Skip to comments.Why donít blacks save more?
Posted on 04/16/2011 4:54:34 AM PDT by reaganaut1
Yet another survey confirms what we already know: Blacks dont save as much as their white counterparts.
According to Prudentials new study the African American Financial Experience 60 percent of African-Americans have less than $50,000 in company retirement plans and only 23 percent have more than $100,000. Theyre also three times more likely to raid their 401(k) or other retirement plans to meet immediate financial needs, the study says.
Prudentials findings echo research by Ariel Investments, which looks at middle class blacks. (According to Ariels July 2010 study, the median assets blacks have retirement plans is about half the amount that whites have accumulated: $56,000 compared to $106,000.)
This issue has not gone unnoticed in corporate boardrooms. One company that is trying to narrow the retirement savings gap among minority workers is McDonalds, which uses some unconventional (along with very traditional) methods to get black and Latino employees to save for retirement.
(Excerpt) Read more at blogs.reuters.com ...
Uncle Sam is the ultimate Sugar Daddy.
They’re culturally conditioned to be taken care of?
The right answer probably involves hapless relatives with heartrending pleas: “If I don’t get $800, I’m going to be throw out of my apartment. You’re making lots of money, can’t you help me?”
Simple, no freebies if they have assets. In order to take full advantage of Obamas Stash they must be unmarried, unemployed, asset free, and as many illegit kids as possible.
I’m sure if blacks weren’t discriminated against, all their children would be born within wedlock and their savings rate would match that of their oppressors...
This is the best exposition I’ve seen of the cultural deterioration that perpetuates the “disadvantages” blacks face in America:
because many black folks understand that their life expectancy is far shorter than white folks. This was told to me literally thousands of times when I worked on a charity project in the inner city. They simply do not believe they will be around long enough to “collect.”
This is one, of many reasons, that I’d like to see the Social Security system reformed.
It would be my preference that if a person dies before reaching the age of eligibility, that their contributions (with interest) should become part of their estate, in order to assist the next generation. Hence, it would require private accounts.
In short, black people tend not believe in long-term things because they don’t believe they themselves are long-term. They believe the fates will “get them” before anything else.
And no, I’m not kidding. Go into any urban area and ask.
Did you miss the pResident's last budget (campaign) speech?
I think the direction is clear.
Conditioned to think gov’t will take care of them AND have difficulty deferring pleasure. Hence all the poor, minority teenagers with spinner rims, gold teeth, etc.
When they receive their EIC check from the IRS they almost always spend it on “toys” instead of saving for the inevitable rainy day.
Remember the photo of the woman in Macon who was whining about not being able to pay her electric bill while standing in front of a GIGANTIC, big screen TV and expensive video game set-up?
Lack of impulse control.
As Celine Dion said after Katrina...”can you blame them for wanting things they can’t afford”? (after photos and film were shown of the looting)
Some time back I got into a discusion with a union lackie cable splicer.He was ranting about the CEO being worth mega bucks....I asked if he was in the 401K as I am and I told him maybe he will have a mill some day....He kept up the lib talking points and finally said,”No,I cant afford it with the kids and all”....I asked him how much that pack of KOOLS cost he had in his pocket and the cost of the 6-pack he grabs every night on the way home......The discusion ended there with him calling me names etc....I left.
Go to any bank on pay day.
You will see a long line of black males cashing out their paycheck. Not, depositing it. Perhaps, its a cultural thing where they do not trust banks or just like to have a big role of cash to flash.
There’s nothing wrong with private charity and requests for same, but that’s not what’s going on. The hapless relative in this case has government force you to pay the relative’s rent, medical care, food, education, utilities, etc. Even so, all this might be OK if “donating” your hard earned pay didn’t take away your incentive to earn more. Unfortunately, your relative is either unconcerned or unaware that socialism eventually creates a much smaller pie for everyone, including them. Their immediate needs and wants reign supreme, and after all, what’s better than receiving “free” stuff???
In primitive societies, it takes a village.
If you live, the gang will provide
We have areas in town that were black residents and they had nice Caddy's in the driveway.
Knowing my age its was the 60's and LBJ had just written the breakup of the black family in his Great Society.
Bush tried like hell to explain that under his SS the Black population would build up an inheritance and was told we already setup up the Plantation.
As Thomas Sowell puts it only a few blacks lived to 62 when SS was setup so that Roosevelt stole from the blacks.
the average IQ of African Americans is 85; Latinos 89; Whites 103; Asians 106; and Jews 113.
Let me state the above information tells us nothing about the individual.
Having a white dude typecast as Santa Claus was not a good idea to teach to the children.