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jerryking : generational_wealth   35

Houston Estates, Carl Greeenidge’s book and the African Guyanese tragedy – Kaieteur News
** “Empowering a Peasantry in a Caribbean Context: The Case of Land Settlement Schemes in Guyana, 1865-1985 by Carl Greenidge”.

This book argues a case whereby freed slaves who worked the lands of Guyana and made Guyana viable were terribly and deliberately discriminated against in their quest to build a landed economy for themselves......Looking back at the ownership of land by many rich families and situating land ownership in the historical context of what Adamson and Greenidge wrote, you see the glaring historical wrongs done to African Guyanese.
African_Guyanese_villages  Afro-Guyanese  books  Freddie_Kissoon  generational_wealth  history  land_ownership  oligarchs  slavery  sugar 
10 weeks ago by jerryking
What’s Left After a Family Business Is Sold?
Aug. 9, 2019 | The New York Times | By Paul Sullivan

Having a pile of money after a company is sold, in place of a company, with all of its stress and complications, would seem like a relief. But a company often holds families together by giving members a shared identity and conferring a status in the community established by previous generations.

Without the company, the family’s perception of itself and its purpose can change, and it is often something that members are not prepared for. Their focus was on running the business and then on the sale; little thought went into what comes next......“The key to doing it successfully is how you prepare yourself and how you prepare your family. It’s really a lifestyle choice.”

If families do not do it right, splitting apart is almost inevitable. “A shared business becomes very much a glue,” ....“When the business is sold, what we see in almost every situation is some family member splits away.” .....Most advisers say the sale of a family business should focus on the transition from operating a company to managing a portfolio of money, not on the money itself. Sometimes the magnitude of the sale becomes an issue for a family’s identity, particularly if the acquisition price becomes public......some families focus more on the money than the traits that made the business successful, and fail to grasp the difference between an operating business and financial capital. ....years before the sale, the family had been formulating a plan for its wealth that focused on family values but also held the members accountable. A family scorecard, for example, tracks their progress on 40 items that the family has deemed important, including working hard, investing wisely and the protecting its legacy.
Mr. Deary said the family used the scorecard to objectively answer the question: “Are we constantly trying to get a little bit better every day at what we do?”

As the wealth stretches out and families grow, those values can become a substitute for the company.
.....continuing education about a family’s values, particularly when the company was gone, allowed successive generations to understand where their wealth came from.

Those values often work best when they are broad — honesty, integrity, hard work — and not so specific that family members chafe. “The loose binds bind best,”

Family relationships can suffer when there are no shared values but strong financial connections, like a large trust or partnership that manages the wealth.
accountability  exits  family  family_business  family_office  family_scorecards  family_values  generations  generational_wealth  heirs  liquidity_events  money_management  purpose  relationships  Second_Acts  self-perception  unprepared  values  wealth_management 
august 2019 by jerryking
Rich People
“Rich People plan for three generations
Poor people plan for Saturday night”

― Gloria Steinem
tags: class-distinction, inspirational
affluence  quotes  generational_wealth  personal_finance  social_classes  beforemath  forward_looking  foresight  preparation  time_horizons  Gloria_Steinem 
october 2017 by jerryking
Whites Have Huge Wealth Edge Over Blacks (but Don’t Know It) - The New York Times
By EMILY BADGER SEPT. 18, 2017

Americans believe that blacks and whites are more equal today than they truly are on measures of income, wealth, wages and health benefits. And they believe more historical progress has occurred than is the case, suggesting “a profound misperception of and unfounded optimism” regarding racial equality......we also overgeneralize from other markers of racial progress: the election of a black president, the passage of civil rights laws, the sea change in public opinion around issues like segregation. If society has progressed in these ways, we assume there’s been great economic progress, too.

We’re inclined, as well, to believe that society is fairer than it really is. The reality that it’s not — that even college-educated black workers earn about 20 percent less than college-educated white ones, for example — is uncomfortable for both blacks who’ve been harmed by that unfairness and whites who’ve benefited from it......If we want people to have a better understanding of racial inequality, this implies that the solution isn’t simply to parrot these statistics more widely. It’s to get Americans thinking more about the forces that underlie them, like continued discrimination in hiring, or disparities in mortgage lending.

It’s a myth that racial progress is inevitable, Ms. Richeson said. “But it’s also dangerous insofar as it keeps us blind to considerable inequality in our nation that’s quite foundational,” she said. “Of course we can’t address it if we’re not even willing to acknowledge it.”

And if we’re not willing to acknowledge it, she adds, that has direct consequences for whether Americans are willing to support affirmative action policies, or continued enforcement of the Voting Rights Act, or renewed efforts at school desegregation......
achievement_gaps  generational_wealth  misperceptions  African-Americans  optimism  whites  racial_disparities  infographics  white_privilege 
september 2017 by jerryking
40 Acres and a Mule Would Be at Least $6.4 Trillion Today—What the U.S. Really Owes Black America by Tracy Loeffelholz Dunn and Jeff Neumann — YES! Magazine
Slavery made America wealthy, and racist policies since have blocked African American wealth-building. Can we calculate the economic damage?

