Welcome To aBlackWeb

Wealth Gap, Family Business, Is the Child Responsible 2 Continue The Business

Must read study, copy and pasting wont do the graphics justice.

Black boys raised in America, even in the wealthiest families and living in some of the most well-to-do neighborhoods, still earn less in adulthood than white boys with similar backgrounds, according to a sweeping new study that traced the lives of millions of children.

White boys who grow up rich are likely to remain that way. Black boys raised at the top, however, are more likely to become poor than to stay wealthy in their own adult households.

Most white boys raised in wealthy families will stay rich or upper middle class as adults, but black boys raised in similarly rich households will not.

Even when children grow up next to each other with parents who earn similar incomes, black boys fare worse than white boys in 99 percent of America. And the gaps only worsen in the kind of neighborhoods that promise low poverty and good schools.

According to the study, led by researchers at Stanford, Harvard and the Census Bureau, income inequality between blacks and whites is driven entirely by what is happening among these boys and the men they become. Black and white girls from families with comparable earnings attain similar individual incomes as adults.

“You would have thought at some point you escape the poverty trap,” said Nathaniel Hendren, a Harvard economist and an author of the study.

Black boys — even rich black boys — can seemingly never assume that.

The study, based on anonymous earnings and demographic data for virtually all Americans now in their late 30s, debunks a number of other widely held hypotheses about income inequality. Gaps persisted even when black and white boys grew up in families with the same income, similar family structures, similar education levels and even similar levels of accumulated wealth.

The disparities that remain also can’t be explained by differences in cognitive ability, an argument made by people who cite racial gaps in test scores that appear for both black boys and girls. If such inherent differences existed by race, “you’ve got to explain to me why these putative ability differences aren’t handicapping women,” said David Grusky, a Stanford sociologist who has reviewed the research.

A more likely possibility, the authors suggest, is that test scores don’t accurately measure the abilities of black children in the first place.

If this inequality can’t be explained by individual or household traits, much of what matters probably lies outside the home — in surrounding neighborhoods, in the economy and in a society that views black boys differently from white boys, and even from black girls.

“One of the most popular liberal post-racial ideas is the idea that the fundamental problem is class and not race, and clearly this study explodes that idea,” said Ibram Kendi, a professor and director of the Antiracist Research and Policy Center at American University. “But for whatever reason, we’re unwilling to stare racism in the face.”

The authors, including the Stanford economist Raj Chetty and two census researchers, Maggie R. Jones and Sonya R. Porter, tried to identify neighborhoods where poor black boys do well, and as well as whites.

“The problem,” Mr. Chetty said, “is that there are essentially no such neighborhoods in America.”

The few neighborhoods that met this standard were in areas that showed less discrimination in surveys and tests of racial bias. They mostly had low poverty rates. And, intriguingly, these pockets — including parts of the Maryland suburbs of Washington, and corners of Queens and the Bronx — were the places where many lower-income black children had fathers at home. Poor black boys did well in such places, whether their own fathers were present or not.

“That is a pathbreaking finding,” said William Julius Wilson, a Harvard sociologist whose books have chronicled the economic struggles of black men. “They’re not talking about the direct effects of a boy’s own parents’ marital status. They’re talking about the presence of fathers in a given census tract.”

Other fathers in the community can provide boys with role models and mentors, researchers say, and their presence may indicate other neighborhood factors that benefit families, like lower incarceration rates and better job opportunities.

The research makes clear that there is something unique about the obstacles black males face. The gap between Hispanics and whites is narrower, and their incomes will converge within a couple of generations if mobility stays the same. Asian-Americans earn more than whites raised at the same income level, or about the same when first-generation immigrants are excluded. Only Native Americans have an income gap comparable to African-Americans. But the disparities are widest for black boys.

Sons of Rich Black Families Fare No Better Than Sons of Working-Class Whites
 
It all falls on the parents. The school system does not teach financial literacy. Most poor or barely middle class black familes do not have the financial aptitude to teach their children about the benefits of saving, checking accts, or investing.

WE have to drive into our youth about financial empowerment and how to spend our money on things of substance. A lot of our blsck youth would rather drop $200+ on some J's instead of buying Nike stock. White kids will buy $40 Vams and keep it pushing all the while their parents have set up saving and investing accts for them.

