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Speaker 1: Welcome to the show. I'm Rashwan MacDonald, the host of

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Speaker 1: money Making Conversations Masterclass, where we encourage people to stop

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Speaker 1: reading other people's success stories and start planning their own.

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Speaker 1: Listen up as I interview entrepreneurs from around the country,

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Speaker 1: talk to celebrities and ask them how they are running

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Speaker 1: their companies, and speak with nonprofits who are making a

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Speaker 1: difference in their local communities. Now, sit back and listen

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Speaker 1: as we unlock the secrets to their success on Money

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Speaker 1: Making Conversations Masterclass.

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Speaker 2: Is a former Wall Street analyst, founder of Implify merging

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Speaker 2: of the words empower and Modify is an educational based

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Speaker 2: organization creeds to help both adults and children understand financial literacy.

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Speaker 2: That's a really tricky term there. She is a personal

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Speaker 2: financial coach, financial journalist for Black Enterprise and Essence magazine,

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Speaker 2: and international speaker. Please please welcome the Money Making Conversation.

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Speaker 2: Ashley M. Fox.

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Speaker 1: Hi, how are you pretty good?

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Speaker 2: Mimss focon? Where are you based there right now?

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Speaker 3: I'm in Philadelphia.

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Speaker 2: When you say you are a former Wall Street analyst,

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Speaker 2: what does that mean? Because if your Wall Street scres

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Speaker 2: a lot of people, especially minorities, because we don't even

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Speaker 2: understand how you make money under Wall Street world break

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Speaker 2: it down a little bit too it and were willing

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Speaker 2: to take the time to understand on money made conversation

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Speaker 2: exactly what did you do and what role do you

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Speaker 2: play in that?

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Speaker 4: Okay?

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Speaker 3: So I went to Howard University, graduated, and I decided

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Speaker 3: to work on Wall Street. I have four internships in school,

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Speaker 3: and three of them I worked at Wall Street investment banks.

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Speaker 3: So then I lived in New York too this summer.

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Speaker 3: So that's when I realized I wanted to work on

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Speaker 3: Wall Street. It paid really great money, and so ideally

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Speaker 3: I actually just wanted to work on Wall Street because

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Speaker 3: you got one of the highest fanged jobs out of school.

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Speaker 3: And so as an analyst, I worked in acset management.

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Speaker 3: And so what I did was work with a team

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Speaker 3: of people who helped manage the money for clients who

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Speaker 3: made twenty five million dollars or more. So I saw

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Speaker 3: everything where they live, where they travel, what they invested in,

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Speaker 3: how much they didn't say in taxes. Pretty much, if

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Speaker 3: you had twenty five million dollars or more, you don't

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Speaker 3: need a financial advice. You needed to acce manager. And

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Speaker 3: so whether it was helping them with their trust and estates,

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Speaker 3: whether it was getting a mortgage on their vacation home

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Speaker 3: and NAPA or in somewhere of Florida wherever it is,

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Speaker 3: or in the Hamptons, or just helping them invest to

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Speaker 3: build that generational wealth to pass it down to their children.

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Speaker 3: We were there to provide them with the tools and

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Speaker 3: resources to help them sustain their wealth so they didn't

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Speaker 3: lose it.

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Speaker 2: Now here's the crazy part about that statement. You said

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Speaker 2: twenty five million dollars of more correct, And yeah, you

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Speaker 2: said that number like it's a lot of them.

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Speaker 4: It is.

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Speaker 3: It's a whole different world. And it was interesting though,

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Speaker 3: a lot of people don't realize that a lot of

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Speaker 3: the things that we use every day, from the cars

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Speaker 3: that we drive, to the clothes that we wear, to

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Speaker 3: the football teams we watched. Interestingly enough, a lot of

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Speaker 3: wealthy people who football teams, that is not their general

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Speaker 3: source of income. That's actually just something they did because

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Speaker 3: it was fun to do. Most NFL owners, NBA team owners,

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Speaker 3: that is not how they got their wealth. They essentially

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Speaker 3: that is just something to do with their money, and

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Speaker 3: they may just have some sort of joy around sports,

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Speaker 3: but they did not build their wealth the majority of

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Speaker 3: them buying the sports team. That is just something extra

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Speaker 3: that they do because they have so much money. But

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Speaker 3: it is it's a completely different world out there. And

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Speaker 3: so the owners and CEOs of these companies that we

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Speaker 3: don't even know exist, they ideally were our clients. Now.

