How Cedric Nash Went from Employee to Millionaire Boss

Cedric Nash, also referred to as “Your Millionaire Mentor,” is an award-winning entrepreneur, financial advisor, and founding father of The Black Wealth Summit, an annual event dedicated to educating the Black community about wealth.

Nash can also be the creator of a recent book. He began his profession as a consultant earning lower than $40,000 a 12 months, became a millionaire by age 32, and has expanded his business ventures to $90 million in annual revenue.

Nash said that when he read other personal finance books, he noticed that they didn’t address the challenges black people face in a white male world trying to get wealthy.

“We face unique challenges when it comes to increasing our income and opportunities. I started with $36,000 a year out of college and went on to make millions by growing my business without any outside investment, without a rich parent, and without a rich uncle. I want to give people a roadmap to do that,” Nash said. BLACK ENTREPRENEURSHIP.

During the interview, Nash shared that he has built a net value of over $50 million today by following principles that anyone with the proper mindset and discipline can use to construct wealth. He shared a few of those principles during our interview.

Expanding your network

Nash credits 4 millionaires he met in his youth with helping shape what he believed was possible for himself.

“I had four millionaire mentors. They shaped my thinking and gave me a vision of what to do with my money. They were in my area. They built houses and owned buildings. One of my mentors was a consultant when I was in the 11th grade, and he inspired me to become a consultant. He was a janitor in a prison, but he had to stop working when he hurt his back. He was always reading, was an avid stock investor, and started buying real estate. He had a basement apartment, and I asked him if I could move in. I paid him to move in, just because I wanted to be close to him.”

Educating yourself

Inspired by his mentor, Nash focused on education outside of college. He credits books like and ready him to grow to be wealthy. Reading broadened Nash’s mind about what was possible and gave him the tools he could use to construct wealth. He prepared himself by processing information that he could be ready to use once he had the funds to start investing. Nash inherited $10,000 when his grandmother died. At the time, she was earning $200 a month working at a laundromat. Nash invested his inheritance within the stock market and continued to invest repeatedly.

Creating a plan

Inspired by his mentors and his newfound knowledge, Nash wrote a plan of what he wanted to accomplish in the following five to 10 years. “I remember graduating from college and looking at buildings named after mostly white guys. I wanted to do that, too. So I wrote a plan of what I wanted. I lived very frugally and bought my first apartment right out of college. I wrote a plan for the next five to 10 years, and then I got to work. I put that piece of paper aside and found it years later and I accomplished 99 percent of those goals.”

Nash emphasized the importance of getting a plan, documenting a start line, end goal, budget, and clarity on what wealth you would like to achieve.

“What is your current net worth? How much cash do you have? How much income do you have to earn? How much income do your assets automatically generate for you? Your end goal is that point where you decide not to work or you decide to use your gifts and talents in the way you choose.”

“What assets do you want? How much income do you want to generate from those assets? Do you want to be just financially comfortable or financially independent? Do you want to be rich or ultra-rich? So you have to have a very specific goal that you’re working towards.”

Learn how to earn more and invest the difference

Nash believes that a major a part of constructing wealth is making extra money. You need to work out how to increase your earnings in order that you have got more to save and invest.

“The key is to create a plan for your investments. You have to make money from your main job, your side job and, ultimately, your investment job. But if you fix your mindset and add the desire to do the right things with your money, you’ll be on the road to wealth.”

Nash believes that constructing wealth is feasible for anyone who’s conversant in wealth and has the proper mindset. But once we’ve wealth, to have a long-term positive impact across generations, we want to teach the following generation how to grow money and pass it on to the following generation in order that the following generation can live off the income that those assets generate and proceed to grow it.