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Is a 25 00:01:16,440 --> 00:01:21,000 Speaker 1: former Wall Street Analysts, founder of Amplified, merging of the 26 00:01:21,040 --> 00:01:26,279 Speaker 1: words empower and modify is an educational based organization creates 27 00:01:26,280 --> 00:01:30,880 Speaker 1: to help both adults and children understand financial literacy. That's 28 00:01:30,880 --> 00:01:34,240 Speaker 1: a really tricky term there. She's a personal financial coach, 29 00:01:34,880 --> 00:01:38,800 Speaker 1: financial journalist for a Black enterprise, and as magazine and 30 00:01:39,000 --> 00:01:45,760 Speaker 1: international speaker. Please work with the money making conversation. Ashley M. Fox? Hi, 31 00:01:45,920 --> 00:01:48,000 Speaker 1: how are you pretty good? Miss Fox? Where are you 32 00:01:48,040 --> 00:01:51,440 Speaker 1: are right? Where are you based there? Right now? Philadelphia? 33 00:01:51,600 --> 00:01:54,760 Speaker 1: When you say you are a former Wall Street Analysts, 34 00:01:54,760 --> 00:01:57,280 Speaker 1: what does that mean? Because if your Wall Street there's 35 00:01:57,320 --> 00:02:00,320 Speaker 1: a lot of people, especially minorities, because we don't even 36 00:02:00,400 --> 00:02:03,320 Speaker 1: understand how you make money in the Wall Street world. 37 00:02:03,640 --> 00:02:05,000 Speaker 1: Break it down a little bit to it, and we 38 00:02:05,000 --> 00:02:07,000 Speaker 1: wanted to take that take the time to understand the 39 00:02:07,080 --> 00:02:10,720 Speaker 1: money making conversation. Exactly what did you do and what 40 00:02:10,840 --> 00:02:13,720 Speaker 1: role do you play in that? Okay? So I went 41 00:02:13,760 --> 00:02:17,560 Speaker 1: to Howard University, graduated, and I decided to work on 42 00:02:17,639 --> 00:02:20,160 Speaker 1: Wall Streets. I had four internships in school, and three 43 00:02:20,160 --> 00:02:22,320 Speaker 1: of them I worked at Wall Street investment banks. So, 44 00:02:22,400 --> 00:02:23,760 Speaker 1: and I lived in New York two of the summer. 45 00:02:23,800 --> 00:02:25,280 Speaker 1: So that's when I realized I wanted to work on 46 00:02:25,280 --> 00:02:28,440 Speaker 1: Wall Street. They paid really great money, um, and so ideally, 47 00:02:28,480 --> 00:02:30,440 Speaker 1: I actually just wanted to work on Wall Street because 48 00:02:30,440 --> 00:02:32,239 Speaker 1: you got one of the highest staining jobs out of school. 49 00:02:32,520 --> 00:02:34,840 Speaker 1: And so as an analyst, I worked in asset management. 50 00:02:34,840 --> 00:02:36,840 Speaker 1: And so what I did was work with a team 51 00:02:36,840 --> 00:02:39,760 Speaker 1: of people who helped manage the money for clients who 52 00:02:39,760 --> 00:02:42,600 Speaker 1: made twenty five million dollars or more. So I saw 53 00:02:42,639 --> 00:02:45,240 Speaker 1: everything where they live, where they travel, what they invested in, 54 00:02:45,280 --> 00:02:47,760 Speaker 1: how much they didn't say in taxes. Pretty much, if 55 00:02:47,800 --> 00:02:49,960 Speaker 1: you have twenty five million dollars or more, UM, you 56 00:02:50,000 --> 00:02:52,360 Speaker 1: don't need a financial advice, you needed an asset manager. 57 00:02:52,720 --> 00:02:55,800 Speaker 1: And so, whether it was helping them with their trust 58 00:02:55,880 --> 00:02:58,600 Speaker 1: in the States, whether it was getting a mortgage on 59 00:02:58,639 --> 00:03:03,400 Speaker 1: their vacation home NAPO or in somewhere of Florida wherever 60 00:03:03,440 --> 00:03:06,200 Speaker 1: it is, or in the Hamptons or just helping them 61 00:03:06,240 --> 00:03:08,679 Speaker 1: invest to build that generational wealth to pass it down 62 00:03:08,680 --> 00:03:11,320 Speaker 1: to their children. Um, we were there to provide them 63 00:03:11,320 --> 00:03:13,679 Speaker 1: with the tools and resources to help them sustain their 64 00:03:13,680 --> 00:03:16,040 Speaker 1: wealth so they didn't lose it. Now here's the crazy 65 00:03:16,120 --> 00:03:20,400 Speaker 1: part about that statement. You said million dollars of more correct, 66 00:03:21,160 --> 00:03:25,360 Speaker 1: and you said that number like it's a lot of them. 67 00:03:25,400 --> 00:03:29,560 Speaker 1: It is. It's a whole different world and the And 68 00:03:29,600 --> 00:03:32,000 Speaker 1: it was interesting though a lot of this, A lot 69 00:03:32,040 --> 00:03:34,240 Speaker 1: of people don't realize that a lot of the things 70 00:03:34,280 --> 00:03:36,360 Speaker 1: that we use every day, from the cars that we drive, 71 00:03:36,440 --> 00:03:38,400 Speaker 1: to the clothes that we wear, to the football teams 72 00:03:38,440 --> 00:03:41,160 Speaker 1: we watched. Um. Interestingly enough, a lot of wealthy people 73 00:03:41,160 --> 00:03:43,840 Speaker 1: