What I specifically like concerning owning your
very own company is that you have placed on your own in a setting where creating
wide range goes to least possible. Currently consider it by doing this: You know tennis, everyone'' s saw tennis, played tennis, but if'you ' re having fun tennis as well as the round is way, method over here, method over below, all right so the very first point you have to do if you'' re gon na strike the round is if you'' re method over there, you ' ve reached obtain in setting to be able to hit the round. You can'' t hit an excellent shot from means back over there there'' s no chance! It ' s the same with riches. You need to give yourself a chance as well as your ideal chance includes your own business. You understand, the research study reveals that 90% of all self-made millionaires did it in their own business Why? Let me tell you why … Because what I call Ensure you remember this. You write this down you. You publish it on your forehead. On your mirror … Riches Regulation # 1 And also here it is … I will repeat that: No Limits On Your Income Here'' s the problem … If you remain in a job, or you get paid a set wage, or even in any scenario where you earn money by the hour, that suggests you are being paid for your, what? Your time.And of training course here ' s the challenge: there'' s just 1 day in the day and also since time and also your time is restricted, your revenue comes to be, what? Minimal … And you'' ve broken one of the most vital guideline of wide range: No Limits On Your Income.
most people don't know is that wealthy people focus on making money and preserving their wealth that's all that matters no matter how much money we do or do not have we are training our minds to know hey if I have $10 it's my job to think like a billionaire and billionaires are setting their money aside they're investing their money they're creating money and they're no longer just relying on one stream of income to put them in position to build [Music] wealth it has to work where it has to work welcome to another episode of Circle of greatness I'm your host Nehemiah Davis and today we got a special one for you so my goal this year is to help so many people become Financial literate help so many people just understand how money Works help so many people create cash flow and I've been watching this young lady for so many years from she had her program in schools literally educating kids on stocks right literally worked on Wall Street and I talk about literally does what she preaches all day long and is responsible for helping so many people create cash flow so I said you got to come over and educate me about this reach things about stocks and about creating cash flow for everyday people so without further Ado I want to introduce you to our special guest of the day Ashley Fox how you feeling I'm feeling good thank you for having me oh thank you for being here how you doing I'm doing well I'm good learning and growing so you've been for years like I I've watched you from creating programs to teach youth about Style in about financial literacy doing the same thing for adults what you probably serve tens of thousands of people as of now just I think I think it's Millions million EXC excuse millions of people on just educating them on financial literacy and stocks and reats and different things like that right so I was on Wall Street for a while yeah and I realized well first I was working with Millionaires and billionaires so in order to talk to my team you had to have at least $25 million wow so have a conversation yes un if not we sent you downstairs wow so I was in the bank accounts of millionaires and billionaires so I was seeing what they were doing yeah and while I was making less than 100,000 um I wanted to do and become what I saw every day but I also realized that growing up I went to Howard major in finance worked on Wall Street I got access to this information because of my career choice but if you don't come from money you don't work in finance major you know or or work on Wall Street how do you get access to this and so when I left Wall Street my goal was to take the knowledge that they gave the 1% and build a platform build a company that targets the 99% That Wall Street overlooks wow what some of the things they was doing 25 million in account 50 what's a couple of those things one of the things one of the things that most people don't know is that wealthy people focus on making money and preserving their wealth that's all that matters yeah and not losing it so when you think about inflation like wealthy people we were trained that if they just parked their money in a savings account it was our job to go work with investors to put together a plan where they can execute and invest that money and I think we're we're we're we're conditioned I think we always got to work for money but now it's time for our money to work for us because this country wins when we spend money and I'm watching these clients who are owning the companies that I spend my money with the owning the basketball teams that I'm watching on TV and it's like well not everybody can see those bank accounts see those strategies but they're protecting their wealth and Trust Estates Wills things of that nature to make sure if they're no longer here how do I make sure my kids kids kids are set and there's strategies in place where you can set money down set money aside for your kids kids kids and avoid taxes right so I think it's it's understanding one their priority is I have to invest it's not an option it's a standard I have to protect my wealth I have to it's not an option it's a standard because if you have like 100 million doll and inflation is 6 7% you're losing millions of dollars by doing nothing wow so it's getting to a space where no matter how much money we do or do not have that we are training our minds to know hey if I have $10 it's my job to think like a billionaire and billionaires are setting their money aside they're investing their money they're creating money and they're no longer just relying on one stream of income to put them in position to build wealth so I would say multiple streams investing is a standard not an option that's and putting things in place to protect so if something would ever happen it's not the government that gets to keep it it's their family to keep it I think you should trademark that if you didn't investing is a standard not an option can you imagine how far we would be as a culture and Society if investing was a standard and not option yeah do you know how many how how many I don't even think I think America will still work but there will be a lot more wealth yeah because we have perfected especially African-Americans we have perfected how to spend yeah we good at that trillions of dollars of buying power but not recognizing that every time you are giving somebody your time or your money someone else is monetizing off of it just by you sitting on a social media platform watching a television show it's going to someone else and what they created now I always tell people there's two ways to really build wealth in this country first way is you either can create your own idea right or you can invest in somebody else's idea right so I run my company emplify and I've been through Hellen back I've been kicked out of places lost you know all types of things that's not for everybody but you can invest in somebody else's idea you can do that through through the stock market and it's really Opening Our Eyes to say hey you don't have to have millions of dollars anymore the game is different I I left walet in 2013 it used to cost me every