Morningstar - Q2 2023 - 59

The blueprint of becoming wealthy is slow
and steady, benefiting from the compound interest.
However, tell that to a person whose parents
don't have a lot of money, who is the golden goose
in the family. They have so much anxiety
when it comes to building wealth, because they
are in an " I got to do it now " realm. So,
they start taking riskier bets, putting 100% of their
portfolio in dogecoin, in shiba, or NFTs.
We are five laps behind in this wealth race.
We also are overindebted, and we unfortunately
are spending more than we are investing. We
are consumers first before we're owners. Those are
the challenges that our people continue to
have. But I'm not overwhelmed. I'm not going to
stop my quest.
I can translate this knowledge in a way
that can serve you and speak both to your mind
and your heart.
Ashley Fox
Fox: We passed down generational debt,
generational trauma, and generational habits,
where our counterparts passed down generational
wealth. Working on Wall Street, I saw how
you could avoid taxes by skipping generations and
passing your wealth down. People always
ask me, what's the difference between working
with millionaires and billionaires and the average
person? Wealthy people have an expectation
of greatness. They have an expectation that I am
going to avoid taxes, I am going to sustain
my wealth, and I am going to sustain my power.
If you understand the game that is played, you
can play the game. When I started investing,
it cost me $7 to trade, and that was the discount
that I got at my job. It's now free. You now have
fractional shares. You now have stock splits
happening like it's an everyday sale, because they
want to accommodate the everyday person. We
also have YouTube University. Finance is so trendy.
people come in hating. Guess what? That was the
largest domestic terrorism to ever happen on
U.S. soil. Look at the Freedman's Savings Bank. All
right, we're free, we're putting our money
in the bank. And guess what? The people that ran
the bank unfortunately didn't look like us,
and they were doing Sam Bankman-Fried level
investments with our money, bad investments.
Think about the lack of wealth that we had
intergenerationally. Think about redlining:
Our ancestors were not able to own homes that
effectively appreciated in value. Once we started
getting real estate, think of the predatory loans.
A lot of people are in survival mode. Ashley talked
about being the first person in her family to
graduate college. I'm willing to bet people in her
family were asking for money. The same
with me: Yo, nephew, sibling, cousin, whatever, let
me hold a little something. Not only that, but
then we also have more student loan debt-
because our ancestors weren't able to pass down
that home.
But there is fear because of generational trauma
and habits that have been passed down.
It's about recognizing that money was not passed
down to me, but I'm going to be the one to pass
down money to my family. I may not have had the
opportunity to go to school for free, but now
I'm going to make sure that I'm setting money
aside every single month for my child.
You can learn how to buy a stock. It's not hard.
People are not missing the skill, people are missing
morningstar.com/products/magazine
59
http://www.morningstar.com/products/magazine

