AMERICA’S MILLIONAIRES – A RAINBOW OF COLORS!
Disclaimer: Good Day, Readers. WealthBuildingPowers blog is a financial literacy/competency blog and does not provide specific investment recommendations.
I never dreamed while growing up in a small town with ~1,700 people and a HUGE NUMBER of chickens; I would become a millionaire. It is embarrassing to admit, but the only millionaires I heard of – “The Beverly Hill-Billy’s” television show. STOP LAUGHING! That show was funny!
So maybe my starting point was a wee bit behind in understanding investments. However, I won the lottery with parents! My mother, father, and other cherished adults I admired told me numerous times, I WOULD achieve all things I worked hard enough. I believed them!
I worked long hours to succeed in education, career, and earnings, utilizing the privileges this country offers to achieve FINANCIAL FREEDOM!
BECOMING A MILLIONAIRE IS ACHIEVABLE
After graduating college, I utilized my skills in math to calculate what earnings, savings percentages, and return on investment (ROI) would yield $1 million, preferably in my EARLY 40’s. My early strategies have been revised tens of times as my financial competency/literacy increased.
FINANCIAL LITERACY IS THE KEY
Several years of college, including an MBA, taught me little about successfully investing and managing money. Let’s face it, many of the courses we take in college, especially electives where we desire an easy A, add little value.
After college, I spent years learning from mentors, reading thousands of pages {many boring as watching a President’s State of the Union speech}, sitting in classrooms and online courses. I am still learning and write these blogs to help you achieve your financial freedom.
MY LESSONS LEARNED:
- Your ability to become a millionaire is significantly influenced by your birth country as well as your family. Our odds improve substantially simply by being an American.
- The formula to become a millionaire is SIMPLE:
- EDUCATION – Get an education in a field (includes trades) that will allow you to earn money. Preferably in something that will enable you to tap dance to work every single day!
- EARNINGS – Generated from your career, trade, business, etc.
- SAVINGS – SPEND LESS THAN YOU EARN! Without step #2, FORGET ABOUT IT!
- FINANCIAL LITERACY: We must equip ourselves with the habits, attitudes, and skills to take advantage of what this country has to offer!
- INVESTMENTS: Invest your HARD EARNED SAVING
- If you do not have the time due to work, parenting duties, etc., consider the S&P 500 ETFs or the 1,000’s of ETFs.
- You may need to identify and hire a COMPETENT AND HONEST fiduciary investment advisor.
- DIVERSIFICATION: Consider real estate, Bonds, Cryptocurrencies; Precious Metals, etc.
- The creation of wealth is NOT Rocket Science.
U.S. MILLIONAIRES
- 18.5 million U.S. millionaires
- 40% of all the millionaires in the world live in the U.S! YEP, WE ARE THAT GOOD!
- The U.S. population is ~331 million and about 4.4 percent of the global population. But has an AMAZING 40% of the world’s millionaires. Being an American gives you many advantages if you CHOOSE to utilize those rewards!
- 80% of U.S. millionaires are first-generation millionaires
U.S. MILLIONAIRES BY RACE
| Ethnic Group | U.S. Population –(Million) | Number U.S. Millionaires(Million) | Percentage U.S. Millionaires | Percent Ethnic Group Millionaires |
| White | 198.9 | 14.1 | 76% | 7% |
| Hispanic | 61.2 | 1.3 | 7% | 2% |
| Black | 47.9 | 1.5 | 8% | 3.5% |
| Asian | 18.5 | 1.5 | 8% | 8% |
| Other | 4.5 | 0.10 | 1% | 2% |
| Total | 331 million | 18.5 million | 100% | 6% |
BLACK MILLIONAIRES
The U.S. population is ~330 million, and there are ~1.5 million black millionaires, making up eight percent of the U.S. millionaire population of 18.5 million. By comparison, the wealthiest 19 countries in Africa have a population of ~885 million (compared to the U.S. 330 million) and ~121,000 Millionaires. The number of millionaires in the United States black population is 224 times greater than in these 19 African countries.
The U.S. is a land of opportunity for a rainbow of people who choose to work for it.
BILLIONAIRES
We hear a lot about Billionaires in the U.S. media. Recently most of the opinion pieces are negative. However, I recommend LEARNING FROM OUR BILLIONAIRES rather than wasting energy on envy or jealousy.
