Speaker 1: Welcome to Money Making Conversations. It's the show that she
Speaker 1: is the secrets of success experience firsthand by marketing and
Speaker 1: branding expert Rashan McDonald. I will know he's giving me
Speaker 1: advice on many occasions. And in case you didn't notice,
Speaker 1: I'm not broke. You know he'll be interviewing celebrity CEOs,
Speaker 1: entrepreneurs and industry decision make because it's what he likes
Speaker 1: to do, it's what he likes to share. Now it's
Speaker 1: time to hear from my man, Rashan McDonald money Making Conversations.
Speaker 2: Here we go, Hi, Rashan McDonald, I host this weekly
Speaker 2: money making conversation masterclass show.
Speaker 3: The interviews and information that this show provides off for everyone.
Speaker 3: It's time to start reading other people's success stories and
Speaker 3: start living your own. My guess is Ashley M. Fox.
Speaker 3: She's a former Wall Street analyst at Howard University, grad
Speaker 3: and now an expert in upfield as a financial education
Speaker 3: specialist after health and manage money for millionaires and billionaires.
Speaker 3: Doing her career Wall Street, actually felt that it was
Speaker 3: her god giving purpose that powered nine and nine percent
Speaker 3: Wall Street overlooks financially. This passion led her to quit
Speaker 3: and start her own company. Implify. Please welcome the Money
Speaker 3: Making Conversation Masterclass a financial dream Maker. Ashley M. Fox.
Speaker 3: How you doing Ashley?
Speaker 4: I am doing well. How are you look?
Speaker 3: Fantastic? Love the outfit that you have on.
Speaker 4: Thank you.
Speaker 3: Howard University grad that's at you know, just recently at
Speaker 3: the Celebration Bowl and in the I'm not trying to brag,
Speaker 3: but the sweet next to me was the vice president,
Speaker 3: Kamala Harris. So Anthony Anderson, good friend of mine, Howard Grad,
Speaker 3: Wendy Rick, Carol Robinson, Howard Grad. Howard seems to be
Speaker 3: putting out some big brands out there in the black
Speaker 3: community talk about their experience at Howard.
Speaker 5: So, Howard was actually my first choice, and I got
Speaker 5: accepted in Hower, but I wanted to go to Howard
Speaker 5: strictly for their School of Business.
Speaker 4: So I knew going into college.
Speaker 5: I liked math, I liked business, and I wanted to
Speaker 5: major in finance and at Howard, in my personal opinion,
Speaker 5: the best HBCU in the world. The way they trained
Speaker 5: their School of Business students. From the clothes that you wear,
Speaker 5: how you're trained to eat at the dinner table, how
Speaker 5: you are taught to interview.
Speaker 4: Howard really prepared me to get on Wall Street.
Speaker 5: And so being at Howard, I had four internships, three
Speaker 5: of them were at Wall Street investment banks, and that's
Speaker 5: really where I got the exposure and the desire to
Speaker 5: be a profound African American on Wall Street. So, to
Speaker 5: be honest, Howard trained me, groomed me, got me ready
Speaker 5: for Wall Street, and helped me become the woman I
Speaker 5: am today.
Speaker 3: Now let mess you. So what was your degree in finance?
Speaker 3: I got a business agree. My degree was in mathematics.
Speaker 3: And now I'm gon tell you something. Economics I couldn't
Speaker 3: deal with that. I that's a special math y'all doing
Speaker 3: over there. And so I commend you for doing that.
Speaker 3: But you had to. You were you supposed to be
Speaker 3: Wall Street glamor and everybody you told you worked on
Speaker 3: Wall Street. Wow, girl, you got it going on. Dealing
Speaker 3: with that initial where you were supposed to be you
Speaker 3: felt and people reacting so positively? What started making that
Speaker 3: transition to saying I can do more, I can do
Speaker 3: better for myself, make myself happy.
Speaker 5: So, if I'm being honest, I worked on Wall Street
Speaker 5: for the money. I wanted to have the highest paying
Speaker 5: job out of school. I wanted to travel, have nice clothes,
Speaker 5: and so that's what working on Wall Street got me.