Morningstar - Q2 2023

Table of Contents for the Digital Edition of Morningstar - Q2 2023

Contents
Morningstar - Q2 2023 - Cover1
Morningstar - Q2 2023 - Cover2
Morningstar - Q2 2023 - Contents
Morningstar - Q2 2023 - 2
Morningstar - Q2 2023 - 3
Morningstar - Q2 2023 - 4
Morningstar - Q2 2023 - 5
Morningstar - Q2 2023 - 6
Morningstar - Q2 2023 - 7
Morningstar - Q2 2023 - 8
Morningstar - Q2 2023 - 9
Morningstar - Q2 2023 - 10
Morningstar - Q2 2023 - 11
Morningstar - Q2 2023 - 12
Morningstar - Q2 2023 - 13
Morningstar - Q2 2023 - 14
Morningstar - Q2 2023 - 15
Morningstar - Q2 2023 - 16
Morningstar - Q2 2023 - 17
Morningstar - Q2 2023 - 18
Morningstar - Q2 2023 - 19
Morningstar - Q2 2023 - 20
Morningstar - Q2 2023 - 21
Morningstar - Q2 2023 - 22
Morningstar - Q2 2023 - 23
Morningstar - Q2 2023 - 24
Morningstar - Q2 2023 - 25
Morningstar - Q2 2023 - 26
Morningstar - Q2 2023 - 27
Morningstar - Q2 2023 - 28
Morningstar - Q2 2023 - 29
Morningstar - Q2 2023 - 30
Morningstar - Q2 2023 - 31
Morningstar - Q2 2023 - 32
Morningstar - Q2 2023 - 33
Morningstar - Q2 2023 - 34
Morningstar - Q2 2023 - 35
Morningstar - Q2 2023 - 36
Morningstar - Q2 2023 - 37
Morningstar - Q2 2023 - 38
Morningstar - Q2 2023 - 39
Morningstar - Q2 2023 - 40
Morningstar - Q2 2023 - 41
Morningstar - Q2 2023 - 42
Morningstar - Q2 2023 - 43
Morningstar - Q2 2023 - 44
Morningstar - Q2 2023 - 45
Morningstar - Q2 2023 - 46
Morningstar - Q2 2023 - 47
Morningstar - Q2 2023 - 48
Morningstar - Q2 2023 - 49
Morningstar - Q2 2023 - 50
Morningstar - Q2 2023 - 51
Morningstar - Q2 2023 - 52
Morningstar - Q2 2023 - 53
Morningstar - Q2 2023 - 54
Morningstar - Q2 2023 - 55
Morningstar - Q2 2023 - 56
Morningstar - Q2 2023 - 57
Morningstar - Q2 2023 - 58
Morningstar - Q2 2023 - 59
Morningstar - Q2 2023 - 60
Morningstar - Q2 2023 - 61
Morningstar - Q2 2023 - 62
Morningstar - Q2 2023 - 63
Morningstar - Q2 2023 - 64
Morningstar - Q2 2023 - 65
Morningstar - Q2 2023 - 66
Morningstar - Q2 2023 - 67
Morningstar - Q2 2023 - 68
Morningstar - Q2 2023 - 69
Morningstar - Q2 2023 - 70
Morningstar - Q2 2023 - 71
Morningstar - Q2 2023 - 72
Morningstar - Q2 2023 - 73
Morningstar - Q2 2023 - 74
Morningstar - Q2 2023 - 75
Morningstar - Q2 2023 - 76
Morningstar - Q2 2023 - 77
Morningstar - Q2 2023 - 78
Morningstar - Q2 2023 - 79
Morningstar - Q2 2023 - 80
Morningstar - Q2 2023 - Cover3
Morningstar - Q2 2023 - Cover4
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2024q1
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2023q4
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2023q3
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2023q2
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2023q1
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2022q4
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2022q3
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2022q2
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2022q1
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2021q4
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2021q3
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2021q2
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2021q1
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2020q4
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2020q3
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2020q2
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2020q1
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2019winter
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2019fall
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2019summer
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2019spring
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20191201
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20181011
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20180809
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20180607
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20180405
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20180203
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20181201
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20171011
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20170809
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20170607
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20170405
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20170203
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20171201
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20161011
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20160809
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20160607
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20160405
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20160203
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20161201
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20151011
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20150809
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20150607
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20150405
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20150203
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20151201
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20141011
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20140809
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20140607
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20140405
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20140203
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20141201
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20131011
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20130809
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20130607
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20130405
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20130203
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20131201
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20121011
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20120809
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20120607
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20120405
https://www.nxtbook.com/nxtbooks/morningstar/investorconference2012
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20120203
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20121201
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20111011
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20110809
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20110607
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20110405
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20110203
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20111201
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20101011
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20100809_lincoln
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20100809
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20100607_lincoln
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20100607
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20100405_lincoln
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20100405
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20100203
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20101201
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20091011
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20090809
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20090607
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20090405
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20090203
https://www.nxtbook.com/nxtbooks/morningstar/advisor_2008fall
https://www.nxtbook.com/nxtbooks/morningstar/advisor_2008summer
https://www.nxtbook.com/nxtbooks/morningstar/advisor_2007spring
https://www.nxtbook.com/nxtbooks/morningstar/advisor_2007fall
https://www.nxtbook.com/nxtbooks/morningstar/advisor_2007summer
https://www.nxtbook.com/nxtbooks/morningstar/advisor_2008spring
https://www.nxtbook.com/nxtbooks/morningstar/advisor_2008catalog
https://www.nxtbook.com/nxtbooks/morningstar/advisor_2008winter
https://www.nxtbookmedia.com