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
505 E. Emp r StrMt Benton Harbor, Me 4e<)22
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AT LAW
. DAVIS, JR.
BUSI ESS BRIEFS
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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
financial self-help information in the just r lused guidebook
entitled: The Credit And Loan Guide.
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.