Personal Development

#BlackLivesMatter: Why a Hard Look at Generational Wealth Is the Answer

Expertise: Personal Development, Real Estate News & Commentary, Real Estate Investing Basics
45 Articles Written
looking down from rooftop commercial real estate

On May 26, a series of nationwide riots kicked off, protesting the vile, violent, senseless murder of George Floyd by police in Minnesota. In a move long overdue, corporate America finally took notice, voicing their support. And now, there are a number of companies pledging billions to support black founders.

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Yes, awareness is long overdue. Yes, it’s time for change. And no, violence isn’t the answer. And yes, racism is real AF.

As an extended child of apartheid, I grew up in a small country town in Denmark, as one of 10 black people. Racism is deeply embedded into my experience. But at its core, racism is a classist construct—a construct itself rooted in economic inequality. This is why my “why” is to help 100,000 people of color become millionaires by 2030—to do our part to make a better world for the next generation.

America’s Racial Wealth Gap

In America, right now, there’s a group of people (that I happen to belong to) that’s been dealt the worst hand in history. This is known as the American/racial wealth gap, which is basically a collection of grim stats:

  • Millennials of all colors have an average net worth of $8,000 (!)
  • Black women with a college degree have 6% of the net worth of white women who never even attended school
  • At the current rate, collective black wealth will drop to $0 by 2053

The no. 1 driver behind this is absence of home/real estate ownership. It's also not an accident that countries with universal health care have the lowest crime rates. It’s not an accident that countries with free education have the lowest rates of corruption. It’s not an accident that the group that spends the most money holds the least assets. (More on that later.)

black lives matter protests

Here’s why this matters to me…

I’m an entrepreneur and professional investor; I essentially build businesses and make money for a living. In 2014, I arrived in New York City, estranged from family, with no SSN or bank account and only $79 in a PayPal account. I had less than a homeless person, really.

Fast forward to today—we have a booming $57 million real estate portfolio, including the first black-owned high rise in Jersey City and a $10 million AI-enabled complex in Philly. And understand this: There’s nothing special about me. I’m telling you. It’s seventh-grade math.

The riots. The protests. These are a culmination of generational frustration with a system that doesn’t treat its citizens fairly. People are tired. And when you’re pushed, eventually you push back. It’s human nature.

But this isn’t a micro issue that can just be addressed with one day of common solidarity or corporate boilerplates. As cathartic as it might seem, violence begets violence, which only perpetuates a hate-filled climate. That does little else but preserve the status quo. Next thing you know, “both sides are to blame,” justifying the racist behavior that led to revolt in the first place. (With thousands of arrests.)

I believe there’s a better, healthier way to change it. It’s not an overnight solution. This is a generational mission.

Related: 6 Tips to Live on Half Your Income (& Invest the Rest!)

You Have More Power Than You Think

“OK, these are the rules to the game. This is the hand I’ve been dealt. Now how do I play it?”

Ironically, Black Americans alone sit on $1.3 trillion of spending power—a number that’s growing every year. Yet, this wealth gap keeps widening. That is not a coincidence.

Again, wealth is a function of a set of rules and seventh-grade math. If you know the rules, you can play the game. And guess what? People of color are sitting on all the aces. A slight 5-10% shift in black spending in one month would cause a catastrophic, seismic, trillion-dollar shift in all those big brands’ values.

You have more power than you think. Keep some of the wealth for yourself. Again, the biggest driver behind the racial wealth gap is absence of ownership. In fact, this was the core of Mike Bloomberg’s presidential campaign. So instead of allowing the wealth to travel through you, why not keep it for yourself?

People don’t realize that you only need $3,500 in cash to own $100K worth of property.

Anyone can acquire real estate

I did my first deal in 2016, picking up a three-family property in Jersey City for $750,000, with 3.5% down (~$27K) and an FHA mortgage. About a year later, it shot up to north of $1.2 million. This is not genius. This is common sense.

