MONEY TODAY IS DIGITAL NOT PAPER. ARE YOU MAKING ANY DIGITAL MONEY TODAY WHICH IS YOUR MONEY WORKING FOR YOU 365/7/24 WITHOUT YOU BEING THERE ?
HELP ONE ANOTHER BY RECYCLING DOLLARS
It makes me feel funny
Why we neglect recycling our money,
Because ignoring our financial unity
Starves our community
Take note and hear my plea.
African Americans spend more for consumer products than any other racial group as a percentage. We lead in the purchase of hair care products, entertainment, electronic equipment and a host of other consumer products.
In fact, the first place most immigrants come to when they want to start a business and succeed is the African American community. They know they’ll find loyalty, little if any competition and a steady source of money … for a long time.
According to consumer research company Nielsen Media, 46% of African-American households patronize beauty supply stores alone almost three times the rate for other racial groups. As the saying goes “Black folks care about their hair!” … And we prove it each year by spending over 2.75 billion dollars for creams, gels and grease.
On the other hand African Americans have less discretionary income and long-term investments. For example, we own less homes, own less businesses and have the least amount saved in retirement accounts.
In addition, we continue to experience one of the highest poverty and unemployment rates of all other racial groups. All this despite the billions of dollars we spend each year.
If you do the math it doesn’t add up does it? As a group African Americans have $845 billion dollars of buying power … more than most countries in the world.
So why do African Americans continue to languish on the bottom of discretionary income and asset accumulation? I am glad you asked.
One fact continues to quietly sabotage our desire to improve our communities, economic empowerment and hope for a better future for our children.
Yes, it’s the elephant in the room few people want to talk about and even fewer want to do anything about. Yet it continues year after year yanking the rug out from under the financial empowerment of African American communities. We refuse to recycle our money.
So What Do They Have That We Don’t?
Take a casual walk with me through the average city in America. We’ll take a walk through the latest immigrant community. The immigrants could be Asian, Armenian, Latino you name it. What actions do they take first.
1. They set up a community. (They do it with signs, billboards, cultural symbols or simply the language).
2. They start setting up small businesses to serve each other.
3. They spend with each other first before spending with others.
4. They continue setting up new businesses to better serve their people.
5. They recycle their dollars over and over before allowing it to leave the community.
Whether you live in a bustling city or a quiet country town you see the five steps mentioned above happen over and over again.
In what seems like a few short years that tiny immigrant community turns into a vibrant financial power in that town or city. The formula is the same. Those are the 5 steps the African American community neglects, refuses or ignores doing. I am still figuring out which one it is.
Facts on How Many Times Dollars Circulate in Different Communities.
Although as a percentage African Americans spend the most for dozens of consumer products, African American money circulates or recycles the least among each other. Here’s an example, according to the Harvest Institute, a Washington, D.C based Black think tank of how money circulates in various communities:
Money circulates in the White community unlimited times.
Money circulates in Jewish communities over 12 times.
Money circulates in Asian communities over 9 times.
Money circulates in Latino communities over 6 times.
Money circulates in the African American community 0 – 1 time.
Have You Purchased From a Black Business This Week?
Don’t feel guilty if you answered no to that question. Because if the latest statistics are correct you are not alone. But make a commitment today to do whatever it takes to spend your money with at least one black owned business each week.
Join our crusade for recycling dollars back into our community by empowering others to join our member to member wealth building community by clicking on Pay me Forward below