The 2010 Year in Review: Sit Your $5 Ass Down Before I Make Change!

According to a new report, the average single non-White woman is worth $5! That is not a typo; the Insight Center for Community Economic Development gathered data for a report titled Lifting as we Climb: Women of Color, Wealth, and America’s Future (Read it!) and concluded that when calculating assets minus debts, single Black women are worth a five spot. This study was done before the current recession, so that amount could be even less by now, more like $2.50.

Take some time and read the findings to see that they were exhaustive in their study, taking into account socioeconomic factors, education debt, credit card debt, subprime home mortgages and even the value of automobiles. I’ve been reading through the findings all morning and it’s sobering to see the gap in wealth between the races, but in gender as well. I know in the back of your mind you’re thinking that Black men have to be worth a food stamp or something based on the perception that, well, we ain’t shit. You would be wrong in your assumption, the gap for single men in the same category is +$10,995, but closes for the 50-65 age range.

The responsibilities for women, women of color specifically, Black women in particular differ from their White counterparts. Oftentimes Black women have to assume the responsibility of breadwinner, provider and extend their salaries to help out family members to help their ends meet as well. So, many Black women are overextended financially by the responsibility of life. If you add in student loans, credit cards, car note, house note, helping Big Mama out, you can see how this segment of the population isn’t quite as apt to building wealth initially.

Enough of the PC crap, read the report and draw your own conclusions!

The one thing this study didn’t examine was the culture of extravagance that we live in, the need to do it B.I.G. The spending habits of women, women of color specifically, Black women particularly are out of control! It might be easier to accumulate wealth if you didn’t run out to buy a C class because you’re making $13 more or you buy $500 purses and don’t have $10 to put into it.

I’m just saying, you didn’t need to buy your son an Xbox360, Playstation 3, PSP and a Nintendo DS if the boy can’t read. Our inherent need to portray our financial gains is crippling to our growth and as we find out through this report, is on display for the world to see. We have to do better...

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