Building Wealth in the Black Community

Entrepreneur and attorney Richard St. Paul speaks with seasoned professionals in the fields of life insurance, Investments, entrepreneurship and real estate.

[@yokells5808]

This is in fact the best video I have seen put together on building wealth! This video is thoroughly produced, well articulated by everyone involved and gives you a first hand account on the steps you need to make! Thank you!

[@kannonbraylon1549]

instaBlaster

[@azamjahid7985]

One of the best wealth videos ive ever seen on YT, thanks!

[@nunocardoso5969]

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[@reneef.874]

Very good and informative video about black wealth. Everyone on the show was professional and straight forward. I definitely took notes.

[@4656superman]

Just happened upon this, absolutely great use of my time to listen...Thanks

[@Tlove201]

Wow. This is some vital information. Thanks so much for posting this video.

[@kevincole9358]

Awesome video. It touches various topics on wealth building. Hopefully one day soon I could be a part of a panel such as the one presented here. Great job guys!

[@yokells5808]

Very informative video! Thank you!

[@Nc-Wisdom]

I pay 30 a month for 350k. Making sure my family is left with something

[@SeanEmman]

Huh?

[@Nc-Wisdom]

@@SeanEmman $30 a month for 350k life insurance

[@SeanEmman]

@@Nc-Wisdom your family left with nothing or something..

[@RonnieS.]

Your paying $30 a month to someone else’s insurance that you can put in an account to start your own family wealth line.

[@Nc-Wisdom]

@@RonnieS. If I saved $30 per month for the rest of my life still wouldn't be 350 K. Is common since. I invest in many other things. I'll be a millionaire regardless

[@rachelh9314]

This is sooooooo goooood

[@esonon5210]

I love seeing advice that's actionable and isn't talking down on black folks like children. Lots of us can take this advice and make due with it.

[@EvangelistRBColbert]

Awesome video!!!! I have an Index Fund with Fidelity.

[@carlettagoodrich-mann1377]

stock building corporate investment necessary. Corporations in pharmaceuticals are of some value . Kenya bought Kim. Merchandise and the stock of Nike TIffany Bitcoin and Penny stock. GREAT VIDEO. S&P index vanguard philosophy can be beneficial. LONG TERM PLANNING. Over time you build wealth.

[@macairekamba8414]

Can we get this book on Amazon? I need it.

[@rudebwoy9203]

Life insurance is to replace income of the person who pass away, thinking about making wealth through life insurance can be dangerous for the insured. Get term policy, invest the rest. When that 20 to 30 year term life expired, you should have enough where you are self insured. The funds you invest will be worth millions where you can pass that on to your heirs.

[@manalopalongo]

I max out my Roth, 401k, HSA, and I have a taxable account. I also have 20 year term life insurance of $250k that I pay $26 a month towards.

[@melodiewashington8472]

Term insurance is just a simple bet. Its the policyholder betting against the insurance company. The policyholder is betting on a death, usually his own. And the insurance company is betting on survival. If the insured person dies in the allotted time or "term', the policyholder wins the bet ( and the beneficiary gets the money). If the insured survives, the insurance company wins the bet and the policyholder losses his stream of payments.

[@J-gritty]

My boy Mark, CT represent

[@EvangelistRBColbert]

First of all buy assets that produce wealth. Stop depending on credit or financing. Plus if you sell merchandise on eBay or Facebook Marketplace, you will not need credit. So you can be an entrepreneur with an online business without credit.

[@clarencemarsh6077]

some don't be God, don't give them your money

[@El-Buddah]

If you take term in your 30s, 40s 50s and you outlive that 25yr term policy than you basically lost that investment. I took whole life even though its a little more.

[@newmoneymarcus]

VTSAX

[@carlettagoodrich-mann1377]

Did that . Lords j of London at sixteen . million dollar policy . Million dollar policy Statefarm with a so called friend. then the policy was a five hundred thousand dollar policy. Term life was only 200,000. Now after making Over 100,000 annual salary . I acknowledge the world changes My mother died in January 2021 with 28 policies and I have yet to hear back from her wealth building from the Leach estates.

[@deloresboudreaux2755]

Only other Ethnic groups will build in the Black Community.

[@WealthBuildersCorner]

Life insurance is not an investment, it is a liability. Do not be fooled!

[@NathanDawson94]

I disagree. I have life insurance myself and when I pass within the window of time I am covered, my beneficiary will receive the money so they will be financially set.

[@WealthBuildersCorner]

@@NathanDawson94 I understand your point, but I still insist that it not an investment that is making you earn money. Do a simple math of how much your family will get once you're gone, compare it with how much did you pay during your life time and see for yourself.

[@NathanDawson94]

@@WealthBuildersCorner Nobody is saying that "life insurance is an investment." Even in this episode, life insurance and stock market investing CFP Mark Smith. Two totally different topics, but both pertain to the big picture of WEALTH-BUILDING. An investment is the process of putting money into any resource with the goal of appreciation and/or income generation. Life insurance doesnt appreciate, but will be an income generation when I die. But it also doesn't have an interest paying component. Again, I have life insurance myself and when I pass within the window of time that I am covered, my beneficiary will receive the money so they will be financially set. The goal is to replace income that I bring in because I'll pass away. I also have other wealth generating assets, so life insurance is just a piece of my wealth building tactics. I'm diversifying with a few businesses, startups, index funds, gold/silver, and real estate. And my net worth is slowly building up in the positives in a few months. So, my descendants are covered. Life insurance =/= Investing money in an interest-bearing account (i.e. stocks, startups, etc)

[@WealthBuildersCorner]

@@NathanDawson94 at 8:22 he clearly said so. But I can see the life insurance as safety net, which is a good thing if you have no other way of securing your financial future. I may be very wrong, but I think putting your money in real estate, and having your own way of saving for rainy days is more financially sound. I just don't want to give my money to these insurance companies. I may need to investigate more, to see if it's a good choice. You did your homework that why you are comfortable in doing so, I respect that.

[@NathanDawson94]

@@WealthBuildersCorner At 8:22, but it's not an INTEREST bearing account. Most Life Insurance policies doesn't have an INTEREST component, unlike stocks. The legacy part is to pass down. Life insurance is to be passed down. But with no interest-bearing component. Stocks can also be passed down and have an interest component. Stocks is an INVESTMENT with an interest component. Life insurance is just income replacement when you die to pass to your spouse and kids if you have them. If you don't have a beneficiary (son,, daughter, spouse, mother, father, any aily member you really love) then maybe life insurance isn't for you. But for me, life insurance is a must because I have family members who may need an income replacement when I pass and they'll take the money and build wealth it. Thats why I have life insurance, especially as a Black man. I need that safety net for my family when I pass. Real Estate is mostly illiquid. Its hard to convert to cash in a fast period without lowering the market value drastically to sell the asset. So its good to have some assets liquidity (i.e. emergency savings account) to offset that risk/down side. If you can't get a rental property, opt for REITS (real estate version of stocks) and they pay dividends. There's more ways to get into real estate. And I would only use savings (i.e cash) for: - Checking account - Emergency savings Wealth-building capital (asset is on discount) Everything else I put into stock market, real estate, my business, gold/silver. Cash is the lowest yielding asset.