Financial Advice: Mark educates aspiring millionaires on financial planning, wealth management, and risk mitigation

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3:09Learn more at apu.apus.edu. Welcome to my show. I'm Richa McDonnell, the host of Money Making Conversations Masterclass. Will we encourage people to stop reading other people's success stories and start planning your own? Now you don't want to miss an episode. So please take a moment right now to follow or subscribe to Money Making Conversations Masterclass. It's free. You can follow me on iHeartRadio app, Spotify, Apple Podcast, or wherever you listen to your podcast. New Money Making Conversations Masterclass episodes drop daily. I want to keep you on alert because my guests provide tips on how you can uplift your community, improve your financial planning, motivation, or advice on how to be a successful entrepreneur. Now let's get this podcast started. My guests, Wall Street Experience, spans more than 15 years, including investment consulting for some of the largest asset managers in North America. He is a profit wealth consultant for Haven, wealth advisors. He is a leading national firm dedicated to helping clients grow and protect assets

4:11while minimizing risk and maximizing multi-generational wealth. Please welcome the Money Making Conversations Masterclass Mark Mascarinus. How you doing sir? I'm doing well, Rishun. Thank you for having me. Well you know when I see multi-generation I see wealth, I see millionaires. You know this is Money Making Conversations Masterclass. So Mark I don't know what shows you down before but I think you're on the right show today my brother. I feel like I'm there. So I appreciate you having me. Well first of all you know we are every year you know everybody wants to win the lottery. Everybody wants to get wealth immediately. But what we are talking about is a plan. And with that being said tell us a little bit about your background Mark. Yeah so I grew up in Atlanta, Georgia. And my dream was really always to work on Wall Street. And I had the opportunity to play Call of Soccer at a university called Bucknell University up in Pennsylvania. And I did know that a lot of alumni eventually ended up on Wall Street.

5:15And so spent four years there. And my first job was at a firm called Lehman Brothers, Rishun. I don't know if you remember that firm from the finance. I do. I do. And it was quite an experience. I was on the trading desk during the whole financial crisis. And so as a young professional, you know I learned risk very quickly. Seeing it happen real time. And after the financial crisis I continued my work with a firm called Barclays Capital that purchased Lehman's assets. And it worked at Toronto in our office. I was advising pension funds, hedge funds, what we call a smart money quote unquote that's moving the markets every day. But it was always my dream really to work with high net worth individuals. And so move back to Atlanta in 2015 and joined Haven Wealth Advisors as really the CIO investment consultant working with a lot of self made millionaires business owners.

6:22And really I've been able to utilize my background in the investment side and incorporate it that into financial planning and providing sound advice to individuals. What type of estimate is Mark, are you a person who conversations in the world, a bitches in the world of cryptocurrency and Bitcoin? I am familiar with it. Yes. Our firm is now allowing Bitcoin and advisory accounts. And so, you know, I am well versed in it and I could speak a little bit about that as well. Let's start there because I'm going to be honest with you. I'm a person that's confused when it comes to that world. I'm a traditionalist. I know what an IBM stock is. I know what a target stock is. I know what a home depot stock is. I have had enough experts on this show in the Bitcoin arena and then we know current president is always talking about cryptocurrency. So how does that work for the investor and how does one get into the conversation with somebody like you?

7:28Yes. So I think like every asset class Bitcoin is considered digital currency. And so when we think about how we build portfolios, we want to stay diversified. No one wants to put all their money in one asset class whether that's individual stock, a cryptocurrency. And so when we think about, you know, the place in the portfolio for digital assets, it's really for, I would call sophisticated investors that have a high risk tolerance that have stable net worth. A lot of those are the millionaires. And then we typically don't want to put more than two or three percent of someone's investment portfolio in this type of an asset. It's just very highly volatile as you could look at the charts historically. And it's not a great fit for most of our clients, but I understand the individuals that do want to invest in it. So that's what I would say about that. But you know, Mark, like anybody, when they see it rising, they see it. How do you, how do you protect your clients?

