Financial Power Moves: Building Wealth That Works While You Don't.

We’re going live with a powerful episode on Financial Power Moves: Building Wealth That Works While You Don’t — and trust me, you don’t want to miss this one. With former Pro Basketball player turned financial expert, Marcus Faison. If you’ve ever said, “I want to build wealth, but I don’t know where to start,” or “Why does financial talk always sound like a foreign language?” — THIS is for YOU.

Episode Transcript

Speaker 1 (00:03):
There was a time people counting me put them mock me.
I mosutu. I got to know to know what that says.
But what I believe that God's not bad. I don't

(00:25):
need to bother me. I know who I help. I'm
created that be. I'm going to reflect what my eyes
did you see? All the bignesssyposis and this persibility?

Speaker 2 (00:52):
What a.

Speaker 3 (00:56):
Sad again me?

Speaker 1 (01:07):
There is no time really.

Speaker 3 (01:10):
Stay for the outside all a better one, no bad.

Speaker 1 (01:17):
Boys in list.

Speaker 3 (01:20):
Still itself pay demitions, can say all the simple mo
day bye.

Speaker 1 (01:28):
Something, take your mind for your by your pleas your
one below.

Speaker 3 (01:36):
This plan head leave off time all wait then it's
nine nine still welcome.

Speaker 4 (01:56):
Welcome, Welcome to another segment of Seek Elevation. These seek
elevation experience with yours truly attorney A Lakeisha. I am
an attorney, but I may not be yours. So I'm
not giving you legal advice, but I am giving you
all types of gems for you to use now to

(02:17):
apply to your life, whether that be legal or otherwise.
Seek Elevation is where real issues, real people, real conversations
takes center stage.

Speaker 5 (02:30):
Because change does not happen in silence. And I want us.

Speaker 4 (02:34):
I want this to be an environment for growth where
change seekers can come to get those gems, whether it's
from sports and entertainment to business and community. Right, here's
where we break down truth, we spark meaningful change, and
we elevate voices that need to be heard. Whether that's

(02:55):
voices from individuals who are experts and certain feels, those
are industries that I bring on to pour into the
listeners and viewers, or if that's you who want to
share the stage, to share what's going on real time,
real situations, so we can all learn together, grow from it,

(03:16):
and you can get inspiration and motivation from other people.
But in this space, either way, we don't just talk.
We empower, we inspire, and we change the status quo.
So whether you're an athlete or an entertainer, a business leader,

(03:39):
or just someone striving for a better life, these conversations
that I bring to you on Tuesday, there are conversations
for you. There are conversations for me. So I want
all of us to tap in wherever you feel necessary.
I would love for you to drop a comment, ask
a question. Close closed mouths do not get fed, and

(04:02):
I think tonight would be a great time to ask
questions with the guests that I have coming on. We're
talking about financial power moves, and we're talking about building
wealth that works while you don't. And I know, I
want to probe into some questions of.

Speaker 5 (04:23):
What does that? What does that even mean?

Speaker 4 (04:25):
Because a lot of times we do have these conversations
about uh, financial literacy, because financial literacy is important. But
I think because we talk about it, or we use
that word so much, there's a lot that's lost in
that word. There's a lot not given or shared within

(04:49):
that word, Like what does that mean? If you're going
to help me be financially literate? How can I take
that information and actually apply it in real time? And
so I want to pro but to some questions like
that to see if you know, our guests can give
us some of those answers, give us the information and
also how does it apply to where I'm at in

(05:11):
the space and place in my life. So make sure
you definitely share this segment's financial touches all of our
lives no matter what.

Speaker 5 (05:24):
So share it.

Speaker 4 (05:26):
If you have questions, like I said, you drop a comment,
but if you have questions, ask your question, and I
would definitely share your question with the guests on the
stage and let's just make impact together. And what I'm
hoping is by the end of this segment you'll understand

(05:48):
the key principles of financial literacy that we're talking about,
and hopefully you'll understand some things that or you'll get
some information on things that are never talked that people
don't touch on. I will try to probe on that,
but again, your questions help to make sure that happens. Because,

(06:12):
of course I only have one mind. I can't get
into everybody's mind, but you have this. That's the reason
why I went live this season. It's because I didn't
want to just interview individuals, pre record the segment, the interview,
drop it, and then people are listening, but then they
have a lot of questions just watching it. Now I

(06:34):
want to go live, so if you do have questions,
you can ask ask them in real time. But if
for some reason you can't catch the live and you
have to watch it on replay, whether that is replay
on YouTube, LinkedIn, whatever, or if you're listening on audio,

(06:55):
you can always come back and drop your comments or
actual questions and the comment section and I will get
around to it. And if, of course, if I don't
know the answer because I brought a guest on then
I will share that question with that guest and pull
them into that conversation on YouTube. So that's why I

(07:20):
want us to get But I want us to really
think about, how do we manage our money, how do
we multiply our money, how do we create income that
doesn't rely constantly on a hustle. Those are some things

(07:42):
that's at the top of my mind, so that you
can walk away with practical strategies to build wealth that
supports your freedom, support your long term.

Speaker 5 (07:55):
Vision, or even legacy, whatever that means.

Speaker 4 (07:59):
And you know, sometime I ask myself and I don't
know if you sit with this, and we're at a
time right now these questions are being asked of ourselves.

Speaker 5 (08:06):
There's just a lot going on.

Speaker 2 (08:08):
I was.

Speaker 5 (08:10):
Looking at something the other day and I think his
name is John Hope Bryant. He had a video.

Speaker 4 (08:19):
Come up and he has said, he has said he
was commenting about something an influencer said. And I guess
an influencer must have mentioned something about one hundred thousand
dollars not being much or whatever.

Speaker 5 (08:33):
I don't know.

Speaker 4 (08:34):
I didn't see that part of it, but I seen
John Hope Bryant if you go to his Instagram page
or wherever else he probably shared on other social media pages,
but I seen it on Instagram where he shared his
response to whoever this major influencer is. And he has said,
please stop saying that one hundred thousand dollars isn't much.

Speaker 5 (08:54):
It's a whole lot.

Speaker 4 (08:55):
I make multi millions, and I still don't take a
hundred thousand dollars.

Speaker 5 (09:01):
For granted.

Speaker 4 (09:03):
But when he had said this, he had gave a
statistic and I want to look more into it now.
After he shared this, I didn't get a chance to,
but I want to dig more into it. Statistically, he
was saying only six percent, and it may have been
only six percent of Black Americans make one hundred thousand

(09:24):
dollars a year, and I was taken back. I'm like,
is that true?

Speaker 6 (09:29):
Is that?

Speaker 2 (09:30):
Is this true?

Speaker 5 (09:31):
Six percent of the entire American population?

Speaker 1 (09:42):
I was shocked.

Speaker 4 (09:43):
And it's things like that. Yes, I want the information.
I love learning information, but I don't want to get discouraged,
caught up distracted by that. Actually, I want to be
motivated by Okay, if this it's true, if I do
my research and come to find out this is true.
How can I continue to do my part? How can

(10:05):
you continue to do your part? How can we do
it together to change that statistic? And sometime I don't know,
Sometime I guess I get Larry about statist It's only
because it's numbers based on who is responding to information gathering.
I'm not sure where they got the information from, who

(10:26):
actually honestly reports all of the information. So sometimes I'm
kind of Larry. But even if it's not six percent,
it's just a low number. I want us to you know,
I want us to win together. And whatever I can do,
however I can do my part. I'm gonna do my part.

Speaker 5 (10:47):
And that so.

Speaker 4 (10:49):
I ask myself questions like, Okay, if I was to
stop working today doing all the things that brings in money,
how long could my money.

Speaker 5 (11:03):
Work for me?

Speaker 4 (11:06):
You know, because most of us, majority of us, spend
a lifetime working for money, but we never learned how
or been in a position to make money work for us.

(11:26):
And so I asked myself that question, And this is
information I want to get tonight from that.

Speaker 5 (11:34):
How how you know?

Speaker 4 (11:35):
How can how can that happen? And I'm always doing
the things to put myself in that position. I know
some people feel like they say, you know, money isn't everything.
Money isn't everything, so why why does it all matter?

Speaker 5 (11:52):
Right?

Speaker 4 (11:52):
Money is not everything, but struggling isn't either. Not getting
what's due to you isn't either. And money funds the mission,
whatever that mission is, Money funds the mission. I don't
believe that the sole focused and attraction should just be on,

(12:17):
you know, chasing money. You don't chase anything because it's
gonna run from you. I do believe on tapping into
whatever it is that you have to offer, whatever it
is that you have to share, tapping into that and
elevating it so high that it becomes a magnet and
attracts all the things for you, including finances. And sometimes

(12:39):
that may be directly you're attracting that through your talent,
your service, it may be the people that's around you.
But it does funda mission. So it's not everything, but
it's part of the things, all right. So I want

(13:00):
to see how long let me check in on my guests,
And it's already seven fifteen, and.

Speaker 5 (13:13):
I gotta check on him here. I didn't want to.

Speaker 4 (13:21):
I didn't want to go too long in my introduction
because I want to definitely make sure I use the
time that we do have, and I know we are
adult listeners, and we make and listen to.

Speaker 5 (13:34):
A two hour podcast hold on, maybe said this. We
may a listen to a two hour podcast from.

Speaker 4 (13:57):
Okay, I see you there, I see you there. We
may listen to to our podcast from cat Wims and
all that things that's really really entertaining. But it's hard
for us some time to listen to a real long
podcast of things that we actually need to fill us up.
I want to contain the stretches and hopefully we get there,

(14:19):
but I know where we're at, so right now, I'm
going to pull back so I don't take any more
time because we need to give all the time.

Speaker 5 (14:28):
To our guest. And I'm going to introduce.

Speaker 2 (14:34):
To it is.

Speaker 4 (14:34):
This is Marcus Faison that I'm bringing on. He is
a former professional basketball player. He played Division one basketball
for Siena College prior to his professional career, and he
graduated as Siana's third leading scorer in school history. But

(14:55):
as a former pro athlete, he experienced and he understands
there is excitement, right, there's excitement of balling, but then
there's the economics of business, and so that's life in general.

Speaker 6 (15:10):
There is.

Speaker 5 (15:12):
This side, and then there's this side.

Speaker 6 (15:15):
There is.

Speaker 4 (15:17):
Sports, the fun and entertainment. Then there's sports the business.
There's life the fun and entertainment, and there's life the business.
All of it coincide. So I'm going to go ahead
and bring Marcus on stage.

Speaker 5 (15:33):
Can you hear me?

Speaker 2 (15:35):
Absolutely loud and clear?

Speaker 5 (15:37):
How are you adn't clear? Good job? Let me know
if you need to back up from the mic too.

Speaker 2 (15:41):
So no, no, you sound you sound perfect and you
look look even better as always.

Speaker 4 (15:49):
Listen, I had to show up like money today, I
hear you. I had to show up, you know, make
sure I get into the energy, get into the spill
and wear that blue for that energy, the top of
the mind, energy to receive everything and to just be
open to ask the things that need to be asked.