Tracy Loeffelholz DunnJeff Neumann posted May 14, 2015
reparations  race  slavery  African-Americans  generational_wealth  racism  racial_disparities  infographics 
march 2017 by jerryking
Why wealthy families lose their fortunes in three generations - The Globe and Mail
AUGUSTA DWYER
Special to The Globe and Mail
Published Thursday, Jan. 26, 2017

Among the causes of the phenomenon are taxes, inflation, bad investment decisions and the natural dilution of assets as they are shared among generations of heirs.

Yet among the most compelling causes are younger family members who are ill-prepared or unwilling to shoulder the responsibility of wealth stewardship. They have grown up with plenty of money and are a step or two removed from the work ethic and drive of the people who made it for them.

“There is a risk of entitlement that comes to the fore, and that is where things tend to go off the rails,” says Thane Stenner, director of wealth management at Vancouver-based StennerZohny Investment Partners, part of Richardson GMP.

The key to overcoming that, he adds, is communication, which means “family discussions, family meetings, and trying to be very proactively engaging with the next generation, rather than reactive.

“Successful families are basically talking a lot to them about what the previous generation has done and engaging them by asking about their own dreams and aspirations. And really helping to enlighten them, or get them excited about their own future and how the family can help fund that future, but in a very responsible, business-like way.”

According to Mr. McCullough, almost as much time and effort should be spent in preparing the heirs to receive the wealth as actually investing and managing it.

“That involves understanding what your family’s set of values is,” he says.
attrition_rates  wealth_management  family  values  stewardship  generational_wealth  Tom_McCullough  Northwood  family-owned_businesses  family_business  Communicating_&_Connecting  mission_statements  entitlements  mindsets  family_office  work_ethic  heirs 
january 2017 by jerryking
The Widening Racial Wealth Divide
OCTOBER 10, 2016 ISSUE | - The New Yorker | By James Surowiecki
THE WIDENING RACIAL WEALTH DIVIDE
It would take black Americans two hundred and twenty-eight years to have as much wealth as white Americans have today.

As Thomas Shapiro, a sociologist at Brandeis and the co-author of the seminal book “Black Wealth/White Wealth,” told me, “History and legacy created the racial gap. Policies have maintained it.” Together, they contribute to what he’s called “the hidden cost of being African-American.”

Start with history. Beginning in the New Deal and on into the postwar years, the federal government invested heavily to help ordinary Americans buy homes and go to school, via programs like the Federal Housing Administration and the G.I. Bill. That fuelled an economic boom and fostered the growth of a prosperous middle class. But black Americans received little of this assistance. Redlining by banks and by government agencies prevented black families from buying homes in white neighborhoods; in a thirty-year period, just two per cent of F.H.A. loans went to families of color. G.I. Bill benefits went disproportionately to white veterans. Black agricultural and domestic workers were excluded from Social Security until the fifties. As Dedrick Asante-Muhammad, the co-author of the CFED/I.P.S. report, told me, “Massive government investment helped create an American middle class. But it was a white American middle class.”
racial_disparities  James_Surowiecki  race  African-Americans  redlining  discrimination  generational_wealth  racism  education  housing  intergenerational  New_Deal  wealth_creation  home_ownership  books  post-WWII 
october 2016 by jerryking
The Rise and Fall of Black Wall Street
AUG 31, 2016 | The Atlantic | ALEXIA FERNÁNDEZ CAMPBELL.

Richmond was once the epicenter of black finance. What happened there explains the decline of black-owned banks across the country.

On April, 3rd, 1968, Martin Luther King Jr. gave his famous “I’ve Been to the Mountaintop” speech in Memphis. In it, he urged African Americans to put their money in black-owned banks. It wasn’t his most famous line, but the message was clear: “We’ve got to strengthen black institutions. I call upon you to take your money out of the banks downtown and deposit your money in the Tri-State Bank. We want a ‘bank-in’ movement in Memphis … We begin the process of building a greater economic base.”