OK, let’s expand on this concept of seventh-grade math: You only need—gasp!—$35,000 to own and control $1 million of real estate. This isn’t “fake news.” This is a basic function of how the largest companies in the world operate. And you can do the exact same thing.

In fact, it is my mission in life to make sure that we do this. Collectively. Your $500 can become $3 billion—seriously.

Just look at this math: If 100,000 millennials saved $500 a month for six months and pooled it all together… you’d have $300 MILLION. In CASH. In the real world, that’s the equivalent of $3 billion of assets—real estate, energy, so on.

Think somebody won’t lend to you? Shoooot, they’d be coming to YOU. Here’s the reality. Money has no color; racism is a classist construct.

Related: How to Become a Millionaire Through Rental Properties

Changing the Narrative & Reclaiming the Power

I am fortunate to have the unique perspective of having two sets of black AND white parents (European, West Indian, African). I’ve grown up in a poor black household in the projects. And I’ve grown up in a wealthy household on the beach. Until I was 12, I lived with my grandmother, a political refugee ousted from South Africa due to apartheid and my grandfather’s affiliation with Nelson Mandela.

Naturally, I grew up thinking the rich were lucky, successful people, who were handpicked by God and that I’d never get a break in life. (Effects of this passed-down trauma lasted until I was 32, honestly.) Later, I moved in with my white father, an entrepreneur and real estate investor with a booming business. I then learned firsthand… the opposite.

I truly believe the difference between the poor and rich isn’t systemic alone; it’s the conversations around the dinner table. The basic knowledge, discussed casually, forms the foundational narrative of what children believe is possible. It’s time to change that narrative.

Financial accountability

Changing the narrative comes with uncomfortable pros and cons. The game benefits the ones who wrote the rules. Simple. Yeah sure, the game is rigged. But that doesn’t mean you can’t play. You don’t have to be seven foot one to be an NBA All-Star.

Once you realize that—rigged game aside—there’s nothing that really stops you from taking part. The comfortable “excuses” end. The crutch is gone.

But guess what? People are ready to change that narrative and what they tell their children. #generationalwealth and #buybacktheblock are becoming trending hashtags. Whether it’s Big Sean rapping about bitcoin, Jay-Z educating about investing, or 50 Cent flashing his ownership of a hit show, entrepreneurship is becoming cool.

I put out one video in the middle of the pandemic about how to capitalize on the stock dip. Overnight, my account went from family and friends to 31K-plus followers. And that happed with NO PROMOTION. As such, our mission has garnered over $300K in investments—people who want to own with us and change that narrative.

So Here’s Why I Write This…

I’ve never really spoken about this. But I’ve dedicated my entire personal and professional life to this cause. I see beauty in all people, so I try not to rub it in the face; I share it with love.

But make no mistake about it: My single, solitary purpose in life is dedicated to help wipe out racial inequality. Because someday I will have children in this world.

So instead of asking for change, make it. Instead of asking for justice, take it. Stop bringing plastic knives to a cannon fight. Especially when you’ve got nuclear weaponry at home.

We have put up $10 million of our own equity—everything I've built since coming here—for a vehicle to help create 100,000 new millionaires of color. (If you look at the total sum of millionaires in America, that's only 0.5%. Let that sink in.) Think of it as Robinhood or Fundrise but for urban millennials.

The education and tools are out there—on BiggerPockets, on my personal social media and website, on tons of other websites—go use it.

100,000 WOC/POC millionaires by 2030

Our goal is to create three $50 million vehicles, owned by people who care (of ALL colors), to really make a dent. Yes, maybe I’m idealistic. Perhaps I’m naive. Maybe this is a long shot. I really don’t care.

This is what I believe to my core. So this is why I’ve dedicated my life to preventing the next generation—and the one after that—from growing up like we did. Dehumanized. Disregarded. Excluded. Ignored.