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Speaker 2: So you Howard University, and you said, just as you

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Speaker 2: said casually, I wanted to work on Wall Street, and

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Speaker 2: then you wind up working on Wall Street. How do

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Speaker 2: how does the want and the actual accomplishment happen?

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Speaker 3: I think to be and again, when I was in

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Speaker 3: high school, I wanted to look nice and make a

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Speaker 3: lot of money. I never had visions of running a business.

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Speaker 3: I never was one of those students said I wanted

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Speaker 3: to be my own boss. I always envisioned myself as

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Speaker 3: an African American working on Wall Street. Something prestiged, something

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Speaker 3: high paced, competitive, and I knew that in order to

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Speaker 3: get there, I was competing with the Harvards and the

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Speaker 3: Yales of the world. And so if they were looking

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Speaker 3: for prestigious black individuals, they were coming to Howard University.

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Speaker 3: And so at Howard all of these companies will come

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Speaker 3: to recruit. So I got exposed to the opportunities that

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Speaker 3: these companies had available for the students. And when I

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Speaker 3: got my first internship, and this is interesting, my first

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Speaker 3: internship on Wall Street. I don't know what they pay now,

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Speaker 3: but I know I made ten thousand dollars in the

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Speaker 3: summer time. And so I was nineteen years old making

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Speaker 3: a bunch of money, and I was like, I like this.

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Speaker 3: I like the feeling. I liked the people, I like

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Speaker 3: the environment. I absolutely love New York City. And so

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Speaker 3: whatever I had to do to be in that position

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Speaker 3: post graduation, I did what I needed to do to

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Speaker 3: work on Wall Street. But Howard University played a very

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Speaker 3: big role in exposing me to these companies, to these

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Speaker 3: opportunities to see, hey, that it is actually possible for

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Speaker 3: me to go and have a career on Wall Street

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Speaker 3: in New York City.

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Speaker 1: Cool.

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Speaker 2: Now, with that being said, you're you know, you have

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Speaker 2: a success on Wall Street as an analyst, seeing a

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Speaker 2: lot of people with this generational money, these accounts. What

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Speaker 2: what was running through your mind when you're around something

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Speaker 2: that you see success?

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Speaker 1: But are you really a part of the success.

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Speaker 4: So a couple of thoughts.

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Speaker 3: Trends through my mind. I was in that mert it

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Speaker 3: was exciting, like I just I saw every single thing,

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Speaker 3: every dollar you spent, every I saw everything. But after

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Speaker 3: I would say eight or nine months, I got more

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Speaker 3: joy and had the desire to pick their brain on

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Speaker 3: how they got their money, not teach them how to

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Speaker 3: keep it. But the only issue was that when I

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Speaker 3: would go back home to Philadelphia, people thought I was rich.

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Speaker 3: So because I was making six figures, because I traveled,

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Speaker 3: I wore nice clothes, people thought I had money. And

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Speaker 3: I realized that there was a big disconnect to how

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Speaker 3: our community saw wealth and what wealth really was, and

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Speaker 3: how they thought, how they operated, how they talked their kids,

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Speaker 3: what they read. It's a completely different lifetile and we

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Speaker 3: are oblivious to And I think we shouldn't have to

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Speaker 3: come from money for us to learn about it.

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Speaker 4: You don't.

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Speaker 3: You shouldn't have to choose a career on Wall Street

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Speaker 3: to then see how wealthy people operate, manage and invest

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Speaker 3: their money. So I think it's something that we use

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Speaker 3: every day. So why isn't it given to us and

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Speaker 3: talk to us every day?

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Speaker 2: And so that's why you created the You combined empower

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Speaker 2: and modify and created an educational based organization and created

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Speaker 2: the Health adults. That's me and our children understand financial literacy.

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Speaker 2: What is financial literacy?

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Speaker 3: So the reason I made that word up is because I.

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Speaker 2: Think we know you made it up. Now we know

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Speaker 2: that I was trying to figure out.

