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Founded in 2005, the World of Money is a New York City based 501(c)(3) non-profit organization whose mission is to empower youth through the engaged, local delivery of professional quality financial education. Bureau of Labor Statistics (BLS) Consumer Expenditure (CE) Survey, CNN, Harvard Business Review, By William Reed (Posted June 12, 2017) What is your view of black economic development?
World of Money Founder and CEO, Sabrina Lamb, while attending a financial planning seminar, was inspired by a compelling question. Most blacks say they are tired of being slighted and disrespected; yet the majority of us ignore tried and true capitalistic practices that would improve the race’s poor economics.
Too many Black folks tend to only worry about themselves and the money that they have NOW.
How black people spend their money has been a hotly debated topic not only on this site, but in our office, at social events and in beauty and barber shops across America.
The report is an analysis of consumer expenditure (CE) data compiled annually by the U. This information is also used for, among things, computing the Consumer Price Index. Portions of this article came from Clutch Mag online.
The report provides updated information in five sections: – Black Income Data – Purchases in the Top 30 Black Cities – Expenditure Trends in 26 Product & Services Categories – The 100-Plus Index of Black vs. If you want to educate yourself and others about how to earn and spend your money responsibly, read the book, , by James Clingman. He’s also the founder of the Greater Cincinnati African American Chamber of Commerce and the nation’s most prolific writer on economic empowerment for Black people. is available through the website Amazon Kindle e-Books.
Absent significant policy interventions, or a seismic change in the American economy, people of color will never close the gap. Brown’s article posted on the Washington website concludes with what is described as an inescapable fact: When black folks make money, they are quick to spend it! Boyce Watkins, a Scholar in Residence in Entrepreneurship and Innovation at Syracuse University in New York, also known as “the people’s scholar,” “We don’t use money to invest or produce,” said Watkins, 42.” When we get our tax refund, we go straight to the store.” The 17th annual report on “The Buying Power of Black America” also includes a dollar-by-dollar breakdown of the Black economy.
Copies of “The Buying Power of Black America” can be purchased from Target Market News for .00 for the hard copy version and .00 for the digital version.
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Are children, in the course of their education and upbringing, getting this information on how to manage their financial life? Lamb found that the answer to her question was a resounding “no”. It’s too bad there’s no accumulation of Blacks oriented toward race-based economic empowerment and wealth building.