Power Networking Business News: African American Income Disparities and Bridging the Gap

Saturday, April 09, 2005

African American Income Disparities and Bridging the Gap

African American Income Disparites and Bridging the Gap

African American Income Disparities have gained widespread attention over the last couple of months in many publications. The root of the problem of income disparities may be solved by creating an early track for financial empowerment for future generations.

Mr. Earl Graves of Black Enterprise is calling for all African Americans to make a declaration of financial independence and to become home owners by the age of twenty five. I agree with Mr. Graves philosophy of early home ownership. I have been a homeowner in NYC since the age of 25 and homeownership is one of the major area where we will decrease the disparity of the income gap that we currently have compared to other groups.

I would also encourage all African Americans to begin to cultivate financial literacy in their offspring at an early age. Percy Sutton made a statement that affected my life at an early age, he stated that "we do not grow up in a culture of business". He also said that "All of my life I have had access to people of abilty, but did not have access to capital, I believe anything is possible if one has access to capital and people of ablity". His statement encouraged me so much that we talking to a few co-workers about opening the Haircut Hut Barbershop Franchise, I immediately responded let's get some investors. Oftentimes, in life what we can not do alone we can do together.

Business often needs different mindset, skillsets, and people of different financial means to get a business off the ground. I am encouraged that our future generations will produce outstanding businessman and businesswomen. An old saying is that what first appears in the race must, must first appear individual. We will begin to bridge the gap when we begin to teach our children the value of savings, and investing at an early age. The establishment of youth entreprenuerial programs will be an added benifit to our future generations. The earlier we begin this new model of achievement, the more we will be able to stay ahead of the learning program.

Every African American Businessman and Businesswomen should look to mentor a member of the future generation to ensure an ongoing legacy, and to maximize the time our future generation will have to work with business concepts. In the book "Rich Dad Poor Dad" Robert Kiosaki states that when you have the education, and experience , increased capital will soon come. W. E. B. Dubois was an advocate of planning and stated that we should plan our lives fifthy years in advace. He also said that "To live life without planning is to live life as if life is not a serious thing". I had the experience of running the Haircut Hut Barbershop Franchise for a period of over ten years.

In this experience I learned how to make a million dollars, and it created a tremendous amount of leverage for me in my life. I was able to take the running of a simple barbershop and catipult that experience to open doors for me such as being elected to the Board of Directors of the 100 Black Men, Roosevelt Chamber of Commerce, Hempstead NAACP Board, West Indian Chamber of Commerce, and recieve the Nassau Council Chambers of Commerce/Roosevelt Chamber of Commerce Small Business Person of the year award in 1995, and the Nassau Council Chambers of Commerce/West Indian Chamber of Commerce Small Business Person of the Year award in 1998.

Today I am still a member of the Board of Directors of 100 Black Men, African Atlantic Geneaological Association Board Member, Harlem Book Fair of Long Island Public Relations Director, Queens Book Fair Public Relations Director, Awarenessmagazine.net PR Director, and Cbbooksdistribution.com PR Director. In order for African Americans to bridge the gap between income disparities we must start sooner than later.

Time is one of the greatest resources that we have while we are on this planet. It is often said that Bill Gates is given the same 24 hours in a day as each in everyone of us. The question remains are you fully utilizing your all of your God Given attributes to your fullest potential. In our space, in our time, we can and must make a difference. Let do it.


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