What The Wealthy Do

Summer Series: The Future of Wealth Is in Private Markets (And Women Are Leading It)

The future of generational wealth isn't in the stock market. It's in private markets. And Black women are positioning themselves to lead this trillion-dollar space.

Stephanie sits down with Erin Harkless-Moore to talk about where real wealth is being built, how women are gaining access to capital and investment opportunities, and the $640 billion care economy (bigger than pharma) that's being overlooked.

Real talk on: Building generational wealth | alternative investments | private market investing | portfolio diversification | women in finance | risk management | venture capital

New episodes every Wednesday.

Host: Stephanie Dorsey, CEO & Co-Founder of Margins Capital

Resources: joinsovereign.co | Margins Capital |

WTWD Episodes Tracker: https://docs.google.com/spreadsheets/d/1TaUUVivqfjSckA1oyhbjNRlbY_m0DMPLWbfH-eoHnDY/edit?usp=sharing

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Follow:

• Instagram: ⁠@whatthewealthydo⁠ | @stephanieadorsey

• Tiktok: ⁠@marginscapital⁠
• Facebook: ⁠Margins Capital, Inc.

Summer Series: The Rooms We're Rarely Invited To: A Black Woman in Private Equity (Part 2) 

In Part 1, we went inside the rooms. Now in Part 2, Yashnika goes deeper—revealing who qualifies to invest in alternatives and why your emotional relationship with money matters more than your net worth. 

You might already qualify. But there's more to it than just the numbers. 

She digs into money trauma, why the 60-40 portfolio is failing, the education gap destroying retirement plans, and why financial wellness starts with financial advisors—not at retirement. 

New episodes every Wednesday. 

Host: Stephanie Dorsey, CEO & Co-Founder of Margins Capital 

Resources: joinsovereign.co | Margins Capital | WTWD Episodes Tracker

Subscribe wherever you get podcasts.

Follow us on:

Instagram: @whatthewealthydo

Tiktok: @marginscapitalFacebook: Margins Capital, Inc.

She went from criminal law to breaking into private equity at Apollo Global Management. And her story reveals everything about wealth, access, and where the real money moves. 

In this conversation, Stephanie sits down with a young Black woman building wealth in spaces most of us don't even know exist. She walked away from law school, landed in real estate private equity, and has since built a career at the highest levels of finance. Her insights on what she found inside these exclusive rooms will change how you think about wealth-building and representation. 

📊 WHAT YOU'LL DISCOVER:

• How private equity actually works (real estate, alternative assets, and more)
• What it takes to break into finance when almost no one in the room looks like you
• The harsh reality of representation in finance (with the numbers)
• Why alternative investments are where real wealth is being built
• How the wealthy think about money vs how most people think about it
• The barriers Black women face in investment spaces
• Real stories from inside rooms where billions move hands 

💡 KEY STATISTICS:

• Less than 3% of financial advisors are Black (vs 13% of US population)
• 0.03% of venture capital fund managers are Black women
• Alternative investments historically yield 200-300 basis points above public markets
• Eight-figure deals are being made—and most people have no idea they exist 

🚨 THE REAL TALK:

This isn't just a career success story. This is about access, representation, and understanding where the wealth gap actually gets created. You'll hear from someone literally inside the rooms where decisions about billions of dollars are being made. She's not observing from the sidelines—she's building generational wealth in a space most Black women never even knew existed. 

🎯 KEY TOPICS:

Private equity | alternative investments | wealth building | finance career | Black women in finance | representation | access to capital | venture capital | real estate investing | wealth creation | career transitions | financial markets 

📚 THIS IS PART 1 OF 2:

Make sure to subscribe so you catch Part 2 of this incredible conversation. 