who own football teams that is not their general source 74 00:03:43,920 --> 00:03:47,480 Speaker 1: of income. That's actually just something they did because it 75 00:03:47,560 --> 00:03:51,880 Speaker 1: was fun to do. Most NFL owners, Basketball, NBA team owners, 76 00:03:51,920 --> 00:03:55,000 Speaker 1: that is not how they got their wealth. They essentially 77 00:03:55,040 --> 00:03:57,480 Speaker 1: that is just something to do with their money. Um, 78 00:03:57,520 --> 00:03:59,960 Speaker 1: and they may just have some sort of joy around sport, 79 00:04:00,080 --> 00:04:02,440 Speaker 1: but they did not build their wealth. The majority of 80 00:04:02,480 --> 00:04:04,840 Speaker 1: them buying the sports teams that is just something extra 81 00:04:04,920 --> 00:04:07,240 Speaker 1: that they do because they have so much money. But 82 00:04:07,320 --> 00:04:09,800 Speaker 1: it is it's a completely different world out there, and 83 00:04:09,840 --> 00:04:12,280 Speaker 1: so the owners and CEOs of these companies that we 84 00:04:12,320 --> 00:04:17,040 Speaker 1: don't even know exists, Um, they ideally were our clients. Now, 85 00:04:17,880 --> 00:04:22,799 Speaker 1: so you Howard University, and you said, as you said casually, 86 00:04:23,080 --> 00:04:26,919 Speaker 1: I wanted to work on Wall Street, and then you 87 00:04:26,920 --> 00:04:30,000 Speaker 1: wind up working on Wall Street. How do how does 88 00:04:30,040 --> 00:04:35,920 Speaker 1: the want in the actual accomplishment happened? Um, I think 89 00:04:36,680 --> 00:04:38,840 Speaker 1: to be And again, when I was in high school, 90 00:04:38,880 --> 00:04:41,320 Speaker 1: I wanted to look nice and make a lot of money. 91 00:04:41,400 --> 00:04:43,640 Speaker 1: I never had visions of running a business. I never 92 00:04:43,680 --> 00:04:45,240 Speaker 1: was one of those students that that I wanted to 93 00:04:45,279 --> 00:04:47,640 Speaker 1: be my old boss. I always envisioned myself as an 94 00:04:47,640 --> 00:04:52,039 Speaker 1: African American working on Wall Street, something prostigures, something high paced, 95 00:04:52,600 --> 00:04:56,200 Speaker 1: um competitive, And I knew that in order to get there, 96 00:04:56,279 --> 00:04:58,440 Speaker 1: I was competing with the Harvards and the Yells of 97 00:04:58,480 --> 00:05:00,920 Speaker 1: the world. And so if they were looking for prestigious 98 00:05:00,920 --> 00:05:04,359 Speaker 1: black individuals, they were coming to Howard University. And so 99 00:05:04,400 --> 00:05:07,359 Speaker 1: at Howard all of these companies will come to recruit. 100 00:05:07,440 --> 00:05:10,480 Speaker 1: So I got exposed to the opportunities that these companies 101 00:05:10,880 --> 00:05:13,479 Speaker 1: had available for the students. And when I got my 102 00:05:13,560 --> 00:05:16,559 Speaker 1: first internship, and this is interesting to have my first 103 00:05:16,560 --> 00:05:18,840 Speaker 1: internship on Wall Street. I don't know what they paid now, 104 00:05:19,200 --> 00:05:20,880 Speaker 1: but I know I made ten thousand dollars in the 105 00:05:20,920 --> 00:05:24,200 Speaker 1: summer sulf and so I was nineteen years old making 106 00:05:24,240 --> 00:05:26,320 Speaker 1: a bunch of money. Um, And I was like, I 107 00:05:26,360 --> 00:05:28,320 Speaker 1: like this. I like the feeling, I like the people 108 00:05:28,360 --> 00:05:30,839 Speaker 1: are like the environment. I absolutely love New York City. 109 00:05:31,120 --> 00:05:33,280 Speaker 1: And so whatever I had to do to be in 110 00:05:33,320 --> 00:05:37,240 Speaker 1: that position post graduation, I did when I needed to 111 00:05:37,279 --> 00:05:39,520 Speaker 1: do to work on Wall Street. But Howard University played 112 00:05:39,520 --> 00:05:42,880 Speaker 1: a very big role in exposing me to these companies, 113 00:05:42,920 --> 00:05:45,520 Speaker 1: to these opportunities to see, hey, that it is actually 114 00:05:45,560 --> 00:05:48,480 Speaker 1: possible for me to go and have a career on 115 00:05:48,520 --> 00:05:53,120 Speaker 1: Wall Street in New York City. Now said, you're you know, 116 00:05:53,200 --> 00:05:55,960 Speaker 1: you're having success on Wall Street. As an analysts seeing 117 00:05:55,960 --> 00:05:59,880 Speaker 1: a lot of people with this generational money, these are counts. 