Somali-Americans Can Buy Homes Without Going To The Bank In Minneapolis Thanks To Collective Investm

[generic-username]

Good lookin out

You or anybody else have any experiences with people coming up short? If so how does that get handled?

If that happens, they just get kicked out. That is why it has to be people you trust.

 

[Ya' Cousin Cleon]

I was born here, my parents had to escape a murderous dictator that was leaving dead bodies in the streets everyday. This was after the CIA propped up the Emperor for way too long for their own Cold War goals and left him for dead after Ethiopia was no longer useful. This type of thing played out in many parts of the world, so it’s not exactly “by choice” in the sense of “oh, America sounds great let’s go!” but rather “We likely dead if we stay, so we need to make it out”. Besides, how’s America gon do dirt at home and abroad and not face consequences? Just like y’all want them to give y’all reparations, many Black immigrants wanted America to give them peace and stability that was taken from them by these cacs.

No one is even denying that AAs don’t face systemic racism. But I also won’t sit here and act as if all hope is lost unless Big Daddy Federal Govt finally decides to have a heart and redress these 400 year old issues. All while scoffing at the idea of Black people uniting on all fronts. I actually live and see that shyt every fukkin day breh my work is in a very much Pan Africanist style and fashion. I’m not in the woe is me parade, Black people are so exceptional and incredible that cacs have to cheat lie and steal worldwide to get theirs.

So no, I don’t think it’s just some poor decision making. I think that Malcolm came along and broke many psychological chains that are slowly being refitted over decades by the destruction of the community, mass incarceration, drug epidemics, racist policies in housing/finance, etc. These are things that have been fought against and overcome before by Black people in this country and can still be fought against and overcome. Yet somehow it seems like that’s been forgotten in exchange for asking the criminal to do right by you. And you’ve now adopted more Black people from outside of the U.S. into your ranks that agree with your sentiments and have shared in some of the burdens of being Black in America. But somehow that should be completely separate? Nah, AAs taught me how to survive this country, they married into my
family, so that’s always family not some outside group that I shouldn’t align with. Y’all really let a few c00ns make y’all think Africans and Caribbean’s don’t love y’all when that’s false.

The fact that you refer to your ancestors as slaves only makes me cringe too. You’re the descendants of survivors and of truly strong human beings. I think of them as survivors of the worst atrocities in recorded human history. I think of them as the best of all of us Africans. Not just some object for the white mans use. That’s fukked up.

 

[Cape Town JHB]

Somalis are Arabized mixed breeds who see themselves more as Arabic than African.

If you're not familiar with Arabic conquest (post 700 AD) after Muhammad's death and the territories they still occupy in North Africa, the fall of the Ottoman empire (the last great Arab dynasty) and how Arabs used miscegination to infiltrate and control Africans you simply won't understand how other b*stardised Arabized blacks move, from Somalis, to Sudanese, Ethiopians, Eritreans etc

But I'm sure this will turn into some Tariq Nasheed ADOS crap

 

[Frangala]

And these people have to send money back home as well through western union and moneygram. Its an amazing feat Somalis are NOT wealthy and tend to have social problems when trying to assimilate look at the UK specifically London and Toronto Canada. So all this ADOS bullshyt is just that bullshyt. Somalis come from war, a failed state and constant strife. A lot of people on this board don't know what the hell they are talking about constantly looking for excuses.

 

[EndGame]

Somalis are Arabized mixed breeds who see themselves more as Arabic than African.

If you're not familiar with Arabic conquest (post 700 AD) after Muhammad's death and the territories they still occupy in North Africa, the fall of the Ottoman empire (the last great Arab dynasty) and how Arabs used miscegination to infiltrate and control Africans you simply won't understand how other b*stardised Arabized blacks move, from Somalis, to Sudanese, Ethiopians, Eritreans etc

But I'm sure this will turn into some Tariq Nasheed ADOS crap

You from Africa yet ignorant about your continent. Horners are the Og Africans and the oldest. The only group mentioned with significant Arab ancestry are the North Sudanese. If you consider being Muslims as arabization then about half of Africa is arabized. Lots of Muslims in the Sahel, Swahili coast and West Africa.

 

[Robbie3000]

How the fukk can you practice group economics with NO WEALTH to fukking begin with??

We are so far behind putting our few pennies and nickels together won't fix our problems.

Black Americans need a wealth transfer PERIOD.

Yall acting like these Somalis did it all on their own. They got aid when they first came to the U.S. which gave them time to get themselves together and progress as a group while not being hindered by the historical racist economic policies that have ADOS where we are today.