time I process a transaction inside my investment account there was a fee that that no longer exists right so the doors are now open for the everyday person to get exposed I think we have to start letting go of the fear the doubt the worry and the conditioning that has been embedded in our minds to recognize this game is a game I can play because there is no America if you don't spend money so why not start investing in the things you're using investing in the companies that are getting your time your money and your energy because we don't have to not we don't have to hate America we can just get money with America ohoo you talking you talking that talk so I'm a new investor right meaning I invest in real estate I do invest in stocks but I'm not really educated on stocks like I got a stock portfolio I got a I got a nice amount in there but I'm not really educated nor do I have a plan yet for my kids when it comes to stocks and I know open up a what's that called a custodial account but I want to go through some what are some things that I need to be doing and others need to be doing right now to begin to start preparing for the standard like if we're now about to if everybody looking at this like I'm about to make this a standard let's walk through some of these steps of what we need to be doing okay let's I got a merit trade account I don't know if that's what we supposed to have but let's let's let's talk about so let's take a step back right first thing you got to recognize is you can no longer spend or save your way to wealth we all know we know L you can't spend or save your way to right that's the first thing so we need to invest y regard I don't care if it's with $5 $20 if you have made a commitment to pay your bills every month if you've made a commitment to spend money every month you have to make the commitment to pay yourself every month that's the first thing Y in order to invest the easiest way to do it is to open a brokerage account brokerage account so the brokerage account is what your amerit trade is right it's the it's the middleman between the in the seller of an investment and the buyer right so you open a broker account to buy stocks to buy reats to buy ETF right takes less than five minutes stocks reach each you got to break that down for the people so so stocks in buying stock in individual companies got it re Real Estate Investment Trust where you can own stock in a real estate company that owns and operates real estate and you can collect passive income ETF is like a bundle of stock so it's kind of like I don't just want to invest in LeBron James I want to invest in the entire Lakers team that has variety of players that and they all do different things that contribute to the overall win of the company can you invest in teams right now like NBA teams yeah is that something that's like a secret society I didn't know if they had ETS for no so the way same way you can own a piece of a company there are different shareholders that own a piece of NBA teams but those are more private transactions got I hear a lot of like just say Jesse Isler owner of the Atlanta Hawks they just said jcole bordon Jordan sold his team that's more of a hey investment groups and stuff like that private but same concept you're just saying well I don't have to it doesn't have to be NBA team I want to become part owner of Amazon I want to become part owner of Netflix and really starting to think what company so now you open a brokerage account you connect anyone you recommend um so I wouldn't say I recommend but let's it's at the end of the day they all do the same thing just so just open up a brok but what I would say is I personally coming from Wall Street I like the vets in the game lot of new apps that exist which are phenomenal right they are great to start not to finish so if we're going to play this money game we're talking to Fidelis of the world the Charles SCH which is now yeah like the E TD Charles TD so all these accounts are great so from the new apps that exist they're fine so if you already have one of those perfectly okay but if we're talking about hey I want to get to a space where I'm operating having millions of dollars you know whether it takes me it takes a month or 10 years some of the new apps can't produce and do the things you need to really create the life that you want just with features right so you get the brokerage account you connect it to your checking account so you're going to transfer the cash you have into your brokerage account so your brokerage account is your shopping account I'mma shop for my stocks for my investments you can easily sell it and when you want the cash you can transfer back to your checking or savings account you I've had the privilege to help hundreds and hundreds of people all around the world open up their own profitable event spaces utilizing my signature formula number one how to find a space number two how to fund the space and how to automate the space I've been in Atlanta Georgia now living for two years my spaces are still in Philadelphia operating doing extremely well because we use the same exact formula that I break down right if you're interested in learning how we can help you I want you to go to events sps.com watch your training or book a call with our team to see if you are a good fit again this is for you specifically if you looking for other ways to leverage your money and turn that into other streams of income right I don't believe there's a better time than right now for you to get tapped into the information in the game that can help you so again go to eventspace secrets.com watch the trainer the book a call with our team to see if you're a good fit for this opportunity let's go now once the account is open first thing I always tell people and even for you what do you use every day right it's not about looking at my social media or looking at the the gurus on the internet that's fine but I'm 34 years old with no kids I'm an auntie so how I invest my money might not be the same as someone who's 50 50 years old who has children right the easiest way to start is to make a list of companies you use every day from the soap you use to the open brokage make a list of all the companies you use day from from the toothpaste to the soap to the foods to the car to the gas right because if you are a consumer you know what the company does for a living right so instead of trying to find that random pharmaceutical company that somebody talked about on the internet because you want to make money fast start to invest in reputable businesses where you are a consistent customer yeah then you start to figure out are they publicly traded because not all compan so I run a company called amplify it's private right so the everyday person can't just invest in my business but publicly traded companies stocks on the stock exchange can be purchased by the everyday person the easiest way that I say you can figure that out is just typ in a company name type in stock and if a chart pops up in Google then you can buy stock in that company that's just the easiest way to do it now when you make that list then ask yourself who do you want to invest in like who do if you could be part owner of a company that in the next one 1 2 3 4 5 10 years who do who do I want to make money with right like who and one one thing that I personally do like I'm not like a I read stock charts every day like I like the winners who's who's the number one Airline who's the number one e-commerce platform who dominates and runs this country because one thing you got to learn about America America would do everything in its power to protect their