Learn and master the practical secrets to wealth building
Building wealth requires more than learning and mastering Biblical secrets of wealth building; one must know the practical secrets too. Secrets are probably not the correct word since many wealth building strategies are widely published in books, videos, seminars, and many other places. From all this readily available information, a person can realistically teach himself the practical secrets of building wealth. No person should be ignorant of wealth building strategies in the age of Google and YouTube.
Ignorance of wealth building strategies is costly and destructive. Ignorant people in a capitalistic system are like pawns on a chess board. The only purpose of the pawn is to serve the strategy of the queen. The queen discards the pawns once her purpose is served. The same is true with ignorant folks who know nothing about wealth building. They are the pawns of the rich.
Become an entrepreneur and investor
America is based on free market capitalism (FMC). Entrepreneurship, business ownership and investing are staples of FMC. You can build great wealth that comes the multiple streams of generated by business ownership, entrepreneurship and investing. What’s more, our government favors business ownership, entrepreneurship and investing and has enacted many laws that favor business owners, entrprenuers and investors.
Most African Americans are not business owners and investors. Therefore they invest most of their wealth in their houses primarily. Their portfolios lack business assets, stocks, bonds, mutual funds, 401Ks, and so on. This strategy is dangerous because if such families lose their homes, their wealth is wiped out.
This risk became true for many African Americans during the housing bust of 2008 and 2009 when lots of black wealth was vaporized from a disproportionate amount of foreclosure on black families. Had those black families diversified their portfolios the housing bust would not have divested so many black families. You must diversify your portfolio!
Think Generationally and Legacy
Building black wealth cannot be done in one generation. It takes generations to build true black wealth. We must make investment and financial decisions with future generations in mind. We must think at least four generation ahead. Addityionally, we must teach our children and grandchildren how to build weaolth. This generational approach will enable us protect and control our wealth for an extended period.
Utilize wills, trusts, estate planning, tax and insurance strategies and other methods to protect and control black wealth generationally. These tools help us build a legacy of black wealth. This is a secret of wealth building that rich people have used for years to build, protect and control their wealth in perpetuity. They also encourage their children to marry other wealthy people.
Black America has massive spending power but very little wealth. Our lack of black wealth makes us needlessly dependent on White America. We depend on white banks and companies for capital to build our businesses and churches, educate our children, feed our families, employ our men and everything else. As a people, we must earnestly build wealth. When we have black wealth, we can determine and fund our own agenda. When we have black wealth, we have black power. Let’s get busy building wealth.