Book gives steps to building wealth for Black people
BY TIA CAROL JONES
“It’s very important that we build generational wealth. We have to pass our wealth on to our children and they, in turn, have to pass it on to their children. Each generation should make it easier for the following generation. What better time to start than now,” said Miller, who added that it took him almost a year to write the book.
“Building Black Wealth” is Miller’s second book. His first, “Dealing: The Incredible Journey of an African American Car Dealer,” chronicles his experience owning a car dealership during the 1990s and 2000s and the decline of Black-owned car dealerships throughout the years. That book took four years to write, because he had to do a lot of research.
Miller said the most important step in building wealth is homeownership. you cannot purchase a home unless you have good credit. In addition to building good credit, Miller advises people to save money, if you want to be wealthy. Having savings allows you to put a down payment on that house.
“Good credit gives you leverage; it allows you to borrow money. When you can borrow money, you can use that money to help build wealth,” he said.
Miller also advises that people should know their credit score. People can find out by going to myfico.com. He said there are things people can do to get it above 700. He said a FICO score is a summary of how well a person pays the people they owe, how much outstanding debt they have and whether people pay their bills on time.
“You want to start off by first knowing what your FICO score is. Then, after you figure out your FICO score, look at your credit report, because sometimes there are mistakes on your credit report. If you see any mistakes, if you see something you’ve paid off already, or you see a creditor that is not reporting your good credit, write letters to the credit bureaus and ask them to correct the mistakes on your credit report,” he said.
Miller believes a wealth building mindset begins with someone wanting to help their family, so they don’t struggle the way they did. He said the mindset should include an obligation to help a person’s children and their children’s children. The goal is that each generation will have an easier life.
Miller’s book is geared toward everyone. He wants the tips in the book to become a part of people’s DNA. He started saving
money when he was 9 years old. At 14, he got his first real job. He began to save 25% of what he made. Even today, he saves 25%
of his gross pay. He does it because he wants to be able to pass something on to his children. He also wants to teach them to build wealth.
Miller says that building wealth is not difficult and people don’t need a college degree or PhD to build wealth. “Everyone has a job, so everyone has income. Therefore everyone can save money. We have to be honest with ourselves, we have to look at every penny we spend every month. Right it down on a piece of paper, and compare that to how much money we make,” he said.
Miller advises people to set a goal. He suggests people save 20% of their income every month. He said if people are not able to do that, they have to get rid of some of those expenses. He suggests people set up an account at a bank or brokerage firm to have the money taken out of their check each pay period. He said people won’t miss the money. If people can’t start with 20%, they can do 15% or 10%.
To purchase “Building Black Wealth,” visit www. buildingwealthforblacks.com.
