Wealth gap between whites and African Americans has tripled over last 25 years

[theworldismine13]

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.

Breh at this point you are just makin things, studies about wealth do not differentiate between fixed assets and liquid assets, if you personally want to make that seperation that's fine but these studies do not seperate between types of assets

Black people are not more likely to have more cash on hand, that is something else you are making up

And it's virtually impossibly to have 50k in savings unless you inherited it or have multiple times more investments and assets that are bringing you cash

I think you and a couple of other posters are showing an example of one part of the reason for low black wealth which is financial illiteracy

 

[No_bammer_weed]

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.

I never adopted a fatalistic conclusion to black wealth building. What I am saying is that black children, through no fault of their own, operating with less than 5% of the wealth of white children is the great causal factor for why black neighborhoods are in the condition they are. To brush this very significant fact aside, and reduce it to excuse making or whining, is completely disingenuous.

When teams compete, they use the same equipment and play by the same rules. Capitalism is one big competition --- and if it were baseball, white folks would be playing with aluminum bats, while folks of color try to hit the ball with toothpicks.

 

[Rawtid]

Breh at this point you are just makin things, studies about wealth do not differentiate between fixed assets and liquid assets, if you personally want to make that seperation that's fine but these studies do not seperate between types of assets

Black people are not more likely to have more cash on hand, that is something else you are making up

And it's virtually impossibly to have 50k in savings unless you inherited it or have multiple times more investments and assets that are bringing you cash

I think you and a couple of other posters are showing an example of one part of the reason for low black wealth which is financial illiteracy

How is it virtually impossible? That's saving a little over $400 a month for 10 years. The average car payment is that amount and a good portion of people finance at least 2 cars over a 10 year period.

 

[MeachTheMonster]

Breh at this point you are just makin things, studies about wealth do not differentiate between fixed assets and liquid assets, if you personally want to make that seperation that's fine but these studies do not seperate between types of assets

Black people are not more likely to have more cash on hand, that is something else you are making up

And it's virtually impossibly to have 50k in savings unless you inherited it or have multiple times more investments and assets that are bringing you cash

I think you and a couple of other posters are showing an example of one part of the reason for low black wealth which is financial illiteracy

I'm not making anything up. Homes, and other investments are considered more
valuable than cash. They don't even count your cash until you spend/invest it on something.

I'm not saying that black people have more cash than white people I'm saying. The ratio of cash to other assets is usualy higher in black folks. White folks use their savings to invest, black folks put their savings in a shoebox.


Doesn't matter if its "virtually" impossible or not(its not, but anyway) answer the question.

Is the person with 50k cash better off than the person who owns a $50k

 

[Rawtid]

I never adopted a fatalistic conclusion to black wealth building. What I am saying is that black children, through no fault of their own, operating with less than 5% of the wealth of white children is the great causal factor for why black neighborhoods are in the condition they are. To brush this very significant fact aside, and reduce it to excuse making or whining, is completely disingenuous.

When teams compete, they use the same equipment and play by the same rules. Capitalism is one big competition --- and if it were baseball, white folks would be playing with aluminum bats, while folks of color try to hit the ball with toothpicks.

Well the first mistake you're making is thinking that white people are your team mates because they aren't. Although society may put us in the same race, we are definately not on the same team.

If as individuals we can better manager the resources available to us, we would be in a better place but becasue we try so hard to keep up with others, we end up losing in the end. You're not going to tell me that someone working for 40 years wasn't able to to put any money to the side. We don't get life insurance policies either and if we do they are inadequate and there's not a wealthy person who doesn't have a life insurance policy...well very few don't have one.

We have wealth building tools available to us, we just don't take advantage of them.

 

[TLR Is Mental Poison]

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.

The biggie is to focus on self and what you can control. White people having generational wealth or a general head start has no effect on the choices you have to make.

 

[theworldismine13]

How is it virtually impossible? That's saving a little over $400 a month for 10 years. The average car payment is that amount and a good portion of people finance at least 2 cars over a 10 year period.