8:30You know, like I said, they, you know, like you said, two percent, they see the growth, then they want to put more. How do you stop them from like, okay, okay, we're winning here, but you don't want to see the downside side of the loss. How do you protect your clients? Yes, it's great question. So it's hard to explain to an individual, you know, fear and greed really drive the markets. And that's in the stock markets. It's in every asset class. And so what we try and do with our clients is create a mindset around, okay, you could potentially double your money. But you could also potentially lose 70 percent of it. Please don't go anywhere. We'll be right back with more money making conversations, masterclass. Welcome back to money making conversation, masterclass hosted by me, Roshan McDonald. Money making conversation, masterclass continues online and money making conversations.com and follow money making conversation, masterclass on Facebook, ex and Instagram.

9:35And so that risk parameter helps them understand, is this a good fit for me? Can I stomach losing 70 percent of my money in this one asset class? And once you frame it like that, a lot of people view it as almost the, you know, gambling. And so I think that helps to frame the conversation. And, you know, if someone is still wanting to own it, we will, you know, make sure that the rest of the portfolio takes a little bit less risk or lowers the volatility to offset what we're doing in the digital currency side. So it's all relative and you really have to to stress the downside when you're talking about digital assets and crypto currencies. Let me reintroduce everybody. I'm talking to Mark. He's a private wealth consultant for Haven, wealth advisors. Mark, we have a year. Can you tell my audience are, do you advise people per quarter, per month, what they do at the top of the year, what they do in the middle of the year, what they do at the end of the year?

10:38How does that work with you when you're sitting down with various clients or being introduced to a new client who wants to advise and they come into your firm? Yes. Great question. So our motto with Haven, wealth advisors is helping clients live a great life financially and achieve their definition of success and success is different to everyone. Some people's financial success others, it's health success. For us, we really want to work with our clients from a holistic perspective. So to answer your question, we believe financial planning or having a written financial plan is the first step towards anything. We won't even build an investment portfolio until we've established a written financial plan with our client. And we will review that plan at the beginning of every calendar year just to make sure there's no changes, any big expenses, anything that we need to know about for the year. Throughout the course of the year, though, they will interact with various partners on our team. So I'm the investment specialist. I meet with all of our clients once, twice, three times a year to talk about portfolio strategy. How have we built the portfolio to align with your financial plan?

11:47And what changes are we making throughout the year to work with what's going on? Say interest rates or inflation or trade or tariffs. These things impact their portfolios. And so my role is to constantly adapt and evolve as these things happen. And so we think of the client holistically between financial planning investments. And then the last thing is really risk. And we category risk really on the insurance side. And that's protecting gets the unknown. Whether that's life, you know, a sudden death in the family, disability insurance, if you get in a car accident that's not your control and you can't work anymore. And then what's become more prevalent lately is this idea of long-term care insurance. We're living longer as humans. And we're starting to see that maybe some things are going to impact us and that we have to be in long-term care facilities. And unfortunately, Rashad, these facilities are expensive and they're getting more expensive.

12:49And so we have to plan for that, which maybe we didn't have to plan for 23 years ago. I'm glad you brought that up, Mark, because that's the role of a dice that I didn't expect. And how's that happening? Well, you know, growing up, all you heard was Social Security. Get 65, you know, and retire. Now, you get to 65, you realize there's nothing to live all for. It's 65 that the government will give you. Then I'm looking at parents, my parents that need my assistant, but I didn't see that coming. There's almost, I was playing for my retirement, but not planning for their care. That's a shock that we are all living with right now. How did that happen, Mark? Yeah, I mean, there's various things that have taken place over the last 20 or 30 years that have led to where we are today. But I think when we work with our millionaires, the questions that they're asking are a little bit different than what, I guess, the average American is asking these days.