Speaker 5: But I actually always wanted to be a teacher. What
Speaker 5: I felt like to make the kind of money that
Speaker 5: I wanted to make Wall Street. Wall Street gave it
Speaker 5: to me versus working in education or things like that.
Speaker 5: But when I was on Wall Street, my job was
Speaker 5: to work with individuals I had at least twenty five
Speaker 5: million dollars or more. So we worked with the ultra
Speaker 5: high network. So I'm in the bank accounts of millionaires
Speaker 5: and billionaires. I'm seeing where they.
Speaker 4: Shop, where they travel, where they lived, how they avoid it.
Speaker 5: I learned so much because I was so connected to
Speaker 5: their wealth. And after about eight months of being on
Speaker 5: Wall Street, I didn't want to be there anymore. And
Speaker 5: it wasn't that I didn't like what I did. I
Speaker 5: felt like I had. It was something more for me.
Speaker 5: I felt like I hit a ceiling. And when you're
Speaker 5: around millionaires and billionaires every day, you're either going to
Speaker 5: be intimidated.
Speaker 4: Or you're going to feel like you deserve to be
Speaker 4: on the other end of the table.
Speaker 5: And so I felt like I deserve to be that
Speaker 5: client and I started to calculate if I stayed on
Speaker 5: Wall Street for five, ten, fifteen years, I still would
Speaker 5: not have been in a position to be like the
Speaker 5: clients I served. And I learned that all of our
Speaker 5: clients either created their own idea or they invested in
Speaker 5: somebody else's idea. So I knew that I had to
Speaker 5: create something. But I felt like, for something we're using
Speaker 5: every day in our life, why is it not taught
Speaker 5: in our school system? Why are we talking about it
Speaker 5: at the dinner table? But you shouldn't have to major
Speaker 5: in finance work on Wall Street to get exposed to
Speaker 5: what I got exposed to.
Speaker 4: So I got to a.
Speaker 5: Space where I felt like, one, I deserved to be
Speaker 5: a wealthy client, but two who but Ashley Fox is
Speaker 5: going to take the information that I got exposed to
Speaker 5: Being an African American working on Wall Street. It was
Speaker 5: my job to financially empowered the world. So I was
Speaker 5: more so called to leave Wall Street because of what
Speaker 5: I felt like the world needed and what I was
Speaker 5: supposed to give.
Speaker 4: To the world.
Speaker 3: Now, I used to work for IBM. Now either quit
Speaker 3: IBM to pursue a career a stand up comedian, and
Speaker 3: then IBM everybody. Wow, dude, you got it. You got it. Now,
Speaker 3: it's a great story Wall Street. I'm going empower the
Speaker 3: people who were telling you that you were crazy? Who
Speaker 3: would tell you that? Who every I want to hear
Speaker 3: that side of the story.
Speaker 4: Everybody.
Speaker 5: People used to say to me, you went from working
Speaker 5: with rich people to working with people who don't have money.
Speaker 5: And at first it kind of was like, I mean, yeah,
Speaker 5: but in my mind it's like, well, but who's who
Speaker 5: else is going to serve these people? Like there's a
Speaker 5: ninety nine percent of the population that will never make
Speaker 5: it to the floor that I that I worked on, Like.
Speaker 4: You won't even make it to that to that space.
Speaker 5: And it's like, what if I gave the world Wall
Speaker 5: Street knowledge in an easy and digestible way so that
Speaker 5: they wouldn't believe they can be that client that I
Speaker 5: used to Because specifically in an African American community, it's
Speaker 5: not just that we don't have the access to the information,
Speaker 5: we have a lack of belief that we deserve to
Speaker 5: be in the room. So I wanted to be able
Speaker 5: to say, one, I know I can be in this room.
Speaker 4: I'm going to build up exactly how our clients was
Speaker 4: doing this.
