Latest / The Steve Harvey Morning Show / Rushion Interviews Financial Advisor of Morgan Stanley, Sonia Balfour-Fears, start earning money in stocks at any age!

Transcript

Rushion Interviews Financial Advisor of Morgan Stanley, Sonia Balfour-Fears, start earning money in stocks at any age! · The Steve Harvey Morning Show

• 0:00
  Speaker 1: My guests on Your Fears, Son Your Fears, let me
• 0:02
  Speaker 1: look background and I say that the very top of
• 0:04
  Speaker 1: the show. Financial Advisor and Global Sports and Entertainment Director
• 0:07
  Speaker 1: with Morgan Stanley. She began working in the financial services
• 0:10
  Speaker 1: industry in two thousands. Then she joined Bank of America
• 0:13
  Speaker 1: Mary Lynch in two thousand six. So if you're have
• 0:16
  Speaker 1: any phone calls that you want to make, this is
• 0:18
  Speaker 1: the time to make those phone calls, she assinces, transition
• 0:21
  Speaker 1: to Morgan Stanley, where she is one of the one
• 0:23
  Speaker 1: of the fewd and two percent of Morgan Stanley's Financial
• 0:27
  Speaker 1: advisor to obtain their Global Sports and Entertainment Director of
• 0:30
  Speaker 1: Destination as of January of this year. Please work with
• 0:33
  Speaker 1: money Making Conversation master Class, Sun your Fears? How are
• 0:35
  Speaker 1: you gonna sign you? Good evening? Good evening, Rashan, thank
• 0:39
  Speaker 1: you for helping me? Well, well, thank you. Well. You
• 0:41
  Speaker 1: know I think that with gas prices, you know, in
• 0:44
  Speaker 1: some areas going over five dollars, a lot of people
• 0:48
  Speaker 1: I want to know what's going on with their money.
• 0:49
  Speaker 1: I guess, uh, do you get Are you getting the
• 0:52
  Speaker 1: phone calls that you're getting now different from the phone
• 0:54
  Speaker 1: calls that you got doing the pandemic they are and
• 0:58
  Speaker 1: and the reason being, um, the reason why they're different.
• 1:02
  Speaker 1: Of course, you know, we we have the pandemic and
• 1:05
  Speaker 1: and and then we had unrest and you know with
• 1:10
  Speaker 1: UH with police and and now we have a war. UM,
• 1:14
  Speaker 1: and the tensions in Russia and Ukraine. UM. For a
• 1:18
  Speaker 1: lot of us, UM is different. And so people are nervous.
• 1:23
  Speaker 1: There's a lot of anxiety. And the calls UM although similar,
• 1:28
  Speaker 1: because there were anxieties there. UM, these anxieties are unknown
• 1:34
  Speaker 1: for a lot of people. So they are a little different. Yeah,
• 1:37
  Speaker 1: because our reason you can say that because you look
• 1:40
  Speaker 1: at television. It's let me just answer myself the question
• 1:43
  Speaker 1: to myself. For instance, when when the civil rest was here,
• 1:46
  Speaker 1: when the George Floord situation, the pandemic is here. When
• 1:49
  Speaker 1: I walked out my front door, I had to deal
• 1:51
  Speaker 1: with either wearing a mask or not going out in
• 1:53
  Speaker 1: the front door, I had to deal with worrying about
• 1:56
  Speaker 1: the police, the police where they when they stopped me,
• 1:58
  Speaker 1: because I will stop several times. One was because my
• 2:01
  Speaker 1: tag was expired. I was nervous. Whereas the war, I
• 2:04
  Speaker 1: can just turn the TV off. I can ignore it
• 2:06
  Speaker 1: in the sense even though it's going on. But that
• 2:09
  Speaker 1: ignoring still doesn't mean it's not impacting me. Because my
• 2:12
  Speaker 1: gas I went to fill up yesterday and I looked
• 2:16
  Speaker 1: down it was like five dollars and thirteen cents because
• 2:19
  Speaker 1: I used premium gas in my car, and I was
• 2:21
  Speaker 1: like stunned. I was like, wow, this is ridiculous because
• 2:24
  Speaker 1: on TV they only give you the lower's price gas,
• 2:27
  Speaker 1: the regular premium that the regular gases. So but there's
• 2:31
  Speaker 1: gas out there in some places five and six dollars
• 2:33
  Speaker 1: a gallon. But in time, that also tells people who
• 2:36
  Speaker 1: because you deal with people on retirement accounts, you deal
• 2:39
  Speaker 1: with people who don't know if they can take their
• 2:42
  Speaker 1: money in or redirect their money. And we're always talking
• 2:44
  Speaker 1: about closing the black well cap. So you have a
• 2:47
  Speaker 1: lot of questions to come to you. The first question
• 2:49
  Speaker 1: I'm gonna I'm gonna ask you what is the wealthcap?