According to Forbes, there are ~ 800 U.S. Billionaires, and seven are African American. You have heard some of the names:
U.S. AFRICAN AMERICAN BILLIONAIRES
- David Steward
- Jay-Z
- Kanye West
- Michael Jordan
- Oprah Winfrey
- Robert F. Smith
- Tyler Perry
.
OPRAH WINFREY’S PATH TO ACHIEVING FINANCIAL FREEDOM – IN A HUGE WAY!
Several of my loyal readers are millionaires and have achieved their financial freedom. CONGRATULATIONS ON A JOB WELL DONE! I believe the majority of my readers can achieve financial freedom using the five building blocks above. Let’s look at Oprah Winfrey and dissect her journey to BILLIONS!
OPRAH WINFREY
“Winfrey was born into poverty in rural Mississippi to a single teenage mother and later raised in inner-city Milwaukee. She has stated that she was molested during her childhood and early teens and became pregnant at 14; her son was born prematurely and died in infancy. Winfrey was then sent to live with the man she calls her father, Vernon Winfrey, a barber in Nashville, Tennessee, and landed a job {EARNINGS} in radio while still in high school {Building her EDUCATION in journalism} By 19; she was a co-anchor for the local evening news. {Continued building her EDUCATION and COMPETENCY} Winfrey’s often emotional, extemporaneous delivery eventually led to her transfer to the daytime talk show arena. After boosting a third-rated local Chicago talk show to first place, she launched her own production company. {UTLIZING SAVINGS and INVESTMENTS – FURTHER INVESTED IN HERSELF}
By the mid-1990s, Winfrey had reinvented her show with a focus on literature, self-improvement, mindfulness, and spirituality. Though she has been criticized for unleashing a confession culture, promoting controversial self-help ideas, and having an emotion-centered approach, she has also been praised for overcoming adversity to become a benefactor to others. {GIVING BACK}
In 2008, she formed her network, the Oprah Winfrey Network (OWN).” {UTLIZATION OF INVESTMENTS TO BUILD A BUSINESS AND BRAND – CEMENTING HER FINANCIAL FREEDOM}. WIKIPEDIA
CONCLUSION – AMERICA’S MILLIONAIRES – A RAINBOW OF COLORS!
There are numerous strategies to achieve financial freedom. I worked my way up the corporate ladder, where some days can be compared to sitting in a cave with deadly snakes or as I sometimes called them THE NASTY PEOPLE! Some of you have started successful businesses (Congratulations), and others will do so. A few of you may get lucky investing in something like Dogecoin at the right time and selling at the peak! Regardless of your path, it is IMPERATIVE you have the discipline to spend less than you earn.
Americans who have earned tens or even hundreds of millions of dollars have declared bankruptcy precisely because they spent more than they earned!
Today I hear naysayers tell me my skin tone is a disadvantage. While I faced racial discrimination and even hatred, I had the choice to either let that stop my dreams or keep moving forward.
The choice is yours. Give up any excuse that says you cannot achieve your Financial Freedom. Work harder. Increase your financial literacy and get off your ass!
ACHIEVE YOUR DREAMS AND FINANCIAL FREEDOM.
Remember our theme song- “TAKE THIS JOB AND SHOVE IT – I AIN’T WORKING HERE NO MORE”!
HOPING TOU HAD A GREAT 4TH JULY 2021
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ABOUT ME
I am a proud nerd (as my beautiful wife and daughter have told me) investment and finance blogger with an N.C. State, Chemical Engineering, University Rutgers, MBA and Harvard University, Advanced Management education.
I left a corporate career because I desired to make a difference as a speaker and writer. I was blessed to be coached and mentored by strong women and men in my family and professional life. It is my time to serve and give back.
DISCLAIMER
I started my first business at ~13 years of age (a small but brilliantly created plant nursery). I am a successful investor in stocks, options, real estate and happy to share my finance and investment lessons. I am NOT a licensed financial advisor. Please do not construe my suggestions on this blog as recommendations for your situation. As an investor, you must establish your risk/loss tolerance. Investment in any asset involves risk, including complete loss.
Please seek your licensed CPA or fiduciary financial advisors for individual financial advice.
I write this weekly blog to make an impact by reaching an audience and demonstrating the need for financial literacy. I will help you get there.
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