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

Discussion in 'Black Money Business Jobs' started by The Burnt One, Feb 4, 2007.

  1. The Burnt One

    The Burnt One Member MEMBER

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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
     
  2. mrron

    mrron Well-Known Member MEMBER

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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.
     
  3. $$RICH$$

    $$RICH$$ Lyon King Admin. STAFF

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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.
     
  4. dustyelbow

    dustyelbow Well-Known Member MEMBER

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    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.
     
  5. mrron

    mrron Well-Known Member MEMBER

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    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.
     
  6. dustyelbow

    dustyelbow Well-Known Member MEMBER

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    I am not blaming the WHITE MAN, I am blaming us following RUTHLESS WHITE SENSE of SECURITY with CLASS NORMS this COUNTRY ADHERES TOO.

    Want me to POINT OUT how much RUTHLESS WHITE has US in the NATION at the PALM of HIS SWEATY HAND?

    I am FACING IT. I am working to make sure RUTHLESS WHITE will not ADD ONE MORE NOTCH to his BELT that he is WHIPPING the NATION WITH.


    Alright

    Why BLACK PEOPLE will ALWAYS (NEVER to CLOSE the GAP) lag BEHIND CURSED CITIZENS in the NATION?

    http://destee.com/forums/showpost.php?p=459877&postcount=2

    Wealth Gap Between Blacks and Whites Has Grown Larger, Scholars Find

    I wouldnt want to WASTE a TALENTED LIFE on already LOSING BATTLE. Structureb by the NATION. That TALENT can be USED to CREATE instead of MAINTAINING and ultimately DESTROYING.

    If you want to SEE the next GENERATION of STRONG BLACK WOMEN and MEN even SICKER, not able to CREATE FAMILIES, COMMUNITIES etc a PERMANENT CASTE SYSTEM has been MADE.

    No matter how much BLACKS SPEND.

    Want to know how those BANKS make MONEY off AMERICANS day in and day out

    http://destee.com/forums/showpost.php?p=460732&postcount=2

    Want to know how they GET OUT OF that SITUATION...



    The CASTE SYSTEM is SET. RUTHLESS WHITE has everythiong UNDER CONTROL.

    Oh well.
     
  7. mrron

    mrron Well-Known Member MEMBER

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    Dustyelbow, I've already studied the money and banking system at the college level. No need to discuss it with novices. The basic premise that the white man is ruthless and runs everything is the problem I have with your replies. Whites own about half of the money in the world. Who owns the rest? I suppose you think there are no ruthless rich Black, Asian, Hispanic, East indians etc., involved in the banking industry. What about the Japanese and Arab influence in the country? Who gets all of that money we use to buy oil from the middle east and Japanese cars? Capitalism can be ruthless sometimes. Whites don't have a monopoly on that. when it comes to making money, all of the players can be ruthless, and no one is happy with just getting a pat on the head.

    What do you think the Chinese are doing on the continent of Africa? Do you know that they, the Chinese, finance a large part of our national debt, yes! the ruthless white man, has to borrow money from the Chinese to stay a float, I suppose you think that they, the Chinese, bow down to white supremecy too, like you do. There are many black folks who know that they sit in the drivers seat when they go to a bank to borrow money. When you have excellent credit, you have your pick of who you will borrow from and how much, being black is a blessing sometimes, you need to learn that.
     
  8. Alkebulan

    Alkebulan Well-Known Member MEMBER

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    1stly, i think it's gr8 that an article of this caliber is posted - kudos 2 u 4 that. the sad part is, while it's distressing, it's hardly suprising.

    i freely admit i spent almost half my life hopelessly mired n consipicuous consumption. there r so many aspects of this problem, 1 harly kno's where 2 begin addressing it.

    1. consumer mentality: as a people, we hv never been properly trained on how 2 make our $ work harder 4 us & think of it primarily n terms of what we can purchase. when the economy of this country ever needs a boost, all they hv 2 do is pump som $$ n2 the blk community & wait till the checks clear. most of us live w a larger debt load than savings account = formula 4 disaster.

    2. we hv become so focused on lookin prosperous that it hinders us from actually becomming prosperous. most of the blk ppl i kno want 2 avoid even a hint of being close 2 being labeled "poor", they will go n2 debt 2 avoid it, & u can't spend ur way 2 wealth, esp on borrowed $.

    3. sacrifice & dicipline & a willingness 2 delay gratification seem 2b n short supply. any1 making above minimum wage, & even som of those, can save SOMETHING, even f u hv 2 start w only $5.00 out of each check. at least ur starting a good habit & can build from there. keeping a written budget can also b a tremendous help, particularly 4 those who look back n wondermeant @ the end of a _________ (week, month, year, decade) & wonder where their $ went.

    A.G. Gaston, the blk man who started the booket t. washington insurance co. (& became a millionare as a result) had a saying:
    "part of all u earn is urs to keep"

    too few of us understand what that saying really means.


    :shades:
     
  9. dustyelbow

    dustyelbow Well-Known Member MEMBER

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    Ok we will center our thoughts on the matter with this...

    Where did you get this source of info from if you dont mind me asking?

