It’s Not How Much You Make, But How Much You Keep
July 31, 2009 by blackgirlgrown
Filed under money
If the African American community is to prosper over the long term absent government involvement, a prerequisite must focus on wealth creation. Not just making money, but keeping it. Yes, the black middle class makes made a lot of money. But how many of us still have it? And how many have a plan to ensure this “wealth” is transferred to their children?
Black Enterprise has a series on Establishing a Legacy of Wealth written by Ryan Mack, president of Optimum Capital Management, LLC. In a series of four articles, Ryan Mack opines on what is required establish a legacy of wealth in the African American community:
Taking The Poverty Out of the People
No, we haven’t had the best of times since arriving to this country. It is also true that we continue to face many forms of degradation and discrimination. However, even with the strife that we have endured, we are at a point where we need to take accountability for our own actions. In many ways, we continue to be the cause of the inhibition of our own growth.
Yes, we have been oppressed, but we can do much more to help ourselves. Why is it that 93% of our income is spent outside the community? “Neither shall the inheritance remove from one tribe to another tribe; but every one of the tribes of the children of Israel shall keep himself to his own inheritance.” (Numbers 36:9) Money made within your community should be primarily spent for the benefit of the community.
Why is a new car so important to us? Does a new car proclaim to the world that we have achieved financial success? Earl Graves Jr., CEO of Black Enterprise, said, “Blacks on the average are six times more likely then 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.” There are those of us who can save to buy rims, but struggle to put their children through college.
Taking Control of Our Destinies
When all is said and done, we have the ability to take control of our own destinies. Yes, there has been oppression, but we have the capability to do for ourselves and achieve success. “A good man leaveth an inheritance to his children’s children: and the wealth of the sinner is laid up for the just.” (Proverbs 13:22) It is up to us to work hard so that each of us can build an inheritance; not for ourselves, but for each of our own legacies that we will leave behind.
blackgirlgrown