🔗 RESOURCES MENTIONED:

• Sovereign Collective (Black women in wealth building): joinsovereign.coMargins Capital (alternative investments): https://www.marginscapital.com
• Apollo Global ManagementAsset Management Conference
• WTWD Episodes Tracker: https://docs.google.com/spreadsheets/d/1TaUUVivqfjSckA1oyhbjNRlbY_m0DMPLWbfH-eoHnDY/edit?usp=sharing 

New episodes every Wednesday. Subscribe and share with someone ready to understand where the real wealth is being built. 

Host: Stephanie Dorsey, CEO & Co-Founder of Margins Capital

What the Wealthy Do is the podcast where we break down concrete, actionable strategies ultra-wealthy use to build wealth—and apply them to busy, brilliant Black women building wealth from the ground up. 

Subscribe wherever you get podcasts.

Follow: Instagram | TikTok | YouTube

Summer Series: Are You Living Like a Consumer or an Investor? 

Most of us want the lifestyle of a consumer. But here's the paradox: to actually have that lifestyle, you need to think like an investor. 

In this episode, Stephanie reveals how wealthy people make every financial decision—and why it's the complete opposite of what most people do. 

She breaks down the real difference between spending money and making money work for you. And she does it with examples so practical, you'll never look at your money the same way again. 

What you'll discover:

• How the wealthy think about money (hint: it's not about how much they make)
• The framework behind every decision the wealthy make
• Why your daily habits are secretly keeping you from wealth
• The question you need to ask before every purchase
• How to navigate holiday spending without losing yourself 

Key topics: Consumer mindset | investor mindset | wealth building | spending habits | financial decisions | Black women wealth | money psychology

New episodes every Wednesday. Subscribe and share with someone ready to think like an investor. 

Host: Stephanie Dorsey, CEO & Co-Founder of Margins Capital

What the Wealthy Do is the podcast where we break down concrete, actionable strategies ultra-wealthy use to build wealth and apply them to busy, brilliant Black women building wealth from the ground up. 

RESOURCES:

• Sovereign Collective: joinsovereign.co
• Margins Capital: https://www.marginscapital.com
• WTWD Episodes Tracker: https://docs.google.com/spreadsheets/d/1TaUUVivqfjSckA1oyhbjNRlbY_m0DMPLWbfH-eoHnDY/edit?usp=sharing 

Subscribe wherever you get podcasts.

Follow: Instagram | TikTok | YouTube (@whatthewealthydo)

Summer Series: Your Mindset Is Everything: The 3 Money Beliefs That Build Wealth 

You can have all the strategies in the world. You can know the wealthy framework inside and out. But if your mindset isn't aligned, nothing will change. 

In this episode, Stephanie breaks down the exact mindset framework that separates wealthy people from everyone else. She calls it "The 3 Money Beliefs," and it's foundational to everything. 

THE 3 COMPONENTS OF WEALTHY MINDSET: 

1. They believe they DESERVE to be wealthy

2. They are CONFIDENT in their ability to create wealth

3. They understand the ROLE THAT RISK plays in building wealth 

THE REAL TALK:

Stephanie shares a powerful skiing story that changed everything. She was rolling down a slope, tumbling uncontrollably. But instead of bracing for impact (which would have caused injury), she stayed open and fluid. She got back up with virtually no pain. That's the metaphor for wealth building: stop tensing up trying to avoid pain, and stay in flow. 

She also talks about:

• Why she went to Kellogg (a top 5 business school) to "be where the money resides"

• Why systemic messages counter our "deserve wealth" belief

• Why you don't need to know everything—you just need to be resourceful

• Why risk means something different for Black & Brown people

• Why most millionaires are made in their late 40s-50s (when evidence builds confidence) 

WHAT YOU'LL LEARN:

✓ The 3 money beliefs that wealthy people have

✓ How to identify and shift your own limiting beliefs

✓ Why "bracing for impact" prevents wealth building

✓ How to build genuine confidence in your wealth-creating ability

✓ Why getting comfortable with calculated risk is essential

✓ The specific reflection questions that shift everything 

KEY INSIGHTS FROM THIS EPISODE:

