Median wealth of Black Americans 'will fall to zero by 2053', warns new report

[Skrilla]

I don't think the guys in here talking about doing for self were saying that it would catch us up to white wealth. I think most of us know that it will probably take centuries to remotely even up. But still, we should be TRYING to become more self sufficient so that our kids won't have to go through what a lot of us did. Can we at least agree on that?

I see a very strong defeatist mindset in here. When i get up to make money, i'm not doing it because i think that it will catch us up to white wealth in my lifetime I know i'll be dead and gone by the time that ever happens. I'm doing it so my KIDS will hopefully have it a bit easier than i did. And i don't even have kids yet.

I live in America but even if i were to move to another country, i would still have an entrepreneurial mindset.

I used to think we had to "get on the same page" to start, but i've learned that it DOES start with self. If i don't give a fukk, and just live life on some YOLO shyt, my kids will have to go through the same thing i did. I'm fighting hard to make sure they don't to deal with as much as i did. The more black men have this mindset, the better. Right now, a lot of dudes have that "live for today, turn up, YOLO" mindset and it's selfish towards their kids.

I try not to waste money on overpriced bullshyt that i don't need. I do a lot of investing. I admit, i'm almost obsessed with it, not just doing it but learning as much as i can. If i said how much i've made just from investing, nikkas on here probably wouldn't even believe me. I even saw a nikka in here say a nikka was lying about his Acorn accountwhat he made off Acorn is "unrealistic" but getting reparations is somehow realistic?

Basically i think every black man should be thinking about what we generally go through/went through and be trying to do everything he can to make things a little better for his kids/future kids. even if you don't have kids, do it for yourself.

 

[Skrilla]

As far as reparations, the cats who said we aren't getting in this lifetime are telling the truth. I would love for us to get reparations, but they even blocked Dr. Claud Anderson of all people when he was trying to get them. I bet some of you in here talking about reparations didn't even know that.





Do dudes on here really think they have more clout (and money) than Dr. Anderson or something? If the Obama Adminstration blocked Dr. Anderson of all people, what makes you think Coli nikkas repeating "give us reparations" will make the TRUMP Administration do it? There is NO WAY they would approve reparations either. You nikkas can't be serious....

Brehs in here keep saying everybody elses ideas are stupid, but their ideas consist of repeating that the "government needs to give us reparations". Yeah, they DO they need to, but they aren't going to. Anybody still reparations at this point is delusional.

 

[poundedyam]

We'll never catch up because we'll never get reparations. End of story.

Thats only part of the problem

 

[CoryMack]

The story states that white middle class wealth was created by design, not by some random market force. Basically they got their own reparations for nothing. So with all those "free" government benefits they received, they were able to pass on wealth.

Most of the money that whites have is generational wealth not some 9-5 income that we're forced to rely on.

The bolded. All that article tells me is that when our median wealth does reach zero that that will also have happened by design.

Black people are the most studied people on the planet. Every aspect of our existence is studied and analyzed by the white power structure, and they make their plans accordingly.

Kinda ironic that at the point where whites are set to become the minorities in this country, which in their political system would mean the loss of political power, that all the wealth will be concentrated in their hands.

 

[CoryMack]

As far as reparations, the cats who said we aren't getting in this lifetime are telling the truth. I would love for us to get reparations, but they even blocked Dr. Claud Anderson of all people when he was trying to get them. I bet some of you in here talking about reparations didn't even know that.





Do dudes on here really think they have more clout (and money) than Dr. Anderson or something? If the Obama Adminstration blocked Dr. Anderson of all people, what makes you think Coli nikkas repeating "give us reparations" will make the TRUMP Administration do it? There is NO WAY they would approve reparations either. You nikkas can't be serious....

Brehs in here keep saying everybody elses ideas are stupid, but their ideas consist of repeating that the "government needs to give us reparations". Yeah, they DO they need to, but they aren't going to. Anybody still reparations at this point is delusional.

