@ freddyB - I think one of our biggest weaknesses is that once we do get a successful product, we tend to squander the wealth away on an extravagant life. Nothhing wrong with spending if u have the money to spend - but take a look at white millionares....they don't live extravagantly (except for Donald Trump whose been to bankrupcy court how many times?). Anyway, my point is that we are a flashy and ostentatious people....and that is often our downfall.

I remember this young African American man that I met some years back. At the age of 27 he quit his job as an accountant and started his own business in an unrelated field. Daring and risky move but he was very successful and sold a product much in demand. He also employed probably about 20 people, the majority of whom were white. I noticed that with his financial success, he went from driving a beat up Honda to a Mercedes Benz, which he in turn ugraded to a newer Benzevery 6month to a year. He also started wearing custom-made suits and you could see he was wearing his money; taking friends on exotic trips to the Island which he paid for; investing in some flashy but not financially sound ventures. He was as they say,"Living Large"

Well no matter how successful a business is, if you bleed it dry, you will not be able to sustain it. And thats what happened here.This man'sbusinesses abruptly shut down at the hands of the US Marshalls.....and he filed for bankrupcy. Shocking - espcially when I tell u that this man's gross receipts were close to a million dollars a year.....and that is right out the gate. He didn't have to wait years to attain that level because he had a business model that could not fail.

His failure was a sad day for me because at the time he was about my age and his business success was inspiration to me that young, black people could succeed in America in a large way. Anyway, the lesson that I learnt was that you dont have to wear your money... because ultimately, you have nothing to prove to anyone....

@Blackmatta. You are totally correct in your observations about clearly defining what is meant by black business in terms clearly establshing not only products in terms of identity, but also what is meant by the term black business. But this goes back to leadership and education and changing people's understanding. Somebody or group have to take the step to do this demonstrate its importance in competitive advantage and others will follow.

@Happiness who said:"@ freddyB - I think one of our biggest weaknesses is that once we do get a successful product, we tend to squander the wealth away on an extravagant life".

Sis lets look at it historically in brief. Dr Kwame Nkrumah, wrote on of the major problems of West African economic development in those major commercial centres from 16th century downwards was that we accummalated capital to a particular level, before wasting it given our culture and disemminating it via the extended family and traditional obligations. This is one of the reasons he argues we could not make the next stage of economic development, which allowed the west to take over.

I know if I one the lottery and went home I would have to hide given the amount of new family I would suddenly have. So not much has changed other than our wisdom to not be manipulated.

What you described so well is the slave and colo mentality of inferiority, where we seek affirmation externally by our ability to show what we have, as you described via conspicious consumption of material goods. We see this today in the bling culture of the US. We transfer our wealth and give it back to the same people who have made it difficult for us aquire it in the first place. Then we are offended when people treat us as if we are stupid.

You can see this at every level of black/African society. For example in the Black Press thread, they sold off two of the most important newspapers in this country for pocket change,and I can guarentee most of it has gone back in buying more cars and extra house or bigger one and plenty bling. No serious reinvestment of capital. No serious or long term ambition.

Study the behaviour of black criminals who aquire money and before you can blink they are driving around sporting their bling and clothes etc. A friend of mine taught me always to keep a certain amount of capital free, because many of these guys in the area, tommorow will sell you everything they have for next to nothing. Unlike Jews/Italians or indigenous whites criminals who invest their money and move up the scale or go legit, ours have to remain in crime and at the bottom rungs.

Most professional middle class blacks in this country pay for the privellege, especially women who I know who must have 'the look' and apparent livestyle that is eating away their money. White people come to work anyhow and don't care and their homes are often not as nice as ours, because we must have the best, when we can least afford it.
We can buy it, or live off credit, but we cannot afford it.

So to conclude, we have to not only constantly teach our people about saving money, and what to do with it. But also continually educate and build self esteem so that we no longer put importance on thes things.

I work out to the enth degree how much my car costs and will change it to a less costly model, just to pocket and save and invest the difference. Why have a big arse car sitting outside your home, costing more every which way. To go where in this country?

Common sense.

Fredniceone.gif