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Where Is Black Children’s Inheritance?

Dr. Claud Anderson is the current president of PowerNomics Corporation of America , Inc.  The Harvest Institute, and WaterLand Fisheries, Inc. PowerNomics is a corporation that facilitates major business development, focusing on inner cities.

PowerNomics is also a social-political-economic concept developed by Dr. Anderson that examines race and offers specific principles, strategies and activities for Black America to change behavior, establish accountability, and achieve unity of purpose in a way that allows for self-sufficiency and the ability to compete economically as a group.

In his book, PowerNomics, Dr. Anderson draws on his experiences as an academic researcher, businessman, and federal and state politician to discuss how this can and must be accomplished through a five-year national plan involving education, economics, politics, and black religious organizations.

The motivation for developing the plan lies in the fact that despite the fact that black people make up America’s only non-immigrant group and were present in America before 98 percent of all immigrant groups, blacks are at the bottom of every economic, social, health, and political indicator.

The following video is of Dr. Anderson discussing how the current generation of black children has essentially inherited nothing from their parents in terms of wealth.  He points out that 87 percent of white people’s income is unearned from things such as investments and rental properties and that the vast majority of black children do not have those same opportunities to benefit from wealth that has been passed down from a previous generation.

The wealth gap is a major part of what keeps those in the black community from being able to compete at the same level as whites economically.  Dr. Anderson discusses the role that integration played in eliminating wealth for black families and what must change for black children to be able to come into the world with the same opportunities for success as white children.

 

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Christine

12 Comment

  1. Dr. Anderson is correct that there is virtually no generational wealth passed on to Black children. Even those who are born into families with "good jobs" are families that typically have no "wealth generation strategies." I recently offered my grandchildren "$1,000.00 each to open an investment account." This turned into a teachable moment as I helped them to understand how their investments could grow. Now I need to teach them how to manage risk and develop investment strategies of their own. If we are not entrepreneurs who have successful businesses to pass on to the next generation, we need to learn how to invest in the wealth that kept us employed, and pass that on to the next generation. If we spent 30 years chipping away at a big rock, we should at least "own a piece of the rock" — as an old commercial implored.

  2. I too agree with Dr. Anderson. My husband has been encouraging me to read ‘Black Labor White Wealth”by Dr. Anderson. I believe as a group of people we do not realize the power of economic unity and it’s growth potential. I believe if we would make better choices in how we spend our money and invest in assets over liabilities we would fare better. I have come to learn this by reading “Rich Dad Poor Dad, What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!” and thus that is a huge part of the problem! We tend to not “teach” our children about money about saving and definitely not about investing. We have to invest in more than weave, rims, designer clothes and purses.
    Someone once said, ” If you want to hide ANYTHING from a black person, put it in a book.” Why? Because we don’t read! So let’s put down the remote control and turn off BET (Bad Entertainment Television) put away the Xbox and get off Facebook especially if you are on there with some foolishness and pick up a book! Invest in books and audio tapes about investing and wealth building. It doesn’t take a lot of money. Start small and grow big!! Investing is not just for rich people or white people as I too once thought when I was younger and uninformed but the reality is it’s for us too “black people.” Check out hkinvesting.com to LEARN how? As Will Smith said, “We all have potential. We just have to tap into it.”
    Knowledge is Power but Applied Knowledge is Powerful!

  3. I have custodial accounts at Sharebuilder for each grandchild. We sit and discuss the investments, and we vote our shares together. Even the younger ones are getting the idea. My 6-year-old grandson recently was in McDonald's with me, and he mentioned to the clerk, "I own McDonalds." I like Sharebuilder because you can invest as little as $5 on a regular basis. Then sit back and watch your shares grow, and rejoice when you get dividends!

  4. Great information I need to put to use

  5. I'm becoming more financially literate by the day. Been following Dr. Anderson's advice and now I'm looking to add additional streams of income and ultimately want to start making some of that unearned income that he speaks about here.

  6. Again, horribly misleading…. Dr. Anderson says that 87% of the wealth of whites comes from unearned income. That may be right, but it's only benefiting 3% of the whites. The other 97% are in the same boat as all Americans. Eat what you kill. Folks had better decide to stay in school and work their asses off rather than expect Uncle Sam to supply your bread. Word.

  7. How is this horribly misleading, when after you stated a percentage maybe right. Cannot be horribly wrong. If not 100% true, then must be some truth. Horribly is wrong terminology.
    Of course we have to work our asses off, but one thing I get out of this is long-term investing and start building so the BLACK can economically start building solid for GENERATIONS, cause we are with 0

  8. I think what Dr Anderson was referring to was cash flow, or residual income. That is unearned income, but it's when your money is working for you. Many blacks live in houses they rent from whites where the tenant is paying the mortgage through their rent. This is what he means by no inheritance, because the tenants don't own the property. Therefore, their children don't inherit the homes that they grew up in.

  9. Genia Jackson Quetel ….. if that is what he meant, then why didn't he say so. White people rent homes too.

  10. It's true that whites rent too, there's no denying that. The point is, that the community doesn't keep the money within the community as well as whites do. He's not trying to be racist, he's just pointing this problem of a lack of financial education out. As for the 1%, they have a financial education that they've hidden from the rest of us. I love the book, "Conspiracy of the Rich" by Robert Kiyosaki. It was truly an eye opener. A financial education is needed in the black community the most, because we are the least likely to be excepted by whites. This is the reason for why he talks about this issue. So, it's not misleading, you just don't agree and are entitled to your opinion.

  11. Very well said, very well put. It would be my hope that all can understand and use this to further the minds of those in so much need of this knowledge. (including myself) Thank you!

  12. Admiring the time and effort you put into your web site and in depth information you present. It

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