# Financial Tips: Her interview educates people on entrepreneurship, financial literacy, credit repair, estate planning.

An episode of [Money Making Conversations Master Class](https://invisiblenetwork.ai/podcast/1264705641), 24 Feb 2026, 29 min.

Audio: https://podtrac.com/pts/redirect.mp3/traffic.omny.fm/d/clips/e73c998e-6e60-432f-8610-ae210140c5b1/b1db7263-d1a3-4d00-8976-af62012aab44/524f6db1-9649-4f61-ae61-b3e700183a75/audio.mp3?utm_source=Podcast&in_playlist=35a10561-3e1b-4d05-a529-af62012aab6a

Listen and subscribe to Money Making Conversations on iHeartRadio, Apple Podcasts, Spotify, www.moneymakingconversations.com/subscribe/ or wherever you listen to podcasts. New Money Making Conversations episodes drop daily. I want to alert you, so you don’t miss out on expert analysis and insider perspectives from my guests who provide tips that can help you uplift the community, improve your financial planning, motivation, or advice on how to be a successful entrepreneur. Keep winning! Two-time Emmy and Three-time NAACP Image Award-winning, television Executive Producer Rushion McDonald interviewed Lisa Mulrain. CEO of Legacy Building LLC and founder of Mulrain Law, in a wide‑ranging conversation about financial literacy, credit repair, estate planning, community impact, and the mindset shifts required for long-term financial success. The discussion highlights her personal journey, her transition from federal service to entrepreneurship, and her mission to educate and empower individuals—especially in minority communities—to build and protect wealth. 🎯 Purpose of the Interview The purpose of Lisa’s appearance on Money Making Conversations Masterclass was to: 1. Educate listeners on financial literacy She breaks down credit repair, debt management, estate planning, and smart investing in simple, actionable terms. 2. Promote her services Lisa shares how Legacy Building LLC helps clients strengthen their financial footing and how Moraine Law protects the assets they build. 3. Inspire financial empowerment Lisa’s personal story—from growing up in a financially challenged environment to becoming a securities attorney and entrepreneur—reinforces the idea that financial transformation is possible for anyone. 4. Encourage mindset change She stresses that financial improvement begins with understanding one’s money mindset, especially for people raised in environments of scarcity. 💡 Key Takeaways Below are the major themes and lessons Lisa shares throughout the discussion. 1. Your Money Mindset Shapes Your Financial Life Lisa emphasizes that many financial problems stem from long‑standing beliefs formed during childhood—especially in communities where money was scarce. People often develop a “lack mentality”, influencing decisions like using credit irresponsibly or putting bills in a child’s name. She teaches clients to first understand why they ended up in financial trouble before addressing how to fix it. 2. Credit Repair Requires Understanding the Root Cause Lisa rejects quick‑fix credit repair approaches. Instead, she helps clients: • Assess what led to their financial hardship • Identify self-inflicted issues (overspending, poor planning) • Contact creditors directly • Negotiate payoffs or settlements • Avoid repeating the same mistakes She notes that high‑interest credit cards (often 20%+) make it nearly impossible to pay off debt without a consolidation strategy. 3. Estate Planning Is Essential—Not Optional Lisa stresses that everyone, not just wealthy people or seniors, needs an estate plan. Key points: • A will and trust prevent the state from deciding what happens to your assets. • Even celebrities like Prince and Aretha Franklin suffered consequences of no estate plan, leading to long probate battles. • Trusts allow individuals to manage their own assets during life and ensure smooth transfer after death. • Estate planning protects homes, bank accounts, cars, jewelry, and other valuables. She also explains that a trust must be funded and a will acts as a secondary backup. 4. Smart Investing Starts Early and Happens Consistently Lisa outlines a clear investing roadmap: ✔ Use employer 401(k) match Not contributing at least, the match percentage (e.g., 4% in federal roles) means leaving free money on the table. ✔ Open and fund a Roth IRA • After‑tax money → tax‑free growth • Contributions can be withdrawn without penalty before age 59½ in emergencies • Limits vary by age and year…

## Transcript

[0:00] Speaker 1: Welcome to my show.
[0:01] Speaker 2: I'm Rashon McDonald, a host of Money Making Conversations Masterclass,
[0:04] Speaker 2: where we encourage people to stop reading other people's success
[0:07] Speaker 2: stories and start planning your own. Now, you don't want
[0:10] Speaker 2: to miss an episode, so please take a moment right
[0:12] Speaker 2: now to follow or subscribe to Money Making Conversations Masterclass.
[0:16] Speaker 1: It's free.
