Updated: How Do Black People Spend Their Money? (The Racial Wealth Gap)



By Gary A. Johnson – Publisher, Black Men In America.com

Updated September 29, 2019 (Originally posted on November 5, 2010).

How black people spend their money has been a hotly debated topic not only on this site, but in our office, at social events and in beauty and barber shops across America.  This article has been the most read and commented article for 9 years running.  Once I learned that this was the most popular and discussed article on the website, I decided to do some research and share this information with others.

Let’s start by watching this short video that explains the “racial wealth gap” in America.

Here are the facts:

I predict that even after reading this article there a significant number of Black people who will NOT change their habits and work toward changing their situation.  Over time, when things go unchallenged, they seem normal.  After centuries of slavery, black people must realize that they need to work toward building generational wealth and learn to invest their money and establish Trust funds for their wealth that can be passed down to future generations.

So what does this really mean?  According to The Nielson Company research, Black consumers are speaking directly to brands in unprecedented ways and achieving headline-making results. Through social media, Black consumers have brokered a seat at the table and are demanding that brands and marketers speak to them in ways that resonate culturally and experientially—if these brands want their business. And with African Americans spending $1.2 trillion annually, brands have a lot to lose.

“Our research shows that Black consumer choices have a ‘cool factor’ that has created a halo effect, influencing not just consumers of color but the mainstream as well,” said Cheryl Grace, Senior Vice President of U.S. Strategic Community Alliances and Consumer Engagement, Nielsen. “These figures show that investment by multinational conglomerates in R&D to develop products and marketing that appeal to diverse consumers is, indeed, paying off handsomely.”

Generally speaking, Black people are still living for the moment with a “to hell with the future” mindset when it comes to money.  Too many Black folks tend to only worry about themselves and the money that they have NOW.  That way of thinking is crippling and must STOP now!

A common scenario for many Black folks when they get a “huge” chunk of money or their tax refund deposit is to run to the nearest appliance store, high-end mall or car dealer–(we just love those shiny new rims).  According to The State of Working America, Black people spend 4 percent more money annually than any other race despite the fact that they are the least represented race and the race that lives in poverty at the highest rate.

If current economic trends continue, the average Black household will need 228 years to accumulate as much wealth as their white counterparts hold today. For the average Latino family, it will take 84 years. Absent significant policy interventions, or a seismic change in the American economy, people of color will never close the gap.  (Institute for Policy Studies (IPS) and the Corporation For Economic Development).

Dr. Boyce Watkins shares the secret to money that most rich people understand.  Check out this short video.

Faced with that reality, I wanted to know:  How long does money stay in the various communities? 

A dollar circulates:

  • 6 hours in the Black community
  • 17 days in the White community
  • 20 days in the Jewish community
  • 30 days in the Asian community

How Did This Happen?

According to Brian Thompson, a contributor to Forbes.com, the term “systemic racism”ruffles a lot of feathers. It often triggers emotional arguments about how people feel about racism and its effects. Yet concrete data over long periods of time shows very clearly that systemic racism exists.

Blacks were historically prevented from building wealth by slavery and Jim Crow Laws (laws that enforced segregation in the south until the Civil Rights act of 1964). Government policies including The Homestead Act, The Chinese Exclusion Act and even the Social Security Act, were often designed to exclude people of color.

Last year, Janelle Jones wrote and article for the Economic Policy Institute titled “The Racial Wealth Gap:  How African-Americans Have Been Shortchanged Out Of The Materials To Build Wealth.”

In her article Jones writes, “Wealth is a crucially important measure of economic health. Wealth allows families to transfer income earned in the past to meet spending demands in the future, such as by building up savings to finance a child’s college education. Wealth also provides a buffer of economic security against periods of unemployment, or risk-taking, like starting a business. And wealth is needed to finance a comfortable retirement or provide an inheritance to children. In order to construct wealth, a number of building blocks are required. Steady well-paid employment during one’s working life is important, as it allows for a decent standard of living plus the ability to save. Also, access to well-functioning financial markets that provide a healthy rate of return on savings without undue risks is crucial.”

The gaps in wealth and income between white and black Americans are stark – and haven’t narrowed significantly in 50 years.  Credit Suisse and Brandeis University’s Institute on Assets and Social Policy took a closer look at disparities between whites and Blacks.  There are some notable differences in how each group approaches their money.  Here are a few:

  • The wealthiest 5% of Black Americans are slightly less likely to hold financial assets (stocks, bonds, and so on) in their asset mix. Of the financial assets they do invest in, wealthy Blacks are more likely than wealthy whites to invest in safer assets, preferring CDs, savings bonds, and life insurance to higher risk (and higher reward) assets.
  • Wealthy Black Americans have more money in real estate holdings than equally wealthy white Americans. The former hold 41% of their non-financial assets in (non-primary residence) real estate, while the figure for the latter is just about 22%. Adding in primary residences brings those numbers to 57% and 34%, respectively. Even after the housing bust, real estate is considered a lower-risk investment.
  •  Wealthy Black Americans are less likely to hold equity in business assets. Looking at this group’s non-financial assets, 9% are equity in business assets. That figure is 37% for comparably wealthy Whites. The numbers are similarly stark if you look at this as a percentage of total assets: 21% of the wealthy Whites’ total assets are invested in their own businesses, versus just 6% for wealthy Blacks. Because both groups are equally likely to run their own companies – 23% in both cases – the researchers calculate that this means white business owners are investing in their businesses at a rate 7 times higher than Black business owners. In raw dollar terms, it means that Black business owners have about $68k in their businesses, while White business owners have roughly $468k.

“The American Dream remains out of reach for many African-American and Hispanic families,” said Signe-Mary McKernan, co-director of the Opportunity and Ownership Initiative at the Urban Institute. “Families of color, who will be the future majority population of this country, are not on a firm wealth-building path.”

inequality wealth lag

There are three main reasons for the widening gap, according to McKernan. Blacks and Hispanics are less likely to be homeowners or participate in retirement accounts, which build wealth.

Federal government programs aimed at helping Americans buy homes and save for retirement rely on tax breaks and aren’t as available to Blacks and Hispanics, who typically have lower incomes. The bottom 20% of taxpayers, in terms of income, received less than 1% of federal subsidies for home ownership or retirement.

And the earnings gap between the races makes it harder for Blacks and Hispanics to save.

inequality white retirement

Blacks and Hispanics have also socked away a lot less for retirement in 401(k)s and IRAs. And as these voluntary retirement plans replace pensions, black and Hispanic families are left on shakier ground in what should be their Golden Years.

According to the Curators of Dopeness blog, Black people love to spend money on fashion.  Black people get made fun of for not having on the newest Jordan’s or a brand name shirt that’s “in style”.  Expensive purses and high heels are a must if you’re ever stepping out.  Your hair needs to be flawless at all times.  So in order to compensate for lack of confidence or trying the whole “look good, feel good” approach, Black people spend their dollars on looking good.  This is some dumb shit that needs to be taken out of this culture because you need to crawl before you walk.  First handle the foundation then move up to Jordan Brand products and red bottom shoes..

Check out this 1954 film made to educate white merchants on the spending habits of Black Americans.

The Secret of Selling the Negro Market is a 1954 film financed by Johnson Publishing Company, the publisher of Ebony magazine, to encourage advertisers to promote their products and services in the African-American media. The film showed African-American professionals, housewives and students as participants in the American consumer society, and it emphasized the economic power of this demographic community. The film, which was shot in Kodachrome Color, featured appearances by Sinclair Weeks, Secretary of the U.S. Department of Commerce, and radio announcer Robert Trout. The film had its premiere in July 1954 at the Joseph Schlitz Brewing Company in Milwaukee, Wisconsin, and was shown on a non-theatrical basis.

Watch this film and measure how far we’ve come over the last 60+ years.

White people love to spend money on fashion too.  White people love to buy expensive cufflings, designer purses, custom suits.  Their efforts are more to make sure they look presentable to potential employers.  They really don’t care about being made fun off on a day off.  That’s why you see white people with sandals on or those really high shorts.  White people tend to over do it on the suits but they tend to last them a very long time so they treat them more like investments than clothes.

Black people love to spend money on cars.  Chrysler 300’s, Dodge Chargers and the new model mustangs are a favorite.  Black people also customize cars and don’t really bother with leasing.  The car becomes an investment instead of just something to drive.

White people love to spend money on cars too.  They lease new cars.  Most of the BMW’s and Benz’s that you see are leased.  They have a more economic car and then a leased car.  They figure it’s just a car and pretty soon I’ll need another one so I’ll just rent the newest one out.  Leasing a car is throwing away money that could be used somewhere else.  More on cars later in this article.

According to Tingba Muhammad of the Nation of Islam Research Organization (NOIRG) wasteful Black spending is rooted in slavery.  Earlier this year, Minister Louis Farrakhan gave speech on the root of black spending behaviors and what black people need to do to correct some of these bad habits.  According to the research 42 million Blacks have a spending power amounting to $1.1 trillion, which gives each man, woman, and child an annual spending power of $26,200 dollars.  Black spend their money overwhelmingly with white businesses on the following products and services.

  • tobacco                                    $3.3 billion
  • whiskey, wine, and beer         $3 billion
  • non-alcoholic                          $2.8 billion
  • leisure time spending            $3.1 billion
  • toys, games, and pets           $3.5 billion
  • telephone services                $18.6 billion
  • gifts                                         $10 billion
  • charitable contributions       $17.3 billion
  • healthcare                              $23.6 billion

The NOIRG theorizes that when most Blacks emerged from slavery, it frightened the hell out of White people. They knew that money and knowledge in Black hands meant that Blacks would have the power to determine their own destiny apart from White domination and control. The first impulse Blacks had after slavery was to get as far away from whites as possible. They even set up over 60 all-Black towns, in which they managed free of white authority. This trend had to be stopped because with Black independence came the total loss of the labor that whites totally depended on.  This created a tremendous amount of oppression.  Blacks responded to this oppression by becoming fast spenders.

So, today, many Blacks don’t trust banks, or the courts—Blacks “trust” only that which they can hold in their hands at that very moment. As destructive as that behavior is to Black progress is exactly how profitable that behavior is to whites—who will do anything to keep Blacks on that thinking track.

Hmmmmm!  Something to think about.

