The Carr Report: Black women are shouldering the financial burden!

Blacks own 22 cents for every dollar owned by Whites ~ New Pittsburgh Courier

 

by Damon Carr, For New Pittsburgh Courier

Damon Says:

I came across this article in The New Pittsburgh Courier. It was detailing the racial wealth gap amongst Blacks and Whites. What caught my attention is this article was comparing Black women to White men.  I’m wondering why? As I was reading the article, I came across this, Black women are more likely to be single and breadwinners.  Among Black women 80 percent are breadwinners compared to 50 percent of White women.

Black people as a whole are at the bottom of every financial category I’ve ever read — income, saving, investing, housing, credit scores, and net worth. Every financial statistical category I’ve ever read that is based on race, place Black people dead last. It usually flows in this order, Asian, White, Hispanic, Black.  But I’ve never read a report that talked about the racial wealth gap and evaluated specifically Black women in comparison to White men.

As I was reading this article, it seemed to be dismissive of Black men. When I read the statistic that 80 percent of Black women are the breadwinners, I paused and said WOW!  When you combine that data with the fact that more Black women are graduating from college than Black men.  More Black women are starting businesses than Black men. I thought to myself, collectively speaking, we Black men as a whole, need to get our $^+¥ together!

I coached youth sports for about 10-years. I recall several Black women saying to me, I’ve never seen this many Black men involved with their kids. Those Black men became my friends. I met Black men in corporate America. They were on their grind making moves. Those Black men became my friends. I officiate high school basketball. I belong to a basketball referee chapter of which 90 percent are Black men — all of whom are grinding and have multiple streams of income.  Those men became my friends.

In my day-to-day life as an adult, I see Black men thriving — birds of a feather flock together. It never dawned on me that the Black men I had been around were the exception not the norm — until I started paying attention to questions and comments I was hearing from Black women coupled with reports that I’ve been reading — and me simply observing Black men in general. I’m reminded of a time we were discussing interracial dating on my Facebook page, one Black woman said we as Black women continue to date inside our race even though we know White men have more and can offer more. Her statement shocked me because I never heard it from that angle.

Black men as a whole – we can do better! We must do better!! If our role is to protect, provide and lead — let’s pick up a book — continue to educate ourselves, hit a gym, stay in shape, continue to increase our skill and know-how to make ourselves more marketable.

Our women need us to step up!!! Too many of our women are shouldering the burden on their own!

 

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Earning $350,000 per year and just getting by. ~ The Atlantic

Damon Says:

I came across this article in The Atlantic. Imagine that — Earning $350,000 per year and living paycheck to paycheck!! Is that even possible?

Years ago, I used to quote a statistic published by The Wall Street Journal – 70 percent of Americans are living paycheck to paycheck. More recently, I quoted a statistic published by Forbes Magazine – 78 percent of Americans are living paycheck to paycheck.

What’s interesting is that when I quote these statistics, people assume I’m talking about low- to moderate-income earners struggling to make ends meet. What’s telling is this — various publications conduct surveys and polls to obtain their results from their subscribers and readers. Who reads The Wall Street Journal and Forbes Magazine? Upwardly mobile professional and executive types earning above $70,000 per year. Many earning well into the 6-figures and some 7-figures.

If nearly 80 percent of our highest earners are living paycheck to paycheck, imagine what that percentage would be if we concentrated our survey to people earning the average household income of approximately $60,000 and lower.

America, the land of the Great. A country filled with ample opportunity. A country whose Global and Individual Personal Economy is the best when compared to other countries! How is it that 78 percent of Americans are living paycheck to paycheck?

Wealth is built by having a gap between your income and expenses. The gap is used to save and invest to accumulate assets.

It’s The American Dream to earn a good living, own a home, have a prosperous life, and build wealth. But it’s not The American Way.  Americans are buried in debt and their income is tied down by monthly payments. There’s no gap between their income and expenses. I owe, I owe so off to work I go is the crying mantra of people working and living in America! 

The answer is yes you can earn $350,000 per year and just be getting by if you’re spending $350,000.01. You cannot out-earn overspending — regardless of income!

(Damon Carr, Money Coach can be reached at 412-216-1013 or visit his website at www.damonmoneycoach.com)

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