During our 360° Summit: Leading with Diversity, Equity and Inclusion in June, CEO Michelle Mills Clement sat down with special guest Paula Williams Madison, Chairman and CEO of Madison Media Management LLC., for a fireside chat. Below, we’ve outlined Madison’s personal experience of building generational wealth and tips for career advancement.
From Harlem to Hollywood: A Journey of Determination
Madison’s story begins in Harlem, where she and her brothers were raised by immigrant parents with a vision of success. “If the Carnegies can do it and the Rockefellers can do it, then you, by God, can do it too,” her mother would say, instilling ambition into her from a young age.
The Power of Pooled Resources
During the discussion, Madison highlighted the importance of collective efforts. “Three monies are more powerful than one money,” she said while sharing how she and her brothers pooled their resources to purchase their first brownstone in Harlem when she was 21. This strategy of combining finances allowed them to start a real estate portfolio they could build off of.
Look Beyond the Nuclear Family
“Here, we’re encouraged to be individuals,” Madison notes, contrasting American norms with multigenerational living which is common in many cultures. Her family’s success came from embracing extended networks and shared responsibilities.
The Art of Strategic Career Management
Madison shared how she climbed the corporate ladder and positioned herself for success. As an employee, she would proactively seek feedback from superiors, which demonstrated her ability to handle criticism constructively, and always looked ahead to the next opportunity.
Beyond Material Wealth: The Importance of Mindset
Madison also emphasized the importance of a strong mindset. She discussed why you should put aside your fears and ask for what you want.
The Importance of Education
Throughout her story, Madison emphasized the importance of financial literacy. She shared how she taught her grandson about inheritance and the complexities of wealth management from an early age.
As trusted advisors, we have an opportunity to educate clients beyond the transaction. By empowering clients with knowledge, we enhance our value and contribute to their long-term success.
As real estate professionals, the lessons from Paula Williams Madison’s journey offer a roadmap to not just personal success, but to creating lasting, generational wealth.