(16:10):
So I did a brief introduction for you. I want
you to just let's back up and just introduce lay
the foundation, kind of talk about yourself more and what
kind of led you. You know, you went from the athlete,
pro athlete to trailblazing financial expert helping people there like,

(16:31):
so just kind of lay the ground a little bit
so our viewers and listeners can better grasp.

Speaker 6 (16:37):
Absolutely absolutely so, as you said, and thank you for
the introduction, by the way, as as Elakisha said, my
name is Marcus Fason. I did play professional basketball in
Europe for fourteen years. Prior to that, I did, I
did go to school at Sienna up in New York.

(17:00):
I worked out with a couple of NBA teams before
going into Europe. I went to all the NBA pre
draft camps. I was scouted by the NBA scouts during
my college career and I got an opportunity and fortunately

(17:21):
or unfortunately.

Speaker 2 (17:23):
I didn't sign for the full year.

Speaker 6 (17:25):
So at that time I decided I want to continue
to play basketball. It's very lucrative and I took that path.
So it led me to about ten different countries Spain, Turkey, Greece, Belgium, Germany, Finland, Philippines, Ukraine.

Speaker 2 (17:45):
I'll probably been missing a few, but it was a
great journey. It was one that was again it was
my livelihood.

Speaker 6 (17:56):
It fed my family, It fed many people in my family,
and you know, on our topic, you know obviously with finances.
It showed me a lot of things because being in
all these different countries, seeing all these different cultures, it
showed me. One thing that stood out and I carry
with me now, is that we have a global economic crisis,

(18:20):
and that is financial illiteracy, not understanding how money works.

Speaker 2 (18:26):
Right, So it's not only here in the United States.
This is a global crisis.

Speaker 6 (18:32):
So I say that because I was fortunate enough to
be around a lot of people that made a lot
of money, millions of dollars, and I was fortunate enough
to be one of those in that same category from
a sport. So obviously being young, being out of college,

(18:52):
you know, starting to make money at a very young age,
and not.

Speaker 2 (18:57):
Having that financial literacy I was.

Speaker 6 (19:00):
I was a marketing business major, marketing major at Sienna,
so I'm in business. But we never got taught, not
one class about how to make our own money work
for us. And nowadays, you know, I don't want to
make that as an excuse. I say this all the
time when I when I do speaking engagements and I

(19:22):
talk to adults as well as children right in high
school and even younger. It's not it's not our fault necessarily,
because it's not something that in the past has been
taught in high school and even in the universities, So
we do have a situation of not having access to

(19:45):
the information. And so nowadays you're starting to hear a
lot more about financial literacy, just like you mentioned, and
it's starting to be mentioned so much that we have
to keep the focus on the focus right is and
it's and the focus.

Speaker 2 (20:02):
Is what is? What is? And how does money work?

Speaker 6 (20:05):
How does your personal income or the ways that you
create and generate finances, How can you make that money
work for you? So that's one of the biggest things
that I took away from my planned career into leading
me up into now being in the financial industry and

(20:26):
being introduced to the financial industry after my.

Speaker 2 (20:29):
Career was very very humbling, right it was. It was
a very humbling experience.

Speaker 6 (20:36):
If I could be transparent, because a lot of people
don't realize when you have been in any industry, not
just as an athlete, but you can also speak as
an entertainer or whatever job that you've been on or
you've been doing for.

Speaker 2 (20:54):
Whatever that is that you've been doing for x amount
of years.

Speaker 6 (20:58):
When that income stream just turns off, just like that,
it can be of arm and it can be a
lot of things It can be depressing, it can be stressful,
it can be so many different things because most of us,
unfortunately don't prepare in those early years. Because and I
can speak to as a lot of athletes, and I

(21:21):
don't want to ramble on, but when we talk about athletes,
I have a real pet peeve that people say, you know.

Speaker 2 (21:30):
Dumb athletes, dumb jobs, all of these things.

Speaker 6 (21:34):
And I have to admit that there are some times
where you know, as athletes, as entertainers, as young people,
we make decisions that are maybe not the best at.

Speaker 2 (21:45):
That time, right.

Speaker 6 (21:47):
And when it comes to excuse me, when it comes
to the financial aspect and being honest, especially in basketball
and in football, we talk about, you know, finances at
that young age, and those mistakes are being made, it's
automatically attributed to, oh, they're dumb up, they have it,

(22:09):
entourage up, they have all.

Speaker 2 (22:10):
These different things to put them down.

Speaker 6 (22:15):
But essentially it's about not having that lack of financial literacy, right,
And it's not only an athletic thing.

Speaker 2 (22:22):
So I'd like to just put that straight.

Speaker 6 (22:25):
But the biggest thing with me in my experience coming
into the financial industry was just.

Speaker 2 (22:32):
How much you know, we don't talk about it.

Speaker 6 (22:35):
We were people making hundreds of thousands, millions of dollars
in ten months, but never having in the locker room
the conversation of hey, how can we turn this money
into more money? How can we turn this money that
we have and that we're making as young men and
women nowadays, how can we turn this into generational wealth

(22:59):
that you know, and that's for children that we have
or may not have, right, but even family members. So
just looking at that, it was just something that was
very humbling and also something that I knew was a
place and a natural organic fit for me to reach
out to people because I can talk from experience, and

(23:20):
I can also talk just from a point of view
of Hey, I was there, I've done it, I've seen it,
and there's no there's no judgment, right. I say that
a lot when I sit down with clients. This is
a no judgment zone. We're here to educate, We're here
to help you be able to implement and essentially change lives.

(23:43):
So that's pretty much my answer to that, And I
think that's a pretty good introduction of.

Speaker 5 (23:49):
How you did you came in high.

Speaker 4 (23:53):
I'm going to reel it back because you touched on
a few things that I definitely want to cover button
even before I to my questions. I always want to
give the floor first to our viewers because I want
to make sure their questions are covered and I rewind
to mine.

Speaker 5 (24:07):
But I'm gonna I want.

Speaker 4 (24:09):
You address a question that's on the screen and then
the question because you mentioned financial literacy and I talked
about that in the introduction before you came, and we
used that word a lot, and I think some people
it got really watered down, Like you said, they're like, okay,
financial literacy. I just hear that thrown around. What does
that even mean? I think it kind of means what
you were breaking down and explaining. But if you could
real them in when you talk about financial literacy, that'd

(24:30):
be great. But first let's get to four g rap
music question. What is the best route to take when
transitioning into full time entrepreneurship. What are some twos to
establish longevity? So kind of talk about if you're thinking
about money from the perspective of being an employee, you

(24:52):
want to go into a full entrepreneurship, and what are
some tools financially to establish longevity.

Speaker 6 (24:59):
That's that's a very good question, very good question, and
I would say number one is don't go too fast, right,
That would be my very first answer to that is
don't rush. And what I mean by that is, like
you said, that transition. You know, everybody I use this

(25:20):
all the time. Everybody wants to be an entrepreneur until
they become an entrepreneur because that takes on a lot
of responsibilities that people say that they want, feel that
they want, and think that they understand. But they always say,
you know, it's different when you see a shark in
the tank and when you got to go and swim

(25:41):
with that shark. So what I mean by that is
take your Number one would be take your time now
whatever means that you have currently right while you're building
up funds to go on a full time entrepreneurship. Right,
take those funds, I would say, start to saving. That's
that's gonna be your number one. Start saving, start budgeting

(26:04):
for that transition and what and that will be different
for everyone, right, depending on what job you have, how
long it's going to take you to.

Speaker 2 (26:12):
Get in position.

Speaker 6 (26:15):
As you're transitioning for that full time entrepreneurship, making sure
that you have your ducks in a row for Preparing
for full time entrepreneurships mean not only just you're you're
working on your own schedule, right, That's what a lot
of people love. Hey, I work on my own schedule, okay,
But time management is going to be very very important, right.

(26:37):
Time management also making sure that as from a business standpoint,
that all systems are in place as far as what
this what this full time entrepreneurship will be, how you
intend on funding it and having enough capital to get started.
Because we see a lot of times people want to

(26:59):
get out of that job, and I definitely understand they
want to get out of corporate as fast as possible
and get on to their own entrepreneurship, whatever that endeavor
may be. But very important is to be is to
realize not to jump out there too fast. And the
reason why is because if that entrepreneur that that business
that you're going to start is not fully in place,

(27:23):
now you jump out there too early, and now you
have to eventually go back to corporate because the business
didn't work as you thought it was you as you
thought it would. So some financial steps that you can
take is just starting with a cash flow budget, right,
that's what your nine to five or your corporate job,

(27:46):
or whatever your current needs or current streams of income
that you have coming in, making a cash flow budget,
making sure that you can put aside some money for
that business, right specifically for that business that you're saving,
so that when you get that business rolling, now you
have the funds for things that may that you may

(28:09):
not even think of, you have funds put aside for that.

Speaker 2 (28:14):
And there's different tools that you can that you can
start a lot.

Speaker 6 (28:17):
Of people, and we're going to get into that as
we as we progress in this conversation. But one of
the things is, and if you're going to use the
bank and you want to still have access to that money,
a high yield savings account, and when we get into
the numbers of it, we know that banks are not
giving very much interest, you know, usually less than one

(28:37):
percent at least. With the high yield savings account, you're
going to be getting somewhere between four four and a half.
It's a little better, not much better, but a little
bit better, and you still have access. There are insurances
that you can have in place that can also be
a wealth building vehicle, and also it's going to be
a tax free wealth building vehicle. So those are things

(29:00):
that you can do, because depending on your timeline, if
that's going to be a transition of two, three, five years,
well now those would be the insurance would be one
of the biggest ones that you can do that's going
to actually give you very very good returns. So I
would say, in short, to kind of put it all together,

(29:25):
I would say, either insurances, how your savings accounts and
they really curve in and tighten up on the budget,
and prepare and put something aside for that business that
you're that you're looking to move into.

Speaker 4 (29:41):
I like that you said that because one, there's just
this whole myth out there, the entrepreneurship. Entrepreneurship first of all,
that could look different from for everyone. But we push entrepreneurship,
but don't push those things to prepare for what that
all looks like. Times are even more challenging to ever,

(30:02):
if you have an employer, they could be your investor
when you get into entrepreneurship. We always look for all
these investors. If you have employment, use it as investment money,
like you just said, right, So lay out what would
take for you to run whatever this business is of
your own. Think of financially, how can you be sustainable.
Then you're using the monies, the funds you get from

(30:26):
your employer to pour into that. And I love how
you just shared not just pour into your business, but
pour into these tools that when you're ready to walk away,
you can use them real time for your business, especially
when it comes to financially. So go ahead to the
financial literacy question, like kind of really what to give

(30:46):
it some teeth?

Speaker 2 (30:49):
Okay?

Speaker 5 (30:49):
If you have some financial literacy, what is that?

Speaker 2 (30:52):
Okay?

Speaker 6 (30:52):
And like you said, the word is being tossed around
right a lot, and for me, I really think And
when you say, well, how does money work? Well, that's
a broad statement, right, that's a broad statement.

Speaker 2 (31:06):
How does money work? What that enteils is understanding.

