How Do Black People Spend Their Money? (The Racial Wealth Gap)
The Legacy Series contains the most read articles in the history of this website. This is the #2 most read article in the history of Black Men In America.com.
By Gary A. Johnson – Black Men In America.com
Updated December 28, 2022 (Originally posted on November 5, 2010).
How black people spend their money has been a hotly debated topic in offices, at social events, and in beauty and barber shops across America. This article, “How Do Black People Spend Their Money?,” has been the most read and commented article for 12 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. Over the years I found the process of gathering data and updating the site to be exhausting. It’s a lot to read. I update the site 1-2 times per year. This year I decided to update the article via video in the form of a pictorial slideshow. This way the reader has options. You can watch a 9-minute video which is the equivalent of having a summary video or a “Cliff Notes” version of how Black people spend their money, which includes a new component. I developed, “Gary’s 10 Tips To Prosperity and Emotional Fulfillment,” as part of the 2022 update. Or, you can read and review the exhaustive data and charts/graphs.
Here’s something to think about. Blogger Matthew Corbin lists 5 Reasons Why Black People Are Still Broke.
Here are Corbin’s 5 reasons:
- Black people spend more money than they make
- Black people don’t support black businesses
- Black people don’t save their money
- Black people don’t know how to invest
- Black people aren’t working towards getting out of poverty
Click here to read Corbin’s explanation for each reason.
There is an article on Mater Meta.com, by Kimberly Anderson-Mutch, about how to build generational wealth. Kimberly outlines the following 5 things that Black families can do to build generational wealth.
- Talk to your children about wealth.
- Buy a home or invest in real estate to create generational wealth.
- Start a business.
- Invest in stocks.
- Establish an estate plan.
A recently released study by Merrill Lynch explored the ways wealthy Black people in the US spend their money.
What they found is that many well-to-do Black Americans:
- Take care of their family members, invest in their friends’ businesses, and eliminate debt
- Spend their earnings preparing for the future and retirement
The study, entitled “Diverse Viewpoints: Exploring Wealth in the Black/African American Community,” surveyed 455 affluent Black people –– defined as a household with annual income of $125,000 or more. The study’s findings indicate that this group of the US population is actually growing in size and has been since 2015.
The study participants reported working harder than other people in the affluent income category and charter their own career pathways. Affluent Black in the US are five times more likely to financially support their parents than other affluent people and four times more likely to plan to start their own business.
Another great source of information is “How Black/African Americans Pursue—and Define—Success,“ by Diallo Hall, a longtime content strategist and editor whose experience includes serving as Director of Thought Leadership at Fortune and Senior Editor at the Economist Intelligence Unit. In that article you will read about the “Black Rules for Success,” from other successful Black/African American survey respondents.
Part 1: The Narrative
Part 2: The Pictorial Slideshow of How Black People Spend Their Money
Warning: The following is a link to a long article with a lot of details, numbers, observations and opinions covering over two decades of information and data. A large portion of the data was gathered before COVID-19.
Click Here To Read The Entire Updated “How Do Black People Spend Their Money?”
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 12 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.
Click Here To Read The Entire Updated “How Do Black People Spend Their Money?”
Let’s start by watching this short video that explains the “racial wealth gap” in America.
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.
Click Here To Read The Entire Updated Article
The series of articles and versions of “How Do Black People Spend Their Money?” contain opinions from outside sources not affiliated with Black Men In America.com. This series is for information and educational purposes only. The opinions and views expressed do not necessarily reflect the opinions and views of Gary Johnson, Black Men In America.com or any of its affiliates.
Gary is the Founder and Publisher of Black Men In America.com, an online news and magazine, Black Boating and Yachting.com and several other online sites. Gary is also the author of the book “25 Things That Really Matter In Life,”: A Quick and Comprehensive Guide To Making Your Life Better—Today! and “The Black Father Perspective: What We Want America To Know,” and “In Search of Fatherhood – Transcending Boundaries: International Conversations on Fatherhood.“ In 2019, Gary developed a line of spices under the name of “MasterChef Gary’s Premium Organic Seasoning.” In 2021, Gary launched a motivational website and talk show called “Calculations.“ For motivational content and exclusive interviews with interesting people, visit Calculations Talk Show.com. In his spare time, Gary uses his platform to help the Black Farmers of America. He built the website Justice for Black Farmers to help educate others about the plight of the Black Farmer and their fight against the U.S. Department of Agriculture.
Black Men In America 
November 5, 2010 at 3:39, pm
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!