118 00:06:00,680 --> 00:06:03,839 Speaker 1: What what was running through your mind when you around 119 00:06:03,960 --> 00:06:07,159 Speaker 1: something that you see success? But are you really a 120 00:06:07,240 --> 00:06:10,360 Speaker 1: part of this success? Um? So a couple of thoughts 121 00:06:10,360 --> 00:06:13,200 Speaker 1: turns through my mind. I was in their met it 122 00:06:13,320 --> 00:06:17,080 Speaker 1: was exciting, Like I just I saw every single thing, 123 00:06:17,160 --> 00:06:21,360 Speaker 1: every dollar you spent, every I saw everything. Um. But 124 00:06:21,640 --> 00:06:23,640 Speaker 1: after I would say eight or nine months, I got 125 00:06:23,640 --> 00:06:26,679 Speaker 1: more joy and had the desire to pick their brain 126 00:06:26,760 --> 00:06:29,160 Speaker 1: or how they got their money, not teach them how 127 00:06:29,160 --> 00:06:31,320 Speaker 1: they keep it. But the only issue is that when 128 00:06:31,320 --> 00:06:34,360 Speaker 1: I'm gonna go back home to Philadelphia, people thought I 129 00:06:34,440 --> 00:06:37,080 Speaker 1: was rich. So because I was making six figures, because 130 00:06:37,120 --> 00:06:40,720 Speaker 1: I traveled, I wore nice clothes, people thought I had money. 131 00:06:40,960 --> 00:06:43,080 Speaker 1: And I realized that there was a big disconnect to 132 00:06:43,120 --> 00:06:46,480 Speaker 1: how our community saw well and what wealth really was, 133 00:06:46,880 --> 00:06:49,040 Speaker 1: and how they thought, how they operated, how they talk 134 00:06:49,120 --> 00:06:52,279 Speaker 1: their kids, what they read. It's a completely different lifestyle 135 00:06:52,279 --> 00:06:55,400 Speaker 1: and we are oblivious to um. And I think we 136 00:06:55,440 --> 00:06:58,120 Speaker 1: shouldn't have to come from money for us to learn 137 00:06:58,120 --> 00:07:00,159 Speaker 1: about it. You don't, You shouldn't have to choose was 138 00:07:00,160 --> 00:07:02,839 Speaker 1: a career on Wall Street to then see how wealthy 139 00:07:02,880 --> 00:07:05,760 Speaker 1: people operate, manage and invest their money. So I think 140 00:07:05,760 --> 00:07:08,080 Speaker 1: it's something that we use every day. So why isn't 141 00:07:08,120 --> 00:07:10,000 Speaker 1: it given to us to talk to us every day? 142 00:07:10,040 --> 00:07:13,080 Speaker 1: And so that's why you created the the You combined 143 00:07:13,120 --> 00:07:17,360 Speaker 1: in power and Modify and created the Educational Obey Organization 144 00:07:17,400 --> 00:07:21,240 Speaker 1: and created the help adults. That's me and our children 145 00:07:21,400 --> 00:07:26,680 Speaker 1: understand financial literacy. What is financial literacy? Um? So, so 146 00:07:26,720 --> 00:07:29,120 Speaker 1: the reason I made that word up is because I 147 00:07:29,160 --> 00:07:31,160 Speaker 1: think we know you made it up. Now we know 148 00:07:31,240 --> 00:07:35,960 Speaker 1: that I was trying to figure out who I was 149 00:07:36,000 --> 00:07:38,120 Speaker 1: and what I what I wanted to give to the world. 150 00:07:38,440 --> 00:07:40,600 Speaker 1: And I was a teacher, I was a psychologist, I 151 00:07:40,600 --> 00:07:42,560 Speaker 1: was a shoulder to crying on. I was a career counsel. 152 00:07:42,600 --> 00:07:44,720 Speaker 1: I was a lot of things. And it's like, okay, 153 00:07:44,760 --> 00:07:46,960 Speaker 1: but the feeling that I am bed in the hearts 154 00:07:46,960 --> 00:07:49,320 Speaker 1: and minds of people is not just about money. It's 155 00:07:49,320 --> 00:07:51,680 Speaker 1: about the shifting of the mind, because I feel like 156 00:07:51,720 --> 00:07:54,680 Speaker 1: if your mind is right, your bank account will be right. 157 00:07:55,160 --> 00:07:57,840 Speaker 1: When you think of wealth, you think of longevity. When 158 00:07:57,840 --> 00:07:59,440 Speaker 1: you think of rich, you think of a lot of 159 00:07:59,440 --> 00:08:01,400 Speaker 1: money right now. Out wealth is having a lot of 160 00:08:01,400 --> 00:08:03,800 Speaker 1: money forever. And that is one of the core differences 161 00:08:03,840 --> 00:08:06,520 Speaker 1: that I saw with our clients. They were worrying about 162 00:08:06,520 --> 00:08:09,520 Speaker 1: giving money to their kids, kids, kids, just so they 163 00:08:09,520 --> 00:08:11,920 Speaker 1: didn't have to pay taxes on the money, whereas the 164 00:08:11,920 --> 00:08:14,200 Speaker 1: majority of people in our community are actually waiting for 165 00:08:14,240 --> 00:08:17,240 Speaker 1: a tax refunds, not realizing that whether people don't get 166 00:08:17,280 --> 00:08:20,480 Speaker 1: tax refunds, they're trying to avoid paying taxes in any 167 00:08:20,520 --> 00:08:23,000 Speaker 1: way possible and to sustain and keep your wealth to 168 00:08:23,040 --> 00:08:25,880 Speaker 1: pass it on generation as a generation, and so for 169 00:08:25,920 --> 00:08:28,680 Speaker 1: me it was like, Okay, how can I build this 170 00:08:28,880 --> 00:08:32,520 Speaker 1: concept and shift our mindsets? Because everything I teach people, 171 00:08:32,559 --> 00:08:34,559 Speaker 1: whether you're an adult or a child, you can google it, 172 00:08:34,679 --> 00:08:36,920 Speaker 1: Like what a stock is, you can google those things. 