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Speaker 3: I was trying to figure out who I was and

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Speaker 3: what I wanted to get to the world. And I

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Speaker 3: was a teacher, I was a psychologist, I was a

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Speaker 3: shoulder to cry on, I was a counselor. I was

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Speaker 3: a lot of things. And it's like, okay, But the

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Speaker 3: feeling that I am bed in the hearts and minds

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Speaker 3: of people is not just about money. It's about the

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Speaker 3: shifting of the mind, because I feel like if your

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Speaker 3: mind is right, your bank account will be right. When

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Speaker 3: you think of wealth, you think of longevity. When you

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Speaker 3: think of rich, you think of a lot of money

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Speaker 3: right now. Wealth is having a lot of money forever.

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Speaker 3: And that is one of the core differences that I

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Speaker 3: saw with our clients. They were worrying about giving money

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Speaker 3: to their kids, kids' kids just so they didn't have

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Speaker 3: to pay taxes on the money, whereas the majority of

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Speaker 3: people in our community are actually waiting for a tax refund,

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Speaker 3: not realizing that whether people don't get tax refunds. They're

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Speaker 3: trying to avoid paying taxes in any way possible and

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Speaker 3: to sustain and keep their wealth to pass it on generation.

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Speaker 3: That's a generation. And so for me, it was like, Okay,

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Speaker 3: how can I build this concept and shift our mindset?

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Speaker 3: Because everything I teach people, whether you're an adult or

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Speaker 3: a child, you can google it, Like what a stock is.

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Speaker 3: You can google those things. There's a mental barrier that

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Speaker 3: stops us from implementing the things that we have access

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Speaker 3: to when the things that we see and for me,

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Speaker 3: emplifies the shifting of the mind. So essentially I give

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Speaker 3: you the education, but I also give you the inspiration

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Speaker 3: to embedding you that you are worthy enough to receive

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Speaker 3: this information, that you are able to do this, that

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Speaker 3: you can invest. So now you're empowered. You got educated,

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Speaker 3: you're empowered. And what that ultimately does it creates a

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Speaker 3: shift in the mind because now you have the information,

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Speaker 3: now you have the inspiration. Now you say, hey, I

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Speaker 3: can do this. I believe in myself enough and I

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Speaker 3: know this can be done, which is where to modify

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Speaker 3: and the transition comes to who we are as a people.

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Speaker 3: So financial education, I mean that's just getting educated around money,

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Speaker 3: but again financial education. You can google and not even

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Speaker 3: have a person present. The problem is that we don't

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Speaker 3: take this information and feel that we are worthy enough

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Speaker 3: of becoming wealthy because we are not surrounded by it. Everything.

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Speaker 4: Well, please don't go anywhere. We'll be right back with

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Speaker 4: more Money Making Conversations Masterclass. Welcome back to the Money

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Speaker 4: Making Conversations Masterclass, hosted by Rashaan McDonald. Money Making Conversations

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Speaker 4: Masterclass continues online at Moneymakingconversations dot com and follow Money

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Speaker 4: Making Conversations Masterclass on Facebook, Twitter, and Instagram.

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Speaker 2: And so, now, what about these people miss Fox who

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Speaker 2: win a lot of Where do they make their mistakes

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Speaker 2: because they go broke or they don't know what to

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Speaker 2: do with the money. What advice would you give them

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Speaker 2: from a financial literacy standpoint to a person who wins

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Speaker 2: the lottery.

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Speaker 3: So I think ideally they lose their money because they're

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Speaker 3: not accustomed to having it. And it's not until you

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Speaker 3: start feeling you are deserving of this lifestyle, that you

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Speaker 3: are grateful for this lifestyle, that your mind can coexist

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Speaker 3: with the money, Because if you're coming from a place

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Speaker 3: of lack, I want the money, I want the money,

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Speaker 3: I want the money I never had, I got to have.

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Speaker 3: I got to send it, do all those things that

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Speaker 3: I didn't get the opportunity to do but I didn't

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Speaker 3: have money. You're coming from a place of lack versus

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Speaker 3: a place of abundant and ideally, if you're putting out

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Speaker 3: lack and the desire to obtain money is coming from

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Speaker 3: a place I need to have it.

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Speaker 2: I got to have it.

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Speaker 3: From a survival standpoint, all you're doing is putting out lack.

