I had the opportunity to hear Rev. Jesse Jackson speak, and he struck a few chords within me. He spoke of “us” as a people and how we must take responsibility for our own actions. Yes, African Americans have been extremely disadvantaged because of the conditions in which we first arrived at this country. Immigrants came to this land with their cultures intact and strong self-esteem. Both of which can result in a strong entrepreneurial spirit. Slaves, in contrast, were broken down and reduced emotionally, as well as physically.  For a long time, Blacks were denied the opportunities to be employers or employees. We were required to be slaves.

Even after slavery, we continued to be oppressed and were not given an equitable opportunity to move ahead. For example, the Reverend spoke of the invention of the radio. Soon after it was invented, the government which owned the rights to distribute this new product, decided to disseminate the rights of broadcast to the public.  These became our first radio stations.  The long exclusive list was comprised of the most affluent in society, and of course…none were allowed to be African-American.  Furthermore, when TV was invented, these same owners (and others like them), were given the same opportunities.  Situations similar to these have left many families with strong legacies that stretch back to the days of America’s founding fathers.

Yes we haven’t had the best of times since arriving in this country.  It is also true that we continue to face many forms of degradation and discrimination.  However, even with the strife that we have endured, we are at a point where we need to take accountability for our own actions.  In many ways, we continue to be the cause of the inhibition of our own growth.
And as they heard these things he added and spake a parable, because he was nigh to Jerusalem, and because they thought that the kingdom of God should immediately appear.  He said therefore, A certain nobleman went into a far country to receive for himself a kingdom, and to return.  And he called his ten servants and delivered them ten pounds, and said unto them, Occupy till I come. (LUKE 19:11-13)

While others may interpret this differently, to me this verse means that a certain King of Kings, while he is away receiving his kingdom of Heaven, has given each us an allotment.  He expects us to demonstrate responsibility for this gift, until his return. If you were to read further in this passage through verse 27, you will see that He did return. He then took full account of what each one of his faithful servants had done with his allotment.  Yes, many of us didn’t receive an inheritance, and are living within economic conditions which are very difficult to get out of.  However, we as a people don’t realize that, “Eighty percent of America’s millionaires are first generation rich.” (The Millionaire Next Door-Thomas Stanley and William Danko)  What have we done with the little that we have?  Have we continued to complain that it wasn’t enough to be sufficient, or have we made the most of it and tried our best to make it grow?  “The plans of the diligent lead to profit as surely as haste leads to poverty.” (Proverbs 21:5)

Luke 19:11-13 tells me that it is not only our responsibility, but our obligation to be responsible for what we have been given and continue to grow financially.  This is our duty, not the government’s, and certainly not the “oppressor’s” who have discriminated against us.  While legislation such as affirmative action are still necessary, and welfare is still needed in many of the inner-city areas of the community (and other areas), many of us continue to use these systems as a crutch.  Welfare was not intended as a continued means of living, but only a temporary subsidy to allow that individual or family to get back on its feet.  The problem with relying on government programs to shelter and save us is that the government takes people out of poverty. As African Americans, we must work on taking the poverty out of the people.

Black unemployment rates are twice those of whites. We own less then three percent of the wealth, even though we are 13 percent of the population. Forty one percent of our households hold less than $1,000 in net worth. For every $100 Whites possess, Blacks have anywhere between $8 and $19. The median Black family’s net worth is $8,300 compared with the median White family’s net worth of $56,000. (Stats come from “Black Wealth, White Wealth”, by Melvin Oliver and Thomas Shapiro.)  One might say that is to be expected because of oppression, and that Blacks haven’t been born with silver spoons in their mouths.  Of all the millionaires in America, “[o]nly 19% receive any income or wealth of any kind from a trust fund or an estate”, and “[m]ore than half never received as much as $1 in inheritance.” (The Millionaire Next Door)  If we as a people want a piece of the pie, then it is our responsibility to work for it.  “The sluggard craves and gets nothing, but the desires of the diligent are fully satisfied.” (Proverbs 13:4)

Yes, we have been oppressed, but we can do much more to help ourselves. Why is it that 93% of our income is spent outside the community?  “Neither shall the inheritance remove from one tribe to another tribe; but every one of the tribes of the children of Israel shall keep himself to his own inheritance.” (Numbers 36:9)  Money made within your community should be primarily spent for the benefit of the community.  Lee Jenkins, author of “Taking Care of Business” said, “The Black dollar turns over less then once on an average before it leaves the Black community. Asians turn over their money nine times in their communities, and Whites turn their money over eight times before it leaves.” Keeping money in our circle means that the circle becomes stronger. However, too many African Americans see otherwise. “You just can’t work with Black people!” “Truth is – they are just too slow!” You would think that a racist made these statements. However, these are statements we have all heard from OTHER BLACK’S! Dr. Martin Luther King said, “Whenever Pharaoh wanted to keep the slaves in slavery, he kept them fighting amongst themselves.” There is power in the numbers of the institution, more so than in the individual.

