Another thing, parents see their children as their retirement plan. Children should not abandon their parents in their old age, but parents should not have to rely financially on their children. You can't build generational wealth, if your children are your retirement plan...
@@andyandy5749 I got you! I think the core issue is that our culture in some areas have handicapped us. Every parents prayer is" I will eat the fruit of my labor" but what does that mean TODAY? To me as a parent, it means all my hubby and I sacrifices will result in our children's success before our very eyes. Once they are established we move on with our lives. Our sacrifices are a pure labor of love with no expectations attached. We are far sighted to know that the world is getting harder and harder, why add to their burden. Unfortunately to some of our parents, it means pay back time. I am all for helping your parents but I dont care for the sense of entitlement. For the most part, they just dont know any better. When we know better, we do better and teach others to do better. But trust me I understand your frustration, I had somewhat similar issues with my Dad, but anger and bitterness serves no purpose, find the strength to make peace. Wishing you the Best!
Andy Andy YOU ABANDONNED PARENT WHO WANT TO USE YOU DELIBERATLY. BUT SICK AND VULNERABLE PARENT ? NEVER, THE UNIVERS WILL NEVER FORGIVE ME FOR DOING SO
@@calebarcalebarcalebar891 i think there's a culture clash here. What do children owe their parents? In african view, the children owe their parents everything. Add on top of that respect for elders , which really means, obey your elders even if you disagree. So here's my question, if your parents are shit heads, do you still owe them financial help in their old age? It's not my place for judge if some children decide differently on that question. There was a case here in the California where the parents starved their children and kept them in cages for years. The parents are going to be in prison for a long, long time. But should these children take care of their shit head parents in their old age? Not to mention other families, where emotional and sexual abuse is rampant. I hesitate to judge children who are less than willing to accommodate their parents.
@Ireti Rotimi Agreed,unless your "Parents" went missing during key years of your life and then behaves like they're entitled a piece of everything you have and every conversation somehow leads to them asking for money.
Materialism can easily get you. I considered myself a financial literate till I started to work and started thinking of getting a phone that costs $1000 dollars to make myself look good. But you've made me come back to my senses. I'll stick my current phone. The screen is broken but hey it works. I'll change it when it dies completely. Thanks man for the insight
Preach, people at this point are making Apple richer by dropping $1000 every year or two for a minuscule upgrade. Mostly instead I'd probably invest with the money towards something that can make me more money.
@@debrabelton3161 I agree that some are broke, but at least Drs earn a lot of money, especially if they do extra hours over $300,000 a year; Nusing Assistance pay does not compare in any way
@@KH-jf8ps exactly bruh OMG my mama always tells me to pray to God when she doesn't even have a job expecting a miracle what blacks need to understand FAITH WITHOUT WORK IS DEAD
Thank you sir for covering this topic. This is a huge problem in Nigeria. I have worked for several wealthy people. They are not flashy. Usually the big things they own are their homes, stocks, etc. Interestingly enough, a home is considered an investment. So owning a big home is not being flashy. Black people however, would rather buy name-brand attire, expensive car (and expensive insurance), throw expensive parties, etc. Black people do not understand what "going dutch" means. If you invite people to lunch, you pay for everybody. Smart people split the bill. Black people buy things that depreciate in value, such as cars, clothes, etc. Smart people generally buy things that appreciate in value, such as stocks, bonds, real estate, etc. Living large when you're actually broke, is deeply ingrained in the Nigerian culture. I try to engage in re-education whenever the topic comes up. But it's a losing battle. When you start imploring them to live a modest lifestyle now for the sake of the future, they tell you "God that provided now, will provide in future". Here is the funny part... Black people are mostly consumers. We produce very little. So when we spend big, we are actually making rich people even richer.
Acquiring a home in the diaspora requires taking out a mortgage(loan). If you buy a big home you cant afford and are behind on the payments, the bank will come take the house. So yes buying a big(that you cant afford) falls under flashy. So he is absolutely correct!
