Black CEO: Do More Than Save if You Want to Be Wealthy

[Blackking]

naw, what he said is true. basic but true.... You really have to be doing to very most to get wealthy....... you can't be content with just making money. And fukk are you saving if you make less than 6figures?? saving so that u can live mediocre because this is america. save just enough for a rainy day and build w the other shyt.
He also mentioned owing your own business......... you don't really have shyt if you're working for a CAC..... even if you are a CAC yourself.


sound advice.

 

[philmonroe]

Well a very small percentage of the population is well off so i think there really is no set in stone formula for being wealthy later in life. Unless you plan on not having any expenses outside of your cost of living taking into account no unforseeable expenses, its not realistic to think everyone can be a millionare.

You are correct everyone can't be a millionaire because then it would be like most people being thousandnaires. As far as the set in stone formula of getting rich its one that is almost as good and that is starting a business. I forgot the percentage but its a big percentage of people that have their own business that are rich so I think that's the best way then use that money to do other things like investing.

 

[Mr. Somebody]

You are correct everyone can't be a millionaire because then it would be like most people being thousandnaires. As far as the set in stone formula of getting rich its one that is almost as good and that is starting a business. I forgot the percentage but its a big percentage of people that have their own business that are rich so I think that's the best way then use that money to do other things like investing.

Most businesses fail friend so while it may be the best way, its still a Huge gamble that should not be underestimated. Bottom line, friend, investing in yourself is a gamble and you have to know what you're doing to start a business.

 

[philmonroe]

Most businesses fail friend so while it may be the best way, its still a Huge gamble that should not be underestimated. Bottom line, friend, investing in yourself is a gamble and you have to know what you're doing to start a business.

I said that's the best way didn't say nothing besides that friend.

 

[Mr. Somebody]

I said that's the best way didn't say nothing besides that friend.

You said that.

 

[h2o_proof]

All of you are right in a sense, but the lack of optimism displayed by some will keep you from attaining wealth...along with some other factors (for Black folk in particular):

First rule for building wealth is understanding that everybody cannot and will not achieve wealth
-Being wealthy is not a right, it's a privilege and as such should be treated as a premium; this may desensitize you to certain human conditions such as poverty, poor health and racism but if you feel strongly enough your desire to achieve wealth in order to do something about these conditions should be your motivating factor.
-Wealthy people monitor trends and make investments; a lot of us monitor whats hot and spend
-Most wealth is inherited. Some of us will experience a death in our immediate family that changes our fortune for the better, unfortunately most of us will experience a death (or illness) in our immediate family that potentially bankrupts us
-Most wealth is inherited. Getting the family together to raise funds for Pookie's bail is not a good investment. Getting the family together to raise funds for Pookie's funeral is not a good investment. Getting the family together to raise funds to send Pookie to college is surprisingly not a good investment. Getting the family together to start a fund for 1 year old Pookie's future college education is a wise 18 year investment.

Next rule is that "calculated risk" is a code word; Money has 4 Uses
-A calculated risk is defined as a chance of failure, the probability of which is estimated before some action is undertaken. In laymen's terms calculated risk = business plan. Wealthy people understand that a calculated risk usually involves someone else's money and the word failure is nominal.
-Understanding that your chance of failure versus your chance of success hinge on how solid your estimation or business plan is should motivate you to seek other avenues for raising capital to fund your wealth seeking mission. Capital is to be invested (there may be expenditures) and not spent
-Money is used to Spend; Save; Invest; Donate. Understanding the purpose of money and what percent you use for what is key. Rule of thumb is to donate as much as you spend, invest as much as you save

Final rule is morals and ethics are two different things
-A legal venture (proven to succeed) that you are morally opposed to is a missed opportunity. Enough said.