• 2:53
  Speaker 1: The black wealthcap? Is there any possibility that being closed
• 2:57
  Speaker 1: in my generation? And if so, how can that achieve?
• 3:02
  Speaker 1: That's an excellent question. Um. It's something that you hear
• 3:08
  Speaker 1: a lot more younger UM people talk about, which which
• 3:12
  Speaker 1: is very very encouraging to me. UM. And and really
• 3:16
  Speaker 1: by having the door open ones one UM often is
• 3:22
  Speaker 1: the greatest component to increase the black dollar and wealth
• 3:26
  Speaker 1: in the black community. UM. Education UM is another way, UM.
• 3:32
  Speaker 1: What we what we need is more people who look
• 3:35
  Speaker 1: like us to understand the different components of building wealth.
• 3:39
  Speaker 1: And and that's where we start, UM, to really understand
• 3:43
  Speaker 1: how you build wealth. Because when you understand, we can
• 3:46
  Speaker 1: work towards closing the gap. UM. You know, having the
• 3:51
  Speaker 1: opportunities really to talk to youth in an engaging way
• 3:56
  Speaker 1: UM and to not only focus on finance, but promote
• 4:00
  Speaker 1: financial literacy UM, so that we can shed light on
• 4:04
  Speaker 1: the mindset and the discipline needed to become wealthy. Because
• 4:08
  Speaker 1: it's discipline just just like the same kind of discipline
• 4:13
  Speaker 1: that it takes. And I know you're early riser to
• 4:16
  Speaker 1: wake up early year, to wake up early. And for
• 4:20
  Speaker 1: those who can do that and have the discipline to
• 4:24
  Speaker 1: regardless of what's going on, to get their rest so
• 4:28
  Speaker 1: they can start early and they can have a full day,
• 4:32
  Speaker 1: the discipline to exercise every day. It's it's the discipline
• 4:37
  Speaker 1: to really understand and and have a mindset to to
• 4:43
  Speaker 1: to be intentional about understanding what your money can do
• 4:48
  Speaker 1: for you and understanding what you need to do to
• 4:51
  Speaker 1: allow your money to work for you, you know, and
• 4:54
  Speaker 1: and when I thank you for that information, he just
• 4:56
  Speaker 1: told us. Um, when you was talking to your opening credits,
• 4:59
  Speaker 1: we talked about when you was at Merrill Lynch Um,
• 5:03
  Speaker 1: you created the first African American mother daughter wealth management
• 5:07
  Speaker 1: team with your daughter. So I'm assuming that the conversations
• 5:11
  Speaker 1: and the approaches were different as the people you were dealing.
• 5:15
  Speaker 1: I wanted to say, in your age group or the
• 5:17
  Speaker 1: group that came to you for financial advice and the
• 5:21
  Speaker 1: group that came to her for financial vice, what what
• 5:24
  Speaker 1: was the Was there any common denominators? Are they were
• 5:27
  Speaker 1: just extreme people looking for extreme different different approaches to
• 5:31
  Speaker 1: their financial strategies. So the common denominator and that's what
• 5:38
  Speaker 1: you see now and that's why I'm encouraged about the
• 5:41
  Speaker 1: wealth gap closing. Is the the fact that people UM
• 5:47
  Speaker 1: that are my age or people that are looking towards
• 5:53
  Speaker 1: retirement or putting together and the state plan, or people
• 5:58
  Speaker 1: that are my daughter's age, UM, they all want and
• 6:03
  Speaker 1: and need guidance. You know. That's that's the common denominator.
• 6:09
  Speaker 1: People that don't do this every day UM and is
• 6:13
  Speaker 1: not investing people's money and not putting together financial plans
• 6:19
  Speaker 1: UM for people so that they have that guide to
• 6:23
  Speaker 1: help them through life and not have to worry about it.
• 6:26
  Speaker 1: They really don't know UM, you know. So we we
• 6:31
  Speaker 1: have physicians, and we have UM athletes, and we have
• 6:36
  Speaker 1: UM business owners and and they they are very good
• 6:40
  Speaker 1: at what they do, but they don't do this every day.
