What 3 self-made Black millionaires want Black Americans to know about building wealth - Business Insider
Sep 19, 2020 2 mins, 18 secs

Did you know most millionaires are not born into wealth.

In fact, about 80% of US millionaires worked for their money, with only 20% of millionaires inheriting their fortunes.

The United States has the greatest number of millionaires — 18.6 million, or 40% of the world total, according to the 2019 Global Wealth Report by Credit Suisse — but that doesn't mean millionaires are the majority of this country's population?

In recent decades, the median net worth for white households has "far exceeded" that for Black households, according to the Brookings Institution, and the gap is only growing.

At every income level — even among the top 10% of earners — white Americans' net worth is higher than that of Black Americans.

So how can we build wealth in our current environment.

Case in point: As I reported this story, some Black millionaires declined to talk to me on the record.

So read on for advice on how to build wealth from three Black millionaires who didn't start out that way.

For me, my network has led to other opportunities in investing, and because of the money I made, I've been able to grow my real estate portfolio to four properties along with investing in a few other real estate transactions.

You've heard the saying: "Scared money doesn't make money." It's true, and it's very likely you'll make some less-than-desirable investments along the way, but you have to keep going.

I wasn't taught about money [growing up] except that "there wasn't enough of it" and that "it was hard to come by." As a result, I developed a fear-based relationship with money.

Once I realized that, I was able to take my money and apply it to my goals.

The first goal I tackled was my debt elimination: I had $25,000 — a little over that — in debt, and I was able to knock it out in eight months.

Through budgeting, debt elimination, saving, and investing, I became a self-made millionaire in my 30s.

It truly is not about how much money you make, but what you do with your money.

Building wealth doesn't have to be complicated.

Take the steps right now to unblock your money mindset, eliminate debt, save, and invest.

Part of my drive and motivation to make money was my family's health history.

I wanted to have money to be able to solve health problems because I had seen members of my family die young from things that are curable.

We occasionally highlight financial products and services that can help you make smarter decisions with your money


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