power meaning big companies produce jobs did you know that Amazon is the second largest employer in America meaning if they go under America loses because now there's no jobs you need these jobs to circulate cash in the economy which is what makes America win right so for me I like the big boys right they're not as sexy and they're not talking about the internet you're not going to like flip your money tomorrow but I know I like to wake up and know that I use this company that I make money because of this company and this compan is going to be there in the next 5 to 10 years because they're so big right now for your kids think about 10 years from now 20 years from now so for for me personally 5 years from now it depends on so also depends on what you want right so hold on let's take a step back making a list of the companies you use cool right and for your kids do the same thing except your kids are younger so when you think about your time Horizon do I want to make sure my kids are set up by the time they're 18 do I want to make sure they have money for prom when they're 15 16 so build out the stages of when you need money and what you want money for because once you dictate that time Horizon that'll tell you what types of companies you want so for example I invest in Amazon Amazon is a gross stock meaning they don't pay out dividends so one of the ways that you can collect passive income which is also important for your kids is some of the some of the companies that are big today aren't sexy anymore sexy meaning they're not always in the news AR aren't sexy right so imagine Jay-Z right Jay-Z's a vet would you invest in Jay-Z if he was a stock yes now Jay-Z might not flip your money tomorrow like one of the new rappers but Jay-Z's consistent he's reliable right now now knowing that Jay-Z is like that let's call Jay-Z a dividend stock so dividend stocks are companies that take a portion of their profits and give it to you the shareholder as cash flow so you can collect monthly or quarterly cash flow from companies that are giving the a portion of their money to you because companies know hey I'm not going to grow in my prices are going to grow a lot but I can give you reliable cash flow so people who want passive income I want to invest in companies that are paying me just because I own them I'm getting cash flow so the more shares I own the more cash flow I get and it's better to do with a company you actually know than a random company yeah that's going disappear tomorrow right and I've invested actually previously in companies where they're like hey just buy this now I heard it's going to grow real quick and then still I got some of them accounts on my phone and they're red right because they're well having red is not a bad thing but you got to know who who are you going into this account am I looking to flip my money really quick you got to play that money game then you're going to take some losses it's going to go up it's going to go down but if you want reliability you want consistency you got to think about the type of company you want to buy I want to know that my company is growing gradually consistency is large been doing this for a while a recession isn't going to shake them up you want a bigger company now if you buying small Penny socks things like that that's like buying a startup you never know what's going to go down with a startup but we all know that we're still going to get our packages delivered by Amazon because the whole world is using Amazon and they're making a100 billion do a quarter right so it's more 100 billion now but but imagine if you invested in Amazon 18 years ago took them some time to become an Amazon AR today took some risk they might have took a lot of hits but it took them all these years to get to that because when you buy a stock you're not buying the price you're buying a company so you got is this a small company is this a big company have they been doing this for a while are they paying a dividend because if you think about a passive a stock that pays passive income if that company is able to share profits with you that says something about that company there have been times running my company where I didn't have cash at the end of the month I didn't paid all my bills it was nothing left companies that pay dividends have cash left got cash to pay their bills cash to grow their business and cash to take care of you and your kids that like clockwork that money is going to consistently come that says something about a company if they're stable enough to give you cash flow now their price might not jump a lot but they're giving you consistent cash flow so now when you're thinking about what am I buying what kind of investor am I do I like to wake up and know my companies are still there I'm gradually growing getting some cash flow you're looking at more of a of a more stable company but if you're if you say look I want flip my money I want to trade all like and some people are like that I'm not like that because I I run a business so I can't monitor the stock market every day but when you open this account you got to ask yourself what kind of investor am I and you might say Ashley I want growth I want I want a little growth I want my stocks to double perfectly fine but actually I like cash flow so open two broker accounts one strictly for the goal you set hey I just want to day trade all day open another account like really separate your money based upon the goals that you set for your money yeah hey y'all listen to me I got to stop the episode for a second I mean I don't know about y I'm trying to take notes I'm trying to internalize what she's saying I'm trying to literally digest it but I also understand it's going to be hard for me to grasp her 15 20 years of education in a a 30 minute episode so if you are looking at this what I want you guys to do right now go to myash flowc creation.com right now Ashley is hosting a 5day virtual conference where every single day she's going to be breaking down everything that we need to know to create wealth for our family listen I'm going to be on there my wife is going to be on there my 17-year-old is going to be on there why because I want to make sure I create wealth now not later so I need to know everything so what I want y'all to do immediately go to my cash flow cre a.com go ahead and join it y'all and uh in the comments just say I got my seat and we going to get back to this episode yes man you are going crazy like literally you're giving just in 15 minutes like you open up the broker's account identify what you need to buy open up multiple brokerage accounts based on the type of investor you're going to be whether it's a day trader whether it's dividends whether you want growth stock this a lot in this financial game like but you also got to ask yourself how bad how bad do you want though yeah like for me inv want to stay the same though investing is not an option like and also too if you think about stocks and reats that pay out passive income it's like buying a property right the more properties you buy the more income you're going to get so you can buy one and just be okay or you can buy a 100 and be and be phenomenal right so let's talk about that so you know there's so many different ways of getting real estate you got I teach event spaces right you got you got uh syndication you got buying holds you got flipping but majority of every one of those Avenues you need a significant amount of money to get in the game like to buy a to flip a property you need cash flow you need a loan you need I feel like with the reach you don't got to really worry about credit you don't