Why Are Black People Always Broke?

Yeah… it’s a tough question, but it was the base of today’s STATE OF THE BLACK DOLLAR conversation! Our guest, Black Enterprise contributing writer, Eric Grant, was on hand to guide our thoughts as we broke down the stereotypes and the myths of the black community and their money!

Many calls came through and one woman in particular had A LOT to share on what SHE did to get out of the broke cycle! Listen and learn:

For more information on Eric Grant, you can reach him at 312-951-2606, or by logging on to http://www.PolarisAdvice.com.

Comments

One Comment

  1. Dynetta says:

    but why is it always us who are, no who seems like we are on the bottom.. yes, there are some of us who have tried but also there are some of us who are just tired… why cant we have the same opportunities that our white counter parts have? oh you say, well it’s out there!, you just have to look and when you find, work hard at it! well, that’s not always true.. I want to have the best for myself and others and when i see that I can have the best because of hard work, my other co-workers (our white counterparts) seem to hunt me down. trying to pull me back to a place where THEY are comfortable with in see me( the black counterpart) just getting by. not in that nice house or even in their neighborhood; but a “just for you”( black counterpart) neighborhood.. if you get to high or too mighty, I will have to cut you back.. put you back in line.. its not like we black people dont know.. but, we want to enjoy! 400 years is a long time for others to recieve wealth off of the backs of thoses who worked hard (black counterparts) and stand and reap all of their non- efforts( white counterparts) and have it to pass down to their children while we are trying to dig up and out to leave ours something.. we’re not broke! and I’m not blaming anyone! (exspecially our white counterparts) but in all fairness, where is the leadership? where is the trust? other cultures can come to the United States and can be set up with businesses and tax breaks.. WITHOUT any real credit; just on the fact that they are from a different culture..US ( black counterparts) cant even get a small business loan and if we happen to get it, it’s rates are so high, that we ended up losing it in the 1st 2 years of its opening. so you tell me why ?

  2. Gwen Allen says:

    please send the speaker to washington state.

  3. Xyr says:

    The real question needs to be why are Americans always broke. Face it, we live in a consumer culture. That culture isn’t limited to any single ethnic group. American born people are taught from the cradle to the grave to buy. Buy more. Want more. Need more. Getting larger, better, faster…etc.

    Learn to say “I’m good”. “I don’t need it”. Think about it, as a kid we’re told thousands of times a week through pervasive advertising to buy something and how much it’ll make our lives better.

    The title of this article is intentionally provocative, yet completely ignorant. Everyone’s broke. Especially the “working” class folk.

    1. The Black Falcon says:

      I agree. The title of this article is extremely ignorant; as if people in every other ethnic group are millionaires. Black folk do not hold the monopoly in anti-social behavior, being broke, or any other social ill that is often ascribed to us (by us). Being provocative is one thing, being outright foolish is something else all together.

    2. The Black Falcon says:

      Can you imagine the out cry if a white news station had posted this same topic? The station would be called racist and everything else by the people who listen to this program. But since this is WAOK, I guess its okay.

      1. jean103 says:

        That topic was one discussed on our talk shows. It was not a news item. Many white news stations have topics on their talk shows that could be considered racist and over the top. I can’t tell you if they post any of those topics on their websites but all you have to do is listen to the station to hear the talk show host talk about welfare mothers being baby making factories, etc. The topic in question is more of a “food for thought” item that will hopefully cause some people to rethink their financial goals in the future.

  4. Renee says:

    your audio clips don’t play all the way through.

    1. jean103 says:

      Renee,
      Thank you for alerting us to this problem. We have checked several times however, and are not experiencing your same issue. If this continues to be a problem for you please let us know. Sometimes the browser you use may cause a glitch here or there.

  5. ATL Tiger says:

    They all drive a Benz they can’t afford just for “status”.

    1. Linda Pritchett says:

      Tiger, I don’t drive a Benz, I drive a Lexus that’s paid for, but I get what you are saying. Many black people are walking and taking the bus, it’s not everybody that’s mismanaging.

  6. Linda Pritchett says:

    Maybe because the oil companies has gas stations in their neighborhoods and charge astronomical amounts for gas and the convenience stores that charge triple for food and merchandise. Although many blacks do tend to overspend and use their money on clothes and nice cars, it’s not fair that they have to pay more for everything because the business sector takes advantage of their geographical locations.

  7. Moorsense says:

    One reason is we dont support each other . Our people spend $744 billion dollars annually in communities and with ethnic groups other than our own. Our people are the biggest consumers yet most of us own absolutely nothing. While other ethnic groups are able to prosper because of the support of the members of their community as well as us. Many are taught the value of a dollar, and are taught to save. They know what appreciates and depreciates so rather than buy flashy cars, clothes, etc. They invest their money in things that build weatlh not just for them but for their communities.

  8. Confused/displaced says:

    I have a question, maybe someone can help me to understand and believe again in the black culture. Why do we lift up others and never our own? Many black people will quickly help up another and the first opportunity they have they cast down what we like to call our own. I have a real concern with this type of behaviour( then we talk about aligning with our own) what is that about? Help me understand. In the religious circle it is the same, in the business world it is the same, even in the not so well to do areas. As a race of people our minds are so messed up.

  9. porsha says:

    You know, I am so tired of this conversation. We as Black people know why our race sits collectively at the bottom economically!!!
    Black women- stop acting like you dont go spend hundreds of dollars monthly supporting asian owned beauty supply and nail salons and all their sub par toxic products. You alone let 2 billion dollars a year slip out of the hands of the black community. I have watched YOU help shut black owned beauty supply down as well as black hair care manufactures with your thoughtless actions. Your actions alone have set a dynamic in which black hair stylist are now working for asians making minimum wage in an industry where black woman were entreprenuers and rulers of their craft. So stop acting like your weaves, wigs, lacefronts, are no big deal….all these silly things are connected to an indusrty in which one non black group has formed a Monopoly that leaves black business owners out! You did this not white people!
    Black men stop trying to pretend as well. It is you than shut down black owned package stores getting your weekend six pack from non black store owners.The list can go on and on SO LETS STOP ACTING LIKE WE DONT KNOW WHY WE ARE IN BAD SHAPE!!!!!!!PLEASE JUST STOP!!!!!

  10. CELEST says:

    I THINK MOST OF IT IS SPENT ON CLOTHES, CLOTHES AND MORE CLOTHES. WE ALWAYS TRYING TO BUY NAME BRAND CLOTHES! WE DONT BUY FOR QUALITY JUST FOR NAME.”LIL KEYSHAUN GOT ON JORDANS BUT HAS STAYED BACK IN 3RD GRADE TWICE!!! “LIL KESHA ONLY WEAR NAME BRAND BUT CANT EVEN SPELL HER NAME OR THE DESIGNER SHE HAS ON. BLACK PEOPLE DONT EVEN KNOW THE ART OF FASHION THEY BUY ANYTHING PEOPLE THINK WE SHOULD HAVE. EVERY DIME WE HAVE ON OUR BACKS!!!!

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