Net Worth of Single Black Women $5 Compared to White Women $42,600!

ImageImagine not being able to take off a sick day, a mental health day to care for loved ones, or even a day to repair a major appliance WITHOUT GOING INTO DEBT! A new study released this week by a leading economic research group highlighted some startling statistics.  Single black women between the ages of 39 and 46 had a median wealth net worth of only $5.00.  Yes you heard me right, only $5.00!! Five dollars, Just enough to buy a $5 footlong. #SMH. At the same time single white women of the same age had a net worth of $42,600 (which is still only 61 percent of their single white male counterparts). 

Poverty at any age is a problem, but imagine being in poverty in the prime of your life.  How does that bode for one’s future?  Put simply, “If people are struggling to survive and have no wealth when they are most vibrant, healthy, and marketable, what’s going to happen to them when they age, have health problems, are laid off, have to take off to care for aging loved ones, or are discriminated against in the marketplace because of age? Consider that the average nursing home stay is over $83,000!  What can you do?

Wealth, or net worth, measures the total of one’s assets — cash in the bank, stocks, bonds and real estate; minus debts — home mortgages, auto loans, credit cards and student loans. The most recent financial data was collected before the economic downturn, so the current numbers likely are worse now than at the time of the study. Source Financial Juneteeth

Did you read that carefully, “The current numbers are likely to be worse now than at the time of the study!”  Worse than having a net worth of five dollars? The article challenges the myth that black women just spend more, explaining that the rising cost of living, lower wages, and being victims of subprime mortgages (paying up to 5x more) are major contributors.  Add to high credit card debt which stems from using borrowed credit for present day survival and emergencies and you’ve got the crisis you see unfolding.

This was even shocking to Meizhu Lui, director of the Closing the Gap Initiative based in Oakland, Calif., who contributed to the report “Lifting as We Climb: Women of Color, Wealth and America’s Future, “Even for those of us who have been looking at the wealth gap for a while, we were shocked and amazed at how little women of color have.”  Researchers at the Insight Center for Community Economic Development, based in Oakland, Calif., analyzed data from the 2007 Survey of Consumer Finances, and reported in Financial Juneteeth.  Consider these sobering remarks of Democratic Whip, Steny Hoya, addressing the ‘2014 Color of Wealth Summit’ hosted by the Center for Global Policy Solutions and the Insight Center for Community Economic Development

“According to a study last February by the Institute on Assets and Social Policy, which tracked the same set of families over a twenty-five year period, the wealth gap between white and African-American households nearly tripled.”While the median wealth of white families nationally was $113,149 that year, it was only $5,677 for African-American families and $6,325 for Latino families.”White Americans own homes at a rate 28.4% higher than African-Americans. While white households lost 12% of their wealth during the recession, Latino households lost a staggering 67%.

 

More Resources: Women of Color Wealth Future — Hoyer Remarks at 2014 Color of Wealth Summit

 

I’m Barbara Talley, The Poet who speaks and inspires.   240-813-0522

Who’s Got Your Back?

Who’s got your back, for sure?  AND, whose back do you have?  We are all connected and there is power in unity. We were designed to be there for each other and not just for self. Are you honest, loyal, and trustworthy to those people who rely on you (and to everyone else for that matter)? There is a logical reason beyond the obvious for developing qualities of honesty, trustworthiness, and loyalty. When we are habitually faithful in these virtues, we are sending out powerful loving energy to the universe and attracting back to us the kinds of people with similar virtues as us.

Remember, you attract not what you want, but WHAT YOU ARE.

Who's Got Your Back?Everyone needs someone who they can rely on and trust wholeheartedly to be there through thick and thin.  That’s what true friends and family are for.

If you can’t trust the people who say they are behind you, first check to make sure that you have been loyal to them as well. If you have, and the relationship isn’t reciprocal, then perhaps you need to find those who will have your back. Life is way to short to spend it with people who bring no value to your life and don’t value you enough to give the kind of loyal relationships you deserve.  Just something to think about!

