Why black families struggle to build wealth?. The answer is not so simple. Even though historical reasons certainly play a bigger role in generational wealth. Yet evidence has also pointed out different reasons.
In the video 03 main reasons identify are “Flossing or Ballin”, the lack of money understanding and the everything now attitude. Nevertheless, the goal is not to condemn black culture. But, the ultimate argument is to encourage more African American to be more money conscious and long term focus.
Just by adjusting their lifestyle and community interaction. The African American community could easily be one of the most powerful. Yet it is worth noticing elements such as educational level, low investment in black communities and racial segregation.
Go deeper why most black struggle to build wealth nowadays?
This 2017 article from Huffpost, shed more about this topic with illustrative details. For example, the well-documented paper revealed statistics and empirical explanation about the real truth surrounding the limitation of black wealth.
These simple tips if applied can help the black community build more wealth.
Often time more African American don’t accept some hard fact evidence. As an illustration, if you live with the minimum wage why will you buy an iPhone? Why will you rent a $900 apartment if you earn $2000 a month? In essence, live either below your means or at par with your means.
b. Stronger community, stronger people
Across the country, most communities where the majority are black are invested with all sort of crime, decay, and destructions. Even though low public investments don’t help. Yet, some simple step could be taken to improve the situation.
- Firstly, spreading more love within the community by supporting each other, organizing community cleaning up campaigns and
- Also, team up to promote crime-free business opportunities.
- Moreover, build solid black business networks and associations.
- Finally, shop and buy black to encourage the community.
African American need to be more optimistic and appreciate the opportunity of being American. In addition, this includes hard work and always thinking ahead. Also, the feeling of resentment and aggressivity only path the way for more social and racial clustering.
More educated people equal more community elevation. By education, I don’t mean a college degree. I mean knowledge sharing, mentoring, and coaching. They are more important than a college degree.