Min Farrakhan put forth a plan that dates back to Elijah Muhammad that had working Blacks donating a dime a day - just 10 cents - to an annual fund that would've generated hundreds of millions a year every year.

But because it was the Min it fell on deaf ears so I guess we'll just continue begging. Begging for reparations, begging wealthy Blacks like Oprah to finance every Black project that we can't get white funding for, begging Arabs and chinks for jobs at the stores they own in our communities, begging for respect.

 

[Joey Creed]

I want my business to pop not just for the bread but, so I can be on the other side of the table throwing these crackers resumes in the garbage

 

[Joey Creed]

No...I just knew that white employers were not going to pay me as much as i could pay myself. I'm in control of my time (time=money) now

I now make almost 3x as much as i did when i was working for someone else. There are a lot of reasons why. But i know i am better making money independently

Think about how much the boss is making compared to how much his employees are making


Plus as an (black male) employee to white male employers, we are generally more expendable. Black men statistically fare worse when it comes to lay offs

Last Hired, First Fired? Black-White Unemployment and the Business Cycle


I think when most black men on here see the words "business" or "self employed", they automatically think of brick and mortars. That's one way, but not the only way.

I'm not saying every black man needs to work for themselves, but all the dudes looking for a way to make more than they're making at the "job" should maybe consider it. They don't have to quit their job to try things out either. I started out as an independent contractor, i worked a night job and did it during the day. I didn't quit the job until i became comfortable enough financially to be able to.

I'M NOT SAYING STARTING BUSINESSES/BEING SELF EMPLOYED WILL END WHITE SUPREMACY NOBODY SAID THAT. THAT'S CRAZY. I'M SAYING THAT THE REASON LATINOS HAVE SURPASSED US IN INCOME IS OVERALL BECAUSE OF ENTREPRENEURSHIP. I MAKE MORE ON MY OWN THAN I DID WORKING FOR CAC EMPLOYERS AND A LOT OF OTHER BLACK MEN CAN TOO, THEY JUST DON'T BELIEVE THAT THEY CAN. LATINOS REALIZED THAT, WHEN WILL nikkaS?

Black people have Stockholm Syndrome. As much as they say they hate white people, they cant imagine life without them.

 

[Majestic]

As far as reparations, the cats who said we aren't getting in this lifetime are telling the truth. I would love for us to get reparations, but they even blocked Dr. Claud Anderson of all people when he was trying to get them. I bet some of you in here talking about reparations didn't even know that.





Do dudes on here really think they have more clout (and money) than Dr. Anderson or something? If the Obama Adminstration blocked Dr. Anderson of all people, what makes you think Coli nikkas repeating "give us reparations" will make the TRUMP Administration do it? There is NO WAY they would approve reparations either. You nikkas can't be serious....

Brehs in here keep saying everybody elses ideas are stupid, but their ideas consist of repeating that the "government needs to give us reparations". Yeah, they DO they need to, but they aren't going to. Anybody still reparations at this point is delusional.

What really? Obama a black man did that?

 

[Skrilla]

How many of you dudes saying "we can't build until we get reparations" even have a brokerage account...?

Because the dudes in here saying "can't" don't seem like the type to even TRY. You cats can explain why it's impossible to improve on anything in specific detail....but can you explain things like stocks, bonds, mutual funds, ETFs, index funds, REITs, etc with just as much detail?

I'm more of a SOLUTIONS type of dude. I know that investing and passing things down to my kids won't suddenly make us have as much wealth as whites. WE KNOW THAT. But i'm doing it anyway, and hopefully all you bros are too (I doubt it though). Bros are leaving nothing to their kids. The point of me creating several streams of income and passing things down to them is so that they won't have to grow through what a lot of black people of my generation did. I don't want my son having to work some menial job for cacs because he has no choice, because the rent has to be paid etc. That's what i see a lot of black men doing now because their Pops didn't pass them a business, money, property etc.

