Median wealth of Black Americans 'will fall to zero by 2053', warns new report

[onelastdeath]

 

[Ricky Fontaine]

If you are content to be a victim for the rest of your life then do you.


If you are expecting white people to save you then you willl be waiting a long time.

Nobody gives it to you, you gotta take it.

Let me guess, if you work hard enough you can be rich just like white people?

That's the kind of rote optimism that'll have your family working lower middle class jobs for generations.

 

[African Peasant]

A picture is worth a thousand words

That gap


Black people between 2010 and 2013.

 

[DaHNIC82]

Obama administration earmarks $12 million in reparations for Holocaust survivors

https://www.google.com/amp/s/edc201...erican-internee-20000-for-damages-caused/amp/

Hard to even the playing field when other races received a head start ya know?

 

[Ghost Utmost]

We'll never catch up because we'll never get reparations. End of story.

Y'all think that a thriving Black community is some kind of fantasy. I could be telling you that all Black people will live under the sea and you'd find it just as far fetched as Black people succeeding as a whole.

This is our entire problem. We keep thinking that 'they' are eventually gonna ALLOW us to have what we want (opportunity, for instance) but until then we'll be stuck with what they have decided to give us.

Jungle Rules. If we can't take care of ourselves and overcome then we shall surely perish. Or be slaves.

The path to freedom and success has to be forged under our own steam. We'd have to start from where we are and rise - not because they give us shyt, because we build our own shyt.

 

[Aviso]

Y'all think that a thriving Black community is some kind of fantasy. I could be telling you that all Black people will live under the sea and you'd find it just as far fetched as Black people succeeding as a whole.

This is our entire problem. We keep thinking that 'they' are eventually gonna ALLOW us to have what we want (opportunity, for instance) but until then we'll be stuck with what they have decided to give us.

Jungle Rules. If we can't take care of ourselves and overcome then we shall surely perish. Or be slaves.

The path to freedom and success has to be forged under our own steam. We'd have to start from where we are and rise - not because they give us shyt, because we build our own shyt.

Breh I grew up in a town that initially prevented blacks from moving in via redlining. Then when a judge ruled that it was illegal to block black people from moving in the town experienced one of the greatest white flight movements in history to where the town became almost 90% black.

Literally all my neighbors and friends were black all the way until I graduated. Business owners in my neighborhood were all black and the neighborhood was a thriving middle class black community. My parents still live there to this day but after the housing crisis the neighborhood is literally a ghost town with so many foreclosures.

I speak from experience when I say reparations is needed even in once thriving black neighrborhoods because jobs and black businesses are great but it's not enough.

 

[MysticMonroe]

We're not gonna get reparations. So lets get that out of our head. I try to tell my mom that. I remember reading a similar article years ago that said the average black women net worth is $5. Black people, in general, spend a lot of time and money trying to appear rich. Even in the orginial post it said the women was 48 with 5 kids is a manager & working on a degree. Like if people stop having all these kids before they have their life together. That would help a lot. My cousin is like in her 20s, pregnant with her 3rd kid all by the same dude, having to move in with her grandmother because the dude just left. Look at Fetty Waps dumb ass on his rumored 6th kid, but is throwing money of balconies, buying all his friends cars, etc.

Everyone in this thread guarantee knows someone that does the following:

1. Parents who kids have on all the latest fashions but are first in line for school supply giveaways
2. Kids who are failing class but go all out for prom
3. Have a bunch of kids but dont have a car, bank account, home, job,etc
4. Spending more money on boyfriends than kids- that lotto winner that paid several million dollar bail for her boyfriend
5. Expensive clothes, cars, jewelry but moving from house 2 house, air mattress
6. People who stunt the most are the first ones to put up a 'go fund me' for funerals, child care, car,
7. Have multiple families everywhere & every check you get has to be divided between several households so you cant build wealth like that
8. Money spent on preventable health issues and hospital bills
9. Getting your hair done, nails done, hair cut, new outfit every weekend

I remember going to a Finacial Seminar, it was associated with that guy who wrote the book; "Rich Dad, Poor Dad." It ended up being them trying to sell you on selling real estate and buying a package that cost like $600. But it had good financial advice. One thing that stuck out for me was that the host was comparing Liabilities to Assets. The speaker also said you have to take what you make and subtract what you owe. A lot of people don't understand that.

