Jan. 15, 2025
From Jamaica to Georgia with Lorraine Martin: Empowering Future Generations Through Financial Literacy and Planning
Lorraine Martin, a seasoned financial advisor with a wealth of experience, joins us to share her inspiring journey from Jamaica to Georgia and her passion for financial education. Lorraine believes in equipping the next generation with the knowledge to secure their financial futures. Throughout our conversation, she shares invaluable insights into the necessity of financial planning and the art of passing on financial literacy to her family. Lorraine's personal anecdotes about grandparenting reveal the unique role it plays in shaping young minds, making this episode a treasure trove of wisdom for anyone looking to leave a lasting legacy.
We tackle the misconceptions around wealth-building, highlighting the power of financial discipline over high income. Lorraine breaks down the essentials of starting early with investments like a 401k, maintaining financial discipline, and the phases of investment life—accumulation, preservation, and distribution. As we explore the intricacies of retirement planning, Lorraine shares strategies for effective budgeting, debt management, and essential financial habits for business owners. Her client-centric approach and dedication to financial literacy make this conversation a compelling guide for aligning personal and business finances for long-term success. Whether you're just starting your financial journey or looking to refine your strategy, this episode offers actionable insights to help you achieve your goals.
Contact Lorraine Martin
Cell: 678.637.4219
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Stay tuned for the next episode of Ready Set Collaborate with Wanda Pearson. Subscribe - Follow and Like Ready Set Collaborate with Wanda Pearson
00:00 - Financial Wisdom and Coaching Insights
14:14 - Building Wealth Through Financial Discipline
18:41 - Maximizing Retirement Through Financial Planning
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Welcome to Ready Set Collaborate podcast with Rhonda Pearson, where we will dive deep into the world of networking, collaboration and partnership, unlocking the secrets to a successful team working within innovation.
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Join us as we explore the stories, strategies and insights from experts, entrepreneurs and thought leaders who have experienced the magic of networking and collaboration to achieve successful results.
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Tune in to Ready.
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Set Collaborate podcast on a journey towards achieving your goals with host Wanda Pearson.
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Welcome, welcome to the Ready Set Collaborate podcast with Wanda Pearson.
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I am so excited.
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This is a new year for goals, changes and making sure you got your stuff together.
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So I'm excited to have my guest on Lorraine Martin, who's going to sure you got your stuff together.
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So I'm excited to have my guest on Lorraine Martin, who's going to tell you about your finances and how you can have financial, get your stuff together, which is very important because in these days, you got to make sure you have your legacy protected and have your finance protected.
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Lorraine, say hello to the audience.
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Lorraine, hello everybody.
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How are you?
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Yes, I'm so glad that we finally got to get a chance to do this and make sure that we connect people with you and also make sure that they get their stuff together.
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Let me tell you a little bit about Lorraine.
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I'm going to read her bio here.
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Lorraine is a financial advisor with over 15 years of experience in financial services industry.
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She specializes in helping individuals, families and business owners achieve their financial goals through personalized financial planning and investment management.
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Throughout her career, lorraine has been dedicated to providing clients with comprehensive financial advice, covering areas such as retirement planning, which is very important tax strategies, estate planning and risk management.
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Her client-centric approach ensures that each financial plan is tailored to meet the unique needs and objectives of her clients.
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Lorraine is passionate about financial education and frequently conducts workshops and seminars to help individuals better understand and manage their finances.
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Lorraine, I appreciate that and this is great.
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I appreciate it.
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We were just talking about how we're going to do a seminar to help people get educated, because I know my goal is to educate and empower people.
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You don't know what you don't know, so what you teach.
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As far as the financial advice and how they can get that, make sure they are protected because you never know when them maybe a single mom and maybe a married couple and maybe a grandparent anybody needs that advice, even like teenagers, right?
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Yes, they're never too young and you're certainly never too old.
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Absolutely, and that sweet spot are those in the middle, absolutely.
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Absolutely You're certainly never too old.
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Absolutely.
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And then that sweet spot are those in the middle Absolutely.
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Who's the most Absolutely, absolutely.
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So tell us a little bit more about yourself, lorraine, that I didn't mention here.
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Then we're going to get into some questions I'm going to ask you.
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Okay, so some personal stuff.
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Originally from Jamaica, lived in New York for a few years, have been in Georgia now for way longer than I've lived anywhere else, mother of four, three adult daughters who, between them, have seven children, so I have seven grandchildren.
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I love this space.
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I love the space that I'm in, where I'm able to learn about money and finances, something that I did not always know about.
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I'm able to teach it to my close family, meaning my daughters, my kids, my grandkids, my other family members, and then take it out to the broader scope of people.
