Black People : BLACK SPENDING HABITS...

Discussion in 'Black People Open Forum' started by Aqil, Dec 11, 2004.

  1. Aqil

    Aqil Well-Known Member MEMBER

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    These are tough economic times, especially for African-Americans, for whom the unemployment rate is more than 10%. Alarmingly, rather than belt-tightening, the response has been to spend more. In many poor neighborhoods, one is likely to notice satellite dishes and expensive new cars.

    According to Target Market, a company that tracks black consumer spending, blacks spend a significant amount of their income on depreciable products. In 2002, the year the economy nose-dived; we spent $22.9 billion on clothes, $3.2 billion on electronics and $11.6 billion on furniture to put into homes that, in many cases, were rented.

    Among our favorite purchases are cars and liquor. Blacks make up only 12% of the U.S. population, yet account for 30% of the country's Scotch consumption. Detroit, which is 80% black, is the world's No. 1 market for Cognac.

    So impressed was Lincoln with the $46.7 billion that blacks spent on cars that the automaker commissioned Sean "P Diddy" Combs, the entertainment and fashion mogul, to design a limited-edition Navigator replete with six plasma screens, three DVD players and a Sony PlayStation 2.

    The only area where blacks seem to be cutting back on spending is books; total purchases have gone from a high of $356 million in 2000 to $303 million in 2002. This shortsighted behavior, motivated by a desire for instant gratification and social acceptance, comes at the expense of our future. The National Urban League's "State of Black America 2004" report found that fewer than 50% of black families owned their homes, compared with more than 70% of whites.

    According to published reports, the Ariel Mutual Funds/Charles Schwab 2003 Black Investor Survey found that when comparing households where blacks and whites had roughly the same household incomes, whites saved nearly 20% more each month for retirement, and 30% of African-Americans earning $100,000 a year had less than $5,000 in retirement savings. While 79% of whites invest in the stock market, only 61% of African-Americans do.

    Certainly, higher rates of unemployment, income disparity and credit discrimination are financial impediments to the economic vitality of blacks, but so are our consumer tastes...

    http://detroitsdigitalvoice.com/digest_newsbytes_finance.htm
     
  2. Aqil

    Aqil Well-Known Member MEMBER

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    And what is even more shameful is the fact that African-Americans spend millions of dollars killing themselves. They spend millions on swine meat and other dead animal flesh, millions on alcohol, and millions on tobacco. Hundreds of thousands of African-Americans die each year from strokes, high blood pressure, heart attacks, cirrhosis of the liver (caused by excessive alcohol consumption), lung cancer (caused by cigarette smoking), arteriosclerosis (hardening of the blood arteries caused by fat in the bloodstream from the consumption of animal flesh and animal by-products), sugar diabetes, kidney and liver diseases, ulcers, stomach and colon cancers, etc. Yet they keep on eatin’ them pork chops and ham (the pig’s butt!), drinkin’ that Johnny Walker “Dead,” and smokin’ them cigs...When will they ever learn?

    :censored:
     
  3. RunawaySlave

    RunawaySlave Banned MEMBER

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    Aqil thx for this post Im going to share it with my members and friends :teach:
     
  4. Sekhemu

    Sekhemu Well-Known Member MEMBER

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    Thanks Aqil,

    I think lol. But all jokes aside. Unfortunately these are cold facts. And it doesn't make me comfortable reading this. On the other hand I'm not surprised. not at all. But thanks again. Sometimes we need a little wake up call

    Peace
     
  5. Isaiah

    Isaiah Well-Known Member MEMBER

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    Aqil, this particular piece was first posted here by sister Queenie, and I am so happy that you've reposted it, because it is part of the process that we Africans must begin to practice as a matter of policy, and that is taking some inventory of ourselves... In this case - superficially at least - it is economic, but we know that things economic oft flow from where folk are at psychically, socially, and culturally...

    Psychically, so much of our spending is predicated on a need to fill those EMPTY places in our souls, and I would imagine that that social aspect of appearing to be fulfilled by our material possessions is fed by that psychic emptiness... We've become detached and disconnected from the culture of our forbears and ancestors - who got along on nothing, basically - and have adopted the American White Man's "spiritual materialism" without thorough examination of it's merits... If we know our own culture, and thoroughly imbibe that culture, and believe in it's merits and power, we'd know that buying cars and alcoholic beverages can never fulfill us...

    Once again, Aqil, thanks for bringing this information to the fore... We don't have to flaggelate ourselves with the information... We need to look it over, learn from it, and be honest with ourselves about it... Do any of us fall into this category of be spiritual materialists, or one who believes him or herself to be fulfilled by material goods and possessions??? It is a question I ask myself everytime I'm about to buy something I potentially don't need(smile!)

    Peace!
    Isaiah
     
  6. jamesfrmphilly

    jamesfrmphilly going above and beyond PREMIUM MEMBER

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    the number one priority for black people is to find a way to fill that empty feeling in a positive way!
    that emptiness leaves us prey to all manner of scams and charlatans.
    drugs, sex, all in the quest for pain relief.
    self medication with poison!
    hopefully, this forum can provide a start for some people. :grouphug:
     
  7. CarrieMonet

    CarrieMonet Well-Known Member MEMBER

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    hmmm....in 2002 most of my money went into new windows, doors, and flooring in my home. We're not all frivolous.
     
  8. Isaiah

    Isaiah Well-Known Member MEMBER

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    I agree, James, but how do we get there when it causes an explosion of emotion from African people when you critique us as a group??? To do work on oneself, one has to be brutally honest with himself... In my humble judgement, African people do not exhibit that kind of internal strength to get the job done... We are TOO SENSITIVE as a group, and while that may be warranted at time, it is deleterious to any real growth as a community...

    Peace!
    Isaiah
     
  9. Mad Skillz

    Mad Skillz Well-Known Member MEMBER

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    Eloquently put James. However true this may be is all the more reason why we need to drastically overhaul our communities and lifestyle.
     
  10. Isaiah

    Isaiah Well-Known Member MEMBER

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    Sista Carrie, this article isn't directed at you, and some of the more financially prudent members of our community, but at those who maintain a strong consumerist mentality... I am sure that as you look about our communities you can SEE for yourself that these statistics have a basis in reality...

    Again, I wish that we would not personalize information like this... If it applies, if it is applicable personally, then one should take some inventory... The rest of us should be about the business of helping those persons take that inventory without recrimminations... I don't think brother Aqil posted the info, nor Queenie before him, to flaggelate African people, but to show us an image of ourselves that is none to flattering... Sometimes we need to do that look in the mirror so we can show the world our best face...(smile!)

    Peace!
    Isaiah
     
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