need a $110,000 down payment you don't need a 3.5% down with FHA talk to me about I would like to own you know we both from Philly I want to own King of Prussia a piece of it right right talk to me about how do I get in the real estate uh leveraging reachs which is Real Estate Investment Trust right so first I've been watching your Instagram i' I've been studying as much as I could from the outside but that's why you're here cuz I need the inside track all right so Real Estate Investment Trust first key word is trust trust right so anytime you see the word trust no protection so no meaning no n o protection or no k n o know that it's a protecting something k n o w know it's protect anytime you see the word trust just know that is to protect you from something okay REITs protect the company from corporate taxes now with the re you are owning stock in a real estate company whose job is to own operate and manage incom producing commercial real estate so when you think about what it takes to get in commercial real estate right a whole lot more Capital this is a way for the everyday person we created in like the 60s where the everyday person can still invest in income producing real estate without having to do all the heavy so you mention king of Pria Simon Property Group is the number one mall operator in America they are a re meaning you can go into your brokerage account buy a share of Simon SPG and own a piece of every single Mall less than less than $150 a share wow and every share you buy they're giving you income so it's either every dividend or is that a gr it's it's now so it you're strictly when you buy a Reit you're not looking to flip so always look at a re like buying a property in the suburbs with a good tenant the value of property in the suburbs isn't going to you not it's not like buying a gentrified property in North Philly but it can grow gradually but you have a reliable and consistent tenant So when you buy reets you got to also ask what type of investor are you are you looking to flip or are you looking for income REITs are strictly for those who want passive income right now you go to your brokerage account you buy a re most reats are less than $200 the majority of all reats are less than $200 but here's the thing so remember I said that trust word by law they're not they're not going to pay corporate taxes but in exchange for not paying corporate taxes they have to pay out 90% of their taxable income to you meaning so literally I'm sure there have been people in who ow who've owed you money and there's no law stating that they have to pay you right your job doesn't have to pay you they can let you go in order for a Reit to be a trust they have to pay out 90% of that income to you so the more shares you own the more income you'll get now when we compare REITs to dividend stocks right both companies but dividend stocks they don't have to pay you that extra cash flow REITs do so REITs actually are known to pay some of the highest dividends out there because by law they have to so for every share you own assignment the more cash flow you're going to get but here's the thing you don't need credit you don't need to manage any tenants you don't have to use a real estate agent you don't have to be an expert you don't need a license you don't need any of that so you literally can take you literally are investing in a trusted partner who does this for a living they go get all the properties they manage all the tenants they do everything to build the property to they practically do everything for you your job is just to recognize the good partner let me ask you this so I want to make my money when you say they pay me every month so I buy a re call it $150 you say this gives me a return do I got to go in there and say pull out the money or tell me how does that process work so first off with a re you're going to get anywhere between 5 to 15% just in a return just from income annually right now when you buy the re it's all done you you you automatically go to the company they know you are a part owner of their business they send you the money that cash gets deposited in your brokerage account so you'll know based off of when their dividend is dispersed because every re pays a dividend on a different day so it's possible you own four REITs and they each pay you January February March and then we're circling back March April May June July August right so getting yourself into a space where one recognizing we are so conditioned think we have to work for everything like I watched our billionaire clients I would we would sit with their whole family the kids will have $34 million portfolio making making six figures in passive income so think about it if you have a $100,000 portfolio and the read is giving you a 10% dividend making $10,000 right every year crazy so but you're not managing a property you could you can go you can go get the same $100,000 loan buy a property and get $800 a month in rent it's the same it's the same thing you just don't have to do as much work and you don't have to leverage any debt thought about it like that now the other way you make money with re is that price can move same way the value of your home the only difference is there's no stock market to tell you the value of your house every day but the value of your home is going to fluctuate every single month right now that reap grows in value so for example during a recession interest rates are high when rates are High our debt is high REITs take out debt to build their real estate like most people do their payments are now higher so as an investor people would sell the re and Traders would sell the re because they think the value of the re is going down because their expenses went up because debt goes up the way I saw it was all reats are down right now just like all commercial real estate is down which means there there are reats that are down 50% in value the price I'm racking up but they value was down 50% but they're still paying out that that cash flow so imagine if you bought a property you wanted to buy a property in the suburbs of Philly right it's $100,000 but the Market's down you buy that property for 50,000 but you can still charge $800 in rent every single month but you know when the economy bounces back that that property has the ability to go back to 100,000 so now you made money on the value of the property and you're still getting your income but most importantly people are buying reeks because because of income you don't need credit you don't need a license you don't need to do a lot of heavy lifting there's no minimum to get started most reets are less than $200 but the thing about it is there's over $3 trillion dollar of reats that exist in America wow literally so this isn't something like that I just always tell people like I just make this up you can buy malls you can buy shopping centers you can buy data warehouses right we think about your phone where Warehouse where are all the where's all the data stored right you can buy um warehouses Industrial reats for example Amazon right two of Amazon's biggest landlords are stag industrial and pro pro lodes so you can buy all your products from Amazon but where do they store it it's stored in a warehouse Amazon isn't in the game of Real Estate they're in the game of getting your products to you fast fast as possible but they pay rent to a re if you own a piece of that reat you're getting a p portion of that income so now I'm able to make money by owning Amazon stock I'm able to make money by being Amazon's landlord Amazon's giving me some price growth the re is giving me passive income but I'm still shop on Amazon