August 17, 2011 at 11:20, am
Never seen your face on your money… it aint yours
October 15, 2017 at 11:03, pm
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
March 3, 2012 at 9:54, pm
Thats the sad thinking that put US [black people]
in a bad situation. I pray for you and retirement.
July 16, 2012 at 9:49, am
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.
April 24, 2013 at 7:33, pm
You can’t be blk or you’re just ignorant.
December 26, 2013 at 5:17, pm
Fiat Money…
January 8, 2014 at 2:52, pm
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?
November 25, 2014 at 1:43, pm
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.
November 11, 2010 at 3:07, am
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
August 17, 2011 at 11:21, am
Read the book called “The Willie Lynch Letter”.. You can google it if you want also.
November 28, 2011 at 6:59, pm
I HAVE THAT BOOK, IT’S DEEP. YOU PICKED A GOOD ONE THERE, I HQAVE DEATH OF THE N WORD ON FACEBOOK CHECK IT OUT AND COMMENT PLEASE.
December 4, 2015 at 8:30, pm
You black fools are embarrassed. that’s why you’re so defensive and making excuses. It’s the white man’s fault now. I know. “Sarcasm”. And I thought the Willie Lynch letter was debunked years ago. Get off Willie Lynch and slavery and start saving, black paupers.
August 18, 2011 at 11:24, am
Buy $507 billion in goods from us, what is by us, for us, through us. Amen
October 18, 2011 at 9:20, pm
That is the truth! Sad to say…
July 16, 2012 at 10:20, am
Many other “people” see that as well and “benefit” because of it!!
December 27, 2013 at 1:13, am
Wrong answer, There all kinds of people in all cultures, you know more about the 1 youre in. Funny how I hear about all these studies and research, and in all my life, no one ever asked me squat. So who are these people that are being interviewed anyway.
September 6, 2014 at 8:51, pm
no need for interviews. All the info can be found . Have you every looked up the details of you expenditure when you pull up your bank statement? If not please do and you will be surprised how much information there is about your monthly expenditure..
November 11, 2010 at 6:45, am
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.
November 11, 2010 at 11:12, am
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.
February 27, 2012 at 7:09, pm
Well said!!!!!!!!!!!!!!!
August 15, 2016 at 8:31, pm
Roy-you are very wise.
April 19, 2011 at 6:24, pm
Black people spend billions of dollars in hour community,but it can not cir-curalate the dollars because we do not own the businesses.
December 30, 2011 at 7:34, pm
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
June 10, 2011 at 9:14, pm
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?
August 7, 2011 at 3:45, am
HEY SISTER WE CAN ONLY START OVER WITH THE NEW GENERATION. THATS WHAT ME AND MY GROUP IS DOING ,YOU CANT TEACH AN OLD DOG NEW TRICKS FEEL ME. THE BLACK FAMILY IS THE PROBLEM TOO .THERE IS NO STRONG FAMILY FOUNDATION IN THE COMMUNITY. MEN GOTTA BE MEN AND THE WOMEN MUST SUPPORT THEM SO THE CHILD CAN SEE THAT AND HE/SHE WOULD WANT THE SAME FOR THERE FAMILY.(FEEL ME)
August 12, 2011 at 6:49, pm
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.
December 25, 2013 at 1:17, am
yes Lady Mooresabb and we can’t start soon enough.
June 14, 2011 at 8:14, pm
[…] […]
August 3, 2011 at 1:19, pm
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.
August 7, 2011 at 3:29, am
D.MAYES )I CAN BELIEVE IT WE MUST EDUCATE OUR CHILDREN THIS GENERATION IS LOST. WERE SO BEHIND AS A PEOPLE IT’S SCARY.
August 8, 2011 at 12:17, am
dont put so much validity on this – the sample is small and i wonder abou the lsm – next
December 26, 2011 at 10:22, pm
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.
August 12, 2011 at 1:01, am
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August 16, 2011 at 10:04, pm
interesting
September 29, 2011 at 11:58, pm
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
November 16, 2012 at 8:37, pm
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.
October 7, 2011 at 2:53, pm
wow
October 28, 2011 at 10:17, am
I have an African Business Network on facebook if anyone here is interested in joining my group.http://www.facebook.com/groups/Africanmoney2011/
October 31, 2011 at 6:51, pm
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….
November 1, 2011 at 2:14, pm
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!
http://www.buyblackwednesdays.com
http://www.blackwednesdays.blogspot.com
buyblackwednesdays.groups.facebook.com
November 20, 2011 at 11:33, pm
video email1…
[…]How Do Black People in America Spend $507 Billion Dollars Annually? « Black Men In America[…]…
November 28, 2011 at 6:06, pm
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.
