The sad life span of the black dollar. We’ve heard it time and time again. I myself am even at fault of repeating it.”Money only remains in the black community for six hours, one month in the Asian community, twenty days in the Jewish community and seventeen days in the white community. I’ve come to question where these findings came from.
By now many of you may have heard that African-Americans have an overwhelming spending power when it comes to not only dollars and cents, but dollars and more dollars. Currently media states that Blacks have a spending power of over 1 trillion dollars.
Information from Nielson reveals that blacks pay a significant role as consumers. Consumers to whom? We need to ask ourselves where this money is going to, if not in our own neighborhoods.
While the numbers indicate that Black folks are an important part of the buying public, companies are not spending a large amount in advertisement geared towards the African-American market. If we have such an expansive about of money to spend why is this not seen in the black community? Why are black businesses opening and closing? Why are we still not as supportive as we should be when it comes to supporting our own businesses?
Are we as powerful as the 1.1 trillion dollars we are said to have? In all honesty this does not seem to be very evident in our neighborhoods. Also are we truly powerful if we are still not investing our money in buying our own land, real estate and buying from black businesses?
Black business owners, entrepreneurs and others are constantly soliciting us and reminding us to support black businesses, sometimes to the point of pleading. So I must ask again where is the 1.1 trillion going to?
The claim that a dollar circulates in the black community for only six hours was tested by student, Brookie Madison, to research the “lifespan of a dollar” statistic.
The findings were interesting. It was founded that the federal government does not produce data that would allow such a comparison. In addition, economists contacted by TruthBeTold.news said some of the data cited, such as information about dollars circulating in the Jewish community, is questionable because the federal government does not collect information by religion. And researchers would be unable to get the information accurately from a survey of consumers.
So again with this type of buying power businesses should be flourishing in our communities. With this buying power the unemployed should be employed by the very businesses we speak of.
Now I leave you with this. Imagine blacks owning manufacturing companies and distributing the products that we actually use. Imagine blacks (including myself) buying from other blacks and shopping black businesses as if it were 2nd nature.
Let’s truly show what it means to have black spending power, not only as consumers of stuff, but also as consumers of property and of course our businesses.
Let’s change the sad lifespan of the black dollar and begin to train our purses and wallets to spend our hard-earned money more efficiently. Be it 1.1 trillion dollars or $100 dollars. If our money is not truly spent in our community than what power do we really have?
Eleanie Campbell is an avid writer, social service advocate and a blogger previously featured on Thy Black Man, Angie’s Diary and as the creator of The Phoenix Unleashed. Eleanie pronounced (el-ee-ah-nee) is also the owner of STL Black Biz.