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The Truth About Black Wealth.

Article by Cleva Watson

What is the truth about African Americans & wealth? How well are we really doing ? How far have we really come?

According to statistics provided by The National Black Business Trade Association African Americans have over 0 Billion dollars of spendable income.If African Americans were an independent Nation & had our own land & country ( which I think we should & will someday) that would make our economy the ninth largest in the world. We have several Black Millionaires. Oprah Winfrey, Russel Simmons, Jay Z & countless others. We have hundreds of Black executives in key positions at Fortune 500 companies. African Americans has the world imitating our style and swagger through our music & clothing. We even have a Black President. I guess you can say with all of this and 0 Billion dollars in income we must be doing great.We are living the dream Right! Wrong!!!

Here is the real truth: In America 10% or 1 out of every ten people live in poverty. In Black America 25% or 1 out of every 4 people live in poverty; most in extreme poverty. In cities like Detroit, Pre-Katrina New Orleans, Baltimore, Washington DC and Rural Southern Towns:Where African Americans are more than 50% of the population the poverty rate among Blacks is much higher. African Americans are only 12 to 15 % of the population of the United States yet Blacks are 51% of the prisoners in the federal & state prison systems.

How could we have accomplished so much yet have so little? The problem is Income Is Not Wealth! Let me say it again Income Is Not Wealth!

You might say what do you mean? What is the difference? I will put to you in simple terms: Wealth is what is owned. Income is what is earned. Wealth is a collection of assets. Income is what you get in exchange for your labor. Income can help you attain assets. Assets are what creates wealth.

As we know African Americans have over o billion in income making us the ninth largest economy in the world. However our true wealth or collection of assets makes us the poorest nation is the world. We own very little yet we consume everything? Who produced the car that you drive? Was it a Black person or some other person? Who grew the food that you eat & must have to sustain life was it you & your kind or some other person? Even this computer I am typing on;It may be black but a black person did not manufacture it.

Dr. Claud Anderson (Renowned Expert) teaches that in 1864 on the eve of the Civil War there were only 200,000 free Black people in America the rest of us over 5 million were still enslaved. Out of those 200.000 Black people who were free they attained 1/2 of 1 % of Americas wealth. WEALTH not income Here we are in 2009 all of us free and 150 years later and yet we still only own 1/2 of 1 % of America’s wealth. That means that for every dollar America owns Black America only owns 1/2 of a penny.Not even a whole penny 1/2 of 1 red cent. Dr. Claud Anderson also states that there are two white men in America that are more wealthy by themselves than ALL of African Americans combined. Bill Gates & Ralph Ellison. That’s just two examples we can list thousands of white Americans who are more wealthy than us.

Some may say money isn’t everything, I don’t need to be wealthy to be happy. I am educated and I have a great job.Some even say that money is the root of all evil. I say that you are wrong! Let’s get it right! The LOVE of money is not the root of all evil in our community! It is the Lack of money that is the root of all evil and the foundation of our problems.Lack of money causes us to have inferior education. The lack of money cause some of our people to turn to crime as a means to support themselves and family. The lack of of money causes our relationships to fail and is destroying our families.

We have had many laws passed and so many of our people have shed their blood& some have even given there life. We have black politicians. Black Preachers with Mega Churches. Yet True wealth, freedom,justice and equality has eluded us. The Honorable Elijah Muhammad had it right whether you agree with him or not. He had it right He said” That you cannot legislate freedom justice & equality. We can only achieve that through unity & supporting our own.”

We must create & build strong Black Businesses in order to attain wealth. We must support existing Black Businesses in our community. Black business owners must take an active role in improving their business by getting the proper training & resources needed to run a successful business. We must network with each other and exchange ideas and invest in each others businesses.We must stop teaching our children to get an education to get a job. We must teach them to get an education to be an entrepreneur to help employ our people.TO BE CONTINUED

About the Author

Marketing consultant & Black Business Advocate

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