You Deserve to Be Rich

achieving financial freedom is about far more than just making money. it’s about transforming the way you think about wealth, building sustainable systems that align with your values, and creating opportunities for yourself and others. for many, the stress of living paycheck to paycheck and navigating systemic barriers to wealth can feel overwhelming, even insurmountable. but understanding and applying the right financial principles can break those cycles and unlock opportunities that once seemed out of reach.

that’s because financial success doesn’t happen by accident – it’s intentional. it requires discipline, clear planning, and a willingness to confront and change long-held habits around money. it also involves a shift in mindset, recognizing that wealth isn’t just a tool for survival but a means to design the life you want.

in this chapter, you’ll learn how to apply proven strategies for building wealth, from developing multiple income streams to creating generational wealth and managing your first windfall wisely. you’ll explore how to master your mindset, structure your finances, and set clear goals for long-term success.

so whether you're looking to escape the paycheck-to-paycheck cycle or aiming to elevate your financial game, let’s first get started by examining how you actually think and feel about money.

the way you feel about yourself shapes your relationship with money. this connection may not be obvious, but it becomes clear when you examine your financial habits. are your spending patterns motivated by fear, guilt, or desperation? do you hoard money out of anxiety or overspend to prove something to yourself or others? these behaviors often stem from financial trauma – deeply rooted experiences that shape your view of money and block your ability to achieve financial freedom.

for many, financial trauma starts early. families struggling with bills and savings often pass on a scarcity mindset, where survival takes precedence over long-term planning. this isn’t just a personal issue – it’s tied to systemic barriers. for example, in 2019, the median wealth of white families was $188,200, compared to just $24,100 for black families. banking deserts, where communities lack access to financial institutions, disproportionately affect minority neighborhoods, forcing reliance on predatory services like check-cashing outlets. without access to affordable financial tools, the cycle of scarcity only continues.

healing financial trauma begins with self-awareness. start by reviewing your spending habits over the last three months and sort your purchases into categories: necessities, indulgences, and wasteful or trauma-driven spending. ask yourself: what does your money say about your priorities? if you’re overspending to cope with stress or hoarding money out of fear, recognize those patterns for what they are – responses to past trauma, not rational decisions.

changing how you think about money is essential. replace negative language with empowering statements: instead of saying “i’m broke,” say, “it’s not in my budget right now.” seek professional support if needed – a financial therapist or advisor can help you untangle emotions from money decisions and create practical strategies. start small by setting aside even $5 a week, building confidence in your ability to save and plan.

your financial trauma isn’t your fault, but healing it is your responsibility. by confronting past patterns and building healthier habits, you can redefine your relationship with money, reduce stress, and set yourself on the path to wealth. you deserve to live with financial freedom, not fear.

for many people, budgeting feels like an overwhelming chore. even so, without a clear plan for your money, financial freedom remains out of reach. every wealthy person uses a budget, not because they love the process, but because it’s an essential tool for controlling money instead of letting it control you. a detailed and personalized budget allows you to set goals, track progress, and adjust your finances to support both immediate needs and long-term wealth building.

the best budgets are tailored to your unique situation. use a simple framework to divide your income into four categories: 15% for savings, 55% for spending, 10% for sharing, and 20% for investing. but always keep in mind, while these percentages are a great starting point, they’re not fixed rules. if you’re managing unpredictable income or high living costs, adjust as needed. the goal is to account for every dollar, ensuring your money works for you.

start by identifying your fixed expenses, like rent or mortgage payments, and estimating variable costs, such as utilities and groceries. setting caps for variable expenses, such as allocating $250 per month for gas, can help you make smarter decisions. once you’ve created a budget, commit to regular reviews – monthly, weekly if necessary – to track your progress and make adjustments. this habit builds financial awareness and eliminates the fear of checking your bank balance.

savings are the foundation of any budget. aim to set aside at least 15% of your income, dividing it between two accounts: an emergency fund for unexpected expenses and a general savings account for larger goals like vacations or a new car. automating these contributions ensures consistency, even if you’re starting small. in addition to savings, automating bill payments helps reduce stress and prevent late fees. however, before setting up automation, review your cash flow to ensure your payments align with your income. this simple step saves time, keeps you on track, and helps you build financial security with minimal effort.

