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These Black Men Millionaires Are Offering Up Some Invaluable Advice On Wealth-Building

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. For example: 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.

After Ricky Gass Went To Jail, He Learned A New Trade That'll Earn Him $100K This Year — 'I Just Wanted To Change My Life'

You might not think that a solar panel installer can make a six-figure salary. But Ricky Gass of Linden, NJ, is proving that he’s the exception to the rule. In an interview with CNBC, Gas explained that he’s on track to six figures thanks to his varying rates. The prevailing rate for someone like him is $22/hour, but depending on the job, he can command as much as $65/hour. What’s more, he said, he is on target to make $100,000 this year if things continue going according to plan. “By state, by state law, if it’s over one megawatt, it has to be prevailing wage. The amount of panels that we’re getting ready to do is over one megawatt, it’s automatically prevailing wage. The jobs that we take that are under one megawatt are considered non-rate, which is $22 an hour. Prevailing wages is $65 when non-rate is $22,” he explained to the outlet. As a certified solar roof installer, Gass said that he was pleased to be in a position where he felt like he was “really helping people.” He’s held...

How Daniel Moses Says He Went From Uber Driver To Millionaire

Daniel Moses’s story of going from an Uber driver to a millionaire is nothing short of inspirational. The Nigeria native told his story to the British newspaper, The Guardian. He explained that he’d lost more than 150,000 GBP (more than $200,000 USD) in his transportation business, so he had to re-adjust and rethink his strategy. “My search for a better life started in 2004 when I first visited the UK for the first time. In 2015 I lost well over £150,000 in my Nigerian transportation business which caused me to go through anxiety and depression,” he told the outlet. To make ends meet, he first became a delivery driver, then moved on to become an Uber driver. He drove for Uber until he happened to find some information about property investments. He began implementing the strategies he’d learned, and within five years, he’d become a millionaire. “Sixteen months after, I got into property investing, and through the use of various property investment strategies, I have successfully...

Abdul Ly Announced As Fourth Principal Of San Francisco-Based Early-Stage VC Firm Initialized

Initialized, a standalone San Francisco-based early-stage venture capital firm that now has $3.2 billion in assets under management and more than 200 active companies in the portfolio, has announced Abdul Ly as its fourth principal. In a post made on the company’s official website, it was revealed that the United States-born, Senegal-raised Ly is the third principal to join the team through their open search process. “At Initialized, we don’t evaluate founders based on education level or work credentials,” wrote the company in its official announcement. “Instead, we are more interested in their lived experience and the product they are building. [Abdul Ly]’s philosophy about how he meets founders complements that of our investment team. He is most eager to learn about the distance a founder has traveled and the steps they took to get to where they are today.” According to a blog post, prior to his work at Initialized, Abdul Ly had a background at such companies as Google. He was...

ICYMI: Rick Ross Says He Still Doesn't Understand Multiplication

Back in September 2021, AfroTech sat down with none other than Rick Ross, and we learned some pretty important lessons. But one of the things that consistently stood out was his comment that he “didn’t understand math.” “I was a jackass,” Rick Ross told us at the time. “Without a doubt, I was a comedian, I had a good sense of humor. I was the funny dude and all that. And I don’t think it was just because I naturally wanted to be, but [because] I didn’t know the answers to the questions and all the stuff [the teachers were] writing on the wall.” He then went on to explain that though he still doesn’t understand multiplication to this day, he knows enough to surround himself with a team to make up where he falls short. “I may be the head of this empire, but all of these people make up the backbone,” he said. “A backbone consists of many vertebrae, and if just one of them is out of alignment, the whole body suffers.” In other words, it’s important to always have the right people around...

Judge Rules That Byron Allen Can Proceed With Discrimination Lawsuit Against McDonald's

A judge has given Byron Allen the all-clear to proceed with his racial discrimination lawsuit against McDonald’s. Ba-da-bup-bup-ba, we’re loving it! According to The Grio, U.S. District Judge Fernando Olguin gave Allen and his companies the green light to proceed and said that McDonald’s claim was denied “for improperly referencing materials outside the pleadings.” But there’s no guarantee that Byron Allen will be able to proceed. The outlet confirms that McDonald’s has until Jan. 27 to refile their motion to dismiss, which the company said they would most certainly do. “McDonald’s will refile its motion to dismiss by January 27 and continues to believe plaintiffs’ claims are meritless,” the company said in a statement. “This case is about revenue, not race, and plaintiffs’ groundless allegations ignore McDonald’s legitimate business reasons for not investing more on their channels and the company’s collaboration with diverse-owned partners.” This is just the latest salvo in an...

