Money/EconomicsRacial InjusticeWealth Gap

How Do Black People Spend Their Money? — The Racial Wealth Gap (Video Update)

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Couple counting money --- Image by © Jose Luis Pelaez Inc/Blend Image/Blend Images/Corbis

By Gary A. Johnson – Black Men In America.com

Updated July 4, 2022 (Originally posted on November 5, 2010).

How black people spend their money has been a hotly debated topic in offices, at social events, and in beauty and barber shops across America. This article, “How Do Black People Spend Their Money?,” has been the most read and commented article for 12 years running. Once I learned that this was the most popular and discussed article on the website, I decided to do some research and share this information with others. Over the years I found the process of gathering data and updating the site to be exhausting. It’s a lot to read. I update the site 1-2 times per year. This year I decided to update the article via video in the form of a pictorial slideshow. This way the reader has options. You can watch a 9-minute video which is the equivalent of having a summary video or a “Cliff Notes” version of how Black people spend their money, which includes a new component. I developed, “Gary’s 10 Tips To Prosperity and Emotional Fulfillment,” as part of the 2022 update. Or, you can read and review the exhaustive data and charts/graphs.

Part 1:  The Narrative

Part 2:  The Pictorial Slideshow of How Black People Spend Their Money

Warning:  The following is a link to a long article with a lot of details, numbers, observations and opinions covering over two decades of information and data.  A large portion of the data was gathered before COVID-19.

Click Here To Read The Entire Updated “How Do Black People Spend Their Money?”

How black people spend their money has been a hotly debated topic not only on this site, but in our office, at social events and in beauty and barber shops across America.  This article has been the most read and commented article for 12 years running.  Once I learned that this was the most popular and discussed article on the website, I decided to do some research and share this information with others.

Click Here To Read The Entire Updated “How Do Black People Spend Their Money?”

Let’s start by watching this short video that explains the “racial wealth gap” in America.

Check out this 1954 film made to educate white merchants on the spending habits of Black Americans.

The Secret of Selling the Negro Market is a 1954 film financed by Johnson Publishing Company, the publisher of Ebony magazine, to encourage advertisers to promote their products and services in the African-American media. The film showed African-American professionals, housewives and students as participants in the American consumer society, and it emphasized the economic power of this demographic community. The film, which was shot in Kodachrome Color, featured appearances by Sinclair Weeks, Secretary of the U.S. Department of Commerce, and radio announcer Robert Trout. The film had its premiere in July 1954 at the Joseph Schlitz Brewing Company in Milwaukee, Wisconsin, and was shown on a non-theatrical basis.

Watch this film and measure how far we’ve come over the last 60+ years.

Click Here To Read The Entire Updated Article

Gary A. Johnson

Gary is the Founder and Publisher of Black Men In America.com, an online news and magazine and several other online sites.  Gary is also the author of the book 25 Things That Really Matter In Life,”:  A Quick and Comprehensive Guide To Making Your Life Better—Today! and The Black Father Perspective: What We Want America To Know,” and In Search of Fatherhood – Transcending Boundaries: International Conversations on Fatherhood.

In 2019, Gary developed a line of spices under the name of MasterChef Gary’s Premium Organic Seasoning.”

Click Here To Read The Entire Updated “How Do Black People Spend Their Money?”

 

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