Speaker 6 (31:11):
Understanding Number one, compound interest, right, for example, understanding budgeting
a cash flow, budget, understanding saving, understanding investing right, And
that's huge, And so compound interest is going to be
your best friend wherever you can find that. Understanding what
interest is, right, that's one of the biggest things. And

(31:34):
then once you understand, you know, compound interest needs to
be on your side. You need to find ways to
have compound interest helping your money grow for you, not
against you. Then that's going to go into the options
that you have for your money, and there's only three

(31:54):
different options that you do have. You have either your
fixed accounts you're checking your savings, your money markets, your
CDs where those are accounts that are attached to the
bank where you know that your money is safe. But
also understanding again interests and understanding that in the banks
they're not giving you a lot of interest almost none

(32:17):
for putting your money in the bank. So what are
some other options, Well, there are variable accounts. Variable accounts
those are accounts where they're attached to the market. Now
that will depend on each of the individual person, but
that can include crypto nowadays, that can include stocks, that

(32:38):
can include like you mentioned, you know, tapping in if
you're in corporate right now, that's also your four oh
one K, your TSP, your iras, things of that nature,
to where if that's an area where your money can grow, right,
understanding that, but also with those understanding that there's a
chance because it's in the market, that you can also

(33:00):
lose money in those areas. So understanding your threshold right,
your investing threshold, right, are you aggressive?

Speaker 2 (33:08):
Are you don't want them?

Speaker 6 (33:10):
Or are you one that doesn't like the volatility of
the market, and you like protection. So understanding that, there's
also the last area, which are your index accounts. And
how these index accounts work is unlike the variable account,
it's not attached to the market, but it does mirror

(33:31):
the market. And what that means is that these type
of accounts are accounts to where when the market is up,
you're going to be able to lock in those gains.
But then when the market is down like it has
been in these last fifty days, now your money would
be protected, right, which is huge. And then once that

(33:51):
market starts to go back up again, because we know
that it's not going to be down forever, but once
it starts to go back up.

Speaker 2 (33:57):
Again, now you would build on top of where you
left off. So that's huge.

Speaker 6 (34:02):
So understanding what are your options for your money, and
that's if you have a little bit of money or
a lot of money, you're going to fit in one
of those three categories fixed account, variable account, or an
index account. And that's and the only other place is
underneath your bed or in a safe at your house, right,
So understanding those areas, and then lastly, a lot of

(34:28):
people don't think about this is how is your money
being taxed?

Speaker 2 (34:32):
Right?

Speaker 6 (34:32):
How is your money actually being taxed? And there's only
three ways that that categories that you're going to fit
into that. If you're a W two employee, if you're
working in corporate, you know that taxes are being taken
out on the front end, right before you even get
your check.

Speaker 2 (34:48):
Then you also have if you're an investor. Now this
is not only for corporate, but if you're a real
estate investor, for example, and you're selling properties, there's also
capital gains tax that are taking out on the front end.
Stops same thing, capital gains taxes that are taken out
on the front end. So that is where you would
fit into the tax now category.

Speaker 6 (35:10):
Taxed on the front end, then you have your tax
later or tax deferred accounts, where the money that goes
in those accounts is not taxed on the front end,
but it is taxed on the back end.

Speaker 2 (35:24):
And examples of that.

Speaker 6 (35:27):
Are your four oh one k's, which a lot of
people in corporate you know, say, hey, this is gonna
be my retirement account, but don't fully grasp how that
four oh one K works.

Speaker 2 (35:38):
Well, here it is, you're gonna be taxed on the
back end. Right when you're ready to take.

Speaker 6 (35:44):
That money out in retirement, that's when you're gonna get
hit with taxes.

Speaker 2 (35:47):
If you are under fifty nine and a half.

Speaker 6 (35:51):
Now there's gonna be a ten percent penalty on top
of that state and that federal. So understanding how money
is working. These are all financial literacy topics. And then
the last one you have your tax advantage accounts. These
are accounts to where the money that goes in is
tax free, but then also when you're ready to take

(36:14):
that money out, it's also tax free. So examples of
that are your roth iras right. And then you also
have your cash accumulation insurance policies right to where you
can again the money that goes in is either already
been taxed or not going to be taxed. And then

(36:35):
as that money grows compound interests in these accounts and
you're ready to take that money out, then there's not
going to be any taxes involved with that. So that's
understanding that. And also with US insurance, there is no
fifty nine and a half or you do not have
to wait until the age of fifty nine and have
to touch that money. So understanding these different areas. Understanding

(36:58):
what are your financial goals? Right? When are you looking
to retire, and before you even get to retirement, if
you're looking to move into entrepreneurship, how fast how soon
we'll kind of determine how much money you need to
be putting in each of these different areas or choosing
which one is going to best fit for you. So
that's what we look at with financial literacy.

Speaker 4 (37:22):
In a nutshell, right yep, And that's a big nut
because it's full right. So we need to understand fix
variable I mean fixed variable index.

Speaker 5 (37:35):
We understand what those three things look like.

Speaker 4 (37:37):
No matter your income situation, you should be able to
fit into one at least one of those. And then
financial literacy is understanding taxation, so understanding how you can
get money fixed variable index.

Speaker 5 (37:53):
And how you can what you may have to owe,
and how you can balance on what you owe.

Speaker 4 (37:58):
And that deals with taxa in those three areas could
be tax now, tax deferred, or tax advantage.

Speaker 5 (38:05):
So that's financial literacy. Did I get that right?

Speaker 2 (38:08):
Absolutely?

Speaker 5 (38:09):
All right? So I'll have a question to apply. The
first One'm gonna apply.

Speaker 4 (38:11):
But before I get to my question, because my question
is gonna be, what are some practical first steps for
someone who's starting to build wealth. Let's I want to
start with there, because every time we always talk about
financial stuff, we talk about people that have money, what
we're gonna do with it. Let's talk talk about people
as broke, and we're going to talk about broke. And
now we know financial literacy, We're gonna apply financial literacy
to people.

Speaker 5 (38:30):
I feel broke. But before I get to my question,
I do have a question here. So as a new startup, how.

Speaker 2 (38:44):
Long do banks.

Speaker 4 (38:46):
How long do banks want you to be in business
to start building separate business credit?

Speaker 2 (38:53):
Well, I think on that, I think it's not really
a blanket statement.

Speaker 6 (38:57):
I think different banks, different banks express or have different
things a different timing on when that business can start
to develop it. But one of the things I would
say to that is most of most banks, when you
start that business that startup, even if it's a startup,

(39:19):
depending on.

Speaker 2 (39:21):
If you already have been generating.

Speaker 6 (39:24):
Income if you haven't, most of them will give you
some type of first of all a bank account number one,
but then things that you want to start looking at
is and also depending on what kind of business you have,
you want to start building that business credit by getting

(39:44):
different or applying for different loans so that you can
get credit cards to build up your account. There's also
but is it a Brad's feet Brad and Smith, what
is it? I'm sorry, I've also got plain of throw done.

Speaker 2 (40:02):
Yeah, Dune and Brass right.

Speaker 6 (40:05):
The Dune's number right now, that is essentially, uh, that's
essentially your business uh social security number. Right, that's essentially
your your your business social security and with that that
will be another way that you will be able to
build that business credit.

Speaker 2 (40:23):
I would say anywhere between one and two years.

Speaker 6 (40:26):
As a as a let's say a blanket statement, I
would say anywhere between one and two years. But I
have seen businesses that I've started within six months or
even just getting started within the first two months, that
have been able to start getting some.

Speaker 2 (40:41):
Sort of business credit.

Speaker 6 (40:42):
Now the line of credit and things of that nature
are going to vary as well, so I would say
six months to two years.

Speaker 5 (40:51):
Yeah, I'm happy you brought that up.

Speaker 4 (40:52):
You definitely go to duns and Bradstreet to make sure
because you should automatically pose your EI in if you've
got everything set up directly at all macs, we pull
out information and you actually have a DUNS in Bradstreet
set up, but just check make sure check what your
business and set it up, and also just make sure
the information is accurate that they pulled. So that is,
like Marcus said, that is your social security for that

(41:15):
and you build up credit things that you're doing. Make
sure you're getting phones in your business name, operate your
business separately from you. Do the things that you would
do for you. Make sure you do it for your
business so your done in Bradstreet's picking up on that.
You have a business phone you're paying for and it's
showing your scoring that and all the good stuff. So
I'm happy you brought that up because a lot of

(41:36):
people don't know about duns and Bradstreet, but also don't
know even if they do know about it, to make
sure you go check, make sure it's up to date,
all the information's there, and then it'll tied to your business.

Speaker 5 (41:47):
Make sure you have your EI.

Speaker 6 (41:48):
In Definitely, definitely, because that is one of the biggest
things that you know, like you mentioned Eva Keisha, is
being able to separate the two. That's also going to
be a a very important tool that I may have
left out of being able to separate your personal from
your business and I know that. You know sometimes at

(42:09):
the beginning it can be hard, but that is the
goal for any entrepreneur or business owner.

Speaker 5 (42:17):
Yep. So now don't you have it set up?

Speaker 4 (42:18):
Make sure you're absolutely like just said, we both were saying,
start getting things in your business name build that credit
because sometime a lot of people who do get things
pretty quick with the business is because they were able
to fund their business, they already are able to show
the numbers. If we're not in that position to show
the numbers, we've got to start creating the trustworthy credit,

(42:38):
the things that they can look at and want to trust.
So that goes to the question that I had go
back to, So what are some practical first steps for
people that's starting to build wealth? Want to build wealth
but may be considered broke, and right now that's very
easy to be considered. I don't know if you her

(43:00):
when I said John O'Brien was saying something in the
video yesterday responding to an influencer saying only six percent
of I believe he said black Americans. You guys have
to look at the video because I know he didn't
say Americans. I want to say, I want to say
black Americans make a hundred thousand dollars and right now
what middle class used to be upper class, all that

(43:21):
has changed.

Speaker 5 (43:22):
So when I say broke, I chuot, that's a lot
of us.

Speaker 4 (43:26):
So what what are some steps even when you're considered
broke to start building wealth.

Speaker 2 (43:32):
No, that's that's a very good question.

Speaker 6 (43:34):
And like you say that that's in these in these
trying times right now, that that could be many of
us you know, have probably felt that way in the
past or could be feeling that way now. But I
think the important answer to your question is number one,
focus on the two words that you said, right. Number
one is practical. Right, So what's the definition of practical?

(43:57):
And the definition if you look it up, it says
to be practical means to focus on real world situations,
which is today these current events and the actions and outcomes,
rather than just think about the ideas or the theory.
So basically, being practical involves making sensible decisions that are

(44:19):
going to effectively.

Speaker 2 (44:20):
Help your problem.

Speaker 6 (44:21):
So what that means is sometimes when we talk about
being practical, that can give that That can be something
as simple as hey, I'm living in an apartment that's
costing thirty five hundred dollars a month, right, so now
being practical would be all right, that's a lot of money.
I know, I feel comfortable here. I want to be

(44:44):
in this space. But being practical would mean how can
I cut down possibly and now maybe drop that down
to a two thousand.

Speaker 2 (44:53):
Maybe it's going to create some uncomfortable space.