The next day, King was assassinated, and his hope of harnessing black wealth remains unfulfilled. Before integration, African Americans in cities like Richmond, Chicago, and Atlanta relied on black community banks, which were largely responsible for providing loans and boosting black businesses, churches, and neighborhoods. After desegregation, black wealth started to hemorrhage from these communities: White-owned banks were forced to open their doors to African Americans and the money that once flowed into black banks and back out to black communities ended up on Wall Street and other banks farther away.
MLK  African-Americans  banks  banking  community_banks  institutions  history  Richmond  desegregation  integration  black-owned  self-sufficiency  self-reliance  institution-building  generational_wealth  economic_clout  capital_formation  epicenters  1968 
september 2016 by jerryking
The Money Letter That Every Parent Should Write - The New York Times
By RON LIEBER JUNE 17, 2016

"....consider the old-fashioned letter. It’s long enough to tell some tales to bolster your advice, and if it’s written with enough soul, there’s a good chance the recipient will keep it for a long time. Plus, it’s a literal conversation piece, since the good letters will inspire more curiosity about how the writers oversee their own financial affairs....A good letter, according to Ms. Palmer, should include at least one story about a large financial challenge and another one about a big money triumph. Then, include a list of crucial habits and the tangible things they have helped the family achieve.

HEED YOUR IGNORANCE Quite often, the best stories and takeaways come from the biggest mistakes.
BEWARE OF GENIUS: Don’t trust the person who claims to be omniscient either.
STICK TO YOUR SELLING PLANS We can be blinded by flattery from the seats of power,” “Be aware of this in your business lives.” Selling something that is still valuable is the hardest part of any trade, he added. So if you can’t name three good reasons to continue owning something, then it’s time to sell.
BUDGETS ARE ABOUT VALUES. What you spend says a lot about what you stand for, and if you don’t like what your own notebook says about you, try to make it look different next month.
personal_finance  parenting  Communicating_&_Connecting  writing  investing  investors  mentoring  values  budgets  advice  self-discipline  lessons_learned  wisdom  habits  financial_planning  ownership  ignorance  origin_story  takeaways  family  storytelling  financial_challenges  family_office  generational_wealth  soul-enriching  coverletters  unsentimental 
june 2016 by jerryking
Wealth transforms and strengthens one’s position in the political process -
November 19, 2009 | Stabroek News| F. Skinner

My theory is to train our people to be able to develop themselves regardless of the party in power. I noted that even after 28 years of PNC rule, generally, our social development did not show positive trends. Dr Jagan warned about the danger of our dependence on government jobs. My brand of social activism is about changing a mindset, which is amplified by some responses to my last letter.
Cheddi_Jagan  letters_to_the_editor  entrepreneurship  Afro-Guyanese  Guyanese  wealth_creation  generational_wealth 
june 2016 by jerryking
How Segregation Destroys Black Wealth
SEPT. 15, 2015 | NYT | By THE EDITORIAL BOARD.

The Federal Housing Administration, created during the New Deal to promote homeownership, openly supported these racist measures; it forbade lending to black people even as it subsidized white families that moved from the cities to the suburbs. Cut off from fairly priced home loan credit, black neighborhoods deteriorated and their values plummeted....Many discriminatory practices were formally ended with the civil rights and fair lending laws of the 1960s and 70s. But these were quickly replaced by subtler techniques that encouraged ghettoization, like channeling black families away from white areas and banks’ and mortgage brokers’ systematically pushing middle-income black families into high-cost, high-risk loans when they could have qualified for more affordable loans....This history of discrimination has taken an enormous toll on black wealth, as is shown in research by Douglas Massey and Jonathan Tannen at Princeton University’s Office of Population Research. In 1970, two years after the passage of the Fair Housing Act, for example, the average well-off black American lived in a neighborhood where potential home wealth, as measured by property values, stood at about only $50,000 — as opposed to $105,000 for affluent whites and $56,000 for poor whites.

By 2010, affluent African-Americans had passed poor whites in potential home wealth but had fallen further behind affluent whites. There is more than money at stake, Mr. Massey and Mr. Tannen write, because home values “translate directly into access to higher quality education given that public schools in the United States are financed by real estate taxes.”

Throughout history, ethnic groups have been able to translate economic gains into housing in better neighborhoods and advantages for their children. But for African-Americans, the researchers write, that transition has been “thwarted by segregation and the prejudice and discrimination that create and maintain it.” In other words, the damage reaches across generations and continues today
African-Americans  discrimination  education  Fair_Housing_Act  generational_wealth  home_ownership  housing  intergenerational  New_Deal  prejudices  public_education  public_schools  racial_disparities  racism  real_estate_taxes  redlining  segregation  wealth_creation  wealth_management 
september 2015 by jerryking
Racial Wealth Gap Persists Despite Degree, Study Says - The New York Times
By PATRICIA COHEN AUG. 16, 2015

The lack of family wealth is pivotal to understanding the racial economic gap, he argues.

While the researchers from the St. Louis Fed, when asked, played down the importance of financial support from family when explaining their results, Mr. Darity said he believed that family aid helped individuals avoid the type of risky big-ticket borrowing that ensnared so many Hispanic and black graduates.

“Prior family wealth is the key,” Mr. Darity explained in an email, noting that it “shapes both income-generating opportunities and the capacity to allow wealth to grow more wealth.”
African-Americans  downward_mobility  financial_literacy  generational_wealth  personal_finance  racial_disparities  self-perpetuation  social_classes  social_mobility  wealth_creation  wealth_management 
august 2015 by jerryking
How Black Middle-Class Kids Become Poor Adults
JAN 19 2015 | The Atlantic | GILLIAN B. WHITE.

