BLACK SPENDING ( USA Today)
Next time you see that 'player of the year' flawsin' in that 2008 Chrysler 300 sittin' on 26's while he's pulling it into a parking stall of a rented apartment hand him this article. USA Today article on Black Spending Habits: These are tough economic times, especially for African-Americans, for whom the unemployment rate is more than 10%. Alarmingly, rather than belt-tightening, the response has been to spend more. In many poor neighborhoods, one is likely to notice satellite dishes and expensive new cars.

According to Target Market, a company that tracks black consumer spending,blacks spends a significant amount of their income on depreciable products. In 2002, the year the economy nose-dived; we spent $22.9 billion ($22,900,000,000.00) on clothes, $3.2 billion ($3,000,000,000.00) on electronics and $11.6 billion (11,000,000,000.00) on furniture to put into homes that, in many cases, were rented.

Among our favorite purchases are cars and liquor. Blacks make up only 12% of the U.S. population yet account for 30% of the country's Scotch consumption. Detroit , 80% black, is the world's No.1 market for Cognac (Pass The Courvoisier). Detroit is also the number one crime city of America .

So impressed was Lincoln with the $46.7 billion ($46,000,000,000) that blacks spent on cars that the automaker commissioned Sean "P. Diddy" Combs, the entertainment and fashion mogul, to design a limited-edition Navigator complete with six plasma screens, three DVD players and a Sony PlayStation2. The only area where blacks seem to be cutting back on spending is books; total purchases have gone from a high of $356 million in 2000 to $303 million in 2002. This short-sighted behavior, motivated by a desire for instant gratification and social acceptance, comes at the expense of our future.

The National Urban League's "State of Black America 2004" report found that fewer than 50% of black families owned their homes compared with more than 70% of whites. According to published reports, the Ariel Mutual Funds/Charles Schwab 2003 Black Investor Survey found that when comparing households where blacks and whites had roughly the same household incomes, whites saved nearly 20% more each month for retirement, and 30% of African-Americans earning $100,000 a year had less than $5,000 in retirement savings.

While 79% of whites invest in the stock market, only 61% of African-Americans do. Certainly, higher rates of unemployment, income disparity and credit discrimination are financial impediments to the economic vitality of blacks, but so are our consumer tastes. By finding the courage to change our spending habits, we might be surprised at how far the $631 billion ($631,000,000,000.00) we now earn might take us.

spinning rims

Now this, I don't agree with. No less than Nigerians! What do "owanmbe" specialists do in Nigeria then? Beg, borrow or steal to attend dusk till dawn shing dings!

Oh please! Get real. People who live in glass houses should never even touch stones not to talk of throw them!

Nice article there bawomolo.

This explains why the Jackson family is virtually broke these days:-

https://www.nairaland.com/nigeria/topic-122364.0.html

Very sad indeed.

i do agree blacks in general have bad spending habits

bawomolo:

spinning rims

I agree that AA's have bad spending habits but my question to you is: Do you have any ideas on fixing this issue? or is this just to point out a negative?

AA's have enough folk that can point out problems (and many of their so called leaders profit from that). AA's need people that can point out solutions, not the problems that everyone knows.

i think this proposes some solutions

http://www.youtube.com/watch?v=rN2VqFPNS8w

bawomolo:

i think this proposes some solutions

http://www.youtube.com/watch?v=rN2VqFPNS8w

I agree with this and think Bomani did a good thing in creating it. This would have a been a better post than what you presented before. Questions like:

Does this make any sense? Does propose anything positive?

Rather than just stating a problem that is obvious like you did in the beginning.

Well african americans arent the only ones. Any way i study hard and work hard and save all of my money. My african guys friends buy what ever i need. Im not like some american blacks that spend more money than i have coming in. Any way why does a nigerian care what an african american is spending or saving?

Eliza704:

Well african americans arent the only ones. Any way i study hard and work hard and save all of my money. My african guys friends buy what ever i need. I'm not like some american blacks that spend more money than i have coming in. Any way why does a nigerian care what an african american is spending or saving?

Turing this thread into a AA v. Nigerian, and who is worse does nothing to help anyone. It is just perpetuates nonsense and doesn't really allow people to talk about solutions. As I stated earlier, this thread would have been better suited if solutions were put out there and people could talk about if they would work or not. That is constructive.

Any way why does a nigerian care what an african american is spending or saving?

because the info is available for everyone to see duh.

Info being available doesnt have a thing to do with u caring or not. theres a lot of info available that has nothing to do with me, like the corruption in nigeria "duh". How is that my problem or business? any way just an example ok. Im not here to compare who is better or worse. I dont tear down different nations or try to single out groups of people. Thats being done without my help.

HHAHAHAHAAAA!!

I HATE SEEING THAT! WITH THE LOUD THUMPING MUSIC!!

And 9/10, that type of car is parked at a trailer park at the end of the day!!

Eliza704: Well african americans arent the only ones. Any way i study hard and work hard and save all of my money. My african guys friends buy what ever i need. Im not like some american blacks that spend more money than i have coming in. Any way why does a Nigerian care what an african american is spending or saving?

Exactly