[0:17] Speaker 2: You can follow me on iHeartRadio, app, Spotify, Apple Podcasts,
[0:21] Speaker 2: or wherever you listen to your podcast. New money Making
[0:24] Speaker 2: Conversations Masterclass episodes drop daily. I want to keep you
[0:28] Speaker 2: on alert because my guests provide tips on how you
[0:30] Speaker 2: can uplift your community, improve your financial planning, motivation, or
[0:34] Speaker 2: advice on how to be a successful entrepreneur. Now, let's
[0:38] Speaker 2: get this podcast started. My guest is the CEO of
[0:41] Speaker 2: Legacy Building LLC, a financial literacy firm dedicated to helping
[0:47] Speaker 2: clients improve credit, manage debt, and make strategic investment decisions
[0:51] Speaker 2: through personalized coaching workshops and boot camps. She began her
[0:55] Speaker 2: career as a securities attorney before shifting her focus to
[0:59] Speaker 2: empower individal jews and small businesses through financial education. It's
[1:04] Speaker 2: called financial literacy. Please welcome to Money Making Conversation Master Class.
[1:08] Speaker 2: I'm gonna call her a differend because I couldn't wait
[1:11] Speaker 2: to get her back on the show.
[1:12] Speaker 1: Lisa Morain, how are you doing, Lisa?
[1:14] Speaker 3: I'm well, how are you?
[1:15] Speaker 1: Rashan?
[1:16] Speaker 2: Well, you know this is your second time on the show.
[1:19] Speaker 2: Can you tell me all these the reaction and the
[1:22] Speaker 2: sense of excitement that came from being on Money Making
[1:26] Speaker 2: Conversation master Class.
[1:27] Speaker 3: Absolutely, I want to thank you for hosting me a
[1:31] Speaker 3: second time on Money Making Masterclass. It has been in
[1:35] Speaker 3: my honor. The sentiment from the listeners of your show
[1:41] Speaker 3: has been tremendous edge and every time the show aired,
[1:46] Speaker 3: I received numerous calls and some of those calls actually
[1:50] Speaker 3: converted into clients. So it has been a world one experience.
[1:55] Speaker 3: Being on your podcast has totally been in a exciting
[2:02] Speaker 3: and profitable venture for Legacy Building LLC.
[2:08] Speaker 1: Cool. Would that be said?
[2:10] Speaker 2: Thank you for taking the time to come back on
[2:12] Speaker 2: my show since I seem according to you, I made
[2:14] Speaker 2: you pretty busy, which is all good.
[2:17] Speaker 1: Uh. What is Legacy Building LLC? What is it?
[2:21] Speaker 3: Absolutely? Legacy Building LLC is an outgrowth from experience growing
[2:30] Speaker 3: up in the urban area and Boston. I lived through
[2:35] Speaker 3: lots of challenging situations where there wasn't always money, food
[2:41] Speaker 3: resources for all of the friends and all of the
[2:44] Speaker 3: folks who I knew in the neighborhood, and I was
[2:48] Speaker 3: always curious about, Hey, how could how could we all
[2:51] Speaker 3: change our our financial projection right? What can we do
[2:57] Speaker 3: to change this scene around us and actually help communities?
[3:04] Speaker 3: Which led me into one wanting to become an attorney,
[3:08] Speaker 3: and then and practicing law led me to finance. I
[3:12] Speaker 3: wanted to get involved into finance because I found out
[3:16] Speaker 3: that that was the one central factor that made the
[3:20] Speaker 3: difference between the haves and the have nots.
[3:23] Speaker 2: And the haves and have nots. So are you motivated
[3:28] Speaker 2: to make people successful or are you motivated to create a
[3:32] Speaker 2: business that can change people's lives both.
[3:35] Speaker 3: I'm helping people has always been at my core. As
[3:39] Speaker 3: you mentioned, I was with the federal government for over
[3:43] Speaker 3: thirty years, so I am a full time I look
[3:47] Speaker 3: at public servant where I took great pleasure in serving
[3:52] Speaker 3: the public and working for the American taxpayers and working
[3:56] Speaker 3: for the community to make our communities better. And so
[4:00] Speaker 3: I think in order to have a successful, thriving business
[4:05] Speaker 3: in the community, you actually need community members who are
[4:09] Speaker 3: able to participate in that business, who are able to
[4:12] Speaker 3: use their financial dollars to support the business. So I
[4:16] Speaker 3: feel like it is a circular impact.
[4:20] Speaker 2: Now, Lisa, you just said thirty years from a government
[4:25] Speaker 2: government position and you left to I'm assuming that you
[4:31] Speaker 2: didn't exactly leave immediately. Did you kind of like balance
[4:35] Speaker 2: the two before you made a decision become a full
[4:37] Speaker 2: time entrepreneur.
