This is pretty accurate I’m a 37 year old who hit millionaire status from both my real estate and logistics business! I am frugal and bought my first houses as live in duplexes! Got it done in a high tax state of jersey!! Continued to stay the course…
I'm 52. I am the baby. My father died two years ago. I never knew that my parents were millionaires. Keep in mind they did this never investing. My dad did 30 years in the Army (E9) and then retired from the state. My mom has retirements from the city and then the county. My parents had nice cars and kept them for years. My parents never had debt. They bought their house and paid it off. They took vacations and went places on a budget. I asked my mom what thier secret was. She told me to be content with what you have. Live well below your means. Don't loan money to people. Don't tell people what you have because they will make plans for YOUR money. Don't fall for get rich quick schemes etc. Mom sold her house in Cali and moved to be close to me in PA. She paid cash for her newly built house. I am so proud of my parents. My wife and I are well on our way to becoming second generation millionaries.
I’m in my mid-forties and learned it’s best start early. I’m talking about teenage young and avoid the distractions that trip up lesser people. When you’re young and moving with a purpose, you’ll be leaps and bounds ahead of someone like me who’s still figuring it out.
I as well Joe learned financial importance in my late 40's. I as well have a daughter as another commented, and I am stepping in front of this and making it my purpose to past down these gems. Starting early will truly set one up for greatness.
13:08 my parents bought me my first condo, while i study. I rented it out for 6 yrs while relocated for work- training. I sold it last year and got a little over a Million dollar for my 1brm water front condo in Toronto.
Great video. Several other facts to add to the list. 1. Many black millionaires work for the Federal government. 2. A small percentage of black millionaires are retired military who used VA benefits to buy homes; low cost healthcare-tricare, disability income, military retirement income as secondary income source as they are young enough to go on to secondary careers; most have college degrees, training and valuable leadership experience that serves them well in the private sector. 3. Most married similar focused people with each having at least 3 sources of income such as pension, 401k/403b/IRA/brokerage accounts, social security or real estate giving the couple at least 6 sources of income in retirement after 62. 3. A large percentage live in the DMV (DC, MD and VA). 4. Many have worked their way up to six figure salaries for the last 20 years of working years (40 - 65). Just my observations from my circle of friends and associates.
Anthony, you're very much so correct in your details. I retired at 56 from a Federal job. Understanding the concept of money at a young age is definitely a major key to freedom and a peaceful life. 🙏
You are correct, I'm from the hood and enlisted in the Army as my way out. At age 57, I'm a divorced black woman who reached millionaire status at age 50 and due to retire from the Fed Gov't in two years. If you met me, you would never know it, nor believe my age and I don't announce it either.
I've never been to college but I still managed to eventually accumulate a networth of a million and a half. I never bought new homes or cars because I didn't believe in paying retail prices. I didn't start making 6 figures until after I retired from my government job. Not too bad for a country boy from Texas. Ha ha! Now I'm planning on taking my little wealth to the motherland......
This is a good documentary! Books like Black Titan by Carol Jenkins, Why Should White Guys Have All of the Fun by Reginald Lewis, and The Wealth Choice by Dennis Kimbro are classic books a Black reader can read to become a Black millionaire. It all boils down to budgeting, business ownership, financial market participation (stocks, bonds, mutual funds, FOREX, deriviatives, crypto), tax code, credit management, insurance, consumer awareness, real estate, and alternative investments (precious metals, private equity, raw commodities).
A lot of African-Americans don’t come from wealthy parents this is why we have to work extra hard to become wealthy or able to live comfortable without struggling.Most African Americans millionaires are living their wealthy because they aren’t spending their money foolishly buying $3000 shoes or $2000 handbags. Showing it on Instagram ..most black millionaires are not on social media they are living their lives in privately ..Have good credit are important.The only thing that are expensive and it’s paid off is its A home and cars mostly live their life comfortable ,shop basic And I staying beyond their means they never want to be broke. Which is a wise choice we all have to meet. everything paid off and saving money continue to work hard consistently that way they can live comfortable without debt without worry. This video is a lot to learn from and lessons in life on how to budget work hard and stop trying to keep with the Joneses instead become a Jones work hard own a business,save money and live Comfortable wealth.🖤
Also, The Millionaire Mind by the same author. Both great books. Another is "Turn Chaos To Cash, by Jean Ross Peterson, a 1989 book for organizing and managing your personal finances.
Everything is spot on. My wife and I are close to having a net worth of 1M. We are about $160k away. I’m 35 and my wife is 34. We hope to be there by Q1 of next year.
I would never reveal this to someone face to face, I told a friend of mine what my net worth was 3 years ago. My friend said nothing but she I could see her calculating my house that I bought just before I retired (from one of the top 10 law firms in the country in my 40's) and we were in my new car I bought because I wanted to celebrate personally my hard earned financial freedom. My mistake. About 11 months later she asked me to loan her money. But it wasn't just her that began to react to me differently. It was the car. Even my neighbors (several who are white) then took notice. One said to me "your new car is really nice, nothing like that new car smell). I laughed. He then told me he had to turn his SUV in, the lease was up. I saw where he was going so I took the bait and replied "I've never leased a car. " My point to this is to say every observation your video made is on point (except #10). If not for the car, most people that encounter me would never and don't associate me with financial wealth, unless I use my gold or platinum card (I only have 4 credit cards that I use on purchases over $100) which I tend to pay off sometimes even before the next due date. Yet, I'm not sure I'm comfortable with the accuracy of your conclusions and observations. So with that I'd like to leave 3 thoughts for my sisters and brothers that travel the path to financial freedom. 1) Displays of wealth make you a target. 2) It isn't how much you make that's important, it's how much you keep and 3) plan your work and work you plan.