Why is a new car so important to us?  Does a new car proclaim to the world that we have achieved financial success? Earl Graves Jr., of “Black Enterprise” magazine said, “Blacks on the average are six times more likely then Whites to buy a Mercedes, and the average income of a Black who buys a Jaguar is about one-third less than that of a White purchaser of the luxury vehicle.”  There are those of us who can save to buy rims, but struggle to put their children through college.  If I were to give you a stock tip to buy 10,000 shares of a stock at $2, and told you in advance that the stock would be worth $1.50 tomorrow, would you buy it?  Why is so much of our money going into depreciable assets?  Furthermore, would you take out a loan to buy that stock?  Many of us are going deeper into debt everyday in order to buy these assets that loose 25% or more of their value as soon as we take them from the vendor.  Are you rich because you have a nice car? Is it so important to prove your net worth to others that you are more concerned about your nice car, or fancy watch then your children? Yes, I said it! It is our children who are suffering from this irresponsible behavior.  The typical millionaire has never spent more than $399 for a suit, $140 for a pair of shoes, or $235 for a wristwatch (stats according to The Millionaire Next Door).  “In the house of the wise are stores of choice food and oil, but a foolish man devours all he has.” (Proverbs 21:20)

When I was in school, many of my friends, Black like me, were there with borrowed money. With my other friends I couldn’t understand how they so readily afforded college. I now refer to them as the “trust fund babies” and as you can probably guess, few of them were Black. This behavior must stop. Many African Americans are more concerned with what we are wearing, what we are driving and where we are eating, than what we are leaving behind for our children.  Why are some of us more concerned with material wealth than with establishing trust funds for our children? What inheritance is your child going to be left if you are forever increasing debt and spending money frivolously?

It is also unpleasing to me to hear why people won’t support our own businesses. However, I can’t fault the argument that one can’t support what is not there. According to “Black Economics: Solutions for Economic and Community Empowerments” by Jawanza Kunjufu, the business ownership ratio per thousand people is, “107 Lebanese, 93
Syrians, 89 Koreans, 65 Japanese, 64 White, 60 Chinese, 30 Columbians, 21 Jamaicans, 17 Hispanics, and 9 for African- Americans.” Why do we often appear to take more pride in the company we work for, then working for ourselves? Why are we so afraid to step out of our comfort zones provided by somebody else, and take a chance? Why are we so content to “just get by” and be comfortable? Are you so dependent on that job that if you were laid off you wouldn’t know how to deal with it? Have you referred to your job as a plantation (I have heard that many times)?  “[Y]ou were bought with a price; do not become slaves of men.” (I Corinthians 7:23)

When all is said and done, we have the ability to take control of our own destinies. Yes, there has been oppression, but we have the capability to do for ourselves and achieve success. “A good man leaveth an inheritance to his children’s children: and the wealth of the sinner is laid up for the just.” (Proverbs 13:22)  It is up to us to work hard so that each of us can build an inheritance; not for ourselves, but for each of our own legacies that we will leave behind.

I have thought many of nights about what makes me happy.  As I hit the pillow, I have thought of all the things that are glorified in the world.  I think about superficial wishes and shallow desires which are so often glorified on the television.  “Phat” rides, gold-filled houses, fancy hotels, champagne wishes, caviar dreams, “fly” gators (alligator skin shoes), “bling-bling” jewelry, spinning wheels, rattling trunks, etc.- are all things that it seems society values.  Not me.  I am by no means wealthy by society’s economic standards today, but I am extremely wealthy.  I have a family who supports me, friends to laugh and have fun with, a good church home, and most importantly a growing stronger spiritual connection with God.  When I envision myself in the future, I don’t think about fur coats and Rolls Royce vehicles.  I envision myself as being financially independent, disciplined, a good Christian and a good husband with children who are well behaved, educated, and cultured.  I imagine myself coming home to a nice house where my family and I can all live comfortably – a house that is fully paid for with no mortgage.  I go to see my son play basketball games or my daughter play at band competitions.  I can do this because I own my own business, and I have a flexible schedule.  When my kids go to college their college education funds will be fully funded before we hug and kiss them goodbye.  I will retire comfortably knowing that I don’t have to rely on Social Security.  I will have a trust fund to give to my grandchildren when they go to school.  I know that this will not be given to me, and I understand that I have a lot of hard work ahead of me.  “He who works the land will have abundant food, but he who chases fantasies lacks judgment.” (Proverbs 12:11)  These are the things that I value; this is what I live my life to achieve.

Let us have another successful year by supporting, trusting, and helping one another.  Whether it is through this group, or another medium, you must all find a way to contribute.

Author: Ryan Mack, President of Optimum Capital Management
Email All Comments and Questions to ryan@optimum-capital.com or Call at 718-623-3423.