A 2014 study from the Federal Reserve Bank of Chicago, which looked at factors like parental income, education, and family structure, shows a similar pattern: Many black Americans not only fail to move up, but show an increased likelihood of backsliding. According to the study, “In recent decades, blacks have experienced substantially less upward intergenerational mobility and substantially more downward intergenerational mobility than whites.”...The explanations for this phenomenon are varied, but largely hinge on many of the criticisms that already exist in regard to socioeconomics and race in the U.S. Economists cite lower educational attainment, higher rates of single-parent households, and geographic segregation as potential explanations for these trends.
African-Americans  middle_class  children  single_parents  downward_mobility  geographic_segregation  social_mobility  social_classes  racial_disparities  unemployment  generational_wealth 
january 2015 by jerryking
The riddle of black America’s rising woes under Obama - FT.com
October 12, 2014 4:54 pm
The riddle of black America’s rising woes under Obama
By Edward Luce

Without Mr Obama’s efforts, African-American suffering would have been even greater. He has fought Congress to preserve food stamps and long-term unemployment insurance – both of which help blacks disproportionately. The number of Americans without health insurance has fallen by 8m since the Affordable Care Act came into effect. Likewise, no president has done as much as Mr Obama – to depressingly little effect – to try to correct the racial bias in US federal sentencing. Bill Clinton was once termed “America’s first black president”. But it was under Mr Clinton that incarceration rates rose to their towering levels.
By no honest reckoning can Mr Obama be blamed for the decline in black America’s fortunes. Yet the facts are deeply unflattering. Since 2009, median non-white household income has dropped by almost a 10th to $33,000 a year, according to the US Federal Reserve’s survey of consumer finances. As a whole, median incomes fell by 5 per cent. But by the more telling measure of net wealth – assets minus liabilities – the numbers offer a more troubling story.
The median non-white family today has a net worth of just $18,100 – almost a fifth lower than it was when Mr Obama took office. White median wealth, on the other hand, has inched up by 1 per cent to $142,000. In 2009, white households were seven times richer than their black counterparts. That gap is now eightfold. Both in relative and absolute terms, blacks are doing worse under Mr Obama.
Why then do African-Americans still give him such stellar ratings? To understand, listen to the dog whistles of Mr Obama’s detractors. The more angrily the Tea Party reviles Mr Obama, the more ardently African-Americans back him. When Newt Gingrich, the former Republican leader, described Mr Obama as a “food stamp president”, the subtext was plain. It was too when Joe Wilson, a Republican lawmaker, interrupted Mr Obama’s address to Congress to call him a liar – an indignity none of his predecessors suffered.
Likewise, no president has been forced to authenticate that he was born in the US (rather than Kenya). Donald Trump then demanded proof that the president had attended Harvard. How could a black man get so far without cheating? That at least is what many black Americans heard.
African-Americans  Obama  racial_disparities  legacies  generational_wealth  indignities  Donald_Trump  Tea_Party  bigotry  disproportionality  decline  Edward_Luce 
october 2014 by jerryking
If enough African-Guyanese return to their capitalist roots Guyana’s economic future will see improvement Georgetown, Guyana
JANUARY 8, 2010 |- Stabroek News | Michael Maxwell.

The question is whether the state or the individual/community bears primary responsibility for wealth creation with focus on the African-Guyanese populace. Unquestionably, both the state and the individual are responsible for facilitating the creation and pursuit of legitimate wealth. ...Orientation to wealth creation in the African-Guyanese community is presently stymied by several factors, most notably a poor personal saving rate, low investment rate, business risk aversion, low communal wealth generation endeavours and high public sector and service sector participation rate. ...A bigger problem for African-Guyanese capitalism and entrepreneurism is its lack of support from its own group. African-Guyanese businessmen and the community must lead the charge in educating African-Guyanese about the benefits of personal and commercial wealth generation......The greatest form of empowerment is economic empowerment, and dramatically so for a poor people in a poor nation. That is the true measure of freedom. Without a strong African-Guyanese capitalist class in Guyana alongside the Indian-Guyanese capitalist class the nation cannot achieve a decent path of economic progress. Wealth creation is not an alien concept to African-Guyanese who were the first independent producers in Guyana after slavery before becoming a mostly entrenched consumer and service providing class to the primary capitalists.
Afro-Guyanese  wealth_creation  capitalism  letters_to_the_editor  economic_development  Guyana  self-determination  self-discipline  self-employment  self-help  support_systems  generational_wealth  individual_initiative  economic_empowerment  risk-aversion  public_sector  distrust  disunity 
september 2014 by jerryking
African Guyanese leaders must be much more development oriented
November 20, 2007 | Stabroek News | by Lin-Jay Harry-Voglezon.