[4:39] Speaker 3: Absolutely, it's always been you know, growing up, my parents
[4:47] Speaker 3: always instilled in us, go to school, get good grades,
[4:50] Speaker 3: to get a job.
[4:51] Speaker 1: Right.
[4:52] Speaker 3: Even though my dad was an entrepreneur, the message was
[4:55] Speaker 3: very clear, get a job. And so to take that
[5:00] Speaker 3: leap after having the job of becoming a full time
[5:04] Speaker 3: entrepreneur took a lot of prayer, a lot of talking
[5:07] Speaker 3: to God, and a lot of belief in what I
[5:12] Speaker 3: have to offer and the benefit that I could bring
[5:16] Speaker 3: as an entrepreneur working completely for myself.
[5:19] Speaker 2: Which right did do you teach to help clients build or
[5:21] Speaker 2: repair their credit, especially a little starting from financial hardship.
[5:25] Speaker 3: For me, it's a in legacy building. It's a more
[5:29] Speaker 3: wholesome approach. I think it is shortsighted to just say
[5:33] Speaker 3: this is the things that you need to do to
[5:34] Speaker 3: repair your credit. The question is why did you even
[5:38] Speaker 3: get to this point where you thought it was appropriate
[5:41] Speaker 3: to put a bill in your child's name, You thought
[5:43] Speaker 3: it was appropriate to get a credit card, add all
[5:46] Speaker 3: these things to that credit card that you could not
[5:48] Speaker 3: afford to pay, and so it begins by first, let's
[5:53] Speaker 3: examine your money mindset. So part of my practice is
[5:59] Speaker 3: the kind of hone in on what are your money beliefs?
[6:03] Speaker 3: Like a lot of times when we grow up with lack,
[6:09] Speaker 3: we adopt that lack mentality. So we already stop from
[6:12] Speaker 3: a place of we don't have it, we can't get it,
[6:14] Speaker 3: we have to take any means necessary to get what
[6:17] Speaker 3: we want, which is not true. We have all that
[6:20] Speaker 3: we need. God never leaves us undone. We just have
[6:24] Speaker 3: to have a better view and a better outlook as
[6:27] Speaker 3: to our financial abilities, capabilities and steps to implement to
[6:33] Speaker 3: stop you from getting into that position later on. It's
[6:37] Speaker 3: important to get your credit cleaned up, but it's also
[6:39] Speaker 3: important to understand what to do to avoid getting in
[6:43] Speaker 3: that situation again.
[6:44] Speaker 2: You know, it's really I've heard about consolidation loans or
[6:47] Speaker 2: consolidating your credit card. What is the best approach to
[6:52] Speaker 2: cleaning up your credits.
[6:53] Speaker 3: Well, I think it really depends on what your situation is.
[6:55] Speaker 3: If you have tons of charge ofs that the company,
[7:00] Speaker 3: the credit card company has already said, this person is
[7:03] Speaker 3: not paid the debt to charge it off, it's hit
[7:05] Speaker 3: your accounts, So now you have to go about getting
[7:07] Speaker 3: those charge offs off of your credit report. If you
[7:12] Speaker 3: have a lot of high interest credit cards, which is
[7:16] Speaker 3: often the case these days, interest rates in excess of
[7:21] Speaker 3: twenty percent, which is outrageous. You're trying to make minimum
[7:26] Speaker 3: payments and have this high interest rate, you're not going
[7:30] Speaker 3: to be able to make a debt in the underlying debt.
[7:34] Speaker 3: So in that case, it may be more advantageous to
[7:38] Speaker 3: take it a loan to pay it all off, depending
[7:42] Speaker 3: on the loan terms. If you have a lower interest rate,
[7:45] Speaker 3: you're saving yourself from those high finance charges, allowing yourself
[7:50] Speaker 3: a more realistic way to pay off the debt and
[7:54] Speaker 3: get back in the green.
[7:56] Speaker 2: And that's really important there. But as a minority you
[8:00] Speaker 2: said it earlier, you know, sometimes we can defeat our
[8:03] Speaker 2: own opportunities and or we just fall in line with
[8:08] Speaker 2: the stereotypes that bank is not going to give me
[8:10] Speaker 2: a loan or I just have to bootstrap my way
[8:15] Speaker 2: to success. When people come to you, come to marine law,
[8:19] Speaker 2: come to legacy building. You know, when we're talking about
[8:22] Speaker 2: all these different opportunities, what is the number one or
[8:26] Speaker 2: there are three factors you can tell people think about
[8:29] Speaker 2: this before you contact me.