You’re more than welcome to join me. #seventhgrademath #justiceforgeorgefloyd

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Philip Michael is an entrepreneur, real estate developer, media personality, and bestselling author. He's the chairman of NYCE Cos., a real estate development and tech holding company. Philip recen...
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    Tom Phelan Real Estate Investor from Key West, FL
    Replied about 2 months ago
    Great article written with heart and wisdom. 45,000,000 Americans have to realize the IRA (any type) and Company 401(k) with 30,000,000 are not the cat's meow as touted by Wall Street who routinely milks this $17-trillion dollar cow. Yes, $17,000,000,000,000. Even at a 1% fee that revenue is staggering. Real Estate could and should be in the portfolios of all Americans, and not just one's residence. Systematic real estate wealth building using a series of 1031 Exchange over a few decades will far outdo any IRA or 401(k). The Wealthy have long known this. Perhaps Justice Learned Hand said it best: "In American there are two tax systems, one for the informed and one for the uninformed. Both systems are legal" And, if the economy goes to hell in a hand basket you can always live or put your relatives in your rentals. Try doing that with you pile of Bitcoins or Gold.
    Wenda Kennedy JD from Nikiski, Alaska
    Replied about 2 months ago
    I grew up with very little. And I'm white. I'm from the Ozark Mountains in Missouri. My dad was a stereotypical hillbilly. I don't think this is a "race thing" -- I think it is a mindset and a lack of knowledge for what can be. I cut my teeth in the RE business in the ghettos of Los Angeles. I was doing "flips" when we still called them "equity purchases". Many years ago, 4 of my friends and I started a shelter for homeless women and their children. We were the first shelter in LA to admit children. Now I provide almost all of the affordable housing for my community here in Alaska through owning my mobile home park. I daily do LOTS of social work with the type of people this article is discussing. So, I'm saying that I've had my nose against this problem for a long time. I know that just owning a home isn't enough to break the poverty cycle. We proved that in 2008. The government made homeownership available to a lot of people who weren't ready to take on that responsibility. And it crashed the market through the sub-prime segment of the housing market. Owning a home takes a sense of responsibility. And it takes education on how to take care of that home and one's finances. Here's an example. I just had a family move out after being my tenant for years -- it's a couple, with two grown sons. The dad is white and the wife is an Alaskan native. They received an insurance settlement for a car accident. So, they "bought" a piece of property (small acreage) with a pole barn on it close by us. Except, they only made a down payment on the property -- now they have monthly payments. And they paid cash for an unfinished cabin that they had placed on the property. It's just the exterior, "weathered-in" shell, with NO insulation or interior improvements -- basically a shed with potential. Since getting the money, the man quit his job and the two sons have never worked -- the man had been supporting all of them. The wife collects disability, but she usually spends her money on bingo and booze. She's a late-stage alcoholic. Job prospects for the husband are pretty grim right now. And the husband told me that they have spent all their money -- of which a large portion of that money has just been spent on silly stuff. They did get the electric service hooked up. But they have not connected the well to the cabin or the pole barn -- so they have no running water. Also, they need to connect the septic tank. Both of those items require heavy equipment to do the digging. It's summer right now, but what happens when our Alaskan winter comes? It lasts for 7 months. How are they going to finish the cabin so they can move into it, pay their utility bills, get the well and septic systems hooked up, and make payments on the property without a steady income? This is a disaster waiting the happen. Do I feel for them? Yes. Will I rent to them again? No. They did a lot of damage to my rental unit. Then they have treated me like I was the bad guy in all of this. They are talking "smack" about me all over our small town and being very arrogant right now. I'll wish them well -- while I just hide and watch to see where this all goes...
    Gayle Quinlan Real Estate Investor
    Replied about 2 months ago
    And remember we live in the best country in the world..we work hard we can attain real estate. My friend from India came here with nothing..zero..but he got an education worked a few jobs at a time and now has a few cash flowing real estate houses. It takes hard work, but it is attainable in America !!!
    Kendra Osuoji
    Replied about 2 months ago
