Black Money Business Jobs : USA Today article on Black Spending Habits

The Burnt One

Member
MEMBER
Aug 7, 2006
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The Greek philosopher Aristotle claimed: "From the hour of their birth, some are marked out for subjection, others for rule."



USA Today article on Black Spending Habits

Next time you see that 'player of the year' flawsin' in that 2005
Chrysler 300 sittin' on 23's while he's pulling it into a
parking stall of a rented apartment hand him this article.

USA Today article on Black Spending Habits: 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 spends a significant amount of their income on depreciable products.

In 2002, the year the economy nose-dived; we spent $22.9 billion ($22,900,000,000.00) on clothes, $3.2 billion ($3,000,000,000.00) on electronics and $11.6 billion ($11,000,000,000.00) 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 (Pass The Co---------). So impressed was Lincoln with the $46.7 billion ($46,000,000,000) that blacks spent on cars that the automaker commissioned Sean "P Diddy" Combs, the entertainment and fashion mogul, to design a limited-edition Navigator complete with six plasma screens, three DVD players and a Sony PlayStation2.

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 short-sighted 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. By finding the courage to change our spending habits, we might be surprised at how far the $631! Billion ($631,000,000,000.00) we now earn might take us.

So please pass this on....Knowledge is POWER!

Source:
CAPE (USA) .,INC
1045 OCEAN AVENUE, SUITE 06
BROOKLYN, NEW YORK 11226
PH-718-421-1846
FX-718-434-9748
WWW.AKBARCAPE.ORG
 

mrron

Well-Known Member
MEMBER
Jun 23, 2006
317
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The most significant statement made in this article was the last one "knowledge is power". We simply don't have the knowledge in our communities to facilitate our advancement economically. If we could just get our people to understand the concept of ownership of those things with real value, then we would have gone a long way in solving most of our problems. Instant gratification is destroying us, and passing our money on to others. These expensive vehicles we purchase, are built on the same chassis as the cheap one's, but they cost three times as much. Bling bling is for loser's.
 

$$RICH$$

Lyon King Admin.
STAFF
Mar 21, 2001
69,925
3,939
Da~WINDY*CITY //CHICAGO
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I have always stated how we spend our earn dollars and the things we
highly spend it on at the same rate we have to teach the value of the buck.
 

dustyelbow

Well-Known Member
MEMBER
Oct 25, 2005
1,210
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mrron said:
The most significant statement made in this article was the last one "knowledge is power". We simply don't have the knowledge in our communities to facilitate our advancement economically. If we could just get our people to understand the concept of ownership of those things with real value, then we would have gone a long way in solving most of our problems. Instant gratification is destroying us, and passing our money on to others. These expensive vehicles we purchase, are built on the same chassis as the cheap one's, but they cost three times as much. Bling bling is for loser's.

I think our communities do value ownership.

It's just that we dont get a chance to be access it and less of a chance to EXERCISE it.

If we do EXERCISE IT, it is by permission from RUTHLESS WHITE to show that the AMERICAN DREAM is a REALITY for US in the NATION with RUTHLESS WHITE'S INFAMOUS PAT on the HEAD (SOME CURIOUS WHITE PEOPLE sometimes have a FIXATION to want to TOUCH the AFRO of a brother or sister). Ruthless WHITE is the SAME.

For those who have HOMES and SUCH the NEXT STEP is to make it a COMMUNITY of ENVY or better YET of FREEDOM for OUR PEOPLE like our PIONEERING ANCESTORS DID.

That will certainly EXERCISE our COLLECTIVE EXPEREIENCE in the NATION.

COUNT on IT.

Image the WISDOM of the ANCESTORS RISING in the NATION once MORE.

So far, we are SATIFIED with RUTHLESS WHITE PAT ON OUR HEAD.

Oh well.
 

mrron

Well-Known Member
MEMBER
Jun 23, 2006
317
5
So Dustyelbow, you said all of that to say what? What century are you living in? Blackfolks, just like white folk, are bombarded with telephone calls and junk mail ads from mortgage banks willing to lend money to almost anyone with a job and a half way decent credit report. All this blaming the white man BS, just sounds like you can't face your own issues. Nothing you said has anything to do with the article.
 

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