[8:31] Speaker 3: Sure, the three factors that I recommend thinking about before
[8:36] Speaker 3: you contact me is examine your situation. Don't just call
[8:41] Speaker 3: and say hey, I need help, and it's help with
[8:43] Speaker 3: what and what have you done? It's helpful for you
[8:48] Speaker 3: to first try to see what A what's happened to
[8:54] Speaker 3: get you into the situation you're in? B What have
[8:59] Speaker 3: you done yourself to try to rectify that situation? I eat,
[9:04] Speaker 3: have you reached out to your creditors? The creditors are
[9:07] Speaker 3: not the boogeyman right at the end of the day.
[9:09] Speaker 3: They just want to get paid and in some cases
[9:11] Speaker 3: you may be able to negotiate a lower payoff right
[9:14] Speaker 3: because they don't want to have to take you to port.
[9:17] Speaker 3: They don't want to have to because that cost them
[9:19] Speaker 3: legal expenses, they have to hire attorneys, they have to
[9:23] Speaker 3: shell out more money to collect from you. So oftentimes
[9:26] Speaker 3: they're willing to work with you, and that may require
[9:29] Speaker 3: you to call them multiple times, but there are steps
[9:33] Speaker 3: that you can take as an individual before you come
[9:35] Speaker 3: to people like me and say, look, I need help.
[9:39] Speaker 3: If you haven't done anything, you're starting at ground zero
[9:44] Speaker 3: and it's only going to make your journey that much longer.
[9:48] Speaker 1: Working with anyone, Lisa, how can one get in touch
[9:51] Speaker 1: with you?
[9:52] Speaker 3: Absolutely, there's multiple ways to get in contact with me.
[9:56] Speaker 3: You can call Legacy Building at nine two five two
[10:00] Speaker 3: one seven eight four eight zero. You can reach out
[10:03] Speaker 3: to us on social media. On Instagram it's Legacy Building
[10:09] Speaker 3: all one word Underscore LLC. And for Mulrain Law it's
[10:14] Speaker 3: Mulrain m ul r Ai N Underscore Law on Instagram.
[10:19] Speaker 3: And then you could just email me Lisa dot Mulrain
[10:22] Speaker 3: m ul r Ai N at gmail dot com.
[10:25] Speaker 1: Let's talk about areas of concern here. You know, when
[10:29] Speaker 1: I come to you, I come to you for advice,
[10:31] Speaker 1: but there are areas where people are typically struggle. You know,
[10:36] Speaker 1: I'm gonna say I'm out front financial coaching, creatit building, investing,
[10:41] Speaker 1: and in state planning. Let's start with something that people
[10:44] Speaker 1: rarely bring up in the conversation. It's state planning. Talk
[10:47] Speaker 1: to us.
[10:48] Speaker 3: Absolutely, listen, at the end of the day, whatever you've
[10:53] Speaker 3: accumulated during your working career life in whatever fashion, that
[10:59] Speaker 3: is a value, i e. It appreciates. It can be
[11:03] Speaker 3: For many of us in the minority community, it could
[11:06] Speaker 3: be home ownership. We saved up our money, we were
[11:10] Speaker 3: able to buy a home. Thankfully, right now our home
[11:13] Speaker 3: is appreciating in value because that's what homes typically do.
[11:17] Speaker 3: But we don't have any plan. We don't have an
[11:20] Speaker 3: estate plan. Something happens, we have a heart attack, a stroke,
[11:26] Speaker 3: whatever the case may be, and we've never set up
[11:29] Speaker 3: a plan for what happens if that eventuality takes place.
[11:34] Speaker 3: And the reality is, it's not uncommon to just get ill.
[11:41] Speaker 3: And sometimes you get ill and you immediately die. And
[11:45] Speaker 3: you have worked so hard to buy your house, buy
[11:49] Speaker 3: whatever assets you have, and now that that you've worked
[11:55] Speaker 3: so hard for is going to be disposed of based
[11:58] Speaker 3: on how the state law read. Right. So, in some
[12:03] Speaker 3: more public instances we've seen like these big entertainers prints,
[12:08] Speaker 3: Michael Jackson who didn't read the Franklin who died without
[12:12] Speaker 3: proper estate plans in place, and so it took years.
