I have for the life of me tried to understand black people. As a child I grew up in a home where my mom was the definition of frugal. But I always just thought that many people who didn’t have money was the same way. It wasn’t until I got married and started cooking when my husband was like why are you skinning, and slicing the potatoes for fries, you can just go buy them pre cut… hmmm I thought really. Or when we were in target getting toilet paper and he was like look what about buying this roll of Charmin, I was like well do we have Charmin money.. NO. Lets get this angel soft and roll on about our day. However I will admit there is nothing like a nice cup of espresso from Starbucks. But why is it that wealth in the black community is a downward spiral. Buying jays and good toilet paper can’t really make the difference in our wealth.. can it? Its a question that has always intrigued me. I understand we make less than the average white man or because of racism. But why over years of us getting more rights has our money gone down the hill. How can our wealth gap be widening but we are more educated than ever before? Blacks spend their money and don’t save is because systematic racism prevented them from safely investing in banks, and is currently impacting their ability to own property, land, or businesses, thus leaving them with nothing to pass down to future generations. They were forced into a mindset of poverty–spend now before it’s gone, impacting them generationally. Historical experiences blinded African-Americans from recognizing the importance of financial literacy and because of their monetary ignorance, blacks possess the least amount of wealth in America.-Blackmeninamerica
Why yes, I couldn’t agree more. Back in the day living paycheck to paycheck, was a good thing it meant you had money and you could survive. You were not allowed the opportunities we have today. Owning land, starting business, earning interest all those things were foreign years ago. Spending was what we new best, it was fresh to us. Now back then I understand, but 2017 I do not.
This type of mentality drives me crazy. The fact that we still think its okay not to save and live paycheck to paycheck is a problem. Its a problem that we (black people) have the lowest percentage of wealth in this economy. Why yes we do get paid less than the white man but not low enough that we cant even save 10% of our income. When looking at the wealth chart it should make you cringe. We are more educated than ever, how come we are not growing our wealth.
I am not here to judge, I am here to open the discussion. I started the urban wealth because I saw a need. I love budgeting and saving money and I knew my people are smart enough to learn how to make their money grow, but I never could figure out why we don’t. Please leave a comment below on what you think are the reasons why we don’t save and grow our wealth.