Famous African-American success coach and motivational speaker Dennis Kimbro obsessed over one burning question:

Why do some people become wealthy while others struggle to live paycheck to paycheck?

To answer it, Kimbro spent seven years questioning more than 500 Black millionaires, and his research produced a startling conclusion. Extraordinary intelligence or being born into a wealthy family have little to do with becoming a Black millionaire.

In fact, most Black millionaires have lived in poverty at some point during their lives. As Kimbro points out, the average income of the parents of Black millionaires was a meager $10,000 to $20,000 year. No silver spoons here.

So what are the traits and habits Black millionaires used to rise from humble beginnings to millionaire status. In his book, The Wealth Choice: Success Secrets of Black Millionaires, Kimbro reveals nine success principles of Black American millionaires.

1. They love what they do.

Black millionaires have found their passion in life and that passion has led them to financial security. They embody the motto: Do what you love and the money will follow. It’s this passion which enables them to endure the long hours of work and numerous set-backs that are the price of success.

2. They are self-starters.

“The greatest waste in the world is the difference between who we are and what we could’ve become,” explains Kimbro. Millionaires push themselves, even when no one else will, in order to achieve their fullest potential.

3. They work hard.

“Millionaires love their work, and they love to work.” The average millionaire rises by 5:30 am and retires by 11 pm. There are no short cuts to success.

4. They recognize the power of ideas.

Creativity is the fuel for building millionaire businesses. People with the wealth mindset are constantly brainstorming new products, services, or ways to solve nagging problems. They understand that innovation is often the ticket to wealth.

5. They recognize failure as a necessary stepping stone to success.

The fear of failure has stopped many from realizing their potential. Kimbro argues that failure is to be expected, not feared. Because millionaires understand that failure is only temporary, they simply brush themselves off and get back up after encountering a set-back. “Failure is never fatal; it’s the down payment you pay for success,” explains Kimbro.

6. They value learning.

African-American households watch more than seven hours of television per day. Conversely, African-American millionaires, as Kimbro points out, read nearly two books per month. They understand that investments in knowledge and learning are the best investments that anyone craving success can make.

7. They constantly work on the ability to sell.

Learning how to sell is one of the most crucial skills for millionaires. They may, for instance, have to sell themselves to an employer during an interview, sell their concepts or ideas in pitches to investor, or sell their products to consumers. Regardless, of what they sell, Kimbro argues that developing the ability to sell is crucial to your success.

8. They understand the importance of saving and investing.

The wealthy understand that you have to live below your means, while saving and investing what’s left over. Kimbro repeats the warning first laid out by business magnet W. Clement Stone, “If you cannot save 10 percent of all that you earn, the seeds of greatness are not in you.”

9. They have faith in a higher power.

America’s Black millionaires overwhelmingly draw strength and guidance from a higher power. They value a close personal relationship with God which helps them weather the storms of life.

As Kimbro stresses in his book, most millionaires are not unlike you or I. They simply practice great habits on a daily basis in an unrelenting pursuit of their goals. Just as important, they believe that they will become wealthy. They understand that, “Wealth begins in the mind but ends in the purse.”

{ Comments on this entry are closed }

When it comes to paying for college or grad school, sometimes you just have to think outside the box.

Consider this, – many colleges charge just as much for room and board as they do for tuition. What if you could do away with this major educational expense?

Well many have. Becoming a residential advisor can provide the golden ticket to an affordable education.

RAs are typically entrusted with making the dorm lives of 20 to 40 students easier by planning events, providing academic resources, mediating disputes, and generally helping students adjust to the challenges of college life.

I can personally attest to the fact that the job can be demanding at times, but the benefits are more than worth it. As an RA, students often receive a free room, usually a coveted single unit without all the inconveniences of a roommate. And at a large number of universities, RAs are provided with free meal plans as well.

That’s why a typical student can save between $7,000 and $12,000 a year through one of the most coveted jobs on campus.

Although I missed the RA bandwagon as an undergraduate, as a graduate student serving as a resident advisor saved me over $55,000. That’s no small chunk of change.

Additional perks such as book allowances, small stipends, and first crack at registering for courses often sweeten the pot. Colleges also fill other positions like summer resident advisors, special program coordinators, and tutors with students from their corp of resident advisors.

The job can be a lot of fun, not to mention the great connections you make with fellow RAs and the close relationships you develop with your residents.

And when it comes to applying for a job, the leadership skills you develop as an RA become a true asset.

RA positions are usually not offered to freshmen, but if you’re an upperclassmen or graduate student looking for a way to slay educational costs, consider applying for this financially beneficial position.

Check with your school’s office of residential living for more information. It could be the best financial move you make.

{ 2 comments }

How An Attitude of Gratitude Can Set You Free

March 29, 2012

I love the latest iPad. As a tech junkie nerd, the new iPad3 retina display, 4G LTE connectivity, and 5MP camera have me itching to pull out the credit card. But truth be told, I don’t need it. My four year old laptop gets the job done just fine. Our consumer oriented society is always [...]

