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

[theworldismine13]

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.

but i answered that, you have to define what you mean by better off, better off in terms of what?

in terms of wealth its the same thing as long as the car as paid off and the cash is in the bank

if the cash is in a shoebox then the 50k car is better for wealth

im not sure what part is it that im not answering

i do not know when you say cash that you meant shoebox cash, why would i assume you are talking about shoebox cash

and your attempt to downplay investments and prop up shoebox cash is just financial illiteracy in your part

 

[Mr Uncle Leroy]

what comparison?

 

[MeachTheMonster]

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.

That is not true at all. Even the article that sparked this thread attributes at least SOME of the problem to racism. You don't think higher intrest rates and lower pay are detriments from building wealth? How about debt being passed on from generations of oppression? How about black people getting passed up for promotions they qualify for? What about purposeful underfunding of schools in black neighborhoods?

Naw it's none of that. Black people are just stupid and lazy

 

[Listen]

Coming from a white person whose family has zero accumulated wealth....

It sucks just as hard to grow up with friends whose parents have the means to set them up for success when your parents are in the process of having their house foreclosed on if your white.

All I know is I don't have many friends who have gotten richer in the last 5 years, white or black or yellow.

 

[MeachTheMonster]

but i answered that, you have to define what you mean by better off, better off in terms of what?

in terms if wealth its the same thing as long as the car as paid off and the cash is in the bank

if the cash is in a shoebox then the 50k car is better for wealth

im not sure what part is it that im not answering

i do not know when you say cash that you meant shoebox cash, why would i assume you are talking about shoebox cash

and your attempt to downplay investments and prop up shoebox cash is just financial illiteracy in your part

Still no yes or no answer

Not downplaying or propping up anything. It is my opinion that spending all your money on investments is a bad idea. It's very risky and you could end up broke easier than you could if you just save your money.

Like you said "what defines wealth?" For humans all we need is food shelter and happiness. Spending your money on investments risks your food, shelter, and happiness just so you can buy more things and be considered more wealthy. Saving your money guarantees that you have what you need. You have less a chance to gain "wealth" in the capitalist society sense, but you ensure you have continued wealth in a biological sense.

I'm sure you'll call that "financially illiterate" and say that's why black people can't build wealth. But I say coming from a place with no support or safety net it's foolish to try to chase "wealth" as determined by these white folks. That's why so many black folks ended up with foreclosed homes, because they were chasing this idea of wealth. Had they saved their money and lived modestly they wouldn't have been in that situation. Now they'll never amass wealth because they have to much debt and fukked up credit.

 

[Rawtid]

That is not true at all. Even the article that sparked this thread attributes at least SOME of the problem to racism. You don't think higher intrest rates and lower pay are detriments from building wealth? How about debt being passed on from generations of oppression? How about black people getting passed up for promotions they qualify for? What about purposeful underfunding of schools in black neighborhoods?

Naw it's none of that. Black people are just stupid and lazy

You're not responsible for a dead person's debt. Unless they had an estate in which you received money from, then the estate is reponsible to exhaust all funds to pay debt before it can pay inheritances but other than that you do not have to pay it.

As far as higher interest rates go, you are not FORCED to borrow money. People do it to buy things they can't pay for upfront. Save your cash up?

Being passed up for a promotion does not stop you from being responsible with non promotion money.

I personally don't think it matters how much money you put into schools if the general population isn't interested in learning. Again, that's a behavior change. New books and new computers won't make you value education.

I didn't say black people are lazy but the condition we are in can be eradicated by a change in individual behavior.

 

[MeachTheMonster]

You're not responsible for a dead person's debt. Unless they had an estate in which you received money from, then the estate is reponsible to exhaust all funds to pay debt before it can pay inheritances but other than that you do not have to pay it.

People go into debt taking care of loved ones. And yes you are responsible to pay for grandmas house if the rest of your family is still living there when she dies.

As far as higher interest rates go, you are not FORCED to borrow money. People do it to buy things they can't pay for upfront. Save your cash up?

