Foolishly Spending our Money
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Foolishly Spending our Money
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Why do Blacks squander so much of their money? Do Blacks need to change their values?
Key Points:
- Black American buying power is at 1.1 Trillion; and yet only 2 cents of every dollar blacks spend in this country goes to black-owned businesses.
- Blacks on the average are six times more likely than Whites to buy a Mercedes, and the average income of a Black who buys a Jaguar is about one-third less than that of a White purchaser of the luxury vehicle.
- A 2013 study revealed that Black churches have collected more than $420 billion in tithes and donations nationwide since 1980, an average of $252 million a week.
Resources:
The Fed - Recent Trends in Wealth-Holding by Race and Ethnicity: Evidence from the Survey of Consumer Finances
Even Though MC Hammer Ran Through $70M In About Five Years, He Says He 'Wouldn't Change One Thing' - AfroTech
How Do Black People Spend Their Money? — The Racial Wealth Gap
The Pawn Queen: Woulard, Byron: 9780982937518: Books - Amazon
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