13:49So let me just give you an example. Are high net worth clients or typically asking questions like, is it possible that I could outlive my savings? How will taxes impact me in retirement? And then how can I plan for potential long-term care needs? So I would summarize all three of those questions is taking control of your own financial situation. I'm in control. How do I adapt to these areas? The flip side is most Americans are really worried about exactly what you said. Will Social Security be there when I qualify for it? How much money do I actually need a retirement because inflation keeps going up? And my paycheck isn't necessarily keeping up with it. And so those are things I would say are out of your control and that you would worry about. And so I think getting back to what makes a self-made millionaire, it's taking control of your own financial destiny. It's having clarity and discipline around what it really takes to be retired and how do I get there?

14:49Mark, here's the question. What is the millionaire to you? Because you know, you got insurance policy, million dollars, you can be a millionaire. To have this conversation with you, let's define what a millionaire when you say it. I'm not trying to give away asset reports here. But when you say it and my clients hear it or my listeners hear it, they need to have a clear understanding when they contact you, this is the parameter. So most of what I would call millionaires are really defined as not out living your savings. And so I would say it's a different number for everyone. It really depends on your spending. And our senior partner, Mack, likes to say every dollar needs a job description. And we have to make sure we build the portfolio that will be there and be able to provide the rates of return for your spending habits. Everyone talked about the 4% withdrawal rule, but if you're withdrawing 7 or 8%,

15:51you're eventually going to run out of money. And so our goal is really to have you live the same, if not better life in retirement, that you do today while you're working. That would be my definition of successfully retired. Is living a same or better lifestyle in retirement that you do today while you're working? Well, you know, the interesting thing about living a life is in retirement is what a living life are you living today, you know, because again, if you live in a life, especially if you have $8 million in the bank and you live in all 4% of that, well, guess what, when you retire or you go away or you die, that $8 million. So I kind of want to live my life. I want to like, I want to like, I want to put a little bit more than 4%. I'm the 70% guy, 7% guy, Mark. So with that being said, I want to know how I can balance that. And that's what we're talking about on this interview is that balance. Let's talk about taxes because that's my enemy. You know, my enemy is the tax man.

16:51And when I come to you, how do you protect me from the tax man because he's killing me every year, Mark. Yes. And Russion, just to tell you, I haven't met one person who likes to pay taxes. So you're not, you're not the only person. You know, I think there's things that you can control every day. And when we build portfolios, we're really conscious around where we put the investment assets based off of are they taxed as dividend income. Do they get capital gains treatment? We do a lot of tax loss harvesting in non-qualified accounts. So these are things that we would say are in our control every day to help you offset taxes. Now, millionaires, the biggest question is really the estate tax and transferring that wealth to their kids and grandkids in a tax-efficient manner. And so that really goes back to having a financial plan. There's various tools and products that we utilize that can help you move some of those assets out of your estate from a tax perspective.

17:56And so that is really something that over the last five years, we've really been working a lot more with clients is this whole idea of how do I transfer my wealth in a tax-efficient manner. So I think it's a great question. Well, you know, the thing about it is that, you know, I was sitting in serious questions and they were really good question. I want to ask someone because I think they are reflective of my thought process because people who have money think a certain way and people who don't have money or want to have money thinks a certain way. And one of the questions is that the start off was 74% of millionaires collaborate with financial advisors compared to just 34% of the general population, which I would tell you 34% was shockingly high. I didn't believe that was that high. So let's explain to everybody what a financial advisor is and why is it such a disparity between people who have money and people who don't have money, but aspire to get money. Yes, I think it's it goes back to really the mindset of millionaires. They are very clear. They're disciplined.