@@reggietheman9610 It was a loan and the agreement was $100 monthly. After 4 months she missed a payment and didn't call me to say anything so I called her. She told me she was going to call me to tell me she couldn't pay the balance back. I said to her then what you're saying is if you had used a calculator you would have known you weren't going to pay me back? Then she started with the tears and I said crying doesn't work on me remember I have two sisters. In short I told her we were still friends but I'd never do business with her again. The fact of life is, if you reach a point where money is no longer an issue to maintain your life style, those around you will most likely try to use you. Just one more point, if a friend were to ask me for money as a gift or loan the first time it's a test to see what may happen if anything the next time. My experience has been if it's a gift that tends to be like saying the ATM is givin out free money. I have another friend that is more financially comfortable than I am, her policy is don't ask her for money. Period.
Black millionaires are an invisible race we don't hear about them or see them. P.S. Can you do a show on O.B.M. Old Black Money black millionaires who come from money.
@@EvangelistRBColbert There is such thing as O.B.M They're just a tiny minority. I live in Canada as a Ghanaian and there are O.B.M. and O.B.B (Billionaire), figures among the Caribbean and African community here. For example Michael Lee Chin who is from Toronto is one of the richest Men in Canada as a multi-Billionaire who is Jamaican descent. There's a street and two buildings named after him. There are most definitely O.B.M families in the USA but they are usually apart of the "Boule". However with that being said yes, MOST B.Ms are Nouveau Riche. According to financial statistics I have looked into, 1 out of every 50 Bl---que American within the USA has a total Asset value of at least $1 million dollars and greater. There are 43 million AA's in the USA. This figure includes income, residuals, property, and investments. People are in fact getting richer even though yes there are still those who live below the poverty line.
I met a black millionaire, he has 2 Mercedes Benz cars and Mercedes Benz SUV and only paid $66,000 for all 3 vehicles, he told us its not how much it cost its what you do with your money, he bought them when the price went down, he said car's value depreciate soon as you drive it off the lot. He shops at the Dollar Store, he said that his wife shops at Publix and see the grocery bill, he said he about to have a heart attack. While I'm not wealthy but I'm working on getting there. I'm in the stock market trading and investing, I invest in real estate, do real estate lending, and invest in start up companies. I'm trying to build wealth. I know that I won't reach to millionaire status but at least died trying.
@@jennypotts2008 Thanks for the encouragement, I started late in investing and I regret not investing when I was in my 20's, I started in my early 40's but it was either the stock market or the Florida lotto and scratch off tickets. After I got into the stock market, I got into real estate investing and lending, and finally investing in start up companies.
You probably meet millionaires everyday but you don't notice them. You would be surprised by who is a millionaire because you don't see them coming. I can attest that this list is fairly accurate and it is possible to obtain wealth even later in life.
@@Mrbr00ks74 Exactly, it shocked me when he told me how he made his money, he had a 2 story house, no big house, no mansion, just a regular house with a boat, 3 Mercedes Benz, 1 Cadillac, and a classic Chevy car. His wife is a smart woman and she knew the money system, own businesses, in the stock market, and real estate. He dropped some jewels about money that went over head of a guy I was working with but I knew what he was talking about cause I was still studying personal finance before I got into the world of investing. He told me it's not how much something cost it's what you do with your money. He told me starting investing your money, it don't take a lot of money like people think. In 2017 I put my money in the stock market and I invest it, then got into trading, real estate investing and lending, also invest in start up companies. In fact I met 3 millionaires Black, White, and Latin, they gave me the realest advice I ever heard. The crazy part they all dress like they didn't have a lot of money, not even the black millionaire.
EXCELLENT VIDEO....Black millionaire status is on the rise. I have calculated that I and my wife will have a net worth of $1,000,000 in about 3 yrs.A Good foundation to set is get educated,and set goals .,budget ,try to acquire good real estate,and invest in good mutual funds or conservative stock,and watch videos like this one.
I just find this channel yesterday & I had to become a subscriber. Thanks to the person(s) individually or team, one & all who created this channel. Thank you very much. It kind-of remind me of The Alux channel only this channel is for Black ppl. Very insperational. Thank you again & don't ever stop creating posituve & great content for us. There are great Black ppl out there but it's not in the Interest of mass media to promote this fact about the Black Family & communities. If it was, we would've know about them & so many of us would not be in the dark. We would & could readily point out a few Black Millionaires who are not in sports or the general entertainment industry. But at the moment its hard for the average person to do that. This channel will help to change that orbat least the image of economical disadvantage Black People. I believe we as a community is over all the same as any other community in North America. Thanks again for your positive contributions to the image of the Black Family & the Black Community at large. Thank you very much.🙏.
Powerful statement 80 percent of black self made millionaires didn't inherit it they worked hard, stayed focused had a FOCUS AND STAYED ON THAT PATH I CONGRATULATE YOU AND MAY MYSELF AND OTHERS REACH FINANCIALLY FREE AS MULTI MILLIONAIRES MUCH APPRECIATED 👍🏿 FOR SHARING ERNEST LINDEN NJ
Im a black millionaire. The 1st 5 years were hustle and bustle and the next 5 years I made money in my sleep...10 years to get it in the transportation industry. Whatever you love you'll excel in. I love self employment and hate working for someone else..
Shop at Aldi. I once told a Black girl that I shopped at Aldi and she said eww. They have European Chocolates that are better than other stores in America. Aldi and Costco are the two best grocery stores in America.
This is so true video…. It would be great 👍 to see this published in a book. The long game of saving/investing/budgeting of black people is an understated .