• 6:44
  Speaker 1: And if they don't do this every day, they don't
• 6:46
  Speaker 1: really have that roadmap UM at their fingertips to help
• 6:51
  Speaker 1: UM guide them through knowing what their numbers are and
• 6:54
  Speaker 1: knowing that based on the seven life priorities, what the
• 6:58
  Speaker 1: numbers UM look like, that will make that retirement plan successful.
• 7:04
  Speaker 1: And so that's a common denominator that UM young or
• 7:09
  Speaker 1: middle age or older need the knowledge and need the
• 7:13
  Speaker 1: guidance to be able to fulfill their goals and have
• 7:16
  Speaker 1: an effective plan towards building wealth. We'll be right back
• 7:21
  Speaker 1: with more Money Making Conversations Masterclass with Rushan McDonald. Now
• 7:27
  Speaker 1: let's return to Money Making Conversations Masterclass with Rashan McDonald Sonya,
• 7:33
  Speaker 1: where aren't more my knowledge is involved in this in
• 7:35
  Speaker 1: stock activity? And I thought about it of course while
• 7:40
  Speaker 1: you're on the break, UM, and why are people sitting
• 7:43
  Speaker 1: on the sidelines as you ask. And I think it's
• 7:46
  Speaker 1: important UM for a lot of people to identify while
• 7:49
  Speaker 1: they're nervous. UM. So we know there's a lot of
• 7:52
  Speaker 1: anxiety now because of the tension with Russia and Ukraine.
• 7:57
  Speaker 1: But from from there, you know, people UH identifying why
• 8:02
  Speaker 1: they're nervous. They need to look at the intended use
• 8:05
  Speaker 1: of their assets UM and and what they plan to
• 8:09
  Speaker 1: invest in and and if you're clear on your goals
• 8:13
  Speaker 1: and you're confident on your timeline and you understand that
• 8:16
  Speaker 1: that there are highs and lows in investing UM, you
• 8:20
  Speaker 1: really should be fine. A lot of people are nervous
• 8:25
  Speaker 1: because they don't know and they're not being prepared and
• 8:28
  Speaker 1: and so working with a financial professional, so you understand
• 8:34
  Speaker 1: that the market has helps and flows and and that
• 8:37
  Speaker 1: over the past one hundred years, and you can physically
• 8:41
  Speaker 1: look at the charts and and look at all of
• 8:44
  Speaker 1: the many crisis is that's occurred over the past eight
• 8:49
  Speaker 1: to one hundred years and understand that even though those
• 8:52
  Speaker 1: crisis is occurred, the market still went up. And and
• 8:56
  Speaker 1: so really understanding I think that will take away some
• 8:59
  Speaker 1: of that nervousness and really being prepared. I think will
• 9:03
  Speaker 1: help people now in terms of why minorities are not
• 9:06
  Speaker 1: in the stock market. UM, I really don't think that's
• 9:10
  Speaker 1: necessarily the case anymore. I I really see a lot
• 9:14
  Speaker 1: more minorities getting into investing UM, but working with the
• 9:19
  Speaker 1: financial professional not as many. You hear about a lot
• 9:23
  Speaker 1: of younger folks now they're getting involved with cryptocurrency, or
• 9:28
  Speaker 1: they want to start investing, or you know, they have
• 9:31
  Speaker 1: a Disney stock UM and things like that. So I
• 9:35
  Speaker 1: think it's changing. It's just that we need to get
• 9:38
  Speaker 1: more UM involved and and and get to our goal
• 9:42
  Speaker 1: where we have a predominant amount of us UM involved
• 9:46
  Speaker 1: in investing. Let me ask you this question. So as
• 9:49
  Speaker 1: you say the word cryptocurrency, I've had experts on on
• 9:53
  Speaker 1: my show talking about cryptocurrency, talking about bitcorn, talking about stocks.
