Blacks Buying from Blacks Matters!

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Blacks Buying from Blacks Matters!

Black buying power in the USA is now over 1.5 trillion dollars: The goal of this group is to manifest the Principles of Kwanzaa into an every day practice with Blacks buying products and services from other Blacks as a casual act instead of a forced, rare  or awkward practice. This will grow power, prestige and more money! Being Black should not be a reason to not buy.

Black profits matter!

Negative folks are invited to not be a part of this group. Spend your money and time in your beloved "mainstream!". This is about our DREAM!

Website: http://www.dablackage.blogspot.com
Location: Everywhere we roll!
Members: 27
Latest Activity: Feb 10

Borrow $5,000, repay $42,000 - How super high-interest loans have boomed in California By ANDREW KHOURI and JAMES RUFUS KOREN JAN 19, 2018 JoAnn Hesson, sick with diabetes for years, was desperate. After medical bills for a leg amputation and kidney transplant wiped out most of her retirement nest egg, she found that her Social Security and small pension weren't enough to make ends meet. As the Marine Corps veteran waited for approval for a special pension from the Department of Veterans Affairs, she racked up debt with a series of increasingly pricey online loans. In May 2015, the Rancho Santa Margarita resident borrowed $5,125 from Anaheim lender LoanMe at the eye-popping annual interest rate of 116%. The following month, she borrowed $2,501 from Ohio firm Cash Central at an even higher APR: 183%. "I don't consider myself a dumb person," said Hesson, 68. "I knew the rates were high, but I did it out of desperation." Not long ago, personal loans of this size with sky-high interest rates were nearly unheard of in California. But over the last decade, they've exploded in popularity as struggling households - typically with poor credit scores - have found a new source of quick cash from an emerging class of online lenders. Unlike payday loans, which can carry even higher annual percentage rates but are capped in California at $300 and are designed to be paid off in a matter of weeks, installment loans are typically for several thousand dollars and structured to be repaid over a year or more. The end result is a loan that can cost many times the amount borrowed. Hesson's $5,125 loan was scheduled to be repaid over more than seven years, with $495 due monthly, for a total of $42,099.85 - that's nearly $37,000 in interest.

This Limited edition Black Panther statue is about the same height as the Academy Award "Oscar".  Except you can not buy as "Oscar". Prof. Onli is auctioning off the BP icon.  Started at 4250.00 now the "floor asking rate" is $1,500.00.Blacks in America have about a $1.3 trillion gross national income.  Only 2% of that money, about $26 billion, is re-circulated in the Black community. 

The Retirement Crisis Facing African Americans 
By Rodney Brooks, Next Avenue Contributor 
March 9, 2017

 

There's a saying: When white America catches a cold, black America catches pneumonia. So, if there is an impending retirement crisis in America, what does that mean for African Americans? The answer to that question is discouraging.
There is a huge gap in retirement preparation of African Americans compared to white Americans, generally speaking. According to the Urban Institute's Nine charts about wealth inequality in America:

 

African Americans Tend Not to Invest in Stocks

 

Some analysts also say that African Americans often shy away from investing in the stock market. "Whatever discretionary income we have, we tend not to invest in equities," says Rockeymoore. "We don't have a diversification."

 

This may be due to a lack of comfort with the stock market.  "African Americans are risk-averse," says Deborah Owens, a former Fidelity Investments vice president who calls herself America's Wealth Coach. "So, one of the major reasons they have less in retirement savings is they are ultra-conservative, particularly African Americans who work in the public sector and nonprofit organizations."
 
Owens says black investors typically focus on guaranteed or fixed investments that are low-risk or no-risk. As a result, their retirement funds aren't compounding at a high rate of return.

 

According to the Federal Reserve, the average balance of African Americans in 401(k)s is only $23,000. And Social Security and the Racial Gap in Retirement Wealth found the average balance for African Americans in pensions and IRAs was $10,300, vs. $105,600 for white Americans.

 

Owens believes many African American workers don't take full advantage of all the choices in their employer-sponsored plans because they don't understand them. "The tendency to be risk averse is directly correlated to their lack of knowledge," she says.
 

 

What Employers and Policymakers Could Do to Help


James Brewer, president of Envision Wealth Planning in Chicago and president of the Association of African American Financial Advisors says African Americans need financial advice on issues such as having higher student loan debt than white counterparts and, often, a greater need to financially assist less affluent family members. Maya Rockeymoore, President of Center for Global Policy Solutions in Washington, D.C. says African Americans, even in retirement, tend to support other family members, including children and adult children. Also, they are disproportionately taking care of grandchildren, making them unable to save more for retirement.

