Monday, March 23, 2009

White-Black Wealth Gap Grows

As I read my daily news this morning this fact caught my eye. "For every dollar of wealth held by the average white family, a black family has only a dime." No big surprise but apparently the gap is getting bigger not smaller. Maybe this can be blamed to people of color being targeted for subprime loans? Blacks not investing into savings? The real change we need is economics 101. Its time we become smart about our money. I always have believed in the saying work smarter not harder. This can be true to this issue in so many ways. We need to become asset builders and not waste our money on cars and rims, clothes and $100 shoes. Honestly, where does it get us in the long run? True we have a lot of rich black people but when it comes to wealth we have to look way down the line to the Oprahs when it should be all of us.

3 comments:

Jamar Herrod said...

That is so funny because we were just talking about the topic of reverse discrimination in my Race, Sex, and Gender course. The idea that Whites have pulled out the "reverse discrimination" crap still does not put us any higher on the economic ladder. Nonetheless, this recession should be putting people back in their places of spending smarter but the question is..HAS IT? If not, WHEN WILL IT COME? SPENDING SMARTER IS RIGHT THOUGH.

JanaB said...

HOLD UP. . . Lets just make sure that Jamar knows that are a couple whites that know whats up. . . this is my new theme "Real Life 2009" Here is how it goes- White Men- and then everyone else. HOWEVER, it goes white men, white women and black men (sometimes?- it depends on the type of job. . . ) but you get my point. . the reverse racism is crap.
Yesterday one of my buddies that I am trying to assist in the employment arena- 19, black male, one child, no high school degree, record, was describing to me a situation of why he got a VERY serious charge. . . LOUIS VUITTON. Now you can argue with me until the cows come home but I hear this story A LOT about run ins with the law because of material items from my youth of today WHOM I HOLD SO DEAR. I wish I could just keep them in my arms (I know that sounds cheesy but it is true) My girlfriends- who are all black and I have rules- we almost NEVER buy anything that is over $15-$20 dollars at any given store- frankly we don't ever go shopping. This was the way we were raised- we value education and we are equally as broke, the issue is that my potential for earnings is more. I personally fight for my brotha's and sista's so lets just bring it back to basics- Marshalls, Walmart, and ALWAYS the sale rack.

UrSoVain said...

Or maybe we just have different cultural values. Who says those people who spend their money on "frivolous" things... aren't happy?