19:02They like advice and they're optimistic. And so when we think about that number that you threw out the 74% working with advisors, they view us as part of their team. They are basically the CFOs and they're the CEOs to put it in another way. And you know, successful people, they utilize fitness coaches, all kinds of self help needs because they know they can't do it on their own. And I would say financial planning is one of those areas that it's probably not most people's core competence. They're very good at other things. They've obviously been able to make a lot of money being skilled and talented in something, but not everyone's good at everything. And so I think having retirement confidence, being able to put your wealth in someone else's hands that has done this, it's scary at first. But I think that the data shows you that over time it builds confidence and it's repetition and it's discipline and savings.

20:03And so I think, you know, that's the most valuable part of an advisor is we are that coach or part of your team and we're helping you not make mistakes. And so that's how I would I would view a financial advisor. Please don't go anywhere. We'll be right back with more money making conversations, masterclass. Not need for you to do me a favor. Right now, you'll follow or subscribe to money making conversation. It's free. And you can find it on the iHartRadio app, Spotify, Apple Podcast or wherever you get your podcasts. Please do me that favor. Follow or subscribe money making conversations. TadGPT can do more than answer questions. It can help you get real work done. TadGPT work is built for bigger projects with multiple steps. You bring the goal along with the information it needs, like notes, files, customer feedback, calendars, project plans, or data. Then TadGPT can help turn that into a useful work. A marketing grief, a sales tracker, an investment update, a deck outline,

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25:20So whether you know exactly what you want or you're scrolling, trying to figure out if you want heated cup holders or more horsepower, auto traders got options to fit how you want to buy. Buy your car online on auto trader. Really. Welcome back to money making conversation, master glass with me, Rishan make up. I remember when I went from just a regular tax person to an actual CPA. And I freaked out on the tax bill, you know, but in this business, you got to spend money to keep money. It's not make money just to keep you money. How do you make that next step, Mark? How does one make a next step to call you to contact you so that percentage they want to be in the millionaire club is stuck on the financial commitment that they have to make to be in that club. Yes, I think it's a two way street. And so like with anything, you have to want to commit. We have most of our clients. So we meet with probably thousands of prospects throughout the year, but we don't onboard all of those to become clients because one of the things that we don't want is someone that comes on board works with our team and doesn't listen to any advice.

26:39And as fiduciaries, we have to do was in your best interest. And so we really want to work with clients that we can be equally to and help them over time. And so I think, you know, how can you get in touch with us? I would say online, if you look at Haven, wealth advisors in my name, Mark, mask, arenas that takes you to our website. So that would be the first step. And then I'd be happy, you know, to schedule an introduction meeting and tell you the various ways that we work with clients. And it can be in different ways. Our business owners, we have a different relationship with then say high net worth clients that have inherited their money from their parents or grandparents. It's a totally different financial plan and the way way we work with them. And so we're open to all successful people. But I think the key thing with all of our clients is they trust us. And they appreciate what we do. And I think that's really important when we think about a client relationship. And the word you just say that I think it was really important that we need to bring to the for food, for this area. Because that means that you the client win. That's how you win explain everybody what that means.

27:49Yes. And so if the client, so the way the way our relationship works is, you know, we we make more money when the client makes more money. So, you know, as I fiduciary, we have to do what's in your best interest. So going back to your Bitcoin question at the beginning, it's not a good idea to put more than two or three percent in your money. Even though the client says I want to do that because I don't look good in orange and I don't want to go to jail. So I have to do what's in my best interest. You know, what's in the clients best interest. And so I think that mindset establishing that trust is really important. And then once the client sees the process and starts to see how the rates of return work both in good markets and bad markets, how we adjust the financial plan. Unfortunately, we've had several death claims and long term care issues that have come up this year and just seeing how we handle that clients really appreciate it, especially during their worst periods of time when they've suffered a death in the family or realize they have long term care event.