We need to break that cycle glad to see a young rapper like 21 Savage doing what he's doing to teach financial literacy to young kids.
 
Who is at fault?

America

The parents

The black boys

IMO its the fault of the parents.

America is doing exactly what it was founded to do. We as black people know this and have known this for a while. If we know this and still not making the proper decisions then that shit is on us.

That is not to say this country/system deserves no blame cause it certainly does. I'm just saying since we know better we need to actually do better.
 
According to the study, led by researchers at Stanford, Harvard and the Census Bureau, income inequality between blacks and whites is driven entirely by what is happening among these boys and the men they become. Black and white girls from families with comparable earnings attain similar individual incomes as adults.


What's your thoughts about this statement?

Is it that black boys have a hard time understanding generational wealth?

I'm not trying to turn this into a sexist thing, just curious on why the studies seems to be different with black boys and black girls.

Just trying to get some thoughts on it.
 
If it means working in corporate America the way i did then I don’t want that kind of monetary richness for my son. I would rather he follow I and I wife on our current path where we own our businesses and if that means he doesn’t make as much than cool and if he does than great.
 
To put this in somewhat a reality sense:

You have a bakery, been passed down to you by your parents, you've worked in it as a youngin, now you own it.

You have a daughter (12) and a son (15)

Who is more likely to continue/inherit the business? what tactics are you using to keep the business in house within the family?

I'm just guessing, but I don't know too many dudes trying to own a bakery, most wanna rap, or play basketball.

What's the structure/plan to get one of your kids to inherit this bakery business?
 
If it means working in corporate America the way i did then I don’t want that kind of monetary richness for my son. I would rather he follow I and I wife on our current path where we own our businesses and if that means he doesn’t make as much than cool and if he does than great.


How often do black boys follow their parent's vision and pick up their businesses?


Most kids enjoy the fruits and benefits from the business or businesses from their parents but don't want to understand how to create the fruits and those benefits
 
I would hope that my son sees the value in his mother’s business and the value in mine. If he doesn’t want to do either that is also up to him. But I always want him to understand that sometimes you make less working for yourself but the gains outweigh the finance.
 
I would hope that my son sees the value in his mother’s business and the value in mine. If he doesn’t want to do either that is also up to him. But I always want him to understand that sometimes you make less working for yourself but the gains outweigh the finance.


Should he be forced to take over the business?

Is that not what white ppl do with their children. Force isn't the correct word, but their children are at most around the business or have some dealings with the business, not just but whites, arabs, yangs, and other group of ppl.

Walk up in a arab, or yang spot and ask for 3 wings and some wedges, the son of the owner is at most, the one that's ringing you up, and the dad is the one who owns the building and guess who else you may see, the wife sitting in the chair watching you or sweeping.

When you walk in a hair salon, do you see the daughter in the spot? do you even see her doing hair? Most of the time, no. I don't. This is an answer for everywhere, but most of the time, I don't see a daughter and mother hair salon combo shop.

Rarely a Sanford and Son setup
 
welll

it is a simple answer to this.

young black kids allow more limits on their mindframe by wanting to either keep it real or not look or act suburban.

i go to alot of business meetings. i see white women not limit what type of business they can start.
i have seen black women not limit what type of buisness they can to start

i have only saw my brothers limit the type of business they can start.

shit doesnt seem cool or not high profile enough or doesnt make a good image.

everyone else is trying to earn money and set up the future....my brothers want to look good now and not sacrifice so their lineage can benefit.

case and point......i know some of yall read the thread i had made once about when dont we start more businesses...

the common answer was ....not everyone can be a business owner.

with that attitude...you will always be a worker. you already defeated yourself.
 
According to the study, led by researchers at Stanford, Harvard and the Census Bureau, income inequality between blacks and whites is driven entirely by what is happening among these boys and the men they become. Black and white girls from families with comparable earnings attain similar individual incomes as adults.


What's your thoughts about this statement?

Is it that black boys have a hard time understanding generational wealth?

I'm not trying to turn this into a sexist thing, just curious on why the studies seems to be different with black boys and black girls.

Just trying to get some thoughts on it.

My honest opinion long story short. No society will ever view women from the opposite society with the same type of threat level as they view the men from the opposite society. So different roadblocks and traps are placed in front of the men and women. Of course the roadblocks and traps overlap sometimes.

Add on to that what group of women the world over has positive views and opinions of their men when they are viewed as being more successful and better providers than the men are.

