WHITE PRIVILEGE OR FINANCIAL SECURITY PRIVILEGE?
WHITE PRIVILEGE OR FINANCIAL SECURITY PRIVILEGE?
Disclaimer: Good Day, Readers. WealthBuildingPowers blog is a financial literacy/competency blog and does not provide specific investment recommendations.
Last week I was a passenger in a new BMW SUV (that new car smell thang – which is actually all the nasty chemicals utilized in manufacturing), riding around Naples, Florida, looking at potential new homes. Between visits to homes (that doubled in value in the past three to five years – a SELLER’s Market!) I asked my realtor, Megan if she agreed with the federal government paying off student loans. She thought and said she had mixed feelings. She attended college, worked part-time, borrowed from her parents, and took out some student loans. She graduated with debt, as many young Americans do. Because she is a successful real estate agent, she was able to pay off her loans and her parents very early. Megan believes she benefited from white privilege.
PRIVILEGED
Megan’s parents taught her the importance of avoiding “bad” debt versus good debt {i.e., an affordable mortgage}. She felt ethically obligated to pay her school loans in full. However, she has empathy for those who did not benefit from “white privilege.” She believes maybe the federal government should pay off some school loan debts.
Based on our conversation, I believe Megan referred to white privilege because:
- She was raised by two parents, who happen to be white
- Both parents worked hard and stressed the importance of education and hard work
- Her parents inspired and pushed their three kids to attend college
- Her parents taught their kids financial literacy
In my case:
- I was raised by two parents who happened to be black
- Both parents were college-educated
- My parents instilled in both sons at an early age (like one-year-old) YOU ARE GOING TO COLLEGE – ZERO EXCUSES!
- My brother and I attended college before the tuition prices escalated to the current unethical and corrupt levels at State Universities. {State Universities have been increasing tuition at an average rate of eight percent, while inflation before 2022 averaged two to three percent. I have never read a justification for this disparity. If you review the universities stats, the number of faculty has remained stagnant. Few today can argue that young people are getting a better education!}
- I graduated with a small student loan and paid it off within 24 months of graduation.
- My wife graduated without student loans. Her parents paid for her education, and she received some scholarships and worked.
- My parents constantly modeled financial literacy. I understood from an early age the importance of:
- Earning More Than You Spend
- Avoiding unnecessary debt
- Pay yourself first! Contributing to my savings and 401K
- Learning how to invest beyond bank savings into the stock market and real estate
Was I born to “white privilege”? I’m black for those who have never met me. I kind of look like a more robust (fatter) Denzel Washington. Ok, maybe- less hair!
WARREN BUFFETT
Warren Buffet said, and I am paraphrasing, “He was lucky to be born in 1930, in the U.S., white and male.” In his era, females were not expected or encouraged to become investment geniuses. We know a brown Warren, born in 1930, would not have been trusted with the millions of dollars Berkshire Hathaway’s early investors invested in Warren Buffett.
FINANCIAL SECURITY PRIVILEGE IS COLORBLIND!
Those with financial security privileges have significant advantages over those without. This is a fact regardless of the color of your skin! The Obama daughters have financial security privileges, regardless of their race!
My family, friends, and environment all played a role in lifting me. As did the nation I was blessed to be born. Every day I continue to reap the benefits of being an American citizen. Despite the fools we elect to D.C., being an American citizen is a far more significant determinant of my station in life than my lack of “white privilege.”
But millions of people are at a disadvantage, NOT because they lack white privilege, but because they lack the privilege my brother and I had. We had TWO great parents. Our Dad was there for us until the day he died. We also had a strong entrepreneur Grandfather and a favorite Uncle, a role model/mentor who was indeed a privilege.
As a nation, we need to talk about the harsh realities shared below:
BLACK CHILDREN BORN TO A SINGLE MOM IN THE U.S. ARE STATISTICALLY AT A DISADVANTAGED.
WE LIVE IN FEAR!
Many of us are tired of living in fear and are moving out of U.S. dangerous cities. A common phrase in Chicago is the “Pathway from Chicago High Schools to Prisons.”