Another school of thought is shared by blogger Matthew Corbin who wrote 5 Reasons Why Black People Are Still Broke.  Here are Corbin’s 5 reasons:

  1. Black people spend more money than the make
  2. Black people don’t support black businesses
  3. Black people don’t save their money
  4. Black people don’t know how to invest
  5. Black people aren’t working towards getting out of poverty

Click here to read Corbin’s explanation for each reason.

Donald J. Trump is the 45th President of the United States.  Some say life under a Trump administration won’t be that bad, in fact, it Donald Trump may do more for Blacks than the last several presidents.  Time will tell.  Trump says he will be great for blacks.  Click here to read Donald Trump’s plan for the black community.

The following information comes from the website Racism In America.com.  As the largest racial minority in the United States, blacks make up approximately 13.2% of the population, but have a spending power of over one-trillion dollars. So why is it that Blacks have the lowest net worth of all racial classes?

During the Civil War, small banks were established throughout the country to be financially responsible for freed and runaway slaves’ deposits. However, many of those individuals lost their money because the banks “lost” their deposits. And after the Civil War, Blacks had practically no economic resources, access to capital, or entrepreneurial abilities, making it almost impossible to build, accrue, and pass on wealth. But in an attempt to financially assist soldiers and emancipated slaves with transitioning into “freedom,” Congress established the Freedman’s Saving and Trust Company–a financial institution for Blacks. The bank’s objective was to help Blacks “increase their financial strength.”

In the 21st century, many Blacks still don’t possess bank accounts, but instead rely on check cashing services, prepaid debit cards, and cash apps on their cell phones.  Living an “all cash” lifestyle allows for more spending and less saving. However, because of the history of being financially defrauded, Blacks have grown to rely on tangible items to justify their finances. In other words, many of them feel more secure being able to see and spend their money instead of trusting a financial institution. Consequently, the more items bought and the more expensive items may be, signifies many Blacks’ interpretation of their net worth and status as opposed to what a savings account may reflect or indicate.

Studies have shown that managing: household expenses and budget, money and debt, investments, and to save for college education are areas that many Blacks aren’t financially literate.

In a 2013 survey, Prudential Research reported that 40% of Blacks considered themselves to be spenders, 51% savers, and only 9% that actually invest.  To this date, Blacks only possess 5% of America’s wealth, oppose to Whites that own 61%, Asians 28%, and Hispanics 6%.

Therefore, the real reason why Blacks spend their money and don’t save is because systematic racism prevented them from safely investing in banks, and is currently impacting their ability to own property, land, or businesses, thus leaving them with nothing to pass down to future generations. They were forced into a mindset of poverty–spend now before it’s gone, impacting them generationally. Historical experiences blinded Blacks from recognizing the importance of financial literacy and because of their monetary ignorance, blacks possess the least amount of wealth in America.

I decided to post this article as a clear example of how, in this case, this Black person spends his money.  Why do many Black folks feel the need to flaunt their money?  In many cases, what’s “money” to them, is “small change” to people in other ethnic groups.  I’m not a psychologist, but it is an interesting question to ponder.  The previous 1954 video on Black consumers shopping and spending habits may shed some answers.

A recent report from Nielsen, “The Increasingly Affluent, Educated and Diverse,” explores the “untold story” of Black consumers, particularly Black households earning $75,000 or more per year.  According to the report, Black people in this segment are growing faster in size and influence than whites in all income groups above $60,000.  And as Black incomes increase, their spending surpasses that of the total population in areas such as insurance policies, pensions and retirement savings.

According to Nielsen, “African-American households spend more on basic food ingredients and beverages and tend to value the food preparation process, spending more time than average preparing meals. Other popular buying categories include fragrances, personal health and beauty products, as well as family planning, household care and cleaning products.”

The authors of this report emphasize that as the social and cultural clout of the Black consumer is on the ascendancy, it is incumbent upon advertisers and marketers of consumer brands to develop a long-tern game with the Black community.

As TheAtlanticnotes, Black buying power is expected to reach $1.2 trillion this year, and $1.4 trillion by 2020, according to the University of Georgia’s Selig Center for Economic Growth.

LetsBuyBlack365 is a national grassroots movement that utilizes the online community and local networking to harness Black buying power, with a goal to create jobs and resources to help Black people.

A few years ago we updated our original post with some information from an article written in September 2013, by Stacy M. Brown posted on the Washington Informer.com website titled, “Big Spenders, Small Investors:  Blacks Have Little to Show for Hard-Earned Dollars.”  In that article, Ms. Brown writes, “If black America counted as an independent country, its wealth would rank 11th in the world.  However, African Americans continue to squander their vast spending power, relegating blacks to economic slavery instead of financial freedom, according to several consumer reports detailing the use of cash in the black community.”

We also incorporated 2014 data from the Nielsen Company.  If history is any indication of future behavior, this updated article will be hotly debated in 2018.  Let’s hope that we can make some progress in this area and close the wealth gap.

Compared to all consumers, Black people as a group spend 30 percent more of their total income — even though we make $20,000 less than the average household. A whopping 87 percent of annual retail spending consists of Black consumers. But where does our money go? Hudson Valley Press Onlinegives us the scoop via an article from Nielsen’s SVP of public affairs and government relations, Cheryl Pearson-McNeil.

When it comes to shopping at the mall, we make eight more annual trips than any other group pulling in an average of 154 visits. Blacks also patronize dollar stores the most; we make seven more trips than the average group making a total of 20 trips. Lastly, Black Americans made more visits to convenience/gas stores by a small margin: making a total of 15 annual visits.

However, Black trips to grocery stores and warehouse clubs (like Costco) are a bit more scarce. “Less time is spent at grocery stores, with three fewer trips. The exception to grocery store shopping, though, is with Blacks who earn upwards of $100K annually. We also make three fewer trips to warehouse stores and two fewer trips to mass merchandisers than the total market. However, more upper-income Blacks (73%) shop at warehouse clubs than non-Blacks annually,” Pearson-McNeil said.

It could be that the lack of grocery stores and other healthy establishments in Black neighborhoods that contribute to this trend. This is why it’s not at all surprising that Black people frequent McDonald’s and Burger King more than other U.S. household.

What you probably won’t see in our carts are diary products such as milk and yogurt. “[T]his could be because many of us are lactose-intolerant,” Pearson-McNeil adds.

But probably the largest retail disparity between Blacks and other groups rests in the hair and beauty industry. We spend about nine times more on hair care and beauty products in comparison to other demographics.  “In fact, 46% of Black households shop at Beauty Supply Stores and have an average annual total spend of $94 on products at these stores,” Pearson-McNeil says.

All the aforementioned figures were pulled from Resilient, Receptive, and Relevant: The African-American Consumer 2013 Report. With African Americans approaching $1 trillion buying power, one must wonder why aren’t marketers paying more attention to Black consumer trends.

** The average Black household contains 2.57 persons. In addition, Black households averaged 1.25 owned vehicles. Most of these households were renters, living in apartments or flats.8 Their dwellings averaged 5.45 rooms (including finished living areas and excluding all baths) and 1.49 bathrooms. Black households’ annual expenditures averaged $36,149, which was 79.8 percent of their average income before taxes. The amount spent on housing ($13,530) consumed the biggest portion of annual expenditures, accounting for more than one-third of the total. This was followed by transportation ($5,946) and food ($5,825). The remaining expenditures made up roughly 30 percent of total spending: personal insurance and pensions, healthcare, entertainment, cash contributions, apparel, and education, in addition to personal care, tobacco, alcohol, reading, and miscellaneous expenditures.

Black Americans are just 13 percent of the U.S. population, and yet, we’re on trend to have a buying power of $1.4 trillion by 2019.  A new Nielsen study hints that marketers may want to start developing a better consumer-producer relationship with African Americans if they want to make big bucks.

Titled “The Multicultural Edge: Rising Super Consumers,” the report finds that the Black American sweet spot, in terms of buying power, lies in ethnic hair and beauty aids (surprise, surprise). Black American dollars make up a whopping 85.8 percent of the industry.


**Here are highlights of the spending patterns of low-income versus high-income Black households:

  • On average, low-income Black households spent $16,627 in total annual expenditures, compared with high-income Black households who spent approximately $50,000 more.
  • Housing was the biggest expenditure for both types of households. For the high-income Black households, housing was 34.2 percent of the total annual expenditure. For the low-income Black households, it was nearly half of the total annual expenditure, at 45.5 percent.
  • Food was another large spending category for both types of households. However, it made up only 12.7 percent of total expenditures for high-income Black households, compared with 23.5 percent for low-income Black households.
  • Transportation and personal insurance and pensions made up only 11.5 percent and 1.9 percent, respectively, of total expenditure for the low-income Black households. However, for the high-income Black households, these shares were 17.1 percent and 15.0 percent, respectively.
  • Cash contributions, such as charitable donations, was a smaller expenditure category in which low and high-income Black households differed. Cash contributions were 2.1 percent for the low-income Black households and 4.6 percent for the high-income Black households.
  • Among the remaining expenditure categories, alcoholic beverages, apparel and services, healthcare, entertainment, personal care, reading, education, and miscellaneous expenditures, low-income and high-income Black households had similar expenditure shares.
  • Tobacco and smoking supplies was the only expenditure category in which low-income Black households spent both a higher share and a higher actual dollar outlay than their high-income counterparts. For low-income Black households, tobacco and smoking supplies was 1.5 percent ($248) of their total expenditure but made up only 0.3 percent ($218) of total expenditure for high-income Black households.13

Reginald A. Noël, “Income and spending patterns among Black households,” Beyond the Numbers: Prices & Spending, vol. 3, no. 24 (U.S. Bureau of Labor Statistics, November 2014), http://www.bls.gov/opub/btn/volume-3/income-and-spending-patterns-among-black-households.htm

Floyd Shoes

According to Nielsen:

  • Blacks are more aggressive consumers of media and they shop more frequently.
  • Blacks watch more television (37%), make more shopping trips (eight), purchase more ethnic beauty and grooming products (nine times more), read more financial magazines (28%) and spend more than twice the time at personal hosted websites than any other group.
  • Blacks make an average of 156 shopping trips per year, compared with 146 for the total market. Favoring smaller retail outlets, blacks shop more frequently at drug stores, convenience stores, and Dollar stores.
  • Beauty supply stores are also popular within the black community, as they typically carry an abundance of ethnic hair and beauty aids reside that cater specifically to the unique needs of black hair textures.