We are talking about building wealth here. One of the main requirements of building wealth is homeownership. We are charged more for homes therefore wealth building is hindered.

The only way to get a job and build wealth is to go to college. Most American families can't go to college without borrowing money. Blacks get higher intrest rates and are paid less once they get out of school. More debt+ less capital=Less "wealth"

In order to build wealth in America you HAVE to borrow money there is no way around it. You keep talking about all these people who were able to build wealth from nothing, well EVERY single one of them got some type of loan from somebody.

Being passed up for a promotion does not stop you from being responsible with non promotion money.

Again we're talking about building wealth here. If black people are less likely to get promoted then they are less likely to "build wealth"

I personally don't think it matters how much money you put into schools if the general population isn't interested in learning. Again, that's a behavior change. New books and new computers won't make you value education.

How do you know they aren't interested in learning?

Is an education from one of these fukked up schools actualy "valuable"?

I didn't say black people are lazy but the condition we are in can be eradicated by a change in individual behavior.

That's exactly what you are saying. If none of these things are holding black people back and they are truly on equal footing with white folks then the only reasonable explanation is that black folks are stupid and lazy, otherwise they'd just get up and make a bunch of money.

 

[theworldismine13]

Still no yes or no answer

Not downplaying or propping up anything. It is my opinion that spending all your money on investments is a bad idea. It's very risky and you could end up broke easier than you could if you just save your money.

Like you said "what defines wealth?" For humans all we need is food shelter and happiness. Spending your money on investments risks your food, shelter, and happiness just so you can buy more things and be considered more wealthy. Saving your money guarantees that you have what you need. You have less a chance to gain "wealth" in the capitalist society sense, but you ensure you have continued wealth in a biological sense.

I'm sure you'll call that "financially illiterate" and say that's why black people can't build wealth. But I say coming from a place with no support or safety net it's foolish to try to chase "wealth" as determined by these white folks. That's why so many black folks ended up with foreclosed homes, because they were chasing this idea of wealth. Had they saved their money and lived modestly they wouldn't have been in that situation. Now they'll never amass wealth because they have to much debt and fukked up credit.

i cant answer yes or no because you haven't defined what "better off" means

if you want to come up with your own definition of wealth thats fine, but as far as its defined in the studies there isnt any difference in what type of asset you have, 50k in cash, 50k in a car is the same thing

the phrase "spending your money on investments" only makes sense in your financially illiterate lingo, saving money in a bank is an investment, so im not sure what it means to save money and not spend it investments, you are "sp

im going to be gracious and translate your financially illiterate lingo into something the rest of the world can understand, i believe you are saying that black people shouldn't make risky investments and only put their money in safe investments and you are including buying a house as risky

and thats fine, i dont agree i think black people should double down on real estate especially now, but there are a lot of people that advise what you say , but your lingo is all wrong, saving your money is an investment and the cash you have in a bank account is counted as a part of your wealth

so if you want to give financial advice you need to first become financially literate and learn financial terms, if you go around inventing terms people wont know what the hell you are saying

if you say cash, i assume you are talking about a savings or checking account for example, i didnt know you were using street lingo, i didnt realize you were talking about money under your mattress but now that i have translated your vocabulary you are correct, money in a shoe box or under the mattress is not considered wealth, i hate to break the news but the rubberband man is not considered wealthy, and bands will make her dance but bands will not make you wealthy unless you put the "bands" in a checking or savings account and accrue interest

the study was discussing wealth gap, there is a standard definition of wealth which includes cash (in a bank account), if you have your own definition of wealth then you should use another word or make it clear you are using your own definition

 

