Are you aware that the median wealth of single black women in the prime of their working years (36-49 years) is $5.00 compared to $42,000 for white women? The median family wealth for black men with at least one child under the age of 18 is $10,000 compared to $56,000 for white males. How can this be happening? The answer is money management. Developing skills such as budgeting, proper decision making, credit card and consumer debt and student loan management improves the chances of increasing your ability to save after graduation. The average college graduate is $24,000 in debt at graduation. The decisions that you make today will impact your average undergraduate debt, determine your credit score and improve your job prospects.
View CNN presentation on Debt in the African American Community at:
CNN Documentary
19 comments:
I agree that it's important for African-American women to be more concerned about their financial health. Early education is the key to success..Great information Jamaican Man..
College students are facing large amounts of debt after school. Students are unaware of the harm their doing to themselves financially. After leaving school the loans taken out for college must be repaid. While the refund checks, and credit cards are nice it isn't your money. Begin to manage money spent by creating a budget for yourself. Know how much money is being borrowed, and how much you have of your own. Finally, be careful with your financial decisions, so after school debt doesn't become a problem.
by-MOrgan
Yes, we do need to care more about the money that is being borrowed for students to be in college. The refund checks that we do get it is important for us to realize that we will have to pay that back, so we shouldn't blow it on things that we don't need. I agree we should develop a budget plan, and learn how much everything is going to cost in the end, so that we don't put ourselves into even more debt if we don't need to. College isn't cheap and we need to recognize the fact that we are broke college students, and it's an excellent sacrifice to make when trying to better yourself in the future.
The statistics are crazy, but they can be avoided. Find out what you want to do in life and find out how to get there. This will help you get the career you want and the income you desire. Set a strict budget and save your refund checks while in college. This will help you keep your student loan depts low. Stay away from credit cards and avoid having kids while in college. This will also help save money.
The statistics are unbeleivable in the african american race. The problem also can be easily avoided. if you take the proper percautions and make wise decisons throughout college, you will be able to aoid all of the statistics. it only takes your hard work and dedication to stay in your books and manage money wisely, you then will avoid these problems and come out not a stastic but a difference.
Andre' Belcher
I clearly understand why this would be a big issue. As black african americans we worry too much about buying material things instead of saving money. We spend money on all those fancy things; such as cars, clothes, and etc. On the other hand financial aid is a great source to have as college students but us college student tend to spend our money on uncessary things also, instead of saving the money from our refund checks, which we know we have to pay back. This clearly shows why black women and men go into debt at an early age.
As African Americans we are offten prejudged by society as not being as successful as the white man. It is up to us to change this stereotype. We can start by managing and saving our money early. Although it is hard as we are distracted by materialistic things we should start by setting aside money starting our freshman year. That way we will have the money we need to cover debt by the time we graduate. Even if it is as little as 5 dollars a week it will add up to being a great sum of money that can cover debt when u graduate. At the end of the day whether or not we are improving our debt rate is in our mind set which powers our decisions to mange our money correctly.
The reason African Americans stand out in this situation because they do not take the time out to manage money. While on the other hand, many White Americans sit down and calculate how much to spend, when to spend it, and is it necessary to spend at the moment. If more African Americans managed money the statistics would not be proven right.
Santia Evans
African Americans in this society today are failing in life because of the lack of organinzing an budget,while the white americans are organized and managing money correctly.
When students have to pay for school themselves it is not easy. Students look for a quik and easy way to make money.To avoid debt I have found it easier to make sure I have money before I go out and spend it. Some banks try to send students credit cards without money on it and, the student thinks that the bank is giving them money. This is not true because the bank is always going to want their money back. So if this happens to you do not use the card call the bank and tell them you don't want the card.Also if money is getting tight students should spend it on necessities instead of wants and they will find it helpful in the long run.
CNH
debt is a serious thing and money management is key to minimize it. That is why young african american student get loans to pay for school that will increase there income in there professional career. Jason Peychaud
Its amazing how African Americans women are worth so little.But we shouldn't be jugde base on that because every individual is different and satistics can change over time.Into day time everyone is in debt,almost in debt, or just plain bankrupt.The best way I know is to stay in the clear is to save money,keep up with my spending and calcuate my bank accounts on a regular basic.
It is evident that many African Americans are unaware of the things or requirements that come along iwht getting loans and refund checks. However ignorance is not an excuse. You should always ask questions when money is involved. Many think the refund checks is there money but it is the money you borrowed from the back that is lefted over after school is paid for, so instead if saving the money they spend it recklacly. Loans are a big part of debt. An alternative could be to start paying it off during college. Whatever you can afford, or save your refunds so you can pay back the loans at the end off each school year. There are many ways to be smart, cautious, and debt free if your proactive, instead of procrastinating. As Afrieican Americans our priorities are in the wrong place. Everything else is more important but your debt and other things of that nature. Materialistic things are a big role in African American community.
African Americans do need to learn how to budget better, be more organized, and make better decisions when it comes to money. The statistics can be changed if African Americans would do their part and think about what they really need instead of what they want. Good money management skills is the key and African Americans need to start using it.
Blacks in American are in such debt, because we as a people look to material things as a way to show our wealth. Instead of investing or saving our money, as soon as we get a check we cash it. But as soon as we Cash it, its gone. Whats wrong with saving but who is encouraging us to do so? No one; we grow up watching most of our parents live check to check and say it will never be us. Or maybe it's cause of these large refund checks they're giving young people. They never once think about saving they think what all can I buy with these check until the next one. We as a people male and female need to stop buying into today's material things and think about tomorrow's debts if we get it. Just take maybe 60 or something to put into a savings and watch it grow.
Have you ever seen somthing(s) vanish into thin air? I see it all the time with my money; parents send money this day, the very next day it's gone. So now I am wondering how or what can I do to stop my money from vanishing. I mean, really, how do I go to the mall and walk past my favorite store(s) withought seeing and visualising myself in the latest styles of fashion, subsequently I always end up buying somthing. I am a college student ,so I am sure many people are with me when I say, college is not cheap. An important lesson I have learned while in college is the valuable lesson of saving and budgeting. I have learned that in order to save, I must budget and this is the key to saving money, that way money is in my pocket, I am happy and so are my parents.
-A. Harkness
By this paragraph i want to express how statistics show the lack of budgeting in African American people. But as some of my classmates already said above; Nobody can be judge based on statistics, and even worse if that statistics came from CNN and based on race's conduct, what i don't understand is why journalist emphasize putting divisions between blacks and whites,why don't the CNN just show a general statistic about how people waste money unnecessarily, why they have to divide instead of advice; why they picked just wealthy people to inform about a situation like that, money management should be a worry for everybody; either whites or blacks.
Debt is one of the leading problems in society today. It is also a leading problem with African American males and females. Money Management is something that can well prepare students and future adults for the real world when it comes to managing money. Not only should black students learn to manage their money, but it would be helpful to students of other ethnics as well. Making wiser decisions and keeping up with what you do with your money is the best thing to do to keep from going into debt.
I agree african americans should manage their money wisely. We should know how to spend our money and save it. Instead of buying unecessary items, save your money as much as possible .We should work hard and keep our heads in the books to better our future. An individual has make goals for his or herself on how to manage their money and how to make more money. Africa American women are likley to make less money than the average white woman but its up that individual to put forth the effort.
Post a Comment