    I really appreciate this article, as an African- American women with middle class income, I have found it challenging over the past few years to figure out the "best" method of wealth building and lately I have been convinced that it is through RE investing. I think the setback for most millennials is educating themselves, and having more tangible plans on where to start. I am hoping to make at least 2 purchases within the next 2 years but getting access to capital is kinda intimidating. Hopefully I can learn from this platform and others to help me in this journey, and thanks for dropping knowledge!
    Stephon Mosby Williams Rental Property Investor from Philadelphia, PA
    Replied about 2 months ago
    It all starts at home!
    Mark Leitter Rental Property Investor from Orlando FL
    Replied about 2 months ago
    I would hope that BiggerPockets does a better job in the future regarding vetting people writing articles completely unrelated to real estate. Many investors (myself included) are members on this site in large part because BP has historically been a place to discuss real estate without the noise of what is going on in the world unrelated to this business. I'm hoping this gets noticed so the administrators can refrain from having it becoming a political platform.
    Brian Ward
    Replied about 2 months ago
    Mark, The article is completely related to real estate. The "noise of what is going on in the world" is also completely related to real estate. Open your mind, reread the article and the connections will become obvious.
    Mark Leitter Rental Property Investor from Orlando FL
    Replied about 2 months ago
    Just saying that the article is related to real estate doesn't make it so. If you replace the words "real estate" with the word "gold" the narrative of the article is completely unchanged, which is a political narrative (which I suspect very thinly referred to real estate so it could be published on a real estate site). The noise I'm referring to is that which doesn't apply to real estate. There are political issues very relevant and deserve space on this site (e.g. discussion of the HEROES Act), but I'm rather disappointed articles like this are published in a place like this.
    Steve Vaughan Rental Property Investor from East Wenatchee, WA
    Replied about 2 months ago
    Welp, you know where the door is. 4 years on here and you've contributed zip. BP owes you nothing. I thought the article inspiring and worth time to read.
    Mark Leitter Rental Property Investor from Orlando FL
    Replied about 2 months ago
    Yes, thank you for stating the obvious: BP owes no one anything. My direct contribution to BP in no way invalidates the point I made however. There are children's books at the library that are inspiring, but that doesn't make them relevant to a professional real estate forum.
    Steve Babiak Real Estate Investor from Audubon, Pennsylvania
    Replied about 2 months ago
    More than ten years ago, BiggerPockets had a forum area for discussion of politics; politics was not permitted to be mentioned anywhere else on BP. It went away, probably for good reason. This particular article was actually shared in a mailing that BP sent out to me, and I imagine countless other members. So my guess is that this specific article had sufficient relevance to real estate that it was allowed. I will refrain from political discussion on BP, as I always had even when BP had that area for discussion of politics.
    Mark Leitter Rental Property Investor from Orlando FL
    Replied about 2 months ago
    I wasn't aware there was a separate forum for politics at some point (and it may have been a good idea to get rid of it if it was irrelevant to the industry), but I'm curious where anyone sees this article as having anything to do with real estate as an asset class in any way? Obviously civil protests and unrest are relevant regarding their impact, but those come and go with most of the attention paid to the impact to the asset class. This article seems to just seek to antagonize and stoke the fires of identity politics to justify a view of the world.
    Steve Babiak Real Estate Investor from Audubon, Pennsylvania
    Replied about 2 months ago
    Did you read the part below, that I copied verbatim? There is probably content that shows a political bias, but what was written below is pretty obviously not. ========= Anyone can acquire real estate I did my first deal in 2016, picking up a three-family property in Jersey City for $750,000, with 3.5% down (~$27K) and an FHA mortgage. About a year later, it shot up to north of $1.2 million. This is not genius. This is common sense. OK, let’s expand on this concept of seventh-grade math: You only need—gasp!—$35,000 to own and control $1 million of real estate. This isn’t “fake news.” This is a basic function of how the largest companies in the world operate. And you can do the exact same thing.
    Mark Leitter Rental Property Investor from Orlando FL
    Replied about 2 months ago