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So that's my passion to bring that information to everybody and help them to implement that knowledge for themselves personally.
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That's awesome.
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And we need to do that because you have six.
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I have six grandchildren.
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See, I beat you to one and I'm like thank God they're done.
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I can't say the same but hey, no, they're done.
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Yeah, the husband said that's enough, I'm done.
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Oh, that's funny.
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But yeah, but there's having them.
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The good thing about it is being able to be their grandparent to them, yeah, and being able to send them home.
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Okay, bye-bye.
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Talk to your mom and dad.
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I totally agree, totally agree.
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I love that.
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I'm like, yeah, well, they call me Nana, so I'm like a young Nana Okay, take them to places and do things with them.
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And I'm like the one.
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I'm not the one to sit in the chair rocking.
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No, I'm rocker, not a different nana.
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So, but it told me.
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Well, actually, my mother told me, you know, my first grandson, he's 19.
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He should call your grandmother.
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I am not no grandmother, 19.
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No, he can call me nana, and that's what they call me.
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I'm not.
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We can love them, but also we can love them from afar.
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That's right.
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That's right.
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All right, let me ask you some questions here.
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Sure, what inspired you to become a wealth and money coach?
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I previewed some of that because I grew up not knowing anything about money and financial concepts.
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Right, had different little businesses.
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But as far as corporate is concerned, I started out as a claims adjuster with some big insurance companies and then made I would see people whose claims would come across with like really bad coverage.
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I'm like I can do better than that.
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So I went and got my license and became a sales agent with one of the big insurance companies again and doing their life insurance, I started seeing wait, there's more to this.
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What about their investments, what about debt?
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What about all of that?
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And so I mentioned it to a family member that I wanted to leave where I was to go explore more of this.
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And we were at my great-nephew's christening, I think, or something like that, and she had just met this lady who was with my current company and she said that lady over there does what you've been talking about, who was with my current company, and she's that lady over there does what you've been talking about.
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And so I went and spoke with her.
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That was almost 14 years ago that I went and spoke with her and realized that I can impact not just my life but the lives of the people close to me and the lives of the greater community, because I started to realize, if I didn't know these things, the people like me don't know these things either, and so that really was the impetus for me to get started here, and what's kept me here doing what I've been doing for the last 14, 15 years.
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I was going to ask you how long have you been doing that?
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Yeah 14, 15 years.
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With this company 14 years, but I was with an insurance company actually more than that now because I was there for almost three years, so a total of about 17 years I've been in this space.
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Okay, that's great, and you may have already said this, but I wanted to ask you this what's the most significant lesson you've learned about money through your career?
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Oh, wow, the most significant lesson I've learned, it's not what you make, it's what you do with what you make.
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I would use as an example the fact that if somebody makes a million dollars but their lifestyle has them spending a million, point two, they'll always be broke, right.
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But if you make $50,000 and you figured out how to live on 40, which means you can set aside $10,000 every year you can become wealthy.
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So that lesson being don't worry about yes, you want to worry about what you make, you want to maximize what you make, right.
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But getting wealthy is not so much about what you make, but what you do with it.
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I love that.
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I love that.
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That is so true.
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So how do your personal experiences shape the way you coach others?
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Ah, knowing that, uh, every financial mistake that you could probably ever make, I made it.
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I did it right, and so my approach to people is that take the shame out of it.
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Right.
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That's my approach to take the shame out of it, because I want them to realize that you are not the only one who has done this.
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You're not the only one who is doing it.
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I've probably done it and many other people like you have already done it as well.
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So that just helps to remove that stigma, remove that shame.
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And I use the analogy of pulling off the band-aid, pulling off the bandage.
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It's going to hurt, you're going to say ouch, but then the healing can start from there.
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So that's one of the bigots that I always talk about.
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Yeah, I love that because I know, working at my company, I retired from 2008.
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You know what happened in 2008?
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Yes, I didn't know nothing about investment, but I know I had my money in there and I lost $55,000.
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Ouch, that was a big ouch.
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A big ouch, I was about to cry.
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Oh, my God, how am I going to get this back?
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I waited and they said never pull it out, just come back.
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And it came back, thank God.
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But I got my financial advisor.
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He actually helped me.
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But I told him.
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I said, whatever you do, I don't care, I don't want to lose no money, so put it in a secure fund that I know I'm not going to lose any money.
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So he did that and, thank God, I've been actually living off of that as far as a monthly, but also still have money in there, so it makes a difference.
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And definitely yeah, definitely talk to Lorraine about that, because you got to make the right plans.
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It is such a big deal.