Cheddi Jagan said around 1990, that the PNC government was preparing the Afro community to fail. He meant the high concentration of Afro Guyanese in the bloated public service sector which was unsustainable, and the practice of giving them opportunities on the basis of party cards, as a way of up-keeping the government, would backfire on the community. He meant that when the system of things changed the community would be uncompetitive for it would by then have nurtured the wrong ethics, expectations, and attitudes. The psyche of dependency on the state would be so ingrained that it would fail to be as resourceful as it is ought to be and was capable of being........I have argued in the past that the Afro community, owing to its historical conditions of survival, had crystallised a false sense of importance and security under PNC governance. I indicated that it is not a government of black faces, PNC or otherwise that would transform the Afro communities, but transformation in cultural ideas and economic groundings, which could be induced through changed conditions of survival and an improved understanding of self. Of all Afro leaders, Walter Rodney was best trained and equipped to lead that transformation. His death was a tremendous loss.

This additional response to Osafo Modibo’s letters is that the problems at Buxton are fundamentally symptomatic of cultural and economic deficiencies. While Modibo accuses myself and others of being silent on the extremities in that village he fails to acknowledge that the very executors of the excesses are mainly Afro Guyanese. The Afro community should realise that the highest form of emancipation would be when every black child grows up with the doctrine that he must be black, honourable and economically creative. So whether he is poor, rich, or an officer of state he must never pawn his common sense and dignity to others.
uncompetitive  letters_to_the_editor  economic_development  Afro-Guyanese  ethnic_communities  entrepreneurship  mindsets  generational_wealth  public_sector  psyche_of_dependency  human_psyche  Cheddi_Jagan  cultural_values  false_sense_of_security 
september 2013 by jerryking
African-Guyanese need to invest time and resources in agriculture
May 19, 2011 | Stabroek News | by Richard Drake.

I believe that what black communities lack the most is money and wealth. A causal observation of any black community will reveal that the stranglehold of poverty is affecting their growth and development. The high number of dilapidated buildings, poor roads, water and sanitation are manifest expressions of that poverty. There are a number of reasons for this I shall discuss two.

First, our attitude towards money is bad. Look at the way we spend our hard-earned money in entertainment. Almost every show at the Providence Stadium is filled to capacity with young and not so young African-Guyanese. Every show young Blacks spend thousands of dollars they can hardly afford. We entertain ourselves at the expense of everything else, even our development.

Second, a large percentage of African-Guyanese work in the public sector; they are public servants. The government controls the public purse. Therefore, it decides how much these servants will be paid and how much they should be taxed. In this way, they do exert a great deal of power over the development of Blacks and influence the quality of their lives and communities.

One can argue that there are trade unions which negotiate with government, wages and salaries for workers. However, given the behaviour of the unions demonstrated at the last May Day rally, the divisions among them, and the fact that some of their leaders appear to have been bought out by the government one can hardly expect a decent challenge by these organizations to the unfairness in the national pay system.

As a result, the average public servant lives from pay cheque to pay cheque. It is a vicious cycle.

What is clear is that African-Guyanese desperately need a paradigm shift. African-Guyanese must get out of the public sector now. We need to begin to ‘re-image’ ourselves not as servants (public or otherwise) but as entrepreneurs. This is absolutely necessary for wealth creation and development.

One area that is immediately available to us is agriculture. There is a lot of history in the black community in this industry and much aversion to it, particularly by our young people but, there is enormous potential in this industry. Export markets are available for all kinds of non-traditional produce. However, we are too busy sitting behind desks burdened with loads of paperwork that we cannot see and exploit the potential in this sector. We love the sound of the names and status of certain positions in the public sector. Some of those very positions retard our growth and progress. We have to change that.

As a people, we need to invest time and resources in the agriculture industry; we need to go back to the land en masse. Black families and communities must become efficient economic units, generating wealth for real development through large-scale crop and animal husbandry. This will make us self employed, reduce the amount we spend in purchasing food, decrease our dependence on others to supply us with food and free up money for other investment activities. It will help in wealth generation in black communities.
Guyana  letters_to_the_editor  Afro-Guyanese  agriculture  wealth_creation  ethnic_communities  economic_development  entrepreneurship  mindsets  public_sector  overrepresentation  farming  fresh_produce  non-traditional  generational_wealth  self-employment  frugality  downward_spirals  poverty  public_servants  paradigm_shifts  African_Guyanese_villages  young_people  psyche_of_dependency 
august 2013 by jerryking
African Guyanese would require an empowering familial-ethnic environment and an enabling political-economic one to be successful in business
August 21, 2013 | Stabroek News | F. Hamley Casep.

