While Black men who are millionaires are becoming more common in this day and age, there’s still a noted disparity between them and millionaires of other races.
According to the Financial Samurai, there are some pretty mind-boggling statistics to consider when it comes to millionaires.
- If you are a Black man with only a high school diploma, your chances of becoming a millionaire are only one percent.
- But having more education doesn’t improve your chances exponentially, because if you’re a Black man with a master’s degree, you only have a six percent chance of becoming a millionaire (A white man with a master’s degree, however, has a 38 percent chance of becoming a millionaire).
These statistics alone indicate that millionaire Black men have to go through more to achieve the same thing as their non-Black counterparts.
These six millionaire Black men had some invaluable advice to impart — so if you’re looking to join that rarefied strata, read on.
As one of the few Black tech entrepreneurs in Silicon Valley, Clarence Wooten became a millionaire in 1999, when he sold his first company for $23 million. Wooten told Forbes that it’s important to always keep learning, even when you reach your financial goals.
“You can learn anything you want to know on-line and virtually for free. Information is widely available; however, inspiration is not,” he said to the outlet.
When Freddie Figgers was born, he was left in a dumpster by his birth mother. Despite his inauspicious beginnings, he told the BBC that the most important lesson he learned on his quest to millionaire status was to never give up.
“Never give up, no matter how cold this world may look,” he said to the outlet.
Miami native Brian Lee made his millions in the advertising industry. And while he’s certainly made his fair share of coins, he told the Miami Times that it’s just as important to pay it forward as it is to get paid.
“[He] hopes the current movement of uplifting Black businesses and the celebration of holidays like Juneteenth will inspire others in the community to become a part of the network to continue to help Black business owners and professionals thrive,” reported the outlet.
Terrance J. Leonard
A former military man, Terrance J. Leonard invested into the crypto market all the way back in 2013 — and it didn’t take long for him to become a millionaire. His advice is to keep your ear to the ground and set goals for yourself.
“My goal when I first got into cryptocurrency was to become financially independent. I picked a number I would like to retire with and worked back,” he wrote in Newsweek.
Alfred Nickson started from nothing, and eventually worked his way to millionaire status. He even made enough money to have his mom retire. And he told Black Enterprise that his secret to success lay in his ability to always go to bat for himself.
“Wherever you are at, be willing to swing the bat,” he said to the outlet. “You can’t hit a home run if you don’t swing. For me, I put myself in a position to not only swing the bat, but I wanted to put people in a position to win as well. So, I put people on base.”
Ghanaian-born Jeff Badu became a millionaire at the age of 25 — and said that the secret to his success was that he learned from the best in his field.
“Make sure you perfect your craft by doing things such as reading books. Or having mentors. And see how they can help you get to your ultimate destination,” he said to the Chicago Defender.