• 9:57
  Speaker 1: There's cryptocurrency and bitcrs. Is that following your wheelhouse? So
• 10:04
  Speaker 1: UM many brokerage firms, including Mortgage Stanley UM really shy
• 10:11
  Speaker 1: away from offering cryptocurrencies UM to our clients. Neil UM
• 10:17
  Speaker 1: we were actually the first brokerage UM firm on Wall
• 10:21
  Speaker 1: Street to offer a bitcoin on our platform. But you
• 10:25
  Speaker 1: have to be an accredited investor to be able to
• 10:28
  Speaker 1: buy it. So UM for for us, you have to
• 10:31
  Speaker 1: have a million dollars with us, and the minimum you
• 10:35
  Speaker 1: can put in it is fifty And again we we
• 10:39
  Speaker 1: set the criteria very high because the potential for loss
• 10:44
  Speaker 1: is tremendous and so it's the potential for gain, but
• 10:47
  Speaker 1: that that volatility. A lot of people that have UM
• 10:52
  Speaker 1: you know, their retirement funds, we discourage them from putting
• 10:55
  Speaker 1: that into it. You have to have significant disposable assets
• 11:00
  Speaker 1: before we would encourage stuff. Well, okay, so that means
• 11:04
  Speaker 1: that that let me just slow it down because you know,
• 11:07
  Speaker 1: a million dollars. You probably got a lot of people
• 11:09
  Speaker 1: hung up on my show right there. But I can't
• 11:12
  Speaker 1: even listen to this guy. I don't have a million dollars,
• 11:14
  Speaker 1: you know, because of the fact that you know, we're
• 11:16
  Speaker 1: talking about, you know, investing, and so they say a
• 11:20
  Speaker 1: small amount of money, I want to invest a small
• 11:22
  Speaker 1: amount of money. Is it worth it? And let me
• 11:26
  Speaker 1: ask that question because you know, as a child, you
• 11:28
  Speaker 1: know to just put twenty dollars in the bank, but
• 11:29
  Speaker 1: a hundred dollars in a a bank. What is a starting
• 11:33
  Speaker 1: point for investing or savings and creating a relationship with
• 11:38
  Speaker 1: a person like you are. Should we just go to
• 11:41
  Speaker 1: an app like a robin Hood type app type that
• 11:44
  Speaker 1: you get started. Can they come to you with a
• 11:47
  Speaker 1: small amount of money to invest and start there their
• 11:51
  Speaker 1: road their journey to financial success. And so I want
• 11:58
  Speaker 1: to say that yes, you can start with a small
• 12:02
  Speaker 1: amount of money UM to invest. The criteria and and
• 12:08
  Speaker 1: I give this to UM clients across the board, UM,
• 12:12
  Speaker 1: children of my clients. UM. We have to start with savings,
• 12:17
  Speaker 1: right and for a young adult that's starting out UM
• 12:22
  Speaker 1: and they're looking to buy their own, UM, their first
• 12:26
  Speaker 1: car and potentially save to get their first home. Do
• 12:31
  Speaker 1: you have an emergency fund? You know? I always start there.
• 12:35
  Speaker 1: And the criteria to establish an emergency fund. If you're single,
• 12:40
  Speaker 1: it's six months times your monthly expenses your electric, your rent,
• 12:46
  Speaker 1: your gas, your whatever. Your monthly expenses are six times
• 12:50
  Speaker 1: that amount that should be your emergency fund. If you're
• 12:54
  Speaker 1: married or you're a couple, is three times your monthly expenses.
• 12:58
  Speaker 1: So once you've establed, is your emergency fund, then the
• 13:03
  Speaker 1: moneys that you have left over, that's what you used
• 13:06
  Speaker 1: to invest, and you start where you are. And if
• 13:09
  Speaker 1: it's a hundred dollars a month, that's where you start.
• 13:13
  Speaker 1: And if it's a thousand or five thousand, that's where
• 13:16
  Speaker 1: you start. But I definitely encourage at any level you
• 13:21
  Speaker 1: should start. Okay, cool, I think they're back on every
• 13:24
  Speaker 1: but I think they've rejoined me. The hundred dollars. They
• 13:26
  Speaker 1: rejoined me so good. I can see that the phones
• 13:30
  Speaker 1: are lightening up now. But you know, you know, the
• 13:35
  Speaker 1: fun the fun part about you got all these you know,
• 13:37
  Speaker 1: got these people of TV screaming about stock, and they
• 13:40
  Speaker 1: got these different shows talking about the stock market going
• 13:43
  Speaker 1: up going down. And you know, what is what is
• 13:46
  Speaker 1: a you term hot stock? What is what is is
• 13:50
  Speaker 1: that a term that's being used on television only or
• 13:53
  Speaker 1: that term is used within your in your framework of
• 13:57
  Speaker 1: doing business, the word hot stock? You know, I get
• 14:02
  Speaker 1: that all the time. Um. You know, I I go
• 14:06
  Speaker 1: out and people are um here and understand what I do,
• 14:10
  Speaker 1: and they're asking, you know, for a champ or to
• 14:16
  Speaker 1: you know, what are the hot stocks that I should
• 14:18
  Speaker 1: invest in? And and I mean it's not a bad question, right, um,
• 14:24
  Speaker 1: but you know I have to tell them that our
• 14:27
  Speaker 1: team primarily focuses on longer term investing, so we don't
• 14:31
  Speaker 1: necessarily recommend a stock UM or two for short term purchase.