Few African Guyanese grow up in an environment in which table conversation is centred around business matters or matters to do with the production and supply of goods and services. Sadly, African Guyanese may be more inclined to discuss the day’s purchases rather than the day’s sales, for the simple reason that African Guyanese economic activity tends more towards consumption rather than production or supply. Generally speaking, African Guyanese do not see themselves as having the means to produce ‒ land, labour or capital ‒ at their disposal, yet see these as prerequisites for venturing into business for themselves. The problem is compounded by the near absence of ethnic role models. In this sense I feel the problem is one of environment as much as education. In fact the two go hand in hand.

Though as Carl Greenidge says, “The education system should be teaching students about the value of business and what is required to be an entrepreneur” and has failed to do so, the system on its own cannot teach people to be risk takers. It is only the immediate environment that can build the level of self-confidence required to make the difference. There is no substitute for growing up in the environment of a family which is not dysfunctional where Uncle Peter is a car dealer, Aunt Sharon owns a supermarket and Cousin Kimberly owns a successful restaurant. These close-to-home realities have a far greater impact on a young person’s realization that they too can become a successful business person.
Afro-Guyanese  letters_to_the_editor  economic_development  entrepreneurship  generational_wealth  consumption  role_models  entrepreneur  risk-taking  factors_of_production  family  cultural_values  consumer_mindset  producer_mindset  rituals  dining 
august 2013 by jerryking
10% of African-American Households Have Incomes Above $100,000 - WSJ.com
August 24, 2013 | WSJ | By DAVID WESSEL.
50 Years of a Dream
On the anniversary of the March on Washington, how has the outlook for white and black Americans changed?

Attitudes toward race have changed enormously. "It's not respectable today to be a racist. It was perfectly acceptable in 1963," says Eleanor Holmes Norton, one of the behind-the-scenes organizers of the March and now the District of Columbia's representative in Congress.

By nearly every available economic metric, African-Americans are better off today than earlier generations were.

Memories are short, but a few facts underscore just how much has changed in 50 years.

In 1966, the earliest year for which comparable data is available, 42% of African-Americans lived in poverty; in 2011, 28% did.

The income of the median black family, the one in the middle of the statistical middle, is 80% higher, adjusted for inflation, than a comparable family in 1963, the Census Bureau says.

And the ranks of blacks in the top stratum of American society has grown. The number of African-Americans in the U.S. has roughly doubled since 1963; the number with bachelor's degrees has increased 14 fold. As recently as 2000, there were more black men in prison than in college; that is no longer true.
African-Americans  anniversaries  MLK  racial_disparities  households  generational_wealth  census  statistics  income 
august 2013 by jerryking
The Family Stories That Bind Us — This Life - NYTimes.com
By BRUCE FEILER
Published: March 15, 2013

The single most important thing you can do for your family may be the simplest of all: develop a strong family narrative..... Psychologists have found that every family has a unifying narrative, he explained, and those narratives take one of three shapes.

First, the ascending family narrative: “Son, when we came to this country, we had nothing. Our family worked. We opened a store. Your grandfather went to high school. Your father went to college. And now you. ...”

Second is the descending narrative: “Sweetheart, we used to have it all. Then we lost everything.”

“The most healthful narrative,” Dr. Duke continued, “is the third one. It’s called the oscillating family narrative: ‘Dear, let me tell you, we’ve had ups and downs in our family. We built a family business. Your grandfather was a pillar of the community. Your mother was on the board of the hospital. But we also had setbacks. You had an uncle who was once arrested. We had a house burn down. Your father lost a job. But no matter what happened, we always stuck together as a family.’ ”

Dr. Duke said that children who have the most self-confidence have what he and Dr. Fivush call a strong “intergenerational self.” They know they belong to something bigger than themselves.... Any number of occasions work to convey this sense of history: holidays, vacations, big family get-togethers, even a ride to the mall. The hokier the family’s tradition, he said, the more likely it is to be passed down. He mentioned his family’s custom of hiding frozen turkeys and canned pumpkin in the bushes during Thanksgiving so grandchildren would have to “hunt for their supper,” like the Pilgrims.
bouncing_back  Communicating_&_Connecting  family  family_breakdown  family_trees  generational_wealth  legacies  mission_statements  narratives  origin_story  resilience  sense-of-belonging  storytelling  the_single_most_important  values 
june 2013 by jerryking
The African Guyanese community has to find a way to develop strong financial independence
April 8, 2013 | Stabroek News | F. Skinner.

