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I'm acquaintances with an older Black-American man that is an anesthesiologist with an M.D. behind his surname. I know his younger cousins or nephews because I grew up with them. I think I heard he got out of medicine and put his money into real estate.
Why do you suppose he got wealthy, that is to say in the upper income brackets of Americans?
How do you suppose this black woman became low-income again in Canada after winning $10 million? ($10 million is not that much money if you need it to last 2, 3, 4 decades.)
The last one relating to that lottery one. No financial common sense and my question was she poor before( not knowing the value of money and how to make it grow without people ripping you off) which is equal to the same thing that most US professional athletes do right here in america after coming into millions of dollars.
You are right $10 million is not alot of money but it sure is a lifetime of money for me and I could go the rest of my life it I had that or even 1 million.
The last one relating to that lottery one. No financial common sense and my question was she poor before( not knowing the value of money and how to make it grow without people ripping you off) which is equal to the same thing that most US professional athletes do right here in america after coming into millions of dollars.
You are right $10 million is not alot of money but it sure is a lifetime of money for me and I could go the rest of my life it I had that or even 1 million.
I read another story about her just slightly more detailed. She was in and out of shelters as a teenager, and had neither parents or an environment that gave her much financial understanding or financial literacy. I don't condemn her or begrudge her.
The only one thing I am critical of her about is that she wasn't even keeping an eye on her bank account to keep a tab on how much she had left over while spending.
Fortunately, one day she looked at her account and saw she only had $750,000 left. She halted spending. Took that and opened trust funds for her kids that they can't touch till they turn 26 years old.
She could have taken $5 million of that $10 million and put it in 4 separate 20 year annuities that kick in back to back and the end of each one. She would have had guaranteed income (unless the company flops or nation crashes) until the age of 106. Annuity Calculator - Calculate Annuity Payments
She might have had something like $5,000 or $6,000 monthly payouts. Giving her about $60,000 to $72,000 a year. At about 4% interest.
That would have allowed her to still give her mother $1 million like she did, and her siblings $1 million rather than the $1.75 million she gave them to split. That would have left her $3 million to do with as she pleased. Bearing in mind she could not buy an expensive home that has a $30,000 a year property tax.
But my point about her differing from the black M.D. is that if you are male, female, black, white, yellow, blue, or green... if you become a medical doctor that's an anesthesiologist or a nurse practitioner anesthesiologist you are near guaranteed to draw in a high income. NP's that are anesthesiologists earn larger salaries than some MD's. That field of NP's is dominated by males too I think. Males that go into nursing tend to seek out the more lucrative specialties within nursing.
I've had Black-Americans berate me about spending the amount of time I am in college. Adamantly telling me you can be both a nurse and dentist without going to college. The best I can tell is they thought "Nurses Aid" is the equivalent of a nurse. Because they were telling me welfare will put women through training to be a nurse with no need of any college education.
This talk of squandered wealth is why my children will not inherit large lump sums. Their payout will last decades. It's not that I don't trust them. They have little experience in handling large sums of money, and what experience they do have showed that they...well, lacked experience.
I'm acquaintances with an older Black-American man that is an anesthesiologist with an M.D. behind his surname. I know his younger cousins or nephews because I grew up with them. I think I heard he got out of medicine and put his money into real estate.
Why do you suppose he got wealthy, that is to say in the upper income brackets of Americans?
How do you suppose this black woman became low-income again in Canada after winning $10 million? ($10 million is not that much money if you need it to last 2, 3, 4 decades.)
Poor (and especially poor black) people have problems dealing with windfalls that the non-poor don't have to the same extent.
It has a lot to do with the personal networks people have; non-poor/white people tend to have a lot of "weak ties" which often afford them meaningful opportunities, while poor/black people tend to have "strong ties" which often don't afford opportunities (if your family and friends are poor, they're unlikely to be able to refer you to job and business opportunities) while presenting you with needs that are hard to ignore when you hit the jackpot. That's why sports stars and lottery winners tend to spend a lot of money on family and relatives, buying them houses, cars, and whatnot. Basically, when these people find themselves with a pile of cash, all sorts of people (parents, relatives, friends, etc) come out of the woodwork to seek a piece of it, and "strong ties" make it difficult to turn down these people.
Poor (and especially poor black) people have problems dealing with windfalls that the non-poor don't have to the same extent.
It has a lot to do with the personal networks people have; non-poor/white people tend to have a lot of "weak ties" which often afford them meaningful opportunities, while poor/black people tend to have "strong ties" which often don't afford opportunities (if your family and friends are poor, they're unlikely to be able to refer you to job and business opportunities) while presenting you with needs that are hard to ignore when you hit the jackpot. That's why sports stars and lottery winners tend to spend a lot of money on family and relatives, buying them houses, cars, and whatnot. Basically, when these people find themselves with a pile of cash, all sorts of people (parents, relatives, friends, etc) come out of the woodwork to seek a piece of it, and "strong ties" make it difficult to turn down these people.
