Why Black Wealth Matters in White America

… and what blacks must learn to survive this new economy

The general population, otherwise known as the 99%, have a love/hate relationship with wealth. They resent those who have it, but spend their lives attempting to get it for themselves, all the while self-sabotaging that effort in ways that are avoidable if they knew the rules of the rich. Yes, the rich have rules. The reason most individuals, and certainly the majority of Black Americans, never accumulate any substantial savings is because they do not understand the nature of money and how it works. Much of this lack of understanding and lack of access to financial education comes down to systemic racism that has been passed down from generation to generation within the black community. Most Black Americans, throughout American history, were shut out of our financial system, thereby not gaining the access or opportunity to accumulate wealth or an understanding of money that could have been passed down through the generations. Well, the time to start is now. More generational wealth means more societal influence and less vulnerability to the ills of civil rights infringements. In short, wealth equals life. Our very survival depends upon it.

The Wealthy Have A Different Mindset

Earning a lot of money does not make you wealthy. You will never out earn your lack of financial education or your bad money habits. It is like trying to out exercise your lack of nutritional knowledge or your bad eating habits; it is exhausting to take two steps forward and three steps back, not to mention futile. Being wealthy is much more about your financial behaviors and your financial intelligence quotient, than it is about how much income you earn. Wealth is also not an aesthetic pursuit. Driving an expensive car, buying a house you cannot afford, and wearing high end fashion labels doesn't make you wealthy. In fact, for most folks who have not yet attained enough steady wealth to afford those things comfortably, it can surely make you go broke.

Let's take a look at a well-known billionaire. Sir Richard Branson has a current estimated net worth of $4.3 billion, accumulated from his Virgin brand and an additional portfolio of assets. As with many wealthy people, the wealth they have accumulated is not an accident. If you took all that money away from him, he would still retain the same knowledge and behavioral patterns that made him wealthy in the first place. He would still understand how to raise capital, develop and scale businesses, and invest his money with wisdom. If he had to begin today from ground zero, I am quite sure he would have a large net worth, once again, in less than five years' time.

Conversely, an individual who has poor money habits and wins the lottery, still does not understand how money works or the behaviors needed to grow and sustain wealth. There is a good chance he or she will be flat broke in less than five years. Although they were gifted a giant windfall, they were not rich, because they did not know the rules of the wealthy. Ever wonder why so many professional athletes and recording artists have gained enormous riches only to then lose it all?