RIVER EAST IDEALIST: Prosperity in River East: Part 2 - Wealth Creation and Debt Avoidance

Braveheart has written Part 2 of her "Prosperity in River East" series and it is great. Check it out. Excerpt and link is below.

Go HERE to read the full article.

Hello Friends,

This is the second installment of black Prosperity in River East. Earlier this week, Michelle Singletary, syndicated personal finance columnist with the Washington Post, delivered a Black History Month presentation at my agency. The title of her presentation was “Are you in the Black?” Her points were so powerful that I will share some of them with you in this post and incorporate my observations in River East. To put this blog post in perspective, please let’s refer back to Dr. King’s Mountaintop Speech April 3, 1968:

“Individually, we are poor when you compare us with white society in America. [But] Never stop and forget that collectively we are richer than all the nations in the world, with the exception of nine. Did you ever think about that? After you leave the United States, Soviet Russia, Great Britain, West Germany, France, and I could name the others, the American Negro collectively is richer than most nations of the world. We have an annual income of more than thirty billion dollars a year, which is more than all of the exports of the United States, and more than the national budget of Canada. That's power right there, if we know how to pool it.”

The problem: 42 years after Dr. King's speech, us black folks STILL haven't figured out how to pool our money and create wealth! Here are some suggestions:

1. Stop Attending Colleges we Can't Afford


We all want to show off and challenge ourselves by attending old guard private universities. Unless you're independently wealthy, chances are your mama took out loans, your grandmama took out loans, and you worked part time jobs to make ends meet. Nonetheless you still graduate with $50,000 in undergraduate debt. In my opinion, it's not worth it. We need to encourage our younger brothers, sisters, cousins, and proteges to keep it real and attend a school he/she can afford with scholarships.

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