As a black, mortgage free homeowner, I totally agree with you. Home ownership should be the top priority for everyone. Not fancy cars, clothes or gadgets. We paid our Mortgage off in 15 years. Our daughter has been raised to follow our example. Dont have children and start buying fancy gadgets until you have your own mortgaged home and can afford it.

Black homeowner, moved out of London and bought in the west Midlands now. Morgage free. I recommend moving out of London, and surrounding areas. I am stress free

I brought my house in the mid 80s when I was 25 years old. I'm glad I did. I now rent it out as I no longer live in the UK. It was because of the advice of my late mother (Nigerian) who told me to buy. Edited to add: Both my boys - 32 and 37 years old respectively, also have their own properties as well. They've never lived in social housing (nothing wrong with this btw). However, I drilled into them at a younger age how important it was to buy their own properties, and I'm glad they listened. I always knew that economics has to be the base of our revolution - collective and individual. My husband and I also brought our land in the Caribbean early in our relationship. Why early? Because we both knew we'd marry eventually, which we did! lol Ase!

As a collective we are extremely individualistic. As a people, I wish we would join resources together and buy assets together, with some sort of legal bidding documents that sets out expectations for ALL parties. Rather than a family of 4-6ppl paying for 3-5 mortgages, why not buy 2-3 properties together, extend it and have a unit for each parties AND split the monthly cost. Asians do this, other groups employ similar tactics and we as a people need to sit down and strategise. We need to start having serious material conversations rather than endless partying and finessing.

London born and raised, black homeowner here. First bought in 1998, when I left home at 24. When I chose to prepare myself for this step, I was the only one in my peer group/ social circle who was thinking about home ownership, getting a mortgage etc. I’m now in my early 50’s, a few of my peers did get onto the property ladder, others went into social housing and some just stayed at home. I have never once, paid rent to keep a roof over my head. Hope it stays that way. 😊

From somalia and own 2 flats and a house Africa stand up

Loving this conversation topic. It was much needed for people of our community. My wife and I bought our 1st house in 2010 (the same year we got married) and continued to buy, renovate and sell our homes. For us, it wasn't about creating a portfolio to rent out but to increase our capital to be able to buy a house in a nice part of London, with excellent schools, like minded people and a safe community. A lot of sacrifices made along the way, late nights and early mornings on building sites doing the work ourselves along with the support of family members and friends helping and supporting along the way. Our valuation last month was something we've always dreamt of achieving before our 40's (7 digits) which will now go towards our children's futures and other investment opportunities. The more we share our experiences and the lessons we have learnt along the way, the more we can help our community flourish learn from one another.

I think a lot of black Africans spend a lot of monthly pay on remittance back to Africa.

I’m so glad to see this conversation, it’s a discussion I wish someone had with me 10 years ago. I’m 26 now with a 5-figure savings amount, but I could of had double the amount if someone guided me and taught me the importance of home ownership. Homeownership is now my goal because I see how important it is.

Black Carribean with carribean wifr in our 30s we own 2 houses one in London.. My peoppe dem stand up

My late father was black from Nigeria and bought his first home in the 80s in the UK. This was seen as a great achievement and when he passed away, his relatives expected major handouts and for my English mother to sell the home and give them all a share.. She had just became a single mother of 4 so didn't give them a penny which was all tied up in the house. Moral of the story, his family assumed he was very wealthy because he bought a home, but barely made the high interest payments at the time! As life was tough. He got no parental help and had to create literal wealth from nothing and hard graft. 20yrs later im now a solo home owner and im a woman, so chances of owning as a woman are even less! You have to make it count. My brother and sister also did well for themselves, so we can start somewhere! The odds are against us, but its not impossible.

A lack of direction, fathers or fsmily members leading with example, over focus on materialism an short term thinking is a major factor aswell.

The last time I paid rent in London was in 2005, now in my late 40’s and and I cannot imagine not owning properties in the uk 🇬🇧….paying rent is dead money. Ownership is everything

I'm not even black but im enjoying this channel. Very insightful stuff even for a brown guy.

