Posted by: londynbridges | November 3, 2009

Why are White People Richer Than Blacks?

Now here is a topic that I have discussed with a few peers of mine that really had our wheels turning. This debate actually got started coming off of the music industry, and speculating how a lot of black artists get large sums of money from record labels and then blow it. Now one part of this argument I was on, is that we (as a culture) should invest our money or use it to make more money. We should stop spending our money on things like, “Big Ass Chains,” rims, flashy clothing,  grills,etc. You get the point. Instead, invest the money and use it for business purposes that could gain more capital for us and create WEALTH, not riches.

 Now on the other side of this debate was that statement that most blacks that do make it in large industries, like professional sports, and music, came from absolutely nothing, and the only way of showing their happiness or that they, “made it,” is by buying a lot of material possessions. Most chances of making it in these industries are one in a million chances, and once the money starts flowing in, spoiling yourself with the fruits of your labor makes you happy.  Jail, death, & poverty for many blacks, is the way of life. So sharing money with your peers, family, & friends is how you show your happiness. 

There is a laundry list of famous people who have gone bankrupt and in some serious trouble with the IRS, white & black.  But looking at this list, you see that there are more black celebs on this list than whites.  Chuck Berry, Lil Kim, Nas, James Brown, Wesley Snipes, Ron Isley ( who is still in jail), Method Man ( who turned himself in to the police in Oct) Richard Pryor, Barry Bonds, Don King, Mystikal, etc, that was just tax fraud. Marvin Gaye,  Toni Braxton, Natalie Cole, LaToya Jackson, RUN DMC, TLC, Suge Knight, Issac Hayes, Mc Hammer .. Ok yall get the point. 

There are some blacks in these big industries that do make & invest their money. Such as T.I. who owns a construction co in ATL, Jay- Z who is part owner of the  New Jersey Nets, Magic Johnson who owns just about everything on the west coast, Oprah, who owns her own production company Harpo and the rights to her magazine “O”, just to name a few. 

But why can’t this sense of ownership trickle down into the minds of everyone else? Some of the greatest inventions, thoughts and ideas come from black people, we just have to learn how to channel it. 

We limit ourselves when we spend our money on material things. We are basically giving that money right back. Instead of buying a Ferrari, how about design a car better than a Ferrari. Instead of buying a house from someone else, start your own realty business. If you’ve already been blessed with the money to do so, then why not?

“Wealth is the word, rich is around the corner from the curb, don’t like what I write …shoot me a bird” -Andre 3000.  

 

magic-theater

Create Wealth not Riches

 

 

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Responses

  1. This will take a concentrated effort over two full generations to effect permanent change. What I mean is, if young adults (high school/college age) start educating themselves now about how to build wealth they will then be in a better position to teach those skills to their children. Then by the time the grandchildren come along the family’s entire wealth dynamic will have changed. We have to start thinking of the future and not the instant and fleeting gratification of right now. SAVE, get insurance, INVEST, buy a home (or two or three), send your children to college.


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