Trick Daddy's Bankruptcy Case Explodes — $150K Net Worth Offset By $23K In Debts

Trick Daddy is in a world of hot water — and this time, it’s with the courts. The rapper and former radio show host — who hit a world of a mess when he got stung by the BeyHive after snarking that its Queen, Beyoncé, couldn’t sing — is in default on his Chapter 13 bankruptcy filing. Court documents obtained by Radar Online reveal that Trick Daddy owes nearly $23,000 to bring his Chapter 13 bankruptcy filing current. He has 45 days to cure the debt, or he will be deemed in default. If he fails to come up with the nearly $23,000 owed to the courts, his bankruptcy will be discharged, and collection efforts can begin anew on his assets. And that’s not all he owes. According to the outlet, he’s delinquent by $300,000 to the IRS. He also owes $60,000 in back child support. What’s more, the “Naan” rapper revealed to the courts that he has more than $800,000 in debts, but less than $400,000 in assets. He’s underwater on his South Florida home — though he owes $435,000 on the home, the...

UFC Fighter Francis Ngannou Joins The 'Paid In Bitcoin' Revolution

Francis Ngannou wants to pay you in Bitcoin. The UFC heavyweight men’s champion announced that he’s teaming up with CashApp to give away $300,000 in Bitcoin to his lucky fans and followers. “I believe bitcoin can empower people everywhere. So I’m excited to partner w/@CashApp to take half my #UFC270 purse in bitcoin. I want to make bitcoin more accessible to my fans, so I’m giving out $300K in bitcoin! Follow @CashApp + drop your $cashtag w/ #PaidInBitcoin,” he wrote in the tweet, which you can see below. I believe bitcoin can empower people everywhere. So I’m excited to partner w/ @CashApp to take half my #UFC270 purse in bitcoin. I want to make bitcoin more accessible to my fans, so I’m giving out $300K in bitcoin! Follow @CashApp + drop your $cashtag w/ #PaidInBitcoin pic.twitter.com/8JEvJ1UYu1 — Francis Ngannou (@francis_ngannou) January 18, 2022 Francis Ngannou is the first UFC fighter to team up with the popular payment app for a Bitcoin giveaway. But, as AfroTech previously...

Lil Baby Says He Prefers Crypto To Cash — 'I Don't Even Want No More Cash'

Lil Baby is joining the chorus of celebrities, athletes, and other high-end power players who prefer getting paid in cryptocurrency over cash. A recent Instagram video revealed the rapper talking about the value of the Web3 Metaverse, and on the video, he also spoke about wanting to get paid in cryptocurrency. “Metaverse,” he said in the recording. “I stay in the Metaverse from now on. I don’t even want no more cash.” You can check out the video below.   View this post on Instagram   A post shared by NFT (@nft) Lil Baby joins the likes of rapper Meek Mill in the chorus of those who want to get paid in cryptocurrency. As AfroTech previously reported, more music distributors are offering artists payment in cryptocurrency, and Meek Mill wants to join in after claims of poor business dealings with his label, Atlantic Records, through Maybach Music Group. Meek Mill aims to follow in the footsteps of Atlanta rapper Money Man, who announced he’d be receiving his album advance — $1,002,912...

How 32-Year-Old Jherrod Thomas Became A Millionaire Working A 9-To-5

We’ve all heard the stories about Black millionaires making their dreams come true through impossible odds. But Jherrod Thomas of the Tomco Service Group has a very different story. The 32-year-old engineer from Mississippi is a walking testament that success can be achieved through hard work, dedication, and a 9-to-5 job. Yes, you read that correctly: a 9-to-5 job. That’s not something the Instagram hustling crowd necessarily wants you to hear or see, but it still is quite relevant — and a much more reliable way to make that coveted million. “After years of working in my 9-5 job, and barely making it through the month, I determined that I would need to do something different if I wanted to live a more bountiful life,” Jherrod Thomas said in a statement. “I started to grab as many books I could find on wealth building, investing, financial literacy, and engineering. I knew that if I combined my current skills with wealth-building knowledge, I could achieve the goal of earning one...