[12:17] Speaker 3: It goes, it sends your stuff into probate. It can
[12:20] Speaker 3: take years for it to go through probate, and then
[12:23] Speaker 3: your ears and your loved ones don't necessarily get what
[12:27] Speaker 3: you've worked so hard for. But the other thing is
[12:31] Speaker 3: estate planning doesn't only benefit your hears and loved ones
[12:36] Speaker 3: when you pass, it benefits you because while you're living,
[12:41] Speaker 3: right for you to have a trust that dictates your
[12:46] Speaker 3: wishes how you want your assets managed, and you can
[12:49] Speaker 3: have a revocable trust where you are the one managing
[12:52] Speaker 3: your assets. So you're saying, this is how I want
[12:57] Speaker 3: these different assets that I've acquired over time managed during
[13:00] Speaker 3: my life, and that's how you manage it. It allows
[13:03] Speaker 3: for very effective management of your assets and tracking of
[13:09] Speaker 3: all the things that you've accumulated and how you want
[13:12] Speaker 3: those things to be managed. I also plug it there
[13:17] Speaker 3: all these accounts, bank accounts that you may have, you
[13:22] Speaker 3: got to make sure that there's provisions for those right.
[13:25] Speaker 3: So that's the other thing. What if something happens to you,
[13:29] Speaker 3: you know, God forbid, and you can't speak, you're immobile.
[13:37] Speaker 3: A lot of our loved ones may have a dementia
[13:40] Speaker 3: or something that they really can't articulate what they want
[13:45] Speaker 3: to have happen to their assets and you've done nothing,
[13:50] Speaker 3: They've done nothing to prepare for that eventuality.
[13:53] Speaker 1: Then what Well, it's really important that you say that.
[13:55] Speaker 2: That's why I started with a state planning because people
[13:58] Speaker 2: won't even think about that. You know, the car, your jewelry,
[14:02] Speaker 2: your house, all your bank accounts, all that should be
[14:06] Speaker 2: tied into you know.
[14:08] Speaker 1: No, I'm not saying that in the state planning.
[14:10] Speaker 2: Is a whill, but at least it protects you your
[14:15] Speaker 2: assets and you can say this is where they should
[14:18] Speaker 2: go if you have a proper state plan right, and now,
[14:22] Speaker 2: a will is something you definitely should have.
[14:25] Speaker 1: Should we talk about that now?
[14:27] Speaker 3: Yeah, at least talk about will.
[14:28] Speaker 1: Or should we talk about investment?
[14:30] Speaker 2: Yeah?
[14:32] Speaker 1: People, you know you can.
[14:33] Speaker 2: You can have a will in your twenties, your thirties,
[14:36] Speaker 2: your forties, your fifties. There's no set date. I got
[14:39] Speaker 2: to be in my fifties and my sixties and seventies
[14:41] Speaker 2: to start considering a whill. A will outlines your your
[14:47] Speaker 2: wealth that you you've accumulated and where it should go
[14:50] Speaker 2: properly and not to the state.
[14:52] Speaker 3: That's right, Oh, Rashaan, you just hit the nail on
[14:55] Speaker 3: the head because you know in your twenties you're working
[14:59] Speaker 3: your cube things in your thirties and forties. You don't
[15:02] Speaker 3: have to wait until a particular age in the distant
[15:06] Speaker 3: future to set up a will right because you are
[15:10] Speaker 3: properly planning. You are outlining what happens if something happens
[15:16] Speaker 3: to me. Would you technically are not too young to
[15:20] Speaker 3: do in your twenties.
[15:21] Speaker 1: Please don't go anywhere.
[15:22] Speaker 2: We'll be right back for more Money Making Conversations Masterclass.
[15:26] Speaker 2: No need for you to do me a favor right
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[15:46] Speaker 2: back to Money Making Conversations master Class, hosted by me
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[16:00] Speaker 3: Now, when you have a will, the way that I
[16:03] Speaker 3: structure it in my firm is we use a will
[16:06] Speaker 3: as sort of like a secondary backup document, meaning we're
[16:10] Speaker 3: focusing in on the trust. Your trust is that main
[16:13] Speaker 3: document that it has covers all of your assets. And
[16:17] Speaker 3: that trust. The will we use as a pore over will,
[16:21] Speaker 3: which anything that we may have missed in the trust
[16:23] Speaker 3: goes in that will, right because not only do you
[16:27] Speaker 3: have to create that trust, but you have the fund.
[16:30] Speaker 2: Bit now that we talked about two proper things that
[16:33] Speaker 2: you should be incorporating in your financial plan up front,
[16:37] Speaker 2: it's state planning and will, let's talk about investing.
[16:40] Speaker 1: Wo I love it.
[16:41] Speaker 3: Yes, investing advice. Since we started off with trust and
[16:46] Speaker 3: wills and estate planning for investing advice, my first item
[16:51] Speaker 3: that I like to touch on is that four one
[16:53] Speaker 3: K plan. For many of us who have nine to
[16:56] Speaker 3: five jobs, the usually the state law depending on your jurisdiction,
[17:02] Speaker 3: requires the employer to have a full one K plan
[17:05] Speaker 3: for you. Many folks don't really focus on that, particularly
[17:10] Speaker 3: my younger folks, my twenty year olds, my thirty year olds.