Ok if you are able to save $400 a month after paying all your bills and do it for 10 years, more power to you

But now that I think about you are right it's not that hard and it's not virtually impossible, I have close to 50k in my 401k, but I just mean like having 50k chilling in your bank account, that's very hard to do, for me anyway, I don't see that happening unless I make some major investments or some serious power moves

 

[MeachTheMonster]

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.

I didn't see anyone say we CAN'T build wealth. Just that it's more difficult and we are starting from a deficit. When talking about why the wealth gap is what it is we have to talk about why it got that way. And 99% of wealthy people were born into it. This idea of Americans just building wealth out of nothing is a myth.
Equal Opportunity, Our National Myth - NYTimes.com


And at the bolded what's that lesson? To enslave a people and amass wealth off of their blood sweat and tears.

 

[theworldismine13]

I'm not making anything up. Homes, and other investments are considered more
valuable than cash. They don't even count your cash until you spend/invest it on something.

I'm not saying that black people have more cash than white people I'm saying. The ratio of cash to other assets is usualy higher in black folks. White folks use their savings to invest, black folks put their savings in a shoebox.


Doesn't matter if its "virtually" impossible or not(its not, but anyway) answer the question.

Is the person with 50k cash better off than the person who owns a $50k

yes you are making things up, you stated that these studies do not take cash into account and that is point blank false, i have no idea where you got that notion from, and these studies do not differentiate between liquid assets or hard assets, i have no idea where you get that from

if black folks put their cash in a shoebox that is because of financial illiteracy and is another reason for low black wealth

and the ratio of cash to assets has nothing to do with how you are able to weather a downturn, your ability to weather a downturn has to do with your level of wealth not with your level of cash, there is zero evidence that black people have having a higher ratio of cash to hard assets has helped black people weather the downturn better than white people with hard assets are you not paying attention to the news? what story have seen or heard that tells you black people are weather the recession better than people with houses and stocks and bonds?

i dont know what you mean by better off, you have to define that, but in terms of measuring wealth 50k in cash and 50k in hard assets is the same thing, assuming the 50k cash is in a bank, if its in a shoebox than the 50k hard asset is better

breh overall you are just exposing your financial illiteracy and showing you dont understand the basics of building wealth

 

[Rawtid]

I didn't see anyone say we CAN'T build wealth. Just that it's more difficult and we are starting from a deficit. When talking about why the wealth gap is what it is we have to talk about why it got that way. And 99% of wealthy people were born into it. This idea of Americans just building wealth out of nothing is a myth.
Equal Opportunity, Our National Myth - NYTimes.com


And at the bolded what's that lesson? To enslave a people and amass wealth off of their blood sweat and tears.

It's not supposed to be easy and if you keep comparing to people who are already there, it's going to look damn near impossible. What is the point of understanding why we got there? and when do we quit trying to understand it and start doing something about it?

For every wealthy generation, there was a person w/i that generation that didn't have shyt when they started.

 

[MeachTheMonster]

yes you are making things up, you stated that these studies do not take cash into account and that is point blank false, i have no idea where you got that notion from, and these studies do not differentiate between liquid assets or hard assets, i have no idea where you get that from

if black folks put their cash in a shoebox that is because of financial illiteracy and is another reason for low black wealth

and the ratio of cash to assets has nothing to do with how you are able to weather a downturn, your ability to weather a downturn has to do with your level of wealth not with your level of cash, there is zero evidence that black people have having a higher ratio of cash to hard assets has helped black people weather the downturn better than white people with hard assets are you not paying attention to the news? what story have seen or heard that tells you black people are weather the recession better than people with houses and stocks and bonds?

i dont know what you mean by better off, you have to define that, but in terms of measuring wealth 50k in cash and 50k in hard assets is the same thing, assuming the 50k cash is in a bank, if its in a shoebox than the 50k hard asset is better

breh overall you are just exposing your financial illiteracy and showing you dont understand the basics of building wealth

So not only will you not honestly answer my question you are attributing things to me that I never said.

i find your post disingenuous, you are telling me what i said and then arguing against the words you put on my mouth

You might need to take your own advice here. I never said black people were better off during the recession. I said people who had more cash and less investments were better off. As a whole black people have less cash and investments, so obviously they were not better off than white folks.

