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

[TLR Is Mental Poison]

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.

A home, OK. A business, maybe. A car? If you have a decent paying job and can't come up with $10K cash to buy a car, you got problems. You're not doing something right. I bought all my cars and my motorcycle cash. I'm gonna continue to buy my cars and bikes cash. I can't even remember the last time I made a purchase I had to finance, and if I did put it on a card I did it for points + paid it back.

And again, if you play the game right, interest shouldn't even be an issue. You should be paying your house off early and avoiding the interest. You should be buying a house you can really afford (<3x your salary). You should be shopping for good rates and knowing what kind of mortgage you are signing up for. Is the discriminatory aspect of it fukked up? Sure, but its not the difference between affordability and unaffordability

 

[TLR Is Mental Poison]

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.

Right, but none of this shyt has anything to do with or is stemmed from credit discrimination

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.

I still don't agree. If we are going to talk black financials shyt like credit discrimination is minor compared to shyt like the use of check cashing places over bank accounts. In my old neighborhood it was like a right of passage to fukk up and rebuild your credit... banks didn't make anyone do that. Again it comes back to people wanting to look out for a place to assign the blame. Is the system perfect? fukk no, and I have argued that people like Obama aren't doing enough to fix it on that end. But we are still fukking up majorly

 

[No_bammer_weed]

A home, OK. A business, maybe. A car? If you have a decent paying job and can't come up with $10K cash to buy a car, you got problems. You're not doing something right. I bought all my cars and my motorcycle cash. I'm gonna continue to buy my cars and bikes cash. I can't even remember the last time I made a purchase I had to finance, and if I did put it on a card I did it for points + paid it back.

And again, if you play the game right, interest shouldn't even be an issue. You should be paying your house off early and avoiding the interest. You should be buying a house you can really afford (<3x your salary). You should be shopping for good rates and knowing what kind of mortgage you are signing up for. Is the discriminatory aspect of it fukked up? Sure, but its not the difference between affordability and unaffordability

I commend you on handling business the right way, but a lot of what you wrote are assumptions based on your personal anecdotal story --- as if these things are attainable for all.

Its leads into a larger point, and its the foundation behind success and wealth building: second chances, help, a leg up. Whether that leg up comes in the form of financial, knowledge, etc...

Success derives its strength from encouragement and stimulation. Not deprivation. People always want to prattle on about their success stories as if they magically sprung from their own hard work, exclusively. I can tell you that I come from a very troubled, low income, household. Im currently on the cusp of a masters degree, with little debt to my name. I can also tell you that I was extremely lucky during my journey, and had a few things broke for me in the negative, I probably wouldnt be here. I know that while I made a lot from little, no journey is the same, and I cant have the arrogance to say "If I did it, you do it". Life doesnt work like that.

The fact of the matter is that if you grow in in a household with 5,000 in total assets, you're gunna wind up a statistic, and not a positive one. Those are the facts.

 

[john goodman]

The key to prosperity for black people

Learn about money... Then teach your kids about money


Simple as that... Cant expect to prosper if you are totally ignorant to how money works

 

[theworldismine13]

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.

like i said, i was gracious enough to translate what you meant, you think black people should avoid risky investments and you include real estate as a risky investment and you think its more important to save money, thats fine, just use the proper lingo

and most people are financially illiterate, so that normal everyday conversation isnt gonna cut it, this is HL maybe you need to step your game up, a savings account is an investment, it certainly is the least risky investment but the fact that you accrue interest makes it an investment, i dont know what you want me to tell you, if somebody doesnt consider a savings account an investment they either dont know what they are talking about or have their own special definition of investment

 

[MeachTheMonster]

Right, but none of this shyt has anything to do with or is stemmed from credit discrimination



I still don't agree. If we are going to talk black financials shyt like credit discrimination is minor compared to shyt like the use of check cashing places over bank accounts. In my old neighborhood it was like a right of passage to fukk up and rebuild your credit... banks didn't make anyone do that. Again it comes back to people wanting to look out for a place to assign the blame. Is the system perfect? fukk no, and I have argued that people like Obama aren't doing enough to fix it on that end. But we are still fukking up majorly

What I notice on this site is that people like to equate poor people with black people. It's not the same. People cashing their check at check cashing spot aren't the ones who would be amassing wealth or being effected by high intrest rates. It's the black middle class who is unable to build enough wealth to pull the lower class up. High intrest rates prevent black businesses from hiring people. They prevent middle class families from paying for college. You are correct no one is to blame for people fukking up their credit, but when you have to use credit to eat you're more likely to fukk it up. Plenty of black kids fukk up their credit just buying food, healthcare, living arrangements in college. Is ith their fault yes, did American history put them in a place where they had to make those types of decisions, yes.

