“The most dangerous of all dependencies is depending on your powerful oppressor to free you and share power with you, because powerful people never train powerless people to take away their power.”
John Henry Clarke
Introduction
The above quote from one of the towering giants of Afrocentric thought, the late John Henrik Clarke, speaks to the reality of current power relations between Caucasians and Africans. Let’s modify this quote in light of the theme of this paper, Black financial empowerment.
“The most dangerous of all dependencies is to depend on your rich oppressor to set you free and share the wealth with you, because rich people (and nations) never train poor people (and nations) to take their wealth away.”
John Henrik Clarke adapted by Paul Ifayomi Grant
Africans need to be shaken out of our ‘waking comas’ and face the harsh realities of the world we find ourselves in. No one but ourselves is going to change our generally pitiful economic condition. This is a fiercely competitive world where different groups compete against each other, while many of us are locked into an individualistic fantasy; thinking that success is a purely individual pursuit. Group identity, solidarity, trust, cooperation, and responsibility provide the platform for people to achieve economic success. This is why Africans are at the bottom of the economic pile wherever we live, Oprahs, Bob Johnsons, athletes, artists, etc. notwithstanding.
TIPS
o Buy Black (when possible): Check your shopping list and see how much spending you can transfer to a Black-owned business.
o Learn about the ‘Local Multiplier Effect’: Do a web search for the New Economics Foundation, where you can find information on filling the holes in our economic cube.
o Go shopping with a list – 70% of purchases are spontaneous.
o Create a family budget and review it regularly.
o Stop and count to 20 before making a spontaneous purchase – visualize your bank balance decreasing as money leaves your account.
o Understand the difference between wealth and income: High income and wealth are not necessarily synonymous. A basic definition is that wealth = assets – liabilities
o Learn more about the concept of ‘residual income’
o Change mortgage provider, utility provider, etc. regularly to get the best deal – most people are more likely to get divorced than switch mortgage providers
o Save for a hurricane, not just a rainy day
o Balance your investments between high, medium, and low-risk investments: for a 35-year-old, the balance should be approximately 35 : 35 : 30. As you age, your investment balance should move toward a higher investment ratio lower risk.
o Read books, websites, etc. that will teach you about financial education and economic relationships between different groups of people.
o Teach your children about financial literacy: open a savings account (high interest) as soon as they are born. Encourage them to save most of their pocket money. If you can afford it, match what they have saved at the end of the year. Discuss your household budget with your children (when they are old enough) so they understand that there is not an unlimited supply of hole-in-the-wall money!
o Do not accumulate debt by buying depreciated assets, for example, cars, electronic equipment, designer clothes, etc.
o Participate in some form of collective financial investment, eg Pardner, ABDF Ltd (www.abdf.co.uk), credit union, etc.
o Regularly give money to good causes that empower Africans
o Remember, the economy is an us game as well as an me game, meaning groups that invest in their own communities are economically strong.
o Start the economic charity Black at home!
or Think Black, Buy Black, to get us on our way!
Recommended reading: BluePrint for Black Power by Amos Wilson, Black Economics by Jawanza Kunjufu, Rich Dad Poor Dad by Robert Kiyosaki and Sharon Lechter, Think and Grow Rich a Black Choice by Dennis Kimbro and Napoleon Hill, How Europe Under Developed Africa by Walter Rodney , Powernomics by Claude Anderson, http://www.moneysavingexpert.com
6242 (Sep 2006) Kemetic Calendar
