The United States economy would suffer a great loss without the buying power of Black America. Nielsen reported that in 2016 black Americans spent $1.2 trillion. In fact, black households spend more money than any other race on electronics, material possessions and fashion, despite Black households continuously topping the list of the lowest household annual incomes. The Pew Research center data shows that black Americans on average are twice as likely to be poor or unemployed compared to other races. Considering these figures, Black Americans have got to do better with their finances.
Black Americans average household annual income is $35,000-39,000 dropping from 41,000 in the year 2000. Astonishing, all other races earn more in average household incomes than black householders. Latinos earn a little over by an average of $47,000/yr while Caucasians earn an average of $65,000/yr. Asians earn an average of 81,000/yr. Why are Black people having a problem climbing up the economic ladder taking into account their spending habits? Furthermore, Blacks unemployment rate is double the white unemployment rate, and statistics show 1 in 4 Black homes lives in poverty.
Why do Black Families have lower Income and an even lower net worth? Are black people lazy and just don’t want to work? Is it that Black people can’t get a decent job because of their background. Or is it because of a lack of proper skills and training?
Personally, I think black people don’t have the comprehension to have multiple streams of incomes so the burden of struggling for financial freedom through employment seems to be the only way. Most people believe in order to succeed you must work a job up until retirement or attend college to earn a substantial amount salary. This couldn’t be any further from the truth. Did you know most millionaires never attended college? They simply just had an idea and the knowledge of how to bring their idea to life.
Most people living in poverty usually have one source of income, and that one source of income usually means living paycheck to paycheck. Thursday you are broke waiting on Fridays payday to come, and instantly your check is already gone. This cycle gets uglier the older you become. Many seniors and people reliant on social security also live paycheck to paycheck due to SSI being their only source of living too at that age.
These reasons play a part of the financial burden in which you are in. An employer pays you hourly in exchange for work done. Instead of solely counting on hourly pay, look for per sale or referral opportunities in affiliate marketing or Join shareasale.com, and earn cash from your site or blog. Many big name corporations offers referral incentives or a commission. This can add a substantial new wealth of income alone.
Most Americans, aren’t getting paid for what they went to school for and the degree they have graduated with. Many are under paid and in return, live in debt. The first steps to getting debt free is by supplementing your income by spending less and making more. This means examining the want and need structure and implementing it back in place. If you’re going to shop, purchase items that you can sell back into the economy. If you want to get creative, start a blog or website on some of your spending habits. Learn how to do better by helping yourself and others while making money doing it.
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