I never said putting the money in a shoebox is a good thing. I just said shoebox money is not considered "wealth" as far as these studies are concerned.

 

[MeachTheMonster]

It's not supposed to be easy and if you keep comparing to people who are already there, it's going to look damn near impossible. What is the point of understanding why we got there? and when do we quit trying to understand it and start doing something about it?

For every wealthy generation, there was a person w/i that generation that didn't have shyt when they started.

So it's ok for you to compare us in saying we should catch up to them, but it's not ok to compare us and say why they are ahead.

This whole thread is about comparing us to people who are already there. The idea of "wealth" or a "wealth gap" is in itself a comparision to those people.

Last I checked black people have been constantly "doing something about it" we have more education and wealth now than ever before.

You understand where you came from so you can understand where your going. How can we teach our kids to step through or around racism if we don't teach them what it is?

How can we anylize how to fix a problem without addressing what caused the problem in the first place.

And even now with opportunity out there racism is still holding us back. Should we deny its existence?

 

[theworldismine13]

So not only will you not honestly answer my question you are attributing things to me that I never said.

You might need to take your own advice here. I never said black people were better off during the recession. I said people who had more cash and less investments were better off. As a whole black people have less cash and investments, so obviously they were not better off than white folks.

I never said putting the money in a shoebox is a good thing. I just said shoebox money is not considered "wealth" as far as these studies are concerned.

i answered all your questions and you said what i said you said, if you want to correct your posts and say shoebox cash is not counted thats fine, go ahead and correct yourself, it is correct that shoebox cash is not counted but cash is counted, shoebox cash is not considered wealth because it isnt wealth

there is no way to know if people who had more cash and less investments are better of because studies dont separate cash from investments, and also people tha have more investments also have more cash,

you notion of separating shoebox cash is separate from this study

there is an issue of the underground economy but that is an issue of financial illiteracy and its actually detrimental to wealth building

 

[MeachTheMonster]

i answered all your questions and you said what i said you said, if you want to correct you posts and say shoebox cash is not counted thats fine, go ahead and correct yourself, it is correct that shoebox cash is not counted but cash is counted, shoebox cash is not considered wealth because it isnt wealth

there is no way to know if people who had more cash and less investments are better of because studies dont separate cash from investments, and also people tha have more investments also have more cash,

you notion of separating shoebox cash is separate from this study

there is an issue of the underground economy but that is an issue of financial illiteracy and its actually detrimental to wealth building

No you didn't answer my question. I asked

Is the person with 50k in their pocket better off than the person with a $50k car.

It's yes or no. Not all this extra stuff you like to add.

You do this every time, you wanna argue semantics instead of the point of the discussion. You know when I say "cash" I'm talking about cash money in your pocket(shoebox money) but you want to keep equating "cash" to assets. So you can keep saying more assets is always better.

 

[Rawtid]

So it's ok for you to compare us in saying we should catch up to them, but it's not ok to compare us and say why they are ahead.

This whole thread is about comparing us to people who are already there. The idea of "wealth" or a "wealth gap" is in itself a comparision to those people.

Last I checked black people have been constantly "doing something about it" we have more education and wealth now than ever before.

You understand where you came from so you can understand where your going. How can we teach our kids to step through or around racism if we don't teach them what it is?

How can we anylize how to fix a problem without addressing what caused the problem in the first place.

And even now with opportunity out there racism is still holding us back. Should we deny its existence?

I never said anything about catching up, my point revolved around actually taking action to build wealth instead of putting all of our focus into why.

There will ALWAYS be racism against non-white people in America but it doesn't hinder anyone from being successful. The main instance when race is a detriment is when we have to deal with the "Justice" system.