Financial Literacy : Key For Creating And Sustaining Wealth For African Americans Essay

I always believed that you are considered wealthy when you make a high income. According to the authors, most high income earners are not rich, which surprised me. Most people with high incomes fail to accumulate any lasting wealth. They live hyper-consumer lifestyles, they spend their money as fast as they earn it. I always perceived millionaires as living the lavish life with their big sport utility vehicles and huge mansions. Well I was wrong, in

Is everybody supposed to be rich and wealthy? If so then nobody would be truly happy or rich.

The equitable wealth disproportion between African Americans and Whites is still on the rise. Researchers have identified systematic barriers affecting the ability for African Americans to accumulate wealth. In addition, researchers indicate several possible factors such as, less intergenerational inheritance, higher unemployment and lower incomes (Desilver, D, 2013). Impoverished generations have been unable to escape their restricted economic condition. Whites have gained an economic opportunity for every unfavorable condition that has impeded African Americans economic opportunity over time forging grounds for economic disparity. Because of unfavorable conditions due to the effects of slavery, generations of African Americans have had to bear racism and inequality. According to Pew Research the median household income of a family of three in 2011 was $39, 760 for African Americans in whereas White American Family median household income is $67, 175 a household income difference of $27, 000 (Morin, R

Rockefeller wrote in a news article after a riot at one of his businesses and said “I am sure it is a mistake to assume that the possession of money in great abundance necessarily brings happiness” (Rockefeller 208). He argued that a fulfilled dream was not just of acquiring money, but it's also about happiness and find what makes life special. Then he addressed another accusation of society on the people that were able to become extremely wealthy by pursuing and achieving their goals. Many people believe that the leaders of society were gifted what they had or were the only ones meant to be wealthy and accomplish their dream. However Rockefeller addressed this when he said “If the people can be educated to help themselves, we strike at the root of many evils of the world” (Rockefeller 210). Being able to achieve wealth and prosperity is not just for certain individuals but it is available to all people. Hardwork and dedication is what defines a man and divides wealth in society, and his ability to be able to earn more and more as he continues to progress in society with his

The African American has been behind the eight-ball since slave ships transported the 1st slaves to America during the Atlantic Slave Trade. African Americans seizing equivalent status to white men at the end of the Civil War can be scrutinized as an achievement in capitalism. Investing in uplifting the African American from within itself is the only the way social views will pivot. Focusing on educating themselves will lead to financial gains for the community closing many gaps statistically across America between racial groups. The financial freedom received will in turn allow events to be handled differently for many African American in our justice system and the changing of how the events are perceived will change the views of the race that was once deemed 3/5 of property. No longer will the African American be lagging in the equality race in the country if these changes are achieved. Russell Simmons, a Hip-Hop mogul said, “I don’t think financial freedom and economic empowerment is the last leg of the civil rights movement. Taking one step toward financial literacy takes you two steps toward personal consent.” The journey of the African American achieving financial freedom will lead to overcoming systematic injustice as long the African American invests within in

People will not remember how many cars you owned or how big your house was, they will remember you by the person you were. Maybe the reason I oppose millionaires is because my family was never rich. I would sometimes wish that my parents could afford more things, but as long as I had a roof over my head and three meals on the table, I was grateful for their hard work. If tomorrow I suddenly became a millionaire, I would not know what to do with all of the money, since I’m used to limiting myself to the necessary items. The right people will be drawn to you no matter how rich or poor you are, because a person’s worth is much more than just their

This is not to say that people with less money will always throw out their inhibitions in order to achieve great financial wealth. People must be told that it is ok to venture outside of their safe zone and know that what they are doing is right.

The authors place the millionaires interviewed for their research into three categories: prodigious accumulators of wealth (PAW), average accumulators of wealth (AAW), and under accumulators of wealth (UAW). To find which category to place each individual, they set out to determine expected net worth. This was computed by multiplying age times realized pretax annual household income from

Another reason that the wealthy should pay more taxes is because they owe it to society to do so. Every person wouldn’t be where they are today without the people who helped raise them and the society they were raised in. In “The Great Gatsby”, Nick Carraway is disgusted with Tom and Daisy, “Tom and Daisy—they smashed up things and creatures and then retreated back into their money or their vast carelessness, or whatever it was that kept them together, and let other people clean up the mess they had made” (Fitzgerald 179). Nick is repelled by how Tom and Daisy, with all of their money, would do nothing to help the society or other people. Successful people are largely successful due to the society and conditions that they were raised in. Without the better conditions that they were luckily born into, it is logical to question just how successful someone in the top one or ten percent could have been. In a recent commencement speech last summer at Princeton, author Michael Lewis stated “Recognize that if you have had success, you also have had luck—and with luck comes obligation. You owe a debt, and not just to your Gods. You owe a debt to the unlucky”. In a

“Bankruptcy doesn’t discriminate: in 2001, almost one in five Americans from ages 18 to 24 declared bankruptcy…”(Walsh).

Now I am living the life but like Mark Cuban said Being rich is a good thing. Not just in the obvious sense of benefitting you and your family, but in the broader sense. Profits are not a zero sum game. The more you make, the more of a financial impact you can have.

My first point consist of the misconception of how wealth is generated for many rich people, which differs from the idea of long lasting dynasties and corporate greed. The wealth and income of many people in the United States, both the rich and even middle class is a result of hard work and self made prosperity. Contrary to the idea of greed, deprivation of the poor, and

How do wealthy people succeed? In short, they are programmed for it. My realization is this. Its not your surroundings but what's inside you that causes success. My conclusion is this. Its not the tools, it's the person that determines how successful they will be.

​ Without a doubt, those who are “rich” and those that are “poor,” in terms of material possession, share a similarity: the desire to be rich or richer.  No one really wants to be “poor.”  Those who are rich are rich through inheritance or have mastered the know-how to become rich. Such as Prince Williams, who obtained his wealth from his mother and father, Princess Diana and Prince Charles of Whales.

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