[17:13] Speaker 3: You think, oh, I don't have to worry about that. No,
[17:17] Speaker 3: you max out the investment, your investment in those four
[17:21] Speaker 3: and one case if your company or government agency or
[17:26] Speaker 3: wherever you work provides a match to your investment, maybe
[17:29] Speaker 3: it's a one percent match, a three percent match. I
[17:32] Speaker 3: know in the federal government, it was a four percent match.
[17:36] Speaker 3: You need to be contributing at least four percent of
[17:39] Speaker 3: your income. I don't care what your income is, how big,
[17:42] Speaker 3: how small. You need to be contributed in four percent
[17:45] Speaker 3: of your income so you can get that match. You
[17:47] Speaker 3: are leaving money on the table if you don't do that.
[17:51] Speaker 3: That's free money your employer is putting towards your retirement.
[17:55] Speaker 3: So let's get that out the way. The other investment
[17:57] Speaker 3: that I would say is, if you don't our already
[18:00] Speaker 3: have one roth iray, open the wrong IRA. Make sure
[18:04] Speaker 3: that you're making whatever contributions you can. Ideally, whatever the
[18:09] Speaker 3: max is if you're over I think fifty or above.
[18:13] Speaker 3: I think the max was eight thousand, and may have
[18:16] Speaker 3: jumped to eight thousand, five hundred and twenty twenty six,
[18:19] Speaker 3: make sure you look into that. And if you're under fifty,
[18:22] Speaker 3: I think it's set either seven thousand and seven thousand,
[18:24] Speaker 3: five hundred. Divide up what that looks like for you.
[18:28] Speaker 3: If you can make monthly payments that meet whatever threshold
[18:32] Speaker 3: amount to that roth IRA, do it. Roth Iray is
[18:38] Speaker 3: a sort of a type of retirement account. It's after
[18:43] Speaker 3: tax money, meaning that you don't have to pay taxes
[18:48] Speaker 3: on it, providing you comply with the requirements. Some of
[18:52] Speaker 3: the requirements are that you leave that money in there
[18:54] Speaker 3: until you're fifty nine and a half. Now, let me
[18:57] Speaker 3: say you if you have an emergency you need to
[19:01] Speaker 3: access that money, you can take out the principle without
[19:04] Speaker 3: any tax consequences, even if you're not fifty nine and
[19:07] Speaker 3: a half. So some people use it as a savings
[19:09] Speaker 3: account because you are able to invest in the market
[19:13] Speaker 3: but still get access to your money if you need it,
[19:16] Speaker 3: even if you're not fifty nine and a half. But
[19:20] Speaker 3: part of investing is tax strategy, and with roth IRA,
[19:25] Speaker 3: because it's after tax dollars, you're not taxed on that money,
[19:29] Speaker 3: and that's a big deal. So again along that theme
[19:33] Speaker 3: of taking advantage of sort of free money that's given
[19:37] Speaker 3: to you. That's like tax free money. You usually don't
[19:41] Speaker 3: have many options where the government is not taxing you
[19:45] Speaker 3: on your gains, right, so you can let your money
[19:47] Speaker 3: grow accumulate over years in a roth IRA and as
[19:52] Speaker 3: long as you comply with the requirements for withdrawal, you
[19:55] Speaker 3: can have tax free investment. The other thing is open
[19:58] Speaker 3: a brokerage account that would be third on my list
[20:02] Speaker 3: if you haven't already done so, I like to say,
[20:06] Speaker 3: like these more prominent brokerages. No, no knock against the
[20:11] Speaker 3: newer guys like Robin Hood or any of the newer brokerages,
[20:17] Speaker 3: but I like to go with those who've been around
[20:20] Speaker 3: for like seventy five one hundred years. Because they've been
[20:23] Speaker 3: around for a while, that's a good sign of their
[20:27] Speaker 3: ability to weather the storm. Is not per you know,
[20:30] Speaker 3: I'm not saying that they nothing can happen to them,
[20:32] Speaker 3: But if I had to, like Gamble, that's that's where
[20:35] Speaker 3: I'm going. In some of those companies as Chaos Schwab
[20:40] Speaker 3: Fidelity and open a brokerage account there. Both of them
[20:45] Speaker 3: allow you to do fractional investment. So if you can't afford,
[20:52] Speaker 3: say if you want to buy a share of Microsoft,
[20:54] Speaker 3: which was at four hundred and something dollars, but you
[20:57] Speaker 3: don't have four hundred and something dollars, those brokerages allow
[21:01] Speaker 3: you to buy ten dollars of it, fifteen dollars of it,
[21:04] Speaker 3: and you keep doing it. The trick with investing in
[21:09] Speaker 3: any asset is consistency. Don't time the market. You cannot
[21:14] Speaker 3: time the market like we don't have the tools that
[21:17] Speaker 3: these hedge funds and then investment bankers have to time
[21:20] Speaker 3: anything right as a retail investor, so it's time in
[21:25] Speaker 3: the market. Put your money in.