28:55They really depend on us and we don't want to let them down. There is an interesting conversation mark is about because the era we live in social media, YouTubers and all that. Many of us are a lot younger, which means that when you're a lot younger and you're getting money, you don't look at 40 and you don't actually see 40. You actually don't see 50 or 60. You have a general tendency to live your life today and that worry about long term care. Now, with that being said, how do you look at the new millionaire that you're dealing with now versus the millionaire that was being born or created 10 years ago? Great question and Roshan, I throw athletes in I.L. money in there as well because they're getting paychecks more than a lot of people in the 40s and 50s right now and they're in high school or college. That's one area that we work with the kids of our clients is just really educating them on how to save money, why it's important, the power of compounding.

30:01That $100 thing you're about to buy if you were to compound that at 5% or 20 years, it becomes a lot more expensive. I tell you that word was used to me in my 30s and I didn't understand it. I wish I would have heard it like clear. Can you explain it to everybody who's listening to power of compounded interest mark? Yes, the power of compounding is really how millionaires become millionaires because they're disciplined so they're putting money in, they're saving, they're not pulling it out. Market just let the market do its thing. I think the statistics are 74, 72% of the time the stock market is higher in a given year. So if you were to go to a casino and say I could win 72% of the time, would you play that game? Yes, but you have to be patient. You have to be disciplined. And during that other 30% of the time when the market is down, you still have to be patient and you have to be willing to add more money into the portfolio.

31:01And over time, you let the rates of return 5, 6, 7, 8, 9, 10 just keep compounding adding on to each other. But where I think it gets a little bit dangerous is people have a great year, they go and spend whatever they made in their portfolios and that's really set them back. That is not compounding, that is spending what you gained. And so we're trying to teach people just pretend like that money doesn't exist and just wake up 20, 30 years from now and you'll be very surprised. And that's why the discipline and that's where I've used to, you've used it a lot. And you know, we look at age, you know, I, how we look at life at 30 is different from 40 from 50 to 60. And let's talk to as we close out this interview, let's start talking about age because we used to work long term care. Yes, at what age do you start thinking about long term care because that's a lifestyle that you plan for. You know, that's not lifestyle because I'll repeat this to everybody who's listening. Social security is not an asset. It is a disappointment.

32:07If you, if you think that is something not that waiting for you when you're at a certain age in this country, there's nothing. So this conversation I'm having with Mark today is important because it's about planning and having the discipline to plan. And with that being said, I'm just trying to stay on this age curve because I was told in my 20s what to do, Mark and I didn't listen. And I did some partial investment in Merrill Lynch and when I took my 30s, but it was no discipline tied to it. You know, I removed it when I needed it. And so that's the discipline you're talking about the lack of consistency. If I just kept it in there, my life would be different if I would have just kept it in there. So let's talk about that. Find out to discipline Mark and also those tent poles that come along every decade, 10 years. Yes. So what I would tell people starting, you know, coming out of college or even before that, if you have the ability to save and put money away, it's really accumulating wealth in the investment accounts and, you know, just letting it, letting it ride, keep adding to it every month or whatever frequency.

33:13That's what we call wealth accumulation. Now on the risks side are the insurance side. Certain milestones, if you will, on the age are pretty relevant. So I would, I always encourage all of our clients, you know, even at the youngest, maybe 21, 22 years old, get some term life insurance policy. What that does is it locks in your health at that age. And so you have that policy. It stays with you. And, and so if something were to happen, that's a way for a death benefit to be paid to a loved one. If something were to happen. So getting term locked in early while you're in good health is a really important step. The other thing that's really important is disability insurance. I think it's the statistics around 30 to 35% of people are likely getting a disability type situation. And why that's important is that if you're disabled and can't work, you've now taken away your income generating years between now and retirement. And how are you going to cover that cash flow?

