5 Things Rich People Understand That Black People Don’t

#money #blackexcellence #investing

Get your (financial) life together! If you're broke, maybe you haven't grasped ore or all of these five lessons from rich people.

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[deanrudy]

1. Compound Interest - Money grows over time.
2. Keeping money in the community - Purchasing at home.
3. Looking Rich - Buying brand name items.
4. Assets vs Liabilities - Putting money in your pocket.
5. Giving back - Teach others. Create a legacy.

[mb]

You are a good presenter. I subscribed!

[CaptainScarlet-jo]

It's also important to surround yourself with people of the same mindset where you can be motivated and learn from with a long term mindset vs hanging around people who are planning for Friday /Saturday night

[zaofactor]

Less than 10 percent of "rich" people you know, are actually rich. The rest are broker than you. They're just doing it lavishly.

[bridgettetraveler]

We're financially behind one reason is because we spend too much on stupid stuff. Stop buying other ppl's hair. Do your own nails. Quit going restaurants that don't invest in our communities. We should buy houses that are more valuable than ours car! We don't need expensive brand name clothes purses or shoes. Save or invest our money in ways that will bring us great returns!!!

[Retired-jrqs]

I retired at 57 and single following the 5 tips in this video. Great video!!

[blongshanks]

Everything you said in this video was spot on about investing, but I have to correct you on one thing. Your median net worth info at the 7:09 mark was actually wrong. Unfortunately it’s worse. The median net worth amongst white households is actually $285, 000:compared to only $44, 000 for Black households. Asian households have an astounding median net worth of 536, 000. Either way, you’re right. Black house are getting left behind at an insane pace, and I’m afraid too many of us don’t even realize it.

[devinicole]

they always name the same celebrities and half of them dont have the money people think they have....

[ucfxrup]

Everything you said is correct. But Black people don't own any supermarkets. Usually 1st place we go after payday.

[michaelhowse]

The new jump man Tatum 3 Sidewalk Chalk 125 dollars . Nike Stock 78 dollars !!

[tonynelson]

I agree with you on Bitcoin. Invest in tangible assets.

[bitcoinnupe]

Love the video and agree with all points except Bitcoin. I understand why some ppl feel that way, but it shows a lack of research. You can assess future value of bitcoin by learning its halving cycle. It’s a deflationary asset in an inflationary economy - that’s why its value will be higher in 10 years than it is now. Study a 10-15 year Bitcoin chart and compare it to any other asset class. Now the rest of crypto is mostly garbage. Bitcoin is unlike the others.

[djones]

I agree with everything except crypto keep your eye on it never put all your eggs in 1 basket and don't look for the get rich quick exercise caution monitor don't invest your rent or mortgage money only extra and wait long term isn't 1 month it's years how many a lot

[NWforager]

what stonks do you know that are sure to perform exactly as predicted ? ppl have been saying for Over a decade now that btc is a scam or waste or whatever . Meanwhile the Biggest asset holders and every broker you know in the world have been hording it while telling You not to get some until now . Now its being gathered by every world Gov . I won't say its a traditional investment But its increasingly bad to dissuade black folks away from investing time into understanding btc . Its the rabbit hole to understanding so much about money

[elizabethjordan]

I believe our mindset is to live "hand to mouth". Also we don't have long term vision. The fear of being shot, robbed, sued, jailed, abandoned and always behind the eightball stunts alot of ancestral Blacks in this country. We've been in "survival mode" since our freedom. Racism, real or imagined, has always been our "glass ceiling". Generational wealth is a foreign concept to far too many.
How many Blacks can attribute any financial progress back to their great-grandfathers? It's like we have to start all over again every generation in order to succeed in America. 😢

[ajeewells]

Martin Luther king is responsible for that

[PaulProsperInvestments]

Nice video. I think you ruined it when you got to Bitcoin. No investment is guaranteed to appreciate in value. Nobody knows what any stock, bond, ETF will do in the future. Do your research on Bitcoin. I don't think you understand what it is and what it is/will do. There are tons of projections and price predictions out there for it. Nations are investing in it. Please do not tell black folks to stay away from the one investment opportunity they can get in on the ground floor to invest in an asset that is disrupting the entire world's financial system and store of value that entire nations are investing in.

Are you blind to see how many people have become millionaires investing in Bitcoin? It has out performed the stock market every year except for 3 years since 2012. In 2023, the S&P 500 was up 26%. Bitcoin was up 156%. What are you talking about?

Up to your Bitcoin misinformation...this was a very good video.

[JamesJohnson-iy]

Really you make a video for nothing we already know come on man you can do better than that

[JOESUBA]

Yep we do have a short mindset! I am 53 and blow so much money! If I was taught about money I would be way better off! But I am starting and learning 🦾🦾