# Financial Tips: Morgan Stanley's Sonia Fears uses simple formulas to grow your money and build family wealth.

An episode of [Money Making Conversations Master Class](https://invisiblenetwork.ai/podcast/1264705641), 2 Aug 2024, 26 min.

Audio: https://podtrac.com/pts/redirect.mp3/traffic.omny.fm/d/clips/e73c998e-6e60-432f-8610-ae210140c5b1/b1db7263-d1a3-4d00-8976-af62012aab44/dd18b859-782c-4e1d-9baf-b1bf014ea4f0/audio.mp3?utm_source=Podcast&in_playlist=35a10561-3e1b-4d05-a529-af62012aab6a

Two-time Emmy and Three-NAACP Image Award-winning, television Executive Producer Rushion McDonald, interviewed Sonia Fears. Sonia Fears of the Fears Group at Morgan Stanley, She is the First Vice President, Financial Advisor, Senior Portfolio Manager, Alternative Investments Director, Global Sports, and Entertainment Director - All Black Wealth Management Team Sonia Fears of The Fears Group at Morgan Stanley; she is one of the leading financial experts in discussing stocks, savings programs, compounded interest portfolios, Name Image and Likeness and lines of credit. Sonia built a family practice at Morgan Stanley along with her two daughters. Sonis provides Alternative Investment opportunities, Retirement plans, and Entertainment and Sports financial consultations. #STRAW #SHMS See omnystudio.com/listener for privacy information.

## Transcript

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

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