Speaker 6 (44:57):
But being practical and being in a position to where
now because we feel broke, right, because we feel broke,
because things are costing, we have to start looking at
ways to cut, ways to cut, and it can be
something that's going to cause you to be uncomfortable. But
this is where number one thing that we sit down

(45:18):
with when we sit down with a client and we hear, hey,
at the end of the month, we don't have any
money leftover to do anything. The first thing that I
would say and that we recommend and that we go
over together with someone is a cash flow budget. And
with that cash flow budget, we're talking about looking at

(45:40):
all of the money that you have coming in, all
of it, but then more importantly, looking at all of
what you have coming out. And obviously we're going to
look at the necessities, right, things that we can't control, electricity,
things of that nature, right, But there's a lot of
things that we can cut and we typically see that

(46:04):
same person, that same individual who says, hey, I have
nothing left over. Once we actually go through a cash
flow budget, and I'm talking about all the way down
to your Netflix subscriptions, all the way to your gym memberships, your.

Speaker 2 (46:17):
Car wash subscriptions, all of those different things.

Speaker 6 (46:20):
I mean, there's so many things that we spend small
amounts on sometime that we don't even think about. And
at the end of the day, when that cashflow budget
is done, you may have fined one hundred, two hundred,
three hundred, four hundred dollars sometime and you haven't changed
not one thing.

Speaker 2 (46:38):
You've just cut out some of the same thing.

Speaker 6 (46:41):
You're not making any more money, but you have more
money available at the end of the month because you've
changed those habits. So that is the number one. And
so when we talk about practical, when you use that
term practical, this is what we're talking about.

Speaker 2 (46:56):
For the ladies.

Speaker 6 (46:57):
You may not like this, but going to get your
hair done, nail's done every other week. Maybe you cut
that down to once a month.

Speaker 2 (47:05):
Now, I don't know.

Speaker 6 (47:05):
I know everybody likes to look good. You know, fellas
like to go get your haircut every two weeks, you know,
things of that nature. We gotta make choices, right, you gotta.
It's gonna take discipline for you to change that mindset.
And I know we're gonna talk about mindset. It has
to change from has to be have to have discipline,

(47:27):
You have to be determined that you're gonna change your situation.
And then you have to actually apply these these these
thoughts and these action making action instead of just a theory.

Speaker 2 (47:40):
So again, that can be a lot of different things
for different people.

Speaker 6 (47:44):
Eating out is one of those things that I struggle
with from a personal standpoint, you know, eating out, going
out to eat well, Hey, being practical might be eating
at home, spending that same money to go to the
grocery store and now now you're being able to save
one hundred dollars here, seventy five dollars here, and all

(48:04):
those things. Now when you look at that cash for
a budget now and you're starting to save. It's a habit.
It's just like anything else. If you go to the gym,
you start lifting weights, you get used to. Now I
can lift this, Now I can lift more. It's the
same thing when it comes to finances, you start with
fifty dollars a month, fifty dollars a week, one hundred
dollars a month.

Speaker 2 (48:24):
Whatever it is that you see fit that you can do. Now.

Speaker 6 (48:28):
Once you get in that habit, you're going to start
looking there's more ways that I can cut. I've been
able to do this successfully. Now I can start cutting here,
I can start carting here.

Speaker 2 (48:38):
Now.

Speaker 6 (48:38):
Once you see that and you see that, wow, I
have a lot more money now, it's going to change
that thought process to where now you see it working.
Now you can start to think about instead of just saving.
Now you can start to think about investing, right, because
we know that you'll never we will never say gave

(49:00):
our way to rich or to wealth. We're gonna have
to get that multiplier. And that multiplier is the eighth
wonder of the world, compound interest. And so as you
start to com a cash flow budget, you start saving
that money. Now you can start to moveing into investing.
And so that would be the steps. The second part

(49:23):
of that question that I felt like was was was
very important and we should focus on that. That word
is the feeling, right, It's a feeling of being broke,
So we have a situation to where a lot of times,
you know, we might go out and buy this new car,
we might go buy these new clothes, and a lot

(49:46):
of times we're buying these things not really for ourselves,
but we're buying things that we can afford to impress
people that really don't care, right, people that we don't
know that.

Speaker 2 (49:58):
Really don't care.

Speaker 6 (50:00):
When we talk about feeling broke, that's also a feeling
that could change due to discipline, determination and dedication to
what you want in the long run.

Speaker 2 (50:09):
If you don't like the current situation, how can we
change it?

Speaker 6 (50:14):
And that's going to start within So I think that
that would be the best way to answer that question.

Speaker 4 (50:20):
And that was amazing way, because oh my gosh, I
could I could stay another hour with the things you
drop there, Oh my gosh.

Speaker 5 (50:26):
Because I do want to.

Speaker 4 (50:27):
I want to break down a difference between savings and investing,
because you brought that up. But what would you say
before we even get into that, just a piggyback a
little bit off of without me trying to stay too
long in there, because you gave great stuff, but they
find the money. The little bit, however, may be like
fifty hundred whatever, how long because you got to sacrifice?

(50:48):
How long should should they sacrifice that much? Of course
you should sacrifice if you find extra, just let it go.
But let's just talk about the babies now, who's walking
into it? How long should they sacrifice? And where they
put it at? If we're talking about financial literacy, you
got three buckets. People really don't mind giving money, but
they have to have something in return. And like you mentioned, feeling,

(51:11):
some people give away money where there's Netflix and hair
and all these because there's a return of feeling something
right now in these time and day. So now if
they have to learn to build money they give it,
where should it go when we're talking about financial literacy
to feel like they're getting some type of return, and
how long can they do?

Speaker 5 (51:30):
What are going and out?

Speaker 2 (51:31):
Gotcha? Good?

Speaker 6 (51:32):
Good good. That's a very good question. Then I feel
like you know, in those three different in those three
different areas that we mentioned to fix the variable and
the index, I feel like you can use all of
those at different times. So to the first part of
your question is how long well as too, until you
get to a place where you are no longer feeling broken,

(51:55):
where you can actually have a three to six months,
six months to twelve month emergency fund if something was
to happen right now, Unfortunately, forty percent of Americans can't
afford a four hundred dollars emergency. So putting yourself in
position to where you have an emergency fund, a safe

(52:15):
and a substantial amount of emergency fund. Also you have
access to funds, that's going to obviously when you want
to talk about the fixed accounts like the banks, right,
if you want to put it into at least how
you'll save this account where you still have liquidity, You
can still touch that money, you can pay your bills
and things of that nature. It's okay, it's good to

(52:37):
have something there that you can actually touch and it's liquid.
Then when you look at wanting to have your money grow,
that's going to be a twofold question because if you
look at variable accounts, when you look at the stocks
and crypto and things of that nature, depending on how
much money you have, right, do you have the safety

(52:59):
Like when you talking about those variable accounts, I would
recommend not putting any money into a variable account unless
you know that you can stand to lose that money, right,
And that's because it's in a volatile market, right, and
that's volatile market is something that we can't control. If
you could put small amounts of money in an index

(53:20):
account where you know you're gonna get gains with the market,
and there's some other factors that also multiply your money,
and then you also have the safety of knowing you're
not gonna lose any money. I would say that that
would be a way to go, because there's something called
time value of money to where the earlier that you start,

(53:41):
and even if it's small, when that compound interest starts
working for you, it turns into a snowball effect. And
the longer that you give the money to work, it's
gonna see you're gonna see tenfold.

Speaker 2 (53:52):
On the back end.

Speaker 6 (53:53):
So being able to use all three of those buckets
is a possibility. Is just really the fix and the
index I would put to the forefront. And then if
you have something left over, now you're looking at a
variable account, crypto stops things of that nature. That's that's
where I would put those those three For someone who's

(54:14):
trying to get over, you know, start something, have some
money coming in and want to know where's the starting point?

Speaker 5 (54:23):
Can you because remember we may have some babes listening.

Speaker 4 (54:26):
Can you break down because you use the word compound, Yes,
it may sound defining within the word itself, but just
so we're not missing, nothing's going over any one head.

Speaker 5 (54:35):
And we bring it in.

Speaker 4 (54:36):
What is compound And can you give an example of
that about compound interest?

Speaker 2 (54:41):
Yep, real quick. So interest, we know that interest is
you know, money.

Speaker 6 (54:47):
Interest is money that's going to be paid back or
money that you're going to grow on your side.

Speaker 2 (54:53):
So there's simple interest and there's compound interest. And just
to break this down, I'll show you the difference. Let's
say that you had one hundred dollars and you were
getting ten percent simple interest. What that means is you're
gonna get ten percent of one hundred dollars. And let's
say that you got that for ten years.

Speaker 6 (55:12):
That would mean that you're gonna get ten percent of
one hundred dollars, which is ten dollars. You're gonna get
that every single year for the next ten years. So
ten dollars is just what you know you're gonna get. Now,
when you talk about compound interest, we're gonna use those
same numbers. You have one hundred dollars you're getting ten
percent interest, but it's compounding.

Speaker 2 (55:34):
What does that mean? What is the difference.

Speaker 6 (55:36):
Well, after that first year, when you have the ten
dollars and now you have one hundred and ten dollars
in that account, that second year, you're gonna that ten
percent that you're getting is gonna be ten percent of
a bigger number, because now you have not one hundred dollars,
you have one hundred and ten dollars. So in that
second year, you're gonna get ten percent of one hundred

(55:57):
and ten dollars, which is now eleven dollars. And now
now that's gonna continuously happen year after year after year.
And when that happens, that's where we have those term
compound interest, because it's gonna be more and more. And
the simplest term is you're gonna have interest on top
of interest. Is what compound interest essentially?

Speaker 1 (56:18):
Is?

Speaker 5 (56:19):
I love that.

Speaker 4 (56:19):
I hope you all have your notebooks out so that
way you know, again, I asked this question especially when
you're feeling broke. I love how you just said, first
we got to focus on the feeling part. We're gonna
get to mindset. But when money is tight, we know
we have to move it, right, because that's the reason
why we don't want to move it, because we feel
like we ain't got time to be giving up something
and I don't have anything coming back. So now we

(56:41):
know what financial literacary, financial literacy, we're looking at one
those three areas, what makes sense you can move into
each three, But which where do you start with the
one and two? And then when you do that, look
for things that's gonna give compound versus simple because it's
gonna build your money more over that same period of time.
So make sure you're writing those notes. So savings versus interest.

Speaker 6 (57:05):
So savings right first, that's a starting point. That's a
starting point for everyone.

Speaker 2 (57:10):
Right.

Speaker 6 (57:10):
You have to end up saving money before you can
start investing, right, So saving versus investing. So saving is
it's gonna slowly grow. Right, Like we said earlier, You're
never gonna save your way to rich or save your

(57:30):
way to wealth, right, but saving is is necessary. And
I'll just give you a quick a quick example. When
I first started playing professional basketball, and I started.

Speaker 2 (57:42):
To really make money at a young age.

Speaker 6 (57:45):
At twenty three, twenty four, and my first maybe two
or three contracts, it was the first time that I
was really making substantial amount of money.

Speaker 2 (57:54):
So for myself, being young, I used to love to
just see.

Speaker 6 (57:59):
The money just grow in their account, right, you know,
ten thousand here, twenty thousand there.

Speaker 2 (58:04):
Oh wow, my account is really growing. Now.

