Who’s Zooming Who?

Bren Sheriff, CSA
Bren Sheriff, CSA


Who’s Zooming Who?


You may be familiar with the saying, “If it ain’t broken, don’t fix it.” But have you ever thought about the other side of that idea—“If it’s broken, fix it.”

That’s what I want to discuss today: identifying what’s broken in the money matters of  our Black communities across our nation and considering ways to fix it.

It has been my experience, and perhaps yours as well, that many people believe if they simply had access to more money, most of their problems would disappear. Some even answer the question, “How are you doing?” with the familiar reply: “Nothing that more money wouldn’t fix.”

Yes, money is essential to survive in our society, and the inequity in the amount of wealth owned by different groups is immense. Many of us firmly believe that the wealth of this nation was built on the backs of our ancestors and that we are owed reparations to bring greater parity to our economic status.

While the debate over reparations continues, we also have an opportunity right now to improve our financial standing by exercising better financial judgment. The truth is, it’s not just the amount of money you have—it’s knowing how to best use the money you have that matters.

It never ceases to amaze me how little time we, as Black people, spend trying to understand how the money we control right now could make a significant difference in our lives—both individually and collectively.

Our national spending power is estimated to be close to two trillion dollars annually, roughly in the same range often cited for Hispanic consumers. While their total spending power may be slightly higher because of their larger population, Black Americans have a higher per-person spending capacity.

Yet there is a troubling difference in how those dollars circulate.

Generally speaking, other racial groups in our nation are more successful at keeping their dollars circulating within their communities. However, some economic studies estimate that a dollar in Black communities stays there for only six to twenty-four hours before it leaves. My grandfather used to say, “A fool and his money are soon parted.”

When our dollars move so quickly out of our communities, the benefits of our hard-earned money are enjoyed elsewhere. Instead of strengthening businesses in our own neighborhoods, our spending too often helps build wealth in other communities.

If we expect to make the kind of economic progress in the future that our ancestors fought so hard for in the past—with or without reparations—this pattern of spending our money with those that take it out of our community must cease.  Yes, two trillion dollars is too much money for us to give away every year.  Think about the number of jobs we could create if we understood the value of our money staying in our communities as it did before desegregation changed our spending habits.

What we need is what other communities already practice: a stronger sense of economic cooperation, community pride, and shared prosperity. Buy your goods and services from people that look like you.  That’s what other racial communities do.  Why not us?

According to a longtime advocate for Black economic growth, the late Dr. Webb Evans, used to say, “Mind your own Black Business.  Buy Black!!!”

It may take effort on your part to seek out the products and services you need from folks who look like us. However, continuing to spend your money at businesses that are neither Black owned nor do they employ Black people from our community is both counterproductive and shortsighted.

Years ago, I had a conversation with a foreign-born business owner who told me something that stayed with me. He explained that he intentionally opened his business in a Black neighborhood. Even before arriving in the United States, he had been told in his home country that you could become wealthy in America by operating a business in a Black community—especially if you sold food or liquor.

That statement should give us all a cause to pause.

Buying Black is not always easy, but it is getting easier. Today there are directories, community networks, and home delivery services that make it simpler than ever to locate and support Black-owned businesses—especially when it comes to food and other everyday purchases.

It may be more costly now, but the rewards of keeping our money in our community will eventually payoff.  Why? Because increased spending with Black businesses can eventually lower their prices due to large volume purchasing, thus the economy of scale can be achieved for a win-win for our community. 

If we simply begin changing our buying habits, starting with small decisions, we can gradually improve the economic health of our communities when we make a concerted effort to buy Black.

Think about it: how much money do you spend every week that never reaches the pockets of someone who looks like you?

If we want change, we must become the agents of that change and encourage others to do the same.

Chicago—and many other cities—once had thriving Black business corridors. With determination, cooperation, and intentional spending.  We can achieve these thriving Black business corridors once again, in preparation of our reparations.

If not now, when?  If not buying Black, what? 

Only we can make OUR MONEY MATTER.

Buy Black! Advertise Black! Hire Black!

If we don’t, who’s zooming who?

The best to you and yours,

Bren Sheriff, CSA

THIS WEEK’S QUIZ: If you add someone to your life savings bank account today as a joint owner, who legally owns the money in the account?
Answer to last week’s quiz: Cash deposits made in person or via ATM are generally available the next business day.  The first $225 of a check deposit is usually available for the next business day.  The remaining amount is usually available the 2nd business day.  For check deposits over $5,525 it is typical to place a 7 business day hold. For new accounts, accounts with frequent overdrafts, checks of questionable authenticity, check with your bank. Bottom of Form

 

For Questions or Help: 773-817-0601 or basheriff1@gmail.com

Disclaimer: The illustrations presented in this column are not, nor are they intended to be, legal, financial, or any other licensed professional advice, you should contact the licensed professional of your choice for advice on your individual situation.

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