There Is No Difference In the Financial Behavior Of Blacks and Whites

[AlainLocke]

It is important to know this...

Black people in the USA do not suffer from a lack of drive, lack of knowledge or lack of ability or irresponsibility

We suffer from being descendants of slaves and victim of oppression

Anytime a nikka be like..."Black people just buy a bunch of shoes and trying to have swag, that's why we broke..."

Give them the ....those are stupid nikkas

Here's an important study for us to read in regards of wealth and race...

http://ww1.insightcced.org/uploads/assets/Savings Wealth Gordon Nembhard.pdf

African American savings out of income rates are about the same as white. Dalton Conely reports Black savings out of income rates to be an average of about 11% in the 1980s (compared with white average of 10%) [Conley, 1999]. Gittleman and Wolff [2004] find African American mean savings rates to be 5.7% between 1989 and 1994 (compared to 8.2% for whites) [p. 212]. They estimate that the contribution of savings to wealth accumulation is somewhat greater for whites (66%) than for African Americans (55%) [p. 21]. However, when savings rates are controlled for level of income there is no significant difference in savings rates between the two groups. All the difference is in income levels. So, if and when Blacks have the same level of income as whites, the savings rates are the same. Thus labor market attributes have a stronger effect on wealth for Blacks than for whites.

Savings rates are not significantly different but inheritance makes a difference: Inheritance is received by 1% of Black families compared to 12% of whites [Gittleman and Wolff 2004]

Need to understand wealth inequality from historic and systemic perspectives – discrimination, limited opportunities, sabotage and violence, family responsibilities and structure, cumulative disadvantages for some and advantages for others; not just (and often little) about behaviors. The Black middle class is middle class by income but not by wealth, so their economic status is much more precarious than appears.

 

[Heafcliffe]

In

 

[ahdsend]

they also got multiple sources of passive income....

and they actually pass down wealth by generation...

the amount of money they can make aint limited to hours per day...

with alotta us its paycheck to paycheck...

 

[NotAnFBIagent]

I’m talking George Tenet
I seen him the other day
He asked me about my Maybach
Think he had the same
Except mine tinted and his might have been rented
You know white people get money don’t spend it
Or maybe they get money, buy a business
I rather buy 80 gold chains and go ig’nant
I know Spike Lee gon' kill me but let me finish
Blame it on the pigment, we living no limits
Them gold master p ceilings was just a figment
Of our imagination, MTV cribs

 

[MalikX]

White people got the wealth game on lock My mom work with a white girl that bought a house, then got her mom house after she died, then took in her grandfather too who was too old to live alone and he died this year so he gave her his house too. She gonna sell both them jawns probably and get a quick 300k-600k depending on how much those homes are valued at

 

[Baracka Flocka Flame]

We are expected to do so much more with so much less. We are expected to finish at the same time in a 40 yard dash when they only have 10 yards to run.

 

[AlainLocke]

Here's another important one...done by the government about the transfer of wealth...you should read the whole thing....

http://www.bls.gov/ore/pdf/ec110030.pdf

In terms of net worth, inheritances and gifts have historically accounted for between 20 and 50 percent of total household wealth accumulation in the U.S.

There is significant variation in the proportion of households receiving a wealth transfer by income, wealth, and demographic class. As expected, the share of recipients rises very strongly with income and wealth level. On average over the seven years, 38 percent of households in the highest income bracket ($250,000 or more) reported a wealth transfer, compared to only 15 percent in the lowest income bracket (less than $15,000); and 45 percent of households in the highest wealth bracket ($1,000,000 or more) received a transfer,10 compared to 9 percent in the lowest wealth bracket (less than $25,000). The proportion of non-Hispanic white households reporting a wealth transfer was on average more than twice as great as the share of non-Hispanic African-Americans (25 versus 10 percent). Only 5.5 percent of Hispanic households, on average, reported a wealth transfer, while the figure was higher, 12 percent, for Asian and other races.

The proportion of non-Hispanic white households reporting a wealth transfer was on average more than twice as great as the share of non-Hispanic African-Americans (25 versus 10 percent). Only 5.5 percent of Hispanic households, on average, reported a wealth transfer, while the figure was higher, 12 percent, for Asian and other races. As expected, the likelihood of receiving a wealth transfer also rises with age. On average, the share of households under age 35 receiving a transfer was 12 percent, compared to 30 percent of those in age bracket 65-74. However, the fraction of recipients in age group 75 was slightly lower, at 29 percent. This pattern reflects both life-cycle effects (the parents of older persons are more likely to have died than those of younger persons), as well as cohort effects (parents of those persons 75 and over were more likely to be poorer than parents of younger people). The likelihood of inheriting or receiving a gift also rises with education -- from 14 percent for those with less than four years of high school to 29 percent for college graduates. This result is consistent with the patterns found by income and wealth class.

 

[Barnett114]

The only people that think we blow our money any differently are self loathing blacks.

 

[TELL ME YA CHEESIN FAM?]

While folks got it good breh.. trust me

 

[Worthless Loser]

The issue for middle class blacks vs middle class whites is that white people are more likely to invest in the stock market to gain extra money, and they are most likely to buy homes in areas that have a higher housing value. Plus there's also mortgage and business loan discrimination from banks to blacks and latinos.

 

[Nigerianwonder]

Of course not. Yall didn't really think Nordstroms and Saks Fifth Ave stay in business off sales of Gucci belts and red bottoms did you? They only build those stores in wealthy white areas. Whites folks stay spending money.

 

[EndDomination]

I've been saying this for a while, its not "Black culture" its "poverty culture" that is the issue.
You can't purchase a house that will increase in value if you don't have the money, you're not going to contribute to a 401k or a 403b, or a Roth IRA or a portfolio that follows the S&P 500 if you don't have the money for those, or the access to resources that can give you information about those.
That being said, there are likely investment behavior differences between Blacks and Whites, most of which could be explained by the income and wealth disparities here.

 

[Baracka Flocka Flame]

I been so tired of this "black wes'sa own worst enemy" 'nonsense. We only been able to get mortgages for the last 30 years. No generational wealth to pass down. Destroy our necular households, lock away our fathers, pump guns and drugs into our communities and have immigrants come here and do better just so you can say "it's you not us."

 

[HopeKillCure]

The only people that think we blow our money any differently are self loathing blacks.

#facts


Ole "we our own worst enemy ya'lll!!" "It's our mentality keeping us down, ya'll!!" nikkahs

It's like these self-hating nikkahs have never been around a white person in their life outside of fetching something for 1

 

[Critical Distance]

@Matt504