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>>> WELCOME BACK TO GREAT DAY WASHINGTON.
WASHINGTON. THE GREAT RECESSION CAUSED A
WEALTH GAP IN AMERICA WITH MORE
THAN A THIRD OF AFRICAN
AMERICANS SEEING A DECLINE IN
THEIR REAL ESTATE WEALTH FROM
2007 TO 2010.
12% OF WHITES SEEING THE SAME
DECLINE, BUT MY NEXT GUEST SAID
HE IS HERE TO HELP CLOSE THE
GAP.
GAP.
GAP. THE
GAP. THE UTH OF A BOOK THAT
CHRONICLES HIS FAMILY'SJOURNY
TOWARD BUILDING WEALTH,
RECESSION PROOF, GENERATIONAL
WEALTH FROM POST SLAVEY THROUGH
TODAY.
TODAY.
TODAY. JIM COLEMAN HEADS COLEMAN CREST
ADVISOR.
ADVISOR.
ADVISOR. WELCOME TO GREAT DAY.
>> THANK YOU.
GOOD TO BE HERE.
>> A A LOT OF PEOPLE ARE
FEELING LIKE THEY LOST A LOT IN
THE PAST DECADE AND YOU HAVE
THIS TESTIMONY STARTING IN THE
1800s WITH YOUR GRANDFATHER
MAKING ONE VERY WISE DECISION.
WHAT WAS IT?
>> THIS STORY TRULY IS THE
AMERICAN DREAM, ABOUT THE POWER
OF ONE.
OF ONE.
OF ONE. MY GREAT GRANDFATHER, JAMES
COLEMAN IN LEXINGTON, KENTUCKY,
HIS FAMILY MIGRATED FROM
VIRGINIA, OWNED BY THE DORSEEN
FAMILY, THEY HAD A DAUGHTER
THAT MOVED TO LEXINGTON,
KENTUCKY, TOOK A VIEW OF THEIR
SLAVEWISE HER, AND WHEN SHE GOT
MARRIED TO A MAN NAMED COLEMAN,
THEIR NAMES CHANGED TO COLEMAN
AT THE SAME TIME.
ALL IT WAY UNTIL THE END OF
SLAVERY, 1888, MY GRANDFATHER
WORKED ON THIS FARM, TILLED IT
AS A SLAVE, AND THEN HE PUT
TOGETHER $1200 BY TAKING OUT A
LOAN FROM THE LODGE IN
KENTUCKY.
KENTUCKY.
KENTUCKY. HE TOOK OUT LOAN FOR $12 O# 0
00 AND PURCHASED OUR FARM.
THAT LAND HELPED TO FINANCE THE
COLLEGE EDUCATION OF MORE THAN
300 OF HIS DESCENDANTS OVER THE
LAST 131 YEARS, INCLUDING MY
OWN.
OWN.
OWN. I
OWN. I GREW UP ON THE FARM, I OWN
THE FARM TODAY.
IT WAS $1200 IN 1888, MARCH 27.
TODAY THE FARM IS WORTH $2
MILLION.
MILLION.
MILLION. >> I WANT PEOPLE TO HEAR AT
HOME ONE MAN MADE A DECISION IN
1888 TO BUY THIS FARM LAND YOU
SEE ON YOUR SCREEN.
300 FAMILY MEMBERS SINCE THEN
WENT TO COLLEGE AND YOU STILL
OWN THAT LAND.
>> I STILL OWN THAT FARM TODAY.
>> THAT IS GENERATIONAL WEALTH.
>> MY FATHER USED TO SAY HOW
CAN YOU COMPLAIN?
THAT WAS HIS GRANDFATHER.
HE SAID HE BOUGHT A FARM AND HE
WAS A SLAVE.
MY MOTHER DIED ON ME WHEN I WAS
10.
10.
10. CUT
10. CUT THE CRAP.
GIVE ME A BREAK.
HE WOULD SAY THIS ALMOST EVERY
DAY OF MY LIFE.
CUT THE CRAP.
GIVE ME A BREAK.
HE JUST WAS NOT INTO EXCUSES.
HE WAS FOCUSED ON LIFE IS
SHORT, HE REALIZED WHEN HIS
MOTHER DIED SO EARLY WHEN SHE
WAS IN HER LATE 40s, WE GET
ABOUT 27,000 DAYS TO LIVE.
MAKE THE BEST OF IT.
MY GREAT GRANDFATHER HAD A
CHOICE, AFTER SLAVERY, 25 YEARS
AFTER SLAVERY HE SAID I COULD
HAVE BEEN A VICTIM, WELL, I
HAVE BEEN A SLAVE, NO
OPPORTUNITIES HERE, I CAN'T
JOIN THE LOCAL CHAMBER.
MY BEST FRIEND IS NOT COUNTY
EXECUTIVE.
