The Black Millionaire Next Door

by Dual Income No Kids on November 28, 2006 · 0 comments

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

Get Your FREE Ebook

Screen_shot_2017-09-29_at_3.10.45_pm

DINKS (Dual Income No Kids) Finance focuses on personal finance for couples. While by no means financial experts, we strive to provide readers with new, innovative ways of thinking about finance. Sign up now to get our ebook, "Making Money Tips for Couples" FREE.

We won't send you spam. Unsubscribe at any time. Powered by ConvertKit



{ 0 comments… add one now }

Leave a Comment

Previous post:

Next post: