Zone1 Why whites have more wealth than blacks.

[Woodznutz]

Your whining about how much the White Man is keeping you down is getting more old.

He's doing alright.

 

[Blues Man]

The most direct and fastest way to accumulate wealth is through the acquisition of real property (land).

In many places in the U.S. people of African descent were not allowed to own land in the aftermath of the abolishment of slavery via the 13th Amendment to the U.S. Constitution.

Black Land Theft and the Racial Wealth Divide - Inequality.org

Their Family Bought Land One Generation After Slavery. The Reels Brothers Spent Eight Years in Jail for Refusing to Leave It.

I don't disagree but it's even better if that real property can generate income rather than just sit and appreciate in value.

 

[Woodznutz]

This is a number of years ago, and I mean pre-forum/internet days. I read an article that blacks, genetically, were on the whole not business minded/savvy. Unfortunately, I have no link etc.. because in the 80's, you just read stuff.

Their idea of business is scamming someone, usually another black person. What is ironic is the victims know this and still fall for those scams. They also suffer from the 'immediate gratification' syndrome that prevents them from engaging in long-term financial goals.

 

[Woodznutz]

I don't disagree but it's even better if that real property can generate income rather than just sit and appreciate in value.

You leverage the equity in your home to acquire rental property.

 

[Blues Man]

You leverage the equity in your home to acquire rental property.

The first house I ever bought was a rental property.

I fished a studio apt in the basement and rented the top 3 floors. I was basically living for free since It only took renting 2 apts out of the three to cover the mortgage and taxes and I did all the maintenance work myself.

 

[postman]

The most direct and fastest way to accumulate wealth is through the acquisition of real property (land).

In many places in the U.S. people of African descent were not allowed to own land in the aftermath of the abolishment of slavery via the 13th Amendment to the U.S. Constitution.

Black Land Theft and the Racial Wealth Divide - Inequality.org

Their Family Bought Land One Generation After Slavery. The Reels Brothers Spent Eight Years in Jail for Refusing to Leave It.

I don't disagree but it's even better if that real property can generate income rather than just sit and appreciate in value.

Actually the greatest source of family wealth, is to inherit it. Which is where blacks have the disadvantage of not being able to acquire or pass on wealth before the 13th amendment. And often prohibited for decades after that.

Just like with legacy admission into ivy league colleges and universities, the generational advantages make a huge difference.

 

[Woodznutz]

The first house I ever bought was a rental property.

I fished a studio apt in the basement and rented the top 3 floors. I was basically living for free since It only took renting 2 apts out of the three to cover the mortgage and taxes and I did all the maintenance work myself.

I manage a large apartment building and live on site in a house provided by my employer. This freed me up to buy an 8-unit across town. Worked out pretty well for me. However, there are few such opportunities available at the present time. Rental properties are scarce and overpriced, unless you look in a small town somewhere, but that might be risky.

 

[GLASNOST]

So most people who have become millionaires who didn't inherit their money did it by illegal activity?

Yes, that's an accurate account of what I am saying.

 

[postman]

I manage a large apartment building and live on site in a house provided by my employer. This freed me up to buy an 8-unit across town. Worked out pretty well for me. However, there are few such opportunities available at the present time. Rental properties are scarce and overpriced, unless you look in a small town somewhere, but that might be risky.

It's also about being allowed the opportunity.

What is an example of redlining?

As an illustration of redlining, reporter Bill Dedman published a series of articles in the 1980s demonstrating that Atlanta banks would lend in lower-income white neighborhoods but would refuse to lend in middle-income or upper-income Black neighborhoods.

 

[Blues Man]

Yes, that's an accurate account of what I am saying.

Prove it.

 

[postman]

Yes, that's an accurate account of what I am saying.

It's true, people can get quite rich by dealing drugs.

Geoff, Purdue's opioid sales earned the Sackler family billions of dollars
And the $6 billion that they will pay in this settlement will be given to state, cities and individuals harmed by opioid addiction and overdoses. It also requires that the Sacklers give up control of Purdue Pharma.

