“Is the glass half full, or half empty? It depends on whether you’re pouring or drinking.” This quote by Bill Cosby summarizes life in the United States for Black Americans.
Poverty is found in many parts of the United States. Jay Harold has highlighted many non-urban areas with a low Black American population that may meet Donald J. Trump’s definition of “living in hell1 .” Jay Harold previously has highlighted Douglas County, MO, McCreary County, KY, McDowell County, WV, Owsley County, Ky, Brooks County, TX, and Hancock County, TN.
A report by the U.S. Census in 20142 states that Asian households had the highest median income in 2014 ($74,297). The median income for non-Hispanic White households was $60,256, and for Black households, it was $35,398. For Hispanic households, the median income was $42,491.
Less Education and More Income = Working More?
Jay Harold was surprised that Hispanic households had more income than Black households. The U.S. Census estimated that the High School graduation rates for Hispanics in 2015 was 64.9% vs. 83.8%3 for Black Americans. One of my racial biases apparently is that Hispanics suffer more financial hardships than African-Americans? The data shows that Jay Harold is wrong.
Black Households have less Income in 2014 than in 2000
The above mentioned U.S. Census report states that the real median income of Asian households in 2014 was not statistically different from the pre-2001- recession peak. Whereas, household income in 2014 was 4.0 percent lower for non-Hispanic Whites (from $62,762 in 1999), 13.2 percent lower for Blacks (from $40,783 in 2000),
Why did Black Americans household income drop so much? The Pew Research Center4 published a report in 2016 that tal
ks about demographic trends and economic well-being in the United States. The report gives some insight into the economic plight of Black Americans.
What can We do?
African Americans everywhere are living on the edge! The stress on the extended family is tremendous! Conflict over small amounts of money can lead to huge arguments because the budget is very tight.
Jay Harold has a simple approach to this problem. “MyMoney5 ” is a product of the Congressionally chartered Federal Financial Literacy and Education Commission, which is made up of more than 20 Federal entities that are coordinating and collaborating to strengthen financial capability and increase access to financial services for all Americans.
MyMoney can help you improve your money survival skills. Making the most of your money starts with five building blocks for managing and growing your money — The MyMoney Five. Keep these five principles in mind as you make day-to-day decisions and plan your financial goals.
My Money Five
The Five Principles
EARN – Make the most of what you earn by understanding your pay and benefits.
SAVE & INVEST – It’s never too early to start saving for future goals such as a house or retirement, even by saving small amounts.
PROTECT – Taking precautions about your financial situation, accumulate emergency savings, and have the right insurance.
SPEND – Be sure you are getting a good value, especially with big purchases, by shopping around and comparing prices and products.
BORROW – Borrowing money can enable some essential purchases and builds credit, but interest costs can be expenses. And, if you borrow too much, you will have a large debt to be repaid.
Jay Harold has previously discussed Black American’s economic status, “Black Household Incomes Below National Average.” The post casts a disturbing light on the best cities for blacks to live. The core city (city limits) household incomes are listed below in 2013 inflation-adjusted dollars.
- Memphis, TN at $28,956
- Charlotte, North Carolina is $36,101
- Atlanta, Georgia’s income $25,384
- Washington, D.C. $38,124
- Houston, Texas was $31,977
We are struggling financially even in the best cities to live for African Americans.
The Truth can be painful!
W. E. B. Du Bois said:
“To be a poor man is hard, but to be a poor race in a land of dollars is the very bottom of hardships.”
The data suggest that Black Americans are struggling economically. We must increase our income by working more. Please remember your goal of more financial independence!
Enjoyed this post? Share it and read more here. Jay Harold has put together a Resource page that you may find useful when trying to improve your health and wealth. Please take this advice of Muhammad Ali and give back to others. “Service to others is the rent you pay for your room here on earth.” ~ Muhammad Ali.
Bibliography
- http://www.huffingtonpost.com/entry/trump-says-african-americans-and-hispanics-are-living-in-hell_us_57e9ddbee4b082aad9b694bf
- https://www.census.gov/content/dam/Census/library/publications/2015/demo/p60-252.pdf (page 7)
- https://factfinder.census.gov/faces/tableservices/jsf/pages/productview.xhtml?pid=ACS_15_5YR_S1501&src=pt
- http://www.pewsocialtrends.org/2016/06/27/1-demographic-trends-and-economic-well-being/
- https://www.mymoney.gov/mymoneyfive/Pages/mymoneyfive.aspx