👸🏿 ❤💛💚🖤Health is wealth also. Learn about eating to live and not living to eat will save money in long run. Avoid Diabetes, Blood pressure, Heart disease and avoid/fight Cancers. This video was VERY accurate. Take notes✊🏽
I would like to know the co-relation with black millionaires and real estate. Maybe not a top 10 but house/property values has to be a significant factor.
I'd read Tom Shapiro's Black Wealth/White Wealth. Black millionaires probably have a home as a part of their lifestyle: a place for their kids to grow up, being near a good school district, etc. but as an investment? Shapiro's book noted "white flight" (how a black person's residence could lose value just because white people left their neighborhood). I always had a problem with an "investment" that could lose value just because I'm around people who look like me. I much prefer something like stock where EVERYONE who owns a share of Coke, for example, receives the SAME appreciation and dividend yield.
@@Cahluvca Since most people aren't good savers/investors and paying off a mortgage is sort of forced savings by default, a home is often the ONLY investment for some people. If it appreciates enough for the household to become a millionaire then statistically they become a real estate millionaire. If we're talking about those who buy real estate as an investment...I would wager the 401-K millionaires, those lucky enough to invest early in a multi-bagger (i.e. Amazon), those secret millionaires who live a long life and die with a dividend-oriented portfolio (re: Ronald Reed) and those newly introduced to investing via Robinhood, etc. would greatly outnumber them.
This was a interesting video I truly liked this video for the simple fact that it really talks about the invisible Black Millionaires because my Biological Father and my Stepfather were both small business owners back in Nebraska where I was born and they had invested in some Real estate and a Barbecue Place and some Candy Stores if you all remembered those and my Stepfather bought a Liquor Store and bought some Race Horses and was a Horse Trainer before that so I'm glad that you all took the time to Salute them because we already know about the actors and Basketball and Football Players being Multi Millionaires like my Homeboy actually played for the Los Angeles Lakers and won 2 NBA Championships and I know Magic Johnson but the invisible Black Multi Millionaires and Black Millionaires to me is a more intriguing story as well take care everyone and stay Blessed.
I agree 100% that you need the right mate to build wealth. I personal see this in the Indians south Asia cultural. If that mate is not finance able the parents say no Marriage!!!. I suggest you read this Book: The Other one Precent Indians In American.
Yes👏 a lot of African Americans millionaires our brothers and sisters out here wealthy,that we don’t know about. 💰They’re work hard for what their have .It’s all about consistency while working hard to make it work for you. It comes with education viable information from others seminars? Etc. We all can live comfortable living without struggling. That’s what we all strive for… Rich African Americans most likely will keep their life private out of the radar They know what they have I know they’re worth without broadcasting it to the world. which I don’t blame them. Their grind and staying debt free living wealth shine’s..👊🏾through without an announcement. This will also give us all faith to work hard think wisely to make our money we work hard for works for us Think of ways of what business we like to do Being consistent while achieving the goal that we want to do. That’s going to generate wealth for the long-haul.a chance to grow and live wealthy of retirement without debt …Hard work pays off 💪🏾.🙌🏾Black excellence🖤🖤
Once you look pass peacocking it's a decent amount of what I call everyday millionaires (net worth of 1-5 million) in our community. Check out a real estate investor meetup...plenty to gain knowledge from
The stats are these: One out of fifty Black households has assets of a million dollars or more (real estate, stocks, etc.). One out of seven White households has assets of a million dollars or more. That's households--not individuals. Black wealth is actually declining relative to White wealth. By 2053 at the current rate of decline, the median Black household wealth will be zero. That's according to the Institute for Policy Studies. The racial wealth gap is accelerating, not declining. Median White household wealth in 2019 (that's the midpoint in the wealth spectrum): $188, 200. Median Black household wealth that year: $24,100. How can Black people catch up? Look up Duke University economics professor Sandy Darity.. He gives the reasons why only one out of fifty Black households has a million dollars compared to one out of seven White families. It's more than grit and determination that make a million. Black people have as much of that as anybody else. The question is: Why aren't more of them millionaires? Check Darity. The challenges are structural and embedded in history, including the present.
Job well done. Just would like to add one more - instead of High School/College Parties they give Initial Opening of a ROTH Mutual Fund and take them out to their favorite restaurant and explain to them what they could earn over time with compound interest with minimum $50 monthly payments in 30 years:)'s
#8 isn’t always true. We gave each of our children the tax deductible down payment for their first homes. They’ve all been responsible and handled their business.
Some of Us drive cars that are 10 yrs old pay off our homes jump through hoops work smart and never quit. We use cash no debt accept investments..it takes years!!ha! No degree just common sense
@DreadMike 73. I agree with your statement, only the very last sentence I don't agree with. When you set your mind ro something don't & Never you won't achieve it. You have to believe in yourself & know that you will get there. What is the point in dying while trying to get to somewhere that you believe you will never get to?? That's a waste of your life. Here is a better mind set, "I know that I will get there no matter what it takes. The struggle to get there is not important, the ONLY thing that is important is actually getting there. I know that I will get there one way or the other". That's the mund set you need & then go make a plan on how to get there. Revise the plan every 1-3 months & make any necessary adjustments on the journey to get there. Wish you luck and great 🙌 success beyond your wildest dream.
This will make some people look at that or those family members who has that nice car nice house dress nice and work a blue-collar job or have a job that doesn't pay much.
Yes , Yes stop trying to impress the Joneses that'll only keep you in debt if not bankrupt you I swear I've seen it 100 times literally never be jealous of others just FOCUS ON SELF AND YOUR FAMILY AND TEACH YOUR CHILDREN THE EARLIER YOU SAVE THE EARLY YOU'LL BECOME A MILLIONAIRE STAY HUMBLE, SMART , FOCUSED, AMBITION PEACE ✌🏿 ERNEST LINDEN NJ
Manage your money or your money will manage you! The key ingredient is compound interest. We don't stress nor do we teach (our people) early enough what investing in stocks and mutual funds can do to propel anyone and everyone to the finish line of financial freedom.
