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 Instagram: https://www.instagram.com/thestewardshipcoach Facebook: https://www.facebook.com/LeeJenkinsGroup TikTok: https://www.tiktok.com/@thestewardshipcoach X: https://twitter.com/LeeAllenJenkins SUBSCRIBE so you never miss an episode. I release new content every week on faith, finances, and business. This content is for educational purposes and is not personalized financial advice. Investment returns are not guaranteed. #TheStewardshipCoach #LeeJenkins #BuildWealth #CedricNash #RacialWealthGap #MillionaireMindset #FaithAndFinance #BiblicalFinance #WealthBuilding #FinancialFreedom #BlackWealth #GenerationalWealth