@@BabaCustom "If you buy a big home you cant afford and are behind on the payments" It's hard today to buy a home you can't afford. Banks are stricter today after the last economic crash. BTW, if you are behind on payments on any loan (not just home mortgage), your collateral would be seized. Does that therefore, make anything you buy with a loan, a flashy purchase? No. I don't see a big home as flashy, because a home rarely loses value. A home is rather an investment. Also, when you buy a big home, you could get roommates, whose rent sometimes even covers your monthly mortgage. Anything you buy that appreciates in value is an investment, not a luxury item, no matter how expensive that thing is. The way to become wealthy is to buy low, sell high. You seem to have forgotten the topic of this thread: "3 Reasons Why Most Black People Are Not Wealthy". When you buy something that you can sell at a profit, you are on your way to becoming wealthy. Anyway, stick to your POV, and I will stick to my position on what is an investment and what is flashy lifestyle. I will buy a big house any day and won't consider it an extravagant purchase, but rather as an investment.
Denzel Same here. I always wondered that, especially when I was young. But then my older brother told me it was so that they could get a bigger welfare check and more food stamps.
True key is having children you can afford to have and provide for. I am the youngest of 5 aged 29 and we have all turned out well with assets and independent.
I agree with you. I know a lot of black people with degrees that are completely broke. I never loan money to anybody. I live off half my salary. I never buy anything unless it's on sale or I have a coupon. You have to build your wealth.
This is a Nice video.... So inspiring but do anyone knows about expert Mrs Alice. Mrs Alice is legit and her method works like magic I keep on earning every single week with her new strategy
All facts,i had to cut off certain family members because they expect me to carry them while they secretly hate me.We have too many weaknesses especially when it comes to money.We need to learn how money works starting by reading,there is too much information on personal finance.We have no excuse to be broke with all this technology,this is a global problem with black folks.Great topic
Malcolm X said: "If you want to hide something from a black person put it in a book." Agree with this. Most black people are not interested in self-improvement. I can count on one hand the times another black person has recommended a good book to read or listen to. Because most of us are not interested. This is why we are at the bottom of the financial ladder. The sad thing it's all self-inflicted. We must do better.
In the UK, you will see 'working class' people spending all their money to maintain an expensive car as a status symbol, but only the other 'working class' people would see that as any form of success. The middle classes view the desire for an "expensive car" as the reason they are poor, wasting money on stuff they can't afford. True ambition is working 12 hour days for nothing in order to create a business, and putting all earnings back into the business so eventually (10~20 years) you get the "expensive car" for free, as a tax-deductible business asset. You'll never grow big unless you think even bigger, and accept that it may take years of hard work to get anywhere.
A car loses 40% of its value within the first year. It's a depreciation liability. A car just like a property is a liability because every month it takes money out of your pocket. 99% of people do not understand the difference between assets and liabilities. And this is one of the main reasons why they end up broke. Take my advice and invest in your financial education. The best place to start is by reading or listening to Rich Dad, Poor Dad. Life-changing book. If you have not read it buy it ASAP. You can thank me later for the recommendation.
Reason why am not wealth is because black people always take advantage of my trying to keep a brotherly support. Got robbed in London - black person. Credit card applied in my name and used while I was abroad- black person. Ruining up my landline bill - black person. Went to Asia got scammed -black person. When to Africa got robbed and scammed and everyone looking at me as ATM - black person. Now I see black person and my defense goes high I see a Japanese person and I shut down all defense.
If you want to see life that way, that is your choice but it isn't very productive. Learn to look after yourself first. Pay yourself first. Validate yourself first. Don't measure a person's trustworthiness by his skin colour, but by his character. Let people earn your trust, and behave accordingly. Learn to establish boundaries, and cut off anyone who doesn't respect them. You are not alone in being disappointed in people who look like us but don't think like we do. But that is life; it is the same everywhere. We must trust only those who deserve it. We cannot take anything for granted. There are good people in the world, but I have learnt to lower my expectations, especially of my own people, of whom many are asleep with their eyes open, insecure, and afraid. That's why many see the world as they are. They have no self respect, so cannot respect others. They are cynical and self defeating. But these are not all our people. So be sceptical but not cynical. Find your own tribe of like minded people, who want to grow, to progress, and build a future for themselves and others. Who aren't threatened by your successes, but encouraged by it. Be realistic, but not overly pessimistic either. Stuff happens. Learn from it, and move on.
