Think your dollars don’t matter? The nation’s economy tells a different story. The Black community’s collective buying power will surpass $1 trillion by 2015, says a recent study conducted by The Nielsen Company, African-American Consumers: Still Vital, Still Growing,
Unfortunately, however, our discretionary funds aren’t always spent where they can be most beneficial. Statistics show higher-earning African-American households spend a greater percentage of their incomes than other racial groups. According to a study released by the Pew Research Center, the median net worth of Black households declined from $7,150 in 1984 to $6,446 in 2011—despite a steady increase in income. We might want to take a break from that cycle, particularly when temptation builds during holiday months.
“I would compare it to the difference between planting and eating seeds,” explains Dr. Boyce Watkins, finance expert and founder of financialjuneteenth.com. “If you eat the seeds, you have nothing; but if you plant them, they’ll reap something greater than you had before.”
Read more in the December 2014 issue of EBONY Magazine.