Very important conversation! Very much needed, we are in a mess. Never mind assets or property for our children, many of us don’t even have basic things such as life insurance

It’s difficult tbh. I’m 27 and own two houses. One is on a residential mortgage and the other is a buy to let. All I did was focus on building skills that I could charge good money for on the contracting market. I then emigrated to Saudi Arabia. This is a life hack because I make 5x my salary tax free out here. So every year here is 5 years in the UK. This makes things like buying assets much easier as the cost of living in the UK compared to the salaries is terrible.

This has been explained to me recently by my neighbour - A lot of African people don't own assets in the UK, because they don't feel this is home. Even whilst struggling financially in the UK, many if not all, support various family members "Back home. School fees, health bills, contributing money towards building homes for relatives, and or for ourselves. Buying LAND! Contributing to paying towards starting businesses. We don't just live for ourselves. We live for our families as well. Otherwise we would be rich, if all we did was look after our immediate wife and kids, with small handouts to our parents from time to time." I hope that explains the African position. Many have no plans on retiring and dying in the UK. Importantly, Land is extremely important to them. Whereas "Westerners are obsessed with home ownership without land. The land is more valuable than the house. Yet you can't grow food on the land here. It's dead land. That's why certain families here own land across the earth. Because they know the value of it! And Africans know the value of the land in Africa too. Buy a house in the UK? Are you mad!? Uh uh, African Land!" I'm learning a lot from my African neighbours! Because I too was property focused.

Most Black Britians live in social housing. Social Housing is typically 40% less than the private sector. If One invested that 40% in ISA's and stock market with a £10,000 starting deposit (Cheaper for london) then monthly contributions of £500 on top of their rent over a period of 25 years with compounded rate of 7% return excluding the reinvestment of dividends one could expect a CASH PILE OF £433,000 that would be Tax free if through an ISA. If they were to invest it in a Pension then it would be significantly larger as the Government pays 20% on top of your monthly contribution. With CASH you have more flexibility , better liquidity less fees to Lawyers , surveyors although you may seek to engage a Financial Advisor in the early stages. Your landlord is responsible for any major repairs. The issue is self discipline. Could you would you have the delayed gratification strength to continually invest each month.

I'm African in Africa, and like you, because you speak real issues we face today... learning from you.❤

My parents are St Lucian, I was born in East London. I bought my home in 1988 when I was 22. I’ve lived in the same home since. I don’t think I’d do well not knowing where’d I’d be living from one year to another. I grew up in houses my parents owned both here and in St Lucia so I guess this influenced me.

Nice to come to this channel. The house next door in Merton London had been empty for 2 years. A black family just moved in and we introduce ourselves to them and conveyed we are here to help if they need anything. In this Area there is no black family at all, so i was glad to see them. They are from St. Lucia originally. The black community need to come together and take their share of opportunities. The generation that made great sacrifice to leave their homes and come to this land for a better life and face incredible hardships, just for a better future. Don't let them down and make their sacrifice lost.

Quickly on Caribbeans, it's harder to get your stay or come to the UK as a Caribbean person and has been for about a decade. That's why the majority of working age/young bp in the UK are African. Caribbeans are an ageing population. Now, many older Caribbeans did have or do own UK property. When I lived in Brent, there were elderly Caribbeans who owned houses in places like Kensal, Harlesden and Willesden. I know South London is the same. However, older Caribbeans across the UK tend to return to the Caribbean sell up in the UK and build or buy on their home island. The kids do not benefit from that as it is usually just enough to get a place back home or maybe some left over but not much. Personally, I don't think they should build back home esp not in JA. The younger gens of Caribbeans are left to fend for themselves as standing on your own two feet is a bigger thing more than passing on generational wealth. Many older Caribbeans have quite a few children so when the inheritance does come, it is small and split at least 4 ways. What is the solution? Well first you have to look at the problems? Then you have to look at solutions. We can't talk about home ownership etc without looking at how BP are going to gain capital and financial autonomy or independence! Can that be done in another man's country? A lot of bp will have to seek this by starting their own businesses that expand further than the bc. It's a complex issue that can't be solved in a KZfaq video or comment.

Focus on having an inheritance will, properties, and pension. I started investing in property in my mid-fifties and now have three investment properties, a £300,000 pension pot, £40k is ISA

Great video - I am watching this and I own 6 properties (1 x 1 bed flat 4 x 2 bed flats and 1x 3 bed house and 1 x 4 bed detached house (residential house) I am 35 years old. I am Married with two young kids I old. To give them a property each and the rest for myself n wife. I plan to retire at 55 max! All my properties will be paid off in 15 years .

Black Caribbeans used to own property the most. Declined family values and government hand outs caused this crisis

Add my mum to that boat. It's a shame, she going on about feeling young. I think that's one of our downfall. We think we are young forever and even when we are old we say we aren't.

I know a few Afro Carribbean youngsters (20 to 30 year olds) and I've noticed they seem to have a lot more ambition than those in years gone by. I think this is because of the equality people have these days, descrimination has been done away with in many respects and this has opened opportunities which in turn has given todays black people a "go get" mindset. If anyone is prepared to work hard why shouldn't they aspire to become a home owner?

I applaud this message. If we're not taking care of the basics then as far as I'm concerned there will be no nation building and this is all entertainment for dribs and drabs of money from superchats, ebooks and patreon. It saddens me that with all the intellect and foresight Amos Wilson, often mentions getting to venues by public transport and it's unclear where he is buried. Re low home ownership: in the 60s Caribbeans who came here used 'partner' money to buy homes. Sadly too many of the first generation born here were just interested in having fun, living for the day or had inadequate education. Additionally, most in that generation did not have parents that would or could help with buying a home, many of our women were single mums and the men in low paid work or unemployed. I think the younger generation have a better mindset but are starting from scratch. Home ownership is important but a mixed bag of assets is better. If you have young children then life insurance should be top priority.

I am watching this and I own 6 properties (1 x 1 bed flat 4 x 2 bed flats and 1x 3 bed house and 1 x 4 bed detached house (residential house) I am 35 years old.

A lot of Africans send their money back home “building homes” great content I will surely watch more. You said you started late roughly what age range was this please?

When I was going to secondary school 20 years ago, I remember the black kids bullying the asian kids for not being to afford Nike Trainers etc. Compare those black kids to the asian kids now... There's a stark difference with who has lived a more fulfilling life and who ended up with assets etc. It wasn't a coincidence.

Spot on! I love history more than the usual crowd. Your Kemet and Haiti comment makes me recall when I came into the Pan African mindset. I remember lots of beads selling and the importance of Kemet. But I did not see serious building of economics. And I vowed to myself to treat economics with the same respect as our history. Otherwise, what can the next generation do if you let them still be shackled to an employee mindset? Helping our agenda will then be very limited if we dont invest and plan for our economic future.

What happened to the pardner/sous sous system, which was really popular amongst African and African Caribbean households back in the day?

We're a class stratified society... you have the people who have transgenerational wealth (without which, your kids won't be property owners) and the peasants who will be kept down by the rent demands of the property owning, transgenerational wealth class. The last bus is leaving soon....

Man you're preaching.

Spot on🎯

Preach brother preach

No home but considerable 6-figure amount in stocks and shares ISA and pensions at age 36. Will buy in my 40s - massive deposit then pay off in 7-10 years.

I’m happy to say I’m now about to complete on my first home🎉 I had to move to the midlands to do this! I would never understand driving around in a flashy car while renting, that money could be saved and used to purchase a home.

Also another good thing we need to discuss is the amount of us using credit to purchase material things. We are going into debt for depreciating products.

Preach brother👊🏾

Much of what you talk about is actually magical thinking in the minds of Most African and Caribbean people (maybe slightly exaggerated). They believe in living for today. This mindset is the precursor for poverty. Some responsible Adults may give their all to push their children through good education and future wealth but to find themselves abandoned and poor in old age. It comes to teaching and helping people about personal responsibility and planning for the long term. Having two adult persons in the household will not create wealth unless they are unified to have a focused approach to a better future rather than a better now.

Glad I’ve come across this channel My kind of conversation

Great video Ely! Keep 'em coming!

Good topic..subbed

This is an interesting conversation which I don't often hear. However, I also do believe there are more black brits owning homes than people think. My parents settled here in the 70's, and from my experience, there is a large amount of people within the Nigerian community who were able to settle and gain employment which would allow for us to be upper middle class. My Father is a GP and my Mother works in the public sector. I grew up upper middle class in the suburbs, and although I lived in a white majority county, there was a large Nigerian community of this same stature. I grew up being told we need to be doctors, lawyers or an engineer and these things have come full circle. There is a large number of us who are benefitting from our parents, and building on this for our own children.

I think it's because our parents and grandparents used the money to by land and build houses back home with the intention family communes but the reality is the offspring born in the UK may not want to move back for all sorts of valid reasons.

Absolutely right

Well said matey us black folks need to wake up thanks for the alarm. Peace

Part of the issue is generational wealth not helping young people get on the ladder. I bought my first home with appreciated help from my and Step Dad of over 30k. I paid most of that off gradually and some of the money gifted.

I actually find these statistics really surprising . I'm in my 40's born and grew up here (Nigerian heritage) and from my observation many Nigerian families were pasisonate about owning a home and even rental.properties whenI was growing up. Maybe the homeownership rates for Africans are low due to the high rate of recenr migration. I definitely have observed that our community are not great with things like life insurance, investments and pensions. Great video and I'm also working on putting my own house in order too.

I think it might be because a lot of money is being sent back to Africa and many of the people over 40 in particular have the intention of retiring to Africa hence many build homes there.

I tried but the deposit was outrageous

I love this channel. 👊🏾

What if it's simply a matter of black Africans having less inherited assets, less earned and inherited wealth, less economic opportunities, less higher education, less access to resources, less racial and economic privileges, etc?

At last! Some intelligent black British discourse. Thank you.

How timely is this video Ely. I’m reading Rich Dad Poor Dad atm at it is very interesting read and so far I cannot disagree with the points outlined. For me, it comes down to education, the school system gears pupils up to be employees and life from a worldly perspective is over then since all one knows is the rat race. When I was expecting my 1st this sadness dawned on me. I’d love my kids to become business owners. I try to share videos to new parents or open peoples eyes at work about pensions.

A major problem for us is that our national champions seem only interested in playing the blame game pointing to what society and government must do for us to level playing fields, eliminate disparities bla bla bla. They may benefit from this strategy but this will never create and build wealth for us. It’s a distraction strategy for the birds. Wealth creation is our personal and group project! We have it within us to transcend obstacles and should beware overindulgence in critique of them as an end in itself. My father lived in England for many years but never bought a house and retired to the Caribbean with his small state pension which worked well there but would not have done much for him in retirement in the U.K. I’ve tried to make sure that does not happen to me and my children. Still a work in progress. We must champion wealth creation, entrepreneurialism as that is what is transformative for our people over following those telling us to preoccupy ourselves with chasing government sponsored equalities and inclusion (worthy aims though these are) propaganda that never has and never will deliver for us. Settle and build!

You think like a British Indian. We understand you can leverage assets to release equity to fund other ventures/expenditures.

True we need to buy more properties indeed...

this is the same for a lot of adults in there 30-40s from a Jamaican background as well

I love the advice only thing that annoys me about owning a home is when your old if you get sick and end up in a care home that asset becomes a liability that gets sold to pay for your care asking the question why did I spend my life working hard to pay for a house that the government will happily relieve me off. Probably an argument for a different video but keep up your great videos I'm glad I found your channel.