Butterfly Pea I think you’re just around the wrong black people. You may want to expand your horizons and get out more. I’ve been around black people(along with races), and I’ve seen just as many bad black people as I have others. As a matter of fact, most of the black people I know work 9-5s, some are homeowners(like myself), and are just normal every day people.
Real Talk. Those material things will keep you in debt, and ultimately keep you working. Don't create too much overhead and lose your "time" paying off things.
This guy must be a Nigerian. He is on super point. This is why Africa is what it is. The same problem with African leaders. Miss management of everything.
There is an ocean of books, online info, newspapers,etc talking about how to get started with money. None of this can beat lack of interest and/or will.
I can honestly say you've earned my subscription. Keep speaking on the truth and freedom to the mental state of blacks all over the world. Good substance.
As always you are speaking truth. Many in the black communities are focused on showy means of possessions instead of acquiring items that increase in value. Instead of buying that expensive bag/shoes/car, invest in homes, businesses, stocks/bonds, land, etc.
We fail at planning we don’t invest and help each other and talk down on each other when another black person is successful instead of reading and focusing on what we want to do.
Problem is not helping, it's how you help. Most people love to give fish to "show-off" just like you said when they should be teaching fishing techniques. Also, people sometimes give based on emotions as against reason
I just watched Top most richest persons (Wealthiest people on planet wealth comparison) and I noticed not even one black person was on that list and i got curiosity and i came here to know the answer
Sad but true. As a people we are our own worse enemy. All of our issues stem from lack of knowledge and the tendency for instant gratification! Heck I work with brothers who do not see the wisdom of even contributing to our 401K plans even when the company matches dollar for dollar up to 6%! Talk about leaving money on the table that builds up over time! Yet some of these clowns will constantly brag the number of gfs they have! Talk about twisted priorities! We have a long way to go!
Excellent video. Just found your channel you speak so much sense no common nowadays. Some reasons why some people are poor from a 29 years old’s perspective. • Some people want to acquire materialistic items that depreciate in value instead of acquiring assets • Some people want to look rich rather than be rich • Some people only want to pray instead of work smart and pray because it does say faith without works is dead so prayer alone is not enough • Some people get themselves into debt they cannot afford and ruin their credit. The only debt I have is a mortgage and government student loan • Some people buy cars they cannot afford and put it on credit, the moment you drive it out starts losing value • Some people do not pay themselves first going good Samaritans to everyone when they themselves are struggling • Some people do not educate themselves on finance, paying minimum repayments on their credit card thinking its free money • Some people think other people will bail them out e.g. the government or loving family members and therefore take no responsibility • My tips acquire skills, save your money, invest your money, and acquire assets. Money gives you choices and freedom.
Unfortunately, many people misinterpret the bible and are blind to the fact that its guidance helps us prosper economically. We became multi-millionaires in our forties by recognizing that scripture instructs us to (1) plan (including budget), (2) establish reasonable savings for emergencies, (3) eliminate debt, (4) refusing to cosign, (5) invest for wealth building, (6) diversify assets (which generally provides multiple streams of income at some point in life. I happen to know a number of Christians who understand biblical truths regarding wealth building and who have also become multi-millionaires. The scriptures below and others along with the LORD's guidance have helped us order our life and take action to become prosperous. 2Thessalonians 3:10 - If a man will not work, he will also not eat. Proverbs 24:27 - Build your house after you first developed your business. Proverbs 21:20 - A wise man maintains a treasury, but a foolish man spends everything he gets. Proverbs 27:23-27 - Know the state of your financial affairs... Luke 14:28-30 - What man would build a house with first counting the cost... Ecclesiastes 11:2 - Invest in seven or eight endeavors for you do not know when trouble will come upon the land. Romans 13:8 - Owe no person anything but love, for you thereby fulfill all the commandments. Proverbs 22:7 - The rich rule over the poor and the borrower is servant to the lender. Proverbs 11:15 - One who guarantees the loan of another will suffer for it, while one who refuses to cosign will be secure.