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I'm so glad you say that because you'll hear and I know you didn't ask me this question, but I'm going to volunteer this piece of information so many times you'll hear people say that they lost money with their investments and not to say you can't lose money.
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But more often than not, what happened is when the market went down, they pulled their money out, and that is the one surefire way to lose money.
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Right, because you hear the analogy all the time buy high and sell low.
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But when the market goes down and you sell, you've done the opposite of what you've always heard you have sold low.
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So what they should do is what you did and, thankfully, your financial advisor.
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You trusted him or her enough to have them walk you through what the right thing is to do.
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Him or her enough to have them walk you through what the right thing is to do, because you can make money on your own.
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But a lot of times, what you pay for the value of a financial advisor is to talk it on off the ledge to not do the crazy stuff that you would do to cause you to lose money, which is what your financial advisor did for you.
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He earned his keep.
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Yes, he did.
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He did.
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He did because I threatened him Do not lose any of my money.
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But no, it's all good, but yeah, but you got to know what you're doing.
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You got to be able to take that risk.
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It is you know what you do there.
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And this is actually when the housing market in 2008.
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Yes, that's when it failed the most.
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So let me ask you some information about your background.
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So what inspired you to become a wealth and money coach?
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Yeah.
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So, as I said, it's more so what I thought that I could do for me and what I could do for the people around me.
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One of the reasons why I love meeting with people one-on-one now, don't get me wrong, but one of the reasons I love to do seminars is it's what you collapse timeframes.
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You get to talk to a whole lot more people all at once and share that information.
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Now, anybody who is in sales or any aspect of sales you don't necessarily close the sale on that first meeting, right?
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And so sometimes the people that I'm talking to, whether one-on-one or in a group, so they may be hearing this for the first time and they may take action this first time, but more people need to hear it a few more times.
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And so that's what pushes me.
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People will apologize sometimes if you're holding a seminar and only five or 10 people show up and they expected 50 or a hundred, right, and they would apologize.
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But I'm like, no, I am here for the long game.
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I'm here for the long game to educate people.
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So that's the big thing.
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For me, education is a big deal.
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I don't know if you remember the store many years ago here in Georgia.
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Their tagline was an educated consumer is our best customer and I embody that.
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I embody that when I've educated my clients or prospective clients, they become the best consumer, the best client for me, because they know that they can trust what I've told them and they can take action on it.
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So those are the biggies that got me into wealth and money coaching.
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And I love that because I do coaching as well, but with our business.
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But I actually went to networking events, yes, and what I did?
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I educated people.
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And when I educated people, you go back and like we say it's not on the first try, but you go back.
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But they remember, yes, oh yeah, and they refer me oh yeah, I have wonders, and even some of the ones that's already been in the business.
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They say how can I come out of that one and go with you?
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Because I've taught them a lot of things that the other person who signed them up did not tell.
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So education is key to know what you're getting.
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And I tell people I give out.
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My husband said you're giving away too many papers.
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I said, well, look, I like to look at what I buy too.
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My clients or prospects are looking at the same thing.
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So that is so true though no, I love that.
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How do your personal experiences shape the way you coach others?
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Yeah, knowing that I've been there, knowing that I've been there, I've done that, and I expect that the other people that I'm encountering have done some of the stuff that I've done, for example, that I'm encountering have done some of the stuff that I've done, for example, blowing your 401k when you change jobs.
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Right, I know I'm not the only one, because I know at least twice I blew thousands of dollars in my 401k that I should have rolled over to an IRA or should have moved to the new jobs 401k, and I didn't.
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And I know I'm not the only one who did that, right.
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So that kind of stuff is what why I know people need what I do, because I did all those things that I now know I should not have done, and so sometimes I'm talking to folks after they've already done that, but I'm like next time, you're not, you're going to call me next time and, believe it or not, they are calling Okay, I'm changing jobs, okay, so yeah, yeah, yeah.
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You learn from experience and from your mistakes.
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You can help others make sure they don't make those mistakes.
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Absolutely.
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You're right, because I didn't realize.
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In fact, I'm going to tell you we're 5M and I didn't know nothing about 401k and one of my friends at IBM, he said do?
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He said, do you have a 401k?
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I said no, what's that?
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This is my 20s.
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I didn't know what a 401k was, so I want to just take a percentage and just let them take it out of your check.
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And I said that was the best thing I could have done Because, having that old pension plan with IBM, I was able to have my 401k Plus.
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I had the pension plan and that's not even a problem anymore.
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Exactly and then my financial advisor rolled it over to IRA and that's how I can actually do my monthly payments that come out of there.
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Absolutely, but I'm still earning money because of the interest that you get from that.
