Read the Beforeitsnews.com story here. Advertise at Before It's News here.
Profile image
By Hip Hop Republican (Reporter)
Contributor profile | More stories
Story Views
Now:
Last hour:
Last 24 hours:
Total:

Dennis Kimbro on Black Wealth Creation

% of readers think this story is Fact. Add your two cents.


Dennis Kimbro, The Wealth Choice: Success Secrets of Black Millionaires, New York, 2013, Palgrave Macmillan

Based on a seven year study of 1,000 of the wealthiest African Americans, The Wealth Choice offers a trove of sound and surprising advice about climbing the economic ladder.

In 1955, when Martin Luther King Jnr led the Montgomery Bus boycott, there were only five Black millionaires in the United States. There are now 35,000.

Dennis Kimbro has done a great service for those aspiring to similar heights in his latest book The Wealth Choice. These pages aren’t just for black Americans but anyone interested in sustaining the values for wealth creation and carving a path to prosperity.

In his years interviewing and profiling black millionaires Kimbro purposely avoided the ultra-rich – entertainers like Oprah and Jay-Z. Black Americans, he feels, need to emulate the everyday successes built away from the spotlight. And the economic stats on Black America suggest there hasn’t been a more crucial time to promote the message of wealth creation:

  • The median wealth of White households is 20 times that of Black households
  • Nearly one-third of White households own 401(k) or thrift savings accounts, compared with less than one-fifth of African American households
  • Approximately 35 percent of African Americans had no wealth or were in debt in 2009
  • Twenty-four percent of African Americans spend more than their income compared with only 14 percent of all Americans

Early in the book Kimbro emphasises that wealth isn’t about cold hard cash or mindless materialism. ‘Wealth and abundance are not measured in terms of possessions and money,’ he writes, ‘but in relationships, values, knowledge, and action; in what we do, not what we know.’

 These are things that can obviously grow in the absence of money. ‘I was wealthy when I was dead broke,’ as one of Kimbro’s respondents said. ‘I knew what I wanted to do, and I knew I’d do it. It was only a matter of time.’

The importance of finding a passion is central to wealth. 70 percent of his respondents, for example, agreed with this adage: ‘Do what you love and the money will follow.’

And decent financial habits – prudent spending, limited extravagance and so forth – aren’t a part time gig but central to the millionaires Kimbro surveyed. ‘They don’t implement wealth-generating habits only when they feel the need to do so; rather, they habitually live in a state of wealth.’

When asked to list the keys to their success, millionaires rank hard work first, followed by education.

The majority of those profiled, for example, rise at 5.30am and retire at 11pm. ‘Millionaires,’ Kimbro notes, ‘are five times more likely to say they are always available for business by e-mail or phone and three times more likely to admit that they regularly work evenings and weekends.’

Education doesn’t always consist of certificates or testamurs but means constantly growing and absorbing information. In fact, as Kimbro said in one interview, many millionaires only began their education once they finished university. This reminded me of Stephen Fry’s witty underscore that an education is what you get in the time between classrooms and tutorials.

Ideally, The Wealth Choice should be absorbed with some more practical financial tips, especially if you’re a young person. For example, when turning the pages I was reminded of Ramit Sethi’s advice, which promotes automating your savings and focusing on big wins rather than financially eeking your way through life.

Regardless, The Wealth Choice is a good philosophical building block and a recommended read for anyone.


Source: http://www.hiphoprepublican.com/dennis-kimbro-on-black-wealth-creation/


Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!


Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST


Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)

Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen!

Nascent Iodine - Promotes detoxification, mental focus and thyroid health.

Smart Meter Cover -  Reduces Smart Meter radiation by 96%! (See Video).

Report abuse

    Comments

    Your Comments
    Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

    MOST RECENT
    Load more ...

    SignUp

    Login

    Newsletter

    Email this story
    Email this story

    If you really want to ban this commenter, please write down the reason:

    If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.