• Your mindset is everything—shift it, and your whole life shifts

• Systemic messages run counter to "I deserve wealth" (and that's part of the work)

• Your "inner over-protector" is trying to protect you but actually limits you

• You've overcome hard things before—use that as evidence of your ability

• Risk historically meant something different for Black/Brown people (survival vs. financial)

• But wealth is built through strategic, informed risk-taking

• Confidence comes from accumulating evidence of your capabilities 

RESOURCES MENTIONED:• Sovereign Collective (Black women building wealth together): joinsovereign.co

• Kellogg School of Management (where wealthy people gather)

• Margins Capital (this framework in action)

• WTWD Episodes Tracker: https://docs.google.com/spreadsheets/d/1TaUUVivqfjSckA1oyhbjNRlbY_m0DMPLWbfH-eoHnDY/edit?usp=sharing 

COMING SOON IN THE SUMMER SERIES:

New episodes every Wednesday covering:

• Consumer vs Investor mindset shift

• Inside the rooms (Black women in private equity)

• How to analyze stocks like the wealthy

• 401k reality check (and what's missing)

• Future of private markets (where real wealth is built) 

New episodes every Wednesday. Subscribe and share with someone ready to reprogram their mindset. 

What the Wealthy Do is the podcast where we break down the concrete, actionable strategies ultra-wealthy use to build wealth—and apply them to busy, brilliant Black women building wealth from the ground up. 

Host: Stephanie Dorsey, CEO & Co-Founder of Margins Capital

Topics: Money mindset | wealth beliefs | financial psychology | alternative investments | Black women wealth | entrepreneurship | summer series 

Subscribe wherever you get podcasts.

Follow: Instagram | TikTok | YouTube (@whatthewealthydo)

The wealthy don't have a secret. They have a FRAMEWORK. 

And in this episode, Stephanie breaks down Margins Capital's proprietary "Wealthy Framework"—7 concrete, actionable strategies that ultra-wealthy people use to build and protect their money. Whether you're just starting or already on your way, this is the roadmap. 

📊 THE 7 WEALTHY STRATEGIES:

• Capital Allocation Plan (not budgeting—know where your money goes)

• Take Advantage of Corporate Benefits (401k match = FREE MONEY)

• Manage Debt Responsibly (debt is a tool, not the enemy)

• Build Savings (3-6 months of cash on hand)

• Start Investing (make money while you sleep)• Protect What You Build (estate planning)

• Alternative Investments (next level wealth building) 

🚨 THE REAL TALK:

Stephanie covers why most people stay stuck—even earning six figures—and shows you the exact framework that separates the wealthy from everyone else. The difference isn't income. It's INTENTION and knowing these 7 strategies. You don't need to be ultra-wealthy to use them. You just need to know them. 

📌 WHAT YOU'LL LEARN:

✓ The 7 strategies in order (and why sequence matters—sometimes)

✓ Why you DON'T need to do all 7 at once (pick ONE and start)

✓ How to mix and match strategies based on your life

✓ Why wealth starts with INTENTION, not income

✓ The 95th percentile secret: Master these 7 = you're ahead of almost everyone

✓ Real examples of how these strategies work together

✓ Permission to start small (small consistent moves = massive wealth) 

💡 KEY INSIGHTS FROM THIS EPISODE:

• Wealth doesn't start with income—it starts with intention

• Even if you make six figures, you could be living paycheck to paycheck

• It's about how you MANAGE the money you have, not how much you make

• Small, consistent moves lead to massive wealth

• You can work on multiple strategies at once (don't wait for perfection)

• Ultra-wealthy spend $100K-$500K+ on advisors, but the high-level strategies are the same

• The rules change, but the framework stays solid 

🔗 RESOURCES MENTIONED:

• Sovereign Collective (Black women building wealth together): joinsovereign.co

• Margins Capital: The framework breakdown

• Estate planning investment: $3-5K• 401k with employer match = free money

• High-yield savings accounts (don't let your cash sit idle earning 0.0001%) 

📚 COMING SOON IN THE SUMMER SERIES:

New episodes every Wednesday covering:

• Roth IRA deep dive (why it's the ideal investment account)

• Estate planning explained (why $3-5K now saves your family)

• Consumer vs Investor mindset shift

• Inside the rooms (Black women in private equity)• How to analyze stocks like the wealthy

• 401k reality check (and what's missing)

• Future of private markets (where real money is built) New episodes every Wednesday. Subscribe and share with someone ready to build wealth. 