    Fair enough regarding that section being (mostly) politics free. However, that referenced section doesn't seem to fit the identity politics theme of the rest of the sections of the article or the title, which makes it appear to me to be haphazardly included. There are countless articles already on BP that do a far better job of going into much greater detail regarding leverage and the degree to which leverage can be used in real estate, not to mention the other major benefits of real estate that were excluded here. Let me ask you: Would it be relevant if I wrote an article claiming that white people collectively should strive to be a greater proportion of millionaires in America? If the answer is no, then how would this article be relevant as it specifically states that same exact primary objective, except using a different race of person?
    Brian Ward
    Replied about 2 months ago
    Mark, The article encouraging white audiences to become millionaires has already been written a thousand times over. This article is aimed at a different audience. An audience that historically has not been invited to participate in conversations about how to grow wealth through real estate investment. Here. I made a Cliff notes style summary of the article for you: This article is an invitation to people of color to “get in the game”. It is a direct comparison and contrast between the short term methods of demonstrating in the streets versus the long term strategies of creating wealth within communities. The author encourages readers to stop getting played by the economic game and learn how to play the game. He instructs them to redirect their available individual and collective resources to buy homes and create wealth by investing in real estate. The author comes from a diverse racial and economic background and is specifically addressing people of color. However the perspectives and information about real estate and wealth disparity apply to people of all races. In his introduction the author references that this article is addressing the reasons WHY the author is involved in real estate investment. This article does not go into lengthy specific details concerning HOW people can invest in real estate. This article avoids referencing or coining any clever new acronyms or buzz words to explain specific systems that the author has developed for achieving financial success through real estate investments. The author uses non cited numbers and statistics to support some of his ideas so the article should not be treated as an undebatable statement of truth. The article is a mix of personal experiences, facts and opinions written to motivate the authors target audience. Did it help you to see the connections to real estate with the scary parts about Black Lives Matter removed? Did someone grab your hand and force you to click on this article? If you don’t want to read about what you call “politics and noise” then don’t click on articles that have titles such as this one. However based on some of your comments above perhaps maybe you actually need to read more articles with perspectives that make you feel uncomfortable to challenge and expand your world view. If you don’t like “politics and noise” intruding into your safe spaces then do the work and learn how your investment choices can reduce the amount of noise and political strife in our country. Learn how you can make ethical investment choices that have positive economic affects on both your bottom line and your surrounding community. Real estate investments do not exist in a sealed, compartmentalized bubble. Real estate investing is part of the tangled web of the economic system of our country. A tangled web that has a documented and demonstrable history of unethical and racially biased practices. The decisions that everyone on this site make about how and where to invest affect our entire society. If you can grasp that fact then you will have the opportunity to better both yourself and others at the same time. Sometimes you might have to read an article or two along the way that you don't agree with.
    Mark Leitter Rental Property Investor from Orlando FL
    Replied about 2 months ago
    I'll go through your points one at a time, as there are many, and try to not make this a political rant one way or the other: 1. I have seen articles encouraging white people to collectively accumulate more assets relative to other races, often written by hateful groups. However, I am referring to BP only. Can you point to just one (of the supposed thousand) articles written on here explicitly encouraging white people (or Asian or any other group) to collectively accumulate assets? If so, I'll gladly post on that article as well. 2. I very well understand the point of this article and the world view it touts, however I don't want to turn this into a political debate forum regarding the historical validity of that world view. 3. I pointed out in an earlier comment that the reference to real estate in this article is not the primary narrative, and I believe real estate was included thinly in order to give the appearance of relevance on this site. No one forced this article on me. I clicked on it and the other BP articles I get emailed to me periodically. 