Blacks Projected to have roughly $1 trillion in spending power by 2010
According to data compiled recently by essayist and retired patent attorney Richard Everett, African Americans are projected to have spending power of approximately $1 trillion a year by 2010. That will be a significant increase over the roughly $800 billion Blacks are believed to have spent in 2006.
Nevertheless, a whopping 24.9 percent of all Blacks are still officially classified as poor and critics complain that despite its absolute size, Black income is failing to create Black wealth because it tends to flow into Black communities and right back out. The most recent government figures (2002) show the typical white household had over 10 times as much accumulated wealth (or net worth) as the typical Black household. The median net worth (assets minus liabilities) for the typical white family was $88,651 compared to $7,932 for Hispanics and $5,998 for Blacks.
So a lot Black people get money but waste it and don’t build wealth. It’s sad, black communities don’t even support their own. There are a lot of mentalities holding black communities down, time to stop blaming others and take an honest look in the mirror and at your community. Buying expensive clothes all the time isn’t a good look, it will just be played out in a few months anyway. If you not in high school, it is time to grow up and work more on a bank account than a sneaker collection.
Just The Facts points out:
You might be sincere with your comment at the end of your article about wasting money on clothes. But the reality is harder than that. I been around and the reason black folks don’t invest because there’s no one to teach it. When your broke and get money you don’t know how to manage money and where to go to invest. I know white folks who teach their kids in middle school how to invest in stocks. And the schools teach economics in a different way.
Very good point that I failed to mention.
Suggestion Box
April 23rd, 2007 at 4:47 pm
HEY, IM FIRST, WELL I’LL BE DAMNED. HEY BLACK PEOPLE,BUILD SOME WEALTH GOD DAMNIT, GET U SOME REAL ESTATE OR SOMETHING, I KNOW I AM MUHAHAHHAHAHA!!!!!!!!
April 23rd, 2007 at 5:26 pm
You might be sincere with your comment at the end of your article about wasting money on clothes. But the reality is harder than that. I been around and the reason black folks don’t invest because there’s no one to teach it. When your broke and get money you don’t know how to manage money and where to go to invest. I know white folks who teach their kids in middle school how to invest in stocks. And the schools teach economics in a different way.
April 23rd, 2007 at 8:29 pm
lmao @ muhahahahahaha….but a trillion is a good look. but hey, realtalkny, u cant blame niggas for wantin to be fresh. shit when i was little i had holes in my jeans and sneakers that talked. but worst than that, my momma didnt even have enough money to take the bus to work. that was like 50 cents. so when i got money, i bought her a benz and bought myself some jordans and $200 jeans. its just a part of the culture, man. but the stuff about teaching kids to invest that go to black elementary and middle schools in the hood is a good look. white people got so many advantages its crazy. i didnt know they get taught how to invest that early. shit i never got taught how to invest. shit i still dont know how to invest to this day. wtf
April 23rd, 2007 at 9:38 pm
If it’s 1 trillion for blacks, what is it for whites? that’s a scary question…..
April 23rd, 2007 at 11:06 pm
WOW!!!!
April 23rd, 2007 at 11:13 pm
THIS ISSUE HAVE BEEN ARGUED HUNDREDS OF YEARS AGO BY LEADERS LIKE MARTIN DELANEY, MARIA STEWART ALL THE WAY TO ELIJAH MUHAMMAD, MALCOLM X AND TO US SMALL NUMBERS OF REAL CONSCIOUS AFRIKAN LEADERS LEFT IN THIS WORLD THAT AFRIKAN DESCENT IN THIS COUNTRY WILL ALWAYS BE ENSLAVED AS LONG AS WE ARE THE CONSUMERS,AND THEY ARE THE PRODUCERS. THERE’S NO REASON TO EVEN SAY WAKE TO YA’LL NEGROES.
April 24th, 2007 at 2:36 am
I think we all need to get our financial intelligence crackin’. There is a book called, “RICH DAD POOR DAD” that basically helped me to change my frame of mind about my finances and it has helped me to understand that you don’t have to be a doctor or lawyer or rapper etc… to gain wealth. My boy sells cell phone accessories and works for himself my other homey does construction, my brother teaches kids how to play sports. They all own their own biz and so can I and so can you. We just need to recycle the bread once we get it.
April 24th, 2007 at 7:36 am
Its true whe black peopel wast are money,bye stupid things that we don’t even need.If all the rappers where as one,there will be no ghetto’s any more.U feel me
April 24th, 2007 at 8:59 am
@ LEXXO…I’m wit you that book Rich Dad Poor Dad (it’s a must for your library) it’s some good information you might wanna check it out WHOA. But for real i’m a single mom with 2 boys I was never taught about investing and the importance of credit and paying bills on time hell when I said I want to go to college I was told no because we couldn’t afford it but yet we was the first to have big screen tv’s, VCR’s and always had new caddi’s livin in the burbs. I was taught that material things were more important than my education. It wasn’t purposly taught to me but hey when I look back that was the hidden message. It’s not that my daddy wasn’t a good daddy but he wanted to give us what he didn’t have growing up. It’s like how can you teach what you don’t know. It’s scary cause they (my boys)dad’s a drug dealer and it’s sad because I made decisions at a young age that affects not only me but my children…and that something a young girl doesn’t realize. But what’s scary is this lifestyle they see they dad’s live compared to our meager lifestyle. Hopefuly they learn by example though cause I’m currently getting ready to come up outta college and show them a lifestyle that can’t be taken from them…We gotta break the cycle of unknowing the dope game anit gonna be around forever. Flood your children with knowledge of a different lifestyle it’s so many ways to make money out there the kinda money that will last a lifetime and not just a season. Knowlede is power, and not knowing is death. We can still catch up with them white people we are a much stronger powerful people then they are and they are scared of what we can do if we switch things up but the problem is they don’t think we smart enough to do it.
April 24th, 2007 at 3:37 pm
i went to a all black public school.
i was taught economics and all that shit and i still buy true religions and skateboard dunks, that cost too much money.
i dont save money, i spend it.
the thing with investments is that you need a good amount of money to make money.
its not something where u can put half of your 500$ check into some stocks and start caking.
it takes money to make money.
and alot of the white peoples money comes from the family and stays in the family, thru businesses, land and inheritance.
we dont have no land, and barely any business.
if we do have some good real estate, or a prominent business, the big (white) business will box you out.
and thus cutting your wealth from growing.
you gonna be rich, but you dont have land or a business to pass down thru generations.
i think it will get better for us as our generation start making big moves, i think our kids will be better off down the line.
i wish niggas would stop making record labels and get involved in some real business.
July 24th, 2008 at 3:46 pm
Building wealth as a people takes time — decades. It’s about owning real estate, but that’s a small piece of the puzzle. Black people need to start businesses in their own neighborhoods. Wealth trickles down: you spend a little money at the grocery story; a little on rent; and a little on entertainment. If our businesses are diversified enough (not just barbershops/salons, clothing stores, etc.) then we could generate wealth, which equals tax dollars, which equals political power.
November 21st, 2008 at 10:22 pm
1 TRILLION SPENDING POWER MY AZZ JUST FOR BLACKS WHATS THE CATCH!!!!!!!!!!!!!!!!!!!!!