The Racial Wealth Gap: How to Build Wealth Despite the Odds

Where you start does not have to decide where you finish. My guest Cedric Nash went from a job that paid him less than $40,000 a year to millionaire by 32, and in this conversation he shows you how to build wealth despite the odds. I spent 25 years managing money for millionaires, and I can tell you Cedric's story comes down to mindset, discipline, and faith put to work.

In this episode, I sit down with Cedric, author of Why Should White Guys Have All the Wealth?, to talk honestly about the racial wealth gap, how untreated financial trauma shapes the way we handle money, and why looking rich keeps so many people from ever getting rich.

"You can't fix the money behaviors unless you fix the mindset that drives the behaviors, because your behaviors are the shadow to the mindset." (Cedric Nash)

WHAT YOU'LL LEARN
- How Cedric went from a job paying under $40,000 a year to millionaire by 32
- Why buying things to feel wealthy only makes you look wealthy
- The 4 stages of changing your money mindset: environment, programming, practices, and results
- Cedric's case for investing while you pay down debt (and where his critics push back)
- Why focusing on income instead of assets keeps you playing defense and never scoring
- How "faith without works is dead" puts the responsibility back in your hands

TIMESTAMPS
00:00 The racial wealth gap by the numbers
00:55 Meet Cedric Nash
01:26 How we met (and my first time on a yacht)
03:11 How did Cedric Nash become Cedric Nash?
04:37 Four millionaire mentors
05:01 "I'm going to buy my mom a big house"
06:55 It wasn't the flash, it was the peace
07:42 The green BMW: what real wealth looks like
10:37 Get great at one thing before you diversify
13:16 Should young people jump straight into entrepreneurship?
15:17 The $130 million contract and asking God for direction
16:24 Chasing influencer status vs. building a skill in demand
18:06 Reginald Lewis and the book that inspired Cedric
22:07 "My book is not about race"
22:31 Why the wealth gap exists
24:57 The game was never fair
25:09 Slavery, Reconstruction, and Jim Crow
27:37 Black business titans you should know
29:00 How to build wealth despite the odds
29:47 My great-great-grandfather's stolen farm
31:02 What financial trauma does to your money
32:28 Looking wealthy vs. being wealthy
33:46 You have to be mentored out of it
34:34 The 4 stages of changing your money mindset
36:29 Growing up without business role models
38:05 The mentor who introduced me to investing
38:58 "You'll have a hard time as a stockbroker"
40:22 Hitting the glass ceiling
41:33 Confidence is a spectrum
42:42 Building a business near $100 million in revenue
43:44 Walking away from $600,000 to start over
45:39 How Cedric dealt with fear
47:38 Millionaire by 32
47:51 How struggling people and wealthy people think differently
48:02 Stop tripping on your debt
50:32 Income vs. assets
51:24 $2 trillion in spending power
52:51 Why we struggle to build together
53:41 How the dollar circulates in different communities
56:32 Black businesses need to support Black people
57:23 Own the business and the building
59:21 A boat with a hole in it
1:00:12 What shall it profit a man? (Mark 8:36)
1:01:03 I can do all things (Philippians 4:13)
1:02:39 Faith without works is dead (James 2:26)
1:03:29 Rapid fire: pay off debt or start investing?
1:06:01 The worst money he ever spent
1:06:35 The best investment he ever made
1:07:11 The church's role in building wealth
1:10:53 Where to find Cedric and his book

SCRIPTURES REFERENCED
Mark 8:36 | Philippians 4:13 | James 2:26 | 2 Corinthians 5:7

CONNECT WITH CEDRIC NASH
Website: https://cedricnash.com/
Book: Why Should White Guys Have All the Wealth?

CONNECT WITH ME
Website: https://leejenkinsstewardship.com
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Facebook: https://www.facebook.com/LeeJenkinsGroup
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This content is for educational purposes and is not personalized financial advice. Investment returns are not guaranteed.

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