Be Patient: We Are New To Economics
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Posted By: Wayne Hodges Jr. on January 31, 2008 It is one thing to be ambitious. However, when ambition is fueled by frustration bad things usually happen. Speaking of frustration, a large number of African-Americans are up to their necks in it. The reason? Too many blacks have underestimated the value and importance of economics. It is the single most deciding factor when evaluating success in our society. Instead of becoming frustrated, we must realize that it is not our fault. Blacks have been involved with mainstream U.S. economics for only 30 years, or since the civil rights movement. Don't get me wrong, black businesses flourished from the early 1940's to the late 1970's. These businesses were not mainstream, but they were very profitable. For this reason, black businesses became targets of the mafia and crime bosses. Our buildings were vandalized and set on fire. Unfortunately, our businesses continue to be targets. The difference between now and then? Today, crime bosses pay black people to do the dirty work for them. What the media reports as another gang-related incident is nothing more than the mafia destroying black commerce. These events have caused black entreprenuers to lose confidence. Some men and women have turned to drug-dealing and other black market activities to earn a buck. The fact that African-Americans comprise over 70% of the prison population in the United States suggest that these activities are not the answer to our success. Instead of generating cash, let's focus more on generating cash flow. The difference? Cash can be spent in a matter of hours, with nothing but a few materials in return. Cash flow can be handed down from generation to generation with thousands of dollars in return on the investment. For instance, if you start a business and generate a net profit of $10,000 annually for 10 years, at a yield of 15%, your company will have earned an additional $130,000 in accrued interest. This is how you make it economically. I implore you my brothers and sisters, let's not continue to underestimate the importance of economics. It is critical to the moral fabric of our community. When a person is sound economically, he or she tends to walk with pride, speak with conviction, and rule with confidence. We may be new to the economic game, but that doesn't mean we can't play. It may require a little patience, but we can do it. God Bless! If you enjoyed this article, Join HBCU CONNECT today for similar content and opportunities via email! |
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Wayne Hodges Jr.
Realtor, Reece & Nichols St. Mary`s Col class of 2009 Member Since January 2008 |
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