I've been a business school professor for 25 years - This will solve the racial wealth problem

by Dr Boyce Watkins - TheBlackBusinessSchool.com 
I've taught business to college students for over 25 years, so I understand global economic competition at a very deep level. Black people are in serious trouble because our economic habits and choices push us further and further behind.
 
Many of us are trained to spend more than we make. We are encouraged to buy new cars instead of invest. We are raised to work for others rather than create our own businesses. We love giving our money away to companies run by people who don't look like us.
 
This keeps us in a very deep and ugly form of economic slavery, starting with the student loans many of us are never able to repay, along with a lifetime of economic stress and broken dreams that we would never want to pass down to our children.
 
The racial wealth gap can be solved if we as black people commit to sending our children to business school at the ages of 7 and 8 rather than waiting till they get to college. I've taught at top business schools and also in China, where I saw an entirely different economic and educational culture.
 
I turned down an invitation to get my PhD in Finance at Columbia University. I've seen how the best and brightest think and what they do to give their families an advantage over everyone else.
 
This is how wealthy people put their children ahead - don't just spend your time taking your child to basketball and football camps. Send them to business and investing camps instead.
 
Are problems are deep, but honestly many of the economic solutions are very straight forward, we just have to break some old and ugly habits. We have to educate our own children, create our own jobs, and support our own businesses.
 
If we do that, we will push millions of our people out of poverty and quite a few of them will have wealthy families within a generation.
 
We at The Black Business School have a great online children's business program if you're interested in taking a look. It's at BlackMillionairesOfTomorrow.com. We've also invented some very impactful financial flash cards and workbook bundles for children that you can find at FinancialWorkbooks.com.
 
If we put as much energy into building our own community as we put into building for everybody else, we can become one of the most prosperous and successful groups of people on the planet.
Dr Boyce Watkins is a Finance PhD and author of the book series, "Black American Money."  You can follow Dr Watkins' financial channel by visiting TheBlackFinancialChannel.com.   Learn more by visiting BlackFinancialIntelligence.com.
 

5 comments

Reginald Levi Walker

Embracing the misguide ideology of capitalism will not save anyone only devolve them pass the point of degragation where we currently are as a nation.

MaryLena Anderegg

This is a message for every family. Black, white , or purple polka dotted, we need to train our children in basic economics and work habits like all the earlier generations did. Instead of loading our children up with electronics, get them hooked on reading and earning and saving. Show them what they have after thirty years of renting: a boxful of worthless paper. Show them how much they really pay for a car or house if they borrow money for it. Show them how to stay out of debt. It means not buying all the things advertisers tell us we can’t live without. When your friends buy lottery tickets, remind yourself that they are volunteering to throw money down a rathole.
Self discipline is how past generations advanced. Setting goals and asking yourself every morning what you can do that day toward the goals you’ve set will get the job done.
Sorry for the rant but you, Sir, set me off by showing me I wasn’t the only one who saw what the real problem is. Keep encouraging people to move forward.

Michele

Academic and financial education has to become a priority. We are missing out on so many opportunities and have experiencing a certain quality of life. #ittakesavillage

Vickie Ann Belser

FOR SO LONG I WENT ALONG: TO GET ALONG…I TRIED EXTREMELY HARD TO GET AS CLOSE TO MY DEVINE PURPOSE AS POSSIBLE (CONSIDERING MY HISTORY\AMERICAN HISTORY)….THE BEST OF HISTORY\LIFE [IS] INVESTING IN CHILDREN (WOMB TO THE EVERLASTING)! THANK You VERY MUCH FOR SHARING #PEACEALWAYS

Quincey

Yes. Let’s talk about what’s right… “We have to educate our own children, create our own jobs, and support our own businesses.” Yes!!!

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