I bought ketchup the other day on Amazon like I'm still going to use the product but I'm also making money because I'm a owner of that company and their landlord that's called all money in I'm getting money all type of ways right now but but for Less Amazon stock is less than $200 yeah and the re is less than 200 one one of Amazon's landlord because it's split though right it's split Amazon yeah I said I feel like I boarded at like a couple thousand I feel like all right so look Ash I got to majority of families they got to set up gof fundies and all type of stuff when people pass away and not saying to that extreme but it's like I want to really set people always say I'm doing this for my kids but nobody really doing it for their kids like how many stocks your kids got right right right like like what real estate your kids like you know like what businesses they got are they financially literate I want to make sure my kids are really set so one what should my I got two questions one my daughter's 17 M how should she be well I guess well she's about to join your virtual event that's one way she's going to be getting educated but I guess what should she be doing financially right now to learn like I'm or your virtual event I figured that out second question I guess um for my kids I got a a oneyear old I got a 2-year old I got a three-year-old I got a 17 yearold my current style of investing now is more of a Buy and Hold okay MH because in my regular businesses we're able to generate Revenue quicker depending on what what businesses that we're we're talking about um but I want them to be able to turn 18 and be like Oh I got 100,000 in this account I got a million dollars in this account I got how do I do that am I putting aund am I putting $1,000 up a month like what am I doing walk me through creating by the time they're 18 cuz you got your little your your nieces and nephews was in Disney with them and they set up so how do I set my kids up so first thing you do is the same way you pay your bills you got to pay your kids so turn what you're investing for your kids into a bill as if it's an expense on your income statement and constantly add to it make that a standard how much what's the standard in general it depends on what you want which brings me to the next point when they're 18 not even 18 because again you need money for your kids before they're 18 so build Milestones I want to make sure so like for example my niece I want to make sure she has a portfolio of at least a million doar period I want to make sure she's bringing in at least $2 $3,000 of passive income period right a month or per year per month per month right so standard way right just on average let's say you're going to get a 6% dividend and that's low I I I have some RS that are paying out 15% but let's keep it standard you know that if you have a million doll portfolio 6% they're getting $60,000 a year yeah so focus on getting into get get to a million portfolio and let's say it's a Reit right Reit you might be able to raise it a little bit but again stick to six% yeah standard if I have a million dollars passively they're getting 60,000 but if I want $120,000 got to build a $2 million portfolio and then work backwards how much do I want to set aside every month to make sure I hit that goal by 18 to make sure I hit that goal by when they're 10 right now you're going to get there faster one make sure when you have your brokerage account set up for your kids when they're getting dividends turn on the drip feature which is located in your settings drip stands for dividend wait start that over again just so I don't want to miss that you want the drip feature turned on so it's you said something before that I need oh it's in your it's in your settings in your brokerage account you'll see it it's called but it's called dividend reinvestment program so just so um but my first step was the custodial account yes oh yeah yeah so get your custodial account now here's the thing what is a custodial account it's account where the child it's in the child's name run it and you don't have to be a parent so you every kid separate custodial account ocean account dream account kingmi Destiny own account yep do I even do this for my 17y older yep okay got it she it'll it'll become her account when she's 18 okay all right so open the custodial account you need your social and the kids social okay and if you got aunts and uncles they can also open custo like I'm I my my niece I run her account but it's in her name under her social we're both attached to it so I make the rules but it's in her that those assets are in her name under her social security number okay so first you get the account set it up transfer the money now when you're building that income turn on the drip feature dividend reinvestment program because you'll get to your goal faster so for example let's just say you're bringing in 12,000 a year right we we're we're getting somewhere you can take that 12,000 when drip is turned on it'll reinvest the 12,000 into the reats that you bought so in this case you you could be making money and buying more REITs which is increasing your income so you actually hit your goal faster but it'll reinvest the cash you get so now the cash won't just sit in your brokage account it the the system will automatically buy you more shares the moment that cash H your account so now you're buying shares with money that they're paying you and then still also adding to your brokerage account so I would say we can sit and do the math I need my laptop right now I'm trying the way you the way you the way you look at it though if I'm setting aside a certain amount of money every single month month adding that up each year timesing that by the number of years they have left to get to 18 again if we're just shooting for a million we know they're getting $60,000 a year like that's some people's annual salary but because you have so much time to build for your kids they can decide do I want to go have an annual salary or do I want to live off my divid that's what I saw on Wall Street I was literally watching kids making over $100,000 and I'm but the portfolio wasn't moving because they were living off the cash flow that was being produced by the portfolio that was the first time I saw Reit it was like why are they making all of this cash flow but it's because they're investing in companies that by law have to pay out income so now your kids don't have to do anything you don't have to manage any tenants but they're building the income off of re that you invest in you know how much cash flow they're paying and then you're able to collect that cash flow for them but I would say if you're not using that cash flow that's coming even in your portfolio if you're not using that cash turn on drip and have that that system reinvest the cash that that company is paying you wow W that's this is nice so all I got that I'm identifying how much I want to do a month I'm just putting this on auto like it's a bud a line item in my budget the other thing I would say too is specifically for me one of the things I do is you don't need a football team to win as an investor you need you need to start in five so determining what are my top five reats my top five growth stocks that I want to take me to the championship right because once you know let's let's do the math let's just say there's a re that cost $100 and they pay out a a 10% dividend you know you're getting $10 you know if you want to get $100 from that re you got to buy 10 shares right so do once you we can sit and do the math and I'm going to talk about this during the in the challenge there's