While the numbers indicate that Black folks are an important part of the buying public, companies spend just three-percent (3%) of their advertising budgets marketing to black consumers. According to Cheryl Pearson McNeil, a Vice President at Nielsen, “The Black population is young, hip and highly influential. We are growing 64 percent faster than the general market,” she explains.

However, Noel King, a reporter for NPR’s Marketplace, cautions companies against trying to reach Black consumers without knowing our needs.  “If you want to market to those groups, then you should know what particular group buys your stuff,” says King. “Blacks tend to spend more on electronics, utilities, groceries, footwear. They spend a lot less on new cars, alcohol, entertainment, health care, and pensions.”

Despite our collective buying power, statistical data reflects that much of that money is spent outside of the Black community and not with Black-owned businesses.

Compare these numbers about “dollar circulation” reported by the NAACP:

“Currently, a dollar circulates in Asian communities for a month, in Jewish communities approximately 20 days and white communities 17 days.  How long does a dollar circulate in the Black community? 6 hours!  Black American buying power is at 1.1 Trillion; and yet only 2 cents of every dollar blacks spend in this country goes to black owned businesses.”

If the “dollar circulation” data does not get your attention, consider the following information from an article written by financial expert Ryan Mack:

55 percent of Black Americans are unbanked or under-banked meaning they do not have a bank account or the appropriate bank account (Federal Deposit Corporation Survey)

  • “About a quarter of all Hispanic (24 percent) and Black (24 percent) households in 2009 had no assets other than a vehicle, compared with just 6 percent of white households. These percentages are little changed from 2005.” (Pew Research)
  • “The median amount Black households reported saving on a monthly basis is $189, compared to $367 among White households…. [This is] the first time in a decade that Black households have reported saving less than $200 per month.” (Ariel Investments 2010 Black Investor Survey)
  • “Blacks on the average are six times more likely than Whites to buy a Mercedes, and the average income of a Black who buys a Jaguar is about one-third less than that of a White purchaser of the luxury vehicle.” Earl Graves, Black Enterprise Magazine
  • Although Blacks make up 13-percent of the U.S. population, just seven-percent (7%) of small business are owned by Blacks. Access to capital, clientele, and other resources hinder many Black folks from starting business, despite a long history of entrepreneurship.

Highlights from “Big Spenders, Small Investors:  Blacks Have Little to Show for Hard-Earned Dollars”:

  • Blacks consistently outpace the total market population in overall growth, smart phone ownership, television viewing and annual shopping trips according to the new study, “Resilient, Receptive and Relevant: The African-American Consumer 2013 Report,” a collaborative effort by the Nielsen Company in New York and the National Newspaper Publishers Association (NNPA), located in Northwest Washington, D.C.
  • Black buying power continues to increase, rising from its current $1.1 trillion level to a forecasted $1.3 trillion by 2017.
  • Despite the strong economic outlook, Blacks continue to spend most of their money outside of the Black community and, according to Nielsen and NNPA, advertisers have repeatedly slighted the black media, spending only three percent, or $2.24 billion, of the $75 billion spent with all media last year.
  • Each year, Blacks spend more than $47 billion on Lincoln automobiles, $3.7 billion on alcohol, $2.5 billion on Toyotas, $2 billion on athletic shoes, and $600 million each year on McDonald’s and other fast foods, according to Target Market News Inc., a Chicago-based marketing research group.
  • Blacks also spend wildly to keep up their appearances.  The black hair care and cosmetics industry counts as a $9 billion a year business, but while African Americans are spending the most, they are profiting the least, said officials from the Black Owned Beauty Supply Association (BOBSA) in Palo Alto, Calif.  Beauty product lines designed for African Americans were once 100 percent owned and operated by blacks, today other ethnic groups control more than 70 percent of the market.
  • The current homeownership rate reveals that 73.5 percent of whites own homes while approximately 43.9 percent of Blacks are homeowners, according to the Harvard Joint Center for Housing Studies State of the Nation report for 2013.
  • Sixty percent of Blacks have less than $50,000 saved in company retirement plans and only 23 percent have more than $100,000.

Photo:  Hundreds of people gathered in the church to say goodbye to Michael Brown. (Richard Perry/The New York Times)

The loyalty Blacks have to their church also has proven costly, said officials at Faith Communities Today, a nonprofit based in Hartford, Conn.  A 2013 study revealed that Black churches have collected more than $420 billion in tithes and donations nationwide since 1980, an average of $252 million a week.

“What people fail to see and understand is that, the church pastors aren’t waiting for miracles to fund their lifestyles, they don’t have to pray, day in and day out, to make their ends meet,” said Northwest resident and author, Byron Woulard.  They are getting rich off God, not from God,” he said. Woulard, whose books include, the 2011, “Pawn Queen,” noted that the money spent tithing could buy as many as 93,333 homes valued at $150,000; pay for tuition up to $15,000 a year for 933,333 college students, and feed every homeless American for a year.  “It’s the best hustle on the planet. If you don’t get it here on earth, you’ll get it when you die and go to heaven,” Woulard said. “And, it just so happens that not one person in the history of this planet has died, went to heaven, and come back to tell everyone that it’s true.”

Rich Blacks vs. Poor Blacks:  Income and Spending Patterns

Data from the U.S. Bureau of Labor Statistics (BLS) Consumer Expenditure (CE) Survey provide information on annual household spending.  Looking at demographic subgroups of the population can provide a deeper understanding of consumption preferences and spending behavior for a particular group. Using data from the CE Survey, the following charts compares and contrasts the spending patterns of low-income Black households to their high-income counterparts.

Average annual expenditures of all, high-and low-income Black households, 2010–2012 combined
Category All Black


High-income Black


Low-income Black


Total average annual expenditures $36,148.98 $67,114.17 $16,627.29
Tobacco and smoking supplies $239.06 $218.26 $248.34
Housing $13,529.96 $22,956.40 $7,569.19
Total food $5,825.34 $8,514.41 $3,910.12
Transportation $5,945.94 $11,469.17 $1,915.35
Personal insurance and pensions $3,678.55 $10,043.75 $315.33
Cash contributions $1,347.50 $3,081.13 $349.31
Healthcare $1,794.27 $3,240.21 $689.57
Apparel and services $1,000.48 $1,907.43 $474.05
Education $503.25 $1,354.23 $190.31
Entertainment $1,362.24 $2,485.95 $635.57
Personal care $318.71 $645.89 $117.30
Reading $45.22 $97.22 $12.86
Alcoholic beverages $168.09 $329.53 $95.40
Miscellaneous expenditure $390.37 $770.58 $104.60

The only category which low-income Black households were not outspent was tobacco and smoking supplies. This particular statistic supports the phenomenon that tobacco tends to be a higher share of total expenditures for those with lower income as compared to those with higher income.

Source:  Reginald A. Noël, “Income and spending patterns among Black households,” Beyond the Numbers: Prices & Spending, vol. 3, no. 24 (U.S. Bureau of Labor Statistics, November 2014), https://www.bls.gov/opub/btn/volume-3/income-and-spending-patterns-among-black-households.htm

Click Here To Change Your Life and Purchase This DVD “Generation One:  The Search For Black Wealth” Now!

Stacy M. Brown’s article posted on the Washington Informer.com website concludes with what is described as an inescapable fact:    When black folks make money, they are quick to spend it!

According to Dr. Boyce Watkins, a Scholar in Residence in Entrepreneurship and Innovation at Syracuse University in New York, also known as “the people’s scholar,” “We don’t use money to invest or produce,” said Watkins, 42.” When we get our tax refund, we go straight to the store.”

The 17th annual report on “The Buying Power of Black America” also includes a dollar-by-dollar breakdown of the Black economy.

Copies of “The Buying Power of Black America” can be purchased from Target Market News for $99.00  for the hard copy version and $65.00 for the digital version.  For more information call 312-408-1881, or click here to purchase online.

Below is our original article posted in November 2010.  Have their been any improvements?  You be the judge.

“How Do Black People in America Spend $507 Billion Dollars Annually?”

With $836 Billion in Total Earning Power, only $321 Million Spent on Books while $7.4 Billion Spent on Hair and Personal Care Products and Services

New ‘Buying Power’ report shows black consumers spend as economy improves

New 16th edition shows expenditures rise to $507 billion

(November 1, 2010) African Americans consumers are cautiously increasing their spending in some key product categories, even as they continue to make adjustments in a slowly growing economy. The finding comes from the soon to be issued 16th annual edition of “The Buying Power of Black America” report.

In 2009, Black households spent an estimated $507 billion in 27 product and services categories. That’s an increase of 16.6% over the $435 billion spent in 2008. African-Americans’ total earned income for 2009 is estimated at $836 billion.

The report, which is published annually by Target Market News, also contains data that reflect the economic hardships all consumers are facing. There were significant declines in categories — like food and apparel — that have routinely shown growth in black consumers’ spending from year-to-year.

“These latest shifts in spending habits are vital for marketers to understand,” said Ken Smikle, president of Target Market News and editor of the report, “because they represent both opportunities and challenges in the competition for the billions of dollars spent by African-American households. Expenditures between 2007 and 2008 were statistically flat, so black consumers are now making purchases they have long delayed.  At the same time, they re-prioritizing their budgets, and spending more on things that add value to their homes and add to the quality of life.”

The median household income for Blacks dropped by 1.4% in 2009, but because of students going out on their own, and couples that started their lives together, the number of black households grew 4.2%. This increase meant that many household items showed big gains. For example, purchases of appliances rose by 33%, consumer electronics increased 33%, household furnishings climbed 28%, and housewares went up by 37%.

Estimated Expenditures by Black Households – 2009

Apparel Products and Services $29.3 billion
Appliances 2.0 billion
Beverages (Alcoholic) 3.0 billion
Beverages (Non-Alcoholic) 2.8 billion
Books 321 million
Cars and Trucks – New & Used 29.1 billion
Computers 3.6 billion
Consumer Electronics 6.1 billion
Contributions 17.3 billion
Education 7.5 billion
Entertainment and Leisure 3.1 billion
Food 65.2 billion
Gifts 9.6 billion
Health Care 23.6 billion
Households Furnishings & Equipment 16.5 billion
Housewares 1.1 billion
Housing and Related Charges 203.8 billion
Insurance 21.3 billion
Media 8.8 billion
Miscellaneous 8.3 billion
Personal and Professional Services 4.1 billion
Personal Care Products and Services 7.4 billion
Sports and Recreational Equipment 995 million
Telephone Services 18.6 billion
Tobacco Products 3.3 billion
Toys, Games and Pets 3.5 billion
Travel, Transportation and Lodging 6.0 billion

Source: Target Market News,

“The Buying Power of Black American – 2010”

“The Buying Power of Black America” is one of the nation’s most quoted sources of information on African-American consumer spending. It is used by hundreds of Fortune 1000 corporations, leading advertising agencies, major media companies and research firms.