• 14:37
  Speaker 1: Nor will we recommend just one or two for a portfolio.
• 14:41
  Speaker 1: You know, it's it's all about asset allocation. And if
• 14:46
  Speaker 1: you are starting if you're starting out and you cannot
• 14:49
  Speaker 1: diversify across different sectors, you know, so there's eleven different sectors,
• 14:54
  Speaker 1: you may not benefit um from one or two stocks
• 14:58
  Speaker 1: because if those one or stocks go down, then you've
• 15:02
  Speaker 1: lost all your money, right, you know, So we recommend
• 15:06
  Speaker 1: instead of picking that one or two that you look
• 15:09
  Speaker 1: at of SMP index and and you put your money
• 15:13
  Speaker 1: in that index fund. And so an index fund like
• 15:17
  Speaker 1: that tracks the SMP five hundred. All of the major
• 15:22
  Speaker 1: UM companies UM in the US in the SMP five hundred.
• 15:27
  Speaker 1: So that would be the recommendation for someone versus one
• 15:31
  Speaker 1: or two individuals and somebody tapping your showed how you
• 15:35
  Speaker 1: don't saw y'all here, You work up the hot stock
• 15:38
  Speaker 1: not even tied to your account. They just want to
• 15:41
  Speaker 1: want some advice and run around the corner and opened
• 15:44
  Speaker 1: up their little apple, just started buying based on what
• 15:46
  Speaker 1: you might recommend. And that's the that's the danger of
• 15:49
  Speaker 1: being in a professional environment. In a non professional environment.
• 15:53
  Speaker 1: But I know that. You know, I've been involved personally
• 15:58
  Speaker 1: investing ever since my early thirties and and as I've
• 16:01
  Speaker 1: gotten older. You know, different people I've talked to have
• 16:04
  Speaker 1: advised me, Okay, do you want to be aggressive? Do
• 16:06
  Speaker 1: you want to be a moderate, or you want to
• 16:08
  Speaker 1: be conservative? And that's those the sectors you're talking about,
• 16:12
  Speaker 1: are those the way how you want to spend your
• 16:14
  Speaker 1: money based on your age? So, um, that's risk tolerance moderate, aggressive,
• 16:23
  Speaker 1: And people have to understand their risk tolerance. Now. So
• 16:27
  Speaker 1: if you're the kind that you can go to Vegas
• 16:30
  Speaker 1: and um, get on the the what is that well
• 16:37
  Speaker 1: called you're you're you're putting all your chips on black
• 16:42
  Speaker 1: all right, right, you go? Then then you're aggressive. You're
• 16:49
  Speaker 1: willing to take chances and you know, you just want
• 16:52
  Speaker 1: to go with it. And so someone like that would
• 16:55
  Speaker 1: invest in a hundred percent equities, a hundred percent stocks.
• 16:59
  Speaker 1: You are more conservative, right and you're only on that
• 17:05
  Speaker 1: penny slot machine or that you really conservative penny slot machine. Hey,
• 17:13
  Speaker 1: you know, so we want to put more fixed income
• 17:16
  Speaker 1: in your portfolio, right, and then we want to put
• 17:20
  Speaker 1: less um stocks or equities in your portfolio. But the
• 17:25
  Speaker 1: sectors that we're talking about are the different sectors that
• 17:30
  Speaker 1: covers the market. You know, so we have construction and materials,
• 17:35
  Speaker 1: we have UM industrials, we have healthcare. We have reached
• 17:41
  Speaker 1: is a sector now and and so that's what I'm
• 17:44
  Speaker 1: talking technology. Okay, cool, Well, say we have a call
• 17:48
  Speaker 1: in from David Buckhead. Hey, Dave, how you doing. Hey,
• 17:53
  Speaker 1: I'm doing pretty good. I'm doing pretty good. We have
• 17:56
  Speaker 1: sign your fears on the call. She's from MORGANE. Stanley
• 17:58
  Speaker 1: is one of the financial advisors on this show. You
• 18:00
  Speaker 1: have a question for her. Yeah, thanks for putting me through. Um.