a way you can just every re pay you a certain amount of money all you got to do is determine how many shares do I need to buy to hit my passive income goal and you can do that for your kids but again the easiest way average 6% you want a million dollar portfolio get to a million dollar how much do I need to invest over the course of 6 years seven years8 years to hit a million but you may say that might be too small and I would also challenge you every 90 days whatever you're putting into that account for you and your children increase it there was a point my niece I started with her I started with $35 she caught me she was born the moment I started empify and I was like I'm not while I can't do Millions I can't do thousands I got $35 so I was setting aside $35 every single month I wanted a share of Disney for her Disney at the time was like $100 it took me three months to get her one share but in my mind a whole lot of $35 over the course of 18 years adds up and and that was in 2017 do compound too it does because that that that price can also grow over time but I also got to a point where I didn't have to put $35 I could put 3,000 in right so as you're making more you if your bills are going to go up you're going to give your staff raises you got to give your kids raises too in their brokerage accounts can you do the deduct thing you know I believe you could pay your kids up to 12 Grand a year and you just put it all inside of the so now you have the write off for your business yeah they already paid the taxes and now you're put it in in the account for them to invest too absolutely let me ask you this cuz this is something I always want to do and I don't know the way of doing it so all my friends got birthday parties none of their kids need another toy another shirt how can I buy them a stock where like my goal is very like yo you you having a baby at 1 all right cool I'm going a one year birthday party here's a stock in Amazon don't touch it to the 18 so it's a couple ways you can do you can buy an actual certificate yeah where they have like a plaque on the wall somebody bought that for me and I don't know where is at yeah so you can do that it's a c it's only a couple ways that and I think the world is going to change way they do this there's a company called stockpile that allows you to buy gift cards they are actually the only company that I know for kids the sock pile is a great account for children it's like a coloring book for for kids right you can buy a gift card so you say hey I want to give your kid $1,000 of Amazon stock you can buy a $1,000 gift card for Amazon stock as long as that kid has a stockpile account they can buy shares of Amazon with that gift card Hey listen I had to stop the episode listen really quick this is the book responsible for making so many people grow their social media right their income their impact and influence leveraging social media and you're probably looking at like yo Neil I don't feel like waiting for you to ship me this book right y'all go to my igigbook right now mybcom get a direct download to get this in your inbox so you can immediately start leveraging the strategies this is over 86 pages every single chapter is going to give you a gym to grow your audience to grow your impact and to grow your your influence right and I literally created it for you this is the same thing I literally watch people go crazy with so go to my ig.com go ahead and claim your copy it will be in your inbox and when you do that buy everything that it comes with I got a IG course with it and a bunch of other things that I know is going to truly help you go crazy my ook.com go the other way you can do it you can also just you can also provide money and just make sure that money gets uh deposited in their brokerage account yeah depends on the relationship you have with the parent but you can give them the money this is what I want them to buy they have that brokerage account set up and then do check-ins every 90 days how's that stock doing how's their portfolio doing but for me with my niece got her stockpile one because stockpiles the other thing you can do too stockpile is really good for kids so you can have that account with your children right I recomend maybe about like seven or eight is when kids can really use it because instead of buying Disney ticker symbol dis they're buying Disney the logo so a kid can recognize instead of buying Nike they see the Jordan logo they see the Nike logo so they're more receptive to it but what happens is when the kid has the account they're managing their stock they can see it you're making a decision so you have your login they have their login so when they want to buy something you approve it when you when family's giving them gift cards they can deposit it put it in the account they can buy what they want but one of the things that I think even just outside of giving your kids money is doing it with your kids because there there's there's three types of parents you got the one parent they don't invest at all they you know they don't think they have money they can't do it that's most parents then you have the parent who does something but it's the kids don't know and then you have the parents who do it with their children so if you're buying stock and especially as a kids start to get old you got to let them know you own a piece of this company what companies do you want to invest in that's going to make you more money and then hey what do you want to use this money for we made $50 in your brokerage account what are we going to buy with that money but really as you're learning and as you're doing and as your kids get older showing them because one of the things about our clients on Wall Street and the reason why the Hilton family is a Hilton family why the why the Walton family is a Walton they own Walmart is because wealth is a standard of Excellence in a household so if I'm an investor my kids are going to be investors I'm going to show them the game because if I don't show them when they get this money they're not going to know what to do with it or they're not even or they're going to lose it so you got to groom your children hey this is what I'm same way I'm sure you want to bring your kids along in the business while we're doing this these companies are also working for us too hey I'm I'm over here buying stuff at Amazon I'm over here watching Netflix with you but we also own that company too so every time you turn that TV on they that company has to perform for me because every 90 days they got to produce their financials guess who they guess who they answer to me because I'm part owner of that business so getting your kids into this mindset that hey I'm using this but we own this let me show you how much we have and I think my parents did really good at setting money aside they weren't investors nobody really knew how to invest but I didn't know what a bill was until I had to pay a bill so what if I'm sitting here with you I'm learning with you Dad You're Building Wealth with me and for me but now I'm taking over the range by the time I'm 18 because I know how this game works which is why we went into the school system but the issue we have with the school system is we taught the kids they went home to their uneducated parents so we had to take emplify to a space where we can go in the school system but I got to talk to the parents cuz they're under 18 even if I gave the kids money which is stuff we did you can't get that account without a parent facts so if the parent doesn't know what's going on I had some kids buying Apple stock and the parent didn't even know what they were doing