And I disagree with the notion that black people are fukking up royally. With a 350 year disadvantage I'd say were are doing pretty damn good.

 

[Rawtid]

@MeachTheMonster

I never said that we are on equal footing with white people, I said that we have opportunities and resources availble to us to begin the process of building wealth.

1. There are BASIC educational foundations that every school can offer. Math is math, reading is readin, you don't need a new book to teach it, you need students willing to learn.

2. You don't need to buy Real Estate in order to build wealth and even if you purchase a home, you can save up for years and buy it in cash but at the same time I woudldn't knock anyone that got a mortgage THAT THEY COULD AFFORD!!

3. Not everyone uses debt to accumulate wealth. It is not normal, but it has been done. Chick Fila operates a debt-free business.

@No_bammer_weed

1. You can start a business, buy a car or a house without borrowing money and it does happen and it's not ridiculous.It's not "normal" but normal people are usually broke, so I'm learning to steer away from their behavior and attitudes towards money.

2. It's stupid to put your money in a shoe box, but you can put it in a savings account, CD, mutual fund or an IRA and have your money grow with interest and OVER TIME and start to accumulate wealth. Real Estate is another investment tool but you don't NEED it in order to be wealthy. This is a long-term process, not something that will happen over night and none of those tools ask you what you race is when you sign up.

3. People like you who think that it's ridiculous to save up your money and buy shyt without debt are part of our problems too. It's ok to save up and invest for years...over time. Not everything is going to yield a quick buck.

 

[MeachTheMonster]

like i said, i was gracious enough to translate what you meant, you think black people should avoid risky investments and you include real estate as a risky investment and you think its more important to save money, thats fine, just use the proper lingo

Any and everybody that wasn't trying to be a pretentious a$$hole understood what I was trying to say. You wanted to showcase your knowledge so you went out of your way to correct me. If you understood what I was saying you should have responded to that instead of arguing semantics.

and most people are financially illiterate, so that normal everyday conversation isnt gonna cut, this is HL maybe you need to step your game up, but a savings account is an investment, it certainly is the least risky investment but the fact that you accrue interest makes it an investment, i dont know what you want me to tell you, if somebody doesnt consider a savings account an investment they either dont know what they are talking about or have their own special definition of investment

Doesn't matter what you say, when someone talks about making an investment they're not talking about depositing money in their national city account.

 

[TLR Is Mental Poison]

I commend you on handling business the right way, but a lot of what you wrote are assumptions based on your personal anecdotal story --- as if these things are attainable for all.

Its leads into a larger point, and its the foundation behind success and wealth building: second chances, help, a leg up. Whether that leg up comes in the form of financial, knowledge, etc...

Success derives its strength from encouragement and stimulation. Not deprivation. People always want to prattle on about their success stories as if they magically sprung from their own hard work, exclusively. I can tell you that I come from a very troubled, low income, household. Im currently on the cusp of a masters degree, with little debt to my name. I can also tell you that I was extremely lucky during my journey, and had a few things broke for me in the negative, I probably wouldnt be here. I know that while I made a lot from little, no journey is the same, and I cant have the arrogance to say "If I did it, you do it". Life doesnt work like that.

The fact of the matter is that if you grow in in a household with 5,000 in total assets, you're gunna wind up a statistic, and not a positive one. Those are the facts.

I never claimed to have done it all on my own Growing up in a 2 parent home and utilizing the opportunities they afforded me was def a team effort... I would not be where I am w/o the influence and guidance of my parents, or the help afforded to me by all the professors and employers who gave me a chance

But I dont see what that has to do with paying for a car cash. Are you saying that some people are so fukked up they can't save money at all? By proxy if you have money to pay a car note you have the ability to save money. It doesn't help that a lot of people buy way more car than they need/can afford- none of the cars I bought cost more than $5K for example. So you assert that one or two stories are outliers that shouldn't be counted- I disagree- we should be looking at these outliers of success as examples to emulate, rather than to shrug aside in the pursuit of more excuses and outside scapegoats for failure

What I notice on this site is that people like to equate poor people with black people. It's not the same. People cashing their check at check cashing spot aren't the ones who would be amassing wealth or being effected by high intrest rates. It's the black middle class who is unable to build enough wealth to pull the lower class up. High intrest rates prevent black businesses from hiring people. They prevent middle class families from paying for college. You are correct no one is to blame for people fukking up their credit, but when you have to use credit to eat you're more likely to fukk it up. Plenty of black kids fukk up their credit just buying food, healthcare, living arrangements in college. Is ith their fault yes, did American history put them in a place where they had to make those types of decisions, yes.

And I disagree with the notion that black people are fukking up royally. With a 350 year disadvantage I'd say were are doing pretty damn good.