Good video, but in my experience most millionaires did indeed get a decent payout. They got either an insurance payout or inheritance of like 50-100k+ early in their life. But yeah they all were still hard workers and innovators but def did get a free bag…
We appreciate your input. But during our research we didn’t find a lot of evidence of inheritances or generational wealth being passed down in the black community. Not enough at the historical or empirical level to arrive at that conclusion. We applaud those that were indeed able to get a head start with an insurance payout or some portion of an estate. But we hope we see more of the the instances where parents are leaving homes (not mortgages) and insurance policies… because this is where we see generational wealth being built.
1 in every 50 Blk families are now millionaires in this country. Good and not so good. 1 in every 7 White families households are worth a million. We have to close the wealth gap, to try to get to somewhat of an even playing field when it comes to qualifying and competing in the world of acquisitions and investments. The new goalpost is no longer just a million, but multi-millions to achieve the so-called American dream. A million is just not going to cut the grade no longer.
Don't think I like number 8. I have mix feelings with that one. Can understand if they always give their adult kid money and they come back asking for more because they are broke. In that case I agree with number 8 but if the adult kid actually use the money to maybe invest and start a business then I'm going to disagree with number 8 then.
ABSOLUTELY. My uncle worked for sanitation in NYC & became a millionaire. He drove a modest PAID off BMW & had a NICE paid off condo in Sheepshead Bay next to the water. Sanitation workers in NYC make about $100,000 & they ALWAYS seem to offer overtime. I learned from him that it's NOT how much you make, it's how much you SAVE.
@@tarawalton6778 Black women will the DSNY GARBAGE MAN - DEAD LAST because of LOW SOCIAL STATUS of EMPLOYMENT but BLUE COLLARED WORKER is a WHITE-COLLARED INVESTOR after saving for 15 years!
This is pretty accurate I’m a 37 year old who hit millionaire status from both my real estate and logistics business! I am frugal and bought my first houses as live in duplexes! Got it done in a high tax state of jersey!! Continued to stay the course…
“Health is wealth focus on your health first so if you make a million you can live along time to spend it .”
Absolutely correct
@@BlackExcellist 💪🏾
Bad diet, eating all day and nite, and lack of exercise is not good. Why have all the money in the world but can't move.
@@JordanLittlejohn-jl4lj true !
@@JordanLittlejohn-jl4lj factual
I'm 52. I am the baby. My father died two years ago. I never knew that my parents were millionaires. Keep in mind they did this never investing. My dad did 30 years in the Army (E9) and then retired from the state. My mom has retirements from the city and then the county. My parents had nice cars and kept them for years. My parents never had debt. They bought their house and paid it off. They took vacations and went places on a budget. I asked my mom what thier secret was. She told me to be content with what you have. Live well below your means. Don't loan money to people. Don't tell people what you have because they will make plans for YOUR money. Don't fall for get rich quick schemes etc. Mom sold her house in Cali and moved to be close to me in PA. She paid cash for her newly built house. I am so proud of my parents. My wife and I are well on our way to becoming second generation millionaries.
Mama absolutely nailed it with the *people will make a plans for YOUR MONEY😂, she ain’t lying.
Unfortunately, the people around you WILL make plans with your money-PREACH!
Easy to do
Wow! I envy you! This is so great to hear! You have a solid foundation--you'll get there, easy!
I’m in my mid-forties and learned it’s best start early. I’m talking about teenage young and avoid the distractions that trip up lesser people. When you’re young and moving with a purpose, you’ll be leaps and bounds ahead of someone like me who’s still figuring it out.
This is outstanding advice.
Agreed! I'm teaching my daughter what I wish I'd learned decades ago.
Preach Joe
I as well Joe learned financial importance in my late 40's. I as well have a daughter as another commented, and I am stepping in front of this and making it my purpose to past down these gems. Starting early will truly set one up for greatness.
13:08 my parents bought me my first condo, while i study. I rented it out for 6 yrs while relocated for work- training. I sold it last year and got a little over a Million dollar for my 1brm water front condo in Toronto.
Sheeee! 💪🏽💪🏽💪🏽
Please remember this saying: It isn't what you make that's important, it's how much you keep.
Dope!
Awesome thing to hear!
Great video. Several other facts to add to the list. 1. Many black millionaires work for the Federal government. 2. A small percentage of black millionaires are retired military who used VA benefits to buy homes; low cost healthcare-tricare, disability income, military retirement income as secondary income source as they are young enough to go on to secondary careers; most have college degrees, training and valuable leadership experience that serves them well in the private sector. 3. Most married similar focused people with each having at least 3 sources of income such as pension, 401k/403b/IRA/brokerage accounts, social security or real estate giving the couple at least 6 sources of income in retirement after 62. 3. A large percentage live in the DMV (DC, MD and VA). 4. Many have worked their way up to six figure salaries for the last 20 years of working years (40 - 65). Just my observations from my circle of friends and associates.
Anthony, you're very much so correct in your details. I retired at 56 from a Federal job. Understanding the concept of money at a young age is definitely a major key to freedom and a peaceful life. 🙏
You are correct, I'm from the hood and enlisted in the Army as my way out. At age 57, I'm a divorced black woman who reached millionaire status at age 50 and due to retire from the Fed Gov't in two years. If you met me, you would never know it, nor believe my age and I don't announce it either.
@@mcarthurspark8636 every day millionaires.
