2. Learn how to convert income into wealth
Income and wealth are not even close to being the same thing. If you make $300,000 a year but spend $400,000 a year on clothes, shelter, and entertainment, are you wealthy? No – you are in trouble!
We all understand the importance of having enough income to pay bills and purchase the things we need. That is what we call living income. But what you do with the surplus income that you generate determines how much wealth you are able to accumulate.
Everyone talks about Black spending power. One of the definitions of the word ‘spend’ is to use or give out the whole of; exhaust.
The Black community does an excellent job of giving our income to others, but we are collectively unskilled when it comes to investing our income to turn it into wealth.
The New Blueprint For Building Black Wealth: Stop shopping for cars, clothes, and shoes and start shopping for investments.
Investing is the best way to turn income into real wealth. But here is another subject where our people fall short: understanding what makes a good investment.
If you know where real wealth comes from, then you know what makes a good investment. And that takes us to the next lesson…
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