Another message that matters from Barbara Talley.

Are We There Yet?

Don't Be Silent in the Face of InjusticeIn these remaining few more days of Black History Month and beyond, let us not forget the message of unity, love, and justice of Dr. Rev. Martin Luther King. Dr. King was a servant leader, fully aware of the injustices, and yet was able to work towards justice in a spirit of love. He was truly a voice of conscience that rings beyond the grave. By his example I learned that while I must be aware of the goings on in the world, at the same time not let it steal the joy in the moment. Ignorance is not bliss and neither is anger or hate. We must be aware; be sensitive; speak out against injustice; be loving even to our enemies, be encouraging to those who are grieving or being persecuted, and most importantly, we must DO what WE can to change the world.

This week a Facebook post really got to me.  It was of a young African-American being harassed, beaten, restrained, and kicked.  He kept screaming, “Why are yall doing this to me?” He was being treated like an animal. Evidently he’d stepped off a bus and was immediately accosted by two police.  I was so visibly moved that I wrote the following FB post.

This made me cry for two reasons!!!! 1) Because this is still happening. 2) Because it’s a reminder of when one on my son’s on his Spring break from college had something similarly humiliating done to him! Handcuffed, made to get on the ground, cops being verbally abusive, and yes he was scared to death. Yes! And he was innocent, and NO he didn’t have his pants hanging, and NO he didn’t have on a hoodie, and NO, he doesn’t drink or smoke AND IT DIDNT MATTER! It’s hard for wounds to heal when the scab keeps getting ripped off! The only difference is he kept quiet. BUT, some caged birds have to scream though!!! If you scream though, it makes things worse, as you see in the video links below.

Why was this man being harassed for just stepping off of  a bus? Thankfully someone recorded it. Two other police come to the scene and one ends up putting his foot on the guys face while he’s on the ground and is kicking him in the face. And it appears like one is almost sitting on the guy’s head. The poor young man is screaming, “Why are you doing this to me?,” but to no avail. Bystanders are watching and walking by, but feel helpless to help.  This is the police; what can they do? Are we there yet? Watch the Video and You decide!!!!!! The language is foul, but so is the indignity put upon this young man.  Then I learn that this is routine for NYC if you are Black or Latino. They missed one young man who videoed it, but not this one, eight cops just arrest him for videoing the atrocityy.  Are we in a police state? Where are our freedoms?  What about due process, human rights, and human respect?

An analysis by the NYCLU revealed that innocent New Yorkers have been subjected to police stops and street interrogations more than 4 million times since 2002, and that black and Latino communities continue to be the overwhelming target of these tactics. Nearly nine out of 10 stopped-and-frisked New Yorkers have been completely innocent, according to the NYPD’s own reports.”

“We will have to repent in this generation, not merely for the vitriolic words and actions of the bad people, but for the appalling silence of the good people.”

It looked like something out of Dr. King’s era. I can only wonder if we are breeding an endless cycle of hatred. What came first the chicken or egg? I’m thinking about those kids being harassed day after day and wondering if they are going to grow up loving or hating whites. In some places those chickens will one day come home to roost if they ever get in a position to return the hate that has built up in them from so many years of being powerless. In other cases led by the example of numerous people of every color disgusted by the old guard and preaching and demonstrating love and peace, (like many Bahai’s and others I know), the system will slowly but surely be changed for the better. We are one human race and there is just one planet and one people. I have to keep in mind always that while there are many horrific examples of humans at their worst, but I’m happy to say, I do see so many examples of humans at their best too!  Thank you Dr. King for showing us how to love our enemies, to stand up for justice, and to not remain silent, yet we be guilty too.

Another message that matters from Barbara Talley

Why African Americans Need to Learn Strategies for Building Wealth?

