Sons of Rich Blacks Fare No Better than Working Class White Sons - but different finding for Women

[broller]

1. A lot of wealthy black men aren't actually wealthy. They're rich.

2. Some are former NBA / NFL / MLB players.

3. Some are entertainers (rappers, producers, etc.)

4. Some are professionals (lawyers, doctors, engineers, etc.)

In these terms, their income is/was "earned income." In order to build wealth, you need "leveraged" "passive" or "portfolio" income.

- Earned: When you work a job, your paycheck is "earned income." You are your only asset. If you don't get your "ass"et to work, you don't get paid. Earned income is linear, meaning it is virtually the same check every pay. no matter how hard you work. Earned income is the hardest way to get rich or build wealth, because it is also the most taxed of all incomes.

- Leveraged: When you "leverage" the efforts of others or a system that automatically produces products and services. Think Jim Rohn's quote "I'd rather have 1% of effort from 99 people than 100% of my own."

- Passive: When you continuously receive income based on an asset you own. (Renting properties, holding fees from television shows/commercials, etc.)

- Portfolio: When you invest money into something that increases in value (Real Estate, Stock Market)

Basically, wealth is money that you get without having to work a job. You can't pass down a job to your kids. You CAN however, pass down a SYSTEM that continually makes you and your family money (wealth) to your kids.

Business ownership, real estate holdings and a stock portfolio are the type of things that can increase the amount of money your future generations receive.

excellent post

 

[ORDER_66]

that's that bullshyt

 

[broller]

This is an interesting study. This stood out to me -



I'm around white guys with academic pedigrees that you would expect from generational money. Most of these guys have average intelligence, abilities, and talents, no different from their black equivalents.

What they do have are social safety nets that make up for what they lack in intelligence and abilities. These safety nets allow them to maintain their high class position and pass that class position down to their children at a higher rate than blacks, even if, all things are considered, they are avaerage in their abilities. And it is establishing safety nets for middle and upper middle class blacks that I tried to argue in this thread before I was called all types of elitist and c00ns:

Obama's Library will help Southside Chicago.....into gentrification.

Their safety nets include:
Trusts (the obvious)
Neighborhoods where their real estate is inaccessible to low income people or minorities
Social Networks
Legacy Admissions
Club Reciprocity

To not make this a long post, I want to point out specifically Legacy Admission and Club Reciprocity. What wealthy whites know that a lot of black folks don't is that one's class and indicator of income earning potential is generally determined by your network and your socialization within that network. Legacy admits and private club reciprocity ensures that upper class white kids maintain an upper class networks and an upper class socializatoin. And as much as these white/asian/indian kids are arguing against affirmative action at top academic institutions, black people need to start arguing against legacy admissions because it is giving these average and mediocre rich white kids a back door into these top academic institutions and therefore access to a very powerful network, when, all things considered, they wouldn't qualify to get in without that legacy clause.

Upper class whites have perfected this to the point where there are legacy clauses in place in almost every top school, private club, elite non-profit board, etc. With this clause, Upper class white kids are able to maintain and exclusive upper class network which is indicative of their earning potential.

The last point I wanted to highlight is club reciprocity which also at it's most base level deals with network. Private club membership is a staple in upper class life. It provides a social outlet for high income and upper class whites and is where "backroom" deals are being made. In some areas, wealthy blacks are shut out of some of these clubs. In most areas, they're not, and just may not be interested in joining. The point, another safety net these clubs offer, beside legacy admissions, is club reciprocity. Reciprocity is simply this; Say I belong to the Harvard Club of New York, whose membership makes up the most wealthy and powerful Americans. The Harvard Club offers it's members access to other exclusive and powerful clubs in virtually every other major city around the globe. If I decide to move from New York to London, as a member of the Harvard Club, I can have membership access to, for instance, the Reform Club, whose membership is primarily made up of the titled English aristocracy and other big whigs. Reciprocal membership allows an individual to maintain an upper class network no matter what city they visit or move. They don't have to start off at ground zero, like most black folks do, of any class.

Black folks need to establish our own safety nets that will catch us when our own abilities and talents or networks are lacking. Some would say, the general ease of access to urban enviroments and people and influence of hip hop is eroding middle and upper middle class networks, which of course, is an indicator of earning potential.

some great info in this thread. i feel it should reach rafter status based off just some of the replies

 

[Amerikan Melanin]

If only we could separate ourselves from these cacs. It would force us to wake up and start our own industries and build an economic base.

 

[RTF]

Tired of hearing about these Ivy League studies they do nothing to fix. Whole thing reeks of....


They consistently present the issue to the public as if to rub it in your face (POC)....


What's the point of addressing it if your not gonna do anything to solve it? Cacs won't implement anything...

To be fair the points of studies... are to study.

 

[8WON6]

Nah, look at your first Black President who had his daughter work at the cashier line and bringing food to uppity cacs and niccas were supporting that

that shyt is so backwards too. Instead of starting a business for her, let's put her to work under some other people.

 

[MikelArteta]

of course its different for women a company 99% of the time will rather hire a black woman (black and a woman) than to hire a black man.

I worked for a fortune 500 company for almost 10 years and whenever we would do like a big conferene meetup for all staff there were liek 6 black men out of like 2,000 employees just low level but they were like 50 black women managers, supervisors all that

 

[8WON6]

Tired of hearing about these Ivy League studies they do nothing to fix. Whole thing reeks of....


