Since everyone has various stats, regarding the economic state of Black Folks.....I decided to grab some from Black Enterprise......and this is what I found:


-According to Target Market News, a Chicago-based research firm, in 1998, African Americans earned more than $441 billion collectively. But blacks also spent more than $20.5 billion on clothing alone. Apparel was the fourth-highest spending category for blacks, behind housing ($114 billion), food ($44.9 billion), and new and used automobiles ($25.6 billion). Clothing expenditures far exceeded the $3.3 billion invested in education, ranking 15th on the list of 25 items.

-the 1998 omnibus study by the Burrell Communications Group, the Burrell Barometer, showed that 38% of African Americans surveyed nationwide own homes. At the same time, just 25% have 401(k) plans and far less invest in stocks, bonds or mutual funds.

-According to the book Black Wealth/White Wealth: A New Perspective on Racial Inequality by Melvin L. Oliver and Thomas M. Shapiro (Routledge, $18.99), a typical black family holds on average just 11% of the wealth of a white family. (The most recent data from the U.S. Census Bureau showed that the median net worth of blacks was only $4,418, whereas whites' median net worth was 10 times higher at $45,740.) Among the middle class, the figure improves to where a typical black family possesses on average 25% of what a white family does.

-Moreover, the authors found that the differences in black-white income levels alone could not explain the racial wealth gap. Even among households earning $50,000 or more, where the wealth gap is narrowest, blacks possessed barely one-half the median net worth of their high-earning white counterparts. And poor whites control nearly as many mean net assets as the highest-earning blacks, $26,683 to $28,310.

-In 2000, total money income in the United States may rise to $6 trillion. Income received by African Americans may increase to $485 billion, equal to 8.2% of the total. However, to achieve parity, blacks would need to receive $697 billion. Thus, says Brimmer, the African American income deficit would amount to $212 billion, or a 30.4% gap.

-African Americans have considerably less wealth stockpiled than their white counterparts when taking into account total savings and investment. Of those surveyed, African Americans reported an average of $117,000 in investable as-sets (excluding real estate) compared to $224,000 for whites.

If you want to read the whole articles, click here:

http://www.blackenterprise.com/S1/Pageopen.asp?source=/archive1999s1/01/0199-28.htm
http://www.blackenterprise.com/S1/Pageopen.asp?source=/articless1/07202000089.htm
http://www.blackenterprise.com/S1/Pageopen.asp?source=/articless1/93.htm


Here is some good news I got from Target Market News: http://www.targetmarketnews.com/


-Blacks are increasing the amounts they invest faster then Whites, although the total amount invested is still much lower then whites.
-Black incomes are rising at about 10%/year, faster then any other ethnic group.

According to the Coalition of Black Investors: http://www.cobinvest.com/Pages/census.html

1 in 10 Black Investors is on track to become a millionaire by their "golden years"


The point?

Well that Blacks need to focus a great deal more on Investing, Saving and Managing their money properly. We've come a long way, but have an even longer road to travel. Finally, we need to shift our priorities more towards economics & education.

Everyone talks about investing in the community, but this post and my community investment post will get about 30 responses total......while the thread on fries at McDonalds not being Vegetarian already has 80.

My people my people, when will we stop being economic victims?




Peace,





M2

The Blog: http://www.analyticalwealth.com/

An assassin’s life is never easy. Still, it beats being an assassin’s target.

Enjoy your money, but live below your means, lest you become a 70-yr old Wal-Mart Greeter.