Experts Attribute Church Donations, Zero Investments to Black’s Lack of Money

[theworldismine13]

Finance Experts Attribute Church Donations, Zero Appreciative Investments to Black’s Lack of Money | Black Blue Dog

The African-American dollar goes a long way. Just ask Phil Griffith, president of MSNBC. His network saw a 20 percent increase in viewership for 2012 due to a whopping 60.5 percent increase in African American viewers.

When she’s not petitioning networks to take stereotypical shows of African-Americans off of the air, author and financial literacy educator Sabrina Lamb spends her time teaching African-Americans how to discuss money with their children. ”African-Americans, in general, perform better in the area of spending — rather than saving — when compared to any other racial group,” Lamb told Pittsburgh Post-Gazette. Lamb is also the author of “Do I Look Like an ATM?: A Parent’s Guide to Rising Financially Responsible African-American Children.”

“The problem stems from the fact that young black people are less likely than their white counterparts to receive money management education in school or from their own parents,” Lamb said. Lamb, founder and CEO of New York-based financial literacy education firm WorldofMoney.org, penned her book based on years of blunt conversations and candid observations of children and parents who have attended her seminars and counseling sessions. She said parents have oftentimes approached her after the seminar in tears. ”Parents have come to my Money Matters forums and cried because of the negative experiences they have had with money,” she said. ”They remember fathers who didn’t save enough to send them to school. They remember being teased by their schoolmates because they didn’t have the latest clothes. I’m guiding parents to embrace the negative emotions they are holding to make revolutionary changes in their relationship with money.”

Selig Center for Economic Growth, an organization that chronicles consumer buying power, reported that by 2012, African-American spending exceeded the gross domestic products of Spain and Canada at $1.1 trillion a year. The top five categories were for goods that have zero appreciative value: rental housing, food, cars, clothing and health care. Lynnette Khalfani Cοx attributes African-Americans’ generous donation to the church to the community’s inability to save money. ”The problem is when churchgoers give tithes and offering to the church as well as support their adult children and help a sister-in-law with a loan that will not be repaid and pay off a niece’s student loan as well,” Cοx said. “There is such a thing as giving too much or giving until it hurts, when you are not financially stable to begin with.”

“There is nothing righteous about struggling for your financial security,” Lamb said. “It is actually a perfect storm of low self-esteem, lack of knowledge and generational conditioning.” Lamb continued: “If we spent $1.1 trillion on land, it would be a different world. We are spending money on things that have zero value. Our children are watching the behavior of the adults and adults are expressing their own vulnerabilities and belief systems with these [misdirected] purchases.”

 

[Dusty Bake Activate]

 

[acri1]

I'm not sure I really get the point of the article..."Black people have less money than whites and are less likely to have parents who can pass down wealth to them"?

That's kind of a captain obvious statement. But that said it is a good point that things like tithing and lack of knowledge on how to invest aren't exactly helping.

 

[Daenerys Targaryen]

i kinda take issue because she said the top 5 categories were rental housing, food, cars, clothing and health care and then she goes on a tangent about tithes and offering. How does the amount spent on tithes and offering compare to those 5 things? It must be negligible in comparison or they would have put it up there.

This annoys me because I know that people make these inflammatory statements to get more shine and press, not really to give out information. I mean, based on facts stated in the article, efforts should go towards educating blacks on how to be a more successful mortgage applicant, how to save time and money while cooking from home as opposed to eating out all the time, the benefits of buying used vs new, or even just advice against leasing, and better preventative health.

Am I the only person seeing through this?

 

[Metta World Movement]

 

[theworldismine13]

New Prudential study shows African Americans

 

[Serious]

New Prudential study shows African Americans

cool study. Seems fairly accurate...

 

[MBwithadream]

New Prudential study shows African Americans

the churches have a lot of money.