Speaker 6 (58:07):
That's good, right, you want to have you you will
have to save at the beginning. But like we talked
about just saving money in your bank, you're not getting interest.
That money is not working while it's sitting there. It's
going to grow, but you're gonna be the one that's
making it grow. It's not the interest rate that's making

(58:29):
that money grow right now. In turn, when you compare
that to investing right now, that same money that you're
putting in whatever account that you're investing in or whatever
you're investing in, now, that money is making babies, That
money is growing, That money is making more money. And

(58:51):
that's where the difference between saving and the difference between investing.
Your money is going to grow a lot bigger when
you invest over time, and it's probably going to grow
a lot faster due to compound interests.

Speaker 2 (59:08):
I hope that that answers that question.

Speaker 4 (59:10):
That did because the savings is that is the savings
in the bank that simple simple interest.

Speaker 2 (59:16):
If you're getting interest, right, if that's if you're getting
any interest.

Speaker 4 (59:19):
As well, if you get anything. So if you get anything,
it's going to be simple. But it's not that it's
just whatever you keep putting in there. It's the only
thing that you're going to actually get right.

Speaker 6 (59:30):
Exactly now because just because of the low amounts of
interest that the that the simple banks are given us.
Now when you look at that's why looking at a
high yield savings account, which a lot of people now
are looking into, hey, at least you're getting a bigger
rate of return to where you can see you know
that money is growing a little bit more because it

(59:51):
has interests a higher rate of interest. There's something that
and with that, this will be my last thing that
when we talk about the savings and versus the investment
is a simple rule that we talk about all the time,
and it's called the rule of seventy two. And what
that rule of seventy two is is it's just a

(01:00:13):
simple math formula that will tell you how long it
will take you to double your money. But it's based
off the interest rate wherever your money is positioned. So
when we're talking about the banks, or when we're talking
about an account that's getting compound interest, that's going to
give you a very good picture of how fast your
money is going to double. So that rule is if

(01:00:37):
anybody's taking notes out there, that rule is seventy two
divided by whatever the interest rate wherever you have that
money positioned, and that'll give you how long it will
take you for your money to double.

Speaker 2 (01:00:53):
It's called the rule of seventy two.

Speaker 5 (01:00:57):
Two divided by the interests.

Speaker 2 (01:01:02):
There you go, wherever your money is positioned.

Speaker 6 (01:01:04):
So a lot of times we talk about the banks, right,
and we're gonna be nice to the banks and say
that the banks were giving you one percent interest, even
though a lot of them are given a lot less
than that. We're gonna just for round numbers. If you
put seventy two divided by one, is going to give
you seventy two. That is the amount of time that
it would take you to double your money, seventy two

(01:01:26):
years if you were getting one percent interest on your money,
to double your money just one time, that's.

Speaker 5 (01:01:33):
What's gonna ask you. It's going to ask you.

Speaker 4 (01:01:34):
The rule of seventy two is measuring what. So the
rule of seventy two is measuring how long it would
take you to double your money, to double your money,
all right, you guys, rule of seventy two is what
you would use to determine how long it would take
you to double. So if you invested one hundred and something,
you would use rule of seventy two to figure out

(01:01:55):
how long it would take you to get two hundred.

Speaker 5 (01:01:57):
Is that correct?

Speaker 2 (01:01:58):
Right now?

Speaker 6 (01:01:59):
You would use You're not gonna use the amount you're
gonna use the seventy You're gonna use the interest rate
that your money is is accumulation like that you're getting
on your money exactly.

Speaker 4 (01:02:10):
So if we was a used exemp, you gave for
one hundred dollars and it was the simple one, and
we know it's ten dollars, we would do seventy to
divide by.

Speaker 2 (01:02:17):
Ten ten percent.

Speaker 6 (01:02:19):
Yeah, there you go, yes, and that would be seven
point two years before that one hundred dollars would double
to two hundred dollars.

Speaker 2 (01:02:26):
Absolutely, So this is how.

Speaker 4 (01:02:30):
You could decide what to what to mess with and whatnot.
Before I get to the next question, let's go ahead
and take Trenisia's question. Because we gave example of what
compound interest is we talked about variable you gave an
example when you talked about crypto and all that, But
what is an index fund? Like get what's a good
index fund to probably start with in probably a good investment.

Speaker 6 (01:02:50):
Okay, yeah, that's that's a very good question, is that Trenisha? Yes, okay,
very good question, Tanisha. So a very good index account
to to start with would be I would say something
like an i u L an indexed universal life policy
if you could, if you're if you're physically able to

(01:03:13):
be approved for that, then I would I would say
an index universal because it's very affordable, it's up to
your budget, and you know that's the way that you
can get compound interests. It's a way that you know
that you're going to be protected from the volatility of
the market, and also you have access to a portion

(01:03:35):
of that money tax free. So you're getting four con
you're getting four different aspects all wrapped in one. And
so let me break that down real quick again. You
can get four different aspects all wrapped in one, and
this is with a something called an index universal life policy.

(01:03:56):
And what that is is the four aspects that you're
going to get wrapped more than one. Number one, your
family would get added protection if something was to happen
to you, because you'll be insured. Right, So if something
happened to you, now your family has a you have
a beneficiary to where now your family's gonna get some

(01:04:17):
money if something was to happen to you. Also, they
have living benefits to where if something happens to you
while you're living and you have a heart attack, stroke, cancer,
you get in an accident, now you can get funds
from that company that can now turn into income replacement.

(01:04:39):
It can also turn into if something really happens and
you're talking about home health care, now that could pay
for that with long term care.

Speaker 2 (01:04:47):
But then you also get a tax advantage account. If
you remember what we talked about.

Speaker 6 (01:04:52):
Tax advantage means when you take the money out of
that account, there's going to be no taxes involved. So
that's the second aspect. Then you get the safety of
knowing that you're not gonna lose any money when the
market goes down because of a floor. And then lastly
you get growth to where you know that when that
market goes up, your money's gonna be growing. And there's

(01:05:13):
also a multifier called a participation rate that's also there
to help your money grow. So that would be my
first start to an index fund the most simple way.
There's also one depending on someone if they have a
you know four oh one K or a irra from

(01:05:34):
another job. We can also protect those from the volatility
of the market with an index account as well.

Speaker 4 (01:05:43):
Wow, And so how much to start with, whatever, the
more you can pour into the thing, the better, right, yep,
the more that.

Speaker 6 (01:05:52):
You can put into the into the index account. Now
there's a difference between an index fund and an index account.
There's there's also a difference because there's index funds can
also be part of a four oh one K that's
in the volatile market. So when we talk about index accounts,
those are the ones that are gonna give you the

(01:06:12):
growth when the market is up, but also the protection
when the market is down. And to answer that question, yes,
those are where they're gonna fit around your budget. Right,
They're gonna fit around your budget, they're gonna fit around
your financial goals. And that's where the financial professional like
myself and the people that are on our team to

(01:06:34):
where we can help design that correctly and for an individual,
they're not just a cookie cutter account. It's one that's
gonna be designed specifically for the individual that we're sitting
down with.

Speaker 5 (01:06:49):
So hope you guys broke that. Please write that down.

Speaker 4 (01:06:51):
So where you're looking at different things, which I say,
speak with Marcus about it. Connect with him. We're gonna
tal about where can connect with the man this. But
when you're looking at all the things, don't get it
confused because you'll hear certain words. We know, index account
versus index fund. You'll say, Mark has told me index fun.
I did this and it's so volatile. He said, index account.

(01:07:12):
So make sure that you're taking those notes and you're
separating the two when he's talking about index so it's
indexed account.

Speaker 5 (01:07:19):
What about so money mindset? Right, we're talking about all this.

Speaker 4 (01:07:23):
I don't want to skip money mindset because sometime and
I said this earlier in my introduction, we can listen
to all the experts, read all the books, listen to
all the podcasts, but it's a mindset thing that help
us to navigate all of this. And when we talk
about money mindset, you know, how can we you know,

(01:07:44):
shift that and help someone? For me, I read and apply.
There's a book that I have called the energy of money.
It's one of those things you can't just read. It's
literally you reading it, and it's activities and things that
make you reflect and do throughout the entire thing.

Speaker 5 (01:07:59):
But we talk about when you think about money mindset
and you give advice on that.

Speaker 6 (01:08:05):
So for myself, you know, when when we when when
we talk about that money mindset, it's really the psychology
of money, right, Well, how we think about money, and
you know, and I don't want the stereotype, but you know,
when we think about our community, we think about a

(01:08:25):
survival mentality, right, and a survival mindset, and you know,
to to to everyone's uh you know testament, you know,
we have to think in that way sometimes, right, we
have no choice but to think in that way. But
when we want to talk about money and we talk
about a money mindset, we have to have that shift

(01:08:47):
from the survival to the abundance mindset because only with
that mindset where we start to think and not only think,
but make actions and take steps to get us to
that abundance.

Speaker 2 (01:09:02):
We have to shape the thought process of we can't
We're we're behind the eight ball. We can't do it.
They do it. But we're not We're not worthy.

Speaker 6 (01:09:11):
No, we have to we have to change that. By
number one, educating ourselves, right, we we have. Now we're
in the technology, uh information world where there's a lot
of things online. Now there are some good things and
bad things online. You have to decipher which one. That's
why credibility of where the information is coming from is key.

(01:09:35):
It's essential that you understand the background, the credibility of
the person that you're getting that information from.

Speaker 2 (01:09:43):
Right, that's number one.

Speaker 6 (01:09:44):
Then number two, educating ourselves about money, right, wanting to learn,
wanting to sit down with the financial professional, wanting to learn.

Speaker 2 (01:09:54):
Read books. We have several books. We have books that
we that we give out to individuals.

Speaker 6 (01:10:03):
One is eight Financial Breakthroughs, right is by an author
by the name of Alvin Darien.

Speaker 2 (01:10:10):
The second and that gives and that just breaks down
It just breaks down eight.

Speaker 6 (01:10:16):
Different areas to where if you focus your finances in
all of those areas, there's no way that over time
you won't build wealth. There's another book that we look
at sometimes. It's called How Many Works. It's one of
the top sellers in the country for personal finances. It's
been on Both of these books have been on CNBC.

(01:10:40):
It's been. It has credibility behind both of these books
to where so understanding and they're very layman's term books
so that someone at the age of ten all the
way up to eighty can read the same book but
then also apply those same financial concepts. So the mindset
shift has to go from survival to abundance and that

(01:11:04):
will you see, and most people will see that it
will change the trajectory of where they're going and the speed,
the speed, the rate of the rate of time that
it takes to get there can be kind of collapsed
when when that mindset changes, because like, like we talked
about just a simple habit of saving money, right, because

(01:11:28):
like it or not, our habits will determine our financial future.
It's going to be either a good habit and it's
gonna have you're gonna have a good financial future, or
it's going to be a bad habit and it's going
to create a bad financial future for someone.

Speaker 2 (01:11:44):
So I think that those would be my words to
money mindset.

Speaker 4 (01:11:51):
And like you said, yeah, the psychology of it, which
means psychology is a relationship, like it's work is literally
working on a relationship.

Speaker 5 (01:11:57):
That's the one thing I was learning.