34:17And so disability insurance really covers that if you can't do your job. And so that's really the second thing. And then to answer your question, long term care, I would say probably in the 50s age 50s area. Because that's when it's I think still affordable. And you're not having to pay a lot of years of premiums first until you were to have to use it. So typically we're looking at long term care when clients in their mid to late 50s. That's what I would say around that. Well, that was going to be my last question mark, but you hit the insurance, but no, you said term life insurance. I'm a whole guy. I'm a universal guy because you know 4% you know that was got me in there when the when everything bottom out of the reshance money was still making 4%. I was a happy camper. Now, did you hear people like I won't say any name there tell you those being your money on holy universal is a waste of time. So I'm coming to you. You said there were you said there were term life insurance. I understand that. But is there a scare tactic with people who tell you to stay away from whole of universal or can you educate me and when people come to you. How do you talk to them about insurance?

35:34Is it tied just to his state planning? How has it done? Yeah, so I think term the way I look at term and the way we work with our clients on term is it's it's a low cost way to basically lock in good health and with all. Most term policies. You have the conversion period down the road and so it gives you optionality down the road if you do want to convert to whole life policy. You have that in your health class stays the same. What I think where whole life comes in and I personally have a whole life policy and so I'll just give you my own experience. I view it as you know a one of those break glass in case of emergency type buckets. Not only does the death benefit of the policy stay with me beyond when the term would normally expire, but it provides me with living benefit. So I have cash values as you mentioned then are compounding you know as long as Northwestern mutual pays the dividend. And so think of that as you know a stable asset and every year if they were to pay a dividend it's just going to compound and grow over time.

36:40And I personally like it because when I look at bonds they fluctuate. I mean look at two thousand and twenty two bond market was down thirteen fourteen fifteen percent in a year. So it's hard to in my experience is hard to argue against something that has been pre stable and continue to grow over time. And oh by the way it provides me my wife and kid with a death benefit of something would happen to me so I'm a proponent of it. Absolutely you keep dropping these little buzz words I'm trying to end it as an interview dividend payments now. Uh potential or my best friend in college he gave me a uh uh potential insurance by and he only worked for potential anymore. I think he was just I was just a guy you know what they say when you do something you sell to your family members and your friends and then you just get out. And um I began a dividend payment at least twice a year for at least thirty years. What are the benefits of that and how can one seek out those opportunities when they come to talk to you Mark?

37:46Yeah so when we meet with a prospect we do what's called a fact finder and so that is really asking a lot of in-depth questions around their personal financial situation. What's important to them what are their financial goals? What are they concerned about and that's where insurance really comes in. A lot of people are concerned about early death and what what is my love one going to do when I'm passed away. Am I going to live my money so long term care? What if I got in a car accident and I can't go to work disability? And so um it comes up in conversations as part of the financial plan but we don't lead with insurance. If it fits within the individual's financial plan we recommend it and that individual can still say no we have clients to say no all the time but we provide a reason to do it and what our rational is. And so um we view it as a valuable part of a comprehensive financial plan. Well he has Wall Street experience that spans more than 15 years he's in consultant private wealth consultant at Haven Wealth Advisors more importantly you did not stutter on any question I have some questions what do you want this piece of paper here Mark and I appreciate you responding because of the fact that you know on my show money making conversation.

39:00I want people to do their research I want people to contact you but more importantly I want to give them options and that's why I brought you on the show option to make an opportunity to live better and also not feel boxed in because they being in the day with mass commercials on TV and those are not always the best plan to pursue but again your honest conversation will go a long way to driving traffic and honesty and long term care in the financial arena. Thank you for coming on Monday making conversation master class well thank you Rashon for having me and I thank you to all listening for your time today. Thank you for listening to this episode not need for you to do me a favor right now follow or subscribe to money making conversation it's free and you can find it on the iHart Radio app Spotify Apple podcast or wherever you get your podcast please do me that favor follow or subscribe money making conversations keep winning. Chat GPT can do more than answer questions it can help you get real work done with chat GPT work you bring the goal and the details like notes files feedback calendars project plans or data they can help create things like a brief tracker analysis deck outline or workflow you stay in control by giving direction reviewing the work and choosing the final result put chat GPT work on your most ambitious ideas and projects get started at chat

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