This week on Black Men Sundays, host Corie Murray shares part two of his conversation with Dr. Marlon “Doc” Fuller in which the pair discuss strategies for closing the Black wealth gap.
“Wealthy people aren’t necessarily going to give us the answer, right? A lion isn’t going to tell a gazelle, how to get away,” Fuller said. “With knowledge is power and historically, in order to keep power, you keep knowledge. I’m like Robin Hood. I rob from the rich and give to the poor.”
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Fuller, a co-founder of a nonprofit organization called CoolKids.org that provides financial literacy education, believes closing the Black wealth gap requires a measure of solidarity and intracommunity education.
“Everybody can’t be a CEO, but can the CEOs get together? Can the CEOs find a good team around them in order to create change in the community?” Fuller said. “We just need to find the people on our frequency and wavelength — and so don’t go out there and try to find somebody that’s not on the same page and same book — figure out people that are on the same frequency, same wavelength, going in the same direction, but also that have strengths and skills and capabilities that you don’t have.
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Fuller pointed to real estate — specifically tax deed and tax lien sales — as a way of investment.
“On these tax deed sales, these tax lien sales, you’re buying properties for pennies on the dollar,” he said. “Let’s say you decide to flip property, you can buy something on your credit card, right? Pull out the money, buy it on your credit card, go buy one of these tax properties, flip it, pay your credit card back, and now you still have cash to spend to go invest in something else.”
On the latest Black Men Sundays, Fuller shares more about leveraging assets such as credit cards or 401Ks to purchase investment properties. He also shares how your health can impact your ability to build wealth.
Black Men Sundays talks about building generational wealth. Check out every episode in the media player below: