African American Women Wealth Builders in the $100k Club: An Exploratory Qualitative Study of the Motivation and Success Strategies

Abstract

African American women have been considered a double jeopardy due to being both Black and female. The existing literature does not offer research on African American women wealth builders as there is very little research on various subjects on African American women. This study of the motivation and success strategies of African American women wealth builders in the $100K Club sought to bridge the gap in literature. The purpose of this research was to explore the lived experiences of 20 African American women wealth builders who have savings of at least $100K regarding their motivation and success strategies. A semi structured interview was designed to capture the lived experiences of these African American women as they described what motivated them, how they saved at least $100K of earned income, and who or what contributed to their successes and failures along the way. The data was entered into a Microsoft Excel spreadsheet that was used to analyze the data to provide textural data, patterns, and themes. This study examined the financial strategies participants used during their financial growth. The findings of this study revealed the participants’ saving strategies of financial plans, 401[k]s, deferred comp., real estate investments, investment retirement accounts, stock portfolios, savings accounts, and company matched programs.