In a recent interview on the “The Table” with Anthony O’Neal, former Wall Street analyst and financial educator, Ashley M. Fox shared her insights on the wealth-building strategies used by the top 1%. She revealed how her experiences working with multi-millionaires and billionaires shaped her understanding of financial success, and how these lessons can be applied to the everyday individual.
A Misconception About Wealth
Ashley began by addressing a common misconception: many people believe that earning a six-figure income is equivalent to wealth. She explained that when she was earning six figures in her early twenties, people back home assumed she was rich. However, after working with the ultra-wealthy, she quickly realized that her income was far from what true financial success looked like. She emphasized that wealth isn’t just about how much money you make, but how you manage, grow, and protect that money.
Fox provided an eye-opening example: if someone had invested just $35 a month from birth until college, their financial situation would be drastically different. This simple act of investing over time could have set them up for long-term financial freedom. The lesson she learned on Wall Street was that investing is not just an activity—it’s a mindset and a long-term commitment.
The Importance of Investing
One of the core themes of Fox’s interview was the importance of investing. She noted that wealthy individuals don’t let their money sit idly in a bank account. Instead, they put it to work by investing in a variety of financial products such as mutual funds, stocks, bonds, and real estate. According to Fox, keeping money in a savings account only leads to stagnation, especially with inflation eating away at its value.
She stressed that wealthy people view investing as a standard practice, not an option. Whether it’s in stocks, bonds, or other assets, putting money into investments is non-negotiable for anyone looking to build wealth. The concept of “paying yourself first” was also central to her message. She encouraged listeners to allocate a portion of their income to investments as a priority, rather than as an afterthought.
A Shift in Mindset
Another crucial point that Fox highlighted was the importance of a mindset shift. She observed that many people in the African-American community, as well as in America at large, are blocked from achieving financial excellence due to feelings of guilt, fear, and doubt. She believes these emotional barriers prevent people from seeing their own potential and taking the necessary steps toward financial independence.
Ashley explained that to build wealth, individuals need to heal from their financial traumas, unlearn negative habits, and start thinking about thriving instead of merely surviving. She also pointed out that exposure to successful people and their habits can inspire others to change their financial outlook. By mimicking the habits of the wealthy, like investing in stocks and real estate, anyone can begin to accumulate wealth.
Building Generational Wealth
Fox touched on the importance of planning for future generations. She shared the story of her father, who worked in law enforcement and passed away with all his financial affairs in order. His careful planning ensured that his family would be financially secure even after his death. This experience cemented her belief in the necessity of passing down not just wealth, but financial knowledge and habits that ensure long-term security for future generations.
She emphasized the need to go beyond saving money and begin building systems that will sustain wealth over time. This includes creating a trust, securing life insurance, and setting up investment accounts for children as soon as they’re born. According to Fox, teaching the next generation how to manage and grow money is just as important as leaving them a financial inheritance.
Overcoming the Consumer Mindset
A key obstacle to building wealth, according to Fox, is the consumer mindset prevalent in many communities. People are quick to spend money on material goods but hesitant to invest in their future. Fox noted that this habit leads to a cycle where individuals are constantly working to make ends meet, rather than building long-term financial stability.
She advised viewers to begin by investing small amounts, such as $25 or $50 a month, and gradually increasing their contributions. Over time, these small investments can grow significantly, particularly when placed in high-growth assets like stocks. The important thing is to start, regardless of the amount.
Conclusion
Ashley M. Fox’s insights offer a roadmap for anyone looking to break free from financial limitations and build long-term wealth. Her experiences working with the wealthy revealed key strategies that can be applied by everyday individuals: prioritize investing, change your financial mindset, and plan for future generations. By adopting these principles, people from all walks of life can begin to build the wealth and financial security that the 1% have mastered.