Are you a sucka? That’s a pretty harsh question, but it’s real, especially considering the current economic condition of our community. African-Americans have tackled so many obstacles, but one struggle we must face is our poor management of money.
It’s a shame that many African-American youth believe that ‘Black Friday’ is called such because of Black people who rush out and spend a lot of money. Needless to say, this is inaccurate. However, the definition seems somewhat fitting. In comparison to other ethnic groups, African-Americans spend more on shoes, clothing, and video games just to name a few. These are all things that depreciate quickly in value.
If you’re going to spend your money, make a conscious decision to spend more of it with reputable Black-owned businesses. Why is it that the Black community fails to understand this when everyone else does? According to Maggie Anderson, author of ‘Our Black Year‘, the following statistics give the startling reality of Black America.
Circulating dollars. How long does it take for money to leave these communities?
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- 28 days – Asian-American
- 20 days – Jewish
- 17 days – White / Angle-Saxon
- 6 days – Latino / Hispanic
- 6 HOURS – African-American
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If we don’t support US, who will?
- Less than two cents (0.02) of every $1.00 an African-American spends in this country goes to Black-owned businesses
- White owned businesses have average annual sales of $439,579, Black-owned firms? $74,018
Simply put it’s time to make a change. We have money…1 trillion dollars. We have power. Our money is a powerful change agent. Save your hard earned cash and spend wisely. If you must indulge on Black Friday, make a strong effort to spend your Black money with Black-owned businesses!
Watch this brief video on Black spending power
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