(ThyBlackMan.com) After seeing what happened in Wisconsin’s recall election, it is apparent to me as well as anyone else who was paying attention, that Money Governs America. While many of us are complaining that President Obama has done nothing for the Black Community, we should be asking ourselves, what has the Black Community done for the Black Community?
In my opinion, what I see us doing is having a national pity party, while expecting some savior to step in and give us living wage jobs, health care and education, among other things that we have the capacity and resources to get ourselves.
Blacks number 40 million living in America, or 12.3% of US population, which are mostly consumers. Separately we spend One Trillion Dollars ($1,000,000,000,000) a year. Take note that only 14 countries in the world have a larger economy.
Despite the One Trillion Dollars we control and add to the US economy , 1 in 5 Black families live in poverty, single black woman w/children earns $25,000, 40% of families headed by a single mom are poor. What do think you think we do with all that that money????
Here is what we spent in 2009.
65.2 Billion on food
29 Billion on Automobile
29 Billion on Clothes
23 Billion on Health Care
6.1 Billion on Electronics
3.3 Billion on Tobacco
3 Billion on Alcohol
995 Million on sports & Recreation
321 Million Books
What could we do with the One Trillion Dollars??? :
$.02 of every Dollar spent in 2010 ($19 Billion) would pay for college for all Black College Students.
$.20 of every Dollar spent in 2010 could pay the debt of all African Nations. ($200Billion)
It was no easy lift, but we were able to advance our social and political position during the Civil Rights Era. If we practice good stewardship of our considerable resources, we can change from a consumer people, to a self-empowered people, with the capacity and resources to conduct business and practice entrepreneurship, inside as well as outside of our communities.
Next time you have money to spend, think about how you can spend it in our Community, if you can’t do that, find a company that is known to heir people of color or find a black person that works on a commission basis. Every Dollar spent in our community brings us closer to self empowerment.
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Great article. The next step is to take action. Click on my name for the solution.
Black Unity means financial independence and happiness
@Mack, That’s what’s up!
@Mike Williams, this pie runs through infinity. We can ALL feed our families for generations to come if we fix that hole in our pocket!
I had a client to tell me that she is so afraid to open her front door because she’s wanted for murder. I said WHAT! She said yeah girl I have killed so many Presidents…Washington, Jefferson, Lincoln, Jackson…by not being able to control all the money running through my hands.
This is one of my clients who started a business less than 10 years ago after being laid off her job and now nets about $225K annually. She’s under 40, has never attended college and says that it’s a crime shame that she works so hard and has nothing to show for it but a mountain of debt!
When the real estate market collapsed, I advised her to purchase a commercial condo to conduct her business from. There was a commercial condo that listed at $28k, 1200 sq ft in the heart of downtown with a management fee of $250 monthly. The real estate developers were cash strapped and selling commercial condos at basement prices with the property taxes abated for 10 years.
Unfortunately, she wasn’t in a position to capitalize on the deal which would have allowed her to own the commercial condo at far less than the office space she was renting to conduct her business. Since then, she’s been trying to deleverage which is a task in and of itself because she is by no means a money conscious person.
@ Mack.
Totally Agree!! I hire mostly black people but all my marketing Reps in public are white. Most do not know my businesses are black owned. But dont everyone go starting businesses then I wont have employees. Im just saying.
@mack couldn’t have said it better mack…why i’m up late now reading trust law…black people better read about and there are free books on it online if you do some research google books are a good resource for finding old books that focus on trusts, stocks and bonds, corporations, promissory notes, bills of exchanges, etc. information age people…no excuses…stop thinking with an integrationist’s mind….that’s why our people suffer…they valued white more than their own
Another excellent article that flew under my radar. Sorry for the long post, but I just had to vent for a minute:
There are many ways we can begin to remedy the issue of sustaining wealth in our community. I won’t say ‘create wealth’ because obviously from these figures we’re not lacking in acquiring money; only on how we spend it. And a lot of that has to do with our collective mentality.
One thing we can do is get more into owning businesses as opposed to being content working in someone else’s. It always amazes me when I talk to the young Korean dude at the local wing spot, and others like him, when they tell me how they went to college to get graduate degrees, and flipped that education back into opening a wing spot, laundromat or nail salon.
