We got a long way to go
Average Net Worth and Income for African Americans
- Thread starter HotNixon36
- Start date
Hopefully we will get there. Materialism and poor debt management are the killers of the black economy.
A lot of us overspend on travel also, some for the experience, some to impress others and follow trends. Getting in deep debt to travel makes no sense.
https://www.travelpulse.com/news/features/african-american-travelers-spent-63-billion-in-2018.html
a journey of a million miles begins with a single step.
or you could drive or fly
I will never understand how that happens. Even if the house needs major repairs, the least you can do is pay the fucking property taxes on an inherited property.
Many folks who have not saved money to purchase property, have no respect for it. That’s why they fumble a great gift of inheritanceI will never understand how that happens. Even if the house needs major repairs, the least you can do is pay the fucking property taxes on an inherited property.
This shit got to get better if this is true. Something needs to happen immediately.
How the fuck do people work their whole lives and have no liquid assets or anything liquid to leave to the next generation?
You do not have to work to be broke.
https://www.financialsamurai.com/the-average-net-worth-and-income-for-african-americans/
It is because don’t know where to put their money. People need to learn how to take that earn income and use that for acquire assets, develop businesses and invest passively. I think Blacks also need to have kids later and concentrate on getting earned income and acquire a few assets before having that first child.
One more note: I think we as people need to learn to tackle issues in steps instead of trying to hit that macroeconomic homerun. People show watch this video to understand what I mean:
I agree lack of financial education is what does this. Most folks I know would have handled their money differently if only they understood this shit from the jump.
True, but starting businesses and vacationing often does not mean you have a positive net worth, more than likely means they have good credit. Everybody with a business is not making real profits, especially in the first 3 years, even successful ones.
Suppose they have 600K in mortgage debt, 2 luxury vehicles, 50K in personal debt, college loans, business loans, but have a household income of 200K a year and 100K in retirement accounts.
Their net worth is still in the negatives, more than likely. A lot of American people live well off and have good credit, but their net worth is in the negatives.
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Stfu
Let’s not shit on vacation/travel. Every single trip I have taken I have learned something. For the different environment, different people, or myself expanding and growing from observing “how they do things here, what sells here, what do other people who travel carry”. It’s hard to learn anything by staying in your own city. You gotta experience the world, then bring it home.
Black people have no money cause they too busy flossing and acting like they got it like that on social media. People who got real money look broke, and keep quiet.
What does it really matter anyway
The no respect for what it took to build the wealth is a major factor. So many fuck off property in the first few years its crazy.
How you go get attention from people if it looks like you have nothing going for yourself?
These articles just bring out the bougie niggas with speeches, you have to be in debt to socialize, well most of us who aren't doctors, lawyers or just rich niggas, it's a double edge sword...
These articles always lead to some holier than thou garbage not based on reality.
If I could drive a wagon at 40 and successfully date, I would... trust me and save money but the truth is I cannot
My parents said the same shit when I was broke for years... find a "broke woman" and get married
Truth is these broke hoes looking to compete for educated niggas hoping some lame nigga engulfed in their looks with wife them....
I remember making under 30k a while back and under 30k hoes didn't want me lol...
Some yeah, you gotta fake it till you make it.
These articles just bring out the bougie niggas with speeches, you have to be in debt to socialize, well most of us who aren't doctors, lawyers or just rich niggas, it's a double edge sword...
These articles always lead to some holier than thou garbage not based on reality.
If I could drive a wagon at 40 and successfully date, I would... trust me and save money but the truth is I cannot
My parents said the same shit when I was broke for years... find a "broke woman" and get married
Truth is these broke hoes looking to compete for educated niggas hoping some lame nigga engulfed in their looks with wife them....
I remember making under 30k a while back and under 30k hoes didn't want me lol...
Some yeah, you gotta fake it till you make it.
we can't Look broke and get pussy, MOST of us can't and you should know that... I used to envy hispanics for being dusty but married... I had to "man up".
Traveling is cool if you can afford to travel. Problem is, a person with a 2k net worth and mediocre income, can't afford to travel the same way as person with a 200K net worth and much higher income.
I got a lot of friends that try to travel to tourist spots just to impress people, or follow the trends.
Best way is to prepare yourself and invest young, then comfortably travel and enjoy those experiences as you go. I find that a lot of people want to live first, and try to work or prepare on the back end, play catch up.
Before you book an expensive vacation, you should know your net worth, especially if you are over 35.