because the parent wasn't educated so in this case we can't build intergenerational wealth without touching every generation wow so in this case for you you're going to have these accounts when they start to get of age I'm making this commitment to set money aside if you really want to get good make the kids put money in with you the moment you get the 17-year-old you're making money you get that first job I'm setting aside a certain amount I want you to put in a 100 tell me what you want to buy now let's monitor that company let's see what they're doing let's see how much they're making to get them involved with that process wow I I believe what you just said is like the key to wealth is like showing your kids then or or kids showing the parent like really doing it together and it's funny I was uh earlier on like years ago I was trying to teach kids how to start a business and I changed it to start a business with start a business with your kid and that changed everything because now they both need the information like just the in info you giving me I don't know all of the stuff that you teaching me so I'm just excited now to really go implement this with my family and also just for them be able to learn this from you on a on a longer basis I when you get to a space too when like I know how to do this because I did it for people but you get to a point where if you have a if you have a passive income account dividend account for your kids and a grow stock account for your whole family we're talking about we have over 10 accounts now somebody has to keep track of that that's why JP Morgan was created that's where I used to work because you you get to I I literally have a clients who had hundreds of accounts and one of the biggest things I learned they all named their accounts there was no account that was set up that mixed money this was a shopping account this was the investment account this was a everything was organized by by purpose so for you it's like hey my passive income goal for my kids I'm thinking by the time I'm by the time they're 18 I want them to have at least 2,000 okay cool that means that they're going to have 24,000 I mean they're going to have what yeah 24,000 so you got to get yourself into a space where set the standard of what you want yeah and work towards that so if I want my kids to have a million dollar portfolio let's let's backtrack let's get to it and let the companies get you to a million faster cuz they're cuz they're making money for you yeah and here's the other thing which is crazy about that just the if your money sitting in your savings account anyway is not doing it let me ask you this so I got the money sitting in my savings account say I got $1,000 I can go put that whole $1,000 in the re am I able to take it out at any time so the first thing is if you have $1,000 in your savings account that's all you have do not put $1,000 just in I don't care how sexy it sounds you want to make sure that you're you're gradually getting into investing do not just dump your whole life savings if you are comfortable with a $100 start with 100 now with REITs that's the other difference you can sell a Reit just as fast as you bought it takes less than five seconds to buy it you can sell it just as fast so I remember when I started my business emplify and I was getting kicked out my apartment in Harlem right start my business money wasn't coming every two weeks I got kicked this was like 2013 I I had $30,000 when I left Wall Street I felt rich I felt like I was on top of the world Until you realize money doesn't come every two weeks when you run a business I did not have a savings account one our clients didn't they had money set aside but it was pennies if they had a bunch of money in the savings we were trained to put it to work even if they bought normal dividend stocks which weren't you know give them three four 5% they had to put it to work because they were losing because of inflation while you might not think inflation is a lot if your job is to become a a millionaire a billionaire you got to start thinking like them no wealthy person is just parking cash under their mattress they're not right no wealthy person is just settling for a savings account because we all can say we know people who saved and worked really hard and still are working and saving really hard right like that is not the only way to wealth that's what America has taught you but that is not the way you go to create the life that you want and times are different so when those clients had to invest it I was training myself we're not using I'm going to be just like those clients I'm not working here anymore I'm going to go build me a JP Morgan and I'm going to be that client so I'mma travel like these clients I'm I'm I'mma read books like these clients I'mma invest like these clients they started with 100 million I started with $100 so you got to get to a space where it doesn't matter how far you are from your goal take a few zeros off and just start somewhere that's good but get yourself into a mindset that this is not an option and and recognizing that this is one thing people don't know let me like I work for a bank Banks run this country period when you put money in the savings account they loan it to people who take out debt car loans student loans credit cards mortgages if everyone takes all their money out of a savings account America doesn't work so they encourage you to save they entice you with these interest rates because they want you to park your money so they could go make it flip right so I'm giving you 4% but but but a car loan is about 9% now they make the spread again is it a scam no it's a business just like if you and you you're in school you bought a bag of chips for a quarter you wanton to sell it for a dollar like everybody has to make money it makes sense but if you know I've been saving all my life my family's been saving all their life I've been working on my life but I'm still not right that means something in you has to change so that chain is going to be uncomfortable but let's ask yourself what are millionaires and billionaires doing in my mind let me just show you what they do you got to let go of the fact that you have to set money aside so with that same, take a couple hundred and buy a re now when I left my job and all hell broke loose my stocks were how I started emplify because when I needed cash I sold them you don't have to wait for a buyer you don't have to wait for an agent you don't have closing costs the same way you bought it instead of clicking buy you click sell that cash will hit your bank account the next day sound too good to be true but it but but it's but remember these are this this is this the game they've been playing for years but this is a way for the everyday person to collect income I think what we got to recognize is so what you're not getting thousands of dollars yeah like so what if I always ask people do you have $250 of passive income coming in every year most people say no yeah so let's start there how about we get $10 passively every month with no let's cover the Netflix bill let's cover the Spotify bill right once you knock that bill out let's get to the next bill let's and I always tell people start small train yourself to knock saying with your children train yourself to knock out small Milestones I know that I want them to have $2,000 right I know I want them to have $2 million get yourself to a space where like hey I'm making more I double Revenue this year that means I got to double what I'm giving my kids too so it becomes a habit and that's what we got to once we cultivate The Habit yeah it becomes