Most black people of higher learning would scoff at such an idea, until they realize the local nail salon they frequent brings in $40000, $50000, and upwards of $100 thousand bucks a month. Every month. And those are actual figures.
Its funny because after slavery, starting ones own business was every black man and woman’s dream. We went out, worked like dogs, saved our pennies and bought whatever piece of land we could acquire and worked it. And prospered mightily. My own family amassed over 2000 acres of land in Alabama during the 1800’s; a chunk of which we still own to this day. My family for the most part never knew collective poverty.
But somewhere along the line, blacks bought into the Disneyland fantasy of working for somebody else in their factory or office; and we forsook ownership for convenience and the appearance of prestige.
A part of it had to do with events like what happened to Black Wall Street in Tulsa back in 1921. Segregation forced us to do business with each other, so we prospered exceedingly and made ‘them’ envious. Most of the race riots back in the 20th century were sparked for economic reasons. Blacks were turning over so many dollars in our own communities that white banks were even borrowing money from black banks to stay open prior to the depression.
This is also the main driving force behind desegregation in the 60’s. White business owners wanted some of the lucrative black business too. Boycotting stores was a vital and little talked about tool we used back then to break the back of Jim Crow. But thats another story for another day.
Now the tables have turned. And its time for a paradigm shift. Work your job, live as frugally as possible, save your pennies and open your own business. Look at where we spend the most money and open a business along those lines. You don’t even have to hang a banner out front declaring you’re a ‘black owned business’. We all know some black folks won’t shop with their own kind because they still think if you’re selling ice that ‘the white man’s ice is colder’. So be tactful and discreet about it. Hell, hire a white woman to be the secretary if you have to!
Use that money and enrich your family with it. Bank black. And contrary to assumptions, most black megachurches DO bank black. Just not exclusively. Some have even opened their own credit unions for fellow church members.
And the funny thing is: when you get the money game right, the politicians break their necks to serve your interests. Because money fuels politics, and not the other way around.
Funny how you never hear about the Asian vote during election cycles. And they seem to be doing just fine. Why should Obama or any politician listen to us when we don’t even organize our money for basic survival purposes?
Again: great, great article.
Thank you for this article. It speaks directly to my frustration during this present election cycle… we’re getting all frustrated and arguing with each other about what President Obama has done or not done, but look at what we are not doing for ourselves! Keep spelling these truths out for us, Mr. McNeal… we need every nudge, reminder, and rebuke we can get!
Double thank you for the link to Black Bank info!
Jay,
I love your comments about African people. You are totally right. It is the Africans who have post-PhDs in the U.s. We definitely need to emulate them!
Great article Nicholas. It’s sad but true, the black community at large is failing. But it’s not all doom and gloom and dysfunctional at every level, we just don’t hear about the good things going on unless it’s on TV. When the good happens in the local neighborhood thank a brotha or sista for doing what you can’t or won’t do.
@ Nicholas, thank you for clarifying that. I will definitely look into these numbers. Additionally, the Waiting for “Superman” documentary reference whether intended or not brings up a valid point. The concept of being saved by a group of people other than Black people themselves to the point of being on par educationally, socially, and economically in the world is delusional. Furthermore, if Black people in the U.S. took any cues from African immigrants who are the “model minority” as far as educational attainment is concerned, then their percentage of higher degree holders would exceed that of Whites. African immigrants to non-Blacks generally look just like African Americans. Therefore, they can be discriminated against just as equally, yet, they have managed to thrive in this era greater than those who’s history lies in the very foundations of this country. I believe we can learn from their model.
(See U.S. Census & the Journal of Blacks inhigher education)
@ Jay.. The numbers were not singled sourced, they came from: to name few The U.S. Census Bureau,Target Market News and Bureau of Labor Statistics. Many articles have been written about what we earn and how we spend it. My intent was to show how we can empower ourselves rather than complain about the president not doing something for the Black Community. Imagin just 2 cent of ever Dollar spent, could pay for college for every black scholar, keeping families free from going into debt or the scholar from droping out of school.
We don’t now, have enough Black owned businesses that can accomadate a faction of the money we are spending with others, that take the profits and spend in their own communities. Until we learn to “Do what we can, when we can, with what we have” we will still be waiting for Superman.