This is bullshyt. Those Somalis especially the first generation were working class people. The second generation might be entering the middle class, but a lot of them are still working class people. And yes, they did it on their own.

Second, black Americans can do this. I’m in a real estate investment group right now with my former HBCU classmates. Two black Americans, one Haitian, one Trini, and I’m Kenyan. Now that I think about it it’s a beautiful mix of Pan Africans.

We don’t even look at each other’s country of origin or any of that retarded #ADOS bullshyt because we all just identify as black. We are looking to purchase our first apartment building.

So yeah, anybody can do this. These are not wealthy people. You are asking 200 people to put up $2500 to buy four houses. That means the average house is $125,000. These are working class starter homes.

 

[T'krm]

This is bullshyt. Those Somalis especially the first generation were working class people. The second generation might be entering the middle class, but a lot of them are still working class people. And yes, they did it on their own.

Second, black Americans can do this. I’m in a real estate investment group right now with my former HBCU classmates. Two black Americans, one Haitian, one Trini, and I’m Kenyan. Now that I think about it it’s a beautiful mix of Pan Africans.

We don’t even look at each other’s country of origin or any of that retarded #ADOS bullshyt because we all just identify as black. We are looking to purchase our first apartment building.

So yeah, anybody can do this. These are not wealthy people. You are asking 200 people to put up $2500 to buy four houses. That means the average house is $125,000. These are working class starter homes.

False on all accounts.
What exactly has 'Pan Africanism' done for Ados..and furthermore since 'we all Black', why do you identify as 'Kenyan', instead of "Black"? Ur talking outta ur ass, and need to focus on the Kenyan community, and their hardships, first and foremost!

 

[saturn7]

Imagine if ADOS stopped drinking and smoking cigarettes enmasse. Stopped smoking weed. Your collective situation is dire which is why none of that shyt should even be done ANYWAY. Take that money saved and create a coinjar system. Stop with the excuses besides if you don't do it yall won't make it anyway.

This is the exact bullshyt we be talking about.

ADOS doesn't waste money on liquor, weed or cigarettes more than any other group yet those folks are not shamed for their purchases.

https://psmag.com/economics/meet-the-researcher-dispelling-old-myths-about-the-racial-wealth-gap

an interview with Prof Darity

"Let's move on to the topic of financial responsibility and financial behaviors. Here, the myth is that the wealth gap exists because African Americans just don't save enough money, or they make irresponsible decisions, such as relying on payday lenders. What does the evidence say on this?

There's been a consistent finding across a number of studies that if you take into account a household or a family's level of income, there are no significant differences between blacks and whites in terms of savings rates. And in some categories, the black savings rate is actually a little bit higher than the white savings rate.

Keep in mind, the American saving rate is low relative to the rest of the world, but if we want to try to claim that the reason for the black-white wealth gap is because black folks are more profligate, there's really no evidence to support that, even if people believe it strongly.

And then on the topic of payday lenders, I think the reason people use lenders described as predatory is because those are the lenders they have access to. And so folks who are not making use of more predatory lenders do so because they've got the capacity to obtain loans from lenders that offer far better terms. I don't think it's a matter of making bad choices, it's a matter of what choices are available to you. There's a different set of constraints. And those constraints are not unique to black borrowers, those constraints are heavily driven by the income level and the wealth level of the individual house. It just happens to be the case that blacks are disproportionately at the bottom of the wealth distribution."

We save at rates greater or equal to other groups. It's difficult to save when you have little wealth and bills every month.


I know yall are tired of this fukking report but ADOS will keep posting this until yall stop repeating bullshyt that has been de-bunked.

https://socialequity.duke.edu/sites.../files/site-images/FINAL COMPLETE REPORT_.pdf

Myth 4: Black people saving more will close the racial wealth gap

The finding advanced in peer reviewed articles in economic journals is clear: there is no evidence that black Americans have a lower savings rate than white Americans once household income is taken into account (Hamilton and Chiteji, 2013). For example, Maury Gittleman and Edward Wolff (2004) using data from the Panel Study on Income Dynamics (PSID), tracked the financial position of black and white families and found that, once income is controlled, if anything, black families actually have a slightly higher savings rate than their white counterparts.