So how many of you bros in here saying "can't" even have an investment account, for starters? That's something everyone in here can do, regardless of how much you make. A lot of brokerage accounts are free to open in 2017. I asked bros this same question on another board, most said they do not have one but said they're still going to get that iPhone X thoughor Jordans

Let me guess, you were going to open a brokerage account (which takes about 10 mins online), but when you tried, the white man came up behind you, stomped your laptop and permanently cut off your internet

Spend 1000 on a phone but refuse to invest brehs

 

[BlackJesus]

How many of you dudes saying "we can't build until we get reparations" even have a brokerage account...?

Because the dudes in here saying "can't" don't seem like the type to even TRY. You cats can explain why it's impossible to improve on anything in specific detail....but can you explain things like stocks, bonds, mutual funds, ETFs, index funds, REITs, etc with just as much detail?

I'm more of a SOLUTIONS type of dude. I know that investing and passing things down to my kids won't suddenly make us have as much wealth as whites. WE KNOW THAT. But i'm doing it anyway, and hopefully all you bros are too (I doubt it though). Bros are leaving nothing to their kids. The point of me creating several streams of income and passing things down to them is so that they won't have to grow through what a lot of black people of my generation did. I don't want my son having to work some menial job for cacs because he has no choice, because the rent has to be paid etc. That's what i see a lot of black men doing now because their Pops didn't pass them a business, money, property etc.

So how many of you bros in here saying "can't" even have an investment account, for starters? That's something everyone in here can do, regardless of how much you make. A lot of brokerage accounts are free to open in 2017. I asked bros this same question on another board, most said they do not have one but said they're still going to get that iPhone X thoughor Jordans

Let me guess, you were going to open a brokerage account (which takes about 10 mins online), but when you tried, the white man came up behind you, stomped your laptop and permanently cut off your internet

Spend 1000 on a phone but refuse to invest brehs

Black priorities

Preach on brotha. They know it's true. the fact is, we got money we just don't spend it on our long term betterment. Too busy stunting in J's. I see blacks pull up in brand new Mercedes all the time lol.

 

[Skrilla]

We're not gonna get reparations. So lets get that out of our head. I try to tell my mom that. I remember reading a similar article years ago that said the average black women net worth is $5. Black people, in general, spend a lot of time and money trying to appear rich. Even in the orginial post it said the women was 48 with 5 kids is a manager & working on a degree. Like if people stop having all these kids before they have their life together. That would help a lot. My cousin is like in her 20s, pregnant with her 3rd kid all by the same dude, having to move in with her grandmother because the dude just left. Look at Fetty Waps dumb ass on his rumored 6th kid, but is throwing money of balconies, buying all his friends cars, etc.
I remember going to a Finacial Seminar, it was associated with that guy who wrote the book; "Rich Dad, Poor Dad." It ended up being them trying to sell you on selling real estate and buying a package that cost like $600. But it had good financial advice. One thing that stuck out for me was that the host was comparing Liabilities to Assets. The speaker also said you have to take what you make and subtract what you owe. A lot of people don't understand that.

I told my mom but she doesnt listen. She spends money like its a refilling well. Plus her credit is bad because of late payments and charge-offs. On top of that she gets credit cards and lets family members put stuff on them, co-signing. And they dont pay she is left with the debt. I told her to stop but she doesn't listen and she is one of those people who think if they ignore the problem it will go away. My brother is the same way. They both have a problem dont fix it and wait until it gets bad to solve it. Like my brother had a traffic ticket doesnt pay it immediately until the fine gets increased to $500+ dollars. He borrowed the money from my mom to pay it. This has happened many times. It pisses me off. But I mostly stopped talking to her about it because she has to learn the hard way.

Assets- home, stocks, cash, art. aka things that go up in value and stuff you own

Liability- cars, clothes, credit card debt, student loans- stuff you owe. And I remember the speaker saying that clothes & cars are not good because they depreciate in value. As soon as you drive a car off the lot the value has gone down. And clothes go out of season,etc.