[MeachTheMonster]

i cant answer yes or no because you haven't defined what "better off" means

if you want to come up with your own definition of wealth thats fine, but as far as its defined in the studies there isnt any difference in what type of asset you have, 50k in cash, 50k in a car is the same thing

the phrase "spending your money on investments" only makes sense in your financially illiterate lingo, saving money in a bank is an investment, so im not sure what it means to save money and not spend it investments, you are "sp

im going to be gracious and translate your financially illiterate lingo into something the rest of the world can understand, i believe you are saying that black people shouldn't make risky investments and only put their money in safe investments and you are including buying a house as risky

and thats fine, i dont agree i think black people should double down on real estate especially now, but there are a lot of people that advise what you say , but your lingo is all wrong, saving your money is an investment and the cash you have in a bank account is counted as a part of your wealth

if you have money in a shoe box or under your mattress that is not part of your wealth so it isnt counted as saving money or as an investment

so if you want to give financial advice you need to first become financially literate and learn financial terms, if you go around inventing terms people wont know what the hell you are saying

if you say cash, i assume you are talking about a savings or checking account for example, i didnt know you were using street lingo, i didnt realize you were talking about money under your mattress but now that i have translated your vocabulary you are correct, money in a shoe box or under the mattress is not considered wealth

the study was discussing wealth gap, there is a standard definition of wealth which includes cash, if you have your own definition of wealth then you should use another word or make it clear you are using your own definition

again with the semantics you know damn well I wasn't talking about savings accounts when talking about "investments"

And you know damn well the average "savings" account isn't considered an "investment"

 

[theworldismine13]

again with the semantics you know damn well I wasn't talking about savings accounts when talking about "investments"

And you know damn well the average "savings" account isn't considered an "investment"

a savings account is an investment

and i am most definitely talking semantics, that is my whole point, you are financially illiterate and are misusing words

 

[TLR Is Mental Poison]

That is not true at all. Even the article that sparked this thread attributes at least SOME of the problem to racism. You don't think higher intrest rates and lower pay are detriments from building wealth? How about debt being passed on from generations of oppression? How about black people getting passed up for promotions they qualify for? What about purposeful underfunding of schools in black neighborhoods?

Naw it's none of that. Black people are just stupid and lazy

They are detriments, but the difference is not so vast that they keep minorities from building wealth at all. I'm not cosigning the shyt but I think people are looking to put way too much blame on a convenient outlet

 

[No_bammer_weed]

As far as higher interest rates go, you are not FORCED to borrow money. People do it to buy things they can't pay for upfront. Save your cash up?

Cmon now...now you're just being obtuse to try to defend a position. Nobody pays for homes, cars, start up businesses with cash on hand. Thats ridiculous. The whole idea behind wealth generation is almost exclusively related to incurring debt. These are avenues that black people have little access, and one of the many variables that keeps us locked in as an underclass. People dont generate wealth by stashing lunch money in a shoebox and hoping it will magically grow.

I understand what you're saying...i truly do. Its not advantageous to develop a negative mindset as a community, but we also cant ignore the fundamental ways in which racism injures people of color in decidedly socio-economic ways.

 

[MeachTheMonster]

a savings account is an investment

and i am most definitely talking semantics, that is my whole point, you are financially illiterate and are misusing words

No I'm using words as people use them in normal everyday conversation. You want to paint me as "financially illiterate" so you take my words and try to apply them to your own context. That's very intellectually dishonest of you, and you do it all the time on this site. I've never seen you be able to have a decent conversation with anyone because you always stoop to these silly games.

 

[No_bammer_weed]

They are detriments, but the difference is not so vast that they keep minorities from building wealth at all. I'm not cosigning the shyt but I think people are looking to put way too much blame on a convenient outlet

I'd say black children born in households where they have less than 5% of the wealth of white children is a "vast" difference. Id say that every area where one can improve oneself --- from education, to entrepreneur, to employment, to loan approval being riddled with deep seated racism is a "vast" difference.

 

[MeachTheMonster]

They are detriments, but the difference is not so vast that they keep minorities from building wealth at all. I'm not cosigning the shyt but I think people are looking to put way too much blame on a convenient outlet

Naw I never said they are preventing minorities from building wealth. I said they are making it more difficult and they are the reason that black people are able to find economic success but are still unable to amass wealth.