Two-time Emmy and three-time NAACP Image Award-winning television Executive Producer Rushion McDonald interviewed Lisa Mulrain.
Role: Finance attorney, senior executive in the federal government, founder of Legacy Building LLC
Mission: To bridge the financial literacy gap for minority communities, emerging professionals, and small business owners, promoting lasting economic confidence and stability.
🧠Purpose of the Interview
To highlight Lisa Mulrain’s transition from finance attorney to financial literacy advocate, and her efforts to empower underserved communities through education, legal expertise, and practical financial strategies.
🔑 Key Takeaways 1. Systemic Inequities in Finance
- Lisa’s work with Ginnie Mae exposed her to disparities in lending, appraisals, and access for low-to-moderate income families.
- She observed how minority communities were often preyed upon with unfavorable loan terms and undervalued property appraisals.
2. Financial Literacy Advocacy
- Lisa transitioned into advocacy to educate people on financial contracts, including mortgages, credit cards, and auto loans.
- She emphasizes understanding loan terms and avoiding high-interest debt traps.
3. Tips for Financial Empowerment
- Budgeting: Know your income vs. expenses.
- Multiple Income Streams: Invest in real estate and the stock market.
- Credit Awareness: Monitor and manage credit responsibly.
4. Small Business Guidance
- Avoid early debt accumulation.
- Scale inventory gradually.
- Understand the legal and financial implications of business credit.
5. Legal Expertise & Asset Protection
- Lisa offers estate planning and trust services to protect assets from lawsuits and creditors.
- She explains how trusts shield property and wealth from legal claims.
6. Insurance & Financial Stability
- Advocates for life and disability insurance as part of a financial toolkit.
- Recommends cash value whole life policies for long-term benefits.
7. Scam Awareness
- Warns against phishing and financial scams.
- Advises verifying sources and never sharing sensitive info without confirmation.
💬 Notable Quotes
- “The system is not set up for us to win.”
- “You have everything you need to acquire any finances that you desire.”
- “Don’t blindly hand your money over to someone if you don’t understand what you’re investing in.”
- “No one’s coming to save us. You have to do all you can to build multiple streams of income.”
- “A trust protects your assets from creditors and lawsuits.”
📞 Contact Info
- Website: LegacyBuildingLLC.com
- Instagram: @legacy_building_llc
- Phone: (202) 409-8513
#SHMS #STRAW #BEST
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Hi, I'm Rashaan McDonald, a host this weekly money Making
Conversation Masterclass show for you. The interviews and information that
this show provides offer everyone. It's time to stop reading
other people's success stories and start living your own now.
If you want to be a guest on my show,
Money Making Conversations Masterclass, please visit our website, Moneymakingconversations dot
(00:20):
com and click to be a guest button. If you're
a small business owner, entrepreneur, motivational speaker, influencer, or nonprofit
my guests, let's get rolling. My guest is a finance
attorney turned financial literacy advocate, entrepreneur, and head of a
law practice based in Washington, DC. Her company, Legacy Building, LLC,
(00:42):
mission is the bridge the financial literacy gap, particularly for
emerging professionals, minority communities, and small business owners, promoting lasting
economic confidence and stability. Please welcome to the Money Making
Conversation Masterclass. Lisa Morain. How you doing, Lisa?
Speaker 2 (01:00):
Well?
Speaker 3 (01:00):
Are you pretty good? Lisa? It's great.
Speaker 1 (01:02):
Senior Again, I saw you in DC at the Generational
Wealth Conference.
Speaker 3 (01:07):
Why did you attend that conference?
Speaker 2 (01:09):
Absolutely well.
Speaker 4 (01:10):
Generational Wealth is right up my alley. It's what we
focus on with Legacy building, and I figured it's local.
It seemed amazing, the panelists seemed amazing. I needed to
be in the building.
Speaker 3 (01:22):
Great.
Speaker 1 (01:22):
I was there and I would definitely come back next
year because I felt that the people it was like
a feed good plants that needed water. That's what I
felt like when I was in that room. And I
want to continue to provide that as you do financial
literacy nourishment, and that's what this interview is about.
Speaker 3 (01:41):
Now, let's talk about being a finance attorney. What exactly
is a finance attorney?
Speaker 4 (01:46):
Absolutely well, for me, specifically, I worked in public finance.
I served as a senior executive over the legal team
for the Government National Mortgage Association. Also referred to is
Genny May. Genny May essentially provides liquidity for loder modern
income loans. So your your FHA loans, your VA loans,
(02:09):
your RD loans, all of those loans that are geared
towards load and modern income families typically end up in
Genya securities. That provides the financing for the lenders to
continue to offer those loan products.
Speaker 3 (02:24):
Okay, so you were right there.
Speaker 1 (02:26):
They said that epicenter of low and modern income people.
What is consistent when you had to deal with that
community on the regular basis, What stood out the most
is saying is not set up to win.
Speaker 2 (02:40):
Absolutely.
Speaker 4 (02:41):
What consistently showed up to me was desperate treatment. Those
communities typically did not have the same resources. Those communities
typically were preyed upon and were given loans that they
really couldn't afford. Those communities when they needed appraisal for
their homes, their praised value typically wasn't coming in as
(03:04):
their white counterpart appraised values were coming in.
Speaker 2 (03:07):
So you just consistently saw.
Speaker 4 (03:11):
Underrepresentation system that was set up in designed for them
not to prosper.
Speaker 3 (03:19):
Wow, I will tell you this.
Speaker 1 (03:21):
When we sold our house, we removed all the fact
that you didn't know who lived in that house. All
of our family pictures were moved, all black art world
were moved.
Speaker 3 (03:31):
So that's a real thing. So if anybody believes, oh,
you know, Rishon, she's just selling hype, Nope.
Speaker 1 (03:38):
Our realtor, who was white, recommended we do this as
well for to get the right buyers in there and
for they can understand that you see the house for
the value in the community, for the value where we stayed,
versus making the stereotypes about the people who lived in there.
So definitely, definitely that's a true statement. Now, going from
(04:01):
financial attorney to financial literacy expert, that's what you are now,
you said thirty years so you've.
Speaker 3 (04:08):
Been juggling numbers.
Speaker 1 (04:10):
How did you make that transition and why is it
is it important to you to be an advocate?
Speaker 4 (04:14):
Absolutely well, seeing what was happening, it just boiled my blood.
Speaker 2 (04:20):
Right. It's like I happen to.
Speaker 4 (04:22):
Be a minority, right, and these are people from my
community that's being impacted this way. And at the end
of the day, I'm not a person that talks the talk.
I walk the walk, Like what are you going to
do to make a difference? And So seeing what was
happening in two thousand and.
Speaker 2 (04:38):
Eight and many years before then.
Speaker 4 (04:41):
I was seeing people entering into these mortgages that they
balloon payments. You're paying these small amounts in the very beginning,
and at the end of that balloon, it's going to
jump to a much larger number that your income can't sustain.
Speaker 2 (04:58):
How are you going to pay for that? Right?
Speaker 4 (05:00):
And more importantly, why did you enter into this loan
to begin with? You didn't know better? And my goal
then became I need to teach people better. I need
to show them this is what you need to be
looking for when you're entering to any financial contractual agreement.
What the terms are requiring of you. And that's just
not limited to mortgages, that's also credit cards. That's also
(05:23):
at loans for vehicles. Why are you getting these high
twenty percent interest rate on a vehicle that depreciates as
soon as you drive.
Speaker 2 (05:32):
It off the lot? What sense is that? Do you
fully understand what you're doing right now?
Speaker 1 (05:37):
There's two different assets, there are two different worlds we're
living in here right now. Or this is money Making
Conversation Master class small business entrepreneurs, the homeownership the cards
that feels like more of a domestic homeowner usage now
from an entrepreneur small business owner, how do you play
a role in advocating for them through financial literacy?
Speaker 4 (06:00):
Absolutely, financial small business owners also get preyed upon.