I need some proof that high interest rates are a primary driver of the racial wealth divide before I really get into it. I can think of a lot more factors driving the divide- the racial income + education gap being the biggest. 1% more on a mortgage is big but 20-50% lower lifetime earnings are much bigger

 

[Rawtid]

I commend you on handling business the right way, but a lot of what you wrote are assumptions based on your personal anecdotal story --- as if these things are attainable for all.

Its leads into a larger point, and its the foundation behind success and wealth building: second chances, help, a leg up. Whether that leg up comes in the form of financial, knowledge, etc...

Success derives its strength from encouragement and stimulation. Not deprivation. People always want to prattle on about their success stories as if they magically sprung from their own hard work, exclusively. I can tell you that I come from a very troubled, low income, household. Im currently on the cusp of a masters degree, with little debt to my name. I can also tell you that I was extremely lucky during my journey, and had a few things broke for me in the negative, I probably wouldnt be here. I know that while I made a lot from little, no journey is the same, and I cant have the arrogance to say "If I did it, you do it". Life doesnt work like that.

The fact of the matter is that if you grow in in a household with 5,000 in total assets, you're gunna wind up a statistic, and not a positive one. Those are the facts.

So what did you have available to you growing up that others in your position didn't?

 

[No1]

I made a thread that kind of piggybacks off this: http://www.the-coli.com/higher-lear...es-economic-mobility-america.html#post3458918

Basically political and economic equality are tied to each other. More black people are poor, thus the less economic clout they have, thus many of these results.

 

[MeachTheMonster]

@MeachTheMonster

I never said that we are on equal footing with white people, I said that we have opportunities and resources availble to us to begin the process of building wealth.

1. There are BASIC educational foundations that every school can offer. Math is math, reading is readin, you don't need a new book to teach it, you need students willing to learn.

2. You don't need to buy Real Estate in order to build wealth and even if you purchase a home, you can save up for years and buy it in cash but at the same time I woudldn't knock anyone that got a mortgage THAT THEY COULD AFFORD!!

3. Not everyone uses debt to accumulate wealth. It is not normal, but it has been done. Chick Fila operates a debt-free of our problems too. It's ok to save up and invest for years...over time. Not everything is going to yield a quick buck.

1. You didn't answer my question. How do you know the kids don't want to learn?
Is an education from a purposefully underfunded school valuable?

Now to adress what you said, it's totaly wrong as well, learning BASIC things in grade school sets you up for a BASIC life. You can't expect kids put in this situation to perform on the same level as kids who are given more support. They are competing with kids that get so much more. And furthermore a BASIC education is only half the battle. Kids need things like extracurricular a activities, tutors, after school programs, financial education, behavioral education, and the list goes on. Inner city kids don't get these things and in reality they don't even get BASIC educations.

2. You do need to buy a home in order to build wealth. Otherwise you are just wasting money on rent. Yes a person could save money to buy a home, but if they are already coming from a low income situation how do you expect them to save enough money to purchase a home?

3. So you want poor black famies to just up and open chic-fil-a's without any credit or generational wealth, bad schools, all while saving up their pennies to buy a home and to to college.

 

[john goodman]

Excuses excuses

Fact is if you don't act like a fukking idiot you should be able to come out ahead in life

This is America... people come to this country with nothing and make good all the time

 

[theworldismine13]

Any and everybody that wasn't trying to be a pretentious a$$hole understood what I was trying to say. You wanted to showcase your knowledge so you went out of your way to correct me. If you understood what I was saying you should have responded to that instead of arguing semantics.

im not pretentious but i am an a$$hole, I'm the God Emperor, financially illiteracy is widespread and you were contributing to it and so yeah i had to correct you, thats what i do, i hope we understand each other and i hope you step your vocab game up when you are talking to me and posting in HL

Doesn't matter what you say, when someone talks about making an investment they're not talking about depositing money in their national city account.

and like i said most people are financially illiterate, its important to use the proper language and call a savings account a low risk investment because there are other investments that are low risk like bonds, CD's and money market funds and the way you were phrasing is just bad, it seemed to preclude other low risk investments and going by your previous posts you seem to include putting money in a shoebox and under your mattress as a legit alternative

so that is why i felt the need to correct you, you were spreading your financial illiteracy around to other people

 

[MeachTheMonster]

I need some proof that high interest rates are a primary driver of the racial wealth divide before I really get into it. I can think of a lot more factors driving the divide- the racial income + education gap being the biggest. 1% more on a mortgage is big but 20-50% lower lifetime earnings are much bigger

I never said they were the primary driver of the racial wealth divide, only part of the problem. But at the same time the disadvantages you listed all cause interst rates to go up so I think the problem is much more complicated than just saying black people need to try harder.