I told my mom but she doesnt listen. She spends money like its a refilling well. Plus her credit is bad because of late payments and charge-offs. On top of that she gets credit cards and lets family members put stuff on them, co-signing. And they dont pay she is left with the debt. I told her to stop but she doesn't listen and she is one of those people who think if they ignore the problem it will go away. My brother is the same way. They both have a problem dont fix it and wait until it gets bad to solve it. Like my brother had a traffic ticket doesnt pay it immediately until the fine gets increased to $500+ dollars. He borrowed the money from my mom to pay it. This has happened many times. It pisses me off. But I mostly stopped talking to her about it because she has to learn the hard way.

Assets- home, stocks, cash, art. aka things that go up in value and stuff you own

Liability- cars, clothes, credit card debt, student loans- stuff you owe. And I remember the speaker saying that clothes & cars are not good because they depreciate in value. As soon as you drive a car off the lot the value has gone down. And clothes go out of season,etc.

 

[#1 pick]

We're not gonna get reparations. So lets get that out of our head. I try to tell my mom that. I remember reading a similar article years ago that said the average black women net worth is $5. Black people, in general, spend a lot of time and money trying to appear rich. Even in the orginial post it said the women was 48 with 5 kids is a manager & working on a degree. Like if people stop having all these kids before they have their life together. That would help a lot. My cousin is like in her 20s, pregnant with her 3rd kid all by the same dude, having to move in with her grandmother because the dude just left. Look at Fetty Waps dumb ass on his rumored 6th kid, but is throwing money of balconies, buying all his friends cars, etc.

Everyone in this thread guarantee knows someone that does the following:

1. Parents who kids have on all the latest fashions but are first in line for school supply giveaways
2. Kids who are failing class but go all out for prom
3. Have a bunch of kids but dont have a car, bank account, home, job,etc
4. Spending more money on boyfriends than kids- that lotto winner that paid several million dollar bail for her boyfriend
5. Expensive clothes, cars, jewelry but moving from house 2 house, air mattress
6. People who stunt the most are the first ones to put up a 'go fund me' for funerals, child care, car,
7. Have multiple families everywhere & every check you get has to be divided between several households so you cant build wealth like that
8. Money spent on preventable health issues and hospital bills
9. Getting your hair done, nails done, hair cut, new outfit every weekend

I remember going to a Finacial Seminar, it was associated with that guy who wrote the book; "Rich Dad, Poor Dad." It ended up being them trying to sell you on selling real estate and buying a package that cost like $600. But it had good financial advice. One thing that stuck out for me was that the host was comparing Liabilities to Assets. The speaker also said you have to take what you make and subtract what you owe. A lot of people don't understand that.

I told my mom but she doesnt listen. She spends money like its a refilling well. Plus her credit is bad because of late payments and charge-offs. On top of that she gets credit cards and lets family members put stuff on them, co-signing. And they dont pay she is left with the debt. I told her to stop but she doesn't listen and she is one of those people who think if they ignore the problem it will go away. My brother is the same way. They both have a problem dont fix it and wait until it gets bad to solve it. Like my brother had a traffic ticket doesnt pay it immediately until the fine gets increased to $500+ dollars. He borrowed the money from my mom to pay it. This has happened many times. It pisses me off. But I mostly stopped talking to her about it because she has to learn the hard way.

Assets- home, stocks, cash, art. aka things that go up in value and stuff you own

Liability- cars, clothes, credit card debt, student loans- stuff you owe. And I remember the speaker saying that clothes & cars are not good because they depreciate in value. As soon as you drive a car off the lot the value has gone down. And clothes go out of season,etc.

Black people save more on average than any other race in America done by numerous studies so to say that it's had we collectively spend our money just isn't true.

There is a massive systematic issue within the Black community

 

[acri1]

This can't be right.
Trump told me white folks are being disenfranchised and minorities are taking all the resources.

 

[Kilgore Trout]

Let me guess, if you work hard enough you can be rich just like white people?

That's the kind of rote optimism that'll have your family working lower middle class jobs for generations.

Nah this don't apply to me or my family and America is not my end game.


This applies to you

bytching and crying to the enemy like they gonna help you.

 

[Henri Christophe]

Hilarious how nikkas use the internet to talk about how broke they are, instead of gettin some money....... Yall nikkas gon die broke and ya kids gon hate you cause you aint leave shyt for them.

