Struggling with Debt and Financial Slavery – Steps To Breaking the Chains
Everyone knows America is struggling financially, so by deduction if America is struggling than its people are struggling and if its people are struggling than the black community is disproportionately struggling. Of course black gay men make up a portion of the black community so you all know we are struggling.
We all know someone who may; have lost their job or got downsized, or are having issues with their mortgage or banks, maybe under employed or receiving unemployment and as a result they are now suffering financially with debt.
For those of us who may have been able to survive the initial down turn of our economy and are still employed, we are still not doing the right things to help us get out of debt that some of us were in even before the economy took a turn.
A lot of us currently and in the past, live well beyond our financial means. This means we spend more money on STUFF that we really can’t afford which is not allowing us to set ourselves up for a more financially secure future.
Over the past 10 years the median wealth gap between whites and blacks in the America has widened. In 2000, whites had 11 times more wealth than blacks. The Pew Research Center now reports with their finding with the latest census data the whites currently have 20 times more wealth than blacks…20 TIMES!
In dollar terms that means black’s net worth assets such as property, savings, and investments minus their liabilities such as mortgages, car loans, and credit card debt is $5,677 compared to $113,149 for whites.
was or is the only reason. We do have to take some responsibility for our actions.
We spend money for appearances and on things that have no real impact or meaning in our lives. Popping bottles in the club, buying cloths and shoes, eating out, throwing parties, taking trips to party and toast’n it up, buying gifts and spending money on the new phones, flat screens and other electronics, buying jewelry and tattoos, having ridiculous car payments, not realizing we are entertaining and spending ourselves into a financial death.
Do you remember a couple of weeks ago some black folks literally lost their damn minds over the new Air Jordans that came out? I mean we were literally lining up and breaking down mall doors to get these damn shoes! A pair of shoes for $200.00 – $300.00 no less. And of course the news media from around the country showed us showing our ignorant asses…sigh
Well what to do? Below are some tips they may can start you down the right path but of course I don’t have all the answers and hopefully you reading this can be a stepping stone for you to begin to take control and be accountable and responsible for yourself and your finances. First thing is get some quite time, get a pen and some paper and get ready to begin.
* You will receive the latest news and updates on your favorite celebrities!