The main reason is that the British train their British subjects to be Civil Servants. We were never taught or trained that we can own and run things. If you go to countries run by the British there is one constant, lack of ownership of a business.
Most family wealth comes from the appreciation of Real (property) values. In America, if you live in an area of high crime rates, you eliminate 90% of future potential buyers, therefore the value of your property declines, rather than appreciating. High crime rates are the hallmark of communities full of "unraised", unparented children, who reach adulthood essentially unaltered from childhood.
This video should be seen by all black folks living in western countries. Thanks for sharing relevant content my broda. You put lights on dark topic of our community and try to find solutions for us. thumb more than up (y)
I am married to someone whose parents are much richer than mine yet he has to send them around £300 every month and pay for his little brothers university fees. It really pisses me off because we are saving but this has really held us back. I don't even know how to approach this subject without seeming really petty.
Well done. You speak truth. What advice would you have for someone who wanted to educate themselves on how to accumulate wealth and learn stock markets etc? As a young black British I am very interested but I don’t know how to start. My parents never taught me because they themselves don’t know.
RU-vid is a good starting point to start to get tons of free contents about wealth creation, stock markets etc.....some of the free materials will provide further information that will help expand your knowledge in your areas of interest.
@@Phrankleen13 Start with Dave Ramsey here on RU-vid. He's an American, but his principle apply to everyone seeking financial freedom. He will give you all the information about Personal Finance you need. His principles are sound, and if you follow them, you will have a good financial future.
Be very careful about predatory type guides/books/courses/trading bots and stuff like that. They often rip you off with freely available but paywalled information and in some cases are outright scams. As far as building wealth goes, the easiest method is getting a job and trying to get promoted as much as you can - unless you can run a strong business yourself. Then learn how to get at least the average yearly return of 8-10% in the stock market and invest as much as you are willing and capable of losing on a regular base. About $1000 a month is enough to make at least $2 Million in 30 years, while $2500 a month makes almost $6 Million in the same time. $500 a month makes $3 Million in 40 years, so as long as you keep up the marathon you can definitely at least retire as a multi-millionaire. Be careful about letting anyone tell you what to invest in though, a lot of people are clueless, hacks or worse. The easiest way to avoid those is to invest either in a lot of different stocks at the same time (smaller amounts) or to just buy into a basket of stocks (an index or ETF). That way you should get roughly the average stock return if you keep your money in for the long term. The harder method requires active trading which is *very* hard, over 90% of people who try this lose their entire capital (that they used for trading). So be extremely careful about this. I personally wouldn't touch this without a strong background in Mathematics, Statistics, and programming. You can try this by analyzing market sentiments as well but that is extremely hard due to all the misinformation and lack of public information. Anyway, good luck. If you stick to it you're almost guaranteed to become wealthy. If you actually make it consider investing parts of your wealth into "good" projects that might be too risky for a profit-driven investment otherwise (e.g. education, health). The more people join this path the faster humanity will become better.
We do more than ourselves most time. My ex will buy designers clothes n shoes worth like £500 n won't be able to pay council tax n some house bill afterwards hence borrowing from friends n me. I had to speak to me legs after he was bleeding me dry. Live within ure means n save. Having a bad family too is another factor,they constantly drain u of money to the extent of saying they will place a curse on u if u don't send them money. 😏🙄
I noticed ..black folks rather watch that video ..rich blacks poor whites in africa ....they dont wanna watch this. I look hispanic but im guyanese ....all blacks there.. Its amazing ..our folks dont wanna hear truth.
You forgot to add"go to school, study medicine, law, accounting, computing..etc" and when you finish, get a job, get married, have children and then LOOK/SPEND ALL YOUR INCOME LOOKING AFTER US(PARENTS)...FOR THE REST OF OUR LIVES🤔..Can someone explain this Nigerian/African obligations!!