Speaker 4 (01:11:59):
You notice book, I said, I never really thought about
that because all of us have some type of relationship
to money based of our experience in life period. And
like you said, it's not about the stereotyping. There are
groups who started way behind. There were groups who did
things and didn't have or were shown you were less than.
So it's about breaking off that relationship and building a

(01:12:21):
great relationship. And that starts with the mind. But we
do let me the trigger for a lot of us.

Speaker 6 (01:12:25):
Oh yeah, definitely, let me add to that real quick,
because you know when we talk about that mindset again,
to go back to that money mindset. You know, when
you talk about the relation, you reminded me that relationship
that you talk about with money. That's the first thing
that I'd like to ask people, like, what is your relationship?
What do you think of when you think of money?

(01:12:48):
What do you think it's meant for? And one of
the common answers that we get when we hear what
is money for? Number one question is to spend it?

Speaker 2 (01:12:57):
Right? To spend it?

Speaker 6 (01:12:59):
And that is because we look at that from a
survival I have to spend this before it's gone.

Speaker 2 (01:13:05):
I have to spend this while I have it, But.

Speaker 6 (01:13:08):
If we could transform that that mindset to now before
I I want to think of money as when I
have money, I want to first think of how I
can make this money make more money. And then once
I'm able to make this money make more money, now
I can spend that money.

Speaker 2 (01:13:29):
That my original money generated.

Speaker 6 (01:13:31):
Now I can spend that money and still have money
left over because I didn't blow what I had at
the beginning.

Speaker 5 (01:13:39):
If that makes sense, that makes absolute sense.

Speaker 4 (01:13:42):
So if we're talking about eliminating debt, squire around, skip
around here. If we're going to talk about eliminating debt,
saving more, or investing, how should we prioritize that?

Speaker 5 (01:13:53):
Is it by person by person? Money by money?

Speaker 4 (01:13:56):
Like, if we're looking at eliminating debt, saving more, or
invest how should that be prioritized?

Speaker 6 (01:14:02):
Well, yeah, that is a that is an individual thing
because when we talk about debt, right, when we talk
about that in comparison to saving or investing, which one
do we do first? Well, first we want to understand firstly,
saving is always going to be number one because without saving,
you know, there's no way that you're going to be

(01:14:25):
able to knock down any debt you're not going to
be able to invest, So saving will be number one
always to start. But then when you start talking about
debt or investing. When we talk about debt, what type
of debt are we talking about? Because we also this
also goes into that money mindset we think of when

(01:14:46):
we hear debt. A lot of times you hear, oh
my god, no debt. I don't want any debt. I
want to be debt free. Well there's also some good debt.
So there is bad debt, but there's also some good debt.

Speaker 2 (01:14:58):
So which debt do you have?

Speaker 6 (01:15:00):
Number one would be what you want to look at, right,
And then obviously if you have bad debt, we want
to get rid of the bad debt, right, we want
to get rid of the bad debt. But if you
could put yourself in position to be investing, it goes
along with what we just said. If you put that money,
you're saving it now, you're putting that money in an

(01:15:22):
investment where it's going to grow. Now, what about thinking
about taking that money that's growing and now knocking off
some debt at that time?

Speaker 2 (01:15:31):
Right, That can be one way to look at it.

Speaker 6 (01:15:33):
Now, if debt is swarming you, right then now obviously
you want to knock off that debt with that savings
pour piece by piece, there's money different ways that you
can look at eliminating that debt.

Speaker 2 (01:15:48):
If people have.

Speaker 6 (01:15:49):
Probably heard about that snowball effect, looking at the interest
rate again interest right, understanding interest, looking at that interest
rate and determining which one has the higher interest rate
that I'm paying on right, because now if you're paying
that highest interest rate, then obviously you're making you're you're

(01:16:09):
paying more money in that account. So maybe knocking that
down first, you know, or vice versa. So there's different
ways that you can look at it that you once
you free up one debt, now you can pour that
same money that you were contributing to one debt, now
you can pour it into the other one. And now
that's that's where you're gonna get those debts where something

(01:16:30):
that might take fifteen years now it could condense it
down to eight years, you know. So there's different strategies,
and that's all what someone would look at on an
individual level, But there are strategies out there to get
that debt down while still saving and while still investing.

Speaker 2 (01:16:48):
There's ways that you can also kind of combine all three.

Speaker 5 (01:16:51):
So, and I want to get your thought on this.

Speaker 4 (01:16:55):
There's an insight that I was given, especially a lot
of us do stress and we'll focus on all this debt.
We don't want to leave debt to our family. We
don't leave debt to our kids. If we start, all
the money we have coming in like, I can't invest
it here, I can't do this. I gotta take care
of debt. One thing that I was told I was
given insight on is don't focus on that. Put invest

(01:17:15):
your money to all this. To the point you made
about insurance. Get these insurances so if you were to
pass it could be these things, these insurances that take
care of these things that you're talking about. So still
use the money you have, don't waste it on keep
chasing a debt that you will probably never pay down. Anyway, First,
use all your money to put in the things that
if you were to expire it, you would have all

(01:17:39):
these things in place that will take care of all
these debts. So invest in these insurances and stop pouring
your money into debt that you may never pay down.

Speaker 5 (01:17:49):
If that is your worry about survival mode, and if.

Speaker 4 (01:17:52):
You're gonna leave your kids with nothing or family with
all the stuff, get all the insurances.

Speaker 6 (01:17:57):
That's a very good point that you talk about. And
when we sit down with families, a lot of times
only look at families. That's always a part of that
family plan. And because of just that what you said,
we show people ways that insurances and you know, and
this is where you know and this is not all
about insurances.

Speaker 2 (01:18:16):
There's all many different ways that we can talk about it.

Speaker 6 (01:18:18):
But we have to understand that insurances are we can
use them to our advantage, right and how and when
we talk about this family and just like you mentioned,
there's ways that we can show people how these insurances
can now turn into mortgage protection.

Speaker 2 (01:18:34):
What do we mean by that? Right? If you have
a husband and wife and you have.

Speaker 6 (01:18:41):
Half a million dollars of mortgage that you have to pay, well,
what happens then if that husband, who's one of the
main you know, the people are the family, is contrul
or depending on his income, well, then what happens if
he passed is a way?

Speaker 2 (01:19:00):
Right? Well, now, if you have an insurance in place
that's covering you for seven hundred and fifty million dollars
whatever it is, Excuse me, now, when you pat when
that if something happens to the husband, Now now you're
getting that money that is covering You're gonna get money
that's gonna cover that house. So what was that mortgage protection?

Speaker 6 (01:19:24):
It protected that wife from now having to worry about
how she's going to pay. It's paid immediately, and now
you have she has a house paid off. If you're
talking about leaving things for your family, for your children,
do leaving that generational wealth, well, insurances there's also a

(01:19:44):
way to get them started in that good in that
first step to having money. But all of that goes
to say, if you don't have the financial literacy and
you receive that money, there's a very good chance that
that money is going to go away. So it all
circles back full circle to financial literacy in the end

(01:20:07):
of the day and understanding what that means and wanting
to understand what it is, and now not only wanting
to understand, but actually applying that.

Speaker 2 (01:20:17):
That's where how that comes back full circle.

Speaker 4 (01:20:20):
Well, that's a good thing, as you said, as you
get more money in if you don't have that financial literacy,
it's still the same thing. And I've seen that a lot,
especially on the legal side, where people have left so
much for individuals and they lost everything that they worked
hard for to leave them because either did anyonet to
deal with it or they didn't have the financial literacy. So,

(01:20:42):
what are some of the biggest mistakes that you've seen
from people when they may get a lot of money
or start earning more money, but you know, don't know
how to manage it. What are some of the biggest
mistakes that you've seen just that what you.

Speaker 2 (01:20:56):
Said, you know, and it's easy to come victim to that.

Speaker 6 (01:21:01):
Uh. And it's something that actually has a name. It's
called lifestyle creep or lifestyle inflation. And what that is
is it's simply when the income increases, whether that's in
a lump sum, you get a raise, what have you,
then you start to spend more. Right, you start to

(01:21:22):
spend more. It might go buy a car, or if
you are paying down your debt and now you have
that money freed up, lifestyle creep, you want to start
to spend more money.

Speaker 2 (01:21:35):
What are some ways or or things to do or
practical ways to kind of avoid that.

Speaker 6 (01:21:41):
Number One is disciplined, Right, discipline is gonna be the
number one focus of understanding that. Hey, just because I'm
making more money, doesn't mean that I have to necessarily
go out and spend the money that I'm that I
just came into, right, So setting up a timeframe to

(01:22:02):
where as you build that money once you receive that
increase in money or that lump sum of money, now
same thing making that money, make more money, to where
now if you want to go get that new car,
if you want to go get that new house, whatever
it is, when you're able to make that money that

(01:22:23):
you have and you're able to purchase that house, car,
whatever that is, two or three times, that's the time
now that you can start to spend When your money
has made money. Now you want to spend that money
that has been made, those dividends, that interest that has
been made. Now you want to spend off that if

(01:22:43):
you want to have longevity and stretch that money out
as long as possible, those are ways that you can
accomplish that.

Speaker 4 (01:22:52):
Feet And I'm happy you said that too, because there's
still everything circles back around to what we were saying.
The feeling of feeling of broke, it's that is a
state of being than an actual thing.

Speaker 5 (01:23:04):
These are some things that hit home because some people
like yiad, I ain't feeling. I know I'm broke.

Speaker 4 (01:23:07):
I see this, but that feeling that money minds it
because we always say a lot of times when.

Speaker 5 (01:23:14):
We rather look at celebrities, athletes, whatever.

Speaker 4 (01:23:16):
Here if we look at here recently, the most recent
situation with Pinky in her restaurant, right, she is transparent
about the situation with that, with.

Speaker 5 (01:23:26):
A lot of money going out.

Speaker 4 (01:23:27):
It was money coming in right with investors, but because
all this extra money coming in a lot, it was
way more pouring out that.

Speaker 5 (01:23:35):
Could be covering she lost through restructuring.

Speaker 4 (01:23:39):
I'm gonna cover this in a later thing, but through restructuring,
legal restructure, she had to lose her business. She had
to have her business go to an assignee, a company
where in that case, her restaurant was up forbid for
people to bid on it and take it.

Speaker 5 (01:23:56):
Luckily, she was in a position to win the bid.

Speaker 4 (01:23:58):
She had to sell off summer her real estate, pull
all the strings and she was able to buy her
company back. But she was at I believe she said, uh,
one hundred and some million, seventy something million, so you
have to listen to it was a lot.

Speaker 5 (01:24:13):
It was a whole lot.

Speaker 4 (01:24:14):
So we hear these people that make multi millions billionaires,
You're like, how can you lose all this?

Speaker 5 (01:24:20):
Because of the creep life creep.

Speaker 4 (01:24:23):
The more money you make, the more it exposes whatever
it is, your mindset or your feeling or whatever this is.
I have more money, I'm it amplifies more of what
I believe about this. And so you still be in
the same situation, still be broke as a multi multi
millionaire yeah less, oh yeah, unless you shift that mindset.

(01:24:43):
But pinky the most recent situations example, but we could
look all around.

Speaker 2 (01:24:48):
Oh yeah, absolutely.

Speaker 6 (01:24:50):
I sit down with people all the time that and
it's funny, you know, we talked, we started this conversation
talking about.