This mild savings rate advantage is indicative of even greater thriftiness among blacks, since they typically have more kin obligations to assist low-income relatives which, further reduces the ability to save (Chiteji and Hamilton 2002; and Heflin and Patillo 2006). If anything, it appears that blacks generally live more frugal lives than whites; a study conducted by the Institute on Assets and Social Policy using the 2013 Survey of Consumer Finances found that, at comparable levels of income, whites spend 1.3 times more than blacks (Traub et al.).

Nonetheless, the conventional wisdom has it that blacks in search of immediate gratification lack self-control and are plagued, uniquely, by a culture of frivolous consumerism. This belief was magnified by Ronald Reagan’s use of the “welfare queen” trope during his campaign, and, recently, via internet financial gurus pushing images of black America spending money on Jordan brand Nike shoes, rather than household needs. Yet, the empirical evidence indicates that it has not been the case historically, nor is it the case today, that blacks are more financially wasteful than whites. In addition to the Gittleman and Wolff (2004) study, economists ranging from arch-conservative Milton Friedman to Marjorie Galenson to Marcus Alexis, a founder of the Caucus of Black Economists, all found that blacks have a slightly higher savings rate than whites.

 

[Robbie3000]

Middle class/middle income white families hold far more wealth than comparable black families. It's not Billionaires messing up the averages.

Oracle BrandVoice: To Combat Huge Dropout Rates, Colleges Find New Ways To Spot At-Risk Students

"As this presidential campaign season gets under way, the racial wealth gap is getting a fair amount of attention. African-Americans typically have about one-tenth the wealth of whites. "

"Without massive policy changes it would take African-Americans 260 years to get 90% of the wealth of whites. This just underscores that the massive systematic historic and current hurdles for African-Americans to get ahead will not go away by themselves. "

Bullshyt. The median wealth for whites is $134,000. This is the real measure because it eliminates outliers like Bill Gates, Jeff Bezos and others in the 1%.

This can be easily closed by a decent job, a decent 401-K and a modest home.

This shyt really isn’t rocket science.

Not saying there are no structural issues which created the racial and class wealth gap that need to be resolved, but stop selling my people doom and gloom and making them helpless victims.

How can you call yourself a man if you believe the only way you can advance is if your historical oppressor finally has a moral awakening after 400 years and decides to right his wrongs. You might as call that man daddy.

I can’t understand how a man can have this kind of outlook.

 

[saturn7]

Bullshyt. The median wealth for whites is $134,000. This is the real measure because it eliminates outliers like Bill Gates, Jeff Bezos and others in the 1%.

This can be easily closed by a decent job, a decent 401-K and a modest home.

This shyt really isn’t rocket science.

Not saying there are no structural issues which created the racial and class wealth gap that need to be resolved, but stop selling my people doom and gloom and making them helpless victims.

How can you call yourself a man if you believe the only way you can advance is if your historical oppressor finally has a moral awakening after 400 years and decides to right his wrongs. You might as call that man daddy.

I can’t understand how a man can have this kind of outlook.

fukk that shaming bullshyt. Every other group in America should call Uncle Sam Daddy. Because the got their wealth from him!!!

Income, bootstrapping and savings can work for individuals but for black folks as a group their is a massive wealth deficit. Which can not be overcome by just working and saving. I'm not saying don't work and do those things but be realistic.

 

[Kenny West]

This is the exact bullshyt we be talking about.

ADOS doesn't waste money on liquor, weed or cigarettes more than any other group yet those folks are not shamed for their purchases.

https://psmag.com/economics/meet-the-researcher-dispelling-old-myths-about-the-racial-wealth-gap

an interview with Prof Darity

"Let's move on to the topic of financial responsibility and financial behaviors. Here, the myth is that the wealth gap exists because African Americans just don't save enough money, or they make irresponsible decisions, such as relying on payday lenders. What does the evidence say on this?

There's been a consistent finding across a number of studies that if you take into account a household or a family's level of income, there are no significant differences between blacks and whites in terms of savings rates. And in some categories, the black savings rate is actually a little bit higher than the white savings rate.

Keep in mind, the American saving rate is low relative to the rest of the world, but if we want to try to claim that the reason for the black-white wealth gap is because black folks are more profligate, there's really no evidence to support that, even if people believe it strongly.

And then on the topic of payday lenders, I think the reason people use lenders described as predatory is because those are the lenders they have access to. And so folks who are not making use of more predatory lenders do so because they've got the capacity to obtain loans from lenders that offer far better terms. I don't think it's a matter of making bad choices, it's a matter of what choices are available to you. There's a different set of constraints. And those constraints are not unique to black borrowers, those constraints are heavily driven by the income level and the wealth level of the individual house. It just happens to be the case that blacks are disproportionately at the bottom of the wealth distribution."