• 18:04
  Speaker 1: You know, when I turned my radio down, I caught
• 18:06
  Speaker 1: the piece of information that Sawny was passing along about
• 18:09
  Speaker 1: Penny investors, and I was like, yeah, you know, I
• 18:12
  Speaker 1: got all excepted. But you know, my my question was
• 18:17
  Speaker 1: really really geared towards say, a person whose middle age
• 18:22
  Speaker 1: or uh, you know, if that has some investments in
• 18:25
  Speaker 1: in in the stock market, you know, with particular and
• 18:28
  Speaker 1: particular stock. But then more so I thought about, you know, um,
• 18:33
  Speaker 1: the beginning of the conversation where you both were talking
• 18:37
  Speaker 1: about how that information is funneled down and I hate
• 18:40
  Speaker 1: to use that word loosely, but it's true in my case,
• 18:42
  Speaker 1: funneled down about financial knowledge, training, understanding how money works. Um,
• 18:48
  Speaker 1: you know, those resources unfortunately weren't really available to me,
• 18:53
  Speaker 1: you know. And um, so so it's having said all that, um,
• 18:59
  Speaker 1: you know, in terms of why black people are are
• 19:05
  Speaker 1: I guess low end users of these services, I think
• 19:08
  Speaker 1: are because in my case, like I would probably want
• 19:11
  Speaker 1: to see an investment come uh quicker than what i'm
• 19:16
  Speaker 1: I think what I'm hearing is more long term. Would
• 19:18
  Speaker 1: you say that that's true? Like stocks, they're more long
• 19:20
  Speaker 1: term investments when you're dealing with somebody like so on
• 19:23
  Speaker 1: your fears right what you're what you're teaching now and
• 19:28
  Speaker 1: it's not just and thank you for that, um and
• 19:32
  Speaker 1: thank you, um, you know for even pointing out that
• 19:36
  Speaker 1: you're you're in the market, um and and and that
• 19:40
  Speaker 1: the the information gets funneled down, you know, so for
• 19:43
  Speaker 1: and I want to start there, you know. So for
• 19:45
  Speaker 1: a lot of us are a lot of people that say,
• 19:48
  Speaker 1: I don't know anything about investing, I don't know anything
• 19:52
  Speaker 1: about the stock market. And I have to use myself
• 19:54
  Speaker 1: for as an example. My husband gets on me all
• 19:57
  Speaker 1: the time. He said, well, if you don't understand why
• 19:59
  Speaker 1: I don't you just google it up and and and
• 20:02
  Speaker 1: and look it up. The information is out there now,
• 20:05
  Speaker 1: right and so all of us we can google it,
• 20:08
  Speaker 1: we can look it up online, and so it's it's
• 20:11
  Speaker 1: much more available. And so that's the thing I want
• 20:15
  Speaker 1: to encourage people. You you start googling, you start looking
• 20:20
  Speaker 1: up information, you start searching for financial seminars, because there's
• 20:24
  Speaker 1: a lot of free education out there on investing and
• 20:28
  Speaker 1: on the market. And so that's what people need. To
• 20:30
  Speaker 1: start looking for the information and trying to get the knowledge.
• 20:34
  Speaker 1: That's where it starts. We'll be right back with more
• 20:37
  Speaker 1: Money Making Conversations Masterclass with Rashan McDonald. Now let's return
• 20:44
  Speaker 1: to Money Making Conversations Masterclass with Rashan McDonald. Dave said
• 20:49
  Speaker 1: something that I wouldn't say struggle nerve with me, but
• 20:52
  Speaker 1: it did, you know about giving somebody your money and
• 20:56
  Speaker 1: then trying to get it back with the showing showing
• 20:59
  Speaker 1: rap bit um a rabbid increasing their money, Because that's
• 21:04
  Speaker 1: that's always the sentiment that you feel when you watch
• 21:08
  Speaker 1: the stock market, that people will just put in money
• 21:11
  Speaker 1: and they get money back and they are happy and
• 21:12
  Speaker 1: they celebrate. That's the false sense of how stock the
• 21:16
  Speaker 1: stock market actually works. Correct, it really is? Um? What um?