Exactly, but most dudes don't get it. We're not getting reparations, and if we ever do, it won't be in our lifetime. So that isn't a "solution" because it's not happening.

And the amount of bros who have never read let alone HEARD of books like Rich Dad,Poor Dad, $100 Startup, Millionaire Fastlane etc is astounding. Dudes don't even want to read, but there's a reason they didn't want slaves to know how to read. Even if somebody hates reading, there's all types of stuff on Youtube as well. But nah, nikkas rather waste time being twitter comedians and gossiping about what their favorite rappers are doing. I don't devote attention or time to listening to what rap nikkas and athletes are doing unless they're moguls or business savvy and giving good advice on how to get there. Dudes like Robert F. Smith, Richard Branson, Tony Elumelu etc. But not ignorant nikkas like:

Tory Lanez spends 35k in a store that racially profiled him to prove a point

I'm not even talking about celebs but us as "regular" black men have this same complex, nikkas look up to nikkas like this and do the same thing, blow our disposable income on shoes, clothes, cars we can barely afford and have nothing else to show for it. Like $500 dollars in savings, no property (renting an apartment), no companies of our own, no investments etc

Like i said, i even asked a bunch of bros on another board (and on social media too) if they have a brokerage account. Most said no. Then i asked are they copping the iPhone X and they said yes anybody who doesn't see what's wrong with this mentality is part of the problem. How are you out here buying a $1000 phone (that's identical to the last one you just bought) but don't even have an investment account of any sort?? There are way too many bros like this, i'de even say it's more than half. Most of us have misplaced priorities. We can't control everything but one thing we CAN control is what we do with our money.

I've made thousands from stocks (and i haven't even been doing it as long as some ppl), but you have dudes who think it's impossible because all they know is following trends. I've made money off bitcoin too.

They deny it on here, but they know that many black men have that flex/stunt mentality. To some extent, I used to have it too. The problem with it is that most of us who are concerned with flexing, usually don't have anything else to show for it. Bros need to get rid of that flex mentality and adopt an OWNERSHIP mentality. We flex expensive shoes, clothes, phones, cars we can BARELY afford,etc but don't OWN companies, property, etc. Not only that, dudes don't even have a fukking Fidelity account and will give you reasons why they can't open one

We have to start viewing money as a TOOL. A tool to make MORE MONEY. Not something to just be given away/consumed. How can you ever build for yourself if you keep giving away your money to everybody else?

 

[Mike809]

The problem is that us minorities dont be leaving anytthing for our kids to inherit . I dont expect to be a millionaire in my lifetime but i do plan to leave money/real-estate to my kids so they
can build upon that and hopefully continue the cycle with their kids. Most successful families did not become successful in one single generation.

 

[Skrilla]

Exactly.

Two options here:

1) Perish/slavery

2) Become *self* sufficient

So if we are *not* self sufficient then we need to pull every strap we have until we *are*.

This is what I am saying tho. I say we need to do us and niqqas flip out "whoa whoa whoa. Sky Daddy don't like that kinda talk"

Exactly

 

[Mr swag]

median income is 1,700

WTF

 

[Skrilla]

I'm usually to the right of most in regards to alot of stuff, but the misguided pull yourself up rhetoric in here

"Give a man a fish, he'll eat for a day
TEACH A MAN TO FISH, he'll eat for a lifetime"

Time to teach ourselves how to fish, black men, instead of depending on white employers to feed us meals

Better learn to create jobs, instead of depending on other races of men especially WHITE MEN for jobs

Yall are in here saying you're "tired of the bootstraps talk". So if WE'RE not supposed to "pull ourselves up by our bootstraps", WHO are you expecting to come do it? White Daddy?Yeah thats been going REAL WELL hasn't it.

Better learn to fish, black men, instead of depending on Mr. Charlie for the meal everyday.

nikkas better take this economic game serious. How many streams of income yall got? Probably just 1, but in here talking about "when are reparations coming we won't make anymore money until we get reparations!!!!"