Enough is not said about ~73% of black kids being born to single moms. We are watching increasing and frightening violence in our country, especially our U. S. inner cities. The numbers of Gun Violence, Murders, Assaults, Car Robberies, etc., are climbing. With no coherent strategies to reduce this crime surge coming out of our prominent city Mayors’ offices {Chicago, Detroit, DC, NY, LA, San Fran, Baltimore, Atlanta, etc.}
One of the biggest threats to our country today is the destruction in the black community of the two-parent family structure and the weakening of religious morals and practices.
CONCLUSION – WHAT IS NEEDED TODAY IS MORE FINANCIAL SECURITY PRIVILEGES FOR ALL AMERICANS!
This conversation with Megan stuck with me because it was the first time anyone said to me they benefitted from white privilege. I grew up in the segregated south and saw first-hand white privilege.
However, when I examine my life, my race is irrelevant to my numerous failures or successes. More important than my skin color is what Warren Buffett, Megan, my brother, and I share – Two intelligent, loving parents who guided us and instilled financial literacy and a strong work ethic in us.
Racism is real. We just saw a horrific example in Buffalo, New York. But, we cannot blame every failure in today’s society on racism. We are saying blackness is a source of failure by constantly chanting white privilege, thus allowing people to remain in poverty and without dreams. Politicians point the finger in all directions as they love to do, except for their inept words and policies. They create policy solutions that fail to address the root cause of the issue and instead exacerbate it.
Life is what you make it, so let’s give anyone who needs it a push up their career and life ladder. Let’s Make It So!
Success is about the strength of your character, not your skin color. Success depends on who you are, what you prioritize, and the relentless pursuit of excellence.
We all can reach our potential through a willingness to work hard.
LET’S MAKE SOME MONEY – CRYPTOCURRENCY IS ACCEPTED!
YOUR GREATNESS IS NOT WHAT YOU HAVE; IT’S WHAT YOU GIVE! – SOME CHARITIES I SUPPORT
St Jude Hospital: https://www.stjude.org/
Wounded Warrior Project: https://www.woundedwarriorproject.org
Folds of Honor: https://foldsofhonor.org
Wilson’s No-Kill Animal Shelter: https://wcnkas.org
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https://wealthbuildingpowers.com/2019/04/01/financial-literacy-is-just-not-that-complicated-trust-me/
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INVESTING IN STOCKS IS COLOR BLIND – WHAT IS STOPPING YOU?
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WARREN BUFFETT’S NET WORTH IS DRIVEN BY THESE IRONCLAD TEN REULES
Warren Buffett Says This 1 Simple Habit Separates Successful People From Everyone Else http://flip.it/_AzPx9
WARREN BUFFETT UTILIZED COMPOUND INTEREST TO BECOME THE 3RD RICHEST MAN ON THE PLANET!
WARREN BUFFETT UTILIZED COMPOUND INTEREST TO BECOME THE 3RD RICHEST MAN ON THE PLANET!
LEARNING FROM INTELLIGENT MINDS – IS MANDATORY!
IMPROVING MY COMMUNICATIONS SKILLS MORE THAN DOUBLED MY COMPENSATION! SERIOUSLY!
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ABOUT ME
I am a proud nerd (as my beautiful wife and daughter have told me) investment and finance blogger with an N.C. State, Chemical Engineering, University Rutgers, MBA and Harvard University, Advanced Management education.
I left a corporate career because I desired to make a difference as a speaker and writer. I was blessed to be coached and mentored by strong women and men in my family and professional life. It is my time to serve and give back.
DISCLAIMER
I started my first business at ~13 years of age (a small but brilliantly created plant nursery). I am a successful investor in stocks, options, and real estate and am happy to share my finance and investment lessons. I am NOT a licensed financial advisor. Please do not construe my suggestions on this blog as recommendations for your situation. As an investor, you must establish your risk/loss tolerance. Investment in any asset involves risk, including complete loss.
Please seek your licensed CPA or fiduciary financial advisors for individual financial advice.
I write this weekly blog to make an impact by reaching an audience and demonstrating the need for financial literacy. I will help you get there.