The report is an analysis of consumer expenditure (CE) data compiled annually by the U.S. Department of Commerce. The CE data is compiled from more than 3,000 Black households nationally through dairies and interviews. This information is also used for, among things, computing the Consumer Price Index.

The report provides updated information in five sections:

– Black Income Data
– Purchases in the Top 30 Black Cities
– Expenditure Trends in 26 Product & Services Categories
– The 100-Plus Index of Black vs. White Expenditures
– Demographic Data on the Black Population

According to Forbes magazine, Floyd Mayweather, Jr., made more than $420 million in 2015.  He is the highest paid athlete in the world.

Click here to read how Floyd Mayweather, Jr. spends his money.

Portions of this article came from Clutch Mag online.

Here’s a great resource to Black wealth:

Black Wealth 2020, a movement, aims to unite some of the most historic national economic, civic and civil rights organizations with a goal to impact economic outcomes in Black America through the year 2020. The group’s three-pronged strategy is to significantly increase the number of Black homeowners, strong Black-owned businesses and deposits in Black banks.



If you want to educate yourself and others about how to earn and spend your money responsibly, read the book, Black Dollars Matter: Teach Your Dollars How to Make More Sense, by James Clingman.  Clingman is a friend to this site.  He’s also the founder of the Greater Cincinnati African American Chamber of Commerce and the nation’s most prolific writer on economic empowerment for Black people. He can be reached through his website, www.blackonomics.comBlack Dollars Matter: Teach Your Dollars How to Make More Sense is available through the website www.professionalpublishinghouse.com and Amazon Kindle e-Books.

Black Dollars Matter Book Cover

If you want to educate yourself and others about how to earn and spend your money responsibly, read the book, Black Dollars Matter: Teach Your Dollars How to Make More Sense, by James Clingman.  Clingman is a friend to this site.  He’s also the founder of the Greater Cincinnati African American Chamber of Commerce and the nation’s most prolific writer on economic empowerment for Black people. He can be reached through his website, www.blackonomics.comBlack Dollars Matter: Teach Your Dollars How to Make More Sense is available through the website www.professionalpublishinghouse.com and Amazon Kindle e-Books.

There is a great organization called World of Money.  Founded in 2005, the World of Money is a New York City based 501(c)(3) non-profit organization whose mission is to empower youth through the engaged, local delivery of professional quality financial education. World of Money Founder and CEO, Sabrina Lamb, while attending a financial planning seminar, was inspired by a compelling question. Are children, in the course of their education and upbringing, getting this information on how to manage their financial life? After conducting some research on the subject, Ms. Lamb found that the answer to her question was a resounding “no”. So, after affirming the detrimental effects of this knowledge gap, she set forth to leverage her experience as an entrepreneur and love of working with children to create World of MoneyClick here to visit their website and learn more.

There are already over 35 Black owned banks and credit unions in the United States where you can put your money if you find these type of efforts for financial stability and reinvestment in the black community important.

Check out the list below!

  1. Omega Psi Phi Credit Union – Lawrenceville, Georgia
  2. Phi Beta Sigma Federal Credit Union – Washington, DC
  3. One United Bank – Los Angeles,California
  4. FAMU Federal Credit Union – Tallahassee, Florida
  5. Credit Union of Atlanta – Atlanta, Georgia
  6. North Milwaukee State Bank – Milwaukee, Wisconsin
  7. Seaway Bank – Chicago, Illinois
  8. The Harbor Bank- Baltimore, Maryland
  9. Liberty Bank – New Orleans, Louisiana
  10. United Bank of Philidelphia – Philidelphia, Penn
  11. Alamerica Bank – Birmingham, Alabama
  12. Broadway Federal Bank – Los Angeles, California
  13. Carver State Bank – Savannah, Georgia
  14. Capital City Bank – Atlanta, Georgia
  15. Citizens Trust Bank – Atlanta, Georgia
  16. City National Bank – Newark, New Jersey
  17. Commonwealth National Bank – Mobile, Alabama
  18. Industrial Bank – Washington D.C.
  19. First Tuskegee Bank – Tuskegee, Alabama
  20. Mechanics & Farmers Bank – Durham, North Carolina
  21. First Independence Bank – Detroit, Michigan
  22. First State Bank – Danville, Virginia
  23. Illinois Service Federal – Chicago, Illinois
  24. Unity National Bank – Houston, Texas
  25. Carver Federal Savings Bank – New York, New York
  26. OneUnited Bank – Miami, Florida
  27. OneUnited Bank – Boston, Massachusetts
  28. Tri-State Bank – Memphis, Tennesse
  29. Citizens Bank – Nashville, Tennessee
  30. South Carolina Community Bank – Columbia, South Carolina
  31. Columbia Savings and Loan – Milwaukee, Wisconsin
  32. Liberty Bank – Baton Rouge, Louisiana
  33. Liberty Bank – Kansas City, Missouri
  34. Citizen Trust Bank – Birmingham, Alabama
  35. Liberty Bank – Chicago, Illinois
  36. Liberty Bank – Jackson, Mississippi
  37. Toledo Urban Credit Union – Toledo, Ohio
  38. Hill District Credit Union – Pittsburgh, Pennsylvania

Are you currently putting money in a Black owned bank? Leave any testimonials you have below!

Photo credit:  Couple counting money — Image by © Jose Luis Pelaez Inc/Blend Image/Blend Images/Corbis

** Sources:  U.S. Bureau of Labor Statistics (BLS) Consumer Expenditure (CE) Survey, http://racisminamerica.org/the-real-reason-why-blacks-spend-their-money-and-dont-save/, CNN, Harvard Business Review, http://curatorsofdopenessblog.tumblr.com/post/72870270050/black-money-white-money

Here’s another related and informative article on black spending.

How Blacks’ Dollars Can Achieve Black Power by William Reed

By William Reed (Posted June 12, 2017)

What is your view of black economic development?  Most blacks say they are tired of being slighted and disrespected; yet the majority of us ignore tried and true capitalistic practices that would improve the race’s poor economics.  It’s too bad there’s no accumulation of Blacks oriented toward race-based economic empowerment and wealth building.  Black people collectively pooling economic resources aren’t the “wishful thinking” that many suggest.  The thing we need to recognize is “to do for self‘”.  When blacks across the nation make economic growth and development functioning realities collectively practicing means and methods that create jobs and opportunities we will be well on our way to respect and admiration.

It is generally accepted that there’s been progress for black Americans over the last 60 years, yet our overall status is bleak. Too many blacks are focused to rid the country of “white supremacy”.  Black politicians and civil rights “leaders” boast that they’ve gotten blacks to 72 percent parity with whites.    Truth is whites have “superior” understandings and adaptations of capitalistic procedures.  Blacks must “stay awake” to more than partisan politics.  Even as our poverty and unemployment rates continue to be higher than whites’, it’s a challenge to get most blacks to see benefits that can accrue if we come together and do more financially for betterment of our communities.

Black buying power is currently $1.3 trillion according to a Nielsen and National Newspaper Publishers Association Report.”  With such money and buying power blacks should be utilizing methods and practices that circulate those dollars to Black owned initiatives.  Each of us should look at our own actions and practices that keep us from spending substantial portions of money we get with Black-owned businesses.  Why do we not deposit in Black-owned banks when doing this enables black financial institutions to fund our projects, goods and services.

To “be equal” in American society, blacks must learn how to build business/investments, hold onto it and pass it on. Some skeptical blacks must see the value in spending their money with our businesses.  More blacks must “do more for self” to bring about Black Economic Power.”  The prevailing “Black Leadership” has its focus on partisan politics and elusive “’racial harmony”.  When will blacks learn that it’s imperative for concerned individuals, groups, organizations, churches and businesses push vital black financial and entrepreneurial cooperation to turn around disproportionate negative conditions that continue in Black communities?

Opportunities exist across the nation for black individuals, their organizations, churches, lodges, frats and entrepreneurs to provide educational programs, workshops and business conferences that teach and show people how and why to do for self.  America needs local black leadership demonstrating the power of the black dollar and increase community awareness to recycle dollars within our community, by banking with black-owned banks and buying from black businesses.  The solution to the high unemployment and income inequality black communities must come from us.  It includes development of black businesses.  Local or national groups, be them small or large: the thing is to do for self.  If we are serious about tackling unemployment in our community, the quickest fix is to start financially supporting Black-owned businesses.  Too many blacks rely on getting whites to remedy their financial problems.  Data suggests that if African-Americans invested more money in Black-owned businesses, these businesses would be sources of employment for more of us.

The stand we suggest all blacks adopt is empowering the black community toward taking control and redirecting its wealth and investments.  Blacks need more education on consuming and capitalism.  More blacks must establish locations where people come and learn economic and financial principles on how to create and sustain Black businesses where they live.  Let’s more of us hold power networking conferences for training and networking to bolster and educate Blacks.   We all have to engage what we know and have toward operational unity.  Enterprising individuals and organizations can sponsor regular business networking socials and gatherings.  Do them at Black-owned establishments.  Be sure to invite blacks in banking.  Those provide opportunities for entrepreneurial blacks to meet one another, exchange ideas and partner.

William Reed is publisher of “Who’s Who in Black Corporate America” and available for projects via Busxchng@his.com

Gary A. Johnson is the Founder of Gary A. Johnson Company & Associates, LLC, a management training and consulting company. The company manages a variety of Internet and digital media enterprises including Black Men In America.com, one of the most popular web sites on the Internet, includingthe  Black Men In America.com Syndicated Blog. In addition, the company manages Black Boating and Yachting.com.

Scroll down and leave a comment.  Tell us what you think.

133 Responses to “Updated: How Do Black People Spend Their Money? (The Racial Wealth Gap)”

  1. If it’s my money and I din’t steal it, but earned it legally and legitimately, I can do with it whatever I want!!!! It’s MINE!!! No discussion necessary!