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Speaker 3: So now the universe is just going to give you

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Speaker 3: back lack, which is why money gets taken from you.

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Speaker 3: I would say someone who wears a lottery, or not

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Speaker 3: even just someone who has a lottery, who comes across

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Speaker 3: a large amount of money, you have to ask yourself

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Speaker 3: how long do you want this money to last you?

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Speaker 3: Because you can give somebody a million dollars and they

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Speaker 3: can spend a million dollars, and I've seen people spend

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Speaker 3: a million dollars in less than thirty days who have

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Speaker 3: not come from money, And so you have to ask yourself,

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Speaker 3: you come.

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Speaker 2: From money and spend it like that?

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Speaker 4: Right?

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Speaker 2: Right?

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Speaker 3: What is it that I want this money for and

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Speaker 3: how long do I want it to last me? What

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Speaker 3: matters to me, what's important to me. One of the

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Speaker 3: things that I do with my clients in particular is

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Speaker 3: get it all out your system. What do you want

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Speaker 3: to buy, the house, to car, to clothes, whatever it

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Speaker 3: is that you want, get it out of your system,

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Speaker 3: and then put yourself in a position where that money

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Speaker 3: will last you forever. So that's when you're sitting you

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Speaker 3: talk to somebody in finance who can help you open

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Speaker 3: different types of investments, whether it's different types of annuities,

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Speaker 3: or different type of insurance policies, or different types of

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Speaker 3: brokerage accounts. Everyone is different and every age is differ

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Speaker 3: than everyone. The goals are different, but you have to

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Speaker 3: one get it off your system all the things that

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Speaker 3: you want. By no means am I saying, don't go

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Speaker 3: get the things you want. You don't want to look

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Speaker 3: up and you have all these things you want. Two

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Speaker 3: years from now, you're back at the same lifestyle, having

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Speaker 3: no money prior to winning the money that you did receive.

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Speaker 3: And so I think it's prioritizing what matters, writing out

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Speaker 3: your goals, the life that you envision, and sitting with

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Speaker 3: someone before you go blow through everything.

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Speaker 2: It's really interesting because I can agree with her on

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Speaker 2: because when you're in an entertainment business, you get lomps

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Speaker 2: of money and sometimes a large loss of the money,

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Speaker 2: and you just spend money without a plan. And I

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Speaker 2: think that's the key. I can remember having cars and

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Speaker 2: I'm going, like, what am I doing with all these cars?

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Speaker 2: And leasing cars? And that means that in the least,

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Speaker 2: I don't even own it. But I'm paying like two

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Speaker 2: three thousand dollars a month on just monthly leases, you know.

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Speaker 2: But I'm telling myself, I can write this all my

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Speaker 2: taxes because I bought it another business. But in the end,

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Speaker 2: I don't have the vehicle. So there's a lot of

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Speaker 2: things you can get out there when you have money

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Speaker 2: that you can just spend it, and it trivializes itself

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Speaker 2: because if you don't think about next month, next year,

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Speaker 2: five years from now, then guess what, you're making a

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Speaker 2: big mistake when you are living in a lifestyle where

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Speaker 2: money is coming towards you. Now, the everyday person doesn't

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Speaker 2: understand that because either they live and check the check,

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Speaker 2: or they trying to survive, or they barely have a

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Speaker 2: savings account. Now you what type of people are you

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Speaker 2: dealing with?

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Speaker 1: What type of people are.

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Speaker 2: You coaching ms Fox, are you talking about everyday people?

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Speaker 2: Are people who have a certain financial pool of success.

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Speaker 3: No, so don't. I don't turn people away. I think

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Speaker 3: one of the things I don't do during my time

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Speaker 3: as a financial lisor, I don't solicit because when people

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Speaker 3: are ready, they will come. And for me, I've never said, hey,

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Speaker 3: come work with me, come get your money in order.

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Speaker 3: When people are ready and they've exhausted all options, have

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Speaker 3: made all the mistakes that they could possibly have made themselves,

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Speaker 3: they will surrender and ask for help. And to be honest,

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Speaker 3: if you would have if you could have gotten it,

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Speaker 3: you would have been a different person today. So who

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Speaker 3: you are there has gotten this far. So in order

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Speaker 3: to be somebody different, you have to do different and

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Speaker 3: people have to be ready to receive that. But for me,

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Speaker 3: I don't turn anybody away. Ideally, I just work with

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Speaker 3: people who want to learn how to make financially educated decisions,

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Speaker 3: so they are looking to get the education behind that.