Speaker 2 (01:24:56):
People who have feel broke.

Speaker 6 (01:24:58):
Well, it's not just the want and please trust me
when we say it's not only the ones that's low earning,
right low. We talk about high earners that are making
two hundred and fifty thousand dollars three hundred thousand and
a half a million dollars, but if you talk to them,
they still feel broke. And that's where you talk about

(01:25:19):
financial literacy, understanding where can I put this, How can
I manage this?

Speaker 2 (01:25:24):
What are my budget? What is a budget? That I have.

Speaker 6 (01:25:27):
Even though I make a lot of money, you still
want to have a budget, right, and so all those things.

Speaker 2 (01:25:33):
It's not about how much money you make. It's about
what you do and how much money you can keep, right.

Speaker 6 (01:25:40):
That's that's that's the biggest lesson that I've learned in
my time in the financial industry. Is literally not about
how much you make. It's about how much you keep.
And it comes down to again, this financial literacy. And
I know I keep harping on it, but the financial
literacy understanding how money is working is not a luxury.

Speaker 2 (01:26:05):
It's a necessity.

Speaker 6 (01:26:07):
It's a necessity that we understand that from the youngest
age all the way up to the older ages.

Speaker 2 (01:26:15):
Yep.

Speaker 4 (01:26:16):
And I know some people say, to listen, I can't
take any of this with me. I'm going to I'm
leaving here anyway. I'm gonna live like whatever. But even
though you can't take these things what you want, you
can help other people build. If that's not your thing,
you still want financial freedom while you're here. Just letting
it go and do whatever doesn't mean you necessarily have

(01:26:37):
financial freedom. It just means you know, you have no
financial structure. But it's not necessarily a freedom, because there
still could be all those other stresses that come from it.
But what does financial freedom, What does that really mean
to you? What is financial freedom? And what is asset
versus liability? Because you talked about there's good debt, there's
not there's some debt that's not good. So what is
financial freedom and how can you segue that into you know,

(01:27:01):
breaking down assets versus liability and that freedom?

Speaker 1 (01:27:04):
Right.

Speaker 6 (01:27:04):
So so with financial freedom, obviously now that that is
going to be an individual, it's going to be different
for everybody, right, because financial freedom for one person could
be time freedom.

Speaker 2 (01:27:19):
Right.

Speaker 6 (01:27:19):
You know that, Hey, I can be comfortable at one
hundred thousand dollars and I'm comfortable. You know, I have
my children, I'm able to go and do things with them,
I'm able to travel. But then you have some people
where they say, hey, my financial freedom is when I
have a million dollars sitting in me in my bank account, right,
and I can travel four times a year. And so

(01:27:43):
that's financial freedom is really subjectible to the individual.

Speaker 2 (01:27:47):
But overall that freedom is money.

Speaker 6 (01:27:51):
Like you mentioned, you said something earlier that hey, money
is not everything, right, everything is not based on money,
but money you need money to do all things right.
So so and when you're talking about this financial freedom,
that can be something that's just as simple as going
to the grocery store, going to the movies.

Speaker 2 (01:28:12):
Taking a trip. You need money to fund any of
these things. And then for the.

Speaker 6 (01:28:19):
Holistic or you know, organic individuals. If you want to
go to the park and you want to build, you know, make.

Speaker 2 (01:28:27):
Your own codes, you want to grow your own food.

Speaker 6 (01:28:30):
It's still going to take finances, so that financial freedom
is subjectable. But it all comes down to what you
feel comfortable with in your finances. What can you do
do you have the finances to do whatever it is
that you want to do. To have the freedom to

(01:28:52):
do whatever it is that you want to do, whether
it's big things or little things, you can decide because
you have the finance answers to do whatever it is
that you want to do.

Speaker 2 (01:29:03):
That's how I would determine financial freedom.

Speaker 4 (01:29:08):
And I haven't said that it's objective because that is something.
I don't measure my financial freedom by a dollar amount
at all. I measure my financial freedom by I don't
have to ask for permission, and I'm able to position
so I don't have to ask for permission for me
to do anything, and I'm able to put other people
in great positions.

Speaker 5 (01:29:25):
That is what I always work towards.

Speaker 4 (01:29:27):
And I know I arrived to my financial freedom when
I don't have to I'm able to attain both and
I don't have to do one and I'm able to
do the other. I don't even have a dollar sign
so that's what I'm that you bought that up.

Speaker 2 (01:29:38):
Yeah, that's great, that's great, and that's that's that's where
it comes from, right.

Speaker 6 (01:29:42):
You know, you may say that you know, you don't
even have a number, and then you may have sit
down with someone who know, I have an exact number.
I want twenty five thousand dollars per month. That's my
financial freedom. It's going to allow me to travel, is
going to allow me to do whatever it is that
I want to do. But I need about twenty five
you know. So that's where it's different, and that's what

(01:30:03):
I mean. But the financial freedom is making sure that
you have it right at the end of the day.

Speaker 5 (01:30:10):
That's it. What's asset versus liability when you talk debt debt,
So what is the difference between the two. And we
see a lot of wealthy wealthy.

Speaker 4 (01:30:21):
Wealthy people have things that are liability, but they're using
their debt and using it a certain way.

Speaker 5 (01:30:26):
But what is asked versus liability?

Speaker 2 (01:30:28):
Right?

Speaker 6 (01:30:28):
I guess the simplest way that we can break that
down is assets are things that are gonna make you
money and liabilities are things that are gonna that are
that are not gonna make you money or actually gonna
take away from your money.

Speaker 2 (01:30:43):
Right.

Speaker 6 (01:30:44):
And and when we get specific in those assets, you know,
you talk about houses, right, houses of real estate, those
are usually something that part of the portfolio that's going
to be an asset. When you're talking about you know,
I guess clothes, things of that nature in general, that's
going to be a liability. And why because that those

(01:31:05):
unless you're going to purchase your purchasing clothes and you're
reselling them to make.

Speaker 2 (01:31:09):
Money, then they're going to be a liability. Right.

Speaker 6 (01:31:12):
So again, assets are those things that are making you money,
whatever it is. You know, people talk about a car,
oh it's depreciating, Well, if that car is generating you
money because you're renting it out on to row or
if you're that can now also be an asset. So
it's really based on is that whatever you're talking about

(01:31:32):
as far as an asset, is it making you money?
And then when you're talking about liabilities, is it decreasing
your your finances? Right, I would say those would be
the two. And when we look at good debt and
bad debt, there's good debt. You can say even on
your home right. I was just literally in a week
over this past weekend, I was on a real estate

(01:31:55):
of seminar right tax Leans to be specific to where
they talked about this over the weekend where having debt right,
having these different properties, but being able to leverage that
debt into now.

Speaker 2 (01:32:14):
Taking borrowing but then borrowing to invest right.

Speaker 6 (01:32:18):
So those are things to where that can be a
liability if you just let it depreciate. But also you
can turn it into an asset because now you're able
to take funds from this property, put it into an
investment and make that money make more money. So there
are a lot of things that can be categorized, but
to break it down, assets makes money, liability is going.

Speaker 2 (01:32:42):
To take away.

Speaker 4 (01:32:44):
I'm happy you said that, because yeah, I've always heard
especially like the home right we buy our home, and
I think it was rich Dad, Poor Dad. I read
years ago. It was talking about like some of those things,
it's a liability because I mean you still until you
pay that, until you pay that mortgage off, this home
is a liability. But that liability can also be an

(01:33:05):
asset because you can build that equity in it that
can bring you money that brings you other things that
you can take that equity out to invest in something
else that brings you money. So it may be that
liability on this end, but it's an asset if it's
going to bring you in money, which it will inequity,
and then you do something with that my internet right, definitely.

Speaker 2 (01:33:24):
Absolutely. I actually heard one I sat down with a multi.

Speaker 6 (01:33:30):
Millionaire who was at this event, and he said, quite frankly,
I don't ever really want to pay off my house.
I don't ever want to pay off my house because
I'm going to continue to use the assets my equity
in this house, take it out tax free, and I'm
going to build and grow and keep investing in this

(01:33:51):
real estate to where now that money I'm going to
pay it, right, but I'm never I probably will never
pay off my mortgage entirely, but I'm going to use
that equity, like you said, as an asset.

Speaker 2 (01:34:05):
To build and grow other businesses. So yeah, that's some
things to learn.

Speaker 4 (01:34:11):
Like you said, he not even focused on I'm not
paying this all. I'm keeping this as something that build
generate money. And the point I just made earlier one
of the things that save Pinky because she was buying
a lot of real estate. I mean, she was posting
about that and she said she was able to call
Robert Smith and say, hey, can you bribe this such
and such property that was worth a whole lot and
he was able to do that, and that was a
liability that turned into an asset for her to get

(01:34:32):
her company back. So that's all I think we got
to understand too, when we get rid of stuff, when
we sell things or sometime, we need to keep those
things in whatever bare minimum way we can keep it.

Speaker 5 (01:34:43):
We do it because it can be building and money.

Speaker 6 (01:34:46):
Also, it goes with taxes as well, because you're pulling
from real estate putting into other areas of real estate.
Now that's where the understanding of taxes and how to
minimize those taxes that you have to pay. So again
we talked about those areas that we that we talk
about as far as compound interests where to put your money,

(01:35:07):
but also taxes. That's where all of those things that
we've been talking about financial literacy and what that means
all of these things wrapped together is financial literacy.

Speaker 4 (01:35:19):
So and listening, y'all, if you had a question, you
better put it on put you better drop becas I'm
about to have.

Speaker 5 (01:35:24):
Market share, what is that.

Speaker 4 (01:35:28):
Last thing you can pour in, like whether it's something
that can help people generate income.

Speaker 5 (01:35:32):
Outside nine five?

Speaker 4 (01:35:33):
Honestly, all the things you were talking about, there's different
those what are different ways to you know, generate additional income?
So what to you would be the thing that you
would drop for people right now so that they can
start right now to help elevate their life.

Speaker 5 (01:35:49):
And then also how can they connect with you?

Speaker 2 (01:35:53):
Okay, we'll repeat that again.

Speaker 6 (01:35:54):
I want to make sure that I want to make
sure that I'm answering this question correctly, So give it.

Speaker 2 (01:35:59):
To me again.

Speaker 4 (01:36:00):
Yes, So, because I was going to ask, she was like,
what are some ways that people may be overlooking to
generate nine to five?

Speaker 5 (01:36:08):
It's the difference between being rich and wealthy, all those things.

Speaker 4 (01:36:10):
But instead of that, because kind of throughout you kind
of address those, so I wanted to give the floor
to you of what it is in you that you
want to cover, that you want to lead that maybe
I didn't ask, they didn't ask yet, but you want
to pour into them that they should know right now.

Speaker 5 (01:36:29):
To start right now, or whatever it may be, whatever
is is in your heart, got.

Speaker 2 (01:36:33):
To them, Okay, gotcha, got you? So right now we're
living in we're living in a time now.