Speaker 2 (06:04):
Right You usually don't know.
Speaker 4 (06:05):
These types of loans that you're entering into. So, say
you're a small business owner and you have a store,
you have supplies, you have peaks and valleys. You'll have
times when you're selling lots of merchandise and times when
you're not, and these loans that you may be offered
(06:27):
or you may seek out, may have terms that are very,
very unfavorable to you and your business. And particularly if
you're in a business that has a seasonality to it
where you have high peaks low peaks, you need to
know what you're signing up for and you need to
be advised, which you're not always right. The lenders are
(06:48):
there to provide you with the loan, but they're not
going to go over the intricacies of the loan and
what happens if you miss a payment?
Speaker 3 (06:56):
Right?
Speaker 4 (06:57):
How is that going to then spiral into either a
call on the debt or higher rates that you have
to pay on the debt. So essentially you'll never catch up,
You'll never catch back up, and things happen right, You're
not always going to be able to say that I'll
make this payment every month. So being literate and conscious
(07:18):
about those types of financial agreements impact small business owners,
and as you know with Sean, most times small business
owners don't survive beyond the one to five year period.
Speaker 1 (07:28):
I'm speaking to, uh farmer, should I say farm or
just are you still a financial attorney?
Speaker 3 (07:33):
Correct?
Speaker 4 (07:33):
I'm still a senior executive with the federal government.
Speaker 2 (07:36):
Absolutely cool.
Speaker 1 (07:37):
I turn but you turned to be a financial literacy
advocate and that's what this interviewer about helping that entrepreneurs
and which you're and you're in the DC area, but
people can reach out to you outside of the DC area.
Speaker 3 (07:50):
Correct? How can one get in touch with you?
Speaker 2 (07:52):
Absolutely?
Speaker 4 (07:53):
Well, one could locate me on all the different social
media platforms. On Instagram, it's Legacy Building l E G
A C Y b U I L D I N
G Underscore LLC.
Speaker 2 (08:10):
That's at Instagram.
Speaker 4 (08:12):
You can find me online at ww dot Legacy Building
LLC dot com. You can also reach out to me
at two zero two four zero nine eight five one three.
Speaker 3 (08:28):
Well, let's get busy here. Tips. Let's go to.
Speaker 1 (08:31):
The homeowner, the person out there trying to get out
of there, the low income and modern income world.
Speaker 3 (08:37):
What tips can you give them? At least three to
five tips? You can number them.
Speaker 1 (08:41):
That's important to people who come to you seeking a
change in their financial life.
Speaker 2 (08:48):
Absolutely.
Speaker 4 (08:49):
Tip number one, take stock of your finances. Take stock
of how much money you have going out every month,
how much money you have coming in month, and if
the amount that you have going out exceeds the amount
that you have to coming in. There's a problem, right,
and so you really need to focus on budgeting. A
(09:11):
lot of times we get pulled in by all the
fancy things the Louis, the name brand designer wear, and
we pay money, we buy things on credit that we
really can't afford. Right, So budgeting is number one. Number two,
you gotta have multiple streams of income, Like I had
(09:34):
a nine to five right, which provided me with the
financial means to acquire other assets. But you also need
to have those other assets. What do those other assets
look like?
Speaker 2 (09:47):
Real estate?
Speaker 4 (09:48):
Real estate appreciates nine times out of ten investing in
a stock market. I teach how to invest in the
stock market. That's a critical component too. You can't don't
be afraid of the stock market. A lot of people
have lots of negative things to stay about losing everything
and how the stock market isn't good for you. Well,
(10:10):
guess what, the stock market helped me become a millionaire period, right,
not even looking at the asset, not even looking at
the real estate, I should say, right, So don't be afraid.
There are investment vehicles that you can enter into in
the stock market, like exchange traded funds. Some good ones
(10:32):
are voo VTI Spy. These are funds that are have
multiple stocks in it. The ones that I mentioned have
tech stocks in it, and it's been appreciating, giving you
anywhere from seven plus percent return every year. You're not
getting that in a bank account.
Speaker 1 (10:53):
And like you said, would you mentioned these things, Lisa?
We always tell people that show do to research. You'll
call Lisa direct. Our contacts are directly to get a
lot more information because at the end, you need to
understand where your money's going, and then you can appreciate
the growth and also look at the history of the
growth because that's key because history tells you what the
(11:16):
future may look like.
Speaker 3 (11:17):
There are no guarantees but going to an expert.
Speaker 1 (11:21):
And that's what you are, your financial leaders expert over
thirty years as a finance attorney. Now, what's that third one?
Speaker 3 (11:28):
Right there? You hit us, we're too strong. What's that
third one?
Speaker 4 (11:31):
Absolutely? The third one is credit. Credit is important, right,
Credit is important. We don't get taught enough about credit, right,
we just get to a certain age. And usually these
credit card companies, particularly for those of us who are
in college, whatever they sit on the college campus is
they're there, They're throwing these credit cards at you. No
(11:54):
one's given you any kind of education as to what
you should be doing, how much credit you should take out,
monitor your credit, make sure that you keep up with
any payments. Don't charge anything that you can't afford to repay.
That is important. Wow, this credit is critical.
Speaker 1 (12:12):
Listen, I know I want to you got so much
information I want to get out to it. We won't
move down to small business owners. You know you work
closed with small business owners. I saw your in action.
What common financial mistakes do you see them make and
how can they avoid them?
Speaker 4 (12:27):
Absolutely, for small business owners, one of the very common
mistakes that I see is getting themselves in a lot
of debt early.
Speaker 3 (12:36):
What do you mean when you say that? What do
you mean to say that?
Speaker 2 (12:38):
So?
Speaker 4 (12:38):
What I mean when I say that is taking out
credit cards for the business, buying up lots of things,
merchandise and big quantities for the business starting out, for example,
First you need to drill down on what it is
that you are delivering as a small business owner, and
(12:59):
if it is merchandise, stop to scale up gradually. Don't
go and buy large quantities at once. That's going to
take you a while to sell before you're able to replenish.
For example, don't get credit cards that you are going
to have to pay because typically for businesses, your interest,
(13:19):
your finance charges on those credit cards are a lot
higher than for personal credit cards. Right, and if you
accumulate lots of debt, this is I've seen a lot
of businesses as a lot some of my clients accumulate
a lot of this debt on credit cards that the
business is not generating enough income to pay off.
Speaker 2 (13:39):
Wow, do not do that.
Speaker 5 (13:42):
Please don't go anywhere. We'll be right back with more
Money Making Conversations Master Class. Welcome back to Money Making
Conversation Mastered Class with me Rashaun McDonald.
Speaker 1 (13:57):
We know, I think that a lot of people think
that whenever whatever type of businesses they start. I found
Lisa's like, if they have a sore front, they think
when they open it, put the sign out that open
the door, people are gonna come in. They forget about
the marketing aspect as well as the in debt side
of it, and they don't realize that when you go
in business, you got to have money set aside when
(14:19):
the revenue isn't there to pay the bills, and so
you can't open even you know what I'm saying, you
got to open with at least six maybe a year
worth of revenue in your account to adjust to that,
because even if you have it in an account, something
might happen that throw off what you have in your account.
So if you have nothing in your account and you
(14:41):
open up, then that's just that's just opening disaster. But
being at you are an attorney, Lisa, what makes how
does that make you unique in the field of finance?
Speaker 2 (14:53):
Absolutely?
Speaker 4 (14:54):
I refer to myself as a unicorn. Do I have
the legal expertise in the legal background as an attorney,
but I also have the business experience in the business background,
And so when you're looking at anything finance, it's not
only what are the financial terms, but what are the
(15:17):
legal implications? Right, And having that legal experience allows me
to be able to weigh in on consider this or
consider that, and this is what's legally required. And so
a lot of times I know individuals want to just
jump in, right And for example, trust Trust is one
(15:41):
of the things that I do in my legal capacity.
