What is it that wealthy African Americans know that most people do not when it comes to money?
They understand what personal wealth means. Most rich black people understand that they will never build true personal wealth [net worth] by just working a 9 to 5. Keeping in mind that Assets – Debts = Net Worth. This does not include the ‘cars and the clothes,’ but true assets will make you successful. True assets are items such as stocks, bonds, businesses and real estate. How do they feel about saving? They save, save, save. I know it’s something that financial people tell you over and over again, but in these times you need at least six months of savings in case of emergencies. Rich black people understand that in order to be ‘… laughing straight to the bank with this’ [lyrics from 50 Cent’s single of the same name] they have to save as much as possible. This can be hard for those already living check to check. However, it’s best to put aside even small amounts like five dollars every week to get in the habit of saving. How do they plan a budget? Most successful rich black people u
