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

[Prodyson]

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

Myth 3: Buying and banking black will close the racial wealth gap

Myth 5: Greater financial literacy will close the racial wealth gap

Myth 6: Entrepreneurship will close the racial wealth gap

Myth 7: Emulating successful minorities will close the racial wealth gap

Nothing will close the wealth gap except for a fundamental change to the larger economic system from which we attain wealth.

I think the idea is that if you start somewhere and generally increase your wealth, you can use that to take more control over the system. You then have to deal with the current controllers of the system altering the rules to prevent your potential control. Also, part of the problem is that when people attain wealth, they often incorrectly assume that their situation is the rule and not the exception and that there is actually nothing wrong with the system because hey... they made it. Then they do nothing

 

[dark_magic]

Nothing will close the wealth gap except for a fundamental change to the larger economic system from which we attain wealth.

I think the idea is that if you start somewhere and generally increase your wealth, you can use that to take more control over the system. You then have to deal with the current controllers of the system altering the rules to prevent your potential control. Also, part of the problem is that when people attain wealth, they often incorrectly assume that their situation is the rule and not the exception and that there is actually nothing wrong with the system because hey... they made it. Then they do nothing

I see it a bit differently.

If you change how you spend, save, invest, and borrow money; you can change your circumstances on your own.

If you change how your taxed, you can change it even further.

At least this has been my personal experience ....

 

[JT-Money]

ADOS downlow hate each other too much. If we tried that, I promise you in the first year the "President" would run off on the investors. The self hate is too indoctrinated.

Yep..

 

[⠝⠕⠏⠑]

Also got a couple of homies looking into doing something similar by flipping houses. But trust is indeed the issue.

One homegirl put up some cash with a guy she was dating to bid on a tax foreclosure in an up and coming neighborhood. Dude saw how good the investment was and had his sister buy the property so he could get all the profit.
Dummy is now screwed b/c my homegirl was the one who had the work crew who would do the renovations for the low.

Now he stuck with a dilapidated house that needs MAJOR repairs and no prospects of renters yet and he has to continue paying the taxes on it.

Ya’ll financial gurus already know this but trust is mandatory. But it’s so frustrating b/c if we worked together there is so much potential.

 

[Prodyson]

I see it a bit differently.

If you change how you spend, save, invest, and borrow money; you can change your circumstances on your own.

If you change how your taxed, you can change it even further.

At least this has been my personal experience ....

That’s what I meant by “start somewhere and generally increase your wealth”

But that won’t close the wealth gap as a whole because there are systemic things preventing a large group of people from making simple changes like that. Simple things like having access to a grocery store or access/transportation to government buildings or affordable (and reliable) childcare.

 

[Astroslik]

Did something like this with a circle of blk female friends from 2010-2016 so we could all clean up our credit.
One of my homegirls was dating a sorry ass dude who tried to clown us.

“Dem hoes can’t save nothing...”
“Gon take ur money and go to Essence music festival”
“Wait until the next Indian Remy bundle hit the store...”

We all got 700+ credit scores now.

It works...fukk the naysayers.

Somehow someway you always find a way to shyt on black men in your post

The act is getting old. Stop.

 

[dark_magic]

That’s what I meant by “start somewhere and generally increase your wealth”

But that won’t close the wealth gap as a whole because there are systemic things preventing a large group of people from making simple changes like that. Simple things like having access to a grocery store or access/transportation to government buildings or affordable (and reliable) childcare.

My opinion ...

Indoctrination and belief prevent change on a whole. The whole may not be able to be saved. Save what is salvageable, read "Last Rites" to the rest.

Where there are problems, there is opportunity. If something is needed, that right there is a business idea. The question becomes will it be patronized and most of all will it be profitable?

 

[⠝⠕⠏⠑]

That’s what I meant by “start somewhere and generally increase your wealth”

But that won’t close the wealth gap as a whole because there are systemic things preventing a large group of people from making simple changes like that. Simple things like having access to a grocery store or access/transportation to government buildings or affordable (and reliable) childcare.

Why is it a big secret? That frustrates me too. Do you know I have a mentor who was blocked by city council and a neighborhood from purchasing commercial land for development.

I didn’t even think the shyt ran that deep. Everybody operates under the assumption that if u get the cash, u can make the moves. But it’s all KINDS of grimey ass shyt happening behind the scenes that I totally unaware of, and it’s just an open ass secret.

 

[⠝⠕⠏⠑]

Somehow someway you always find a way to shyt on black men in your post

The act is getting old. Stop.

Can’t and won’t lie about my experiences to avoid offending ur delicate sensibilities. Every other post is HOH, bytches ain’t shyt, rah rah rah, blah, blah, blah. Don’t like? Oh well. Such is life.

 

[Geek Nasty]

Breh, you just demonstrated how indoctrinated the self hate is within you with this post.

I know ADOS people who have pooled substantial amounts of money for group investment and no one ran off with the money LOL

Speak for yourself

Go ahead and dap fish, you know I'm speaking truth. We'd own our own neighborhoods if you were right. Instead we have a legacy of hustlers and preacher pimps.

Take your drug money and buy the neighborhood
That's how you rinse it

 

[Kenny West]

But yvette told me group economics was worthless and that I need to beg Dwight Mann for reparations instead.

 

[Ghostface Trillah]

I think you’re confusing the idea of learning something from someone who is white and learning something from white people as a whole, implying that only they (white people) have the knowledge. Even so, the issue isn’t the actual learning from them, but you communicating the idea that white people have some monopoly on knowledge/skills.

Not really, you're just projecting.

 

[screenname01]

So if ADOS got 400k in reparations we could play capitalism and buy all of those houses and people would have to buy from us instead? All the anti ADOS slander makes sense now

 

[Kenny West]

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

Myth 3: Buying and banking black will close the racial wealth gap

Myth 5: Greater financial literacy will close the racial wealth gap

Myth 6: Entrepreneurship will close the racial wealth gap

Myth 7: Emulating successful minorities will close the racial wealth gap

Who gives a fukk about a wealth gap

The problem with these criticisms is that it treats closing a wealth gap completely as the only measure of succeess.None of these prove wealth can't be built via group economics. Do you want to improve communities and build wealth or not? How you let them mindfukk you into beleving that chasing some statistic invalidates all the gains we can do and all the ground that can be made up. Give up any type of wealth building to try and chase cacs "keeping up with the joneses" breh. Because that has been working out for us so far right?

 

[ATownD19]

These studies on African American wealth gaps only compare them to White American wealth. African Americans are BY FAR the richest group of blacks in the diaspora (compared to other blacks).