As the founder of B.I.M. Investment Group I will share knowledge concerning economics, investing, and collective economics as it as important to our community on a daily basis. This is dear to my heart because according to statistics from The State of Working America, African Americans made up about 12 percent of the population in the United States in 2015. With that being said, African Americans are also among the poorest races with 27.5 percent of them living in poverty. What’s even more disturbing is that 45.6 percent of children aged 6 and under live in poverty.
African Americans over the age of 18 make up 39 percent of Master Card holders. Of that 39 percent, many spend their limit monthly and seldom have the money to pay the balance in full at the end of the month. Essentially we are spending money that we don’t have and won’t have at the end of the month. This trend of building never ending debt is partially why our poverty numbers are so high.
After centuries of slavery, we must realize that they are behind with regards to having generational wealth. We must fight to create the wealth where we will have trust funds for our children or wealth that can be passed down. Too many black people tend to only worry about themselves and the money that they have in the moment. As a race, we need to build for the future and get out of that mindset of the now.
Wealth is not everything, however, it has been proven that with it, you get better educational opportunities and a better environment for children to develop and go on to become well-functioning members of society. Change needs to come, black people, this is something we have control over so no more excuses. I am here to help foster that change.