We recently had a moment to sit down the with curator of the SOLD OUT BYOW (Build Your Own Wealth) seminar that took place with some of the fanciest wealth-building professionals in Chicago! Leading the pack in African American wealth development is Mrs. Shymane Robinson – Attorney At Law. Ladies and gents take notes of the do and dont’s of building wealth for generations to come!
What is your best piece of advice for newcomers looking to invest in real estate?
My best advice for newcomers looking to invest in real estate is to just GET STARTED. Never allow fear, money or the unknown to discourage you from investing. There’s many areas of real estate you can invest in. Pick one strategy, become an expert in this strategy first, invest and repeat.
What was your inspiration or spark that birthed BYOW?
Wealth Made: Build Your Own Wealth was sparked after having numerous conversations with college graduates who were sold a dream when entering college. They now struggle to find a well paying job that will allow them to afford a lifestyle they enjoy. There’s a fear that 401k accounts will not be sufficient to cover retirement costs and social security may not be available at all. I strongly discourage operating or living out of fear. This sparked me to start a movement saying we have to learn how to invest like the wealthy. The wealthy aren’t worried about 401k accounts, social security, or not being able to enjoy a comfortable lifestyle. If they aren’t worry we shouldn’t be worried either. You have to take responsibility and learn how to build your own wealth. The proven way to do that is by investing in real estate.
How can one get out of debt, and begin to build wealth?
The first step to getting out of debt is to acknowledge the debt you have. You have to be aware of the amount of debt you have, the interest rates, and the terms of the loan. This will allow you to decide which debt to pay off first.
The second step is to start making more disposable income. You can not pay down debt if you barely make enough money to afford your daily living cost. One way to make more disposable income is to invest in tax sales and yield high returns up to 36% on your investment.
The third step is to use the money made from real estate investing to pay off your debts one by one. Start with the debt that have the worst terms and highest interest rates first.
REPEAT until your debt is paid off.
Continue to invest to become Wealth Made.
Remember don’t splurge until your debt is paid off. Continuously investing in real estate will allow you to have more disposable income and build your own wealth.
All images by Amber Marie Green