a way of life there is not a Time every month I don't care when I had no money or a lot of money where I was putting money and then putting in my life insurance policies putting it in my brokerage accounts setting money aside for just paying myself while I didn't have thousands I had 10 and you're training yourself to know you you're a priority and you're getting closer and closer to your goal next thing you know the game changes you're putting in $10,000 next thing you know you look up your brokerage account is now $50,000 because you weren't afraid to start with $5 yo listen to me we about we going to wrap up this episode cuz I'm talking about the game in the heat that Ashley just dropped I don't know if you're listening to this but what I'm challenging you to do right now is take the game that she just share and take it serious like I don't know if you guys know in our culture like most kids or not most a lot of kids like their credit get messed up because their parents putting Credit in their name at a young age but let's go and change that let's put stocks in our kids' name right let's go put REITs in our kids name let's go put businesses in our kids' name so when they grow we literally can really change the direction of this and again I know only actually been here for 30 to 45 minutes y'all if you're looking at this right I want you guys to go to mycashflow creation.com y'all heard what she just said I want you guys to go to mycashflow creation.com Ash is hosting a five day virtual event where she's literally going to break all of these things down in a much longer time like we spent 30 to 45 minutes imagine spending a week with her learning the game and I truly believe this will be the last virtual event you need to help you create passive income wealth leveraging RS and leveraging the stock market so um make sure you guys get tapped in again I want to thank y'all for joining this episode hope you guys got game actually let them everybody know where they can find you at and tap in with you so on social media I'm unor Ashley M fox um you can shoot me email m stands for money I like that um and my email is info@ empi.com but yes my cash flow creation we're covering money management talk about getting rid of debt massive income with re dividend stocks but also making sure we preserve that wealth good it's about building it for our families and building it for oursel but doing it together so from start to finish let's get started matter how much money you do or do not have Brick by Brick we are building so if you got $5 you can start investing you can start building passive income let's go y'all see y y'all inside peaceRead More
I am the one and only Susie Orman, and my goal is to make you as independent from financial advisors as possible, because you are never going to be powerful in life until you are powerful over your own money. And my job is to make sure you can achieve just that. So rather than asking more from your money that it can't give you, you have to ask less of your spending habits from yourself which means you have got to get rid of all credit card debt. All debt. Total debt of car loans, mortgage debt, all debt that you have has to go. So one thing that you have to look at is if you have a debt, that is your sign that you can't afford to retire. Maybe you retire from the job that you currently have, but then you have to get some side hustles or something. So my best advice to you is start living below your means but within your needs.
How do you do that? From this day forward, every time you go to make a purchase, ask yourself a question, 'Is this a want or is this a need?'. If it's a want, please don't purchase it. If it's a need, you have to buy it. It's just that simple. You know, a lot of you, when you're approaching retirement, you look at your portfolio and usually your portfolio is this: you have a 401 9k), 403 (b), a Thrift savings plan if you work for the government or whatever, it may be, the military. And now you've retired and now normally you would then do an IRA rollover with that money. But now you're 'Oh my God, what should I do? I never invest in money before, really. I've just put money in every single month into these mutual funds. And now I don't know what to do.'. If you are going to be withdrawing money from your retirement account to pay for your everyday expenses, you have to know that you have — ready for this, everybody — at least three years of expenses in cash, earning you a high interest rate or whatever the highest interest rate is that you can get.
The rest, at this point in time, should really be diversified into high-yield dividend-paying either stocks or exchange-traded funds. If you need really short term money and you want to get a higher interest rate for very short term money, right, I don't have a problem with bills. And, you know, I myself will put a serious sum of money protected in bills because if you're investing more than $250,000, then you really have to go to a variety of banks in order to get FDIC insurance — or even credit unions.
So if you have a large sum of money of $1 – $3 million that you just want liquid, then I use Treasury bills for that. I don't have a problem with that at all. And they keep rolling over but I know that they're guaranteed by the taxing authority of the United States government. If we're talking now, though, about amounts that are $250,000 or below, I think that you're far better off, right here and right now, putting the money in a high-yielding savings account.
So for smaller amounts of money, savings account. For $250,000 or above that you want liquidity and the highest interest rate, I don't have a problem with Treasury bills. You don't have the documents in place today to protect your tomorrows. You don't have a will. You don't have a living revocable trust. You don't have an advance directive and durable power of attorney for health care. And you don't have a power of attorney for finances. You need those things not just to make sure that your assets pass freely to your beneficiaries. You need those things for you. So here you are now and your spouse has died. Who, as you get older, who's going to write your checks for you? Who's going to pay your bills for you? If you get sick, you have an incapacity, who's going to do that? So it's very important that you get the documents that are correct.
Long-term care insurance, if you can afford it, will absolutely protect your little nest egg if one of you ends up in a nursing home. One out of three of you will spend some time in a nursing home after the age of 65. So look around and if you decide to buy long-term care insurance, the perfect age to buy it is really in your 50s. But here's the key. You better know that you can afford a long-term care insurance premium because they're not cheap. From the age of when you buy it all the way until at least 84 because it makes no sense for you to purchase it. Pay for it in your 50s, in your 60s. Now here you are in your mid 70s, you can't afford it anymore and then you drop it. You're better off just not buying it at all. Let me just put it to you bluntly. You are to stay as far away from a reverse mortgage as you possibly can. There is not one situation out there where you should be getting a reverse mortgage.
A reverse mortgage is based on the interest rates that are in effect right here and now. It's based on your age. And it just makes no sense. If you own a home and you can't afford to stay in that home — with real estate prices as high as they are — you could just sell your house right now and either seriously downsize, or there is nothing wrong with renting..Read More