I do a state planning and you hear a lot
of these folks talk about oh, you need to put
everything in a trust and put this in a trust
and that in a trust, and they don't fully understand trust,
and they don't fully understand what trust is designed to
do and how they designed to protect assets and how
(16:02):
to properly structure the trust. And having that legal experience,
I'm able to not only help you with you need
to gain assets, Here's how you can gain assets, and
then here's how you can protect those assets. Because it's
wonderful if you have all of these houses and cars
and this and that.
Speaker 2 (16:21):
It's not so nice if.
Speaker 4 (16:22):
You haven't protected it and someone pursues a lawsuit, agets
you and.
Speaker 3 (16:26):
Wins mention this. How how does the trust protect you?
Speaker 1 (16:30):
I want my listeners to hear that, because I hear
a lot of people come on my show talking about
trust financial literacy experts, but not from a legal standpoint
like you are. So why should I I got a home,
I got a car, I got some money in the bank.
Speaker 3 (16:47):
Why should I put money in the trust?
Speaker 1 (16:49):
And how does it protect me or stop people from
taking it in a lawsuit?
Speaker 2 (16:53):
Absolutely?
Speaker 4 (16:54):
So, that home and that car that you refer to,
that's what you want to put in the trust. You
want to those assets because they have value in a
trust that protects you against creditors.
Speaker 2 (17:09):
Say you are sued.
Speaker 4 (17:12):
By I don't know, a slip and fall someone's on
your property. They slip, they fall, they harm themselves. They
are like, oh, yeah, Rashan got some money. I'm gonna
get some money. Right.
Speaker 2 (17:21):
Look at this big house he lives in.
Speaker 4 (17:25):
That house is in a trust, and unless you're able
to prove that the trust did something to harm you,
then you can't collect.
Speaker 2 (17:34):
Against that trust.
Speaker 5 (17:36):
Right.
Speaker 4 (17:37):
So if Rashaan is only controlling the trust but he's
not owner of the property, then you are not getting
anything related to that house from Rashon.
Speaker 3 (17:50):
Wow.
Speaker 2 (17:52):
Accident, same thing with a car accident.
Speaker 4 (17:55):
They are coming after Withshawan. They are coming after those
bank accounts titled in rashan name. They're coming after any
assets titled in Rashwan's name. Is Rashon hit them right?
And so now I'm coming after Rashaw. When you have
your assets in a trust, for example, they are not
(18:17):
going to be able to get to those assets the
same way they can if you was not in a trust.
Speaker 1 (18:23):
Wow, I understand now, Now what does lasting economic confidence
and stability mean to you, and how do you help
your clients achieve it?
Speaker 2 (18:33):
A lasting economic confidence to.
Speaker 4 (18:36):
Me means that you can sustain yourself and your family, right,
and so again, having a job, owning a business, whatever
it is that's generating sources of income for you.
Speaker 2 (18:51):
What happens if something happens to you?
Speaker 3 (18:55):
Right?
Speaker 2 (18:55):
What happens if you lose that job?
Speaker 4 (18:58):
Will you be able to say in yourself or do
you have to go follow unemployment?
Speaker 1 (19:02):
Right?
Speaker 3 (19:02):
Let me let me ass you this lids.
Speaker 1 (19:04):
Then how big a role does insurance pay play in
your financial literacy advocacy?
Speaker 4 (19:12):
It's part of the two kit, right you? Everyone should
have insurance? We know not everyone does though, right?
Speaker 3 (19:19):
Right?
Speaker 4 (19:20):
And also in addition to happen that won't buy insurance.
I know you're I'm referring to life insurance right, right,
So everyone should have a life insurance policy. And you
should have a life insurance policy that is there that
will protect your family if something were to happen to you,
but also protect you if you acquire a disability. What
(19:43):
happens if you become injured and unable to work? There
should be disability coverage, right? Lots of us don't think
about it. Fortunately for many of us we don't have
to think about it, but we should, right.
Speaker 1 (19:57):
But you know when you think about that window, you
know how much insurance you have? Is there a number
like who you know you should not have fifty thousand
dollars for insurance or a million dollars worth for insurance?
Speaker 3 (20:11):
What is that number that says? How do you figure out?
Speaker 1 (20:15):
Do I come to you and what do you say?
And break down the means that Rashwan, you should have
this amount of insurance?
Speaker 3 (20:21):
What's that? What's that model? What is that?
Speaker 2 (20:24):
What does that look like?
Speaker 4 (20:26):
So I am not a licen insurance agent, so no,
you wouldn't. You wouldn't come to me for life.
Speaker 2 (20:31):
Insurance, Okay, you would go to a life insurance agent.
Speaker 4 (20:34):
Now, my understanding is that you would want to have
at least three times your income, okay, right, So whatever
that income is, you want to have three times that
in life insurance because this is going to be replacing that, right,
particularly when you pass. And also you want to have
(20:57):
a product that a lot.
Speaker 2 (20:59):
There's different insurance.
Speaker 4 (21:01):
Types, and there's term and there's whole life, and there's
other products, and there's cash value.
Speaker 2 (21:07):
Right.
Speaker 4 (21:08):
I'm an advocate of a cash value whole life insurance policy. Why,
because you want something for the entirety of your life.
These term policies are great for the term, but unless
you're using that coupled with a whole life policy, I
feel like you're throwing good money away from that because
unless you passed during that term, then all the money
(21:29):
you've paid into that insurance policy is gone.
Speaker 2 (21:33):
And you know that I have a policy wants the
term expires.
Speaker 1 (21:36):
Right, there's a good interview because I do. I'm not
trying to recommend anybody doing anything, but you can do term.
It's cheaper, but it is the word term, and it
is tied. You see these commercials on TV all the
time basically selling you term insurance. But if you want
an invest money, that usually tied to an interest rate.
(21:56):
Four point zero is my interest rate. I've been having
that interest rate Lord and that all these years. And
so I have money in my insurance policy that I
can withdraw, I can loan against, I can put it back,
all that good stuff. So that's what she's talking about
when she's saying versus cash value and these insurance policies,
(22:16):
and that's what we're talking about on the show today.
I'm talking to a financial literature expert. Her name is
Lisa Morain and she's a a finance attorney. This is
what she do.
Speaker 3 (22:26):
Now.
Speaker 1 (22:27):
We all make mistakes with our money, Lisa, but one
financial truth, you wish everybody, regardless of age or background,
understood and lived by one, just one.
Speaker 2 (22:40):
One financial truth.
Speaker 4 (22:42):
I would say, I'm a woman of God, and God
gives us an abundance. And I want to say, you
have absolutely everything you need to acquire any finances that
you desire, whatever your financial desire is. If it's a
(23:02):
million dollars, two million dollars, you have everything you need
to get that million dollars. Believe in yourself.
Speaker 2 (23:10):
And do not fall prey to.
Speaker 4 (23:15):
All of the flashing lights and people trying to sell
you things. If you don't understand what it is that
someone is trying to sell you and you are interested
in it, Like we're talking about whole life insurance policies,
we're talking about cash value policies, and you decide I'm
going to go call an agent and try to get
a policy. If you don't understand what they're saying, research it.
(23:37):
There's lots of sites out here, chat, GPT, CLAUDE, AI,
look into it.
Speaker 2 (23:42):
You can call me. I'm here.
Speaker 4 (23:45):
That's what I do. I help, I pride, education, coaching, guidance. Right,
but do not just blindly hand your money over to
someone because you think that's the right product if you
don't fully understand what you're investing in.
Speaker 2 (24:00):
So from the one thing, educate yourself.
Speaker 1 (24:03):
Now on the legacy building LLC. You know, Lisa Moraen, Lisa,
you said it called me. So when somebody calls you
a contact you, what's the process because you don't want
everybody just calling you asking questions that are just asking nine.
You want questions that really drive the point as to
taking them to the next.
Speaker 3 (24:22):
Level, like how can I get a million dollars by
next year? That's a crazy question.
Speaker 1 (24:26):
So what is the experience of people contacting you and
what are the procedures you do to protect yourself from
dealing with people who are just maybe wasting your time?