I don't think black boys have a hard time understanding generational wealth. I think its a lack of respecting the generational wealth.
 
welll

it is a simple answer to this.

young black kids allow more limits on their mindframe by wanting to either keep it real or not look or act suburban.

i go to alot of business meetings. i see white women not limit what type of business they can start.
i have seen black women not limit what type of buisness they can to start

i have only saw my brothers limit the type of business they can start.

shit doesnt seem cool or not high profile enough or doesnt make a good image.

everyone else is trying to earn money and set up the future....my brothers want to look good now and not sacrifice so their lineage can benefit.

case and point......i know some of yall read the thread i had made once about when dont we start more businesses...

the common answer was ....not everyone can be a business owner.

with that attitude...you will always be a worker. you already defeated yourself.

Meaning?

Could you break this down a bit more so?
 
My honest opinion long story short. No society will ever view women from the opposite society with the same type of threat level as they view the men from the opposite society. So different roadblocks and traps are placed in front of the men and women. Of course the roadblocks and traps overlap sometimes.

Add on to that what group of women the world over has positive views and opinions of their men when they are viewed as being more successful and better providers than the men are.

I don't think black boys have a hard time understanding generational wealth. I think its a lack of respecting the generational wealth.


As I stated in an example in an earlier post:

And @Judge Dread mentioned his answer on stating "if his son wants to choose to run the business, he can,, if he doesn't he'll be ok with his choice" which is fair, but your statement about respecting generational wealth, would this be an example of not respecting generational wealth?

Which I asked, should we force the kids to inherit the family business? I used the word force, I can't find a better word
 
It's nobody fault America is design to make black people poor.
this statement doesnt fit here....

if the parents built something...it dont matter what america wants...its what you now have.

i look at it as its the responsibility of the child to continue this on....all the hard work to go to someone else because the son is entitled.
 
Should he be forced to take over the business?

Is that not what white ppl do with their children. Force isn't the correct word, but their children are at most around the business or have some dealings with the business, not just but whites, arabs, yangs, and other group of ppl.

Walk up in a arab, or yang spot and ask for 3 wings and some wedges, the son of the owner is at most, the one that's ringing you up, and the dad is the one who owns the building and guess who else you may see, the wife sitting in the chair watching you or sweeping.

When you walk in a hair salon, do you see the daughter in the spot? do you even see her doing hair? Most of the time, no. I don't. This is an answer for everywhere, but most of the time, I don't see a daughter and mother hair salon combo shop.

Rarely a Sanford and Son setup
I am not going to force him to do anything. We can only provide the foundation. I would hope our businesses don’t die with us but he may not want to be in them and because I am nothing more than a juggler it allows me to be involved in a lot of different things. Where my wife’s is more central. The barber shop/hair salon one is interesting. Like I said earlier I just hope his personality makes him want to work for himself but at the same time I understand that those headaches are not for everyone.
 
Should he be forced to take over the business?

Is that not what white ppl do with their children. Force isn't the correct word, but their children are at most around the business or have some dealings with the business, not just but whites, arabs, yangs, and other group of ppl.

Walk up in a arab, or yang spot and ask for 3 wings and some wedges, the son of the owner is at most, the one that's ringing you up, and the dad is the one who owns the building and guess who else you may see, the wife sitting in the chair watching you or sweeping.

When you walk in a hair salon, do you see the daughter in the spot? do you even see her doing hair? Most of the time, no. I don't. This is an answer for everywhere, but most of the time, I don't see a daughter and mother hair salon combo shop.

Rarely a Sanford and Son setup

Forcing your child to get into the family business is a recipe for disaster. If they don't want it then so be it. If forced more than likely its going to fail because they couldn't care less about it. Or they are going to sell it first chance they get for pennies on the dollar cause it wasn't their blood, sweat and tears that made it anyway so they just want some money for it.

The child doesn't need to be at the business. A parent can teach their child bookkeeping at home. A parent can teach their child customer service just by instilling in them good morals, character and certain respect factor. I get what you saying though. I'm just saying there are different way to get your child business minded than forcing them to be at the family business.

Hell more folks should actually look at leaving their business or whatever to most suitable family member. I have absolutely no problem leaving my nieces or nephews something over my child if I know that they will do right by what's given to them and my own child won't.
 
Back
Top