[21:27] Speaker 2: If you let special lines they've laid yes exactly.
[21:32] Speaker 3: People put you a little five dollars, a little ten dollars.
[21:35] Speaker 3: Trust me, it accumulates over time. You can go in AI,
[21:38] Speaker 3: whether it be Chat, GPT, Claude Perplexity, you Gemini three.
[21:43] Speaker 3: You go there and you say what are the top
[21:45] Speaker 3: stocks in any particular industry and act chat GPT. I mean,
[21:51] Speaker 3: you know, again not investment advice, but again when you're
[21:56] Speaker 3: looking at where do I want to play some money?
[21:59] Speaker 3: Because has risk right? And if you're trying to contemplate,
[22:05] Speaker 3: like just a simple Bell Weather, if you're trying to
[22:07] Speaker 3: contemplate what company do I want to put my money in?
[22:09] Speaker 3: Follow the money? Where where's Nancy Pelosi putting her money?
[22:13] Speaker 1: Like we're where is black Rock? Where's Trump? Where's Trump
[22:18] Speaker 1: putting his money?
[22:19] Speaker 2: Okay, Okay, you know he's getting the top top financial advice.
[22:25] Speaker 3: Okay, follow him and he and you know what Trump
[22:29] Speaker 3: tell you what he about to do. He ain't hiding it,
[22:32] Speaker 3: so you ain't to scratch your head, like, what are
[22:34] Speaker 3: you gonna do next? He tell you what he's doing.
[22:37] Speaker 1: Right. Let me make sure people know this, Lisa. Research
[22:41] Speaker 1: is important.
[22:42] Speaker 2: They come to you because you know, because you mentioned
[22:45] Speaker 2: Ai and I want to always tell people any advice
[22:49] Speaker 2: is that it's given on this show.
[22:51] Speaker 1: Research research, research.
[22:53] Speaker 2: Do not jump out there because you heard somebody tell
[22:57] Speaker 2: you or somebody a little birdie told you a you woke.
[23:00] Speaker 1: Up and you had a dream about the stock. Research research, research,
[23:05] Speaker 1: also research over a year period, see how that stock
[23:10] Speaker 1: going up and down.
[23:12] Speaker 2: If it's staying flat, it's just low, and it's not
[23:16] Speaker 2: from a historical standpoint normally low. That means that that's
[23:21] Speaker 2: a stock that problem is going to have a comeback.
[23:24] Speaker 1: Do your research.
[23:25] Speaker 2: Are they laying off people or is it a strategy
[23:28] Speaker 2: as to why they're laying off people?
[23:29] Speaker 1: Because people lay off people, lay off employees. That's a strategy.
[23:33] Speaker 1: You know, they cut back.
[23:35] Speaker 2: They getting ready to make an announcement when they do
[23:38] Speaker 2: their tax earning calls to say, look we lay it
[23:41] Speaker 2: off ten thousand people and then a stock jump. Now,
[23:45] Speaker 2: if you see these people laying off people, that's part
[23:47] Speaker 2: of the research process that you have to go through
[23:50] Speaker 2: because these are the misconceptions that we have, Lisa. And
[23:54] Speaker 2: one of the things I do enjoy when I talk
[23:56] Speaker 2: to you, I talk about law, I talk about finances.
[24:00] Speaker 2: One advantage does that offer to you when a client
[24:03] Speaker 2: comes to you seeking advice?
[24:06] Speaker 3: Absolutely. I like to say that Maulraine Law is the
[24:13] Speaker 3: place where your financial education from legacy building is enhanced.
[24:19] Speaker 3: Legacy building, we educate people on how to acquire assets,
[24:25] Speaker 3: make money better themselves financially, and then once they've gotten
[24:32] Speaker 3: that knowledge, we and they're able to kind of get
[24:35] Speaker 3: going with that. Moull Rain Law offers the opportunity to
[24:40] Speaker 3: protect you've now created or what you have before when
[24:45] Speaker 3: you came to us. And that intersection isn't often seen,
[24:51] Speaker 3: right because usually if you protect assets, then you need
[24:54] Speaker 3: to find someone else to help you figure out how
[24:57] Speaker 3: to shield yourself, how to protect your assets. The beauty
[25:01] Speaker 3: of having both a financial literacy firm that provides that
[25:04] Speaker 3: financial education and a law firm is that you can
[25:08] Speaker 3: get everything in one place, particularly in the areas where
[25:11] Speaker 3: I'm licensed to practice law, which is Maryland, right, Massachusetts
[25:17] Speaker 3: and DC.