You are on point with this 👌🏽
Yes
I've never been to college but I still managed to eventually accumulate a networth of a million and a half. I never bought new homes or cars because I didn't believe in paying retail prices. I didn't start making 6 figures until after I retired from my government job. Not too bad for a country boy from Texas. Ha ha! Now I'm planning on taking my little wealth to the motherland......
You see the Shine, But you don't see the Grind. B1✊🏿
💯
Great comment! Thanks for sharing. Can I borrow that comment from you😀?
@@Nicholes-Dad Sure Lol
Or in other words, you see my glory, but don't know my story.
So work hard, smart, save, invest safely, and live simply. Got it!
SLAVES WORK HARD and make NO MONEY - RICH PEOPLE WORK SMART and make MILLIONS or BILLIONS of DOLLARS!
This is a good documentary! Books like Black Titan by Carol Jenkins, Why Should White Guys Have All of the Fun by Reginald Lewis, and The Wealth Choice by Dennis Kimbro are classic books a Black reader can read to become a Black millionaire.
It all boils down to budgeting, business ownership, financial market participation (stocks, bonds, mutual funds, FOREX, deriviatives, crypto), tax code, credit management, insurance, consumer awareness, real estate, and alternative investments (precious metals, private equity, raw commodities).
The book by Alabama Titan builder AG Gaston who grew up poor and passed on wealthy.
A lot of African-Americans don’t come from wealthy parents this is why we have to work extra hard to become wealthy or able to live comfortable without struggling.Most African Americans millionaires are living their wealthy because they aren’t spending their money foolishly buying $3000 shoes or $2000 handbags. Showing it on Instagram ..most black millionaires are not on social media they are living their lives in privately ..Have good credit are important.The only thing that are expensive and it’s paid off is its A home and cars mostly live their life comfortable ,shop basic And I staying beyond their means they never want to be broke. Which is a wise choice we all have to meet. everything paid off and saving money continue to work hard consistently that way they can live comfortable without debt without worry. This video is a lot to learn from and lessons in life on how to budget work hard and stop trying to keep with the Joneses instead become a Jones work hard own a business,save money and live Comfortable wealth.🖤
The Millionaire Next Door is a great book
I suggest you read this Book: The Other One Percent Indians in American.
@xxLadyPanther30xx I've owned a well ink thru copy for about 10 years, and recommend it to everyone! Now I own the 'sequal' to it.
Also, The Millionaire Mind by the same author. Both great books. Another is "Turn Chaos To Cash, by Jean Ross Peterson, a 1989 book for organizing and managing your personal finances.
Behavior and Comittment key 🔑 and believe in SELF. Facts & Thruth
HARD WORK.
Everything is spot on. My wife and I are close to having a net worth of 1M. We are about $160k away. I’m 35 and my wife is 34. We hope to be there by Q1 of next year.
There are also black millionaires in real estate especially single family home rentals!
A must
💯💯💯
I would never reveal this to someone face to face, I told a friend of mine what my net worth was 3 years ago. My friend said nothing but she I could see her calculating my house that I bought just before I retired (from one of the top 10 law firms in the country in my 40's) and we were in my new car I bought because I wanted to celebrate personally my hard earned financial freedom. My mistake. About 11 months later she asked me to loan her money. But it wasn't just her that began to react to me differently. It was the car. Even my neighbors (several who are white) then took notice. One said to me "your new car is really nice, nothing like that new car smell). I laughed. He then told me he had to turn his SUV in, the lease was up. I saw where he was going so I took the bait and replied "I've never leased a car. " My point to this is to say every observation your video made is on point (except #10). If not for the car, most people that encounter me would never and don't associate me with financial wealth, unless I use my gold or platinum card (I only have 4 credit cards that I use on purchases over $100) which I tend to pay off sometimes even before the next due date. Yet, I'm not sure I'm comfortable with the accuracy of your conclusions and observations. So with that I'd like to leave 3 thoughts for my sisters and brothers that travel the path to financial freedom. 1) Displays of wealth make you a target. 2) It isn't how much you make that's important, it's how much you keep and 3) plan your work and work you plan.
@@reggietheman9610 It was a loan and the agreement was $100 monthly. After 4 months she missed a payment and didn't call me to say anything so I called her. She told me she was going to call me to tell me she couldn't pay the balance back. I said to her then what you're saying is if you had used a calculator you would have known you weren't going to pay me back? Then she started with the tears and I said crying doesn't work on me remember I have two sisters. In short I told her we were still friends but I'd never do business with her again. The fact of life is, if you reach a point where money is no longer an issue to maintain your life style, those around you will most likely try to use you. Just one more point, if a friend were to ask me for money as a gift or loan the first time it's a test to see what may happen if anything the next time. My experience has been if it's a gift that tends to be like saying the ATM is givin out free money.
I have another friend that is more financially comfortable than I am, her policy is don't ask her for money. Period.
To be honest, a lot of broke people have expensive cars, etc.
Black millionaires are an invisible race we don't hear about them or see them. P.S. Can you do a show on O.B.M. Old Black Money black millionaires who come from money.
There is no such thing as old black money. Wealth is new to us!
@@EvangelistRBColbert What are you basing that on? And when you say "us," does that mean all blacks or just the ones you know or heard about?
That show was already done based of the book of Lawrence Otis Graham. I like the focus on future Black millionaires. Lol
Yes please do.... please make a video of Black Old money....which exists....not only in the US but around the world
@@EvangelistRBColbert There is such thing as O.B.M They're just a tiny minority. I live in Canada as a Ghanaian and there are O.B.M. and O.B.B (Billionaire), figures among the Caribbean and African community here. For example Michael Lee Chin who is from Toronto is one of the richest Men in Canada as a multi-Billionaire who is Jamaican descent. There's a street and two buildings named after him.