    Then we can delve into this infomation here?

    Those Japanese and Arabs still have to follow the RULES set by the COUNTRY which is STILL MAJORITY WHITE. But these so called JAPANESE and ARAB dont deal with the AVERAGE WHITE CITIZENRY on the WHOLE. They deal with "PUBLIC" (GIOVERNMENT)and "PRIVATE" (BUSINESS and SPECIAL INTEREST) CITIZENRY.

    Their MONEY have to go through BANKS and the US GOVT who set RULES of OPERATION.

    Have you wonder why there is TOYOTA of AMERICA. Even though TOYOTA is JAPANESE and it should be TOYOTA of JAPAN with the RISING SUN FLAG from the MANUFACTURING SITE to the CAR DEALERSHIP in the NATION.

    Also that OIL should be REFINED by MIDEAST OWNED REFINERIES in AMERICA so far I dont see a MIDEAST ARAB OWNED REFINERY in SITE STATESIDE.

    WIth all the MONEY so called JAPANESE and ARABS have they are just RETAIL STREET CONSUMERS like the REST OF AMERICA. They aint making HARDLY a DENT in the TOTAL OPERATIONS in this NATION.

    LAST time I check AVERAGE EVERYDAY JAPANESE and ARAB CITIZENS on the WHOLE were being PLAGUED with INJUSTICES from GREATER SOCIETY.

    Their BANK ROLLING ELITE COUNTRYMEN from a DISTANT aint COMING NEAR THEM to SAVE the DAY.

    MAYBE you do PARTIALLY and definitely RUTHLESS WHITE ALL THE TIME. I was going to say WE but I am not involved with PLOTTING too much.

    Dont understand your use of CAPITALISM. BUYING and SELLING of GOODS is as OLD as the FIRST CIVILIZATION. I never seen it referred to as CAPITALISM in ANCIENT TIMES.


    Whites DONT but RUTHLESS WHITE does. I AGREE.

    The others are players but they DONT MAKE THE AGENDA.

    Let me ask a fairly descent question.

    What regions of the world invoked the terminology GLOBALISM and going back to CAPITALISM? Was it ASIA? Was it AFRICA? Was it ANTARTICA? Was it LATIN AMERICA?

    They are INVOLVED but where was it LEARNED ABOUT from SCHOOLS to the BUSINESS WORLD. Where are these PREACHERS from?


    Need a link before I comment.
    Chinese are just SALESPEOPLE for BIGGER INTEREST.

    They should have been KNOCKING ON AFRICA'S DOOR a LONG TIME AGO. Especially DURING NIXON'S PRESIDENCY. So far SOMEONE ELSE WAS KNOCKING AT CHINA'S DOOR at that TIME.

    Who?

    Then we can TALK about CHINA today in terms of AFRICA.

    Thanks if I am bowing down then the CHINESE are doing a better JOB I SUPPOSE. That is PERHAPS why the POOR stay POOR. And why I want to be with them in this matter.

    So far, I am LIVING STILL. I dont think I am going to WORRY much ANYHOW on who is BOWING the MOST.

    How about you are you a FREE AGENT standing TALL?

    Oh well.

    I dont think so. You must mean for EDUCATION LOANS and CREDIT CARDS which RUTHLESS WHITE is more than willing to GIVE.

    LOANS for HOUSING in APPOINTED RUTHLESS WHITE DESIGNATED SEGREGATION AREAS.

    However he isnt to KEEN on GIVING LASTING JOBS to PAY for these GIFTS.

    Thus we have a GENERATION of BLACK PEOPLE who have very POOR CREDIT RATINGS.

    Stamped and APPORVED by RUTHLESS WHITE.

    How are WE GOING TO BREAK OUT OF A COMMUNITY STAMPED with BAD CREDIT?


    RUTHLESS WHITE already was CAUGHT charging higher interest on UNMARRIED COUPLES?

    http://www.bizjournals.com/dallas/stories/2007/01/15/daily4.html?f=et59&hbx=e_du


    If we have so many UNMARRIED PEOPLE in the COMMUNITY plus the ADDAGE of BEING BLACK we just TRIPLED the INTEREST RATE CHARGED by RUTHLESS WHITE...

    Do we need to BOW DOWN more and give up perhaps our ancestors FOUGHT CIVIL RIGHTS?

    To me that is NOT AN OPTION...
     
  10. dustyelbow

    dustyelbow Well-Known Member MEMBER

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    From http://startup.wsj.com/howto/minorityissues/199907080906-tannenbaum.html - Wall Street Journal


    and Bank of America and Bank One (JP Morgan Chase) ALLEGEDLY denying our people CAR LOANS.

    http://www.bizjournals.com/sacramento/stories/2005/01/17/daily10.html

    Plus BANK of AMERICA giving PREMIUM FINANCIAL SERVICES to ILLEGAL IMMIGRANTS.

    Bank of America Casts Wider Net For Hispanics - Lender Risks Controversy Aiming New Credit Card At Illegal Immigrants


    If this isnt RUTHLESS, then I dont know WHAT IS. Undermining the EVERYDAY NATION DREAMER. That's PLOTTING.

    Oh well.
     
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