3 Reasons Black People Are Broke!

1. Lack of Confidence

According to Federal Safety Net (2017), “there are 9.2 Million African Americans in Poverty (22.0%)”. Now with those statistics imagine behind in the shoes of someone who lived in these environments. There’s pawn shops, liquor stores, failing black businesses, theft, robberies, murders, broken homes, and etc. Of course growing up in these conditions would give any African American in America lack of confidence. We don’t see many make it out alive and if we do they are either playing sports, rapping, or acting. On television we don’t see many black Financial Advisors teaching the youth or working for Fortune 500 coming back to preach on how to become successful. We have to establish a better lack of confidence. We all have to pick up our confidence and start being supportive of each other. I know there are many mental issues that come with staying in impoverished communities but we have to start being more positive even though we face many adversities than any other race in America.

2. Spend the Money before it Comes

This is a sad, but very true statement. African Americans that live in improvised communities already lack financial literacy. We don’t know how to manage thousands, if not hundreds of dollars at a single time. What I’ve witnessed growing up in the inner city is that a big check means splurge as fast as you can, before it’s collected quickly by the bill collector and piled up debt. Growing up, I even struggled with this because before I even knew the big check was coming I made a list or already had a spend all the money plan in motion before it even came, so on the day of I hit the stores ferociously and had no appreciated assets, only items that impressed everyone around me who couldn’t afford it, because they also shared a place with me in poverty.

3. Low Self – Esteem Issues

Coming from poverty many African Americans face self-esteem issues. We undergo stress due to our constricted environment. We are surrounded by “what ifs” & “I wish I did this”. Meaning many people who had the chance ruined it by not sticking to their plan. They let others opinions get to them, which robbed them of their dreams and even took it to the graveyard way before their known death. African – Americans that have been through poverty have been let down many times and we are the main race that bring others down, which has to change, but with a strong work-ethic and mind you too can overcome the obstacles you are in and take bigger risk to reap big rewards.

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