BLACK FAMILY!! We are not broke! I REPEAT, We are not broke!

Growing up in a Black household, I can vividly recall asking my mother for money on several occasions to participate in extracurricular activities and the purchase of new outfits. My mother would then respond in jamaican patois “weh mi fi get dat from? yu check seh money grow pon tree?!” (Where am I suppose to get money from, you think money grow on tree?). Of course, in my limited adolescent mind I would not quite understand why my mother would ALWAYS make such a TREMENDOUS deal out of nothing because within that moment or the very next day she would always provide the funds requested and place it on the kitchen table with what appeared to be a regrettably ill written note making me aware that the money was for me. 

That is just one of the many nostalgic memories of which, I wish that I would have known back then what I know now. It’s as if there needed to be a lesson behind anything and everything concerning the “almighty” dollar. Little did I know at the time, my mother was prepping and priming me to be a good manager of my financial future. She always stressed the importance of saving at least ten cents out of every dollar earned or received. Although I don’t dwell on, could haves and should haves, I suppose it would have been a delight to know how much more money I would have been able to tuck away in my nest egg/investments, if I would have allowed all those invaluable teachings to manifest much earlier in my life. Being financially independent, savvy, literate, and/or solvent is a state that many people do not place much emphasis on, until they are either ready to make a major investment (i.e. home ownership, tuition, wedding) or thrust into a crisis (i.e. medical bills, home repairs, funeral/burial expenses).

A very comprehensive report submitted by The Nielson Company” titled “It’s in the Bag: Black Consumers Path to Purchase”, highlights Black buying power and how it has significantly increased from $320 million in 1990 to 1.3 trillion in 2018.  According to an online article posted by CNBC– Selig Center for Economic Growth Black buying power was $1.4 trillion in 2019, and it is projected to grow to $1.8 trillion by 2024. It is no secret that shopping can be exhilarating and help to manage some forms of stress. In other words, shopping helps to boost emotions of pleasure that releases endorphins. Endorphins are often called “feel-good” chemicals because they can act as a pain blocker and happiness booster. Historically, Black people have not been on equal footing with respects to education, employment, housing, medical care and justice, nor has equity been Black people’s portion. Therefore; Black people have plenty of reasons why they use shopping as a major past time and coping mechanism even if it is to their own detriment. 

One of the most common responses you will hear in the Black community when someone is asked for money is “I ain’t got it.” When in fact, “we do got it.” we are just not spending it in a fashion that encourages wealth building in our own community. In other words, the problem is not how much money we are spending but, where we are spending it. I will not bore you with the statistic of how long the Black dollar circulate within the Black community compared to others. Because we are at the mark where we can no longer and MUST no longer mind other races business. We are literally running our own “race” and it’s time that we determine where our start line begins and where our finish line ends as it relates to our own humanity and self-determination. Many may not agree with this statement, but COVID-19 is possibly one of the greatest opportunities that has commandeered its way into the Black community. The presence of this virus coupled with the recent protests has resurrected both old and new ideas, goals, plans and ambitions in many Black people and as a result many Black owned businesses have been birthed out of these crises. It reminds me of a verse in the book of Genesis which I will paraphrase “what the devil meant for evil, God intended for good to accomplish what is now being done”.

These calamities have created the much needed additional space to help close up some of the gaps as it relates to Black product availability created and inspired by Blacks for Blacks. These new normal, but still uncertain times have given new life to the slogan “I’m Black and I’m Proud.” I’ve witness various businesses go out of their way to distinguish themselves from others by bearing signs on their brick and mortar shop windows or online websites indicating “BLACK OWNED BUSINESS”, as if prior to the pandemic and protests it was an embarrassment or a disadvantage to blatantly identify as such. What I also find is that there are some businesses that report being Black owned but in fact they are not, therefore; it is extremely important that as consumers you do your due diligence to decrease the likelihood of being further bamboozled. However, it is the hope that more Black people will exercise more patience and faith by investing in other Black business and their own business endeavors.

The recipe for building and maintaining wealth within the Black community is not in any one-person’s diversified stock portfolio. The key is investing in Black people and Black communities collectively and continually, and not only during times of crisis. It is the hope that this expansion in Black ownership/production and consumer-ship is not for a single moment but a brazen movement that will survive generations. It is a known fact, when Black people work in partnership with one another there’s nothing they cannot achieve. Imagine the rebirth of “Black Wall Street”. This can once again be the reality if Black people pool their time, resources and finances together and invest in Black business and build their own Black institutions.

Fast forwarding years later, those unsolicited lessons from my mother have been extremely beneficial and are relevant to this day. My mother laid the foundations for future generations to come by educating me on the many tools needed to create a sustainable, intentional and independent lifestyle ; not only through her time, patience’s and wisdom, but also with her generous financial investments. I would be remiss to say that working to rebuild a Black community that is no longer dependent on the various outside systems will be easy, but; it is conceivable. Therefore; the next time your Black brother or Black sister ask for your financial support- Please remember the $1.4 trillion that is hemorrhaging out of the Black community and not benefiting Black people.

“You don’t have to have a whole heap of money, to plan with money, or to chat a little bit about money”.–T.E.F.

Until Next Time, Walk Good

Written By: T.E. BRYAN