While building her empire early on, media mogul Cathy Hughes lost her house and her car after taking out a loan with a 28% interest rate to purchase a Washington D.C. radio station.
In an interview with The Root, Cathy Hughes said the following about losing her house and her car in the earlier 80s: “I was like Nikki Giovanni in her poem- she didn’t know she was poor until she got money. She was happy. Me too. I remember I was somewhere in Detroit and they introduced me and they talked about when I was homeless. I was offended. Afterwards I said, ‘Excuse me, I was never homeless.’ The lady was so apologetic, she was like, ‘I’m so sorry. I thought you had lost your house and your car and lived in the station.’ I said, ‘Yes.’ She said, ‘I think that qualifies you as being homeless.’
I have never dealt with the fact that I was homeless. I never called it that…I didn’t see it as me being homeless or impoverished because I was working on a goal, which was to build this media company, to build this radio station.”