Speaker 4 (24:38):
That's right, thank you, That's that's a great question. So
because we offer a service, what I do is I
offer free fifteen minute consultation. So you can reach out
to me at the two zero two four zero nine
eight five one three. We'll get back to you and
provide you with a short survey to kind of see
(24:59):
what it is you want to discuss. So you need
to know what you want to discuss. If it's credit,
if it's investing, if it's buying a home, you need
or identify on that short form what it is that
you want to discuss, and we'll call back and have that.
Speaker 2 (25:14):
Fifteen minute consultation.
Speaker 4 (25:16):
So I don't want you to just call and say, well,
what do I need to do to get a million dollars? No,
you have to give that spot right like that, And
that's critical. We cannot just sit there and rely on anyone.
I see story after story of individuals turning over their
finances to a financial advisor, leaving it to them to
(25:36):
handle and just turning their head and get swindled.
Speaker 2 (25:40):
That's not what that's I don't want you to do that.
Speaker 4 (25:42):
So you need to stay engaged. And part of that
engagement is you need to know what you want to discuss.
Speaker 2 (25:48):
You need.
Speaker 3 (25:48):
These scams are out there.
Speaker 1 (25:49):
I am so I'm telling you they got they got
just just people know they Bank of America look like
Bank of America. They got the American Express looking like
American Express, and you got to look click those emails,
it's say Gmail, run if it says if it says secure,
it doesn't look like it belongs to American Express. Before
(26:11):
the dot com run, all these things are out there.
Speaker 3 (26:14):
My favorite tool now in my email is the block feature. Yes,
I block email.
Speaker 1 (26:21):
I block about five to six emails a day because
they will not stop. They will keep asking, and they'll
keep creating a conversation with you like you've spoken to
them in the past, and next thing, you know, you
respond back not knowing, and then you that's how the
swindle starts.
Speaker 4 (26:38):
That's that's exactly how the swindle starts. And you know,
they call you and they sound authentic on the line.
They sound like they're calling you from the bank and
that somebody is committing a fraud on your account, and
then you hand over your account information only to find
out that they're the fraudsters.
Speaker 2 (26:53):
Right, So you gotta be you gotta be uber careful
on who you're giving information to. You know, hang up.
Speaker 4 (27:01):
If someone calls and they sound authentic, say Okay, what's
the dial back number?
Speaker 2 (27:06):
Hang up by them call back because.
Speaker 4 (27:09):
If they're calling from your financial institution when you call back,
then you should hear you're calling chase you're calling. If
you don't, you know it's a hoax. But there's you
just got to be super careful. And unfortunately, I think
they pray on those who don't know better, right, and
they pray on a lot of seniors.
Speaker 3 (27:31):
You know, they're good, they are good, They're real good.
I got clothes.
Speaker 1 (27:36):
I mean, if somebody called me and I thought I
owed money to the irs, yep, I called. I had
to call my CPA, he said, Rashaan, that sounds like
a scam to me. But at least that person made me,
made another make another call. That's how deep they got
me in because I thought I owed money, you know,
And so I understand what you're talking about because I don't.
(27:57):
Just I don't want anybody on this call to say,
oh oh that's not me, simple minded, that's not me.
Speaker 3 (28:04):
Oh no, no, no.
Speaker 1 (28:05):
Rashan McDonald has clicked on my social media.
Speaker 3 (28:09):
I always do two factor on all my accounts.
Speaker 1 (28:12):
Now I tell them my employees, hey, come get the
code from me. You know, all those things have to
be done and be consistent about because scams do happen.
Nobody protects your identity or your brand better than you do.
If if anybody's frustrated with the system system you have
in place, let them stay frustrated, because the mistake you
(28:36):
make can cost you hundreds, maybe thousands, maybe millions of
dollars correct list.
Speaker 4 (28:43):
Correct, absolutely correct, and cost you your identity right, cost
you your Social Security number if you willingly give it
up thinking that it's a legitimate business contacting you for
your information.
Speaker 2 (28:55):
You just have to guard it very carefully. And on
that point, if you.
Speaker 4 (28:59):
Reach out to me and any response that you get back,
I never ask you for money over the phone or
over you know, email.
Speaker 2 (29:09):
We will have a conversation. I discussed my fees. I
just depending on the type of service that you're interested.
Speaker 4 (29:15):
In, and then you will receive an email from me
with a verified link right to do a verified payment,
so you will see it coming from my payment processor.
So you know, there's a lot of people who also
try to seize company's accounts and then tell send out
(29:37):
emails indicating that oh, this is you know Lisa, or
this is legacy building.
Speaker 3 (29:41):
Now Lisa, let me ask you this.
Speaker 2 (29:43):
Now.
Speaker 1 (29:43):
You know, you said Rashan, you know I have a
really good job, right, you have a You could just
go home and just relax.
Speaker 3 (29:50):
Now, you out here.
Speaker 1 (29:51):
Trying to do multiple stream income. What do you say
to people who say you're doing too much? You need
to calm down, you're doing too much thoughts back to
those people.
Speaker 2 (30:01):
What does that mean? Doing too much?
Speaker 4 (30:04):
I don't even know how to respond to that, because
at the end of the day, no one's coming to
save us, no one's coming to help us. And you know,
we think we're working jobs and we could just retire
from that job and we'll be fine. No, not in
the current inflationary environment we're living in now. And what's
the likelihood that costs the things.
Speaker 2 (30:24):
That going down? Not great? Right?
Speaker 4 (30:28):
And so my response would be, you have to do
all that you can do to get as much streams
of income, as much knowledge out there to the people,
because that's the other thing. I mean, at the end
of the day, with my background, Rashan and my experience,
I could be making lots of money on Wall Street
(30:49):
at one of these brokerage house firms. I don't have
to do this, right, I've gotten job offers for you know,
good shiny you know. But I know, right, And after
thirty years of working in this field and thirty years
of being in this industry, and technically I'll be retiring
(31:11):
in a matter of months. I can do what's passionate
to me, what I'm passionate about, and that's helping, right,
that's giving back. That's how my parents raised us. That's
what we know, and that's what we do, right, and.
Speaker 2 (31:26):
So that this is more.
Speaker 4 (31:28):
Of course, it's a business, but it's a business that's
an outgo from a passion that I have.
Speaker 1 (31:34):
I got to ask you this, Lisa. You know your
finance attorney, a financial literary advocate, expert, been doing it
over thirty years. Can someone living consistently I'm talking about
They always make it like this is just black people
who are living in these low income and modern income facilities.
(31:55):
And you know the truth because you've been in the industry.
That's what makes me so mad about this business. How
they just just stereotype you and you can never get
ahead when the stereotype keeps keeps winning. Can a person
overcome those stereotypes in those environments A family I was
able to do it. I went to college and worked hard.
(32:16):
My parents moved from one neighborhood to another neighborhood. But
can at the average family overcome those stereotypes.
Speaker 4 (32:24):
Not living in the not living in those communities. I mean,
it's it's very challenging you if you don't get up
and get out, it makes it that difficult, right, And
if you want to stay in the community, then you're
going to have to find out ways and mechanisms that
you are going to be able to elevate yourself in
(32:45):
your family within that community. So you have, you know,
lots of thriving minority communities throughout the country. But the
reality is it's still stereotypes right right, Still redlining is
no longer a thing, but it's what zip code are
(33:07):
you living in? Right that Dick tates what kind of
services you get?
Speaker 3 (33:13):
Right right?
Speaker 4 (33:14):
When you're trash getting picked up and when you're coming
out to service and maintain, you know, maintain the loans
over here? What's going on over here? Why this overgrown dilapidated?
I mean, I'm in the DC area and a house
fell down like somebody was constructing it for years, left
it just sitting there like that's not happening in certain.
Speaker 2 (33:36):
Communities as right, And so it.
Speaker 4 (33:40):
Makes it that much more challenging for you to keep
the value of your properties out.