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Yes, yeah, it's still your number, but I just want to tell you about it?
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No, but you know what.
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It's one thing coming from me who is just spitting words?
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It's coming from you, from your lived experience.
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Yes, that's you.
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It's coming from you, from your lived experience.
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Yes, that's valuable, that somebody can hear it and know that is they have that in their possibility as well.
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You know what I'm saying.
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So I'm just spitting words out.
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You're speaking your truth, your lived experience.
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So that's a big deal.
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Oh yeah, it was a lived experience and I'm so happy by losing that $55,000,.
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I stayed with it and it brought my 401k back up even more Absolutely.
00:15:38.921 --> 00:15:43.937
So, that's what, but I mean, I didn't deal just with real estate.
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You've, and I'm probably jumping ahead.
00:15:46.812 --> 00:15:52.677
I'm not quite sure what question you have, but throughout our lifetime, our relationship with money and investments change.
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So when we're younger, you talk about your 20s, when you started your 401k.
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That's your accumulation phase.
00:15:58.436 --> 00:16:07.868
When your money went down in 2008, you were in your preservation phase, and so your advisor saw fit to do whatever you did, so you didn't lose anymore.
00:16:07.868 --> 00:16:12.448
And now you're in your distribution phase, where you're living off your paycheck.
00:16:12.448 --> 00:16:12.951
Right?
00:16:12.951 --> 00:16:16.386
So we all there are different phases of our lives.
00:16:16.386 --> 00:16:17.971
When we're younger, we're accumulating.
00:16:17.971 --> 00:16:23.173
When we're in that mid-range about to retire but not yet retired, you want to preserve what you accumulated.
00:16:23.173 --> 00:16:28.216
And then, when you get old and you've stopped working, now you're providing your own paycheck with your distribution.
00:16:28.216 --> 00:16:29.285
So you've gone.
00:16:29.285 --> 00:16:29.907
You've.
00:16:29.907 --> 00:16:38.071
In just a few words, wanda, you've described the three phases that I talk to people about the life of their investments, yeah, their retirement planning.
00:16:38.071 --> 00:16:39.429
So thank you for that.
00:16:40.385 --> 00:16:44.424
And that's so true because a lot of times people take their 401k and borrow from their 401k.
00:16:44.424 --> 00:16:48.475
They borrow from their 401k and it's going down, like my husband he did that.
00:16:48.475 --> 00:16:49.524
He borrowed from a 401k.
00:16:49.524 --> 00:16:53.303
By the time he retired, you have very little left in your 401k.
00:16:53.303 --> 00:16:54.489
You robbed yourself.
00:16:54.489 --> 00:16:55.493
What are you doing?
00:16:55.493 --> 00:16:59.754
Yeah, I say it's better to pay yourself back than pay someone else back.
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So that was a good thing about.
00:17:01.206 --> 00:17:04.173
Even like with the loans that I had, I paid myself back.
00:17:04.173 --> 00:17:07.928
It went back into my 401k, so that made a big difference there.
00:17:07.928 --> 00:17:11.594
So I'm sorry we're winding down here because there's so much that we can talk about.
00:17:11.594 --> 00:17:12.935
That's why we're doing a seminar.
00:17:12.935 --> 00:17:15.839
We're going to do a seminar y'all, so stay tuned for the seminar.
00:17:15.839 --> 00:17:21.473
So what's one myth about wealth building that you wish more people understood?
00:17:21.755 --> 00:17:23.617
Oh, my gosh, there are so many.
00:17:23.617 --> 00:17:29.576
Let me think the one myth that you have to make a lot of money to have financial security.
00:17:29.576 --> 00:17:34.395
You don't, like I alluded to before, you don't have to make a whole lot of money.
00:17:34.395 --> 00:17:36.087
Don't, like I alluded to before.
00:17:36.087 --> 00:17:37.854
You don't have to make a whole lot of money, you just have to be disciplined.
00:17:37.854 --> 00:17:38.015
Right?
00:17:38.015 --> 00:17:38.998
You can't live beyond your means.
00:17:38.998 --> 00:17:43.470
You have to be disciplined, you have to stay the course, you have to be patient.
00:17:43.470 --> 00:18:00.965
Yeah, it's all well and good to win the lotto, but you can plot away If you start putting aside a hundred dollars a month, say at age 25, if you did that, you absolutely can right.
00:18:00.965 --> 00:18:06.829
Yes, you're probably not going to do $100 for the rest of your life, because as your paycheck increases, you can increase that too.
00:18:06.829 --> 00:18:12.034
But you don't have to make a lot of money to retire with dignity and with a million dollars.
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That's a myth I want people to know.
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