AUGUST 17-23,1986·
Bureau la t week
little noticed bu t
n rthele artlin report on
the relative lack of ealth
amon American Blac.
Even Blac s in high income
job pear to have ccumn
lated very little ealth.
. First of all, the report re
vealed mething mo t people
alre dy' new: The m dian
income of the verage hite
hou hold in Americ i ne rly
twice that for the aver
Bl chou hold.
Ho ever, the most startlin
aspect of the report was it
flnding' that the average white
family has a cumulated 12 times
as much ealth as the average
Bl kfamily.
By way f definition in-
come and wealth are obviously
related but they are not the
me. Simply tated wealth is
the a cumulated sset - goods
and property - which a person
or f mily owns. Everything
from the family car to toe s
and b nd to a family 0 ned
busine .
The government defmition
exclude c sh on hand, pension,
jewelry nd households goods.)
But the more ignificant
pe t of wealth i not the
cumulation of posses
it i the ccumulation
ts hich pr udce inc me
such real e tate, busine
and toc s and bond .
Blacks
mus
create wealth
The Census Bureau report
found that even at the same
inco levels whites manage to
accumulate more ealth than
Bl c. mong the poor, it w
revealed that a Bl ck family
10,800 a year or le
e ts (minus debt)
88 while a Hispanic
family with the sam income
had a ts totalin 453.
The same p ttern held true
for Blacks in higher income
brackets. A Bl c family
earning $70,000 a year did
not accumulate any where near
the t accumulated by a
similar white family.
. orris Gavin
GENERAL PRACTICE OF LAW
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ATTOR EY A 0 COUNSELOR AT LAW
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BUSI ESS BRIEFS
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• Jame H. Hill is a 1969
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THE CREDIT AND LOAN GUIDE
Did you know that there Ire private lenders who provide
loans to almost anyone with a steady job. regarless of the per-
son's-cr dit rating? •
. A list of those private lenders is just a small bit of the
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Also available in the Guide:
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* How To Repair Your Cr dit Rating And Qualify For
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* Motivating Yourself To Financial S curity
But best of- all, the Guide is only $11.95. Send check or
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mail.
A lot of this disparity or
, ealth gap" can b explained
by both current day discrimi
nation and historic racism. But
some of the fault lies with
BI k themselves. There are
aspects of Blac culture which
militate against wealth accumu
lation.
Syndicated columnist and
television talk sho host, Tony
Brown, touched upon the cul
tural aspect when he wrote,
"BI cks re peihaps the only
: Americans who te ch their chil
dren to get jobs' everybody else
is encouraging their children to
tart busine s.'
While the above statement
is a slight exaggeration it
nevertheless highlights the point
that there will always be a
limit placed on Black pro ress
in America unless Blac s them-
lves create greater ealth in
their cornrnunitie b starting
busine s and g tting involved
in me serious inve ting.
Along this line and for
several weeks now I have en
coura ed Blac s to start p 01-
ing their financial re urces in
investment or, what [ prefer
to call, '0 wealth-building" club .
. An upd ted and revi d guide
on ho Bl cks can organize
ch clubs is availab from
Potomac A iate, 1377 "K"
Street, , Suite 98, Wa ing
ton, D.C. 20032. The guide i
only 5.95 and it is well orth
the price.
Any Bl c per n riou y
intere ted in creating gre ter
ealth for him or her If
well a for Blacks a a group
should 100 into forming a
ealth-building club of 10 to 24
succe oriented people.
Finally I encourage every
one reading this column to
get the fre R dio Inve tment
Pro ectus" from Law-Tay Inc.
It details how Bla k can start
wning more r di tation and
other broadc t prop rties by
pooling investments starting as
low as $350 per p r n. You
can have the prospectus nt
to you by calling the La -
Tay, Inc. re ord line and leav
ing your nam and ddre.
That number is 202-562-1451.
Blacks need generate
gre ter wealth. The situation
today i pproaching a nat
ional andal.