    • Never seen your face on your money… it aint yours

      • One day if I have money’s like this I will build big house for my family and me so we will nice life instead of buying diamond 💍 like one million it just nothing

    • Thats the sad thinking that put US [black people]
      in a bad situation. I pray for you and retirement.

    • We can all spend selectively and excessively. We can spend consciously. Marketers who want to sell and get rich while saving their profits, or money earned, want to know who spends 1/2 of their earnings and what they spend it on. Will then target that market to sell, sell sell to the spenders.

    • You can’t be blk or you’re just ignorant.

    • C’mon man, that’s the most shortsighted, fool ass shit I’ve heard . Long range game is superior to short range con. Didn’t you get the memo? Imagine a million more people who are of the same mindset as you. Then ask your self why Blacks in Amerika are on the bottom of the economic totem pole. Figure it out, ok?

    • I have never read a report so dramatic in my life. I don’t place a value on money because it comes and goes…. but I do value NOW where my money will go. I am saddened that books is the LEAST amount of dollars spent. Is it too late for us? I don’t want to believe. I truly don’t. But I want to do a personal boycott of all things non-productive. I care where my dollars go.

  2. that is why we as a people are in the shape we are in right now. everyting that we do indicate we are individualistic in our doing and thinking. we don’t care about eachother at all. we can’t see we need each other. we are the only people who behave this way

  3. I disagree with you Steven. There is a bigger picture than just yourself. We have not done so great in terms of building towards the greater good of our people. That is where I have a problem when I look at the figures above. If we are spending about 36 billion on toys (cars, electronics etc) and not so much on education and development (in all its forms). The issue here is are we fascinated by electronics while our backyard is a mess. I am not saying we must not purchase cars and electronic gadgets, but we certainly need to moderate. What this tables says is that we need to sit down and look at our priorities. Like it or not, we have a responsibility and it’s very big.

    • I Couldn’t agree with you more Roy. It’s not about me, but it’s about us and it’s always been about us. But I’m a firm believer in the concept that if I worked for it, and Have put first things first, then I should be able to enjoy the fruit of my labor. It’s not about keeping up with anyone, but it’s about taking some time out to smell the roses. – or better yet, cutting some of the roses and bringing them into the house to enjoy their beauty as well as their scent.

    • karl anglin Says:

      Well said!!!!!!!!!!!!!!!

    • Roy-you are very wise.

  4. jesse jenkins sr Says:

    Black people spend billions of dollars in hour community,but it can not cir-curalate the dollars because we do not own the businesses.

    • Starting Physical Change Says:

      Great point jenkins. The very problem that we are having today is that our communities are filled with beauty shops, barber shops and chicken shacks – which leads most of our African american youths to think that they need to develop a life around this industry. What about hardware stores, dance studio’s, coffee houses where workshops are held on 63rd and Woodlawn. We sit back and wait for some brave white, arab person to come in a lead that business. Tired of it

  5. I personally am saddened to see that we continuously build up businesses that don’t build us up. We pay the salaries of people who follow us around in their stores as though we can’t be trusted. We promote companies that don’t invest in helping to build bigger, better and less crowded schools but invest in the building of privatized prisons. We glorify franchises that steal the hopes of millions of children along with their allowances but won’t give then a way to support themselves unless they can shoot a ball or swing a bat or a broom better than anyone else. Where is our academy on business building and our institute of good credit? Most of us can’t afford to live without robbing Peter to pay Paul and can’t afford to die without renting a casket or getting cremated. Healthcare is unheard of unless it’s medicaid. The businesses in our neighborhoods are run by other people and it’s all because we forsook our lost generations. We lost an entire generation to crack and another two to H.I.V. and AIDS so who took over to raise those children? The prisons are full of those lost souls. Where do we begin to put these pieces together?


    • lady mooresabb i could not argree with you more for years our people have been somewhat jealous of what the white man have we have forsaking are own needs and want are ancestors left us so much and within two geneartion we’ve thrown it all away all are gains madam c.j walker left us a multill billion dollar empire now we own 1% of all that and we are about to lose that how sad. all we can leave are kids is noting but indebth!! booker t. washington said over a hundred years ago while in washington he saw the plight of the blackman he saw a brother who made $3.00 a month and watch him spend $2.00 on a carage ride thru the hood to show everbody he was better than them and to this very day how much have we changed like the good book say God loves the child who has his own and untill that day we will never know what it is to be truly free.

    • yes Lady Mooresabb and we can’t start soon enough.

  6. This report reflects so much it’s also a graph of seeing what we As a people need to do. It will take us to stand up together and say enough is enough. We invest in US for US. Yes, it’s true black business don’t operate under the customer is right nor friendly customer service. Let the training begin explain how we would like a smile when being served that you’re not the only store around and if you continue the attitude the other people I know will stop coming.Remember we need each other to make it ? It been forgotten that crab bucket affect is live and kicking it in your own back yard. We all ain’t the same that point doesn’t only have to be explained to white people. We have to be reminded as well. It’s time to wake up we can’t blame no one else for what we can fix. I see the investments in our phones use the internet on them NOT FOR FB but history EDUCATE yourself. Take the xb and playstation 3 devices from your children. How much of that money come back to you are your kid? The name brand wear WAKE UP need is different than a want. We live like we the JONES and our spending ain’t saying WE POOR. It’s saying we lack the knowledge and everyone else know including us. Go spend time with family and friends. Learn how to love self so we make show those around us how to be loved. That old stuff between you and your family. We gone have to learn how to work that out. Everybody don’t need to know your business. However, get behind a closed door and explain to your people what they do is not right. We’re screaming out and we’re hearing the cries for help. Simple steps to smiling and speaking to one another is a start. I believe in miracles…. we talking about this issues over at cpr on love dot com check us out.


  8. seriously Says:

    dont put so much validity on this – the sample is small and i wonder abou the lsm – next

    • I agree with you. These numbers seem very inflated to me with such a small # of participants. What scares me is the seemingly innocent/non-chalance of the tracking of our $$. I mean, if this is true, are out checking accounts, credit cards and cash labelled “Black people”? I do believe there is truth to this and much validity to the irresponsible spending but the attachment to “Black spend” bothers me. It should bother everyone of you also.

  9. […] Click here to read… Like this:LikeBe the first to like this post. This entry was posted in Articles, Articles and tagged america, black people, consumers, debt, deceit, Economics, Economy, spending, U.S. Economy, united states. Bookmark the permalink. ← Be Strong, Be Gentle, Be Beautiful […]

  10. I am a white person. When I was ten years old, I was a shoeshiner.
    There was a time my parents really poor. How poor? They were not able to feed their children. However, I loved reading. I graduated from High School with flying colours. Since I had started working since I was ten years of age, by the time I was twenty I had some money in my bank account. Therefore I decided to go to Canada in order to start my university studies at University of Ottawa. After five years of hard work, I managed to graduate with a Bachelor of Arts(English literature). Then I moved on to Toronto, and got myself a
    Master´s(Sociology of Language). After having lived, worked,
    travelled and studied in Canada during eighteen years, I came back to my native Brazil. Now I have my own school. I teach English to
    employees of local multinational corporations. I live in CURITIBA,
    a two-million people, modern city located in Southern Brazil. I want to point out that I have never drunk nor smoked, and I have no religion. The best religion is helping the needy ones. IRAQUE

    • allison offrod Says:

      God bless you for you are doing positive things to help other people. You have proven that if you work hard and believe in yourself you can archieve many things in your life without making up excuses and blaming others for your situation.Your hard work has paid off.

  11. I have an African Business Network on facebook if anyone here is interested in joining my group.http://www.facebook.com/groups/Africanmoney2011/

  12. Wow. Astounding. As a Black small business owner (Life Essence Massage) and working at a massage clinic, I see it everdqy. We are so open to giving our monies to others because we believe the quality of the service or products are better… But it is not true. The quality from a Black business is better on so many levels…the main one, you’re supporting another brother or sister to be self sufficient and not rely on other companies for survival! Support Black owned companies and if you’re not happy with product or service tell the owner…there’s nothing wrong with constructive criticism…don’t blindly blog or talk about it. Be the peace that you seek….

  13. There is no reason for us being a poor Trillion Dollar Nation!
    Instead of us being the world’s Super Consumers
    Let’s be Super Producers!

  14. video email1…

    […]How Do Black People in America Spend $507 Billion Dollars Annually? « Black Men In America[…]…

  15. I have a homebased business. But our people cannot see the picture. They would rather support another company that do not support them. Please check out my website
    mycellphone.mylightyear.com and mycellphone.mylightyear.net Support a sista and learn how to become a business owner also.



    • This is beyond what this discussion reveals. First off, we are charged higher rates. Credit another form of slavery not just for Blacks but for everybody who uses it. As far as leaving your kids something when you leave, they are already taking steps for your offspring to have to pay your bills. Owning a business was what should have happened while we were fighting to get to go to school, then to college, then to work. Now that you own a business, you can best believe the goal post will be moved yet again.

  18. OK now break-down what whites and other races spend a their money on so we can do a real comparison.

  19. I have heard this same message since the turn of the century 19th to 20th even Dr. King in1968 began to talk of an economic base developed on our $30 million spending power of , but the problem I see is that we have not built any institutions to develop, grow, and protect assets. Assets bring me to another point, we as a people, are talked about in the context of spending power not assets under management. We have to build multigenerational institutions that will educate, develop, grow and protect the assets we build through the investment and then reinvestment of our dollars in BLACK INSTITUTIONS. I am working on a post on my http://www.h2comms.net/h2-communications-blog.html by blog about the new digital frontier where we can develop Black businesses and then support these same businesses without leaving the comforts of our homes using the expensive electronic toys we kill for.

  20. Orphius Noir Says:

    Orphius Noir .. So Here is the Issue, If you have the “KNOW HOW” to create a product in any of the areas mentioned in the above “DO IT” and YOU WILL MAKE MONEY IN OUR / YOUR OWN ‘HOOD’S !!!



