Black Money Business Jobs : 80 percent of black kids begin their adult lives with no assets whatsoever

Discussion in 'Black Money Business Jobs' started by dustyelbow, Feb 16, 2007.

  1. dustyelbow

    dustyelbow Well-Known Member MEMBER

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  2. Shikamaru

    Shikamaru Well-Known Member MEMBER

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    This ... is by design.

    Note that when someone dies and if their estate goes through probate, the estate will be taxed to the tune of 70% in addition to the remainder being chewed up in court costs and attorneys' fees.
     
  3. Thelma Jackson-Smith

    Thelma Jackson-Smith Well-Known Member MEMBER

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    To avoid this problem, we need to start savings accounts when our kids are young. Even if you can only save $1,000 a year, you will have $18,000 by the time the child is an adult. This is not factoring in investing and other methods of growing your money.
     
  4. Shikamaru

    Shikamaru Well-Known Member MEMBER

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    Savings will not cut it ... due to inflation with its corresponding loss in purchasing power.

    There is also the issue of taxes with respect to the interest earned and accrued to an account.

    I propose a more diversified plan of which savings will be apart therein.
     
  5. NyneElementz

    NyneElementz Well-Known Member MEMBER

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    More than saving for them needs to be done. I believe that we need to teach our children about all aspects of handling money, teach integrity and a work ethic, how to plan, to not borrow, how to save for emergencies, purchases, and wealth building, solid investment strategies, asset protection, etc., while they are growing up. Otherwise, they are subject to be victimized by the various ways you can lose money and wreck your life.
     
  6. Shikamaru

    Shikamaru Well-Known Member MEMBER

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    If you had assets, you wouldn't work (for others) nor would you bind yourself into legal obligations that are prejudicial against you.

    How would parasites live if they are unable to harvest your energy and the results therefrom?
     
  7. Keita Kenyatta

    Keita Kenyatta going above and beyond PREMIUM MEMBER

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    This is just the problem right here. Honestly, and I mean honestly....when has the acquisition of material wealth or money ever bought any of us happiness, peace of mind or spirit? When have we ever had friends based upon "what they had or how wealthy they were? I can show you the opposite but I can't show you where HAVING IT has ever been the cement of any family or of personal happiness. In fact, this whole dynamic is some new ish based upon the imposition of others upon our mentality and life. In my own personal opinion, the very title of this thread alone reveals to me how off course we are in terms of what our lives are supposed to be about.

    I personally know women who are making 150 to 200 thousand a year that have been chasing me down for years...and maybe it's because they know that their money or wealth don't mean ish to me. Now when it can be demonstrated that wealth or the acquisition of it to be passed to my children will bring about peace of mind, happiness and good health, then I'll be down with it, but so far based upon life itself, I haven't found this to be true...and furthermore, most people have a tendency to not place the same value on anything that they didn't have to work for themselves.
     
  8. Shikamaru

    Shikamaru Well-Known Member MEMBER

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    Money can bring material comfort.
     
  9. spicybrown

    spicybrown Well-Known Member MEMBER

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    Part of the problem is the vast majority of blk folk want to streak out @ 18 to prove something. Some of it is parents envying their own seed by and withholding resources and money- "If I had to struggle, why shouldn't you?!? I don't know too many nonblacks leaving home @ 18. Five or six extra years at home beats your children coming home @ 38 with their hands out. Goodness.
     
  10. Shikamaru

    Shikamaru Well-Known Member MEMBER

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    I've never looked at like that. Thanks.

    Another problem is that many black parents don't pass on their assets to their children (assuming they have any) via wills and testaments.

    My mother just told me that someone (another black person) told my grandmother she doesn't need a will ....

    ... and then we wonder why the wealth disparity between Caucasian and Nubian households is 600%??
     
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