4. Regarding ignoring articles I don't want to read: If BP posted an article with the primary narrative that denied the holocaust as a conspiracy theory, would you just shrug your shoulders and say "not interested in reading it" or would you be shocked and possibly post on why it's an irrelevant article? 5. The economic system you refer to isn't a monolithic being. Institutions don't just wake up one day and say "let us decide to be prejudiced". I'm not going to expand on the historical practices of prejudice, however, as that will also go down a political rabbit hole. 6. You (and multiple others here) seem to not be able to answer the question of how it's acceptable to write an article on this site telling an entire race of people how they should behave. Quite honestly, I don't expect an answer for this one from anyone, because it's very difficult to justify an article that presupposes racial inferiority, let alone why it's relevant for a real estate forum.
    Brian Ward
    Replied about 1 month ago
    Really? In your reading this article presupposes racial inferiority? You need to climb out of those rabbit holes you mentioned.
    Mark Leitter Rental Property Investor from Orlando FL
    Replied about 1 month ago
    An article that tells an entire race that they are doing something wrong or sub-optimally as a group means that there is an implication that something is inherently inferior about the group compared to others. That's categorically a racist narrative. I almost can't believe that I have to spell this out to people. I also noticed that you didn't respond to anything else, particularly this section: "Can you point to just one (of the supposed thousand) articles written on here explicitly encouraging white people (or Asian or any other group) to collectively accumulate assets?". As I pointed out, I don't expect an answer back on much of this because to answer honestly would undermine the flawed narrative of the article.
    Hesh Landman
    Replied about 2 months ago
    Thank you Mark. I agree 100%.
    Sergey Tkachev Investor, Agent, CPA from West Sacramento, CA
    Replied about 2 months ago
    "I truly believe the difference between the poor and rich isn’t systemic alone; it’s the conversations around the dinner table." You hit the nail on the head with this quote - I would add that the systemic portion has very little to do with the gap between the rich and the poor. It's unfortunate, though, that you seem to promote the organization BlackLivesMatter, whose purpose is to destroy the market system we have now which has allowed so many people to rise to the top regardless of their origin, color, sex, etc and instead their goal is to implement a Marxist system that has enslaved and killed millions. If anyone wants to dispute this, just read their website, they don't hide anything. Just to be clear, I fully support the truth that black lives matter but cannot support the organization BlackLivesMatter because their goals are not congruent with a free and prospering society. And if I misunderstood the intent of the article, I apologize in advance :)
    Karen O. from NYC, NY
    Replied about 2 months ago
    "BlackLivesMatter, whose purpose is to destroy the market system we have now which has allowed so many people to rise to the top regardless of their origin, color, sex, etc and instead their goal is to implement a Marxist system that has enslaved and killed millions." It's good that you accept that BLM. However, I just visited the BLM website at your suggestion and they appear to have a different take on what they stand for than what you suggest. I visited the following site: https://blacklivesmatter.com/what-we-believe/ . If you read something else, somewhere else, I'd appreciate the direction. My apologies to those who don't want to read or discuss politics on the BP site. I'm looking for a bit of direction from Mr. Tkachev. Wishing you all a nice day.
    Randy Mechura
    Replied about 2 months ago
    For my part the first five paragraphs of this article relegated the rest to wishful thinking: "Countries with universal health care do better ... Countries with free education do better.. " and on and on... What's not spoken is that countries with all that good stuff also have homogeneous populations. Hmm... I'll leave the rest to you.
    Dean Gould
    Replied about 2 months ago