• 21:22
  Speaker 1: And I'm so glad you brought that back up because
• 21:26
  Speaker 1: that's that's a very important point that that day brought
• 21:29
  Speaker 1: up and question that he asked. So in terms of
• 21:33
  Speaker 1: returning on your investment. Again, UM, once you're educated and
• 21:38
  Speaker 1: you're comfortable, and you have your savings and you're willing
• 21:41
  Speaker 1: to get into the market, you have to understand that, Um,
• 21:45
  Speaker 1: you can't time the market right. So if you invested,
• 21:50
  Speaker 1: say October or even November of last year, we all
• 21:57
  Speaker 1: heard that the markets were at all time highs, right,
• 22:02
  Speaker 1: and people are thinking a lot of people are making
• 22:04
  Speaker 1: money in the market, this is the time to get in, right,
• 22:08
  Speaker 1: So you get in. Then the market are at all
• 22:11
  Speaker 1: time highs. And so when it's at all time highs,
• 22:14
  Speaker 1: there's only one place for it to go, and it's
• 22:17
  Speaker 1: gonna go down, right. And so we we we were
• 22:20
  Speaker 1: saying at the end of last year, we are overdue
• 22:23
  Speaker 1: for a correction in the market. We're overdue for a
• 22:26
  Speaker 1: ten at least ten to fift correction in the market.
• 22:30
  Speaker 1: We knew that. And so when you try to time
• 22:33
  Speaker 1: the market, you put your money in and you think
• 22:36
  Speaker 1: that by yeah, by March or you know, February next year,
• 22:40
  Speaker 1: I'm gonna be rich because the market is at all
• 22:43
  Speaker 1: time highs. And you look at the market now that
• 22:46
  Speaker 1: that was down eight hundred points yesterday and people are
• 22:49
  Speaker 1: looking at their four one case or their retirement it's
• 22:52
  Speaker 1: down significant. So this is the time and this is
• 22:57
  Speaker 1: where you know it's so you always um and this
• 23:00
  Speaker 1: is something that we learned. You go it's it's a
• 23:03
  Speaker 1: contrarian theory. They said, you always go against public sentiments
• 23:08
  Speaker 1: because when the market is like this and it's down
• 23:13
  Speaker 1: so significantly and there's all this volatility, people are scared
• 23:17
  Speaker 1: and they don't want to get in because they say, oh,
• 23:19
  Speaker 1: I'm gonna lose all my money. This is the time
• 23:22
  Speaker 1: to get in. It is not the time to get
• 23:25
  Speaker 1: in when it's at all time has because it's already
• 23:28
  Speaker 1: gone up. So so so that's the thing, and it
• 23:32
  Speaker 1: can happen overnight. You have to be willing to leave
• 23:37
  Speaker 1: it in there and wait till next year the time something.
• 23:40
  Speaker 1: I want to get a call in right quick, I
• 23:42
  Speaker 1: know it then the show but sent here as she
• 23:43
  Speaker 1: called in, sent there from Atlanta, how you doing, samething?
• 23:46
  Speaker 1: You have a question for sign your fears. Yes, I do.
• 23:50
  Speaker 1: I want to just find out. So I'm a middle
• 23:53
  Speaker 1: dage person heading close to sixty. Uh, my children are
• 23:58
  Speaker 1: grown and gone now, and I'm wondering is it too
• 24:01
  Speaker 1: late to start? If not, where do I start? It
• 24:07
  Speaker 1: is definitely definitely not too late. Um And if you're
• 24:13
  Speaker 1: saying you're close to sixty, um one, do you have
• 24:16
  Speaker 1: a financial plan and and too, I mean you're close
• 24:20
  Speaker 1: to sixty and we anticipate that you're gonna live till
• 24:25
  Speaker 1: that's thirty years of investing and being in the market.
• 24:30
  Speaker 1: And if we put Moneys in the market now, regardless
• 24:34
  Speaker 1: of how much it is, I can show you a
• 24:37
  Speaker 1: model out for you what that would do for you
• 24:40
  Speaker 1: in thirty years. It's never too late. And where you start, Cynthy,
• 24:46
  Speaker 1: I don't think Cynthio was ready for that. I think
• 24:51
  Speaker 1: really Synthy didn't know you're gonna live the ninety five.
• 24:54
  Speaker 1: See she didn't say you shocked her right there. She
• 24:58
  Speaker 1: knows something I don't know. And if I gotta start,
• 25:00
  Speaker 1: I gotta start investing. I gotta get with my phone
• 25:03
  Speaker 1: one k kids. You know she's ready to retire, She's
• 25:09
  Speaker 1: ready to go something but she wasn't ready here she
• 25:11
  Speaker 1: gonna live the ninety five. I'm just let you know,
• 25:13
  Speaker 1: right right now side that shocker, she got real quiet.