173 00:08:36,960 --> 00:08:40,480 Speaker 1: There's a mental barrier that stops us from implementing the 174 00:08:40,480 --> 00:08:42,600 Speaker 1: things that we have access to and the things that 175 00:08:42,679 --> 00:08:46,120 Speaker 1: we see. And for me, emphasize the shifting of the mind. 176 00:08:46,240 --> 00:08:48,960 Speaker 1: So essentially I give you the education, but I also 177 00:08:49,040 --> 00:08:51,640 Speaker 1: give you the inspiration to embedding you that you are 178 00:08:51,720 --> 00:08:54,600 Speaker 1: worthy enough to receive this information, that you are able 179 00:08:54,679 --> 00:08:58,360 Speaker 1: to do this, that you can invest. So now you're empowered, 180 00:08:58,679 --> 00:09:01,440 Speaker 1: you got educated your and what that ultimately does it 181 00:09:01,520 --> 00:09:03,680 Speaker 1: creates a shift in the mind because now you have 182 00:09:03,760 --> 00:09:06,320 Speaker 1: the information, now you have the inspiration. Now you say, hey, 183 00:09:06,400 --> 00:09:09,120 Speaker 1: I can do this. I believe in myself enough and 184 00:09:09,160 --> 00:09:10,959 Speaker 1: I you know, and this can be done. Which is 185 00:09:11,000 --> 00:09:13,520 Speaker 1: where to modify and the transition comes to who we 186 00:09:13,559 --> 00:09:16,360 Speaker 1: are to people. So financial education, I mean that's just 187 00:09:16,360 --> 00:09:19,319 Speaker 1: getting educated around money. But again, financial education you can 188 00:09:19,360 --> 00:09:22,000 Speaker 1: google and not even have a person present. The problem 189 00:09:22,040 --> 00:09:24,400 Speaker 1: is that we don't take this information and feel that 190 00:09:24,440 --> 00:09:27,199 Speaker 1: we are worthy enough of becoming wealthy because we are 191 00:09:27,240 --> 00:09:30,679 Speaker 1: not surrounded by it. Everything wrong, You're you're you can 192 00:09:30,760 --> 00:09:33,640 Speaker 1: talk and we're gonna be back. We're gonna talk some more. 193 00:09:33,960 --> 00:09:36,280 Speaker 1: I'm just amazing. I'm just gathering so many friends and 194 00:09:36,320 --> 00:09:40,360 Speaker 1: moneymaking conversations. More money making conversation with Sean McDonald. Actually, 195 00:09:40,600 --> 00:09:46,080 Speaker 1: m Fox, I'm back with Sean McDonald on my offer air. 196 00:09:46,200 --> 00:09:50,079 Speaker 1: You know this Fox created controversy talking about twenty five 197 00:09:50,120 --> 00:09:51,959 Speaker 1: million dollar. It was like like it was every we 198 00:09:52,240 --> 00:09:56,959 Speaker 1: are everyday people listen to this show. Well, I had 199 00:09:56,960 --> 00:09:59,800 Speaker 1: accounts for you know, everybody who had twenty five million 200 00:10:00,000 --> 00:10:02,679 Speaker 1: as are more. You know, down to the to the receipts, 201 00:10:02,720 --> 00:10:07,120 Speaker 1: their travel, their lifestyle and everything. And so now what 202 00:10:07,160 --> 00:10:13,160 Speaker 1: about these people, miss Fox who win the lotto? Where 203 00:10:13,200 --> 00:10:15,720 Speaker 1: do they make their mistakes because they go broke or 204 00:10:15,720 --> 00:10:17,280 Speaker 1: they don't know what to do with the money. What 205 00:10:17,320 --> 00:10:20,640 Speaker 1: advice would you give them from a financial literacy standpoint 206 00:10:20,760 --> 00:10:26,800 Speaker 1: to a person who wins the lottery? Um, So I 207 00:10:26,840 --> 00:10:29,959 Speaker 1: think ideally they lose their money because they're not accustomed 208 00:10:30,280 --> 00:10:33,480 Speaker 1: to having it. Um. And it's not until you do 209 00:10:33,520 --> 00:10:36,240 Speaker 1: you start feeling you are deserving of this lifestyle, that 210 00:10:36,320 --> 00:10:39,280 Speaker 1: you are grateful for this lifestyle that your mind can 211 00:10:39,320 --> 00:10:41,800 Speaker 1: coexist with the money, because if you're coming from a 212 00:10:41,840 --> 00:10:44,280 Speaker 1: place of lack, I want the money. I want the money. 213 00:10:44,280 --> 00:10:45,720 Speaker 1: I want the money I never had. I gotta have. 214 00:10:45,800 --> 00:10:47,080 Speaker 1: I gotta spend it. I got to do all those 215 00:10:47,080 --> 00:10:48,719 Speaker 1: things that I didn't get the opportunity to do what 216 00:10:48,800 --> 00:10:50,439 Speaker 1: I didn't have money. You're coming from a place of 217 00:10:50,520 --> 00:10:53,079 Speaker 1: lack versus a place of abundance. And ideally, if you're 218 00:10:53,120 --> 00:10:55,560 Speaker 1: putting out lack in the desire to obtain money, it's 219 00:10:55,600 --> 00:10:57,280 Speaker 1: coming from a place of I need to have it. 220 00:10:57,320 --> 00:10:59,960 Speaker 1: I gotta have it. From a survival standpoint, all you're 221 00:11:00,080 --> 00:11:02,280 Speaker 1: doing is putting out lack. So now the universe is 222 00:11:02,280 --> 00:11:03,800 Speaker 1: just