This list is not limited to the Black community, nor do you have to be Black to participate in empowering the Black community. Anyone and everyone can participate in these 5 things.
1. Stop Acquiring New Debt
Debt is a leading cause of low self-esteem and so are the reasons most people go into debt. Making poor, uninformed financial decisions has been an unfortunate cycle and a big reason Black people lack empowerment. The Black community has been conditioned to think material goods are necessary to show one has value and is important or worthy of consideration. For many years, individuals have attempted to compensate for shortcomings or low self-esteem by purchasing material goods that make them appear better than how they feel inside. This is, in large part by design, but, to an extent, it is also a choice. People should be valued regardless of the kind of car they drive, clothes they wear or phone they have. As soon as the Black community stops relying on material goods to determine and or express worth and importance, people can begin to realize that simply existing is valuable enough.
Even if this is not the reason you spend, one of the most empowering things, in general, is financial freedom. Pay off current debt, but more importantly, cut your credit cards, stop updating functional cars and taking out new loans. Before you can empower a community, you must begin empowering yourself through financial freedom. Once you are free from debt, you can start empowering yourself and others on a larger scale.
2. Support Black Owned Business
Again, economic stimulation is one of the best ways to empower any marginalized community. In your everyday life, doing this can be as simple as shopping at a Black owned business for goods and services that you already purchase from big businesses or corporations. Instead of eating at a chain restaurant, go to a local restaurant that is Black owned. Instead of buying hair care products from a chain beauty supply store or any other beauty supply in your area, be sure to purchase from a Black owned business.
In some cases, this may not be convenient. It may mean you have to drive an extra mile or two. But in the long run, it’s worth it. Recycling Black dollars and overall economic stimulation is absolutely imperative for empowerment and growth both socially and politically – for any marginalized community. The Black community is no different and is in the absolute worst position in this case. Research data shows that businesses owned by African Americans tend to have lower sales, fewer employees and smaller payrolls, lower profits, and higher closure rates than any other racial/ethnic community.
Read the original article at Rap Rehab!
For those thinking about placing their money in gambling schemes like bitcoin, consider this.
If you took $1,000 worth of gold and bought an American dollar in 1890, due to inflation, that dollar today would be worth…
You do not invest in currencies. Currencies deflate.
Always stay massively diversified and invest in things that APPRECIATE in value.
The typical car will not appreciate in value. Your jordans will not appreciate in value. Bitcoin and other currencies like the Iraqi Dinar do not appreciate in value.
What you’re being fooled with is things that temporarily appreciate in PRICE. Sht even the price of weed fluctuates from year to year. Long term though, a dime bag of that bomb sticky icky from 1982 would fetch you…what…
Stop gambling and start investing. Apple was not the size it was in 2001 nor did it have the same product line. The company increased in VALUE.
Now stop with all of this elite comptonomics type logic and make your money work for itself.
www.BKFInvestingSchool.com coming soon.
And to check out what happened to everyone who played the same Beanie Baby game back in the 90s click here.
Florina on www.ThisIsWhyYoureBroke.com writes:
“So I made the mistake of financing a 19,995 2011 Toyota Camry 2 months ago the loan term is 72 months and my rates is 26.7 . I put down 3700 dollars.My payments are $443 a month and now 2 months later I seriously regret getting this car.Now I’m trying to take it back for something cheaper but no one will take the car without at least 2 grand down because I owe more than its worth.I don’t have 2 grands to put down towards a new car.How would you recommend I get rid of this car? Selling it isn’t an option either because no one wants to buy the car.I had one dealership tell me they would be taking a loss buying it straight out without doing a trade.I wish I had found your site before buying this car I had never financed a car before and i’m only 19.Having parents finance wasnt an option either since they both have bad credit and I have no credit.Thanks for the information”
Thanks for being honest about your mistake! You still have a little bit left to go in your assessment and taking of responsibility for the situation but thats pretty impressive for 19.
The last part you should acknowledge is that yes you didnt have parents to finance the car but you also didnt need to finance the car in the first place. When we shy away from sacrifice we drive fool speed into regret. I’m sure now you would trade that car (which I’m guessing has a $22k or so balance you’re upside down on when they added in tax and license) for a short term paid off bucket given the chance.
Which brings me to my next unfortunate point. If you’re looking for a clean way out of this, there isn’t one. You’re completely stuck. Only ways out of most bad car loan deals before the maturity date are:
- Repo (this normally leads to Bankruptcy)
- Go hard at the BKF debt debt snowball method and knock the balance out early
- Have someone take over payments (like http://www.swapalease.com/ or http://www.takemypayments.com/- and yes this rarely works out)
- Sacrifice by cutting back on other expenses so you can save up enough to pay the difference. I’m referring to the difference between how much your car will sell and how much you owe the bank before you sell the car to carmax.