All in all, says Rockeymoore: "There needs to be a national campaign to encourage young African Americans to save and invest. Home ownership is the pathway to wealth. They [blacks] need to be educated in the homebuying process and also to diversify their investments to include stocks and bonds."

 

  
Borrow $5,000, repay $42,000 - How super high-interest loans have boomed in California
 
By ANDREW KHOURI and JAMES RUFUS KOREN
JAN 19, 2018
JoAnn Hesson, sick with diabetes for years, was desperate.
After medical bills for a leg amputation and kidney transplant wiped out most of her retirement nest egg, she found that her Social Security and small pension weren't enough to make ends meet.
As the Marine Corps veteran waited for approval for a special pension from the Department of Veterans Affairs, she racked up debt with a series of increasingly pricey online loans.

In May 2015, the Rancho Santa Margarita resident borrowed $5,125 from Anaheim lender LoanMe at the eye-popping annual interest rate of 116%. The following month, she borrowed $2,501 from Ohio firm Cash Central at an even higher APR: 183%.
"I don't consider myself a dumb person," said Hesson, 68. "I knew the rates were high, but I did it out of desperation."  Not long ago, personal loans of this size with sky-high interest rates were nearly unheard of in California. But over the last decade, they've exploded in popularity as struggling households - typically with poor credit scores - have found a new source of quick cash from an emerging class of online lenders.

 

Unlike payday loans, which can carry even higher annual percentage rates but are capped in California at $300 and are designed to be paid off in a matter of weeks, installment loans are typically for several thousand dollars and structured to be repaid over a year or more. The end result is a loan that can cost many times the amount borrowed.  Hesson's $5,125 loan was scheduled to be repaid over more than seven years, with $495 due monthly, for a total of $42,099.85 - that's nearly $37,000 in interest.

Discussion Forum

BLACK FRIDAY DEALS!

Started by Jarvis Sheffield - Admin. Last reply by Turtel Onli Feb 10. 1 Reply

BLACK FRIDAY DEALS!…Continue

 

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Blog Posts

We have come so far by faith

Posted by Ms. Regina Owens on February 20, 2018 at 6:24pm 0 Comments

Let us not forget those who have gone before us, who have fought the good fight with faith, and courage. Black History Month is due in remembrance of them all, and us today must not allow those torches of courage to ever go out. Kudos to the Black Panther movie, now a superhero movie for us--not one of a "pale like," one that bolts out of a phone booth wearing a flying like red and blue cape. Blessings to you all!

Alice Ball...

Posted by Reginald L. Goodwin on February 20, 2018 at 8:42am 0 Comments

Alice Ball - see link below

Topics: African Americans, Civil Rights, Diaspora, Diversity, Diversity in Science, History, Women in Science

This is Alice Ball, the pharmaceutical chemist who in 1919 developed a…
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Ready for S.E.T.I...

Posted by Reginald L. Goodwin on February 20, 2018 at 8:39am 0 Comments

Credit: fotocelia Getty Images

Topics: Commentary, Existentialism, SETI

It is my observation we haven't quite mastered terrestrial encounters with other hominids of differing cultures or shades of…
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Slavery and the American University...

Posted by Reginald L. Goodwin on February 19, 2018 at 12:50pm 0 Comments

Schomburg Center for Research in Black Culture, The New York Public Library/Library of Congress “Halting at Noon,” a wood engraving showing a slave drive through Virginia in the early nineteenth century, 1864

Topics: African Americans, Civil Rights, Diaspora, Diversity, Diversity in Science, History, Women in Science…

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Planet Xs...

Posted by Reginald L. Goodwin on February 19, 2018 at 12:47pm 0 Comments

RX J1131-1231 is about 6 billion light-years away. It is a lensed quasar; gravitational lensing caused by an intervening elliptical galaxy (center, yellow) has magnified and multiplied the image of RX J1131 into four images (pink) as seen with the Chandra X-ray Observatory. X-ray: NASA/CXC/Univ of Michigan/R.C.Reis et al; Optical: NASA/STScI

Topics: Astronomy, Astrophysics, Exoplanets…

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Kendrick Lamar and Sza... "ALL STARS"

Posted by Carles CJ Juzang on February 18, 2018 at 12:30am 0 Comments

Regardless of my disappointment over the content of this CD. This song and THIS Video is by far (DOPE)³. Produced by Meyers and The Little Homies …

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THE UNDERGROUND BY ROXANNE BLAND

Life as alpha of a werewolf pack is anything but predictable. But even Parker Berenson is surprised by the latest twist: he’s fallen in love with a space alien. Problem is, he suspects Melera, his sexy new flame, might be the serial killer terrorizing Seattle. Or maybe she isn’t. After all, just because she’s an interstellar assassin doesn’t mean she’s guilty.

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