Today’s posting is an interview with J.G. Thomas and Monifa Thomas from the Tavis Smiley show on National Public Radio. The purpose of the interview was to discuss Tomas and Tomas’ work describing African-Americans wealth. Since you’re probably short on time, I’ll briefly describe the results of their research here.

The main finding of their study was that most wealthy African-Americans did NOT become wealthy through sports or entertainment. In fact, athletes and entertainers represent only 10% of the total Black millionaires. Fully 85% of African-American millionaires became so by starting a successful business.

Their second finding was that African-American millionaires differ from everyone else in that:
1) read a lot, 2) travel a lot and 3) live below their means by not spending more than they earn.

Finally, Thomas and Thomas got their data from state and federal tax returns as well as from data on real estate transactions. As everyone knows, there are some disadvantages with this type of data, but its better than some studies of wealthy people (e.g. Stanley and Danko’s millionaire next door) which have problems with representativeness.

Click HERE for the NPR Interview.

Best,

James

MANAGE YOUR MONEY TOGETHER

Here are some simple guidelines for DINKS to build wealth:

1) Collaborate: Meet regularly to talk about money, set goals together, track and monitor them.

2) Understand and respect your partner. Take time to understand your partners values about money.

3) Watch the numbers. Get a budget, monitor your spending and track your net worth.

4) Max your retirement. Maximize contributions to your tax deferred retirement accounts.

5) Invest in stock. Stocks perform better than bonds or cash.

6) Avoid high interest debt. Credit cards and title loans are financial cancer.

7) Diversify. Don't put all your eggs in one basket.

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