going to give you back lack, which is why 223 00:11:03,800 --> 00:11:06,200 Speaker 1: money gets taken from you. I would say, someone who 224 00:11:06,200 --> 00:11:08,839 Speaker 1: wins a lottery, or not even someone who wins a lottery, 225 00:11:08,840 --> 00:11:11,040 Speaker 1: who comes across a large amount of money, you have 226 00:11:11,080 --> 00:11:13,280 Speaker 1: to ask yourself how long do you want this money 227 00:11:13,280 --> 00:11:15,520 Speaker 1: to to last you? Because you can give somebody a 228 00:11:15,600 --> 00:11:17,800 Speaker 1: million dollars and they can spend a million dollars, and 229 00:11:17,840 --> 00:11:19,840 Speaker 1: I've seen people spend a million dollars in lesson thirty 230 00:11:19,920 --> 00:11:23,040 Speaker 1: days who have not come from money, and so you 231 00:11:23,080 --> 00:11:30,920 Speaker 1: have to ask yourself, right, um, what what is it 232 00:11:30,960 --> 00:11:32,680 Speaker 1: that I want this money for and how long do 233 00:11:32,760 --> 00:11:34,680 Speaker 1: I want it to last me? What matters to me, 234 00:11:34,720 --> 00:11:36,160 Speaker 1: what's important to me? And one of the things that 235 00:11:36,200 --> 00:11:38,280 Speaker 1: I do with my clients in particular is get it 236 00:11:38,320 --> 00:11:40,160 Speaker 1: all out of your system. What do you want to buy, 237 00:11:40,280 --> 00:11:42,280 Speaker 1: the house, the car, the clothes, whatever it is that 238 00:11:42,320 --> 00:11:44,760 Speaker 1: you want, Get it out of your system, and then 239 00:11:44,800 --> 00:11:46,960 Speaker 1: put yourself in a position where that money will last 240 00:11:47,000 --> 00:11:48,640 Speaker 1: you forever. So that's where you're sitting, and you talk 241 00:11:48,679 --> 00:11:51,160 Speaker 1: to somebody in finance who can help you open different 242 00:11:51,200 --> 00:11:54,560 Speaker 1: types of investments. UM, whether it's different types of annuities, 243 00:11:54,640 --> 00:11:56,960 Speaker 1: or different types of insurance policies, or different types of 244 00:11:56,960 --> 00:12:00,640 Speaker 1: brokera accounts. Um. Everyone is different, and every ages different, 245 00:12:00,679 --> 00:12:02,600 Speaker 1: everyone goals are different. But you have the one get 246 00:12:02,640 --> 00:12:04,240 Speaker 1: it off the system, all the things that you want. 247 00:12:04,320 --> 00:12:06,080 Speaker 1: By no means that my thing don't gonna get the 248 00:12:06,120 --> 00:12:07,920 Speaker 1: things you want. You don't want to look up and 249 00:12:07,960 --> 00:12:10,760 Speaker 1: you have all these things you want. Two years from now, 250 00:12:10,800 --> 00:12:13,280 Speaker 1: you're back in the same lifestyle, having no money prior 251 00:12:13,320 --> 00:12:15,640 Speaker 1: to winning the money that you didn't see And so 252 00:12:15,760 --> 00:12:19,480 Speaker 1: I think it's prioritizing what matters, writing out your goals, 253 00:12:19,520 --> 00:12:22,440 Speaker 1: the life that you envision, and sitting with someone before 254 00:12:22,480 --> 00:12:25,880 Speaker 1: you go blow through everything. That's really interesting because I 255 00:12:25,920 --> 00:12:30,920 Speaker 1: can agree with her on because when you're an entertainment business, 256 00:12:30,920 --> 00:12:32,800 Speaker 1: you get a lumps of money and sometimes a large 257 00:12:32,840 --> 00:12:34,840 Speaker 1: lumps one of the money and you just you just 258 00:12:34,920 --> 00:12:38,160 Speaker 1: spend money without a plane, And I think that's the key. 259 00:12:38,559 --> 00:12:42,480 Speaker 1: I can remember or having cars and and I'm going, like, 260 00:12:42,760 --> 00:12:46,080 Speaker 1: what am I doing all these cars? And uh leasing cars? 261 00:12:46,160 --> 00:12:48,199 Speaker 1: And you know that means that in the least, I 262 00:12:48,240 --> 00:12:50,360 Speaker 1: don't even own it, but I'm paying like two three 263 00:12:50,360 --> 00:12:53,120 Speaker 1: thousand dollars a month on just monthly leases. You know. 264 00:12:53,200 --> 00:12:55,000 Speaker 1: But I'm telling uself, I could write this over my 265 00:12:55,080 --> 00:12:57,600 Speaker 1: taxes because I bought another business. But in the end, 266 00:12:57,960 --> 00:12:59,960 Speaker 1: I don't have the vehicle. So there's a lot of 267 00:13:00,000 --> 00:13:01,280 Speaker 1: things that you can get out there when you have 268 00:13:01,360 --> 00:13:03,720 Speaker 1: money that you can just spend it and it and 269 00:13:03,880 --> 00:13:08,080 Speaker 1: and it trivializes itself because if you don't think about 270 00:13:08,440 --> 00:13:11,400 Speaker 1: next month, next year, five years from now, then guess what, 271 00:13:11,480 --> 00:13:13,800 Speaker 1: you're making a big mistake when you are living in 272 00:13:13,840 --> 00:13:16,480 