Speaker 5: So while they might have started with one hundred million,
Speaker 5: I started buying stocks with one hundred dollars, and I
Speaker 5: knew that if I stuck with it, I could become
Speaker 5: that client that I served. But because of what I saw,
Speaker 5: my level of what was possible was connected to what
Speaker 5: I was my environment. Not everybody got exposed to what
Speaker 5: I got exposed to, so I felt like it was
Speaker 5: my job. But everybody thought I was crazy. Everybody thought
Speaker 5: it was crazy. To what I was doing started to
Speaker 5: really work when I started to go on TV. The
Speaker 5: articles would come out and now the But it's crazy
Speaker 5: because that was in twenty thirteen.
Speaker 4: I left Wall Street July of twenty thirteen. Years later.
Speaker 5: Now the world is ready for financial education, Like now
Speaker 5: there's a lot of people talking about finance. Now people
Speaker 5: want to learn. But back in twenty thirteen, people were
Speaker 5: not interested in learning. So I wanted to create a space,
Speaker 5: create a land. We started to teach a school system.
Speaker 5: Schools didn't know that they wanted financial education, but I
Speaker 5: knew the world needed it, and I had to be
Speaker 5: the one who gave it to the world.
Speaker 4: So I think it took some time to get people
Speaker 4: to believe.
Speaker 5: But We're now in a space where people know they
Speaker 5: want more, they deserve more, and I feel like, who
Speaker 5: but Ashley Fox? Who but Emplify is going to give
Speaker 5: them the financial resources and education through the eyes of
Speaker 5: someone who worked.
Speaker 4: On Wall Street?
Speaker 3: Now, Emplify, you said the name of the company, you
Speaker 3: put it out there, What does implify mean? And how
Speaker 3: did you come up with the name?
Speaker 5: So when I left Wall Street, I knew what Emplify
Speaker 5: felt like, right, so I will always call it it.
Speaker 5: I wanted to give the world something they never had,
Speaker 5: but I wanted to work with people that I could
Speaker 5: build pull out their greatest potific I didn't want to
Speaker 5: work with the richest people who had it. I wanted
Speaker 5: to work with the people who didn't believe they could
Speaker 5: be rich, but had the potential to do it. So
Speaker 5: I was walking around calling it it. But I realized
Speaker 5: that I wanted to create something the world had never
Speaker 5: seen before. So I listed out one day all the
Speaker 5: words to describe what I wanted to give to the world.
Speaker 5: So I wanted to empower the world, change the world,
Speaker 5: educate the world. And I found this random website and
Speaker 5: I put in all the words that described what I
Speaker 5: would give to the world.
Speaker 4: And then emplify stuck out. And so emplify is.
Speaker 5: The word empower and modify merge together because so many
Speaker 5: people think, yeah, I need the education, but a lot
Speaker 5: of the things that we teach you can find it
Speaker 5: on the internet.
Speaker 2: Right.
Speaker 4: It's one thing to give information but lack inspiration.
Speaker 5: So first, yeah, we're going to educate you, but we
Speaker 5: got to empower your mind because when we make you
Speaker 5: believe you deserve this education, you can do something with
Speaker 5: this education. It changes the way you think. And so
Speaker 5: that's where the word modify comes from. So essentially, while
Speaker 5: we're giving you financial education, we are a fintech startup
Speaker 5: that is revolutionizing how adults and children learn how to
Speaker 5: build well. We focus on making you believe you deserve it,
Speaker 5: giving you the tools and resources to do it, which
Speaker 5: then shifts your entire mind around how you see yourself
Speaker 5: in the role of money in your life.
Speaker 3: This is why she's special. Okay, Now she motivates you,
Speaker 3: that's the key. Listen to it. She almost like comes
Speaker 3: out of the screen to tell me you can earn,
Speaker 3: you can be successful. That's when I first met her,
Speaker 3: and I've been trying to get it back on my
Speaker 3: show for three years. And didn't know I had her
Speaker 3: cell phone in my phone. So that's that's another story.
Speaker 3: And because of the fact that you're right, there are
Speaker 3: people out there today talk about fintech financial advice, but
Speaker 3: their number one goal is to get in some type
Speaker 3: of course. And I don't believe the course they're getting
Speaker 3: in into me gonna work because I don't believe them.
