Black Money Business Jobs : STRUGGLING WITH MONEY MATTERS

Discussion in 'Black Money Business Jobs' started by dustyelbow, Jun 14, 2006.

  1. dustyelbow

    dustyelbow Well-Known Member MEMBER

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    AFRICAN AMERICAN STUDENTS STRUGGLE WITH MONEY MATTERS: Study reveals black students lag behind white counterparts in financial literacy.


    June 14, 2006
    *Operation HOPE released survey data this week demonstrating that African American high school students have lower levels of financial literacy compared to their white counterparts.
    Eighty percent of African-American high school students failed a multiple choice examination which measures the ability to make informed financial choices, compared to 54.6 percent of white students.
    The report, available online at here, also states that financial literacy for African American students is related to income and that African American students are better spenders then savers.
    Statistics showed that:
    • African American students from the lowest income families had a financial literacy score of 40.7 percent and African American students from the highest income families had a score of 50.5 percent.
    • African American students scored 37.7 percent on Money Management, 36.6 percent on Savings but 50 percent on Spending.

    "The key is not necessarily making more money, but making better decisions with the money you make, and we are not yet demonstrating as a group of people that we understand this important distinction," said John Hope Bryant, founder, chairman and CEO of Operation HOPE. "In a 21st century increasingly defined by an economic agenda here and around the world, we must begin to get our relationship right with money and the free enterprise system. Poverty is our new enemy, and we must build upon successes with civil rights to include what I call a new 'silver rights' passion, agenda and focus."

    As part of his Silver Rights Campaign for financial literacy and education, Bryant provides the following five tips for students, high school or college, to better manage their money:


    2. Get a Job. Explore summer jobs and internships in the field of your interest. Gain experience in the "real world."
    3. Budget. Get your priorities straight. Don't focus on your wants, focus on your needs.
    4. Save. Practice the 10 percent rule. If you make $1,000, pretend that it is $900 and save $100 in a savings or investment account. You can become a millionaire from 17 to age 65 simply by investing $100 per month in a moderately indexed investment account.
    5. Save to Buy a Home. Save to buy a house in a low-wealth neighborhood before you rent an apartment you don't own in an upscale one. A home provides security and gains value over time.

    For more information on Operation HOPE, Banking on Our Future, the "silver rights" movement campaigns, and this downloadable Operation HOPE commissioned report on African-American youth financial literacy log onto http://www.operationhope.org.
    The survey was commissioned by Operation HOPE with data by the Jump$tart Coalition.

    Going out into the world with hardly no knowledge about MONEY and ITS USE in terms of LIVING (not getting RICH) will leave the next generation with LESS as it is showing NOW.
     
  2. FLATFOOTFLOOGIE

    FLATFOOTFLOOGIE Banned MEMBER

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    We struggle with the understanding of money matters as a community, Dusty Elbow. In fact, in my reading of this discussios board, I find that this a major topic of discussion on many fronts.

    Let's face it, our students run inot these problems because their parents had the same ignorance about good financial planning themselves. Children learn from their parents, and we(in many cases)don't have the resources to give to our children in that area.
     
  3. karmashines

    karmashines Banned MEMBER

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    I agree, Flatfoot.

    There is a problem among some blacks when it comes to money... from my personal experience as a realtor it is quite a few but often times it's deeper than just 'ignorance.' Personal situations can sometimes force people to run up credit card bills and racism serves as a barrier for preventing blacks from getting the same types of jobs whites would get.

    But overall, I agree with your observation.
     
  4. IfUComeSoftly

    IfUComeSoftly Well-Known Member MEMBER

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    we had this discussion at a finanical trainer conference... i'm trying to teach my clients this HOWEVER... it's extremely difficult to preach this to people who live from paycheck to paycheck... you can't save when you'tr borrowing from Peter to pay Paul.... it's easier to teach the children as opposed to the parents...
     
  5. dustyelbow

    dustyelbow Well-Known Member MEMBER

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    Our people practice FINANCIALLY PLAN ALL THE TIME such as I will SPEND MY PAYCHECK on THIS and THAT.

    Making a FOOD BUDGET is FINANCIAL PLANNING.

    FINANCIAL PLANNING is NO SWEAT. NO HARD EXERCISE.

    We all do have the resources for FINANCIAL PLANNING.

    But in regard to the whole COUNTRY including our PEOPLE DEMONSTRATION of FINANCIAL DISCIPLINE is a LOST ART. FINANCIAL DISCIPLINE with YOUR PRINCIPLE is SWEATING for YOUR DOLLAR. Our ancestors in large regards practice such.

    I however agree that ignorance crosses generation. And that is one among many reasons for the LACK in my opinion of FINANCIAL DISCIPLINE today.
     
  6. $$RICH$$

    $$RICH$$ Lyon King Admin. STAFF

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    you have a major point here .
    but some really do struggle with planing and how to really discipline there dollars
     
  7. Shikamaru

    Shikamaru Well-Known Member MEMBER

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    This may be very difficult if not impossible for many, but one should combine the study of commerce with the study of law.

    It will really turbocharge one's ability to acquire, manage, and retain money.
     
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