Yes, there’s a shortage of wealthy black people. Why is it so? Here’s an insight into the lives of black people.
1. Blacks Are Still Enslaved
Centuries ago, enslavement and discrimination kept African natives segregated from the rest of the world. Rights to own property, run their businesses, availing government resources and wealth transfer were not applicable to the black community for the majority of the twentieth century. This bias has seeped through the generations. With so less opportunities there is no chance that they can accrue wealth.
2. Early Marriages
Now with bad income, there are more chances that you end up lagging up behind in the rat race to earn wealth. To increase the household income, black families are often forced to either give up their children in the name of marriage. Or they marry to double their income with two bread-earners in the family. This leads to additional financial pressures, but it is mostly overseen. But with added up members, the chances of saving more is less likely.
3. More Divorces
Now an early marriage does not translate into early bliss. There is a lot of discomfort and discontentment in the family. With early parenthood and elderly in the family, the chances that such marriage would work are one-in-a-million. When the divorce is through, there’s little left. So, the black children end up in impoverished households, living by their parents’ paycheck.
4. Less Education
Education is an expensive commodity. With financial recession hitting most of the developed countries, there are more chances of poeple ending up unemployed. With already prevalent racial bias, blacks in good jobs is a rarity. So, they are less likely to end up with a degree.
5. Weaker Financial Prosperity In Community
All these conditions mentioned above means, that the whole community is plagued with economic problems. Most of the black families in USA and South Africa live by the paycheck. So they are less likely to own houses, have financial stability, have proper education and have proper retirement investments. Even if there is a rare chance of somebody striking it rich, most of the money would be drained off in assisting the community.
No wonder, black people are being left behind. Its time all of us took a bold step by helping them out.