Where did it say that at? I read it and it said nothing about "cash on hand" vs investments.
Wealth gap between whites and African Americans has tripled over last 25 years
- Thread starter Street Knowledge
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Where did it say that at? I read it and it said nothing about "cash on hand" vs investments.
breh you are just plain wrong, cash is considered an asset, and the more assets you have the more you are able to survive a downturn
this notion of separating cash from assets is something you are inventing, when wealth is measured cash is included in that measurement
and there is no evidence that black people or poor people have more cash, so i dont even know where you are going with that, cash goes hand in hand with investments and other assets meaning that those who have investments also tend to have more cash, so there is no point in separating the 2
You dont have to get rid of public housing to get black people to buy houses. There are way more black homeowners (17.8 million) than blacks in public housing (4 million). Public housing serves a purpose and while its not perfect is not very high on our list of problems.
And I took public housing as a central theme to your theory because it was your first response to the article. If it wasnt that important or central to your theory on black wealth you would have said something else
I said car note in the first post and you're right it was a mistake. I didn't notice that.
But I didn't say it in the post she quoted and I even reiterated that I wasn't talking about a car loans in two posts after that.
It's the way "wealth" is definined in this country.
No, your net worth is zero. If you sell the car you will not make a dime, because you have to pay it off. And since the bank owns the car its value doesn't factor into your balance sheet.have you ever looked at a balance sheet
Asset = liabilities + Equity
If you owe 20k and the car is worth 20k, then you have an asset an liability worth 20k
A balance sheet isn't of much use if you don't know simple arithmetic
LMAO!!
Wealth is defined by the value of your assets. Cash is an asset. You're just making shyt up at this point up.
No, your net worth is zero. If you sell the car you will not make a dime, because you have to pay it off. And since the bank owns the car its value doesn't factor into your balance sheet.
A balance sheet isn't of much use if you don't know simple arithmetic
Net Worth and Equity are essentially the same thing so he said nothing wrong.
Asset = liabilities + Equity/Net Worth
20k = 20k + x
20k -20k = x
x =0.
No, your net worth is zero. If you sell the car you will not make a dime, because you have to pay it off. And since the bank owns the car its value doesn't factor into your balance sheet.
A balance sheet isn't of much use if you don't know simple arithmetic
you have an asset for for the cost of the car minus depreciationYou have a liability for the amount due on the loan
The post i quoted said if you owe on car you don't have an asset and that is wrong
You dont have to get rid of public housing to get black people to buy houses. There are way more black homeowners (17.8 million) than blacks in public housing (4 million). Public housing serves a purpose and while its not perfect is not very high on our list of problems.
And I took public housing as a central theme to your theory because it was your first response to the article. If it wasnt that important or central to your theory on black wealth you would have said something else
i didnt say you have to get rid of public housing to get black people to buy houses, i said that public housing discourages home ownership
there are bunch of things you can do to increase home ownership and those things should be what black people fight for, black people shouldn't fight for public housing
what i said is that public housing is an issue that plays a part in home ownership
you took it as a central theme because you have low reading comprehension and an active imagination
You shouldnt conflate factors with excuses. There are many factors that have contributed to the wealth gap between the races, and its a gap that has been close to five centuries in the making. No, the gap doesnt owe its distance to the fact that black people are simply irresponsible, and spend all their money on fried chicken, malt liquor, and rims.
Its not that white people are inherently more responsible and enterprising, its that they largely have far more resources to work with, in great amounts, which insulate them from the traps that people of color largely fall into. Even if a black man or woman does all the right things, if one comes from poverty, its a constant high wire act where a slip can be financially fatal. These are variables, talked about in the articles posted, that many whites never have to concern themselves with --- and thats not even talking about discrimination in hiring, loans, etc, which further divide.
If anything, we should re-orient towards an eastern way of thinking rather than a western way. The western way deems that one leaves the house at 18. Thats great for whites, because they have a vast collection of resources to draw from --- they're ready. The eastern way, doesnt have a strict timetable. Thats why many Asian househoulds have children in their 30s living w/ the mother and father until they are financially stable enough to move out. This is additionally why Asian households compete with white households as a collective, but not per capita individual basis (racism)
Sure, if we ran a mile race and you started a half mile ahead I still have a chance --- but you cant eliminate that as a factor for why I always come up short.
yeah but your whole point is wrong, wealth studies take cash into account, i have no idea where you get the idea that it doesnt, i think you are making that up or simply have a profound misunderstanding
In these studies cash is considered a liquid asset homes are considered "fixed" assets. When they say who is more or less wealthy "fixed assets" hold more weight than liquid assets.
Do you disagree that a person with 50k in their pocket is better off than the person who has a car worth 50k?
And I said black people are more likely to have cash on hand than ownership or "fixed" assets which is why we always do poorly in these studies.
Naw, this is what you said
It seems you have the active imagination, friend :50holmes:
Also pretty amusing how eager you are to launch into personal attacks. We are just exchanging viewpoints and ideas, don't take it personally
None of these studies talk about income or cash. They all talk about owning homes and investments. As far as these studies are concerned. A person that owns nothing yet has 50k in their pocket is less wealthy than the person that owns a $50k home.
To pretend as if we can't build wealth with the resources available to us is a detrimental way of thinking. Not every wealthy person was born wealthy but they decided to do smart things with their money and that's what we need to do to. Plus building wealth is a LONG TERM effort and not a lot of us want to wait years to see results. We want to get rich as quickly as possible which ends up putting up deeper into the hole.
We can't keep comparing ourselves to white people in terms of where we are, but there is a lesson to be learned in how to build wealth and set the next generation up. There are no excuses this point.