Millionaire Mentor Cedric Nash Went From Earning $36K to Becoming a Millionaire at 32. In this article he shares how he did.
Cedric Nash, also known as “Your Millionaire Mentor,” is an award-winning entrepreneur, wealth coach, and the founder of The Black Wealth Summit, an annual event he created to provide wealth literacy to the Black Community.
Nash shared that a common thread he noticed while reading other personal finance books was that the books did not address the challenges Black people face in a white man’s world when trying to become wealthy.
Expanding His Network
Nash credits four millionaire mentors he met as a young man with helping shape what he thought was possible for him.
“I had these four millionaire mentors. They shaped my mindset and gave me a vision of what to do with money. They were in my neighborhood. They were building houses and owned buildings. One of my mentors was a consultant when I was in 11th grade, and he inspired me to become a consultant. He was a janitor at a prison but had to stop working when he hurt his back. He was always reading, was an avid investor in the stock market and started buying real estate. He had a basement apartment and I asked if I could live there. I paid him to live there just because I wanted to be around him.”
Educating Himself
Creating a Plan
Nash emphasized the importance of having a plan and documenting your starting point, end game, budgeting, and clarity on how much wealth you aspire to have.
“What’s your current net worth? How much cash do you have? How much income do you have to work for? How much income do your assets automatically produce for you? Your endgame is that point where you choose not to work anymore or decide to use your gifts and talents in the ways that you choose to.”
“Which assets do you want? How much income do you want to generate from those assets? Do you want to be just financially comfortable or financially independent? Do you want to be rich or ultra-rich? So you need to have a very specific target that you’re aiming towards.”
Figuring Out How to Earn More and Invest the Difference
Nash believes that an essential part of building wealth requires earning more money. You have to figure out how to increase your earnings so you have more to save and invest.
“Creating a plan for your investments is key. You have to earn from your main hustle, side hustle, and, eventually, investment hustle. But, if you fix your mindset and add a willingness to do the right things with your money, you will be on your way to wealth.”
Nash believes that building wealth is possible for anyone who is wealth-literate and has the right mindset. But, once we acquire the wealth, to make a long-term positive generational impact, we have to teach the next generation how to grow money and pass it down to the next generation so that the next generation can live off the income that those assets generate and continue to grow the assets.
Written by Anne-Lyse Wealth
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Source: Black Enterprise