This is Black History Month, so I’m focusing this article on African Americans but the knowledge contained herein can benefit anyone.  The wealth gap is widening and African Americans need to learn new strategies for building wealth. “Median black household income was 59% of median white household income in 2011, up modestly from 55% in 1967; as recently as 2007, black income was 63% of white income.” [Source: PEW] It is often said that African Americans are a nation of consumers instead of creators. However, our survival depends on us changing from primarily being consumers to being the suppliers and creators of the products and services we consume.

money

African Americans have a projected buying power of $1.1 trillion by 2015. That’s a lot of dough to be distributed. Wealth is not a dirty or evil word reserved for those who are lucky, greedy, or lazy and seeking to take advantage of others!  Wealth is a vital birthright that offers the freedom to make choices that allow us to live joyful and fulfilling lives. Everyone has the right to life in dignity and to pursue their dreams.  

Watching my stepmother get denied medical services at age 85, and watching her toes blacken and almost rot off as she screamed in pain, taught me a very valuable lesson. Poverty is not pretty, spiritual, or dignified. She could not afford the care she desperately needed to live in dignity and I was powerless to help her. It takes money to help those you love, to choose the medical care of your choice, to buy the materials, training, and resources we need to excel in our crafts, to invest in our businesses, to give to charity, to tithe generously, to eat healthily, to travel, to vacation, to be there mentally for our families, or to live in safe and beautiful neighborhoods.

Growing up, I had only been trained how to trade time for dollars, which rarely if ever, builds wealth. At times my father was an entrepreneur, and during those times we worked even harder. I realized that if I kept following that old paradigm I would be destined to end up like those written about in a recent Forbes article, The Greatest Retirement Crisis in American History, which dismally projects that 75%  of those now approaching retirement have less than $30,000 in savings. And, that paltry amount won’t last that long, with the average nursing home stay (God forbid) being around $248.00 a day or $90,000 a year. So for that reason,  as well as, the dollar declining since 1972, and the cost of living projected to double over the next decade, the vast majority of people today are forced to delay their retirement. I did not grow up around wealth nor did my parents talk about wealth or teach me about it. They taught me to work hard, so I know how to do that. They worked hard their entire lives and still only barely eked out a living and died practically penniless.  They could not teach me what they did not know.  They did not know that the only way to build wealth was to have money work for you or people work for you.  That explains why the majority of small black entrepreneurs fail to build wealth either. They are primarily sole proprietors and thus still trading time for money.  To continue to part two, click here.

Warren Buffet advises aspiring wealth builders to have multiple streams of income.  Speaking, authorship, and training is my passion work.  I love doing it! But, I’ve learned that if I stop speaking or training, the income also stops.  I too want the freedom that comes with wealth, to be able to work with populations who can’t afford me, to be able to help my children and grandchildren, and to not have to worry about retirement after raising six children and working over 50 years already. 

Email me for more information about how to bring me in to speak to your group, OR train your employees. Luck has very little to do with wealth, but timing has everything to do with it. What if you had been able to be part of the beginning of Google, Facebook, and Microsoft?  How would your life be different now? You missed them but you haven’t missed them all. Email me to learn more about Talkfusion, a disruptive technology poised to be the next billion dollar brandI’ll direct you to an on-line presentation that explains it all.

Barbara Talley
To your wealth
barbara.talley@gmail.com

Seven Life Lessons from Priming the Pump

hand pump fountainDo you remember the  60’s show, Green Acres with Eddie Albert and Zsa Zsa Gabor?  He wanted the farm life and she wanted the city life. I’ve tried both, and I prefer the suburbs!  I  grew up in the country, pumping water, chopping wood, making fires, and with all sorts of  chores. I’d like to say that, “Those were the good ole days, but they were not.”  Times were hard and we worked even harder. Now of course there are few things I miss. First are the people in life back then that are no longer with me anymore, a mother, father, brothers, friends.  Next was the weeping willow tree that I would lie under and dream. Those days did however teach me to work hard.  They also taught me the value of indoor plumbing and furnace heat. (LOL!) Looking back, it makes me appreciate even more what I have now.

I will also always have the memories of “priming the pump” to remind of the value of saving a little, working hard, having the willingness to sacrifice now for the bigger goal in the future, and to remember to take time out to enjoy what I’ve worked for.  The lessons I learned are:

    1. Always Have Faith and Certitude. Smart people rarely go after a goal that they don’t believe in.  We understand that we can’t (or won’t) run towards a goal that we have no faith that we can reach.  If we do, our steps are tentative and unsure. Luckily, we did not doubt as children.  We were showed how to pump and told to do it, and we did, time after time.  We believed; even though we could not see the water underground, we believed that the water was always there. All we had to do was work for it.  You too must also have complete faith and certitude that you have greatness within you and in the goal you are pursuing.  Faith is the key to starting, persevering, and finishing.
    2. Don’t Allow Yourself to Get Empty. We learned to always save a little water to prime the pump for the next time.  We never used our last bit of water, before re-filling our containers.  This relates to our goals in this way. Take care of yourself. It’s okay to help and serve others, but don’t deplete every ounce of your energy.  When you are worn-out, you are subject to all sorts of mental, physical, and spiritual illnesses. My sister would always say, “Stay prayed up!” You’ve got to protect yourself.  If you allow yourself to get too run down or too sick, or too hopeless, it becomes harder (and in some cases) almost impossible to regain your strength, your faith,  or to reach your goals.
    3. You Have to Put Something In Before You Get Anything Out. All of the lessons are important, but this one is the deal breaker. We knew that we had to sacrifice in advance to get something better later.  We had to sacrifice our water, our time, and our energy before we could expect something in return. There is a lesson in this for you too. You don’t get something for nothing. There is no credit in the well of life, meaning “Give me now and I’ll pay later.”  You must pay the piper first. Now the interesting thing was, sometimes if we hadn’t planned well, we’d have to use our last bit of water.  We’d pour the last bit we had into the pump in order to get more.  We were willing to make that sacrifice. The lesson was simple. If we weren’t willing to give it up our water, we would not be able to tap into the unlimited!
    4. You Must Be Ready; No Procrastination Allowed.  Now imagine this, once you’ve poured your limited (or last) supply of water into the pump, then you have to start pumping vigorously.  If you don’t start pumping (and pumping hard), you not only risk not getting any new water, but you will have just lost what little you had of the old.  Once we made the decision to prime the pump, we had to be ready. No procrastination was allowed. There was no time to do something else, make an excuse, or think about it. You had to see it through.
    5. Don’t Stop Until You Reach Your Goal.  Persevering with the pumping was the most critical stage. It didn’t matter how tired you were, how hot or cold it was outside, how you felt, how people felt about you, or anything at that point. You had to focus on pumping and persevere until you saw the results you sought. Sometimes we were lucky, we’d pump a little and waters would start flowing immediately.  Other times, we would pump and pump and not seem to get any results.  Sometimes we would have to add a little more water, some times we had to pump even harder, and other times you just have to pump longer.  The key is that we do what we had to do.  Excuses and quitting were never options.
    6. Give Back! We also learned to keep a certain jug set aside just for priming and we’d fill it before we would habitually fill the other containers so we wouldn’t forget.  The lesson, always give back and save a little.
    7. Enjoy Your Spoils.  Once the water starts flowing, it’s hard to stop it!  Victory is sweet! You have tapped into an unlimited underground reservoir. The fresh water under the ground was always so cold and refreshing especially on a very hot day.  On the cold days, that’s a whole different story.  It just meant that you got to go inside in the warmth and make some hot cocoa or something. Either way, we’d met our goal and that felt good!

That’s it!  Now go prime your own pump and reap your own rewards.

Barbara