Building wealth is something most people want to do, but finding the right path to get there can often seem overwhelming.
In fact, only 36% of Americans have a written financial plan, according to Schwab’s annual Modern Wealth Survey. Similarly, a survey from LendingTree found that just 20% of Americans consider themselves wealthy.
With the lack of wealth-building information out there, where should you begin?
In this week’s episode of Money Glow Up, host Tiffany Aliche speaks to Ashely M. Fox, the founder and CEO of the fintech startup Empify, to dive into how we can shift our mindset around wealth and start taking practical steps toward financial security.
Fox founded Empify in 2013 to provide accessible financial education and resources to the 99% of individuals who are often overlooked by Wall Street. According to Fox, building wealth starts with a simple, yet powerful, shift: changing how we think about money.
“There's a mental barrier that stops us from believing we deserve to have wealth,” Fox explains.
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One of the biggest misconceptions Fox also seeks to address is the belief that investing is inherently complicated. “We have this preconceived perception that investing is difficult,” Fox says. She recommends starting small, opening a brokerage account, and investing an amount that fits your budget.
“Don't pick the internet's number. Don't pick what I tell you. What is something that works for you? And commit to that. And I would say at least start with $20,” Fox adds.
Together with Yahoo Finance, Tiffany Alice creates a space to share real and inspiring money stories, learn financial fundamentals, and build your future. Step into the classroom with Money Glow Up every Thursday at 12 pm ET with Tiffany Aliche — aka The Budgetnista — to jump-start your financial journey.
This post was written by Shelby Boamah.