Black Money Business Jobs : Study Finds Median Wealth For Single Black Women at $5. White women - $42,600

Discussion in 'Black Money Business Jobs' started by RAPTOR, Sep 13, 2014.

  1. RAPTOR

    RAPTOR Well-Known Member MEMBER

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    The findings were from 2010, though I doubt there are any substantial change since
    this study was first produced:


    "Among the most startling revelations in the wealth data is that while single white
    women in the prime of their working years (ages 36 to 49) have a median wealth of
    $42,600 (still only 61 percent of their single white male counterparts), the median
    wealth for single black women is only $5.

    This is alarming. But it's also inaccurate. From the study:

    Young women ages 18-35, whether white or non-white, are beginning their adult
    years with a median wealth of zero, meaning that at least half of women in this age
    group had no wealth or had debts greater than the value of their assets (see Table
    3). However, while white women in the prime working years of ages 36-49 have a
    median wealth of $42,600 (still only 61% of their white male counterparts), the
    median wealth for women of color is only $5.

    This is still really alarming. But obviously, conclusions about women of color--all
    nonwhite women and Latinas of all races, according to the study-- of a certain age,
    are very different than conclusions about black women in particular. Professor
    Chang was kind enough to talk to me this evening and verified that $5 dollar stat
    applied to women of color as a whole, and not just black women."

    Read here: http://www.theatlantic.com/national...ian-wealth-for-single-black-women-at-5/37395/
     
  2. RAPTOR

    RAPTOR Well-Known Member MEMBER

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    Moderates if you may:
    Delete duplicate thread.

    Thanks in advance.
     
    Last edited: Sep 14, 2014
  3. Dreya

    Dreya Well-Known Member MEMBER

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    fact is whatever the figure we dont have capital - some black women have salaries that are equal or above those of similarly educated white women (not all i admit) - but this paints an innacurate picture - since we dont have the same amount of capital - capital not income determines whether your wealthy or not
     
  4. jamesfrmphilly

    jamesfrmphilly going above and beyond PREMIUM MEMBER

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    i went to DC once.....:10400:
     
  5. KPITRL

    KPITRL Well-Known Member MEMBER

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    I too remember reading this same report in 2010. It seems like when you add up all liabilities, debt, etc..., and place it against what you bring in, most blacks have very little wealth compared to whites. This is because blacks are taught to get a job and work for whites, then buy things to make us look rich, while more whites are taught to accumulate wealth. This is explained much better by Dr. Claude Anderson. In other words, we are more caught up in trying to keep up with the Jones', putting ourselves in more debt, and putting ourselves in a better position to be fired for not laughing at our white bosses corny jokes. Ever heard of "At will employment"...bull. I translate that to fire at will, which is another way of practically calling you a slave.

    I use the biblical definition of wealth, which is having what you need (shelter, food, clothing, ect...), no debt, and able generate enough money to keep these things without having to work. That's true wealth, which doesn't necessarily mean being rich. You can be rich, and have more debt than you own. Black celebrities seem to be haunted by this the most...Michael Jackson, MC Hammer, and the list goes on.

    Based on the definition I gave for wealth, we do have blacks in that category. These are the blacks who invested well, and were able to retire comfortably. But even this dream seem to be getting less feasible for future generations with todays economy and the gutting of pension plans. This goes for whites too, but evidently worst for blacks.

    But then there's this category that I call the wealthy elite. If you thought it was hard thinking of any blacks with wealth, you can almost hang it up thinking of blacks in this category, although there may be some. These are the people you never meet. These are the ones who don't have money, but control the money.
     
    Last edited: Sep 14, 2014
  6. RAPTOR

    RAPTOR Well-Known Member MEMBER

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    Many things we don't have that to our detriment in one way or another.
    The fact is, collectively the study demonstrates that black
    women in term of medium wealth is woefully below that of yt women.
    Still "alarming", especially as we find the poorest among us (globally even), is
    households head by women with children. So it's surely nothing to sneeze at...
     
  7. Dreya

    Dreya Well-Known Member MEMBER

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    no sneezin involved - simply pointin out even those of us with good salaries aint rich cuz we dont have the capital to back us up - so we are constantly livin on a knife edge one pay check away from disaster
     
  8. RAPTOR

    RAPTOR Well-Known Member MEMBER

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    A lot of yt women (in this study), don't a have "capital" either.
    Capital isn't merely having money, as you have alluded to in
    the above.

    This is a reflection of a system that systematically allow for yt
    women in general to take home (and in doing so save more),
    money.
     
  9. KPITRL

    KPITRL Well-Known Member MEMBER

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    As I said, I read this report four years ago when it first came out. But my question to you or anybody, without trying to go too far off topic is, what are these sisters in these situations to do? I'm asking this because I took a look at the women in my own family and their girlfriends, especially the ones creeping towards 50 or several years beyond. A lot of the ones who aren't married and don't have kids seem to be living with their parents, or working two jobs. Then I think of the ones who don't have their parents...where do they go? A lot of these females did ok during their working years, but these careers aren't preparing them for these later years like they used too. It looks like the only ones that have at least a little to fall back on are the ones who worked years in the federal government. And that's not what it's worked up to be anymore if you don't do well with your TSP.

    I feel lucky because I had a daughter who got married to a man with a good career with benefits, and she takes part-time college classes on his job benefits. But what if he loses that? I guess she, her husband, and my two grandchildren will be living with me, which ain't too far fetched these days.

    I don't know about y'all, but it kind of tears me up watching my sister go through this at her age. It sometimes seems like the ones who got pregnant in their teens and got on welfare, are more looked out for by this system.
     
    Last edited: Sep 14, 2014
  10. KPITRL

    KPITRL Well-Known Member MEMBER

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    And I don't want to hear they should get a white man, because their feet are on fire too. But even if their feet weren't on fire, they should be off the menu as far as I'm concerned.
     
    Last edited: Sep 14, 2014
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