Great article. There definitely is a point of contention between Black earned currency and the need to invest in Black owned businesses. Furthermore, I am curious as to the source of your statistics? I have heard these claims before, however, citations were never given.
@Nicholas
Black churches have been nothing but a joke, the billions they have collected over the years have been squandered and looted by crooked preachers. Virtually none of those funds have been recycled back into the black community for development or self improvement of black people. Not all black churches are like this but it’s safe to say the majority are. The reason that a number of black churches avoid black banks is that the ministers have cut private deals with the white banks in order to line their own pockets
@Patty…Could it be that those Churches are not aware of the Black owned banks that are available to them. You may help them out by passing on the link:http://www.nationalbankers.org/history.asp
@ Dr. Hill, my intentions in writing this, as well as previous articles, is to do two things, provide information that hopefully would be a basis for a construtive dialog. My thought would be to all who see this information as worthy of further discussion, to invite as many people in our individual spheres of influence, to join the dialog.
The answer to your question may come from someone close to you, but they can’t answer if you don’t ask. I’m no bible scholar, but check out: St.Luke chapter 5.
I would like to add that all the money that Black America give to the church goes right back to White banks!!!
Wow, Antona. Thanks for your info, we definitely have to emulate you!!!
Quite informative. Now how are we going get this out to the black culture.
Such an excellent article and breakdown of the power within the black race, if we only harnessed it!
I have my MBA in marketing so I am first-hand familiar with the “demographic studies” that outline how much blacks spend in each category, you can believe that we are exploited for the dollars but not hired in many decision-making capacities. I envision a modern MOntgomery Bus Boycott of all majority-owned businesses that do not invest honestly with blacks (such as with contractors) or hire blacks in meaningful positions with real living salaries.
There are ways to do the buy black and stop being marketing pawns and slaves (yes, slaves) to consumerism. Marketing is a field of study that includes psychology and sociology – we study you to know how to convince you that you just need this $250 designer jeans that the white stores now allow you to try on on the stores (remember in pre Civil Rights, we could not try on clothes in the stores) and make you feel important.
It is economic war to do this, however, because there are many white and other minorities that make their living and enrich their neighborhoods through black dollars, think about black hair!
I have a black real estate agent, black insurance agent (2 as a matter of fact for several life insurance plans and auto plans for our entire family), we had black doctors in our other city, etc. We want to see those dollars circulated back into our communities. Unfortunately, some in our community are self-destructive and think they need to consume to be something.
Save those dollars and then spend those dollars wisely!
Peace
Excellent article! Please, continue to inform us!!!
@Sanctified Brother… Thanks for reading may article. As for the title, my intentions are to get the attention of potential readers. I have writer a few articles before where I got little or no comments. I thought the title would be trumped by the content of the article. I intended the article to provoke thought and possibly encourage dialog, that would have positive impact in our communities. We can’t decide what to do until we know what happened.
@sanctified brother…without trying to speak for the author, let me give you my take. I have used this term since I started blogging five years ago, only spelling it as Knee-grow. This was originally a take off an old Red Foxx skit when he was called a negro and he invited that individual to place their hands under his leg and feel his knee-grow (if you know Red Foxx, then you will over stand the joke). I extrapolated that term and used it to differentiate (now this is how I see it) a negro from an African. Though you or I may not have been born on the largest and oldest, most sustainable habitable land mass in his-story and ourstory. We are still Africans, some of us unfortunately were placed on the slow boat coming over.
So in effect an African, whether on the continent or in the diaspora who stays true to the principles of the honorable Marcus Garvey and works for the betterment of Africa first and everybody else second, is an African. A knee-grow is a manufactured entity that was created in the laboratory of the plantation and synthesized in the ghettos and places where knee-grows go to spawn. Thus they are the children of the fictional willie lynch in thoughts and actions.
Now to those who disagree with being called African and are insulted by that, let me just quote El Hajj Malik Al Shabazz…”if a cat has kittens in an oven, does that make them biskettes?” It may appear condescending, but the stats provided is a more important thing to worry about.
Peace brother
Great article, great breakdown, and great closure. I’m glad you offered a suggestion that we could use. I’m puzzled by the title, though: “What did you Kneegros do with all that M-O-N-E-Y?” It sounds condescending, or at least confrontational. Would you explain?