I disagree with your take on religion. The Bible speaks volumes about how to invest, diversify, save, purchase land etc. The problem is most people don't read it in its entirety, only bits and pieces or what the pastor preaches on Sunday. Another issue at least in the states, is single parents, mostly women families are more likely to be impoverished. The old people, worked, saved and invested. Here at least in the states there were so many black business, but I'm older than you. It's different now. I could say so much more, but the children of share croppers did so much more with so little. I will say men and women need to marry well, grow together, follow God, and pray for wisdom.
debra belton There is a different between religion and being a Christian which involves having a spiritual relationship with Christ, religion is where you find all the mishaps his talking about .
@@amytsiga8047 You can be a Christian and be financially poor. Think of Lazarus and the rich man. Poverty is not an indicator of your walk with Christ, but for those that seek financial knowledge it is there in the scriptures.
debra belton I never disputed that one can be poor as a Christian , especially if one doesn’t adhere to a lot of the principles you have already mentioned , one should plan , one should learn how to build wealth etc , relain however has a habit of foregoing these principles with miracle talk and not stating the work that is needed from ones end . That is was religion does and is not at all related to being a christian
@@amytsiga8047 I do understand what you are speaking of. As a Christian we are told that God gives the increase and scriptures also say the poor shall always be among us. We should be very careful with identifying wealth and Christianity as Christ was a poor man. Finally let's be real the very definition of religion noun the belief in and worship of a superhuman controlling power, especially a personal God or gods. Speaks to your identification to a certain group of beliefs. He used a wide brush and I corrected him as the the Christian Bible speaks volumes. He should have said "some religions", but we all got the message. People blame religion for all sorts of evils but never study in earnest.
@@amytsiga8047 I wish these men would speak on the subject of marrying well. If you want to build wealth marry well. The wealthiest men living great lives are mostly married.
They are trained to work for others. The fact all rich people are business owners. This mentality has got to stop. Time for indépendance and freedom of labour.
Financial literacy and entrepreneurship is not taught in schools for a reason. Without a saving culture, one cannot invest. Without an entrepreneurship mindset returns on savings will be very low. No matter how much paycheck dollars or pounds one earns.
One of the main reasons why people of all colors end up broke is the following. Most people do not understand the difference between assets and liabilities. Rich Dad, Poor Dad tells u the truth about assets and liabilities and a whole lot more. This is a MUST READ BOOK.
I couldn't agree with you more! You are spot on. We DO NOT KNOW ABOUT MONEY MANAGEMENT. My philosophy is stay ALLERGIC to debt in its entirety. A lack of money management is a huge problem in our circle, home and business. Most people want to live like the Jones ..... the Jones are broke and swimming in debt. Cut your coat according to your size. The story of the tortoise and the Hare comes to mind. And the tortoise always wins. Slow and steady, consistent investment always yields. Take your time to save , but run to get out of debt first. Another great video!
My parents used my college fund to help my evil aunties and uncles and there kids While in college I was working 40+ hrs and paying all my bills Life for Africans in the diaspora is fucked up Now these aunts and uncles want my family to help them out I’m like wtf ... my mother wonders why I’m gonna start cutting alot of family out my life .... It’s more then just money ....when u take cash and give it to spiteful family
Second point is others I agree with you I had a plan and dream to achieve it that I believed I’m gonna be the wealthiest people But I have young brothers and sisters to afford them and family At the end of the day I dropped out and now I’m working Mac Donald’s Because you’re focusing money not your dream
Helping others is not the problem, Look how much the top richest people in the world are giving so much money for charity. But still they don't go broke. Please black people go to university, get degree in IT, Health...etc and your qualifications in theses fields will set you up for success. Good job in a high demand field equals high pay and the ability to save more money. So my brother advice your follows to get good education in the right fields. That's my 2 cent
Respect. Totally agree with u on this. This is the vast majority of black people u are talking about not the minority. In my opinion the black people u are talking about is as high as 98-99%. I really do think the numbers are that high. We don't see any positive role models of succesful black business people. And those people are out there. We just don't see them. The book that changed everthing for me was Rich Dad, Poor Dad. Anyone who has not read this book or listened to the audiobook get it ASAP. Your mindset about money, debt and taxes will be changed for the better. You will fully understand how the rich get and stay rich.