Speaker 3 (33:45):
Wow, she's Lisa Moraine. I saw the Generational Wealth Conference
and she changed my life. She can change your life too.
Speaker 1 (33:53):
She's a finance attorney, urned financial literacy advocate for entrepreneurs,
head of a law firm, a lab practice and watching
in DC. Her company Legacy Building LLC. Their mission is
the bridge to financial liberty. As we go, give out
that number one more time.
Speaker 2 (34:07):
Lisa absolutely to zero two for zero nine eighty five
one three.
Speaker 3 (34:13):
Thank you for coming on Money Making Conversation Masterclass.
Speaker 2 (34:15):
Lisa, You're welcome. Thank you for having me with Sean.
Speaker 5 (34:18):
This has been another edition of Money Making Conversations Masterclass
hosted by me Rashawn McDonald. Thank you to our guests
on the show today and thank you our listening audience.
Speaker 3 (34:30):
Now.
Speaker 5 (34:30):
If you want to listen to any episode or want
to register to be a guest on my show, visit
Moneymakingconversations dot com. Our social media handle is money Making Conversations.
Join us next week and remember to always leave with
your gifts. Keep winning
Hi, I'm Rashaan McDonald, a host this weekly money Making
Conversation Masterclass show for you. The interviews and information that
this show provides offer everyone. It's time to stop reading
other people's success stories and start living your own now.
If you want to be a guest on my show,
Money Making Conversations Masterclass, please visit our website, Moneymakingconversations dot
(00:20):
com and click to be a guest button. If you're
a small business owner, entrepreneur, motivational speaker, influencer, or nonprofit
my guests, let's get rolling. My guest is a finance
attorney turned financial literacy advocate, entrepreneur, and head of a
law practice based in Washington, DC. Her company, Legacy Building, LLC,
(00:42):
mission is the bridge the financial literacy gap, particularly for
emerging professionals, minority communities, and small business owners, promoting lasting
economic confidence and stability. Please welcome to the Money Making
Conversation Masterclass. Lisa Morain. How you doing, Lisa?
Speaker 2 (01:00):
Well?
Speaker 3 (01:00):
Are you pretty good? Lisa? It's great.
Speaker 1 (01:02):
Senior Again, I saw you in DC at the Generational
Wealth Conference.
Speaker 3 (01:07):
Why did you attend that conference?
Speaker 2 (01:09):
Absolutely well.
Speaker 4 (01:10):
Generational Wealth is right up my alley. It's what we
focus on with Legacy building, and I figured it's local.
It seemed amazing, the panelists seemed amazing. I needed to
be in the building.
Speaker 3 (01:22):
Great.
Speaker 1 (01:22):
I was there and I would definitely come back next
year because I felt that the people it was like
a feed good plants that needed water. That's what I
felt like when I was in that room. And I
want to continue to provide that as you do financial
literacy nourishment, and that's what this interview is about.
Speaker 3 (01:41):
Now, let's talk about being a finance attorney. What exactly
is a finance attorney?
Speaker 4 (01:46):
Absolutely well, for me, specifically, I worked in public finance.
I served as a senior executive over the legal team
for the Government National Mortgage Association. Also referred to is
Genny May. Genny May essentially provides liquidity for loder modern
income loans. So your your FHA loans, your VA loans,
(02:09):
your RD loans, all of those loans that are geared
towards load and modern income families typically end up in
Genya securities. That provides the financing for the lenders to
continue to offer those loan products.
Speaker 3 (02:24):
Okay, so you were right there.
Speaker 1 (02:26):
They said that epicenter of low and modern income people.
What is consistent when you had to deal with that
community on the regular basis, What stood out the most
is saying is not set up to win.
Speaker 2 (02:40):
Absolutely.
Speaker 4 (02:41):
What consistently showed up to me was desperate treatment. Those
communities typically did not have the same resources. Those communities
typically were preyed upon and were given loans that they
really couldn't afford. Those communities when they needed appraisal for
their homes, their praised value typically wasn't coming in as
(03:04):
their white counterpart appraised values were coming in.
Speaker 2 (03:07):
So you just consistently saw.
Speaker 4 (03:11):
Underrepresentation system that was set up in designed for them
not to prosper.
Speaker 3 (03:19):
Wow, I will tell you this.
Speaker 1 (03:21):
When we sold our house, we removed all the fact
that you didn't know who lived in that house. All
of our family pictures were moved, all black art world
were moved.
Speaker 3 (03:31):
So that's a real thing. So if anybody believes, oh,
you know, Rishon, she's just selling hype, Nope.
Speaker 1 (03:38):
Our realtor, who was white, recommended we do this as
well for to get the right buyers in there and
for they can understand that you see the house for
the value in the community, for the value where we stayed,
versus making the stereotypes about the people who lived in there.
So definitely, definitely that's a true statement. Now, going from
(04:01):
financial attorney to financial literacy expert, that's what you are now,
you said thirty years so you've.
Speaker 3 (04:08):
Been juggling numbers.
Speaker 1 (04:10):
How did you make that transition and why is it
is it important to you to be an advocate?
Speaker 4 (04:14):
Absolutely well, seeing what was happening, it just boiled my blood.
Speaker 2 (04:20):
Right. It's like I happen to.
Speaker 4 (04:22):
Be a minority, right, and these are people from my
community that's being impacted this way. And at the end
of the day, I'm not a person that talks the talk.
I walk the walk, Like what are you going to
do to make a difference? And So seeing what was
happening in two thousand and.
Speaker 2 (04:38):
Eight and many years before then.
Speaker 4 (04:41):
I was seeing people entering into these mortgages that they
balloon payments. You're paying these small amounts in the very beginning,
and at the end of that balloon, it's going to
jump to a much larger number that your income can't sustain.
Speaker 2 (04:58):
How are you going to pay for that? Right?
Speaker 4 (05:00):
And more importantly, why did you enter into this loan
to begin with? You didn't know better? And my goal
then became I need to teach people better. I need
to show them this is what you need to be
looking for when you're entering to any financial contractual agreement.
What the terms are requiring of you. And that's just
not limited to mortgages, that's also credit cards. That's also
(05:23):
at loans for vehicles. Why are you getting these high
twenty percent interest rate on a vehicle that depreciates as
soon as you drive.
Speaker 2 (05:32):
It off the lot? What sense is that? Do you
fully understand what you're doing right now?
Speaker 1 (05:37):
There's two different assets, there are two different worlds we're
living in here right now. Or this is money Making
Conversation Master class small business entrepreneurs, the homeownership the cards
that feels like more of a domestic homeowner usage now
from an entrepreneur small business owner, how do you play
a role in advocating for them through financial literacy?
Speaker 4 (06:00):
Absolutely, financial small business owners also get preyed upon.
Speaker 2 (06:04):
Right You usually don't know.
Speaker 4 (06:05):
These types of loans that you're entering into. So, say
you're a small business owner and you have a store,
you have supplies, you have peaks and valleys. You'll have
times when you're selling lots of merchandise and times when
you're not, and these loans that you may be offered
(06:27):
or you may seek out, may have terms that are very,
very unfavorable to you and your business. And particularly if
you're in a business that has a seasonality to it
where you have high peaks low peaks, you need to
know what you're signing up for and you need to
be advised, which you're not always right. The lenders are
(06:48):
there to provide you with the loan, but they're not
going to go over the intricacies of the loan and
what happens if you miss a payment?
Speaker 3 (06:56):
Right?
Speaker 4 (06:57):
How is that going to then spiral into either a
call on the debt or higher rates that you have
to pay on the debt. So essentially you'll never catch up,
You'll never catch back up, and things happen right, You're
not always going to be able to say that I'll
make this payment every month. So being literate and conscious
(07:18):
about those types of financial agreements impact small business owners,
and as you know with Sean, most times small business
owners don't survive beyond the one to five year period.
Speaker 1 (07:28):
I'm speaking to, uh farmer, should I say farm or
just are you still a financial attorney?
Speaker 3 (07:33):
Correct?
Speaker 4 (07:33):
I'm still a senior executive with the federal government.
Speaker 2 (07:36):
Absolutely cool.
Speaker 1 (07:37):
I turn but you turned to be a financial literacy
advocate and that's what this interviewer about helping that entrepreneurs
and which you're and you're in the DC area, but
people can reach out to you outside of the DC area.
Speaker 3 (07:50):
Correct? How can one get in touch with you?
Speaker 2 (07:52):
Absolutely?
Speaker 4 (07:53):
Well, one could locate me on all the different social
media platforms. On Instagram, it's Legacy Building l E G
A C Y b U I L D I N
G Underscore LLC.
Speaker 2 (08:10):
That's at Instagram.
Speaker 4 (08:12):
You can find me online at ww dot Legacy Building
LLC dot com. You can also reach out to me
at two zero two four zero nine eight five one three.
Speaker 3 (08:28):
Well, let's get busy here. Tips. Let's go to.
Speaker 1 (08:31):
The homeowner, the person out there trying to get out
of there, the low income and modern income world.
Speaker 3 (08:37):
What tips can you give them? At least three to
five tips? You can number them.
Speaker 1 (08:41):
That's important to people who come to you seeking a
change in their financial life.
Speaker 2 (08:48):
Absolutely.
Speaker 4 (08:49):
Tip number one, take stock of your finances. Take stock
of how much money you have going out every month,
how much money you have coming in month, and if
the amount that you have going out exceeds the amount
that you have to coming in. There's a problem, right,
and so you really need to focus on budgeting. A
(09:11):
lot of times we get pulled in by all the
fancy things the Louis, the name brand designer wear, and
we pay money, we buy things on credit that we
really can't afford. Right, So budgeting is number one. Number two,
you gotta have multiple streams of income, Like I had
(09:34):
a nine to five right, which provided me with the
financial means to acquire other assets. But you also need
to have those other assets. What do those other assets
look like?
Speaker 2 (09:47):
Real estate?
Speaker 4 (09:48):
Real estate appreciates nine times out of ten investing in
a stock market. I teach how to invest in the
stock market. That's a critical component too. You can't don't
be afraid of the stock market. A lot of people
have lots of negative things to stay about losing everything
and how the stock market isn't good for you. Well,
(10:10):
guess what, the stock market helped me become a millionaire period, right,
not even looking at the asset, not even looking at
the real estate, I should say, right, So don't be afraid.
There are investment vehicles that you can enter into in
the stock market, like exchange traded funds. Some good ones
(10:32):
are voo VTI Spy. These are funds that are have
multiple stocks in it. The ones that I mentioned have
tech stocks in it, and it's been appreciating, giving you
anywhere from seven plus percent return every year. You're not
getting that in a bank account.
Speaker 1 (10:53):
And like you said, would you mentioned these things, Lisa?
We always tell people that show do to research. You'll
call Lisa direct. Our contacts are directly to get a
lot more information because at the end, you need to
understand where your money's going, and then you can appreciate
the growth and also look at the history of the
growth because that's key because history tells you what the
(11:16):
future may look like.
Speaker 3 (11:17):
There are no guarantees but going to an expert.
Speaker 1 (11:21):
And that's what you are, your financial leaders expert over
thirty years as a finance attorney. Now, what's that third one?
Speaker 3 (11:28):
Right there? You hit us, we're too strong. What's that
third one?
Speaker 4 (11:31):
Absolutely? The third one is credit. Credit is important, right,
Credit is important. We don't get taught enough about credit, right,
we just get to a certain age. And usually these
credit card companies, particularly for those of us who are
in college, whatever they sit on the college campus is
they're there, They're throwing these credit cards at you. No
(11:54):
one's given you any kind of education as to what
you should be doing, how much credit you should take out,
monitor your credit, make sure that you keep up with
any payments. Don't charge anything that you can't afford to repay.
That is important. Wow, this credit is critical.
Speaker 1 (12:12):
Listen, I know I want to you got so much
information I want to get out to it. We won't
move down to small business owners. You know you work
closed with small business owners. I saw your in action.
What common financial mistakes do you see them make and
how can they avoid them?
Speaker 4 (12:27):
Absolutely, for small business owners, one of the very common
mistakes that I see is getting themselves in a lot
of debt early.
Speaker 3 (12:36):
What do you mean when you say that? What do
you mean to say that?
Speaker 2 (12:38):
So?
Speaker 4 (12:38):
What I mean when I say that is taking out
credit cards for the business, buying up lots of things,
merchandise and big quantities for the business starting out, for example,
First you need to drill down on what it is
that you are delivering as a small business owner, and
(12:59):
if it is merchandise, stop to scale up gradually. Don't
go and buy large quantities at once. That's going to
take you a while to sell before you're able to replenish.
For example, don't get credit cards that you are going
to have to pay because typically for businesses, your interest,
(13:19):
your finance charges on those credit cards are a lot
higher than for personal credit cards. Right, and if you
accumulate lots of debt, this is I've seen a lot
of businesses as a lot some of my clients accumulate
a lot of this debt on credit cards that the
business is not generating enough income to pay off.
Speaker 2 (13:39):
Wow, do not do that.
Speaker 5 (13:42):
Please don't go anywhere. We'll be right back with more
Money Making Conversations Master Class. Welcome back to Money Making
Conversation Mastered Class with me Rashaun McDonald.
Speaker 1 (13:57):
We know, I think that a lot of people think
that whenever whatever type of businesses they start. I found
Lisa's like, if they have a sore front, they think
when they open it, put the sign out that open
the door, people are gonna come in. They forget about
the marketing aspect as well as the in debt side
of it, and they don't realize that when you go
in business, you got to have money set aside when
(14:19):
the revenue isn't there to pay the bills, and so
you can't open even you know what I'm saying, you
got to open with at least six maybe a year
worth of revenue in your account to adjust to that,
because even if you have it in an account, something
might happen that throw off what you have in your account.
So if you have nothing in your account and you
(14:41):
open up, then that's just that's just opening disaster. But
being at you are an attorney, Lisa, what makes how
does that make you unique in the field of finance?
Speaker 2 (14:53):
Absolutely?
Speaker 4 (14:54):
I refer to myself as a unicorn. Do I have
the legal expertise in the legal background as an attorney,
but I also have the business experience in the business background,
And so when you're looking at anything finance, it's not
only what are the financial terms, but what are the
(15:17):
legal implications? Right, And having that legal experience allows me
to be able to weigh in on consider this or
consider that, and this is what's legally required. And so
a lot of times I know individuals want to just
jump in, right And for example, trust Trust is one
(15:41):
of the things that I do in my legal capacity.
I do a state planning and you hear a lot
of these folks talk about oh, you need to put
everything in a trust and put this in a trust
and that in a trust, and they don't fully understand trust,
and they don't fully understand what trust is designed to
do and how they designed to protect assets and how
(16:02):
to properly structure the trust. And having that legal experience,
I'm able to not only help you with you need
to gain assets, Here's how you can gain assets, and
then here's how you can protect those assets. Because it's
wonderful if you have all of these houses and cars
and this and that.
Speaker 2 (16:21):
It's not so nice if.
Speaker 4 (16:22):
You haven't protected it and someone pursues a lawsuit, agets
you and.
Speaker 3 (16:26):
Wins mention this. How how does the trust protect you?
Speaker 1 (16:30):
I want my listeners to hear that, because I hear
a lot of people come on my show talking about
trust financial literacy experts, but not from a legal standpoint
like you are. So why should I I got a home,
I got a car, I got some money in the bank.
Speaker 3 (16:47):
Why should I put money in the trust?
Speaker 1 (16:49):
And how does it protect me or stop people from
taking it in a lawsuit?
Speaker 2 (16:53):
Absolutely?
Speaker 4 (16:54):
So, that home and that car that you refer to,
that's what you want to put in the trust. You
want to those assets because they have value in a
trust that protects you against creditors.