What the Wealthy Do is the podcast where we break down the concrete, actionable strategies ultra-wealthy use to build wealth—and apply them to busy, brilliant Black women building wealth from the ground up. 

Host: Stephanie Dorsey, CEO & Co-Founder of Margins Capital

Topics: Wealth building | financial strategies | money mindset | debt management | estate planning | Black women wealth | alternative investments | summer series Subscribe wherever you get podcasts.

Follow: Instagram | TikTok | YouTube (@whatthewealthydo)

Black Women Don't Know They Have Black women control $2.1 trillion in buying power—and that number has GROWN from $1.6 trillion just a few years ago. That's bigger than Spain's entire GDP. But we're still underpaid, under-resourced, and left out of wealth-building conversations.

In this episode, Stephanie Dorsey gets REAL about Black women and money. She breaks down the statistics nobody talks about, the obstacles we face, AND the power we already have. 

THE NUMBERS THAT MATTER:

• Black women control $2.1 trillion in economic buying power (2026)

• Growth from $1.6 trillion shows how fast our wealth is building

• Black women manage 52% of Black community wealth = $900 billion annually

• 2.7 million Black women entrepreneurs (fastest-growing cohort)

• $98 billion in revenue generated 2019-2023

• For every $100 white people own, we own $15 (wealth gap reality)

• 16% of college-educated Black people earn $100K+ 

You'll learn:

• The real numbers about Black women's economic power (and why they're hidden)

• Why the wealth gap is growing (and what to do about it)

• The 4 strategies wealthy people use to build long-term wealth• Why your money story matters (and how to rewrite it)

• Why you can't build wealth alone—and how to find your community

This isn't a sad story about what we don't have. This is a wake-up call about the power we DO have. And more importantly, it's your permission to stop playing small and start building the wealth you deserve. 

New episodes every Wednesday. Subscribe and share with someone who needs this. 

What the Wealthy Do is the podcast where we break down the tips, tricks, tactics, and strategies that ultra-wealthy use to build their wealth—and apply them to busy, brilliant Black women building wealth from the ground up. 

Topics: Black women wealth | wealth gap | financial independence | entrepreneur stories | money mindset | alternative investments | retirement planning | Black economic power 

Subscribe wherever you get podcasts.Follow: Instagram | TikTok | YouTube (@whatthewealthydo)

If you have changed jobs in the past 10 years and never rolled over your 401k, you have money sitting somewhere right now with high fees, limited investment options, and zero attention. That money could be working for you. Today we are fixing that.

This is Episode 21 of What the Wealthy Do, part of the Step by Step Series. Today Stephanie Dorsey walks through exactly what to do with your old 401k when you leave a job, step by step, click by click.

When you leave an employer you have four options: leave it, roll into your new employer's plan, roll into an IRA, or cash it out. Cashing out means losing 30 to 40% instantly in taxes and penalties. The right move for most people is an IRA rollover. But here is what most people do not know: there are two types of IRAs to consider.

A traditional IRA at a brokerage like Fidelity, Vanguard, or Schwab gives you stocks, bonds, ETFs, and mutual funds. A self-directed IRA gives you access to alternatives like real estate, private equity, private credit, venture capital, and crypto — the investments the ultra wealthy use to build generational wealth.

Stephanie walks through how to choose between them, how to execute a direct rollover without triggering taxes, what to do with multiple old 401ks scattered across employers, and the mistakes that can blow up your backdoor Roth strategy. Also covered: Roth 401k rollovers, the five year rule, and why you should open a Roth IRA today even with just $100.