So true,am a student and I see it with other country mates trying to floss abroad here ,I was shocked when most of them don’t even save money and a friend of mine who’s Malaysian,had about $800 saved in his account and the guys that floss with high end brand clothes and all.
1) True gotta control myself 👆🏾 2) Yess but I'll give my mommy a house just for the love and sacrifice she gave me once I become *financially stable* 3) Yess 🤦🏾♀️ gotta do that 4) Yess but I'm scared to lose all of the money I invested. Yesss you said it
Hi, I just found your channel. I am impressed. In a war striken environment, those principles are hard to follow. I am still contemplating on watching your "stop sending money to your family video". I feel like it will be about me. 😊 Thanks. Keep it up.
Also the school should OFFER or help find Mentorship programs for the young boys and girls to be successful. I didn't have a consistent positive male role model in my life to look up tp or emulate. That makes a BIG difference.
i recently heard an educated black 'smart' millennial talking about quitting her good job to take a year off and spending her savings to do it. Maybe people don't view success as what's in the bank but having a full life. Black people live in the present and work hard but also enjoy their lives with the biggest and flashiest. we are not the richest but certainly the most wholehearted. leaving a legacy for our kids is important and if one does not see that, the consequences will be evident.
Let me add that there are strengths and weaknesses to every group. Blacks excel at sports, music, and artistic expressions of the body. But these industries are miniscule in comparison to those in the fields of STEM. It simply isn't sustainable for the rap industry and the NBA nfl to absorb all of the 40 million blacks in the U.S. therefore you have millions of aspiring rappers but only a few make money from it. In terms of climbing up the value chain in STEM, blacks would have to compete against whites and Asians who are much more gifted in those areas, just as blacks are much more gifted in short track sprinting for example. Are there exceptions like Ben Carson? Sure! But for every ben Carson there are multiples of whites asians at the top of their fields in STEM. I invite anyone to debate my point in good faith.
Keeping up appearances, I'm sly as I live in my time zone hence ppl don't even know what I'm doing that is the way to go,thank dear for enlightening us
Pretty sure the bible speaks about investing, and not wasting your talents. Should read the bible a bit before saying its the reason for poor mentality. Everything else though I agreed with.
@Black To Grace Unfortunately, it has become really hard to truly help someone without passing through a middleman such as a charity organisation or pastor. This is because for instance, if a man sponsors a poor child to learn a trade, there is always this mother who wants to be emotionally attached to the man, then it becomes as if the man was doing that as a means to his own end. And if the man refuses to have sex, there will be rumours that the man is impotent, or even gay. You see how Satan is everywhere nowadays?
This was a good segment and your passion evident, hopefully you'll do a part 2 or so. The flossing is doing damage, damage to the very individual as only Lord knows how they must feel when alone and reality hits..but also to naive friends and onlookers who go on and destroy their current happiness by trying to follow suit. The greatest problem however is to our people back home, from parents to younger ones. For my country, we have the issue of backway travellers, if not a life lost its a life worse than what they had back home. Currently we have a mass deportation matter which is gradually causing uproar. This is starts with flossing, they are on social media and even more strongly, when they go back home on holiday. Playing with the mind of people. Parents too, some begin to lose a grip with their morals and faith due to believing their children who douse them with untruths. People are doing shameful things to belong and keep up.
Actually not most , just a few , back then the number of wealthy black families were actually high , but because of lack of passing on knowledge about wealth generationally ,it stopped ,so what seems like first generation wealth are just wealthy people that are black the next two generation of theirs might not even feel it
Hmm you've spoken well my brother I remember back home in Nigeria I used to be a stock broker even as stocks market is not all that OK now I still have my shares with different banks and companies should in case any thing happen at least I still, I have something to lean back on I live to to invest that's how my dad taught us is very good to invest cos no one knows tomorrow thank you it's a very interesting topic.
Good that you are not depending on 1 money stream and invested in stocks. Clever that your father taught you to invest because tomorrow remains a mystery.