Read the full article →
Thumbnail image for Women Poised To Become America’s Primary Breadwinners

Women Poised To Become America’s Primary Breadwinners

March 21, 2012

Women are becoming America’s primary breadwinners. That’s the cover story in this week’s Time magazine and subject of a new book by author Liza Mundy. Nearly 40% of working wives now out-earn their husbands. Within a generation women will make up the majority of primary breadwinners. “Assuming present trends continue, by the next generation, more [...]

Read the full article →
Thumbnail image for What You Absolutely Must Do To Prevent A Cell Phone Financial Disaster

What You Absolutely Must Do To Prevent A Cell Phone Financial Disaster

March 15, 2012

If you found a cell phone could you resist the urge to peek around? That’s the question a recent study by internet security firm Symantec sought to answer, and the results are frightening. Cells phones were purposefully “lost” in several US and Canadian cities. Yet, these weren’t any ordinary cell phones. They contained tracking software [...]

Read the full article →
Thumbnail image for Why You Don’t Need It All

Why You Don’t Need It All

March 12, 2012

To be happy and financially successful, it helps to realize that you don’t need everything Madison Ave tries to sell you.

Read the full article →
Thumbnail image for How To Create A Grocery Shopping List That Saves You Serious Cash

How To Create A Grocery Shopping List That Saves You Serious Cash

March 3, 2012

Don’t settle for just any ordinary run of the mill grocery list. Discover how to create one that will slash your food costs to the bone.

Read the full article →
Thumbnail image for How to Buy Bread and Bakery Products at Ridiculously Low Prices

How to Buy Bread and Bakery Products at Ridiculously Low Prices

February 28, 2012

Discover how smart shoppers pay up to 75% less for their bread and bakery products.

Read the full article →
Thumbnail image for Follow Friday: Money Web Gems

Follow Friday: Money Web Gems

February 24, 2012

“If you’re not successful, the problem may be YOU” and other lessons from around the web.

Read the full article →
Thumbnail image for How Target Knows You’re Pregnant and Other Creepy Retailer Tricks

How Target Knows You’re Pregnant and Other Creepy Retailer Tricks

February 21, 2012

Learn how Target knows when you’re pregnant.

Read the full article →
Thumbnail image for How To Slay Your Impulse Shopping Demons

How To Slay Your Impulse Shopping Demons

February 17, 2012

Impulse shopping is the enemy of financial freedom. Learn how to beat the urge to splurge.

Read the full article →
Thumbnail image for Scholarship Alert: Generation Google Scholarship

Scholarship Alert: Generation Google Scholarship

February 14, 2012

Google is offering $10,000 scholarships to students from underrepresented groups who have an interest in computer science.

Read the full article →
Thumbnail image for Wealth Wise: Give Every Dollar A Destination

Wealth Wise: Give Every Dollar A Destination

February 11, 2012

Control your money or your money will control you.

Read the full article →
Thumbnail image for How To Build An Emergency Fund When Times Are Tight

How To Build An Emergency Fund When Times Are Tight

February 3, 2012

Washing machines break, car alternators fail, and pipes burst. How do you prepare for inevitable moments of crisis?

Read the full article →
Thumbnail image for New Report Shows More Americans On The Verge Of Financial Disaster Than Ever Before

New Report Shows More Americans On The Verge Of Financial Disaster Than Ever Before

February 1, 2012

A new report reveals that a large percentage of Americans are living on the financial edge, just one unfortunate event away from disaster.

Read the full article →
Thumbnail image for $72 Million Lottery Winner Says She’ll Stay At Her Job. Would You?

$72 Million Lottery Winner Says She’ll Stay At Her Job. Would You?

January 28, 2012

Georgia lottery winner vows to keep working. Would you?

Read the full article →
Thumbnail image for Simple Ways To Build Your Nest Egg

Simple Ways To Build Your Nest Egg

January 26, 2012

Saving money is harder than we think. Consider these simple tips for putting more money in your nest egg.

Read the full article →
Thumbnail image for Learn How Baby Steps Can Help You Save Big Money On Groceries

Learn How Baby Steps Can Help You Save Big Money On Groceries

January 23, 2012

You can slash the cable bill, cancel the gym membership, and turn down the thermostat all you want, but these steps will pale in comparison to the savings you’ll realize simply by cutting your grocery bill.

Read the full article →
Thumbnail image for Follow Friday: Grind and Thrive

Follow Friday: Grind and Thrive

January 20, 2012

What if you could peek into the minds of some of the most brilliant forward-thinkers and entrepreneurs around? That’s exactly what Torrey McGraw, founder of GrindandThrive.com has done for you.

Read the full article →
Thumbnail image for Simplify Your Finances With The Balanced Money Formula

Simplify Your Finances With The Balanced Money Formula

January 19, 2012

Learn how to simplify your finances with the Balanced Money Formula.

Read the full article →