a personalized budget is your roadmap to financial freedom. it gives you the clarity and control to align your spending with your values and goals, putting you firmly on the path to lasting wealth.

relying on a single income stream is a financial risk you can’t afford to take. diversifying your earnings through investments not only safeguards you against uncertainty but also paves the way for sustainable wealth. by balancing real estate, stocks, and business ventures, you can build a solid foundation for financial freedom and long-term growth.

think of your investments as organized into three tiers. your base investment is your most reliable asset, like a rental property, blue-chip stock, or successful business. median investments focus on growth – perhaps a property that’s starting to generate income. smaller, initial investments are those with potential but require time to develop.

take an investor – let’s call her yolanda – who transformed her financial situation through real estate. determined to enter the market, yolanda spent three years improving her credit, raising her score from 500 to 820, and secured a grant for a down payment. she purchased a duplex in nashville for $250,000, invested in renovations, and rented it to section 8 tenants. this ensured consistent rental payments of $5,500 per month, leaving her with a $2,500 profit after expenses. her property’s value is set to triple over the next decade, creating a cornerstone of her growing portfolio.

stocks are another essential piece of your financial strategy. begin by investing in companies you use or admire, or target growth sectors like technology or healthcare. for greater stability, consider index funds or sector-wide etfs that diversify risk. even small, regular contributions to a brokerage account can compound into significant returns.

business ventures also offer lucrative opportunities. whether you own a business or invest in one, starting small can yield big rewards. for instance, an investor might purchase a vending machine for, say, $2,500. by placing it in a high-traffic area, he could earn $300 per month in passive income, which he then reinvests in more machines.

by diversifying your investments, you create financial stability while maximizing opportunities for growth. reassess your portfolio regularly and explore emerging sectors like green energy and ai. a mix of stable and growth-focused investments can ensure you’re prepared for challenges and positioned for wealth, no matter the market.

losing a job can feel like the end of the road – but for some, it’s the beginning of a new opportunity. ibrahim, a tech executive, found himself out of work after the pandemic and initially dismissed the idea of starting his own business. with $100,000 in savings and no immediate job offers, he decided to give it a try. he registered an llc, opened a business bank account, and invested in essential tools to launch his tech services company. by leveraging his network and skills, ibrahim quickly secured his first client, and from there things only went up. entrepreneurship isn’t about waiting for the perfect moment – it’s about starting where you are and learning as you go.

starting your own business is one of the most effective ways to achieve financial independence, but it’s not easy. it requires careful planning, a clear understanding of your goals, and a willingness to put in the work. your first step is deciding why you want to pursue entrepreneurship. whether it’s to escape the nine-to-five grind, create generational wealth, or simply gain more flexibility, your reasons should align with your values and long-term goals.

next, choose a business model that matches your strengths. a brick-and-mortar business might suit you if you enjoy customer interaction, while e-commerce or freelance consulting can offer flexibility for self-starters. starting small and testing your ideas – like hosting pop-up events or offering free initial services – can help you refine your approach without overcommitting resources.

being an entrepreneur also means embracing unpredictability. you’ll need to plan for fluctuations in income and market demand. creating a budget that includes both start-up and recurring expenses is essential. setting aside savings for at least four months of operating costs gives you breathing room as your business grows. if you’re not yet ready to leap into full-time entrepreneurship, start by working on your business during evenings and weekends, as many successful entrepreneurs have done.

entrepreneurship is challenging, but it’s also empowering. by building something of your own, you’re not only creating wealth – you’re shaping your future on your terms. with the right mindset and strategy, you can turn an idea into a sustainable source of income and, ultimately, financial freedom.

generational wealth isn’t just about the money you leave behind – it’s about the opportunities and security you create for future generations. by planning thoughtfully, you can ensure your resources are used to break cycles of struggle and open doors for your family and community. for example, consider helen, a woman who carefully planned her estate to benefit her family long after she was gone. when she passed away, her family used her savings, life insurance, and rental income to establish a scholarship fund for her great-grandchildren. thanks to her foresight, they’ll be able to pursue higher education without the burden of debt. helen’s story shows that generational wealth is about more than amassing resources – it’s about leaving a legacy that empowers the next generation.