Speaker 3: I don't believe that there's a desire to see me
Speaker 3: be successful. There's no plan to make me enable me successful.
Speaker 3: But every time I hear you talk, Ashley, there's a
Speaker 3: personal tone in your voice that says, I care, I
Speaker 3: want you to win, and I'll do whatever it takes
Speaker 3: within my God given talent to help you win. Does
Speaker 3: that come out.
Speaker 4: You said it. When you said it, I felt it
Speaker 4: in my soul.
Speaker 5: You're one hundred percent right because it was never about
Speaker 5: money for me. Like I quit my job not to
Speaker 5: make money. I left my job because I felt like
Speaker 5: I was the only person who cared to do this.
Speaker 5: Like the financial industry, just the banking system, they don't
Speaker 5: need you to be financially educated to still make billions
Speaker 5: of dollars, right, But there's an audience that can become
Speaker 5: that Wall Street client.
Speaker 4: If you love nurture, guide, support, and push.
Speaker 5: And so I like to describe emplithy and our welcome
Speaker 5: this community at We're like the Harvard of Finance. Like
Speaker 5: when you go to Harvard, it's not just that they
Speaker 5: recruit and have great students. They make sure that you finish.
Speaker 5: No matter what happens throughout your time at Harvard, there
Speaker 5: are people there to support you, to guide you because
Speaker 5: they care about their reputation and the cultivation of the
Speaker 5: people that go to that institution.
Speaker 4: Just think about the private school system.
Speaker 5: You want a certain type of education that costs a
Speaker 5: certain type of money to cultivate an environment and the
Speaker 5: results that you need.
Speaker 4: But that's not available to everybody.
Speaker 5: Not everybody is going to Harvard, not everybody can afford
Speaker 5: private school, but everybody uses money. And so, because I
Speaker 5: understand the financial industry, because I understand the people that
Speaker 5: I served, Like I've taught in prison systems, I've taught
Speaker 5: in public school systems. There's really no aspect of money
Speaker 5: that I have not seen. I've been in the homes
Speaker 5: of billionaires. But in order to connect the financial industry
Speaker 5: to the everyday person, to get them to believe they
Speaker 5: are even allowed to make this type of well, they're
Speaker 5: even able to understand the language. I have to create
Speaker 5: a universal language that merges it too. So emplify was
Speaker 5: a word that I needed to create because I needed
Speaker 5: you to know this is not anything you have ever
Speaker 5: seen before. But you are going to become someone you
Speaker 5: have also never seen before, and we're going to help
Speaker 5: you do it.
Speaker 3: Wow. Wow, mean I've got some money. I'll rather take
Speaker 3: it out and give it to you, just just for
Speaker 3: the speech alone. I'm rather to give you some money.
Speaker 3: Let's continue this conversation. The black community, of black and
Speaker 3: brown community, the minority community, especially the older community. You know,
Speaker 3: rumors still keep money in the mattress, still don't trust
Speaker 3: the financial system. Fear if you can break down twenties, thirties, forties,
Speaker 3: fifties and above, talk about each one of those groups
Speaker 3: and tell you their mindset and what you have to
Speaker 3: do to convince the twenties to invest, the thirties to invest,
Speaker 3: the forties and the fifties.
Speaker 5: So for one week, as a community, we got to
Speaker 5: see it to believe it.
Speaker 4: So who I am, what I do matters, right.
Speaker 5: I can't come in in a black and blue suit
Speaker 5: talking over your head because you're not going to trust me. Right,
Speaker 5: I got to look like you. I got to connect
Speaker 5: with you. I have to meet you where you are.
Speaker 5: The way we were able to get in the school
Speaker 5: systems and help eight year olds learn how to invest,
Speaker 5: we had to understand what an eight year old is
Speaker 5: talking about, what they're feeling, what they're thinking. Right, So
Speaker 5: I can honestly say that no matter the age you are,
Speaker 5: you want to make money.
Speaker 4: Right.
Speaker 5: But in society we have been ingrained to go to school,
Speaker 5: get a job, and then you get that job to
Speaker 5: pay for school. That entire structure makes the banking system richer.
Speaker 5: The more debt you take out, the more money you spend,
Speaker 5: help helps the banking system make more money. Right, And
Speaker 5: we have to recognize, especially as African Americans, with us
Speaker 5: having over a trillion dollars of buying power, we are
Speaker 5: not broke, right, we have money, we just choose suspend
Speaker 5: it because nobody has embedded in our mind what it
Speaker 5: truly means to build wealth in America. So the older generation,
Speaker 5: they have fears, they have doubts, they have worries, and
Speaker 5: and it's one hundred percent validated, right, So not once
Speaker 5: will I ever tell people you're not supposed to feel
Speaker 5: like that, because I understand why you feel that way. However,
Speaker 5: in order to create the life that you want, so
Speaker 5: that you don't have to depend on the job, so
Speaker 5: that you don't have to depend on the government, so
Speaker 5: that you can make money in your sleep, you have
Speaker 5: to do something you've never done for you have to
Speaker 5: become somebody different.
Speaker 4: So let's talk about what the one percent does.
Speaker 5: Right, they're owning stock in these companies that they're giving
Speaker 5: their money to, So let me tell you how you can.
Speaker 5: Then we think, oh, I don't have a lot of money,
Speaker 5: Well where'd you get the idea you needed a lot
Speaker 5: because the people who do it.
Speaker 4: Have a lot of money.
Speaker 5: Well, I mean I on stocking trillion dollar businesses and
Speaker 5: it don't cost me less than two hundred dollars to
Speaker 5: do it. Let's talk about if you have two hundred dollars.
Speaker 5: Let's talk about if you have fifty dollars to get started.
Speaker 5: So there's different types of investments where we're able to
Speaker 5: get into real estate, we're less than two hundred, where
Speaker 5: we're able to invest in some of the biggest invest
Speaker 5: companies that we use every single day, and we're able
Speaker 5: to get in and not have to have a lot
Speaker 5: of money. There's companies that are billion dollar businesses that
Speaker 5: run this country that pay out passive income every ninety
Speaker 5: days in the form of a dividend. If you can
Speaker 5: buy one share, you can play the money game. You
Speaker 5: have to have the desire and the consistency to build
Speaker 5: over time. And I always tell people a whole lot
Speaker 5: of five dollars can lead you to.
Speaker 4: A million dollars.
Speaker 5: But I got to make you believe that your five
Speaker 5: dollars is worth something, because you're worth something.
Speaker 6: We'll be right back with more Money Making Conversations Masterclass.
Speaker 6: Welcome back to the Money Making Conversations Master Class, hosted
Speaker 6: by Rashaan McDonald.
Speaker 5: And so it's getting people to understand it's okay to
Speaker 5: feel how you feel, but I want to talk about
Speaker 5: where you're going. I don't want to know where America was.
Speaker 5: I want to know where you and your family's legacy
Speaker 5: is going to go. So let's talk about that and
Speaker 5: build that infrastructure, and let me show you how you
Speaker 5: can do that in an easy way without needing a
Speaker 5: lot of money, without anybody trying to sell you anything.
Speaker 5: Because our emplify gets better. When we educate better, that's
Speaker 5: how we get big. So for me, it's understanding what
Speaker 5: drives you, what are you scared of? And like, right
Speaker 5: now we go toe to toe. You cannot tell me
Speaker 5: you cannot invest. There is a solution, there is a way,
Speaker 5: and I can show you it can get done.
Speaker 4: But when you do it, it's like wow, it's not
Speaker 4: that hard. Wow, And now.
Speaker 5: There's a sense of belief, there's a sense of ownership.
Speaker 5: And my job is to keep that continuing thought process
Speaker 5: and push so that you keep going. Next thing, you know,
Speaker 5: your whole life is different. But you didn't have to
Speaker 5: get rich quick. You learn how to build wealth over time,
Speaker 5: which is exactly what the one percent does.
Speaker 3: Now, let's transition how to become a wealth builder member
Speaker 3: because of the fact that JE the past has show me.