The African Guyanese community is in deep trouble. The community is always protesting, shot at and sometimes killed by police, with no improvement to their situation. Why is that? Their representatives in the TUC, the majority opposition and ACDA have somehow manoeuvred them into a box of irrelevance, with no obvious way out unless they are willing to recognize/accept that they are flawed in their approach and are willing/able to take the necessary steps to get out.
What is the way out? Find a strategy to develop financial relevance in the community. I can hear the exclamations, “Here Skinner go again!” Well, Skinner knows that people respect education backed with strong financial capabilities. People respect people with strong financial independence. That is not in the community, thus the disrespect and the impotence....There should be an organization in every city, every village, every little community, teaching financial management and wealth generation. Look for cooperative business ventures that can be carried out in the communities. Look at struggling communities like Ituni and Kwakwani. See how we can match them with investors or get them equipped to get bank loans. Regulate Africans lands so that Joint Ventures can be done easily.
entrepreneurship  history  Afro-Guyanese  Guyana  letters_to_the_editor  African_Guyanese_villages  wealth_creation  self-determination  self-employment  self-help  self-reliance  economic_clout  economic_nationalism  strategic_thinking  institutions  institution-building  generational_wealth 
april 2013 by jerryking
What Explains the Racial Wealth Gap? - Real Time Economics - WSJ
February 27, 2013| WSJ| By Neil Shah.

What Explains the Racial Wealth Gap?

Differences related to inheritances, college education and unemployment also play a role. Whites are five times more likely to inherit, while 80% of black students graduate with debt compared with 64% for whites. “Similar college degrees produce more wealth for whites,” Shapiro said.
wealth_creation  personal_finance  financial_literacy  racial_disparities  generational_wealth  college-educated 
february 2013 by jerryking
Return to Self-Reliance
August 13, 1997 | Wall Street Journal | Jason L. Riley

A sad truth of late-20th-century black history is the lack of emphasis black leaders have placed on economic independence, opting instead to funnel resources toward integrating predominantly white institutions, be they political, corporate or educational. Such was not always the thinking; indeed, blacks left bondage with a very different mind-set.

"When you think back to the situation right after the Emancipation Proclamation, African-Americans did a couple things coming right out of slavery," Mr. Price said recently in an interview. "They started up colleges and they started up businesses, like independent farms and burial societies that led to the creation of insurance companies. And as black folks moved into the cities, they started everything that came with living there--barber shops, grocery stores, hotels."

Part of the reason blacks were able to do these things despite the racial barriers of Reconstruction and, later, Jim Crow, was the guidance and support of individuals such as Booker T. Washington. The pre-eminent black leader of the late 1800s and early 1900s, Washington was a shrewd self-help advocate and educator, and a relentless promoter of black economic independence. In 1901, the black novelist Pauline Hopkins called him "probably the most talked of Afro-American in the civilized world today."

A famous William Johnson painting of Washington shows the former slave addressing a class full of attentive black children. The blackboard behind him depicts a plow, a shovel, books and writing instruments--symbolizing the "tools" Washington realized were essential to the postslavery progress of his race. Demonstrating a keen understanding of the central role money and wealth accumulation play in advancing a people, Washington said: "No race that has anything to contribute to the markets of the world is long in any degree ostracized."
Jason_Riley  African-Americans  conservatism  Booker_T._Washington  Emancipation  capital_formation  capital_accumulation  self-help  civil_rights  education  self-reliance  Jim_Crow  economic_empowerment  generational_wealth  institutions  desegregation  history  Reconstruction  leaders 
september 2012 by jerryking
The G.O.P.’s ‘Black People’ Platform - NYTimes.com
January 6, 2012 | NYT | Letters to the editor in reaction to an article by CHARLES M. BLOW
Progressive Power
Florida

Todays GOP is in large part the same constituency that made up the Dixiecrats during Jim Crow...and the old Democrat Plantation owners who formed the confederacy and committed treason against the United States -a crime for which they were never held fully accountable nor punished even by confiscation of their ill-earned Manses...the Southern Strategy is , sadly, alive and well...with a nation-wide appeal to frustrated whites seeking a scapegoat .
This vitriol is made all the more dynamic by having an African-American President who serves as a lightning rod for all their pent up hatred....(BTW: Isnt it interesting that they never point out that our president is also half white-Irish , no less!)

Jan. 7, 2012 at 5:09 p.m.
Recommended25

Claire
Chevy Chase MD

This reminds me of the slave owners who while watching their slaves in the fields, would complain about how slow and lazy the slaves were.

If white people had less wealth than any other group in the US, we might wonder how the hell could that be? As white people we have dominated every piece of legislation, directed wealth to our own communities, decided who can or cannot participate in government... had our schools and residences built by black people while denying them use and entrance (except to clean), even though we forced them to pay taxes for public buildings and services, we prohibited their use, we told them they were inferior, ran from communities when they 'integrated' our neighborhoods, encouraged European immigrants to discriminate against black people, only gave them the lowest paying, most dangerous jobs, while closing our country club doors to them.

How in hell could black people not be at the bottom of the socio-economic ladder? We've created a world where those of us with white skin have been given every advantage and privilege. The generational wealth alone of whites will keep black people at the bottom for centuries.