There are most definitely O.B.M families in the USA but they are usually apart of the "Boule". However with that being said yes, MOST B.Ms are Nouveau Riche. According to financial statistics I have looked into, 1 out of every 50 Bl---que American within the USA has a total Asset value of at least $1 million dollars and greater. There are 43 million AA's in the USA. This figure includes income, residuals, property, and investments. People are in fact getting richer even though yes there are still those who live below the poverty line.
I met a black millionaire, he has 2 Mercedes Benz cars and Mercedes Benz SUV and only paid $66,000 for all 3 vehicles, he told us its not how much it cost its what you do with your money, he bought them when the price went down, he said car's value depreciate soon as you drive it off the lot. He shops at the Dollar Store, he said that his wife shops at Publix and see the grocery bill, he said he about to have a heart attack. While I'm not wealthy but I'm working on getting there. I'm in the stock market trading and investing, I invest in real estate, do real estate lending, and invest in start up companies. I'm trying to build wealth. I know that I won't reach to millionaire status but at least died trying.
You can do anything, you can go anywhere, you can be a millionaire.. 💰🙏🏾 Yes I AM ,, I Am I Am
@@jennypotts2008 Thanks for the encouragement, I started late in investing and I regret not investing when I was in my 20's, I started in my early 40's but it was either the stock market or the Florida lotto and scratch off tickets. After I got into the stock market, I got into real estate investing and lending, and finally investing in start up companies.
You probably meet millionaires everyday but you don't notice them. You would be surprised by who is a millionaire because you don't see them coming. I can attest that this list is fairly accurate and it is possible to obtain wealth even later in life.
@@Mrbr00ks74 Exactly, it shocked me when he told me how he made his money, he had a 2 story house, no big house, no mansion, just a regular house with a boat, 3 Mercedes Benz, 1 Cadillac, and a classic Chevy car. His wife is a smart woman and she knew the money system, own businesses, in the stock market, and real estate. He dropped some jewels about money that went over head of a guy I was working with but I knew what he was talking about cause I was still studying personal finance before I got into the world of investing. He told me it's not how much something cost it's what you do with your money. He told me starting investing your money, it don't take a lot of money like people think. In 2017 I put my money in the stock market and I invest it, then got into trading, real estate investing and lending, also invest in start up companies. In fact I met 3 millionaires Black, White, and Latin, they gave me the realest advice I ever heard. The crazy part they all dress like they didn't have a lot of money, not even the black millionaire.
I love the stock photos and videos your channel uses, they show the range of black people in all walks of life.
Im not a millionaire yet but the top 10 list definitely describe my personality and how I operates my day to day life.
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Thank you for your info. It’s awesome to see positive things about Black people doing great things with their money. Love it. 💪🏽
AGREED 💯 APPRECIATE YOUR SHARE KEEPING STRIVING IN YOUR LUCRATIVE ENDEAVORS
PEACE ✌🏿 AND RESPECT
EENIE
LINDEN NJ
EXCELLENT VIDEO....Black millionaire status is on the rise. I have calculated that I and my wife will have a net worth of $1,000,000 in about 3 yrs.A Good foundation to set is get educated,and set goals .,budget ,try to acquire good real estate,and invest in good mutual funds or conservative stock,and watch videos like this one.
Mindset over money. Manage your money. Mind your money to millionare status. Amen!
bingo!
I just find this channel yesterday & I had to become a subscriber. Thanks to the person(s) individually or team, one & all who created this channel. Thank you very much.
It kind-of remind me of The Alux channel only this channel is for Black ppl. Very insperational. Thank you again & don't ever stop creating posituve & great content for us. There are great Black ppl out there but it's not in the Interest of mass media to promote this fact about the Black Family & communities. If it was, we would've know about them & so many of us would not be in the dark. We would & could readily point out a few Black Millionaires who are not in sports or the general entertainment industry. But at the moment its hard for the average person to do that. This channel will help to change that orbat least the image of economical disadvantage Black People. I believe we as a community is over all the same as any other community in North America.
Thanks again for your positive contributions to the image of the Black Family & the Black Community at large.
Thank you very much.🙏.
Most are quiet, unassuming, hard workers and are not flashy 🧐👀☺️✊🏾
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Powerful statement 80 percent of black self made millionaires didn't inherit it they worked hard, stayed focused had a FOCUS AND STAYED ON THAT PATH I CONGRATULATE YOU AND MAY MYSELF AND OTHERS REACH FINANCIALLY FREE AS MULTI MILLIONAIRES
MUCH APPRECIATED 👍🏿 FOR SHARING
ERNEST
LINDEN NJ
Im a black millionaire. The 1st 5 years were hustle and bustle and the next 5 years I made money in my sleep...10 years to get it in the transportation industry. Whatever you love you'll excel in. I love self employment and hate working for someone else..
Shop at Aldi. I once told a Black girl that I shopped at Aldi and she said eww. They have European Chocolates that are better than other stores in America. Aldi and Costco are the two best grocery stores in America.
This is so true video…. It would be great 👍 to see this published in a book. The long game of saving/investing/budgeting of black people is an understated .
“The Millionaire Next Door” - Thomas Stanley + “Everyday Millionaires” - Chris Hogan
Quite An Interesting Video
Keep Up The Good Work 😎👊‼️
👸🏿 ❤💛💚🖤Health is wealth also. Learn about eating to live and not living to eat will save money in long run. Avoid Diabetes, Blood pressure, Heart disease and avoid/fight Cancers. This video was VERY accurate. Take notes✊🏽
Great video, I am 35 and I am 1/5 of the way there!
