  An Almost Forgotten Classic That Needs Re-Printing
I came across this book while on one of my usual forays to the local library in search of books on investment. Two books seemed to beckon me that day- this one and a book by Thomas Shapiro titled 'The Hidden Cost of Being African American: How Wealth Perpetuates Inequality'. I do not know what possessed me to pick up these two books but for some reason, I was compelled to get them, and both made for very powerful (and at times quite unsettling) reading.
I have somewhat of a history with Mr. Trower-Subira's book. As I began to read it, it dawned upon me that I had actually read it before, in my youth, when I was just a lanky, introverted, over-achieving ghetto child taking college prep courses in high school. Although I freely confess that I was not quite ready to handle the wisdom that Trower-Subira laid on me and found the book somewhat off-putting then (mostly because of the author's attempt to keep it real- after all, I was a budding Black Scholar who knew something (HAH!), not just another ignorant homeboy), I was very receptive to its contents nonetheless. Some of its advice eventually found its way into my investment repertoire. As I got further along in the book, I also realized that I had heard much of what it had to say before, albeit from various sources (parents, mentors, the business and financial cognoscenti), over the years, but no one had put it all together in one place before, nor had they bothered to address the African American community in particular. Yet, while reading this book along with Shapiro's book, I came to a few realizations.
First, Trower-Subira and Shapiro emphasized the central importance of home ownership as a source of equity capital. Both decried the usage of earned income and accumulated home equity to fuel (conspicuous) consumption binges. Trower-Subira got it right when he said that real estate should be the base asset for African Americans from which to build wealth. As long as you borrow against your home to acquire other, income producing assets, you are doing yourself a favor by pursuing homeownership.
Second, both stressed the importance of financial assets in building wealth. Trower-Subira put forth a brilliant explanation of the types of assets that produce income and that African Americans in particular should endeavor to pursue (real estate is just one of several). Shapiro demonstrated quite well in his book how economic inequality between whites and blacks is perpetuated by a long-standing disparity in the amount of financial assets- particularly those assets that produce income.
Third, both emphasized the importance of continuing education combined with an asset-based approach to wealth building. Trower-Subira wrote in the context of his day, but now the game has shifted somewhat. That is not to say that the problems of his day are no more; indeed, many of the problems of his day still relentlessly follow the African American community, and in too many instances, the problem have actually gotten worse. Although we are presented with new opportunities, we also face new challenges- on top of the same old challenges that we have yet to vanquish.
I've half a mind to re-issue this book under my own name, issues of naked, unabashed plagiarism aside. Although I did take issue with the writing style, and feel that some of the action steps are a bit obsolete, I am totally in agreement with his core message. Every intelligent African American serious and intent upon building wealth needs to read this book.
great book written before Rich Dad Poor Dad
I am a big fan of the Rich Dad Poor Dad book series by Robert Kiyosaki. What I found very interesting is that this book by Trower-Subira contains a great deal of the same information and philosophy but was written about 20 years earlier. Robert Kiyosaki created a cult following from the Rich Dad Poor Dad book not to mention making the New York Times Best Seller list and huge amounts of money. However, Trower-Subira made the same emphasis on financial independence via real estate and/or business ownership but I doubt if he made a killing like Kiyosaki did. In short, I highly recommend this book to anyone Black, White or other to absorb this book if one is serious about financial independence. Its a must have book.
Be about the Benjamins
This book is out of print so you'll have to get from a used book source but if you are serious about starting your own business you must seek it out. Mr. Subira discusses basic financial terms and offers as explanation as to why black people still haven't reached our financial potential. He has a special section for the Black woman and provides an action plan on how to getting started making big money. Kimberley Lindsay Wilson, author of Work It! The Black Woman's Guide to Success at Work.
BLACK FOLKS SHOULD ALL BE RICH
One of the most stunning statistics and concepts in this book is how blacks were becoming quite wealthy after the Civil War and owned massive amounts of Real Estate, but were done in by immigrant prejudice in alliance with zoning laws, public education and welfare grants that taxed away black wealth to return it to them as a government handout. No more, says the author, who shows step by step how to develop positive attitudes and produce wealth through careful Real Estate investment anyone can do. This book, helpful to everyone, is a cult classic among Real Estate entrepreneurs. Why wait for Habitat for Humanity or public housing when you can read this book?
I loved the book...found it to be informative and motivating
the book presented a balanced view of the possibilities set before blacks in america and the requirements to obtain such realities.it gives a no-nonsense approach to forming dreams and making reasonable estimates for the cost to make them real.
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