If you are going to be broke, what is the point of going to work everyday? You do not have to work to be broke. If you work, pay yourself first.
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Come on man.. u cant be saying stuff like that.. shit wayyy over people heads... most dnt even know what ur talking about
I have always told people that. People that are used to money, and really got money, do not want everybody to know that they have money.
I’ve seen dudes spend their last money on expensive clothes than save that shit. I made those mistakes when I was younger. Using that money to invest is one key move.
I’m not on that “we gotta long way to go” shit. I’m handling business now. Niggaz been here for centuries and still clueless.
B4 you spend money on material you better make sure your finances are straight then get you what you want. Principles on passions.
When it comes to buying things I always get the best discounts like 40 to 50 percent off. That’s how you save! I’m also cautious who I give my money to as well.
I’m not on that “we gotta long way to go” shit. I’m handling business now. Niggaz been here for centuries and still clueless.
B4 you spend money on material you better make sure your finances are straight then get you what you want. Principles on passions.
When it comes to buying things I always get the best discounts like 40 to 50 percent off. That’s how you save! I’m also cautious who I give my money to as well.
Yeah, people gotta learn to control their "wants".
These are grown folks too who refuse to spend money right. They choose to keep making the same mistakes thinking a different outcome will occur. Once you realize no different outcome will happen doing the same shit over and over will save time and money.
Self improvement everyday is a good key.
Damn where all these flies come from..
Nonsense. Which rich people do you know who look broke and keep quiet?
The thing many don’t under is that rich don’t stay quiet, they don’t be loud or being loud in the wrong places.
I am around a lot of them all the time, I was at a meeting Friday with guys that own firms with over 50 million in government contracts, they were dressed like bums, wore run over sneakers.
They are sharp as fuck when they open their mouths though.
They never talk about money, and when they invoice for projects, they always act like they are hurting for money to pay their subcontractors.
But when around other wealthy cats in their social circle, they probably try to impress each other.
Plus it's good for your mental and physical well being.
I am around the richest people every day and all they do is self promote in order to get more business and it works. No one will give good business to anyone who looks and dresses like a bum. No one talks about money around contractors. I am not rich but I don't talk about money around my clients.
Just for context, I hung out with the owner of this home yesterday and he was being humble for about 30 minutes. After that, he started to talk about the amount of money he had to spend on a project and the other millionaire whom I had taken there invited him to Nigeria for a project. LOL.
Yes, he drives a LX570 even though he can afford a RR SUV but he doesn't like cars like that.
I am around the richest people every day and all they do is self promote in order to get more business and it works. No one will give good business to anyone who looks and dresses like a bum. No one talks about money around contractors. I am not rich but I don't talk about money around my clients.
Just for context, I hung out with the owner of this home yesterday and he was being humble for about 30 minutes. After that, he started to talk about the amount of money he had to spend on a project and the other millionaire whom I had taken there invited him to Nigeria for a project. LOL.
Yes, he drives a LX570 even though he can afford a RR SUV but he doesn't like cars like that.
Political players don't promote or bid, they are takers! They are just like gangsters, and some of those political players' families have been takers for hundreds of years in this country. A lot of large firms I deal with, are run by party leaders's children and shit, Good Ole Boy network. These cats are dressed like fucking farmers, might own half the land in couple of counties in different states.
I told one of friends the other day, " Next time you drive down any major highway, look to the left and the right, there are trees, if you look hard you will see a control of access fence. Nobody really pays attention, but there is land on the other side of that fence as far as the highway goes, even if 500 miles. The people that own and control everything in those cities and towns you drive through, are run and controlled by the people who own those long stretches of land beside the highway, and they are not walking around in 3 piece suits or driving Bentley's. Some of those families have owned that land for 300 to 400 years. "
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I know a black dude that owns multiple white sport bars / clubs in nyc and various other states...he earns a high 8 figs a yr... He lives in an apt in Harlem and doesn't even own a car... He juss uber everywhere... Clothes is mad plain... You would never know he made that much a yr... Know another individual whose a multi-millionaire who own a lot of real estate... FAVe outfits are khaki pants/ jeans, pair of new balance sneakers, and some kind of college t-shirt shirt... Been dressing like that for over 30 yrs..never owned a car that cost more than 30,000... Owns multiple brownstones, tenement buildings, etc and owns a restaurant...actually juss sold a condo for over a million dollars... Those are juss 2 of many multi-millionaire I personally know that purposely dress down who you would never know they were rich... It's a lot of individuals like that