Black People : Should there be a business/investment forum?

Discussion in 'Black People Open Forum' started by panafrica, Aug 17, 2005.

?

Should there be a business/investment forum

  1. Yes there needs to be a business/investment forum

    8 vote(s)
    100.0%
  2. Such information can fit within our already existing forums

    0 vote(s)
    0.0%
  3. No a business/investment forum would be too boring

    0 vote(s)
    0.0%
  4. I'd rather discuss which black female celeb has a bigger bootie

    0 vote(s)
    0.0%
  1. panafrica

    panafrica Well-Known Member MEMBER

    Joined:
    Aug 24, 2002
    Messages:
    10,227
    Likes Received:
    191
    Location:
    The Diaspora
    Ratings:
    +194
    When I read statistics claiming that less than half of African Americans own their own homes. That even fewer have such assets and investments like: 401K, stocks, mutual funds, IRAs, rental properties, retirement accounts, etc. I can't help but think a golden opportunity is being overlooked. The purpose of the internet has always been to share information. This information is often shared among specific demographics or interest groups. The lack of websites that targeted African Americans led to the creation of several Black websites, the majority of which mostly shared information pertaining to current events, culture, history, music, entertainment, and sports. Yet very few share information about investments and business opportunities.

    I live in area (North New Jersey/New York City) that is incredibly diverse in terms of demographics. There are Portugese/Brazilian communities...Senegalese communities...Russian communities...Italian communities...Cuban communities...Puerto Rican communities...Dominican communities...Jewish communities...Chinese communities...Indian (Asian) communities, etc. When one lives and attempts to conduct business in an area like this, one of the 1st lessons learned is that most people like to do business within their ethnic group. Indeed most ethnic groups network with their own...they share information...they buy from each other...in short they support each other.

    Although numerous discussions how taken place about African Americans buying from Black companies, that in itself will not improve the economic status of the majority of Blacks in America. An equally important behavior that is often overlooked is the sharing of information. If you find out the process to apply for a government grant (which does not need to be repayed) to make improvements on a house, do you tell the community, or do you keep it to yourself? If you learn that IRAs are an better retirement solution than a 401K, do you let others know? If you discover that the government is giving guaranteed loans for new businesses, do you spread the word, or do you take this secret with you to the grave?

    Unfortunately most African Americans don't share information with each other. Even when we find out information that is useful to the community as a whole. Even when sharing such information is not detrimental to our individual prosperity, we still keep valuable information to ourselves. Other communities do not act like this. It is common for Latino, Asian, and Eastern European communities to share information with each other. Indeed this tendancy is one of the primary reasons, these communities tend to prosper while the African American community remains stagnant (despite the prosperity of a handful of individuals).

    It is time to put an end to this trend. Destee.com is a wonderful tool to share information. We do it on a day to day basis! There are members here who are economist, bankers, realtors (myself), and have other business knowledge. Instead of talking about music, poetry, sports, jokes, and relationships all the time....why not share our business knowledge? Why not dedicate an entire forum to doing this? There is no reason why life altering information needs to be lost among threads about "Michael Jackson having a baby with a midget" or "who has a bigger bootie, Ashanti or Beyonce?". We need a business/investment forum to help promote true growth in the black community!
     
  2. KWABENA

    KWABENA STAFF STAFF

    Country:
    United States
    Joined:
    Jun 10, 2004
    Messages:
    4,647
    Likes Received:
    363
    Occupation:
    Leader-Student-Teacher
    Location:
    Everywhere
    Ratings:
    +367
    I think it is right that the Forum Moderators decide this. My first reason is because I am not as great an investor as half the forum Family is. I will just sit back and learn Business/Investment tips.

    As far as the poll, I abstain from answering any of the questions for now.

    CD
     
  3. KWABENA

    KWABENA STAFF STAFF

    Country:
    United States
    Joined:
    Jun 10, 2004
    Messages:
    4,647
    Likes Received:
    363
    Occupation:
    Leader-Student-Teacher
    Location:
    Everywhere
    Ratings:
    +367
    I think it is right that the Forum Moderators decide this. My first reason is because I am not as great an investor as half the forum Family is. I will just sit back and learn Business/Investment tips.

    As far as the poll, I abstain from answering any of the options for now.

    CD
     
  4. panafrica

    panafrica Well-Known Member MEMBER

    Joined:
    Aug 24, 2002
    Messages:
    10,227
    Likes Received:
    191
    Location:
    The Diaspora
    Ratings:
    +194
    This poll is for all active members of Destee brother CD, which is exactly what you are. In addition, I want you to learn business/investment tips...that is my entire purpose in suggesting such a forum!
     