[25:19] Speaker 2: Now let's talk about scaling. You hear that a lot
[25:22] Speaker 2: scaling five years from now, where do you see Legacy
[25:27] Speaker 2: Building LLC?
[25:28] Speaker 3: Five years from now? I see Legacy Building LLC and
[25:32] Speaker 3: mull Raining Law doing wonderful, wonderful things, ideally partnering with
[25:38] Speaker 3: a lot of small businesses as well as partnering with
[25:42] Speaker 3: the government as a public servant for many, many years.
[25:48] Speaker 3: I see need within the government walls of individuals who
[25:52] Speaker 3: are making pretty good salaries but don't have that financial
[25:58] Speaker 3: education to help them figure out the best approach right
[26:03] Speaker 3: and oftentimes when they compare their salaries against their pairs
[26:08] Speaker 3: in the private sector, there's that focus on we're not
[26:10] Speaker 3: making as much as them, or even given what's happening
[26:14] Speaker 3: in the economy today, with the cost of things are
[26:16] Speaker 3: so expensive, it's sort of you don't have a ton
[26:19] Speaker 3: of money to do much else, but it's sort of
[26:24] Speaker 3: re examining and refocusing where your money's going now, the
[26:29] Speaker 3: money that you're earning, that's coming out of your paycheck,
[26:31] Speaker 3: where is it going now? What are you doing? And
[26:36] Speaker 3: I see Legacy Building being a leader in that space
[26:41] Speaker 3: to get folks thinking, to get folks more financially literate,
[26:46] Speaker 3: and to get more folks into the market and investing
[26:50] Speaker 3: and acquiring assets and not being afraid to do so.
[26:54] Speaker 3: Oftentimes I'll hear, oh, we can't invest that we'll lose
[26:58] Speaker 3: all our money. No, that's that's not true. If you're gambling,
[27:02] Speaker 3: if you don't do as you said with Sean, you're
[27:04] Speaker 3: due diligence. If you don't keep on top of your investments,
[27:08] Speaker 3: then yes, you probably will lose it all. So you
[27:11] Speaker 3: need to make wise investments. I'm not suggesting that you
[27:15] Speaker 3: don't buy things that you like. You work hard, but
[27:18] Speaker 3: you just got to be smart about it and be diligent,
[27:22] Speaker 3: you know, with sort of partnering with the government, partnering
[27:26] Speaker 3: with small businesses and partnering with others. I see Legacy
[27:32] Speaker 3: Building being an international brand as well as also.
[27:37] Speaker 1: She's Lisa, she's least the Moraine Legacy Building LLC and
[27:43] Speaker 1: Moraine Law. She's practicing law right in Maryland. But guess what,
[27:48] Speaker 1: you can go online find out about it. You do
[27:51] Speaker 1: zoom calls with you, let her know that they It's
[27:55] Speaker 1: all about due diligence, ladies and gim there's no magic
[27:58] Speaker 1: pill or a wing out there to success. It's tied
[28:03] Speaker 1: to longelomity. We're not talking about playing the lottery. We're
[28:06] Speaker 1: talking about building your.
[28:07] Speaker 2: Life through sound advice, excellent decisions, having this state plan
[28:12] Speaker 2: put in place, having a will put in place. That way,
[28:16] Speaker 2: when you make these investments, purchase these items, it will
[28:19] Speaker 2: go to your family or who you wanted to go
[28:22] Speaker 2: to and not be arbitrated by the state. And believe
[28:26] Speaker 2: it when it gets there, they're going to take their
[28:28] Speaker 2: peace before they give it to you.
[28:32] Speaker 1: Awesome. Appreciate you coming on the show.
[28:35] Speaker 3: I appreciate you having me. Thanks so much for Sean.
[28:37] Speaker 3: You were awesome.
[28:39] Speaker 1: Thank you for listening to this episode.
[28:41] Speaker 2: No, I need for you to do me a favor
[28:44] Speaker 2: right now to follow or subscribe to Money Making Conversation.
[28:47] Speaker 2: It's free and you can find it on the iHeartRadio app, Spotify,
[28:52] Speaker 2: Apple Podcasts, or wherever you get your podcasts. Please do
[28:56] Speaker 2: me that favor, follow a subscribe Money Making converse Sations
[29:00] Speaker 2: keep winning

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