Speaker 2 (17:09):
Say you are sued.
Speaker 4 (17:12):
By I don't know, a slip and fall someone's on
your property. They slip, they fall, they harm themselves. They
are like, oh, yeah, Rashan got some money. I'm gonna
get some money. Right.
Speaker 2 (17:21):
Look at this big house he lives in.
Speaker 4 (17:25):
That house is in a trust, and unless you're able
to prove that the trust did something to harm you,
then you can't collect.
Speaker 2 (17:34):
Against that trust.
Speaker 5 (17:36):
Right.
Speaker 4 (17:37):
So if Rashaan is only controlling the trust but he's
not owner of the property, then you are not getting
anything related to that house from Rashon.
Speaker 3 (17:50):
Wow.
Speaker 2 (17:52):
Accident, same thing with a car accident.
Speaker 4 (17:55):
They are coming after Withshawan. They are coming after those
bank accounts titled in rashan name. They're coming after any
assets titled in Rashwan's name. Is Rashon hit them right?
And so now I'm coming after Rashaw. When you have
your assets in a trust, for example, they are not
(18:17):
going to be able to get to those assets the
same way they can if you was not in a trust.
Speaker 1 (18:23):
Wow, I understand now, Now what does lasting economic confidence
and stability mean to you, and how do you help
your clients achieve it?
Speaker 2 (18:33):
A lasting economic confidence to.
Speaker 4 (18:36):
Me means that you can sustain yourself and your family, right,
and so again, having a job, owning a business, whatever
it is that's generating sources of income for you.
Speaker 2 (18:51):
What happens if something happens to you?
Speaker 3 (18:55):
Right?
Speaker 2 (18:55):
What happens if you lose that job?
Speaker 4 (18:58):
Will you be able to say in yourself or do
you have to go follow unemployment?
Speaker 1 (19:02):
Right?
Speaker 3 (19:02):
Let me let me ass you this lids.
Speaker 1 (19:04):
Then how big a role does insurance pay play in
your financial literacy advocacy?
Speaker 4 (19:12):
It's part of the two kit, right you? Everyone should
have insurance? We know not everyone does though, right?
Speaker 3 (19:19):
Right?
Speaker 4 (19:20):
And also in addition to happen that won't buy insurance.
I know you're I'm referring to life insurance right, right,
So everyone should have a life insurance policy. And you
should have a life insurance policy that is there that
will protect your family if something were to happen to you,
but also protect you if you acquire a disability. What
(19:43):
happens if you become injured and unable to work? There
should be disability coverage, right? Lots of us don't think
about it. Fortunately for many of us we don't have
to think about it, but we should, right.
Speaker 1 (19:57):
But you know when you think about that window, you
know how much insurance you have? Is there a number
like who you know you should not have fifty thousand
dollars for insurance or a million dollars worth for insurance?
Speaker 3 (20:11):
What is that number that says? How do you figure out?
Speaker 1 (20:15):
Do I come to you and what do you say?
And break down the means that Rashwan, you should have
this amount of insurance?
Speaker 3 (20:21):
What's that? What's that model? What is that?
Speaker 2 (20:24):
What does that look like?
Speaker 4 (20:26):
So I am not a licen insurance agent, so no,
you wouldn't. You wouldn't come to me for life.
Speaker 2 (20:31):
Insurance, Okay, you would go to a life insurance agent.
Speaker 4 (20:34):
Now, my understanding is that you would want to have
at least three times your income, okay, right, So whatever
that income is, you want to have three times that
in life insurance because this is going to be replacing that, right,
particularly when you pass. And also you want to have
(20:57):
a product that a lot.
Speaker 2 (20:59):
There's different insurance.
Speaker 4 (21:01):
Types, and there's term and there's whole life, and there's
other products, and there's cash value.
Speaker 2 (21:07):
Right.
Speaker 4 (21:08):
I'm an advocate of a cash value whole life insurance policy. Why,
because you want something for the entirety of your life.
These term policies are great for the term, but unless
you're using that coupled with a whole life policy, I
feel like you're throwing good money away from that because
unless you passed during that term, then all the money
(21:29):
you've paid into that insurance policy is gone.
Speaker 2 (21:33):
And you know that I have a policy wants the
term expires.
Speaker 1 (21:36):
Right, there's a good interview because I do. I'm not
trying to recommend anybody doing anything, but you can do term.
It's cheaper, but it is the word term, and it
is tied. You see these commercials on TV all the
time basically selling you term insurance. But if you want
an invest money, that usually tied to an interest rate.
(21:56):
Four point zero is my interest rate. I've been having
that interest rate Lord and that all these years. And
so I have money in my insurance policy that I
can withdraw, I can loan against, I can put it back,
all that good stuff. So that's what she's talking about
when she's saying versus cash value and these insurance policies,
(22:16):
and that's what we're talking about on the show today.
I'm talking to a financial literature expert. Her name is
Lisa Morain and she's a a finance attorney. This is
what she do.
Speaker 3 (22:26):
Now.
Speaker 1 (22:27):
We all make mistakes with our money, Lisa, but one
financial truth, you wish everybody, regardless of age or background,
understood and lived by one, just one.
Speaker 2 (22:40):
One financial truth.
Speaker 4 (22:42):
I would say, I'm a woman of God, and God
gives us an abundance. And I want to say, you
have absolutely everything you need to acquire any finances that
you desire, whatever your financial desire is. If it's a
(23:02):
million dollars, two million dollars, you have everything you need
to get that million dollars. Believe in yourself.
Speaker 2 (23:10):
And do not fall prey to.
Speaker 4 (23:15):
All of the flashing lights and people trying to sell
you things. If you don't understand what it is that
someone is trying to sell you and you are interested
in it, Like we're talking about whole life insurance policies,
we're talking about cash value policies, and you decide I'm
going to go call an agent and try to get
a policy. If you don't understand what they're saying, research it.
(23:37):
There's lots of sites out here, chat, GPT, CLAUDE, AI,
look into it.
Speaker 2 (23:42):
You can call me. I'm here.
Speaker 4 (23:45):
That's what I do. I help, I pride, education, coaching, guidance. Right,
but do not just blindly hand your money over to
someone because you think that's the right product if you
don't fully understand what you're investing in.
Speaker 2 (24:00):
So from the one thing, educate yourself.
Speaker 1 (24:03):
Now on the legacy building LLC. You know, Lisa Moraen, Lisa,
you said it called me. So when somebody calls you
a contact you, what's the process because you don't want
everybody just calling you asking questions that are just asking nine.
You want questions that really drive the point as to
taking them to the next.
Speaker 3 (24:22):
Level, like how can I get a million dollars by
next year? That's a crazy question.
Speaker 1 (24:26):
So what is the experience of people contacting you and
what are the procedures you do to protect yourself from
dealing with people who are just maybe wasting your time?
Speaker 4 (24:38):
That's right, thank you, That's that's a great question. So
because we offer a service, what I do is I
offer free fifteen minute consultation. So you can reach out
to me at the two zero two four zero nine
eight five one three. We'll get back to you and
provide you with a short survey to kind of see
(24:59):
what it is you want to discuss. So you need
to know what you want to discuss. If it's credit,
if it's investing, if it's buying a home, you need
or identify on that short form what it is that
you want to discuss, and we'll call back and have that.
Speaker 2 (25:14):
Fifteen minute consultation.
Speaker 4 (25:16):
So I don't want you to just call and say, well,
what do I need to do to get a million dollars? No,
you have to give that spot right like that, And
that's critical. We cannot just sit there and rely on anyone.
I see story after story of individuals turning over their
finances to a financial advisor, leaving it to them to
(25:36):
handle and just turning their head and get swindled.
Speaker 2 (25:40):
That's not what that's I don't want you to do that.
Speaker 4 (25:42):
So you need to stay engaged. And part of that
engagement is you need to know what you want to discuss.
Speaker 2 (25:48):
You need.