The last option means you’re taking the bus, public transportation etc. Because spending $6k to get out of a negative equity car loan and then buying a $10k honda civic means you just got exactly nowhere.
Wrote a song about this horrible situation dealers sucker us into, like to hear it here it go>> http://thisiswhyubroke.wordpress.com/…/02/the-lost-decade/
How Rappers Like Jay-Z Help Keep You in Poverty
By Camille H on January 28, 2014
“During the beginning of Hip Hop culture, emcees used lyrics to shed light on the poor socio-economic circumstances of their inner-city “ghettos,” commentating on the extreme poverty and squalor in which they were forced to live — Grandmaster Flash and the Furious Five’s “The Message” for instance. But later, once Hip Hop and rap music became commercialized and turned into a money making commodity, capitalism took over and instead of rap lyrics shedding light on economic inequality and unfair, skewed wealth distribution, it became a means to train the inner city communities to spend money in ways that forced dollars out of their own communities, keeping the poor shackled in poverty, with little control over their own money.
The new motto became, “Big Pimpin’, Spending Cheese” and “Money, Cash, Hoes,” because, of course, it is now “All About the Benjamins.” Of course, you have to wake up, flawless. With your diamond, flawless.
How do rappers keep us in poverty, you might ask?
Today, rap music is filled with messages that tell its consumers what to buy and how much one must spend in order to be cool, hip, accepted, successful, and one of the new popular go-to words, “relevant.” When Jay-Z proclaimed the only way to look cool and get women in a club was to “pop” bottles of $200 bottles of Cristal, people followed suit. When he later dismissed Cristal and donned Ace of Spades as the new status symbol, everyone quickly put down their Cristal bottles and went to the nearest store and upped the ante to fork over $300 a bottle for the new “relevant” brand. When Nikki Minaj dropped Michael Kors’ name in a song, ladies rushed to Nordstrom and everyone flossed their Michael Kors watches and handbags. Lil’ Wayne said Truckfit, and voila, the company gets paid as sales increase, while the consumers go broke.
While I believe everyone is free to spend their earned money however they choose, we must understand the implications of these economic decisions. Not only do these poor choices have negative affects on individuals, they also have negative affects on the collective.
Our dollars are votes, and every time we spend one dollar, we send a message of what our values are, what’s important to us and how the economy can best suit our needs and make money in the process. If everyone stopped buying peanut M&Ms, Mars would discontinue them and make something we want and would be willing to buy. Our dollars have power and Hip Hop has taught us how to relinquish that power and fatten the pockets of the wealthy, while the poor continue to starve.
We can look at some simple economics to examine how this works and why “Keeping Up with the Kardashians” is a very bad idea. Studies have proven that recycling dollars within a community is essential for economic growth and social progression for that community. If we look at data, we can see that many other ethnic communities do this, while Blacks and Hispanics – the targeted demographic for the brands rap music likes to advertise – are the worst at circulating money within their communities, the Black community at the absolute bottom.
A Washington, D.C. based research group called the Harvest Institute surveyed how many times income circulates within a community before leaving it. The survey shows that while Whites circulate their income UNLIMITED times in their community, the Jewish community recycles their money at least 12 times, most Asian communities circulate money at least 9 times, and Latinos recycle money six times in their community, in the Black community, income circulates ZERO to one time.
Ironically, however, according to the Selig Center for Economic Growth at the Terry College of Business, University of Georgia, in 2009, both the African-American market and the Hispanic market were larger than the entire economies of all but thirteen countries in the world. Translation: A LOT of economic power is being given up – enough economic power to maintain a small country.
But we’ve heard the old adage, “You gotta spend money to make money!” So what was the money spent on? Was it invested or spent in any useful ways? According to Target Market News, African Americans spend a significant amount of their income on depreciable products. In 2002, a year in which the economy took a turn for the worst and people desperately needed to conserve finances, African Americans spent $22.9 billion on clothes, $3.2 billion on electronics and $11.6 billion on furniture to put in homes that, in many cases, were rented. Further, amongst the most popular purchases were cars and alcohol. There were a lot of attempts toward big pimpin while spending cheese.
The positive side to some of these statistics: There is so much economic power and influence that. if harnessed and spent wisely, can be fuel that, if not ends, significantly lessens poverty and improves socio-economic situations within inner-city communities. If people stop using their dollars to vote for Ciroc and Gucci, and use those dollars to vote for education, 401Ks, small businesses, and other wealth building initiatives, and keep those dollars circulated within the poor and forgotten economic and ethnic communities, so much progress can begin to happen.