  21. Just goes to show what black folk think is important

  22. I’ve read a few interesting statements here. I was searching for information for another reason. However, this is not news to me. 2 days after 9/11 african-americans spent over 47 billion on cars, clothes and electronics. There is an agency that tracks the spending habits of our people,(will post when located). There are lot of reasons for this alarming disparity. But here are somethings we can look at in comparison and you see it but might not pay it any attention. White americans spend the same tops amounts that we do, the only difference they buy real property, we buy clothes and cars we really can’t afford. I mean, $200 for a pair of sneakers….really? So whites go to the dealership and please hear this…..they get the best interest rate 0% 62 mnths to pay the same car they pay $199-240 a month, we pay $400. We rent $600 a mnth apartments. 3 yrs before the housing market fiasco, I was making $9.00 an hr. tell me why would I consider purchasing a home on that income, how would anyone be able to afford it. Well said to say a lot of african-americans did and struggled when those arm’s broke in 2007 and sub-prime lending bottomed out. Most of the sub-prime lending agents that I encountered were guess what…..us, they didn’t care one bit if you couldn’t afford if you bought it….you literally bought it. I drive a used car and always will paid for don’t want it if it’s not. A lot of good Ideas on here but until we become a nationwide effort we will sadly continue in the same destructive pattern. Asian money stays in their community 7 days a wk..they earn our money and send it home…how…they buy toyotas. Whites…in their communities 5 days a wk..how….they pay their bills, from mortgage to everything else and then they splurge.
    African-Americans……3 days….thurs, friday, sat……by sunday we’re broke, trying to get a payday loan to get to work the next week to do the same thing. Another alarming statistic healthcare, and end not is anybody aware or does anybody even care that African-American women die at an alarming rate from breast cancer than white women…..from the same disease…..what’s the disparity there I wonder?………just saying.

  23. Some of the comments posted were very good pointers of the ills we face in our communities. These comments date back to November 5, 2010 and to get only 35 reponses in 15 months that goes to show where black folks/black youths heads are at.
    The internet contains a wealth of imformation, but yet many young blacks are more interested in facebook, you tube and the latest fad of x-box. NOW COME ON! How about learning to run a business other than, as one reponser said, besides a chicken shack or beauty/barber shop. I rermember, being a product of the 50’s, from the Westside of Chicago, store ownership were blacks. The black buninessmen would extend credit to certain families I was lucky to have an upstanding mother, one that could get credit, and repay when our ss check would come, due to my dad’s early death. Some of the statistics posted are whether hard to soak in. Where only 0.0007% of black dollars go to the purchase of books and 0.015% goes toward education, now that is very alarming. As I learned earlier in life from the older generations who said ” If you want to hide something from a black person put it in a book”. I made that statement to an individual and his reponse was ” like money” wrong answer, correct answer “information”. We have come so far to be going backward. The great migration that started in the first decade of the 1900’s where blacks left the South for better conditions away from the Jim Crow Laws. These people were hard workers and brought about a sense of pride which developed into ownership and small business. Blacks that did invest in our communities desided over the years that the crabs in the barrel syndrome probably overwhelmed them. Yes, why do blacks not want to invest in black communities? It can amount to a number of factors
    “The Lost Generations”, “The Crabs in the Barrel Syndrome”
    Drug and Crime or better yet “Come On Brother Give Me A
    Break”. If a blackman open a store in the Hood, he would more likely be a target of thefts, whereas, the brother from the Hood would not try the same s–t with, say an Arab, because they stand eight or nine strong and will likely blow their f–k— head off. To say that it to say in all actuality we need to do more to invest in our communities and stop the other than us from walking out with our DOLLARS. And brothers in the “Hood” stay in school long enough to figure something out.

  24. Michael Higgins Says:

    The man issue that every one is missing is that we are consuming all these products, but we are not the ones making the profit of them. Everyone is eating of our plate except us. We must create business so when we consume we are putting these dollars back in to our communities. Think my people.

  25. Mz Mission Says:

    We as a community have more than just a where we spend our dollars. We have healthcare issues that no one really seems to care about. Tell me, why is it that breast cancer a disease that is less likely to effect african american women….but when diagnosed is more likely to die from than her white counter-parts. Yes we are in the low percentage for getting the disease……37-39% death rate. Statics are improving but by a slim margin. This isn’t genectics we’re looking at there are underlying conditions that cannot be address by healthcare professional and I see it everday with every visit. We as a people have stopped caring about ourselves, some of our children were raised by giving not working for it……the bible says struggle breeds character……that not being woven into the very core of our youth starts the decline of our race….it seems we just don’t care enough….and while I’m at the healthcare note…….the statistics are not good for the black man when it comes to prostate cancer…..have it checked and black women have regular mammograms. If you are underinsured or not insured there is assistance available for you check with your state and let’s live for future generations.

  26. Man! Thats crazy, we can pool our money and solve a lot of problems over night.

  27. Keep spending your money on sneakers…weaves…rims and iphones. You people neglect your family of things that matter and expect the tax payers to act like the real parent to your children. The tax payers (usually whites who work) pay for your daycare..rent…food..medical insurance…and pretty much any priority that a decent parent would usually provide for their child. You people are selfish and only care about what you look like to others from a distant…try having some pride and start spending your money on crape that really matters.

  28. If you people understood the psychology behind the abuse and neglect that you put your families through ..then you would understand why you spend your money on the meaningless things you buy. Black parents typically physically abuse and emotionally neglect their children. You feel good when you buy something that will attract attention to yourself. Your people are so neglected of affection and attention from your parents..when you become old enough to attract attention to yourselves as young adults.. it feels so good… it becomes the main priority…even over satisfying the basic needs your own children….cycle then continues…and continues on from generation to generation…understand the psychology of it then you will understand why your people behave the way they do. Stop putting the blame on other groups of people and take long look in the mirror.

    • That was very helpful and your incite is noted. Despite the lack of knowledge and sensitivity to certain situations and the obvious disregard to existing conditions that lead to some peoples living standards/conditions, you seem to poke directly at the Black community. I do understand that you are sticking to the subject at hand, but your words seem to neglect the other races or ethnic groups that benefit from our (yes, Black people pay taxes also) tax dollars. There is a higher number of white people on welfare than any other race in the US. When you make reference to cycles, take into consideration the cycle of Anglo-Saxons that entered this country and claimed it as “discovery”. Discovered when it was already inhabited.
      There is no need for ignorance. How about we look for solutions. If you don’t care, keep your negativity to yourself…or your household where its probably welcomed.

  29. Bout that life Says:

    Everything on that list is in the billions except sports equipment witch only needs 5 millions more to reach a billion and books witch you would have to more than TRIPLE before it reached a billion that says a lot 

  30. What we need is love. We need to love one another despite the bad attitudes we may receive. We need to support one another’s businesses. We need to decide to be happy when we see one another prosper.Despite what the world tries to convince us, we ARE a BEAUTIFUL race. We are creative and highly intelligent. GOD made no mistake. We have made the mistake of believing all the lies the media tries to brainwash us into-that we are not good enough or pretty enough, or that two black people could never have a long happy marriage. We need to love ourselves.Rremember, we have been thought negative things about ourselves all our lives- so have patience with a grumpy brother or sister. Take the time to share a smile. Above all Decide to love and honor GOD and HIS WORD. ” We can do ALL things through CHRIST WHO strengthens us”. If we each start in our own little corner, we can and will make a difference. GOD bless.

  31. mark green Says:

    Brothers and sisters we are scared!!!! plain and simple. when we open a pizza shop in our neighborhood we wont go. then the pizzsa shop across the street has a mexican making pizza and we run over there. we open up a fried chicken shop and we wont go.we run to crown chicken or the chinese for chicken wings and fried rice. we open up a hair supply shop , we wont go there. the korean opens up three in two blocks and the sisters are all running to them. the only business we have in beauty and barber shops. its all because we refuse to trust each other. were scared that the shit aint no good. its stolen, i cant buy it. even though the chinese and koreans , and mexicans are all criminal too. Then we wont tell our own kids to stay home and read them book’s, were scared of our kids. why???? Were scared to stop what were doing to work with our kids. were afraid were going to miss something. so we leave the kids to themselves.. Thats why they have no guideance. were scared to make our kids go to church,to give them the fear of GOD; thats why they kill each other without any thought. Were scared unless the white man says its ok not to be scared. Its ok to shop in his stores. its ok to let him do services in your neighborhood(construction etc.) without you participating (getting some of that contract money). and it aint gonna change because we still have the slave mentality. even most sucessful blacks celebrities are scaired to invest in the black community. and the others use violence and sex exploitation of our oun people to become sucessful. then they keep the money, never investing back into the black community. its too sad…but what you gonna do. we’ll still buy from the chinese, but go to chinatown and try to sell something. you’ll be broke!!but for all of us that know what time it is, get the wisdom. these black folks just love to be ignorant. you can tell them, explain to them, and they still will do the opposite. Because we are a materialistic people! if we can change that we will overcome all the B.S.. then we can concentrate on other things like spirtuality, harmony, education, community,etc. we will save our money and focus. but we aint ready. our women are vain and have to spend . our brothers have to waste money on bmw’s and mercedes benz’s.; our youth should have invented facebook, youtube,google etc. and this is our disease all over the world. The black man and his greed for materialism and selfishness is why we are poor, living in poverty, and are killing each other all over the world. And there is no unification of black people, supporting each other as a whole anywhere in the world….. and it has to start with us..somewhere, someday, sometime………when i don’t know…. peace…..

  32. You worked for it so u can do whatever u can afford to do with your money

  33. Hmmm, we need to consider investing in those publicly owned companies where we are spending our money. It makes sense to me, that we should invest where we are spending our money, I mean, why not be a part owner of the products and services we are using and consuming?

  34. There is a lot of money (Billions) spent by African Americans
    is some of the markets shown on the list on this website. Look at housing…over $203.8 Billion. Look at
    apparel (clothing) $29.3 Billion. We’re talking about a lot of cheddar. We need to take control of these markets, or at least, start getting our share of the profits of those companies we have been making rich with our money and getting nothing
    back. If we are spending $29.1 Billion on cars and trucks, we need to own some car companies and since most auto makers are publicly owned companies, we need to start buying up stock in those companies.

  35. Collectively, African Americans have the potential to be a powerful economic force. By now, most of us should have realized that America is a plutocracy and I believe this is the key to solving many of our social, political and economic problems, but we have not taken advantage of our economic power. We have been clinging to old outdated ideologies that have led us down the path of dependency. We are in a position to step into a void and take over many of the markets that have been abandoned by the old White guard. Remember, he who pays the piper calls the tune and since American politicians are controlled by big business, it makes sense that our lack of real power is due to the fact that we don’t own controlling shares in the big corporations. America is a Corporation and we need to stop sitting back doing nothing, while China buys up America and we do nothing. Invest your money where it is going to create power…political power for you and your people.