Speaker 3: I remember my twenties, a guy named Don. He said, Rashaan,
Speaker 3: just invest one hundred, one hundred dollars a month, just
Speaker 3: put one hundred dollars a month. Just set this side.
Speaker 3: But in my mind I couldn't wrap my head around
Speaker 3: what he was talking about. He's talking about a compounded
Speaker 3: interest over time. It is going to be you'll be
Speaker 3: a wealthy person if you just give one hundred dollars
Speaker 3: a month. I didn't get that. And then what happens is, well,
Speaker 3: you don't invest at a certain age, your mindset said, well,
Speaker 3: it's too late, it's too late. I think that's what
Speaker 3: you're talking about, trying to get rich fast. I'm trying
Speaker 3: to catch up for when I did invest in my twenties.
Speaker 3: Now that being a wealth build member. How did that start?
Speaker 3: And then how does it? What are the advantages of
Speaker 3: in a wealth building money?
Speaker 4: So when we were.
Speaker 5: So we started out creating programs in the school system,
Speaker 5: we were in the prison system.
Speaker 3: And first let's talk about the prison system right there,
Speaker 3: because I never heard that, you know, somebody offering financial
Speaker 3: advice for people who are incarcerated.
Speaker 5: So I think that was probably the most impactful and
Speaker 5: most daunting thing I ever did, because in that moment,
Speaker 5: and so what we did we had a program before
Speaker 5: the law was passed that miners could no longer be
Speaker 5: housed with adults in the prison system. They took all
Speaker 5: of the miners out of Rikers Island and they put
Speaker 5: them into a detention center.
Speaker 4: And so immediately at those kids left.
Speaker 5: Rankers, we were there to provide extra programmer for them,
Speaker 5: and we provided financial education and I had to meet
Speaker 5: them where they were. But here's the thing. I couldn't
Speaker 5: bring in technology. Everything is considered a weapon in the
Speaker 5: prison CIP. So I had to get very creative, create
Speaker 5: stories and narratives and make them believe that they could
Speaker 5: do it. But again, I think I always tell people
Speaker 5: that it's not it's not the student that needs to change,
Speaker 5: it's to teach that needs to learn how to better
Speaker 5: educate the student. So for me, it was like I
Speaker 5: need to understand you, I need to teach you. I
Speaker 5: need to love you, I need to care about you.
Speaker 5: And I'm also a woman going into a prison system teaching,
Speaker 5: teaching gods, they're not used to.
Speaker 4: That, so I have to come off a certain type
Speaker 4: of way.
Speaker 5: So but one of the things I learned in the
Speaker 5: prison system was America is a well oiled machine. I
Speaker 5: saw how they were, how they were conditioned to believe
Speaker 5: a certain way of life, to believe there was no hope,
Speaker 5: how it just it was. And so that was the
Speaker 5: most daunting thing because I would leave out of there
Speaker 5: probably every other session crying because that was the one
Speaker 5: time in life where it was like how am I
Speaker 5: about to change the whole world? And these kids are
Speaker 5: mentally gone because of the system that they were raised in, right,
Speaker 5: but it made me realize it was possible. And so
Speaker 5: when we think about financially educating anybody likes, it's understanding
Speaker 5: where we are, what we're scared of, what we want,
Speaker 5: what we desire, and how we can push you to
Speaker 5: the next level. Because you can't quit on me, because
Speaker 5: I'm not going inywhere you can give me one hundred
Speaker 5: million dollars right now. I'm wake up every day to
Speaker 5: financially empower the world to a point where the banking
Speaker 5: system needs emplify, where the public school system needs emplify.
Speaker 5: The world needs emplify the same way you need a
Speaker 5: tissue from cleanex. That's what you're you're gonna think about
Speaker 5: empify when you think of financial education. And so as
Speaker 5: we started to go in the prison system, go into
Speaker 5: the school system. When COVID hit, organizations didn't know what
Speaker 5: to do and the market crash. So when the market crash,
Speaker 5: I got excited because I was on Wall Street.
