How To Be Rich, Nigga by Gerard D. Spinks
Black people need to build net worth and not just get jobs to maintain lifestyles. You can have a household income of $100,000 per year and own your own residence but have a personal net worth
of only $25,000 if you do not have equity in either your own business or multiple properties. Again, I am not making light of this and making it sound easy to build your net worth. This is a life long
type of thing and takes time to build. You should plan on spending at least 10 years on building your net worth and hopefully, it would be good to create some sort of goal and attempt to reach a personal net worth of $1 Million in a ten year period.
Please separate your income from net worth. If you make $50,000 per year for ten years you will go through $500,000 in that ten years. If you do not own your home you would virtually have no
net worth. If you do not own a business, you have no net worth. If you own your home for five years and it cost you $100,000 and is now worth $150,000. You would have $50,000 net worth. If you take out a second for $25,000, your net worth decreases to $25,000.
If you buy ten more homes in 3 years for $100,000 and each appreciates to $125,000 in 5 years, your net worth would be $25,000 times 10 homes or $250,000. Net worth in the long run is
more valuable than hard income. It becomes passive income and will eventually allow you to live your life without having to earn hard income from a job each day, 5 days per week. If you do this for 30 years and your ten homes mature and get paid off to where they are free and clear by the time you turn 60 years old, you would retire with over $2 Million in equity and can live your retired years very good and without having to rely on Social Security for income.