Speaker 6 (01:36:39):
A trying time from a from an economic standpoint right
with everything is going on currently. But one thing that
we also we do have on our side is that nowadays,
in twenty twenty five, there's so many avenues and ways
to make money where there's really no ceiling. Right when

(01:37:00):
you talk about the internet these days, right when you're
able to have fifteen year olds make multiple six figures, right,
multiple six figures, That shows that we have access excuse me,
we have access to finances now when we say, hey,

(01:37:21):
nine to five, I don't have time, there's a lot
of things that where we have to that mindset has
to change and we have to say no, I'm going
to find so find things that you like right if
your work most people right now are working on nine
to five that they don't necessarily like.

Speaker 2 (01:37:38):
So instead of trading that time for your money. And
that's it, and that's the end of the day.

Speaker 6 (01:37:45):
Like you said, Alokisha, make that a pathway to now
do some things that you like and be able to
fund that right and whether whatever it is, if you
like gardening, if you like cooking, if you like we
want to have now you it's in twenty twenty five,
it's almost impossible to have one single stream of income.
You have to have multiple streams of income. Some people

(01:38:09):
call them a hobby, some people call them side hustles,
whatever it is, in multiple ways that you can generate income.
Now you can start to think of that mindset shift.
Now I can save, now excuse me, Now I can save.

(01:38:30):
Now I can start to have those that budget. Now
I can start to invest. And now when you start
to invest, now once you're seeing more of that money
come in, now you can transition to something more in
that you like with your life. Because at the end
of the day, when we look at we it's something
called a forty forty forty forty we usually take and

(01:38:54):
this is where most people fall into. Unfortunately, we take
we're on a job that we work for maybe twenty
thirty forty.

Speaker 2 (01:39:03):
Years, Right, we get.

Speaker 6 (01:39:08):
Forty percent of our income that we really want. That's
what we're going to get in retirement, right. And we
usually have about forty years of retirement and we're only
and we only have forty years to build up this income.

Speaker 2 (01:39:24):
Right. So when we look at these different areas, what
is it that we're going to be doing? Right?

Speaker 6 (01:39:30):
As far as it is, it is the goal to
just work, get to age sixty seven, be in retirement.
Is your retirement or retirement that is something that you
want to do or is something that you have to do?
And is it which way are you retiring? Are you
retiring how you like or how you have to? Are
you going to have to get a job because now

(01:39:52):
you find out that your four oh one K is
not enough because it's not generating enough.

Speaker 2 (01:40:00):
Come.

Speaker 6 (01:40:00):
So looking at all those areas, making sure that now
you sit down with the financial professional. We do this
for us, we do it complementally because we want to
get the financial education out there and we don't want
to make finances be a reason why you can't grow.

Speaker 2 (01:40:20):
Intellectually.

Speaker 6 (01:40:21):
Right, So getting even if you don't sit down with
myself or someone on my team, get with someone that
is going to break down the educational aspect, understand how
money is working so that you can start not tomorrow
but today, because time goes as fast as you can think, right,
and so I would say taking action today, taking action

(01:40:45):
today to start to improve your future for tomorrow would
be the biggest takeaway that I hope everyone that was
on this call today.

Speaker 2 (01:40:56):
Got from from our conversation.

Speaker 5 (01:40:59):
Where can I connect you at?

Speaker 6 (01:41:01):
Okay, So I am on ig Instagram at m VF
the number two m VP and that's on I G
and then I also have Facebook under my name Marcus
Fason and you can just DM me on any of
those any of those places, and you know, I can

(01:41:24):
reach out, We can sit down, you can hop on
a calendar. We again, it's all complimentary. There's never ever
going to be a charge for giving this information and
our recommendations. And yeah, I would love to sit down
with as many of you as possible and go over
what your what your financial goals are, where you're at

(01:41:45):
currently and where you're looking to go, and from there
we can come up with recommendations on get you moving
toward your towards those financial goals. Also, you can email
me at Marcus m A r c u s at
FPN educator dot com.

Speaker 4 (01:42:04):
That's my email address, And I say it's important to
like he I know you mentioned you know you can
sit with you or somebody else. I'm big on not
just service providers, because this is how I'm move in
the world.

Speaker 2 (01:42:15):
Right.

Speaker 4 (01:42:16):
I tell people I vet you just as much as
you vet me, because I believe in relationship, you don't
just want someone who's just an expert in here, but
they kind of not. They're not getting you. They're not
trying to get you. They're just stuck on the books
and do whatever you can't delve in. So I say,
you know, Marcus is someone to get that call, to

(01:42:36):
have that conversation. I mean you can feel energy, you
can feel someone who won has been there. It's more
than book read as street cred, is what I say.
And also you know, having that culturally sometime you just
bring something different because you can look at it from
all different types of area, especially when you well traveled
and all that great stuff too. So I say, definitely

(01:42:57):
reach out connect with Marcus for real. This question that
reacts is what we should have actually started with us.
That's why I told you to ask these questions. Because
this is important, like this is big, this is big.
I know you just gave whatever. And I know some
of you adult adult listeners who are struggling probably to
hold on maybe not maybe not. You may say this
is fire.

Speaker 5 (01:43:16):
I need this.

Speaker 4 (01:43:17):
I'm investing my time. That's one thing that doesn't cost
you anything that you have to go get. You already
have it, so invest it.

Speaker 5 (01:43:25):
I do want it.

Speaker 4 (01:43:26):
What advice would you give when couples don't have the
same financial goal this, this is.

Speaker 6 (01:43:32):
This is a touchy subject. This is a this is
this is a touchy subject and can be very very tricky.
And I'm glad we're ending on this one. And remember,
like you said, Kisha at the beginning, I am not
a family or a couple's uh.

Speaker 2 (01:43:52):
So I want to give this is an opinion and
just just a thought.

Speaker 5 (01:43:59):
So it's not financial advice. This is just speaking of
his opinion.

Speaker 2 (01:44:05):
This is just my opinion.

Speaker 6 (01:44:06):
So Number one, I would focus on, you know, my
own mindset first of all, and this is real. I
would focus on making sure that my mindset is your
individual mindset.

Speaker 2 (01:44:21):
First of all, is on financial goals.

Speaker 6 (01:44:25):
Now, when you talk about you know, as a couple,
that's where Number one, choosing having this conversation before you
are a couple is probably a very good question to
be asking because.

Speaker 5 (01:44:39):
Segment a whole other segment.

Speaker 2 (01:44:41):
When I saw this question, when I saw this question,
I was thinking, WHOA, this can be a whole topic.
It is.

Speaker 5 (01:44:49):
And all that stuff, but go ahead.

Speaker 6 (01:44:51):
Absolutely so. And I've seen that from from my field
as well as a professional. I've played with teammates who
signed pre numps because in the end of the day,
you know, when if things go well or things don't
go well, in the end of the day, you're gonna
have to look at yourself and say, hey, this is
what my mindset was. I was pulled down by someone else.

(01:45:15):
So that conversation is a tough one to have. My
best recommendation would be have that conversation before.

Speaker 2 (01:45:24):
But if.

Speaker 6 (01:45:27):
Excuse me, but if you are already in that relationship,
in that couple, I would say, hey, we have to
sit down because where are we going? Because if we're
going to be a couple, where are we going as
a couple? If we're if our financial goals are not
aligned right, if you're going to spend all the money

(01:45:50):
and now we can't get moved forward. How can how
can I be a part of this? I can't be
a part of this right And so I would say
have that conversation making sure that if they're if you're
not on the right mind the same financial goals, have
to find some plan to get on the same to

(01:46:10):
get on the same goals, but also being able as
a leader either either side wife or the or the
husband or whatever the couples, the one who has the
financial goals, they have to be a leader and say, hey,
these are these are steps that we need to take
if we're going to be successful financially for us, for

(01:46:31):
our family, for our couple.

Speaker 2 (01:46:34):
That would be my that would be my my recommendation.

Speaker 6 (01:46:37):
And then on the back end again remember this is
my decision, my my uh, my recommendation, and my thought
would be, if you know, we can't get on the
same page financially, it will make it very hard to
continue a relationship because, as we know, finances are one
of it's one of the biggest reasons that we have

(01:46:58):
divorce in the United States today. Which is that just
that that that that question, because it causes divorce, it
causes uh, domestic abuse, It finances causes so many different
things when it pertains the couples that it's it's very

(01:47:19):
first thing that somebody or one of the first things
that should be a conversation before a couple is even established.

Speaker 2 (01:47:26):
I would say.

Speaker 5 (01:47:28):
You did good on that one.

Speaker 4 (01:47:30):
That that that ice was so thin and you you
glided on it. You didn't need nopression was like, oh,
so this was fire, this was this is it?

Speaker 6 (01:47:42):
Hey, thank you for thank you for the invitation. It
was a great conversation. I enjoyed it.

Speaker 4 (01:47:48):
Like you said, it wasn't that it's necessary, it's necessary.
It's not a luxury.

Speaker 5 (01:47:52):
This was all I'm doing things that are are necessary necessary.

Speaker 4 (01:47:56):
So you I hope you all had your notebook, your laptop, whatever,
because quick rundown he talked about financial literacy.

Speaker 5 (01:48:05):
So now when you hear this word, it's not just
a word in the clouds.

Speaker 4 (01:48:09):
You know, financial literacy. Oh, fixed variable index okay, I
got to think about that. Taxation, okay. Financial literacy is
understanding those things, the differences in taxation, tax now, tax
deferred tax advantage. So you have an up remember the
rule of seventy two. When you decide to move in

(01:48:30):
the way that you're going to move in, all of
those things using your financial literacy, understand how long it's
going to take for you to double your money. Remember
the rule of seventy two and don't get caught in
a forty forty forty you know, find your thing in life.
Find it, but more importantly, connect with people to help

(01:48:50):
us elevate in the areas that we really do not
know or do not understand. So that is my rundown
on it, but I hope you have more notes than that.
So that is a wrap for today's episode of Seek
Elevation Experience. I thank you so much all of you
for engaging adding value to this powerful conversation asking those questions.

(01:49:12):
I have hope and I believe that the things I
hear are not true. The things I see are which
are we want more?

Speaker 5 (01:49:20):
We want to understand.

Speaker 4 (01:49:21):
We just got to know where to go get it,
and we have to get it in a way that
is digestible, that meets us where we're at. So I
get that here and that's what I try to do
is bring people that can do that. So remember, the
more you know, the more you grow, the more you learn,
the more you can definitely earn.

Speaker 5 (01:49:38):
And you learn today.

Speaker 4 (01:49:40):
But when you share, you care so please share this,
share this with your circle, drop this segment, don't keep
this knowledge to yourself. Spread this wisdom an tag, a friend,
and let's continue to l lovate together and to next time.
I want you to keep striving, keep growing, and most importantly,
keep seeking elevation. See you next time, peace and progress.

(01:50:02):
Thank you so much, Marcus. And you know we're gonna
do a lot together. And I will be making my
call a husband, and I will make our call. We're
gonna sit down some people I work with.

Speaker 5 (01:50:13):
I'm shifting. We're gonna shift over here to work with you.

Speaker 2 (01:50:17):
So okay, thank you, Thank you.

Speaker 6 (01:50:20):
Well, piece of blessings to everybody that joined. And hey,
earn learn and you will earn.

Speaker 5 (01:50:27):
There you go, thank you, thank you all right, bye,
stay there, Marcus, oh he AfD