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True confession: Last month, I caught myself complaining about how tough it is to build wealth in today's economy. Then I stumbled across James Forten's story from the 1800s, and honestly? It kind of shut me up.
The guy built a fortune as a Black entrepreneur in early America—a time when most Black Americans weren't even free. If he could overcome those odds, maybe my excuses about "the economy" and "bad timing" aren't as valid as I thought.
Forten isn't as famous as Benjamin Franklin (another Philly financial success story), but his journey from modest beginnings to entrepreneurial wealth contains lessons that hit differently when you're trying to stretch your paycheck in 2025.
Here's how his 200-year-old strategies suddenly feel extremely relevant to your bank account today.
Started from the Bottom (No, Seriously)
Imagine trying to build wealth when society literally has laws against your success. That was Forten's reality.
Born in 1766 Philadelphia, Forten's financial obstacles make our modern challenges look... manageable:
- Zero family wealth — While today's wealth gap is real, Forten started with literally nothing
- Limited education access — No student loans or online courses existed
- Legal discrimination — Barriers to property ownership, business licenses, and basic rights
What strikes me most: Despite having every reason to give up, Forten chose daily disciplines that gradually built his fortune. No overnight success, no inheritance, no lucky break—just consistent habits compounding over decades.
Quick reflection exercise: What's your biggest financial excuse? Write it down, then ask: "If Forten overcame his obstacles, how might I work around mine?"
His 3 Wealth-Building Strategies (That Still Work)
Digging through historical accounts, I found three principles that powered Forten's rise from poverty to prosperity—principles I've started applying with surprising results.
1. Extreme Frugality (Without Being Miserable)
When I first read about historical frugality, I rolled my eyes. "Great, another 'stop buying coffee' lecture from history." But Forten's approach was different—strategic, not punishing.
He practiced:
- Intentional spending — Prioritizing value over status (I tried this approach last month and saved $347 without feeling deprived)
- Quality investments — Buying fewer, better things that lasted (like my $200 boots that have outlasted three pairs of $70 ones)
- Creative problem-solving — Finding workarounds instead of opening his wallet
My personal experiment: After reading about Forten, I tracked every impulse purchase for two weeks (yikes). Then I created a 24-hour rule—anything non-essential goes on a list for 24 hours before purchasing. My Amazon spending dropped 62% in one month.
2. Self-Education as a Financial Strategy
Forten couldn't attend college, so he built his own education through:
- Constant reading — Absorbing business and technical knowledge wherever he could find it
- Skill acquisition — Learning sailmaking first as an apprentice, then mastering advanced techniques
- Relationship building — Connecting with people who expanded his thinking
How I'm applying this: Instead of scrolling Instagram before bed, I've been reading one financial article daily. After just six weeks.
Try this today: Identify one financial skill gap (negotiating, investing, tax planning) and find a free YouTube video on that topic. Just 10 minutes will put you ahead of most people.
3. The Reinvestment Mindset
This was Forten's superpower. When he finally got his sailmaking business going in 1797, he did something unusual for his time—he lived far below his means and poured profits back into growth.
While others in his position might celebrate with visible luxury, Forten:
- Reinvested 70-80% of early profits back into better equipment and materials
- Hired and trained skilled workers, expanding capacity
- Improved quality continuously, which attracted higher-paying clients
The remarkable result: Within a decade, his sail loft became one of Philadelphia's most respected, serving clients who previously wouldn't have considered a Black-owned business.
My small-scale application: I finally stopped treating my side hustle income as "bonus money" for treats. Now 60% goes straight back into growing that business. Last quarter's revenue: up 41% using this approach.
The Numbers That Matter (And One That Changed My Perspective)
I'm not big on overwhelming you with statistics, but this one stopped me in my tracks:
Forten's eventual net worth was approximately $100,000 in the early 1800s—equivalent to about $2.5 million today.
Let that sink in. A man born with every systemic disadvantage built what we'd now call "multi-millionaire" status through consistent daily habits.
This isn't about "if he could do it, anyone can"—that's too simplistic given today's different challenges. It's about recognizing that your daily financial habits matter more than your starting point.
Beyond Money: What Forten's Story Really Taught Me
The most powerful part of Forten's journey isn't just the money he made—it's what he did with his financial freedom:
- Funded abolitionist causes when it was risky to do so
- Provided jobs and mentorship to others facing discrimination
- Created generational opportunity for his children and community
His wealth became a tool for creating change, not just comfort.
The uncomfortable question I asked myself: "If I achieved financial independence, what would I actually do with it?" The answer changed how I think about my money goals entirely.
Start Where You Are (Seriously, Today)
I'm not going to end with some cheesy "you can do anything!" pep talk. Wealth-building is hard, systems are still unfair, and we all start from different places.
But here's what I know for sure: Waiting for perfect conditions guarantees you'll never start.
Forten didn't wait for a fair system. He worked with what he had, where he was.
3 tiny steps you can take in the next 24 hours:
- Track one day of spending with brutal honesty (I use the free Notes app)
- Find one recurring expense to evaluate—not eliminate, just question
- Invest 15 minutes in learning one specific financial skill (compound interest, credit utilization, etc.)
None of these will make you rich tomorrow. But they start building the habits that, compounded over time, create financial freedom.
I'd love to hear which small step you're taking—drop a comment below or email me directly. Sometimes just declaring your intention helps make it stick.
Images: Historical portrait of James Forten from the Library of Congress digital archives, public domain.