I wonder if you can win the lottery and not have your face or name in the news? I wouldn't want it to be know I won the lotto if I did. I got to hit the parents hands though. And if I won big enough I'd hit my aunts to took care of me when I was recovering from my gun shot wounds.
There is one charity in particular I would like to hit--in Cambodia. If I won big enough one other spot in Africa.
This is also when you adopt kids if you have none. Become a father. Don't get married. Keep women and "friends" and "siblings" at a distance. Live and be happy. East steak every night. And keep your gun close to you--or somewhere near by.
You're right about the sports stars and lotto winners from the hood.
American Indians are much poorer than African-Americans, but there are enclaves of Indians that are much wealthier where the business wherewithal came not from gambling and oil, but from a knowledge of giving customers value, learning the power of individual ownership, and when and why to borrow.
Most reservations are basically communistic organizations, with no allowance for individual property. Property rights are essential to a family accumulating wealth, and in many Indian reservations that basic American right is forbidden. Indian peoples on the poorest reservations have little to no ability to own individual plots of land (the land is mostly held in common or by trust), often can't own outright a house and therefore don't improve it, or develop tangible assets for their economic betterment. Borrowing is almost impossible as the reservation ownership system does not encourage banking as their is little borrowing. The system is much the same in the inner city: lack of eventual ownership of housing projects discourages improvements and savings. Indians that avoided the reservation system (or rare reservations where housing ownership are allowed) have much higher incomes and net worth. On many reservations in the rural west, the only wealthy members are the leadership oligarchy, much communist and former communist societies. Power by tribal chiefs is too often abused for their own family's and friend's benefits - the tribal members energies to often are not spent on real economic endeavors, but on climbing political ladders.
American Indians are much poorer than African-Americans, but there are enclaves of Indians that are much wealthier where the business wherewithal came not from gambling and oil, but from a knowledge of giving customers value, learning the power of individual ownership, and when and why to borrow.
Most reservations are basically communistic organizations, with no allowance for individual property. Property rights are essential to a family accumulating wealth, and in many Indian reservations that basic American right is forbidden. Indian peoples on the poorest reservations have little to no ability to own individual plots of land (the land is mostly held in common or by trust), often can't own outright a house, or develop tangible assets for their economic betterment. Borrowing is almost impossible as the reservation ownership system does not encourage banking as their is little borrowing. The system is much the same in the inner city: lack of eventual ownership of housing projects discourages improvements and savings. Indians that avoided the reservation system (or rare reservations where housing ownership are allowed) have much higher incomes and net worth. On many reservations in the rural west, the only wealthy members are the leadership oligarchy, much communist and former communist societies. Power by tribal chiefs is too often abused for their own family's and friend's benefits - the tribal members energies to often are not spent on real economic endeavors, but on climbing political ladders.
please elaborate ...
I think his comparison is valid (Holocaust is JUST ONE of many atrocities committed against the jewish people and yes they also went through slavery) yet they still fare better than African Americans. The truth is hard to swallow but lets face it too many black people are dependent on government handouts and that dependency is carried on from one generation to the next and the common denominators are :
lack of education, lack of ambition, being raised in single-parent home by women who have no business having children they can't feed , clothe or raise properly etc.
I am a black female and I refuse to have the past shape my future or ability to rise above it.
Stop the victim mentality and stop making excuses and do your part to improve your community.
Would also offer that the Jews have had centuries of spiritual blessings heaped on them by their faith, knowledge of the scripture, and actually verbally blessing their children at the dinner table as an act of faith. The Bible states that a righteous man will have his children blessed for 1000 generations. I know many here don't want to hear about a spiritual dimension, but there are spiritual reasons that Jewish people are so blessed in so many dimensions of their lives, in spite of the hatred heaped upon them. In contrast, a child where the father has many baby mammas essentially has to overcome the lack of blessings that the father hasn't bestowed on him. The blessing are like many small acts of grace that happen throughout their lives that guide them in making good decisions. A father that hardly recognizes his child and doesn't help with raising the child is essentially cursing that child with a bad life. Spiritually, it is very harmful to a child, and the child is much more likely to stray from the narrow road of a blessed destiny unless the child has a strong faith-based mother.
Contrast the Jewish example with the Chinese example historically. Culturally, Chinese fathers were reknowned in Asia by non-Chinese women for being diligent with the raising of their children. The children responded well to their attentions - and were in fact blessed by those attentions - but the extra faith-based blessing was not normally there, so the children normally pursued a conformist path, rather than a more divine path that lead to more self - discovery and awareness of personal giftedness.
Last edited by fourwinds; 06-27-2013 at 01:19 AM..
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