America’s Wealth Coach, Deborah Owens, joined Roland Martin Tuesday on “NewsOne Now” to discuss the top money mistakes made by wealthy African-Americans and how to avoid those pitfalls.
Owens told Martin, host of NewsOne Now, that five percent of the wealthiest Blacks exhibit similar investing habits. She said, “It’s pretty stunning to see that the wealthiest African-Americans over index, they have more than three times in CDs and fixed income types of investments” than their White counterparts.
When looking at how these types of investments impact you as it relates to growing wealth, Owens said these investments average three percent a year: “So your money doesn’t grow.”
Owens said, “The reason African-Americans over index in very safe investments is a result of a lack of exposure and a lack of knowledge about investing for any length of time.”
She added, “If you had no one from the time you were a child gift you stock, you understand the market, how the market works, when the market goes down, that’s when you invest — then if you haven’t had that exposure that is why you’re fearful” of more risky investments.
Listen to Martin and America’s Wealth Coach discuss the top money mistakes wealthy African-Americans make in the audio clip below. See the graphic above for a listing of Owens’ top 5 money mistakes.
For more info and financial tips, visit www.DeborahOwens.com/NewsOneNow
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Avoid the top 5 money mistakes made by wealthy African Americans was originally published on newsone.com