Speaker 3 (25:48):
These scams are out there.
Speaker 1 (25:49):
I am so I'm telling you they got they got
just just people know they Bank of America look like
Bank of America. They got the American Express looking like
American Express, and you got to look click those emails,
it's say Gmail, run if it says if it says secure,
it doesn't look like it belongs to American Express. Before
(26:11):
the dot com run, all these things are out there.
Speaker 3 (26:14):
My favorite tool now in my email is the block feature. Yes,
I block email.
Speaker 1 (26:21):
I block about five to six emails a day because
they will not stop. They will keep asking, and they'll
keep creating a conversation with you like you've spoken to
them in the past, and next thing, you know, you
respond back not knowing, and then you that's how the
swindle starts.
Speaker 4 (26:38):
That's that's exactly how the swindle starts. And you know,
they call you and they sound authentic on the line.
They sound like they're calling you from the bank and
that somebody is committing a fraud on your account, and
then you hand over your account information only to find
out that they're the fraudsters.
Speaker 2 (26:53):
Right, So you gotta be you gotta be uber careful
on who you're giving information to. You know, hang up.
Speaker 4 (27:01):
If someone calls and they sound authentic, say Okay, what's
the dial back number?
Speaker 2 (27:06):
Hang up by them call back because.
Speaker 4 (27:09):
If they're calling from your financial institution when you call back,
then you should hear you're calling chase you're calling. If
you don't, you know it's a hoax. But there's you
just got to be super careful. And unfortunately, I think
they pray on those who don't know better, right, and
they pray on a lot of seniors.
Speaker 3 (27:31):
You know, they're good, they are good, They're real good.
I got clothes.
Speaker 1 (27:36):
I mean, if somebody called me and I thought I
owed money to the irs, yep, I called. I had
to call my CPA, he said, Rashaan, that sounds like
a scam to me. But at least that person made me,
made another make another call. That's how deep they got
me in because I thought I owed money, you know,
And so I understand what you're talking about because I don't.
(27:57):
Just I don't want anybody on this call to say,
oh oh that's not me, simple minded, that's not me.
Speaker 3 (28:04):
Oh no, no, no.
Speaker 1 (28:05):
Rashan McDonald has clicked on my social media.
Speaker 3 (28:09):
I always do two factor on all my accounts.
Speaker 1 (28:12):
Now I tell them my employees, hey, come get the
code from me. You know, all those things have to
be done and be consistent about because scams do happen.
Nobody protects your identity or your brand better than you do.
If if anybody's frustrated with the system system you have
in place, let them stay frustrated, because the mistake you
(28:36):
make can cost you hundreds, maybe thousands, maybe millions of
dollars correct list.
Speaker 4 (28:43):
Correct, absolutely correct, and cost you your identity right, cost
you your Social Security number if you willingly give it
up thinking that it's a legitimate business contacting you for
your information.
Speaker 2 (28:55):
You just have to guard it very carefully. And on
that point, if you.
Speaker 4 (28:59):
Reach out to me and any response that you get back,
I never ask you for money over the phone or
over you know, email.
Speaker 2 (29:09):
We will have a conversation. I discussed my fees. I
just depending on the type of service that you're interested.
Speaker 4 (29:15):
In, and then you will receive an email from me
with a verified link right to do a verified payment,
so you will see it coming from my payment processor.
So you know, there's a lot of people who also
try to seize company's accounts and then tell send out
(29:37):
emails indicating that oh, this is you know Lisa, or
this is legacy building.
Speaker 3 (29:41):
Now Lisa, let me ask you this.
Speaker 2 (29:43):
Now.
Speaker 1 (29:43):
You know, you said Rashan, you know I have a
really good job, right, you have a You could just
go home and just relax.
Speaker 3 (29:50):
Now, you out here.
Speaker 1 (29:51):
Trying to do multiple stream income. What do you say
to people who say you're doing too much? You need
to calm down, you're doing too much thoughts back to
those people.
Speaker 2 (30:01):
What does that mean? Doing too much?
Speaker 4 (30:04):
I don't even know how to respond to that, because
at the end of the day, no one's coming to
save us, no one's coming to help us. And you know,
we think we're working jobs and we could just retire
from that job and we'll be fine. No, not in
the current inflationary environment we're living in now. And what's
the likelihood that costs the things.
Speaker 2 (30:24):
That going down? Not great? Right?
Speaker 4 (30:28):
And so my response would be, you have to do
all that you can do to get as much streams
of income, as much knowledge out there to the people,
because that's the other thing. I mean, at the end
of the day, with my background, Rashan and my experience,
I could be making lots of money on Wall Street
(30:49):
at one of these brokerage house firms. I don't have
to do this, right, I've gotten job offers for you know,
good shiny you know. But I know, right, And after
thirty years of working in this field and thirty years
of being in this industry, and technically I'll be retiring
(31:11):
in a matter of months. I can do what's passionate
to me, what I'm passionate about, and that's helping, right,
that's giving back. That's how my parents raised us. That's
what we know, and that's what we do, right, and.
Speaker 2 (31:26):
So that this is more.
Speaker 4 (31:28):
Of course, it's a business, but it's a business that's
an outgo from a passion that I have.
Speaker 1 (31:34):
I got to ask you this, Lisa. You know your
finance attorney, a financial literary advocate, expert, been doing it
over thirty years. Can someone living consistently I'm talking about
They always make it like this is just black people
who are living in these low income and modern income facilities.
(31:55):
And you know the truth because you've been in the industry.
That's what makes me so mad about this business. How
they just just stereotype you and you can never get
ahead when the stereotype keeps keeps winning. Can a person
overcome those stereotypes in those environments A family I was
able to do it. I went to college and worked hard.
(32:16):
My parents moved from one neighborhood to another neighborhood. But
can at the average family overcome those stereotypes.
Speaker 4 (32:24):
Not living in the not living in those communities. I mean,
it's it's very challenging you if you don't get up
and get out, it makes it that difficult, right, And
if you want to stay in the community, then you're
going to have to find out ways and mechanisms that
you are going to be able to elevate yourself in
(32:45):
your family within that community. So you have, you know,
lots of thriving minority communities throughout the country. But the
reality is it's still stereotypes right right, Still redlining is
no longer a thing, but it's what zip code are
(33:07):
you living in? Right that Dick tates what kind of
services you get?
Speaker 3 (33:13):
Right right?
Speaker 4 (33:14):
When you're trash getting picked up and when you're coming
out to service and maintain, you know, maintain the loans
over here? What's going on over here? Why this overgrown dilapidated?
I mean, I'm in the DC area and a house
fell down like somebody was constructing it for years, left
it just sitting there like that's not happening in certain.
Speaker 2 (33:36):
Communities as right, And so it.
Speaker 4 (33:40):
Makes it that much more challenging for you to keep
the value of your properties out.
Speaker 3 (33:45):
Wow, she's Lisa Moraine. I saw the Generational Wealth Conference
and she changed my life. She can change your life too.
Speaker 1 (33:53):
She's a finance attorney, urned financial literacy advocate for entrepreneurs,
head of a law firm, a lab practice and watching
in DC. Her company Legacy Building LLC. Their mission is
the bridge to financial liberty. As we go, give out
that number one more time.
Speaker 2 (34:07):
Lisa absolutely to zero two for zero nine eighty five
one three.
Speaker 3 (34:13):
Thank you for coming on Money Making Conversation Masterclass.
Speaker 2 (34:15):
Lisa, You're welcome. Thank you for having me with Sean.
Speaker 5 (34:18):
This has been another edition of Money Making Conversations Masterclass
hosted by me Rashawn McDonald. Thank you to our guests
on the show today and thank you our listening audience.
Speaker 3 (34:30):
Now.
Speaker 5 (34:30):
If you want to listen to any episode or want
to register to be a guest on my show, visit
Moneymakingconversations dot com. Our social media handle is money Making Conversations.
Join us next week and remember to always leave with
your gifts. Keep winning
Host
Rushion McDonald
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