Recently, in class we discussed the difference between wealth and income. According to the Merriam-Webster Dictionary, Wealth is the abundance of valuable material possessions or resources while income is gain or recurrent benefit usually measured in money that derives from capital or labor. When it comes to the African-American Community, we have the least amount of wealth in comparison to other races and ethnicities no matter how large or small the amount of income that an individual or family takes in. I feel that it is important that more African-Americans should become more financially literate, so that we can increase the amount of wealth that we have as a people in order to be passed on from generation to generation or to help others in need.
We can increase the amount of wealth in the black community by getting an education and starting a business among other things. Another thing is that we must work together despite what differences that we may have because when I was listening to a talk radio show on WAOK, they were discussing how other ethnic groups work together to start a business or invest in an intelligent individual to receive the best education possible in order to have a lucrative career. If we start making these changes now, there is no doubt how it will impact the future.
Very insightful and terrific blog. We should analyze the given information and take action in turnaround.
ReplyDeleteI agree with this post, but in addition to becoming more successful as African Americans I believe it will take more reality checks and emphasis on values. Through observations of my fellow peers and and of students in the community I have noticed that we value a lot of tangible things. It can be assumed that the tangible things we value detour us from attaining wealth. Some ways we can improve our community as well as our selves; agreeing with Mr. Robinson is coming together and using that old mentality of working together and investing in your community with the technology and more modernized ideas of the this technology age.
ReplyDeleteThis blog showed me how to make money .We were introduced to investing in difference businnesses to up our stock as african ameicans. This information was given for us to take advantage of an use to are advantage to make money. We need to invest our money wisely to get a maximum return back
ReplyDeleteI also agree with this post, but I also feel like in order to accumulate wealth, you need to be weigh your options between the goals you want to achieve now and in the future. But with that said I do not fully agree that wealth is only how much money you accumulate, I feel that is more about how you feel personally about your current financial situation. If you can live happily off of 70,000$ a year, then that in itself makes you wealthy.
ReplyDeleteThis blog proved to be extremely interesting. I never realized how large the wealth gap really was between ethnicity's. I saw many valid points in the video, if Black America invested more into stock options rather than other items we seem to put high tags of value on I feel would put us at a higher position of wealth...
ReplyDeleteThis is very interesting! I find it very intresting that minority homes are worth so much less than that of white households. I find it very interesting that they showed how minority groups spend so much money on material things rather than investing in long-term assets.
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