Speaker 1: a lifestyle with money is coming towards you now that 273 00:13:16,559 --> 00:13:19,199 Speaker 1: everyday person doesn't understand that because either they live in 274 00:13:19,280 --> 00:13:21,719 Speaker 1: check the check, or they trying to survive, or they 275 00:13:21,760 --> 00:13:24,880 Speaker 1: barely have a savings account. Now you what type of 276 00:13:24,880 --> 00:13:26,640 Speaker 1: people are you dealing with? What type of people are 277 00:13:26,640 --> 00:13:30,200 Speaker 1: you coaching? Miss Fox? Are you talking about everyday people 278 00:13:30,559 --> 00:13:35,200 Speaker 1: or people who have a certain financial pool of success? No? Um, 279 00:13:35,240 --> 00:13:37,880 Speaker 1: so I don't. I don't turn people away. I think 280 00:13:37,960 --> 00:13:40,240 Speaker 1: one of the things I don't do during my time 281 00:13:40,240 --> 00:13:43,640 Speaker 1: as a financial vivor, I don't solicit um because when 282 00:13:43,640 --> 00:13:46,440 Speaker 1: people are ready, they will come and Um. For me, 283 00:13:46,559 --> 00:13:48,839 Speaker 1: I've never said, hey, come work with me, come get 284 00:13:48,880 --> 00:13:51,000 Speaker 1: your money in order. When people are ready and they 285 00:13:51,200 --> 00:13:53,520 Speaker 1: they've exhausted all options, have made all the mistakes that 286 00:13:53,559 --> 00:13:56,280 Speaker 1: they could possibly have made themselves, they will surrender and 287 00:13:56,360 --> 00:13:59,000 Speaker 1: ask for help. And to be honest, if you if 288 00:13:59,040 --> 00:14:00,720 Speaker 1: you would have if you could have gotten it, you 289 00:14:00,720 --> 00:14:03,000 Speaker 1: would have been a different person today. So who you 290 00:14:03,000 --> 00:14:04,600 Speaker 1: are there has gotten you this far. So in order 291 00:14:04,600 --> 00:14:06,880 Speaker 1: to be somebody different, you have to do different and 292 00:14:06,920 --> 00:14:09,720 Speaker 1: people have to be ready to receive that. But for me, 293 00:14:09,760 --> 00:14:12,959 Speaker 1: I don't turn anybody away. Ideally, I just work for 294 00:14:13,040 --> 00:14:17,239 Speaker 1: people who want to learn how to make financially educated decisions, 295 00:14:17,480 --> 00:14:19,960 Speaker 1: so they are looking to get the education behind that. 296 00:14:20,320 --> 00:14:23,160 Speaker 1: And I truly believe when people are ready, when they 297 00:14:23,200 --> 00:14:25,480 Speaker 1: realize that, you know, I've made every mistake in the book, 298 00:14:25,520 --> 00:14:28,800 Speaker 1: I'm exhausted, I'm frustrated. Somebody has to help me. They're 299 00:14:28,800 --> 00:14:31,720 Speaker 1: taking the risk on them. But it's easier to work 300 00:14:31,720 --> 00:14:33,560 Speaker 1: with people who want help as a close to telling 301 00:14:33,600 --> 00:14:36,280 Speaker 1: someone you need help, because when you tell someone you 302 00:14:36,320 --> 00:14:39,240 Speaker 1: need they need help, it's actually more so offensive to them. 303 00:14:39,440 --> 00:14:42,560 Speaker 1: So when people are ready, they reach out, um, and 304 00:14:42,680 --> 00:14:44,800 Speaker 1: it's not they'll get referred or things like that. But 305 00:14:44,840 --> 00:14:47,440 Speaker 1: I've never said, hey, you need to get your life 306 00:14:47,440 --> 00:14:49,600 Speaker 1: in order, because it's a touchy subject. When people are 307 00:14:49,600 --> 00:14:51,400 Speaker 1: ready to get their life for order, and they see 308 00:14:51,400 --> 00:14:53,800 Speaker 1: the opportunity or they see someone or something that can 309 00:14:53,880 --> 00:14:56,680 Speaker 1: help them, they will make it a priority to get 310 00:14:56,720 --> 00:14:59,360 Speaker 1: themselves better financial because you are talking just successful people, 311 00:14:59,760 --> 00:15:02,000 Speaker 1: and know one thing about a successful person, You don't 312 00:15:02,000 --> 00:15:04,520 Speaker 1: want to tell them they they're they're dumb, or they're 313 00:15:04,560 --> 00:15:06,440 Speaker 1: making the mistakes. You know, you want to coach them 314 00:15:06,440 --> 00:15:08,880 Speaker 1: through the process and go, let's look at it this way. 315 00:15:09,200 --> 00:15:12,360 Speaker 1: How have you considered this? How about this? You never 316 00:15:12,400 --> 00:15:15,640 Speaker 1: just go right in. You should do this? All major pushback. 317 00:15:15,840 --> 00:15:18,760 Speaker 1: But if you say, have you considered this, here are 318 00:15:18,800 --> 00:15:22,000 Speaker 1: some options. Those are terms that if you're good at 319 00:15:22,000 --> 00:15:23,680 Speaker 1: what you do and she knows I'm telling the truth, 320 00:15:23,840 --> 00:15:25,200 Speaker 1: those are the terms you have to talk to when 321 00:15:25,240 --> 00:15:27,640 Speaker 1: you're talking to successful people, especially when you're talking about 322 00:15:27,640 --> 00:15:30,200 Speaker 1: their money and what they've done with their money. Now, 323 00:15:30,280 --> 00:15:32,720 Speaker 1: let's talk about ways to invest in. How to start? 