While discussing our reading, we got into a discussion about the relationship that the black people have with money. Eventually a point was made that being “wealthy” or having “wealth” is much more than just having money. In class we discussed that while many Black people might have money, they might not necessarily be wealthy. As a class, we discussed the difference in having wealth as opposed to just having money and we also discussed why we thought that many black people may have money, but not wealth. We came to a basic conclusion that being wealthy is not only having money but also having financial stability and in many cases wealth is passed down and can’t be squandered easily. And for having money, we decided that money could easily be lost. What we tried to figure out in class through our discussion was why (or why did we think) the black community had an issue with moving from money to wealth. In my opinion, the black community as a whole has not had the opportunity to grow and build financially as much as some other groups because of slavery, racial discrimination and institutional racism in the US . My classmate Tiara Lacey made some good points in her forum post about Money vs. Wealth. She first defines Money and Wealth and the difference between the two:
“Money: new, temporary, shopping sprees, paying bills in full, buying in general, spending in general
Wealth: old, long-lasting, established, stocks, real estate, building things, investment
The Gap: generational knowledge being passed down”
According to Tiara’s definitions, the reason why the black community as a whole has not accessed wealth is because for generations, we did not have access to information about properly handling finances. I agree with this point, I feel like the black community has come a long way over time, but as a whole we still have a long way to go. I think that in order to access wealth the black community must work to make financial education a priority in our households so that we can start to pass down generational knowledge of money and how to spend and save it wisely.