We save at rates greater or equal to other groups. It's difficult to save when you have little wealth and bills every month.


I know yall are tired of this fukking report but ADOS will keep posting this until yall stop repeating bullshyt that has been de-bunked.

https://socialequity.duke.edu/sites/socialequity.duke.edu/files/site-images/FINAL COMPLETE REPORT_.pdf

Myth 4: Black people saving more will close the racial wealth gap

The finding advanced in peer reviewed articles in economic journals is clear: there is no evidence that black Americans have a lower savings rate than white Americans once household income is taken into account (Hamilton and Chiteji, 2013). For example, Maury Gittleman and Edward Wolff (2004) using data from the Panel Study on Income Dynamics (PSID), tracked the financial position of black and white families and found that, once income is controlled, if anything, black families actually have a slightly higher savings rate than their white counterparts.

This mild savings rate advantage is indicative of even greater thriftiness among blacks, since they typically have more kin obligations to assist low-income relatives which, further reduces the ability to save (Chiteji and Hamilton 2002; and Heflin and Patillo 2006). If anything, it appears that blacks generally live more frugal lives than whites; a study conducted by the Institute on Assets and Social Policy using the 2013 Survey of Consumer Finances found that, at comparable levels of income, whites spend 1.3 times more than blacks (Traub et al.).

Nonetheless, the conventional wisdom has it that blacks in search of immediate gratification lack self-control and are plagued, uniquely, by a culture of frivolous consumerism. This belief was magnified by Ronald Reagan’s use of the “welfare queen” trope during his campaign, and, recently, via internet financial gurus pushing images of black America spending money on Jordan brand Nike shoes, rather than household needs. Yet, the empirical evidence indicates that it has not been the case historically, nor is it the case today, that blacks are more financially wasteful than whites. In addition to the Gittleman and Wolff (2004) study, economists ranging from arch-conservative Milton Friedman to Marjorie Galenson to Marcus Alexis, a founder of the Caucus of Black Economists, all found that blacks have a slightly higher savings rate than whites.

You're understanding of the reports you tout around are dissapointingly low. You're dancing around one big "appeal to authority" fallacy and everyone can see it but you.

Proof: you posted a report about SAVINGS RATES to disprove a point about lesuire spending. You dont even try to speak for yourself to make the comparison make sense. Yall nikkas stay thinking other folks are as scared of reading as yall are and will give into your opinions if you post enough links.

Like how is spending comparatively to the biggest disposable income group on the planet a good look? Especially with fractions of the income. Comparative spending rates with way less money? This is the definition of keeping up with the joneses

You're making retarded arguments because you're trying to force articles and reports to argue for you. Do better

 

[BigMan]

There’s literally folks advocating for black people not to practice financial literacy in this thread

False on all accounts.
What exactly has 'Pan Africanism' done for Ados..and furthermore since 'we all Black', why do you identify as 'Kenyan', instead of "Black"? Ur talking outta ur ass, and need to focus on the Kenyan community, and their hardships, first and foremost!

1) aren’t you a spic?
2) why are you and other ADOS in a thread about Somali Americans?

 

[Robbie3000]

There’s literally folks advocating for black people not to practice financial literacy in this thread


1) aren’t you a spic?
2) why are you and other ADOS in a thread about Somali Americans?

This failed politico grifter has done a lot of damage to the simpletons.

When this #ADOS hustle is done in 2020, lots of people are going to be looking funny in the light.

 

[Towlie]

Good looking out

Starting a co-op with close friends. We got about 10 people that are gonna put in 200 a month for 10 months.

Order is drawn at random and the next 10 months we will reverse the order

We plan on paying down car notes and or mortgages. A lump sum even once a year is better for interest in the long run

 

[Cape Town JHB]

Breh i know Somalians, black Africans do not have hair that curls like those people.

Somalis are without a doubt mixed, there are hundreds of thousands of them right here in South Africa. Lastly i can direct you to books or documentaries or lectures on Arab conquest in Africa. Nigerians look nothing like Kenyans or who look nothing like South Africans, but ALL are unmistakably black, no weird curly hair. I know how Somalians look, they have been mixed. Wtf are you on about

You from Africa yet ignorant about your continent. Horners are the Og Africans and the oldest. The only group mentioned with significant Arab ancestry are the North Sudanese. If you consider being Muslims as arabization then about half of Africa is arabized. Lots of Muslims in the Sahel, Swahili coast and West Africa.