Real Everyday Solutions: Black Economics

[DrBanneker]

@Barnett114 @Rarely-Wrong Liggins maybe we can sticky this and its companion thread for a week or two and see where it goes.

Welcome to the real everyday solutions thread for Black Economics. The point of this thread is not philosophizing or arguing about "real causes", external factors, Black people's shortcomings, etc. but to discuss real things people can do to improve our situation.

Priority is given to actions that take less than 1 hour per week or $50 per month. Seriously, with most normal people it is hard to get much else out so let's stop telling people to be Marcus Garvey etc. in their daily lives.

The following posts are discouraged and risk being negged:

1. Long arguments over historical context - most educated people know this and I am not minimizing this but this is better suited for a Root thread

2. Whining about why Black people can be like 'X' group. Like James Baldwin said, "People are trapped in history and history is trapped in them." Sure, others do better but a lot of habits are accidents of history and cultural development and comparing us to thousands year old cultures like Chinese, Jews, or whatever is interesting but actually not always practical unless you have a specific action or example.

3. Broad and general actions that have little likelihood of tangible outcome.

For example, a bad comment would be "Black people need to stop working for others and start their own business" Ok......

A good comment would be: "A great way to build wealth is becoming a landlord, local landlord associations hold classes for those new to renting or interested in it, here is a link or online course on how to get started with less than 1 hour a week and minimal cash outlay (i.e. no $1,000 get rich quick scam courses)."

4. No bragging You are successful? Great, give a basic actionable step, not talk about your six figures/six certs

5. No reparations arguments I am not against that as a strategy, but let's me serious that we should not put all our eggs in that basket. This is practical day-to-day advice.

The top dapped solutions will be quoted in this first post

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So I have plenty ideas but I will start with three and we can go from there:

1. Look at your monthly discretionary (non utilities, food, clothing, etc.). Find a way to spend at least 10-20% of this money on Black businesses. If you shop on Amazon mostly, google "Black owned Amazon Sellers" and there are articles about Amazon Sellers for common products owned by Black people, try to use them.

2. If you received good service from a Black owned business--even a barber shop--give them a good rating on Google. That helps their visibility and helps highlight good Black businesses instead of the bad ones.

3. Send one younger person (friend or relative) the link to the FDIC Smart Money for Young People courses to help improve their financial literacy. Offer to help give them $25 to get started if they prove they will use it correctly (bank account, stock market, etc.)

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TOP REPLIES

Over 10 months, 10 people invest $100 with the banker and each month a different person takes $1000 for themselves. The pot is then renewed with $100 each month for another member to take.

Us Jamaicans still do this. It is a great way to control your finances or get a boost when you need it.

To go with #2

Black-Owned Business Directory

This will help you find local black businesses in your area. Might as well review bomb them with 5 stars while you're at it. I do that to the stores I have to plans to visit

 

[BaggerofTea]

What about these atm business opportunities???


I see several brehs on that hustle, is it as lucrative as it appears?

 

[philmonroe]

What about these atm business opportunities???


I see several brehs on that hustle, is it as lucrative as it appears?

I'm pretty sure it is but usually when something like that is being on all the hustlers youtube type channels I figure it is over saturated like IG chicks selling booty workouts. I could be wrong though and all them cats eating.

 

[DrBanneker]

What about these atm business opportunities???

Please explain.

 

[Waldo Geraldo Faldo]

A brother in my city has created a non-profit called Black Leaders Detroit-Black Leaders Detroit
Where the initiative is to create a funding process strictly funded by us for us.

Some YouTube links of BLD providing funding to community businesses.

 

[USMaroon]

I am guessing its meant those guys leasing and setting up ATM's at grocery stores, barber shops, laundromats etc ... They guys collect a transaction fee and work out an agreement w/the owner of the establishment for the space. You have overhead though like everything else, maintenance, power, communication and likely other transaction fees w the banks.

i dont have all the details but I have a friend who was in the business and tried hard to recruit me for a partnership. He wasnt reliable enough for me to deal with so I never bothered. He was leasing the terminals from someone else so thats another cost.

 

[Monsanto]

Do a test run of a pardner/susu with people you consider trustworthy.

It is a way to get people from your community to save and have access to the money at a determined date or random draw.

Example:

Over 10 months, 10 people invest $100 with the banker and each month a different person takes $1000 for themselves. The pot is then renewed with $100 each month for another member to take.

Us Jamaicans still do this. It is a great way to control your finances or get a boost when you need it.