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I'm loving this compounded interest thing....where money works for you 24/7....365!!!! Money is indeed an excellent worker and a horrible master😁
Love this I've watching all the videos for over a year this is one of the best I'm lot of ways like this video ❤️
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Thanks and I will share with like minded people.
really appreciate it
Having the proper level and type of Life Insurance is certainly an important tool in continuing the family legacy of wealth.
This is so positive 😭
I would like to know the co-relation with black millionaires and real estate. Maybe not a top 10 but house/property values has to be a significant factor.
I'd read Tom Shapiro's Black Wealth/White Wealth.
Black millionaires probably have a home as a part of their lifestyle: a place for their kids to grow up, being near a good school district, etc. but as an investment? Shapiro's book noted "white flight" (how a black person's residence could lose value just because white people left their neighborhood). I always had a problem with an "investment" that could lose value just because I'm around people who look like me. I much prefer something like stock where EVERYONE who owns a share of Coke, for example, receives the SAME appreciation and dividend yield.
Some are real estate investors where they landlord like Julian Gordon who specializes in multifamily properties.
Real estate is STILL the most used path for millionaires! Everyday/ millionaire next door especially
@@Cahluvca Since most people aren't good savers/investors and paying off a mortgage is sort of forced savings by default, a home is often the ONLY investment for some people. If it appreciates enough for the household to become a millionaire then statistically they become a real estate millionaire.
If we're talking about those who buy real estate as an investment...I would wager the 401-K millionaires, those lucky enough to invest early in a multi-bagger (i.e. Amazon), those secret millionaires who live a long life and die with a dividend-oriented portfolio (re: Ronald Reed) and those newly introduced to investing via Robinhood, etc. would greatly outnumber them.
One day I will be one.
Yes Sir, Me too
We believe and encourage you 💪🏽
👏🏿👏🏿👏🏿
@@jonesfredrick94
Soon.
Soon.
We here 🙌
Thank you for another great video
We appreciate your support
I can relate to everything on this list, #9 for sure!👍🏾
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Loved this.
I need someone to do a documentary on black millionaires
Longevity in your BRAND 💯%
This black millionaire just finished working 16 hours and has only owned one brand new car. This video describes me to a T…
I love this series
This was a interesting video I truly liked this video for the simple fact that it really talks about the invisible Black Millionaires because my Biological Father and my Stepfather were both small business owners back in Nebraska where I was born and they had invested in some Real estate and a Barbecue Place and some Candy Stores if you all remembered those and my Stepfather bought a Liquor Store and bought some Race Horses and was a Horse Trainer before that so I'm glad that you all took the time to Salute them because we already know about the actors and Basketball and Football Players being Multi Millionaires like my Homeboy actually played for the Los Angeles Lakers and won 2 NBA Championships and I know Magic Johnson but the invisible Black Multi Millionaires and Black Millionaires to me is a more intriguing story as well take care everyone and stay Blessed.
Very interesting‼️🤩
I agree 100% that you need the right mate to build wealth. I personal see this in the Indians south Asia cultural. If that mate is not finance able the parents say no Marriage!!!. I suggest you read this Book: The Other one Precent Indians In American.
If I had a million dollars for every time she said "Black Millionaires" I'd be a Black *Billionaire.* Jokes aside, this was quite informative! 👍🏾
9:27 LMAO!!! I bought my house (I'm single) for $175,000 and well on my way...
It will double before you know it
@@BlackExcellist it already did since purchase in 2014 @$398,000 for now
Same price and square footage. Lol. This is a sign that I'm getting there. 🙌🏾
This is something that I strive for. And I have to say the young lady at 1:48 is soo beautiful, her smile is everything.
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love it
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👩🏽 Take advantage of 401k please!
👗👍🏾watch my money, hate debt!
👖Learn to say no to yourself and others
Please be careful and stay safe
Yes👏 a lot of African Americans millionaires our brothers and sisters out here wealthy,that we don’t know about. 💰They’re work hard for what their have .It’s all about consistency while working hard to make it work for you. It comes with education viable information from others seminars? Etc. We all can live comfortable living without struggling. That’s what we all strive for… Rich African Americans most likely will keep their life private out of the radar They know what they have I know they’re worth without broadcasting it to the world. which I don’t blame them. Their grind and staying debt free living wealth shine’s..👊🏾through without an announcement. This will also give us all faith to work hard think wisely to make our money we work hard for works for us Think of ways of what business we like to do Being consistent while achieving the goal that we want to do. That’s going to generate wealth for the long-haul.a chance to grow and live wealthy of retirement without debt …Hard work pays off 💪🏾.🙌🏾Black excellence🖤🖤
#7 That's gonna be me UP AND DOWN!
I'm 57 and I say thank you I'm on my way to God greatness.
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I became a millionaire with real estate and stock market. No payments and no new cars.
Once you look pass peacocking it's a decent amount of what I call everyday millionaires (net worth of 1-5 million) in our community. Check out a real estate investor meetup...plenty to gain knowledge from
The stats are these:
One out of fifty Black households has assets of a million dollars or more (real estate, stocks, etc.).
One out of seven White households has assets of a million dollars or more.
That's households--not individuals.
Black wealth is actually declining relative to White wealth.
By 2053 at the current rate of decline, the median Black household wealth will be zero. That's according to the Institute for Policy Studies.
The racial wealth gap is accelerating, not declining.
Median White household wealth in 2019 (that's the midpoint in the wealth spectrum): $188, 200.
Median Black household wealth that year: $24,100.
How can Black people catch up? Look up Duke University economics professor Sandy Darity..
He gives the reasons why only one out of fifty Black households has a million dollars compared to one out of seven White families.
It's more than grit and determination that make a million. Black people have as much of that as anybody else.
The question is: Why aren't more of them millionaires?
Check Darity. The challenges are structural and embedded in history, including the present.
