AFRICANGLOBE – I don’t know about you but it saddens as well as sickens me to see so many people within African-American communities go outside of their community to do business. Anytime money is taken out of the African-American community and invested into another community that isn’t giving back, hurts our community. Many (and definitely not all) businesses that refuse and even neglect to hire people from within the community in which they serve are obviously investing their money elsewhere.
According to a report published by the NAACP in 2012, discovered the following: “Currently, a dollar circulates in Asian communities for a month, in Jewish communities approximately 20 days and White communities 17 days. How long does a dollar circulate in the Black community? 6 hours!!! African-American buying power is at 1.1 Trillion; and yet only 2 cents of every dollar an African-American spends in this country goes to Black owned businesses.”
Keep Our Money Here
This is a major problem for the African-American community. With circulation of the dollar lasting only 6 hours at the most, it’s no wonder why many businesses close and unemployment is so high within the African-American community. Without doing a critical assessment of why we can’t keep our money within the community, we will find ourselves continuing to support other communities and neglecting our own. A mental transformation must happen.
Unless we understand where our money is going, we will continue to throw it away. Let’s face it – we have supported too many businesses that don’t cater to the betterment of our community.
Supporting liquor stores, pawn shops, and title pawn companies only cripples our community.
Think about it for a moment.
The Corner Store
Within the confines of most inner cities, you’ll find a liquor store, pawn shop, and/or title pawn company on every corner. Why is that? Because they know we will support them and not say anything to them about their business practices. These stores for some strange reason can come into our neighborhood and profit, take their money home, and don’t care or even support the community in which they operate in. The time for these businesses to come into our neighborhoods and rob us must end. The time for us (as a people) to be smart about our money must begin today.
Here’s what we must do:
1. Invest our money within our community with businesses and organizations that help and not hinder. Through investment, opportunities will be created.
2. Ask businesses in our community to hire people from within our community. If a business wants to thrive in our community, then they need to look within our community for help.
3. Start more businesses.
4. Teach our children about the value of a dollar and the importance of giving back.
5. Monitor our spending habits. Without properly monitoring our spending, we will always remain consumers and never become manufacturers.
I’m well aware of the fact that making a declaration of keeping more of our money within our community will bring about criticism, however, I don’t hear anyone telling other nationalities and ethnicities to become more diverse in their community spending. Diversity is good, but don’t get fooled into not supporting your community for the sake of being politically, socially, and culturally correct. Other cultures are building up their community by reinvesting back into their community; it’s time for us to do the same thing.
By: Dr. Sinclair Grey III