Jan. 7, 2012 at 5:09 p.m.
letters_to_the_editor  Charles_Blow  GOP  African-Americans  slaveholders  white_privilege  generational_wealth  Southern_strategy  constituencies  Dixiecrats  Jim_Crow 
january 2012 by jerryking
Forty Acres and a Gap in Wealth
by HENRY LOUIS GATES Jr.
Published: November 18, 2007

The telltale fact is that the biggest gap in black prosperity isn’t in income, but in wealth. According to a study by the economist Edward N. Wolff, the median net worth of non-Hispanic black households in 2004 was only $11,800 — less than 10 percent that of non-Hispanic white households, $118,300. Perhaps a bold and innovative approach to the problem of black poverty — one floated during the Civil War but never fully put into practice — would be to look at ways to turn tenants into homeowners. Sadly, in the wake of the subprime mortgage debacle, an enormous number of houses are being repossessed. But for the black poor, real progress may come only once they have an ownership stake in American society.

People who own property feel a sense of ownership in their future and their society. They study, save, work, strive and vote. And people trapped in a culture of tenancy do not.

The sad truth is that the civil rights movement cannot be reborn until we identify the causes of black suffering, some of them self-inflicted. Why can’t black leaders organize rallies around responsible sexuality, birth within marriage, parents reading to their children and students staying in school and doing homework?
Henry_Louis_Gates  African-Americans  owners  land  property_ownership  achievement_gaps  racial_disparities  personal_finance  wealth_creation  real_estate  social_classes  subprime  home_ownership  generational_wealth  ownership 
november 2011 by jerryking
Hispanic Families, Isolated and Broke - NYTimes.com
By DOUGLAS S. MASSEY
August 4, 2011

ACCORDING to a new study by the Pew Research Center, Hispanic families
saw the largest decline in wealth of any racial or ethnic group in the
country during the latter half of the last decade: from 2005 to 2009,
their median wealth fell by an astounding 66 %. The reason? The
implosion of the housing market, where Hispanic families had invested
much of their wealth....Yet subprime lending affected both blacks and
Hispanics and, if anything, predatory lenders went after the former more
than the latter. So why did Hispanics suffer more?

The answer is simple: over time more and more Hispanics had become
economically vulnerable and eminently exploitable, a fact attributable
in large part to American immigration policy.
Hispanic_Americans  immigration  policy  subprime  decline  generational_wealth 
august 2011 by jerryking
Pity the high cost of being a Canadian millionaire
February 11, 2005 | Globe & Mail Pg. B13 | ANDREW WILLIS.
Here's the good news: The ranks of Canadian millionaires are swelling.
Unfortunately, the rising cost of being rich is taking a lot of the fun
out of it. Survey this country from coast to coast, as consulting firm
Capgemini just did, and you'll find Canada is home to 450,000 folks with
more than a million bucks of invested assets. The $5-million club has
just over 54,000 members and the seriously wealthy, with more than
$20-million, number about 7,000. Most of these millionaires are
grey-haired -- 72 % are over the age of 50....Aging boomers are an
enormous opportunity for wealth management companies...In 10 years time,
Capgemini estimates the number of millionaires in Canada will soar
20-fold, to more than eight million people. This will take place in step
with an unprecedented intergenerational transfer of wealth, as 32 % of
our millionaires are over age 70..
Andrew_Willis  high_net_worth  statistics  surveys  Canadian  income_distribution  generational_wealth  high-cost  wealth_management  wealth_transfers 
october 2010 by jerryking
Wealth must be created on a personal level
January 25, 2010 | Stabroek News | by Michael Maxwell. "The
public sector of a poor nation where your next raise is determined by a
clueless government pandering to ethnic concerns is no place to be
hanging your hat for the future, despite your lionhearted service.

There must be a return of the innovative African Guyanese whose vision
of the future is bold enough to know that he has to recast himself into
finding the comfort and security of wealth in a nation where ethnic
economic marginalization rules. As one blogger aptly stated in response
to my January 8 letter, African Guyanese are always starting and
starting over in many of this nation’s economic endeavours. That is a
spirit-crushing struggle for any people. African Guyanese capitalism
does not necessarily have to be on a massive commercial scale, but it
should be sufficient to afford quality wealth and economic security. To
hell with political marginalization."

=====================================================
F. Skinner Iman Chin • 10 years ago
What you are seeing in Linden is not new. Africans have the ability to be innovative. After slavery we bought land, after the PNC's redeployment - square pegs in round holes debacle - where in many cases both husband and wife found themselves without a job, we started the trading business. Now here we go again.

But we must find a way to stop starting from scratch ever too often. That's the challenge - not innovation.
economic_development  Guyana  Afro-Guyanese  letters_to_the_editor  wealth_creation  self-determination  self-discipline  self-employment  self-help  public_sector  generational_wealth  marginalization  personal_economy  spirit-crushing  struggles  financial_security  soul-sapping  reinventing_the_wheel 
january 2010 by jerryking

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