  36. yeah but that will never happen carl because your people spend too much of their time listening to and idolizing rap artists. So as long as kanye west says things like “you know white people get money don’t spend it or maybe get money buy a business I rather buy 80 gold chains and go ignate”. With that poison being pumped into your kids minds everyday how can you be shocked when young black kids are spending all their money on how they look. Its starts with the parenting and what they are allowing their children’s role models to be. If black parents are not spending the time to teach their children about life and set standards or instill morals then our kenye wests of the world will continue to pollute the minds of your young black children. Don’t dare to think that music does not have an affect on how children think and prioritize things because it does. Look down the street and tell me how many kids have head phones on at any given time of the day. What types of messages are being burned in their minds. Ill tell ya its not to save your money and buy a car dealership or invest in commercial real estate. Most likely the message is one like kenye west raps.

    • John, you are coming very close to making my point and I agree with you regarding what is influencing our African American youth and that’s my whole point. We need a paradigm shift in the way we think. We need to think bigger. Investing our money in barbershops, hair salons and Bar-B-Q rib joints just isn’t going to get us where we need to be as a people. We need to form investment corporations to buy up the controlling shares of big corporations. One thing that many African Americans seem to overlook is that when an individual African American becomes rich or rich and famous, they are still viewed by the other races of the World as belonging to a failed racial group. I’m not against individualism pre-se, or against individual achievements. However, I still think we as African Americans need to achieve something collectively. We need to prove to ourselves and to the World that we as a people are capable of achieving big things together. We need to form investment corporations that invest in the Global markets and we need to create and run our own Global Banks. We need to own the mines in American, African and South America and other parts of the World. Personally, I think that too much of the leadership of African Americans is traditionally coming out of the clergy. I believe that some of these so-called leaders have out lived their usefulness, because many of them do not know what our next steps should be: Economically, politically and socially. We’ve had REVEREND, Martin Luther King, REVEREND. Jesse Jackson, MINISTER, Louis Farrakhan and as well or as poorly as some of them has served us, they are not bringing any new and useful information or instructions to the table that would take us to the next level of our social, political or economic evolution. We need to start thinking a lot bigger and I think we have the economic power to do that.

    • P.S.

      John, first, I want to apologize for the typo, in my last post dated today. You will see it. Anyway, I just wanted to add one more thought that came to mind that I forgot to include. You mentioned the preoccupation that African American youth have with the messages in rap and you won’t get any argument from me on that point, because it’s a valid point. However, it doesn’t take the entire African American community to jump onboard of my idea for it to be successful. All we need is for a small group to create a successful working model, because once other African Americans see that it can work, they will want to follow that model. The fascinating thing that I have found as an investor in the Stock market myself, is that as risky as the market can be, it is still one of the only places where it doesn’t matter who you are, you can participate. It doesn’t matter what your race, gender, education, or even if you are an ex-convict, you can spend your money on any stock publicly traded anywhere on the Planet. You can’t be discriminated against for any reason and I love that about the stock market. Like I said, it can be risky, but as someone who has been investing in the stock market for many years, I can say with confidence that is is the one place where you can participate on a level playing field. No one can tell you that your dollar can’t buy the same stock that Warren Buffett’s or Bill Gates dollar buys if you can afford the stock. You have the same right to invest in any stocks you can afford to buy as anyone else. There’s no way you should ever experience any racial discrimination in the stock market. If African Americans would simply buy up controlling shares in many big companies, they would see how powerfully this would positively impact their political power base, because America is a Plutocracy…A Government controlled by big business and big International Banks or corporatism.

  37. I am regular reader, how are you everybody?
    This article posted at this web page is in fact fastidious.

  38. With money being spent like this, there is no reason to why we can’t rebuild communities and have for our own. We are making every culture filthy rich because we refuse to man or woman up and have our OWN!

    What do folks plan to leave for their kids on their dying day…a car, wig etc. WE HAVE TO DO BETTER!!!

  39. Going by way of this,the user is offered with answers to his queries.

  40. Then you will notice it everywhere, simply simply because individuals are genuinely receptive after you exude the Tao Of Badass.

  41. You’ve made some good points there. I looked on the net for additional information about the issue and found most individuals will go along with your views on this website.

  42. I’ve just ordered this stuff and I need to get for sure for certain about it before I consider it I am a man can men take this and if men can take it why is there all these evaluations from simply girls I am good that this may be the number one thing that freak us men away is there any cause why meal shouldn’t take this plz answere

  43. I do not leave a response, however I read some of the responses on this
    page How Do Black People in America Spend $507 Billion Dollars Annually?
    | Black Men In America. I actually do have 2 questions for you if you
    do not mind. Could it be just me or do some of the responses appear
    as if they are left by brain dead people? 😛 And, if you are posting
    at additional sites, I’d like to follow everything fresh you have to post. Would you post a list of all of all your public sites like your linkedin profile, Facebook page or twitter feed?

  44. I would like to be of some help for those who have new born or growing kids, please take a look at the website.

  45. The problem to this CAN be solved, WILL we make the steps to solve it?

  46. Reblogged this on Theafricanamericantelegram and commented:

  47. […] Copies of “The Buying Power of Black America” can be purchased from Target Market News for $99 each. For more information call 312-408-1881, or click here to purchase online.  Re-blogged from blackmen […]

  48. Carl E. Clark Says:

    It is very interesting to observe the consuming culture of African Americans. Once again it confirms the very thoughts I’ve been thinking for years. We do not lack capital, we lack the UNITY to come together to use our capital to create leverage. Every ethnicity takes advantage of the spending habits of African Americans to the point where many of them set up shop right in our communities. However, they do not invest in our communities or the future of our children. If African Americans would go on a consumer strike we would cripple the whole WORLD. The grocery store shelves would remain full, The shopping malls would suffer, the car industry would have another lay off, the line for the latest Jordans or Timberlands would disappear, fast food chains would suffer etc. The great bus boycott was thought to be a joke at the beginning but then they realized, we need these people, please put your nickel in here. The reality is no African American dollar, no thriving Global Economy. The revolution is not linked to guns and violence for black people, the revolution is linked to Americas pockets and we have the power to place reasonable demands. I’m Just Saying.

  49. […] As we look at the year in review, the most popular article posted on this website/blog was an article detailing how black people spend their money.  The article was “How Do Black People in America Spend $507 Billion Dollars Annually?” […]

  50. Keep tithing PERIOD! Don’t let the Devil fool you.

  51. Queen Adira Says:

    Reblogged this on Black Supremacy Love N Unity.

  52. Every weekend i used to pay a visit this website, because i want enjoyment,
    since this this web site conations truly nice funny information too.

  53. RonTheSavage Says:

    This is truly eye-opening and sad. We have got to do better

  54. This is why (B)lacks call were they live ” HOODS .” This is what HOOD people do.

  55. But in general, the common idea is the fact that a woman-president will manage much better with problems in a social sphere, particularly in health protection and educational system, than a man.
    Regardless of be it workplace politics deciding who gets that increase
    you have been longing for metropolis politics determining exactly where you are entitled to park downtown
    county politics dictating your quarterly property tax and even
    nationwide politics determining how your colleges are funded, politics
    plays a factor with your everyday life. * Create and
    distribute Widgets or Mash-ups using services like widgetbox, Open Social, or Yahoo Pipes.

  56. You can certainly see your expertise within the article
    you write. The arena hopes for more passionate writers like you who aren’t
    afraid to mention how they believe. All the time go
    after your heart.

  57. Mapinduzi Nkhabue Says:

    Reblogged this on Mapinduzi Nkhabue.

  58. Carl, I agree with your comments. The US is a capitalist country. Business and government responds to money and influence. The best way to control business is buy a large share of their stock and vote at their meetings. The best way to control government is to pay lobbyists. At present the black community spends more on religious institutions than other races. Who is being improved with that money. God is not impressed with fancy buildings and flashy clothes, he is impressed with good stewardship of the gifts He gives us. If love for our people means controlling our money and positioning it where it allows us to the best care of our fellow man, I think God would approve. Giving money to church administrators, hands over economic power to their care. That is great if you have no better choice, but focusing your money directly in the marketplace skips the middleman, while not offending God.

    Have you considered an investing club working with “phony money” to start? Once some strong personal ties are made and investment opportunities are agreed upon, real investments can be made. Investments in penny stocks might be a place to get investor control for smaller businesses. Once the model works, the idea can be used as an example to other groups.

    A portion of $507 billion that controls a business as a stockholder, I feel, will do much more to improve the community’s self esteem and economics than cries of social injustice, even though there is plenty of that to go around.

    Other cultures, Italians, Irish, Jewish, etc. have all developed their own form of economic controls. Recently there has been a lot of talk about NBA owner ships. How many of the players making millions per year are saving to buy teams. Very few I’d bet. True control of the NBA is earned by ownership, not only by union complaints. The unions after all just have to go to the NBA owners “requesting” changes.

    I hoped so much that the Obama Administration would help the black community focus their economic voice,but alas it hasn’t happened. Good luck.

    • Thanks for weighing in on my points.
      America is a a Plutocracy that is a Government controlled by the rich, in orher words, Corpratism is what’s practiced in America, so in order to play the game, you have to own a peice of Corporate America and since we now live in a Global economy, we need to be invested in the Global market. Now to answer your question regarding starting a investing club; it’s something I’ve thought about, but most Blacks I know think investing is for the rich and they wont take the little time necessary to learn at least the basics of investing their money in publicly owned, corporate giants…they think it’s out of their reach, when even soneone making minnimum wage can afford to buy stocks; however, I’d stay away from penny stocks; there’s a reason they are penny stocks and it’s because no one wants them and there’s so many scam artists in penny stocks. Too many pump and dump scams. It’s just as easy and very affordabe to open an account with a company like “Capital One Share Builder” that only has one fee, a $6.95 commission per trade and that’s really the only fee…no hidden fees. Now if a person wants to practice trading without using real money, before taking the cold plunge, just download the trading software to your computer, tablet or smartphone for free; I recomend “Thinkorswim.com” Personally, I think it’s the best, then just set it to use ‘Paper’ money, instead of real money and trade in real time, until you’re confident and never use money you can’t afford to risk. Anyone can teach themselves to buy and sell stocks. I am a small investor, but I am part owner in some big companies, a few are: Walmart, Walgreens, Delta Airlines, CBS, Pitney Bows, Nevada Power (Utility companies are usually a safe investment) Gold mines in South Africa, and many others. As a stock holder, I don’t have to build a company from the ground up, I just buy into already existing companies with a proven track record and if the stocks aren’t performing to my satisfaction, I simply sell my shares and move my money some place else or vote the CEO out of a job; in otherwords we shareholders fire the CEO.