    The only way to minimize racism in this country is to dismantle the ghettos in this country. How do you do this? Education. It might take a few generations but over time, it can be done. In the 60's when I was growing up, there were approx. 29m American's living below the poverty line. Today, its still about 29m. Population has increased but the number living in poverty is the same. When some people, not all, but some are poor and destitute, what do they potentially do? Commit crime. The Seed is an organization which has a over 95% of their students graduating college. read about it. Sadly, there are only 3 schools in the country. DC, Baltimore and Miami. Why? Because both Democrats and Republicans do not address this issue of poverty and keep kicking the can down the road. This may sound like a liberal idea but it is actually a blend of both liberal and conservative ideals. If people are educated and can then earn a fair wage: 1) they are no longer living in desperation. 2) they are less apt to commit crime 3) they now pay taxes 4) the cost of the judicial system goes down 5) they return the investment we make in their education (through our taxes) over the course of their lifetime because they are now paying taxes. The average starting salary, of a person with a college degree is $50,000. Assume the average over their lifetime is $70,000 x 25% taxes = $17,500 per year in taxes x 43 years working = $752,500 paid in taxes over their lifetime. They end up repaying the investment made in their education. 6) when their is less crime, racism goes down 7) less crime, less bad encounters with law enforcement 8) and finally, to end poverty in this country; its the right thing to do. Living in the wealthiest country in the world, there should be no poverty; no ghettos. Is it right to just give fish to people or to teach them to fish? Sometimes, people need a boot strap to get up and out but over all we must teach people to fish. On the other side of the coin, for those who say, "I'm not paying for someone else to get an education or to pay for someone outside my world, my town to get anything" the fact is you are paying big sums of money on those communities one way or another already. Your tax money is going towards paying for the jails, the courts, the police (the judicial system), and the assistance programs. The majority of those living in low income areas are good people, but the small percent of bad people are taxing our country. There will always those, of all color, committing crime and doing bad things but give people a chance to rise up out of despair and everyone benefits. They benefit, the community benefits, the city benefits, the country benefits. We become more competitive in the world and that in turn will provides more jobs. How do so many immigrant minorities excel in this country as a few have pointed out, who come here with nothing? Education. They either got it or they get it. Education, education, education. Read about The Seed. That model or something similar, over time, will reduce racism and most importantly poverty in this country and all the problems which goes with it.
    Dempsey Bullock
    Replied about 2 months ago
    To be clear, the vast majority of BLM supporters are peaceful protesters; don't give people false impressions. There's no reasoning with people who literally think, despite having no science to back the claim, that Blacks are NOT human. I've lived in the US most of my whole life and there are many dynamics at work. The founders of this country are great and insightful individuals. No! They were, in fact, a bunch of people who couldn't hack it where they came from. They didn't like the way the powerful treated poor people. Sound familiar?!? Why didn't they just fix their issues in-place? Because they were just as horrible as the monarchs of the time. They were just as willing to take what already belonged to others. They were just as willing to hold onto power by any means. What was the preferred means used? Epic, genocidal violence! Centuries later, it seems to have worked in favor of a certain class of people. But it's not to be celebrated. The reason why is everyone's survival is due to society and a certain level of government. Society provides for our collective wants. Government protects us from our collective vices. Best explained by Thomas Paine... I certainly agree that the US can fix many issues if they only had the "collective" will to do so. We see the will to provide funding to large institutions when the provide enough campaign financing. But we recently witnessed what it takes for the US to print more money... to "save" the greater populace from financial ruin. What that means is US could solve EVERY social issue being discussed in this post. Education, for example, could be fully funding... no more failing and overcrowded schools. The same is true for healthcare. Please tell me who doesn't need those thing??? We have to end this "who's going to pay for it" discussion. The game is to keep people disadvantaged. Yes, we should work hard and get educated. But everyone isn't going to start a business and get rich so let's just knock it off. Lifting people up homelessness, food insecurity, etc... should be a top priority for every modern country. But NONE of that will happen in the US. Why?!? People are socially conditioned to believe that, in order to be "better", someone must be