Speaker 3: I'm crying, I'm crying, I'm crying, see excited. I'm trying
Speaker 3: to figure out how we owned the same page in
Speaker 3: this conversation, Now, why did you get excited?
Speaker 5: Because so I was in my Howard dorm room in
Speaker 5: the two thousand and eight crash. Right that recession, I
Speaker 5: saw how the market tent right. I wasn't in the
Speaker 5: market yet, but I watched it. I was learning because
Speaker 5: I'm trying to get a job on Wall Street in
Speaker 5: twenty ten, eleven twelve. As I'm on Wall Street, I'm
Speaker 5: watching the market go back up. So I'm seeing the
Speaker 5: money that you made as a result of prices dropping
Speaker 5: because now the market's up. So if you got in
Speaker 5: when the market dropped, you got it at a cheaper price.
Speaker 5: I'm now seeing the economy companies bounce back. So I'm
Speaker 5: watching our clients make millions of dollars as a result
Speaker 5: of the market crash. So in my mind it was like, Okay,
Speaker 5: I know this typically happens every eight to ten years,
Speaker 5: depending on the cycle and when the market crash, and
Speaker 5: during the pandemic, I said, this is my chance.
Speaker 4: I was at Howard watching this on TV, but.
Speaker 5: This is my time because I always look at stock
Speaker 5: market crash it's like a Black Friday sale. You got
Speaker 5: some of the biggest companies in the world price is
Speaker 5: dropping that America can't live without. So I said, I'm
Speaker 5: not missing out on this crash. I'm going shopping. Now's
Speaker 5: the best time to learn, because while the world is
Speaker 5: making you scared, I'm gonna make you.
Speaker 4: I'm gonna educate you.
Speaker 3: Now as I close this, you know I'm over sixty.
Speaker 3: And when you hit over sixty or the other than
Speaker 3: guns told us to retire sixty five, like there's a
Speaker 3: real check waiting on us. Many cares on you, but
Speaker 3: there's no check waiting on you. How can we talk
Speaker 3: to my generation and tell them they can still invest,
Speaker 3: that they still should invest. They should not think there's
Speaker 3: no opportunity to succeed in the financial community. That floor
Speaker 3: is yours.
Speaker 5: So the first thing I would say is understand that
Speaker 5: you have done the best that you could with the
Speaker 5: resources you were given. Right and be okay with that.
Speaker 5: You are not behind you where you need to be.
Speaker 4: Right.
Speaker 5: You may have to do things differently, but that's okay.
Speaker 5: But the first thing you have to do is think
Speaker 5: about where you are. So, for example, if we were
Speaker 5: to go travel somewhere, we're gonna use Google Maps.
Speaker 4: The first thing you do.
Speaker 5: Is enter in the address right In order for Google
Speaker 5: Maps to build the roadmap, they got to know where
Speaker 5: you're going. Once they know where you're going, then they
Speaker 5: determine where you are. So the first thing is what
Speaker 5: does that retirement look like?
Speaker 4: Right?
Speaker 5: I don't even like the word retirement because it has
Speaker 5: its preconceived perception.
Speaker 4: What's your number?
Speaker 3: Like?
Speaker 4: Retirement is a dollar amount not in age? Right?
Speaker 5: So what do you want every single month for you
Speaker 5: to feel comfortable, to be at ease where you don't
Speaker 5: have to depend on anybody but the money in your account?
Speaker 4: What's that number? Right?
Speaker 5: And you want to work backwards right, So first decide
Speaker 5: this is what I want to come every month. This
Speaker 5: is what I want every year?
Speaker 4: Okay? Cool? Determine how far.
Speaker 5: You are from age eighty five, because that's typically that's
Speaker 5: what I don't want to look at it now understanding
Speaker 5: why that number might be big because you're going to
Speaker 5: need that money every year up until age eighty five
Speaker 5: ninety that might be big, but at least you kind
Speaker 5: of know this is where I need to go.
Speaker 2: Right.
Speaker 5: The other thing you want to think about when you
Speaker 5: have a portfolio of assets, on average, you might get
Speaker 5: a four to six percent return if you invest in
Speaker 5: a dividend stock.
