Documentary on America’s black upper class

[97Pac]

Does that include 401K and home equity? If so, that’s not really a millionaire.

Thats having a nerworth over $1million how it that not really being a millionaire?

 

[OfTheCross]

as someone who works in life insurance, as a group we’re late for that train. The cost done went up after Covid. My advise, get a whole life policy for $250k while in your 20’s. probably will cost a little over $300/month. if you make it to 50, the cash value should be somewhere between $350k-$500k depending on the interest returns.

I'm in the market. PM me if you want to give me a quote.

Or refer me to someone you know

 

[JasoRockStar]

Black capitalists love looking at a small fraction of us being successful and use it to justify their own unrealistic aspirations instead of seeing it as a major flaw in the system that needs to be rectified.

 

[Tom Foolery]

you can be illiquid without having most of your wealth tied up in your home. and even if it is tied up in your home, why is that a bad thing?

Not necessarily a saying it's a bad thing. Just a misrepresentation.

What we are saying is saving a million dollars is very different from a person that can generate a million.

 

[the bossman]

Most millionaires regardless of race don’t have a million liquid. Jeff Bezos doesn’t have $187 Billion cash that he can reach out and touch.

But he has shares he can easily sell at the press of a button. You can't do that with your home you live in.

His shares are also not tied to large debt (mortgage) nor does he need to pay property tax or maintenance on it every year

 

[OH SOHH TRILL]

But he has shares he can easily sell at the press of a button. You can't do that with your home

His shares are not tied to large debt (mortgage) nor does he need to pay property tax or maintenance on it every year

false. as an executive and board member, he has to make a disclosure months in advance of any sell of Amazon stock. he and most super rich people are living on lines of credit which are secured by their stock. just like most middle class folks are living off lines of credit secured by their home.

 

[JetFueledThoughts]

@Akademiks

 

[mag357]

Delete this shyt

 

[the bossman]

false. as an executive and board member, he has to make a disclosure months in advance of any sell of Amazon stock. he and most super rich people are living on lines of credit which are secured by their stock. just like most middle class folks are living off lines of credit secured by their home.

He's a CEO who has to do a couple filings for regulatory purposes in which there's enough loopholes that allow him to sell in days if he really wants anyway. For anyone else it can be literally at the click of a button is the main point.

The point is stocks are way more liquid than the home you live in and without the liability of the mortgage debt tied to it as well.

Most wealthy at that level have very little of their wealth in real estate but a great majority in stocks

Opposite for regular middle class folk

 

[Kiyoshi-Dono]

There more black millionaires than Asians in America breh

1 in 50 not a bad number that's actually a better number than the UAE and even most of EU

Keep telling yourself lies and moral victories of a few brehs

 

[dblive]

What would you say for brehs in their 30's?

get enough term coverage to pay off your housing expenses (if you rent enough to age 65, if you own, enough to pay off the mortgage) and for your kids to go to college. Basic rule, 30 x income through age 40. 20 x income from 40-55/60. After age 60 10 x’s income. The issue is permanent policies are expensive because they guarantee the death benefit and cash accumulation if premiums are paid. So your really hoping that the interest your premiums generate will eclipse the death benefit; in most cases a 4-5% annual return is what the company will give you. So, bottom line, get some cheap term up to age 65 with the income multiples provided above. But most people don’t die within the time period of the term policy and after age 60, term is more expensive than whole life. Supplement the term coverage with at least 100k whole life, which will cost more but gives you an annual return and cash value and will be cheaper in the long run if you live past age 65. Plus, you can always over pay a whole life policy up to about 5 x annual premium if you are trying to build cash value quickly outside of the stock market.

 

[OfTheCross]

Delete this shyt

Why,?

 

[OfTheCross]

He's a CEO who has to do a couple filings for regulatory purposes in which there's enough loopholes that allow him to sell in days if he really wants anyway. For anyone else it can be literally at the click of a button is the main point.

The point is stocks are way more liquid than the home you live in and without the liability of the mortgage debt tied to it as well.

Most wealthy at that level have very little of their wealth in real estate but a great majority in stocks

Opposite for regular middle class folk

Maybe so, i haven't looked at all the numbers.

But to minimize the millionaires next door is a mistake.

Speaking of... this is a great book


The Millionaire Next Door: The Surprising Secrets of America's Wealthy

 

[funkee]

strongly disagree. whole life is an insurance industry scam unless you’re tucking away wealth that might trigger the estate tax (at least 12 million). otherwise that money is better in the market than the 5-7% a whole life will return. buy a 1mm term in your 20s for 10-20/month. buy another in your 30s for 50-60/month. buy another in your 40s for 200/month. make sure to take advantage of any policies offered by your employer as well. invest as much as possible in low cost index funds.

whole life/IUL has major flags to me and I have family members who keep trying to push it on me and other people

 

[mag357]

Why,?

One out of 50 huh...?



Do you think if I pulled 100 random black people from off the street...

You think one of them would be a millionaire?