Two very interesting commentaries.
We African Americans need to immediately get
poor self images
control and begin to realize that shiny
trinkets (BMW's Benz's,
Lexus's, SUV's, etc.) do not fool
people who do not understand the
Wealth (NET WORTH).
insatiable desire that we have to
other people with
is crazy. It is not
what we ride in, wear, or live in, that
we are worth after subtracting debts
assets. (The only problem
that our net worth can't be seen, and
be SEEN). Our
Mickey-mouse egos DEMAND IT.
The majority of wage slaves, yes we are
slaves if we HAVE TO WORK FOR
LIVING, can't accumulate substantial
by spending large sums of
money on trinkets that depreciate in
If any of us don't think
that we are wage slaves, QUIT YOUR JOB.
is imperative that WAGE
SLAVES live below their means and
the stock market for the
long term. ANY WAGE
SLAVE who makes a decent salary can
millionaire in his/her
It is very, very, simple -
buy luxury cars,
clothes, houses we can't afford, and
expensive finishings for the
until your financial portfolio is
enough so that you don't
have to WORK for a LIVING unless you
If our egos won't allow us to ride
a Camry, Honda, etc.,
buy a 2 year-old luxury car - cars
by 25-35 percent in a
2-year period and still have relatively
Only the people
know us will ever know that we didn't
FULL PRICE for the TRINKET.
Any wage slave that earns a good salary
become a millionaire over
20-30 year period.
Maybe if we can
our ways, in the future we
can, start bragging about our
HOW MANY MILLIONS WE ARE
WORTH. This in no way reflects on us as a whole, but it is widely known that this situation does exist and should not.
Destination: NoWhere, FAST.
Robert W. Whiting, MBA - Finance &
Sharing The Wealth Is Not Enough By
Sunday, September 19, 1999; Page C01
The recent pledge by Microsoft Corp.
Bill Gates to spend $1
billion over the next 20 years for
But the news also reminded me of
not-so-cool story about
and the wealth gap between blacks and
published last year in the New
Journal of Blacks in Higher
Education with a headline that read,
Gates Has More Securities
Wealth Than Do All Black American
stories leave me with mixed feelings
Bill and his big bucks. On
one hand, Gates's financial gesture is
incredibly generous. Tens of
thousands more minorities will get a
to go to college than
William H. Gray III, president of the
Negro College Fund,
to be applauded for helping Gates
that the problem of
educational access is often not lack of
aspirations or lack of talent
"but just money."
On the other hand,
that one white man can
possess more securities wealth than all
million African Americans
combined suggests something so
wrong that it's going to take much more
a billion dollars' worth
of schooling opportunities to fix it.
Based on calculations made by the
using figures culled from
the Standard & Poors Index, Gates's
from securities, stocks
bonds was about $58 billion in 1998.
wealth from stocks and
was calculated at about $11 billion.
"Black incomes are about 60 percent of
whites, but the wealth gap
between the races is enormous," said
Cross, editor of the
Journal of Blacks in Higher Education
author of the 1969 book
In another book, "Black
Wealth/White Wealth: A New
Perspective on Racial Inequality,"
Melvin L. Oliver and
M. Shapiro note that the
continuation of systemic barriers--such
limited access to capital,
redlining practices and the making of
urban ghetto--has impaired
ability of many blacks to accumulate
and find a better life.
hope that Gates's goodwill does not
overshadow this disturbing
His plan calls for sending at least
high school seniors a year
the colleges of their choice. And he
vowed to extend the money to
those students who plan on pursuing
degrees in fields such
math, science and education. Great.
first black Bill Gates
will be among them. But consider this:
have been graduating
college in significant
numbers for many years, at least 10,000
the nation's 25 top
business schools during the past 25
And yet, the number of
CEOs and others who have share
especially in big-money-making
companies, is almost
Blacks have had no role to
in the creation and
ownership of any Internet-related
And that's where the big
Most high-tech companies
blacks on their boards of
corporations have not even touched the
consciousness of the high-tech
entrepreneurs," Cross said.
According to Oliver and Shapiro, the
white blue-collar worker
has been able to accumulate more wealth
the average black
professional, in part because of this
nation's legacy of racism.
"Clearly, there are many reasons why
people have little access
the network society where much of the
wealth is now lodged,"
"But a big factor is that almost
makes loans or provides
venture capital to black business
According to the National Bureau of
Research, 65.9 percent
all small business loan applications
African Americans are
This is compared with a
rate of 26.9 percent of
small business loan applications made
But the question is, shouldn't African
Americans be doing more than
The latest U.S. Census Bureau figures
American wealth showed that
only 614,000 black households, or 5.6
percent, owned stocks or mutual
fund shares. So who is preventing us
investing our money?
nobody is stopping us from spending
A 1996 issue of Black
Enterprise magazine reported that
spend $19.6 billion a year
clothes and $10.8 billion a year on
trucks, some of the
depreciating items you can buy.
billion goes for education.
African Americans spend nearly $3.2
year just on booze and
Even in some of the
black neighborhoods in
urban areas across the country,
manage to spend as much as $3 million a
just on fast food.
we'd have to do to match Gates's
scholarship fund is give up
one drink and a chicken box or Big Mac
week, then pass the savings
to the United Negro College Fund.
Don't hold your
Even as we thank Bill Gates for helping
send our kids to college,
we'd do well to ask ourselves what kind
education will it take for
to start doing for ourselves.
RIGHT ON !!!!!!!!!!!!!!!!!!!
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