It was the 20th Episode of #MentorMonday!!! Shout out to Blue Moon…was that a beer burp, Paul?
On a serious note, Paul took a moment to discuss the shooting of Michael Brown, and to reflect on the dialogue that ensued surrounding racism, policing and strategies to address equality – especially wealth equality. And there’s no better person to discuss wealth creation than Dr. Dennis Kimbro.
Paul even shared a bit about his own upbringing, his father’s economic trajectory and the impact his father’s wealth-building efforts had on Paul’s life.
Honestly, this episode really holds up a mirror to us and in some instances will make you say “Ouch!” But if you’re serious about pursuing your dreams, creating wealth, expanding your world, gritting your teeth and taking the medicine that Dr. Kimbro doles out, this episode of #MentorMonday can change your life! That’s not hyperbole. Check it out for yourself!
Dr. Kimbro was a student of Napoleon Hill--the godfather of the literature on self-help, personal development and successful, wealthy people. Dr. K gave us a history of Napoleon Hill’s work and how Dr. Kimbro came to write, Think and Grow Rich: A Black Choice. And right out of the gate, Dr. Kimbro raised a great point: his book is required reading in many parochial and secular private schools, but not in a single public school. That fact set the tone perfectly for the lessons Professor Kimbro taught the #MentorMonday community during this episode. Consider this your private MBA lecture on creating and maintaining wealth.
Like Napoleon Hill before him, Dr. K has had the honor and privilege to interview some of the most prolific and wealthiest African Americans of our time. We have the honor and privilege of learning through Dr. K, lessons from these folks. Like, what Daymond John would have done differently, who changed Steve Harvey’s life, and how Tyler Perry went from sleeping in his car to building a $145 million studio. What is the common tie that binds all of these folks in their success? Tune in to the full episode to find out.
Dr. K on the Importance of Wealth: It’s not a new phenomenon
“The Man or woman who won’t control his or her finances won’t control anything else.” W.E.B. DuBois, 1897. Dr. K was emphatic that this statement – made over a century ago – is not only still relevant to us, but is not about dollars for the sake of money. Rather, it is about our quality of life and how we can uplift ourselves and our community, because as Dr. W.E.B. DuBois also stated, “Nothing positive will ever occur in a community that fails to circulate its dollars.”
There are 3 keys to The Kingdom of Success for our community:
1. Wealth creation
3. Salvation and restoration of the Black Male
Dr. K emphasized the following pieces of wisdom: If you want to earn more I suggest you learn more . Capitalism is not a dirty word, it means everything is for sale. Period.
Dr. K asks the #MentorMonday class, “Do you know who the current six Black billionaires are? Are you familiar with the two historic Black Wall Streets, Raleigh and Tulsa?” In his most recent seven-year study Dr. Kimbro made a conscious decision not to interview entertainers or athletes. Why? Do you know the difference between wealth and income? Thes answers to these questions will change your life, if you let them.
Knowing how driven and ready to take action the #MentorMonday community is, Paul asked the burning question: “What is the blueprint for creating that wealth for the rest of us?” Dr. K broke it dowm: The Wealth Choice is not about cash, it’s about courage. It takes courage to chase your dreams, save 10% of your cashflow, and change your personal associates. It’s about the mindset… the keys to the kingdom are growth and development.
He also says that wealth is not about pedigree, “Here’s the DNA, [gleaned from decades of research] wealth is not a function of circumstance or condition…it is a function of belief, faith, innovation and creativity.”
While everyone doesn’t have to be an entrepreneur, there are ways to create wealth and to follow your passion. Ah, but what if you haven’t yet found your passion? Dr. K has you covered, “If you can’t find your passion, then at least serve.”
and the biggest ouch of all…
How are you spending your time online?! MESSAGE!
What are you doing with your time online? At any given time we’re online we are sharing the interwebs with an audience of over 2 billion…BILLION with a B. Dr. K asks us to take a good look at how we are using that time. Are we sharing our vision with this vast audience or gossiping and consuming ratchetness?
Yes, Dr. K said “ratchet.”
Dr. Kimbro gave the straight talk about decisions made by entrepreneurs out of FEAR. We all have fears. Do not miss the distinction he shares between two budding entrepreneurs faced with the same situations and how the choices they make can sink or sail their vision and bolster or torpedo their success.
Do you fear losing your home or losing your life? Which harkens right back to the #MentorMonday session with Eric Thomas and his pivotal video about the student and the success guru on the beach. The questions is, how bad do you want it?
And Dr. K doesn’t just talk the talk, he shared very intimately about how he lost two cars to repossession and almost losing his home as he pursued his passion and how his wife stepped up…which lead right to Paul asking about…
The importance of marriage and coupling in wealth creation
Dr. Kimbro has found that, “If the wealth creator [in the household] is the male, that sister will back that brother come hell or high water. If the wealth creator is female, that brother will be by her side until the first bump in the road, and that has to change.”
Is your partner taking ownership in the dream with you?
The tools to building wealth
Dr. K shared the Five Phases that every entrepreneur must go through on his or her path to success and when to plan for these steps:
1. New Venture
3. Management – a major stumbling block for many entrepreneurs.
5. Mergers and Acquisitions/Exit Strategy
Dr. K asked us another hard question about the ways we’re spending our income: “Are you buying Gucci, Prada and a whole lotta nada? ” Ouch! (told you this may hurt a bit…but it’s so worth it!)
3 must-have resources for the Black entrepreneurs:
1. Savings – 10% of what you earn.
2. Financial plan
3. Health plan
How do we increase our circle with like-minded folks?
1. Get around the best
2. Get rid of all self-limiting beliefs (naysayers, chronic complainers, doubters) – know the difference between “dare not and can not”
3. Believe in yourself when no one else will
There are, “Only 35,000 black millionaires in America… 1/10 of 1%. That has got to change. Start where you are with what you have, knowing that what you have is plenty enough. ”
Thank you, Paul and Dr. Kimbro, this episode of #MentorMonday definitely does its part to help us increase that statistic.
If you missed the livecast of this powerful #MentorMonday session (or, if you want to watch it again to gain more knowledge), check it out!
Check out the tweetables from this session!
Dr. Dennis Kimbro – http://www.denniskimbro.com
Dr. Kimbro on Twitter – @DrDennisKimbro
This post is written by Michelle Talbert, who is an attorney, author, and co-host of They Met Online, and #MentorMonday Correspondent. You can find her connecting love and business and sharing her views on success on Twitter and her website.