It’s really the best way to build wealth for your family down the line. Most wealthy people are so due to inheritance. You may not benefit but your family will grow wealth and pass it down generations.

You raise some interesting points, but I don't think owning real estate in the UK is necessarily the panacea. If you buy a home in the UK for £300k and pay 3% interest. That is roughly £9k a year and over 30 years £270k in interest costs, on top of the principal you have to repay. I have assumed a 100% mortgage by the way, so no deposit. Having said that, you can buy somewhere else: Brazil, Jamaica, Nigeria, Ghana, Colombia, South Africa, Spain, and or Portugal for significantly less. £75k-£150k for an equally comparable home that will be ready for you in older years and you'll be able to live off your pension from there (this of course is an assumption, I am aware there are a lot of folks without a pension). The issue with the strategy of buying homes in the UK to build wealth is that realistically only a select few can because values are so high. There are also downsides which are always glossed over with real estate investing: 1) Most people are lazy and underestimate the working involved in managing property 2) you have to get a good deal (requires research and to be frank in somewhere like London it is very hard to find nowadays. The average salary in London won't buy you a shoebox even in the worst part of Croydon) 3) We are operating on the assumption that property values will continue to rise, which depending on what you buy and where you buy, may not necessarily be true. 4) Taxes! You can also own income generating assets outside of real estate that can be at times a lot less stressful. For example stocks, bonds and or parts of a business.

Not true, but from the windrush generation, my dad was or didnt know any better, they came from a generation of not knowing, but we own alot of properties know.

I completely agree with what you’re saying but the reason we are behind the other groups in the UK and America is because until the 60s, black peoples couldn’t even borrow from the bank in many states! Do you know what that does to the economical power for that group of people? It’s devastating. HOWEVER today is a new day and we have a responsibility and a duty to gather wealth for our future generations.

A nice car is definately an asset in regards to how it makes you feel, may sound stupid but im removing the idea that all assets have to appreciate, yes we understand the text book defination of course. But theres some much value in such a simple purchase. A 35 year mortgage now? the reason i wouldn't get one is because it gives my employer to much control over me and i like the idea of telling them to piss off if i ever needed too.

Very interesting

Nice one bro

I'm a black brit, 36. Bought my home at 33, solo. Grew up in a single parent household in a council estate in south east London. Although I've existed outside Caribbean culture due to them viewing me as "not being one of them" as a child, I'm curious to know what the average Caribbean millennial is doing today, where they are in life. Thank you for this channel. I can already see I'll find it useful.

Yep. Absolutely

Unless your renting your house, then it’s just a liability. Invest in yourself first.

I teach my kids about assists and liabilities from a young age, lucky I’m mortgage free but had no family help whatsoever not even knowledge, now I visit students just leaving collage explaining how the property markets work. Now I’m a property developer and get the hate from the family for breaking the generational curse.

Stop buying high end cars on finance and buy homes. Im seeing far too many ppl , especially black ppl driving round in high end cars yet dont own any property

Also we need to talk about stock investing in our community...The world top 1pct hold most of their assets in stocks...The stock market is one of the best methods to grow wealth as a long term investor...Nvidia is up over 200pct in the past year!

I can buy but chose not to buy a home because the quality is horrendous for what you get. Will buy a flat when I retire.

Love your content 👏🏾👏🏾👏🏾👏🏾

Buy a house, pay mortgage for twenty five years, when you pass away the government tax it because your family should not benefit and they never helped to pay a month mortgage

Well said, we give our money to everyone else. A house is the best thing to own as a working class person especially a black person. I am not rich but i have a house. I have bought a house with a £1000 i have bought a house with 5000 pounds.

I don't think it is fair to compare Afro caribbean vs Africans because Caribbean people had a headstart. Caribbean people started coming to the UK 70+ years ago. Most of them from the Windrush generation were able to buy houses and pass on inheritance. My grandparents bought a Victorian for £30,000 and it sold for £750, 000 nearly 50 years later. I got help for my deposit from my dad.