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Speaker 3: And I truly believe when people are ready, when they

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Speaker 3: realize that, you know, I've made every mistake in the book,

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Speaker 3: I'm exhausted, I'm frustrated. Somebody has to help me. They're

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Speaker 3: taking the risk on them. But it's easier to work

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Speaker 3: with people who want help as opposed to telling someone

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Speaker 3: you need help, because when you tell someone you need

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Speaker 3: they need help, it's actually more so offensive to them.

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Speaker 3: So when people are ready, they'll they reach out, and

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Speaker 3: if not, they'll get referred or things like that. But

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Speaker 3: I've never said, hey, you need to get your life

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Speaker 3: an order, because it's a touchy subject. When people are

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Speaker 3: ready to get their life of order, and they see

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Speaker 3: the opportunity or they see someone or something that could

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Speaker 3: help them, they will make it a priority to get

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Speaker 3: themselves better financially.

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Speaker 2: Because you are talking to successful people, and one thing

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Speaker 2: about a successful person, You don't want to tell them

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Speaker 2: they're dumb or they're making the mistakes. You know. You

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Speaker 2: want to coach them through the process and go, let's

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Speaker 2: look at it this way.

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Speaker 1: How have you considered this? How about this?

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Speaker 2: You never just go right in you should do this

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Speaker 2: all major pushback. But if you say, have you considered this,

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Speaker 2: here are some options. Those are terms that if you're

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Speaker 2: good at what you do and she knows I'm telling

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Speaker 2: us the truth, those are the terms you have to

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Speaker 2: talk to when you're talking to successful people, especially when

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Speaker 2: you're talking about their money and what they've done with

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Speaker 2: their money. Now, let's talk about ways to invest in.

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Speaker 2: How to start, and it is starting in the stock market.

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Speaker 1: The key to starting.

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Speaker 3: Well, if you get down to the root of every

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Speaker 3: type of investment, pretty much every type of investment, it

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Speaker 3: is all rooted in connected to the stock market world way,

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Speaker 3: shape or form. Those people don't know if those retirement plans,

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Speaker 3: those pensions, the hospitals you go to, they all take

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Speaker 3: their money and it's being invested somewhere. So people one

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Speaker 3: need to realize that saving is not going to build

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Speaker 3: you wealth. Investing will. Saving will keep your money safe,

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Speaker 3: but it is not going to increase your network by

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Speaker 3: any means. And I think we have this mindset of

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Speaker 3: I have to have money, I have to keep money,

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Speaker 3: have to save money. That's a fear driven mentality, and

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Speaker 3: that's coming from a place of lax of All you're

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Speaker 3: focusing on is fear. All you're going to attract is

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Speaker 3: all the things that you are scared of. When it

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Speaker 3: comes to invest in, The easiest way I always tell

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Speaker 3: people is to buy what you know. Once you understand

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Speaker 3: the core of the stock market, which ideally is just

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Speaker 3: a piece of ownership of a company. You essentially are

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Speaker 3: investing small pieces of your money in large businesses, and

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Speaker 3: so the easiest way to start is to buy what

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Speaker 3: you know. One of the exercises I often do with

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Speaker 3: my students and with adults is make a list of

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Speaker 3: everything you spend your time or money on, So from

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Speaker 3: the water you drink, the car you drive, the food

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Speaker 3: you eat, the clothes you wear, the social media apps

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Speaker 3: you use, the phone you use, your cable company. All

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Speaker 3: these companies are making money off of your consumption. And

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Speaker 3: especially specifically in the black community, we have a one

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Speaker 3: point three trillion dollar buying power, which means that after

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Speaker 3: all of our bills are paid, there's one point three

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Speaker 3: trillion dollars being given to some company because we always

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Speaker 3: the consumer, and so as opposed to giving our money away,

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Speaker 3: sidn't think about how much does it cost to own

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Speaker 3: a piece of this company. Because a lot of the

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Speaker 3: large companies that we utilize every day are publicly traded

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Speaker 3: companies and you are able to buy stocks. So, for instance, Apple,

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Speaker 3: it costs more to own the new Apple iPhone than

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Speaker 3: it does to own a piece of Apple as an

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Speaker 3: entire company. And a lot of the beverages that we drink.