Speaker 4: And that's kind of basic, right.
Speaker 5: So if you have a million dollar portfolio, six percent,
Speaker 5: you can sixty thousand a year, which is five thousand
Speaker 5: dollars a month. Think about, Okay, what can I do
Speaker 5: to build a million dollar portfolio. But before you hit
Speaker 5: a million dollars, you gotta get a five thousand lot
Speaker 5: of portfolio.
Speaker 4: And before you get the five thousand, you gotta get
Speaker 4: the two thousand.
Speaker 5: So start to look at the pieces to what you
Speaker 5: need to create the life that you want. We get
Speaker 5: so discouraged by the big old picture. Now the other
Speaker 5: thing you want to then do is figure out what
Speaker 5: you already have. So many people have retirement accounts at
Speaker 5: their job that they don't know what's in it. They
Speaker 5: don't know how much it is, they don't know how
Speaker 5: it's been performing. Take inventory of all the accounts you have,
Speaker 5: if you have multiple accounts, get an idea of what
Speaker 5: you have to see how close you need, how close
Speaker 5: you are to hit your goal. Because I work with
Speaker 5: so many individuals planning for retirement. Next thing you know,
Speaker 5: they got money over here, money over here because you
Speaker 5: didn't know how to read the statement, or you didn't
Speaker 5: know what investment you have.
Speaker 4: Even though it is your money, you operate like it
Speaker 4: doesn't matter.
Speaker 5: Right, Like if I ask you how much of your
Speaker 5: money do you care about? What you're going to say,
Speaker 5: how much of your money.
Speaker 3: Do you care about? All of it?
Speaker 4: Then you need to know where all of it is.
Speaker 5: And so because we don't know finance, we think our
Speaker 5: money doesn't matter. But it does matter. So take inventory
Speaker 5: of what you have. Then you want to look at
Speaker 5: what's inside of these accounts.
Speaker 4: You might be.
Speaker 5: Invested in some good stocks, like you don't know because
Speaker 5: we run from something we're not familiar with.
Speaker 4: Building wealth is like learning a new language. That's it. Now,
Speaker 4: how do you learn a new language.
Speaker 5: You have to study it, you have to speak it,
Speaker 5: and you have to be around people who are already
Speaker 5: speaking that language. And if not, you're not going to
Speaker 5: become fluent. You have to constantly allow yourself to speak
Speaker 5: a new language and walk into that. So I would say,
Speaker 5: get a clear idea of what you want every year,
Speaker 5: regardless of what you're capable of what you have. Now,
Speaker 5: then take inventory of what you have and understand what's inside.
Speaker 5: You might find you might have some mutual funds. Let's
Speaker 5: talk about what mutual funds are. Let's talk about what's
Speaker 5: inside the mutual funds. Get clear on where your map
Speaker 5: is starting, because then you have the ability to build
Speaker 5: the roadmap to take you to where you want to go,
Speaker 5: no matter the age.
Speaker 3: Wow, she's Ashley on Fox. I call her the financial
Speaker 3: dream Maker. The reason why I wanted to bring you
Speaker 3: on the class is exactly what you've done for the
Speaker 3: last twenty five thirty five minutes is that you've exposed
Speaker 3: us to an environment that we can epetcipate, We can
Speaker 3: be a part of it. Wealth Builder go to amplify
Speaker 3: dot com wealth builder dot com. Also, you see this
Speaker 3: fantastic face motivate you, let you know that you can
Speaker 3: You can have a piece of the pie or a
Speaker 3: piece of the pizza. Thank you again Ashley and Fox
Speaker 3: for coming on Money Making Competations Masterclass Show.
Speaker 6: Thank you, thank you, thank you for joining us for
Speaker 6: this edition of Money Making Conversations Masterclass. Money Making Conversations
Speaker 6: Masterclass with rough Shan McDonald is produced by thirty eight
Speaker 6: to fifteen Media Inc. More information about thirty eight to
Speaker 6: fifteen Media Inc. Is available at thirty eight to fifteen
Speaker 6: media dot com. And always remember to lead with your
Speaker 6: gifts thing