the cornerstone of generational wealth is estate planning. designate beneficiaries for your assets, such as bank accounts and retirement funds, and keep those forms updated. overlooking this detail can lead to costly mistakes, like a former spouse receiving assets instead of your current family. create a will to ensure your intentions are followed for assets without direct beneficiaries and to designate guardians for your children. if your estate exceeds $500,000, consider a trust. trusts not only provide privacy but also reduce tax burdens and simplify asset distribution. for example, an irrevocable trust can protect your assets from estate taxes while ensuring they are distributed according to your wishes.

life insurance is another key tool for financial security. aim for coverage worth at least ten times your annual income to safeguard your family's future. whole life insurance, in particular, offers both a death benefit and cash value accumulation, providing a flexible resource for education, investments, or other needs. placing your policy in a trust can further protect it from estate taxes, ensuring your beneficiaries receive its full value.

beyond family, wealth can create a broader legacy through philanthropy. establishing scholarships, grants, or nonprofit organizations uplifts others while also providing tax advantages. philanthropy is a way to pay it forward while setting an example for future generations to prioritize giving back.

generational wealth is about preparing your family and community for long-term success. by planning strategically, you can ensure that your hard work leaves a lasting legacy that benefits others for years to come.

reaching your first million dollars is a life-changing moment, but what you do with it determines whether it becomes a stepping stone to greater wealth or a fleeting achievement. managing a windfall is as important as earning it, and it starts with understanding that your million is not actually a million after taxes. after accounting for around 37% in taxes, you’ll be working with approximately $630,000. how you allocate and structure this amount will shape your financial future.

your first step should be contacting a financial adviser to establish a clear plan. they’ll guide you on how to balance debt management, investments, savings, and lifestyle expenses in alignment with your long-term goals. while paying off debt might feel like the most responsible choice, keeping some manageable debt could preserve cash flow for other wealth-building opportunities. having an adviser ensures you’re making strategic decisions.

next, focus on a structured financial plan. divide your post-tax income into specific categories: savings, spending, sharing, and investing. this balanced approach ensures you meet immediate needs, save for emergencies, and allocate funds for growth. for instance, you might invest 20% – around $126,000 – while reserving 15% or $94,500, for emergencies. emergencies can strike even millionaires, and maintaining liquidity will prevent hasty decisions like liquidating investments in a downturn.

tax strategy is equally critical. beyond setting aside money for taxes, explore tools like tax-advantaged accounts or strategies like tax-loss harvesting to minimize your tax liability. consulting with a tax expert can ensure you’re leveraging every opportunity to maximize your returns while staying compliant.

wealth also requires a strong support network. building a money team that includes a financial planner, accountant, and attorney will help you navigate complexities like estate planning, tax compliance, and strategic investments. surrounding yourself with supportive, ambitious individuals ensures you’re continuously motivated and grounded.

finally, embrace discipline in every aspect of your life. whether it’s maintaining fitness, structuring your work environment, or evaluating your social circle, your behavior should reflect the life you want to sustain. enjoy your success, but let your celebrations align with your financial goals. how you handle this moment defines your trajectory – be strategic, focused, and thoughtful, and the first million will be just the beginning.

the main takeaway of this chapter to you deserve to be rich by rashad bilal and troy millings is that achieving financial freedom requires intentionality, discipline, and a mindset shift toward long-term wealth building. by adopting smart strategies – such as creating a personalized budget, diversifying income streams, managing windfalls wisely, and addressing financial trauma – you can break free from cycles of scarcity and build a life of security, opportunity, and abundance. 

remember, wealth isn’t just about money; it’s about empowerment, control over your time, and the ability to design a life that reflects your values. with the right steps, financial independence is within your reach.

okay, that’s it for this chapter. we hope you enjoyed it. if you can, please take the time to leave us a rating – we always appreciate your feedback. see you in the next chapter.