Nice video man. On this topic what are your thoughts on pooling money together and buying with family, parents etc?

Yep release the social housing for native Brits who cannot afford to live in their own country thanks to immigration oushing house prices and rents up

As home owner, surely there has to be other reasons as to why we're at the bottom of the home owning class, why we don't provide wills for our kids, why we don't have a pension scheme and why ... a lot of us have had to move out of the capital to some other city. I think its a bit hard to blame black ppl for never making the right choices. Could it not be that those choices have been made for us or even taken away!

Live with your parents in your 20s and save about 100k, then buy a house.

Totally agree with your very well made comments. I'm afraid that in 2024 homeownership is out of the reach of all but the most affluent of people. The days of an average person/couple being able to buy a home especially in South East England ended a couple of decades ago. I bought my first place in 1997 aged 26 when my savings account (TESSA) matured and I had just enough to put down as a deposit to supplement my then crappy wage. Funnily enough my Indian colleague at the time had just got a mortgage to buy a house and I sort of knew that it was a now or never moment for me. How right I was as house prices since have sky rocketed beyond anything that I could manage now. I've moved since and thankfully I've now nearly paid my mortgage off. I totally get what you say about striving to buy but you can now hardly blame people for not even trying and buying the new car or taking the expensive holiday when you know you have and will probably ever have no chance of buying a home.

good video

Broken families. Victimhood. That's it

My parents are from Ghana they came here 33 years ago, my mum was basically a single mum because my dad had no money. We were raised in a housing association house, but there was not enough room for 4 full grown siblings so I had to move out at 24. We were basically living in a overcrowded house. Since then my mum has brought land in Ghana and building a house there. I have no interest in staying in that country and dont want to live there. But I also dislike the UK I'm hoping I can buy abroad one day in a country of my choice. I am in my 30s and I have no kids and wont be having any as I am not attracted to men. I'm hoping it will be easier to save without children but right now I'm trying to do a very big risky career so I dont have any money to put away. And whats worse out of all this: I live in London.

How is stocks compared to home ownership as an asset?

If London is too expensive move out property is a lot cheaper.😮

Crypto is an asset❤❤❤❤❤❤😂😂😂😂you spoke the truth. Dropping gems for those awake. Build generational wealth.❤❤❤teach

Most Africans, particularly (and especially Nigerians) and Ghanaians , don't see Britain as a permanent home like other migrant groups do! More often than not, they would have built a home ( projects) back home. And the plan is to retire back home, I can agree though that there could be problems for their offspring , who might not share their parents wistful thoughts for their home country!! They might be the ones to get cracking as their parents age and plan to return home!! 👊🏾🇳🇬👊🏾🇳🇬!!!

Anyone, who lives in rented households, starts with one, two or more children, have low employment income and No assets is on the poverty trajectory. The objective that receiving State Benefits is the key is panacea for hopelessness. I bet you that the most of the people who need to listen and pay attention to what you are offering will not be here. Those who are here probably don’t need it as much. Where do you target such people and how?

Just subscribed

Very well articulated, you know the black community or so called, very well!. Fundamentally and quite unfortunately I don't believe we have a Black community.

You need to be accepted for a loan. Black people are less likely to get a bank loan anyway. Not clear enough 😅

I will not let a pile of bricks dictate my state of mind.

Unfortunately you have to work longterm to apply for a mortgage. A huge percentage of black people in the UK especially London dont work.

Wonder why, there's no social housing anymore..🙄

Sod home ownership. Its a illiquid, high maintenance asset, tied to depreciating national fiat currency. The future is with Bitcoin. Why is it that black people always playing catch-up? Sod this ol skool middle class move bro. The time is now! The opportunity is now here for EVERYONE willing to do some sacrifice and invest in crypto currency assets. By the time you are ready to cash in on profits from selling yer home, much of that will be eaten up by inflation! This the last chance for ordinary people to get in before its completely taken over by hedge funds such as Blackrock and banks like JP Morgan....