Lauchlan Mackinnon, Ph.D.
5.0 out of 5 stars
A great study of the path to wealth
Reviewed in the United States on August 18, 2020
I thought this was an excellent book.
I loved that
* It is well researched - the author surveyed 1,000 self-made black millionaires and did extensive additional 1-1 interviews and focus groups, including interviewing five black self-made billionaires. He also drew on sources of data such as government statistics to underscore key points in the book with data.
* It is politically on point - at the end of his career, Dr. Martin Luther King, Jr., was examining the economic power of the black community, and how economic equality can help with achieving political equality. Becoming wealthy,
for people in the black community is then not just an act of economic self-interest, it is also an act of political empowerment. The book quotes some leading black figures to make this point:
“Never forget, until you are free economically, true independence will always be an afterthought. Today, we, as Black Americans, can live where we want, eat what we want, sleep where we want, and send our children to the finest schools we so desire. But for far too many of us this form of freedom is difficult to express. Why? Because in most cases we cannot afford to. Unless you are free economically and financially, you will never be free personally.” - John H. Johnson
"Dr. King and I integrated the lunch counter, but we never integrated the dollar. And to live in a system of free enterprise, and yet not to understand the rules of free enterprise, that’s the definition of slavery" - Andrew Young
* The approach in the book is centred around finding your strengths - the path to wealth that Kimbro documents is centred in finding your strengths and putting them to work in service to others.
In a nutshell, Kimbro's research says that to become wealthy there are two keys:
1. Take control of your own financial destiny by starting a business and working for profits, not paychecks, and
2. Save and invest.
Kimbro maps this out into 7 laws of wealth (I added the phrase at the start of each law, the phrase at the end is from Kimbro):
1. Mindset & Right Ideas: Wealth begins in the mind but ends in the purse
2. Decide: Decide that you will not be poor
3. Self-belief & Faith: Believe in thyself when no one else will
4. Build on your Strengths To thine own self be true; find your unique gifts
5. Add Value: How may I serve thee?
6. Ownership: Thou shalt own thy own business
7. Save & Invest: Wealth Make thy money grow
I recommend this book.
I agree with another reviewer that the writing style could probably have been tightened up a little for increased engagement, but it wasn't bad - it just could be better. I still give it 5 stars, primarily for the content it delivers and the relevance and value of that content.
Also, FWIW I'm a white guy. I think that the wealth advice he gives is relevant for black people, latinos, Asians, Native Americans, and yes, white people, as well as for people all around the world in different countries outside America. It is relevant for both men and for women - he gives success story examples from both genders.
This book is part of the author's life's work spent studying and teaching this topic. It shows.
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