TRUE FACTS
Job well done. Just would like to add one more - instead of High School/College Parties they give Initial Opening of a ROTH Mutual Fund and take them out to their favorite restaurant and explain to them what they could earn over time with compound interest with minimum $50 monthly payments in 30 years:)'s
#8 isn’t always true. We gave each of our children the tax deductible down payment for their first homes. They’ve all been responsible and handled their business.
Can I do a review to this love the content
absolutely
Some of Us drive cars that are 10 yrs old pay off our homes jump through hoops work smart and never quit. We use cash no debt accept investments..it takes years!!ha! No degree just common sense
i like the "some of us" part!
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Keyword : Sacrifice 👿
@DreadMike 73. I agree with your statement, only the very last sentence I don't agree with. When you set your mind ro something don't & Never you won't achieve it. You have to believe in yourself & know that you will get there. What is the point in dying while trying to get to somewhere that you believe you will never get to?? That's a waste of your life.
Here is a better mind set, "I know that I will get there no matter what it takes. The struggle to get there is not important, the ONLY thing that is important is actually getting there. I know that I will get there one way or the other". That's the mund set you need & then go make a plan on how to get there. Revise the plan every 1-3 months & make any necessary adjustments on the journey to get there. Wish you luck and great 🙌 success beyond your wildest dream.
Us, we will always sing the blues 'cause all we care about are hairstyles and tennis shoes....... NO NO sir - NOT on THIS channel!! haha
2% of the Black population are currently Millionaires, I am part of that 2% but you would never know. Save
Chek, check, check and check...thanks to my parents.
This will make some people look at that or those family members who has that nice car nice house dress nice and work a blue-collar job or have a job that doesn't pay much.
Yes , Yes stop trying to impress the Joneses that'll only keep you in debt if not bankrupt you I swear I've seen it 100 times literally never be jealous of others just FOCUS ON SELF AND YOUR FAMILY AND TEACH YOUR CHILDREN THE EARLIER YOU SAVE THE EARLY YOU'LL BECOME A MILLIONAIRE STAY HUMBLE, SMART , FOCUSED, AMBITION
PEACE ✌🏿
ERNEST
LINDEN NJ
Need Black Legacies as a video in other words Old Black Money......they do exist. However, serious research must be done....
Read my comment.
@@detriotman Yup I agreed with you👍🏼👍🏼👍🏼👍🏼👍🏼👍🏼👍🏼👍🏼👍🏼👍🏼👍🏼👍🏼👍🏼👍🏼👍🏼👍🏼👍🏼👍🏼👍🏼👍🏼👍🏼👍🏼 we need to see these legacies
Nothing to do with sports movies, or music.
Hello, Black millionaire in the making here! Just posted my first RUclips video!♥️✅
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Manage your money or your money will manage you! The key ingredient is compound interest. We don't stress nor do we teach (our people) early enough what investing in stocks and mutual funds can do to propel anyone and everyone to the finish line of financial freedom.
I'm right next door, keep moving everyone.
I'm trying to rationalize paying off my student loans.....
@@quaithom3138, whatever. Hopefully some, if not all, is eventually forgiven.
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Good video, but in my experience most millionaires did indeed get a decent payout. They got either an insurance payout or inheritance of like 50-100k+ early in their life. But yeah they all were still hard workers and innovators but def did get a free bag…
We appreciate your input. But during our research we didn’t find a lot of evidence of inheritances or generational wealth being passed down in the black community. Not enough at the historical or empirical level to arrive at that conclusion. We applaud those that were indeed able to get a head start with an insurance payout or some portion of an estate. But we hope we see more of the the instances where parents are leaving homes (not mortgages) and insurance policies… because this is where we see generational wealth being built.
Good hard work, saving, and investing. Start small and grow. Time for retirement and boom, you’re ready.
Would I count if I’m half🤷🏽♂️
Like 👍 like 👍
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1 in every 50 Blk families are now millionaires in this country. Good and not so good. 1 in every 7 White families households are worth a million. We have to close the wealth gap, to try to get to somewhat of an even playing field when it comes to qualifying and competing in the world of acquisitions and investments. The new goalpost is no longer just a million, but multi-millions to achieve the so-called American dream. A million is just not going to cut the grade no longer.
Don't think I like number 8. I have mix feelings with that one. Can understand if they always give their adult kid money and they come back asking for more because they are broke. In that case I agree with number 8 but if the adult kid actually use the money to maybe invest and start a business then I'm going to disagree with number 8 then.
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The MILLIONAIRE BLACK NEXT DOOR could a GARBAGE MAN with STOCK or CRYPTO PORTFOLIO worth MILLIONS of DOLLARS!
ABSOLUTELY. My uncle worked for sanitation in NYC & became a millionaire. He drove a modest PAID off BMW & had a NICE paid off condo in Sheepshead Bay next to the water. Sanitation workers in NYC make about $100,000 & they ALWAYS seem to offer overtime. I learned from him that it's NOT how much you make, it's how much you SAVE.
@@tarawalton6778 Black women will the DSNY GARBAGE MAN - DEAD LAST because of LOW SOCIAL STATUS of EMPLOYMENT but BLUE COLLARED WORKER is a WHITE-COLLARED INVESTOR after saving for 15 years!
MODIVATION🌍
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Number 2 is unfortunate...Those that want to be rich typically have wanted it B4 30 not 50...They didn't make the plan or goal in Their 30sor 40s
I hope my fellow King's and Queens are buying Bitcoin, its time for a wealth change.
Teachers?
Saving money is way harder than making money.
Airbnb
where are the sources on these stats? without referencing them you are just making up "facts"
You immediately lost me with Diddy in the intro.
I have made over 100 k for last twenty years. Made 35000 thousand working for others.