Kwame Kilpatrick, The Controversial Ex-Detroit Mayor, Opens A New Business

Kwame Kilpatrick has a new job — and Detroit may have a new infusion of capital. According to Deadline, the disgraced politician has now started a new business: virtual ministries. “It’s a virtual ministry,” Kilpatrick told Deadline , “so we’ll be everywhere.” While everyone needs a hustle — and good for him for finding his — that hustle is going to cost him quite dearly. As an end result of his crimes, Kwame Kilpatrick still owes more than $4.7 million to the city of Detroit, and to the IRS. He also only served seven years of a 28-year sentence thanks to former President Donald Trump commuting his sentence. Though Trump commuted Kilpatrick’s sentence, which got him out of prison early, he didn’t commute what he owed to the city and to the IRS. “I think the citizens of the city of Detroit, especially the water department and the taxes, the IRS, and anybody else that is owed money from Kwame Kilpatrick would love to see him start a business,” said legal analyst Charlie Langton to WWJ...

Report Says Black Men Cost The Economy $50B Annually — Here's Why

Black men are unemployed at a much higher rate than their counterparts — and it’s creating an economic crisis in the country. According to the Atlanta Black Star, Black communities take a hit totaling $50 billion annually in costs due to this unemployment crisis. “Black people need to take this report and take it to their elected official and say ‘You need to do more because you don’t fully realize how big this problem is,’” said Algernon Austin, who authored the study initially published by the Center for Economic and Policy Research. “I’m hoping that this work serves to inspire people, and, frankly, particularly Black men.” And that’s just the beginning of the problems, according to Austin. Using data going all the way back to 2014, he revealed that Black men between the ages of 25 to 54 would have to get nearly a million jobs (947,000, to be exact) to be on par with their non-Black counterparts and close the economic gap. What’s more, if one million of them got jobs and kept...

Grant Hill Partners With Dendreon Pharmaceuticals To 'Educate Black Men About The Burden Of Prostate Cancer'

Dendreon Pharmaceuticals, a leader in the fight against prostate cancer, has announced a new partnership with Grant Hill. In a press release announcement, it was revealed that the immunotherapy company and the seven-time NBA All-Star and sports broadcaster have teamed up to launch Start Strong, a new initiative to help individuals make decisions with health in mind. Start Strong aims to empower the prostate cancer community to learn about the racial disparities within prostate cancer incidence in the United States and encourage patients to talk to their physicians about the best treatments for them. Statistically, one in seven Black men will be diagnosed with prostate cancer in their lifetime. What’s more, Black men tend to be diagnosed at a younger age and with a more severe prognosis compared to other men. And for this reason, Dendreon enlisted the aid of Grant Hill to help spread the word. “Prostate cancer is a risk for all men, but it disproportionately impacts Black men. In...

Byron Allen Reportedly Successfully Raises $10B In Capital For Tegna Bid

Last week, AfroTech reported that Byron Allen was poised to acquire Tegna in a deal worth $8 billion. Now, however, a new report reveals that the CEO of Allen Media Group has successfully raised $10 billion in a bid to acquire Tegna and engage in some debt management. Reuters is reporting that the deal Byron Allen has put together is backed by 14 banks and 10 investors, including Ares Management Corp, Fortress Investment Group, Oaktree Capital Management, and Michael Milken’s family office. “Ares is leading a $2.2 billion preferred equity investment in support of Allen’s financing package, another of the sources added. Tegna could choose a winning bidder as early as this month, the sources said,” reports the outlet. Byron Allen is said to be going up against investment firms Apollo Global Management Inc. and Standard General LP, but Allen is still poised to be the favorite winner, according to the report. However, New York Post reports that prior to Byron Allen raising the money...

These Celebrity Real Estate Purchases Will Blow Your Mind

When it comes to celebrity real estate purchases, we often hear about mega-mansions purchased by the likes of Tom Cruise and Justin Bieber. However, what about Black celebrity real estate purchases? Take AfroTech’s recent report, for example, about Byron Allen’s media empire. He’s one of the wealthiest men in the entertainment industry, and part of that wealth came from a sizable real estate empire. “His first big deal came in 2018, when he bought a nearly $23 million island retreat in Hawaii. In 2019, The Wall Street Journal reported that Allen purchased a 3,000 sq. ft. condo at 220 Central Park South, one of Manhattan’s most expensive buildings. He plopped down $26.75 million for the purchase. That same year, Variety reported that Allen paid $19.9 million for a nearly-12,000 sq. ft. mansion in Beverly Hills. And in 2020, he rounded out his real estate portfolio with a $27 million purchase in Aspen, CO, according to Fox Business,” we reported. With this in mind, we decided to take...