Black Millionaires
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BigBallsNoWorries
Members Posts: 5,461 ✭✭✭✭✭
Now, we get a lot of exposure of every other race's money every time via social media or any other outlet
Arabs=Saudi prince oil money
Whites=Entrepreneur/Old money, inheritance
Indians=Doctors in the family
But, what about us
Besides, entertainers, I mean
We have more money today than ever
Reason for this post, is because I recently finished this book called "The Wealth Choice: Success Secrets of Black Millionaires" by Dennis Kimbro
Very interesting read and very informative
Based off that book, which was released in 2014 or so
There are about 35,000 black millionaires
Now, that may be abysmal considering the black population is 40-45 million
The author also met the business partner and manager of Napeolon Hill, who famously released the classic Think and Grow Rich
Dennis Kimbro also studied wealthy black people and studied their habits and noted what they did and did not do, when it came to amassing wealth
And the stats he found were startling and almost absurd
-Approximately, 35 percent of African Americans had no wealth or were in debt in 2009
-24% of African Americans spend more than their income compared with only 14% of all americans; 32 percent of Blacks don't save at all.
Blacks are six times more likely than Whites to purchase a Mercedes-Benz automobile
The average income of an African American who buys a Jaguar is nearly one-third less than that of a White purchaseer of the same luxury vehicle
and the most interesting piece of info in the book was this
How the millionaires that made their money? 90 percent entrepreneurship; 30% real estate
Thoughts
@Sion
@2stepz_ahead
Arabs=Saudi prince oil money
Whites=Entrepreneur/Old money, inheritance
Indians=Doctors in the family
But, what about us
Besides, entertainers, I mean
We have more money today than ever
Reason for this post, is because I recently finished this book called "The Wealth Choice: Success Secrets of Black Millionaires" by Dennis Kimbro
Very interesting read and very informative
Based off that book, which was released in 2014 or so
There are about 35,000 black millionaires
Now, that may be abysmal considering the black population is 40-45 million
The author also met the business partner and manager of Napeolon Hill, who famously released the classic Think and Grow Rich
Dennis Kimbro also studied wealthy black people and studied their habits and noted what they did and did not do, when it came to amassing wealth
And the stats he found were startling and almost absurd
-Approximately, 35 percent of African Americans had no wealth or were in debt in 2009
-24% of African Americans spend more than their income compared with only 14% of all americans; 32 percent of Blacks don't save at all.
Blacks are six times more likely than Whites to purchase a Mercedes-Benz automobile
The average income of an African American who buys a Jaguar is nearly one-third less than that of a White purchaseer of the same luxury vehicle
and the most interesting piece of info in the book was this
How the millionaires that made their money? 90 percent entrepreneurship; 30% real estate
Thoughts
@Sion
@2stepz_ahead
Comments
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Sadly, this info that is absolutely necessary will be discarded and deemed unnecessary by those whom would rather watch love & hip-hop...
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It seems like us black folk love spending money on expensive cars
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*Bout to get my real estate license post*
Dope drop..ima have to check this out -
I like it and it all makes sense to me.
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i havent read the book yet but ill get it.....
i have alot of experience on the way up i could share.
i still have my old ass cars. i refuse to buy a new or another one.
but money coming too quick can blind you very fast -
BigBallsNoWorries wrote: »How the millionaires that made their money? 90 percent entrepreneurship; 30% real estate
Very interesting, I gotta check this out. Them percentages seem off tho... is it 90% and 10%?? I wonder what percentage of those millionaires made millions as an employee.. probably close to 0 -
BigBallsNoWorries wrote: »How the millionaires that made their money? 90 percent entrepreneurship; 30% real estate
Very interesting, I gotta check this out. Them percentages seem off tho... is it 90% and 10%?? I wonder what percentage of those millionaires made millions as an employee.. probably close to 0
Makes sense, hard to make a million as an employee, you'd have to own a bunch of stocks and or real estate too -
2stepz_ahead wrote: »i havent read the book yet but ill get it.....
i have alot of experience on the way up i could share.
i still have my old ass cars. i refuse to buy a new or another one.
but money coming too quick can blind you very fast
@2stepz_ahead
Share some knowledge -
ghostdog56 wrote: »It seems like us black folk love spending money on expensive cars
Exclusive cars are overrated. Never understood why some will sweat & starve to keep up with the newest car car payment -
T. Sanford wrote: »ghostdog56 wrote: »It seems like us black folk love spending money on expensive cars
Exclusive cars are overrated. Never understood why some will sweat & starve to keep up with the newest car car payment
You should lease them -
Good drop...
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A lot of people, black and non-black, people look down on poor blacks. In addition, a lot of black women won't give a black man the time of day if he doesn't look like he has money.
Hence you have a lot of black people spending money on conspicuous consumption goods that they either can't afford, or can't easily afford, in order to present themselves as having a certain class status.
That is why you have statistics like this:Blacks are six times more likely than Whites to purchase a Mercedes-Benz automobile
The average income of an African American who buys a Jaguar is nearly one-third less than that of a White purchaseer of the same luxury vehicle -
Read the book. Very good. Three millionaires I've spent time with are in the book. Steve and Porsha Carter. Lisa Nicole Cloud
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Hanging around millionaires changes your entire outlook.
Just through association I felt i could become one also -
Arabs=Saudi prince oil money
Indians=Doctors in the family
Like it aint billions of them poor mfers over there. % wise I know for a fact we doing better than Indians. Some how I know you all will jump around the Arab/middle eastern thing. -
I would never buy a mercedes. That's what ? used to roll around in.
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I would never buy a mercedes. That's what ? used to roll around in.
Are you jewish? -
En-Fuego22 wrote: »
No. I just don't like that ? ? . Like I would never buy Hugo Boss either. -
En-Fuego22 wrote: »
No. I just don't like that ? ? . Like I would never buy Hugo Boss either.
You should never buy a European or a American car then. With slavery happening and all -
En-Fuego22 wrote: »
There were no cars in slavery times tho. -
It comes down to black people having low self-esteem collectively. ..to not feel like we are worth being wealthy and not worth holding onto that wealth and passing it down to our seeds.. this is constantly reinforced through media and societal pressure. One of the many rotten fruits grown from white supremacy. Personally, I see nothing wrong with having a nice whip, as long as you have priorities in order and can still build wealth.
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BigBallsNoWorries wrote: »How the millionaires that made their money? 90 percent entrepreneurship; 30% real estate
Very interesting, I gotta check this out. Them percentages seem off tho... is it 90% and 10%?? I wonder what percentage of those millionaires made millions as an employee.. probably close to 0
One thing to add to what ur saying. I know a few black millionaires and they were all employees first. Many people think entrepreneurship is what sets people to making money when actually it usually is working a job and using the money you get from working a job to invest in your own private business or private businesses that eventually begin turning a profit that allows them to invest in other ventures of capital until it amounts to millions. I know about 4 black millionaires and this is how each one did it.
Eventually, of course, they leave their job of working for someone else. -
ghostdog56 wrote: »It seems like us black folk love spending money on expensive cars
Did you hear shaqs video of when he first got his money. Bought a mercedes i believe for 150,000, came back home, father asked where is his, went back and got one the same day for his father, both came back with new cars, and then his mother didnt want what they got, but still wanted hers. Went and got her one.
Spent 500,000 dollars on cars in one day. LOL. Overall its okay to get you a couple nice cars. I feel black millionaires usually lose more on bad investments, buying bad property, shady accountants, and trying to support too many people, than buying too many ferraris.
How Shaq spent $1 Million in one day
https://www.youtube.com/watch?v=wMpZgt6agpU