• 25:16
  Speaker 1: She said, ninety five. Man, I'm invested in the stock
• 25:20
  Speaker 1: market at naty five. But that but that's what I
• 25:24
  Speaker 1: try to tell on this show because people they set
• 25:27
  Speaker 1: age limited age restrictions on what they can do and
• 25:31
  Speaker 1: what they're supposed to do, because at sixty, you're not retiring,
• 25:35
  Speaker 1: you're just living. You continue to keep dreaming, keep investing
• 25:39
  Speaker 1: in vacations, keep investing in yourself more importantly, because what
• 25:43
  Speaker 1: happens is when you stop dreaming, when you stop investing yourself,
• 25:48
  Speaker 1: then guess what it affects you physically mentally, you have
• 25:51
  Speaker 1: no motivation. So when you get the ninety five, you
• 25:54
  Speaker 1: look ninety five, you walk ninety five, You have ninety
• 25:57
  Speaker 1: five year old money which you live. You didn't invest,
• 25:59
  Speaker 1: You have nothing. And so that means she's telling anybody
• 26:02
  Speaker 1: who's listening, do not think there's an age limit. If
• 26:05
  Speaker 1: you seventy, you can steal invest. If you eat, you
• 26:10
  Speaker 1: can steal invest. But it's the different approach to the investment,
• 26:14
  Speaker 1: the different approaches. What you're trying to get out of it.
• 26:16
  Speaker 1: What is your financial player? What's your angle? So Cynthia,
• 26:20
  Speaker 1: she's telling you, yes, you can continue. So Cynthia, give
• 26:28
  Speaker 1: me a call so we could talk about what you
• 26:30
  Speaker 1: can do. Yes, sounds great. There you go. Sit there.
• 26:35
  Speaker 1: We revived Cynthia. She's probably gonna go shopping now. She said,
• 26:40
  Speaker 1: I gotta buy some new clouds. It was I know,
• 26:44
  Speaker 1: we have like a couple of minutes left. I want
• 26:47
  Speaker 1: to squeeze in one question. Dividends, stocks that have dividends
• 26:51
  Speaker 1: tied to it? Is that advantageous? Absolutely? Um. You find
• 26:57
  Speaker 1: that these days that you get more income from dividends
• 27:01
  Speaker 1: than you do from bonds, from the yield and bonds.
• 27:04
  Speaker 1: So traditionally a lot of people invested in in bonds
• 27:08
  Speaker 1: are fixed income because they would get income. That's why
• 27:11
  Speaker 1: it's called fixed income. They would get a set amount
• 27:15
  Speaker 1: of income from bonds and and and the world's changed.
• 27:20
  Speaker 1: Where you get income these days is from stocks, dividends
• 27:25
  Speaker 1: paying stocks. And you can earn more income annually from
• 27:30
  Speaker 1: dividend paying stocks these days from them fixed income and bonds. Well,
• 27:35
  Speaker 1: I'm gonna tell you, Stunia, you are amazing. I hope
• 27:39
  Speaker 1: you have find time to come back on Money Making
• 27:40
  Speaker 1: Conversations Masterclass. I know for a fact you changed Cynthia's life. Okay,
• 27:45
  Speaker 1: she she's in a little matey five and Dave, now
• 27:48
  Speaker 1: he's gonna get off the penny slot machine and realize
• 27:50
  Speaker 1: that the money is not gonna come back tomorrow. It's
• 27:53
  Speaker 1: gonna come back over maybell a six month period. But
• 27:55
  Speaker 1: more important, you told everybody when the stock is on
• 27:58
  Speaker 1: fire eight because it's gonna calm down. And when it
• 28:03
  Speaker 1: calms down, slide down. Catch it on the slide down,
• 28:07
  Speaker 1: don't catch it on the go up, because the go
• 28:10
  Speaker 1: up is when you want your money that I've been
• 28:12
  Speaker 1: been put in at the slide down. And so again
• 28:15
  Speaker 1: I want to thank you for taking the kind of
• 28:17
  Speaker 1: coming on money Making Conversations Masterclass. And again you were fantastic.
• 28:20
  Speaker 1: And next time, bring your daughter, bring your daughter on
• 28:23
  Speaker 1: come in studio. I will absolutely It was my absolute pleasure. Sean,
• 28:28
  Speaker 1: thank you so much for having me on. I appreciate