What 3 Self-Made Millionaires Want Black Americans to Know About Building Wealth (2023)

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What 3 Self-Made Millionaires Want Black Americans to Know About Building Wealth (1)

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(Video) Can TikTok Influencers Make You Rich? The Truth About Wealth-Building

  • When we talk about wealth in the United States, the difference in racial wealth should be part of the discussion.
  • But it is possible to become a millionaire even if you weren't born rich. In fact, most millionaires in America worked for their money.
  • I asked three black millionaires how they made their money and what they think other black Americans should know about building wealth.
  • They told me that building a strong network, taking risks, managing your money and doing what you love are critical steps.
  • This article is part of Business Insider's Inside the Racial Wealth Gap series. View more information »

Did you know that most millionaires aren't born rich? Actually,about 80% of American millionairesThey worked for their money, with only 20% of millionaires inheriting their wealth.

So we know that wealth can be passed down from generation to generation, but if that's not your story, you still have a chance at financial success.

Wealth inequality in the United States

The United States has the most millionaires: 18.6 million, or 40% of the world's population.according to Credit Suisse Global Wealth Report 2019- but that doesn't mean that millionaires are the majority of the population of this country. In fact, the report finds that levels of wealth inequality "are high both within countries and around the world."

The difference is even greater when we look at black and white Americans. In recent decades, the median net worth of white families has "far exceeded" that of black families, according to the Brookings Institution, and the gap is widening. At all income levels, even in the richest 10%, white Americans have more net worth than black Americans.

Still, I think it's important to highlight black people who have been successful in America over the years. Knowing our history is important, but we can also think about ways to grow beyond our original circumstances.

Talking money with black millionaires

So how can we build wealth in our current environment? One way is to know what is possible and how to do it. But we don't always talk openly about money in America. Case in point: while I was covering this story, some black millionaires refused to speak to me officially. I understand that as times are tricky and people don't want to show off. Also, he has a net worth of more than $1 milliondoesn't mean you're immune to stressor other concerns.

But I've dedicated my career to sharing information. And since knowledge can help others, I don't consider sharing your story to be bragging. So read on for wealth building tips from three black millionaires who didn't start out that way. Her answers, below in her own words, have been edited and shortened slightly.

Sevetri Wilson, Founder, CEO and Author

What 3 Self-Made Millionaires Want Black Americans to Know About Building Wealth (2)


Sevetri Wilson, 33, is the founder and CEO of the tech startup.resilia, founder of the agency for strategic communicationsolid innovations, and author of "Mainland: How I built a 7-digit company with zero capital at 22."

his story

My parents died very young and unlike many others I inherited nothing. In fact, I was left with debts to my parents, which I paid off over time.

Growing up as a first-generation college student and watching my single mother struggle financially to support our family, I took it upon myself to achieve a different outcome for myself. I was able to build my first business because I could clearly define the solutions to my customers' problems. As a result, my company and my network have grown.

his advice

On the way to millions, the importance of a network must not be missing. Your network (a very good one) will direct you to other opportunities, allowing you to diversify your portfolio.

For me, my network brought me other investment opportunities, and thanks to the money I earned, I was able to expand my real estate portfolio to four properties and invest in a few other real estate transactions.

If you want to become a millionaire, you have to take risks. You've heard the saying, "fear money doesn't make money." True, and you'll most likely make some less than desirable investments along the way, but you have to move on.

April Stewart, Financial Coach

What 3 Self-Made Millionaires Want Black Americans to Know About Building Wealth (3)

Courtesy of April Stewart

April Stewart, 42, is a Washington, DC-based financial advisor, known asApril the money coach.

his story

They didn't teach me anything about money [growth] 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.

(Video) The Untold Truth About Money: How to Build Wealth From Nothing.

After years of earning a good salary but living with minimal savings from paycheck to paycheck, it was obvious I was missing something. I devoured books, articles, and interviews to find out what financial rock stars were doing that I wasn't.

UEstarted budgeting. He had more money than he thought; I felt like I got an instant raise as soon as I started budgeting. Once I realized that, I was able to take my money and use it towards my goals.

The first goal I tackled was debt elimination: I had $25,000, a little more, in debt, and I was able to pay it off in eight months. From then on I went to buildingCash reserve for living expenses for six months. From there, I focused on making my money grow: I started investing and I got the company's contribution [for retirement]. I invested more and more every year.

Through budgeting, debt reduction, saving and investing, I became a self-employed millionaire by the age of 30.

his advice

Getting rich is within everyone's reach. It's not about how much money you make, it's about what you do with your money. There are professors with more fortune than doctors and lawyers.

Building wealth doesn't have to be complicated. It is not necessary to be a real estate investor. People jump to "enhanced" because they think it will make them faster. You just have to do the basics properly and consistently. It may take a few years; It took me 14 years. [Now] I'm teaching you how to build a seven-figure fortune on just your salary.

Control what you can control. You cannot wait for the barriers to be removed. You cannot leave your future in someone else's hands. Take action now to unlock your money mentality, eliminate debt, save and invest. One of the most revolutionary things you can do is achieve financial freedom.

Rachel Rodgers, Attorney and CEO

What 3 Self-Made Millionaires Want Black Americans to Know About Building Wealth (4)

Courtesy of Rachel Rodgers

Rachel Rodgers, 38, is an intellectual property attorney in Greensboro, North Carolina, and CEO ofhello seven, where he tries to help women earn seven figures.

his story

Part of my drive and motivation to make money was my family's health history. I wanted money to pay for health problems because I had seen members of my family dying young from curable diseases.

I didn't want to be a millionaire as a lawyer because I just didn't love it enough. But when I switched coaching it was something I fell in love with and it was easy to get into seven figures.

What probably had the biggest impact was the community. First, having a group of ambitious friends who were also trying to make seven figures. We're in group chats; We exchange emails. I think [people] really underestimate the impact of being with people who have similar goals.

And the second way was to build the community around my company. Build a newsletter list: Send regular emails to these people. It took me a while to build an audience of 1000 people on my mailing list. Once I had these people, that was enough to start seeing some momentum. They became clients or referred clients to me. Now this community has 65,000 people.

I will continue to accumulate wealth. There are so many ways to use money to do good in the world.

(Video) Multi-Millionaire Explains His Simple Steps to Self-Made Success

his advice

Wealth requires consistency. A certain amount of discipline is required. You have to take risks. You have to do scary things. People around you will say that you are crazy. But you have an endgame and you are ready to almost suffer for a short time so that you can get a great reward in the future.

So I think what keeps you going is having a strong "why" and/or doing something that you really care about and love.

Practical tips include: Conduct an audit of your skills and talents. Find a job that naturally appeals to you. And if you look at your work experience and see how does that fit with a market problem that you could solve?

You were born with an innate and natural talent. touch it Because then you do the work that you love to do. And that's why you keep getting better.

  • Read more Inside the Racial Wealth Gap stories:
  • A toxic mix of red lining and discrimination means homes in black neighborhoods are chronically undervalued by $156 billion.
  • Gentrification does not have to force minority residents to leave their homes. Activists say there are three ways to protect communities.
  • Racism has cost black Americans $70 trillion since slavery began: Here's how those costs are made up
  • For African Americans, titles aren't about recovery, they're about survival
(Video) America's Black upper class - Rich, successful and empowered | DW Documentary
Leslie Quander Wooldridge

Leslie Quander Wooldridge is a writer, editor, consultant and trainer whose articles have reached tens of millions of readers. visit her insidewww.lesliequander.comor follow herInstagram.

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Characteristics millionaire Self-taught millionaire


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