EXECUTIVE. NUTH SIGNIFICANT GOING TO BE
AVAILABLE FOR ME IN AMERICA.
SECOND CHOICE WAS RETREAT Y.
HAD RELATIVE WHOSE ALSO GREW UP
ON THE FAMILY FARM, WILLIAM D.
COLEMAN LEFT AND WENT TO
LIBERIA, BECAME THE 13th
PRESIDENT OF LIBERIA.
I PROBABLY WOULD HAVE GONE.
BUT HE STAYED HERE AND SAID I
WILL MAKE THE BEST AND SEIZE
THE MOMENT.
THE MOMENT. >> YOUR GREAT GAND FATHER SAID
I CAN WALLOW IN DESPIRE, LEAVE
THE COUNTRY, OR TRY TO MAKE IT
WORK.
WORK.
WORK. >>
WORK. >> HOW DO I MAKE IT WORK HERE
AND FOCUS ON THE CONTROLLABLES,
NOT WHAT I CAN'T DO.
HE HAD NO RIGHTS, AGAIN,
OPPRESSION GALORE, RACISM, WE
THINK RACISM TODAY-- WE ARE
TALKING HEAVY-DUTY RACISM.
HE DID NOT CARE ABOUT THAT.
HE SAID WHAT CAN I DO TO FOCUS
ON GETTING THIS LAND SO THAT I
CAN TAKE CARE OF MY FAMILY?
HE HAD FIVE KIDS.
ONE OF THE KIDS WAS MY
GRANDFATHER, JOHN COLEMAN.
THE 300 COMING FROM JOHN AND
MOLLY.
MOLLY.
MOLLY. JOHN AND MOLLY, MY
GRANDPARENTS.
GRANDPARENTS. THE OTHER FOUR KIDS HAD HAD 200-
300.
300.
300. ONE
300. ONE PERSON DECIDE NOT TO
RETREAT, LET ME SEIZE THE
MOMENT.
MOMENT.
MOMENT. I
MOMENT. I THANK GOD EVERY DAY.
I LOVE AMERICA FOR THAT.
>> TELL US THE STORY HOW WHEN
YOU ARRIVED AT HOWARD
UNIVERSITY TO GO TO GO TO
COLLEGE, PEOPLE THOUGHT YOU
WERE A BAMA.
>> I AM STILL, BUT I WENT TO
HOWARD, MY MOTHER SAID HE
DOESN'T NEED TO GO IT HOWARD,
THAT WILL COST $1800.
SHE SAID HE IS GOING OO GO, SHE
WROTE A LETTER AND GOT ME IN.
THEY REJECTED ME AT FIRST.
IT WAS ABOUT 1800 TIMES 4,
8,000, MY FATHER TOOK OUT A
LOAN FOR $10,000 ON OUR FARM
AND HE COULD DO THAT BECAUSE WE
OWND THE FARM.
THE NIGHT BEFORE I LEFT MUTH
SXR MOTHER DROVE ME TO
WASHINGTON.
WASHINGTON. HE SAID HERE IS $10,000, I
DON'T KNOW HOW WE WILL GET THIS
PAID OFF.
PAID OFF.
PAID OFF. DON'T COME BACK, BUT GET THIS
LOAN PAID OFF.
I DON'T KNOW HOW WE WILL DO IT.
I GOT TO HOWARD, EVERYBODY WAS
IN LINE, MY GOOD FRIEND TODAY.
>> THE FORMER COUNTY EXECUTIVE
OF PRINCE GEORGE'S COUNTY WAS
YOUR ROOMMATE.
YOUR ROOMMATE. >> BACK TO POWER OF ONE, IF
JAMES COLEMAN DIDN'T DO WHAT HE
DID I WOULDN'T HAVE MET HIM.
I WAS IN LINE, EVERYBODY OUT
FRONT TRYING TO PAY BILLS,
WAITING ON GRANTS AND LOANS AND
HERE COMES THIS BAMA.
I LOOKED LIKE FOREST GUMP Y.
HAD A CHANCE.
I GOT TLUP AND SAID I AM TIRED
OF WAITING.
OF WAITING. I WENT THE SECURITY GUARD, HE
SAID GO TO THE BACK.
I SAID HERE IS WHAT MY FATHER
HAS GOT.
HAS GOT.
HAS GOT. HE SAID GO IN THAT DOOR.
THREE PEOPLE WERE IN LINE.
>> A SPECIAL DOOR FOR PEOPLE
WHO PAY CASH.
WE ARE OUT OF TIME.
I WANT TO SAY, AGAIN, THE BOOK
IS CALLED CUT THE CRAP, CLOSE
THE GAP.
THE GAP.
THE GAP. HE GAVE YOU TIP NOW BUT YOU
HAVE TO GET THE BOOK