Usually in this column I share with you my opinions about ways you and your family can build wealth and secure your financial future. However, recently I have become more and more intrigued by the personal financial stories of celebrities and notable individuals, and how they have built, grown, and sustained their wealth. So in this column I have interviewed several stars from various industries to learn what they believe is necessary for building wealth. Most importantly, I wanted to know how their value system contributed to their financial success. Here are their stories.
Robert J. Brown
CEO and Founder B&C Associates, Inc.
President of South Africa BookSmart Foundation
Former Special Assistant to President Richard Nixon
I believe that trust is the critical value in building financial success. If people know that I am worthy of trust, not only will they confide in me their innermost thoughts and ideas, but eventually they will bring me on board for business partnerships that are financially rewarding. Confidence in my word and my ability to deliver what I promise is fundamental to success. More important than any value though, is my faith in God. My faith in God is vital to building wealth because when it appears that everything is going up in flames; my faith allows me to remain positive, focused, determined, and prioritized. These traits come directly from my relationship with the Lord, and enable me to get the job done when others cannot.
Harold E. Doley, Jr.
Founder Doley Securities, Inc.
Former United States Executive Director to the African Development Bank
Only African American to own a seat on the New York Stock Exchange
Man has a natural inclination of knowing the difference between right and wrong. However, what separates great men from all the rest is a willingness to do the right thing every time. Doing what is right is the most important value for building wealth and prospering financially. There will be times when withholding information, sharing insider knowledge, lying, or cheating could greatly help you close a deal or make more money in the short term. But eventually this will catch up to you and bring you down. Doing right by your family, friends, customers, and clients will help you overflow with abundance. It will secure you more jobs, get you more clients, and increase your credibility. If you have the right foundation, the right values, and a desire to achieve goals the right way, you will eventually succeed - I guarantee it.
Terry Giles
CEO and Founder of Giles Enterprises
Member of Horatio Alger
Chairman of the board, Land Mark Legal Foundation
From a financial standpoint the most important value one can have is credibility. Without credibility you can’t borrow money, you cannot get partners, and you can’t be trusted. Without credibility you won’t close a deal or make a sale - it is that simple. To gain credibility, start monitoring your day-to-day activities and focusing on your integrity during each action. Are you being honest with your time? Are you being honorable with your work ethic? Are you being loyal with your knowledge and confidentiality agreements? Are you trustworthy with your projects? Your integrity during these day-to-day interactions, projects, and negotiations will either bring you the credibility you need or prevent you from ever being a financial success.
The Honorable Alphonso Jackson
Secretary of Housing and Urban Development
Former President and CEO of the Housing Authority of the City of Dallas, Texas
You don’t have to trample on or step over people to be financially successful in this country. As long as you focus on where you want to go and what you want to achieve, your wealth will not be dependent on another’s demise. If you support and love others while you go after your goals, you will encounter many people who will help you achieve your aspirations. The next time you have an opportunity to promote someone’s business, do it with gusto. The next time you can help someone get a job, do it proudly. The next time you can mentor a novice, do it with passion. Be sure of this: the more you build up others, the more you will be built up.
Kevin Johnson
Former guard for the National Basketball Association’s Phoenix Suns
President and CEO of the Kevin Johnson Corporation
Founder St. Hope Corporation
Martin Luther King, Jr. said that education without character is dangerous. I too believe that no matter how much you study the stock market, learn about the business world, or experience the financial industry, you will not achieve optimal wealth until you improve your character. Your word must mean something. Your handshake must be as dependable as a signed contract. You must remain loyal and humble regardless of your growth. And most importantly you must improve your character by improving your relationship with your creator. Because I believe that true and everlasting self-esteem only comes from your faith in God, and knowing that no matter what your lot in life is, He will not only sustain you, but give you unimaginable success and prosperity.
Sheila Thorne
President and CEO
Multicultural Healthcare Marketing Group, LLC
The skills that I have developed to build and sustain wealth are rooted in my early childhood rearing and experiences. My parents had great faith in a Higher Power and instilled in me and my siblings deep respect for our God-given talents and abilities and the humility needed to use those talents and skills wisely for the good of others. My parents would repeat constantly, “Cast your bread upon the waters and it will return to you.” So building wealth was based on finding a way to serve my fellow man and staying focused on excellence in serving. Sustaining whatever wealth that I have been able to garner has been based on building relationships. Relationships can carry you where money cannot. Building solid relationships and remaining loyal to these individuals are keys to sustaining wealth. You gain needed insights, information, constructive criticism and moral support. All else is derivative.
Whether you decide to heed the suggestions of these individuals is up to you. But if you choose to take even one piece of their advice and make it a successful aspect of your own life, you’ll need to make the idea your own. This means that you must apply their wisdom to fit your personality, your character, and your situation. If you merely try to emulate their suggestions in your life, you will never truly commit to the idea. However, if you take what they say and modify it to fit your situation, the idea will become your own and you will follow it for a lifetime. Follow it for a lifetime and you will become a success.
A virtuous and noble man who plants himself on his courage and convictions and then abides by his moral foundation will build the spiritual, material, and physical wealth that last generations and generations. And remember: my actions are my true assets, my values are my real possessions, and my character is my ultimate wealth.