    • P.S. There are many basic rules to buying and selling stocks, but the most basic one to never break is,
      “DON’T LOSE YOUR MONEY!!!” One of the easiest ways to loose your money for beginners, aside from not knowing what your doing, is getting attached to a particular stock or Company, just because you like the idea of being part owner in a particular Company.

    • I wanted to make one more point, about why I think Black people aren’t invested in the stock market in greater numbers. (It’s true, there are a few) I think that this is caused by a lack of compitent leadership in the Black Church and Mosque. Since Black people just can’t seem to get away from following religious leaders, they aren’t receptive to information coming from any place else; but religious leaders and the Church elders and they are living in the past, with the same old, out dated advice, that wont work in today’s Global economy. Black people are trying to rebuild the Black owned business community that they lost, when they made the idiotic decision to integrate. Before integration, Blacks owned all their own businesses, in our own communities, but Blacks followed Martin Luther King’s dream, so they could eat at a White owned lunch counter, where they were probably spitting in your food, or doing something worse. As a result, the Black owned businesses, had to go out of business, because Blacks wanted to spend all their money with the White owned businesses. The damage can’t be undone after fifty years of conspicious consumption behavior of Blacks spending money outside their own community; the Black business community can’t be resurected. The only hope for us to escape being a permenant underclass, is to start competing in the Global market place.

      • Bro we need to talk directly. I’m saying the same stuff to the elders in my family. MLK did more for the white man than for the people of color. He forced bigots by law to take our money. Not because they wanted to but because they had too.

  59. I relish, result in I discovered exactly what I used to be taking a
    look for. You have ended my four day lengthy hunt! God Bless you
    man. Have a great day. Bye

  60. I see lots of black women have kids, get on welfare, but instead of caring for their children, most of the money they spend on themselves.

  61. you know it’s not a secret that when groups come into america, and want to go into business a gov agency tells what area/group to target, the practice has been done for decades, and the gov agency is the us dept of commerce, the reasoning is blacks spend indiscriminately. From some of the comments I read on here seem to think copying what other groups do is the silver bullet, and that will be a trap, because other groups are united in a simply thing that confuses many black folk in america, and that’s “Group Economics” until we can trust each other to work with each other and for each other, chasing another dead end parroting others will be a lost cause. Many of us had it passed down thru the generations to go to school so you can get a good job meaning work for some 1 else, that worked during the industrial age, but in reality we are almost 2 generation cycles removed from the industrial age heyday, power is in the people not “individual.” Some are practicing individualism hehe the power is in the people ie GROUP!

  62. No one is saying that you cannot spend, but invest also! Be wise with your money. You cannot get rich or build wealth from “things” that you buy. Treat yourself! Buy stuff, and travel. It is necessary…but plan for your future also. That’s the difference between us and other groups. It makes no sense to not even have money to bury your own family and require donations, gofundme campaigns and the like. It’s sickening! We must, must do better. I, for one, am breaking that cycle and practicing what I preach.

  63. Gerald Coop Says:

    Friend of mine referred this article to me. We both watched President Obama speak at the 50th anniversary of the Selma event. What stood out the most to us is the comment he stated – “We give our power away”! I read this article and it is quite disturbing. We have the power to create, develop, and build our communities, start our companies and grow them – for future generational advancements. We can have the ability to hire our own people…instead of asking other races to employ us (The minority quota hiring has been done away with!) It is time for us to harness our spending power. To be conscience consumers. We will have to understand that this is a slow, but organized growth; An Economic Movement!! A movement that will have to place emphasis on generational wealth, estate planning, etc. When we can harness the ability to hire our own young, black people, then we can cut down crime rates; incarceration rates. Just think – the amount of money that we give to church – $252 mil per week. We have enough money to send to our youth to college or trade schools; and save HBCU’s. So much I can say on this subject. This needs to be a platform of discussion on a national level, but who would take this up…without the risk of their show being cancelled.

  64. What i do not realize is if truth be told how you’re now not
    actually a lot more well-liked than you might be
    now. You are very intelligent. You recognize therefore considerably in the case of this matter, made me for my part imagine it from a lot of varied angles.

    Its like women and men aren’t fascinated until
    it’s something to do with Woman gaga! Your personal stuffs
    outstanding. At all times care for it up!

  65. $507 billion spent and yet black kids dont have money for college

  66. If some one needs to be updated with newest technologies then he must be visit this website and be up to date daily.

  67. […] Sixty percent of African Americans have less than $50,000 saved in company retirement plans and only 23 percent have more than $100,000. https://bmia.wordpress.com/2010/11/05/how-do-black-people-in-america-spend-507-billion-dollars-annua…. […]

  68. […] problem among the underclass, is their massive misspending on low-quality, rapidly-depreciating assets. Young underclass males will spend $200 each year on Air Jordans (which cost $16 to make using […]

  69. Spending more on utilities points to one thing. Growing dope!

  70. The thing is we don’t preach black ownership in the communities. We teach our kids Go to school, Get a good job, And take care of your family. Nobody is renting storefronts in the neighborhood but complain about everyone who does. When we go for someone else we are leaving the neighborhood. It’s ripe pickens for other races. We have to create our own economy.

  71. […] “How Do Black People in America Spend $507 Billion Dollars Annually?” […]

  72. […] “How Do Black People in America Spend $507 Billion Dollars Annually?” […]

  73. […] Source: How Do Black People in America Spend $507 Billion Dollars Annually? […]

  74. I decided to do my part and encourage others through http://www.blackwallstreet.org where I am admin for 23 cities, states and BWS Ghana to stop needlessly spending our black dollars to help establish the demise of Black People’s all over this world. I tell people to look at the much larger picture of misery among Black in every land we as a Black People have been shipped to. I beg Black People all over to stop believing the lies that race no longer matters. I know I had to. I began my awakening in the 90’s when I was a Peace Officer and witnessed the oppression and incarceration of Black Men America for less than violent and trumped up charges created by the “just us” legislators paid by the very wealthy who write the laws. Learn who the RothChilds are and how they effect your money and your existence. Learn the country’s they have came in and ask yourself how those countries benefited from their partnership? Ask yourself how those countries benefitted the Rothchilds and you will then open your eyes and see a much more vivid picture. Did you know that Iraq, Afghanistan, Cuba, North Korea and a couple of others was not ran by Rothchild’s Central Bank at one time? Think? You will then began to find out who you are and where your ancestors originated from, what happened to them and why is it still happening as well as how is it still happening. Ask yourself with all of the monies, food, care packages, medicines and foundations as well as Christian Church donations, why haven’t any black people raised up from their persecutions and impoverished state? Why did the Askenazi Jews, the Khazars placed in Israel with the help of the British and American government prosper, yet these people were placed their to fool the world that these European Khazarian’s were YAH’s, the most high’s people? Why? Doesn’t it make you think that there is a much bigger plan for our bodies, life and way of life in the near future? Our Ancestors were sought after for a reason and we were hated by our ancestors enemies for a reason and still hated by their descendants. Look up Judah and even though there was not a ‘J” in the languages of long ago, know that the Bible as we know it was written by Greeks and their European descendants. There was written information upon stones and pyparus of long ago where the BIble was derived from. There were whole books that were not included and words translated differently as well as word substitutions for their personal reasons. They know who we are and the WORD prophesied it, for YOU have to read everything with understanding oh ye child of Judah the descendants of the true Israelites by blood! It is time to awaken and join hands to create order and a plan with one voice to save ourselves. We are the only ones that will save ourselves. Please join the many black organizations rising, but learn, read and educate yourselves. The Hebrew Israelites are rising. I AM admin for 23 cities, states, countries at Black Wall Street. BWS Houston is one of them. Join us using http://www.blackwallstreet.org. We are throughout the world. Get your money right for soon the U.S. Dollar will be no more. Go to http://www.cherieros.myecon.net to learn how to properly fill out a W-4 and get most of your money to stop most of it from going to the IRS. Attend the meetings of those rising to share knowledge and preparing to remove themselves from a huge system of government corruption. Let us join to rebuild our lives and way of life.

  75. I would like to hear comments and feedback on how African Americans feel about mainstream fashion brands and lack of diversity – please get in touch -send comments to Chi@wallsofbenin.com

  76. […] “How Do Black People in America Spend $507 Billion Dollars Annually?” […]

  77. […] “How Do Black People in America Spend $507 Billion Dollars Annually?” […]

  78. […] “How Do Black People in America Spend $507 Billion Dollars Annually?” […]

  79. I’m a black entrepreneur in the early stages of opening a jewelry store. I know that African Americans buy jewelry, but how much of that $507 Billion is spent on purchasing
    fine jewelry?

  80. […] highest purchases made when it comes to consumerism is during Christmas. Blacks alone spend about 1.1 trillion dollars during Christmas….yea. So it’s only logical to assume there is value in a good […]

  81. […] Source: How Do Black People in America Spend $507 Billion Dollars Annually? […]

  82. […] “How Do Black People in America Spend $507 Billion Dollars Annually?” […]

  83. DeShawn Avery Says:

    I mean…sure, I got a Benzo, but I got tge bitch on credit, so no harm, no fowl.

  84. […] “How Do Black People in America Spend $507 Billion Dollars Annually?” […]

  85. […] “How Do Black People in America Spend $507 Billion Dollars Annually?” […]

  86. If you are going for finest contents like I do, only visit this web site all the time for the reason that it offers feature contents, thanks|

  87. Unquestionably believe that which you said. Your favorite justification appeared to be on the net the simplest thing to be aware of. I say to you, I certainly get irked while people think about worries that they plainly do not know about. You managed to hit the nail upon the top and also defined out the whole thing without having side-effects , people can take a signal. Will probably be back to get more. Thanks|

  88. quality marketing education

    How Do Black People in America Spend $507 Billion Dollars Annually? | Black Men In America

  89. […] “How Do Black People in America Spend $507 Billion Dollars Annually?” […]

  90. You have very well info here.

  91. I am never at home on Sundays.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: