DEBT
One of the most serious issues facing African Americans today is debt. We must find a way to manage our finances and our spending.
According to The New York Times, "The most recent federal survey in 2013 put the difference in net worth between the typical white and black family at $131,000. That’s a big number, but here’s an even more troubling statistic: About one-quarter of African-American families had less than $5 in reserve. Low-income whites had about $375." https://www.nytimes.com/2016/01/03/opinion/debt-and-the-racial-wealth-gap.html?_r=0
The Root paints a more hopeful picture, stating that "Although African-American households are in less debt today than they were in 2008, during the Great Recession, they still face unique financial strain and more severe consequences from their credit card debt, according to a new report (pdf) by the NAACP and Demos, a public policy organization." http://www.theroot.com/credit-card-debt-is-worse-for-african-americans-1790899201
There are actions that we can take to change this. Please take the time to watch this informative video (**The video is long, but well worth the time.**) created by Mr. Trinity Manning on two extremely important topics.
- How to eliminate your debt
- How to start your own business.
Link: https://www.facebook.com/trinitymanning/videos/10154971271064890/
Thanks to Trinity for sharing this information. I will do my part and share it with as many people as I can. The goals are to educate as many as possible, to enable as many as possible to change their debt positions and regain control of their finances.
Here is a helpful tool from Vertex42.com (spreadsheet) to help you quickly eliminate your debt: https://www.vertex42.com/Files/download2/themed.php?file=debt-reduction-calculator.xlsx