324 00:15:33,160 --> 00:15:36,960 Speaker 1: That's a big controversy. And uh, and you see the 325 00:15:37,000 --> 00:15:39,440 Speaker 1: stock market, you know, you see Donald Trump talking about 326 00:15:39,520 --> 00:15:42,080 Speaker 1: the stock market. If if you walk away from the presidency, 327 00:15:42,120 --> 00:15:45,200 Speaker 1: the stock market is gonna crash. How do you invest in? 328 00:15:45,240 --> 00:15:47,520 Speaker 1: How do you start? And it is starting in the 329 00:15:47,600 --> 00:15:52,480 Speaker 1: stock market the key to starting. Um Well, if you 330 00:15:52,520 --> 00:15:54,480 Speaker 1: get down to the root of every type of investment, 331 00:15:54,600 --> 00:15:56,920 Speaker 1: pretty much every type of investment, it is all rooted 332 00:15:57,280 --> 00:15:59,360 Speaker 1: and connected to the stock market won't way shape before. 333 00:15:59,680 --> 00:16:02,840 Speaker 1: But more people don't know if those retirement plans, those pensions, 334 00:16:02,880 --> 00:16:06,160 Speaker 1: the hospitals you go to, they all take their money 335 00:16:06,200 --> 00:16:10,360 Speaker 1: and it's being invested somewhere. Um So people want need 336 00:16:10,440 --> 00:16:12,680 Speaker 1: to realize that saving is not going to build you wealth. 337 00:16:12,760 --> 00:16:15,440 Speaker 1: Investing will saven will keep your money safe. But it's 338 00:16:15,480 --> 00:16:18,120 Speaker 1: not going to increase your network by any means. And 339 00:16:18,160 --> 00:16:20,800 Speaker 1: I think we have this mindset of I have to 340 00:16:20,800 --> 00:16:22,200 Speaker 1: have money, I have to keep money, I have to 341 00:16:22,240 --> 00:16:25,480 Speaker 1: save money. That's a fear driven mentality, and that's coming 342 00:16:25,520 --> 00:16:27,680 Speaker 1: from a place of lacks of All you're focusing on 343 00:16:27,760 --> 00:16:30,320 Speaker 1: is fear. All you're going to attract is all the 344 00:16:30,360 --> 00:16:32,680 Speaker 1: things that you are scared of. When it comes to 345 00:16:32,680 --> 00:16:35,160 Speaker 1: invest in, the easiest way UM I always tell people 346 00:16:35,200 --> 00:16:37,480 Speaker 1: is to buy what you know. Once you understand the 347 00:16:37,520 --> 00:16:39,640 Speaker 1: core of the stock market, which ideally is just a 348 00:16:39,640 --> 00:16:42,840 Speaker 1: piece of ownership of a company, you essentially are investing 349 00:16:43,000 --> 00:16:46,960 Speaker 1: small pieces of your money in march businesses, and so 350 00:16:47,360 --> 00:16:49,600 Speaker 1: the easiest way to start is to buy what you know. 351 00:16:50,360 --> 00:16:52,640 Speaker 1: One of the exercises I often do with my students 352 00:16:52,640 --> 00:16:54,560 Speaker 1: and what adults is make a list of everything you 353 00:16:54,640 --> 00:16:56,960 Speaker 1: spend your time or money on. So from the water 354 00:16:57,000 --> 00:16:58,960 Speaker 1: you drink, the car you drive, the food you eat, 355 00:16:58,960 --> 00:17:01,400 Speaker 1: to close you where, the social media apps you use, 356 00:17:01,480 --> 00:17:04,480 Speaker 1: the phone you use, your cable company. All these companies 357 00:17:04,520 --> 00:17:07,800 Speaker 1: are making money off of your consumption. And especially specifically 358 00:17:07,800 --> 00:17:09,680 Speaker 1: in the black community, we have a one point three 359 00:17:09,720 --> 00:17:12,159 Speaker 1: chillion dollar buying powers which means that after all of 360 00:17:12,160 --> 00:17:15,680 Speaker 1: our bills are paid, there's one point three trillion dollars 361 00:17:15,720 --> 00:17:19,800 Speaker 1: being given to some company because we are always a consumer, 362 00:17:20,320 --> 00:17:23,720 Speaker 1: and so as opposed to giving our money away, sit 363 00:17:23,800 --> 00:17:25,840 Speaker 1: and think about how much does it cost to own 364 00:17:25,880 --> 00:17:27,800 Speaker 1: a piece of this company? Because a lot of the 365 00:17:27,880 --> 00:17:31,359 Speaker 1: large companies that we utilize every day are publicly traded 366 00:17:31,400 --> 00:17:34,560 Speaker 1: companies and you are able to buy stops. So for instance, Apple, 367 00:17:34,880 --> 00:17:37,320 Speaker 1: it costs more to own the new Apple iPhones than 368 00:17:37,359 --> 00:17:39,359 Speaker 1: it does to own a piece of Apple as an 369 00:17:39,480 --> 00:17:42,280 Speaker 1: entire company, and a lot of a lot of the 370 00:17:43,320 --> 00:17:46,760 Speaker 1: beverages that we drink. Just we have no idea everything 371 00:17:46,800 --> 