  5. KWABENA

    KWABENA STAFF STAFF

    Country:
    United States
    Joined:
    Jun 10, 2004
    Messages:
    4,647
    Likes Received:
    363
    Occupation:
    Leader-Student-Teacher
    Location:
    Everywhere
    Ratings:
    +367
    Thank you Brother Pan!

    CD
     
  6. Sekhemu

    Sekhemu Well-Known Member MEMBER

    Joined:
    Jul 9, 2003
    Messages:
    6,489
    Likes Received:
    1,061
    Gender:
    Male
    Occupation:
    priest
    Location:
    new jersey
    Ratings:
    +1,064
    I think it would be a very good idea. Lots of people could learn and improve their economic condition. :cardio:
     
  7. Wisdom7

    Wisdom7 Well-Known Member MEMBER

    Joined:
    Aug 8, 2005
    Messages:
    577
    Likes Received:
    5
    Ratings:
    +7
    I think it would be a great idea as well. I myself have been looking to be self employed, so I tried this gig as a commissioned financial advisor. I had no idea about finances and my own are scary as I don't know what. But the opportunity was presented to me as far as going in and helping the community understand their finances and how to create an immediate estate to pass on generational wealth. Something other races have been doing a long time.

    What I learned, if you don't mind me sharing the little knowledge I have is:

    Life insurance is how one usually creates an estate. When you buy term life insurance, it;s usually cheaper than whole life and you can purchase about three times as much. If your spouse were to die, depending on how much term insurance you bought, the beneficiary would then receive the face amount and probably be able to pay off a mortgage and still send kids to college. Whole life insurance usually allows for the survivng spouse to live off of the face amount for a couple of years and not pay off anything.

    I also learned the rule of 72, which you divide your interest rate into 72 and that tells how many years it takes for your money to double itself. Ex> Most banks give from 1% to 3% rate of return on investments. If I put in 10,000 it would take 24 years for my money to = 20,000. If I put in my money at 6% it would take 12 years to double and at 12% it would double every 6 years
    Which would leave me with approximately over half a million dollars in a 48 year span. I know 48b years is a long time, but think about from the day your kids are born until then and how much money they could pass on.

    One thing I learned is you don't have to be wealthy to create wealth. I didn't continue in the self employed opportunity, because sadly enough when I took it to my people, they didn't care. But aren't you tired of leaving the next generation busted, disgusted, and mistrusted!! How many banks do you see in white neighborhoods (offering that 1-3% interest rate). What they do is turn around and reinvest your money at a higher interest rate and gain from you. We also need to learn about IRA's, annuities etc., but I think I blabbed to much. I'm drinking a rum and coke right now (not a big drinker) but feeling pretty nice and I probably talked you to death. Nothing but peace and love
     
  8. $$RICH$$

    $$RICH$$ Lyon King Admin. STAFF

    Country:
    United States
    Joined:
    Mar 21, 2001
    Messages:
    69,983
    Likes Received:
    3,978
    Gender:
    Male
    Occupation:
    BUSINESS owner
    Location:
    Da~WINDY*CITY //CHICAGO
    Ratings:
    +4,178
    great and a prefect idea to start sharing what we know and do business wise
    and some of us can learn something from it or how to better of skillz and
    knowledge business wise , i love the idea to give birth to a new forum surrounding
    this .
     
  9. Riada

    Riada Well-Known Member MEMBER

    Joined:
    May 14, 2005
    Messages:
    1,366
    Likes Received:
    18
    Ratings:
    +18
    I definitely agree we need to focus more on saving and investing money and business issues as well. Money may not equal happiness, but poverty DOES usually equal misery. As a child, I was taught to save money, no matter how little I had. As the saying goes, " It's not how much you make, it's how much you keep that counts."

    My family didn't teach me anything about investing money in the market because they didn't know about any of that. The only thing they knew about was real estate which is still one of the best investments, but I didn't want to go that route. Anyway, when I was in college, I took courses that dealt with finances and investing, read books and articles, talked to other folks who were investing, and listened to programs on the radio on my own about it. Finally, I started investing everything I didn't need to eat or sleep with in mutual funds (stock funds, bond funds) about 12 years ago. I'm a moderate to conservative risk taker in the market. I'm not greedy. I just wanted to get a 7-8% return and I did okay because of time and the power of compound interest which I understand but can't explain. The market sucks these days but over the years, it's been good to me.
     
  10. Destee

    Destee destee.com STAFF

    Country:
    United States
    Joined:
    Jan 22, 2001
    Messages:
    34,792
    Likes Received:
    8,985
    Gender:
    Female
    Location:
    betwixt and between
    Ratings:
    +9,686
    Brother Pan ... we used to have an Investment Forum, way back in the beginning, but it never got much play. Maybe now is its time. I'm all for it.

    :heart:

    Destee
     
Loading...