November 28, 2011 at 6:56, pm
SO HOW DO THEY KNOW HOW MUCH WE SPEND? IS THERE A CALCULATING CAMERA IN THE STORES? IS THERE A “N__GG_A WATCH OR SOMETHING? HOPE WE CN GET TOGETHER AS A GROUP AND BUILD OUR COMMUNITY BACK UP, IT’S POSSIBLE AFTER ALL OUR PEOPLE BUILT THE PYRAMIDS.
January 1, 2012 at 10:38, pm
ALL AFRICAN AMERICANS NEED TO SEE THIS, WE NEED TO BECOME BUSINESS PEOPLE INSTEAD OF JUST CONSUMERS.
December 27, 2013 at 1:34, am
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.
January 5, 2012 at 3:09, am
OK now break-down what whites and other races spend a their money on so we can do a real comparison.
January 9, 2012 at 12:15, am
Those are figures that I’d also like to see.
January 5, 2012 at 9:27, pm
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.
January 8, 2012 at 1:19, pm
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 !!!
IF YOU DO NOT YOU WILL BUY IT FROM SOMEWHERE / SOMEONE ELSE & THAT WILL TAKE THOSE DOLLARS OUT OF OUR / YOUR NEIGHBORHOODS. THAT’S IT !! THAT’S ALL !!
THE USA IS BUILT ON THIS SIMPLE THING, CREATORS AND CONSUMERS , SO BE CREATIVE , SELL SOMETHING , EARN INCOME AND HELP REBUILD YOUR OWN NEIGHBORHOOD(S)
February 3, 2012 at 8:33, pm
Just goes to show what black folk think is important
February 21, 2012 at 7:03, pm
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.
February 26, 2012 at 5:18, pm
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.
March 8, 2012 at 2:32, pm
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.
March 11, 2012 at 2:13, pm
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.
April 21, 2012 at 6:55, pm
Man! Thats crazy, we can pool our money and solve a lot of problems over night.
May 24, 2012 at 10:11, pm
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.
May 24, 2012 at 11:18, pm
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.
July 12, 2012 at 2:02, pm
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.
July 8, 2012 at 7:22, pm
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
July 29, 2012 at 1:09, am
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.
December 25, 2013 at 1:24, am
yes
August 3, 2012 at 2:24, pm
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…..
September 16, 2012 at 8:09, pm
You worked for it so u can do whatever u can afford to do with your money
September 21, 2012 at 2:07, am
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?
September 21, 2012 at 2:24, am
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.
September 21, 2012 at 2:44, am
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.
November 14, 2012 at 11:07, pm
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.
June 5, 2013 at 6:40, pm
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.
June 5, 2013 at 7:02, pm
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.
November 24, 2013 at 6:59, am
God bless the child that got his OWN, then you wouldn’t have to buy, they would come bringing it to you…TRADING PLACES ;^}
March 4, 2013 at 11:49, am
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May 25, 2013 at 7:47, pm
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!!!
July 14, 2013 at 1:08, am
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August 26, 2013 at 11:29, am
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October 26, 2013 at 8:26, am
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November 24, 2013 at 7:04, am
The problem to this CAN be solved, WILL we make the steps to solve it?
December 24, 2013 at 7:46, pm
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December 26, 2013 at 10:25, am
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.
December 27, 2013 at 4:16, pm
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December 28, 2013 at 10:44, pm
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January 1, 2014 at 9:24, pm
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February 5, 2014 at 2:47, pm
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March 20, 2014 at 11:36, am
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April 3, 2014 at 11:08, pm
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May 3, 2014 at 3:18, pm
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May 4, 2014 at 9:46, pm
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.
May 4, 2014 at 11:02, pm
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.
May 4, 2014 at 11:16, pm
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.
May 8, 2014 at 2:28, pm
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.
January 8, 2016 at 6:29, pm
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.
May 8, 2014 at 3:19, am
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July 16, 2014 at 4:05, am
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.
September 15, 2014 at 2:26, am
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!
December 5, 2014 at 11:07, am
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.
March 8, 2015 at 8:44, pm
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.
March 27, 2015 at 7:04, pm
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June 13, 2015 at 5:04, am
$507 billion spent and yet black kids dont have money for college
June 26, 2015 at 4:12, pm
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December 14, 2015 at 3:49, am
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January 8, 2016 at 6:25, pm
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.
January 17, 2016 at 10:00, pm
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April 8, 2016 at 8:00, pm
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.
July 2, 2016 at 8:20, am
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December 21, 2016 at 2:00, am
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December 26, 2016 at 2:07, am
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