July 26th 2024.
Cedric Nash, also known as “Your Millionaire Mentor,” is a successful entrepreneur, wealth coach, and the founder of The Black Wealth Summit. This annual event was created with the goal of providing financial education and literacy to the Black community. Nash, who recently released his book Why Should White Guys Have All The Wealth?, has had an impressive journey to success. He started his career as a consultant earning less than $40,000 a year, but by the age of 32, he had become a millionaire. He then scaled his business ventures to reach an impressive annual revenue of $90 million.
In an interview with BLACK ENTERPRISE, Nash shared that he noticed a common theme among personal finance books – they did not address the unique challenges that Black individuals face in a white man’s world when it comes to building wealth. This realization motivated him to share his own experiences and provide a roadmap for others to follow. “We face unique challenges when it comes to increasing our income and opportunities,” Nash explained. “But I want to show people that it is possible to go from making $36,000 a year to becoming a millionaire without any outside investments or financial support.”
During the interview, Nash also revealed that he has built a net worth of over $50 million by following certain principles that anyone with the right mindset and discipline can apply. He shared some of these principles, which include expanding one’s network, educating oneself, and creating a plan.
Nash credits four millionaire mentors he met as a young man with helping shape his mindset and showing him what was possible. “They were in my neighborhood, building houses and owning buildings,” Nash recalled. “One of my mentors was a janitor at a prison, but he inspired me to become a consultant. He was always reading and investing in the stock market and real estate. I even paid to live in his basement apartment just so I could be around him.”
Inspired by his mentors, Nash focused on educating himself outside of school. He read books like How to Be Your Own Stockbroker, The Magic of Thinking Big, Think and Grow Rich, and What Makes the Great Great. These books not only expanded his mind to what was possible, but also provided him with practical tools to build wealth. Nash also inherited $10,000 after his grandmother’s passing and wisely invested it in the stock market, continuing to invest on a regular basis.
Nash stresses the importance of having a plan and documenting one’s starting point, end game, budget, and desired level of wealth. He shared that he wrote a plan for the next five to 10 years after graduating college and that he was able to achieve 99% of his goals. “I remember looking at the buildings named after mostly white men and thinking, ‘I want to do that too,’” Nash said. “So I wrote down my goals, lived frugally, and bought my first condo right out of college. Years later, I found that piece of paper and realized I had achieved almost all of my goals.”
Nash believes that building wealth requires increasing one’s income and finding ways to invest the extra money. He encourages individuals to have a plan for their investments, including their main hustle, side hustle, and eventual investment hustle. He also stresses the importance of developing a wealth mindset and being willing to do the right things with one’s money.
But for Nash, building wealth is not just about personal success – it’s about creating a positive impact for future generations. He believes that anyone who is financially literate and has the right mindset can achieve wealth, but it’s important to also pass down this knowledge and wealth to the next generation. “We have to teach the next generation how to grow money and pass it down so that they can continue to build on it,” Nash explained. “This will have a long-term positive impact on future generations.”
In conclusion, Nash’s journey from a consultant earning $40,000 a year to a successful millionaire and wealth coach is a testament to the power of having a plan, a strong mindset, and the determination to succeed. He believes that building wealth is possible for anyone who is willing to put in the effort and educate themselves on financial literacy. And by passing down this knowledge and wealth to future generations, we can create a lasting impact for our communities and beyond.
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