ORLANDO, Fla. – This week on “Black Men Sundays,” host Corie Murray shares part one of an interview with Nelson Simmons III, a seasoned financial advisor who’s no stranger to our show.
Simmons emphasized the potential for increased market volatility and challenges in light of the current economic climate, honing on the importance of understanding the phases of an investment career and outlining three critical stages: wealth accumulation, asset preservation and income distribution.
“In the wealth accumulation phase, we’re talking about people in the age bracket of 18 to 55,” he explained, stressing the need to establish savings accounts, emergency funds and retirement plans.
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For those in the asset-preservation phase, typically aged 55 to 65, Simmons conveyed the importance of protecting accumulated wealth and introduced the concept of a “buffer” or “structured annuity,” a financial vehicle that allows individuals to remain invested in the market while providing insurance against downturns.
“This tool allows you to kind of shift between 10 to 30% of market loss onto the insurance company,” he explained, offering a safeguard against significant losses. “(…) If you’re not in the accumulation phase, you’re going to need some protection.”
Hear the interview and more in Season 6, Episode 5 of “Black Men Sundays.”
Black Men Sundays talks about building generational wealth. Check out every episode in the media player below.
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