 

[DrBanneker]

Do a test run of a pardner/susu with people you consider trustworthy.

It is a way to get people from your community to save and have access to the money at a determined date or random draw.

Example:

Over 10 months, 10 people invest $100 with the banker and each month a different person takes $1000 for themselves. The pot is then renewed with $100 each month for another member to take.

Us Jamaicans still do this. It is a great way to control your finances or get a boost when you need it.

Any "by-laws" or dual signature on check rules to make sure the treasurer doesn't bounce with funds?

 

[CreepyMcCreeperson]

1. Look at your monthly discretionary (non utilities, food, clothing, etc.). Find a way to spend at least 10-20% of this money on Black businesses. If you shop on Amazon mostly, google "Black owned Amazon Sellers" and there are articles about Amazon Sellers for common products owned by Black people, try to

Amazon Handmade is going to be featuring black owned artisans for Black History Month. Be sure to check out that section to find handmade artists, post them here, and get them some sales and social media followers next month.

 

[Monsanto]

Any "by-laws" or dual signature on check rules to make sure the treasurer doesn't bounce with funds?

That is why trust is a big factor and if you want, you can to go to small claims court. I nor my family and the people in the pardner groups had issues with people defaulting on payment or runaway bankers. However, I understand the hesitancy. It is in our culture to not mess up other people's money in this scenario.

There are more law recognized ways this is conducted.

Many credit unions and smaller banks offer this service if you want the legitimacy.

 

[TallMan_J]

Bookmarking the thread...

 

[Obreh Winfrey]

4. No bragging You are successful? Great, give a basic actionable step, not talk about your six figures/six certs

Really, before we start talking about money, we have to talk about how handle it and budget it.

The first thing is, if you don't have a savings account, you need to start one. "Bu-bu-but I don't trust the bank !" Shut up, grow up. Do a basic search: 11 Best Savings Accounts of January 2021 - NerdWallet . You want something with a reasonable interest rate, no account minimums, no fees, no deposit needed to begin. I started an Ally Savings account a few years ago. After you have that, IF you have a checking account then you can link them. If not, probably start a checking account as well. If you're not good with money, you want it so that it's more difficult for you to get money out of your savings than it is to put it in. For example, my Ally Savings doesn't have an ATM card. The only way I can reliably get to that money is to transfer it to a different bank I use, and that money doesn't transfer until the end of the day. So I have to plan ahead of time how much I need and when I'll need it - can't keep dipping into it because of the 6 transaction per month limit.

When it comes to getting paid, first place it needs to go is into that savings. If you have direct deposit, make it go right into that account. If you get a physical check, mobile deposit into that account. If you get cash, find a brick and mortar branch and deposit it right away - no taking some off the top to "mess around with". You don't want other people messing with your finances, so why would you do it to yourself? Next, the way to get that savings to grow is to actually save. Try to save 10% at a minimum. How? The easiest way is after you make that deposit into savings, calculate that 10%, subtract from the original deposit, and transfer the rest into your checking. Now you've saved and given yourself money to operate with. Example, you get paid $1000, 10% is $100, so you transfer $900 to your checking. From that $900, you do what you need to do.

Keep meticulous track of your expenses. I've told before on how I made a spreadsheet and kept line item track on what I bought, when, and from where. People might think that they can use their bank's app and just track per receipt, but that's not good enough. You need to understand exactly where your money goes so that you can decide on areas to cut back. When I say I was keeping track, I would go to the grocery store and record each and every item, quantity, price, and store. After a couple months of that, I was able to see I was spending about $250 on food from the grocery store each month, and THAT let me start budgeting properly. Same thing with fast food but not as granular. I wound up setting a monthly budget of $350 for all food, which if I didn't spend all $250 at the grocery store, I could eat out more often, or not at all and hang onto more money. Once you start tracking how much you pay for food, rent, car expanses, etc., you can then look at areas you're able to cut back. You can probably discover that you're able to save more than you originally thought. You can then start transferring only what you need to yourself, rather than a whole %90 (or whatever you decided on).

 

[Ya' Cousin Cleon]

Digit

Every day got a dollar or two heading to three separate accounts

 

[Kurt off them percs]

Digit

Every day got a dollar or two heading to three separate accounts

digit is the truth

i have a 10k goal set from now to next year with 20 to 30 dollars a day saved.

 

[Sbp]

Damn this thread and the other one about crime and safety are some good shyt breh