Rich drug dealers abound.

 

[Woodznutz]

Actually the greatest source of family wealth, is to inherit it. Which is where blacks have the disadvantage of not being able to acquire or pass on wealth before the 13th amendment. And often prohibited for decades after that.

Just like with legacy admission into ivy league colleges and universities, the generational advantages make a huge difference.

Inheritance isn't a significant source of wealth for most.

 

[postman]

Inheritance isn't a significant source of wealth for most.

I beg to differ.

According to financial market intelligence firm Cerulli and Associates, baby boomers and the Silent Generation (preceding boomers) will pass down $84.4 trillion in assets through 2045, with $72.6 trillion going directly to heirs.

The Baby Boomer generation is expected to leave a significant amount of money to their Millennial children. It's estimated that more than $68 trillion will be bequeathed to their offspring. The great wealth transfer is expected to make Millennials the richest generation in American history.

 

[Woodznutz]

I beg to differ.

According to financial market intelligence firm Cerulli and Associates, baby boomers and the Silent Generation (preceding boomers) will pass down $84.4 trillion in assets through 2045, with $72.6 trillion going directly to heirs.

True, the Boomers hold huge portfolios, but as most are still alive, they haven't passed it down yet.

Presently the bottom 50 percent receive little or no inheritance.

Average Inheritance and 5 Tips for Leaving One to an Heir

Preparing an inheritance can be exciting and stressful. Learn about the average inheritance and strategies you can use to determine how much to leave.

www.annuity.org

 

[GLASNOST]

Yes, that's an accurate account of what I am saying.

Prove it.

"Prove it"? What is this, kindergarten time? I said what I said and I now say it is accurate .... I did say it. What's there to "prove"?

 

[postman]

True, the Boomers hold huge portfolios, but as most are still alive, they haven't passed it down yet.

Presently the bottom 50 percent receive little or no inheritance.

Average Inheritance and 5 Tips for Leaving One to an Heir

Preparing an inheritance can be exciting and stressful. Learn about the average inheritance and strategies you can use to determine how much to leave.

www.annuity.org

Which is another reason why blacks are at an economic disadvantage, even if currently everybody is given equal opportunities. The advantages that previous white generations had, that blacks had been denied produces generational advantages / disadvantages.

 

[GLASNOST]

It's true, people can get quite rich by dealing drugs.

Geoff, Purdue's opioid sales earned the Sackler family billions of dollars
And the $6 billion that they will pay in this settlement will be given to state, cities and individuals harmed by opioid addiction and overdoses. It also requires that the Sacklers give up control of Purdue Pharma.

Rich drug dealers abound.

Exactly right. People think the word "criminal" is reserved for cat burglars and bank robbers. Every president or big-wig industrialist who took a bribe is a criminal and I don't think there are many of them who died poor.

 

[postman]

"Prove it"? What is this, kindergarten time? I said what I said and I now say it is accurate .... I did say it. What's there to "prove"?

I don't know what you said, but this is a place where discussions are based on substantiating your position. You can't treat them like children, and just tell people "because I said so".

 

[Woodznutz]

It's also about being allowed the opportunity.

What is an example of redlining?

As an illustration of redlining, reporter Bill Dedman published a series of articles in the 1980s demonstrating that Atlanta banks would lend in lower-income white neighborhoods but would refuse to lend in middle-income or upper-income Black neighborhoods.

A rising tide lifts all boats. I bought in a low-income, "at risk" neighborhood and profited handily by being a good landlord over 18 years. My occupancy rate was nearly 97 percent over the period, and I lost very little rent from deadbeats as I screened applicants very carefully.

 

[GLASNOST]

I don't know what you said, but this is a place where discussions are based on substantiating your position. You can't treat them like children, and just tell people "because I said so".

Thank you. I'll take your advice and put him on "ignore".