00:17:50,919 Speaker 1: you touch and feel and consume is a company. Someone 372 00:17:51,040 --> 00:17:53,520 Speaker 1: is making money from the chair you're sitting on. Somebody 373 00:17:53,560 --> 00:17:56,560 Speaker 1: made that chair, and someone bought that chair because they 374 00:17:56,600 --> 00:17:58,560 Speaker 1: knew you were going to sit on it. Because you 375 00:17:58,600 --> 00:18:02,119 Speaker 1: are using that chair, that company makes money. We need 376 00:18:02,200 --> 00:18:04,879 Speaker 1: to have a proactive mindset on should I cannot go 377 00:18:04,960 --> 00:18:07,480 Speaker 1: invest in this company? And if you're loyal to the 378 00:18:07,560 --> 00:18:11,879 Speaker 1: brand on a consistent basis, they are consistently getting your consumption, 379 00:18:11,960 --> 00:18:14,480 Speaker 1: your money, or your time. And I think what wealthy 380 00:18:14,520 --> 00:18:18,560 Speaker 1: people value is ownership versus spending in the black community. 381 00:18:18,560 --> 00:18:21,159 Speaker 1: Most specifically, we want to look good, we want to 382 00:18:21,280 --> 00:18:23,520 Speaker 1: feel good because deep down the side, we don't always 383 00:18:23,520 --> 00:18:26,480 Speaker 1: feel like we are good, not realizing that these fortune 384 00:18:26,520 --> 00:18:30,760 Speaker 1: pot under companies are are here because of what we 385 00:18:30,880 --> 00:18:33,159 Speaker 1: spend our time and money on. Not saying that it's 386 00:18:33,200 --> 00:18:36,359 Speaker 1: bad to spend, but if you can't buy it twice, 387 00:18:36,400 --> 00:18:38,639 Speaker 1: you can't afford it. If you can't invest it twice, 388 00:18:38,680 --> 00:18:40,560 Speaker 1: you shouldn't be buying it. And so in this case, 389 00:18:40,680 --> 00:18:43,000 Speaker 1: it's not just buy the product, it's also owned stock 390 00:18:43,080 --> 00:18:45,600 Speaker 1: in the company that makes the products that we are 391 00:18:45,640 --> 00:18:49,920 Speaker 1: always using as people. MS Fox, you're too smart. I'm 392 00:18:49,960 --> 00:18:53,560 Speaker 1: telling you. I'm a smart guy. Now you're boring the 393 00:18:53,560 --> 00:18:57,480 Speaker 1: phone talking to you? Pretty smart now? And uh you 394 00:18:57,600 --> 00:19:02,359 Speaker 1: pretty you you? I'm jaousing um. I always like to 395 00:19:02,359 --> 00:19:04,159 Speaker 1: I always tell people, and they when they's smarter than me, 396 00:19:04,280 --> 00:19:07,359 Speaker 1: I gotta applaud them. Girl, you got it going on, 397 00:19:08,000 --> 00:19:10,600 Speaker 1: and they but your logic. But you're logic because I've 398 00:19:10,640 --> 00:19:13,159 Speaker 1: heard all these things and it's now do you I 399 00:19:13,160 --> 00:19:14,760 Speaker 1: know we're running out of time on quick? Do you 400 00:19:14,800 --> 00:19:19,760 Speaker 1: manage a fund? No? I do not. I purely am education. 401 00:19:20,280 --> 00:19:23,480 Speaker 1: You should you should manage your fund. You should, man, 402 00:19:23,480 --> 00:19:25,120 Speaker 1: I'm just telling you. You You know what they're talking about. 403 00:19:25,119 --> 00:19:27,080 Speaker 1: You should. You should start your own fund. And guess 404 00:19:27,080 --> 00:19:29,680 Speaker 1: who'll be first one following you in ra Sean mcdonn 405 00:19:30,440 --> 00:19:32,280 Speaker 1: following you in deep. I'm just telling you, you you know 406 00:19:32,359 --> 00:19:34,880 Speaker 1: that's where the money at. So you need to consider 407 00:19:34,920 --> 00:19:38,440 Speaker 1: that because you are a special young lady. You are special. 408 00:19:38,520 --> 00:19:41,919 Speaker 1: You got because your articulation, your your I mean, you 409 00:19:41,960 --> 00:19:44,119 Speaker 1: don't stutter when you talk. That's key when you're when 410 00:19:44,160 --> 00:19:45,800 Speaker 1: when people you don't know abody to stutter when they're 411 00:19:45,800 --> 00:19:48,720 Speaker 1: talking about your money. You want clarity. You know she 412 00:19:48,720 --> 00:19:51,560 Speaker 1: she don't break stride, she just be rolling. Do this. 413 00:19:51,680 --> 00:19:54,399 Speaker 1: Do this iPhone because you can buy stock because it's 414 00:19:54,440 --> 00:19:56,959 Speaker 1: cheaper than iPhone. I go, that's true, Apple stock one 415 00:19:56,960 --> 00:20:00,560 Speaker 1: tinter that iPhone. You know I could have six times 416 00:20:00,920 --> 00:20:03,960 Speaker 1: six shares iPhone. Stop so good, but we gotta go. 417 00:20:04,040 --> 00:20:06,040 Speaker 1: Miss Fox. Uh, you know you're coming back on the show. 418 00:20:06,080 --> 00:20:09,560 Speaker 1: You know what They're right? Yes, all right, you stay strong, 419 00:20:09,640 --> 00:20:12,320 Speaker 1: you keep winning this Rushan McDonald and Miss Ashley M. 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