worse. Racism fuels the US and it always has. History confirms this. Overall racism is a huge issue the world over. And, despite some claims made in other responses, I've seen no evidence of any culture ending widespread racism. But the author is correct. Blacks must own assets to get ahead and secure their wealth by all means available. This must be done by using our own money to finance everything. Blacks have done it before as a group and individually. But there have been many, many obstacles specifically designed disadvantage them to this day. Chief among them is VIOLENCE!!!! Which is why BLM started. So they people in general don't like their tactic, then explain the actions of the early colonists. And since the author doesn't like it, then explain how Apartheid ended in detail. That would be tricky....
    Paul Parker Investor from Bedford, Texas
    Replied about 2 months ago
    "The game is to keep people disadvantaged." — It should be noted that this game has been going on for hundreds of years against all social classes. This is not an excuse but it does show the darker side of the human condition to "get all you can and can all you get". As a species we really suck at loving our neighbors as ourselves. https://www.theguardian.com/news/2017/sep/07/how-the-aristocracy-preserved-their-power
    Peter Sholy Investor from Florida
    Replied about 2 months ago
    I’m an investor who would love to get involved in this initiative to help more black people become investor millionaires. Please let me know how
    Paul Parker Investor from Bedford, Texas
    Replied about 2 months ago
    Wise beyond your years. #SomeoneWhoGetsIt
    Monique Nicholson from Fort Worth, Texas
    Replied about 2 months ago
    Thank you Philip! I love this. Please keep contributing. #SomeoneWhoGetsit
    Rob Gifford Rental Property Investor from Boston, MA
    Replied about 2 months ago
    Thanks for sharing your mission and POV with the community, Phillip- it's an inspiration. I think members of our community, in general, need to ask ourselves what we're doing to improve society in addition to how they can grow their own net worth. It's refreshing to see an article like this, here. The wealth building mechanics of real estate investing are amazing as your article points out, we need to share these strategies with everyone, particularly communities who haven't shared equally in our country's prosperity. There is absolutely nothing political about that message.
    Desreal Shorts New to Real Estate from Detroit, Mi
    Replied about 2 months ago
    I really appreciate this article. For anyone who believes this is not related to Real Estate, that just goes to show their ignorance. Part of strengthening the economy of our country means providing education and opportunities for everyone to equally have access to opportunities to grow their wealth. If this article made anyone uncomfortable I challenge them to go sit in front of a mirror and think about why they felt so strongly about someone speaking about making positive progression for a group of people different than themselves. That is not politics, just being a decent human. We are all in this industry to help other people, at least that is what I believe, so we should encourage those practices, regardless of how uncomfortable they may make some people feel.
    Kevin Dean
    Replied 19 days ago
    As correctly stated, violence is not the answer. Neither is BlackLivesMatter. Any simpleton who bothers to read their homepage will see they are a Marxist group...and their founders are unapologetic about being Marxist trained activists. Anyone believing in the real estate opportunities available through the currently capitalist U.S. should be extremely concerned.
    Whitfield Fowler Rental Property Investor from Santa Clara, CA
    Replied 5 days ago
    Good article! Philip seems to be calling to some of us to wake up to the severity of the wealth gaps between white and non-white families (they are shocking), and to some of us to wake up to the power and surprising availability of real estate as a wealth building vehicle. He is on point. My only criticism is that he potentially loses a few would-be listeners with the statement about 'the worst hand in history.' I don't believe he would willingly trade places with anyone black or white living in say... rural Louisiana in the early 1900's. Despite that, his calls to wake up and his larger goals are empowering, noble, and even patriotic. BP admins, please continue to promote these kinds of conversations.
    Mark Leitter Rental Property Investor from Orlando FL
    Replied 4 days ago
    Why do you find any concern over the inequality of outcome between races in terms of financial well-being? Are there somehow unfair rules in place leading to these outcomes? If not, then how would you solve the problem of the inability to reconcile fair rules with unequal outcomes? I think your presuppositions fall into the same logic trap that the author obviously fell into.