Billionaire Michael Lee Chin's Rules to the Game
Michael Lee Chin, Business Magnet, Founder and Chairman of Portland Holdings Inc., is another game changer I had the pleasure of meeting at the Black Entrepreneurs Summit, in Atlanta.
I discovered Chin a few years ago while reading the Forbes list of Black Billionaires. At first I thought Forbes made a mistake. Michael Lee Chin--a black man? But to my surprise when I clicked on his name a picture appeared of a smiling black man. I laughed at myself and wondered if his name served him well in life. Then I laughed at myself again thinking it must have served him well he’s on the Billionaires list.
Later on, I watched him on Anthony Bourdain’s Parts Unknown, one of my favorite TV shows that airs on the CNN. While Anthony Bourdain was in Jamaica, he visited one of his hotels. Chin, born in Port Antonio, Jamaica to biracial parents (Black and Chinese Jamaican), was even more intriguing.
Fast forward to the BE Summit. Chin, while having a fireside chat with Paul C Brunson, Founder of Mentor Monday and Host of Our World TV, reminded me that nothing can hold you back. It’s not about where you're from, the color of your skin, or your name. If you have a vision, principles, and you are driven, you can make it happen. When it comes to the winning principles of gaining wealth, here are a few of the gems he dropped:
1. You can become a Billionaire. No excuses just results.
2. Wealthy people have access
3. There are five common factors for billionaires to attain wealth.
a. Own a few high-quality businesses; you should own less than the number of fingers in your hands.
b. Really understand those businesses.
c. Make sure those businesses are in strong, long-term growth industries.
d. Use other people’s money.
e. Hold those businesses for the long term.