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7 Financial Habits That Keep Black People From Economic Freedom

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Introduction

In an open letter addressed to President Barack Obama on Sept. 6, 2011, economist Dr. Claud Anderson offered suggestions to improve the economy for the betterment of the Black community.  “With more than 25 million people unemployed and the actual unemployment rate of Blacks in America over 50 percent, the nation’s economy must turn around and produce more jobs if Blacks have a chance of survival,” he wrote.

Anderson suggested proper allocation of government spending as a solution to revitalize the dire economic conditions of the Black America. From immigration reform to the creation of more public works jobs, he left no room for the government to reject any possibilities for facilitating Black economic growth. But even if legislation were approved in support of Anderson’s ideas, Black people must embrace taking control their own financial freedom.

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Financial Literacy

Understanding capital, credit and banking practices has been a challenge for many members of the Black community. The Jump$tart coalition, an organization dedicated to financial education of children and teens, conducted a survey in 2007 and discovered that 40-50 percent of Black students polled had general knowledge of money management.

Laura Levine, director of Jump$tart, said the number of financially informed Black students has not improved since the survey was introduced in 1997.

What people are saying

10 thoughts on “7 Financial Habits That Keep Black People From Economic Freedom

  1. Marcus Smith says:

    I'm happy to see that Student Loans is on this list. It's sad that the NUL and NAACP aren't doing more to challenge the terrible way we fund higher education in this country.

  2. What are the solutions? The problem has been address in all aspects, if we could just survey and reach solutions, then I think blacks would catch on! Because some of our challenges are the factors of not knowing!

  3. Cheryl Miller-Holmes says:

    I disagree with homeownership being a burden. You have to live somewhere and you will probably have to pay utilities, why not pay for something you will eventually own and that you can leave your children so they won't have to reinvent the wheel. The solution to the school loan debacle is for schools, parents and students to make obtaining scholarships a top priority in addition to taking advantage of loan forgiveness programs.

  4. Cheryl Miller-Holmes says:

    I disagree with homeownership being a burden. You have to live somewhere and you will probably have to pay utilities, why not pay for something you will eventually own and that you can leave your children so they won't have to reinvent the wheel. The solution to the school loan debacle is for schools, parents and students to make obtaining scholarships a top priority in addition to taking advantage of loan forgiveness programs.

  5. Gilbert Caraballo says:

    There are no absolutes, these numbers do represent the majority of people of color. keep in mind most people do not take the time to gather the information necessary to make a well informed decision. The variables are factors pointed out in the article. Economics 101 "there is no free lunch." I have friends who are college educated with multiple degrees, that really don't have a well enough understanding of accounting, economics, or finance. Information is paramount in order to better our limited resources.

  6. A way to change our ascribed status

  7. I agree with you. Some want to send illegal immigrants to college, but we can't get enough to go without taking out long term hefty loams

  8. Silver Tailleur Love says:

    This is a list of things we already know. Maybe some of the affluent black people should start businesses and hire black people. Or make a business that sends blacks to school free and then hires them.

  9. Group economics is the key. That's the only problem blacks have is our disconnection to one another. A lack of group economics keeps us disconnected. That's what it is. We have millions of brothers and sisters do it big all over America everyday. But we are disconnected from one another caught up in rugged individualism. We are all doing our own thing. All we have to do is connect and practice group economics. Once we do that we're good. Cause the only problem we have that's exclusive to the black community is lack of group economics. Cause crime, violence, poverty, unemployment, drugs, teen pregnancy, dropout rates, and every other social ill is rampant in everyone's community. That's a fact. It's not just black people, it's everybody but all we hear about is blacks. Blacks kill each other for the same reasons everyone else kills each other. Both here in America and around the world. But other people have group economics. Asians, Arabs, Mexicans, Pacific Islanders, and even Native Americans have group economics. And they all criminals, drug addicts, poverty, and violence among them. Yes they do. This is a fact. So now that we know what it is, let's do it.

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