5 Things Rich People Understand That Black People Don’t

[@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.

[@BlackExcellenceMedia]

You got the points!

[@patrickmcleod803]

Scared money don't make money!!

[@BlackExcellenceMedia]

💯💯💯

[@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.

[@BlackExcellenceMedia]

Dang, I hope not

[@powerinbeing4912]

Greatly appreciated.

[@BlackExcellenceMedia]

I appreciate you!

[@Retired-jr3qs]

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

[@BlackExcellenceMedia]

Awesome! Great to hear!

[@CaptainScarlet07-j5o]

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

[@BlackExcellenceMedia]

Very important point!

[@CaptainScarlet07-j5o]

@BlackExcellenceMedia Great content by the way... Much appreciated!

[@mb1407]

You are a good presenter. I subscribed!

[@BlackExcellenceMedia]

Thank you so much!

[@devinicole1278]

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

[@rgekam5814]

He’s talking to culture not bank account . Regardless of what is it’s how it’s presented

[@user-uc9fx4ru7p]

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

[@BlackExcellenceMedia]

That's very true. Maybe that's what we need to invest in, especially considering we suffer from food deserts the most.

[@blongshanks77]

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.

[@BlackExcellenceMedia]

Thank you for the correction! I must have gotten outdated data. The gap is insane

[@CarlDJones]

Love It!!!

[@BlackExcellenceMedia]

Appreciate you!

[@tonynelson6269]

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

[@BlackExcellenceMedia]

Bitcoin is very tricky.

[@michaelhowse6077]

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

[@BlackExcellenceMedia]

Which one are you buying?

[@michaelhowse6077]

@BlackExcellenceMedia lol I have nike stock. I believe in having shares of things you spent a lot of money on

[@michaelbrown4584]

Yes, but those shoes are not making you money, even if you sell them for more. Nike has been here for almost 50yrs, and now is the time to buy it when it is low!!!!!

[@djones4157]

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

[@BlackExcellenceMedia]

Crypto is just so unreliable! Most people are losing big by just following trends. It's ok to invest if you have leftover money after traditional investing.

[@elizabethjordan5755]

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. 😢

[@BlackExcellenceMedia]

More and more Black people and organizations are working to make progress in this arena. We will progress!

[@michaelbrown4584]

That's the point, STOP blaming all of the above, all those things have happened and still are happening, we can't change the pass, we can only change the future, if we have to start over then start over, but the key is to START, not cry about it.

[@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

[@michaelbrown4584]

Yes, and they said the same thing about networking, and that turned out to be a scam and BS!!!

[@NWforager]

@@michaelbrown4584i don't know the context of what you mean by networking .

[@michaelbrown4584]

@@NWforager Network Marketing

[@CaptainScarlet07-j5o]

I have been investing in ETFs that's follows the S&P500. Prior to that, I invested in my 401k, Roths, 529 plans and High Yeild savings. I have been putting away into these accounts on a regular basis. Now my kids have graduated from college with No student loans. I plan to have a 1M portfolio within the next 2 years. The key is having a plan, and consistently contributing to it and make adjustments as times goes on My kids have Roth Accounts and they contribute their after tax dollars to it. I have been teaching then the value of a dollar and what it can do for you iff applied correctly in situations vs trying to get the latest and greatest just to show off on social media.

[@NWforager]

@@CaptainScarlet07-j5o great . those are going to soon be the Bare minimum i think . your kids are ahead of the game .

[@JOESUBA122]

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 🦾🦾

[@BlackExcellenceMedia]

Great to hear that! Nothing we can do about the past, it's about starting now.