They consistently present the issue to the public as if to rub it in your face (POC)....


What's the point of addressing it if your not gonna do anything to solve it? Cacs won't implement anything...

Well, a lot of people need shyt broken down to them and proven with numbers, because sadly black people saying this stuff for decades isn't enough. And we also have to analyze things to know what to attack specifically. And last thing i'll say is, some of this shyt needs to be put out there so that folks don't think their crazy. Imagine struggling as a black male, and you don't go to prison, no baby mamas, you got a degree, you're pretty much a square and you do everything the "right " way and you still end up lagging behind and not seeing those opportunities come your way. It could drive folks crazy.

 

[invalid]

that shyt is so backwards too. Instead of starting a business for her, let's put her to work under some other people.

I'm not sure if the point of him having her work went completely over a few of you guys head but it was most likely to teach her humility and to instill a sense of "down to earthness", because lord knows, we don't need another bourgie black girl for the Coli to denigrate.

He's sending her to Harvard where they teach their students to create jobs not to go work for them. So he's done is part by sending her there. And also to add, I'm sure, they will recieve a sizeable inheritance on top of the Harvard education.

There is not a one size fits all, start a business and give it to your children to inherit model. There are other ways of making money, building wealth, and transferring it to your children, that does not involve having a business. Obama has pretty much checked off all those boxes and whatever he does, all his generations after him will be set.

 

[Wild self]

Theres threads on here that diss suburban middle class dudes

A lot of those threads. How can wealth be built if we get mad at black men that grew up in an upper middle class suburb with 2 parents?

 

[iceberg_is_on_fire]

This is the part that interests me more than anything.




It's been documented well enough that Black women are surpassing Black men when it comes to higher eduction. I'm seeing as much personally just looking at my own and other departments. I work in a large office building and I see FAR more Black women making strides professionally than I do Black men.


That's what piques my curiosity more than anything. What's the difference between young Black men and women causing the latter to seemingly excel past the former? To be even more specific, I'm especially curious about the differences between the two minus the typical oppression talking points. That's not to completely disregard how Black men are viewed and treated in society, so don't get me wrong. Still though, beyond Black women, why are some Black men doing okay while others fall behind? I might catch some flack for this, but I believe there's only so much that can be blamed on this society at a certain point.

I've said this before but I moonlight as an adjunct instructor at a university. I don't get those many men and very fee black men to pass through my classes. fukk, I don't know brehs. A lot of black women though. I say as I profit from college teaching, it's not the end all, be all but consistently, it proves to be the best thing smoking.to have in your back pocket.

 

[8WON6]

I'm not sure if the point of him having her work went completely over a few of you guys head but it was most likely to teach her humility and to instill a sense of "down to earthness", because lord knows, we don't need another bourgie black girl for the Coli to denigrate.

He's sending her to Harvard where they teach their students to create jobs not to go work for them. So he's done is part by sending her there. And also to add, I'm sure, they will recieve a sizeable inheritance on top of the Harvard education.

There is not a one size fits all, start a business and give it to your children to inherit model. There are other ways of making money, building wealth, and transferring it to your children, that does not involve having a business. Obama has pretty much checked off all those boxes.

Do you not understand that that whole "teach your kids a lesson and make them get a job" mess is all bullshyt. White people tap directly into their privileges and wealth. Black people need to get off this "make your kids life harder" shyt. People need to understand that while other groups say all the bullshyt about work ethic they often times don't move ethically. Black people are the only group expected to be do shyt the right way and even then people be ready to Tulsa our shyt. We have to do differently and take every advantage possible. Make your black kids lives easier not harder.

 

[Cobalt Sire]

People are wondering why black women are doing better. The answer is simple. They have a vagina. They're less intimidating, They don't have money problems because they have sugar daddies and simps paying their way. So they can finish college, whereas a black man will have to drop out if money problems strike. Black women have a better shot at the corporate gigs because the white boss prefers eye candy if he has to meet his quote for minorities. Why is there no disparity like this with white boys and girls? Because they look out for each other. They want/need white men to win as much as white women. Because of sexism, they prefer black women over men, because the women provide the opportunity for eye-candy and maybe more. The black man is intimidating, and only has a leg up if the white boss is gay.

 

[invalid]

Do you not understand that that whole "teach your kids a lesson and make them get a job" mess is all bullshyt. White people tap directly into their privileges and wealth. Black people need to get off this "make your kids life harder" shyt. People need to understand that while other groups say all the bullshyt about work ethic they often times don't move ethically. Black people are the only group expected to be do shyt the right way and even then people be ready to Tulsa our shyt. We have to do differently and take every advantage possible. Make your black kids lives easier not harder.

I agree with everything you said. I think Obama's position puts him in an special category where it really doesn't matter what he does with Maliah and Sasha, just off the fact of having the Obama name, they will have exceptional privilege - Which is the point I was making. The Obama's are about the only negroes who've reached a level where their status puts them in another category all together - where teaching "life lessons" is not going to financially hurt or setback their kids.

The rest of the black populace, I agree. And I am all for black nepotism, favoritism, etc, because I know first hand that rules don't apply to the elites. I think the Obamas are now in that "rules don't apply" category. Which you can do things like "teach them humility" because you know they will be regarded and positioned higher than 99% of the country.

 

[ProfessionallyTrill]

Sounds like my story last week.

So disheartening. And this was in Atlanta.