Browse all What the Wealthy Do episodes: https://docs.google.com/spreadsheets/d/1TaUUVivqfjSckA1oyhbjNRlbY_m0DMPLWbfH-eoHnDY/edit

Join the next Sovereign Collective cohort: joinsovereign.co

This podcast provides financial education and not financial advice.

Peter Thiel used a Roth account to turn a small investment in PayPal stock into $5 billion the IRS cannot touch. That is not a loophole. That is a strategy. And today Stephanie Dorsey breaks down exactly how Roth conversions work and how to use them to pay less tax over your lifetime.

This is Episode 20 of What the Wealthy Do, part of the How Does This Actually Work series. Every dollar in your traditional 401k or IRA will get taxed eventually. The question is not whether you pay. It is when and at what rate. A Roth conversion lets you choose to pay tax now at today's rate so that everything inside your Roth grows tax free forever and your heirs inherit it tax free too.

This episode covers why the wealthy convert even when they do not have to, including rising future tax rates, required minimum distributions at 73, and estate planning. Stephanie walks through a real case study showing how a 15-year conversion window saves a family from a brutal tax bill in retirement, covers the five best times to convert, and explains when you should absolutely not convert.

For entrepreneurs: the ROBS 401k Roth conversion strategy is also covered, the exact move Stephanie is personally executing at Margins Capital, where converting your business stock to a Roth while the valuation is still low could save you over a million dollars in taxes at exit.

Browse all What the Wealthy Do episodes: https://docs.google.com/spreadsheets/d/1TaUUVivqfjSckA1oyhbjNRlbY_m0DMPLWbfH-eoHnDY/edit?usp=sharing

Join the next Sovereign Collective cohort: joinsovereign.co

This podcast provides financial education and not financial advice.

If you earn too much to contribute directly to a Roth IRA, the wealthy found a completely legal way around that. It is called the backdoor Roth IRA. And today Stephanie Dorsey walks you through every single step.

This is Episode 19 of What the Wealthy Do, part of the How Does This Actually Work series breaking down the exact mechanics of wealth building strategies so you can actually execute them.

A backdoor Roth IRA works because Congress removed the income limits on Roth conversions in 2010 while keeping the limits on direct contributions. That created a loophole: contribute to a traditional IRA, immediately convert it to a Roth IRA, and pay zero taxes if you do it right. The IRS knows about it. It is completely legal.

This episode covers every step from opening your accounts to contributing, converting within one to two days, investing the cash in your Roth, and filing Form 8606 with your taxes. Stephanie also breaks down the pro rata rule, the number one thing that trips people up, and exactly how to deal with old traditional IRA money before you do your first backdoor conversion.

Join the next Sovereign Collective cohort: joinsovereign.co

Browse all What the Wealthy Do episodes: https://docs.google.com/spreadsheets/d/1TaUUVivqfjSckA1oyhbjNRlbY_m0DMPLWbfH-eoHnDY/edit?usp=sharing

BACKDOOR ROTH IRA QUICK START CHECKLIST

Step 1: Open accounts if you do not have them- Open a traditional IRA- Open a Roth IRA- Use the same brokerage (Fidelity, Vanguard, or Schwab)

Step 2: Clear out any existing traditional IRAs- Roll old traditional IRAs into your 401k to avoid the pro-rata rule

Step 3: Contribute to your traditional IRA- Transfer $7,000 (or $8,000 if 50 or older) to your traditional IRA- Keep it in cash, do not invest it yet

Step 4: Convert to Roth IRA (1 to 2 days later)- Log into your brokerage- Convert the entire traditional IRA balance to your Roth IRA

Step 5: Invest your Roth IRA- Buy index funds or target date funds

Step 6: File Form 8606 with your taxes- Use tax software or work with a CPA

Step 7: Repeat every January

This podcast provides financial education and not financial advice.