  Speaker 2: death and what is my loved one going to do
• 32:53
  Speaker 2: when I passed away? Am I gonna outlive my money?
• 32:57
  Speaker 2: So long term care? What if I got in a
• 32:59
  Speaker 2: car accident, I can't go to work, disability? And so
• 33:02
  Speaker 2: it comes up in conversations as part of the financial plan.
• 33:06
  Speaker 2: But We don't lead with insurance. If it fits within
• 33:09
  Speaker 2: the individual's financial plan, we recommend it, and that individual
• 33:14
  Speaker 2: can still say no. We have clients to say no
• 33:16
  Speaker 2: all the time, but we provide a reason to do
• 33:19
  Speaker 2: it and what our rationale is, and so we view
• 33:23
  Speaker 2: it as a valuable part of a comprehensive financial plan.
• 33:28
  Speaker 1: Wow, he has Wall Street's experience. It spans more than
• 33:30
  Speaker 1: fifteen years. He's a consultant, private wealth consultant and having
• 33:34
  Speaker 1: wealth advisors. More importantly, you did a stutter on any
• 33:39
  Speaker 1: question I asked you some questions. Wasn't even on this
• 33:41
  Speaker 1: piece of paper here, Mark, And I appreciate you responding
• 33:44
  Speaker 1: because of the fact that you know on my show
• 33:46
  Speaker 1: Money Made Conversation. I want people to do their research,
• 33:50
  Speaker 1: I want people to contact you, but more importantly, I
• 33:52
  Speaker 1: want to give them options, and that's why I brought
• 33:54
  Speaker 1: you on the show. Option to make an opportunity to
• 33:58
  Speaker 1: live better. And also I feel boxed in because they
• 34:02
  Speaker 1: being in the day with mass commercials on TV, and
• 34:04
  Speaker 1: those are not always the best plan to pursue. But again,
• 34:08
  Speaker 1: your honest conversation will go a long way to driving
• 34:11
  Speaker 1: traffic and honesty and long term care in the Financial Areada.
• 34:15
  Speaker 1: Thank you for coming on Money Making Conversation Masterclass.
• 34:18
  Speaker 2: Well, thank you Rashaun for having me, and thank you
• 34:20
  Speaker 2: to all listening for your time today.
• 34:23
  Speaker 1: Thank you for listening to this episode. No, I need
• 34:25
  Speaker 1: for you to do me a favor right now to
• 34:28
  Speaker 1: follow or subscribe to Money Making Conversation. It's free and
• 34:32
  Speaker 1: you can find it on the iHeartRadio app, Spotify, Apple Podcasts,
• 34:37
  Speaker 1: or wherever you get your podcasts. Please do me that favor,
• 34:41
  Speaker 1: follow or subscribe money Making Conversations. Keep winning