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Speaker 3: You have no idea everything you touch and feel and

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Speaker 3: consume is a company. Someone is making money from the

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Speaker 3: chair you're sitting on. Somebody made that chair, and someone

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Speaker 3: bought that chair because they knew you were going to

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Speaker 3: sit on it. Because you are using that chair, that

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Speaker 3: company makes money. We need to have a proactive mindset

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Speaker 3: on should I cannot go invest in this company? And

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Speaker 3: if you're loyal to the brand on a consistent basis,

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Speaker 3: they are consistently getting your consumption, your money, or your time.

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Speaker 3: And I think what wealthy people value is ownership versus spending.

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Speaker 3: In the black community, most specifically, we want to look good.

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Speaker 3: We want to feel good because deep down the side,

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Speaker 3: we don't always feel like we are good. Not realizing

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Speaker 3: that these fortune five hundred companies are here because of

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Speaker 3: what we spend our time and money on. Not saying

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Speaker 3: that it's bad to spend, but if you can't buy

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Speaker 3: it twice, you can't afford it. If you can't invest

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Speaker 3: it twice, you shouldn't be buying it.

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Speaker 4: And so in this case, it's not.

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Speaker 3: Just buy the product, it's also owned stock in the

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Speaker 3: company that makes the products that we are always using.

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Speaker 2: As people MS Fox You too smart. I'm telling you,

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Speaker 2: I'm Jason, I'm a smart guy. Now, I'm Jay Zone.

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Speaker 2: You're boring the phone talking to you? Pretty smart now?

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Speaker 2: And you pretty you. I'm tell you something I always liked.

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Speaker 2: I always tell people why when they're smarter than me,

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Speaker 2: I gotta applaud them. Girl, you got it going on.

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Speaker 1: And but your logic.

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Speaker 2: But your logic, because I've heard all these things and

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Speaker 2: it's now, do you I know we running out of

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Speaker 2: time on quick? Do you manage a fund?

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Speaker 3: No?

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Speaker 4: I do not.

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Speaker 3: I purely am education.

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Speaker 2: You should you should manage your fund. You should manage

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Speaker 2: I'm just telling you. You know what they're talking about.

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Speaker 1: You should.

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Speaker 2: You should start your own fund. And guess who be

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Speaker 2: the first one following you in Rashan McDonough following you

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Speaker 2: in deep. I'm just telling you, you know that's where

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Speaker 2: the money at. So you need to consider that because

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Speaker 2: you are a special young lady. You are special. You

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Speaker 2: got because your articulation, your your I mean, you don't

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Speaker 2: stutter when you talk. That's key when you when people.

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Speaker 2: You don't want nobody to stutter when they talking about

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Speaker 2: your money. You want clarity. You know she ain't she

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Speaker 2: don't break stride, she's be rolling. Do this, do this

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Speaker 2: iPhone because you can buy stock because it's cheaper than iPhone.

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Speaker 2: That's true, Apple stock on twenty nine iPhone. You know

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Speaker 2: I could have like six six shares iPhone. Stop so good,

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Speaker 2: but we got to go. Mits Fox, you know you're

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Speaker 2: coming back on the show. You know that, right? Yes,

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Speaker 2: all right, you stay strong, you keep winning This Rashan

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Speaker 2: McDonald and Miss Ashley M.

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Speaker 1: Fox. This has been another edition of Money Making Conversation

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Speaker 1: Masterclass hosted by me Rushawn McDonald. Thank you to our

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Speaker 1: guests on the show today and thank you for listening

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Speaker 1: to audience now. If you want to listen to any

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00:19:24,720 --> 00:19:26,720
Speaker 1: episode I want to be a guest on the show,

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Speaker 1: visit Moneymakingconversations dot com. Our social media handle is money

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00:19:31,480 --> 00:19:34,760
Speaker 1: Making Conversation. Join us next week and remember to always

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Speaker 1: leave with your gifts.

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Speaker 2: Keep winning,