Yall better get off ya ass and make a plan. Its 2017.

nikkas cryin about jobs like its the 80s LMAO

 

[---]

You completely missed the point of the article.

It's a virtual impossibility for blacks to build wealth (not income) in this country because that's the way the system is designed, and opening a business will not fix that.

Even if you do "beat the system" and open a successful business, chances are that your children or their children will have to start back at square one where you started.

Latinos have more wealth collectively because they are allowed to, simple as that

Breh yes, the system is rigged against black people but at the same time, there are ways to create wealth. I know it can be done and I know it is scaleable. I have seen it done and have done it on a smaller scale with my family and friends. For me I had to leave America and head to Asia in order to create businesses but it can be done from within America.

A few problems with the article. They have household wealth as the only measure of wealth. The stock market is an amazing tool in terms of wealth creation. It's easy to form an investment group with family and friends. Or look up a black financial planner for a one person or the family and friends group this is an actionable way anyone can do right now.

I don't have a solution for easing the burden for brothers and sisters to create companies.

There is a solution to deal with the overall wealth gap for all black people. A grand solution! When countries want to increase the standard of living for its citizen after they have discovered say oil reserves. They create a sovereign wealth fund. Even though this is done for citizens of a country like say, Norway. Which was able to make every one of their citizens ridiculously wealthy. Same way the Candian Ontario teacher's came together to start things.

We as black people take the model and create a "black sovereign fund". Pay the people to run it who are qualified to do and as a whole, every one gets like a yearly dividend at the end of the year to either use as money or reinvest into the fund to generate wealth.

So say every black person in america gave ten dollars to the black sovereign fund. That is 300 million dollar fund from the jump. Say a conservative estimate of 5.5% annual return rate from the fund that is a 875 million pound gorilla in 20 years that brother and sisters control and can use for leverage on everything.

 

[mamba]

This number is a myth.

And "investing" with Acorn, and the rest of this humble brag post *Jay voice* okay

This Damning Chart Shows How Much of a Head Start White Families Have Over Black Families

Median household wealth of Black families with some college was $11k in 2013. $11k, breh.

Median does not equal average.

The median black American who pursues higher education is still poorer, judged by net worth, than a white person who never finished 12th grade.

The number is even lower for Black families with education less than college or less than high school.

When you average all that together, the average Black household wealth is very close to that $2k number.

 

[mamba]

Everyone in this thread guarantee knows someone that does the following:

1. Parents who kids have on all the latest fashions but are first in line for school supply giveaways
2. Kids who are failing class but go all out for prom
3. Have a bunch of kids but dont have a car, bank account, home, job,etc
4. Spending more money on boyfriends than kids- that lotto winner that paid several million dollar bail for her boyfriend
5. Expensive clothes, cars, jewelry but moving from house 2 house, air mattress
6. People who stunt the most are the first ones to put up a 'go fund me' for funerals, child care, car,
7. Have multiple families everywhere & every check you get has to be divided between several households so you cant build wealth like that
8. Money spent on preventable health issues and hospital bills
9. Getting your hair done, nails done, hair cut, new outfit every weekend

#1 and #6 piss me off whenever I see it happen.

 

[Ghost Utmost]

Breh I grew up in a town that initially prevented blacks from moving in via redlining. Then when a judge ruled that it was illegal to block black people from moving in the town experienced one of the greatest white flight movements in history to where the town became almost 90% black.

Literally all my neighbors and friends were black all the way until I graduated. Business owners in my neighborhood were all black and the neighborhood was a thriving middle class black community. My parents still live there to this day but after the housing crisis the neighborhood is literally a ghost town with so many foreclosures.

I speak from experience when I say reparations is needed even in once thriving black neighrborhoods because jobs and black businesses are great but it's not enough.

The plan where America or white people finally turn around and become helpful toward Black people: FORGET IT.

Spend your time on a different plan.

Whether or not Reparations would help us: we're not getting them. Okay so now that we have separated out the stuff that's not gonna happen, think about stuff that we can actually do.

Don't replace 'Repairations' in your mind with some other miracle that we need to wait for. This plan has to involve things we can do with what we already have.

If you can't see a way without Sky Daddy intervening then you don't think we can make it in the long run.

I say we can make it. An make it we will: without help. Because ain't nobody willing help us.