Many people want to get rich or become a millionaire but don’t know where to start. Listen to invaluable tips from this week’s Dreamer, Cedric Nash, who started investing in the stock market and real estate in the early nineties, and became a millionaire at 31.
Cedric is the founder of The Black Wealth Summit and the author of Why Should White Guys Have All the Wealth?
Cedric is on a mission to help Black community close the racial wealth gap.
In this episode, Cedric Nash discusses:
- Investing principles that helped him become a millionaire twenty years ago, and continue to accumulate wealth since then
- Six levels of wealth
- Building wealth through entrepreneurship vs. 9-to-5 jobs
- Transmitting the millionaire mindset to children
- Lessons from his 30 years experience as a real estate investor
- Investing in private equity to 10X your wealth, what it is and who qualifies to invest
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- Exposure to a more abundant life shaped his outlook on money [02:29]
- Encountering his mentors throughout his life developed his money mindset [04:11]
- Living modestly is one of the principles rooted in his mentors [7:20]
- Define your wealth to define your destination [9:24]
- Six levels of wealth [10:14]
- Making millions means making extreme sacrifices of your time. [15:07]
- Children are not good listeners but they are good at imitating adults. [18:56]
- Multi-family home is a good real estate property investment [19:39]
- Diversify your portfolio through private equity investment. [22:05]
- “When you are exposed to certain things, it has an impact on your desire to want it and your desire to want to go after it, and can sometimes be that internal fuel to get you there. “ – Cedric Nash
- “Material things are never the source of happiness. And so that principle is important and it carried through in my investing. Why? Because I never expected unreasonable returns.” – Cedric Nash
- “That keeps me from trying to be lured by investing in things like crypto or these different things that are promising. You have to double and triple and quadruple your returns; it’s just not sustainable. It’s not consistent, and nine times out of 10, it’s not real. Those mindset things have kept me in check and kept me patient while I steadily build upon my wealth.” – Cedric Nash
- “Your end game is that point in your life where you can choose not to work anymore; where you can start dedicating your gifts and your talents to the things that bring you the most happiness and joy, not necessarily for money.” – Cedric Nash
- “Without a vision, a people perished. It’s very important that we have a clear vision for what we’re doing with our money. And if we don’t have a clear vision, there’s a good chance that we’re going to end up nowhere.” – Cedric Nash
- The name of the game is you have to put extreme effort in it, live extremely frugally so that you can maximize, maximize that capital, and invest as much as you can intensely and consistently over time, and you’ll get there.” – Cedric Nash
- “If you don’t have the right mindset and value set, you can’t make millionaire money moves consistent long enough to have an impact.” – Cedric Nash
- “What we should do is keep our self-esteem in check and make sure that our net worth is the definition of our real self-worth as opposed to what people think about us or how they judge us.” – Cedric Nash
About the Guest:
Cedric Nash, “Your Millionaire Mentor”, is an entrepreneur and investor who educates, inspires, and motivates wealth-building in the African American Community. He is the founder of The Black Wealth Summit annual event. He is the author of the forthcoming book (select preview arriving October 2022), Why Should White Guys Have All the Wealth? How You Can Become a Millionaire Starting from the Bottom, and The Millionaire Money Moves Supplemental Investment Guide.
An entrepreneur and investor since 1995, Nash founded Oakland Consulting Group, Inc. (OCG), an information technology consulting, software, and staffing firm that has over 150 employees. He has been the recipient of the Chamber of Commerce Entrepreneur of the Year award, Inc Magazine 100 fastest growing inner city firms, listed in the Inc 500/5000 fastest growing firms in the nation (three times), listed as a Black Enterprise Industrial 100 largest black-owned businesses (three times), Washington Technology Fast 50, and the recipient of the ITSMF prestigious Beacon Award for entrepreneurs. Nash has experience investing in residential, vacation, multi-family, mixed-use and commercial real estate. He has also invested in securities and private equity deals for the past 25 years.
Nash holds a degree in Computer Science Engineering from California Polytechnic State University and an MBA from Pepperdine University in Southern California.
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- How to Own Your Financial Narrative and Secure Your Financial Future with Shehara L. Wooten
- How to Become a Debt-Free Millionaire in Your Thirties and Do Work You Love with Andy Hill
- Changing your Mindset to Build Wealth in the Stock Market and Change Your Financial Trajectory with Cassandra Cummings
- Never Be Broke Again When You Follow These Steps to Build Wealth with Certified Financial Planner Jacqueline Schadeck
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